Full text of Federal Reserve Bulletin : February 1940
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
FEDERAL
RESERVE
BULLETIN
FEBRUARY 1940
Review of the Month—Current Level of Economic Activity
From the Board's Correspondence—Sources
Lending Power
of a Bank's
Directors of Federal Reserve Banks and Branches
Statistics of All Banks in United States
Par Collection System of Federal Reserve Banks
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
Contents
PAGE
Review of the Month—Current Level of Economic Activity
81-88
American Farm Bureau Federation Honors Governor Davis
88
Par Collection System of Federal Reserve Banks, by George B. Vest
89-96
From a Legal Standpoint:
Amendments to Regulation L
97
Section 32 Applies to "Secretary to Board of Directors"
.
From the Board's Correspondence—Sources of a Bank's Lending Power
98
99-100
Foreign Banking Laws and Reports—New Law for the National Bank of Belgium 101-105
Directors of Federal Reserve Banks and Branches
106-113
Earnings and Expenses of Federal Reserve Banks During 1939....
114-115
Durable Goods Expenditures in 1939, by George Terborgh
,
116
National Summary of Business Conditions
117-118
Financial, Industrial and Commercial Statistics, United States
119-156
Number of Banks and Branches in United States
. . 156-157
Statistics of all Banks in United States, October 2,1939
. . 158-162
International Financial Statistics
163-180
Federal Reserve Publications
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
182
Senior Officers of Federal Reserve Banks; Managing Directors of Branches. .
183
Subscription Price of Bulletin
The FEDERAL RESERVE BULLETIN is issued monthly by the Board of Governors of the Federal Reserve
System and is sent to member banks without charge. The subscription price in the United States, Canada,
Mexico, and insular possessions is $2.00 per year or 20 cents per single copy; elsewhere, $2.60 per year or
25 cents per single copy.
181
Board
Tlie
building,
on
(institution
Room*
Frdcnil
Ursine
Huihli n n.
A r v n u r a t Lldtli > / . . /s o/>»;i
\ i s i t o r s a r c it c l < - o m r .
II a s h i n nl <>n
/»> //>,•
jmitlir
duiini:
oijirr
FEDERAL RESERVE BULLETIN
VOL.
FEBRUARY 1940
26
No. 2
(Zuttent Jlevel ofi Economic •flctirity
Industrial production has declined somewhat in recent weeks from the peak levels
reached in the closing months
Recent changes o f 1939> reflecting chiefly rein Dusmess
.
#
ductions in output of certain
semifinished manufactures and basic materials, which had increased most sharply after
the outbreak of war. In a number of other
lines, such as the automobile, machinery, and
shipbuilding industries, activity was maintained at high levels in January.
In the last quarter of 1939 total output of
industrial products and of goods and services
of all types taken together was at a higher
rate than in 1929. The increase in quantity
of goods produced has been accompanied by
an improvement in their quality. In the
meantime the population has increased by
8 per cent, and per capita output in the last
quarter of 1939 was probably not far above
or below that of 1929. This is in contrast to
previous decades in the country's history
during which increase in production has generally far outstripped the growth in population with a consequent rapid growth in per
capita output.
The larger total volume of output currently than in 1929 reflects continued technical progress during the decade; the number of persons employed, excluding those
working on relief projects, is slightly smaller
than ten years ago and those with jobs are
working much shorter hours. Employment
in nonagricultural occupations at the end of
1939 was about 35,000,000 persons, which is
8,000,000 more than in 1932 but 1,000,000
less than in 1929. In manufacturing trade,
and the service industries, approximately
the same number are employed now as ten
years ago, while in private construction
and on railroads employment is considerably
lower and in governmental activities more
people are employed. The absence of additional employment since 1929 and the continued growth in the number of persons available for employment account for the present
large number of unemployed persons.
National income payments in the last quarter of 1939, as shown in the chart on the next
page, were at a rate of about 72 billion dollars per year, as compared with 68 billions
in the second quarter. Much of the growth
in income in the latter part of the year was
in wage payments at factories, where rising
industrial activity was reflected in increases
in both the number employed and the length
of the average work week. There were
smaller increases in agricultural income and
in salaries and wages in the mining, transportation, trade, and service industries. Dividends showed a considerable rise. The higher
level of income payments in recent months
has been reflected in increased purchases of
commodities by consumers, and retail sales
have been large for durable goods, such as
automobiles and household equipment, as well
as for nondurable goods, such as clothing.
Residential building has been well maintained for the season, although still below
the level of the 1920's. At the same time
there has been a considerable increase in
the sale and manufacture of machinery and
equipment for producers and some increase
in private nonresidential construction. Esti-
81
Review of the Month
to determine to what extent a higher level
of inventories may need to be maintained in
view of the higher level of output and sales
and the existing international situation.
Prices in wholesale markets, as indicated
on the chart, have generally shown little
change since the rapid rise early last autumn;
currently prices of some industrial materials,
such as steel scrap and copper, are below
their earlier peaks, and prices of livestock
and products are down close to levels prevailing before the war, while wheat, cotton, and
some industrial products are higher than last
SELECTED BUSINESS SERIES
autumn.
Prices of common stocks have generally declined since last September and in the latter
part of January were at a point about midway between the level prevailing prior to the
outbreak of war and the highest level reached
in the autumn. Trading activity in the stock
market is currently below the average for
recent years. Prices of high-grade corporate bonds and of Government securities,
which had declined sharply with the outbreak
of war and had subsequently advanced, in1 140
140
creased further in December and early January to a point not far from previous peak
120
levels. The volume of corporate security is100
sues to obtain new capital has continued small.
Volume of output at factories and mines,
according to the Board's adjusted index of industrial production, in the last
1936
1937
t939
Current
level
quarter of 1939 was 124 per cent
Sources: Income payments series, Department of Commerce;
U
al
industrial production, Board of Governors of the Federal Reserve prJdnc tion
of
the 1923-1925 average, an inSystem, common stock prices, Standard Statistics Company;
wholesale commodity prices, Bureau of Labor Statistics. Latest
crease of 30 per cent above the
figures shown are estimates for January.
level of the second quarter of the year. A
number
of important industries were increasreached at the end of 1937 and shipments to
ing
operations
as rapidly as possible in the
South America and Asia were the largest in
latter
part
of
the
year, with some approachmany years. Exports to Canada declined but
ing
capacity
production,
and did not curtail
continued substantially larger than in the
corresponding month of any other recent year. output as much in December as they generally
In this period of many marked changes in do. As a result, the Board's seasonally adoutput and final disposition of products, it is justed index rose to 128 in December. In
especially difficult to estimate how much of January operations were somewhat curtailed,
the increased output may have gone into in- contrary to usual seasonal movements, and
ventories of producers and distributors and the adjusted index for that month is esti-
mates of total expenditures for durable goods
in 1939, published in this BULLETIN on page
116, indicate a total close to that for 1937.
Exports, which had increased sharply in
September and October owing in large part
to seasonal influences, declined somewhat in
November, but rose further in December to
the highest level in ten years. Imports likewise showed some increase in the latter part
of 1939 but the rise was not so large as that
in exports. In December exports to Europe
increased sharply to about the peak level
1926 «100
t92S«1
- COMMON STOCK PRICES -
WHOLESALE COMMODITY PRICES
82
FEDERAL RESERVE
BULLETIN
Review of the Month
mated at 120. The unadjusted index, which
reflects average daily output without allowance for usual seasonal variations, has shown
much less fluctuation. In October and November it was 124, in December 120, and in
January probably 118. Changes in both the
adjusted and unadjusted indexes since the
beginning of 1936 are shown on the chart.
The nature of recent fluctuations in the
Board's index of industrial production has
given rise to many questions concerning the
index and what it measures. This index
is compiled from such figures of output of
manufactures and minerals as have been
available in physical volume terms on a
monthly basis for a long period of years. It
reflects mostly production of basic materials
and semifinished products, which, although
roughly representative of the manufacture
of finished products, is likely to fluctuate over
short periods of time more widely than total
production and over long periods may depart
somewhat from the total because of changes
in the amount and kinds of finished goods
produced. Movements in industrial production as a whole, furthermore, are wider than
those in trade, the service industries, and
most other lines of economic activity except
construction, and the timing of changes is
also somewhat different. The nature of these
differences is indicated roughly for the period
since 1936 in a comparison of the curves for
industrial production with those for national
income payments, as shown on the chart.
These figures for national income payments
include salaries, wages, relief, interest, dividends, the veterans' bonus, and other payments, and as a rule fluctuate less widely than
general economic activity—that is, the production and sale of goods and services. At
times, moreover, there are broad movements
in income payments which reflect largely
changes in prices.
Although the industrial production index
should not be considered as a measure of
short-term variations in economic activity
FEBRUARY
1940
taken as a whole, it is an important business
indicator, since fluctuations in output of basic
goods not only comprise a large part of the
variation in the total but also reflect and influence activity in other lines. Comparisons
with more comprehensive series, including an
index of manufacturing production based
upon biennial Census data and estimates of
the annual value of total commodity product
adjusted for price changes, compiled by the
National Bureau of Economic Research, indicate that the Board's index has been in the
past a reasonably accurate indicator of yearto-year changes and of longer-time movements both in industrial production and in
total commodity product. In recent years,
however, it is likely that the Board's production index has somewhat understated the
volume of industrial output relative to earlier
periods. Revisions now being made in the
index will partially adjust for these differences in level and will also improve the allowances for working days and seasonal
variation.
The course of industrial output since 1936
is shown on the chart. From the low point
reached in the summer of
Recent fluctuations
1938 there was a rapid adin industrial
vance
in the latter part of
activity
that year as output rose to
a level more nearly in line with consumption.
In the early part of 1939 there was a moderate decline, reflecting suspension of activity at bituminous coal mines and some decrease in output of other products, notably
steel, production of which had exceeded consumption toward the end of 1938. During the
summer of 1939 volume of industrial production again advanced and this increase was
greatly accelerated by the outbreak of war,
which stimulated a large volume of buying,
chiefly .from domestic sources. The most recent development has been some slackening
in activity in certain lines, including steel,
certain textile yarns and fabrics, and some
minerals.
83
Review of the Month
Steel and related products.—In the steel vious year, despite the fact that plants of
industry ingot output has declined from the one major producer were closed in October
exceptionally high rate of 90 per cent of and November pending settlement of an incapacity in the fourth quarter to about 77 dustrial dispute. Retail sales of new cars
per cent toward the end of January. The were in large volume throughout the latter
high rate of output in the fourth quarter was part of the year and, consequently, dealers'
in response to a large volume of orders re- stocks of new cars increased much less than
ceived in September and October mainly from usual. Exports of automobiles showed a
domestic buyers wishing to assure themselves somewhat smaller rise than is customary at
of ample supplies at existing prices. In No- this season. In January output continued at
vember and December, when it became ap- the high rate reached in December and was
parent that deliveries would not be delayed substantially in excess of retail sales, as is
as much as had been anticipated earlier and usual at this time of year.
that prices would not be advanced for first
quarter delivery, incoming orders for steel
slackened considerably and were much below
the current rate of output. By the year end
1
the backlog of orders received earlier had
been reduced but was still large. Trade re/v
f 1
/
/
ports indicated that inventories of some
J
\
J
/
\
1
r
\
steel products in the hands of consumers had
h
/
v
reached rather large proportions.
\ ;
\\f
1
Foreign orders for steel, which generally
comprise less than 10 per cent of the total,
A
increased sufficiently to bring about a con/
f
V
/
siderable expansion in exports of finished
I y
\
/
steel mill products, such as sheets, plates, tin
A .1 ^
> J \\ 1 r
\
\J
plate, and wire, and in November and De\ 1
\ (\I
J
\V.f V
\{ V/
cember finished steel exports reached new
1
high levels. Exports of pig iron and steel
ingots, which usually are very small, also
showed substantial increases, and exports of
1
steel scrap continued at a high level. Most of
7A
the rise in exports of steel mill products at
1M
the outset was to European countries and to
Canada, but in November shipments to South
\\ J
J
America also rose sharply.
\f
f
1—
The rise in domestic orders for steel last
autumn was due in part to sharply increased
Derived from data on the number employed and average hours
activity in the major steel-consuming indus- worked,
as compiled by the Bureau of Labor Statistics. Latest
figures shown are for December 1939.
tries. Automobile production rose rapidly
from September through December, the first In the machinery industries there were
four months of new model production. marked increases in activity, continuing at a
Output in this period amounted to 1,300,000 more rapid pace the advance that had begun
units, or about the same as in the correspond- after the middle of 1938. The accompanying
ing period of new model production the pre- chart indicates that, while the most spectacuMAN HOURS WORKED IN MACHINERY INDUSTRIES
ADJUSTED TO CENSUS THROUGH 1937
1 9 3 5 - 3 7 AVERAGE «1OO
^ F O U N D R Y AND MACHINE-SHOP PRODUCTS
ELECTRICAL MACHINERY
PEH CENT
140
140
120
/
100
/
80
/
60
TEXTILE MACHINERY
AGRICULTURAL IMPLEMENTS
PERCENT
140
120
100
v
80
60
1939
1936
1937
.M
160
M
1938
H
r
1939
1935
MACHINE TOOLS
1936
Kn
1937
1936
1939
CENT
—j
—j-
140
120
100
80
60
1938
84
1939
FEDERAL RESERVE BULLETIN
Review of the Month
lar growth has been in machine tools, increases in other machinery industries have
been substantial. Orders on hand are sufficient to sustain output in many lines at recent
levels during the early part of 1940.
The railroads placed a large volume of
orders for rolling stock and rails last autumn,
and there were sharp advances in activity in
the aircraft and shipbuilding industries. At
shipyards over a million tons of commercial
vessels were under construction or under
contract as of December 31, which was double
the tonnage of a year earlier. In addition an
extensive construction program by the United
States Navy was underway. Airplane construction was at capacity rates in most plants
and numerous companies reported a volume of
orders sufficient to.maintain this level of operations for some time to come. Exports of aircraft, which were large in September, declined
temporarily in October and November but in
December rose sharply to new high levels.
In most other steel-consuming lines, except the construction industry, there were
substantial increases in activity and in takings of steel, and considering the whole situation it appears that steel consumption rose
rapidly last autumn but by a smaller amount
than steel production.
Textiles.—Production of textiles, which
had increased considerably during the summer, showed some further advance after the
outbreak of war and continued in substantial
volume through the last quarter of 1939. In
many lines it was reported that early this year
unfilled orders at mills, while reduced from
the high levels of last autumn, were fairly
large. At cotton mills activity was largely
maintained in early January, and at rayon
plants production has continued at nearcapacity rates. Activity at woolen mills, however, was considerably reduced in December
from recent high levels, and at silk mills output has been small since November, reflecting
partly the high level of silk prices.
Other manufacturing industries.—In the
FEBRUARY
1940
lumber and cement industries, where activity
ordinarily declines after August, output was
maintained at a relatively high level in September and October and then showed less
than the customary sharp decrease during
the rest of the year. Orders for lumber rose
sharply in September but subsequently declined and by the year end unfilled orders had
been reduced to a level only moderately
larger than at the end of 1938.
Activity at meat-packing establishments
increased in September to the highest level
in the past three years, owing to a sharp rise
in hog slaughter, and in the last quarter of
1939 was maintained at this advanced level.
Shoe production was in large volume in the
latter part of the year and output of tobacco
products rose to record levels.
Minerals.—Output of petroleum and petroleum products advanced to new high levels
in the latter part of 1939, reflecting mainly
increases in domestic demand. Coal production likewise advanced sharply, reaching a
high level in October and November, when
consumers in this country were building up
their stocks. In December, however, output
was reduced as stocks reached levels consistent with a high level of domestic consumption, and as exports declined. Mine output of
nonferrous metals was at a high level at the
end of the year.
In the latter part of 1939 contract awards
for most types of private construction, acBuildin cor( ling to figures compiled by the
F. W. Dodge Corporation, were in
larger volume than in any of the previous
eight years. Contracts for public construction showed a sharp increase toward the end
of 1939, owing to the inclusion of large
amounts for two dams under construction by
the Tennessee Valley Authority. Exclusive
of these projects awards for public construction were at the lowest level of the year,
reflecting in part the continued decline in
awards for Public Works Administration
projects. Figures for contracts awarded
85
Review of the Month
during recent periods are shown in the ac- 1938 Public Works Administration program.
While four-fifths of the total volume of concompanying table.
tracts have been awarded on this program,
CONSTRUCTION CONTRACTS AWARDED IN 37 EASTERN
not much more than three-fifths of the estiSTATES
[Monthly averages in millions of dollars]
mated expenditures for payrolls and materials have been made, according to the Bureau
Privately-financed
of Labor Statistics.
Total Publiclyfinanced
ResiAll
FacResidential building.—During 1939 conTotal dential tories other
struction
was started on approximately 475,35
112
1936—Year
111
60
17
223
000
dwelling
units in nonfarm areas, as com50
1937—Year
. .
147
26
243
96
71
pared
with
345,000
the year before and 295,38
1938—1st half.....
102
113
66
10
216
135
84
11
40 000 in 1937. The rise of 130,000 units over
182
2nd half....
317
13
40 1938 reflected increases in both private and
1939—1st half.....
283
148
96
135
159
2nd half—.
309
95
150
17
47
public projects. Local authorities under the
Source: F . W. Dodge Corporation.
United States Housing Authority slum-clearIn terms of employment and payrolls, con- ance program started construction on 55,000
struction activity in recent months has been units, as compared with 10,000 the year besomewhat larger than it was a year ago, ex- fore, when most projects were in the planning
cept for work relief projects which have stage.
Private residential projects had been inbeen in smaller volume. In private residential
creasing
rapidly during 1938, partly as a rebuilding there has been considerable activity
sult
of
lower
financing costs following amendin the construction of single-family houses,
ments
to
the
National Housing Act, and with
both by operative builders and on contract for
some
further
increase in projects during 1939
owner-occupants, while apartment constructhe
number
of
privately-financed units started
tion has declined somewhat. In the private
in
the
year
was
larger than in 1938 by about
nonresidentialfield,activity at the end of 1939
85,000
units,
totaling
420,000 for the country
was higher than last year, reflecting moderate
as
a
whole.
Changes
in each of the Federal
increases in industrial building, utility construction, and some types of commercial Reserve districts are indicated by half-year
periods in the accompanying chart which is
building, but was not up to the 1937 level.
In public construction, employment and based mainly on value of contract awards.
The increase in private residential buildpayrolls on projects of the Public Works Administration, the Reclamation Bureau, and ing to 420,000 units for the year as a whole,
the United States Housing Authority were and a somewhat higher rate at the end.of
larger than at the end of 1938, while employ- the year, occurred without the stimulus of
ment on work relief projects, though increas- any rise in rents and reflected principally
ing somewhat with the coming of winter, was improvement in business conditions, further
about a third less than at the end of 1938. declines in financing costs and the absence of
Such figures as are available for construc- any marked rise in building costs. Prices
tion activity on projects financed wholly by of certain materials, including lumber, paint,
State and local agencies indicate that they and some metal products, increased immediwere in somewhat smaller volume than in ately following the outbreak of war but have
earlier years. There is a considerable back- remained nearly unchanged since then, and
log of work on public projects for which con- building material prices generally are below
tracts were let some time ago. A substantial those reached in the 1936-1937 rise. Wage
amount of work remains to be done under the rates in the building trades have continued
FEDERAL RESERVE BULLETIN
Review of the Month
at about the 1937 level in most cities. Foreclosures in metropolitan communities during
1939 continued the irregular decline under
way since early in 1935, according to reports
PRIVATE RESIDENTIAL BUILDING
BY FEDERAL RESERVE DISTRICTS
MONTHLY AVERAGES BY 6-MONTH
PERIODS
.LIONS OF DOLLARS
10
10
CLEVELAND.
I
PHILADELPHIA
r
KANSAS CITY
20
10
increase in pipe line construction during
the latter half of 1939, and available data
indicate that construction by telephone companies and railroads also was increasing.
Contract awards for commercial building,
which had increased in the first half of the
year, showed only seasonal changes in the
second half and for the year were about 14
per cent above 1938. The bulk of the work
in 1939 as in other recent years was in store
building and remodeling and warehouse construction, in contrast with the 1920's when
office building construction was much greater.
Vacancies in office buildings declined slightly
but at the end of 1939 were still at a high level.
Rapid expansion in the buying of goods
last autumn led to a sharp increase in freight
traffic, which had already
Railroad traffic shown a considerable rise
and earnings
1935 1936
1937
1938
1939
1935
1936
1937
1938
1939
Based on contracts awarded, except in San Francisco District,
where permit figures were used; data not adjusted for seasonal
variation.
of the Federal Home Loan Bank Board, but
the volume of properties held by lending institutions continued large, and this remained
a factor in the real estate market.
Nonresidential building.—Factory construction increased irregularly throughout
most of 1939, but contract awards for the
year totaled little more than one-half as
much as in 1937. There was no sharp increase in factory construction after the outbreak of war, in contrast with the rapid increase in orders and production of factory
equipment, in some cases to beyond 1937
peak levels. Greatest increases in contracts
for industrial construction during 1939 were
for metal-working and machinery manufacturing plants and food processing plants.
Electric utility construction increased in
the closing months of 1939 with additions to
present plants or construction of new plants
being started at a number of places, particularly in the Middle Atlantic, East North Central, and Southern States. There was some
FEBRUARY
1940
.
.
.
with the reopening of bituminous coal mines in the spring. In the last quarter of 1939 traffic was at a level approximating that in the corresponding period of 1936,
Largely as a result of these developments
the current income position of the railroads
was greatly improved, as is indicated in the
accompanying chart showing railway revenues, expenses, and income on a seasonally
adjusted basis. The rise in revenues from
May to September was much greater than the
increase in expenses, so that net railway operating income increased to a point about as
high as at any time since 1930. In the autumn the rise in expenses about kept pace
with that in revenues, and operating income
continued around the advanced level reached
in September. This level of about $70,000,000 a month on a seasonally adjusted
basis compares with monthly operating income of about $100,000,000 in the late 1920's
and, except for a short time at the end of
1936, is the highest since 1930. After allowance for interest and other fixed charges, a
considerable loss was shown by the railroads
as a group early in 1939 but in the latter part
of the year net income rose sharply and was
87
Review of the Month
nearly as high as at any time in recent years
although much lower than before 1930.
Practically the entire rise in revenues came
from increased freight traffic, while passenger
and other revenue showed little change. Most
of the rise in expenses reflected increased outlays for maintenance of equipment and
larger direct transportation expense.
Railroad purchases of equipment and rails,
for the most part not reflected in the expense
curve, were also much higher in the last few
months of 1939. Orders were particularly
heavy after the outbreak of war when it appeared that freight-car capacity might be
taxed to handle increased traffic, that earnings would be at a higher level, and that
prices might advance.
REVENUES, EXPENSES, AND INCOME OF RAILROADS
ADJUSTED FOR SEASONAL VARIATION
MILLIONS OF DOLLARS
MILLIONS OF DOLLARS
400
350
300
IOC
A
50
NET RA LWAY
OPERATING INCOME
r
V
NET INCOME
srnors has terminated the designation of
Oakland, California, as a Reserve city, effective February 1, 1940.
American Farm Bureau Federation Honors
Governor Davis
On January 10, President Edward A.
O'Neal of the American Farm Bureau Federation presented to Governor Chester C. Davis,
a member of the Board of Governors of the
Federal Reserve System, the 1939 award for
distinguished and meritorious service to agriculture. A similar award was presented to
Dr. B. W. Kilgore, of North Carolina.
In presenting the award to Governor Davis,
President O'Neal said, in part, that Governor
Davis had spent many years in the movement
to attain an effective national policy for agriculture; that in the early 1920's he worked
with the Secretary of Agriculture, Congressional leaders, and farm organizations in devising agricultural legislation, and that "his
keen intellect and broad, human understanding were invaluable aids" in formulating the
original AAA. Mr. Davis became Administrator of the Agricultural Adjustment Administration during its policy-forming days and remained in that position through the period of
the Supreme Court decision and enactment of
the Soil Conservation and Domestic Allotment
Act. Continuing, President O'Neal remarked,
"We all appreciate the fact that Federal Reserve Board policies have a very definite
impact on the welfare of agriculture, and we
are thankful that one of our own people helps
to make the policies of the Board."
-50
-50
1935
1936
1937
1938
1939
Railway expenses include operating expenses, tax accruals, and
rents. Net railway operating income is the difference between
railway operating revenues and railway expenses. Net income is
net railway operating income plus other income less interest and
other fixed charges. Series derived from Interstate Commerce
Commission data. Latest figures shown are for November 1939,
Reserve Bank Branch Director Appointed
to Senate
John Thomas of Gooding, Idaho, a director
of the Salt Lake City Branch of the Federal
Reserve Bank of San Francisco, was appointed on January 26,1940, by the Governor
Termination of Reserve City Designation of
Oakland, California
of Idaho to be United States Senator from
that
State, filling the vacancy created by the
Under the provisions of Section 11 of the
Federal Reserve Act, the Board of Gov- death of Senator William E. Borah.
88
FEDERAL RESERVE
BULLETIN
*Tke Pat Collection System ofi the
by
GEORGE B. VEST
Assistant General Counsel
T
HE collection of checks is an important
function of commercial banks and an important part of the facilities afforded by the
Federal Reserve System. Probably 90 per
cent or more of all payments of money in the
United States are made by checks. Checks
have supplanted currency as a means of settling financial transactions to such an extent
that their ready acceptance, certain payment,
and speedy and economical collection at par
have come to be as essential to the freeflowof
commerce as currency itself.
Checks must be collected by presenting or
sending them to the banks on which they are
drawn in order that the funds which they represent may be made available for use. When
a person receives a check which is drawn on
a bank other than one at which he customarily
deals, he will ordinarily deposit the check at
his own bank and the latter must then collect the check by presenting it or forwarding
it directly or indirectly to the other bank,
known as the drawee bank, for payment.
Usually the drawee bank will pay the full
amount of the check without any deduction,
but some banks make a practice of deducting
a certain charge, known as an "exchange
charge", for paying checks which are forwarded to them through the mails for payment. Unless absorbed by one of the banks
involved, this exchange charge ultimately
falls upon the person who deposited the check
for collection.
Before considering the check collection
operations of the Federal Reserve banks and
the problem of membership in the Federal
Reserve System created by the making of
exchange charges, it may be well to outline
briefly the collection practices which were
followed before the establishment of the Federal Reserve System.
The Situation Prior to the Enactment of the
Federal Reserve Act
When banks were few in number and industrial centers relatively few and far apart,
FEBRUARY
1940
and when transportation facilities were in
a comparatively undeveloped state, considerable time and expense were necessary in
order to transmit funds from one part of the
country to another. It was then that the
custom of making an exchange charge for the
remittance of funds had its origin.
Under the common law (i.e., in the absence
of statute or agreement to the contrary), a
bank is obligated to pay in cash checks drawn
upon it when presented at the bank, but is not
obligated to remit the proceeds to distant
places. When checks were sent in through
the mails from distant places, therefore, it
was generally felt that the banks in remitting
the proceeds in cash to such places performed
a service which they were not obligated to
perform and for which they were entitled to
compensation. It was for this service that they
deducted the so-called "exchange charge".
At about the time of the Civil War it appears that the cost of domestic Exchanges was
sometimes as high as IV2 per cent, or $15
per thousand. ALS the transportation facilities
of the country improved, as the country became more thickly settled and the flow of
goods between the various sections became
larger and more constant, it was possible to
settle balances through the medium of bank
drafts without involving the shipment of
currency in such large amounts, and exchange
costs declined steadily. By 1913, when the
Federal Reserve Act was enacted, $1 per
thousand dollars was the maximum charge
in some sections of the country where charges
were made, although in some of the less
thickly populated sections higher rates obtained.
Regardless of the person upon whom such
a charge may ultimately fall, it is made in
the first instance against the bank which
sends the check to the drawee for payment,
and, if not absorbed by this bank, is passed
back to the person or bank from which it received the check. In order to avoid the necessity of paying such charges, many rural banks
89
The Par Collection System of the Federal Reserve Banks
receiving checks for collection adopted the York City and from New York City to Sag
practice of establishing credit balances with Harbor, a distance of only 93 miles.
correspondent banks in the financial centers, Various other plans were adopted to avoid
as it was the custom of many such banks in paying exchange. Some businesses made it
the larger centers to absorb exchange charges a practice to require customers to pay their
on items sent to them for collection by banks accounts by checks drawn on banks in large
which maintained balances with them. As a centers, like New York, Chicago, St. Louis,
result these larger banks became in effect or San Francisco, where checks were paid
clearing houses for the country banks. Ar- at par and so could be converted promptly
rangements were sometimes made between into money without deduction. This put to
individual banks under which banks that cus- serious inconvenience the merchant in a
tomarily charged exchange on checks sent small town, whose check on his own local
to them for payment did not make such bank, however strong, would not be accepted
charges when these checks were received at its face value by business men in distant
from certain of their correspondent banking cites from whom he bought goods. To make
institutions. Also, there were arrangements payments acceptable, the small town merby which a city correspondent would send chant had to keep money on deposit in banks
to a country bank checks drawn on another in distant cities, or else buy from his local
bank in the same town and these would be bank a draft on such cities, or had to add an
presented by the country bank over the coun- amount to his check to cover exchange
ter of the drawee bank for payment at par. charges. This, of course, caused him inAs a result of these practices, many banks convenience and expense.
Checks on country banks had a limited acsought to route their checks through channels which would avoid the payment of ex- ceptability. They were grudgingly received
change charges. This brought about the cir- because they were not paid at face value. The
cuitous routing of checks and a consequent acceptance of country checks not only inlengthening of the time required to make col- volved expense to the business man; it also
lection. It also increased the hazard in- involved expense to the banks which handled
volved, on account of the undue delay in pre- them. Unnecessary duplication in the hansenting the checks for payment. This practice dling of checks meant unnecessary clerk hire.
of circuitous routing not infrequently caused And as the number of handlings increased,
checks to travel a distance several times over due to indirect routing, the chances of error
that between the bank of original deposit and also increased, and the volume of items in
the drawee bank and to be delayed in present- process of collection multiplied.
ment days beyond the period actually neces- As a result there was a large volume of
checks constantly afloat in the mails awaiting
sary.
The following, although a somewhat exag- conversion into actual balances. Each check
gerated illustration, is reported as an actual delayed in payment represented an incottiinstance of how circuitous routing of checks pleted transaction and each day of delay bewas resorted to in order to avoid the payment tween the drawing of a check and its presentation for payment increased the risk of ultiof exchange:
A check on a Sag Harbor, New York, bank mate nonpayment.
was deposited in a Hoboken bank. The check The practices described, with all of the delay
was then sent to New York City, a distance and expense involved, were common in pracof 3 miles, then to Boston—200 miles, then to tically all parts of the country, although in
Tonowanda—405 miles, to Albany—210 New England and one or two other sections
miles, to Port Jefferson—105 miles, to Far considerable progress had been made in elimRockaway—45 miles, to another bank in New inating or minimizing the exchange charge.
York City—20 miles, to Riverhead—75 miles, It was in this situation that the Federal Reto Long Island City—70 miles, and then to serve Act was enacted by Congress late in
Sag Harbor—90 miles, a total distance of 1913.
1,223 miles. This process took 10 days. If the Collection System After Passage of Federal
Reserve Act
present Federal Reserve collection system
were used by the banK in Hoboken, this check The Act as originally passed provided for
would have to go only from Hoboken to New the collection of checks through the Federal
90
FEDERAL RESERVE BULLETIN
The Par Collection System of the Federal Reserve Banks
Reserve banks. A number of practical difficulties had to be overcome, however, before
a collection system could be inaugurated, and
while a partial system of collection was put
into effect during 1915, it was not until July
1916 that a uniform collection system at all
of the Federal Reserve banks was established
pursuant to the authority contained in the
law. Under the system thus established,
member banks were required to remit at par
for checks presented to them by the Federal
Reserve banks.
In September of 1916 the law was amended
so as to broaden the classes of checks which
Federal Reserve banks were authorized to
accept, and on June 21, 1917, Congress again
amended the law relating to the collection
powers of the Federal Reserve banks. The
effect of the latter amendment was two-fold.
First, it permitted nonmember banks to become clearing members of a Federal Reserve
bank, that is, such institutions were permitted to avail themselves of the privileges
of the check collection system upon the maintenance with the reserve bank of a deposit
sufficient to offset items in transit, without
becoming regular members of the Federal
Reserve System. Second, the amendment
permitted both member and nonmember
banks to make "reasonable charges to be determined and regulated by the Federal Reserve Board, but in no case to exceed 10 cents
per $100 or fraction thereof, based on the
total of checks and drafts presented at any
one time, for collection or payment of checks
and drafts and remission therefor by exchange or otherwise"—but it was expressly
provided that "no such charges shall be made
against the Federal Reserve banks". This
amendment permitting reasonable charges
for payment or collection is commonly referred to as the Hardwick Amendment.
As originally proposed by Senator Hardwick and as first incorporated in the bill, the
amendment authorized the making of charges
for the collection or payment of checks but
did not contain the provision that no such
charges shall be made against the Federal
Reserve banks. The question whether exchange charges should be permitted under
the bill became a matter of considerable discussion and controversy and the point was a
matter of disagreement between the Senate
and the House.
FEBRUARY 1940
While the bill was pending in conference,
President Wilson addressed the following
letter to Senator Owen, who later read it to
the Senate: (Cong. Rec, Vol. 55, p. 3761)
"My dear Senator: I have been a good deal disturbed to learn of the proposed amendment to the
Federal reserve act which seems to contemplate
charging the Federal reserve banks for payment of
checks cleared by them, or charging the payee of
such checks passing through the reserve banks with
a commission. I should regard such a provision as
most unfortunate and as almost destructive of the
function of the Federal reserve banks as a clearing
house for member banks, a function which they have
performed with so much benefit to the business of the
country.
"I hope most sincerely that this matter may be adjusted without interfering with this indispensable
clearing function of the banks.
"Sincerely yours,
"WOODROW WILSON."
The conferees added to the provision the
clause that "no such charges shall be made
against the Federal Reserve banks", and the
amendment was adopted in this form. The
clause added by the conferees, of course, in
large measure nullified the provision authorizing exchange charges as proposed by Senator Hardwick.
As the law was thus amended and as it
stands today, member banks and nonmember
banks which collect their checks through the
Federal Reserve baxiks may make reasonable
charges not exceeding 10 cents per $100 for
checks presented to them for collection or
payment but no such charges can be made
against the Federal Reserve banks. Any
check which is collected through a Federal
Reserve bank, therefore, must be paid by the
bank on which it is drawn without deduction
of any charge or fee. This does not mean that
a member bank in which the check is first
deposited may not charge its customer for
sending it through for collection, but it does
mean that no bank in the chain of collection
subsequent to the Federal Reserve bank may
make any charge which falls upon the owner
of the check. A nonmember bank which does
not remit at par, however, may make any
charge it wishes for paying its checks, so far
as Federal l&w is concerned, as it does not
receive any checks from a Federal Reserve
bank.
Shortly after the check collection system
of the Federal Reserve banks was put into
effect, the Reserve banks inaugurated a vigorous effort to bring into the par collection
91
The Par Collection System of the Federal Reserve Banks
system all of the banks of the country, in
(4) Federal Reserve banks are prohibited
order that member banks might be enabled
by law from paying exchange either
to collect all of their checks through the Fedon checks which they themselves own
eral Reserve System. When banks declined
or which they are handling as agents
to remit at par for checks sent to them by mail
for others;
the Federal Reserve banks used local agents
(5) A State statute authorizing State
who presented these checks over the counters
banks to charge exchange and to make
of these banks, thus obtaining settlement
payment in exchange drafts on their
without deduction of exchange. There was
reserve deposits for checks presented
serious objection to this practice of the Fedto them by or through any Federal
eral Reserve banks on the part of some of
Reserve bank or its agent is constithe nonpar institutions, and in 1923 the Fedtutional; and
eral Reserve banks, pursuant to instructions
(6) The provision of the Federal Reserve
of the Federal Reserve Board, discontinued
Act which forbids member banks to
this practice. They do not now handle for
make exchange charges against Fedcollection any checks which are drawn on
eral Reserve banks is constitutional.
banks that are not on the Federal Reserve
banks' par list, i.e., the list of banks which Present System of Check Collection and Its
remit at par. Checks drawn on such banks
Importance to the Country
are not collected by the Federal Reserve banks
Under the law as amended in 1917 the
but are still collected through commercial
check collection system of the Federal Rebanking channels.
serve banks was steadily expanded, and soon
Court Decisions
the large majority of all the banks in the
As a result of the fact that many banks United States were included in the list of
in the country did not welcome the f re? col- those which remit at par for checks drawn on
lection system set up by the Federal Reserve themselves when presented to them by a
banks pursuant to the law, a number of suits Federal Reserve bank. At the present time
were brought in the courts and several de- approximately 82 per cent of all the banks in
cisions of importance were rendered by the the country remit at par for checks presented
Supreme Court of the United States and other or forwarded to them for payment by Federal
courts with regard to the interpretation of Reserve banks and there has been little
the provisions of the law in question. Prob- change in the last few years in this percentably the most important of these cases were age.
American Bank & Trust Company V. Federal The Federal Reserve banks make no charge
Reserve Bank of Atlanta (1923), 262 U. S. for their services in the collection of checks.
643; Farmers & Merchants Bank. V. Federal For a brief period after the establishment
Reserve Bank of Richmond (1923), 262 U. S. of the collection system, certain collection
649; and Pascagoula National Bank v. Fed- charges were made by the Federal Reserve
eral Reserve Bank of Atlanta (1926), 3 Fed. banks but since 1918 they have made no
(2nd) 465, 11 Fed. (2nd) 866, 271 U. S. 685. charges for the collection of such items drawn
Among the principal points decided by these either upon member banks or upon nonmemcases are the following:
ber banks which are on the par list.
It is the purpose of the Federal Reserve
(1) Federal Reserve banks are authorized
to receive and collect checks drawn collection system to provide a method whereby
upon nonmember banks, as well as checks may be presented to drawees as rapmember banks, if such checks can be idly as possible with a minimum of expense
to industry, commerce, and agriculture. As
collected at par;
(2) Member banks are required by law to one means of expediting the collection of
remit at par for checks drawn upon checks as much as possible it is the usual
themselves and presented to them for practice of each Federal Reserve bank to
send checks direct to drawee banks located
payment by Federal Reserve banks;
(3) If nonmember banks remit at all for in its own Federal Reserve district. In some
checks forwarded to them by Federal cases also, member banks in a given Federal
Reserve banks they must remit at par; Reserve district send direct to Federal Re92
FEDERAL RESERVE BULLETIN
The Par Collection System of the Federal Reserve Banks
serve banks in other districts checks drawn another. This Fund, which is kept in Washington, comprises the greater part of the
on banks located in such other districts.
Banks sending checks to a Federal Re- gold certificate reserve of each Federal Reserve bank are given immediate credit for serve bank, and there is a daily telegraphic
checks drawn on banks in the city in which clearing conducted by the Board of Goverthe Federal Reserve bank is located and also nors of the Federal Reserve System for all
for United States Government checks, but twelve Reserve banks and for their branches.
with respect to other checks credit is given The amount of the fund is relatively stable
on what is known as the "deferred avail- but its ownership varies from day to day acability" principle after one, two or three cording to the debits and credits to the difdays, depending somewhat upon the time re- ferent Reserve banks. Telegraphic transfers
quired for collection. Since September 1, of funds are made by the Federal Reserve
1939, the maximum period for which credit banks for member banks and through them
is deferred by Federal Reserve banks on any for others, through the facilities of the Settlechecks received by them for collection is three ment Fund. For example, a member bank
days, regardless of the time actually required in California or Maine, having occasion to
for collection. Banks collecting checks through transfer its funds or the funds of a customer
the Federal Reserve banks are furnished with to any one of the twelve Federal Reserve
"time schedules" which indicate the time at cities or the twenty-four cities where there
which credit is available with respect to items are branch Federal Reserve banks, can do so
drawn on any locality in the United States. almost instantaneously. The sum total of
In 1939 checks handled by the Federal these transfers is settled daily through the
Reserve banks (in addition to Government Interdistrict Settlement Fund. Transfers of
checks) numbered 1,023,000,000, with a funds of member banks are made without
dollar amount of nearly 240 billion dollars. charge.
The cost to the Federal Reserve banks of
In 1939 the aggregate amount of the daily
handling these checks was about $3,450,000. settlements between the Federal Reserve
This cost was borne by the Federal Reserve banks through the Interdistrict Settlement
banks and does not represent any expense Fund was approximately 103 billion dollars.
whatever to the member banks or their cus- The amount reached a peak in 1930 of more
tomers. The number of checks handled has than 151 billion dollars.
increased almost every year, and was greatest
As has already been indicated, the exin 1939. The dollar value of these checks, change charge was originally made and justihowever, was greatest in 1929, when the fied because of the trouble and expense necesamount of the checks handled by the Federal sary in order to transmit funds from one part
Reserve banks was in excess of 360 billion of the country to another. Under the check
dollars. The immense number and amount collection system of the Federal Reserve
of checks handled annually by the Federal banks, virtually all expense formerly inReserve banks, on none of which is there curred by banks in remitting to distant points
made either by the drawee bank or by any for checks drawn on themselves has been elimFederal Reserve bank any charge that falls inated. Member banks may remit in cash
upon the owner of the check, demonstrate the without expense to themselves, as it is the
value of the par collection system to the coun- practice of Federal Reserve banks to absorb
try and indicate the tremendous savings to the costs of shipping currency to and from
business effected by the system. In addition to member banks; and when they remit by draft,
the saving of the exchange charges them- the expense is negligible. Moreover, since the
selves, the system saves money for banks and establishment of the Federal Reserve collecfor business by reducing the number of times tion system most of the checks forwarded by
checks have to be handled, by shortening the a Federal Reserve bank to a bank that
time of collection, and by reducing the amount remits at par are sent to it in a single cash
and distance of currency shipments.
letter and can be paid with a single remitThe Interdistrict Settlement Fund of the tance draft. In this way the 'actual labor
Federal Reserve banks provides a great sav- of paying checks received through the mails
ing in the time and expense of transferring has been reduced to a minimum with a correbalances from one section of the country to sponding reduction in expense.
FEBRUARY
1940
93
The Par Collection System of the Federal Reserve
Banks
largest of these had deposits of about $16,000,000 and had numerous branches.
were only 13 nonpar banks located
On December 31, 1939, there were 2,656 in There
places
a population of 25,000 or more,
banks in the United States which did not and eightwith
of
these
in places with a popuremit at par for checks drawn on them (ex- lation of 50,000 or were
more.
The deposits of these
clusive of 65 private banks not under State 13 banks were relatively
small, in no case
supervision). These nonpar banks consti- exceeding $2,000,000.
tuted approximately 18 per cent of the total
By reference to the accompanying map
number of commercial banks (i.e., banks showing
the location of each nonpar bank in
other than mutual savings banks) on that the United
at the end of 1938, it will
date. Deposits of the nonpar banks, $921,- be observedStates
that
the
nonpar banks are con000,000, on December 31,1938,* were approxin the Southern and Middle Western
imately 2 per cent of the total deposits of all centrated
districts of the country. Of the total number
commercial banks, exclusive of inter-bank of
nonpar banks on December 31,1939, 52 per
deposits.
cent
were in the Atlanta and Minneapolis
Of all nonpar banks in the country at the Federal
Reserve districts. Of the total numend of 1938, 90 per cent were banks insured ber, 94 per
cent were located in 17 Southern
by the Federal Deposit Insurance Corpora- and Middle Western
the highest numtion ; 83 per cent of them had deposits of less ber in any one State States,
being 411 in Minnesota
than $500,000 each; 85 per cent were located and the second highest being 260 in Georgia.
in places with a population of less than 2500;
93 per cent had deposits of less than $1,000,Membership of Nonpar Banks
000 and also were located in places with a
population of less than 5,000.
One of the most important reasons why
There were only 23 nonpar banks with de- many State banks do not join the Federal
posits of $2,000,000 or more. Each of the two Reserve System and why banks occasionally
withdraw from the System is the fact that
* Figures regarding the deposits of nonpar banks for December
member banks are not permitted to make
i, 1939, were not available at the time this was printed.
Nonpar Banks—Their Number, Size and
Location
94
FEDERAL RESERVE BULLETIN
The Par Collection System of the Federal Reserve Banks
exchange charges on checks forwarded to
them for payment by the Federal Reserve
banks. To many smaller banks, particularly
in the South and Middle West, exchange
charges are a source of revenue which they
are reluctant to do without and which in many
cases they state they can not do without and
continue to live. In recent years not a few
banks have withdrawn from membership in
the Federal Reserve System giving as their
reason their desire to increase their earnings
by charging exchange on checks.
The problem is a serious one and one of
importance to the membership of the Federal Reserve System. Reports received by
the Board of Governors indicate that member
banks in certain sections of the country are
greatly dissatisfied with the present situation.
While no definite figures as to the earnings
of banks derived from exchange charges are
available, the revenue that is derived from
such charges is said to be quite substantial in
the case of the majority of nonpar banks, and
this is the principal reason why most of
them are not on the par list. From reports submitted to the Board of Governors
by the Federal Reserve banks, it appears
that in one Federal Reserve district a group
of about 47 nonmember nonpar banks recently reported receipts from exchange
charges of from $125 to $500 per month. One
or two nonpar banks reported income from
this source equal to about 10 per cent of
capital. These are mentioned merely as illustrations of the revenue derived by some banks
from exchange charges. These banks were
not interested in the possibility of membership in the Federal Reserve System because
they were not willing to give up these earnings from exchange charges in order to be
members.
The earnings derived by banks from exchange charges do not, of course, represent a
net gain in revenue for the banking system
as a whole, for many of these charges are
absorbed by the banks against which they
are made instead of being passed back to their
customers, and, to the extent to which they
are absorbed, the earnings derived by the
banks making the charges are offset by the
corresponding loss in revenue to the banks absorbing the charges.
To what extent banks are dependent for
their existence upon exchange charges is
FEBRUARY
1940
difficult of determination. In some cases there
are doubtless other means of revenue to
which they might resort. For example, banks
may make interest charges on checks for
which immediate credit is given or may make
service charges dependent upon the number
of checks drawn or on other factors. Nonpar
banks that do riot now have an adequate system of service charges, if they found it feasible to institute such charges, might obtain
a source of income which in some cases, at
least, would probably compensate in large
measure for the loss of exchange revenue.
Exchange charges in the form of remittance deductions are, of course, only one type
of service charges, except that other service
charges are generally imposed on customers, whereas remittance deductions are usually paid by other banks or their customers. An exchange charge is made by the bank
for its service in remitting for a check presented to it for payment through the mails,
whereas the more usual form of service
charge, which has become so prevalent in recent years, is made against the depositor in
order to reimburse the bank for its general or
overhead expenses in connection with the
maintenance of an account and is based upon
the activity of the account. Both charges,
however, are for services of the bank in connection with the account. Although the payment of a check by a bank is a transaction performed primarily for the benefit of the owner
of the deposit, an exchange charge is usually
imposed by a bank upon the person presenting a check rather than upon the owner of the
deposit. The charge could, of course, be made
against the depositor, if desired.
Absorption of Exchange Charges by Banks
In discussing the subject of exchange
charges it is appropriate to refer to the question of absorption of such charges by banks
for their depositors and correspondents and
to the consideration which has been given this
question in the last few years both by the
Board of Governors of the Federal Reserve
System and by the Federal Deposit Insurance
Corporation.
The Banking Act of 1933 contained a provision which for the first time prohibited
member banks of the Federal Reserve System from paying interest on demand deposits "directly or indirectly by any device
95
The Par Collection System of the Federal Reserve Banks
whatsoever". One purpose of this provision
was to discourage and eliminate as far as
possible unsound competition for bank deposits and the concentration of balances with
correspondent banks in the larger centers.*
The prohibition of the law applied only to
member banks and not to insured nonmember banks and no power was given to the
Board of Governors to define the term "interest". Under this law the Board was called
upon to make a number of rulings as to its
interpretation of the term "interest" as used
in the law and as to whether or not the absorption of exchange charges and of other
out-of-pocket expenses by member banks for
their depositors and correspondents constituted a payment of interest. No satisfactory
solution of the problem was found, however,
and the Board recommended to Congress certain changes in the law which it was hoped
might be helpful in connection with this and
other questions regarding the payment of interest on deposits.
The Banking Act of 1935 amended the law
on this subject and authorized the Board of
Governors to determine what shall be deemed
to be a payment of interest and to prescribe
regulations to effectuate the purposes of the
law and to prevent evasions thereof. The 1935
Act also required the board of directors of
the Federal Deposit Insurance Corporation
to prohibit by regulation the payment of interest on demand deposits in insured nonmember banks and to make such exceptions
from the prohibition as are applicable to
member banks either by law or regulation of
the Board of Governors.
Pursuant to the authority given by the
Banking Act of 1935, the Board of Governors
included in a revision of its regulations regarding the payment of interest on deposits
a definition of the term "interest". This definition provided that the absorption by a member bank for a depositor of exchange and
collection charges which involved out-ofpocket expenses was a payment of interest.
The regulations including this definition
were adopted in November 1935 to become
effective January 1,1936. However, it developed that the Federal Deposit Insurance Cor-
poration contemplated issuing regulations regarding the payment of interest by insured
nonmember banks, to become effective on the
same date, including a definition of interest
which did not refer to the absorption of exchange and collection charges; and the Board
deferred the effective date of the definition of
"interest" in its regulation so that an opportunity would be provided to consult with the
Federal Deposit Insurance Corporation with
a view to harmonizing, if possible, the provisions of the two regulations governing the
payment of interest on deposits by member
banks and by insured nonmember banks. The
Federal Deposit Insurance Corporation likewise deferred for a time the effective date of
its interest regulation.
Subsequently the question was discussed in
its various aspects between representatives of
the Board and the Federal Deposit Insurance
Corporation and also with bankers and members of Congress. It was more than a year
later before the two agencies announced an
agreement regarding the matter. Effective
February 11, 1937, the Board of Governors
and the Federal Deposit Insurance Corporation amended their respective regulations
simultaneously in order that the provision
with respect to the meaning of interest in both
regulations should read as follows:
"Within this regulation, any payment to or for
the account of any depositor as compensation for the
use of funds constituting a deposit shall be considered
interest."
In a statement for the press, released
jointly on February 12, 1937, by the Board
of Governors and the Federal Deposit Insurance Corporation, it was stated that the effect
of the amendments to the respective regulations of these agencies was to declare existing
law rather than to interpret and apply the
law to particular practices, and that, henceforth, under both regulations the question of
what, in a particular case, is a payment of
interest on a demand deposit or a device to
evade the prohibition against the payment of
interest, becomes, for both agencies, a matter
of administrative determination under the
general law in the light of experience and as
specific cases may develop. This is the status
* See statements by Senator Glass, Vol. 77 Congressional Record, of the matter at present.
pp. 3729, 4165 (May, 1933).
96
FEDERAL RESERVE BULLETIN
rtom a JLGGat .Standpoint
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors and other similar material of interest to bankers.
involving not more than two banks, to extend
this
time to August 1, 1939, this action being
On February 1, 1940 the Board amended
taken
for the purpose of calling to the attensubsections 3 (a) and 3 (e) of its Regulation L
tion
of
Congress when it convened the disrelating to interlocking bank directorates
crimination
between member banks and nonunder the Clayton Act, effective immediately,
member
banking
institutions which results
so as to extend until June 1, 1940, the time
from
the
fact
that
the provisions of the law
during which certain persons who have been
do
not
apply
alike
to
all banks under Federal
serving member banks may continue to serve
authority.
No
legislation
was enacted to
a member bank and not more than one other
carry
out
this
recommendation.
A bill,
bank.
S.
2150,
was
introduced
which
would
have
exThis final extension was made at the retended
to
February
1,
1944,
the
time
until
quest of Senator Wagner, Chairman of the
Banking and Currency Committee of the Sen- which all existing relationships could conate, and of Senator Glass, senior member of tinue. On August 1, 1939, when the extenthe Committee, and upon receipt of the fol- sion granted by the Board would expire, this
lowing letter from the President addressed to bill had been passed by Congress and was
awaiting action by the President, and on that
the Chairman of the Board:
date the Board again extended the time, to
"In view of my veto last year of the Bill ex- February 1, 1940. On August 5 the bill was
tending the time for ending: interlocking; bank
directorships and in view of the apparent hope vetoed by the President. The President's veto
on the part of some of these directors that some message was as follows:
Amendments to Regulation L
method could be devised for a slight extension of
the final date, I am writing to you and the Board
to tell you that I have no objection to a short
extension—say three months but no longer than
four months. This will give ample time to make
the necessary arrangements. As I said in my
veto message, I honestly believe that the intent
of the law should be definitely put into effect,
especially because so much time has already
elapsed."
When the statute was revised by the Banking Act of 1935, Congress provided that all
interlocking relationships which were then
lawfully existing could continue until February 1, 1939. However, on November 7,1938,
the Board of Governors exercised its discretion under the law, as to such relationships
FEBRUARY 1940
"To the Senate:
"I return herewith, without my approval, Senate bill 2150, 'An act to amend section 8 of the
act entitled "An act to supplement laws against
unlawful restraints and monopolies, and for
other purposes," particularly with reference to
interlocking bank directorates, known as the
Clayton Act.' If it was in the public interest in
1935 for the Congress to decide to terminate
these relationships, it is in the public interest
to terminate them now. Affected banks and
affected directorates have had over 4 years to
make adjustments. That would seem to be a
liberal time.
"If the Congress wishes to reverse itself and
allow interlocking directorships in the future, it
can, of course, do so. But I do not think that
the Congress should nullify its policy, declared
in 1935, by extending interlocking directorships
for another 4 years on top of the 4 years' extension which has already been given.
"FRANKLIN D. ROOSEVELT.
"THE WHITE HOUSE, August 5, 1939."
97
From a Legal Standpoint
The pertinent provisions of Regulation L
as now amended read as follows:
"SECTION 3. RELATIONSHIPS PERMITTED BY BOARD
"In addition to any relationships covered by
the foregoing exceptions, not more than one of
the following relationships is hereby permitted
by the Board of Governors of the Federal Reserve System in the case of any one individual:
"(a) Any private banker or any director,
officer, or employee of a member bank of the
Federal Reserve System may be at the same
time a director, officer, or employee of not more
than one cooperative bank, credit union or other
similar institution; and any private banker or
any director, officer, or employee of a member
bank of the Federal Reserve System who is lawfully serving as a director, officer, or employee
of a Morris Plan bank or similar institution on
January 31,1939 may continue such service until
June 1, 1940."
"(e) Any director, officer, or employee of any
member bank of the Federal Reserve System
who, on August 23, 1935, was lawfully serving
at the same time as a private banker or as a
director, officer, or employee of any other bank,
banking association, savings bank, or trust company and whose services in such capacities have
been continuous since such date, may continue,
until June 1, 1940, to serve such member bank
and not more than one other such bank, banking
association, savings bank, trust company or private banker."
Effective January 2, 1940, the Board
amended section 3 (c) of Regulation L so as
to permit any director, officer, or employee of
a bank which does not exercise trust powers
to serve a trust company which does not receive deposits.
This amendment to section 3 of Regulation L consisted in striking out paragraph (c)
which was obsolete, and substituting the following :
(c) Any director, officer, or employee of a member bank of the Federal Reserve System which
does not exercise trust powers may be at the
same time a director, officer, or employee of not
more than one trust company which does not receive or hold deposits;* and any director, officer,
or employee of a trust company which is a member of the Federal Reserve System and which
does not receive or hold deposits* may be at
the same time a director, officer, or employee of
not more than one bank, banking association,
or savings bank which does not exercise trust
powers.
* For the purpose of this paragraph, the term "deposits"
shall not include funds received and held in a fiduciarycapacity.
98
Section 3 2 Applies to "Secretary to Board of
Directors"
Section 32 of the Banking Act of 1933
makes it unlawful for an "officer, director, or
employee" of a member bank to be associated
with a dealer in securities, and inquiries are
received from time to time as to whether
particular relationships are covered by the
words quoted. Recently the Board was asked
whether a dealer in securities might serve
as the "Secretary to the Board of Directors"
of a member bank. It was stated that the
"Secretary" would be without vote or official
status, and his only duties would be to attend
the meetings of the board for the purpose of
recording and reading the minutes, and to
furnish certified copies of the minutes when
necessary. The purpose of this somewhat
unusual arrangement was to "identify him
with" the bank.
The Board pointed out that, generally
peaking, the term "employee" includes everyone performing services for a corporation
except an officer or director of the corporation or an independent contractor. Furthermore, a person may be an employee even
though he does not receive money compensation for his services. In furnishing certified
copies of the minutes of the meetings of the
board of directors the "Secretary" would be
performing a function usually performed by
the secretary of a corporation or his assistant.
In recording and reading the minutes of
meetings, he would be performing the duties
usually performed by one of the directors, or
the secretary of the corporation, or a clerk.
Therefore, it appeared that he, would be rendering services to the bank and, its board of
directors similar to those usually performed
by an officer or a clerical assistant to an
officer, and since it seemed clear that the purpose of the statute, in using the words "officer, director, or employee" was to include
everyone who has a position with the bank,
the Board felt that the proposed arrangement
would be within the prohibition of the statute.
FEDERAL RESERVE BULLETIN
Ttom the Isoat dt5 C?otte5ponclence
r r
T HE character and volume of inquiries addressed to the Board in recent years reflect the public's growing
interest in problems related to money and banking. The inquiries cover a wide range of subjects representing many points of view, and it is believed that some of the questions raised, together with the Board's
replies, may be of interest to the readers of the BULLETIN. Selections for publication are made on the basis
of frequency of inquiry, timeliness, and importance of subject matter.
J?outce5 oj} a Hank* Jlendina
"It is my understanding that a bank, on the basis of a small amount of money
deposited with it, can lend several times that amount. If this is correct, then is it
not true that a bank creates the money it lends?"
I
NDIVIDUAL banks derive their lending
power from the capital contributed by
stockholders, from deposits made by the public, and from undistributed earnings above
expenses. From these sources a bank accumulates cash and balances with other banks,
including reserve balances with Federal Reserve banks—out of which it makes loans and
buys securities. An individual bank can increase its loans and investments only out of
funds accumulated in these ways, or by borrowing from the Federal Reserve banks or
other banks. It cannot create the deposits
it wishes to lend merely by accepting a customer's note and giving him in return a deposit credit on its books. A common misconception in this respect is responsible for much
misunderstanding and agitation against the
banks. The customer who borrows money
from a bank does so for the purpose of using
it, and when he withdraws currency or writes
checks against his deposit, the bank must be
prepared to supply cash or its equivalent.
The banking system as a whole, however,
can expand loans and investments and consequently deposits to several times a given
volume of reserve funds. This multiple expansion is possible because a bank is required
to hold as reserves only a portion of the funds
that come into its possession—about 15 per
cent, on the average—and may put the remainder into earning assets. The extent to
which the banking system can expand credit
depends, therefore, on the total volume of reFEBRUARY 1940
serves that the banks possess and the proportion of reserves that they are required to hold
agajnst deposit liabilities.
To illustrate, let us. suppose that a bank
receives a deposit of $15,000,000 arising out
of gold imports. The gold itself is sold to the
Treasury, as required by law, and the Treasury's check received in payment is sent to
the Federal Reserve bank to be credited to
the depositing member bank's reserve account. A deposit arising in this way, as distinguished from one that arises out of shifts
in the ownership of existing funds, is not
only an addition to the reserves of this particular bank; it is also an addition to the reserves of the banking system as a whole.
The depositor's account is credited and the
bank proceeds to lend and invest $12,750,000,
the difference between the amount of the deposit and the 15 per cent reserve that must
be held against it. We may assume that the
borrower will pay out his funds by check and
that his checks will presently be deposited in
a second bank. The second bank's deposits
will be increased by $12,750,000, as will also
its reserves. After setting aside the required
reserve the second bank has $10,837,500 to
put into earning assets. These funds likewise
flow out, and are deposited in a third bank
which, after allowance is made for additional
required reserves, has an excess of $9,211,875
in usable funds. And so on through a fourth,
fifth, and many more banks.
Assuming that each bank lends the full
99
From the Board's
amount remaining after required reserves are
deducted, the final result, as reserves spill
over from one bank to another, will be an expansion of $85,000,000 in the deposits of the
commercial banking system as a whole on the
basis of the original deposit arising out of gold
imports. The steps in this process, beginning
with the first bank, may be indicated as follows:
1st bank
2nd bank
3rd bank
4th bank
5th bank
6th bank
_
7th bank
8th bank
.
9th bank
10th bank
All other banks
Total
_
Additional
deposits
received
(100%)
Additional
loans
made
(85%)
$15,000,000
12,750,000
10,837,500
9,211,875
7,830,094
6,655,580
5,657,243
4,808,657
4,087,358
3,474,254
$12,750,000
10,837,500
9,211,875
7,830,094
6,655,580
5,657,243
4,808,657
4,087,358
3,474,254
2,953,116
Additional
reserves
retained
(15%)
$2,250,000
1,912,500
1,625,625
1,381,781
1,174,514
998,337
848,586
721,299
613,104
521,128
19,687,439
16,734,323
2,953,116
$100,000,000
$85,000,000
$15,000,000
In this calculation the spilling-over process
is followed in detail only through the tenth
bank, and all the other banks that may be involved are taken together. In the end, total
deposits will have expanded by about seven
times the increment of reserves—seven because 15 per cent (the average reserve requirement) is about one-seventh of one hundred.
For the sake of simplicity certain assumptions have been made in the above illustration from which actual experience probably
always departs in some particular, although
without impairing the general validity of the
argument. The departures may be noted
briefly.
It is not unusual for banks to require borrowers to maintain a certain part of the proceeds of a loan, say 20 per cent, as a permanent deposit with the bank. To the extent
that a bank follows this practice, a smaller
volume of ready funds is required to meet
withdrawals from the deposits it creates in
lending.
The borrower may draw checks in favor
of certain individuals who carry accounts in
the lending bank, which in that case might
not be asked immediately to pay for checks
drawn against it.
Reserve requirements vary, depending on
the nature of the deposit and the location of
the bank. A reserve of 5 per cent is required
100
Correspondence
against all time deposits, while the reserve
against demand deposits may be 12, 17% or
22% per cent depending on the classification
of the town or city where the bank is located.
The extent to which the banking system may
expand deposits on the basis of a given increase in reserves depends in part, therefore,
on the reserves required against the succession of individual accounts into which the
spillover of reserves is lodged. The percentage used in the illustration is an average,
arrived at by taking the ratio of total required reserves to all deposits subject to reserves.
The assumption that banks always lend or
invest all available funds is, of course, far
from reality today. Theoretically, as in the
illustration, the limits of bank credit expansion are set by the volume of available reserves. However, since expansion occurs
through the lending and investing process,
expansion to the maximum theoretical limit
can occur only when banks can find a sufficient volume of acceptable and legally authorized loans and investments.
In the past, banks have usually been able
to find uses for all their funds. Experience
in recent years, however, with ever-mounting
excess reserves without proportional expansion of bank credit, has shown that this is
not always so. At the end of December 1939,
for example, total member bank balances
with the Federal Reserve banks amounted to
about $11,500,000,000, of which upwards of
$5,000,000,000 were in excess of requirements. These excess reserves, if fully utilized,
would support a further expansion in bank
deposits of approximately $35,000,000,000.
It is safe to assume that no such expansion will
occur in the immediate, predictable future.
The principal conclusion to be drawn from
this discussion is that an individual bank's
power to make loans and buy investments is
limited to the reserves above legal requirements that it has in its possession or may
readily procure; but that the banking system
as a whole, at a time when there is a strong
demand for funds, can make loans and investments that result in an expansion of deposits
to about seven times the amount of reserves
held by all the banks. The basic limiting factor, therefore, is the supply of reserves—
which are derived principally from the monetary gold stock and from Federal Reserve
bank credit.
FEDERAL RESERVE BULLETIN
roteian Hanlclna Jiaw5 and
A/aw Jlaw fiot ilia A/at Ion a. L Hank oj% Halgium
A new law for the National Bank of Belgium, in the form of a royal decree, was
signed by the King on August 24, 1939, and
became effective upon its publication in the
Moniteur Beige on August 26. The King's
action was taken under specific powers
granted by the law of May 1, 1939, to amend
the royal decree of July 23, 1937,1 governing
the National Bank.
The new decree enlarges the permissible
scope of the Bank's open-market operations. The Bank is now authorized, in the
course of such operations, to hold Government securities, including short, medium and
long-term obligations, to a total amount of
5,000,000,000 francs2; in addition, the Bank
may continue to hold Government securities
in various funds as provided by earlier legislation. The former limit on holdings of Government securities acquired through openmarket operations was 1,500,000,000 francs,
of which not more than 500,000,000 might
consist of short-term and medium-term bills.
In view of the contraction of the volume of
commercial bills on the market it has become
necessary, as stated in the official report accompanying the decree, extracts from which
are presented on page 105, to enlarge the
Bank's scope of operations in Government securities. A new safeguard against the unrestricted use of the open-market powers in support of Government financing is provided by
the requirement that the Treasury shall publish quarterly statements of the public debt,
showing separately the short, medium and
long-term obligations, and the Bank shall report on the same dates its holdings of these
1
2
See BULLETIN for October 1937, pages 1003-1006. .
The Belgian franc is equal to one-fifth of a belga.
FEBRUARY 1940
classes of securities. Restrictions are placed
on the Bank's use of interest received from
Government securities in excess of 3i^> per
cent.
The translation of the new decree which is
given herewith is based on the French text
published by the National Bank of Belgium
in its monthly bulletin for September 1939
and the translation published by the Bank
for International Settlements.
ROYAL DECREE OF AUGUST 24, 1939, RELATIVE TO THE
ACTIVITY, ORGANIZATION AND POWERS OF THE
NATIONAL BANK OF BELGIUM
In consideration of Article 1 of the law of May 1,
1939, Sec. 1 h, empowering the King to modify, complete or abrogate by decree deliberated upon by the
Council of Ministers the royal decrees adopted in
execution of the law of June 10, 1937, within the
limits fixed by the said law, any amendment to the
monetary laws being excluded;
After reconsideration of the law of May 5, 1850,
prolonged by the laws of May 20, 1872, March 26,
1900 and February 26, 1926, and by the royal decree
of October 25, 1926, adopted in execution of the law
of July 16, 1926 and by the royal decree of July 23,
1937, adopted in execution of the law of June 10,
1937;
Upon the proposal of our Ministers, who have deliberated thereon in Council,
We have decreed and do decree:
I
ARTICLE 1. The National Bank of Belgium, instituted by law of May 5, 1850, prolonged by the laws
of May 20, 1872, March 26, 1900, and February 26,
1926, and by the royal decree of October 25, 1926,
adopted in execution of the law of July 16, 1926, and
by the royal decree of July 23, 1937, adopted in
execution of the law of June 10, 1937, is henceforth
governed by the following provisions.
ART. 2. The principal office of the Bank shall be
situated in Brussels.
The Bank shall open branches or agencies in the
chief towns of the judicial districts and, in addition,
in places within the territory of the Belgo-Luxem101
Foreign Banking Laws and Reports
burg Economic Union where the need of such a
branch or agency has been established, by agreement
with the government concerned.
A discount office or committee shall be attached to
each agency in places where the government concerned considers it necessary, after having heard the
Administrative Council (conseil de regence) of the
Bank.
ART. 3. The term of the Bank's existence expires
on December 31, 1961.
ART. 4. No bank of issue' may be constituted, except by virtue of a (special) law.
ART. 5. The capital of the Bank shall be 200 million francs, divided into two hundred thousand registered or bearer shares of one thousand francs each.
ART. 6. The reserve is to be used:
1) To make good any losses of capital;
2) To bring the annual dividend up to 6 per cent
of the capital.
When the Bank's right of issue expires, three-fifths
of the reserve shall belong to the State.
ART. 7. The Bank shall issue notes payable to
bearer. The amount of notes in circulation must be
represented by easily realizable holdings.
The Bank must maintain a reserve in gold, or in
foreign exchange convertible into gold, equivalent to
at least 40 per cent of the amount of its sight liabilities. At least 30 per cent of this reserve must be in
gold.
ART. 8. The design and text of the various denominations of bank notes to be issued shall be submitted by the Bank for the approval of the Minister
of Finance. Absence of such approval may not be
invoked by third parties or used against them.
The text of the notes shall be in French and in
Flemish (neerlandais).
ART. 9. Whenever a type of bank note is replaced
or discontinued, the Bank shall pay to the Treasury,
upon the expiration of the time limit fixed in each
case by special agreement, the value of the notes of
this type that have not been presented for redemption.
Notes whose equivalent has been paid to the Treasury are deducted from the total of the note circulation; the redemption of any notes of this kind subsequently presented to the Bank later will be effected
for account of the Treasury.
ART. 10. The notes are exchangeable on demand at
the offices of the Bank in Brussels. The conditions
of payment of the notes shall be determined in accordance with Article 8 of the royal decree regarding monetary stabilization, adopted in virtue of the
law of July 16, 1926, amended by royal decree of
March 31, 1936, adopted in execution of the law of
March 30, 1935.3
8
See BULLS-TIN for December 1926, pp. 842-845, May 1935, p.
291, and May 1936, pp. 322, 323.
102
Payment of notes at provincial agencies may be
delayed until the necessary funds have been received.
The Government will accept bank notes for payments at public offices.
ART. 11. The Bank's functions are:
1) To discount or purchase and sell bills of exchange and other paper arising out of commercial
transactions.
The operations which, for the purposes of this provision, are considered as commercial include purchases and sales, made by or to farmers, of livestock,
agricultural equipment, fertilizers, seed, crops, and,
in general, goods and products related to farming
activity;
2) To rediscount abroad bills held in portfolio; to
pledge such bills as security; to guarantee its bills
or the discount operations and advances in connection
therewith; to acquire assets or obtain credits abroad,
and to effect foreign exchange operations;
3) To discount, buy, and sell short or medium-term
bills issued or guaranteed by the Government of
Belgium, by the Colony, or by the Grand Duchy of
Luxemburg, or issued by public bodies whose commitments are guaranteed by the Belgian State;
4) To deal in gold and silver bullion on its own
premises or through agents;
5) To make advances on gold or silver bars or
coins;
6) To undertake the collection of bills;
7) To receive sums on current account and to take
custody of securities, precious metals, and gold and
silver coins;
8) To make advances on current account and shortterm loans against public securities at short, medium,
or long term, issued or guaranteed by the Belgian
State, by the Colony, or by the Grand Duchy of
Luxemburg, and preference shares of the Belgian
National Railway Company issued to the public,
within such limits and on such conditions as may be
fixed by the Administrative Council (conseil de
regence);
9) To buy and sell Belgian Government securities
issued at long term and quoted on the stock exchange.
ART. 12. The Bank may not undertake operations
other than those mentioned in Article 11.
However, when specially authorized thereto by the
Minister of Finance, the Bank may acquire securities representing the capital of financial institutions
which are subject to special legal provisions or are
placed under the guarantee or control of the State,
and of the Bank for International Settlements, provided that the aggregate of such securities does not
exceed an amount corresponding to its capital, its
reserves, and its amortization funds.
The Bank may also acquire the real estate strictly
FEDERAL RESERVE BULLETIN
Foreign Banking Laws and Reports
necessary for its own business or for the welfare of
its staff.
ART. 13. The total of the portfolio held by the Bank
resulting from operations carried out in conformity
with Article 11, 3) and 9), shall not exceed 5,000,000,000 francs.
ART. 14. This limit shall be raised by amounts
equivalent to any redemption or realization of bills,
annuities and bonds of the Belgian Treasury held by
the Bank in virtue of the laws of December 27, 1930,*
and of July 19, 1932,5 and shown in the balance sheet
of June 25, 1937. The Bank may further acquire
public securities up to an amount corresponding to its
capital, its reserves, and its amortization funds.
ART. 15. Restrictions relating to public securities
do not affect the securities guaranteeing the execution
of the obligations undertaken by the Bank with regard to pensions.
ART. 16. Public securities held by the Bank may be
booked at their purchase price if this is equal to or
less than the maturity value.
ART. 17. The Bank shall act as cashier of the State
under conditions fixed by law.
It may be entrusted, under conditions fixed by the
Minister of Finance, with the issue or conversion of
public securities at short, medium and long term.
ART. 18. The Bank performs banking services for
the General Savings Bank (Caisse generate d'Epargne
et de Retraite) in conformity with the relevant legislation and with the agreements reached with this institution. Upon authorization by the Minister of
Finance it may also act for other financial institutions which are subject to special legal provisions or
are placed under the guarantee or the control of the
State in conformity with the agreements reached
with these institutions.
ART. 19. In order to facilitate transfers of funds,
the Bank may issue bank drafts payable within a
few days.
ART. 20. Any profit resulting for the Bank from
the difference between an interest rate of 3% per
cent and the interest rate charged by it on its discount operations, advances and loans, is assigned to
the State.
The yield in excess of ZVz per cent from Belgian
Government securities acquired by the Bank may not
be included in the distributable profits, any excess
being entered to reserve or to redemption account.
This provision does not apply to bills and securities
acquired in respect of the capital, surplus or redemption accounts, the yield from which is at the free
disposal of the Bank, nor does it apply to the securi* See BULLETIN for April 1931, p. 209.
6
See BULLETIN for April 1932, p. 242, for discussion of Government bill proposing legislation enacted by law of July 19, 1932.
FEBRUARY
1940
ties guaranteeing the execution of obligations undertaken by the Bank with respect to pensions.
ART. 21. The annual profits shall be distributed as
follows:
1) To the shareholders, a first dividend of 6 per
cent;
2) Of the excess:
a) 10 per cent to the reserve;
b) 6 per cent to the staff or to institutions
for its benefit;
3) Of the balance then remaining:
a) To the State, three-fifths;
b) To the shareholders, an amount sufficient
for the allotment of a second dividend
fixed by the Administrative Council;
c) The balance to surplus.
ART. 22. The Bank shall be managed by a Governor and administered by a Committee of Management (comite de direction) assisted by an Administrative Council (conseil de regence). It shall be
under the supervision of a Board of Auditors. There
is also a General Council of the Bank.
At the head office there shall also be a Discount
Committee, the membership and duties of which shall
b determined by the statutes.
ART. 23. The Committee of Management shall be
composed of three managers with the Governor as
presiding officer; one of the managers shall be appointed by the King to act for the Governor when he
is unable to be present. He shall have the title of
Deputy Governor.
The number of managers may be increased to four
by decision of the General Meeting and upon authorization by the Minister of Finance.
The powers of the Committee of Management shall
be determined by the statutes.
The Administrative Council shall consist of the
Governor, the managers and nine administrators
(regents). This Council may not include more than
two administrators chosen from among persons holding any office in one of the banks referred to in
Article 1 of royal decree No. 185 of July 9, 1935,
including such persons as are eligible in virtue of the
fourth paragraph of Article 27 of the present decree
by derogation from the second paragraph of the same
article.
The Administrative Council shall deliberate upon
the questions which are within its scope in virtue
of the present decree or of the statutes, and upon
general questions relating to the Bank, to currency,
credit, and the economic development of the country.
The Board of Auditors is composed of eight to ten
members and may not include more than two auditors
chosen from among persons performing any functions in one of the banks referred to in Article 1 of
royal decree No. 185 of July 9, 1935, including
103
Foreign Banking Laws and Reports
such persons as are eligible in virtue of the fourth |
paragraph of Article 27 of the present decree, by
derogation from the second paragraph of the same
article. The powers of the Board of Auditors shall be
determined by the statutes.
The Governor, the managers, the administrators,
and the auditors form the General Council. This
Council shall deliberate upon matters which are
within its scope as set forth in the present decree
and in the statutes.
ART. 24. The Governor shall be appointed by the
King for a term of five years.
The managers, administrators, and auditors shall
be elected by the General Meeting of the Shareholders.
Three administrators and three auditors shall be
chosen from double lists of candidates submitted by
the Supreme Advisory Councils of the State.
The statutory deposit shall not be required from
administrators and auditors so appointed.
ART. 25. The Governor, the Deputy Governor, and
the managers shall receive a remuneration fixed by
the General Council, without sharing in the profits.
The administrators shall receive attendance fees
and, where required, travelling expenses; the auditors
shall receive expenses. The amounts of these emoluments are fixed by the General Council.
ART. 26. Members of the legislative chambers shall
not hold the offices of Governor, Deputy Governor,
manager, administrator, or auditor.
Candidates in the chambers elected while they are
holding the offices subject to the foregoing prohibition shall not be eligible to take the oath until after
they have resigned the legislative office.
ART. 27. The Governor, the Deputy Governor, and
the managers may not be members of a board of
directors of any commercial company or similar organization, with the exception of financial institutions which are subject to special legal provisions or
are placed under the guarantee or the control of the
State, and of the Bank for International Settlements.
The administrators and auditors may not hold any
office in a bank established in one of the forms provided for in Article 8 of Decree 185 of July 9, 1935.
The same incompatibility exists in regard to persons holding any office in a commercial company or
similar organization which controls, directly or indirectly, 25 per cent of the capital of one of the
banks referred to in the preceding paragraph.
Notwithstanding the provisions of the second paragraph of the present article, two administrators and
two auditors may perform advisory or supervisory
duties in one of the banks referred to in Article 8
of royal decree No. 185 of July 9, 1935, to the exclusion of any duties ^f current management or
administration of the bank in question. The election
104
of such persons as administrator or auditor is subject
to the approval of the Minister of Finance.
ART. 28. The term of office of the managers, administrators, and auditors and the order of their retirement shall be determined by the statutes.
ART. 29. The Minister of Finance has the right to
exercise control over all the operations of the Bank.
He may oppose the execution of any measure which
would be contrary to the law, the statutes or the interest of the State. This control shall be entrusted
to a Government Commissioner.
ART. 30. The Government Commissioner shall be
appointed by the King. He shall supervise all the
operations of the Bank. He may suspend and report
to the Minister of Finance any decision which would
be contrary to the laws, the statutes or the interest
of the State.
If the Minister of Finance has not given a ruling
within a week from the date of the suspension, the
decision may be put into effect.
The Government Commissioner shall make an annual report to the Minister of Finance on his mission.
The salary of the Government Commissioner shall
be fixed by the Minister of Finance by agreement
with the administration of the Bank. It shall be defrayed by the Bank, as shall also the compensation of
any technical advisers appointed as experts to assist
the Commissioner.
ART. 31. The Governor shall submit to the Minister
of Finance each week a comparative statement showing the position of the Bank for the current week and
that for the preceding week.
This statement, the form of which is subject to the
approval of the Minister of Finance, shall be published in the "Moniteur".
The summary of the Bank's operations and the
apportionment of dividends shall be published semiannually in the same publication.
ART. 32. The National Bank and its branches, offices and agencies must observe the legal provisions
in force regarding the use of the [two] languages in
administrative matters.
ART. 33. The allowance of 0.25 per cent per annum
granted to the Bank, by the terms of the agreement
of July 19, 1919, for expenses of issue of notes, shall
be calculated on that part of the circulation which
corresponds to the advances granted to the State.
ART. 34. A refund shall be made to the Bank of the
annual stamp duty collected on the notes, up to the
average amount of the circulation corresponding to
the gold reserve and to the Bank's claim against the
State. This amount shall be calculated on the basis
of the weekly condition statements published in the
"Moniteur".
FEDERAL RESERVE BULLETIN
Foreign Banking Laws and Reports
ART. 35. The statutes of the Bank shall be made to
conform to the present provisions.6
They shall be submitted to the King for approval.
If the General Meeting of Shareholders, called to
vote on the amendments to the statutes in accordance
with the above provisions, does not represent the portion of the capital prescribed by Article 90 of the
statutes in force at the time of the promulgation of
tl e present decree, a new meeting shall be called that
will validly decide under Article 70 of the Consolidated Company Laws.
ART. 36. The present decree shall come into force
on the day of its publication.
TRANSITORY PROVISIONS
ART. 37. The provisions of the third paragraph of
Article 24 shall not come into force until after the
reorganization of the Supreme Advisory Councils of
State. The list of organizations called upon to present double lists of candidates shall be announced in
a royal decree adopted by the Council of Ministers.
Temporarily, the double lists of candidates presented on the occasion of a vacancy shall be drawn
up:
1) By counsellors, members of groups elected by
class delegates of the Supreme Council of Industry
and Commerce, and by members of the Supreme Council of Trades and Business (Conseil Superieur des
Metiers et Negoces), each of these Councils presenting one candidate;
2) By labor and clerical members of the Supreme
Labor Council;
3) By elected and co-opted members of the Supreme Council of Agriculture.
The statutory deposit is not required from the
administrators and auditors so appointed.
II
ART. 38. The following publications shall be issued
quarterly:
1) By the Treasury, the situation of the short,
medium and long-term debt on March 31, June 30,
September 30 and December 31;
2) By the Bank, a statement of its assets in the
form of public securities at short, medium and long
term on the same dates.
These publications shall be drawn up for the first
time as of December 31, 1939.
6
Amendments to the Bank's statutes, as provided under this
article, were approved by the General Meeting of Shareholders
held on September 23, 1939. These amendments are published in
the Bulletin d'Information et de Documentation for September,
1939.
FEBRUARY
1940
Ill
ART. 39. Our Minister of Finance is entrusted with
the execution of the present decree.
Given at Brussels, August 24, 1939.
EXTRACTS FROM THE REPORT TO THE K I N G BY THE BELGIAN
CABINET
The principal reform enlarges the field of the
Bank's operations on the open market. In a general
sense, the Bank has been permitted since its establishment to undertake such operations, consisting of
purchases and sales of bills of all kinds, with the
dual purpose of influencing the volume of credit and
the rate of interest. But the contraction of the volume of commercial bills reduced the possibility of
intervention by the central bank, and it became necessary to permit it to enter the market for public
securities. In 1937 Parliament put the Bank in a
position to buy and sell public securities within limits
dictated by a desire to avoid abuses which might
result from the unsound financing of public expenditure. This limitation has become too restrictive. It
is proposed to raise it to 5,000,000,000 francs, covering both short and long-term securities.
The raising of the limit to 5,000,000,000 francs
takes account of several factors: fluctuation in the
volume of credit in recent years, extent of occasional
demands on the money market, magnitude of the
portfolios of Treasury bills held by the banks, requirements of the Treasury, etc.
A new guarantee against any ill-considered financing of public expenditures will be furnished by the
quarterly publication by the Treasury of the composition of the public debt, short, medium, and longterm, and by the Bank of a statement of its holdings
of short, medium, and long-term public securities.
The fixing of a single limit for the total of public
securities which the Bank may hold is justified by the
necessity for the Bank to enter at will the short,
medium, or long-term market, according to the conditions and unpredictable needs of each sector of the
market.
We may hope that the proposed reform will contribute to the enlargement and improvement of the
money market which, up to the present, has lacked
an indispensable instrument: a suitable and to some
degree constant volume of Treasury bills. The operations of the Bank will assure the liquidity of
profitable short-term investments and will help to
bring about a state of affairs in which liquid funds,
which sometimes have a tendency to seek investment
abroad in markets furnishing better facilities, can
find satisfactory employment at home.
105
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
• OLLOWING is a list of the directorates as at present constituted of the Federal Reserve
banks and branches. The list shows, in addition to the name of each director, his business
connection, the class of directorship, and the date when his term expires. Each Federal
Reserve bank has nine directors: three Class A and three Class B directors, who are
elected by the stockholding member banks, and three Class C directors, who are appointed by the Board of Governors of the Federal Reserve System. Class A directors
are representative of the stockholding member banks. Class B directors must be actively engaged in their district in commerce, agriculture, or some industrial pursuit, and may not be
officers, directors, or employees of any bank. For the purpose of electing Class A and Class B
directors, the member banks of each Federal Reserve district are classified by the Board
of Governors of the Federal Reserve System into three groups, each of which consists of
banks of similar capitalization, and each group elects one Class A and one Class B director.
Class C directors may not be officers, directors, employees, or stockholders of any bank.
One Class C director is designated by the Board of Governors as chairman of the board of
directors and Federal Reserve Agent and another as deputy chairman. Federal Reserve
bank branches have either five or seven directors, of whom a majority, including the
managing director, are appointed by the board of directors of the parent Federal Reserve
bank and tbe others are appointed by the Board of Governors of the Federal Reserve System.
,
Class A:
Lewis S. Reed
Term
Expires
Dec. SI
District No. 1—Boston
ni
Allan Forbes
Leon A. Dodge
Class B:
Edward S. French
Philip R. Allen
Edward J. Frost
President, Citizens and Mfg. Nat. Bank, Waterbury,
Conn
1940
President, State Street Tr. Co., Boston, Mass
1941
President, First National Bank, Damariscotta, Me
1942
President, Boston & Maine R. R., Springfield, Vt
1940
Chairman, Bird & Son, Inc., E. Walpole, Mass
1941
Vice President, Treasurer, & Director, William Filene's
Sons Co., Boston, Mass
1942
Class C.Henry I. Harriman
Director, New England Power Company, Boston, Mass. 1940
Frederic H. Curtiss2 1. . . Retired, Boston, Mass
1941
Henry S. Dennison . . . . President, Dennison Mfg. Co., Framingham, Mass
1942
District No. 2—New York
Class A:
William C. Potter
Otis A. Thompson
Neil H. Dorrance
Class B.Thomas J. Watson
Walter C. Teagle
Robert T. Stevens
Class C.Owen D. Young 1
Chairman, Guaranty Trust Co., New York, N. Y
1940
President, Nat. Bank & Tr. Co., Norwich, N. Y
1941
President, First Nat. Bank & Tr. Co., Camden, N. Y. 1942
President, International Business Machines Corp., New
York, N. Y
1940
Chairman, Standard Oil Co. of New Jersey, New York,
N. Y
1941
President, J. P. Stevens & Co., Inc., New York, N. Y.. . 1942
Honorary Chairman, General Electric Co., New York,
N. Y
1940
Treasurer, R. H. Macy & Co., Inc., New York, N. Y
1941
President, Cornell University, Ithaca, N. Y
1942
2
Beardsley Ruml
Edmund E. Day
Buffalo Branch
Appointed by Federal Reserve Bank:
Robert M. O'Hara
Managing Director, Buffalo, N. Y
William A. Dusenbury. .President, First National Bank, Olean, N. Y
Frank F. Henry
Chairman, Washburn Crosby Co., Inc., Buffalo, N. Y.. .
George F. Rand
President, The Marine Trust Co., Buffalo, N. Y
Appointed by Board of Governors:
Howard Kellogg
President, Spencer Kellogg & Sons, Inc., Buffalo, N. Y.
Marion B. Folsom
Treasurer, Eastman Kodak Co., Rochester, N. Y
Gilbert A. Prole
Genesee Farm Supply Co., Batavia, N. Y
1
Chairman.
106
2
1940
1940
1941
1942
1940
1941
1942
Deputy Chairman.
FEDERAL RESERVE BULLETIN
Directors of Federal Reserve Banks and Branches
District No. 3—Philadelphia
Class A:
John B. Henning
President, Wyoming Nat. Bank, Tunkhannock, Pa
Joseph Wayne, Jr
President, Philadelphia Nat. Bank, Philadelphia, Pa.. .
George W. Reily
President, Harrisburg Nat. Bank, Harrisburg, Pa
Class B:
C. Frederick C. Stout. . .John R. Evans & Co., Camden, N. J
Harry L. Cannon
President, H. P. Cannon & Son, Inc., Bridgeville, Del.. .
Ward D. Kerlin
Secretary & Treasurer, Camden Forge Co., Camden,
N. J
Class C:
Warren F. Whittier.... Farmer, Dairyman and Cattle Breeder, Douglassville,
Pa
Alfred H. Williams 2 . . . . Dean of Wharton School of Finance, University of
Pennsylvania, Philadelphia, Pa
Thomas B. McCabe1
President, Scott Paper Co., Chester, Pa
Term
Expires
Dec. SI
1940
1941
1942
1940
1941
1942
1940
1941
1942
District No. 4—Cleveland
Class A:
Harry B. McDowell.... President, McDowell Nat. Bank, Sharon, Pa
Frank F. Brooks
President, First National Bank, Pittsburgh, Pa
Ben R. Conner
President, First National Bank, Ada, Ohio
Class B:
Ross P. Wright
Secretary-Treasurer, Reed Mfg. Co., Erie, Pa
George D. Crabbs
President, Philip Carey Mfg. Co., Cincinnati, Ohio
John E. Galvin
President, Ohio Steel Foundry Co., Lima, Ohio
Class C.George C. Brainard 1 . . . President, General Fireproofing Co., Youngstown, Ohio
James C. Stone
Tobacco Dealer, Lexington, Ky
Reynold E. Klages 2 . . . .President, Columbus Auto Parts Co., Columbus, Ohio. .
1940
1941
1942
1940
1941
1942
1940
1941
1942
Cincinnati Branch.
Appointed by Federal Reserve Bank:
Benedict J. Lazar
Managing Director, Cincinnati, Ohio
1940
John J. Rowe
President, Fifth Third Union Tr. Co., Cincinnati, Ohio 1940
William H. Courtney
President, First Nat. Bk, & Tr. Co., Lexington, Ky
1941
Appointed by Board of Governors:
Frank A. Brown
Farmer, Chillicothe, Ohio
1940
Stuart B. Sutphin
President, I. V. Sutphin Co., Cincinnati, Ohio
1941
Pittsburgh Branch
Appointed by Federal Reserve Bank:
Percy A. Brown
Managing Director, Pittsburgh, Pa
Samuel W. Harper
President, Wheeling Dollar Sav. & Trust Co., Wheeling
W. Va
Clarence Stanley
President, Union Trust Company, Pittsburgh, Pa
Appointed by Board of Governors:
George T. L a d d . . . . . . . . President, United Engineering & Foundry Co., Pittsburgh, Pa
Harry S. Wherrett
President, Pittsburgh Plate Glass Co., Pittsburgh, Pa.. .
Lewis E. Johnson
Charles E. Rieman
Class B:
John H. Hanna
Edwin Malloy
Charles C. Reed
Chairman.
FEBRUARY 1940
1940
1941
1940
1941
District No. 5—Richmond
Class A:
James C. Braswell
1
1940
2
President, Planters Nat. Bank & Tr. Co., Rocky Mount,
N. C
1940
Chairman, First National Bank, Alderson, W. Va
1941
President, Western National Bank, Baltimore, Md
1942
Chairman, Capital Transit Co., Washington, D. C
1940
President & Treasurer, Cher aw Cotton Mills, Inc.,
Cheraw, S. C
1941
Vice President & General Manager, Williams & Reed,
Inc., Richmond, Va
1942
Deputy Chairman.
107
Directors of Federal Reserve Banks and Branches
Term
Expires
Dec. 31
Class C.Robert Lassiter *
Chairman, Mooresville Cotton Mills, Mooresville, N. C. 1940
Charles P. McCormick.
. President, McCormick & Co., Inc., Baltimore, Md
1941
2
William G. Wysor
General Manager, Southern States Cooperative, Inc.,
- Richmond, Va.
1942
Baltimore Branch
Appointed by Federal Reserve Bank:
W. Robert Milford
Managing Director, Baltimore, Md
James Dixon
President, Easton National Bank, Eastern, Md
George W. Reed
President, National Marine Bank, Baltimore, Md
James C. Fenhagen.... Chairman, Executive Committee, Baltimore National
Bank, Baltimore, Md
Appointed by Board of Governors:
W. Frank Roberts
President, Standard Gas Equipment Corp., Baltimore,
Md
W. Frank Thomas
Construction Engineer and Real Estate Management,
Westminster, Md
Joseph D. Baker, Jr.. . Secretary & Treasurer, Standard Lime & Stone Co.,
Baltimore, Md
Charlotte Branch
Appointed by Federal Reserve Bank:
William T. Clements.... Managing Director, Charlotte, N. C
Torrence E. Hemby
Executive Vice President, American Trust Co., Charlotte, N. C
J. Gerald Cowan
Vice President, Wachovia Bank & Trust Co., Asheville, N. C
Byron M. Edwards
Executive Vice President, South Carolina National
Bank, Columbia, S. C
Appointed by Board of Governors:
George M. Wright
President, Republic Cotton Mills, Great Falls, S. C
George S. Harris
Executive Vice President, Springs Cotton Mills, Lancaster, S. C.
David W. Watkins
Director of Extension, Clemson College, Clemson, S. C.
1940
1940
1941
1942
1940
1941
1942
1940
1940
1941
1942
1940
1941
1942
District No. 6—Atlanta
Class A.William D. Cook
Executive Vice President, First Nat. Bank, Meridian,
Miss
1940
President, First National Bank, Mount Dora, Fla
1941
Chairman, Trust Co. of Georgia, Atlanta, Ga
1942
George J. White
Thomas K. Glenn
Class B:
Fitzgerald Hall
Ernest T. George
President, Nash., Chat., & St. Louis Ry., Nashville, Tenn. 1940
President & Chairman, Seaboard Refining Co., Ltd., New
Orleans, La
1941
Vice President & Treasurer, J. B. McCrary Co., Inc.,
Atlanta, Ga
1942
John A. McCrary
Class C:
Rufus C. Harris 1
Frank H. Neely
Joe Frank Porter 2
President, Tulane University, New Orleans, La
1940
General Manager, Rich's Inc., Atlanta, Ga
1941
President, Tennessee Farm Bureau Federation, Columbia, Tenn
1942
Birmingham Branch
Appointed by Federal Reserve Bank:
Paul L. T. Beavers
Managing Director, Birmingham, Ala
John S. Coleman
President, Birmingham Trust & Savings Co., Birmingham, Ala
Frank M. Moody
President, First National Bank, Tuscaloosa, Ala
John C. Persons
President, First National Bank, Birmingham, Ala
1
Chairman.
108
2
1940
1940
1941
1942
Deputy Chairman.
FEDERAL RESERVE BULLETIN
Directors of Federal Reserve Banks and Branches
Appointed by Board of Governors:
Edward L. Norton
Executive Vice President, Munger Companies, Birmingham, Ala
Donald Comer
Chairman, Avondale Mills, Birmingham, Ala
Howard Gray
Farmer, New Market, Ala
Jacksonville Branch
Appointed by Federal Reserve Bank:
George S. Vardeman, Jr.. Managing Director, Jacksonville, Fla.
Junius C. McCrocklin. . .Executive Vice President, First National Bank, Tarpon
Springs, Fla
William R. McQuaid.... President, Barnett National Bank, Jacksonville, Fla.. .
Bert C. Teed
First Vice President, First National Bank, Palm Beach,
Fla
Appointed by Board of Governors:
Bayless W. Haynes
President, Wilson & Toomer Fertilizer Co., Jacksonville,
Fla
Robert H. Gamble
President, Florida Brick & Tile Corp., Jacksonville, Fla.
Howard Phillips
Executive Vice President, Dr. P. Phillips Co., Inc., Orlando, Fla
Nashville Branch
Appointed by Federal Reserve Bank:
Joel B. Fort, Jr
Managing Director, Nashville, Tenn.
George N. Bass
Cashier, First National Bank of Franklin County,
Decherd, Tenn
Edward B. Maupin
Cashier, Peoples National Bank, Shelbyville, Tenn.. . . .
Frank M. Farris
President, Third National Bank, Nashville, Tenn
Appointed by Board of Governors:
. Elbridge W. Palmer. . . .President, Kingsport Press, Inc., Kingsport, Tenn
Clyde B. Austin
President, The Austin Co., Inc., Greeneville, Tenn
William E. McEwen. . . .Farmer and Stock Raiser, Williamsport, Tenn
New Orleans Branch
Appointed by Federal Reserve Bank:
Lewis M. Clark
Managing Director, New Orleans, La
Oliver G. Lucas
President, National Bank of Commerce, New Orleans,
La
Herbert Holmes
President, Delta National Bank, Yazoo City, Miss
Emile E. Soulier
Executive Vice President, First National Bank, Lafayette, La
Appointed by Board of Governors:
Eugene F. Billington. . . Vice President and Secretary, Soule Steam Feed Works,
Meridian, Miss
Alexander Fitz-Hugh. . . Vice President, P. P. Williams Co., Vicksburg, Miss.. . .
Henry G. Chalkley, Jr.. . President and General Manager, Sweet Lake Land & Oil
Co., Inc., Lake Charles, La
District No. 7—Chicago
Class A :
Edward R. Estberg
President* Waukesha National Bank, Waukesha, Wis..
Frank D. Williams
Executive Vice President and Cashier, First Capital
National Bank, Iowa City, Iowa
Walter J. Cummings . . . Chairman, Cont'l. 111. Nat. Bank and Trust Co., Chicago,
111
Class B:
Charles B. Van Dusen. . Director, S. S. Kresge Co., Detroit, Mich
Nicholas H. Noyes
Secretary & Treasurer, Eli Lilly and Co., Indianapolis,
Ind
Max W. Babb
President, Allis-Chalmers Mfg. Co., Milwaukee, Wis.. . .
Class C.Frank J. Lewis2 1
Chairman, F. J. Lewis Manufacturing Co., Chicago, 111.
Robert E. Wood
Chairman, Sears, Roebuck & Co., Chicago, 111
Clifford V. Gregory
Associate Publisher, Wallaces' Farmer and Iowa Homestead, Des Moines, Iowa
,
1
Chairman.
FEBRUARY 1940
2
Term
Expires
Dec. SI
1940
1941
1942
1940
1940
1941
1942
1940
1941
1942
1940
1940
1941
1942
1940
1941
1942
1940
1940
1941
1942
1940
1941
1942
1940
1941
1942
1940
1941
1942
1940
1941
1942
Deputy Chairman.
109
Directors of Federal Reserve Banks and Branches
Term
Expires
Dec. 31
Appointed by Federal Reserve Bank:
Ralph H. Buss
Managing Director, Detroit, Mich.
1940
Walter S. McLucas
Chairman, The National Bank of Detroit, Detroit, Mich. 1940
Joseph M. Dodge
President, The Detroit Bank, Detroit, Mich
1941
James E. Davidson
President, Peoples Com. & Sav. Bank, Bay City, Mich.. . 1942
Appointed by Board of Governors:
Alfred C. Marshall
Vice President and General Manager, Detroit Edison
Co., Detroit, Mich
1940
L. Whitney Watkins . . . Farmer, Manchester, Mich.
1941
Harry L. Pierson
President, Detroit Harvester Co., Detroit, Mich.
1942
Detroit Branch
District No. 8—St. Louis
Class A:
George R. Corlis
Sidney Maestre
Max B. Nahm
Cashier, Anna National Bank, Anna, 111.
1940
President, Mississippi Valley Trust Co., St. Louis, Mo.. . 1941
Vice President, Citizens National Bank, Bowling Green,
Ky
1942
Class B:
Harvey C. Couch
John R. Stanley
James W. Harris
Class C.Oscar G. Johnston 2
Douglas W. Brooks
President, Ark. Power & Light Co., Pine Bluff, Ark
1940
Secretary, Treasurer, Stanley Clothing Co., Evansville, Ind
1941
Chairman, Harris-Langenberg Hat Co., St. Louis, Mo. . 1942
President, Delta and Pine Land Co., Scott, Miss.
1940
President, Union Compress & Warehouse Co., Memphis,
Tenn
1941
William T. Nardin 1 . . . . Vice President and General Manager, Pet Milk Co., St.
Louis, Mo
1942
Little Rock Branch
Appointed by Federal Reserve Bank:
Arthur F. Bailey
Managing Director, Little Rock, Ark.
Arthur E. McLean . . . President, Commercial National Bank, Little Rock, Ark.
Paul R. McCoy
Chairman, Peoples National Bank, Stuttgart, Ark
James H. Penick
Vice President, W. B. Worthen Co., Little Rock, Ark.
Appointed by Board of Governors:
Ira N. Barnett, Jr.
Manager, Barnett Bros. Mercantile Company > Batesville, Ark
Henry H. Tucker
President, Fones Bros. Hardware Company, Little Rock,
Ark
Romeo E. Short
Farmer, Brinkley, Ark
1940
1940
1941
1942
1940
1941
1942
Louisville Branch
Appointed by Federal Reserve Bank:
Frank D. Rash
Managing Director, Louisville, Ky.
1940
Phil E. Chappell
. . Cashier, Planters Bank & Trust Co., Hopkinsville, Ky. 1940
Ralph C. Gifford
President, First National Bank, Louisville, Ky
1941
James O. Sanders
President, First National Bank, Huntingburg, Ind.
^ 1942
Appointed by Board of Governors:
Perry B. Games
Farmer and Stock Raiser, Carrollton, Ky
James B. Hill
President, Louisville & Nashville R. R., Louisville, Ky. .
Vacancy
Memphis Branch
Appointed by Federal Reserve Bank:
William H. Glasgow . . . Managing Director, Memphis, Tenn
Bert A. Lynch
President, Farmers Bank & Trust Co.,Blytheville, Ark..
Oliver Benton. .
. . President, National Bank of Commerce, Jackson, Tenn.
Vance J. Alexander
President, Union Planters National Bank & Trust Co.,
Memphis, Tenn
1
Chairman.
110
2
1940
1941
1942
1940
1940
1941
1942
Deputy Chairman.
FEDERAL RESERVE BULLETIN
Directors of Federal Reserve Banks and Branches
Appointed by Board of Governors:
Rufus C. Branch
Cotton Farmer and Ginner, Pecan Point, Ark
J. Holmes Sherard
J. Holmes Sherard & Co., Sherard, Miss
Jesse P. Norfleet
President, Sledge & Norfleet, Memphis, Tenn
Term
Expires
Dec. 31
1940
1941
1942
District No. 9—Minneapolis
Class A:
Melvin 0. Grangaard.
James R. McKnight. .
Fred D. McCartney
Class B:
William 0. Washburn.
James E. O'Connell. . .
Albert P. Funk
Class C.William D. Cochran. .
Roger B. Shepard .
Walter C. Coffeyx. .
. Vice President, First Nat. Bk. & Tr. Co., Minneapolis,
Minn
1940
President, Pierre National Bank, Pierre, S. D
1941
Vice President, First National Bank, Oakes, N. D
1942
. President, W. 0. Washburn & Sons, St. Paul, Minn
1940
President, Eddy's Bakeries, Inc., Helena, Mont
1941
President, La Crosse Rubber Mills Co., La Crosse, Wis. 1942
President, W. D. Cochran Freight Lines, Iron Mountain, Mich
1940
President, Finch, Van Slyke & McConville, St. Paul,
Minn
1941
Dean, College of Agriculture, University of Minnesota,
St. Paul, Minn
1942
Helena Branch
Appointed by Federal Reserve Bank:
Robert E. Towle
Managing Director, Helena, Mont
Arthur R. McDermott. . Vice President, Montana National Bank, Billings, Mont.
Peter Pauly
President, Deer Lodge Bank and Trust Company, Deer
Lodge, Mont
..
Appointed by Board of Governors:
Alex Cunningham
Vice President and Treasurer, Western Life Insurance
Co., Helena, Mont
Hobart D. Myrick
Farmer, Square Butte, Mont
District No. 10—Kansas City
Class A:
Frank W. Sponable.. . President, Miami County Nat. Bank, Paola, Kan.
Edward E. Mullaney. President, Farmers & Merchants Bk., Hill City, Kan. .
President, U. S. National Bank, Denver, Colo
Thomas A. Dines
Class B:
Vice President, Burk Lumber Company, Dawson, N. M.
Joseph M. Bernardin. . Phillips
Petroleum Co., Bartlesville, Okla
Lee E. Phillips
Vice President, John Deere Plow Co., Omaha, Neb. .
Willard D. Hosford
Class C.McCune, Caldwell & Downing, Kansas City, Mo
Robert B. Caldwell1. . Attorney-at-law, Seward, Neb.
Editor, The Farmer-Stockman, Oklahoma City, Okla.
John J. Thomas 2
Clarence Roberts
Denver Branch
Appointed by Federal Reserve Bank:
Joseph E. Olson
Managing Director, Denver, Colo
William C. Kurtz
President and General Manager, Independent Lumber
Co., Grand Junction, Colo.
Harold Kountze
President, Colorado National Bank, Denver, Colo
Roblin H. Davis
President, Denver National Bank, Denver, Colo
Appointed by Board of Governors:
Albert K. Mitchell
President and General Manager, T. E. Mitchell & Son,
Albert, N. M
James B. Grant ...
Lewis and Grant, Denver, Colo.
.
Wilson McCarthy
President, Denver & Salt Lake R. R. Co., Denver, Colo.
1
Chairman.
FEBRUARY 1940
2
1940
1940
1941
1940
1941
1940
1941
1942
1940
1941
1942
1940
1941
1942
1940
1940
1941
1942
1940
1941
1942
Deputy Chairman.
111
Directors of Federal Reserve Banks and Branches
Term
Oklahoma City Branch
Appointed by Federal Reserve Bank:
Cyrus E. Daniel
Managing Director, Oklahoma City, Okla
Samuel W. Hayes
Hayes, Richardson, Shartel, Gilliland & Jordan, Oklahoma City, Okla
Leroy D. Edgington. . . President, First National Bank, Ponca City, Okla
Arthur E. Stephenson. . .President, Central National Bank, Enid, Okla
Appointed by Board of Governors:
Lee Clinton
Realtor, Tulsa, Okla
Neil R. Johnson
Rancher and Farmer, Norman, Okla
Thomas S. Hanna
President, Baker, Hanna & Blake Co., Oklahoma City,
Okla
Expires
^ec- $1
1940
1940
1941
1942
1940
1941
1942
Omaha Branch
Appointed by Federal Reserve Bank:
Lloyd H. Earhart
Managing Director, Omaha, Neb
George A. Bible
President, First National Bank, Rawlins, Wyo
George W. Holmes
President, First National Bank, Lincoln, Neb
Thomas L. Davis
President, First National Bank, Omaha, Neb
Appointed by Board of Governors:
William H. ScKellberg. . President, Union Stock Yards Co., Omaha, Neb
Robert E. Campbell
Chairman, Miller & Paine, Lincoln, Neb
Harry L. Dempster
President, Dempster Mill Mfg. Co., Beatrice, Neb
A .
Pat E. Hooks
Ford Seale
Ed H. Winton
ClassB:
James M. West
John D. Middleton
Jesse R. Milam
Class C.Joseph B. Cozzo 1
James H. Merritt
Jay Taylor 2
Cla88
District No. 11—Dallas
President, First National Bank, Itasca, Tex
President, Citizens National Bank, Denison, Tex
Executive Vice President, Continental Nat. Bank, Fort
Worth
> Tex
Chairman, West Production Co., Houston, Tex
President, Texas Refining Co., Greenville, Tex
President, Cooper Company, Inc., Waco, Tex
Womack and Cozzo, Dallas, Tex
Retired, McKinney, Tex
Rafter O Cattle Company, Amarillo, Tex
Chairman.
112
2
1940
1941
1942
1940
1941
1942
1940
1941
1942
1940
1941
1942
El Paso Branch
Appointed by Federal Reserve Bank:
Joseph L. Hermann . . . Managing Director, El Paso, Tex
Charles N. Bassett
President, State National Bank, El Paso, Tex.
Frank R. Coon
President, Mimbres Valley Bank, Deming, N. M
Homer A. Jacobs
Vice President, El Paso National Bank, El Paso, Tex.. .
Appointed by Board of Governors:
Jack B. Martin
President, Arizona Ice & Cold Storage Co., Tucson, Ariz.
Franklin M. Hayner.... President, Las Cruces Lumber Co., Las Cruces, N. M.. .
Ray E. Sherman
President, Leavell and Sherman, Inc., El Paso, Tex.. . . .
Houston Branch
Appointed by Federal Reserve Bank:
William D. Gentry
Managing Director, Houston, Tex
John W. Neal
Chairman, Second National Bank, Houston, Tex
Sam R. Lawder
Vice President, First National Bank, Houston, Tex.. . .
Preston B. Doty
President, First National Bank, Beaumont, Tex
Appointed by Board of Governors:
George G. Chance
Farmer, Bryan, Tex.
Henry Renfert
Renfert-Helmbrecht Co., Galveston, Tex.
Sam Taub
J. N. Taub & Sons, Houston, Tex
San Antonio Branch
Appointed by Federal Reserve Bank:
Miers Crump
Managing Director, San Antonio, Tex
Claude M. Bartholomew. Vice President, Austin National Bank, Austin, Tex.. . .
John K. Beretta
President, National Bank of Commerce, San Antonio,
Tex
Ernest J. Miller
President, South Texas National Bank, San Antonio,
Tex
1
1940
1940
1941
1942
1940
1940
1941
1942
1940
1941
1942
1940
1940
1941
1942
1940
1941
1942
1940
1940
1941
1942
Deputy Chairman.
FEDERAL RESERVE BULLETIN
Directors of Federal Reserve Banks and Branches
Term
Expires
Dec. 31
1940
1941
Appointed by Board of Governors:
Dolph Briscoe
Stock Raiser, Uvalde, Tex
Jamie M. Odom
Contractor, Austin, Tex
Edwin F. Flato
.President, Corpus Christi Hardware Company, Corpus
Christi, Tex
1942
Class A:
District No. 12—San Francisco
Charles K. Mclntosh. . . . Chairman, Bank of California, N. A., San Francisco,
Calif
Reno Odlin
President, Puget Sound Nat. Bank, Tacoma, Wash
Carroll F. Byrd
Vice President & Chairman, First National Bank, Wil„.
_
lows, Calif
Class B:
Elmer H. Cox.
President, Madera Sugar Pine Co., San Francisco, Calif.
William G. Volkmann. .. Vice President, A. Schilling & Co., San Francisco, Calif.
Reese H. Taylor
President, Union Oil Co., Los Angeles, Calif
Class C:
2
St. George Holden
President, St. George Holden Realty Co., San Francisco,
Calif
Vacancy
Carlyle Thorpe
General Manager, California Walnut Growers Assn.,
Los Angeles, Calif
Los Angeles Branch
Appointed by Federal Reserve Bank:
W. Norman Ambrose. , Managing Director, Los Angeles, Calif
Victor H. Rosetti
President, Farmers & Merchants National Bank, Los
Angeles, Calif
Charles E. Brouse
President, Citizens National Trust & Savings Bank,
Riverside, Calif
Appointed by Board of Governors:
William S. Rosecrans. . . Land Management & Investments, Los Angeles, Calif..
Carl V. Newman
President, Calavo Growers of California, Los Angeles,
Calif
Portland Branch
Appointed by Federal Reserve Bank:
David L. Davis
Managing Director, Portland, Ore
Nona A. Davis
Vice President, Baker-Boyer National Bank, Walla
Walla, Wash.
Ernest B. MacNaughton. President, First National Bank, Portland, Ore
Appointed by Board of Governors:
Albert E. Engbretsen . .President, Engbretsen Seed Co., Astoria, Ore
George T. Gerlinger.... President, Willamette Valley Lumber Company, Portland, Ore
Salt Lake City Branch
Appointed by Federal Reserve Bank:
Winnie L. Partner
Orval W. Adams
Managing Director, Salt Lake City, Utah
Executive Vice President, Utah State National Bank,
Salt Lake City, Utah
Frederick P. Champ . . . President, Cache Valley Banking Co., Logan, U t a h . . . .
Appointed by Board of Governors:
John Thomas
Livestock Raiser & Farmer, Gooding, Idaho
Herbert S. Auerbach. . .President, Auerbach Company, Salt Lake City, Utah. .
Seattle Branch
Appointed by Federal Reserve Bank:
Clarence R. Shaw
Managing Director, Seattle, Wash
Ned A. Telyea
President, Old National Bank & Union Trust Co.,
Spokane, Wash
Andrew Price
President, National Bank of Commerce, Seattle, Wash.
Appointed by Board of Governors:
Fred Nelsen
Dairy Farmer, Seattle, Wash
Charles F. Larrabee.... Vice President, Pacific American Fisheries, Inc., Bellingham, Wash
1
Chairman.
FEBRUARY 1940
2
Deputy Chairman.
1940
1941
1942
1940
1941
1942
1940
1941
1942
1940
1940
1941
1940
1941
1940
1940
1941
1940
1941
1940
1940
1941
1940
1941
1940
1940
1941
1940
1941
,
113
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1939
Boston
New York
Philadelphia
2,323
36, 903,367
615,169
128, 577
790, 331
$2, 744
174
2, 707, 507
77,168
5,641
15,807
$15,448
897
10,887,682
117, 648
21, 312
168,077
$7,383
235
3,069, 558
132, 954
2,035
52, 211
$4,068
216
3, 732, 788
18, 367
14,199
76, 203
1, 941, 562
61,823
9,335
27, 684
$2,145
81
1, 593,067
38, 564
635
12, 376
38, 500,665
2,809,041
11,211,064
3, 264, 376
3, 845,841
2,045, 487
1, 646,868
2, 210,856
17,486,823
964,849
64,765
134, 268
16,102
117, 374
1,062,445
55,820
10,367
6,571
1,157
502,074
4,422,828
241,968
14,803
12, 822
930
123,181
1, 273,482
69,110
4,946
8,267
750
173, 774
1, 555, 965
83,025
6,116
8,575
1,105
141, 900
953, 598
54,820
498
6,566
575
137,120
1,027,473
56,857
2,000
14,819
1,382
282,815
3, 356,450
459, 716
782, 704
236, 389
232,087
1, 501,035
1, 215, 582
388,167
160,181
142,783
337, 710
634, 707
15,247
363, 225
18, 633
" 73,843
35, 527
15, 655
43,907
552, 584
82, 748
147,103
41,290
32,167
477,675
236, 205
64,472
25, 663
23, 369
289, 284
28, 910
66, 659
28,049
18, 922
73, 567
126, 532
32,100
13, 362
695
70, 779
46,029
26, 682
76, 544
25,872
316, 413
46, 778
77,987
21, 937
17,128
140,338
152,055
46,581
11, 647
71,077
34,986
56, 701
23,143
269, 660
28, 778
44,835
17,024
13, 971
69,103
76,189
22, 664
1,613
16,994
11, 752
34, 602
22, 206
204, 927
44,987
60,581
13, 245
15,420
60,804
42, 589
34,100
26,956
1,277
63,172
58,174
30, 607, 989
2,067, 960
7,016,047
2, 284, 411
2,848,060
1, 788, 285
1,888, 089
4,939,082
185,886
654,206
204,131
255,428
248, 782
687, 576
25,668, 907
1, 621,464
1,882,074
116, 514
2,080, 280
157, 586
2, 592, 632
150, 738
1, 539, 503
69, 373
1, 200, 513
56,546
1,196, 535
159, 949
103, 259
10,053
6, 361, 841
577, 662
336,877
35,156
93,129
10,315
102, 936
14,182
69,000
12,157
38, 228
10,675
28, 646,855
2, 111, 900
7, 311, 536
2, 341, 310
2,860,488
1, 690,033
1, 305, 962
9,853,810
697,141
3,899, 528
923,066
985, 353
355,454
340,905
4,390,869
423,933
319, 978
50,651
1, 261, 918
94,295
369,951
37, 530
432,876
24,636
229, 376
21,096
189, 295
97,805
4,814,802
370,629
1, 356, 213
407,481
457, 512
250,472
287,100
739,040
1,417,404
268, 803
32,475
405,308
120,286
70,554
19,048
5,198
321,838
224,363
14,819
231, 200
18
" 12," 245"
2,425,247
32,493
424, 356
125,484
546, 201
2, 389, 555
338,136
931, 857
281,997
12, 243, 365
1,035, 277
4,831, 385
1,205,063
24, 579
8,110,462
- 4 2 5 , 653
4,533,977
51
563,982
3,054,991
-348,859
2,125,253
Total
Cleveland
Richmond
Atlanta
Current Earnings
Discounted bills.<.
Purchased bills
U. S. Government securities
Industrial advances
Commitments to make industrial advances
All other
Total current earnings
$4,983
100
Current Expenses
Operating expenses:
Salaries:
Officers
Employees
Retirement System contributions for current service. _
Legal fees
Directors' fees and expenses
Federal Advisory Council, fees and expenses
Traveling expenses (other than of directors and members of Federal Advisory Council)
Postage and expressage
Telephone and telegraph
Printing, stationery and supplies
Insurance on currency and security shipments
Other insurance
Taxes on bank premises
Depreciation on bank building
Light, heat, power, and water
Repairs and alterations to bank building
Rent...
Furniture and equipment-. . . . _ _ . . _
All other
Total operating expenses
Less reimbursements for certain fiscal agency and
other expenses
Net operating expenses
Assessment for expenses of Board of Governors
Federal Reserve currency:
Original cost
Cost of redemption
Total current expenses
Profit and Loss
Current net earnings
Additions to current net earnings:
Profits on sales of U. S. Government securities
All other
Total
Deductions from current net earnings:
Losses and reserves for losses on industrial advances (net)
Special reserves and charge-offs on bank premises
Allother
Total
Net additions to current net earnings
Net earnings
Paid U. S. Treasury (sec. 13b)
Dividends paid
Transferred to surplus (sec. 13b)
Transferred to surplus (sec. 7)
150,822
55,832
27, 523
3,473
96
17, 918
36, 432
471, 244
82, 799
41,072
896, 664
523,127
381,977
725, 380
- 2 2 , 527
502,210
823, 216
-290
73,738
305, 414
- 4 6 , 834
264, 547
Surplus (sec. 7), Jan. 1, 1939
Addition, as above
Transferred to reserves for contingencies
149,151,356
4, 533,977
-1,964,919
10,083, 351 52,462,949 13, 695, 587
502, 210
471, 244 2,125, 253
-150,000 -1,261,918
14,322, 790
73, 738
- 7 3 , 737
4,982,672
264, 547
Surplus (sec. 7), Dec. 31, 1939
151, 720,414
10, 404,595 53, 326, 284 14,197, 797
14, 322, 791
5, 247, 219
114
246,028
167, 673
14,810
272, 229
94,938
5, 629, 690
94,938
5, 724, 628
FEDERAL RESERVE BULLETIN
Earnings and Expenses of Federal Reserve Banks During 1989—Continued
Chicago
St. Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Current Earnings
$2,742
293
4,044, 306
22, 677
1,068
183, 516
$1,992
14
1, 585, 350
333
5,511
16, 729
$1,644
11
1,069, 782
50,206
1,295
11, 662
$8,456
68
1,798,964
10,459
12, 592
164,920
$3,673
67
1,422,670
32, 598
127
7,076
$5,620
16
3,050,13
52,37
54,82
54,07
4, 254,602
1,609,920
1,134, 600
1, 995,459
1,466,211
3, 217,18
Discounted bills
Purchased bills
U. S. Government securities
Industrial advances
Commitments to make industrial advances
All other
Total current earnings
Current Expenses
247,690
2,219,840
120,094
757
6,524
1,196
160,327
988,646
58,069
28,296
411,864
32, 274
81, 525
25,655
20,075
186,412
110, 739
40, 584
9,213
Operating expenses:
Salaries:
Officers
Employees
Retirement System contributions for current service
Legal fees
Directors' fees and expenses
Federal Advisory Council, fees and expenses
Traveling expenses (other than of directors and members of Federal Advisory Council)
Postage and expressage
Telephone and telegraph
Printing, stationery and supplies
Insurance on currency and security shipments
Other insurance
Taxes on bank premises
Depreciation on bank building
Light, heat, power, and water
Repairs and alterations to bank building
Rent
-•
Furniture and equipment
All other
108, 238
591, 517
31,851
9,112
9,173
1,323
172,360
1,014,145
60,884
98
23,011
1,610
121, 768
964,234
51,344
4,368
9,796
1,371
205,050
1,412,650
81,00
11, 700
17,413
3,428
21, 726
132,970
19,029
30,179
7,488
17,707
69, 567
34,336
19, 622
15,110
44,466
80,624
20,161
160,717
34,878
45,840
5,389
20,853
52,037
51,687
21, 722
6,915
3,120
13, 913
52,797
16,146
35,181
16,734
216,124
43,182
44,639
9,156
21, 522
88,853
155,959
28, 537
11,784
4,112
19,326
42,127
13,301
162,681
34,099
42,010
7,584
17,882
33,613
69,660
24,202
13,637
1 751
5,775
44,756
28,853
276,00
45,420
67, 5&
24,045
20,785
98,244
103, 791
26,060
20,808
43 661
12,795
70, 740
3, 667, 828
1,709,077
1,170, 275
1,974,163
1, 623,832
2, 569,962
775, 218
447, 582
269, 201
355, 713
509,981
345, 378
2,892,610
196,358
1,261,495
47, 914
901,074
36, 797
1,618,450
46,845
1,113,851
47,679
201,953
25,431
41,367
7,202
30, 752
6,116
38,004
6,715
31,931
6,015
109,099
15,932
3,316,352
1,357, 978
974,739
1,710,014
1,199,476
2,467,067
938, 250
251, 951
159,861
285,445
266, 735
750,121 Current net earnings
487, 914
33, 399
201,044
8,519
139,648
7,579
216,909
8,348
169,192
8,514
372, 768
31, 561
521, 313
209, 563
147,227
225, 257
177, 706
404,329
10,731
1,275
Total operating expenses
Less reimbursements for certain fiscal agency and
other expenses
2,224, 584
Net operating expenses
117,452 Assessment for expenses of Board of Governors
Federal Reserve currency:
Original cost
Cost of redemption
Total current expenses
Profit and Loss
14,000
462, 500
146
39
172
14,000
78,000
240
133,655
172
92, 240
261,089
13, 572
225,085
85,466
143, 240 Net additions to current net earnings
173,433
510, 530
352, 201
893,361 Net earnings
3 981
256,136
617
241,185
634,123 Dividends paid
Transferred to surplus (sec. 13b)
259, 238 Transferred to surplus (sec. 7)
33,000
100,000
655
476, 646
4,084
44,667
205,479
982, 917
457,430
239,369
- 6 , 664
224, 725
174,905
-479
-993
250,413
110,399
22,666,003
158, 265
4,685,498
224,725
-201,044
3,153,414
-993
3,612, 681
250,413
-250,413
3,891,870
110,399
-27,807
22, 824,268
4, 709,179
3,152,421
3, 612, 681
3, 974,462
158, 265
FEBRUARY
1940
Total
Deductions from current net earnings;
Losses and reserves for losses on industrial advances
34 559
(net)
Special reserves and charge-offs on bank premises
223,866
2,664
All other
4,045
5,120
819, 532
Additions to current net earnings:
Profits on sales of U. S. Government securities
All other
Total
Paid U S Treasury (sec 13b)
9, 964,851 Surplus (sec. 7), Jan. 1, 1939
259, 238 Addition, as above
Transferred to reserve for contingencies
10, 224,089
Surplus (sec. 7), Dec. 31, 1939
115
(foods Expenditures
in 1939
p
by
GEORGE TERBORGH
Senior Economist, Division of Research and Statistics
T
HE accompanying table gives preliminary larger increase over the previous year than
estimates of 1939 expenditures for new those of producers (21 per cent against 14),
durable goods, in continuation of the series but this was due largely to a greater relative
for earlier years presented in the Bulletin gain in residential building than in business
for last September. For definitions, sources, construction (plant). The increases in equipand methods, the reader is referred to that ment outlays were substantially the same in
presentation.
both cases. The very slight gain in producers'
The total of public and private expendi- outlays for plant reflects in part their natural
tures in 1939 appears to have exceeded that lag behind equipment expenditures on an upfor 1938 by something like 17 per cent, though turn, owing to the greater time required to
falling short of the 1937figureby a small mar- prepare and launch construction projects in
gin. Public works expenditures made a new this field.
high, surpassing 1938, itself a record year, by Considerable variation will be noted in the
half a billion dollars, and gaining a full billion degree to which different classes of goods reover 1937. ** For privately owned durable covered from the 1937-38 decline. Public
goods, the year was less impressive. A sub- construction, residential building, construcstantial gain over 1938 (18 per cent) sufficed tion by non-profit institutions, and plant conto erase only a little over half of the 1937-38 struction by the transit industry were higher
decline. It should be said, however, that the than in 1937 or 1938. Agriculture and the elecrate of private expenditure was rising during tric power industry showed outlays below
1939, so that by the end of the year it ap- these years for both plant and equipment.
proximated the average for 1937.
Other classes of goods surpassed 1938, but
Consumers' expenditures in 1939 showed a fell short of 1937 by varying degrees.
ESTIMATED EXPENDITURES FOR NEW DURABLE GOODS
[All 1939 figures are preliminary. In millions of dollars]
Plant and equipment
1937
Public and private
___
19,993 1 6 , 378
Housing
Non-profit institutions
Passenger cars
Household goods
__ _
r
1
1937
19, 237
_,_
._
1938
6,991
••6,952
13,359
'3, 593
1
1939
1937
1938
1939
7,953
13,002
9,426
11,284
3,832
4,121
15, 405
2, 789
4,202
13,002
9,426
11,284
7,570
'5, 389
6,135
2,294
1,776
1,851
5,276
3,613
4,284
525
400
348
101
162
3,122
919
1,993
238
422
318
83
110
1 , 995
764
1,459
362
373
333
107
135
2,425
695
1,705
188
172
100
39
117
1,053
222
403
117
182
88
41
r72
••755
182
••339
152
160
90
54
90
775
175
355
337
228
248
62
45
2,069
697
1,590
121
240
230
42
38
1,240
582
1,120
210
213
243
53
45
1,650
520
1,350
9,634
7,630
9,270
1,908
1,817
2,270
7,726
5,813
7,000
1,740
168
1,618
199
2,060
210
2,726
5,000
1,613
4,200
2,300
4,700
17, 204 13,019
Producers'—Total
Consumers'—Total
1939
1
Public .
Private
Railroads
Electric power _ _.
Telephones
Transit
Other utilities
. . .
Mining and manufacturing.
Agriculture
Commercial and miscellaneous
1938
Equipment
Plant
Revised.
Includes work-relief construction.
116
FEDERAL RESERVE
BULLETIN
A/attonal Summatu oj\ Iiu4ine55 Condition*
Compiled January 16 and released for publication January 18. Later developments are discussed on pages
81-88 of this BULLETIN
I
NDUSTRIAL activity, after a rapid rise in
recent months, declined less than seasonally
in December. In the first half of January
activity did not show the usual seasonal increase. Distribution of commodities to consumers was maintained in large volume.
In the nondurable goods industries, where
production had been at high levels throughout
the autumn, changes in output in December
were largely seasonal in character. At woolen
textile mills, however, there was a considerable reduction in activity, and activity at silk
mills declined to a low level, reflecting in part
continued high prices of raw silk. Output of
crude petroleum continued at a high rate in
December, while coal production was reduced,
following a large volume of output in the two
preceding months.
In the first half of January steel ingot production was at a somewhat lower level than in
December, while automobile assemblies were
maintained at about the same high rate as in
the previous month.
Value of construction contracts awarded,
as reported by the F. W. Dodge Corporation,
increased further in December, owing to the
inclusion in the December figures of a large
amount for a dam under construction by the
Tennessee Valley Authority. Contracts for
private building, both residential and nonresidential, declined seasonally.
Production
Industrial output decreased in December,
but by a smaller amount than is usual at this
season, with the consequence that the Board's
index, which allows for usual seasonal variations, advanced further from 124 to 128 per
cent of the 1923-1925 average. As in other
recent months, the rise in the index continued
to reflect mainly increased activity in industries producing durable goods. Automobile
production rose sharply in December owing
to the reopening of plants of one large producer which had been closed for almost two
months. Plate glass production also increased.
At steel mills activity was maintained near
the high level that prevailed in October and
November; fourth quarter production of steel
ingots was greater than in any other threemonth period on record. Output of zinc and
Employment
deliveries of tin continued to increase in December, and lumber production declined less According to reports from leading industhan seasonally.
trial States, factory employment decreased
DEPARTMENT STORE SALES AND STOCKS
INDUSTRIAL PRODUCTION
PER CENT
PER CENT
1140
140 | ~ ^
130
130
7
120
110
120
90
PER CENT
1 110
100
100
90
90
80
80
70
70
60
60
50
50
110
7
100
PER CENT
110
100
V
90
80
80
70
70
J
1938
1939
Index of physical volume of production, adjusted for se sonal
variation, 1923-1925 average = 100.
1934
FEBRUARY
1935
1940
1934
1936
1937
40
1938
Indexes of value of sales and stocks, adjusted for seasonal
variation, 1923-1925 average = 100.
117
National Summary of Business Conditions
Government Security Market
Prices of United States Government securities continued to advance during December
Distribution
and were steady during the first two weeks of
Distribution of commodities to consumers January.
increased further in December. Sales at
Bank Credit
variety stores showed about the usual sharp
rise and sales at department stores and mailorder houses increased more than seasonally. Total loans and investments of reporting
member banks in 101 leading cities declined
Freight-car loadings declined by more than in the four weeks ending January 10, followthe usual seasonal amount from November to ing an increase during the first half of DeDecember, reflecting chiefly a further reduc- cember. These changes reflected largely a
tion in coal shipments and a decrease in load- temporary rise and a subsequent decline in
ings of ore, which had been at a high level in loans to security brokers and dealers in conthe previous month.
nection with the Government's flotation of a
new issue of bonds. Total holdings of United
Commodity Prices
States Government obligations at city banks
Prices of wheat, which had advanced showed little net change during the period.
sharply early in December and continued at As a result chiefly of further increases in
the higher level during the rest of the month, gold
stock as well as the post-holiday return
declined considerably in the first half of Janu- of currency
from circulation, excess reserves
ary. Smaller decreases occurred in some
of
member
banks increased sharply in the
other commodities, including hides, tin, and
zinc. Prices of most other basic commodities, four weeks ending January 10.
such as cotton, wool, lead, and steel scrap,
showed little change.
MEMBER BANKS IN 101 LEADING CITIES
less than seasonally in December and payrolls
showed a further advance.
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
12
WHOLESALE PRICES
PER CENT
PER
ENT
110
110
10
10
***
U.S. GOV'T OBLIGATIONS
100
100
8
90
90
6
80
4
70
2
COMMERCIAL LOANS>
80
'
\
OTHER SECURITIES
70
60
60
50
50
1
.
0
'34
1935
I ^^
LOANS TO BROKERS ^ — 1
AND DEALERS
1936
1937
1938
1939
Wednesday figures for reporting member banks in 101 leading
1934
1935
1936
1937
1938
1939
cities, September 5, 1934, to January 17, 1940. Commercial loans,
Index compiled by the United States Bureau of Labor Statistics, which include industrial and agricultural loans, represent prior
1926 = 100. By weeks, 1934 to week ending January 13, 1940. to May 19, 1937, so-called "Other loans" as then reported.
118
FEDERAL RESERVE
BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve bank credit, and related items
121
Federal Reserve bank discount rates; rates on time deposits, reserve requirements
122
Federal Reserve bank statistics
123-127
Reserve position of member banks; deposits in larger and smaller centers. .
128
Money in circulation
129
Gold stock and gold movements; bank suspensions; bank debits
.
130
All banks in the United States, number, deposits, loans and investments. .
•
131
Condition of all member banks
132-133
Weekly reporting member banks
134-137
Commercial paper, bankers' acceptances, and brokers' balances. .
138
Money rates and bond yields
. 139-140
Security markets
.
140
Treasury finance
. . 141-142
Governmental corporations and credit agencies; Postal Savings System...
. . 143-144
Production, employment, and trade
145-153
Wholesale prices
154
Statistics for Federal Reserve chart book
155-156
Number of banks and branches in United States, 1933-1939
156
Analysis of changes in number of banks and branches during 1939 .
157
Statistics of all banks in United States, October 2, 1939
158-162,
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.
FEBRUARY 1940
119
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
16
TREASURY DEPOSITS
AT F. R. BANKS
1934
120
1935
1936
1937
Latest figures for January 17. See page 121.
1938
1939
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Member bank
Reserve bank credit outstanding
U.S.
Gov- Other
Bills
ern- Reserve
Bills
dis- bought
ment
bank Total
tounted
securi- credit *
Date
Gold
stock
ties
Monthly averages of
daily figures:
1938—Oct
—
Nov
Dec
1939—Oct
Nov
Dec
2,564
2,564
2,564
2,763
2,651
2,510
End of month figures:
1938—Oct. 31
Nov. 30___
Dec. 31.....
1939—Oct. 31
Nov. 30—
Dec. 30.—
2,564
2,564
2,564
2,736
2,552
2,484
Wednesday figures:
1939—Jan. 4
Jan. 11
Jan.18
Jan.25
reserve balances
TreasOther
Treas- Treasury
ury
deposits Non- Federal
ury
cur- Money
memcir- cash
with
rency in
cula- holdFederal ber de- Reserve
outaction
posits
Reserve
ings
standcounts Total Excess2
banks
ing
2,782
2,728
2,673
2,239
2,314
2,402
665
526
723
358
454
616
361
524
526
732
766
739
261
259
263
240
241
248
8,546
8,727
8,745
11,862
11,688
11,473
3,143
3,276
3,226
5,490
5,259
5,011
2,770
2,706
2,254
2,367
2,409
535
484
923
286
419
634
424
574
441
728
819
653
260
259
260
241
241
251
8,713
8,876
8,724
11,973
11,628
11, 653
3,227
3,383
3,205
5,553
5,160
5,209
6,839
6,716
5,666
6,623
2,725
2,712
2,726
2,754
891
873
800
767
459
435
470
258
258
256
256
8,819
8,956
9,130
9,166
3,298
3,436
3,559
3,597
2,598
2,592
2,618
2,832
2,722
2,612
13, 940
14,162
14,416
17,002
17, 217
17, 518
2,745
2,760
2,783
2,926
2,939
2,956
6, 668
6,750
2,586
2,584
2,601
2,801
2,650
2,593
14,065
14, 312
14, 512
17,091
17, 358
17, 644
2,751
2,773
2,798
2,932
2,947
2,963
6,700
6,787
6,856
7,342
7,483
7,598
2,564
2,564
2,564
2,564
2,604
2,592
2,588
2,583
14, 565
14, 577
14, 615
14, 640
2,800
2,805
2,810
2,812
14
13
33
59
89
102
7,
7,413
7,609
Apr.
Apr.
Apr.
Apr.
5
12....
19....
26.—
2,564
2,564
2,564
2,564
2,584
2,584
2,591
2,580
15,292
15,430
15, 605
15,714
2,838
2,842
2,844
2,849
6,855
6,835
6,858
6,860
2,712
2,707
2,723
2,693
1,103
1,015
951
913
470
515
509
516
257
256
256
256
9,318
9,528
9,743
9,903
3,708
3,879
3,998
4,124
May
May
May
May
May
3
10....
17—
24....
31.—
2,564
2,564
2,564
2,564
2,564
2,572
2,575
2,576
2,576
2,573
15,801
15, 856
15, 892
15, 927
15, 957
2,851
2,854
2,857
2,859
2,862
6,915
6,904
6,913
6,893
6,967
2,678
2,683
2,646
2,636
936
959
927
915
920
554
521
543
558
586
255
255
255
254
253
9,872
9,967
10,005
10,097
10,029
4,084
4,186
4,244
4,304
4,218
June
June
June
June
7
14
21
28
2,564
2,564
2,564
2,551
2,576
2,605
2,584
2,567
15,987
16,027
16,060
16,093
2,864
2,868
2,873
2,879
6,936
6,934
6,962
2,571
2,570
2,566
2,559
935
928
941
962
630
714
714
677
253
263
10,053
10,101
10,099
10,116
4,279
4,264
4,227
4,243
July
July
July
July
5
12
19
26
2,551
2,535
2,515
2,569
2,569
2,537
2,512
16,136
16,174
16,191
16, 227
2,880
2,885
2,890
2,893
7,100
7,041
7,022
7,002
2,577
2,552
2,530
2,506
820
791
764
742
678
638
634
257
257
257
10,151
10,350
10.412
10,436
4,292
4,447
4,485
4,485
Aug.
Aug.
Aug.
Aug.
Aug.
2
9
16
23____
30
2,453
2,443
2,423
2,423
2,426
2,476
2,462
2,453
2,441
2,448
16, 248
16, 270
16, 335
16, 501
16, 638
2,895
2,897
2,900
2,903
2,905
7,054
7,070
7,091
7,098
7,141
2,370
2,354
2,366
2,334
2,327
863
844
776
724
709
597
565
604
257
256
256
256
255
4,462
4,533
4,590
4,741
4,799
Sept. 6
Sept. 13
Sept. 20
Sept. 27
2,594
2,824
2,826
2,804
2,643
2,873
2,883
2,846
16, 726
16,808
16, 902
16; 925
2,908
2,911
2,915
2,914
7,261
7,235
7,236
7,238
2,264
2,227
2,272
2,260
676
615
619
552
755
781
771
247
234
242
242
10.413
10, 509
10,633
10.829
10, 951
11,141
11,526
11, 549
11,621
Oct.
Oct.
Oct.
Oct.
4
11
18
25
2,785
2,765
2,748
2,736
2,837
2,810
2,817
2,771
16,958
16,973
16,997
17,039
2,920
2,924
2,927
2,929
7,309
7,346
7,330
7,302
2,250
2,238
2,216
2,230
469
404
349
326
776
742
239
238
241
240
11,672
11,739
11,907
11,950
5,359
5,399
5,509
5,534
Nov.
Nov.
Nov.
Nov.
Nov.
1
8
15
22
29____
2,721
2,687
2,649
2,593
2,552
2,765
2,721
2,715
2,645
2,605
17,099
17,132
17, 235
17, 257
17,347
2,932
2,935
2,939
2,942
2,947
7,352
7,409
7,384
7,434
7,462
2,250
2,263
2,341
2,357
2,359
349
348
564
466
441
241
241
241
241
241
11,814
11, 749
11, 587
11, 619
11, 620
5,376
5,354
5,166
5,171
5,135
Dec.
Dec.
Dec.
Dec.
6
13
20
27
2,512
2,512
2,496
2,489
47
23
140
71
2,568
2,543
2,645
2,568
17, 408
17,464
17, 576
17, 620
2,949
2,954
2,959
2,963
7,545
7, 564
7,679
7,663
2,391
2,398
2,411
2,417
346
753
694
646
790
779
772
727
776
785
719
765
678
241
240
253
255
11, 617
11, 288
11,378
11,493
5,154
4,849
4,900
5,046
2,484
2,477
2,477
73
20
31
2,564
2,504
2,515
17,697
17,747
17, 805
2,963
2,965
7,581
7,463
7,405
2,367
2,341
2,361
651
655
575
653
677
678
251
250
250
11, 721
11.830
12,020
5,271
5,377
5,502
1940—Jan. 3
Jan.10
Jan.17
45
30
4,969
5,271
5,275
5,332
2
Less than $500,000. i Includes industrial advances.
End of month and Wednesday figures estimated.
e p
g e s in this table
t a b e and
a d discussion
d c u s s i o n of their significance, see BULLETIN for July 193
NOTE.—For description
of figures
1935, pp.
p 419-429.
9429. Reprints of article
together
ther with available back figures,
figures may be obtained upon request from Division of Research
Researh and Statistics.
Sttiti
Back
fig are also
l shown
h
i
Back figures
in
Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500.
FEBRUARY
1940
121
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
Jan.
31
In
effect
beginning-
1
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
M a y 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
Boston
New York....
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
is
Advances under Section 10(b) of the
Federal Reserve Act
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
All other
In
effect
beginning-
Rate
Jan.
31
To banks
Rate
Jan.
31
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
In
effect
beginning-
To others
In
effect
beginning-
Rate
Jan.
31
Sept. 2, 1937
Oct. 10,1935
Sept. 4, 1937
Oct. 19, 1935
Sept. 10, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 17, 1937
Rate
Jan.
31
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. 29, 1938
Feb. 8, 1934
Sept. 1, 1939
M a y 11, 1935
Feb. 19, 1934
Apr. 23, 1938
Oct. 16, 1933
Feb. 23, 1935
Oct. 8, 1938
Apr. 16, 1938
Apr. 16, 1938
Oct. 19, 1933
1
2 ^ per cent to lenders other than banks.
NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, 1 per cent; Cleveland,
Kansas City, and Dallas, 1 ^ per cent.
Backfigure*.—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, Jan. 31, 1940, on advances and commitments under
Sec. 13b, of the Federal Reserve Act as amended June 19,1934.
[Per cent per annum except as otherwise specified]
Rate in
effect on
Jan. 31
Maturity
In effect beginning—
Previous
rate
Oct. 20, 1933
—do
...do
—do
...do
...do
...do.
1-15 days »..
16-30 days...
31-45 days...
46-60 days...
61-90 days.. .
91-120 days..
121-180 days
Federal Reserve bank
Advances to financing institutions—
Advances
direct to
Commitindustrial On porments
or comtion for
to make
On re- advances
mercial or- which
maining
ganizations institu- portion
tion is
obligated
Boston
i This rate also applies to acceptances bought under repurchase agree- New York....
ments, which agreements are always for a period of 15 days or less.
Philadelphia..
NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum Richmond
rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta
Chicago
Backfigures.—SeeAnnual Report for 1937 (table 41).
St. Louis
4-6
4-6
6
5-6
5-6
Minneapolis. .
Kansas City..
Dallas
San Francisco
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
4-6
5-6
5-6
4-5
0):
4-6
5
4
3-4
4-6
5
5-6
4
1-2
(») H
5-6
4-5
1
Authorized rate 1 per cent above prevailing discount rate.
«Same as to borrower but not less than 4 per cent.
»Flat charge.
Back figures—See Annual Report for 1937 (table 40).
[Per cent per annum]
Nov. 1, 1933 Feb. 1,1935
to
to
Jan. 31, 1935 Dec. 31, 1935
Savings deposits
__
Postal Savings deposits
Other time deposits payable in:
6 months or more
__
90 days to 6 months
Less than 90 days
2H
2K
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.
122
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
In effect
beginning
Jan. 1,1936
Classes of deposits
and banks
June 21, Aug. 16, Mar. 1, May 1, Apr. 16,
19361937191719371938Aug. 15, Feb. 28, Apr. 30, Apr. 15,
and
1937
1936
1937
1938
after
On net demand
deposits:»
Central reserve city..
Reserve city
Country
13
10
7
On time deposits:
All member b a n k s -
3
19H
15
17H
12X
26
20
14
22K
6
5
12
1
See footnote to table on p. 128 for explanation of method of computing net demand deposits.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
1940
Jan. 17
End of month
1939
Jan.10
Jan. 3
Dec. 27
Dec. 20
1939
Dec. 13
Dec.
Dec.
1938
Nov.
Dec.
Assets
Gold certificates on hand and due from
15,433,121 15,384,025 15, 304,121 15,173,794 15,134,619 15,024,:, 619 14,
122 15,199,120 14, 966,124 11, 787, 720
U. S. Treasury
9,903
9,903
9,903
9,973
9,385
10,413
9,903
9,866
Redemption fund—F. R. notes
9,873
370,419
254,429
302,708
315, 569
302,947
386,451
315,194
Other cash
319,383
368, 213
15,828,957 15, 764,347 15,629, 593 15,453,025 15,399,021 15, 337, 740 15, 298, 935 15, 524, 217 15, 295, 373 12,165,806
Total reserves.
Bills discounted:
For member banks
For nonmember banks, etc.
Total bills discounted
1,866
5,030
1,812
5,030
1,778
5,030
3,006
5,045
3,419
5,045
3,007
5,045
3,222
4,854
1,720
5,045
3,048
4,854
3,971
6,896
6,842
6,808
8,051
8,464
8,052
8,076
6,765
7,902
3,971
10,893
10,843
10,883
11,113
11,139
11,143
11, 387
11,044
11,364
15, 644
Bills bought:
Payable in foreign currencies.
Industrial advances
U. S. Government securities, direct
and guaranteed:
Bonds
Notes
Bills
_.
_
1,344,045 1, 344,045 1, 351,045 1,356,197 1, 263,197 1, 278,947 1, 278, 947 1, 351,045 1, 283,447
840,893
1,133, 225 1,133, 225 1,133, 225 1,133, 225 1, 233, 225 1, 233, 225 1, 233, 225 1,133, 225 1, 233, 225 1,156, 947
35,425
566,175
Total U. S. Government securities, direct and guaranteed
Other Reserve bank credit
2,477, 270 2,477, 270 2,484,270 2, 489,422 2,496,422 2, 512,172 2, 512,172 2,484,270 2, 552,097 2, 564,015
9,044
62,065
59, 565
129,049
12,113
36,354
20,093
90,588
78, 227
16,804
Total Reserve bank credit outstanding
2, 515,152 2, 503,999 2,564,026 2, 568,151 2, 645,074 2, 543,480 2, 567,989 2, 592, 667 2, 649, 590 2, 600, 983
549
Liabilities
F. R. notes in actual circulation.
4, 947, 763 4,977,654 4,979,850 4,905,433 4,899, 500 4,958, 546 4,861, 559 4,451,824
4, 849, 757
Deposits:
Member bank—reserve account... 12,019, 594 11,, 829,930 11.., 720, 622 11,493,118 11,378,164 11,., 287,608 11,., 616, 517 11, 653, 232 11.., 627, 502 8, 724,050
651,075
655,434
646,014
693, 565
346,191
574, 794
752, 580
634,270
419, 216
923, 225
U. 8. Treasurer—general account..
402,425
409,375
412, 759
398,444
395, 767
407,840
375,090
397, 443
411,643
199, 211
Foreign bank
251,072
267, 376
351, 923
386,416
282, 519
269, 961
343, 578
255,836
406,982
241, 512
Other deposits
Total deposits..
13, 272, 674 13,162,115 13, 025,194 12, 816,933 12,836, 411 12, 758,856 12, 747, 568 12,940,781 12,865,343 10,087,998
Ratio of total reserves to deposit and
F. R. note liabilities combined (per
cent)
__
87.3
87.3
86.8
16. 3
83.7
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Bills discounted:
Dec 27
Jan.3
Jan 10
Jan 17
Industrial advances:
Dec. 27
Jan 3
Jan. 10
Jan.17
U. S. Government securities, direct and guaranteed:
Dec 27
Jan 3
Jan. 10
- -Jan. 17
FEBRUARY
1940
Within
15 days
6 months 1 year
16 to 30 31 to 60 61 to 90 91todays
6
to
to
days
days
days
months 1 year 2 years
8,051
6,808
6,842
6,896
1,807
743
796
821
230
145
205
135
1,598
1,703
1,563
5,199
3,787
3,741
3,814
376
606
459
446
347
23
17
18
18
11,113
10,883
10,843
10,893
2,043
1,471
1,407
1,470
190
164
154
105
205
187
205
283
266
511
522
500
895
1,111
1,126
1,110
2,395
2,873
2,870
2,932
2,969
2,416
2,416
2,364
136,783
136,783
136,783
136, 783
105, 974
105,974
105,974
105,974
280,315
280, 315
280, 315
281, 368
2,489,422
2,484,270
2,477, 270
2,477, 270
2 years
to
5 years
Over
5 years
2,150
2,150
2,143
2,129
696,
696,
696,
695,
524
524
524
471
1, 269,826
1,264,674
1, 257,674
1, 257,674
123
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
In thousands of dollars!
New
York
Philadelphia
Cleveland
866,180
883,846
886,976
866,224
072,466
331,603
383, 927
543,917
846,837
862, 585
866,402
843,954
024,275 18,848 304,346 2,573,037 412,310
826 401,874 297,705 2,451,904 389,742
012,103 407,936 292, 910 2,482,656 389,832
984,788 403,153 296, 545 2,443,475 402,605
9,903
9,903
9,903
9,385
924
924
924
857
1,619
1,619
1,619
1,327
1,071
1,071
1,071
949
816
816
816
740
935
935
935
1,209
745
745
745
703
624
624
519
772
772
772
753
219
219
219
269,328
315,569
370,419
386,451
24,122
28,664
34,351
36,418
68,458
73,253
86,987
89,040
23,142
26,165
29,258
31,531
12,692
19,870
22,605
26,181
16,367
18,887
24,320
25,001
12,241
17,078
22, 517
21, 506
32, 982
41,830
47,729
51,960
13,493
17,118
19,100
18, 712
891,226
913,434
922,251
903,499
', 142,543
', 406,475
', 472,533
',634,284
871,050
889,821
896, 731
876,434
Total
Boston
Richmond
Atlanta
St.
Chicago Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Assets
Gold certificates on hand and
due from U. S. Treasury:
15,173,794
Dec. 27
15,304,121
Jan. 3
5,384,025
Jan. 10
Jan. 17
-- 5,433,121
Redemption fund—Federal
Reserve notes:
Dec. 27...
Jan. 3 . Jan. 10.—
Jan. 17—
Other cash:
Dec. 27Jan. 3 . . .
Jan.10,.
Jan. 17Total reserves:
Dec. 27
Jan.3
Jan. 10
Jan. 17
Bills discounted:
Secured by XJ. S. Government obligations, direct
and guaranteed:
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Other bills discounted:
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Total bills discounted:
Dec. 27.—
—Jan. 3
Jan. 10
Jan. 17
.5,453,025
.5,629, 593
5, 764,347
5, 828,957
1,515
623
606
593
110
30
25
6,536
6,185
6,236
6,303
037,783 436,150
054, 512
— 421,
035| 524 433,191
011, 709 429,363
17,332 2,606,643
15,528 2,494,358
16,172 2,531,009
18,754 2,495,954
435
110
135
200
185
198
143
105
113
113
113
113
273
42
41
31
194
20
20
10
2,258
2,238
2,228
2,224
513
570
561
550
581
542
542
542
335
230
261
296
346
190
231
230
768
704
655
694
655
655
655
608
272
302
327
540
210
251
240
643
662
638
257,059
253,922
248,769
244,866
350, 511 242,995
150,814 236,947
i50, 311 233,421
34< 000 230,658
364
364
804,930
809,353
828,782
828,936
478
478
478
460
353
1,336
1,336
1,336
1,306
7,835
8,928
9,698
9,788
15,010
17,092
20,119
19, 652
13,120
14,642
16,083
16,435
29,866
32,042
37,652
40,227
426,575 265,113
407,632 263,069
409,704 258,686
422,070 254,863
365,999
368,384
370,908
364,112
156,479 836,132
251,953 842, 731
249,868 867, 770
247,446, 870,469
15
35
35
35
20
40
646
643
186
171
196
236
217
210
194
199
947
885
201
171
196
236
307
260
254
239
967
910
146
145
151
150
361
361
396
396
401
917
150
145
151
154
753
741
737
732
181
177
169
168
505
488
487
487
721
720
720
872
8,051
6,808
6,842
6,896
110
30
25
2,693
2,348
2, 363
2,424
11,113
10,883
10,843
10,893
1,377
1,297
1,296
1,342
2,025
2,031
2,041
2,041
3,076
3,138
3,123
3,123
320
315
295
303
948
948
947
942
694
693
324
322
323
331
1,356,197
1,351,045
1,344,045
1,344,045
98,464
96,616
96,123
96,123
421,377
410, 582
408,181
408,181
116,123
110,824
110,221
110,221
141, 504
137,799
137,084
137,084
70, 303
68,442
68,135
68,135
54,787
54,752
54,495
54,495
149,091
145, 594
144,872
144,87f
45,965
60,530
60,273
60,273
36,802
39,948
39, 771
39, 771
61,216
63,167
62,897
62,897
49,139
51,433
51,196
51,196
111,426
111,358
110,797
110,797
1,133, 225
1,133, 225
1,133, 225
1,133,225
82,275
81,039
81,047
81,047
352,100
344,387
344,156
344,156
97,032
92,95;
92,934
92,934
118, 240
115, 581
115, 581
115,581
58,745
57,407
57,44T
57,44'
45, 778
45,924
45,945
45,945
124, 578
122,122
122,148
122,148
38,409
50,771
50,818
50,818
30,750
33,508
33, 533
33, 533
51,151
52,984
53,031
53,031
41,059
43,139
43,167
43,167
93,108
93,406
93,418
93,418
Total U. S. Government
securities, direct and guaranteed:
Dec. 27
Jan. 3
Jan. 10
Jan. 17.
—
2,489,422
2,484,270
2,477,270
2,477, 270
180,739
177,655
177,170
177,170
773,477
754,969
752,337
752,337
213,155
203, 781
203,155
203,155
259,
253,
252,
252,
129,048
125,849
125,582
125,582
100,565
100,676
100,440
100,440
273,669
267,716
267,020
267,020
84,374
111, 301
111,091
111, 091
67, 552 112,367
73,456 116,151
73,304 115,928
73,304 :
115,928
90,198
94, 572
94,363
94,363
204,534
204,764
204,215
204,215
Total bills and securities:
Dec. 27
Jan. 3 .
_
Jan. 10
Jan. 17
-.-
2, 508, 586
2, 501,96:
2,494,955
2,495,059
182,226
178,982
178,466
178,537
778,195
759,348
756,74:
756,802
216, 929
207,687
206,982
206,933
260,758 130,
1,604 101,800
254,350 127,069 101
101, 580
253,615 126,831 101,385
253,623 126,851 101,373
274.680
268.681
268,005
267,989
84,576
111, 483
111, 298
111, 338
68,612 113, 515
74,457 117,238
.
74,295 117,,000
74,275 117,013
90,853
95,205
95,001
95,004
205,838
205,881
205,336
205,321
28,164
29,790
30,623
27,895
432
780
998
3,83C
4,14C
4,639
4,266
1,10'
984
1,372
1,128
3,899
4,519
3,125
3,446
3,013
2,623
2,568
1,669
64!
4,498
4,818
3,633
3,687
Industrial advances:
Dec. 27
Jan. 3
—
Jan. 10
Jan. 17
TJ. S. Government securities,
direct and guaranteed:
Bonds:
Dec. 27
Jan. 3
Jan.10
Jan. 17.."
Notes:
Dec. 27..
Jan. 3 . . .
Jan.10..
Jan. 17..
744
380
665
665
Due from foreign banks:
Dec. 27
Jan.3
Jan. 10
Jan. 17
Federal Reserve notes of other
banks:
Dec. 27
Jan.3
Jan. 10
_
._.
Jan. 17
—-
1,7H
1,332
1,653
1,982
2,852
3,799
4,841
3,88?
2,388
2,480
3,123
2,646
1,726
1,386
1,871
1,94C
1,971
2,27!
1,91
1,69'
Less than $500.
124
FEDERAL RESERVE BULLETIN
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Assets—Continued
Uncollected items:
Dec. 27
_
Jan. 3
_
Jan. 10
Jan. 17
Bank premises:
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Other assets:
Dec. 27.._
Jan. 3
Jan.10__.
Jan. 17....
Total assets:
Dec. 27...
Jan. 3
Jan. 10...
Jan. 17...
Boston
New
York
Philadelphia
Min- KanCleve- Rich- At- Chicago St. neapsas Dallas
Louis olis City
land mond lanta
39,789
37,448
29,460
30,972
19,795
18,968
16,680
17,328
2,265
2,034
2,034
2,034
3,862 2,246
3,390 2,243
3,390 2,242
3,390 2,243
1,498
1,396
1,396
1,396
3,106
3,093
3,093
3,093
1,259
1,175
1,175
1,175
3,180
2,956
2,956
2,956
2,345
2,375
2,375
2,429
5,942
5,929
5,999
6,113
1,852
2,490
2,502
2,537
1,629
1,763
1,787
1,820
2,470
2,639
2,656
2,700
2,100
2,251
2,267
2,343
5,091
5,167
5,226
5,287
787,478
841,095
618,796
731,253
71,245
75,946
64,695
74,935
192,149
204,611
145,034
185,131
50,436
62,803
46,809
53,052
103,349
97,687
69,921
87,664
67,859
75,426
51,450
57,735
33,304
35,572
27,868
28,940
42,164
41,736
41,735
41, 736
2,894
2,889
2,889
8,867
9,895
9,895
9,895
4,573
4,573
4,573
4,573
5,869
5,547
5,547
5,547
2,545
2,545
2,545
2,545
59,494
58,293
59,104
59,877
3,832
3,873
3,909
3,961
17,063
17,386
17,519
5,118
4,813
4,883
4,961
6,681
6,483
6,563
6,638
3,595
3,447
3,551
18,878,958
19,102,515
19,009,607
19,184,824
104,274
114,716
86,098
99, 763
San
Francisco
36,645 28,171
39,387 30,957
28,539 22,731
30,750
40,462
47,574
29,511
36,317
,999,306
1; 151,858 8,144,441 1,149,218 1,416,160 643,607 459,436 .
. 558,052
. 358,371
. 523,709
. 379,593
, 1,095,205
" "i 1,419,915 633,984 459,5712,891,599 563,920 361,039 533,018 382,195 1,109,131
1,175,907 8,401,550 1,170,686
524;
1,173, 211 8,406,246 1,161,355 1,372,827 622,411 452,959 ,897,632 557, 775 354,715
""
' 108
"^371,932 1,114,436
" ^ 5 1 9 368
~ " 375, 284 1,124,041
1,164,718 8,607,915 1,147,086 1,367; 167 623J 954 456,178 2,876; 661
570,830 351,622
Liabilities
Federal Reserve notes in actual circulation:
Dec. 27
Jan. 3
Jan. 10
Jan. 17-....
Deposits:
Member bank-reserve account:
Dec. 27
Jan. 3
Jan.10
Jan. 17
XJ. S. Treasurer-general
account:
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Foreign bank:
Dec. 27
Jan. 3
Jan.10
Jan.17
Other deposits:
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Total deposits:
Dec. 27..
Jan. 3...
Jan. 10..
Jan. 17Deferred availability items:
Dec. 27
Jan.3
Jan.10
Jan. 17
Other liabilities, including accrued dividends:
Dec.
Jan.
Jan.
Jan.
27
3
10
17
FEBRUARY
1940
4,977,654
4,947, 763
4,886, 229
4,849,757
11,493,118
11,720,622
11,829,930
12,019, 594
411,544 1,263,235
408,831 1,265,159
403,476 1,241, 394
399,870 1,237,186
351,332
348, 503
345,624
343,433
588,955
531,., 916 .,096,382
,6, .
'"",172 612,384
567,083 6,403,
436,686
623,411
592,980 6,\,'"
"
600,701 f6, 571,632 634,498
469,846 232,205 164,885 1,088,194 194,
184,255
, 141,528
162; 856 1,084,233 . "
.—
141,448 183,688
460,651 227,100
193,021
11,075,520
139,900 181,493
460,335 222,648 160,036
453,124 220,082 159,226 1,066,741 190,900
190,731 139,245 180,675
85,370
83, 67
81,998
81,078
390,563
388,406
382,905
378,366
660,881 289,288 207,995 1,637,832 267,396 154, 587 263,989 214,479
275J 725 151,872 259,495 216,089
680, 700 283,852 208,350 1,471,908 "">,
283,566 152,395 268,090 218,301
682; 756 291,712 208,654 1,470,607
i;
293295,298 152,630 268,693 219,604
:
692,1701293,857 213,022 1,461,
579,418
589, 992
600,772
616,196
646,01'
651,07S
655,434
574, 794
79,453
70,235
52,840
31,056
171,180
128,867
149,824
180,325
67,322
59,336
55,458
27,909
107,936
110,128
82,227
58,465
22, 651
20,939
23,457
19, 556
22,370
23,388
24,797
22,474
69,471
111, 245
145,775
132,802
28,553
29,979
23,824
22,148
19,638
25,763
22,720
20,174
18,096
29,893
24,143
17,350
22,035
23,929
21,446
20,221
17,309
17,373
28,924
22,314
407,84C
402,42£
409,37£
395, 767
29,434 144,730
29,243 141,090
30,192 138,725
29, 477 136, 530
39,674
39,417
38,038
37,791
39,017
37,278
17,587
17,473
18,040
17,236
14,315
14,222
14,684
14,029
49,490
49,169
50,344
48,101
11,861
11,784
12, 586
12,025
9,407
9,346
9,230
8,819
11,861
11,784
12,166
11,624
11,861
11, 784
12,586
12,025
29, 582
29,322
30,691
29, 340
8,308
8,150
8,650
3,211
2,897
3,040
2,234
6,772
6,626
6,573
6,429
5,763
4,659
4,305
4,085
6,935
7,588
7,162
7,617
6,879
6,212
6,866
6,429
1,004
1.427
1,068
7,865
5,720
3,839
3,557
18,599
18, 707
20,030
20,566
251,07!
267,371
282, 511
12,816,932
13,025,194
13,162, llf
13,272, 67'
6,245
6,460
8,063
7,340
41,114
39,283
178,743
164,332
179,005
197, 549
19,661
647,048 6,591,,035
673,021 6,837,461
684,075 6,904,240
668, 574 7,086,036
715,612
729,854
738,399
718,93"
18, 717
18,416
17,247
727,96C
779,077
609,79£
711,205
68, 572
69,622
61,185
71,779
166,965
177,514
138,967
163,171
48,911
59,442
44,364
51,938
5,57i
1,332
1515
44168
186
200
2,116
388
455
255
561
177
195
226
815,163 332,737 251,452 1,762, 556 314,745190,511294 926 256,240
836,769 325,161 252, 586 1,636,981 325,076 193,193 302; 176 257, 522
812,650 336,249 254,708 1,671,031 327,138 191,211 305,826 256,172
796,311 332,883 255,954 1, 646, 281 337,088188,052 298, 735 255,407
97,408 63,371 30,070
89,585 66,643 31,438
66,795 48,375 25,468
84, 666 55,846 28,248
538
146
161
223
165
15
39
21
208
22
24
29
644,908
655,394
680,416
688,416
103,054
125, 757
106,312
118,872
37, 736
35,069
28,940
32,224
16,945
17,239
14,414
15,133
34,068
36,808
26,399
29, 567
26,616
29,642
22, 566
27, 597
34,244
40,318
26,014
32,166
555
165
181
233
135
17
22
26
174
88
90
98
200
87
153
51
54
59
321
20
33
125
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Total liabilities:
Dec. 27
Jan.3
Jan. 10.
Jan. 17
18, 528,122
18, 753, 366
18,659,661
18,835,136
Boston
New
York
Philadelphia
San
Min- KanCleve-' Rich- At- Chicago St. neapsas Dallas Franland mond lanta
Louis olis City
cisco
1,127, 613 8,023, 351 1,116, 416 1, 382, 955 628,478 446, 61;
2, 954,359 547, 313 349,158 513,449 368, 379 1,070,036
1,151, 642 8,,280,
280, 522 1,137,976 1, 387,151 618, 919 446,902 2,847,136 553^ 183 351
., 968 522, 759 371,082 1,084,126
1,148,922 8,, 285,056 1,128, 582 1,339,941 607,311 440,236 2,853,044 547,000 345',
' 615 513;
"1,809 360,790 1,089, 355
1,140,I, 423 8,, 486, 648 1,114, 534 1, 334,324 608,832 443, 457 2,832,127 560,069 342, 528 509,072 364; 141
Capital Accounts
Capital paid in:
Dec. 27
Jan.3
Jan. 10
Jan. 17
135,494
135,889
136,041
135, 936
9,384
9,388
9,403
9,406
50,957
51,121
51,141
51,147
12,115
12.115
12.116
11,911
13,830
13,920
13,955
13,964
5,160
5,173
5,179
5,191
Surplus (section 7):
Dec. 27
Jan.3
Jan. 10
Jan. 17
149,152
151, 720
151, 720
151, 720
10,083
10,405
10,405
10, 405
52,463
53, 326
53, 326
53, 326
13,696
14,198
14,198
14,198
14,323
14,323
14,323
14, 323
V
Surplus (section 13b):
Dec. 27
Jan.3
Jan. 10
Jan. 17
27,264
26,839
26, 839
26,839
2,874
2,874
2,874
2,874
7,457
7,109
7,109
7,109
4,416
4,393
4,393
4,393
1,007
1,007
1,007
1,007
3,293
3,246
3,246
3,246
713
713
713
713
Other capital accounts:
Dec. 27
Jan.3
Jan.10
Jan.17
38, 926
34, 701
35, 346
35,193
1,904
1,598
1,607
1,610
10,213
9,472
9,614
9,685
2,575
2,004
2,066
2,050
4,045
3,514
3,601
3,549
1,399
1,428
1,438
1,894
1,608
1,638
1,632
Total liabilities and capital accounts:
" Dec. 27
Jan. 3
Jan.10
Jan.17
18, 878,958
.9,102, 515
9,009, 607
.9,184, 824
Commitments to make industrial advances:
Dec. 27
Jan.3
Jan.10
Jan. 17
9 220
8,454
8,403
8,294
126
1,151, 858 8,144
t, 441
1,175,907 8,401,,550
,173,211-.
•". 246
8,406,
1,164, 718 8, 607.
",915
482
460
460
405
1,803
1,797
1,793
1,789
5,247
5,247
5,247
4,584
4,623
4,647
4,651
13,463
13,509
13, 534
13, 540
4,067
4,074
4,080
4,087
2,930
2,933
2,940
2,948
4,314
4,319
4,324
4,352
4,063
4,067
4,067
4,081
10,627
10,647
10, 655
10, 658
. 5,630
5,725
5,725
5,725
22,666
22, 824
22,824
22,824
4,685
4,709
4,709
4,709
3,153
3,152
3,152
3,152
3,613
3,613
3,613
3,613
3,892
3,974
3,974
3,974
9,965
10, 224
10, 224
10, 224
1,429
1,429
1,429
1,429
545
538
538
538
1,001
1,001
1,001
1,001
1,142
1,142
1,142
1,142
1,266
l,:
1,266
1,?"
2,121
2,121
2,121
2,121
7,389
6,701
6,801
6,741
1,442
1,416
1,448
1,427
2,131
1,985
2,007
1,993
1,191
1,185
1,220
1,189
1,'
1,806
1,835
1,822
2,456
2,013
2,081
2,057
, 149, 2181,416,160 643, 607 459,436 2, 999, 306 558,052 358, 373523, 709 379, 593 1,095, 205
,170, 686 1,419,915 633,984 459, 571 2,891, 599563,920 361,039 533,018 382,195 1,109,131
, 161, 3551,372, 827 622, 411 452, 959 897, 632 557, 775 354, 715
524,108 371, 932 1,114, 436
, 147,086 ,1367,167 623, 954 456,178 2,876, 661
1,124,041
570, 830 351, 622 519, 368 375, 284
920
350
345
343
1,185
1,108
1,083
1,067
761
759
759
742
313
152
152
152
532
532
532
525
FEDERAL RESERVE
3,062
3,134
3,120
3,111
BULLETIN
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last Wednesday of
each month)
Applications
received
Applications under
consideration
Number Amount Number Amount N u m b e r
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
9,428
1934—Dec. 26.
1935—June 26.
Dec. 31 *
1936—June 24.
Dec. 30.
1937—Mar. 31.
June 30.
Sept. 29.
Dec. 29.
1938—Mar. 30.
J u n e 29.
Sept. 28.
Dec. 28.
1939—Jan. 25..
Feb. 21 *
Mar. 29.
Apr. 26.
May 31.
June 28.
July 26..
Aug. 30Sept. 27.
Oct. 25_.
N o v . 29.
Dec. 2 7 .
1940—Jan. 17 K
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
405,819
71
68
28
12
5
9
10
1
7
19
8
8
5
8
7
14
7
6
5
6
7
2
1
3
2
2
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
2,790
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
35
Repaid,
Commit- Approved expired,
ments
but not or with1
outcomdrawn b y
standing standing
pleted 2
appli(amount) (amount) (amount)
cant, etc.
Amount
(amount)
Applications
approved
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
188,817
xVCl V dllCt3o
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
13, 382
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
8,294
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
2,798
Participations
outstandinga
(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
153, 898
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
10,445
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.
2 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant.
3
Does not includefinancinginstitution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $1,320,444
January 17, 1940.
4
Tuesday.
6
Latest date for whichfiguresare'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:
5, 282, 206
Dec. 27
5, 268, 551
Jan. 3
5, 227, 565
Jan.10
5, 204,261
Jan. 17
Held by Federal Reserve bank:
304, 552
Dec. 27
320, 788
Jan. 3
341,336
Jan. 10
354,504
Jan. 17__
In actual circulation: i
4,977, 654
Dec. 27
4,947, 763
Jan.3
4,886, 229
Jan. 10
4,849, 757
Jan.17
Collateral held by bank as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
5, 371,000
Dec. 27
5, 371,000
Jan.3
5, 341, 000
Jan. HL •
5, 329,000
Jan. 17
Eligible paper:
2,236
Dec. 27
1,371
Jan.3
1,374
Jan. 10
1,423
Jan.17
Total collateral:
5,373, 236
Dec. 27
5,372, 371
Jan. 3
5,342,374
Jan. 10
5,330,423
Jan. 17
1
Boston
430,644
428, 710
429,109
426, 785
19,100
19, 879
25, 633
26,915
New
York
Phila- Cleve- Rich- Atdelphia land mond lanta
1, 365,1
1,360,308 370,448
1,337,-1,335, 510 365,156
102,139
95,149
96,093
98,324
18, 929
21, 945
22,041
21, 723
Chicago
St. MinLouis neapolis
Kansas Dallas
City
488,950 245,493 178,066 1,122,378 205, 560 146,883 192,894
487, 535 246,073 176, 434 1,120,453 204, 703 146,248 193,710
-.
. ~ " 1,118, 771 203, 690 145, 570 192,852
483, 750 236, 976 174,046 1,114,474 203,116 145, 726 190,259
19,104
26,884
25,345
30, 626
13, 288
18,973
17,038
16,894
13,181
13, 578
15,495
14,820
34,184
36, 220
43, 251
47, 733
10,863
11,682
12,790
12,385
92,137
92,098
90,826
89,946
443, 566
441, 831
440, 698
438, 517
6,767 53,003
8,231 53,425
8,828 57, 793
60,151
5,355 8,639
4,800 10,022
5,670 11,359
6,481 9,584
411, 544 1,263, 235 351,332 469,846 232,205 164,8851,088,194 194,697 141, 528 184,255 85,370 390, 563
408,831 1, 265,159 348, 503 460, 651 227,100 162, 856 1,084,233 193,021 14l| 448 183^ 688
83,867 388, 406
403,476 1, 241, 394 345, 624 460,335 222,648 160,036 1,075, 520 190,900 139,900 181,49381,998 382, 905
399,870 1, 237,186 343,433 453,124 220,082 159, 226 1,066, 741 190, 731 139,245 180, 675
81,078 378,366
440,000 1,385,000 375,000 491,000 250,000 180,000 1,140,000 209,000 147, 500 195,000
440,000 1,385,000 375,000 491,000 250,000 180,000 1,140,000
500 195;
195,000
, 140,000 209,000
209; 000 147,
147; 500
000
440,000 1,355,000 375,000 491,000 250,000 180,000 1,140,000
500 195,000
195,000
, 140,000 209,000 147, 500
440,000 1,355,000 375,000 491,000 250,000 180,000 1,130,000 209,000 147, 500 195,000
110
30
25
529
194
219
212
225
156
113
392
57
87
112
158
115
118
94
94, 500
94, 500
94, 500
92, 500
464,000
464,000
464,000
464,000
780
725
749
764
94, 500 464,000
440,110 1, 385, 529 375, 212 491,000 250,392 180,000 1,140, 000 209,055 147, 658 195, 780
440,030 1, 385,194 375, 225 491,000 250,057 180,000 1,140,000 209,025 147, 615 195, 72594, 500 464,000
440,000 1, 355, 219 375,156 491,000 250,087 180,000 1,140,000 209,045 147,618195, 749 94, 500 464,000
440,025 1,355, 280 375,113 491,000 250,112 180,000 1,130,000 209,035 147, 594195, 764 92, 500 464,000
Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank.
FEBRUARY
1940
127
MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS
RESERVE POSITION OF MEMBER BANKS, DECEMBER, 1939
[Averages of daily figures. In millions of dollars]
Gross Net
deTime
demand mand
dededeposits
posits posits i
Classes of banks
and districts
All member banks. _ 37,466 30,474 11,750
Central reserve city banks:
New York
13,825 13,078
Chicago
2,880 2,531
Reserve city banks:
Boston district
New York district
Philadelphia district..
Cleveland district
Richmond district
Atlanta district
C hicago district
St. Louis district
Minneapolis district__.
Kansas City district._.
Dallas district
San Francisco district.
[Averages of daily figures. In millions of dollars]
Reserves with
Federal Reserve
banks
Required
Excess
Held
6,462 11,473
5,011
741
3,012
601
5,623
1,141
2,611
540
1,183
224
1,367
1,778
813
774
1,361
904
418
1,070
778
2,288
1,064
181
1,127
1,378
624
532
928
663
302
693
493
1,835
87
154
245
725
208
176
583
179
89
156
130
1,950
191
39
209
277
120
102
192
125
57
129
93
419
356
47
418
505
187
129
331
207
92
194
132
542
166
8
209
227
68
27
140
82
34
65
39
124
12, 957
9,820
4,683
1,953
3,141
1,188
Country banks:
Boston district
912
New York district
1,413
Philadelphia district. _ 697
642
Cleveland district
581
Richmond district
520
Atlanta district
__
911
Chicago district
391
St. Louis district
335
Minneapolis district.__
476
Kansas City district.._
566
Dallas district
San Francisco district.
649
1,014
456
424
341
316
554
240
207
283
329
232
551
1,375
865
680
350
226
730
241
275
158
104
273
105
190
98
85
58
49
103
41
39
42
45
41
183
346
170
148
96
77
208
69
64
69
83
55
77
156
72
63
38
28
105
28
25
28
5,046
5,828
897
1,568
671
Total
Total
. 7,804
All
member
banks i
i 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 at foot of p. 122 for percentages of deposit required
to be held as reserves.
Total reserves held:
1938—December
1939—January
February
March
April
May
June
July
August
September
October
November
_
December
Week ending (Friday):
1939—Dec. 1
Dec.8.___
_
Dec. 15
_
Dec. 22
Dec. 29.
1940—Jan. 5
Jan.12
Excess reserves:
1938—December
1939—January.
February
March
April
May
June
July
August...
September.
October
November
December
Week ending (Friday):
1939—Dec. 1__
Dec. 8
Dec. 15..
Dec. 22
Dec. 29..
1940—Jan. 5
Jan. 12
Central reserve
city banks
New
York
Chicago
Reserve Country
city
banks banks *
2,387
2,474
2,405
2,475
2,544
2,630
2,728
2,827
2,883
3,009
3.203
3,229
3,141
1,322
1,366
1,364
1,393
1,397
1,395
1,415
1,451
1,486
1,559
1,588
1,585
1,568
,136
, 151
,156
1,182
1,113
972
3,203
3,161
3,123
3,152
3,132
3,166
3,280
1,559
1,585
1,543
1,564
1,562
1,619
1,621
1,734
1,996
2,047
1,986
2,302
2,465
2,394
2,504
2,587
2,943
2,974
2, 753
2,611
376
260
164
179
299
360
362
305
363
430
518
516
540
658
734
669
741
794
858
944
1,013
1,046
1,147
1,295
1,294
1,188
457
495
494
526
531
529
546
581
611
678
704
696
671
2,748
2,661
2,495
2,480
2,705
2,929
2,970
537
552
554
573
514
391
369
1,257
1,225
1,171
1,191
1,169
1,216
1,314
689
648
666
664
717
717
8,745
9,029
8,925
9,021
9,624
9,997
10,085
10, 321
10,659
11,443
11,862
11,688
11,473
4,139
4,409
4,482
4,472
4,889
5,094
5,049
5,195
11,681
11, 587
11, 324
11, 397
11, 505
11,699
11,852
5,783
5,690
5,501
5,499
5,698
5,942
5,992
3,226
3,484
3,373
3,432
3,926
4,212
4,246
4,402
4,607
5,198
5,490
5,259
5,011
5,211
5,127
4,868
4,910
5,052
5,253
5,371
5,866
5,958
5,759
5,623
780
673
681
794
878
893
848
923
,009
[,112
L,115
, 141
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)
Ail member banks
Federal Reserve district
Boston
New York .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas. _
San Francisco.
_
Total
______
_
Gross demand
Time
Gross demand
Gross demand
Time
Nov.
Time
Dec.
Nov.
Dec.
Nov.
Dec.
Nov.
Dec.
Nov.
Dec.
Nov.
2,095
15, 463
2,064
2,420
1,394
1,293
5,151
1,295
754
1,546
1,344
2,648
2,142
15,364
2,048
2,394
1,372
1,268
5,088
1,286
753
1,551
1,340
2,638
638
2,270
1,110
1,406
557
402
1,812
420
364
314
234
2,223
644
2,293
1,117
1,404
560
404
1,807
423
364
316
232
2,191
1,962
11,338
1,820
2,182
1,191
1,129
11, 938
1 060
556
1,197
1,033
2,519
2,003
i 1,311
1,803
2,161
1,171
1,112
i 1,906
1,054
557
1,202
1,028
2,510
510
1,034
662
1,104
361
316
i 1, 017
303
179
199
188
2,124
514
11,041
665
1,101
364
317
U,015
305
178
201
186
2,092
134
299
244
238
203
164
333
235
198
349
312
129
139
304
245
233
202
156
333
232
196
348
312
128
128
496
448
302
197
86
296
117
186
115
46
99
131
499
452
303
196
86
295
118
185
115
46
99
37, 466
37, 243
11, 750
11, 754
117,925
117,818
17, 996
1 7,981
2,836
2,827
2,515
2,525
Dec.
1 Excluding central reserve city banks, for which figures for latest month are shown in table above.
128
FEDERAL RESERVE BULLETIN
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve banks. In millions of dollars]
End of month
otal
Gold
certificates
Silver
dollars
Silver
certificates
Treasury
notes
of 1890
Subsidiary
silver
coin
Minor
coin
United
States
notes
Federal
Federal Reserve
Reserve bank
notes
notes
National
bank
notes
1938- November..
December..
6,787
6,856
76
75
41
42
1,312
1,339
1
1
356
357
151
151
269
257
4,349
4,405
28
28
203
201
1939—January
February...
March
April
May
June
July
August
September..
October
November..
December..
6,653
6,731
6,817
6,905
6,967
7,047
7,049
7,171
7,293
7,342
7,483
7,598
75
74
74
73
72
72
71
71
71
70
70
69
41
41
41
42
'42
42
43
43
43
44
44
45
1,269
1,327
1,378
1,385
1,417
1,454
1,446
1,465
1,488
1,485
1,530
1,554
1
1
1
1
1
1
1
1
1
1
1
1
348
350
352
354
358
361
362
365
369
373
379
381
149
150
151
152
154
155
156
157
159
161
163
164
244
246
251
255
259
266
264
267
269
267
269
272
4,301
4,320
4,350
4,426
4,449
4,484
4,496
4,595
4,688
4,739
4,826
4,912
27
27
27
26
26
26
25
25
25
24
24
24
198
195
193
191
189
186
184
182
180
178
177
175
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 i Total Coin
$2
$5
$10
$20
End of month
Large denomination currency 2
Total
$50
$100
$500
$1,000 $5,000 $10,000
Unassorted *
6,787
6,856
5,096
5,147
548
550
511
524
33
34
936
946
1,599
1,611
1,469
1,481
1,696
1,714
404
409
761
770
158
160
323
327
17
17
32
32
5
5
1939—January
6,653
6,731
February
March
6,817
6,905
April .
6,967
May___.
7,047
June —
July
7,049
August
. __ 7,171
September
7,293
October
7,342
7,483
November
7, 598
4,953
5,011
5,049
5,069
5,109
5,164
5,169
5,253
5,329
5,363
5,478
5,553
538
541
544
548
554
558
561
566
571
577
586
590
492
498
503
505
513
514
514
521
532
535
545
559
32
33
33
32
33
33
33
34
34
34
35
36
904
919
928
929
937
947
947
966
980
982
1,004
1,019
1,546
1,574
1,594
1,602
1,614
1,638
1,644
1,681
1,706
1,710
1,752
1,772
1,440
1,446
1,448
1,453
1,458
1,473
1,470
1,487
1,507
1,526
1,557
1,576
1,705
1,721
1,770
1,838
1,861
1,887
1,885
1,922
1,965
1,981
2,007
2,048
403
406
411
418
422
428
426
433
440
445
452
460
768
774
799
829
836
848
847
857
876
884
896
919
160
161
165
170
172
176
175
180
185
186
188
191
329
335
349
370
380
388
391
405
413
415
420
425
17
17
17
18
17
17
17
17
20
20
20
20
28
28
28
33
33
29
28
30
30
30
32
32
6
1
2
3
3
3
4
4
1
2
2
2
1938—November
i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks,
s Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treasury 8as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Annual Report for 1937 (table 36).
TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve banks and in circulation. In
millions of dollars]
Silver
dollars
and
Total silver
bullion i
End of month
FedNaeral
Subtional
sid- Minor United Recoin States serve bank
iary
notes bank notes
silver
notes
coin
SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY
[By selected banks and financial institutions in New Y°rk City.
In millions of dollars]
Year or month
1937
1938
1939
ShipReceipts
ments to
from
Europe Europe
21.5
33.1
110.2
47.6
34.4
9.8
1938—November.
December.
2,773
2,798
1,657
1,685
376
376
158
159
347
347
206
203
1938—December.
.7
2.2
1939—January .—.
February..
March
April
May
June
July
August
September.
October
November.
December.
2,816
2,824
2,839
2,849
2,862
2,881
2,895
2,907
2,919
2,932
2,947
2,963
1,705
1,717
1,733
1,746
1,759
1,778
1,794
1,804
1,814
1,825
1,835
1,845
376
376
377
376
377
380
381
383
386
390
394
399
159
160
160
160
161
161
162
162
164
166
167
169
347
347
347
347
347
347
347
347
347
347
347
347
201
198
196
193
191
189
186
185
183
181
179
178
1939—January
February..
March
April
May
June
July
August
September
October...
November.
December.
6.7
3.0
27.3
46.1
3.8
2.9
2.2
4.7
.8
1.8
4.5
6.6
2.0
1.0
.9
.3
.7
1.1
1.0
.9
.1
.2
1.3
.3
i Includes silver held against silver certificates amounting to $1,777,000,000 on Dec. 31, 1939 and $1,595,000,000 on Dec. 31, 1938.
FEBRUARY
1940
Net
shipments
166.4
Net
receipts
26.1
1.3
1.5
4.7
2.0
26.4
45.8
3.1
1.8
1.2
3.8
.7
1.6
3.2
6.3
Back figures.—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, pp. 7-8.
129
ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES
[In millions of dollars!
Gold stock at
end of period
Period
Total
1934 1.
1935...
1936...
1937- .
1938...
1939...
8,238
10,125
11,258
12,760
14, 512
17, 644
1938—January
February .
March
April
May
June
July
August
September
October
November
December
12, 756
12, 776
12, 795
12, 869
12,919
12, 963
13,017
13,136
13, 760
14,065
14, 312
14, 512
1939—January
February
March...
April
May
June.
July.
August
September
October
November
December
1940—Jan. 1-24?
Increase
in
total
gold
Inactive stock
account
Net
gain or
loss
(-)
Net
gold through
earimport marking
transactions 2
Domestic
gold
production
4,202. 5 1,133.9
82.6
96.0
1,887.2 1,739.0
.2 110.7
26.5 1,132. 5 1,116.6 - 8 5 . 9 131.6
1,227.9 1, 502. 5 1,585. 5 -200.4 143.9
1, 751. 5 1,973. 6 -333. 5 148.6
3,132. 0" "i,
3, 574. 2 -534.4 P159. 8
223.2
200.6
183.0
-4.6
20.7
18.5
74.3
49.8
44.2
54.5
118.3
623.8
305.0
247.5
199. 6
14, 682
14,874
15, 258
15, 791
15,957
16,110
16,238
16,646
16, 932
17,091
17, 358
17,644
17, 879
2.1
8.0
52.9
71.1
52.8
55.3
63.8
166.0
562.4
177.8
240.5
-1.1
-18.2
-.6
-1.2
-53.9
-15.5
-20.9
-28.8
-13.3
-110.2
-7.4
-62.4
11.0
10.0
10.7
10.6
11.5
9.6
14.2
14.7
14.1
13.5
15.5
13.3
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
-102.6
-166.2
152.1
2.8
79.5
90.9
-200. 8
12.2
10.4
11.0
13.1
12.6
10.6
13.1
14.0
15.6
18.4
14.7
235.8
180.8
37.8
620.9
MOVEMENT OF GOLD TO AND FROM UNITED STATES1
[In thousands of dollars]
1939
From or to—
December
Imports
Belgium
France..
__
Hungary._ . . . . .
Italy,
Netherlands
Norway
Sweden..
„
Switzerland
United K i n g d o m Canada
Mexico
Central America.__
Argentina
Chile
Colombia
Ecuador. .
Peru
Venezuela..
Australia
British India
China and Hong
Kong
Japan
Philippine Islands.
South Africa.
All other countries 2 .
Total..
Exports
November
Imports
Exports
130
Imports
Exports
165,122
28
2,654
3,770
8,781
2,302
5,113
3,048
5,586
31, 526
6,414
19, 743
5,119
10, 421
308, 778
3,972
488
6
1,152
2,116
502
426
385
6,472
7,592
673
2,117
444
192
455
12, 505
10,138
2,960
20,101
2,646
9,885
1,845
r4, 619
9,487
2,643
10,449
875
451,183
167, 991
2,990
18, 558
65, 074
3,445
677
5,705
15, 719
341,
10, 953
28, 716
87, 055
1, 826, 463
613, 116
33, 816
6,013
4,515
10, 077
23, 239
3,048
5,272
4,441
74, 250
50, 956
168
206
28, 097
165, 605
35, 637
22, 862
508
• Revised.
Figures represent customs valuations which, with some exceptions,
are at rate of $35 a fine ounce.
2
Includes all movements of unreported origin or destination.
Back figures.—See table, p. 165, and Annual Report for 1937 (tables
31 and 32).
p Preliminary.
* Figures based on rate of $20.67 a fine ounce in January 1934 and $35
£ fine
ounce thereafter.
8
Gold held under earmark at Federal Eeserve banks for foreign account on December 31, 1939, in millions of dollars: 1,163.0.
BANK DEBITS
NOTE.—Figures for domestic production of gold are those published
in table, p. 165, adjusted to exclude production in Philippines. Ad- [Debits to individual deposit accounts, at banks in
justment based on annual figures reported by Director of Mint and
[In millions of dollars]
monthly imports of gold to U. S. from Philippines. For back figures
see Annual Report for 1937 (table 29).
Total,
all
New
BANK SUSPENSIONS1
York
reportYear and month
City
ing
centers
Member
Nonmember
banks
banks
982,531
Total,
1929
402,718 184,006
1935
all
461,889 208,936
1936
Inbanks
Not
Na469,463 197,836
-.
tional State sured* insured 1937
405,929 168,778
1938
423, 932 171, 382
1939
Number of banks suspended:
32, 224
12,425
1934
48 1938—November.
18,879
43,209
1935
December .
1936....
35,180
14,533
1937
1939—January...
29,973
12,380
1938
February .
37,322
16,274
1939
March
10
32,822
13.311
April
34,656
14,165
Deposits of suspended banks
May
36,883
15.312
(in thousands of dollars): 3
June
33,245
12,794
1934
36,937
July
1,912 34,985
40
33,314
13,118
1935
10,015
August—.
3,763
5,313
939
36,
594
15,138
1936
11,306
September.
10,207
507
592
35,830
13,683
1937
19,723
October. _.
7,379
480
1,708 10,156
34,666
13,041
13,012
November.
1938
1,044
36 r 211 11,721
43, 447
17, 633
35,026 n, 34i 24, 629
December.
1939
_
2,467
r
Revised.
» Represents licensed banks suspended; does not include nonlicensed
banks
placed in liquidation or receivership.
1
Federal deposit insurance became operative January 1, 1934.
1
Deposits of member banks and insured nonmember banks suspended
are as of dates of suspension, and deposits of noninsured nbnmember
banks are based on the latest data available at the time the suspensions
were reported.
Bach figures.—See Annual Report for 1937 (table 7f).
Jan.-Dec.
principal cities.]
140
other
leading
cities i
133
other
reporting
cities»
190,165
219,670
235,206
204,745
218, 298
47,504
28,547
33,283
36,421
32,400
34, 252
17,039
21,087
2,760
3,243
17,860
15,201
18,211
16,832
17,763
18,676
17,683
17,496
18,526
19,029
18,636
22, 386
2,786
2,392
2,837
2,679
2,728
2,895
2,768
2,701
2,930
3,119
2.990
3,428
i Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one
in 1928.
' Cities (other than the 141 centers) for which bank debits are currently
reported. The number has changed very little since 1934 and has numbered 133 since 1936.
Bach figures.—See Annual Report for 1937 (Table 71), which also gives
a definition of bank debits. Figures for individual reporting cities and
totals by Federal Reserve districts are available in mimeographed form.
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.
DEPOSITS, EXCLUSIVE ()F INTERBANK DEPOSITS 1
NUMBER OF BANKS
Nonmember
banks
Total
National
State
Other
Mutual nonsavings member
banks
banks
Total
Call date
[In millions of dollars]
Member banks
Call date
All
banks
Member banks
Nonmeniber banks
Total
National
State
Mutual
Other
savings nonmembanks ber banks
1929—June 29
Dec. 31
25,110
24,630
8,707
8,522
7,530
7,403
1,177
1,119
611
609
15,792 1929—June 29— 53,852
Dec. 31— 55,289
15,499
32,284
33,865
19,411
20,290
12,873
13,575
8,983
8,916
12,584
12,508
1933—June 30
Dec. 30
14,519
15,011
5,606
6,011
4,897
5,154
709
857
576
579
8,337 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
5,026
1934—June 30
Dec. 31
15,835
16,039
6,375
6,442
5,417
5,462
958
980
578
579
8,882 1934—June 30— 41,870
Dec. 31— 44,770
9,018
26,615
28,943
17,097
18,519
9,518
10,424
9,780
9,828
5,475
6,000
1935—June 29
Dec. 31
15, 994
15,837
6,410
6,387
5,425
5,386
985
1,001
571
570
9,013 1935—June 29— 45,766
Dec. 3 1 — 48,964
8,880
29,496
32,159
19,031
20,886
10,465
11,273
9,920
9,963
6,350
6,842
1936—June 30
Dec. 31
15,752
15, 628
6,400
6,376
5,368
5,325
1,032
1,051
566
565
8,786 1936—June 30— 51,335
Dec. 3 1 . . . 53,701
8,687
34,098
35,893
21,986
23,107
10,060
10,143
7,178
7,666
1937—June 30
Dec. 31
15, 527
15,393
6,357
6,341
5,293
5,260
1,064
1,081
564
563
8,606 1937—June 30— 53,287
Dec. 3 1 — 52,440
8,489
35,440
34,810
22,926
22,655
12,112
12,786
12, 514
12,155
10,213
10,257
7,635
7,373
1938—June 30
Dec. 31
15,287
15,206
6,338
6,338
5,242
5,224
1,096
1,114
563
556
8,386 1938—June 30.._ 52,195
8,312
Dec. 3 1 — 54,054
34, 745
36,211
22,553
23,497
12,193
12, 714
10,296
10,365
7,153
7,478
1939—June 30
Oct. 2
15,082
15,061
6,330
6,339
5,203
5,196
1,127
1,143
553
552
8,199 1939—June 30.._ 55, 992
Oct. 2 . . . . 57,437
8,170
38,027
39, 287
24,534
25, 248
13, 493
14,039
10,521
10, 520
7,444
7,630
For footnotes see table below.
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
All banks
Member banks
Nonmember banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
1929—June 29.
Dec. 31
58,474
58,417
41,531
41,918
16,943
16,499
35,711
35,934
25,658
26,150
10,052
9,784
9,556
9,463
5,892
5,945
3,664
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
193g_j u n e 3o_ _
Dec. 3 1 2
49,696
48, 566
22, 514
22,198
27,182
26,368
32,739
31,752
14,285
13,958
18,454
17,794
10,180
10,187
5,002
4,996
5,178
5,191
6,778
6,627
3,227
3,244
3,550
3,383
47,381
48,929
21,130
21,354
26,252
27,575
30,721
32,070
12,938
13,208
17,783
18,863
10,196
10,255
4,961
4,930
5,235
5,325
6,465
6,604
3,231
3,217
3,234
3,387
1 9 3 9 _ j u n e 30 *
Oct. 2 2
'49,616
49,954
••21,318
21,634
'28,299
28,320
32,603
33,075
13,141
13,470
19,462
19,605
10,342
10,333
4,931
4,936
5,411
5,397
'6,671
6,546
'3,245
3,228
'3,425
3,318
r
Revised.
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.
* Beginning December 1938 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans
and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among
"Other assets."
Backfigures.—SeeAnnual Report for 1937 (tables 48-49).
FEBRUARY
1940
131
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans i
Call date
Investments *
Loans for
ComTotal
purchasing
merloans
or carrying
cial,
and
securities
inOpen
inReal Loans Other
dusmarvest- Total i trial,
estate
to
Total
ket
To
ments
loans banks loans *
and paper brokagriers
To
culand others'
tural *
dealers
U. S. Government obligations
Total
Obligations
of
Direct
States Other
and securGuar- polit- ities *
ical
ansubBills* Notes Bonds teed divisions 6
Total-All
MemberBanks
1929—Dec. 3 1 . . 35,934
1933—June 30. _ 24,786
1934_Dec. 3i _ _28,150
1935— Dec. 3 1 . . 29,985
1936—Dec. 31 33,000
1937—Dec. 31. . 31,752
1938—Dec. 3 1 . . 32,070
1939—June 30__ 32,603
Oct. 26__ 33,075
Dec. 30P_ 33,938
New York
City1'
1929—Dec. 3 1 . . 8,774
1933—June 3 0 . . 7,133
1934—Dec. 3 1 . . 7,761
1935—Dec. 3 1 . . 8,418
1936—Dec. 3 1 . . 9,280
1937—Dec. 3 1 . . 8,313
1938—Dec. 3 1 . . 8,335
1939—June 30. _ 8,688
Oct. 2 . . . 9,044
Dec. 3 0 P . 9,339
City of
Chicago 7
1929—Dec. 3 1 . . 1,757
1933—June 30
1,287
1934—Dec. 3 1 . . 1,581
1935—Dec. 3 1 . . 1,868
1936—Dec. 3 1 . . 2,100
1937—Dec. 3 1 . . 1,901
1938—Dec. 31 _. 1,969
1939—June 30 . 2,052
Oct. 2 e
2,050
Dec. 30P_ 2,105
Reserve City
Banks
1929—Dec. 3 1 . . 12,029
1933—June 30__ 8,492
1934—Dec. 3 1 . . 10,028
1935—Dec. 3 1 . . 10,780
1936—Dec. 3 1 . . 11,795
1937—Dec. 3 1 . . 11,414
1938—Dec. 3 1 . . 11,654
1939—June 3 0 . . 11, 756
Oct. 2 « . 11,880
Dec. 30P_ 12,271
Country
Banks
1929—Dec. 3 1 . . 13, 375
1933—June 30. . 7,873
1934—Dec. 3 1 . . 8,780
1935—Dec. 3 1 . . 8,919
1936—Dec. 3 1 . . 9,825
1937—Dec. 3 1 . . 10,124
1938—Dec. 3 1 . . 10,113
1939—June 30. _ 10,109
Oct. 2 6 . . 10,102
Dec. 3 0 P - 10, 223
26,150
12,858
12,028
12,175
13,360
13,958
13, 208
13,141
13,470
13,960
6,683
3,424
3,159
3,434
3,855
3,673
3,262
2,988
3,116
3,296
5,448
5,571
2,463
953
1,030
1,243
1,410
950
973
731
7,685
3,752
3,110
2,893
2,785
2,752
775
736
3,191
2,372
2,273
2,284
2,405
2,547
2,716
2,828
195
1,257
758
716
1,078
1,173
761
787
555
2,145
1,044
820
793
753
733
220
215
169
1,461
1,479
364
396
286
216
198
138
128
157
139
140
144
141
121
130
162
63
42
42
29
99
41
2,595
937
1,024
1,096
1,527
1,811
436
440
19
70
1,448
677
532
476
633
635
539
544
563
569
9,084
4,482
4,312
4,347
4,794
5,203
4,963
5,004
5,127
5,328
8,936
4,275
4,025
3,918
4,078
4,446
4,444
4,605
4,665
4,767
714 11,515 9,784
330 4,857 11,928
155 4,708 16,122
98 5,006 17,810
85 6,041 19,640
70 6,996 17,794
125 2,728 18,863
58 2,796 19,462
19,605
19,978
583
595
751
651
634
643
442
420
336
348
2,121
2,118
1,531
1,626
322
251
61
533
251
21
30
88
30
535
237
77
28
22
25
55
29
51
41
170
149
140
129
18
15
13
12
43
39
70
71
12
11
202
249
402
426
16
14
11
6
6
1
1
168
126
179
195
209
201
664
108
195
117
159
123
2,775
1,340
1,124
1,057
1,048
1,066
242
221
1,538
1,131
1,090
1,094
1,124
1,176
1,230
1,284
258
99
55
34
23
27
3,679
1,678
1,671
1,851
2,231
2,610
1,081
1,116
201
35
101
142
187
216
291
25
64
20
29
25
2,231
1,117
1,462
1,055
1,026
1,035
1,123
1,219
1,353
1,402
45
38
27
17
14
13
4,705
2,005
1,810
1,810
1,881
2,149
1,149
1,180
149
138
138
140
119
115
25
22
996
894
843
824
243
229
20
12
5
5
62
59
3,863
6,887
9,906
10, 501
11, 639
10, 574
10,882
10,946
10,891
249
1,113
1,030
1,192
1,053
662
286
441
2,091
3,709
4,602
4,985
5,425
4,640
5,072
5,700
5,928
6,043
1,112
2,551
3,246
3,425
3,739
3,207
2,963
3,360
3,401
309
610
,049
1,392
L, 467
1,266
1L,430
1,507
,487
L 536
116
384
3
206
19
82
743
164
213
198
32
299
604
375
366
279
243
533
518
165
681
1,112
1,597
2,022
1,724
2,403
2,267
2,997
3,010
1,061
1,107
916
520
2,049
4,217
5,403
4,527
4,277
3,389
2,720
3,094
3,725
4,659
3,905
6,060
5,635
7,208
7,786
58
166
889
638
758
865
718
495
158
168
987
1,664
1,810
1,559
1,536
1,142
908
1,005
1,040
1,017
59
185
2,944
4,011
5,715
6,432
7,000
6,211
6,691
6,751
6,752
6,943
1,368
2,483
3,809
4,076
4,426
3,961
4,278
4,102
4 089
91
205
95
85
120
106
57
78
1,692
2,267
1,904
1,589
1,224
1,014
4,439
3,598
4, 756
5,002
5,747
5,677
5,669
5,504
5,437
5,456
1,267
1,469
2,108
1,940
2,368
2,490
2,636
2,444
2,383
97
64
13
28
17
29
171
299
562
722
689
786
11
11
926
824
749
1,462
1,175
1,663
2,284
94
97
291 , 655
621
234
732
563
989
1,768
1,906
1,797
2,340
2,831
2,920
278
401
470
388
894
1,123
1,157
78
88
94
94
109
135
155
279
656
697
637
740
889
909
999
1,106
1,533
1,189
1,662
1,675
1,893
1,870
355
623
645
678
597
683
699
1,393
1,744
1,965
2,178
2,226
2,047
2,448
2,554
2,764
2,691
222
478
446
507
426
342
517
480
662
579
96
87
4,528
3,297
3,262
3,364
3,868
3,376
3,192
3,131
3,030
2,960
758
680
632
653
790
704
698
736
708
693
96
129
141
143
135
138
100
103
124
121
141
154
147
162
176
179
168
170
448
1,128
598
649
723
774
691
930
978
977
1,102
921
808
895
897
889
866
866
856
860
627
2,546
1,549
1,552
1,633
1,851
1,630
1,453
1,351
1,297
1,236
581
741
807
883
879
982
1,025
1,058
1,061
p Preliminary figures.
' Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January 1939, pp. 22-23, and the BULLETIN for
April, 1939, pp. 259-264, 332. Beginning June 30, 1939, detailed clasifications available on June and December dates only.
* Not reported separately prior to December 1938 except for weekly reporting banks in leading cities.
3
Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks
and to brokers and dealers.
4
This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable with earlier figures.
«Includes Treasury certificates of indebtedness through 1934.
* Breakdown of loans and investments not reported separately.
* Central reserve city banks.
Backfigures.—SeeAnnual Report for 1937 (tables 52-58).
132
FEDERAL RESERVE BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
ReBal- Deserves
with
ances mand
Fed- Cash with
deeral
in
do- posits
Revault mestic adserve
banks J justed 2
banks
Interbank
deposits
IndiIndiDomestic
vid- States Certivid- States
banks
uals, and
fied
uals, and
part- polit- and U. S. part- polit- Postal
nerical
offiGov- nerical
savForships, subcers'
ern- 4 ships, sub- ings 4
eign
1
and
divi- checks
ment
and
diviDebanks
T '
cor- sions etc.3
cor- sions
mand l ime
poraporations
tions
Borrowings
Capital
accounts
Call date
Total—All
Member Banks
2,374
2,235
4,082
5,573
6,572
7,005
8,694
9,112
10,011
11,617
558
405
609
665
697
589
746
777
712
774
2,168
2,008
3,149
3,776
4,066
3,414
4,240
4,403
4,674
8
5, 304
16,647
12,089
15,686
18,801
21,647
20,387
22,293
22,364
23, 587
25,118
17,526
11,830
14,951
18,035
20, 970
19, 747
21,119
20,845
22,448
23, 983
1,335
1,087
1,799
2,139
2,329
2,132
2,386
2,467
2,532
2,390
1,681
827
846
68
46
86
65
61
56
68
63
61
85
179
101
103
111
133
120
109
156
112
4,750
4,358
5,069
6,193
6,929
6,111
7,168
7,605
8,012
8,676
5,847
4,676
5,370
6,479
7,274
6,507
7,273
7,677
8,281
8,812
128
96
229
323
285
189
280
260
288
321
1,180
20
332
792
224
225
382
139
135
84
72
1,112
461
540
524
457
404
195
272
472
349
957
912
1,041
1,576
2,541
2,658
2,738
4,104
4,582
4,975
5,929
169
232
415
511
558
596
884
705
897
1,080
751
705
1,268
1,594
2,108
2,310
2,354
2,459
2,735
3,053
627
452
822
927
1,247
1,361
1,353
1,367
1,403
1,555
13
34
40
39
32
27
35
22
26
37
156
122
207
256
285
200
321
342
318
323
321
203
275
305
319
307
322
350
6
109
133
203
207
209
188
179
235
178
235
6
237
947
1,002
1,543
1,779
1,816
1,470
1,940
2,106
62,210
2,485
908
702
1,296
1,676
1,929
1,645
1,956
1,963
307 2,117
329 62,473
657
838
882
881
767
547
533
790
666
143 12,267
806 7,803
1,636
844
882
781
790
775
694
675
9,020
9,680
10,429
10,806
10,846
10,940
11,063
11,104
671
591
591
679
696
652
655
653
683
595
300
294
361
296
482
462
461
441
418
122
788
452
218
104
95
61
68
59
51
3,517
3,057
4,569
5,696
6,402
5,436
6,510
6,816
7,097
6
8, 243
33
4
4
12
13
49
36
53
46
52
18
110
56
3
58
1
2
6
1
1
19
33
2
2
4
5
6
9
10
12
«14
41
316
204
226
229
244
255
257
261
270
270
30
59
117
134
137
107
108
108
115
64
15
18
29
34
34
292
16
2,029
1,533
1,614
1,657
1,697
1,735
40
22
1
310
259
445
522
599
528
658
834
746
6
8
46
46
98
72
64
83
83
60
60
332
358
381
413
449
445
452
452
471
469
8
9
12
17
21
3
5,229
3,764
5,136
6,161
7,126
6,870
7,214
7,326
7,654
8,017
5,547
3,708
4,919
6,001
7,023
6,743
7,034
6,899
7,331
7,803
423
349
585
707
843
777
796
889
917
801
300
108
169
204
230
192
170
123
160
158
76
312
620
385
407
256
424
420
415
410
4,433
2,941
3,494
3,796
4,026
4,161
4,233
4,276
4,320
4,319
371
208
206
266
203
266
269
243
233
198
41
388
186
79
35
34
17
22
19
14
1,604
1,315
1,984
2,422
2,826
2,389
2,719
2,813
62,920
3,307
5,711
3,054
4,292
5,047
6,039
5,968
6,224
6,183
6,255
6,677
5,091
2,576
3,589
4,254
5,177
5,143
5,215
5,087
5,272
5,736
742
555
804
901
169
72
106
127
167
149
154
114
135
131
39
116
178
137
178
78
143
137
136
133
6,390
3,833
4,554
4,879
5,275
5,504
5,509
5,557
5,619
5,632
133
86
84
83
80
158
147
153
145
61
285
210
136
69
61
44
46
40
35
405
228
342
415
483
412
446
438
439
148
670
2,105
1,582
1,565
1,573
1,585
1,606
1,593
1,592
1,586
1,587
1,198
1,255
1,798
2,338
2,493
2,108
2,687
2,731
2,992
6
3, 568
32
16
23
27
27
23
29
26
22
27
959
179
8
6757
42
87
182
208
191
207
181
141
197
195
1,128
1,176
1,130
1,073
597
128
133
414
397
423
442
553
524
142
1,073
1,301
1,495
1,354
1,597
1,182
1,565
1,632
1,011
6,709
4,837
5,054
5,145
5,275
5,371
5,424
5,467
5,496
5,530
698
146
154
449
438
464
511
629
607
1,189
1,401
1,554
1,438
1,688
1,250
1,666
1,747
870
879
191
13
6
15
12
6
7
95
89
134
151
153
129
132
133
142
6
6
853
«515
5
5
12
57
1,777
2
•116
64
69
•71
1,795
1,812
1,821
6
7
16
16
16
21
23
25
26
«26
3
1
2
1
2
1
2
2
2
•2
367
167
13
6
3
12
6
5
5
4
2,258
1,517
1,650
1,687
1,750
1,775
1,798
1,818
1,828
1,852
1929—Dec. 31
1933—June 30
1934—Dec. 31
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Mar. 29
June 30
Oct. 2
New York
City s
1929—Dec. 31
1933—June 30
1934—Dec. 31
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Mar. 29
June 30
Oct. 2
City of
Chicago5
1929—Dec. 31
1933—June 30
1934—Dec. 31
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Mar. 2
June 30
Oct. 2
Reserve City
Banks
1929—Dec. 31
1933—June 30
1934—Dec. 31
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Mar. 29
June 30
Oct. 2
Country
Banks'
1929—Dec. 31
1933—June 30
1934—Dec. 31
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Mar. 29
June 30
Oct. 2
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.
3
Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31, 1935.
* U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
• Central reserve city banks.
• Partly estimated.
Back figures.—See Annual Report for 1937 (tables 52-58).
FEBRUARY
1940
133
WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans r
Total
loans
and
invest- Total
ments
Date or Month
Investments
Loans for
Compurchasing
meror carrying
cial,
securities
inOpen
Real Loans Other
dus- marestate
to
Total
trial,
ket
To
loans banks loans
and paper brokagriers
To
culand others
tural
dealers
U. S. Government obligations
Direct
Other
secuGuar- rities
anBills» Notes Bonds* teed
Total
Total—101 Cities
1938—December
1939—June....
July
_
August
September
October.
November.
December
21, 586
21,887
22,046
22,327
22,384
_. 22,571
22,966
23,353
8,465
8,094
8,146
8,179
8,322
8,421
8,573
8,802
3,863
3,830
850
671
648
642
568
552
613
759
566
541
532
521
511
505
501
506
1,168
1,159
1,163
1,171
1,178
1,181
1,187
1,189
123
52
64
62
38
35
37
46
1,563
1,537
1,539
1,540
1,545
1,552
1,567
1,583
L3,121
3,930
4,166
4,279
4,354
4,400
332
304
312
313
316
317
314
319
22,728
22,835
23,014
23,092
23,159
23,162
23,523
23,465
23,260
23,087
23,131
23, 212
8,521
8,521
8,549
8,617
8,656
8,646
8,871
8,932
8,758
8,674
8,646
8,579
4,310
4,330
4,362
4,388
4,381
4,378
4,416
4,406
4,400
4,353
4,363
4,330
317
316
312
315
312
313
319
322
322
315
314
323
603
594
588
620
660
650
818
852
715
700
669
644
512
500
497
497
499
503
504
510
506
504
501
500
1,184
1,184
1,187
1,189
1,189
1,187
1,189
1,189
1,189
1,188
1,187
1,180
36
37
39
1,559
1,560
1,564
1,572
1,579
1,582
1,582
1,587
1,583
1,564
1,561
1,557
1938—December
1939—June
July
August
September
October.
November
December
7,845
8,103
8,138
8,349
3,056
2,758
2,765
2,828
2,869
2,895
2,972
3,108
1,399
1,375
1,408
1,483
1,620
1,661
1,688
1,700
133
121
120
117
116
115
114
114
688
523
497
493
435
430
483
590
199
201
191
184
177
173
171
176
119
113
115
117
117
116
114
113
100
39
64
52
27
25
26
37
1939—Nov. 1...
N o v . 8...
Nov. 15..
Nov. 22.
Nov. 29.
Dec. 6...
Dec. 13..
Dec. 20..
Dec. 27-1940—Jan. 3 .
Jan. 1 0 . .
Jan. 17..
8,679
8,771
8,858
8,930
9,003
9,228
9,156
8,840
8,703
8,709
8,789
2,955
2,939
2,943
3,003
3,022
3,003
3,165
3,204
3,059
3,025
3,028
2,977
1,672
1,674
1,682
1,710
1,704
1,703
1,711
1,697
1,689
1,672
1,693
1,672
117
115
110
114
112
112
115
114
114
111
111
109
472
467
463
494
519
507
180
170
168
168
169
172
175
179
179
176
176
177
114
114
115
115
114
112
113
113
112
112
112
111
24
26
29
26
26
22
34
57
35
42
44
1938—December
1939—June
July
August
_
September...
October
November
December
13,741
13,784
13,908
13,978
13,991
14,033
14,119
14,296
5,409
5,336
5,381
5,351
5,453
5,526
5,601
5,694
2,464
2,455
2,480
2,447
2,546
2,618
2,666
2,700
199
183
192
196
200
202
200
205
162
148
151
149
133
122
130
367
340
341
337
334
332
330
330
1939—Nov. 1...
Nov. 8...
Nov. 15
Nov. 22.
Nov. 29.
Dec. 6...
Dec. 13..
Dec. 20..
Dec. 27
1940—Jan. 3 . . .
Jan.10..
Jan.17..
14,049
14,064
14,156
14,162
14,161
14,159
14,295
14,309
14,420
14,384
14.422
14.423
5,566
2,638
2,656
200
201
202
201
200
201
204
208
208
204
203
214
131
127
125
126
141
143
180
186
164
162
150
146
1939-Nov. 1...
Nov. 8...
Nov. 15..
Nov. 22.
Nov. 29.
Dec. 6_..
Dec. 13..
Dec. 20..
Dec. 2 7 1940—Jan. 3 . . .
Jan.10..
Jan.17.-
3,793
3,900
4,148
8,191
1,708
2,119
2,158
2,265
2,226
2,232
2,338
2,412
3,222
3,291
3,243
3,346
3,369
3,352
3,341
3,365
5,842
5,849
6,016
5,999
6,388
6,353
6,361
6,441
2,232
2,250
2,402
2,401
2,408
2,415
2,413
2,404
2,414
2,412
2,400
2,411
3,291
3,344
3,338
3,348
3,382
3,377
3,376
3,367
3,340
3,298
3,308
3,309
821
826
801
788
841
806
2,163
2,207
2,166
2,162
2,168
2,143
2,220
835
1,060
1,098
1,137
1,105
1,123
1,177
1,227
1,096
1,146
1,101
1,187
1,223
1,206
1,186
1,197
462
515
541
555
565
571
564
498
365
300
288
280
835
844
846
841
840
833
837
837
716
706
704
705
2,161
2,149
2,130
2,131
2,145
2,167
2,224
2,198
2,291
2,279
2,307
2,430
1,121
1,132
1,213
1,206
1,214
1,222
1,229
1,224
1,231
1,233
1,215
1,226
1,145
1,192
1,185
1,194
1,212
1,207
1,209
1,195
1,178
1,160
1,167
1,171
5,333
5,244
5,325
5,340
5,271
5,252
5,202
5,249
254
315
283
217
203
178
173
1,298
1,311
1,323
1,343
1,344
1,326
1,233
3,692
873
1,059
1,060
1,128
1,121
l,10fl
1,161
1,185
2,126
2,145
2,142
2,159
2,146
2,146
2,155
2,168
5,226
5,212
5,208
5,199
5,163
5,153
5,238
5,229
5,376
5,418
5,478
5,498
205 1,324
187 1,325
179 1,333
176 1,325
146 1,320
155 1,316
149 1,297
155 1,273
230 1,049
295 1,049
361 1,063
431 1,056
3,697
3,700
3,696
1,111
1,118
1,189
1,195
1,194
1,193
1,184
1,180
1,183
1,179
1,185
1,185
2,146
2,152
2,153
2,154
2,170
2,170
2,167
2,172
2,162
2,138
2,141
2,138
.4,150
14,393
[4, 551
8,499
8,537
8,467
8,566
8,714
8,774
422
461
488
450
561
706
672
2,106
2,132
2,149
2,144
2,132
2,167
2,039
5,855
5,906
5,900
5,873
5,873
5.841
6,063
14,207
14,314
14,465
14,475
L4,503
L4,516
L4,652
14,533
L4,502
L4,413
L4,485
14, 633
8,684
8,720
8,725
8,726
8,713
8,724
8,863
8,762
8,748
8,703
8,777
8,913
667
702
720
731
711
726
713
653
595
595
649
2,159
2,169
2,179
2,166
2,160
2,149
2,134
2,110
1,765
1,755
1,767
1,761
5,858
5,849
5,826
418 4,789
5,345
5,373
5,521
377 5,524
375 5,643
376 5,875
378 5,949
2,858
3,139
3,174
3,197
3,196
3,314
3,512
3,525
168
146
205
233
358
528
499
376
373
376
376
378
375
379
378
379
374
373
372
5,724
5,832
5,915
5,927
5,976
6,000
6,063
5,952
5,781
5,678
5,681
5,812
3,458
3,508
3,517
3,527
3,550
3,571
3,625
3,533
3,372
3,285
3,299
3,415
1,049
1,046
1,048
1,054
1,061
1,065
1,073
1,076
1,145
1,151
1,159
1,158
1,168
1,177
1,191
1,205
8,332
8,448
8,527
8,627
8,538
8,507
8,518
8,602
332 1,070
330 1,070
329 1,072
329 1,074
330 1,075
331 1,075
329 1,076
331 1,076
327 1,077
328 1,076
325 1,075
323 1,069
1,183
1,187
1,188
1,196
1,201
1,207
1,203
1,209
1,204
1,190
1,188
1,185
8,483
8,482
8,550
8,548
8,527
8,516
8,589
8,581
8,721
8,735
8,804
8,821
L4,062
New York City
8,538
8,847
9,057
551
538
519
498
Outside New York
City
5,606
5,614
5,634
5,643
5,706
5,728
5,699
5,649
5,618
5,602
2,678
2,677
2,675
2,705
2,709
2,711
2,681
2,670
2, 658
3,734
3,711
3,705
3,843
3,697
3,682
3,792
3,801
4,097
4,074
4,054
4,011
1
Not reported separately prior to February 8,1939.
NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, which may be obtained from the Division of
Research and Statistics, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint.
BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports.
134
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.]
ReDeserves
Balwith Cash
mand
Feddewith
in
eral vault doRemestic ad- 1
serve
banks justed
banks
Interbank
deposits
Time deposits,
except interbank
Demand deposits,
except interbank
IndividCertiuals, States
and
fied
S.
part- politand U.
Govnerical
oflSernships, sub2
cers'
and
divi- checks, ment
cor- sions
etc.
porations
Domestic
Indibanks
viduals, States
and
Forpart- politPostal
eign
nerical
savbanks
ships, subings* Deand
mand Time
cor- divipora- sions
tions
Borrowacings counts
Date or month
Total 101 Cities
7,219
8,460
8,645
8,951
9,643
9,957
9,803
9,885
9,852
9,698
9,790
9,792
9,748
9,506
9,577
9,689
9,831
9,923
10,070
447
448
440
477
482
484
532
458
500
475
483
504
504
544
504
509
474
2,452 16,087
17, 124
2,727 17,182 16,633 1,470
2,765 17,366 17,008 1,317
17,717 17,168 1,436
2,951 18,209 17,904 1,331
3,062 18,511 18,277 1,302
3,103 18,742 18,392 1,465
3,063 18,862 18,673 1,316
548
419
406
438
448
411
448
501
585
545
541
532
528
526
523
558
5,128
4,996
5,006
5,021
5,016
5,040
5,062
5,043
3,111 18,556
18,660
18,604
18,918
18,972
18,824
18,981
18,923
18,720
18, 566
18,823
18,979
1,460
1,481
1,431
1,467
1,484
1,381
1,341
1,302
1,240
1,227
1,223
1,209
510
415
407
422
484
388
651
479
487
496
439
467
525
523
521
522
523
522
568
572
570
574
571
560
5,063
5,067
5,070
5,067
5,043
5,040
5,042
5,036
5,053
5,072
5,069
5,050
356
'257
231
274
278
240
265
304
118
60
59
51
49
49
49
50
315
256
231
242
282
194
443
287
293
269
262
295
49
49
48
48
49
50
49
50
49
51
50
45
3,166
3,079
3,072
3,030
3,081
3,081
3,061
3,140
3,036
3,116
18,273
18,184
18,520
18,479
18,503
18,317
18,869
18,766
18,740
18,474
18, 520
18,825
1938—December
1939—June
July
August
September
October
November
December
229
216
220
210
197
181
207
6,079
6,607
6,763
6,991
7,447
7,722
7,847
7,838
112
121
127
127
126
123
122
122
505
606
620
652
732
793
720
740
181
178
182
180
184
192
205
214
216
199
200
204
7,832
7,829
7,997
7,808
7,772
7,815
7,825
7,855
7,856
8,066
7,862
7,998
122
123
122
122
122
122
121
123
121
124
124
125
727
721
711
711
731
735
745
746
736
740
731
751
3, 728 1939—Nov. 1
Nov. 8
3,733
Nov. 15
3,731
Nov. 22
3, 707
Nov. 29
3,707
Dec. 6
3,716
3,721
3,716
3,722
3,716
3,719
3,721
3,713
Dec. 13
3,713
Dec. 20
3,713
Dec. 27
3,712
3,714 1940—Jan. 3
Jan.10
3,715
Jan.17
3,706
New York City
3,973
4,866
4,995
5,184
5,631
5,701
5,504
5,361
6,817
7,608
7,660
7,905
8,152
8,259
8,330
8,391
7,221
7,636
'292
7,773
225
7,913
304
8,268 ' 249
8,394
240
8,406
328
8,555
240
5,560
5,486
5,449
5,509
5,514
5,452
5,244
5,241
5,507
5,735
5,735
5,820
8,212
8,265
8,256
8,458
8,459
8,416
8,447
8,378
8,321
8,301
8,407
8,483
8,365
8,299
8,393
8,466
8,507
8,444
8,654
8,577
8,545
8,485
8,539
8,678
330
328
317
334
329
258
251
212
240
203
191
179
601
580
589
597
601
615
626
620
2,598
2,845
2,928
3,052
3,300
3,381
3,438
3,406
442
529
540
575
657
702
650
674
1,490 1938—December
1,488 1939—June
1,479
July
1,482
August
1,475
September
1,475
October
1,479
November
1,482
December
628
3,439
3,415
3,465
3,429
3,444
3,414
3,411
3,400
3,398
3,500
3,408
3,500
651
648
645
644
662
669
679
679
670
672
669
683
1,480 1939—Nov. 1
1,480
Nov. 8
:, 479
Nov. 15
, 479
Nov. 22
,477
Nov. 29
,482
Dec. 6
., 481
Dec. 13
Dec. 20
Dec. 27
1,480
1, 485
— 1940—Jan. 3
1,485
Jan. 10
Jan. 17
1, ' "
616
620
624
617
620
625
618
617
Outside
New York City
3,246
3,594
3,650
3,767
4,012
4,256
4,299
4,269
4,325
4,366
4,249
4,281
4,278
4,296
4,262
4,336
4,182
4,096
4,188
4,250
410 2,378
2,651
2,688
377 2,734
399 2,879
402 2,989
403 3,027
441 2,979
9,270
9,574
9,706
9,812
10,057
10,252
10,412
10,471
415
399
400
417
419
445
444
455
424
428
397
10,344
10,395
10,348
10,460
10,513
10,408
10,534
10,545
10,399
10, 265
10,416
10,496
3,018
3,000
2,992
2,950
2,991
2,996
2,980
3,058
2,957
3,035
4,527
4,416
4,417
4,424
4,415
4,425
4,436
4,423
10,118
1,082
1,062
1,137
1,076
192
150
175
164
170
171
183
197
467
485
482
481
479
477
474
508
9,885
10,127
10,013
9,996
9,873
10,215
10,189
10,195
9,989
9,981
10,147
1,130
1,153
1,114
1,133
1,155
1,123
1,090
1,090
1,000
1,024
1,032
1,030
195
159
176
180
202
194
208
192
194
227
177
172
476 4,435
474 4,438
473 4,440
474 4,438
474 4,427
472 4,420
519 4,418
522 4,419
521 4,433
523 4,447
521 4,451
515 4,433
9,903
8,997 1,190
9,235 1,092
9,255 1,132
9,883
188
172
170
165
156
143
171
3,481
3,762
3,835
3,939
4,147
4,341
4,409
4,432
112
121
127
127
126
122
121
121
2,193 1938—December
2,233 1939—June
2,237
July
2,240
August
2,241
September
2,244
October
2,242
November
2,231
December
143
141
142
142
147
154
167
180
181
165
164
164
4,393
4,414
4,532
4,379
4,328
4,401
4,414
4,455
4,458
4,566
4,454
4,498
121
122
121
121
121
121
120
122
120
123
123
124
2,248 1939—Nov. 1
2,253
Nov. 8
2,252
Nov. 15
2,228
Nov. 22
Nov. 29
2,234
Dec. 6
2,232
Dec. 13
2,230
Dec. 20
2,232
Dec. 27
2,229 1940—Jan. 3
Jan. 10
2,230
Jan. 17
2,220
62
r
Revised.
i Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
8
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
FEBRUARY
1940
135
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Federal Reserve
district and date
(1939-40)
Boston (6 cities)
December 27
January 3
January 10
January 17
New York (8 cities)*
December 27
January 3
January 10
January 17
Philadelphia (4 cities)
December 27
January 3
January 10...;
January 17
Cleveland (10 cities)
December 27
_
January 3
January 10
January 17
Richmond (12 cities)
December 27
___
January 3
January 10
January 17
Atlanta (8 cities)
December 27
January 3
January 10
January 17
Chicago (12 cities)*
December 27
January 3
January 10
January 17
Sf. Louis (5 cities)
December 27
January 3
__.
January 10.
_..
January 17
Minneapolis (8 cities)
December 27
January 3
January 10
January 17
Kansas City (12 cities)
December 27
January 3
January 10
January 17
Dallas (9 cities)
December 27
January 3
January 10
January 17
San Francisco (7 cities)
December 27
January 3
_.
January 10
January 17
City of Chicago*
December 27
January 3
January 10
January 17
Total
loans
and
invest- Total
ments
Investments
Loans for
purchasing
omor carrying
mersecurities
cial,
Open
inReal Loans Other
dus- marestate
to
Total
ket
trial,
To
loans banks loans
and paper brokagriTo
ers
culand
•tbers
tural
dealers
U. S. Government obligations
Direct
Total
Bills
Other
secuGuar- rities
anNotes Bonds teed
27
24
22
20
20
21
20
20
81
81
81
81
128
126
126
125
584
574
574
573
413
404
401
402
17
9
10
11
47
44
44
44
349
351
347
347
55
55
55
55
116
115
118
116
120
117
117
115
558
544
526
504
235
232
231
232
199
199
199
198
469
463
463
461
6,292
6,190
6,178
6,282
3,630
3,548
3,557
3,644
365
306
294
761
748
746
747
2,504
2,494
2,517
2,611
1,319
1,320
1,294
1,309
1,343
1,322
1,327
1,329
24
24
23
23
24
24
24
25
32
32
32
32
56
56
56
49
95
93
94
92
742
738
739
733
367
368
370
366
33
34
33
33
334
334
337
333
100
100
276
271
269
267
257
254
252
253
21
21
21
20
25
25
25
25
173
173
172
173
195
192
190
1,237
1,240
1,235
1,240
833
835
832
836
181
182
188
188
642
643
633
640
120
120
120
121
265
266
261
261
117
116
114
113
3
5
3
3
15
15
15
15
40
40
40
40
467
442
455
452
345
322
333
332
143
148
163
165
199
174
170
167
56
56
58
56
636
636
634
636
322
323
319
316
176
181
176
175
5
5
5
5
11
11
11
11
32
32
31
31
314
313
315
320
144
144
146
148
2
3
2
2
29
29
30
30
113
112
114
116
70
70
70
72
100
3,210
3,277
3,342
3,415
914
900
904
908
530
517
527
530
47
48
43
40
76
76
75
74
112
112
112
113
115
114
114
115
2,296
2,377
2,438
2,507
1,491
1,580
1,640
1,707
138
222
291
363
322
321
311
306
1,031
1,037
1,038
1,038
308
306
307
308
497
491
491
492
724
718
716
345
340
338
337
207
202
202
200
13
12
12
12
51
51
52
51
58
58
57
57
379
378
378
361
203
203
203
187
2
2
3
3
43
44
46
44
158
157
154
140
72
70
71
70
104
105
104
104
406
405
405
404
192
191
191
190
102
100
100
10
10
10
10
214
214
214
214
148
148
148
148
30
69
118
118
119
120
23
23
22
22
43
43
44
44
694
683
683
681
300
297
296
185
183
182
181
27
27
27
27
56
57
57
56
395
383
386
385
204
191
187
186
26
19
16
14
112
105
104
105
58
59
61
61
133
133
138
138
559
548
547
545
283
281
194
193
188
186
23
23
22
22
53
53
54
54
270
260
264
264
163
154
153
154
25
17
15
17
94
95
94
93
49
49
54
53
58
57
57
57
2,292
2,275
2,274
2,266
971
965
964
330
330
328
325
385
384
385
385
178
175
173
173
1,312
1,304
1,309
1,302
807
806
807
7
7
7
7
65
734
733
734
731
185
185
188
184
320
313
314
315
2,113
2,182
2,245
2,325
577
564
566
570
385
372
382
385
14
14
14
14
51
51
51
52
1,536
1,618
1,679
1,755
1,018
1,107
1,166
1,241
136
222
291
363
177
176
166
166
705
709
709
712
177
175
177
177
341
336
336
337
1,202
1,182
1,178
1,177
618
608
604
604
298
292
290
291
9,713
9,573
9,565
9,614
3,421
3,383
3,387
3,332
1,805
1,786
1,807
1,784
1,173
1,167
1,166
1,148
431
429
427
415
199
199
197
193
1,919
1,915
1,905
1,915
682
675
670
675
732
708
716
713
284
285
283
64
64
64
100
* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for
the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.
136
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits
except interbank
ReBalDeserves
ances mand
with
deFed- Cash with
do- posits
in
eral
Re- vault mestic ad- 1
banks justed
serve
banks
Individuals,
partnerships,
and
corporations
Interbank
deposits
Time deposits,
except interbank
IndividStates Certified
uals,
and
polit- and U.S. partoffi- Gov- nerical
sub- cers' ern- ships,
divi- checks, ment2 and
corsions etc.
porations
Domestic
banks
States
and
polit- Postal
Forical saveign
sub- ings 8
banks
diviDe- Time
sions
mand
1
1
1
430
457
483
493
148
145
145
143
161
177
168
174
1,165
1,170
1,185
1,196
1,142
1,150
1,145
1,159
82
81
84
92
21
22
18
18
13
14
14
13
232
232
232
233
2
2
2
2
5,630
5,889
5,902
6,005
111
100
101
95
216
216
205
215
8,939
8,943
9,048
9,121
9,071
9,007
9,040
9,179
362
350
348
340
308
288
279
312
69
71
70
65
988
993
986
985
41
39
41
45
1,001
1,005
52
8
54
271
6
38
54
54
53
272
4
276
4
257
4
1
1
1
1
47
715
17
2
3
430
22
236
974
448
458
471
21
21
19
242
220
225
969
966
966
530
54
339
546
545
556
187
184
190
192
128
125
124
47
49
44
25
344
340
347
185
981
993
40
37
12
9
10
1,324
1,324
1,322
1,338
1,332
1,307
1,290
1,315
99
22
97
97
95
22
18
18
47
48
47
716
717
717
490
484
46
14
22
24
22
205
193
197
480
495
492
16
201
404
484
486
488
41
41
41
18
11
11
33
194
33
32
32
195
195
196
17
17
17
1
2
2
2
3
3
3
318
335
334
334
1
246
245
243
245
3,469
3,576
3,482
3,574
16
17
17
17
671
674
671
685
1,603
1,607
1,607
1,608
396
15
5
420
6
420
15
14
14
408
415
403
409
38
1
39
38
39
1
1
1
309
408
5
1
5
6
6
1
1
1
283
3
1
395
396
405
376
374
389
387
65
69
69
65
7
9
6
6
44
43
43
180
181
180
5
4
5
5
2
2
2
2
293
285
288
4
4
4
1
1
1
10
10
9
44
181
1,379
1,210
1,214
1,197
88
81
80
71
569
595
559
548
2,633
2,549
2,604
2,630
2,549
2,452
2,473
2,515
257
265
261
261
46
48
41
41
128
129
128
128
929
934
933
932
22
10
10
12
6
6
6
6
1 177
1,191
1,168
1,178
9
9
9
10
195
14
12
13
11
190
199
190
200
477
468
478
477
494
480
483
494
42
43
41
41
16
16
16
16
187
187
187
187
3
3
3
3
2
2
2
2
355
368
358
362
6
6
6
6
97
99
100
8
7
8
7
119
119
119
115
305
300
302
299
280
277
278
276
52
50
48
44
7
7
6
6
7
7
6
6
1
2
2
1
119
119
119
119
1
1
1
1
154
152
153
151
2
2
2
2
193
182
194
193
18
17
17
16
307
310
306
320
528
500
527
535
521
488
501
514
66
71
72
74
12
16
12
10
23
23
23
23
141
143
143
143
3
2
3
3
1
1
1
1
425
431
411
415
7
7
7
137
138
139
138
13
12
12
261
264
262
460
448
460
448
430
441
12
17
9
34
33
33
127
128
128
9
8
8
1
1
1
11
467
457
47
7
31
128
8
1
276
284
270
276
44
47
48
349
357
367
27
277
1,031
1,018
1,028
1,046
73
75
74
72
23
30
24
22
108
108
108
108
969
973
972
973
105
106
105
102
1,767
1,705
1,726
1,747
158
157
146
142
26
28
24
22
80
80
80
80
486
488
487
486
20
8
8
11
221
101
376
1,089
934
932
894
6
312
302
304
128
198
208
5
26
24
22
264
275
292
1,021
1,020
1,040
1,053
48
45
44
39
265
286
255
240
1,808
1,748
1,790
1,791
289
288
289
3
3
3
3
890
897
885
904
1
1
1
1
1
20
20
20
20
22
23
22
23
9
8
8
8
Philadelphia (4 cities)
December 27
January 3
January 10
January 17
Cleveland (10 cities)
December 27
374
376 January 3
376 January 10
376 January 17
221
221
214
Richmond (12 cities)
December 27
January 3
January 10
January 17
Atlanta (8 cities)
December 27
94
93 January 3
93 Jan ary 10
January 17
93
98
95
96
96
386
385
386
383
60
59
59
59
103
103
103
102
1
December 27
January 3
January 10
January 17
New York (8 cities)*
December 27
January 3
January 10
January 17
221
94
94
94
94
7
274
286
9
Federal Reserve
district and date
(1939-40)
Boston (6 cities)
23
23
20
23
14
15
13
205
199
207
CapBor- ital
rowacings counts
Chicago (12 cities)*
December 27
January 3
January 10
January 17
St. Louis (5 cities)
December 27
January 3
January 10
January 17
Minneapolis (8 cities)
December 27
January 3
January 10
January 17
Kansas City (12 cities)
December 27
January 3
January 10
January 17
Dallas (9 cities)
December 27
January 3
January 10
86
January 17
San Francisco (7 cities)
December 27
346
January 3
350
351 January 10
350 January 17
87
86
86
247
247
247
244
City of Chicago*
December 27
January 3
January 10
January 17
* See note on preceding page.
i Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
3
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
FEBRUARY
1940
137
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
By holders
Commercial
paper
outstanding i
End of month
Total
outstand-
Held b y accepting
banks
ing
Own
bills
Total
1938_October
November
December
1939—January
February
March
April
May.
June
July- .
August
September
October
Novprnhftr
December
__ . __
__
By classes
Held b y Federal
Reserve banks
For ac- Held
of
by
For count
Bills own
foreign
ac- corre- others
bought count
spondents
213
206
187
270
273
270
223
222
212
130
124
121
93
98
91
195
195
191
192
189
181
194
201
209
205
214
210
255
248
245
238
247
245
236
235
216
221
223
233
204
198
191
189
192
191
188
191
177
179
172
175
122
122
117
118
124
122
119
128
115
111
103
105
82
76
74
72
68
69
69
63
62
67
69
70
(*)
(8)
f
()
(J)
(J)
(2)
Based
on ex- Dollar
ports
exfrom change
U. S.
on
ports
into
U.S.
Based on goods
stored in or shipped
between points in
Foreign
countries
U.S.
46
51
58
94
94
95
57
59
60
3
3
3
59
59
57
56
57
56
52
50
54
49
55
53
48
44
39
42
51
57
89
87
87
86
82
81
75
79
78
85
96
103
57
57
58
56
51
45
41
40
40
40
37
39
2
2
2
1
19
20
19
18
18
18
16
16
52
48
42
38
36
39
39
40
43
46
50
54
55
54
56
57
59
60
61
59
36
32
24
22
1
As reported b y 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]
Credit balances
Debit balances
Debit
Customers' balances in
debit
partners'
balances
investment
(net) i
and trading
accounts
End of month
Customers'
credit balances
Debit
balances in
firm
investment
and trading
accounts
Cash on
hand
and in
banks
Money
borrowed *
Free
i
Other
(net)
Other credit balances
In
In
firm
partners'
In
investinvestcapital
ment and m e n t and accounts
trading
trading
(net)
accounts accounts
1,549
1,489
1,363
985
61
55
48
34
175
161
128
108
223
214
239
232
1,172
1,217
1,088
688
346
266
256
278
115
92
96
85
29
25
26
26
18
13
12
10
419
397
385
355
1938—March
June
September
December
831
774
823
991
29
27
29
32
95
88
76
106
215
215
213
190
576
495
559
754
239
258
257
247
81
89
68
60
25
22
22
9
11
7
5
315
298
300
305
1939—January
February
March
April
May
June July
August
September .
October
November.
December
971
967
953
831
828
834
839
792
856
894
914
906
34
29
27
26
26
25
24
22
20
21
20
16
75
83
84
83
76
73
84
71
64
72
77
78
192
168
174
190
183
178
183
202
217
200
195
207
713
709
699
579
561
570
589
556
520
577
623
637
235
222
225
236
230
230
238
235
305
289
272
266
60
62
59
60
69
70
67
58
87
76
67
69
22
20
20
20
21
21
20
20
22
21
21
23
12
5
9
7
6
6
6
6
11
9
8
7
298
294
294
290
284
280
278
275
283
284
282
277
1937—March
June
September
December
_ _
_
.._
2Q
1 Excluding balances with reporting firms (1) of memberfirmsof New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2
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 thefiguresare derived and reported, distinguishes the table from a "statement offinancialcondition," 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)
138
FEDERAL RESERVE BULLETIN
OPEN-MARKET RATES IN NEW YORK CITY
IPer cent per annum]
Prevailing rate o n -
Year,
month, or
week
Prime
commercial
paper,
4 to 6
months
Average rate on—
Prime Stock Stock
exexbankers' change change
call
accept- time
ances, loans, loan
re90
90
newdays days
als
1937 average...
1938 average_..
1939 average...
.43
.44
.44
1.25
1.25
1.25
1.00
1.00
1.00
IX
IX
1938—Dec
1939—Jan
Feb
Mar
April....
May
June
July
Aug
Sept
Oct
Nov
Dec
Vt
Vie
Vit
7
/u
V
Week ending:
Dec. 30____
Jan. 6
Jan. 13
Jan. 20. ..
Jan. 27
7
Ae
7
/ie
7
A
7
/l6
[Per cent per annum]
Average
XJ. S. Treasury bills
yield on
U.S.
TreasNew
91ury
3-to-5
issues day
year
dealofnotes 1934 average
ers'
fered
within quo1935 average
period1 tation
1936 average
1937 average
1938 average 1
.447
1.40 1939 average
.053
.022
.83
1.00
.007
.67
IX
IX
IX
IX
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.002
.004
.005
.019
.006
.006
.017
.046
.102
.028
.018
.012
.65
.63
.51
.50
.42
.39
.45
.48
1.07
.77
.64
.51
IX
IX
IX
IX
IX
1.00
1.00
1.00
1.00
1.00
(2)
1
Vn
7
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
Total
19 cities
New
York
City
7 other 11 SouthNorth- ern and
ern and Western
Eastern
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
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
3.31
3.35
3.28
3.26
3.21
3.20
"3.26
1939—January
February
2 64
2.52
1.73
1.70
2.97
2.69
C
3.32
3.26
Quarterly figures i;
.47
.44
.46
.49
.48
( )
(2)
(2)
.004
1938—September
2.65
2.00
2.75
3.25
1939-March
June
September
December
2.95
2.91
2.68
2.59
2.13
2.15
2.04
1.96
3.05
3.05
2.78
2.59
3 77
3 62
3 31
3.32
c
Corrected.
1 Series comprises 273-day bills to October 15, 1937, bills maturing
i Averages for 1939 and quarterly figures are on revised basis and are
about March 16,1938, from October 22, to December 10,1937, and 91-day
therefore
not strictly comparable with the earlier series of annual and
bills thereafter.
monthly figures.
2 Rate negligible.
Back
figures.—See
November 1939 BULLETIN, pp. 963-969 for descripBack figures.—Bee Annual Report for 1937 (tables 43 and 44). Figures tion and for back figures.
for 91-day Treasury bills available on request.
BOND YIELDS l
[Per cent per annum]
U. S.
Treasury'
Year, month, or week
Number of issues
1937 average
1938 average
1939 average
. .
1938—December
1939—January
February
March.
April
May
June
July
August
September
October
November
December
Week ending:
Dec. 30_ .
. __
_ _.
__
. _
.
Jan. 6
_____
Jan. 13
Jan. 20
Corporate 4
Municipal a
Total
By ratings
Aa
Aaa
Industrial
Baa
A
By groups
RailPublic
road
utility
2-6
15
120
30
30
30
40
40
40
2.68
2.56
2.36
3.94
4.19
3.77
3.55
3.50
3.30
4.34
5.21
4.53
3.93
3.87
3.48
3.42
3.32
3.26
3.22
3.22
3.16
3.13
3.08
3.11
3.49
3.35
3.16
3.14
4.01
4.22
3.89
4.02
3.97
3.94
3.87
3.97
3.92
3.86
3.83
3.80
4.05
3.94
3.78
3.74
5 03
5.80
4.96
3.95
3.86
3.81
3.74
3.84
3.78
3.71
3.66
3.67
3.95
3.83
3.70
3.69
3.26
3.19
3.01
3.08
3.01
3.00
2.99
3.02
2.97
2.92
2.89
2.93
3.25
3.15
3.00
2.94
3.46
3.56
3.22
2.49
2.47
2.44
2.34
2.30
2.17
2.13
2.16
2.21
2.65
2.60
2.46
2.35
3.10
2.91
2.76
2.75
2.70
2.70
2.67
2.75
2.66
2.63
2.65
2.75
3.29
3.08
2.69
2.56
5.27
5.12
5.05
4.89
5.15
5.07
4.91
4.84
4.85
5.00
4.88
4.85
4.92
3.40
3.31
3.29
3.29
3.35
3.30
3.23
3.18
3.21
3.57
3.43
3.25
3.21
4.82
4.70
4.63
4.46
4.66
4.60
4.47
4.42
4.41
4.58
4.51
4.44
4.47
3.63
3.57
3.52
3.48
3.51
3.45
3.42
3.39
3.40
3.70
3.57
3.41
3.38
2.30
2.28
2.28
2.32
2.52
2.52
2.49
2.54
3.67
3.63
3.61
3.64
2.92
2.89
2.87
2.88
3.11
3.09
3.08
3.08
3.72
3.70
3.68
3.70
4.93
4.85
4.83
4.88
3.17
3.15
3.13
3.15
4.47
4.41
4.37
4.41
3.37
3.35
3.34
3.35
30
1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
2 Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description.
»Standard Statistics Co.
4
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, each of the industrial Aaa and Aa groups has
been reduced from 10 to 4, and the railroad Aaa group from 10 to 5.
Back figures.—See Annual Report for 1937 (table 80); for U. S. Treasury bonds, see pp. 1045-1046 of BULLETIN for December 1938
FEBRUARY
1940
139
BOND PRICES1
STOCK MARKET
Corporate
Year, month, or date
1938—December...
1939—January _ __ _.
February...
March
April
May
June
July
August
September. .
October
November..
December..
Dec. 27..
Jan. 3___
Jan. 10__
Jan. ,17_.
Stock prices i
U.S.
Treas- Municury' ipals Total Indus- Rail- Utility
trial road
Number of issues
1937 average..
1938 average..
1939 average..
3
2-6
15
60
20
101.7
103.4
106.0
110.3
113.7
116.3
93.4
78.9
81.6
90.1
82.9
86.0
20
20
58.6
58.0
100.4
95.3
100.9
Year, month, or
date
Preferred >
Industrial
Total
Number of issues. _
Volume of
trading'
Common (index, 1926=100)
Railroad
Utility
20
420
32
40
_
136.2
135.6
141.2
112
83
89
131
99
105
49
26
28
95
73
85
1,519
1,100
973
1938—December...
1939—January
February
March
April
May
June.
__
July
August
September...
October
101.7
November...
102.3
December. __
141.7
141.7
141.8
142.3
140.4
141.8
143.9
143.7
142.3
136.2
137. 7
140.7
141.4
92
92
90
92
82
83
86
111
109
106
108
96
97
101
101
101
109
113
111
108
29
30
28
30
25
25
26
26
25
30
33
32
30
78
81
84
86
80
82
85
85
87
84
86
87
87
1,195
1,114
708
999
964
548
507
821
706
2,595
1,050
907
107
111
110
106
29
31
30
29
87
89
89
1,078
104.1
104.4
104.8
106.0
106.6
108.3
109.1
108.9
108.2
101.9
102.6
104.6
106.1
116.5
117.3
117.3
117.9
116.4
118.1
118.6
118.3
116.5
107.1
110.7
117.5
119.9
81.1
81.9
82.1
83.1
79.4
80.2
81.4
81.6
81.0
80.9
82.9
83.0
82.1
86.0
86.2
86.4
87.1
83.8
84.8
86.2
86.3
85.8
85.0
86.4
87.0
58.6
59.7
59.0
60.9
54.5
54.8
56.2
56.4
55.5
59.0
61.6
60.2
58.0
98.7
99.7
100.7
101.3
99.7
101.0
101.6
102.1
101.7
98.6
100.5
101.8
101.6
106.9
107.1
107.2
106.5
120.6
120.6
121.2
120.3
81.7
83.2
83.0
82.1
86.4
87.1
87.6
87.1
57.0
60.2
59.2
57.7
102.2
101.7
1937 average1938 average.
1939 average
1 Monthly data are averages of daily figures except for municipal bonds,
which are averages of Wednesday figures.
2 Average prices of all outstanding bonds due or callable after 12 years,
based on quotations from Treasury Department. Prices expressed in
decimals.
8
Prices derived from average yields, as computed by Standard Statistics Co.
Back figures.—See Annual Report for 1937 (table 79); for U. S. Treasury
bonds, see pp. 1045-1046 of BULLETIN for December 1938.
Dec. 27_.
Jan. S . Jan. 10..
Jan. 17..
141.4
142.8
143.1
142.9
625
i Standard Statistics Co. Monthly data are averages of Wednesday
figures.
a Average prices of industrial high-grade preferred stocks, adjusted to a
$73 annual dividend basis.
Average daily volume of trading in stocks on the New York Stock
Exchange, in thousands of shares. Weekly figures are averages for the
week ending Saturday.
Backfigures.—Forstock prices, see Annual Report for 1937 (table 79).
CAPITAL ISSUES
[In millions of dollars]
]For
Total
(new
and
refunding)
Year or
month
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
.
7,619
4,038
1,751
1,063
2,160
4,699
6,214
3,937
'4,448
5,838
—
1938—Dec
1939—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
_
new capital
For refunding
Domestic
Total
(domestic
and
Total
foreign)
6,912 6,004
3,095 2,860
1,197 1,165
State
and
municipal
1,386
1,457
1,972
2,138
2.359
2,298
720
708
1,386
1,409
1,949
2,094
2.323
2,248
1,434
1,235
762
483
803
855
735
712
971
953
241
200
398
162
144
117
293
318
103
41
336
93
94
241
200
378
162
143
117
283
318
83
41
336
93
94
126
76
44
105
63
94
253
66
57
15
42
71
67
'516
257
561
240
357
1,313
605
590
450
'179
740
218
329
Federal
agencies » Total
Domestic
Corporate
Bonds
and Stocks
notes
87
75
77
64
405
150
22
157
481
924
4,483
1,551
325
161
178
404
1,192
1,225
872
371
2,980
1,239
305
40
144
334
839
817
807
280
1,503
55
118
310
4
2
2
0
203
0
10
276
0
0
60
6
24
53
78
22
30
50
26
16
18
21
27
44
5
17
43
48
18
22
40
23
14
14
15
21
16
1
311
20
120
35
69
352
408
65
92
7
10
31
3
9
10
3
2
4
6
6
Total
(doFor- mestic
eign i and Total
foreign)
Corporate
ForFedeign*
eral
agenBonds
cies * Total and Stocks
notes
State
and
municipal
908
235
32
12
0
48
23
44
35
50
706
944
554
343
774
3,242
4,242
1,799
'2.089
3,539
527
893
498
283
765
3,216
4,123
1,680
'2,061
3,452
53
21
87
37
136
365
382
191
129
186
0
51
93
26
317
987
353
281
665
1,537
474
821
319
219
312
1,864
3,387
1,209
'1,267
1,728
451
789
315
187
312
1,782
3,187
856
'1,236
1,591
0
0
20
0
(8)
0
10
0
20
0
0
0
0
'275
57
163
78
213
1,195
312
272
347
••138
404
125
235
'272
57
163
75
161
1,180
312
272
332
138
402
125
235
15
27
10
13
11
7
39
18
13
8
10
8
22
20
19
17
15
21
1,021
21
74
18
51
235
26
19
'237
10
136
47
129
151
252
180
301
'79
157
91
194
'226
11
ie
CO
101
46
106
131
249
143
292
'79
157
88
188
23
32
4
32
0
81
200
352
31
137
35
(8)
23
20
2
38
9
0
3
()
3
7
179
51
56
60
9
26
119
119
28
88
3
0
0
3
53
16
0
0
15
0
2
0
0
' Revised.
Includes issues of noncontiguous U. S. Territories and Possessions.
Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
» Less than $500,000.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject
to revision.
Back figures —See Annual Report for 1937 (table 78).
1
2
140
FEDERAL RESERVE
BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIKD 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
1932—June
1933—June..
1934—June
1935—June
1936—June
1937—June
1938—June
_.
Total
interest
bearing
19,487
22,539
27,053
28,701
33,779
36,425
37,165
1938—November.
December.
1939—January...
February..
March
April
May
June
July..
August
September.
October. __
November.
December.
Total
Treas- U . S .
ury* savings
Prewar
Notes
Bills
616
954
1,404
2,053
2,354
2,303
1,154
1,303
1,306
1,309
1,310
1,311
1,309
", 308
»18,816
•21,782
«26,006
26,910
31,297
33,734
36, 576 33,463
753
753
753
753
79
79
79
13,460
13,417
15,679
14,019
17,168
19,936
21,846
62
316
800
1,238
1,261
4,548
6,653
10,023
11,381
10, 617
9,147
34,559
35,327
35,469
35,533
35, 579
35,627
35,680
35, 715
35,798
35,862
79
79
79
79
79
79
79
79
79
79
79
79
79
79
22,712
24,005
24,005
24,005
25,218
25,218
25, 218
25, 218
25, 218
25,218
25,218
25, 218
25, 218
26,881
1,399
1,442
1,580
1,643
:, 701
,751
1,806
1,868
L, 949
2,015
2,051
2,092
2,140
2,209
9,067
8,496
8,496
8,496
7,270
7,270
7,270
7,243
7,243
7,243
7,232
7,232
7,232
6,203
19,161
22,158
26,480
27,645
32,989
35,800
38,068
38,899
39,097
39,326
39,985 39,442
40,063 39, 525
40,282 39, 751
40,440 39,886
40,661 40,114
40,891 40,351
40,858 40,342
41,036 40, 526
41, 305 40,807
41,942 41, 445
38,603
39,427
39,631
AdSocial
justed
seservice curity
issues* issues*
Bonds
36,026
36,123
36,826
^,307
L,306
,405
,454
., 455
105
92
118
156
1,071
926
19
579
1,601
827
827
826
825
827
826
825
839
833
829
795
791
791
789
1,937
2,002
2,046
2,207
2,257
2,294
2,442
2,511
2,542
2,722
2,746
2,796
2,981
3,021
All
other*
Matured
debt
240
284
356
580
601
560
644
54
231
169
119
141
745
743
756
761
779
780
805
820
941
938
915
912
911
105
101
109
112
125
122
117
142
140
133
112
109
Other
266
315
518
825
620
506
447
431
427
425
421
419
416
414
411
408
406
404
401
400
398
1
2
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.
,
* Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account.
1
Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation.
«Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000.
MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS,
DECEMBER 3 1 , 1939
FULLY GUARANTEED OBLIGATIONS, BY AGENCIES
[In millions of dollars]
[In millions of dollars]
Maturing
Bonds
Date maturing
or callable
Total
1940—Before Apr. 1
Apr. 1-June 30
July 1-Sept. 30
Oct. 1-Dec 31
1941—Jan. l - M a r . 31
Apr. 1-Dec. 31
1942..._
1943
1944
1945
1946
1947
1948
1949
1950 .
1951
_
1952
1953 1954
1955
1956
1958
1959
1960
.
1961
1963
1965
_
Total.
.
Bonds
callable i
1,532
Bills
1,455
738
Notes
U. S.
Sav- Other
ings
77
738
737
677
708
737
677
1,543
1,001
1,948
1 214
2,117
1 840
2,819
1 994
1,602
571
1,223
2,436
2,877
2 663
834
1,001
1,050
1 214
898
176
322
420
2 507
784
1,941
1,519
2,399
1,487
819
571
1,223
2,436
2,877
2,663
755
489
755
489
982
2,611
50
919
1,485
982
2,611
50
919
1,485
36,826
1,455
6,203
2,209 26, 959
Tfnd of
Month
1934—June..
Dec...
1935—JuneDec...
1936—June353
Dec...
1937—JuneDec.
545 1938—June..
Federal
Home
ReconComu. s.
Farm
Owners' struction modity HousTotal Mortgage Loan
Finance Credit
ing
Corpora- Corpora- Corpora- Corpora- Authortion
tion *
tion
tion
ity
681
3,063
4,123
4,494
4,718
4,662
4,665
4,645
4,853
134
,226
,387
L,422
1,422
1,422
1,410
1,410
1,834
2,647
2,855
3,044
2,988
2,987
2,937
2,937
235
249
250
252
252
252
255
297
299
206
4,993
4,992
4,987
5,410
5,410
5,410
5,409
5,450
5,480
5,583
5,455
5,448
5,707
5,703
,388
1,388
1,383
1,381
1,381
1,380
1,379
,379
1,379
,379
,279
,279
.269
1,269
2,888
2,888
2,888
2,888
2,888
2,888
2,888
2,928
2,958
2,858
2,831
2,823
2,817
2,813
511
509
509
819
819
206
206
206
206
206
820
206
312
980
834
1,855
2,555
1,755
2,372
1,460
2,246
2,278
1,186
3,473
2,611
982
919
1938—Nov. _
Dec...
1939—Jan. .
Feb.__
Mar. _
Apr...
May..
June..
July..
Aug...
Sept. _
Oct...
Nov...
Dec.__
819
820
820
820
820
820
1,096
1,096
206
206
114
114
114
114
114
206
409
114
114
409
409
407
407
114
114
114
114
i Principal amount of obligations guaranteed as to interest an d princi1,485 pal. Excludes obligations held by U. S. Treasury and reflect* d in the
50 public debt. The total includes guaranteed debentures of the Federal
Housing Administrator, amounting to $3,540,000 on December 31, 1939.
» Excludes obligations guaranteed as to interest only. For Au gust 1939
26, 959 and subsequent months includes matured bonds not presented f or retirement amounting to $82,000,000 on December 31.
i Excludes U. S. savings bonds. Other bonds in the amount of $2,577,000,000 not callable prior to maturity are shown as of date of maturity.
2 Includes unclassified U. S. savings bonds.
FEBRUARY
1940
141
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts
Expenditures i
Receipts
General
Period
Total
Other
In- Social inter- All
come securnal other
ity
taxes taxes
2 revenue*
Total
National
Inter- deAll
est on fense
and other
debt Veterans'
Adm.4
Recovery
and
relief
or deTrust Increase
crease during
acperiod
counts,
etc.7
Excess excess
of reof receipts ceipts
Re- Trans- (+)or (+)or
volv- fers to
exextrust pendiing
funds accts., tures pendi- General
fund 7 Gross
tures
(net) * etc. •
debt
(-)
(-) balance
Fiscal year ending:
June 1937
_ fi, 294
June 1938
6,212
June 1939
- 5,668
2,158
2,635
2,182
"53
755
740
2,187
2,285
2,238
697
567
507
8,442
7,626
9,210
866
926
941
1,436
1,556
1,627
1,994
2,178
2,761
3,073
2,238
3,105
204
121
92
868 - 3 , 1 4 9
607 - 1 , 3 8 4
685 - 3 , 542
+374
+306
+890
-128 +2,646
-338
+740
+622 +3,275
6 months ending:
Dec. 1937
Dec. 1938
Dec. 1939
3,176
2,927
2,744
1,157
1,135
796
414
332
376
1,270
1,203
1,280
335
257
292
3,690
4,504
4,748
432
425
455
769
820
918
1,009
1,328
1,635
1,020
1,516
1,262
45
48
30
-514
414
368 - 1 , 5 7 7
447 - 2 , 0 0 4
+79
+182
+139
+419
+855
+868 +2, 262
-362 +1, 503
704
308
417
737
268
397
613
308
420
719
322
407
569
481
48
56
506
40
43
355
42
37
328
37
34
318
3
43
182
4
30
124
25
36
119
27
36
130
29
181
173
143
183
156
187
193
187
218
312
199
192
172
40
45
37
45
42
42
39
43
46
52
50
52
50
862
693
662
870
785
744
951
807
822
784
764
691
880
173
30
17
120
66
10
272
15
18
151
68
12
190
136
140
122
136
133
136
140
145
152
147
154
157
164
190
221
209
243
258
279
223
259
254
261
305
282
275
309
258
254
297
266
262
252
220
321
170
175
182
194
4
5
10
6
8
7
8
1
11
5
9
5
•I
49
39
50
68
55
50
56
167
66
50
53
53
58
-31
+30
+428
+52
+93
+9
+95
-113
-44
+46
+636
-151
+410
+46
-346
1938—December....
1939—January
February
March
April
May
June
July
August
September...
October
November.._
December
Period
Net expenditures in
checking accounts of
Government agencies
Unemployment
trust fund
ComReconWith- struction
modity
In- BeneIn- drawals
All
Refit
ReCredit
Finance
vestvestby
ceipts ments pay- ceipts ments
Corpora- other
States Corporaments
tion
tion
Fiscal year ending:
June 1937
_
June 1938
June 1939
267
550
639
267
461
516
6 months ending:
Dec. 1937
Dec. 1938
Dec. 1939
341
293
345
49
39
50
68
55
50
85
65
66
50
53
53
58
1938—December
1939—January
February
March
April
May
June
July
August..
September
October
November
December
+267
-16
— 119
-86
-391
-216
-53
-264
+252
+311
+824
+204
+227
+127
+78
+219
+158
+222
+230
-34
+178
+269
+637
Details of general fund balance
(end of period)
Details of trust accounts, etc.
Old-age reserve and
railroad retirement accounts
-157
-385
-245
-132
-517
-348
-339
-499
-402
-65
-442
-284
-311
All
other,
excess
Inof reIncre- Seign- Workceipts
ing
ment iorage
(+) or Total active
balgold
on
expenance
gold
ditures
(-)!•
293
560
395
1
191
442
9 329
99
•658
9 112
• 184
136
127
•11
9 246
+60
+87
+116
2,553
2,216
2,838
1,087
120
294
763
838
141
142
142
356
446
536
970
1,628
2,160
296
210
268
32
57
61
326
402
452
312
192
242
1
214
207
9 31
9 169
9 219
93
124
• 18
14
9 58
161
+33
+57
+45
2,973
3,084
2,476
1,228
142
142
143
401
492
565
1,202
2,449
1,768
34
34
50
50
50
40
83
45
51
43
43
43
43
10
10
10
11
10
11
11
10
10
10
10
10
10
37
51
148
34
34
137
32
58
154
13
54
144
29
32
10
111
19
33
36
44
41
32
41
42
41
40
24
29
32
18
•15
•326
•6
•60
3
•86
16
29
22
15
•297
95
16
10
94
920
9 112
9 37
9 27
12
92
144
96
•74
4
9 19
10
+8
+2
3,084
2,933
3,343
3,389
3,044
2,924
2,838
2,447
2,231
2,178
1,913
2,166
2,476
142
142
142
142
142
142
142
142
142
142
143
143
143
492
503
508
515
522
528
536
544
549
554
558
561
565
2,449
2,288
2,693
2,732
2,380
2,254
2,160
1,761
1,539
1,481
1,213
1,462
1,768
n
«
•13
108
9 13
•14
129
•19
7
142
93
W
2
5
•4
8
( 9 )( )
6
•86
5
19
27
11
+14
+11
+23
+11
+13
+5
+10
+15
+6
1
Excludes debt retirements.
Includes taxes under Social Security Act and on carriers and their employees.
3
Includes miscellaneous internal revenue, unjust enrichment tax. and processing taxes.
4
Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc."
5
Includes revolving funds of Public Works Administration and Farm Credit Administration.
6
Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except
for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc."
7
8
Details given in lower section of table.
Less than $5C0,0O0.
9 Excess of credits.
10
Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against' increment
on gold (other than retirement of national bank notes) and receipts from seigniorage.
2
142
FEDERAL RESERVE BULLETIN
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, NOVEMBER 30, 1939
[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
Home
Owners'
Loan
Corporation
Other
mortgage
agencies
Total
Farm credit agencies
United
States
Housing
Authority
Farm
mortgage
agencies
Tennessee
Other
ValComFarm
ley
Credit modity
AuAdm. Credit Other thorbanks Corpoity
and cor- ration
porations
Insurance Other
Nov. Oct. N o v .
agen30,
31,
30,
cies
1939
1939
1938
ASSETS
Loans and preferred stock:
Loans tofinancialinstitutions._
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
Others
Accounts and other receivables
Business property
Property held for sale
Other assets
Total assets
other than interagency6
. _
206
490
467
2
211
169
40
2,043
198
30
116
266
2,255
176
407
31
37
116
19
3
38
2
9
3
520
4
1,778
2,966
1,096
2,818
97
101
134
31
4
0)
657
0)
13
8
25
0)
2,605
1
485
1,649
7
48
55
0)
76
7
(0
1
130
0)
0)
496
2,605
70
80
342
83
171
(5) 0)
11
30
5
205
6
115
8
0)
W
3
0)
192
»322
<305
657
1
514
23
14
30
7
0)
6
299
55
39
400
335
14
4
107
41
96
1
99
433
840
489
430
817
497
2,358
2,605
1,116
1,112
464
857
503
2,363 2,326
2,616 2,751
1,122
735
1,093
865
8,936 8,956 8,502
476
452
349
743
738
701
131
39
389
543
678
129
141
40
426
542
689
121
144
36
333
452
679
138
5
V)
61
1
3
9
543
319
675
589
12,063 12,105 11, 335
0)
269
3,090
644
114
1,270
5 992
104
207
10
188
197
8
8
3
1
208
9
56
5,708 5,449 4,994
1, 352 1,357 1,323
1,004 1,039
700
694
LIABILITIES
Bonds, notes, and debentures:
Guaranteed by United States...
Other«
Other liabilities (including reserves).
Total liabilities other than
interagency •
0)
407
1,193
2,919
165
118
2,366
217
594
197
16
212
65
8,064 7,845 7,016
Excess of assets over liabilities, excluding interagency transactions.
Privately owned interests
585
48
331
51
151
724
203
427
4
100
345
303
463
139
524
3,999 4,261 4,318
382
395
397
U. S. Government interests
585
48
280
151
520
423
100
345
303
323
524
3,602 3,866 3,936
1 Less t h a n $500,000.
2 Includes $70,000,000 loans of Public Works Administration.
3 Includes $256,000,000 loans of F a r m Security Administration.
«Includes $175,000,000 loans of Rural Electrification Administration.
5 Excludes Federal land bank bonds held b y Federal F a r m Mortgage Corporation.
6
Includes, however, investments in securities of agencies (other t h a n mentioned in footnote 5) and deposits of agencies with Reconstruction
Finance Corporation.
N O T E . — F o r explanation of table, see BULLETIN for October 1938, p . 882.
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding. In thousands of dollars]
Dec. 31, June 30,
1938
1939
Loans tofinancialinstitutions.
Loans on preferred stock of banks and insurance companies.
Preferred stock, capital notes, and debentures
__
Loans to railroads (including receivers)
_
Loans for self-liquidating projects
Loans to industrial and commercial businesses
Loans to drainage, levee, and irrigation districts
Other loans..
_
Securities purchased from Public Works Administration...
Total loans and investments, other than interagency
Preferred stock of Export-Import bank
Loans to Rural Electrification Administration
Capital stock of, and loans to R. F. C. Mortgage Co
Capital stock of, and loans to Fed. Natl. Mtge. Assn
Loans to Tennessee Valley Authority
Total loans and investments
209,625
34,616
536,590
436,094
186, 384
107, 747
81,037
24,040
140,194
183,943
33,444
529,270
439,199
44,683
117,079
83,109
27,393
116,577
July 31, Aug. 31, Sept. 30,
1939
1939
1939
181,502
33,349
526,876
68,106
121,804
25,196
119,705
178,833
33,181
517,125
438,837
73,844
123,042
83,462
23,812
122,986
177,011
33,162
515,157
438,835
85,264
125,753
83,502
23,847
124,476
Oct. 31, Nov. 30, Dec. 31,
1939
1939
1939
175,795
33,127
513,200
436,650
89,872
126,863
83,482
23,274
126,649
173,363
33,094
490,099
444,314
93,068
130,026
83, 750
4,046
127,290
172,154
33,029
488, 673
448,792
79,440
130,625
4,081
120,808
1,756,327 1,574,697 1,598,759 1,595,121 1,607,006 1,608,911 1,579,050 1,561,599
45,000
46,4S8
54,159
49, 710
3,0C0
45,000
146,498
57,094
37,996
8,300
45,000
146,498
55,219
41,776
8,3C0
45,000
146,498
54,903
44,438
8,300
45,000
146,498
54,629
46,600
8,300
45,000
146,498
55,102
50,323
8,300
45,000
146,498
56,047
54,538
8,300
45,000
146,498
57,081
58, 729
8,300
1,954,693 1,869, £85 1,895,551 1,894,260 1,907,832 1,914,133 1,889,433 1,877,207
NOTE.—For explanation of table and backfigures,see BULLETIN for April 1936, p. 220.
FEBRUARY
1940
143
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—
Regional
agricultural
Other
credit cor- financing
Land
porations,
instituBank
Federal
tions,
land banks Commis- production
credit asexcept
sioner
sociations, cooperaand banks
tives
for cooperatives i
End of month
Loans to cooperatives b y -
EmerProduc- Regional
gency
agricultion credit tural
crop
and
credassociadrought
it
corpotions
loans
rations
Federal
intermediate
credit
banks
Banks for Agricultural
cooperMarketatives,
including ing Act
revolvCentral
ing fund
Bank
1934—December.
1935—December.
1936—December.
1937—December.
1,915,792
2,071,925
2,064,158
2,035,307
616,825
794,726
836,779
812,749
99,675
104,706
129,872
165,194
55,672
47,162
41,017
40,464
60,852
94,096
105,212
138,169
87,102
43,400
25,288
15,592
111, 182
172,489
164,887
172,130
33,969
2,731
1,641
1,813
27,851
50,013
69,647
87,633
54,863
44,433
53,754
30,982
1938—November.
December.
1939—January. __
February..
March
April
May
June
July
August
September.
October._.
November.
December.
1,990,475
1,982, 224
1,973,179
1,968,790
1,960, 357
1,954, 677
1,947,944
1,940,586
1,934,013
1,928,166
1,922,577
1,916,431
1,910,336
1, 904, 655
760,326
752,851
745,631
740,870
733,647
728,489
723,187
717,622
712,823
708,426
703,840
699,274
695,101
166, 549
168, 392
163,815
166,996
175,362
182, 643
186,588
190,359
189,044
187, 968
179,674
169, 731
165,368
165, 236
34,537
33,645
33,077
34,115
35,318
36,483
38,124
39,794
40,657
41, 661
37,645
33,996
33,417
33, 354
148,430
148,037
148,416
155,409
167,867
177,792
183,351
187, 712
187,844
185,215
174,032
162,703
156, 526
154, 496
11,592
11,081
10,863
10,689
10,399
10,298
10,286
10,235
10,003
9,599
9,127
8,351
8,042
8,005
172,043
170,891
169,707
170,400
175,509
179,156
179,834
179, 565
178,754
177,668
175,060
171,211
168, 847
168, 330
851
86,221
87,496
80,266
73,692
65,783
61,363
60,465
59,577
62,124
61,404
65,160
70,422
73,120
76, 252
25,313
23,723
23,948
23,631
23,305
23,190
23,061
22,592
22,189
22,422
21,663
21,582
20,589
20, 547
920
834
1,152
1,528
1,256
596
359
263
127
778
1,493
1,696
1,835
* Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most o
the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are
thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit
is extended.
FEDERAL HOME LOAN BANK BOARD
POSTAL SAVINGS SYSTEM
LOANS OUTSTANDING, BY INSTITUTIONS
[In millions of dollars]
[Loans in thousands of dollars]
Home mortgage loans b y -
End of month
Federal savings and
loan associations
Home
Owners'
Loan Cor- Number
poration
of associations
Loans *
1934—December.
1935—December.
1936—December.
1937—December.
2,379,491
2,897,162
2,765,098
2,397,647
639
1,023
1,212
1,328
81,300
348,000
586,700
853,500
1938—November
December
1939—January
February
March
April
May
.___
June
July
August
September
October
November
December
2,186,170
2,168,920
2,149,038
2,134,261
2,117,598
2,105,824
2,091,324
2,080, 512
2,067,844
2,059, 792
2,054,865
2,049,421
2,043,288
2,038,186
1,374
1,368
1,370
1,375
1,375
1,381
1,383
1,386
1,385
1,392
1,394
1,394
1,401
1,410
1,020,873
1,034,162
1,040,770
1,051,109
1,067,887
1,089,879
1,117,228
1,136,289
1,157,536
1,186,784
1,206,887
1,231,685
1, 252,559
1, 271,161
Federal
home
loan
bank
loans to
member
institutions »
86, 651
102,791
145,394
200,092
U. S. Government
securities
Depositors
balances* Total
Total
1935—June1936—June. _
1937—June1938—June..
189,685 1938—November
198,840
December
178,852 1939—January
170,614
February
161,614
March
157,176
April
157,911
May
„
168,962
June
161, 537
July
159,470
August
163,687
September
168,654
October
168,822
November....
181,313
December
1 Federal Home Loan Bank Board estimates for all Federal savings
and loan associations.
2 Excludes loans to other than member institutions which are negligible in amount.
144
End of month
1,205
1,232
1,268
1,252
1,236
1,265
1,307
1,290
1,250
1,252
1,259
1,263
1,266
1,264
1,261
1,262
1,268
1,271
1,267
1,270
1274
l, 279
1,291
1,291
1,299
1,304
1,309
1,306
1,305
1,304
1,310
1,314
1,307
1,311
777
203
967
136 1,100
115 1,103
87
86
83
81
80
76
73
68
58
56
55
54
1,128
1,132
1,137
1,144
1,153
1,154
1,157
1,157
1,172
1,174
1,182
1,182
Cash
reserve
Di- Guaranrect teed funds,
obli- obli- etc>
gations tions
630
800
933
936
147
167
167
167
74
95
71
72
961
965
971
978
167
167
166
166
167
166
146
146
146
146
146
146
76
73
79
79
76
76
75
79
80
84
70
75
1,011
1,011
1,026
1,028
1,036
1,036
p Preliminary.
* 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
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late postmasters.
Back figures.—See BULLETIN for August 1935, p. 502
FEDERAL RESERVE BULLETIN
PRODUCTION, EMPLOYMENT, AND TRADE
[Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation]
Industrial production > •
Year
and
month'
Total
Manufactures
Construction contracts awarded (value) *
Minerals
Total
Residential
All other
Factory employment3
Factory Freight-car Department
pay- loadings** store sales
rolls 3
(value)
Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920.
1921
1922 .
1923
1924
1925
1926
1927 . _
1928
1929
1930
1931
1932
1933
1934
1935
1936. __
1937
1938
1939 ...
84
87
67
86
101
94
105
108
106
112
119
95
80
63
75
78
90
105
109
84
P105
83
87
67
85
101
95
104
108
106
111
119
96
81
64
76
79
90
105
110
86
77
89
70
74
105
96
99
108
107
106
115
99
84
71
82
86
91
105
116
98
63
63
56
79
84
94
122
129
129
135
• 117
92
63
28
25
32
37
55
59
64
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
107
107
82
91
104
96
100
102
100
100
106
92
78
66
73
86
91
99
109
90
P108
98
117
76
81
103
96
101
104
102
104
110
89
68
47
50
65
74
86
103
78
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
84
91
78
85
100
98
103
107
104
104
107
92
74
55
58
62
64
75
78
62
70
P97
1936
Nov
Dec
114
121
115
114
114
121
115
114
112
117
115
111
58
66
51
63
40
45
39
38
72
83
62
65
104
107
105
106
94
99
82
83
84
77
94
92
106
161
Jan
114
Feb
116
Mar
118
April... 118
May.... 118
June
114
July.... 114
Aug
. 117
Sept.... 111
Oct
102
Nov
88
Dec
84
112
117
122
122
122
115
111
115
109
102
90
80
115
116
117
118
118
114
114
117
110
100
85
79
113
118
122
125
123
114
110
114
106
99
86
75
111
116
128
115
117
115
112
113
116
113
109
115
107
112
119
105
118
118
116
121
125
123
113
109
63
62
56
63
66
61
67
62
66
52
66
61
61
64
56
61
68
72
75
66
56
49
60
49
45
47
45
44
44
42
44
40
37
36
32
30
37
42
47
61
52
47
45
40
37
35
31
25
77
76
64
61
66
63
64
63
68
81
92
99
87
72
61
65
68
107
108
110
111
112
111
112
112
110
108
104
98
105
108
110
111
112
110
111
112
112
110
104
97
95
100
106
110
110
108
105
109
105
105
93
85
80
82
83
84
80
78
80
79
78
76
71
67
73
76
80
79
80
79
82
81
87
84
72
62
93
95
93
93
93
93
92
93
94
93
91
89
72
78
00
89
05
90
65
72
100
103
101
166
81
79
79
77
76
77
83
88
90
96
103
104
79
79
80
78
77
77
81
87
91
97
104
98
76
75
75
73
73
74
82
87
89
95
103
104
75
76
77
76
75
75
79
85
89
95
103
98
108
103
104
100
92
93
93
95
97
98
102
110
104
99
96
91
90
92
93
97
102
106
105
103
52
51
46
52
51
64
59
66
78
82
.96
96
42
44
46
69
61
63
65
69
79
78
85
77
26
32
33
37
37
42
49
63
56
22
28
35
43
44
46
49
52
56
56
64
48
59
56
55
73
76
76
78
84
97
96
111
100
93
92
90
88
86
85
86
88
89
90
93
94
91
91
91
89
86
84
85
89
92
92
93
94
75
78
78
75
73
71
71
77
82
84
84
87
65
62
60
67
68
58
61
62
64
68
69
69
59
67
57
55
57
68
62
63
71
75
70
64
90
88
86
83
78
82
83
83
86
84
89
89
70
70
77
86
80
79
58
65
01
02
99
156
Jan.
101
Feb
99
Mar
98
April... 92
May....
92
June
98
July.... 101
Aug
103
Sept.— 111
Oct
121
Nov.
124
Dec
P128
100
99
100
95
94
98
97
99
112
124
124
P120
100
97
96
92
91
97
100
104
111
121
124
P130
99 110
98 110
100 110
96
95
94
98
97 104
95 106
99
91
110 114
122 121
123 124
P121 P118
105
105
102
88
97
105
107
96
123
132
127
Pill
86
73
69
67
63
63
67
73
73
76
83
70
63
69
76
75
73
73
76
73
72
74
P70
55
68
55
68
55
68
62
67
68
68
61
P61
90
95
72
94
79
94
83
94
84
93
80
94
81
95
84
96
77
98
77 101
87 103
P84 P104
92
94
94
94
93
93
94
96
100
104
104
84
86
88
86
85
87
84
90
94
102
102
P104
69
67
66
60
62
67
69
70
77
80
82
78
63
62
63
68
62
67
70
71
85
89
83
73
88
87
88
88
85
86
•86
89
91
90
95
96
69
69
82
88
87
83
60
69
97
99
106
168
1937
77
86
81
71
65
76
87
1938
Jan
Feb
Mar
April...
May....
June
July....
Aug
Sept....
Oct
Nov
Dec
*
e
57
73
66
56
65
62
64
68
77
96
102
128
128
•
"
1QOQ
45 111
85
51
80
58
74
68
68
65
67
64
71
63
78
66
76
68
82
66
59 101
P52 P108
P104
v Preliminary.
• Average per working day.
i For indexes of groups and separate industries see pp. 146-147; for description see BULLETIN for February and March, 1927.
* 3-month moving average of F. W. Dodge Corporation data, centered at second month; for description see p. 358 of BULLETIN for July 1931.
»The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For
description of the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see BULLETIN for October 1938, pp. 835837, and for October 1939, p. 878. For current indexes of groups and separate industries see pp. 148-151. Underlying figures are for payroll period
ending nearest middle of month.
* For indexes of groups see p. 153.
Back figures.—See Annual Report for 1937 (table 81).T For department store sales see BULLETIN for October 1938, p. 918; for factory employment and payrolls see BULLETIN for October 1938, pp. 838-866, and for October 1939, pp. 879-887.
FEBRUARY
1940
145
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors 1923-25 average=100)
1939
1938
Industry
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
100
88
110
97
84
109
96
80
110
92
76
105
91
71
108
97
82
110
100
88
110
104
92
115
Ill
103
117
121
123
119
124
130
118
P130
101
74
104
93
72
95
88
73
89
83
75
84
79
66
80
73
55
75
89
73
90
100
81
102
105
91
107
121
101
123
157
119
167
125
160
171
173
126
178
96
8
99
12
105
12
100
12
91
14
87
14
73
15
81
15
87
15
89
19
85
23
78
* 90
127
24
73
88
66
59
94
57
66
89
70
72
87
73
76
90
69
92
91
71
102
89
82
93
90
70
87
91
68
99
93
71
97
98
71
95
110
70
119
117
83
165
121
78
84
155
82
153
69
147
80
133
90
131
81
83
75
89
79
124
82
87
76
121
78
165
87
91
222
191
96
232
Byproduct
Beehive
Textiles __
Cotton consumption
Wool
_
Consumption
Machinery activity *
Carpet and rug loom activity J_
Silk deliveries
105
6
105
6
106
6
105
5
106
5
94
2
77
2
103
5
no
5
120
5
130
7
143
147
'29
148
26
112
112
107
123
101
69
123
117
120
116
134
112
72
116
109
111
107
114
113
77
107
109
111
111
117
113
87
97
110
114
106
119
91
84
108
97
105
85
91
80
78
88
104
110
105
120
98
73
76
111
115
116
138
105
70
84
111
117
114
136
105
64
84
120
128
123
150
103
79
87
121
129
118
138
103
125
129
125
138
120
126
135
128
140
129
P123
145
P115
*>123
*>118
Leather and Products
107
90
94
89
77
118
123
98
99
109
85
138
124
103
100
119
97
137
124
105
104
118
97
137
121
95
93
103
95
138
115
97
91
101
106
127
113
94
91
89
104
126
108
91
87
91
102
119
114
88
89
69
106
131
117
98
106
73
103
130
94
88
96
112
152
86
100
86
79
89
106
137
92
108
87
74
97
111
150
92
106
83
67
100
108
157
94
70
89
73
106
110
156
97
78
90
81
99
105
135
100
94
94
84
104
108
142
95
72
87
73
103
104
143
100
66
89
77
164
76
233
95
179
76
258
97
165
79
237
78
162
77
231
78
164
78
236
80
164
77
236
81
170
75
246
85
170
75
247
84
73
227
80
76
241
89
76
235
85
75
240
83
74
250
87
186
79
273
89
63
128
61
128
61
125
61
127
62
126
63
130
65
127
63
132
63
126
63
130
65
142
63
137
64
131
65
140
208
269
104
140
109
201
259
107
142
100
205
262
112
145
106
201
256
113
138
117
202
256
122
140
111
209
265
122
143
115
211
269
124
143
119
215
276
122
144
121
212
218
221
228
280
123
140
284
118
148
232
273
117
139
128
123
149
141
100
104
75
112
116
79
110
115
76
109
114
71
114
119
76
104
108
73
102
106
68
112
117
77
111
122
123
126
118
116
127
84
128
86
131
90
122
84
Minerals—Total
102
110
110
110
110
95
98
104
106
91
114
121
124
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver
77
58
164
42
88
66
51
78
67
169
75
69
171
79
61
169
77
61
173
81
80
174
91
71
101
84
71
174
97
98
71
104
P83
90
69
86
77
53
127
78
93
71
79
187
155
P186
87
73
100
75
53
174
74
91
68
70
91
60
89
70
86
71
59
170
67
90
70
107
94
58
94
57
85
46
73
175
55
89
82
71
117
83
91
121
Manufactures—Total
Durable
Nondurable
..
-
Iron and Steel - _
. _
Pig iron
Steel ingots. .
Transportation Equipment:
Automobiles
Locomotives
Nonferrous Metals:
Tin deliveries 1
Zinc
Lead
.
__
- .-
Cement and Glass:
Cement
Glass, plate
Coke:
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
Food Products:
Slaughtering and meat packing
Hogs
-»
Cattle
Calves
Sheep
Wheat flour
Sugar meltings
Tobacco Products
Cigars
Cigarettes
Manufactured tobacco
>
Paper and Printing:
Newsprint production
Nftwsprint. consumption -
Petroleum Refining
Gasoline 1
Kerosene
Fuel oil i
Lubricating oil *
_ __
__ _ -
Rubber Tires and Tubes *
Tires, pneumatic
*
Inner tubes 1 . .
__
_
Nov.
Dec.
103
94
110
104
92
114
108
76
112
Jan.
23
Dec.
P141
P12O
94
120
92
96
104
87
93
71
87
115
108
93
'98
73
103
118
114
97
103
82
98
125
Pi 23
100
95
99
99
100
100
81
92
84
100
104
139
88
77
99
99
95
100
147
91
128
158
168
164
102
107
145
96
115
77
84
107
102
111
146
103
96
95
110
144
91
94
110
154
82
91
85
166
172
296
118
155
181
128
110
70
91
P85
72
i>140
293
109
150
110
115
73
P118
*59
78
r
* Without seasonal adjustment.
P Preliminary.
Revised.
NOTE.—Descriptive material and tables giving backfiguresmay be obtained upon request from the Division of Research and Statistics. Series
on shipbuilding, silk-loom activity, and on production of book paper, wrapping paper,finepaper, boxboard, mechanical wood pulp, chemical wood
pulp, paper boxes, and lumber, included in the total index, are withheld from publication pending revision.
146
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors 1923-25 average=100]
1938
Industry
Nov.
1939
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
103
92
113
98
85
108
99
84
111
98
84
111
100
86
111
96
84
106
94
78
107
97
85
108
95
83
105
99
85
111
110
99
119
100
77
103
89
73
90
90
71
92
92
75
93
93
79
95
87
70
89
79
56
81
89
72
90
93
77
95
103
87
105
120
115
8
117
12
105
11
100
12
105
14
106
13
88
15
91
14
66
15
28
20
73
88
69
59
96
58
66
94
71
72
93
75
76
96
70
92
94
70
102
90
80
93
87
71
87
84
65
99
87
68
83
165
64
153
42
147
48
133
65
138
79
91
88
93-
98
112
100
78
98
121
Coke:
Byproduct
Beehive
107
6
106
7
107
7
108
7
109
6
95
2
76
2
101
5
107
4
Textiles
Cotton consumption
Wool
ConsumptionMachinery activity
__
Carpet and rug loom activity _
Silk deliveries
116
117
113
134
101
69
127
111
111
117
135
112
72
103
114
117
109
118
113
77
122
115
119
116
128
113
87
104
112
119
106
122
91
84
104
100
113
84
88
80
78
87
104
114
100
111
98
73
75
105
111
109
124
105
70
75
103
106
106
121
Leather and Products _
Tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Boots and shoes
102
88
93
85
76
112
104
95
96
94
92
109
115
98
101
98
92
125
126
108
111
108
101
138
125
94
94
91
97
145
112
94
91
91
105
124
105
88
87
85
96
115
104
90
86
88
102
113
112
Food Products:
Slaughtering and meat packing
Hogs
Cattle
Calves
Sheep __ .
Wheat flour
Sugar meltings
104
97
111
114
151
93
78
101
103
94
100
135
88
62
101
100
98
104
151
90
70
83
74
88
100
147
91
69
84
74
92
111
142
91
92
81
72
87
114
127
91
109
92
81
101
122
139
90
81
86
76
96
108
140
88
78
172
78
248
85
Manufactures—Total
Durable _
Nondurable
Iron and Steel _ >
Pig iron
Steel ingots
Transportation
Equipment:
Locomotives
.
Nonferrous Metals:
Tin deliveries __.
Zinc
Lead .
Cement and Glass:
Cement
Glass, plate
_ _ _ _ _
105
64
80
88
86
81
98
128
84
69
101
104
145
94
Oct.
122
123
122
152
Nov.
123
125
122
155
Dec.
P121
P129
119
126
152
124
156
158
155
59
93
108
142
24
24
97
93
95
106
119
117
67
72
86
165
123
79
98
165
99
222
90
191
75
232
116
4
128
7
143
22
150
'30
150
29
112
115
118
139
103
79
91
121
125
122
145
129
133
132
151
131
140
135
153
130
100
104
88
101
149
80
64
98
96
140
94
98
86
186
81
272
86
171
180
76
249
80
80
261
91
98
122
103
84
113
120
120
94
120
129
92
98
119
110
92
99
97
82
91
138
noi
91
71
114
107
170
122
133
P124
P118
P85
64
P104
96
86
107
132
102
77
97
119
^110
97
84
111
110
118
129
108
112
152
89
100
95
144
87
111
116
158
102
87
66
73
181
179
175
151
87
259
93
92
252
86
88
247
85
59
224
102
167
90
231
92
145
67
212
79
157
61
232
79
147
67
211
79
156
71
224
81
151
72
215
78
Paper and Printing:
Newsprint production
Newsprint consumption
63
137
61
132
62
120
61
125
61
131
64
139
66
131
64
131
112
116
139
146
140
Petroleum Refining
Gasoline
Kerosene
Fuel oil
Lubricating oil
208
269
113
140
109
202
259
115
142
100
205
262
115
145
106
202
256
115
138
117
201
215
276
113
144
121
211
217
221
233
229
269
119
143
273
108
139
280
116
140
115
284
121
148
293
117
150
128
296
124
155
111
208
265
121
143
115
211
256
119
140
123
149
141
Rubber Tires and Tubes—_ _
Tires, pneumatic .
Inner tubes .
100
104
75
112
116
79
110
115
76
109
114
71
114
119
76
104
108
73
102
106
68
123
128
86
126
131
90
118
122
84
110
103
105
105
102
88
97
111
116
77
107
122
127
84
105
112
117
77
105
96
123
132
127
Pill
86
60
163
35
88
69
55
82
66
164
83
74
164
83
66
166
77
50
171
26
83
174
104
102
93
75
108
96
70
94
94
70
102
68
44
178
150
84
65
59
90
94
71
86
63
51
173
132
87
71
105
75
96
58
86
40
73
177
82
90
80
69
Tobacco Products
Cigars
»__
Cigarettes
Manufactured tobacco .
Minerals—Total
—
Bituminous coal
Anthracite
Petroleum, crude
Iron ore
Zinc
Lead
Silver
_
..
- _
119
62
61
64
63
63
53
72
74
62
129
159
87
68
78
179
187
93
67
183
218
106
72
185
130
117
86
90
98
98
73
65
144
115
73
P58
P181
123
79
v Preliminary.
' Revised.
NOTE.—Descriptive material and tables giving back figures may be obtained upon request from the Division of Research and Statistics. Series
on shipbuilding, silk-loom activity, and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood
pulp, paper boxes, and lumber, included in the total index, are withheld from publication pending revision.
FEBRUARY
1940
14?
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]
1939
1938
Industry and group
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Total
92.8
82.1
103.1
94.4
83.7
104.7
94.6
84.4
104.4
94.3
84.2
103.9
94.0
83.7
103.8
93.8
83.9
103.3
93.3
82.9
103.3
94.3
83.9
104.2
95.3
84.7
105.3
95.9
85.3
105.9
97.5
88.9
105.7
101.2
'94.6
107.6
103.4
97.3
109.2
Iron, Steel, Products
89.1
93
95
90.9
95
97
90.7
95
96
90.7
94
97
90.3
96
93
90.6
96
94
92.5
97
98
96.4
101
102
105. 9
115
113
72
72
72
88
54
56
90
54
73
90
110.7
122
118
79
107
70
74
147
89
74
144
90.5
95
94
73
90
55
84
89.6
94
93
73
90.4
94
96
73
89
55
Durable goods
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
__ _ _
Cash registers, etc
__
89
74
146
_.
80
154
89.2
104
__
Engines, turbines, etc.__ _
Foundry, machine-shop productsMachine tools
Radios, phonographs
Textile machinery
Typewriters
Transportation Equipment.
Aircraft
Automobiles
Cars, electric-, steam-railroad
Locomotives
Shipbuilding
Nonfer.rous Metals, Products
Aluminum
Brass, bronze, copper
_.
Clocks, watches
Jewelry .
Lighting equipment
Silverware, plated ware
Smelting, refining... _.
Lumber, Products
Furniture
Lumber, millwork
Lumber, sawmills
Stone, Clay, Glass Products
Brick, tile, terra cotta
Cement
_
Glass . .
Marble, granite, slate
Pottery
Textiles, Products ~
Fabrics.
Carpets, rugs
Cotton goods
Cotton small wares
Dyeing,finishingtextiles
Hats, fur-felt
Hosiery
Knitted outerwear
Knitted underwear
Knitted cloth..
Silk, rayon goods
Woolen, worsted goods
Wearing apparel
Clothing, men's—
Clothing, women's
Corsets, allied garments
Men's furnishings
Millinery
^
Shirts, collars
148
74
79
60
91
74
82
62
93
83
162
91.7
110
74
82
63
94
83
154
92.3
114
87
74
143
74
84
66
95
90
54
87
74
147
75
85
67
95
84
81
135
128
94.0
123
94.8
124
129
71
127
127
93.2
868
94.1
900
102
102
33
17
103
35
19
106
93.3
131
105
84
90
86
76
67
78
89
67
95
84
126
69
93.1
75
86
66
95
142
123
69
131
106
79
91
85
70
77
147
84
117
66
132
106
79
86
82
65
72
76
147
148
131
86
91
82
134
29
16
100
74
85
67
95
91
56
84
131
85
91
81
132
99
75
142
71
91
54
151
132
84
92
80
128
90.6
837
75
84
67
96
86
55
80
84
134
85
88
79
126
127
74
144
73
152
133
83
87
77
124
__r_ 91.9
_.
91
73
94.9
122
94.4
119
95.4
96.1
118
115
128
87
95
83
144
127
87
95
83
149
121
75
122
75
131
77
126
126
122
94
56
78
78
157
79
88
69
98
85
121
97.3
127
92
99
86
155
126
78
129
78
33
17
113
93.4
93.4
93.2
92.8
135
104
84
91
84
68
140
104
84
92
80
69
143
103
85
93
68
142
104
84
90
76
68
77
92.8
94.6
145
105
82
91
73
68
153
106
84
94
75
70
96.3
157
109
85
95
77
77
76
64.2
64.8
65.3
66.0
66.4
80
67
69
83
57
59
84
58
60
85
57
69
85
56
56
85
67
57
84
56
69
85
59
59
86
59
60
86
60
60
76.8
77.8
79.6
77.4
77.4
77.9
75.4
77.5
78.4
78.1
56
68
98
47
84
57
68
99
49
85
59
66
95
48
86
58
66
95
53
85
58
67
97
53
84
55
63
96
52
84
57
66
98
50
87
58
67
98
51
88
57
67
99
50
87
99.6
90.2
77
99.8
91.0
74
101.2
92.0
73
104.1
94.5
74
104.9
95.4
76
144
64
84
116.9
104
65
88
120.0
106
167
105
138
72
117
173
106
140
77
119
64
72
134
64
88
119.5
103
171
107
132
79
130
131
129
102
125
145
81
160
85
127
100
116
95
183
87.2
91.2
91.1
88.9
90.0
88.3 '99.5 '105. 6 101.2 112.4
968 1,075 1,169 1,267 1,385 1,414 1,512 1 605 1,767 1,879
112
100
89
89
90
97
96
88
102
'108
55
34
33
48
32
36
31
34
34
42
28
21
26
25
16
28
29
25
18
28
138
111
112
118
127
128
133
125
128
132
98
78
71
70
139
112.7
128
92.9
966
119
63.2
85
82
110.6
125
105.7
129
77
122
90
153
94
171
129
65.1
85
83
86
91
76
103
128
78
121
89
151
77
71
90
164
106
83
166
124
73
65.7
85
80
99
81
'162
84
90
75
'103
130
72
65.0
118
91
148
99.8
123
125
88
97
85
146
77
101.9
91.9
78
87
149
121
64.0
102.2
92.3
76
95
80
'159
80
86
71
97
77
102
66
112.2
124
120
79
109
72
105
85
167
86
93
76
99
96
177
126
86
93
81
140
77
70
75
100.0
90.5
74
97
59
104. 4
99.9
108.8
127
87
91
82
138
68
78
61
64
100
49
87
74
Dec.
101.8
91.7
77
86
82
122
90
153
68
71
101.0
91.0
77
85
80
122
87
154
70
70
134
85
78
86
79
80
83
91
84
72.5
93
65
66
85.1
85.4
59
66
100
48
86
61
68
106
'49
90
64
70
110
49
93
65
71
109
50
94
103.6
94.1
78
106.2
97.8
83
107.7
99.8
85
106.0
96.9
84
91
86
94
91
96
93
95
92
62
85
121.4
107
61
83
120.4
106
67
95
120.5
108
64
88
121.6
112
174
117
140
172
116
136
80
121
171
117
138
80
121
171
117
127
74
123
171
117
121
75
122
161
111
125
80
120
169
114
129
74
120
174
115
135
73
123
165
109
128
81
119
'81.9
72.2
93
64
66
68
79
145
75
77
138
171
107
132
84
121
89
63
63
85
75
80
155
72
138
173
107
136
84
123
69 4
76
79
148
68
73
128
63
89
121.1
107
83
169
138
89
96
88
73
86
75
78
140
67
63
86
117.5
104
92
95
70
110.5
171
137
88
95
89
72
80
79
140
129
90
155
66
81
115.2
102
79.0
87
110.0
131
92
146
128
93
154
65
81
119.2
104
61
61
166
130
151
86
125
132
90
151
120
89
152
64
84
120.2
104
77
67.4
87
107.0
125
133
86
151
124
84
153
74
99.2
152
115
85
91
88
71
123
97
192
129
87
149
121
86
154
70
133
65
77
116.4
103
134
85
80
122
126
97
108
91
170
77
121
65
90
120.4
107
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
1938
Industry and group
Nov.
Leather, Manufactures
Boots, shoes
Leather
_.
__ _ _
Food, ProductS-
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
TCP, nrfiam
Slaughtering, meat packing
Sugar, beet
Sugar refining, c a n e . . __
.
__
Tobacco Manufactures
Tobacco, snuff
Cigars, cigarettes
Paper,
Printing
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing
Chenycals, Petroleum, and Coal
Products
Pftt.rnlftnm refining
Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations. _
Explosives___
Fertilizers
Paints, varnishes
Rayon, allied products
Soap
Rubber Products
R u b b e r boots, shoes
R u b b e r tires, inner t u b e s
R u b b e r goods, other
_
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
97.6
96
85
98.1
97
86
98.9
98
87
99.0
98
87
99.2
98
86
97.7
97
85
93.7
92
84
97.1
96
86
98.7
98
87
97.4
96
87
96.8
95
87
97.4
96
88
99.1
98
88
97.0
96
86
127.4
144
276
95
149
83
78
78
100
108
95
128.8
144
274
96
151
86
79
78
100
152
94
128.8
144
276
96
150
84
79
79
98
212
96
125.7
144
275
94
143
83
77
78
96
120
93
127.3
144
270
94
158
82
78
78
96
107
96
127.0
144
270
95
157
81
77
78
96
103
102
128.4
146
272
96
159
81
80
77
98
107
87
129.4
147
275
95
162
80
81
77
100
104
89
127.9
147
269
95
150
82
81
75
101
99
94
129.7
146
269
96
160
86
79
75
101
105
96
128.1
146
269
95
147
82
82
76
102
131
90
126.8
146
271
95
136
82
80
78
103
107
100
129.5
145
279
97
149
86
77
79
106
105
94
131.0
145
285
98
149
86
79
79
109
116
96
65.0
63
65
65.6
63
66
65.9
61
67
64.8
61
65
61.4
62
62
64.5
63
65
65.1
62
65
65.5
62
66
65.7
61
66
65.2
62
66
64.4
62
65
63.5
62
64
63.1
60
63
64.5
60
65
110.6
108
106
99
114
111.1
110
106
100
114
111.0
111
106
100
113
111.1
111
106
99
114
111.4
112
106
100
114
111.5
111
106
100
114
111.5
111
107
99
115
111.1
111
106
99
114
111.8
113
106
101
114
112.0
115
107
99
115
112.8
116
109
98
116
115.0
121
114
99
116
115.7
122
115
100
115
116.5
121
116
101
L17
113 3
120
111.8
119
101
108
84
102
118
297
77
113 7
119
112.4
120
104
108
85
100
119
297
81
113 6
119
112.3
119
97
109
86
103
119
297
81
112 9
119
111.4
120
88
107
86
97
118
301
80
113 4
119
112.2
120
96
108
86
98
120
299
79
114 2
118
113.3
118
103
109
86
110
121
309
78
114 4
119
113.4
117
110
111
87
115
119
302
79
113 1
120
111.4
117
88
112
90
107
120
295
80
113 7
121
111.9
115
85
114
92
105
122
298
84
111.9
122
109.4
119
81
112
93
103
125
254
87
116.4
122
115.2
122
122
119.4
132
'98
113
102
109
125
309
87
121.2
123
120.8
137
92
114
104
106
126
310
86
121.8
122
121.8
138
93
116
107
111
126
311
87
81.4
60
66
133
82.9
60
67
137
81.4
58
67
133
81.4
60
66
133
82.2
60
67
134
81.3
60
67
131
81.1
61
67
129
80.8
59
66
131
79.7
47
67
134
83.6
58
68
138
86.1
58
70
144
91.2
60
74
154
93.1
61
75
159
92.3
61
75
156
112
98
111
123
297
87
r
Revised.
N O T E . — F i g u r e s for December 1939 are preliminary. For description and back d a t a see the B U L L E T I N for October 1938, pages 835-868, a n i
for October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of m o n t h .
FEBRUARY
1940
149
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
Factory employment
Industry and group
1938
Nov.
Total
Durable goods
Nondurable goods
Factory payrolls
1939
Dec.
Aug.
Sept.
Oct.
1938
Nov.
Dec.
Nov.
1939
Aug.
Dec.
Sept.
Oct.
Nov.
Dec.
93.3
82.9
103.1
94.0
83.8
103.8
103.6
96.1
110.7
103.8
98.2
109.2
104.0
100.0
107.9
84.4
77.6
92.1
87.1
79.6
95.4
Iron, Steel, Products
Blast furnaces, steel works. _
Bolts, nuts, washers, rivets.
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies
Stamped, enameled ware
Steam, hot-water heating...
Stoves
Structural, ornamental
Tin cans, tinware
Tools
Wirework
93
95
71
90
54
89
74
146
75
84
60
89
81
156
90.2
92.3 '97.2 106.8
94
97
101
115
97
97
101
113
71
75
75
77
92
90
97
104
56
56
59
65
94
91
76
100
74
78
80
82
147
'153
'157
'164
74
81
78
86
92
90
79
97
74
61
72
76
107
88
106
107
86
84
91
84
145
166
162
116
111.1
122
118
77
109
70
106
83
166
87
96
76
100
95
173
111.5
124
120
78
109
73
105
84
167
86
90
76
94
97
177
81.0
84
100
58
80
54
96
55
149
57
69
49
89
74
164
82.7
86
104
59
84
60
93
61
152
60
67
52
89
80
169
59
80
71
156
68
78
64
115
79
116
Machinery
Agricultural implements
Cash registers, etc
_.
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
_
_.
Radios, phonographs
Textile machinery
_.
Typewriters
_.
101
133
84
83
77
124
131
66
130
96.!
124
119
93
114
78
161
123
75
117
92.3
829
102
29
16
100
83.2
102
121
84
89
66
120
117
60
129
95.6
792
108
22
13
97
88.5
123
120
86
95
71
130
118
65
129
Transportation Equipment
Aircraft....
Automobiles
Cars, electric-, steam-railroad
Locomotives
Shipbuilding
96.8 100.3 106.6 111.0 112.9
91.9
116
114
110
118
125
131
125
127
132
126
127
128
92
97
100
102
88
85
99
105
110
121
97
85
86
91
95
97
79
84
156
171
184
193
127
140
150
177
180
160
130
136
77
80
84
86
69
78
122
124
128
127
129
118
75.2 '97.0 '105. 3 102.8 116.4
96.9
859 1,414 1,467 1,556 1,750 1,861
70
118
102
107
'108
32
54
47
41
32
29
28
28
26
26
17
122
139
133
129
134
104
94.7 100.3 110.4 113.4 112.1
94.5
151
154
131
168
173
115
108
106
131
137
83
86
93
90
93
83
94
100
99
107
107
93
91
73
88
98
93
76
69
71
73
76
87
75
77
84
78
78.3 '99.5 '109.' 108.0 125. 2
97.7
872 1,381 1,362 1,512 1,718 1, 741
129
109
75
'113
107
103
40
27
28
38
49
27
25
27
26
25
14
28
141
128
135
144
110
152
87.0
144
104
83
79
69
65
71
87.1
140
103
80
81
70
67
74
88.7
163
111
85
77
58
59
71
96.5
167
123
88
84
75
66
71
113.1
191
154
99
93
82
71
81
115.3
194
157
100
91
78
75
85
53
61
Nonferrous Metals, Products..
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated w a r e Smelting, refining
_.
94.9
134
106
84
97
86
69
77
93
104
93.8
'87.8
100.5
101 6
99.6
103.8
101.8
101.3
102.4
103.9
104.9
102.7
92.8
95
111
63
85
63
114
72
'159
71
'82
63
117
82
161
112.1
124
138
71
95
75
110
80
173
83
94
68
111
92
183
114.6
127
142
74
103
84
119
78
171
67
105
97
200
115.5
129
143
72
103
88
117
78
176
80
79
67
100
102
206
100.9
125
124
98
116
80
182
139
73
122
111.0
131
126
106
129
90
208
170
76
126
117.0
141
129
110
139
94
238
170
82
126
J21.8
152
132
113
156
99
257
147
85
122
115.7
196
159
97
86
78
76
66.2
85
53
57
70.0
91
62
63
72.4
95
64
73.0
97
64
66
71.1
94
64
63
55.'
69
44
50
55.7
72
44
48
62.9
76
50
57
63.5
78
50
57
85
52
62
77.3
56
68
98
48
80.!
62
73
99
53
85
81.7
63
71
101
52
84.8
65
72
107
'51
92
85.6
65
70
110
50
95
83.6
62
66
109
48
95
67.3
42
63
104
33
79
67.0
43
56
104
34
80
71.6
50
70
103
41
74
71.7
50
68
105
39
74
'80.3
57
71
121
'39
'87
78.7
54
67
120
39
76.7
52
64
118
35
90
100.2
91.
74
86
81
120
89
152
73
71
138
64
83
115.3
101
165
104
149
65
121
101.
93.8
76
87
83
123
89
153
74
71
142
66
90
115.5
100
167
105
148
68
119
103.5
93.1
76
87
81
122
94
152
78
77
140
63
86
122.1
110
174
114
131
78
120
104.5
93.5
78
89
84
125
90
150
79
78
143
63
82
124.8
111
179
116
133
89
123
108.3
98.
83
94
92
133
86
154
82
80
152
67
91
124.7
109
178
118
144
82
127
107.9
100.9
85
97
93
134
88
155
78
81
154
68
95
118.7
105
168
117
137
67
128
105.7
98.5
84
97
92
133
91
148
65
79
144
65
91
116.9
105
165
116
128
66
122
80.5
78.4
59
74
74
102
69
169
56
61
108
51
68
79.3
65
105
107
147
45
101
85.5
82.4
63
76
79
107
74
168
60
62
114
54
77
86.0
70
118
111
140
48
102
88.2
80.2
64
75
76
103
84
162
64
68
117
52
72
98.3
86
133
112
120
67
103
93.6
86.6
81.0
88.0
68
75
84
79
82
89
108
116
74
61
156
174
62
70
74
67
132
121
52
57
68
77
92.1 '98.7
83
80
133
118
127
120
143
121
62
81
'116
102
92.9
91.7
76
91
91
115
73
170
64
75
130
60
82
89.2
76
116
122
139
49
117
91.8
89.4
76
91
88
117
90
159
51
72
115
57
78
90.5
80
118
119
128
46
110
Stone, Clay, Glass Products..
Brick, tile, terra cotta...
Cement
Glass
Marble, granite, s l a t e Pottery
81.5
99.0
68.7
88
62
63
64.7
84
57
59
150
100.2
'89.8
110.2
63.7
84
56
57
76.2
55
63
99
48
Lumber, Products
Furniture
Lumber, millwork.
Lumber, sawmills..
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 g a r m e n t s Men's furnishings
Millinery
Shirts, collars
96.3
83.9
108. 0
FEDERAL RESERVE BULLETIN
Factory Employment and Payrolls—Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-26 average=100]
Factory employment
Industry and group
Leather, Manufactures
Boots,!* shoes
Leather.
___
Food, Products „
._- _
Baking
Beverages
Butter
_
Canning, preserving
C onfectionery
Flour
Ice cream
._ __
Slaughtering, meat packing
Sugar, beet
.
Sugar refining, cane
Tobacco Manufactures
Tobacco, snuff
Cigars, cigarettes
_.
_. __
Paper, Printing
Boxes, paper
Paper, pulp
__
Book, job printing
Newspaper, periodical printing,,.
Chemicals, Petroleum, and Coal
Products
Petroleum refining _
_
Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap
Rubber Products
R lbber boots, shoes
Rubber tires, inner tubes
Rubber goods, other
1939
1938
Nov.
_ .
_.
Dec.
Aug.
1940
Oct.
Dec.
Aug.
Sept.
Oct.
Nov.
Dec.
91.9
89
93.3
91
66.4
60
74.8
70
84.6
83
76.6
72
76.5
71
71.1
65
75.6
70
88
87
82
85
83
84
88
87
87
129.7
147
261
94
120
98
78
69
108
287
93
125.8
145
261
93
99
96
79
68
112
189
94
120.6
133
284
78
93
86
71
57
107
296
78
118.9
132
276
76
84
92
70
56
109
239
76
66.7
62
67
66.4
61
67
65.6
61
66
61.8
69
61
61.7
72
60
62.7
67
62
62.9
67
62
63.4
71
62
62.9
68
62
62.3
68
62
113.2 116.5
119
128
114
109
99
98
,117
116
117.5
129
115
101
117
118.7
125
116
104
119
104:5
123
103
84
108
108.5
122
104
91
112
103.7
125
108
83
102
109.3
133
113
86
110
113.8
151
126
84
110
114.2
145
125
89
109
116. 8
136
123
94
115
109.2 '•118.0 122. 3
122.6
122.2
118.3
119.3
119.0 124. 6 133. 3
133.0
122
134
134
133.0
124
136
122.3
122.2
113.5
114.7
113.8 121. 5 131.2
127.6
145
258
93
121
95
79
69
102
293
94
123.8
144
251
91
100
96
79
67
104
246
91
147.0
147
295
103
289
79
80
89
100
88
99
68.3
64
69
66.6
64
67
66.6
61
67
112.3
114
106
100
116
113.2
113
106
103
117
110.9
114
107
98
112
114.6
114.3
100.7
100
150.7 137. 6'
148
148
271
287
99
95
304
181
91
97
84
82
82
73
101
103
121
287
91
101
66.4
61
67
123
123
120
119
123
113.2
113.1
105.9 116. 7 122. 2
119
134
111
86
88
117
300
79
119
131
111
86
92
117
298
79
119
57
110
93
74
122
255
86
63
67
137
Nov.
88
86
61
66
136
Dec.
96.2
94
87
83.5
Nov.
1939
87
94.3
92
85
•• Revised.
NOTE.—Figures for December 1939 are preliminary.
are for payroll period ending nearest middle of month.
FEBRUARY
Sept.
1938
97.8
97
90.4
88
82.3
Factory payrolls
82.6
59
68
133
124
120
114
100
98
122
300
89
86.0
60
70
142
134
139
117
104
99
125
••310
90
92.4
62
74
158
138
121
118
106
92
125
313
89
94.0
62
75
161
137
117
119
108
102
124
312
85
92.9
63
75
156
130
111
119
96
65
116
277
92
83.0
58
73
128
132
106
120
100
70
118
277
93
86.8
64
77
131
135.1 139.7 129.9 125.3
139
135
137
137
336
350
309
294
84
82
87
79
264
154
251
101
92
96
96
77
r
r
94
83
71
77
74
69
62
58
108
106
108
113
117
86
245
284
86
81
87
77
136
48
121
109
63
126
247
102
86.3
58
79
127
135
140
100
124
114
86
128
286
107
91.0
62
83
135
140
158
120
133
125
80
135
303
109
138
131. 4
161
113
131
128
76
132
310
104
101. 9
100.1
64
91
161
67
86
163
124.2
134
299
78
88
100
73
57
122
169
75
137
131.6
161
109
132
129
82
130
314
102
99.1
66
88
155
Back data may be obtained from the Bureau of Labor Statistics. Underlying figures
151
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
Factories
Educational *
1938
1938
1938
1939
192.2
118.0
226.9
222.0
283.2
251.0
239.8
313.1
300.9
357.7
301.7
389.4
251.7
220.2
300.7
330.0
308.5
288.3
299.9
312.3
323.2
261.8
299.8
354.1
36.2
40.0
79.4
74.6
83.2
85.7
88.0
99.7
99.6
112.7
95.3
91.5
80.2
79.0
125.2
114.4
133.8
111.9
109.3
127.2
129.7
118.3
116.6
88.7
6.6
4.9
15.7
11.5
8.6
10.7
9.7
11.3
10.7
13.8
10.5
7.0
7.1
9.5
13.0
17.5
13.0
15.8
17.4
10.4
20.7
16.8
18.5
15.3
15.4
13.0
20.2
18.9
19.2
18.8
26.2
18.3
14.0
24.2
13.7
14.0
17.3
13.5
17.4
21.3
19.5
26.8
22.9
21.1
26.6
22.6
20.4
17.4
19.0
15.4
21.0
16.9
11.8
14.7
10.7
21.4
33.9
47.0
49.0
73.3
21.8
27.6
21.1
16.4
12.5
19.4
13.8
10.1
9.5
9.7
7.7
3,196.9
3, 550. 5
985.8
1, 334. 3
121.1
174.8
215.8
246.9
334.1
201.4
April
T)eO©Tnbfir
1938
1939
Public works
and public
utilities *
Other i
1939
May
June
July
August
September
October
November
1939
Commercial
1938
January
February
March
Year
Nonresidential building
Residential
building
Total
1939
1938
31.7
1939
1938
1939
37.7
26.1
36.3
33.4
46.0
42.8
45.2
28.9
24.7
39.8
34.8
27.8
37.8
28.7
24.6
24.9
23.8
29.2
17.4
98.6
30.5
59.7
67.0
122.2
83.5
79.3
126.1
109.3
114.0
90.4
158.4
86.fi
71.8'
77.7
121.0
97.9
83.6
102.1
115.3
111.1
70.8
105.5
207.7
401.2
342.5
1,139.0
1, 250. 6
16.4
15.1
31.0
33.1
38.2
i Not strictly comparable with data for earlier years due to changes in classification.
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING
I 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
Publicly-financed»
Privately-financed *
Month
January February
March
1934
1035
1036
1937
1038
1030
1034
1035
1036
1037
1038
1039
1934
1035
1036
1037
1038
186
07
178
131
134
127
120
120
110
135
112
03
100
75
123
124
127
148
150
169
167
201
188
264
215
140
100
235
216
233
295
275
234
226
208
200
243
188
231
270
244
318
322
281
207
202
198
209
102
252
220
301
330
308
288
300
312
323
262
300
157
65
126
78
72
73
62
60
60
70
74
61
55
38
68
53
47
64
67
02
07
114
118
106
140
70
06
105
04
116
153
153
116
101
80
82
112
60
66
74
03
137
131
104
80
78
03
115
118
51
05
00
144
108
08
171
160
203
170
270
148
110
227
222
283
251
240
313
301
358
302
380
20
31
52
53
63
54
67
51
41
57
38
32
45
37
55
71
80
84
03
76
70
87
70
68
66
62
103
130
122
116
141
122
110
125
110
117
130
110
165
105
151
180
101
178
127
124
106
04
68
132
123
130
143
142
142
141
154
123
110
1,543
1,845
975
1,007
1,334
1,152
1,705
568
837
1,341
1,761
1,492
....
April
May
June
July
August
September
October
November
December
Year
_ _
__
2,675 2,913 3,107
i Back figures —See BULLETIN for February 193S, p. 159.
111
128
160
135
128
137
158
144
92
144
75
1030
104
109
173
170
174
161
163
154
170
170
156
Data for years prior to 1932 not available.
COMMERCIAL FAILURES, BY DISTRICTS
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the [Figures reported by Dun & Bradstreet. Amounts in thousands of
dollars.]
F. W. Dodge Corporation. Value of contracts in thousands of dollars.]
1939
Federal Reserve district
Boston..
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
Dec.
Nov.
Dec.
19,616
40,594
13,573
29,750
22,358
22,780
37,245
132,164
6,581
11,834
17,603
22,906
65,521
12, 551
26,401
24,056
55,063
45,833
18,297
7,347
9,200
12, 672
34,844
71,031
18,625
40,249
38,201
34,430
68,800
27,458
10,239
21, 746
23, 816
354,098
Number
1938
299,847
389,439
Federal Reserve
district
Dec.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas .
San Francisco
Total
152
1939
_
Liabilities
1938
Nov.
Dec.
1939
1938
Dec.
Nov.
Dec.
72
274
46
35
43
32
133
38
21
51
17
120
76
288
59
47
30
28
131
30
23
44
24
106
86
262
52
57
48
49
113
33
18
30
16
111
2,187
3,414
477
633
540
434
1,541
391
239
311
243
1,668
1,183
3,888
697
710
289
245
1,896
472
276
348
293
1,580
1,332
25,330
1,175
960
934
589
3,443
499
183
273
95
1,715
882
886
875
12, 078
11,877
36,528
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports >
Merchandise exports *
Excess of exports
Month
1935
1936
1938
1937
1939
1935
1936
1937
1938
1939
1935
1936
1937
1938
1939
176
163
185
199
182
195
223
233
257
289
262
275
213
219
268
167
152
177
187
193
199
240
278
307
171
163
173
178
158
190
9
11
8
11
—11
-4
—18
—45
—51
118
99
102
35
61
77
164
165
170
193
201
186
269
290
265
274
257
233
231
249
236
171
171
157
203
192
191
287
285
286
160
148
146
186
202
179
-6
—5
13
-10
9
—5
—18
5
—21
115
109
8*7
45
47
11
173
172
199
180
179
221
268
277
297
228
231
246
230
251
289
177
169
162
195
193
216
265
246
233
141
166
168
169
176
182
-3
3
37
-15
—14
5
3
31
63
87
65
79
75
107
October
November
December
221
270
223
265
226
230
333
315
323
278
252
269
332
293
P368
189
169
187
213
196
245
224
223
209
178
176
171
215
236
*>247
32
100
37
52
30
-15
108
92
115
100
76
98
117
57
P121
Year
2,283
2,456
3,349
3,094 P 3 , 177
2,047
2,423
3,084
1,960
J>2, 318
235
33
265
1,134
P859
January
February
March
April
May
June
«
.
_
_
_. . __
July
August
September
_
ei
v1 Preliminary.
Including both domestic and foreign merchandise.
s
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Bureau of Foreign and Domestic Commerce.
Back figures.—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152.
FREIGHT-CAR LOADINGS, BY CUSSES
DEPARTMENT STORE SALES AND STOCKS
[Index numbers; 1923-25 average=100]
[Index numbers based on value figures; 1023-25 average= 100]
1938
1939
Dec.
Aug. Sept. Oct. Nov. Dec.
Month
Adjusted for seasonal variation
Total
Coal
Coke
Grain and grain p r o d u c t s Livestock.
_
Forest products
Ore
M iscellaneousJ
Merchandise
69
69
53
83
41
43
92
74
61
70
78
69
75
37
42
67
74
62
77
85
82
88
45
45
85
82
63
80
87
95
87
44
50
108
86
62
82
80
100
'88
41
51
191
89
63
78
71
92
87
40
51
116
89
62
Without seasonal adjustment
Total
Coal
Coke
-_
_
Grain and grain products
LivestockForest products
Ore
Miscellaneous .
- .
Merchandise *
64
78
58
72
40
37
23
67
59
71
69
57
90
37
44
125
75
62
85
89
78
99
57
49
149
92
65
89
96
95
87
62
52
160
97
65
83
87
100
83
50
50
105
91
64
73
79
101
75
39
44
29
81
60
Sales i
Stocks (end of month)
Adjusted
Without
for seasonal
seasonal
variation adjustment
Adjusted
Wit b'out
for seasonal
seas nnal
variation adjusi ,ment
1938
1939
1938
1939
1938
1939
1938
90
88
86
88
87
88
70
70
77
69
69
82
71
70
70
67
68
68
63
67
71
60
65
69
April
May
June
83
78
82
88
85
86
86
80
79
88
87
83
69
69
68
67
66
67
71
71
65
69
68
64
July
August ._
September
83
83
86
86
89
91
58
65
91
60
69
97
67
67
67
67
67
68
61
65
70
60
65
71
October _
84
89
89
90
95
96
92
99
156
99
106
168
67
67
66
69
71
68
74
78
62
77
82
64
85
90
68
68
January
February.
March
December
> _
Year_
1939
1
Based on daily average sales—with allowance for changes from
month to month in number of Saturdays and in number of Sundays and
holidays. Adjustment for seasonal variation makes allowance in March
and April for the effects upon sales of changes in the date of East er.
Back figures.—Department store sales, see BULLETIN for jAugust
1936, p. 631, and for October 1938, p. 918; department store stoc ks, see
*1 Corrected.
In less-than-carload lots.
NOTE.—For description and back data see pp. 522-529 of BULLETIN BULLETIN for March 1938, p. 232.
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.
FEBRUARY
1940
153
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926«= 100]
Other commodities
All
commodities
products
Foods
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.0
86.4
68.5
65.3
09.0
00.6
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
01.6
85.2
75.0
70.2
71.2
78.4
77.0
70.6
85.3
81.7
81.3
109.1
100.0
86.1
72.0
80.0
86.6
89.6
05.4
104.6
02.8
95.6
00.4
80.3
66.3
64.0
64.8
72.0
70.9
71.6
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
05.7
05.7
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 2
89.1
79 3
73.5
72.6
75.9
80.5
80.4
83.9
77.6
76.5
94 3
92.7
84 9
75.1
75.8
81 5
80.6
81.7
89.7
86.8
86.3
82 6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
, 73.3
74.8
1938—November
77.5
77.0
67.8
67.6
74.1
73.1
80.6
80.3
04.6
03.1
66.2
65.8
73.7
73.2
94.9
04.6
89.2
89.4
76.6
76.7
85.8
86.0
73.0
73.1
1939—January
February
March
April .
May
June. —
July.
August
September
October
November
December
76.9
76.9
76.7
76.2
76.2
75.6
75.4
75.0
79.1
79.4
79.2
79.2
67.2
67.2
65.8
63.7
63.7
62.4
62.6
61.0
68.7
67.1
67.3
67.6
71.5
71.5
70.2
68.6
68.2
67.6
67.5
67.2
75.1
73.3
72.3
71.9
80.2
80.2
80.4
80.5
80.6
80.2
80.2
80.1
82.1
83.8
84.0
83.9
03.1
01.0
01.8
00.0
01.6
02.3
02.5
02.7
98.5
66.0
66.1
66.6
66.0
67.5
67.3
67.6
67.8
71.7
75.5
76.4
78.0
72.8
73.0
73.1
73.4
73.9
73.0
72.8
72.6
72.8
73.9
74.1
72.8
04.4
04.3
04.3
04.0
03.5
93.2
03.2
93.2
94.8
95.8
96.0
96.0
89.5
89.6
89.8
89.6
89.5
89.5
89.7
89.6
90.9
92.8
93.0
93.0
76.7
76.3
76.5
76.0
75.9
75.7
75.0
74.6
77.3
78.1
78.0
78.1
85.4
85.2
85.2
85.4
85.5
85.6
85.6
85.6
86.6
87.8
88.4
88.5
73.2
73.5
74.1
74.4
74.2
73.8
73.4
73.3
76.6
77.6
77.0
77.4
Week ending—
1939—October 7
October 14
October 21
October 28 „
November 4
November 11
November 18
November 25
December 2 .
December 9
December 16
December 23 ._
December 30
January 6
January 13
January 20
79.0
78.9
79.4
79.2
79.3
79.3
79.1
79.0
78.8
79.0
78.7
79.3
79.4
79.5
79.5
79.3
66.8
66.7
67.5
67.2
67.5
67.8
67.3
67.6
67.1
67.4
66.8
67.8
68.5
69.6
69.5
69.5
72.9
72.7
73.2
72.3
72.3
72.4
72.3
72.0
71.1
71.3
71.1
72.1
71.9
71.8
71.8
71.4
83.7
83.7
84.1
84.2
84.4
84.4
84.4
84.4
84.4
84.4
84.1
84.3
84.4
84.2
84.3
84.1
73.8
74.2
74.8
75.2
75.6
75.6
75.6
75.8
76.0
76.6
76.7
77.8
78.6
78.3
78.1
77.0
74.8
74.4
74.6
74.6
74.7
74.7
74.8
74.8
74.4
74.1
73.7
73.5
73.4
73.3
73.3
73.4
95.1
95.3
96.3
96.3
96.2
96.2
96.1
96.1
96.2
96.1
96.1
96.1
96.1
96.0
96.0
96.0
91.8
92.5
92.5
93.0
93.1
93.1
92.9
92.9
93.0
92.7
93.4
93.6
93.1
92.9
93.2
93.1
77.9
77.6
78.0
77.9
77.7
77.9
77.8
77.4
77.5
77.6
77.6
78.0
78.1
78.0
77.8
77.7
89.1
89.2
89.2
89.3
89.6
89.7
89.7
90.0
90.0
90.0
90.0
90.0
90.1
90.1
90.1
90.2
77.1
77.0
77.2
77 A
77.9
78.2
78.2
78.2
78.4
78.4
76.9
77.4
77.7
77.5
77.7
77.5
Year, month, or week
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods _
Hides and Leather Product
Shoes
Hides and skins. _
Leather
Other leather product
Textile Products:
Clothing
Cotton goods
Hosiery and underwea r
Silk and rayon
Woolen and worsted goods
Other textile products
Fuel and Lighting Materia
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
L04.6
104.0
L03.7
L05.2
]L05.0
105.4
]105. 5
104.4
04.5
] 04.3
] 04.2
] 03.9
] 04.0
] 04.2
104.4
104.1
104.0
104.1
] 03.7
1939
1938
Subgroups
Hides and Textile Fuel and Metals Building ChemiHouse- Miscelleather
lighting and metal
cals and furnish- laneous
products products materials products materials drugs
ing goods
Total
1938
Dec.
Sept. Oct.
Nov. Dec.
54.4
74.4
66.5
65.1
76.3
64.6
61.6
70.5
66.1
64.1 71.6
66 1 63.8
68.3 68.4
73.9
74.8
60.4
79.9
69.2
74.5
78.8
62.8
81.0
71.7
78.9
78.0
60.2
74.9
70.2
80 1
78.0
61 ?,
71.2
69 2
81.3
80.5
63.0
69.1
66.5
100.6 101.8 105.7 107 ?, 107.5
78.8 97.4 112.4 104.3 105.2
85.9 92.0 97.8 97.8 95.2
95.8 97.1 99.3 99.9 100.0
83 8
74 8
64.8
47.7
90.5
83.4
84.2
75.2
66.0
55.0
90.3
84.2
80.1 72.5 75.3 76 1
98.5 96.7 98.2 98.1
104.2 104.2 108.0 111.2
82.7 77.5 75.4 76.5
81.6 87.2 84.4 82 2
50.9 53.3 54.0 53.9
76.1
97.8
109.9
81.6
64.6
59.3
30.8
74.8
64.4
81.7
70.4
62.8
43.4
84.0
69.8
83.2
74.3
63.5
46.2
91.3
78.3
52.5
Subgroups
Metals and Metal Products:
Agricultural implements
Farm machinery
Iron and steel
Motor vehicles *
Nonferrous metals
Plumbing and heating...
Building Materials
Brick and tile
Cement
Lumber
Paint and paint materials
Plumbing and heating...
Structural steel .
Other building materials
Chemicals and Drugs:
Chemicals ._
Drugs and Pharmaceuticals
Fertilizer mate rials
Mixed fertilizers
Housefurnishina Goods:
Fur nishings
Fur niture
Miscella neous:
Auto tires and tubes
Cattle feed
Paper and pulp
. _.
Rubber, crude
Other miscellaneous
1939
Dec.
Sept
Oct. Nov. Dec.
93.5
94.8
96.8
93.4
76.8
78.7
93.5
94.7
95.5
92.1
84.7
79.3
93.4
94.6
96.0
93.9
85.3
79.3
93.3
94.6
96.0
94.7
85.1
79.3
93.3
94.6
96.1
94.7
84.6
79.3
91.5 91.0 91.5 91.6 91.6
290.6 91.3 91.3 91.3 91.3
90.9 93.7 98.0 98.3 97.8
81.0 84.7 85.7 84.9 85.5
78.7 79.3 79.3 79.3 79.3
107.3 107.3 107.3 107.3 107.3
89.7 90.3 91.9 92.9 92.7
80.0
73.5
68.6
73.8
81.2
72.8
69.2
72.6
82.1
74.4
70.6
72.6
81.4
75.0
73.0
72.6
81. 1
75.6
74.5
73.7
90.3
81.6
91.7
81.3
60.5
93.4
81.8
47.7
82.8
94.2
82.3
55.6
91.5
88.0
42.5
86.0
94.4
82.4
58.8
76.6
80.9
33.9
81.1
93.7
81.7
60.5
82.9
86.3
42.7
85.4
55.6
91.7
89.0
42.4
86.6
i Preliminary revision.
J Revised series.
Back figures.—¥OT monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report
for 1937 (table 87).
154
FEDERAL RESERVE BULLETIN
STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES
Chart
book
Dec.
20
WEEKLY FIGURES
Dec.
27
Jan.
3
Jan.
10
3, 5
5
5
3
3, 9
3
3
3, 6
6
7
7
7
7
7
2.65
.01
2.50
17.58
7.68
2.41
.69
11.38
6.48
4.91
2.48
.57
1.19
.67
2.57
.01
2.49
17.62
7.66
2.42
.65
11.49
6.45
5.05
2.70
.51
1.17
.66
2.56
.01
2.48
17.70
7.58
2.37
.65
11.72
6.45
5.25
2.93
.39
1.22
.72
2.50
.01
2.48
17.75
7.46
2.34
.66
11.83
6.45
P5.37
2.97
37
1.31
.72
2.52
.01
2.48
17.81
7.41
2.36
.58
12.02
6.52
*>5. 50
3.04
.33
1.40
p. 73
WEEKLY
REPORTING MEMBER BANKS
Total, 101 cities:
Loans and investments.
Investments
Loans
Adjusted demand
deposits.
_
Time deposits
_
U. S. Gov't deposits
Domestic bank balances
Foreign bank balances. _
New York City:
U. S. Gov't obligations..
Other securities..
Commercial loans
Brokers'loans
100 cities outside New York:
U. S. Gov't obligations..
Other securities..
Commercial loans.
14
14
14
15
15
15
15
15
16
16
16
16
17
17
17
MONEY RATES AND SECURITY
MARKETS
F.R.bankdiscountrate,N.Y.
19
Commercial paper
19
Bankers' acceptances
19
U. S. Treasury bills
21
U. S. Treasury notes
_
21
U. S. Treasury bonds
21, 25
Corporate Aaa bonds
__
25
C orporate B aa bonds
25
23.47
14.53
8.93
23.26
14.50
8.76
23.09
14.41
8.67
MONTHLY FIGURES
1.00
.56
.44
.04
.49
2.32
2.93
4.94
1.00
.56
.44
.04
.47
2.30
2.92
4.93
1.00
.56
.44
.00
.44
2.28
2.89
4.85
Wholesale commodity prices:*
United States:
All commodities
31, 32
Farm products
31
Foods
31
Other commodities
31
England
32
France
_
32
Germany
32
B
Industrial production _
35
Manufacturing production: 6
Total 8
_
37
Durable .
37
Nondurable 8 .
37
Factory employment
43
Factory payrolls
__.
43
Freight-car loadings * s
45
Department store sales 8
47
Department store stocks
47
92
108
29
87
91
107
29
87
95
111
31
89
.77
852
1.08
.81
700
715
OTHER
1.00
.56
.44 Central gold reserves:
United States
.02
England
.49
France.
_
2.32
Netherlands
2.88
U. S. Gov't interest-bearing
debt—total...
Bonds.....
unit indicated
Notes
_
Bills
94
91
Special issues
_
106
110
29
30
89
QUARTERLY FIGURES
.79
.63
644
669
33
33
33
33
79.3
67.8
72.1
84.3
79.4
68.5
71.9
84.4
79.5
69.6
71.8
84.2
79.5
69.5
71.8
84.3
79.3
69.5
71.4
84.1
38
90.0
73.7
85.7
86.1
84.8
38
117.7
89.4
87.5
111.3
108.5
39
2,641
2,404
2,473
2,593
2,572
39
654.8
550.3
592.4
667.7
645.8
r
p Preliminary
«Estimated.
Revised.
* Less than $5,000,000.
2
8
Averages
of
daily
ngures.
see
footnote
.
3
Figures are shown under the Wednesday date included in the weekly period.
4
Index numbers, 1926=100.
Dec
79.4
67.1
73.3
83.8
89.3
79.2
67.3
72.3
84.0
94.6
79.7
121
79.9
124
121
57
64
103.6
101.6
80
90
124
103.8
101.8
82
95
71
79.2
67.6
71.9
83.9
130
P104. 0
P103.9
78
In millions of dollars
23.21
14.63
8.58
1.00
.56
.44
.00
.46
2.28
2.87
4.83
Nov.
Index numbers
1928-25=100
BUSINESS CONDITIONS
310
125
185
342
112
230
332
215
117
293
236
57
P368
'5,988
r
6,195
'3, 778
P6, 110
P6, 898
% 210
6,028
5,804
3,809
2,219
894
474
338
82
740.
318
347
75
743
308
343
92
P112
P244
*>3, 835
P2, 275
In billions of dollars
8
8
8
8
17.09
17.36
0)
0)
2.71
.75
2.71
.70
17.64
(»)
P2.71
.69
20
20
20
20
20
40.53
27.39
7.23
1.41
4.50
40.81
27.44
7.23
1.45
4.68
41.45
29.17
6.20
1.45
4.62
Apr.-
JulySept.
1939
Oct.Dec.
June
1939
1939
In millions oj dollars
Figures for week *; in unit indicated
BUSINESS CONDITIONS
Wholesale commodity prices: *
All commodities
___
Farm products
Foods
_
Other commodities
Steel plant operations
(% of capacity)
Automobile production
(thous. cars)
_
Electric power production
(mill. kw. hrs.)
Total freight-car loadings
(thous. cars)
Oct.
Construction contracts awarded:7
Total
41
Residential
41
18.92
18.72
18.82
18.98
18.57
Other
_
41
5.26
5.26
5.27
5.28
5.27
Exports
and
imports:
.57
.58
.58
.59
.58
Exports (incl. re-exports).
49
8.12
7.98
7.98
8.19
7.99
General imports
49
.75
.75
.74
.74
.73
Excess of exports.
49
4.64 income payments:
4.76
4.52
4.51
4.60
Total*
50
1.17
1.20
1.18
1.16
1.17
Total unadjusted
__.
50
1.67
1.70
1.69
1.67
1.69
Salaries and wages *
50
.50
.67
.55
.54
.52
Other *
j
50
3ash farm income:
6.41
6.68
6.66
6.56
6.60
Total
_
51
2.14
2.17
2.16
2.14
2.14
Crops
51
2.66
2.71
2.71
2.68
2.67
Livestock and products..
51
Government payments
51
3
Averages of daily figures ; per cent
per annum
Wednesday figures; in
Stock prices, total 4
27, 29
Industrial
27
Railroads..
27
Public utilities
27
Volume of trading * (mill,
shares)
29
Brokers' loans (mill, dollars)
29
23.13
14.49
8.65
1939
Chart
book
Jan.
17
Wednesday figures; in billions of
dollars
RESERVES, GOLD, AND
CURRENCY
Reserve bank credit—total..
Bills discounted
U. S. Gov't securities—
Gold stock
___
Money in circulation
Treasury cash
Treasury deposits
Member bank balances
Required reserves •
Excess reserves—total *e
New York City *._
Chicago *
._ J
Reserve city banks
Country banks 2 e
1940
1939
Domestic corporation security
, total
New
Refunding
28
28
28
662
130
532
'653
92
'561
509
67
442
Per cent per annum
Customers' rates: 8
New York City____
_
7 other Northern and
Eastern cities
__
11 Southern and Western
cities
23
2.15
2.04
1.96
23
3.05
2.78
2.59
23
3.62
3.31
3.32
s Adjusted for seasonal variation.
* Points in total index of manufacturing production.
7 Three-months moving average adjusted for seasonal variation.
*Revised series. See pp. 963-969 of the November 1939
BULLETIN.
NOTE.—Copies of this chart book can be obtained from the Board at a price of L0 cents each.
FEBRUARY
1940
155
STATISTICS FOR FEDERAL RESERVE CHART BOOK—QUARTERLY BANKING SERIES
fin billions of rloiWrsl
All banks in the United States:
Total deposits and currency
Time deposits
Demand deposits adjusted
Currency outside banks
Member banks:
Demand deposits adjusted
Time deposits
Interbank balances.—
_. _. _ _
Tnftns ariri investments
Investments, total
.
U. S. Government obligations, total
Direct obligations __ _
Guaranteed obligations
Other securities, total
State and local government securities
_
__ _
Foreign securities
_
Loans, total
Security loans, total l s
.
Brokers' loans
Loans on securities (excluding brokers' loans) 2 ...
Real estate loans
_
Other loans, total * 2 .
Commercial loans *
_ .
Loans to banks8
...
All other loan?
1939
1938
1937
Chart
book
page
Mar.
31
June
30
Dec.
31
Mar.
7
June
30
10
10
10
10
56.79
25.69
25.23
5.42
57.42
25.96
25.26
5.53
56.83
26.26
24.05
5.69
56.78
26.34
24.13
5.50
56.74 P57. 65 P59.12 P59.15 P61.00 P63, 030
26.27 P26.27 P26. 38 J»26.58 P26.83 P26, 910
24.39 P25. 10 P26. 01 P26.01 P27. 32 P29, 100
5.47 P5.50 P5.83 P5.68 P6.05 P6,230
11
11
11
11
21.35
11.16
5.75
32.53
21.40
11.35
5.30
32.74
20.39
11.52
5.44
31.75
11
12
13
13
12
13
13
13
11
12
13
13
12,13
12
13
13
13
18.83
12.72
10.86
1.86
6.11
2.33
3.53
.25
18.45
12.69
10.87
1.82
5.77
2.13
3.40
.23
17.79
12.37
10.57
1.80
5.42
2.03
3.21
.18
20.51 20.89
11.69 11.56
6.10
5.62
31.52 30.72
17.98 17.78
12.45 12.34
10.63 10.22
2.13
1.83
5.52
5.44
2.13
2.19
3.13
3.15
.18
.18
13.55 12.94
3.32
3.54
13 70
4.28
1 42
2.82
2.44
6.97
6.22
.71
.10
14.29
4.37
1.54
2.83
2.51
7.41
6.66
.64
.12
13 96
3.70
95
2.75
2.55
7.71
7.00
.64
.07
.70
.88
Sept.
28
Dec.
31
Mar.
29
21.60 22.29 22.36
11.46 11.51 11.60
6.82
6.09
6.51
31.63 32.07 32.10
18.69 18.86 19.05
13.01 13.22 13.35
10.71 10.88 10.69
2.66
2.30
2.34
5.70
5.68
5.64
2.55
2.45
2.30
2.96
3.01
3.19
.18
.18
.18
12.94 13.21 13.05
1.57
3.30 U.75
.71
2.67
2.56
7.45
6.75
2.61
2.61
7.01
6.40
2.59
2.66
6.97
6.36
.61
.10
.49
.12
.48
.13
.97
».78
2.72
3 8.74
2 5.45
.44
.12
3 2.73
.84
.73
2.75
8.73
5.53
.42
.10
2.67
Oct.
2
June
30
23.59
11.72
7.10
32.60
19.46
13.78
10.95
2.83
5.69
2.55
2.94
.19
13.14
1.47
.73
.74
2.83
8.85
5.57
.42
.06
2.80
25.12
11.75
*8 25
33.08
19.61
13.81
10.89
2.92
5.79
2.76
(*)
(6)
13.47
8
(s)
(*)
(*)
(6)
p Preliminary.
i In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans"
since that date.
* 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.
» Not originally plotted in chart book.
« Partly estimated.
• Detailed breakdown of loans and investments now available on June and December dates only.
NUMBER OF BANKS AND BRANCHES IN UNITED STATES, 1933-1939
[Figures for 1939 are preliminary]
M e m b e r banks
Nonmember banks
Branches
End of year figures
National
State
Other t h a n m u t u a l
savings and
private banks
Not
Insured i
insured
Mutual
savings
Total
Private
In
headoffice
cities
1
Outside
headoffice
cities
N u m b e r of B a n k i n g Offices
1933
1934 . . .
1935
-
.
1936
1937
1938
1939 -
-.. .
6,275
6,705
6,715
6,723
6,745
6,723
6,705
1,817
1,961
1,953
2,032
2,075
2,106
2,177
9,' 141
3
9, 579
8,556
1,088
8,436
1,043
8,340
997
8,224
958
8,098
928
704
705
698
693
691
690
4 683
103
246
143
139
79
73
5 69
17,940
19,196
19,153
19,066
18,927
18, 774
18, 660
5,154
5,462
5,386
5,325
5,260
5,224
5,187
857
980
1,001
1,051
1,081
1,114
1,175
8, 341
7,693
1,108
7,728
1,046
7,588
1,004
7,449
960
7,316
917
7,171
884
579
579
570
565
563
555
551
98
241
138
134
74
68
63
15,029
16,063
15,869
15, 667
15,387
15,194
15,031
1,121
1,243
1,329
1,398
1,485
1,499
1,518
960
981
952
981
994
992
1,002
125
126
128
128
128
135
132
5
5
5
5
5
5
6
2,911
3,133
3,284
3,399
3,540
3,580
3,629
N u m b e r of B a n k s ( H e a d Offices)
1933
1934 .
1935
1936
1937 . .
1938
1939
.
.
•___.
-
N u m b e r of B r a n c h e s
1933
1934
1935
1936
1937
1938
1939-..
.
_ .
.
.
.
.
.
.
7 in
778
828
848
891
908
927
42
39
37
41
44
1,784
1, 776
1,754
1,749
1,757
1,743
1,740
1,127
1,357
1,530
1,650
1,783
1,837
1,889
1 Federal deposit insurance did not become operative until January 1, 1934.
2 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.
3
Separate figures not available for branches of insured and not insured banks.
4
Comprises 51 insured banks with 24 branches and 500 uninsured banks with 108 branches. The figures for 1939 exclude one bank with 4
branches which heretofore was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks."
& Comprises 1 insured bank with no branches and 62 uninsured banks with 6 branches.
15G
FEDERAL RESERVE
BULLETIN
ANALYSIS OF CHANGES IN NUMBER OF BANKS AND BRANCHES DURING 1939
[Preliminary figures]
Member banks
Nonmember banks
Other than mutual
savings and
private banks
Mutual
savings
Not
Insured insured
Total
National
State
Private
Analysis of Bank Changes
N u m b e r of banks on December 31, 1938
Increases in number of banks:
Primary organizations (new banks) i_
Decreases in number of banks:
Suspensions
- Voluntary liquidations 2 __
Consolidations, absorptions, etc.
Inter-class bank changes:
ConversionsState into national
National into State
Federal Reserve membership—3
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance—4
Admissions of State banks
Withdrawals of State banks __
Unclassified
Net increase or decrease in number of banks.
..
15,194
5,224
+30
+3
-42
-41
-122
-4
-7
-30
+13
-12
1,114
7,316
917
+1
+24
+2
-3
-3
-8
-25
-15
-74
N u m b e r of banks on December 31, 1939
-1
-4
-9
-4
+10
-4
+4
+17
-17
+2
+11
-1
-84
68
-3
+2
+85
+12
-
-9
-12
-7
555
-1
-163
-37
+61
-145
-33
-4
-5
15,031
5,187
1,175
7,171
884
551
63
3,580
1,499
992
908
41
135
5
+48
+48
+6
+14
+6
+5
+33
+27
+2
+1
+1
Analysis of Branch Changes
N u m b e r of branches on December 31, 1938
Increases in number of branches:
De novo branches
Banks converted into branches
Decreases in number of branches:
Suspension of parent bank _
Otherwise discontinued—
Inter-class branch changes:
Branches of a National bank which became a State member bank
Branch of a National bank which became a branch of a nonmember bank
_. . . .
._
Branches of a nonmember bank which became a National bank
Branches of nonmember
banks
which
became branches of State
member banks 5
Unclassified
-
Net increase or decrease in number of branches
Number of branches on September 30, 1939
,
._
>j
-9
-40
-9
-14
+1
-2
-17
-4
-1
+13
+4
+1
-13
-16
+2
+49
+19
3,629
1,518
+16
—4
+6
+10
+19
+3
-3
1,002
927
44
132
+1
6
1 Exclusive of new banks organized to succeed operating banks.
2 Exclusive of liquidations incident to the succession, conversion and absorption of banks.
s
Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership.
4
Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit
Insurance Corporation membership.
1
Includes 2 branches of an insured nonmember bank which was absorbed by a State member bank, and 14 branches of insured nonmember
banks which became State member banks.
Back figures.—Bee Annual Report for 1938 (tables 13 and 14), and BULLETIN for November 1937, p p . 1084-1122.
FEBRUARY
1940
157
ALL BANKS IN THE UNITED STATES
ALL BANKS '—PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS
[Amounts in millions of dollars. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available]
Loans and investments
Federal Reserve District
Total
Oct.
Loans 2
June
Oct.
1939
1939
All Banks 1
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Member Banks
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Nonmember Banks:
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas
SanjFrancisco
Total
June
5,640 5,624 5,585 2,649 2,625
18,849 18,539 18,006 7,823 7, ""
3,439 3,415 3,433 1,246 1,236
3,608 rS, 617 3,519 1,463 '1,423
2,012 1,979 1,952
946
930
1,367 1,377 1,331
742
726
5,525 5,605 5,262 1,978 1,992
1,569 1,580 1,535
780
798
1,108 1,072 1,064
463
503
1,367 1,368 1,338
673
691
1,034 1,036 1,004
562
558
4,437 4,405 4,275 2,252 2,206
Investments
Sept.
Oct.
2
June
1939
Oct.
1938
Number of
banks
Deposits, exclusive of
interbank deposits
June
1939
1939
2,637 2,991 2,999 2,948 6,129 6,025
7,943 11,026 10,853 10,063 20,843 20,227
1,221 2,193 2,179 2,212 3,885 3,795
1,386 2,145 r2,193 2,133 4,155 4,055
897 1,066 1,049 1,055 2,411 2,315
641
636
701
631 1,676 1,672
1,813 3,547 3,613 3,449 6,975 6,821
733
800
802 1,817 1,775
771
442
609
622 1,311 1,278
605
695
628
676
710 1,745
474
518
475
486 1,420 1,' 376
2,169 2,184 2,199 2,106 5,071
Sept.
1938
Oct.
5,876
18, 621
3,590
875
1,218
924
1,242
1,058
1,047
2,473
1,519
1, 3
1,8
S
575
2,217
1,518
6,362
1,687
1,225
1,630
1,289
4,757
1939
June
1939
878
1,218
924
1,242
1,060
1,041
2,482
1,522
1,'"
1,871
957
578
Sept.
1938
882
1,233
940
1,253
1,071
1,042
2,513
1,560
1,329
1,884
969
589
49,954 '49, 616 48,304 21, 634 '21, 318 21,089 28, 320 ••28, 299 27, 215 57, 437 55, 992 52, 611 15,061 15,082 15, 265
2,376 2,279 2,173
13, 300 12, 741 11,309
2, <""" 2,604 2,441
3,299 3,201 3,006
1,550 1,477 1,409
1,289 1,282 1,165
5,593 5,468 5,040
1,273 1,240 1,174
904
861
924
1,380 1,342 1,285
1,226 1,194 1,110
4,390 4,296 4,113
353
767
652
630
406
316
799
390
461
738
545
282
355
767
652
619
405
316
798
392
460
737
545
284
357
774
656
624
404
319
781
390
467
735
544
290
33,075 32, 603 31, 627 13,470 13,141 12,937 19, 605 19,462 18, 689 39, 287 38,027 35,086
6,339
6,330
6,341
1,933 1,911
11,494 11,119
2,329 2,296
2,827 2,821
1,302
1,063 l', 076
4,460 4,513
1,114 1,120
776
743
1,090 1,089
896
894
3,791 3,753
3,706
7,355
1,110
781
710
304
1,065
454
332
277
138
646
3,712
7,420
1,119
••796
711
301
1,092
460
329
279
143
652
1,1
10,828
2,333
2,739
1,217
1,039
4,192
1,085
735
1,063
865
3,641
7,178
1,100
780
735
293
1,070
450
329
275
138
634
16,879 17,013 16,677
964
4,147
928
1,103
599
535
1,415
536
337
516
476
1,913
937
4,001
920
I,1
583
555
1,413
515
307
498
475
1,872
939
4,174
908
1,042
558
522
1,287
480
295
459
433
1,841
7,346
1,401
1,725
704
527
3,044
578
438
574
420
1,878
97;
7,118
1,377
1,754
685
521
3,100
605
436
591
419
1,882
951
6,654
1,425
1, " "
659
517
2,905
605
440
604
432
1,800
3,769
313
344
339
179
526
253
147
170
85
328
2,022
3,679
792
420
362
114
503
193
166
102
56
307
2,025
3,735
802
'439
364
114
513
195
173
104
55
317
1,997
3,409
787
436
396
114
544
197
182
105
53
306
3,703
7,312
1,149
833
808
353
1,322
513
364
346
179
644
522
451
273
612
652
731
1,674
1,129
844
1,131
411
293
523
451
272
623
655
725
1,684
1,130
849
1,134
412
294
525
459
284
629
667
723
1,732
1,170
862
1,149
425
299
8,163 »-8,176 8,151
8,715
•8, 837
8, 526 18,150 17, 965 17, 525
8,722
8,752
8,924
1, <
3,676
318
361
347
190
563
262
166
175
82
1,1
3,685
316
••357
348
187
579
265
156
175
87
335
3,753
7,543
1,197
857
861
387
1,382
544
387
365
194
681
3,745
7,486
1,191
854
1,354
535
373
356
183
660
r
Revised.
1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 161.
2 The October and June 1939 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, which prior to December
1938 were reported as loans and investments, respectively, and which indirectly represent bank premises or other real estate and are now classified
in condition reports among "other assets."
158
FEDERAL RESERVE
BULLETIN
All Banks in the United States—Continued
ALL BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES
[Amounts in thousands of dollars]
Loansx
Deposits, exclusive of interbank deposits
Investments *
Number of
banks
State
Oct.
1939
New England:
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
Middle Atlantic:
New York.
New Jersey..
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
South 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:
ArkansasLouisiana
Oklahoma
Texas
Mountain:
Montana
Idaho
Wyoming
Colorado
New Mexico..
Arizona
Utah...
Nevada
PacificWashington..
Oregon
California
Total
June
1939
Sept.
1938
Oct.
1939
June
1939
Sept.
1938
Oct.
1939
June
1939
Sept.
1938
108,492 196, 533 199,058 208, 524 334,571 326,170 318,479
109, 755 108,871
99,608
166,115 172, 006 282,384 276,462 272, 522
103, 514
166,436
103,468
167,752 164,985
167,950
87, 741
72,120
85,060
71,459
85,407
69,646
I, 747,849 1, 724,467 1,736,005 1,819,636 1,829, 298 1,789,094 3,865,788 3,810,11" 3, 704,690
169, 567 284,440
275,977 486,729 471, 786 465,023
172,046 171,183
574,438 573,988 575,621
579,330 574.827 565,651 1, 306, 950 1,282, 651 1,244,555
Oct. June Sept.
1939 1939 1938
101
10'
84
389
35
206
102
84
390
35
207
102
108
91
392
35
196
7
,118,124 6, 996, 508 7,215,598 10,046,44' 9,872,287 9,094,733 18,788,363 18,240,857 16,683, 344
672,824 660,174 697, 530 1,000,463 998,150 984,065 2,083,346 2,014,935 1,960,137 393
393
410
,529,276 1, 516, 921 1, 506,651 3,017,971 3,027,955 3,035,483 4,906,151 4, 797,533 4, 565,358 1,103 1,103 1,112
980,314 2,352,340 2, 285,903 2,142, 334
385,825 846, 235 847, 580 782,426
3, 756,812 3,634,556 3,418, 891
707,912 1,446, 795 1,421,028 1,310, 954
457, 234 859,07f
793, 527
847,416
880,453 '844,414
285, 257 283,065
950,265 931,326
395,343 394,917
266,168 257, 536
809, 947
-1,018,447
256,687 384,931
395,766
866,485 2,046,160 2,083,514
361,487 716,172 726,409
246,306 440,043 450.828
341,878
280,928
466, 522
32,677
41,126
118,823
154,940
317,867
317,106
445,141
24,415
38,104
120,453
146,864
305,326
260,669
425,093
24,325
33, 537
108,437
141,035
412,794
197,440
580,007
27, 981
31,429
105,106
125,137
412,109
200, 531
590,179
29,093
32,202
111, 116
132, 272
415, 526 849,484
211,845 606, 690
584,978 1,126,163
30,888
73,213
31,622
89,205
113,359 269,032
136,109 368,136
78,422
211,04r
107,910
296, 705
134,158
174,078
52, 432
205, 767
95,150
78, 365
207, 395
104, 519
291, 525
130,698
169, 257
55, 739
217,991
85, 547
76,335
206,136
99, 616
277, 524
129,050
159, 738
52,963
206,308
83,471
108, 350
514,758
131, 205
174, 270
81, 276
144,376
40,492
121,169
107, 203
497,350
130,851
175, 699
86, 547
140,157
39, 256
114,011
151,497
100,049
487, 500
135,814
177, 716
93, 713
141,914
40,473
99,678
141,824
218,004
816, 350
320, 754
542, 753
284,493
363,127
146, 653
381,452
313.840
210,863
792, 542
292, 415
533,070
277, 542
189,822
734,792
301,140
513, 767
267,190
333,308
131, 980
372,083
329,112
210, 782
245, 562
122, 563
70, 545
204,844
240,821
135, 786
73,814
204, 399
221,484
123,939
71,640
130, 901
125,645
95, 264
68,425
148, 625
133,155
92,485
71,166
150,685
140,481
89,157
74,435
404,057
439,224
270, 807
182,146
405,340
428,901
266,018
182, 679
68, 500
153, 462
150,032
501, 726
74, 677
159, 583
147, 955
501,984
64,917
147,189
135, 781
462,281
51, 724
179,932
137,389
429,885
31,267
25, 239
85,043
22, 030
33,252
60, 457
12,034
32,361
28, 731
25,198
84,076
21,763
31,013
58, 468
11, 503
30, 942
29, 629
24,333
80,397
19, 677
27,904
55, 536
9,545
56, 261
40,014
17, 691
110,433
18, 949
26, 734
52,101
14,884
705
512
848
454
580
705
512
855
456
582
709
521
863
462
594
169
165
424
679
683
648
636
169
166
426
680
653
651
179
169
427
331,368
269,054
46
190
22
315
180
228
150
284
170
46
190
22
31
181
228
151
284
164
48
194
22
317
184
232
150
281
164
384,435
408,185
240,428
178,107
414
299
216
205
414
299
216
205
428
303
218
206
50,462
173,003
141, 509
431,397
53,119
163,938 156, 588 147, 572
187, 844 411,179 408, 907 386,234
148,054 399, 266 388, 581 381,072
441, 785 1, 276, 638 1, 237, 641 1,156,251
216
146
396
216
146
396
844
220
146
400
856
56,495
38,024
17,085
110,130
19, 738
29,982
50, 620
15, 230
60,376
37,473
16, 879
109,177
18,617
30,129
52, 987
15, 575
120,904
87, 734
55, 548
268,937
53, 720
76,360
125,051
33, 636
112
50
58
145
41
12
59
11
113
50
58
144
41
12
59
11
114
52
58
145
41
12
59
209, 676 196,099
196,152 208, 653 208, 670 202, 756 512,397 490, 552 456,004
135, 565 294,124 280, 294 269,826
102, 519
96,065
92,804 131, 470 129,803
809, 510 1,
1, 762, 787 1, 717, 595 1, 733, 241 1, 638,133 3, 937,090 3,864, 249 3, 727, 759
144
75
228
146
75
229
152
77
232
135, 407
92, 399
61, 610
292,192
57,875
81,422
134.841
37, 877
839,614
595, 314
65,741
85, 522
258, 944
363, 747
126, 737
89, 319
59, 304
279,891
57,054
84, 587
131,096
35, 842
801, 613
565, 470
1,050,182
65, 597
78,464
250,020
344, 504
21, 633, 867 »-21,317,560 21,088, 624 28, 319, 995 '28,298,898 27, 215,009 57, 437,129 55,992,112 52, 611, 232 15,061 15,082 15, 265
r
Revised.
1 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on p. 161.
2 The October and June 1939 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, which prior to December
1938 were reported as loans and investments, respectively, and which indirectly represent bank premises or other real estate and are now classified
in condition reports among "other assets."
FEBRUARY
1940
159
All Banks in the United States—Continued
NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES
[Amounts in thousands of dollars]
Loans l
Deposits, exclusive of interbank deposits
Investments 1
Number of
banks
State
1939
June
1939
Sept.
1938
Oct.
1939
June
1939
Sept.
1938
Oct.
1939
39,459
31, 566
26, 270
511,911
40,992
97, 277
39,064
31,612
25, 923
494, 533
39,434
97,174
38,087
29,705
25,134
490,870
38,900
103,126
58,447
30,032
22, 315
456,957
36,809
121,481
59,938
29, 711
24,128
461,838
37.833
108, 220
64,749
30,543
24.111
448,837
33,323
111,859
114, 764 110,493
66,945
66,395
54,859
54,672
1,166, 582 1,094, 372
88, 364
83, 375
281,582 272,098 262, 856
38
52
42
125
12
53
39
52
42
126
12
53
39
52
42
127
12
54
, 491,407 1,424,179 1,458, 714 3,008,245 2,940,211 2,808, 277 5,037, 506 4,824, 977 4, 256, 535
396, 567 822,028 787,309
393,839 392,811
244, 200 239, 248 231,937
739, 227
803, 629 791, 780 780,288 1,476, 281 1, 482,381 1,472, 284 2,407,438 2, 366, 653 2, 214,656
437
226
694
437
226
441
229
697
439,937 450,676 442,298 985, 888 958,842 892,314
226, 588 235, 668 225,898 437,886 439,600
395,831
1,499, 586 1, 507,887 1,390, 969 2, 643,064 2, 542, 302 2, 387,468
152, 569 403, 542 395,087 392,334
733, 938 727,146
667, 337
265, 328 274,134 271,022 456,486 451, 998 419,084
96,618
202,238 287, 477 281, 709 280,368
541,041
574, 731 572,098
89,018 203,736
186,999
84,103
76, 714
86,910
200,283
171, 750 242, 788 244,189 250,379 474,326 453,975 437,020
44, f""
19,890
20.834
21, 798
44,149
14,414
47,846
48, 238
20,420
20,869
21,073
51,983
18,740
54,152
185,323
88,105
93, 327
94,476 200,064
193,032
73,939
76, 552
82, 301
85,654 204,087 202, 518 188,064
61, 752
244
125
327
82
105
244
126
324
82
105
247
127
315
83
106
192
109
86
50
41
135
183
192
109
87
50
42
136
182
195
109
86
51
45
136
184
15
16
63
9
131
79
43
20
53
53
Oct.
New England:
Maine
New Hampshire
Vermont
Massachusetts...
Rhode Island
Connecticut
Middle Atlantic:
New York
New Jersey..
Pennsylvania
East North Central:
Ohio
Indiana
Illinois
Michigan
Wisconsin
__.
West North Central:
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska.
Kansas
South 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:
ashington..
Washii
Oregon
California
Total
June
1939
Sept.
1938
118,066
72, 867
57, 626
302,737
107,163
341, 294
123, 560
672, 349
158,519
100,260
323, 920
122,496
650, 711
164,152
95,871
226,268
80,873
187, 718
19, 624
23, 496
83,409
73,278
96, 679
181, 330
15,040
22,096
84,138
8,076
65,624
48,626
160, 217
68, 253
42,119
29,433
120,781
63, 376
8,286
63, 972
47,168
157,477
66, 934
41,131
29,470
132, 597
58, 621
8,085
62,811
45,291
149,449
66,874
40, 525
28,321
126,138
57,117
8,948
222,461
79,973
111,876
47,331
26, 910
18,139
88, 532
119, 513
9,113
206, 645
78, 755
112,843
49,995
26,003
18, 200
83,197
122, 382
9,923
181,098
76, 623
114.167
50,866
27.112
19,158
71,627
112,892
17,747
288, 615
176, 901
323,463
153,946
95,045
73,759
244,845
228, 285
158, 248
321,643
150, 797
89, 591
98,047
174,971
84,940
20,819
93,282
170, 603
95, 498
21, 449
92, 625
153, 916
84,262
21, 710
68,835
97,028
66,403
22,671
82, 542
102,860
65, 316
24,030
82, 530
109,600
63,180
26,045
200,498
309,809
190, 239
59, 570
35, 828
100, 694
127, 668
421,879
38,175
106,176
126,035
417, 564
34,498
96,128
115,966
384,164
32,438
128,959
121, 590
378, 505
31,408
121,826
125, 719
381,371
17,084
15, 553
16, 240
65,189
16, 707
24,016
23, 963
10, 980
15, 214
13, 659
16,301
64,667
16, 558
22, 463
22, 644
10,499
14,013
14,040
15, 525
61, 722
14,960
20,230
22,081
8,841
33,017
18,861
14,254
92, 328
15,622
16, 509
24,632
13, 579
32, 885
19, 706
13, 678
91, 765
16, 410
19,489
22, 241
13, 921
Oct. June Sept.
239,676
241,035
17, 236
252, 385
166,898
309,462
144,074
90, 537
64,903
213,659
198,458
130
77
42
20
52
52
15
63
9
130
78
42
20
52
52
198,440
302, 274
186, 700
60,890
192,909
287, 740
166, 597
59,063
95
71
67
24
96
71
67
24
25
33,321
90,155
87, 687
132.168 263, 557 258,867
131,830 343,885
335, 292
394,290 1,088,485 1,061, 857
81, 271
242,420
330,941
990, 509
49
30
213
446
49
30
214
446
50
30
215
449
77,454
47,100
44,082
234,826
44,923
55,160
70,140
43,851
40,019
217,837
42,156
51,496
54, 567
31,336
43
18
26
78
22
43
18
26
78
22
5
13
43
20
26
78
22
5
13
5
154,069
142,358 140, 54'
146,858
142,740
146,605
376,690 359, 841
328, 527
85,304
79, 591
113, 741 118, 554
76,470
115,001
250,804 240,950
231,466
1,265,169 1, 261, 469 1,239, 619 1,155,105 1,167, 473 1,136,888 2, 764,035 2, 731, 204 2, 642,434
45
27
100
46
27
101
48
28
103
36,827
20,411
14,125
91,096
15,283
20,094
24,143
14,385
34,721
17,400
72, OH
44,383
42,327
224,387
44,855
57, 631
55, 755
33,064
13
6
8,742,984 8, 553,015 8, 279,991 12, 547,154 12, 528, 22' 12, 226,813 25, 247, 799 24, 534,399 22,838, 277 5,196 5,203 5,239
i The October and June 1939 figures of loans and investments exclude approximately $20,000,000 and $50,000,000, which prior to December 1938
were reported as loans and investments, respectively, and which indirectly represent bank premises or other real estate and are now classified in
condition reports among "other assets."
160
FEDERAL RESERVE BULLETIN
All Banks in the United States—Continued
STATE BANKS
PRINCIPAL ASSETS AND LIABILITIES, BY STATES
[Amounts in thousands of dollars]
Loans 2
State
Oct.3
1939
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
June
1939
Deposits, exclusive of interbank deposits
Investments 2
Sept.3
1938
Oct.3
1939
June
1939
Sept.3
1938
Oct.3
1939
June
1939
Sept.3
1938
N u m b e r of
banks
Oct.3 June Sept.s
1939 1939 1938
70,296
69,807
70,405
207, 986
138,086
139,120
143,775 216, 505 211,406
71,902
71,902
69,903
136,404
136,404
141,463 209, 517 209, 517 206,127
59,137
59,137
62,607
47,331
47,331
48,009
110,126
110,126
113, 278
1, 235,938 1, 229,934 1, 245,135 1,362, 679 1, 367,460 1,340, 257 2,667, 399 2, 643, 535 2,610,318
131,054
131, 749 130, 667 247,631
246,059 242, 654 387,927 383,422 381, 648
477,161
476,814 472,495 457,849 466, 607 453, 792 1,025, 368 1,010, 553 981, 699
63
55
42
264
23
153
63
55
42
264
23
154
63
56
49
265
23
142
5, 626, 717 5, 572, 329 5, 756,884 7,038, 202 6, 932,076 6, 286,45613, 750,857 13, 415,880 12,426,809
428,624 420,926
465, 593 606,624 605, 339 587,498 1, 261, 318 1, 227, 626 1, 220,910
725, 647 725,141
726, 363 1, 541, 690 1, 545, 574 1, 563,199 2,498, 713 2,430, 880 2,350, 702
451
167
409
451
167
409
457
181
415
461
387
521
372
475
461
386
531
374
477
462
394
548
379
488
539,159
161,697
277,916
236,824
165,908
'520,494
160, 569
280,615
230, 765
161, 665
507,210
149, 524
257,817
208, 918
149,688
553,426
158,343
546, 574
312,630
174, 715
'567, 77.1
160,098
575, 627
331, 322
176,694
115, 610
200,055
278,804
13, 053
17, 630
35,414
81,662
110,982
220,427
263,811
9,.375
16,008
36,315
79,975
103,088
183,955
253,343
9,911
14, 797
34, 498
79,283
125,317
110,530
337,219
8,091
11,009
17,001
48, 585
130,400
116,428
345, 990
8,259
11,333
17, 789
49,971
135,158
122,827
334, 599
9,090
10, 549
18,883
50,455
274,753
402,954
651,837
25, 367
35,053
68,968
164,049
267, 516 260, 572
395,031 6 378,471
644,390 613,162
21, 592
21, 511
33, 539
30,226
65,912
64,697
161,229 « 156,440
490
538
549
119
124
289
496
491
539
549
119
124
290
498
491
544
565
128
124
291
503
70,346
145,421
59, 284
136,488
65,905
131, 959
22,999
84,986
31, 774
70,079
143,423
57,351
134,048
63, 764
128,126
26, 269
85, 394
26, 926
68,250
143,325
54,325
128,075
62,176
119,213
24,642
80,170
26, 354
99,402
292,297
51,232
62,394
33,945
117,466
22,353
32, 637
29,171
98,090
290, 705
52, 096
62,856
36, 552
114,154
21,056
30,814
29,115
90,126
306,402
59,191
63, 549
42,847
114,802
21,315
28, 051
28,932
200,257
527, 735
143,853
219, 290
130,547
268,082
72,894
136, 607
85, 555
193,463
524,046
134,167
211,427
126, 745
260,108
63,361
132,407
88,077
172, 586
482,407
134, 242
204,305
123,116
242,771
62,085
117, 709
70, 596
31
127
13
185
103
186
130
232
118
31
127
13
185
103
186
131
232
112
32
131
13
186
105
189
130
228
111
112, 735
70, 591
37,623
49, 726
111, 562
70, 218
40,288
52,365
111, 774
67, 568
39,677
49,930
62,066
28,617
28,861
45,754
66,083
30,295
27,169
47,136
68,155
30,881
25, 977
48,390
203, 559
129,415
80, 568
122, 576
206,900
126, 627
79, 318
121, 789
191, 526
120,445
73,831
119,044
319
228
149
181
318
228
149
181
330
232
152
181
32, 672
52, 768
22,364
79,847
36,502
53,407
21,920
84,420
30,419
51,061
19,815
78,117
19, 286
50,973
15, 799
51,380
19,054
51,177
15, 790
50,026
19, 798
55, 676
16, 224
47,495
73, 783
147,622
55,381
188,153
68, 901
150,040
53,289
175, 784
66, 301
143,814
50,131
165, 742
167
116
183
397
167
116
182
398
170
116
185
407
19, 350
15, 714
8,999
19,854
5,323
9,236
36,494
1,054
17,147
15,072
8,897
19,409
5,205
8,550
35,824
1,004
16,929
15, 589
8,808
18, 675
4,717
7,674
33,455
704
23,244
21,153
3,437
18,105
3,327
10,225
27,469
1,305
23, 610
18, 318
3,407
18,365
3,328
10,493
28,379
1,309
23,549
17,062
2,754
18,081
3, 334
10,035
28,844
1,190
57, 953
45, 299
17, 528
57,366
12,952
26,262
76,149
3,156
54, 724
44,936
16, 977
55, 504
12,199
26,956
75,341
2,778
50,764
6 43,883
15, 529
51,100
11, 564
s 24,864
70,484
» 2, 300
69
32
32
67
19
7
46
5
70
32
32
66
19
7
46
5
71
32
32
67
19
7
46
4
55,607
17, 215
544,341
53, 741
16,474
528,420
55,605
16, 334
523,168
62,048
16,469
562,490
61,812
16,062
565, 768
60,016
135,707
130,711
127,477
17, Oil
43,320
39,344
38,360
501,245 1,173,055 1,133,045 1,085,325
99
48
128
100
48
128
104
49
129
538,016 1, 366,452 1, 327,061 1, 250,020
159,927 408,349 407,980 386, 595
548,867 1,113, 748 1,092, 254 1,031,423
315, 578 712,857
693,882
643, 617
186, 212 402, 589 395,418 374,443
12, 890, 883 '12,764,545 12, 808, 63315, 772, 841'15,770,671 14, 988,196 32,189, 330 31,457, 713 29, 772,955 9,865 9,879 10,026
r
Revised.
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 October and June 1939 figures of leans and investments exclude approximately $40,000,000 and $50,000,000, which prior to December 1938
were reported as loans and investments, respectively, and which indirectly represent bank premises or other real estate and are now classified in
condition reports among "other assets."
3
All figures in the October columns are as of Oct. 2 except as follows: New Hampshire and Vermont June 30; Maine and Connecticut Sept. 30 ;
Minnesota Oct. 7; Louisiana Sept. 29; Massachusetts, New Jersey, Indiana, Missouri, Maryland, Georgia, Kentucky, Tennessee, Idaho and Wyoming June 30 as adjusted by the increase or decrease in the figures of State bank members between June 30 and Oct. 2. For call dates included in
the September columns see footnote on page 27 of the January 1939 BULLETIN.
* The June 30 figures represent all insured State banks plus 8 non-insured State banks as shown in the bankers directory.
* Including relatively small amounts cf interbank deposits.
FEBRUARY
1940
161
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 161 covering "State Banks." Amounts in thousands of dollars]
Loans
State
Oct.
19391
Connecticut:
District No. 1
District No. 2
Indiana:
District No. 7
District No. 8
Iowa
Kansas
New Jersey (Dist. No. 2)
New York
Ohio _
Pennsylvania:
District No. 3
District No. 4
South Carolina
Total
June
1939
Deposits, exclusive of interbank deposits
Investments
Sept.
1938
Oct.
June
1939
19391
Sept.
Oct.
19381
1939 1
June
1939
Sept.
19381
Number of
banks
Oct. June Sept.
1939 19381
19391
297
114
296
117
292
120
197
69
198
69
205
69
391
288
395
301
415
298
3
1
3
1
3
1
1,504
67
136
2
15
55,399
2,186
1,504
67
208
2
15
58, 471
2,146
1,378
169
182
2
15
66,775
2,148
1,141
57
38
1,141
57
38
1,343
52
38
12
422,232
573
12
483,249
569
13
321,456
566
3,896
155
310
5
6
470, 519
2,948
3,896
155
317
11
6
449,062
2,862
4,082
256
282
8
6
367,457
2,803
15
1
1
1
1
9
13
15
1
1
1
1
9
13
17
2
1
1
1
13
13
6,880
1,361
673
6,624
1,292
633
7,267
1,121
645
48, 529
1,059
50
55,952
1,101
31
40,087
1,127
50
72,690
2,878
556
70,011
2,517
538
55, 539
2,640
517
214
4
1
2 14
4
1
15
4
1
68,634
71,375
80,114
473,957
542,417
365,006
554, 642
530,071
434,303
64
64
72
1 Figures in the October columns are as of October 2 except as follows: Connecticut, Sept. 30; Indiana and New Jersey, June 30. For call dates
included in the September columns see footnote on page 28 of the January 1939 BULLETIN.
2 Beginning June 30,1939, the number of banks excludes 1 branch of a New York bank. The figures of loans, investments, and deposits of the
branch are included as heretofore.
MUTUAL SAVINGS BANKS—PRINCIPAL ASSETS AND LIABILITIES BY STATES
[Figures in this table are also included in the table on page 161 covering "State Banks." Amounts in thousands of dollars]
Loans
State
Oct.
1939 1
California
Connecticut:
District No. 1.
District No. 2.
Delaware
Indiana:
District No. 7.
District No. 8.
Maine
Maryland
Massachusetts
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_._._.
June
1939
Deposits, exclusive of interbank deposits
Investments
Sept.
19381
Oct.
1939 1
June
1939
Sept.
Oct.
1938 1
1939 1
June
1939
Sept.
19381
Number of
banks
Oct. June Sept.
1939 1938 i
19391
36,057
35,692
34, 525
58,906
57,644
58, 313
88, 340
88,015
86,311
260,759
82,879
12,902
262,374
82, 546
13,019
267,156
82,227
13,010
274, 984
77,069
30,710
279, 724
80,388
30, 248
271, 752
81,899
26,044
559,979
166, 925
39,160
559,895
166, 410
39,030
553,986
163, 379
36, 780
58
14
2
59
14
2
59
14
2
3,474
7,654
3,474
3,818
6,683
11,408
11,408
12,890
2,612
2,612
V "
4,320
4,
8,097
8,103
3,300
8,097
29,659
29,760
30,140
127,446
101, 775
100, 251
104,044
128,969
128,355
38,440
38,440
42,154
223,285
171, 653
171, 653
176,067
224, 525
224, 525
1,012,577 1,012,577 1,036,313 1,128,851 1,128,851 1,100, 318 2,152,961 2,152, 961 2,137,047
10,102
12, 794
9,856
65,251
49, 783
52,790
53, 758
66, 771
66,109
63,239
63,239
61, 717
190,243
128,049
128,049
132, 675
193, 389
193, 389
3
1
32
12
192
1
43
3
1
32
12
192
1
43
4
1
32
12
193
1
44
123,462
123,462
128, 799
172, 518
328,664
328,664
322,218
179, 208
179,208
4,642
4,642
4,972
7,191
7,191
14,453
8,036
13,907
13,907
3,006,629 3,006,629 2,989,944 2,442,624 2, 442,624 2,313,928 5, 514,825 5, 514,825 5, 336,851
64,044
43,737
40,405
45,888
121,016
68,927
65, 469
120,455
121,748
1,134
1,218
1,062
724
1,203
1,853
765
2,329
2,221
22
2
134
134
22
3
134
3
1
74,965
11,209
50,905
27,560
26,669
74,195
11,177
50,905
27,560
26, 692
74,674
11,279
51,031
30,709
26,504
435,916
43,437
128,148
24,613
40,881
437,498
44,353
128,148
24,613
40,065
442,329
42,997
124,395
25,404
37,006
535, 541
55,486
177, 583
57,459
68,607
538,492
55,412
177, 583
57,459
67,654
523, 789
54,422
176,023
61, 748
64,293
2,149
94
2,129
2,176
60
2,114
2,082
40
2,101
4,440
130
4,358
117
4,403
113
4,935,833 4,931,131 4,950, 759 5,397,143 5, 411,157 5, 246, 995 10, 519,950 10, 520,634 10, 285,903
14
3
552
553
563
i All figures in the October columns are as of Oct. 2 except as follows: Connecticut and Maine, Sept. 30; Indiana, Maryland, Massachusetts,
New Hampshire, New Jersey, New York, Rhode Island and Vermont, June 30; Minnesota, Oct. 7. For call dates included in the September col-
umns see footnote on page 28 of the January 1939 BULLETIN.
162
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments
Gold production
Gold movements
International capital transactions of the United S t a t e s . . . .
Central banks
Bank for International Settlements
Money rates
Discount rates of central banks
Commercial banks
Foreign exchange rates
Price movements:
Wholesale prices
Retail food prices and cost of living
Security prices
164
...
165
. . 165-166
167-170
. 171-174
175
175
176
. 176-177
178
179
180
180
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 oi 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.
FEBRUARY 1940
163
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Countries in Tripartite Accord
End of month
1934—December.
1935—December.
1936—December.
1937—December.
1938— December.
1939—JanuaryFebruary .
March
April
May
_.
June
July.
August
September.
October...
November.
December
21,051
21,604
22,630
23,964
25,488
24,003
24,175
24,387
24,964
25,140
25,290
25, 512
26,118
25, 254
25,300
9
25, 511
*>25, 782
8,238
10,125
11,258
12, 760
14,512
14,682
14,874
15, 258
15,791
15,957
16,110
16, 238
16,646
16,932
17,091
17, 358
17, 644
1,584
1,648
2,584
5,445
4,395
2,995
2,564
2,435
2,435
2,435
2,435
2,574
2,574
2,574
2,574
2,714
2,714
2,714
2,714
P2, 714
2,690
1,042
1,042
1,066
1,066
1,067
1,067
1,162
1,162
1
1
1
1
Other countries
Switzerland
Total i
(52
coun- United United
BelFrance gium
tries) States Kingdom
NethNaerlands tional B.I.S.
Bank
573
438
490
930
995
995
974
909
834
823
800
769
769
752
754
700
690
590
611
632
597
581
582
588
518
520
524
540
573
614
615
611
Argentina
624
454
655
648
699
699
680
640
598
598
598
595
585
585
579
559
Brazil
British
India
Bulgaria
Canada
275
275
275
274
274
274
274
274
274
274
274
274
274
274
274
274
P274
19
19
20
24
24
24
24
24
24
24
24
24
24
24
24
24
134
189
188
184
192
197
206
210
212
214
213
212
218
218
212
213
214
403
444
501
469
431
431
431
428
428
428
428
427
431
449
449
453
P453
P24
Chile China
7
10
8
16
18
19
20
21
21
21
21
21
21
21
21
21
21
30
30
30
30
30
30
30
30
»30
P30
Other countries—Continued
End of
month
DenCo- Czechoslolombia vakia
mark
1934—Dec. _
Egypt
1935—Dec. .
1936—Dec, .
1937—Dec..
1938—Dec..
112
112
91
92
83
60
54
54
53
53
55
55
55
55
55
1939—Jan....
Feb...
Mar...
April..
May..
JuneJuly.. .
Aug. __
Sept...
Oct....
Nov...
Dec...
83
83
67
66
65
62
60
60
58
57
56
P56
53
53
53
53
53
.63
53
53
53
53
53
P53
55
55
55
55
55
55
55
55
55
55
*55
*>55
Germany* Greece
Hungary
40
34
26
24
27
27
27
29
29
31
31
30
28
28
28
28
Italy*
Japan
518
270
208
210
193
193
193
193
193
193
193
193
193
193
193
193
193
394
425
463
261
164
164
164
164
164
164
164
164
164
164
164
164
P164
Java
End of month
1934—Dec
1935—Dec
1936—Dec
1937—Dec
1938—Dec
1939—Jan
Feb
Mar
April
May
June
July
Aug
Sept
Oct
Nov
Dec
69
69
104
109
114
120
133
133
134
134
135
136
137
137
148
149
150
151
184
212
203
189
220
220
219
221
218
218
219
219
222
234
243
254
P254
740
735
718
718
525
525
525
525
525
525
525
525
525
525
525
525
525
Sweden
159
185
240
244
321
331
331
332
339
344
346
348
355
357
332
333
P333
Turkey
22
24
26
29
29
29
30
30
30
30
30
30
30
29
29
29
j>29
Uruguay
Yugoslavia
16
other
countries •
154
158
175
169
125
127
126
124
126
126
133
135
136
131
131
P130
P130
9 Preliminary.
11 Data reported monthly incomplete. For additional data see section at end of table.
Figure for Mar. 1939 officially reported and carried forward.
« Figure for May 1939 officially reported and carried forward.
* Figure for Dec 1938 officially reported and carried forward.
» Figure for Aug. 1, 1936, carried forward through Mar. 1938; Apr. 1938 figure officially reported and carried forward.
• These 16 countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian
Congo, Bolivia, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Guatemala,
Finland, Latvia, Lithuania, Morocco, and Siam.
NOTE.—For back figures and description of table see BULLETIN for June 1933, pp. 368-372,
and July 1936, pp. 544-547; also see footnotes to tatle in BULLETIN for Aug. 1936, p. 667, and Dec.
1937, p. 1262.
164
New
Zealand
Norway
61
84
98
82
94
96
96
96
107
107
107
107
107
107
103
. 103
Peru
Poland
19
20
20
20
20
19
19
19
19
19
19
19
20
20
20
P20
96
84
75
83
85
85
85
85
84
84
84
84
84
84
Government gold reserves1 not included
in previous figures for SZ countries
Other countries—Continued
Portu- Ruma- South Spain«
nia
Africa
Mexico
End of
month
1934—Dec. .
1935—Dec...
1936—Dec.
1937—Dec. _
1938—Mar...
June..
Sept...
Oct....
Nov...
Dec...
1939—Jan....
Feb...
Mar...
Apr...
May_.
June _.
July..
Sept. .
United
States
United
Kingdom
BelFrance gium
31
53
8
444
3 934
1,395
1,489
81
~62
759
80
"I54"
8
1,732
44
17
85
"164"
«103
130
331
381
465
559
455
477
(«)
(*)
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.
Gold in Swiss and Dutch Funds and in some
other central reserves not reported.
» Figure for Mar. 1937, first date reported.
*4 Figure for Sept. 1937.
First date reported.
* Transferred: from Bank to Account, $1,648,
000.000 on Jan. 6, and $1,162,000,000 on Sept. 6,
1939; from Account to Bank, $26,000,000 on Mar.
1, and $94,000,000 on July 12, 1939.
FEDERAL RESERVE BULLETIN
GOLD PRODUCTION
Outside U. S. S. R.
[In thousands of dollars!
Estimated
world .
production
outside
U.S.S.R.
Year or month
Production reported monthly
Africa
Total
South
Africa
North and South America
West Belgian1 United
Africa Congo Statesi
Rhodesia
Far East
Canada Mexico ColomChile
bia
Austra- British
lia
India
$1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=iSO.67
683 8,712
428 9,553
442 12,134
788 14, 563
3,C09 16,873
7,508
6,785
6,815
6,782
6,919
10,438 5,094 28, 568
12, 045 8,350 30, 559
11,515 9,251 31, 240
13, 632 9,018 40,118
15,478 9,544 46,982
18, 225 10,290 54,264
11,715
11,223
11,468
11,663
11,607
11,247
4,816
4,642
4,783
5,393
946
956
930
995
4,076
4,016
4,492
4,301
4,649
4,684
1,583 4,399
777 4,849
1,012 6,140
Pl, 046 4,392
Pl, 116 P4, 707
940
863
938
912
936
910
936
923
888
»958
1929..
1930..
1931..
1932..
1933..
382, 532
401,088
426,424
458,102
469, 257
352, 237
365, 258
386, 293
413, 459
411, 208
215,242
221, 526
224,863"
238,931
227, 673
1933..
1934..
1935.
1936..
1937..
794, 498
823, 003
882, 533
971,514
1, 041, 987
1,118, 480
696, 218
707, 288
751,979
892, 535
957,175
385,474
366, 795
377,090
396, 768
410,710
425,649
22, 578
24,264
25,477
28,053
28, 296
28,532
11,214
12,153
13,626
16,295
20, 784
24,670
6,148
6,549
7,159
7,386
8,018
8,470
89,467
1C8,191
126,325
152, 509
168,159
178,143
103,224
104,023
114,871
131,181
143, 367
165,379
22,297
23,135
23,858
26,465
29, 591
32,3C6
1938—September.
October
November.
December. _
97,439
96,938
98, 787
' 98,845
83, 275
82,954
84,802
84, 234
36, 237
36,449
35,842
36,007
2,365
2,445
2,381
2,318
2,048
2,174
2,204
2,240
743
725
728
751
16,937
16,320
18, 579
16,068
14, 291
14,449
14,445
15,231
2,062
2,265
2,353
2,700
1939—January
February...
March
April
May
June
__
July
August
September..
October
November.
94,835
90,964
97, 627
94, 540
98,484
99,450
102,762
P107, 196
P106,710
P107, 944
P103,9£8
80,159
76, 749
82, 656
79, 728
83,415
83, 541
87,089
36,188
34,505
37, 558
35,613
37,970
37,065
37, 952
38,494
37,817
38,459
38, 600
2,287 2,230
2,069 2,221
2,202 2,346
2,252 2,349
2,355 2,323
2,277
2,369
2,395 2,395
2,379
P2, 431
P2,345 2,432
*2,380 P2, 487
P2, 380 P2, 487
753
688
767
729
779
756
739
731
705
714
14,919
14,396 1, 762 1,953
13,153
13,684 3,421
1,562
14,364 14,498 2,542 1,752
15,260 14,238 1,733
1,513
15,167 15,133 1,794
1,614
14,460
15,287 3,216
1,551
16,099
15,402
1,551
16, 796 15, 722 6,519
1,735
19, 576 14, 752 2,302 1,803
21, 633 15,144 *2,392 1,677
17, 360 P15, 050 P2, 392 Pl, 747
11,607
11,476
11,1S3
12,000
13,335
4,297
4,995
5,524
5,992
6,623
2,380
2,699
3,224
3,642
3,631
45, 651
47, 248
49, 527
60, 626
62,842
39,862
43,454
65, 687
62,933
60, £68
13,463
13,813
12,866
12,070
13,169
2,823
3,281
4,016
5,132
6,165
$1=15-6/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S6
P91,355
*89, 772
283
449
P91,
P87,
1,812
1,622
1,628
1,499
1,019
906
930
1,033
655
568
1,198
P923
Ooldproduction in U. S. 8. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $SS per fine ounce: 1933, $95;
1934, $135; 1935, $158; 1936, $185; 1937, $180; 1938 (preliminary), $184.
p Preliminary.
i Includes production in the Philippines.
NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for March 1939, p. 227, February 1939, p. 151,
June 1938, pp. 539-540, and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual
Report of Director of Mint for 1936, pp. 108-109,1937, pp. 104-105 and 1938, pp. 102-103. Figures for Canada beginning January 1939 are subject to
official revision.
GOLD MOVEMENTS
[In thousands of dollars at approximately $35 a fine ounce]
United States
Year or
month
1934 i
1935
1936
1937
1938
1939
1938
Oct
Nov
Dec
1939
Jan
Feb
Mar
Apr
May
June
July
Aug
Oct
Nov
Dec
Total
net
imports
or net
exports
Net imports from or net exports (—) to:
United
Kingdom
1,131, 994
499,870
1, 739,019
315, 727
1,116, 584
174,093
1, 585, 503
891, 531
1, 973, 569 1,208, 728
3, 574,151 1,826,403
BelFrance gium
Netherlands
Sweden
260, 223 8,902 94,348
227,185
934,243
2
573, 671 3,351 71,006
6
-13,710 90,859
6,461
81,135 15,488 163, 049 60,1,146
165,122 341, 618 28, 715
562, 366
177, 768
240, 526
443,403
99,145
101, 707
42,959
17
37, 395
156,345
223, 281
365, 384
605, 797
429,404
240,430
278, 636
259, 921
326,074
69, 726
167,980
451,172
52,050
165, 377
250,042
384, 925
302, 667
128,196
177,805
163, 738
162,450
10,182
18, 556
10,417
2
33,678
1,41
29, 256 3,840
1,400
816 37,179 27,098
21 84,603 44, 564
3 41, 651 40,449
55,081
2
1
45, 554
22,640
2
1
2,990
8,781 5,113
28
31, 526 19,
1,743
1,979
41,832 3,840
27, 242
46,185
Switzerland
Canada
Mexico
Colom- Philippine Aus- South
bia
Islands tralia Africa
30, 270
13,667
39,966
38,482
36,472
612, 949 33, 610
16, 944
10,899
11,911
18, 397
10, 557
23, 239
10,810
7,171
731
2,236
3,457
2,550
4
11
2,107
10,842
4, 220
6,852
7,665
12.066
17,191
15,196
34, 299
1,482 120,837
9,940
2,990 65.067
5,119j 308, 773
2,342
2,496
3,822
1,649
2,050
3,280
4,150
3,956
653
1,794
3,445
3,972
12,402
968 95,171
7,511 72, 648
54,452 111, 480
1,363 76,315
1
1,136
-67
8,227
55,680
2,284
5,644
5,628
4,234
2,114
2,117
2,107
2,123
2,120
2,102
2,117i
2,116i
Japan
12
12,038 1,029
65
15,335 3,498
8
21, 513 23, 280
25,427 34, 713
181 246, 464
,880 39,162
401 168, 740
27,8
35,,e636 74, 250 22,862 165, 605
2,720 3,294
2,943 7,888
2,655 6,788
2,754
2,719
3,326
2,179
2,594
3,843
3,022
2,775
3,947
3,188
2, 643
2, 646
6,585
3,953
4,303
4,844
5,295
5,677
5,034
5,689
5,474
8,420
12, 505
6, 472
46
16
27
5,740
5,788
14,425
33
38
10
100
41
50
50
52
11
37,819
5,446
11,410
5, 528
10,931
14,093
10,938
2,142
10,449
9,885
10, r
16,425
12,497
9,487
20,101
British
India
All
other
countries
76,820 32,304
46, 989
75,268
77, <r'~ 39, 735
50, 762 29, 998
16,159 2 67,975
50, 956 3102, 404
760
3,822
1,797
4,721
19,134
22,181
1
5,092
4,360
175
3,685 4,381
4,944 "6,972
3,390 3,868
2,244 3,023
2,760
6,365
9,259 4,460
4,065 5 8,541
2,703 c 15, 870
10,138 '16, 662
7,592 ' 22,812
r
1
Revised.
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Figures for November and December 1938 include imports from Argentina of $14,112,000 and $17,710,000, respectively.
Includes $28,097,000 from China and Hong Kong; $15,719,000 from Italy; $10,953,000 from Norway; $10,077,000 from Chile.
Includes $4,503,000 from Argentina.
Includes $5,157,000 from Hong-Kong.
• Includes $6,363,000 from Italy; $4,087,000 from Hong-Kong.
* Includes $5,586,000 from Italy and $6,414,000 from Norway.
NOTE.—For gross import and export figures and for additional countries see table on p. 130.
3
4
6
FEBRUARY 1940
165
Gold Movements—Continued
[In thousands of dollars at approximately $35 a fine ounce]
United Kingdom
Net imports from or net exports (—) to:
Year or
month
1934.
1935
1936
1937
1938
Total
net imports
or net
exports
()
United
716,269
-497,166
369, 722
-435, 502
1,169,931 -276,830
-834,009
420,427
-285,638 -1,050,395
1938—June.
July.
Aug..
Sept.
Oct..
Nov..
Dec
1939—Jan...
Feb..
MarApr..
May.
June.
July.
Aug..
24,119
-73,132
-261,143
-210,171
-96, 508
-66, 726
-36, 514
-148,005
-259,984
-121,188
-294,077
-51, 591
-147,332
-318, 511
GerFrance many
i
-20,811 -6,137
57 56,764 -12,037
-10, 529 -997
47 23, 212 -5,750
-93, 660 -5,726
6,164
-258 -10,041
-360,016
685 14,358 120,075 -7,498
535
-308, 528 69, 604 4,077 33,982
-105, 220
6,005 -2,328 -5,245
-66
-97,371
758 2,057
9,990
28,104
-50,814
-160,218
5,672
5,613
16,866
-357, 518
-287,762
-127,293
-182,145
-223,370
-183
-1,431
-262
-412
-330
2,691
Total
Total
net imnet
ports imports
or net 1 or net
exports exports
)
5,649
41,790
37,981
26,723
24,165
27,831
All
Other
British
countries
181,602
128,421
55,744
9,929
40,623 3,725
6,581
31, 516 6,418
31,192 10,356
3,035
16,831 3,023 - 4 , 750
6,530 4,204 -20,792
4,260
618
531
7,358 1,815
-7,673
-11,429
-11,151
-22, 763
-4,671
681
736
304
1,374
151 -1,101
1,417 -1,148
4,805 14-47,875
2,975 -145,856
911
697
3,078
4,606 «-114,284
-3,790
5,631
Switzerland
Net imports from or net exports (—) to:
-5,407
-16,521
-10,498
-21,980
2,831
1,017
1,511
-32
-437
-3,793
-2
-1,138
-4,966
421
-920
-312
-1,955
1,353
1,603
1,347
3,762
704
399
1,847
-3,845
3,618
73,394
-425
32,921
1,504
153 - 3 , 3 1 8
-575 -14,393
-4,618
British India
Increase in India:
Total
Gold
net
In
In
imports produc- Ingold
In
or net tion in \ dian earmarkprivate
exports India
reed for
hold-1
serves foreign
ings
account
-16,134
-10,129
-3,765
r-7, 661
-2,283
211
956
930
995
4,479
33 -3,786
-11,940 -2,112
-21
9,999 -37,332 -10,786
9,967 -162,645 -54,266
-5,807
8,059 - 2 , 3 2 9
-284 -10, 696 - 8 , 589
7,765 - 2 , 8 5 6
5,275
2
- 2 , 730 -1,506
-2,855
-888
-15,187 - 3 , 880
- 3 , " ' " -3,431
-125
-3,288
-5,113
-3,394
-4,202
-2,049
-10,264
-5,274
-5,213
-12,365
940
863
938
912
937
910
936
923
888
P958
11,423
7,749
4,812
5,197
1,839
5,749
942
2,51!
6,096
4,563
1938— O c t . . .
Nov...
-45,955
-54,858
-1,714
11,940
76,620
other
countries
-9,123
62,397
14,126
32,754 -50,661
53,465
37, 708
28,067 -10,129
22,079
-81 -16,596 -55,032
4,922
20,761 -89, 371 -78,029
2,024
2,490
2,102
2,839
705
155
528
5,671
3,451
5,559
12,656
143 45,394
52,636
38,423
55 49,120
Switzerland
Sweden
11, 223
11,468
11,663
11,607
11,247
-90,920 -46,065
42,969 -230,788
- 1 , 8 6 8 122,278
- 3 , 7 1 8 -56,946
-35,224 —1,245
1939—Jan...
Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept..
Oct....
Nov._.
Dec?.
11
88
29
4,018
-38
-1
1
211
-253
779
396
1,039
23,477
176,451 19,164
2,008 49,004
415 22,968
196 8,856
-7,491 -11,275
5,665
8
South
Africa,
Rho- British
desia, India
West
Africa
-230, 720
-161,872
-121,066
- 6 1 , 723
-54,700
1934....
1935
1936...
1937
1938....
Dec...
Nether- U.S.S.R. Australards
lia
348,190 121,017 - 1 3 , 585 32, 575
142,137 -4,726 -17,476 10,796
931
756,215 23,292 -15,133 -21,215
541,187 46,147 -21,993 -16,572 199,965
33,173 348,000 -46,463 115, 540
Germany
Year or
month
Belgium
173
-6
-41
-219,670
-150,398
-109,403
-50,075
12,078 - 5 5 , 533
1,
r-8,614
-7,043
-3,273
-10,608
-10,174
-8,984
-7,679
-5,104
-10,270
-6,863
-10,421
- 15,970
p Preliminary.
* Revised.
» Beginning April 1938figuresrefer to Greater Germany.
> Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000.
8
Includes $67,655,000 exported to Central and South America.
4
Figures for April and May include exports to Canada of $45,972,000 and $144,910,000 respectively.
«Includes net exports to Canada of $115,515,000.
• Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred.
7
Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign
account in India.
• Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria.
• Includes net import of $26,555,000 from Czecho-Slovakia.
NOTE.—Switzerland.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year
as a whole.
166
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 1.—TOTAL CAPITAL MOVEMENT
Increase in foreign banking
funds in U. S.
From Jan. 2, 1935, through—
rotal
Total
Central
bank
funds
in N. Y.
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Dec. 31..
1936—Dec. 30..
3937—Dec. 29_.
1,412. 5
2,608.4
3,410.3
603.3
930.5
1,168.5
9.8
81.1
243.9
593.5
849.4
924.6
361.4
431.5
449.1
125.2
316.2
583.2
316.7
917.4
1,162.0
6.0
12.9
47.5
1938—July 27_.
Aug. 31.
Sept. 28.
3,000.2
3,067.3
3,452. 9
735.8
803.2
11,61.2
115.2
111.6
168.0
620.6
691.6
993.2
438.1
460.6
477.2
618.9
617.6
625.0
1,149.7
1,125.3
1,125. 4
57.7
60.6
64.1
5__.
12_.
19..
26_.
3, 521. 3
3, 548.1
3,650.2
3, 672. 2
1,208.1
1, 204.6
1, 296.0
1,298.9
188.7
190.6
212.4
205.3
1,019. 5
1,013.9
1,083. 5
1,093. 6
472.4
488.0
486.7
496.3
635.5
637.0
640.1
638.4
1,142. 6
1,161.1
1,170. 2
1,182. 4
62.6
57.4
57.2
56.2
Nov. 2_.
Nov. 9_.
Nov. 16.
Nov. 23.
Nov. 30.
3, 650. 4
3, 643.1
3,666. 2
3, 710.8
3,709. 2
1, 270. 5
1, 282.2
1,305. 5
1, 375. 7
1,392.1
192.6
225.7
203.9
234.3
220.1
1,077.8
1,056. 6
1,101. 6
1,141. 5
1,172.1
492.3
489.6
485.3
489.4
472.7
643.6
627.1
629.2
596.2
598.4
1,190. 7
1,192. 4
1,196.9
1,198. 5
1,194.4
53.4
51.8
49.4
51.1
51.5
Dec.
Dec.
Dec.
Dec.
7...
14.
21.
28.
3, 720.4
3, 687. 6
3, 750.1
3, 779. 2
1,409. 5
1, 395.4
1,409. 2
1,432.7
238.9
188.1
204.2
216.3
1,170. 6
1,207. 2
1, 205.1
1, 216. 5
453.5
442.7
482.1
478.1
604.6
605.3
608.7
610.0
1, 201. 0
1,192. 5
1,202. 2
1,210. 9
51.7
51.7
48.0
47.6
1939—Jan. 4 . . .
Jan.11.
Jan.18.
Jan. 25.
3,798.7
3, 788. 6
3,813. 5
3,812. 6
1,387.9
1,386.5
1,411.1
1,421. 4
201.0
193.6
180.5
187.3
1,186.9
1,192.9
1, 230. 6
1,234.2
510.1
494.3
503.3
500.9
641.8
645.1
641.8
644.7
1,211.4
1,213.3
1,204.8
1,188.4
47.6
49.4
52.5
57.2
1...
8__.
15..
22.
3,852.6
3,876.0
3,912. 9
3,940.7
1,478.2
1, 507.8
1, 512. 9
1, 517.8
197.5
243.3
278.1
239.6
1,280. 7
1,264. 5
1,234. 8
1,278.2
496.5
484.3
514.7
535.0
634.6
635.3
634.8
637.5
1,181. 4
1,187.0
1,189.0
1,190.6
61.9
61.7
61.4
59.8
Mar. 1_.
Mar. 8_.
Mar. 15.
Mar. 22.
Mar. 29.
3,986.0
3,997. 4
4,015.6
4,083.1
4,134.7
1, 544.9
1, 560. 5
1, 568.1
1,648.3
1,693.0
265.1
281.1
287.3
247.2
256.8
1,279. 7
1, 279. 3
1,280.8
1,401.1
1,436.2
548.5
543.3
553.4
549.5
550.5
641.3
644.5
643.6
644.3
646.7
1,192.6
1,190.0
1,189. 5
1,174.5
1,180.6
58.8
59.2
61.1
66.5
63.9
Apr. 5...
Apr. 12..
Apr. 19..
Apr. 26.
4,241. 8
4,317. 6
4,402.9
4,479. 6
1,759. 6
1,819.8
1,892. 9
1,934.4
251.3
278.6
243.8
240.9
1, 508.3
1, 541. 2
1,649.0
1,693. 5
572.0
582.2
587.5
611.8
652.6
652.9
655.3
657.5
1,191. 7
1,193.8
1,194.3
1,202. 9
65.9
68.9
72.9
73.0
May
May
May
May
May
3__
10.
17.
24.
31.
4, 523.7
4, 544. 5
4, 567. 6
4, 570.0
4, 570.8
2,019. 6
2,030. 7
2,042.8
2,046.3
2,041. 5
245.9
264.5
292.8
299.1
302.1
1,773.6
1,766. 2
1,750.0
1, 747.3
1,739.5
596.1
591.3
597.3
596.0
599.8
621.8
637.1
642.3
644.1
647.6
1,211.9
1, 210. 2
1,211.8
1,209. 3
1, 209. 2
74.4
75.3
73.4
74.2
72.7
June 7...
June 14.
June 21.
June 28.
4, 550.0
4, 555.9
4,586. 2
4, 595.6
2,008. 2
2,019.8
2,031. 7
2,048.3
327.8
364.4
364.5
361.8
1,680.4
1,655. 5
1,667. 3
1, 686. 5
601.3
593.7
610.7
609.5
658.4
661.5
664.3
664.5
1,210.6
1, 208. 3
1,205.6
1,199. 3
71.6
72.6
73.8
74.0
July 5...
July 12..
July 19..
July 26.,
4,613.7
4, 590.9
4, 593.1
4,615. 4
2,049.7
2,031.2
2,042. 5
2,066. 2
306.9
293.6
288. 6
301.2
1,742.9
1,737. 5
1,753.9
1, 765.0
610.1
609.9
606.5
609.0
678.5
677.1
677.0
678.0
1,199.3
1,194.4
1,185.0
1,180.0
76.1
78.4
81.9
82.3
Aug. 2__
Aug. 9...
Aug. 16.
Aug. 23.
Aug. 30.
4,637.2
4,664.8
4, 711. 8
4,830.0
4,865. 3
2,093.9
2,139.1
2,182.2
2,287. 3
2, 334.2
327.1
323.2
305.5
352.5
371.6
1, 766.8
1,815.8
1,876. 7
1,934.9
1,962. 6
598.8
612.0
624.8
635.1
622.6
680.2
652.8
654.5
656.9
657.8
1,182.2
1,176. 5
1,164.9
1,165.1
1,165. 7
82.1
84.5
85.4
85.5
85.0
Sept.
Sept.
Sept.
Sept.
4,884.4
4,943.7
4, 979.3
4,958.7
2, 341. 5
2, 389. 3
2,434.6
2,412.4
409.0
464.7
510.7
485.1
1,932. 5
1,924. 6
1, 923. 9
1, 927. 3
625.6
625.0
615.8
621.8
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
4,900.1
4,876.1
4,874.5
4,885. 3
2, 386. 5
2, 370. 6
i 2,415. 6
2,439.7
483.6
462.8
441.6
442.9
1,902. 9
1, 907. 7
1, 974. 0
1, 996. 9
597.9
601.4
i 550.0
549.3
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
Oct.
Oct.
Oct.
Oct.
Feb.
Feb.
Feb.
Feb.
Oct.
Oct.
Oct.
Oct.
6..
13.
20.
27.
4...
11..
18..
25..
1
1
Indicated increase in foreign banking funds in United States and decrease in United States banking funds abroad in week ending Oct. 18 are
each $55,000,000 larger than actual movement owing to correction in reporting practice of one bank; total net capital movement not affected.
FEBRUARY
1940
167
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued
fin millions of dollars. Minus sign indicates net movement from United States!
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
1935—Dec. 31_.
1936—Dec. 30__
1937—Dec. 29. _
1938—Dec. 28._
1,412. 5
2,608.4
3, 410. 3
3,779. 2
554.9
829.3
993.7
1,186.1
210.2
299.5
281.7
339.5
114.5
229.7
311.9
324.6
130.4
335.5
607.5
554.0
36.6
83.1
123.9
140.7
1939—Jan. 25—
Feb. 22._.
Mar. 29..
Apr. 2 6 - .
May 3 1 June 2 8 July 2 6 . .
Aug. 3 0 Sept. 27..
3,812. 6
3, 940. 7
4,134.7
4,479. 6
4, 570.8
4, 595. 6
4, 615. 4
4,865. 3
4, 958. 7
1,142.1
1,180. 5
1,203.1
1,303. 3
1, 337. 6
1,360. 2
1, 312. 9
1, 326. 3
1, 368.1
352.9
366.3
421.6
431.1
439.7
441.9
473.4
459.6
330.5
350.5
383.6
405.4
391.1
401.0
407.6
412.1
448.4
566.7
579.0
587.6
595.6
595.3
599.2
607.0
647.2
671.1
Oct.
Oct.
Oct.
Oct.
4,900.1
4,876.1
4,874. 5
4, 885. 3
1, 337. 8
1, 331. 2
1, 326. 5
1,301. 4
461.2
445.8
431.1
430.9
447.8
438.5
442.6
446.8
666.1
665.7
674.9
686.5
From J a n . 2, 1935,
through-
4___
11. _
18..
25..
Other
Europe
Total
Europe
24.0
45.6
22.1
33.0
130.0
228.5
312. 2
463.8
1,200.6
2,051.3
2, 653.0
3,041. 7
106.3
157.2
70.9
201.2
410.6
389.5
128.3
184.0
224.6
156.8
12.7
21.4
15.9
34.1
140.4
145.3
150.2
146.9
148.7
149.5
150.1
148.8
151.1
29.7
25.5
24.7
26.0
29.1
29.5
30.9
26.1
32.9
488.3
476.9
536.8
' 595. 9
606.5
604.2
616.9
665.1
686.0
3,050. 6
3.124.0
3, 252. 9
3,494. 7
3, 539. 4
3, 583. 3
3, 567.1
3, 699.1
3, 817. 2
164.0
171.7
185.1
216.8
241.0
230.5
248.8
291.8
260.9
390.5
403.6
443.5
480.6
507.4
500.2
512.3
536.1
528.0
168.0
202.3
206.4
231.4
226.4
223.8
224.1
259.4
276.4
39.5
39.2
46.8
56.2
56.6
57.9
63.2
78.9
76.2
153.5
155.6
157.2
159.1
33.7
35.4
47.4
48.0
683.3
689.1
685.8
710.3
3, 783. 4
3,761.3
3, 765. 6
3.783.1
249.1
249.1
246.2
239.0
525.4
528.0
522.8
522.2
259.7
258.5
260.2
78.4
78.0
81.5
80.8
Italy
Latin
Canada America
Far
East
All
other
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
128.6
163.5
189.3
366.7
129.6
144.2
111.8
158.8
55.7
65.9
76.3
84.4
72.4
109.8
288.4
203.7
-.8
2.7
9; 6
-9.8
1939—Jan. 25—
Feb. 22._
Mar. 29..
Apr. 26..
May31...
June28._.
July 26...
Aug. 30...
Sept. 2 7 -
1,421.4
1, 517. 8
1, 693. 0
1, 934. 4
2,041.5
2,048. 3
2,066. 2
2,334. 2
2, 412.4
347.0
373.0
401.8
476.7
505.8
535.2
495.3
522.3
584.5
167.8
184.4
187.4
236.8
243.2
252.3
252.1
283.7
263.8
89.5
105.4
129.9
141.0
123.2
132.0
139.9
144.8
172.0
213.1
224.7
233.4
230.6
224.7
227.1
235.1
270.0
286.2
Oct.
Oct.
Oct.
Oct.
2,386. 5
2, 370. 6
«2,415. 6
2, 439. 7
564.4
572.4
576.2
558.5
259.3
244.8
229.2
227.8
172.1
163.6
167.9
172.0
281.1
282.7
283.0
293.8
From Jan. 2, 1935,
through—
Total
1935—Dec. 31..
1936— Dec. 30-_
1937—Dec. 29—
1938—Dec. 28. .
4___
11. _
18..
25..
Other
Europe
Total
Europe
23.0
6.9
3.8
60.7
79.7
109.4
203.0
453.5
588.9
791.7
1,010.6
46.0
86.8
76.3
135.1
33.5
149.3
166.3
134.0
58.8
90.4
126.2
132.7
11.5
15.2
8.0
20.4
-12.9
-13.0
-10.9
-15.7
-14.0
-14.5
-15.9
-18.5
-21.9
- .4
-5.8
-3.9
-5.7
-4.4
-6.6
-6.0
-7.4
-1.6
222.2
210.8
267.8
318.4
323.6
320.0
332.7
384.1
399.5
1,026.4
1,079. 6
1,205. 5
1, 382.1
1,402.1
1,445. 5
1,433. 2
1,579.0
1,682. 5
105.2
123.1
136.5
166.9
209.3
191.5
193.5
256.1
225.2
129.1
143.7
179.8
209.6
250.7
242.0
254.5
268.9
262.0
136.2
147.5
139.9
140.4
142.8
131.5
142.6
172.8
188.5
24.5
23.9
31.3
35.3
36.6
37.8
42.4
57.5
54.3
-20.1
-21.5
-20.2
-20.0
.2
1.3
12.2
12.8
398.5
408.1
403.0
428.7
1, 655. 5
1, 651. 3
1,651. 3
1,673. 5
226.0
222.1
211.2
209.0
261.8
262.3
258.1
258.1
187.4
179.6
2 237. 2
241.4
55.8
55.3
57.7
57.6
Italy
7.3
Latin
Canada America
Far
East
All
other
TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES
From J a n . 2,1935,
through—
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
Total
United
Kingdom
France
Netherlands
Switzerland
-.4
-3.3
-4.4
-6.9
1.6
2.7
2.6
2.6
29.7
66.0
105.1
140.3
13.7
16.3
31
30
29
28
361.4
431.5
449.1
478.1
208.8
178.0
207.4
204.5
48.1
62.0
65.3
65.5
1939—Jan. 25
Feb. 22
M a r . 29
Apr. 26
M a y 31
June 28
July 26
Aug. 30
Sept. 27
500.9
535.0
550.5
611.8
599.8
609.5
609.0
622.6
621.8
193 6
210.2
209.2
227.9
236.8
236.7
237.0
225.2
226.1
70.0
66.4
64.9
67.1
68.1
68.1
71.5
70.0
70.0
-5.2
-3.7
-1.5
8.4
9.1
3.6
3.8
4.5
4.5
4.7
3.6
4.9
5.6
5.2
597.9
601.4
550.0
549.3
229.8
223.6
221.0
227.7
69.5
70.1
69.4
70.2
9.4
9.1
9.0
9.3
4.5
4.1
3.9
4.2
Oct.
Oct.
Oct.
Oct.
4
11
18
25
J
.7
-.1
-1.0
-3.0
Other
Europe
Total
Europe
8.8
13.9
22.0
26.9
33.0
310.2
343.7
409.3
453.0
-4.6
36.9
-21.7
30.6
20.1
24.9
51.6
66.8
37.3
30.4
18.7
-65.0
-1.6
-4.4
-8.7
-7.2
142.6
147.2
149.8
151.7
152.0
153.8
156.5
158.2
164.1
12.9
13.9
10.8
13.7
15.3
17.7
17.9
14.6
15.1
35.9
31.7
30.9
35.1
38.7
39.9
40.7
35.1
38.2
453.3
469.4
468.6
500.8
515.4
518.8
525.4
517.2
527.7
43 9
47.3
49.9
48.3
46.9
42.2
43.6
52.3
46.6
70.2
67.6
66.5
71.1
54.8
55.7
54.1
61.9
57.4
-60.3
-42.8
-28.1
-6.0
-13.0
-2.9
-11.1
-5.7
-6.4
-6.3
-6.5
-6.4
-2.4
-4.3
-4.3
-3.1
-3.0
-3.6
16*4.9
168.4
168.7
170.5
13,9
14.6
15.5
15.4
35.6
32.4
33.8
31.3
527.5
522.3
521.4
528.6
36.2
40.4
48.9
45.2
54.9
56.5
55.3
54.0
-17.4
-14.2
2 -72.9
-75.0
-3.4
-3.6
-2.8
-3.4
Germany
Italy
6.5
Latin
Canada America
Far
East
All
other
1
Inflow less than $50,000.
» See footnote to Table 1.
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.
168
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2,1935,
through—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
other
1935-Dec. 31
1936-Dec. 30
1937—Dec. 29
1938—Dec. 28
125.2
316.2
683.2
610.0
67.8
116.1
136.8
129.1
6.8
18.2
22.8
26.2
7.4
10.4
21.2
27.3
-1.2
13.7
30.4
37.1
13.3
22.5
26.6
33.1
2.9
9.4
13.5
20.5
46.1
87.9
115.2
165.9
143.1
278.3
366.4
439.1
-39.7
1.7
10.5
-38.9
12.7
15.7
175.0
166.3
7.9
17.0
24.5
33.8
1.1
3.5
6.8
9.7
1939—Jan. 25
Feb. 22
Mar. 29
Apr. 26
May 31
June 28
July 26
Aug.30
Sept. 27
644.7
637.5
646.7
657.5
647.6
664.5
678.0
657.8
676.9
126.2
126.7
127.6
128.7
128.1
128.2
126.4
127.4
124.9
26.0
26.3
26.3
27.5
27.9
28.2
28.3
28.3
33.8
27.6
27.9
28.7
29.3
29.6
29.4
29.5
29.7
29.7
37.1
38.5
38.4
40.1
41.3
41.7
42.3
43.2
43.4
33.8
34.4
34.9
35.2
35.4
35.8
35.9
36.4
36.4
22.5
22.6
23.1
23.2
23.6
23.8
24.3
24.4
24.8
169.0
172.0
174.9
178.2
179.8
180.4
179.9
181.8
183.1
442.2
448.4
453.8
462.0
465.7
467.4
466.5
471.2
476.0
-9.8
-25.2
-25.8
-24.3
-40.3
-26.5
-13.7
-41.5
-29.5
168.3
169.3
172.6
173.5
175.2
176.0
177.2
178.8
180.4
34.3
35.3
36.2
35.9
36.6
37.1
38.1
38.8
39.3
9.7
9.7
9.9
10.3
10.4
10.4
10.0
10.5
10.7
684.6
685.2
686.7
687.3
124.8
124.6
124.9
124. 8
40.7
40.6
41.0
41.1
29.5
29.5
29.4
29.4
43.3
43.2
43.2
43.3
36.4
36.4
36.4
36.4
24.8
24.9
24.9
24.9
183.9
184.2
184.4
185.0
483.3
483.4
484.1
485.0
-29.5
-29.5
-29.2
-29.7
180.6
180.9
181.1
181.1
39.4
39.6
39.6
39.8
10.8
10.8
11.0
11.1
Oct.
Oct.
Oct.
Oct.
4
11
18
25
TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28.
316.7
917.4
1,162.0
1,210.9
149.8
367.7
448.7
472.6
23.4
64.7
70.3
76.5
50.5
157.6
213.8
212.9
55.1
200.2
275.3
301.7
—5.4
-7.5
-17.4
-22.7
-3.3
-4.9
-5.4
—.1
12 9
38.5
55.7
56.6
286.2
818.0
1,041.6
1,092.3
32.6
37.6
27.8
15.5
18.2
23.4
3.7
21.4
44.1
54.7
56.4
7.1
9.8
11.0
1939—Jan. 25
Feb. 22
Mar. 29
Apr. 26
May 31
June 28
July 26
Aug. 30
Sept. 27
1,188. 4
1,190. 6
1,180. 6
1, 202. 9
1.209. 2
L, 199. 3
L, 180.0
L, 165. 7
L, 164.4
459.5
456.1
448.3
452.6
448.9
442.0
434.2
433.5
408.4
73.8
72.6
72.3
73.9
75.6
74.4
72.6
72.2
73.7
210.8
212.6
217.7
224.1
228.9
231.0
229.0
220.6
228.2
302.2
301.5
301.7
310.0
313.9
315.0
312.0
313.4
320.9
-22.9
-23.1
-23.4
—24.2
-24.6
—25.2
-26.3
-27.1
-27.4
-5.5
-5.5
-5.5
—5.5
-5.6
—5 5
-5.5
-5.7
-5.5
54.9
56.0
56.5
56 7
57.2
56 9
56.0
56.7
58.3
1,072. 8
1,070. 2
1,067. 6
1,087 6
1,094. 4
1 088 4
1,072. 0
1,063. 6
1,056. 7
22.7
23.8
18.8
16.7
16.6
13 9
16.5
13.0
8.9
23.5
23.4
24.6
25.6
25.8
25.7
25.3
24.7
26.1
58.3
61.9
57.9
60.4
59.0
57.6
52.6
50.6
58.5
11.1
11.4
11.7
12.5
13.5
13.7
13.4
13.7
14.1
L, 150.2
396.9
389.3
382.6
369.8
73.4
72.9
72.6
72.9
227.1
228.1
226.9
227.0
321.4
322.4
329.1
329.1
-27.5
-27.6
-27.6
-27.6
-5.4
-5.5
-5.4
-5.4
58.5
59.0
58.5
59.4
1,044.4
1,038. 5
1,036. 8
1,025.1
7.8
7.2
6.1
5.3
26.2
26.2
26.5
27.0
57.8
58.4
58.3
59.2
14.0
14.0
14.0
13.9
From Jan. 2,1935,
through—
Oct. 4
Oct. 11
Oct. 18
Oct. 25
L, 1 4 4 . 4
L, 141. 7
L, 130. 6
Total
Latin
Europe Canada America
2.8
Far
East
All
other
2.6
TABLE 7.—BROKERAGE BALANCES,* BY COUNTRIES
From Jan. 2,1935,
through—
1935—Dec. 31
1936-Dec. 30
Total
6.0
United
Kingdom
(*)
France
2.4
1938—Dec. 28
12.9
47.5
47.8
1939—Jan. 25
Feb. 22
Mar. 29
Apr. 26
May 31
June 28.
July 26
Aug. 30
Sept. 27
57.2
59.8
63.9
73.0
72.7
74.0
82.3
85.0
83.1
15.7
14.5
16.3
17.4
18.0
18.1
20.0
17.8
24.2
15.2
16.6
16.0
16.3
16.3
16.8
17.5
19.1
18.4
80.9
74.6
80.5
78.5
21.9
21.4
21.9
20.7
18.3
17.5
18.8
19.0
1937—Dec. 29
Oct.
Oct.
Oct.
Oct.
4
11
18
25
11.5
13.2
10.4
11.5
12.6
4.0
Netherlands
Switzerland
1.3
-.9
5.0
6.8
2.5
9.1
10.8
8.8
7.8
8.3
8.8
10.7
10.5
10.3
8.6
9.4
10.5
10.8
11.9
12.7
15.0
15.3
9.7
8.2
9.4
9.0
15.9
13.4
15.7
16.1
9.5
9.6
12.2
9.6
Germany
— 2
—m 7
J
()
-.2
- 2
-.2
-.2
-.1
-.2
-.3
-.2
o
-.1
•<
i
I
-!i
Italy
Other
Europe
Total
Europe
.1
.3
.1
.2
1.4
.4
5.0
5.3
22.6
44.0
46.7
.2
.3
.2
.3
.2
.1
.2
.2
.2
6 3
6.4
6.6
7.5
7.3
7.0
7.6
7.4
7.0
55.9
56.4
57.4
62.2
61.9
63.2
70.0
68.0
74.3
.2
.2
.2
.2
6.7
5.4
6.1
6.0
72.6
65.8
71.9
70.9
7.6
Latin
Canada America
-4.5
-7.6
3.5
2.6
1.0
-4.2
— ,5
Far
East
2.9
2.1
.5
-.9
-1.0
2.1
2.7
5.6
9.1
8.7
9.3
8.9
-.7
11.9
9.7
1.9
2-1
-.6
.5
.6
.6
1.0
.4
1.9
3.0
8.6
8.8
9.1
9.2
1.8
2.1
1.7
2.0
-.4
.1
.7
.8
.8
1.1 '
-3.6
-3.3
-3.6
-3.8
-5.2
All
other
-.9
(•)
(*)
•2
.6
.6
.3
.4
.4
.3
.5
.3
.7
1.2
1.4
1.6
1.5
i For explanation see BULLETIN for May 1937, pp. 395-396.
* Inflow less than $50,000.
•Outflow less than $50,000
FEBRUARY 1940
169
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[Outstanding amounts in millions of dollars]
TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES
Date
Total
United
Kingdom
France
301.6
214.6
104.9
169.7
48.9
69.1
923.7
799.4
649.2
71.1
27.0
32.7
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
other
Reported by Banks in New York CUf
1929—Dec. 31.__
1930—Dec. 3 1 . . .
1931-Dec. 30_._
1932—Dec. 28__.
1933—Dec. 27___.
1934—Nov. 281-
2,672.7
2, 335.0
1,303.6
745.6
392.0
466.7
99.1
122.2
44.6
11.9
8.0
12.7
105.2
222.2
66.0
78.0
11.6
9.7
204.5
161.0
41.1
32.9
17.5
26.8
167.4
111.2
33.2
39.8
11.7
14.3
371.3
281.3
122.2
66.2
31.1
41.7
2,162.8 I
1,911.7
961.2
469.6
155.7
196.0 I
241.8
216.8
148.3
98.2
86.1
91.9
188.2
130.8
103.3
121.7
96.7
106.6
49.0
38.2
69.0
43.5
42.7
60.3
31.0
37.5
21.6
12.6
10.9
11.9
Reported by Bank* in United State$
1934—Dec. 6 »___.
1936—Jan. 2......
Dec. 31___.
1936-Dec. 30....
1937—Dec. 29___.
684.8
597.0
1,200. 2
1,491.6
1, 729. 6
79.6
76.9
205.5
235.7
261.5
36.1
33.9
163.5
176.3
143.9
13.5
12.9
68.6
78.8
89.1
12.1
13.7
86.1
123.5
302.1
28.4
29.9
29.0
32.0
39.0
16.8
18.8
26.1
41.7
25.7
40.6
46.8
107.5
126.3
156.0
227.1
232.9
686.3
814.3
1,017.1
103.3
99.3
145.3
186.1
175.6
117.4
122.8
156.3
263.9
280.9
125.1
130.1
188.9
200.2
236.0
12.0
12.0
23.4
27.1
20.0
1938—Oct. 26___.
Nov. 30—
Dec. 28_._.
1,870.1
1,963.3
2,003. 9
367.4
379.5
438.8
190.3
198.3
190.9
80.5
94.9
98.4
219.6
215.5
217.4
18.0
18.9
19.9
22.7
20.9
22.6
238.7
234.5
249.9
1,137. 3
1,162. 4
1,237. 8
226.5
283.3
235. 2
259.9
255.6
254.9
212.7
226.3
243.7
33.7
35.7
32.4
1939—Jan. 25....
Feb. 22__.
Mar. 29...
Apr. 26__.
May 31...
June 28. _.
July 26...
Aug. 30...
Sept. 27_.
1,992. 6
2,089. 0
2, 264. 2
2, 505. 6
2,612. 7
2, 619. 5
2,637.4
2,905. 4
2,983.6
419.2
445.2
473.9
548.9
578.0
607.4
567.5
594.5
656.7
199.9
216.5
219.5
269.0
275.3
284.4
284.2
315.9
295.9
103.4
119.4
143.9
154.9
137.1
146.0
153.8
158.7
186.0
226.8
238.4
247.1
244.2
238.4
240.8
248.8
283.6
299.9
16.8
16.7
18.7
13.9
15.7
15.1
13.8
11.1
7.8
18.4
13.0
14.8
13.1
14.3
12.2
12.8
11.4
17.1
269.1
257.7
314.7
365.3
370.5
366.9
379. 6
431.0
446.4
1, 253. 6
1,306. 8
1,432. 7
1, 609. 3
1, 629. 3
1, 672. 7
1, 660. 4
1,806. 2
1,909. 7
205.3
223.2
236.6
267.0
309.4
291. 7
293.6
356.2
325.3
250.0
264.6
300.7
330.6
371.7
363.0
375.5
389.8
383.0
247.2
258.5
250.9
251.4
253.8
242.5
253.6
283.7
299.5
36.4
35.9
43.3
47.3
48.6
49.7
54.4
69.4
66.2
Oct. 4 . . .
Oct. 1 1 . .
Oct. 18. _
Oct. 2 5 . .
2,957. 7
2,941.8
3
2, 986. 8
3,010.9
636.5
644.5
648.4
630.6
291.4
276.9
261.3
259.9
186.0
177.5
181.8
186.0
294.8
296.3
296.7
307.4
9.5
8.1
9.4
9.6
19.0
20.0
31.0
31.6
445.4
455.0
449.9
475.6
1,882. 7
1,878. 5
1,878. 5
1,900.7
326.1
322.2
311.4
309.2
382.8
383.3
379.0
379.0
298.4
290.5
348.2
352.4
67.7
67.3
TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES
Date
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
Canada America
Far
East
All
other
Reported by Banks in New York City
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934— Nov. 28»___
1,103.3 I
937.9
898.8
827.1 I
166.2
87.3
192.5
201.3
29.5
62.9
94.1
20.9
13.0
18.4
15.9
1934—Dec. 5 *.__.
1936—Jan. 2
Dee. 31___
1936—Deo 30
1937—Dec. 29...
1938—Oct. 2 6 . . .
Nov. 30 . .
Dec. 28. __
1,137.8
1,139.9
778.6
672.6
655.0
266.4
296.9
88.1
114.1
84.8
103.2
80.5
32.5
16.8
13.5
19.2
18.6
19.0
21.9
23.0
8.3
8.2
66
5.4
5.5
239.6
231.7
202.0
165.1
126.1
26.5
27.2
13.5
10.9
20.8
607.8
631.4
626.0
100.0
90.9
87.7
13.9
12.9
13.3
20.5
26.6
25.5
3.9
5.5
5.4
96.7
93.8
90.9
1939—Jan/25 _.
Feb. 22...
Mar. 29..
Apr. 26. _.
May 31...
June 28. _.
July 26...
Aug. 30...
Sept. 27..
603.2
569.1
553.6
492.3
504.3
494. 6
495.1
481.4
482.3
98.5
82.0
83.0
64.2
55.4
55.4
55.2
66.9
66.0
8.7
23.8
22.4
20.1
17.9
18.7
19.7
21.7
10.3
9.6
4.5
4.2
3.6
3.6
3.4
4.5
3.2
2.5
2.9
Oct. 4 . . .
Oct. 1 1 . .
Oct. 18. _
Oct. 2 5 . .
506.2
502.7
3 554.1
554.8
62.3
68.6
71.1
64.5
9.3
9.5
9.6
9.3
3.6
4.0
4.2
3.9
12.6
6.2
12.3
8.5
149.2 I
97.0
83.2
60.2 I
864.3 I
713.1
651.0
669.5
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
3.6
6.2
2.6
81.3
80.0
71.2
57.8
52.9
749.5
743.2
433.0
392.1
326.5
91.2
96.3
100.9
59.4
118.0
170.7
174.6
154.5
141.1
114.4
118.1
117.4
80.1
67.2
78.9
8.3
8.5
10.1
12.9
17.2
15.7
15.1
13.3
47.4
47.8
46.7
•298.1
292.6
282.8
85.8
78.0
65.7
92.9
97.8
99.2
117.4
147.7
162.6
13.7
15.3
15.7
88.6
84.0
81.4
79.4
79.2
77.4
74.7
73.0
67.1
14.4
13.3
16.4.
13.5
11.9
12.6
12.2
43.9
48.0
48.8
44.7
41.1
39.9
39.1
44.7
41.6
282.4
266.3
267.1
235.0
220.4
217.0
210.3
218.6
208.1
52.4
49.0
46.3
48.0
49.4
54.0
52.7
44.0
49.7
95.7
98.3
99.5
94.9
111.1
110.3
111.8
104.1
108.5
157.9
140.4
125.7
103.6
110.6
100.5
108.7
103.3
104.0
14.8
15.0
14.9
10.9
12.8
12.8
11.6
11.5
12.1
66.3
62.7
62.5
60.7
13.3
12.6
11.7
11.8
44.1
47.4
46.0
48.5
208.2
213.5
214.3
207.2
60.1
55.9
47.3
51.1
111.0
109.5
110.6
112.0
115.0
111.8
170.5
172.6
11.9
12.1
11.3
11.9
467.2
434.9
260.9
178.8
18.7
11.8
16.7
10.7
Reported by Banks in United States
1
2
3
12.4
13.8
11.7
10.7
10.7
7.3
8.7
8.7
9.2
8.7
9.3
8.6
9.5
9.3
3
Last report date on old basis.
First report date on new basis.
See footnote to Table 1.
170
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of
issue dept.
Gold
Other
Assets of banking department
Cash reserves
Coin
Notes
Liabilities of banking department
Discounts
and advances
Securities
1929—Dec. 2 5 . .
1930—Dec. 31. _
1931—Dec. 30..
1932—Dec. 28._
1933—Dec. 27..
1934—Dec. 2 6 . .
1935—Dec. 2 5 . .
1936—Dec. 30..
1937—Dec. 2 9 . .
1938—Dec. 28..
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
.2
.6
.6
.8
1.0
.5
.6
.6
.8
.8
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
22.3
49.0
27.3
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
1939—Jan. 25...
Feb. 22..
Mar. 29..
April 26..
May 31..
June 28..
July 26__.
Aug. 30..
Sept. 27..
Oct. 25__.
Nov. 29..
Dec. 27..
2126.4
126.4
3 226.2
226.2
226.2
226.4
4 246.4
263.0
6.1
400.0
400.0
300.0
300.0
300.0
300.0
300.0
300.0
580.0
580.0
580.0
580.0
.7
1.0
1.1
.9
.6
.7
.6
.7
.7
.9
1.1
1.0
62.6
53.7
44.2
37.1
26.4
27.4
35.5
33.5
38.3
53.0
51.6
25.6
18.8
17.5
4.8
6.2
8.0
6.8
8.0
6.4
2.5
4.6
4.5
4.3
.2
.2
.2
Note
circulation
Deposits
Bankers'
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
22.2
90.7
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
103.9
100.6
124.8
129.5
140.7
136.7
128.0
137.8
144.2
127.7
132.1
176.1
463.8
472.7
482.0
489.1
499.8
499.0
510.9
529.5
541.8
527.1
528.7
554.6
118.2
103.1
98.5
91.4
82.4
101.4
91.4
90.1
107.1
116.8
103.5
117.3
Assets
Domestic bills
Bank of France
(Figures in millions of francs) Gold
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..
1939—Jan. 26..
Feb. 23..
Mar. 30.
April 27.
May 25..
June 29..
July 27..
Aug. 31.
Sept. 28.
Oct. 26..
Nov. 30_
Dec. 28..
6
Foreign
Open
exchange market 7
Special"
Other
Other
liabilities
12.1
12.1
11.4
15.9
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
12.9
16.3
21.8
27.0
38.3
15.4
26.0
31.1
19.8
12.6
27.8
29.7
36.7
35.1
36.3
37.6
37.1
37.0
36.7
39.0
40.5
39.2
40.2
42.0
18.1
18.2
18.2
17.7
17.8
17.9
18.1
18.2
18.3
77.7
17.8
17.9
8.8
6.6
7.7
8.9
9.9
Liabilities
Loans o n Advances
to
ShortGovterm
Other
ern- 9 Govern- securiment ment seties
curities
41,668 25,942
53,578 26,179
21, 111
83,017 4,484
77,098 1,158
82,124
963
66,296 1,328
60,359 1,460
911
821
87, 265
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
1,379
652
1,797
8,624
8,429
3,438_
4,739
3,971
9,712
8,465 17,698
10,066 31,909
7,880 20,627
761
759
758
756
754
722
722
218
212
85
120
111
8,004
7,801
8,631
8,609
8,164
8,074
8,316
9,396
9,734
10,038
10, 565
(u)
1,996
2,014
2,054
2,165
2,276
2,279
2,275
1,708
1,958
2,007
1,626
2,345
6,193
5,462
5,733
6,012
4,774
5,009
5,000
15,009
14,830
8,298
5,206
5,149
87,266
87,266
87,266
'092,266
92, 266
92, 266
92, 266
1097,266
97,266
97,266
97, 266
97,266
Other
Public
20,627
20,627
20,627
20,577
20,577
20,577
20,577
20, 577
22,777
25,473
30,473
34,664
573
715
675
443
136
73
172
127
78
374
472
2,412
454
164
Deposits
Other
Note
circulation
Government
2,521
2,901
2,730
2,515
2,921
3,211
3,253
3,583
3,781
3,612
5,603 68,571
6,609 76,436
8,545 85,725
9,196 85,028
8,251 82,613
83,412
7,879 81,150
8,344
7,277 93,837
14,442 110,935
3,317
3,332
3,362
3,401
3,471
3,461
3,805
3,661
3,576
3,581
3,482
14,099
14,308
14,558
14,452
14,264
14,753
14,458
16,016
16,482
17,100
17,769
(u)
109,378
111, 162
119,748
124,666
121,391
122,611
123,239
142,359
144, 562
144,379
149,370
151,322
Other
liabilities
Other
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
5,445
5,079
3,955
3,755
4,573
5,188
5,468
3,304
2,342
2,004
1,953
1,915
24,935
22, 556
16,702
17, 255
17, 570
16,909
16,058
18,038
18,022
14,790
12,392
14,750
2,713
2,830
2,726
2,649
3,020
2,816
2,781
2,708
2,926
3,006
3,346
(u)
11,737
12,624
2,311
2,322
3,718
2,862
p Preliminary.
1 Securities and silver coin held as cover for fiduciary issue, which has been fixed at £580,000,000 since Sept. 6,1939; for information concerning
previous status of fiduciary issue see BULLETINS for December 1939, p. 1140 and April 1939, p. 339.
2 On Jan. 6,1939, £200,000,000 of gold transferred to British Exchange Equalization^ Account.
' Effective Mar. 1, 1939, gold valued at current prices instead of legal parity and about £5,500,000 transferred from Exchange Account to
Bank. See note 1.
* On July 12,1939, £20,000,000 of gold transferred from Exchange Account to Bank of England.
s On Sept. 6,1939, £279,000,000 transferred from Bank of England to Exchange Account.
s
By decree of Nov. 12,1938 (see BULLETIN for January 1939, p. 29), gold revalued on basis of 27.50 milligrams gold 0.900 fine per franc; gold also
revalued in October 1936 and July 1937. For further details see BULLETINS for December 1939, p. 1140 and December 1938, p. 1091.
7
Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17,1938 (see BULLETIN for Aug. 1938, p. 650).
8
Bills and warrants endorsed by National Wheat Board (law of Aug. 15,1936—see BULLETIN for Oct. 1936, pp. 785-786), and bills rediscounted
for account of Banques Populates (law of Aug. 19,1936—see BULLETIN for Oct. 1936, p. 788).
»Includes advances granted under authority of Conventions between Bank or France and Treasury of June 18,1936, June 30,1937, March 22,
1938, and April 14, 1938, as modified by Convention of Nov. 12,1938; and under authority of Convention of Sept. 29,1938, approved by decree of
Sept. 1, 1939 (see BULLETINS for July 1936, p. 536; Aug. 1937, p. 720; June 1938, p. 452; Aug. 1938, p. 650; Jan. 1939, p . 30, and Nov. 1939, p. 976).
" On April 20, and again on Aug. 3,1939, 5,000,000,000 francs of gold transferred from Stabilization Fund to Bank of France.
" Figures not yet available.
NOTE.—For further explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p . 463.
FEBRUARY
1940
171
Central Banks—Continued
Liabilities
Assets
Reichabank
Securities
Reserves of gold and Bills (and
checks),
foreign exchange
including Security
Eligible
loans
as note
Other
Total
Gold* Treasury
bills
cover
reserves
(Figures in millions of
reichsmarks)
1939—Jan. 31 „
Feb 28
Mar. 31
Apr 29
M a y 31
July 31
Aug 31
2,283
2,216
2,687
2,685
1,156
1929—Dec. 31
1930_D e c 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
-.
__.
_
-
-
Sept. 30
Oct 31
Nov 30
Dec. 30
-
920
396
84
88
72
76
984
806
386
79
82
66
71
76
71
76
71
76
77
77
77
77
77
77
77
77
77
78
71
71
71
71
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
259
445
349
221
106
92
102
161
398
322
319
315
303
286
45
557
298
7,160
7,361
8,180
7,726
7,547
8,150
8,461
10,272
10,105
9,358
10,148
11,392
52
592
298
60
58
55
40
48
36
60
24
35
36
30
660
677
668
922
930
925
1,013
1,324
1,440
997
804
288
292
476
285
274
289
296
393
366
365
393
Other
assets
Note
circula- Deposits
tion
1,621
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
1,032
1,012
1,059
1, 527
1,848
1,710
1,489
1,928
2,182
1,658
1,652
1,964
1,963
2,375
2,257
2,498
7,816
7,939
8,311
8,519
8,525
8,731
8,989
10,907
10,995
10,820
10, 974
11, 798
1,119
1,105
1,249
1,122
1,292
1,281
1,294
1,480
1,602
1,520
1,574
2,018
656
638
1,065
1,114
735
827
853
765
861
755
652
755
540
640
984
Other
liabilities
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,091
1,112
1,212
1,289
1,234
1,132
1,157
1,204
1,287
1,312
1,332
1,378
i Not shown separately on Reichsbank statement after June 15, 1939.
NOTE.—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.
1938
1939
Central bank
[Figures as of last report
date of month]
Dec.
Oct.
Dec.
7,567
54,034
6,239
8,789
27, 415
34,324
14,891
7,574
18, 320
5,320
4,401
10, 529
12,155
12, 932
1,224
158
285
195
1,155
524
104
6
16
57
1,224
126
256
193
1,151
487
85
6
15
56
1,224
71
95
224
1,118
321
110
1
18
47
16,030
44, 785
16,030
44,488
16,011
45, 999
3,469
18, 281
18, 659
61,165
95, 675
52,025
1,790
11,042
19,311
60, 540
89,061
51, 525
1,124
25, 665
15,144
52,160
87, 530
53, 030
Nov.
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling
SecuritiesBanking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits .__
Note circulation
Bank of Belgian Congo (millions of
Belgian francs):
Gold
Loans and discounts
Other assets _
Note circulation _ _
...
Deposits
Other liabilities
172
Dec.
Nov.
Oct.
Dec.
3,589
680
818
196
528
5,540
1
147
124
3,603
845
552
126
549
5,370
1
181
124
3,428
National Bank of Belgium (millions
National Bank of Albania (thou-
sands 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
Other assets
Note circulation
Deposits—Member bank
Government
...
Other
Foreign exchange sold forward
Other liabilities
1938
1939
Central bank
[Figures as of last report
date of month]
166
434
466
396
535
135
of belgas):
Gold reserve...
__
Other gold and foreign exchange
Discounts
Loans _ _
Other assets
Note circulation
Demand deposits—Treasury
Other
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 debt
Other assets
Note circulation
Deposits
Other liabilities
Bank of Canada (thousands of Canadian dollars):
Gold
225, 677
Sterling and United States exchange
64, 325
Canadian Gov't securities:
2 years or less
181, 897
Over 2 years
49, 876
Other assets
5,453
Note circulation
232, 779
Deposits-Chartered banks
216,996
Dominion Government 46, 270
Other
17, 852
Other liabilities
13, 330
924
214
41
464
4,398
114
440
119
58, 868
37,390
26, 433
400,848
4,551
43,545
288,090
218,128
65, 418
2,006
2,006
4
1,452
2,171
3,417
1 553
4,374
3,735
2,494
1,279
977
3,441
1,136
2,800
3,707
2,332
225, 675 225, 675 185,912
60, 707
46, 564
28,354
199, 347 193,862 144,621
46, 282 55,039 40,895
5,153
5,530
7,893
222, 301 224,401 175,260
223, 596 234,102 200,646
52,404 39,089 16, 673
3,086
26,137 18,432
9,271
13,105 13,008
FEDERAL RESERVE BULLETIN
Central Banks—Continued
Central bank
[Figures as of last report
date of month]
1939
Dec.
Nov.
1938
Oct.
Central Bank of Chile (millions of
Odd...
Discounts for member banks
Loans to government
Other loans and discounts
Other assets
Note circulation
__.
DepositsBank
Other
_
Other liabilities
_
Bank of the Republic of Colombia
(thousands of pesos):
Gold
_
Foreign exchange..
__.
Loans and discounts
Government loans and securities.
Other assets
_
Note circulation
Deposits
__
Other liabilities
National Bank of Czecho-Slovakia i
(millions of koruny):
Gold
—
Foreign exchange
Discounts. __
__.
Loans
Other assets
_
Note circulation.
Demand deposits
Other liabilities.
National Bank of Denmark (millions of kroner):
Gold.
Foreign exchange
Discounts
Loans—To Government agencies
Other
Securities
Other assets
Note circulation
Deposits
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation._
Demand deposits
Other liabilities
___..__
National Bank of Egypt 5 (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 securitiesOther assets
Note circulation.
_
36, 758
5,628
25, 723
37,053
32,153
60,411
46, 232
30,674
146
77
754
254
41
855
146
76
754
244
60
866
197
61
159
192
65
156
37,438
6,161
21, 661
36,463
32,876
54,061
48,352
32,183
37, 233
4,944
22,040
37, 087
31,986
53, 795
47,641
31,855
1,602
802
970
1,025
5,703
6,418
785
2,899
1,635
766
1,594
1,050
4,978
6,339
1,051
2,632
117
117
8
28
88
210
214
80
488
94
164
128
198
213
105
519
118
161
6,545
1,449
10,435
27, 526
12,934
26,421
5,892
17, 710
13, 208 13,208
2,993 3,429
2,055
1,588
5,028 5,085
1,023
1,083
14,375 14,178
Dec.
Central bank
[Figures as of last report
date of month]
Central Reserve Bank of El Salvador—Cont.
145
Deposits
_
73
Other liabilities
758 Bank of Estonia (thousands of
182
krooni):
37
Gold'..
„
Foreign exchange (net)
795
Loans and discounts
Other assets
198
Note circulation
61
Demand deposits
_.
141
Other liabilities
__
Bank of Finland (millions of mark42, 223 kaa):
Gold
_
4,975
Foreign assets
_
21,169
Loans and discounts
39,067
Domestic securities
26, 767
Other assets
58,300
Note circulation
•40, 537
Deposits—Treasury
'35, 363
Other
Other liabilities
2,694 Bank of Greece (millions of drach1,248
mas):
2,741
Gold and foreign exchange (net)_.
808
Loans and discounts
_
1,661
Government obligations—
_
6,950
Other assets
656
Note circulation
1,547
Deposits
_
Other liabilities
_
National Bank of Hungary (mil118
lions of pengo):
112
22
Foreign exchange reserve.
._
134
Discounts
158
Loans—To Treasury
148
Other
_
107
Other assets
441
Note circulation._
__
170
Demand deposits
188
Certificates of indebtedness
Other liabilities
Reserve Bank of India (millions of
36,444
rupees):
4,340
Issue department:
58,205
Gold at home and abroad
18, 695
Sterling securities
_
69,061
Indian Gov't securities
34,466
Rupee coin
14,159
Note circulation
Banking department:
Notes of issue department...
6,545
Balances abroad
3,209
Treasury bills discounted8,420
Loans to Government
Investments
26, 997
Other assets
__
6,002
Deposits
20,406
Other liabilities
4,836 Bank of Japan (millions of yen):
17,813
Gold. —
_
8,119
Special foreign exchange fund.
Discounts
Loans—Government
13, 207
Other
3,204
Government bonds...
1,284
Other assets
5,469
Note circulation.
876
Deposits— Government
14, 851
Other
Other liabilities
1939
Dec.
1938
Nov.
Oct.
Dec.
6,376
3,556
6,590
3,625
5,580
3,608
40,909
2,753
50,158
40, 908
64,695
31, 325
38, 707
40,907
2,506
50, 613
41, 208
70,176
26,250
38,808
34,298
17, 293
29, 613
36, 575
51, 691
37, 509
28, 578
1,180
2,085
2,059
328
343
3,378
553
2,064
1,128
2,534
1,177
306
180
2,086
244
850
2,146
3,414
12,808
4,207
2,242
9,324
11,345
2,002
3,343
13,018
4,207
2,231
9,883
10,823
2,093
3,564
8,841
4,292
1,692
7,239
9,598
1,553
124
76
593
313
39
346
965
197
94
235
124
83
625
343
35
334
1,032
178
94
240
97
511
268
14
296
863
196
66
185
444
825
373
695
2,201
444
745
373
725
2,103
444
595
323
702
136
151
32
36
68
36
338
122
185
142
20
184
13
83
11
56
22
243
125
501
300
394
3
191
2,215
423
2,736
878
110
302
337
121
501
300
390
3
138
2,044
365
2,687
124
501
300
457
1,841
295
2,755
307
131
r
Revised.
1 Name changed to National Bank of Bohemia and Moravia. Prague, by decree of March 31,1939.
2
Items for issue and banking departments consolidated.
8
Gold revalued in part on March 6,1939 at 0.2802 gram fine gold per kroon.
4
In accordance with law X X V of 1938 gold revalued on January 15, 1939, at 0.1754 gram fine gold per pengo and resulting increment included
in other assets.
FEBRUARY 1940
173
Central Banks—Continued
Central bank
[Figures as of last report
date of month]
1939
Dec.
Bank of Java (millions of guilders):
Gold
Foreien bills
Loans and discounts
Other assets
Note circulation.. __
Deposits
Other liabilities
Bank of Latvia (millions of lats):
Foreign exchange reserve
Loans and discounts
Other assets
Note circulation
Deposits
Other liabilities
Bank of Lithuania (millions of litu):
Gold
Foreign exchange
Loans and discounts
Other assets
Note circulation
Deposits
Other liabilities
Netherlands Bank (millions of guilders):
1,014
Gold
11
Silver (including subsidiary coin)
2
Foreign bills
Discounts
77
Loans..
_
_
_
243
85
Other assets
1,152
Note circulation
Dftposits—Gnvflrnrn^nt
229
Other
49
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
Discounts
Advances to State or State undertakings
Investments
_
_ _
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway (millions of
kroner):
Gold
Foreign assets
Total domestic credits and
securities
Discounts
Loans
Securities.
Other assets
Note circulation
Demand deposits—GovernmentOther
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Other liabilities
Bank of Portugal (millions of
escudos):
Gold
Other reserves (net)
Non-reserve exchange
Loans and discounts
Government debt
_
Other assets
Nov.
1938
Oct.
129
19
73
93
129
13
70
95
27
26
QO
QO
13
198
51
110
194
56
21
197
47
118
191
55
195
92
57
197
84
58
2
152
51
163
66
34
4
146
41
160
55
34
1,029
11
2
76
1,108
12
2
43
238
88
240
86
1,143
1,126
250
316
2,802
6,625
2,802
5,743
22, 257
3,238
23, 237
3,620
49
288
49
347
17,435
15, 604
2,170
17, 372
16, 273
2,104
227
92
227
79
403
395
198
71
126
34
534
19
87
96
0)
(i)
0)
528
31
90
(i)
920
444
203
428
1,036
1,266
Dec.
1939
Central bank
[Figures as of last report
date of month]
Dec.
Bank of Portugal—Cont.
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania (mil188
lions of lei):
83
Gold
26
Special exchange accounts
Loans
and discounts
__
QQ
Nov.
117
11
66
103
42
Government debt
162
Other assets
_ _. _
60
Note circulation
83
Demand deposits _ _ _
213
Other liabilities
50 South African Reserve Bank (thousands of pounds):
65
Gold
5
Foreign bills
121
Other bills and loans _
34
Other assets
142
Note circulation
62
Deposits
21
Other liabilities
Bank of Sweden (millions of
kronor):
1,461
Gold
27
Foreign assets - __ .
4
Discounts
9
Loans
309
Domestic securities
68
Other assets
992
Note circulation
._ _ _
Dftmftnd deposits
137
Other
liabilities
702
47 Swiss National Bank (millions of
francs):
Gold
2,802
Foreign exchange
_
Discounts
4,678
Loans
500
Other assets
16,457
Note circulation
3,605
Other sight liabilities
_
440
Other liabilities
16, 641 Central Bank of the Republic of
10,114
Turkey (thousands of pounds):
1,726
Gold
.
Foreign exchange—Free
In clearing accounts
206
Loans and discounts
Securities
217
Other assets
228
Note circulation
84
Deposits
34
Other liabilities
111 Bank of the Republic of Uruguay
57
(thousands of pesos):
477
Issue department:
38
Gold and silver .
92
Note circulation
99
Banking department:
Gold
Notes and coin
48,832
Loans and discounts
24, 379
Other assets
85,076
Deposits
.
4,935
Other liabilities
107, 708 National Bank of the Kingdom of
39, 896
Yugoslavia (millions of dinars):
15, 618
Gold
Foreign exchange
Loans and discounts...
919
Government debt
518
Other assets.
,
158
Note circulation
494
Other sight liabilities
1,038
Other liabilities
1,315
1938
Oct.
Dec.
2,350
2,279
1,071
1,093
925
1,023
20,671 "20, 581 18,190
4,969
4,417
4,611
22,197 23, 255 13,088
1 301 1 332 1 776
10, 205 10, 200 10, 282
13,979 13, 743 11,338
47,891 48,382 34,902
10,407 10,162 13, 728
15,025 14, 984 10,656
30,846
7,125
51
21,035
17,837
37, 506
3,714
29,471
7,125
64
19, 752
19, 302
33, 609
3,501
26, 725
8,096
1,716
15, 524
19,101
29,140
3,821
733
406
65
150
732
452
14
111
707
834
13
37
217
539
207
511
106
466
1,232
632
246
1,248
573
207
1,061
933
169
2,310
342
95
61
683
2,012
828
2,395
291
95
54
686
2,036
835
2,890
280
159
22
711
1,751
1,663
650
649
647
36,836
50
4,463
221,969
197,062
39,395
296,441
75,978
127, 357
36,836
18
2,831
218,159
196,632
34,360
294,441
71,827
122, 568
36,872
29
7,163
105,461
191,899
23, 785
204, 744
46,727
113, 738
(3)
(3)
2,712
42, 617
104,232
70, 301
83, 232
136, 629
1,988
589
2,560
3,028
3,963
9,163
1,930
1,034
1,987
616
2,573
2,835
3,944
9,244
1,546
1,164
1,910
644
1,771
2,228
3,179
6,921
2,093
717
i Figures not yet available.
' Agricultural and urban loans in process of liquidation.
« Figures not available.
174
FEDERAL RESERVE BULLETIN
BANK FOR INTERNATIONAL SETTLEMENTS
[In thousands of Swiss gold francsl]
1939
1938
1939
Assets
1938
Liabilities
Dec. 31
Nov. 30
22, 608
22,100
50,415
11, 788
28, 678
12, 356
Rediscountable bills and acceptances
(at cost)
Time funds at interest
Sundry bills and investments
.
Other assets
160,348
9,960
218, 910
159, 689
20,653
210,582
5,674
5,531
Total assets
479, 702
Gold in bars
Cash on hand and on current account
with banks
Sight funds at interest
459, 587
Dec. 31
Dec. 31
Nov. 30
10, 298
10, 266
9,462
46, 471
3,142
27, 675
2,777
132,434
7,130
229, 644
229,644
255,012
42,119 Demand deposits (gold)
17,845 Short-term deposits (various curren16, 571 cies) :
Central banks for own account
Other .
221,087
35, 592 Long-term deposits: Special accounts...
261, 779
Other liabilities
913
Total liabilities
595,907
Dec. 31
190,147
189,225
191, 869
479,702
459, 587
595, 907
i See BULLETIN for December 1936, p. 1025.
MONEY RATES IN FOREIGN COUNTRIES
[Per cent per annum]
United Kingdom (London)
Month
Treasury
Bankers'
acceptances bills, 3
3 months
months
Bankers'
Day-to-day allowance
money
on deposits
1929—December.
1930—December.
1931—December.
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.
1937—December.
1938—December.
4.76
2.30
5.85
1.02
1.06
.57
.71
.83
.75
4.75
2.34
5.60
1.04
1.15
.47
.68
.84
.75
.93
4.23
1.60
4.27
.81
.77
.70
.75
.78
.75
1939—June
July
August
September
October. __
November.
December.
.75
.79
1.58
3.51
1.88
1.96
1.23
.76
.77
1.92
3.23
1.77
1.18
1.24
.77
.75
1.35
2.72
1.71
1.00
1.03
Netherlands (Amsterdam)
Germany (Berlin)
V2
H
V2-2
1-2
Switzerland
Belgium
(Brussels)
France
(Paris)
Italy
(Milan)
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
Private
discount
rate
Money for Day-to-day
1 month
money
Private
discount
rate
Money for
1 month
6.98
4.82
7.33
3.87
3.87
3.50
3.00
3.00
2.88
2.88
8.78
7.24
7.40
5.08
5.50
3.56
3.23
2.88
2.84
2.88
8.14
5.54
8.45
4.91
4.97
4.28
3.15
3.05
2.96
2.86
3.52
1.39
1.57
.37
.52
.60
3.20
.76
.13
.13
3.87
1.86
1.59
1.00
1.00
1.00
3.08
1.48
.50
.50
2.79
2.75
2.75
2.75
2.75
2.75
2.50
2.50
2.50
2.71
2.65
2.50
2.51
2.23
2.19
.49
.51
1.03
2.94
1.90
1.75
2.25
.75
.75
1.53
3.66
2.24
2.41
2.75
Sweden
(Stockholm)
Hungary
Japan (Tokyo)
Month
1929—November.
1930—November.
1931—November.
1932—November.
1933—November.
1934—November.
1935—November.
1936—November.
1937—November.
1938—November.
3.32
1.16
1.77
1.50
1.50
1.50
2.44
1.46
1.00
1.00
4.57
2.05
2.44
3.00
2.12
2.35
1.88
1.00
1.78
2.01
3.50
2.00
1.90
1.00
1.85
1.44
3.89
1.96
3.26
2.90
7.00
5.43
7.50
5.00
3.50
3.19
5.00
4.50
5.00
5.00
1939—May
__
June.
July
August
September.
October...
November.
1.00
1.00
1.00
1.00
1.25
1.25
1.25
3.99
2.79
2.30
2.24
3.22
3.19
1.94
1.88
1.88
1.95
2.70
2.34
2.12
5.00
5.00
5.00
Prime
commerciil paper
up
Day-to-day Loans
to 3
money
months
5-6
mA
6-7)4
A-&A
3-5
4-7
4-6
4-6
2^-5
2M-5
2^5
Call
Discounted money
bills
overnight
5.48
5.48-5.66
5.48-6. 57
5. 66-5. 84
5.11-5.48
5.11
5.11
4.75
4.75
4.56
4.47
4.47
3.47
3.65
5.66
2.92
2.56
2.56
2.78
2.86
2.63
2.50
2.37
2.39
i Beginning September 1939 figures are those published in the Wochenbericht des Instituts fiir Konjunkturforschung.
NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; May
1930, p. 318; and September 1938, p . 757.
FEBRUARY
1940
175
DISCOUNT RATES OF CENTRAL BANKS
f Per cent per annum 1
Central bank of—
Date effective
In effect June 30,
1936
„
United
GerKing- France many
dom
2
4
4
Belgium
Neth- Switzerer Japan
lands land
3.29
2
July 7
July 10
Sept. 9
8ept 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
Ian. 4, 1939
Apr 17
May 11
July 6
Aug. 24_
Aug 29
Sept. 28
Oct. 26
Jan 25 1940
In effect Jan. 27,
1940...
3
2
5
3
r
VA
2
4
6
5
4
3
4
2H
3
Rate
Jan.
27
Central
bank of—
Albania
Argentina. .
Belgium
Bolivia
British India
Bulgaria.. ._
Canada
Chile
Colombia...
Czechoslovakia. _
Denmark
Ecuador
El Salvador
Estonia
Finland
France
Germany. _.
Greece
Hungary...
Italy
Central
bank of—
Rate
Jan.
27
Japan
__
Java
Latvia
LithuaniaMexico
_
Netherlands
New Zealand
Norway
Peru
Portugal
Rumania
South Africa
Spain..
Sweden
Switzerland
Turkey
United Kingdom
U. S. S. R._Yugoslavia-
3.29
3
Date
effective
6
April 1, 1937
Mar. 1, 1936
Jan. 25, 1940
July 5, 1932
Nov. 28, 1935
Aug. 15, 1935
Mar. 11, 1935
Dec. 16, 1936
s-ly2 July
18, 1933
2
6
3
6
Jan. 1, 1936
Oct. 10, 1939
Nov. 30, 1932
Mar. 30, 1939
3
Oct. 1, 1935
43^ Dec. 3, 1934
4
Jan. 4, 1939
2
Sept. 22, 1932
4
Jan. 4,1937
6
Aug. 29, 1935
4
May 18, 1936
3
3
3
Date
effective
Apr. 7, 1936
J a n . 14, 1937
Jan. 1, 1939
July 15, 1939
Mar. 1, 1937
Aug. 29, 1939
Nov.
Sept.
May
Aug.May
May
4 2 iMar.
Dec.
3
Nov.
VA July
2
4
5
19, 1938
22, 1939
20, 1932
11, 1937
5, 1938
15, 1933
29, 1939
15, 1939
26, 1936
1, 1938
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
3
2H
2K
2
4
3
4
3
3
2
2
2
2
4
2
3
IX
3.2P
» Not officially confirmed.
Changes since Dec. 28: Belgium—Jran. 25, down from 2XA to 2 per cent.
COMMERCIAL BANKS
[Figures as of end of month, except those for United Kingdom, which are averages of weekly figures]
Liabilities
Assets
United Kingdom
Money at
call and Bills disCash
(Figures in millions of pounds sterling) reserves
short
counted
notice
Securi-
Loans to
customers
Other
assets
Deposits
Total
Demandi
Time *
Other
liabilities
10 London clearing banks
1930— December..
1931—December..
1932-December..
1933—December..
1934 December
1935- December .
1936—December..
1937—December..
1938—December..
184
207
213
216
221
236
236
235
144
119
127
119
151
159
187
155
150
322
246
408
311
255
322
316
295
244
285
297
472
56f
594
606
630
605
606
933
905
778
740
759
784
864
954
940
240
222
208
237
247
231
238
242
250
1,876
1,737
1,983
1,941
1,971
2,091
2,238
2,250
2,172
1,015
1,044
1,140
847
846
963
900
910
924
254
237
216
244
251
231
232
237
254
992
868
991
11 London clearing banks 2
1936— December.
1937—December.
244
244
195
163
322
300
660
635
890
984
249
256
2,315
2,330
1,288
1,284
1,012
1,026
245
252
1938—OctoberNovember.
December.
234
233
243
149
149
160
268
272
250
645
642
635
973
966
971
256
255
263
2,256
2,249
2,254
1,247
1,244
1,256
1,009
1,004
270
269
1939—January...
February..
March
April
May
June
July
August
September
October . .
November.
248
243
232
229
236
235
235
233
268
256
245
143
138
141
145
144
150
155
152
146
159
142
256
212
190
184
201
249
278
279
236
289
353
625
617
611
611
605
600
597
599
603
605
611
972
982
992
997
992
993
986
985
252
253
249
256
258
257
251
269
276
271
242
2,230
2,176
2,152
2,155
2,167
2,219
2,240
2,245
2,278
2,327
2,345
1,260
1,213
1,186
1,185
1,194
1,232
1,241
1,239
1,272
1,299
970
964
966
970
973
987
999
267
268
264
267
268
263
263
275
266
272
248
1,016
1,020
1,000
997
1,007
1,006
1,028
1 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not available beginning 1936.
2 District Bank included beginning in 1936.
3
Beginning in September figures combined from reports by banks for one or another of several days near end of month; averages of weekly
figures discontinued.
NOTE.—For
a c k figures and explanation of tables see BULLETIN for October 1933, pp. 639-640.
176
FEDERAL RESERVE BULLETIN
Commercial Banks—Continued
[Figures as of end of month]
Assets
France
Due from Bills disbanks
counted
(4 large banks. Figures in millions of
francs)
Cash
1930—December..
1931—December..
1932—December..
1933—December..
1934—December..
1935—December..
1936—December..
1937—December—
1938—December..
2,419
11,311
9,007
5,870
5,836
3,739
3,100
3,403
3,756
4,675
2,168
1,766
1,416
1,421
2,484
2,975
4,116
4,060
1939—January....
February....
March
April
May
,
June
July.
August
September. _
3,329
3,433
3,604
3,522
5,148
3,538
3,464
6,357
5,062
3,824
3,519
3,745
3,769
3,857
3,580
3,718
3,862
1930—November..
1931—November..
1932—November..
1933—November..
1934—November..
1935—November..
1936—November..
1937—November..
1938—August
September..
October _...
November..
1939—January
February...
March
April.
May
June__
Other
Loans
Total
Demand
191
173
143
131
115
139
137
148
199
270
179
195
184
175
219
189
237
214
Due
from
banks
1,483
817
583
471
393
316
269
299
255
295
261
270
285
307
308
271
292
306
26,859
27,955
29,748
33,042
4,367
4,503
4,331
4,362
4,301
4,399
4,289
4,517
4,484
32,863
33,619
34,127
35,700
37, 444
35, 547
35,991
32, 668
34,048
581
624
667
667
676
684
659
626
594
643
538
541
558
519
486
430
455
427
3,745
3,677
3,697
3,775
3,849
3,951
4,063
4,138
4,190
2,361
2,130
1,749
1,827
L717
1,900
1,957
2,134
1,940
36,681
38,245
37,759
32,635
30,943
27,553
28,484
30,348
33,578
35,284
37,023
36,491
31,773
22,100
23,024
23,945
25,667
25,102
7,079
6,927
6,654
6,414
7,061
6,538
6,850
7,353
7,710
1,339
1,250
1,310
1,353
1,409
1,472
1,532
1,674
1,735
33,444
34,243
34, 793
36,368
38,120
36,231
36,650
33,293
34, 642
Liabilities
Bills dis- Loans
counted
7,416
5,377
4,570
3,731
3,331
2,884
2,729
2,628
2,731
2,817
2,743
2,685
2,708
2,798
2,833
2,761
2,772
2,453
1,431
1,631
1,702
2,037
2,162
2,567
3,205
3,589
3,384
3,620
3,643
3,934
3,888
3,904
4,364
4,537
4,108
Securities
482
807
874
1,027
1,112
1,020
1,098
1,097
1,183
1,406
1,178
1,145
1,112
1,082
1,073
1,080
Deposits
Other
Total
1,127
991
1,003
983
983
851
812
844
876
895
902
901
891
852
829
9,091
6,062
6,161
5,754
5,816
5,376
5,751
6,264
6,933
6,915
7,031
7,234
7,334
7,377
7,458
7,745
7,981
7,793
Demand
3,857
3,252
2,958
2,624
2,731
2,435
2,661
2,912
3,219
3,311
3,373
3,531
3,619
3,576
3,870
3,793
(10 chartered banks. Figures in millions of Canadian dollars)
Entirely in Canada
Cash
Time
5,233
2,810
3,203
3,130
3,085
2,941
3,090
3,352
3,714
3,658
3,703
3,716
3,801
3,765
3,875
3,985
3,999
Credits Other
obtained liabilifrom
ties
banks
1,986
1,328
1,146
661
485
686
579
513
416
424
422
420
414
410
401
390
1,828
2,341
1,550
1,481
1,432
1,449
1,334
1,335
1,368
1,400
1,427
1,438
1,436
1,427
1,418
1,414
1,385
1,342
Liabilities
Assets
Canada
Other
liabilities
921
576
295
273
193
337
473
661
721
10,743
9,274
7,850
8,309
8,159
8,025
7,631
7,624
7,592
I* ssets
Cash
Own
accept-
Time
1,397
1,222
1,268
862
904
694
529
600
537
20,448
18,441
22,014
19,848
18,304
16,141
17,582
18,249
21,435
25, 263
25, 717
18, 784
20,888
Germany 1
(5 large Berlin banks. Figures in millions of reichsmarks)
Liabilities
Deposits
Security
abroad
and net
Other
due
from
Security loans
loans and dis- foreign
counts banks
Securities
Other
1930—December...
1931—December...
1932—December
1933—December...
1934—December...
1935—December. __
1936—December...
1937—December...
1938—December....
207
201
211
197
228
228
240
255
263
205
135
103
106
103
83
114
76
65
1,275
1,253
1,104
1,036
977
945
791
862
940
171
146
155
134
155
141
161
102
166
604
694
778
861
967
1,155
1,384
1,411
1,463
602
510
439
432
449
485
507
510
474
1939—January
February
March .___
April
May
June
July
August..
SeptemberOctober
November...
December. ._
276
267
259
260
266
255
266
265
279
304
295
292
63
60
56
54
55
53
51
49
51
53
56
53
919
921
943
956
963
957
947
957
1,020
1,083
1,102
1,088
167
171
192
203
217
226
202
245
214
209
157
132
1,454
1,490
1,499
1,509
1,505
1,525
1,520
1,507
1,502
1,662
1,665
1,646
450
458
449
452
494
468
461
475
474
475
490
Note
circulation
Deposits payable in Canada excluding interbank
deposits
Total
Demand
Time
Other
liabilities
133
129
115
121
124
111
103
96
2,115
2,058
1,916
1,920
2,035
2,180
2,303
2,335
2,500
538
563
628
694
755
752
840
1,426
1,360
1,378
1,357
1,407
1,486
1,548
1,583
1,660
816
752
760
725
718
745
790
785
782
85
2,457
2,471
2,492
2,509
2,524
2,542
2,520
2,524
2,583
2,837
2,809
2,774
789
780
791
812
846
862
822
822
891
1,128
1,074
1,033
1,667
1,691
1,700
1,697
1,678
1,680
1,697
1,702
1,692
1,709
1,735
1,741
796
800
821
833
850
875
849
873
862
858
851
842
85
i Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large
Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice
(See BULLETIN for June 1935, p. 389).
NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646; June 1935, pp. 388-390; and August 1939.
p. 699.
FEBRUARY
1940
177
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
In cents per unit of foreign currency]
Brazil (milreis)
Argentina
(peso)
Australia
(pound)
Belgium
(belga)
Official
1933.1934
1935
1936
1937
1938 .
1939
72.801
33.579
32. 659
33.137
32. 959
32. 597
30. 850
337. D?
400.95
388.86
395.94
393.94
389. 55
353.
17.900
23.287
18. 424
16.917
16.876
16. 894
16.852
7.9630
8.4268
8.2947
8. 5681
8. 7190
5.8438
6. 0027
1939—January
February. _ .
March .
April
May
June
.
July
August __ .
September
October
November... —
December _.
31.126
31. 236
31. 234
31.207
31. 210
31.217
31. 211
31.116
372.06
373. 33
373. 27
372.86
372.89
373.12
373.03
367.32
318.38
319. 51
312. 66
313.13
16.893
16. 860
16. 823
16.838
17.016
17.008
16. 991
16. 968
17.028
16. 729
16.490
16. 577
5. 8598
5. 8602
5. 8647
'5.9941
6. 0586
'6.0586
6. 0571
6.0579
6.0594
6.0575
6. 0580
6. 0576
Year or month
Year or month
1933
1934
1935
1936
1937
1938
1939
__
_._
1939—January
February
March
April
May
June . _
July
August
September.
October
November
December
Year or month
1933
1934
1935
1936
1937
1938
1939
._
__
__
1939—January
February
March
April
May
June
July
August
September..
October
November
December. _
29. 770
29. 772
29. 773
Czecho- DenEgypt
slovakia mark
(koruna) (krone) (pound)
Chile (peso)
Export
China
(yuanShanghai)
Colombia
(peso)
7. 6787
10.1452
5.0833
5.1240
5.1697
5.1716
5.1727
4.0000
4.0000
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
99.946
99.936
99. 920
99.909
99.916
99. 925
99. 939
99.194
99.502
99. 583
99. 483
99. 620
99. 773
99.835
99. 494
91.255
89. 331
87. 755
87. 615
5.1739
5.1736
5.1733
5.1735
5.1733
5.1737
5.1703
5.1691
5.1776
5.1713
5.1714
5.1705
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4. 0000
4 0000
4.0000
4.0000
16. 256
15.885
16.016
16.015
15. 987
13. 434
10. 637
7.163
6.696
7.638
8.353
7.487
57. 055
56. 990
56.983
56. 982
57.009
57.169
57.036
57.061
57.068
57.151
57. 206
57.022
99. 932
99.933
99. 932
99. 936
99.942
99. 949
99.950
99.950
Hungary
(pengo)
Italy
(lira)
Japan
(yen)
Mexico
(peso)
Netherlands
(guilder)
New
Zealand
(pound)
Bulgaria
(lev)
Canada (dollar)
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
91.959
101.006
99.493
99.913
100.004
99. 419
96.018
5.3759
5. 3931
'5.1737
5 0555
5.0236
5 0162
5. 0503
5. 0322
5. 0263
34.881
35.014
35.057
34.962
34. 916
34. 924
34.905
34. 407
29.928
30. 296
30.127
30.032
1. 2156
1 2130
1 2103
1. 2089
1 2101
1. 2077
1 2126
1 2111
British
India
(rupee)
Free
market
5.8788
6.1806
Finland
(markka)
France
(franc)
GerHong
many Greece Kong
(drach(reichs- ma)
(dollar)
mark)
Official
Cuba
(peso)
3.8232
4.2424
4.1642
4. 0078
3. 4930
3 4674
3. 4252
19.071
22.500
21.883
22.189
22.069
21.825
20.346
434.39
516.85
502.60
509.68
506.92
501. 30
478.83
1.8708
2.2277
2.1627
2.1903
2.1811
2.1567
1. 9948
5.0313
6. 5688
6.6013
6.1141
4.0460
2. 8781
2. 5103
30.518
39.375
40.258
40.297
40.204
40 164
40. 061
.7233
.9402
.9386
.9289
.9055
.8958
.8153
29.452
38.716
48.217
31.711
30.694
30.457
V7. 454
22.360
29. 575
29.602
29. 558
19.779
19. 727
19. 238
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
3. 4258
} 4248
3. 4245
20.841
20.912
20.912
20.891
20.895
20.900
20.896
20.834
19. 317
19. 291
19. 294
19. 297
478. 76
480.43
480.40
479. 90
479. 97
480.10
480.00
472.41
432.04
2.0543
2.0604
2.0597
2.0542
2.0548
2.0559
2.0547
2. 0456
1. 9000
1.8943
1. 8964
1.8136
2. 6369
2.6471
2. 6488
2. 6478
2.6487
2. 6493
2. 6488
2. 6137
2. 2651
2.2736
2. 2246
2. 2269
40.066
40.117
40.098
40.081
40.115
40.105
40.113
39.859
r
39. 864
40.092
r
40.127
40.097
.8558
.8583
.8586
.8579
.8570
.8565
.8576
.8520
.7575
.7345
.7244
.7157
29.107
29. 078
29.049
28. 659
28.884
28. 916
28.703
28.213
24. 863
25.030
24.491
24.482
19. 632
19. 627
19. 613
19. 602
19. 588
19. 577
19. 576
19. 576
5. 2603
5. 2602
5. 2601
5. 2601
5. 2603
5. 2604
5. 2605
5.2515
5.1445
5.0465
5.0444
5,0452
27. 205
27. 297
27.300
27. 274
27.277
27. 284
27. 279
26.870
23. 459
23. 510
23. 440
23. 441
19. 483
19. 973
20.026
20.023
20.025
19. 753
17.133
16.800
19.023
20.151
20 497
18.185
54.187
53. 626
53.092
53.132
53. 601
53.167
53.278
53.484
53.182
53.115
53 080
53.107
373. 59
374.84
374.78
374.41
374.42
374. 60
374. 49
368.82
319. 75
320.81
313 96
315.03
17.602
17. 600
Uruguay (peso)
TTniforl
Straits SweSwitz- Turkey
Portu- Ruma- South Spain SettleYugoKinggal
den
erland
nia
slavia
Africa
ments
dom
(escudo)
(leu)
Non-con- (dinar)
(pound) (peseta) (dollar) (krona) (franc) (pound) (pound) Controlled
trolled
Norway
(krone)
Poland
(zloty)
21.429
25.316
24.627
24.974
24.840
24. 566
23. 266
14.414
18.846
18.882
18.875
18.923
18.860
18.835
3.9165
4.6089
4.4575
4. 5130
4. 4792
4. 4267
4.0375
.7795
1.0006
.9277
.7382
.7294
.7325
.7111
414.98
498 29
484.66
491 65
489.62
484 16
440.17
10. 719
13.615
13.678
12.314
6.053
5.600
9.988
49.232
59 005
57.173
58 258
57. 973
56 917
51. 736
22.032
25.982
25.271"
25. 626
25.487
25.197
23. 991
24.836
32.366
32.497
30.189
22. 938
22.871
22. 525
60.440
79.047
80.312
80. 357
80.130
80.109
80. 243
423.68
503 93
490.18
497 09
494. 40
488 94
443. 54
60.336
79 956
80.251
79 874
79.072
64 370
62. 011
23.459
23. 539
23. 539
23.515
23.519
23.524
23.520
23. 376
22. 655
22.697
22. 703
22,701
18.901
18. 898
18.860
18.818
18.812
18.812
18.808
18.754
4.2384
4.2508
4.2502
4. 2448
4.2460
4.2484
4.2506
4. 2234
3. 6564
3.6444
3 6067
3. 6044
.7311
.7272
.7140
.7056
.7056
.7042
.7035
.7043
462. 22
463.83
463. 74
462 80
463.11
463. 32
463.28
456.10
394. 57
396 12
397 15
397.41
4.613
54. 246
54.416
54.394
54 273
54. 373
54. 509
54.785
53.996
46. 712
47 017
46 246
46.102
24.041
24.133
24.130
24. I l l
24.110
24.107
24.114
24.002
23. 763
23 792
23 798
23. 796
22. 582
22. 672
22.614
22. 431
22.480
22. 546
22.550
22. 573
22. 576
22 433
22 428
22. 422
80. 436
80. 385
80.361
80 279
80.290
80.101
80.021
80.022
79.500
466. 94
468. 57
468.54
468 05
468 13
468. 24
468.15
461.07
399. 51
401 05
392 47
393. 01
61. 438
61 646
61.650
61 592
61 598
61.609
61. 600
60. 659
(l)
.7088
. 7055
11.023
11.023
11. 023
11.000
10. 492
10.148
10 039
9.950
65 830
65. 830
36. 789
35.620
35.818
35. 698
38.180
39 022
37 063
36. 457
1.7607
2 2719
2.2837
2 2965
2.3060
2 3115
2. 2716
2. 2800
2 2820
2. 2781
2 2636
2 2675
2. 2674
2.2744
2. 2729
2 2649
2.2657
r
Revised on basis of quotations heretofore not available.
i Previously published averages based on incorrect quotations; correct quotations not available.
NOTE.—Developments affecting averages since July 1939 have been as follows: No rates certified for following days: Argentina—Aug. 26-Oct. 16;
Brazil—Sept. 1; Bulgaria—beginning Aug. 30; Cuba—beginning Aug. 11; Denmark—Aug. 26-31; Egypt—beginning Sept. 2; Finland—Aug. 26Sept. 1 and Sept. 3-5; Hungary—Aug. 26-Nov. 8; Norway—Aug. 26-29; Poland—beginning Aug. 26; Rumania and Yugoslavia—Aug. 26-Nov. 5;
Turkey—Aug. 25-28 and beginning Sept. 2; Uruguay—controlled rate, Sept. 1-Nov. 28, and non-controlled rate, Oct. 17-Nov. 28. Averages
based on nominal quotations for at least 5 days a month as follows: Aug.—Australia; Sept.—South Africa; Sept. and Oct.—British India, Hong
Kong, Japan and Straits Settlements; Nov. and Dec—British India, Germany, and Yugoslavia; Dec—Finland. For further information
concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see BULLETINS for
March 1938, p. 244; March 1939, p. 236; September 1939, p. 831.
178
FEDERAL RESERVE BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
United
Germany
France
Canada
Italy
States
Kingdom
(1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100)
1926
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
_
.
. .
100
100
95
86
73
65
66
75
80
81
86
79
96
87
72
67
67
72
72
75
85
79
237
106
144
100
141
90
76
65
63
63
126
110
96
91
90
102
104
68
76
181
153
161
180
178
106
89
653
106
95
238
251
62
64
76
72
106
106
97
96
254
255
70
71
106
106
107
107
107
106
107
107
107
107
107
107
97
97
98
98
97
98
96
259
264
265
266
270
270
270
272
288
293
70
70
70
70
70
70
70
71
75
81
106
105
105
106
107
106
107
107
117
120
300
314
84
85
P125
137
100
88
86
86
88
554
500
427
398
376
125
111
97
93
98
89
94
338
411
109
101
581
78
77
74
73
98
98
674
684
1939—January
February.
March
April
May
June
July
August
September
October
November....
December
77
77
77
76
76
76
75
75
79
79
73
73
73
73
74
73
73
72
78
79
80
82
97
97
97
97
98
98
98
98
106
111
689
685
683
675
684
683
678
79
79
Switzerland
(July 1914
=100)
220
134
627
1938—November _ _
December
_ _
Nether,
lands
(1926-30=
100)
95
85
75
70
63
62
695
U24
Japan
(October
1900=100)
674
117
186
198
107
90
96
111
107
123
*• Revised.
P Preliminary.
1
Approximate figure, derived from old index (1913=100).
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United Kingdom
(1930=100)
United States (1926=100)
Year or month
Farm
products
1926
1929
1930_
1931
1932
1933
1934
1935
1936
1937_..__
1938
100
Foods
100
Other
commodities
Foods
Germany (1913=100)
France (1913=100)
IndusFarm
Indus- Agricultural
trial
and food
trial
products products products products
Provisions
Industrial raw Indusand semi- trial finished
finished
products products
100
581
793
129
132
130
150
92
669
579
464
380
380
361
348
397
598
663
130
113
104
91
87
96
102
105
105
106
125
113
96
86
75
76
84
86
96
91
132
120
103
89
88
91
92
94
96
94
157
150
136
118
113
116
119
121
125
126
75
70
71
78
78
80
85
82
100
89
88
83
85
87
92
102
97
100
87
85
87
90
90
96
112
104
579
526
542
482
420
393
327
426
562
641
1938—November.
December.
81
80
91
92
103
102
662
684
685
685
107
107
95
95
94
94
126
126
1939—January...
February.
March
April
May
June
July
August
September.
October
November.
December..
80
80
80
81
81
80
80
80
82
84
84
84
93
91
90
91
92
92
91
90
101
109
115
100
100
100
100
101
101
102
102
108
111
118
688
673
671
650
652
643
629
616
690
694
694
697
712
718
721
726
108
108
108
107
108
109
109
109
108
108
108
94
94
94
92
94
91
92
92
94
94
95
95
94
94
95
95
95
96
97
126
126
126
126
126
126
126
126
126
126
126
__..
r
Revised.
Sources,—See BULLETIN for March 1931, p. 159; March 1935, p. 180; October 1935, p. 678; March 1937, p. 276; and April 1937, p. 372.
FEBRUARY
1940
179
Price Movements—Continued
Year or
month
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
Ger- Nether- SwitzEngUnited
erland
lands
land
France many
States
1911July
1913June
July
19231925=100 1914=100 1914=100 1914=100 1913=100 1914=100
161
105
154
100
82
68
66
74
81
82
85
79
145
131
126
120
122
125
130
139
141
1938-November
December.
78
79
1939-January.__
February..
March
April
May
June
July
August
September
October...
November
December.
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
103
170
142
168
1929
1930
1931
1932
1933
1934
1935 .
1936
1937 1938.
100
97
89
80
76
79
81
82
84
83
164
154
168
161
148
136
121
118
121
123
125
125
126
161
151
141
139
140
136
U32
137
139
158
150
138
131
129
128
130
137
137
130 1938-November
December.
130
137
138
137
137
161
611
156
614
611
536
491
481
423
470
601
702
146
131
116
113
118
120
122
122
122
162
150
136
119
120
124
118
120
127
130
152
141
125
117
115
114
120
130
130
140
139
727
742
121
121
128
130
78
77
76
77
138
138
135
135
748
744
742
734
122
122
123
122
77
76
77
134
134
139
738
739
741
749
123
124
125
137
138
154
157
160
156
129 1939-January
129
February.
128
March
129
April
130
May
132
June
132
July
131
August
133
September
136
October
138
November
December-
130
124
125
122
122
122
124
128
77
162
1926
146
75
79
78
78
554
158
148
144
140
141
143
147
154
156
100
97
91
83
156
156
120
125
125
122
82
155
155
153
153
126
126
126
126
82
83
87
83
78
86
102
117
153
153
156
123
155
155
165
169
138
126
127
127
136
127
126
126
126
coco
109
1926
Ger- Nether- SwitzUnited
Englands erland
France many
States
land
191119231913June
July
1925=100 1914=100 1930=100 1914=100 1913=100 1914=100
Year or
month
137
136
136
136
137
137
138
137
138
140
142
P142
173
p Preliminary.
i Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Sources— See BULLETIN for April 1937, p. 373, and October 1939, p. 943.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States
(averagel
price)
Common stocks
(1926=100)
France
England
(December (1913=100)
1921=100)
Germany
(average
price)
Number of issues. _
60
1926
97 6
110 0
57.4
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
98.1
99.3
90.9
69.5
73.4
84.5
88.6
97.5
93.4
78.9
81.6
110.2
111.8
108.4
113.2
119.7
127.5
129.9
131.2
124.6
121.3
85.1
95.8
96.9
88.6
81.3
82.1
83.5
76.3
75.1
77.3
81.4
83.3
3 83.4
3 67.1
82.5
90.7
95.3
95.8
98.7
99.9
1938—November..
December...
82.1
81.1
118.0
116.3
80.6
88.3
1939—January
February
March >
April
May
June
July
August
September. .
October
N ovember
December
81.9
82.1
83.1
79.4
80.2
81.4
81.6
81.0
80.9
82.9
83.0
82.1
115.9
115.8
113.6
110.8
113.5
113.5
112.5
110.9
106.9
109.5
112.3
112.4
83.4
86.5
86.0
86.6
85.1
84.0
84.3
82.9
87
36
Netherlands *
United
States
England
France
Germany
Netherlands
(1930=100)
420
278
300
329
100 0
100.0
100 0
100.0
100.0
104.3
104.1
94.8
105.3
113.4
107.8
109.1
< 101.8
105.9
190.3
149.8
94.7
48.6
63.0
72.4
78.3
111.0
111.8
83 S
89.2
119.5
102.6
78.9
67.9
78.6
85.7
86.3
97.0
96.3
80.8
217.6
187.6
132.2
105.2
99.6
83.3
79.7
77.2
97.4
89.7
122.8
100.2
3 78.0
3 50.3
61.7
71.1
82.9
91.6
102.6
100.1
99.7
99.2
105.3
105.9
94.7
92.0
80.4
78.4
91.8
104.7
97.2
94.6
98.8
97.8
99.0
99.0
99.0
99.0
99.0
99.0
99.0
99.0
98.9
98.9
99.0
104.3
102.1
100.9
95.2
98.0
96.3
94.4
92.6
79.6
80.3
80.9
91.8
90.1
91.7
81.9
83.1
86.0
86.1
86.3
92.4
95.3
94 2
91.8
78.0
77.5
77.1
75.1
77.0
76.6
75.8
75.3
72.0
74.9
76.0
75.7
94.0
100.0
97.9
97.9
103.0
98.3
100.4
94.0
95.3
96.1
94.4
94.9
94.1
92.5
91.7
«93.2
92.8
92.3
94. 5
94.3
92.4
94.0
87.2
89.3
91.6
89.3
88.6
92.1
87.7
85.8
139
8
100
100
70
46
52
55
55
66
104
96
« Corrected.
i Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
*Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index
beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent.
» 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.
« New index. See note 2.
Sources.—See BULLETIN for February 1932, p. 121; June 1935, p. 394; April 1937, p. 373; July 1937, p. 698; and November 1937, p. 1172.
180
FEDERAL RESERVE
BULLETIN
redetal
Publication!
Copies of the publications and releases listed below may be obtained from Board of Governors of the
Federal Reserve System, Washington, D. C.
CURRENT RELEASES
DAILY
Foreign Exchange Rates (for previous day)
WEEKLY
Monday:
Condition of Reporting Member Banks in 101
Leading Cities
Bank Debits
Tuesday:
Money Rates—Open-Market Rates in New York
City
Wednesday:
Weekly Review of Periodicals
Thursday:
Condition of Federal Reserve Banks
Condition of Reporting Member Banks in New
York City and Chicago (Also a part of statement of Condition of Reporting Member Banks
in 101 Leading Cities released on following
Monday)
Friday:
Department Store Sales
MONTHLY
Federal Reserve Bulletin—released about the 4th
of the month (subscription price $2.00 per
annum, single copies 20 cents; outside of the
United States, Canada, Mexico, and the insular
possessions, annual subscription $2.60, single
copies 25 cents).
Federal Reserve Inter-District Collection System
(Par List)—including list of State bank members. Semi-annual issues, January-July, and
monthly supplements—released about 7th of the
month
National Summary of Business Conditions—released about the 16th of the month
Business Indexes—released about the 16th of the
month
Bank Debits—released between the 6th and 12th
of the month
Foreign Exchange Rates—released about the 1st
of the month
Money Rates—released about the 3rd of the month
BOOKS AND PAMPHLETS
A set of FEDERAL RESERVE CHARTS ON BANK CREDIT,
MONEY RATES, AND BUSINESS has been published by
the Board and is for sale to the public at 50 cents
a copy. Latest issue is November 9, 1939.
The FEDERAL RESERVE ACT AS AMENDED to October
1, 1935, with mimeographed supplements showing
amendments to date, has been printed by the Board
and will be supplied without charge.
DIGEST OF RULINGS—from 1914 to October 1, 1937.
Digests of rulings of Board; compilation showing
textual changes made in the Federal Reserve Act;
digests of court decisions and opinions of the Attorney General involving a construction of the Federal Reserve Act; and digests of court decisions involving Federal Reserve Banks. Price $1.25 per
copy. 683 pages.
THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS. Obtainable in cloth binding at 50 cents
a copy and in paper cover without charge. 128 pages.
PROBLEMS OF BANKING AND BANK SUPERVISION.
Excerpts from the 1938 Annual Report of the Board
of Governors of the Federal Reserve System. 33 pages.
MONETARY MEASURES AND OBJECTIVES. Three statements by the Board on objectives of monetary policy,
on proposals to maintain prices at fixed levels through
monetary action, and on legislative proposals relating to monetary measures and objectives. 8 pages.
July 1937, April 1939, and May 1939.
THE
HISTORY OF RESERVE REQUIREMENTS FOR
BANKS IN THE UNITED STATES. Legislation, designa-
tion of reserve cities, and changes in the reserve position of banks. 20 pages. November 1938.
SUPPLY AND USE OF MEMBER BANK RESERVE
FUNDS. Explanation of analysis of sources of mem-
ber bank reserve funds and uses to which such funds
are put as indicated by Federal Reserve and Treasury statements. 31 pages. July 1935.
MEMBER BANK STATISTICS. A discussion of the
statistics compiled and published by the Board covQUARTERLY
ering the operations and condition of member banks.
Member Bank Call Report (3 or 4 times a year 28
pages. November 1935.
depending upon number of calls for condition
REVISED INDEXES OF FACTORY EMPLOYMENT. Bureports)
List of Stocks Registered on National Securities reau of Labor Statistics indexes adjusted for seaExchanges. Issued annually in February with sonal variation by Board of Governors. 32 pages,
quarterly supplements (subscription price 25 October 1938; 10 pages, October 1939.
ANALYSES OF THE BANKING STRUCTURE—As of
cents for the List and three supplements; five or
more copies on one order, 20 cents per copy; fifty December 31, 1935. Number, deposits, and loans and
or more copies on one order, 15 cents per copy). investments of banks classified by size of bank and
ANNUALLY
town and by other factors. 33 pages.
The Gold Problem Today, by E. A. Goldenweiser—
Bank Debits—released ordinarily in February
reprint of article, 4 pages, January 1940.
Annual Report (covers calendar year)
FEBRUARY 1940
181
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM, Vice Chairman
M . S. SZYMCZAK
JOHN K. M C K E E
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
J. C. NOELL, 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
O. E. FOTTLK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
GEORGE L. HARRISON, Vice Chairman
•CHESTER C. DAVIS
ERNEST G. DRAPER
M. J. FLEMING
GEORGE H. HAMILTON
HUGH LEACH
WM. M C C . MARTIN
JOHN K. M C K E E
RONALD RANSOM
M. S. SZYMCZAK
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
FEDERAL ADVISORY COUNCIL
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District
THOMAS M. STEELE
LEON FRASER
HOWARD A. LOEB
B. G. HUNTINGTON
ROBERT M. HANES
RYBURN G. CLAY
EDWARD E. BROWN
S. E. RAGLAND
JOHN CROSBY
JOHN EVANS
R. E. HARDING
PAUL S. DICK
J. P. DREIBELBIS, Assistant General Counsel
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
WALTER LICHTENSTEIN, Secretary
R. G. ROUSE, Manager of System Open Market Account
182
FEDERAL RESERVE
BULLETIN
SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Chairman and Federal
Reserve Agent
Federal Reserve
Bank of—
President
First Vice President
Vice Presidents
William Willett2
Boston
Frederic H. Curtiss
Roy A. Young
William W. Paddock
New York
Owen D. Young. _ _
George L. Harrison
Allan Sproul
Philadelphia
Thomas B. McCabe
John S. Sinclair
Frank J. Drinnen
C. A. Mcllhenny 3
Cleveland
George C. Brainard.__
Matthew J. Fleming
Frank J. Zurlinden
William H. Fletcher
George H. Wagner
William F. Taylor 3
Richmond
Robert Lassiter
Hugh Leach
Atlanta
Frank H. Neely
Chicago
_ Leslie R. Rounds
Walter S. Logan
John H. Williams
Ray M. Gidney
L. Werner Knoke
Robert G. Rouse
Ernest C. Hill
__. John S. Walden, Jr
John G. Fry
George H. Keesee 2
Robert S. Parker
W. S. McLarin, Jr
Harry F. Connifl
Malcolm H. Bryan
Robert E. Wood
George J. Schaller
Howard P. Preston
Clifford S. Young
William H. Snyder 3
James H. Dillard
St. Louis
William T. Nardin
William McC. Martin
F. Guy Hitt
Olin M. Attebery
Clarence M. Stewart2
Minneapolis
Walter C. Coffey
John N. Peyton
Oliver S. Powell
Harry I. Ziemer 3
Ernest W. Swanson
Kansas City
Robert B. Caldwell
George H. Hamilton
Carroll A. Worthington . . . H. G. Leedy
James W. Helm 3
Dallas
James H. Merritt._ _
Robert R. Gilbert
Ethan B. Stroud
Robert B. Coleman
William J. Evans
Walter 0. Ford»
San Francisco
St. George Holden* ___ _
William A. Day . .
Ira Clerk
William M. Hale
C. E. Earhart 2
Richard B. West
1 Deputy Chairman.
2 Cashier.
3
Also cashier.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo Branch
Cleveland:
Cincinnati Branch
Pittsburgh Branch
Richmond:
Baltimore Branch
Charlotte Branch
Atlanta:
Birmingham Branch
Jacksonville Branch
Nashville Branch
New Orleans Branch
Chicago:
Detroit Branch....
St. Louis:
Little Rock Branch
Louisville Branch
Memphis Branch.
FEBRUARY
1940
Managing director
Robert M. O'Hara
Benedict J. Lazar
Percy A. Brown
W. Robert Milford
William T. Clements
Paul L. T. Beavers
George S. Vardeman, Jr.
Joel B. Fort, Jr.
Lewis M. Clark
Ralph H. Buss
_
_
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
Cyras E. Daniel
Lloyd H. Earhart
Joseph L. Hermann
William D. Gentry
Miers Crump
W. Norman Ambrose
__ David L. Davis
Winnie L. Partner
Clarence R. Shaw
Arthur F. Bailey
Frank D. Rash
William H. Glasgow
183
Ir<>m
a
r<untint:
on
Wall
of
Hoard
]\oont.
ICthral
I\<s<rrr
luiildinn.
Udshin
^t
@FedFRASER