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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
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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
reached at the end of 1937 and shipments to number of important industries were increasSouth America and Asia were the largest in ing operations as rapidly as possible in the
many years. Exports to Canada declined but latter part of the year, with some approachcontinued substantially larger than in the ing capacity production, and did not curtail
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
/
/
ports indicated that inventories of some
J
\
J 1
/
\
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/
fV
/
siderable expansion in exports of finished
I y
/ \\
steel mill products, such as sheets, plates, tin
A .1 ^
> J \ 1r
\J \\
plate, and wire, and in November and De\ 1
J
{
fV
\V.(\I
\ 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
1
M
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
hours
activity in the major steel-consuming indus- worked, asfrom data on the number employed and average Latest
compiled by the Bureau of Labor Statistics.
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
in the construction of single-family houses, sult of lower financing costs following amendboth by operative builders and on contract for ments to the National Housing Act, and with
owner-occupants, while apartment construc- some further increase in projects during 1939
tion has declined somewhat. In the private the number of privately-financed units started
nonresidentialfield,activity at the end of 1939 in the year was larger than in 1938 by about
was higher than last year, reflecting moderate 85,000 units, totaling 420,000 for the country
increases in industrial building, utility con- as a whole. Changes in each of the Federal
struction, 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.
only 13 nonpar banks
On December 31, 1939, there were 2,656 in There were a population of 25,000 orlocated
places with
banks in the United States which did not and eight of these were in places with a more,
remit at par for checks drawn on them (ex- lation of 50,000 or more. The deposits of popuclusive of 65 private banks not under State 13 banks were relatively small, in nothese
case
supervision). These nonpar banks consti- exceeding $2,000,000.
tuted approximately 18 per cent of the total
By reference to
accompanying map
number of commercial banks (i.e., banks showing the locationthe each nonpar bank in
of
other than mutual savings banks) on that the United States at the end of 1938, it will
date. Deposits of the nonpar banks, $921,- be observed that the nonpar banks are con000,000, on December 31,1938,* were approxin the Southern and Middle
imately 2 per cent of the total deposits of all centratedof the country. Of the total Western
districts
number
commercial banks, exclusive of inter-bank of nonpar banks on December 31,1939, 52 per
deposits.
and Minneapolis
Of all nonpar banks in the country at the cent were in the Atlanta Of the total numFederal Reserve districts.
end of 1938, 90 per cent were banks insured
94 per cent were located in 17 Southern
by the Federal Deposit Insurance Corpora- ber, Middle Western States, the highest numand
tion ; 83 per cent of them had deposits of less ber in any one State 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
subsections 3 (a) and 3 (e) of its Regulation L taken for the purpose of calling to the attenrelating to interlocking bank directorates tion of Congress when it convened the disunder the Clayton Act, effective immediately, crimination between member banks and nonso as to extend until June 1, 1940, the time member banking institutions which results
during which certain persons who have been from the fact that the provisions of the law
serving member banks may continue to serve do not apply alike to all banks under Federal
a member bank and not more than one other authority. No legislation was enacted to
carry out this recommendation. A bill,
bank.
This final extension was made at the re- S. 2150, was introduced which would have exquest of Senator Wagner, Chairman of the tended to February 1, 1944, the time until
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:
Additional
deposits
received
(100%)

1st bank
2nd bank
3rd bank
4th bank
5th bank
6th bank
_
7th bank
8th bank
.
9th bank
10th bank
All other banks
Total

$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

_

Additional
loans
made
(85%)
$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. Curtiss 1. . . Retired, Boston, Mass
1941
2
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
6,991

19, 237

1939

••6,952
13,359
'3, 593

1

1937

1938

1939

7,953

1938

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

110

90

1 110

100

100

90

90
80

70

120

70

60

60

50

50

110

7

100

PER CENT

80

7

120

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
the higher level during the rest of the month, gold stock as well as the further increases in
post-holiday return
declined considerably in the first half of Janu- of currency from circulation, excess reserves
ary. Smaller decreases occurred in some
other commodities, including hides, tin, and of member banks increased sharply in the
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

1

.

0

I ^^

LOANS TO BROKERS ^ — 1
AND DEALERS

50

'34

1935

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
ernBills
dis- bought ment Reserve Total
bank
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
TreasTreas- Treasury Non- Other
ury
deposits
Federal
cur- Money ury
memwith
rency in cir- cash Federal ber de- Reserve
cula- holdoutaction
Reserve posits counts Total
ings
standExcess2
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
ges
tabe a d dcussion
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 193 pp. 419-429. Reprints of article
1935, p 9429.
together with available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in
ther
figures
Researh
Sttiti
fig
l
h
i
Back
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

All other

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)

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
On re- to make
mercial or- which
maining advances
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

17H
12X

26
20
14

22K

6

19H
15

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.

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

Total bills discounted

1,866
5,030

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

days
year
16 to 30 31 to 60 61 to 90 91to 6 6 months 1 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

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

Over
5 years

23
17
18
18

11,113
10,883
10,843
10,893

2 years
to
5 years

2,489,422
2,484,270
2,477, 270
2,477, 270

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

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

25

6,536
6,185
6,236
6,303

435
110
135
200

185
198
143
105

113
113
113
113

273
42
41
31

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

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

194
20
20
10

2,258
2,238
2,228
2,224

110
30

257,059
253,922
248,769
244,866

643
662
638

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
254,350 127,069 101 580
101,
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

MinCleve- Rich- At- Chicago St. neap- Kansas
Louis olis City Dallas
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, 1,416,160 643,607 459,436 . . 558,052 358,371 523,709 379,593 1,095,205
218
.
.
.
,
" "
1,175,907 8,401,550 1,170,686i 1,419,915 633,984 459,571
2,891,599 563,920 361,039 533,018 382,195 1,109,131
1,173, 211 8,406,246 1,161,355 1,372,827 622,411 452,959 ,897,632 557, 775 354,715 524; 108
""
' "^371,932 1,114,436
"^
~"
1,164,718 8,607,915 1,147,086 1,367; 167 623J 954 456,178 2,876; 661
570,830 351,6225 1 9 368 375, 284 1,124,041

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.

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

531,, 916 .,096,382 588,955
.
, .
6,
'"",172 612,384
567,083 6,403,
\, "
592,980 6, '436,686 623,411
"
6,
600,701 f 571,632 634,498

1940




469,846 232,205 164,885 1,088,194 194, 141,528 184,255
,
."
460,651 227,100 162; 856 1,084,233193,021 141,448 183,688
.—
460,335 222,648 160,03611,075,520 190,900 139,900 181,493
453,124 220,082 159,226 1,066,741 190,731 139,245 180,675

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
680, 700 283,852 208,350 1,471,908 "">, 725 151,872 259,495 216,089
682; 756 291,712 208,654 1,470,607 283,566 152,395 268,090 218,301
i;
:
692,1701293,857 213,022 1,461, 293295,298 152,630 268,693 219,604

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

,035
647,048 6,591,
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

27
3
10
17

FEBRUARY

4,977,654
4,947, 763
4,886, 229
4,849,757

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
MinCleve-' Rich- At- Chicago St. neap- Kansas
land mond lanta
Louis olis City Dallas Francisco

1,127, 613 8,023, 351 1,116, 416 1, 382, 955 628,478 446, 61; 954,359 547, 313 349,158 513,449 368, 379 1,070,036
2,
,280,
1,151, 642 8, 280, 522 1,137,976 1, 387,151 618, 919 446,902 2,847,136 553^ 183 351 522, 759 371,082 1,084,126
. 968
,
1,148,922 8,, 285,056 1,128, 582 1,339,941 607,311 440,236 2,853,044 547,000 345', 615 513; 360,790 1,089, 355
'
"1,809
I,
,
1,140, 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 8,144 441
t
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

1,416,160 643, 607 459,436 2, 999, 306 558,052 358, 373523, 709 379, 593 1,095, 205
, 149, 218
,170, 686 1,419,915 633,984 459, 571 2,891, 599563,920 361,039 533,018 382,195 1,109,131
1,372, 827 622, 411 452, 959 897, 632 557, 775 354, 715
, 161, 355
524,108 371, 932 1,114, 436
, 147,086 , 367,167 623, 954 456,178 2,876, 661
1
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
outcomstanding standing pleted 2 drawn b y
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, 520 190,900 139,900 181,493
81,998 382, 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 1,140,000 209,000 147, 500 195; 000
, 140,000 209; 000 147; 500 195,000
440,000 1,355,000 375,000 491,000 250,000 180,000 1,140,000 209,000 147, 500 195,000
500 195,000
, 140,000
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,
440,110 1, 385, 529 375, 212 491,000 250,392 180,000 1,140, 000 209,055 147, 658 195, 780 500 464,000
94,
440,030 1, 385,194 375, 225 491,000 250,057 180,000 1,140,000 209,025 147, 615 195, 725 500 464,000
440,000 1, 355, 219 375,156 491,000 250,087 180,000 1,140,000 209,045 147,618 749 94, 500 464,000
195,
440,025 1,355, 280 375,113 491,000 250,112 180,000 1,130,000 209,035 147, 594 764 92, 500 464,000
195,

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

Gross demand

Time

Gross demand

Gross demand

Time

Nov.

Time
Dec.

Nov.

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

_

Total

______

_

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 8 destroyed.
as
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

2,816
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

166.4

2.2

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

Net
shipments

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
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
trans- 2
actions

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, 574. 2 -534.4 P159. 8
" 3,
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

[In millions of dollars]

Member banks

Nonmember
banks

Total

National

State

Other
Mutual nonsavings member
banks
banks

Total

Call date

Member banks
Call date

All
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
dusvest- Total i trial, marestate
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

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

322

336
348

2,121
2,118

1,531
1,626

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

1,448
677
532
476
633
635

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

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
1
L,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

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

109
135
155

279
656
697
637

129
141
143
135

138
100
103
124
121

141
154
147
162

176
179
168
170

448

78
88
94
94

1,128

598
649
723
774
691

930
978
977

1,102
921

355
623
645
678

597
683
699

808
895
897
889

866
866
856
860

627

740
889
909

999

1,106
1,533
1,189
1,662
1,675
1,893
1,870

1,393
1,744
1,965
2,178
2,226
2,047
2,448
2,554
2,764
2,691

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- ships, sub- ings 4
eign
and
divi- checks ment 4 and
diviDe- T 1 '
banks
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
Individuals, States Certiand
fied
part- polit- and U. S.
nerical
oflS- Governships, subcers' ment2
and
divicor- sions checks,
etc.
porations

Domestic
Indibanks
viduals, States
and
Forpart- polit- Postal
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

Other
secuGuar- rities
anNotes Bonds teed

Bills

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

318
335
334
334

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

2
2
2

1

246
245
243
245

3,469
3,576
3,482
3,574

1

408

5
6

5

1

312
302
304

3
3
3

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

128
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

198
208

221
101

376
1,089
934

932
894

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

1939—January
February
March
April
May.
June
July- .
August
September
October
Novprnhftr
December

Held b y Federal
Reserve banks

For ac- Held
by
For count of
Bills own ac- foreign others
bought count correspondents

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

1938_October
November
December

By classes

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

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

(8)
f

()

(J)
(J)
(2)

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

[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
.83

1.00

.007

.67

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

Vt
Vie
Vit
7

.053
.022

IX
IX
IX
IX

1938—Dec
1939—Jan
Feb
Mar
April....
May
June
July
Aug
Sept
Oct
Nov
Dec

COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES

1.00
1.00
1.00
1.00
1.00

(2)

1

Vn
7

/u

V

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;

1938—September

Week ending:
Dec. 30____
Jan. 6
Jan. 13
Jan. 20. ..
Jan. 27

7

Ae
7
/ie
7
A
7

/l6

.47
.44
.46
.49
.48

( )
(2)
(2)
.004

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

Total

By ratings
Aa

Aaa

Industrial

Baa

A

By groups
RailPublic
road
utility

2-6

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_ .

Corporate 4
Municipal a

. __

_ _.
__

. _

.

Jan. 6

_____

Jan. 13
Jan. 20

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

2-6

15

60

20

101.7
103.4
106.0

1938—December...
1939—January _ __ _.
February...
March
April
May
June
July
August
September. .
October
November..
December..

110.3
113.7
116.3

93.4
78.9
81.6

90.1
82.9
86.0

20
58.6
58.0

Year, month, or
date

Preferred >

100.4
95.3
100.9

Number of issues. _

Volume of
trading'

Common (index, 1926=100)

Industrial

Total

20

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

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

1937 average1938 average.
1939 average

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

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

102.2
101.7

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

C
O

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

Notes

Treas- U . S .
ury* savings

Prewar

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

All
other*

240
284
356
580
601
560
644

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

Matured
debt

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 secur- nal other
ity
taxes taxes 2 revenue*

Total

National
Inter- deAll
est on fense other
and
debt Veterans'
Adm.4

Recovery
and
relief

Trust Increase or decrease during
acperiod
counts,
7
etc.
Excess excess
of reof receipts ceipts
Re- Trans- (+)or (+)or
volv- fers to
exextrust pendiing
funds accts., tures pendi- General Gross
fund 7 debt
tures
(net) * etc. •
(-)
(-) 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- Bene- ReInAll
Refit
Credit other
vest- pay- ceipts vest- drawals Finance
by
ceipts ments
ments States Corpora- 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
(+) or Total active ment iorage 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

169
40

2,043
2

211

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 cred- crop and
associait corpo- drought
tions
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
reDi- Guar- serve
an- funds,
rect teed
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
.6
9
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
•6
8
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

Nov.
103
94
110

-

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 . .

__

_

104
92
114

108
76
112

Manufactures—Total
Durable
Nondurable
..

Dec.

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

_.

__ _ _

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

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

65.6
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

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

__

Tobacco Manufactures
Tobacco, snuff
Cigars, cigarettes
Paper,

Feb.

110.6
108
106
99
114

Baking
Beverages
Butter

.

Jan.

65.0
63
65

Food, ProductS-

Canning, preserving
Confectionery
Flour
TCP, nrfiam
Slaughtering, meat packing
Sugar, beet
Sugar refining, c a n e . . __

Dec.

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.

___

Aug.

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

_ .

_.

FEBRUARY

1940




Sept.

Oct.

Nov.

Dec.

66.4
60

74.8
70

84.6
83

76.6
72

76.5
71

71.1
65

75.6
70

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

66.6
61
67

112.3
114
106
100
116

113.2
113
106
103
117

110.9
114
107
98
112

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

•• Revised.
NOTE.—Figures for December 1939 are preliminary.
are for payroll period ending nearest middle of month.

Aug.

93.3
91

66.6
64
67

63
67
137

Dec.

88

147.0
147
295
103
289
79
80
89
100
88
99

61
66
136

Nov.

91.9
89

123.8
144
251
91
100
96
79
67
104
246
91

83.5

Dec.

88

127.6
145
258
93
121
95
79
69
102
293
94

82.3

Nov.

96.2
94

86

114.6

_. __

Oct.

1939

87

87

68.3
64
69

_.

Sept.

1938

97.8
97

94.3
92

85

Paper, Printing
Boxes, paper
Paper, pulp
__
Book, job printing
Newspaper, periodical printing,,.

Rubber Products
R lbber boots, shoes
Rubber tires, inner tubes
Rubber goods, other

Dec.

90.4
88

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

1939

1938
Nov.

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.]
Nonresidential building

Residential
building

Total
Month

Commercial

1938

1939

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

May
June
July
August
September
October
November
T)eO©Tnbfir

Year

1938

1939

Public works
and public
utilities *

Other i

1938

January
February
March

1939

Educational *

1938

Factories

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
1934

January February
March

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

87
*

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

v Preliminary.
1
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

Sales i

Dec.

Aug. Sept. Oct. Nov. Dec.

Adjusted
Without
for seasonal
seasonal
variation adjustment

Month

Adjusted for seasonal variation
Total
Coal
Coke
Grain and grain p r o d u c t s Livestock.
_
Forest products
Ore
M iscellaneous
Merchandise J

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

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

Adjusted
Wit b'out
for seasonal
seas nnal
variation adjusi ,ment

1938
80
87
95
87
44
50
108
86
62

82
80
100
'88
41
51
191
89
63

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

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

78
71
92
87
40
51
116
89
62

Without seasonal adjustment
Total
Coal
Coke
-_
_
Grain and grain products
LivestockForest products
Ore
Miscellaneous .
- .
Merchandise *

Stocks (end of month)

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

* Corrected.
1
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 Exports and imports:
5.26
5.27
5.28
5.27
.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 *
._
Reserve city banks J
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
1939

1938

1937

Chart
book
page

_

__ _

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?

June
30

Dec.
31

Mar.
7

June
30

10
10
10
10

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

Mar.
31
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

.97

».78
2.72
3 8.74
2 5.45

.48
.13

.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
15,194

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.

..

5,224

+30

N u m b e r of banks on December 31, 1938

+3

-42
-41
-122

-4
-7
-30

+13

1,114

7,316

917

+1

+24

+2

-3
-3
-8

-25
-15
-74

-9
-12
-7

555

-1
-4
-3

-9

-4

+2
+85

+10

-4

+4
+17

-17

+2

-12

+11

-1

+12

-

68

-84

-1

-37

+61

-145

-33

-4

-5

15,031

5,187

1,175

7,171

884

551

63

3,580

N u m b e r of banks on December 31, 1939

-163

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

11
,
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

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

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

Total

297
114

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 France Beltries) States Kinggium
dom

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

British
India

Bulgaria

Canada

275
275
275
274
274
274
274
274
274
274
274
274
274
274
274
274
P274

Brazil

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

Co- Czecho- Denslolombia vakia mark

1934—Dec. _

Egypt

1935—Dec. .
1936—Dec, .
1937—Dec..
1938—Dec..

112
112
91
92
83

60
54
54
53
53

83
83
67
66
65
62
60
60
58
57
56
P56

53
53
53
53
53
.63
53
53
53
53
53
P53

Hungary

55
55
55
55
55
55
55
55
55
55
*55
*>55

Italy*

Japan

518
270
208
210
193
193
193
193
193
193
193
193
193
193
193
193
193

40
34
26
24
27
27
27
29
29
31
31
30
28
28
28
28

55
55
55
55
55

1939—Jan....
Feb...
Mar...
April..
May..
JuneJuly.. .
Aug. __
Sept...
Oct....
Nov...
Dec...

Germany* Greece

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.
1 Data reported monthly incomplete. For additional data see section at end of table.
1
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

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—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.
* Figure for Sept. 1937.
4
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 Colom- Chile
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
1,146
81,135 15,488 163, 049 60,
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- Philip- Aus- South
pine
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
401 168, 740
27,8 39,162
,
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
75,268 46, 989
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
-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

All

Other
British
countries

181,602
128,421
55,744

Switzerland

Sweden

2,024
2,490
2,102
2,839
705
155
528

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
4-47,875
4,805 1
2,975 -145,856
911
697
3,078
4,606 «-114,284

-5,407
-16,521
-10,498
-21,980
2,831
1,017
1,511

-3,790

5,631

5,671
3,451
5,559
12,656
143 45,394
52,636
38,423
55 49,120

Switzerland
Net imports from or net exports (—) to:

-32
-437
-3,793
-2
-1,138
-4,966

British India
Increase in India:
Total
Gold
net
In
In
imports produc- Ingold
In
or net tion in \ dian earmark- private
exports India
reed for
holdserves foreign
ings 1
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...

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

11, 223
11,468
11,663
11,607
11,247

-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

-230, 720
-161,872
-121,066
- 6 1 , 723
-54,700

-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

41,790
37,981
26,723
24,165
27,831

5,672
5,613
16,866

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

2,162.8 I
1,911.7
961.2
469.6
155.7
196.0 I

371.3
281.3
122.2
66.2
31.1
41.7

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

6

Foreign
Open
exchange market 7

Special"

Other

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..

Loans o n Advances
to
ShortGovterm
Other
ern- 9 Govern- securiment ment seties
curities

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
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

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

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..

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)

920
396
84
88
72
76

984
806
386
79
82
66
71

76

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

-

71

76
77
77
77
77
77
77
77
77
77
78

__.

71

76

-.

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.
_

146
77
754
254
41
855
197
61
159
36, 758
5,628
25, 723
37,053
32,153
60,411
46, 232
30,674

146
76
754
244
60
866
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):

Nov.

1938
Oct.

Other liabilities
Bank of Portugal (millions of
escudos):
Gold
Other reserves (net)
Non-reserve exchange
Loans and discounts
Government debt
_
Other assets

129
13
70
95

27

26

QO

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

129
19
73
93

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

Oct.

Dec.

2,350

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

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

.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

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

4.23
1.60
4.27
.81
.77
.70
.75
.78
.75

1939—June
July
August
September
October. __
November.
December.

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

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

Day-to-day Loans up
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.
s-ly2 July 16, 1936
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

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

I* ssets
Cash
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

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

25, 263
25, 717
18, 784
20,888

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

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

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

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

7.9630
8.4268
8.2947
8. 5681
8. 7190
5.8438
6. 0027

Year or month

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
Switz- Turkey
Portu- Ruma- South Spain Settle- SweYugoKinggal
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)
100

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938

_

.

. .

237

106

144

220

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

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)

95
85
75
70
63
62

554
500
427
398
376

U24

1938—November _ _
December

_ _

Nether,
lands
(1926-30=
100)

134
137

100
88
86
86
88

96
87
72
67
67
72
72
75
85
79

695
627

100

95
86
73
65
66
75
80
81
86
79

1926

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
RETAIL FOOD PRICES

Year or
month

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

124
124
128

77

158
148
144
140
141
143
147
154
156

100
97
91

83

156
156

120

125
125

155
155
153
153

122

82

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

125
122
122
122

162

1926

146

75
79
78
78

554

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
(average
price) l

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

Netherlands *

87

36

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
Member Bank Call Report (3 or 4 times a year 28 pages. operations and condition of member banks.
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 o—
f

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 o—
f
New York:
Buffalo Branch
Cleveland:
Cincinnati Branch
Pittsburgh Branch
Richmond:
Baltimore Branch
Charlotte Branch
Atlanta:
Birmingham Branch
Jacksonville Branch
Nashville Branch
New Orleans Branch
Chicago:
Detroit Branch....
St. Louis:
Little Rock Branch
Louisville Branch
Memphis Branch.

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 o—
f
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




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Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102