Full text of Federal Reserve Bulletin : August 1941
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FEDERAL
RESERVE
BULLETIN
AUGUST 1941
Review of the Month—Incomes, Supplies, and Prices
The Tax Savings Plan
Defense Savings Bonds
Statistics of All Banks in United States
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
Contents
PAGE
Review of the Month—Income, Supplies, and Prices.
723-728
The Tax Savings Plan.
729-731
Banks Participating in Sale of Defense Savings Bonds.
732
From a Legal Standpoint:
Analysis of Restrictions in State Laws on Payment of Dividends by Banks
and Trust Companies.
733-739
Proclamation Authorizing List of Certain Blocked Nationals and Controlling
Certain Exports
739-740
Treasury Regulations on Reports of Foreign Owned Property
740
General Rulings and General Licenses Issued by the Secretary of the Treasury 740-744
Current Events
744
From the Board's Correspondence—Limitations Upon Individual Purchases of
Defense Savings Bonds; Bank Deposits Not Altered by Purchases of Defense
Savings Bonds
745
National Summary of Business Conditions.
746-747
Statistics of All Banks in United States.
794-798
Member Bank Earnings, 1940, by Size of Bank.
799-801
Financial, Industrial, Commercial Statistics, United States (see p. 7W for list of tables) 749-801
International Financial Statistics (see p. 80s for list of tables) .
803-819
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council
820
Senior Officers of Federal Reserve Banks; Managing Directors of Branches.
821
Federal Reserve Publications.
822-823
Map of Federal Reserve Districts.
824
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Federal Reserve Bank of Atlanta
104 Marietta Street, Atlanta, Georgia
FEDERAL RESERVE BULLETIN
VOL.
27
AUGUST 1 9 4 1
No. 8
, Jfujzplled,
and
upp
Under the growing stimulus of an expand- of the advance is indicated by the fact that
ing defense program, economic activity rose 44 of the 48 subgroups in this index were
further in June and July and the higher than in March. The cost of living,
situation Board's index of industrial produc- which had shown little rise before March,
tion reached 162 in the latter month. advanced steadily thereafter and by July was
This level compares with 104 before the out- about 5 per cent higher than in March and 8
break of the war and 115 before the inauguCOMMODITY PRICES
ration of the defense effort in May of last
170
year. Activity is currently at a point where (0
shortages are evident in many lines, par- 6 0
160
ticularly in the supply of metals and other 5 0
150
basic materials. As in other recent months,
140
consumer demand has been unusually heavy, 4 0
130
particularly for automobiles and other dur- 3 0
able goods, and there has been active bidding 120
120
/
by manufacturers and distributors in antici- 110
/
no
pation of limitations on the supply of materi— N ^
/
N/
100
als and finished goods. Demand for agri- 100
90
cultural products and their manufactures has 9 0
130
130
also been unusually strong, reflecting in part
120
higher consumer incomes and Government 120
no
purchases. Crop loan legislation has been 110
y
another factor in the market situation for 100 — — /
100
these commodities.
90
90
In these circumstances, commodity prices 120
120
have advanced rapidly since early March, not- 1 10
110
'
withstanding further action taken by governmental agencies to limit price increases. In
90
the latter part of July basic commodity prices 9 0
1939
1940
1941
as a group were one-fourth higher than early Bureau of Labor Statistics data; general wholesale price index
cost of living index shifted to August 1939 base and monthly
in March and 50 per cent above the pre-war and
data for cost of living prior to September 1940 estimated by Federal
Reserve. July 1941 estimated.
level, as is shown on the chart. The increase
in the average since March has occurred per cent higher than before the war. The
notwithstanding stability in the prices of most marked increases were in prices of
metals. The general index of wholesale prices foods and textiles.
in July reached a point 20 per cent above the
Higher rents, particularly in centers of depre-war level and the widespread character fense activity, have accounted for part of the
dUGUST 1939" 100
/
/
28 BASIC COMMODITIES
/
/
/
\
9 0 0 COMMODITIES
723
Review of the Month
increase in the cost of living and real estate munities incomes have not increased to the
values have been rising. Construction costs same extent. Increases in income have been
have advanced considerably over the pre- arger in the metal and metal products induswar level, with increases in wage rates, prices tries than in most other lines of activity.
of materials, and other costs.
Preliminary estimates indicate that farm
Yields of high-grade corporate securities income this year, with perhaps somewhat
have reached record low levels and yields fewer people on farms, may be 17 per cent
on some lower-grade obligations, especially larger than in 1940, reflecting generally inthose of the railroads, have also declined in Teased prices of farm products and, for
the past year. Common stock prices have ome commodities, increased output.
fluctuated moderately in an inactive market Wage and salary payments have risen about
and at the end of July, after some advance, one-fourth since May 1940, reflecting for the
were about half way between the high and greater part a sharp increase in the number
low points of 1940.
employed, including some people drawn in
Total appropriations and contract authori- from rural areas, and a rise in the average
zations under the defense program, including number of hours worked. Payments to facdefense outlays by various civil departments tory workers have increased 55 per cent in
and by agencies outside the Budget, amounted this period, as shown in the chart. The numby July to about $47,000,000,000 as compared
with $39,000,000,000 in May and $6,000,000,FACTORY EMPLOYMENT AND PAYROLLS
000 a year ago; including British Govern180
ment orders the aggregate exceeded $50,- 180
000,000,000.
160
160
Cash expenditures under this broad pro- 140
140
gram, including British Government orders,
120
120
totaled $9,800,000,000 by the middle of July
EMPLOYMENT
V ^ ^ " "
100
and recently have been running at a rate of
PAYROLLS
$1,100,000,000 a month. Such of these ex- 80
80
penditures as are reported on the daily Treas- 60
ury statements amounted to over $900,000,1939
1940
1941
Latest figures shown are for June.
000 in July.
As a result of increased activity growing ber of factory employees is up 25 per cent;
out of the defense program, and also of higher the average number of hours worked per
prices for various goods and week has increased over 10 per cent; and
Ris ng
! ,.
services, national income pay- average hourly earnings have risen 10 per
PER
C
NT
•
PER
/
IOO
national i n c o m e
_
T
,
..
,
,
ments by June had advanced
to a rate of about $88,000,000,000 a year, approximately $14,000,000,000, or 19 per cent
higher than in May 1940, when the defense
program was initiated. Income changes of
various individuals, groups, and areas have
been probably more uneven in this period
than is usual at a time of expanding income.
In defense centers activity has been greatly
stimulated, population has increased, and
people generally have had considerably more
money at their disposal; in many other com724
cent. Most of the rise of 4 per cent in hourly
earnings from May last year through the first
quarter of this year reflected an increase in
the amount of overtime work, for which
higher rates are paid; since that time a considerable part of the rise has reflected increases in wage rates.
Profits of large industrial corporations
have been about 25 per cent larger than during the first half of 1940, notwithstanding
increases in taxes and other costs, and diviFEDERAL RESERVE BULLETIN
Review of the Month
most part producers of nondurable goods, the
increase has been 25 per cent.
Most, though by no means all, of the shortages that have developed have been in the
metal and metal products group, where consumption of materials in the manufacture of
finished products has risen more than production of materials. What has happened in
this field is indicated roughly in the chart
on page 726. Broadly speaking, since last
autumn output of basic metals, including
iron and steel and nonferrous metals, has
shown little further increase, while activity
in the industries producing a wide range
of finished metal products—airplanes, ships,
machinery, railroad equipment, and automobiles—has continued to increase. Some additional supplies of materials have been proINDUSTRIAL PRODUCTION
vided by importation of such metals as copper
and lead, and exports of steel have declined.
The most rapid increases shown have been
in the airplane and shipbuilding industries
and there has been very sharp expansion in
the output of machine tools, of airplane engines and of turbines. Electrical machinery,
a substantial part of which is for defense
purposes, has risen more than "other machinery", which includes agricultural implements, textile machinery, and radios, but
these also have increased materially. The
marked rise shown for the railroad equipy<
/
ment industries is due partly to the arma\_ J
.*•
ment work being done in these industries.
Automobile production has been at an unusually high level and has been taking substantial amounts of steel and other metals.
''Metals and Metal Products" includes metal mining, iron and
With metal production already close to
steel, nonferrous metals, machinery and transportation equipment. "All Other" includes nondurable manufactures, lumber
and products, stone, clay and glass products, and fuels. Latest capacity and with capacity in the finished
figures shown are estimates for July. In that month metals and products group being increased faster than
metal products amounted to 70 points in the index of industrial
production, or about 43 per cent of the total of 162 points.
in the materials group, shortages in metals
has risen by about 40 per cent since May last have appeared; priorities have been extended
year. For industries producing metals and to a growing number of materials; and plans
metal products, the increase has been much have been developed for sharp curtailment in
greater, about 75 per cent, as is indicated on the use of materials for production of passenthe chart. For other industries, generally ger automobiles and some other consumers'
less affected by military demands and for the durable goods.
dend disbursements of all corporations have
been about 15 per cent larger.
Buying power arising from increases in
individual incomes throughout the country
has been offset to some extent by higher taxes,
but people generally have had more funds
available for spending or saving. The other
side of the economic equation is the supply
of goods available for purchase.
Currently supplies of most commodities are
larger than in May 1940, with output at a
' much higher rate and stocks larger
Available j n ^ e aggregate. Increases in output have been general throughout
the economy, except in agriculture and some
service industries, where there has been little
change. Industrial production as a whole
INDEXES ADJUSTED FOR SEASONAL VARIATION, 1935-39 AVERAGE • 100
140
140
TOTAL
120
100
>/
_ y
120
100
80
80
220
220
/
200
/
180
180
/
160
METALS AND
METAL PRODUCTS
200
160
f
/
140
140
^
/
120
120
**——""ALLOTHER
100
100
1939
AUGUST 1941
1940
1941
725
Review of the Month
OUTPUT OF METALS AND METAL PRODUCTS
"Metals" includes metal mining, iron and steel and nonferrous
metals. The machinery series shown represent a breakdown, on
the basis of man-hours data, of the machinery series regularly published. Latest figures shown are for June.
In view of the generally tightening supply
situation, manufacturers, distributors, and
consumers have bought more than they otherwise would, thereby hastening the shortages
already developing. Buyers, however, have
often not been able to obtain prompt delivery
and in many cases increased buying has resulted in larger unfilled orders rather than in
increased inventories.
Reports by manufacturers to the Department of Commerce indicate that the value of
their inventories at the end of June was 18
per cent higher than in May 1940 while the
726
value of their shipments was about 54 per
cent larger. In both cases part of the increase reflected higher prices. Increases in
inventories were most marked in industries
making finished metal products and reflected
to a considerable extent increases in goods
in process.
At department stores there was an increase
of about 12 per cent in the value of stocks in
this period. Orders outstanding meanwhile
more than doubled. Sales, particularly of
household equipment and furnishings, have
been running considerably higher than a year
ago and in the first three weeks of July were
23 per cent larger than in the corresponding
period last year.
Stocks of some agricultural products, such
as grains and cotton, are larger than last summer but their prices are substantially higher.
The supply of dairy products has been increasing. Marketings of livestock are no
larger than a year ago owing to a reduction
in the number of hogs available; current developments indicate the prospect of some increases in meat supplies eventually, but not
during the remainder of this year.
To increase supplies through importation is
now more difficult than it was last summer
on account of developments in the ocean shipping situation. Also domestic transportation
facilities are being called upon to take care of
a greatly increased volume of business. Consequently there is some question as to the
adequacy of facilities for expeditious handling of the traffic during the period of peak
seasonal activity in the autumn.
Generally speaking, the total volume of
goods on hand and being produced is larger
than in May 1940 but considerable and growing portions of these supplies are being earmarked for military purposes or are otherwise unavailable to the market on terms
similar to those prevailing at that time. It
is the growing lack of supplies sufficient to
match increased demands that has caused the
recent rapid and widespread rise in the general level of prices.
FEDERAL RESERVE BULLETIN
Review of the Month
quotations; they met with little trade acceptance, however, and on July 19 were raised
about 10 per cent. With the announcement
of the upward revision of these prices, raw
cotton advanced sharply and in the latter
commodity prices
.
.
.
sale prices has been gen- part of July was between 16 and 17 cents per
eral, including agricultural and industrial pound, considerably above the loan rate indiproducts, raw materials and finished prod- cated earlier for the coming season.
The present price situation may be conucts, domestic and imported commodities.
trasted
with that in 1937 when prices reached
By June about 500 of the 900 series in the
a
peak
about
as high as the present level and
wholesale price index of the Bureau of Labor
then
declined
sharply, as shown in the chart.
Statistics were higher than in February,
The
outstanding
difference is that now there
while only about 50 were lower.
is
in
prospect
a
continuous,
strong and growThe only important group of commodities
ing
demand
for
a
wide
range
of products as a
showing little change was the metals, whose
part
of
the
defense
program
and
as the result
prices had been stabilized by governmental
of
a
rising
level
of
income
caused
by expendiaction. Since the middle of June prices of a
tures
for
armaments.
As
a
consequence
of
number of other commodities, including some
this sustained demand, supplies of many comWHOLESALE PRICES
modities may be short for an indefinite
period, whereas in 1937 supplies became excessive quickly when the demand of the expansion period proved short lived. Also high
prices for grains and livestock products in
1937—prices higher than those reached thus
far in 1941—reflected the temporary influence of sharply reduced supplies following
the droughts of 1934 and 1936. Large crops
in 1937 contributed to subsequent reductions
in these prices while crops in prospect in
1941 are not expected by the Department of
Agriculture to lead to declines in prices of
these products. Metal prices also reached a
higher level in 1937 but much of the demand
was of a temporary nature and subsequently
prices declined, whereas now they are prevented from rising mainly by Government
action. Incomes and the supply of goods are
Bureau of Labor Statistics data, with Federal Reserve classification of livestock and products and other farm products and both substantially higher now than in 1937.
foods. July 1941 estimated.
The economic situation may be summarized
in
another way. Ordinarily goods produced
consumer goods, have been brought under
appear presently on the market
Federal control, and prices of most of the
The main fo r s a i e t 0 those who have earned
commodities affected have not advanced fur- factors
.
.
,
.
,,
ther. In a few instances, such as hides and
an income in producing them.
cotton goods, there were reductions. Maxi- The greater part of these goods are ordimum prices first issued for leading cotton narily available for consumer purchase and
fabrics were about 15 per cent below market use; now, however, a growing proportion of
The rapid rise in prices in both wholesale
and retail markets beginning in March is
shown on the chart on page
Rising
723. The increase in whole-
1926 AVERAGE FOR TOTAL = IOO
1934
1935
AUGUST 1941
1937
1940
1941
727
Review of the Month
the national output represents armaments,
which do not appear on the market. Consequently the supplies available for purchase
are not increasing in proportion with income payments and, unless an unusually
large part of consumer income is saved or
paid out in taxes, the growth of buying
power is reflected in a growing upward
pressure on prices of such goods as are
available for purchase. The existence of this
pressure on commodity prices has been reflected for some time in a rise in wholesale
markets, where increases in consumer incomes as well as changes in supply have been
anticipated, and more recently in retail
markets.
728
How great this pressure on prices may be
as the defense program develops further will
depend partly on the nature of the transition
from civilian to military production. This
will be important in determining how rapid
and how continuous further increases in income may be, and to what extent shortages
may develop. The effects of changes in income and supply conditions in turn will depend in part on such regulatory measures as
may be adopted. They will depend also on
the extent of improvement in the efficiency
of operation and management that may be
achieved, and the proportion of the increased
income that will be absorbed in taxes or held
back as savings.
FEDERAL RESERVE BULLETIN
The Tax J3avin
$>
an
HE Treasury announced on August 1 the These notes will be redeemed for cash at the
of interest-bearing notes which may Federal Reserve Bank of issue at any time at
Tbe sale
purchased in anticipation of tax payments. the price paid by the taxpayer.
By purchasing such notes, which are available in denominations as low as $25, taxpayers can make provision for taxes on current income that do not come due until the
following year. If, for example, a taxpayer
purchases a $25 note out of each month's income from August to December of this year,
he will have $125, plus accrued interest, to
apply on payment of his 1941 Federal income
tax, due in 1942.
Besides helping the taxpayer meet his payments, these notes have two other public advantages : they help reduce the danger of inflation and they also provide the Government
with defense funds in advance of tax payments.
The notes will not be registered, but will
have the purchaser's name and address inscribed thereon so that the Collector of Internal Revenue can compare the purchaser's
name with that on his tax return. They will
not be transferable; nor can they be used as
collateral. Applications for purchases of
both series of notes can be made through the
taxpayer's bank and the bank may credit the
proceeds to its War Loan Deposit Account, if
it has such an account. Applications can also
be made directly to the Federal Reserve Banks
or to the Treasurer of the United States.
These notes may be used to pay any Federal income taxes (current and back personal
and corporation taxes, and excess-profits
taxes).
Notes of Tax Series A-1943 will be issued
in denominations of $25, $50, and $100. The
amount of this series which can be presented
in payment of income taxes will be limited to
$1200 in any one tax year by any one taxpayer. The notes will provide a return of
about 1.92 per cent a year, but the rate per
cent will not be expressed. For the $25 denomination, it will be expressed at 4 cents a
month, $50 denomination at 8 cents a month,
and for the $100 denomination at 16 cents a
month. By following this method it is made
simple to compute the cost of the notes to
the taxpayer at the time of purchase, and the
value of the notes with accrued interest when
used in payment of taxes. There will be a
schedule of values printed on each note.
AUGUST 1941
Notes of Tax Series B-1943 will be issued
in denominations of $100, $500, $1,000, $10,000, and $100,000. The amount of these
notes which can be presented in payment of
taxes is limited only by the amount of taxes
due. The Secretary of the Treasury, however, reserves the right to reject any and all
subscriptions. The notes will provide a return of slightly less than 1/2 of 1 per cent
(about 0.48%) a year, but here, as in Series
A, in order to simplify computations, the rate
per cent will not be expressed. It will be
stated as 4 cents a month for the $100 denomination, 20 cents for the $500 denomination,
and so on. There will be a schedule of values
printed on each note. These notes will be
redeemed for cash at the Federal Reserve
Bank of issue, after sixty days and upon
thirty days' notice, at the price paid by the
taxpayer.
Since the notes bear interest for as long as
two years, taxpayers may wish to use them
in anticipation not only of next year's taxes
but of those for the year following.
The twelve Federal Reserve Banks, acting
as fiscal agents for the Treasury, are arranging for the general distribution of these notes.
A description of the Tax Savings Plan has
been published by the Treasury in the form
of a pamphlet, reading substantially as follows:
SAVE FOR TAXES
O make it easier for taxpayers to meet the inTProgram,
creased taxes required by the National Defense
the Treasury Department is offering for
sale two series of notes, both dated August 1, 1941,
and maturing August 1, 1943.
On January 1 of each year hereafter, two new
series will be provided so that a taxpayer can always
purchase notes during the entire year in which he is
receiving his income for use in payment of taxes due
the following year. The reason for the two-year note
is to permit a taxpayer, if he so desires, to begin saving in January of one year and continue through that
year to save for his taxes due the following year.
All notes are sold at par and accrued interest.
When presented in payment of income taxes they will
be received at par and accrued interest up to and including the month in which such taxes are paid. In729
The Tax Savings Plan
terest will not accrue beyond the maturity of the
notes. If not presented in payment of income taxes,
they will be redeemed for cash under certain specified
conditions at the purchase price paid for the notes.
In other words, the taxpayer, if he redeems the notes
for cash, gets back just the amount he paid.
For further information, read the Questions and
Answers that follow and consult the Purchase Price
and Tax-Payment Value Tables.
an
Q. Just what is the Treasury Department's TAX
SAVINGS PLAN?
A. It is a plan starting1 August 1, 1941, to help the
taxpayer set aside money, during the year in which
earned, to pay income tax bills due the next year.
Q. How does the plan operate?
A. By the taxpayer purchasing the special notes
offered by the Treasury Department to be used in
payment of Federal income taxes.
Q. What are these notes?
A. They are direct obligations of the United States
issued in the form of Treasury notes and are dated
in the month in which payment is received.
Q. Where may these notes be purchased?
A. Through local banks, from Federal Reserve
Banks, their branches, or direct from the Treasury
Department, Washington, D. C.
Q. How much do they cost?
A. The purchase price during each month is shown
in the tables on page 731.
Q. Do these Tax Savings notes earn interest?
A. Yes, provided they are used to pay income taxes.
Q. How much interest do these notes earn?
A. Series A earn about 1.92% a year; Series B
notes about 0.48% a year.
Q. How is the interest figured?
A. By specified monthly amounts so as to be easily
computed on each denomination. See table on page
731 for exact Purchase Price and Tax Payment Value
of notes during successive months. Remember, none
of these notes earn interest unless used in payment
of income taxes.
Q. What are their denominations?
A. There are two series of notes as follows:
Series A
$25, $50, and $100 each. (Amount acceptable
in payment of income taxes limited to $1,200 in
any one tax year.)
Series B
$100, $500, $1,000, $10,000, and $100,000 each.
(Amount acceptable in payment of income taxes
limited only by the amount of taxes due.)
730
Q. In what form should payment be made for
these notes?
A. Remittance should be by check, bank draft, or
money order, drawn to the order of the Treasurer of
the United States, as payee.
Q. Can a $100 denomination of Series A be exchanged for two $50's or four $25's of that Series?
A. Yes. Denominational exchange from a higher
to a lower is permitted in either Series A or Series B.
Applications for such exchanges should be made to
the Federal Reserve Bank which issued the notes.
Q. Can the notes be purchased on a monthly basis?
A. Yes. They were designed for that very purpose,
so that the taxpayer can save a specified amount each
month and invest it in these notes which can later be
turned in to the Collector of Internal Revenue in payment of income taxes.
Q. Who can buy the notes issued under the Treasury^ new "TAX SAVINGS PLAN"?
A. Only those who pay Federal income taxes should
buy these notes. The Series A notes, however, are
especially designed for the small taxpayer. Series B
notes are designed for larger taxpayers, either individual or corporate.
Q. Can I use these notes to pay any kind of taxes?
A. You can use them only to pay Federal income
taxes (current and back personal and corporation
taxes, excess-profits taxes).
Q. Wlmt happens to a person's Tax Savings notes
if he dies?
A. The notes can be presented by the estate for
the payment of income taxes due from the decedent,
or they can be redeemed for the amount paid for
them. For further instructions consult the Federal
Reserve Bank that issued the notes.
Q. Are these Tax Savings notes transferable?
A. No. Nor can they be used as collateral.
Q. Will the Tax Savings notes be registered?
A. No, but they will have the owner's name and
address inscribed thereon so that the Collector of Internal Revenue can compare the owner's name with
that on his tax return.
Q. Are the Treasury's Tax Savings notes taxable?
A. The income from these notes is not exempt
from Federal taxation.
Q. Can I redeem my Treasury Tax Savings notes
for cash?
A. Yes. Series A notes can, at the option of the
owner, be redeemed at the price you paid for them at
any time without advance notice. Series B notes can
be redeemed at the price you paid for them any time
after 60 days from the time of issue, upon 30 days'
notice.
Q. Where can I redeem them?
A. At the Federal Reserve Bank that issued them,
in accordance with instructions on the back of each
note.
FEDERAL RESERVE BULLETIN
The Tax Savings Plan
PURCHASE PRICE AND TAX-PAYMENT VALUE DURING SUCCESSIVE MONTHS
The Tables below (covering 2-year period from August 1941 to August 1943) show the purchase price
and the value of each note in any given month. This amount in each case includes the principal plus
accrued interest. During the period when the notes are on sale—August through December 1941—the
figure in each case is the purchase price of the note during that month. Thereafter, the figure in each
case represents the Tax-Payment Value (amount for which the note will be acceptable during that month
in payment of Federal income taxes).
SERIES B-1943
S E R I E S A-1943
$50
1941
PURCHASE
$100
$ioo
$1, 000
$10, 000
$100, 000
PURCHASE PRICE
$100.00
$500. 00 $1, 000. 00 $10, 000 $100, 000
500. 20 1, 000. 40 10, 004 100, 040
100.04
10, 008 100, 080
500.40 1,000.80
100.08
500. 60 1,001. 20 10, 012 100,120
100.12
10,016 100,160
500.80 1,001.60
100.16
T A X - P A Y M E N T VALUE
$100.20
$501. 00 $1,002. 00 $10,020 $100,200
501. 20 1,002. 40 10, 024 100, 240
100. 24
'" 1,002.80
10,028 100, 280
100. 28
501. 40
100.32
501. 60 1, 003. 20 10, 032 100, 320
1,
003.
60
10, 036 100, 360
100. 36
501. 80
100. 40
502. 00 1, 004. 00 10, 040 100, 400
1,
004.
40
10, 044 100, 440
100. 44
502. 20
10, 048 100, 480
100. 48
502. 40 1,004. 80
1,
005.
20
10,
052 100, 520
100. 52
502. 60
100. 56
502. 80 1, 005. 60 10, 056 100, 560
100, 600
10,
060
100. 60
503. 00 1, 006. 00
10, 064 100, 640
100. 64
503. 20 1,006. 40
PRICE
$25.00
25.04
25.08
25.12
25.16
$50. 00
50.08
50.16
50.24
50.32
$100. 00
100.16
100. 32
100. 48
100. 64
Aug
Sept
Oct
Nov
Dec
1942
Jan
Feb.
MAR
Apr
May
JUNE
July....
Aug
SEPT.
Oct.._._
Nov.
DEC...
T A X - P A Y M E N T VALUE
$25.20
25.24
25.28
25.32
25.36
25.40
25.44
25. 48
25.52
25. 56
25.60
25.64
$50. 40
50.48
50. 56
50.64
50.72
50. 80
50.88
50.96
51.04
51.12
51.20
51.28
$100. 80
100. 96
101.12
101. 28
101. 44
101. 60
101. 76
101. 92
102. 08
102. 24
102. 40
102. 56
1942
Jan
Feb.
MAR..
Apr
May.__
JUNE
July....
Aug....
SEPT..
Oct
Nov
DEC._.
1943
Jan
Feb....
MAR..
Apr
May...
JUNE.
July..__
Aug
25.68
25.72
25. 76
25.80
25.84
25.88
25.92
25. 96
51. 36
51. 44
51.52
51.60
51.68
51. 76
51.84
51.92
102. 72
102. 88
103. 04
103. 20
103. 36
103. 52
103. 68
103. 84
Atig
Sept
Oct
Nov
Dec
$500
1941
1943
Jan
Feb
MAR
Apr
May
JUNE
July
Aug
.
100. 68
100. 72
100. 76
100. 80
100.84
100. 88
100. 92
100. 96
503. 40
503. 60
503. 80
504. 00
504. 20
504. 40
504. 60
504. 80
1,006. 80
1, 007. 20
1, 007. 60
1,008. 00
1, 008. 40
1, 008. 80
1, 009. 20
1, 009. 60
10, 068
10, 072
10, 076
10, 080
10, 084
10, 088
10, 092
10, 096
100, 680
100, 720
100, 760
100, 800
100, 840
100, 880
100, 920
100, 960
Application For United States Treasury Tax Notes
When completed, mail to Federal Reserve Bank, or branch, of your district, or make
application through your bank or trust company.
TAX SERIES A-1943—TAX SERIES B-1943
Number of Notes
Tax
Tax
Tax
Tax
Tax
Tax
Tax
Tax
Denomination Purchase Price
Amount
(See table
(Face value)
above)
(Total cost)
Series A $25
$..
Series A $50
Series A $100
Series B $100
$..
Series B $500
Series B $1,000
Series B $10,000
Series B $100,000
TOTAL AMOUNT OF PURCHASE
AUGUST 1941
(remittance herewith) $....
To the Federal Reserve Bank of
the undersigned hereby applies for
United States Treasury Notes of • Tax
Series A-1943 DTax Series B-1943 as
indicated on the form to the left.
(All remittances should be drawn to
the order of the Treasurer of the United
States, as payee.)
(Purchaser's name—type or print plainly)
(Signature of purchaser)
(Address of purchaser)
Notes will be forwarded by registered
mail to address above unless other instructions are given.
731
Hanlt5 Participating in JSaLa
t/efienle Jsaving5 Eona.5
PON the basis of the latest reports received, according to the United States
UTreasury,
9,699 banks, out of 14,846, have
qualified as issuing agents for the sale and
issue to the public of United States Defense
Savings Bonds of Series E. The number of
banks so qualified is shown by States in the
accompanying tabulation. As indicated by
this tabulation, 65 per cent of the banks of
the country have qualified.
Banks can be of great service to their customers in qualifying as issuing agents for
Series E Bonds, inasmuch as such qualification permits them to carry stock on hand
which may be delivered immediately upon
receipt of payment. To qualify, banks should
communicate directly with the Federal Reserve Bank of the district, which will furnish
all necessary forms and instructions relating
thereto.
United States Savings bonds, designated
Defense Series F and Defense Series G, are
issued only at the Federal Reserve Banks and
at the Treasury Department. Banks of the
country are, however, participating in the
sale of these bonds, as well as Series E bonds,
to the public by the acceptance of applications
for such bonds from their customers and
others for transmission direct to the Federal
Reserve Banks.
A wide and successful distribution of Defense Savings bonds is obviously desirable,
both from the point of view of the banks and
the general public. The sale of these bonds to
private investors, rather than to commercial
banks, lessens the expansion of bank deposits
and thereby tends to restrain consumer spending and to reduce the danger of inflation.
The Bank Management Commission of the
American Bankers Association, 22 East 40th
Street, New York, has prepared a bulletin
(Special Bulletin No. 83, April 1941) and
other material for the use of Association
members in handling the sale of Defense
bonds and stamps. The Treasury will also
supply material and information upon request.
732
Number of banks
State
Alabama
Arizona
Arkansas
California
Colorado
Total
Number
qualified
to sell
Defense
Bonds
Percentage
qualified
—
217
12
234
205
148
112
11
102
153
51.6
91.7
43.6
74.6
66.2
Connecticut
Delaware
District of Columbia.
Florida.
Georgia
202
45
22
167
286
164
30
21
143
150
81.2
66.7
95.5
85.6
52.4
Idaho.
Illinois...
Indiana
Iowa
Kansas
50
836
510
643
670
31
558
299
394
340
62.0
66.7
58.6
61.3
50.7
Kentucky
Louisiana.
Maine
Maryland
M assachusetts
399
146
101
185
405
147
87
84
116
322
36.8
59.6
83.2
62.7
79.5
Michigan
Minnesota
Mississippi
Missouri
Montana
442
676
207
628
111
292
379
122
313
72
66.1
56.1
58.9
49.8
64.9
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
430
11
109
383
41
96
354
33
46.3
72.7
88.1
92.4
80.5
New York
North Carolina
North Dakota
Ohio
Oklahoma
197
163
391
785
127
91
487
228
91.0
64.5
55.8
70.1
58.3
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
73
1,063
32
150
162
53
858
27
84
103
72.6
80.7
84.4
56.0
63.6
Tennessee....
Texas.
Utah
Vermont
Virginia
60
82
316
104
556
42
60
245
34.9
67.1
70.0
73.2
77.5
Washington
West Virginia
Wisconsin
Wyoming
140
180
573
59
94
128
357
40
67.1
71.1
62.3
67.8
14, 846
1,699
65.3
FEDERAL RESERVE BULLETIN
rtont a Jleaat Standpoint
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
Analysis of Restrictions in State Laws on Payment of Dividends
by Banks and Trust Companies
have been dealt with herein; and the seven
classifications of restrictions are based upon
either a fair implication from the language
of the laws or the express terms thereof.
Except for certain provisions relating to the
retirement of preferred interests,1 the analysis deals with restrictions or limitations upon
the payment of dividends as between different
classes of stock or interests only where such
restrictions or limitations may operate to contract or relax the restrictions or limitations
upon the payment of any dividends whatsoever. Following the analysis will be found
the citations to the State statutes upon which
this study is based.
This analysis shows, as of January 1,
1941, the provisions contained in the laws of
the several States, relating specifically to
banks and trust companies, which restrict
the payment of dividends by such institutions. The analysis has been prepared in the
office of Counsel of the Board of Governors
of the Federal Reserve System with the assistance of the Counsel of the Federal Reserve
Banks.
The laws of each of the forty-eight States
contain some provision of the type in question, and in a majority of the States there
are as many as four such provisions. As
indicated both herein and in the tabular sum(1) Payment only from net profits
mary of the analysis set forth on page 737,
The
most
common restriction is that rethis subject has been divided according to
quiring
dividends
to be paid only from "net
seven general types of provisions which are
profits", "net earnings", "undivided profits",
as follows:
etc. (Compare 12 U.S.C.A., sees. 56, 60, 324;
(1) Payment only from net profits.
Federal
Reserve Act, sec. 9, para. 5, and pp.
(2) Payment conditioned on transfers of earn- 186, 189-190.2) While the laws of Maine and
ings for maintenance of required surplus.
(3) Payment conditioned on unimpaired capital Vermont are not entirely clear, all of the
stock.
States except Mississippi and South Carolina
(4) Payment conditioned on unimpaired reserves may be considered as falling within this classagainst deposits.
(5) Suspension or regulation of payment by ification. In Maine this restriction apparently applies only to savings banks.
banking authority or court.
(6) Payment conditioned on total or partial reSome of the States, particularly Missouri,
tirement of preferred stock, capital notes
New York, North Carolina, Ohio, Oregon,
or debentures, etc.
(7) Payment of preferred stock dividends gov- Pennsylvania and Washington, have imposed
erned by bylaws or charter rather than rather detailed methods for determining net
general law relating to dividend payment. or undivided profits, while other States merely
Attention is invited to the fact that the limit dividends to net or undivided profits
banking laws of some States contain pro- without specifying any such method, e.g.,
visions which, by their general character, California, Colorado, Delaware, Maine, New
might operate as, or give rise to, additional Mexico, Rhode Island and Vermont. The rerestrictions on dividend payments, e.g., pro- maining States indicate in a more or less genhibitions against engaging in unsafe or un- eral way that expenses, losses, etc., must be
sound banking practices, or grants of broad
supervisory power to the State banking au- 1 See Division (6) of this analysis.
thorities. However, except for the few cases 2 Throughout this analysis, citations to the Federal Reserve Act
Federal Reserve Act, as amended to Oct. 1, 1935,"
in which the contrary is indicated, only provi- refer to "The
by the Board of Governors of the Federal Reserve
sions of law expressly relating to dividends published
System.
AUGUST
1941
733
From a Legal Standpoint
deducted in arriving at the sum available for to any dividends if the ratio of unimpaired
dividends.
apital funds to deposits is greater than 1 to
10 and if the banking authority gives its
(2) Payment conditioned on transfers of earnings approval.
This restriction was suspended in Vermont
for maintenance of required surplus
during the years 1933-1936, inclusive, and as
Except for Mississippi, Tennessee, and to all dividends except those on common stock
Rhode Island, all of the States have express during the years 1937-1940, inclusive.
requirements that dividends be paid only if
(3) Payment conditioned on unimpaired
the required surplus or guaranty fund is uncapital stock
impaired or, if below a required amount, that
a portion of the earnings be transferred to The next most prevalent restriction is that
such fund before the payment of a dividend. forbidding the payment of dividends which
In Connecticut and Maine this restriction ap- would create, or while there exists, an impairparently applies only to savings banks, and ment in capital stock; or, as found in some
in New Hampshire it apparently applies only of the laws, forbidding any impairment of
to savings banks and savings departments of capital stock by the payment of dividends or
trust companies. In Iowa, Kentucky, Massa- otherwise, except as may be expressly prochusetts (trust companies), Mississippi, Ne- vided by law. (Compare 12 U.S.C.A., sec.
braska (if banking authority approves), New 56; Federal Reserve Act, pp. 189-190.) ReJersey and Wisconsin, this restriction (or strictions of this nature are found in the
other provision relating to accumulation of banking statutes of all of the States except
surplus, as in the case of Mississippi) has the following fifteen: Arizona, California,
no application to dividends on preferred Delaware, Kentucky, Maine, Mississippi,
stock. (Compare 12 U.S.C.A., sec. 60; Fed- Montana, New Hampshire, North Carolina,
eral Reserve Act, p. 186.)
Oregon, South Carolina, Utah, Vermont,
While not expressly a restriction on the Washington and Wyoming.
payment of dividends, the law of Mississippi
While not expressly referring to dividends,
provides that, until the required surplus is the banking law of West Virginia does proaccumulated, a portion of the "net earnings", hibit the paying out or withdrawal "in any
after the payment of preferred stock divi- manner whatever, any part of the capital
dends, must be carried to surplus. Aside of" a banking institution, except as may be
from any express preference as to preferred provided by law.
stock dividends and except as to banks organ- In Connecticut, Idaho and New Jersey this
ized under a special statute reducing the restriction appears only in the law relating
minimum capital stock requirements, the law to preferred stock dividends. The law of
of South Carolina is similar in this respect Vermont, while containing no express restricto that of Mississippi. Neither of these States, tion of this kind, as indicated above, provides
as indicated above, expressly requires that that preferred stock dividends may be paid
dividends be paid from net profits. Also, the notwithstanding a capital impairment, so
law of Maine relating to trust companies, long as the institution's assets exceed its
while not containing an express restriction liabilities, other than capital liabilities, by
of this nature on the payment of dividends, not less than ten per cent of its deposit liarequires that a portion of the "net earnings" bility.
be carried to surplus until the required
In this connection, attention is invited also
amount is accumulated. A similar situation to the laws of North Dakota and South Dakota requiring a bank to retain, and apply
prevails in New Hampshire.
Savings banks in Rhode Island must re- against any unpaid liability of a shareholder
serve a guaranty fund from "net profits"; to the bank, any dividend on his shares.
but, as noted above, this State does not ex- Although beyond the precise scope of this
pressly condition the payment of dividends analysis, it seems desirable at this point to
upon the accumulation or maintenance of a refer to the general rule of law under which
it is regarded as a misfeasance for directors
guaranty fund or surplus.
In Wisconsin, this restriction, in addition to dissipate or diminish the paid-in capital
to being inapplicable to preferred stock divi- of a corporation in any way not authorized
dends, as indicated above, has no application by statute. In addition, the statutes relating
734
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
to corporations generally and related banking statutes, such as those discussed under
divisions (1) and (2) of this analysis, should
be consulted with reference to the status of
the law in those States indicated above as
having no express statutory restriction in
their banking statutes covering the payment
of dividends while there exists, or which
would create, an impairment in capital.
(4) Payment conditioned on unimpaired reserves
against deposits
A provision similar to that contained in the
Federal Reserve Act, sec. 19, para. 9 (12
U.S.C.A., sec. 464), forbidding the payment
of dividends while the required reserves
against deposits are impaired or until any
such impairment is corrected, is found in the
laws of twenty-five States, namely, Arkansas,
California, Colorado, Connecticut, Delaware,
Florida, Georgia, Indiana, Kansas, Michigan
(see comment in next paragraph), Minnesota, Nebraska, Nevada, New Jersey, New
Mexico, New York, North Carolina, North
Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, Tennessee and Wyoming. However, in Connecticut and Rhode
Island this restriction apparently does not
apply to savings banks.
In Michigan a substantial variation prevails in that the law conditions the declaration of dividends upon the absence of losses
equal to or exceeding the "undivided profits
and reserves then on hand."
(5) Suspension or regulation of payment by banking
authority or court
Apparently, nine States have express provisions of law subjecting the payment of dividends to a veto or other restrictive regulatory
power of the banking authority or court.
These States are Connecticut, Indiana, Maine,
Mississippi, New Hampshire, New York,
North Dakota, Oregon and Washington. Because of the nature of the restrictions dealt
with in this and the following division, they
will be discussed more fully.
Under the law of Connecticut the Bank
Commissioner may, if it appears that the
assets of "any savings bank" at their "fair
market valuation" are "insufficient to pay its
obligations", order a "reduction in the rate or
suspension of dividends" until the aforementioned insufficiency is corrected. The law of
Connecticut also provides that after citation
by the Bank Commissioner, in order "to preAUGUST
1941
serve assets or protect depositors", and after
hearing before the court, the judge thereof
may "make an order restraining any bank,
savings bank, trust company or private
banker" from, inter alia, "declaring or paying
dividends on any deposits or capital stock for
such time as such judge shall deem necessary." This latter provision of the Connecticut law is substantially the same as that
found in the laws of Maine.
The law of Mississippi provides that, after
hearing, the State Comptroller shall order
any bank or trust company not to pay a
"dividend upon its common stock until further
ordered by him", if he is "of the opinion that
the condition" of any such institution makes
such action desirable.
The Bank Commissioner of New Hampshire "may regulate * * * the payment
of dividends" by any institution under his
supervision "whenever and during such time
and to the extent that he deems such action
necessary for the protection of its depositors
and other creditors."
The law of Indiana in this regard provides
that the Department of Financial Institutions
may make rules and regulations for the establishment of, inter alia, "the rate of dividend
declared or paid by any mutual savings bank",
which rules and regulations "may apply to
one or more financial institutions and/or to
one or more localities * * * as the department, in its discretion, may determine."
The law of New York provides that the
New York Banking Board may prescribe the
rates of dividends which may be paid on deposits with any savings bank, which rates
need not be uniform; and the Board is also
given express power to "prohibit the payment
of * * * such dividends."
The laws of Oregon and Washington provide that the banking authority of each such
State, in its discretion, may "suspend the
payment" of any dividends by banks or trust
companies "until all requirements made" by
such authority or its examiners shall have
been complied with. Suspension of dividend
payments by the State Banking Board of
North Dakota is more limited in that such
power is conditioned upon the existence of an
impairment in capital stock.
In addition to the laws of the nine States
just discussed, attention is invited to the provisions of law in certain other States giving
the banking authorities power to relax restrictions in the law relating to distribution
735
From a Legal Standpoint
While it is not entirely clear, the law of
Maine appears to forbid only the payment
of liquidating, as distinguished from ordinary, dividends on common stock until after
the retirement of certificates issued to depositors in the matter of reorganization of trust
companies. Maine has been omitted, therefore, from the list of States falling within
this classification, since it is not the purpose
of this analysis to treat the subject of liquidating dividends, as distinguished from ordinary dividends from earnings.
Generally, the laws of both Massachusetts
and Michigan provide that as a condition to
the payment of common stock dividends, the
requirement of the preferred stock retirement fund, if any, must be complied with.
(Compare 12 U.S.C.A., sees. 51a-51c, 60;
(6) Payment conditioned on total or partial retire- Federal Reserve Act, pp. 171-172, 186, 244ment of preferred stock, capital notes or deben- 245.)
tures, etc.
The New Hampshire law provides that no
Ten States appear to have laws expressly "dividends on stock or shares issued and outrequiring that, as a condition to the payment standing at the time of the first issue of preof dividends, provision must be made for the ferred stock or shares * * * shall be deretirement of preferred stock, capital notes clared or paid until all preferred stock or
or debentures, or claims of depositors and shares * * * shall have been retired uncreditors deferred in reorganization or re- less such preferred stock or shares otherwise
sumption of business. These States are Indi- provide." In addition, the New Hampshire
ana, Iowa, Massachusetts, Michigan, New law relating to the reorganization of trust
Hampshire, New Jersey, New York, South companies provides that no dividends shall
be declared or paid, except on preferred
Dakota, Vermont and Washington.
The law of Indiana provides that if a "part shares, until certificates issued to depositors
of the sound capital of any * * * bank or for the amount of deficit charged to their actrust company consists of the proceeds of the counts have been redeemed or provision for
sale of debentures, no dividends shall be redemption has been made.
paid, without the consent of the department The law of New Jersey provides that no
[of financial institutions], until all of such "dividend shall be declared or paid on comdebentures shall have been retired." Except mon stock or depositors' common stock [stock
for a provision relating to the consent of the issued depositors or creditors in satisfaction
banking authority, South Dakota has a simi- of their claims in the reorganization or relar law, conditioning the payment of divi- opening of a bank, trust company or sayings
dends upon the retirement of "capital notes bank] until all of the outstanding depositors'
or debentures."
common stock shall have been redeemed."
The law of Iowa provides that "no divi- The New York law provides that no "dividends on any common stock * * * shall dends shall be paid on the stock [of a bank]
be paid as long as any trust certificates [issued * * * while any * * * certificates
pro rata to depositors waiving claims in re- [issued for the claims of depositors or crediorganization, reopening, etc.] are outstand- tors in the matter of resuming business] are
ing, unless otherwise agreed upon" between outstanding" until an amount sufficient to
the bank or trust company and a majority of pay all such outstanding certificates has been
the unsecured and unpreferred depositors set aside with the approval of the banking
"and approved by the superintendent of bank- authority.
ing."
The law of Vermont provides that trust
companies which have issued "deferred inSee division (6) for Indiana and Iowa, and division (2) for come participation receipts" shall not "pay
Nebraska and Wisconsin. See also division (7) for provisions of
law involving approval of the banking authorities of certain States any dividends" until there is first paid to the
of earnings. The law of Massachusetts provides that the net income restrictions on the
payment of dividends by mutual savings
banks may be obviated "upon written approval of the commissioner." The law of
Vermont provides that with the consent of
the Bank Commissioner, and if "the best interest of its depositors so require,", a mutual
savings bank "may pay interest on deposits
at not to exceed three and one-half per cent
per annum, irrespective of other provisions
of law." In this connection see also those
provisions in the laws of Indiana, Iowa, Nebraska 3 and Wisconsin, discussed elsewhere
herein, which permit relaxation of certain
restrictions on the payment of dividends with
the consent of the banking authority.
3
736
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
holders of such certificates not to exceed 5
per cent per annum out of funds which might
otherwise have been available for division
among stockholders.
The law of Washington provides that no
dividend shall be declared or paid until there
shall have been set aside for, and credited
ratably to, the unsecured creditors, whose demands were reduced under a reorganization
plan, an amount equal to the aggregate of
the reduction.
(7) Payment of preferred stock dividends governed
by by-laws or charter rather than general lawrelating to dividend payment
This division of the analysis might well be
considered as one dealing with the removal
of restrictions upon the payment of divi-
TABULAR SUMMARY OF ANALYSIS
Payment condion transfers
Payment only tioned
of earnings for
from net profits
maintenance of
required surplus
Alabama
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine 1
Maryland
Massachusetts
Michigan
Minnesota
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Dakota
Tennessee
Texas
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
Payment conditioned on
unimpaired
capital stock
Alabama
Alabama
Arizona
Arkansas
Arkansas
Colorado
California
Connecticut 7
Colorado
Florida
l
Connecticut
Georgia
Delaware
Idaho 7
Florida
Illinois
Georgia
Indiana
Idaho
Iowa
Illinois
Kansas
Indiana
Louisiana
Iowa 2
Maryland
Kansas
Massachusetts
Kentucky 2
Michigan
Louisiana
Minnesota
Maine 1
Missouri
Maryland
Nebraska
Massachusetts 2
Nevada
Michigan
New Jersey 7
Minnesota 2 3
New Mexico
Mississippi
New York
Missouri
North Dakota
Montana 2
Ohio
Nebraska
Oklahoma
Nevada
Pennsylvania
New Hampshire
* Rhode Island
2
New Jersey
South Dakota
New Mexico
Tennessee
New York
Texas
North Carolina
Virginia
North Dakota
West Virginia
Ohio
Wisconsin
Oklahoma
Oregon
Pennsylvania 4
South Carolina
South Dakota
Texas
Utah
Vermont 5
Virginia
Washington
West Virginia
Wisconsin 2 6
Wyoming
Payment conditioned on unimpaired reserves
against deposits
Suspension or regulation of payment
by banking authority or court
Payment of prePayment conditioned
ferred stock divon total or partial
idends governed by
retirement of preferred by-laws or charter
stock, capital notes
rather than general
or debentures, etc.
law relating to
dividend payment
Arkansas
California
Colorado
Connecticut 8
Delaware
Florida
Georgia
Indiana
Kansas
Michigan»
Minnesota
Nebraska
Nevada
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania 8
Rhode Island
Tennessee
Wyoming
Connecticut n> u
Indiana10 "
Maine
Mississippi *2
New Hampshire 10
New York " 3
North Dakota
1
Oregon 14
Washington H
Indiana 15
Iowa 18
Massachusetts
17
Michigan 17
New Hampshire 1718
New Jersey ™
New York 18 5
South Dakota 1
Vermont 16 8
Washington 1
12 Savings banks.
Preferred stock dividends (in Nebraska, if banking authority approves) excepted.
3 While not an express restriction on payment of dividends, portion
of "net earnings" must be carried to surplus until required amount
accumulated.
4
Express limitation only on banks organized under statute reducing
minimum capital stock requirements. Not an express limitation on
other banks, which are required merely to carry portion of "net earning"
to 5surplus until required amount accumulated.
Suspended during the years 1933-1936, inclusive, and as to all dividends
except those on common stock during 1937-40.
6
All dividends excepted if ratio of capital funds to deposits is greater
than
1
to 10 and if banking authority approves.
7
Only an express limitation on preferred stock dividends.
8
Apparently inapplicable to savings banks.
9 No dividend if losses equal or exceed undivided profits and reserves.
AUGUST
1941
California
Kansas
Maine
Michigan
Mississippi
Oklahoma
i°
Suspension of payment to preserve assets or protect depositors.
11
Dividends of savings banks may be regulated or prohibited.
123 Suspension of common stock dividends if bank's condition warrants.
14 Suspension until capital stock impairment corrected.
1 Suspension until any requirement of banking authority complied
with.
15 Debentures or capital notes first must be retired; in Indiana, unless
banking
authority approves.
16 Income payments to holders of deferred income participation receipts
must
first
be made.
17
Before common stock dividends, preferred stock retirement requirements
must
be complied with.
18 Reduce claims of depositors or creditors deferred in reorganization
or resumption of business first must be retired (in New York, if banking
authority approves; in Iowa, unless bank and unsecured depositors
agree otherwise and banking authority approves; in New Hampshire,
preferred stock dividends are excepted).
737
From a Legal Standpoint
dends, for the provisions of law here pertinent provide, in substance, that, notwithstanding other provisions of law, whether
relating to restrictions upon the payment
of dividends or otherwise, preferred stock,
the payment of dividends thereon, etc., shall
be governed by the by-laws or charter of the
issuing bank with the approval of the banking authority. In this connection, it will be
recalled that numerous provisions of law have
been mentioned earlier herein which relieve
preferred stock dividends of one restriction
or another; but, under the provisions of law
here considered, all such general restrictions
as may exist in the law on the payment of
dividends would appear to be removed. At
least six States have provisions of this nature,
namely, California, Kansas, Maine, Michigan,
Mississippi and Oklahoma. (Compare 12
U.S.C.A., sees. 51a-51c; Federal Reserve Act,
pp. 171-172, 244-245.)
Of course, many of the other States have
special provisions relating to preferred stock,
specifying that such stock shall have preferences as to dividends, assets upon liquidation,
etc., or that such stock in the foregoing respects shall be governed by by-laws, charter,
etc.; but only in the States named above does
it appear clearly that none of the restrictions
in the general law upon the payment of dividends is applicable to the payment of dividends on preferred stock.
CITATIONS TO LAWS
There follow the citations to the laws of
the several States upon which the foregoing
analysis and tabular summary thereof are
based.
Alabama
Ala. Code Anno. 1928, Sees. 3404, 3411, 6372.
Arizona
Ariz. Code Anno. 1939, Sees. 51-101, 51-524, 51-1006.
Arkansas
Stats, of Ark. 1937, Sees. 705, 719 to 721.
California
Deering's Gen. Laws of Calif. 1937, Act 652, Sees. 2,
20, 21, 64, 68, 135d, and Act 3603, Sec. 7.
Colorado
Colo. Stats. Anno. 1935, Ch. 18, Sees. 1, 53, 54, 147.
Connecticut
Gen. Stats, of Conn. 1930, Sees. 3870, 3917, 3953;
Gen. Stats, of Conn. 1930,1935 Cumulative Supp.,
Sees. 1436c, 1442c, 1452c, 1481c; Gen. Stats, of
Conn. 1930, 1939 Supp., Sec. 1241e.
Delaware
Revised Code of Dela. 1935, Sees. 2298, 2307, 2397.
Florida
Compiled Gen. Laws of Fla. Anno. 1927, Sec. 6140;
Compiled Gen. Laws of Fla. Anno. 1927, Perm.
Supp., Sees. 6071, 6075, 6076, 6134, 6150(10).
738
Georgia
Code of Ga. Anno., Sees. 13-201, 13-206, 13-2028 to
13-2032, 13-9925.
Idaho
Idaho Code Anno. 1932, Sees. 25-102, 25-503; Idaho
Code Anno. 1932, 1940 Supp., Sec. 25-215A.
Illinois
Smith-Hurd 111. Anno. Stats., Ch. 16y2, Sec. lla.
Indiana
Burns Ind. Stats. Anno. 1933, Sees. 18-207, 18-1403,
18-1601, 18-1602, 18-2623, 18-2630 to 18-2635.
Iowa
Code of Iowa 1939, Sees. 9191, 9262, 9263, 9283.16,
9283.17, 9299, 9304.
Kansas
Gen. Stats of Kan. 1935, Sees. 9-112, 9-136, 17-2003,
17-2010; Gen. Stats, of Kan. 1935, 1939 Supp.,
Sees. 9-134, 9-135, 9-178.
Kentucky
Carroll's Ky. Stats. Anno., Baldwin's 1936 Rev.,
Sec. 596.
Louisiana
Dart's Gen. Stats, of La., Anno. 1939, Sees. 570,
593 to 595, 612.
Maine
Revised Stats, of Me. 1930, Ch. 57, Sees. 34, 57, 81,
85; Laws of Me. 1933, Ch. 93, Sec. 3; Revised
Stats, of Me. 1930, Ch. 57, Sec. 71A, as amended
by Laws of Me. 1939, Ch. 61.
Maryland
Anno. Code of Md. 1939, Art. 11, Sees. 43, 44, 95,
96.
Massachusetts
Anno. Laws of Mass., Ch. 168, Sees. 45, 47, 49, 50,
and Ch. 172, Sees. 18, 64, 80, and Ch. 172A, Sec.
Michigan
Mich. Stats. Anno., Sees. 23.774, 23.776, 23.783,
23.784, 23.925, 23.932 to 23.934, 23.1022, 23.1024,
23.1031, 23.1032.
Minnesota
Mason's Minn. Stats. 1927, Sees. 7681, 7717; Mason's Minn. Stats. 1927, 1940 Supp., Sees. 7671,
7680.
Mississippi
Miss. Code Anno. 1930, 1938 Supp., Ch. 85, Sees.
591, 596, 647, 651.
Missouri
Mo. Stats. Anno., Ch. 34, Sees. 5348, 5376, 5415,
5447, 5506 to 5509.
Montana
Revised Code of Mont. Anno. 1935, Sees. 6014.2,
6014.38.
Nebraska
Compiled Stats, of Nebr. 1929, 1939 Supp., Sees.
8-135, 8-142, 8-153.
Nevada
Nev. Compiled Laws 1929, Sees. 747.13, 747.25 to
747.27, 747.86.
Neiv Hampshire
Pub. Laws of N. H. 1926, Ch. 261, Sees. 18, 21, 22,
and Ch. 262, Sees. 4, 8, and Ch. 265, Sec. 34;
N. H. Laws 1927, Ch. 109, p. 130; N. H. Laws
1933, Ch. 67, Sec. 3, and Ch. 114, Sees. 1, 9, 11.
New Jersey
Rev'd Stats, of N. J. 1937, Sees. 17:4-30, 17:8-13;
Rev'd Stats, of N. J. 1937, 1939 Supp., Sees.
17:4-59, 17:6-49, 17:8-3.
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
New Mexico
N. Mex. Stats. Anno. 1929, Sees. 13-146, 13-147;
N. Mex. Stats. Anno. 1929, 1938 Supp., Sees.
13-108, 13-157.
New York
N. Y. Banking Law, Sees. 14, 109,110 to 112, 243 to
245, 309, 309-a to 309-c, 609.
North Carolina
Proclamation Anthorizing List of Certain Blocked Nationals
and Controlling Certain Exports
The President of the United States on July
17, 1941, issued a proclamation authorizing
a proclaimed list of certain blocked nationals
and controlling certain exports. The list will
N . C . C o d e A n n o . 1 9 3 9 , S e e s . 2 1 6 ( a ) , 2 2 1 ( j ) , 2 2 2 ( i ) , be published in the Federal Register and may
225 ( m ) .
be obtained in pamphlet form from various
North Dakota
Laws of N. Dak. 1931, Ch. 93, Sec. 1, and Ch. 96, governmental institutions and the Federal
Sees. 18, 21, 31, 32, 49; Laws of N. Dak. 1937, Reserve Banks. The text of the proclamation
Ch. 96.
is as follows:
Ohio
Throckmorton's Ohio Code Anno., Baldwin's 1940
Rev., Sees. 710-1, 710-2, 710-129, 710-130, 710-134, By the President of the United States of America
710-148, 710-148e.
A Proclamation
Oklahoma
Oklahoma Stats. Anno., title 6, Sees. 72, 77, 115 to I, FRANKLIN D. ROOSEVELT, President of the United
States of America, acting under and by virtue of
115c.
Oregon
the authority vested in me by Section 5(b) of the Act
Ore. Code Anno. 1930, Sees. 22-704, 22-1003, of October 6, 1917 (40 Stat. 415) as amended and
22-2535, 22-2409; Ore. Laws 1937, Ch. 358, Sec. Section 6 of the Act of July 2, 1940 (54 Stat. 714) as
2; Ore. Laws 1939, Ch. 177, Sec. 5.
amended and by virtue of all other authority vested
Pennsylvania
in me, and by virtue of the existence of a period of
Purdon's Pa. Stats. Anno., title 7, Sees. 819-403, unlimited national emergency and finding that this
819-412 to 819-414, 819-701, 819-702, 819-1205. Proclamation is necessary in the interest of national
Rhode Island
defense, do hereby order and proclaim the following:
Gen. Laws of R. I. 1938, Ch. 116, Sees. 38, 41, 88,
SECTION 1. The Secretary of State, acting in conand Ch. 133, Sec. 1, and Ch. 136, Sees. 1, 2.
junction with the Secretary of the Treasury, the
South Carolina
Code of Laws of S. C. 1932, Sec. 7863; Code of Laws Attorney General, the Secretary of Commerce, the
Administrator of Export Control, and the Coordiof S. C. 1932, 1938 Supp., Sec. 7836-1.
nator of Commercial and Cultural Relations Between
South Dakota
S. Dak. Code 1939, Sees. 6.0101, 6.0310, 6.0409, the American Republics, shall from time to time
cause to be prepared an appropriate list of
6.0439, 6.0440.
Tennessee
(a) certain persons deemed to be, or to have
Williams Tenn. Code Anno. 1934, Sees. 5924, 6022,
been acting or purporting to act, directly or indi6044, 6055a.
rectly, for the benefit of, or under the direction of,
Texas
or under the jurisdiction of, or on behalf of, or in
Vernon's Civ. Stats, of Tex. Anno., title 16, Arts.
collaboration with Germany or Italy or a national
419, 423, 424, 507, 509.
thereof; and
Utah
Revised Stats, of Utah Anno. 1933, Sees. 7-3-2-7,
(b) certain persons to whom, or on whose behalf,
7-3-28, 7-7-21.
or for whose account, the exportation directly or
Vermont
indirectly of any article or material exported from
Pub. Laws of Vt. 1933, Sees. 6741, 6791 to 6794,
the United States, is deemed to be detrimental to
6806, 6818; Laws of Vt. 1933, Act No. 124, Sec. the interest of national defense.
24; Laws of Vt. 1935, Act No. 176; Laws of Vt.
In similar manner and in the interest of national
1937, Act No. 175; Laws of Vt. 1937, Act. No.
defense, additions to and deletions from such list shall
183; Laws of Vt. 1939, Act No. 195.
be made from time to time. Such list and any addiVirginia
Va. Code Anno. 1936, Sees. 4149(1), 4149(32).
tions thereto or deletions therefrom shall be filed purWashington
suant to the provisions of the Federal Register Act
Remington's Revised Stats, of Wash. Anno., Sees. and such list shall be known as "The Proclaimed List
of Certain Blocked Nationals".
3240, 3293-7, 3293-10, 3353, 3354, 3862-12.
West Virginia
SECTION 2. Any person, as long as his name appears
W. Va. Code Anno. 1937, Sees. 3196, 3211; W. Va. in such list, shall, for the purpose of Section 5(b)
Code Anno. 1937, 1939 Supp., Sec. 3201.
of the Act of October 6, 1917, as amended, and for
Wisconsin
the purpose of this Proclamation, be deemed to be
Wis. Stats. 1939, Sees. 221.047, 221.37, 221.38 a national of a foreign country, and shall be treated
222.16, 223.01.
for all purposes under Executive Order No. 8389,
as amended, as though he were a national of Germany
Wyoming
Wyo. Stats. Anno. 1931, Sees. 10-126,10-142,10-301 or Italy. All the terms and provisions of Executive
10-405; Wyo. Stats. Anno. 1931, 1940 Supp., Sec Order No. 8389, as amended, shall be applicable to
10-124.
AUGUST
1941
739
From a Legal Standpoint
any such person so long as his name appears in such
list, and to any property in which any such person
has or has had an interest, to the same extent that
such terms and provisions are applicable to nationals
of Germany or Italy, and to property in which nationals of Germany or Italy have or have had an
interest.
SECTION 3. The exportation from the United States
directly or indirectly to, or on behalf of, or for the
account of any person so long as his name appears
on such list of any article or material the exportation of which is prohibited or curtailed by any proclamation heretofore or hereafter issued under the authority of Section 6 of the Act of July 2, 1940, as
amended, or of any other military equipment or munitions, or component parts thereof, or machinery tools,
or material, or supplies necessary for the manufacture, servicing, or operation thereof, is hereby prohibited under Section 6 of the Act of July 2, 1940,
as amended, except (1) when authorized in each
case by a license as provided for in Proclamation No.
2413 of July 2, 1940, or in Proclamation No. 2465 of
March 4, 1941, as the case may be, and (2) when the
Administrator of Export Control under my direction
has determined that such prohibition of exportation
would work an unusual hardship on American interests.
SECTION 4. The term "person" as used herein means
an individual, partnership, association, corporation
or other organization.
The term "United States" as used herein means
the United States and any place subject to the jurisdiction thereof, including the Philippine Islands, the
Canal Zone, and the District of Columbia and any
other territory, dependency or possession of the
United States.
SECTION 5. Nothing herein contained shall be
deemed in any manner to limit or restrict the provisions of the said Executive Order No. 8389, as
amended, or the authority vested thereby in the Secretary of the Treasury and the Attorney General.
So far as the said Executive Order No. 8389, as
amended, is concerned, "The Proclaimed List of Certain Blocked Nationals", authorized by this Proclamation, is merely a list of certain persons with respect to whom and with respect to whose property
interests the public is specifically put on notice that
the provisions of such Executive Order are applicable ; and the fact that any person is not named in
such list shall in no wise be deemed to mean that such
person is not a national of a foreign country designated in such order, within the meaning thereof, or
to affect in any manner the application of such order
to such person or to the property interests of such
person.
In Witness Whereof, I have hereunto set my hand
and caused the seal of the United States of America
to be affixed.
Done at the city of Washington this 17 day of July,
in the year of our Lord nineteen hundred and fortyone, and of the Independence of the United States of
America the one hundred and sixty-sixth.
By the President:
FRANKLIN D. ROOSEVELT.
SUMNER WELLES,
Acting Secretary of State.
740
Treasury Regulations on Reports of Foreign Owned Property
Treasury Regulations issued under authority of the Executive Order of April 10,
1940, as amended June 14, 1941, provide,
among other things, for a census of all property, subject to the jurisdiction of the United
States, in which any foreign country or any
national thereof has any interest whatsoever.
Under Public Circular No. 1, the time for
filing the census reports has been extended
until August 30, 1941. The Treasury Regulations were published at page 621 of the
Federal Reserve BULLETIN for July 1941,
and the text of Public Circular No. 1 is as
follows:
Treasury Department, Office of the Secretary,
July 9, 1941
Public Circular No. 1, Under Executive Order No,
8389, April 10, 19%0, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, etc.
Reference is made to Section 130.4 of the Regulations providing that reports on Form TFR-300 shall
be filed on or before July 14, 1941.
The time within which such reports on Form TFR300 shall be filed is hereby extended from July 14,
1941 to August 30, 1941.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
General Rulings and General Licenses Issued by the
Secretary of the Treasury
Since the publication of certain General
Licenses on pages 623 through 628 of the
July 1941 Federal Reserve BULLETIN, the
following General Rulings and General Licenses have been issued by the Office of the
Secretary of the Treasury under authority
of the Executive Order of April 10, 1941, as
amended, and Regulations issued pursuant
thereto relating to transactions in foreign
exchange, etc.
Treasury Department, Office of the Secretary,
June 27, 1941
General Ruling No. 6, as Amended, Supplementing
General Ruling No. 5 Under Executive Order No.
8389, April 10, 19 W, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, etc.
(1) The provisions of General Ruling No. 5 of
June 6, 1940, and all instructions issued pursuant
thereto, are hereby continued in full force and effect,
provided, that any Federal Reserve Bank to whom
securities or evidences thereof (hereinafter referred
to as securities) have been forwarded under such
general ruling may, as fiscal agent of the United
States, deliver the securities, at any time, under
appropriate arrangements with the addressee of the
securities, to a domestic bank.
(2) Prior to such delivery by a Federal Reserve
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
Bank of any such security, a complete description
of the security shall be made or received and retained
by such Federal Reserve Bank, and in any case in
which a security bears a stamp, seal or other
mark not lending itself to precise description, a
photostat of such mark shall be made at the expense
of the addressee and retained by such Federal Reserve Bank. This requirement may be dispensed with
in any case in which appropriate arrangements are
entered into for furnishing such Federal Reserve
Bank with this description within a reasonable time
after such delivery.
(3) Upon the delivery of any such security by a
Federal Reserve Bank to any domestic bank, such
bank shall execute such form of receipt as may be
prescribed by the Secretary of the Treasury.
(4) Any domestic bank to which any such security
shall be delivered by a Federal Reserve Bank shall
place such security in a General Ruling No. 6 account
in such bank.
(5) Any outstanding account in which securities
or the proceeds thereof have been placed pursuant
to the provisions of General Ruling No. 6 prior to this
amendment shall be deemed to be a General Ruling
No. 6 account.
(6) Federal Reserve Banks shall release any security referred to in Paragraph (1) hereof, or shall
authorize the release of the contents of any General
Ruling No. 6 account, if and when the Treasury
Department is satisfied that no blocked country, or
national thereof, has, at any time, on or since the
effective date of the Order, had any interest in such
security or in such account.
(7) Any application for a license authorizing
any transaction or dealing with respect to a General
Ruling No. 6 account (including the contents thereof)
shall specifically indicate that such account is a General Ruling No. 6 account.
(8) As used in this general ruling and in any
other rulings, licenses, instructions, etc., the term
"General Ruling No. 6 account" shall mean an
account of the type referred to in paragraphs (4)
and (5) hereof, and no payments, transfers, or withdrawals may be made from, and no other transaction
or dealing may be effected with respect to, any such
account except pursuant to paragraph (6) above
or pursuant to license, provided, that:
(a) No license shall be deemed to authorize
transactions with respect to a General Ruling No.
6 account unless the provisions of such license are
specifically made applicable to a General Ruling
No. 6 account.
(b) In the event that any security placed in a
General Ruling No. 6 account is sold or otherwise
dealt with under license, except a license of the
type referred to in paragraph (8) (c) below, the
proceeds thereof shall be placed in a General
Ruling No. 6 account in the same domestic bank
and in the same name in which the security sold
or otherwise dealt with was held.
(c) The contents of a General Ruling No. 6
account cannot be transferred to a blocked account, except pursuant to a license specifically
authorizing such transfer. Applications for licenses authorizing the transfer of the contents of
any General Ruling No. 6 account to a blocked
account shall be accompanied by adequate evidence
respecting the interest therein of blocked countries
or nationals thereof.
E . H. FOLEY, JR.,
Acting Secretary of the Treasury.
AUGUST
1941
Treasury Department, Office of the Secretary,
July 8, 1941
Amendment of General Ruling No. 4, as Amended,
Under Executive Order No. 8389, April 10, 194,0,
as Amended, and Regulations Issued Pursuant
Thereto, Relating to Transactions in Foreign Exchange, etc.
General Ruling No. 4 is hereby amended in the following respects:
(1) The citation "Executive Order No. 8389 of
April 10, 1940, as amended", shall be substituted
for the citation "Executive Order No. 6560 of January 15, 1934, as amended by Executive Order No.
8389 of April 10, 1940, as amended", in the first
paragraph of such general ruling.
(2) The citation "section 4 of the Order" shall
be substituted for the citation "sections 10 and 14
of the Order" in subdivision (7) of such general
ruling.
(3) The citation "section 5F of the Order" shall
be substituted for the citation "Section 11D of the
Order" in subdivision (9) of such general ruling.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary,
July 23, 1941
General Ruling No. 9, Under Executive Order No.
8389, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions in Foreign
Exchange, etc.
Inquiry has been made as to whether a person
within Tangiers may engage in transactions pursuant
to General License No. 52 relating to Spain.
General License No. 52 does not permit such
transactions and, accordingly, any such transactions
which are not authorized by a general license other
than General License No. 52 may only be effected
pursuant to a specific license.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary,
June 27, 1941
General License No. 29, as Amended, Under Executive Order No. 8389, April 10, 1940, as Amended,
and Regulations Issued Pursuant Thereto, Relating
to Transactions in Foreign Exchange, etc.*
The provisions of the following general licenses are
hereby made applicable to General Ruling No. 6 accounts to the extent that such general licenses are not
otherwise applicable by reason of their specifying
blocked accounts or accounts of blocked countries or
nationals thereof:
General License No. 1
General License No. 2
General License No. 4
General License No. 5
General License No. 27
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
179; Ex. Order 8389, April 10, 1940, as amended by Ex. Order
8785, June 14, 1941; Regulations, April 10, 1940, as amended
June 14, 1941.
741
From a Legal Standpoint
Treasury Department, Office of the Secretary,
June 30, 1941
General License No. 25, as Amended, Under ExecuGeneral License No. 2, as Amended, Under Executive
tive Order No. 8839, April 10, 1940, as Amended,
Order No. 8389, April 10, 194-0, as Amended,, and and Regulations Issued Pursuant Thereto, Relating
Regulations Issued Pursuant Thereto, Relating to
to Transactions in Foreign Exchange, etc.*
Transactions in Foreign Exchange, etc.*
General License No. 25 is hereby amended so that
(1) A general license is hereby granted authoriz- the citation "section 2A(1)" shall be substituted for
ing any banking institution within the United States the citation "section 13A(1)" wherever such citation
to debit any blocked account with such banking insti- appears in such general license.
tution (or* with another office within the United
E. H. FOLEY. JR.,
States of such banking institution) in payment or reActing Secretary of the Treasury.
imbursement for interest due to such banking institution, cable, telegraph, telephone charges, or postTreasury Department, Office of the Secretary,
age costs, custody fees, small adjustment entries to
June 30, 1941
correct bookkeeping errors, and service charges, inGeneral
License
No.
27, as Amended, Under Execucluding but not by way of limitation minimum balance
tive Order No. 8389, April 10, 1940, as Amended,
charges, account carrying charges, notary and proand Regulations Issued Pursuant Thereto, Relating
test fees, and charges for reference books, photostats,
to Transactions in Foreign Exchange, etc.*
credit reports, transcripts of statements, registered
mail insurance, stationery and supplies, checkbooks
A general license is hereby granted authorizing:
and other similar items owed to such banking insti(1) The payment to, and receipt by, a banking
tution by the owner of such blocked account.
institution within the United States of funds or
(2) Banking institutions within the United States
other property representing dividends or interest
making any such debits shall file promptly with the
on securities held by such banking institution in a
appropriate Federal Reserve Bank monthly reports
blocked account, provided that the funds or other
setting forth the details of such transactions during
property are credited to or deposited in a blocked
such period.
_ TT _.
account in the name of the national for whose account the securities were held, and in the banking
E. H. FOLEY, JR.,
institution within the United States which held
Acting Secretary of the Treasury.
such securities; and
(2) The payment to, and receipt by, a banking
Treasury Department, Office of the Secretary,
institution within the United States of funds payJune 30, 1941
able in respect of securities (including coupons)
presented by such banking institution to the proper
General License No. 5, as Amended, Under Executive
paying agents within the United States for redempOrder No. 8389, April 10, 194-0, as Amended,, and tion or collection for the account and pursuant to
Regulations Issued Pursuant Thereto, Relating to
the authorization of nationals of any blocked counTransactions in Foreign Exchange, etc.*
try, provided that:
Treasury Department, Office of the Secretary,
June 30, 1941
(1) A general license is hereby granted authorizing the payment from any blocked account to the
United States or any agency or instrumentality
thereof, or to any state, territory, district, county,
municipality, or political subdivision in the United
States, of customs duties, taxes, fees, and other obligations, owed thereto by the owner of such blocked
account.
(2) Banking institutions within the United States
making any such payments shall file promptly with
the appropriate Federal Reserve Bank monthly reports setting forth the details of such transactions
during such period.
E.^H.
FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary,
June 30, 1941
Revocation of General Licenses No. 16 and No. 23
Under Executive Order No. 8389, April 10, 1940,
as Amended, and Regulations Issued Pursuant
Thereto, Relating to Transactions in Foreign Exchange, etc.*
(a) The proceeds of the redemption or collection are credited to a blocked account in the
name of the national for whose account the redemption or collection was made and in the banking institution within the United States which
held the securities for such national; and
(b) This general license shall not be deemed
to authorize the presentment for redemption of
any security registered or inscribed in the name
of any blocked country, or any national thereof,
irrespective of the fact that at any time (whether
prior to, on, or subsequent to April 10, 1940) the
registered or inscribed owner thereof may have,
or appears to have, assigned, transferred or
otherwise disposed of the security;
and
(3) The performance of such other acts, and the
effecting of such other transactions, as may be necessarily incident to any of the foregoing.
This general license shall not be deemed to authorize any payment, transfer or withdrawal from a
blocked account in which the issuer of, or other obligor with respect to, a security has an interest if such
issuer or obligor is a blocked country or national
thereof.
General Licenses No. 16 and No. 23 are hereby * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
revoked.
_ TT _
179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
742
8785, June 14, 1941; Regulations, April 10, 1940, as amended
June 14, 1941.
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
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 the transactions effected by them under this
license, including a description of the securities involved, the dates of payment or distribution, the persons for whose account the payments or distributions
were received, and the amounts received.
E. H. FOLEY, JR.,
Acting Secretary
of the
Treasury.
Treasurv Department, Office of the Secretary,
July 8, 1941
Amendments of General Licenses No. 12, No. 20, No.
26, No. 28, and No. 31, as Amended, Under Executive Order No. 8389, April 10, 19W, as Amended,
and Regulations Issued Pursuant Thereto, Relating
to Transactions in Foreign Exchange, etc.*
General License No. 12 is hereby amended so that
the reference "Form TFR-300" shall be substituted
for the reference "Form TFR-100" wherever such
reference appears in such general license.
General License No. 20 is hereby amended so that
the last paragraph therof shall be deleted from such
general license.
General License No. 26 is hereby amended so that
the citation "section 2 A ( 2 ) " shall be substituted for
the citation "section 13A(2)" wherever such citation
appears in such general license.
General License No. 28 is hereby amended so that
the last paragraph thereof shall read as follows:
"This general license shall not be deemed to affect
securities or evidences thereof delivered, or required to be delivered, to a Federal Reserve Bank
under the provisions of General Ruling No. 5, as
supplemented, or to authorize payments, transfers
or withdrawals from General Ruling No. 6 accounts."
General License No. 31 is hereby amended so that
the citation "section 2 A ( 1 ) " shall be substituted for
the citation "section 13A(1)" wherever such citation
appears in such general license.
E. H. FOLEY, JR.,
Acting Secretary
of the
Treasury.
Spain, has at any time on or since the effective
date of the Order had any interest; and
(c) If such transaction is not by, or on behalf
of, or pursuant to the direction of the Instituto
Espanol de Moneda Extranjera, such transaction
shall not be effected until the Instituto Espanol
de Moneda Extranjera has certified in writing that
the Instituto Espanol de Moneda Extranjera has
determined that such transaction complies with the
conditions of paragraphs (a) and (b) above.
(2) This general license also authorizes any payment or transfer from a blocked account in which
any national of Spain has an interest to a blocked
account in a domestic bank in the name of the Instituto Espanol de Moneda Extranjera; provided,
however, that this authorization shall not be deemed
to authorize any payment or transfer from a blocked
account in which any national of a blocked country,
other than Spain, has an interest, or has had an interest at any time on or since the effective date of
the Order.
(3) Except as provided in paragraph (2), this
general license shall not be deemed to permit any
payment, transfer or withdrawal from any blocked
account other than blocked accounts in the name of
the Instituto Espanol de Moneda Extranjera, until
the Instituto Espanol de Moneda Extranjera has certified, with respect to the transaction, as provided in
paragraph (1) (c) above.
(4) This general license shall not apply with respect to any national of Spain who is also a national
of any other blocked country.
(5) Banking institutions within the United States
engaging in any transactions authorized by this general license shall file promptly with the appropriate
Federal Reserve Bank weekly reports setting forth
the details of transactions effected by them under this
license.
TT
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary,
July 15, 1941
Amendment of General License No. 4-5, Under Executive Order No. 8389, April 10, 191+0, as Amended,
and Regulations Issued Pursuant Thereto, Relating
to Transactions in Foreign Exchange, etc.*
(a) Paragraph (1) thereof is amended to read as
follows:
" (1) A general license is hereby granted authorizing any banking institution within the United
States to make payments from blocked accounts,
other than blocked accounts of Norway, Denmark,
the Netherlands, Belgium, Luxembourg, France,
Latvia, Estonia, Lithuania, Rumania, Bulgaria,
Hungary, Yugoslavia, or Greece, or any national
thereof, of documentary drafts drawn under irrevocable letters of credit issued or confirmed by a
domestic bank prior to June 14, 1941."
(b) Paragraph (4) thereof is amended to read as
follows:
"This license shall expire at the close of business
on August 15, 1941."
Treasury Department, Office of the Secretary,
July 11, 1941
General License No. 52, Under Executive Order No.
8389, April 10, 19%0, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, etc.*
(1) A general license is hereby granted licensing
any transaction referred to in Section 1 of the Order,
if (i) such transaction is by, or on behalf of, or
pursuant to the direction of Spain, or any national
thereof, or (ii) such transaction involves property in
which Spain, or any national thereof, has at any time
on or since the effective date of the Order had any
interest, provided, that:
(a) Such transaction is not by, or on behalf of,
or pursuant to the direction of any blocked country
E. H. FOLEY, JR.,
or any national thereof, other than Spain or any
Acting Secretary of the Treasury.
national of Spain; and
5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
(b) Such transaction does not involve property 179* ;Sec.
Ex. Order 8389, April 10, 1940, as amended by Ex. Order
in which any blocked country or any national 8785,
June 14, 1941 ; Regulations, April 10, 1940, as amended
thereof, other than Spain or any national of June 14, 1941.
AUGUST
1941
743
From a Legal Standpoint
Treasury Department, Office of the Secretary,
July 17, 1941
(2) Subject to all other terms and conditions of
this general license any national of a blocked country
doing business within the United States pursuant to
General License No. 53, Under Executive Order No. license is also hereby authorized, while so licensed,
8389, April 10, 1940, as Amended, and Regulations to engage in any transaction referred to in paragraph
Issued Pursuant Thereto, Relating to Transactions (1) to the same extent that such national is licensed
to engage in such transaction involving persons within
in Foreign Exchange, etc.*
any of the American Republics who are not nationals
(1) A general license is hereby granted licensing of a blocked country.
(3) As used in this general license:
all transactions ordinarily incident to the importing
and exporting of goods, wares and merchandise be(a) The term "American Republics" shall mean
tween the United States and any of the American
the following:
Republics or between the American Republics if (i)
Argentina, Bolivia, Brazil, Chile, Colombia,
such transaction is by, or on behalf of, or pursuant to
Costa Rica, Cuba, the Dominican Republic, Ecuathe direction of any national of a blocked country
dor, El Salvador, Guatemala, Haiti, Honduras,
within the American Republics, or (ii) such transMexico, Nicaragua, Panama, Paraguay, Peru,
action involves property in which any such national
Uruguay, and Venezuela; and also, as so used,
has at any time on or since the effective date of the
Canada.
Order had any interest, provided, the following terms
(b) The term "any national of a blocked country
and conditions are complied with:
within the American Republics" shall mean any
(a) Such transaction is not by, or on behalf of, national of a blocked country who was situated
within and doing business within such American
or pursuant to the direction of (i) any person
Republics on and since June 14, 1941.
whose name appears on "The Proclaimed List of
(c) The term "The Proclaimed List of Certain
Certain Blocked Nationals", or (ii) any blocked
Blocked Nationals" shall mean "The Proclaimed
country or national thereof not within any of the
List of Certain Blocked Nationals" promulgated
American Republics; and
pursuant to the Proclamation of July 17, 1941.
(b) Such transaction does not involve property
in which (i) any person whose name appears on
E. H. FOLEY, JR.,
"The Proclaimed List of Certain Blocked NationActing Secretary of the Treasury.
als", or (ii) any blocked country or national thereof
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
not within any of the American Republics, has at 179;
Order 8389, April 10, 1940, as amended by Ex. Order
any time on or since the effective date of the Order 8785, Ex.
June 14, 1941; Regulations, April 10, 1940, as amended
had any interest.
June 14, 1941.
tzuttent
Regional Business Consultants
Admissions of State Banks to Membership in the Federal
Reserve System
On July 31 the newly designated Regional
The
following
State banks were admitted
Business Consultants of the Regional Reto
membership
in
Federal Reserve System
search Unit of the Bureau of Foreign and during the periodthe
Domestic Commerce met at the offices of the 1941, inclusive. June 16, 1941, to July 15,
Board of Governors with members of the
District of Columbia
Board's staff. Governor Szymczak addressed
Washington—McLachlen Banking Corporation
the meeting, and Dr. Goldenweiser and others
Illinois
described the Federal Reserve System's reArthur—State Bank of Arthur
Blue Mound—The State Bank of Blue Mound
search program. The Regional Business ConDu Quoin—Du Quoin State Bank
sultants will shortly take up their duties in
Indiana
the several Federal Reserve Bank cities. The
Reynolds—Bank of Reynolds
object of the meeting was to facilitate cooperIowa
ation in research work between the Bureau's
Keota—Security State Bank
Lohrville—The Commercial Savings Bank
representatives and the Federal Reserve
Kentucky
System.
Death of Class B Director
Harvey C. Couch, President of the Arkansas Power & Light Company, Pine Bluff,
Arkansas, who had serv#d as a Class B
director of the Federal Reserve Bank of St.
Louis since January 1, 1938, died on July
30, 1941.
744
Middletown—Bank of Middletown
Missouri
Paris—Paris Savings Bank
Pennsylvania
Glen Rock—Peoples Bank of Glen Rock
Jersey Shore—Jersey Shore State Bank
Wisconsin
Fox Lake—State Bank of Fox Lake
Francis Creek—State Bank of Francis Creek
FEDERAL RESERVE BULLETIN
rtont the Hoatd 5 (zotte5&ondence
i
Questions of general interest, relating to money and banking, are answered in this section of the BULLETIN.
limitation5 Upon DndividuaL }&utcha5e5 oft 'Peftenle Savinal. £ond5
QUESTION
Why should there be any limit on the amount of
Defense Savings Bonds purchased by an individual
or corporation?
ANSWER
HE Series E Bonds, like the "baby bonds"
that preceded them, were designed for individuals with small and moderate incomes.
To facilitate their sale to such individuals,
they were made to yield, if held to maturity,
considerably more than other Government
bonds of comparable maturity. Because of
this higher interest yield, it was essential
that a limit be placed on the amount that any
one investor might purchase in any one calendar year; otherwise, investors would attempt
to sell their other Government securities and
T
invest only in the new bonds yielding the
higher interest. In addition, if the amount of
purchases of Series E Bonds were not limited,
the Government would have to pay an equally
high interest rate on all new security issues.
Similarly, in the case of bonds of Series F
and G, which "are meant primarily for persons and corporations who make a practice of
investing their earnings" (as stated by Mr.
Harold Graves, Assistant to the Secretary of
the Treasury, in his radio address on May 5),
the yield is somewhat more generous than the
yield of other Government bonds of comparable maturity and presumably some
limitations upon the amount that might be
purchased by individuals and corporations in
any one year was thought to be desirable.
Hank 'Papolitl A/ot -filtetecl J?^ Putckala oft tPefienle Saving3 £ond&
QUESTION
Do purchases of Defense Savings Bonds decrease
bank deposits?
ANSWER
URCHASES of Defense Savings Bonds do
not increase or decrease total bank dePposits.
This is true regardless of whether
payment is made by withdrawals from savings accounts or from checking accounts.
Since commercial banks are not permitted
to buy Defense Savings Bonds for their own
account, no new deposits are established.
Purchases are made solely with existing deposits and currency by investors other than
commercial banks. Funds drawn from existing deposit accounts are immediately credited
to the Government's account. Therefore, the
deposits of the public and of the Government
are not changed in aggregate. What occurs
is merely a transfer of funds from private
accounts to the Government's account. As
the Government spends its borrowed funds,
its deposits are diminished and the public's
AUGUST
1941
deposits are replenished. In the end, there is
no net change in the public's deposits.
The purchase of savings bonds does, however, contribute to a redistribution of deposits as distinguished from a net change in
the aggregate amount of deposits. The Government uses the proceeds of its savings bond
sales, along with funds received from other
sources, to finance its expenditures; and expenditures in a given community or region do
not necessarily balance the receipts from that
region. Consequently, individual banks, or
banks as a whole in a given area, may gain
or lose deposits as a result of Government
financing, though the aggregate deposits for
the country as a whole remain unchanged.
There may also be a shift in the makeup of
total deposits. Thus, if funds used to buy
savings bonds are withdrawn largely from
savings accounts and are returned largely to
checking accounts, there is a growth of demand deposits and a decrease of savings deposits.
745
A/ationaL Summatu
<yk Uu.5ln.Q55 Condition5
Compiled July 18 and released for publication July 20. Figures shown on charts may differ from preliminary
figures used in text. Later developments are discussed on pages 723-728 of this BULLETIN.
NDUSTRIAL production increased further mostly to unusually large retail sales. Outin June, continuing the rapid advance that put of iron and steel and nonferrous metals,
Ibegan
about a year ago. Commodity prices, already close to capacity, did not show an
both in retail and in wholesale markets, rose
considerably between the early part of June
and the third week of July.
Production
Reflecting the continued advance in industrial activity at a time when output ordinarily declines, the Board's adjusted index
advanced from 150 per cent of the 1935-1939
average in May to 156 in June and preliminary estimates indicate a further rise in July.
The current level compares with 104 before
the start of the European war and 111 in the
spring of 1940, when the current advance in
industrial activity began.
Further increases in output were reported
in June for a considerable number of industries, particularly those associated closely
with the defense program, and there were no
important declines. As in other recent
months, activity in the aircraft, shipbuilding,
machinery, and railroad equipment industries
rose sharply. Automobile production was
maintained at the high level of May, owing
increase to correspond with the rise in output
of finished metal products and official statements indicated growing concern over shortages of numerous materials. Steel ingot production remained close to 99 per cent of
capacity during June, but the rate in the
middle of July was slightly lower. For the
year to date output of steel has averaged 98
per cent of the rated capacity as of December
1940.
Output of textiles and most other nondurable manufactures in June continued at
recent advanced levels, which in some instances represent capacity production. Output of chemicals continued to increase
rapidly. Also, there was a sharp rise in
rubber consumption, reflecting continued
heavy demand for rubber products and the
fact that June was the last month before curtailment of rubber consumption by industry
was to go into effept and was the month to
be used in apportioning July consumption
among various manufacturers.
Mineral production increased in June, with
WHOLESALE
INDUSTRIAL PRODUCTION
A*
OTHER
COMMODITIES
^
LfiBfi«
\
PRICES
i
TOTAL
V\
i
1
A
AA/
FARM
PRODUCTS
1935
1936
1937
1939
1940
1941
1935
1936
1937
,-"v
1938
1939
AJ
1940
Bureau of Labor statistics' indexes, 1926 = 100. "Other" inFederal Reserve index of physical volume of production, adjusted for seasonal variation, 1935-39 average = 100. Subgroups cludes commodities other than farm products and foods. By
shown are expressed in terms of points in the total index. By weeks, January 5, 1935 to week ending July 19, 1941.
months, January 1935 to June 1941.
746
FEDERAL RESERVE BULLETIN
National Summary of Business Conditions
a marked rise in output of anthracite, some
further increase in output of bituminous coal,
and a continued advance in crude petroleum
production to a new high level.
Value of construction contract awards in
June continued at the high level reached in
May and was nearly two-thirds above a year
ago, according to figures of the F. W. Dodge
Corporation. Awards for public construction again increased sharply, reflecting continued expansion in the volume of defense
construction projects. Private residential
building contracts declined somewhat more
than seasonally, following an increase in
May.
Distribution
Sales of general merchandise showed little
change from May to June. Department store
sales decreased more than seasonally, while
rural retail and variety store sales remained
at the May level, although a decline is usual
at this time of the year. In the early part of
July sales at department stores rose somewhat and were 24 per cent higher than a
year ago.
Loadings of revenue freight increased further in June, reflecting continued expansion
in shipments of coal and miscellaneous merchandise, and by the end of the month were
in larger volume than at any time during the
seasonal peak last autumn.
Commodity prices
Wholesale prices of most groups of commodities continued to advance from the early
part of June to the middle of July. Prices
of foodstuffs showed large increases and
there were substantial advances in prices of
a number of industrial raw materials and
finished products. Following earlier marked
advances, prices of hides and cotton gray
goods were reduced by Governmental action.
Retail prices for foods and many other commodities have been rising and in June the
cost of living was about 4 per cent higher
than 4 months earlier. Preliminary figures
indicate further advances in July.
Bank credit
Holdings of United States Government securities by member banks in 101 leading
cities increased further during June and
early July, reflecting in part new offerings
by the Treasury. Commercial loans continued to rise sharply.
Notwithstanding the greater volume of
bank loans and investments, deposits of city
banks declined somewhat over the period,
reflecting mainly a growing demand for currency and a building up of Treasury deposits
at the Reserve Banks. These developments
also resulted in a decrease in the volume of
excess reserves, which amounted to about
$5,300,000,000 on July 16, compared with
$6,900,000,000 a year earlier.
United States Government security prices
United States Government securities advanced further during the latter part of June.
Partially tax-exempt 1960-65 bonds on June
26 were at an all-time peak, on a 2.02 yield
basis. Since that time they have declined
slightly. Taxable bonds generally continued
to advance to successive new high levels.
Yields on Treasury notes showed little change
during the latter part of June and the first
half of July.
MEMBER BANK RESERVES
MEMBER
BANK
RESERVES AND RELATED
ITEMS
li.
1939
1940
1941
1939
1940
1941
Wednesday figures, January 4, 1939 to July 23, 1941.
AUGUST 1941
Wednesday figures, January 2, 1935 to July 23, 1941. Required
and excess reserves, but not the total, are partly estimated.
747
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
Department store statistics. .
Wholesale prices. .
.
.
Current statistics for Federal Reserve chart book. .
July crop report, by Federal Reserve Districts. . .
Earnings and expenses of Federal Reserve Banks during the six-month period
ended June 30, 1941
.
Statistics of all banks in United States.
Member bank earnings, 1940, by size of bank.
751
752
753-757
758
759
760
761
762-763
764-767
768
769
770
771-773
774-776
777-787
788
789
790-792
792
793
794-798
799-801
Tables on the following pages tinclude 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.
AUGUST 1941
749
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY
BILLIONS OF DOLLARS
24
BILLIONS OF DOLLARS
FIGURES
24
*
22
22
-
-
-
-
20
20
/
18
18
-
/
16
16
14
GOLD
-
STOCK
14
/
mm •
12
12
F
-
1EMBER BANK
RESERVE BALANCIES /
10
10
-
^*-"~*~
t
1
MON EY IN CIRCULA TION
••"••
-
TF?EASURY CASH AND DEPOSIT!3 . .
••••••\A
/"*'•.. ..
RESERVE BA^ IK CREDIT
NONMEMBER DEPOSITS
0
0
1935
1936
1937
1938
1939
1940
1941
10
10
-
REQlJIRED RESERV ES
^^
6
X
-
-
/EXCESS RESERVES
1935
1936
1937
1938
1939
1940
4
1941
Latest figures for July 23. See page 751.
750
FEDERAL RESERVE BULLETIN:
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollai
Reserve Bank credit outstanding
U. S. Government
securities
Date
Bills
disounted
Monthly averages of
daily figures:
1940—ADril
All
Total
other
MaMa- leserve Total
turing turing Bank
with- after credit»
in 5
5
years years
Gold
stock
Mem' 3er
bank re serve
Treasbalan 3es
ury deOther
Treasury
Treas- posits N o n - FedMoney
eral
ury
with m e m curcirRecash
ber
Fedrency in
culaserve
holddeeral
outtion
acings
posits
RestandEx- *
counts Total cess2
serve
ing
Banks
2
3
2
2
2
2
2,467
2,472
2,474
2,184
2,184
2,184
1, 205
1,205
1,206
983
1,008
952
1,262
1,267
1,269
1,201
1,177
1,232
58
54
65
85
75
94
2,527
2,529
2,542
2,272
2,262
2,280
18,
18,
19,
22,
22,
22,
608
974
560
441
547
602
2,994
3,004
3,010
3,115
3,129
3,141
7,532
7,617
7,752
8,995
9,193
9,442
2,327
2,231
2,194
2,277
2,264
2,249
554
440
286
892
618
987
757
879
1,026
1,774
1,926
1,856
256
255
259
288
287
290
12, 703
13,086
13, 596
13, 600
13, 650
13, 201
6,003
6,288
6,696
5,883
5,831
5, 351
3
3
2
2
4
2
2,467
2,477
2,466
2,184
2,184
2,184
1,205
1,206
1,204
1,008
1,008
951
1,262
1,271
1,262
1,177
1,177
1,234
48
39
63
48
92
81
2,518
2, 519
2,531
2,234
2,280
2,267
18,
19,
19,
22,
22,
22,
770
209
963
506
575
624
2,999
3,008
3,013
3,122
3,134
3,149
7,559
7,710
7,848
9,071
9,357
9,612
2,320
2,198
2,186
2,283
2,215
2,275
446
365
234
865
443
980
787
973
1,198
1,830
1,965
1,831
256
253
261
288
285
290
12,919
13, 237
13, 781
13, 524
13, 724
13, 051
6,149
6,385
6,857
5,771
5,801
5,210
1940—Sept. 4
Sept. 11
Sept. 18.—
Sept. 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, 524
13, 596
13,624
13, 703
6,494
6,541
6,531
6,645
Oct 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
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
1,325
1,276
1,266
1,259
53
38
94
32
44
2,482
2,445
2,481
2,388
2,381
21,
21,
21,
21,
21,
271
349
373
428
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
Nov.
Nov.
Nov.
Nov.
6
13
20
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
21,827
21, 858
21,898
21,930
21, 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
1941—Jan. 8
Jan. 15.—
Jan.22
Jan. 29. —
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
Feb.
Feb.
Feb.
Feb.
5
12....
19....
26—
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
Mar.5
Mar. 12.._
Mar. 19...
Mar. 26...
2
1
1
1
2,184
2,184
2,184
2,184
1,048
1,048
984
984
1,136
1,136
1,201
1,201
51
59
73
35
2,237
2,244
2,259
2,221
22, 237
22, 318
22,335
23, 359
3,103
3,106
3,104
3,108
8,805
8,811
8,826
8,842
2,192
2,196
2,208
2,230
391
421
913
906
1,772
1,748
1,721
1,788
280
280
289
288
14,136
14, 211
13, 741
13,633
6,435
6,483
6,106
6,011
Apr. 2
Apr. 9
Apr. 16.—
Apr. 23
Apr. 30
1
5
1
2
2
2,184
2,184
2,184
2,184
2,184
955
955
1,008
1,008
1,008
1,230
1,230
1,177
1,177
1,177
59
46
100
53
48
2,244
2,235
2,286
2,239
2,234
22, 384
22, 413
22,421
22, 482
22, 506
3,110
3,113
3,116
3,118
3,122
8,944
8,993
8,989
8,992
9,071
2,251
2,272
2,269
2,299
2,283
1,045
813
534
947
865
1,704
1,740
1,763
1,808
1,830
288
288
289
289
288
13, 506
13,656
13,979
13, 506
13, 524
5,941
6,027
6,264
5,760
5,771
May"7
May'14_._.
May 21....
May28__._
1
2
2
4
2,184
2,184
2,184
2,184
1,008
1,008
1,008
1,008
1,177
1,177
1,177
1,177
43
53
50
43
2,229
2,239
2,237
2,231
22,
22,
22,
22,
525
538
565
573
3,125
3,129
3,131
3,133
9,151
9,155
9,186
9,294
2,292
2,283
2,280
2,221
804
762
477
462
1,905
1,961
1,972
1,926
288
287
286
286
13, 440
13, 458
13,732
13, 749
5,711
5,689
5,855
5,824
June
June
June
June
2
2
2
2
2,184
2,184
2,184
2,184
951
951
951
951
1,234
1,234
1,234
1,234
54
63
55
63
2,240
2,249
2,241
2,249
22,
22,
22,
22,
579
593
612
620
3,136
3,138
3,142
3,148
9,394
9,393
9,433
9,490
2,229
2,240
2,258
2,275
993
941
1,024
1,081
1,852
1,809
1,855
1,891
285
285
295
295
13, 201
13,312
13,131
12, 985
5,407
5,488
5,314
5,145
3
3
2
3
2,184
2,184
2,184
2,184
951
951
951
951
1,234
1,234
1,234
1.234
86
61
108
61
2,273
2,249
2,294
2,248
22,
22,
22,
22,
627
640
655
664
3,150
3,152
3,157
3,161
9,704
9,695
9,645
9,634
2,276
2,291
2,309
2,320
837
1,039
849
954
1,820
1, 756
1,792
1,759
289
289
288
288
13,125
12, 971
13,223
13,117
5,265
5,124
5,336
5,181
May
June
1941—April
May
June
End of month figures:
1940—Apr. 30
May 31
June 29
1941—Apr. 30
May 31
June 30
Wednesday figures:
4
11
18
25
July 2
July 9
July 16
July23..._
1
2
Includes industrial advances and bills bought, shown separately in subsequent tables.
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. Backfiguresfor end of month and Wednesday dates since January 6, 1937 on maturity
distribution of security holdings will be supplied on request.
AUGUST
1941
751
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
July 31
Boston..
New York....
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
In
effect
beginningSept. 1,
Aug. 27,
Sept. 4,
May 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
Rate
July 31
1939
1937
1937
1935
1937
1939
1939
1939
1937
1939
1939
1937
To banks
In
effect
beginningSept. 1,
Aug. 27,
Sept. 4,
M a y 11,
Aug. 27,
Aug. 21,
Aug. 21,
Sept. 2,
Aug. 24,
Sept. 3,
Aug. 31,
Sept. 3,
1939
1937
1937
1935
1937
1937
1937
1937
1937
1937
1937
1937
Rate
July 31
In
effect
beginning-
Rate
July 31
Sept. 2, 1937
Oct. 10, 1935
Sept. 4, 1937
Oct. 19, 1935
Sept. 10, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 17, 1937
To others
In
effect
beginningSept. 1,
Aug. 25,
Sept. 1,
Sept. 1,
Sept. 1,
Sept. 16,
Sept. 1,
Sept, 16,
Sept. 1,
Sept. 16,
Sept. 16,
Sept. 1,
In
Rate
effect
July 31 beginning-
1939
1939
1939
1939
1939
1939
1939
1939
1939
1939
1939
1939
Apr. 29, 1938
Feb. 8, 1934
Sept. 1, 1939
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
11,
19,
23,
16,
23,
8,
16,
16,
19,
1935
1934
1938
1933
1935
1938
1938
1938
1933
1
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
[Per cent per annum]
Maturity
1-15 days i___.
16-30 days....
31-45 days
46-60 days....
61-90 days....
91-120 days...
121-180 days..
Rate in
effect on
July 31
In effect beginning—
Previous
rate
Oct. 20, 1933
...do..
....do.
....do
...do
....do.
....do...
i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 41).
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect July 31 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote6]
Advances to or in participation with financAdvances
ing institutions
direct to
Commitindustrial
On porFederal Reserve
ments
Bank
or comtion for
to make
On remercial orwhich
advances
maining
ganizations instituportion i
tion is
obligated i
Boston
New York
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis._
M inneapolis
Kansas City.
Dallas
San Francisco
3
2-3
_
4-6
4-6
3-6
I
2-5
1-2
($4
4-6
1-2
4
3-6
MEMBER BANK RESERVE REQUIREMENTS
3-6
1H-2
[Per cent of deposits]
_
3-6
1-2
3-6
4-6
4
4
June 21, Aug. 16, Mar. 1, May 1, Apr. 16,
4-6
4-6
1
19371937193819364
1917Classes of deposits
4-6
4-5
and
3-4
Aug. 15, Feb. 28, Apr. 30, Apr. 15,
and banks
1937
1938
after
1937
1936
1 The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas
On net demand
1
may
charge same rate as charged borrower by financing institution, if
deposits:
lower
than rate shown.
Central reserve city..
2
Same
as rate charged borrower by financing institution.
15
Reserve city
3
One per cent less than rate charged borrower by financing institution.
12
Country
i
4
10H
One
per
cent less than rate charged borrower by financing instituOn time deposits:
tion
with minimum of three per cent (see note »)•
5
All member banks. _.
6
One-half of one per cent less than rate charged borrower
by financing
institution with minimum of four per cent (see note l).
i See footnote to table on p. 758 for explanation of method of com« Minimum charge one-fourth of one per cent.
puting net demand deposits.
MAXIMUM RATES ON TIME DEPOSITS
MARGIN REQUIREMENTS1
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
Prescribed by Board of Governors of the Federal Reserve System in
[Per cent per annum]
accordance with Securities Exchange Act of 1934
[Per cent of market value]
Nov. 1, 1933 Feb. 1, 1935
In effect
Apr. 1, Nov. 1,
to
to
beginning
19361937
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Oct. 31,
and
1937
after
Savings deposits
For extensions of credit by brokers and dealers on
Postal savings deposits
55
listed securities, under Regulation T .
40
Other time deposits pay2
()
For short sales, under Regulation T__
50
able in:
For loans by banks on stocks, under Regulation U__. 3 55
40
6 months or more
90 days to 6 months
i 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
specified percentage of its market value at the time of the extension;
NOTE.—Maximum rates that may be paid by insured nonmember
the "margin requirements" shown in this table are the difference bebanks as established by the Federal Deposit Insurance Corporation,
tween the market value (100%) and the maximum loan value.
* Requirement under Regulation T was the margin "customarily effective February 1, 1936, are the same as those in effect for member
banks. Under Regulation Q the rate payable by a member bank may
required" by the broker.
not in any event exceed the maximum rate payable by State banks or
3 Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements trust companies on like deposits under the laws of the State in which
the member bank is located.
on "omnibus" accounts and loans to brokers and dealers.
752
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday
End of month
figures
1941
1941
July 23
J u l y 16
July 2
July 9
J u n e 25
J u n e 18
June 4
J u n e 11
June
1940
May
June
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.
Industrial advances
U. S. Government securities
Direct
Bonds
__
Notes
Guaranteed
Total U. S. Government securities, direct and guaranteed.
Other Reserve Bank credit
outstanding
'.
Total Reserve Bank
credit outstanding...
20,302, 531 20, 307, 532 20, 310, 531 20, 312, 231 20, 313, 730 20,313, 731 20, 313, 731 20, 314, 730 20, 312, 73120, 316, 728 17, 743, 476
16, 271
293,072
12,186
283, 282
10, 553
252, 279
8,853
241,080
9,508
287, 750
9,508
285,141
10, 945
289,010
9,944
276, 625
8,878
261, 307
7,945
290, 773
10,862
366,090
20,611, 874 20, 603,000 20, 573, 363 20, 562,164 20,608, 379 20, 610, 989 20, 613, 686 20,601, 299 20, 582, 916 20, 615,446 18,120,428
2,728
2,296
3,357
2,508
2,013
1,977
1,916
1,772
4,174
2,194
2,728
2,296
3,357
2,508
2,013
1,977
1,916
1,772
4,174
2,204
9,853
9,807
9,352
9,273
9,088
8,774
8,736
9,227
8,596
8,947
10
8,906
1, 359,200 1, 359, 200 1, 359, 200 1,359, 200 1, 359,200 1, 359, 200 1, 359, 200 1, 359, 200 1,359,200 1, 359, 200 1, 329,843
820, 300
820,300
820, 300
820, 300
820, 300
820, 300
820, 300
820, 300 1,127,933
820, 300
820, 300
4,600
4,600
4, 600
4,600
4,600
4,600
4,600
4,600
4,600
4,600
8,500
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 2,184,100 2, 466, 276
51,103
97, 788
52, 274
77,189
54, 209
46, 416
53,909
45,448
71, 590
2, 247, 784 2, 293,991 2, 249, 083 2, 273, 070 2, 249, 410 2, 241, 228 2, 248, 760 2, 240, 200
83, 302
53,904
2, 280,172 2, 531,331
Liabilities
F. R. notes in actual circulation
Deposits:
Member bank—reserve
account
U. S.Treasurer—general
account
Foreign
Other deposits
Total deposits
Ratio of total reserves to deposit and F. R. note liaabilities combined (per
cent)
_.
6, 771,077 6, 774,078 6, 797,124 6, 787, 914 6, 633,192 6, 573,156 6, 542,175 6, 534,194 6, 723, 567 6, 503, 424 5,198,920
13,117,089 13, 223, 032 12, 971, 077 13,125, 376 12, 985,110 13,130, 642 13, 312,189 13,201,494 13,050,968 13,724,387 13,781,177
836, 852 1,081,125 1,023,809
954,398
849, 372 1,038, 545
940,973
993,072
443,062
980,403
1,165,141 1,185,116 1,191, 575 1, 208, 225 1, 240, 276 1, 229, 892 1, 226, 526 1,243,661 1, 233, 273 1, 238, 754
582,106
607,199
564, 481
650, 690
624, 714
608,123
593, 544
611, 503
725,920
233,772
682,869
515, 298
15,830,172 15,864, 719 15, 765,678 15, 781,956 15,957, 201 16,009,057 16,061, 794 16,046, 350 15, 862, 672 16,132,123 15,213,116
91.2
91.0
91.2
91.2
91.1
91.2
91.3
91.2
91.1
91.1
88.8
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Bills discounted:
July 2
July 9
July 16
_
July 23Industrial advances:
July 2
July 9 .
July 16
July 23
U. S. Government securities, direct and guaranteed:
July 2 . .
July 9.
July 16
July 23
16 to 30
days
31 to 60
days
61 to 90
days
to 6
months
2,508
3,357
2,296
2,728
1,950
2,870
1,732
2,236
142
122
122
20
100
81
42
93
26
20
105
143
290
264
295
236
9,273
9,352
9,807
9, 853
1,525
1,524
1,515
2,072
321
696
754
309
526
193
181
228
839
977
1,386
1,225
860
814
869
852
43,000
43, 000
43, 000
43,000
AUGUST
1941
2,184,100
2,184,100
2,184,100
2,184,100
1 year
to
2 years
2 years
to
5 years
1,495
1,442
1,398
1 408
1,400
1,412
1,416
1 475
2,307
2,294
2,288
2 284
84, 800
84,800
84,800
84,800
238, 700
238, 700
238,700
238,700
584,000
584, 000
584,000
584,000
91 days 6 months
to
1 year
Within
15 days
Total
Over
5 years
1,233,600
1, 233,600
1, 233, 600
1, 233, 600
753
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
MinAtSt.
lanta Chicago Louis neapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificates on hand and
due from U. S. Treasury:
June 18
20,313, 731
June 25
. . . __ __ 20, 313, 730
July 2
20, 312, 231
July9
20, 310, 531
July 16
20, 307, 532
20, 302, 531
July 23
Redemption Fund—Federal
Reserve notes:
9,508
June 18
9,508
June 25
8,853
July 2
10, 553
July9
12,186
July 16
_. . .
16, 271
July 23
Other cash:
June 18
287, 750
June 25
285,141
July 2
241,080
July9
252, 279
July 16
283, 282
293, 072
July 23
Total reserves:
June 18
20, 610, 989
June 25
20, 608, 379
July 2
20, 562,164
July9
20, 573,363
July 16
20, 603, 000
20, 611,874
July 23
Bills discounted:
Secured by U. S. Government obligations,direct
and guaranteed:
1,119
June 18
1,421
June 25
1,365
July 2 .
July 9
1,868
July 16
930
905
July 23
Other bills discounted:
June 18
592
June 25_ _ . .
1,143
July 2
1,489
July 9
1,366
July 16
1, 823
July 23
Total bills discounted:
1,806
June 18
2,013
June 25
2,508
July 2
3,357
July9
._ . . .
2,296
July 16
2,728
July 23
Industrial advances:
8,906
June 18
9,088
June 25
9,273
July 2
9,352
July 9. .
9,80'
July 16
9,853
July 23
U. S. Government securities,
direct and guaranteed:
Bonds:
1, 363, 80C
June 18
1, 363, 80C
June 25
1, 363,
July 2
1, 363, 80C
July 9
1, 363, 80C
July 16
1, 363, 80C
July 23
Notes:
820, 30C
June 18
820, 30C
June 25
820, 30C
July 2
820, 30C
July9
820, 30C
July 16
820, 30C
July 23
Total U. S. Government securities, direct and guaranteed:
June 18.
2,184,10C
June 25
2,184,10C
July 2
2,184,10(
2,184,10C
July9
July 16
. . . 2, 184,10C
2,184,10C
July 23
754
161, 769
, 185, 741
,201,000
, 214, 249
, 214, 415
,213,
327
327
217
217
154
5,113
20,
20,
17,
19,
23,
22,
03'
363
784
851
644
478
, 182,133
,206,431
, 219,001
,234, 317
, 238, 213
,241,488
8, 880,048 , 223, 891 562,084 •53, 398 54, 841 3, 400, 496547, 741 137, 994 461, 391 321, 526
8, 812,100 1, 220, 497 590, 452 664, 754 464,
" •, 558 3, 407, 728 >45, 007 330, 951 456, 794 323, 049
8, 802, 8591, 222, 344 582,130 684,851 481, 437 3, 319, 314 .73, 593 337, 607 461,124 326, 742
8, 771, 5381, 209, 462 563, 688 689.
i, 052 482, 721 1,351,915 '58, 943 345, 328 467, 633 331,229
8,779, 562 1, 201, 628 564, 028 >92, 026 474,115 ,, 360,120.50, 410 339, 855 463.
" 1,044 324,178
8, 816, 271 38, 943 , 574, 362
471, 784 325, 273 544, 558 340, 233 t73.185 321,346
1,427
1,427
1,041
1,041
1,810
1,656
54, 283
50, 412
43, 403
52, 358
66,057
68, 053
728
728
581
581
482
416
602
602
941
941
862
24,085
24, 224
19, 961
19, 348
19,033
20, 458
16, 428
14, 608
17, 565
13,521
21,003
17,191
1,218
1,218
1,395
1,395
1,761
1,324
18,006
18,867
13,289
16, 452
15,431
18, 647
216
97
5,
56
80
50
100
100
100
100
100
100
142
92
627
1,026
790
1,285
45
56
46
50
46
36
29
22
22
22
22
22
121
134
102
93
47
37
514
963
1,598
2,541
1,305c
1, 70.
261
153
101
106
126
86
129
122
122
122
122
12:
158
58
8
8
768
1,016
1,010
1,010
1,009
1,106
1,536
1,536
1,534
1,534
1,533
1, 533
3,360
3,514
3, 515
3, 524
3,522
3,55'
350
350
328
329
323
340
544
54'
286
286
286
286
389, 312
389, 312
384,113
384,113
384,113
384,113
108,110
108,110
107, 301
107, 301
107, 301
107, 301
59, 273
59, 273
59, 719
59,719
59, 719
59, 719
234,163
234,163
231, 036
231, 036
231, 036
231, 036
65, 027
65, 027
64, 54
64, 541
64, 541
64, 541
157,817
157, 817
159, 005
159,005
159,005
159,00.B
623, 475
623, 475
615,149
615,149
615,149
615,149
173,137
173,137
171, 842
171,842
171, 842
171, 842
24
24
21
21
98,
98,
99,
99,
99,
99,
947
947
762
762
1,655
1,593
381
381
333
1,033
1,013
145
145
112
612
603
594
136
136
88
588
560
548
832
832
807
807
794
786
25, 661
26, 668
20, 956
22, 075
22, 572
26. 613
40,008
39, 474
31, 021
32,177
35,105
38,956
18,838
20, 448
16, 545
17, 991
17,979
18, 718
5,716
5,383
5,591
5,049
5,574
5,972
16, i
16, i
14,146
13,083
12, 769
11,953
15,852
15,069
13,485
12, 603
13,907
13,115
t, 855 478, 32'338, 210
8, 935, 7581, 248, 7041, 579,114672, 622 481, 3533, 441, 451566, 960 343,
!,077 3, 448,149 565,836 336,479) 473, 737338,950
8,863,939 1, 245,449 1,605,662
8, 847, 3031, 242,886 1, 600, 636
535 503,130 3, 351, 097 i,471 343,;, 310 475, 358341, 034
8, 824,937 1, 229, 3911, 578,150 706,899 505, 5333, 384, 854577,967 350,1,989 481, 304 344,1""
'6, S373
" 338, 879
8, 847, 4291, 221,143 1, 585, 893 709, 218 497, 374
3, 396, 880569, 402 346, 032 476,
335, 247
8,885,"""
'" e '"
980 1,209,817 1, 592, 352 692, 024 499,0533, 365,822 564, 275 346, 799 485,
372
871
971
1,515
515
420
110
81
T.
47
37
851
851
737
737
687
656
158
58
45
34
,308,552
, 312, 099
,319, 230
, 324, 773
, 344,151
, 360, 626
1,914
1,914
1,839
1,839
1,805
1,787
32,036
32, 818
27, 334
27, 771
30,208
30,918
342, 502
, 346,831
,348,403
, 354, 383
, 376,164
,393, 331
20
60
60
40
40
40
45
45
22
27
19
162
156
179
175
169
150
132
105
52
87
216
177
150
74
114
114
250
259
25
25
35
35
25
25
25
25
25
102
135
135
204
168
10
10
38
38
8
8
8
8
38
58
50
50
182
216
239
215
209
209
866
851
834
834
818
800
193
190
179
179
17.
168
366
384
390
383
402
419
435
43J
434
428
448
447
579
359
597
679
1,129
959
27,
275
275
27,
274
353
178
178
177
177
174
171
136, 462
136, 462
141, 895
141, 895
141,""
141, 895
75, 859
75, 859
74, 720
74, 720
74, 720
74, 720
59, 24'
59, 24'
57, 48'
57, 48'
57, 48'
57, 48'
156, 506
156, 506
166, 999
166, 999
166, 999
166, 999
63, 283
63, 283
65, 886
65, 886
65, 886
65, 886
41,178
41,178
38, 477
38, 477
38,47
38, 477
66, 27'
66, 277
66, 280
66, 280
66, 280
66, 280
54, 979
54,979
53, 594
53, 594
53, 594
53, 594
114, 043
114, 043
107, 765
107, 765
107, 765
107, 765
82, 079
82, 079
85, 348
85, 348
85, 348
85, 348
45, 627
45, 62;
44, 943
44, 943
44, 943
44, 943
35, 637
35, 637
34, 577
34, 577
34, 577
34,5;
94,136
94,136
100, 446
100, 446
100, 446
100, 446
38, 062
38, 062
39, 630
39, 630
39, 630
39, 630
24, 769
24, 769
23,144
23,144
23,144
23,144
39,
39.863
39.864
39, 864
39,864
39,804
33, 068
33, 068
32, 235
32, 235
32, 235
32, 235
68, 596
64,817
64, 817
64,817
64, 817
218, 541 121, 486
218,541 121,486
227, 243 119, 663
227, 243 119,663
227, 243 119, 663
227, 243 119,663
94, 884
94,884
92, 061
92, 061
92, 061
92,061
250, 642 101, 345
250, 642 101,345
267, 445 105, 516
267,445 105, 516
267, 445 105, 516
267, 445 105, 516
65,
106,140
65,947 106,140
61, 621 106,144
61,621 106,144
61, 621 106,144
61, 621 106,144
88, 041
88,047
85, 829
85, 829
85, 829
85, 829
182, 639
182,639
172, 582
172, 582
172, 582
172, 582
123
132
25
FEDERAL RESERVE BULLETIN
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Rich- Atmond lanta Chicago
MinSt.
Louis neapolis
Kansas Dallas
City
San
Francisco
Assets—Continued
Total bills and securities:
June 18
2,194,812 158, 706 625, 525 176, 758 219, 020 122, 510 95,085 251,042 101, 380 66, 564 106, 935 88,445 182, 842
June 25
~ 106,676
2.195, 201 158, 967 625, 974 176,804 219,013 122, 395 95, 082 251, 026 101, 395 66, 598
106,676 88,454 182,817
July 2
..
172, 784
2,195,881
160,117
618, 281 175, 458 227,693 120,i,505 92, 248 267, 835 105, 516 62. 294 106, 891
July9
172, 784
2,196,809
1,505 92, 248 267,
160,108 619, 224 175,472 227, 694 120,
105, 516 62, 264 106, 897
July 16
120,481 92, 274 267, 897 105, 516 62, 278 107, 387 86, 353 172, 791
2.196, 203 160, 061
617, 987 175,490 227,
July 23
160,148
2,196, 681
618, 387 175, 485 227, 705 120, 471 92, 287 267.914 105, 561 62, 277 107, 217 86, 441 172, 788
Due from foreign banks:
4'
1
June 18
1
4
4
2
18
2
5
4'
1
June 25
1
4
4
2
18
2
5
4'
1
July 2
1
4
4
2
18
2
5
4'
1
July9
..
1
4
4
2
18
2
5
47
July 16
1
1
4
4
2
18
2
5
4'
1
July 23
1
4
4
18
2
5
Federal Reserve notes of
other banks:
June 18
842 1,981
557
2,144
24,918
568
2,137
1,550 6,190 2,723
2,722 2,078
1,426
June 25.
2,516
27, 222
659
7,124 2,692
2,040
V
3,13' 2,350 1,262 1,627 1,004
1,142
July 2
732
2,966
23, 779
729
393 1,610
1,704
1,306 5,568 2,422
1, 254
2,86J 2,230
July9
3,028
29, 503
739
905 2,274 1,139
2,022
1,771
3,509 3,007
1,793 5, i""" 3,427
July 16
3,388
30,130
1,083
965
3,646
1,915
3,011 1,874 1,417 1,949
1,483 6,654 2,745
July 23
4,056
29,911
762
2,904
1,588
2,804 2,586 1,781 2,050
1,736 6, 356 2. 305
XJncollected items:
June 18
66, 053
1,132, 033 100,858 251, 575 86, 382 168,449 92, 645 42, 345 167,158 53,120 26, 677 42, 579 34,192
June 25
46, 500
890, 276
83, 468 217, 336 62, 665 111,557 71,464 36, 415 125, 495 48, 522 23, 759 33, 001 30,094
July 2
203 38, 369 52,070
979,0'
91, 057 246,101
68, 214 124, 984 72, 473 31, 505 139, 536 50,140
426 40,
July 9
.
37,796
895, 591
30,889
92, 74;
205, 507 59,115 100,124 83, 434 35,093 126, 798 48,719 24,
24, 257 43,664 34, 230 51,114
July 16
53,919
1,120, 507 120, 224 265, 586 76, 448 148, 829 81, 640 39, 983 164,1
64,'
603
July 23
936,334
87, 206 220, 893 62, 659 116, 521 81,167 32, 586 131,365 52, 955 26,
22, 510 37, 877 31, 802 58, 793
Bank premises:
June 18
2,810
40, 246
2,810
3.012 2,300 1,355 2,964 l,:
9,949
4,720
4,525 2,639 1,973
June 25
2,804
40, 215
2,810
9,949
4,710
4,513 2.640 1,970
3,012 2,299 1,355 2,964 1,189
July 2
2,804
40,162
1,353
2,948
2,805
Z
644
2,297
1,970
9,930
4,710
4,513
3,00:
1,181
July9
2,804
40,175
2,805
9,930
4,710
4,513 2.654 1,970
3,007 2,300 1,353 2,948 1,181
2,804
July 16
40, 444
1,353
2, 80;~
2,687
2,303
2,948
1,970
10,10'
4,766
4,513
3,007
1,181
2,804
40, 429
July 23
2,80;
10,107
4,766
4,500 2, 687 1,969
3,00: 2, 302 1,353 2,948 1,181
Other assets:
June 18
3,907
2,812
42, 412
3,613
11,311
4,673 2,649 1,814
4,580 1,841 1,321 1,972 1,919
June 25-.. . .
3,937
2,866
43, 329
3,708
11,719
4,726 2,706 1,844
4,650 1,863 1,336 2,010 1,964
July 2
3,887
44, 641
3,084
3,790
11,667
5,035 2,707 1,870
5,110 2,023 1,313 2,139 2,016
2,157
3, 935
July 9
1,969
45, 283
3,048
3,839
12, 004
5,113 2,739 1,859
5,227 2,056 1,337
4,015
July 16
.
45, 896
3,102
3,866
12, 090
5,207 2, 789. 1,925
5,251 2,103 1,357 2,166 2,025
4,023
July 23
46, 641
3,942
3,153
12, 415
5,263 2,824 1,960
5,374 2,126 1,378 2,189 1,994
Total assets:
June 18
24,045, 457 1, 447, 890 9, 836, 2731, 521, 1, 977, 335 899, 257 625, 295 3, i,971 727, 680 440, 614 634, 759 464, 513 1, 600, 262
430, 789 620, 016 461, 656 1, 585, 409
June 25
. 23,804, 669 1,455, 204 9, 730, 9751, 494, 4831,947,144 891,170 630, 082 3.
i, 835,475 722. 266
_ 433,
.„ 592 1,582,918
July 2
23,845, 752 1, 476, 796 9, 735, 0041,496, 3171, 964,171903, 434 633,14' 3, 769, 456 752,..678
150 469,
July9
23, 780, 771 1, 493, 765 9, 673, 6421,474, 303 1,917,391 922,122 640,132 3, 791, 229 739, 566 441,105 377 466, 087 1, 588, 052
July 16
24,036, 227 1, 525, 491 9, 756,8631, 483, 633 1, 173, 617 923,471 636, 273
;,634 1, 613, 085
" 3;1,840, 945 745, 687 439,040 634; 488 463,
23,861, 917 1,495, 786 9, 750, 7041,458, 262 1,948, 081 905, 531 630, 162 3!:, 776, 292729,806 436, 098 637, 968457, 428 1, 635, 799
July 23
Liabilities
Federal Reserve notes in actual circulation:
June 18
June 25
July 2
July 9
July 16
July 23
Deposits:
Member bank —reserve
account:
June 18
June 25
July 2 .
July 9
July 16.. _
July 23
U. S. Treasurer—general
account:
June 18
June 25..
July 2
July 9
July 16
.
July 23
Foreign:
June 18
June 25
July 2
. .
July9
.
July 16
July 23
Other deposits:
June 18
June 25— .-- _-July 2
July9
July 16
July 23
540, 951
545,120
564,080
564, 053
558, 425
557, 227
6, 573,156
6, 633,192
6, 787, 914
6, 797,124
6, 774,078
6, 771, 077
542, 682
549, 943
562, 66r
564, 56:
561, 896
560, 594
1, 749, 770
1, 772, 030
1, 813, 043
1, 806,154
1, 792, 458
1, 790,887
454, 365
458, 916
467, 660
468,151
469, 210
469, 384
609, 460 309,090 216, 3291,412, 138 244, 537 9, 725 220,153 103, 956
616, 777 312, 549217, 625 1, 421,216 245,153 169, 901 219,911 104, 051
628^ 068 32i; 594 224,
22< 966 1,
US,..594 251, 694 172,
, 470
224,121 108, 959
,448,
635, 824 321, 716 224, 223 1, 453,770 251, 563 173, 750 225, 218108,140
!, 157'.1
, 457,066 251, 798 172, 586 224, "'"106, 802
636, 548 320, 454 222,157
639,316 318, 744220, 643 1, 457,220 251, 692 172, 710 226, 005106, 655
13,130, 642
12,985,110
13,125, 376
12, 971, 077
13, 223, 032
13,117,089
686, 833
677, 793
686, 289
689, 212
707, 688
683, 970
6, 427, 287
6, 364, 978
6, 396, 469
6, 263, 412
6, 386, 437
6, 416, 098
699, 815
697,128
696, 668
690, 923
699,048
688, 859
962, 347 382, 907267, 967 1, 870,16: 320, 500 170,109 285, 546 233,179 823, 985
938, 523 397, 826 279,014 1, 826, 282316,426 162,162
"" 284.
:,075:233, 006 807,897
-""347, 612 163, 056 286, 082 244, 372 795, 254
959, 907
_._. 416, 322 292,179
^ . 1,^ 841,^166
938,974 417, 891 284, 514 g 3 689 333,174 168, 568 287, 462 243, 718 814, 540
!, 365 242, 312 834, 685
973, 361 411, 599 284;
"" ':, 3581, 901,920 323, 35" 165, 902 292,
150 395, 494 280,
967 """
1, 2431,840, 13 319, 439 167, 700 286, 445 236,106 834, 872
1, 023, 809
1, 081,125
836, 852
1, 038, 545
849, 372
954, 398
43, 367
57, 435
49, 583
67, 752
62, 694
79,136
300, 633 83, 323 89, 469 43,131 34,163
260, 379 100, 612 117,814 35, 040 37, 653
244, 034 93, 549 96,186 22, 395 22, 734
375, 516 90,71
87, 218 32,495 35,
282, 567 72, 691 69,093 37, 217 30, 218
301, 647 69, 221 63,140 39, 496 36,103
1, 229, 892
1, 240, 276
1, 208, 225
1,191, 575
1,185,116
1,165,141
55, 631
56, 966
57, 066
54, 830
56, 227
54, 345
481, 683
474,195
457, 687
453, 724
449, 497
443, 201
117, 241
120, 038
117, 392
115, 623
114, f "
113, 008
111, 198
113, 850
111,341
109, 663
109, 071
107,183
51, 973
53, 213
52, 040
51, 255
50, 979
50, 096
624, 714
650, 690
611, 503
564, 481
607,199
593, 544
7,480
8,010
12, 629
9,149
11,371
9,194
512, 572
536, 042
484, 022
457,113
487, 046
474, 601
19, 595
16, 414
19, 734
16, 048
16, 813
18, 426
16, 636
20, 000
21, 669
17, 236
19, 276
27, 731
5, 982
6,734
7,378
6,319
6,647
5, 754
227,159
263, 072
134, 751
171, 768
123, 061
154, 015
50, 529
53, 831
46, 885
49, 958
49, 376
49, 421
33, 556
31,813
35, 614
34,148
34, 309
37,293
33, 274
31, 490
37,079
28, 545
41,043
44, 246
46,1"'
31,105
35, 331
32, 925
37,124
32, 339
41, 770
32, 327
19, 499
26, 837
49, 743
42, 304 145,040
43, 313 148, 500
42, 358 145, 228
41, 720 143, 038
41, 494 142, 266
40. 776 139, 804
36, 260
37,125
36, 307
35, 760
35, 567
34, 951
26, 591
27, 225
26, 625
26, 224
26, 082
25, 631
35, 051 35, 051
35, 888
35, 097 35, 097
34, 568 34, 568
34,381 34, 381
33, 786 33, 786
91, 869
94, 075
91,987
90, 602
90,173
88, 574
4,436 10,153
4,789 9,853
8,252 9,764
4,493 8,979
8,452 10,116
4,446 9,264
6,081
8,445
8,486
5, 915
7,449
5,860
2,944
1,687
2,144
1, 643
1,788
1,515
27, 579
28, 712
27, 269
28, 706
28, 968
26, 842
7,554
6,767
6,697
6.170
6,372
7, 329
38,
3,702
3,23'
3,459
2,710
2,901
2, 582
* Less than $500.
AUGUST
1941
755
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
KanAtSt. Minsas Dallas
lanta Chicago Louis neapolis
City
San
Francisco
Liabilities—Continued
Total deposits:
June 18
June 25
July 2
July 9
July 16
July 23
Deferred availability items:
June IS
June 25
_
July 2
July 9
July 16
.
July 23
Other liabilities, including
accrued dividends:
June 18
June 25
July 2
July 9
July 16
July 23
Total liabilities:
June 18
June 25
July 2
July 9
July 16
July 23
.6,009,057
.5,957,201
.5, 781,956
.5, 765, 678
.5,864, 719
.5, 830,172
793,311
800,204
805, 567
820,943
837, 980
826,645
1,085, 664
836,114
901, f""
843,364
1,022, 766
885, 278
85, 738
82, 559
82, 334
99, 679
82, 383
5,610
6,086
1,747
2,229
2,115
2,658
563
568
420
330
335
553
23,673,487 1,422,294
23, 432, 593 1,429, 595
23,473, 553 1,451, 211
23,408, 395 1,468,169
23, 663, 678 1,499, 890
23,489,185 1,470,175
7, 722,175
7,635, 594
7, 582, 212
7, 549, 765
7, 605, 547
7, 635, 547
919,974 1,179, 650 483,993 351,988 2, 246,802 417,442 240,938 361,,592 315,420
"., 190,187492,813
492,813366,
? 747 2,242,643 417; 235 231,388 356!i, 474317,270
934,192 1
927,343 1,189,103 498,135 363,968 2,129,397 440, 568 229^ 980356,128 312, 718
f
913,311 1,153,091 507,960
368,002 2,157,988 427,871 236,321 361,"819"315,260
903, 550 1,170,801
1
506,442 362,442 175, 699 418,416 233,581 358,192 311,406
204 490;
889, 514 1,165,
1
"1,840 364, 451 138,978 413,075 233, 500
""" 363, 856 308, 531
234, 200 112, 281 153, 245 89, 802
193,028
66, 303 105,168 69, 417
211,008
66,644 112, 426 67, 510
188, 774 58,122
93,826 76,199
229, 930 76,177 131, 627 80, 322
195,157
64, 609
79, 631
1,704
1,886
210
399
359
527
476
546
157
194
161
212
597
625
174
245
227
259
418
433
244
271
252
278
43,198
31,913
30, 557
34, 230
38, 008
31, 369
162,806
123, 319
143, 661
131, 562
160,149
131, 970
53, 761
47,905
48, 559
48, 239
161
174
614
686
178
261
229
295
180
201
66
77
75
81
20,104
19, 633
20, 866
21,245
23,101
53,118 20, 095
150
171
72
88
78
90
975,772
972,454
946, 837
953,347
980,663
, 000,031
41, 564
32,144
37, 522
34,918
40, 238
36, 696
33,494
28, 668
36, 387
31,093
33,761
30, 659
55,471
39, 736
44, 237
42,822
46,186
50, 707
202
214
92
107
107
109
204
225
79
138
205
120
341
357
19
68
48
9, 707, 8491,487,096 1,942,952 883,303 611, 676 3,
i, 822, 360 15,920 430,917 623, 511 453,074 1, 572, 535
9, 602, 5381,459, 957 1,912, 757 875, 212 616,4593,787,864 10,494 421,093 608,743 450,
'"1,214 1, 557, 667
9, 606, 473*.
1, 461,804 1,929, 771 887,483 619, 527
3, 721, 830740,887 423,388 617. 863
""" '458,143
"""
1, 555,173
9, 545,092 1
., 439, 778 1,882, 986 906,146 626, 506
3, 581"27, 750 431,404 622; 062 454,631 1, 560, 290
"I, 743,
9,628,294 1,449,098 1,939, 203 907,470 622,646 3,
1, 793,143 r33, 877 429, 346 623!215 452,174 1, 585, 322
9, 622,118 1,423, 719 1,913, 663 889,493 616, 5313, 728,463 717,966 426,395 626, 666 445,965 1,608,031
Capital Accounts
Capital paid in:
9,341
June 18
140, 324
9,344
June 25
_ _ 140, 376
9,344
July 2
140,469
9,351
140, 578
July 9
9,352
140, 797
July 16
9,352
140, 889
July 23
Surplus (section 7):
June 18
10,906
157,065
10,906
June 25
157,065
10,906
July 2
157,065
10,906
July 9
_
157,065
10, 906
157, 065
July 16
10, 906
157, 065
July 23.
Surplus (section 13b):
2,874
June 18
26, 785
2,874
June 25
26, 785
2,874
July 2
26, 785
2,874
July 9
26,785
2,874
July 16
26, 785
2,874
26, 785
July 23
Other capital accounts:
2,475
47,
796
June 18
2,485
47,850
June 25
2,461
47,880
July 2
2,465
47, 948
July 9
2,469
47,
902
July 16
2,479
47, —
July 23
Total liabilities and capital
accounts:
24,045,45: 1,447,890
June 18
23,804,669 1,455, 204
June 25
July 2
. . 23, 845, 752 1,476, 796
23,780, 771 1,493, 765
July 9...
24,036,227 1, 525,491
July 16
23,861, 917 1, 495, 786
July 23
Commitments to make industrial advances:
June 18
11,814
171
June 25
._
1,521
13,072
July 2
.
1,521
12, 590
1,521
July 9
12, 432
1,521
July 16.. _
11, 950
1,419
July 23
1.1, 393
756
51, 582
51, 584
51,619
51, 623
51,637
51, 639
11,905
11,912
11,912
11,918
11,921
11, 925
14,492
14,496
14,499
14, 505
14, 515
14, 515
5,449
5,453
5,456
5,473
5,495
5, 528
4,813
4,816
4,821
4,827
4,830
4,834
14,936
14,940
14,960
14,977
15,134
15,165
4,296
4,298
4,306
4,318
4,332
4,343
2,\
2,998
2,997
56,447
56,447
56,447
56,447
56, 447
56,447
15,144
15,144
15,144
15,144
15,144
15,144
14,323
14, 323
14, 323
14, 323
14,323
14, 323
5,247
5,247
5,247
5,247
5,247
5,247
5,725
5,725
5,725
5, 72f
5,725
5,725
22,824
22,824
22,824
22,824
22,824
22, 824
7,070
7,070
7,070
7,070
7,070
7,070
4,393
4,393
4,393
4,393
4, 39f
4,393
1,007
1,007
1,007
1,007
1,007
1,007
3,244
3,244
3,244
3,244
3,244
3,244
713
713
713
713
713
713
13, 325
13, 336
13,395
13,410
13, 415
13, 430
3,073
3,077
3,064
3,070
3,077
3,081
4,561
4,561
4,571
4,570
4,569
4,573
2,014
2,014
2,004
2,012
2,015
2,019
2,368
2,369
2,361
2,361
2,359
2,359
2,999
3,000
4,517
4,520
4,540
4,551
4,543
4,544
4,270
4,272
4,272
4,277
4,278
4,278
11,728
11,743
11,743
11.760
11.761
11,766
4,925
4,925
4,925
4,925
4,925
4,925
3,152
3,152
3,152
3,152
3,152
3,152
3,613
3,613
3,613
3,613
3,613
3,613
3,974
3,974
3,974
3,974
3,974
3,974
10,785
10,785
10, 785
10, 785
10, 785
10, 785
1,429
1,429
1,429
1,429
1,429
1,429
533
533
533
533
533
533
1,000
1,000
1,000
1,000
1,000
1,000
1,138
1,138
1,138
1,138
1,138
1,138
1,263
1,263
1,263
1,263
1,263
1,263
2,121
2,121
2,121
2,121
2,121
2,121
8,422
8,418
8,413
8,418
8,415
8,411
2,006
2,016
2,027
2,040
2,020
2,039
2,547
2,546
2,552
2,551
2,543
2,551
1,
2,002
1,996
2,013
1,979
2,007
1,932
1,933
1,940
1,94"
1,945
1,948
3,093
3,093
3,096
3,096
3,096
3,096
1,836, 273 1, 521,608 1, 977, 335899, 257 625,29i 3,869, 971 727,680 440,614 634, 759 464,,513 1,600,262
620,1,016 461,656 1, 585,409
,
1, 730,9751,494,483 1,947,144 891,170 630,082 3,835,475 722,266 430,789
1, 735,0041, 496,317 1, 964,171 903; 434 633; 14'3, 769, 456752, 678 433,089 629.1,150 469,592 1, 582,918
1, 588,052
229739,
739, 566 441,105 633, 377 466,
1, 673, 6421,474, 303 1,917,391 922,122 640,13: 3, 791,229
"'.,27! 3,840,945 745, 687 439,040 634, 488 463, 634 1, 613,085
1,756,863 1,483,633 1,973,617 923,471 636;
•-",428 1,635,799
1, 750, 7041,458,262 1, 948, 081905, 531 630,16! 3, 776,292 729,806 436,098 637,968 457;
1,535
1,535
1,534
1,534
1,528
1,528
2,342
2,186
2,193
2,204
2,203
2,186
1,683
1,679
1,575
1,573
1,570
962
1,110
1,016
869
784
779
779
363
360
363
363
34
352
819
1,039
800
719
269
437
3,676
3,628
3,613
3,612
3,612
3,609
FEDERAL RESERVE BULLETIN
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last Wednesday of
each month)
Applications
received
Number
1934—Dec. 26__
1935—June 26..
Dec. 31 4.
1936—June 24..
Dec. 30..
1937—Mar. 31.
June 30..
Sept. 29.
Dec. 29_.
1938—Mar. 30.
June 29..
Sept. 28.
Dec. 28..
1939—Mar. 29.
June 28..
Sept. 27.
Dec. 27..
1940—Jan. 31..
Feb. 28..
Mar. 27.
Apr. 24..
MayF29.
June 26..
July 3 1 Aug. 28..
Sept. 25.
Oct. 30..
Nov. 27..
Dec. 31 4
1941—Jan. 29...
Feb. 26..
Mar. 26.
Apr. 30..
May 28..
June 25 .
July 23 5.
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
9,249
9,308
9,366
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
9,682
9,719
9,793
9,817
9,847
Applications under
consideration
Amount Number
Amount Number
2,955
11,349
2,823
1,880
1,245
1,322
1,263
800
550
1,299
476
146
247
344
255
370
41
76
32
199
118
45
33
76
444
10
740
650
222
1,929
600
823
35
1,725
35
100
146,972
237,581
293,084
314,471
328,998
333,300
339, 509
341,842
350,551
358, 936
369,853
378,974
387,490
392, 230
395,499
402, 305
405, 225
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
448,506
444,985
455,868
458,092
468, 629
Approved
Advances Commitments
but not
outoutcom- 2
standing1 standing
pleted
(amount) (amount) (amount)
Applications
approved
1,646
1,993
2,183
2,280
2,323
2,361
2,381
2,406
2,464
2,566
2,617
2,653
2,683
2,721
2,752
2,781
2,793
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
2,959
2,987
3,046
3,067
3,091
Amount
49,634
88,778
124,493
133,343
139,829
141, 545
145, 758
146,724
150,987
154,918
161,158
168,380
175,013
177,895
179, 778
185, 234
188, 222
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, 732
225,849
234, 714
238, 505
246, 550
13,589
27, 518
32,493
30,484
25, 526
23,059
23,019
21,415
20,216
19, 371
18,444
17, 567
17,345
15, 798
15,255
14,454
13, 683
12,860
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
9,526
9,157
9,639
10, 549
10, 684
8,225
20,579
27,649
24,454
20,959
18, 611
16, 331
14,880
12, 780
13,110
13, 649
13, 597
14,161
12,647
11,175
10, 517
9,220
8,376
8,224
8,725
8,852
8,762
8,582
8,238
8,078
7,351
7,106
5,226
5,207
5,066
7,315
8,464
12, 342
13,072
11,393
20.966
11,248
11, 548
9,381
8,226
7,898
1,470
537
3,369
3,419
3,084
5,737
1,946
1,975
2,067
1,938
2,659
2,504
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
19,986
13,035
14,134
8,090
11.967
Repaid,
expired,
or withdrawn by
applicant, etc.
(amount)
Participations
outstanding3
(amount)
5,558
24,900
44,025
61,425
77,910
85, 210
97, 663
102, 588
107,384
111,193
117, 555
122,447
128,839
135,004
139, 281
146,156
151,679
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
180,989
183,646
186, 062
192,783
199.945
1,296
4,533
8,778
7,599
7,208
6,767
7,275
7,304
7,238
7,825
8,426
9,032
12, 722
12,471
12,000
12,169
10,981
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, 916
11,547
12, 537
14,011
12, 561
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 $1,200,705, 4June 25,1941.
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
July 2
July 9
July 16...
July 23
Held by Federal Reserve Bank:
July 2
July 9
July 16
July 23
In actual circulation :i
July 2
July 9
July 16
July 23
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
July 2
July 9
July 16
July 23
Eligible paper:
July 2
July 9
July 16
July 23
Total collateral:
July 2
July 9
July 16
July 23
Boston
New
York
Phila- Cleve- Rich- Atdelphia land mond lanta
Chi-
MinSt.
Louis neapolis
San
Kansas Dallas Francisco
City
7,067,169 584, 886 1,885,087 484, 326 649,342 338,377 240,499 1,476, 576 263,316176, 712 233,481 118,618 615,949
., 893,
285
285
486338
486,338
657
657,
794794
339462
339,462
244190
244,190
"1,487,492
1~
7,113,287 582,979 1893
267,433 178,806 236, 573 120,930 618,005
e
7,138, 328 590,056 1., 894, 978 487, 947 660, 217 342, 588 247,182 1,490, 292 267,177,929
235,490 121, 267 622,692
587,082
1,899,890 491,295 665,493 341, 331 246,881
T
"
7,150,196
1,491,898
266,733 178, 491 236, 684120, 627 623, 791
279, 255 22, 221 72,044
316,163 18,417 87,131
364, 250 28,160 102, 520
109,003
379,119
16,666 21, 274
18,187 21,970
18, 737
21, 911 26,177
16,783
17, 746
22,134
22, 587
15, 533
19,967
25,025
26, 238
27,982
33, 722
33, 226
34, 678
11,622
15,870
15,892
15, 041
4,242
5,056
5,343
5, 781
9,360
11, 355
10, 812
10, 679
9,659
12, 790
14, 465
13, 972
51, 869
53,952
64, 267
66, 564
, , ,467, 660 628,068
, , 321, 594 224,
, 966
», 787,914 562,665 1., 813,043
1, 448, 594 251,694172,470 224,121 108,959 564,080
108,140 564,053
>, 797,124 564, 562 1,806,154
. , 8 0 6 , •"• •468,151
"
635,824 321, 716 224, 223 1,453, 770 251, 563 173; 750 225, 218
106,802 558, 425
6, 774, 078 561,896 1,
469, 210 636, 548 320, 454 222,157 1,457,066 251, 798 172, 586 224, 678
-i 792,458
792,
\ 771,077
1,790,887 469, 384 639, 316 318, 744 220,6431,457, 220 251, 172, 710 226,005 106, 655 557, 227
7,184,000
7, 243, 500
7, 293, 500
7, 305, 500
2,
3,037
1,801
2,204
590,000 1,900,000 490,000 655,000 350, 000 245,0001, 500,000 279,000 177,000 235,000
590, 000 1,910,000 500,000 660,000 370,000 250,000 1, 500,000 279,000 179,000 240,000
615,000 1,910, 000 500,000 665,000 370,000 250,000 1, 520, 000 279,000179,000 240,
615,000
000 500,000 670,000 370,000 255,000 1, 520, 000 279,000181,000 240, 000
>, 0001,910,
1
102
93
47
37
1,598
2,541
1,305
1,705
101
106
126
45
239
215
209
209
000 639,000
500 639,000
500 639,000
500 639,000
150
74
114
114
7,
590,102 1,901, 598 490,101 655,000 350,008 245,000 1,
1 500,000 279,000 177, 239 235,150 124,000 639, 000
000 179, 215 240,074 126, 500 639,000
7, 246, 537 590,093 1,912,541 500; 106 „"'1,000
660; 000370,
370iC008 250| 000 ,520,000
1, 500,000279,
279,
615,
047
1,911,
305
500^
126
665^
7, 295,301
i, 000 370, 000 250,000 1,,
000 179, 209 240,114 126,500 639,000
126, 500 639, 000
, 520,
520, 000 279, 045 181, 209J240,114
7. 307, 704615,037 1,911, 705 500,086 670,000 370; 008 255,000 1,
i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank.
AUGUST
1941
757
MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS
RESERVE POSITION OF MEMBER BANKS, JUNE, 1941
[Averages of daily figures. In millions of dollars]
Gross
demand
de-
Classes of banks
and districts
Net
demand
deposits
Reserves with
Federal Reserve
Banks
Time
deposits
Required
All member banks _ _45,652 37, 448 12,448
Central reserve city banks:
New York
16,934 16,176
808
Chicago
3,464 3,057
495
Reserve city banks:
Boston district
1,408
New York district
265
Philadelphia district.. 1,569
[Averages of daily figures. In millions of dollars]
All
member
banks*
Ex-
Held
7,850 13, 201
5,351
3,721
720
5,958
1,144
2,238
424
1,260
211
1,323
81
149
231
225
44
243
471
52
247
8
256
2,275
1,020
972
1,808
739
671
735
233
181
353
141
126
767
276
180
414
135
53
Chicago district
1,849
St. Louis district
1,053
Minneapolis district...
473
1,334
803
334
699
175
83
268
149
63
490
242
97
222
93
35
Kansas City district.__ 1,175
Dallas district
909
San Francisco district. 2,817
782
558
2,282
158
136
2,056
145
105
502
213
149
748
45
245
15, 785 12,105
4,917
2,364
4,184
1,820
563
1, 456
125
221
108
214
459
206
Cleveland district
Richmond district
Atlanta district
Total
Country banks:
Boston district
1,114
New York district
1,710
Philadelphia district..
811
Cleveland district
Richmond district
Atlanta district
1,238
534
799
739
696
515
414
409
736
389
252
99
69
62
188
123
101
90
54
40
Chicago district
1,157
St. Louis district
473
Minneapolis district...
382
712
292
235
839
255
281
127
48
42
243
79
71
115
31
29
Kansas City district.__
Dallas district
San Francisco district.
516
646
425
309
383
261
162
107
303
45
51
47
73
91
65
28
39
19
9,468
6,110
6,228
1,045
1,914
870
Total
Total reserves held:
1940—June.._
__.
July..
_.
August.
,
September
October
_.
November
December
1941—January
February. _.
March
April
May
June
Week ending (Friday)
1941—June 6
June 13
June 20
June 27
July 4
July 11
July 18
Excess reserves:
1940—June
July
August
September
October
.
November
December
1941—January
February
March
April
May
June
Week ending (Friday)
1941—June 6
June 13
June 20
June 27
July 4
July 11...
July 18
Central reserve
city banks
Reserve Country
city banks*
banks
New
York
Chicago
6,941
6,979
6,709
6,705
3,716
3,837
3,804
3,905
4,024
4,080
4,096
4,240
4,258
4,197
4,204
4,298
4,184
1,757
1,751
1,740
1,800
1,851
1,858
1,815
1,913
1,898
1,928
1,912
1,965
1,914
4,193
4,193
4,179
4,117
4,152
4,151
4,243
1,945
1,934
1,945
1,904
1,939
1,928
1,959
13, 596
13, 735
13,408
13, 643
14,043
14,131
14,049
14,339
13,996
13, 979
13, 600
13, 650
13, 201
6,975
6,997
7,135
6,807
6,924
,6,518
6,243
5,958
1,182
1,168
1,154
1,234
1,279
1,218
1,142
1,051
1,033
931
966
1,144
1,144
13, 365
13, 310
13, 228
13, 036
13, 032
12, 966
13, 222
6,078
5,990
5,957
5,900
5,855
5,780
5,876
1,149
1,193
1.147
1,116
1,086
1,108
1,144
6,752
6,407
6,582
6,864
6,830
6,646
6,832
6,422
6,304
5,883
5, 831
5, 351
3,594
3,588
3,344
3,324
3,465
3,493
3,443
3,505
3,166
3,203
2,812
2,514
2,238
547
522
499
570
610
546
476
381
347
252
295
434
424
1,703
1,803
1,748
1,821
1,888
1,895
1,887
2,016
2,004
1,923
1,885
1,949
1,820
851
839
816
866
902
897
840
930
906
927
891
933
870
5,515
5,447
5,375
5,200
P5, 178
P5, 104
P5, 302
2,329
2,263
2,241
2,196
2,143
2,074
2,152
440
470
424
393
363
385
409
1,844
1,825
1,809
1,752
1,779
1, 763
1,826
902
890
901
859
P894
P883
1
Gross demand deposits minus demand balances with domestic banks
p Preliminary.
(except private banks and American branches of foreign banks) and
i Weekly figures of excess reserves of all member banks and of country
cash items in process of collection.
banks are estimates.
NOTE.—See table on p. 752 for percentages of deposits required to be
held as reserves.
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
•
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City__._ __
Dallas
San Francisco...
Gross demand
.
Total
_
.
_
_.
Member banks in larger centers Member banks in smaller centers
(places over 15,000)
(places under 15,000)
^.11 member bank 3
Time
June
May
June
May
2,522
18, 909
2,380
3,074
1,760
1,668
6,471
1,526
855
1,691
1,554
3,242
2, 535
18, 900
2,425
3,028
1,742
1,656
6,332
1,486
819
1,689
1,545
3,229
644
2,414
1,116
1,471
622
433
2,033
430
364
319
242
2,359
647
2,419
1,120
1,469
620
432
2,038
427
367
322
245
2,361
45, 652
45, 385
12, 448
1
12, 466
Gross demand
Time
Gross demand
June
May
June
2,384
11,632
2,100
2,775
1,542
1, 503
i 2, 583
1,248
677
1,342
1,204
3,112
2,397
i 1, 609
2,150
2,738
1,525
1,493
i 2, 504
1,211
645
1,341
1,184
3,102
11, 098
655
1,128
422
348
11, 204
306
197
208
195
2,259
526
i 1,100
657
1,131
421
348
i 1, 206
303
198
210
193
2,260
139
343
280
299
218
165
424
278
178
349
351
130
138
332
274
290
217
163
416
275
174
348
361
127
120
508
462
343
200
85
334
124
167
111
47
100
121
506
463
339
199
84
333
124
169
112
53
100
122,101 121, 898
i 8, 545
i 8, 552
3,152
3,115
2,600
2,601
524
May
Time
June
May
June
May
i Excluding central reserve city banks, for which figures for latest month are shown in table above.
758
FEDERAL RESERVE BULLETIN
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of month
Total
Gold
certificates
Silver
dollars
Treasury
notes
of 1890
Silver
certificates
Subsidiary
silver
Minor
coin
Federal
United Federal Reserve
States Reserve Bank
notes
notes
notes
National
bank
notes
1940—May
June
July
August
September.
October....
November.
December.
7,710
7,848
7,883
8,059
8,151
8,300
8,522
8,732
1,590
1,582
1,565
1,605
1,615
1,620
1,658
1,667
382
384
386
389
394
400
407
412
168
169
172
174
177
180
183
185
241
248
249
258
259
264
275
290
5,025
5,163
5,212
5,334
5,409
5,541
5,705
5,883
167
165
164
162
161
160
159
157
1941—JanuaryFebruary..
March
April
May .„._..
June
8,593
8,781
8,924
9,071
9,357
9,612
1, 595
1,635
1,651
1,654
1,697
1,714
403
406
413
418
426
434
183
184
186
189
191
194
278
278
277
274
286
300
5,842
5,985
6,106
6,247
156
155
154
153
152
150
6,684
Back figures—See Annual Report for 1937 (table 35).
PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of month
Total
in circulation i
Coin and small denomination currency 2
Total
Coin
$1 3
$2
$5
$10
Large denomination currency
Total
$50
$100
$500
$1,000 $5,000 $10,000
1940—May
June
July
August
September
October
November
December
7,710
7,848
7,883
8,059
8,151
8,300
8,522
8,732
5,519
5,584
5,599
5,748
5,814
5,911
6,098
6,247
595
599
604
611
618
627
639
648
546
546
544
556
566
575
591
610
1,009
1,015
1,013
1,044
1,055
1,068
1,107
1,129
1,766
1,791
1,798
1,858
1,876
1,908
1,977
2,021
1,568
1,599
1,605
1,644
1,663
1,696
1,748
1,800
2,193
2,264
2,286
2,313
2,340
2,392
2,426
2,489
471
485
489
495
503
512
523
538
979
1,013
1,025
1,035
1,048
1,071
1,089
1,112
202
210
211
213
216
223
225
227
464
481
486
493
496
508
512
523
1941—January
February
March
April
May
June
8,593
8,781
8,924
9,071
9,357
9,612
6,094
6,243
6,342
6,430
6,683
6,890
635
641
650
658
669
681
577
582
590
595
615
625
1,091
1,116
1,132
1,135
1,176
1,207
1,973
2,041
2,074
2,112
2, 211
2,289
1,781
1,826
1,858
1,892
1,972
2,047
2,502
2,541
2,583
2,642
2,675
2,725
540
551
560
573
587
607
1,126
1,144
1,163
1,197
1, 218
1,244
230
232
238
241
242
244
530
535
543
550
546
548
Unassorted 2
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
1940—May
June
July
August
September
October
November
December
1941—January
February...
March
April
May.
June
Silver
dollars
and
Total silver
bullion *
FedSubNasidUnited eral
Re- tional
iary Minor
States serve
bank
coin
silver
notes Bank notes
coin
notes
3,008
3,014
3,024
3,036
3,044
3,059
3,072
3,087
1,894
1,900
1,909
1,915
1,920
1,931
1,937
1,945
402
402
404
409
411
415
419
425
173
174
175
178
181
183
187
189
347
347
347
347
347
347
347
347
23
23
23
23
22
22
22
22
169
167
167
164
163
162
160
159
3, 097
3,102
3,109
3,122
3,134
3,149
1,953
1,959
1,965
1,971
1, 977
1,983
427
191
347
22
21
21
21
21
21
158
428
429
192
193
347
347
434
194
347
440
447
196
199
347
347
AUGUST
1941
1937
1938
1939
1940
________
1940—May
July._
August
September
October
November
December
April
May.
June.
21.5
33.1
110 2
17 7
47.6
34.4
98
1 l
(l)
1
5
6
.3
1
.1
.1
June
156
155 1941—January
154
February
153
March
152
i Includes silver held against silver certificates amounting to $1,914,000,000 on June 30 , 1941 and $1,829,000,000 on June 30, 1940.
Receipts
Shipfrom
ments to
Europe Europe
Year or month
2
___
(1
i
7
Net
shipments
100 3
17 0
,l
(i)
0)
.1
.2
1
1
.1
0)
(1)
0)
(1)
Net
receipts
26.1
1.3
1.1
3
.5
.3
.1
.1
.1
.1
(l)
.1
.1
(*)
0)
(0
i Less than $50,000.
Back figures.—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, p p . 7-8.
759
MOVEMENT OF GOLD TO AND FROM UNITED STATES1
ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES
[In millions of dollars]
Increase
Gold
in
stock
gold
at end
stock
of period
Period
Net
gold
import
[In thousands of dollars]
8,238
10,125
11, 258
3 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
170. 2
1940—February...
March
April
May
June
July
August
September..
October
November. _
December._
18,177
18, 433
18, 770
19, 209
19, 963
20, 463
20, 913
21, 244
21, 506
21,801
21,995
246.0
256.0
336.9
439.0
754. 2
499.4
450.2
331.6
261.1
295.2
194.0
201.4
459.8
249.9
435.1
1,163. 0
520.0
351.6
334.1
326.0
330.1
137. 2
37.0
-213. 4
67.2
-36.7
-437. 2
-55.1
67.0
36.6
-117.9
-39.5
7.4
11.6
12.2
13.2
14.2
11.1
16.2
12.5
13.5
19.2
16. 6
16.3
1941—January
February...
March
April
May
June
July>23p__.
22,116
22, 232
22, 367
22, 506
22, 575
22,624
22, 664
121.7
115.4
135.4
138.5
69.1
49.2
39.3
234.2
108.6
118.6
172.0
34.8
30.7
32.8
-52.8
-46.2
.2
-10.5
-3.8
4 4.0
4
-27. 7
13.5
12.6
12.0
12.8
12.6
14.4
19342...
1935
1936
1937
1938
1939
1940
3
1941
Earmarked Domesgold: de- tic gold
crease production i
or increase (-)
From or to—
Imports
France
Portugal
Sweden
Switzerland
United Kingdom
U S. S. R
Canada .
_
Mexico
Central America
West Indies and Bermuda
Argentina
Bolivia
Brazil
Chile
Colombia .
Ecuador
Peru
Venezuela
British Guiana
Australia ._ _ . __
New Zealand
British Oceania..
British India
Netherlands Indies
China and Hong
Kong
Japan
Philippine Islands
South Africa.
All other countries
Total
May
June
Exports2
Imports
48
1
Exports2
68
474
2
17, 521
800
652
16,309
969
835
42
22
5
1,117
7
449
1,329
416
98
4,593
199
329
131
75
. . _..
55
15
1
6
935
2,794
57
413
418
71
4,194
42
270
2,114
69
229
Jan.-June
Imports
Exports 2
1
181
1,747
899
2.570
11, 236
278,083
5,744
5,246
323
366
97
53
13
4,608
11,147
1,550
4,969
2,197
574
37,642
1,372
1,918
4,633
822
3.384
3,594
80
2,981
9,444
19,027
288, 537
1,324
p Preliminary.
' Revised.
1 Figures are those for United States published in table on p. 805,
adjusted to exclude Philippine Islands production received in United
30, 719
34,835
5 698,978
7
27
States.
2
Figures based on rate of $20.67 a fine ounce in January 1934 and $35
a fine
ounce thereafter.
3
represent customs valuations which, with some exceptions,
Includes gold in the Inactive Account amounting to $27,000,000 on are Figures
at rate of $35 afineounce.
Dec.
31,
1936, and $1,228,000,000 on Dec. 31, 1937.
4
Beginning
May 1941, the Department of Commerce temporarily
Gold held under earmark at Federal Reserve Banks for foreign ac- suspended publication
of export statistics by country of destination.
count, in millions of dollars: June 30—1,916.8; July 23—1,944.5.
Back
figures.—See
table, p. 805 and Annual Report for 1937 (tables
NOTE.—For back figures see Annual Report for 1937 (table 29).
31 and 32).
BANK DEBITS
Debits to deposit accounts, except interbank accounts.
[In millions of dollars]
Total,
140
133
all
other
New
other
leadYork
reportreportYear and month
ing
ing 2
ing
City
centers
centers i centers
BANK SUSPENSIONS1
Total,
Nonmember
banks
Member
banks
oil
banks
Number of banks suspended:
1934
_
1935
1936
1937
1938
1939
1940
1941
_
Jan
June
Deposits of suspended banks3
(in thousands of dollars):
1934
1935
1936
1937
1938
1939
1940
1941—Jan .-June
1
National
57
34
44
59
55
42
22
5
1
4
1
4
1
4
1
2
36, 937
10,015
11, 306
19, 723
13,012
34,998
5,943
2,436
40
5,313
507
7,379
36
1,341
256
1,933
State
Insured 2
Not
insured
8
22
40
47
47
25
18
3
48
8
3
6
6
10
3
1,912
3,763
10, 207
1,708 10,156
211 11, 721
24, 629 6,589
5,341
503
34,985
939
592
480
1,044
2,439
346
2
1
3
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 tune of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
J
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).
760
1929
1936
1937
1938
1939
1940
1940—May
June
July
August
September
October...
November
December.
1941—January...
February..
March
April
May
June
982, 531
461,889
469,463
405,929
423,932
445, 863
603,089
197,836
168,778
171,382
171, 582
331,938
219, 670
235, 206
204, 745
218,298
236,952
47, 504
33,283
36,421
32,406
34,252
37, 329
37, 257
35,005
35,959
32,844
33,812
39, 695
39,088
46, 673
41,133
35, 783
14,536
13,110
13,612
11,604
12, 594
14,952
14,952
18, 626
15,147
13, 268
17, 402
15,657
16,124
17, 282
19,659
18,850
19, 244
18,314
18,267
21,365
20,819
24, 327
22, 498
19, 457
23, 586
23,074
23, 795
24,853
3,063
3,045
3,103
2,926
2,951
3,378
3,317
3,721
3,488
3,057
3,570
3,505
3,746
3,807
44, 558
42, 237
43, 665
45, 942
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
been 133 since 1936.
Backfigures.—Foxcorresponding monthly totals for 1928-1937 see
Annual Report for 1937 (Table 71), which also gives a definition of bank
debits. Monthlyfiguresfor 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 comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS
Total
Call date
Total
[In millions of doll ars]
Nonmember
banks
Member banks
National
State
Mutual
Member banks
Other
nonsavings member
banks
banks
All
banks
Call date
Nonmerr iber banks
Total
National
State
savings
banks
Other
nonmember banks
Mutual
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. 3 1 . . . 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
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. 31.__ 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 30 . 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. 31
15,006
14,953
14, 895
6,377
6,398
6,486
5,178
5,164
5,144
1,199
1,234
1,342
551
551
551
8,078
8,004
7,858
1940—Mar. 2 6 . . . 59, 017
June 2 9 . . . 60, 582
Dec. 3 1 . . . 65,021
40, 579
42,039
46,007
25,911
26, 931
29, 214
14,667
15,108
16, 793
10, 544
10,631
10, 658
3 7, 895
7,912
8,356
1941—Apr. 4
14,871
6,528
5,138
1,390
550
7,793
1941—Apr. 4 ._
46,179
29, 467
16, 712
10, 684
8,347
For footnotes see table below.
65, 211
3
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
All banks
Call date
Total
Loans
Nonmember banks
Member banks
Investments
Total
Loans
Mutual savings banks
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
1929—June 29
Dec. 31
58,474
58,417
41, 531
41,918
16,943
16,499
35,711
35,934
25,658
26,150
10,052
9,784
9,556
9,463
5,892
5,945
3,664
3,518
13,207
13,020
9,981
9,823
3,227
3,197
1933—June 30
Dec. 30
40,076
40,319
22,203
21,977
17,872
18,342
24,786
25, 220
12,858
12,833
11, 928
12,386
10,044
9,985
5,941
5,906
4,103
4,079
5,246
5,115
3,404
3,238
1,841
1,877
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
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
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
1940—Mar. 26
June 29
Dec 31
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
10, 226
10,188
10, 248
4,922
4,926
4,959
5,304
5,262
5,289
6, 746
6,696
6,815
3,329
3,445
3,461
3,417
3,251
3,353
1941—Apr. 4
56,147
24, 322
31, 825
38, 983
15,878
23,104
10, 276
4,954
5,322
6,889
3,490
3,399
1937—June 30
Dec. 31
_. _
1938—June 30
Dec. 312
1939—June 30
Dec. 30
-
_
3
3
1
Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date. Prior to June, 1940, the nonmember bank figures on some call dates included some interbank deposits not show n separately in a few
State2 bank abstracts.
Prior to December 1938 the figures include 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.
s One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on December 30, 1939)
which, prior to March, 1940, was classified as a mutual sa\ings bank, is now included in figures in the "Other nonmember banks" column.
Back figures—See Annual Eeport for 1937 (tables 48-49)
AUGUST
1941
761
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Investments i
Loans i
Call date
Total
Comloans
merand
cial Agri- Open
inculvest- Total' and
in- tur- market
ments
duspaper
trial*
U. S. Government obligations
Loans for
purchasing
or carrying
securities
Real Loans Other
estate to loans
4 Total
To
loans
banks
brokers
To
and others 3
dealers
Total
Obligations
of
Direct
States Other
secuand rities
Guar- politanical
subBills« Notes Bonds teed divisions
Total—All
Member Banks
1929—Dec. 31. - 35,934
1933—June 30. _ 24, 786
1938—June 30__ 30,721
Dec. 31_. 32,070
1939—June 30__ 32,603
Dec. 30__ 33, 941
1940— M a r . 26 6 34,163
J u n e 29 34, 451
Dec. 31 37,126
1941—Apr. 46.. 38, 983
June 30P . 40,665
New York
City''
1929—Dec. 31__ 8,774
1933—June 30__ 7,133
1938—June 30__ 8,013
Dec. 31__ 8,335
1939—June 30.. 8,688
Dec. 30__
1940—Mar. 26 • 9,594
June29_. 9,829
Dec. 31 10.910
1941—Apr. 46... 11,696
June 30P . 12, 492
City of
Chicago 7
1929—Dec. 31_. 1,757
1933—June 30__ 1,287
1938—June 30.. 1,806
Dec. 31__ 1,969
1939—June 30_. 2,052
Dec. 30__ 2,105
1940—Mar. 26« 2,222
J u n e 29. 2,205
Dec. 31
2,377
1941—Apr. 46... 2,649
J u n c 3 0 p . 2,707
Reserve City
Banks
1929—Dec. 31_. 12,029
1 9 3 3 - J u n e 30.. 8,492
1938—Jane 30._ 11,150
Dec. 31 __ 11,654
1939—June 30.. 11, 756
Dec. 30_. 12, 272
940—Mar. 26* 12.153
J u n e 29_ 12,160
Dec. 31 13.013
1941—Apr. 4«__. 13, 494
14, 014
J u n e 30
Country
Banks
1929—Dec. 31__ 13, 375
1933—June 30_. 7,873
1938—June 30__ 9,752
Dec. 31__ 10,113
1939—June 30.. 10.109
Dec. 30_ 10, 224
1940—Mar. 26 • 10,194
J u n e 29.. 10, 257
Dec. 31 10,826
1941—Apr. 46... 11.144
J u n e 30P _ 11,453
583
595
492
442
420
455
2,463
953
701
973
731
790
450
456
447
642
1,456
1,474
1,768
141
138
128
120
1,257
759
556
787
555
611
2,145
1,044
717
220
215
188
169
157
132
121
130
133
1,801
2,025
103
100
320
465
188
190
137
130
251
61
29
43
39
41
533
251
109
70
71
26,150
12,858
12.938
13, 208 4,737
13,141 4,783
13, 962
13.939
13,969 5,538
15,321 6,204
15,878
16, 717
6,683
3,424
3,172
3,262
2,988
3,296
3,211
3,014
3,384
3, 502
3, 777
1,448
677
525
539
544
569
564
603
696
780
846
9,084
4,482
4,853
4,963
5.004
5,329
5.305
5,365
5,931
6.165
6,490
4,275
4,388
4,444
4,605
4,768
4,860
4,987
5,309
5, 431
5,605
319
329
365
7,685
3,752
2,614
775
736
700
3,191
2,372
2,613
2,716
2,828
' 957
714 11, 515
330 4,857
120 6,397
125 2,728
58 2,796
56
9,784
11,928
17,783
18,863
19,462
19,979
20,224
3,020 20,482
3,230 21,805
23,104
23,?
668 3,069
652 3,228
322
162
85
99
41
44
30
2,595
937
1,541
436
440
425
2,091
3,709
4,840
5,072
5,700
6,043
426
443
6,815
7,527
8,194
8,715
1,112
2,551
3,740
3,857
4,483
4,772
4,972
5,486
6,044
6,625
7,268
535
237
361
62
59
60
309
610
1,281
1,430
1,507
1,536
1,658
1,602
1,681
1,869
1,861
116
384
981
1,114
1,175
1,203
1,319
1,258
1,307
1,466
1,483
2,944
4,011
6,298
6,691
6.751
6,943
6,848
6,795
7,081
7,328
7,524
1,368
2,483
4,658
5,018
4,991
5,194
5,070
4,947
5,204
5,440
5,701
4,439
3,598
5,364
5,669
5,504
5,456
5,334
5,270
5,517
5,713
5,848
1,267
1,469
2,964
3,233
3,127
3,159
3,060
3,f30
3,269
3,456
3,636
417
476
168
126
163
149
138
155
664
108
95
119
115
119
156
153
87
115
1,048
1,095
1,151
201
35
173
138
140
163
291
25
21
25
22
20
1,187
1,267
174
187
1,914
1,884
2,100
2,134
2,436
176
2,775
1,340
998
242
221
222
1,538
1,131
1,201
1,230
1,284
1,335
210 1,372
207 1,436
2,231
1,117
790
243
229
224
258
99
26
20
12
6,887
12,343
13,222
13, 777
14,328
14.421
14, 722
15,823
16, 988
18,087
3,679
1,678
1,081
1,116
1,168
1,224
1,307
1,462
1,055
1,269
1,353
1,402
1,477
4,705
2,005
2,126
1,149
1,180
1,234
1,544
1,644
1,308
1,397
249
,113
316
286
441
563
520
2,049
3,653
3,389
2,720
2,223
797 2,543
652 2,594
3,094
3,725
6,246 2,128
7,208 2,340
7,786 2,831
3,144
3,107
8,261 3,121
9,091 3,486
3,487
166
987
222 1,358
158 1,142
168 908
797
315
926
1,451
1,663
2,284
2,385
421 1,092
207 1,245
2,650
2,977
3
206
12
59
185
153
19
82
313
291
234
176
94
97
535
655
621
701
254
297
161
145
710
752
91
205
165
681
1,268
1,224
1,014
819
1,112
1,597
2,603
2,997
3,010
3,339
87
103
1,393
1,744
2,143
2,448
2,554
2,692
2,905
2,888
3.013
3,206
2, 985
4,628
3,297
3,296
3,192
3,131
2,959
2,898
2,873
2,970
2,911
2,876
709
894
,123
,275
,286
,324
,615
,620
222
478
394
517
480
679
726
634
695
771
651
758
680
707
698
736
693
686
695
788
798
796
122
109
135
172
139
134
112
125
96
87
140
141
154
162
175
177
188
226
190
96
138
159
176
179
170
164
167
186
177
188
448
598
732
808
895
890
928
981
984
1,034
980
1,128
930
908
866
866
860
850
868
893
855
844
627
581
878
982
1,025
1,061
1,076
1,097
1,146
1,176
1.164
2,546
1,549
1,522
1,453
1.351
1,236
1,197
1,144
1,102
1,081
1,048
718
740
972
3,052
771 3,281 1,049
1,047
171
299
715
732
563
431
1,106
1,657
1,893
1,870
1,972
433
1,849
2,081
579
597
683
725
719
695
710
1
Classifications indicated were revised as of Dec. 31,1938: for explanation see BULLETIN for January, 1939, p p . 22-23, and BULLETIN for April,
1939,2 p p . 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 separately on some dates, and the
total3 amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May, 1937.
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 4to 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.
5
Includes Treasury certificates of indebtedness through 1934.
6
Breakdown
of loans and investments not reported separately
7
Central reserve city banks.
Back figures.—See Annual Report for 1937 (tables 52-58).
p Preliminary.
762
FEDERAL RESERVE BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbanlc
Reserves
with
Fed-
eral
Reserve
BalDeances mand
with
dedoin
posits
vault mestic! adCash
IndividCertiuals, States
and
part- polit- and
nerical
offib a n k s justeds ships,
subcers'
and
divi- checks
cor3
pora- sions etc
tions
Banks
Interbank
deposits
Time deposits,
except interbank
IndiDomestic
vidbanks
uals, States
U. S. part- and Postal
Gov- ner- politsavern- ships, ical
ment4 and sub- ings4 De- Time
divicormand
pora- sions
For-
Borrowings
Capital
accounts
Call date
eign
banks
tions
Total—All
Member Banks
2,374
2,235
8,004
8,694
10,011
11, 617
11,604
12, 279
13. 751
13,992
13, 531
558 2,168 16,647 17,526
405 2,008 12,089 11,830
712 4,084 20,893 19,816
746 4,240 22,293 21,119
712 4,674 23, 587 22,448
774 6 5,304 25,118 23,983
841 5,506 25,681 24,604
862 «5,634 26,461 24,965
789 5,751 27,877 26, 397
991 6,185 30, 429 29, 576
837 6 6, 340 31, 576 29, 752
1,335
1,087
2,314
2,386
2,532
2,390
2,321
2,499
2,529
2,724
2,957
1,681
657
662
547
790
666
563
558
475
913
662
143
806
543
790
694
675
743
725
711
616
523
12,267
7,803
10,874
10,846
11,063
11,104
11,215
11,368
11,459
11, 687
11,837
595
300
454
462
441
418
432
411
410
435
392
122 3,517
788 3,057
83 6,096
61 6,510
59 7,097
51 6 8,243
51 8,507
52 « 8,717
59 8,852
56 9,581
54 6 9, 873
95
89
135
132
142
6 142
144
6 145
134
135
6
137
698
146
331
511
607
6 757
759
6 737
7t)3
706
6
635
879
191
11
6
5
5
3
2
3
3
3
6,709
4,837
5,368
5,424
5,496
5,530
5,522
5,562
5,608
5,698
5,754
1929—Dec.
1933—June
1938—June
Dec.
1939—June
Oct.
Dec.
1940—Mar.
June
Dec.
1941—Apr.
31
30
30
31
30
2
30
26
29
31
4
New York
City*
827
846
3,517
4,104
4,975
5,929
5,915
6,386
7,072
7,057
6,715
68
46
65
68
61
85
89
84
88
102
85
169
232
936
884
897
1,080
993
909
1,187
1, 051
815
13
34
31
35
26
37
42
25
39
42
20
751
705
2,289
2,354
2,735
3,053
3,118
3,336
3, 759
4,027
4,107
156
122
300
321
318
323
348
364
334
396
361
179 4,750 5,847
101 4,358 4,676
119 6,698 6,900
109 7,168
7,273
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
6
154 11, 645 11, 629
128
96
273
280
288
321
251
219
258
370
302
1,180
461
367
195
472
349
178
260
147
471
302
20
332
123
139
84
72
74
68
67
48
29
1,112
671
694
652
653
683
693
742
732
768
806
33
4
32
36
46
52
43
35
29
51
38
18
110
133
203
208
235
235
6
237
283
6
195
242
319
6
283
957
912
1,523
1,688
1,666
1,747
1,739
1,544
1,898
1,941
1,755
1,041
870
L, 386
L, 597
1,565
1,632
L, 676
L, 503
L. 782
1^ 905
1,685
42
87
221
181
197
195
167
133
199
174
181
32
16
23
29
22
27
24
18
17
27
26
8
46
86
83
60
60
80
80
79
90
108
332
358
443
452
471
469
483
482
489
496
486
58
1
16
9
17
21
10
11
15
8
10
2
6
947 5,229
1,002
3,764
1,951
6,934
1,940
7,214
7,654
2,210
fi
2,485 8,017
2,485 8,176
6
2,632 8,400
2,679 8,774
2,741 9,581
6
2, 859 10,137
5,547
3,708
6,668
7,034
7,331
7,803
8,002
7,978
8,372
9,468
9,552
423
349
812
796
917
801
813
942
956
995
300
108
146
170
160
158
190
150
147
228
171
76
312
266
424
415
410
435
431
422
327
273
4,433
2,941
4,238
4,233
4,320
4,319
4,362
4,386
4,422
4,506
4,540
371
208
262
269
233
198
240
214
219
226
202
40
22
1,198
1,255
2,514
2,687
2,992
6
3, 573
3,542
6
3,629
3,840
4,032
6
4, 021
1
ex
19
3
3
5
5
5
4
310
259
688
658
746
6
853
879
6
997
949
997
6
1,151
41
388
31
17
19
14
14
12
18
19
19
1,604
1,315
2,514
2,719
2,920
6
3,307
3,516
6
3, 525
3,526
3,919
6
4, 023
30
59
113
108
115
116
117
115
105
106
108
597
128
291
442
524
6 670
695
6 672
650
646
6
577
179
8
33
2
6
9
12
6 14
9
6
7
7
8
6
7
41
64
15
32
57
69
292
16
1
2,105
1,582
1,587
1,593
1,586
1,587
1,592
1,601
1,599
1,615
1,623
316
204
249
257
270
270
250
253
260
270
270
192P—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939__j u n e 30
Oct. 2
Dec. 30
1940—Mar. 26
J u n e 29
Dec. 31
1941—Apr. 4
City of
Chicago *
1929—Dec. 31
1 9 3 3 _ j u n e 30
1938—June 30
Dec. 31
1939—June 30
Oct. 2
Dec.
1940—Mar.
June
Dec.
1941—Apr.
30
26
29
31
4
Reserve City
Banks
1,206
6
6
6
53
6 56
44
51
6 49
2,029
1,533
1,753
1,777
1,812
1,821
1,828
1,833
1,873
1,904
1,917
1929— Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June
Oct.
Dec.
1940—Mar.
June
Dec.
1941—Apr.
30
2
30
26
29
31
4
Country
Banks
627
452
1,263
L, 353
,403
1,555
L, 578
,648
1,733
,857
1,894
321
908
203
702
316 1,806
322 1,956
307 2,117
329 6 2, 473
363 2,614
389 6 2,645
328 2,711
452 3,002
372 "3,044
5,711
3,054
5,738
6,224
6,255
6,677
6,866
6,954
6,969
7,845
8,039
5,091
2,576
4,863
5,215
5,272
5,736
5,896
5,832
5,960
6,846
6,886
742
555
1,008
1,128
1,130
1,073
1,090
1,205
1,115
1,184
1,269
169
72
126
154
135
131
172
131
164
187
163
39
116
68
143
136
133
154
147
143
151
114
6,390
3,833
5,499
5,509
5,619
5,632
5,677
5,757
5,816
5,917
6,006
133
86
144
147
145
148
140
151
147
150
142
61
285
52
44
40
35
35
35
37
33
31
405
228
380
446
439
6 509
571
6
566
538
633
6
677
6
7
22
23
26
6 27
26
6 29
29
29
6
29
3
1
2
2
2
62
2
62
2
2
62
367
167
11
6
5
4
3
2
3
3
3
2,258
1,517
1,778
1,798
1,828
1,852
1,851
1,875
1,876
1,909
1,943
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Oct. 2
Dec. 30
1940—Mar. 26
J u n e 29
Dec. 31
1941—Apr. 4
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.
34 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.
5
Central reserve city banks.
6
Partly estimated.
Back figures—See Annual Report for 1937 (tables 52-58).
AUGUST
1941
763
WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars.]
Investments
Loans
Date or month
Total
loans
and
investments
Total—101 Cities
1940—June
1941—February
March
April
May
June
23, 591
26, 316
26, 793
27, 270
27, 764
28,157
1941—Apr. 30
27, 550
Total
Loans for
purchasing
Comor carrying
mercial,
securities
inOpen
Real Loans Other
dus- marto
estate
Total
trial,
To
ket
banks loans
loans
and paper brokagriers
To
culand others
tural
dealers
8,446 4,383
9,408 5,186
9.698 5,374
9,849 5,506
10.029 5,621
10, 252 5,772
313
317
335
351
360
370
422
440
503
482
479
483
471
458
455
450
446
447
1,199
1,231
1,227
1,230
1,237
1,243
1,616
1,741
1,766
1,789
1,847
1,897
15,145
16,908
17,095
17,421
17,735
17,905
U. S. Government obligations
Total
Bills
Notes Bonds
Other
Guar- secuan- rities
teed
11,603
13,138
13, 299
13, 628
14.024
14, 253
751
729
896
847
949
1,033
1,993
2,565
2.452
2,185
2.214
2,234
6,457
7,085
7,190
7,701
7,789
7,952
2,402
2, 759
2,761
2,895
3,072
3,034
3,542
3,770
3,796
3,793
3. 711
3,652
9,870
5,532
354
465
445
1,235
1,799
17, 680 13, 927
2,190
7,753
3,115
3,753
May
May
May
May
7
14
21
28
27,
27,
27,
27,
601
742
798
915
9,892
9,953
10,046
10, 226
5,568
5,604
5,639
5, 673
356
359
360
367
444
445
455
571
442
443
447
451
1,234
1,237
1,237
1,239
1,812
1,825
1,868
1,883
17, 709
17, 789
17, 752
17, 689
14,021
14,089
13, 991
13,996
931
961
975
929
2,208
2,220
2,217
2,212
7,771
7,771
7,780
7,833
3,111
3,137
3,019
3,022
3,688
3,700
3,761
3,693
June
June
June
June
4
11
18
25
28, 061
28,131
28,155
28, 279
10,183
10, 238
10, 262
10, 324
5,706
5, 764
5,792
5,825
366
373
370
372
496
478
471
487
444
447
444
452
1,240
1,241
1,246
1,246
1,892
1,895
1,897
1,904
17, 878
17, 893
17,893
17, 955
14,186
14, 233
14, 287
14, 304
950
1,030
1,056
1,098
2,231
2,235
2,232
2,236
7,975
7,931
7,961
7,940
3,030
3,037
3,038
3,030
3,692
3,660
3,606
3,651
July
July
July
July
2
9
16
23
28, 325
28, 481
23, 577
28,646
10, 453 5,897
10, 453 5,933
10, 523
10, 504 6,011
371
374
382
388
529
505
505
461
453
446
447
441
1,244
1,248
1,249
1, 252
1,919
1,906
1,913
1, 914
17,872
18,028
18,054
18,142
14, 293
14, 471
14, 506
14, 593
1,080
1,071
1,087
1,081
2,246
2,248
2,247
2,251
7,929
7,940
7,951
7, 959
3,038
3,212
3,221
3,302
3,579
3,557
3,548
3,549
300
357
341
349
349
159
166
165
163
161
161
122
112
111
112
114
114
393
395
426
451
6,500
7,649
7,707
8,034
8,321
8,382
5,207
6,183
6,237
6,578
6,929
7,003
396
149
227
351
487
582
989
1,498
1,471
1,374
1,449
1,456
2,540
2,947
2,961
3,185
3.219
3,242
1,282
1,589
1,578
1,668
1,774
1,723
1,293
1,466
1,470
1,456
1,392
1,379
New York City
1940—June
1941— February
March
April
May
June
2,763
9,263
3,063
10,712
10, 916 3,209
11,263 3,229
11,635 3,314
11, 794 3,412
1,671
1,983
2,058
2,090
2.141
2,213
1941—Apr. 30
11,517
3,238
2,109
330
160
113
396
8,279
6,858
437
1,414
3,203
1,804
1,421
May 7
M a y 14
M a y 21
Afay28
11, 530
11,616
11,635
11,759
3,244
3,251
3,321
3,442
2,123
2,127
2,149
2,166
317
318
332
427
160
160
163
163
114
114
113
114
406
409
443
448
8,286
8,365
8,314
8,317
6,911
6,983
6,879
6,942
459
500
486
503
1,434
1,451
1,454
1,455
3,211
3,212
3,206
3,247
1,807
1,820
1,733
1,737
1,375
1,382
1,435
1,375
June
June
June
June
4
11
18
25
11,832
11, 769
11, 761
11,812
3,387
3,406
3,420
3,433
2,182
2.210
2,227
2,231
359
347
340
349
159
160
159
164
113
114
114
114
450
451
454
451
8,445
8.363
8,341
8,379
7,060
6,987
6,986
6,977
575
589
587
579
1,456
1,453
1,454
1,460
3,293
3,223
3,229
3,222
1,736
1,722
1,716
1,716
1,385
1,376
1,355
1,402
July
July
July
July
2
9
16
23
11, 865
11,930
11, 954
11,896
3,500
3,492
3,507
3,477
2,264
2,278
2,295
2,300
369
363
333
168
165
165
162
111
112
112
112
452
450
450
452
8,365
8,438
8,447
8,419
7,021
7,098
7,112
7,081
610
607
630
587
1,459
1,444
1,438
1,433
3,245
3,244
3,242
3,214
1,707
1,803
1,802
1,847
1,344
1,340
1,335
1,338
1,239
1,352
1,373
1,394
1,421
1,446
8,645
9,259
9,388
9,387
9,414
9,523
6,955
7,062
7,050
7, 095
7,250
355
580
669
496
462
451
1,004
1,067
981
811
765
778
3,917
4,138
4,229
4,516
4,570
4,710
1,120
1,170
1,183
1,227
1,298
1,311
2,249
2,304
2,326
2,337
2.319
2,273
101
90
Outside New York
City
1940—June
1941—February
March
April
May
June
14, 328 5,683
15,604 6,345
15,877
16, 007 6,620
16.129 6. 715
16, 363 6,840
2,712
3,203
3,316
3,416
3. 480
3,559
212
227
239
255
268
276
124
140
146
141
130
134
312
292
290
287
285
286
1,077
1,119
1,116
1,118
1,123
1,129
1941—Apr. 30
16, 033
6,632
3,423
256
135
285
1,122
1,403
9,401
7,069
432
4,550
1,311
2,332
16, 071
16,126
16,163
_ 16,156
6,648
6,702
6,725
6,784
3,445
3,477
3,490
3,507
261
268
271
275
127
127
123
144
282
283
284
1,120
1,123
1,124
1,125
1,406
1,416
1,425
1,435
9,423
9,424
9,438
9,372
7,110
7,106
7,112
7,054
472
461
489
426
774
769
763
757
4,560
4,559
4,574
4,586
1,304
1,317
1,286
1,285
2,313
2,318
2,326
2,318
10
May
May
May
May
7
14
21
28....
June
June
June
June
4
11
18
25
16,229
16, 362
16, 394
16,467
6,796
6,832
6,842
6,891
3,524
3, 554
3,565
3,594
273
279
277
278
137
131
131
138
285
287
285
288
1,127
1,127
1,132
1,132
1,442
1,444
1,443
1,453
9,433
9,530
9,552
9,576
7,126
7,246
7,301
7,327
375
441
775
782
778
776
4,682
4,708
4,732
4,718
1,294
1,315
1,322
1,314
2,307
2,284
2,251
2,249
July
July
July
July
2
9
16
23
16,460
16, 551
16, 623
16, 750
6,953
6,961
7,016
7,027
3,633
3, 655
3,693
3,711
280
285
291
300
147
136
142
123
285
281
282
279
1,133
1,136
1,137
1,140
1,467
1,456
1,463
1,462
9,507
9,590
9,607
9,723
7,272
7,373
7,394
470
464
457
494
787
804
809
818
4,684
4,696
4,709
1,331
1,409
1,419
1,455
2,235
2,217
2,213
2,211
7,512
4,745
NOTE.—For description of figures see BULLETIN for Noven ber 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For
back figures see BUIIFTTN for November 1935 (pp 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Eeport for 1937 (tables 65-67)
and corresponding tables in previous Annual Reports.
764
FEDERAL RESERVE
BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars.]
Demand deposits,
except interbank
Reserves
with Cash
Fedin
eral vault
Reserve
Banks
IndiBalDevid- States Certiances mand uals,
with
and
fied
departdoposits ner- polit- and
mestic- ad- l ships,
ical
offibanks justed
subcers'
and
divi- checks
coretc.
pora- sions
tions
Time deposits,
except interbank
Interbank
deposits
Domestic
Indibanks
viduals, States
and
U. S. part- polit- Postal
ForGov- nerical
saveign
ern- ships, subings 2 Debanks
ment 2 and
diviTime
cormand
pora- sions
tions
Borrowings
Capital
accounts
Date or month
1,673
1,657
1,769
1,853
1,741
402
484
489
491
461
518
561
331
328
390
394
456
5,127
5,262
5,282
5,275
5, 246
5,233
183
193
173
172
183
175
23
24
26
25
26
26
8,361
9, 005
9,180
9,077
9,069
9,059
113
117
115
114
115
114
630
645
645
660
663
1
3
2
1
Total 101 Cities
3,773 1940—June
3,834 1941—February
3,833
March
3,847
April
3,862
May
3,873
June
3,386 23, 712
23,173 1,903
514
386
5,269
181
26
8,929
114
643
6
3,855 1941—Apr. 30
3,437
3,484
3,530
3, 532
23, 616
23,846
24,265
24, 311
22, 804
23,378
23, 632
23,612
1,845
1,847
1,849
1,870
397
412
520
514
394
395
397
390
5, 255
5,247
5,242
5,240
183
186
182
183
26
26
26
26
9. 047
9,067
9,053
9,107
114
115
116
113
661
661
658
663
2
1
1
3
3,862
3,861
3,862
3,864
May
May
May
May
565
596
581
596
3,511
3,465
3,500
3,439
23, 888
24, 071
23, 872
24, 046
23,
23,
23,
23,
337
675
517
507
1,752
1,757
1,706
1,749
583
516
477
495
455
454
457
458
5,233
5, 225
5,235
5,239
181
181
170
169
26
26
26
26
9,122
9, 055
9.123
8,934
114
114
113
114
649
667
666
671
1
1
1
1
3,877
3, 873
3,873
3,868
June 4
June 11
June 18
June 25
10, 863
10,665
10, 899
10, 855
570
597
546
548
3,516
3,412
3,583
3,496
23,
23,
24,
24,
949
920
260
381
23, 667
23, 562
24,157
24, 004
1,604
1, 569
1,560
1, 593
616
488
552
451
463
465
467
470
5,243
5,258
5, 255
5. 254
174
165
161
158
26
26
24
26
9,158
9,071
9,195
9,002
114
113
114
113
666
662
654
654
1
2
1
1
3,872
3,876
3,871
3, 877
July 2
July 9
July 16
July 23
6,622
6.514
6.622
6, 202
5, 897
5,667
82
84
83
82
89
123
83
93
120
116
99
97
9, 524
10,765
10,982
10, 987
11,055
10,986
9,653
10, 75b
11,054
11, 064
11,108
11, 086
213
345
313
307
353
291
224
290
294
282
231
305
43
14
14
18
19
19
647
707
717
719
700
699
24
49
32
27
26
22
3,724
3,839
3,928
3.862
3,844
3,860
634
574
589
585
597
600
1,500 1940—June
1, 507 1941—February
March
1,507
April
1,511
May
1,517
1, 519
June
88 10,946
11, 500
11,765
11.714
11,371
11,294
10, 925
499
515
510
546
585
3,262
3, 381
3,468
3,472
3. 495
3,479
11, 208
516
11,124
11,125
11,433
11,493
532
554
535
563
10, 982
11, 046
10, 883
10, 788
52(.
20, 524
!
3, 092
23, 324
23,515
9
4, 010
23, 969
20,034
22, 511
22, 82f
22, 947
23, 356
23, 509
1,494
688
1
7
14
21
28
New York City
1941—Apr. 30
5,888
84
11,079
386
301
18
716
25
3,819
579
1,515
5,800
5, 745
6,001
6,042
86
89
85
97
86
89
105
116
10, 843
10,905
11,181
11,291
10, 821
11,016
11, 281
11,314
333
342
370
367
206
213
226
277
19
18
19
19
705
701
698
698
26
26
26
26
3,831
3, 815
3,833
3,897
597
596
596
601
1, 518
1,517
1, 519
1,515
May
May
May
May
5, 658
5,752
5,640
5,617
112
123
125
132
109
100
87
96
11, 030
11,048
10,879
10, 986
11, 065
11,180
11,020
11, 080
306
300
262
295
352
324
274
270
20
19
19
19
695
696
702
704
26
25
19
19
3 871
3 867
3,889
3,814
586
603
602
609
1 ^22
1, 521
1,520
1,513
June 4
June 11
June 18
June 25
5,622
5,465
5,593
5,660
128
126
94
91
91
89
88
86
10, 988
10, 925
11,008
11,088
11,166
11,052
11, 234
11,211
250
236
226
244
359
285
313
229
20
20
19
17
708
721
724
724
20
22
22
21
3,877
3,838
3,881
3,807
603
599
588
591
1,509
1,511
1,511
1,512
July 2
July 9
July 16
July 23
7
14
21
28
Outside
New York City
4,878
5, 25 i
5, 092
5,169
5. 397
5,258
417
431
432
428
457
462
3,179
3, 288
3,348
3,356
3, 396
3,382
11, 000
2,327
12,342
12, 528
12.955
12, 983
10, 381
ll,75r.
11,772
11,883
12,248
12, 423
1,281
1,328
1,344
1,462
1,500
1,450
178
194
195
209
230
213
518
317
314
372
375
437
4,480
4, 555
4,565
4,556
4, 546
4,534
159
144
141
145
157
153
23
24
26
25
26
26
4,637
5,166
5, 252
5,215
5, 225
5,199
113
117
115
114
115
114
54
56
56
60
63
03
1
..
3
2
1
2,273 1940—June
2,327 1941—February
2,326
March
2,336
April
2, 345
May
2,354
June
5,320
432
3, 298 12, 766
12, 094
1,517
213
368
4,553
156
26
5,110
114
64
6
2,340
Apr. 30
5,324
5,380
5,432
5, 451
446
465
450
466
3.351
3, 395
3,425
3,416
12,773
12, 941
13, 084
13, 020
11,983
12, 362
12, 351
12, 298
1,512
1, 505
1,479
1,503
191
199
294
237
375
377
378
371
4, 550
4,546
4,544
4,542
157
160
156
157
26
26
26
26
5,216
5,252
5,220
5, 210
114
115
116
113
64
65
62
62
2
1
1
3
2,344
2,344
2,343
2, 349
May
May
May
May
5. 324
5,294
5,243
5,171
453
473
456
464
3,402
3, 365
3,413
3,343
12, 858
13,023
12,993
13,060
12, 272
12, 496
12,497
12, 427
1,446
1,457
1, 444
1,454
231
192
203
225
435
435
438
439
4,538
4, 529
4,533
4,535
155
156
151
150
26
26
26
26
5,251
5,188
5, 234
5,120
114
114
113
114
63
64
64
62
1
1
1
1
2,355
2, 352
2,353
2,355
5,241
5,200
5,306
5,195
442
471
452
457
3,425
3,323
3,495
3, 410
12,
12,
13,
13,
12,
12,
12,
12,
1,354
1,333
1,334
1,349
257
203
239
222
443
445
448
453
4,535
4,537
4,531
4,530
154
143
139
137
26
26
24
26
5, 281
5, 233
5, 314
5,195
114
113
114
113
63
63
66
63
1
2
1
1
2,363
2,365
2,360
2, 365
June 4
June 11
June 18
June 25
July 2
July 9
July 16
July 23
1
2
961
995
252
293
501
51C
923
79E
7
H
21
28
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
TJ. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
AUGUST
1941
765
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)
July 2
July 9
July 16
July 23
New York (8 cities) *
July 2
July 9
July 16
July 23
Philadelphia (4 cities)
July 2
July 9 ._.
July 16
Julv 23
Cleveland (10 cities)
July 2
Julv 9
July 16
July 23 Richmond {12 cities)
July 2
July 9
July 16
July 23
Atlanta (8 cities)
July 2
July 9
July 16. __
July 23
Chicago (12 cities)*
July 2
July9
Julv 16
July 23
St. Louis (5 cities)
July 2
July 9
Julv 16
July 23
Minneapolis (8 cities)
July 2
July 9
July 16
July 23. _
Kansas City (12 cities)
July 2
July 9__.
July 16
July 23
Dallas (9 cities)
July 2
July 9
July 16
Julv 23
San Francisco (7cities)
July 2. _
July 9
July 16
Julv 23
City of Chicago*
July 2
July 9
July 16
Julv 23
Commercial,
industrial,
and
agricultural
Open
market
paper
Investments
Loans for
purchasing
or carrymg
secur ities
U. 3. Government obligations
Total
loans
and
investments
Total
1 384
1,386
1,400
1,408
745
749
757
757
400
403
409
410
81
83
85
86
14
13
13
11
16
16
16
16
81
81
81
81
4
7
4
4
149
146
149
149
12,828
12, 900
12, 920
12, 871
3,902
3. 895
3,913
3, 882
2,411
2,426
2,446
2,451
106
103
105
102
387
374
368
338
215
212
212
208
195
196
196
196
32
29
31
30
1 305
1,313
1, 315
1, 320
546
550
553
552
230
295
297
296
38
39
40
40
28
26
26
25
32
31
30
30
51
51
51
52
2, 186
2.192
2,201
2, 209
855
852
859
862
402
401
405
409
13
14
17
20
17
15
15
14
20
19
20
20
182
182
183
183
750
765
774
790
315
312
314
312
147
146
147
147
13
13
13
13
4
3
3
3
14
13
14
13
49
50
49
49
718
730
732
730
382
378
381
377
197
193
192
191
5
6
5
6
7
6
6
11
11
11
11
36
37
37
37
1,313
1,316
1 331
1 336
849
856
869
43
44
44
50
46
47
62
61
62
876
45
43
833
838
842
849
404
403
407
405
231
232
235
234
444
448
452
455
225
227
230
230
111
115
117
117
20
20
20
20
3
3
3
3
4,040
4,081
4.075
4 127
Real Loans Other
estate
to
To
loans banks loans
brokers
To
and others
dealers
Bills
639
637
643
651
505
509
515
524
21
19
22
23
39
39
39
38
377
377
380
386
68
74
74
77
134
128
128
127
556
555
555
557
8,926
9,005
9,007
8.989
7,445
7,530
7, 537
7, 516
634
627
651
610
1,501
1,485
1,477
1,472
3,501
3,507
3,497
3, 467
1,809
1,911
1,912
1,967
1,481
1.475
1,470
1,473
107
108
109
109
759
763
762
768
498
503
502
507
25
25
25
25
391
390
389
390
82
88
88
92
261
260
260
261
220
220
218
215
1,331
1,340
1,342
1,317
1,078
1,087
1,089
1, 094
7
2
2
2
178
182
182
182
734
730
731
730
159
173
174
180
253
253
253
253
88
87
88
87
435
453
460
478
366
386
393
411
2
2
2
2
64
79
89
87
207
204
200
220
93
101
102
102
125
123
127
124
336
352
351
353
220
238
237
239
7
8
7
8
45
47
47
46
107
115
114
114
61
68
69
71
136
136
136
173
173
173
218
218
214
174
397
215
1,237
1,238
1,246
1,252
331
343
3*1
137
2,148
2,168
2,171
2,225
362
369
360
61
2,727
2,745
2,744
2,791
361
4
4
4
4
13
13
13
13
60
60
60
60
75
73
74
74
429
435
435
444
316
323
325
333
1
1
1
35
34
34
35
208
210
214
219
72
78
76
79
113
112
110
2
2
2
1
6
6
6
6
14
14
15
15
89
87
87
88
219
221
222
225
180
182
183
184
3
3
3
3
19
19
19
21
123
123
124
122
35
37
37
38
39
39
41
11
32
4
1
2
2
2
1
1
1
69
67
67
67
116
114
114
114
579
577
573
566
111
39
78
403
269
9
40
110
110
405
406
408
272
273
275
7
6
6
40
41
45
111
112
114
114
114
110
134
133
133
133
23
23
23
23
64
65
64
64
287
289
289
292
228
230
230
233
33
32
32
30
32
32
32
34
120
120
120
122
43
46
46
47
59
59
59
59
39
39
39
39
385
385
385
3S6
195
192
190
192
1,381
1,383
1,393
1,396
1,040
1,043
1,051
1,052
1
1
1
50
48
48
51
814
815
824
823
175
179
178
178
341
340
342
344
55
54
54
54
21
21
21
21
88
89
89
89
1,820
1, 834
1, 831
1,871
1,438
1,453
1, 452
1,499
361
368
359
396
125
125
121
122
813
813
820
822
139
147
152
159
382
381
379
372
215
367
370
374
25
215
217
220
26
27
27
4
4
3
11
10
10
33
33
33
605
608
609
614
318
319
320
322
211
212
214
215
3
3
2
3
3
2
3
3
14
14
14
14
082
085
038
095
433
439
440
445
21
20
21
23
9
10
13
10
848
851
863
870
618
625
638
643
25
25
25
26
41
37
38
37
2 663
2 685
2 694
2. 741
1
1
1
1
77
79
81
366
772
776
782
1
1
1
1
Other
Guar- securities
Notes Bonds anteed
Total
769
2 463
2 488
2 481
2 491
Total
1
1
* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for
the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.
766
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
ReBalDeserves
with Cash ances m a n d
in
deFedwith
doeral vault
posits
adRemestic
banks justed 1
serve
Banks
Interbank
deposits
Time deposits,
except interbank
Domestic
IndiIndibanks
vid- States Certivid- States
a
n
d
a
n
d
uals,
fied u. s. uals,
Forpart- polit- and
Gov- part- polit- Postal
eign
ical
ical
neroffinerernsav-2
banks
ships, subcers' ment2 ships, sub- ings
Deand
and
divi- checks
divimand Time
cor- sions etc.
cor- sions
poraporations
tions
Borrowings
Capital
accounts
553
557
567
554
149
152
151
150
201
202
219
203
1,418
1,433
1,460
1,458
1,404
1,404
1,442
1, 428
88
90
89
90
25
23
26
24
13
13
13
13
229
229
229
229
1
1
1
1
1
1
1
1
395
391
403
386
22
23
24
22
248
248
248
249
5,803
5,621
5,758
5,815
152
152
119
116
241
233
250
244
11, 754
11,673
11,774
11,840
11,812
11, 677
11,884
11,851
402
384
380
386
387
305
336
250
39
39
39
37
1,066
1,086
1,089
1,089
29
24
24
23
7
3,961
3,919
3,966
3,891
605
601
590
593
1,635
1,637
1,636
1,638
507
502
508
503
24
25
24
24
229
207
213
216
1,136
1,141
1,139
1,152
1,170
1,165
1,183
1,175
45
49
49
48
20
10
15
14
16
16
16
17
259
259
258
258
2
2
2
2
474
454
469
459
6
5
6
6
774
759
789
792
49
53
52
52
383
375
393
395
1,742
1,739
1,781
1,806
1,737
1,722
1,795
1,797
113
109
110
106
27
23
27
26
44
44
43
42
723
724
724
724
22
20
22
21
499
491
506
496
1
1
1
1
218
218
218
218
392
392
392
393
292
289
285
268
25
28
26
26
292
285
293
277
644
644
656
653
639
635
641
640
59
68
71
72
14
13
14
13
30
30
31
31
206
206
206
206
3
3
3
3
2
2
2
2
369
374
375
361
101
102
102
102
188
184
182
185
14
17
15
17
252
245
265
254
503
505
528
527
488
495
517
502
78
74
72
81
8
5
13
6
45
44
46
46
187
187
187
187
4
4
4
4
3
3
2
3
363
367
362
354
98
98
97
1,527
1,524
1,579
1,521
81
86
82
81
633
609
620
616
3,369
3,389
3,439
3,451
3,144
3,155
3,249
3,221
416
408
407
417
54
47
55
51
128
128
128
128
982
981
980
980
19
19
19
19
8
8
8
8
1,382
1,360
1,391
1,366
261
251
241
236
13
15
13
15
191
190
207
199
570
567
580
585
572
575
602
593
58
54
53
55
11
7
8
9
18
19
19
24
189
189
188
188
3
4
4
3
2
2
2
2
433
430
427
414
425
425
97
97
97
97
105
109
109
111
7
8
7
8
132
128
126
125
339
343
343
349
298
301
308
306
75
73
71
72
8
7
7
7
1
1
1
1
112
112
111
111
1
1
1
1
178
179
180
179
62
62
62
62
207
207
210
314
314
345
339
593
598
629
629
582
591
624
612
83
78
81
87
12
10
11
11
12
12
12
12
139
139
139
139
4
4
3
2
1
1
1
1
460
460
207-
17
19
18
19
109
109
109
109
153
155
152
148
12
14
12
13
317
309
322
312
553
558
571
573
535
540
563
551
60
59
58
58
14
9
10
12
37
37
37
37
127
125
125
124
9
9
9
9
1
1
295
290
287
278
90
91
91
91
493
507
519
515
27
28
27
27
331
315
330
316
1,328
1,330
1,360
1,358
1,286
1,302
1,349
1,328
127
123
119
121
36
29
30
28
80
82
82
82
1,024
1,021
1,019
1,019
78
75
70
71
349
356
361
352
1,121
1,114
1,156
1,115
41
44
41
41
284
270
274
273
2,222
2,240
2,262
2,287
2,123
2,130
2,180
2,170
216
215
218
223
31
28
30
30
95
95
95
95
482
480
480
479
17
17
17
17
394
394
394
395
274
275
271
271
7
7
1
5
5
5
5
1,036
1,019
1, 052
1,032
* See note on preceding page.
12 Demand deposits other than interbank and U . S . Government, less cash items reported as in process of collection.
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
AUGUST
1941
Federal Reserve
district and date
(1941)
Boston (6 cities)
July 2
July 9
July 16
July 23
New York (8 cities)*
July 2
July 9
July 16
July 23
Philadelphia (4 cities)
July 2
July 9
July 16
July 23
Cleveland (10 cities)
July 2
July 9
July 16
July 23
Richmond (12 cities)
July 2
July 9
July 16
July 23
Atlanta (8 cities)
July 2
July 9
July 16
July 23
Chicago (12 cities)*
July 2
July 9
July 16
July 23
St. Louis (5 cities)
July 2
July 9
July 16
July 23
Minneapolis (8 cities)
July 2
July 9
July 16
July 23
Kansas City (12 cities)
July 2
July 9
July 16
July 23
Dallas (9 cities)
July 2
July 9
July 16
July 23
San Francisco (7 cities)
July 2
July 9
July 16
July 23
City of Chicago*
July 2
July 9
July 16
July 23
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by
Commercial
paper
E n d of month
Total
Accepting banks
standing
standing i
Total
1940—March
April
May
June
July
August
September
October
November
December
._
._ ___ . - - . . -
1941—January
February
March
April
Mav
June..
_ ._
_
_
- -- .- -
Based on
Own
bills
Imports Exports
from Dollar
Others? into
exBills
United United
change
bought
States States
Goods stored in or
shipped between
points in
Foreign
countries
United
States
233
239
234
224
232
245
251
252
232
218
230
223
214
206
188
182
177
187
197
209
184
178
171
166
152
148
142
149
159
167
121
118
113
112
103
103
100
96
99
100
63
61
58
54
49
44
42
53
60
67
46
45
43
40
36
34
35
38
38
42
90
86
78
79
75
80
80
91
98
109
47
45
47
43
32
24
22
20
20
18
14
13
12
13
13
11
11
11
9
10
49
46
41
36
35
38
35
37
41
44
30
33
34
34
32
29
28
28
29
27
232
241
263
275
295
299
213
212
217
220
215
213
168
164
170
170
164
161
103
99
107
105
105
101
65
65
63
66
60
59
45
48
47
49
51
52
115
119
120
126
125
123
16
18
24
25
24
24
11
7
8
7
3
3
44
42
41
38
41
43
26
26
25
23
22
20
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
Backfigures.—SeeAnnual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
iMember firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Credit balances
Debit
Customers' balances in
partners'
debit
investment
balances
and trading
(net) i
accounts
Debit
balances in
firm
investment
and trading
accounts
Customers'
credit balances *
Cash on
hand
and in
banks
Money
borrowed 2
Free
Other
(net)
Other credit balances
In
In
partners'
firm
In
investinvestcapital
ment and ment and accounts
trading
trading
(net)
accounts accounts
1935—December
1,258
75
135
179
930
286
79
24
10
410
1936—June
December
1,267
1,395
67
64
164
164
219
249
985
1,048
276
342
86
103
24
30
14
12
420
424
1937—June
December
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
JO
397
35fi
1938—June
December
774
991
27
32
88
106
215
190
495
754
258
247
89
60
22
22
11
5
298
30S
1939—June _ _
December
834
906
25
16
73
78
178
207
570
637
230
266
70
69
21
23
6
7
280
277
1940—Tune __
July
August
September... _ _
October.
November
December
653
642
631
635
653
666
677
12
12
12
12
12
12
12
58
64
56
57
70
64
99
223
213
215
218
203
214
204
376
376
368
370
381
383
427
267
261
256
268
269
280
281
62
62
57
56
58
59
54
22
22
21
20
20
20
22
5
fi
5
5
5
4
5
269
264
260
255
253
253
247
661
634
633
606
622
616
11
11
9
10
10
11
73
78
81
86
102
89
207
199
199
199
185
186
399
375
387
368
403
395
275
267
268
265
262
255
54
53
56
60
61
65
22
22
21
20
17
6
6
6
8
7
7
238
237
231
227
223
222
,
1941—January _
February
March
April
May
June
_
17
* 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).
NOTI.— For explanation of thesefiguressee "Statistics on Margin Accounts" in BULLETIN for Septen ber 1936. T he 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).
768
FEDERAL RESERVE BULLETIN
COMMERCIAL LOAN RATES
OPEN-MARKET RATES IN NEW YORK CITY
[Per cent per annuml
Prevailing rate 1 o n -
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
Average rate on—
[Per cent per annum]
Average
U. S. Treas- ield
of
91-day
Stock urybills
3-to-5
2
Stock
Prime
year
exPrime bankextaxcomers' change change
exempt 1934 average1.
call
mercial acceptNew
time
U.S.
paper, ances, loans, loan issues
average1.
DealTreas- 1935
re4 to 6
1936 average1.
of90
ers'
90
ury
new- fered
months days
1937
average1days
quoals within tation notes
1938 average1period
1939 average..
Year,
month, or
week
1938 average..
1939 average..
1940 average __
.44
.44
.44
1.25
1.25
1.26
1.00
1.00
1.00
.053
.023
.014
1940—June
July—.
Aug
Sept....
Oct
Nov
Dec
.44
.44
.44
.44
.44
.44
.44
1.25
1.25
1.^25
1.25
1. 25
1.25
1.25
1.00
i.00
1.00
1.00
1.00
1.00
1.00
.071
.009
.019
.021
(3)
.003
1941—Jan
Feb
Mar
April...
May
June
.44
.44
.44
.44
.44
.44
1.25
1.25
1.25
1.25
1.25
1.25
1.00
1.00
1.00
1.00
1.00
1.00
.034
.089
.092
.082
.089
IK
IX
IX
IX
IX
1.00
1.00
1.00
1.00
1.00
.087
.097
.097
.098
.094
Week ending:
June 28.
July 5_.
July 12.
July 19.
July26.
()
Total
19 cities
New
York
City
7 other
Northern and
Eastern
cities
11 Southern and
Western
cities
1940 average..
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
Monthly figures1
1938—June
July
August
September
October
November
December
2.56
2.57
2.52
2.53
2.57
2.49
2.60
1.70
1.70
1.67
1.70
1.70
1.70
1.70
2.78
2.78
2.71
2.74
2.90
2.68
2.95
3.31
3.35
3.28
3.26
3.21
3.20
3.23
1939—January
February
Quarterly figures
1939—March
June
September. _„_
December
2.64
2.52
1.73
1.70
2.97
2.69
3.32
3.26
2.95
2.91
2.68
2.59
2.13
2.15
2.04
1.96
3.05
3.05
2.78
2.59
3.77
3.62
3.31
3.32
1940—March
June
September..
December..
2.65
2 59
2. 68
2.59
2.03
2.00
2.14
2.00
2.67
2.49
2.56
2.53
3.35
3.38
3.43
3.36
1941—March..
June
2.58
2.55
2.06
1.95
2.53
2.58
3.25
3.23
1
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
1 Monthly figures are averages of weekly prevailing rates.
2
Tax-exempt
bills
prior
to
March
1941;
taxable
bills
thereafter.
Back figures—See November 1939 BULLETIN, pp. 963-969 for descrip8
Rate negative.
tion and for back figures.
Back figures—See Annual Report for 1937 (tables 43 and 44). Figures
for Treasury bills and Treasury notes available on request.
BOND YIELDS *
[Per cent per annum]
Corporate 4
Year, month, or week
Number of issues
U. S.
Treasury 2
Municipal »
2-6
By ratings
Total
Aaa
By groups
Aa
Baa
Industrial
Railroad
Publicutility
120
30
30
30
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
1940—June
July
August
September.
October
November.
December..
1941—January...
FebruaryMarch
April
May
June
2.39
2.28
2.25
2.18
2.10
1.97
1.89
1.99
2.10
2.01
1.96
1.92
1.91
2.85
2.54
2.49
2.44
2.32
2.18
2.07
2.16
2.27
2.28
2.20
2.14
2.08
3.72
3.57
3.55
3.50
3.46
3.40
3.36
3.36
3.40
3.39
3.39
3.37
3.34
2.88
2.85
2.82
2.79
2.75
2.71
2.75
2.78
2.80
2.82
2.81
2.77
2.96
3.10
3.01
3.03
3.01
3.01
2.96
2.92
2.95
3.00
3.01
3.04
2.99
2.95
3.70
3.57
3.55
3.52
3.48
3.40
3.36
3.36
3.38
3.37
3.38
3.34
3.31
5.11
4.80
4.76
4.66
4.56
4.48
4.45
4.38
4.42
4.38
4.33
4.32
4.31
3.25
3.15
3.12
3.10
3.06
2.98
2.93
2.96
3.00
3.02
3.06
3.02
2.96
4.57
4.32
4.30
4.23
4.15
4.07
4.03
3.96
4.00
3.98
3.96
3.95
3.95
3.33
3.23
3.23
3.19
3.18
3.14
3.13
3.17
3.19
3.17
3.16
3.13
3.10
Week ending:
July 5
July 12
July 19
July 26
1.90
1.90
1.91
1.90
2.05
2.03
2.04
2.03
3.31
3.30
3.30
3.29
2.75
2.74
2.74
2.74
2.92
2.91
2.90
2.90
3.28
3.27
3.26
3.25
4.30
4.29
2.92
2.91
2.90
2.90
3.94
3.94
3.93
3.92
3.08
3.08
3.07
3.06
4.28
4.27
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,
a Standard Statistics Co.
* Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have
each been reduced from 10 to 3 issues, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively.
Back figures—See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request.
AUGUST
1941
769
BOND PRICES1
Year, month, or date
Municipal 3
Total
1940—June
July
August
September.
October....
November.
December..
1941—January
February...
March
April
May
June
2
9
16
23
113.7
116.3
121. 2
78.9
81.6
82.0
Volume of
trad-3
ing
Common (index, 1926=100)
(in
thouIndus- Rail- Public sands of
trial
road utility shares)
Total
Stock prices '
Indus- Railtrial road
2-6
102.5
105.2
107.2
1938 average
1939 average
1940 average
July
July
July
Julv
Corporate a
U. S.
Treasury 3
Number of issues
STOCK MARKET
20
20
82.9
86.0
87.5
58.6
58.0
57.9
104.8
106. 3
106.7
107.7
108.8
110.7
111.8
110.4
108.8
110.1
110.8
111.4
111. 5
114.6
120.4
121.2
122.3
124.6
127.3
129.3
127.7
125.6
125.4
126.8
128.1
129.2
78.5
81.2
81.5
82.7
83.6
83.9
84.0
85.3
84.5
85.3
85.8
86.0
85.8
84.7
86.3
86.8
87.8
89.2
90.3
90.2
90.5
89.9
90.2
90.2
90.1
90.4
52.0
57.1
57.5
59.7
61.0
60.9
61.1
64.3
62.7
64.3
65.9
66.7
65.8
111.7
111.7
111.5
111.7
129.7
130.0
129.9
130. 0
85.9
86.2
86.3
86.4
90.8
90.9
91.3
91.3
65.8
66.7
66.6
66.9
Year, month, or
date
Preferred 2
Number of issues..
420
20
1938 average
1939 average
1940 average
135.6
141.2
140.1
1940—June
July
August
September...
October
November
December..
1941—January
February
March
April
May
June
133.2
136.9
137.3
139.1
140.4
141.9
143.9
145.4
143.0
142.1
141.8
140.9
141.0
July 2
July9
July 16
July 23
142.1
142.4
142.6
143.2
32
348
40
1.104
977
767
105
97
708
310
317
553
599
1,044
814
564
444
440
495
420
463
377
9F0
558
867
79
i Monthly data are averages of daily figures except for municipal bonds,
which are averages of Wednesday figures.
» Prices derived from average of yields of all outstanding partially
1 Standard Statistics Co. Monthly data are averages of Wednesday
tax-exempt Government bonds due or callable in more than 12 years
on basis of a 2^4 per cent, 16 year bond. For description see November figures.
2 Average prices of industrial high-grade preferred stocks, adjusted to a
1940 BULLETIN, p p . 1179-1180. Prices expressed in decimals. Weekly
data are averages of daily figures for week ending on Saturday following $73annual dividend basis.
Average daily volume of trading in stocks on the New York Stock
date
shown.
3
Prices derived from average yields, as computed by Standard Sta- Exchange. Weekly figures are averages for the week ending Saturday.
tistics Co.
Back figures.—For stock prices, see Annual Report for 1937 (table 79)
Back figures—See Annual Report for 1937 (table 79). For U. S. Treasury bonds see November 1940 BULLETIN.
CAPITAL ISSUES
[In millions of dollars]
For new capital
Year or
month
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
.
Total
(new
and
refunding)
4,038
1,751
1,063
2,160
4,699
6,214
3.937
4,449
5,842
1940—June....
July....
Aug
Sept..
Oct
Nov
Dec
1941—Jan
Feb
Mar
Apr
May
June -..
Domestic
Total
(domestic
State
and
foreign)
Total
3,095
1,197
2,860
1,165
720
708
1,386
1,409
1,949
2,094
2,325
2, 239
804
T-1,954
227
83
83
T-712
T-401
T-401
T-284
T-229
130
114
129
114
711
T-258
T-264
T-258
T"442
'•613
T-191
T-191
421
95
77
182
745
107
519
95
77
182
745
107
519
r
T-347
T-920
406
881
and
municipal
1,386
1,457
1,972
2,138
2,360
2, 289
n, 956
T-4,
For refunding
7-264
1,235
Federal
agencies 1
Domestic
Corporate
Total
Bonds
and Stocks
notes
75
77
64
405
150
22
157
481
924
461
1,551
1,239
762
483
803
855
735
712
971
931
757
325
161
178
404
T-736
305
40
144
334
839
817
807
287
7-601
71
62
61
46
98
53
129
40
37
86
60
37
59
2
289
0
0
112
42
0
2
8
9
645
5
370
10
8
T-50
T-47
68
68
7"48
169
53
64
166
T-62
T-46
1,192
1,225
873
383
T-22
53
32
51
25
T-87
T-56
39
64
90
29
61
77
311
20
120
35
69
352
408
67
97
135
2
2
15
4
26
3
16
2
6
31
10
3
14
Foreign *
235
32
12
0
48
23
44
35
50
2
0
0
1
0
0
0
0
0
0
0
(3)
(3)
Total
(domestic
and
foreign)
Total
893
498
283
765
3,242
4,242
1,799
2,089
3,553
3,216
4,123
1,680
2,061
3,465
848
T-2,
T-2,
848
144
144
T-311
T-154
T-311
7-116
453
T-154
T-116
453
T-178
T-422
T-178
T-325
'•325
T-270
T-270
T-219
r
223
299
362
and
municipal
944
554
343
774
T-175
0
State
'422
7-175
299
362
21
87
37
136
365
382
191
129
195
478
Federal
agencies 1
51
93
26
317
987
353
281
665
1,537
344
14
20
14
24
80
25
73
23
26
93
40
74
26
29
48
28
26
28
59
14
31
17
11
28
28
223
Corporate
Total
Bonds
and Stocks
notes
821
319
219
312
789
315
187
312
1,864
3,387
1,209
1,267
1,733
1,782
3,187
026
T-1,834
101
101
7-240
T-2,
T-242
T-113
7-66
345
856
1,236
1,596
T-108
T-64
T-94
332
7-68
T-335
T-292
T-271
T-269
T-227
T-115
T-210
T-84
T-107
T-107
197
113
162
108
Foreign 2
32
4
32
0
81
200
352
31
137
193
51
56
60
9
26
119
119
28
88
0
3
4
1
14
26
43
3
17
32
0
35
5
0
0
0
0
0
0
0
0
0
4
0
0
0
T
Revised.
12 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
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.
Back figures.—See Annual Report for 1937 (table 78).
770
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Noninterestbearing
Interest-bearing
Public issues
End of month
Total
gross
debt
1932—June
1933—June
1934—June
1935—June
1936—June
1937—June. __.
1938—June
1939—June
19,487
22,539
27,053
28, 701
33, 779
36, 425
37,165
40,440
19,161
22,158
26,480
27,645
32,989
35,800
36,576
39,886
1940—May
42,808
42, 968
43, 771
43,905
44,073
44,137
44, 273
45,025
45 877
46, 090
47,173
47, 231
47, 721
48,961
42, 253
42, 376
43,186
43, 317
43, 480
43, 560
43,707
44,458
45 320
45, 535
46, 581
46,673
47,160
48, 387
1941—j an
Feb
Mar
Apr
May
June
Nonmarketable
issues
M a r k e t a b l e issues i
Total
interest
bearing
Ma-
—
Total
Treasury
bills
June
July
Aug
Sept
Oct.
Nov
Dec
Special issues
6
Postal
AdTreas- Treas- Savings U. S. justed
ury
ury 2
and Savings
notes bonds prewar bonds bonds
bonds
18,852
621,834
*26,084
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, 668
37, 602
38, 333
38, 383
38,417
38,459
38,498
39,089
39 895
40,002
40,898
40,967
41, 326
42, 267
,304
L, 302
1,302
1,303
,303
,307
1,308
1,310
307
1,306
L, 604
L, 603
I, 603
1,603
6,125
6,383
6,384
6,384
6,384
5,660
5, 660
6,178
6 813
6,813
5,722
5,721
5, 721
5,698
26, 908
26, 555
27, 226
27, 236
27, 235
27, 960
27, 960
27, 960
27 960
27, 960
29, 532
29, 554
29, 554
30, 215
196
196
196
196
196
196
196
196
196
196
196
196
196
196
2,869
2,905
2,966
3,008
3,044
3 084
3,123
3,195
3 371
3,480
3,599
3,647
4,008
4,314
Total
945
389
319
283
309
323
396
633
626
1,558
2,676
3,770
265
261
258
256
254
252
251
249
248
247
245
244
243
241
4,585
4,775
4,853
4,934
5,063
5 102
5,209
5,370
5,426
5,534
5,683
5,707
5,834
6,120
Social
AdAll 5
sejusted other
curity3 service 4
tured
debt
Other
19
579
1,601
2,511
105
92
118
156
127
538
549
556
204
231
278
478
480
441
526
702
60
66
54
231
169
119
141
142
266
315
518
825
620
506
447
411
3,363
3,528
3,536
3,622
3,751
3 777
3,885
4,047
4 066
4,174
4,324
4,354
4,485
4,728
515
536
515
515
517
517
516
516
517
518
518
529
530
553
707
712
803
797
796
808
808
806
842
841
840
824
819
839
166
205
198
205
212
197
187
189
181
180
220
186
190
205
389
386
386
383
381
380
379
377
376
374
372
372
370
369
1 Including amounts held by Government agencies and trust funds which aggregated $2,072,000,000 on May 31, and $2,072,000,000 (preliminary) on June 30, 1941. These amounts exclude holdings by production credit associations and joint stock land banks.
23 Including Liberty bonds.
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.
« Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000
SECURITIES FULLY GUARANTEED BY U. S. GOVERNMENT, BY ISSUING AGENCIES1
[In millions of dollars]
Tnt eresi -bearing
End of month
1934—June..
Dec...
1935—June..
Dec...
1936—JuneDec...
1937-June..
Dec...
1938—June.Dec...
1939—June.
Dec...
1940—May..
June..
July..
Aug. _.
Sept,.
Oct...
Nov..
Dec...
1941—Jan...
Feb...
Mar. .
Apr...
May..
June..
Total
amount
outstanding
681
3,063
4,123
4,494
4, 718
4,662
4,665
4,645
4,853
4,992
5,451
5,704
5,535
5,529
5,526
5,813
5,808
5,810
5,919
5,917
5,915
5,914
5,916
6,560
6,371
6,371
Total
681
3,063
4,123
4,494
4, 718
4,662
4,665
4,645
4,853
4,992
5,450
5, 621
5,497
5,498
5,499
5,788
5,787
5, 790
5,901
5,901
5,901
5,901
5,905
6, 550
6,359
6,360
ReconFederal
Home
Farm
Owners' struction
Finance
Mortgage
Loan
Corpora- Corpora- Corporation
tion
tion
312
980
1,226
1,387
1,422
1, 422
1,422
1,410
1,410
1,388
1,379
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
,269
1,269
1,269
134
1,834
2,647
2,855
3,044
2,988
2,987
2,937
2,937
2,888
2,928
2,731
2,603
2,603
2,603
2,603
2,602
2,602
2>600
2,600
2,600
2,600
2,600
2,600
2,409
2,409
Commodity
Noninterest
Federal bearing
Housing matured
Credit Housing
Admindebt
AuthorCorporaistration
ity
tion
U. S.
235
249
250
252
252
255
297
299
509
820
1,096
1.096
1,096
,096
1,096
1,097
1,097
,097
1,097
1,097
1,097
1,097
L, 741
1,741
1,741
206
206
206
407
407
407
407
696
696
696
696
696
696
696
696
696
696
696
(2)
(2)
(2)
1
1
114
114
114
114
114
114
114
114
226
226
226
226
226
226
226
226
3
4
7
8
8
9
9
12
13
13
12
13
16
17
17
17
(2)
(2)
(2)
(2)
(2)
1
83
38
31
28
24
21
19
18
15
14
13
11
10
12
11
1 Principal amount of obligations guaranteed as to interest and principal, Excludes obligations held by V S. Treasury and reflected in the
public debt.
2 Less than $5C0,000.
AUGUST
1941
771
MATURITIES OF PUBLIC ISSUES OF UNITED STATES GOVERNMENT SECURITIES, DIHECT AND FULLY GUARANTEED, JUNE 30, 1941
[In millions of dollars]
Direct securities maturing
Fully guaranteed securities maturing
Treasury
bonds
due or 2
callable Total 3
Bonds
Maturing or
callable
Total
Treasury
bills
Treasury
notes
1,603
1941—Before Oct. 1
Oct. 1-Dec. 3 1 . . -
1,650
204
1942—Jan. 1-Mar. 31.._
A nr 1-June 30
Julyl-Sept.30...
426
426
342
232
342
232
1,396
1,849
3,603
1,848
2,790
1,978
1,630
2.698
1,754
2. 454
3,524
3,709
1, 515
1,170
1,448
9S2
2,611
50
919
1,396
1,849
1,249
Oct. 1-Dec. 31
1943
1944
1945
1945
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1958
1959
I960
1961
1963
1964
1985
__
47
204
Otheri
47
(«)
0)
(4)
1,941
1,519
2,370
1,487
819
1,687
1,223
2, 436
2, 904
3,687
1,480
1,170
1, 448
982
2,611
(«)
413
329
420
492
811
1,011
5 530
18
5 620
22
35
1,855
2, 555
1, 755
2,344
1,460
3,361
2,278
1,186
3, 500
1,024
725
681
2.611
2,430
414
616
414
616
211
300
310
310
649
276
320
276
320
1,151
320
613
989
324
203
204
339
835
835
114
613
1,823
755
226
6, 342
289
875
1,094
112
755
779
779
919
50
1,485
919
95
95
6,342
1,269
1,485
1,485
- . . 42, 267
Total
Treasury
Total
fully
guarReconFederal
anteed
strucFarm
ComU. S.
Home
Mort- Owners' tion
modity Housing securities
Finance Credit Author- due
gage
Loan
or 2
Corpor- Corpor- Corpor- Corpority
callable
ation
ation
ation
ation
1,603
5,698
30, 215
4,751
30, 215
2,409
1,741
696
1 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.
2
Securities not callable prior to maturity are shown as of date of maturity.
s Excluding debentures of Federal Housing Administration which amounted to $17,000,000 on June 30.
* Less than $500,000.
s "Unclassified" United States savings banks in the amount of $132,000,000 are included in 1953 maturities.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Held by Federal
agencies and
trust funds
End of
Month
1Q25
1 qofi
1927
1Q28
1929
1 Q^O
1931
Tune
Tune
June
Tune
June
Tuns
June
IQQO—June
1933—June
1934—June
1935—June
_- _ _ _
iQQft—June
Dec
1937—June
Dec.
1938—June
Dec
1939—June
Dec
1940—June
Dec
Total
interestbearing
securities
Special
issues
20,211
19, 384
18, 251
17, 318
16, 639
15,922
16, 520
19,161
22,158
27,161
31, 768
95
204
359
462
607
764
291
309
323
396
37, 707
38, 362
40, 465
41, 353
41, 428
43, 891
45, 336
47, 067
47, 874
50, 360
626
633
632
1,558
2,227
2,676
3,156
3,770
4,231
4,775
5,370
Public
issues
421
422
369
359
277
208
144
261
366
Privately held i
Held
by
Federal
Reserve
Banks
353
385
370
235
216
591
668
Other investors 2
Total
1,055
1,365
1,784
1,998
2,432
2,433
19,342
18,373
17,153
16, 262
15, 539
14, 359
15, 417
16, 807
19, 471
23,278
27, 337
1,703
1,820
2,036
2,049
2,123
2,198
2,138
2,323
2,320
2,269
2,430
2,430
2,526
2,564
2,564
2,564
2,551
2,484
2,466
2,184
32, 948
33,480
34, 345
34, 513
34,065
35, 973
36, 877
38, 029
38, 313
40, 537
Member
banks
Other
commercial
banks
Mutual
savings
banks
850
810
800
940
790
920
670
590
590
890
1,130
3,780
3,745
3,796
4,225
4,155
4,061
5,343
5,628
6,887
9,413
11, 429
1,290
13, 671
13, 545
12, 689
12, 371
12, 343
13, 222
13, 777
14, 328
14, 722
15, 823
1,600
1,710
1,870
1,790
1,700
1,850
1,920
1,970
1,830
1,940
Insurance
companies 2
Marketable
issues2
U. 8.
Savings
and
adjusted
service
bonds
1,540
1,000
1,500
2,600
13,600
12, 900
11, 700
10, 400
10,000
8,900
8,800
9,100
10, 300
10, 500
10, 400
100
2,050
2,330
2,390
2,450
2,690
2,880
3,040
3,100
3,110
3,220
3,900
4,400
5,000
5,200
5,200
5,500
5,800
6,100
6,100
6,500
10,500
10, 600
11, 300
11, 500
10, 700
10,900
10, 400
10, 300
9,700
9,900
1,200
900
1,100
1,200
1,400
1,600
1,900
2,200
2,900
3,200
960
810
720
560
520
650
680
720
970
800
1 Estimated figures for other commercial banks and mutual savings banks have been rounded to nearest 10 millions and estimated figures for
insurance companies and other investors have been rounded to nearest 100 millions.
2
Holdings of insurance companies included with "Other investors" prior to 1932.
NOTE.—For end of June figures 1916-1924, see BULLETIN for July 1941, p. 664.
772
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts
Receipts
Period
Miscella-
Agri-
In- neous Social
come inter- secur- All
ity
taxes
nal
other
reve- taxes
nue
culTotal Net Inter- Na- tural
rere- 1 est
tional Adon
deceipts ceipts
justdebt fense ment
Pro-
Un- Transem- fers to
All
ploy- trust
Total1
acment
other
re- counts
lief
etc.1
gram
Fiscal year
ending:
June 1938—
June 1939-June 1940—
June 1941—
Trust Increase, or decrease during
accounts
period
etc.,2
excess
Excess of reof ex- ceipts
pendi- (+) or General
extures
pendi- fund Gross
( )
bal- debt *
tures
ance 2
(—)
Expenditures ( excl. debt retirements)
2,640
2,189
2,125
3,470
2,279
2,232
2,345
2,967
755
740
838
932
567
507
617
900
6,242
5,668
5,925
8,269
5,855
5,165
5,387
7,607
926
941
1,041
1,111
1,028
1,163
1,559
6,048
362
787
1,020
968
1,914
2,595
1,919
1,741
220
182
208
235
2,789
3,040
3,251
2,609
7,239
8,707
8,998
12, 711
-1,384
- 3 , 542
-3,611
-5,103
40
1940—MayJune _ 464
50
July.
38
Aug._
432
Sept._
44
Oct.
Nov._
49
429
Dec.1941—Jan.63
104
Feb..
Mar.. 1,208
75
Apr.63
M ayJune _
916
179
201
237
346
213
237
252
231
210
204
273
244
254
265
137
32
39
139
29
38
138
34
47
193
34
43
165
32
43
88
41
43
37
47
46
46
52
172
52
240
58
64
400
784
367
566
711
365
485
741
372
674
1,567
602
541
1,277
400
649
331
447
711
333
362
740
340
541
1,566
565
394
1,276
10
305
20
20
148
73
11
219
25
21
150
73
12
339
154
153
177
200
219
287
376
473
572
593
746
761
837
808
62
43
54
76
75
103
108
110
103
96
102
71
39
32
169
151
151
142
139
145
138
155
146
138
159
148
145
135
4
248
235
302
243
168
261
164
215
247
209
232
244
108
215
647
887
818
706
759
869
817
1,172
1,111
1,075
1,399
1,315
1,141
1,528
-247
-237
-487
-259
-48
-536
-455
-432
-771
-534
114
25
10
20
18
20
10
18
+167
-750
-747
-252
Details of trust accounts, etc.
Old-age insurance
trust fund and railroad
retirement account
Period
Unemployment
trust fund
461
516
573
637
85
120
129
186
763
838
959
1,114
560
395
443
563
191
442
514
555
*9
*658
*234
80
1940—May
June
July
Aug
Sept
Oct
Nov
Dec.
1941 Jan
Feb
Mar
Apr
May
June
4
179
56
145
11
32
143
1
42
152
11
46
148
58
12
12
13
13
14
15
15
15
15
16
17
17
17
17
145
46
59
143
67
107
145
51
78
149
28
69
167
51
81
175
*5
1
148
*5
*5
151
*10
*5
160
*10
*6
224
58
54
57
53
81
84
31
33
41
43
37
35
30
31
*6
17
25
13
85
*18
31
113
11
29
113
*10
40
137
19
(4)
*13
*10
59
15
16
160
64
*406
82
87
-83
-62
-181
-139
+51
+320
+367
+196
-158
-24
+216
-209
-39
-495
-103
+15
+111
+97
-3
-236
+1, 014
+403
-264
-259
-324
-290
-521
+729
+150
+160
+803
+135
+168
+64
+136
+752
+852
+213
+1, 083
+58
+490
+1,241
All other
ReconCom- United
In- Other struction modity States
In- BeneNet
Ex- Total
exfit
RevestreRe- pendivestFinance Credit Hous- All
ceipts ments pay- ceipts ments pendi- Corpora- Corpora- ing Au- other ceipts tures
thority
ments
tures
tion
tion
550
639
703
844
-148
-338
+740
+622 +3, 275
- 9 4 7 +2, 528
+742 +5, 994
Details of general fund
balance (end of period)
Net expenditures in checking
accounts of Government agencies
Fiscal year ending:
June 1938- _
June 1939. _.
June 1940—
June 1941__.
+306
+890
+136
IncreWorkment Seign- ing
on
iorage balgold
ance
*184
136
10
58
1
*60
17
121
*12
*186
166
*33
414
440
415
545
327
324
323
485
2,216
2,838
1,891
2,633
142
142
143
143
446
536
585
605
1,628
2,160
1,163
1,885
(4)
*17
*5
25
*6
15
51
*103
8
32
*8
25
24
31
27
107
20
62
120
18
24
29
18
35
38
33
46
57
43
86
17
72
103
15
17
17
6
25
50
42
49
48
32
83
2,030
1,891
2,258
2,454
2,415
1,920
1,817
1,928
2,025
143
143
143
143
143
143
143
143
143
143
143
143
143
143
584
585
588
590
592
595
596
597
599
601
602
603
604
605
1,303
1,163
1,527
1,720
1,680
1,183
1,078
1,188
1 283
'957
1,970
1,679
1,157
1,885
45
10
*144
*1
21
24
17
12
7
37
33
57
*16
*57
*32
16
*13
*50
21
*43
*30
*56
*12
241
*18
2^ 715
2,425
1,904
2,633
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.
* Details given in lower section of table.
3
For details, see page 771.
4
Less than $500,000.
* Excess of credits.
NOTE.—For explanation of table see BULLETIN for October, 1940, p. 1052.
AUGUST
1941
773
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars.]
1941
1940
June
May
Assets
Loans and preferred stock:
Loans to financial institutions-.
.
429
386
783
784
Preferred stock, etc.
524
515
Loans to railroads
Home and housing mortgage
loans
2, 355 2,323
2,553
2,549
Farm mortgage loans
Other agricultural loans
667
675
All other loans
1,183
1,187
Total loans and preferred
stock
8,442
8,470
Cash
461
412
U. S. Govt. direct obligations...
762
748
Obligations of Government credit
agencies:
Fully guaranteed by U. S._._
131
131
Other i
46
48
Accounts and other receivables..
404
417
Business property
_
562
559
1,088
1,067
Property held for sale
179
179
Other assets
Total assets 2other than interagency
12, 085 12,021
Liabilities
Bonds, notes, and debentures:
Guaranteed
5,535
5,529
1,337
1,343
Other i
1,039
1,105
Other liabilities
Total liabilities
other
than
2
interagency
7,912
7,977
Excess of assets over liabilities,
excluding interagency transactions
4,174
4,044
U. S. Govt. interests... .
3,770
3,639
404
405
Privately owned interests..
July
Oct.
Sept.
Aug.
Nov.
Feb.
Jan.
Dec.
Mar.
Apr.
May
430
772
552
433
756
553
437
757
513
441
757
512
469
739
515
485
736
516
445
729
523
425
711
518
409
706
523
400
703
523
397
2, 342
2,540
693
1,185
2,336
2, 534
815
1,197
2,348
2,526
802
1,200
2,387
2,517
785
1,214
2,387
2,508
772
1,291
2,390
2, 500
757
1,298
2,424
2,481
728
1,309
2,395
2,485
727
1,352
2,406
2,475
776
1,386
2,427
2,467
867
1,409
2,436
2,458
830
1,472
8,513
462
740
8,623
566
715
8,583
572
693
8,613
521
704
8,680
549
699
8,682
533
701
8,639
580
723
8,614
595
736
8,681
620
756
8,796
771
771
8,800
131
35
394
567
1,067
184
131
36
519
569
1,061
191
131
36
512
570
1,081
193
130
30
521
597
1,094
188
128
24
513
601
1,113
210
128
22
491
593
1,141
211
127
21
552
599
1,190
214
127
22
524
600
1,206
251
124
20
551
602
1,245
310
126
21
555
608
1,297
338
125
17
549
623
1,392
12, 092
12, 410
12, 371
12, 398
12, 518
12, 500
12, 645
12, 676
12, 909
13, 282
13,108
5,526
1,351
1,103
5,811
1,354
1,234
5,809
1,356
1,238
5,808
1,354
1,243
5,919
1,422
1,237
5,917
1,395
1,214
5.915
1,389
1,294
5,914
1,386
1,292
5,916
1,390
1,391
6,560
1, 385
1,432
6,371
1,434
1,492
7,980
8,400
8,403
8,406
8,579
8,526
8, 599
8,592
8,696
9,377
9,297
4,112
3,706
406
4,010
3,603
407
3,968
3,558
410
3,992
3,580
412
3,939
3,526
413
3,974
3,559
415
4,046
3,629
417
4,084
3,666
418
4,213
3,792
421
3,906
3,484
422
3,811
3,388
702
505
464
780
359
423
1 Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation.
2 Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconstruction
Finance Corporation.
PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MAY 3 1 , 1941
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Assets
Total
loans
and
preferred
stock
Total
.
1,503
63
0)
0)
2,068
145
70
192
288
0)
634
1,824
247
74
61
6
304
263
447
54
114
33
281
95
95
8,800
91
85
21
15
48
17
15
5
15
1
20
Govt.
direct
obligations
24
14
51
44
6
97
36
23
42
9
0)
0)
3
63
6
1
14
25
32
103
15
4
780
125
40
2
27
70
7
20
5
11
71
Other
1,741
2,420
226"
1,270
0)
7685
46.
2 978
226-
0)
29
0)
1
1
127
46
169
2
1
0)
(0
43
216
326
0)
0)
419
16
464
6
1
2
4
3
12
0)
8
14
0)
Guaran- Accounts
and
GuarBusiness Property
teed
other property
held for anteed
by
obligareceivsale
United
tions
ables
States
I CO
Reconstruction Finance Corporation. _
National defense corporations
Home mortgage and housing agencies:
Home Owners' Loan Corporation __
Federal home loan banks
RFC Mortgage Company
Federal National Mortgage Association
United States Housing Authority
Farm credit agencies:
Federal Farm Mortgage Corporation
._
Federal land banks
Federal intermediate credit banks
Banks
for cooperatives
Production
credit corporations
._
Regional agricultural credit corporations
Commodity Credit Corporation
Farm Credit Administration
Farm Security Administration.
_ __
Insurance agencies:
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation
Federal Savings and Loan Insurance Corporation
Federal Housing Administration
Export-Import Bank of Washington
Tennessee
ValleyCommission
Authority
U S Maritime
Rural Electrification Administration
Public
Other ^Vorks Administration ,
U. S.
Cash
Liabilities
Bonds, notes, and
debentures
0)
681
696
1
28
0)
1
10
17
0)
379
38
2*
8,
14
63
1
549
623
1,392
13:
6,371
1,434
1 Less than $500,000.
2
Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation.
774
FEDERAL RESERVE BULLETIN;
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding at end of month. In millions of dollars]
1940
June
Loans to financial institutions
Loans on preferred stock of banks and insurance companies _
Preferred stock, capital notes, and debentures_
Loans to railroads (including receivers) _ __
Loans for self-liquidating projects
Loans to industrial and commercial businesses:
For national defense
Other
Loans to drainage, levee, and irrigation districts
Other loans_
_
Securities purchased from Public Works Administration
_
Total loans and investments, other
than interagency
1
2
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
150
147
145
142
142
167
172
166
162
158
154
149
145
57
470
476
48
57
466
507
39
57
459
508
42
57
460
470
38
57
460
470
47
56
455
473
36
53
452
474
36
50
447
482
37
49
442
482
35
49
437
487
35
49
434
487
36
48
432
470
37
48
429
470
37
0)
June
131
130
129
3
129
3
128
6
126
7
121
9
119
11
117
17
115
21
114
61
113
65
111
84
5
83
5
83
5
83
5
83
5
84
5
83
5
83
5
83
5
83
5
76
5
74
5
79
5
111
107
110
116
116
115
116
114
113
113
113
111
122
1,531
1,541
1,538
1,503
1,511
1,522
1,519
1,512
1,499
1,499
1,488
1,503
1,511
74
146
74
146
74
146
74
146
74
146
99
146
99
146
174
152
174
157
174
164
174
168
174
175
174
182
59
59
60
61
63
64
67
68
68
69
71
71
73
74
8
76
8
79
8
81
8
85
8
87
8
90
8
93
8
96
8
99
8
99
8
101
8
102
8
1
10
2
10
10
10
24
21
33
23
45
28
63
18
83
33
125
121
60
125
168
81
125
219
97
125
282
116
125
1,918
1,894
1, 932
1,983
2,003
2,089
2,244
2,319
2,383
2, 473
2,573
0)
Preferred stock of, and loans to Export-Import Bank
Loans to Rural Electrification Administration
Capital stock of, and loans to RFC Mortgage
Company
Capital stock of, and loans to Federal National Mortgage Association
Loans to Tennessee Valley Authority
Capital stock2 of, and loans to national defense
companies
._
_________
Loans to Farm Security Administration
Capital stock of Federal Home Loan banks.__
Total loans and investments
1941
1,893
0)
1,915
Less than $500,000.
Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, and Defense Supplies Corporation.
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
fin millions of dollars]
End of year or month
Total
Total
1934
1935
1936
1937
1938
1939
Federal
land
banks
Loans to cooperatives
Short-term credit
Farm mortgage loans
Land
Bank
Commissioner
Total i
Federal
intermediate
credit2
banks
Production
credit
associations 3
Emergency
crop and
drought
relief
loans
Total
i
Banks
for
cooper-3
atives
Agricultural
marketing act
revolving fund
2,964
3,321
3,363
3, 335
3,211
3,058
2,533
2,867
2,901
2,848
2,735
2,596
1,916
2,072
2,064
2,035
1,982
1,905
617
795
315
358
337
367
364
364
56
47
837
813
753
691
41
40
34
33
61
94
105
138
148
154
111
173
165
173
171
168
117
97
125
120
112
99
28
50
70
88
87
76
55
44
54
31
24
1940—June ___
July
August
September
October
November ._
December
3,060
3,056
3,050
3,035
3,008
2,986
2,973
2, 549
2,540
2,534
2.526
2,517
2,508
2,500
1,880
1,875
1,871
1,867
1,862
1,856
1, 851
669
665
663
659
655
652
648
429
434
433
420
394
383
381
40
42
42
41
35
34
34
200
204
203
195
180
173
172
181
181
180
178
173
170
168
81
82
83
89
96
96
93
62
65
67
73
79
77
75
18
15
15
16
17
17
16
1941—January
February
March
April
May
June
2,964
2,970
2,976
2,982
2,988
2,988
2,489
2, 485
2,475
2,467
2,458
2,448
1,844
1,842
1,836
1,830
1,824
1,818
645
643
640
637
634
630
382
393
413
431
440
450
35
36
37
39
40
42
174
382
195
207
215
221
167
169
175
179
179
179
92
91
88
85
90
90
75
74
70
68
74
74
16
16
16
16
16
16
-. ._
1 Including loans of regional agricultural credit corporations (not shown in the breakdown) amounting to $87,000,000 in 1934, $43,000,000 in 1935,
$25,000,000
in 1936, $16,000,000 in 1937, $11,000,000 in 1938, $8,000,000 in 1939, and from $6,000,000-$8,000,000 since 1939.
2
Exclusive of loans to and discounts for regional agricultural credit corporations, production credit associations, and banks for cooperatives,
amounting
to a total of $225,000,000 in June 1941. These loans and discounts are included in the columns for the institutions concerned.
3
Some of the regional agricultural credit corporation loans (made prior to October 1935) and banks for cooperatives loans and most of the production
credit
association loans are discounted with the Federal intermediate credit banks.
4
Including loans of Federal intermediate credit banks to cooperatives (not show^n in the breakdown) amounting to $34,000,000 in 1934, $3,000,000
in 1935, and a negligible amount since 1935.
AUGUST
1941
775
FEDERAL HOME LOAN BANK BOARD
POSTAL SAVINGS SYSTEM
[In millions of dollars]
LOANS OUTSTANDING, BY INSTITUTIONS
[Loans in thousands of dollars
Assets
Home mortgage loans by—
Federal savings and
loan associations
E n d of month
Home
Owners'
Loan Cor- Number
poration
of associations
Loansi
Federal
home
loan
bank
loans to
member
institutions 2
1934—December
1935—December
1936—December
1937—December
1938—December
1939—December
2,379,491
2, 897,162
2, 765,098
2, 397, 647
2,168,920
2,038,186
639
81,300
1,023
348,000
1,212
586, 700
1,328
853, 500
1,368 1,034,162
1,410 1, 271,161
86, 651
102, 791
145, 394
200,092
198,840
181, 313
1940—March
April
May
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
1,413
1,420
1,421
1,430
1,431
1,431
1,434
1,440
1,443
1,445
1,317,975
1, 348,072
1, 376, 700
1, 405,100
1, 432,100
1, 461, 867
1, 487, 974
1, 515, 392
1, 533, 246
1, 546, 270
137, 642
133,811
137, 509
157, 397
162, 222
168,402
176,047
181, 526
185, 547
201,492
1, 942, 427
1, 929, 346
1, 913, 862
1, 899, 856
1, 885, 087
1, 870, 305
1,446
1,447
1,450
1,452
1, 454
1,459
1, 564,168
1, 578, 543
1, 600, 482
1, 628, 421
1, 657, 647
1, 688,297
170,849
156,899
145, 959
141,828
145, 273
169,897
June
July
August
September
October
November . __
1941—January
February
March
April
May
June..
End of month
Depositors
balances1 Total
U. S. Government
securities
Cash
in deposi-
Direct
Cash
reGuar- serve
an- funds,
teed
etc.2
tory Total
banks
obligations
385
777
203
967
136 1,100
115 1,103
68 1,157
630
800
933
936
1,011
147
167
167
167
146
74
95
71
73
78
obligations
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
1940—June
July
1,293
1,297
1,297
1,295
1,296
1,298
1,304
1,337
1,339
1,340
1,339
1,338
1,341
1,348
43
42
41
40
38
37
36
1,224
1,224
1,224
1,224
1,224
1,224
1,224
1,078
1,078
1,078
1,078
1,078
1,078
1,078
146
146
146
146
146
146
146
69
73
75
74
75
80
88
1,314
1941—January
February. _._ 1,318
1,320
March
April
1,317
1, 356
1,361
1,364
1,362
34
33
31
30
1, 239
1,245
1,259
1,259
1,093
1,098
1,113
1,113
146
146
146
146
84
83
74
73
August
September
October
November
December
May
June.
PI,
PI,
310
304
p Preliminary.
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,
accrued
interest
on bond investments, and accounts due from la te postand
loan
associations.
2
Excludes loans to other than member institutions which are negli- masters.
Back figures—See BULLETIN for August 1935, p. 503.
gible in amount.
776
FEDERAL RESERVE
BULLETIN
BUSINESS INDEXES
[The terms "adjusted' ' and ' unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value)
1923-25=100
] ndustrial
production
(physical volume) 2 *
1935-39=100
Income
payments
(value)1
Year and
month
1935-39
=100
3
Employment 4
NonagriMin- Total Resicul
All
denerals
turais
other
tial
1935-39
Dur- Nondur=--100
able able
Manufactures
Total
Fac- Freight- Department
tory
car
store
payloadsale?
rolls *
ings* (value) *6
1923-25 1935
39
1923-25
Factory
=100
1923-25=100
—100
Ad- Unad- Unad- AdAd- Unad- Ad- Ad- Ad- Ad- Ad- AdAdAdjusted justed justed justed justed justed justed justed usted justed usted justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
84
93
53
81
104
95
108
114
107
117
62
60
57
67
72
69
76
79
83
85
71
83
66
71
98
89
92
99
100
99
63
63
56
79
84
94
122
129
129
135
110
91
75
58
133
99
68
41
93
84
79
70
107
93
80
66
87
50
37
13
142
125
84
40
69
75
87
103
54
66
84
108
79
81
90
100
76
80
86
99
117
92
63
28
122
78
59
64
11
12
21
37
41
45
37
48
50
70
60
72
81
89
107.6
100.9
92.3
82.8
83.3
90.5
94.2
100.0
105.0
98.5
102.3
105.6
72
75
58
73
88
82
91
96
95
99
122.3
110.9
94.3
73.2
69.5
80.2
87.2
101 2
107.2
98 9
105. 5
112.5
25
32
37
55
108
135
106
95
112
97
108
122
108
113
106
117
72
81
113
88
44
30
44
68
81
95
124
121
117
126
79
90
65
88
86
94
120
135
139
142
74
80
-—
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
120
129
110
121
142
139
146
152
147
148
Adjusted
90
94
111
102
92
69
82
89
92
107
67
75
79
88
111
89
92
85
101
109
Tost
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
78
94
87
88
98
99
103
106
107
108
152
131
105
78
Wholesale
commodity
priopp *
1926
=100
124.5
14^.2
127.7
119.7
1?1 9
12? 2
125.4
12R 4
124.0
122.6
122.5
119 4
108 7
97 6
92 4
95 7
98 1
99 1
109.7
100 8
9Q 4
r
100 2
1938
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..
MayJune
July
August
September _
October
November
December
1941
JanuaryFebruary
March
April
May
June-
July
96.9
97.0
97.2
98.1
99.1
100.2
100.7
101.4
80
81
86
90
92
95
100
101
81
81
85
90
95
99
102
100
67
65
71
77
81
88
96
97
88
90
95
99
100
100
103
104
90
92
94
97
98
98
102
102
61
54
59
66
78
82
96
96
37
42
49
53
56
57
56
57
62
64
68
77
96
102
128
128
97.2
96.8
97.0
97.6
98.2
98.7
99.6
100.3
87.3
86.3
87.2
89.3
91 0
92.0
94.8
96.7
87 0
85.4
85.9
90.2
93.6
94.2
95.3
96.2
73.6
71.6
71.7
77.9
82.3
85.0
85.3
88.1
83
85
88
90
92
95
95
96
80
82
83
83
85
86
87
88
78 1
78 3
78.8
78 1
78.3
77 6
77.5
77.0
101.3
101.9
103. 0
101.8
103 6
104.8
104.6
106.5
107.8
109 1
109.9
111.2
102
98
99
100
98
99
102
102
103
116
126
126
124
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
76
82
101
107
100.5
100.7
100.8
99.8
100.6
101.7
102.0
102.4
103. 0
104. 2
104.9
105.4
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
98
95
94
87
90
97
99
101
111
114
114
110
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
110.6
110.1
108.8
109.1
110 1
110 2
111.7
113 3
114.6
115.8
116.6
119 0
122
116
113
111
115
121
121
121
125
129
133
139
117
114
112
112
135
124
118
113
119
131
132
135
146
••151
154
165
113
110
107
107
110
114
112
112
112
116
120
124
118
114
117
119
117
116
113
118
119
75
63
62
64
64
74
85
90
93
95
111
115
53
56
57
62
64
69
77
82
82
85
87
90
93
68
66
66
65
77
91
98
101
103
130
136
104.9
104.2
104.0
103.3
103.8
104.2
104.7
105.6
106.1
107.3
108.8
110.6
107.6
105.8
104.0
102.8
102.8
103.9
105.1
107.4
108.9
111.4
1H.2
116.6
105.0
105.0
104.4
103.2
102.5
103.1
103.2
107.4
111.4
113.8
114.7
116.2
99.8
99.3
99.8
97.9
97.8
99.5
98.2
105.5
111.6
116. 2
116.4
122.4
111
105
100
103
106
111
110
112
112
110
116
119
92
90
89
89
89
91
92
98
97
94
100
101
79.4
78.7
78.4
78.6
78 4
77 5
77.7
77 4
78.0
78.7
79.6
80.0
121 3
123.0
123.7
124 5
128 0
130.7
140
170
172
170
167
176
122
118
103
84
111.0 118.3 '115. 5 120.7
111.6 118.6 117.8 126.8
111.4 119.4 119.9 r 131.2
121 '111.5 '122.0 122. 6 134. 7
111 112.9
124.8 124.8 144 0
*>120 *114. 0 P128. 4 P127. 6 *152. 0
122
101
80.8
80.6
81.5
p Preliminary.
101
101
97
97
102
104
104
113
121
124
126
'117
121
118
120
129
134
135
135
134
141
143
138
143
140
150
P157
142
152
P157
P189
131
136
P1S9
"162
«159
«202
•14.
••119
120
'114
123
127
118
125
99
94
101
126
103
101
P133
e
128
*>111
* Average per working day.
76
74
80
88
P100
• Revised.
85
80
74
68
67
71
78
117
118
109
!
124
126
103
103
112
135
139
104
105
104
•139
e
110
00
e
2
84.9
87.1
88.6
100 9
100 7
r
100 2
99 1
98 6
100 6
99 6
99 8
100 6
166 4
100.2
100 1
100 7
100.8
100.8
101.2
102 2
102 9
104.6
Estimated
4
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the
Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 782 -785 for employment
and 6payrolls and p. 789 for prices.
Excludes military and naval forces.
6
For sales comparisons by cities and by departments see p. 788 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 department store sales, October 1938, p. 918, and January 1941, p. 65; for freight-car loadings, June 1941, pp. 529-533.
AUGUST
1941
777
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index n u m b e r s of t h e Board <3f Governors.
1935-39 average = 100]
1941
1940
Industry
Feb.
Mar.
Apr.
139
140
141
143
140
150
P157
142
165
124
'144
170
122
145
172
123
146
170
127
147
167
131
154
176
136
P161
^189
?139
166
173
165
181
182
181
174
168
178
167
168
170
169
160
162
160
165
166
165
P182
153
163
173
176
181
202
P216
162
584
133
166
168
226
168
624
134
177
174
261
188
686
149
209
204
291
199
726
159
189
217
316
188
751
144
168
239
322
164
'803
110
173
279
339
194
832
141
193
280
301
P210
P87H
June
July
Aug.
Sept.
Oct.
Industrial Production—Total —
115
121
121
121
125
129
133
Manufactures—Total
114
119
110
122
131
114
121
132
112
122
135
112
127
146
112
132
'151
116
135
154
120
118
127
118
154
156
157
156
158
162
157
164
148
154
165
169
165
124
128
133
138
145
146
157
544
130
148
160
227
Durable
Nondurable*
Iron a n dSteel
Pig iron
Steel ingots
. . .
_.
_
Machinery
167
164
June
Jan.
May
Nov.
Dec.
186
173
May
177
P1S2
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
Nonferrous Metals and Products
Nonferrous metal smelting 1
Copper smelting . .
Zinc smelting
Copper deliveries
Lead shipments.
Zinc shipments
._
Tin deliveries
127
131
130
135
113
110
113
137
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
164
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
184
141
141
155
218
140
146
186
140
136
155
211
139
142
186
141
137
160
211
140
143
191
148
142
170
224
150
142
P!91
Lumber and Products
112
110
115
111
110
113
107
104
115
114
113
115
121
121
121
123
124
122
127
128
125
132
133
128
137
139
132
135
139
129
128
125
132
132
128
139
132
122
151
P135
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
124
126
133
126
126
127
115
111
ISO
140
135
136
132
114
113
140
155
147
147
148
119
117
154
150
156
142
139
P!50
181
158
183
141
125
131
124
146
116
118
134
138
123
137
131
138
139
135
135
142
148
142
155
152
104
107
103
114
144
56
89
79
88
92
'92
89
113
'109
121
137
57
'101
69
113
102
'113
105
113
111
124
127
61
106
95
108
104
'117
'105
116
113
120
120
65
123
109
137
120
'135
122
123
121
126
129
71
132
125
152
124
'149
'127
134
'130
135
146
77
'140
128
160
131
'152
'140
rl39
136
145
156
74
'140
141
158
'132
'143
'141
134
130
138
157
69
134
125
152
124
146
134
135
131
142
150
67
136
131
152
122
157
134
144
100
109
142
58
87
95
82
'85
90
'84
140
147
158
71
152
131
177
139
170
154
155
149
156
171
'74
165
148
182
149
177
173
162
156
164
189
71
168
154
196
153
178
174
88
88
87
91
89
88
96
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
107
100
110
92
C
82
112
108
102
113
86
86
113
107
102
115
88
79
110
108
103
112
92
87
112
114
113
119
112
97
115
109
'118
'97
96
117
123
119
129
99
108
126
111
105
97
106
110
100
101
'114
'117
105
'116
'124
116
132
101
97
98
110
114
99
90
'110
104
104
'115
132
119
141
99
91
96
115
110
100
86
'115
114
105
115
'133
121
147
95
92
95
109
118
104
116
122
'128
108
114
'135
127
152
101
98
106
118
117
99
136
117
'122
106
117
'126
133
159
106
102
110
116
121
104
122
125
131
110
118
'138
134
165
107
97
109
120
117
98
124
'131
138
119
123
'136
114
121
110
86
112
117
120
105
107
'127
132
118
124
'129
126
145
109
94
112
119
121
105
122
'125
129
118
131
'124
134
159
110
91
111
120
rlgS
110
123
'135
144
119
138
'135
126
143
110
96
108
122
124
'104
117
'HO
117
135
101
89
93
112
115
98
112
111
r
113
'106
'HI
'118
126
152
101
91
99
115
100
99
84
114
114
113
99
84
131
201
108
103
72
148
154
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
104
100
80
132
130
107
102
82
140
137
114
106
90
129
170
122
107
94
154
206
110
104
117
100
115
98
127
99
103
101
106
99
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
117
109
127
97
120
117
127
101
119
109
131
100
118
106
131
97
Transportation Equipment
Aircraft
.. . .
Automobiles
Railroad cars
Locomotives
. . .
Shipbuilding
.. .
_ _ ..
Lumber _
Furniture
Stone, Clay and Glass Products
Cement
._
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
_ _
Leather tanning
Cattle hide leathers
Calf and kiD 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..
110
119
134
117
134
139
132
147
120
97
109
122
152
P216
P27C)
P410
P145
136
173
221
155
150
123
^158
P162
P157
168
P189
P7S
^163
P192
P151
P176
P129
P136
P123
P107
>>115
132
111
121
132
124
134
120
91
101
P123
e
' Revised.
P Preliminary.
Corrected.
Includes also lead production shown under "Minerals."
778
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries (Adjusted for Seasonal Variation)—Continued
[Index ]l u m b e r s of t h e B o a r d of Governors.
] 935-39 average = 100]
1940
1941
Industry
May
June
July
Mar.
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
125
124
150
123
113
186
143
120
132
114
109
114
120
114
130
131
159
119
142
200
148
127
143
114
109
117
131
120
129
129
153
119
128
190
144
126
138
110
113
119
132
120
128
128
153
122
129
193
144
124
134
110
115
123
125
119
132
133
160
119
137
199
153
129
138
114
115
126
133
124
134
136
161
121
135
199
156
132
143
115
114
130
132
129
145
162
120
141
203
155
142
158
126
114
137
137
139
112
107
111
103
114
106
105
116
106
rll8
106
122
107
v!22
106
120
116
115
120
107
130
148
143
'323
121
117
117
120
112
120
148
143
314
121
117
118
122
104
123
148
144
295
123
119
120
121
105
113
150
144
347
121
120
120
121
118
117
133
134
77
126
122
124
120
118
115
151
141
515
vl26
Feb.
June
May
Apr.
127
128
149
118
135
175
145
125
131
110
113
125
123
127
125
132
132
159
118
148
186
157
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
115
106
120
106
114
102
110
104
108
104
109
104
114
113
111
113
118
126
123
124
107
115
112
110
113
122
116
132
132
150
112
108
106
111
113
116
139
137
'218
113
109
109
116
98
111
140
137
'263
116
112
113
113
102
121
143
139
'267
116
112
111
115
109
123
145
141
'266
118
114
112
116
115
123
147
143
'281
Chemicals
114
116
117
115
114
116
118
121
123
123
123
130
134
Rubber products
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
122
122
121
122
112
117
116
126
127
113
109
109
106
108
95
115
116
105
106
102
124
125
109
110
107
126
128
109
110
103
132
133
116
118
107
144
147
117
118
115
141
143
123
124
121
153
156
128
128
127
155
158
134
135
132
158
161
131
131
130
162
164
144
144
145
116
Paver
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
Printing
l
and Publishing
Newsprint consumption
Petroleum and Coal Products*
Petroleum refining
Gasoline ._
_
Fuel oil
Lubricating oil
Kerosene
Coke*
Byproduct coke* _
Beehive coke*
_.
..
Minerals—Total
_
Fuels*
Bituminous coal
Anthracite*
Crude petroleum
. .
_ ._
Metals
Iron ore shipments
Copper
Lead
Zinc
Gold
Silver
120
nu
120
'84
116
116
116
116
116
117
121
'133
114
112
121
'115
108
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
117
.
__
-.
_
ni9
no
154
114
15614&
530
192
196
151
151
155
113
118
119
118
118
125
101
126
115
119
'108
114
109
98
'94
115
113
112
'97
115
113
115
'108
113
114
117
98
114
113
114
102
113
121
149
102
112
86
22
71
113
121
149
80
114
P129
127
155
132
108
131
107
109
137
163
140
119
131
125
113
148
192
141
107
134
127
136
151
186
142
112
135
141
132
144
188
148
116
137
120
119
151
189
152
116
142
133
133
148
191
148
118
140
124
127
191
354
150
120
147
122
121
154
212
161
120
150
114
138
P156
r
P133
P12&
P119
180
155
117
152
157
107
' Revised.
» 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.
* Revised Indexes
1939
1940
Nondurable
Textiles and Products
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
104
104
104
103
104
106
106
108
Sept.
Ill
Oct. N o v .
115
117
Dec. J a n .
Feb.
Mar.
113
110
107
1OT
118
113
106
99
98
112
108
105
93
89
93
89
99
97
76
75
71
100
97"
79
77
7676
111
111
105
112
106
125
113
116
116
111
113
125
112
113
112
109
121
119
111
114
113
112
125
120
117
138
137
154
116
123
124
94
11R
J* CO 00
Industry
115
119
120
89
117
114
112
80
114
86
116
86
117
- _
Textile fabrics
__ .
.
_._ .
Wool textiles
Woolen yarn
Worsted yarn
Woolen and worsted cloth.
Manufactured Food Products
Manufactured dairy products
Ice cream
Butter
Cheese
Canned and dried milk
Petroleum
and Coal
Products
Coke
Byproduct coke
Beehive coke
Fuels
Anthracite
AUGUST
1941
105
111
111
114
103
107
104
109
108
112
104
107
106
109
108
112
110
106
106
106
106
108
110
105
107
108
111
107
108
103
108
107
109
105
106
106
105
106
108
104
106
106
111
106
106
106
109
107
111
110
120
98
105
108
109
109
117
98
102
110
no
108
109
103
107
114
112
115
120
105
110
126
Apr.
779*
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100
1941
1940
Industry
May
nn
Industrial Production—Total
Manufactures——Total _ __
Durable
Nondurable*
Iron and Steel
Pig iron
Steel ingots
_
Machinery
_
_
JVonferrous
Metals and
-
__ _
_
Products
Nonferrous metal smelting1 __.
Copper smelting
Zinc smelting
Copper deliveries
__
Lead shipments
Zinc shipments
_
Tin deliveries
Lumber and Products
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
Ravon deliveries
Silk deliveries
Wool textiles*
Carpet wool consumption
Apparel wool consumption
Woolen yarn*
Worsted yarn*
Woolen and worsted cloth*
_
_
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes _ _ _
Manufactured Food Products*
Wheat flour _
Cane susar meltings
Manufactured dairy products*
Ice cream*
Butter*
Chease* _
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
___
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
121
118
220
129
134
135
135
134
138
143
142
152
P157
116
125
109
122
134
113
118
127
111
120
128
114
130
144
119
136
155
121
138
158
121
139
162
121
137
161
118
142
167
150
'175
129
157
185
134
P161
122
148
175
126
12s
151
150
151
W
161
164
161
164
169
163
166
173
165
172
173
172
170
177
170
172
176
172
181
178
181
171
170
171
172
175
172
P179
154
147
163
161
152
126
129
129
135
142
149
153
I64
168
176
185
195
206
P218
182
329
118
137
102
172
131
371
114
124
106
176
96
394
70
117
116
185
63
455
23
130
124
202
120
501
89
135
137
213
167
544
142
141
152
229
184
590
161
153
163
219
183
624
152
172
186
263
186
672
151
178
204
282
199
726
161
182
222
307
202
751
160
178
234
335
190
'803
139
196
266
352
215
849
164
218
280
379
P223
P896
129
131
132
135
116
109
113
146
ISO
127
131
128
116
113
118
148
131
126
126
133
118
118
125
143
W
164
131
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
181
142
140
158
209
138
149
190
142
136
163
219
140
145
194
147
145
164
221
143
145
196
148
144
170
231
149
142
P191
P144
129
143
156
127
140
114
117
108
116
119
110
111
112
107
128
126
118
182
134
127
182
132
133
126
121
114
133
116
113
123
119
115
129
128
118
133
180
128
135
134
P140
123
130
130
142
P153
129
140
131
134
126
119
91
129
143
146
153
129
117
79
127
136
147
149
140
121
66
188
141
150
153
142
124
93
189
150
161
162
161
118
118
142
186
145
147
149
141
115
129
125
124
125
120
133
111
141
110
100
112
102
125
117
142
164
P!72
154
154
160
140
119
127
139
163
174
110
144
120
131
130
141
135
142
159
142
163
149
100
97
109
127
55
85
91
82
'85
90
'81
101
98
108
131
51
88
77
88
92
'92
88
105
101
109
134
51
98
67
108
102
107
102
111
108
114
137
57
109
101
113
108
120
107
118
115
120
138
65
120
111
137
119
130
116
126
124
129
144
77
129
124
145
121
'149
'122
137
134
139
151
87
'139
126
162
129
'152
'139
140
136
142
154
79
'145
131
163
'132
'157
'149
138
133
144
154
72
136
119
149
125
150
142
143
140
152
148
68
149
143
165
134
163
153
147
143
156
150
74
152
146
179
135
163
154
150
146
160
158
73
152
139
171
140
166
156
157
152
164
168
67
165
148
196
153
178
167
P155
P149
86
86
85
86
88
86
88
88
86
90
91
89
91
83
82
83
83
98
104
89
93
87
81
114
102
89
94
81
84
111
98
93
101
82
80
102
98
101
114
87
79
96
99
104
115
88
87
95
104
122
112
121
105
96
128
r
118
110
'118
'96
99
123
121
116
127
94
106
123
P118
103
116
87
79
106
117
112
125
97
91
121
107
95
95
143
142
'135
'155
'158
117
135
101
93
95
102
116
92
116
'169
'180
'148
'171
'175
123
148
99
92
94
110
120
99
116
'165
'196
128
'150
'151
109
119
102
96
93
117
1S1
100
95
144
'169
'115
'130
136
102
106
100
92
95
136
133
115
102
'117
'124
104
119
'123
112
117
107
101
107
126
113
113
96
'92
95
107
'108
127
143
110
108
113
132
116
103
112
80
73
84
89
'88
151
104
104
99
103
'84
69
95
89
'103
133
157
110
83
118
103
104
105
'92
78
101
96
'110
122
145
98
83
112
103
107
102
135
'105
99
105
107
'121
122
143
100
86
107
105
r
112
103
135
'134
138
118
133
'152
119
135
102
95
105
107
120
100
117
182
P124
P101
191
111
104
107
117
115
100
98
79
68
87
82
'95
159
212
107
92
104
115
151
177
200
132
147
120
101
111
111
155
186
195
121
130
118
92
96
107
117
84
68
100
120
126
67
77
112
127
40
70
130
89
106
24
100
68
108
94
56
317
108
82
76
314
174
104
93
77
96
181
207
81
98
105
140
87
84
104
73
92
94
90
106
79
113
100
96
98
86
124
108
111
91
84
122
120
124
90
77
149
129
137
75
91
165
112
105
119
101
110
108
116
97
118
120
127
118
115
115
123
114
105
98
83
108
89
108
90
119
98
108
96
118
95
110
100
119
99
113
111
118
100
121
108
133
100
128
113
144
£9
133
122
Transportation Equipment
Aircraft
Automobiles
Railroad cars
Locomotives
_
Shipbuilding
June
11%
102
119
101
161
m
104
140
101
127
127
133
133
122
130
140
134
117
121
108
P193
?136
179
P179
164
P242
P287
P426
136
170
222
147
143
133
160
P172
P66
P162
P138
P192
P151
P176
P165
P120
P119
P201
P117
r
Revised.
P Preliminary.
1 Includes also lead production shown under "Minerals."
780
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries (Without Seasonal Adjustment)—Continued
[Index numbers of tb<* Board of Governors. 1935-39 a v e r a g e = 100]
1941
1940
Industry
May
June
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
127
128
150
131
135
175
145
124
128
114
114
127
122
124
123
ISO
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
Printing and Publishing *
Newsprint consumption
119
110
119
107
115
113
HI
113
123
126
122
124
'80
Chemicals __
Rubber Products
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
July
Dec.
Jan.
Feb.
124
151
126
113
186
144
120
132
110
112
113
119
114
123
124
154
124
138
190
144
120
127
112
110
116
126
116
'126
128
154
124
128
192
144
124
132
111
113
119
128
120
'181
133
159
127
133
199
148
129
138
118
113
126
130
124
113
111
112
111
112
109
109
98
118
114
116
114
102
119
142
139
'222
118
114
114
116
109
123
145
141
'274
119
115
113
117
115
126
148
143
'309
119
115
112
122
106
131
149
'143
'378
112
116
120
120
115
116
105
106
102
126
128
109
110
126
128
109
110
103
135
138
116
118
107
122
ni6
124
114
'103
lit
110
'99
114
171
301
136
112
127
121
107
184
294
146
117
131
156
115
Sept.
Oct.
123
121
148
101
120
179
148
117
123
107
110
113
121
116
124
127
124
150
110
124
188
143
120
130
110
112
115
129
113
124
120
147
102
115
185
145
116
125
102
111
110
131
108
103
88
102
91
108
105
116
113
112
112
122
113
132
132
123
113
109
109
109
111
110
136
135
181
114
110
112
114
97
107
139
137
'210
113
110
110
122
122
121
122
112
117
116
126
127
113
109
109
106
108
95
Minerals—Total
118
118
121
117
Fuels*
_
_
Bituminous coal...
Anthracite*
Crude petroleum
113
102
'93
119
111
100
107
116
111
106
'104
114
109
111
'85
111
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
Petroleum and Coal Products*
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke*
Byproduct coke* __
Beehive coke*.
Metals
Iron ore shipments
Copper
_ _ _ . .Lead
Zinc
.
Gold
_.
Silver
.
_.-
__
.
._
.
Aug.
107
124
Nov.
June
Mar. A p r .
May
'186
137
164
128
141
203
156
133
144
122
115
132
134
126
137
140
165
136
139
199
159
136
146
126
114
135
135
130
141
145
165
133
141
203
155
142
155
130
115
140
136
136
115
104
121
110
113
126
111
P121
107
120
115
113
123
108
126
150
143
367
120
115
114
124
103
124
152
145
398
119
114
114
119
104
115
154
145
434
121
119
118
119
122
119
133
134
69
126
122
124
120
122
115
148
141
386
H27
122
121
123
128
134
133
P138
137
140
117
118
115
145
148
123
124
121
151
153
128
128
127
155
158
134
135
132
157
160
131
131
130
162
164
144
144
145
192
196
151
151
155
119
114
113
115
116
96
127
P131
115
128
'98
111
116
127
'115
111
117
130
114
111
118
134
112
112
121
143
105
114
87
19
76
116
118
126
88
118
w
102
91
98
90
162
147
114
135
146
135
146
118
139
141
133
145
116
140
112
118
155
116
144
122
137
151
116
147
103
132
149
210
156
121
151
107
124
181
323
159
117
150
108
133
154
115
154
145
435
J>116
PIIQ
pl 84
326
152
116
149
125
107
r
Revised.
P Preliminary.
" Corrected.
i 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.
* Revised Indexes
• Annual
;
Industry
| 1939 1940
Nondurable
__
108
Textiles and Products
;
Textile fabrics
__
i
Wool textiles
i
Woolen yarn
i
Worsted yarn
i
Woolen and worsted
cloth . _
Manufactured
Food Products
! 108
Manufactured dairy prod- j
ucts
108
Ice cream
_
! in
Butter
1 106
Cheese
| 107
Canned and dried milk. 108
Petroleum & Coal Products
Coke
. _
Byproduct coke
Beehive coke
!
1939
1940
Jan. Feb. Mar. Apr. M a y J u n e J u l y Aug. Sept.
113
100
114
ill
102
103
101
104
102
104
110
119
Oct. N o v . Dec. Jan. j Feb. j Mar. | Apr.
120
118
i
j 106 !
i 103
!
!
112
105 !
114
94
91
95
96
104
109
115
127
135
117
113
113
108
116
124
72
79
92
83
64
96 i 100
81 l 90
91
104
106
101
107
107
119
146
151
138
143
148
162
175
146
163
156
154
182
127
137
129
142
172
117
124
110
113
129
97
108
99
86
84
86
96
88
56 1
91
74
81
109
74
66
81
81
80
116
135
133
189 i
s
i
i
Fuels
Anthracite
AUGUST
1941
! 114
101 !
i
r
109
108
105
106
120
115
107
100
101
115
111
102
97
97
101
100
77
75
72
97
95
73
73
72
118
102
71
107
100
99
100
101
73
62
83
77
87
73
53
90
76
95
84
69
95
88
95
86
97
99
114
108
110
121
135
iiel
180 I
115
125
125
127
114
120
120
106
115
119
120
80
120 I
132 i
116
88
114
89 '
113
92
138
137
I
781
FACTORY EMPLOYMENT, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937
1923-25 average=100]
1940
1941
Industry and group
May
June
July
Aug.
Sept.
Oct.
Nov.
102.8
103. 9
99.0
108.5
105.1
100.4
109.6
107 4
104.3
110.2
108 9
107.4
110.3
111.4
111.2
111.5
114.2 116.6 118.3 118.6
114.6 117.6 121.1 122.1
113.8 115.7 115.6 115.2
119.4 '122. 0
97.9
107.4
123.0
115.9
126.3
118.0
108.7
115
104
75
102
66
82
83
153
85
91
73
100
92
151
107.8
120
110
76
104
70
84
84
157
87
95
75
100
95
139
111.1
123
116
78
104
74
98
87
169
91
96
78
98
98
152
112.9
123
119
81
107
77
102
89
179
92
95
81
96
101
170
116.1
125
121
84
109
81
105
90
188
97
98
84
99
106
189
118.9
126.2
133
151
92
110
96
116
100
202
107
106
100
113
128
208
'128. 3
136
153
93
114
100
115
101
204
109
_
101.2
109
105
76
101
66
95
82
153
84
88
71
97
92
156
Machinery
__
Agricultural implements.
Cash registers, etc.
Electrical machinery
_. _
Engines, turbines, etc.
Foundry, machine-shop products.
Machine tools
.
Radios, phonographs
Textile machinery
Typewriters
__
118.4
136
128
101
142
96
220
155
82
113
114-9
136
130
103
152
97
228
144
79
112
116.6
133
130
104
165
98
237
145
77
116
120.0
139
129
107
»"176
101
247
145
76
119
122.5
141
132
111
'182
103
247
138
79
123
126.6
143
132
116
'197
107
257
134
81
126
Total*
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
Wirework
__ _
_
Transportation Equipment
Aircraft
Automobiles _ _
_ .
Cars, electric-, steam-railroad
Locomotives
Shipbuilding
Dec.
Feb.
Jan.
110
83
109
94
190
100
100
86
103
111
201
122.4
130
135
89
110
88
113
98
196
103
108
91
104
116
207
124.8
133
139
88
110
90
113
99
194
106
113
96
109
121
206
180.9
140
134
120
186.0
143
137
126
110
265
142
83
128
114
275
150
86
130
141.2
147
137
131
'237
118
286
155
89
131
127
128
89
125.6
133
145
92
108
94
114
98
201
106
106
100
112
126
208
144.2
140
140
137
239
120
296
165
92
110
Mar.
148.1
126
146
142
'243
124
304
178
95
134
108.2
183
128
94
99
86
68
87
110.7
190
132
95
100
81
71
89
115.7
199
140
98
99
92
70
92
118.6
202
147
100
94
100
72
92
122.8
207
153
101
96
103
74
94
126.8
214
162
101
98
105
75
94
129.4
218
168
102
101
106
76
96
188.8
229
173
107
102
110
77
98
185.1
224
176
109
105
112
79
100
186.1
220
179
111
107
110
79
101
67.9
90
60
61
67.4
90
61
60
67.6
89
62
60
69.0
90
63
62
70.6
91
65
64
71.8
91
68
64
78.6
93
71
66
75.2
96
72
67
76.8
97
74
68
75.6
98
72
74.O
98
71
65
Stone, Clay, Glass Products. _. .
Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate _. _
Pottery
78.9
58
66
103
47
88
79.8
58
67
103
47
91
81.3
60
66
105
45
94
81.8
60
69
107
45
94
83.0
61
70
109
46
94
84.7
61
72
112
46
96
88.4
65
74
117
45
100
90.4
68
76
117
46
105
94.6
75
75
120
46
108
92.9
74
76
116
47
108
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
96.8
87.7
76
88
76
123
68
134
61
72
127
67
73
111.6
98
158
113
114
72
121
96.8
88.0
100.2
91.3
71
91
77
125
85
136
69
76
138
63
85
116.1
105
166
106
120
71
116
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
94
81
129
84
138
69
74
151
61
90
116.5
104
165
112
126
78
119
102.6
95.2
79
95
82
129
80
140
70
75
153
63
93
114.8
102
164
112
122
74
117
105.8
97.7
82
97
87
129
84
141
71
76
151
65
99
118.0
109
168
114
118
68
117
107.2
98.7
82
99
90
132
85
144
74
77
149
64
98
121.9
115
170
114
116
69
122
107.3
98.8
107.1
99 1
84
100
93
134
82
142
69
78
141
64
98
120.5
111
166
113
118
82
125
Lumber, Products
Furniture
Lumber, millwork
Lumber, sawmills
101
113
133
203
r
155 8
'158
151
147
r
245
129
315
189
98
138
May
June
124.8
129.4
120.4
128.4
133.6
123.5
131.9
140
160
94
117
102
116
102
214
111
110
103
125
136
205
135. 7
144
165
94
121
105
118
103
218
114
113
105
134
138
211
161.0
166
150
153
259
133
324
197
101
143
166.7
170
154
158
275
139
336
184
104
150
180.2
111.8
110.7
120.9
140.2
148.9
111.6
145.6
154.0 '158. 8 164-2 172.6
160. 4 152.9
2,598 2,829 3,115 3,479 3,881 4,243 4,447 4,731 5,089 5, 398 5 509 5,813 r 6,110
6 455
97
116
107
127
102
125
124
105
127
123
132
123
125
123
51
50
55
64
52
58
74
49
67
75
82
71
70
70
31
33
36
42
39
28
29
46
64
52
64
55
56
59
175
186
187
204
154
164
195
244
220
298
325
262
284
268
106.0
180
124
92
96
84
70
86
Nonferrous Metals, Products
Aluminum*
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
Apr.
70
89
76
119
74
133
65
72
131
64
77
112.5
102
158
113
111
71
116
85
99
92
132
82
144
69
81
144
63
98
122.0
114
166
114
116
76
131
67
189. C
229
181
115
111
112
81
102
140.8
234
183
118
113
112
82
103
228
191
120
118
116
84
103
74.2
101
70
65
74.7
104
69
65
76.7
107
71
66
92.8
71
75
118
46
108
92.3
70
74
121
45
109
92. /
69
73
122
45
109
93.069
73
123
44
116
107.6
100 4
109.9
103 3
86
103
97
138
80
141
71
79
141
69
109
'119. 8
114
r
159
114
119
78
127
112.9
105 9
89
106
103
141
82
144
76
81
155
74
109
123.8
122
160
116
121
73
130
116.1
109 3:
90
111
107
144
86
145
81
84
162
74
110
126.4
124
168
119
123
67
133
83
101
94
136
83
142
68
78
143
66
102
119.3
110
164
114
118
78
124
r
Revised.
* Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166, and for June 1941, p. 569..
NOTE.—Figures for June 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.
782
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
May
June
July
Aug.
87.9
86
81
89.6
88
81
90.9
89
81
87
82
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.,
146
272
96
146
88
79
76
108
106
93
63.2
59
64
65.2
59
66
62.8
58
64
63.0
56
64
Paper, Printing
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing
115.3
116
115
100
117
115.7
118
116
100
116
116.5
119
117
101
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
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
Rubber Products
Rubber boots, shoes
Rubber tires, inner tubes..
Rubber goods, other
83.5
56
69
138
84.2
57
69
140
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..
r
Revised.
1
1941
Sept.
89.9
88
81
Oct.
Nov.
91.1
90
82
93.8
92
84
Dec,
Jan.
Feb.
93.3
Mar.
Apr.
May
93.2
91
86
95.5
93
92
90
88
131.0 131.4 rl32. 5
148
145
146
279
277
278
99
102
144
140
139
92
88
91
79
77
78
83
81
80
'114
111
113
144
97
111
103
89
97
91
85
June
96.8
94
90
101.7
99
95
129.9
144
271
96
152
86
78
79
110
100
95
144
281
102
152
90
78
81
114
102
95
93
85
135.6
144
285
101
157
91
78
81
121
145
97
63.7
57
65
63.3
57
64
55
65
64.7
57
66
66.3
57
68
64.9
54
66
64.O
54
65
65.0
54
66
116..
119
117
100
117
115.7
117
117
100
116
116.1
117
115
102
116
116.8
120
116
101
118
117.3
122
116
102
117
117.1
123
116
103
116
117.,
122
117
101
116
118.5
125
119
103
117
119.8
129
120
104
117
121.7
122
121.5
138
78
119
133
114
124
308
83
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
124.1
120
124.9
147
101
113
144
107
127
311
82
125.3
120
126.4
151
102
113
147
103
128
314
87
126.5 127.4
120
120
128.1 129.1
157
154
100
102
118
116
162
151
103
104
130
130
306
310
90
88
128.1 1-132. 134.9
121
121
123
129.9 r134.8 138.0
161
163
168
94
108
104
119
122
129
163
95
112
118
134
135
136
308
324
330
91
89
93
123
140
336
94
84.7
56
69
141
87.0
54
71
149
89.7
54
73
155
91.6
57
74
157
93.6
60
75
160
96.8
64
77
167 I
99.0
67
78
171
102.0 i-lOS. 9 106.0
74
69
78
r
82
80
83
176
177
179
112.0
83
87
191
144
265
96
130
86
79
75
109
110
91
133.3
143
281
98
149
89
78
80
112
240
92
100.4
69
79
174
135.0 136.8
149
151
287
286
107
105
147
155
89
89
78
80
80
79
119
121
99
95
102
95
65.8
54
67
65.8
53
68
121. 1
132
138
123
125
104
104
117
118
138. 4
125
141. 6
172
103
132
0)
Data not available.
TOTAL NONAGRICULTURAL EMPLOYMENT
[Thousands of persons]
Year and month
Total
nonagricultural
employ- Total
ment * 12
Employees in nonagricultural establishments
Manufacturing*
Mining
Construction
Transportation and
public
utilities
Trade
Financial, service, and
miscellaneous
Government 2
Military
and
naval
forces
SEASONALLY ADJUSTED
1940—June
July
August
September
October
November
December
1941—January
February
March
April
May
June
UNADJUSTED
1940—June
July
August
September
October
November
December
1941—January
February
March
April
May
June
35, 300
35, 448
35, 747
35,
36,
36,
37,
37,
936
324
827
460
571
'37,
37,
38,
38,
724
772
227
612
29,157
29, 305
29, 604
29, 793
30,181
30, 684
31,317
31, 428
r
31, 644
••31, 581
••31, 629
32, 084
32, 469
35, 425
35, 454
35, 902
36, 528
36, 867
36, 986
37, 608
36, 621
36, 928
37, 227
37, 676
38, 306
38. 790
29, 282
29, 311
29, 759
30, 385
30, 724
30, 843
31, 465
30, 478
30, 785
31, 084
31, 533
32,163
32, 647
r
9,883
9,981
10,160
10, 280
10, 477
10, 698
10, 899
11,021
^11,045
m, 108
Ml, 316
11, 536
11,823
851
861
862
849
835
833
837
849
846
855
572
870
881
1,203
1,219
1,256
1,318
1,490
1,669
1,974
2,014
2,132
1,933
1,859
1,698
1,638
9,824
9,832
10,163
10, 479
10, 668
10, 735
10, 856
10, 797
10, 982
11,152
11,370
11, 537
11, 757
838
837
839
846
856
853
855
852
854
864
564
862
868
1,321
1, 378
1,443
1, 511
1,654
1,709
1,720
1,623
1,678
1,631
1,775
1,782
1,810
3,015
3,036
3,058
3,059
3,053
3, 053
3,064
6,260
6,256
6,282
6,285
6,289
6,341
6,437
4,160
4,161
4, 175
4, 174
4,181
4,204
4,226
3,077
3,087
3,105
3,133
3,192
3,216
6,298
6,333
6,351
6,474
6,449
6, 528
4,233
4,250
4,254
4,258
4,280
4,293
3,032
3,059
3,081
3,120
3,121
3,065
3,039
3,012
3,028
3,056
3,113
3,185
3,234
6,254
6,159
6,168
6,321
6,362
6,433
6,884
4,214
4,218
4,226
4,255
4,187
4,167
4,180
4,142
4,164
4,187
4,265
4,327
4,350
6,165
6,173
6,259
6,463
6,421
6, 522
3,785
3,791
3, 811
3,828
3, 856
3,886
3,880
3,936
3, 951
3,975
4,017
4,059
4,090
479
506
546
634
737
822
884
958
1,139
1,343
1, 554
1,679
1,758
3,799
3,828
3,839
3,853
3,876
3,881
3, 931
474
516
549
634
733
822
884
958
1,145
1,343
1,546
1,662
1,740
3,887
3,906
3,935
3,983
4,049
4,106
* Revised from January 1937 to date owing to adjustment of manufacturing employment to Census of Manufactures through 1939.
Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments.
Excludes military and naval forces.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for June 1941 are preliminary. For back figures, adjusted for
seasonal variation, see pp. 534-535 of the BULLETIN for June 1941.
1
2
AUGUST
1941
783
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
Factory payrolls
Factory employment
1941
1940
Industry and group
May
June
Feb.
Mar.
Apr.
1940
May
June
102.5 103 1 117.8 119.9 rl22. 6 124.8 127.6
99 8 121.0 123 7 127.7 131 2 134 7
99 2
105.6 106 .2 114.7 116.3 117.8 118.7 120.8
Total*
Durable goods*
Nondurable goods*
May
1941
97.2
101.9
108.7
125.0
127. 2 129.4
132.9
135.7
109
106
76
103
67
96
82
156
85
91
71
96
92
161
114
104
77
101
66
82
83
153
85
93
74
103
92
152
133
146
89
109
95
115
99
202
106
99
96
104
126
208
135
151
91
113
97
117
101
207
107
103
97
107
130
210
140
161
94
119
102
117
102
218
112
113
102
123
136
211
143
165
96
120
105
118
103
218
114
115
106
137
138
213
103
110
67
92
73
102
'75
162
75
84
62
101
90
170
114
111
70
92
74
86
75
163
77
83
65
114
89
161
Machinery
Agricultural implements
Cash registers, etc.
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop productsMachine tools
Radios, phonographs
Textile machinery
.
Typewriters
113.9
115.1
140
129
102
149
137
130
103
158
97
221
97
229
137
82
113
141
79
111
147.7 rl56. 2 162.0
144
140
136
'2?>6
120
297
145
93
109
169
151
147
'248
124
307
'257
130
317
149
96
134
159
99
138
137.0
102.9
145
193
97
115
130
135
97
233
110
94
94
116
153
253
167.2
122.8
125.1
176.9
171
151
154
272
172
154
158
287
95
290
158
138
118
211
174
166
176
139
337
164
134
114
194
96
303
174
101
144
180
104
148
127
77
114
134
74
112
134
326
Apr.
May
June
141.2 r!50. 9
160.9
167.7
149
199
99
123
138
138
101
241
112
103
97
122
161
256
173
234
110
134
152
142
105
265
129
119
114
152
172
273
179
245
115
138
162
148
108
276
138
123
118
171
184
281
164
212
104
125
140
136
98
243
117
111
103
127
166
243
186.2 rl97. 6 217.1
162
229
'230
179
186
191
192
'347
136
'448
'379
144
462
146
105
122
157
110
159
'373
153
472
164
112
175
229.7
196
215
459
234
202
226
493
192
124
190
200
130
208
165
505
177
525
116.7 111.3 157.2 nei.2 '166. 4 171.3 176.1 118. 6 121.0 r 191.0 197.2 191.4 216.8 242.4
2,676 2,914 5,344 <\564 '5, 929 6,294 6,648 2,602 2,968 3,441 6,678 r7,134 7,701 8,126
Transportation Equipment
Aircraft. .
Automobiles
_ _
Cars, electric-, steam-railroad
LocomotivesShipbuilding
_
110
56
28
158
105
51
29
130
69
53
134
135
74
60
80
65
86
65
50
27
294
307
322
132
111
112
160
45
29
67
61
180
186
338
163
66
64
365
147
171
195
393
430
484
'73
72
84
80
93
82
272
136.9 rlS8. 9
224
231
139.9
234
l&.h
227
103.6
210
105.8
212
151.2 155.1
285
'258
157.0
290
166.3
322
174.6
317
181
111
104
112
80
183
114
104
113
82
184
116
104
112
83
190
117
109
114
84
134
94
73
72
61
141
92
76
70
237
129
94
105
82
234
134
94
106
82
245
143
98
110
91
101
101
103
103
84
56 •
86
224
125
90
105
77
105
106
108
111
264
147
102
118
93
116
63.8
63.6
75
48
58
76
49
58
74-6
73.4
181 7
225
127
91
91
84
68
86
87
176
109
102
111
78
Lumber, Products
Furniture
Lumber, mill work
Lumber, sawmills
68 0
68 3
72 0
87
61
62
88
62
62
96
70
63
Stone, Clay, Glass Products
Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery
82.0
82.9
.
71
56
257
106.6
182
61
71
104
49
91
132
163
126
90
89
84
70
_. 105.3
180
Nonferrous Metals, Products...
Aluminum *
Brass, bronze, copper
Clocks, watches
Jewelry
_ _
Lighting equipment
Silverware, plated ware
Smelting, refining
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
133
146
142
Mar.
97.8
99.5 126.8 131.2 '134. 7 144 0 152.0
98 7 101 4 '139.3 144 6 149 9 163 0 173.9
96 8
97.4 112.9 116 3 '117 7 122.7 127.4
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
137
155
93
117
100
117
101
210
109
109
99
110
133
207
Feb.
June
63
72
105
49
90
100
86.9
« 64
66
116
42
108
72 6
73.8
97
70
64
98
70
65
89.7
93.0
65
69
120
43
111
116
71
130
63
73
128
60
76
112.2
107.
95
163
114
115
75
121
99
148
112
110
66
115
140
84
143
68
78
142
67
103
96.5
73
78
124
46
113
74
79
125
46
114
49
69
112
39
84
51
70
111
36
76
75.7
90
58
61
94
58
63
95
59
66
82.0
85.2
91. 1
55
62
135
30
100
56
66
141
31
105
62
76
144
35
111
112.4
105.1
112 5
106.4
77.9
73.9
75.4 rlOS. 8 rlO7. 0 rl07. 0
98.5 101.1 104.1
72.5
87
105
101
89
106
103
90
109
104
60
78
68
55
75
67
142
85
143
81
70
87
74
134
62
74
127
62
72
95.6
104
73
68
72.8
70.6
103.7
93 7 110 1 111.6
85.7 101 7 102.7
76
89
76
123
66
nn. I
100
70
66
77.7
86
104
98
96 0
87 0
84
103
95
69
74
122
45
113
74.8
144
68
80
146
67
103
142
71
83
142
69
104
124.2
127.0 126. 2
114
173
115
119
89
125
116
178
118
123
91
128
118
172
118
122
88
130
141
80
143
77
82
155
69
107
124.0
119
165
118
122
76
131
140
82
99
46
142
79
85
159
69
108
134
50
65
104
49
60
120
157
117
122
62
132
65
112
117
96
54
101
121.3
81.0
93
58
128
51
64
107
46
65
79
102
101
83
105
105
129
89
133
88
156
60
77
129
56
100
161
61
82
133
58
100
76.6 107. 9 112. 2
71
95
109
95
47
92
'96
143
127
124
76
117
'99
148
133
129
85
121
81
113
107
135
67
155
64
84
133
'60
102
106.2
'98
132
133
124
76
126
78.0
103
62
66
97.8
84.I
110
67
72
99.7
69
85
150
39
114
71
89
153
35
118
110.3
109.2
111.3
111.7
90
117
114
158
72
85
149
62
113
90
120
116
133
84
157
75
88
152
64
117
105.7
103.8
101
131
137
130
51
130
108
118
137
131
42
134
134
75
r
Revised.
" Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166.
784
FEDERAL RESERVE BULLETIN
Factory Employment and Payrolls—Continued
[Jndex numbers of the Bureau of labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100J
Factory payrolls
Factory employment
Industry and group
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
May
June
85
81
85
Feb.
96.9
Mar.
Apr.
97
90
121.7 129.
147
145
302
279
105
100
141
100
76
75
78
92
106
108
47
53
95
98
64.9
58
63
1940
1941
1940
119.1
143
255
91
85
86
77
68
111
53
89
120.3
145
264
96
63.7
57
63.3
54
64
44
103
63.5
54
'65
119. 4
127
120
103
117
77
71
111
43
Paper, Printing
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing
115.C
114
115
99
117
114.5 117.1
119
115
117
116
97
103
116
116
118.1
123
119
102
117
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
120.6
122
120.4
136
64
118
118
129
126
304
81
119.C
123
118.0
138
51
116
126
89
126
306
82
127.8
119
129.
155
112
119
159
113
129
311
90
130.7
120
133.4
159
'100
121
161
141
133
312
91
Rubber Products
Rubber boots, shoes
Rubber tires, inner tubes
Rubber goods, other
54
69
140
83.4
55
69
138
r
Revised.
1 Data not available.
NOTE.— Figures for June 1941 are preliminary.
payrroll period ending nearest middle of month.
rl23. 6
147
272
102
97
86
77
79
no
May
95.5
93
90
127.5
149
293
110
100
81
77
88
117
47
103
64.9
53
66
June
98.6
96
95
June
63.6
58
77
67.0
63
76
134.7 121.5
152
138
310
331
114
85
135
90
80
75
78
73
94
70
120
110
49
49
97
80
65.5
52
67
60.7
67
Feb.
Mar. Apr. M a y June
91.5
89
92
94
94
129.0 119.6
141
138
295
376
81
91
76
117
89
72
72
73
60
78
114
115
57
54
73
89
122.5
140
313
85
76
94
73
63
114
46
92
61.7
64
61
62.7
64
62
67
67
120.8
130
123
103
118
121.4 113.1 112.3
127
125
135
126
125
124
85
88
101
111
112
118
133.5
122
136.3
167
71
125
0)
127
141
324
92
133.5
137
132.5
162
57
129
141
118
136
311
133.2
137
132.0
165
46
126
154
78
136
314
100
87.1
54
80
131
86.4
56
78
133
134.5
126
136.6
172
64
127
0)
91
145
326
93
100.7 102.8 105. C 106.3 110.9
75
68
72
79
83
82
79
87
182
180
175
189
rlU-4
121
'•I37. 7
162
'89
122
0)
179
137
318
92
May
117.1
136
133
93
110
89
95
'125. 2
141
331
90
76
70
••115
48
93
'58.9
62
'59
120.3
145
151
136
139
95
94
112
112
91.0
87
97.4
92
107
134.7
148
362
97
91
84
76
76
133
54
90
143.8
154
393
105
130
85
80
84
137
58
95
67
67
67
70
124.9 127.7
159
170
146
155
96
94
114
114
169.2
157
173.0
233
59
150
0)
92
178
364
129
115.3 119.5 '122. 8 129.0 141.7
80
84
100
88
79
103
107
124
112
100
195
195
223
207
185
144.2 '148. 1
133
132
148.0 152.7
194
202
105
r9S
136
138
209
207
93
117
142
147
328
333
113
115
Back data may be obtained from the Bureau of Labor Statistics.
156.6
142
160.9
208
83
138
(0
177
158
342
116
162.4
146
167.4
222
66
143
0)
127
170
356
126
Underlying figures are for
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
fCompiled by the Bureau of Labor Statistics]
Average hours worked per week
Industry and group
1941
1940
Apr.
A,
May
r
erage hourly eeirnings (cents per hour)
1941
1940
Jan.
Feb.
Mar.
Apr.
May
Apr.
May
Jan.
Feb.
Mar.
Apr.
May
Total
37.2
37.2
59.0
40.0
40.4
40.0
40.8
66.5
66.9
68.9
69.2
69.7
70.8
Durable goods
38.2
38.2
40.6
41.6
42.0
41.5
42.5
72.9
73.0
75.8
76.2
76.8
78.5
80.6
36.0
40.5
38.3
38.6
38.4
36.5
36.6
40.5
36.7
38.8
38.7
37.1
39.8
43.2
40.4
41.4
38.9
36.5
40.7
44.2
42.1
41.8
39.4
37.2
41.0
44.9
42.3
42.1
39.7
37.2
40.8
44.7
39.7
42.0
40.2
38.0
41.5
45.4
42.4
42.8
40.1
38.5
76.4
73.9
90.2
70.0
51.8
66.4
76.7
74.1
90.2
70.1
52.1
66.4
78.6
76.8
9i. r
74.0
52.9
68.4
79.1
77.1
91.8
74.0
53.4
68.5
79.5
77.8
74'. 8
54.1
68.9
84.1
78.8
'92.3
74.9
54.7
69.5
85.9
81.8
94.5
77.0
55.6
71.0
36.2
36.3
37.3
38.3
38.8
38.4
38.9
60.9
61.5
62.0
62.1
62.4
62.9
64.1
34.2
34.5
33.6
32.5
39.4
34.7
38.1
33.7
34.3
32.7
30.9
40.1
36.4
38.8
35.7
36.9
33.3
37.3
39.0
35.7
38.8
37.4
38.3
35.7
39.1
39.5
35.4
39.1
37.8
38.6
36.3
39.7
40.0
36.1
39.7
37.3
38.3
38^0
39.6
33.2
39.6
37.9
38.8
36.2
37.5
40.3
36.8
40.0
49.5
48.2
51.9
54.3
64.3
49.3
79.3
49.6
48.4
51.8
55.5
64.7
49.7
79.4
51.2
49.2
55.2
55.5
64.9
49.8
79.6
51.4
49.2
55.5
56.4
65.1
49.5
80.3
'51.7
49.4
'56.1
57.2
6-5.5
49.7
80.7
'52. 4
50.9
'55.3
57.9
65.5
50.6
80.5
53.0
52.0
55.0
59.0
67.0
50.5
81.1
38.5
36.5
39.2
36.0
38.8
36.2
39.7
36.4
38.9
35.7
39.9
39.0
38.8
35.6
39.8
39.3
39.1
36.0
40.1
39.7
39.9
37.0
40.7
39.4
39.8
37.0
40.7
40.3
74.2
97.4
66.5
77.9
76.0
97.5
68.6
77.8
77.0
97.0
70.6
78.8
77.0
97.0
70.7
79.2
76.6
96.7
70.5
79.9
77.3
99.5
70.7
80.4
80.6
100.8
74.4
81.8
Iron, Steel, Products
Machinerv . . . .
__ __
Transportation Equipment
Nonferrous Metals, Products
Lumber, Products
Stone, Clay, Glass Products
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
__ _
p
L
72.6
Revised.
Beginning with October 1940 figures are not comparable because of expansion in reporting sample.
AUGUST
1941
785
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
Residential
building
Total
Month
January
February
March
April
May
_.
June
July
August
September
October
November
December
_
Year
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
479.9
406.7
548.7
539.1
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
147.9
166.5
201.3
205.6
4,004.0
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
55.9
37.8
121.8
66.2
81.1
102.3
442.4
1, 596. 9
Commercial
Factories
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
Educational
1940
11.6
7.9
10.4
11.2
17.1
13.5
6.1
8.1
9.3
17.4
15.3
14.3
16.5
14.4
9.8
18.6
8 5
8.9
147.2
318.3
Public works
and public
utilities *
Other i
1941
1940
26.9
20.9
33.1
36.2
50.8
35.7
J
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
36.1
29.7
53.5
49.0
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
130.6
96.9
144.9
133.0
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.]
Private ownership i
Public ownership *
Total
Month
January
February _
March
April
May
June
July
August
September
October
November
December
_
__
Year
1936
1937
1938
1939
1940
1941
1936
1937
1938
1939
1940
1941
1936
1937
1938
1939
1940
1941
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
270
480
407
549
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
96
226
169
255
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
194
174
254
238
294
1,334 1,152 1,705 1,708 1,802
2,675 2,913 3,197 3,551 4,004
1,341 1,761 1,492 1,842 2,202
» Backfigures.—SeeBULLETIN 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.]
Number
1940
Liabilities
Federal Reserve district
June
May
June
52,027
112, 850
38? 158
40,311
79, 528
21, 316
21, 244
50, 699
21, 254
Cleveland..
Richmond.
Atlanta
51, 477
92. 503
42, 323
63, 447
100,005
47, 935
37, 009
29,161
29, 535
Chicago
St. Louis
MinneapolisKansas City.
Dallas
Total (11 districts).
73,113
26, 926
12,651
76, 392
38,137
15, 978
56, 767
18, 245
11, 239
15, 247
21, 831
36, 436
29, 215
11,610
37,963
539,106
548, 700
324, 726
Boston
New York___
Philadelphia.
Federal Reserve
district
1941
June
Boston.
New York.
Philadelphia
Cleveland
Richmond
Atlanta _
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
86
377
55
41
27
38
130
28
14
35
21
118
970
1940
May
June
1940
1941
June
May
June
108
389
81
65
37
46
143
33
10
36
35
136
82
446
75
42
47
48
138
36
17
44
18
121
1,063
3,763
856
351
152
319
1,097
233
137
335
144
999
999
3,273
1, 342
528
281
361
1,030
234
87
416
371
1,143
1,030
5,756
857
873
801
555
1,678
299
110
499
166
1,110
1,119
1,114
9,449
10, 065
13, 734
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.
786
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports *
Excess of exports
Merchandise imports 2
Month
January
February
March
1938
1941
1937
1938
1939
1940
1941
229
234
268
-18
-45
-51
118
99
102
35
61
77
128
147
134
97
70
89
231
249
236
323
324
350
385
385
287
285
286
160
148
146
186
202
179
212
211
211
288
297
-18
5
-21
115
109
87
45
47
57
111
112
138
98
88
228
231
246
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
333
315
323
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
3,094
3,177
4,021
3,084
1,960
2,318
2,625
265
1,134
859
1,396
1,271
1,358
1,180
1,715
1,397
815
916
1,083
-126
543
264
632
Year
Jan.-May
1940
242
200
217
October
November
December
. .
1939
178
158
190
268
277
297
July
August _
September
1938
171
163
173
274
257
233
_- _ -. _
1937
240
278
307
269
290
265
April
May.
June
1941
325
303
357
289
262
275
_.
1940
370
347
351
223
233
257
.. _
1939
gtoto
1937
1,756
1,315
441
1
Including both domestic and foreign merchandise.
* General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
FREIGHT-CAR LOADINGS, BY CLASSES
REVENUES, EXPENSES;T AND INCOME OF CLASS 1
RAILROADS 1
[Index numbers; 1935-39 average=100]
[Millions of dollars]
ForLive- est
Coke Grain stock
prod- Ore
ucts
Miscellaneous
Merchandise
l.c.l.
94
94
95
95
95
96
97
99
Total
Coal
1940—May. ___
June
July....
Aug
Sept
Oct
Nov
Dec
106
111
110
112
112
110
116
119
115
'120
120
124
114
91
109
107
117
145
158
162
147
149
150
153
101
98
100
96
106
100
98
96
91
95
88
96
98
99
98
96
106
108
108
115
122
128
131
133
134
134
138
139
145
181
181
164
103
111
108
110
112
116
120
125
1941—Jan
Feb
Mar
Apr
May
June . . .
122
124
126
112
135
139
109
113
128
45
138
156
145
149
168
137
182
189
102
102
113
113
124
126
88
93
93
93
91
88
138
133
127
130
130
136
180
181
192
266
266
152
103
110
110
113
125
125
122
112
98
'101
102
109
120
104
121
121
108
131
136
136
144
149
159
167
87
96
145
117
117
107
96
87
82
75
74
91
129
152
124
92
110
112
108
121
132
135
129
119
113
115
120
108
131
136
124
129
132
38
117
131
174
183
175
120
167
170
90
85
97
96
107
123
84
75
74
82
82
69
124
128
127
130
135
141
SEASONALLY
ADJUSTED
Total
railway
operating
revenues
Net
railway
operating
income
Net
income
SEASONALLY
ADJUSTED*
130
131
128
130
136
139
1940—Apr
May.__
June...
July....
Aug
Sept....
Oct
99
Nov
101
Dec
100
328
342
360
356
365
377
363
379
401
289
290
300
303
308
309
311
312
316
40
'52
60
54
57
67
52
67
85
-1
11
19
13
16
25
8
25
43
102
102
102
389
402
417
382
439
316
319
334
323
346
73
84
83
59
93
32
43
41
17
184
233
250
244
254
238
145
46
105
112
107
110
124
132
125
116
94
94
94
96
100
100
98
95
45
45
50
203
276
265
115
118
124
131
138
141
94
98
101
103
102
101
322
343
345
366
381
383
414
375
382
287
296
297
309
315
308
327
304
303
34
47
47
57
66
74
87
71
79
-9
4
7
16
22
31
43
31
51
377
358
416
375
442
315
300
336
322
354
62
58
81
53
89
20
15
35
7
1941—Jan
Feb....
Mar. __
Apr. ...
UNADJUSTED
1940—May____
June
July____
Aug
Sept
Oct
Nov
Dec
1941—Jan.
Feb
Mar
Apr
May
June . . .
Total
railway
expenses
r
Revised.
,NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. 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.
UNADJUSTED
1940—Apr
May...
June...
July....
Aug
Sept.—
Oct
Nov
Dec
1941—Jan
Feb.._
Mar
Apr. ._.
May._.
r
AUGUST
1941
r
Revised.
* Derived from Interstate Commerce Commission data.
1 Excludes £witching and terminal companies.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics
787
DEPARTMENT STORE STATISTICS
MONTHLY INDEXES OF SALES AND STOCKS
SALES BY DEPARTMENTS
Index n u m b e r s based on value figures; 1923-25 average=100
Percentage change from corresponding periods of preceding year
Seasonally adjusted
1938
1939
1940 1941
Unadjusted
1938
1939
N E T SALES—entire store
Main Store
Basement Store
Women's, girls', and infants' apparel and accessories
89
Alain store l
91
79
87
Women's and misses' coats and s u i t s . . .
92
58
64
Women's and misses' dresses
98
65
77
Blouses, skirts, sportswear, sweaters,
97
91
105
knit apparel
94
92
101
Juniors' and girls' wear
100
99
114
106
Aprons, housedresses, uniforms
101
156
179
168
Women's underwear, slips, negligees. _
Infants' wear
85
94
90
Women's and children's shoes
Year..
Furs
Basement2
Jan...
Men's and boys' wear
Feb...
M*ain store l
Mar..
M e n ' s clothing
Apr...
M e n ' s furnishings, hats, caps
May..
Boys' clothing and furnishings
June..
Basement2
July.
Homefurnishings
:
Aug..
Main store l
Sept..
Furniture,
beds,
mattresses,
springs...
Oct..
Domestic floor coverings
Nov..
Draperies, curtains, upholstery
Dec.
Major appliances (refrigerators, washers, stoves, etc.)
Year.
Domestics, blankets, comforters, linens, towels
Back figures.—Department store sales, see BULLETIN for August 1936,
Basement (including domestics, blankets,
p . 631, for October 1938, p . 918, and for J a n u a r y 1941, p . 65; department
linens, towels)2
store stocks, see BULLETIN for M a r c h 1938, p . 232.
Piece goods (dress and coat yard goods, all
materials)
WEEKLY INDEX OF SALES
Main store
Weeks ending on dates shown. 1935-39 average=100
Basement
1939
1940
1941
1938
Shoes (basement only)
Jan...
Feb._.
Mar..
Apr...
May..
June_.
July..
Aug...
Sept..
Oct...
Nov..
Dec...
June
July
79
81
93
106
105
100
101
103
103
104
105
104
11
18.-..
25
2...9
16....
23--..
30
96
93
81
83
61
69
62
67
June
10....105
1 7 - . - . 98
24
84
l--_. 85
8
62
15
73
2 2 . - - . 68
29
66
July
June
8
120
15-_.-107
22
92
2 9 . . . . 89
July 6
67
13-__- 78
2 0 . - . - 72
27
69
June
7
14
21
28
July 5
12
19
26
Six
months
1941
June
1941
Department
1940 1941
+13*
+13
+11
+11
+12
+5
+22
+5
+15
+9
+6
+9
+11
0
+81
+4
+6
+1
+32
+26
+10
+6
+7
+11
+14 +10
+9
+18
+17
+14
+9
+14
+11
+22
+6
+4
+4
+11
+11
+14 +12
+9
+13
+8
+19
+21 +20
+23
+11
+2
+25
+26
+32
+27
+26
+20
+17
+16
+5
+5
+5
+1
+1
+3
-4
* Based on reports from 246 stores. Reports of total sales from a lamer
n u m b e r of stores, including m a n y stores not reporting sales b y departments, showed an increase of 13 per cent for J u n e and 15 per cent for
the first six months of 1941, as indicated in t h e table below.
1
Group totals for main store include sales in departments not shown
separately.
2
Group totals for basement are not strictly comparable with those
shown for main store owing chiefly to inclusion in basement of fewer
departments and somewhat different types of merchandise.
127
120
107
109
86
93
89
87
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
Percentage change from corresponding periods of preceding year
June M a y
1941 1941
United S t a t e s . „ .
Boston
New H a v e n
Portland
Boston
Springfield
Providence
+13
+11
+14
+13
+7
+13
+13
+20
+20
+24
+22
+14
+27
+25
+15
+14
+14
+14
+10
+17
+17
New York
Bridgeport
Newark
Albany
Binghamton..
Buffalo
Elmira
Niagara F a l l s .
New York and
Brooklyn
Poughkeepsie _
Rochester
Syracuse
+10
+23
+9
+8
+15
+27
+21
+12
+12
+24
+12
+12
+19
+23
+30
+8
+8
+4
+11
+18
+16
+28
+15
+17
+22
+24
+22
'+14
+14
+21
+15
+24
Philadelphia
Trenton
Lancaster
Philadelphia..
Reading
Wilkes-Barre..
York
+10
+5
+6
+11
+17
+6
+13
+16
+22
+18
+15
+19
+8
+20
+15
+15
+11
+15
+18
+10
+17
Cleveland
Akron
Cincinnati
+13 +21 +17
+24 +29 +26
+8 +20 +14
r
Six
June M a y mos.
1941 1941 1941
1941
+9
+13
+12
+20
June M a y Six
mos.
1941 1941 1941
Cleveland (cont'd)
I Cleveland
Columbus
I Toledo
Youngstown...
Erie
Pittsburgh
Wheeling
+14
+12
+12
+23
+21
+10
+17
Richmond
Washington
Baltimore
Winston-Salem
Charleston, S.C.
Lynchburg
Norfolk
Richmond
Charleston
Huntington
+15 +22 +19
+15 +22 +20
+14 +20 +19
- 1 +25
+31 +33 +31
+13 +15 +13
+39 +44 +46
+ 8 +16 +15 ij
+18 +34 +22
+14 +18 +17
\Atlanta
Birmingham...
Montgomery...
Jacksonville
Tampa
Atlanta
Macon
Baton Rouge.__
New O r l e a n s . . .
Jackson
Chattanooga . . .
Knoxvilie
Nashville
+18
+19
+16
+35
+20
+17
+17
+16
+18
+19
+13
+12
+19
+19
+19
+21
+31
+24
+15
+19
+22
+26
+14
+36
+34
+22
+21
+12
+17
+21
+22
+20
+24
+19
+13
+14
+24
+20
+13
+18
+16
+18
+10
+30
Chicago
Chicago
Peoria
Fort W a y n e Indianapolis..
Des Moines
Sioux C i t y
Detroit..
Flint
Grand R a p i d s .
Lansing
Milwaukee
It. Louis
Fort S m i t h . . . .
Little R o c k . . .
Quincy
Evansville
Louisville
St. Louis
Springfield
Memphis
[Minneapolis
+22 ^Kansas City
+15
Denver
+20
Hutchinson...
+13
Topeka
+13
Wichita
+17
Joplin
+17
Kansas C i t y . .
+17
St. Joseph
+20
Omaha
+11
+3
+10
+16
+10
+8
+ 11
+21
+22
+16
+19
+13
+15
+15
+19
+4
+7
+24
+10
+32
+22
+22
+15
+15
+27
+24
+15
+14
+28
+24
+16
+33
+27
+23
+21
+23
+21
+23
+36
+21
+49
+15
+8 +13
+12
+15
+14
+10
+22
+14
+10
+12
+9
+19
+17
+22
+12
+22
+19
+23
+18
+12
+u
+7
+12
+23
+17
+8
+9
+21
+26
+13
+25
+17
+17
+12
+22
+11
+12
+34
+13
+41
+17
+9
+12
+11
+15
+11
+15
"+I3"
June May
1941
Kansas City
(cont'd.)
Oklahoma City
Tulsa
Dallas
Shreveport
Dallas
Fort W o r t h . . . .
Houston
San Antonio__.
San Francisco
Phoenix
Bakersfield
Fresno
Long Beach
Los Angeles
Oakland and
Berkeley
Sacramento
San Diego
San Francisco. .
San Jo-^e
Santa Rosa
Boise and
Nampa
Portland
Salt Lake C i t y .
Bellingham
Everett
Seattle
Spokane
Tacoma
Walla W a l l a . . .
Yakima
Six
mos.
1941
+14
+8
+23
+19
+21
+28
+20
+32
+17
+34
-1
+10
+24
+17
+24
+11
+23
+17
+19
+18
+22
+37
+19
+26
+3
+7
+38
+22
+13
+18
+38
+13
+5
+11
+8
+16
+13
+3
+17
+21
+12
+25
0
+4
+10 +7
+5 +8
'+50 +36
+16 + 12
+4 +1
+14
+6
+9 +3
+15 +14
+21 +14
- 4 +6
+4 +19
+21 +24
+7 +14
+25 +35
+3 - 1
+1 +2
+16
+12
+16
+13
+13
+16
+14
+24
+14
+23
0
+5
+22
+13
Revised.
788
FEDERAL RESERVE
BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics.
1926=100]
Other commodities
Year, month, or week
All
commodities
Farm
products
Foods
Chemi-
Hides and Textile
leather
products
products
Total
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
99.9
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
1940—May
78.4
77.5
77.7
77.4
78.0
78.7
79.6
80.0
67.9
66.2
66.5
65.6
66.2
66.4
68.2
69.7
71.4
70.3
70.3
70.1
71.5
71.1
72.5
73.5
1941—January
February _
March __
April
May ___
80.8
80.6
81.5
83.2
84.9
87.1
71.6
70.3
71.6
74.4
76.4
82.1
83.2
84.0
84.6
85.0
85.2
85.9
86.7
87.2
87.7
87.7
88.1
88.3
88.8
74.4
75.1
76.3
77.3
77.3
79.6
81.1
83.0
84.2
84.1
85.0
85.4
86.7
1929
1930
1931
1932
1933.
1934
1935
1936
1937
1938
1939
1940
.
_ __
.
__
June
_ __
July
August
September
October
November
December
June
Week ending—
1941—May 3
M a y 10
_
M a y 17
M a y 24 . _
M a y 31
June 7__ __ __ .
June 14
June 21
June 28
July 5
July 12
July 19
July 26
Fuel and
Metals Building cals and Houseallied
furnishlighting and metal materials
products ing goods
material- products
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
H
38
79
73
80.9
86.6
89 6
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
82.5
82.2
82.3
82.0
82.3
83.5
84.1
84.1
101.3
99.2
99.0
96,9
98.3
100.4
102.3
102.3
72.9
72.6
72.4
72.3
72.5
73.6
74.5
74.8
71.7
71.4
71.1
71.1
71.0
71.6
71.9
71.7
94.5
94.7
95.1
94.9
95.4
97.3
97.6
97.6
73.7
73.5
75.2
77.9
79.5
83.1
84.3
84.4
84.9
85.9
87.4
88.6
102.4
101.6
102.6
103.9
106 4
107.8
75.2
76.4
78.4
81.0
83 0
84.5
72.1
72.1
72.0
72.9
75.6
77.9
78.0
79.0
79.7
79.5
79.2
81.5
82.6
83.7
84.3
84.1
84.1
83.8
84.6
86.4
86.9
87.3
87.7
88.2
88.4
88.8
89.0
89.1
89.2
89.5
89.7
90. 0
105.0
105.3
106.1
1 06.9
107.8
107.6
108.4
108.2
108.5
108.8
] 09 3
109.6
109.7
80.9
81 4
82.4
82.9
83.2
83.2
83.8
84.5
84.7
84.1
84.3
85.0
86.4
74.2
74.9
75.6
76.2
77 7
78.3
78.7
79.0
78.7
79 0
79.1
79.3
79.4
n 9
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 underwe ar_
Silk
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
92.5
92.4
92.5
93.3
95.6
97.8
98.9
99.3
76.7
76 1
77 0
76 7
76 8
76 9
77 5
77 7
88.5
88.5
88.5
88.5
88.5
88.6
88.6
88.9
77.7
77.3
77.7
76.7
76.5
76.9
77.5
77.3
97.7
97.6
97.7
97 9
98.1
98.3
99.6
99.3
99.5
100.1
100.4
101.0
78 6
78 5
79,8
S1 8
S3 6
S3 8
89.0
89.1
89.5
90.4
91.4
93.1
77.1
76.9
77.6
78.6
79.6
80.6
97.9
97.9
98.1
98.2
98.2
98.3
98.4
98.3
98.4
98.4
98.6
98.6
98.6
100.3
100.3
100.2
100.5
100.5
100, 5
100.9
101.1
101.1
101.7
102.4
102.6
102.7
S? 8
S3 1
S3 7
91.9
92.3
92.3
92.5
92.7
93.3
93.7
93.7
93.8
94.3
95.3
95.4
95.5
78.5
79.0
79.4
79 7
79.7
79.7
80.2
80.3
80.9
81.2
81.3
81.7
81.8
n75 13
79
78
S2,
77
76
77
S3. 9
S3 6
S3 7
S3 8
S4 3
S4 6
S5 1
S5.0
S5.0
1940
1941
Subgroups
Subgroups
Farm
0
7
fi
0
0
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
1941
1940
0
7
3
9
Miscellaneous
June Mar. Apr. M a y
June
64. 4
64 7
67. 0
67.8
82.5
65.6
70.9
86.2
67.8
74.5
88.0
69.5
75.9
93.0
76.6
2
4
9
7
3
80.3
75.2
60.7
83.7
68.9
81.0
76.8
63.8
85.6
73.9
81.6
78.2
64.0
87.2
76.9
84.3
79.8
73.0
90.8
79.5
72
77.
73.
70
61
Metals and Metal
107.9 107.4 107.8 110.1 111.7
81. 9 99.1 104.7 110.3 112.4
92.4 94.8 95.6 96.9 97.9
100 0 100.5 100.5 101.7 102.1
3 87.7 88.7 90.9 91.6
4 81.1 86.8 91.0 94.6
6 60.4 61.1 61.3 61.9
. ..
1 47.7 48.3 49.1 51.2
9Q 5
29.5 29.5 29.5 29.5
Rayon
Woolen and worsted goods.... — - S3. 7 93.2 93.3 94.1 94.6
74. 0 80.1 89.3 92.0 94.1
Other textile product s_
FueLand Lighting Matericilx:
77 1 81.0 80.9 80.7 81.0
Anthracite . . .
7 100.3 100.0 102.9 103.7
Bituminous coal
1(1Q 6 113.8 113.8 120.4 122.2
Coke
74. 2 70.0
Electricity . . .
.
Gas
87 4 77.0 78.1 80.1
50. 0 49.9 51.9 55.3 59.9
Petroleum products..
85
68
61.
46
June Mar
Products:
Agricultural implements
Farm machinery
Iron and steel
Motor vehick s
Nonferrous m etals
Plumbing and heating
Building
Materials:
Brick and tile
Cement
_
Luniber i
Pa nt and Daint materials
Plumbing and heating
Structural steel
._
Other building materials
Chemicals and Allied
Chemicals
Apr.
Product s:
Drugs and pbarmanfiutinals
Fertilizer mai erials _.
Mixed fertiliz ers
Oils and fats
Housefurnishing C hods:
Furnishings..
Furniture
May
92.3 92.4
93.5 93.5
95.9 96.1
100.1 100.2
84.3 84.4
83.0 83.0
92.4
93.5
96.5
100.3
84.5
83.1
f
91.7 91.9
90 2 Q1 ,
90.6 90 £ 91.0 91.5
94.8 116 -7 116.7 116.8
85.2 87 A 88.7 89.3
80.5 8? ? 83.0 83.0
107.3 107 ? 107.3 107.3
93.0 95 ? 95.9 96.3
92.5
91.9
117.6
90.3
83.1
107.3
96.9
92.5
93.6
94.3
94.8
81.2
80.5
92.7
93 f
95 7
99. £
84 r
H?, t
85 1
82.2
67.4
72.8
45 1
85.?
70.4
73 7
55.7
86.4
97.5
71.0
73.2
69.3
86.8
98.7
71.1
73.2
80.6
87.2
99.9
69.9
73.8
80.6
94.9
81.7
95. £
8? q
97.1
83.4
98.0
84.3
99.0
87.0
58 2
80.0
91.7
46 3
83.7
58.4
8? 7
93.1
45 f
83.4
58.8
85.2
94.5
47 6
84.3
£8.8
81.8
96.7
49.8
85.6
58.8
88.9
98.0
45 6
87 4
Q7
r
t
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pu ID
Rubber, crud e
Other miscell aneous
June
iRevised 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).
AUGUST
1941
789
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page
June
25
WEEKLY FIGURES i
July
2
July
9
July
16
July
23*
In billions of dollars
3
5
5
5
3
3
3, 11
3
3
3
3
9
9
9
9
9
2.25
2.27
2.25
2.29
2.25
2.18
.95
1.23
22.62
3.15
9.49
2.28
1.08
1.89
12.99
5.20
2.20
.39
1.75
.86
2.18
.95
1.23
22.63
3.15
9.70
2.28
.84
1.82
13.13
P5. 18
2.14
.36
1.78
P. 89
2.18
.95
1.23
22.64
3.15
9.70
2.29
1.04
1.76
12.97
P5. 10
2.07
.38
1.76
P. 88
2.18
.95
1.23
22.66
3.16
9.65
2.31
.85
1.79
13.22
P5. 30
2.15
.41
1.83
P. 91
2.18
95
1.23
22.66
3. 16
9 63
2.32
.95
1.7fi
13.12
p*. ?7
2.21
.40
1.70
P. 87
16
28.28
28.33
28.48
28.58
16
9.05
9.27
9.18
9.31
9.12
16
16
24.05
5.41
23.95
5.42
23.92
5.43
24.26
5.42
24.38
5. 41
17
17
17
2.23
.35
6.98
2.26
.38
7.02
2.28
.37
7.10
2.30
.36
7.11
17
17
3.59
7.33
3.63
7.27
3.66
7.37
3.69
7.39
MONEY RATES, ETC.
28.65
.087
.39
1.91
2.75
4.29
.097
.38
1.90
2.75
4.30
.097
.39
1.90
2.74
4.29
2.27
2.18
2.26
2.18
22.44
9.00
2.28
.89
13.60
7.72
5.88
9.07
6.43
2.64
22.55
9.19
2.26
.62
13.65
7.82
5.83
9.36
6.68
2.68
2.28
2.18
(5)
22.60
9.44
2.25
.99
13.20
7.85
5.35
9.61
6.89
2.73
19
19
19
19
19
19
46.67
33.64
5.72
1.60
5.71
6.55
47.16
34.00
5.72
1.60
5.83
6.36
48.39
34.97
5.70
1.60
6.12
6.36
MONEY RATES, ETC.
Per cent per annum
1.00
0.092
.52
1.96
.56
2.82
4.33
1.00
0.082
0.44
1.92
.56
2.81
4.32
1.00
0.089
0.38
1.91
.56
2 77
4.31
In unit indicated
.098
.37
1.91
2.74
4.28
.094
.35
1.90
2 74
4! 27
31
31
31
31
76.1
89.5
26.8
69.3
76.2
89.7
26.7
69.2
78.9
93.3
27.8
70.1
79.0
93.4
27.8
70.3
31
.50
.38
.98
.56
87.7
84.2
89.1
87.7
84.1
89.2
88.1
85.0
89.5
88.3
85.4
89.7
88.8
86.7
90.0
149.1
159.2
146.1
154.1
147.7
156.2
147.9
154.4
149.9
156. 0
141.8
140.2
141.4
143.1
145. 4
99.9
93.7
96.8
97.2
97.9
80.1
95. 0
28.4
70.5
BUSINESS CONDITIONS
Wholesale prices:
All commodities (1926= 100):
Total
35
Farm products
35
Other *
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)
46
F.H.A. home mortgages,
new constr. (thous.)
47
June
TREASURY FINANCE
U. S. Government debt:
Direct obligations, total __
Bonds
Notes
Bills
Special issues.__
Guaranteed obligations.__
F. R. Bank discount
rate, N . Y
23
2.30
Treasury bills (new issues) _ _
23
.33
Treasury
notes
2
23
7.08
Treasury bonds 3
29
Commercial paper
25
3,71
Corporate Aaa bonds
25, 29
7 51 Corporate Baa bonds__
29
In unit indicated
790
2, 7
Reserve Bank credit, total
7
U. S. Gov't. securities
7
Bills discounted
2
Gold stock
2
Money in circulation
2
Treasury cash
2
Treasury deposits
2, 8
Reserve balances
Required reserves
Excess reserves
Money in circulation, total ___
Coins and bills under $50..
Bills of $50 and over.
Per cent per annum
Treasury bills (new issues)
21
Treasury notes 2
21
Treasury bonds 3
21,29
Corporate Aaa bonds
29
Corporate Baa bonds
29
Stock prices (1926=100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill,
shares)
May
RESERVES AND CURRENCY
MEMBER BANKS
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
Apr.
In billions of dollars
MONTHLY FIGURES
RESERVES AND CURRENCY
Reserve Bank credit, total.
U. S. Gov't. securities,
by maturities, total..
Within 5 yrs
After 5 yrs
Gold stock
Treasury currency
Money in circulation
Treasury cash holdings
Treasury deposits
Nonm ember deposits
Member bank reserves
Excess reserves—total e
New York City
Chicago
Reserve city banks
Country banks e
Chart
book
page
127.9
96.5
114.3
109.9
105. 6
908.7
382.6
740.5
327.3
876.2
362.7
899.4
366.6
897.4
368.0
3,121
2,867
3,141
3,163
3,184
109
86
93
89
87
5.53
4.46
5.26
5.58
5.15
Stock prices (1926=100):
Total
Industrial.
Railroad
Public utility
Volume of trading (mill. shares):
Brokers'balances (mill, dollars):
Credit extended customers
Money borrowed
Customers' free credit
balances
31
31
31
31
31
73.8
85.6
26.9
71.2
.5f
73. 0
85. 6
26. 7
67 5
42
75.3
88.3
26.7
69.8
.46
33
33
606
622
403
616
395
33
265
262
255
83.2
74.4
85.9
84 9
76.4
87 4
87.1
82.1
88.6
107.3
104.7
112.7
109 5
106 4
115 9
111.3
107.9
118.2
102.2
105.4
102.3
100.6
102 9
105 8
102 7
102 1
104.6
105.8
103.3
105.9
BUSINESS CONDITIONS
Wholesale prices:
All commodities (1926=100):
Totals
35, 65
Farm 4products..
35
35
Other
Industrial commodities
(Aug. 1939=100):
Total
37
Finished
37
Raw and semifinished
37
Cost of living (1935-39=100):
All items
Rent
Clothing
39
39
Food
* Estimated, v Preliminary.
1
Figures for other than Wednesday dates are shown under the
Wednesday
included in the weekly period.
2
Tax-exempt issues only.
3 Partially tax-exempt issues only.
4
Other than farm products and foods.
5
Less than $5,000,000.
6
Estimate for July is shown on p. 777.
* Copies of this chart book can be obtained at a price of 50 cents
each.
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
MONTHLY FIGURES (cont.)
BUSINESS CONDITIONS (cont.)
Industrial production ;i 2
Total (1935-39=100)3 3
41,42
Durable manufactures
41
Iron and steel
42
Machinery, etc
__
42
Other durable
42
Nondurable manufactures 3
41
Textiles and leather
42
Paper and printing
42
Foods, liquors, and tobacco..
42
Other nondurable
42
Minerals 3
41, 42
New orders, shipments, and
inventories (Jan. 1939=100):
New orders, total..
43
Durable, total
43
Iron and steel
.
43
Machinery
43
Shipments, total
43
Durable
43
Inventories, total __ _
43
Durable
43
Nondurable 2
43
Freight-car loadings :* 3
Total (1935-39 = 100)
57
Coal
57
Miscellaneous...
__
57
All other...
_
57
Factory employment
Factory payrolls
Average hourly earnings
(cents per hour)
Average hours worked
(hours per week)
Department store sales 3
Department store stocks i
1941
Apr.
May
June
In unit indicated
140
63.2
17.6
30.4
15.3
61.6
20.0
11.8
16.9
13.0
15.4
150
66.8
18. 2
33.3
15 4
63 8
21.0
12 3
17.1
13.4
19 1
196
277
304
266
172
205
124
134
112
207
290
307
287
180
219
126
137
114
112
9.6
71.4
30.6
135
29.4
74 4
31. 5
51, 53
51, 53
122.6
134.7
51
70.8
51
59
59
40.0
104
74
Chart
book
page
P157
P71.5
P20.0
PS5.7
P15.8
P65.0
P21.2
P12.2
P17.1
PUA
P20.2
P228
P328
P285
MONTHLY FIGURES (cont.)
INTERNATIONAL FINANCE
Wholesale prices:
Canada
Germany
Japan
Sweden
Switzerland
United Kingdom
Foreign exchange rates:
Argentina (peso)
Canada (dollar)
Japan (yen)
Switzerland (franc) 7
United Kingdom (pound)
65
65
65
65
65
65
__
67
67
66
66
67
AUGUST
1941
187
72
115
101
14
49
49
49
421
147
274
414
162
252
?»184
50
50
50
50
37.68
11.93
6.46
3.98
38. 31
12.40
6.42
4.05
50
50
3.11
1.78
3 19
1.78
54
54
54
6,986
4,708
2,278
7,182
4, 874
2,308
55
55
55
55
704
179
486
39
772
212
535
24
61
61
61
385
288
98
385
297
P272
79
63
^6.52
P38.
P12.
P 3 . 23
PI.81
334
ph. 009
325
P7,
P2,
P237
29.77
29.77
87.65
87.42
23.44
23.44
23.20
23.20
402. 48 403.10
29.77
88.18
23.44
23.21
403.16
Mar.
Apr.
In billions of dollars
Increase in U. S. gold stock: 5
Total
63
Net capital inflow:
Total
62, 63
Inflow of foreign capital
62
Return of domestic capital..
62
'3-25=100
Merchandise export surplus
63
Other factors
63
124.8 p\27. 6 Short-term foreign assets and liabilities
of
banks:
144.0 P152. 0
Liabilities to foreigners
64
Foreign assets
64
72.6
Net foreign liabilities...
64
40.8
105
104
74
77
174
47
127
110
17
90.0
88 5
86.6
83.3 P&3. 6
136.9
137! 7 "l39.~8~
135. 0 ^135. 8
121. 5 125. 8
121. 8 122 1 " 123.6"
In cents per unit of
foreign currency
Feb.
139
33.1
76.3
29.2
143
29
115
101
14
June
May
1941
P128
P139
P117
47
47
47
47
47
Apr.
1926=100
15.21
15.35
15.48
6.15
4.12
1.93
4.53
4.52
6.18
4.16
1.93
4.62
4.54
6.32
4.27
1.96
4.72
4.44
3.72
.38
3.34
3.77
.39
3.38
3.88
.36
3.52
Jan.Mar.
Apr.June
In billions of dollars
QUARTERLY FIGURES
Cash income and outgo of U.S.Treas.:
Cash income...
Cash outgo
Excess of cash outgo
Domestic corporation security issues,
total
New
Refunding
1941
1940
Oct.Dec.
In millions of dollars
Residential contracts awarded:*
Total
.
Public
..
Private, total
1- and 2-family dwellings
Other
Construction contracts awarded: 4
Total
_
Residential
Other
Nonagricultural employment
(mill, persons):
Total
Manufacturing and mining
Trade
Government
Transportation and public utilities
Construction
_*
Income payments: i 6
Total
Salaries and wages
.
Other
Cash farm income:
Total
Crops
Livestock and products
Gov't payments
Exports and imports:
Exports
Imports...
__
Excess of exports
1941
18
18
18
1.90
3.17
1.27
2.84
3.89
1.05
2.82
4.46
1.84
32
32
32
1.05
.28
.77
'.78
.17
'.61
.61
.19
.42
Per cent per annum
Bank rates on customers' loans:
Total, 19 cities
New York City
7 other Northern and Eastern
cities
11 Southern and Western cities __
25
27
2.59
2.00
2.58
2.06
2.55
1.95
27
27
2.53
3.36
2.53
3.25
2.58
3.23
p Preliminary. ' Revised.
1 Adjusted for seasonal variation.
23 In points in total index.
Estimate for July is shown on p . 777.
4
Three months moving average, adjusted for seasonal variation,
s Cumulated from January 31, 1934.
6
Revised series. Table and chart of back figures may be obtained
upon
request.
7
No rate certified since June 14, 1941.
791
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
fin billions of dollars]
Chart
book
page
1938
June
Sept.
p
28
28
Dec
31
31
Mar.
June
Oct.
2
Dec.
30
Mar.
26
June
29
Dec.
31
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
31.96
27.47
6.70
51.34
22.34
29.00
70. 7b
34. 94
27.74
7.3?
54. lfe
23. 74
30. 4f
P72. 43
P36. 10
P27. 90
P 7.78
P56. 15
17.78
18.69
18.86
19.05
19.46
19.61
19.98
20.22
20.48
21.81
23.10
10.22
2.13
2.14
3.13
18
12.94
7.01
.53
2.79
2.61
10.71 10.88 10.69
2.34
2.66
2.30
2.45
2.56
2.30
3.01
2.96
3.19
.18
, 18
.18
12.94 13.21 13.05
6.97 3 5.89 5.96
.53 3 . 7 9
.67
2.77 3 . 9 6
.90
2.66
2.72
2.75
2.85
2.77'
10.95
2.83
2.55
10.89
2.92
2.76
11.18 11.31 11.60
3.14
3.12
3.11
2.69
2.91
2.89
(2,
2.70
2.77
.17
.19
(2)
13.96 13.94 13.97
6.72
6.57
.32
.61
.80
.88
3.07
2.96
3.06
2. 94
12.34
3.49
3.01
2.8C
.17
15.3:
7.52
.47
.83
3.23
3.27
13. 50
3.49
3.21
41.43
43.89
45.34
47.07
47.87
50.36
2.12
2.68
2.56
14.04
2.69
5.20
12. 10
2.20
3.16
2.56
15.07
2.88
6 5.50
612. 50
2.14
3.77
2.55
15.70
3.04
5.80
12.30
'2.32
4.23
2.48
16.30
3. 10
6 6.10
6
12. 50
'2.32
4.78
2.47
16.55
3.11
6.10
12.50
2.27
5.3'
2.18
17.76
3.22
6
6. 50
6 13.10
Apr.
4
CALL REPORT FIGURES
ALL BANKS IN THE U. S.
Total deposits and currency
Demand deposits adjusted __
Time deposits
Currency outside banks
Loans and investments, total
Loans
Investments
..
P24. 32
83
P31.
M E M B E R BANKS
Investments, total l
U. S. Government obligations:
Direct
Guaranteed
State and local government obligations
Other domestic securities
Foreign securities
Loans, total i
Commercial loans (incl. open-market paper).
Street loans (Brokers' loans)
Other loans on securities<_.
Real estate loans
All other loans 15
2.94
.19
13.14
5.99
.56
.91
2.83
2.85
()
13.47
()
15.88
()
SEMI-ANNUAL FIGURES
OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS
Total direct and guaranteed obligations outstanding
Amount held by:
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
2
p3 frelmunary. r Revised i Series not shown in Chart Book.
Figures available for June and December dates only.
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.
4
Includes since December 31, 1938, only loans made for the purpose of purchasing or carrying securities; loans on securities made for other purnoses are included in commercial loans and in all other loans.
5
Includes loans to banks and other loans under new classification beginning December 31, 1938 6 Partly estimated.
JULY CROP REPORT, BY FEDFRAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of July 1, 1941]
[In thousands of units]
Total wheat
Corn
Federal Reserve district
Boston
New York
Philadelphia
. _ __
Cleveland
Richmond
Atlanta
Chicago
St. Louis
_
Minneapolis
Kansas City
Dallas
San Francisco .
_
_ -. .
-___
-
Total
Production
1940
Estimate
July 1,
1941
Production
1940
Estimate
July 1,
1941
Production
1940
Estimate
July 1,
1941
Bushels
7,366
25, 393
47, 863
160, 404
135, 014
178, 019
965, 662
326,128
265, 502
225, 245
105,113
7,491
Bushels
7,592
26, 934
47, 639
203,146
129, 882
163, 971
1, 046, 075
327, 416
264, 899
240,143
82, 976
8,036
Bushels
88
8,878
17, 059
47, 428
26, 663
6,508
65, 219
62, 608
212, 272
239,128
30, 062
100, 785
Bushels
Bushels
Bushels
Bushels
Bushels
2, 449, 200
2, 548, 709
816, 698
. . .
Total... ____
-
80
7,552
16, 301
47,133
25, 696
6,788
61,187
52, 258
238, 291
301,090
41, 043
126,194
8,786
16, 901
47, 351
26, 663
6,508
63, 298
62, 531
24, 756
232, 606
29, 957
69, 794
7,472
16,139
47, 075
25, 696
6,788
59, 202
52, 224
31, 241
294,160
40,900
101, 424
187, 516
6,522
105
30, 991
207,050
6,930
143
24, 770
923, 613
589,151
682, 321
227, 547
241, 292
Tarn e hay
Oats
Boston
New York
Philadelphia
Cleveland
Richmond .
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Spring wheat
Estimate
July 1,
1941
Production
1940
Federal Reserve district
Winter wheat
Production
1940
Estimate
July 1,
1941
Production
1940
Tobacco
Estimate
July 1,
1941
Production
1940
Estimate
July 1,
1941
88
92
158
77
1,921
77
80
80
162
58
1,985
34
White potatoes
Production
1940
Estimate
Julv 1,
1941
Bushels
7, 047
31, 264
19, 499
57, 472
21, 064
15, 205
525, 658
60, 057
302, 514
127, 627
40, 507
27, 714
Bushels
6,663
26,124
19, 086
56, 290
22,154
19,145
488,153
59, 398
307, 667
135,119
39, 287
33, 697
Tons
3, 485
5, 858
2,359
5,978
4,099
3,259
21, 291
8,210
10, 550
7,302
1,781
12,140
Tons
3,061
4,280
1,948
5,215
3,423
2,918
20, 263
7,666
11,624
8,625
1,699
12, 773
Pounds
32, 923
1,983
49,590
123,150
743, 939
178,516
36, 785
277, 570
3,034
4,476
Pounds
35,159
2,132
52, 245
101, 089
711,485
147, 878
32, 366
227,167
2,640
4,320
Bushels
54,600
32,153
24, 843
20,132
28, 489
15, 337
41,618
13,817
52, 330
35, 334
3,949
75,120
Bushels
55,191
30,110
22, 908
19, 010
21,105
15,105
40, 994
12,179
44,101
30, 685
7,579
68, 683
1, 235, 628
1, 212, 783
86, 312
83, 495
1, 451, 966
1,316,481
397, 722
367, 650
NOTE.—1940 figures for tobacco are as revised in July 1941.
792
FEDERAL RESERVE BULLETIN
a
a
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING THE SIX-MONTH PERIOD ENDED JUNE 30, 1941
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
Dallas
San Francisco
Current Earnings
Discounted bills
Purchased bills
U. S. Government securities
Industrial advances
______ _ _
Commitments to make industrial advances
All other
Total current earnings
.._ __
$15,341
$456
$5, 200
$2, 085
$1,011
$489
$159
$1, 090
$808
$1, 466
$2,133
$299
$145
19, 644, 626
181, 244
40, 307
340, 312
1 422, 404
19, 825
858
3,929
5, 647, 767
37, 416
4,416
58, 851
1, 564, 806
58, 263
533
13, 268
1, 951, 291
6,314
5,249
33,141
1, 086,007
23, 420
4,448
14, 683
836, 701
1,321
85
1,277
2, 228, 968
8,091
102
97, 201
919 ,484
24
1,157
9,667
597, 165
8 770
229
4 135
970, 413
2,500
265
75,182
786, 564
5, 857
73
6,742
1 633, 056
9,443
22. 892
22, 236
20, 221, 830
1, 447, 472
5, 753, 650
1, 638, 955
1, 997, 006
1, 129, 047
839, 543
2, 335, 452
931,140
611, 765
1, 050,493
799, 535
1 687, 772
72. 309
503, 823
28, 305
70, 823
533, 629
27, 521
2
8,479
649
116, 206
1,402,115
71, 580
81, 966
513, 557
29,195
5,358
842
5,997
850
53, 854
335,012
17, 885
4,617
3,935
886
97,050
567, 372
30, 635
788
9,844
943
63, 950
668. 954
27, 063
14
6,364
705
110,783
761, 951
43,042
10
8,828
1,850
10, 939
71,310
9,996
23, 531
4,027
6,532
33, 630
14, 423
9,768
2,803
7,148
19, 698
11,185
114,510
21,356
29, 771
4,910
9,892
48, 330
95, 517
9,279
8, 652
25
7,585
19, 271
13,079
98,132
18, 946
28, 788
4,330
7,483
17, 242
45,110
14, 476
7,480
120
14, 587
29, 473
15, 786
169, 729
25,136
51, 660
13,124
9,204
48, 612
45, 099
14, 002
7,838
23, 270
19, 768
34, 664
1,404, 356
Current Expenses
Operating expenses:
Salaries:
Officers
Employees
Retirement System contributions for current service
Legal fees
Directors' fees and expenses
Federal Advisory Council fees and expenses
Traveling expenses (other than of directors and members
of Federal Advisory Council)
Postage and expressage
Telephone and telegraph
Printing, stationery, and supplies
Insurance on currency and security shipments
Other insurance
Taxes on bank premises
Depreciation on bank building
Light, heat, power, and water
Repairs and alterations to bank building
Rent
Furniture and equipment
All other
Total operating expenses
Less reimbursements for certain fiscal agency and other
expenses
Net operating expenses
Assessment for expenses of Board of Governors
Federal Reserve currency:
Original cost
Cost of redemption
Total current expenses
Current net earnings
Dividends paid
1,127, 737
9, 826,118
514, 833
17, 542
71, 878
9,335
64, 077
582, 380
29, 059
2,076
4,031
550
242, 488
2, 444, 632
131, 421
180, 585
1, 976, 449
253, 663
597, 249
133, 295
100,135
757, 918
595, 516
201, 649
70, 959
74,105
233,184
364, 545
6,513
218, 279
11,145
62, 584
21,122
5, 992
78, 000
27, 916
13, 793
3,458
48
17,527
23, 041
27, 964
332, 728
50, 415
126, 048
23, 841
15, 273
242, 347
111,301
33, 440
13, 485
17,106, 700
3, 533, 494
62, 503
677, 778
35, 870
5,783
4,477
550
91, 723
834, 865
43, 262
4,252
3,902
638
15, 223
195, 628
23, 947
48, 941
11, 756
6,947
68, 484
73, 874
23,411
5,556
39, 506
30, 479
25, 903
14, 725
124,195
23, 749
33, 583
8,825
7,814
31, 323
21, 274
16, 989
2,484
258
6,351
29, 383
24,150
249, 341
17, 842
84,112
15,158
8,508
89, 942
36, 045
19, 346
7,253
23, 743
62, 392
13, 931
147, 694
16,186
41,114
10, 840
8,198
38, 809
63, 266
15, 631
3,980
389
59, 584
35, 934
26, 754
43, 903
12,135
91, 648
20, 254
33, 944
3,602
8,264
26,144
22, 247
13, 071
6,311
1,520
10, 023
24, 293
1,171, 591
3,893, 548
1, 242, 567
1, 548, 297
962, 061
2, 218, 455
905, 021
629, 994
1, 086, 915
1, 066, 296
162, 058
618, 050
146,193
182, 348
350, 922
539, 873
235, 834
176, 864
249,091
466,100
262,119
13, 573, 206
973, 732
1,009, 533
69, 806
3, 275, 498
346,131
1, 096, 374
94, 886
1, 365, 949
89,176
611,139
33, 614
1, 678, 582
117,136
669,187
29, 202
453,130
21, 524
837, 824
27,821
600,196
28, 523
1,142, 237
74, 065
866, 056
88, 623
87, 266
6,017
179, 312
16, 621
61, 268
6,390
117, 633
8,706
39, 703
7,287
169, 831
14, 351
29, 670
3,787
14, 643
2,090
23, 252
4,218
16, 957
3,527
58,434
8,729
15, 591, 617
1,172, 622
3, 817, 562
1, 258, 918
1, 581, 464
950, 392
691, 743
1, 979, 900
731, 846
491, 387
893,115
649, 203
1, 283, 465
4, 720, 213
4,195, 320
274, 850
280, 418
1, 936, 088
1, 545, 996
380, 037
356, 884
415, 542
432, 500
178, 655
162, 594
147,800
143, 644
355, 552
442, 355
199, 294
127, 856
120, 378
89,693
157, 378
135,063
150,332
127, 751
404,307
350, 566
6,374
606
ALL BANKS IN THE UNITED STATES
ALL
BANKS '—PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS
[Figures of nonmember banks are for dates indicated or nearest available dates. Amounts in millions of dollars]
Loans and investments
Total
Federal Reserve district
Apr.
4,
1941
All banks :i
Boston
New York
__
Philadelphia
Cleveland..- _
Richmond
Atlanta
Chicago
___-..__
St. Louis
Minneapolis.- _
Kansas City
Dallas _ _
_- _ San Francisco.
_. _. _
Total
Member banks:
Boston
New York
Philadelphia
Cleveland
Richmond _.
Atlanta
Chicago
St. Louis . __
Minneapolis
Kansas City
Dallas
San Francisco
Total
Nonmember banks:
Boston
New York
Philadelphia
ClevelandRichmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
_
San Francisco
Total
1
__
_
_ _.
Dec.
31,
1940
Mar.
26,
1940
5,793 5,652 5,600
21, 876 20, 964 19, 438
3,542 3,467 3,409
3,854 3,756 3,660
2,171 2,133 2,011
1,447
1,597
1,580
6,673 6,211 5,856
1,694
1,605
1,793
1,190
1,124
1,175
1,410
1,513
1,499
1,054
1,183
1,167
4,961 4,891 4,521
Apr.
4,
Dec.
1941
31,
1940
2,738
8,383
1,365
1,694
1,101
890
2,580
907
622
815
667
2,560
2,693
8,238
1,341
1,609
1,080
896
2,403
892
609
814
666
2,499
Deposits, exclusive of
interbank deposits
Investments
Loans
Mar.
26,
1940
Apr.
4,
1941
Dec.
31,
1940
Mar.
26,
1940
Apr.
Dec.
31,
1940
4,
1941
Mar.
26,
1940
2,666 3, 055 2,959 2,934 6,532 6,466 6,154
7,971 13,493 12,726 11, 467 24, 326 24, 378 21, 716
1,265
2,177 2,125 2,145 4,212 4,170 3,952
1,504
2,160 2,146 2,157 4,718 4,682 4,249
1,054
968 1,070
2,787 2,726 2,487
1,043
756
683
707
691 2,064 1,974
1,817
2,152 4,093 3,808 3,704 7,889 8,009 7,058
802
805
886
800
2,031 2,026 1,859
1,422
566
1,416
537
568
587
1,327
685
694
716
698
1,863
1,833
1,749
1,602
566
501
1,638
516
488
1,466
2,287 2,401 2,392 2,234 5,734 5,733 5,183
Number of
banks
Apr.
4,
1941
867
1,193
908
1,224
1,055
1,049
2,445
1,500
1,281
1,835
948
566
Dec.
31,
1940
869
1,196
909
1,225
1,055
1,047
1,506
2,450
1,285
1,837
949
567
Mar.
26,
1940 '
869
1,213
018
1,237
1,059
1,051
2,464
1,518
1,294
1,858
951
574
56,147 54,188 51,135 24, 322 23, 741 22,190 31, 825 30, 448 28, 945 65, 211 65, 021 59,017 14,871 14,895 15, 006
2,074 1,972
1,919
14, 366 13, 467 11,997
2,474 2,399 2,308
3,089 2,989 2,893
1,467
1,327
1,431
1,276
1,261
1,149
5,550 5,120 4,734
1,328
1,156
1,227
840
788
831
1,134
1,219
1,205
912
1,039
1,026
4,261 4,200 3,847
1,032
4,477
1, 020
1,237
722
687
1,768
622
417
629
580
2,130
993
4, 253
950
1,142
637
570
1,528
543
363
541
482
1,938
940
8,990
1,379
1,752
708
574
3,352
604
413
576
446
2,071
926 2,687 2,647 2,387
7,744 16, 424 16, 389 14,074
1,358
2,994 2,951 2,726
3,852 3,814 3,398
1,751
1,634
691 1,877
1,833
578
1,588
1,521
1,406
3,206 6,383 6,522 5,591
612 1,432
1,427
1,290
425
997 1,014
930
1,455
593 1,482
1,385
1,405
430 1,437
1,258
1,909
5,023 5,030 4,499
349
781
653
663
434
317
869
420
456
737
570
279
350
765
651
658
431
316
856
415
460
739
568
277
350
766
651
645
417
316
810
396
464
735
546
281
38,983 37,126 34,163 15,878 15, 321 13,939 23,104 21,805 20, 224 46,179 46,007 40,579
6,528
6,486
6,377
3,719
7,511
1,068
765
704
321
1 123
465
350
294
144
701
3,680
7,497
1,068
767
703
319
1,091
468
344
294
142
691
1,077
4,641
1,044
1,323
734
682
1,924
640
424
629
579
2,181
997
9,724
1,430
1,765
733
594
3,626
689
416
589
460
2,080
3,681
7,441
1,102
767
684
298
1,122
449
336
276
142
674
1,661
3,742
321
371
367
208
656
267
198
185
88
379
1,661
3,761
321
372
357
209
636
270
192
185
87
369
1,673
3,718
315
361
331
186
624
261
174
175
84
349
2,058
3,769
747
394
337
113
467
198
152
109
56
321
2,019
3,736
746
395
345
109
456
198
153
109
55
322
2,008
3,723
786
406
352
113
498
188
162
102
58
325
3,767
7,641
1,226
851
853
411
1,467
569
397
364
208
684
518
412
255
561
621
732
1,576
1,080
825
1,098
378
287
519
519
431
447
258
267
567
592
624
[642
731
735
1,594
1,654
1,122
1,091
[830
825
1,123
1,098
405
381
290 1 [293
17,164 17, 062 16, 972
8,443
8,420
8,251
8,721
8,642
8,721 19, 032 19, 014 18,438
8,343
8,409
3,845
7,902
1,217
866
910
476
1,506
599
419
381
201
711
3,818
7,989
1,220
868
893
453
1,487
599
409
378
197
704
8,629
Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 797.
794
FEDERAL RESERVE BULLETIN
All Banks in the United States—Continued
ALL BANKS -PRINCIPAL ASSETS AND LIABILITIES, BY STATES
[Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars]
Loans
State
Apr.
4,
1941
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle AtlanticNew York
New Jersey
Pennsylvania
__.
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota.
Nebraska
Kansas
South Atlantic:
Delaware
Maryland
District of Columbia..
Virginia
West VirginiaNorth Carolina
South Carolina
Georgia..
Florida
Dec.
31,
1940
Mar.
26,
1940
Apr.
4,
1941
Dec.
31,
1940
Number of
banks
Deposits, exclusive of interbank deposits
Investments
Mar.
26,
1940
Apr.
4,
1941
Dec.
31,
1940
Mar.
26,
1940
Apr. Dec.
31,
4,
1941
100
107
82
390
35
202
Mar.
26,
1940
112, 291 111, 386 110,
188,995 183, 780 192, 320 340, 404 337, 271 327, 774
110, 695 110, 224 104, 600 156, ( " 154, 308 167,594
276, 782
285, 390 285,008
95,046
87,309
62, 215
67,859
96, 722
63, 228
172, 542 173, 484 166, 586
1, 792, 473 1, 759, 329 1, 760,150 1,869, 519 1,819, 309 1, 781, 250 4, 088,155 4, 056, 384 3, 880, 297
192, 397 186, 625 175, 515 266, 867 259,350 268, 772 517,167 514.894 489, 827
572,358 645, 282 612, 403 581, 388 1,477,295 1,448,451 1, 332, 724
587,074 581,109
100
107
82
388
35
202
7, 621, 379 7,491, 556 7, 268,115 12, 495, 25411,760,165 10, 519, 00822,126, 337 22,168,482 9, 665, 624
729,709
717,100 672,721 1,017,919 983,177 963,931 2,244, 509 2, 254,074 2,078,889
1, 687, 378 1, 629,637 1, 546,454 2,981,161 2,962, 510 3,006, 709 5, 355,984 5, 288,365 4,997,844
385
1, 051, 733 1,001,161
347, 280 335, 796
1, 255, 556 1,158, 973
528, 730 500,037
325, 206 310, 331
916,94' 1,001, 337 971,866 973, 504 2, 692,504 2,661,175 2,3
300,076 402,449 380, 330 387, 507 957,178 957, 523
998, 698 2,460, 783 2,233,968 2, 208,859 4,019,987 4, 238,400 3,632,076
436, 577 827,615 795,922 703, 232 1, 824, 247 1, 780,077 1, 540, 232
284, 021 437, 348 431,333
426, 206 965, 353 944, r " 889,830
506
836
443
570
696
506
840
443
572
704
511
845
449
576
676
645
621
160
162
418
665
677
647
625
160
164
417
664
681
647
632
163
165
422
674
100
107
83
388
35
203
870
385
389
1,087 1,097
410, 839
361, 854
542, 805
45,136
54, 216
151, 318
180, 601
399, 722
333,836
530, 392
47.165
52, 03^
144, 360
190,468
367, 732
339, 344
486, 914
31, 284
46,028
123, 258
156, 595
393, 248
192, 584
671, 252
23,394
30, 443
104, 795
123, 503
390, 627
189, 327
594,837
24, 219
30, 254
107,460
124, 974
407,
908,320 917,180 856, 273
203,830 702, 222 666, 744 653,841
597,646 1, 230,903 1, 224,420 1,154,382
82,617
81, 777
26,122
73, 553
102, 241
31, 578 101,383
94,126
107, 206 285, 405 288, 366 275, 784
128, 520 398, 957 396, 855 364.981
82,
240, 234
132,107
340, 718
140, 709
211, 487
66, 793
272, 730
132,738
81, 464
233,123
128, 221
333, 723
140, 223
205, 318
70.166
266, 011
139,305
78,313
212, 552
115, 203
304, 764
132, 58^
177, 839
54, 884
217, 861
105, 819
128, 333
487, 653
141, 691
178,341
84,
158, 350
41,658
125, 578
177, 568
119, 209
491, 403
136, 389
170,124
81, 453
157, 715
38, 391
122,473
156,364
110, 503
477, 502
135, 057
176,122
81,026
155, 791
37,922
125, 878
165, 936
250,041
899, 092
393, 285
633, 330
318, 457
434,958
179, 379
458, 752
467, 577
274.858
908, 567
380, 560
603,155
302,117
418,436
177,986
445.895
408,480
237, 683
843,388
337, 277
549,445
290,889
377, 791
150.982
404,004
394, 812
45
187
22
314
181
228
150
285
172
45
187
22
314
181
228
150
283
173
46
189
22
314
182
228
151
285
173
234,420
272, 638
139, 465
74,"'
237,
271,192
136, 883
74, 597
219,846
243,130
120,174
67, 995
152,044
155, 712
104, 685
72,176
147,181
160,667
103,877
69, 953
147, 938
146, 268
101, ~~~
71, 610
452,165
504,949
333, 799
218,159
450,493
501,335
327,466
204,966
415,937
449,712
284,847
197,198
405
297
217
207
408
297
217
207
412
300
217
205
70, 298
181, 362
167, 851
602, 947
70, 797
186,450
166, 291
603, 373
64, 688
158,182
153, 78'
62, 913
185, 81f
149, 870
471, 791
56, 591
182, 525
143, 533
457, 525
169, 520
56,222 199, 260 189.859
188, 781 454, 002 453, 209 428,879
139, 741 408, 003 391, 649 387,973
442, 980 1,474,600 1,439, 537 1,308,481
216
146
388
835
216
145
390
218
145
392
838
48,533
39, 553
27, 566
103, 908
24, 541
42, 539
70, 279
15, 749
48, 696
40,373
27, 027
104, 437
23,103
39, 752
69, 834
15, 573
37,070
32, 503
25, 996
88, 915
23, 096
34,189
60, 713
13, 478
52, 433
39,127
17, 525
95,112
19,005
29,538
50,15'
17, 376
53, 709
37, 627
18, 007
90,075
19, 329
27, 502
48, 302
16,843
135,377
97,722
61,600
295, 273
62,316
91, 284
141,903
41,231
111
50
58
146
41
12
60
11
111
50
58
146
41
12
60
11
111
51
58
146
41
12
59
11
256, 389 247, 712 213,044 233,310
539,185
228, 246 229, 318 625, 882 608,183
112, 473 107,91'
99, 700 151, 510 142,591
334,913 307,997
142, 044 353,420
2,030, 338 1, 984, 794 1,839, 329 1, 887, 594 1,897, 898 1, 736, 092 4, 374,039 4, 407, 240 3, 984,342
138
139
73
226
143
75
227
East South Central:
Kentucky
Tennessee
Alabama
Mississippi.
West South Central:
Arkansas
Louisiana
Oklahoma
Texas....
Mountain:
Montana
Idaho
_.
Wyoming
._.
Colorado
New Mexico
Arizona
_ ._ .
Utah
Nevada.
54, 516
39, 925
17, 400
100,422
19, 792
27, 780
51,113
15,215
147,097
105, 580
68, 450
317,121
65,956
100, 751
151, 770
45,166
149, 056
106,268
70,813
315, 710
66,118
97, 464
154, 083
46, 239
Pacific:
Washington
Oregon..
C alifornia
Total.
226
24, 321, 55323, 740, 60722,190,17 31, 825, 45830,447, 83628, 944, 89365,211,059 65,021,466 59, 016, 991 14, 871 14, 89E 15,006
i Comprises all national b a n k s in t h e C o n t i n e n t a l U n i t e d States a n d all n o n n a t i o n a l b a n k s described in footnote 1 on p . 797.
AUGUST
1941
795
All Banks in the United States—Continued
NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES
[Amounts in thousands of dollars]
Loans
State
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island.-.
Connecticut
Middle Atlantic:
New York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South AtlanticDelaware
Maryland
District of Columbia.
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total
796
Apr.
4,
1941
Dec.
31,
1940
40, 724
34, 650
31,195
585, 03'
51,940
107,165
40,991
34,179
29, 519
553,062
46, 310
103, 530
Deposits, exclusive of interbank deposits
Investments
Mar.
26,
1940
Apr.
4,
1941
Dec.
31,
1940
Mar.
26,
1940
Apr.
4.
1941
Dec.
31,
1940
Mar.
26,
1940
54, 339
57, 667
54, 410 118, 984 116, 564 112, 093
40, 834
29, 234
31,190
74, 268
67, 265
73, 886
31, 606
32, 698
19, 934
21, 981
58, 803
55, 623
59, 74
20, 947
26, 968 444, 906 418, 973 424, 265 1, 354, 688 1, 336, 987 1, 217, 200
527, 249
33,179
33, 691 115,164
36, 48:
101, 237
116,068
43,107
153, 702 136, 355 116,036
358, 817 340,974
293, 799
98, 261
, 726, 508 1, 643, 367 1, 557, 336 4,103, 894 3, 685, 581 3, 061,114 6, 432, 500 6, 367, 036 5, 321, 328
280,: -" 272, 248 250, 357 430, 264 400, 335 383, 032 910, 341 924, 478 826, 640
884, 556 850, 742 815, 495 1, 465, 482 1,449, 254 1,474, 544 2, 707, 579 2, 652, 504 2, 471, 314
Number of
banks
Apr. Dec. Mar.
4,
26,
31,
1941 1940
37
52
41
124
12
52
3'
52
41
125
12
52
37
52
41
125
12
52
426
225
428
225
435
225
242
124
339
77
101
242
124
337
244
125
329
81
103
420, 811
156,131
927,124
236, 856
127, 315
392,!
146, 966
842, 588
207, 426
118,182
434, 002 1,113,317 1,106,173
991, 244
348, 061 433, 944 425,119
230, 215 494, 420 495, 054 453, 582
131,716
240, 587 232,181
695, 025 1, 908, 998 1, 650, 740 1, 645,106 2, 889,117 3, 021, 458 2, 522, 668
183,092 508, 780 486, 966 399, 265 995, 531 936, 281 797, 856
108, 373 273, 093 267, 544 258, 848 510, 892 499, 260 471, 836
271, 318
103, 971
225, 385
26,132
30, 757
108, 523
90, 084
265, 942
95, 316
219, 801
26, 897
30, 502
104,!
96, 419
240, 485
102, 030
198, 804
19, 286
27, 239
86, 720
75, 423
275, 247
85, 354
281, 340
16, 283
18, 585
87, 451
75, 874
272,114
84, 783
255,177
16, 676
18, 51
90, 203
76, 613
282, 421
81, 903
260, 072
18,439
20,126
89, 734
79, 756
607, 899
226, 482
522,129
50, 326
58,195
209, 379
222, 535
623, 863
211, 739
511, 365
51,179
59, 846
211, 992
223, 620
571, 306
214, 652
482, 658
47, 622
55, 625
204, 541
201, 779
187
103
84
45
38
133
181
188
103
85
45
40
133
181
191
107
85
48
41
135
182
8,825
75, 856
61, 524
180, 996
70, 752
53, 092
45, 375
173, 044
94, 460
8,599
71,518
60, 059
178,821
70,426
52, 323
49, 806
168, 271
98, 770
8,497
65, 917
52, 779
163, 987
66, 660
44,484
37, 764
132, 688
72, 597
7,641
211,120
84, 354
113, 887
51, 428
27, 932
23, 45'
89, 3f 5
144, 975
7,728
215, 758
81, 589
108, 971
48, 892
26, 071
19, 980
89, 627
125, 741
8,499
189, 649
81. 898
114, 690
47, 844
28, 005
19, 970
94, 267
134, 407
19,179
328, 045
219, 755
374, 547
169,140
117,827
113, 045
283, 882
340, 393
19, 204
335, 260
212, 764
357,105
164, 761
115,108
114, 646
274, 49'
296, 609
18, 631
301,130
186, 659
327, 255
158, 747
101,521
94, 378
255, 247
289,105
15
63
9
130
77
44
21
51
52
15
63
9
130
77
44
21
51
52
110, 79'
194, 678
95, 681
23, 014
112, 7
192, 949
95, 219
22, 652
100, 825
171, 525
83, 712
20, 305
94, 694
122, 566
75, 506
23, 509
90,170
128, 616
74, 882
23,153
90, 040
114,195
71, 301
23, 542
230,831
353, 714
231, 705
70, 502
226,1
352,123
228, 687
68, 264
207, 310
315, 053
198, 611
64, 278
95
71
65
24
95
71
65
24
15
63
9
130
78
43
21
52
52
95
71
66
24
37, 251
121, 925
142, 752
503, 700
37, 769
127, 01
141, 322
506, 935
33, 993
104, 679
130, 868
425, 629
37, 569
136, 842
131, 493
412, 96£
33, 383
134, 511
125, 447
399, 731
33, 451 109, 476 103, 848
91, 798
136, 302 288, 304 289,183
272,118
122, 809 348, 397 333, 269 334,114
389,187 1, 256,1
1, 223, 616 1,116, 429
50
29
207
446
50
29
208
446
29
210
446
22, 484
31, 058
18,134
79, 974
18,6:
31,615
27, 428
14, 234
22, 613
19,872
17, 792
80, 289
17, i
29, 022
26, 778
14,158
17, 607
15, 839
17, 273
67, 960
17, 537
24,444
23, 068
12, 218
30, 384
32, 378
14,100
79, 030
15, 760
19, 055
24, 126
16, 210
30, 751
19,147
14, 647
73,797
16,104
18, 220
22, 633
15, 640
76, 466
49,952
43, 034
236,164
49, 269
63, 855
61, 662
38, 034
42
19
26
78
22
5
13
6
42
18
26
78
22
194, 672 187,129
158, 532 167, 571 162, 594 162, 295 480, 979 462, 715 401, 743
98, 245
94, 355
318, 875 300, 460 266,166
83, 017 138, 411 129, 548 124,
:, 406,188 1, 377, 809 1, 275, 318 1, 289, 826 1, 299, 092 1,156, 459 3, 080, 382 3,122, 777 2, 810, 740
43
26
43
26
31, 738
19, 309
13,911
83,314
16, 283
17, 343
24, 462
14, 004
82, 382
84, 436
48, 017
254, 426
51, 391
70, 495
67, 446
41, 393
84,196
56, 299
49, 391
252,168
51,'
68, 679
67, 283
42, 679
13
6
43
18
26
78
22
5
13
6
10,402,899 10,004,346 I, 038, 281 14, 563, 307 13, 643, 568
12, 764, 258 29, 467, 220 29, 213, 656 25, 911, 337
5,138 5,144 5,178
FEDERAL RESERVE BULLETIN
All Banks in the United States—Continued
STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY STATES
[Amounts in thousands of dollars]
Loans
State
Apr.
4,
19412
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle AtlanticNew York
New Jersey
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South AtlanticDelaware
Maryland
District of Columbia
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
East South Central:
Kentucky
Tennessee
Alabama
Mississippi
West South Central:
Arkansas
Louisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Pacific:
Washington
Oregon
California
Total.
71,
76,
65,
, 207,
140,
479,
56"
045
52'
436
45r
909
». 894, 871
449, 423
802, 822
Dec.
31,
1940s
Investments
Mar.
26,
1940S
Apr.
4,
19412
Dec.
31,
19403
Number of
banks
Dec.
31,
1940s
Apr. Dec. Mar.
4,
26,
31,
19412 1940s 1940s
Apr.
4,
19412
Mar.
26,
1940s
70,125
134, 656 126,113
220, 70' 215, 681
70, 395
137, 910 221, 420
71, 902
125, 074 125, 074 136, 404 211,122
211,122
76, 045
209, 517
42, 281
42, 281
113, 739 110,963
65, 527
60, 341
45, 878 113, 739
1, 206, 26: 1, 232, 901 1, 424, 613 1,400, 336 1,356,985 2, 733, 467 2, 719, 39' 2, 663, 097
230, 380 226,171
140, 315 132, 408
398, 826 388, 590
235, 081 402, 003
491, 580 476, 048 465, 352 1,118, 478 1,107,47' 1, 038, 925
477, 579 474, 097
63
55
41
264
23
150
63
55
41
265
23
15C
63
55
42
263
23
151
5, 848,189 5, 710, 779 8, 391, 360 8, 074, 584 7, 457,: 15, 693, 837 15, 801, 446 14.
:, 344, 296 441
444, 852 422, 364
587, 655 582, 842 580, 899 1,334,168 1, 329, 596 1, 252, 249 16C
778, 895 730, 959 1, 515, 679 1, 513, 256 1,532,165 2, 648, 405 2, 635, 861 2, 526, 530 398
442
160
399
449
164
404
328, 432
291,874
197,891
608,
188,
316,
292,
192,
280
830
385
611
149
568, 886
168, 360
303, 673
253, 485
175, 648
567, 393
161,862
551, 785
318, 835
164, 255
546, 747
148,149
583, 228
139, 521
257, 883
317,420
19,004
23, 459
42, 795
90, 517
133, 780
238, 520
310, 591
20, 268
21, 535
39, 482
94, 049
127, 24'
237, 314
288,110
11,998
18, 789
36, 538
81.172
118, 001
107, 230
389, 912
7,111
11,858
17, 344
47, 629
74,167
164, 378
70, 583
159. 722
69, 957
158. 395
21,418
99, 686
38, 278
72, 865
161,605
68,162
154, 902
69, 797
152,995
20, 360
97, 740
40, 535
69,816
146,635
62, 424
140,777
65, 927
133, 355
17,120
85.173
33, 222
123, 623
77, 960
43, 784
51,790
125, 254
78, 243
41,664
51,945
33. 047
59, 437
25, 099
99, 247
33, 028
59,433
24, 969
96, 438
119,021
71, 605
36, 462
47, 690
30, 695
53, 503
22, 919
83, 231
26, 049
8,495
9,432
23,934
5, 864
10, 924
42, 851
1,515
26, 083
20, 501
9,235
24,148
5,484
10, 730
43, 056
1,415
61,717
14, 228
624,150
60, 583
13, 562
606, 985
630, 922
191,149
Mar.
26,
19403
Deposits, exclusive of interbank deposits
19, 463
16,664
8,723
20, 955
5, 559
9, 745
37, 645
1,260
54, 512
16, 683
564, Oil
454
382
163, 789
539, 502 1, 579,187 1, 555, 002 1, 398, 454
462, 469 435, 238
157, 292 462, 758
563, 753 1,130, 870 1, 216, 942 1,109, 408
303,96'
828, 716
843, 796 742, 376
167, 358 454, 461
445, 540 417, 994
454
382
503
367
469
460
386
516
368
473
118,513
104, 544
339, 660
7, 543
11,737
17, 257
48, 361
124, 848
121, 927
337, 574
7,683
11,452
17, 472
48, 764
300, 421
475, 740
708, 774
31, 451
43,188
76, 026
176,422
293, 317
455, 005
713, 055
31, 438
42, 395
76, 374
173, 235
439,18S
671, 724
25, 931
38, 501
71, 24S
163, 202
489
542
537
115
124
285
484
489
544
54C
115
124
284
483
490
540
547
115
124
120,692
276, 533
57, 337
64, 454
33, 509
130, 418
18, 201
36, 223
32, 593
111,481
275, 645
54, 800
61,152
32, 561
131,644
18,411
32, 846
30, 623
102, 004
287, 853
53,159
61, 432
33,182
127, 786
17,952
31,611
31, 529
230, 862
571, 04'
173,530
258, 783
149, 317
317,131
66, 334
174,870
127,184
255, 654
573, 307
167, 796
246, 050
137, 356
303, 328
63, 340
171, 398
111,871
219, 052
542, 258
150, 618
222,190
132,142
276, 270
56, 604
148, 757
105, 707
30
124
13
184
104
184
128
234
12C
30
124
13
184
104
184
12S
232
121
31
126
13
184
104
185
130
233
121
57, 350
33,146
29,179
48, 66:
57,011
32, 051
28, 995
46, 800
57, 898
32, 073
30, 388
48, 068
221, 334
151,235
102, 094
147,657
223, 598
149,212
98, 779
136, 702
208, 627
134, 659
86, 236
132, 920
310
226
is:
183
313
226
152
183
25, 344
48, 973
18, 377
58, 826
23, 208
48, 014
18,086
57, 794
22, 771
52, 479
16, 932
53, 793
89,
165,
59,
217,
86,011
164, 026
58, 380
215, 921
77, 722
156, 761
53, 859
192, 052
166
117
181
389
166
116
182
39C
317
229
151
181
169
116
182
392
22, 049
6,749
3,425
16,082
3, 245
10, 483
26, 031
1,166
22, 958
18, 480
3, 360
16, 278
3, 225
9,282
25, 669
1, 203
22, 778
20, 616
3,489
17,108
3, 509
10, 437
26, 651
1,211
64, 860
49,969
21, 422
63, 542
15, 020
28, 785
86, 80C
3,560
58, 911
47, 770
18, 566
59,109
13, 047
27, 429
80, 241
3,197
69
31
32
68
19
69
32
32
68
19
65, 739
13, 099
597, 768
65, 652
13, 043
598, 806
47
5
95
47
128
68
33
32
68
19
7
46
5
96
4'
128
98
48
128
13,918, 654 13, 736, 261 13,151, 891 17, 262,151
784
698
606
710
64, 715
21,144
20, 433
62, 695
14,565
30, 256
84, 324
3, 773
67, 023 144, 903 145, 468 137,442
34, 545
17,110
34, 453
41,831
579,633 1,293,657 1, 284, 463 1,173, 602
16, 804, 268 16,180, 635 35; 743, 839 35, 807, 810 33,105, 654
9, 751 9,828
1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such
private and industrial banks as are included in abstracts issued by State banking departments.
2 The figures in the April 4 columns are as of that date, except as follows: Maine, March 29; New Hampshire, June 29, 1940; Vermont, December 31; Massachusetts, savings banks, March 31; Minnesota, April 2; Louisiana, March 29. The figures for Massachusetts (trust companies), New
Jersey, Pennsylvania, Ohio, Indiana, Missouri, Georgia, Kentucky, and Tennessee were derived by adding to the April 4 figures of State bank
members of the Federal Reserve System the December 31,1940 figures of nonmember banks in existence as such on both that date and April 4. 1941.
For 3New York and Rhode Island the figures for Mutual savings banks are as of December 31, 1940.
The figures for some States are as of call dates other than March 26 and December 31,1940; see page 823 of the August 1940 BULLETIN, and page
465 of the May 1941 BULLETIN.
AUGUST
1941
797
All Banks in the United States—Continued
PRIVATE BANKS —PRINCIPAL ASSETS AND LIABILITIES BY STATES
[Figures in this table are also included in the table on page 797 covering 'State Banks." Amounts in thousands of dollars]
Loans
State
Apr.
4,
1941 i
Connecticut:
District No. 1
District No. 2
[ndiana:
District No. 7
District No. 8
Kansas
New Jersey (Dist. No. 2)
New York
Ohio
Pennsylvania:
District No. 3
District No. 4
South Carolina
Total
Dec.
31,
1940
Deposits, exclusive of interbank deposits
Investments
Mar.
26,
1940 1
Apr.
4,
19411
Dec.
31,
1940
Mar.
26,
1940 1
Apr.
4,
19411
Dec.
31,
1940
Mar.
26,
19401
Number of
banks
A p r . Dec.
4,
31,
19411 1940
Mar.
26,
1940 1
253
101
251
96
285
111
158
72
158
72
204
69
423
352
424
388
394
308
2
1
2
1
3
1
1,782
95
2
10
37, 629
2,183
1,782
95
2
10
38, 667
2,183
1,575
92
2
15
70,166
2,108
986
55
986
55
1,063
55
12
62,928
586
12
77, 751
586
11
478, 582
590
4,371
154
2
8
84, 241
3,113
4,371
154
1
8
93,802
3,113
4,055
162
2
5
512,165
3,012
14
1
1
1
6
13
14
1
1
1
7
13
14
1
1
1
9
13
3,621
1,291
867
3,621
1,291
764
5,219
1,296
575
8,383
1,152
75
8,383
1,152
60
47,874
1,073
45
12, 702
2,939
878
12, 702
2, 939
111
59, 888
2,744
627
11
4
1
11
4
1
14
4
1
47, 834
48, 762
81, 444
74,407
89, 215
529, 566
109,183
118, 679
583, 362
55
56
62
1
Figures in the April 4 columns for Indiana, New Jersey, Ohio, and Pennsylvania are as of December 31, 1940. For call dates included in the
March 26,1940 columns see page 824 of the August 1940 BULLETIN.
MUTUAL SAVINGS BANKS — PRINCIPAL ASSETS AND LIABILITIES BY STATES
[Figures in this table are also included in the table on page 797 covering "State Banks." Amounts in thousands of dollars]
Deposits, exclusive of interbank deposits
Investments
Loans
State
Connecticut:
District No. 1
District No. 2
Delawarel
Indiana:
District No. 7
District No. 8..
Maine2 l
Maryland
_ _
Massachusetts2
Minnesota2
__
New Hampshire2
New Jersey: *
District No. 2
District No. 3
New Yorkl
Ohioi
Oregon..
Pennsylvania:*
District No. 3
District No.
4
Rhode Island1
Vermontx .
Washington
Wisconsin:
District No. 7
District No. 9
Total
_..
Mar.
26,
1940 3
Apr.
4,
1941
Dec.
31,
1940 3
Mar.
26,
1940 3
Apr.
4,
1941
289, 971
75, 593
35, 052
284,172
73, 598
33, 768
279, 599
78,044
31,979
583, 407
175, 291
43, 834
Dec.
Number of
banks
Dec. Mar.
26,
31,
1940 s 1940 3
Apr.
4,
1941
Dec.
31,
1940 3
254, 012
84, 647
12, 870
255, 894
84, 758
12, 858
568,123
169, 969
40, 525
58
14
2
58
14
2
58
14
2
11,852
4,328
3,783
11, 852
5,945
4,328
11, 545
6,583
2,389
8,207
4,809
8,298
2,727
8,298
2,389
4,484
130, 837
28, 020
100, 223
94, 603
101,131
29,041
129, 673
129, 566
227, 787
38, 320
168,149
168,149
168, 786
227, 787
34, 322
225, 814
986, 279 1, 003, 696 1,171, 077 1,152,159 1,122, 093 2,165,143 2,151, 554 2,146, 862
68, 000
68, 593
17, 709
48, 206
48, 417
49, 822
15, 250
67, 748
194,186
194,186
66, 925
117, 427
117,427
128, 049
63, 239
193, 389
3
4^809
27, 837
38, 320
981, 547
18, 644
66, 925
32
12
191
1
43
3
1
32
12
192
3
1
32
12
192
1
43
257,124
82, 650
12, 889
31,
1940 3
576, 048
173,034
42, 779
Mar.
26,
1940 3
171, 496
309, 307
319, 024
120, 220
122,176
161, 894
161,894
309,307
120, 220
4,634
7,622
13,819
4,634
4,466
7,408
13, 777
7,622
13, 777
3, 066, 856 3, 066, 856 3, 035, 583 2, 423,180 2, 423,180 2, 433, 874 5, 687, 786 5, 687, 786 5, 599,150
61, 710
125, 495
125, 495
122, 215
56, 516
61, 097
61, 097
56, 516
53, 645
1,225
587
2,723
2,620
2,142
1,414
57C
2,753
2,117
Apr.
4,
1941
22
2
134
3
43
22
134
3
1
22
2
134
3
1
267
380
390
715
649
431, 927
41, 748
112, 450
21, 523
45, 550
431,927
41, 748
112, 450
21, 523
45, 777
428, 792
41, 764
120,647
24, 296
44, 323
563,077
57,118
178,634
57, 339
74, 55S
563,077
57,118
178, 634
57, 339
74, 665
558, 087
56,181
177, 506
57,150
71, 550
6
1
9
8
3
9
8
3
6
1
9
8
3
2,155
94
2,322
47
2,296
39
2,225
40
4,810
145
4,789
146
4,587
131
3
1
3
1
3
1
4, 953, 552 4, 958, 519 4, 922, 212 5, 322, 345 5, 289,150 5, 303, 813 10, 683, 998 10, 658, 097 10, 543, 768
550
551
551
75, 786
11, 894
57, 527
30, 945
29, 303
75, 786
11,894
57, 527
30, 945
28, 263
2,088
110
2,107
112
75,
11,
51,
28,
26,
6
1
2
The figures in the April 4 columns are as of December 31, 1940.
The figures in the April 4 columns for Maine are as of March 29; Massachusetts, March 31; Minnesota, April 2, and New Hampshire, June
29, 1940.
3
The figures for some States are as of call dates other than March 26 and December 31, 1940. See page 824 of the August 1940 BULLETIN and
page 466 of the May 1941 BULLETIN.
798
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS, 1940, BY SIZE OF BANK
All Member Banks
[Amounts in thousands of dollars]
Size group—total deposits (in t h o u s a n d s of dollars)
Total i
loans
securities
banking house and equipmentother
347,363
Cash dividends declared—totalOn preferred stock 2
209,461
12, 664
196,
On common stock
T o t a l deposits
3
3
N u m b e r of officers
N u m b e r of employees
3
N u m b e r of b a n k s included
90, 426
17, 640
17,625
1,431
22, 613
19
3,329
5,852
21,917
232,453
39, 428
57,99;
2,218
45
9,589
15, 259
64, 290
487, 437
68, 819
153,583
2,034
55, 426
5
18,081
37,062
152, 427
5,185
6,934
7,128
22, 831
35, 536
86,561
234, 687
406
219
30
89
68
2,046
755
280
726
285
2,934
893
555
1,149
33'
3,439
879
741
1,478
341
11, 754
2,713
2,205
5,603
1,233
23,154
4,502
4,913
11,071
2,
69,194
13, 843
14, 671
34, 531
6,149
189, 111
31, 328
40, 283
104,185
13,315
836
445
118
156
11
3, 358
1,191
1,149
587
431
4,669
1,452
1,
812
545
5,471
1,503
2,616
774
578
18,271
4,
8,704
2,54:
2,424
33,225
7,969
15, 773
4,635
4,848
90,978
23, 256
37,031
11,935
18,756
197, 866
49, 777
96, 284
23,868
27,937
3,873
5,199
5,096
16,314
25,465
64, 77
225,932
2,042
161
1,
2,632
209
2,423
2,584
239
2,345
8,202
753
7,449
13, 056
1,451
11, 605
33, 754
4,744
29,010
146, 694
5,086
141,608
3,853
2,767
578
175
201
99
31
4
11
4
354, 731
90, 225
163, 535
45, 319
55,652
Net profits..
55, 328
13,071
8,742
994
13, 965
22
1,844
3,844
12,846
24
302, 062
55,137
63, 682
158, 843
24, 400
On
On
On
All
17,150
4,608
2,196
326
4,367
4
516
1,161
3,972
1,117
Recoveries, profits on securities, etc.—total
Losses and depreciation—total
16,670
5,007
1,870
328
3,767
9
544
1,142
4,003
53
400,
Recoveries on loans
Recoveries on securities
Profits on securities sold
Allother
60
1,238
983
252
21, 639
2,405
3
504
4,
3,413
61
104
Net current earnings.
2,736
1,121
191
41
351
487
21
466
56, 203, 35C
1,269
66, 683
34,80C
162, 25£
38
12
813
351
6,353
50,000
and over
722,12*
281,554
264, 583
16, 392
10, 804
69, 802
22, 541
43, 623
12, 825
98
198
729
163
43
5,00050,000
2,0005,000
319, 014
154,463
90,
8,000
480
17,110
20, 287
24, 534
3,258
12,991
4,452
1,174
255
2,627
11
379
924
3,169
915,354
154,189
243, 379
7,629
146, 746
122
34, 385
65, 447
263, 457
1,0002,000
125,962
66,842
36, 942
3,254
53
2,493
7,963
6,979
1,436
24,278
14, 546
6,319
Expenses—total
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees_
Interest on time deposits
Interest on borrowed money
Real estate taxes
Other taxes
Other current expenses
032
1,000
23, 604
14, 856
5,299
1,036
2
19
1,259
933
200
216
85
42
5
Interest and discount on loans
Interest and dividends on securities
Collection charges, commissions, fees, etc.. _
Foreign department
Trust department
Service charges on deposit accounts
Rent received
Other current earnings
500750
18,176
12,035
3,655
821
3
10
902
590
160
1,315, 386
592, 242
429, 939
32, 968
11, 345
90, 076
58, 884
81,158
18, 77-
Earnings—total
250500
100-
Under
100
374,17
2,666
1,727
528, 378
2,596
2,279
856
78,159
45, 094
43, 629
577, 085 1,997,226 3, 464,196 10, 920, 605 38, 273, 731
2,175
2,415
5,239
8,033
5,189
13,63'
7,452
41, 256
8,632
92, 552
1,415
1, l i :
816
135
1
Totals are for banks whose reports as national or State member banks covered both semiannual report periods.
four State member banks with no deposits are excluded from these tabulations.
2
Includes interest on capital notes and debentures.
3
At end of year.
4
Full- and part-time.
One national bank and
NOTE.—Similar data for 1939 were published in the July 1940 BULLETIN, page., 719-721. Member bank earnings for 1940, by Federal Reserve
districts and by reserve classification, were published in the May 1941 BULLETIN, pages 467-472. The latter figures, however, included the figures
of the banks with no deposits and of a number of banks whose reports covered only one of the two semiannual periods.
AUGUST
1941
799
Member Bank Earnings, 1940, by Size of Bank—Continued
National Banks
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Total i
Under
100
100250
250500
500750
7501,000
1,023
808
205
422, 716
179, 319
156, 596
10, 732
6,700
21, 657
13, 779
24, 642
9,291
46, 083
10, 837
7,346
861
11,619
13
1,567
3,138
10, 702
72, 538
446
901
3,206
14,271
3,810
1,851
275
3,611
3
430
963
3,328
4,693
17, 440
154, 643
26, 583
38, 365
1,512
28, 898
24
6,060
10, 231
42, 970
282, 820
39, 439
86, 263
987
37, 212
1
10,178
23, 296
85, 444
4,257
5,641
5,932
19, 072
28, 765
59, 562
139,896
341
180
27
76
58
1,711
630
237
615
229
2,387
735
437
959
256
2,850
727
642
1,245
236
9,872
2,287
1,854
4,845
18, 908
3,717
3,858
9,239
2,094
44,392
9,163
9,833
22, 279
3,117
117, 429
19, 245
24,072
65, 707
8,405
54
34
735
403
106
131
95
2,899
1,01
1,019
498
365
3,910
1,205
1,608
646
451
4,766
1,328
2,312
656
470
15, 468
3,905
7, 533
2,167
1,863
27, 081
6,569
13,016
3,922
3,574
53, 535
14, 313
24, 340
8,154
6,728
113,122
29, 354
57, 867
12, 061
13,840
14
539
3,069
4,118
4,016
13, 476
20, 592
50, 419
144, 203
414
17
39'
146
1,542
2,199
174
2,025
2,171
202
1,969
6,973
608
6,365
10, 877
1,121
9,756
22, 348
2,901
19, 447
86,188
2,946
83, 242
Expenses—total
Salaries—officers
Salaries and wages—others
Directors' and committee members' fees.
Interest on time deposits
Interest on borrowed money
Real estate taxes
Other taxes
Other current expenses
596, 849
103,565
150, 599
5,344
104,942
74
21, 764
44,144
166, 417
147
35
2
2
1
Net current earnings..
20,203
12, 023
5,376
720
2
164
86
25
19, Oil
11,779
4,427
832
2
13
1,013
773
172
10, 680
3,647
974
214
2,155
10
314
752
2,614
13,370
4,032
1,498
270
3,010
4
3
100
2,297
940
160
36
290
6
85
167
613
264,104
46
933
Recoveries, profits on securities, etc.—total..
Recoveries on loans
Recoveries on securities
Profits on securities sold
Allother
197, 912
36, 688
40, 964
104, 975
15, 285
22
4
4
10
4
Losses and depreciation—total
221,570
58,128
107, 801
28, 239
27, 402
Net profits.
240, 446
Cash dividends declared—total..
132, 866
8,11.
124, 751
loans
securities
banking house and equipment_
other
On preferred stock 2
On common stock
Total deposits s
35, 720, 465
3
N u m b e r of officers
N u m b e r of employees
3
- N u m b e r of banks included
and over
214, 205
104, 076
63, 355
5, 339
304
8,733
13, 877
16, 435
3,230
2,305
502
146
14,937
9,803
3,123
653
2
6
723
494
133
On
On
On
All
50,000
5,00050,000
101, 303
53, 258
30, 908
2,520
42
1,775
6,283
5, 559
958
193
66
41
4
Interest and discount on loans
Interest and dividends on securities
Collection charges, commissions, fees, etc..
Foreign department
Trust department
Service charges on deposit accounts
Rent received
Other current earnings
2,0005,000
65,155
36, 951
18, 749
1,9
3
354
3,718
2,893
489
860, 953
409, 580
283, 077
22,944
7,053
32, 664
40, 582
51,
13, 359
Earnings—total
1,0002,000
307, 652
955
26,013
103, 305
290
2,202
1,432
5,126
289
809
14, 242
14,140
1,187
18,146
10
479, 224 1, 670, 756 2, 827, 672
2,116
1,82'
685, 382 22, 268, 904
1,813
2,030
4,391
6, 723
4,236
10, 921
5,085
27, 330
5,452
52, 743
551
1,188
914
592
82
(For footnotes, see page 799.)
800
FEDERAL RESERVE
BULLETIN
Member Bank Earnings, 1940, by Size of Bank—Continued
State Member Banks
[Amounts in thousands of dollars]
Size group—total deposits (in thousands of dollars)
Total i
Under
500750
250500
100250
100
9,245
2,234
1,396
133
2, 346
9
277
706
2,144
17, 888
3,:
3,485
244
4,467
1,159
4,477
77, 810
12,845
19, 630
706
14, 731
21
3,529
5,028
21, 320
204, 617
29, 380
67, 320
1,047
18, 214
4
7,903
13,766
66, 983
1,196
3,759
6,771
26, 998
94, 791
233
105
1,882
426
351
758
34
4,246
785
1,055
1,832
574
24, 802
4,680
4,838
12, 252
3,032
71, 682
12,083
16,211
38, 478
4,910
759
24'
252
166
705
17;
304
118
108
2,803
691
1,171
380
561
6,144
1,400
2,757
713
1,274
37, 443
8,943
12, 691
3,781
12,028
84, 744
20, 423
38, 417
11,807
14,097
804
1,081
1,080
2,838
4,873
14, 358
81, 729
73
4
69
354
15
339
433
35
398
413
37
376
1,228
145
1,084
2,179
330
1,849
11, 406
1,
9,563
60, 506
2,140
58, 366
439
181
31
61
1
13
31
116
2, 311
805
200
41
472
1
65
172
555
Net current earnings.
135, 928
184
928
Recoveries, profits on securities, etc.—total.
104,150
18, 449
22, 718
53, 868
9,115
65
335
125
43
111
56
547
158
118
190
81
133,161
32,097
55, 734
17,
28, 250
101
42
l:
25
22
459
174
130
106, 917
148
76, 595
4,549
72, 046
Directors' and committee members' fees__
Interest on time deposits
Interest on borrowed money
Real estate taxes
Other taxes
Other current expenses
Recoveries on loans
Recoveries on securities
Profits on securities sold
All other
Losses and depreciation—total
On loans
On securities
On banking house and equipment.
All other
Net profits..
Cash dividends declared—total-
On preferred stock 2
On common stock
T o t a l deposits
3
3
N u m b e r of officers
N u m b e r of employees
3
N u m b e r of b a n k s i n c l u d e d
50,000
and over
299, 408
102, 235
107,987
5, 660
4,104
48,145
8,762
18, 981
3, 534
318,505
50, 624
92, 780
2,285
41, 804
48
12, 621
21, 303
97, 040
Expenses—total
Salaries—officers
Salaries a n d wages—others
5,00050,000
104, 809
50, 387
27, 527
2,661
176
8,377
6,410
8,099
1,172
623
462
76
29
Interest and discount on loans
_•
Interest and dividends on securities
Collection charges, commissions, fees, etc..
Foreign department
Trust department
Service charges on deposit accounts
Rent received
Other current earnings
2,0005,000
24, 659
13, 584
6,034
734
11
718
1,680
1,420
47!
454, 433
182, 662
146, 862
10, 024
4,292
57, 412
18, 302
29, 464
5,415
Earnings—total
1,0002,000
1,000
3
13
6
39
13
10
3,239
2,232
532
168
1
4
179
96
27
3,077
872
204
4,075
2,523
943
160
13, 004
8,143
6
246
160
28
12
215
175
47
150
771
520
123
3,300
975
372
58
757
2,879
798
345
51
756
1
241
79'
407
20, 482, 88£
314
11,417
66, 525
103, 724
97, 861
8,787
58, 954
6
127
61
464
295
480
452
362
385
848
1,310
953
2,713
2,36'
13, 926
3,180
39, 809
59
179
170
112
227
199
224
53
1,227
326,
470
636, 524 3,
235,
223
16,004, 827
(For footnotes, see page 799.)
AUGUST
1941
801
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
804
805
805
806-810
811-814
815
816
817
818
819
819
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.
AUGUST 1941
803
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
Argentina
United
States
1936—Dec.
1937—Dec.
1938—Dec...
1939—Dec...
11,258
12, 760
14, 512
17, 644
501
469
431
466
1940—June.
July..
Aug..
Sept..
Oct._.
Nov..
Dec.
1941—Jan...
Feb...
Mar..
Apr..
May.
June.
19, 963
20,463
20, 913
21, 244
21, 506
21, 801
21, 995
22,116
22, 232
22, 367
22, 506
22, 575
22, 624
2 403
403
402
385
369
353
353
353
353
353
353
353
End of month
HunIran
gary (Persia)
Belgium
3
275
274
274
274
734
274
274
274
274
274
274
274
274
274
274
274
734
734
734
734
Italy
mo—June ..
Japan
Sweden
Switzerland
1936— Dec...
1937—Dec...
1938—Dec...
1939—Dec__
240
244
321
657
650
701
549
1940—June..
July...
Aug...
Sept...
Oct....
Nov...
Dec.—
1941—Jan....
Feb...
Mar._.
Apr...
May_.
June_-
199
173
153
152
150
157
160
165
171
172
174
180
493
488
490
490
500
501
502
520
524
527
528
530
Turkey
Java
Bulgaria
United
Kingdom
Canada
Chile
CzechoCoslolombia vakia
Egypt
Neth- New
Mexico erlands
Zealand
Norway
Peru
625
627
624
634
629
621
617
616
614
614
572
572
103
103
109
109
129
140
152
171
178
174
174
Venezuela
Yugoslavia
B.I.S.
Other
countries 7
183
185
142
149
68
9 90
88
87
86
88
90
95
97
100
105
Greece
26
24
27
28
28
28
28
28
28
28
28
28
Ruma- South
Poland Portugal
Africa
nia
85
184
2,584
2,689
2,690
»1
Ger-
2,000
491
933
Uruguay
France
2,995
2,564
2,430
2,709
144
144
145
145
145
145
145
145
145
145
145
145
144
1
Figures relate to last official report dates for the respective countries, as follows: Germany
—June 15, 1939; Italy—late in Mar. 1940; Norway—Mar. 30, 1940; Poland—July 31, 1939.
2 Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available.
s4 Change from previous December due largely to inclusion of gold formerly not reported.
On May 1,1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control 5Board. Gold reported since that time is gold held by Minister of Finance.
Figures for Dec. 1936 and Dec. 1937 are those officially reported on Aug. 1,1936, and Apr.
1938, respectively.
« Beginning Mar. 29, 1941, gold reserves no longer reported separately.
7
These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian
Congo, Bolivia, China, Danzig through Aug. 31,1939, Ecuador, El Salvador, Estonia, Finland,
Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain
of these countries have been carried forward from last previous official report.
s Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange
Equalization Account during 1939.
9
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.
804
Denmark
184
192
214
463
261
164
164
164
164
164
164
164
164
164
164
164
July...
Aug...
Sept...
Oct....
Nov...
Dec...
1941 Jan....
Feb...
Mar...
Apr..
May.
June_
End of month
British
India
632
597
581
609
208
210
193
144
1936—Dec...
1937—Dec...
1938—Dec...
1939— D e c -
Brazil
114
120
133
152
203
189
220
249
155
156
156
156
157
157
158
158
158
158
171
302
305
308
314
328
351
367
376
388
401
413
418
Spain
6 718
5 525
Government gold reserves * not included
in previous figures
End of
month
1936—June—
1937—June...
1937—Dec—
1938—Mar.
June—.
Sept.
Oct
Dec...
1939—Mar..
May._
June—
Sept.
Dec—
1940—Mar.. _
June—
Sept—
Dec—
1941—Mar.
United United
King- France
States dom
59
169
Belgium
103
115
81
2 934
3 1, 395
1 489
62
44
759
80
154
1,732
* 103
331
559
477
44
17
85
164
156
145
86
105
48
88
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 Figure for end of Mar. 1937, first date reported.
3 Figure for end of Sept. 1937.
* First date reported. For complete monthly
series from Oct. 1938-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]
Year or month
Estimated
world
production
outside
U.S.S.R.i
Production reported monthly
Africa
Total
South
Africa
Rhodesia
West
Africa
North and South America
Colom
bia
Belgian United r a T i a f i q
Congo2 States 3 Canada
Other
Chile
Austra- British
lia
India 5
30, 559
31,240
40,118
46,982
54, 264
56,182
55,878
$1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S5
823,003
882, 533
971, 514
1,041, 576
1,136, 360
1, 212, 796
-1, 275, 505
1934..
1935..
1936..
1937_.
1938..
1939.
1940.
1940—April
May
June
July
August
September
October
November
December
1941—January...
February..
March
April
May
707, 288
751,979
833,088
892, 535
957,212
1,019,665
'1,088, 835
366, 795
377,090
396, 768
410, 710
425, 649
448, 753
491,628
106,365
105, 875
103, 8io
'109, 760
109, 305
106, 505
113,330
108, 080
107, 800
-90,
-89,
-87,
-92,
-92,
-89,
-97,
-92,
-91,
472
298
060
665
557
672
803
522
852
40,879
41, 742
40, 437
41, 936
41, 989
40, 958
42, 362
41, 620
41,188
106,
100,
105,
104,
371
106
P89,511
P88, 586
*>89, 249
42, 335
39, 608
42, 075
41,357
42, 716
015
450
945
860
P90,
P84,
24, 264
25,477
28,053
28, 296
28, 532
28,009
29,155
12,153
13, 625
16, 295
20, 784
24, 670
28, 564
32,163
2,454
2,442
2,437
2,459
2,498
2,450
2,477
2,404
2,433
2,678
2,747
2,643
2, 590
2,725
2,652
2,709
2,687
2,668
6,549
7,159
7.386
8,018
8,470
8, 759
108,191
126, 325
152, 509
168,159
178,143
196, 391
"210,109
104,023
114,971
131,181
143, 367
165,379
178, 303
185, 890
23,135
23,858
26,465
29, 591
32, 306
32, 300
30,878
18, 225
19, 951
22,117
8,350
9,251
9,018
9,544
10, 290
11, 376
11,999
-16, 650 -14, 675
-16, 743 -15,512
-15,105 -15,819
-19,109 -16, 007
-16, 294 -16, 343
-17, 324 -15, 440
-22, 004 -16, 386
-19, 952 -15, 775
-19, 694 -15, 780
4,233
1,356
2,562
3,010
4,027
2,596
2,337
1,905
2,221
1,941
1,825
1,715
1,952
2,184
2,016
1,789
1,713
1,675
766
1,271
780
850
1,243
673
1,121
929
879
4,581
4,786
4,688
4,263
4,693
4,616
5,638
4,592
4,333
2,945
16, 646 15,199
15, 408 14, 446 2,670
16, 023 15, 629 P2, 695
16, 413 15, 384 P2, 485
16, 022 15, 384 P/2, 485
2,137
1,844
1,891
2,071
784
695
1,313
4,544
3,812
4,040
4,133
v2, 324 2,618
P2. 252
2, 566
P2, 310
2,696
P 2 345 /2, 696
•/2, 345 /2, 696
12,045
11,515
13, 632
15,478
1,872
/4,133
11, 223
11,468
11,663
11,607
11,284
11,078
10,157
5
860
875
875
490
560
945
980
945
840
805
840
805
700
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows: 1934,r $135,000,000; 1935, $158,000,000; 1936, $187,000,000; 1937, $185,000,000; 1938, $180,000,000.
p Preliminary.
Revised.
/ Figure carried forward from last previous figure without footnote /.
1 Annual figures through 1939 are estimates of U. S. Mint. Annual figure for 1940 and monthly figures are based on estimates of American
Bureau
of Metal Statistics given in thousands of fine ounces.
2
Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months
of the
year.
3
Includes Philippine Islands production received in United States. Monthly figures for U. S. for 1940 represent estimates of American Bureau
of Metal Statistics revised by adding to each monthly figure $242,602 so that aggregate for 1940 is equal to annual estimate compiled by Bureau of
Mint4 in cooperation with Bureau of Mines.
Figures for Canada beginning January 1941 are subject to official revision.
6
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
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. 233-235. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see
Annual Report of Director of Mint for 1940, p. 101, and 1936, pp. 108-109.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Year or
month
Total
net
imports
or net
exports
N e t i m p o r t s from or net exports (—) to: i
United
Kingdom
1934 2_.._
1935
1936._
1937
1938
1939
1940
499,870
1,131,994
315, 727
1,739,019
1,116, 584 174,093
891, 531
1, 585, 503
1, 973, 569 1, 208, 728
3, 574,151 1, 826, 403
633, 083
4, 744, 472
1940
June.
July
Aug
Sept
Oct
Nov
Dec
1,162, 975
519, 974
351, 553
334,100
325, 964
330,107
137,176
1941
Jan
Feb
Mar
Apr
May 1
June '
234, 242
108,609
118, 567
171, 992
34, 830
30, 712
BelFrance gium
Switzerland
Sweden
12, 402
260,223 8,902 94,348
3 227,185
968
934, 243
573, 671 3,351 71, 006
2 7,511
6,461
-13,710 90, 859
6 54, 452
81,135 15, 488 163,049 60,146 1,363
3,798 165,122 341, 618 28, 715 86, 987
977 63,260 161, 489 90, 320 2,
241, 778
128,003 241, 603
301, 734
10, 819
3,650
1,738
936
99
37
1,218
817
21
2
474
Netherlands
1
3,671
3,158
3,637
2,138
32
6
27
7
1,746
1
563
337
Canada
Mexico
Colom- Philippine
bia
Islands
Australia
South
Africa
1,029
3,498
23, 280
34, 713
39,162
74, 250 22,
103, 777 184,
12
65
8
181
401
862
756
86, 829 30, 270
95,171 13, 667
72, 648 39, 966
111, 480 38, 482
76,315 36, 472
612, 949 33, 610
622, 330 29, 880
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
716, 685 4,182
172, 268 1,891
264, 328 10, 335
545
217, 627
538
222, 726
545
262, 718
347
80, 389
2,130
5,856
4,516
2,330
7
2,814
3,895
2,830
3,738
3,764
2,673
3,283
3,268
46, 876 1,147
81, 529
814
95, 619
866
20, 216 1,147
16, 309
969
17,521
800
3,168
11
2,232
2,934
2,794
7
3,185 11,136 149, 735
96
2,772 6,738
3.984 6,262
2,788
4,720
132, 255
3,587
3,594
3, 384 4,194
2,114 4,593
69
6,603
5,262
6,746
14, 605
14, 770
14, 441
14, 994
23,091
3,482
11, 687
7,854
6,704
6,240
1,751
British
India
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 3 67,975
50,956 * 102, 404
49,989 5 388,468
3,399
2,377
13, 228
11,815
12,186
13, 262
954
523
784
2,170
7,446
6,085
4,501
3,046
313
All
other
countries
25,197
23, 463
34,789
69,946
64, 208
27, 580
12, 805
6,062
e 15,093
2,951
6,800
3 589
5,009
131
12 Beginning May 1941, figures by countries refer to gross imports since export data are no longer available.
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
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.
5
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.
e Includes $11,236,000 from U. S. S. R.
NOTE.—For gross import and export figures and for additional countries see table on p . 760.
3
AUGUST
1941
805
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars.
Minus sign indicates net movement from United States]
TABLE 1.—TOTAL CAPITAL MOVEMENT
Increase in foreign banking
funds in U. S.
Total
From Jan. 2, 1935, through—
Central
Total
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
Inflow in
brokerage
balances
1,412. 5
2, 608. 4
3,410. 3
603.3
930.5
1,168. 5
9.8
81.1
243.9
593.5
849.4
924.6
361.4
431.5
449.1
125.2
316.2
583.2
316.7
917.4
1,162.0
6.0
12.9
47.5
1938—Mar 30
June 29
Sept 28
Dec. (Jan. 4, 1939)
1939—Mar. 29
June 28
Sept. 27
Dec (Jan 3, 1940)
1940—Mar (Apr 3)
3,207. 2
3,045. 8
3,472.0
3,844. 5
4,197. 6
4,659. 2
5,035. 3
5,021. 2
5,133. 5
949.8
786.2
1,180. 2
1,425. 4
1, 747. 6
2,111.8
2,479. 5
2, 430.8
2, 539. 0
149.9
125.9
187.0
238.5
311.4
425.3
552.1
542.5
539.1
799.9
660.4
993.2
1,186.9
1, 436. 2
1,686. 5
1,927. 3
1,888. 3
1,999.9
434.4
403.3
477.2
510.1
550.5
607.5
618.4
650.4
631.6
618.5
643.1
625.0
641.8
646.7
664.5
676.9
725.7
761.6
1,150. 4
1,155. 3
1,125 4
1,219. 7
1,188. 9
1,201 4
1,177. 3
1,133. 7
1,112. 5
54.2
57.8
64.1
47.6
63.9
74 0
83.1
80.6
88.7
1940—May
May
May
May
8
15
22
29
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
599.8
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
June 5
June 12
June 19
June 26
July 3
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
July
July
July
July
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
993.8
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
788.9
1,083. 3
1,072.5
1,073.5
1,069.9
99 5
99.0
100.1
99.9
5,665. 2
5,698. 8
5, 738. 9
5, 751. 0
5, 752. 0
2,941. 2
3,022. 5
3,034. 2
3,040. 7
a 945.0
996.3
1,018.5
1,047.9
1,054. 7
* 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
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
99.9
100 6
100.8.
101. ft
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. 3
1,034. 3
1,025.6
1,020. 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
998.6
997.7
996.4
993.2
992.8
99.6
99.3100.2
101. 3;
100.9
1935—Dec. (Jan. 1, 1936)
1936— Dec. 30
1937—Dec 29
_.
_
10
17 .
24
31
Aug. 7
Aug 14
Aug. 21
Aug 28
Sept. 4
—
Sept. 11
Sept 18
Sept 25
Oct 2
. . .
Oct. 9
Oct. 16
Oct. 23
Oct 30
Nov
Nov.
Nov.
Nov.
6
13
20
27
Dec.
Dec
Dec.
Dec.
1941__jan
4
11
18.
25
i
-
_
_
Jan.
Jan.
Jan.
Jan
8
15
22
29
5, 813. 7
5,912.1
5,888.8
5,847. 4
3,146.1
3, 251. 8
3, 249.9
3, 210. 6
1,198.8
1,301. 3
1, 303. 3
1, 288. 2
1,947. 3
1, 950. 6
1,946. 6
1, 922. 4
775.8
772.2
757.1
759.9
804.9
806.8
808.0
808.5
985.6
979.6
974.0
969.7
101.5
101.7
99.898. &
Feb.
Feb.
Feb
Feb.
5
12
19
26
5, 806.1
5, 777. 3
5, 737. 7
5, 743.1
3,170.9
3,152. 4
3,103. 6
3,098. 2
1, 269. 0
1, 255.0
1, 228. 8
1, 243. 4
1,901. 9
1, 897. 4
1, 874. 9
1, 854. 7
763.1
754.6
764.6
776.1
809.4
810.9
811.9
813.2
965.7
963.5
961.1
958.4
97.0
95.9
96.5
97.2
5, 757. 9
5, 801. 9
5, 821. 6
5, 801. 2
5, 773. 9
3,123. 8
3,183. 7
3,198.1
3,180. 9
3,144. 5
1, 249.6
1, 300.1
1, 346. 2
1, 325. 6
1, 307. 7
1, 874. 2
1, 883. 6
1, 851. 9
1, 855. 3
1, 836. 7
764.9
752.1
756. 2
755.4
767.4
814.4
814.6
815.4
816.5
813.5
958.2
954.7
953.4
952. 5
952.7
96.6.
96.9
98 4
95.8.
95.9
5, 901. 3
5, 933. 9
5,923. 0
5, 913. 4
3, 269. 3
3, 294. 9
3, 275. 0
3, 253. 0
1,416.6
1, 434. 7
1, 424. 0
1, 406. 4
1, 852. 7
1, 860. 2
1, 850. 9
1, 846. 6
766.4
772.4
785.0
798.9
816.4
817.0
817.7
816.6
952.1
950.9
946.8
946.7
97.1
98.7
98.5
98.2
Mar. 5
Mar. 12
Mar 19
Mar 26
\pr 2
Apr.
Apr.
Apr
Apr.
9
16
23
30
. .
_ _.
1
Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading:
see BULLETIN for April 1939, p. 285.
* 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 lor April
1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431.
806
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
(Jan. 1, 1936).
30
29.
(Jan. 4, 1939)
(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
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
1940—July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
5, 572. 8
5, 752. 0
5, 805. 5
5, 794. 0
5, 860.0
5, 825. 4
5, 847. 4
5, 743.1
5, 773. 9
962.4
1,005.4
1,004. 2
994.4
1,007. 2
969.6
1, 024. 6
954.8
968.5
675.7
693.8
683.0
679.9
675.9
670.3
667.4
667.7
665.4
454.1
459.7
457.9
456.9
450. 8
455. 6
451.5
451.0
471.0
884.0
908.4
884.4
896.7
895.8
911.5
890.5
879.2
883.6
175.9
173.1
176.3
173.9
173.8
175.9
175.3
176.4
177.1
64.5
64.5
84.6
75.9
70.3
55.4
49.3
47.5
47.4
899.0
917. 8
934.0
930.0
925.5
922.7
906. 9
905.0
898.1
4,115.6
4, 222.8
4,224.4
4, 207. 6
4,199.2
4,161.0
4,165. 5
4, 081. 6
4,111.0
150.5
106.3
155.3
229.4
324.5
369.4
387.3
384.4
415.5
411.7
416.5
410.5
394.9
5, 901. 3
5,933. 9
5, 923. 0
5, 913. 4
1, 077. 2
1, 097. 3
1, 068. 4
1, 054. 6
670.0
670.1
670.1
668.6
466.4
466.2
463. 3
463.3
877.8
872.5
873.5
872.4
177.7
177.8
177.6
177.8
47.2
47.3
47.5
47.0
905.0
910.5
900.6
899. 2
4, 221. 2
4,241.7
4, 201.1
4,182. 9
395.7
395. 5
407.0
410.7
From Jan. 2, 1935,
through—
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
Apr.
Apr.
Apr.
Apr.
9
16
23
30
Switz- Gererland many
Other Total
Italy Europe Europe
Canada
Latin
America
Asiai
)
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
581.6
597.9
603.8
601.0
606.5
606.8
611.2
597. 5
623.7
484.7
506. 5
515.4
557.9
555.7
558.1
554. 2
542.7
82.3
77.2
83.6
85.6
80.9
90.2
96.1
99.3
101.7
621.2
631.2
645. 9
639.1
557. 8
556.2
555. 5
563.7
105.5
109. 3
113.5
117.0
All
other '
TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES
From Jan. 2, 1935,
through—
United
Kingdom
Total
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)
1,168. 5
1,425.4
2,430. 8
128.6
163.5
189.3
364.0
376.1
55.7
65.9
76.3
87.9
190.9
72.4
109.8
288.4
205.1
362.7
9.6
-11.8
-20.1
1940—July 31
Aug. (Sept. 4)
Sept. ^Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—-Jan. 29
Feb. 26
Mar. (Apr. 2)
2, 900. 0
3,040. 7
3,092. 8
3,112.5
3,194.0
3,152.5
3, 210. 6
3, 098. 2
3,144. 5
270.9
313.6
314.3
306.6
325.0
293.3
349.7
279.2
297.3
164.4
168.8
166.3
165.1
158.9
160.3
156.1
155.4
173.4
435.5
462.7
445.9
476.3
479.9
494.7
482.3
475.8
484.2
-16.0
-19.1
-16.5
-20.6
-21.6
-22.9
-24.2
-22.7
-24.0
3, 269. 3
3, 294. 9
3, 275. 0
3, 253. 0
404.7
425.2
397.1
168.8
168.6
165.8
165.8
479.0
475.5
475.9
475.4
-24.0
-23.8
-23.9
-23.9
Apr.
Apr.
Apr.
Apr.
9
16
23
30
603.3
930.5
2.7
Italy
Other
Total
Europe Europe
453.5
588.9
Canada
Latin
America
Asia x
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
All
other »
7.3
23.0
6.9
1.7
19.7
60.7
79.7
109.4
208.6
470.0
1, 655. 4
46.0
86.8
76.3
101.6
174. 5
7.0
7.3
5.8
-2. 8
-3.3
-3.5
587.8
604.8
620.6
615.6
609.4
603. 7
587. 5
584.6
576.9
1,914.7
2,021.2
2,007. 8
2,012.4
2,017.1
1.986. 3
2, 003. 7
1,924.1
1, 957.1
253.8
295.8
310.6
307.9
335. 0
334. 1
343.4
334. 6
321.4
299.9
311.4
317.5
325.1
332.7
326. 4
336. 1
314. 2
349.3
376.8
361.7
401.8
410.3
456.0
444.4
459. 7
453. 9
442. 6
54.8
50.7
55.1
56.8
53.2
61.3
67.7
71.3
74.1
-3.5
-3.5
-3.3
-3. 8
584. 5
589.6
578.3
576.7
2, 066. 5
2, 088. 7
2, 047.1
2, 028. 7
321.0
323.9
333.3
333.9
347.4
354. 9
367. 8
358.0
456. 4
445. 5
440.5
442.6
78.0
81.9
86.2
89.9
Canada
Latin
America
Asia '
All
other *
-1.6
-4.4
-8.7
-7.0
-.8
791.7
1,010.7
TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935,
through—
Total
United
Kingdom
France
Netherlands
Switz- Gererland m a n y
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
27
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
1940_July 3i
Aug. (Sept. 4)
Sept. (Oct. 2)
.
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
714.1
773 1
773.6
765 7
764.0
775.1
759 9
776.1
767.4
263.9
269 5
271.9
272.5
270.7
269.2
269 2
271.4
268.2
74.2
74 6
75.3
75.0
74.4
74.6
75.4
75.6
76.0
16.8
17 4
17.6
17.6
17.5
17.7
17 8
17.8
17.8
5.6
6 1
6.5
6 1
6.2
6.5
59
184.6
185 2
185.6
187.2
188.2
191.6
192 4
193.0
195.0
17.6
23 1
24.5
24.0
25.0
25.3
25. 5
25. 5
25.6
43.2
44.9
45.0
46.5
47.8
49.8
48.7
48.8
49.7
605.8
620.8
626.6
628.9
629.8
634.7
634.8
636.3
637. 2
64.9
65 1
65.4
63.9
66.5
60.3
62 6
65.4
65.3
49.7
53 6
52.9
42 9
40.1
43.2
40 1
50.9
44.4
-7.2
34.0
26.9
27.7
26.4
34.8
20.2
21.6
19.2
766.4
772.4
785 0
798.9
269.4
268.6
268.9
269.6
76.0
76.0
75.9
75.9
17.7
17.8
17.8
17.7
5.3
4.1
195.6
195.6
195. 6
195.7
25.4
25.5
25.5
25.5
49.0
49.2
50.2
50.7
638.5
636. 8
639. 2
640.4
64.5
61.4
66.9
71.3
41.9
43. 6
44.6
47.7
20.3
29.6
33.5
38.7
Apr.
Apr.
Apr.
Apr.
9
16
23
30
4.2
5.0
5.2
5.3
1.0
-.4
2.1
2.2
1.2
2. 1
2 o
1.9
1.3
1.2
1.0
.9
.8
1 Prior to Jan. 3, 1940, the figures under Asia represent 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 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.
AUGUST
1941
807
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2, 1935,
through—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
Can-
Latin
America
Asia 1
All
other i
1935—Dec. (Jan. 1, 1936).
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
125.2
316.2
583.2
641.8
725.7
67.8
116.1
136.8
127. 7
125.5
6.8
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
7.9
17.0
24.5
33.8
42.8
1.1
3.5
6.8
9.7
11.3
1940—July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941).
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
788.9
790.5
793.2
794.6
798.4
804.1
808.5
813.2
813.5
131.4
131.0
130.5
130.2
129.9
128.9
129.1
129.5
129.1
42.9
43.0
43.0
42.9
42.9
43.4
43.5
43.6
43.7
31.0
31.0
31.0
31.0
31.0
31.0
31.0
31.0
31.0
48.6
47.8
47.4
46.3
46.0
46.0
46.1
45.8
45.2
36.2
36.0
36.1
36.5
36.5
36.5
36.5
36.5
36.5
28.0
28.1
28.1
28.1
28.1
28.1
28.1
28.1
28.1
194.9
195.4
195.9
196.0
196.1
196.4
197.2
198.1
198.9
513.2
512.3
512.0
511.0
510.6
510.3
511.6
512.6
512.6
18.9
19.5
20.7
21.3
23.5
25.0
25.8
26.4
26.5
195.6
196.7
197.6
198.6
199.8
202.3
203.5
204.5
203.0
48.5
49.1
50.1
50.5
51.2
53.0
54.2
55.9
57.6
12.7
12.9
12.9
13.1
13.3
13.5
13.5
13.8
13.9
816.4
817.0
817.7
816.6
129.0
128.9
128.8
128.7
43.8
43.8
43.8
43.8
31.0
31.0
31.0
31.0
45.2
45.2
45.2
45.2
36.5
36.5
36.5
36.5
28.1
28.1
28.1
28.1
198.9
199.0
199.1
199.1
512. 4
512. 5
512.4
512.4
27.3
27.3
27.5
25.9
205.0
205.3
205.6
206.0
57.8
57.9
58.0
58.2
13.9
14.0
14.2
14.2
Apr.
Apr.
Apr.
Apr.
9
16
23
30
TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2, 1935,
through—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia*
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
All
other i
1935—Dec. (Jan. 1, 1936)..
1936—Dec. 30
,___
1937—Dec. 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
1940—July 31
....
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)..
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
1,069. 9
1,047.1
1,044. 3
1,020. 6
1,003. 6
992.8
969.7
958.4
952.7
279.5
275.0
271.1
268.0
264.4
261.2
259.5
257. 7
257.1
74.8
74.7
74.5
74.1
74.1
74.4
74.2
74.2
74.2
230.4
230.6
230.7
230.6
230.9
233.2
233.3
233.2
234.9
376.3
372.9
365.4
349.6
346.8
348.1
340.2
338.9
334.7
-28.7
-28.8
-28.8
-29.1
-29.1
-29.1
-29.2
-30.2
-30.3
11.8
5.9
26.2
23.1
17.0
2.7
-1.6
-3.0
-3.0
64.8
64.6
64.5
64.5
64.6
64.9
64.6
64.5
64.8
1,008. 9
994.9
1,003. 5
980.9
968.7
955.4
941.0
935. 3
932.5
-24.2
-21.9
-20.7
-19.0
-20.3
-18.4
-25.7
-26.9
27.7
26.8
26.6
26.2
25.1
25.6
24.7
21.8
20.9
44.5
33.9
22.0
20.0
17.5
17.6
17.7
16.8
16.9
13.1
13.4
12.8
12.6
12 6
12.6
12.0
11.4
11.3
952.1
950.9
946.8
946.7
256.9
256.9
256. 8
256.8
74.1
74.2
74.2
74.3
235. 0
234.9
234.8
234.8
334.2
333. 5
333.0
332.1
-30.3
-30.3
-30.3
-30.3
-3.0
-3.0
-3.0
-3.0
64.7
64.7
64.8
64.9
931.6
930.8
930.2
929.5
-28.5
-28.6
-32.2
-31.8
20.8
20.6
20.8
20.6
16.9
16.8
16.7
17.0
11.3
11.3
11.3
11.3
Total
Other
Europe Europe
Canada
Latin
America
Asia*
1.0
-4.2
-.5
2.9
2.1
Apr. 9...
Apr. 16_
Apr. 23_.
Apr. 30..
J, 094.1
^,004.4
TABLE 7.—BROKERAGE BALANCES,2 BY COUNTRIES
From Jan. 2, 1935,
through-
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
()
4.0
11.5
2.4
10.4
11.5
12.9
20.1
1.3
-.9
5.0
6.8
9.3
2.5
9.1
10.8
9.6
17.8
-.2
18.5
18.6
18.8
19.1
18.9
19.9
19.2
19.3
18.7
11.5
11.9
12.3
12.5
12.5
13.4
13.3
13.5
13.9
19.1
19.1
19.0
19.0
13.8
13.8
13.9
14.0
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
6.0
12.9
47.5
47.6
80.6
1940—July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
100.5
101.6
100.7
100.0
100.9
98.8
97.2
95.9
13.4
19.4
16.7
16.3
16.3
17.1
17.2
17.0
17.1
17.0
16.7
97.1
98.7
98.5
98.2
17.3
17.8
16.7
16.7
Apr. 9___
Apr. 16..
Apr. 23..
Apr. 30..
Italy
1.4
.4
5.0
5.2
5.0
7.6
22.6
44.0
47.9
71.6
-4.5
-7.6
3.5
1.8
8.7
18.0
18.8
19.2
18.3
16.9
16.2
15.9
14.4
14.5
8.3
8.0
8.1
7.3
7.6
7.9
8.9
9.1
7.9
72.9
73.6
74.7
74.4
73.1
74.3
74.4
73.3
71.7
14.0
14.2
14.2
14.3
8.0
8.0
8.2
7.8
72.2
72.9
72.1
71.8
1.6
.5
-1.5
-3.4
11.1
10.9
11.2
10.2
10.7
10.7
10.4
10.9
10.6
9.4
9.1
8.3
8.8
9.2
6.8
6.1
6.1
6.3
6.0
5.8
6.8
6.7
6.0
6.3
6.1
6.4
11.4
11.5
11.6
11.4
6.2
6.9
7.1
7.0
6.4
6.4
6.7
7.2
Q
AH
other »
()
.3
2.1
.6
.7
1.0
.7
.7
1.1
1.0
1.0
.9
i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other",
a For explanation see BULLETIN for May 1937, pp. 395-396.
3 Inflow less than $50,000.
< Outflow less than $50,000.
808
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
Total
Date
United
Kingdom
France
Netherlands
Switzerland
105. 2
222. 2
Germany
Other
Total
Europei Europe
Italy
Latin
America
Asiai
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
Canada
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
301.
214.
104.
171.
5
5
9
0
48. 3
59. 1
923.7
799.4
549.2
72.2
24.9
32.7
99.1
122.2
44.6
13.8
1934—Dec. 5 3
Dec. (Jan. 2, 1935).
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
584.8
597.0
1, 200. 2
1,491. 6
1, 729. 6
1, 996. 6
79.6
76.9
205.5
235.7
261.5
436.1
36.1
33.9
163.5
176.3
143.9
187.4
13.5
12.9
68.6
78.8
89.1
101.8
12.1
13.7
86.1
123.5
302.1
218.8
28.4
29.9
29.0
32.0
39.0
17.8
16.8
18.8
26.1
41.7
25.7
20.4
40.6
46.8
107.5
126.3
156.0
255.5
227.1
232.9
686.3
814.3
1,017.1
1,237.8
103.3
99.3
145.3
186.1
175.6
201.8
117.4
122.8
156.3
263.9
280.9
248.5
125.1
130.1
188.9
200.2
236.0
274. 3
12.0
12.0
23.4
27.1
20.0
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
43.3
49.7
66.2
72.5
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
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
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
3, 778. 7
3, 836. 8
3, 724. 4
3, 775. 0
404.5
376.6
361.3
326.6
354.5
397.9
343.0
385.7
386.4
378.8
397.2
365.5
421.9
351. 4
369.4
290.6
288.5
290.7
286.7
319.1
504.8
497.3
515.2
503.5
500.8
497.6
490.1
487.2
487.1
484.9
200.3
200.1
199.7
213.1
198.3
184.7
178.3
182.7
180.3
179.1
172.8
174.3
170.0
169.4
187.3
395.5
411.0
432.2
447.6
413.6
441.0
449.2
476.4
459.6
490.0
493.5
508.4
496.0
489.5
497.8
9.1
8.4
8.4
8.5
9.9
9.8
43.7
44.5
69.3
71.3
65.0
29.8
25.8
26.1
24.6
19.4
18.9
17.9
16.0
15.5
15.3
569.0
593.5
618.7
616.1
619.3
625.7
634.7
651.7
667.5
662.5
656.3
650.6
634.4
631.5
623.8
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
2, 213. 5
2, 230. 9
2,151. 3
2,184. 3
266.9
268.7
250.1
255.3
236.0
259.2
353.9
395.9
410.7
408.1
435.2
434.3
443.6
434.8
421.5
352.2
354.6
365.5
389.9
402.4
421.4
420.8
432.3
438.4
446. 0
453.6
447.3
457.0
435.1
470.2
494.8
497.3
515.2
517.6
501.9
521.7
542.8
527.6
567.7
576.3
622.0
610.3
625.7
619.9
612.9
70.9
62.4
54.1
55.6
58.6
60.3
66.7
62.7
67.1
68.7
65.1
73.3
79.6
83.3
86.1
3, 899. 8
3, 925. 4
3, 905. 4
3,883. 5
476.8
497. 3
469.2
454.9
489.2
489.2
489.4
487.7
182.8
182.6
179.8
179.7
492.6
489.2
489.6
489.1
15.3
15.2
15.4
15.0
631. 4
636.5
625.2
623.6
2, 293. 7
2,315.8
2, 274. 3
2, 255. 9
421.2
424.1
433.4
434.0
468. 3
475.8
488.8
478.9
626.7
615.8
610.8
612. 9
93.9
98.2
101.8
66. 0
82. 2
11. 9
9. 7
8.3
12.7
204. 5
161. 0
41.
30
16
25
1
2
3
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
Apr.
Apr.
Apr.
Apr.
9
16
23
30
7.8
9.5
13.6
10.5
13.2
9.1
8.0
6.7
5.5
7.0
5.6
57
5.8
5.7
5.7
Additional Detail Available from January 3 ,1940
Date
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. (Jan. 1, 1941).
1941—Jan. 29
Feb. 26 .
Mar. (Apr. 2)
Apr.
Apr.
Apr.
Apr.
9 .
16
23
30
4 Asiatic countries
6 Latin American countries
5 European countries
PanAr- BraPhilipama
Hong
Bel- Den- Fin- Nor- Swe- Total genTotal gium
Chile Cuba Mexpine
ico and Total China Kong Japan Islands
mark land way den
tina zil
C.Z.
407.1
448.1
458.8
475.1
460.2
443.3
457.0
457.7
466.7
470.3
469.0
466.2
462.7
450.5
437.9
429.6
159.2
166.2
176.6
184.3
183.7
172.0
161.3
154.9
150.9
147.9
145.7
145.7
144.8
143.2
140.7
135.4
28.1
28.7
27.2
28.7
23.0
21.1
19.5
18.4
17.2
16.8
16.2
16.1
17.3
17.1
17.0
16.4
?1 4
23.8
23.7
25.0
27.2
29.5
29.6
29.1
26.3
29.1
24.3
22.0
16.5
14.1
12.3
10.6
56.3
67.0
69.4
68.4
67.5
64.1
59.0
57.8
54.3
51.2
51.3
50.1
48.7
48.3
46.2
45.0
142.2
162.4
161.9
168.6
158.9
156.7
187.6
197.5
218.0
225.3
231.5
232.4
235.4
227.7
221.6
222.2
250.7
259.3
263.7
275.4
297.1
311.8
326.5
321.3
332.2
338.8
348.2
353.8
341.7
342.5
319.6
348.6
57.7
66.5
68.7
63.5
80.6
83.3
88.7
93.1
103.9
110.1
112.7
115.1
115.4
118.2
103.3
104.5
36.4
31.8
30.0
35.3
35.0
34.8
39.0
38.0
31.4
33.4
39.7
44.1
36.2
45.4
35.1
44.0
26.8
24.4
24.7
24.7
23.4
24.8
30.2
29.2
27.8
26.1
25.0
26.9
28.5
26.1
25.3
30.5
37.0
38.3
38.3
43.2
46.4
49.6
49.7
48.1
51.1
48.7
48.4
46.4
47.9
48.6
47.3
51.5
58.8
62.1
65.2
68.4
67.2
68.6
65.3
60.3
58.5
63.2
64.4
62.6
55.0
49.3
52.6
53.5
34.0
36.2
36.7
40.2
44.5
50.6
53.5
52.7
59.6
57.3
57.9
58.6
58.7
54.8
55.9
64.5
432.9
434.7
439.2
455.1
461.3
446.2
448.4
446.6
408.3
431.6
432.5
475.2
454.5
464.3
464.4
447.9
167.0
173.8
178.9
178.5
184.1
178.8
181.8
181.6
184.7
192.7
195.1
218.6
207.5
210.5
217.5
216.7
71.4
72.2
68.5
75.2
81.1
79.4
78.4
84.3
87.6
87.0
89.4
92.2
91.1
93.4
97.5
94.5
165.4
158.7
162.1
169.4
164.1
151.8
152. 6
142.6
97.4
106.8
102.8
119.3
110.3
114.1
103.4
90.8
29.1
30.0
29.7
32.0
32.0
36.2
35.6
38.2
38.7
45.2
45.2
45.1
45.6
46.3
46.0
45.9
430.2
430.2
429.7
433.1
134.9
134.9
133.4
134.1
16.5
16.3
16.1
16.1
11.6
11.5
11.4
12.5
45.0
45.0
44.9
44.8
222.3
222.4
223.9
225.6
347.2
351.1
359. 3
349.1
107.7
107.7
111.6
103.4
44.9
46 1
49.5
50.6
29.5
29.3
29.9
28.8
53.3
54.8
55.8
55.6
51.4
51.7
51.8
48.6
60.4
61.5
60.6
62.1
450.0
437.7
430.1
420.5
204.5
198.2
191.2
187.0
93.9 104.0
93.1 98.3
92.7 98.7
92.8 92.5
47.6
48.1
47.4
48.2
1 Prior to Jan. 3, 1940, the figures under Asia represent 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.
4
The figures in 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. 5,1938, Oct. 18,1939, and Mar. 5,1941 (see BULLETIN for May 1937, p. 425; April 1939,
p. 295; April 1940, p. 362; and July 1941, p. 707).
AUGUST
1941
809
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
United
Kingdom
France
Netherlands
Switzerland
Germany-
Italy
Other
Total
Europe Europe
Reported by Banks in New
12.6
6.4
12.5
8.5
467.2
433.7
258.1
178.8
18.7
11.5
16.8
10.7
Canada
Latin
America
Asia 1
58.1
43.9
34.7
84.4
136.5
158.2
159.2
124.4
41.8
24.8
54.6
46.2
2.6
3.5
6.3
2.6
All
other i
YorkVity
149.2
96.1
83.9
60.2
864.3
719.0
652.3
569.5
1931—Dec. 30
1932—Dec. (Jan. 4, 1933).
1933—Dec. (Jan. 3, 1934).
1934—Nov. 282
1,103.3
949.4
907.1
827.1
166.2
89.4
197.9
201.3
29. 5
67. 6
65. 0
94. 1
20.9
14.2
18.1
15.9
1934—Dec. 5 3
Dec. (Jan. 2, 1935).
1935—Dec. (Jan. 1,1936).
1936—Dec. 30.._
1937—Dec. 29
1938—Dec. (Jan. 4, 1939).
1,137. 8
1,139. 9
778.6
672.6
655.0
594.0
266.4
296.9
88.1
114.1
84.8
86.0
108.2
80.5
32.5
16.8
13.5
10.3
19.2
18.6
19.0
21.9
23.0
24.2
8.3
8.2
6.6
5.4
5.5
5.5
239.6
231.7
202.0
165.1
126.1
89.4
26.5
27.2
13.5
10.9
20.8
13.5
81.3
80.0
71.2
57.8
52.9
45.9
749.5
743.2
433.0
392.1
326.5
274.9
91.2
96.3
100.9
59.4
118.0
60.4
170.7
174.6
154.5
141.1
114.4
99.1
118.1
117.4
80.1
67.2
78.9
144.1
8.3
8.5
10.1
12.9
17.2
15.5
1939—Mar. 29
June 2 8 . . .
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
20.1
19.7
81.4
77.4
67.1
53.4
16.4
9.6
5.7
3.6
4.5
2.9
5.2
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
1940—Jan. 31
Feb. 28
Mar. (Apr. 3)
Apr. ( M a y 1)
M a y 29
June (July 3)
July 31.
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27..
Dec. (Jan. 1, 1941)
1941—Jan. 2 9 . . . .
___.
Feb. 26
Mar. (Apr. 2)
_
533.0
531.4
527.5
515.7
475.0
475.0
444.9
386.0
385.5
393.4
395.1
384.0
399.2
383.0
391.7
56.2
44.7
39.7
36.8
30.1
32.0
28.2
22.6
20.2
19.6
21.4
23.0
23.0
20.7
24.0
5.3
5.4
4.9
8.4
7.9
6.2
4.5
4.2
3.5
3.7
4.3
4.2
3.4
3.1
2.8
7.2
5.7
6.7
8.0
3.2
2.6
1.9
1.2
1.1
1.0
1.1
.9
.8
.8
.8
5.1
5.5
6.2
6.4
5.0
3.8
2.5
1.9
1.5
1.9
1.9
1.5
2.1
3.8
3.1
52.3
51.8
50.1
49.4
47.3
47.3
46.6
46.0
45.6
44.0
43.0
39.6
38.8
38.2
36.1
13.7
15.5
16.9
17.2
18.3
14.2
9.6
4.1
2.8
3.3
2.2
2.0
1.7
1.7
1.7
49.5
49.3
48.6
48.6
44.6
41.0
36.6
34.9
34.8
33.3
32.0
29.9
31.1
31.0
30.1
189.1
177.9
173.2
174.7
156.5
147.2
130.0
115.0
109.4
106.8
106.0
101.0
100.9
99.4
98.6
40.1
44.2
42.2
37.1
26.7
35.3
31.3
31.2
30.8
32.4
29.7
36.0
33.6
30.8
30.9
110.2
109.8
110.7
114.3
113.3
117.0
116.3
112.3
113.1
123.1
125.9
122.7
125.8
115.1
121.6
184.6
190.3
192.6
181.0
169.5
167.9
159.8
118.6
125.7
124.9
126. 2
117.8
132.4
131.0
133.4
9.1
9.2
8.9
8.6
9.0
7.7
7.5
8.9
6.4
6.3
7.3
6.4
6.5
6.6
7.2
392.7
386.7
374.0
360.2
22.8
23.6
23.3
22.6
2.8
2.8
2.8
2.8
.9
.9
.8
.9
2.7
4.0
2.8
2.7
35.5
35.6
35.6
35.5
1.8
1.7
1.7
1.7
30.8
30.6
29.5
29.1
97.3
99.0
96.6
95.3
31.8
34.8
29.4
25.0
124.0
122.3
121.4
118.3
132.3
123.0
119.1
113.9
7.3
7.5
7.6
7.7
Reported by Banks in United States
Apr.
Apr.
Apr.
Apr.
9
16
23_
30
8.7
4.9
9.5
12.2
11.8
Additional Detail Available from January 3,1940 4
6 Latin American countries
5 European countries
PanAr- Braama Total China
Bel- Den- Fin- Nor- Swe- Total genChile Cuba MexTotal gium
and
ico
zil
mark land way den
tina
C.Z.
Date
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. (Jan. 1, 1941).
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 9
Apr. 16
Apr. 23
Apr. 30
4 Asiatic countries
.
23.4
22.2
20.4
19.4
17.6
14.1
10.6
9.1
7.7
7.5
7.6
6.5
7.2
7.4
6.1
2.1
2.2
1.4
1.1
.7
.4
.3
.3
.3
1.4
1.2
.8
5.6
1.5
.3
4.8
1.3
.1
.8
1.0
1.5
1.5
1.6
1.7
1.7
1.9
19
1.8
19
19
1.9
4.8
5.3
4.5
4.4
1.3
1.3
1.3
1.3
.1
.1
.1
.1
2.0
19
1.9
1.9
5.5
5.6
7.9
8.1
5.1
3.4
2.9
1.6
1.7
2.2
3.2
3.7
2.9
.3
1.5
1.4
.3
.3
.9
.8
.8
.7
1.0
1.2
.9
76.1
71.5
69.9
71.4
73.9
73.9
77.5
75.6
72.1
72.5
81.4
82.9
78.4
80.0
68.3
71.1
.7
.7
.7
.7
.7
1.4
.6
.6
73.5
72.3
71.3
69.0
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
1.2
16.8
12.9
12.0
12.5
12.4
16.4
16.7
16.4
15.1
14.8
13 ?
13.5
11.9
11,1
10.0
10.4
32.2
31.2
31 8
33.0
34.4
32.1
33.7
32 8
31.3
30.8
40.2
39.0
33.1
34,0
24,4
30.0
9.4
9.7
9.5
9.7
10.3
9.6
10.0
10.8
11.7
13.4
14.9
14.3
12.2
10.5
10.4
11.1
10.7
11.2
9.8
11.4
9.9
9.9
10.6
10.9
11.5
11.7
11.8
11.3
10.7
11.8
11 0
11.1
10.8
31.1
29 6
29.1
28.1
11.7
11.8
12.1
12.0
11.0
11.4
10.9
10.3
9.7
9.6
9.7
152.5
161.9
168.0
182.6
169.8
160.1
155.2
145.3
102.3
109.8
110.7
113.9
103.8
117.9
114.2
115.2
22.0
22.5
25.4
26.1
23.9
24.5
30.2
30.5
24.0
24.2
24.2
24.0
23.7
24.2
23.5
26.5
5.4
6.1
5.7
5.4
2.5 115.9
2.5 106.3
2.5 103.2
2.5 97.0
25.5
26.2
26.9
26.1
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
6.1
6.1
2.1
2.1
5.9
2.4
5.4
2.5
PhilipHong
pine
Kong Japar Islands
.9
102.1
111.2
111.2
125. V
115.6
103.2
90.6
78.6
45.0
53.2
58. C
62.8
55.8
71.8
68.3
67.3
26.4
26.6
28.2
28.9
28.5
30.5
32.7
33.6
29.5
28.2
25.4
25.6
22.6
20.7
21.5
20.4
1.0
.9
1.0
1.0
68.9
57.6
53.8
46.9
20.6
21.6
21.6
23.0
1.9
1.6
3.2
1.7
1.8
1.9
l.f
2.7
3.8
4.3
3.0
1.6
1.7
1.1
.9
1
8
8
4
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
Last report date on old basis.
First report date on new basis.
The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings 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, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363).
810
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Assets of
issue dept.
Assets of banking department
Liabilities of banking department
Bank of England
Cash reserves
(Figures in millions of
pounds sterling)
Goldi
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
Other
assets 2
Coin
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
Notes
1.0
.5
.6
Discounts
and advances
Securities
Note
circulation 3
Deposits
Bankers'
Public
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
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
8.8
6.6
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
602.2
609.5
610.0
604.8
58.0
22.7
8.8
13.5
18.3
27.1
12.5
50.3
52.3
51.8
51.9
51.5
50.3
51.2
17.9
18.0
18.1
18.1
17.7
17.8
17.9
32.4
14.6
22.0
13.6
32.3
25.3
53.0
53.0
52.3
57.2
52.1
50.4
18.0
18.1
18.1
17.7
17.8
17.8
1940—June 26..
July 31...
Aug. 28..
Sept. 25..
Oct. 30. _
Nov. 27..
Dec. 25..
630.0
630.0
630.0
630.0
630.0
630.0
630.0
.7
.8
.5
1.0
.9
28.1
20.7
20.2
25.5
38.7
36.9
13.3
4.7
3.3
3.9
3.5
3.0
6.9
4.0
174.6
174.4
172.6
169.7
153.3
161.2
199.1
616.9
82.7
106.3
118.7
116.0
108.0
110.8
135.7
1941—Jan. 29...
Feb. 26_.
Mar. 26..
Apr. 3 0 May28_.
June 25 .
630.0
630.0
630.0
* 680.0
680.0
680.0
1.0
1.4
1.1
1.5
1.6
1.7
31.0
27.0
18.8
56.9
50.7
41.3
3.8
3.7
45.3
28.3
11.4
6.9
175.4
175.4
145.8
133.7
149.4
156.2
599.2
603.2
611.5
623.4
629.5
639.0
107.9
121.7
118.6
131.8
110.9
112.5
Liabilities
Assets
Bank of France
Domestic bills
Foreign
exchange
Open
market7
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
92, 266
92, 266
97, 266
97, 266
97, 266
97, 266
97, 267
97, 268
97, 275
84,614
84, 615
84, 616
84,616
84, 616
(Figures in millions
of francs)
Gold 6
1929—Dec. 2 7 1930—Dec. 26. _
1931—Dec. 30..
1932—Dec. 30. _
1933—Dec. 29. _
1934—Dec. 28..
1935—Dec. 27. _
1936—Dec. 30__
1937—Dec. 30..
1938—Dec. 29..
1939—June 29_.
July 27—
Aug. 3 1 Sept. 28..
Oct. 26...
Nov. 30..
Dec. 2 8 . .
1940—Jan. 25___.
Feb. 2 9 . . .
Mar. 28...
Apr. 25—
M a y 30—
June 10—
Dec. 26 »_.
8
8
8
Other
Other
liabilities
Deposits
Loans o n -
Special 7
Other
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
1,379
652
1,797
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
722
722
218
212
85
120
112
8,074
8,316
9,396
9,734
10,038
10,565
11,273
2,279
2,275
1,708
1,958
2,007
1,626
2,345
5,009
5,000
15,009
14,830
111
109
111
112
102
108
42
11,861
12, 505
42, 645
42, 694
44,083
44,173
43,194
2,235
1,810
1,870
1,781
1,889
1,518
661
Advances
to
Government
Shortterm
Government securities
Other
securities
Other
assets
Note
circulation
5,603
6,609
8,545
9,196
8,251
11,737
12,624
Government
Other
Other
liabilities
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
20,577
20, 577
20,577
22, 777
25,473
30,473
34,673
374
472
2,412
930
336
454
174
3,471
3,461
3,805
3,661
3,576
3,581
3,482
14,753
14,458
16,016
16,482
17,100
17, 769
16,438
122, 611
123,239
142, 359
144, 562
144,379
149,370
151, 322
5,188
5,468
3,304
2,342
2,004
1,953
1,914
16,909
16,058
18,038
18,022
14,790
12,392
14, 751
2,8162,781
2,7082,92$
3,006
3,3462,925-
35,673
5,011
40, 523
4,630
20,550
5,005
20,900
5,769
32,600
14,473
36,250
11,885
3,646 wi36,217
229
465
320
228
2,320
2,534
721
3,444
3,403
3,376
3,411
3,716
3,822
3,967
15, 963
16,917
15,970
15, 666
16, 694
18,865
18, 491
151, 738
156,150
156,032
156,285
170,853
174,469
218,383
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
3,1563,014
3,038
2,811
2,848
3,586-
5,206
5,149
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
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
2,11$
2,557
3,160
2,718
1 Through February 1939, valued at legal parity of 85 shillings a fine ounce.
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown b y this figure.
3
Notes issued less amounts held in banking department.
« 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.
6
Fiduciary issue increased by £50,000,000 on April 30, 1941.
6
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, p p . 878-880.
7
For explanation of these items, see BULLETIN for July 1940, p . 732.
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 .
9
Figures taken from annual report of Bank for 1940, giving the only statement of the Bank's position which has been made public since J u n e
10, 1940.
i° By a series of Conventions between the Bank of France and the Treasury (for further details see BULLETIN for M a y 1941, p . 481) advances
of 143,000,000,000 francs had been authorized through Dec. 26,1940, including 73,000,000,000 francs to meet the costs of the German army of occupation.
Of the amount actually advanced on this date, 72,317,000,000 francs had been utilized for the latter purpose. Conventions dated Jan. 20 and M a r .
22, 1941, increased the amount of authorized advances for occupation costs to 85,000,000,000 and 100,000,000,000 francs respectively, and subsequent
Conventions have raised the figure to 118,000,000,000 francs.
ii Includes 41,400,000,000 francs due to the Central Administration of the Reichskreditkassen.
NOTE.—For further explanation of tables see BULLETIN for February 1931, p p . 81-83.
2
AUGUST
1941
811
Central Banks—Continued
Liabilities
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and Bills (and
foreign exchange
checks),
including Security
loans
Total
Treasury
Goldi
reserves
bills
2,687
2,685
1,156
920
Securities
Eligible
as note
cover
Other
Note
circulation
Other
assets
Other
liabilities
396
84
88
72
76
76
78
11, 392
251
256
245
176
183
146
84
74
60
45
30
393
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
1940—June 29.
July 3 1 .
Aug. 31.
Sept. 30.
Oct. 31..
Nov. 30.
Dec. 31.
77
78
77
78
78
78
78
12,611
12, 613
12, 891
13, 206
13,069
13, 532
15, 419
25
28
31
16
31
26
38
143
114
56
50
56
51
32
454
408
419
422
425
427
357
2,595
2,377
2,448
2,184
2,240
2,223
2,066
12, 785
12, 750
13,026
12,847
12, 937
13,198
14,033
1,854
1,620
1,608
1,795
1,610
1,706
2,561
1,266
1,248
1,287
1,314
1,352
1,433
1,396
1941—Jan. 31..
Feb. 28..
Mar. 31_
Apr. 30May 31June 30P
77
77
78
78
78
78
14, 503
15, 284
15, 367
15, 644
15,918
16, 258
28
34
23
32
23
20
28
24
32
22
18
45
349
351
352
488
438
1,834
1,445
1,672
1,548
1,922
(2)
13, 694
13, 976
14,188
14, 689
15, 210
15,565
1,726
1,935
2,127
2,006
2,012
2, 373
1,399
1,305
1,210
1,117
1,174
(2)
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
31.
31.
31.
31.
30.
31.
31.
31.
31_
3130.
2,283
2,216
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
259
445
349
221
106
557
804
92
102
161
398
322
319
315
Deposits
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
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
v Preliminary.
i Not shown separately on Reichsbank statement after June 15, 1939.
* 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)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
..
Other gold and foreign exchangeNegotiable Government bonds..
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
Government
Other
Foreign exchange sold forwardOther 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
Credits to State and public bodies
Credits to private economy
Due from Bank of Issue, Brussels
Other assets
Note circulation
Demand deposits
_.
Other liabilities
National Bank of Bohemia and Moravia (millions
of koruny):
Gold 3
Foreign exchange
Discounts
Loans
1941
June
May
1,071
308
370
28
207
1,233
550
130
6
4
62
17, 705
49, 374
3,864
56, 417
22,110
39, 543
112, 777
65,869
1940
Apr.
June
1941
Central Bank
(Figures as of last report
date of month)
June
May
National Bank of Bohemia and Moravia—Cont.
Other assets
Note circulation
Demand deposits
Other liabilities
»-227 Central Bank of Bolivia (thousands
of bolivianos):
1, 220
Gold at home and abroad
401
Foreign exchange
159
Loans and discounts
3
Securities—Government
18
Other
59
Other assets
Note circulation
Deposits
17, 705 16,082
Other liabilities
49,125 53, 645 National Bank of Bulgaria (mil1,071
302
333
33
211
1,231
497
152
4
6
1,224
168
239
2,969
57, 253
22, 397
42, 484
LI6, 670
65, 619
5,377
42, 993
33, 480
34, 282
.08, 212
60, 875
: )
4,331
4,329
461
70
1,954
-9457
172 2 1, 681
447
499
579
7,409 6,690
300
287
155
139
Mar.) 1
1,465
769
250
1,597
732
322
511
lions of leva):
Gold
N e t foreign exchange in reserve. _
Foreign exchange
Loans and discounts
Government debt
Other assets
N o t e circulation
Deposits
Other liabilities
Bank of Canada (thousands of Canadian dollars):
Gold e
Sterling and United States exchange
491
Canadian G o v ' t . securities:
2 years or less
501, 489
Over 2 years
142, 946
Other assets
28, 901
N o t e circulation
393, 397
200, 348
Deposits—Chartered b a n k s
54, 545
Dominion G o v ' t
10, 550
Other
14, 988
Other liabilities
1940
Apr,
June
(Mar.)J
7,007
2,051
()
5,411
822
(5)
104, 959
42, 607
224,182
440, 344
8,513
202, 454
508, 348
422, 463
92, 248
(Oct.
1940)i
2,006
4
1,472
2,749
3,373
2,756
6,262
3,119
2,980
116, 280 .33, 994
175, 523
26, 482
9,911
!79, 426
139, 789
T8, 579
5,382
15, 020
96, 831
79, 406
229,145
423, 713
12, 982
20, 236
422,171
348, 805
91, 338
2,006
4
1,540
1,739
3, 373
2,160
4,577
3,768
2,477
3, 251
!72, 484 402, 914
.18,151 118, 485
12, 813 11,289
372, 597 272, 565
228, 857 208, 584
18, 248 36, 576
3,770
4,360
13, 971 13, 854
r
1
Revised.
Latest month for which report is available for this institution.
23 In figures for June 1940, credits to public bodies other than the State itself are included in "Credits to private economy".
Gold revalued Sept. 28, 1940, at 0.0358 gram fine gold per koruny.
4
Less than 500,000 koruny.
s8 Figure not available.
On May 1,1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July
1940, pp. 677-678).
812
FEDERAL RESERVE BULLETIN
Central Banks—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
DepositsBank
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securitiesOther assets
Note circulation
Deposits
Other liabilities
National Bank of 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):
Gold 2
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt3 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities_
Other assets
Note circulation
Deposits
Other liabilities
Bank of Estonia (thousands of
krooni):
Gold and net foreign exchange
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
1940
1941
June
May
June
Bank of Finland (millions of
markkaa):
Gold
Foreign assets
Loans and discounts
Domestic securities
Other assets
Note circulation ___
Deposits
170
206
159
Other liabilities
60
73
88 Bank of Greece (millions of drach235
239
157
mas):
Gold and foreign exchange (net)_.
Loans and discounts
28,405 29, 973 37, 739
Government obligations
29,140 21, 771 4,833
Other assets
16, 728 18, 303 22,805
Note circulation
55, 487 58, 498 38, 467
Deposits
34,456 36, 019 29,873
Other liabilities
65, 477 62, 272 57, 037 National Bank of Hungary (mil58, 600 63,091 50,593
lions of pengo):
40,139 39, 202 26,087
Gold
Foreign exchange reserve
Discounts
105
105
Loans—To Treasury
24
24
Other
532
479
Other assets
113
9
9
Note circulation
25
22
Demand deposits
19
228
53
41
175
Consolidated foreign credits of 1931
179
156
184
Other liabilities
694
156 Reserve Bank of India (millions of
641
745
697
719
rupees):
669
Issue department:
563
204
Gold at home and abroad
192
Sterling securities
Indian Gov't. securities
(Feb.)1
Rupee coin
63, 427 50, 270
Note circulation
13, 748 13,472
Banking
department:
61,
962
58, 242
Notes of issue department. _22, 608 22, 613
67,
393
Balances
abroad
74, 798
Treasury bills discounted
52, 456 41, 772
39,152
Loans
to
Government
30, 771
Investments
(Dec.
Other assets
1940)1
Deposits
6, 544
6,241
Other liabilities
2,359
1,928
7,800 6,661 Bank of Japan (millions of yen):
Cash, bullion, andforeignaccounts
Special foreign exchange funds...
58, 805 36, 513
Advances—To Government. _
6,299
(4)
Other?
37, 309
()
Government bonds
2,480 2,845
Other assets
30, 393 17,
423
Note circulation
10, 890
Deposits—Go vernment
Other
Other liabilities
13, 255 13, 233 13, 216
Bank
of
Java
(millions
of guilders):
1,690 3,921 2,256
Gold s
1,397 2,473
935
Foreign
bills
5,296
7,072 6,178
Loans and discounts
1,494 1,216
1,539
Other assets
14,931 15, 073 14, 376
Note circulation
4,992 4,891 6,101
3,979
Deposits
4,568 6,259
Other liabilities
(July
Bank of Latvia (millions of lats):
1940)i
47, 846
Gold
57, 399
Foreign exchange reserve.
47, 437
Loans and discounts
88, 492
Other assets
Note circulation
28, 285
Deposits
35, 905
Other liabilities
147
228
742
442
116
1,205
31, 508
20,919
21, 503
56, 582
30,794
68, 688
52, 405
40, 212
Apr
Central Bank
(Figures as of last report
date of month)
147
224
742
496
118
1,212
146
147
746
367
24
1,027
1941
June
1940
May
Apr
556
1,182
5,610
414
2,212
5,659
796
3,520
604
1,234
5,531
400
1,849
5,798
572
3,248
June
(Mar.)i
18.465 4,600
16, 585 15,078
3,947 4,105
2,755
3,589
19, 371 11,475
20,908 13, 046
2,017
2,306
574
300
2
534
3,875
519
3,963
853
444
545
124
28
844
732
39
389
1,681
182
51
242
124
59
670
343
46
325
1,078
162
(5)
328
444
1,088
913
361
2,671
444
1, 295
486
334
135
287
9
110
78
16
487
149
90
222
41
1
84
16
342
111
590
300
2
539
3,623
559
3,928
838
404
444
327
17
98
102
222
286
37
(July
1940)i
72
29
234
45
123
204
52
()
300
3
976
2,547
(6)
3,597
596
152
402
144
20
103
122
207
154
28
72
30
217
43
117
188
57
1 Latest month for which report is available for this institution.
2 Gold revalued June 4, 1940, at 0.0602 gram fine gold per sucre.
3 Items for issue and banking departments consolidated.
4
Figure not available.
5
Included in "Other liabilities".
s No comparable figure available. Gold alone was reported at 501 million yen in June 1940.
" Includes bills discounted, no longer shown separately beginning Mar. 29, 1941.
s Gold revalued Sept. 21, 1940, at 0.4715 gram fine gold per guilder.
AUGUST
1941
813
Central Banks—Continued
Central bank
(Figures as of last report
date of month)
1941
June
Bank of Lithuania (millions of litu):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Deposits
• Other liabilities
_ _
Netherlands Bank (millions of guilders) :
Gold2
Silver (including subsidiary coin)
Foreign bills
..
Discounts
..
Loans
.
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway (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 4
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 5lei):
Gold
Special exchange accounts
Loans and discounts...
__
Special loans 6
Government debt _ _
Other assets
Note circulation
Demand deposits
Other liabilities
_South African Reserve Bank (thousands of p o u n d s ) :
Gold
Foreign bills
Other bills and loans
May
1940
Apr.
(Aug.
1940)i
67
11
182
83
187
111
46
1,022
17
23
217
211
357
1,614
June
66
10
199
63
193
104
41
1,116
11
170
62
38
228
67
1,219
3
188
51
2 802
21, 240
2 802
20, 516
2,802
14, 826
17, 767
3,773
1,680
21, 782
22, 713
2,767
18, 670
3,773
1,687
21, 854
22, 876
2,717
23, 517
2,540
406
18, 617
23,178
2,295
(Mar.)i
186
102
435
599
9
112
49,671 51,083
31,519 15,820
133, 845 115,813
7,687
12, 630
155,478 133,327
46,047 36,773
26,140 20,303
(Mar.) 1
1,270
870
997
362
1,031
876
2,779
1,910
716
50, 720
471
11
921
419
379
455
1,033
1,532
2,593
1,004
1,140
32, 279
3,061
29,167
619
9,703
24, 235
71, 448
16, 967
10,648
31,606
3,773
24,199
884
7,958
12,433
56,331
15,803
8,720
50,125
691
3
36,656
1,510
1,746
1941
Central bank
(Figures as of last report
date of month)
June
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): 7
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 8department:
Gold
Notes and coin _ __
Advances to State and to
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 debt
National defense bills
Other assets
Note circulation.
Other sight liabilities
Other liabilities
Bank for International Settlements (thousands of Swiss gold
francs ">):
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
June
May
Apr.
40,927
26,181
61, 651
4,297
39, 012
22, 538
63,381
3,912
35,213
22, 757
48, 587
3,781
396
818
686
858
1,398
593
767
384
780
772
843
1,403
630
746
438
437
895
840
1,478
140
992
2,283
1,198
255
26
223
2,133
1,606
245
2,135
399
292
115
256
2,252
668
276
119,003
43,327
411, 273
192, 353
16, 552
487, 518
79, 358
83,231
132, 402
110, 295
59
21,427
270, 496
196,012
36, 260
354,938
78,124
63,298
138,188
86, 235
106,479
86, 235
96, 728
77,992
28, 311
21, 454
46, 034
41, 021
90,135 9113,630
100, 797 119, 807
124, 983
99,931
213, 275 200, 994
(Feb.)i
2,790
909
1,686
3,061
7,128
3,465
13,973
3,510
1,555
2,244
520
1,901
3,073
3,787
3,389
12,210
1,862
841
36, 575
29, 742
27, 448
15, 610
42, 223
16, 577
141, 438
21, 241
230, 917
2,355
32,050
145, 405
21, 353
211, 062
2,384
12,176
16, 072
3,044
30, 722
2,368
229,001
195,417
229,001
194, 479
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.
Figure not available.
On October 16, 1940, gold revalued on basis of average cost.
Gold revalued May 19, 1940, at 0.0043 gram fine gold per leu, and again on April 1, 1941, at 0.0047 gram per leu.
Agricultural and urban loans in process of liquidation.
78 Gold revalued May 31, 1940, at 0.2053 gram fine gold per franc.
Additional foreign gold reserves first reported in July 1940.
9
Includes advances to State and to government bodies.
3
4
5
6
10 See BULLETIN for December 1936, p. 1025.
814
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per anntm]
Central bank of—
Date effective
United
GerKing- France many
dom
In effect Oct. 2,
1936
_
_
Oct. 9
Oct. 16
Oct. 20
Nov. 26
Dec. 3
Jan. 28, 1937
June 15
July 7
_.
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
May 29
June 26
In effect July 31,
1941
2
3
23^
2
Belgium
Netherlands
2
3
4
Sweden
Switzerland
2
Central
bank of—
Rate
July
31
Albania
Argentina
Belgium
Bohemia and
2
3^1
Moravia
21/
Date
effective
Rate
July
31
Central
bank of—
Japan
Java
Latvia
Lithuania . . .
Oct. 1, 1940 Mexico
Mar. 21,1940
Mar. 1,1936
Jan. 25,1940
Date
effective
3.29
3
5
6
4
Apr. 7,1936
Jan. 14,1937
Feb. 17,1940
July 15,1939
Jan. 2,1941
1H
2
4
6
5
4
VA
3
Nov. 8,1940
Bolivia
6
British IndiaNov. 28,1935
3
Bulgaria
Dec. 1, 1940
5
Canada
Mar. 11,1935
Chile
3-4H Dec. 16, 1936
July 18,1933
4
Colombia
Netherlands
New Zealand
Norway
Peru
Portugal
Denmark
Ecuador
El Salvador._
Estonia
Finland
4
16,1940
26,1938
30,1939
1,1935
3,1934
France
Germany
Greece
Hungary
Italy
Mar. 17, 1941
Apr. 9,1940
6 2 Jan. 4,1937
Oct. 22,1940
3
43^ May 18,1936
June 26, 1941
2
3
5
4
May 27,1940
May 13,1940
Aug. 1,1940
Mar. 31, 1941
Rumania
South Africa
Spain
Sweden
Switzerland.
3
3
4
3
Sept. 12,1940
June 2,1941
1 Mar. 29,1939
May 29,1941
Nov. 26,1936
Turkey
United Kingdom.. . . .
U. S. S. R._.
Yugoslavia.
4
July
2
4
5
Oct. 26,1939
July 1,1936
Feb. 1,1935
4
VA
3
3
2H
2
4
3
4
7
3
2
Oct.
May
Mar.
Oct.
Dec.
4
3
3
2
3
2
33^
33^
\%
3
2V2
2
3
2
IK
1,1938
1 Not officially connrmed.
NOTE.—Changes A*lay 31-June 3C (corrected): South ALfrica—June 2,
down from 33^ to 3 per cent; Nethei'lands—June 26, dowi1 from 3 to 2Y2
per cent. Changes s nee June 30: none.
OPEN MARKET RATES
[Per cent per annum]
Netherlands
Germany
United Kingdom
Month
Bankers'
Treasury Day-to-day Bankers'
acceptances
bills
allowance
money
3 months 3 months
on deposits
1929—May
1930—May
1931—May _
1932—May
1933—May
1934—May
1935—May
1936—May
1937—May
1938—May
1939—May
1940—May. .
1940—June
July
Aug.
__
Sept
Oct.
Nov.
Dec.
5.21
2.11
2.21
1.10
.37
.85
.51
.54
.51
.51
.70
1.02
4.67
1.93
1.87
1.29
.58
.85
.75
.75
.75
.75
.75
1.00
1.03
1.03
1.03
1.03
L. 03
03
1.02
1.02
1.02
1 03
1.02
1.02
1.01
1.00
1.00
1.00
1.00
1.00
1.00
1.00
03
03
03
03
03
1.01
1.02
1.01
1.01
1.00
1.00
1.00
1.00
1.00
1.00
03
. .
1941—Jan.
Feb.
Mar.
Apr.
May
5.21
2.16
2.24
1.44
.50
.91
.59
.55
.55
.53
.73
1.03
.
1
1
ifY2
Y2
Y2
Y2
l
A
X
A
1/
\/
X
A
\/
1/
1/
Private
discount
rate
Day-to-day
money
7.49
3.89
4.65
4.87
3.87
3.87
3.09
2.92
2.88
2.88
2.77
2.38
9.32
3.62
5.38
5.91
5.24
4.72
3.17
2.76
2.69
2.66
2.46
1.98
2.38
2.38
2.31
2. 25
2.25
2.25
2.25
1.98
1.73
1.77
2.03
1.87
1.93
1.95
2.25
2.25
2.25
2.25
1.73
1.68
1.83
1.67
Private
discount
rate
5.37
2.29
1.39
.60
2.11
1.33
3.78
2.15
.17
.13
.72
!2. 20
(2)
Money
for
1 month
5.88
2.53
1.55
1.03
1.69
1.22
2.96
1.82
1.00
.50
.80
13.21
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
3-5
23J-5 2
234-4^
234-5
23^-5
31^-53^
2.25
2.25
2.25
2.25
2.83
3.00
2.68
2.75
2.75
2.75
3L/5IZ
3V£-5}^
3W-5W
2.25
2.25
2.07
2.06
2.75
2.75
2.75
2.75
3^-5#
33^-55^
3iz_5i//
31^-51^
Y2
3.34
2.44
1.12
1.50
1.50
1.50
2.39
2.25
1.00
1.00
1.00
1.41
1.50
1.50
1.50
1.50
1.31
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1
Figures are for period May 1-9, inclusive.
* No figures available.
NOTE.—For figures for other countries and references to explanation of table see BULLETIN for September 1940, p. 1018.
AUGUST
1941
815
COMMERCIAL BANKS
United Kingdom *
(Figures in millions of
pounds sterling)
Assets
Money at
Treasury
Cash
call and Bills disshort
reserves
counted receipts 2
notice
Liabilities
Securities
Loans to
Deposits
Other
assets
ers
Demand3
Total
Time
3
Other
liabilities
10 London clearing banks
207
1932—December
1933—December
ig34—December
1935—December
1936—December
213
216
221
236
127
119
151
159
187
472
565
594
605
630
408
311
255
322
316
208
237
247
231
238
778
740
759
784
864
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
11 London clearing banks 5
193g—December
1937—December
193g—December
1939—December
244
244
243
274
195
163
160
174
322
300
250
334
1940—June
July
August
September
October
November
December ___
270
262
273
288
270
285
324
166
146
148
144
137
140
159
384
415
430
401
373
339
265
1941—January
February
March .
279
284
288
298
293
131
128
132
137
128
269
210
194
188
173
April
May
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
26
26
92
180
236
314
636
658
682
697
723
743
771
983
940
927
948
948
941
924
295
271
255
287
284
274
293
2,469
2,454
2,481
2,597
2,661
2,702
2,800
1,443
1,465
1,486
1,570
1,635
1,671
1,770
1,026
989
995
1,027
1,026
031
030
264
264
260
260
254
256
250
341
330
374
461
469
789
814
821
820
848
926
915
922
897
889
269
272
276
274
273
2,757
2,709
2,764
2,829
2,824
1,729
1,696
1,728
1,769
1,789
027
,013
036
060
035
247
243
242
247
249
Asset
Liabilities
Security
Entirely in Canada
loans
Canada
abroad
and net Securi(10 chartered banks. End of month
Other
due
ties
figures in millions of Canadigm dollars)
from
Cash Security loans
and
disforeign
reserves loans
counts
banks
Note
circulation
Other
assets
1932—December
1933—December
1934—December
1935—December
1936—December
1937—December
193g—December
1939—December
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
,155
1,384
1,411
1,463
1,646
500
482
491
529
554
575
535
612
1940—June
July
August
September
October
November
December
272
277
291
319
310
313
323
39
39
38
37
41
41
40
1,067
1,053
1,062
1,102
1,138
1,128
1,108
184
166
162
178
177
174
159
1,583
1,576
1,569
,563
1,520
1,513
L, 531
1941—January
February
312
293
296
325
321
36
34
35
31
29
1,092
1,104
1,115
1,109
1,132
164
170
178
189
183
L, 677
L, 788
L, 766
1,820
:L, 812
March
April
May
Deposits payable in Canada excluding interbank
deposits
Total
1932—December
1933—D ecember
1934—D ecember
1935—December
1936—December
1937—December
1938—D ecember
1939—December
_
1940—January -_
February
March 6
Cash
reserves
Due from Bills discounted
banks
Time
15
21
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
821
775
761
789
837
850
843
963
521
506
489
529
526
514
570
93
89
90
88
88
88
80
2,706
2,674
2,689
2,800
2,778
2,758
2,805
1,098
1,062
1,055
1,145
1,178
1,132
1,163
1,609
1,613
1,634
1,655
1,600
1,626
1,641
866
854
831
841
845
837
846
522
531
521
544
537
79
80
80
79
80
2,873
2,989
2,972
3,064
3,045
1,205
1,302
1,270
1,356
1,350
1,668
1,687
1 703
1,708
1,695
851
850
858
877
889
•
•
•
Assets
(4 large banks. End of month figures
in millions of francs)
Demand
Other
liabilities
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
1,766
1,416
1,421
2,484
2,975
4,116
4,060
3,765
22,014
19, 848
18, 304
16,141
17, 582
18, 249
21, 435
29, 546
7,850
8,309
8,159
8,025
7,631
7,624
7,592
7,546
1,749
1,827
1,717
1,900
1,957
2,134
1,940
2,440
37
32.
30
27
28,
30
33
42
759
635
943
553
484
348
578
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, 808
30, 810
34,123
7,756
7,579
7,499
1,745
1,849
1,961
42 850
43 737
46 ,608
42, 302
43,195
46,064
548
542
544
938
1,034
1,105
3,667
3,753
3,901
iJ Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month.
Represents six-month loans to the Treasury at \y% per cent, callable by the banks in emergency under discount at the bank rate.
34 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.
e District Bank included beginning in 1936.
« 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.
816
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 J
*
Argentina
(peso)
Australia
(pound)
Year or month
Special
Export
Official
Free
33 579
32. 659
33.137
_ 32.959
32. 597
30. 850
29. 773
322.80
400 95
388. 86
395.94
393. 94
389. 55
353. 38
305.16
1940—July
Aug.
Sept
Oct.
Nov.
Dec
29. 773
29. 773
29.773
29. 773
29, 773
29. 773
322. 80
322.80
322. 80
322. 80
322. 80
322. 80
1941—Jan.
Feb.
Mar.
Apr
May
June
29 773
29.773
29. 773
29. 773
29 773
29. 773
322. 80
322. 80
322. 80
322. 80
322. 80
322. 80
Official
1934
1935
1936
1937
1938
1939
1940
23.
23.
23.
23.
704
704
704
704
8 4268
8. 2947
8. 5681
8. 6437
5. 8438
6.0027
6. 0562
5. 8788
6.1983
5.1248
5. 0214
37 879
36. 964
37. 523
37. 326
36. 592
33. 279
30.155
303.11
317. 02
321. 47
321. 29
321. 57
321. 50
6. 0575
6.0575
6.0574
6. 0575
6. 0575
6. 0575
5. 0259
5. 0219
5. 0107
5. 0153
5. 0156
5. 0169
30.149
30.132
30.162
30.170
30.166
30.178
90. 909
90. 909
90. 909
90. 909
90. 909
90.909
86. 924
86. 865
85. 469
86.318
86. 922
86. 563
321. 50
321.11
321. 30
320. 70
321.19
321. 25
6. 0575
6. 0575
6.0575
6. 0575
6 0575
6 0575
5. 0560
5. 0604
5. 0599
5. 0600
5 0600
5 0598
30.148
30.140
30.139
30.129
30 129
30 129
90.
90.
90.
90.
90.
90.
84.801
83. 687
84. 981
87. 651
87.421
88.183
(krone)
1934 .
1935
1936
1937
1938
1939
1940 . . .
61. 780
56.011
57.083
56. 726
55. 953
57. 061
57. 085
22. 500
21.883
22.189
22. 069
21. 825
20. 346
19. 308
2.2277
2.1627
2.1903
2.1811
2.1567
1. 9948
1. 8710
1940—July
Aug...
57. 096
56. 985
56 985
56. 985
57. 000
57.132
57 146
56. 987
56. 985
57. 011
57 022
56 982
Sept
Oct.
Nov
Dec
1941—Jan.
Feb.
Mar.
Apr.
May
June
4.2424
4.1642
4. 0078
3. 4930
3.4674
3. 4252
(rupee)
Bulgaria
(lev)
Free
Finland
(markka)
Denmark
Canada (dollar)
British
India
Official
Colom- Czechobia
slovakia
(peso) (koruna)
Year or month
Brazil (milreis)
Belgium
(belga)
23 287
18. 424
16. 917
16. 876
16. 894
16.852
16. 880
France
(franc)
Official
1 2852
1. 2951
1. 2958
1. 2846
1 2424
1.2111
GerGreece Hong
Hunmany
(drach- Kong
gary
(reichs(dollar) (pengo)
ma)
mark)
Free
Year or month
1934 „
1935
1936 . .
1937
1938
1939
1940
Portugal
(krone) (zloty)
(escudo)
25.316
24. 627
24. 974
24. 840
24.566
23. 226
22. 709
.
1940—July
Aug
Sept
Oct
Nov
Dec.
1941—Jan.
Feb.
Mar
Apr
May
June
18.846
18. 882
18.875
18. 923
18. 860
18.835
909
909
909
909
909
909
Export
China
(yuan
Shanghai)
4.0000
4. 0000
4. 0000
4. 0000
34. 094
36. 571
29. 751
29. 606
21.360
11.879
6.000
5.1678
5.1680
5.1680
5.1680
5.1663
5.1665
4.0000
4. 0000
4.0000
4.0000
4. 0000
4.0000
6.048
5.476
5.206
5.682
5.845
5.690
5.1674
5.1663
5.1660
5.1660
5.1660
4.0000
4. 0000
4. 0000
4.0000
4.0000
5. 391
5.424
5.358
5.190
5.255
5.336
Italy
Japan
(lira)
(yen)
New
Mexico Netherlands
Zealand
(peso) (guilder) (pound)
39. 375
40. 258
40. 297
40. 204
40.164
40. 061
40. 021
.9402
. 9386
.9289
. 9055
.8958
.8153
.6715
38.716
48. 217
31.711
30. 694
30. 457
27. 454
22. 958
29. 575
29. 602
29. 558
19.779
19. 727
19. 238
18.475
8. 5617
8. 2471
7. 2916
5. 2607
5. 2605
5.1959
5.0407
29.715
28. 707
29.022
28. 791
28. 451
25. 963
23. 436
27. 742
27.778
27. 760
27. 750
22.122
19. 303
18. 546
1 9643
1. 9691
1 9619
1 9652
1. 9482
1. 9472
39.978
39. 951
39.926
39. 975
39 983
39. 982
.6654
.6628
.6602
.6602
23. 582
22. 510
22. 623
23. 077
23. 396
23. 585
18.481
19. 370
19. 367
19. 364
19. 505
19. 770
5. 0323
5. 0334
5.0357
5. 0389
5. 0396
5. 0439
23.432
23. 431
23. 435
23.439
23. 439
23. 439
19.
19.
19.
20.
20.
20.
913
988
941
331
400
448
304.32
318. 25
322. 74
322. 55
322. 82
322. 75
2 0104
2 0101
2. 0100
2. 0100
2 0100
2 0098
39 979
39. 969
39. 960
39. 962
39 968
39 970
23. 648
24.142
24. 421
24. 393
24 285
24 372
19.770
19. 770
19. 770
5. 0432
5. 0422
5. 0452
5. 0475
5. 0805
5. 2621
23. 439
23. 439
23. 439
23. 439
23. 439
23. 439
20. 504
20. 524
20. 529
20. 538
20. 537
20.533
322. 75
322. 36
322. 55
321.96
322. 45
322. 51
Sweden
Switzerland
6. 5688
6. 6013
6.1141
4. 0460
2.8781
2. 5103
2. 0827
Rumania
(leu)
South
Africa
Spain
Straits
Settlements
(pound) (peseta) (dollar) (krona) (franc)
Official
Free
Uruguay
(peso)
402.46
391.26
398.92
396.91
392. 35
354. 82
306. 38
Yugoslavia
(dinar)
Con- Non-controlled
trolled
403. 50
79.956
80 251
79. 874
79 072
64.370
62. 011
65.830
36. 789
37. 601
2.2719
2. 2837
2. 2965
2.3060
2.3115
2. 2716
2. 2463
22. 684
22. 755
22. 784
23.148
23. 202
23. 201
403.
403.
403.
403.
403.
403.
50
50
50
50
50
50
380. 47
397. 88
403. 42
403. 26
403. 56
403. 50
65.830
65. 830
65. 830
65. 830
65. 830
65. 830
35. 956
34.939
36. 366
37. 629
38. 994
39. 480
2. 2439
2. 2436
2. 2436
2. 2436
2. 2409
2. 2407
23.
23.
23.
23.
23.
23.
403.
403.
403.
403.
403.
403.
50
50
50
50
50
50
403. 42
402.97
403.19
402. 48
403.10
403.16
65. 830
65.830
65.830
65.830
65.830
65. 830
39.491
39. 649
39. 566
40.065
41.161
42. 706
2. 2397
13. 615
13.678
12. 314
6.053
5.600
10. 630
9.322
59. 005
57.173
58. 258
57. 973
56. 917
51.736
46. 979
25. 982
25. 271
25. 626
25. 487
25.197
23. 991
23. 802
32.366
32. 497
30.189
22. 938
22.871
22.525
22. 676
3. 8021
3 8311
3. 9629
3 9841
3. 9849
3.9915
398. 00
398.00
398. 00
398.00
398.00
398. 00
9.130
9.130
9.130
9.130
9.131
9.132
47.113
47.116
47.102
47.101
47.100
47.100
23.836
23.813
23. 810
23.814
23.818
23. 824
3. 9986
4. 0069
4 0039
4 0009
4 0017
4. 0026
398. 00
398. 00
398.00
398. 00
398. 00
398. 00
9.130
9.130
9.130
9.130
9.130
9.130
47. 089
47. 094
47.106
47.107
47.107
47.138
23. 826
23. 829
23. 824
23. 825
23.839
23. 836
1.0006
.9277
.7382
.7294
.7325
.7111
.6896
(pound)
67.383
67.715
64.481
55. 045
55.009
53.335
53.128
503. 93
490 18
497.09
494 40
488.94
443. 54
383. 00
498. 29
484. 66
491. 65
489. 62
484.16
440.17
397. 99
4.6089
4. 4575
4. 5130
4. 4792
4. 4267
4. 0375
3.7110
Official
101. 006 10.1452
99 493 5 0833
99. 913 5.1240
100.004 5.1697
99. 419 5.1716
96. 018 5.1727
"90." 909" 85.141 5.1668
United Kingdom
Norway Poland
Chile (peso)
220
217
210
201
203
206
N O T E . — D e v e l o p m e n t s affecting averages during 1941:
Special export rate for Argentina first reported in addition to official rate on M a r . 27; nominal.
N o rates certified: Yugoslavia—since J a n . 28; Hungary—since M a r . 12; Chile—since M a y 21; Finland, Germany, Italy, P o r t u g a l , Spain,
Sweden, and Switzerland—since J u n e 14.
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 t h e bases a n d nominal status of exchange quotations, and concerning suspensions of quotations prior to
1941, see B U L L E T I N for F e b r u a r y 1941, p . 183; F e b r u a r y 1940, p . 178; September 1939, p . 831; M a r c h 1939, p . 236; and M a r c h 1938, p . 244.
AUGUST
1941
817
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
United
Kingdom
France
Germany
(1926=100) (1926=100) (1930=100)
(1913=100)
(1913=100)
Canada
Italy
Japan
(October
(1928=100) 1900=100)
Netherlands
(1926-30
=100)
Switzerland
(July 1914
=100)
Sweden
(1935=100)
237
106
1 126
144
181
153
161
180
178
186
198
238
251
278
311
90
76
65
63
63
62
64
76
72
74
<88
1 103
1 94
192
1 90
196
100
102
114
111
115
146
126
110
96
100
100
i 124
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
2 681
125
111
97
93
98
102
104
106
106
107
110
1940—June
July
August
SeptemberOctober
NovemberDecember. .
78
78
77
78
79
80
80
82
82
83
83
83
84
84
134
140
140
141
143
147
149
110
111
111
111
111
111
111
308
306
306
308
310
310
312
158
159
161
164
1941—January
February
March..
April
81
81
82
83
85
85
86
87
150
150151
151
111
112
112
112
313
317
322
324
162
'165
'169
170
167
168
170
May
85
87
89
90
151
152
112
326
331
June
75
70
63
62
68
76
89
95
3 97
91
90
90
96
111
107
111
143
139
143
146
141
146
152
OS
85
*-00
1926
156
175
181
pr Preliminary.
Revised.
1
Approximate figure, derived from old index (1913=100).
a
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.
s
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 States
(1926=100)
Year or month
Farm
products
1926 . _
_ __
.
1941—January
FebruaryMarch
April
May
June
100
100
88
91
85
65
48
51
65
79
81
86
69
65
68
66
67
66
66
66
68
70
72
70
72
74
76
82
75
61
61
71
84
82
86
74
70
71
70
70
70
72
71
73
74
74
74
75
78
80
83
75
70
71
78
78
80
85
82
81
100
89
88
83
85
87
92
102
97
97
83
133
82
82
82
82
84
130
134
84
136
140
143
Germany
(1913=100)
Farm
IndusIndus- Agriculand food
trial
tural
trial
products products products products
Provisions
Industrial raw Indusfinand semi- trial
finished ished
products products
581
793
129
132
130
150
100
526
579
113
113
120
150
106
642
482
420
393
327
426
562
641
1 653
87
85
87
90
90
96
112
104
464
380
380
361
348
397
598
663
1 707
104
91
87
96
102
105
105
106
96
86
75
76
84
86
96
91
1 93
103
89
88
91
92
94
96
94
136
118
113
116
119
121
125
126
95
126
99
129
112
112
98
98
129
130
142
112
99
CO-*
1940—June
July
August
September
October
November
December
100
Foods
France
(1913=100)
CO <M
_.
Other
commodities
OO
CO
1930.
1931
1932
1933
1934
1935
1936
1937
1938
1939 .
1940..
Foods
United Kingdom
(1930=100)
142
142
(2)
108
111
111
110
99
99
131
131
131
143
84
149
145
150
111
100
131
84
84
145
144
152
153
111
111
100
100
132
133
144
144
144
145
154
154
155
156
111
112
113
114
100
100
100
100
133
133
132
132
85
86
87
89
111
99
131
1 Average based on figures for 8 months.
2 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.
818
FEDERAL RESERVE
BULLETIN
Price Movements—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
United ! ^ f
States I Kmg-
Year or
month
™j(Ju$W
—iuo;
=100)
1932
1933
1934
1935
1936
1937
1938
1939 . .
1940
87
84
94
100
101
105
98
95
97
1940-June
July
August
September
October
November
December
98
97
96
97
96
96
97
1941-January._.
February.
March . _
April
May
June.
!
!
!
i
i
126
120
122
125
130
139
141
141
164
|
j
SwitzFrance ! G e r " Netherlands
erland
(Julyl914! r S???4 (1911-13 (Junel914
1U
=100)
=100)
— °) | =100)
536
491
481
423
470
601
702
2
742
i
j
|
|
i
!
i:
116
113
118
120
122
122
122
123
128
119
120
124
118
120
127
125
117
115
114
120
130
130
130
130
132
146
* 140
129
131
133
130
127
126
127
145
;
'
158
168
164
166
169
172
173
98 i
98
98
101
102
106 '
172
171
169
170
171
170
127
127
160
160
129
161
167
171
i
1
'
145
146
149
152
157
158
128
United United France
i States Kingdom
(1930
(1935-39 (Julyl914
=100)
=100)
= 100)
Year or
month
1932
1933
1934
1935
1936
1937
1938
1939
1940
'<
1
'
i
>
-
I
j
j
1940-June
July
August •
September
October
November 1
December !
1941-January.
February
March
April
May
June
Ger- Nether- Switzerland
many
lands
(1913-14 (1911-13 (Junel914
=100)
=100)
=100)
138
131
129
128
130
137
139
140
148
137
138
151
(6)
150
144
140
141
143
147
154
91
87
83
78
86
102
156
158
184
3 122
101
181
100
100
100
101
187
185
132
133
187
189
192
132
130
130
195
131
160
196
197
132
132
163
197
198
200
200
132
132
101
101
101
102
103
105
117
121
118
121
123
125
125
141
139
140
136
U32
137
98
92
96
98
99
103
101
99
100
126
126
130
5
131
151
151
153
157
159
163
164
169
171
1 Revised index from March 1936 (see BULLETIN for April 1937, p . 373).
Average based on figures for 8 months; no data available since August 1939, when figure was 749.
Average based on two quarterly quotations; no data available since May 1939, when figure was 123.
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
Average based on figures for 5 months.
No data available since May 1940.
Source*.—See BULLETIN for October 1939, p. 943, and April 1937, p. 373.
2
3
4
5
€
SECURITY PRICES
[Index numbers exct}pt as otherw ise specified.
Bonds
Year or month
United
States
(average
price) i
United
Kingdom
France
(December (1913=100)
1921=100)
Common stocks
Germany
(average
price) 2
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—June
July . . .
August
September. _
October
November .
December
78.5
81.2
81.5
82.7
83.6
83.9
84.0
113.4
116.4
117.8
117 9
119.2
119.9
121.0
100 8
100 8
100 9
101.0
101 7
101.9
101 4
1941—January
February
March
April.. _ __
May
June
_.
85.3
84.5
85.3
85.8
86.0
85.8
122.2
121.9
122.5
121.7
102.2
102 8
102.8
103.0
.
87
36
2 139
•67.1
82.5
90.7
5 95.1
95.8
98.7
99.9
99.0
100.7
Nether-3
lands
(1926=100)
United
States
United
Kingdom
France
Germany
Netherlands
(1930=100)
420
278
300
100.0
100 0
100.0
100.0
94.8
105.3
113.4
107.8
109.1
3 101.8
105.9
90.9
7
77.9
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
105.2
99.6
83.3
79.7
77.2
97.4
89.7
6 98.2
450.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
46
52
55
55
66
104.2
95.8
89.7
8 95.0
80 7
80.0
79.8
73 3
76.1
77 5
80.9
81 4
82.1
80 4
64 9
63 5
65 6
66.2
68 1
70.2
70 2
112 6
112.8
115 9
120.8
125 1
127.7
128 0
87 7
94.3
104 1
112.7
116 1
80.5
75 9
76.0
73.8
73.0
75.3
71.8
70 5
69.9
69.7
131.5
133 0
131.1
131.0
8
80.1
74 3
73.2
100
120.0
113 4
115.1
1
Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
2 Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4,\i 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.
1
Average based on figures for 7 months; no data available May-September.
8
Average based on figures for 9 months; no data available May-July.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 668; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
AUGUST
1941
819
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM,
M. S. SZYMCZAK
Vice Chairman
JOHN K. MCKEE
ERNEST G. DRAPER
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
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
EDWARD
FEDERAL OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL,
Vice Chairman
FEDERAL ADVISORY COUNCIL
Boston District
New York District
E. SPENCER, JR.
L. HARRISON
Vice President
CHAS.
GEORGE
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
B. G. HUNTINGTON
ROBERT M. HANES
RYBURN G. CLAY
EDWARD E. BROWN
President
M. S. SZYMCZAK
Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
CHESTER MORRILL,
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open Market
Account
820
St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District
S. E. RAGLAND
LYMAN E. WAKEFIELD
W. DALE CLARK
R. E. HARDING
PAUL S. DICK
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
Henry S. Dennison
Edmund E. Day
President
Boston
New York.
Frederic H. Curtiss
Beardsley Ruml
Philadelphia
Thomas B. McCabe... Warren F.Whittier.... Alfred H. Williams
First Vice President
R. A. Young..
W. W. Paddock.
Allan SprouL.
L. R. Rounds
Vice Presidents
William Willett 1
R. M. Gidney
L. W. Knoke
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
W. J. Davis
Frank J. Drinnen
C. A. Mcllhenny 2
C. A. Sienkiewicz
Cleveland.
Geo. C. Brainard.
R. E. Klages..
M. J. Fleming
F. J. Zurlinden
Wm. H. Fletcher
R. B. Hays
W. F. Taylor2
G. H. Wagner
Richmond.
Robt. Lassiter..
W. G. Wysor..
Hugh Leach..
J. S. Walden, Jr..
J. G. Fry
Geo. H. Keesee '
R. W. Mercer
Atlanta
Frank H. Neely..
J. F. Porter
W. S. McLarin, Jr..
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
O. M. Attebery
C M . Stewart i
Minneapolis...
W. C. Coffey.....
Roger B. Shepard
J. N. Peyton
O. S. Powell.
E. W. Swanson 2
Harry I. Ziemer
Kansas City
Dallas
R. B. C aid well...
J. J. Thomas..
H. G. Leedy.
J. W. Helm 2
J. H. Merritt
Jay Taylor
R. R. Gilbert..
E. B. Stroud..
R. B. Coleman
W. J. Evans
W. O. Ford i
San Francisco..
R. C. Force..
St. George Holden
Wm. A. Day-
Ira Clerk.
C. E. Earhart *
W. M. Hale
R. B. West
i Cashier.
2
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.
AUGUST
1941
Managing Director
___
R. M. O'Hara
__ B. J. Lazar
_ P. A. Brown
.
W. R. Milford
W. T. Clements
Minneapolis:
Helena Branch
R. E. Towle
Kansas City:
Denver Branch
Oklahoma City Branch
Omaha Branch
__
Jos. E. Olson
G. H. Pipkin
L. H. Earhart
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
San Francisco:
Los Angeles Branch
Portland Branch
Salt Lake City Branch
Seattle Branch.
A. F. Bailey
C. A. Schacht
W. H. Glasgow
Managing Director
Federal Reserve Bank of —
...
J. L. Hermann
W. D. Gentry
M. Crump
_ W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
821
Publication*
redetal
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
Brokers' Balances. Released about the 20th of the
month.
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
of Condition of Reporting Member Banks in
Leading Cities, released on following Monday).
Department Store Sales—Index for United States QUARTERLY
Member Bank Call Report.
and Percentage Changes by Federal Reserve
months after call date.
Districts.
MONTHLY
Released about two
SEMI-ANNUALLY
Federal Reserve "Par List" (Banks upon which
Federal Reserve Bulletin. Released about the 10th
checks will be received by Federal Reserve Banks
of the month. The subscription price is $2.00 per
for collection and credit). Released in January
annum, or 20 cents per single copy, in the United
and July, with monthly supplements about the
States (including insular possessions), Canada,
7th of the month.
Chile, Colombia, Costa Rica, Cuba, Dominican
Republic, Ecuador, Guatemala, Haiti, Republic ANNUALLY
of Honduras, Mexico, Newfoundland (includList of Stocks Registered on National Securities
ing Labrador), Nicaragua, Panama, Paraguay,
Exchanges. Supplements issued quarterly. 25
Peru, El Salvador, Uruguay, and Venezuela.
cents for list and supplements.
In all other countries the subscription price is
Bank Debits—Debits to Deposit Accounts, except
$2.60 yearly, or 25 cents per single copy. Group
Inter-Bank Accounts. Released ordinarily in
subscriptions for 10 or more copies, in the United
February.
States, 15 cents per copy per month, or $1.50 for
Annual Report, covering operations for the pre12 months.
ceding calendar year.
BOOKS
The Federal Reserve System—Its Purposes and
Chart Book I, Federal Reserve Charts on Bank
Functions. Obtainable in cloth binding at 50 cents Credit, Money Rates, and Business. New edition,
per copy and in paper cover without charge. 128 completely revised, February 1941. 72 pages of
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 charts, with space for plotting through 1946. $1
showing textual changes in the Act. $1.25 per copy. per copy; in quantities of 10 or more, 85 cents per
683 pages.
copy.
822
FEDERAL RESERVE BULLETIN
Federal Reserve Publications
REPRINTS
(From Federal Reserve BULLETIN except as stated otherwise.
Partial
list.)
Constitutionality of Legislation Providing a Unified
New Federal Reserve Index of Industrial ProducCommercial Banking System for the United States. tion. 77 pages. August 1940.
Opinion of the Board's General Counsel. 21 pages.
The Gold Stock. 2 pages, September 1940.
March 1933.
Measurement of Production, by Woodlief Thomas
Supply and Use of Member Bank Reserve Funds.
Explanation of analysis of sources of member bank and Maxwell R. Conklin. 16 pages. September
reserve funds and uses to which such funds are put. 1940.
31 pages. July 1935.
Gold Reserves of Central Banks and Governments*
Member Bank Statistics. A discussion of the sta- 18 pages. September 1940.
tistics compiled and published by the Board covering
Development of Federal Reserve Banking, by
the operations and condition of member banks. 28 M. S. Szymczak. 8 pages. December 1940.
pages. November 1935.
Economic Preparedness for Defense and Post DeSummary of Provisions of State Laws Relating to fense Problems, by Marriner S. Eccles. 8 pages.
Bank Reserves. 33 pages. March 1937.
January 1941.
Analyses of the Banking Structure—As of DecemSpecial Report to the Congress, submitted Deber 31, 1935. Number, deposits, and loans and in- cember 31, 1940. 2 pages. January 1941.
vestments of banks classified by size of bank and
Economic and Monetary Aspects of the Defense
town and by other factors. 33 pages. August 1937.
Program, by John H. Williams. 4 pages. February
Problems of Banking and Bank Supervision. Ex- 1941.
cerpts from the 1938 Annual Report. 33 pages.
Federal Reserve Bank Lending Power not DependThe History of Reserve Requirements for Banks in ent on Member Bank Reserve Balances. 2 pagesthe United States. 20 pages. November 1938.
February 1941.
Money in Circulation. 1 page. February 1941.
Monetary Measures and Objectives. Three statements by the Board on objectives of monetary policy,
Commodity Prices, by Frank Garfield and Clayton*
on proposals to maintain prices at fixed levels through
Gehman.
16 pages. March 1941.
monetary action, and on legislative proposals relating to monetary measures and objectives. 8 pages.
Inflation, by E. A. Goldenweiser. 3 pages. April
July 1937, April 1939, and May 1939.
1941.
Financial Problems of Defense, by Marriner S.
Revised Indexes of Factory Employment. Bureau
of Labor Statistics indexes adjusted for seasonal Eccles. 11 pages. Mimeographed release, May 1,
variation by Board of Governors. 32 pages, October 1941.
1938; 10 pages, October 1939.
Gold, Capital Flow and Foreign Trade. A review
The Gold Problem Today, by E. A. Goldenweiser. of international trade and financial developments
4 pages. January 1940.
from the outbreak of war in Europe to May 1941,
statements of the gold and dollar resources and exThe Par Collection System of the Federal Reserve penditures of the United Kingdom, and the text of
Banks, by George B. Vest. 8 pages. February 1940.
the Lend-Lease Act and Appropriation Act purThe Banks and Idle Money, by Woodlief Thomas. suant thereto. 28 pages. January, February, and
May 1941.
9 pages. March 1940.
Historical Review of Objectives of Federal Reserve
Revised Indexes of Freight-Car Loadings. 5 pages,
Policy, by A. B. Hersey. 11 pages. April 1940.
June 1941.
Cheap Money and The Federal Reserve System, by
Seasonally Adjusted Estimates of Nonagricultural
E. A. Goldenweiser. 5 pages. May 1940.
Employment. 2 pages. June 1941.
Ownership and Utilization of the Monetary Gold
Adjustment for Seasonal Variation, by H. C. Barton,
Stock. 3 pages. May and June 1940.
Jr. Description of method used at the Board in
General Indexes of Business Activity, by Frank adjusting economic data for seasonal variation. 12
pages. June 1941.
Garfield. 8 pages. June 1940.
AUGUST
1941
823
FEDERAL RESERVE DISTRICTS
*• X J
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t—,
DALLAS®
erPaso-^ ] l l
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BOUNDARIES OF FEDERAL RESERVE DISTRICTS
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BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
(APPROXIMATE IN THE ST. LOUIS DISTRICT)
FEDERAL RESERVE BANK CiTIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY
TEXAS
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