Full text of Federal Reserve Bulletin : December 1940

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FEDERAL
RESERVE
BULLETIN
DECEMBER 1940

Review of the Month—Increase in Business Activity
Financing the Defense Program
From the Board's Correspondence—Central Banking
Bank Capital Requirements Under State Law
Statistics of All Banks in the United States

Development of Federal Reserve Banking




BOARD OP GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON

Contents
PAGE

Review of the Month—Increase in Business Activity

1249-1256

Development of Federal Reserve Banking, by M. S. Szymczak

1257-1264

Financing the Defense Program

1265-1266

From a Legal Standpoint:
Financial Transactions Under Neutrality Act of 1939

1267

Compilation of State Law Requirements Relating to Capital of Banks,
Trust Companies, etc
1267-1274
From the Board's Correspondence—Central Banking...
. . . 1275-1276
Current Events

1277

National Summary of Business Conditions

1278-1279

Financial, Industrial, Commercial Statistics, United States

1281-1321

(See p. 1281 for list of tables,)

Statistics of All Banks in the United States
International Financial Statistics (See p. 1327 for list of tables.)

1322-1326
1327-1343

Federal Reserve Publications

1344

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

1345

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

1346

Index to Volume 26

1347-1378

Map of Federal Reserve Districts

1380

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FEDERAL RESERVE BULLETIN
VOL.

26

DECEMBER 1 9 4 0
Dncteale

No. 12

In Hu!iina5& -@ctivltu

Economic activity has continued to increase
in recent months largely under the stimulus
of the defense program. An
Further increases expanding volume of in-

in a position to ask and obtain higher returns for their products. Prices for many
commodities, however, including some for
which demand has been large, have been
in activity
^
.
°
maintained at earlier levels. Differences in
dustnal output has been price movements have reflected many factors,
accompanied by advances in employment and relating not only to market and cost situanational income. Orders for materials and tions but also to policies pursued by business
finished goods have been large, partly to cover organizations and governmental agencies.
increased current needs and to some extent Changes in costs have been varied and to some
also to make sure of future deliveries by the degree offsetting; while prices of materials
time they are needed. In many industries have risen in many instances, costs of manunew orders have been in excess of production facture have often been lowered as a result
and consequently unfilled orders have accu- of larger output. Wage rates in general
mulated in large volume. Particularly heavy have shown little change, but average hourly
orders have been placed with the aircraft, earnings have increased somewhat, partly as
shipbuilding, machine tool, electrical equip- a result of overtime work in defense producment, and wool textile industries, but in tion. Corporate profits, although reduced
numerous other lines unfilled orders are also somewhat in recent quarters by allowances
substantial.
for increased taxes, have been much higher
Manufacturers have been using practically this year than last.
all the goods currently obtained, and conse- The general level of industrial output, as
quently their inventories have not increased measured by the Board's seasonally adjusted
much over the advanced level reached early
index, is estimated at 131 per
this year and maintained through the spring Industrial
cent
of the 1935-1939 average in
and summer. Nor have there been important production November, compared with 128 in
accumulations of inventories by distributors. October. Without allowance for seasonal
Stocks of certain essential materials have changes the index showed little change from
been built up by the Federal Government but October to November. Interpretation of
these stocks are not readily available to the changes in production during coming months
market. Domestic supplies of some farm must take into account the seasonal decline
products, such as cotton and grains, are large, that usually occurs from October to January,
partly as a result of restricted exports, and followed by a seasonal increase in the spring
the amounts of these commodities in Govern- months.
ment loan stocks are increasing.
Recent increases in activity have been
As a consequence of the large volume of widespread. Expanded output has occurred
buying and the urgent nature of many de- not alone in industries directly engaged in
mands, sellers in some instances have been




1249

Review of the Month

production of war materials and in those ticularly textiles, have been substantial and
making goods formerly supplied by Euro- civilian demands have generally increased.
pean producers; war and defense develop- Up to now capacity has not been an imments have also increased civilian expendi- portant limiting factor on output except in
tures. In the aggregate these increases have industries turning out airplanes, ships, munimuch more than offset losses resulting from tions, machine tools, and a few other highly
the closing of many foreign markets for fabricated or specialized products. In these
American goods. Retail sales of automobiles lines capacity is being increased by construchave been exceptionally large this autumn, tion of new plant and, in some instances, by
more new houses have been bought, and con- sub-contracting and other measures that persumers' purchases of other products have in- mit fuller utilization of existing facilities.
creased substantially, although not so much In many other lines considerable increases
as buying in the wholesale markets. A sharp in output could be achieved when required
rise in factory construction this autumn has by further utilization of available domestic
been to meet civilian requirements, as well facilities and supplies of some materials could
as military demands.
be increased by larger imports.
Most of the increases in activity since last
In the iron and steel industry capacity to
summer have been in industries producing produce certain alloy steels and armor plate
durable goods. This has reflected concentrais being sharply expanded
tion of defense purchases in these lines and Steel production t0 m e e t orders placed as a
also increased purchases for civilian pur- and consumption
.
_ ._
_ .
part oi the defense proposes. Output of durable manufactures has
recently risen to new high levels, as shown gram. Little expansion in blast furnace and
in the chart, and order backlogs are excep- open-hearth capacity has been announced,
tionally large for many of these products. but consideration is being given to the quesOutput of nondurable manufactures, as tion whether existing capacity is adequate to
shown in the chart, has been at a high level produce basic steel needed to meet all prosfor over a year and recently has increased to pective demands. Output of steel ingots has
the peak reached at the end of last year. De- increased from 87 per cent of rated capacity
fense orders for some of these goods, par- in June to 95 per cent in November.
It appears from available evidence that
1NDEX OF INDUSTRIAL PRODUCTION
orders placed for steel have exceeded output
in this period but that the actual consumption
of steel has been smaller than the volume
of orders. Part of the orders represented
efforts by steel-consuming firms to make provision for their requirements further in advance than usual, particularly since delivery
periods on many steel products have been
extended. Direct measures of domestic steel
consumption are not available. Exports of
steel, not including highly-fabricated prod40
ucts made out of steel, increased from 7 per
cent of ingot-producing capacity a year ago
to 12 per cent in June and 20 per cent in
August and have continued close to that level
1930
1932
1934
1936
1938
1940
since then, leaving for domestic use in recent
Latest figures shown are estimates for November.
months steel equivalent to about 75 per cent
IATION, 1939-1939 AVERAGE FOR TOTAL = 100

1250




FEDERAL RESERVE BULLETIN

Review of the Month

of rated ingot capacity. Only a little of this gard their steel inventories as adequate in
has gone to build up inventories of steel; relation to current consumption; most of the
most of it has been used in the manufacture others think their steel stocks are small.
Prices of basic commodities increased furof other products, which have been largely
disposed of to ultimate consumers here or ther in the first three weeks of November,
following some hesitation
abroad.
at the end of October. Since
Direct data on changes in steel inventories Wholesale
commodity prices
August price advances have
are not regularly available. In order to throw
some light on this matter the Federal Reserve been most pronounced and persistent in inSystem recently made a survey of develop- dustrial materials, particularly those affected
ments in steel-consuming industries. Reports by demands arising out of the defense prowere obtained from about 400 firms which gram. As shown in the accompanying chart,
constituted a substantial and, so far as could
WHOLESALE PRICES OF BASIC COMMODITIES
be determined, a fairly representative sample
of steel-consuming industries and steel distributors, including small as well as large
firms. Tonnage figures were received from
a large proportion of these firms and dollar
figures were obtained from many others.
This survey indicated that inventories of 100
steel held as materials by steel consumers increased somewhat from the end of June to
the end of September and that this increase
amounted to between 2 and 3 per cent of
1935
1937
1938
ingot-producing capacity per month. In Oc- Federal Reserve groupings of Bureau of Labor Statistics data.
figures, 1926 = 100. Latest figures shown are for Novemtober there was apparently little, if any, Weekly
ber 22.
further increase in these inventories. Some
of the increase has reflected the need for industrial materials as a group are about 15
more steel as a consequence of a higher rate per cent higher than in August and close to
the peaks reached last year following the outof activity in steel-consuming lines.
Changes in inventories of steel since last break of the war. There have been substanJune have varied among the different consum- tial increases also in prices of semifinished
ing industries. In some, such as the auto- industrial materials, such as lumber, textile
mobile and parts industry, there were in- yarns, and leather. Reflecting chiefly the rise
creases, largely seasonal; while in others, in industrial commodities, the general level of
such as the container and the heating appa- wholesale prices, as measured by the Bureau
ratus industries, there were declines, also of Labor Statistics index, has risen two and
partly of a seasonal nature. At steel ware- a half points to 79.5 per cent of the 1926
houses there was practically no change in average. This compares with a high of 79.5
per cent last winter and 75 in August 1939.
inventories during this period.
Half of the steel consumers reporting have Farm products.—Prices of farm products
on hand at least 2 ^ months' supply of steel and foods have also increased, reflecting
at current consumption rates, but many of mainly advances in prices of wheat and livethe larger firms hold less than this and the stock and products. Seasonal influences have
total amount of steel held by consumers ap- contributed to the rise of these commodities
pears to be equivalent to about a 2 months' since midsummer but more important factors
supply. About two-thirds of the concerns re- have been the effect of increased consumer
DECEMBER 1940




1251

Review of the Month

incomes on demand for livestock products
and the restriction of "free" supplies of wheat
by the Federal loan program. Wheat prices
in most markets are above the values at
which loans are being made.
The Federal loan program for cotton and
corn is also encouraging the withholding of
supplies of these commodities from market
and their prices are likewise somewhat above
this year's loan rates of 61 cents per bushel
for corn in the commercial area and 9.3 cents
per pound for cotton in ten spot markets.
The loan rate for corn has been raised 4
cents above that of a year ago, in accordance
with the provisions of the Agricultural Adjustment Act, requiring a loan rate of 75 per
cent of the parity price when the current
price is below that level and the November
crop estimate does not exceed a normal
year's consumption and exports. The period
in which corn loans may be made has been
extended from 4 months to 10 months, beginning December 1, and the loans are to mature in 3 years instead of 1 year as formerly.
The cotton crop this year is indicated to be
12,800,000 bales or one million bales larger
than last year. Domestic consumption is currently at near-record levels, but exports for
tlie season are expected to be only about IV2
million bales, the smallest amount since the
period immediately following the Civil War.
Up to the middle of November exports of
cotton amounted to 400,000 bales, of which
about two-thirds went to the United Kingdom. Russia, which has not purchased more
than a thousand bales of American cotton in
any other season since 1934, had taken 77,000
bales. By November 18 the movement into
loan stock had exceeded 1,900,000 bales, compared with a negligible amount during the
whole of last season, and the total amount of
cotton in the loan stock was 10,200,000 bales.
Building materials.—Prices of lumber have
shown an advance of about 20 per cent since
the middle of July, and the current level is
the highest in many years, exceeding the
peak early in 1937. Recently, as in 1937,
1252




there have been some interruptions in both
production and shipments of lumber due to
industrial disputes on the West Coast. Current demands from residential building and
other consuming lines are at higher levels
than in 1937, and in addition there has been
a large volume of purchasing to cover Government requirements, particularly for cantonment construction. Total Federal requirements for lumber from July 1940 to June
1941 have been estimated to equal about 8
per cent of this year's production, and much
of this lumber was purchased during September and October for shipment during a
six-month period beginning this autumn.
Prices of other building materials have not
shown much of a rise during recent months
and generally are below the advanced levels
reached in the early part of 1937.
Metals.—Lead prices, which had declined
during the summer under pressure of foreign supplies, increased sharply during October and November. Prices of copper and
zinc have been maintained, following earlier
advances, with demand for their manufactures continuing large. Buying of these nonferrous metals in refined form has declined
during the past six weeks from earlier exceptionally high levels, but the volume of
unfilled orders has continued to rise. In the
case of zinc, according to trade reports, orders
include some forward commitments into the
third quarter of next year. Prices of new
aluminum were reduced further by 1 cent a
pound on November 18, although scrap prices
have continued to rise.
To some extent prices of nonferrous metals
and of other leading basic industrial materials, including many "strategic" and "critical" commodities, are currently affected by
United States import duties. Of the dutiable
items among the strategic and critical group,
particularly manganese ore, nickel, tungsten
ore, hides, and apparel wool, duties on imports
during the twelve months since the beginning
of the war have been calculated to total about
$44,000,000, which was equivalent to nearly
FEDERAL RESERVE BULLETIN

Review of the Month

40 per cent of the import value of these commodities. Excluding wool, for which the dutyapproximated 75 per cent of the import value,
calculated duties on the remaining commodities averaged around 20 per cent.
Textiles.—Prices of cotton yarns and cloths
increased further during October and early
November under the stimulus of continued
large buying. Wool prices also have risen further, although after the announcement early
in November that future Government orders
for wool goods could be filled from foreign
wool, prices of domestic wool were steadied
while foreign grades advanced considerably.
In the latter part of October price reductions
were announced for nylon yarns. Silk prices
by the third week of November had declined
to the level prevailing before the general rise
in prices of Far Eastern commodities in the
middle of October.
From August 1939, before the outbreak of
war in Europe, to October 1940, total employment in the United States inEmployment creased by more than two million persons. About a third of
this growth may be accounted for by seasonal increases. During this period there
was a decline in agricultural employment,
while the number employed in all major
nonagricultural lines increased. The principal increases have been in manufacturing
and Government service, both of which have
been especially affected by the defense program.
While in most manufacturing industries
employment is higher now than in the summer of 1939, the rise has been most marked in
industries that have been more largely affected by defense requirements. Ten industries showing the largest increases in employment and man-hours are listed in the table.
Of the total adjusted increase of 922,000
in number of wage earners employed in all
manufacturing industries since the outbreak
of war in Europe, 387,000, or 42 per cent,
were hired in these ten industries, which
employed only 9 per cent of the total at the
DECEMBER

1940




EMPLOYMENT AND HOURS IN SELECTED MANUFACTURING INDUSTRIES—OCTOBER
1940
[Adjusted for Seasonal Variation]

Industry

Aircraft
Engines and turbines.__
Machine tools
Car building.
Shipbuilding
Wirework
Forgings, iron and steel
Brass, bronze and copper
products
Explosives
Automobiles

Per cent change from
Wage AverAugust 1939
age
earners
hours
employed
per
Wage
week earners
(in
Man(estithouHours hours
emsands) mated) ployed
120
62
73
37
105
33
19

46.0
46.0
48.5
38.5
42.0
41.0
41.5

+182
+102
+76
+84
+55
+53
+44

100

43.0
40.0
41.5

+41

+51
+40

Total selected industries. _.
Other manufacturing industries

1,055

42.8

+58

7,432

39.0

+8

All manufacturing industries

8,487

39.5

+12

+10
+15
+14

+209

+7
+3
+4

+70

+8
+10
+6
+9
+9
+1
+3

+132
+100
+98
+71
+62
+57
+54
+52
+45
+11
+16

beginning of the period. Increases in average hours worked per week have also occurred chiefly in these ten industries and for
this reason man-hours of employment in
these industries have risen even more than
number of workers employed.
Concentration of defense demands on a
relatively small number of manufacturing
industries has made heavy demands for a few
types of skilled men, particularly in the
metal-working trades, while the demand for
other types of skilled and for semiskilled
workers has increased only moderately and
that for unskilled labor only slightly. For
this reason shortages of instrument makers,
machinists, lens grinders, and a few specialized shipbuilding crafts are being felt in
some localities concurrently with continued
large-scale unemployment.
Employers engaged in filling defense contracts have so far generally been able to recruit skilled men in nearly all crafts, partly
because their occupational wage rates are
higher than those of some other employers
and partly because they have modified their
hiring practices somewhat so as to include
older workers who are able to meet skill, experience, citizenship, and other requirements.
Other employers, particularly in lower wage
1253

Review of the Month

areas, have not always been able to meet their
skilled labor requirements and in some instances have been losing men to plants working on defense orders. Training programs,
both public and private, have been expanding rapidly but they are not yet supplying
trained men for the highly skilled trades
where shortages are now being felt or are
anticipated.
To meet both present and future shortages
of skilled men, some manufacturers, particularly in lines most affected by the defense
program, have lengthened hours of work and
are beginning to advance less experienced
men into more highly skilled jobs. In a few
industries, notably aircraft and Government
arsenals, operations requiring highly skilled
men are being broken down into less complex
tasks that can be performed by single-skill
machine operators who require a relatively
short time to train. The skilled men replaced
are used to set up the jobs, adjust the machines, and supervise their operation.
Average hourly earnings have risen during
the past year reflecting largely a considerable
increase in overtime work, movement of
workers into higher wage concerns, and some
advances in wage rates. In most industries,
however, wage rates have been fairly stable.
Except in a few skilled crafts, supplies of
labor are plentiful, and where they have been
limited, there have in many instances been
agreements among employers to prevent bidding men away. Union agreements, which
usually run for a year or more, have also
tended to keep scattered rate increases at a
minimum, though with the demand for labor
becoming increasingly active, the question of
increases may arise in making new agreements. Federal construction contracts, which
must be fulfilled at prevailing wage rates, are
tending to raise rates in the building trades,
particularly in the case of carpenters, up to
the levels of union scales in areas where
projects are under way. Other Federal contracts, the bulk of which are let under the
provisions of the Public Contracts Act, have
1254




also raised wage rates in some plants where
pay was below the prevailing minimum scales
established by the Secretary of Labor. In
addition, under the provisions of this Act
overtime is paid for work in excess of 8 hours
per day as well as in excess of 40 per week.
Of about $17,000,000,000 provided under
present legislation for Federal defense expenditures through June 1942,
Defense
a b o u t $1,900,000,000 is for new
construction

construction in the continental
United States. Expenditures are to be divided among major types roughly as follows:
Barracks, cantonments, temporary troop housing
Air bases and other construction at military and naval
posts
Productive facilities
Housing

$630,000,000
480,000,000
520,000,000
240,000,000

$1,870,000,000

Defense construction will involve somewhat more expenditure than the $1,600,000,000 Public Works Administration program
initiated in the autumn of 1938 and will differ
considerably in types of construction, rate
of execution, geographic distribution, and
methods of financing. That program consisted principally of over 6,000 projects
widely spread throughout the country, including a large volume of school, highway,
sewer and water works projects. Expenditures were spread over nearly two years.
In contrast, the defense construction program is being concentrated in a small number of large projects and a relatively short
period of time. As a consequence, the volume
of construction work in some localities will
be much greater in the near future than in
any recent period. Actual construction work
will be largely within an 18 month period and
a large portion of the expenditures will be
made this winter. The bulk of the $630,000,000 of barracks and cantonments is scheduled
to be completed by the end of March. Spread
over a longer period will be the construction
of airplane plants, arsenals, tank and other
ordnance factories, shipyard facilities, and
FEDERAL RESERVE BULLETIN

Review of the Month

housing for defense workers. While State
and local government bodies financed about
half the cost of the Public Works Administration projects, defense construction will be
almost entirely Federally financed. Participation by local governments will be limited
principally to such airport and highway construction as is related to defense.
The types of materials and labor required
for the defense construction program will differ from that for an equivalent expenditure
on earlier public construction programs.
About a third of the expenditures will be for
military post construction, largely frame
buildings rather than masonry. This will
require proportionately more carpenters and
fewer bricklayers, plasterers, and skilled
"finishing" trades than an equivalent expenditure for the types built in the public
works program. Also, the pressure for
speed will call for greater concentration of
demand for workmen during the building
period. The construction of air bases, shipyard facilities, and of private and Federal
factories to manufacture armament will increase the demand for fabricated steel and
concrete and for workers in these trades
rather than in "finishing" trades. As the Federally-financed defense housing program gets
under way in volume, relatively more carpenters will be used than for an equal expenditure on housing under either the earlier
Public Works Administration housing or the
current slum-clearance program of the
United States Housing Authority.
Present legislation authorizes $240,000,000
for direct Federal construction of defense
housing, which may total 65,000 to 70,000
dwelling units. Practically all of the $100,000,000 provided to house families of enlisted
men and civilian employees of the Army and
Navy has been allocated. Construction has
started on about 10,000 units, and the balance
of this Army and Navy housing is planned
for construction by next spring or early
summer.
Housing for defense workers is provided
DECEMBER

1940




for in the amount of $140,000,000, to be
spent by the Federal Works Agency. Preliminary studies are under way, and a few
projects may reach the construction stage by
the end of this year, but the bulk of the work
probably will be done in 1941.
An allocation of $10,000,000 from the
President's Emergency Fund to the RFC
Mortgage Company is to make available
equity money on rental housing projects.
This, with possible private equity money and
with mortgage loans insured by the Federal
Housing Administration, would provide $50,000,000 or more for such housing.
The United States Housing Authority has
earmarked a total of $31,300,000 for defense
housing and $7,200,000 of this total has been
allocated to the Army and Navy. The remaining $24,100,000 will be used for some
6,400 units to be built by local housing
authorities.
Earnings of large industrial corporations
for the third quarter of 1940, as indicated by
published reports now available
Corporate for 554 companies, were ten per
cent smaller than in the preceding
quarter and more than 25 per cent larger than
in the third quarter of last year. As a result
of special tax deductions the figures for the
third quarter of this year have limited significance as compared with previous quarters.
There have been two revenue acts this
year, each of which has imposed additional
taxes on corporate income for 1940. The
(First) Revenue Act of 1940, approved June
25, increased the normal taxes, and the Second Revenue Act of 1940, approved October
8, increased the normal taxes further and
imposed an excess profits tax. Reported
profits for both the second and the third quarters were generally after some special tax
deductions to take account of increased taxes
on profits for previous quarters. As a result,
earnings for the second and third quarters
are not strictly comparable from company
to company or with earnings reported for
preceding quarters.
1255

Review of the Month

The chart shows the reported quarterly
earnings of 156 companies from 1926 to date
and of 373 companies from 1934 to date. In
general, each of the two series covers earnings of all companies which have published
quarterly reports throughout the period and
have neither merged with other companies
nor acquired large companies. For the most
part they are large companies in the durable
goods industries and consequently the series
are not representative of small companies
or of industrial groups.
PROFITS

OF INDUSTRIAL CORPORATIONS

PROFITS OF LARGE INDUSTRIAL CORPORATIONS,
JANUARY-SEPTEMBER 1939 AND 1940

Number of
com-

Industrial group

Profits
(in millions
of dollars)

panies
1940

1939

Percentage
change

Total

554

1201.9

856.9

+40

Durable goods—total

309

696.8

438.8

+59

47
67

182 3
90.9

61 1
74.8

+199
+22

9
31
7
12
7
9
12
44
64

56.1
27 7
12.2
19.9
36.8
3 0
162.0
53.8
52.1

36.5
15 3
10.4
6.8
20.8
2 3
137.6
33.3
39.9

+54
+81
+16
+193
+77
+28
+18
+62
+30

184

438.9

355.3

+24

22

43 7

47 7

—8

20
33
29
16
40
24

51.3
42.5
146.9
46.2
87.9
20.6

51.9
14.2
119.4
46.9
58.7
16.6

61

66.2

62.8

Iron and steel .
Nonferrous metals and products.
Machinery:
Electrical industrial
Other industrial
Business
Railway equipment
Aircraft
Other
Automobiles.
Automobile accessories.
Other durable...
Nondurable goods—total
Foods.
Beverages, confectionery, and
tobacco
Paper and printing
Industrial chemicals
.
Drugs.
Oil producing and refining
Other nondurable
Miscellaneous services

+199
+23
-2

+50
+24
+5

Profits of companies in the iron and steel
group appear to have increased about 55 per
cent from the second to the third quarter of
1940. This is the only important group in
1934
1936
1938
1940
1926
1928
1930
which, despite additional tax levies, an inEven after provisions for additional taxes, crease in activity in that period was reflected
earnings of industrial corporations during in a substantial increase in earnings. In the
1940 have been at a substantially higher level motor vehicle subgroup earnings were 65 per
than during 1939. For the first nine months cent smaller in the third quarter of 1940 than
of 1940, reports now available indicate profits in the preceding period, apparently due alabout 40 per cent larger than for the cor- most entirely to a seasonal decline in activity.
responding period of 1939. As shown in the For companies in other durable goods groups,
table, the largest increases occurred in dur- changes in reported earnings from the second
able goods industries such as iron and steel, to the third quarter were mixed. Earnings
railway equipment, general industrial ma- declined in the machinery group and rose in
chinery, aircraft and auto accessories. Earn- the nonferrous metals group and in several
ings of automobile companies increased only miscellaneous durable goods groups. Moderate
moderately. Increases of varying degree decreases in earnings were shown in all nonwere also reported by companies in several durable goods groups other than textiles. In
nondurable goods groups, but in the foods, the chemical group, the decrease in the total
the drugs and the beverage, confectionery, was due largely to special tax charges made
and tobacco groups, the level this year was in the third quarter by the largest company
included in the group.
somewhat below that of last year.

1256




FEDERAL RESERVE BULLETIN

radeitaL

Aanking
by
M. S. SZYMCZAK*

OR more than a century before adoption of providing that notes be issued against gold
Ftrythe
Federal Reserve Act in 1913 this coun- as well as against commercial paper; and it
had experienced critical difficulties aris- made membership in the System more attrac-

ing from the lack of adequate sources of
reserves and adequate machinery of currency supply. The purpose of the Act was
to provide for the exercise of powers that
experience had repeatedly shown to be necessary. When the Federal Reserve System
was established, the emphasis in the popular
mind was largely upon its currency function.
In a deeper sense, however, as the System's
name implies, its reserve function was the
more important.
The machinery of currency issue authorized
by the Federal Reserve Act has solved the
problem of providing an adequate and elastic
supply of currency. The supply of currency,
in marked contrast to what used to be the
case, no longer gives us any trouble. There
are aspects of other problems, however—concerned with bank reserves and with the
utilization of bank credit—that continue to
arise from time to time.
Changes in the Federal Reserve Act
From 1914 to 1932 there were many minor
changes in the Federal Reserve Act and a
few of more fundamental nature. In 1917 an
amendment excluded cash on hand from the
required reserves of member banks and provided that such reserves include only the
funds that member banks have on deposit
with the Reserve Banks. At the same time
the percentage of reserves required was substantially reduced.
The legislation in 1917 also gave greater
flexibility to Federal Reserve note issue by
* An address by M. S. Szymczak, Member of the Board of
Governors of the Federal Reserve System, delivered at the Annual
Fall Dinner Meeting of the Chicago District Illinois Bankers
Association, Blackstone Hotel, Chicago, Illinois, Thursday evening, November 14, 1940.

tive to State banks by assuring them explicitly that they might become members and at
the same time retain their charter privileges
under State law.
In 1927, legislation removed the limitation
on the life of Reserve Bank charters, which
would otherwise have expired in 1934. Their
life is now continuous unless made determinate by Act of Congress.
Meanwhile times and conditions continued
to change. New problems arose. Experience
is a good teacher and its lessons were taken
to heart. In 1932, 1933, and 1935 legislation
was enacted which made more and greater
changes in the System than had ever occurred
before. To these changes the Glass-Steagall
Act of 1932 and the Banking Acts of 1933
and 1935 each made contributions. Provisions
that were tentative or limited in an earlier
measure became permanent and comprehensive in a later one. I shall pot take time to
trace the separate and partial contributions
of each of these Acts to provisions in their
present form, for the succession of legislative
details is of less importance than the main
results they eventually brought about. And I
shall mention briefly four significant changes
these three pieces of legislation effected, without attempting to indicate their relative importance. One was the change in the disposition of Federal Reserve Bank earnings;
another was the recognition given to the
monetary significance of open market operations of the Reserve Banks; a third was
enlargement of the power of the Board over
the reserve requirements to which member
banks are subject; and a fourth was liberalization of the lending powers of the Reserve
Banks.
In respect to Reserve Bank earnings, the

Note.—Views expressed in signed articles published in the BULLETIN are those of the writers
and not necessarily those of the Board of Governors of the Federal Reserve System.
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Federal Reserve Act formerly provided that Federal Reserve Banks, full responsibility
the Reserve Banks pay the Treasury an an- for open market operations.
nual franchise tax comprising all earnings
I have already referred to the reduction of
above necessary expenses and chargeoffs, reserve requirements effected in 1917, when
six per cent dividend payments to member the percentages now in the statute were
banks, and the transfers to surplus authorized adopted, namely, three per cent on time deposby the statute. Under these provisions the its for all member banks, and on demand detwelve Reserve Banks, in the course of eigh- posits thirteen per cent for Central Reserve
teen years had paid the Treasury $150,000,- City banks, ten per cent for Reserve City
000, had paid dividends of $120,000,000 to banks, and seven per cent for other banks,
their member banks, and had accumulated generally referred to as country banks. Since
$280,000,000 of surplus. An amount equal to 1933, these requirements have been subject to
about half of this accumulated surplus was change by administrative action, and since
paid in 1934, at the direction of Congress, to 1935 the Board of Governors has had its
the Federal Deposit Insurance Corporation present power to change the requirements
and provided the latter with about half of its within limitations: It cannot reduce them
capital. The surplus was reduced thereby below the statutory percentages, mentioned
from $280,000,000 to $140,000,000. Since the above, nor raise them to more than double
requirement of a franchise tax was discon- those percentages.
tinued by the Banking Act of 1933, larger
Finally with respect to the lending powers
transfers were made possible for restoration of the Reserve Banks, which were formerly
of the Reserve Banks' surplus, which is now limited to the discount of certain restricted
$150,000,000. This surplus currently serves classes of paper, the law now provides that
to increase the Reserve Banks' ability to Reserve Banks may make advances to their
serve the public and, in case of liquidation, member banks upon any satisfactory assets
becomes the property of the United States without regard to the maturity of those asGovernment.
sets. The liberalization of Federal Reserve
Open market operations were given a new lending powers was made necessary by the
status by the Banking Acts of 1933 and 1935. great change that has overtaken bank portOriginally they had had almost no recogni- folios with the evolution of business and
tion as a means of Reserve policy, but they the means by which it is financed. It would
have now taken their place among the fore- be futile to limit the discount powers of
most statutory responsibilities of the Reserve the Reserve Banks to types of assets that
authorities. They were formerly regarded constitute a constantly decreasing percentage
as a matter of Federal Reserve Bank invest- of member bank portfolios; so those powers
ment policy. The view was that when the have been broadened to include all types of
Reserve Banks had little or no demand for earning assets. This liberalization has prodiscounts, they should invest in securities ceeded by many steps, pome small, some
in order to provide themselves with income. large, throughout the period of Federal ReAccordingly, each Federal Reserve Bank serve operations. The present provision
bought and sold Government securities at its marks the largest step of all. Its significance
own individual discretion. But experience is that any sound asset of a bank is available
showed that these purchases and sales had a for conversion into reserve funds at the Fedmonetary significance, for when the Reserve eral Reserve Bank.
Banks purchased securities, member banks
acquired funds with which to pay off their
Misconceptions as to central banking
indebtedness to the Reserve Banks, and when
Experience has clarified and emphasized
they sold securities, member banks were
obliged to borrow from the Reserve Banks certain basic principles lying behind the imin order to restore their reserves to the level portant changes that I have just described.
required by law. These results made it im- These principles are the following: The Reperative that open market operations be serve Banks are not operated for profit, they
coordinated and unified. The statute now do not use the funds of their member banks in
recognizes this necessity by giving the Fed- lending and buying operations, and bank reeral Open Market Committee, which com- serves, under the provisions of the Federal
prises the members of the Board of Gover- Reserve Act, have become less important as
nors and five representatives of the twelve an assurance of liquidity than as a means of
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exercising a regulatory influence upon the
availability of bank credit. These principles
indicate the essential difference between Reserve Bank operations and member bank
operations—a difference that the member
banker is impelled by familiarity with his
own bank's operations to overlook. The
member banker naturally thinks of the Reserve Bank in terms of his own bank and
takes it for granted that the operations of
both are based on the same governing principles and conditions. He is led to underestimate the importance of the fact that his
own institution is operated competitively and
for profit, whereas, the Federal Reserve
Banks are not. In particular, it is easy for
him to assume that since his own bank is
dependent upon its depositors for the funds
with which it makes loans and investments,
the Reserve Bank is dependent in the same
way upon its depositors; and that when the
Reserve Bank discounts or purchases securities it uses the funds in the reserve balances
which the member banks maintain at the
Reserve Bank. In brief, he thinks of his
reserve balances as playing the same part
in Reserve Bank operations that the deposits
of his customers play in his own bank's
operations.
The nature and purpose of reserve balances
In fact, however, the two cases are not
parallel at all. In terms of bookkeeping, the
balances which member banks keep on deposit
at the Reserve Banks resemble the balances
which customers keep on deposit at member
banks; but in function and use the two differ
widely. The reserves of member banks on
deposit with the Reserve Banks are not used
in the lending and investing transactions of
the Reserve Banks and do not determine the
ability of the Reserve Banks to lend and invest. Furthermore, the purpose of reserve requirements is not at all to provide the Reserve
Banks with funds, and generally speaking
they are not in fact a means by which funds
are acquired. The Reserve Banks are not in
a competitive business and are not looking
for funds. Quite the contrary, they are a
source and origin of funds. They generate
funds—as a dynamo generates electricity.
They might conceivably be without a cent of
reserve deposits and yet might make loans
and purchase investments as much as ever.
For the sake of illustration, suppose the
Reserve Banks had no deposits. Suppose
member banks maintained no reserve balDECEMBER

1940




ances whatever at the Reserve Banks but
instead were required by law to keep their
reserves in Federal Reserve notes held in the
member banks' own vaults. Then if the Reserve Banks were called on to discount, or if
they were called on to buy securities, they
would in either case complete the transaction
by paying out their notes in exchange for
what they received. Under these circumstances, the Reserve Banks, with no deposit
liabilities but with note liabilities in their
stead, would have the same lending power
they now have, and they would have the same
assets they now have.
It happens, however, that the Federal Reserve Banks do have deposit liabilities and
that these deposit liabilities constitute the
legal reserves of member banks. It is the
need of member banks for additions to these
reserves that gives direct occasion for the
Federal Reserve Banks to discount member
bank obligations. Increases in these reserves
also result from purchase by the Reserve
Banks of securities in the open market. When
the Federal Reserve Banks acquire either the
discounts or the securities, they give in exchange not notes but credit to member banks'
reserve balances. Consequently if the Federal Reserve Banks increase their portfolios
of discounts and of securities, they equally
and simultaneously increase their aggregate
deposit liabilities, that is, the aggregate reserves of member banks. Obviously, an
operation that increases the reserve balances
of member banks as a whole is not an operation that uses those balances.
But if the Reserve Banks are not dependent
upon their member banks for funds, why the
requirement that member bank reserves be
maintained as they are? The answer is that
the requirement provides a means of restraint
upon the use of member bank reserves. If
the Reserve authorities had their present
power to furnish reserve funds to banks and
had no corresponding power to put brakes
on the use of such funds, the situation would
be a very lop-sided one. It would be all "go"
and no "stop." As it is, the Reserve authorities have been equipped by Congress with
both powers. Through the requirement of
reserve balances, the member banks are made
amenable to Reserve policy. At the same time
that means are provided of meeting fully their
need of reserve funds, they are kept under
a requirement with respect to the institutions
whence they derive those funds.
But, as you know, there is not a perfect
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balance of powers nor any attempt at complete
control. The Reserve Banks are not the only
source of bank reserves nor was it ever intended that they should be. The basic source
of bank reserves was and is gold, and the
Reserve Banks were intended as a supplementary source. They were authorized at a
time when experience indicated that the stock
of gold would fluctuate around three billion
dollars, and their powers were such that they
could offset those fluctuations and minimize
their effect. But in recent years member
banks have received such a plethora of reserves from the inflow of gold—principally
as a result of capital transfers from abroad
and payments to this country for our excess
of exports—that occasion for the Reserve
Banks to be called on as a source of funds
has not arisen. The Reserve Banks have
become merely repositories of those funds,
and so long as the gold remains in this country and bank reserves remain correspondingly swollen in excess of requirements and
needs, the Reserve authorities must expect to
have little demand made upon them as a
source of more funds.
The government deficit and excess reserves
This leads me to refer to the idea sometimes expressed that the Government deficit
is responsible for the excess reserves of
banks. The idea is fallacious. If the Government's expenditures were financed by
issues of fiat currency, bank reserves would,
it is true, be expanded thereby. But since
the expenditures are financed with borrowed
funds, they return to the reserve balances of
banks the funds transferred therefrom when
the Government borrowed and the only difference is that the reserves are moved around
from bank to bank. If you, for example, buy
a million dollars' worth of Government obligations newly issued, the amount of the purchase sooner or later is debited to your reserve
account on the books of the Reserve Bank and
credited to the Treasury's account. That
means an outright reduction in the volume
of bank reserves. When the funds are expended, the Treasury's account on the books
of the Federal Reserve Bank is debited and
the reserve balance of some bank or banks,
not necessarily your own, is credited. The
net effect is a redistribution of reserves
among banks but no change in the aggregate
amount one way or the other. The same is
true if the Treasury expends the funds first
and borrows later to replenish its balance.
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It makes no difference which comes first, the
debit or the credit, for one is sooner or later
followed and offset by the other.
The effect of changes in reserve position
Another misconception which study of reserve operations must correct is that changes
in the reserve position of the banking system
as a whole have the same effect on lending
power as changes in the reserve position of
the individual bank. If the individual banker
has a deficiency of $50,000 in his reserves as
a result of adverse balances at the clearing
house, for example, he is under the necessity
of finding that amount, and if he can not
raise it otherwise he may have to reduce the
amount of credit he has outstanding—say by
the collection of some receivables or by the
sale of some of his investment securities. But
in any event all he needs is $50,000. Correspondingly, if he gains that amount in excess
of requirements, he can expand his loans and
investments by $50,000.
But this fact is misleading with respect to
the banking system as a whole. In the banking system as a whole a given change in the
volume of reserves means a change several
times as great in the amount of credit that
banks can have outstanding.
How can this be true ? How can it be that
what is possible for the banking system as a
whole is impossible for the individual banks
that make up that system?
To get the answer to this paradox let us go
back to the case of the banker who has gained
$50,000 reserves in excess of requirements.
Suppose this banker reminds himself that this
additional $50,000 would be adequate reserves
against additional deposits of ten times as
much or $500,000. (The reserve requirement
is not ten per cent but that will do for illustration.) In other words if he could increase
his deposits by $500,000, he already had the
reserves that would be required. Suppose he
has customers who want to borrow $500,000,
that he lends them that amount, places it to
the credit of their checking accounts, and
thereby increases his deposits—and his earning assets as well—by $500,000.
What is the matter with that?
The answer is easy, of course. His customers would check out the $500,000, or most
of it, and he would have an adverse balance
at the clearing house which would take all of
his $50,000 of fresh reserves and a great deal
besides. Knowing this perfectly well in advance, the banker would not even think of
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Development of Federal Reserve Banking

undertaking such a fantastic transaction.
Having $50,000, he would think in terms of
$50,000, and not of anything more.
But now let us suppose that he has no competition, that there is no other bank to which
those funds he lent can be checked, that there
is no clearing to be met, and that the most
his depositors can do is to check the funds
to and fro among themselves. In this mythical situation, he would be in no danger of
losing reserves. No matter how large his
deposit liabilities were, nor how great the
volume of check transactions, the aggregate
would remain on his books while he busily
credited to one account what he debited to
another. In fact, he could go on building
up his deposit liabilities and his earning
assets dollar for dollar without any reserves
whatever, and be virtually in the position of
the ancient Bank of Amsterdam, which being
a monopoly, continued to transact business
on its books long after its cash reserves were
gone.
But let me remind you that this situation
which is absurd and impossible for any
bank that is part of a banking system, is
approximately true in principle for the banking system as a whole. The banking system
as a whole is a vast unit in which all competition between the parts cancels out. As in
a clearing house, the debits of all the banks
equal the credits of all the banks, and the
total remains unchanged no matter how much
shifting there is from bank to bank. Going
further, the position of the banking system
as a whole is like that of a single bank with
no competition and all the banking business
in its own hands. Consequently it can experience an expansion of credit on the basis
of a given addition to reserves which is beyond the control of any individual bank, and
which the individual bank can participate in
only to the extent that it shares in the increased reserves. If any individual bank
could hold the entire increase, it would have
the entire expansion; but that "if" is an
impossibility.
This condition which is within the powers
of the banking system as a whole but outside
the powers of the individual bank is a governing condition of Federal Reserve operations.
Every additional million dollars of gold or of
Federal Reserve Bank credit means not
merely an addition of so much to bank reserves but a potential increase many times
as great in the volume of earning assets and
deposit liabilities. Federal Reserve policy
DECEMBER

1940




is therefore not alone a matter of individual
relationships with banks but of potentialities
and actualities that are apparent only from
the point of view of the banking system as
a whole. Moreover, from that point of view
they are of the utmost significance.
In other words, what is a fantastic impossibility in the province of the individual
banker is an important reality in the province of Reserve banking. In the commercial
banker's experience a dollar of reserves is a
dollar of reserves, but in the Federal Reserve
Bank's experience a dollar of Reserve Bank
credit may mean several dollars of expanded
bank credit. Similarly a dollar of Reserve
Bank credit withdrawn from bank reserves
may mean a manifold contraction of bank
credit.
The significance of reserves
Then there is the different meaning reserves have for the commercial bank and for
the Reserve Bank. In the operations of the
individual commercial bank, reserves are
thought of as those assets most immediately
available for use in meeting the bank's obligations. But from the point of view of Reserve banking, reserves are chiefly significant because of their bearing on the bank's
credit operations. A bank with inadequate
reserves is in a tight position. A bank
with adequate reserves is in an easy position. Since bank reserves are of this cardinal importance, an ability to influence
bank reserves is an ability to impose and
withdraw restraints upon credit expansion.
And this is the significance of reserves
from the Federal Reserve banking point of
view: They are the channel through which
Reserve banking operations achieve their
effectiveness.
Let me dwell for a moment on what this
word effectiveness implies and what it does
not imply. It does not imply pushbutton
control. It does not imply interference with
bank management. It does not imply coercion.
It implies the correction by governmental
means of general conditions over which individual management has no control. It implies the maintenance of such monetary conditions as are most favorable to the general
interest of the United States. It implies that
within the restraints which the authorities
try to set upon unwholesome developments,
the greatest possible freedom of action is preserved for individual management. It implies
the principle that in a democratic economy a
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proper balance must be maintained between
individual freedom of action and the restrictions necessary to protect that freedom.
Before leaving this subject, I wish to mention another respect in which the significance
of reserves is greatly altered. In the early
days of American banking each bank kept its
reserves in cash in its own vaults. Like
pioneers in general, each bank relied on its
own resources. With the change from note
issue to deposits, with multiplication in the
number of banks, and with improvements in
transportation and communication, banks became interdependent. They were able to rely
on each other. Under the Federal Reserve System this collective security has been carried
still further. A member bank of the Federal
Reserve System may procure funds from its
Reserve Bank upon any satisfactory assets,
regardless of classification. There is still a
slight differential in favor of so-called eligible
paper, but any kind of obligation, provided
it is sound, may be the basis of an advance
by the Reserve Bank. When we have facilities for converting any sound asset into reserves, it is apparent that the nature of
reserves and the standards by which their
adequacy is judged have changed enormously.
A hundred years or more ago reserves were
of primary importance as a means by which
the individual bank maintained itself in good
condition. Today reserves are of primary
importance as a means by which the banking
system as a whole—including the individual
bank, which is dependent on the whole—
maintains itself in good condition.
A good many bankers seem to feel a conscientious aversion toward the view of the
banking system as an organic whole. They
feel that if every banker ran his own business
properly, the banking system as a whole
would never be in trouble. They feel that
everything comes back to a matter of individual responsibility.
The last thing I want to do is minimize
that sense of individual responsibility. On
the contrary, I want to extend it. I want to
make it clear that individual responsibility
falls far short of its aims if it confines itself
to the individual institution, its assets, and
its obligations.
Reserve Banks and correspondent banks
Let me illustrate this point by reference to
membership in the Federal Reserve System.
Some bankers when they evaluate membership, compare what the Reserve Bank does
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for them with what the city correspondent
bank does for them. They think of the Reserve Bank as a place where reserve balances
are kept which they might otherwise keep
with the city correspondent, and they weigh
the relative convenience of handling collections and procuring currency through one as
against the other. If it is a matter of borrowing, they weigh advantages of calling on the
Reserve Bank as against the city correspondent. It is all reduced to a question of which
is more advantageous to the individual bank.
The tacit assumption seems to be that the
Federal Reserve Bank is simply a competitor
of the city correspondent and the local banker
is to take his choice between them. This
attitude on the part of some is based on a
serious misconception.
To a limited extent what the city correspondent does is comparable with what the
Reserve Bank does, but in reality the two are
essentially unlike, as I have tried already to
show in dwelling on the difference between
Reserve System powers and operations and
commercial bank powers and operations. The
Reserve Banks were established for the direct
purpose of doing what it had been demonstrated could not be done without a central
banking organization. The Reserve Banks
do something no city correspondent can do.
They advance reserve funds derived from
their own statutory powers. Let me explain.
It is true that when an individual bank
borrows from a Reserve Bank the transaction
from its point of view is practically the same
as when it borrows from its city correspondent : In both cases it gets the funds it needs.
The difference is that what the city correspondent lends comes out of the existing stock
or pool of reserves, whereas what the Reserve
Bank lends is created in the act of lending.
(This is not, however, a creation of something
out of nothing but a conversion of earning
assets into cash assets.) Every time a city
correspondent lends, its ability to lend is diminished by that much and if there is general
demand, it can not make its funds go round.
That happened again and again in crises
before 1914, when there were no Reserve
Banks and the general demand of banks
throughout the country was concentrated on
the big correspondent banks in New York
and Chicago. But when the Reserve Bank
lends, there is no such diminution of its
ability to lend. That ability, though under
a legal limitation, is for practical purposes
unlimited. The price of funds may rise but
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the funds do not run out. The Reserve Bank
is a lender of last resort. It is behind the
city correspondent as well as the countrycorrespondent.
The individual banker may say, of course,
that it makes no difference to him, when he
wants reserves, whether he tightens the
money market as a whole in the process of
getting them and makes the situation more
difficult for other bankers. I do not believe,
however, that many bankers would say this—
most bankers recognize that a system whereby
every individual bank is assured of adequate
reserves without necessarily tightening the
supply of reserves as a whole is to the interest
of everyone—to the banker's interest and to
his depositor's interest.
My point is that in this respect as in others,
it is impossible to see what is really to the
individual banker's interest unless we bring
into the picture those facts that are not discernible in the individual bank's operations
but only in the banking system's operations
as a whole. It then becomes apparent that
every bank that owns a bond or holds a
promissory note is a beneficiary of the Federal Reserve System's operations whether it
shares all the benefits and obligations of
membership or not.
The problem of excess reserves
In the light of conditions that have prevailed in recent years, many of the considerations that I have been discussing so far may
seem of little immediate importance. Few
banks have needed to borrow. Though the
Reserve Banks have had occasion to guard
bank portfolios against the effects of disturbances in the bond market, they have had
little or no occasion, by discounting for individual member banks or by buying securities
in the open market, to enlarge the fund of
reserves available to banks. In the aggregate, bank reserves have greatly exceeded
requirements. Our estimate is that member
banks as a whole have excess reserves of
nearly seven billion dollars, and that the
banks of Chicago alone have excess reserves
of about a half a billion. It is obvious that
if this situation presents any problem at all,
it is a problem of superabundant reserves
and not of insufficient reserves; and that if
any action by the Reserve authorities will be
called for, it will not be action to provide for
expansion but to guard against over-expansion. What such action might be one can
not say until the need for action develops.
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1940




There is no such need at present. But
beyond that is the important fact that the
present situation and its potentialities are
such that the powers of the Federal Reserve
authorities would not be effective against
them. Those powers were based on experience which included no precedent for what
now exists. They were based on the assumption that reserves greatly in excess of requirements, practically speaking, would never
exist. That assumption in the light of former
experience was thoroughly reasonable. There
was no ground for any other assumption.
The figures, the charts, and the discussions
that reflect conditions as they were prior to
1932 show no excess reserves. If any excess
had developed through imports of gold or
liquidation of bank credit, it could have been
readily offset by open market operations, if
necessary. At present the most that the
Reserve authorities could do by open market
operations would be to reduce excess reserves
by much less than half.
During the past few years, the superabundant excess reserves have not been put
into use and therefore it has been hard to
arouse interest in the need of safeguards
against over-extension of bank credit.
However, we see bank reserves now forming a potential basis for an over-extension
of credit just at a time when the defense
program gives occasion for an immense demand for credit.
The uncertainties of the future are indeed
tremendous. How long and extensive will
the war be, will our participation be belligerent or nonbelligerent, will the victory be partial or complete, will the peace be constructive
or vengeful? However events may answer
those questions, we may be sure that the
central banking functions of the Federal
Reserve System will be more and more essential to our economy. We shall have more
occasion than ever for a wise regulation of
domestic credit, so that it may be readily
available for proper use wherever and whenever needed and so that it may not be available for harmful, speculative use. This requires that central banking responsibilities
be implemented with effective powers, and
not left as at present with powers that the
developments of recent years have rendered
ineffective. We shall also have more occasion
than ever for a strict husbanding of our credit
resources against the time when they can be
used for restoration of trade relations with
other countries. It is in this process, both for
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Development of Federal Reserve Banking

our own good and that of the world at large,
that proper use for our gold stock must be
found, and as the gold now abnormally accumulating here is redistributed, Federal
Reserve Bank credit may be counted on to
take the place of the gold withdrawn, if necessary to prevent disturbance of the domestic
supply of credit.
That is the problem as it presents itself to
the central banking authorities. If we wait
until the problem reaches the doors of your
individual bank then it may be too late. If it
is met and solved as a central banking problem, it need never present itself as an individual banking problem. That is what we
are supposed to prevent. The solution, however, is not for the central banking authorities to devise and apply by themselves. It is
a collective matter. It is ope that concerns
you and demands your participation. Yet it
requires more than merely the point of view
of the individual bank. It requires that the
point of view of the banking system as a
whole be taken, that the close interconnection
of bank with bank in an organic system be
recognized as a fundamental condition, and
that the essential purposes of central banking action be understood. For that reason
I have devoted much time to clarifying the
relationship between commercial banking and
central banking—between the things that
stand out from the point of view of the individual bank and the things that stand out
from the point of view of the banking system
considered as a whole.
Reconciliation of two points of view
Please understand that in emphasizing the
point of view of the central banking organization I am not asking for the sacrifice of
any other point of view. I am not suggesting
that the individual banker give up any of
his principles. Instead, I am saying that a
solution of the problem requires not only
the point of view of the individual bank with
its recognition of the facts brought to every
banker's attention by day to day experience,
but also the point of view of central banking
with its recognition of the facts that stand
out in the operations of the banking system
considered as a whole.
Meanwhile it goes without saying that these
problems are receiving concentrated attention
within the System. At the Board we are con-

1264




stantly engaged in studying them—the problem of idle money, for example, the problem
of gold, the problem of trade after the war;
and we are studying them not as abstract,
theoretical questions but as problems which
experience presents and which in the light
of experience must be solved. You are familiar with by-products of this study as they
appear from time to time in the Federal Reserve BULLETIN and other publications of
the Board.
In particular you will recall that in its
Annual Report to Congress for the year 1938
the Board presented a comprehensive discussion of the existing situation. A copy of this
discussion was sent to every bank in the
United States, members of the Federal Reserve System and nonmembers. As you
know, the Senate last year adopted a resolution introduced by Senator Wagner calling
for a thorough study of monetary and banking problems by the Senate Committee on
Banking and Currency.
The situation as described in the Board's
1938 Report is made up of many elements of
different kinds, some concerning the structure of the banking system and some its
functions. Reference is made in the Board's
Report to the multiplicity of banking laws
and jurisdictions. Reference is made to the
confusion of overlapping authority, which
makes it necessary for banks to look one way
for one thing and another way for something
else. Reference is made to the inequality
of competitive condition between the various
classes of banks. Reference is made to the
problem of uniformity of bank examination.
These problems constitute one part of the
picture. They are matters that I imagine you
know too well from experience. In fact,
bankers are telling us about them every day.
Moreover, they are problems that involve
other departments and agencies as much as
the Federal Reserve System. I have chosen
to discuss instead the problems of reserves
and credit policy, which constitute another
part of the picture and to which reference is
also made in our 1938 Annual Report. In
the solution of both types of problem we
bespeak your indispensable cooperation.
The Federal Reserve System, of which
member banks are a part, operates in the
interest of all banks in the country in behalf
of industry, commerce and agriculture with
just one objective—the public good.

FEDERAL RESERVE BULLETIN

rinancing the t/efienle Ptogtam

A

N announcement of the National Defense The following officers of the Federal ReAdvisory Commission printed on page serve Banks and their branches have been
1171 of the Federal Reserve BULLETIN for designated as field representatives:
November 1940, stated that the Board of
Boston
Governors, in cooperation with the CommisE. G. Hult, Assistant Cashier
sion, has taken steps to put into effect imNew York
mediately arrangements whereby the Federal
L. R. Rounds, Vice President
Reserve Banks and their branches will assist
R. B. Wiltse, Assistant Manager, Buffalo
in facilitating the defense program, particBranch
ularly in connection with the obtaining of
Philadelphia
contracts by the smaller business enterprises
W. J. Davis, Vice President
and the financing of defense contracts by
Cleveland
local banks.
R. B. Hays, Assistant Vice President and
Secretary
In order to provide machinery for carrying
B. J. Lazar, Managing Director, Cincinnati
out this program simply and efficiently, the
Branch
National Defense Advisory Commission has
P. A. Brown, Managing Director, Pittsburgh
designated Mr. Donald M. Nelson as Director
Branch
of Small Business Activities to deal with the
Richmond
problems and interests of smaller business
R. W. Mercer, Assistant Cashier
establishments in relation to the defense proW. R. Milford, Managing Director, Baltimore
gram. The Board of Governors has requested
Branch
W. T. Clements, Managing Director, Charlotte
the Federal Reserve Banks and their branches
Branch
to cooperate in representing the Director of
Atlanta
Small Business Activities in their various
M. H. Bryan, Vice President
districts and has designated Governor Ernest
P. L. T. Beavers, Managing Director, BirmG. Draper to coordinate the activities of the
ingham Branch
Federal Reserve Banks and to act as liaison
T. A. Lanford, Cashier, Jacksonville Branch
officer with the Director of Small Business
J. B. Fort, Jr., Managing Director, Nashville
Branch
Activities.
L. M. Clark, Managing Director, New Orleans
In general, it is contemplated that the FedBranch
eral Reserve Banks and their branches will
Chicago
act as "informational posts" for banks and
A. L. Olson, Assistant Vice President and Assmaller business enterprises in their respecsistant Secretary
H. P. Preston, First Vice President
tive districts, which desire to participate in
H. J. Chalfont, Cashier, Detroit Branch
the defense program. They will also serve
St. Louis
as conduits of information between the DeL. H. Carstarphen, General Counsel
fense Commission and the War and Navy
A. F. Bailey, Managing Director, Little Rock
Departments on the one hand, and business
Branch
enterprises and banks in their various disC. A. Schacht, Managing Director, Louisville
tricts which desire to participate in the deBranch
fense program, on the other. An officer has
W. H. Glasgow, Managing Director, Memphis
been designated at each of the Federal ReBranch
serve Banks and branches to act as field
Minneapolis
representative of the National Defense AdH. I. Ziemer, Vice President and Cashier
visory Commission and the Board of GovR. E. Towle, Managing Director, Helena
ernors to facilitate the effective carrying out
Branch
of the program. The designated officers at the
Kansas City
Federal Reserve Banks and their branches
C. A. Worthington, First Vice President
will use their best efforts to assist in the
J. E. Olson, Managing Director, Denver
Branch
solution of any problems which may arise in
G. H. Pipkin, Managing Director, Oklahoma
connection with defense contracts.
City Branch
DECEMBER

1940




L. H. Earhart, Managing Director, Omaha
Branch
1265

Financing the Defense Program
Dallas
E. B. Stroud, First Vice President and General Counsel
J. L. Hermann, Managing Director, El Paso
Branch
W. D. Gentry, Managing Director, Houston
Branch
E. B. Austin, Acting Managing Director, San
Antonio Branch
San Francisco
W. M. Hale, Vice President and Secretary
H. M. Craft, Assistant Manager, Los Angeles
Branch
S. A. MacEachron, Assistant Manager, Portland Branch
J. M. Leisner, Assistant Manager, Salt Lake
City Branch
F. C. Bold, Assistant Manager, Seattle Branch

At the request of the Board of Governors,
a meeting of the field representatives of the
12 Federal Reserve Banks and their 24
branches was held in Washington on November 12 and 13 to discuss the functions which
would be performed by the Federal Reserve
System.
Among those attending the meeting in addition to the foregoing, were members of the
Board of Governors and its staff; members
of the National Defense Advisory Commission; Mr. Donald M. Nelson, Director of
Small Business Activities for the Defense
Commission; General H. K. Rutherford, and
Colonel J. W. N. Schulz, representing the
War Department; Captain David I. Hedrick,
and Commander M. L. Ring, representing the
Navy Department; and representatives of
the Department of Commerce; the Reconstruction Finance Corporation; and the Securities and Exchange Commission.

1266




The desire of the Federal Reserve System
to cooperate fully with the National Defense
Advisory Commission was expressed by Governor Draper, other members of the Board,
and representatives of the Federal Reserve
Banks. Mr. Donald Nelson outlined the desire of the Commission to assist the smaller
business enterprises who have the necessary
facilities and are in a position to do so to
participate in the defense program and to
have the local banks finance the credit needs
of the smaller concerns that participate in
the program. Representatives of the Army
and Navy Departments outlined their procedure in letting contracts and obtaining supplies and referred to some of the ways in
which the Federal Reserve Banks and their
branches might be of assistance in acting as
informational posts and conduits of information. Mr. Schram expressed the desire of
the Reconstruction Finance Corporation to
cooperate fully in connection with any financial problems which might arise where it developed that financing could not be arranged
through customary banking channels.
It is contemplated that the office of the
Director of Small Business Activities will
send from time to time to the designated
officers at the Federal Reserve Banks and
branches information which is essential to
them in carrying out their activities. Each
of the Federal Reserve Banks will contact
directly the banks in their various districts
to enlist their cooperation and inform them
in detail of the Federal Reserve Banks' facilities for serving the banks and business enterprises in their respective districts in carrying out the program.

FEDERAL RESERVE BULLETIN

rtom a JLegal Standpoint
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors and other similar material.
Financial Transactions Under Neutrality Act of 1939

$100,000 in cities of 6,000 to 50,000, and
$200,000 in cities of over 50,000.
(Sec. 6336, 1936 Supp., Alabama Code Anno., 1928.)
Banks with capital stock of $50,000 or more may
exercise trust powers. (Sec. 6388, Alabama Code
Anno., 1928.)
Trust companies heretofore or hereafter organized shall have a paid-up "capital" of not less than
$25,000 in cities of 5,000 or less,
$75,000 in cities of 5,000 to 30,000, and
$100,000 in cities of over 30,000.
(Sec. 6389, Alabama Code Anno., 1928.)

The President of the United States on
November 15, 1940, issued a proclamation
under authority of section 1 of the Neutrality
Act of 1939 (Pub. Res. No. 54, 76th Cong.),
approved November 4,1939, proclaiming that
a state of war exists between Italy and
Greece. Section 7 of the Neutrality Act of
1939, with respect to financial transactions
by persons within the United States relating
to countries named in the Presidential
ARIZONA
proclamation, is quoted in full on page 1054
of the Federal Reserve BULLETIN for Decem- Banks and trust companies shall not be required
to have more than $2,000,000 capital stock. "The paidber 1939.
in capital stock of any" bank or trust company shall
Compilation of State Law Requirements Relating to Capital of
Banks, Trust Companies, etc.

The following compilation contains a brief
summary of the requirements in the laws of
the several States, as of October 15, 1940,
relating to the prescribed capital (but not
surplus) for the organization of banks, trust
companies and Morris Plan banks or similar
institutions, such requirements in a few
States also being applicable to existing institutions. The compilation 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.
For provisions in the laws of the several
States relating to the capital requirements
for the establishment and operation of
branches by banks and trust companies, including savings banks and Morris Plan banks,
see the compilation of Federal and State Laws
Relating to Branch Banking Within the
United States, published at page 851 of the
Federal Reserve BULLETIN for October 1939.

be not less than $25,000, or not less than
$100,000 in cities of 5,000 to 15,000, and
$200,000 in cities of over 50,000.
There are no express provisions covering banks in
cities with a population between 15,000 and 50,000.
(Sec. 209, 1936 Supp., Revised Code of Arizona
Anno., 1928; p. 29, Ch. 16, Laws of Arizona, 1939.)
No industrial bank shall be organized with a "capitalization" of less than
$15,000 in cities of less than 15,000,
$50,000 in cities of 15,000 to 50,000, and
$100,000 in cities of over 50,000.
(pp. 568, 570, Ch. 13, Laws of Arizona, Sec'd Sp.
Sess., 1937.)
ARKANSAS

For organization, banks must have a paid-in capital stock of not less than
$25,000 in cities of less than 2,500,
$50,000 in cities of 2,500 to 6,000,
$100,000 in cities of 6,000 to 50,000, and
$200,000 in cities of over 50,000.
Subject to limitations with respect to loans, reserves
and investment in bank building and fixtures, banks
with a paid-up "capital" of not less than $10,000 may
be established in towns of less than 1,500 population.
Also, a bank may be organized to take over a failed
or failing State bank or trust company, such new
bank to have the same amount of capital as the absorbed bank but in no event less than $10,000 paid-up
capital. No bank or trust company may do a trust
business with a capital of less than $50,000. (Sec.
825, Stats, of Arkansas, 1937.)
ALABAMA
The paid-in capital stock for the organization of
Banks, for organization, shall have a paid-in
a trust company shall be not less than
capital stock of not less than
$75,000 in a county exceeding 40,000 but less than
$25,000 in cities of less than 3,000,
50,000, and
$50,000 in cities of 3,000 to 6,000,
DECEMBER 1940




1267

From a Legal Standpoint

$100,000 in a county exceeding 50,000.
$100,000 in cities of less than 50,000, and
In no event shall the capital stock be less than $50,$200,000
in cities over 50,000.
000. (Sec. 858, Stats, of Arkansas, 1937.)
(Sec. 1438c, Ch. 206, 1935 Cum. Supp., General
Stats, of Connecticut, 1930.)
CALIFORNIA
The capital stock of an industrial bank must be not
For organization, banks (savings or commercial) less than
must have a paid-in capital stock of not less than
$50,000 in cities of less than 50,000, and
$50,000 in cities not exceeding 25,000,
$100,000 in cities over 50,000.
$100,000 in cities over 25,000 and not exceeding (Sec. 4032, Ch. 211, General Stats, of Connecticut,
100,000,
1930.)
$200,000 in cities over 100,000 and not exceeding
DELAWARE
200,000, and
Banks,
for
organization,
must have a paid-in capi$300,000 in cities exceeding 200,000.
(Sees. 60, 82, Act 652, General Laws of California, tal stock of not less than
$50,000 in cities not exceeding 3,000,
1937.)
$100,000 in cities not exceeding 100,000 but over
A trust company which "has been or shall be"
3,000, or
organized, in order to do a trust business, must have
$200,000 in cities exceeding 100,000.
a paid-in capital stock of not less than
(Sec. 2382, Ch. 66, Art. 9, Revised Code of Delaware,
$100,000 if located in a city not exceeding 100,000, 1935.)
and
A trust company, for organization, must have not
$200,000 if in a city exceeding 100,000.
(Sec. 90, Act 652, 1939 Supp., General Laws of Cali- less than $200,000 paid-in capital stock. (Sec. 2382,
Ch. 66t Art. 9, Revised Code of Delaware, 1935.)
fornia, 1937.)
Apparently, banks and trust companies organized
In the case of banks doing a departmental business
(commercial, sayings and trust or any combination before the effective date (Feb. 28, 1933) of the forethereof) the capital stock requirements are the same going requirements must comply therewith if the
as for sayings or commercial banks, except that in amount of capital is changed by charter amendment.
any combination including a trust business, the capi- (Sees. 2372, 2382, 2399, Ch. 66y Art. 9, Revised Code
tal stock requirement for trust companies (above) of Delaware, 1935.)
must be added. (Sees. 23, 106, Act 652, General Laws
FLORIDA
of California, 1937.)
Trust companies, for organization, must have a
Industrial loan companies, for organization, must
paid-in capital stock of not less than $100,000. (Sec.
have a capital stock of not less than
6124, Compiled General Laws of Florida, Perm.
$25,000 in cities of 25,000 but less than 50,000,
Supp.)
$50,000 in cities of 50,000 to 100,000, and
$100,000 in cities of 100,000 or more.
Morris Plan companies hereafter or heretofore
Twenty-five per cent of such capital must be "paid organized must have a paid-in capital stock of not
in cash" upon incorporation, and the balance "paid less than
in cash" at the rate of 10 per cent per month. (Sec.
$25,000 in cities of 50,000 or less, and
3, Act 3603, General Laws of California, 1937.)
$50,000 in cities over 50,000.
(Sec. 6150(3), Compiled General Laws of Florida,
COLORADO
Perm. Supp.; Sec. 6150(4) Compiled General Laws
Banks, for organization, must have a paid-in "capi- of Florida, Perm. Supp., 1940 Parts.)
tal" of not less than
No banking company shall be organized with a
$25,000 in cities of 4,000 or less,
$50,000 in cities over 4,000 but not over 50,000, and paid-in "capital" of less than $50,000, except that
banks with a capital of not less than $25,000 may be
$100,000 in cities over 50,000.
organized in cities of not more than 3,000 population
(Sec. 3, Ch. 18, Colorado Stats., Anno., 1935.)
with the approval of the banking authority. (Sec.
For incorporation, trust companies must have a 6057, Compiled General Laws of Florida, Perm.
Supp.)
paid-in capital stock of
$50,000 in cities of less than 50,000,
GEORGIA
$100,000 in cities of less than 150,000 but over
Banks, for organization, must have a capital stock
50,000, and
of not less than
$250,000 in cities of 150,000 or more.
$25,000 in cities of 7,500, or
(Sec. 142, Ch. 18, Colorado Stats., Anno., 1935.)
$50,000 in cities exceeding 7,500.
No industrial bank shall be organized with a "capi- (Sec. 13-901, Code of Georgia, Anno.)
talization authorised and actually paid-in in cash of
Any banking company heretofore or hereafter
less than" $30,000; and if located in a "city or city
and county" with more than 100,000 population, its organized may acquire trust powers if it has a paid-in
"capital" must be not less than $75,000. (Sec. 151, capital stock of not less than $100,000. (Sees. 13-901,
109-301, 109-304, 109-401, 109-402, Code of Georgia,
Ch. 18, Colorado Stats., Anno., 1935.)
Anno.)
CONNECTICUT
No trust company organized under the law of
Banks' and trust companies, for organization, must which this section is a part may exercise the funchave a paid-in "common" capital stock of not less tions enumerated as proper "until at least $50,000
than
of the capital stock shall have been subscribed and
1268




FEDERAL RESERVE BULLETIN

From a Legal Standpoint
paid in." (These companies, unless they have com- but not more than $1,000,000, 20 per cent paid in and
plied with the banking laws, may not act as banks.) remainder in six months. (Sec. 17-2004, General
Stats, of Kansas. Anno., 1935.)
(Sec. 109-201, Code of Georgia, Anno.)
IDAHO

Banking corporations, for organization, must have
a paid-in "capital" of not less than
$25,000 in cities of 3,000 or less,
$50,000 in cities over 3,000 but not exceeding 6,000,
or
$100,000 in cities of over 6,000.
(Sec. 25-201, Idaho Code, Anno., 1932.)
Trust companies, for organization, must have a
paid-in "capital" of not less than
$50,000 in cities of 6,000 or less, or
$100,000 in cities of over 6,000.
(Sec. 25-201, Idaho Code, Anno., 1932.)
ILLINOIS

Banks (and apparently banks with trust powers),
for organization, must have a minimum paid-in capital stock of
$50,000 in cities "of and less than" 10,000, or in
rural districts,
$100,000 in cities of 10,000 and less than 50,000, or
$200,000 in cities of 50,000 or more.
(Sees. 1, 5, 11, Ch. 16V2, Smith-Hurd Illinois Anno.,
Stats.)
INDIANA

The capital stock for the organization of banks
or trust companies shall not be less than
$25,000 in cities not over 3,000, or in rural districts,
$50,000 in cities over 3,000 but not over 6,000,
$100,000 in cities over 6,000 but not over 75,000, or
$200,000 in cities over 75,000.
(Sec. 18-412, Burns Indiana Stats. Anno., 1933.)
Industrial loan and investment companies, heretofore or hereafter organized, must have a paid-in
capital stock of not less than $50,000. (Sees. 18-3102,
18-3105, Burns Indiana Stats. Anno., 1933.)
IOWA

The paid-up "capital" required for the organization of banks and trust companies shall not be less
than
$10,000 in cities of 3,000 or less,
$25,000 in cities over 3,000 and not exceeding 6,000,
$50,000 in cities over 6,000 and not exceeding
15,000, or
$100,000 in cities of more than 15,000.
(Sec. 9217.1, Code of Iowa, 1939.)
KANSAS

Banks, for organization, shall have a paid-in capital stock of not less than
$20,000 in cities of 2,000 or less,
$30,000 in cities over 2,000 but not over 15,000,
$50,000 in cities of more than 15,000 but not over
75,000 or
$100,000 in cities of over 75,000.
(Sees. 9-102, 9-105, 13-101, 14-101, 15-101, General
Stats, of Kansas, Anno., 1935.)
Trust companies, heretofore or hereafter organized, to enjoy the privileges granted by the statute,
shall have a capital stock of not less than $100,000
DECEMBER

1940




KENTUCKY

For organization, banks (commercial or savings,
or banks having departments for both) must have
paid-in capital stock of not less than
$25,000 in cities of 7,500 or less,
$50,000 in cities over 7,500 but less than 25,000,
$100,000 in cities over 25,000 but less than 100,000,
or
$200,000 in cities over 100,000.
If such bank shall also engage in the business of
a trust company, the "capital required above shall
be at least double" the foregoing amounts. (Sees.
577, 580, 1939 Supp., Kentucky Stats. Anno., Baldwins 1936 Revision.)
For organization, trust companies must have a
a paid-in capital stock in the same amounts as for
banks (above), but "if such trust company shall also
engage in the business of banking [or combined commercial, savings and trust business] * * *, the
amount of capital required * * * shall be at least
double the amount fixed and stated." (Sees. 580, 603,
612a, 1939 Supp., Kentucky Stats. Anno., Baldwins
1936 Revision.)
LOUISIANA

No banking associations shall be organized with
less than $100,000 "capital" or not less than
$25,000 in cities of less than 3,000, or
$50,000 in cities over 3,000 and less than 30,000.
One-half of the required capital stock must be
paid-in and the remainder in 90 days. (Sees. 548,
568, Louisiana General Stats., Anno., 1939.)
Savings banks may be established with a paid-in
capital stock of not less than
$30,000 in cities less than 15,000,
$50,000 in cities over 15,000 but less than 30,000,
and
$100,000 in cities over 30,000.
(Sees. 548, 568, Louisiana General Stats., Anno.,
1939.)
"Such banks [savings, safe deposit and trust banking business] * * * " shall have a paid-in capital
stock of not less than $100,000 for organization, or
not less than $50,000 in cities not over 30,000 population. (Sec. 587, Louisiana General Stats., Anno.,
1939.)
MAINE

The minimum paid-in capital stock on which trust
companies (which may do a general banking business) may begin business shall be
$50,000 in cities not over 5,000,
$75,000 in cities of 5,000 to 10,000,
$100,000 in cities of 10,000 to 20,000,
$150,000 in cities of 20,000 to 30,000, and
$200,000 in cities over 30,000.
(Sec. 69, Ch. 57, Revised Stats, of Maine, 1930, as
amended by Ch. 21, Laws of Maine, 1931.)
The capital stock required for the organization of
industrial banks shall be not less than
$25,000 in cities of less than 50,000,
$50,000 in cities of 50,000 to 150,000, and
$100,000 in cities over 150,000.
1269

Front a Legal Standpoint

Twenty-five per cent of such capital shall be paid in required to act, in addition, as trustee under testabefore authority to transact business may issue, the mentary trusts. (Sec. 23.763, Michigan Stats. Anno.)
balance to be paid at the rate of not less than 10 per
Trust companies, for organization, must have a
cent per month following initial payment. (Sec. 136, "capital"
of not less than
Ch. 57, Revised Stats, of Maine, 1930.)
$150,000 in cities not exceeding 50,000,
$200,000 in cities over 50,000 and not exceeding
MARYLAND
100,000,
$400,000 in cities over 100,000 and not exceeding
For organization, banks must have a paid-in capi1,000,000, or
tal stock of not less than
$500,000 in cities exceeding 1,000,000.
$25,000 in cities of 15,000 or less,
By not later than July 28, 1941, no trust company
$75,000 in cities of 15,000 to 50,000,
shall have a capital of less than the above require$100,000 in cities of 50,000 to 150,000, and
ments. (Sec. 23.1021, Michigan Stats. Anno.)
$500,000 in cities over 150,000.
(Sec. 20, Art. 11, 1935 Supp., Anno., Code of MaryIndustrial banks, heretofore or hereafter organland.)
ized, shall have a "capital" of not less than
$25,000 in cities not exceeding 50,000,
For organization, trust companies must have a
$50,000 in cities over 50,000 and not exceeding
paid in capital stock of at least $750,000 or not less
150,000, or
than
$100,000 in cities exceeding 150,000.
$100,000 in cities not exceeding 25,000,
(Sees. 23.901, 23.921, Michigan Stats. Anno.)
$150,000 in cities of 25,000 to 100,000, and
$200,000 in cities of 100,000 to 250,000.
MINNESOTA
(Sec. 42, Art. 11, 1935 Supp., Anno., Code of MaryBanks of discount and deposit, for organization,
land.)
shall have a paid-in "capital" of at least
MASSACHUSETTS
$10,000 in cities less than 500 (organization disTrust companies (which may do a banking busicretionary with banking authority),
ness) must have a paid-in capital stock of not less
$20,000 in cities not over 1,000,
than $200,000 or not less than
$25,000 in cities over 1,000 but not over 5,000,
$50,000 in cities not exceeding 6,000, and
$40,000 in cities over 5,000 but not over 100,000,
$100,000 in cities of 6,000 to 50,000.
and
(Sec. 18, Ch. 172, Anno. Laws of Massachusetts;
$50,000 in a city over 100,000.
Sec. 18, Ch. 172, General Laws of Massachusetts, (Sec.
7659, Mason's Minnesota Stats. 1927.)
1932, as amended by Ch. 18, Acts of 1935.)
For
the organization of trust companies and banks
Existing or new corporations conducting or proposing to conduct business under the Morris or with "fiduciary powers," the required paid-in "capisimilar plan, which issue fully paid or installment tal" shall be not less than
$50,000 in cities of less than 25,000,
certificates and which seek to qualify as "banking
$75,000 in cities of 25,000 but less than 100,000,
companies", must have an unimpaired paid-in "capi$100,000 in cities of 100,000 but less than 200,000,
tal" of not less than $50,000, or not less than
and
$100,000 in cities of over 100,000 but under 300,000,
$200,000 in cities of 200,000 or more.
or
No trust company's capital shall exceed $2,000,000.
$200,000 in cities of over 300,000.
(Sec. 1, Ch. 172A, Anno. Laws of Massachusetts; Companies may be organized "with a capital of not
Sec. 1, Ch. 172A, General Laws of Massachusetts, less than" $10,000 to exercise only limited trust
powers, such as, trustee, receiver, guardian, executor
1932, as amended by Sec. 2, Ch. 266, Acts of 1938.)
and administrator. (Sees. 7661-1, 7728, 1940 Supp.,
Mason's Minnesota Stats., 1927.)
MICHIGAN
Industrial loan and thrift companies, or existing
Banks, for organization, must have a "capital" corporations
wishing to qualify as such, must have a
of not less than
paid-in "capital" of not less than
$25,000 in cities not exceeding 2,500,
$25,000 in cities of less than 50,000,
$50,000 in cities over 2,500 and not exceeding 6,000,
$50,000 in cities over 50,000 but under 100,000, and
$100,000 in cities over 6,000 and not exceeding
$75,000 in cities of 100,000 or more.
30,000,
(Sec. 7774-26, 1940 Supp., Mason's Minnesota Stats.,
$150,000 in cities over 30,000 and not exceeding 1927.)
100,000,
MISSISSIPPI
$200,000 in cities over 100,000 and not exceeding
No banking corporations (banks, trust companies,
300,000, or
savings banks, etc.) may be organized without a
$500,000 in cities exceeding 300,000.
By not later than July 28, 1941, no bank shall have minimum "capital" of
$25,000 in cities not exceeding 6,000,
a capital of less than the above requirements. (Sec.
23.771, Michigan Stats. Anno.)
$35,000 in cities between 6,000 and 10,000, and
$50,000 in cities over 10,000.
Banks with full fiduciary powers must have a "capi- (Sec.
tal and surplus * * * at least equal to the minimum 1930.)596, Ch. 85,1938 Supp., Mississippi Code Anno.,
combined capital required for the organization of a
MISSOURI
bank and a trust company" in the same location. No
Trust companies, for organization, must have a
additional "capital" is required of banks authorized
to act only as executor, administrator, and guardian; "cash capital" of not less than
$50,000 in cities not exceeding 10,000,
but "an unimpaired capital of at least" $100,000 is
1270




FEDERAL RESERVE BULLETIN

From a Legal Standpoint
$100,000 in cities between 10,000 and 50,000, and
$200,000 in cities exceeding 50,000.
(Sec. 5415, Ch. 34, Missouri Stats. Anno.)
For organization, savings banks must have a paid-in
capital stock of not less than
$10,000 in cities of 50,000 or less,
$50,000 in cities between 50,000 and 150,000, and
$100,000 in cities over 150,000.
(Sec. 5493, Ch. 34, Missouri Stats. Anno.)
Banks, for organization, must have a "cash capital" of not less than
$15,000 in cities not exceeding 1,000,
$25,000 in cities between 1,000 and 5,000,
$50,000 in cities between 5,000 and 10,000,
$100,000 in cities between 10,000 and 50,000, and
$200,000 in cities exceeding 50,000.
(Sec. 5348, Ch. 34, Missouri Stats. Anno.)

NEVADA

No bank or trust company "shall be organized"
with less than $50,000 paid-in "capital". (Sec. 747.07,
Nevada Compiled Laws, 1929.)
NEW HAMPSHIRE

For organization, trust companies (which may do a
banking business) must have a paid-in capital stock
of not less than $25,000, or not less than
$50,000 in cities over 4,000 but not over 10,000,
$100,000 in cities over 10,000 but not over 50,000,
and
$200,000 in cities over 50,000.
In no event shall the capital stock exceed $500,000.
(Sees. 25, Ch. 265, Public Laws of New Hampshire,
1926.)
NEW JERSEY

For organization, banks must have a paid-in capital stock of not less than $50,000, and trust comMONTANA
panies, heretofore or hereafter organized, must have
"The amount of [paid-in] common and preferred a paid-in capital stock of not less than $100,000.
stock" for the organization of a commercial bank (Sec. 17: 4-5, Revised Stats, of New Jersey, 1937;
shall not be less than $25,000, or not less than
Title 17, 4-5, New Jersey Stats. Anno.)
$30,000 in cities between 2,000 and 4,000, and
$50,000 in cities exceeding 4,000.
NEW MEXICO
(Sec. 6014.12, Revised Codes of Montana Anno.,
Banks, for organization, must have a paid-up capi1935.)
tal stock of at least $25,000. (Sec. 13-108, 1938 Supp.,
The capital stock for the organization of savings New Mexico Stats. Anno., 1929.)
banks or trust companies shall not be less than $100,Trust companies, for organization, must have a
000 nor more than $10,000,000; and at least $100,000
capital stock of at least $100,000. (Sec. 13must be paid in. (Sec. 6014.12, Revised Codes of paid-up
301, New Mexico Stats. Anno., 1929.)
Montana Anno., 1935.)
NEW YORK
No corporation shall be organized as a Morris Plan
company in a city of less than 20,000 population, and
For
incorporation,
the capital stock of banks shall
such a corporation "shall have an aggregate amount be not less than
of capital stock of not less than" $25,000, which must
$25,000 in villages not exceeding 2,000,
be paid in cash. (Sees. 6109.4, 6109.5, Revised Codes
$50,000 in villages or cities between 2,000 and
of Montana Anno., 1935.)
30,000, or
$100,000 in cities exceeding 30,000.
NEBRASKA
(Sec. 90, Art. 3, New York Banking Law.)
A commercial bank, in order to obtain a charter,
For incorporation of trust companies and for banks
must have paid-up capital stock of not less than
to
become trust companies, they shall have capital
$10,000 in villages of less than 1,000,
stock
of not less than
$25,000 in villages or cities of 1,000 and less than
$100,000
in villages or cities not exceeding 30,000,
2,000,
$150,000
in cities between 30,000 and 100,000,
$35,000 in cities of 2,000 and less than 5,000,
$200,000
in
cities between 100,000 and 250,000, or
$50,000 in cities of 5,000 and less than 25,000,
$500,000 in cities exceeding 250,000.
$100,000 in cities of 25,000 and less than 100,000, (Sees. 90, 94, 100, 139, Art. 3, New York Banking
and
Law.)
$200,000 in cities of 100,000 or more.
(Sec. 8-122,1939 Supp., Compiled Stats, of Nebraska,
For incorporation, the capital stock of industrial
1929.)
banks shall be not less than
$25,000 in villages or cities not exceeding 50,000,
Trust companies must have a paid-in capital stock
$50,000 in cities between 50,000 and 150,000, and
of at least
$100,000 in cities exceeding 150,000.
$25,000 in cities of 10,000 and less,
(Sec. 290, Art. 7, New York Banking Law.)
$50,000 in cities over 10,000 and less than 50,000,
savings bank shall have any capital stock. (Sec.
$100,000 in cities of 50,000 and less than 100,000, 3, No
Art. X, New York Constitution.)
and
$200,000 in cities of 100,000 or more.
NORTH CAROLINA
(Sec. 8-205, Compiled Stats, of Nebraska, 1929.)
For incorporation, banks and trust companies shall
Savings banks must have a minimum paid-up "capihave paid-in capital stock of not less than
tal" of $15,000, or not less than
$25,000 in cities of 3,000 or less,
$35,000 in cities over 50,000 and less than 100,000,
$30,000 in cities between 3,000 and 10,000,
and
~ 50,000 in cities between 10,000 and 25,000, or
$75,000 in cities of 100,000 or more.
100,000 in cities over 25,000.
(Sec. 8-123, Compiled Stats, of Nebraska, 1929.)
DECEMBER

1940




1271

From a Legal Standpoint
(Sees. 217(a), 217(e), North Carolina Code of 1939,
Anno.)
Except those organized and doing business prior
to March 3, 1923, the capital stock necessary for industrial banks to commence business shall be not
less than
$25,000 in cities of 15,000 or less,
$50,000 in cities between 15,000 and 25,000, and
$100,000 in cities over 25,000.
(Sec. 225(d), North Carolina Code of 1939, Anno.)
NORTH DAKOTA

Banking associations, for organization, must have
paid-in capital stock of not less than $15,000 or not
less than
$20,000 in cities over 5,000 but not over 10,000, and
$25,000 in cities over 10,000.
(Ch. 93, Laws of North Dakota, 1935.)
Trust companies, for organization, must have a
capital stock of not less than $100,000, and before
starting business $50,000 must have been paid in.
(Sees. 1, 2, Ch. 93, Laws of North Dakota, 1931.)
Savings banks, for organization, must have a
paid-up capital stock of not less than
$25,000 in cities of less than 5,000, or
$50,000 in cities over 5,000.
(Sec. 49(b), Ch. 96, Laws of North Dakota, 1931.)
OHIO

Banks (commercial, savings or special plan bank,
or a combination thereof), for organization, must
have a "capital" of not less than
$35,000 in cities of 5,000 or less,
$50,000 in cities between 5,000 and 25,000, or
$100,000 in cities over 25,000.
The required "capital" for the organization of corporations transacting a trust business shall be not
less than $100,000; and, if such business is combined
with commercial, savings or special plan banking or
a combination thereof, "such capital shall be in addition to the capital required for such banking." (Ohio
General Code, Sec. 710-37, Throckmorton's Ohio
Code Anno., 1940.)

OREGON

Banks or trust companies, for organization, shall
have paid-up capital stock of not less than
$25,000 in cities of 3,000 or less,
$50,000 in cities between 3,000 and 25,000,
$100,000 in cities between 25,000 and 50,000, or
$200,000 in cities exceeding 50,000.
In cities of 50,000 or more population, the minimum
capital stock for a bank is $50,000, when located at
least two miles by the usual route from the main post
office. (Sec. 22-501, 1935 Supp. Oregon Code Anno.,
1930.)
For authorization to do a trust business, banks or
trust companies must have a paid-up capital stock of
not less than the amount above required; provided,
"that in any case the paid-up capital stock shall not
be less than"
$50,000 in cities of 3,000 or less, and
$100,000 in cities over 3,000.
(Sec. 22-501, 1935 Supp., Oregon Code Anno., 1930.)
For incorporation, industrial loan companies must
have capital stock of not less than
$50,000 in cities under 200,000, and
$150,000 in cities of 200,000 or more.
Not less than 25 per cent of such capital stock must
be paid in before filing the articles of incorporation;
the balance shall be paid 1/12 each consecutive month
after incorporation until fully paid. (Sec. 1, Ch. 303,
Oregon Laws, 1937; Sec. 22-2404, Oregon Code
Anno., 1930.)
PENNSYLVANIA

For incorporation, banks must have a minimum
"capital" of
$50,000 in cities not exceeding 6,000
$100,000 in cities between 6,000 and 50,000, or
$200,000 in cities exceeding 50,000.
(Sees. 819-401, 819-402, title 7, Purdon's Pennsylvania Stats., Anno.)
Neither a bank and trust company nor a trust company shall be incorporated, and a bank shall not
become a bank and trust company, without a minimum "capital" of
$150,000 in cities not exceeding 6,000,
$200,000 in cities between 6,000 and 50,000, or
$300,000 in cities exceeding 50,000.
OKLAHOMA
(Sees. 819-401, 819-402, title 7, Purdon's PennsylThe paid-in capital stock for the organization of vania Stats., Anno.)
banks shall be not less than
RHODE ISLAND
$10,000 in cities of 1,000 or less,
$15,000 in cities over 1,000 and not over 2,000,
No designated amount of capital stock is required
$25,000 in cities over 2,000 and not over 6,000,
for the establishment of a bank or trust company.
$50,000 in cities over 6,000 and not over 20,000, (See Sees. 7, 8, Ch. 129, General Laws of Rhode
and
Island, 1938.)
$100,000 in cities over 20,000.
No designated amount of capital stock is required
A bank with a capital stock of not less than $25,000
may be established in a suburb or outlying com- for the establishment of a loan and investment community if authorized by the banking authority. (Sec. pany. (See Sees. 1, 2, 4, 5, Ch. 145, General Laws
of Rhode Island, 1938.)
68, title 6, Oklahoma Stats. Anno.)
Institutions incorporated as trust companies must
SOUTH CAROLINA
have paid-in capital stock of
Banks of a special class with smaller capital stock,
$25,000 in cities of 10,000 or less, and not less
subject to restrictions as to location and prohibited
than
$100,000 in cities over 10,000 and not over 25,000, from establishing branches, may be organized with
a minimum paid-in capital stock of
or
$10,000 in cities of 5,000 or less and in rural com$200,000 in cities over 25,000.
munities,
(Sec. 291, title 6, Oklahoma Stats. Anno.)
1272




FEDERAL RESERVE BULLETIN

From a Legal Standpoint
$20,000 in cities between 5,000 and 20,000, and
$50,000 in cities over 20,000.
(Sec. 7836-1, (1), 1934 Supp., Code of South Carolina, 1932.)
Other banks and also trust companies shall have a
minimum capital stock of
$25,000 in cities of 3,000 or less or in rural communities,
$50,000 in cities between 3,000 and 10,000, and
$100,000 in cities over 10,000.
(Sees. 7835, 7864, 7881, Code of South Carolina,
1932.)
In addition to all requirements now in effect, no
bank of any nature hereafter incorporated shall be
granted a charter unless the Board of Bank Control
has certified that the paid-in capital of such bank is
sufficient to qualify such bank for membership in the
Federal Deposit Insurance Fund. (p. 216-217, No.
152, South Carolina Acts, 1939.)

Savings banks must have capital stock of not less
than
$10,000 in cities of 50,000 or less, and
$50,000 in cities of more than 50,000.
No savings bank may increase its capital stock to
an amount exceeding $5,000,000. (Art. 412, title 16,
Vernon's Civ. Stats, of Texas, Ann.)
Loan and investment companies must have aggregate capital stock of not less than
$25,000 in cities under 50,000,
$50,000 in cities over 50,000 but under 150,000, and
$100,000 in cities of 150,000 or more.
(Art. 544, Title 16, Vernon's Civ. Stats, of Texas,
Anno.)
UTAH

For organization, banks shall have capital stock
of not less than $25,000, or not less than
$50,000 in cities between 5,000 and 25,000,
$75,000 in cities between 25,000 and 50,000, and
$100',000 in cities over 50,000.
(Sees. 7-3-1, 7-3-2, 7-3-10, Revised Stats, of Utah
Anno., 1933.)
SOUTH DAKOTA
For incorporation, banks shall have a capital stock
"After the effective date of this act" (January 1,
of not less than
1934), trust companies and banks undertaking fidu$15,000 in cities of 1,500 or less,
ciary capacities must have a "paid-up capital and
$20,000 in cities between 1,500 and 2,500,
surplus of at least $100,000". (Sees. 7-3A-1, 7-3A-2,
$25,000 in cities between 2,500 and 5,000, and
1939 Supp., Revised Stats, of Utah Anno., 1933; Sees.
$50,000 in cities over 5,000.
1, 2, 15, Ch. 10, Laws of Utah, 1933.)
(Sees. 6.0303, 6.0307, South Dakota Code of 1939.)
Industrial loan corporations, and all corporations
To transact a trust company business the institu- organized under the laws of this State and existing
on March 21, 1925, wishing to have advantage of the
tion must have a capital stock of at least
laws relating to industrial loan corporations, must
$50,000 in cities under 6,000, and
have capital stock of not less than
$100,000 in cities of 6,000 or more.
$50,000 in cities under 100,000, and
(Sees. 6.0303, 6.0307, South Dakota Code of 1939.)
$100,000 in cities of 100,000 or more.
Fifty per cent (25 per cent of the increase if an
TENNESSEE
existing company) must be paid in cash and the reBanks shall not be organized with a paid-in capital mainder at the rate of 10 per cent per month following incorporation (or amendment to charter if an
stock of less than
existing company.) (Sees. 7-6-1, 7-6-2, 7-6-12, Re$20,000 in cities under 1,000,
vised Stats, of Utah Anno., 1933.)
$30,000 in cities between 1,000 and 2,500,
$50,000 in cities between 2,500 and 5,000,
VERMONT
$75,000 in cities between 5,000 and 20,000,
$100,000 in cities between 20,000 and 50,000, and
For organization, trust companies (which may
$200,000 in cities of 50,000 or more.
carry on general banking business) must have capital
(Sees. 6019, 6020, Williams Tennessee Code, Anno., stock of not less than $25,000. (Sec. 6650, Ch. 271,
1934.)
Public Laws of Vermont, 1933.)
To be appointed a fiduciary, a bank conducting a
VIRGINIA
savings, safe deposit, or banking business must have a
The banking authority shall not issue a charter
paid-up "capital" of $100,000 or more. (Sec. 5936,
to a bank unless it has a capital stock of not less
Williams Tenn. Code, Anno., 1934.)
than $50,000; and for banks chartered in places with
a population exceeding 25,000, the minimum capital
TEXAS
stock shall be increased above $50,000 in the ratio of
The capital stock of banks shall be not less than $5,000 additional minimum capital stock for each
10,000 inhabitants by which the population of such
$17,500 in cities under 800,
place exceeds 25,000 people. One-half of such
$25,000 in cities between 800 and 10,000,
amounts shall be paid in cash before commencing
$50,000 in cities between 10,000 and 20,000, and
business, the remainder to be paid in monthly in$100,000 in cities of 20,000 or more.
No bank shall have a capital stock of more than stallments of 10 per cent of the total capital. (Sees.
$10,000,000. (Art. 391, title 16, Vernon's Civ. Stats. 4149(16), 4149(17), Virginia Code of 1936, Anno.)
of Texas, Anno.)
No trust company shall be incorporated with less
A bank and trust company's capital stock must be than $50,000 "capital", fully paid up. (Sec. 4149 (67),
not less than $50,000 nor more than $10,000,000, but Virginia Code of 1936, Anno.)
No industrial loan association shall be incorporated
no bank and trust company shall locate in a town or
city having 20,000 or more population with a capital with a capital of less than $30,000, which shall be
stock of less than $100,000. (Art. 395, title 16, Ver- fully paid in cash before commencing business. (Sec.
4168(2), Virginia Code of 1936, Anno.)
non's Civ. Stats, of Texas, Anno.)
DECEMBER

1940




1273

From a Legal Standpoint
WASHINGTON

Banks shall not be incorporated with less than a
paid-in "capital" of
$25,000 in cities under 5,000,
$50,000 in cities between 5,000 and 25,000,
$100,000 in cities between 25,000 and 100,000, and
$150,000 in cities of 100,000 or more.
In cities of 25,000 or more population, the banking
authority may designate the "central business district", and banks may locate in such cities, but outside such district, with not less than $50,000 paid-up
"capital". (Sec. 3226, Remington's Revised Stats, of
Washington, Anno.)
Trust companies, to incorporate, must have paid-in
capital of not less than
$50,000 in cities under 25,000,
$100,000 in cities between 25,000 and 100,000, and
$200,000 in cities of 100,000 or more.
(Sec. 3226, Remington's Revised Stats, of Washington, Anno.)
For incorporation, industrial loan companies must
have capital stock of not less than
$35,000 in cities of 100,000 or less,
$75,000 in cities between 100,000 and 200,000, and
$100,000 in cities over 200,000.
Twenty-five per cent of such capital stock must be
paid in upon incorporation, and the remainder in
monthly payments equal to 1/12 of the unpaid balance. Sees. 3862-6, 3862-7, Remington's Revised
Stats, of Washington, Anno.)
WEST VIRGINIA

Banking institutions shall not be incorporated without capital stock of at least
$25,000 in cities of 3,000 or less,
$50,000 in cities over 3,000 but not exceeding 6,000,
$100,000 in cities over 6,000 but not exceeding
50,000, and
$150,000 in cities over 50,000.
(Sees. 3126, 3130, West Virginia Code of 1937,
Anno.)

1274




No banking institution engaged in the business
of a trust company shall be incorporated unless it
shall have a capital stock of at least $100,000; and no
banking institution shall exercise trust powers unless
it has an unimpaired capital of at least $100,000.
(Sees. 3126, 3130, West Virginia Code of 1937,
Anno.)
For organization, an industrial loan company must
have a capital stock of not less than $25,000, 50 per
cent of which must be paid in before commencing
business. (Sees. 3166, 3181, West Virginia Code of
1937, Anno.)
WISCONSIN

The capital stock for the organization of banks
shall not be less than
$30,000 in cities of 5,000 or less,
$75,000 in cities over 5,000 and less than 20,000,
$100,000 in cities of 20,000 and not exceeding 200,000, and
$200,000 in cities of 200,000 or more.
(Sec. 221.01, Wisconsin Stats., 1939.)
For organization, trust company banks must have
capital stock of at least $100,000 and not more than
$5,000,000 except that in cities of less than 100,000
population it may be less than $100,000 but not less
than $50,000. (Sec. 223.01, Wisconsin Stats., 1939.)
WYOMING

For organization, the fully paid capital stock of
each bank, banking association or loan and trust company, shall not be less than
$25,000 in cities under 4,000,
$50,000 in cities of 4,000 and not over 6,000, and
$100,000 in cities over 6,000.
Savings banks must have capital stock of at least
$25,000, 50 per cent paid in and the balance in six
months after commencing business. (Sec. 10-104,
Wyoming Revised Stats. Anno., 1931.)

FEDERAL RESERVE BULLETIN

Ttom the floatd& G?otte5pondence
Questions of general interest, relating to money and banking, are answered in this section of the

BULLETIN.

(ZentttL Hanking
tions. In the first place, a central bank is
In the Federal Reserve BULLETIN for Sep- not operated for the purpose of making a
tember you had an article about the Gold profit, but for the purpose of carrying out
Reserves of Central Banks and Governments. broad public policies. Typically, the central
Being a banker myself I suppose this is some- bank is an institution with which the prithing I should understand fully, but I confess vately managed banks may deal. They deI am much in the dark about what central posit their reserves with it, borrow from it
banks are and what they do. It would appear if necessary, and depend on it to supply the
from the article that every country has a currency which their customers may require.
central bank and that they are closely con- Central banks in most countries are the sole
nected with the Government. I hope it is source of paper currency.
not too much trouble for you to give me some Among the oldest central banks are the
information on the subject or some references Bank of Sweden, the Bank of England, and
to where I can find it.
the Bank of France. Among the more recently established are the Bank of Canada,
ANSWER
the Central Bank of the Argentine Republic,
RACTICALLY every country has some and the Central Reserve Bank of Peru. In
form of central banking organization. the United States the central banking funcOrdinarily this central bank stands apart tion is performed by the Federal Reserve
from privately managed banks, it acts as Banks and the Board of Governors of the
banker and fiscal agent to the Government, Federal Reserve System.
and it performs quasi-governmental func- The organization of the Federal Reserve
tions in the banking and monetary field. The System is very different from that of typical
central bank issues currency; it holds at least central banks in other countries. Most of the
a part of the basic reserves of the commercial latter are single institutions, with branches.
banks; it extends credit to these banks or The Federal Reserve Banks are twelve in
buys or sells bills or securities and thereby number, and each serves an important region,
increases or decreases the available supply or Federal Reserve District, of its own. In
of bank reserves. In some cases it does and matters of national concern, policies are dein others it does not engage in the banking termined by the Board of Governors in Washbusiness in competition with commercial ington and by the Federal Open Market Committee, which consists of the seven members
banks.
In a bookkeeping sense, a central bank re- of the Board and five representatives elected
sembles a privately managed bank. Its bal- regionally by the Federal Reserve Banks.
ance sheet, on the asset side, shows cash, The members of the Board of Governors of
securities, loans, discounts, and other obliga- the Federal Reserve System are appointed
tions such as privately managed banks hold; by the President of the United States, the apand on the liability side, it shows deposits, pointments being subject to confirmation by
circulating notes, capital, and surplus. This, the Senate. As required by law the Board
however, is only a superficial or external re- of Governors submits an Annual Report to
semblance. The purpose of a central bank's Congress.
operations differs profoundly from that of a
The way in which capital is supplied to set
competitive, privately managed bank's opera- up central banks varies in different countries.
QUESTION

P

DECEMBER

1940




1275

From the Board's Correspondence

Historically most central banks have obtained
capital from private rather than from public
sources. At the time of its creation, the Federal Reserve System was unique in this respect, as in many others. Capital of the
twelve Federal Reserve Banks was obtained
by requiring, by Act of Congress, that member banks subscribe to it in their respective
districts in proportion to their capital and
surplus. Their shares may not be sold, transferred, or hypothecated.
The important differences between the
central banking organizations of various
countries in respect to structure, legal status,
and relationship to their Governments should
not obscure the fact that their operations
and purposes are in principle about the same
the world over. Allowing for variations in
monetary and commercial habits from country to country, central banks are alike in the
following respects. They are fiscal agents
and depositories of their respective governments ; they are banks of issue—that is, their
circulating notes supply an important part
or all of the paper currency in use; they are
lenders of last resort to the banking system;
and they endeavor to equalize fluctuations in
money and capital markets.
These typical characteristics may be illustrated by brief reference to Federal Reserve operations.
The twelve Federal Reserve Banks hold
the reserve balances of commercial banks.
The amount of such balances in relation to
a bank's deposit liabilities is fixed by law
and regulation.
The twelve Federal Reserve Banks, as
lenders of last resort, provide the banking
system with additional reserve funds when
needed. In exchange the Reserve Banks dis-

1276




count paper for member banks or acquire
securities in the open market. By its discount and open-market policies the Reserve
System can influence the volume of member
bank reserves and consequently the cost and
volume of bank credit.
The twelve Federal Reserve Banks, as
banks of issue, supply Federal Reserve notes,
which constitute the principal part of the
circulating medium.
The twelve Federal Reserve Banks, as
fiscal agents and depositories of the United
States, receive the public's subscriptions to
bonds and other obligations of the United
States Government, deliver these obligations
to the purchasers upon receipt of payment,
pay the interest coupons, hold the current
checking accounts of the United States Treasury, and pay the checks drawn against these
accounts.
Analogous if not identical functions are
performed by the central banks of other
countries.
In July of last year we sent you a copy of
a booklet entitled "The Federal Reserve System—Its Purposes and Functions". If you
will refer again to this booklet, you will find
it presents an account of central banking as
it is carried on in the United States. In addition there is enclosed a copy of an address
bearing on this subject recently delivered
before a meeting of bankers by Mr. M. S.
Szymczak, one of the members of the Board
of Governors.* We trust that this material,
supplemented by the present letter, furnishes
the information you desire.
* Copies of the booklet, "The Federal Reserve System—Its
Purposes and Functions", and of Mr. Szymczak's address will be
furnished, without charge, upon request to the Board of Governors of the Federal Reserve System, Washington, D. C. The
text of the address will be found on p. 1257 of this issue of the
BULLETIN.

FEDERAL RESERVE BULLETIN

ment factors for 1940 are given. The price
The Federal Advisory Council held its of the book is one dollar per copy.
fourth meeting of the year in Washington
Admissions of State Banks to Membership in the
on November 17, 18 and 19. The following
Federal Reserve System
statement for the press was released by the
The following State banks were admitted
Council following the meeting:
membership in the Federal Reserve System
"Edward E. Brown, the president of the to
during
the period October 16, 1940, to NoFederal Advisory Council, stated today that
the Council had concluded its regular quar- vember 15, 1940, inclusive:
Illinois
terly three-day meeting with all its members
Camp Grove—Camp Grove State Bank
present from each of the twelve Federal
Keyesport—State Bank of Keyesport
Reserve Districts.
Ridgway—Gallatin County Bank
"The Council met twice with the Board of
Rock Island—State Bank of Rock Island
Governors of the Federal Reserve System, in
Indiana
addition to holding several sessions of its
Delphi—Union Bank and Trust Company
own. Various matters affecting the Federal
Etna Green—The Etna Bank
Marshall—Citizens State Bank
Reserve System were considered. Much time
Oaktown—The Oaktown Bank
was given to discussions of ways and means
Van
Buren—Farmers Trust Company
by which the largest possible participation
Michigan
of the banks of the country and private capFrankfort—State
Savings Bank, Frankfort
ital could be obtained in connection with the
Mich.
financing of the defense program. The CounGrant—The Grant State Bank
cil reported that the banks of the country
Missouri
were anxious to participate to the fullest
Fenton—Farmers and Merchants Bank of Fenton
possible extent consistent with sound bankNew Jersey
ing, and both the Board of Governors of the
Burlington—Burlington
City Loan and Trust
Federal Reserve System and the Council
Company
were in agreement that as much of the finanRidgewood—The North Jersey Trust Company,
cing as possible should be done by the bankRidgewood, New Jersey
ing system."
New York
Meeting of Federal Advisory Council

Federal Reserve Chart Book on Industrial Production

The Board now has available for distribution copies of a Chart Book on Industrial
Production compiled in the Board's Division
of Research and Statistics. The book is briefcase size, and similar to the Federal Reserve
Chart Book on Bank Credit, Money Rates,
and Business, except that it contains about
four times as many pages. Each of the 115
charts shows indexes both without seasonal
adjustment and adjusted for seasonal variation. Some series cover the whole period
from 1919 to date; most of the other series
are from 1923 to date, while a few are for
shorter periods. Sources of the underlying
data, the relative importance of each series
for the base period, and the seasonal adjustDECEMBER

1940




Babylon—Bank of Babylon
Lindenhurst—The Lindenhurst Bank
Locust Valley—Matinecock Bank of Locust
Valley
Ohio

Ravenna—The First Savings Bank of Ravenna,
Ohio
Silverton—The Silverton Bank
Oklahoma
Medford—The Grant County Bank
Texas
Gladewater—The First State Bank
Virginia
Alberta—Bank of Alberta, Incorporated
Bridgewater—The Planters Bank of Bridgewater
Edinburg—The Farmers Bank of Edinburg, Incorporated
South Boston—South Boston Bank and Trust
Company
Stanardsville—Bank of Greene, Incorporated
1277

A/ational Summ&ly oft Hu5ine55 Condition5
Compiled November 15 and released for publication November 18. Figures shown on charts may differ from
preliminary figures used in text. Later developments are discussed on pages 12b9-\1256 of this BULLETIN.

NDUSTRIAL output rose sharply in Octo- tion rose to about 500,000 cars and trucks,
Iprices
ber and the first half of November and the largest monthly total since the spring of
of basic commodities advanced further. 1937, and retail sales of both new and used

New orders both for defense purposes and
for civilian needs continued in large volume.
Production
Volume of industrial production, as measured by the Board's seasonally adjusted index, rose further in October to about 128 per
cent of the 1935-1939 average as compared
with 125 in September and 126 at the peak
reached last December.
Increases in output were marked in the
automobile and textile industries. In the
rayon industry, where production in September had been curtailed by a strike, activity
increased considerably and cotton textile
mills were also more active. Mill sales of
cotton goods have been large since the middle
of August, reflecting increased civilian and
military demand, and have been in excess of
production during most of this period. At
wool textile mills, where activity had risen
sharply in September, there was a further
increase in October. Backlogs of orders in
this industry are now of considerable size
owing to a large volume of orders received
during the past two months, particularly
from the Government. Automobile produc-

automobiles were reported to be large for
this time of year.
In the steel and machinery industries activity continued at a high rate in October. In
the first half of November steel ingot production advanced slightly further and was at
about 96 per cent of capacity. This high rate
of output is expected to be maintained for
some time to come, according to trade reports,
as new orders for steel have continued large.
Lumber production, which had risen sharply
since midsummer, declined less than seasonally in October. New orders for lumber were
somewhat below the high rate of August and
September but remained above production,
reflecting in part continued Government
demands.
Bituminous coal production declined
sharply in October but in the first half of
November showed some increase. In this
industry output had been maintained in large
volume during the summer owing in part to
considerable stocking of coal in anticipation
of higher prices. Anthracite production also
declined in the first half of October but rose
sharply in the latter part of the month owing
FACTORY EMPLOYMENT AND PAYROLLS

INDUSTRIAL PRODUCTION
140

140

130

A
\

120
)

110

\

/

100

\

/

90

\

80

\f

/

J

V

130
120

no
100
90
80

70

70

60

1935
1934

1935

1936

1937

1938

1939

Index of physical volume of production, adjusted for seasonal
variation, 1935-1939 average = 100.

1278




1936

1937

1938

1939

1940

Indexes of number employed and payrolls, without adjustment
for seasonal variation, 1923-1925 average = 100. By months, January 1934, to October 1940.
FEDERAL RESERVE BULLETIN

National Summary of Business Conditions

in part to seasonal influences. Crude petroleum production, which had been curtailed
during most of the summer, increased further
in October.
Value of construction contract awards increased in October, following a decline in the
previous month, according to figures of the
F. W. Dodge Corporation and the Federal
Reserve Bank of San Francisco. Changes
in the amount of contract awards in recent
months have reflected principally fluctuations
in contracts for public projects. Awards for
private construction have shown about the
usual seasonal changes, following a sharp
rise in July and August.

in industrial materials, particularly lead,
hides, wool, and textile yarns. The general
index of wholesale commodity prices rose
further by about 1 per cent in this period,
reflecting increases in prices of some finished
goods as well as of materials.
Bank credit

Total loans and investments at reporting
member banks in 101 leading cities have increased substantially since the end of September. Commercial loans showed sizable
increases bpth in New York City and in other
leading cities. Following reductions during
August and September, holdings of United
Distribution
States Government obligations at these banks
also increased. Federal Reserve System holdIn October department store sales declined ings of Government obligations were reduced
considerably from the advanced level of the by $180,000,000 between September 25 and
two preceding months, while sales at variety November 13.
stores, which also had been large in August
and September, increased seasonally. In the
early part of November department store United States Government security prices
sales increased somewhat.
Total loadings of revenue freight in Octo- After rising moderately during the latter
ber were maintained at about the level part of October prices of United States Govreached in September. Shipments of mis- ernment securities advanced sharply in the
cellaneous merchandise increased further, early part of November. The quotation on
while loadings of coal showed a sharp de- the 1960-65 bonds reached a new high level
crease. In the first week of November at about 110^, and the yield on this issue
freight-car loadings declined by less than the declined to 2.12 per cent compared with 2.25
usual seasonal amount.
per cent in October and 2.26 per cent in June
1939 and again in April 1940. The average
yield on 3 to 5 year Treasury notes declined
Wholesale commodity prices
to less than % of 1 per cent.
Prices of basic commodities continued to
advance from the middle of October to the
MONEY RATES IN NEW YORK CITY
middle of November, with the chief increases
PER CENT

PER CENT

4

4

WHOLESALE PRICES OF BASIC COMMODITIES
PER CENT

~

THURSDAY FIGURESi

1926 = 100

TREASURY BONDS

PER CENT

100

<ie YEARS AND OVER) ~

100
TOTAL -i

80

80

. r
40

60
40
100

100
ODSTUFFS

80
" V ^

INDUSTRIAL
MATERIALS

V

80
60

1934

1935

1936

1937

1938

1939

1940

Minimum rate on rediscount for and advances to member banks
by Federal Reserve Bank; weekly averages of daily yields of 3- to
1
5-year
Treasury notes and Treasury bonds callable after 12 years,
1935
1937
1938
1940
and average discount on new issues of 91-day Treasury bills offered
Federal Reserve groupings of Bureau of Labor Statistics data. within week. For weeks ending January 6, 1934, to November
23, 1940.
Thursday figures, January 4, 1934, to November 22, 1940.
DECEMBER

1940




1279

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE

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

1283
1284
1285-1289
1290
1291
1292
1293
1294-1295
1296-1299
1300
1301
1302
1303-1304
1305-1306
1307-1317
1318
1319-1320
1320
1321
1322-1326

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

DECEMBER 1940




1281

MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY

BILLIONS OF DOLLARS

FIGURES

BILLION/ OF DOLLARS

20

20

18

18

16

16
14

14
GOLD STOCK

12

12

10

10
8

8
MONEY IN CIRCULATION

6

6
TREASURY CASH

RESERVE BANK
CREDIT

^
1934

1935

TREASURY DEPOSITS
S K

.

* v ^

f
1936

1937

1938

1939

14

1940
OT(

14

12

12

10

10
MEMBER BANK
RESERVE BALANCES

1934

1935

1936

1937

1938

1939

1940

Latest figures for November 20. See page 1283.

1282




FEDERAL RESERVE BULLETIN

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

Reserve Bank credit outstanding

Gold
stock

Treasury
currency
outstanding

Money
in circulation

Treasury
cash
holdings

U. S. Government
securities
All

Date

Bills

discounted

Total

Maturing
within 5
years

Maturing
after
5
years

other
Reserve Total
Bank
credit i

Member
bank reserve
lreasbalances
Other
ury deposits Non- Fedwith mem- eral
ber
ReFedde- serve
eral
ExRe- posits accounts Total cess 2
serve
Banks

Monthly averages of
daily figures:
1939—August
September
October
1940—August____
September
October....

5
6
6
3
5
5

2,437
2,732
2,763
2,444
2,434
2,381

1,606
1,630
1,544
1,201
1,191
1,102

831
1,102
1,219
1,244
1,243
1,280

25
56
63
57
64
67

2,467
2,794
2,832
2,505
2,503
2,454

16,390
16,823
17,002
20, 718
21,064
21,393

2,900
2,911
2,926
3,028
3,040
3,051

7,098
7,249
7,328
7,967
8,095
8,226

2,344
2,253
2,239
2,277
2,287
2,257

783
611
358
885
781
477

616
729
732
1,451
1,535
1,624

256
243
240
262
265
270

10, 659
11,443
11,862
13,408
13, 643
14,043

4,607
5,198
5,490
6,407
6,582
6,864

End of month figures
1939—Aug. 3 1 _ . . .
Sept. 3 0 . . . .
Oct. 31
1940—Aug. 31..__
Sept. 3 0 —
Oct. 31

5
6
6
4
5
4

2,426
2,804
2,736
2,436
2,434
2,333

1,594
1,585
1,517
1,192
1,191
1,074

832
1,219
1,219
1,244
1,243
1,259

15
68
59
75
46
76

2,446
2,879
2,801
2,515
2,485
2,412

16, 646
16,932
17,091
20, 913
21, 244
21,506

2,907
2,919
2,932
3,036
3,044
3,059

7,171
7,293
7,342
8,059
8,151
8,300

2,325
2,244
2,254
2,277
2,290
2,188

708
545
286
810
756
349

622
753
728
1,516
1,581
1,661

255
240
241
261
268
271

10,918
11, 655
11,973
13, 541
13,727
14,208

4,758
5,352
5,553
6,525
6,655
6,960

7
7
7
7
7

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

1,220
1,220
1,220
1,220
1,220

1,265
1,258
1,258
1,258
1,258

73
20
31
30
18

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

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

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

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

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

651
655
575
507
549

653
677
678
713
723

251
250
250
249
248

11,721
11,830
12,020
12,148
12,150

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

Feb. 14
Feb. 21
Feb. 28

7
7
6
7

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

1,218
1,215
1,209
1,209

1,259
1,263
1,268
1,268

33
46
40
54

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

17,998
18,063
18,108
18,166

2,973
2,977
2,977
2,980

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

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

632
642
596
561

743
733
716
744

249
249
248
248

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

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

Mar. 6
Mar. 13.__.
Mar. 20. —
Mar. 27.—

3
3
2
2

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

1,209
1,209
1,209
1,209

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

35
44
42
32

2,515
2,524
2,520
2,510

18,220
18, 282
18,360
18,413

2,984
2,985
2,989
2,990

7,481
7,463
7,484
7,471

2,358
2,362
2,374
2,382

536
526
707
700

731
754
791
808

246
247
256
256

12,367
12,439
12, 256
12,294

5,733
5,777
5,594
5,679

Apr.
Apr.
Apr.
Apr.

3
10
17
24

_

3
2
2
2

2,467
2,467
2,467
2,467

1,205
1,205
1,205
1,205

1,262
1,262
1,262
1,262

42
31
45
32

2,512
2,500
2,514
2,501

18,470
18, 523
18,631
18, 708

2,991
2,993
2,992
2,997

7,521
7,509
7,536
7,520

2,372
2,353
2,313
2,305

692
590
513
470

737
733
762
773

256
256
257
256

12,395
12, 575
12,757
12,883

5,815
5,949
6,048
6,118

May
May
May
May
May

1
_
8
_
15
22
29—

3
3
3
2
3

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

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

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

30
38
41
41
31

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

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

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

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

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

490
512
425
370
378

793
802
878
935
950

256
256
254
254
253

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

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

June 5
June 12
June 19
June 26
July 3
July 10.—
July 17
July 24.—
July 3 1 . . . .
Aug. 7
Aug. 14—
Aug. 2 1 . . Aug. 28-._
Sept. 4
Sept. 11—
Sept. 18—

3
2
2
2

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

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

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

50
43
63
36

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

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

3,008
3,009
3,011
3,012

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

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

308
265
298
301

949
1,014
1,098
1,139

252
253
266
266

13, 387
13, 510
13, 712
13, 723

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

2
2
2
3
4

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

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

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

51
39
49
38
32

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

20,063
20,166
20,256
20,367
20,463

3,014
3,015
3,016
3,020
3,024

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

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

221
297
278
643
694

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

262
261
261
261
262

13, 737
13, 764
13,863
13, 565
13,498

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

3
3
3
4

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

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

1,244
1,244
1,244
1,244

22
47
44
35

2,471
2,495
2,492
2,480

20,568
20, 689
20,800
20,871

3,025
3,027
3,030
3,034

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

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

923
940
889
813

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

263
262
261
261

13, 286
13,340
13,419
13, 516

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

Sept. 2 5 —

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.
Oct.
Oct.
Oct.
Oct.

2
9
16
23
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, 271
21,349
21, 373
21, 428
21,499

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

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

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

678
579
463
383
376

1,587
1,574
1,660
1,600
1,659

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. 6
Nov. 13.
Nov. 20....

4
4
4

2,327
2,254
2,231

1,070
1,044
1,036

1,258
1,210
1,195

30
67
67

2,362
2,326
2,302

21, 581
21, 637
21, 716

3,060
3,062
3,066

8,385
8,395
8,436

2,221
2,211
2,188

465
404
310

1,681
1,688
1,749

271
275
276

13,979
14,052
14,127

6,732
6,795
6,800

Wednesday figures:
1940—Jan. 3
Jan.10

Jan.17
Jan. 24
Jan.31
Feb. 7

1 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 from Division of Research and Statistics. Back figures are also shown in Annual
Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday
dates since January 6, 1937 on maturity distribution of security holdings will be supplied on request.
2

DECEMBER

1940




1283

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
Nov.
28

Boston
New York__._
PhiladelphiaCleveland
Richmond
Atlanta
_
Chicago
St. Louis
MinneapolisKansas City..
Dallas
San Francisco.

1
1

1
1
1

IX

1

IX

In
effect
beginning—

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

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

All other
In
effect
beginning-

Rate
Nov.

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

23

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

IX

To others

To banks
Rate
Nov.
28

In
effect
beginning-

Rate
Nov.

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

28

In
effect
beginning—

Rate

Nov.
28

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

In
effect
beginningApr.
Feb.
Sept
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.

29,
8,
1,
11,
19,
23,
16,
23,
8,
16,
16,
19,

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

i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Backfigures.—SeeAnnual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES

FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES

[Per cent per annum]

Rates in effect November 28 on advances and commitments under
Section 13b of the Federal Reserve Act
Rate in In effect be- Previous
effect on
[Per cent per annum except as indicated by footnote *]
Maturity
ginning—
rate
Nov. 28
Advances to or in participation with financ1
Oct. 20, 1933
1-15 days L_.
Advances
ing institutions
1
—do
16-30 days...
direct
to
Commit1
31-45 days__.
X ...do
industrial
On porments
Federal Reserve
1
...do
46-60 days—.
or
comBank
tion
for
to
make
1
...do
61-90 days...
On remercial orwhich
advances
1
...do...
91-120 days..
maining
ganizations
institu...do
121-180 days.
portion *
tion is
obligated J
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 Boston
3
New York on prime bankers' acceptances payable in dollars; higher New York....
4-6
2-3
2-52
1-2
rates may be charged for other classes of bills. The same minimum Philadelphia()
3H-6
V2-2
2H
rates apply to purchases, if any, made by other Federal Reserve Banks. Cleveland
3H
3
1
H5
Backfigures—SeeAnnual Report for 1937 (table 41).
(<)4
Richmond
4-6
(3)3
1-2
4-6
4-6
Atlanta
1-2
3-6
3-6
Chicago..
3-6
X-2
MEMBER BANK RESERVE REQUIREMENTS
-5^
4
St. Louis
(•)1
3H
[Per cent of deposits]
3-6
3-6
Minneapolis..
1-2
3-6
4-6
4
Kansas City..
(*)2
4
June 21, Aug. 16, Mar. 1, May 1, Apr. 16, Dallas
4-6
4-6
4
19371938191719361937Classes of deposits
4-6
San Francisco
4-5
3-4
and
and banks
Aug. 15, Feb. 28, Apr. 30, Apr. 15,
1937
after
1936
1937
1938
* The Federal Reserve Banks of New York, Philadelphia, Richmond
On net demand
Atlanta, Chicago, Minneapolis, Kansas City, and Dallas may charge
deposits :*
same rate as charged borrower by financing institution, if lower^than
Central reserve city..
13
22^
26
22»4 rate shown.
19H
2
Reserve city
20
15
10
17H
Same as rate charged borrower by financing institution.
3
14
7
12
Country
MX
ioy2
One per cent less than rate charged borrower by financing instituOn time deposits:
tion with minimum of three per cent (see note 06
5
All member banks.._
3
4 One-half of one per cent less than rate charged borrower
by financing
institution with minimum of four per cent (see note ! ).
1
See footnote to table on p. 1290 for explanation of method of com- 5 Minimum charge one-half of one per cent.
puting net demand deposits.
MAXIMUM RATES ON TIME DEPOSITS

MARGIN REQUIREMENTS1

Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]

Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
[Per cent per annum]

Apr. 1, Nov. 1,
1937
1936Oct. 31,
and
1937
after

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

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

55
»55

40
50
40

i Regulations T and U limit the amount of credit that may be extended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown above are the difference between
the market value (100%) and the maximum loan value.
* Requirement under Regulation T was the margin "customarily
required" by the broker.
» Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
on "omnibus" accounts and loans to brokers and dealers.

1284




Savings deposits
_
Postal savings deposits
Other time deposits payable in:
6 months or more
90 days to 6 months
Less than 90 days

2H
2%,

NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. In some States the maximum rates established by the Board
and the Federal Deposit Insurance Corporation are superseded by
lower maximum rates established by State authority.

FEDERAL RESERVE BULLETIN

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

End of month
1940

1940
Nov. 20

N o v . 13

Nov. 6

Oct. 30

Oct. 23

Oct. 16

Oct.

Oct. 9

1939
Sept.

Oct.

Assets
Gold certificates on hand and due from
19,491, 7'99 19, 393, 798 19, 324,301 19, 280, 299 19,167,300
U. S. Treasury
9,167,
19, 077,299 19,032,300 19, 280, 297 18, 928,;,300 14,829, 206
9,894
10,672
Redemption fund—F. R. notes
11, 789
9,395
10,073
10,074
11, 284
8,919
8,846
11, 381
304,688
308,168
Other cash
341,290
342,327
331, 586
309, 787
335, 574
326, 661
339,670
319, 347
Total reserves.

19,807,159 19, 711,

19, 643,483 19, 631, 662 19, 512,948 19,415, 244 19, 363,028 19, 631, 543 19, 271, 675 15,177, 722

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

3,259
847

3,422
822

3, 694
797

3,202
797

2,738
787

3,01
722

Total bills discounted

4,106

4,244

4,491

3,999

3,525

3,737

7,912

8,215

8,161

8,193

8,305

8,325

Bills bought:
Payable in foreign currencies..
Industrial advances
_
V. 8. Government securities, direct
and guaranteed:
Bonds
Notes.
_
Bills

7,410
57;~

8,400

3,278
797

4,631
410

2,848
3,309

4,075

5,041

6,157

8,173

8,604

11, 744

1, 314, 700 1, 330,000 1,377, 700 1, 379, 200 1,386,100 1, 397, 700 1,400,100 1,379, 200 1, 318,600 1, 315,942
924,100
916, 600
953, 600 1,115,000 1, 245, 497
949, 600
953, 600
965,800
999,000
174,320

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

2, 231, 300 2, 254,100 2, 327, 300 2, 332, 800 2, 351, 900 2, 383, 500 2, 399,100 2,332,800 2,433,600 2, 735, 759
37,881
58, 533
59,306
21, 709
35, 755
23, 937
67,338
30,007
47,361
85, 524

Total Reserve Bank credit outstanding
___

2, 301, 851 2, 325, 865 2, 361, 661 2, 380, 747 2, 387, 667 2,481,086 2,445,492 2,412, 386 2,485,126 2,801,021

Liabilities
F. R. notes in actual circulation..

5, 669, 742 5, 642, 700 5, 629, 576 5, 548,874 5, 520, 271 5, 508,424 5,479, 364 5, 576, 520 5,449,878 4, 772,822

Deposits:
14,051, 798 13, 979,418 14,176, 535 14,147, 775 14, 015,812 13, 927,014 14,208, 066 13, 726, 906 11. 972, 848
Member bank—reserve account._. 14,126,'
375,707
383,052
462,610
579,053
349,112
755,747
286,371
309,577
465, 268
TJ. S. Treasurer—general account..
403,851
415,699
1,152, 579 1,125,150 1,122,101 1,091,831 1,071,443 1,057,344 1,056,401 1,081,174 1,054,790
Foreign
567,597
528,776
603,002
517,853
579,619
525,865
312,658
596,171
562, 736
558,413
Other deposits
_
Total deposits..

16,185,046 16,143, 535 16,125, 200 16, 211, 670 16,131,046 16,138, 768 16,080, 321 16, 217, 971 16,063, 308 12, 987, 576

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

90.6

90.5

90.2

90.3

90.1

S9.8

85.5

90.1

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

Bills discounted:
Oct 30
Nov 6
N o v . 13
N o v 20

Industrial advances:
Oct. 30
Nov. 6
N o v . 13
N o v . 20

.

..

...

U.'S. Government securities, direct and guaranteed:
Oct. 30
Nov. 6
N o v . 13
N o v 20

DECEMBER

1940




91 days 6 months

Within
15 days

16 to 30
days

31 to 60
days

61 to 90
days

to 6
months

to
1 year

3,999
4,491
4,244
4,106

1,444
1,816
1,312
933

264
243
500
1,188

1,022
1,004
960
730

746
639
476
316

431
690
887
831

92
99
109
108

8,193
8,161
8,215
7,912

1,313
1,467
1,411
1,399

257
108
120
188

343
518
515
573

473
305
296
165

574
585
588
609

1,354
1,402
1,431
1,349

Total

2, 332, 800
2, 327, 300
2, 254,100
2, 231, 300

95, 300
95, 300
81, 300
90, 900

115,
115,
115,
115,

300
300
300
300

1 year
to
2 years

2 years
to
5 years

1,410
1,398
1,455
1,419

2,469
2,378
2,399
2,210

194,000
194,000
194,000
194,000

669,100
665,100
653,600
636, 500

Over
5 years

1, 259,100
1,257, 600
1, 209,900
1,194,600

1285

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

Total

Boston

New
York

Philadelphia

Cleveland

Rich- Atmond lanta

MinSt.
Chicago Louis
neapolis

Kansas
City

Dallas

San
Francisco

Assets
Gold certificates on hand and
due from U. S. Treasury:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Redemption fund—Federal
Reserve notes:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Other cash:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
_ _____ _
Nov. 13
Nov. 20
Total reserves:
Oct. 16
Oct. 23
Oct. 30
Nov. 6__
Nov. 13
Nov. 20
Bills discounted:
Secured by U. S. Government obligations, direct
and guaranteed:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Other bills discounted:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Total bills discounted:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Industrial advances:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
U. S. Government securities,
direct and guaranteed:
Bonds:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 2O._
._
Notes:
Oct. 16__
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Total U. S. Government securities, direct and guaranteed:
Oct. 16
Oct. 23
Oct. 30
Nov. 6__.
Nov. 13
Nov. 20

1286




19,077, 299 1,169, 682
19,167, 300 1,193, 565
19, 280, 299 1,187, 333
19, 324, 301 1,166, 977
19,393, ' 1,141,266
19,491, 799 1,143, 394

1,189, 346 967,344
I, 332, 583 959, 289
I, 479, 470 982, 638
1,437, 754 989, 949
1,419,600 1,017,292
I, 552, 5551,032, 627

257, 359 516, 393 357, 555 3, 062, 281 478, 094 295, 408,
532 432 269,, 410 ,105,
871
1
393, 728
393728
263,171 1,117,939
275,746 512,176 354, 568 !, 999,803 479, 720 285,012
285, 854 518, 914 350, 991!, 960, 934 475, 708 287, 386, 657 264,"" , 099, 654
318,
_._ ^215
935 350,566 946, 070 475, 923305, 219 403, 798 282,880 1,119,015
482,116 306,464 402, 259286,917 1,140,092
312, 516
516
774 364,3672, 983,135
314, 374 537',277
272,176 1,138,453
366, 530 952, 598 496, 660 295, 864 402, 291

11, 284
10,074
10,073
9,395
9,894
10,672

1,606
1,538
1,537
1,453
1,453
1,394

1,522
1,256
1,256
951
951
1,716

706
603
603
470
470
373

676
585
585
466
465
388

326, 661
335, 574
341, 290
309, 787
308,168
304,688

33,005
33, 491
34, 270
33, 915
31, 684
31, 306

83, 905
92, 280
89, 382
79, 808
81, 588
71,148

26,995
26,921
27, 657
24,926
25,038
23, 595

21, 201
20, 889
22,048
20, 493
19,894
24, 274

1,663
1,110
1,110
1,522
1,522
1,971

21, 534
19, 643
22, 917
19, 200
20, 514
22, 551

854
854
778
778
741

1,339
1,244
1,244
1,080
1,080
993

296
278
278
246
246
229

435
435
387
387
378

538
519
519
480
480
464

594
582
582
563
563
551

1,102
1,070
1,070
999
1,499
1,474

17, 217
16, 355
18, 998
17, 862
16, 208
15, 973

38, 298
42, 593
42,167
38, 284
37, 298
35, 854

14, 318
14,065
13, 252
11,518
13, 489
14, 599

6,997
7,036
7,340
8,007
7,163
7,091

18, 890
17, 561
19,029
17,362
16,474
17, 435

12, 490
12, 685

31,811
32,055
32,129
26, 753
27,450
28, 644

12,101
11,659
11, 368
12, 218

539, 590 375, 666 3,101, 918 492, 708
302, 877 427, 860282,!, 494 ,1,138, 784
19, 415, 244 1, 204, 293 1, 274, 773 995,045 1, 279, 236
292,292^ 483 411 276, 438 .
1, 151,064
19, 512,948 1, 228, 594 9, 426,119 986,813 1, 297, 220
532, 929 371, 777 3, 043, 640 494, 063
295,558
558406,
406,205277,
, 132, 853
19, 631, 662 1, 223,140 "I, 570,108 1,010,898 1, 308,487 542,941370,843 3,004, 345 489, 238295,
295,102 I!
369, 206
206 2, 985,434 487, 687313,
313, 613 421,640
, 146, 767
19, 643,483 1, 202, 345 9,518,513 1,015,345 1,339,174 548; 657 369,
353
"'• —810 381,"-"3,021,513
495,851314,014
419,213 298^ 848 1,169,041
19,711,"" 1,174,403 "1, 502,139 1,042,800 1, 332,875559;
314,014 419J
19,807,159 1,176,094 i, 625,419 1,056, 595 1, 339,036 548, 799 383, " " ~;9, 445 511,488 303,333 420,190
284,945 1,168, 571

1,312
992
1,044
949
951
1,207

596
81
37
60
185
324

114
184
229
225
192
232

141
166
166
158
158
140

40
40
40
30
30
130

57
57
48
65
20
15

99
118
178
193
178
178

112
122
117
92
117
62

126
127
127
4
4
4

2,425
2,533
2,955
3,542
3,293
2,

1,024
610
891
1,173
680
476

173
192
231
215
209
239

82
105
104
117
134
136

22
58
34

92
149
188
215
216
215

115
153
199
213
209
203

394
787
913
1,178
1,413
1,266

209
180
129
109
94
70

107
108
108
108
104

3,737
3,525
3,
4,491
4,244
4,106

20
50
60
30
75

376
460
440
401
471

223
271
270
275
292
276

74
99
115
201

506
909
1,030
1,270
1,530
1,328

335
307
256
113
98
74

111
167
143
128
108
104

8,325
8,305
8,193
8,161
8,215
7,912

1,060
1,053
1,031
1,008
1,007
1,003

1,620
691
928
1,233
865
800
1,781
1,781
1,779
1,779
1,779
1,774

2,115

365
355
326
335
338
329

821
820
820
820
819
800

214
213
212
212
212
212

252
252
222
222
222
221

623
623
612
612
608
608

117,487
116,456
115,843
115, 707
111, 573
110, 248

140,242
139,040
138,324
138,167
133, 290
131, 727

116,657
115, 718
115,162
115,042
111, 131
109,875

98, 914
96,880
95, 639
95, 233
92,611
91,839

2,410
2,408
2,403
2,384

1, 397,700
1,386,100
1, 379, 200
1,377,700
1, 330,000
1,314, 700

99,913
99,145
98, 593
95, 324
94, 273

422,093
417, 262
414,369
413, 679
396, 202
390, 632

985,800
965,800
953, 600
949, 600
924,100
916, 600

70,470
69,082
68, 236
67, 956
66, 232
65, 728

297, 703
290,737
286, 500
285,136
275, 286
272, 344

82, 862
81,145
80,097
79, 754
77, 522
76, 864

2, 383, 500
2, 351,900
2, 332,800
2, 327,300
2, 254,100
2, 231, 300

170,383
168, 227
166, 924
166, 549
161, 556
160,001

719, 796
707,999
700, 869
698,815
671,488
662, 976

200, 349
197, 601
195, 940
195,461
189,095
187,112

36
144
101

25
60
35
20

149
206
236
280
236
230

108
109
124
120
128

252
251
311
311

267
267
266
266
266

5
5
5
5
5
5

214
271
377
406
387
381
265
268
264
267
266
268

72,493
72,137
71, 928
71,"'
69,.
69, 366

53,105
52, 740
52, 522
52,480
50, 839
50, 313

157,963
156, 886
156, 248
156,119
151, 269
149, 707

58,875
58, 608
58, 452
58,428
56, 933
56, 446

39,024
38, 818
38, 698
38, 676
37, 618
37, 275

66, 531 53,317
53,024
66,113 52,853
66,092 52,823
64,487 51,350
63, 965 50,873

51,131
50, 263
49, 732
49, 553
48, 627
48, 36f

37,457
36, 748
36, 316
36,172
35,325
35,076

111,411
109, 314
108,032
107, 608
105,103
104,374

41, 524
40, 836
40,415
40, 273
39, 557
39, 355

27, 522
27,046
26, 755
26, 658
26,138
25, r "

46, 924
46,172
45, 711
45, 555
44,807
44, 596

37, 604
36,946
36,543
36,408
35,678
35,469

82, 278
80,631
79, 624
79, 294
77,214
76, 604

239,156 123, 624
235,920 122,400
233,963 121, 660
121,447
233,400 121
225, 901 118,611
223, 566 117, 728

90, 562
89,488
88, 838
88, 652
86,164
85, 389

269, 374 100, 399
266, 200 99,444
264, 280 98, 867
263, 727 98, 701
256, 372 96, 490
254, 081 95, 801

66, 546 113,455
65,864 112 438
65,453 111, 824
65, 334 111,647
63, 756 109, 294
63, 264 108, 561

90, 921
89,970
89, 396
89, 231
87,028
86, 342

198, 935
196, 349
194, 786
194,336
188, 345
186,479

62

FEDERAL RESERVE BULLETIN

Federal Reserve Banks—Continued
[In thousands of dollars]
Total

Boston

NewYork

Philadelphia

Cleveland

Richmond

Atlanta

MinSt.
Chicago Louis
neapolis

Kansas Dallas
City

San
Francisco

Assets—Continued
Total bills and securities:
723,19; 203,046 239, 744 124, 507 90,966 269, 792 100,490 67,025 114,175 91, 508
2,395, 562 171,443
Oct. 16
710,47 200,385 236, 546 123, 318 89,849 266, 673 99, 557 66,403 113, 560 90,529
2,363, 730 169,30C
Oct. 23
2,344,992 168, OOt 703, 571 198,803 234, 559 122, 554 89,156 264,783
66,094 113,066 89,874
Oct. 30
701,827 198,285 234,01C 122,366 88,966 264,273
2,339,952 167,61'
66,007 113,129 89, 566
Nov. 6
2, 266, 559 162, 592 674,132 191,878 226, 53' 119, 545 86, 537 256,874 96, 615 64,409 111,036 87,348
Nov. 13
665, 550 189, 698 224,171 118, 729 85, 738 254, 577 95, 934 63, 913 110,101
2, 243, 318 161,07S
Nov. 20
Due from foreign banks:
4'
18
1
1
6
Oct. 16
4'
18
1
1
6
Oct. 23
4'
1
1
18
6
Oct. 30
4'
1
1
18
Nov. 6
4'
1
1
18
Nov. 13
47
1
1
Nov. 20
Federal Reserve notes of
other banks:
21, 552
668
2,515
870
1,622 2,558 2,315
2,618 1,858
651 1,657
520
Oct. 16
22,233
2,352
682
1,033
1,646 2,615 1,971
2,727 2,580 1,094 1,991
656
Oct. 23
1,904
19, 754
52:
1,055
1,361 2,372 1,909
2,472 1,301 1,612 1,404
522
Oct. 30
1,720
20,970
55$
1,603 2,910 1,769
587
2,794 2,037 1,204 1,"""
610
Nov. 6
2,548
23, 784
54!
1,538 3,440 2,018
799
3,406 1,743 1,620 2,132
562
Nov. 13
2,441
21,678
588
1,376 3,082 2,762
1,156
2,933 2,922
Nov. 20
1,217
569
Uncollected items:
263,221 81,406 130,448 85,331 44,249 152, 288 58, 703 24,059 43,120 40,090
1,071, 624 99,893
Oct. 16
177,409 54,537 86,023 71,421 32, 279 100,343 42, 745 20,717 32,661 27,717
76,460
760,24"
Oct. 23
175,426 52, 721 94,523 60,489 3 0 , • " 108,480 39,480 19,468 34,177 25,467
75,838
759,353
Oct. 30
68, 71" 138,460 45,399
696,906
76,858 69, 778 34,806 105,638 44,105 20, 537 30, 768 30,378
Nov. 6
59,831 126,446 79, 208 40, 280 135, 585 54,400 21, 391 38,966 38,863
214,003
82,989
942,969
Nov. 13
64,874 97, 562 72, 796 35,879 116,025 53,022 22, 311 34, 665 32, 517
83, 936 214,056
876,632
Nov. 20.
Bank premises:
2,84'
9,750
41, 257
4,488
5,436 2,487 2,002
3,358 2,423 1,374 3,097 1,120
Oct. 16
2,847
9,750
41, 348
4,488
5,424 2,591 2,001
3,358 2,422 1,374 3,097 1,121
Oct. 23
2,843
9,750
41,306
4,47"
5,425 2,592 1,998
3,342 2,420 1,374 3,097 1,121
Oct. 30
2,843
9,731
4,477
41, 258
5,424 2,589 1,
3,342 2,420 1,372 3,081 1,114
Nov. 6
2,843
9,731
4,492
41, 274
5,424 2,590 1,
3,342 2,420 1,372 3,081 1,114
Nov. 13
__
2,843
9,731
4,492
41, 27'
5,412 2,590 1,
3,343 2,431 1,372 3,081 1,114
Nov. 20
Other assets:
3,604
53, 676
15, 586
5,620 2,102 1,520 2,394 2,752
4,456
Oct. 16
5,855 3,093 1,949
3,651
54,189
15, 682
5,756 2,123 1,537 2,416 2,776
4,484
Oct. 23
5, 88: 3,12" 1,971
3,659
55, 534
15, 993
5,778 2,135 1,553 2,487 2,779
5,183
Oct. 30
5,94' 3,189 1,999
3,726
55, 364
16,030
5,835 2,185 1,573 2,508 2,831
4,572
6,023 3,189 1,997
Nov. 6
3,737
55,145
15, 932
5,772 2,183 1,566 2,492 2,825
4,634
5,953 3,207
Nov. 13
3,718
55, 374
15,922
5,879 2,217 1,586 2,524 2,863
4,571
5,973 3,207 2^022
Nov. 20
Total assets:
149 3,3, 535, 600558, 285 597, 506 592,304 418,485
22, 998,962 1,482,751 10, 289,060 1, 289, 3161, 662,345 757, 568 517,149
Oct. 16
22, 754,142 1, 481, 53710, 341,801 1, 251, 7451, 632, 746 736,003 499,850 3, 422, 503
643, 491 583,608 565, 534399, 238
Oct. 23
22, 852, 648 1, 474,00910,476, 775 1, 273,1421, 650, 306 734,139 496,084 3, 389, 206
633, 556 585, 659 560,437 396,810
Oct. 30
22, 797, 980 1,445,810 10, 386, 299
>, 6701, 663,096 749, 491 498, 744 3, 367, 322
637, 265 404,' 306573,011 119, 602
Nov. 6
23,041, 638 1,427,117 10,418, 503 1, 304,4391, 698, 771 767, 802 514,169 3,426,498"'53,213 iO4,372
)76,921 :29, 561
"
Nov. 13
23,045,482 1,428,261 10, 533,137 1, 321, 3911, 673, 534 749, 205 511, 645 3, 372,208'68,015 393,413 >71,779 :08, 646
Nov. 20

199,669
197,139
195, 541
195,076
189,061
187,191
4
4
4
4
4
4
3,700
2,886
3,321
3,293
3,429
1,734
48,816
37, 935
43,107
31,462
51,007
2,875
2,875
2,867
2,867
2,867
2,867
4,745
4,783
4,832
4,895
4,863
4,892
398, 593
396,686
382, 525
384,364
420,272
414,248

Liabilities
Federal Reserve notes in actual circulation:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
...
Nov. 20
Deposits:
Member bank —reserve
account:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
U. S. Treasurer—general
account:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Foreign:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Other deposits:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20

5, 508, 424
5, 520, 271
5, 548, 874
5, 629, 576
5, 642, 700
5, 669, 742

448,096
449,002
449, 210
452, 501
455, 598
455, 675

1, 470, 994
1, 470, 529
1, 480, 643
1, 499,195
1,495, 216
1, 509, 562

378,036
378, 875
379, 919
385,020
387, 945
391, 573

501, 838 256, 728177, 919 1,180, 434205, 654 51, 934 -97, 533
505, 211 257,
T 582 178, 715 1,183, 734 206, 777 52,308 -97, 983
505, 221 262,075 180, 321 1,187,409 208,I, 503 52,945 .99, 479
510,055 ' >, 425182, 957 1, 202, 778211, 260 54, 700 202,949
516, 348 265, 662
""" 183,429 1, 205, 628211,879 54, 906 202,
1,462
516, 614 266; 332 184, 2321, 212,887 211,846 55,073 203,206

89, 278
89, 965
91,079
93,215
92,840
93,127

449, 980
449, 590
452,070
468, 521
470,787
469,615

14,015,81:
14,147, 775
14,176, 535
13, 979, 418
14,051, 798
14,126, 719

831,071
853, 388
846,492
824,475
782,015
781, 905

7, 322, 900
7, 446, 887
7, 532, 750
7, 402, 588
7,408,444
7, 476, 417

681, 472
672, 573
686, 763
677, 975
697, 619
700, 558

895, 250 340, 442 228,156 1,934, 661 127, 493 L67, 724 285, 564 225, 515
~~' ~"
895,164 334,
544 224,,704 1,952,483 129,948 .64, 584275, 909 222,038
910, 401 336,488 222, 536 1,897,180 123, 735 .68, 459 268,157 224, 366
915, 238 345,879
224, 782 ',831,939 117, 532173, 361 269; 378 231,102
"""•
914,771 356, 751 231,086 ,874,535 S17, 261 182, 707 -• ~- 241,242
925, 451 346,190 225, 384 1, 872, 679 138,175 172,242 '6, 306 231,003

775, 564
775, 553
759, 208
765,169
771, 331
780,409

462, 610
383,052
375, 707
465, 268
403,851
309, 577

24, 455
19, 639
19, 664
19, 236
20,064
23,179

146, 919
116,155
109, 286
162, 642
122,816
100, 350

21, 250
13,884
11,978
15, 833
15, 329
26,011

31,838
34, 277
34,021
43, 838
29, 685
17,158

24, 625
22, 328
19, 718
17,032
19,443
20, 625

39, 624
51, 791
77,150
65, 224
25,692

1,057, 344
1, 071,443
1, 091,831
1,122,101
1,125,150
1,152, 579

51,192
51, 794
51,119
54, 554
54, 993
52, 906

576, 971
589, 211
610, 248
627, 477
627,916
659, 350

73, 400
73, 615
73, 615
75, 264
75, 633
75, 305

69, 655 32, 206 26, 214
19, 859 32, 301 26, 291
32, 301 26, 291
71, 424 33,024
71, 774 33,186 27,012
71,463 33,042 26,895

89, 878
90,141
90,141
92,160
92,612
92, 210

603,002
528, 776
567, 597
558, 413
562, 736
596,171

7,409
7,653
8,715
8,672
7,585
7,053

417,684
430, 932
458,172
443,193
445, 730
477, 554

26,361
25, 309
34, 326
35, 744
33, 503
30, 901

8,559
8,331
8,378
13, 892
13, 713
14, 094

26, 571
20,872
23, 753
11, 717
14,824
11, 019

3,320
3,526
3,877
3,517
3,815
4,027

6,158
3,194
4,728
3,019
4,958
6,211

26, 423
21, 777
19, 992
21, 762
29,167

25,832
17,965
16, 459
25, 548
20,075
15,484

1,113
20,884
23,095
28, 553
20,551
16,510

1,930
23, 742
20,608
25,917
22,100
15,057

26, 756
31,905
25,342
16,040
24, 573
15, 524

22, 469
22, 535
22,535
23,040
23,153
23,053

16,478
16, 526
16, 526
16, 896
16, 979
16,905

21, 721
21,784
21, 7841
22,272
22,381
22,284

22,469
22, 535
22, 535
23,040
23,153
23,052

54, 691
54, 851
54, 877
56,070
56, 358
56,114

92,121 8,723
8,648 7,521
7,092 7,495
7,235 7, 221
6,759 7,082
8,171 7,252

4,172
4,075
4,291
4,471
4,311
4,759

4,710
4,628
4,826
5,914
9,763
9,296

1,986
1,952
2,364
2,236
2,105
3,203

21,799
23,007
23, 333
23, 299
23, 412
23, 650

* Less than $500.
DECEMBER

1940




1287

Federal Reserve Banks—Continued
[In thousands of dollars]

Total

Boston

New
York

Philadelphia

St. MinCleve- Rich- Atmond lanta Chicago Louis neapland
olis

Kansas Dallas
City

San
Francisoo

Liabilities—Continued
Deposits—Continued
Total deposits:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13. .
Nov. 20
Deferred availability items:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13.. .
Nov. 20
Other liabilities, including
accrued dividends:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20_.
Total liabilities:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20

16,138, 768
16,131,046
16, 211, 670
16,125, 200
16,143, 535
16,185,046

914,127
932,474
925,990
906,937
864,657
865,043

8,464,474
8, 583,185
8, 710, 456
8, 635,900
8, 604,906
8, 713, 671

986,147
736, 357
723, 645
675, 244
883,710
818,146

95,146
74, 588
73,298
60,852
81,097
81,666

227, 670
161, 700
159,019
124, 510
190, 589
181,814

3,658
4,147
5,05"
4,331
4,935
4,656

413
421
435
43'
454
477

1,003
1,180
1,273
1,244
1,425
1,38:

22, 636, 997
22, 391,821
22, 489, 246
22, 434, 351
22, 674, 880
22, 677, 590

802,483 1,005, 302 402, 539 285,153 165, 558 385,108 214, 206342,108 278, 900
785,381 1,007,631 T391, 243 276,'~ 2,090,896 381, 781 203; 150 323, 205 270, 267
205, 735 317,862 269,873
373,
75775:
806, 682 1,022, 659396,
396,419 273, 2732,046,
2,046,204
204
373,
804,816 1,044, 392 394,137 271,
2,008, 484 369, 555 220, 276 326,117 282, 295
663 224,072 326, 731 288, 600
822,084 1,029,943 408, 576 282,499 2,039,130 376, 663
832, 775 1,028,166 394,:, 278 279,
1,998,752 391,448 209,390 324,396 272,315
75,007 120, 780 82, 515
53, 568 85, 364 71, 307
51,954 87,772 59, 727
44, 842 73,996 73,024
60,004 117,450 77,465
62, 646 93, 642 72,446
369
420
1,045
421
563
455

413
427
497
471
539
488

113
141
165
154
179
161

878, 810
885, 316
862, 760
860, 578
875, 674
875,697

40, 792
31, 272
29,131
30, 689
34, 719
34,738

143,197
101, 278
108,899
109, 362
134,625
113, 352

56,081
43, 432
39, 750
44, 905
52, 998
53,013

21,854
18, 588
17,425
19, 778
15, 730
19, 262

41,806
33, 418
32,124
32, 979
36, 582
32,999

27, 278
24,091
32, 341
36, 229
31, 282

42, 661
34, 564
40,455
27, 966
46, 222
41, 286

159
180
176
201
210
204

394
470
518
481
557
529

120
139
162
148
136
150

153
172
153
144
162
152

145
155
182
161
190
173

128
150
173
148
172
160

248
292
278
321
348
320

, 583 646, 963 388,147 581,5592 406,944 1,371, 699
457, 782 10,164,141 1, 255,8951, 628, 333 741, 8955 0 4023, ,3!, 489,
554,7761 387, 660 1, 369, 762
,129 374;
456, 485 10, 216, 5941, 218, 2441, 598, 633 720, 273486, 684 3,i,376,
" :, 218 554;
376,378 632,129
"'" 647 385,216 1,355,563
448, 933 10, 351, 3911, 239,6001, 616,149 718, 386 482; 9013, 343,030 622,172 376, 258 549,6
420,"""
727 10, 260,849 1, 235,0991,628,914
1, 628; 733,740 485,,560
394, 898 562, .206
. 3;,32i;, 105 625; 8681394,870
. . 407,999 1,357,386
565, 965 417,841 1,393,031
401,806 10, 292,136 1,270,596 1.
1, 664,
""" 280751,882 500,857
3,,379,
500,
,940 641, 676
402,861 10,406,434 1, 287,449 .1
, 638, 910733,217 498, 289 3, 325,520 656,457 383,877 560, 774 396, 884 1, 386,918

Capital Account
Capital paid in:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Surplus (section 7):
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 1 3 - . .
Nov. 20
Surplus (section 13b):
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Other capital accounts:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Total liabilities and capital
accounts:
Oct. 1 6 - . . .
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Commitments to make industrial advances:
Oct. 16
Oct. 23
Oct. 30
Nov. 6
Nov. 13
Nov. 20

1288




137, 653
137, 638
137, 678
137, 720
137.719
137, 750

9,333
9,333
9,337
9,337
9,337
9,337

51,052
51,057
51,085
51,089
51,079
51, 077

11,881
11, 881
11, 881
11, 881
11,889
11, 889

14,068
14,075
14,075
14,077
14,079
14,099

5,338
5,342
5,347
5,349
5,349
5,352

4,677
4,677
4,677
4,680
4,680
4,680

13,952
13, 961
13, 963
13, 993
13, 993
13, 997

4,162
4,16r
4,166
4,166
4,16"
4,172

2,953
2,957
2,957
2,957
2,957
2,959

4,423
4,423
4,422
4,423
4,422
4,423

4,158
4,162
4,160
4,161
4,160
4,160

11,656
11,608
11, 608
11, 607
11,607
11,605

151, 720
151.720
151, 720
151, 720
151, 720
151, 720

10, 405
.10, 405
10,405
10, 405
10,405
10,405

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

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

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

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

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

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

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

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

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

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

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

26, 839
26, 839
26, 839
26, 839
26,839
26, 839

2,874
2,87'
2,87'
2,87<
2,87<
2,87<

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

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

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

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

713
713
713
713
713
713

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

538
538
538
538
538

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

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

1,266
1,266
1,266
1,~"~
1,
1,266

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

45, 753
46, 724
47,165
47, 350
50, 480
51, 583

2,35'
2,440
2,460
2,46"
2,695
2,784

13, 432
13,715
13,864
13, 926
14,853
15,191

2,949
3,029
3,070
3,099
3,363
3,462

4,614
4,708
4,752
4,775
5,082
5,195

1,842
1,'
1,913
1,909
2,078
2,143

2,011
2,051
2,068
2,066
2,194
2,238

7,812
7,911
7,960
7,971
8,312
8,438

1,913
1,953
1,971
1,984
2,123
2,139

2,253
2,280
2,291
2,298
2,392
2,424

1,534
1,595
1,613
1,627
1,779
1,827

2,143
2,176
2,194
2,202
2,320
2,362

2,893
2,971
3,009
3,026
3,289

22, 998, 962 1, 482, 75: 10, 289,0601, 289,3161, 662, 345 757, 568 517,149 3, 535, 600 658, 285397, 506 592,304 418, 485 1,3
22, 754, 742 1, 481, 537 10, 341,801 1, 251, 7451, 632, 746 736,003 499,850 3,T 422, 503 643,491
'~' 383, 608 565, 534 399, 238 1,
22,852, 648 1,474,009 10, 476, 7751,273,142 1, 650, 306 734,139 496,084>,
3 389,
, , 206 633,;
, 385, 659 560, 437 396,810 1,382, 525
.,556
22, 797, 980 1, 445,810 10, 386, 2991, 268,6701,1,663,096 749, 491 498, 744!.,3,367,
367,
322
637,
3
,
\ 265404, 306 573,011 419, 602 1,384,364
23,041,638 1,427,117 10,418, 503 1, 304,4391,1698, 771 767,802 514,1693,426,498
? '" 653, 213 404,372 576,921 429, 561 1,420,272
23,045,482 1,428, 26" 10, 533,137 1,321, "1,673,534
'
— 408, 646 1,414, 248
749,205 511, 645 3, 372, 208 668, 015393,413 571, 779
7,459
7,422
7,35
7,288
7,269
7,11

26'
263
262
254
253
25:

722
722
72
715
715
713

1,038
1,038
1,012
1,010
1,010
1,010

960
960
948
930
926
85'

612
587
586
585
577
568

509
509
508
508
508
508

416
416
401
401
401
405

136
136
128
128
128
128

2,731
2,723
2,717
2,679
2,674
2,597

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.
D e c . 31
1936—June 24.
D e c . 30.
1937—Mar. 31.
June 30_
Sept. 29.
D e c . 29.
1938—Mar. 30.
June 29
Sept. 28.
D e c . 28.
1039—Jan. 2 5 . .
Feb. 21«
Mar. 29.
Apr. 26.
M a y 31.
June 28_
July 26..
Aug. 30.
Sept. 27_
Oct. 25..
N o v . 29.
Dec. 2 7 1940—Jan. 3 1 Feb. 2 8 Mar. 27.
Apr. 24.
M a y 29_
June 26 _
July 3 1 . .
Aug. 28.
Sept. 2 5 .
Oct. 3O._
Nov.. 205

4,386
6,325
7,437
8,006
8,247
8,344
8,430
8,474
8,534
8,708
8,976
9,102
9,188
9,203
9,221
9,249
9,270
9,296
9,308
9,330
9,355
9,366
9,388
9,401
9,418
9,433
9,456
9,476
9,487
9,504
9,512
9,536
9,546
9,556
9,573
9,581

Applications
approved

Applications under
consideration

Amount Number
146,972
237,581
293,084
314,471
328,998
333,300
339,509
341,842
350,551
358,936
369,583
378,974
387,490
389,176
389, 554
392,230
394,055
394,970
395,499
399,780
401,228
402,305
402, 944
404,226
405,225
406,097
407,392
410,192
411,628
413,178
413, 646
415, 599
416,454
417, 260
420,837
421,139

71
68
28
12

5

9
10
1

7

19
8
8
5
8
7
14
7
6
6
6

7

2
1
3
2
2
4
7
4
3
2
2
6
1
4
2

Amount Number

Amount

984
1,646
1,993
2,183
2,280
2,323
2,361
2,381
2,406
2,464
2,566
2,617
2,653
2,660
2,671
2,683
2,697
2,713
2,721
2,730
2,743
2,752
2,763
2,772
2,781
2,793
2,805
2,814
2,825
2,832
2,838
2,853
2,856
2,865
2,875
2,883

49,634
88,778
124,493
133,343
139,829
141, 545
145, 758
146,724
150,987
154,918
161,158
168,380
175,013
175, 651
175,902
177,895
178,639
179,332
179,778
183,354
184,152
185,234
186,034
187,257
188, 222
188,879
190,055
192,665
194,096
195,404
195, 739
197,439
197,906
198, 966
201, 750
202,041

2,955
11,349
2,823
1,880
1,245
1,322
1,263
800
550
1,299
476
146
247
999
964
344
495
400
255
760
532
370
70
92
41
76
32
199
118
45
33
76
444
10
740
650

Commitments
outstanding! standing
(amount) (amount)
ces

13,589
27,518
32,493
30,484
25, 526
23,059
23,019
21,415
20,216
19,371
18,444
17,567
17,345
16,811
16,474
15, 798
15,817
15,305
15,255
15,384
14,667
14,454
14, 545
14,051
13, 683
12,860
12,997
12,723
12,001
11, 242
10,988
10,907
10, 779
10, 778
10, 484
10,191

Approved
but not
completed »
(amount)

8,225
20,579
27,649
24,454
20,959
18, 611
16,331
14,880
12, 780
13,110
13, 649
13, 597
14,161
13,004
12,907
12, 647
11, 749
11, 530
11,175
11,476
11,009
10, 517
10,156
9,643
9,220
8,376
8,966
8,224
8,725
8,852
8,762
8,582
8,238
8,078
7,351
7,114

20,966
11,248
11,548
9,381
8,226
7,898
1,470
537
3,369
3,419
3,084
5,737
1,946
1,293
1,105
1,975
2,134
2,496
2,067
733
1,220
1,938
1,764
2,548
2,659
2,504
1,454
2,471
2,264
2,474
2,195
1,991
2,095
2,315
4,260
4,162

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

Participations
outstanding 3
(amount)

5,558
24,900
44,025
61,425
77,910
85. 210
97, 663
102, 588
107,384
111, 193
117, 555
122,447
128,839
132,009
133,001
135,004
136,696
137,922
139,281
142,943
144,812
146,156
148,037
149,911
151,679
154,629
155,574
158,110
159,950
161,491
162, 612
164,949
165,865
167,046
169, 746
170, 914

1,296
4,533
8,778
7,599
7,208
6,767
7,275
7,304
7,238
7,825
8,426
9,032
12,722
12,534
12,415
12,471
12,243
12,079
12,000
12,818
12,444
12,169
11, 532
11,104
10,981
10, 510
11,064
11,137
11,156
11, 345
11,182
11,010
10,929
10, 749
9,909
9,660

1
Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of
condition
of the Federal Reserve Banks.
3
Includes
applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.
3
Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $938,340
November
20,
1940.
4
Tuesday.
6
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:
Oct. 30_
Nov. 6
Nov. 13
Nov. 20
Held by Federal Reserve Bank:
Oct. 30_
Nov. 6
Nov. 13
Nov. 20
In actual circulation;i
Oct. 30
Nov. 6 ._.
Nov. 13
Nov. 20
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
Oct. 30
Nov. 6 . . .
.
Nov. 13
Nov. 20
Eligible paper:
Oct. 30
Nov. 6
Nov. 1 3 Nov. 20
Total collateral:
Oct. 30
Nov. 6
Nov. 13 - .
Nov. 20
1

New
York

Boston

Phila- Cleve- Rich- Atdelphia land mond lanta

Chicago

MinSt.
Louis neapolis

Kansas
City

San
Dallas Francisco

5, 837, 873472, 678 1, 559,074 400, 314 527,130 275,121 195, , 218, 058 219, 505 157, 606
207, 770 99,160 506,062
210, 820 101, 443 518, 611
1, 231,186 223, 089 158, 974
5, 891, 39J 470, 220 1, 568, 219 398,174 532,112 278,893 199, 654
»;""
462 211, 372 102,072 522, 326
1,236,607 223,945 159,
5,935,887 475, 926 1, 580,053 408, 552 534, 708 279, 263 201, 601
"" 212, 532 102,012 529, 810
5, 962, 586472, 987 1, 581,483 412, 276 542,180 279,050 203, 573,1,240,
240,943 226,135 159,605
288, 999
261, 819
293,187
292,844

23, 468
17, 719
20, 328
17,312

78, 431
69,024
84,837
71,921

20, 395
13,154
20,607
20, 703

21, 909
22,057
18,360
25, 566

13, 046
12, 468
13,601
12, 718

15, 074
16, 697
18,172
19, 341

30, 649
28,408
30,979
28,056

11, 002
11, 829
12,066
14, 289

4,661 8,291 8,081 53, 992
4,274 7,871 8,228 50,090
4,556 8,910 9 23*~ 51, 539
60,195
4,532 9,326

, 480, 643 379,919 505, 221 262,075180, 321 1,187,409 208, 503 152,945 199, 479 91,079 452,070
5, 548, 874449, 210 1,480,
700949 93, 215 468, 521
" 499,195 385; 020 510; 055 266,
•""425 182, 957 1, 202, 778 211, 260 154,202,
5, 629, 576452,501 1,
202,462 92,840 470, 787
5,642, 700 455, 598 1, 495, 216 387,945 516, 348 265, 662 183,429 1, 205,628 211, 879 154,906
~>,742 455, 675 1,
,509,
509, 562 391, 573 516, 614 266, 184,
332 232 1, 212,887 211,846 155,073203, 206 93,127 469, 615

5, 946, 500490,000
5,987, 500 490,000
6,034,000 490,000
6,070, 500490,000
2,342
2,976
2,772
2,719

50
60
30
75

5, 948,842 490,050
5, 990, 476490,060
6,036, 772490,030
6,073,219 490,075

210,000
1, 575,000 410,000 532,000 290,000 200,000 1, 230,000 224,000 158, 500
1, 585^ 000 410| 000 535^ 000 290', 000 205^ 000 I, 240', 000 224', 000 159^ 500 215,000
234,000
161, 500 215,000
1, 600,000 410,000 538, 500 290,000 205,000 1,
* 250,000
~
"'
1, 600,000 420,000 545,000 290,000 205,000 1, 260,000 234,000 161, 500 215,000
587
892
514
438
1, 575, 587 410,
1, 585, 892 410,
1,600, 514 410,
1,600,438 420,

382
352
310
378

40
65
80
165

85
100
95
103

282
311
291
306

103,000
105,000
106,000
106,000

524,000
529,000
534,000
544,000

103, 000
105,000
106,000
106,000

524,000
529,000
534,000
544,000

916
1,196
1,452
1,254

382 532,000 290,040 200,000 1, 230,000 224, 085 158,
1,782 210,916
352 535,000 290,065 205,000 1,240,000 224,100 159,811 216,196
J
,
,
,
310
", 791216,452
161
378 538, 500 290,080 205,000 1, 250,000 234,095161,806
"16, 254
545,000 290,165 205,000 1, 260,000 234,103

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

DECEMBER

1940




1289

MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS

RESERVE POSITION OF MEMBER BANKS, OCTOBER, 1 9 4 0

[Averages of daily figures. In millions of dollars]

[Averages of daily figures. In millions of dollars]
Reserves with
Federal Reserve
Banks

Net
dedeTime
mand mand
deposits
dedeposits posits i
Gross

Classes of banks
and districts

Required

All member b a n k s . . 41, 497 33, 929 12,145
Central reserve city banks:
15, 572 14,873
806
New York
504
3,205 2,829
Chicago
Reserve city banks:
Boston district
___
New York district
Philadelphia district . Cleveland district
Richmond district
Atlanta district
_
Chicago district
St. Louis district
Minneapolis d i s t r i c t Kansas City district...
Dallas district
San Francisco district-

_

Ex-

Held

7,178 14,043

6,864

3,424

6,889
1,279

3,465
610
355
25
254
406
99
35
183
115
40
76
49
249

1,280
188
1,221
1,565
666
569
1,082
709
320
713
495
2,040

151
225
733
226
178
618
175
87
159
128
1,993

228
41
225
311
128
108
220
133
60
133
93
457

584
65
479
717
227
143
404
248
100
209
141
706

14,246 10,848

4,756

2,136

4,024

726
1,054
472
443
374
341
588
254
223
300
366
238

565
1,430
881
715
373
242
785
248
280
160
105
295

115
198
101
89
64
53
110
43
41
44
49
43

252
443
198
174
110
82
237
•74
69
70
83
61

136
245
97
85
46
29
127
31
28
26
34
18

5,379

6,079

949

1,851

902

1,410
242
1,466
1,978
919
822
1,553
940
444
1,106
815
2,552

Total
Country banks:
1,038
Boston district
1,508
New York district
755
Philadelphia district.,,
704
Cleveland district
656
Richmond district
567
Atlanta district
997
Chicago district
418
St. Louis district
362
Minneapolis d i s t r i c t 487
Kansas City d i s t r i c t 594
Dallas district
390
San Francisco district.
Total

All
member

8,474

1

Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and
cash items in process of collection.
NOTE.—See table on p. 1284 for percentages of deposits required to be
held as reserves.

Total reserves held:
1939—October.
November
December
1940—January
February
March..
April
May
June
July
August
September
October
Week ending (Friday);
1940—Oct. 4.
Oct. 11
Oct. 18
Oct. 25
Nov. 1
Nov. 8
Nov. 15
Excess reserves:
1939—October
November
December
1940—January
February
March
_.
April..
May
June.
July
August
September
October
Week ending (Friday)
1940—Oct. 4
Oct. 11
Oct. 18
Oct. 25
Nov. 1
Nov. 8
Nov. 15

Central reserve
city banks
New
York

Chicago

Reserve Country
city banks
i
banks

11,862
11,688
11,473
11,985
12, 215
12,362
12,703
13,086
13, 596
13, 735
13,408
13,643
14,043

5,958
5,759
5,623
6,099
6,323
6,428
6,548
6,660
6,941
6,979
6,709
6,705
6,889

1,112
1,115
1,141
940
901
899
972
1,097
1,182
1,168
1,154
1,234
1,279

3,203
3,229
3,141
3,319
3,344
3,368
3,476
3,615
3,716
3,837
3,804
3,905
4,024

1,588
1,585
1,568
1,628
1,646
1,668
1,706
1,714
1,757
1,751
1,740
1,800
1,851

13, 789
13, 913
14,013
14,167
14, 222
14,034
14,061

6,745
6,803
6,841
6,973
7,038
6,929
6,940

1,266
1,268
1,285
1,300
1,258
1,209
1,213

3,929
3,977
4,021
4,063
4,085
4,027
4,023

1,849
1,866
1,866
1,832
1,842
1,869
1,885

5,490
5,259
5,011
5,464
5,626
5,734
6,003
6,288

2,974
2,753
2,611
3,045
3,199
3,248
3,312

6,752
6,407
6,582
6,864

3,594
3,588
3,344
3,324
3,465

518
516
540
342
301
310
388
477
547
522
499
570
610

1,295
1,294
1,188
1,350
1,378
1,405
1,494
1,607
1,703
1,803
1,748
1,821
1,888

704
696
671
727
747
771
809
815
851
839
816
866
902

6,791
6,854
6,947
P6, 957
P6, 789

3,349
3,405
3,435
3,533
3,565
3,468
3,479

605
606
617
623
583
541
543

1,832
1,860
1,885
1,910
1,920
1,863
1,846

P6,801

920
917
P916
P933

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

DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS

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

All member banks
Federal Reserve district

Boston
New York
Philadelphia.._
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis. _.
Kansas C i t y . . .
Dallas
San Francisco.
Total

Gross demand

Time

Oct.

Sept.

Oct.

Sept.

2,447
17,322
2,221
2,681
1,575
1,389
5,755
1,358
805
1,593
1,409
2,942

2,368
16,984
2,168
2,633
1,503
1,347
5,639
1,311
791
1,574
1,346
2,842

2,387
1,106
1,449
599
419
1,907
423
367
319
233
2,287

648
2,390
1,106
1,448
596
420
1,893
422
366
319
233
2,281

41,497

40,506

12,145

Gross demand
Oct.

Sept.

2,297
1, 427
1,952
2,421
1,358
1,215
i 2,171
1,104
592
1,237
1,074
2,805

2,220
1, 391
1,906
2,375
1,299
1,177
i 2,104
1,065
584
1,220
1,035
2,709

12,123 119,653 119,

Gross demand

Time
Oct.

Sept.

Oct.

Sept.

Time
Oct.

Sept.

517
516
1,069
1,068
648
648
1,134 1,133
400
397
327
328
1,077 i 1,066
302
302
178
177
202
202
186
186
2,174
2,181

151
323
269
260
217
174
378
254
213
356
335
136

147
321
262
258
204
170
373
246
207
354
312
133

133
512
458
315
199
92
326
121
189
117
47
107

132
508
458
315
199
92
323
120
189
117
47
106

i 8, 220 i 8,199

3,066

2,987

2, 614

2, 606

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

1290




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
coin

National
bank
notes

Federal
United Federal Reserve
States Reserve Bank
notes
notes

Minor
coin

1939—September.
October. __
November.
December.

7,293
7,342
7,483
7,598

1,488
1,485
1,530
1,554

373
379
381

159
161
163
164

269
267

4,688
4,739
4,826
4,912

180
178
177
175

1940—January...
February..
March
April
May__
June
July
August
September.
October. __

7,376
7,455
7,511
7,559
7,710
7,848
7,883
8,059
8.151
8,300

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

372
373
375
377
382
384
386
389
394
400

163
163
164
166
168
169
172
174
177
180

265
271
260
248
241
248
249
258
259
264

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

173
171
170
168
167
165
164
162
161
160

65

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]
Total
Coin and small denomination currency 2
in circulation
$2
$5
$10
$20
total i Total Coin $13

End of month

1939—September
October
November
December

7,293
7,342
7,483
_ 7,598

5,329
5,363
5,478
5,553

571
577
586
590

532
535
545
559

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

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

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

579
581
584
588
595
599
604
611
618
627

526
530
531
534
546
546
544
556
566
575

982
1,004
1,019
970
992
1,009
1,015
1,013
1,044
1,055
1,068

Large denomination currency 2
Total

$50

$100

$500

$1,000

1,706
1,710
1,752
1,772

1,507
1,526
1,557
1,576

1,965
1,981
2,007
2,048

440
445
452
460

876
884
896
919

185
186
188
191

413
415
420
425

1,692
1,723
1,731
1,739
1,766
1,791
1,798
1,858
1,876
1,908

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

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

457
459
460
463
471
485
489
495
503
512

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

191
191
194
195
202
210
211
213
216
223

426
427
432
439
464
481
486
493
496
508

Un-

$5,000 $10,000

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

TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve Banks and in circulation,
millions of dollars]

End of month

Silver
dollars
and
Total silver
bullion i

1939—September.
October
November.
December..

2,919
2,932
2,947
2,963

1,814
1,825
1,835
1,845

1940—January
February
March
April
May
June
July
August
SeptemberOctober

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

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

In

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

1940




Year or month
1937
1938
1939

Ship- Receipts
ments to
from
Europe Europe

Net
shipments

21.5
33.1
110.2

47.6
34.4
9.8

100.4

.2
1.3
.3

1.6
3.2
6.3

390

164
166
167
169

347
347
347
347

183
181
179
178

1939—October...
November.
December.

1.8
4.5
6.6

400
401
401
400
402
402
404
409
411
415

169
170
171
172
173
174
175
178
181
183

347
347
347
347
347
347
347
347
347
347

175
173
172
171
169
167
167
164
163
162

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

5.3
4.7
1.4
3.5
1.1
.5
.6
.3
.1
.1

i Includes silver held against silver certificates amounting to $1,864,000,000 on Oct. 31, 1940 and $1,729,000,000 on Oct. 31, 1939.

DECEMBER

SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY
[By selected banks and financial institutions in New York City.
In millions of dollars]
Net
receipts
26.1
1.3

5.3
4.7
1.4
3.5
1.1
.4
.5
.3
.1

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

1291

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

ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES
{In millions of dollars]
Gold stock at
end of period
Period

Total
1034 >
1935
1936
1937..
1938

__
_

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

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

Increase
in
total
gold
Inactive stock
account

Net
gain or
loss
(-)
Net
gold through
earimport marking
transactions1
82.6
.2
-85.9
-200.4
-333. 5
-534.4

92.9
110.7
131.6
143.9
148.6
161.7

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

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

14.1
-48.6
10.7
-114.8
-251. 6
-104. 8
-164.0
152.1
2.8
79.5
90.9
-200.8

12.4
10.7
11.3
13.3
12.8
10.8
13.3
14.3
15.9
18.7
14.9
13.4

287.5
246.0
256.0
336.9
439.0
754.2 1,
499.4
450.2
331.6
P261.1
249.1

236.4
201.4
459.8
249.9
435.1
163.0
520.0
351.6
334.1
326.0
263.9

40.0 13.6
37.0 11.4
-213. 4 12.1
67.2 13.0
- 3 6 . 7 14.1
-437.2 11.0
- 5 5 . 1 16.0
67.0 12.3
36.6 13.3
P14.4
-117.
7.4

26.8
1,227.9

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

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

1940—January
__ 17,931
February
18,177
March
18,433
April
18, 770
May.
19, 209
June
_
19,963
July
20,463
August
20, 913
September
21,244
October
P21, 506
Nov. 1-27P
21, 755

Domestic
gold
production

1940

From or to—

September

October
Exports

Belgium
France
_
Hungary
Italy..__
_
Netherlands
Norway
24, 212
Portugal
_
1, 734
Spain..
__
Sweden
_
Switzerland
1,742
United Kingdom....
U. S. S. R
_ 14,106
Yugoslavia
_
Canada
__ 222, 730
544
Mexico
_
1,365
Central America
West Indies and
72
Bermuda
19, 983
Argentina
Bolivia.
4
Brazil
414
Chile....
7
Colombia
75
Ecuador
__
524
Peru
_
411
Venezuela
___
Australia.
_ 14, 770
784
British India
Netherlands Indies
China and Hong
625
Kong
11,815
Japan
2,673
Philippine Islands..
6,704
South Africa
All other countries *.

Jan.-Oct.

Exports

Imports

Imports
977
241, 778
11, 873
43, 935
63, 253
33, 405
65, 744
10,385
161, 489
90,320
632, 061
30, 851
16,310
8 2, 279, 390
28, 995
7,946

15, 325
39
3,655
11,175
217, 635
545
904

1,139
2,330
233
1,068
421
14, 605
523
13,092

5,761
37, 841
55
10, 778
8,654
21,185
2,540
8, 445
4,201
74, 342
40, 373
20, 583

2,701
13, 228
,764
7.854
718

25, 343
i,291
32, 078
176, 765
8,230

5,315
17, 815

Exports

168
6

4,781
5

p Preliminary.
1 Gold held under earmark at Federal Reserve Banks for foreign ac17 334,113
13 4, 282,176 4, 986
Total
325,
count on October 31, 1940, in millions of dollars: 1,775.6.
2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35
a fine ounce thereafter.
NOTE.—Figures for domestic production of gold are those published
i Figures represent customs valuations which, with some exceptions,
in table, p. 1329, adjusted to exclude Philippine Islands production re- are at rate of $35 a fine ounce.
ceived in United States. Adjustment based on annual figures reported
»Includes all movements of unreported origin or destination.
by Director of Mint and monthly imports of gold to U. S. from PhilipBack' figures.—Bee table, p. 1329, and Annual Report for 1937 (tables
pines. For back figures see Annual Report for 1937 (table 29).
31 and 32).
BANK DEBITS
[Debits to deposit accounts, except interbank accounts, at banks in
BANK SUSPENSIONS1
principal cities.] [In millions of dollars]
Total,
all
banks

Member
banks
National

Number of banks suspended:
1934
_.
1935
_
1936
__
1937
_
1938
__
1939
_
__
1940—Jan.-Oct
Deposits of suspended banks
(in thousands of dollars): *
1934
1935
1936
1937.__
1938
1939
1940—Jan.-Oct

Nonmember
banks

Total,
all
reporting
centers

_
_

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

InNot
State sured* insured

8
22
40
47
47
25
18

36,937
10,015
11,306
19,723
13,012
34,998
5,687

Year and month

48
8
3
6
6
10
3

1929
1935
1936
1937
1938.
1939

_

1939—September.
October....
November.
December.

36, 594
34, 666
43,447

New
York
City

133
140
other
other
reportleading
ing
centers l centers

197,836
168,778
171, 382

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

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

15,138
13, 683
13,041
17,633

18, 526
19,029
18,636
22,386

2,930
3,119
2,990
3,428

184,006

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

34,985 1940—January
14,739
19,978
37,786
3,069
12,138
17,344
32,197
February..
2,715
939
15,201
19,537
592
37,769
March
3,031
15, 519 19,250
37, 780
April
3,010
480
14, 536 19,659
37,257
3,063
May.
1,044
18,850
35,005
13,110
3,045
2,439
June
19,233
35,947
13,612
3,103
346
July
18,314
32,844
2,926
11, 604
August
18,267
33,812
2,951
12, 594
September.
* Represents banks which, during the periods shown, closed tem39, 695
3,378
October
14, 952 21,365
porarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks at
i Comprises centers for which bank debit figures are available beginthe time of closing (in some instances with the aid of Federal Deposit
ning with 1919, except that one substitution was made in 1920 and one
Insurance Corporation loans).
in
1928.
2 Federal deposit insurance became operative January 1, 1934.
8
* Centers (other than the 141 centers) for which bank debits are currentDeposits of member banks and insured nonmember banks suspended
ly
reported. The number has changed very little since 1934 and has
are as of dates of suspension, and deposits of noninsured nonmember
banks are based on the latest data available at the time the suspensions numbered 133 since 1936.
Back figures.—For corresponding monthly totals for 1928-1937 see
were reported.
Annual Report for 1937 (Table 71), which also gives a definition of bank
Back figure*.—See Annual Report for 1937 (table 76).
debits. Figures for individual reporting cities and totals by Federal
Reserve districts for recent years are available in mimeographed form.

1292




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

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 b y State banking departments. Also includes, during t h e 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 Curp
rency.
figures
included in the figures
from June 1934 to December 1935,, see Federal R
U L T ffor
y For comparative
p e
gue of private banks
ba
g
Reserve BBULLETIN
1935 p. 883,
883 andd JJuly
l 1936
535 F
i
f
b
b
k
f
d
t
i
d
i
t
d
t
t
h
t
December 1935,
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

Call date

Total
Total

National

[In

Nonmember
banks

Member banks

Other
Mutual nonState savings membanks
ber
banks

Call date

All
banks

millions of dollars]
Member banks

Nonmember bankr

Total

National

State

Mutual
Other
savings nonmembanks ber banks

1929—June 29
Dec. 31

25,110
_ 24,630

8,707
8,522

7,530
7,403

1,177
1,119

611
609

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

32,284
33,865

19,411
20,290

12,873
13,575

8,983
8,916

12,684
12,508

1933—June 30
Dec. 30

14,519
_ 15,011

5,606
6,011

4,897
5,164

709
857

576
579

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

23,338
23,771

14,772
15,386

8,566
8,385

9,713
9,708

4,946
5,02*5

1934—June 30
Dec. 31

15,835
_ 16,039

6,375
6,442

5,417
6,462

958
980

578
579

8,882 1934—June 30— 41,870
Dec. 3 1 — 44,770
9,018

26,615
28,943

17,097
18, 519

9,518
10,424

9,780
9,828

5,475
6,000

1935—June 29
Dec. 31

15,994
15,837

6,410
6,387

6,425
5,386

985
1,001

571
570

9,013 1935—June 29._ 45,766
Dec. 3 1 — 48,964
8,880

29,496
32,159

19,031
20,886

10,465
11,273

9,920
9,963

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 1936—June 30— 51,335
Dec. 3 1 — 53, 701
8,687

34,098
35,893

21,986
23,107

12,112
12,786

10,060
10,143

6,350
6,842
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
663

8,606 1937—June 3 0 . . . 53,287
Dec. 31— 52,440
8,489

35, 440
34,810

22,926
22,655

12, 514
12,155

10,213
1®, 257

7,635
7,375

1938—June 30
Dee. 31

15,287
15,206

6,338
6,338

5,242
5,224

1,096
1,114

563
556

52,195
8,386 1938—June 30
Dec. 3 1 — 54,054
8,312

34, 745
36, 211

22, 553
23,497

12,193
12, 714

10,296
10,363

7,153
7,478

1939—June 30
Dec. 30

15,082
15,037

6,330
6,362

6,203
5,187

1,127
1,175

553
552

55,992
8,199 1939—June 30
Dec. 3 0 . . . 58,344
8,123

38,027
39, 930

24, 534
25,661

13,493
14, 269

10,521
10,613

7,444
7,801

1940—Mar. 26
June 29

15,006
14,953

6,377
6,398

5,178
6,164

1,199
1,234

551
551

8,078 1940—Mar. 26
June 29
8,004

59,017
60,582

40,579
42,039

25,911
26,931

14,667
15,108

310,544
10,631

3 7,895
7,912

For footnotes see table below.

For footnotes see table below.

LOANS AND INVESTMENTS
[In millions of dollars]
Nonmember banks

Member banks

All banks

Mutual savings banks

Call date
Total

Loans

Investments

Total

Loans

Investments

Total

Loans

Investments

Other nonmember banks
Total

Loans

Investments

1929—June 29
Dec. 31 .

58,474
58,417

41,631
41,918

16,943
16,499

35,711
35,934

25,658
26,150

10,052
9,784

9,556
9,463

5,892
6,945

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

1934—June 30. _
Dec. 31

42, 502
43,458

21,278
20,473

21,224
22,984

27,175
28,150

12,523
12,028

14,652
16,122

9,904
9,782

5,648
5,491

4,256
4,291

5,423
5,526

3,108
2,955

2,315
2,571

1935—June 29. _
Dec. 31

44,416
45,717

20,272
20,329

24,145
25,388

28, 785
29,985

11,928
12,175

16,857
17,810

9,852
9,804

5,341
5,210

4,511
4,594

5,779
5,927

3,003
2,944

2,777
2,983

1936—June 30
Dec. 31

48,458
49,524

20,679
21,449

27,778
28,075

32, 259
33,000

12,542
13,360

19,717
19,640

9,961
10,060

5,105
5,027

4,856
5,034

6,238
6,464

3,032
3,062

3,206
3,402

1937—June 30
_
Dec. 31 . .

49,696
48, 566

22, 514
22,198

27,182
26,368

32,739
31, 752

14,285
13,958

18,454
17,794

10,180
10,187

5,002
4,996

5,178
5,191

6,778
6,627

3,227
3,244

3,550
3,383

1938—June 30
Dec. 31 K ...

47,381
48,929

21,130
21,354

26,252
27,575

30,721
32,070

12,938
13,208

17,783
18,863

10,196
10,255

4,961
4,930

5,235
5,325

6,465
6,604

3,231
3,217

3,234
3,387

1939—June 30
Dec. 30

49,616
50,885

21,318
22,169

28,299
28,716

32,603
33,941

13,141
13,962

19,462
19,979

10,342
10,314

4,931
4,961

5,411
5,353

6,671
6,630

3,245
3,246

3,425
3,384

51,135
51,335

22,190
22,341

28,945
28,995

34,163
34,451

13,939
13,969

20,224
20,482

310,226
10,188

4,922
'4,926

5,304
'5,262

36,746
6,696

3,329
'3,445

3,417
"3,251

1940—Mar. 26
June 29

_

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. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank
abstracts.
2 Beginning December 1938figuresof loans and investments exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans
and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among
"Other assets."
3 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 savings rbank, is now included in figures in the "Other nonmember banks" column.
Backfigures.—SeeAnnual Report for 1937 (tables 48-49). Revised.

DECEMBER

1940




1293

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

Call date

Total
loans
and
invest- Total
ments

Investments 1

Loans for
purchasing
Comor
carrying
mersecurities
cial Agri- Open
Eeal Loans Other
and cul- marestate to loans
inTo
* Total
loans
ket
banks
dusbrokpaper
trial*
ers
To
and others3
dealers

U. S. Government obligations

Obligations
of
States Other
and secuGuar- polit- rities
anical
8
subBills Notes Bonds teed divisions
Direct

Total

Total—All
Member Banks
1929—Dec. 31__ 35,934
1933—June 3 0 - 24,786
1938—June 3 0 - 30,721
Sept. 28. 31,627
Dec. 31_. 32,070
1939—Mar. 2 9 - 32,095
June 3 0 - 32,603
Oct. 2 «.. 33,075
Dec. 30.. 33,941
1940—Mar. 26 6 34,163
June 29. 34,451
New York
City'
1929— Dec. 31__ 8,774
1933—June 3 0 - 7,133
1938—June 30__ 8,013
Sept. 28. 8,355
Dec. 3 1 - 8,335
1939—Mar. 2 9 - 8,408
June 30.. 8,688
Oct. 2 •_. 9,044
Dec. 3 0 - 9,339
1940—Mar. 26 • 9,594
J u n e 2 9 - 9,829
City of T
Chicago
1929—Dec. 3 1 - 1,757
1933—June 30. 1,287
1938—June 3O._ 1,806
Sept. 28. 1 889
Dec. 31_. 1^969
1939—Mar. 29_. 1,965
June 3O._ 2,052
Oct. 2 •__ 2,050
Dec. 3 0 - 2,105
1940—Mar. 26" 2,222
June 29- 2,205
Reserve City
Banks
1929—Dec. 31__ 12,029
1933—June 3O._ 8,492
1938—June 30__ 11,150
Sept. 28. 11,426
Dec. 31__ 11,654
1939—Mar. 2 9 - 11,624
June 3 0 - 11,756
Oct. 2 •__ 11,880
Dec. 30 12,272
1940—Mar. 26« 12,153
June 29— 12,160
Country
Banks
1929—Dec. 31. _ 13,375
1933—June 30__ 7,873
1938—June 30.. 9,752
Sept. 28. 9,958
Dec. 31. _ 10,113
1939—Mar. 2 9 - 10,098
June 30— 10,109
Oct. 2 • „ 10,102
Dec. 30__ 10, 224
1940—Mar. 26 • 10,194
June 2 9 - 10,257

26,150
12,858
12,938
12,937
13,208
13,047
13,141
13,470

4,737
4,760
4,783

1,448
677
525
522
539
545
544
563
569
564
603
9,084
4,482
4,853
4,870
4,963
4,936
5,004
5,127
5,329
5,305
5,365
8,936
4,275
4,388
4,399
4,444
4,480
4,605
4,665
4,768
4,860
4,987

2,463
953
701
713
973
838
731

7,685
3,752
2,614
2,590
775
733
736

3,191
2,372
2,613
2,661
2,716
2,749
2,828

9,784 3,863
11,928 6,887
17,783 12,343
13,011
18,863 13,222
19,048 13,351
19,462 13,777
19,605 13,811
56 2,888 19,979 14,328
20,224 14,421
42 3,020 20,482 14,722

714 11, 515
330 4,857
120
126 6,364
125 2,728
99 2,671
58 2,796

730

455

790

700 2,957

736

450

447

3,069

1,456
1,451
1,474

195
364
141
153
138
126
128

1,257
758
556
564
787
668
555

2,145
1,044
717
702
220
209
215

169
157
132
132
121
124
130

322
162
85
95
99
77
41

1,768

120

611

188

133

44

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

1,801

103

320

188

137

32

426 6,815

13, 962
13,939
13,969 5,538

6,683
3,424
3,172
3,146
3,262
3,086
2,988
3,116
3,296
3,211
3,014

595
492
484
442
427
420

251
61
29
31
43
32

319
340
329

251
109
111
70
70
71

30

17

41

417

16

23

61

16

664
108

1,914
1,889
1,884

126
163
156
149
145
138

2,775
1,340
998
992
242
228
221

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

119
115
115

13

258
99
26
22
20
17
12

701

161

710

6,751
6,752
6,943
6,848
6,795

1,368
2,483
4,658
4,831
5,018
5,004
4,991
4,998
5,194
5,070
4,947

91
205
69
47
57
100
78

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

1,112
1,597
2,603
2,752
2,997
3,105
3,010

4,705 4,439
2,005
2,126 5,364
2,127 5,558
1,149 5,669
1,121 5,618
1,180 5,504
5,437
1,234 5,456
5,334
5,270

1,267
1,469
2,964
3,146
3,233
3,221
3,127
3,082
3,159
3,060
3,030

3,679
1,678
2,369
2,387
1,081
1,066
1,116

87

210 1,372

1,224

201
35
173
156
138
142
140

291
25
21
21
25
24
22
20

224 1,477

17

208 1,544

1,128
930
908
950
866
860
866
856
860
850
868

176

156

174

448
598
732
775
808

153

176

163

96
138
159
175
176
171
179
168
170
164
167

254

2,134

546

96
87
140
144
141
149
154
147
162
175
177

94
97
535
611
655
660
621

1,168

495

758
680
707
727
698
714
736
708
693
686

19
82
313
310
291
212
234

222 1,335

1,151

222
478
394
495
517
582
480
662
579
726
634

797 2,543

3
206
12
1
59
121
185

610
1,281
1,367
1,430
1,420
1,507
1,487
1,536
1,658
62 1,602

119

1,187

926
1,451
709
1,560 834
1,663 894
2,040 1,086
2,284 1,123
1,157
315 797 2,385 1,275
1,286
421 1,092 2,650 1,324

563 2,223

116
384
981
1,047
1,114
1,100
1,175
1,172
1,203
1,319
1,258

535
237
361
351
62
57

155

1,048
1,081
1,095

4,528
3,297
3,296
3,361
3,192
3,142
3,131
3,030
2,959
2,898
2,873

58
166
638 987
222 1,358
251 1,342
158 1,142
68 831
168 908

221

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

1,393
1,744
2,143
2,317
2,448
2,555
2,554
2,764
2,692
2,905

520
2,049
3,653
3,707
3,389
2,604
2,720

1,112
2,551
3,740
3,987
3,857
4,025
4,483
4,558
4,772
4,972
5,486

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

2,100

2,231
1,117
790
784
243
226

3,094
3,725
6,246 2,128
2,298
7,208 2,340
7,783 2,660
7,786 2,831
2,920
8,398 3,144
3,107
8,261 3,121

249
,113
316
313
286
303
441

2,944
4,011
6,298
6,556
6,691

63

819 3,339

87

839 3,~652"

171
299
715
766
732
585
563

1,106
1,657
1,770
1,893
1,978
1,870

31

431 1,972

36

1,849

122
126
109
108
135
155
172
139
134

718
743
740
823
889
909
972
963

579
596
597
643
683
699
725
719
695

897
890
928
981

627 2,546
581 1,549
878 1,522
903 1,509
982 1,453
1,001 1,397
1,025 1,351
1,058 1,297
1,061 1,236
1,076 1,197
1,097 1,144

1 Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April
1939, pp. 259-264, 332. Beginning June 30,1939, detailed classifications available on June and December dates only.
' Not shown in call reports prior to December 1938, but the total amount of agricultural loans was reported seDarately on some dates, and the
total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May 1937.
* 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.
8
Includes Treasury certificates of indebtedness through 1934.
•7 Breakdown of loans and investments not reported separately.
Central reserve city banks.
Backfigures.—SeeAnnual Report for 1937 (tables 52-58).

1294




FEDERAL RESERVE

BULLETIN

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Reserves
BalDewith
ances mand
Fed- Cash with
dedo- posits
eral
in
Re- vault mestic adserve
banks1 justed 2
Banks

Interbank
deposits5

Time deposits,
except interbank

IndiDomestic
Individvid- States
banks
Certiuals, States
uals,
and
fied
and
part- politIT. S. part- politand
Postal
nerForGov- nersavicai
offieign
ships, ioal
ern- ships, ical
sub- ings 4 De- Time banks
subcers' ment 4 and
and
mand
cor- divi- checks
cor- divipora- sions etc.s
pora- sions
tions
tions

Borrowings

Capital
accounts

Call date

Total-AU
Member Banks
2,374
2,235
8,004
8,193
8,694
9,112
10,011
11, 617
11, 604
12, 279
13, 751
827
846

3,517
3,743
4,104
4,582
4,975
5,929
5,915
6,386
7,072

558 2,168 16, 647 17, 526
405 2,008 12,089 11,830
712 4,084 20,893 19,816
775 3,937 21, 596 20,439
746 4,240 22, 293 21,119
777 4,403 22, 364 20,845
712 4,674 23, 587 22,448
774 6 5,304 25,118 23,983
841 5,506 25, 681 24,604
862 6 5,634 26,461 24,965
789 5,751 27,877 26, 397

1,335
1,087
2,314
2,080
2,386
2,467
2,532
2,390
2,321
2,499
2,529

1,681
657
662
538
547
533
790
666
563
558
475

143
806
543
707
790
775
694
675
743
725
711

12,267
7,803
10,874
10,789
10,846
10,940
11,063
11,104
11, 215
11,368
11,459

595
300
454
464
462
461
441
418
432
411
410

68
46
65
70
68
63
61
85
89
84
88

179 4,750 5,847
101 4,358 4,676
119 6,698 6,900
91 7,026 7,128
109 7,168 7,273
156 7,605 7,677
112 8,012 8,281
6
109 8,676 8,812
125 8,899 9,030
e 163 9,562 9,652
119 10, 235 10, 283

128
96
273
196
280
260
288
321
251
219
258

1,180
461
367
280
195
272
472
349
178
260
147

20
332
123
181
139
135
84
72
74
68
67

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

33
4
32
64
36
53
46
52
43
35
29

18
110

13
34
31
32
35
22
26
37
42
25
39

133
203
208
198
235
178
235
e 237
283
6
195
242

1,041

32
16
23
24
29
26
22
27
24
18
17

8
46
86
62
83
83
60
60
80
80
79

332
358
443
439
452
452
471
469
483
482
489

58
1
16
21
9
12
17
21
10
11
15

2
6

1,386
1,455
1,597
1,182
1,565
1,632
1,676
1,503
1,782

42
87
221
204
181
141
197
195
167"
133
199

156
122
300
322
321
342
318
323
348
364
334

947
1,002
1,951
1,862
1,940
2,106
2,210
6
2,485
2,485
6
2,632
2, 679

5,229 5,547
3,764 3,708
6,934 6,668
7,078 6,843
7,214 7,034
7,326 6,899
7,654 7,331
8,017 7,803
8,176 8,002
8,400 7,978
8, 774 8, 372

423
349
812
711
796
889
917
801
813
942
956

300
108
146
120
170
123
160
158
190
150
147

76
312
266
356
424
420
415
410
435
431
422

4,433
2,941
4,238
4,209
4,233
4,276
4,320
4,319
4,362
4, 386
4,422

321
203
316
351
322
350
307
329
363
389
328

908
702
1,806
1,786
1,956
1,963
2,117
6
2,473
2,614
2,645
2,711

5,711
3,054
5,738
5,908
6,224
6,183
6,255
6,677
6,866
6,954
6,969

742
555
1,008
969
1,128
1,176
1,130
1,073
1,090
1,205
1,115

169
72
126
114
154
114
135
131
172
131
164

39
116
68
108
143
137
136
133
154
147
143

6,390
3,833
5,499
5,488
5,509
5,557
5,619
5,632
5,677
5,757
5,816

122 3,517
788 3,057
83 6,096
70 6,088
61 6,510
68 6,816
59 7,097
51 e 8,243
51 8,507
52 6 8,717
59 8,852

95
89
135
130
132
133
142
6 142
144
6
145
134

698
146
331
466
511
629
607
6
757
759
6 737
703

879
191
11
12
6
7
5
5
3
2
3

6,709
4,837
5,368
5,410
5,424
5,467
5,496
5,530
5,522
5,562
5,608

40
22

597
128
291
411
442
553
524
6 670
695
6
672
650

179
8

2,105
1,582
1,587
1,589
1,593
1,592
1,586
1,587
1,592
1,601
1,599

1,198
1,255
2,514
2,498
2,687
2,731
2,992
6 3,573'3,542
e 3, 629
3,840

6

1
1

2

1

1929—Dec. 31
1933—June 30
1938—June 30
Sept. 28
Dec. 31
1939—Mar. 29
June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29
New York
City s
1929—Dec. 31
1933—June 30
1938—June 30
Sept. 28
Dec. 31
1939—Mar. 29
June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29
City of
Chicago 5

169
232
936
856
884
705
897

1,080
993
909

1,187

751
705

2,289
2,311
2,354
2,459
2,735
3,053
3,118
3,336
3, 759

627
452

1,263
1,282
1,353
1,367
1,403
1,555
1,578
1,648
1,733

957
912

1,523
1,585
1,688
1,250
1,666
1, 747
1,739
1,544
1,898

870

5,091
2,576
4,863
5,013
5,215
5,087
5,272
5,736
5,896
5,832
5,960

310
259
688
636
658
834
746
6
853
879
3
997
949

19

33
2
6
10
9
10
12
e 14
9
37
7

41

316
204
249
256
257
261
270
270
250
253
260

371
208
262
233
269
243
233
198
240
214
219

41 1,604
388 1,315
31 2,514
23 2,557
17 2,719
22 2,813
19 2,920
14 e 3, 307
14 6 3,516
12 3, 525
18 3,526

30
59
113
107
108
108
115
116
117
115
105

64
15
32
43
57
64
69
6 71
53
6
56
44

292
16

2

2,029
1,533
1,753
1,764
1,777
1,795
1,812
1,821
1,828
1,833
1,873

133
86
144
147
147
153
145
148
140
151
147

61
285
52
46
44
46
40
35
35
35
37

6
7
22
23
23
25
26

3
1
2
2
2
2
2
62
2
62
2

367
167
11
11
6
5
5
4
3
2
3

2,258
1,517
1,778
1,801
1,798
1,818
1,828
1,852
1,851
1,875
1,876

3
3
5
5

405
228
380
398
446
438
439
HS 509
571
6 566
538

6
6

H>27

26
6 29
29

1929—Dec. 31
1933—June 30
1938—June 30
Sept. 28
Dec. 31
1939—Mar. 29
June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29
Reserve City
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Sept. 28
Dec. 31
1939—Mar. 29
June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29
Country
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Sept. 28
Dec. 31
1939—Mar. 29
June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29

r Revised.
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.
6
Central reserve city banks.
« Partly estimated
Backfigures.—SeeAnnual Report for 1937 (tables 52-58).

DECEMBER

1940




1295

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS

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

Total
loans
and
invest- Total
ments

Date or month

Investments

Loans for
Compurchasing
meror carrying
cial,
securities
in- Open
Real Loans Other
dus- marestate to
Total
To
trial, ket
loans banks loans
and paper brokers
agriTo
and others
culdealtural

U. S. Government obligations

Other
Guar- securities
anBills Notes Bonds
teed

Total

Total—101 Cities
1939—October
1940—June...
July
August
September
October
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.

8,421
8,446
8,494
8,504
8,653
8,852

4,279
4,383
4,451
4,456
4,551
4,709

317
313
295
295
295
300

552
422
399
375
400
424

505
471
473
470
462
458

1,181
1,199
1,204
1,214
1,221
1,221

1,552
1,616
1,635
1,655
1,679
1,701

14,150
15,145
15, 293
15,636
15, 580
15, 577

10, 798
11,603
11,728
11,994
11, 897
11, 908

561
751
777
730
677

2,132
1,993
2,081
2,113
2,083
1,878

5,873
6,457
6,455
6,572
6,555
6,744

2,232
2,402
2,415
2,579
2,582
2,603

3,352

24,188 8,566
24,294 8,665
24, 284
24,166

4,480
4,571
4,578
4,575

294
296
296
295

390
392
404
415

463
460
462
462

1,219
1,220
1,222
1,223

1,672
1,676
1,685
1,684

15,622
15, 629
15, 592
15,477

11,957
11, 964
11,888
11,779

705
710
673
619

2,095
2,091
2,091
2,056

6,573
6,576
6,541
6,528

2,584
2,587
2,583
2,576

3,665
3,665
3,704
3,698

8,785
8,800
8,877
8,890
8,909

4,630
4,672
4,722
4,746
4,773

297
299
301
301
304

446
409
437
420
410

460
462
458
454
455

1,220
1,221
1,220
1,223
1,222

1,691
1,698
1,700
1,708
1,709

15, 544
15, 527
15, 525
15, 599
15,693

11,862
11,858
11,888
11, 934
12,001

628
662
689
702
736

2,112
1,814
1,811
1,816
1,834

6,540
6,796
6,783
6,799

2,582
2,586
2,605
2,617
2,627

3, 682
3,669
3,637
3,665
3,692

24, 729 9,008
24,871 9,086
24,944 9,110

4,827
4,895
4,908

304
300
299

450
452
455

452
456
454

1,222
1,228
1,226

1,717
1,720
1,729

15, 721 12,108
15,785 12,180
15, 834 12, 229

751
763
774

1,827 6,832
1,855 6,858
1,855 6,900

2,698
2,704
2,700

3,613
3,605
3,605

22, 571
23, 591
23, 787
24,140
24, 233
24, 429

4.
11
18
25

2....
9
16.
23
30

24, 329
24, 327
24,402
24, 489
24, 602

Nov. 6
Nov. 13
Nov. 20

3,542
8,565
3,642
3,683
3,669

New York City
375
377
378
384
391
388

5,643
6,500
6,622
6,802
6,828
6,770

4,437
5,207
5,285
5,407
5,381
5,356

358
396
392
334
312
319

1,035
1,060
1,038
971

2,168
2,540
2,570
2,641
2,655
2,638

1,123
1,282
1,288
1,372
1,376
1,428

1,206
1,293
"., 337
,395
,447
,414

392
393
390
387

6,834
6,852
6,858
6,768

5,398
5,418
5,394
5,314

323
330
319
274

1,047
1,046
1,045
1,014

2,655
2,668
2,654
2,645

1,373
1,374
1,376
1,381

,436
i,434
1,464
1,454

120
120
119
119
117

6,817
386 6,754
6,728
6,764
391 6,789

5,372
5,327
5,346
5,372
5,366

292
322
333
335
314

1,054
945
946
949
963

2,621
2,650
2,634
2,646
2,638

1,405
1,410
1,433
1,442
1,451

1,445
1,427
1,382
1,392
1,423

117
117
117

391
391
390

6,816
6,841

5,475
5,517
5,581

329
344
355

957
959
958

2,671
2,687
2,747

1,518
1,527
1,521

1,341
1,324
1,313

1,177
1,239
1,257
1,271
1,288
1,313

8,507
8,645
8,671
8,834
8,752

6,361
6,396
6,443
6,587
6,516
6,552

203
355
385
396
365
364

1,344
1,004
1,046
1,053
1,045
907

3,705
3,917
3,885
3,931
3,900
4,106

1,109
1,120
1,127
1,207
1,206
1,175

2,146
2,249
2,228
2,247
2,236

1,095
1,096
1,098
1,100

1,280
1,283
1,295
1,297

8,788
8,777
8,734
8,709

6,559
6,546
6,494
6,465

382
380
354
345

1,048 3,918
1,045 3,908
1,046 3,887
1,042 3,883

1,211
1,213
1,207
1,195

2,229
2,231
2,240
2,244

299
299
300

1,100
1,101
1,101
1,104
1,105

1,305
1,312
1,312
1,320
1,318

8,727
8,773
8,797
8,835
8,904

6,490
6,531
6,542
6,562
6,635

336
340
356
367
422

1,058
869
865
867
871

3,919
4,146
4,149
4,153
4,166

1,177
1,176
1,172
1,175
1,176

2,237
2,242
2,255
2,273
2,269

295
298
296

1,105
1,111
1,109

1,326
1,329
1,339

8,905
8,944
8,940

6,633
6,663
6,648

422
419
419

870
896
897

4,161
4,171
4,153

1,180
1,177
1,179

2,272
2,281
2,292

8,538
9,263
9,400
9,554
9,641
9,644

2,895
2,763
2,778
2,752
2,813
2,874

1,661
1,671
1,710
1,698
1,734
1,798

115
101
90
83
75
79

430
298
281
269
290
301

173
159
167
164
163
159

116
122
122
124
124
119

9,599
9,678
9,691
9,596

2,765
2,826
2,833
2,828

1,691
1,742
1,750
1,753

77
76
74
74

281
285
295
301

162
163
164
163

124
124
124
123

9,687
9,600
9,651
9,678

2,870
2,846
2,880
2,887
2,889

1,767
1,781
1,800
1,818
1,827

79
78
78
79
79

324
288
307
297
290

161
163
158
156
157

9,758
9,799
9,853

2,942
2,958
2,959

1,843
1,866
1,865

79
77

326
320
324

157
158
158

1939—October
1940—June
July
August
September
October

14,033
14,328
14,387
14, 586
14, 592
14, 785

5,526
5,683
5,716
5,752
5,840
5,978

2,618

2,712
2,741
2,758
2,817
2,911

202
212
205
212
220
221

122
124
118
106
110
123

332
312
306
306
299
299

1,065
1,077
1,082
1,090
1,097
1,102

Sept.
Sept.
Sept.
Sept.

4
11
18
25

14, 589
14, 616
14, 593
14, 570

5,801
5,839
5,859
5,861

2,789
2,829
2,828
2,822

217
220
222
221

109
107
109
114

301
297
298
299

2
9
16
23.
30

14, 642
14, 727
14, 794
14,838
14, 924

5,915
5,954
5,997
6,003
6,020

2,863
2,891
2,922
2,928
2,946

218
221
223
222
225

122
121
130
123
120

14, 971 6,066
15,072 6,128
15, 091 6,151

2,984
3,029
3,043

225
223
219

124
132
131

1939—October
1940—June
July
August-.
September
October
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Oct.

4
11_
18
25

_.

2
9
16
23
30

Nov. 6
Nov. 13
Nov. 20

43

Outside New York
City

Oct.
Oct.
Oct.
Oct.
Oct.

Nov. 6
Nov. 13
Nov. 20

-.

2,255

NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For
back figures see BULLETIN for November 1935 (pp. 711-738) or reprint. BULLETIN for December 1935 (p. 876), Annual Keport for 1937 (tables 65-67)
and corresponding tables in previous Annual Reports.

1296




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
DeBalwith Cash
mand
with
Feddein
eral vault
doposits
Remestic adserve
banks justed i
Banks

IndividCertiuals, States
fied
and
part- politand
neroffiical
ships, subcers'
and
divi- checks,
coretc.
sions
porations

Interbank
deposits

Time deposits,
except interbank

IndiDomestic
vidbanks
uals, States
and
U. S. part- polit- Postal
ForGov- nerical
sav-2
eign
ern- 2 ships, subings
banks
and diviment
De- Time
cormand
pora- sions
tions

Bor- Capital
rowacings counts

Date or month

Total 101 Cities
9,957
11,500
11,600
11,316
11,499
11, 856

482
499
491
498
504
505

3,062
3,262
3,214
3,163
3,235
3,309

18, 511
20,524
20,847
20,878
21,011
21, 442

18, 277
20,034
20,380
20,319
20, 595
21,040

1,302
1,494
1,455
1,466
1,421
1,490

411
402
411
360
396
423

526
561
475
506
507
507

5,040
5,127
5,141
5,155
5,175
5,180

197
183
178
182
179
172

7,722
8,361
8,310
8,258
8,465

123
113
111
111
111
111

793
688
676
684
679
681

3,719 1939—October
3,773 1940—June
3,774
July
3,783
August
3,784
September
3,797
October

11,418
11,471
11,490
11, 616

491
517
502
508

3,171
3,226
3,296
3,248

20,901
21,079
20,984
21,080

20,415
20,738
20,617
20,610

1,440
1,410
1,413
1,421

393
349
388
452

509
505
508
507

5,174
5,174
5,175
5,178

182
184
178
172

8,395
8,459
8,576
8,429

110
111
111
112

670
671
683
692

3,790
3,783
3,781
3,781

Sept.
Sept.
Sept.
Sept.

11, 646
11, 770
11,845
11,991
12,030

485
511
489
515
526

3,307
3,244
3,405
3,317
3,270

21,152
21,238
21, 317
21,643
21,858

20,741
20,754
21,277
21,162
21,266

1,463
1,430
1,396
1,510
1,651

425
402
436
423
431

508
507
508
507
506

5,187
5,178
5,181
5,182
5,171

170
173
170
172
175

8,623

111
111
111
111
111

678

8,845
8,656
8,596

3,793
3,796
3,796
3,798
3,803

Oct.
Oct.
Oct.
Oct.
Oct.

11,832
11, 878
11,973

520
545
517

3,339 21, 592 21,189 1,651
3,372 21,818 21, 662 1,589
3,332 21, 961 21, 654 1,571

509
557
473

510
504
505

5,188
5,190
5,189

193
192
191

8,818
8,850
8,836

112
113
111

667
667

3,816
3,823
3,822

Nov. 6
Nov. 13
Nov. 20

702
634
622
628
625
625

1,475 1939—October
1,500 1940—June
1,489
July
1,495
August
1,493
September
1,497
October

687

4
11
18
25

2
9
16
23
30

New York City
5,701
6,622
6,657
6,417
6,421
6,601

8,259
9,524
9,716
9,678
9,673

8,394
9,653
9,770
9,688
9,740

240
213

240
224
225
195
222
240

615
647
657
677

3,381
3,724
3,717
3,629
3,702
3,770

6,401
6,391
6,417
6,474

9,672
9,681
9,655
9,685

9,704
9,799
9,728
9,729

263
225
254
252

216
184
210
279

686
685
681
681

3,654
3,707
3,758
3,687

617
618
630
636

1,495
1,493
1,492
1,491

Sept. 4
Sept. 11
Sept. 18
Sept. 25

6,466
6,565
6,551
6,678
6,747

9,737
9,695
9,889
10,031

9,759
9,743
9,908
9,894
9,997

271
218
301
391

225
235
246
241
251

679
680
676

3,790
3,753
3,813
3,756
3,740

623
636
627
627
612

1,495
1,497
1,497
1,498
1,498

Oct.
Oct.
Oct.
Oct.
Oct.

6,627
6,626
6,710

9,853
9,951 10,073
10, 058 10,165

374
342
322

330
373
273

676
676
676

3,868
3,815
3,861

610
611
600

1,507
1,509
1,504

Nov. 6
Nov. 13
Nov. 20

278
249

2
9
16
23
30

Outside
New York City
4,256
4,878
4,943
4,899
5,078
5,255

402
417
410
416
420
421

2,989
3,179
3,132
3,084
3,154
3,227

10, 252
11,000
11,131
11, 200
11, 338
11,634

9,883
10,381
10, 610
10, 631
10,855
11,180

1,062
1,281
1,175
1,188
1,172
1,197

171
178
186
165
174
183

477
518
442
471
472
472

4,425
4,480
4,484
4,487
4,492
4,503

156
159
151
142
137
130

4,341
4,637
4,593
4,629
4,763

122
113
111
111
111
111

2,244 1939—October
2,273 1940—June
2,285
July
2,288
August
2,291
September
2,300
October

5,017
5,080
5,073
5,142

407
432
420
424

3,090
3,146
3,214
3,166

11,229
11,398
11, 329
11,395

10, 711
10,939
10,889
10,881

1,177
1,185
1,159
1,169

177
165
178
173

474
470
473
472

4,488
4,489
4,494
4,497

138
139
138
132

4,741
4,752
4,818
4,742

110
111
111
112

2,295
2,290
2,289
2,290

Sept. 4
Sept. 1
Sept. 11
Sept. 28

5,180
5,205
5,294
5,313
5,283

404
427
409
432
436

3,225
3,162
3,320
3,237
3,190

11,464
11, 501
11, 622
11, 754
11, 827

10, 982
11,011
11, 369
11, 268
11, 269

1,180
1,159
1,178
1,209
1,260

200
167
190
182
180

472
472
473
472
471

4,502
4,499
4,501
4,506
4, 505

130
133
131
128
131

4,833
4,855
5,032
4,900
4,856

111
111
111
111
111

2,298
2,299
2,299
2,300
2,305

Oct.
Oct.
Oct.
Oct.
Oct.

5,205
5,252
5,263

430
454
427

3,256 11, 739 11, 281 1,277
3,287 11,867 11, 589 1,247
3,248 11, 903 11, 489 1,249

179
184
200

474
469
470

4,512
4,514
4,513

148
147
149

4,950
5,035
4,975

112
113
111

2,309
2,314
2,318

Nov. 6
Nov. 13
Nov. 20

2
9
16
23
30

i Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection
« U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.

DECEMBER

1940




1297

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]

Federal Reserve
district and date
(1940)

Boston (6 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
New York (8 cities)*
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Philadelphia (4 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Cleveland (10 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Richmond (12 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Atlanta (8 cities)
Oct. 30
Nov. 6
Nov. 13
:.
Nov. 20
Chicago (12 cities)*
Oct. 30
Nov. 6
Nov. 13
Nov. 20
St. Louis (5 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Minneapolis (8 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Kansas City (12 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Dallas (9 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
San Francisco (7 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
City of Chicago*
Oct. 30
Nov. 6
Nov. 13
Nov. 20

Total
loans
and
in- Total
vestments

Commercial,
in- Open
dus- martrial, ket
and paper
agricultural

Loans

Investments

Loans for
purchasing
or carrying
securities

U. S. Government obligations

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

1,213
1,227
1,239
1,233

632
637
646
648

314
319
326
323

12
12
13
17

18
17
18
17

10, 555
10, 630
10, 675
10,736

3,250
3,302
3, 321
3,321

1,951
1,967
1,991
1,990

295
330
324
328

206
206
208
207

1,204
1,206
1,210
1,205

478
480
480
479

228
230
231
231

22
22
21
21

1,941
1,941
1,938
1,949

736
740
742
742

299
301
303
303

736
737
738
739

291
294
297

134
136
137
138

671
680
684

342
348
352
359

3,523
3,513
3,557
3,548

1,028
1,041
1,061
1,059

176
180
183
188
624
632
647
649

733
738
746
735

346
349
354
360

423
425
426
432

Total

Bills Notes Bonds

138
138
139
139

581
590
593
585

457
468
473
468

22
22
23
24

38
37
38
39

195
195
196
196

491
491
491
490

7,305
7,328
7,354
7,415

5,718
5,825
5,868
5,941

315
330
344
355

1, 003
997
1,002
1,001

32
32
33
34

50
50
51
50

108
108
108
107

726
726
730
726

456
457
457
452

17
18
18
17

24
24
24
24

181
181
182
182

206
207
206
207

1,205
1.201
1,196
1,207

12
12
11
11

3
3
4
3

14
14
14
15

47
47
48
47

81
82
83

2
2
3
3

6
7
6
7

10
10
11
10

33
33
33
33

43
43
42
40

33
36
41
37

197
199
203

9
9
10
10

211
213
214
219

109
111
113
115

719
725
730
735

323
328
332
335

560
566
571
575

Other
Guar- secuan- rities
teed

343
352
355
349

54
57
57
56

124
122
120
117

2,872
2,900
2,914
2,979

1,528
1,598
1,608
1,606

1,587
1,503
1,486
1,474

92
90
86
90

270
269
273
274

923
919
931

27
144
138
138
138

335
339
343
335
638
638
635
637

137
140
140
139

277
278
277
276

445
443
441
441

378
376
375
374

117
117
132
132

200
200
186
185

56
53
52
53

67
67
66
67

114
115
115
116

329
332
332
332

217
219
218
217

36
37
35
35

112
113
114
113

127
127
128
128

133
135
136
140

2,495
2,472
2,496

259
264
268

1,102
1,080
1,093
1,092

273
270
271
271

560
559
565
568

4
4
4
4

58
58
58
58

64
65
65
65

2,489
387
389
392
375

1,935
1,913
1,931
1,921

276
279
281
263

160
160
162
149

72
73
73

111
110
111
112

3
3
3
3

1
1
1
1

12
12
12
12

79
79
78
81

212
212
212
213

170
170
171
171

121
121
121
121

42
42
41
42

191
195
198
200

22
21
21
21

3
3
4
4

31
31
31
31

396
397
398
400

263
264
265
265

94
94
93
93

133
133
133
135

290
292
296
299

193
197
199
201

2
2
2
2

3
3
3
4

23
23
24
24

55
54
55
55

270
274
275
276

211
214
215
216

37
38
38
37

95
98
99
101

2,324
2,341
2,357
2,366

984
991
991

357
360
364
362

13
13
13
13

11
11
13
12

385
385
385
385

1,342
1,357
1,366
1,375

992
1,000
1,007
1,010

2
2
2
2

66

2,326
2,321
2,344
2,331

645
654
669
667

455
459
470
472

22
23
22
21

28
30
36
32

19
19
19
19

174
175
176
178
63
64
65

1,681
1,667
1,675
1,664

1,318
1,304
1,307
1,294

299
297
296
287

135
134
135
137

732
737
743
746
779
768
771
766

29

301
299
299

112
113
114
115

45
45
45

59
60
60
60

192
195
196
196

350
357
359
365

105
105
105
104

363
363
368
370

* Separatefiguresfor New York City are shown in the immediately preceding table, and for the city of Chicago in this table. Thefiguresfor
the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.

1298




FEDERAL RESERVE

BULLETIN

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES

[In millions of dollars]
Demand deposits,
except interbank
Bal- Dewith Cash ances mand
Fedwith
dein
eral vault do- posits
Remestic adbanks justed)
serve
Banks

Individuals,
partnerships,
and
corporations

States
and
political
subdivisions

Time deposits,
except interbank

Certified U.S.
and
offi- Govern-2
cers' ment
checks
etc.

Individuals,
partnerships,
and
corporations

Interbank
deposits

Domestic
banks
States
Bor- Capand
row- ital
acFor- ings counts
polit- Postal
ical
eign
saV'
sub- ings
banks
Dedivimand Time
sions

653
654

145
145
147
145

188
194
198
190

1,410
1,395
1,378
1,372

1,318
1,313
1,336
1,325

145
139
114
111

20
21
22
21

12
12
11
12

230
230
230
230

391
401
392

20
22
20
21

247
248
248
248

6,919
6,811
6,801
6,879

110
111
114
110

226
238
242
240

10,745
10, 586
10,688
10,809

10,549
10,467
10, 643
10, 728

572
578
548
542

270
349
390
296

53
54
53
53

1,032
1,043
1,043
1,041

3,819
3,950
3,897
3,942

613
611
612
601

1,623
1,632
1,634
1,630

507
500
513
521

23
22
25
23

223
227
228
222

1,038
1,028
1,047
1,047

1,045
1,050
1,068
1,075

54
52
59
50

47
47
47
47

257
257
257
255

449
456
458
453

5
5
5
5

215
216
217
218

753
756
762
767

49
47
52
48

371
365
378
363

1,531
1,522
1,530
1,541

1,495
1,479
1,535
1,518

124
120
117
114

43
43
43
43

720
720
722
720

454
457
468
457

1
1
1
1

383
384
384
384

223
228
238
228

25
25

256
265
267
261

560
567
570
568

552
572
576
569

51
50
50
48

32
33
32
32

201
202
202
201

338
348
358
343

143
142
146
143

202
201
202
205

434
432
438
447

423
423
444
443

66
63
62
63

41
41
41
41

186
186
186
187

308
314
311

1,606
1,542
1,575
1,580

587
614
602
602

3,009
2,940

2,827
2,811
2,886
2,850

320
309
310

130
130
130
130

962
964
966
969

1,304
1,323
1,346
1,326

246
242
240
261

186
188
191
190

524
519
524
523

533
539
554
544

39
41
42
42

13
13
13
13

189
189
189
189

367
374
383

113
115
120
112

122
124
126
124

333
329
339
334

297
304
297

61
64
64
65

1
2
1
1

117
117
116
117

160
168
168
167

60
61
61
61

195
197
202
200

305
303
310
305

557
555
575
567

546
555
582
571

71
63
64
67

18
19
18
18

143
144
144
144

422
428
427
431

107
106
107
107

142
144
152
142

287
291
296

506
497
516
515

491
508
499

49
54
56
54

32
32
32
32

126
126
126
126

267
283
283
280

471
473
476
486

316
333
337
334

1,211
1,222
1,232
1,252

1,192
1,192
1,226
1,235

107
104
105

84
84
83
83

1,008
1,010
1,009
1,010

328
332
347
345

380
380
381
381

1,239
1,198
1,225
1,228

264
272
273
276

2,039
1,994
2,028
2,027

1,943
1,930
1,975
1,951

191
185
186
185

494
494
494
494

1,017
1,007

261
263
263
263

100
98
100
102
96
96
96
408
410
410
410

96
96

Federal Reserve
district and date
(1940)

Boston (6 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
New York (8 cities) *
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Philadelphia (4 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Cleveland (10 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Richmond (12 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Atlanta (8 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Chicago (12 cities)*
Oct. 30
Nov. 6
Nov. 13
Nov. 20
St. Louis (5 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Minneapolis (8 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Kansas City (12 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
Dallas (9 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
San Francisco (7 cities)
Oct. 30
Nov. 6
Nov. 13
Nov. 20
City of Chicago*
Oct. 30
Nov. 6
Nov. 13
Nov. 20

* See note on preceding page.
1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.

DECEMBER

1940




1299

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding

End of month

HelcI by

Commercial
paper
outstand-

Total
outstand-

ing i

ing

1939—July

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

June
July *
August
September
October

Federal Reserve
Banks

Accepting banks

Own
bills

Total

Based on

ImFor acports Exports Dollar
excount
of
from
Others
into
For foreign
Bills
United United change
ac- correStates
States
bought own
count spondents

194
201
209
205
214
210

236
235
216
221
223
233

188
191
177
179
172
175

119
128
115
111
103
105

69
63
62
67
69
70

219
226
233
239
234
224
232
245
251
252

229
233
230
223
214
206
188
182
177
187

179
188
184
178
171
166
152
148
142
149

111
123
121
118
113
112
103
103
100
96

68
65
63
61
58
54
49
44
42
53

0)

Goods stored in or
shipped between
points in
United
States

Foreign
countries

48
44
39
42
51
57

75
79
78
85
96
103

41
40
40
40
37
39

19
18
18
18
16
16

39
40
43
46
50
54

61
59
36
32
24
22

50
45
46
45
43
40
36
34
35
38

101
95
90
86
78
79
75
80
80
91

38
44
47
45
47
43
32
24
22
20

16
15
14
13
12
13
13
11
11
11

51
51
49
46
41
36
35
38
35
37

23
27
30
33
34
34
32
29
28
28

i As reported by dealers; includes some finance company paper sold in open market.
* Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances

Debit
Customers' balances in
partners'
debit
investment
balances
and trading
(net) i
accounts

End of month

1935—December

- -

Credit balances

Debit
balances in
firm
investment
and trading
accounts

Customers'
credit balances»
Cash on
hand
and in
banks

Money
borrowed J

Free

Other
(net)

Other credit balances
In
In
partners'
firm
In
investinvestcapital
ment and ment and accounts
trading trading
(net)
accounts accounts

1,258

75

135

179

930

286

79

24

10

410

1936—June

1,267
1,395

67
64

164
164

219
249

985
1,048

276
342

86
103

24
30

14

420
424

1987—June
December.

1,489
985

55
34

161
108

214
232

1,217
688

266
278

92
85

25
36

13
10

395
375

1033—June
December

774
991

27
32

88
106

215
190

495
754

258
247

89
60

22
22

11
6

298
305

1939—June
September
October
November
December

834
856
894
914
906

25
20
21
20
16

73
64
72

570
520
577
623
637

230
305
289
272
266

70
87
76
69

21
22
21
21
23

0

78

178
217
200
195
207

280
283
284
282
277

1940—Jftn n ftry

886
893
886
910
702
653
642
631
635
653

15
16
15
15
12
12
12
12
12
12

70
72
78
72
67
58
64
56
57
70

198
195
186
192
239
223
213
215
218
203

602
616
615
626
459
376
376
368
370
381

262
253
247
252
251
267
261
256
268
269

71
74
70
73
68
62
62
57
56
58

22
23
21
21
22
22
22
21
20
20

February.
March
April
May
Jrme
July ,
August
September
October

_

77

67

12

11
9
8

7
6
7
7
9
6
0
6
5
5
5

272
271
270
271
274
269
264
260
255
253

firms'
own partners.
1
Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of thesefiguressee "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Backfigures.—SeeBULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).

1300




FEDERAL RESERVE BULLETIN

OPEN-MARKET RATES IN NEW YORK CITY

COMMERCIAL LOAN RATES

[Per cent per annum]

AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES

Prevailing rate * on—

Prime Prime
com- bankmercial ers'
paper, accept4 to 6 ances,
on
yu
months days

Year,
month, or
week

Stock
exchange
time
loans,
90
days

1937 average. —
1938 a v e r a g e . „
1939 average. __

.95
.81
.59

.43
.44
.44

1.25
1.25
1.25

1939—Oct

.69
.63
.56
.56
.66
.56
.66
66
.56
.56
.56
.56
.56

.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44

1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25

Nov
Dec

1940—Jan. _
Feb

Mar
April...,
May
June
July
Aug
Sept

Average rate o n -

[Per cent per annum]

AverU. S. TreasStock
ury bills yield of
ex3-to-5
change
year
call
New
91U.S.
loan issues day Treasofredeal- ury
new- fered
ers'
notes
als within quoperiod 3 tation
1.00
1.00
1.00
j nn
LOO
LOO
LOO
LOO
LOO
LOO
LOO
LOO
LOO
LOO

.447
.053
.022

.28
.07
.05

1.40

.028
.018
.012
.001
.004

05
.05
.04
.01
.02
.02
.02
.06
.10
.05
.04
.05
.02

.77
.64
.51
.47
.46
.42
.45
.65
.76
.57
.58
.48
.43

.003
.042
.071
.009
.019
.021

.83
.59

tal
ities

New

York
City

7 other 11 SouthNorthern and ern and
Eastern Western
cities
cities

_.

3.45
2.93
2.68
2.59
2.53
2.78

2.45
1.76
1.72
1.73
1.69
2.07

3.71
3.39
3.04
2.88
2.75
2.87

4.32
3.76
3.40
3.25
3.26
3.51

Monthly figures
1938—January
February
March
April
May
June
July....
August
September...
October
November __.
December

2.60
2.49
2.48
2.48
2.48
2.56
2.57
2.52
2.53
2.57
2.49
2.60

1.70
1.70
1.65
1.70
1.70
1.70
1.70
1.67
1.70
1.70
1.70
1.70

2.92
2.65
2.64
2.60
2.64
2.78
2.78
2.71
2.74
2.90
2.68
2.95

3.28
3.21
3.28
3.25
3.20
S.31
3.35
3.28
3.26
3.21
8.20
3.23

1934 average
1935 average
1936 average
1937 average
1938 average
1939 average i

1.73
2.64
2.97
1939—January
3.32
2.52
1.70
2.69
3.26
February
Quarterly
figures
Week ending:
2.13
2.95
3.05
1939—March
3.77
.02
.40
Vie
(4)
IH
1.00
Nov. 2—
June
2.91
2.15
3.05
3.62
.02
.35
Vie
IH
.003
1.00
Nov. 9_— VT-V%
September
_..
2.68
2.04
2.78
3.31
.02
.32
Vie
.003
1.00
Nov. 1 6 IX
December
2.59
1.96
2.59
3.32
.02
.32 1940—March
Vie
.004
1.00
Nov. 2 3 - Vr%
IK
2.65
2.03
2.67
3.35
June
2.59
2.00
2.49
3.38
September.._
i Monthlyfiguresare averages of weekly prevailing rates.
2.68
2.14
2.56
3.43
* Series comprises 273-day bills to October 15, 1937, bills maturing
about March 16,1938, from October 22, to December 10,1937, and 91-day
i Averages for 1939 and quarterly figures are on revised basis and are
bills
thereafter.
therefore not strictly comparable with the earlier series of annual and
8
Rate
negative.
monthly
figures.
4
Rate negligible.
Backfigures—SeeNovember 1939 BULLETIN, pp. 963-969 for descripBack figures—Sea Annual Report for 1937 (tables 43 and 44). Figures
tion and for back figures.
for Treasury bills and Treasury notes available on request.
Oct

1.66
1.00

(3)

BOND YIELDSl

[Per cent per annum]
Corporate 4
U. S.

Treas-

Year, month, or week

Number of issues
1937 average
1938 average
1939 average
1939—October

November
December

_

__

1940—January

February .
March
April

_

May

June
July
August
September
OctoberWeek ending:
Nov. 2.

__
_ __ ._ __

Nov. 9.
Nov 16
Nov. 23

Municipal 3

By groups

By ratings
Total

Aaa

Aa

A

Industrial

Baa

Railroad

Public
utility

2-6

15

120

30

30

30

30

40

40

40

2.68
2.56
2.36

3 10
2.91
2.76

3.94
4.19
3.77

3.26
3.19
3.01

3.46
3.56
3.22

4.01
4.22
3.89

5 03
5.80
4.96

3 55
3.50
3.30

4.34
6.21
4.63

3.93
3.87
3.48

2.60
2.46
2.35
2.30
2.32
2.25
2.25
2.38
2.39
2.28
2.25
2.18
2 10

3.08
2.69
2 56
2.54
2.60
2.58
2.56
2.81
2.85
2.54
2.49
2.44
2 32

3.83
3.70
3.69
3.63
3.60
3.58
3.54
3.65
3.72
3.57
3.55
3.50
3.46

3.15
3.00
2.94
2.88
2.86
2.84
2.82
2.93
2.96
2.88
2.85
2.82
2.79

3.35
3.16
3.14
3.08
3.05
3.04
2.99
3.08
3.10
3.01
3.03
3.01
3.01

3.94
3.78
3.74
3.69
3.68
3.65
3.59
3.65
3.70
3.57
3.55
3.52
3.48

4.88
4.85
4 92
4.86
4.83
4.80
4.74
4.94
5.11
4 80
4.76
4.66
4 56

3.43
3.25
3.21
3.14
3.12
3.09
3.05
3.20
3.25
3.15
3.12
3.10
3.06

4.61
4.44
4.47
4.39
4.37
4.37
4.33
4.46
4.57
4.32
4.30
4.23
4.15

3.57
3.41
3.38
3.35
3.33
3.29
3.24
3 30
3.33
3 23
3.23
3.19
3 18

2.08
2.00
1 96
1.94

2.26
2.23
2 18
2.15

3.45
3.43
3.40
3.39

2.79
2.78
2.76
2.74

3.00
2.99
2.96
2.95

3.46
3.44
3 41
3.39

4.54
4.52
4 47
4.47

3.04
3.03
2 99
2.97

4.13
4.11
4.07
4.05

3.18
3.17
3 15
3.14

J Monthly and weekly data are averages of dailyfigures,except for municipal bonds, which are based on Wednesday figures.
» Average of yields of all outstanding bonds due or callable after 12 years.
»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 4, and the railroad Aaa group from 10 to 5.
Backfigures.—SeeAnnual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request.

DECEMBER

1940




1301

BOND PRICES1

Year, month, or date

U. S.
Treas- Municury a
ipal

Number of issues

2-6

15

100.9
102.5
105.2

110.3
113.7
116.3

STOCK MARKET
3

Corporate

Indus- Rail- Public
trial road utility

Total

20

20

Year, month, or
date

Preferred 2

20

100.4
58.6
420
32
95.3 Number of issues _.
40
20
348
58.0
100.9
136.2
112
131
1,519
1937 average
1939—October
102.0
86.4
110.7
82.9
61.6
100.5 1938 average
83
99
1,100
_ 135.6
103.8
November87.0
117.5
83.0
60.2
101.8 1939 average
141.2
105
973
105.3
December..
86.8
119.9
82.1
58.0
101.6
106.0
1940—January.
87.3
120.2
82.4
58.2
101.8 1939—October
113
1,050
137.7
105.7
February..
87.3
119.1
82.2
57.8
101.6
111
907
November. __ 140.7
106.7
March
87.3
119.7
82.1
57.2
101.8
108
808
December. _. 141.4
106.7
April
87.5
119.8
82.5
58.2
101.7 1940—January
109
678
_ 143.0
142.9
104.9
May
85.3
115.3
79.4
53.5
99.3
107
654
February
104.8
June
84.7
114.6
78.5
52.0
98.7
108
740
March
_ 141.8
142.3
106.3
July
86.3
120.4
81.2
57.1
100.2
109
1,131
April
138.2
106.7
August
86.8
121.2
81.5
57.5
100.2
97
1,651
May
133.2
107.7
September87.8
122.3
82.7
59.7
100.6
85
708
June
136.9
108.8
October.. ._
89.2
124.6
83.6
61.0
100.6
87
310
July
137.3
89
317
August..
Oct. 30
109.1
125.7
83.5
89.7
60.4
100.4
94
553
September.._ 139.1
140.4
Nov. 6
110.2
100.2
126.3
83.5
89.8
60.4
94
599
October
100.8
Nov. 13
110.8
127.2
84.2
90.5
61.5
100.4
Nov. 20
111.1
127.9
83.7
90.3
60.4
140.2
95
Oct. 30
95
140.6
1,678
Nov. 6
99
1.236
Nov. 1 3 . . . .
141.5
i Monthly data are averages of dailyfiguresexcept for municipal bonds,
96
692
Nov. 20
78
142.8
which
are averages of Wednesday figures.
3
Prices derived from yield figures on basis of a 2% per cent, 16 year
bond. For description see November 1940 BULLETIN, pp. 1179-1180.
* Standard Statistics Co. Monthly data are averages of Wednesday
Prices expressed in decimals. Weekly data are averages of daily figures figures.
•
for8 week ending on Saturday following date shown.
* Average prices of industrial high-grade preferred stocks, adjusted to a
Prices derived from average yields, as computed by Standard Sta- $71annual dividend basis.
tistics Co.
Average daily volume of trading in stocks on the New York Stock
Back figures—See Annual Report for 1937 (table 79). For U.S. Treas- Exchange. Weekly figures are averages for the week ending Saturday.
ury bonds see November 1940 BULLETIN.
Backfigures.—Forstock prices, see Annual Report for 1937 (table 79)
1937 average
1938 average
1939 average

93.4
78.9
81.6

Volume of
trad-3
Common (index, 1926=100)
ing
(in
thouIndus- Rail- Public sands of
road utility shares)
trial
Total
Stock prices *

90.1
82.9
86.0

CAPITAL ISSUES
[In millions of dollars]
]For

Total
(new
and

Year or
month

1930
1931
1932
1933
1934
1935
1936
1937
1938
1939

.

re-

funding)

7,619
4,038
1,751
1,063
2,160
. 4,699
6,214
3,937
4,449
5,839

1939— Oct
Nov....
Dec
1940—Jan
Feb.
Mar....
Apr
May....
June
July....
Aug
Sept....
Oct

743
218
335
287
451
241
345
250
226
690
281
225
710

Total
(domestic
and
forTotal
eign)

6,912
3,095
1,197

6,004
2,860
1,165

Total
(doFor- mestic
eign » and
Total
forBonds
eign)
and Stocks
notes

State
and
munici-

Federal
agencies i

1,434
1,235

87
75
77
64
405
150
22
157
481
924

4,483
1,551

2,980
1,239

325
161
178
404

873
382

305
40
144
334
839
817
807
286

311
20
120
35
69
352
408
67
97

276
0
0
0
1
6
6
3
2
289
0
0
112

20
22
31
35
45
31
54
89
9
45
68
68
47

14
15
21
19
43
16
31
80
8
43
53
64
21

6
6
9
16
3
15
23
10
2
2
15
4
26

pal

1,386
1,457
1,972
2,138
2,360
2,287

1,386
1,409
1,949
2,094
2,325
2,237

338
89
98
94
104
71
118
122
82
396
129
111
257

338
89
98
94
104
70
118
122
82
396
129
111
257

42
67
68
59
58
34
58
30
70
62
61
43
98

708

Domestic

Domestic

762
483
803
855
735
712
971
931

720

For refunding

new capital

Corporate
Total

1,192
1,225

1,503

908
235
32
12

706
944
554
343
774

527
893
498
283
765

State
and
munici-

Federal
agencies i

0
51
93
26
317
987
353
281
665

pal

48
23
44
35
50

3,242
4,242
1,799
2,089
3,552

3,216
4,123
1,680
2,061
3,464

53
21
87
37
136
365
382
191
129
195

0
0
0
0
0
1
0
0
0
0
1
0
0

404
130
237
193
347
169
227
128
145
294
152
115
453

403
130
237
193
347
169
227
128
145
294
152
112
453

10
13
22
26
114
49
18
20
13
20
13
23
80

o

Corporate
Total
474
821
319
219
312

Bonds
and Stocks
notes
451
789
315
187
312

1,782
3,187

1,537

1,864
3,387
1,209
1,267
1,732

235
26
19
29
22
17
17
25
29
48
28
26
28

157
91
196
137
211
104
192
83
102
226
111
62
345

157
88
189
102
196
90
154
83
102
223
107
61
332

856

1,236
1,595

23
32
4
32
0
81
200
352
31
137

3
7
36
14
14
38
0
(3)
3
4
1
14

Foreign 2

179
51
56
60
9
26
119
119
28
88
2
0
0
0
0
0
0
0
0
0
0
3
0

i Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
»Includes issues of noncontiguous U. S. Territories and Possessions.
* Less than $500,000.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject
to revision.
Back figures—See Annual Report for 937 (table 78).

1302




FEDERAL RESERVE BULLETIN

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT OBLIGATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
Noninterestbearing

Interest-bearing
Publicly-offered 1

Total
gross
debt

End of month

AdSocial
justed
seservice3 curity4
issues issues

Bonds

Total
interest Total
bearing

Prewar

TreasU. S.
ury 2 savings

1932—June
1933—June
1934—June
1935—June
1936—June
1937—June
1938—June
1939—June.

19,487 19,161
22, 539 22,158
27,053 26,480
28,701 27,645
33,779
36,425 35,800
37,165 36, 576
40,440 39,886

18,816
621,
782
6
26,006
26,910
31,297
33, 734
33,463
35, 715

753
753
753
753
79
79
79
79

13,460
13,417
15, 679
14,019
17,168
19, 936
21,846
25,218

1939—September
October
November.
December.
1940—January _._
February..
March
April
May
June
July
August
September.
October ___

40,858
41,036
41, 305
41, 942
42,110
42, 365
42, 540
42, 658
42,808
42, 968
43, 771
43, 905
44,073
44,137

40,342
40, 526
40,807
41,445
41,601
41,839
41, 983
42,117
42, 253
42, 376
43,186
43, 317
43,480
43, 560

35,886
36, 026
36,123
36,826
36,957
37,097
37,127
37, 236
37,285
37, 223
37, 957
38,009
38,045
38, 089

79
79
79
79
79
79
79
79
79
79
79
79
79

25,218
25,218
25,218
26.896
26.897
26,908
26,908
26,908
26, 555
27, 226
27, 236
27, 235
27, 960

62
316
800
1,238
1,868
2,051
2,092
2,140
2,209
2,473
2,610
2,707
2,818
2,905
2,966
3,008
3,044
3,084

Notes

Bills

1,261
4,548
6,653
10,023
11,381
10,617
9,147
7,243

616
954
1,404
2,053
2,354
2,303
1,154
1,308

105
92
118
156
1,071

7,232
7,232
7,232
6,203
6,203
6,203
6,125
6,125
6,125
6,383
6,384
6,384
6,384
5,660

1,306
1,405
1,454
1,455
1,307
1,308
1,309
1,306
1,304
1,302
1,302
1,303
1,303
1,307

795
791
791
789
787
785
784
782
780
797
773
771
771

All
others

Matured
debt

Other

19
579
1,601
2,511

240
284
356
580
601
560
644
820

60
66
54
231
169
119
141
142

266
315
518
825
620
506
447
411

2,746
2,796
2,981
3,021
3,049
3,152
3,269
3,282
3,363
3,528
3,536
3,622
3,751
3,777

915
912
911
809
807
805
803
816
824
829
920
915
913
925

112
109

404
401
400
398
395
394
392
391
389
386

114
132
165
150
166
205
198
205
212
197

1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System.
Includes Liberty bonds.
Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series
and of certificates to the adjusted service fund.
4
Includes special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account.
6
Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation.
6
Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000, 1933—$2,108,000,000; 1934—$1,517,000,000.

2
3

MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS
OCTOBER 3 1 , 1940

FJLLY GUARANTEED OBLIGATIONS, BY AGENCIES »
[In millions of dollars]

[In millions of dollars]
Maturing
Date maturing
or callable

1940—Nov
1941 Jan
Apr
July
Oct
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951 . .
1952
1953
1954
1955
1956
1958
1959
196O._
1961
1963
1965_._.

1-Dec 31
1-Mar 31
1-June 30
1-Sept. 30
1-Dec 31

__
.
_

Bonds
callable 1

Bonds
Total

814

1 182
504
834
204

1,001
1,874
1,214
2,833
1,850
2,794
1,983
1,640
1,436
1,223
2,436
2,904
2 663
1 480
1,170
982

2,611
50
919
1,485

Bills

801
505

Notes

U S
Savings

Other

12
677
504

545
834

834

204

1,001
1,330
1,214
718

545
173
316
412
496
822

2 865

1,941
1,534
2,383
1,487
819
571

1,223
2,436
2,904
2,663
1,480
1,170
982

2,611
50
919
1,485

End of
month

1934—June
Dec.
1935—June
Dec...
1936—June
Dec. _
1937_june
Dec.._
1938—June..

Total

681

3,063
4,123
4,494
4,718
4,662
4,665
4,645
4,853
Dec. 4,992
1939—June. . 5,450

1,855
2,555 1939—Aug... 5,583
1,755
Sept.. 5,455
2,359
Oct... 5,448
1,473
Nov. _ 5,707
2,246
Dec... 5,703
2,278 1940—Jan... 5,699
1,186
F e b . . . 5,673
Mar. _ 5,663
3,500
Apr.__ 5,656
May.. 5,535
725
681
June.. 5,528
J u l y . . 5,526
2,611
Aug... 5,811
982
919
Sept.. 5,809
Oct.
5,810
1,485

ComReconU. S.
Federal
Home
Farm
Owners' struction modity HousFinance Credit
ing
Mortgage Loan
Corpora- Corpora- Corpora- Corpora- Authortion
ity
tion
tion 2
tion
312
980

134

1,226
1,387
1,422
1,422
1,422
1,410
1,410
1,388
1,379

1,834
2,647
2,855
3,044
2,988
2,987
2,937
2,937
2,888
2,928

1,379
1,279
1,279
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269

2,858
2,830
2,823
2,817
2,813
2,809
2,783
2,770
2,763
2,641
2,634
2,631
2,626
2,623
2,621

235
249

250
252
252
252
255
297
299
509
820
820
820
820

1,096
1,096
1,096
1,096
1,096
1,096
1,096
1,096
1,096
1,096
1,097
1,097

206
206
206

114

409
409
409
407
407
407
407
407
407
407
407
407
696
696
696

114
114
114
114
114
114
114
114
114
114
114
114
114
114
114

50

i Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the
public debt. The total includes guaranteed debentures of the Federal
38,089 1,307 5,660 3,084 28,039 28,039 Housing Administrator, amounting to $12,300,000 on October 31, 1940.
Total
_
2 Excludes obligations guaranteed as to interest only. For August 1939
i Excludes U . S . savings bonds. Other bonds in the amount of $2,606,- and subsequent months includes matured bonds not presented for retire000,000 not callable prior to maturity are shown as of date of maturity. ment amounting to $19,000,000 on October 31, 1940.
2 Includes unclassified U. S. savings bonds.

DECEMBER

1940




1303

SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts
Receipts
Period

Misstall a
ceua- Social
in- neous secur- All
come inter- ity other
taxes nal taxes
revenue
Tn

Trust Increase or deaccrease during
counts
period
etc.,»
excess
AgriExcess of reculUn- Transof ex- ceipts
•vrAf
Napendi- (+) or Genem- fers to
Intertural
1 CHiU
XN6t
tional Ad- ploy- trust
est
All
exeral Gross
tures
Totali
rereon
dejust- ment
pendi- fund debt«
ac- other
ceipts ceipts i debt
fense ment
tures
balre- counts
Prolief
(-)
ance^
etc.»
gram
Expenditures (excl. debt retirements)

Fiscal year
ending:
June 1938—_ 2,640
June 1939.,. 2,189
June 1940— 2,125

2,279
2,232
2,345

755
740
838

567
507
617

6,242
5,668
5,925

5,855
5,165
5,387

1,041

1,028
1,163
1,559

1,020

1,914
2,595
1,919

220
182
208

2,789
3,040
3,251

7,239 - 1 , 3 8 4
8,707 - 3 , 5 4 2
8,998 - 3 , 6 1 2

+306
+890
+136

-338
+740
+622 +3,275
- 9 4 7 +2,528

4 months
ending:
Oct. 1938...
Oct. 1939...
Oct. 1940...

620
447
563

845
914

200
217
245

176
190
168

1,841
1,768
2,010

1,700
1,591
1,822

243
253
261

378
446
883

179
266
307

894
642
577

130
159
149

1,000
1,233

1,033

2,824 - 1 , 1 2 4
+219
3,000 - 1 , 4 0 9
-112
3,152 - 1 , 3 3 0 | +189

+353 +1, 258
-925
+597
+29 +1,170

329
38
34
319
45
63
665
48
40
464
50
38
432
44

311
198
191
171
167
154
192
175
179
201
237
346
213
237

27
36
130
29
45
178
30
39
137
32
39
139
29
38

52
50
52
50
57
49
46
42
43
88
41
43
37
47

719
322
407
569
315
444
934
304

676
279
364
521
315
444
799
304
400
649
331
447
711
333

151
68
12
190
38
19
146
69
10
305
20
20
148
73

108
115
118
125
132
129
143
159
154
153
177
200
219
287

68
97
117
102
119
128
105
78
62
43
54
76
75
103

139
145
147
162
157
145
173
173
169
151
151
142
139
145

7

268
285
243
243
272
238
255
284
248
235
302
243
168
261

1939—Sept..
Oct...
Nov..
Dec...
1940—Jan...

Feb...
Mar..
May."
June
July.!
Aug..
Sept..
Oct. .

. 400
784
367
566
711
365

926
941

362
787

10
10
10
*5
10
20
4
114
25
10

974

741
721
648
832
712
668
822
783
647
887
818
706
759
869

Details of trust accounts, etc.

Period

Old-age insurance
trust fund and railroad
retirement account

In- Other
In- BeneNet
exRefit
vest- pendivest- payreceipts
ments tures
ceipts ments ments

—22

-479
-247
—238
-487
-259
-48

-536

+46

-53

-34

-1

-264

+178

+267
-16

+37
+36
+11
+58

-83
—62

+51
+320
-158
-24

+252
+311

-194
+67
+164
-303
-181
— 139

+367
+196
-39

-495

-26»
- -637
-167
-256
-175
-118
-150
-160
-803

+135
+168
+64

Details of general fund
balance (end of period)

Net expenditures in checking
accounts of Government agencies

Unemployment
trust fund

-65

-442
-284
-311
-398
-224

All other

ReconCom- United
Total
struction modity States All
ExRe- pendiFinance Credit Hous- other ceipts
Corpora- Corpora- ing Autures
tion
tion
thority

InWorkcreing
ment Seignbalon iorage anoe
gold

Fiscal year ending:
June 1938—
June 1039...
June 1940.. .

550
639
704

461
516
573

85
120
129

763
838
959

560
395
443

191
442
514

*9
•658
•234

•184
136
10

1
•60
17

•12
•186
166

414
440
415

327
324
323

2,216
2,838
1,891

142
142
143

446
536
585

1,628
2,160
1,163

4 months ending:
Oct. 1938. __
Oct. 1939...
Oct. 1940...

196
234
244

143
182
139

37
41
55

240
279
375

64
103
111

168
146
275

*207
83
3

91
*56
*114

6
50
85

*49
120
*86

185
187
190

149
143
151

2,569
1,913
1,920

142
143
143

467
558
595

1,960
1,213
,183

1939—Sept
Oct
Nov
Dec
1940—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

50
53
53
58
10
10
135
20
4
179
56
145
11
32

43
43
43
43

10
10
10
10
10
10
11
12
12
12
13
13
14
15

13
54
144
29
79
155
30
53
145
46
59
143
67
107

•19
7
142
*3
28
103
•18
18
81
•11
13
85
•18
31

40
24
29
32
58
45
47
45
58
54
57
53
81
84

22
15
•297
•5
•20
•5
2
*3
*6
17
25
(4)
*13
*10

5
19
27
11
*6
*3
*4
*4
4
()
45
10
•144
*1
21

13
16
•12
16
14
•11
17
•34
•17
•5
25
*6
15
51

•87
•11
*7
*6
•25
7
•29
9
107
•11
•57
•32
16
*13

25
28
20
21
24
20
29
32
20
62
120
18
24
29

15
13
14
25
17
2
22
10
17
72
103
15
17
17

2,178
1,913
2,166
2,476
2,282
2,350
2,514
2,210
2,030
1,891
2,258
2,454
2,415
1,920

142
143
143
143
143
143
143
143
143
143
143
143
143
143

554
558
561
565
568
573
577
581
584
585
588
590
592
595

1,481
1,213
,462
,768
1,571
,634
1,794
,486
,303
,163
,527
,720
1,680
,183

135
*5
175
*5
1
148
*5

1 Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendment!
to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier
periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from transfers to trust accounts.
2 Details given in lower section table.
3
For details* see preceding page.
4
Less than $500,000.
* Excess of credits.
NOTE.—For explanation of table see BULLETIN for October, 1940, p. 1052.

1304




FEDERAL RESERVE BULLETIN

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, SEPTEMBER 30, 1940
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars!
Reconstruction
Finance
Corporation
and
Public
Works
Administration

Home mortgage and
housing agencies

Farm credit agencies

Total
TennesInsee
Other
United
Val- surFarm
ComHome Other States Farm
ley ance Other
Owners' mort- Hous- mort- Credit modity
Sept. Aug. Sept.
Au- agengage
gage
Adm.
Credit Other thor- cies
31,
ing
Loan
30,
30,
agen- banks Corpo1940
AuCorpo- agen1940
1939
ity
cies thority cies and cor- ration
ration
porations

Assets
Loans and preferred stock:
Loans to financial institutions __
Preferred stock, etc
Loans to railroads
Home and housing mortgage
loans
Farm mortgage loans
Other agricultural loans
_ _
All other loans
...
Total loans and preferred
stock
Cash
U. S. Govt. direct obligations
Obligations of Government credit
agencies:
Fully guaranteed by U S
Other s_
Accounts and other receivablesBusiness property. _
Property held for sale
Other assets. . . . .
Total assets
other than interagency 6_
_
_

199
460
482

194

176
27

1,988

232

0)

75

62

i
30

1,590
114
49

310

0)
2,182
139
2

3

435
22
42

129
19
5

2,526
102
80

1
128

(5) 10
215
6
95
7

385
88
98

14
8
22

0)
43
3
1,830

7
3
387

0)

294

6
1

0)

0)

0)
2,721

12
17
4

0)
0)

282

3,041

612

114

193
377

294
5

570
15

125
4
504

0)

4

8

62
42
413

410
17
5

8,583 8,623 8,923
572
566
336
693
715
738
131
131
36
36
512
519
570
569
1,081 1,061
193
191

105

932

430
842
492

2,348 2,336 2,347
2,526 2,534 2,626
802
815 1,118
1,200 1,197 1,068

6
335

64
1
43
11

60
92
8
158

591

349

742

751

5

433
756
553

4
374

129
2,526

1
2 449

437
757
513

141
41
446
535
695
111

12, 371 12,410 11,967

521

Liabilities
Bonds, notes, and debentures:
Guaranteed
by United States. _
Other 5
Other liabilities (including reserves)
Total liabilities
other than
inter agency 6__
._ .

1,097
340

78

134
32

5

1,270
5 982
110

215
8

134

193

8
7

9
4
249

12
81

5,809 5,811
1,356 1,354
1,238 1,234

2,623

0)

696

5,356
1,357
1,054

1,436

2,701

166

119

2,362

224

830

193

15

262

93

8,403 8,400 7,768

Excess of assets over liabilities, excluding interagency transactions. _
Privately owned interests

394

20

355
54

163

679
212

388
4

101

398

334

480
139

658

3,968 4,010 4,199
410
407
393

U. S. Government interests

394

20

301

163

467

384

101

398

334

341

658

3,558 3,603 3,806

i Less than $500,000.
* Includes $88,000,000 loans of Public Works Administration.
Includes $309,000,000 loans of Farm Security Administration.
Includes $233,000,000 loans of Rural Electrification Administration.
Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation.
Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction
Finance Corporation.
NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882.
3
4
6
8

RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding. In thousands of dollars]
Oct. 31,
1939
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 i,__
Loans to drainage, levee, and irrigation districts
_
Other loans.__
_
Securities purchased from Public Works Administration

175, 795
33,127
513, 200
436,650
89,872
126,863
83,482
23,274
126, 649

Apr. 30,
1940
155,651
29, 749
474,475
471,747
58,578
130,466
83, 723
4,235
112,743

May 31,
1940
154,163
29,685
471,072
466,093
61,273
130, 566
83, 740
4,631
111, 323

June, 30
1940
150, 468
56, 952
469, 674
475,856
48,105
130, 732
83, 596
4,677
111, 065

J u l y 31,
1940
147,184
56,924
465,909
506, 623
38,754
129, 955
83,299
4,788
107,066

Aug. 31,
1940
145,178
56, 769
458,845
507,627
42,262
129,427
83,223
4,801
110,090

S e p t . 30,
1940
142,396
56, 627
459,941
470,039
38,476
133, 521
83, 360
4,746
116, 216

Oct. 31,
1940
141, 935
56, 578
460, 218
469, 769
47,096
142, 222
83, 409
4,855
115,930

Total loans and investments, other than interagency.. 1, 608, 911 1, 521,365 1, 512, 546 1, 531,124 1, 540, 502 1, 538, 222 1, 505, 321 1, 522, 012
Preferred stock of Export-Import bank
_
Loans to Rural Electrification Administration
Capital stock of, and loans to R. F. C. Mortgage Co
Capital stock of, and loans to Fed. Natl. Mtge. Assn._
Loans to Tennessee Valley Authority
Capital stock of National Defense Companies
__.
Loans to Farm Security Administration
_

Total loans and investments..

_

45,000
146,498
55,102
50, 323
8,300

74,000
146,498
59,355
70,385
8,300

74,000
146,498
59,484
71,846
8,300

_.

74,000
146, 498
59,050
73,863
8,300

74,000
146,498
58,628
76,470
8,300
1,000
10,000

74,000
146,498
60,212
78, 976
8,300
2,000
10,000

74,000
146,498
61,160
81, 039
8,300
8,000
10, 000

74,000
146, 498
62,806
84, 559
8,300
13,000
21,000

1,914,133 1,879,903 1,872,673 1,892,835 1, 915, 397 1, 918,206 1,894, 318 1, 932,175

1 Include national defense loans amounting to $14,613,000 on October 31,1940.
Nom—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.

DECEMBER

1940




1305

FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS

[In thousands of dollars]

Farm mortgage loans
by —

Federal intermediate
credit bank loans to
and discounts for—

Loans to cooperatives b y -

Regional
Produc- Regional
EmeragriOther
tion credit agriculgency
cultural
T QTlH
credit cor- financing associa- tural cred- crop and
it corpo- drought
porations, institutions
Bank
Federal
tions,
rations
production
loans
land banks Commis- credit asexcept
sioner
sociations, cooperatives
and banks

End of month

Federal
intermediate
credit
banks

atives, Marketincluding ing Act
Central
revolvBank
ing fund

for cooperatives i

1934—December
1935—December
1936—December
1937—December
1938—D ecember

.

1939—October
November
December
1940—January

_

February
. __.
March
April
_ _ __
May

June
July
August

September
October.. __

1,915, 792
2,071,925
2,064,158
2, 035, 307
1, 982,224

616,825
794, 726
836,779
812, 749
752,851

99, 675
104,706
129,872
165,194
168, 392

55, 672
47,162
41,017
40,464
33,545

60,852
94,096
105,212
138,169
148,037

87,102
43, 400
25,288
15, 592
11,081

111,238
172,863
165,369
172, 701
171,489

33,969
2,731
1,641
1,813
920

27,851
50,013
69, 647
87,633
87,496

54,863
44,433
53,754
30,982
23,723

1, 916,431
1, 910, 336
1, 904, 655
1,900, 408
1,896, 507
L 890. 432
I, 886, 272
L, 882, 516
L, 880, 408
1,874,608
L, 871, 487
L, 866, 697
1, 861, 739

699, 274
695,101
690,880
687,191
683, 694
677, 717
673, 696
670, 723
668, 850
665,073
662, 592
659,017
655, 403

169, 731
165, 368
165, 236
161, 753
165,106
176,007
185, 373
190, 961
196,408
199, 238
202, 503
197, 451
190, 773

33,996
33,417
33, 354
33, 620
34,738
36, 326
37, 921
38, 377
40, 033
42,161
42,416
40, 901
34,882

162, 703
156, 526
154,496
153, 949
160,003
173,840
186, 276
194,662
200, 415
203, 693
202, 796
194, 558
180, 219

8,351
8,042
8,005
7,904
7,926
7,888
7,904
7,845
7,768
7,614
7,416
7,010
6,202

171,819
169, 460
168, 330
167, 957
170,020
176, 045
179, 801
180, 938
181,218
180,824
179, 984
177,906
172, 993

1,493
1,696
1,835
1,756
2,002
1,754
1,603
1,315
897
1,217
763
352
431

70,422
73,120
76, 252
73, 238
71, 772
69, 311
67, 454
63, 564
62,177
65, 111
67, 473
73,132
79,156

21, 582
20,589
20,547
20,427
20,038
19,763
18, 537
18,137
18,200
15, 311
14,787
15, 739
16, 724

i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of
the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are
tfctas included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit
is extended.

FEDERAL HOME LOAN BANK BOARD

POSTAL SAVINGS SYSTEM

LOANS OUTSTANDING, BY INSTITUTIONS

[In millions of dollars]

[Loans in thousands of dollars]
Assets
Home mortgage loans b y -

Federal savings and
End of month

Home
Owners'

loan associations

Loan Cor- Number
poration of associations

Loans!

1934—December.
1935—December.
1936—December.
1937—December.
1938—December.

2, 379,491
2, 897,162
2, 765,098
2, 397, 647
2,168, 920

639
81, 300
348,000
1,023
586, 700
1,212
"., 328 853, 500
,368 1,034,162

1939— June

2,080, 512
2,067, 844
2,059, 792
2,054,865
2,049, 421
2,043, 288
2,038,186
2,031, 341
2, 026, 614
2,021, 951
2,020, 572
2,017,395
2,012, 760
2,004, 737
1,996, 443
1,987,611
1, 980, 704

,392
,394
,394
,401
,410
,403
,407
,413
,420
,421
,430
,431
1,431
1,434
1,440

July
August
September.
October. _.
November.
December.
1940—January...
FebruaryMarch
April
May
June.
July
August
September
October. __

1,136, 289
1,157, 536
1,186, 784
1, 206,887
1, 231, 685
1, 252, 559
1, 271,161
1,280,200
1, 296,464
1, 317, 975
1,348, 072
1,376, 700
1,405,100
1,432,100
1,461,867
1,487,974
1, 515, 392

Federal
home
loan
bank
loans to
member
institutions 2
86, 651
102, 791
145, 394
200,092
198,840

End of month

1935—June..
1936—June. .
1937—June..
1938—June..
1939—June..

DeposCash
itors
balin deances1 Total posi-

U. S. Government
securities

Cash

reDi- Guarserve
anrect teed
funds
tory
banks Total obli- obli- etc.2
gagations tions

1,205
1,232
1,268
1,252
1,262

1,236
1, 265
1,307
1,290
1,304

385
777
630
203
967
800
136 1,100
933
115 1,103
936
1,157 1,011

147
167
167
167
146

74
95
71
73
78

168, 962 1939—October
1,270 1,312
1,182 1,036
146
75
161, 537
November
1,274 1,317
1,182 1,036
146
80
159,470
December
1,279 1,319
1,192 1,046
146
74
163, 687 1940—January
1,290 1,331
1,197 1,051
146
84
168, 654
February
1,297 1,340
1,194 1,048
146
97
168,822
March
1,301 1,343
1,200 1,054
146
97
181, 313
1,303 1,345
1,214 1,068
April
146
87
156, 788
1,299 1,342
1,224 1,078
May
146
74
144,515
1,293 1,337
1,224 1,078
June
146
137, 642
1,297 1,339
1,224 1,078
July...
146
133,811
l 297
August
137, 509
September
, 295
157,397
October
, 296
162,222
168, 402
176,047
p Preliminary.
181, 526
1 Outstanding principal, represented by certificates of deposit. Does

not include accrued interest nor outstanding savings stamps.
2 Includes working cash with postmasters, 5-per cent reserve fund and
i Federal Home Loan Bank Board estimates for all Federal savings miscellaneous working funds with the Treasurer of the United States,
and loan associations.
accrued interest on bond investments, and accounts due from late post* Excludes loans to other than member institutions which are negli- masters.
gible in amount.
Backfigures.—SeeBULLETIN for August 1935, p. 502.

1306




FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 3
1923-25=100

Industrial production
(physical volume) 2 *
1935-39=100
Income
payments
(value)*
1929=100

Year and
month

Employment *

NonagriMin- Total ResiculAll
den- other tural
erals
tial
Dur- Non1935-39
=100
able durable
Manufactures

Total

WholeFac- Freight- Department
sale
tory
car
store
compayloadsales
m
odity
rolls < ings * (value)* prices*
1923-25 1923-25
1923-25
1926
Factory
=100
=100
1923-25=100
—100

AdAd- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed usted justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939

72
75

84
93

62
60

71
83

63
63

44
30

79
90

58
73
88
82
91
96
95

53
81
104
95
108
114
107

57
67
72
69
76
79
83

66
71
98
89
92
99
100

56
79
84
94
122
129
129

44
68
81
95
124
121
117

65
88
86
94
120
135
139

99
110
91
75
58
69
75
87
103
113

100 0
90.8
77.3
60.1
57.1
65.8
71.7
82.7
'87.5
80.7
85.4

117
133
99
68
41
54
66
84
108
122
78

95

108

108

108

99
107
93
80
66
76
80
86
99
112
97
106

88

85
93
84
79
70
79
81
90
100
106

135
117
92
63
28
25
32
37
55
59

126
87
50
37
13
11
12
21
37
41

142
142
125
84
40
37
48
50
70
74

64

45

72

60

81

80

107 8
101.1
92.4
83.0
83.6
90.7
94.2
100.3
105.3
98.6
101.6

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
89.7
'96.9

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
77.9
90.8

Adjusted

84
91

78
94

78
85
100
98
103
107
104

87
88
98
99
103
106
107

104
107
92
74
55
58
62
64
75
78
62
70

108
111
102
92
69
67
75
79
88
92
85

90

Cost
of
living 4
1935-39
=100

Unad- U n a d justed 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

124.5
143 2
127 7
119 7
121 9
122 2
125 4
126 4
124.0
122.6
122. 5
119.4
108 7
97.6
92 4
95.7
98 1
99.1
102 7
100 8
99.4

1937
August.
September
October
November
December

89.0
87.3
86.6
84.9
83.7

120
115
107
95
87

120

139

107

115

62

40

81

115
110
97

128
114
94

104
99
92

115
112
109

56
52
56

37
36
32

71
65
76

86

80

87

107

61

30

87

82.3
81.5
81.2
80.1
79.1
78.7
78.7
79.8
80.4
81.7
82.1
83.1

86

82

75

88

103

52

73

82
84
82
81

73
72
69
67

26

84
84
82
80

90
90
88
88

98
97
95
90

51
46
52
51

54
59

32
33
37
37

42
49

66
56
65
62

90

77

92
95

90

97

66

53

95
99

99

100

102

101

100

107.3
107.8
107.1
104.6
102.8

111.7
110.3
107.8
103.7
97.9

112.3
112.3
110.3
104.1
97.4

108.7
104.9
104.9
93.3
84.6

79

93

78
76
71

94
93
91

98.3
98.0
98.0
98.3
97.4
97.2
97.2
98.3
99.9
100.1
99.9
100.8

93.0
91.9
90.4
88.2
86 4
85.2
86 0
87.9
89.4
90.2
92.8
94.4

90.6
91.1
90.6
88.5
86.1
84.3
84.7
88.8
92.0
92.4
93.3
94.0

75.3
77.5
77.6
74.9
73 2
71.1
71 1
77.3
81.6
84.2
84 4
87.1

65
62
60
57
58
58
61
62
64
68
69
69

'92.3
83.7
93.6
86.0
94 3 87 6
94.1
85.5
93 0
85 0
93.4
86.5
93.5
84 4
96.3 '89.8
'100.3 '93.9
'103 7 '101 7
'103.9 '101. 7
'104. 2 '103. 9

'104.0 '101. 5 '98.4
'102. 2 '101. 5 '97.9
'100. 6 '100. 9 '98.4
'99.3 ' 99.7 '96.5
'99 3 ' 99 1 '96 4
'100. 4 ' 99.6 '98.1
101.6 ' 99.7 '96.8
'103 8 '103 8 '104 0
105.2 107.7 110.0
P107. 5 P109.9 P114.2

67

89

87 5
87 4
85 4
83 3
81.7

104 3
103.0

1938
January
February
March
April.
May
June .
July
August,
September
October
November
December

__

81
86

81
85

65
71

90
95

92
94

64
68
77

81
88
96
97

100
100

98
98

78
82

56
57

96
102

103

102

96

104

102

96

56

128

57

128

98
'98
96
93
90
97
101
'106
'115
129
133
140

104

103
10,2

117

'115

135
124
118
113
119
131
132
135
146
P151

113

118

110

114

90

89

80 9
79 8
79 7
78 7
78 1
78.3
78 8
78 1
78.3
77 6
77 5
77.0

69
67
66
60
62
67
69
70
77
80
82
78

88
87
88
88
85
86
86
89
91
90
95
96

76 9
76.9
76 7
76 2
76 2
75.6
75 4
75 0
79.1
79 4
79 2
79.2

78
73
69
70
72
75
75
76
77
77

92
89
89
89

79 4
78.7
78.4
78 6
78 4
77.5
77 7
77 4
78.0
78.7

88
86
83
78

82
83
83

86
84
89

100 9
100.9
100.7
100.2

1939
January
February
March
April
MayJune
July
August
September
October
November
December

83.4
83.7
84.6
83.1
83.8
84.1
83.6
85.2
86.1
88.0
88.5
90.0

102
10,1

98

101
97
97

99
100
98
99

104

103

102
104

102
102

113
121

116
126

124

126

126

124

122

117
113
112

104
104
103
104

106
106
108

86

55

111

103
92
96

73
69
67
63

105
107

63
67

58
55
58
55

85
80
74
68

'92

73

67

78

61

101

60

107

75

53

93

63

56

68

111
115

114
119

117

120

73
76
83
86

58
62
68
68

67
71

76
82

94.6
98.0
98.4
94.3
99.2
94 0
99.3
93.8
100.1
93 3
101.4
94.3
101.4 '95 2
102.3
95.9
97.5
104.0
105.1 101 2
104.6 103.4
105.2 '104. 6

99 1
98.6
100.6
99.6

1940
January
February
March
April
May
June
July
August
September
October

90.3
89.7
88.4
88.2
88.6
88.7
89.3
90 5
91.6
P92.3

116

'113
111
115

121
121
121

125
P128

116
121
118
120
129

106
107

117
119

62
64

110

118

64

114
112

118
120

74
85

112

114

90
93

112
P116

116
P113

57
62

66
66

64

65

69
77
82
82

77
91
98

101
P102

101.9
101.7
102.4
102.4
103 4
104.2
104.4
105 7
107.5
P108. 4

87

91
91
99

99
91

99.8

~~I66.~5
100.4

p Preliminary.
* Average per working day.
' Revised.
1 Department of Commerce series on value of payments to individuals.
23 For indexes by groups or industries, see pp. 1308-1311; for description, see pp. 753-771 of BULLETIN for August 1940.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see page 1316.
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. 1312-1315 for employment
and payrolls and p. 1318 for prices.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882; for factory employment and payrolls, October 1938, pp. 838-866,
and October 1939, pp. 879-887; for freight-car loadings, June 1937, pp. 524-529; for department store sales, October 1938, p. 918.
DECEMBER

1940




1307

INDUSTRIAL PRODUCTION, BY INDUSTRIES

(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1940

1939*

Industry
Sept.

Oct.

Nov.

113

121

124

113
'115
111

••122
129
115

Iron and Steel...

128
129
128

161
154
161

Machinery

108

Industrial Production—Total
Manufacture} -Total..
Durable*
Nondurable..
F Pig iron
f Steel ingots..

Transportation Equipment*..
Aircraft*.—
Automobiles i
Railroad cars
Locomotives
Shipbuilding

noo

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

121

Aug.

Sept.

Oct.

126

116

'113

121

125

P128

124
133
117

128
140
117

'123
135
113

116
124
110

112
118
106

110
113
107

114
119
110

122
131
114

121
132
112

122
135
112

127
146
112

P131

161
163
161

167
169
167

147
161
146

118
136
117

106
118
105

99
117
97

118
127
118

154
148
154

156
157
156

158
162
157

164
166
164

165
169
165

123

125

127

123

123

123

128

133

138

145

129
156
102
149

'138
'283
129
158
101
150

'132
'299
120
149
101
156

'117
'306
103
125
103
156

'117
'323
101
121
102
164

'122
'364
106
111
102
170

'111
'394
87
120
113
189

'107
'463
76
'127
123
213

138
529
109
148
140
220

142
129
131
145
102
126
168

132
130
137
125
100
122
148

124
127
131
111
104
115
132

126
127
130
113
110
115
137

129
125
131
115
119
122
141

136
133
140
119
127
133
146

144
128
135
134
128
138

152
125
'126
154
126
141

P162

P151
P116

P158
P565
130

'196
92
83
100
136

105
'213
96
105
97
138

'103
'239
91
122
98
142

'129
'266
121
136
95
144

128
117

144
124

153
130

159
135

117
128

130
146
101

144
154
118

136
144
159

154
135
144
162
119
131
180

Lumber and Products..

108
107
109

113
112
114

121
121
121

121
122
118

115
115
117

114
114
113

111
110
112

110
109
111

112
110
115

111
110
113

107
103
114

114
113
115

121
121
121

P123
P123
P123

Stone, Clay and Glass Products..

116
114
126
125
132
110
110

123
120
119
117
126
121
124

120
121
125
121
138
112
112

128
131
142
141
143
115
124

123
125
119
111
136
116
122

113
106
96
103
81
118
112

120
117
106
106
105
124
105

115
115
108
107
107
116

113
115
109
111
105
112
91

112
113
118
120
112
111

115
110
116
116
117
117
100

119
115

128
125

P127

114
114

114
111

Textiles and Products

114
113
117
127
86
113
121
120
105
124
107

119
118
119
130
91
125
124
131
113
150
118

128
124
124
146
89
132
132
125
115
151
135

125
120
127
152
78
115
115
104
105
112
127

118
113
120
151
69
106
111
107

108
105
115
144
64
93
108
92
89
93
89

100
97
108
139
64
77
87
80
78
75
71

100
97
107
138
61
79
97
68
78
76
76

104
100
109
142
58
87
95
82
86
90
83

107
103
114
144
56
89
79
88
92
93
89

113
'108
121
'137
57
100
69
113
102
112
105

'113
111
124
'128
61
106
95
108
104
118
104

123
118
116
113
120
120
65
123
109
137
120
136
122

Leather and Products

103
103
108
105
90
104

105
104
104
108
103
105

108
103
105
101
98
112

105
101
107
90
92
108

101
102
104
97
99
101

100
86
92
99

92
94
84
92
94

85
86
86
80
91
- 85

87
88
87
91
89
86

94
85
88
75
84

96
92
98
'83

96
91
95
89
84
99

111
118
104
110
120
98
102
110
118
135
103
93
101
110

109
101
107
108
114
97
103
111
113
127

112
102
96
115
120
105
103
123
126
149
104
87
109
111

111
100
95
109
102
110
102
128
124
144
104
88
108
111

113
100
95
114
115
109
104
126
129
154
106
86
99
112

112
100
86
112
110
107
115
123
128
156
102
87
97
112

111
100
89
112
113
108
116
118
117
131
106

112
105
97
110

112
111

110
100
101
112

114
99
90
113

110
100
86
113

104
P104
P115

110

110
97
92
110
114
103
102
118
116
131
101
98
107
111

112

102
117
112
117
135
101
89
93
112

105
110
117
126
152
101
91
99
115

105
114
121
116
132
101
97
98
110

104
114
132
119
141
99
91
96
'115

105
115
130
121
147
95
93
95
109

108
114
136
127
152
101
98
106
P117

Alcoholic Beverages.

96
98
51
120
116

106
112
57
120
118

98
102
57
87
123

95
104
57
88
92

98
103
58
112
108

96
96
59
114
126

98
99
65
132
108

103
102
78
132
123

100
99
84
113
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

Tobacco Products
_
Cigars
Cigarettes
_
'
Manufactured tobacco and snuff..

107
103
110
103

111
103
117
102

110
100
118
103

109
104
115
100

103
107
106

106
103
109
97

103
100
107

111
102
119
99

110
104
117
100

115
98
127

103
101
106

106
105
110

108
102
113
100

115
105
120
112

Nonferrous Metals and Products..

Nonferrous metal smelting *_
Copper smelting
Copper deliveries
Lead shipments
Zinc shipments.
Tin deliveries
Lumber
Furniture.

Cement
Common and face brick
Common brick
Face brick
Glass containers
Polished plate glass

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 tanning
_.
Cattle hide leathers
Calf and kip leathers...
Goat and kid leathersShoes

Manufactured Food Products.
Whheat 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

_

Malt liquor
Whiskey
Other distilled spirits..
Rectified spirits

91
100
115

P141

P159
P224
P127
130
170
127
142

133

123
121
126
130
71
132
125
152
124
150
126

P117

' Revised.
» Preliminary.
1 Provisional seasonal adjustment factors, 1940: October 109, November 121, December 114.
Includes also lead and zinc production shown under "Minerals."
* See table on next page.
2

1308




FEDERAL RESERVE BULLETIN

Industrial Production, by Industries (Adjusted for Seasonal Variation)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1940

1939*
Industry
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

Paper and 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

121
119
121
110
112
141
113
119
120
120
106
118
123
117
129

131
128
136
118
129
156
131
127
129
123
103
133
131
123
142

134
132
137
108
131
157
133
131
134
129
101
132
138
127
144

135
134
147
116
145
176
138
132
140
122
105
132
140
128
138

123
123
138
114
129
160
134
121
127
111
106
119
119
121
120

114
114
133
110
117
153
130
111
112
100
112
116
119
108
112

110
110
135
110
116
151
136
106
109
95
112
109
105
105
111

116
117
140
118
118
164
136
113
114
99
113
115
119
114
115

127
128
149
118
135
175
145
125
131
110
113
125
123
127
125

132
132
159
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

119
117
150
117
114
185
145
112
118
107
111
112
116
107

Printing and Publishing i
Newsprint consumption..
Petroleum and Coal Products..
Petroleum refining
Gasoline*
Fuel oil*
Lubricating oil
Kerosene...
Coke
Byproduct coke
Beehive coke

111
104

118
103

117
101

119
107

109

108
100

106
103

108
101

115
106

120
106

114
102

110
104

108
104

104

112
112
112
110
109
116
116
117

120
118
117
116
132
117
133
131
192

120
117
118
112
125
107
140
137
244

119
116
116
111
129
109
139
137
217

117
114
112
119
126
97
137
137
145

116
115
112
119
124
120
123
124
89

118
117
115
121
124
123
118
119

115
114
112
117
120
120
119
120
84

114
113
111
113
118
126
123
123
101

115
112
110
113
122
116
132
131
142

112
108
106
111
113
116
139
137
206

113
109
109
116
98
111
139
136
248

116
112
113
113
102
121
142
139
252

144
141
252

123

Chemicals..

106

111

112

113

111

109

111

114

116

115

115

P115

Rubber Products
...
Rubber consumptionTires and tubes
Pneumatic tires. __
Inner tubes

122
121
125
126
116

128
129
121
122
118

126
127
114
115
112

123
125
109
111

119
120
110
112
101

119
120
114
116
104

116
116
117
118
108

115
115
115
115
109

117
116
121
122
112

115
114
126
128
113

106
106
105
106
95

109
110
104
104
102

119
120
109
110
107

120
122
109
110
103

Minerals—Total*..

114

119

120

115

118

114

117

119

118

118

120

114

116

Fuels
Bituminous coal...
Anthracite
Crude petroleum*..

113
114
120
'113

117
123
112
116

118
119
97
120

113
106

117
119
111
116

112
103
78
118

114
109
84
120

116
120
83
118

115
122
82
116

116
116
113
116

117
121
129
114

112
122
112
108

114
119
105
114

P110

Metals
Iron ore shipments..

121
119

128
133

131
155

124
122

111
116
130

109
127
113
109

112
130
119
116

130
143
140
116
133
119
120

134
153
141
117
127
124
113

135
151
144
118
127
124
127

135
153
143
124
123
124
125

134
155
143
117
120
122
114

139
160
150
120
128
125
122

125
164
144
117
123
93

127
156
132
108
133
107
109

P129
156
140

107
104
125
111

127
132
147
114
130
121
101

May

June

118

Copp

Zinc...
Gold...
Silver..

132

r
Revised.
P Preliminary.
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
1939
Jan.
Durable
"1

-

Transportation equipment
Aircraft
Gasoline
Fuel oil
Minerals—Total
Crude petroleum

DECEMBER

1940




-

__._-___

_ _

. . .

_

Mar.

Apr.

July

- - ._ .

122

Aug.
106

98
114

_

Feb.

98
127
110
107

139

152
110
107

93
169

181

109

108

93
191
92

106

107

1309

INDUSTRIAL PRODUCTION, BY INDUSTRIES

(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1940

1939*

Industry

Industrial

Production—Total._..

Manufactures—Total*
Durable
Nondurable

_.

Iron and Steel.

Pig iron
Steel ingots
Machinery

Sept.

Oct.

Nov.

116

126

126

124

117

116
112
119

125
131
120

126
136
118

126
140
115

118
128
109

125

159

161

159

126

154

163

159

161

160

127

123

123

126

126

139
'283

'299

141
'306

130
151
103

134
158
99

130
141
98

125

Transportation Equipment*
Aircraft*
Automobiles . _
Railroad cars...
Locomotives
Shipbuilding

. . .
...
. . .

Nonferrous Metals and Products1

Nonferrous metal smelting
Copper smelting
Copper deliveries .
.
Lead shipments
Zinc shipments
Tin deliveries

Dec.

159

Sept.

Oct.

118

120

129

nU

118
127
110

120
128
114

130
144
119

P155
P120

151

147

153

161

149

154

161

163

151

147

152

161

164
169
163

126

129

129

135

142

P149

132
'329

131
'371

'96
'394

'63
'463

121
514

118
137
102

114
124
106

70
118
116

23

P167
P565
142

'130

P134

Apr.

May

June

113

112

112

116

121

114
121
108

112
121
105

112
120
105

116
125
109

122
134
112

144

121

113

106

123

153

134

124

123

133

143

106

117

123

'75
190

104
'213

119
'241

'266

'282

62
75
98

94
99
92

111
112
95

130
133
102

132

140

138

150
132
102

129

147

119

127
136

119

Aug.

Mar.

Jan.

Feb.

120

112

104

122

July

124

89
135
137

146

144

145

162

162

172

176

185

202

213

P227

157

156

135

136

151
135
143

140
129
130

135
132
137

129
133
139

128
127
132

129
124
131

129
122
126

139
122
127

rl52
126
129

154

142

153
121

139
101

116
109

116
113

118
118

125
151

116
106

137
169

128
163

129
100

149
148

116
141

115
146

117
148

123
143

133
122
127

156
127
138

P165
P131
138
173
133
143

126
97

148
102

Lumber and Products

117
119
115

121
119
125

120
116
125

111
105
123

98
93
109

101
96
113

107
104
113

109
109
108

114
117
108

116
119
110

110
112
106

123
126
119

132
134
127

P132
P130
P134

Stone, Clap and Glass Products

130
136
157
162
145
112

137
139
145
148
138
124

126
126
137
133
148
114

90
69
70
60
96
104

83
60
50
49
53
109

101
88
71
66
84
117

130
143

133
141

143
150

P143
155

129
117

126
136
144
147
138
121

124

126

142

127

129

106

111

114
115
103
102
107
116

129
140
131
134
126
119

110

115
105
119
115
129
107

96

91

79

66

93

118

118
127

116

123

131

126

121

115

101

97

100

101

105

'111

118

115
117
146
88
110

121
121
145
99
122

128
128
152
101
130

121
125
150
84
118

116
125
148
72
107

111
123
141
65
102

100
115
132
66
77

95
110
127
60
73

97
109
127
55
85

98
108
131
51
88

101
109
134
51
98

108
114

'137

77
88
92

67
108
102

Lumber
Furniture

Cement
Common and face brick
Common brick
Face brick
Glass containers
Polished plate glass.
Textiles and Products

Textile fabrics
__ _ .
Cotton consumption
Rayon deliveries
Silk deliveries.
Wool textiles
Carpet wool consumption_
Apparel wool consumption
Woolen yarn..
Worsted yarn
Woolen and worsted cloth.

Leather and Products

Leather tanninsr
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes

Alcoholic Beverages - _

Malt liquor
Whiskey
Other distilled spirits
Rectified spirits

Tobacco Products

..

__ .

Cigars
Cigarettes .
,
Manufactured tobacco and snuff..

122
126
111

129
126
113

149

107
107
105

105
105
100

118
99
97

98
80
76

91
63
73

91
82
86

'146
'153

115
120
138
65
120

101
113
108

111
137
119

126
124
129
144
77
129

150

57
109

124
145
121

119

150

151

123

101

97

72

72

90

93

107

120

130

101

114

134

134

118

102

71

68

80

88

102

107

116

121

111

106

99

95

99

99

88

85

P96

102
109

102
105

86
86

86
85

79
94

86
87

87
85

95
99

91
96

91
95

91

102

104
111

88

103

104
109

106

90
91

83
83

110

100

102
107

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.

124
120
104

162
112

P151

104
105

96
95

82
82

89
93

90
94

87
85

103
91

103
102

116

107

97

91

97

107

104

89

85

88

96

'87
'81
'113

135
136
124

117
110
104

100
101
79

100
97
95

113
129

107
98
77

99
99
93

85
82

109
100
76

116
92
116
168

120
99
116
161

131
100
95
151

133
115
102
116

P125
113
P101
P92

85
97

83
72

88
73

94
82

95
85

108
95
95
148

97
105

83
68

101
94
98
107
113

132
154

147
169

128
147

114
128

104
119

136
102

120
112

106
100
92
95

117
107
102
106

95
107
109
127
143
110
108
113
P131

75
68
81
78

91
94

73
62

71
51

79
91

95
94

112
108

101
110

89
113

82
131

85
148

97
146

107
124

120
116

108
115
102
113

120
107
106
105

157
106
100
104

140
93
82
94

123

112

187
104
85
113

154
95
76
99

142

193
104
82
103

97

98

98

98

109

103

86

80

84

94

105

99
41

92
54

83
71

81
66

82
77

82

95
81

111
86

107

77
69
109

86
103

164
123

318
153

182
194

117

115

112

94

98

98

118
118
111

125
115
104

119
113
102

80
102
88

86
107
90

90
103
96

110
123

73
79

133
111

161
117

173
123

148
109

124
99
85
95

135
101
93
95

148
99
92
94

119
102
96
93

98

102

110

117

136

140

107

120

112

89

108

117
84

126
67

127
40

106
24

94
56

100
68

317
134

79
110

68
100

97

105

92
99
97

97
111
98

108
82
76

77
161

70
130

112

124

112

110

118

314
174
120

102
119
101

104
140
101

105
119
101

108
116
97

117
121
108

127
118
115

' Revised.
v Preliminary.
i Includes also lead and zinc production shown under "Minerals."
* See table on next page.

1310




FEDERAL RESERVE BULLETIN

Industrial Production, by Industries (Without Seasonal Adjustment)—Continued
[Index 1lumbers of the Board of Governors. ]L935-39 average = 100]
1940

1939*

Industry
Sept.
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

Printing and Publishing *

Newsprint consumption.

.

Petroleum and Coal Products. ,

Petroleum refining
Gasoline*
Fuel oil*
Lubricating oil _
Kerosene
Coke
Byproduct coke
Beehive coke
._
Chemicals

.
.
_ _.

Rubber Products

Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
Minerals—Total
Fuels
Bituminous coal
Anthracite
Crude petroleum* __
Metals
Iron ore shipments
Copper
Lead
Zinc
Gold
Silver

_.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Oct.

129
159
134
131
137
123
103
135
137
126
154

133
131
137
110
131
157
135
130
134
125
104
131
136
127
141

128
128
143
121
140
167
134
126
125
120
106
131
135
125
126

120
122
139
118
129
161
134
119
122
112
106
119
116
121
114

116
118
137
114
121
158
134
115
115
106
111
119
124
112
110

114
114
138
118
119
154
139
110
113
102
112
114
106
108
113

119
120
144
132
122
164
138
116
116
108
113
119
121
115
115

127
128
150
131
135
175
145
124
128
114
114
127
122
124
123

130
131
157
120
147
184
154
127
128
116
116
132
135
123
127

124
123
••147
104
133
••175
144
120
123
110
108
118
124
122
125

123
121
148
101
120
179
148
117
123
107
110
114
121
116

123
119
147
102
115
185
145
115
125
101
111
110
121
108

111
105

122
110

119
106

120
109

106
93

109
99

111
107

114
108

119
110

119
107

102
91

108
105

111

114
114
116
111
109
114
116
117
57

122
121
120
117
132
117
133
131
198

121
118
119
113
125
111
141
137
269

118
115
114
113
128
111
140
137
253

116
112
108
122
122
102
138
137
170

115
113
109
120
122
121
125
125
120

114
113
109
119
123
125
120
120
100

115
114
111
115
125
123
118
120
76

115
113
111
113
123
126
122
123
76

116
113
112
112
122
113
131
131
116

103
88
113
109
109
109
111
135
134
171

114
110
112
114
97
107
138
136
198

118
114
116
114
102
119
141
139
209

144
141
259

125
121
119
96
113
141
113
121
128
114
106
117
128
118
142

136
132
137

no

no

130
112

108

116

113

114

111

111

113

114

113

no

110

112

117

P120

124
124
125
126
116

128
129
121
122
118

129
131
114
115
112

118
119
109
111
98

122
123
110
112
101

117
117
114
116
104

116
116
117
118
108

114
114
115
115
109

117
116
121
122
112

115
114
126
128
113

106
106
105
106
95

109
110
104
104
102

121
123
109
110
107

120
122
109
110
103

121

129

123

'112

115

112

110

111

118

118

121

117

124

P122

114
118
115
••113

121
137
118
115

120
135
99
116

rH5
117
93
116

120
132
128
114

116
121
86
117

114
104
86
121

113
101
89
121

113
103
90
119

111
100
104
116

111
107
101
114

109
112
83
111

115
124
100
114

i>112
J>109
J>97
*115

160
239

177
270

141
165

93

89

89

87

111
101
141
109

109
116
163
100

116
128
130
108

118
134
119
117

142
116
135
109
123

144
115
134
103
118

95
14
150
119
131
109
130

149
213
141
122
123
118
120

161
288
140
116
118
98
114

179
315
133
112
120
134
113

164
308
135
114
117
101
91

171
301
136
112
129
121
107

P176

144
114
133
114
100

July

Aug.

294
145
132

•• Revised.
p Preliminary.
i Includes also printing paper production shown under "Paper."
NOTE.—For description and backfiguressee BULLETIN for August 1940, pages 753 to 771 and 825 to 882.

* Revised Indexes
1939
Jan.

Feb.

Manufactures—Total
Transportation equipment
Aircraft
Gasoline
Fuel oil
Crude petroleum

DECEMBER

1940




Mar.

Apr.

May

June

139

155
110
107

173

Year

101

_ _ __

112
109

122

127
105

109

80
181

191

100
176
112

108
82

1311

FACTORY EMPLOYMENT, BY INDUSTRIES

(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
1940

1939
Industry and group
Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

Total
Durable goodsi
Nondurable goods.

97.5
'89.0
105.7

101.2
'94.7
107.6

103.4 '104. 6 '104.0 '102. 2 '100. 6 '99.3
'97.4 '100.1 '99.9 '97.6 '96.1 '95.2
109.2 108.9 107.9 106.6 104.8 103.3

Iron, Steel, Products
Blast furnaces, steel works..
Bolts, nuts, washers, rivets.
Cast-iron pipe
Cutlery, edgi tools
Forgings
Hardware
Plumbers' supplies
Stamped, enameled ware
Steam, hot-water heating
Stoves
Structural, ornamental
Tin cans, tinware
Tools
Wirework

96.4
101
102
74
97
59
95
80
159

105.9
115
113
77
102
66
99
81
162
84
90
75
103
91
164

110.8
122
118
79
107
70
106
83
166
86
91
76
103
94
171

Machinery
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs
Textile machinery
Typewriters
_
Transportation Equipment1
Aircraft*
Automobiles
Cars, electric-, steam-railroad _
Locomotives
Shipbuilding
Nonferrous Metals, Products..
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
_..
Lighting equipment
Silverware, plated ware..
Smelting, refining.
_.
Lumber, Products
Furniture
_
Lumber, millwork.
Lumber, sawmills..

71
97
87
149

112.1
124
120
79
109
72
106
85
166
87
93
76
100
96
176

105.7 110.6 112.9
99.
128
131
125
123
127
129
126
127
100
103
97
92
116
124
108
99
95
97
91
86
183
191
170
155
160
153
145
129
85
86
81
78
125
125
123
122
'100.2 '106.4 '102.3 '113. 7
•1, 641 1,756 1,951 % 121
100
112
108
102
48
53
42
34
26
28
25
28
133
139
132
128
99.2
152
115
85
91
88
71
77

107.0
166
130
87
92
95
70

110.1
172
137
88
95
89
72
85

May

June

103.7
115
104
75
102
66
82
83
153
85
91
73
100
92
151

107.3
120
110
76
104
70
84
84
156
87
95
75
100
95
139

111.1
123
116
78
104
73
'98
87
169
91
96
78
08
98
152

112.8
123
119
81
107
77
101
89
178
92
95
81
96
101
167

116.0
125
121
84
109
81
105
90
188

75
101
96
172

101.2
109
105
76
101
66
95
82
153
84
88
71
97
92
156

113.4
133
127
103
133
98
197
144
86
123

113.6
137
128
102
134
98
204
144
85
119

113.3
136
128
102
132
97
209
145
85
115

113.4
133
128
102
134
97
215
153
84
114

113.4
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
175
101
247
145
76
119

122.4
141
132
111
181
103
247
138
79
123

126.4
143
132
115
195
106
257
134
.80
127

'114.3 '112.1 '112. 5 '111.2 '111.6 '111.8 '110.7 '120.< 130.0 139.1
4,289
•2, 326 % 356 '2,426 •2, 598 •2,829 '3,115 3,479 3,881
105
97
115
124
102
'107
111
107
107
106
52
51
55
58
49
57
61
60
54
50
28
31
36
39
29
30
30
28
27
33
154
175
194
164
140
146
148
187
148
186
111.3 111.7 107.5 106.6 105.9 106.0 108.2 110.7 '115. 6 118.6 122.4
193
201
196
173
185
177
173
170
168
170
170
140
153
147
124
132
128
137
128
138
127
125
101
98
100
95
94
92
91
91
90
97
100
94
100
99
95
93
95
96
103
92
100
84
86
81
95
88
84
95
85
74
70
72
70
71
68
74
71
70
74
70
92
93
92
87
87
87
87
67.2
90
61
60

67.9
90

81.9
61
68
106
49
90

85.0
64
70
109
49

85.4
65
71
109
50
94

85.8

80.0
59
65
105
45
90

79.8
59
68
104
45

78.9
58

111
46
95

8O.i
61
66
103
48
93

103
47

106.0
97.7
83
94
91
133
86
151
76
79
148
75
90
120.4
107
171
117
138
80
121

107.5
99.7
85
96
92
132
90
151
75
80
155
77
95
120.4
108
171
117
127
74
123

105.8
96.9
84
95
91
131
92
146
68
79
146
74
89
121.6
112
171
117
122
75
123

104.4
95.0
85
94
88
127
91
145
62
80
142
71
85
121.3
110
167
117
120
79
132

102.7
93.1
83
93
83
124
90
145
68
77
134
66
81
120.0
107
169
114
120
83
125

99.1
88.6
78
89
77
123
84
139
65
77
133
65
71
118.8
107
167
113
120
83
122

96.6
87.8
79
89
76
121
65
139
60
74
130
65
70
112.4
100
156
111
115
78
122

96.3
87.7
76
88
76
123
68
134
61
72
127
67
73
111.6
98
158
113
114
72
121

103.4
93.
78
91
86
129
87
149
75
78
140
70
83
120.4
106
172
116
136
80
121

84
99
104
186

•2, 298

68.1
90
62
61

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
_

107.5
108.2
106.9

100.8
107
108
75
102
67
97
82
155
85
89
71
98
93
158

70.0
91
63
63

79.0
59
66
100
48

Oct.

102.7
110
112
76
101
67
98
81
158
85
91
72
99
93
161

72.0
94
65
65

Stone, Clay, Glass ProductsBrick, tile, terra cotta...
Cement..
__
_.
Glass
Marble, granite, slate...
Pottery

Sept.

107.0
117
113
78
103
71
101
81
161
85
91
75
100
96
162

110.4
122
117
75
107
72
104
83
160

72.4
93
64
66

63

Aug.

'99.3 '100.4 '101. 6 '103. 8 105.2
'95.4 '96.4 '97.8 '101. 7 104.7
103.0 104.1 105.1 105.7 105.7

72.2
93
64

67.4
87
61
61

July

61

67.4
90
61
60

67.5
89
62
60

69.0
90
63
62

70.7
91
65
64

71.3
91
68
64

79.8
58
67
103
47
91

81.3
105
45
94

81.8
60
60
107
45
04

83.0
61
70
109
46
94

84.6
61
72
112
46

96.
88.0
70
89
76
119
74
133
65
72
131
64
77
112.4
102
158
113
111
71
116

100.2 101.1
92.6
91.3
72
71
93
91
79
77
128
125
83
85
138
136
72
69
75
76
147
138
62
63
86
85
116.1 116.1
104
105
164
166
'112
106
125
120
73
71
118
116

101.9
93.5
75
94
81
129
84
138
69
74
151
62
90
116.4
104
165
112
126
78
119

102.7
95.3
80
95
82
128
80
140
70
75
152
63
94
114.8
102
164
112
122
74
116

' Revised.
i Revised figures in 1939 not shown in above table: Durable goods, August 854; Transportation equipment, January through August 94.2,
98.0; 914; 91.8; 874; 89.8; 904; 88.9; Aircraft, January through August 909; 985; 997; 1,116; 1,224; 1,889; 1,477; 1,520.
NOTE.—Figures for October 1940 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and for
October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month.

1312




FEDERAL RESERVE BULLETIN

Factory Employment (Adjusted)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
1939

1940

Industry and group
Sept.
Leather, Manufactures
Boots, shoes
Leather

Oct.

Nov.

Mar.

Apr.

May

June

July

Aug.

Sept.

87
82

81

Oct

93.8
93
83

91.9
90
82

87.9
86
81

81

131.4
145
285
97
154
86
79
79
108
118

130.7
144
280
95
149
85
80
79
108
162
94

130.8
144
278
96
155
86
80
79
109
102
93

130.;
145
275
96
152
83
80
80
110
102
97

128.8
144
274
97
150
82
79
79
107
98
94

129.1
145
273
98
147
84
81
76
107
99
95

131.9
146
278
97
161
83
80
77
109
102
96

63.1
60

64.7
60
65

64.2
62
66

62.7
60
63

64.3
60
65

65.0
59
66

63.2
59
64

65.2
59

62.8
58
64

63.0
56
64

63.7
57
65

63.3
57
64

115.0
121
114
99
116

115.7
122
115
100
115

116.4
121
115
101
116

115.5
121
114
102
114

114.7
118
113
100
116

114.8
116
113
100
117

114.3
115
112
101
116

115.3
116
115
100
117

115.7
118
116
100
116

116.4
119
117
101
116

116.4
119
117
100

115.7
117
117
100
116

116.2
117
115
102
116

116.4
122
115.2
122
92
112
98
111
123
297
87

119.9
122
119.4
132
98
113
102
109
125
309
87

121.3
123
120.8
137
91
114
104
106
126
310

121.9
122
121.8
138
91
116
106
111
126
311
87

121.4
122
121.3
138
92
119
104
105
127
310

120.
122
120.
138
87
118
108
99
124
309
84

120.0
123
119.4
137
84
117
109
102
124
304
81

121.1
122
120.9
136
97
119
116
109
123
312
81

122.0
122
121.9
137
94
122
120
119
121
311
82

122.4
123
122.3
138
83
120
127
120
122
315
82

121.7
122
121.4
138
78
120
133
114
124
308
83

122.2
122
122.2
141
75
117
139
113
126
306

122.7
120
123.3
143
90
115
141
106
125
310

85

121.3
121
121.3
141
62
116
145
107
127
309
81

86.1
58
70
144

91.2
60
74
154

93.0
61
75
159

92.4
61
75
157

90.2
59
74
152

87.
57
73
145

86.7
57
72
142

83.9
57
70
136

83.5
56
69
138

84.2
57
69
140

84.7
56
69
141

••87.0
54
71
149

89.7
54
73
155

91.5
57
75
156

129.6
145
279
97
150
86
77
79
106
105
95

64.4
62
65

63.5
62
64

Paper, Printing-.
Boxes, paper
_
Paper, pulp
Book, job printing
Newspaper, periodical printing.__

112.8
116
109
98
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
Rubber Products
Rubber boots, shoes
Rubber tires, inner tubes
Rubber goods, other

Tobacco Manufactures
Tobacco, snuff
Cigars, cigarettes

Feb.
95.4
94
85

126.9
146
271
95
137
82
80
78
103
107
100

__

Jan.
97.3
96
87

97.4
95
87
128.1
146
269
95
147
82
82
76
102
131
90

Food, Products
Baking
Beverages
Butter
,
Canning, preserving
_
Confectionery
Flour
Ice cream
__
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane

Dec.

90.9
89
81

129.0 ••129. 8
146
146
272
268
96
96
••146
137
86
88
79
•79
76
75
108
111
106
99
96
97

117

19.9
127.0
144
130
86
79

75
109
111
95

91.1
90
82

129.7
144
272
96
149
86
78
79
109
98
100

87

• Revised.
TOTAL NONAGRICULTURAL EMPLOYMENT
[Thousands of persons]
Employees in nonagricultural establishments
Total
nonTransagriculManuConportatural
facturMining
strucTotal
tion and
Trade
employing
tion
public
ment i
utilities

Year and month

1929—average
1930—average
1931—average
1932—average
1933—average
1934—average
1935—average
1936—average
1937—average
1938—average _
1939—average
1938—Oct
Nov.
Dec
1939—Jan
Feb
Mar
Apr
May
June
July
Aug.
Sept
Oct
Nov.
Dec.
1940—Jan,
Feb.
Mar
Apr
May
June
July
Aug.
Sept
Oct

_

_- -

,
_.

_ . ._

36,710
34,439
31 515
28,289
28,474
30 890
32,073
34,170
35,882
33, 602
34,614
34,109
34,035
34,349
33 401
33,518
33,, 809
33,820
34,109
34,544
34, 579
34,856
35,447
35 800
35,647
35,833
34,711
34,651
34,869
34,908
35,230
35,485
35,553
36, 017
36 636
36, 952

30,851
28,609
25,791
22, 706
22,924
25,135
26,234
28,125
29,763
27,468
28,471
27,968
27,898
28,218
27, 273
27,388
27, 667
27, 672
27,961
28,400
28,436
28, 710
29,295
29,651
29,504
29,697
28,579
28,518
28,725
28,774
29,082
29,341
29,413
29,872
30,484
30, 803

10,203
9,087
7,751
6,571
7,036
8,112
8,640
9,350
10,273
8,731
9,301
8,922
8,988
9,048
8,901
9,025
9,085
9,072
8,983
9,023
9,033
9,260
9,583
9,862
9,881
9,902
9,691
9,691
9,644
9,648
9,502
9,634
9,544
9,866
10,184
10, 361

1,064
982
847
706
714
844
855
896
949
834

1,806
1,422
1,236

821
755
840
908

830
821

1,211
1,148
1,001
1,213
1,156
1,089
991
954

819
819
546
653
793
787
807
823
871
881
866

1,012
1,146
1,270
1,334
1,388
1,415
1,399
1,366
1,249
1,076

790
831
837

853
854
849
835
845
838
837
839
847
852

946

952
903
953

1,089
1,248
1,317
1,379
1,432
1,473
1,514

3,878
3,647
3,221
2,789
2,647
2,727
2,762
2,944
3,102
2,835
2,904
2,905
2,856
2,836
2,776
2,787
2,816
2,838
2,867
2,924
2,936
2,946
2,993
3,033
2,988
2,943
2,887
2,893
2,895
2,916
2,956
2,991
3,018
3,039
3,075
3,079

6,404
6,065
5,530
4,914
4,941
5,476
5,669
5,941
6,233
6,012
6,078
6,052
6,088
6,460
5,872
5,843
5,923
5,979
6,008
6,063
5,992
5,988
6,161
6,228
6,263
6,614
6,001
5,961
6,136
6,061
6,122
6,174
6,078
6,087
6,240
6,297

Financial, service, and
miscellaneous
4,147
4,028
3,782
3,471
3,422
3,627
3,771
3,978
4,144
4,059
4,108
4,061
4,021
4,015
3,976
3,984
4,016
4,079
4,133
4,167
4,174
4,169
4,209
4,168
4,115
4,116
4,066
4,071
4,089
4,148
4,194
4,214
4,213
4,221
4,252
4,193

Government
3,349
3,379
3,425
3,434
3,408
3,509
3,628
3,805
3,915
3,997
4,077
4,041
4,019
4,048
3,973
3,984
3,996
4,012
4,047
4,096
4,126
4,125
4,127
4,133
4,127
4,180
4,129
4,145
4,159
4,177
4,215
4,273
4,344
4,388
4,413
4,507

NOTE.—Compiled by the Bureau of Labor Statistics. Figures for October 1940 are preliminary.
* Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments.
DECEMBER 1940
1313




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
Industry and group

Sept.
Total1

Oct.

'100.3 '103. 7
89.8 '96.2
110.2 110.8

Durable goods1
Nondurable goods

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

Machinery

Agricultural implements
Cash registers, etc.
Electrical machinery
Engines, turbines, etc.
Foundry, machine-shop products.
Machine tools
Radios, phonographs _ . . .
Textile machinery
Typewriters

Transportation Equipment1 .__
Aircrafti
Automobiles. __ _ _
Cars, electric-, steam-railroad
Locomotives. . _

._

Shipbuilding
Nonferrous Metals, Products

Aluminum.
Brass, bronze, copper
Clocks, watches
_
Jewelry .
Lighting equipment.
Silverware, plated ware
Smelting, refining

_ _

Lumber, Products

_.

Brick, tile, terra cotta _ _ _ _
Cement. .
Glass
Marble, granite, slate
. ._
Pottery
Textiles, Products

Fabrics.
Carpets,. rugs. _
Cotton goods
Cotton small wares
Dyeing,finishingtextiles
Hats, fur-felt
Hosiery
Knitted outerwear
Knitted underwear
Knitted cloth
Silk, rayon goods _ _
Woolen, worsted goods
Wearing apparel Clothing, men's
. . __ __
Clothing, women's
Corsets, allied garments
Men's furnishings
Millinery
Shirts, collars
..

July

Aug.

Sept.

Oct.

'99.6
'97.3
101.7

'99.7 '103.8
'95.9 '99.8
103.3 107.6

107.7
105.5
109.7

109.9
109.7
110.1

Sept.

111.0

106.6

115.1

116.1

119.2

123.1

127.0

116
127
92
99

118
126
97
105

137
130
103
158

131
130
104
168

97
229

98
235

131
129
107
175

101
238

134
132
111
182

135
132
116
191

143
77

157
76

103
248

106
258

114

118

123

128

122

124

151
115
86
100
88
71

168
131
90
107
98
73

177
127
91
91
84
68

181
130
90
93
77
63

189
138
95
99
88
69

195
147
101
103
100
73

204
155
104
112
107
77

77

84

87

89

91

92

94

70.0

72.4

68.3

68.2

71.3

73.4

74.4

160
78

164
80

85
89
73
122
96
163

131
150
84
107
103
117
85
219
101
107
79
112
111
224

100 9

100.3

141
79
111

123.3

128
140
79
101
92
113
81
201
91
97
75
117
104
186

117
82
161

95
111
63
85
63
114
72
159
71
82

177
80

118.0

116
112
75
91
78
86
74
166
78
81
68
113
92
141

125
121
84
111
80
106
91
190
99
106
85
102
105
188

92 g

Oct #

114.2
121.7
105.9

104.3

117.1

123
118
82
107
77
101
89
176
94
101
83
105
100
162

Sept.
110.0
114.0
105.6

114
111
70
92
74
86
73
163
77
83
65
114
89
161

113.5

122
115
80
102
73
96
87
164
90
98
80
108
96
146

Aug.

'96.8 '104. 0
96.5 '105. 5
97.1 '102. 4

102.8

110.7

119
109
78
99
68
83
84
152
84
92
76
106
94
136

150
77

July

124
138
71
94
75
110
80
173
83
94
68
111
92
183

106.2

114
104
77
101
66
82
83
153
85
93
74
103
92
152

91
171

June

112.1

103.7

115
113
77
104
65
100
82
164
86
97
76
106
91
166

86
156

Oct.

'93 9 '101. 7 '98.1
'87 9 '99.8 '100. 4
95.6
100.5 103.9

106.8

113.5
125
139
76
'93
86
107
80

'183

125.1

125.7

131.0

137.9

144.9

116

131
126
106
129

158
138
118
211

149
136
118
224

152
136
124
239

156
140
131
249

158
142
138
264

139
73

170
76

134
74

139
73

150
74

162
76

126

112

117

125

137

164
78
154

191
154
99
93
82
71

204
141
92
76
70
56

194
146
91
76
64
51

225
161
101
83
77
'60

239
178
109
91
90
70

71 ,

81

86

87

89

92

63 5

68.7

63.6

60.7

68.3

195
124
QR

80
182

90
208

96
303

96
308

101
303

105
332

112
351

122
'99.7 '104. 9 126.7 138.5 '100 3 '110.8 '121.0 '98.9 '115.7 141.3 161.3
'97.7 '106.1
r
'1,591 1, 704 '2,914 '3,147 '3, 479 3,764 4,160
727 4,212 4,669
l 516 '1, 703 '2, 968 '3,125 '3, '96
147
125
81
108
82
99
105
85
112
124
112
113
103
49
49
47
43
41
51
51
54
45
51
56
38
33
28
40
37
33
31
26
31
29
29
33
36
39
25
26
28
241
129
134
163
170
181
188
196
144
186
193
212
228
135
100.3 110.4 106.6 106.9 113.8 119. ? 126.3
% 5 113.6 105.5 105.8 117.0 127.9 136.6

91
62

Stone, Clay, Glass Products

June

1940

1939

101
101
75
97
59
94
80
157
81
92
74
107
86
145

97.2

Iron, Steel, Products

Furniture
Lumber, millwork
Lumber, sawmills

1940

1939

95
64

63

66

81.7

84.8

63
71
101
52

62

65

66

82.9

82.4

84.5

85.8

90

87

93.7
85.7

94.5
88.0

92

78
89
84

83
94
92

179
116
133
89
123

62

64
72
103
48

108.0
98.6

124.
Ill

91
64

63
72
105
49

86

150
79
78
143
73
82

88
63

65
72
107
51

104.3
93.3

125
90

88
62

70
87
74

71
88
74

64
75
107
49

67

87.4
65
76
114
47

91

94

98

102.7
92.8

104.6
96.2

76
92
79

80
95
83

71
89
77

116
71

116
83

124.
109

130
63
73
128
60
76

131
66
72
136
61
83

107.
99

104.9 '116.
103
'107

148
112
110
66
115

137
103
110
55
111

178
118
144
82
127

65
75
109
49

97
69

'99.7
90.4

133
86
154
82
80
152
77
91

95
67

122
87
136
70
73
148
63
87

164

'109
117
73
117

125
86
139
73
74
154
64
89

120.7
108
171
112
122
87
122

128
80
143
76
76
157
65
95

119.0
105
172
113
127
76
122

167
123
88
84
75
66

71.3

251
190
119
99
97
78
94

73.7

78
50

85
52

76
49

74
49

82
'52

88
55

57

62

58

54

62

64

92
58
65

71 7

80.3

73.4

71.1

76.7

79.5

82.5

57
71
121
39

51
70
111
36

74

87

86.5
81 0

93.5
88.0

50
68
105
39

68
79
82

108
74

75
84
89

116
61

156
62
67
121
56
68

174
70
74
132
61
77

118
120
121
81
102

133
127
143
62
116

92.
80

98.7
83

52
68
105
34

54
73
116
37

54
77
121
38

76

71

80

85

75.4
72.5

77.7
76.4

87.4
80.9

92.7
84.8

54
78
69

59
80
73

66
85
77

55
75
67

93
58

128
51
64
107
46
65

76.
71

95
109
95
47
92

95
78

102
83

75.
77
89

'94.9
82
'130
'109

130
54
63
117
47
74

100
98
37
88

144
60
66
129
51
78

114
65
102

54
75
130
37
91

93.4
89.6

147
64
68
138
51
82

72
90
83
112
68
158
66
72
136
53
88

142
123
121
94
108

78
132
125
135
55
115

107
77

102.
83

95.2

* Revised.
i Series revised from January 1939 to date.

1314




FEDERAL RESERVE BULLETIN

Factory Employment and Payrolls—Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average—100]
Factory employment
Industry and group

Factory payrolls

1940
Sept.

Leather, Manufactures
Boots, shoes
Leather
Food, Products
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane

^

Oct.

97.8
97
87

96.
94

86.8
85
80

150.7
148
287
99
304
91
84
82
101
121
91

137.
148
271
95
182
97
82
73
103
287
101

129.7
147
302
105
141
75
78
92
108
53

66.4
61

66.7

Paper, Printing
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing.._

113.2
119
109
98
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
Rubber Products
Rubber boots, shoes
Rubber tires, inner tubes
Rubber goods, other

Tobacco Manufactures
Tobacco, snuff
Cigars, cigarettes

June

98

July
91.6

Aug.
92.0
91
80

135.5 '145. 8
147
147
300
299
105
103
180
'264
74
80
92
91
111
107
58
101

1939
Sept.

Oct.

Sept.

90.
90

90.0

147.4
147
283
100
269
96
81
81
108
102
96

140.9
146
272
96
199
101
81
74
109
262
100

139.7
139
336
84
264
92
94
69
108
117

1940

Oct.

72
84

June

76.5
71

67.0
63
76

130.0
137
309

129.0
141
376
91
117
72
72
78
115
54

83
62
108
245
87

July
76.4
75
76

73.3
69
82

131.4 '139.0
142
140
357
353
90
89
147
'248
69
77
76
76
78
78
118
112
56
88
91
85

138.5
141
331
88
231
98
81
70
113
116
82

134.1
140
314
81
170
102
79
64
116
208

65.9
67
66

66.7
69

113.3
134
124
88
111

115.1
142
124
91
111

138.2
139
137.8
171
78
132
175
85
136
328
107

139.5
136
140.5
177
124
133
181
81
136
324
108

'87. 7- 95.8
60
57
85
76
142
153

101.0
63
90
160

64.4
55

65.8
56
67

66.5
57

62.9
67

63.4
71
62

66.'

116.5
128
114
99
117

114.5
115
116
97
116

114.7
116
117
99
114

115.2
118
117
100
114

116.2
120
117
100
116

117.6
124
115
103
118

109.3
133
113
86
110

113.8
151
126

112.3
127
126
85
111

118.0
123
116.7
124
120
114
100
98
122
300

122.3
123
122.2
134
139
117
104
99
125
310
90

119.0
123
118.0
138
51
116
126
89
126
306
82

118.5 119.4
123
123
117.4 118.6
140
142
45
52
114
'114
133
140
80
81
125
124
307
308
84
81

122.6
123
122.6
143
81
118
148
96
126
312
82

125.0
121
126.1
146
128
119
145
96
125
312
90

124.6
135
121.5
140
100
124
114
86
128
286
107

133.3
140
131.2
158
120
133
125
80
135
303
109

133.2 133.4
137
137
132.0 132.4
165
169
46
46
126
125
154
167
78
70
136
132
314
315
100
100

86.0
60
70
142

92.4

83.4! 83.5 '85.9
55
54
55
69
69
71
138
'144
138

89.5
56
73
153

92.6
59
75
159

91.0
62
83
135

101.!
64
91
161

86.4
56
78
133

62

74
158

Oct.

74.6
72
77

62.4
56
63

67
67

Sept.

'77.0
75
77

64.9
58

62
67

Aug.

62.3
67
62

62.3
65
62

111.2 110.'
131
128
126
125
87
86
106
106

85.2
51
77
132

'134.4
137
'133.5
'169
49
127
172
71
132
318
102

r
Revised.
NOTE.—Figures for October 1940 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are
for payroll period ending nearest middle of month.

HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)

Average hours worked per week
Industry group

1939

1940

Aug.

Sept.

Total

38.0

Durable goods

38.4

Iron, Steel, Products
_ _
Machinery
Transportation Equipment
Nonferrous Metals, Products
Lumber, Products
Stone, Clay, Glass Products
Nondurable goods
Textiles Products
Fabrics
Wearing apparel
Leather, Manufactures. _
Food, Products
Tobacco Manufactures
Paper, Printing
Chemicals, Petroleum, and Coal
Products
Petroleum refining _ . - _ . .
Other than petroleum refining.
Rubber Products

May

June

July

38.0

37.2

37.5

37.3

38.2

38.2

38.7

37.9

37.0
39.0
38.1
39.0
39.6
37.7

37.0
39.1
37.3
39.9
39.3
37.0

36.6
40.5
36.7
38.8
38.7
37.1

37.6
40.8
38.1
39.0
38.5
36.3

37.2
40.5
36.2
38.6
37.0
35.5

37.8

37.8

36.3

36.4

36.7

1940

1939
Sept.

Aug.

Sept.

May

June

July

Aug.

Sept.

38.4

38.8

63.4

63.8

66.9

67.2

66.7

'66.8

67 1

'39. 7

40.2

69.9

70.9

73.0

73.2

72.7

'73.1

73.7

38.8
41.2
39.9
40.1
'39.4
37.0

39.2
41.8
40.0
41.5
39.9
37.4

75.7
72.1
88.8
66.8
50.2
64.6

76.1
72.2
89.5
67.4
50.1
64.7

76.7
74.1
90.2
70.1
52.1
66.4

77.4
74.3
90.5
70.2
52.3
66.4

77.7
74.4
89.1
70.1
51.9
66.5

77.7
74.5
89.7
70.3
'52.6
66.8

77.9
74.6
90.0
71.0
52.5
67.2

37.2

37.5

58.5

58.3

61.5

61.7

61.5

61.3

61.1

48.2
46.1
51.9
53.2
58.5
47.5
77.4
74.1
96.9
65.8
76.8

49.6
48.4
51.8
55.5
64.7
49.7
79.4

49.6
48.4
51.8
55.3
64.1
50.5
79.7

50.2
48.6
53.4
55.3
'62.5
'50.2
79.1

51.2
48.6
55.8
55.4
61.5
49.2
78.9

51.4
48.7
56.3
55.8
60.3
48.7
79.2

76.0
97.5
68.6
77.8

'77.1
98.3
70.2
78.0

78.3
98.6
'70.9
78.5

77.8
97.7
70.7
77.9

77.3
98.3
70.0
78.0

Aug.

36 1
36.7
35.0
37.7
40.5
36.9
38.1

35.5
37.0
32.8
34.8
41.6
36.9
39.0

33.7
34.3
32.7
30.9
40.1
36.4
38.8

33.5
34.1
32.5
33.2
40.1
38.1
38.5

33.8
34.8
31.9
35.9
39.9
36.8
38.4

34.9
35.7
33.5
35.8
40.4
36.1
38.2

35.7
36.4
34.4
34.8
40.3
37.8
38.4

48.3
46.0
52.3
52.6
59.6
47.2
76.8

38.4
35.8
39.5
37.0

38.8
35.6
39.9
37.6

38.8
36.2
39.7
36.4

38.5
35.7
39.6
36.4

38.5
35.3
39.7
35.7

38.7
35.8
39.8
36.3

39.0
36.1
40.0
37.5

76.6
97.5
68.0
77.0

' Revised.
DECEMBER

1940




1315

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]

Month

January
February
March
April
May

1939

1940

1939

1940

251.7
220.2
300.7
330.0
308.5
288.3
299.9
312.3
323.2
261.8
299.8
354.1

196.2
200.6
272.2
300.5
328.9
324.7
398.7
414.9
347.7
383.1

80.2
79.0
125.2
114.4
133.8
111.9
109.3
127.2
129.7
118.3
116.6
88.7

77.4
74.9
121.7
135.4
145.9
135.3
140.4
153.0
152.4
148.5

June
___ _
July
August
.
September
October. _ __ _ _ _
November
December
3, 550. 5
Year

Nonresidential building

Residential
building

Total

Factories
1939

1940

7.1
9.5
13.0
17.5
13.0
15.8
17.4
10.4
20.7
16.8
18.5
15.3

1 334 3

Commercial

Educational i

1939

1939

1940

17.3
13.5
17.4
21.3
19.5
26.8
22.9
21.1
26.6
22.6
20.4
17.4

12.9
15.4
21.8
23.5
23.2
15.2
49.5
39.6
38.0
47.1

31.7
21.8
27.6
21.1
16.4
12.5
19.4
13.8
10.1
9.5
9.7
7.7

15.9
20.2
23.1
24.0
26.1
33.1
38.9
28.6
27.1
29.4

Other i
1939

6.1
8.1
9.3
17.4
15.3
14.3
16.5
14.4
9.8
18.6

201.4

246.9

174.8

1940

Public works
and public
utilities i

28.9
24.7
39.8
34.8
27.8
37.8
28.7
24.6
24.9
23.8
29.2
17.4

1940

1940

1939

17.7
26.9
19.6
24.0
25.6
29.4
34.1
36.6
26.4
41.2

342.5

86.5
71.6
77.7
121.0
97.9
83.6
102.1
115.3
111.1
70.8
105.5
207.7

66.3
55.2
76.7
76.3
92.8
97.5
119.3
142.8
94.0
98.2

1, 250. 6

i Not strictly comparable with data for earlier years due to changes in classification.

CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP

[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Total

Private ownership

Public ownership i

l

Month
January
February
March
April
May
_
June
July
August. ._
September
October
November
December
Year

___
_ _

1935

1936

1937

1938

1939

1940

1935

1936

1937

1938

1939

1940

1935

1936

1937

1938

1939

100
75
123
124
127
148
159
169
167
201
188
264

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

55
38
68
53
47
64
67
92
97
114
118
196

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

45
37
55
71
80
84
93
76
70
87
70
68

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

1,007

1,334

1,152

1,705

1,708

837 1,341

1,761

1,492

1,842

1,845 2,675 2,913 3,197 3,551

1940
104
119
177
197
217
177
194
220
204

i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available.

CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS

COMMERCIAL FAILURES, BY DISTRICTS

[Figures for 37 States east of the Rocky Mountains, as reported by the [Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars.]
F. W. Dodge Corporation. Value of contracts in thousands of dollars.]

Oct.

Sept.

—

26, 543
56,407
16,449
38,198
51, 758
52, 510
67, 270
27,121
11, 099
12, 916
22, 798

26,700
53, 900
23,934
34, 643
34,192
31, 323
69,156
25, 467
12, 028
13, 744
22, 564

Total (11 districts)

383, 069

347, 651

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

Number

1939

1940

Federal Reserve district

Oct.

Federal Reserve
district

1940

Oct.

16, 478
47, 226
16, 537
29, 485
28, 276
27, 571
44, 697
17,082
10,041
9,713
14, 690

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
261, 796 Kansas City
Dallas
San Francisco
Total

Liabilities
1939

Sept.

Oct.

89
400
72
51
40
53
153
39
19
45
33
117

44
321
75
36
37
43
145
36
20
49
23
147

93
453
69
63
52
80
182
38
17
52
23
112

1,111

976

1,234

1940

Oct.

Sept.

774
630
4,788
3,918
720
701
552
1,049
498
348
858
488
1,580
1,337
481
665
181 :
240
289
255
720
159
1,274
1,607
12, 715

11, 397

1939

Oct.
1,614
4,771
1,044
1,357
755
1,145
3,192
216
156
363
557
2,294
17,464

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.

1316




FEDERAL RESERVE BULLETIN

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports *

Excess of exports

Merchandise imports>

Month
1936

1937

1938

199
182
195

223
233
257

289
262
275

193
201
186

269
290
265

July.. . .
August
September. . .

180
179
221

October
November
December _ _

January
February
March

_

April
May
June

_

_ _ __

Year

1939

1940

1936

1937

1938

1939

1940

1936

1937

1938

1939

213
219
268

370
347
351

187
193
199

240
278
307

171
163
173

178
158
190

242
200
217

11
-11
-4

-18
-45
-51

118
99
102

35
61
77

128
147
135

274
257
233

231
249
236

324
325
'351

203
192
191

287
285
286

160
148
146

186
202
179

212
211
211

-10
9
-5

-18
5
-21

115
109
87

45
47
57

112
114
130

268
277
297

228
231
246

230
250
289

317
350
295

195
193
216

265
246
233

141
166
168

169
176
182

232
221
195

— 15
-14
5

3
31
63

87
65
79

61
74
107

85
129
100

265
226
230

333
315
323

278
252
269

332
292
368

P343

213
196
245

224
223
209

178
176
171

215
235
247

P207

52
30
-15

108
92
115

100
76
98

117
57
121

P136

2,456

3,349

3,094

3,177

2,423

3,084

1,960

2,318

33

265

1,134

859

1940

r
» Preliminary.
Revised.
i Including both domestic and foreign merchandise.
» General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Bureau of Foreign and Domestic Commerce.
Backfigures.—SeeBULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.

FREIGHT-CAR LOADINGS, BY CLASSES

DEPARTMENT STORE SALES AND STOCKS

[Index numbers; 1923-25 average=100]

Total

Coal

Coke

Grain

[Index numbers based on value figures; 1923-25 average=100]

ForLive- est
stock prod- Ore
ucts

Mis- Mercel- chanlane- dise
ous l.c.l.

ADJUSTED *

Unadjusted *

Adjusted *
1937

1938

1939

1940

1937

1938

1939

93
95
93
93
93
93
92
93
94
93
91
89

90
88
86
83
78
82
83
83
86
84
89
89

88
87
88
88
85
86
86
89
91
90
95
96

92
89
89
89
87
91
91
99
99
91

72
76
90
89
95
90
65
72
100
103
101
156

70
70
77
86
80
79
58
65
91
92
99
156

69
69
82
88
87
83
60
69
97
99
106
168

92

85

90

66
72
78
79
78
73
69
74
80
85
86
68

63
67
71
71
71
65
61
65
70
74
78
62

60
65
69
69
68
64
60
65
71
77
82
64

76

68

68

1940

SALES 1

1939—Sept
Oct
Nov
Dec

77
80
82
78

85
87
80
71

82
95
100
92

88
87
88
87

45
44
41
40

45
50
51
51

85
108
191
116

82
86
89
89

63
62
63
62

1940—Jan
Feb
Mar
Apr
May
June.
July
Aug. _._
Sept
Oct

78
73
69
70
72
75
75
76
77
77

83
68
66
75
78
81
83
85
80
65

90
65
70
73
73
91
105
108
99
97

73
75
75
79
74
74
80
74
79
81

39
40
39
37
38
38
35
38
42
45

47
44
43
43
45
45
46
49
51
55

114
107
105
102
96
100
96
96
106
117

86
83
77
74
77
82
80
82
84
89

62
61
60
59
60
60
61
61
61
62

Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec

_.
^

Year._

71
71
86
86
89
87
64
77
105
101

STOCKS
UNADJUSTED *

1939—Sept. _.
Oct
Nov
Dec

85
89
83
73

89
96
87
79

78
95
100
101

99
87
83
75

57
62
50
39

49
52
50
44

149
160
105
29

92
97
91
81

65
65
64
60

1940—Jan
Feb
Mar
Apr
May
June
July.....
Aug
Sept
Oct

72
68
67
67
71
75
77
78
86
86

95
80
70
63
67
69
70
75
83
72

106
88
73
62
70
85
89
88
94
97

66
69
69
70
66
73
110
89
89
81

38
33
31
34
34
31
31
38
54
63

41
43
44
44
47
48
46
51
56
57

25
26
26
42
134
170
182
178
185
173

74
71
74
76
80
85
82
83
94
100

58
59
60
60
60
60
60
61
64
64

* The terms "adjusted" and "unadjusted" refer to adjustment of monthly
figures for seasonal variation.
NOTE.—For description and back data see pp. 522-529 of BULLETIN for June
1937. Based on daily average loadings. Basic data compiled by Association of
American Railroads. Total index compiled by combining indexes for classes
with weights derived from revenue data of the Interstate Commerce Commission.

DECEMBER

1940




Jan
Feb
Mar
Apr. _. .
May
June
July
Aug
Sept
Oct
Nov.
Dec
Year_.

74
76
76
76
76
76
77
78
77
76
75
72

71
70
70
69
69
68
67
67
67
67
67
66

67
68
68
67
66
67
67
67
68
^69
71
68

68
71
70
69
68
67
68
69
70
71

61
68
71
71
70
64
61
66
'73
79

r
Revised.
* The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation.
i Based on daily average sales—with allowance for changes
from month to month in number of Saturdays and in number of
Sundays and holidays. Adjustment for seasonal variation
makes allowance in March and April for the effects upon sales
of changes in the date of Easter.
Back figures.—Department store sales, see BULLETIN for
August 1936, p. 631, and for October 1938, p. 918; department
store stocks, see BULLETIN for March 1938, p. 232.

1317

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

Chemi- HouseHides and Textile Fuel and Metals Building cals
and furnishleather
lighting and metal
allied ing
products products materials products materials products
goods

Foods
Total

Miscellaneous

95 3
86.4
73 0
64 8
65 9
74 9
80 0
80 8
86 3
78.6
77.1

304.9
88.3
64 8
48.2
51 4
65.3
78 8
80.9
86 4
68.5
65.3

99.9
90.5
74 6
61.0
60 5
70.5
83 7
82.1
85 5
73.6
70.4

91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3

109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6

90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76 3
66.7
69.7

83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1

100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4

95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5

94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76 0

94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3

82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.6
77.8
73.3
74.8

1939—September
_.
October
November. __ _
December

79.1
79 4
79.2
79 2

68.7
67.1
67.3
67 6

75.1
73.3
72.3
71 9

82.1
83.8
84.0
83.9

98.5
104.6
104.0
103.7

71.7
75.5
76.4
78.0

72.8
73.9
74.1
72.8

94.8
95.8
96.0
96.0

90.9
92.8
93.0
93.0

86.6
87.8
88.4
88.5

76.6
77.6
77.0
77.4

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

79 4
78.7
78 4
78.6
78 4
77.5
77 7
77.4
78 0
78 7

69 1
68.7
67 9
69.4
67 9
66.2
66 5
65.6
66 2
66.4

71.7
71.1
70 2
71.6
71 4
70.3
70 3
70.1
71 5
71.1

83.9
83.2
82.9
82.5
82.5
82.2
82.3
82.0
82.3
83.5

103.6
102.4
101.8
101.8
101.3
99.2
99.0
96.9
98.3
100.4

77.9
75.4
74.0
72.9
72.9
72.6
72.4
72.3
72.5
73.6

72.7
72.4
72.2
71.8
71.7
71.4
71.1
71.1
71.0
71.6

95.8
95.3
95.5
94.5
94.5
94.7
95.1
94.9
95.4
97.3

93.4
93.2
93.3
92.5
92.5
92.4
192.5
193.3
195.6
97.8

76.6
77.6
77.4
77.7
77.7
77 5
77.0
76 8
76.7
76 1
77.0
76.7
76.8
76.9

87.9
88.0
88.0
88.4
88.5
88.5
88.5
88.5
88.5
88.6

77.7
77.3
76.9
77.7
77.7
77.3
77.7
76.7
76.5
76.9

Week ending—
1940—September 7
September 14
September 21
September 28
October 5__
October 12
October 19 _
October 26.
November 2
November 9
November 16
November 23

78.0
77.9
77.7
77 7
77.8
78 1
78.4
78.6
78.5
78.8
79.3
79.5

67.6
66.8
65.7
65.7
65.5
66.1
66.7
67.0
66.5
67.2
68.4
68.8

71.6
71.3
71.1
70 8
70.7
71 0
71.0
70.8
70.8
71.7
72.6
72.8

82.3
82.5
82.5
82.6
82.9
83.1
83.5
83.7
83.7
83.9
84.1
84.3

97.8
98.6
99.0
99.3
99.9
100.3
100.7
101.9
102.3
102.4
103.0
103.1

71.8
71.9
72.0
72.1
72.5
72.6
73.5
73.6
73.7
73.9
74.0
74.2

71.8
71.8
71.9
71.8
72.3
72.3
72.3
72.2
72.2
72.5
72.6
72.4

95.0
95.3
95.3
95.7
95.8
96.4
97.4
97.4
97.4
97.4
97.5
97.4

94.2
94.4
94.2
94.7
95.1
95.1
95.0
95.6
96.1
96.3
96.3
98.8

76 8
76.8
76 8
76.7
76 8
76.8
76.9
77 0
77 1
77.2
77.4
77.5

90.0
90.0
90.0
90.0
90.1
90.0
90.0
90.0
90.1
90.1
90.1
90.2

76.4
76.3
76.3
76.1
76.4
76.4
76.8
77.0
76.9
77.1
77.6
77.5

1929
1930
1931.
1932
1933
1934
1935
1936.
1937
1938
1939

_.
_ ..

._

1940

1939
Subgroups
Farm Products:
Grains
Livestock and poultr y_
Other farm products
Foods:
D airy products
Cereal products
Fruits and vegetables
Meats _
Other foods
Hides and Leather Products:
Shoes
.
Hides and skins
Leather..
Other leather products
Textile Products:
Clothing . _
._
Cotton goods
Hosiery and underwear
Silk
Rayon........
Woolen and worsted goods
Other textile product
Fuel and Lighting Material:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products..

Oct. July Aug. Sept. Oct.
61 6 60 8 59.3
70.5 69.8 71.5
66 1 65 6 63.3

61.7
72.4
63.2

65.4
70.6
63.8

74.3
75.1
63.2
76.1
60 4

75. 1
76 0
60.8
79.0
62 6

77.3
77.0
58.9
75.6
63.4

78.9
78 0
60.2
74 9
70 2

73.7
76 2
69.0
72 9
61 3

1940

1939

105.7 107.0 107.0 107.0 107.0
112.4 84.6 77.1 84.0 93.8
97 8 91.4 88.3 88.9 90.9
99.3 99.7 99.7 99.7 99.7
83.2
74.3
63.5
54.3
29 5
91.3
78 3

85.3
68.8
61.5
43.3
29 5
83.9
73 0

85.6
68.6
61.5
43.0
29.5
83.7
71.9

85.6
69.2
61.4
42.8
29 5
84.2
71 6

85.7
71.5
61.4
44.7
29.5
86.3
72.1

75.3
98.2
108.0
. . . 75.4
84 4
54.0

78.1
95.8
109.6
73.3
88 2
49.5

79.0
96.2
109. 6
72.4
84.5
49.2

79.6
96.8
109.6

80.7
100.4
109.7

~84.~8~
49.0
48.9

Subgroups

Oct. July Aug. Sept. Oct.

Metals and Metal Products:
Agricultural imnlftmftnt.s
Farm machin ery
Iron and stee
Motor vehicles
Nonferrous metals
__ __
Plumbing and heating
Building Materials:
Brick and tile
_
. . .
Cement
Lu mberi__ _
Pa int and naint materials
Plumbing and heating..
Structural steel
Other building materials
_
Chemicals and Allied Products:
Chemicals..
Drugs and ph armaceuti<3als
Fertilizer mat erials..
Mixed fertilizers_.
Oils and fats .
Housefurnishing Goods:
Furnishings
Fu rniture
Miscel aneous:
Auto tires an d tubes
Cattle feed
Paper and pu lp
Rubber, crud e Other miscell aneous _

93.4
94.6
96.0
93.9
85.3
79.3

92.4
93.5
94.6
95.6
80.8
80.5

92.3
93.5
94.8
95.6
79.1
80.5

91.5 90.1 90.1
91.3 90.6 90.6
99.6 94.8 98.4
85.7 84.6 84.2
79.3 80.5 80.5
L07.3 107.3 107.3
91.9 93.6 93.4

92.4
93.7
94.9
96.1
80.7
80.5

92.5
93.8
94.9
100.1
83.6
80.5

90.2 90.2
90.6 90.7
107.1 114.4
84.1 84.8
80.5 80.5
107 3 107.3
93.5 93.8
85.0
95.8
68.1
74.2
39.8

85.2
79.7
68.6
72.5
57 2

84.9
95.9
67.3
72.8
43.0

84.8
96.2
68.0
74.2
39 1

84.8
96.0
68.1
74.2
39 9

93 7
81.7

94 8
81.8

94 8
81.8

94 8 95.01
C1 0oj
81.8 ol.

58.8

58.8
74.5
93.5
41.0
82.8

58.8
75 9
93.2
39.8
82.6

60.5
82.9
86.3
42.7
85.4

oo 2

93.5
44.2
83.5

58.8
80.1
93.2
41.6
82.7

* Revised series.
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86): for indexes of subgroups, see Annual Report
for 1937 (table 87).

1318




FEDERAL RESERVE BULLETIN

STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES
Chart
book
page
WEEKLY FIGURES

1940
Oct.
23

Oct.
30

Nov.

Nov.
13

Nov.
20
MONTHLY FIGURES

Wednesday figures; in billions of
dollars

RESERVES, GOLD, AND
CURRENCY

Reserve Bank credit—total. 3, 5
Bills discounted
5
U. S. Gov't. securities—
5
Gold stock...
3
Money in circulation.
3, 9
Treasury cash
3
Treasury deposits.._
3
Member bank balances
3, 6
Required reserves •._ a
_.
6
Excess reserves—total <
7
New York
City a
7
Chicago 2
7
Reserve city banks
»_.._
7
Country banks 2 •
7

2.39

0)

2.35
21.43
8.24
2.23
.38
14.15
7.21
6.95
3.53
.62
1.91
.88

2.38

0)

2.33
21.50
8.27
2.19
.38
14.18
7.25
6.96
3.56
.58
1.92
.89

2.36

0)

2.33

2.30

0)

0)

2.25
2.33
2.23
21.64
21.58
8.39 - 8.40 21.72
8.44
2.21
2.22
2.19
.40
.47
.31
14.05
13.98
14.13
7.26
7.25
7.33
6.79
6.78
P6. 82
3.48
3.47
3.47
.54
.54
.55
1.85
1.86
1.91
.93
.91
P. 90

Total, 101 cities:
Loans and investments.
Investments
Loans
Adjusted demand
deposits
__.
Time deposits..
XJ. S. Gov't. deposits . __
Domestic bank balances
Foreign bank balances..
New York City:
U. S. Gov't. obligations.
Other securities
Commercial loans
Brokers' loans
100 cities outside New York:
U. S. Gov't. obligations .
Other securities
Commercial loans.

14
14
14

24.49
15.60
8.89

24.60
15.69
8.91

24.73
15.72
9.01

24.87
15.79
9.09

24.94
15.83
9.11

15
15
15
15
15

21.64
5.36
.53
8.77
.69

21.86
5.35
.53
8.71
.67

21.59
5.38
.53
8.93
.67

21.82
5.38
.53
8.96
.67

21.96
5.38
.53
8.95
.66

16
16
16
16

5.37
1.39
1.82
.30

5.37
1.42
1.83
.29

5.48
1.34
1.84
.33

5.52
1.32
1.87
.32

5.58
1.31
1.87
.32

17
17
17

6.56
2.27
2.93

6.64
2.27
2.95

6.63
2.27
2.98

6.66
2.28
3.03

6.65
2.29
3.04

Averages of daily figures1; per cent
per annum

MONEY RATES AND SECURITY
MARKETS

Wholesale commodity prices: *
United States:
All commodities
31, 32
Farm products
31
Foods
31
Other commodities
31
England
32
France
32
Germany
32
Industrial production B
35
Durable manufactures 8
37
Nondurable manufactures 6
37
Minerals •
37
Factory employment
43
Factory payrolls
43
Freight-car loadings B___
__
45
Department store sales *__
47
Department store stocks 6
47

1.00
.56
.44
.02
.41
2.09
2.78
4.54

1.00
.56
.44
.02
.40
2.08
2.79
4.54

1.00
.56
.44
.02
.35
2.00
2.78
4.52

Wednesday figures; in
Stock prices, total *
27, 29
Industrial
27
Railroad
27
Public utility
27
Volume of trading 2 (mill,
shares)
29
Brokers' loans (mill, dollars)
29

82
95
28
81

81
95
27
80

.59
420

.89
410

1.68
450

1.00
ientral gold reserves:
.56
United States
.44
England
.02
France
_
.32
Netherlands
1.94 U. S. Gov't. interest-bearing
2.74
debt—total
4.47
Bonds
Notes
unit indicated
Bills
Special issues
82
85
99
29
78
80
QUARTERLY F I G U R E S '
1.24
455
452
1.00
.56
.44
.02
.32
1.96
2.76
4.47

Figures for week3; in unit indicated

BUSINESS CONDITIONS

Wholesale commodity prices: 4
All commodities
___
Farm products...
Foods
__
Other commodities
Steel plant operations
(per cent of capacity)
Automobile production
(thous. cars)
Electric power production
(mill. kw. hrs.)
Total freight-car loadings
(thous. cars)

82
95
27
80

33
33
33
33

78.6
67.0
70.8
83.7

78.5
66.5
70.8
83.7

78.8
67.2
71.7
83.9

79.3
68.4
72.6
84.1

79.5
68.8
72.8
84.3

38

94.9

95.7

96.0

96.1

96.6

38

117.1

118.1

120.9

120.9

102.3

39
39

2,711
837.7

2,734
794.8

2,720
778.3

2,752
745.3

2,695
733.5

e
p Preliminary.
r Revised.
Estimated.
1
Less
than
$5,000,000.
2
3
Averages
of
daily
figures,
see
footnote
.
3
Figures are shown under the Wednesday date included in the weekly
period.
4
Index numbers, 1926=100.
6
Adjusted for seasonal variation, 1935-39=100.

Aug.

Sept.

Oct

77.4
65.6
70.1
82.0
113.0

78.0
66.2
71.5
82.3
113.8

78.7
66.4
71.1
83.5
115.1

82.4
121
'51.2
52.5
17.3
103.8

82.2
125
55.3
52.4
17.7
107.7
110.0
77
99
70

82.3
P128
P57.1
P54.1
P17.1
P109. 9
P114. 2
77
91
71

104.0
76

99

In millions of dollars
Construction contracts awarded: 7
Total
41
Residential..
41
Other
41
Exports and imports:
Exports (inch re-exports)... 49
General imports
49
Excess of exports
49
Income payments:
Total6
50
Total unadjusted 5
50
Salaries
and
wages
50
Other 6
50
Cash farm income:
Total*
51
Crops •
51
Livestock and products •—
51
Government payments
51

Domestic corporation security
issues, total
New
Refunding
_

371
150
221

380
151
228

P379

350
221
129

295
195
100

P343

6,189
5,790
3,940
2,249

6,265
6,462
3,983
2,282

P6,312
P6, 671
P3, 996
P2, 316

749
304
403
42

908
422
432
54

Pl, 125
P564
P485

P148
P230
P207
P136

P76

In billions of dollars

OTHER

19
19
19
21
21
21, 25
_
25
_
25

1940

Index numbers
1923-25=100

BUSINESS CONDITIONS

WEEKLY REPORTING
MEMBER BANKS

F . R. Bank discount
rate, N . Y
Commercial paper
Bankers'acceptances
U. S. Treasury bills
U. S. Treasury notes
U. S. Treasury bonds
Corporate Aaa bonds
Corporate Baa bonds

Chart
book
page

8
8
8
8

20.91

20
20
20
20
20

43.32
30.32
6.38
1.30
5.31

P2.00
p. 62
43.48
30.36
6.38
1.30
5.44

Jan.Mar.
1940

Apr.June
1940

P2.00
.62

21.24

0)

P21. 51

0)

P2.00
.63
43.56
31.12
5.66
1.31
5.47
JulySept.
1940

In millions of dollars
28
28
28

563
111
452

581
181
400

530
153

377

Per cent per annum
ustomers' rates:
New York City
7 other Northern and
Eastern cities
11 Southern and Western
cities...

23

2.03

2.00

23

2.67

2.49

2.56

23

3.35

3.38

3.43

2.14

6
7
8

Points in total index of industrial production.
Three-months moving average adjusted for seasonal variation.
Series revised for the period from January 1936 to November
)39, inclusive. Back figures may be obtained from the Division
if 9Research and Statistics.
Banking statistics for call report dates are shown in table
>n following page.

NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each.

DECEMBER

1940




1319

STATISTICS FOR FEDERAL RESERVE CHART BOOK—BANK CALL REPORT SERIES
[In billions of dollars]
1938

1937

Chart
book
page

Dec.
31

Mar.
7

1939

June
30

Sept.
28

Dec.
31

Mar.
29
'59.11

June
30

1940

Oct.
2

Dec.
30

Mar.
26

June
29

BANK DEPOSITS AND CURRENCY

Total deposits and currency
Deposits at all banks in U. S:
Demand deposits adjusted
Time deposits _
Currency outside banks

'60. 95 '62. 87 '64.10

10

56.83

56.78

56.74

57.65

59.12

'64.88

'66.96

10
10
10

24.05
26.26
5.69

24.13
26.34
5.50

24.39
26.27
5.47

25.10
26.27
5.50

26.01 '26.04 '27. 35 '29. 09 '29. 79 '30. 54
26.38 '26. 56 '26. 80 '26. 81 '27.06 '27. 28
'6.40
5.83
'5.63
'6.19
'6.01
'6.23

'31. 96
'27. 47
'6.70

11
11
11
11

20.39
11.52
5.44
31.75

20.51
11.59
5.62
31.52

20.89
11.-56
6.10
30.72

21.60
11.46
6.09
31.63

22.29
11.51
6.51
32.07

22.36
11.62
6.82
32.10

23.59
11.72
7.10
32.60

11
12
13
13
12
13
13
13
11
12
13

17.79
12.37
10.57
1 80
5.42
2.03
3.21
.18

17.98
12.45
10.63
1.83
5.52
2.19
3.15
.18

17.78
12.34
10.22
2.13
5.44
2.13
3.13
.18

18.86
13.22
10.88
2.34
5.64
2.45
3.01
.18

19.05
13.35
10.69
2.66
5.70
2.55
2.96
.18

19.46
13.78
10.95
2.83
5.69
2.55
2.94
.19

13.96
3.70
.95

13.55
3.54
.88

12.94
3.32
.70

18.69
13.01
10.71
2.30
5.68
2.30
3.19
.18
12.94
3.30
.71

13.21
1.75
.97

13.05
1.57
.84

13.14
1.47
.73

13
12, 13
12
13
13
13

2.75
2.55
7.71
7.00
.64
.07

2.67
2.56
7.45
6.75
.61
.10

2.61
2.61
7.01
6.40
.49
.12

2.59
2.66
6.97
6.36
.48
.13

2.78
2.72
2 8.74
«5.45
.44
.12
"2.73

.73
2.75
8.73
5.53
.42
.10
2.67

.74
2.83
8.85
5.57
.42
.06
2.80

M E M B E R BANKS

Demand deposits adjusted
Time deposits
Interbank balances
Loans and investments
Investments, total
U. S. Government obligations, total
Direct obligations
__.
Guaranteed obligations
Other securities, total
State and local government securities
Other domestic
Foreign securities
Loans, total
Security loans, total* *
______
Brokers' loans
Loans on
securities
(excluding
brokers'
loans) 2
Real estate loans
Other loans, total»« 2
Commercial loans
Open-market paper _ __
__
Loans to banks8
All other loans

2

25.12
11.73
8. 24
33.08
19.61
13.81
10.89
2.92
5.79
2.76
(5)

4

C)
13.47

a5
()
(6)
(6)

e)

25.68
11.85
8.51
33.94
19.98
14.33
11.18
3.14
5.65
2.69
2.77
.19
13.96
1.49
.79
.70
2.96
9.51
6.12
.45
.06
2.89

26.46
11.98
<8. 72
34.16
20.22
14.42
11.31
3.11
5.80
2.90

27.88
12.07
8.85
34.45

13.94

13.97
1.12
.45

(5)
(5)

.67
3.07
9.79
6.27
.45
.04
3.02

20.48
14.72
11.60
3.12
5.76
2.89
2.70
.17

(5)

(6)

(

?
(*)

' Revised.
In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans"
since1 that date.
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.
1
Not originally plotted in chart book.
* Partly estimated.
* Detailed breakdown of loans and investments now available on June and December dates only.
1

NOVEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of November 1, 1940J]
[In thousands of units]
Corn

Cotton

Boston

Production

1939

Estimate
Nov. 1,
1940

Bales

Bales

Production

Federal Reserve district

.

Cleveland
Richmond
Atlanta

St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total

Boston
New York
Philadelphia
Cleveland

.

__ _ . _

Total
1
2
3

_

._ _ _

_

Bushels

Bushels

Bushels

Bushels

Bushels

2 3, 429

3 3, 379

437
3,631
625

685
4,005
677

11,817

12, 847

2, 619,137

7,731
26, 761
48, 673
159, 066
136, 529
174, 414
955, 812
318,024
265,127
223, 260
111,041
7,085

7,058
17, 263
42,034
24, 270
5,506
56, 639
57, 927
25,846
226,488
28, 703
71, 697

7,956
16,652
47, 857
26, 235
6,438
61,135
62, 392
25,149
203,878
26,9S9
71,148

84
108
150
115

80
92
173
141

2,044
97
157,053
4,514
75
27,300

2,260
83
194,785
6,679
97
32,103

2, 433, 523

563, 431

555, 839

191, 540

236, 493

Tame hay

Tobacco

White potatoes

Estimate
Nov. 1
1940

Production

1939

Estimate
Nov. 1,
1940

Production

1939

Estimate
Nov. 1,
1940

Production

1939

1939

Estimate
Nov. 1,
1940

Bushels

Bushels

Tons

Tons

Pounds

Pounds

Bushels

Bushels

Production

Richmond

Atlanta
Chicago
St. Louis
Minneapolis. __
Kansas City
Dallas
San Francisco

Estimate
Nov. 1,
1940

Bushels

1,723
2,378

Oats
Federal Reserve district

1939

Production
1939

1939

1,341
2,354

Chicago

Spring wheat

Estimate
Nov. 1,
1940

Production

7,827
28,310
51, 372
212,109
141, 280
141, 510
1,132, 703
342,860
285,022
182,105
87,166
6,873

New York
Philadelphia

Winter wheat

Estimate
Nov. 1,
1940

7,189
26, 957
16, 503
43,759
21,103
14, 594
359, 529
46,847
257, 914
76, 924
31,319
34, 577

7,190
27, 957
19,102
54, 881
20, 796
15, 256
525,077
61,011
295,420
124,017
37, 658
29, 908

3,364
4,428
1,944
5,094
3,708
3,172
17,426
7,643
10,182
5,902
1,430
11,433

3,497
5,795
2,373
5,932
4,022
3,148
20, 472
7,898
10,670
6,936
1,686
12,075

34,764
2,276
35, 967
126, 363
1,121, 254
205,900
32, 608
282,074
2,724
4,724

31, 939
2,262
37, 869
106, 544
683,092
176,003
35, 280
239, 623
3,038
4,296

47,632
30,853
21, 638
20, 229
23, 205
14,664
46, 211
12,048
44, 752
31, 219
3,349
68,216

55, 523
32,412
25,034
20, 290
28, 683
15,136
40, 591
13, 597
52, 318
33, 445
3,770
73,132

937, 215

1, 218. 273

75, 726

84, 504

1, 848, 654

1, 319, 946

364, 016

393, 931

Figures for spring wheat, oats, and tame hay from estimates for Oct. 1, for winter wheat for Aug. 1. No estimate made for Nov. 1.
Includes 20,000 bales grown in miscellaneous territory.
Includes 19,000 bales grown in miscellaneous territory.

1320




FEDERAL RESERVE BULLETIN

CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES
[Figures for 1940 are preliminary]

Member banks

Nonmember banks
Other than mutual
savings and
private banks

Total

National

State

Insured

Not
insured

Mutual

Private *

savings

Number of Banks (Head Offices)
15,029
16,063
15,869
15, 667
15,387
15,194
15,034
14, 938

5,154
5,462
5,386
5,325
5,260
5,224
5,187
5,159

857
980
1,001
1,051
1,081
1,114
1,175
1,275

2 8, H I
7,693
7,728
7,588
7,449
7,316
7,171
7,034

1 108
1,046
1,004
960
917
887
862

579
579
570
565
563
555
551
3 551

98
241
138
134
74
68
63
4
57

1,121
1,243
1,329
1,398
1,485
1,499
1,518
1,533

960
981
952
981
994
992
1,002
1,002

in
2 7C
5 778
828
848
891
908
927
937

42
39
37
41
44
44

125
126
128
128
128
135
132
3 135

5
5
5
5
5
5
6

.

2,911
3,133
3,284
3,399
3,540
3,580
3,629
3,657

In head-office cities - _
Outside head-office cities

1,726
1,931

683
850

763
239

160
777

6
38

113
22

1
5

1,175

7,171

887

551

+22

+ 3

16
-21
-28

- 3
— 7

-

4

10

+ 2

+10

+ 2

-

2

December 31, 1933___
December 31, 1934
December 31, 1935.. ._
December 31, 1936
December 31, 1937.__
December 31, 1938
December 31, 1939__.
September 30, 1940 ___ _

Number of Branches
December 31, 1933
December 31, 1934
December 31, 1935 . .
December 31, 1936
December 31, 1937...
December 31, 1938
December 31, 1939
September 30, 1940, total

Analysis of Bank Changes, Jan. 1 - Sept. 30, 1940
Number of banks on December 31, 1939

15,034

5,187

Increases in number of banks:
Primary organizations (new banks) 6
Reopenings of suspended banks

+27
+ 2

+ 2

Decreases in number of banks:
Suspensions
Voluntary liquidations 7
Consolidations absorptions etc

-19
-36
-70

Inter-class bank changes:
Conversions—
National into State
State into national
Private into State
Federal Reserve membership— 8
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance—9
Admissions of State banks
Withdrawals of State banks

- 4
-27

-12

+13

-

+117
- 2

Net increase or decrease in number of banks
Number of banks on September 30, 1940

.

63

6

-113

-

+ 11

— 11

4

+ 2

-96

-28

+100

-137

-25

14,938

5,159

1, 275

7,034

862

551

57

1,002

927

44

132

6

+ 1

-

6

Analysis of Branch Changes, Jan. 1 - Sept. 30, 1940
Number of branches on December 31, 1939

3,629

1,518

Increases in number of branches:
De novo
Banks converted into branches

+35
+29

+ 8
+10

+ 1
+ 8

+ 23
+ 10

Decreases in number of branches:
Branches discontinued
Unclassified

—35
— l

-13

—
—

— 13

Inter-class branch changes:
From State to national
From nonmember to State member
From uninsured to insured nonmember
Net increase or decrease in number of branches
Number of branches on September 30, 1940

+10

9
l

7

+ 8
_.. ___
_._ . . _

+28

+15

3,657

1,533

-

3
8

+ 1

i

+3

+ io
1,002

937

+3

44

135

6

1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section
21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years.
23 Federal deposit insurance did not become operative until January 1, 1934.
Number of banks comprises 53 insured and 498 uninsured; number of branches comprises 31 insured and 104 uninsured. The figures beginning with 1939 exclude one bank with 4 branches which theretofore was classified as an insured mutual savings bank but is now included with
"Nonmember
banks other than mutual savings and private banks."
4
Number of banks comprises 1 insured and 56 uninsured; all branches were uninsured.
8
Separate
figures
not available for branches of insured and not insured banks.
6
Exclusive of new banks organized to succeed operating banks.
7
Exclusive
of
liquidations
incident to the succession, conversion and absorption of banks.
8
Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership.
» Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal DeDOsit
Insurance Corporation membership.
i» Includes one bank which was not insured at time of suspension.
Back figures.—See Annual Report for 1939 (table 16) and BULLETIN for February 1939, p. 110.

DECEMBER

1940




1321

ALL BANKS IN THE UNITED STATES
ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS
[Figures for nonmember banks are for dates indicated or nearest available dates'. Amounts in millions of dollars.]
Loans and investments
Loans

Total

Federal Reserve district

Deposits, exclusive of
interbank deposits

Number of
banks

Investments

June29 Mar.26 June30 June29 Mar.26 June30 June29 Mar.26 June30 June29 Mar.26 June30 June29 Mar.26 June30
1940

All Banks*
Boston...
New York
Philadelphia
Cleveland
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Nember Banks:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
yonmember Banks:
Boston
New York
Philadelphia
Cleveland
Richmond. _
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total.

1940

1939

5,602 5,600 5,624
19, 631 19,438 18, 539
3,406 3,409 3,415
3,620 3,660 3,617
2,021 2,011 1,979
1,430 1,447 1,377
5,861 5,856 5,605
1,575 1,605 1,580
1,112 1,124 1,072
1,413 1,410 1,368
1,051 1,054 1,036
4,615 4,521 4,405

1940

1940

2,678 2,666
7,777 7,971
1,302 1,265
1,527 1,504
968
1,012
756
777
2,264 2,152
805
815
537
544
716
731
566
577
2,337 2,287

1939

1940

1940

1939

1940

1940

2,625 2,924 2,934 2,999 6,253 6,154
7,686 11,854 11,467 10,853 22,424 21, 716
1,236 2,103 2,145 2,179 3,973 3,952
1,423 2,094 2,157 2,193 4,347 4,249
930 1,009 1,043 1,049 2,529 2,487
1,817
742
653
691
636 1, i
1,992 3,597 3,704 3,613 7,504 7,058
780
760
800
800 1,857 1,859
463
568
587
609 1,341 1,327
681
673
694
695 1,745 1,749
562
474
488
474 1,464 1,466
2,206 2,278 2,234 2,199 5,319 5,183

1939

6,025
20,227
3,795
4,055
2,315
1,672
6,821
1,775
1,278
1,698
1,376
4,956

1940

867
1,203
912
1,230
1,059
1,050
2,459
1,513
1^849
952
571

1940

1939

1,213
918
1,237
1,059
1,051
2,464
1,518
1,294
1,858
951
574

878
1,218
924
1,242
1,060
1,041
2,482
1,522
1,309
1,871
957
578

51, 335 51,135 49, 616 22,341 22,190 21,318 28,995 28,945 28, 299 60, 582 59,017 55,992 14,953 15,006 15,082
350
759
651
650
419
316
817
401
465
735
557
281

350
766
651
645
417
316
810
396
464
735
546
281

355
767
652
619
405
316
798
392
460
737
545
284

34,451 34,163 32, 603 13,969 13, 939 13,141 20,482 20, 224 19,462 42, 039 40, 579 38, 027 6,398

6,377

6,330

1,924
12, 261
2,342
2,859
1,328
1,122
4,735
1,123
778
1,131
908
3,941

1,919 1,911
11,997 11,119
2,: " 2,296
2,893 2,821
1,327 1,268
1,149 1,076
4,734 4,513
1,156 1,120
788
743
1,134 1,089
912
894
3,847 3,753

4,058 4,253 4,001
920
985
950
1,162 1,142 1,066
583
657
637
555
578
570
1,604 1,528 1,413
54r
515
543
365
307
363
548
498
541
490
475
482
1,872
1,978 1,

925
8,203
1,357
1,697
671
544
3,131
578
412
583
419
1,963

926
7,744
1,358
1,751
691
578
3,206
612
425
593
430
1,909

975 2,459 2,387 2,279
7,118 14,603 14,074 12, 741
1,377 2,791 2,726 2,604
1,754 3,497 3,398 3,201
685 1,676 1,634 1,477
521 1,416 1,406 1,282
3,100 6,047 5,591 5,468
605 1,299 1,290 1,240
904
952
930
436
591 1,389 1,385 1,342
419 1,275 1,258 1,194
4,635 4,499 4,296

U

1,679
3,720
317
365
354
199
660
270
178
184
8
359

1,673
3,718
315
361
331
186
624
261
174
175
84
349

1,688
3,685
316
357
348
187
579
265
156
175
87
335

1,999
3,650
746
396
339
110
466
182
156
98
55
315

2,008
3,723
786
406
352
113
498
188
162
102
58
325

2,025
3,735
802
439
364
114
513
195
173
104
55
317

3,767
7,641
1,226
851
853
411
1,467
569
397
364
208
684

3,745
7,486
1,191
854
838
389
1,354
535
373
356
183
660

517
444
261
580
640
734
1,642
1,112
826
1,114
395
290

519
447
267
592
642
735
1,654
1,122
830
1,123
405
293

523
451
272
623
655
725
1,684
1,130
849
1,134
412
294

16, 884 16,972 17, 013 8,372

8,251

8,176

8, 51!

8,721

8,837 18, 543 18,438

17,965

8, 555

8,629

8, 752

3,678
7,370
1,064
761
693
308
1,126
452
334
28:
14:
674

3,681
7,441
1,102
767
684
298
1,122
449
336
276
142
674

3,712
7,420
1,119
796
711
301
1,092
460
329
279
143
652

3,794
7,821
1,182
850
853
409
1,457
559
389
357
189
685

i Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 1325.

1322




FEDERAL RESERVE

BULLETIN

All Banks in the United States—Continued
ALL BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY STATES
[Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars]
Loans

Number of
banks

Deposits, exclusive of interbank deposits

Investments

State
June 29
1940
New England:
Maine
New Hampshire
Vermont
M assachusetts _ _
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 Atlantic:
Delaware
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...

Mar. 26
1940

June 30
1939

June 29
1940

Mar. 26
1940

June 30
1939

June 29
1940

Mar. 26
1940

June 30

June 29 Mar.26 June30
1940
1940
1939

112,311
110,959
108,871
181,829
192,320
199,058 335, 239 327, 774 326,170
108,904 104,600
103, 514 152,968
167, 594 166,115 279, 599 276, 782 276, 462
93, 765
87,309
85,060
63, 618
67,859
71,459
169, 986 166, 586 164,985
1,749,443 1,760,150 1,724,467 1,804, 299 1, 781, 250 1,829, 298 3,*944,900 3,880, 297 3,810,117
182,473
175, 515 171,183
254,420
268, 772 283,892 489,246 489,827 471, 786
578,393 572,358
573, 988 587, 77f 581, 388 574,827 1,356,001 1,332, 724 1, 282,651

100
107
82
388
35
202

100
107
83
388
35
203

102
107
84
390
35
207

7,059, 509 7,268,115 6,996, 50810,933,186 10, 519,008 9,872, 28: 20,353,088 19, 665, 624 18, 240,
1,857
689,135 672, 721 660,174 942, 234 963, 931 998,150 2,108, 339 2,078,889 2,014,935
1, 580, 553 1, 546,454 1, 516,921 2,922, 750 3,006, 709 3,027,955 5,049,462 4, 997,844 4, 797, 533

876
386
1,091

389
1,097

393
1,103

704
511
845
449
576

705
512
855
456
582

412,109 875,304 856,273 839, 614
595,314
200,531
639, 765 653,841
590,179 1,144,774 1,154,382 1,098,
65, 741
29,093
70,145
73, 553
85, 522
32,202
93,643
94,126
111,116
265, 778 275,784 258,944
363, 74"
132,272 370,174

699
50:
841
449
575
677
649
626
160
165
421
671

681
647
632
163
165
422
674

683
648
166
426
680

237, 683
843,388
337,277
549,445
290,889
377, 791
150,982
404,004
394,812

210,863
792,542
292,415
533,070
277, 54f
349,699
131,980
372,083
329,112

46
189
22
314
182
228
151
285
173

46
189
22
314
182
228
151
28;
173

46
190
22
315
181
228
151
284
164

415,937
449,712
284,847
197,198

405,340
428,901
266,018
182, 679

409
297
218
206

412
300
217
205

414
299
216
205

56,222
188, 781
139, 741
442,980

50,462 165,458 169, 520 156, 588
173,003 434,041 428,879 408,907
141, 509 389,413 387,973 388, 581
431,397 1,317,399 1, 308,481 1,237, 641

219
145
391
839

218
145
392
838

216
146
396
844

54, 516
39,925
17, 400
100,422
19, 792
27, 780
51,113
15,215

56,495
38,024
17,085
110,130
19,738
29, 982
50,620
15,230

126,737
89,319
59,304
279,891
57,054
84,587
131,096
35,842

112
50
58
146
41
12
59
11

111
51
58
146
41
12
59
11

113
50
58
144
41
12
59
11

229,318 208, 670 547,240 539,185 490, 552
142,044
129,803 311,480 307,997 280,294
1, 736,092 1, 733, 241 4,110,088 3, 984,342 3,864,249

142
74
227

143
75
227

146
75
229

937,748
318, 696
1,053, 636
457,071
292,023

436, 577
284,021

844,414 950,892 973, 504 1,018,44' 2, 448, 585 2,389, 698 2,285,903
283,065 377,739 387, 507 395, 766 902,852 888,820 847,580
931,326 2,119, 650 2, 208,859 2,083, 514 4,028,91 3,632,076 3, 634, 556
394,917 717,851
703,232 726,409 1, 587, 655 1, 540, 232 1,421,028
257, 536 417,176 426,206 450,828 903, 563 889,830 847,416

374,324
359, 366
489,506
28, 504
47,128
125,399
164,232

367, 732
339,344
486,914
31,284
46,028
123,258
156,595

317,867
317,106
445,14:
24,415
38,104
120,453
146,864

392,112
183,878
561, 516
24,919
30,546
107,991
124,781

407,269
203,830
597,646
26,122
31, 578
107,206
128, 520

79, 516
222,907
121,397
315, 619
137,010
187,257
57,619
231, 524
105,322

78, 313
212, 552
115,203
304, 764
132, 587
177,839
54,884
217,861
105,819

78,365
207,395
104,519
291, 525
130,698
169,25r
55, 739
217,991
85, 547

113,142
458,443
134,951
169,850
79, 551
149,620
37,405
115,277
157,915

110, 503
477, 502
135,057
176,122
81,026
155, 791
37, 922
125, 878
165, 936

107, 203
497,350
130,851
175, 699
86, 547
140,157
39, 256
114,011
151,497

238,663
862, 511
349, 675
562,608
296,826
376, 582
144,545
406,116
376, 761

219, 933
243, 513
127,114
69, 235

219,846
243,130
120,174
67,995

204,844
240,821
135, 786
73,814

145, 200
136,182
99,817
70,416

147,938
146,268
101,689
71, 610

148,625
133,155
92,485
71,166

413,854
460, 617
289, 951
188,138

67, 534
154, 678
156, 593
518, 211

64,688
158,182
153, 787

74,677
159, 583
147,955
501,984

55,025
184,169
132,384
429,019

36,344
34,815

37,070
32, 503
25, 996
88, 915
23,096
34,189
60, 713
13,478

32, 361
28, 731
25,198
84,076
21, 763
31,013
58,468
11, 503

53, 575
39,915
17,080
98,956
19, 514

91, 320
24, 584
34,294
64,357
14,487

916,947
300,076

226, 299 213, 044 196,099
99, 700
106, 751
96,065
1,862,112 1,839,329 1, 789,889

48,189
14,612
219,380
130,259

135,156
97,441
62, 209
294,484
60,148
90, 901
140,845
42, 232

135,377
97, 722
61,600
295, 273
62,316
91,284
141,903
41,231

22,340,746 22,190,172 21,317, 560 28,994,677 28,944,893 28,298,898 60, 582, 397 59,016,991 55,992,112

14,953 15,006 15,082

i Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 1325.

DECEMBER

1940




1323

All Banks in the United States—Continued
NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES
[Amounts in thousands of dollars]
Deposits, exclusive of interbank deposits

Investments

Loans
State
June 29,
1940
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 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..

1324




Mar. 26, June 30,
1939
1940

June 29,
1940

Mar. 26,
1940

June 30,
1939

June 29,
1940

Mar. 26,
1940

Number of
banks

Mar. June
June 30, June
29,
26,
30,
1939
1940 1940 1939

59,938 116, 650 112,093
114, 764
29, 711
68,477
67, 265
66,945
24,128
57, 515
55, 623
54,859
461,838 1, 253,112 1, 217, 200 1,166, 582
37, 833
88, 364
98, 475 101, 237
108, 220 302, 417 293, 799 272,098

37
52
41
125
12
52

37
52
41
125
12
52

52
42
126
12
53

1, 493, 607 1, 557, 336 1, 424,179 3, 348, 523 3,061,114 2, 940, 211 5, 617, 816 5, 321, 328 4, 824, 977
259,960 250, 357 239, 248 379, 841 383,032 392, 811 846, 456 826, 640 787, 309
815,495
791, 780 1,438,977 1, 474, 544 1, 482, 381 2, 545, 580 2, 471, 314 2, 366, 653

429
225
690

435
225

437
226
694

244
125
329
82
103

244
125
329
81
103

244
126
324
82
105

41,187
32,859
28, 788
524,388
46,062
100, 627

40,834
39,064
32, 698
31, 612
26,968 . 25,923
527, 249 494, 533
43,107
39, 434
97,174

55,814
27,894
19, 906
421,116
32, 660
128, 506

54,410
31,190
21,981
424, 265
33, 691
116,036

365,412
138,824
745, 220
186, 093
109, 260

348, 061
131, 716
695,025
183,092
108, 373

323, 920 414,957 434,002 450, 676 1,021,010 991, 244 958,842
122, 496 223,125 230, 215
466, 766 453, 582 439, 600
650, 711 1, 573, 227 1, 645,106 1, 507, 887 2, 864, 376 2, 522, 668 2, 542, 302
164,152 420,678 399, 265 395,087
827, 482 797, 856 727,146
471,836
451,998
95, 871 256, 213 258, 848 274,134 484,430

241,935
108,317
198, 725
17, 809
27, 690
87, 856
77, 703

240, 485
102,030
198,804
19, 286
27, 239
86, 720
75,423

96, 679
181, 330
15, 040
22, 096
84,138

271, 610
78, 971
243, 245
17, 959
19,143
90, 822
77,08,r

282, 421
81,903
260,072
18, 439
20,126
89, 734
79, 756

281, 709
84,103
244,189
20, 834
20, 869
93, 327
82, 301

591, 635
208,061
480,173
46, 252
55, 762
197, 649
206, 376

571, 306
214, 652
482, 658
47, 622
55, 625
204, 541
201, 779

572,098
200, 283
453,975
44,149
51, 983
193, 032
202, 518

188
106
85
47
41
135
182

191
107
85
48
41
135
182

192
109
87
50
42
136
182

68,994
56, 584
168, 439
69,022
47, 005
38, 845
137, 549
71, 306

8,497
65,917
52, 779
163, 987
66, 660
44, 484
37, 764
132,688
72, 597

8,286
63, 972
47,168
157, 477
66, 934
41,131
29, 470
132, 597
58, 621

7,296
181, 717
82,049
108,824
46, 569
26, 760
19,179
85,357
126,442

8,499
189, 649
81, 898
114, 690
47, 844
28,005
19, 970
94, 267
134,407

9,113
206, 645
78, 755
112, 843
49,995
26,003
18, 200
83,197
122, 382

18, 994
311, 802
192, 712
333, 875
160,612
100, 223
92,187
258, 713
273,980

18, 631
301,130
186, 659
327, 255
158, 747
101, 521
94, 378
255, 247
289,105

17,400
268, 496
158, 248
321, 643
150, 797
89, 591
68, 619
239, 676
241,035

15
63
9
130
78
43
21
51
5!

15
63
9
130
78
43
21
52
52

15
63
9
130
78
42
20
52
52

100,958
167, 770
86,183
20,890

100,825
171, 525
83, 712
20, 305

93, 282
170,603
95,498
21, 449

87,808
105,957
69,845
23, 341

90,040
114,195
71, 301
23, 542

82, 542
102, 860
65, 316
24,030

202, 579
324, 907
203, 247
64,163

207, 310
315,053
198, 611
64, 278

198, 440
302, 274
186, 700
60, 890

71
66
24

71
66
24

71
67
24

35,013
99,056
132, 27"
429, 60'

33,993
104, 679
130,868
425, 629

38,175
106,176
126,035
417, 564

32, 649
132,053
116, 270
376, 632

33, 451
136, 302
122,809
389,187

91, 953
91, 798
31, 408
87, 687
121, 826 280, 296 272,118
258, 867
125, 719 335, 269 334,114
335, 292
381, 371 1,128, 257 1,116,429 1,061,857

50
29
209
446

49
29
210
446

49
30
214
446

16,899
17,129
18, 54"
69, 393
18,68"
24,307
24, 858
13,132

17, 607
15, 839
17, 273
67, 960
17, 537
24,444
23,068
12, 218

15,214
13,659
16, 301
64, 667
16, 558
22,463
22, 644
10, 499

31,233
20,474
13,976
82,41
16,221
16,980
23, 248
13, 40r

31, 738
19,309
13, 911
83, 314
16, 283
17,343
24,462
14,004

72,013
44, 383
42,327
224, 387
44, 855
57, 631
55, 755
33,064

43
18
26
78
22

43
18
26
78
22

c

c

13
6

13
6

168,307
158, 532 142,358 153,088
162, 295 146,858 406, 486 401, 743 359, 841
93, 514
83, 017
113, 741 279, 792 266,166
79, 591 117,48:
124,934
240,950
1, 288, 550 1, 275, 318 1, 261, 469 1, 224, 245 1,156, 459 1,167, 473 2,898,145 2,810, 740 2, 731, 204

44
27
99

45
27
99

9, 156, 258

32,885
19, 706
13, 678
91, 765
16, 410
19, 489
22, 241
13, 921

76, 502
51,249
43,796
235, 513
47, 335
62,930
60,190
38, 962

76, 466
49, 95r
43,034
236,164
49, 269
63, 855
61,662
38,034

18
26
78
22
5
13
46
27
101

8, 553,01512, 881, 79112, 764, 258 12, 528, 227 26, 931,139
25, 911, 33724, 534, 399 5,164 5,178 5,203

FEDERAL RESERVE BULLETIN

All Banks in the United States—Continued
STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY STATES
[Amounts in thousands of dollars]
Loans

Deposits, exclusive of interbank deposits

Investments

State
J u n e 29
1940

New England:
Maine
New Hampshire
Vermont
M assachusetts
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 ColumbiaVirginia
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:
Wash
ashington..
California-.
Total

M a r . 26
1940 2

J u n e 30
1939

June 29
1940

Mar. 26
1940 2

June 30
1939

June 29
1940

M a r . 26
1940 2

June 30
1939

Number of
banks
June Mar. June
29
26
1940 19402

71,124
70,125
69, 807
126,015
137, 910 139,120 218, 589 215, 681 211, 406
136, 404 211,122 209, 517 209, 51"
71, 902
71, 902
125,074
136,404
76,045
47, 331 112,471
60, 341
59,137
43, 712
110,963
64,977
45, 878
110,126
-, 225,055 1, 232,901 1, 229, 934 1, 383,183 1, 356, 98i~ 1, 367, 460 2, 691, 788 2, 663,097 2, 643, 535
246, 059 390, 771
131, 749
221, 760 235,081
136, 411 132,408
383,422
476,814
477, 766 474,097
459, 269 465, 352 466, 607 1, 053, 584 1, 038, 925 1,010, 553

63
55
41
263
23
150

63
55
42
263
23
151

63
55
42
264
23
154

A, 344, 29613, 415, 880
>, 565, 902 5, 710, 779 5, 572, 329 7, 584, 663 7, 457,894 6,932,076 14, 735,
605, 339 1, 261, 883 1, 252, 249 1, 227, 626
422, 364
420,926
429,175
562, 393 5 8 0 , —
1,
545,
574
730,
959
725,141
2, 503, 882 2, 526, 530 2, 430,880
1, 483, 773 1, 532,165
748, 245

447
161
401

449
164
404

451
167
409

572, 336
179, 872
308,416
270, 978
182, 763

168,
303,
253,
175,

360
673
485
648

520, 494
160, 569
280,615
230, 765
161, 665

535, 935
154, 614
546, 423
297,173
160,963

539, 502
157, 292
563, 753
303,967
167, 358

567, 771 1,427, 575 1, 398, 454 1, 327,061
160, 098 436,086 435, 238 407,980
575, 627 1,164, 541 1,109, 408 1,092, 254
331, 322 760,173
742, 376 693, 882
176, 694 419,133
417, 994 395, 418

455
382
512
367
472

460
386
516
368
473

461
386
531
374
477

132, 389
251,049
290, 781
10,695
19,-'"
37, 543
86, 529

127, 247
237, 314
288,110
11,9
18,7
36, 538
81.172

110, 982
220, 427
263, 811
9,375
16,008
36, 315
79,975

120, 502
104, 907
318, 271
6,960
11, 403
17,169
47, 696

124, 848
121,927
337, 574
7,683
11, 452
17, 472

130, 400
116, 428
345,990
8,259
11, 333
17, 789
49,971

283, 669
431, 704
~A, 601

70, 709
153, 913
64,813
147,180

70, 079
143,423

140[ 252
18, 774
93, 975
34, 016

69, 816
146, 635
62,424
140, 777
65,927
133, 355
17,120
85.173
33, 222

57, 351
134,048
63, 764
128,126
26, 269
85, 394
26, 926

105, 846
276, 726
52, 902
61,026
32,982
122, 860
18, 226
29,920
31, 473

102,004
287, 853
53,159
61, 432
33,182
127, 786
17,952
31,611
31, 529

118, 975
75, 743
40, 931
48, 345

119,021
71, 605
36,462
47, 690

111, 562
70, 218
40, 288
52, 365

57, 392
30, 225
29,972
47,075

37,
68,129
163,"'

284, 967
439.189
671, 724
25,931
38, 501
71, 243
163, 202

267, 516
395,031
644, 390
21, 592
33, 539
65, 912
161, 229

543
541
113
124

490
540
547
115
124
287
492

491
539
549
119
124
290

98,090
290, 705
52, 096
62,856
36, 552
114,154
21,056
30,814
29,115

219, 669
550, 709
156, 963
228, 733
136, 214
276, 359
52, 358
147, 403
102, 781

219,052
542, 258
150, 618
222.190
132,142
276, 270
56, 604
148, 757
105, 707

193, 463
524,046
134,167
211,427
126, 745
260,108
63, 361
132, 407
88,077

31
126
13
184
104
185
130
233
121

31
126
13
184
104
185
130
233
121

31
127
13
185
102
186
131
232
112

57,:
32,073
30, 388

66, 083
30, 295
27,169
47,136

211, 275
135, 710
86, 704
123, 975

208, 627
134, 659
86, 236
132, 920

206,900
126,627
79,318
121, 789

314
226
152
182

317
229
151
181

318
228
149
181

19,054
51,177
15, 790
50, 026

73, 505
153, 745
54,144
189,142

77, 722
156, 761
53, 859
192,052

68, 901
150,040
53, 289
175, 784

169
116
182
393

169
116
182
392

167
116
182
398

23, 610
18, 318
3,407
18, 365
3,328
10, 493
28, 379
1,309

58, 654
46,192
18,413
58,971
12, 813
27, 971
80, 655
3,270

58, 911
47, 770
18, 566
59,109
13,047
27, 429
80, 241
3,191

54, 724
44, 936
16,977
55, 504
12,199
26,956
75, 341
2,778

32, 521
55, 622
24, 316

30,
53,
22,
83,

695
503
919
231

36, 502
53,407
21, 920
84, 420

22, 376
52,116
52, 387

22, 771
52,479
16, 932
53, 793

19, 445

19, 463
16, 664
8,723
20, 955
5,559
9,745
37, 645

17,147
15,072
8,897
19, 409
5,205
8,550
35,824
1,004

22,342
19, 441
3,104
16, 544
3,293
9,418
24, 941
1,205

22, 778
20,616
3,
17,108
3,509
10, 437
26, 651
1,211

53, 741
16,474
528, 420

66, 292
12, 772
582,058

67,023
17,110
579, 633

17, •

9,735
21, 927

5,r

9,'. _.
39, 499
1,355
57, 992
13, 237
573, 562

V"
54, 512
16, 683
564,011

16,114

61,812
140, 754 137, 442 130, 711
16,062
31, 688
41, 831
39, 344
565, 768 1, 211, 943 1,173, 602 1,133,045

70
32
32
66
19
7
46
5
47
128

128

100
48
128

13,184, 488 13,151, 891 12, 764, 545 16,112, 886 16,180, 635 15, 770, 671 33, 651, 258 33,105, 654 31, 457,713 9, 789 9, 828 9,879

1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such
private banks and industrial banks as are included in abstracts issued by State banking departments.
2 The figures for some States are as of call dates other than March 26, 1940; see p. 823 of the August 1940 BULLETIN.

DECEMBER

1940




1325

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 1325 covering "State Banks." Amounts in thousands of dollars]
Loans

Deposits, exclusive of interbank deposits

Investments

Number of
banks

State
June 29
1940
Connecticut:
District No. 1
District No. 2
Indiana:
District No. 7
District No. 8
Iowa
Kansas - _
New Jersey (Dist. No. 2)
New York 3
Ohio
Pennsylvania:
District No 3
District No. 4
South Carolina..

__

June 30
1939

Mar. 26
19401

June 29
1940

June 30
1939

M a r . 26
19401

June 29
1940

June 30 Jun29 Mar.26 Jun30
1939
1940 19401 1939

287
112

285
111

296
117

162
69

204
69

198
69

398
330

394
308

395
301

2
1

3
1

3

1,791

1,575

1,141
57
38

4,170

4,055

154

162

14
1

14
1

11

1

1

1

15
70,166
2,108

12
66, 349
584

11
478, 582
590

2

15
37, 833
2,158

2

2

3,896
155
317

15

92

999
54

1,063

85

1,504
67
208
2
15
58,471
2,146

12
483, 249
569

6
83,145
3,042

5
512,165
3,012

6
449,062
2,862

1
8
13

1
9
13

1
9
13

4,059
1,419
674

5,219
1,296
575

6,624
1,292
633

7,066
1,128
54

47,874
1,073
45

55, 952
1,101
31

11, 632
2,789
580

59,888
2,744
627

70,011
2,517
538

11
4
1

14
4
1

14
4
1

81,444

71, 375

76,479

529, 566

542,417

106, 248

583, 362

530,071

57

'62

4

48,433

Total

Mar. 26
19401

r

55

2

r

r

1

1
1

»• Revised.
1 For call dates of figures included in the March 26 columns see footnote on p. 824 of the August 1940 BULLETIN.
2 The bank shown in the corresponding table on page 824 of the August 1940 BULLETIN converted into a State bank in January and, therefore,
should not have been included in the March 26, 1940 figures covering all private banks.
s The decrease in the June 1940 figures is due to the conversion of one bank into a trust company.

MUTUAL SAVINGS BANKS — PRINCIPAL ASSETS AND LIABILITIES BY STATES
[Figures in this table are also included in the table on page 1325 covering "State Banks." Amounts in thousands of dollars]
Loans

Deposits, exclusive of interbank deposits

Investments

Number of
banks

State
June 29
1940
California
Connecticut:
District No. 1.
District No. 2_
Delaware
Indiana:
District No. 7_
District No. 8_
Maine
Maryland
M assachusetts
Minnesota
New Hampshire. _
New Jersey:
District No. 2.
District No. 3_
New York
Ohio
Oregon
Pennsylvania:
District No. 3_
District No. 4.
Rhode Island
Vermont
Washington
Wisconsin:
District No. 7_
District No. 9_
Total.

Mar. 26
19401

June 30
1939

June 29
1940

Mar. 26
19401

35, 692
257, 709
83, 287
12,863

257,124
82, 650
12,889

262,374
82, 546
13,019

June 30
1939

June 29
1940

Mar. 26
19401

57,644
278, 759
74, 756
32,411

279, 599
78,044
31,979

279, 724
80,388
30,248

June 30 Jun29Mar26 Jun30
1939
1940 19401 1939
88, 015

569, 214
171, 356
41, 526

568,123
169, 969
40, 525

559, 89;
166, 410
39, 030

58
14
2

3,642
3,474
6,583
3,783
11, 790
11, 545
6,172
11,408
2,182
2,612
4,484
2,727
8,390
4,642
8,207
8,097
29,041
101,131
28, 735
29, 659
94, 201
100,251
129,453
129, 566
128, 355
34,322
168, 786
38, 011
38,440
166,140
228,013
225, 814
171,653
224, 525
990,012 1, 003, 696 1, 012, 577 1,151, 319 1,122,093 1,128,851 2,161, 553 2,146, 862 2,152,961
15, 250
49,822
16,010
10,102
52, 790
66,941
48, 615
67, 748
66,109
63,239
128,049
66,925
63, 239
194,186
128,049
193, 389
117,427
193, 389

3
1
32
12
192
1
43

3
1
32
12
192
1
43

3
1
32
12
192
1
43

122,176
123,462
161, 453
171,496
179, 208
313, 527
319, 024
120,407
328, 664
7,823
7,408
13, 743
4,466
4,642
7,191
13,819
4,483
13,907
1,042, 676 3,035, 583 3,006,629 2,404,197 2,433,874 2, 442, 624 5, 670, 370 5, 599,150 5, 514,825
124,072
63,236
61, 710
122, 215
53,645
43, 737
68, 927
121, 748
50,778
1,225
2,774
1,414
724
2,620
1,824
1,218
2,221

22
2
134
3
1

22
2
134
3
1

22
2
134
3
1

75, 508
11,189
54, 298
31,113
27, 602

75, 267
11, 380
51, 390
28,715
26, 649

74,195
11,177
50,905
27, 560
26,692

434,302
41,670
108,425
22,544
45,155

428, 792
41, 764
120,647
24,296
44,323

437,498
44,353
128,148
24,613
40,065

553,098
56,923

2,128
103

2,155
94

2,129
86

2,259
42

2,225
40

2,082
40

57, 411
73,075

558,087
56,181
177, 506
57,150
71, 550

538, 492
55, 412
177, 583
57,459
67, 654

4,678
138

4,587
131

4,358
117

4,926, 475 4, 922, 212 4, 931,131 5, 261, 527 5, 303,813 5,411,157 10,631, 219 10, 543, 768 10, 520, 634

59
14
2

' 3

551

551

553

1 For call dates of figures included in the March 26 columns see footnote on p. 824 of the August 1940 BULLETIN.
2 Beginning with the March 1940 call, this bank is no longer classified as a mutual savings bank. It is however included in the figures covering
"all State banks" and "all banks" as in the past.

1326




FEDERAL RESERVE BULLETIN

INTERNATIONAL FINANCIAL STATISTICS
PAGE

Gold reserves of central banks and governments

1328

Gold production

1329

Gold movements

1329

International capital transactions of the United States

1330-1334

Central banks

1335-1338

Money rates in foreign countries

1339

Commercial banks

1340

Foreign exchange rates

1341

Price movements:
Wholesale prices

1342

Retail food prices and cost of living

1343;

Security prices

1343;

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.

DECEMBER 1940




1327

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Argentina

End of month Total i United
States

Belgium

Brazil

British
India

Bulgaria

Canada

Chile

CzechoCoslolombia
vakia

Denmark

Egypt

France

Germany

Greece

22,716
1936—Dec
1937—Dec. . . '24,046
1938—Dec
'25, 545

11,258
12, 760
14, 512

501
469
431

632
597
581

25
32
32

275
274
274

20
24
24

188
184
192

29
30
30

19
16
24

91
92
83

54
53
53

55
55
55

2,995
2,564
2,430

27
28
29

26
24
27

1939—Oct
Nov
Dec

25,461
25, 672
25, 776

17,091
17, 358
17, 644

449
453
466

611
608
609

37
38
40

274
274
274

24
24
24

212
213
214

30
30
30

21
21
21

57
56
56

53
53
53

55
55
55

2,709
2,709
2,709

/29
/29
/29

28
28
28

25,983
26, 274
25, 777
26,020
26, 269
'27,139
'27, 641
'28,069
'28, 395
28, 660

17, 931
18,177
18, 433
18, 770
19, 209
19, 963
20,463
20,913
21, 244
P21, 508

466
472
482
«403
403
403
403
402
385
369

/609
/609
/609
/609
/609
4 734
/734
/734
/734
/734

41
42
42
44
45
46
46
47
/47
/47

274
274
274
274
274
274
274
274
/274
/274

24
24
24
24
/24
/24
/24
/24
/24
/24

211
213
211
212
35
8
8
8
8
/8

30
30
30
30
30
30
30
30
30
/30

23
24
23
23
23
22
18
15
15
17

56
56
56
56
56
56
56
56
/56
/56

53
53
53
53
53
53
53
53
53
/53

55
55
55
55
/55
'55
/55
/55
/55
/55

2,709
2,709
2,000
2,000
2,000
f% 000
/2,000

/29
/29
/29
/29
/29
/29
/29
/29
/29
/29

28
28
28
28
28
28
28
28
28
/28

Norway

Peru

Poland

Portugal

1940—Jan
Feb....
Mar
Apr
May.—
June
July....
Aug
Sept
Oct

End of month

Iran
Hungary (Persia)

Japan

Italy

Neth- New
Mexico erlands
Zealand

Java

n, ooo
/2,000
/2,000

Ruma- South
nia
Africa

Spain

1936—Dec
1937—Dec
1938—Dec

25
25
37

25
25
26

208
210
193

463
261
164

60
79
80

46
24
29

491
933
998

23
23
23

98
82
94

20
'21
20

75
83
85

68
69
69

114
120
133

203
189
220

/718
/718
/525

1939—Oct
Nov
Dec

24
24
24

26
26
26

/194
/194
144

164
164
164

88
88
90

32
34
32

757
703
692

23
23
23

103
103
94

19
19
20

/84
/84

69
69
69

150
151
152

243
254
249

/525
/525
/525

1940—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct

24
24
24
24
24
24
24
24
/24
/24

26
26
/26
/26
/26
/26
/26
/26
/26
/26

/144
A44
137
/137
/137
/137
/137
/137
/137
/137

164
164
164
164
164
164
164
164
164
'164

90
90
90
100
100
98
103
103
115
/115

27
23
25
27
28
31
33
30
25
28

692
692
692
650
646
625
627
624
/624
629

23
23
23
23
23
23
23
23
23
/23

84
84
84
/84
/84
/84
/84
/84
/84
/84

20
20
'20
20
20
19
20
/20
/20
/20

69
69
69
69
69
69
69
69
/69
'69

152
153
153
154
155
155
156
/156
/156
/156

253
268
272
279
298
302
305
308
314
/314

/525
/525
/525
/525
/525
/525
/525
/525
/525
/525

Government gold reserves l not included
in previous figures
End of month

1936—Dec.
1937—Dec .
1938—Dec.

Sweden

Switzerland

240
244
321

657
650
701

Turkey

26
29
29

1939— Oct._.
Nov._
Dec.

332
333
308

581
560
549

29
29
29

1940—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct._.

258
218
173
179
189
199
173
153
152
/152

536
527
520
515
501
493
488
490
490
P500

29
92
88
88
88
88
86
87
/87
/87

United
Kingdom

Uruguay

Venezuela

Yugoslavia

B.I.S.

2,584
2,689
2,690

77
74
69

59
52
52

48
51
57

11
5
14

Other
countries s

182
184
141

1
1
1

68
68
68

/52
/52
/52

59
59
59

6
7
7

153
153
148

1
1
1
PI

68
68
68
68
68
68
6 90
/90
/90
/90

/52
/52
/52
/52
/52
/52
/52
/52
/52
/52

60
61
61
62
64
67
68
69
71

10
10
10
9
9
10
10
10
9
/9

137
147
149
154
155
'156
r
157
'157
'157
157

m

p
p Preliminary.
Revised.
/ Figure carried forward from last previous official report, as indicated by last previous
figure without footnote /, except in the case of Germany, Italy for Oct. and Nov. 1939, Poland,
Spain, and Venezuela; last official German report dated June 15, 1939, Italian figure officially
reported Mar. 20, 1939, last Polish report dated July 31, 1939, Spanish figures officially reported
on Aug. 1,1936, and April 30,1938, and last Venezuelan report is for end of March 1939.
i Totals do not include Government gold reserves shown in separate section at end of table,
or other central reserves which are unreported or which are too minor to be included. Among
unreported reserves are those of the U. S. S. R., those in the Canadian, Swiss, and Netherlands
stabilization funds, and certain German holdings. Totals may include some figures which are
preliminary or carried forward from previous report dates (see footnote -0» Beginning April 1940, reports on certain Argentine gold reserves no longer available.
' On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control 4Board.
Figure reported in special semi-annual statement of National Bank of Belgium; change
from previous December due largely to inclusion of gold formerly not reported separately.
'These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian
Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Guatemala, Finland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain of these
countries
have been carried forward from latest report date (see footnote / ) .
6
Increase due to inclusion of additional foreign gold reserves not reported previously.
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.

1328




End of
month

United
States

1936—Dec—
1937—Dec—
1938—Mar...
June..
Sept...
Oct..'
Nov

United
King- Fr ance
dom
2 934

3 1,395
1,489

81

444

"62
759

j

Dec...
1939—Jan....
Feb...
Mar...
Apr. _.
May._
June..
Sept...
Dec
1940—Mar...
June...

Belgium

80
154
85
164
156
145

1,732

M03
130
331
381
465
559
455
477
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 March 1937, first date reported.
3
Figure for September 1937.
4
First date reported.
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.
382, 532
401, 088
426, 424
458,102
469,257

1929
1930
1931
1932
1933
1933
1934
1935
1936
1937
1938
1939._

794,498
823,003
882, 533
971,514
1,041, 576
1,132,856
1, 206,126

_

Production reported monthly
Africa
Total

South
Africa

Rhodesia

North and South America

West
Africa

Other

Belgian United
Colom2
Chile
Congo States 1 Canada Mexico bia

$1=25-8/10 grains of gold 9/10 fine ; i. e., an ounce of fine gold=$2O.67
215, 242 11, 607
4,297
2,390
45,651
39,862 13,463
2,823
683
428
221, 526 11,476
4,995
2,699
47,248
43,454 13,813
3,281
442
224,863 11,193
5,524
3,224
49, 527
55,687 12,866
4,016
788
238,931 12,000
5,992
3,642
50, 626
62,933 12,070
5,132
227,673 13,335
6,623
3,631
52,842
60,968 13,169
6,165
3,009
$1=15-5/21 grains of gold 9/10 fine; i. e.f an ounce of fine gold=$S5
696,218 385,474 22, 578 11, 214 6,148
89,467 103,224 22,297 10,438
5,094
707,288 366,795 24,264 12,153
6,549 108,191 104,023 23,135 12,045
8,350
751,979 377,090 25,477 13,625
7,159 126,325 114,971 23,858 11,515
9,251
833,088 396, 768 28,053 16,295
7,386 152, 509 131,181 26,465 13,632
9,018
892, 535 410,710 28,296 20, 784 8,018 168,159 143,367 29, 591 15,478
9,544
957,212
8,470
178,143
18,225
24,670
425,649
28,
532
165,379
32,
306
10,290
r
l, 019, 584 448, 753 28,009 r28, 553 8,759 196, 391 178,303 32,300 19, 951 11,376
352, 237
365,258
386, 293
413,459
411,208

1939—September.
OctoberNovember.
December.

106,990
107,244
103,675
101,438

90,057
90,999
87, 525
85,102

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

104,636
97, 605
104,067
106, 589
106, 384
104,326
110,037
109,705
109, 293

88, 793
81,362
88,075
*91,137
?90, 651
P88, 349
*>94, 111
P93, 775
*>93, 263

37,817
38,459
38,600
38,534

2,442
2,452
2,425
2,330

2,432
2,479
2,497
2,589

2,662
39, 777 2,384
2,663
38, 575 2,345
2,372
2,740
40,162
2,454
40,879
2,678
41, 742 2,442
2,747
40,437 *>2, 415 2,643
41, 936 P2, 450
2,590
41, 989 /2,450
2,725
40,958 /2,450 P2, 800

705
715
686
709
739
728
732
Pl, 505
PI, 540
Pl, 505
fl, 505
fl, 505
n, 505

Austra- British
lia
India
8,712
9,553
12,134
14, 563
16,873

7,508
6,785
6,815
6,782
6,919

28,568
30, 559
31,240
40,118
46,982
54,264
56,182

11,715
11,223
11,468
11,663
11,607
11,284
11,008

903
925

19, 728
21, 785
17, 512
15,936

14, 784
15,158
14,875
15,209

2,302
1,832
2,333
1,209

1,803
1,677
1,873
1,367

1,012
1,111
934
1,044

6,145
4,397
4,886
5,251

16,972
13, 317
16,217
16,408
16, 500
14,862
18,866
16,052
17, 082

14,853
3,078
14,188
1,901
15,045
1,651
14, 652 4,233
15,488
1,356
15, 795 2,562
15, 982 PS, 010
16, 318 P4,025
15, 416 /4,025

1,958
1,633
1,717
1,941
1,825
1,715
1,952
2,184
f% 184

993
735
1,759
766
1,271
780
850
1,243
fl, 243

4,486
4,411
4,791
PA, 760
M , 865
P4,760
M , 480
PA, 725
P4,655

891

P875
M90
P560

Oold production in U. S. S. E.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows—at $20.67 per fine ounce: 1929, $15,000,000; 1930, $31,000,000; 1931, $34,000,000; 1932, $40,000,000; 1933, $56,000,000; at $35 per fine
ounce: 1933, $95,000,000; 1934, $135,000,000; 1935, $158,000,000; 1936, $187,000,000; 1937, $185,000,000; 1938, $180,000,000.
p Preliminary—figures thus footnoted under individual countries are those reported by the American Bureau of Metal Statistics, adopted for
use in the table pending receipt of the usual direct reports to the Board; these figures are not directly comparable with the preceding series (for
description
of sources of direct reports, see references cited in note below).
r
Revised.
/ Figure carried forward from last previous figure without footnote /.
* Includes Philippine Islands production received in United States.
* Figures for Canada beginning January 1940 are subject to official revision.
NOTE.—For monthly figures back to January 1929 and for explanation of table and sources see BULLETIN for March 1939, p. 227; February 1939,
p. 151; June 1938, pp. 539-540; and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see
Annual Report of Director of Mint for 1939, p. 106; and 1936, pp. 108-109.

GOLD MOVEMENTS
UNITED STATES

[In thousands of dollars at approximately $35 a fine ounce]

Year or
month

1934 *
1935.
1936
1937
1938
1939

Total
net
imports
or net
exports

Net imports from or net exports (—) to:
United
Kingdom

BelFrance gium

1,131,994 499,870 260,223 8,902
3
1,739,019 315, 727 934,243
1,116,584 174,093 573,671 3,351
1,585,503 891, 531 -13,710 90,859
1,973,569 1,208,728 81,135 15,488
3, 574,151 1,826,403
3, 798 165,122

1939
69,726
Oct
167,980
Nov.
451,172
Dec
1940
Jan
__
201,422
Feb
459,827
Mar
249,851
Apr
_
435,132
May
1,162,975
June
519,974
July
351, 553
Aug
_
334,100
Sept
325, 964
Oct

10,182
18, 556
10,417

Swe- Switzerden
land

94,348
227,185
71,006
6,461
163,049 60,146
341,618 28,715
2,990
8,781 5,113
.
31, 526 19, 743

28

23,906
21,321
35,268
43, 567
62,042
40
128,003 241,603
301,734
10,819
3,650
1,738

Netherlands

974

30,415 16,601
16,181 32,448
282 65,991
3,273 39,654
9,431
3,671
3,158
3,637

Canada

12,402 86,829
968 95,171
7,511 72,648
54,452 111,480
76,315
86^987 612,949

Mex- Colom- Philippine Aus- South
ico
bia
Islands tralia Africa
30,270
13,667
39,966
38,482
36,472
33,610

16,944
10,899
11,911
18,397
10, 557
23,239

12,038 1,029
15,335 3,498
21,513 23,:
"3,280
25; 427 34,713
27,880 39,162
35,636 74, 250

9,940 1,794
2,990 65,067 3,445
5,119 308, 773 3,972

2,117
2,116

2,646 6,472

2,116
2,111
2,113
2,130
5,856
4,516
2,330
7

1,208
13,931
28, 907
32,617
11,452
2,138
32
6
27

52,716
249,858
54,967
281,182
716, 685
172, 268
264,328
217, 627
222, 726

2,550
2,006
2,215
2,396

2,331
4,182
1,891
10,335
545
538

Japan

British
India

All
other
countries

12
65
8
181 246,464
401 168,740
22,862 165,605

76,820 32,304
75,268 46,989
77,892 39,735
50, 762 29,998
16,159 » 67,975
50,956 1102,404

3,188 8,420
2,643 12,505

2,142
10,449
9,885

12,497
9,487
20,101

2,703
10,138
7,592

3,360 6,155
1,896 4,241
4,137 7,409
3,376 3,374
2,405 5,177
3,895 6,603
2,830 5,262
3,738 6,746
3,764 14,605
2, 673 14, 770

20,297
18,872
24,503

37,680
4,919
5,797
4,710
4,743

9,743
6,722
11,813
3,139
4,317
2,377

31,477
23,091
3,482
11, 687
7,854 13, 228
6,704 11,815

15,870
16,662
22,812

31,698
31,001
21,493
27,866
18,423
25,197
23,463
954 34,789
523 69,946
784 * 64, 208

i 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.
s Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, and $10,077,000 from Chile.
* Total all other countries, January-October 1940: $348,083,000. Includes $65,744,000 from Portugal, $43,935,000 from Italy, $37,841,000 from
Argentina, $33,405,000 from Norway, $30,851,000 from U. S. S. R., $25,339,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from
Yugoslavia, $11,873,000 from Hungary, $10,773,000 from Brazil, and $10,385,000 from Spain.
NOTE.—For gross import and export figures and for additional countries see table on p. 1292.
1

DECEMBER

1940




1329

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 1.—TOTAL CAPITAL MOVEMENT

Increase in foreign banking
funds in U. S.
From Jan. 2, 1935, through—

Total

Central
bank
funds
in N. Y.i

Total

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

1936—Dec. 30_
1937—Dec. 29.

1,412. 5
2,608.4
3.410.3

603.3
930.5
1,168. 5

9.8
81.1
243.9

593.5
849.4
924.6

361.4
431.5
449.1

125.2
316.2
583.2

316.7
917.4
1,102.0

6.0
12.9
47.5

1938—Mar. 30.
June 29.
Sept. 28.
Dec. 28.
1939—Mar. 29.
June 28.

3,207. 2
3.045.8
3.452.9
3, 779. 2
4.134.7
4,593.6

949.8
786.2
1,161. 2
1,432. 7
1,693.0
2,048.3

149.9
125.9
168.0
216.3
256.8
361.8

799.9
660.4
993.2
1,216. 5
1,436. 2
1,686. 5

434.4
403.3
477.2
478.1
550.5
607.5

618.5
643.1
625.0
610.0
646.7
664.5

1,150.4
1,155. 3
1,125. 4
1, 210. 9
1,180.6
1,199. 3

54.2
57.8
64.1
47.6
63.9
74.0

Sept. 6.
Sept. 13
Sept. 20
Sept. 27

4,882. 3
4,940. 3
4,976.0
4,955. 4

409.0
464.7
610.7
485.1

1.932. 5
1,924. 6
1,923.9
1.927. 3

623.5
621.7
612.5
618.4

661.7
668.9
674.4
676.9

1,171.3
1,181.3
1,173. 4
1,164.4

84 2
79.2
81.1
83.1

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

4.896.8
4,872.8
4,871. 2
4,882.0

2.341.5
2.389.3
2.434.6
2,412.4
2,386. 5
2,370.6
2,360.6
2,384.7

483.6
462.8
441.6
442.9

1,902. 9
1,907. 7
1, 919. 0
1,941.9

594.6
698.1
601.7
601.0

684.6
685.2
686.7
687.3

1,150. 2
1,144.4
1,141. 7
1,130. 6

80.9
74.6
80.5
78.5

Nov. 1.
Nov. 8.
Nov. 15,
Nov. 22
Nov. 29

4,858. 6
4,825.0
4,862. 7
4,822. 9
4,875.6

2,366.9
2,341. 6
2, 362. 4
2,329. 3
2,377. 4

494.8
490.3
481.6
433.9
435.9

1.872.0
1,851. 3
1.880.8
1,895. 3
1,941. 5

597.3
618.8
615.3
622.0

688.7
690.4
693.2
694.3
695.4

1,123. 7
1,115.9
1,109. 2
1,107.1
1,103.7

79.8
79.9
79 2
76.9
77.1

Dec.
Dec.
Dec.
Dec.

6__
13.
20.
27.

4,867. 6
4,860.0
4.904.8
4.893.0

2,366.9
2,366.6
2, 398. 5
2,383.5

430.9
413.3
441.0
430.0

1.936.1
1,953. 3
1,957.5
1,953. 5

626.8
619.7
619.6
612.8

699.0
700.7
711.8
720.1

1,098.9
1,096. 5
1.096. 8
1,098. 5

75.9
76.5
78.1
78.1

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

4.881.1
4,920. 4
4, 922. 6
4, 943.1
4.918.9

2, 321.8
2, 360. 2
2.368.4
2,384.2
2,368. 5

433.5
445.2
435.2
456.1
449.6

1,888. 3
1.915.0
1.933. 2
1, 928. 2
1, 918. 9

650.4
644.5
636.1
640.1
626.1

725.7
731.7
733.7
736.1
738.0

1,102. 6
1.102. 3
1,100. 6
1,099.0
1,098.1

Feb.
Feb.
Feb.
Feb.

7._
14.
21.
28.

4, 912.3
4,930.1
4,902.8
4,930. 7

2, 363.4
2, 380. 8
2, 343.1
2,365.4

427.8
452.0
409.9
432.9

1,935. 6
1.928. 7
1,933. 3
1,932. 5

623.3
621.5
627.0
627.7

741.0
743.3
745.5
748.7

1.097. 4
1,097. 8
1,099.1
1.102.0

80.6
81.7
83.8
83.6
88.2
87.3
86.7
88.1
87.0

Mar.
Mar.
Mar.
Mar.

6.
13
20
27

2, 323. 7
2,348.0
2, 386.6
2, 409. 6

395.3
404.3
423.8
431.2

1,928. 4
1,943. 8
1,962. 8
1,978. 4

638.5
633.5
638.7
636.9

752.4
755.2
757.2
758.1

1.103. 4
1,102. 2
1,100. 6
1.097. 8

88.4
89.9
90.2
87.3

Apr. 3_.
Apr. 10.
Apr. 17.
Apr. 24.

4,906. 5
4.928.8
4.973.4
4,989. 6
5,002. 8
4,988. 2
5,022. 6
5, 064. 9

2,426. 0
2,407. 7
2, 425. 2
2, 453. 5

426.1
414.4
419.4
409.0

1,999. 9
1,993. 3
2,005. 8
2,044. 5

631.6
634.1
644.9
659.0

761.6
762.4
764.7
767.2

1.094. 8
1.095. 5
1.098. 4
1.096. 9

88.7
88.6
89.4
88.2

May
May
May
May
May

1..
8__
15.
22.
29.

5,049. 3
5,058. 2
5,065. 3
5.123.9
5,076. 4

2, 449. 4
2, 453. 7
2,448.4
2, 500. 3
2,440. 2

398.5
404.1
444.5
499.7
487.5

2.050.9
2,049. 7
2,003. 9
2,000. 6
1,952. 7

643.4
647.0
657.3
664.1
684.0

771.1
773.2
774.8
774.9
775.6

1.097. 0
1.095. 7
1.096. 8
1,090. 3
1.081. 5

88.3
88.5
88.0
94.2
95.1

June
June
June
June

5__
12.
19.
26.

5,110. 5
5,076. 9
5, 284. 4
5, 280. 4

2, 461. 2
2, 427. 9
2, 628.0
2,617. 7

511.3
511.2
722.9
726.7

1, 949. 8
1,916. 7
1.905.1
1, 891.0

679.1
674.5
681.2
690.0

778.9
780.4
782.1
782.6

1.094.1
1.097. 2
1,094. 6
1,092. 4

97.2
96.9
98.5
97.6

July 3 . .
July 10.
July 17.
July 24.
July 31.

5, 377. 3
5, 403. 5
5,445. 8
5, 447. 8
5. 471. 9

2, 716.
2, 736.
2, 774.
2, 774.
2, 786.

6
3
3
5
7

808.8
818.3
854.5
864.7

1,907. 8
1,918.1
1, 919. 8
1,909.9
1,906.1

684.1
692.3
699.4
714.1

785.7
786.6
788.3
788.6
788.9

1,092. 0
1,088.8
1.084. 8
1.085. 8
1.082. 2

98.9
99.5
99.0
100.1
99.9

Aug. 7 Aug. 14.
Aug. 21.
Aug. 28.

5, 571.
5, 613.
5, 653.
5, 668.

4
6
7
7

2, 835. 0
2, 878.9
2,916. 5
2, 928. 3

893.6
945.0
967.2
996.5

1,941. 4
1,933.9
1,949. 3
1,931.8

764.8
769.2
774.0
778.3

789.7
790.4
790.6
790.7

1,082. 3
1,076.1
1,073. 5
1,071. 5

99.1
99.1
99.9

Sept. 4_.

5, 670.1

2,935. 3

1,003. 4

1, 932. 0

773.1

790.6

1,070. 6

100.5

1935—Dec. 31.

i Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading
see BULLETIN for April 1939, p. 285.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For backfiguresand description of the statistics, see BULLETIN for April
1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431.

1330




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
Netherlands

Total

United
Kingdom

France

31
30
29
28
27

1,412. 5
2,608.4
3,410. 3
3, 779. 2
4,893.0

554.9
829.3
993.7
1.186.1
1,117.3

210.2
299.5
281.7
339.5
442.3

114.5
229.7
311.9
324.6
469.9

130.4
335.5
607.5
554.0
759.1

83.1
123.9
140.7
163.3

1940—Jan. 31_
Feb. 28
Mar. 27
Apr. 24
M a y 29
June 26
July 31

4,918.9
4,930. 7
4,989.6
5,064.9
5,076.4
5.280. 4
5,471. 9

1,029.1
1.006.2
961.6
964.5
975.7
981.6
962.4

471.2
468.1
462.9
468.9
494.8
663.9
675.7

466.1
469.0
466.0
486.4
471.9
463.8
454.1

798.3
826.3
855.4
879.8
851.3
868.5
884.0

Aug. 7
Aug. 14.
Aug. 21
Aug. 28
Sept. 4

5, 571.4
5, 613. 6
5,653. 7
5, 668. 7
| 5, 670.1

995.8
996.3
989.0
992.9
1,005. 4

700.1
697.6
695.9
696.7

454.0
462.6
459.9
459.8
459.7

894.2
899.6
903.7
908.1
908.4

From Jan. 2, 1935,
through1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.

Switzerland

Germany

Latin
Canada America

Other
Europe

Total
Europe

24.0
45.6
22.1
33.0
55.9

130.0
228.5
312.2
463.8
753.8

1,200. 6
2,051. 3
2, 653.0
3,041. 7
3,761.5

()
150.5
106.3
157.2
229.2

166.3
166.0
167.3
166.9
171.5
170.7
175.9

61.7
60.7
68.5
87.7
78.3
63.3
64.5

811.2
838.0
863.6
859.5
874.1
866.2
899.0

3,803.9
3,834.4
3,845.2
3, 913. 7
3,917.7
4,078.1
4,115. 6

227.8
225.4
232.2
219.4
215.9
217.6
324.5

176.2
176.1
177.0
176.0
173.1

63.8
61.8
62.3
63.4
64.5

901.5
907.4
915.6
916.7
917.8

4,185. 6
4, 201. 4
4, 203.4
4, 213.7
4,222. 8

334.7
353.5
354.5
374.6
369.5

Italy

70.9
201.2
410.6

Asia*

All
other i

505.9

128.3
184.0
224.6
156.8
299.4

12.7
21.4
15.9
34.1
96.9

503.9
507.7
527.1
535.2
558.4
565.5
581.6

297.3
285.7
315.2
325.7
311.9
342.8
367.8

86.1
77.5
> 69.9
70.8
72.6
76.3
82.3

589.3
598.2
592.8
595.0
597.9

378.7
379.1
404.1
407.6
402.8

83.1
81.4
81.0
78.0
77.2

TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES
United
Kingdom

France

Netherlands

Switzerland

Germany

603.3
930.5
1,168.5
1,432.7
2,383.5

128.6
163.5
189.3
366.7
396.2

129.6
144.2
111.8
158.8
231.6

55.7
65.9
76.3
84.4
190.8

72.4
109.8
288.4
203.7
352.0

-.8
2.7
9.6
-9.8
-22.2

1940—Jan. 31_.
Feb. 28.
Mar. 27.
Apr. 24.
M a y 29.
June 26.
July 31.

2,368.5
2, 365.4
2,409. 6
2,453. 5
2,440.2
2, 617. 7
2, 786. 7

332.3
304.4
271.2
271.5
282.4
295.2
270.9

258.5
256.4
252.9
259.0
287.0
455.3
465.2

186.3
186.2
184.6
200.5
184.4
175.4
164.4

381.8
397.3
418.0
434.6
399.9
418.6
435.5

Aug. 7..
Aug. 14.
Aug. 21.
Aug. 28.
Sept. 4..

2,835.0
2,878. 9
2,916. 5
2, 928. 3
2, 935. 3

301.7
304.1
298.1
300.5
313.6

489.2
487.0
485.2
486.0
483.1

164.2
172.5
169.7
169.4
168.8

446.6
451.6
456.1
461.5
462.7

From Jan. 2, 1935,
through—

1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.

31.
30.
29.
28.
27.

Total

Latin
Canada America

Other
Europe

Total
Europe

7.3
23.0
6.9
3.8
16.7

60.7
79.7
109.4
203.0
473.1

453.5
588.9
791.7
1,010.6
1,638.2

46.0
86.8
76.3
135.1
185.0

33.5
149.3
166.3
134.0
243.6

68.8
90.4
126.2
132.7
238.9

11.5
15.2
8.0
20.4
77.8

-20.5
-21.2
-20.5
-21.5
-19.7
-20.1
-16.0

24.9
25.7
35.5
54.5
46.2
10.1
7.0

522.1
546.6
570.9
562.5
572.4
562.0
587.8

1, 685.4
1, 695.4
1, 712. 5
1, 761.1
1,752. 6
1,^896.4
1,914. 7

166.8
168.5
173.1
148.5
135.8
143.1
253.8

231.2
233.6
251.0
264.6
281.5
289.4
299.9

226.2
217.4
230.4
236.4
223.6
238.5
263.5

58.9
50.4
42.6
42.9
46.6
50.3
54.8

-16.6
-16.3
-15.6
-16.3
-19.1

7.0
7.8
6.7
6.9
7.3

590.0
595.4
603.3
603.5
604.8

1,982.1
2.002.1
2,003. 5
2,011. 6
2.021.2

260.7
277.7
298.6
300.9
295.8

305.7
311.4
305.8
306.7
311.4

231.4
234.9
253.6
257.8
256.3

55.1
52.8
55.1
51.4
50.7

Italy

Asia*

All
other i

TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2,1935,
through—

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

Italy

Other
Europe

Total
Europe

Latin
Canada America

Asiai

All
other *

1935—Dec. 3 1 . _
1936—Dec. 30 __
1937—Dec. 29. _
1938—Dec. 28._
1939—Dec. 27. _

361.4
431.5
449.1
478.1
612.8

208.8
178.0
207.4
204.5
247.8

48.1
62.0
65.3
65.5
73.8

-.4
—3. 3
-4.4
-6.9
12.0

1.6
2.7
2.6
2.6
3.1

29.7
66.0
105.1
140.3
177.2

13.7
16.3
6.5
13.9
16.3

8.8
22.0
26.9
33.0
26.8

310.2
343.7
409.3
453.0
557.0

-4.6
36.9
—21.7
30.6
50.0

20.1
24.9
51.6
66.8
48.5

37.3
30.4
18.7
-65.0
-34.3

-1.6
-4.4
-8.7
-7.2
-8.4

1940—Jan. 3 1 —
Feb. 28._
Mar. 2 7 Apr. 24. _
May 29..
June 26
July 31___

626.1
627.7
636.9
659.0
684.0
690.0
714.1

236.0
247.4
245.1
255.4
262.0
259.0
263.9

73.5
73.4
72.9
73.0
70.8
72.9
74.2

11.4
12.9
9.8
13.1
15.4
15.8
16.8

3.0
2.6
1.7
1.6
3.1
4.0
5.6

178.9
179.4
180.3
181.0
183.8
183.4
184.6

13.5
11.7
10.0
10.3
8.9
12.3
17.6

30.3
30.5
30.4
31.6
35.2
36.6
43.2

546.7
557,8
550.2
566.0
579.3
583.9
605.8

56.2
52.1
53.6
60.2
69.5
66.7
64.9

55.8
56.2
56.5
53.0
52.6
47.4
49.7

-32.0
-37.7
-22.8
-20.0
-16.9
-7.4
-7.2

-.6
-.7
-.6
-.2
—5
-.6
1.0

Aug. 7_ —
Aug. 1 4 . .
Aug. 21._
Aug. 2 8 . .
Sept. 4_._.

764.8
769.2
774.0
778.3
773.1

267.1
267.7
267.7
269.7
259.5

74.5
74.3
74.4
74.5
74.6

16.9
17.1
17.1
17.4
17.4

4.9
6.0
6.4
6.3
6.1

185.5
185.2
185.4
185.2
185.2

18.0
18.6
20.8
22.0
23.1

43.7
44.2
44.3
45.0
44.9

610.6
613.1
616.2
620.2
620.8

65.5
67.4
65.5
65.4
65.1

51.9
54.7
54.7
55.0
53.6

35.2
32.0
37.9
37.7
34.0

1.6
2.0
-.4
-.1
-.4

1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries beir 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.

DECEMBER

1940




1331

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
Netherlands

Switzerland

6.8

7.4

18.2
22.8
26.2
42.1

10.4
21.2
27.3
29.4

-1.2
13.7
30.4
37.1
44.8

13.3
22.5
26.6
33.1
36.6

13.5
20.5
27.6

46.1
87.9
115.2
165.9
188.6

143.1
278.3
366.4
439.1
494.6

42.5
42.6
42.7
42.7
42.8
42.9
42.9

29.6
30.2
31.4
31.2
31.0
31.0
31.0

46.0
47.7
48.8
49.8
49.0
48.8
48.6

36.5
36,4
36.3
36.2
36.2
36.2
36.2

27.8
27.9
27.7
27.5
27.8
28.0
28.0

190.6
191.7
192.7
194.0
194.5
194.8
194.9

499.1
505.5
510.3
513.1
513.7
513. 5
513.2

42.9
42.9
42.9
42.9
43.0

31.0
31.0
31.0
31.0
31.0

48.6
48.6
48.4
48.3
47.8

36.1
36.0
36.0
36.0
36.0

28.1
28.1
28. 1
28. 1
28.1

195.0
195.0
195.1
195.3
195.4

513.1
513.0
512.7
512.8
512.3

United
Kingdom

France

125.2
316.2
583.2
610.0
720.1

67.8
116.1
136.8
129. 1
125.6

1940—Jan. 31
Feb. 28
Mar. 27
Apr. 24
May 29 _„
June 26
July 31

738.0
748.7
758.1
767.2
775.6
782.6
788.9

126.2
129.0
130.7
131.6
132.4
131.9
131.4

Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4

789.7
790.4
790.6
790.7
790.6

131.4
131.3
131.1
131.0
131.0

From Jan. 2, 1935,
through—
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.

31
30
29.
28
27

Total

Germany

Italy

2.9
9.4

Other
Europe

Latin
Total
Europe Canada America

Asia 1

All
other *

12.7
15.7
175.0
166.3
183.0

17.0
24.5
33.8
42.8

11.3

4.0
8.4
12.6
16.0
18.9

184.5
185.6
186.8
188.2
190.6
192.7
195.6

43.2
44.2
45.2
45.6
46.2
47.7
48.5

11.3
11.6
11.7
12.1
12.4
12.6
12.7

19.2
19.3
19.6
19.6
19.5

196.0
196.4
196.4
196.4
196.7

48.8
48.9
49.1
49.2
49.1

12.7
12.8
12.9
12.9
12.9

Latin
Total
Europe Canada America

Asia*

-39.7
1.7

10.5
-38.9
-ll.fi
2
1.7

7.9

1.1
3.5
6.8
9.7

TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES

Net Purchases by Foreigners
United
Kingdom

France

Netherlands

Switzer
land

Germany

316.7
917.4
1,162.0
1,210.9
1,098.5

149.8
367.7
448.7
472.6
328.2

23.4
64.7
70.3
76.5
76.3

50.5
157.6
213.8
212.9
227.1

55.1
200.2
275.3
301.7
342.8

-5.4
-7.5
-17.4
-22.7
-28.2

-3.3
-4.9
-5.4
-4.9

12.9
38.5
55.7
56.6
60.1

286.2
818.0
1,041. 6
1,092.3
1,001.4

32.6
37.6
27.8
-3.1

15.5
18.2
23.4
29.8

21.4
44.1
54.7
56.4
56.1

11.0
14.3

1,098.1
1,102. 0
1,097.8
1,096.9
1,081. 5
1,092.4
1,082. 2

315.7
306.5
295.6
287.5
281.3
279.0
279.5

77.1
76.8
75.7
76.3
75.8
74.7
74.8

229.4
230.4
231.2
231.4
230.7
230.4
230.4

349.2
359.7
367.2
372.6
380.9
379.3
376.3

-28.3
-28.4
-28.7
-28.7
-28.7
-28.7
-28.7

—4.7
-4.7
—4.9
-4.9
-4.7
12.9
11.8

62.4
63.4
64.2
65.7
64.8
64.8
64.8

1,000.8
1,003.8
1,000. 4
999.9
1,000.0
1,012. 5
1,008. 9

—5.9
-7.5
-8.0
-80
-12.4
-19.1
-24.2

30.6
31.5
31.6
29.5
27.3
27.8
27.7

58.2
59.8
59.5
61.2
53.3
58.1
56.8

14.5
14.4
14.4
14.3
13.4
13.2
13.1

1,082. 3
1,076.1
1,073. 5
1,071. 5
1,070. 6

278.8
276.5
275.8
275.4
275.0

74.9
74.9
74.8
74.7
74.7

230.5
230.5
230.5
230.5
230.6

376.1
375.6
374.6
373.8
372.9

-28.7
-28.7
-28.8
-28.8
-28.8

10.6
7.2
6.6
6.2
5.9

64.8
64.6
64.6
64.6
64.6

1,006. 8
1, 000. 5
998.2
996.4
994.9

-21.8
-22.1
-22.3
-22.3
-21.9

27.5
27.5
27.5
27.3
26.8

56.8
57.0
57.0
57.0
57.4

13.0
13.2
13.2
13.1
13.4

Latin
Total
Europe Canada America

Asia*

From Jan. 2, 1935,
through—

Total

1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.

31
30
29
28
27

1940—Jan. 31
Feb. 28
Mar. 27
Apr. 24
May 29
June 26
July 31
Aug. 7
Aug. 14 _.
Aug. 21
Aug. 28
Sept. 4

Italy

-.1

Other
Europe

2.8

3.7

All
other 1
2.6
7.1
9.8

TABLE 7.—BROKERAGE BALANCES,1 BY COUNTRIES
From Jan. 2, 1935,
through—
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.

Aug. 7
Aug. 14
Aug. 21
Aug. 28
Sept. 4

France

Netherlands

Switzer
land

Germany

(!)
4.0
11.5
13.2
19.5

2.4
10.4
11.5
12.6
18.5

1.3
-.9
5.0
6.8
10.7

2.5
9.1
10.8
8.8
16.4

-.2
-.7
(«)
-.2
-.2

1
.3
.1
.2
.1

1.4
.4
5.0
5.3
5.2

7.6
22.6
44.0
46.7
70.2

-4.5
-7.6
3.5
2.6
8.9

1.0
-4.2
-.5

88.2
87.0
87.3
88.2
95.1
97.6
99.9

18.9
18.9
19.0
18.5
17.6
16.4
16.7

19.6
19.0
18.7
17.9
18.4
18.2
18.5

9.4
9.2
9.0
10.2
10.5
11.2
11.5

18.3
19.1
19.7
21.2
18.5
17.8
18.0

-.2
-.2
-.2

.1
.1
.1
.1
.2
.1
.1

5.7
5.8
5.5
5.7
7.1
8.1
8.3

71.9
71.9
71.8
73.6
72.1
71.7
72.9

10.9
10.5
9.5
10.4
10.3
10.8
11.1

99.6
99.1
99.1
9^.9
ir .5

16.8
16.7
16.3
16.3
16.3

18.6
18.5
18.5
18.6
18.6

11.5
11.4
11.6
11.4
11.9

17.9
17.7
18.1
18.2
18.8

.1
.1
.1
.1
.1

8.1
8.3
8.2
8.3
8.0

73.0
72.6
72.9
72.8
73.6

11.1
11.2
11.1
11.0
10.9

1.7
.8
1.2
-.1
6.3
8.4
8.8
8.3
8.3
8.4
9.6
9.4

6.0
12.9
47.5
47.6
78.1

31
30
29
28
27

1940—Jan. 31
Feb. 28
Mar. 27
Apr. 24_
May 29
June 26
July 31

United
Kingdom

Total

.-

?!
-.1
(4)
-A
-i
1

Italy

Other
Europe

Q

i!i

2.9
2.1
.5
-1.0
-4.0

All
other 1

1

8§

1.7
2.0
2.9
2.6
5.8
6.0
6.3

2
2.0
2.0
1.9
1.8
1.8
.6
.7
.8

6.6
6.3
6.5
5.9
6.0

.7
.6
.2
.6
.6

1
Prior to Jan. 3, 1940, thefiguresshown under Asia represent the Far East only, the remaining Asiatic countries being included under "All
other".
* For explanation see BULLETIN for May 1937, pp. 395-396.
»Inflow less than $50,000.
« Outflow less than $50,000.

1332




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES

[Outstanding amounts in millions of dollars]
TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES

Date

Total

United
Kingdom

France

301.5
214.5
104.9
169.7
48.9
59.1

923.7
799.4
549.2
71.1
27.0
32.7

Netherlands

Switzerland

Germany

Other
Total
Latin
Europe Europe Canada America

Italy

Asia*

All
other i

Reported by Banks in New York City
1929—Deo. 31_.
1930—Dec. 31_.
1931—Dec. 30_.
1932—Dec. 28..
1933—Dec. 27..
1934—Nov. 282

2,672.7
2,335.0
1,303. 5
745.6
392.0
466.7

99.1
122.2
44.6
11.9
8.0

12.7

105.2
222.2
66.0
78.0
11.5

204.5
161.0
41.1
32.9
17.5
25.8

9.7

157.4
111.2
33.2
39.8
11.7
14.3

371.3
281.3
122.2
66.2
31.1
41.7

2,162.8
1,911.7
961.2
469.6
155.7
196.0

241.8
216.8
148.3
98.2
86.1
91.9

188.2
130.8
103.3
121.7
96.7
106.6

49.0
38.2
69.0
43.5
42.7
60.3

31.0
37.5
21.6
12.6
10.9
11.9

Reported by Banks in United States
1934—Dec. 5»__
1935—Jan. 2..._
Dec. 31...

584.8
597.0
1,200. 2

79.6
76.9
205.5

36.1
33.9
163.5

13.5
12.9
68.6

12.1
13.7
86.1

28.4
29.9
29.0

16.8
18.8
26.1

40.6
46.8
107.5

227.1
232.9
686.3

103.3
99.3
145.3

117.4
122.8
156.3

125.1
130.1
188.9

12.0
12.0
23.4

1936—Mar. 25..
June 24...
Sept. 3O._
Dec. 30...

1,177. 2
1,426. 2
1,459.6
1,491. 6

186.6
270.5
293.7
235.7

145.8
157.8
163.2
176.3

65.8
102.8
76.8
78.8

86.3
128.3
147.3
123.5

21.6
20.6
19.2
32.0

18.7
25.3
29.2
41.7

118.3
123.1
128.8
126.3

643.1
828.2
858.3
814.3

144.2
160.6
170.7
186.1

189.3
207.4
200.5
263.9

183.1
208.2
210.2
200.2

17.5
21.7
19.8
27.1

1937—Mar. 31__
June 30. ..
Sept. 29__
Dec. 29—

1,682. 7
2,173. 6
2,304.8
1,729. 6

226.9
373.1
385.8
261.5

173.0
206.2
197.3
143.9

60.4
145.0
167.6
89.1

113.1
331.4
425.5
302.1

53.9
40.3
48.7
39.0

36.6
23.0
27.5
25.7

140.8
177.9
223.4
156.0

804.7
1, 296. 9
1,475.9
1,017.1

210.0
190.1
219.3
175.6

441.0
448.8
353.8
280.9

204.6
210.4
229.9
236.0

22.5
27.4
25.8
20.0

1938—Mar. 30..
June 29
Sept. 2 8 Dec. 28.__
1939—Mar. 29__
June 28...
Sept. 27...
Dec. 27. _.

1, 521.0
1,357.4
1, 732.4
2,003.9

248.1
217.4
308.5
438.8

126.3
102.2
165.6
190.9

48.5
48.6
82.2
98.4

236.7
173.8
191.0
217.4

25.7
27.3
17.6
19.9

14.9
18.2
17.2
22.6

135.7
121.9
232.8
249.9

835.8
709.4
1,015.0
1,237. 8

186.4
173.5
190.8
235.2

257.9
261.7
285.0
254.9

219.5
194.4
207.9
243.7

21.3
18.4
33.7
32.4

2,264. 2
2,619. 5
2,983. 6
3,009.7

473.9
607.4
656.7
468.4

219.5
284.4
295.9
263.7

143.9
146.0
186.0
204.7

247.1
240.8
299.Q
365.6

18.7
15.1

14.8
12.2
17.1
35.5

314.7
366.9
446.4
520.0

1,432. 7
1, 672. 7
1,909. 7
1,865.4

236.6
291.7
325.3
285.1

300.7
363.0
383.0
364.5

250.9
242.5
299.5
404.9

43.3
49.7
66.2
89.7

1940—Jan. 3 1 . . .
Feb. 28...
Mar. 27__.
Apr. 24._.
May29._
June 26...
July 3 1 . . .

2,994.7
2,991.6
3,035.8
3,079. 7
3,066.4
3, 243.9
3,412.9

404.5
376.6
343.4
343.7
354.5
367.3
343.0

290.6
288.5
285.0
291.1
319.1
487.4
497.3

200.3
200.1
198.5
214.4
198.3
189.3
178.3

395.5
411.0
431.6
448.2
413.6
432.2
449.2

9.1
8.4
9.1
8.1
9.9
9.6

13.6

43.7
44.5
54.3
73.3
65.0
28.9
25.8

569.0
593.5
617.8
609.4
619.3
608.9
634.7

1, 912. 6
1,922. 6
1,939. 7
1,988. 3
1,979.8
2,123. 6
2,141. 9

266.9
268.7
273.2
248.6
236.0
243.3
353.9

352.2
354.6
372.0
385.6
402.4
410.3
420.8

392.1
383.4
396.4
402.3
389.6
404.5
429.5

79.9
62.4
54.5
54.9
58.6
62.2
66.7

Aug. 7 44 _.
Aug. 14 _.
Aug. 214 4_
Aug. 284 .
Sept. 4 __.

3,497. 6
3, 541. 5
3, 572. 9
3, 588. 5
3,601.4

373.8
376.2
370.2
372.6
385.7

521.3
519.1
517.3
518.1
515.2

178.2
186.5
183.6
183.4
182.7

460.3
465.3
469.8
475.2
476.4

13.1
13.4
14.0
13.4
10.5

25.8
26.6
25.5
25.7
26.1

636.9
642.3
650.2
650.4
651.7

2, 209. 3
2, 229. 3

360.8
377.8
398.7
401.0
395.9

426.6
432.3
426.7
427.6
432.3

433.8
437.3
449.8
457.8
462.1

67.1
64.8
67.1
63.4
62.7

7.8
7.5

2,230. 7
2, 238. 7
2, 248. 4

Additional Detail Available from January 3,1940 5

Date
Total

4 Asiatic countries

6 Latin American countries

5 European countries
Bel- Den- Fin- Nor- Swegium mark land way den Total

Argen- Brazil Chile
tina

Cuba

Mexico

Panama Total China
and
C.Z.

Hong Japan Philippine
Kong
Islands

1940—Jan. 3. _
Jan.31.
Feb. 28.
Mar. 27
Apr. 24.
May 29
June 26.
July 31.

407.1
448.1
458.8
482.1
457.1
443.3
434.4
457.7

159.2
166.2
176.6
179.2
184.0
172.0
165.8
154.9

28.1
28.7
27.2
29.9
23.8
21.1
19.8
18.4

21.4
23.8
23.7
25.2
26.9
29.5
29.5
29.1

56.3
67.0
69.4
68.4
67.6
64.1
60.0
57.8

142.2
162.4
161.9
179.4
154.7
156.7
159.4
197.5

250.7
259.3
263.7
279.0
292.6
311.8
316.6
321.3

57.7
66.5
68.7
68.1
76.4
83.3
89.0
93.1

36.4
31.8
30.0
34.9
36.9
34.8
38.6
38.0

26.8
24.4
24.7
23.4
23.7
24.8
30.2
29.2

37.0
38.3
38.3
44.3
45.6
49.6
47.1
48.1

58.8
62.1
65.2
68.8
67.6
68.6
66.1
60.3

34.0
36.2
36.7
39.4
42.5
50.6
45.7
52.7

323.9
332.1
325.3
332.9
339.2
333.9
331.8
333.4

165.4
171.9
176.3
177.6
180.2
174.8
178.6
176.8

71.4
72.2
68.5
75.4
77.5
79.4
77.5
84.3

58.0
58.0
50.8
47.1
48.2
43.5
41.9
34.0

29.1
30.0
29.7
32.8
33.3
36.2
33.8
38.2

Aug. 74_
Aug. 14*4
Aug. 214
Aug. 284
Sept. 4

461.1
464.3
469.4
468.1
466.7

154.6
153.7
151.9
151.7
150.9

18.1
18.0
17.8
17.3
17.2

28.8
27.9
27.0
26.9
26.3

57.3
56.7
54.8
54.8
54.3

202.2
207.9
217.9
217.4
218.0

328.2 95.2
330.6 101.2
325.2 97.7
326.5 100.2
332.2 103.9

37.7
35.7
34.5
33.5
31.4

29.5
29.7
28.7
27.1
27.8

50.6
52.9
51.8
51.5
51.1

60.8
57.4
56.8
57.8
58.5

54.4
53.8
55.7
56.5
59.6

336.7
335.1
338.2
342.9
342.8

177.3
179.4
180.2
180.5
179.8

85.7
84.8
85.9
86.9
87.6

33.2
31.4
34.3
35.4
36.8

40.5
39.5
37.8
40.0
38.7

1 Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under
"All other".
2 Last report date on old basis.
8
First report date on new basis.
4
Owing to temporary adjustments pending final revisions, the movements of funds indicated by the figures under Asia, Japan, and the relative
totals beginning the week ending August 7, 1940, are inaccurate. The correct movements for Asia and for the total of all countries are shown in
Table
3.
6
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 August 12, 1936, January 5, 1938, and October 18, 1939 (see BULLETIN for May 1937, p. 425; April 1939,
p. 2»5; and April 1940, p. 362).

DECEMBER

1940




1333

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

Netherlands

France

Switzerland

Germany

Italy

Other
Europe

Total
Latin
Europe Canada America

All
other i

Asiai

Reported by Banks in New York City
864.3
713.1
651.0
569.5

58.1
42.2
32.3
84.4

136.5
155.2
159.7
124.4

41.8
24.0
49.7
46.2

2.6
3.5
6.2
2.6

81.3
80.0
71.2

749.5
743.2
433.0

91.2
96.3
100.9

170.7
174.6
154.5

118.1
117.4
80.1

8.3
8.5
10.1

12.6
12.7
11.0
10.9

64.8
57.8
52.0
57.8

413.5
384.4
407.6
392.1

78.7
78.0
49.1
59.4

158.7
144.0
126.6
141.1

74.3
73.9
54.4
67.2

11.2
11.4
10.2
12.0

162.2
143.9
132.0
126.1

13.0
14.8
16.8
20.8

58.1
55.2
52.8
52.9

370.7
319.9
311.3
326.5

71.7
87.8
82.5
118.0

135.3
132.0
107.0
114.4

100.0
83.6
71.7
78.9

15.5
14.0
13.5
17.2

4.8
5.9
4.4
5.4

112.0
102.6
99.1
90.9

18.1
16.1
17.0
13.3

51.0
49.0
46.3
46.7

341.4
356.4
322.7
282.8

93.3
87.6
84.0
65.7

113.5
116.6
94.2
99.2

104.1
126.4
113.6
162.6

17.4
13.8
12.4
15.7

20.1
19.7

3.6
4.5
2.9
4.9

81.4
77.4
67.1
53.9

16.4

9.6
6.6

48.8
39.9
41.6
53.0

267.1
217.0
208.1
178.7

46.3
54.0
49.7
46.3

99.5
110.3
108.5
117.5

125.7
100.5
104.0
186.9

14.9
14.8
15.4
10.0

5.3
5.4
5.8
5.8
7.9
5.9
4.5

7.2
5.7
8.9
5.5
3.2
2.8
1.9

5.1
5.5
6.3
6.5
5.0
4.0
2.5

52.3
51.8
50.8
50.2
47.3
47.8
46.6

13.7
15.5
17.3
16.9
18.3
14.9
9.6

49.5
49.3
49.4
48.2
44.6
43.2
36.6

189.1
177.9
185.6
169.8
156.5
151.8
130.0

40.1
44.2
42.7
36.1
26.7
29.6
31.3

110.2
109.8
109.5
112.9
113.3
118.6
116.3

184.fi
190.3
175.4
172.6
169.5
160.0
159.8

9.1
9.2
9.1
8.7
9.0
9.0
7.5

4.3
4.4
4.3
4.2
4.2

1.8
1.5
1.5
1.2
1.2

3.2
2.1
1.7
1.7
1.9

45.7
46.0
45.8
45.9
46.0

9.2
8.7
6.5
5.2
4.1

36.1
35.6
35.5
34.8
34.9

125.2
122.7
119.6
115.5
115.0

30.8
28.9
30.7
30.9
31.2

114.1
111.3
111.2
110.9
112.3

153.8
157.0
144.9
148.9
158.5

6.5
8.9
8.6

1931—Dec. 30....
1932— Dec. 28 —
1933—Dec. 27_—
1934—Nov. 28 » .

1,103.3
937.9
898.8
827.1

166.2
87.3
192.5
201.3

29.5
62.9
66.9
94.1

20.9
13.0
18.4
15.9

12.6

1934—Dec. 5 s_.
1935—Jan. 2_.__
Dec. 31...

1,137.8
1,139.9
778.6

266.4
296.9
88.1

108.2
80.5
32.5

19.2
18.6
19.0

8.3
8.2
6.6

239.6
231.7
202.0

26.5
27.2
13.5

1936—Mar. 25..
June 24_.
Sept. 30Dec. 30...

736.3
691.6
647.9
672.6

82.7
77.3
75.8
114.1

26.5
23.9
81.5
16.8

22.9
21.2
21.5
21.9

5.4
4.5
5.2
5.4

198.6
187.0
160.6
165.1

1937—Mar. 31..
June 30—
Sept. 29..
Dec. 29...

693.1
637.7
586.0
655.0

99.7
75.6
75.3
84.8

15.8
13.2
11.1
13.5

17.1
13.7
19.1
23.0

4.9
3.5
4.2
5.5

1938— Mar. 30..
June 29...
Sept. 28..
Dec. 28...

669.7
700.8
626.9
626.0

120.6
141.4
121.9
87.7

11.4
16.2
11.4
13.3

23.5
25.2
22.6
25.5

1939-Mar. 2 9 June 28__
Sept. 27..
Dec. 27...

553.6
496.6
485.7
546.3

83.0
55.4
66.0
44.4

13.8
10.7
8.7
5.0

1940—Jan. 31
Feb. 28...
Mar. 27..
Apr. 24..
May 29..
June 26..
July 31...

533.0
531.4
522.2
500.0
475.0
469.0
444.9

56.2
44.7
47.0
36.7
30.1
33.1
28.2

Aug. 74__.
Aug. 14*.
Aug. 214.
Aug. 284_
Sept. 44..

430.7
426.3
415.4
414.8
425.8

25.0
24.4
24.5
22.4
22.6

467.2
434.9
260.9
178.8

6.2

12.3
8.5

18.7
11.8
16.7
10.7

149.2
97.0
83.2
60.2

Reported by Banks in United States

9.5

12.2
10.9

Additional Detail Available from January 3,1940 s

6 Latin American countries

5 European countries
Date
Total

Bel- Dengium mark

1940—Jan. 3 . .
Jan.31.
Feb. 28.
Mar. 27
Apr. 24.
May 29
June 26.
July 31.

23.4
22.2
20.4
19.7
18.3
14.1
11.3
9.1

6.5
7.2
7.4
8.1
8.4
5.1
3.9
2.9

Aug. 74.
Aug. 144
Aug. 214
Aug. 284
Sept. 44.

8.6
7.9
7.9
7.8
7.7

2.1
2.0
1.9
1.7
1.6

3.2
3.7
2.9
2.2

1 4

1.1
.8
.4

Fin- Nor- Sweland way den Total

Argentina

Brazil

Chile

4.2
3.5
2.8

76.1
71.5
69.9
70.1
72.9
73.9
78.3
75.6

16.8
12.9
12.0
12.2
12.4
16.4
16.7
16.4

32.2
31. 2
31.8
31.6
34.5
32.1
34.0
32.8

10.3

2.9
2.7
2.8
2.7
2.9

75.5
73.0
72.5
72.0
72.1

16.2
16.5
15.4
15.4
15.1

33.4
30.9
31.3
30.5
31.3

9.6
9.6
9.6
9.4
9.6

1.4
1.2
.8
,8
1.0
1.5
1.5
1.6

3.6
3.7
4.0
3.9
3.6
2.4
1.7
1.3

8.7
6.5
5.4
4.7

2.0
1.6
1.7
1.7
1.7

1.3
1.3
1.3
1.3
1.2

3 9

9.7
9.6
9.7
9.4
9.6
9.5
9.8

Cuba

10.5
10.4
11.1
11.2
10.2
9.8

11.4
9.9

10.2
10.1
10.3
10.8
9.9

4 Asiatic countries

Mexico

Panama
and
C. Z.

PhilipTotal China Hong
pine
Kong Japan Islands

152.5
161.9
168.0
165.4
1 2 161.7
1.1
160.1
1.2 148. 5
1.5 145.3

22.0
22.5
25.4
25.7
24.3
24.5
24.7
30.5

1.9
1.6
3.2
1.5
1.4
1.9
2.5
2.7

102.1
111.2
111.2
109.6
108.1
103.2
89.7
78.6

26.4
26.6
28.2
28.6
28.0
30.5
31.6
33.6

139.1
142.8
130.0
133.1
142.2

29 9
30.6
24.8
24.6
24.0

1.5
2.0
2.3
2.9
3.8

76.8
79.9
73.0
76.0
84.9

30.9
30.3
29.9
29.5
29.5

5.9
6.5
4.4
4.7
5.0
5.0
5.1
4.7

1.0
.9
.9
1.0

4.7
4.5

1.5
1.4
1.5
1.4
1.7

'4.4
4.4
4.5

i Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under
"All other".
a3 Last report date on old basis.
First report date on new basis.
4
Owing to temporary adjustments pending final revisions, the movements of funds indicated by the figures under Asia, Japan, and the relative
totals beginning the week ending August 7, 1940, are inaccurate. The correct movements for Asia and for the total of all countries are shown in
Table
4.
5
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 August 12, 1936, and October 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363).

1334




FEDERAL RESERVE BULLETIN

CENTRAL BANKS
Assets of
issue dept.

Bank of England
(Figures in millions of
pounds sterling)

Goldi

Cash reserves

Other
assets 2

Notes

Coin
1929—Dec. 25.
1930—Dec. 31.
1931—Dec. 30.
1932—Dec. 28.
1933—Dec. 27.
1934—Dec. 26.
1935—Dec. 25.
1936—Dec. 30.
1937—Dec. 29.
1938—Dec. 28.
1939—Oct. 25.
Nov. 29.
Dec. 27.

145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4

260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0

3

.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2

1940—Jan. 31..
Feb. 28.
Mar. 27.
Apr. 24.
May 29.
June 2o.
July 31.
Aug. 28.
Sept. 25
Oct. 30.

Liabilities of banking department

Assets of banking department
Discounts
and advances
22.3
49.0
27.3

1.0
.5

26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7

580.0
580.0
580.0

1.1
1.0

580.0
580.0
580.0
580.0
580.0
630.0
630.0
630.0
630.0
630.0

1.0
1.1
1.0
1.4
1.5
.9
.7
.8
.5

Securities

Note
circulation

Deposits
Bankers'

Public
8.8
6.6
7.7
8.9

18.5
16.8
7.6
8.5
17.5
9.2
28.5

84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7

379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7

71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0

22.2

53.0
51.6
25.6

4.6
4.5
4.3

127.7
132.1
176.1

527.1
528.7
554.6

52.5
49.0
37.1
43.1
23.4
28.1
20.7
20.2
25.5
38.7

3.1
2.8
6.1
4.9
2.9
4.7
3.3
3.9
3.5
3.0

143.9
149.4
157.2
153.5
171.6
174.6
174.4
172.6
169.7
153.3

527.7
531.2
543.1
537.1
556.9
602.2
609.5
610.0
604.8
591.6

Domestic bills

For(Figures in millions of francs) Gold < eign
exOpen 6
change market

25,942
26,179
21, 111
4,484
1,158
963
1,328
60, 359 1,460
58, 933
911
87, 265
821
41,668
53,578
68,863
83,017
77,098
82,124

1929—Dec. 27.
1930—Dec. 26.
1931—Dec. 30.
1932—Dec. 30.
1933—Dec. 29_
1934—Dec. 28.
1935—Dec. 27.
1936—Dec. 30.
1937—Dec. 30_
1938—Dec. 29_
8

1939—May 25.
June 29.
July 27.
Aug. 31.
Sept. 28.
Oct. 26.
Nov. 30.
Dec. 28,
1940—Jan. 25..
Feb. 29.
Mar. 28.
Apr. 25_
M a y 30.

Special 6

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

Other

12.1
12.1
11.4
15.9

17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0

116.8
103.5
117.3

12.6
27.8
29.7

39.2
40.2
42.0

17.7
17.8
17.9

98.1
99.4
98.0
103.4
94.9
82.7
106.3
118.7
116.0
108.0

39.7
45.7
43.1
40.7
36.1
58.0
22.7

44.3
38.9
42.2
40.6
50.5
50.3
52.3
51.8
51.9
51.5

18.0
18.1
18.2
17.7
17.8
17.9
18.0
18.1
18.1
17.7

9.9

8.8

13.5
18.3

Liabilities
Loans onAdvances
Shortto
term
GovOther
ern- 7 Govern- securiment sement
ties
curities

Deposits
Other
assets

Note
circulation
Government

5,603
6,609
8, 5.45
9,196
8,251
8,288
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

11,737
12,624

Other
liabiliOther

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

78
374
472
2,412
930
336
454
174

3,401
3,471
3,461
3,805
3,661
3,576
3,581
3,482

14, 264
14, 753
14,458
16,016
16,482
17,100
17, 769
16,438

121, 391
122,611
123,239
142,359
144, 562
144,379
149,370
151,322

4,573
5,188
5,468
3,304
2,342
2,004
1,953
1,914

17, 570
16,909
16,058
18,038
18,022
14, 790
12, 392
14, 751

3,020
2,816
2,781
2,708
2,926
3,006
3,346
2,925

229
465
320
228
2,320

3,444
3,403
3,376
3,411
3,716

15,963
16,917
15,970
15,666
16, 694

151,738
156,150
156,032
156, 285
170,853

1,834
1,203
1,154
1,171
1,046

14,965
17,128
14, 262
14, 681
25, 782

3,259
3,156
3,014

8,624
8,429
3,438
4,739
3,971
9,712
8,465
10,066
7,880

Other
liabilities

35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8

Assets
Bank of France

Other

92,266
92, 266
92, 266
97,266
97, 266
97, 266
97, 266
97,267

754
722
722
218
212
85
120
112

8,164
8,074
8,316
9,396
9,734
10,038
10, 565
11,273

2,276
2,279
2,275
1,708
1,958
2,007
1,626
2,345

4,774
5,009
5,000
15, 009
14,830
5,206
5,149

20, 577
20, 577
20, 577
20, 577
22, 777
25,473
30, 473
34, 673

97, 268
97, 275
84,614
84, 615
84, 616

111
109
111
112
102

11,861
12, 505
42, 645
42, 694
44,083

2,235
1,810
1,870
1,781
1,889

5,011
4,630
5,005
5,769
14,473

35, 673
40, 523
20, 550
20,900
32,600

2,311
2,322
3,718
2,862
2,089
3,461
5,061

7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25, 595

1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718

2,811

i Effective Mar. 1, 1939, gold valued at current prices instead of legal parity (see BULLETIN for April 1939, p. 271).
' Securities and silver coin held as cover for fiduciary issue, which has been fixed at £630,000,000 since June 12, 1940; for information concerning
previous
status of fiduciary issue see BULLETIN for November 1939, p. 1024, and April 1939, p. 339.
3
On Jan. 6,1939, £200,000,000 of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,1939, about £5,500,000
(at current price) transferred from Exchange Account to Bank; on July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank;
on Sept.
6, 1939, £279,000,000 transferred from Bank to Exchange Account.
4
By decree of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407), gold revalued on basis of 23.34 milligrams gold 0.900 fine per franc. Increment of about 17,000,000,000 francs supplemented by certain other funds was applied to the full repayment of advances to the Government granted
under authority of the decree of Nov. 12, 1938, in the amount of 20,473,000,000 francs. Gold also revalued in Oct. 1936, July 1937, and Nov. 1938.
For 6further details see BULLETIN for November 1936, pp. 878-880; September 1937, p. 853; and January 1939, p. 29.
Negotiable bills of Caisse Autonome, bills bought under authority of decree of June 17, 1938 (see BULLETIN for August 1938, p. 650) and, from
Mar.6 28,1940, 30,000,000,000 francs of negotiable Treasury bills received in return for gold transferred to Exchange Stabilization Fund on Mar. 7, 1940.
Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788).
7 Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22,
1938, and April 14,1938, as modified by Convention of Nov. 12,1938; Convention of Sept. 29,1938, approved by decree of Sept. 1, 1939; and Conven
tion 8of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407).
On April 20, and again on Aug. 3,1939, 5,000,000,000 francs of gold transferred from Exchange Stabilization Fund to Bank of France; on Mar.
7 ,1940, 30,000,000,000 francs of gold transferred from Bank of France to Stabilization Fund.
NOTE.—For further explanation of table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83.

DECEMBER

1940




1335

Central Banks—Continued
Liabilities

Assets
Reichsbank
(Figures in millions of
reiehsmarks)

Reserves of gold and Bills (and
foreign exchange
checks),
including Security
Total
Treasuryloans
Gold*
reserves
bills

1929—Dec. 31...
1930—Dec. 31..
1931—Dec. 31._
1932—Dec. 31..
1933—Dec. 30..
1934—Dec. 31..
1935—Dec. 31...
1936—Dec. 31...
1937—Dec. 31...
1938—Dec. 31...

2,687
2,685
1,156
920
396
84
88
72
76
76

1939—Oct. 31—
Nov. 30.
Dec. 30..
1940—Jan. 31 . .
Feb. 29...
Mar. 30..
Apr. 30...
May 31..
June 29—
July 31...
Aug. 31..
Sept. 30..
Oct. 31P_.

2,283
2,216

Securities
Eligible
as note
cover

2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244

251
256
245
176
183
146
84
74
60
45

259
445
349
221
106
557

77
77
78

9,358
10,148
11,392

35
36
30

1,440
997
804

77
77
78
78
77
77
78
77
78
78

11,143
11,825
12,242
12,188
12, 569

33
37
31
31
31
25
28
31
16
31

374
172
144
221
142
143
114
56
50
56

12,611
12,613
12,891
13,206
13,069

92
102
161
398
322
319
315
303
286

365
401
367
394
364
363
454
408
419
422

Other
liabilities

Note
circulation

Deposits

638
1,065
1,114
735
827
853
765
861
1,621

5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223

755
652
755
540
640
984
1,032
1,012
1,059
1,527

736
822
1,338
1,313
836
1,001
923
953
970
1,091

2,375
2,257
2,498

10,820
10,974
11,798

1,520
1,574
2,018

1,312
1,332
1,378

2,487

11,505
11,877
12,176
12,480
12, 594
12,785
12,750
13,026
12,847
12, 937

1,628
1,559
1,760
1,714
1,470
1,854
1,620
1,608
1,795
1, 610

1,382
1,422
1,509
1,338
1,253
1,266
1,248
1,287
1,314
(2)

Other
Other

2,557
2,651
2,135
2,595
2,377
2,448
2,184
(2)

p 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]
National Bank of Albania (thousands of francs):
Gold
_
Foreign assets
Loans and discounts
Other assets
_ __
Note circulation
Other sight liabilities
Other liabilities
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchangeNegotiable Government bonds. _
Rediscounted paper
Other assets .
Note circulation
Deposits—Member bank
__
Government
Other
Foreign exchange sold forward
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling
Securities
_ _
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
Bank of Belgian Congo (millions of
Belgian francs) :
Gold
_
Foreign (gold) exchange
Loans and discounts
Other assets.
Note circulation
Deposits
Other liabilities

1940
Oct.

Sept.

1939
Aug.

Oct.

(Mar.)i
7,567
65,135
10,315
7,829
28,419
46,830
15, 598

7,567
54,034
6,239
8,789
27,415
34,324
14,891

1,170
183
218
16
220
1,175
365
190
2
12
65

1,220
150
223
19
224
1,202
383
173
5
13
60

1,224
126
256

16,082
54,305

16,081
54,304

16,030
44,488
1,790
11,042
19, 311
60, 540
89,061
51, 525

5,566
6,736
45,680 44,786
31, 259 35,167
44,137 39,026
119,075 117,157
61,619 61, 619
(Jan.) 1
171
5
617
526
421
735
164

193
1,151
487
85
6
15
56

171
560
487
380
679
159

1939

1940

Central Bank
[Figures as of last report
date of month]

Oct.

National Bank of Belgium (millions
of belgas):
Gold
Other gold and foreign exchange
Discounts
Loans
Other assets
Note circulation
Demand deposits—Treasury
p
other..::::::
Other liabilities
National Bank of Bohemia and Moravia (millions of koruny):
Gold
Foreign exchange
Discounts
Loans..
Other assets
Note circulation
_______
Demand deposits
Other liabilities
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other...
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria (millions of leva):
Gold
Net foreign exchange in reserve
Foreign exchange
Loans and discounts
Government dftht
Other assets
Note circulation
Deposits
Other liabilities

Sept.

Aug.

Oct.

(June)i
4,329

3,603

2 70
1,170
511
1,036
6,690
14
273
139

845
552
126
549
5,370
1
181
124

1,597
712
376
409

1,635
766
1,594
1,050
4,978
6,339
1,051
2,632

5,764
1,196
99,445
72, 596
229, 345
430,388
13,640
20,671
441,316
340, 594
84,176

97,985 92,148
66,612 50, 736
228,028 85,311
430,610 411,991
13,891
7,395
22,833 76, 206
438,175 330, 528
339,942 315,687
81,842 77, 571
(Apr.)i
2,006
4
1,800
1,110
3,393
2,030
4,526
3,421
2,396

2,006
1,007
2,499
3,417
1,475
4,662
3,331
2,411

i Latest month for which report is available for this institution.
*1 Foreign exchange only; total gold holdings now included in item "Gold."
Figures not yet available.

1336




FEDERAL RESERVE BULLETIN

Central Banks—Continued
Central bank
[Figures as of last report
date of month]

1940

Oct.

Bank of Canada (thousands of Canadian dollars):
Goldi
Sterling and United States ex45,133
change
Canadian Gov't. securities:
438, 553
2 years or less
142, 288
Over 2 years _ _
12,195
Other assets
332,355
Note circulation _ __ . _
221, 679
Deposits—Chartered banks
62, 684
Dominion Gov't.
5,962
Other_
_
15, 491
Other liabilities
Central Bank of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to government
Other loans and discounts
Other assets
Note circulation
Deposits—
Bank
Other
_
_
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
29, 525
Gold
13,830
Foreign exchange
25,311
Loans and discounts
Government loans and securities- 47,099
Other assets
36,071
55, 269
Note circulation
Deposits
61,494
35,073
Other liabilities
National Bank of Denmark (millions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Discounts
Loans—To Government agencies
Other.—
_
Securities
Other assets
Note circulation
Deposits
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Golds
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
._
Demand deposits
Other liabilities
_
4
National Bank of Egypt (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
__

Sept.

1939
Aug.

Oct.

225, 675
20, 336
412,359
120, 742
43, 356
331, 957
231,336
4,441
9,961
19,098

2,723

46, 564

430,113 193,862
121,189 55,039
7,893
18,222
306, 534 224 401
215, 539 234,102
32,857 39,089
3,610
18,432
13, 707 13,008

146
168
746
375
31
1,022

146
158
746
370
23
1,018

146
76
754
244
60
866

168
112
165

146
116
163

192
65
156

26, 386
12, 594
26, 258
42, 959
31, 532
54,923
54,151
30, 656

26, 870
11,012
24, 859
40, 321
31, 612
55, 237
53 232
26, 204

37 233
4,944
22 040
37,087
31 986
53 795
47 641
31 855

117
9
326
14
68
110
159
344
695
269
183

117
9
278
15
137
133
172
291
694
278
180

117
8
28
88
210
214
80
488
94
164

(June) 2
50, 270
13,472
61, 962
22, 613
67, 393
41, 772
39,152

41,156
5,646
65, 577
20, 390
67,002
43 449
22, 318

(Apr.)2
6 544
2,729
8,141

6 545
1,449
10 435

30, 608
6,995
25 489
2,392
18,076
9,060

27, 526
12 934
26 421
5,892
17 710
8,866

13, 201
1,876
2,789
5,332
1,361
13, 909
5,323
5,327

13, 208
3,429
1,588
5,085
1 083
14,178
6,590
3,625

(July)"
47,846

43, 413

Central bank
[Figures as of last report
date of month]

1940
Oct.

Bank of Estonia—Cont.
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Finland (millions of markkaa):
Gold
_ _
Foreign assets
Loans and discounts
Domestic securities
Other assets .
Note circulation
Deposits—Treasury
Other
liabilities
BankOther
of Greece
(millions of drachmas):
Gold and foreign exchange (net)
Loans and discounts
Government obligations
Other assets
Note circulation
Deposits

Other liabilities

National Bank of Hungary (millions of pengo):
Gold
Foreign exchange reserve
Discounts
Loans—To Treasury
Other
Other assets
Note circulation
Demand deposits
Certificates of indebtedness Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities _ _ _
Indian Gov't. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department
Balances abroad
Treasury bills discounted
Loans to Government
Investments
Other assets
Deposits
Other liabilities
Bank of Japan (millions of yen):
Gold
Special foreign exchange fund Discounts
Loans—To Government
Other
Government bonds
Other assets
Note circulation
_. _
Deposits—Government
Other
Other liabilities
Bank of Java
(millions of guilders):
Gold5
Foreign bills
_
Loans and discounts
Other assets
Note circulation
Deposits
Other liabilities
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Loans and discounts
_ _ __
Other assets
Note circulation
Deposits
Other liabilities

Sept.

1939
Aug.

Oct.

(July)*
57,399
47,437
88,492
28, 285
35, 905

50, 613
41, 208
70,176
26, 250
38, 808
1,180
2,085
2,059
328
343
3,378
553
2,064

4,959
15,190
4,049
3 086
11 326
13 666
2,292

4,967
14, 683
4,049
3 197
11 077
13 585
2,233

3,343
13,018
4,207
2 231
9 883
10 823
2,093

124
50
849
336
44
316
1 200
208
87
226

124
83
625
343
35
334
1 032
178
94
240

444
1,315
496
346
2,315

444
745
373
725
2,103

287
269
18
3
87
12
558
117

185
142
20
6
66
39
337
121

501
300
761
3
161
2,551
469
3,556
714
127
350

501
300
752
3
162
2,620
434
3,533
714
109
416

501
300
390
3
138
2,044
365
2,687
568
98
388

205
19
106
124
204
212
38

152
21
118
129
204
190
27
(July)*
72
29
234
45
123
204
52

129
13
70
95
197
84
26
98
21
197
47
118
191
55

1 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).
2 Latest month for which report is available for this institution.
3
Gold revalued June 4, 1940, at 0.0602 gram fine gold per sucre.
4
Items for issue and banking departments consolidated.
5
Gold revalued Sept. 28, 1940, at 0.4978 gram fine gold per guilder.

DECEMBER

1940




1337

Central Banks—Continued
Central bank
[Figures as of last report
date of month]
Bank of Lithuania (millions of litu):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Deposits
Other liabilities
Netherlands Bank (millions of guilders): 2
Gold
Silver (including subsidiary coin)
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Othpr 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—Government Other
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of
escudos) *
Gold
Other reserves (net)
Non-reserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania (mil-

1940
Sept.

Oct.

1939
Aug.

67
11
182
83
187
111
46
(Apr.)i
1,160
12
1
10
226
71
1,166
25
228
59

Oct.

58
4
146
41
160
55
34
1,108
12
2
43
240
86
1,126
316
49

2,802
9,988

2,802
12, 217

2,802
5,743

28,015
2 553
'379
20 109
21, 289
2 339

26,906
2,544
380
20,066
22,330
2,452

23, 237
3,620
347
17, 372
16, 273
2,104

(Mar.)i
186
102
435
(3)
(3)

599
9
112
(3)

395
198
71
126
34
534
19
87
96

57,020 45, 373
16,274 24, 756
126,670 102, 281
4,452
10,333
133,440 132,054
53, 665 27,898
23,192 16, 911

lions of lei):
Gold <

Special exchange accounts
Loans and discounts
Special loans 5
Government debt
Other assets
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans

227
79

38,081
745
4

922
392
142
488
1,033
1,632
2,679
958
972

920
444
203
428
1,036
1,266
2,350
925
1,023

(July)i
31, 747
4,344
25,146
881
7,959
12,824
58, 961
15,000
8,939

20, 581
4,417
23, 255
1,332
10, 200
13, 743
48,382
10,162
14, 984

37, 350
840
1,903

29, 471
7,125
64

1939

1940

Central bank
[Figures as of last report
date of month]

Oct.

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):
Gold 6.

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 department:
Gold
Notes and coin. _
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 7 (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

Sept.

Aug.

Oct.

35,367
22,771
46, 663
4,764

34,493
23, 664
44,847
6,076

19, 752
19,302
33,609
3,501

335
753
709
929
1,470
361
895

338
685
693
822
1,451
271
817

732
421
332
511
1,248
''541
207

2,119
627
271
49
270
2,110
956
270

2,119
548
254
54
272
2,119
860
269

2,395
291
95
54
686
2,036
835
649

108,194
39
18, 617
311,241
195, 338
36, 545
362, 938
78, 239
93, 035
135, 760

36,836
18
2,831
218,159
196, 632
34, 360
294, 441

(June)i
86, 235
96, 728

71, 827
122, 568

86, 235
86, 467

21,454 21,185
46,034 54, 308
113,630 112, 783
119,807 103,570
99, 931 87,492
200,994 204, 354
2,330
556
1,651
3,073
4,598
3,017
12, 241
2,181
803

1,987
616
2,573
2,835

26, 604

29, 385

17, 532

31, 674
14, 943

38,862
15,400

15,851
13,814

2,380
518
1,632
3,073
5,155
2,913
12, 403
2,464
805

3,944
9,244
1,546
1,164

145, 318 143, 673 158,019
21, 355 26, 575
21,415
216, 215 208, 402 214, 265
2,714
6,233
2,381
15, 846 10, 664
14, 724

20, 929
2,804

21, 530
2,462

20,175
3,148

229,001 229, 001 229, 644
191,092 190, 953 188, 659

r
Revised.
1 Latest month for which report is available for this institution.
23 Gold revalued Mar. 31, 1940, at 0.4978 gram fine gold per guilder.
Figures not yet available.
< Gold revalued May 19, 1940, at 0.0043 gram fine gold per leu.
* Agricultural and urban loans in process of liquidation,
e Gold revalued May 31, 1940, at 0.2053 gram fine gold per franc.

"See BULLETIN for December 1936, p. 1025.

1338




FEDERAL RESERVE BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date effective

United
GerKing- France many
dom

In effect Sept. 15,
1936
Sept. 25
Oct. 2
Oct 9
Oct. 16
Oct. 20
Nov. 26
Dec. 3
Jan. 28, 1937
June 15
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938
May 13 _
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939
Apr. 17
May 11
July 6
Aug. 24
Aug. 29 .
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940.
Apr. 9
May 17
In effect Nov. 28,
1940

2

4

3
5
3

Bel- Nethergium lands

Sweden

3

2

2

2XA
2

4
6
5
4
V/2
3

Denmark . . .
Ecuador.
El Salvador..
Estonia
Finland
_

4

2y2

3

3

2y2
2

Rate
Central
Date
Central
bank of— Nov.
bank of—
effective
28
Switzerland Albania
Mar. 21,1940 Japan
VA Mar. 1,1936 Java
Argentina—.
Jan. 25,1940 Latvia
Belgium
2
2
Aug. 9,1938 Lithuania . . .
Nov. 28,1935 Mexico
Bolivia
3 2
British IndiaBulgaria,
Sept. 16,1940 Netherlands
Canada
Mar. 11,1935 New ZeaW2
Chile
3-4>| Dec. 16,1936
land
July 18,1933 Norway
Colombia
CzechoPeru
slovakia
Oct. 1,1940 Portugal

France
Germany
Greece
Hungary
Italy

4
3

3
2

3

3.29
3
5
6
3

Apr.
Jan.
Feb.
July
Mar.

3

Aug. 29,1939

2
3
5
4-4K

May 27,1940
May 13,1940
Aug. 1,1940
Aug. 11,1937

Oct. 16,1940
May 26,1938
Mar. 30,1939
Oct. 1,1935
Dec. 3,1934

3
Rumania
South Africa V/2
Spain
Sweden
Switzerland _

Jan.
Apr.
Jan.
Oct.
May

Turkey
United Kingdom
U. S. S. R.__
Yugoslavia _

7,1936
14,1937
17,1940
15,1939
1,1937

Sept. 12,1940
May 15,1933
1 Mar. 29,1939
May 17,1940
Nov. 26,1936

VA
VA

2
6
3

4,1939
9,1940
4,1937
22,1940
18,1936

4

July 1,1938

2
4
5

Oct. 26,1939
July 1,1936
Feb. 1,1935

0
1

Corrected.
Not officially confirmed.
Changes since Oct. 28: none.

2

2

4

Date
effective

2

4
3
2Y2

2

4
7
3

Rate
Nov.
28

V/
3

2

OPEN MARKET RATES
[Per cent per annum]

Month

Netherlands

Sweden

Switzerland

Prime
Day-to-day commerDay-to-day Money
for
money
money
cial paper
1 month

Loans
up to 3
months

Private
discount
rate

Germany

United Kingdom
Bankers'
Bankers' Treasury
allowance
acceptances bills, 3 Day-to-day
money
on deposits
months
3 months

Private
discount
rate

Hungary

5.32
1.84
1.21
1.00
1.00
1.00
5.65
1.29
.50
.70
3.66

7.18
3.30
7.99
4.25
3.87
3.81
3.02
3.00
2.88
2.88
2.75

7.86
3.78
9.15
5.55
5.00
4.71
3.21
3.01
3.07
2.59
2.51

1.71
1.00
1.03

2.75
2.65
2.63

2.23
2.19
2.39

2.24
2.41
2.75

1.02
1.00
.99
1.00
1.00
1.00
1.00
1.00
1.00

2.50
2.50
2.50
2.38
2.38
2.38
2.38
2.31

2.03
2.08
2.16
1.90
1.98
1.98
1.73
1.77

2.64
2.50
2.49
2.75
13.21

1929—Sept..
1930—Sept..
1931—Sept..
1932—Sept..
1933—Sept..
1934—Sept..
1935—Sept..
1936—Sept..
1937—Sept..
1938—Sept..
1939—Sept. _

5.59
2.07
4.74
.67
.44
.73
.58
.55
.55
.91
3.51

5.63
2.05
4.57
.55
.31
.61
.55
.53
.50
.86
3.23

4.39
1.68
4.04
.67
.63
.78
.75
.75
.75
.75
2.72

1939—Oct.. .
Nov..
Dec...

1.88
1.96
1.23

1.77
1.18
1.24

1940—Jan....
Feb...
Mar...
Apr...
MayJune..
July...
Aug._.
Sept. _

1.10
1.04
1.03
1.03
1.03
1.03
1.03
1.03
1.03

1.09
1.02
1.02
1.03
1.02
1.02
1.02
1.02
1.03

1-2

6^-8

4-7
4-63^
4-6^

2.83
3.00
2.68

3-5
2>|-5
23^-5

2

23J-5
2^-5
3-5
3-5
3-5
3-5
3-5
33^-53^

VA-r'

3.38
1.50
1.80
1.50
1.50
1.50
2.40
1.98
1.00
1.00
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.41
1.50
1.50
1.50
1.50

1 Figures are for period May 1-9, inclusive; no quotations available May 10-June 30.
NOTE—For figures for other countries and references to explanation of table see BULLETIN for September 1940, p. 1018.

DECEMBER

1940




1339

COMMERCIAL BANKS
Assets

United Kingdom »
(Figures in millions of
pounds sterling)

Cash
reserves

M o n e y at
call a n d
short
notice

Bills dis- Treasury
deposit
counted receipts
2

Liabilities

Securities

Loans to
customers

Deposits

Other
assets

Total

Demand 3

Time 3

Other
liabilities

10 London clearing banks
1932—December
1933—December
1934—December . .
1935—December
1936—December

___

207
213
216
221
236

127
119
151
159
187

408
311
255
322
316

472
565
594
605
630

778
740
759
784
864

208
237
247
231
238

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

252
269

11 London clearing banks 6
1936—December
1937—December
1938—D ecember

244
244
243

195
163
160

322

300
250

660
635
635

890
984
971

249
256
263

2,315
2,330
2,254

1,288
1,284
1,256

1,012
1,026
997

1939—September
October _
November
December

268
256
245
274

146
159
142
174

236
289
353
334

603
605
611
609

1,016
1,020
1,000
1,015

276
271
242
290

2,278
2,327
2,345
2,441

1,272
1,299
1,303
1,398

1,006
1,028
1,042
1,043

266

1940—January,.
February
March

242
247
249
254
257
270
262
273
288

154
149
142
153
144
166
146
148
144

388
353

610
609
611
618
633
636
658
682
697

1,010
1,007
1,014
991
972
983
940
927
948

267
259
273
260
260
295
271
255
287

2,410
2,366
2,363
2,354
2,413
2,469
2,454
2,481
2,597

1,373
1,347
1,355
1,351
1,382
1,443
1,465
1,486

1,036
1,019
1,008
1,003
1,031
1,026
989
995

261

Apiil
May

June
July

August
September

336
338
409
384

415
430

26
26

401

92

Assets>
Security
loans
abroad
(10 chartered banks. End of month
and net SecuriOther
figures in millions of Canadian dollars)
due
ties
Cash Security loans
from
reserves loans and dis- foreign
counts banks
1932—December
1933—D ecember
1934—December
1935—D ecember
1936—December.
1937—December
1938—December
1939—September
October
November
December
1940—January
February
March

April
May
June
July

_ __

_.

August
September

__
_ _

•NT-

Other
assets

circulation

211
197
228
228
240
255
263

103
106
103
83
114
76
65

1,104
1,036
977
945
791
862
940

155
134
155
141
161
102
166

778
861
967
1,155
1,384
1,411
1,463

439
43?
449
485
507
510
474

124
111
103
96
88

279
304
295
292

51
53
56
53

1,020
1,083
1,102
1,088

214
209
157
132

475
474
475
490

95
90
89
85

290
273
265
281
300
272
277
291
319

48
57
52
54
44
39
39
38
37

1,073
1,104
1,115
1,072
1.063
1,067
1,053
1,062
1,102

134
140
166
180
194
184
166
162
178

1,502
1,662
1,665
1,646
1,654
1,638
L,599
1,592
1,617
1,583
1,576
1,569
1,563

466
476
451
488
475
46P
454
440
474

8?
86
88
84
91
93

L15

90
88

Total
1,916
1,920
2,035
2,180
2,303
2,335
2,500
2,583
2,837
2,809
2,774
2,755
2,772
2,724
2,743
2,785
2,706
2,674
2,689
2,800

Assets
(4 large banks. End of month figures
in millions of francs)
1932—December
1933—December .
1934—December
1935—December
1936—December „
1937—December
1938—December
1939—December ._.
1940—January
February
March «

Cash
reserves
9,007
5,870
5,836
3,739
3,100
3,403
3,756
4,599
4,066
4,293
4,110

Due from Bills discounted
banks
1,766
1,416
1,421
2,484
2,975
4,116
4,060
3,765
4,080
3,993
3,920

22,014
19,848
18,304
16,141
17,582
18,249
21,435
29,546
29,808
30,810
34,123

272
248

256
258
260
261
261
264
264
260
260

Liabilities

Deposits payable in Canada excluding interbank
deposits

Entirely in Canada

Canada

245

Of h«r

liabilities

Demand

Time

538
563
628
694
755
752
840
89 L

1,378
1,357
1,407
1,486
1,548
1,583
1,660

760
725
718
745
790
785
782

1,074
L, 033

1,692
1,709
1,735
1,741

L,005
1,113
]L,063
1L, 071
1,142
L, 098
L062
1,055
1,145

1,751
1,659
1,661
1,672
1,643
1,609
1,613
1,634
1,655

862
858
851
842
827

829
836
840
818
814
802
783
786

Liabilities

Loans
7,850
8,309
8,159
8,025
7,631
7,624
7,592
7,546
7,756
7,579
7,499

Other
assets

Deposits
Total

Demand

Time

1,749
1,827
1,717
1,900
1,957
2,134
1,940
2,440

37,759
32,635
30,943
27, 553
28,484
30,348
33, 578
42,443

36,491
31,773
30,039
26,859
27,955
29,748
33.042
4 1,872

1,268
862
904
694
529
600
537
t 71

1,745
1,849
1,961

42,850
43,737
46,608

4 2,302
43,195
46,064

48
£42
I 44

Own
acceptances
295
273

193
337
473
661
721
844
938
1,034
1,105

Other
liabilities
4,331
4,362
4,301
4,399
4,289
4,517
4,484
4,609
3,667
3,753
3,901

1 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 V/% per cent, callable by the banks in emergency under discount at the bank rate.
» 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 11 banks—see footnote 5.
«District Bank included beginning in 1936.
6
No figures available since March 1940.
NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699;
June 1935, pp. 388-390; and October 1933, pp. 641-646.

1340




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]

Year or month

Australia
Argen(pound)
tina
(peso) Official Free

1933
1934
1935
1936
1937
1938..
1939

72.801
33. 579
32. 659
33.137
32.959
32. 597
30.850

1939—Nov...
Dec...
1940—Jan.
Feb...
Mar...
April..
May..
June..
July...
Aug...
Sept...
Oct.—

_„
_.

Belgium
(belga)

Brazil (milreis) British
India
Official Free (rupee)

Bulgaria
(lev)

337.07
400.95
388.86
395.94
393.94
389. 55
353.38

17.900
23.287
18.424
16.917
16.876
16.894
16.852

7.9630
8.4268
8.2947
8.5681
8.6437
5.8438
6.0027

5.1248

31.816
37.879
36.964
37.523
37.326
36.592
33.279

1.0039
1.2852
1.2951
1.2958
1.2846
1.2424
1.2111

29. 772
29. 773

312.66
313.13

16.490
16.577

6.0580
6.0576

5.0322
5.0263

30.127
30.032

29.772
29. 773
29.773
29.773
29. 773
29. 773
29. 773
29. 773
29. 773
29. 773

315.82
315.79
299.50
322.80 280.90
322.80 260.80
322.80 287.04
322. 80 303.11
322.80 317.02
322. 80 321. 47
322.80 321. 29

16.834
16.859
16.980
16.891
16. 736

6.0562
6.0569
6.0574
6.0576
6.0488
6. 0527
6.0575
6.0575
6. 0574
6. 0575

5.0132
5.0237

Year or month

19.071
22. 500
21.883
22.189
22.069
21.825
20.346

1939—Nov...

19.294
19. 297

1940—Jan.....
Feb.__.
Mar....
April..
May...
June...
July...
Aug....
Sept....
Oct....

19. 304
19.310
19. 311
19. 307

Poland
(zloty)

Year or month

30.140
30.163
30.179
5.0291 30.198
5.0232 30.120
5.0329 30.106
5.0259 30.149
5.0219 30.132
5.0107 30.162
5. 0153 30.170

1933..
1934..
1935..
1936..
1937..
1938..
1939..

14. 414
18.846
18.882
18.875
18. 923
18.860
18.835

434.39 1.8708
516.85 2.2277
502.60 2.1627
509.68 2.1903
506.92 2.1811
501.30 2.1567
478.83 1.9948

5.0313 30. 518
6. 5688 39.375
6.6013 40. 258
6.1141 40. 297
4.0460 40.204
2.8781 40.164
2. 5103 40.061

2.2246
. 8136 2.2269
.. 8156
.. 7078
. 5252
. 7743
.. 8961
. 9776
9643
1.9691
1. 9619
1. 9652

2. 2461
2.2459
2.1296
1.9980
1.8516
2.0052

Official

Hungary
(peng6)

7. 6787
10.1452
5.0833
5.1240
5.1697 4.0000
5.1716 4.0000
5.1727 4.0000

28.598
34.094
36. 571
29.751
29.606
21.360
11.879

81.697
61. 780
56.011
57.083
56.726
55.953
57.061

87.755
87.615

5.1714
5.1705

4.0000
4.0000

8.353
7.487

57. 206
57.022

88.018
86.654
82.883
84.238
80.970
80.072
86.924
86.865
85.469
86. 318

5.1670
5.1655
5.1650
5.1649
5.1670
5.1678
5.1678
5.1680
5.1680
5.1680

4.0000
4.0000
4.0000
4.0000
4.0000
4. 0000
4.0000
4.0000
4.0000
4.0000

7.833
7.012
6.409
5.992

57.205
57.264
57.130
56.990
57.046
57.220
57.096
56.985
56.985
56.985

5.760
6.048
5.476
5.206
5.682

3.8232
4.2424
4.1642
4.0078
3.4930
3.4674
3.4252

Italy
(lira)

Japan

(yen)

New
Mexico Netherlands Zealand Norway
(peso) (guilder) (pound) (krone)

6.7094
8. 5617
8.2471
7.2916
5.2607
5.2605
5.1959

25.646
29.715
28.707
29.022
28.791
28.451
25.963

28.103
27.742
27.778
27.760
27.750
22.122
19.303

51. 721
67.383
67.715
64.481
55.045
55.009
53.335

340.00
402.46
391.26
398.92
396.91
392.35
354.82

21.429
25. 316
24.627
24.974
24.840
24. 566
23.226

30. 694
30.457
27.454

40.127
40.097

.7244
.7157

24.491
24.482

17.602
17.600

5.0444
5.0452

23.440 20.497
23. 441 18.185

53.080
53.107

313.96
315.03

22. 703
22.701

40.118
40.117
40.114
40.115
40.025
39. 965
39. 978
39.951
39.926
39. 975

.7155
.7176
.7007
.6546
.6270
.6529
.6654
.6628
.6602

24. 629
24. 572
23.247
21.834
20. 288
22.388
23. 582
22. 510
22. 623
23. 077

17. 586
17.605
17. 592
17. 586
17. 582
17. 591
18.481
19. 370
19. 367
19.364

5.0470
5.0467
5.0470
5.0452
5.0426
5.0361
5.0323
5.0334
5. 0357
5.0389

23.438
23.438
23.438
23.438
23.438
23.432
23.432
23.431
23. 435
23. 439

53. 208
53.137
53.101
53.082
53.079

317.09
317.06
300.72
282.05
261.87
288.19

22.706
22. 709
22. 712
22.707

31.711

16.663
16. 654
16. 652
16.656
16.654
18. 365
19.913
19.988
19. 941
20.331

304.32
318. 25
322. 74
322. 55

United Kingdom Uruguay (peso)
Straits
(pound)
YugoSwitzer- Turkey
Settle- Sweslavia
den
land
ments (krona) (franc) (pound)
Non-con(dinar)
Con(dollar)
Official
Free trolled trolled

.7795
1.0006
.9277
.7382
.7294
.7325
.7111

414.98
498. 29
484. 66
491.65
489.62
484.16
440.17

10. 719
13.615
13. 678
12.314
6.053
5.600
'10. 630

49. 232
59.005
57.173
58.258
57.973
56.917
51. 736

22.032
25.982
25.271
25.626
25.487
25.197
23.991

1939—Nov..
Dec...

3. 6067
3. 6044

.7088
.7055

397.15
397.41

10.039
9.950

46.246
46.102

23. 798 22.428
23. 796 22.422

1940—Jan
Feb
Mar
April
May
June
July
Aug
Sept
Oct

3.6259
3.6228
3.4985
3.4090
3.2650
3. 5969
3.8021
3. 8311
3.9629
3. 9841

397.86
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398. 00
398.00

9.950
9.950
9.814
9.144
9.130
9.130
9.130
9.130
9.130
9.130

46.484
46.483
46.750
47.136
47.119
47.114
47.113
47.116
47.102
47.101

23.806
23.807
23.816
23. 691
23. 791
23.804
23. 836
23.813
23. 810
23. 814

c

China
Czecho(yuan Colomslovakia
bia
Shang- (peso)
(koruna)
Official Export hai)

22.360
29. 575
29.602
29. 558
19.779
19.727
19.238

3.9165
4. 6089
4.4575
4. 5130
4.4792
4.4267
4.0375

_

Chile (peso)

.7233
.9402
.9386
.9289
.9055
.8958
.8153

Portu- Ruma- South Spain
gal
nia
Africa
(escudo) (leu) (pound) (peseta)

29.452
38. 716
48. 217

Free
91.959
101.006
99. 493
99.913
100.004
99.419
96.018

90.909
90.909
90.909
90.909
90.909
90.909
90. 909
90. 909

FinGerDenHong
land France many Greece
mark Egypt
Kong
(reichs- (drach(franc)
(krone) (pound) (markma)
(dollar)
ka)
mark)

1933
1934
1935
1936....
1937
1938....
1939

Dec...

5.8788

Canada (dollar)

24.836
32.366
32.497
30.189
22.938
22.871
22. 525

22. 419
22.418
22.417
22.418
22. 253
22. 461
22.684
22. 755
22. 784
23.148

60.336
79.956
80.251
79.874
79.072
64.370
62.011

36.789

1. 7607
2.2719
2.2837
2.2965
2.3060
2.3115
2.2716

392. 47 65.830
393.01 65.830

37.063
36.457

2.2649
2.2657

396.39
396.34
375. 91
352. 59
327.36
360.16
380.47
397.88
403. 42
403. 26

36.360
37.466
38.839
39.090

2. 2595
2.2560
2.2485
2.2444
2. 2473
2.2441
2. 2439
2. 2436
2. 2436
2. 2436

423.68
503.93
490.18
497.09
494.40
488.94
443. 54

60.440
79.047
80.312
80.357
80.130
80.109
80.243

403. 50
403. 50
403. 50
403. 50
403. 50
403.50
403. 50
403. 50

65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830

37. 714
35.956
34. 939
36. 366
37. 629

Corrected: Average is for Nationalist peseta quoted beginning April 1; Average for Loyalist peseta quoted January 1-24 was 4.613,

DECEMBER

1940




1341

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]

Year or month

United
States

United
Kingdom

Canada

France

Germany

Italy

(1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100)

Netherlands

Japan
(October
1900=100)

Switzerland
(July 1914
=100)

(1926-30
=100)

100

100

» 124

695

134

237

106

144

86
73
65
66
75
80
81
86
79
77

87
72
67
67
72
72
75
85
79
75

100
88
86
86
88
89
94
109
101
103

554
500
427
398
376
338
411
581
653
»681

125
111
97
93
98
102
104
106
106
107

85
75
70
63
62
68
76
89
95
»97

181
153
161
180
178
186
198
238
251
278

90
76
65
63
63
62
64
76
72
74

126
110
96
91
90
90
96
111
107
111

1939_October
November
December

79
79
79

79
80
82

111
119
122

(3)

107
107
108

0)

293
300
314

81
84
85

120
123
125

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

79
79
78
79
78
78
78
77
78
79

83
83
83
83
82
82
82
83
83

125
128
129
132
134
134
140
140
141
143

320
317
312
314
312
308
306
306
308

86
88
88
88
89

128
130
132
134
135
139
141
146
P152

1926 . _
1930 . .
1931
1932
1933
1934
1935_
1936
1937
1938
1939

,

_

108
108
109
110
110
110
111
111
111
111

p Preliminary.
1 Approximate figure, derived from old index (1913=100).
Average based on figures for 8 months for France, 7 months for Italy.
No data available since August 1939, when figure was 674.
No data available since July 1939, when figure was 96.

2
3
4

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United Kingdom

United States (1926=100)
Year or month
Farm
products

Foods

(1930=100)

Other
commodities

Foods

Industrial

products

1926

100

100

100

1930
1931
1932
1933
1934
1935
1936
1937
1938
1939

_

88
65
48
51
65
79
81
86
69
65

91
75
61
61
71
84
82
86
74
70

85
75
70
71
78
78
80
85
82
81

100
89
88
83
85
87
92
102
97
98

100
87
85
87
90
90
96
112
104
106

1939—October
November
December

67
67
68

73
72
72

84
84
84

109
114
118

111
121
124

1940—January
February
March
April __ __ _
May
_
June
July
August
September
October

69
69
68
69
68
66
67
66
66
66

72
71
70
72
71
70
70
70
72
71

84
83
83
83
83
82
82
82
82
84

122
126
124
126
128
130
134
136

127
129
131
135
136
136
142
142

.

_ _

.

Germany [1913=100)

France (1913=100)

Farm
Industrial
and food
products products

Agricultural
products

Provisions

Industrial raw Indusfinand semi- trial
ished
finished products
products

581

793

129

132

130

150

526
542
482
420
393
327
426
562
641
»653

579
464
380
380
361
348
397
598
663
i 707

113
104
91
87
96
102
105
105
106
108

113
96
86
75
76
84
86
96
91
i 93

120
103
89
88
91
92
94
96
94
95

150
136
118
113
116
119
121
125

108
108
108

96
97
97

126
126
127

108
108
110
111
112
112
112
112
111
110

98
98
99
98
98
98
98
99
99
99

127
127
128
128
128
129
130
131
131
131

126

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 April 1937, p. 372; March 1937, p . 276; October 1935, p. 678; March 1935, p. 180; and March 1931, p . 159.

1342




FEDERAL RESERVE

BULLETIN

Price Mewerneints—Continued
COST OF LIVING

RETAIL FOOD PRICES

[Index numbers]

[Index numbers]
Ger- Nether- SwitzUnited United
France many
States i Kinglands
erland
dom (Julyl914
(1935-39 (Julyl914
(1913-14 (1911-13 (Junel914
=100)
=100)
=100)
=100)
=100) =100)

Year or
month
1932
1933
1934
1935
1936
1937
1938
1939

87

.

1939-October___
November
December.
1940-January...
February..
March
April
May
June
July
August __
September
October-__

126

536

84
94

120
122

491
481

100
101
105

125
130
139

423
470
601

116

119

125

113
118

120
124

117
115

120
122
122

118
120
127

114
120
130

98
95

141
141

702
»742

122
123

98

154

(5)

122

97
95

157
157

122
123

130
130

130
132

133

136

136
137

138
138

95
97

157
161

124
124

138
140

139
139

96

161

126

141
(7)

140

96
97
98
97

158
159

127
129

158
168

129
131
133

164
166
169

96
97
96

142
143
145
145
146

Ger- NetherUnited United
lands
France many
States i Kingdom
(1935-39 (Julyl914
(1930 (1913-14 (1911-13
=100)
=100)
=100)
=100)
=100)

Year or
month
1932
1933
1934
1935
1936
1937
1938
1939

156
158

91
87
83
78
86
102
117
4 122

165

(6)

144

98

92
96
98
99
103

101
99

1939-October
November
December.

100

1940-January
February
March
April
May
June
July
August
September
October

166
101
100

140
141
143
147
154

121

141

118
121

139
140

123
125
125

136

2 132

126
126

139
140

137

143

126

Switzerland
(Junel914
=100)
138

131
129
128
130
137

137
138
140

169
173

126
126

144
146

142
142

174
177

127
127

146
148

144
145

179

129

149

178
180

129
130

181
187

131
132
133

185
187
189

149
149

145

147
148
150
151

151

P153

p Preliminary.
1 Revised series. Monthly data back to 1935 for retail foods and quarterly data back to 1933 for cost of living may be obtained from the Bureau
of Labor Statistics.
23 Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Average based on figures for 8 months.
4
Average based on two quarterly quotations
5
No data available since August 1939, when figure was 749.
6
No
data available since May 1939, when figure was 123.
7
No data available since March 1940.
Sources—See BULLETIN for October 1939, p. 943, and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks

Bonds
Year or month

United
States
(average
price)*

United
Kingdom
France
(December (1913=100)
1921=100)

Number of issues. .

60

1926

97.6

110.0

57.4

1932
1933
1934
1935
1936
1937
1938
1939

69.5
73.4
84.5
88.6
97 5
93.4
78.9
81.6

113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3

88.6
81.3
82.1
83.5
76 3
75.1
77.3
5
84.9

1939—October
NovemberDecember

82.9
83.0
82.1

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

82.4
82.2
82.1
82 5
79.4
78.5
81.2
81 5
82.7
83.6

_

87

36

Germany
(average
price)
139

(1926=100)
Netherlands >

8

United

States

United
Kingdom

France

Germany

420

278

300

329

100.0

100.0

100.0

100.0

105.2
99.6
83.3
79.7
77.2
97.4
89.7
5 98.2

3 50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1

Nether,
lands
(1930=100)
100

3 67.1
82.5
90.7
95.3
95.8
98.7
99.9
99.0

94.8
105.3
113.4
107.8
109.1
4
101.8
105 9
90.9

48.6
63.0
72.4
78.3
111 0
111 8
89.2

67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9

109.5
112.3
112.4

98.9
99.0
99.0

80.3
80.9
77.2

95.3
94.2
91.8

74.9
76.0
75.7

92.3
94.5
97.8

87.7
85.8
84.3

117.6
119.9
119.8
119 4
116.8
113.4
116.4
117 8
117.9
119.2

99.1
99.6
99.9
100 2
100.7
100.8
100.8
100 9
101.0

77.9
76.7
76.4
74.2

92.7
91.5
91.5
92 9
83.0
73.3
76.1
77 5
80.9
81.2

75.7
77.1
77.9
77 4
73.1
64.9
63.5
65 6
66.2
68.1

101.0
103.1
106.6
109.3
112.2
112.6
112.8
115.9
120.8

85.4
84.7
85.7
83.9

(7)

QO Q

46
52
55
65
66
104
96
90

1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
2 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index
beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent.
3 Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December.
*5 New index. See note 2.
Average based on figures for 8 months.
6
No data available since August 1939, when figures were 82.9 and 94.0 for bonds and common stocks, respectively.
7
No data available since April 1940.
Source*.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.

DECEMBER

1940




1343

Publications
Copies of the publications and releases listed below may be obtained from Board of Governors of the
Federal Reserve System, Washington, D. C.
BOOKS AND PAMPHLETS

CURRENT RELEASES
DAILY

Foreign Exchange Rates (for previous day)
WEEKLY

(Partial List)
THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND

FUNCTIONS. Obtainable in cloth binding at 50 cents
a copy and in paper cover without charge. 128 pages.

FEDERAL RESERVE CHART BOOK. Charts on Bank
Monday:
Condition of Reporting Member Banks in 101 Credit, Money Rates, and Business. Data available
as of June 14, 1940, are plotted on the latest edition.
Leading Cities
'
Price 50 cents per copy.
Bank Debits
FEDERAL RESERVE INDUSTRIAL PRODUCTION CHART
Tuesday:
Money Rates—Open-Market Rates in New York BOOK. 115 Charts. November, 1940. Price $1.00
per copy.
City
DIGEST OF RULINGS—to October 1, 1937. Digests
Wednesday:
of Board rulings, opinions of the Attorney General
Weekly Review of Periodicals
and court decisions involving construction of the
Thursday:
Federal Reserve Act, together with compilation showCondition of Federal Reserve Banks
Condition of Reporting Member Banks in New ing textual changes in the Act. Price $1.25 per
York City and Chicago (Also a part of state- copy. 683 pages.
ment of Condition of Reporting Member Banks
PROBLEMS OF BANKING AND BANK SUPERVISION.
in 101 Leading Cities released on following Excerpts from the 1938 Annual Report of the Board
Monday)
of Governors. 33 pages.
Friday:
MONETARY MEASURES AND OBJECTIVES. Three stateDepartment Store Sales
ments by the Board on objectives of monetary policy,
on proposals to maintain prices at fixed levels through
MONTHLY
monetary action, and on legislative proposals relatFederal Reserve Bulletin—released about the 4th ing to monetary measures and objectives. 8 pages.
of the month (subscription price $2.00 per July 1937, April 1939, and May 1939.
THE HISTORY OF RESERVE REQUIREMENTS FOR
annum, single copies 20 cents; outside of the
United States, Canada, Mexico, and the insular BANKS IN THE UNITED STATES. Legislation, designapossessions, annual subscription $2.60, single tion of reserve cities, and changes in the reserve posicopies 25 cents)
tion of banks. 20 pages. November 1938.
Brokers' Balances—released about the 20th of the SUPPLY AND USE OF MEMBER BANK RESERVE
month
FUNDS. Explanation of analysis of sources of memFederal Reserve Inter-District Collection System ber bank reserve funds and uses to which such funds
(Par List)—including list of State bank mem- are put as indicated by Federal Reserve and Treasbers. Semi-annual issues, January-July, and ury statements. 31 pages. July 1935.
monthly supplements—released about 7th of the ANALYSES OF THE BANKING STRUCTURE—As of
month
December 31, 1935. Number, deposits, and loans and
National Summary of Business Conditions—re- investments of banks classified by size of bank and
leased about the 16th of the month
town and by other factors. 33 pages.
Business Indexes—released about the 16th of the
THE PAR COLLECTION SYSTEM OF THE FEDERAL
month
RESERVE BANKS, by George B. Vest—reprint of
Bank Debits—released between the 6th and 12th article, 8 pages, February 1940.
of the month
THE BANKS AND IDLE MONEY, by Woodlief Thomas
Foreign Exchange Rates—released about the 1st —reprint of article, 9 pages, March 1940.
of the month
CHEAP MONEY AND THE FEDERAL RESERVE SYSTEM,
Money Rates—released about the 3rd of the month by E. A. Goldenweiser—reprint of article, 5 pages,
May 1940.
QUARTERLY

Member Bank Call Report (3 or 4 times a year
depending upon number of calls for condition
reports)
List of Stocks Registered on National Securities
Exchanges. Issued annually in February with
quarterly supplements (subscription price 25
cents for the List and three supplements; five or
more copies on one order, 20 cents per copy; fifty
or more copies on one order, 15 cents per copy.)
ANNUALLY

Bank Debits—released ordinarily in February
Annual Report (covers calendar year)

1344




OWNERSHIP AND UTILIZATION OF THE MONETARY
GOLD STOCK—reprint of article, 3 pages, May and

June 1940.
NEW FEDERAL RESERVE INDEX OF INDUSTRIAL PRO-

DUCTION—reprint of article, 77 pages, August 1940.
MEASUREMENT OF PRODUCTION—reprint of article,

16 pages, September 1940.
GOLD RESERVES OF CENTRAL BANKS AND GOVERN-

MENTS—reprint of article, 18 pages, September
1940.
DEVELOPMENT OF FEDERAL RESERVE BANKING, by

M. S. Szymczak—reprint of article, 8 pages, December 1940.

FEDERAL RESERVE BULLETIN

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM, Vice Chairman
M. S. SZYMCZAK
JOHN K. MCKEE

CHESTER C. DAVIS
ERNEST G. DRAPER

LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary
LISTON 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 Statistics
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
EDWARD L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
0. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent

FEDERAL OPEN MARKET COMMITTEE

MARRINER S. ECCLES, Chairman
GEORGE L. HARRISON, Vice Chairman
CHESTER C. DAVIS
WILLIAM A. DAY
ERNEST G. DRAPER
JOHN K. MCKEE
ROBERT S. PARKER
RONALD RANSOM
GEORGE J. SCHALLER
JOHN S. SINCLAIR
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
R. G. ROUSE, Manager of System Open Market Account

DECEMBER 1940




FEDERAL ADVISORY COUNCIL

Boston District

New York District
Philadelphia District

THOMAS M. STEELE
LEON FRASER
HOWARD A. LOEB

Vice President

Cleveland District
Richmond District
Atlanta District
Chicago District

B. G. HUNTINGTON

St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District

S. E. RAGLAND

ROBERT M. HANES

RYBURN G. CLAY
EDWARD E. BROWN

President
JOHN CROSBY
JOHN EVANS
R. E. HARDING
PAUL S. DICK

WALTER LICHTENSTEIN, Secretary

1345

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS

Federal
Reserve
Bank of—

Chairman and
Federal Reserve
Agent

Deputy Chairman

_ Frederic H. Curtiss... Henry S. Dennison

Boston
New York

Owen D. Young

_ Beardsley Ruml

First Vice President

President

William W. Paddock

Roy A. Young
George L. Harrison

Vice Presidents
William Willed
Ray M. Gidney

_ Allan Sproul

Walter S. Logan
Leslie R. Rounds
Robert G. Rouse
John H. Williams
Philadelphia- Thomas B. McCabe.. Alfred H. Williams.... John S. Sinclair
Matthew J. Fleming

Cleveland

George C. Brainard... Reynold E. Klages

Richmond

Robert Lassiter

William G.Wysor.... Hugh Leach

Atlanta

Frank H. Neely

Joe Frank Porter

Chicago

Robert E. Wood

St. Louis

William T. Nardin.... Oscar G. Johnston

_ Frank J. Lewis

Frank J. Drinnen

W. John Davis
Ernest C. Hill
Clarence A. Mcllhenny*

Frank J. Zurlinden.

William H. Fletcher
William F. Taylor»
George H. Wagner

John S. Walden, Jr

John G. Fry
George H. Keesee»

William S. McLarin, Jr... Malcolm H. Bryan
Harry F. Conniff

Robert S. Parker
George J. Schaller

_ Howard P. Preston

James H. Dillard
William H. Snyder '
Clifford S. Young

William McC. Martin.. F. GuyHitt

Olin M. Attebery
Clarence M. Stewart i

John N. Peyton

Oliver S. Powell

Ernest W. Swanson
Harry I. Ziemer a

Kansas City _. Robert B. Caldwell... John J. Thomas

George H. Hamilton

Carroll A. Worthington__ James W. Helm 2
Harold G. Leedy

Dallas

Jay Taylor

Robert R. Gilbert

Ethan B. Stroud

St. George Holden

William A. Day

Ira Clerk

Minneapolis __. Walter C. Coffey

Roger B. Shepard

__.. James H. Merritt

Robert B. Coleman
Walter 0. Ford i

San Francisco— Raymond C. Force

Cecil E. Earhart 1
William M TTalfl

Richard B. West

1 Cashier.

* Also cashier.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Managing Director

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

1346




__ Robert M. O'Hara
_
__

Benedict J. Lazar
Percy A. Brown
_„ W. Robert Milford
__. William T. Clements
Paul L. T. Beavers
George S. Vardeman, Jr.
Joel B. Fort, Jr.
Lewis M. Clark

Federal Reserve Bank of—
Minneapolis:
Helena Branch
Kansas City:
Denver Branch
Oklahoma City Branch
Omaha Branch
Dallas:
El Paso Branch
_
Houston Branch
San Antonio Branch
San Francisco:
Los Angeles Branch
Portland Branch
Salt Lake City Branch
Seattle Branch

Managing Director
Robert E. Towle

_

___

Joseph E. Olson
_. George H. Pipkin
__ Lloyd H. Earhart
._ Joseph L. Hermann
William D. Gentry
Miers Crump
W. Norman Ambrose
David L. Davis
Winnie L. Partner
Clarence R. Shaw

Arthur F. Bailey
Charles A. Schacht
William H. Glasgow

FEDERAL RESERVE BULLETIN

INDEX TO VOLUME 26
Page

Acceptances, Bankers:
Buying rates
22, 122, 214, 316, 422,
550, 684, 784, 956, 1102, 1188, 1284
Discount rates, open market
39, 139, 231,
333, 439, 567, 701, 801, 973, 1119, 1205, 1301
Member bank holdings:
All banks, call dates:
Dec. 30, 1939
250
June 29, 1940
995
Outstanding
38, 138, 230, 332, 438, 566,
700, 800, 972, 1118, 1204, 1300
(See also Open market paper.)
Africa. (See South Africa; West Africa.)
Agricultural credit institutions. (See Farm
credit agencies.)
Agriculture:
"Agriculture and the Defense Program"
1168-1170
Discussion of prices of agricultural commodities
1034, 1251
National summary
780, 951, 1098
Aircraft:
Production index:
1932-1940
829
Adjusted
980, 1126, 1212, 1308
Unadjusted
982, 1128, 1214, 1310
Albania:
National Bank of:
Condition
68, 172, 260, 365, 477,
619, 733, 893, 1015, 1148, 1235, 1335
Discount rate
72, 176, 264, 369, 481,
623, 737, 897, 1019, 1151, 1239, 1339
Gold reserves, 1913-April, 1940:
Description of data
925
Table
1000
Alcoholic beverages:
Production index:
1933-1940
766, 856-858
Adjusted
980, 1126, 1212, 1308
Unadjusted
982, 1128, 1214, 1310
Algeria, Bank of:
Gold reserves, 1913-April, 1940:
Description of data
925
Table
1000
American Farm Bureau Federation:
Award to Governor Davis
88
American Securities, British Mobilization of
206, 408
Anderson, Gunhild:
"U. S. Government Corporations and Credit
Agencies in 1939"
298-305
Argentina:
Central Bank of:
Annual report, 1939
664-676
Condition
68, 172, 260, 365, 477, 619,
733, 893, 1015, 1148, 1235, 1335
Discount rate. . .72, 176, 264, 369, 481, 623,
737, 897, 1019, 1151, 1239, 1339
Gold reserves:
1913-April, 1940:
Description of data
925
Table
1000
Monthly table. . .60, 164, 252, 352, 468,
610, 724, 884, 1000, 1140, 1228, 1328
DECEMBER

1940




Page

Argentina—Continued.
Foreign exchange rates. .74, 178, 266, 371, 483,
625, 739, 899, 1021, 1153, 1241, 1341
Gold movements to and from U. S.. .30, 130, 222,
324, 430, 558, 1196, 1292
Assignment of Claims Act of 1940
1045, 1172
Australia:
Bank of:
Condition
68, 172, 260, 365, 477, 619,
733, 893, 1015, 1148, 1235, 1335
Gold reserves, 1913-April, 1940:
Description of data
925
Table
1000
Foreign exchange rates . .74, 178, 266, 371, 483,
625, 739, 899, 1021, 1153, 1241, 1341
Gold movements to and from U. S. 30, 130, 222,
324, 430, 558, 692, 792, 964, 1110, 1196, 1292
Gold production
61, 165, 253, 353, 469, 611,
725, 885, 1008, 1141, 1229, 1329
Austria:
Gold reserves, 1913-April, 1940:
Description of data
925
Table .
1000
Automobiles:
Production index:
Adjusted
980, 1126, 1212, 1308
Revised
830
Unadjusted
982, 1128, 1214, 1310
Balance of international payments of United
States:
1938-1939
207
Balance sheets. (See Condition statements.)
Bank debits. (See Debits to individual accounts.)
Bank directorates, Interlocking:
Banking act of 1933, section 32 applies to
"Secretary to Board of Directors"
98
History of legislation on
97
Regulation L, amended
97
Bank examination conference
204
Bank failures. (See Banks: Suspensions.)
Bank for International Settlements:
Annual report, 1939-1940
1057-1096
Condition
71, 175, 263, 368, 480, 622,
736, 896, 1018, 1150, 1235, 1335
Gold reserves:
1933-April, 1940:
Description of data
925
Table
1006
Monthly table ... 60, 164, 252, 352, 468, 610,
724, 884, 1006, 1140, 1228, 1328
Bank mergers. (See Banks: Consolidations,
absorptions, etc.)
Bank premises:
Member banks:
Oct. 2, 1939
58
Dec. 30, 1939
249, 250
Mar. 26, 1940
608
June 29, 1940
994, 995
Bank robberies:
Law prohibiting possession of stolen bank
property
935
1347

Index to Volume 26
Page

Bankers' balances:
Member bank holdings:
All banks, call dates:
Oct. 2, 1939
58
Dec. 30, 1939
249
Mar. 26, 1940
608
June 29, 1940
994
Monthly table . .33, 133, 225, 327, 433,
561, 695, 795, 967, 1113, 1199, 1295
Selected dates, 1934-1940
57, 607
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures. . . .35, 135, 227, 329, 435,
563, 697, 797, 969, 1115,1201, 1297
By districts and for Chicago,
Wednesday figures 37, 137, 229,
331, 437, 565, 699, 799, 971, 1117,
1203, 1299
Banking and financial legislation:
Foreign. (See under name of country.)
Interlocking bank directorates
97
Investment Company and Advisers Act . . . 1045
State law requirements relating to capital
of banks, trust companies, etc.
1267-1274
Stolen bank property
935
Trading with the Enemy Act, amended.... 509
Banking developments:
Discussion of
1, 4-8, 752, 905-911
Banking funds:
Movement to U. S. from abroad 63, 167, 255, 355,
471, 613, 727, 887, 1009,1142,1230, 1330
Banking offices:
Number of, 1933-1940.156, 248, 350, 456, 584, 718
Banking standards:
"Banks and Idle Money"
194
Banking statistics, Revision of
1178
Banks:
Branches. (See Branch banks.)
Consolidations, absorptions, etc.:
1939 changes
157
Jan.-Sept., 1940 changes
585, 993, 1321
Loans to, by member banks:
All banks, call dates:
Dec. 30, 1939
250
June 29, 1940
995
Monthly table
32, 132, 224, 326, 432,
560, 694, 794, 966, 1112, 1198, 1294
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures.... 34, 134, 226, 328, 434,
562, 696, 796, 968, 1114, 1200, 1296
By districts and for Chicago,
Wednesday figures. . . . 36, 136, 228,
330, 436, 564, 698, 798, 970, 1116,
1202, 1298
Loans to, by Reconstruction Finance Corporation
43, 143, 235, 337, 443, 571,
705, 805, 977, 1123, 1209, 1305
Number of:
1933-1940
156, 248, 350, 456,
584, 718, 993, 1321
Dec. 31, 1939, by States
458
1939 changes
157
Jan.-Sept., 1940 changes
585, 993, 1321
1348




Page

Banks—Continued.
Number of—Continued.
Commercial banks eligible and ineligible
for Federal Reserve membership:
Discussion of
530
Tables
602-606
Group banks:
Dec. 31, 1939
457
Monthly table . .31, 131, 223, 325, 431, 559,
693, 793, 965, 1111, 1197, 1293
Operating branches:
Dec. 31, 1939 by States
458
Group banks, Dec. 31, 1939
457
Suspensions:
Monthly table. . .30, 130, 222, 324, 430, 558,
692, 792, 964, 1110, 1196, 1292
"Banks and Idle Money"
192-200
Banks for cooperatives:
Loans outstanding . .44, 144, 236, 338, 444, 572,
706, 806, 978, 1124, 1210, 1306
Bartholomew, C. M., Director of San Antonio
Branch of Federal Reserve Bank of Dallas,
Death of
1050
Barton, H. C, J r
753
Belgian Congo:
Bank of:
Condition
68, 172, 260, 365, 477, 619,
733, 893, 1015, 1148, 1235, 1335
Gold reserves, 1913-April, 1940:
Description of data
925
Table
1000
Gold production.
. 61, 165, 253, 353 469, 611,
725, 885, 1008, 1141, 1229, 1329
Belgium:
Banking and financial legislation:
Aug. 24, 1939. Royal decree relative to
activity, organization and powers of
National Bank of Belgium. Extracts
from report of Belgian Cabinet. .101-105
Foreign exchange rates . . 74, 178, 266, 371, 483,
625, 739, 899, 1021, 1153, 1241, 1341
Gold movements to and from U. S.. . 30, 130, 222,
324, 430, 558, 692, 792, 964, 1110,1196, 1292
Money rates
71, 175, 263, 368,
480, 622, 736, 896, 1018
National Bank of:
Annual report, 1939
413-416
Condition
68, 172, 260, 365, 477, 619,
733, 893, 1015, 1148, 1235, 1335
Discount rate:
Change in
176
Monthly table. . .72, 176, 264, 369, 481,
623, 737, 897,1019, 1151, 1239, 1339
Gold reserves:
1913-April, 1940:
Description of data
925
Table
1000
Monthly table. . . .60, 164, 252, 352, 468,
610, 724, 884, 1000, 1140, 1228, 1328
Property transfers in U. S., Regulation of . 509
Treasury gold reserves... 60, 164, 252, 352, 468,
610, 724, 884, 1140, 1228, 1328
Bergelin, John 0
753
Bermuda:
Gold movements to and from U. S
1292
FEDERAL RESERVE BULLETIN

Index to Volume 26
Page

Page

Bills:
Boomer, George O., appointed Director, LouisBought in open market by Federal Reserve
ville, Kentucky Branch, Federal Reserve Bank
Banks :
of St. Louis
204
All banks combined, end of month and
Boots and shoes. (See Leather and leather
Wednesday figures . , . .21, 121, 213, 315, products.)
421, 549, 683, 783, 955, 1101, 1187, 1283
Borrowings:
Discounted by Federal Reserve Banks:
Member banks:
• All banks combined, end of month and
All banks, call dates:
Wednesday figures 21, 121, 213, 315,
Oct. 2, 1939
.. 58
421, 549, 683, 783, 955, 1101, 1187, 1283
Dec. 30, 1939
249
Each bank, Wednesday figures.... 24, 124,
Mar. 26, 1940
608
216, 318, 424, 552, 686, 786, 958,
June 29, 1940
994
1104, 1190, 1286
Monthly table. . .33, 133, 225, 327, 433,
Federal Reserve Bank holdings:
561, 695, 795, 967, 1113, 1199, 1295
Maturity distribution
23, 123, 215, 317,
Selected dates, 1934-1940
57, 607
423, 551, 685, 785, 957, 1103, 1189, 1285
Reporting banks:
Payable by member banks. (See Borrowings.)
All banks, N. Y. C. and outside
Board of Governors of Federal Reserve System:
N. Y. C, monthly and WednesAddresses:
day figures 35, 135, 227, 329, 435,
"Agriculture and the Defense Pro563, 697, 797, 969, 1115, 1201, 1297
gram" by Chester C. Davis
1168-1170
By districts and for Chicago, Wed"Development of Federal Reserve
nesday figures. .37, 137, 229, 331, 437,
Banking" by M. S. Szymczak. .1257-1264
565, 699, 799, 971, 1117, 1203, 1299
Banking statistics, Revision of
1178
Branch banks:
Correspondence. (See Correspondence of
Board of Governors.)
1933-1940 156, 248, 350, 456, 584, 718, 993, 1321
Davis, Chester C, reappointed
204, 308
Dec. 31, 1939, by States
459
Defense program:
1939 changes
157
Participation in
1171, 1265
Jan.-Sept., 1940 changes
585, 993, 1321
Commercial banks eligible and ineligible for
Survey of bank credit available
1050
Federal Reserve membership:
Eccles, Marriner S.:
Discussion of
530
Designated Chairman
308
Table
604
Reappointed
204, 308
Group bank branches:
Members and officers
78, 182, 270, 375, 487,
Dec. 31, 1939
457
629, 743, 903, 1025, 1157, 1245, 1345
Brazil:
Publications:
Bank of:
Annual report, 1939
405
Gold reserves:
Chart book, new edition
657
1913-April, 1940:
Index to Regulations of Board
204
Description of data
925
Industrial production chart book. . 760, 1277
Table
1000
List of
77, 181, 269, 374, 486, 628,
Monthly table. . . .60, 164, 252, 352, 468,
742, 902, 1024, 1156, 1244, 1344
610, 724, 884, 1000, 1140, 1228, 1328
Ransom, Ronald, designated Vice Chairman 778
Foreign exchange rates. .74, 178, 266, 371, 483,
Bohemia and Moravia:
625, 739, 899, 1021,1153, 1241, 1341
National Bank of:
Gold movements to and from U. S
964, 1110,
Condition
893, 1015, 1148, 1236, 1335
1196, 1292
Bolivia:
British India. (See India, British.)
Central Bank of:
Condition
68, 172, 260, 365, 477, "British Mobilization of American Securities"
206, 408
619, 733, 893, 1015, 1148, 1235, 1335
Discount rate
72, 176, 264, 369, 481, Brokers and dealers in securities:
Banking act of 1933, section 32 applies to
623, 737, 897, 1019, 1151, 1239, 1339
"Secretary to Board of Directors"
98
Gold reserves, 1913-April, 1940:
Loans to, by member banks:
Description of data
925
All banks, call dates:
Table . .
1000
Dec. 30, 1939
250
Gold movements to and from U. S
792, 964,
June 29, 1940
995
1110, 1196, 1292
Monthly table . .32, 132, 224, 326, 432,
Bonds:
560, 694, 794, 966, 1112, 1198, 1294
New issues. (See Capital issues.)
Discussion of
752
Prices:
Reporting banks:
Principal countries. . 76, 180, 268, 373, 485,
All banks, N. Y. C, and outside
627, 741, 901, 1023, 1155, 1243, 1343
N. Y. C, monthly and WednesUnited States
40, 140, 232, 334, 440,
day figures. . .34, 134, 226, 328, 434,
5 6 8 7 0 2 802 974 1 1 2 0 1 2 0 6 1 3 0 2
Yields'
' > >
'
'
562, 696, 796, 968,1114,1200, 1296
Charts
188, 490, 637, 1166
By districts and for Chicago, WedDiscussion of
188, 1039, 1166
nesday figures. . 36,136, 228, 330, 436,
Monthly and weekly figures. . . 39, 139, 231,
564, 698, 798, 970, 1116, 1202, 1298
333, 439, 567, 701, 801, 973, 1119,
Margin accounts, Debit balances in. (See
1205, 1301
Brokers' balances.)
DECEMBER 1940




1349

Index to Volume 26
Page

Page

Brokers' balances:
Monthly table

Canada—Continued.
38, 138, 230, 332, 438, 566,
Wholesale price indexes. .75, 179, 267, 372, 484,
700, 800, 972, 1118, 1204, 1300
626, 740, 900, 1022, 1154, 1242, 1342
Movement to U. S. from abroad. . .63, 167, 255, "Capacity, the Problem of Manufacturing". . 639-646
355, 471, 613, 727, 887, 1009, 1142, 1230, 1330
Capital:
Brooks, Douglas W., appointed Class C Director,
Federal Reserve Banks . 2 4 , 124, 216, 318, 424,
Federal Reserve Bank of St. Louis
8
552, 686, 786, 958, 1104, liaO, 1286
Building contracts. (See Construction: Contracts
Member banks:
Oct. 2, 1939
58
awarded, Value of.)
Dec. 30, 1939
249, 250
Building materials:
Mar. 26, 1940
608
Wholesale price indexes. .54, 154, 246, 348, 454,
June 29, 1940
994, 995
„ ,
.
582, 716, 816, 990, 1136, 1222, 1318
Capital accounts:
Bulgaria:
Member banks:
Foreign exchange r a t e s . . . . 7 4 , 178, 266, 371,
All banks, call dates:
483, 625, 739, 899, 1021, 1153, 1241,1341
Oct. 2, 1939
58
National Bank of:
Dec. 30, 1939
249
Condition. . . .68,172, 260, 365, 477, 619, 733,
Mar. 26, 1940
608
893, 1015, 1148, 1235, 1335
June 29, 1940
994
Discount rate
72, 176, 264, 369, 481, 623,
Monthly table. . .33, 133, 225, 327, 433,
737, 897, 1019, 1151, 1239, 1339
561, 695, 795, 967, 1113, 1199, 1295
Gold reserves:
Selected dates, 1934-1940
57, 607
1913-April, 1940:
Reporting banks:
Description of data
925
All banks, N. Y. C. and outside
Table
1000
N. Y. C , monthly and WedMonthly table . . 60, 164, 252, 352, 468,
nesday figures.... 35, 135, 227, 329,
610, 724, 884, 1000, 1140, 1228, 1328
435, 563, 697, 797, 969, 1115, 1201,
"Business Activity, General Indexes of". . . .495-501
1297
Business and credit conditions:
By districts and for Chicago, WedDiscussion of
81, 185, 273, 489, 637,
nesday figures . . . . 37, 137, 229, 331,
745, 1029, 1161, 1249
437, 565, 699, 799, 971, 1117, 1203,
National summary. . .17, 117, 208, 311, 417, 545,
1299
679, 779, 950, 1097, 1183 Capital issues:
Discussion of
189, 1039, 1165
Business failures. (See Commercial failures.)
Monthly figures 40, 140, 232, 334, 440, 568,
Business indexes:
702, 802, 974, 1120, 1206, 1302
Chart
82, 273, 489, 745, 1030
Monthly table
45, 145, 237, 339, 445, 573, Capital movement to United States:
Discussion of
905
707, 807, 979, 1125, 1211, 1307
"Gold Problem Today"
11-14
Buss, Ralph H., Managing Director of Detroit
Statistics . . . . 63, 167, 255, 355, 471, 613, 727,
Branch of Federal Reserve Bank of Chicago,
887, 1009, 1142, 1230, 1330
Death of
533 Capital stock:
Canada:
Commercial banks eligible and ineligible for
Bank of:
Federal Reserve membership:
Annual report, 1939
410-412
Discussion of
530
Condition
68, 172, 260, 365, 477, 619,
Tables
604-606
733, 893, 1015, 1148, 1235, 1335
State law requirements for banks, trust comDiscount rate. . . .72, 176, 264, 369, 481, 623,
panies, etc
1267-1274
737, 897, 1019, 1151, 1239, 1339
Car loadings, Freight. (See Freight-car loadings.)
Gold reserves:
Cash:
1913-April, 1940:
Description of data
925
Member bank holdings:
Table
1002
All banks, call dates:
Monthly table . .60, 164, 252, 352, 468,
Oct. 2, 1939
58
610, 724, 884, 1002, 1140, 1228, 1328
Dec. 30, 1939
249
Banking and financial legislation:
Mar. 26, 1940
608
April 30, 1940. Order in Council auJune 29, 1940
994
thorizing sale of Treasury securities 677
Monthly table . . . 33, 133, 225, 327, 433,
April 30, 1940. Exchange Fund Order,
561, 695, 795, 967, 1113, 1199, 1295
1940
678
Selected dates, 1934-1940 . . . . 57, 607
Commercial banks . .73, 177, 265, 370, 482, 624,
Reporting banks:
738, 898, 1020, 1152, 1240, 1340
All banks, N. Y. C. and outside
Foreign exchange rates:
N. Y. C , monthly and WednesDiscussion of
277
day figures . . 35, 135, 227, 329, 435,
Monthly table . . 74, 178, 266, 371, 483, 625,
563, 697, 797, 969, 1115, 1201, 1297
739, 899, 1021, 1153, 1241, 1341
By districts and for Chicago, WedGold movements to and from U . S . 30,130, 222,
nesday
figures
37, 137, 229,
324, 430, 558, 692, 792, 964, 1110, 1196, 1292
331, 437, 565, 699, 799, 971, 1117,
Gold production
.61, 165, 253, 353, 469, 611,
1203, 1299
725, 885, 1008, 1141, 1229, 1329
1350




FEDERAL RESERVE BULLETIN

Index to Volume 26
„

*

Page

Page

Charts—Continued.
Cement:
Government security holdings of banks in
Factory employment index:
leading cities
5
Adjusted
48, 148, 240, 342, 448, 576,
Income from loans
397
710, 810, 984, 1130, 1216, 1312
Income from securities
397
Unadjusted
50, 150, 242, 344, 450, 578,
Income payments
417, 1183
712, 812, 986, 1132, 1218, 1314
Industrial production . . . 17, 117, 208, 275, 311,
Factory payrolls index . . . . 50, 150, 242, 344,
450, 578, 712, 812, 986,1132, 1218,1314

417, 545, 679, 747, 754, 779,

924, 950, 1097, 1183, 1250, 1278
Production index:
Industrial production chart book:
Adjusted . . . 46, 146, 238, 340, 446, 574,
Publication announced
760, 1277
708, 808, 980, 1126, 1211, 1308
Loans, securities, and cash assets
529
Revised
837
Man-hours worked in machinery industries.. 84
Unadjusted . . . . 47, 147, 239, 341, 447, 575,
Member bank earnings and profits
396
709, 809, 982, 1128, 1214, 1310
Member bank investments
293
Wholesale price index . . . . 54, 154, 246, 348, 454,
Member bank loans, investments, and re582, 716, 816, 990, 1136, 1222, 1318
serves
193
Central America:
Member bank profits
395, 396, 399
Gold movements to and from U. S. . . . 30, 130,
Member bank reserves and related items. . 20,
222, 324, 430, 558, 692, 792, 964,
120, 212, 314, 420, 548, 682, 782,
1110, 1196, 1292
951, 954, 1100, 1186, 1282
Central banking:
Member banks in 101 leading cities.... 118, 190,
"Central banking"
1275-1276
209, 680, 1184
"Development of Federal Reserve Banking"
Monetary gold—World and United States. . 12
1257-1264
Money in circulation
7, 191, 906
Central banks. (See under name of country, e. g.
Money rates in New York City
18, 312, 385,
France: Bank of.)
546, 680, 780, 1279
Non-par banks
,
94
Central reserve city member banks:
Nonagricultural employment
915
Classification of loans, investments, real
Open market purchases and disposition of
estate and capital:
funds
"
386
Dec. 30, 1939
250
Production of manufactures
757, 1048
June 29, 1940
995
Production of manufactures and minerals. . 756
Condition, call dates:
Profits of industrial corporations
1256
Oct. 2, 1939
58
Publicly offered United States Government
Dec. 30, 1939
249
obligations outstanding
. 4
Mar. 26, 1940
608
Rate of turnover of deposits at commercial
June 29, 1940
994
banks
7
Monthly table . . . . 33, 133, 225, 327, 433,
Revenues, expenses, and income of railroads 88
561, 695, 795, 967, 1113, 1199, 1295
Selected business series. . 82, 273, 489, 745, 1030
Deposits:
Sources of member banks reserves .^
387
Monthly figures . . . . 28, 128, 220, 322, 428,
Steel and steel-consuming industries, man'
556, 690, 790, 962, 1108, 1194, 1290
hours, worked
274
Reserves:
Sterling exchange rates
383
Monthly and weekly figures . . . 28,128, 230,
Stock prices
189, 490, U&&
322, 428, 556, 690, 790, 962, 1108,
Total deposits and currency
7
1194, 1290
U. S. Government bond prices
1179
Charts:
Wholesale prices
118, 187, 312, 491, 780,
951, 1034, 1162, 1184, 1251, 1279
Bond yields
188, 490, 637, 1166
Yield on 1960-65 Treasury bonds
637
Changes in British unemployment
381
Chart book:
"Cheap Money and the Federal Reserve SysNew edition
657
tem"
385-389
Statistics
55-56, 155-156, 247-248, Check clearing and collection*
349-350, 455-456, 583-584, 717-718, 817818, 991-992, 1137-1138, 1223-1224, 13191320

Commercial loans at banks in leading cities. 1163
Construction contracts awarded . . . 87, 679, 750,
950, 1033, 1098
Department store sales and stocks . . . 18, 117,
780, 1098
Distribution of demand deposits by classes
of depositors
401
Excess reserves and bank deposits
907
Excess reserves of member banks . . . 6, 418, 907
Factors of gains and losses of reserve funds 908
Factory employment
208, 418, 1097, 1278
Factory employment and payrolls
1278
Foreign trade of United States
377
Freight-car loadings
18, 209, 312, 546
DECEMBER 1940




Commercial banks eligible and ineligible for
Federal Reserve membership:
Discussion of
530
Tables of number, deposits, capital
stock
602-606
"Interdistrict Settlement Fund"
776-777
Leased Wire System:
Description of
941
Photograph of equipment
facing 905
"Par Collection System of Federal Reserve
Banks"
89-96
Regulation G. Noncash collection
15-16
Chemicals:
Factory employment index:
Adjusted
48, 148, 240, 342, 448, 576,
710, 810, 984, 1130, 1216, 1312
1351

Index to Volume 26
Page

Page

Colombia—Continued.
Chemicals—Continued.
Bank of—Continued.
Factory employment index—Continued.
Gold reserves:
Unadjusted
50, 150, 242, 344, 450, 578,
1913-April, 1940:
712, 812, 986, 1132, 1218, 1314
Description of data
925
Factory payrolls index. . .50, 150, 242, 344, 450,
Table
1002
578, 712, 812, 986, 1132, 1218, 1314
Monthly t a b l e . . . 60, 164, 252, 352, 468,
Hours and earnings
345, 451, 579, 713, 813,
610, 724, 884, 1002, 1140, 1228, 1328
987, 1133, 1219, 1315
Foreign exchange r a t e s . . . 74, 178, 266, 371, 483,
Production index:
625, 739, 899, 1021, 1153, 1241, 1341
1923-1940
766, 874
Gold movements to and from U . S . . . 30, 130, 222,
Adjusted
980, 1126, 1212, 1308
324, 430, 558, 692, 792, 964, 1110, 1196, 1292
Unadjusted
982, 1128, 1214, 1310
Gold production
61, 165, 253, 353, 469, 611,
Wholesale price indexes. . .54, 154, 246, 348, 454,
725, 885, 1008, 1141, 1229, 1329
582, 716, 816, 990, 1136, 1222, 1318
Commercial banks:
Chile:
Branches. (See Branch banks.)
Central Bank of:
Capital stock. (See Capital stock.)
Condition
68, 172, 260, 365, 477, 619,
Deposits. (See Deposits.)
733, 893, 1015, 1148, 1235, 1335
Federal Reserve membership eligibility:
Discount rate
72, 176, 264, 369, 481,
Discussion of
530
623, 737, 897, 1019, 1151, 1239, 1339
Tables of number, deposits, branches,
Gold reserves:
and capital stock
602-606
1913-April, 1940:
Insured. (See Insured commercial banks.)
Description of data
925
Loans and investments. (See Loans and investTable
1002
ments.)
Monthly table . . .60, 164, 252, 352, 468,
Number of. (See Banks: Number of.)
610, 724, 884, 1002, 1140, 1228, 1328
Operating branches. (See Banks: Operating
Foreign exchange rates. . .74, 178, 266, 371, 483,
branches.)
625, 739, 899, 1021, 1153, 1241, 1341
52, 152, 244, 346, 452, 580,
Gold movements to and from U. S.. . 30,130, 222, Commercial failures
324, 430, 558, 692, 792, 964, 1110, 1196, 1292
714, 814, 988, 1134, 1220, 1316
Gold production . . . 61, 165, 253, 353, 469, 611, Commercial, industrial and agricultural loans:
725, 885, 1008, 1141, 1229, 1329
"Banks and Idle Money". . v .
. . .192-200
China:
Commercial loans, Discussion of increase
Central Bank of:
in
5, 1163
Gold reserves:
Member banks:
1913-April, 1940:
All banks, call dates:
Description of data
925
Dec. 30, 1939
250
Table
1002
June 29, 1940
995
Monthly table. . .60, 164, 252, 352, 1002
Monthly table. . .32, 132, 224, 326, 432,
Foreign exchange r a t e s . . . 74, 178, 266, 371, 483,
. 560, 694, 794, 966, 1112, 1198, 1294
625, 739, 899, 1021, 1153, 1241, 1341
Reporting banks:
Gold movements to and from U. S.. .30, 130, 222,
All banks, N. Y. C. and outside
324, 430, 558, 692, 792, 964, 1110, 1196, 1292
N. Y. C , monthly and Wednesday figures.... 34, 134, 226, 328, 434,
Cigars and cigarettes. (See Tobacco: Manufactures.)
562, 696, 796, 968, 1114, 1200, 1296
Claims against Government, Assignment of. . . .1045,
By districts and for Chicago, Wed1172
nesday figures. .36, 136, 228, 330, 436,
Closed banks. (See Banks: Suspensions.)
564, 698, 798, 970, 1116, 1202, 1298
Coal:
Commercial paper:
Freight-car loadings indexes .53, 153, 245, 347,
Discount rates, open market
39, 139, 231, 333,
453, 581, 715, 815, 989, 1135, 1221, 1317
439, 567, 701, 801, 973, 1119, 1205, 1301
Production indexes:
Member bank holdings:
Adjusted
46, 146, 238, 340, 446, 574,
All banks, call dates:
708, 808, 980, 1126, 1212, 1308
Dec. 30, 1939
250
Revised index
878
June 29, 1940
995
Unadjusted
47, 147, 239, 341, 447, 575,
Outstanding
38, 138, 230, 332, 438, 566,
709, 809, 982, 1128, 1214, 1310
700, 800, 972, 1118, 1204, 1300
Wholesale price indexes... 54, 154, 246, 348, 454,
(See also Open market paper.)
582, 716, 816, 990, 1136, 1222, 1318 Committee on Administrative Procedure:
Coin:
Monographs published:
Circulation
29, 129, 221, 323, 429, 557,
Comptroller of the Currency
308
Federal Deposit Insurance Corporation 308
691, 791, 963, 1109, 1195, 1291
Federal Reserve System
204
Freight-car loadings indexes. . 53, 153, 245, 347,
453, 581, 715, 815, 989, 1135, 1221, 1317 Commodity Credit Corporation:
Assets and liabilities
43, 143, 235, 337, 443,
Colombia:
571, 705, 805, 977, 1123, 1209, 1305
Bank of:
Guaranteed obligations outstanding . . . 41, 141,
Condition
68, 172, 260, 365, 477, 619,
233, 335, 441, 569, 703, 803, 972, 1121,
733, 893, 1015, 1148, 1235, 1335
1207, 1303
Discount rate ...72, 176, 264, 369, 481, 623,
Summary of operations, 1939. 298-299, 304-305
737, 897, 1019, 1151, 1239, 1339
1352




FEDERAL RESERVE BULLETIN

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Page

Page

Comptroller of the Currency:
Construction—Continued.
Banking statistics, Revision of
1178
Discussion of
85-87, 493, 638, 750, 1033
Committee on Administrative Procedure
Employees
985, 1131, 1217, 1313
monograph on
308 Contracts, Public:
Guaranteed obligations of U. S. exempt from
Assignment of claims against Government
section 5136 U. S. Revised Statutes
772
1045, 1172
Condition statements:
Copper:
All banks in U. S.:
Production index:
Oct., 1939
158-162
1923-1940
880
Mar. 26, 1940
820-824
Adjusted
980, 1126, 1212, 1308
June 29, 1940
1322-1326
Unadjusted
982, 1128, 1214, 1310
Bank for International Settlements. . . 71, 175, Corn crop reports
55, 818, 992, 1138, 1224, 1320
263, 368, 480, 622, 736, 896, 1018, 1150, Corporations:
1235, 1335
Bond prices. (See Bonds: Prices.)
1
Federal Reserve Banks:
Bond yields. (See Bonds: Yields.)
All banks combined, end of month and
New issues. (See Capital issues.)
Wednesday figures
23, 123, 215, 317,
Profits:
423, 551, 685, 785, 957, 1103, 1189, 1285
Chart
1256
Each bank, Wednesday figures ,. . 24, 124,
Discussion of
1255
216, 318, 424, 552, 686, 786, 958, 1104,
1190, 1286 Corporations and credit agencies, Governmental.
Foreign central banks
67,171, 259, 364, 476, (See Governmental corporations and credit agen618, 732, 892, 1014, 1147, 1235, 1335 cies.)
Foreign commercial banks . . . . 72,176, 264, 369, Correspondence of Board of Governors:
"Authority to Issue Federal Reserve
481, 623, 737, 897, 1019, 1151, 1239, 1340
Governmental corporations and credit agencies:
Notes"
306
Monthly table ... 43, 143, 235, 337, 443, 571,
"Central Banking"
1275-1276
705, 805, 977, 1123, 1209, 1305
"Currency Function of the Federal Reserve
Summary of operations, 1939 . . . . 298-305
Banks"
655-657
Insured commercial banks:
"Deficit Financing and Bank Reserves". . . .9-10
Dec. 30, 1939
466
"Effect of Margin Requirements on CusJune 29, 1940
1225
tomer's Position"
532
"Excess Reserves"
1177
Member banks:
"Federal Reserve Banks are Public InstituAll banks, call dates:
tions"
307
Oct. 2, 1939
58
"Gold Stock"
939
Dec. 30, 1939
249
"Interdistrict Settlement Fund"
776-777
Mar. 26, 1940
608
"Ownership of the Monetary Gold Stock". . 404
June 29, 1940
994
"Rise in the Federal Reserve Index of ProMonthly table . . . 32-33, 132-133, 224duction"
1047-1049
225, 326-327, 432-433, 560-561, 694"Sources of a Bank's Lending Power". .99-100
695, 794-795, 966-967, 1112-1113,
"Sources of Lending Powers of Federal
1198-1199, 1294-1295
Reserve Banks"
202-203
Selected dates, 1934-1940
57, 607
"Utilization of the Monetary Gold Stock."
Reporting banks:
531, 940
All banks, N. Y. C. and outside
Cost of living indexes:
N. Y. C, monthly and WednesPrincipal countries
76, 180, 268, 373, 485,
day figures . . . . 34-35, 134-135, 226627, 741, 901, 1023, 1155, 1243, 1343
227, 328-329, 434-435, 562-563,
United States
979, 1125, 1211, 1307
696-697, 796-797, 968-969, 11141115, 1200-1201, 1296-1297 Cotton:
Consumption. (See Textiles.)
By districts and for Chicago,
Wednesday figures . . . . 36-37, 136Crop reports
55, 818, 992, 1138, 1224, 1320
137, 228-229, 330-331, 436-437, 564Discussion of increased demand for. . . .186, 748
565, 698-699, 798-799, 970-971, 1116Manufactures. (See Textiles.)
1117, 1202-1203, 1298-1299 Country member banks:
Conklin, Maxwell R.:
Classification of loans, investments, real esIndustrial production revised index
753
tate, and capital:
"Measurement of Production"
912-923
Dec. 30, 1939
250
Consolidations, absorptions, etc. (See Banks:
June 29, 1940
995
Condition, call dates:
Consolidations, absorptions.)
Oct. 2, 1939
58
Construction:
Dec. 30, 1939
249
Contracts awarded, Value of:
Mar. 26, 1940
608
By types and by districts. . 52, 152, 244, 346,
June 29, 1940
994
452, 580, 714, 814, 988, 1134, 1220, 1316
Monthly table
32, 132, 224, 326, 432,
Charts
87, 679, 750, 950, 1033, 1098
560, 694, 794, 966, 1112, 1198, 1294
Indexes
45, 145, 237, 339, 445, 573, 707,
Deposits:
807, 979, 1125, 1211, 1307
Monthly
figures
28, 128, 220, 322, 428,
National summary
17, 117, 208, 311, 417,
556, 690, 790, 962, 1108, 1194, 1290
545, 679, 779, 951, 1097, 1183, 1279
DECEMBER

1940




1353

Index to Volume 26
Page

Page

Country member banks—Continued.
Debits to individual accounts:
Reserves:
Monthly table
30, 130, 222, 324, 430, 558,
Monthly and weekly figures
.28, 128,
692, 792, 964, 1110, 1196, 1292
220, 322, 428, 556, 690 790, 962,
1108, 1194, 1290 Debt, U. S. Government. (See Treasury fiCourtney, W. H., Director, Cincinnati Branch,
nance: Public debt.)
Federal Reserve Bank of Cleveland, ResignaDefense program:
tion of
1049
"Agriculture and the Defense Program",
Credit, Bank:
1168-1170
"Bank Credit Available for Defense Needs",
1050
Assignment of Claims Act of 1940
1045, 1172
"Banks and Idle Money"
192-200
"Bank Credit Available for Defense Needs",
Federal Reserve:
1050
End of month and Wednesday figures,
"Business Conditions and the Defense Pro21, 121, 213, 315, 421, 549, 683, 783,
gram"
1029-1039
955, 1101, 1187, 1283
Construction expenditures, Discussion of. . .1254
"Financial Problem of Small Business",
Contracts:
1055-1056
Discussion of contracts awarded
1161
"Financing the Defense Program". . .1171, 1265
Revised form for emergency plant facilMember banks:
ities contract
1178
Discussion of
1, 5-8, 905 911
Federal Advisory Council statement on parNational summary
18, 118, 209, 312, 418,
ticipation in financing of
1277
546, 680, 780, 951, 1098, 1184, 1279
Financing of:
Credit agencies, Governmental. (See GovernDiscussion
633, 911, 1164, 1171, 1265
mental corporations and credit agencies.)
National Defense Advisory Commission
Credit policy:
appointed
533
"Development of Federal Reserve Banking,"
RFC defense loan commitments. .
1038
1257-1264
Strategic and critical materials, AccumuCrops:
lation of stocks of
1037-1039
Reports, by districts
55, 818, 992, 1138,
1224, 1320 Deficit Financing and Bank Reserves". 9-10, 1260
Cuba:
Deficit, U. S. Treasury. (See Treasury finance:
Foreign exchange rates
74, 178
Deficit.)
Curacao:
Gold movements to and from U. S
1196 Denmark:
Foreign exchange rates
74, 178, 266, 371, 483,
Currency circulation. (See Money in circulation.)
625, 739, 899, 1021, 1153, 1241, 1341
"Currency Function of the Federal Reserve
National Bank of:
Banks"
655-657
Condition
68, 172, 260, 365, 477, 619,
Customers' debit balances of Stock Exchange
733, 893, 1015, 1148, 1235, 1335
firms. (See Brokers' balances.)
Discount rate:
"Customer's position, Effect of Margin RequireChanges in
623, 1239
ments on"
532
Monthly table .72, 176, 264, 369, 481,
Czechoslovakia:
623, 737, 897,1019,1151,1239, 1339
Foreign exchange rates. ... 74,178, 266, 371, 483,
Gold reserves:
625, 739, 899, 1021, 1153, 1241, 1341
1913-April, 1940:
National Bank of:
Description of data
925
Condition
68,172, 260, 365, 477, 619, 733,
Table
1002
893, 1015, 1148, 1235, 1335
Monthly table. . .60, 164, 252, 352, 468,
Discount rate. . . .72, 176, 264, 369, 481, 623,
610, 724, 884,1002, 1140, 1228,1328
737, 897, 1019, 1151, 1239, 1339
Property transfers in U. S., Regulation of. . 390
Gold reserves:
Department store sales and stocks:
1913-April, 1940:
Charts
18, 117, 780, 1098
Description of data
925
Index of sales (value) :
Table
1002
Monthly figures. . . . 53, 153, 245, 347, 453,
Monthly table ... 60, 164, 252, 352, 468,
581, 715, 815, 989, 1135, 1221, 1317
610, 724, 884,1002, 1140, 1228, 1328
Yearly
and
monthly figures.... 45, 145, 237,
Daniel, C. E., Managing Director, Federal Re339, 445, 573, 707, 807, 979,
serve Bank of Kansas City, Resignation of. . 941
1125, 1211, 1307
Danzig :
Index of stocks (value) :
Bank of:
Monthly
figures
53, 153, 245, 347, 453,
Gold reserves, 1913-April, 1940:
581, 715, 815, 989,1135, 1221, 1317
925
Description of data
National summary
18, 118, 209, 312, 418,
Table
1002
546,
680,
779,
951,1098,1184, 1279
Davis, Chester C :
Deposits:
"Agriculture and the Defense Program",
All banks in U. S.:
1168-1170
Call dates:
American Farm Bureau Federation honors. . 88
Oct., 1939
158-162
Reappointed as member of Board of GovMar. 26, 1940
820-824
ernors
204, 308
June 29, 1940
1322-1326
1354
Monthly table. . 3 1 , 131, 223, 325, 431,
559, 693, 793, 965, 1111, 1197, 1293




FEDERAL RESERVE BULLETIN

Index to Volume 26
Page

Deposits—Continued.
All banks in U. S.—Continued.
Charts
7, 907
Discussion of
6-8, 907-909
Classes of depositors, 1937
401-403
Commercial banks eligible and ineligible for
Federal Reserve membership:
Discussion of
530
Tables
603-606
Demand:
Chart of distribution by classes of depositors
401
Distribution by classes of depositors,
1937
^
401-403
Federal Reserve Banks:
All banks combined, end of month and
Wednesday figures. .23, 123, 215, 317, 423,
551, 685, 785, 957, 1103, 1189, 1285
Each bank, Wednesday figures. . . .24, 124,
216, 318, 424, 552, 686, 786, 958,
1104, 1190, 1286
Group banks:
Dec. 31, 1939
457
Growth in, Discussion of
6-7, 190
Idle, Discussion of
7, 907, 1165
Insurance of. (See Insurance of deposits.)
Insured commercial banks:
Dec. 30, 1939
466
June 29, 1940
1225
Interest on. (See Interest on deposits; Interest rates.)
Member banks:
All banks, call dates:
Oct. 2, 1939
58
Dec. 30, 1939
249
Mar. 26, 1940
608
June 29, 1940
994
Monthly table . 3 3 , 133, 225, 327, 433,
561, 695, 795, 967, 1113, 1199, 1295
Selected dates, 1934-1940
57, 607
Classes of banks
28, 128, 220, 322, 428,
556, 690, 790, 962, 1108, 1194, 1290
"Investments and Liquidity of Member
Banks During 1939"
293-297
Larger and smaller centers . 2 8 , 128, 220,
322, 428, 556, 690, 790, 962,
1108, 1194, 1290
Ratio of time deposits to total deposits,
529, 589-601
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures 35, 135, 227, 329, 435,
563, 697, 797, 969, 1115, 1201, 1297
By districts and for Chicago, Wednesday figures 37, 137, 229, 331, 437,
565, 699, 799, 971, 1117,1203, 1299
Mutual savings banks:
Oct., 1939
162
Mar. 26, 1940
824
June 29, 1940
1325
National member banks:
Oct., 1939
160
Mar. 26, 1940
822
June 29, 1940
1324
Nonmember deposits in Federal Reserve
Banks:
End of month and Wednesday figures. .21,
121, 213, 315, 421, 549, 683, 783,
955, 1101, 1187, 1283
DECEMBER

1940




Page

Deposits—Continued.
Postal Savings System. (See Postal Savings deposits.)
Private banks:
Oct., 1939
162
Mar. 26, 1940
824
June 29, 1940 . . . .
1325
Reserves required against. (See Reserve
requirements.)
"Sources of a Bank's Lending Power"
99-100
State banks:
Oct., 1939
161
Mar. 26, 1940
823
June 29, 1940
1324
Suspended banks:
Monthly table. . 3 0 , 130, 222, 324, 430, 558,
692, 792, 964, 1110, 1196, 1292
Time:
Distribution by classes of depositors,
1937
403
Ratio to total deposits in member banks,
529, 589-601
Turnover:
Chart
7
Discussion of
.7, 196, 907, 1165
Discount rates :
Federal Reserve Banks:
Monthly table. .22, 122, 214, 316, 422, 550,
684, 784, 956, 1102, 1188, 1284
Foreign central banks:
Prevailing rates
72, 176, 264, 369, 481,
623, 737, 897, 1019, 1151, 1239, 1339
Distribution:
National summary
18, 118, 209, 311, 418,
545, 680, 779, 951, 1098, 1184, 1279
Dividends:
Federal Reserve Banks:
1939
114
Member banks:
1939
460-465, 719-721
Jan.-June, 1940

1181-1182

Durable goods:
Expenditures in 1939
116
Factory employment index:
Adjusted. . . .48, 148, 240, 342, 448, 576, 710,
810, 984, 1130, 1216, 1312
Unadjusted... 50, 150, 242, 344, 450, 578,
712, 812, 986, 1132, 1218, 1314
Factory payrolls index. . . .50, 150, 242, 344, 450,
578, 712, 812, 986, 1132, 1218, 1314
Hours and earnings
345, 451, 579, 713, 813,
987, 1133, 1219, 1315
"Inventory, Present Position of the Durable
Goods"
1040-1044
Production index:
Adjusted:
Monthly figures 46, 146, 238, 340,
446, 574, 708, 808, 980,
1126, 1212, 1308
Yearly and monthly
figures
979,
1125, 1211, 1307
Points in total production index:
Chart of
924
Description
924
Tables
996-997
Revised index
764, 766, 826
Unadjusted. . 4 7 , 147, 239, 341, 447, 575,
709, 809, 982, 1128, 1214, 1310
1355

Index to Volume 26
Page

Page

Earnings and expenses:
Employment—Continued.
Federal Reserve Banks:
Factory employment indexes—Continued.
1939
114
Charts
208, 418, 1097, 1278
Member banks:
National summary
17, 117, 208
1939
460-465
Unadjusted:
By classes of banks
460
By industries, monthly figures. . 50, 150,
By districts
462-464
242, 344, 450, 578, 712, 812, 986,
By six-month periods
461
1132, 1218, 1314
By size of bank
719-721
Total, yearly and monthly figures,
Discussion
395-400
45, 145, 237, 339, 445, 573, 707,
Jan.-June, 1940
1181-1182
. ,, ,
807, 979, 1125, 1211, 1307
Charts
395, 396, 397, 399
Nonagricultural:
Operating ratios, 1939:
Chart
915
By Federal Reserve districts, by
Discussion of
. 746
Index
979, 1125, 1211, 1307
size of banks and by ratio of time
deposits to total deposits.... 588-601
Number of employees. .985, 1131, 1217, 1313
Discussion of
527-529 England. (See United Kingdom.)
"Trends of Member Bank Earnings and
Profits"
395-400 Estonia:
Bank of:
Eccles, Marriner S.:
Condition . . .68, 172, 260, 365, 477, 619, 733,
Designated Chairman of Board of Gov893, 1015, 1148, 1235, 1335
ernors
308
Discount rate
72, 176, 264, 369, 481, 623,
Reappointed member of Board of Gov737, 897, 1019, 1151, 1239, 1339
ernors
204, 308
Gold reserves, 1913-April, 1940:
Ecuador:
Description of data
925
Central Bank of:
Table
1002
Condition.... 68, 172, 260, 365, 477, 619, 733,
Property transfers in U. S., Regulation of. . 773
893, 1015, 1148, 1235, 1335 Exchange charges, Discussion of
89-96
Discount rate
72, 176, 264, 369, 481, 623,
stabilization funds:
737, 897, 1019, 1151, 1239, 1339 Exchange
Gold reserves.... 60, 164, 252, 352, 468, 610, 724,
Gold reserves, 1913-April, 1940:
884, 1140, 1228, 1328
Description of data
925 Executive officers of member banks:
Table
1002
Loans to, exception relating to
201
Gold movements to and from U. S.. .30, 130, 222,
324, 430, 558, 692, 792, 964, 1110, 1196, 1292 Expenditures, U. S. Treasury. (See Treasury finance: Expenditures.)
Edmiston, Henry:
Expenses. (See Earnings and expenses.)
"U. S. Government Corporations and Credit
Agencies in 1939"
298-305 Export-Import Bank:
Loans outstanding, 1939
305
Egypt:
Foreign exchange rates .74, 178, 266, 371, 483, Exports. (See Foreign trade.)
625, 739, 899, 1021, 1153, 1241, 1341 Factory employment. (See Employment, Factory.)
National Bank of:
Condition.... 68, 172, 260, 365, 477, 619, 733, Failures, Bank. (See Banks: Suspensions.)
893, 1015, 1148, 1235, 1335 Failures, Commercial. (See Commercial failures.)
Farm Credit Administration:
Gold reserves:
1913-April, 1940:
Banks and corporations:
Description of data
925
Assets and liabilities. . . .43, 143, 235, 337,
Table
1002
443, 571, 705, 805, 977, 1123, 1209, 1305
Monthly table. . . .60, 164, 252, 352, 468,
Loans and discounts outstanding, by insti610, 724, 884, 1002, 1140, 1228, 1328
tutions
44, 144, 236, 338, 444, 572,
El Salvador:
706, 806, 978, 1124, 1210, 1306
Central Reserve Bank of:
Summary of operations of institutions
under, 1939
298-305
Condition. . . .68, 172, 260, 365, 477, 619,
733, 893, 1015, 1148, 1235, 1335
(See also Governmental corporations and agenDiscount rate. . . .72, 176, 264, 369, 481, 623,
cies.)
737, 897, 1019, 1151, 1239, 1339 Farm credit agencies:
Gold reserves, 1913-April, 1940 :
Assets and liabilities . . .43, 143, 235, 337, 443,
Description of data
925
571, 705, 805, 977, 1123, 1209, 1305
Table
1002
Summary of operations, 1939
298-305
Employment:
Farm mortgage agencies:
Discussion of
1253
Assets and liabilities
43, 143, 235, 337, 443,
Factory employment indexes:
571, 705, 805, 977, 1123, 1209, 1305
Adjusted:
Summary of operations, 1939
298-305
By industries, monthly figures. . 48, 148, Farm products:
240, 342, 448, 576, 710, 810,
Wholesale price indexes:
984, 1130, 1216, 1312
Principal countries. . 75, 179, 267, 372, 484,
Total, monthly figures 45, 145, 237,
626, 740, 900, 1022, 1154, 1242, 1342
339, 445, 573, 707, 807, 979,
United States
54, 154, 246, 348, 454,
1125, 1211, 1307
582, 716, 816, 990, 1136, 1222, 1318
1356




FEDERAL RESERVE BULLETIN

Index to Volume 26
Page

Farm Security Administration:
Summary of operations, 1939
298-305
Federal Advisory Council:
Meetings
205, 533, 1050, 1277
Members
78, 182, 205, 270, 375, 487,
629, 743, 903, 1025, 1157, 1245, 1345
Recommendation on purchase of foreign
silver
205
Statement for the press
1277
Federal Deposit Insurance Corporation:
Banking statistics, Revision of
1178
Committee on Administrative Procedure
monograph on
308
Report, Dec. 31, 1939
309-310
Federal Farm Mortgage Corporation:
Guaranteed obligations outstanding.... 41, 141,
233, 335, 441, 569, 703, 803, 975, 1121,
1207, 1303
Summary of operations, 1939
298-305
Federal Home Loan Bank Board:
Loans outstanding, by institutions
44, 144,
236, 338, 444, 572, 706, 806, 978, 1124,
1210, 1306
Summary of operations of institutions
under, 1939
298-305
(See also Governmental corporations and credit
agencies.)
Federal Home Loan Banks:
Loans to members
44, 144, 236, 338, 444,
572, 706, 806, 978, 1124, 1210, 1306
Federal Housing Administration:
Summary of operations, 1939
301-303
Federal intermediate credit banks:
Loans and discounts outstanding. .44, 144, 236,
338, 444, 572, 706, 806, 978, 1124, 1210, 1306
Federal land banks and Land Bank Commissioner:
Loans outstanding
44, 144, 236, 338, 444,
572, 706, 806, 978, 1124, 1210, 1306
Summary of operations, Dec. 31, 1939. .303-305
Federal National Mortgage Association:
Summary of operations, 1939
300-303
Federal Open Market Committee:
Meetings
308, 533, 1050
Members and officers. . . .78, 182, 270, 308, 375,
487, 629, 743, 903, 1025, 1157, 1245, 1345
Rouse, Robert G., selected as Manager of
System Open Market Account
8
(See also Open market operations.)
Federal Reserve Act:
"Development of Federal Reserve Banking"
1257-1264
"Historical Review of Objectives of Federal
Reserve Policy"
280
Federal Reserve Bank notes:
Circulation
29, 129, 221, 323, 429, 557,
691, 791, 963, 1109, 1195, 1291
Issuance of
656
"Federal Reserve Banking, Development of"
1257-1264
Federal Reserve Banks:
Branches:
Directors:
Appointments and resignations. . 204,
308, 1049, 1050
Death of C. M. Bartholomew.... 1050
Death of John W. Neal
1050
List of
106
DECEMBER

1940




Page

Federal Reserve Banks—Continued.
Branches—Continued.
Directors—Continued.
Resignation of George S. Harris. . 533
Managing directors:
Appointments and resignations. . 204,
941
Death of Ralph H. Buss
533
List of. . . .79, 183, 271, 376, 488, 630,
744, 904, 1026, 1158, 1246, 1346
Central bank functions of
1276
Chairmen:
Meeting
405
Currency function of
655-657
Defense program:
List of field representatives of National
Defense Advisory Commission
1265
Participation in
1171, 1265
Survey of bank credit available
1050
Deputy Chairman, appointment
308
"Development of Federal Reserve Banking"
1257-1264
Directors:
Class A:
Appointments
941
Death of Frank W. Sponable.... 657
Class B:
Death of John D. Middleton
657
Election of
405
Member bank vote in election of.
(Ruling)
1172
Class C, appointments and resignations 8,
308, 941, 1050
List of
106
Earnings and expenses, 1939
114
Examination conference
204
"Federal Reserve Banks are Public Institutions"
307
Lending power, Sources of
202-203
Officers
79, 183, 271, 376, 488, 630,
744, 904, 1026, 1158, 1246, 1346
Par collection system
89-96
Presidents' Conferences
308, 533, 1050
Profit and loss account, 1939
114
Social Security Act applicability to
290
Federal Reserve building:
Leased Wire System:
Description of
941
Photograph of equipment
facing 905
Offset presses, Photograph of
facing 1029
Photographs of. . . .facing 1, 81, 185, 273, 377,
489, 905, 1029, 1161, 1249
Federal Reserve chart book:
New edition
657
Statistics.... 55-56, 155-156, 247-248, 349-350,
455-456, 583-584, 717-718, 817-818,
991-992, 1137-1138, 1223-1224, 1319-1320
Federal Reserve directory. . .78, 182, 270, 375, 487,
629, 743, 903, 1025, 1157, 1245, 1345
Federal Reserve districts:
Map of
80, 184, 272, 630, 633,
745, 1027, 1159, 1247, 1380
Transfers of intra-district territory:
Map showing
opposite page 745
Note on changes
778
Federal Reserve notes:
Agents accounts
27, 127, 219, 321, 427,
555, 689, 789, 961, 1107, 1193, 1289
"Authority to Issue Federal Reserve Notes" 306
1357

Index to Volume 26
Page

Page

Federal Reserve notes—Continued.
Food and food products:
Circulation:
Factory employment index:
Actual:
Adjusted .48, 148, 240, 342, 448, 576, 710,
All banks combined, end of month
810, 984, 1130, 1216, 1312
Unadjusted. . .50, 150, 242, 344, 450, 578,
and Wednesday figures 23, 123,
712, 812, 986, 1132, 1218, 1314
215, 317, 423, 551, 685, 785, 957,
Factory pay rolls index. .50, 150, 242, 344, 450,
1103, 1189, 1285
578, 712, 812, 986, 1132, 1218, 1314
Each bank, Wednesday figures.... 27,
Hours and earnings
345, 451, 579, 713, 813,
127, 219, 321, 427, 555, 689, 789,
987, 1133, 1219, 1315
961, 1107, 1193, 1289
Production indexes:
Outside Treasury and Federal Reserve
Adjusted .46, 146, 238, 340, 446, 574, 708,
Banks, end of month figures 29, 129,
808, 980, 1126, 1212, 1308
221, 323, 429, 557, 691, 791, 963,
Revised index
766, 849-856
1109, 1195, 1291
Unadjusted . . .47, 147, 239, 341, 447, 575,
Clearings:
709, 809, 982, 1128, 1214, 1310
"Interdistrict Settlement Fund". . . 776-777
Retail price index, principal countries. .76, 180,
Collateral security:
268, 373, 485, 627, 741, 901, 1023,
Wednesday figures. .27, 127, 219, 321, 427,
1155, 1243, 1343
555, 689, 789, 961, 1107, 1193, 1289
Wholesale price indexes:
Issuance of
656
Principal countries .75, 179, 267, 372, 484,
Redemption fund:
626, 740, 900, 1022, 1154, 1242, 1342
All banks combined, end of month and
United
States .54, 154, 246, 348, 454, 582,
Wednesday figures 23, 123, 215, 317,
716, 816, 990, 1136, 1222, 1318
423, 551, 685, 785, 957, 1103, 1189, 1285
Force,
Raymond
C,
appointed
Class C Director,
Each bank, Wednesday figures. .. .24, 124,
Federal Reserve Bank of San Francisco.... 308
216, 318, 424, 552, 686, 786, 958, 1104,
1190, 1286 Foreign banks:
Central banks.
(See under name of
Federal Reserve policy:
country, e. g., France, Bank of.)
"Cheap Money and the Federal Reserve
Commercial banks, condition. .72, 176, 264, 369,
System"
385-389
481, 623, 737, 897, 1019, 1151, 1239, 1340
"Development of Federal Reserve BankDeposits of, held by Federal Reserve Banks:
ing"
1257-1264
All banks combined, end of month and
"Historical Review of Objectives of Federal
Wednesday figures.23, 123, 215, 317, 423,
Reserve Policy"
279-289
551, 685, 785, 957, 1103, 1189, 1285
Federal Reserve System:
Each bank, Wednesday figures. . . .24, 124,
"Central Banking"
1275-1276
216, 318, 424, 552, 686, 786, 958,
Committee on Administrative Procedure,
1104, 1190, 1286
monograph on
204
Deposits of, held by member banks:
"Development of Federal Reserve Banking"
All banks, call dates:
1257-1264
October 2, 1939
58
December 30, 1939
249
Membership in:
March 26, 1940
608
Admissions to
534, 657, 778, 941, 1050,
June 29, 1940.
994
1178, 1277
Monthly table. .33, 133, 225, 327, 433,
Commercial banks eligible and ineli561, 695, 795, 967, 1113, 1199, 1295
gible for:
Selected dates, 1934-1940
57, 607
Discussion of
530
Reporting banks:
Tables of number, deposits,
All banks, N. Y. C. and outside
branches and capital stock. .602-606
N. Y. C, monthly and WednesFederal Savings and Loan Associations:
day figures . 35, 135, 227, 329, 435,
Mortgage loans
44, 144, 236, 338, 444, 572,
563, 697, 797, 969, 1115, 1201, 1297
By districts and for Chicago,
706, 806, 978, 1124, 1210, 1306
Wednesday figures 37, 137, 229, 331,
Financial and service establishments:
437, 565, 699, 799, 971, 1117,
Employees
985, 1131, 1217, 1313
1203, 1299
Financial conditions. (See Business and credit con- Foreign exchange:
Discussion of decline in sterling and Canaditions.)
dian exchange rates
277, 383
Finland:
Exchange control measures of Britain. . . .277,
Bank of:
383, 638
Condition
68, 172, 260, 365, 477, 619,
Rates
74, 178, 266, 371, 483, 625, 739, 899,
733, 893, 1015, 1148, 1235, 1335
1021, 1153, 1241, 1341
Discount rate. .72, 176, 264, 369, 481, 623,
Regulations
:
737, 897, 1019, 1151, 1239, 1339
Canada
677
Gold reserves, 1913-April 1940:
United States . 390-393, 509-516, 649-654,
Description of data
925
773-775, 936-938, 1045-1046, 1174-1176
Table
1002
Foreign exchange rates 74, 178, 266, 371, 483, Foreign trade of United States :
Chart
377
625, 739, 899, 1021, 1153, 1241, 1341
1358




FEDERAL RESERVE BULLETIN

Index to Volume 26
Page

Foreign trade of United States—Continued.
Discussion o f . . . . 8 2 , 185, 276, 377-384, 494, 749,
1032
National Summary
209, 312, 418, 546, 680
Forest products:
Freight-car loadings indexes. 53, 153, 245, 347,
453, 581, 715, 815, 989, 1135, 1221, 1317
Foster, Ray R
753
France :
Bank of:
Annual report, 1939
535-544
Condition
67, 171, 259, 364, 476, 618,
732, 892, 1014, 1147, 1235, 1335
Discount rate
72, 176, 264, 369, 481,
623, 737, 897, 1019, 1151, 1239, 1339
Gold reserves:
1913-April 1940:
Description of data
925
Table
1002
Monthly t a b l e . . . 60, 164, 252, 352, 468,
610, 724, 884, 1002, 1140, 1228, 1328
Banking and financial legislation:
February 29, 1940. Decree and convention between Bank of France and
State. Gold revalued. New advances
to State
406
Commercial banks. . 73, 177, 265, 370, 482, 624,
738, 898, 1020, 1152, 1239, 1340
Cost of living index
76, 180, 268, 373, 485,
627, 741, 901, 1023, 1155, 1243, 1343
Exchange Stabilization Fund:
Gold reserves
60, 164, 252, 352, 468,
610, 724, 884, 1140, 1228, 1328
Foreign exchange rates. .74, 178, 266, 371, 483,
625, 739, 899, 1021, 1153, 1241, 1341
Gold movements to and from U. S. . . .30, 130,
222, 324, 430, 558, 692, 792, 964, 1110,
1196, 1292
Money rates
71, 175, 263, 368, 480, 622,
736, 896, 1018
Property transfers in U. S., Regulation of 649
Retail food price index. . 76, 180, 268, 373, 485,
627, 741, 901, 1023, 1155, 1243, 1343
Security prices . .76, 180, 268, 373, 485, 627,
741, 901, 1023, 1155, 1243, 1343
War measures on trade control
380-383
Wholesale price indexes
75, 179, 267, 372,
484, 626, 740, 900, 1022, 1154, 1242, 1342
Freight-car loadings:
Chart
18, 209, 312, 546
Indexes:
By classes
53, 153, 245, 347, 453, 581,
715, 815, 989, 1135, 1221, 1317
Total . . . .45, 145, 237, 339, 445, 573, 707,
807, 979, 1125, 1211, 1307
National summary
18, 118, 209, 312, 418,
545, 680, 780, 951, 1098, 1184, 1279
Fuels:
Production index:
1923-1940
766, 877-879
Adjusted
980, 1126, 1212, 1308
Unadjusted
982, 1128, 1214, 1310
Wholesale price indexes 54, 154, 246, 348, 454,
582, 716, 816, 990, 1136, 1222, 1318
Garfield, Frank R.:
"General Indexes of Business Activity" 495-501
Industrial production revised index
, . 753
DECEMBER

1940




Page

Gasoline:
.1037
Government purchase of stocks of.. .
. 753
Gehman, Clayton
General fund balance, U. S. Treasury. (See
Treasury finance: General fund balance.)
Germany:
Commercial banks. . 73, 177, 265, 370, 482, 624,
738, 898, 1020, 1152, 1239
Cost of living index
76, 180, 268, 373, 485,
627, 741, 901, 1023, 1155, 1243, 1343
Foreign exchange rates. .74, 178, 266, 371, 483,
625, 739, 899, 1021, 1153, 1241, 1341
Gold imports and e x p o r t s . . . . 62, 166, 254, 354,
470, 612, 726, 886
Money rates . . 71, 175, 263, 368, 480, 622, 736,
896, 1018, 1151, 1239, 1339
Reichsbank:
Annual report 1939
942-949
Condition
68, 172, 260, 365, 477, 619,
733, 893, 1015, 1148, 1236, 1335
Discount r a t e :
Change in
481
Monthly table. .72, 176, 264, 369, 481,
623, 737, 897, 1019, 1151, 1239, 1339
Gold reserves:
1913-April 1940:
Description of data
925
Table
1002
Monthly table
60, 164, 252, 352,
468, 610, 724, 884, 1002, 1140,
1228, 1328
Retail food price index
76, 180, 268, 373,
485, 627, 741, 901, 1023, 1155, 1243, 1343
Security prices
76, 180, 268, 373, 485, 627,
741, 901, 1023, 1155, 1243, 1343
Wholesale price indexes. . 75, 179, 267, 372, 484,
626, 740, 900, 1022, 1154, 1242, 1342
Glass:
Factory employment index:
Adjusted
48, 148, 240, 342, 448, 576,
710, 810, 984, 1130, 1216, 1312
Unadjusted
50, 150, 242, 344, 450,
578, 712, 812, 986, 1132, 1218, 1314
Factory pay rolls index
50, 150, 242, 344,
450, 578, 712, 812, 986, 1132, 1218, 1314
Hours and earnings. . . .345, 451, 579, 713, 813,
987, 1133, 1219, 1315
Production index:

Adjusted
46, 146, 238, 340, 446,
574, 708, 808, 980, 1126, 1212, 1308
Revised index
839-840
Unadjusted
47, 147, 239, 341, 447,
575, 709, 809, 982, 1128, 1214, 1310

Gold:
Earmarked

30, 130, 222, 324, 430, 558,
692, 792, 964, 1110, 1196, 1292
"Gold Problem Today"
11-14
Imports and exports:
Principal countries
61, 165, 253, 353,
469, 611, 725, 885
United States:
Gross
30, 130, 222, 324, 430,
558, 692, 792, 964, 1110, 1196, 1292
Net
61, 165, 253, 353, 469,
611, 725, 885, 1008, 1141, 1229, 1329
Movement to U. S., Discussion of
905
Production:
Indexes:
1932-1940 . . .
.882
1359

Index to Volume 26
Page

Page

Gold—Continued.
Great Britain. (See United Kingdom.)
Production—Continued.
Greece:
Indexes—Continued.
Bank of:
Adjusted
980, 1126, 1212, 1308
Condition
68, 172, 260, 365, 477,
Unadjusted
982, 1128, 1214, 1310
619, 733, 893, 1015, 1148, 1235, 1335
United States
61, 165, 253, 353, 469,
Discount rate
72, 176, 264, 369, 481, 623,
611, 725, 885, 1008, 1141, 1229, 1329
737, 897, 1019, 1151, 1239, 1339
World
61, 165, 253, 353, 469, 611,
Gold reserves:
725, 885, 1008, 1141, 1229, 1329
1913-April 1940:
Reserves:
Description of data
925
Central banks and governments:
Table
1004
1913-April 1940:
Monthly table
60, 164, 252, 352,
Description of data
925
468, 610, 724, 884, 1004, 1140,
Table
1000
1228, 1328
Monthly table
60, 164, 252, 352,
Foreign exchange rates
74, 178, 266, 371,
468, 610, 724, 884, 1000, 1140, 1228,
483, 625, 739, 899, 1021, 1153, 1241, 1341
1328
United States:
Gregory, Clifford V., appointed Class C Director,
1913-April 1940:
Federal Reserve Bank of Chicago
8
Description of data
925
1179
Table
1000 Grinioff, V. B
Monthly table . .60, 164, 252, 352, 468, Group banks:
610, 724, 884, 1000, 1140, 1228, 1328
Number, deposits, branches, by States and
Stock, Monetary in U. S.:
geographic divisions, Dec. 31, 1939
457
Analysis of changes in
30, 130, 222,
324, 430, 558, 692, 792, 964, 1110, 1196, Guaranteed obligations of the U. S. (See
1292
Treasury finance: Guaranteed obligations.)
Chart
12 Guatemala:
End of month and Wednesday figures. .21,
Gold reserves, 1913-April 1940:
121, 213, 315, 421, 549, 683, 783, 955,
Description of data
925
1101, 1187, 1283
Table
1004
"Gold Problem Today"
11-14
"Gold Stock"
939 Harris, George S., Director of Charlotte Branch
National summary
209, 312, 418, of Federal Reserve Bank of Richmond, resignation of
533
546, 680, 780
55, 818, 992, 1138,
"Ownership of Monetary Gold Stock" 404 Hay crop reports
1224, 1320
"Utilization of the Monetary Gold
Stock"
531, 940 Hersey, Arthur:
"Historical Review of Objectives of FedGold certificates:
Reserve Policy"
279-289
Circulation
29, 129, 221, 323, 429, Home eral
mortgage and housing agencies:
557, 691, 791, 963, 1109, 1195, 1291
Assets and liabilities
43, 143, 235, 337, 443,
Federal Reserve Bank holdings:
571,
705,
805,
977, 1123, 1209, 1305
All banks combined, end of month and
Summary of operations, 1939
: . . 298-305
Wednesday figures 23, 123, 215, 317, Home
Owners' Loan Corporation:
423, 551, 685, 785, 957, 1103, 1189, 1285
Assets and liabilities
43, 143, 235, 337,
Each bank, Wednesday figures 24, 124,
443, 571, 705, 805, 977, 1123, 1209, 1305
216, 318, 424, 552, 686, 786, 958, 1104,
Guaranteed obligations outstanding. . .41, 141,
1190, 1286
233, 335, 441, 569, 703, 803, 975, 1121,
"Gold Problem Today"
11-14
1207, 1303
Mortgage loans
44, 144, 236, 338, 444,
Gold standard:
572, 706, 806, 978, 1124, 1210, 1306
"Historical Review of Objectives of Federal
Reserve Policy"
281-284
Summary of operations, 1939
298-302
Hong Kong:
Goldenweiser, E. A.:
Foreign exchange rates
74, 178, 266, 371,
"Cheap Money and the Federal Reserve
483, 625, 739, 899, 1021, 1153, 1241, 1341
System"
385-389
Gold movements to and from U. S
30, 130,
"Gold Problem Today"
11-14
222, 324, 430, 558, 692, 792, 964, 1110,
Government debt. (See Treasury finance: Public
1196, 1292
debt.)
Hours and earnings in manufacturing industries 345,
Government employees, Number of
985, 1131,
451, 579, 713, 813, 987, 1133, 1219, 1315
1217, 1313 Housefurnishing goods:
Governmental corporation and credit agencies:
Wholesale price indexes
54, 154, 246, 348,
Assets and liabilities
43, 143, 235, 337,
454, 582, 716, 816, 990, 1136, 1222, 1318
443, 571, 705, 805, 977, 1123, 1209, 1305 Hungary:
Summary of Operations 1939
298-305
Foreign exchange rates
74, 178, 266, 371,
Grain:
483, 625, 739, 899, 1021, 1153, 1241, 1341
Freight-car loadings indexes
53, 153, 245,
Gold movements to and from U. S
130, 222,
347, 453, 581, 715, 815, 989, 1135, 1221, 1317
430, 558, 692, 792, 964, 1110, 1196, 1292
Wholesale price index
54, 154, 246, 348
Money rates . . . : .71, 175, 2'63, 368, 480, 622,
454, 582, 716, 816, 990, 1136, 1222, 1318
736, 896, 1018, 1151, 1239, 1339
1360




FEDERAL RESERVE BULLETIN

Index to Volume 26
Page

Page

Hungary—Continued.
Index numbers—Continued.
National Bank of:
Industrial production—Continued.
Condition
68, 172, 260, 365, 477, 619,
Revised indexes—Continued.
733, 893, 1015, 1148, 1235, 1335
Series included
761-763
Discount rate:
Tables
764-769, 825-882
Change in
1239
"Rise in the Federal Reserve Index of
Monthly table
72, 176, 264, 369,
Production"
1047-1049
481, 623, 737, 897, 1019, 1151, 1239, 1339
Unadjusted
47, 147, 239, 341, 447, 575,
Gold reserves:
709, 809, 982, 1128, 1214, 1310
1913-April 1940:
Nonagricultural employment
979, 1125,
Description of data
925
1211, 1307
Table
1004
Retail food prices. . . . . .76, 180, 268, 373, 485,
Monthly table
60, 164, 252, 352,
627, 741, 901, 1023, 1155, 1243, 1343
468, 610, 724, 884, 1004, 1140,
Security prices
76, 180, 268, 373, 485, 627,
1228, 1328
741, 901, 1023, 1155, 1243, 1343
Idle money:
Stock prices
40, 140, 232, 334, 440, 568,
"Banks and Idle Money"
192-200
702, 802, 974, 1120, 1206, 1302
Discussion of
907-1165
Wholesale prices:
Principal countries. . 75, 179, 267, 372, 484,
Imports (See Foreign trade of United States.)
626, 740, 900, 1022, 1154, 1242, 1342
Income:
United States:
Payments to individuals:
Groups of commodities... 54, 154, 246,
Chart
417, 1183
348, 454, 582, 716, 816, 990,
Discussion of
81, 273, 637, 745, 1030
1136, 1222, 1318
Index
979, 1125, 1211, 1307 T ,. ^ ... ,
Tax receipts. (See Treasury finance: Receipts.) India, British:
Foreign exchange rates
74, 178, 266, 371,
Index numbers:
483, 625, 739, 899, 1021, 1153, 1241, 1341
Bond prices:
Gold imports and exports
62, 166, 254, 354,
Monthly table
40, 140, 232, 334, 440,
470, 612, 726, 886
568, 702, 802, 974, 1120, 1206, 1302
Gold movements to and from U. S
30, 130,
Revised index of U. S. Government
222, 324, 430, 558, 692, 792, 964,
bond prices
1179-1180
1110, 1196, 1292
"Business Activity, General Indexes of" 495-501
Gold production
61, 165, 253, 353, 469, 611,
Business indexes
45, 145, 237, 339, 445, 573,
725, 885, 1008, 1141, 1229, 1329
707, 807, 979, 1125, 1211, 1307
Reserve Bank of:
Construction contracts awarded. . . .45, 145, 237,
Condition
68, 172, 260, 365, 477, 619,
339, 445, 573, 707, 807, 979, 1125,
733, 893, 1015, 1148, 1235, 1335
1211, 1307
Discount rate. .72, 176, 264, 369, 481, 623,
Cost of living:
737, 897, 1019, 1151, 1239, 1339
Principal countries... 76, 180, 268, 373, 485,
Gold reserves:
627, 741, 901, 1023, 1155, 1243, 1343
1913—April, 1940:
United States
979, 1125, 1211, 1307
Description of data
925
Department store sales and stocks
53, 153,
Table
1000
245, 347, 453, 581, 715, 815, 989, 1135,
Monthly table. . 60, 164, 252, 352, 468,
1221, 1317
610, 724, 884, 1000, 1140, 1228, 1328
Factory employment:
Industrial advances of Federal Reserve Banks:
Adjusted
48, 148, 240, 342, 448, 576,
All banks combined:
710, 810, 984, 1130, 1216, 1312
End of month and Wednesday figures 23,
Unadjusted
50, 150, 242, 344, 450,
123, 215, 317, 423, 551, 685, 785,
578, 712, 812, 986, 1132, 1218, 1314
957, 1103, 1189, 1285
Factory payrolls... 50, 150, 242, 344, 450, 578,
Number and amounts. . .27, 127, 219, 318,
712, 812, 986, 1132, 1218, 1314
424, 555, 689, 789, 961, 1107, 1193, 1289
Freight-car loadings
53, 153, 245, 347, 453,
Commitments:
581, 715, 815, 989, 1135, 1221, 1317
Each bank, Wednesday figures.... 24, 124,
Income payments
979, 1125, 1211, 1307
216, 318, 424, 552, 686, 786,
Industrial production:
958, 1104, 1190, 1286
Adjusted
46, 146, 238, 340, 446, 574,
Each bank, Wednesday figures. . . .24, 124, 216,
708, 808, 980, 1126, 1212, 1308
318, 424, 552, 686, 786, 958,
Discussion of Board's
83, 498, 501,
1104, 1190, 1286
753-760, 912-923, 1047-1049
Maturity distribution. . .23, 123, 215, 317, 423,
Major divisions as points in total:
551, 685, 785, 957, 1103, 1189, 1285
Chart of
:
924
Rates
22, 122, 214, 316, 422, 550,
Description
924
684, 784, 956, 1102, 1188, 1284
Tables
996-997
"Measurement of Production"
912-923 Industrial credit:
"Financial Problem of Small Business" 1055Revised indexes:
1056
Criticisms, Answers to
1047-1049
"Financing the Defense Program". .1171-1265
Description of data
753-763
(See also Commercial, industrial and agriculNonworking day allowances
770
tural loans: Industrial advances of Federal
Seasonal adjustment factors, 1940 771
Reserve Banks.)
DECEMBER 1940




1361

Index to Volume 26
Page

Installment paper, Retail:
Insured commercial bank holdings of:
By cities
587
t
By geographic divisions and States. . . 586
Corrections
778
Discussion of
526
Insurance agencies of United States Government:
Assets and liabilities.... 43, 143, 235, 337, 443,
571, 705, 805, 977, 1123, 1209, 1305
Summary of operations, 1939
,. 299
Insurance of deposits:
Federal Deposit Insurance Corporation report, Dec. 31, 1939
309-310
Insured commercial banks:
Assets and liabilities:
Dec. 30, 1939
466
June 29, 1940
1225
Federal Reserve membership eligibility:
Discussion of
530
Tables of number, deposits, branches
and capital stock
602-606
Number of:
Dec. 30, 1939
466
June 29, 1940
1225
Retail installment paper held by:
By cities
587
;
By geographic divisions and S t a t e s . . . . 586
Corrections
778
Discussion of
526
Inter-American Bank:
Convention, proposed charter and by-laws 517525
Interdistrict Settlement Fund:
Discussion of
776-777
Leased Wired System:
Description of
941
Photograph of equipment
facing 905
Interest on deposits:
Discussion of
95-96
"Trends of Member Bank Earnings and
Profits"
395-400
Interest on public debt. (See Treasury finance:
Public debt.)
Interest rates:
"Banks and Idle Money"
197
"Cheap Money and the Federal Reserve
System"
385-389
Commercial loan rates. .39, 139, 231, 333, 439,
567, 701, 801, 973, 1119, 1205, 1301
Open market, in N. Y. C
39, 139, 231, 333,
439, 567, 701, 801, 973, 1119, 1205, 1301
Time deposits
22, 122, 214, 316, 422, 550,
684, 784, 956, 1102, 1188, 1284
(See also Discount rates.)
International capital transactions of United States:
Statistics. .63, 167, 255, 355, 471, 613, 727, 887,
1009, 1142, 1230, 1330
Inventories:
Discussion of
276, 746, 1163, 1251
"Durable Goods Inventory, Present Position
of the"
1040-1044
Investment Company and Investment Advisers
Act
:
1045
Investments :
All banks in U. S., call dates:
Oct., 1939
158-162
Mar. 26, 1940
820-824
June 29, 1940
1322-1326
1362




Page

Investments—Continued.
All banks in U. S., call dates—Continued.
Monthly table. .31, 131, 223, 325, 431, 559,
693, 793, 965, 1111, 1197, 1293
"Banks and Idle Money"
192-200
Member banks:
All banks, call dates:
Oct. 2, 1939
58
Dec. 30, 1939
249, 250
. Mar. 26, 1940
608
June 29, 1940
994, 995
Monthly table. .32, 132, 224, 326, 432,
560, 694, 794, 966, 1112, 1198, 1294
Chart
293
Discussion of
910
Guaranteed obligations of U. S. exempt
from section 5136 U. S. Revised Statutes. (Ruling.)
772
"Investments and Liquidity of Member
Banks During 1939"
293-297
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures. . 34, 134, 226, 328, 434,
562, 696, 796, 968, 1114, 1200, 1296
By districts and for Chicago,
Wednesday
figures
36, 136, 228,
330, 436, 564, 698, 798, 970, 1116,
1202, 1298
"Trends of Member Bank Earnings
and Profits"
395-400
(See also Loans and investments.)
"Investments and Liquidity of Member Banks
During 1939"
293-297
Iran:
National Bank of:
Gold reserves:
1913—April, 1940:
Description of data
925
Table
1004
Monthly table. .1004, 1140, 1228, 1328
Iron and steel:
Chart of man-hours worked
274
Discussion of economic activity
84, 274,
493, 747, 1250
Factory employment index:
Adjusted . . . . .48, 148, 240, 342, 448, 576,
710, 810, 984, 1130, 1216, 1312
Unadjusted. . . .50, 150, 242, 344, 450, 578,
712, 812, 986, 1132, 1218, 1314
Factory payrolls index
50, 150, 242, 344,
450, 578, 712, 812, 986, 1132, 1218, 1314
Hours and earnings
345, 451, 579, 713,
813, 987, 1133, 1219, 1315
Production index:
Adjusted
46, 146, 238, 340, 446, 574,
708, 808, 980, 1126, 1212, 1308
Revised index
766, 827-828
Unadjusted . . .47, 147, 239, 341, 447, 575,
709, 809, 982, 1128, 1214, 1310
Wholesale price index... 54, 154, 246, 348, 454,
582, 716, 816, 990, 1136, 1222, 1318
Italy:
Bank of:
Discount rate . 72, 176, 264, 369, 481, 623,
737, 897, 1019, 1151, 1239, 1339
Gold reserves:
1913-April, 1940:
Description of data
925
Table
1004
FEDERAL RESERVE BULLETIN

Index to Volume 26
Page

Italy—Continued.
Bank of—Continued.
Gold reserves—Continued.
Monthly table. .60, 164, 252, 352, 468,
610, 724, 884, 1004, 1140, 1228, 1328
Foreign exchange rates. .74, 178, 266, 371, 483,
625, 739, 899, 1021, 1153, 1241, 1341
Gold movements to and from U. S. .30, 130,
222, 324, 430, 558, 692, 792, 964,
1110, 1196, 1292
Money rates. . .71, 175, 263, 368, 480, 622, 736,
$96, 1018
Wholesale price indexes
75, 179, 267, 372,
484, 626, 740, 900, 1022, 1154, 1242, 1342
Japan:
Bank of:
Condition
68, 172, 260, 365, 477, 619,
733, 893, 1015, 1148, 1235, 1335
Discount rate. .72, 176, 264, 369, 481, 623,
737, 897, 1019, 1151, 1239, 1339
Gold reserves:
1913-April, 1940:
Description of data
925
Table
1004
Monthly table. 60, 164, 252, 352, 468,
610, 724, 884, 1004, 1140, 1228, 1328
Foreign exchange rates. .74, 178, 266, 371, 483,
625, 739, 899, 1021, 1153, 1241, 1341
Gold movements to and from U. S.. .30, 130,
222, 324, 430, 558, 692, 792, 964, 1110,
1196, 1292
Money rates... 71, 175, 263, 368, 480, 622, 736,
896, 1018
Wholesale price indexes . 75, 179, 267, 372, 484,
626, 740, 900, 1022, 1154, 1242, 1342
Java:
Bank of:
Condition
68, 172, 260, 365, 477, 619
733, 893, 1015, 1148, 1235, 1335
Discount rate. .72, 176, 264, 369, 481, 623,
737, 897, 1019, 1151, 1239, 1339
Gold reserves:
1913-April, 1940:
Description of data
925
Table
:
1004
Monthly table. .60, 164, 252, 352, 468,
610, 724, 884, 1004, 1140, 1228, 1328
Kurth, E. L., elected Class B Director, Federal
Reserve Bank of Dallas
1050
Land Bank Commissioner loans. (See Federal land
banks and Land Bank Commissioner: Loans outstanding.)
Latvia:
Bank of:
Condition
68, 172, 260, 365, 477, 619,
733, 893, 1015, 1148, 1235, 1335
Discount rate:
Change in
264
Monthly table. . 72, 176, 264, 369, 481,
623, 737, 897, 1019, 1151, 1239, 1339
Gold reserves, 1913-April, 1940:
Description of data
925
Table
1004
Property transfers in U. S., Regulation of 773
Lead production index:
Adjusted
46, 146, 238, 340, 446, 574,
708, 808, 980, 1126, 1212, 1308
Revised index
881
Unadjusted
47, 147, 239, 341, 447, 575,
709, 809, 982, 1128, 1214, 1310
DECEMBER

1940




Page

Leased Wire System:
Description of
941
Photograph of equipment
facing 905
Leather and leather products:
Factory employment index:
Adjusted
48, 148, 240, 342, 448, 576,
710, 810, 984, 1130, 1216, 1312
Unadjusted. . .50, 150, 242, 344, 450, 578,
712, 812, 986, 1132, 1218, 1314
Factory payrolls index
50, 150, 242, 344,
450, 578, 712, 812, 986, 1132, 1218, 1314
Hours and earnings
345, 451, 579, 713,
813, 987, 1133, 1219, 1315
Production index:
Adjusted
46, 146, 238, 340, 446, 574,
708, 808, 980, 1126, 1212, 1308
Revised index
766, 846-849
Unadjusted. . 47, 147, 239, 341, 447, 575,
709, 809, 982, 1128, 1214, 1310
Wholesale price index. .54, 154, 246, 348, 454,
582, 716, 816, 990, 1136, 1222, 1318
Legal standpoint:
Assignment of claims against Government 1045,
1172
Banking act of 1933, section 32 applies to
"Secretary to Board of Directors"
98
Federal Reserve Bank directors, Member
bank vote in election of. (Ruling.)
1172
Foreign exchange regulations 390-393, 509-516,
649-654, 773-775, 936-938, 1174-1176
Foreign property transfers in U. S. 390-393,
509-516, 649-654, 773-775, 936-938, 1174-1176
Investment Company and Advisers Act . . . 1045
Investments by member banks in obligations
of certain Government agencies. (Ruling,)
772
Neutrality Act of 1939:
Financial transactions under
393, 516,
654, 1267
Regulation F. Trust powers of national banks:
Amendments •
502-509
Ruling
393
Regulation G. Noncash collections
15-16
Regulation L. Interlocking directorates:
Amendments
97
Regulation O. Executive officers of member
banks:
Ruling . . . , . . ,
201
Regulation T. Margin requirements for brokers:
Payment for purchases in cash account.
(Ruling.)
772, 1172
Stock deposited with broker for him to
lend. (Ruling.)
:
647
Social Security Act applicability to Federal
Reserve Banks, National Banks and State
Member Banks
290-292
State law requirements relating to capital
of banks, trust companies, etc. ... 1267-1274
Stolen bank property, Law prohibiting possession of
935
Trading with the Enemy Act, amendment 509
Trust Indenture Act of 1939, rules and regulations issued
201
Lending power:
"Sources of a Bank's Lending Power". .99-100
"Sources of Lending Powers of Federal Reserve Banks"
202-203
Limbocker, M. A., elected Class A Director, Federal Reserve Bank of Kansas City
941
1363

Index to Volume 26
Page

Liquidity:
"Historical Review of Objectives of Federal
Reserve Policy"
284-287
"Investments and Liquidity of Member
Banks During 1939"
293-297
Lithuania:
Bank of:
Condition
68, 172, 260, 365, 477, 619,
733, 893, 1015, 1148, 1235, 1335
Discount rate
72, 176, 264, 369, 481,
623, 737, 897, 1019, 1151, 1239, 1339
Gold reserves, 1913-April, 1940:
Description of data
925
Table
1004
Property transfers in U. S., Regulation of 773
Livestock:
Freight-car loadings indexes. .53, 153, 245, 347,
453, 581, 715, 815, 989, 1135, 1221, 1317
Wholesale price index. . 54, 154, 246, 348, 454,
582, 716, 816, 990, 1136, 1222, 1318
Loans:
Agricultural. (See Commercial, industrial, and
agricultural loans.)
Brokers'. (See Brokers and dealers in securities: Loans to.)
Commercial. (See Commercial, industrial and
agricultural loans.)
Industrial.
(See Commercial, industrial and
agricultural loans: Industrial advances of
Federal Reserve banks.)
Longer term loans, Discussion of volume of 1164
Member banks:
"Trends of Member Bank Earnings and
Profits"
395-400
Real estate. (See Real estate: Loans.)
Security. (See Securities: Loans on.)
Total:
Reporting member banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures. . .34, 134, 226, 328, 434,
562, 696, 796, 968, 1114, 1200, 1296
By districts and for Chicago,
Wednesday
figures
36, 136, 228,
330, 436, 564, 698, 798, 970, 1116,
1202, 1298
Loans and Investments:
All banks in U. S., call dates:
Oct., 1939
158-162
Mar. 26, 1940
820-824
June 29, 1940
1322-1326
Monthly table
31, 131, 223, 325, 431,
559, 693, 793, 965, 1111, 1197, 1293
"Banks and Idle Money"
192-200
Insured commercial banks:
Dec. 30, 1939
466
June 29, 1940
....1225
Member ban^cs:
All banks, call dates:
Oct. 2, 1939
58
Dec. 30, 1939
249
Mar. 26, 1940
608
June 29, 1940
994
Monthly table 32, 132, 224, 326, 432,
560, 694, 794, 966, 1112, 1198, 1294
Selected dates, 1934-1940
57, 607
Charts
118, 190, 193, 209,
529, 680, 1163, 1184
Discussion of
189, 752, 909
1364




Page

Loans and Investments—Continued.
Member banks—Continued.
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednes- *
day figures. 34, 134, 226, 328, 434,
562, 696, 796, 968, 1114, 1200, 1296
By districts and for Chicago,
Wednesday
figures
36, 136, 228,
330, 436, 564, 698, 798, 970, 1116,
1202, 1298
Mutual savings banks:
Oct., 1939
162
Mar. 26, 1940
824
June 29, 1940
.1325
National member banks:
Oct., 1939
160
Mar. 26, 1940
822
June 29, 1940
1324
Private banks:
Oct., 1939
162
Mar. 26, 1940
824
June 29, 1940
1325
"Sources of a Bank's Lending Power". . 99-100
State banks:
Oct., 1939
161
March. 26, 1940
823
June 29, 1940.
1324
Longstreet, Victor M.:
"Investments and Liquidity of Member
Banks During 1939"
293-297
Lumber and lumber products:
Factory employment index:
Adjusted
48, 148, 240, 342, 448, 576,
710, 810, 984, 1130, 1216, 1312
Unadjusted ...50, 150, 242, 344, 450, 578,
712, 812, 986, 1132, 1218, 1314
Factory payrolls index. . .50, 150, 242, 344, 450,
578, 712, 812, 986, 1132, 1218, 1314
Hours and earnings... 345, 451, 579, 713, 813,
987, 1133, 1219, 1315
Production index:
1923-1940
766, 835-836
Adjusted
980, 1126, 1212, 1308
Unadjusted
982, 1128, 1214, 1310
Wholesale price index. .54, 154, 246, 348, 454,
582, 716, 816, 990, 1136, 1222, 1318
Luxembourg:
Property transfers in U. S., Regulation of. .509
Machinery:
Chart of man-hours worked in machinery
industries
84
Discussion of activity in machine industries
84, 747
Factory employment index:
Adjusted .48, 148, 240, 342, 448, 576, 710,
810, 984, 1130, 1216, 1312
Unadjusted ...50, 150, 242, 344, 450, 578,
712, 812, 986, 1132, 1218, 1314
Factory payrolls index. .50, 150, 242, 344, 450,
578, 712, 812, 986, 1132, 1218, 1314
Hours and earnings.... 345, 451, 579, 713, 813,
987, 1133, 1219, 1315
Production index:
1923-1940
766, 828
Adjusted
980, 1126, 1212, 1308
Unadjusted
982, 1128, 1214, 1310
Manganese ore:
Government purchase of stocks of
1037
FEDERAL RESERVE BULLETIN

Index to Volume 26
Page

Manufactures :
"Capacity, The Problem of Manufacturing"
639-646
Employment:
Index of factory employment:
Adjusted . .48, 148, 240, 342, 448, 576,
710, 810, 984, 1130, 1216, 1312
Unadjusted . . .50, 150, 242, 344, 450,
578, 712, 812, 986, 1132, 1218, 1314
Nonagricultural
985, 1131, 1217, 1313
Hours and earnings. . . .345, 451, 579, 713, 813,
987, 1133, 1219, 1315
Payrolls index. .50, 150, 242, 344, 450, 578, 712,
812, 986, 1132, 1218, 1314
Production index:
Adjusted:
By industries, monthly figures. . 46, 146,
238, 340, 446, 574, 708, 808, 980,
1126, 1212, 1308
Chart
756, 757, 1048
Durable and nondurable:
Yearly and monthly figures. . .979,
1125, 1211, 1307
Total monthly figures 45, 145, 237,
339, 445, 573, 707, 807
Points in total production index:
Chart of
924
Description
924
Tables
996-997
Revised index
764, 766, 826
Unadjusted:
By industries, monthly figures. . 47, 147,
239, 341, 447, 575, 709, 809, 982,
1128, 1214, 1310
Total, yearly and monthly figures. .45,
145, 237, 339, 445, 573, 707, 807
Margin account statistics
38, 138, 230, 332, 438,
566, 700, 800, 972, 1118, 1204, 1300
Margin requirements:
Brokers and dealers in securities. Regulation T:
Cash transactions:
Payments. (Rulings.)
772, 1172
Stock deposited with broker for him to
lend. (Ruling.)
647
"Effect of Margin Requirements on Customer's Position". . . ,
532
Table
550, 684, 784, 956, 1102, 1188, 1284
Marsh, Michael
753
Maturities:
Bills held by Federal Reserve Banks. (See
Bills: Federal Reserve Bank holdings.)
Public debt. (See Treasury finance: Public
debt.)
United States Government securities held by
Reserve Banks. (See United States Government securities: Federal Reserve Bank holdings.)
"Measurement of Production"
. . .912-923
Member banks:
Banking offices:
1933-1940 . . . 156, 248, 350, 456, 584, 718
Borrowings at Federal Reserve Banks. (See
Borrowings.)
Branches:
1933-1940 . . . .156, 248, 350, 456, 584, 718,
993 1321
Dec. 31, 1939, by States
'. 459
DECEMBER

1940




Page

Member banks—Continued.
Branches—Continued.
1939 changes
157
Jan.-Sept., 1940, changes
585, 993, 1321
Condition of. (See Condition statements.)
Earnings and expenses:
1939
460-465, 719-721
Jan.-June, 1940
1181-1182
Operating ratios, 1939:
Discussion of
527-529
Tables
588-601
"Trends of Member Bank Earnings and
Profits"
395-400
Number of:
1933-1940 . . . . 156, 248, 350, 456, 584, 718,
993, 1321
Dec. 31, 1939, by States
458
1939 changes
157
Jan.-Sept., 1940 changes
585, 993, 1321
Monthly table
31, 131, 223, 325, 431,
559, 693, 793, 965, 1111, 1197, 1293
Member bank reserves, Reserve Bank credit, and
related items:
Monthly table
21, 121, 213, 315, 421, 549,
683, 783, 955, 1101, 1187, 1283
Merchandise:
Exports and imports.... 53, 153, 245, 347, 453,
581, 715, 815, 989, 1135, 1221, 1317
Freight-car loadings indexes
53, 153, 245,
347, 453, 581, 715, 815, 989, 1135, 1221, 1317
Metals and metal products:
Discussion of prices
1252
Production index:
1923-1940
766, 879, 882
Adjusted
980, 1126, 1212, 1308
Unadjusted
982, 1128, 1214, 1310
Wholesale price indexes
54, 154, 246, 348,
454, 582, 716, 816, 990, 1136, 1222, 1318
Mexico:
Bank of:
Discount rate
72, 176, 264, 369, 481,
623, 737, 897, 1019, 1151, 1239, 1339
Gold reserves:
1913-April, 1940:
Description of data
925
Table
1004
Monthly table
60, 164, 252, 352,
468, 610, 724, 884, 1004, 1140,
1228, 1328
Foreign exchange rates
74, 178, 266, 371,
483, 625, 739, 899, 1021, 1153, 1241, 1341
Gold movements to and from U. S
30, 130,
222, 324, 430, 558, 692, 792, 964, 1110,
1196, 1292
Gold production
61, 165, 253, 353, 469,
611, 725, 885, 1008, 1141, 1229, 1329
Middleton, John D., Class B Director, Federal
Reserve Bank of Dallas, Death of
657
Millsop, Thomas E., elected Class B Director,
Federal Reserve Bank of Cleveland
405
Minerals:
Discussion of output
85, 274, 749
Employees
985, 1131, 1217, 1313
Production index:
Adjusted:
By kinds, monthly figures 46, 146,
238, 340, 446, 574, 708, 808, 980,
1126, 1212, 1308
Chart
756
1365

Index to Volume 26
Page

Page

Mutual savings banks—Continued.
Minerals—Continued.
Loans and investments, call dates
31, 131,
Production index—Continued.
223, 325, 431, 559, 693, 793, 965, 1111,
Ad j usted—Continued.
1197, 1293
Total, monthly figures.... 45, 145, 237,
Number of:
339, 445, 573, 707, 807, 979, 1125,
1933-1940
156,
248,
350,
456, 584,
1211, 1307
718, 993, 1321
Points in total production index:
Dec. 31, 1939, by States
458
Chart of
924
1939 changes
157
Description
924
Jan,-Sept., 1940 changes
585, 993, 1321
Tables
996-997
Call dates:
Revised index
764, 766, 877
Oct., 1939
162
Unadjusted:
Mar. 26, 1940
824
By kinds, monthly figures.... 47, 147,
June 29, X940
1325
239, 341, 447, 575, 709, 809, 982,
Monthly table. .31, 131, 223, 325, 431,
1128, 1214, 1310
559, 693, 793, 965, 1111, 1197, 1293
Total, yearly and monthly figures. .45,
Operating
branches:
145, 237, 339, 445, 573, 707, 807
Dec. 31, 1939
458
"Monetary Action as a P a r t of a Constructive Government Program". Quotation from statement of National bank notes:
Circulation
29, 129, 221, 323, 429, 557,
Board of Governors
289
691, 791, 963, 1109, 1195, 1291
"Money, The Role of". Quotation from
292
National Defense Advisory Commission:
Money in circulation:
Appointment of
533
Charts
7, 191; 906
Federal Reserve, field representatives of... 1265
"Currency Function of the Federal Reserve
Small Business Activities, Donald M. Nelson
Banks"
655-657
designated Director of
1171, 1265
Discussion of
7, 190, 906
Statement on bank credit available for deKinds of:
fense needs
1050
End of month figures 29, 129, 221, 323,
(See also Defense program.)
429, 557, 691, 791, 963, 1109, 1195, 1291
Total:
National income. (See Income.)
End of month and Wednesday figures. . . 21, National member banks:
121, 213, 315, 421, 549, 683, 783, 955,
Banking offices, 1933-1940
156, 248,
1101, 1187, 1283
350, 456, 584, 718
Money rates:
Branches:
Charts
18, 312, 385, 546, 680, 780, 1279
1933-1940
156, 248, 350, 456,
"Cheap Money and the Federal Reserve
584, 718, 993, 1321
System"
385-389
1939 changes
157
Commercial loan rates:
Jan.-Sept., 1940 c h a n g e s . . . . 585, 993, 1321
Discussion of
164
Dec. 31, 1939, by States
459
Classification of loans, investments, real
Monthly table. .39, 139, 231, 333, 439, 567,
estate and capital:
701, 801, 973, 1119, 1205, 1301
Dec. 30, 1939
250
Foreign countries. . 71, 175, 263, 368, 480, 622,
June 29, 1940
995
736, 896, 1018, 1151, 1239, 1339
Condition, call dates:
Open market, in N. Y. C
39, 139, 231, 333,
Oct. 2, 1939
58
439, 567, 701, 801, 973, 1119, 1205, 1301
Dec. 30, 1939
249
Moody, Frank M., Director, Birmingham Branch,
Mar. 26, 1940
608
Federal Reserve Bank of Atlanta, Resignation
June 29, 1940
994
of
1050
Deposits, call dates
31, 131, 223, 325, 431-,
Morocco:
559, 693, 793, 965, 1111, 1197, 1293
Gold reserves, 1913-April, 1940:
Earnings and expenses:
. 925
1939
460-461, 720
Description of data
.1004
Jan.-June, 1940
1182
Table
Group banks, Dec. 31, 1939
457
Mutual savings banks:
Number of:
Assets and liabilities:
1933-1940
156, 248, 350, 456, 584,
Oct., 1939
162
718, 993, 1321
Mar. 26, 1940
824
Dec.
31,
1939,
by
States
458
June 29, 1940
1325
1939 changes
157
Banking offices:
Jan.-Sept., 1940 c h a n g e s . . . 585, 993, 1321
1933-1940
156, 248, 350, 456, 584, 718
Call dates:
Branches:
Oct., 1939
160
1933-1940
156, 248, 350, 456, 584, 718,
Mar. 26, 1940
822
993, 1321
June 29, 1940
1324
Dec. 31, 1939, by States
459
Monthly table
31, 131, 223, 325,
431, 559, 693, 793, 1965,
1111,
1939 changes
157
197
r>
> 1293
Jan.-Sept., 1940 changes
585, 993, 1321
Operating branches:
Deposits, call dates
31, 131, 223, 325, 431,
Dec. 31, 1939, by States
458
559, 693, 793, 965, 1111, 1197, 1293
Social Security Act applicability to
290
1366
FEDERAL RESERVE BULLETIN




Index to Volume 26
Page

Page

National member banks—Continued.
Nondurable goods—Continued.
Suspensions
30, 130, 222, 324, 430, 558,
Factory employment index:
692, 792, 964, 1110, 1196, 1292
Adjusted
48, 148, 240, 342, 448,
576, 710, 810, 984, 1180, 1216, 1312
National summary of business conditions
17,
Unadjusted
50, 150, 242, 344, 450,
117, 208, 311, 417, 545, 679, 779, 950,
578, 712, 812, 986, 1132, 1218, 1314
1097, 1183
Factory payrolls index. .50, 150, 242, 344, 450,
Neal, John W., Director of Houston Branch of
578, 712, 812, 986, 1132, 1218, 1314
Hours and earnings
345, 451, 579, 713,
Federal Reserve Bank of Dallas, Death o f . . . . 1050
813, 987, 1133, 1219, 1315
Nelson, Donald M., designated Director of Small
Production index:
Business Activities
1171, 1265
Adjusted . . . . 46, 146, 238, 340, 446, 574,
Netherlands:
708, 808, 980, 1126, 1212, 1308
Bank of;
Points in total production index:
Condition
68, 172, 260, 365, 477,
Chart of
924
619, 733, 893, 1015, 1148, 1235, 1335
Description
924
Discount rate
72, 176, 264, 369, 481,
Tables
996-997
623, 737, 897, 1019, 1151, 1239, 1339
Revised index
764, 766, 840
Gold reserves:
Unadjusted
47, 147, 239, 341, 447,
1913-April, 1940:
575, 709, 809, 982, 1128, 1214, 1310
Description of data
925
Table
1004 Nonferrous metals:
Factory employment index:
Monthly table
.60, 164, 252, 352,
Adjusted
48, 148, 240, 342, 448, 576,
468, 610, 724, 884, 1004, 1140,
710, 810, 984, 1130, 1216, 1312
1228, 1328
Unadjusted
50, 150, 242, 344, 450,
Gold stock, Revaluation of
544
578, 712, 812, 986, 1132, 1218, 1314
Banking and financial legislation:
Factory payrolls index
50, 150, 242, 344,
Mar. 16, 1940. Revaluation of gold
450, 578, 712, 812, 986, 1132, 1218, 1314
stock
544
Hours and earnings
345, 451, 579, 713,
Cost of living index
76, 180, 268, 373, 485,
813, 987, 1133, 1219, 1315
627, 741, 901, 1023, 1155, 1243, 1343
Production indexes:
Foreign exchange rates
74, 178, 266, 371,
Adjusted
46, 146, 238, 340, 446,
483, 625, 739, 899, 1021, 1153, 1241, 1341
574, 708, 808, 980, 1126, 1212, 1308
Gold movements to and from TJ. S. . . . .30, 130,
Revised index
766, 832-835
222, 324, 430, 558, 692, 792, 964,
Unadjusted
47, 147, 239, 341, 447,
1110, 1196, 1292
575, 709, 809, 982, 1128, 1214, 1310
Money rates
71, 175, 263, 368, 480, 622,
Wholesale price index
54, 154, 246, 348,
736, 896, 1018, 1339
454, 582, 716, 816, 990, 1136, 1222, 1318
Property transfers in U. S., Regulation of. . 509
Retail food price index
76, 180, 268, 373, Nonmember banks:
485, 627, 741, 901, 1023, 1155, 1243, 1343
Branches:
Security prices
76, 180, 268, 373, 485,
1933-1940 . . . . 156, 248, 350, 456, 584, 718,
627, 741, 901, 1023, 1155, 1243, 1343
993, 1321
Wholesale price indexes
75, 179, 267, 372,
1939 changes
157
484, 626, 740, 900, 1022, 1154, 1242, 1342
Jan.-Sept., 1940, c h a n g e s . . . . 585, 993, 1321
Netherlands Indies:
Deposits ;
Gold movements to and from U. S
1110,
Call dates
31, 131, 223, 325, 431, 559,
1196, 1292
693, 793, 965, 1111, 1197, 1293
Neutrality Act of 1939 :
Deposits of, held by Federal Reserve Banks:
Financial transactions under
393, 516,
End of month and Wednesday figures. 21,
121, 213, 315, 421, 549, 683, 783, 955,
654, 1267
1101, 1187, 1283
New Zealand:
Federal Reserve membership eligibility:
Foreign exchange rates
74, 178, 266, 371,
Discussion of
530
483, 625, 739, 899, 1021, 1153, 1241, 1341
Tables of number, deposits, branches
Reserve Bank of:
and capital stock
602-606
Condition
68, 172, 260, 365, 477, 619,
Group banks, Dec. 31, 1939
457
733, 893, 1015, 1148, 1235, 1335
Insured:
Discount rate
72, 176, 264, 369, 481,
Assets and liabilities:
623, 737, 897, 1019, 1151, 1239, 1339
Dec. 30, 1939
466
Gold reserves:
June 29, 1940
1225
1913-April, 1940:
Banking offices, 1933-1940 . .156, 248, 350,
Description of data
925
456, 584, 718
Table
1004
Branches:
Monthly table
60, 164, 252, 352,
468, 610, 724, 884, 1004, 1140,
1933-1940 . . . .156, 248, 350, 456, 584,
1228, 1328
718, 993, 1321
Noncash collections:
Dec. 31, 1939, by States
459
Regulation G
. . .15-16
1939, changes
157
Jan.-Sept., 1940, changes. . .585, 993,
Nondurable goods:
1321
Discussion of output . .
. . 274
DECEMBER 1940




1367

Index to Volume 26
Page

Nonmember banks—Continued.
Insured—Continued.
Number of:
1933-1940 . . . .156, 248, 350, 456, 584,
718, 993, 1321
Dec. 30, 1939
466
June 29,1940
1225
Dec. 31, 1939, by States
458
1939 changes
157
Jan.-Sept., 1940, changes.... 585, 993,
1321
Operating branches, Dec. 31, 1939
458
Suspensions . . . 30, 130, 222, 324, 430, 558,
692, 792, 964, 1110, 1196, 1292
Loans and investments, call dates. .31, 131, 223,
325, 431, 559, 693, 793, 965, 1111, 1197, 1293
Number of, call dates. . .31, 131, 223, 325, 431,
559, 693, 793, 965, 1111, 1197, 1293
Uninsured:
Banking offices, 1933-1940. . .156, 248, 350,
456, 584, 718
Branches:
1933-1940 . . . .156, 248, 350, 456, 584,
718, 993, 1321
Dec. 31, 1939, by States
459
1939 changes
157
Jan.-Sept., 1940, changes
585, 993,
.1321
Number of:
1933-1940 . . . . 156, 248, 350, 456, 584,
718, 993, 1321
Dec. 31, 1939, by States
458
1939 changes
157
Jan.-Sept., 1940, changes.... 585, 993,
1321
Operating branches, Dec. 31, 1939
458
Suspensions . . . 30, 130, 222, 324, 430, 558,
692, 792, 964, 1110, 1196, 1292
Non-par banks:
Chart of
94
Number, size and location
94
Norway:
Bank of:
Condition
68, 172, 260, 365, 477, 619,
733, 893, 1015, 1148, 1235, 1335
Discount rate:
Change in
623
Monthly table . .72, 176, 264, 369, 481,
623, 737, 897, 1019, 1151, 1239, 1339
Gold reserves:
1913-April, 1940:
Description of data
925
Table
1004
Monthly table . .60, 164, 252, 352, 468,
610, 724, 884, 1004, 1140, 1228, 1328
Foreign exchange rates. . 74, 178, 266, 371, 483,
625, 739, 899, 1021, 1153, 1241, 1341
Gold movements to and from U. S.. . 130, 222,
324, 430, 558, 692, 792, 964, 1110, 1196, 1292
Property transfers in U. S., Regulation of. . 390
Oakland, California:
Termination of designation as reserve city. . 88
Oats crop reports
55, 818, 992, 1138, 1224, 1320
"Objectives of Federal Reserve Policy, Historical
Review of"
279-289
Obligations fully guaranteed by the U. S. (See
Treasury finance; Guaranteed obligations.)
1368




Page

Officers and employees:
Member banks:
1939
461, 719-721
Jan.-June, 1940
1182
Open market operations:
Chart
386
Discussion of . . . 1, 4, 386-388, 637, 1167, 1258
Open market paper:
Member bank holdings:
All banks, call dates:
Dec. 30, 1939
250
June 29, 1940
995
Monthly table . .32, 132, 224, 326, 432,
560, 694, 794, 966, 1112, 1198, 1294
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures . .34, 134, 226, 328, 434,
562, 696, 796, 968, 1114, 1200, 1296
By districts and for Chicago,
Wednesday figures. 36, 136, 228, 330,
436, 564, 698, 798, 970, 1116,
1202, 1298
Operating ratios of member banks, 1939:
By Federal Reserve districts, by size of
banks and by ratio of time deposits to total
deposits
588-601
Discussion of
527-529
Ore:
Freight-car loadings indexes. . 53, 153, 245, 347,
453, 581, 715, 815, 989, 1135, 1221, 1317
Palmer, Gordon D., appointed Director, Birmingham Branch, Federal Reserve Bank of
Atlanta
1050
Paper and printing:
Hours and earnings
345, 451, 579, 713, 813,
987, 1133, 1219, 1315
Paper and products:
Factory employment index:
Adjusted
48, 148, 240, 342, 448, 576,
710, 810, 984, 1130, 1216, 1312
Unadjusted . . . 50, 150, 242, 344, 450, 578,
712, 812, 986, 1132, 1218, 1314
Factory payrolls index. .50, 150, 242, 344, 450,
578, 712, 812, 986, 1132, 1218, 1314
Production index:
Adjusted
46, 146, 238, 340, 446, 574,
708, 808, 980, 1126, 1212, 1308
Revised index
766, 861-868
Unadjusted . . 47, 147, 239, 341, 447, 575,
709, 809, 982, 1128, 1214, 1310
Wholesale price index
54, 154, 246, 348,
454, 582, 716, 816, 990, 1136, 1222, 1318
Paper currency:
Circulation . 2 9 , 129, 221, 323, 429, 557, 961,
791, 963, 1109, 1195, 1291
Shipments and receipts.. 29, 129, 221, 323, 419,
557, 691, 791, 963, 1109, 1195, 1291
Par list:
Commercial banks eligible and ineligible for
Federal Reserve membership:
Discussion of
530
Tables of number, deposits, capital
stock
602-606
"Par Collection System of the Federal Reserve Banks"
89-96
Payrolls, Factory:
Chart
1278
FEDERAL RESERVE BULLETIN

Index to Volume 26
Page

Payrolls, Factory—Continued.
Indexes:
By industries, monthly figures 50, 150,
242, 344, 450, 578, 712, 812, 986, 1132,
1218, 1314
Total, yearly, and monthly figures. . 45, 145,
237, 339, 445, 573, 707, 807, 979,
1125, 1211, 1307
Persia. (See Iran.)
Peru:
Central Reserve Bank of:
Condition
68, 172, 260, 365, 477, 619,
733, 893, 1015, 1148, 1235, 1335
Discount rate . .72, 176, 264, 369, 481, 623,
737, 897, 1019,1151,1239, 1339
Gold reserves:
1913-April, 1940:
Description of data
925
Table
1004
Monthly table . .60, 164, 252, 352, 468,
610, 724, 884, 1004, 1140, 1228, 1328
Gold movements to and from U. S.. .30, 130, 222,
324, 430, 558, 692, 792, 964, 1110,
1196, 1292
Petroleum and products:
Factory employment index:
Adjusted
48, 148, 240, 342, 448, 576,
710, 810, 984, 1130, 1216, 1312
Unadjusted . .50, 150, 242, 344, 450, 578,
712, 812, 986, 1132, 1218, 1314
Factory payrolls index .50, 150, 242, 344, 450,
578, 712, 812, 986, 1132, 1218, 1314
Hours and earnings
345, 451, 579, 713, 813,
987, 1133, 1219, 1315
Production index:
Adjusted
46, 146, 238, 340, 446, 574,
708, 808, 980, 1126, 1212, 1308
Revised index
766, 869-873
Unadjusted . . .47, 147, 239, 341, 447, 575,
709, 809, 982, 1128, 1214, 1310
Wholesale price index . .54, 154, 246, 348, 454,
582, 716, 816, 990, 1136, 1222, 1318
Philippine Islands:
Gold movements to and from U. S.. 30, 130,
222, 324, 430, 558, 692, 792, 964, 1110,
1196, 1292
Pipkin, George H., appointed Managing Director,
Oklahoma Branch, Federal Reserve Bank of
Kansas City
941
Piser, L. M
1179
Poland:
Bank of:
Gold reserves:
1913-April, 1940:
Description of data
925
Table
1006
Monthly table . . 60, 164, 252, 352, 468, 610,
724, 884, 1006, 1140, 1228, 1328
Foreign exchange rates. .74, 178, 266, 371, 483,
625, 739, 899, 1021, 1153, 1241, 1341
Portugal:
Bank of:
Condition
68, 172, 260, 365, 477, 619,
733, 893, 1015, 1148, 1235, 1335
Discount rate . 7 2 , 176, 264, 369, 481, 623,
737, 897, 1019, 1151,1239, 1339
Gold reserves:
1913-April, 1940:
Description of data
925
D E C E M B E R 1940




Page

Portugal—Continued.
Bank of—Continued.
Gold reserves—Continued.
Table . .
1006
Monthly table . . 60, 164, 252, 352, 468,
610, 724, 884, 1006, 1140, 1228, 1328
Foreign exchange rates. .74, 178, 266, 371, 483,
625, 739, 899, 1021, 1153, 1241, 1341
Gold movements to and from U. S.. .964, 1110,
1196, 1292
Postal savings deposits:
Interest rate on, paid by member banks. . 22, 122,
214, 316, 422, 550, 684, 784, 956, 1102,
TUT

v

u

i

t. u «

1188

>

1 2 8 4

Member bank holdings:
All banks, call dates:
Oct. 2, 1939
58
Dec. 30, 1939
249
Mar. 26, 1940
608
June 29,1940
994
Monthly table 33, 133, 225, 327, 433,
561, 695, 795, 967, 1113, 1199, 1295
Selected dates, 1934-1940
57, 607
Reporting banks :
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures . .35, 135, 227, 329, 435,
563, 697, 797, 969, 1115, 1201, 1297
By districts and for Chicago,
Wednesday figures 36, 136, 228,
330, 436, 564, 698, 798, 970, 1116,
1202, 1298
Postal savings system. . 44, 144, 236, 338, 444, 572,
706, 806, 978, 1124, 1210, 1306
Potato crop reports
55, 818, 992, 1138, 1224, 1320
President of United States:
Executive orders:
Foreign securities, Prohibiting dealings
in
935
Transfer of foreign property in U. S.. . 390,
509, 649, 773, 935, 1174
p .
Retail food:
Discussion of
1034
Index, principal countries
76, 180, 268,
373, 485, 627, 741, 901, 1023, 1155,
1243, 1343
Wholesale commodity:
Charts
118, 187, 312, 491, 780, 951,
1034, 1162, 1184, 1251, 1279
Discussion of . . 82, 187, 277, 491, 638, 751,
_ ,
1034, 1162
Indexes:
Principal countries . . 75, 179, 267, 372,
484, 626, 740, 900, 1022, 1154,
1242, 1342
United States:
All commodities
979, 1125,
1211, 1307
Groups of commodities. . . .54, 154,
246, 348, 454, 582, 716, 816,
990, 1136, 1222, 1318
National summary
18, 118, 209, 312,
418, 546, 680, 780, 951, 1098, 1184, 1279
Printing and publishing:
Factory employment index:
Adjusted
48, 148, 240, 342, 448,
576, 710, 810, 984, 1130, 1216, 1312
Unadjusted
50, 150, 242, 344, 450,
578, 712, 812, 986, 1132, 1218, 1314
1369

Index to Volume 26
age
Printing and publishing—Continued.
Factory payrolls index
50, 150, 242, 344,
450, 578, 712, 812, 986, 1132, 1218, 1314
Production index:
Adjusted
46, 146, 238, 340, 446,
574, 708, 808, 980, 1126, 1212, 1308
Revised index
766, 868-869
Unadjusted
47, 147, 239, 341, 447,
575, 709, 809, 982, 1128, 1214, 1310
Private banks:
Assets and liabilities:
Oct., 1939
162
Mar. 26, 1940
824
June 29, 1940
1325
Banking offices:
1933-1940
156, 248, 350, 456, 584, 718
Branches:
1933-1940
156, 248, 350,
456, 584, 718, 993, 1321
1939 changes
157
Jan.-Sept., 1940 changes.... 585, 993, 1321
Dec. 31, 1939
459
Number of:
1933-1940
156, 248, 350, 456,
584, 718, 993, 1312
Oct., 1939
162
Dec. 31, 1939 by States
458
1939 changes
157
Mar. 26, 1940
824
June 29, 1940
1325
Jan.-Sept., 1940 changes
585, 993, 1321
Operating branches, Dec. 31, 1939
458
Production, Industrial:
"Capacity, The Problem of Manufacturing"
639-646
Chart book publication announced. . . .760, 1277
Charts
17, 117, 208, 275, 311, 417, 545,
679, 747, 754, 779, 924, 950, 1097,
1183, 1250, 1278
Discussion of
81-85, 273, 492, 637, 746,
1031
Indexes:
> 1162' 1249
Adjusted:
By industries, monthly figures . . . .46,
146, 238, 340, 446, 574, 708,
808, 980, 1126, 1212, 1308
Total, monthly figures 45, 145, 237,
339, 445, 573, 707, 807,
979, 1125, 1211, 1307
Discussion of Board's
83, 498, 501,
753-760, 912-923, 1047-1049
Major divisions as points in total:
Chart of
924
Description
924
Tables
996-997
National summary
17, 117, 208, 311,
417, 545, 679, 779, 950, 1097, 1183, 1278
Revised index:
Criticisms, Answers to
1047-1049
Description of data
753-763
Nonworking day allowances
770
Seasonal adjustment factors, 1940 771
Series included
761-763
Tables
764-769, 825-882
Unadjusted:
By industries, monthly
figures
47,
147, 239, 341, 447, 575, 709,
809, 982, 1128, 1214, 1310
Total, yearly and monthly figures. .45,
145, 237, 339, 445, 573, 707, 807,
979, 1125, 1211, 1307

1370




Page

Production, Industrial—Continued
"Measurement of Production"
912-923
Production, Manufacturing.
(See Manufactures:
Production.)
"Production, Measurement of"
912-923
Production credit associations:
Loans outstanding
44, 144, 236, 338, 444,
572, 706, 806, 978, 1124, 1210, 1306
Production, employment, and trade:
Monthly table
45, 145, 237, 339, 445,
573, 707, 807, 979, 1124, 1211, 1307
Profit and loss:
Federal Reserve Banks:
1940
114
Member banks:
1939
460-465, 719-721
Jan.-June, 1940
1182
Chart of member bank profits
395
"Trends of Member Bank Earnings and
Profits"
395-400
Public debt, U. S. Government. (See Treasury
finance: Public debt.)
Public utilities and transportation:
Employees
985, 1131, 1217, 1313
Public Works Administration:
Assets and liabilities:
Combined with Reconstruction Finance
Corporation figures .43, 143, 235, 337,
443, 571, 705, 805, 977, 1123, 1209, 1305
Summary of operations, 1940
300
Railroads:
Chart of revenues, expenses and income.... 88
Discussion of traffic and earnings
87
Ransom, Ronald:
Designated Vice Chaiman, Board of Governors
778
Rash, Frank D.
Resigned as Managing Director, Louisville
Kentucky Branch, Federal Reserve Bank
of St. Louis
204
Rayon deliveries: (See Textiles.)
Real estate:
Loans on, by member banks:
All banks, call dates:
Dec. 30, 1939
250
June 29, 1940
995
Monthly table . . 32, 132, 224, 326, 432,
560, 694, 794, 966, 1112, 1198, 1294
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures. . .34, 134, 226, 328, 434,
562, 696, 796, 968, 1114, 1200, 1296
By districts and for Chicago, Wednesday figures. . 36, 136, 228, 330, 436,
564, 698, 798, 970, 1116, 1202, 1298
Member bank holdings:
Oct. 2, 1939
58
Dec. 30, 1939
249, 250
Mar. 26, 1940
608
June 29, 1940
994, 995
Receipts, U. S. Treasury.
(See Treasury
finance: Receipts.)
Reconstruction Finance Corporation:
Assets and Liabilities:
Combined with Public Works Administration figures 43, 143, 235, 337, 443,
571, 705, 805, 977, 1123, 1209, 1305
FEDERAL RESERVE BULLETIN

Index to Volume 26
Page

Page

Reconstruction Finance Corporation—Continued.
Reserves—Continued.
Defense loan commitments
1038
Federal Reserve Banks:
All banks combined, end of month and
Guaranteed obligations outstanding. . . .41, 141,
Wednesday
figures
23, 123, 215,
233, 335, 441, 569, 703, 803, 975,
317, 423, 551, 685, 785, 957,
1121, 1207, 1303
1103, 1189, 1285
Loans and investments
43, 143, 235, 337,
Each bank, Wednesday
figures
24,
443, 571, 705, 805, 977, 1123, 1209, 1305
124, 216, 318, 424, 552, 686, 786, 958,
Mortgage Company operations, 1939.... 298-302
1104, 1190, 1286
Strategic and critical materials, Purchases
Member banks:
of
1037
Account in Federal Reserve Banks:
Summary of operations, 1939
298-305
All banks combined, end of month
Regulations of Board of Governors:
and Wednesday
figures
23, 123,
Index available
204
215, 317, 423, 551, 685, 785,
Regulation F. Trust powers of national
957, 1103, 1189, 1285
banks:
Each F. R. Bank, Wednesday figAmendments
502-509
ures
24, 124, 216, 318,
Ruling
393
424, 552, 686, 786, 958,
Regulation G. Noncash collections
15-16
1104, 1190, 1286
Regulation L. Interlocking directorates:
Charts
20, 120, 193, 212,
Amendments
97
314, 387, 420, 548, 682, 782, 908,
Regulation O. Executive officers of member
951, 954, 1100, 1186, 1282
banks:
"Development of Federal Reserve BankException relating to loans
201
ing"
1257-1264
Regulation T. Margin requirements for
Discussion of
190, 386-388, 907-909
brokers:
Excess:
Effect on customer's position
532
Charts
6, 418, 907
Rulings
647, 772, 1172
Classes of banks
28, 128,
Regulation U. Margin requirements for
220, 322, 428, 556, 690, 790,
banks:
962, 1108, 1194, 1290
Effect on customer's position
532
Discussion of
6, 387,
907-909, 1177
Reil, Katharyne
753
End of month and Wednesday figReserve city:
ures
21, 121, 213,
Termination of designation of Oakland,
315, 421, 549, 683, 783,
California as reserve city
88
955, 1101, 1137, 1283
Reserve city member banks:
"Gold Problem Today"
12-13
Classification of loans, investments, real
Total:
estate and capital:
All banks:
Dec. 30, 1939
250
Call dates:
June 29,1940
995
Oct. 2, 1939
58
Condition, call dates:
Dec. 30, 1939
249
Oct. 2, 1939
58
Mar. 26, 1940
608
Dec. 30, 1939
249
June 29, 1940
994
Mar. 26, 1940
608
Monthly table
33,
June 29, 1940
994
133, 225, 327, 433, 561,
Monthly table
33, 133, 225, 327,
695, 795, 967, 1113,
433, 561, 695, 795, 967, 1113, 1199, 1295
1199, 1295
Deposits:
Selected dates, 1934-1940
Monthly figures
28, 128, 220, 322,
57, 607
End of month and Wednesday
428, 556, 690, 790, 962, 1108, 1194, 1290
figures
21, 121,
Reserves:
213, 315, 421, 549, 683,
Monthly and weekly
figures
28, 128,
783, 955, 1101,
220, 322, 428, 556, 690, 790, 962, 1108,
1187, 1283
1194, 1290
Classes of banks
28, 128, 220,
Reserve position of member banks:
322, 428, 556, 690, 790, 962,
Monthly table
28, 128, 220, 322, 428,
1108, 1194, 1290
556, 690, 790, 962, 1108, 1194, 1290
Ratio
to
liabilities
23, 123,
Reserve requirements:
215, 317, 423, 551, 685,
Member banks:
785, 957, 1103, 1189, 1285
Discussion of
387
Reporting banks:
Monthly table
22, 122, 214, 316,
All banks, N. Y. C. and out422, 550, 684, 784, 956, 1102,
side N. Y. C, monthly and
1188, 1284
Wednesday
figures
35,
"Sources of a Bank's Lending Power". . . 99-100
135, 227, 329, 435, 563,
Reserves:
697, 797, 969, 1115,
1201, 1297
"Deficit Financing and Bank Reserves"... 9-10
DECEMBER 1940




1371

Index to Volume 26
Page

Page

Rubber and rubber products—Continued.
Reserves—Continued.
Production indexes—Continued.
Member banks—Continued.
Unadjusted. .47, 147, 239, 341, 447, 575, 709,
Total—Continued.
809, 982, 1128, 1214, 1310
Reporting banks—Continued.
Wholesale price indexes... 54, 154, 246, 348, 454,
By districts and for Chicago,
582, 716, 816, 990, 1136, 1222, 1318
Wednesday
figures
37,
137, 229, 331, 437, Rulings of Board of Governors:
(For rulings of Board see under subject
565, 699, 799, 971, 1117,
matter, i.e. Margin requirements.)
1203, 1299
"Sources of a Bank's Lending Power". . .99-100 Rumania:
Foreign exchange rates. . .74, 178, 266, 371, 483,
"Sources of Lending Powers of Federal
625, 739, 899, 1021, 1153, 1241, 1341
Reserve Banks"
202-203
National Bank of:
Retail installment paper:
Condition
68, 172, 260, 365, 477, 619,
Insured commercial bank holdings of:
733, 893, 1015, 1148, 1235, 1335
By cities
587
Discount rate
72, 176, 264, 369, 481,
By geographic divisions and States... 586
623, 737, 897, 1019, 1151, 1239, 1339
Corrections
778
Gold reserves:
Discussion of
526
1913-April, 1940:
Retail trade:
Description of data
925
Discussion of
1032
Table
1006
(See also Department store sales and stocks.)
Monthly table. . .60, 164, 252, 352, 468,
Review of the month:
610, 724, 884, 1006, 1140, 1228, 1328
Banking and Treasury finance in 1939
1-8
Property transfers in U. S., Regulation of. . 1174
Banking developments in 1940
905-911 Rural Electrification Administration:
Business conditions and the defense proLoans outstanding (Dec. 31, 1939) ."
305
gram
1029-1039 Salaries:
Current level of economic activity
81-88
Federal Reserve Banks:
Effect of war developments on American
1939
114
markets
489-494
Member banks:
Increase in business activity
1249-1256
1939
460-465, 719-721
International developments and United
Jan.-June, 1940
1182
States Foreign trade
377-384 Salvador. (See El Salvador.)
Savings deposits:
Recent business and credit developments
Interest rates on
22, 122, 214, 316, 422,
185-191, 1161-1167
550, 684, 784, 956, 1102, 1188, 1284
Recent business developments
273-278
Recent course of industrial activity.... 745-752 Schacht, Charles A., appointed Managing DirecTreasury financial operations
633-638 tor, Louisville, Kentucky Branch, Federal Reserve Bank of St. Louis
204
Rhodesia:
Gold production. .61, 165, 253, 353, 469, 611, 725, Securities:
885, 1008, 1141, 1229, 1329
British Mobilization of American Securities
206, 408
Rich, R. C, appointed Director, Salt Lake City
Loans on, by member banks:
Branch Federal Reserve Bank of San FranAll banks, call dates:
cisco
308
Dec. 30, 1939
250
Roberts, Clarence, appointed Class C Director,
June
29,
1940
995
Federal Reserve Bank of Kansas City
8
Monthly table. .32, 132, 224, 326, 432,
Robinson, Roland I.
560, 694, 794, 966, 1112, 1198, 1294
"Trends of Member Bank Earnings and
Reporting banks:
Profits"
395-400
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednes"Role of Money." Quotation from
292
day figures. . . .34, 134, 226, 328, 434,
Rouse, Robert G., selected as Manager of Sys562, 696, 796, 968, 1114, 1200, 1296
tem Open Market Account
8
By districts and for Chicago, WedRubber and rubber products:
nesday figures. . 36, 136, 228, 330, 436,
Factory employment index:
564, 698, 798, 970, 1116, 1202, 1298
Adjusted. . . .48, 148, 240, 342, 448, 576, 710,
Market, Discussion of. .82, 188, 490, 1039, 1166
810, 984, 1130, 1216, 1312
New issues. (See Capital issues.)
Unadjusted. .50, 150, 242, 344, 450, 578, 712,
Prices:
812, 986, 1132,1218, 1314
Principal countries. . 76, 180, 268, 373, 485,
Factory payrolls index.... 50, 150, 242, 344, 450,
627, 741, 901, 1023, 1155, 1243, 1343
578, 712, 812, 986, 1132, 1218, 1314
United States
40, 140, 232, 334, 440,
Government purchase of stocks of
1037
568, 702, 802, 974, 1120, 1206, 1302
Hours and earnings. . . .345, 451, 579, 713, 813,
Purchased by foreigners:
987, 1133, 1219, 1315
Monthly table
63, 167, 255, 355, 471,
Production indexes:
613, 727, 887, 1009, 1142, 1230, 1330
Adjusted. .46, 146, 238, 340, 446, 574, 708, Securities and Exchange Commission:
808, 980, 1126, 1212, 1308
"Financial Problem of Small Business"
Revised index
763, 874-876
1055-1056
1372




FEDERAL RESERVE BULLETIN

Index to Volume 26
Page

Service and financial establishments:
Employees
985, 1131, 1217, 1313
Service charges:
Discussion of
89-96
"Trends of Member Bank Earnings and
Profits"
397
Shepard, Roger B.:
Appointed Class C Director, Federal Reserve Bank of Minneapolis
8
Appointed Deputy Chairman, Federal Reserve Bank of Minneapolis
308
Shipbuilding:
Production index:
1923-1940
831
Adjusted
980, 1126, 1212, 1308
Unadjusted
982, 1128, 1214, 1310
Shipments and receipts of United States paper
currency. (See Paper currency: Shipments
and receipts.)
Shoes. (See Leather and leather products.)
Short sales:
Margin requirements. (See Margin requirements.)
Short-term foreign assets of banks in United
States:
Monthly table
63, 167, 255, 355, 471,
613, 727, 887, 1009, 1142, 1230, 1330
Short-term foreign liabilities of banks in United
States:
Monthly table
63, 167, 255, 355, 471,
613, 727, 887, 1009, 1142, 1230, 1330
Siam. (See Thailand.)
Silk deliveries. (See Textiles.)
Silver:
Circulation
29, 129, 221, 323, 429,
557, 691, 791, 963, 1109, 1195, 1291
Production index:
Adjusted
46, 146, 238, 340, 446,
574, 708, 808, 980, 1126, 1212, 1308
Revised index
882
Unadjusted
47, 147, 239, 341, 447,
575, 709, 809, 982, 1128, 1214, 1310
Silver certificates:
Circulation
29, 129, 221, 323, 429,
557, 691, 791, 963, 1109, 1195, 1291
Small business:
"Financial Problem of Small Business"
1055-1056
Nelson, Donald M., designated Director of
Small Business Activities
1171, 1265
Social Security Act:
Applicability to Federal Reserve Banks,
National Banks and State Member Banks
290-292
"Sources of a Bank's Lending Power"
99-100
"Sources of Lending Powers of Federal Reserve
Banks"
202-203
South Africa:
Foreign exchange rates. . 74, 178, 266, 371, 483,
625, 739, 899, 1021, 1153, 1241, 1341
Gold movements to and from U. S.. . 30, 130, 222,
324, 430, 558, 692, 792, 964, 1110, 1196, 1292
Gold production
61, 165, 253, 353, 469,
611, 725, 885, 1008, 1141, 1229, 1329
DECEMBER

1940




Page

South Africa—Continued.
Reserve Bank:
Condition
68, 172, 260, 365, 477,
619, 733, 893, 1015, 1148, 1235, 1335
Discount rate
72, 176, 264, 369, 481,
623, 737, 897, 1019, 1151, 1239, 1339
Gold reserves:
1913-April, 1940:
Description of data
925
Table
1006
Monthly table .60, 164, 252, 352, 468,
610, 724, 884, 1006, 1140, 1228, 1328
Spain:
Bank of:
Discount rate
72, 176, 264, 369, 481,
623, 737, 897, 1019, 1151, 1239, 1339
Gold reserves:
1913-April, 1940:
Description of data
925
Table . .
1006
Monthly table. .60, 164, 252, 352, 468,
610, 724, 884, 1006, 1140, 1228, 1328
Foreign exchange rates. . 74, 178, 266, 371, 483,
625, 739, 899, 1021, 1153, 1241, 1341
Gold movements to and from U. S
792, 964,
1110, 1196, 1292
Sponable, Frank W., Class A Director of Federal
Reserve Bank of Kansas City, Death of
657
State banks:
Assets and liabilities:
Oct., 1939
Mar. 26, 1940
June 29, 1940
Number of:
Oct., 1939
Mar. 26, 1940
June 29, 1940
State laws:

161
823
1325
161
823
1325

Capital requirements for banks, trust companies, etc
1267-1274
State member banks:
Banking offices:
1933-1940 . . . . 156, 248, 350, 456, 584, 718
Branches:
1933-1940
156, 248, 350,
456, 584, 718, 993, 1321
Dec. 31, 1939, by States
459
1939 changes
157
Jan.-Sept., 1940 changes. . . .585, 993, 1321
Classification of loans, investments, real
estate and capital:
Dec. 30, 1939
250
June 29, 1940
995
Condition, call dates:
Oct. 2, 1939
58
Dec. 30, 1939
249
Mar. 26, 1940
608
June 29, 1940
994
Deposits, call dates
31, 131, 223, 325, 431,
559, 693, 793, 965, 1111, 1197, 1293
Earnings and expenses:
1939
460-461, 721
Jan.-June, 1940
1182
Group banks, Dec. 31, 1939
457
Number of:
1933-1940
156, 248, 350,
456, 584, 718, 993, 1321
Dec. 31, 1939, by States
458
1939 changes
157
1373

Index to Volume 26
Page

Page

Stone, clay and glass products—Continued.
State member banks—Continued.
Hours and earnings
345, 451, 579, 713, 813,
Number of—Continued.
987, 1133, 1219, 1315
Jan.-Sept., 1940 changes
585, 993, 1321
Production index:
Monthly table
31, 131, 223, 325, 431,
1923-1940
766, 837-840
559, 693, 793, 965, 1111, 1197, 1293
Operating branches:
Adjusted
980, 1126, 1212, 1308
Dec. 31, 1939, by States
458
Unadjusted
982, 1128, 1214, 1310
Social Security Act applicability to
290 Straits Settlements:
Suspensions
30, 130, 222, 324, 430,
Foreign exchange rates
74, 178, 266, 371,
558, 692, 792, 964, 1110, 1196, 1292
483, 625, 739, 899, 1021, 1153, 1241, 1341
States and political subdivisions:
Strategic and critical materials:
Obligations of, owned by member banks:
Government accumulation of stocks of. 1037-1039
Oct. 2, 1939
58
Dec. 30, 1939
249, 250 Surplus:
Mar. 26, 1940
608
Federal Reserve banks:
June 29, 1940
994, 995
1939
114
Public fund deposits:
Monthly table. . .24, 124, 216, 318, 424, 552,
Member bank holdings:
686, 786, 958, 1104, 1190, 1286
All banks, call dates:
Member banks:
Oct. 2, 1939
58
Oct. 2, 1939
58
Dec. 30, 1939
249
Dec. 30, 1939
249
Mar. 26, 1940
608
Mar. 26, 1940
608
June 29, 1940
994
June 29, 1940
994
Monthly table
33, 133, 225,
Selected call dates, 1934-1940
57, 607
327, 433, 561, 695, 795, 967, 1113, Suspensions, Bank. (See Banks: Suspensions.)
1199, 1295
Selected dates, 1934-1940.. 57, 607 Sweden:
Bank of:
Reporting banks:
Condition
68, 172, 260, 365, 477, 619,
All banks, N. Y. C. and outside
733, 893, 1015, 1148, 1235, 1335
N. Y. C , monthly and WedDiscount r a t e :
nesday
figures
35, 135, 227,
Changes in
72, 623
329, 435, 563, 697, 797, 969, 1115,
Monthly t a b l e . . . . 72, 176, 264, 369, 481,
1201, 1297
623, 737, 897, 1019, 1151, 1239, 1339
By districts and for Chicago,
Gold reserves:
Wednesday figures. . 36, 136, 228,
1913-April, 1940:
330, 436, 564, 698, 798, 970, 1116,
Description of data
925
1202, 1298
Table
1006
Steel. (See Iron and steel.)
Monthly table. . . .60, 164, 252, 352, 468,
Stock exchange:
610, 724, 884, 1006, 1140, 1228, 1328
Customers' debit balances, etc., of firms
Foreign exchange r a t e s . . . . 74,178, 266, 371, 483,
carrying margin accounts
38, 138, 230,
625, 739, 899, 1021, 1153, 1241, 1341
332, 438, 566, 700, 800, 972, 1118, 1204, 1300
Gold movements to and from U. S.. . 30, 130, 222,
Discount rates on loans
39, 139, 231, 333,
324, 430, 558, 692, 792, 964, 1110, 1196, 1292
439, 567, 701, 801, 973, 1119, 1205, 1301
Money rates
71, 175, 263, 368, 480, 622,
Volume of trading on N. Y. S. E.. . . 40, 140, 232,
736, 896, 1018, 1151, 1239, 1339
334, 440, 568, 702, 802, 974, 1120, 1206, 1302 Switzerland:
Cost of living index
.76, 180, 268, 373, 485,
Stocks:
627, 741, 901, 1023, 1155, 1243, 1343
Member bank holdings:
Foreign exchange r a t e s . . . . 74, 178, 266, 371, 483,
Oct. 2, 1939
58
625, 739, 899, 1021, 1153, 1241, 1341
Dec. 30, 1939
249, 250
Gold imports and exports
62, 166, 254, 354,
Mar. 26, 1940
608
470, 612, 726, 886
June 29, 1940
994, 995
Gold movements to and from U . S . . . 30, 130, 222,
Prices:
324, 430, 558, 692, 792, 964, 1110, 1196, 1292
Charts
189, 490, 1166
Money rates
71, 175, 263, 368, 480, 622,
Discussion of
189, 490, 1039, 1166
736, 896, 1018, 1151, 1239, 1339
Principal countries... 76, 180, 268, 373, 485,
Retail food price i n d e x . . . . 76, 180, 268, 373, 485,
627, 741, 901, 1023, 1155, 1243, 1343
627, 741, 901, 1023, 1155, 1243, 1343
United States. . .40, 140, 232, 334, 440, 568,
Swiss National Bank:
702, 802, 974, 1120, 1206, 1302
Annual report, 1939
658-664
Stone, James C , Class C Director, Federal ReCondition
68, 172, 260, 365, 477,
serve Bank of Cleveland, Resignation of
941
619, 733, 893, 1015, 1148, 1235, 1335
Stone, clay and glass products:
Discount rate
72, 176, 264, 369, 481,
Factory employment indexes:
623, 737, 897, 1019, 1151, 1239, 1339
Adjusted
48, 148, 240, 342, 448, 576,
Gold reserves:
710, 810, 984, 1130, 1216, 1312
1913-April, 1940:
Unadjusted
50, 150, 242, 344, 450, 578,
Description of data
925
712, 812, 986, 1132, 1218, 1314
Table
1006
Factory payrolls indexes
50, 150, 242, 344,
Monthly table . . .60, 164, 252, 352, 468,
450, 578, 712, 812, 986,1132, 1218, 1314
610, 724, 884, 1006, 1140, 1228, 1328
1874




FEDERAL RESERVE BULLETIN

Index to Volume 26
Page

Switzerland—Continued.
Wholesale price indexes
75, 179, 267, 372,
484, 626, 740, 900, 1022, 1154, 1242, 1342
Szymczak, M. S.:
"Development of Federal Reserve Banking"
1257-1264
Tax receipts, U. S. Treasury. (See Treasury
finance: Receipts.)
Temporary National Economic Committee:
"Financial Problem of Small Business,"
summary of report
1055-1056
Tennessee Valley Authority:
Assets and liabilities.... 43, 143, 235, 337, 443,
571, 705, 805, 977, 1123, 1209, 1305
Government's proprietary share in
299
Terborgh, George:
"Durable Goods Expenditures in 1939"
116
"Present Position of the Durable Goods
Inventory"
1040-1044
"Problem of Manufacturing Capacity". . 639-646
Textiles:
Discussion of economic activity
85, 748
Factory employment index:
Adjusted
48, 148, 240, 342, 448, 576,
710, 810, 984, 1130, 1216, 1312
Unadjusted. . .50, 150, 242, 344, 450, 578,
712, 812, 986, 1132, 1218, 1314
Factory payrolls index... 50, 150, 242, 344, 450,
578, 712, 812, 986, 1132, 1218, 1314
Hours and earnings
345, 451, 579, 713, 813,
987, 1133, 1219, 1315
Production index:
Adjusted
46, 146, 238, 340, 446, 574,
708, 808, 980, 1126, 1212, 1308
Revised index
766, 841-846
Unadjusted. .. .47, 147, 239, 341, 447, 575,
709, 809, 892, 1128, 1214, 1310
Wholesale price index. . . .54, 154, 246, 348, 454,
582, 716, 816, 990, 1136, 1222, 1318
Thailand:
Gold reserves:
Description of data
925
Table
1006
Thomas, John, appointed United States Senator 88
Thomas, Woodlief:
"Banks and Idle Money"
192-200
Industrial production revised index
753
"Measurement of Production"
912-923
Tin:
Government purchase of stocks of
1037
Tires and tubes. (See Rubber and rubber products.)
Tobacco:
Crop reports
55, 818, 992, 1138, 1224, 1320
Manufactures:
Factory employment index:
Adjusted. . . .48, 148, 240, 342, 448, 576,
710, 810, 984, 1130, 1216, 1312
Unadjusted
50, 150, 242, 344, 450,
578, 712, 812, 986, 1132, 1218, 1314
Factory payrolls index. . .50, 150, 242, 344,
450, 578, 712, 812, 986, 1132, 1218, 1314
Hours and earnings. . . 345, 451, 579, 713,
813, 987, 1133, 1219, 1315
Production index:
Adjusted. . . .46, 146, 238, 340, 446, 574,
708, 808, 980, 1126, 1212, 1308
Revised index
766, 859-860
Unadjusted. .47, 147, 239, 341, 447, 575,
709, 809, 982, 1128, 1214, 1310
DECEMBER

1940




Page

Trade establishments:
Employees
985, 1131, 1217, 1313
Trading with the Enemy Act, amended
509
Transportation and public utilities:
Employees
985, 1131, 1217, 1313
Transportation equipment:
Factory employment index:
Adjusted
48, 148, 240, 342, 448, 576,
710, 810, 984, 1130, 1216, 1312
Unadjusted
50, 150, 242, 344, 450, 578,
712, 812, 986, 1132, 1218, 1314
Factory payrolls index. . .50, 150, 242, 344, 450,
578, 712, 812, 986, 1132, 1218, 1314
Production indexes:
Adjusted
46, 146, 238, 340, 446, 574,
708, 808, 980, 1126, 1212, 1308
Revised index
766, 829-831
Unadjusted
47, 147, 239, 341, 447, 575,
709, 809, 982, 1128, 1214,1310
Treasury currency outstanding:
End of month figures 29, 129, 221, 323, 429,
557, 691, 791, 963, 1109, 1195, 1291
End of month and Wednesday figures. .21, 121,
213, 315, 421, 549, 683, 783/955, 1101,1187,1283
Treasury finance:
Deficit:
"Deficit Financing and Bank Reserves"
9-10, 1260
Monthly table. . . .42,142, 234, 336, 442, 570,
704, 804, 976, 1122, 1208, 1304
Revision of table
1052-1054
Discussion of
1-4, 633-637, 911
Expenditures:
Discussion of
1-3, 633-635, 911
Monthly table. .42, 142, 234, 336, 442, 570,
704, 804, 976, 1122, 1208, 1304
Revision of table
1052-1054
General fund balance
42, 142, 234, 336, 442,
570, 704, 804, 976, 1122, 1208, 1304
Guaranteed obligations outstanding. .41, 141,
233, 335, 441, 569, 703, 803, 975,
1121, 1207, 1303
Public debt:
Changes in
2-4, 633-635
Gross debt. .41, 141, 233, 335, 441, 569, 703,

803, 975, 1121, 1207, 1303
Interest bearing. .41,141, 233, 335, 441, 569,
703, 803, 975, 1121, 1207, 1303
Interest on
42, 142, 234, 336, 442, 570,

704, 804, 976, 1122, 1208, 1304
Maturities:
Discussion of
3—4
Monthly table
.41, 141, 233, 335, 441,
569, 703, 803, 975, 1121, 1207, 1303
Noninterest bearing. .41, 141, 233, 335, 441,
569, 703, 803, 975, 1121, 1207, 1303
Receipts:
Discussion of
1-3, 633-635, 911
Monthly table
42, 142, 234, 336, 442,
570, 704, 804, 976, 1122, 1208, 1304
Revision of table
1052-1054
Trust accounts:
Monthly table
42, 142, 234, 336, 442,
570, 704, 804, 976, 1122, 1208, 1304
Revised table:
Discussion of changes
1052-1054
Table
1122
Treasury notes of 1890:
Circulation
29, 129, 221, 323, 429, 557, 691,
791, 963, 1109, 1195, 1291
1375

Index to Volume 26
Page

Page

United Kingdom—Continued
Trust companies:
Security prices
76, 180, 268, 373, 485, 627,
State law requirements relating to capital
741, 901, 1023, 1155, 1243, 1343
1267-1274
Sterling, Discussion of decline in... 277, 383, 638
Trust Indenture Act of 1939:
Unemployment, Chart of changes in
381
Rules and regulations issued by Securities
War measures:
and Exchange Commission
201
Exchange control
383, 638,
Trust powers of national banks:
Trade control
380-383
Common trust funds. (Ruling.)
393
Wholesale price indexes... 75, 179, 267, 372, 484,
626, 740, 900, 1022, 1154, 1242, 1342
Turkey:
United States Government credit agencies. (See
Central Bank of:
Condition
68, 172, 260, 365, 477, 619, Governmental corporations and credit agencies.)
733, 893, 1015, 1148, 1235, 1335 United States Government debt. (See Treasury
Discount rate
72, 176, 264, 369, 481, finance: Public debt.)
623, 737, 897, 1019, 1151, 1239, 1339 United States Government deposits:
Gold reserves:
Federal Reserve Banks:
1913-April, 1940:
All banks combined, end of month and
Description of data
925
Wednesday figures 21, 121. 213, 315,
Table
1006
421, 549, 683, 783, 955, 1101, 1187, 1283
Monthly table. .. .60, 164, 252, 352, 468,
Each bank, Wednesday figures. . 24,124, 216,
610, 724, 884, 1006, 1140, 1228, 1328
318, 424, 552, 686, 786,
Foreign exchange rates. . .74, 178, 266, 371, 483,
958, 1104, 1190, 1286
Member bank holdings:
625, 739, 899, 1021, 1153, 1241, 1341
All banks, call dates:
Union of Soviet Socialist Republics:
Oct. 2, 1939
58
Bank of:
Dec. 30, 1939
249
Discount rate. . . .72, 176, 264, 369, 481, 623,
Mar. 26, 1940
608
737, 897, 1019, 1151, 1239, 1339
June 29, 1940
994
Gold reserves, 1913-1935:
Monthly table. . .33, 133, 225, 327, 433,
Description of data
925
561, 695, 795, 967, 1113, 1199, 1295
Table
1006
Selected dates, 1934-1940
57, 607
Gold movements to and from U. S
324, 430,
Reporting banks:
558, 692, 792, 964, 1110, 1196, 1292
All banks, N. Y. C. and outside
Gold production
61, 165, 253, 353, 469,
N. Y. C, monthly and Wednes611, 725, 885, 1008, 1141, 1229, 1329
day figures..35, 135, 227, 329, 435,
United Kingdom:
563, 697, 797, 969, 1115, 1201, 1297
Bank of England:
By districts and for Chicago, WedCondition
67, 171, 259, 364, 476, 618,
nesday figures. . 37, 137, 229, 331, 437,
732, 892, 1014, 1147, 1235, 1335
565, 699, 799, 971, 1117, 1203, 1299
Discount rate
72, 176, 264, 369, 481, United States Government insurance agencies.
623, 737, 897, 1019, 1151, 1239, 1339
(See Insurance agencies of United States GovGold reserves:
ernment.)
1913-April, 1940:
United States Government securities:
Description of data
925
Bonds:
Table
1006
Member bank holdings:
Monthly table. . . .60, 164, 252, 352, 468,
All banks, call dates:
610, 724, 884, 1006, 1140, 1228, 1328
Oct. 2, 1939
58
Commercial banks.... 72, 176, 264, 369, 481, 623,
Dec. 30, 1939
249, 250
737, 897, 1019, 1151, 1239, 1340
Mar. 26, 1940
608
June 29, 1940
994, 995
Cost of living index
76, 180, 268, 373, 485,
Monthly table . . 32, 132, 224, 326,
627, 741, 901, 1023, 1155,1243,1343
432, 560, 694, 794, 966,
Exchange control measures
277, 383, 638
1112, 1198, 1294
Exchange Equalization Account:
Reporting banks:
Gold reserves
60, 164, 252, 352, 468,
All banks, N. Y. C. and outside
610, 724, 884, 1140, 1228, 1328
N. Y. C, monthly and WedForeign exchange rates:
nesday figures 34, 134, 226,
Chart of
383
328, 434, 562, 696, 796, 968,
Decline in sterling
277, 383, 638
1114, 1200, 1296
Monthly table. ...74, 178, 266, 371, 483, 625,
By districts and for Chicago,
739, 899, 1021, 1153, 1241, 1341
Wednesday figures. .36, 136, 228,
Gold imports and exports.... 62, 166, 254, 354,
330, 436, 564, 698, 798, 970,
470, 612, 726, 886
1116, 1202, 1298
Gold movements to and from U. S
30, 130,
Prices:
222, 324, 430, 558, 692, 792, 964,
Charts
1179
1110, 1196, 1292
Monthly table. . . .40, 140, 232, 334,
Mobilization of American securities . . . 206, 408
440, 568, 702, 802, 974,
Money rates
71, 175, 263, 368, 480,
1120, 1206, 1302
622, 736, 896, 1018, 1151, 1239, 1339
Revised index
1179-1180
Retail food price index.... 76, 180, 268, 373, 485,
627, 741, 901, 1023, 1155, 1243, 1343
FEDERAL RESERVE BULLETIN
1376




Index to Volume 26
Page

United States Government securities—Continued.
Bonds—Continued.
Member bank holdings—Continued.
Yields:
Chart
637
Discussion of
636, 1167
Monthly table. .. .39, 139, 231, 333,
439, 567, 701, 801, 973,
1119, 1205, 1301
Direct obligations:
Maturities
41, 141, 233, 335, 441,
569, 703, 803, 975, 1121, 1207, 1303
Volume and kind
41, 141, 233, 335,
441, 569, 703, 803, 975,
1121, 1207, 1303
Federal Reserve Bank holdings:
All banks combined, end of month and
Wednesday figures. .21,121, 213, 315, 421,
549, 683, 783, 955, 1101, 1187, 1283
Discussion of
1, 4-5, 637, 1167
Each bank, Wednesday figures
24, 124,
216, 318, 424, 552, 686, 786, 958, 1104,
1190, 1286
Maturity distribution
23, 123,
215, 317, 423, 551, 685, 785, 957, 1103,
1189, 1285
Guaranteed obligations:
Exempt from section 5136 U. S. Revised
Statutes
772
Member bank holdings:
All banks, call dates:
Oct. 2, 1939
58
Dec. 30, 1939
249, 250
Mar. 26, 1940
608
June 29, 1940
994, 995
Monthly table
32, 132, 224,
326, 432, 560, 694, 794, 966, 1112,
1198, 1294
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures
34, 134, 226,
328, 434, 562, 696, 796, 968, 1114,
1200, 1296
By districts and for Chicago,
Wednesday figures. . 36, 136, 228,
330, 436, 564, 698, 798, 970, 1116,
1202, 1298
Outstanding, by agencies
41, 141, 233,
335, 441, 569, 703, 803, 975, 1121,
1207, 1303
Market:
Discussion of. . .4, 188, 277, 490, 636, 1167
National summary. .18, 118, 209, 312, 418,
546, 680, 780, 951, 1098, 1184, 1279
Member bank holdings:
All banks, call dates:
Oct. 2, 1939
58
Dec. 30, 1939
249, 250
Mar. 26, 1940
608
June 29, 1940
994, 995
Maturity distribution
250, 995
Monthly table
32, 132, 224,
326, 432, 560, 694, 794, 966, 1112,
1198, 1294
Chart of
5
Discussion of
1, 5, 190,
636, 752, 908, 910, 1167
"Investments and Liquidity of Member
Banks During 1939"
293-297
DECEMBER 1940




Page

United States Government securities—Continued.
Member bank holdings—Continued.
Reporting banks :
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures
34, 134, 226,
328, 434, 562, 696, 796, 968, 1114,
1200, 1296
By districts and for Chicago, Wednesday figures
36, 136, 228,
330, 436, 564, 698, 798, 970, 1116,
1202, 1298
Outstanding, Chart of
4
Ownership of
636
Treasury bills:
Discount rates on. . .39, 139, 231, 333, 439,
567, 701, 801, 973, 1119, 1205, 1301
Member bank holdings:
All banks, call dates:
Dec. 30, 1939
250
June 30, 1940
995
Monthly table
32, 132, 224,
326, 432, 560, 694, 794, 966, 1112,
1198, 1294
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures..... 34, 134, 226,
328, 434, 562, 696, 796, 968, 1114,
1200, 1296
By districts and for Chicago,
Wednesday figures. . 36, 136, 228,
330, 436, 564, 698, 798, 970, 1116,
1202, 1298
Treasury notes:
Member bank holdings:
All banks, call dates:
Dec. 30, 1939
250
June 29, 1940
995
Monthly table
32, 132, 224,
326, 432, 560, 694, 794, 966, 1112,
1198, 1294
Reporting banks:
All banks, N. Y. C. and outside
N. Y. C, monthly and Wednesday figures . . . . 34, 134, 226,
328, 434, 562, 696, 796, 968,
1114, 1200, 1296
By districts and for Chicago,
Wednesday figures. .36,136, 228,
330, 436, 564, 698, 798, 970,
. 1116, 1202, 1298
Yields
39, 139, 231, 333, 439,
567, 701, 801, 973, 1119, 1205, 1301
United States Housing Authority:
Assets and liabilities
43, 143, 235, 337, 443,
571, 705, 805, 977, 1123, 1209, 1305
Guaranteed obligations outstanding. . . .41, 141,
233, 335, 441, 569, 703, 803,
975, 1121, 1207, 1303
Summary of operations, 1939
299-303
United States Maritime Commission:
Loans outstanding, Dec. 31, 1939
305
United States notes:
Circulation
29, 129, 221, 323, 429,
557, 691, 791, 963, 1109, 1195, 1291
1377

Index to Volume 26
Page

Page

Uruguay:
West Indies and Bermuda:
Bank of:
Gold movements to and from XJ. S
1292
Condition
68, 172, 260, 365, 477,
619, 733, 893, 1015, 1148, 1235, 1335 Wheat crop reports. .55, 818, 992, 1138, 1224, 1320
Whittier, Warren F., appointed Class C Director,
Gold reserves:
1913-April, 1940:
Federal Reserve Bank of Philadelphia
8
Description of data
925 Wilson, Woodrow:
Table
1006
Quotation from "The New Freedom"
10
Monthly table
60, 164, 252, 352,
468, 610, 724, 884, 1006, 1140, Woodford, Buckner, appointed Director, Cincinnati Branch, Federal Reserve Bank of Cleve1228, 1328
1049
Foreign exchange rates. . 74, 178, 266, 371, 483, land
625, 739, 899, 1021, 1153, 1241, 1341 Wool textiles. (See Textiles.)
Venezuela:
Yugoslavia :
Bank of:
Foreign exchange rates
74, 178, 266,
Gold reserves:
371, 483, 625, 739, 899, 1021,
1913-April, 1940:
1153, 1241, 1341
Description of data
925
Gold movements to and from U. S
792, 964,
1110, 1196, 1292
Table
1006
National Bank of:
Monthly table. .1006, 1140, 1228, 132S
Condition
68, 172, 260, 365, 477,
Gold movements to and from U. S
30, 130,
619, 733, 893, 1015, 1148, 1235, 1335
222, 324, 430, 558, 692, 964,
Discount rate
72, 176, 264, 369,
1110, 1196, 1292
481, 623, 737, 897, 1019, 1151,
Vest, George B.:
1239, 1339
" P a r Collection System of the Federal ReGold reserves:
serve Banks"
89-96
1913-April, 1940:
Wald, Haskell:
Description of data
925
"Deposits by Classes of Depositors, 1937"
Table
1006
401-403
Monthly table
60, 164, 252, 352,
War:
468, 610, 724, 884, 1006, 1140,
American markets, Effect of war develop1228, 1328
ments on
489-494
Foreign trade of U. S. affected by
377-384 Zinc production index:
Adjusted
46, 146, 238, 340, 446,
Trade control measures of the A l l i e s . . . . 380-382
574, 708, 808, 980, 1126, 1212, 1308
West Africa:
Revised index
881
Gold production
61, 165, 253, 353, 469,
Unadjusted
47, 147, 239, 341, 447,
611, 725, 885, 1008, 1141, 1229, 1329
575, 709, 809, 982, 1128, 1214, 1310

1378




FEDERAL RESERVE BULLETIN

FEDERAL RESERVE DISTRICTS

• M M
.«•_
®
•
O




BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
(APPROXIMATE IN THE ST. LOUIS DISTRICT)
FEDERAL RESERVE BANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RESERVE BANK AGENCY

This map incorporates recent intra-district transfers of territory described in the Bulletin for August 1940 on page 778,