Full text of Federal Reserve Bulletin : February 1941
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FEDERAL
RESERVE
BULLETIN
FEBRUARY 1941
Review of the Month—Banking and Treasury
Finance in 1940
Gold and Dollar Resources of The United Kingdom
Durable Goods Expenditures in 1940
From the Board's Correspondence—Federal Reserve
Bank Lending Power Not Dependent on Member
Bank Reserve Balances; Money in Circulation
Directors of Federal Reserve Banks and Branches
Economic and Monetary Aspects of the Defense
Program
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
Contents
PAGE
Review of the Month—Banking and Treasury Finance in 1940
89-94
Economic and Monetary Aspects of the Defense Program, by John H. Williams. .
95-98
Gold and Dollar Resources of the United Kingdom
99-101
British Mobilization of United States Dollar Securities....
. 101-102
Durable Goods Expenditures in 1940, by George Terborgh
103
From a Legal Standpoint:
Amendment of Regulation U.
104-105
Rules of Securities and Exchange Commission Concerning the Hypothecation of Customers' Securities by Brokers or Dealers
105-111
From the Board's Correspondence—Federal Reserve Bank Lending Power Not
Dependent on Member Bank Reserve Balances
112-113
Money in Circulation
114
Current Events
,.
Directors of Federal Reserve Banks and Branches.
..
National Summary of Business Conditions
115
. . 116-123
. . 124-125
Financial, Industrial, Commercial Statistics, United States
127-167
(see p. 127 for list of tables.)
International Financial Statistics (see p. 169 for list of tables.)
169-185
Federal Reserve Publications .
186
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council
Senior Officers of Federal Reserve Banks; Managing Directors of Branches. .
187
188
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 and its
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ETHAN E. STROUD
R. E. HARDING
I\Ir,::hrr.
F.h-vemh
F-'ilrr:,!
Federal
Advisory
lU-;urvv
Council
Diy.tiicr
First
\ricc President
Federal Reserve
and Ceiie;;il C
Bank ot DstU
mi
tL<tr<l
FEDERAL RESERVE BULLETIN
VOL.
FEBRUARY 1 9 4 1
27
No. 2
Hanking and 'Ttealuty *Tinance Un 1940
Banking resources as a whole showed a anteed obligations of the United States Govfurther substantial growth in 1940, reflecting ernment other than United States Savings
additions to bank reserves bonds. The Federal Reserve System sold
Banking trends
$300,000,000 from its open-market account
ariging
frQm
g o W
i m p o r t s
and also an increase in bank loans and invest- during the year, most of the sales occurring
ments. The gold inflow in the first instance in the latter half of the year, when there was
added to the reserves and deposits of New an increase in the demand for United States
York City banks, but owing to heavy foreign Government securities and prices advanced
purchases of goods throughout the country, sharply.
security transactions in New York, and
The direct interest-bearing debt of the
Treasury and business disbursements of Government increased by $3,000,000,000 during 1940. About $1,100,000,000
funds borrowed from New York banks, the
new reserve funds have been widely dis- Treasury of ^jg i n c r e a s e w a s accounted for
.
#
tributed among other banks. All classes of finance
by
special
issues to various Govbanks in all sections of the country showed
ernment funds and $1,000,000,000 by sales
increases in reserves and in deposits.
Member bank loans showed an increase in of United States Savings bonds. Outstand1940, reflecting a large rise in commercial ing Treasury bonds increased by $1,100,000,loans during the last half of the year, offset 000, while the outstanding amount of notes
in part by a decline in loans on stocks and and bills declined slightly.
bonds. Banks continued to add to their hold- As shown in the table on the next page, all
ings of Government securities on a large of the increase in direct obligations which can
scale, and combined holdings of direct and be traded in the open market, that is, Treasury
guaranteed obligations by member banks in- bonds, notes, and bills, occurred during the
creased by about $1,500,000,000, following a second half of the year, when $1,200,000,000
growth of $1,100,000,000 in 1939. Practically of new securities werefloated.These consisted
all of the growth in both years took place at of $700,000,000 of 14-16 year bonds and
member banks in New York City, which $500,000,000 of 5-year taxable National Deadded substantially to their holdings of Treas- fense notes; in addition maturing notes were
ury bonds and of guaranteed obligations. refunded into 13-15 year bonds. In the first
Member banks in other leading cities and half of the year there were no new cash sales
country banks also increased their holdings of open-market obligations, but a reduction
of Treasury bonds during the latter half of of $300,000,000 in the total owing to the retirement of $150,000,000 of Treasury bills in
1940, following a decline in the first half.
The growth in holdings of Government se- January and to retirements of Treasury notes
curities at banks during 1940 was somewhat and bonds maturing during the period and not
greater than the increase in the outstanding exchanged for new issues. The bulk of the
amount of publicly-offered direct and guar- notes and bonds maturing or called in the first
six months of the year were turned in for
FEBRUARY
1941
89
Review of the Month
conversion into the new issues of notes which
the Treasury offered.
UNITED STATES GOVERNMENT INTEREST-BEARING
OBLIGATIONS, DIRECT AND GUARANTEED
[In millions of dollars]
Increase or decrease
Outstanding De- Total,
JanuJulycalcember endar
Decemary31, 1940 year
ber 1940 June
1940
1940
Publicly-offered direct obligations:
Market issues:
Treasury and pre-war bonds
Treasury notes __ _.
Treasury bills
28,039
6,178
1,310
+1,079
-25
-144
+1,405
-205
+8
TREASURY FINANCIAL
OPERATIONS,
1937-1940
[In millions of dollars]
Calendar
years
1937
1938
1939
1940
Budget
deficit i
Social
Other
security accounts,
trust
net 3
funds, net
receipts 2 receipts
Increase
in
publiclyorlered
direct
debt
290
331
769
323
1,521
1,309
1,498
1,896
1,958
2,447
3,969
3,825
1,149
826
1,021
1,026
Change
in
working4
balance
+1,002
+19
-681
-580
1
2
3
Excluding debt retirements.
Excluding investments inspecial debt issues.
Including net sales of guaranteed obligations by Government corporations the proceeds from which were used tofinancetheir operations,
to repay funds previously borrowed from the Treasury, or to build up
their
cash balances.
4
The working balance has been adjusted to include gold held in an
-326
inactive
account by the Treasury during the period December 1936 to
+180
-152 April 1938.
000 below that of the preceding calendar
year.
As shown in the following table, total
+595
+543
5,370 +1,138
-12
- 1 0 expenditures in 1940 aggregated about $9,-21
367
+931 660,000,000, an increase of $770,000,000 for
44, 458 +3,013 +2,082
Total direct obligations
-124
+404
5,901
Guaranteed obligations
+280
the year. National defense expenditures were
i Includes adjusted service bonds of 1945 issued to veterans and Postal
Savings bonds formerly issued to depositors in the Postal Savings Sys- more than $1,300,000,000 larger than in the
tem.
preceding year and the rise was particularly
The interest-bearing guaranteed debt in- marked in the last quarter of the year when
creased by $280,000,000 during the year as a outlays reached a total of $1,140,000,000,
result of the sale of guaranteed notes of the about double those of the preceding quarter.
Commodity Credit Corporation and the Expenditures for the agricultural adjustment
United States Housing Authority in August program, social security grants, and interest
and November. The reduction in this debt
TREASURY EXPENDITURES, 1939-1940
during the first half of the year was due to
[In millions of dollars]
the redemption of bonds of the Home Owners'
Loan Corporation maturing last May.
NaSocial W P A In&
SeTotal tional
ter- All
During the calendar year 1940 expendide- A A A curity
N Y A est other
fense
tures in budget accounts exceeded receipts by
$3,800,000,000, an amount 1939:
2,088
546
285
208
167
78
804
Treasury receipts som ewhat smaller than the January-March
2,320
303
276
April-June.513
349
82
797
Total market issues
U. S. Savings bonds
Special issues to Gov't agencies
and trust funds
Other direct obligations *
35, 527
3,195
+910
+986
+ 1 , 209
+290
-299
+696
:
2
and expenditures
.
deficit m the preceding
year. To meet its requirements the Treasury
issued $1,900,000,000 of publicly-offered direct obligations, of which $990,000,000 were
United States Savings bonds, and reduced its
working balance by $580,000,000 as is shown
in the table. The remainder of the requirements were met by receipts in social security
trust funds and other Treasury accounts.
Both receipts and expenditures increased
substantially during 1940. The increase in
receipts, however, was larger than the rise
in expenditures and the deficit was $140,000,90
3
2, 279
July-September
October-December - 2,201
1940:
2,202
January-March
April-June _. _ _ 2,316
'
2, 283
July-September
4
October-December- 2,858
Calendar year totals:
1939
8,888
1940
9,659
331
358
169
317
96
84
401
371
185 3 1, 097
801
270
403
466
596
1,136
352
183
205
321
102
82
109
107
396
404
342
359
202
384
188
303
970
1,277
2,601 1,060
339
400
4
747
797
843
632
1,832
971 3,499
1,501 1,076 3,021
1
General and special accounts on basis of daily Treasury statements,
excluding
debt retirements.
2
The totals of the quarterly figures for t h e fiscal year 1940 and t h e
half year, July-December 1940, are slightly lower than t h e amounts
indicated in the recent Budget Message because the current daily Treasury statements do not show separately all expenditures for national
defense.
3
Including Treasury payment of $120,000,000 to Commodity Credit
Corporation for restoration of capital impairment in the year ended on
March
31, 1939.
4
Including repayment of $203,000,000 of surplus capital funds b y farm
credit agencies reflected as a credit against expenditures.
FEDERAL RESERVE
BULLETIN
Review of the Month
on the public debt showed moderate increases. Prices of Government securities rose durOutlays for the Work Projects Administra- ing 1940 to new high levels. Moderate fluctuations in the first four months
tion decreased by over $300,000,000. The reof t h
y e a r w e r e f o H o w e ( J by
duction in "all other" expenditures was due Government
J
J
,
.
largely to decreased expenditures by the security market
a sharp decline m May, reflectPublic Works Administration and to special
ing
the
intensification
of the European War.
factors, the largest of which was the repayFrom
early
June
the
market
continued an alment of $200,000,000 surplus capital funds
most
uninterrupted
advance
until nearly the
by certain farm credit agencies.
end
of
the
year.
The
largest
gains occurred
Total receipts in 1940, excluding social sein
June
and
November,
and
the
all-time high
curity employment taxes appropriated to the
record
was
reached
on
December
10.
old-age insurance account, amounted to $5,YIELD ON 1 9 6 0 - 6 5 TREASURY BOND
840,000,000, an increase of $920,000,000 as
compared with 1939. The greater part of
this increase resulted from larger income
tax receipts which were collected mainly on
the corporate and individual incomes of the
calendar year 1939 when business activity
was much higher than in 1938. The increased
income taxes imposed by the two Revenue
Acts of 1940 will first be reflected in income
tax collections during the calendar year 1941.
Miscellaneous internal revenue receipts also
increased substantially in 1940 as a result of
the higher level of national income and, during the period July-December, the increased
tax rates imposed by the First Revenue Act
of 1940 enacted last June.
At this time the 1960-65 bonds, the longest
TREASURY RECEIPTS BY QUARTERS, 1939-1940 *
issue outstanding and one of the largest,
[In millions of dollars]
yielded about 2 per cent. This compares with
a low yield of 2*4 per cent reached in June
Misc.
In- inter- Social
1939 and again in April 1940 and a yield of
CusseTotal come nal curity toms other
taxes rev- taxes
2%
per cent in September 1939. The average
enue
yield on all Treasury bonds callable in more
1939:
than 12 years declined to about 1% per cent,
91
76
1,326
611
497
January-March
19
440
535
79
1,116
April-June
and the yield on 3-to 5-year tax-exempt Treas715
48
88
July-September
1,313
409
60
1,164
561
89
October-December
391
ury notes was between 14 and % of 1 per
1940:
cent.
The average rate on new issues of
62
514
119
90
773
January-March
1,558
3 92 Treasury bills was close to zero during the
April-June
555
73
81
1,353
552
50
796
52
71
July-September
519
1,489
52 year, and a number of issues sold at par or
October-December
720
55
87
1,438
522
Calendar year totals:
at negative yields.
209
333
4,919
1,851 2,308
218
1939
330
299
3 256
5,835
1940
2,366 2,585
In January 1941 prices of Government securities
declined and long bonds lost most of
General and special accounts on basis of daily Treasury statements.
Excluding social security employment taxes appropriated to Federal the gains made during November and Deold-age and survivors insurance trust fund, which averaged $142,000,000
a quarter in 1939 and $145,000,000 in 1940.
Including $44,000,000 payment to the Treasury by the Commodity cember. At the end of January the 1960-65
Credit Corporation because of appreciation in the Corporation's assets bonds again yielded about 2 ^ per cent.
for the year ended March 31, 1940.
2
1
2
3
FEBRUARY
1941
91
Review of the Month
During periods of rise in the Government surance companies purchased about $500,000,security market in the first three months of 000. Since savings banks probably also added
„ , ,„
1940, the Federal Reserve to their holdings during the year, it appears
Federal Reserve
.
_
..
.,, that other investors, principally individuals,
open-market
System, in conformity with reduced their holdings by more than $500,operations
j^s policy of seeking to exer- 000,000. On the other hand, they added
cise an influence toward the maintenance of nearly $1,000,000,000 to their holdings of
orderly market conditions, disposed of $18,- United States Savings bonds.
000,000 of securities from its account. In
The increase in member bank holdings durthe middle of May, when there was a sub- ing 1940 is accounted for principally by New
stantial decline in the market, the System York City banks, which added about $1,300,made some purchases of securities. Although 000,000 to their holdings during the year.
the decline in prices at the time was about Chicago banks and country banks each inhalf that which occurred in the autumn of creased their holdings by $100,000,000, while
1939, conditions in the market were strik- at reserve city banks there was little change.
ingly different from those which existed fol- The increase in member bank holdings of
lowing the outbreak of war. Offerings were Government direct and guaranteed obliganot large, and buyers were present in the tions at the several classes of banks in recent
market on a scale down at practically all years is shown in the chart below. Although
times. In view of this situation, purchases most of the increase during the past two
totaled only $10,000,000 compared with $473,- years occurred at New York City banks, the
000,000 of notes and bonds purchased in the holdings of all classes of banks are at record
autumn of 1939.
high levels.
Subsequently, as the market resumed its
MEMBER BANK HOLDINGS
advance, the System Account disposed of
OF U. S. GOVERNMENT OBLIGATIONS
$44,000,000 through the first of September.
During the last three months of the year the
System Account pursued a more active policy
of selling and disposed of $250,000,000 of
RESERVE CITY
securities. For the year as a whole the
V
BAN <S*
/
amount of holdings in the System Account
^
/
declined by $300,000,000, bringing total hold/
ings at the Reserve Banks to the lowest level
YORK C;ITY
/ V N EW BANKS
since the autumn of 1933.
J
The outstanding amount of Treasury
bonds, notes, and bills increased during the
^
COUNTRY 3ANKS
Holdin s b y e a r b y a b o u t $900,000,000, with
groups of
an increase of $1,100,000,000 in
investors
bonds and small declines in note;
and bills. Guaranteed obligations showed an
increase of $300,000,000. The total amount
of Government obligations in the market,
therefore, increased by $1,200,000,000.
The Federal Reserve System disposed of
At New York City banks, as shown in
$300,000,000 of securities during this period the table on the next page, there were inmaking a total of $1,500,000,000 available creases in notes, bonds, and guaranteed obfor other investors. Member banks added ligations, while holdings of Treasury bills
$1,500,000,000 to their holdings, and life inJARANTEED
CALL
REPORT
DATES
BILLIONS
OF DOLLARS
y
y
* INCLUDE C HICA6O CENTR AL
RESERVE C ITY BANKS.
92
FEDERAL RESERVE BULLETIN
Review of the Month
declined. The increased holdings of bonds
at these banks were concentrated in issues
maturing within 10 years. The increase in
holdings at Chicago banks was largely in
the form of Treasury bills. At reserve city
banks there was a decrease in bonds maturing
in 5-10 years and increases in bonds with
both shorter and longer maturities; at least
part of the apparent shift to the shorter maturities may have reflected holdings of the
two issues maturing in 1945 which automatically moved into the shorter classification. At country banks the increase was in
holdings of bonds, with changes in maturity
distribution showing the same tendencies as
at reserve city banks.
HOLDINGS OF UNITED STATES GOVERNMENT OBLIGATIONS OF ALL MEMBER BANKS, DECEMBER 31,1940
[In millions of dollars]
Change since December 31, 1939
December
31,
1940
All
member
banks
Central reserve city
banks
New
York
City
Chicago
United States Government obligations—total 15,815 +1,487 +1, 272 +104
Re- Counserve
try
city banks
banks
+9
+102
+40
-49
-57
+102
+36
+19
-5
+203
-389
+ 129
+58
+340
-60
+76
-11
+242
-58
+44
+38
Direct obligations:
Bills
651
Notes
2,590
Bonds
_. 9,085
+88
+367
+687
-108 +144
+448 - 3 1
+593 +50
Maturing in—
5 years or less.. 1,368
5 to 10 years.__ 2,885
After 10 years. _ 4,832
+595
-133
+225
+279
+312
+2
Guaranteed obligations
_. 3,489
+345
Maturing in—
5 years or less__ 2,348
+266
+12
-2
+94
-50
Most of the increase during the year in
member bank holdings of all United States
Government securities was in issues maturing in 5 years or less. As a result, the
proportion of the Government portfolio of
these banks maturing within 5 years increased from 39 per cent at the end of 1939
to 44 per cent at the end of 1940. At New
York City banks 54 per cent of the holdings
mature within 5 years, while at country
banks the proportion is only 34 per cent.
FEBRUARY
1941
The President's Budget Message to Congress on January 8, 1941, submitting revised
estimates for the current fiscal
Fiscal outlook year and the first estimates for
the fiscal year 1942, indicates a large volume
of new open-market financing during the
next 17 months. The budget deficit, which
for the fiscal year ended June 1940 was
$3,600,000,000, is now estimated at $6,200,000,000 for the fiscal year 1941, and at
$9,200,000,000 for thefiscalyear 1942. These
estimates do not include outlays for assistance to foreign countries, for the full requirements of the civilian training program
for national defense, or for the extension of
the social security program which the President recommends.
These budget deficits will necessitate corresponding increases in the gross public debt
—$6,200,000,000 during the current fiscal
year and $9,200,000,000 in the next year. On
this basis the gross debt will aggregate $49,200,000,000 on June 30, 1941, and $58,400,000,000 on June 30, 1942. Owing to net
receipts in social security and other trust
funds which are invested in special debt
issues and the continued sales of United
States Savings bonds, the increase in the direct open-market debt will be considerably
less than the increase in the gross debt. In
addition, there may be a substantial volume
of new guaranteed financing.
The increase in the estimated budget deficits for the fiscal years 1941 and 1942 is
due to the large expansion of
Estimated
expenditures resulting from the
budget
national defense program. As
expenditures
shown in the following table,
national defense outlays, which in the fiscal
year 1940 amounted to about $1,600,000,000,
are expected to reach nearly $6,500,000,000
in 1941 and $10,800,000,000 in 1942, rising
from 18 per cent of total expenditures in
1940 to 62 per cent in 1942. These expenditures, which have increased rapidly in recent
months from $200,000,000 in August 1940 to
$570,000,000 in January 1941, would have to
93
Review of the Month
Estimated receipts in the fiscal years 1941
and 1942 will be at record levels owing both
to higher national income and to
Estimated increased taxes under recent revenue
reUfpts
legislation. Income tax receipts in the current fiscal year
are expected to exceed those of the previous
year by over $900,000,000. Most of these will
ESTIMATED BUDGET RECEIPTS AND EXPENDITURES
be collected in the second half of the year,
FISCAL YEARS 1940-41 AND 1941-42
January-June 1941, when collections will be
[In millions of dollars]
based upon the higher incomes of the calendar year 1940 and will also include for the
1940-41 1941-42 first time the increased corporation and individual income taxes levied by the two RevExpenditures, excluding debt retirements:
enue Acts of 1940. A further increase of
6,464
National defense
10,811
-340
Repayments by Gov't corporations (credit)
$1,450,000,000 in income tax receipts is estiAll other
7,078
6,675
mated for 1942, reflecting the anticipated
Total
13, 202
17, 486
higher
level of incomes in the calendar year
Receipts:
Income taxes
3,055
4,510 1941 and also the first full-year collections
2,871
3,029
Miscellaneous internal revenue __ _ _ _
360
Repayments by Gov't corporations
under the Revenue Acts of 1940. The PresiAll other i
736
727
dent
stated in his Message that a start should
Total
.
7,013
8,275
be
made
this year to meet a larger percentage
Deficit
9,210
6,189
of defense payments from current tax re1
Includes customs, miscellaneous receipts, and social security taxes ceipts and that additional tax measures should
except employment taxes appropriated to the Federal old-age and survivors insurance trust fund.
be based upon the principle of ability to pay.
Miscellaneous internal revenue, which, unExpenditures other than for defense are
like
income taxes, reflects changes in busiexpected to decline in each of the fiscal years
ness
conditions and revenue laws relatively
1941 and 1942, reflecting lower expenditures
promptly,
will increase substantially in each
for relief, public works, and the Farm Secuof
the
fiscal
years 1941 and 1942. An indirity Administration whose loan funds are now
cated
decrease
in other sources of revenue
supplied by the Reconstruction Finance Corin
the
fiscal
year
1941 is due to lower customs,
poration. Expenditures for the Work Projmiscellaneous
receipts,
and social security
ects Administration, which in recent years
taxes.
The
decline
in
the
last group is due
have ranged from $1,420,000,000 to $2,160,to
changes
under
the
1939
amendments
to the
000,000, are estimated at $990,000,000 in the
Social
Security
Act.
The
scheduled
repayfiscal year 1942 and may be reduced further
if reemployment is greater than now antici- ments of $700,000,000 of capital funds by
pated. Certain expenditures not subject to Government corporations in 1941 represent
administrative action, such as those for in- nonrecurring items and appear in the budget
terest on the public debt and for social secu- partly as receipts and partly as credits against
expenditures.
rity grants, will increase somewhat.
increase further to an average of about
$830,000,000 a month during the five-month
period, February-June 1941, in order to
reach the total now estimated for the current
fiscal year. In the fiscal year 1942 the average monthly rate on the basis of budget estimates would be about $900,000,000.
94
FEDERAL RESERVE BULLETIN
Economic and Alonetatu
the
toatam
by
JOHN H. WILLIAMS
Vice President of the Federal Reserve Bank of New York
M
Y purpose today is to discuss some of
the economic and monetary aspects of
the defense program. Through defense expenditures and British war buying we have
already reached a higher level of output than
ever before in our history. Federal expenditures for the fiscal year 1941 will be over
thirteen billion dollars, of which more than
six billions will be for defense, and the budget deficit will exceed six billion dollars. For
the fiscal year 1942, the estimated expenditures are over seventeen billion dollars, with
almost eleven billions for defense, and a budgetary deficit of over nine billions. It appears certain that under the stimulus of this
program, to which will be added some billions of British purchases, our national output of goods and services will rise much
higher. Government forecasts indicate that
the national income, which in 1940 (calendar
year) was about seventy-five billion dollars,
may be about eighty billions in 1941 (at 1940
prices) ; and it may rise over the next few
years to as high as ninety billion dollars.
What are the economic considerations
which should guide us in carrying out this
program? In defense, as in war itself, military considerations must have precedence,
but military effectiveness will depend in large
measure upon whether the program is carried
out in ways which enable us to develop and
apply our full economic strength. Our problem is to execute the program as efficiently
and rapidly as possible with a minimum of
adjustments of our economy, both now and
in the post-war period.
To do so, we must keep in mind two sets
of considerations. On the one hand, we
must avoid premature or undue restrictions
* An address delivered at the Mid-Winter Meeting of the New
York State Bankers Association, New York City, January 20, 1941.
which might prevent or retard our reaching
our potential maximum performance. On
the other hand, we must prevent serious maladjustments in the process of expansion,
whether these disturbances take the form of
a general inflation or arise out of special
shortages of productive facilities or materials.
Against the background of the past ten
years, it ought not to be necessary to stress
the importance of avoiding undue or premature restrictive measures. In every great
depression of the past there have been predictions that we had reached the limits of our
growth under the private enterprise system,
but this thesis has never been so forcefully
and plausibly developed as during the past
ten years. I cannot discuss today the merits
of this question beyond saying that the
mature economy thesis does not seem a satisfactory explanation of our experience during
the thirties if we consider that this country
stood virtually alone in its failure to surpass
substantially the level of output of the twenties, though many of the countries which did
so, notably England, are more mature than
we are.
A more plausible explanation of our experience is the unprecedented severity of the
depression from 1929 to 1933, following the
great expansion and the speculative boom of
the twenties. The recovery from 1933 to
1937 was not only one of the longest in our
history but compared very favorably in amplitude with any previous recovery. It began,
however, from such a low level that the volume of output at its peak only slightly exceeded that of 1929. During the last year of
the recovery the expansion consisted to a
marked degree of inventory accumulation and
forward buying. The ensuing decline, as
Note.—Views expressed in signed articles published in the BULLETIN are those of the writers
and not necessarily those of the Board of Governors of the Federal Reserve System.
FEBRUARY
1941
95
Economic and Monetary Aspects of the Defense
Program
always from an inventory boom, was sharp great since 1929, probably as great as that
but not of long duration. I expected that the from 1914 to 1929. Whatever may have
recovery would soon be resumed and would been true of the past ten years, we cancarry us well above the level of the twenties. not plead today a lack of outlets for our
There were clear indications that a new recov- technical skill. It is up to this country, under
ery was underway before the outbreak of the the conditions which now exist, to stage a
war and the defense program created a new convincing demonstration that it can produce
situation.
goods for defense not, in general, at the exWhatever may be the explanation, however, pense of, but in addition to, our peace-time
of our unsatisfactory experience of the past requirements. This is more important in a
decade, it is self-evident that any failure now preparedness program than in war itself beto reach and maintain a high level of national cause the former may last much longer and
income would have a profoundly disturbing depend more vitally upon ability to maintain
effect upon our state of mind. It would con- unimpaired our economic strength and stayfirm our worst fears. Yet it cannot be taken ing power. It was customary during the
for granted that the defense program will as- thirties, when Germany was building her
sure such a level, regardless of how the pro- military machine, to assume that her armagram is carried out. One danger is the draw- ment activity was at the expense of living
ing of false analogies with 1917. Then we standards and would presently bring on its
were already in the midst of a war boom. own destruction through exhaustion and deOur economy was much smaller in relation to cay of the German economy. I am not sugthe world economy. Purchases by the bellig- gesting that Germany is not today taxing her
erents were much larger in relation to our economic resources very heavily, but it is
capacity than they have been thus far in the wishful thinking not to recognize that she
present war. The lesson of 1917 was that we was able to build her military machine not
should have shifted much more promptly than primarily at the expense of her standard of
we did from peace-time to war production. living, but through a highly efficient use of
But to apply this lesson by superficial analogy her technological resources.
to our present problem would be the greatest
One especially important aspect of this
mistake that we could make. When this war question is its bearing upon employment. We
began we had large surpluses of many basic have been accustomed to think of technologiproducts, of man-power and of plant facili- cal change as a temporary phenomenon, temties. Broadly speaking, despite specific short- porarily displacing labor but through fallages which may threaten here and there, we ing costs and widening market creating full
are still in a surplus situation.
employment once the state of technology has
One of the great developments of modern settled down. But the great question raised
times has been the advance of technology. by modern experience is whether technology
This is recognized by economists of every does settle down. The function of the emshade of opinion, though they do not all draw ployer is not to employ labor, but to produce
the same conclusions from it. Some ascribe goods. At every stage of expansion he faces
the threatened stalling of the economic ma- anew the question whether to use more men
chine, as in the great depression, to this fact or better machines and processes. Even in
of great technical progress coupled with in- the present defense program, the purpose
stitutional changes which have impaired the will be to get maximum output rather than
flow of income. I cannot here discuss the full employment.
tendencies toward over-saving and underThis relation of technology to employment
investment of which so much has been heard has some important implications for defense
in recent years, beyond saying that in my own policy. During the past ten years the goal of
view some of the conclusions drawn rest upon monetary and fiscal policy has been stated
misconceptions as to the nature and meaning repeatedly in terms of "full employment".
of the phenomena observable.*
But with national income already at a new
But of the fact of great technological prog- high level and unemployment still amounting
ress there can be no doubt. Technological to some seven millions, we have to recognize
advance in the United States has been that the objective is more difficult to achieve
than had been thought. I am not suggesting
* See my paper on "Deficit Spending," Proceedings of the
that full employment is impossible or may not
American Economic Association, 1941.
96
FEDERAL RESERVE BULLETIN
Economic and Monetary Aspects of the Defense Program
occur during such a great burst of activity, Some special causes of inflation, such as
when we are called upon to tax our economic have played a large part in some earlier incapacity to the utmost, especially if in our flationary episodes, are clearly absent. There
urgency we cannot confine ourselves to the seems to be no danger that inflation will arise
most efficient methods. What I am suggesting through some heavy external drain on our
is that it will not be a useful or trustworthy economy or through flight from the currency
guide for the economic and monetary policies as happened in some European countries
of the defense program. Most of the problems after the first world war. There is no danger
which will require our attention will arise that inflation will arise through government
considerably before full employment is borrowing resulting in a breakdown of public
reached. England, after a year and a half credit, another familiar cause of inflation in
of war and after raising an army larger than the past. During the past decade we have
ever before in her history, is only .now ap- witnessed a substantial increase in the public
proaching full employment; and whether she debt at declining rates of interest. We need
even now has "full employment" depends on have no concern about the ability of the
how one defines this really indefinable term. United States to finance the defense program.
One important bearing of the question of Undoubtedly, if necessary, the entire pro"full employment" is upon the prospect of gram could be financed by borrowing. If
inflation. During the past seven or eight years that is not desirable, the reason is not the
there has been much false alarmism about in- danger of a breakdown of the public credit,
flation in this country. It was largely based but the fact that as output rises toward caupon misconceptions as to the causes of in- pacity, we shall need at some point to curb
flation and the circumstances out of which and control by taxation the community's exas a counterpart of the transfer
such phenomena arise. While production and penditures,
of
productive
facilities to making defense
employment were so far below capacity, there goods.
was no danger of a general inflation. But it
If inflation should arise in any early stage
was possible to have, as we saw in 1936-7,
a spiral rise of prices and wages, accompany- of the defense program, it would probably
ing an inventory boom, at a level of output be of the "bottleneck" variety, arising out
of special shortages of materials or of parsubstantially below capacity.
That minor boom soon spent itself. But ticular kinds of labor, equipment or plant,
under the stimulus of the defense expendi- or out of particular labor or price policies.
tures, that experience could easily be re- The higher the level of production reached,
peated on a much larger and less readily con- the greater will be the possibility that such
trollable scale. This, in fact, looking at our disturbances arising out of special situations
problems from the standpoint of their im- will spread throughout the economy and promediacy, is what we now need most to be duce results essentially similar to those of a
general inflation. In proportion as these
watching for and preparing to prevent.
problems are solved, the inflation danUnder modern conditions there is no clean- special
ger
will
be pushed further off in time and
cut line between what we call bottleneck prob- become more
and more a problem of pressure
lems and a general inflation. In a more flex- upon our general
economic capacity and reible economy we might speak, as the older sources. Some economists
have endeavored
economists did, of inflation arising when we to estimate when and at what
level of output
had reached the limits of economic capacity, this condition will be reached.
estiso that if, for example, we did not divert ex- mates are largely in the nature ofSuch
abstract
penditures and productive facilities from
but it does seem probable that
peace to war-time goods, further expenditures speculation,
the time we reach a national income of
would go into prices rather than output. But by
ninety billion dollars, and sooner if the bottleunder modern conditions "economic ca- necks
are not well-handled, we shall need to
pacity" is a relative term, and there is no be pursuing
a positive policy aimed at preclear and simple guide as to when the in- venting a general
inflation.
flationary process may get underway. CerSurveying
the
defense
problem as a whole,
tainly "full employment", for the reasons the economic policies called
fall into two
given earlier, will not serve well as such a main categories which may beforlabeled
general
guide.
and special. The special problems are those
FEBRUARY
1941
97
Economic and Monetary Aspects of the Defense Program
of the National Defense Advisory Commis- 1940, will be at higher levels of national insion and of the recently created Office of Pro- come. The adoption of a moderate and careduction Management. I do not feel competent fully considered increase in taxes this year,
to discuss them except in the most general to go into effect next year, seems the wisest
terms. As I have said, they are the questions course. Restrictive taxes on consumption
of most immediate importance. Some gen- should in general be delayed until fyiil caeral principles seem applicable. We should, pacity is reached.
as I have said, try so far as possible at our
Of monetary measures and policies I need
present stage to have military production speak only briefly. You are all familiar with
supplement and not supplant peace-time pro- the report made to Congress bv the Federal
duction and consumption. We should proceed Reserve System on December 31, 1940. I am
cautiously with priorities, acting only after entirely in accord with the general principles
the most careful study and going only as of the program there outlined for absorbing
fast and as far as the need is clearly demon- excess reserves and removing various sources
strated, after experimentation with informal, of potential increases in excess reserves, involuntary procedures. The same policy seems cluding some method of insulating gold indesirable with regard to price controls.
flow from the credit system. With our presThe recent statements of Defense Commis- ent redundant money supply, it is also desirsioner Henderson and other public officials able to do as much of our defense borrowing
indicate, I believe, the correct approach to as possible through non-bank investors.
these problems. It is in this area that the
The important question about this monedangers of undue or premature restrictive tary program is not whether it should not,
measures, of which I spoke earlier, prin- in some form, be adopted by Congress after
cipally lie. There is danger, also, that any due deliberation. Of that there should not be
general threat of such controls would lead to any question. A more difficult and debatable
inventory accumulations and anticipatory question is when the actions outlined in the
price increases which would bring on the program should be taken. Into this question
very disturbances feared. Moreover, the I cannot enter in detail, but speaking only
more we can avoid such controls, the simpler for myself, the same considerations should
will be the adjustments to normal activity in apply as have previously been stated. To
the post-war period.
plan measures of monetary preparedness
The more general policies called for are should not be confused with the actual makfiscal and monetary. The appropriate fiscal ing of policy decisions. Here again there is
policy is one combining borrowing and taxa- the need for caution against undue or pretion in such proportions that borrowing will mature restrictive measures. There is, of
decline and tax revenue increase as the na- course, much more point today in talking
tional income rises. One of the dangers of about the possibility of inflation than there
undue or premature restraint lies in taxa- was four or five years ago when the talk was
tion. The general principle which should be at its height; and there is a very real possifollowed was admirably expressed in the bility that at some point in the development of
President's recent Budget Message, which this defense program, the problem will berecommended a policy "aimed at collecting come a real one. But for the present we
progressive taxes out of a higher level of should hold fast to the fact that there are
national income," rather than "restrictive tax still no signs that the inflationary process is
measures applied to the present national in- upon us or even that it is just around the
come." It is probably not generally recog- corner. Meantime, prudence dictates that
nized how productive our present tax system, we should be prepared to put our house in
including the revenue measures passed in order.
98
FEDERAL RESERVE BULLETIN
QoLd and
/Keloutcel ofi the
United Kingdom
I
N a letter dated January 21, the Secretary
Some of the figures now made available by
of the Treasury presented to Mr. Bloom, the British authorities for August 31, 1939,
chairman of the Foreign Affairs Committee differ from those derived from American
of the House of Representatives, official Brit- sources and given on page 9 of the January
ish estimates of the gold and dollar resources 1941 issue of the Federal Reserve BULLETIN.
of the United Kingdom on August 31, 1939 The nature of the differences between the
and December 31,1940. The estimates showed estimates was indicated in the Secretary's
a decline of $2,316,000,000 in British gold letter of January 21 to the Foreign Affairs
and dollar resources in the first 16 months of Committee. The British figure of $2,038
the war. The Secretary's statement con- million for United Kingdom gold holdings is
tained a balance of payments with a break- exact; the Board's estimate of $2,000 million
down of the transactions which account for was given broadly in round figures. There
this decline. This statement was prepared is no difference regarding balances. The sigby economists of the Treasury, the Depart- nificant differences all lie in the data for
ment of Commerce, and the Board of Gov- securities and investments. The British
ernors of the Federal Reserve System on the figure for market securities of $950 million
basis of data supplied by the British Govern- was derived from their own records of sement. Previously, on January 15, the Secre- curities registered with the British Governtary had presented to the Committee the ment, while the Board's figure of $1,080 milBritish estimates of their main gold and lion was based upon the Department of Comdollar transactions in 1941, excluding pay- merce data, which in turn were largely dements on new British Government orders rived from United States tax returns. There
during the year.
were also differences in the dates of valuation
The following table shows the change in between the two sets offigures,although both
the position of the United Kingdom during adopt the criterion of market value. The difthe war period on the basis of the British ference attributable to statistical method,
however, amounting to about $130 million,
figures.
is a minor one in relation to the large totals
BRITISH ESTIMATES OFJJJKI^ED KINGDOM
involved and such as might reasonably be
GOLD.AND DOLUAR^JGESOURCES
expected
between two independent estimates
—"
[In millions of dollars]^
•
of
so
complex
a character—particularly as on
ExAmount held
holdings of foreign nominees the beneficiary
Amount pended
December 31, 1940
Sept. 1,
held
Gold and
may have a nationality different from that of
1939Dollar Resources
Aug. 31,
UnNet
Dec. 31, Total avail- avail- the nominee.
1939
Finally, the British estimate
1940
able
able i
of direct and miscellaneous investments,
292
Gold
2,038
51
241 stated to be "not in excess of $900 million,"
1,746
359
54
595
236
Dollar balances
305
616 is a tentative estimate subject to revision. It
2 334
616
950
Market securities
Direct and miscellaneous
differs from the Commerce figure of $1,185
900
900
900
investments
million,
employed by the Board, chiefly beTotal
. .
4,483
356
2,316 2,167
1,811
cause the Commerce figures in this category
1 The British regard as unavailable $30 million of gold scattered in represent book value and capitalized earnings
different parts of the world, $21 million of gold held against outstanding and do not purport to measure liquidating
forward exchange contracts, and $305 million representing private dollar
balances, which are considered to be at the minimum level necessary value.
for the transaction of current business.
2 Including direct sales of British-held securities not recorded in the
As shown in the table, gold and dollar reweekly capital movement statistics of the United States Treasury since
sources of the United Kingdom suffered a
they were not effected through reporting banks, brokers, and dealers.
FEBRUARY
1941
99
Gold and Dollar Resources of the United
drain of $2,316,000,000 from September 1,
1939, to December 31, 1940. A summary of
the British data accounting for this drain
follows:
SUMMARY STATEMENT OF GOLD AND DOLLAR TRANSACTIONS OF STERLING AREA
September 1, 1939-December 31,1940
[In millions of dollars]
1. Goods and services
Purchased from United States. . . 2,045
Sold to United States
1,015
Net purchases from
United States
Net gold and dollar payments to
countries other than the
United States (some for capital purposes)
2. Outflow of capital
Capital assistance and advance
payments to United States. .
Capital withdrawals, mainly from
United Kingdom
3. Miscellaneous items and errors of
estimation
4. Net expenditures to be met in gold
and dollars
5. Gold mined or dishoarded during
period and sold abroad . .
6. Drain on gold and dollar resources
held by United Kingdom at
beginning of period
1,030
725
720
735
71
3,281
965
than the transactions of the United Kingdom
alone. The reason for regarding the net gold
and dollar expenditures of the whole Sterling
Area as a drain on the gold and dollar resources of the United Kingdom lies in the
special nature of the exchange control regime
which was established in the Sterling Area
at the outbreak of war. Under this regime,
the United Kingdom undertakes to make
available to the other Sterling Area countries
the dollar exchange which they may currently require to settle unfavorable balances
in their dollar transactions. On the other
hand, any surplus gold or dollar exchange
which such countries may currently acquire
from international transactions—or, in the
case of gold, from domestic production or dishoarding—is customarily made available to
the United Kingdom. Canada, however, together with Newfoundland, is on an independent currency basis and is administering its
gold and dollar resources in accordance with
its own needs in the prosecution of the war.
The table immediately following shows the
transactions of the Sterling Area with Canada and Newfoundland and the resultant
balance payable in gold that must be carried
to the main table showing gold and dollar
transactions of the Sterling Area, which appears on the next page.
STERLING AREA TRANSACTIONS WITH CANADA AND
NEWFOUNDLAND
[In millions of U. S. dollars]
2,316
More detailed data covering the drain on
British gold and dollar resources during the
war, together with the British estimates of
the drain anticipated in the calendar year
1941 exclusive of any payments which may
be called for on British Government orders
placed during 1941, are given in the tables
below. All the data incorporated in these
tables are drawn from the statements of the
Secretary of the Treasury.
It will be noted that the summary statement and the tables show the gold and dollar
transactions of the whole Sterling Area
(broadly speaking, the British Empire excluding Canada and Newfoundland) rather
100
Kingdom
Sept. 1,1939Dec. 31, 1940
(16 months)
Transactions
Payments on current account:
By United Kingdom....
By Sterling Area excluding United
Kingdom
1941
Estimates
795
135
Total
Receipts on current account:
By United Kingdom
By Sterling Area excluding United
Kingdom
Total.....
275
100
375
Deficit on current account
Deduct: Canadian assistance to United
Kingdom (repatriation of British-held
Canadian securities and increase in Canadian-held sterling balances)
555
330
260
Balance carried to main table, page 101
225
620
* Not reported separately.
FEDERAL RESERVE
BULLETIN
Gold and Dollar Resources of the United Kingdom
ESTIMATED GOLD AND DOLLAR TRANSACTIONS OF STERLING
AREA 1
[In millions of dollars]
Gold aad Dollar Expenditures
Sept. 1, 1939Dec. 31, 1940
(16 months)
Payments to United States by
United Kingdom:
On British Government orders in the
U.S.:
Goods delivered
2 660
Advance payments—net
570
Capital assistance—net
150
Total
1,380
For other merchandise imports from
U. S
705
For services (shipping, interest and
dividends, etc.)—net ._
57
Total
2,142
Payments to United States by
Sterling Area (excluding U. K.) :
For merchandise imports from United
States
435
For services—net
18
Total....
453
Payments to Countries Other Than U. S.
by Sterling Area:
Balance of Sterling Area with Canada
and Newfoundland settled in gold.__ 4 225
Gold and dollar payments to other
5 500
countries—net.
725
Total._
Withdrawal of Capital from Sterling
Area (principally from U. K.) :
By Americans and others through
sale of free sterling to American im300
porters
By repayment of outstanding export
credits required by cash-and-carry
200
provision of Neutrality Act
By liquidation of forward exchange"
235
position in dollars
735
Total
Miscellaneous Items and Errors of
Estimation:
71
Grand total..
4,126
1941
Estimates
Gold and Dollar Receipts
Receipts from United States by
United Kingdom:
From merchandise exports to United
States
From services—net
*
Total
Receipts from United States by
Sterling Area (excluding
United Kingdom) :
From merchandise exports to United
States
31, 274
280
1,554
333
5
338
Receipts by Sterling Area from sale
abroad of currently mined and
dishoarded gold
Receipts from use of gold and dollar
resources held by United Kingdom at
beginning of period
Grand total
247
867
2, 759
Sept. 1,1939Dec. 31, 1940
(16 months)
1941
Estimates
165
15
205
205
180
640
560
965
«555
2,316
1,464
4,126
2,759
* Not reported separately.
1 The Sterling Area represents broadly the British Empire excluding
Canada and Newfoundland; the latter description was used for the sake
of simplicity in the figures released by the Treasury. More specifically,
it represents the British Empire exclusive of Canada, Newfoundland,
and Hong Kong, but with the addition of British mandated territories
and of Egypt, Iraq, and the Anglo-Egyptian Sudan. Within the Sterling Area, the United Kingdom represents England, Scotland, Wales,
and Northern Ireland.
2 Includes goods awaiting export at the year end and goods exported
to 3Canada or other countries for United Kingdom account.
No provision is made in this figure for prepayments or deliveries
on orders placed in 1941; the figure represents only payments during
1941 on British Government orders placed before the end of 1940. Because of partial prepayment of these orders in 1940, these 1941 payments
will be considerably less than the value of the goods delivered for export
during
the year.
4
For derivation of this balance see preceding table, page 100.
5
Composed of gold and dollar expenditures of $550 million and dollar
receipts
of $50 million.
6
South African and Australian gold exports.
jfftitbk Mobilisation of United <>taU5 VoLLat
On January 11 the British Treasury issued
an order requisitioning a further list of
American securities held by United Kingdom
residents. Three lists of other United States
dollar securities requisitioned by the Treasury during 1940 have been presented in previous issues of the BULLETIN.1 The present
order requires United Kingdom residents to
transfer to the Bank of England as agent
of the British Treasury their holdings of the
securities listed on the following page, including 25 common stocks, 20 preferred
stocks, 20 bonds of private corporations, and
37 securities issued by the Government or
1
See BULLETIN for January 1941, p. 25 ; May 1940, pp. 408-4C9 ;
and March 1940, pp. 203-207.
FEBRUARY
1941
Government agencies. The latter category,
covering bond and note issues of the United
States Treasury and obligations of Government agencies, has not been represented in
previous lists.
Payment is to be effected on February 24
in the sterling equivalent (at the official buying rate for dollars of $4.03% to the pound)
of the closing market prices for the securities
in New York on January 11. Since the bulk
of British holdings of American securities is
in common stocks, it is significant to note
that 189 common stock issues, including almost all the market leaders, have now been
covered by these requisitioning orders.
101
British Mobilization of United States Dollar Securities
Common Stocks
Bonds
Adams Express Company
Addressograph-Multigraph Corporation
Allegheny Ludlum Steel Corporation
American Smelting and Refining Company
American Telephone and Telegraph Company
Anaconda Copper Mining Company
Borg-Warner Corporation
Boston and Albany Railroad Company
Coca-Cola Company
Creole Petroleum Corporation
Curtiss-Wright Corporation
Fidelity Phenix Fire Insurance Company
First National Bank of New York
Lehman Corporation
Minneapolis-Honeywell Regulator Company
National Distillers Products Corporation
National Steel Corporation
Peninsular Telephone Company
Pennsylvania Water and Power Company
Public Service Corporation of New Jersey
St. Joseph Lead Company
Sperry Corporation
Superheater Company
Timken Roller Bearing Company
United States Gypsum Company
American Telephone and Telegraph Company,
Sinking Fund Gold Debentures due 1943, and
Debentures due 1961 and 1966
Atchison, Topeka, and Santa Fe Railway Company,
4V2% Convertible Gold Debentures due 1948, and
4% Convertible Gold Bonds due 1960
Chesapeake and Ohio Railway Company, S%% Refunding and Improvement Bonds due 1996 (Series
D)
Columbia Gas and Electric Corporation, 5% Gold
Debentures due April 15, 1952, May 1, 1952, and
May 1, 1961
Consolidated Edison Company of New York, Inc.,
3V2% Debentures due 1956, and 3 % % Debentures
due 1946
Great Northern Railway Company, 4% Convertible
General Mortgage Bonds due 1946 (Series G and
H)
New York Central Railroad Company, S%% Gold
Bonds due 1997 (bearer and registered)
Norfolk and Western Railway Company, 4% First
Consolidated Mortgage Gold Bonds due 1996
(bearer and registered)
Pennsylvania Railroad Company, 4V2% General
Mortgage Gold Bonds due 1965 (Series A ) , 5<To
General Mortgage Gold Bonds due 1968 (Series
B), 4V2% Consolidated Mortgage Gold Bonds due
Preferred Stocks
1960, and 3 % % Convertible Debentures due 1952
Alabama Power Company, $7 cumulative preferred Union Pacific Railroad Company, 4% First Mortgage
Gold Bonds due 1947 (bearer and registered)
stock
American Power and Light Company, $6 cumulative
preferred stock
American Tobacco Company, 6% cumulative preferred stock
Carolina Power and Light Company, $7 cumulative
preferred stock
Central Power and Light Company, 6% cumulative
preferred stock
Commercial Credit Company, 4^4% cumulative convertible preferred stock
Consolidated Edison Company of New York, Inc., $5
cumulative preferred stock
Florida Power and Light Company, $7 cumulative
preferred stock
General American Investors Company, Inc., $6 cumulative preferred stock
General Cable Corporation, 7% cumulative preferred
stock
General Motors Corporation, $5 cumulative preferred
stock
Great Northern Railway Company, $6 non-cumulative preferred stock
Kendall Company, $6 cumulative participating preferred stock (Series A)
National Bond and Investment Company, 5% cumulative preferred stock (Series A)
Northern Indiana Public Service Company, 6%
cumulative preferred stock
Ohio Edison Company, $6 cumulative preferred stock
Public Service Corporation of New Jersey, $5 cumulative preferred stock
Republic Steel Corporation, 6% cumulative convertible prior preference stock (Series A)
United Corporation, $3 cumulative preference stock
United States and Foreign Securities Corporation,
$6 cumulative first perferred stock
102
Government Securities
United States of America Treasury Bonds:
4V4% due 1947-52
2%%
4% due 1944-54
2%%
3% °/c due 1946-56
3 % 9c due 1943-47
3 Mr % due 1941, 1943-45
and 1944-46 '2 V2%
3V8% due 1946-49 and
1949-52
3%
due 1946-48 and
2%
1951-55
due 1955-60
due 1945-47, 1948-51
1951-54, 1956-59
1958-63, and
1960-65
due 1945, 1948,
1949-53, and
1950-52
due 1947
United States of America Treasury Notes:
2% due 1942 (Series B)
1%% due 1942 (Series C)
1%% due 1941 (Series C)
iy 8 % due 1943 (Series A and B)
1% due 1944 (Series B and C)
%% due 1944 (Series A)
Securities of Government Agencies
Government
Guaranteed:
Federal Farm Mortgage Corporation, 3 % Bonds
due 1944-49
Home Owners' Loan Corporation, 21/4% Bonds
due 1942-44 (Series G), and 1V2% Bonds due
1945-47 (Series M)
Not Government
Guaranteed:
Federal Land Bank Consolidated Farm Loan
Bonds, 3 % % Bonds due 1945-55, 3 % Bonds due
1946-56 (Jan. 1), and 3% Bonds due 1946-56
(May 1)
FEDERAL RESERVE
BULLETIN
(food* £xpenditute5
in
1940
I
by
GEORGE TERBORGH
Senior Economist
Division of Research and Statistics
T
HE accompanying table gives preliminary 1939, a decline in outlays under the 1938
estimates of domestic expenditures for new P.W.A. program and in W.P.A. activity havdurable goods in 1940, in continuation of the ing more than offset gains in the building of
series for earlier years presented in the BUL- government-owned housing and in military
LETIN for September, 1939 and for February and naval construction. Expenditures for
1940. For definitions, sources, and methods, privately-owned durable goods, on the other
the reader
is referred to the September 1939 hand, were up 22 per cent, producers' goods
article.1
showing an increase of 29 per cent and conThe total of public and private expenditure sumers' goods a rise of 17 per cent.
in 1940 appears to have exceeded 1939 by Outlays for plant made a smaller relative
about 16 per cent and 1937 by about 10 per gain over 1939 than expenditures for equipcent. It remained, however, substantially ment. This is true even if we exclude public
below 1929, the pre-depression peak. Public construction, which declined for the year.
construction was down about 7 per cent from There is evident a continuation of the lag in
1
Acknowledgment is due Ray R. Foster, of the Division of the revival of private construction activity
Research and Statistics, for his aid in compiling estimates of con- that has characterized the recovery movestruction expenditures.
In view of the defense program, it may be pointed out that the ment thus far. Private plant outlays were
estimates for durable goods exclude naval vessels and special
military equipment generally, while including (under public con- only 59 per cent of 1929, in contrast to equipstruction) outlays for military posts, yards, docks, and hangars, ment expenditures 93 per cent of that year.
for defense housing, and for publicly-owned productive plant.
Government expenditures for equipment of ordinary commercial Outlays for producers' plant were only half
type, such as typewriters, machine tools, and motor trucks, are
included in the estimates for private equipment expenditures. of 1929, while expenditures for equipment
Heretofore, purchases of such equipment by governments have
Certain important
been relatively insignificant. Under the defense program, how- were fully recovered.
ever, they are certain to expand materially, and it is hoped that classes of producers' equipment, such as inthey can be at least partially segregated in estimates for later
dustrial and commercial, made new highs.
years.
ESTIMATED EXPENDITURES FOR NEW DURABLE GOODS
All 1940 figures are preliminary. En millions of dollars]
Plant and Equipment
1929
'25, 542
Public and private
Public construction :
'23,131
Private _ _ _
Producers'
i o , 126
Total
Railroads
_
840
774
Electric power
615
Telephones
135
Transit
,
369
Other utilities
__
3,596
Mining and manufacturing
'961
Agriculture
Commercial and miscellaneous. __ 2,836
Consumers'
'13,005
Total
Housing
Non-profit institutions
Passenger cars
Household goods
1937
1939
'20, 006 '19, 021
Equipment
Plant
1940
1929
1937
22,123
'10, 744
2,411
1939
1940
1929
'7,004
'7,815
8,307
14, 798
13, 002 1 1 , 206
13, 816
'2, 802
'3, 619
3,354
13,002 1 1 , 206
13, 816
1937
1939
1940
17,204
'15, 402
18,769
'8, 333
4,202
'4,196
4,953
14, 798
7,570
525
400
348
101
162
3,122
919
1,993
'6,107
373
333
107
'121
2,425
'773
1,705
7,884
450
485
400
114
150
3,375
865
2,045
'4, 531
503
387
328
82
256
1,441
'348
1,186
2,294
188
172
100
39
117
1,053
222
403
'1,876
'130
160
'91
54
'81
775
'230
355
2,318
170
210
117
51
100
975
250
445
5,595
337
387
287
53
113
2,155
613
1,650
5,276
337
228
248
62
45
2,069
697
1,590
'4, 231
140
213
242
53
'40
1,650
'543
1,350
5,566
280
275
283
63
50
2,300
615
1,700
9,634
'9, 295
10,885
'3, 802
'3, 234
568
1,908
1,740
168
'2,320
'2,095
'225
2,635
2,385
250
9,203
7,726
'6,975
8,250
3,293
5,910
2,726
5,000
'2, 275
4,700
2,950
5,300
T-270
' Revised.
i Includes work-relief construction.
FEBRUARY
1941
103
Ttom a Jleaat Standpoint
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors and other similar material.
subject to the regulation, is not used for the
of meeting those requirements. This
The Board of Governors has adopted an purpose
will
simplify
operations under the regulation,
amendment to Regulation U, entitled Loans especially in cases
involving loans to a broker
by Banks for the Purpose of Purchasing or and dealer in securities
has at the bank
Carrying Stocks Registered on a National both a loan that is subjectwho
to
the
Board's marSecurities Exchange.
gin requirements and a loan that is not subject
The amendment, which becomes effective to these requirements. In connection with
February 17, 1941, is essentially technical. this mechanism, collateral which must be used
Its principal purpose is to reconcile provisions to meet the Board's margin requirements for
of Regulation U with rules recently issued by ertain loans to brokers and dealers may be
the Securities and Exchange Commission used for other purposes only to a limited exwith respect to the hypothecation by brokers tent. In particular, it may not be used to
or dealers of securities carried by them for enable the borrower to obtain on the basis
the account of customers (Rule X-8C-1 and of the same collateral both a loan subject to
Rule X-15C2-1). These rules, which become the Board's margin requirements and a loan
effective on February 17, 1941, are printed not subject thereto. This restriction, howat page 0000 of this BULLETIN, together with ever, does not apply to the use of collateral
a statement that was issued by the Commis- for purposes of maintaining both loans, prosion in announcing its adoption of the rules. vided both loans have been properly made in
These SEC rules, in order to safeguard the the first place.
rights of customers in their securities, proOne effect of the amendment will be to
vide among other things that when a broker enable
banks which must revise any of their
or dealer borrows on any customers' securi- loan agreements
with brokers or dealers as a
ties he must not commingle them with his own consequence of the
SEC rules to do so with
under the same pledge. The amendment to a minimum of inconvenience.
Regulation U takes account of this requireamendment does not require any bank
ment by providing, in effect, that any indebt- to The
reduce
loan, to obtain additional coledness of a broker or dealer that is secured lateral for any
any
loan,
or to call any outstanding
by customers' securities shall be treated loan because of insufficient
collateral.
separately from any of his other indebtedThe
text
of
the
amendment
is as follows:
ness. There are provisions, however, both
in the SEC rules and in Regulation U, which
AMENDMENT NO. 4 OF REGULATION U—
permit an agreement between the borrower
EFFECTIVE FEBRUARY 17, 1941
and the lender by which securities belonging
to the broker or dealer himself may be used Regulation U and the Supplement thereto are
as supplementary collateral for a loan secured hereby amended in the following respects, and such
amendment shall become effective February 17, 1941,
by securities of his customers.
but any bank may, at its option, conduct its operaIn addition to making changes necessitated tions in accordance with such amendment at any time
by the SEC rules, the amendment to Regula prior to that date:
tion U provides for a simple mechanism by 1. Section 3 of Regulation U is amended by adding
which collateral that is used to meet th the following subsections at the end thereof:
(m) Indebtedness "subject to section 1" is inrequirements of Regulation U may be eardebtedness which is secured directly or indirectly
marked and distinguished from other colby any stock, is for the purpose of purchasing
lateral which, even though it secures a loan
or carrying any stock registered on a national
Amendment of Regulation U
104
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
securities exchange, and is not excepted by section 2.
(n) In the case of any loan subject to section
1 to a broker or dealer in securities, and in the
case of any such loan to any other borrower
whose indebtedness the bank elects to treat for
the purposes of this subsection as if it were that
of a broker or dealer, the bank shall identify all
the collateral used to meet the collateral requirements of section 1 and shall not cancel the identification of any part thereof except in circumstances that would permit the withdrawal of that
part. Such identification may be made by any
reasonable method.
In any such case—
(1) Only the collateral so identified shall
have loan value for purposes of section 1 or
be subject to the restrictions therein specified with respect to withdrawals and substitutions; and
(2) For any indebtedness of the same
borrower that is not subject to section 1
(other than a loan described in section 2 (d),
(f), (g), or (h)), the bank shall in good
faith require as much collateral not so identified as the bank would require (if any) if it
held neither the indebtedness subject to section 1 nor the identified collateral. This rule
shall not be construed, however, to require
the bank, after it has made any loan, to obtain any collateral therefor because of any
decline in the value or quality of the collateral or in the credit rating of the borrower.
(o) This subsection applies to any case in
which indebtedness of a broker or dealer that is
subject to section 1 is secured by any securities
which, according to written notice received by the
bank from the broker or dealer pursuant to a
rule of the Securities and Exchange Commission
concerning the hypothecation of customers' securities (Rule X-8C-1 or Rule X-15C2-1), are
securities carried for the account of one or more
customers. For the purposes of this regulation—
(1) All such securities and all such indebtedness shall be considered separately
from other collateral and indebtedness of
the borrower;
(2) Only such securities shall have loan
value for any such indebtedness; and
(3) All such indebtedness shall be considered a single loan and all such securities
shall be considered in connection therewith,
except that specified indebtedness, together
with the securities treated by the bank as
having loan value therefor, may be treated
separately if such securities secure only such
specified indebtedness and the borrower
states in writing that they are carried for
the account of a single customer.
2. The second paragraph of the Supplement to
Regulation U is amended to read as follows:
Loans to brokers and dealers.—Notwithstanding the foregoing, a stock, if registered on a national securities exchange, shall have a special
maximum loan value of 75 per cent of its current
market value, as determined by any reasonable
method, in the case of a loan to a broker or dealer
from whom the bank (1) accepts in good faith a
signed statement to the effect that he is subject
to the provisions of Regulation T (or that he
FEBRUARY
1941
does not extend or maintain credit to or for customers except in accordance therewith as if he
were subject thereto), and (2) receives written
notice, pursuant to a rule of the Securities and
Exchange Commission concerning the hypothecation of customers' securities by brokers or dealers (Rule X-8C-1 or Rule X-15C2-1), to the effect
that the stock is a security carried for the account of a customer.
Rules of Securities and Exchange Commission Concerning
the Hypothecation of Customers7 Securities
by Brokers or Dealers
There is set forth below a statement that
was issued by the Securities and Exchange
Commission on November 15, 1940 in announcing its adoption of rules concerning the
hypothecation of customers' securities by
brokers or dealers (Rule X-8C-1 and Rule
X-15C2-1). As indicated above in connection
with the related amendment of the Board's
Regulation U, the Commission's rules become
effective on February 17, 1941. The text of
the rules is included in the statement.
The Securities and Exchange Commission today
announced the adoption of two rules under the Securities Exchange Act of 1934 carrying out the statutory
principles governing the pledging of customers' securities as collateral by members of national securities exchanges and other brokers and dealers.
The new rules are designed to furnish added
protection to customers against losses which may
result from brokerage failures. It has not previously
been illegal under the usual kind of "customer's
agreement" for a broker or dealer to commingle
customers' securities with his own as collateral for
loans used by the firm in its business as a dealer
or trader for its own account. Likewise, it has not
been illegal under such "customer's agreements" for
brokers and dealers to borrow more on their customers' securities than was owed them by the customers. Where the broker or dealer failed under
such circumstances, the risk of loss to customers
was substantially increased.
To this end, the rules, in effect, prohibit brokers
and dealers from risking the securities of their customers as collateral to finance their own trading,
speculating or underwriting ventures.
Subject to certain exemptions, the rules put into
operation three simple principles laid down in the
three clauses of Section 8 (c) of the Act. The first
is that brokers or dealers must not commingle the
securities of different customers as collateral for a
loan without the consent of each customer. Second,
a broker or dealer must not commingle his customers'
securities with his own under the same pledge.
Finally, a broker or dealer must not pledge customers' securities for more than his customers owe
him.
^ The rules were the subject of several months of
discussion between the Commission's staff and the
national securities exchanges, the National Association of Securities Dealers, Inc., certain banks making
substantial brokers' loans and other representatives
of the financial community. Many of the provisions
of the rules are based upon suggestions made by
these sources.
105
From a Legal Standpoint
Because of the complexity of the credit mechanisms types of day-to-day financing of customers' transacwhich these rules affect and because of the possibility tions. Since these exemptions are somewhat techthat operation under the rules may entail some read- nical and complex, the Commission is also making
justments in the business methods of members, public a short explanation of the rules.
The text of the Commission's action follows:
brokers and dealers, they will not become effective
until February 17, 1941. The Commission suggests
The Securities and Exchange Commission,
that brokers and dealers who will be subject to the
deeming
it necessary for the exercise of the funcnew rules may find it desirable to conduct their busitions
vested
in it and necessary and appropriate
nesses in accordance with these rules for some period
in
the
public
interest and for the protection of
prior to their effective date of February 17, 1941, in
investors
so
to
do, pursuant to authority conorder that their operation may be studied and such
ferred upon it by the Securities Exchange Act
readjustments made as may appear necessary before
of 1934, as amended, particularly Sections 8 (c),
they become effective.
3 (b) and 23 (a) thereof, hereby adopts the
The two rules, designated as Rule X-8C-1 and Rule
following rule:
X-15C2-1 will provide uniformity of regulation with
RULE X-8C-1. Hypothecation of Customers'
respect to all branches of the brokerage industry
Securities.
regardless of whether those subject to the rules are
exchange members, or brokers or dealers doing a
(a) General Provisions. No member of a
business through the medium of a member, or overnational securities exchange, and no broker or
the-counter brokers or dealers who do not transact
dealer who transacts a business in securities
business through the medium of an exchange member.
through the medium of any such member shall,
Compliance with Rule X-8C-1 will thus automatically
directly or indirectly, hypothecate or arrange
constitute compliance with Rule X-15C2-1, and vice
for or permit the continued hypothecation of any
versa.
securities carried for the account of any customer
It is important to note the effect of paragraphs
under circumstances—
(a) (2) and (a) (3) of the rules upon the present
(1) that will permit the commingling of
practices of banks and other leaders in making and
securities carried for the account of any such
handling brokers' loans. Under the present type of
customer with securities carried for the acloan agreement customarily used between a broker
count of any other customer, without first
and a bank or other lender, the lender, of course,
obtaining
the written consent of each such
holds specific liens against the particular securities
customer
to
such hypothecation;
earmarked for each loan. In addition, the lender
(2)
that
will
permit such securities to be
at present usually holds a general lien for the total
commingled with securities carried for the
amount of all of the broker's loans, some of which
account of any person other than a bona fide
may represent borrowings on the broker's own
customer of such member, broker or dealer
securities to finance his own trading activities. This
under a lien for a loan made to such member,
general lien runs against all of the securities debroker or dealer; or
posited as collateral, even though customers' securi(3) that will permit securities carried for
ties are included among them.
the account of customers to be hypothecated, or
As may be seen, the danger in this practice of
subjected to any lien or liens or claim or
pledging all securities, including customers' securities,
claims of the pledgee or pledgees, for a sum
under a single lien is that if the firm gets into financial
which exceeds the aggregate indebtedness of
difficulties, the customers' securities are in danger
all customers in respect of securities carried
of facing the same loss as the firm's securities. Therefor their accounts; except that this clause
fore, paragraph (a) (2) prohibits pledging cusshall not be deemed to be violated by reason
tomers' securities under such a general lien if the
of an excess arising on any day through the
broker's or dealer's securities are also pledged under
reduction of the aggregate indebtedness of
the same lien to obtain or increase the loan or as
customers on such day, provided that funds
substituted collateral for customers' securities.
in an amount sufficient to eliminate such excess
Furthermore, the existence of such a general lien
are paid or placed in transfer to pledgees for
would result in a violation of paragraph (a) (3) of
the purpose of reducing the sum of the liens
the rules if customers' securities are pledged thereor claims to which securities carried for the
under for a sum greater than the total indebtedness
account of customers are subject as promptly
of customers to the broker.
as practicable after such reduction occurs,
Accordingly, to avoid these violations it will be
but before the lapse of one half hour after the
necessary for members, brokers or dealers to revise
commencement of banking hours on the next
their agreements with banks and other lenders such
banking day at the place where the largest
as other brokers or dealers, who may obtain liens
principal amount of loans of such member,
on customers' securities so that such lenders will not
broker or dealer are payable and, in any event,
have liens involving violations of the rules. The
before such member, broker or dealer on such
Commission understands that a substantial time
day has obtained or increased any bank loan
before the rules become effective, banks which cuscollateralized by securities carried for the
tomarily do a loan business with brokers and dealers
account of customers.
will have made appropriate revisions in their loan
(b) Definitions. For the purposes of this rule—
agreements designed to permit brokers and dealers
to meet the requirements of the rules.
(1) The term "customer" shall not be
Most of the exemptions which are embodied in the
deemed to include any general or special
rules were necessitated by the difficulties which might
partner or any director or officer of such
be created by a strict, minute-to-minute application
member, broker or dealer, or any participant,
of the three basic principles of the rules to certain
as such, in any joint, group or syndicate ac106
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
count with such member, broker or dealer or
with any partner, officer or director thereof;
(2) the term "securities carried for the account of any customer" shall be deemed to
mean:
(i) securities received by or on behalf of
such member, broker or dealer for the
account of any customer;
(ii) securities sold and appropriated by
such member, broker or dealer to a customer,
except that if such securities were subject
to a lien when appropriated to a customer
they shall not be deemed to be "securities
carried for the account of any customer"
pending their release from such lien as
promptly as practicable;
(iii) securities sold, but not appropriated,
by such member, broker or dealer to a customer who has made any payment therefor,
to the extent that such member, broker or
dealer owns and has received delivery of
securities of like kind, except that if such
securities were subject to a lien when such
payment was made they shall not be deemed
to be "securities carried for the account of
any customer" pending their release from
such lien as promptly as practicable;
(3) "aggregate indebtedness" shall not be
deemed to be reduced by reason of uncollected
items. In computing aggregate indebtedness,
related guaranteed and guarantor accounts
shall be treated as a single account and considered on a consolidated basis, and balances
in accounts carrying both long and short positions shall be adjusted by treating the market
value of the securities required to cover such
short positions as though such market value
were a debit; and
(4) in computing the sum of the liens or
claims to which securities carried for the account of customers of a member, broker or
dealer are subject, any rehypothecation of such
securities by another member, broker or dealer
who is subject to this rule or to Rule X-15C2-1
shall be disregarded.
(c) Exemption for Cash Accounts. The provisions of paragraph (a) (1) hereof shall not
apply to any hypothecation of securities carried
for the account of a customer in a special cash
account within the meaning of Section 4 (c) of
Regulation T of the Board of Governors of the
Federal Reserve System, provided that at or before the completion of the transaction of purchase
of such securities for, or of sale of such securities
to, such customer, written notice is given or sent
to such customer disclosing that such securities
are or may be hypothecated under circumstances
which will permit the commingling thereof with
securities carried for the account of other customers. The term "the completion of the transaction" shall have the meaning given to such
term by Rule X-15C1-1 (b).
(d) Exemption for Clearing House Liens.
The provisions of paragraphs (a) (2), (a) (3),
and (f) hereof shall not apply to any lien or
claim of the clearing corporation, or similar department or association, of a national securities
exchange, for a loan made and to be repaid on the
FEBRUARY
1941
same calendar day, which is incidental to the
clearing of transactions in securities or loans
through such corporation, department or association, provided, however, that for the purpose
of paragraph (a) (3) hereof, "aggregate indebtedness of all customers in respect of securities
carried for their accounts" shall not include indebtedness in respect of any securities subject
to any lien or claim exempted by this paragraph.
(e) Exemption for Certain Liens on Securities
of Noncustomers. The provisions of paragraph
(a) (2) hereof shall not be deemed to prevent
such member, broker or dealer from permitting
securities not carried for the account of a customer to be subjected (i) to a lien for a loan
made against securities carried for the account
of customers, provided the pledgee agrees that
securities which it is informed are carried for
the account of customers will be physically segregated from any other securities, or (ii) to a lien
for a loan made and to be repaid on the same
calendar day. For the purpose of this exemption,
a loan shall be deemed to be "made against
securities carried for the account of customers"
if only securities carried for the account of
customers are used to obtain or to increase such
loan or as substitutes for other securities carried
for the account of customers.
(f) Notice and Certification Requirements.
No person subject to this rule shall hypothecate
any security carried for the account of a customer unless, at or prior to the time of each such
hypothecation, he gives written notice to the
pledgee that the security pledged is carried for
the account of a customer and that such hypothecation does not contravene any provision of this
rule, except that in the case of an omnibus account the member, broker or dealer for whom
such account is carried may furnish a signed
statement to the person carrying such account
that all securities carried therein by such member, broker or dealer will be securities carried
for the account of his customers and that the
hypothecation thereof by such member, broker
or dealer will not contravene any provision of
this rule. The provisions of this paragraph
shall not apply to any hypothecation of securities
under any lien or claim of a pledgee securing a
loan made and to be repaid on the same calendar
day.
The Securities and Exchange Commission,
deeming it necessary for the exercise of the
functions vested in it and necessary and appropriate in the public interest and for the protection of investors so to do, and finding that such
action is reasonably designed to prevent fraudulent, deceptive and manipulative acts and practices, pursuant to authority conferred upon it by
the Securities Exchange Act of 1934, as amended,
particularly Sections 15 (c) (2) and 23 (a)
thereof, hereby adopts the following rule:
RULE X-15C2-1. Hypothecation of Customers'
Securities.
(a) General Provisions. The term "fraudulent, deceptive, or manipulative act or practice,"
as used in Section 15 (c) (2) of the Act, is hereby
defined to include the direct or indirect hypothecation by a broker or dealer, or his arranging for
107
From a Legal Standpoint
or permitting, directly, or indirectly, the continued hypothecation of any securities carried for
the account of any customer under circumstances—
(1) that will permit the commingling of
securities carried for the account of any such
customer with securities carried for the account of any other customer, without first
obtaining the written consent of each such
customer to such hypothecation;
(2) that will permit such securities to be
commingled with securities carried for the
account of any person other than a bona fide
customer of such broker or dealer under a
lien for a loan made to such broker or dealer;
or
(3) that will permit securities carried for
the account of customers to be hypothecated,
or subjected to any lien or liens or claim or
claims of the pledgee or pledgees, for a sum
which exceeds the aggregate indebtedness of
all customers in respect of securities carried
for their accounts; except that this clause
shall not be deemed to be violated by reason
of an excess arising on any day through the
reduction of the aggregate indebtedness of customers on such day, provided that funds in an
amount sufficient to eliminate such excess are
paid or placed in transfer to pledgees for the
purpose of reducing the sum of the liens or
claims to which securities carried for the account of customers are subject as promptly
as practicable after such reduction occurs, but
before the lapse of one half hour after the
commencement of banking hours on the next
banking day at the place where the largest
principal amount of loans of such broker or
dealer are payable and, in any event, before
such broker or dealer on such day has obtained
or increased any bank loan collateralized by
securities carried for the account of customers.
(b) Definitions. For the purposes of this rule—
(1) the term "customer" shall not be deemed
to include any general or special partner or
any director or officer of such broker or dealer,
or any participant, as such, in any joint, group
or syndicate account with such broker or
dealer or with any partner, officer or director
thereof;
(2) the term "securities carried for the
account of any customer" shall be deemed to
mean:
(i) securities received by or on behalf of
such broker or dealer for the account of any
customer;
(ii) securities sold and appropriated by
such broker or dealer to a customer, except
that if such securities were subject to a
lien when appropriated to a customer they
shall not be deemed to be "securities carried
for the account of any customer" pending
their release from such lien as promptly as
practicable;
(iii) securities sold, but not appropriated,
by such broker or dealer to a customer who
has made any payment therefor, to the extent that such broker or dealer owns and has
received delivery of securities of like kind,
except that if such securities were subject
108
to a lien when such payment was made they
shall not be deemed to be "securities carried
for the account of any customer" pending
their release from such lien as promptly as
practicable;
(3) "aggregate indebtedness" shall not be
deemed to be reduced by reason of uncollected
items. In computing aggregate indebtedness,
related guaranteed and guarantor accounts
shall be treated as a single account and considered on a consolidated basis, and balances
in accounts carrying both long and short positions shall be adjusted by treating the market
value of the securities required to cover such
short positions as though such market value
were a debit; and
(4) in computing the sum of the liens or
claims to which securities carried for the account of customers of a broker or dealer are
subject, any rehypothecation of such securities by another broker or dealer who is subject to this rule or to Rule X-8C-1 shall be
disregarded.
(c) Exemption for Cash Accounts. The provisions of paragraph (a) (1) hereof shall not
apply to any hypothecation of securities carried
for the account of a customer in a special cash
account within the meaning of Section 4 (c) of
Regulation T of the Board of Governors of the
Federal Reserve System, provided that at or
before the completion of the transaction of purchase of such securities for, or of sale of such
securities to, such customer, written notice is
given or sent to such customer disclosing that
such securities are or may be hypothecated under
circumstances which will permit the commingling
thereof with securities carried for the account of
other customers. The term "the completion of
the transaction" shall have the meaning given
to such term by Rule X-15C1-1 (b).
(d) Exemption for Clearing House Liens.
The provisions of paragraphs (a) (2), (a) (3),
and (f) hereof shall not apply to any lien or claim
of the clearing corporation, or similar department or association, of a national securities exchange, for a loan made and to be repaid on the
same calendar day, which is incidental to the
clearing of transactions in securities or loans
through such corporation, department or association, provided, however, that for the purpose
of paragraph (a) (3) hereof, "aggregate indebtedness of all customers in respect of securities carried for their accounts" shall not include
indebtedness in respect of any securities subject
to any lien or claim exempted by this paragraph.
(e) Exemption for Certain Liens on Securities
of Noncustomers. The provisions of paragraph
(a) (2) hereof shall not be deemed to prevent
such broker or dealer from permitting securities
not carried for the account of a customer to be
subjected (i) to a lien for a loan made against
securities carried for the account of customers,
provided the pledgee agrees that securities which
it is informed are carried for the account of customers will be physically segregated from any
other securities, or (ii) to a lien for a loan made
and to be repaid on the same calendar day. For
the purpose of this exemption, a loan shall be
deemed to be "made against securities carried
FEDERAL RESERVE BULLETIN
Front a Legal Standpoint
for the account of customers" if only securities
carried for the account of customers are used to
obtain or to increase such loan or as substitutes
for other securities carried for the account of
customers.
(f) Notice and Certification Requirements.
No person subject to this rule shall hypothecate
any security carried for the account of a customer
unless, at or prior to the time of each such
hypothecation, he gives written notice to the
pledgee that the security pledged is carried for
the account of a customer and that such hypothecation does not contravene any provision of this
rule, except that in the case of an omnibus account the broker or dealer for whom such account is carried may furnish a signed statement
to the person carrying such amount that all
securities carried therein by such broker or dealer
will be securities carried for the account of his
customers and that the hypothecation thereof by
such broker or dealer will not contravene any
provision of this rule. The provisions of this
clause shall not apply to any hypothecation of
securities under any lien or claim of a pledgee
securing a loan made and to be repaid on the
same calendar day.
The foregoing rules shall become effective February 17, 1941.
Summary of Rules X-8C-1 and X-15C2-1 Under the
Securities Exchange Act of 1934
Application of Rules
(a) Rule X-8C-1. This rule applies to all members
of national securities exchanges, and to all
brokers and dealers who transact a business in
securities through the medium of any such member.
(b) Rule X-15C2-1. This rule applies to all brokers
or dealers regardless of whether they are members of a national securities exchange or do
a business in securities through the medium of
such a member. The rule defines as a "manipulative, deceptive or other fraudulent device or
contrivance" any hypothecation of customers'
securities except under the same circumstances
as are specified by Rule X-8C-1.
Prohibitions of the Rules
Since the two rules, in effect, are identical in
scope and text they will be discussed and explained
together. Throughout this summary the term
"broker" will be used to mean a member, broker or
dealer. The rules contain three simple prohibitions
which, generally speaking, coincide with the three
clauses of Section 8 (c) of the Securities Exchange
Act of 1934.
In effect, paragraph (a) of the rules provides that:
(1) A broker may not hypothecate securities carried for the account of his customers in such
a way as to permit such securities to be commingled with securities of other customers
unless he first obtains the written consent of
each such customer;
(2) A broker may not hypothecate securities carried for the account of his customers under a
lien for a loan made to the broker in such
a way as will permit such securities to be commingled with securities of any person other
than a bona fide customer; and
FEBRUARY
1941
(3) A broker may not hypothecate securities carried for the account of his customers in such
a way as to permit the liens of pledgees thereon
to exceed the aggregate indebtedness of all
of such broker's customers in respect of securities carried for their accounts.
Definitions
For the purposes of these rules the term "customer"
does not include general or special partners or directors or officers of the broker, as the case may be,
but does include other members, brokers or dealers.
By excluding from the term "customer" any participant as such in any joint, group or syndicate account
with a broker or any partner, officer or director of the
broker, the rule permits the broker or any partner,
director or officer thereof to participate with others
in such accounts.
The term "securities carried for the account of
customers" is defined by the rules to mean (1) securities received for the account of a customer; (2)
securities sold, and earmarked or otherwise appropriated, to a customer; and (3) securities sold, but
not appropriated, by a dealer to a customer who has
made any payment on account, to the extent that
the dealer owns and has received like securities.
However, where securities are sold to a customer
on a dealer basis, and where the securities are subject to a lien, they do not become "securities carried
for the account of a customer" pending their release
from such lien as promptly as practicable. Securities
which are not "carried for the account of customers,"
of course, are not subject to the rules.
The rules provide that "aggregate indebtedness"
of a broker's customers shall not be deemed to be reduced by reason of uncollected items. Thus, if the
broker receives a check, part or all of the proceeds
of which are to be credited to a customer, the "aggregate indebtedness" of customers is not reduced by
the amount of the check until it has cleared. In
the usual case, customers' debits are reduced or
paid off by checks. Consequently, before such
reductions in the "aggregate indebtedness" of customers actually occur, the broker will normally have a
reasonable period of time between receipt of checks
and their clearance in which he can reduce loans
collateralized by customers' securities in order to prevent a violation of paragraph (a) (3) of the rules.
In computing the "aggregate indebtedness" of two
accounts, one of which guarantees the other, they are
to be treated as a single account and are to be considered on a consolidated basis. Furthermore, in the
case of accounts in which both long and short positions are carried, the "aggregate indebtedness" of
customers includes an amount equal to the market
value of securities short in such accounts.
The rules also provide that in computing the total
amount of the liens to which customers' securities
are subject, a broker or dealer may disregard any
rehypothecation thereof by another broker who is
also subject either to Rule X-8C-1 or Rule X-15C2-1.
Exemptions
Generally speaking, brokers should have no difficulty in complying with the requirement of paragraph (a) (3) that a broker must not pledge his
customers' securities for a sum which, in the aggregate, is greater than the total amount that his
customers owe to him on securities carried for their
accounts. Good brokerage practice alone would make
it desirable for a broker to borrow substantially less
109
From a Legal Standpoint
on customers' securities than customers owe him.
There should thus be a "cushion" of his own capital
between the amount of customers' debits and the
amount of the broker's bank loans on customer's
securities. This "cushion" should be sufficient in size
to absorb any reasonably anticipated reductions in
customers' indebtedness.
Nevertheless, in order to take care of the exceptional situation where customers' indebtedness is
paid off in so great an amount as to use up this
"cushion" and thus to reduce the total of customers'
debit balances below the broker's current borrowings
on customers' securities, this paragraph contains
an exemption. The exemption provides that paragraph (a) (3) shall not be deemed to be violated
if, as a result of reductions in the aggregate indebtedness of customers on any day, the amount of the liens
to which customers' securities are subject during that
day exceeds the total indebtedness of customers in
respect of securities carried for their accounts. A
payment by a customer on any day which reduces
the amount which the customer would owe the broker
on that day had the payment not been made is regarded as a reduction of indebtedness on that day
within the meaning of the rules.
This exception is a limited one and is "applicable
only if funds sufficient to reduce the liens to which
customers' securities are subject are paid or placed
in transfer to pledgees so as to eliminate any temporarily exempted excess as promptly as practicable
after the reduction occurs. The phrase "as promptly
as practicable," as used in this exemption and in
paragraph (b) (2) of the rules, means as soon as
possible in the light of all the surrounding facts and
circumstances, such as the size of the firm and its
staff, the scope of its operations, the volume of business and the physical, practical and geographical
limitations.
However, if it is not practicable to eliminate such
an excess of liens over customers' indebtedness on
the day upon which it arises, the rules require that
funds sufficient to eliminate the excess must be paid
or placed in transfer to pledgees either before one
half hour after the commencement of banking hours
on the next banking day at the place where the broker
carries his largest principal amount of loans or before
the broker obtains or increases any bank loan collateralized by customers' securities, whichever is
earlier.
Exemption for Cash Accounts
Paragraph (c) of the rules affords a limited exemption from the requirement of paragraph (a) (1)
that customers' securities may not be commingled
under a loan unless all of the customers concerned
have consented to such commingling. This exemption
is applicable only to securities which are carried
for a customer in a special cash account within the
meaning of Section 4 (c) of Regulation T of the
Board of Governors of the Federal Reserve System.
Generally.speaking, such a special cash account is
one in which the member, broker or dealer purchases
securities for, or sells securities to, a customer only
if funds sufficient for the purpose are already held
in the customer's account or if the purchase or sale
is effected in reliance upon an agreement, accepted
in good faith, that the customer will promptly make
full cash payment for the securities.
The exemption afforded by the rules for the commingling of customers' securities without their con110
sent, where the securities are carried in such a special
cash account, is subject to the condition that at or
before the completion of the transaction of purchase
of such securities for, or of sale of such securities to,
the customer written notice is given or sent to him
disclosing that the securities are or may be hypothecated under circumstances that will permit the commingling thereof with securities of other customers.
The term "the completion of the transaction" has
the same meaning as is given to that term by Rule
X-15C1-1 (b).
Exemption for Clearing House Liens
Paragraph (d) of the rules exempts from the
operation of paragraphs (a) (2), (a) (3) and certain
other provisions any lien of a clearing corporation
or similar department or association of a national
securities exchange for a loan made and to be repaid
on the same calendar day, if it is incidental to the
clearing either of securities or of loans through the
clearing house. Thus, for all practical purposes, the
broker, in operating under paragraphs (a) (2) and
(a) (3) of the rules, can disregard his pledges of
customers' securities under clearing house liens.
However, in computing "aggregate indebtedness" the
broker must also disregard any indebtedness in respect of any securities which are subject to a clearing house lien exempted by this paragraph.
Exemption for Certain Liens on Securities of Noncustomers
Paragraph (e) permits pledgees, whether banks or
others, to have what may be referred to as a "oneway lien" against the broker's own securities. In
discussing this exemption, brief reference must first
be made to existing banking practices in the handling
of brokers' loans. The usual type of loan agreement
entered into between banks and borrowing brokers is
designed to give the pledgee bank a lien upon all
securities which the broker may place in the possession of the bank, for the full amount of all credit
extended to the broker, even though some of such
securities may be securities which the borrowing
broker is carrying for the account of his customers.
A broker's pledge of customers' securities under such
circumstances to a bank, broker or other lender from
which he is also borrowing funds collateralized by
his own securities would, of course, violate paragraph
(a) (2) because securities of customers would thus
be commingled under a common lien with securities
of persons other than bona fide customers. Paragraph (a) (3) might also be violated because customers' securities would thus be subjected to liens
for a total amount equal to the sum of the broker's
borrowings on customers' securities and his borrowings on his own securities, which total might, of
course, exceed the aggregate indebtedness of all customers to the broker.
The type of loan agreement heretofore in force
between banks and borrowing brokers in some cases
also provides that the bank may rehypothecate any
collateral deposited by the broker, alone or with
other property, for an amount greater than the
broker's borrowings from the bank. The banks'
right to effect such a rehypothecation would, of
course, also involve a breach of paragraph (a) (2)
and paragraph (a) (3) of the rules. Furthermore,
any right of rehypothecation by a bank which would
permit the commingling of the broker's own securities
with those of his customers would, in any event,
violate paragraph (a) (2).
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
Similarly, under the "day loan" agreements which
have been in general use, the lending banks have obtained a lien upon all securities bought or otherwise
acquired with the proceeds of the day loan. Under
such an agreement, where a firm uses the proceeds of
a day loan to take up securities for its own account as
well as for the account of customers, it would be
hypothecating their securities and his own securities
under a single lien.
The same situation normally exists where a broker
is carrying an account of his own and an omnibus
account for his customers with a second broker.
Any lien which the second broker carrying the accounts may have against customers' securities in the
omnibus account to secure the first broker's debit
balance in his own account would likewise involve a
violation by the first broker of paragraph (a) (2)
and, in some cases, of paragraph (a) (3) of the rules.
In order to avoid such violations of Rules X-8C-1
and X-15C2-1, brokers who pledge customers' securities with any pledgee from whom they are also
borrowing on their own securities must see to it
that the pledgee, whether it be a bank, another
broker or any other lender, does not obtain a general
or so-called "cross-lien" on customers' securities as
additional collateral for other loans which it has
made to the broker on his own securities or those of
his partners on other non-customers. In other words,
where a broker pledges customers' securities as well
as his own securities with a single pledgee to secure
several loans, one or more of which are made against
the broker's own securities, it will be necessary that
the pledgee does not have a lien upon customers'
securities for any loan except other loans also made
against securities carried for the account of customers of the same broker.
It will also be necessary to see that the pledgee,
unless he is a broker or dealer subject to Rule X-8C-1
or Rule X-15C2-1, does not have a right to rehypothecate customers' securities commingled with
those of the broker or to rehypothecate customers'
securities for a sum greater than the loans against
those securities.
Furthermore, in situations where the broker will
use the proceeds of a "day loan" to take up or
otherwise acquire securities for his own account as
well as for the account of customers, it will be necessary that, at any particular time, the lien of the
pledgee under "day loans" upon securities of customers shall be no greater than that amount of the
proceeds of the "day loans" as is then actually in use
to acquire customers' securities, plus the amount of
other loans (i.e., not "day loans") collateralized in
whole or in part by customers' securities. Such a
limitation on the lien of the "day loan" would pre-
FEBRUARY
1941
vent not only the violation of paragraph (a) (2)
which would otherwise result from commingling customers' securities with the firm's own securities under
such a loan, but also possible violations of paragraph
(a) (3) which might so result.
The Commission understands that a substantial
time before the rules become effective, banks which
customarily do a loan busineee with brokers and dealers will have made appropriate revisions in their general loan agreements as well as in their "day loan"
agreements designed to permit brokers to meet the
requirements of paragraphs (a) (2) and (a) (3)
of the rules.
Although paragraph (a) (3) of the rules does
prevent a pledgee from having a lien on customers'
securities for loans made against the brokers' own
securities, paragraph (e) of the rules permits the
converse. That is, it permits what might be called
a "one-way lien" against the broker's own securities
as additional collateral for loans made against
customers' securities. To this end the rules provide
that the broker may use his own securities as additional collateral for day loans and for loans which
are "made against securities carried for the account
of customers." For the purposes of this exemption,
such a loan is defined as a loan which is obtained
or increased only on the basis of securities carried
for the account of customers. Furthermore, this exemption is applicable only if the pledgee agrees that
securities which it is informed are carried for the
account of customers will be physically segregated
from any other securities. The exception does not
permit the broker to deposit his own securities as
collateral in substitution for customers' securities.
Notice Requirements
Finally, paragraph (f) of Rule X-8C-1 provides
that no person subject to its provisions shall hypothecate any securities of a customer unless at or prior
to the hypothecation he gives written notice to the
pledgee that the security pledged is carried for the
account of a customer and that the hypothecation does
not contravene the rule. However, in the case of an
omnibus account, where written notice to the broker
carrying the account may not be practicable before
each transaction which results in a pledging of the
securities bought for the account, the member, broker
or dealer for whom the account is carried need only
furnish a signed statement to the broker carrying
the omnibus account that all securities in such account
will be customers' securities and that the hypothecations will not contravene the rule. Day loans which
are made and to be repaid on the same calendar day
are exempted from these requirements for the giving
of notice to pledgees.
111
Ttom the Hoaid 5 Cottelpondence
Questions of general interest, relating to money and banking, are answered in this section of the
*Tedetal jQaletvQ Hank /tending Powet not dependent
BULLETIN.
on Member Hank
)Q.e5et\re Hatancel
that reserves against Federal Reserve notes
must be 40 per cent while reserves against
deposits need be only 35 per cent.
It is apparent, therefore, that withdrawal
of all the deposits from the Reserve Banks
would not change their assets or their reserve ratio and would only slightly reduce
their excess reserves, which determine their
ANSWER
theoretical unused lending power. The reaPerhaps the point can be made clear by son the reserve limitation on lending power
reference to the Federal Reserve Banks' bal- is only theoretical is that it is hard to conance sheet. On December 24,1940, the perti- ceive of circumstances under which the Renent items in round billions were:
serve Banks would expand to anything like
the extent that is legally possible on the basis
Assets
Liabilities
Reserves
$20 billions Deposits $16 billions of either 12 or 11 billions of reserves. The
only substantial change in the Federal ReBills and
securities 2 billions F. R. notes 6 billions serve Banks' balance sheet that would be
caused by the withdrawal of deposits would
Total $22 billions
Total
$22 billions be a substitution of note liability for an equal
The ratio of reserves to deposit and note amount of deposit liability.
liabilities was 90 per cent, and the amount
The question may be raised what would
of reserves in excess of the legal requirement happen if member banks and others not only
of 40 per cent against notes and 35 per cent withdrew all their deposits from the Reserve
against deposits was 12 billions.
Banks but withdrew them not in Federal
Suppose the member banks (as well as Reserve notes but in gold. If there were no
other depositors) withdrew all their deposits restrictions on gold payments, depositors at
from the Reserve Banks. The Federal Re- the present time could withdraw 16 billions
serve Banks would meet the withdrawals by of deposits in gold and still leave 4 billions
paying out Federal Reserve notes. What of reserves, which would be more than suffiwould be the balance sheet when all the cient to support the 6 billions of Federal
deposits were withdrawn?
Reserve notes in circulation. However, this
has
not been true at all times. Under ordiLiabilities
nary
conditions a Federal Reserve Bank is
$20 billions F. R. notes $22 billions
Reserves
not likely to have enough reserves to disBills and
charge all of its liabilities in gold and still
securities 2 billions
maintain its reserves at the required level
Total $22 billions
Total
$22 billions without liquidating its earning assets. Since
The reserve ratio would still be 90 per cent, the essence of the Reserve Banks' lending
while reserves in excess of requirements power is that they are required to hold only
would decline slightly, from 12 billions to 11 40 per cent reserves against notes and 35 per
billions. The decline would be due to the fact cent against deposits, it is inevitable that a
QUESTION
It seems to me that when the Federal Reserve
Banks purchase Government securities, it is the
reserve balances maintained with them by their
member banks that provide the funds with which
the purchases are made. Yet now I am told this
view is wrong. I should like to know why it is wrong.
112
FEDERAL RESERVE BULLETIN
From the Board's Correspondence
withdrawal in gold of the entire amount of
either type of liability would, except under
very unusual conditions such as prevail at
present, reduce their lending power and consequently their ability to serve the public.
This is, of course, a purely hypothetical
situation, since under existing law gold and
gold certificates cannot be withdrawn except
under special license for export purposes.
The question may be raised how the Reserve Banks acquired the reserves necessary
for issuing notes or creating deposits. For
the most part, these reserves have been deposited with the Reserve Banks by member
banks or by the Treasury. The Reserve
Banks, however, could have issued Federal
Reserve notes and acquired, in exchange, as
much gold or other reserves as they required
from time to time. So long as the Reserve
Banks have the means of acquiring reserves
by creating one or the other type of liability,
either notes or deposits, their power to make
loans and investments is not dependent on the
outstanding volume of either deposits or
notes.
The fundamental source of the Reserve
Banks' lending power is the authority given
to them by Congress to pay for loans or investments by creating liabilities in the form
of notes and deposits and to hold against
these liabilities reserves of 40 and 35 per
cent, respectively. Similar powers are possessed by all central banks and are based on
the policy of public authorities to make provision for the performance of central banking functions which are necessary to the
functioning of modern economies. In this
country the liabilities created by the Federal
Reserve Banks are necessary to member
banks and to the public. Federal Reserve
notes are our principal form of cash and are
now legal tender; consequently, they are
acceptable to every one and serve for making
a great variety of payments. Federal Re-
FEBRUARY
1941
serve deposits are required reserves of member banks and are also the most convenient
medium for settling balances between member banks in the same Federal Reserve District and between Federal Reserve Districts;
consequently, deposits'held with the Federal
Reserve Banks, even above legal requirements, are rarely withdrawn by the banks.
Individual member banks find it a great
convenience to be able to draw checks on
their balances with the Federal Reserve
Banks, but this results merely in shifts from
the account of one member bank to those of
others, without change in the aggregate.
Aggregate deposits diminish only when withdrawals are made in currency or in gold. It
may be said, therefore, that back of technical
explanations and even back of legal provisions, the lending power of the Federal Reserve Banks rests on the public's need for
their services.
Not only do the Reserve Banks not depend
for their lending power on member banks,
but they are themselves in a position to increase or decrease the lending power of these
banks. When the Reserve Banks buy United
States Government securities or make advances, they put reserve funds at the disposal
of member banks, and thereby increase their
lending power. And, contrariwise, when the
Reserve Banks sell securities or reduce advances, they withdraw funds from member
banks and thereby reduce their power to
extend credit. By these means the Federal
Reserve Banks, as creators and extinguishers
of reserve funds, are in a position to exert
an influence on the cost and volume of bank
credit. This is, in fact, their principal function as a monetary authority, and the policies
pursued in performing this function are determined, not on the basis of the reserves
available to the Reserve Banks, but with reference to the economic needs of the country.
113
From the Board's Correspondence
Money In Circulation
QUESTION
/ would appreciate very much any explanation
which you can give me of,the substantial increase in
the amount of money in circulation outside of the
Treasury and Reserve Banks during recent years.
I have found that the Circulation Statement of
United States Money shows the following figures:
)ec. 31
Amount
(In millions)
Dec. 31
Amount
(In millions)
1936... . . . $6,543
1 9 3 1 . . . . . . $5,360
1937 . . . . 6,550
1932... . . . 5,388
1938... . . . 6,856
1933 .. . . . 5,519
1939 .. . . . 7,598
1934... . . . 5,536
8,733
1940... . .
1935... . . . 5,882
Do you believe that the increase is due to foreign
holdings and to hoarding?
ANSWER
It seems clear that there are other factors
in the recent large increase in money in circulation than ordinary needs of commerce
and trade and hoarding of the type that occurred during the banking difficulties in the
latter part of 1930 and early 1933. We do
not have information which would accurately
indicate the reasons for this exceptionally
large increase in currency. We can offer
only certain conjectures based largely upon
statistics of currency by denominations and
upon our knowledge of developments which
are likely to have influenced the public's demand for currency.
In the first place there has, of course, been
a considerable increase in the need for currency because of a rise in payrolls and in
consumer expenditures since 1933. This,
however, does not explain why the volume
of currency in circulation is now so much
larger than it was in the 1920's when business volumes, expressed in dollars, were
greater than they have been in recent years.
It is evident that whereas in the 1920's
there was a growing use of bank checks in
making current payments, in the 1930's this
trend has been reversed. This preference for
currency may at first have been due to banking difficulties and the absence of banking
facilities in small communities, but these factors are no longer responsible for increases
in the demand for currency. However, the
extension of bank service charges on checking accounts and of minimum balance requirements has no doubt encouraged the
substitution of currency for checks. The
114
imposition of sales taxes in many states and
cities and the increase in the gasoline tax rate
may have had an effect in increasing the demand for coins. Additional demand for coin
has resulted from the greater use of coinvending machines.
A striking development in recent years has
been the continued growth in the demand for
currency of large denominations. This is
illustrated in the chart on page 906 of the
September Federal Reserve BULLETIN, and
in the table on page 137 of this BULLETIN.
This development*may in large part represent a sort of hoarding and may be considered as a part of the general tendency to
hold large amounts of idle funds. Some
people choose to hold them in the form of
currency rather than in bank deposits. By
comparing past and present relationships
between the turnover of dollar bills and
other forms of currency, as measured by
their passage through the Federal Reserve
Banks, we have computed a rough estimate
of the increase in the amount of inactive currency reported as in circulation. According
to this estimate it seems likely that out of the
$3,200,000,000 increase in currency in circulation since December 1933, about $1,200,000,000 of large denomination currency has
gone into hoards. This is in addition to the
substantial amounts that were still hoarded
at the end of 1933.
One factor in the growth of idle currency
holdings is that the low rates of interest
paid on time and savings accounts provide
little incentive to maintain pocket cash or
till money at a minimum. Many banks actually refuse savings deposits for which they
cannot find suitable investment outlets. Another factor is the purchase of United States
currency by foreigners, who hold it abroad
or in safekeeping in this country.
Banks have added about $500,000,000 to
their vault cash since 1933. A part of this
increase has been due to the larger requirements for vault cash in view of the increased
use of currency, but some of the increase
represents the holding by a few banks of part
of their idle funds in the form of large denomination currency. In view of their large
excess reserves the banks have little incentive for depositing all their superfluous cash
promptly at a Federal Reserve Bank.
FEDERAL RESERVE BULLETIN
Federal Reserve Bank of Dallas
The Federal Reserve Bank of Dallas formally opened its enlarged and remodeled
building January 24, 1941. A brief description of the event with pictures of the Bank's
building, its senior officers, and directors
appears as frontispiece to this issue of the
BULLETIN.
Death of Branch Director
T. S. Hanna, President of Baker, Hanna &
Blake Company, Oklahoma City, Oklahoma,
who had served as a director of the Oklahoma
City Branch of the Federal Reserve Bank of
Kansas City since his appointment by the
Board for the term beginning January 1,
1937, died on January 31, 1941.
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted
to membership in the Federal Reserve System during the period December 16, 1940, to
January 15, 1941, inclusive.
Connecticut
Bridgeport—The West Side Bank
Idaho
American Falls—American Falls Bank, Inc.
Illinois
Cairo—First Bank and Trust Company
Mt. Pulaski—The Farmers Bank of Mt. Pulaski
Olmsted—First State Bank of Olmsted
Plymouth—Plymouth State Bank of Plymouth
Yorkville—Farmers' State Bank of Yorkville
Indiana
Anderson—Citizens Banking Company
Iowa
Aurelia—The First Trust & Savings Bank
FEBRUARY 1941
Kansas
Caldwell—The Stock Exchange Bank of Caldwell, Sumner County, Kansas
Rossville—Peoples State Bank
Michigan
Harbor Beach—State Bank of Harbor Beach
Missouri
Arnold—Bank of Maxville
Nebraska
Blue Hill—The Commercial Bank
New York
Port Jefferson—The Bank of Port Jefferson
Riverhead—The Suffolk County Trust Company
Ohio
Bolivar—The Bolivar State Bank Company
Mansfield—The Richland Trust Company
Pennsylvania
Middletown—Farmers Trust Company of Middletown
Tennessee
Lewisburg—Peoples and Union Bank
Texas
Aransas Pass—The First State Bank, Aransas
Pass, Texas
Houston—Guardian Trust Company of Houston
Utah
Heber—The Commercial Bank of Heber City
Virginia
Shawsville—Bank of Shawsville, Incorporated
Wisconsin
Beloit—The Beloit State Bank
Milwaukee—Home Savings Bank
Milwaukee—Northern Bank
115
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 the others are appointed by the Board of Governors of the Federal Reserve System.
Term
District No. 1—Boston
Class A.Allan Forbes
Leon A. Dodge
Lewis S. Reed
Class B:
Philip R. Allen
Edward J. Frost
Chairman, Philadelphia Nat. Bank, Philadelphia, Pa.. . 1941
President, First National Bank, Damariscotta, Me
1942
President, Citizens and Mfg. Nat. Bank, Waterbury,
Conn
1943
Chairman, Bird & Son, Inc., E. Walpole, Mass
1941
Vice President, Treasurer, & Director, William Filene's
Sons Co., Boston, Mass.
1942
President, Boston & Maine R. R., Springfield, Vt
1943
Edward S. French
Class C.Frederic H. Curtiss *. . . . Vice President, Beard of Trustees, Wellesley College,
Wellesley, Mass
1941
Henry S. Dennison2. . . .President, Dennison Mfg. Co., Framingham, Mass
1942
Henry I. Harriman
Director, New England Power Company, Boston, Mass. 1943
District No. 2—New York
Class A :
Otis A. Thompson
Neil H. Dorrance
Leon Fraser
Class B.Walter C. Teagle
Robert T. Stevens
Donaldson Brown
Class C:
Beardsley Ruml21
Edmund E. Day
Vacancy
President, Nat. Bank & Tr. Co., Norwich, N. Y
1941
President, First Nat. Bank & Tr. Co., Camden, N. Y.. . 1942
President, First National Bank, New York, N. Y
1943
Chairman, Standard Oil Co. of New Jersev, New York,
N. Y
"
1941
President, J. P. Stevens & Co., Inc., New York, N. Y.. . 1942
Vice President, General Motors Corp., New York, N. Y. 1943
Treasurer, R. H. Macy & Co., Inc., New York, N. Y.. . 1941
President, Cornell University, Ithaca, N. Y. . .
1942
1943
Buffalo Branch
Appointed by Federal Reserve Bank:
Robert M. O'Hara
Managing Director, Buffalo, N. Y
Frank F. Henry
Chairman, Washburn Crosby Co., Inc., Buffalo, N. Y.. .
George F. Rand
President, The Marine Trust Co., Buffalo, N. Y
,
Raymond N. Ball
President, Lincoln-Alliance Bank & Trust Co., Rochester, N. Y
Appointed by Board of Governors:
Marion B. Folsom
Treasurer, Eastman Kodak Co., Rochester, N. Y
Gilbert A. Prole
Genesee Farm Supply Co., Batavia, N. Y
Howard Kellogg
President, Spencer Kellogg & Sons, Inc., Buffalo, N. Y.
1
Chairman.
116
2
1941
1941
1942
1943
1941
1942
1943
Deputy Chairman.
FEDERAL RESERVE BULLETIN
Directors of Federal Reserve Banks and Branches
Term
Expires
Dec. 31
Class A :
Joseph Wayne, Jr.
George W. Reily
John B. Henning
Class B:
Harry L. Cannon
Ward D. Kerlin
District No. 3—Philadelphia
Chairman, Philadelphia Nat. Bank, Philadelphia, Pa. . 1941
President, Harrisburg Nat. Bank, Harrisburg, Pa. . . . 1942
President, Wyoming Nat. Bank, Tunkhannock, Pa
1943
President, H. P. Cannon & Son, Inc., Bridgeville, Del.. . 1941
Secretary & Treasurer, Camden Forge Co., Camden,
N. J
1942
C. Frederick C. Stout . . John R. Evans & Co., Camden, N. J
1943
Class C:
2
Alfred H. Williams . . . . Dean of Wharton School of Finance, University of
Pennsylvania, Philadelphia, Pa
1941
Thomas B. McCabe \ . . . President, Scott Paper Co., Chester, Pa
1942
Warren F. Whittier.... Farmer, Dairyman and Cattle Breeder, Douglassville,
Pa
1943
District No. 4—Cleveland
Class A:
Frank F. Brooks
President, First National Bank, Pittsburgh, Pa
Ben R. Conner
President, First National Bank, Ada, Ohio
Harry B. McDowell
President, McDowell Nat. Bank, Sharon, Pa
Class B:
George D. Crabbs
President, Philip Carey Mfg. Co., Cincinnati, Ohio. . . .
Thomas E. Millsop
President, Weirton Steel Co., Weirton, W. Va.. .
Ross P. Wright
Secretary-Treasurer, Reed Mfg. Co., Erie, Pa
Class C:
Vacancy
Reynold E. Klages 2 . . President, Columbus Auto Parts Co., Columbus, Ohio .
George C. Brainard *... President, General Fireproofing Co., Youngstown, Ohio
Cincinnati Branch
Appointed by Federal Reserve Bank:
Benedict J. Lazar
Managing Director, Cincinnati, Ohio
Buckner Woodford
Vice President & Cashier, Bourbon-Agricultural Bk.
& Tr. Co., Paris, Ky
John J. Rowe
President, Fifth Third Union Tr. Co., Cincinnati, Ohio
Appointed by Board of Governors:
Stuart B. Sutphin
President, I. V. Sutphin Co., Cincinnati, Ohio
Frank A. Brown
Farmer, Chillicothe, Ohio
Pittsburgh Branch
Appointed by Federal Reserve Bank:
Percy A. Brown
Managing Director, Pittsburgh, Pa
Clarence Stanley
President, Union Trust Company, Pittsburgh, Pa.. . . .
Edwin B. Harshaw
Vice President & Cashier, Grove City Nat. Bank, Grove
City, Pa
Appointed by Board of Governors:
Harry S. Wherrett
President, Pittsburgh Plate Glass Co., Pittsburgh, Pa..
George T. Ladd
President, United Engineering & Foundry Co., Pittsburgh, Pa
1941
1942
1943
1941
1942
1943
1941
1942
1943
1941
1941
1942
1941
1942
1941
1941
1942
1941
1942
District No. 5—Richmond
Class A :
Lewis E. Johnson . . . . . Chairman, First National Bank, Alderson, W. Va
Charles E. Rieman
President, Western National Bank, Baltimore, Md.. . . .
James C. Braswell
President, Planters Nat. Bank & Tr. Co., Rocky Mount,
N. C
Class B:
Edwin Malloy
President & Treasurer, Cheraw Cotton Mills, Inc.,
Cheraw, S. C
Charles C. Reed
Vice President & General Manager, Williams & Reed,
Inc., Richmond, Va
John H. Hanna
Chairman, Capital Transit Co., Washington, D. C
1
Chairman.
2
FEBRUARY 1941
1941
1942
1943
1941
1942
1943
Deputy Chairman.
117
Directors of Federal Reserve Banks and Branches
Class C.Charles P. McCormick.
. President, McCormick & Co., Inc., Baltimore, Md.
William G. Wysor2
General Manager, Southern States Cooperative, Inc.,
Richmond, Va
1
Robert Lassiter
Chairman, Mooresville Cotton Mills, Mooresville, N. C.. .
Baltimore Branch
Appointed by Federal Reserve Bank:
W. Robert Milf ord
Managing Director, Baltimore, Md
George W. Reed
President, National Marine Bank, Baltimore, Md
James C. Fenhagen
Chairman, Executive Committee, Baltimore National
Bank, Baltimore, Md
James Dixon
President, Easton National Bank, Easton, Md
Appointed by Board of Governors:
W. Frank Thomas
Construction Engineer and Real Estate Management
Westminster, Md
Joseph D. Baker, J r . . . . . Secretary & Treasurer, Standard Lime & Stone Co.,
Baltimore, Md
W. Frank Roberts
President, Standard Gas Equipment Corp., Baltimore,
Md
Charlotte Branch
Appointed by Federal Reserve Bank:
William T. Clements
Managing Director, 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
Torrence E. Hemby.... Executive Vice President, American Trust Co., Charlotte, N. C
Appointed by Board of Governors:
Charles L. Creech, Sr.. . Chairman, B. F. Huntley Furn. Co., Winston-Salem,
N. C
David W. Watkins
Director of Extension, Clemson College, Clemson,
S. C
George M. Wright
President, Republic Cotton Mills, Great Falls, S. C
District No. 6—Atlanta
Class A:
George J. White
President, First National Bank, Mount Dora, Fla
Thomas K. Glenn
Chairman, Trust Co. of Georgia, Atlanta, Ga
William D. Cook
Executive Vice President, First Nat. Bank, Meridian,
Miss
Class B.Ernest T. George
President & Chairman, Seaboard Refining Co., Ltd., New
Orleans, La
John A. McCrary
Vice President & Treasurer, J. B. McCrary Co., Inc.,
Atlanta, Ga
Fitzgerald Hall
President, Nash., Chat., & St. Louis Ry., Nashville,
Tenn
Class C.x
Frank H. Neely
Executive Vice President & Secretary, Rich's Inc., Atlanta, Ga
2
Joe Frank Porter
President, Tennessee Farm Bureau Federation, Columbia, Tenn
Rufus C. Harris
President, Tulane University, New Orleans, La.
Birmingham Branch
Appointed by Federal Reserve Bank:
Paul L. T. Beavers
Managing Director, Birmingham, Ala
Gordon D. Palmer
Executive Vice President, First Nat. Bank, Tuscaloosa,
Ala
John C. Persons
President, First National Bank, Birmingham, Ala.....
John S. Coleman
President, Birmingham Trust & Savings Co., Birmingham, Ala
1
Chairman.
2
118
Term
Expires
Dec. SI
1941
1942
1943
1941
1941
1942
1943
1941
1942
1943
1941
1941
1942
1943
1941
1942
1943
1941
1942
1943
1941
1942
1943
1941
1942
1943
1941
1941
1942
1943
Deputy Chairman.
FEDERAL RESERVE BULLETIN
Directors of Federal Reserve Banks and Branches
Appointed by Board of Governors:
Donald Comer
Chairman, Avondale Mills, Birmingham, Ala
Howard Gray
Farmer, New Market, Ala.
Edward L. Norton
Executive Vice President, Munger Realty Co., Birmingham, Ala
Jacksonville Branch
Appointed by Federal Reserve Bank:
George S. Vardeman, Jr.. Managing Director, Jacksonville, Fla.
William R. McQuaid.... President, Barnett National Bank, Jacksonville, Fla.
Bert C. Teed
First Vice President, First National Bank, Palm Beach,
Fla
Junius C. McCrocklin. . . Executive Vice President, First National Bank, Tarpon
Springs, Fla
Appointed by Board of Governors:
Robert H. Gamble
President, Florida Brick & Tile Corp., Jacksonville, Fla.
Howard Phillips
Executive Vice President, Dr. P. Phillips Co., Inc.,
Orlando, Fla
Vacancy
Appointed
by Federal Reserve
Joel B. F o r t , J r
E d w a r d B. M a u p i n
F r a n k M. F a r r i s
George N . B a s s
Term
Expires
Dec. 31
1941
1942
1943
1941
1941
1942
1943
1941
1942
1943
Nashville Branch
Bank:
M a n a g i n g D i r e c t o r , Nashville, T e n n
C a s h i e r , Peoples N a t i o n a l B a n k , Shelbyville, T e n n . . . .
President, Third National Bank, Nashville, Tenn. . . . . .
Cashier, F i r s t N a t i o n a l B a n k of F r a n k l i n County,
Decherd, T e n n
Appointed by Board of Governors:
Clyde B. Austin
President, The Austin Co., Inc., Greeneville, Tenn. . . .
William E. McEwen
Farmer and Stock Raiser, Williamsport, Tenn.
Elbridge W. P a l m e r . . . . President, Kingsport Press, Inc., Kingsport, Tenn
New Orleans Branch
Appointed by Federal Reserve Bank:
Lewis M. Clark
Managing Director, New Orleans, La
Herbert Holmes
President, Delta National Bank, Yazoo City, Miss. . .
Emile E. Soulier
Executive Vice President, First National Bank, Lafayette, La
Oliver G. Lucas
President, National Bank of Commerce, New Orleans,
La
Appointed by Board of Governors:
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
Eugene F. Billington. . . Vice President and Secretary, Soule Steam Feed Works,
Meridian, Miss
1941
1941
1942
1943
1941
1942
1943
1941
1941
1942
1943
1941
1942
1943
District No. 7—Chicago
Class A :
Frank D. Williams
Executive Vice President and Cashier, First Capital
National Bank, Iowa City, Iowa
Walter J. C u m m i n g s . . . . Chairman, Cont'l. 111. Nat. Bank and Trust Co., Chicago,
111
Edward R. Estberg
Chairman, Waukesha National Bank, Waukesha, Wis.
Class B:
Nicholas H. Noyes
Vice President and Secretary, Eli Lilly and Co., Indianapolis, Ind.
Max W. Babb
President, Allis-Chalmers Mfg. Co., Milwaukee, Wis.. . .
Charles B. Van Dusen. . Director, S. S. Kresge Co., Detroit, Mich
Class C:
Simeon E. Leland
Professor of Economics, University of Chicago, Chicago,
111
Clifford V. Gregory 2 . . . . Associate Publisher, Wallace's Farmer and Iowa Homestead, Des Moines, Iowa
Frank J. Lewis 1
Chairman, F. J. Lewis Manufacturing Co., Chicago, 111.
1
Chairman.
2
FEBRUARY 1941
1941
1942
1943
1941
1942
1943
1941
1942
1943
Deputy Chairman.
119
Directors of Federal Reserve Banks and Branches
Detroit Branch
Appointed by Federal Reserve Bank:
Harlan J. Chalfont
Managing Director, Detroit, Mich
Joseph M. Dode:e
President, The Detroit Bank, Detroit, Mich.
James E. Davidson
President, Peoples Com. & Sav. Bank, Bay City, Mich.
Walter S. McLucas
Chairman, The National Bank of Detroit, Detroit, Mich.
Appointed by Board of Governors:
L. Whitney Watkins.... Farmer, Manchester, Mich
Harry L. Pierson
President, Detroit Harvester Co., Detroit, Mich.
Clarence W. Avery
President and Chairman, Murray Corporation of
America, Detroit, Mich
Class A Sidney Maestre
Max B. Nahm
Term
Expires
Dec. SI
1941
1941
1942
1943
1941
1942
1943
District No. 8—St. Louis
President, Mississippi Valley Trust Co., St. Louis, Mo. 1941
Vice President, Citizens National Bank, Bowling Green,
Ky
1942
Cashier, Anna National Bank, Anna, 111
1943
George R. Corlis
Class B:
John R. Stanley
Secretary, Treasurer, Stanley Clothing Co., Evansville,
Ind
1941
m
Chairman, Harris-Langenberg Hat Co., St. Louis, Mo. 1942
President, Ark. Power & Light Co., Pine Bluff, Ark
1943
James W. Harris
Harvey C. Couch
Class C.Douglas W. Brooks
President, Union Compress & Warehouse Co., Memphis,
Tenn
1941
William T. Nardin . . . . Vice President and General Manager, Pet Milk Co.,
St. Louis, Mo
1942
Oscar G. Johnston 2
President, Delta and Pine Land Co., Scott, Miss
1943
1
Little Rock Branch
Appointed by Federal Reserve Bank:
Arthur F. Bailey
Managing Director, Little Rock, Ark.
Paul R. McCoy
Chairman, Peoples National Bank, Stuttgart, Ark
James H. Penick
Vice President, W. B. Worthen Co., Little Rock, Ark.
Arthur E. McLean
President, Commercial National Bank, Little Rock, Ark.
Appointed by Board of Governors:
Henry H. Tucker
President, Fones Bros. Hardware Company, Little Rock,
Ark
Romeo E. Short
Farmer, Brinkley, Ark
Ira N. Barnett, Jr
Manager, Barnett Bros. Mercantile Company, Batesville, Ark
Louisville Branch
Appointed by Federal Reserve Bank:
Charles A. Schacht
Managing Director, Louisville, Ky
Ralph C. Gifford
President, First National Bank, Louisville, Ky
James O. Sanders
President, First National Bank, Huntingburg, Ind.
Phil E. Chappell
Cashier, Planters Bank & Trust Co., Hopkinsville, Ky.
Appointed by Board of Governors:
James B. Hill
President, Louisville & Nashville R. R., Louisville, Ky.
George O. Boomer
Vice President, Girdler Corporation, Louisville, Ky
Perry B. Gaines
Farmer and Stock Raiser, Carrollton, Ky.
1941
1941
1942
1943
1941
1942
1943
1941
1941
1942
1943
1941
1942
1943
Memphis Branch
Appointed by Federal Reserve Bank:
William H. Glasgow. . . Managing Director, Memphis, Tenn
1941
Oliver Benton
President, National Bank of Commerce, Jackson, Tenn. 1941
Vance J. Alexander.... President, Union Planters National Bank & Trust Co.,
Memphis, Tenn
1942
Bert A. Lynch
President, Farmers Bank & Trust Co., Blytheville, Ark. 1943
Appointed by Board of Governors:
J. Holmes Sherard
J. Holmes Sherard & Co., Sherard, Miss
1941
Jesse P. Norfleet
President, Sledge & Norfleet, Memphis, Tenn
1942
Rufus C. Branch
Cotton Farmer and Ginner, Pecan Point, Ark
1943
1
Chairman.
2
120
Deputy Chairman.
FEDERAL RESERVE BULLETIN
Directors of Federal Reserve Banks and Branches
District No. 9—Minneapolis
Term
Expires
Dec. SI
Class A:
James R. McKnig-ht . . . President, Pierre National Bank, Pierre, S. D.
1941
Fred D. McCartney
Vice President, First National Bank, Oakes, N. D
1942
Shirley S. Ford
President, Northwestern National Bank & Trust Co.,
Minneapolis, Minn
1943
Class B:
James E. O'Connell
President, Eddy's Bakeries, Inc., Helena, Mont. . . . . 1941
Albert P. Funk
President, La Crosse Rubber Mills Co., La Crosse, Wis.. . 1942
Homer P. Clark
Chairman, West Publishing Co., St. Paul, Minn
1943
Class C:
Roger B. Shepard 2
President, Finch, Van Slyck & McConville, St. Paul,
Minn
1941
x
Walter C. Coffey
Dean and Director, Department of Agriculture, University of Minnesota, St. Paul, Minn.
1942
William D. C o c h r a n . . . . President, Cochran Freight Lines, Iron Mountain, Mich. 1943
Helena Branch
Appointed by Federal Reserve Bank:
Robert E. Towle
Managing Director, Helena, Mont
Peter Pauly
President, Deer Lodge Bank and Trust Co., Deer Lodge,
Mont
Phillips B. McClintock. . Cashier, Farmers National Bank, Chinook, Mont
Appointed by Board of Governors:
Hobart D. Myrick
Farmer, Square Butte, Mont.
Alex Cunningham
Vice President and Treasurer, Western Life Insurance
Co., Helena, Mont
District No. 10—Kansas City
Class A:
Edward E. Mullaney. . . .President, Farmers & Merchants Bank, Hill City, Kan.
Thomas A. Dines
President, U. S. National Bank, Denver, Colo.
Myron A. Limbocker.... President and Chairman, Citizens National Bank, Emporia, Kan
Class B:
Lee E. Phillips
Phillips Petroleum Co., Bartlesville, Okla
Willard D. Hosford
Vice President, John Deere Plow Co., Omaha, Neb
Joseph M. Bernardin. . . Vice President, Burk Lumber Co., Dawson, N. M
Class C:
John J. Thomas 2
Attorney-at-law, Seward, Neb.
Clarence Roberts 1
Editor, The Farmer-Stockman, Oklahoma City, Okla.
Robert B. Caldwell . . . . McCune, Caldwell & Downing, Kansas City, Mo
1941
1941
1942
1941
1942
1941
1942
1943
1941
1942
1943
1941
1942
1943
Denver Branch
Appointed by Federal Reserve Bank:
Joseph E. Olson .
Managing Director, Denver, Colo.
Harold Kountze
President, Colorado National Bank, Denver, Colo
Roblin H. Davis
President, Denver National Bank, Denver, Colo.
William C. Kurtz
President and General Manager, Independent Lumber
Co., Grand Junction, Colo
Appointed by Board of Governors:
James B. Grant
Wilson McCarthy
Vacancy
1941
1941
1942
1943
Lewis and Grant, Denver, Colo
President, Denver & Salt Lake R. R. Co., Denver, Colo.
1941
1942
1943
Oklahoma City Branch
Appointed by Federal Reserve Bank:
George H. Pipkin
Managing Director, Oklahoma City, Okla
Leroy D. E d g i n g t o n . . . . President, First National Bank, Ponca City, Okla
Arthur E. Stephenson. . .President, Central National Bank, Enid, Okla
Samuel W. Hayes
Hayes, Richardson, Shartel, Gilliland & Jordon, Oklahoma City, Okla..
"
1941
1941
1942
1
Chairman.
2
FEBRUARY 1941
1943
Deputy Chairman.
121
Directors of Federal Reserve Banks and Branches
Appointed by Board of Governors:
Neil R. Johnson
Rancher and Farmer, Norman, Okla.
Vacancy
Phil Ferguson
Rancher, Woodward, Okla
Term
Expires
Dec. 31
.
.
1941
1942
1943
Omaha Branch
Appointed by Federal Reserve Bank:
Lloyd H. Earhart
Managing Director, Omaha, Neb.
George W. Holmes
President, First National Bank, Lincoln, Neb.
Thomas L. Davis
President, First National Bank, Omaha, Neb
George A. Bible
President, First National Bank, Rawlins, Wyo.
Appointed by Board of Governors:
Robert E. Campbell. . . . Chairman, Miller & Paine, Lincoln, Neb.
Harry L. Dempster
President, Dempster Mill Mfg. Co., Beatrice, Neb. . .
William H. Schellberg. . .President, Union Stock Yards Co., Omaha, Neb
1941
1941
1942
1943
1941
1942
1943
District No. 11—Dallas
Class A :
Ford Seale
Ed H. Winton
Frank Turner
Class B.Ernest L. Kurth
Jesse R. Milam
James M. West
Class C:
1
James H. Merritt
Jay Taylor 2
Joseph B. Cozzo
President, Citizens National Bank, Denison, Tex.
1941
Executive Vice President, Continental Nat. Bank, Fort
Worth, Tex
1942
President, First National Bank, Decatur, Tex
1943
Vice President and General Manager, Angelina County
Lumber Co., Keltys, Tex
1941
President, Cooper Company, Inc., Waco, Tex
1942
Chairman, West Production Co., Houston, Tex.
1943
Retired, McKinney, Tex
Rafter 0 Cattle Company, Amarillo, Tex
Womack and Cozzo, Dallas, Tex.
1941
1942
1943
El Paso Branch
Appointed by Federal Reserve Bank:
Joseph L. Hermann
Managing Director, 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.
Robert W. McAfee
Vice President, State National Bank, El Paso, Tex
Appointed by Board of Governors:
1941
1941
1942
1943
F r a n k l i n M. H a y n e r . . . . President, L a s Cruces L u m b e r Co., L a s Cruces, N . M. 1941
Ray E . Sherman
P r e s i d e n t , Leavell a n d S h e r m a n , Inc., E l P a s o , T e x . . . . 1942
Jack B. Martin
P r e s i d e n t , Arizona Ice & Cold S t o r a g e Co., Tucson, Ariz. 1943
Houston B r a n c h
Appointed by Federal Reserve Bank:
William D. Gentry
Managing Director, Houston, Tex
Sam R. Lawder
Vice President, First National Bank, Houston, T e x . . . . .
Preston B. Doty
President, First National Bank, Beaumont, Tex
William N. Greer
Vice President, Citizens State Bank, Houston, Tex.. . .
Appointed by Board of Governors:
Henry Renf ert
Renf ert-Helmbrecht Co., Galveston, Tex
.
Sam Taub
J. N. Taub & Sons, Houston, Tex.
George G. Chance
Farmer, Bryan, Tex
1941
1941
1942
1943
1941
1942
1943
San Antonio Branch
Appointed by Federal Reserve Bank:
Miers Crump
Managing Director, San Antonio, Tex
1941
John K. Beretta
President, National Bank of Commerce, San Antonio,
Tex
1941
Ernest J. Miller
President, South Texas National Bank, San Antonio,
Tex
1942
Joe A. Walker
Cashier, Del Rio National Bank, Del Rio, Tex
1943
1
Chairman.
2
122
Deputy Chairman.
FEDERAL RESERVE BULLETIN
Directors of Federal Reserve Banks and Branches
Term
Expires
Dec. 31
Appointed by Board of Governors:
Jamie M. Odom
General Contractor, Austin, Tex.
1941
Edwin F . Flato
President, Corpus Christi Hardware Company, Corpus
Christi, Tex
1942
Dolph Briscoe
Stock Raiser, Uvalde, Tex
1943
Class A:
District No. 12—San Francisco
Reno Odlin
Carroll F . Byrd
President, Puget Sound Nat. Bank, Tacoma, Wash
1941
Executive Vice President & Chairman, First National
Bank, Willows, Calif
1942
Charles K. M c l n t o s h . . . . Chairman, Bank of California, N. A., San Francisco,
Calif
1943
Class B.William G. Volkmann. Vice President, A. Schilling & Co., San Francisco, Calif. 1941
Reese H. Taylor
President, Union Oil Co., Los Angeles, Calif
1942
Elmer H. Cox
President, Madera Sugar Pine Co., San Francisco, Calif. 1943
Class C.Raymond C. Force*
Chairman, Executive Committee, Caterpillar Tractor
Co., San Leandro, Calif
. 1941
Carlyle Thorpe
General Manager, California Walnut Growers Assn.,
Los Angeles, Calif.
1942
St. George Holden 2
President, St. George Holden Realty Co., San Francisco,
Calif
1943
Los Angeles Branch
Appointed by Federal Reserve Bank:
W. Norman Ambrose. . . Managing Director, Los Angeles, Calif
1941
Charles E. Brouse
President, Citizens National Trust & Savings Bank,
Riverside, Calif
1941
Herbert D. Ivey
President, Citizens National Trust & Savings Bank, Los
Angeles, Calif
1942
Appointed by Board of Governors.'
Carl V. Newman
President, Calavo Growers of California, Los Angeles,
Calif
1941
William S. Rosecrans. . . Land Management & Investments, Los Angeles, Calif. 1942
Portland Branch
Appointed by Federal Reserve Bank:
David L. Davis
Managing Director, Portland, Ore
1941
Ernest B. MacNaughton President, First National Bank, Portland, Ore
1941
Nona A. Davis
Vice President, Baker-Boyer National Bank, Walla
Walla, Wash
1942
Appointed by Board of Governors:
George T. Gerlinger . . . President, Willamette Valley Lumber Company, Portland, Ore
1941
Albert E. Engbretsen. . . President, Engbretsen Seed Co., Astoria, Ore.
1942
Salt Lake City Branch
Appointed^ by Federal Reserve Bank:
Winnie L. Partner
Managing Director, Salt Lake City, Utah
1941
Frederick P. C h a m p . . . . President, Utah Mortgage Loan Corporation, Logan,
Utah
1941
Orval W. Adams
Executive Vice President, Utah State National Bank,
Salt Lake City, Utah.
1942
Appointed by Board of Governors.'
Herbert S. Auerbach... President, Auerbach Company, Salt Lake City, Utah 1941
Roscoe C. Rich
President, R. C. Rich Sheep Co., Burley, Idaho
1942
Seattle Branch
Appointed by Federal Reserve Bank:
Clarence R. Shaw
Managing Director, Seattle, Wash
. 1941
Andrew Price
President, National Bank of Commerce, Seattle, Wash. 1941
Fred L. Stanton
Vice President and Secretary, Washington Trust Co.,
Spokane, Wash
1942
Appointed by Board of Governors:
Charles F . L a r r a b e e . . . . Vice President, Pacific American Fisheries, Inc., Bellingham, Wash
1941
Fred Nelsen
Dairy Farmer, Seattle, Wash
1942
1
Chairman.
2
FEBRUARY 1941
Deputy Chairman.
123
A/atlonal JZummatij ofi Su.5ln.Q55 (2ondition5
Compiled January 15 and released for publication January 17. Figures shown on charts 'may differ from
preliminary figures used in text.
Industrial activity continued at a high rate
in December and the first half of January
and distribution of commodities to consumers
was maintained in large volume. There was
some increase in wholesale commodity prices.
Production
Volume of industrial production showed
little change from November to December,
although usually there is a decline at this
season, and consequently the Board's adjusted
index rose further by four points to 136 per
cent of the 1935-39 average. Steel ingot production was sustained at about 96 per cent
of capacity. New orders for steel continued
large, according to trade reports, and were
equal to or slightly greater than production;
consequently the volume of unfilled orders
remained at about the peak level reached in
November. In the first half of January steel
output increased to around 98 per cent of
capacity. Activity in the machinery, aircraft,
and shipbuilding industries continued to increase sharply and working forces were expanded further. In these lines and in some
others, such as wool textiles, unfilled orders
are exceptionally large, owing in the main
to the defense program.
Automobile production declined somewhat
more than seasonally in December following
an unusually large volume of output in November and October. Retail sales of new cars
during the last quarter of 1940 were about
one-fourth greater than in the corresponding
period last year and used car sales also were
large. In the nonferrous metals industries
activity increased further in December and
output of lumber and cement showed less
than the usual seasonal decline.
Textile production, which in November had
exceeded the previous record levels reached
a year ago, continued at this high rate in
December, not showing the usual seasonal
decrease. At cotton and rayon mills, activity
increased somewhat further and at wool textile mills output was sustained at peak rates.
In the shoe industry, where output had been
in reduced volume during the first ten months
of the year, there was less than the usual seasonal decline in November and December and,
on a seasonally adjusted basis, production was
close to earlier peak levels.
At mines bituminous coal production declined less than seasonally and anthracite
production increased. Output of crude petroleum showed a reduction in December owing
mainly to the fact that wells in Texas were
closed for ten days as compared with nine
INCOME
INDUSTRIAL
PRODUCTION
PER CENT
140
7
7
140
130
120
110
/
100
90
PAYMENTS
BILLIONS OF DOLLARS
BILLIONS OF DOLLARS
PER CENT
/
v/
u
J
/
/
\ J
/
\J
V
100
V
5
j
r
/
90
vs/
80
ft
6
80
70
4
70
60
60
3
1939
1938
1937
1934
1935
1936
1940
United States Department of Commerce estimates of the
Index of physical volume of production, adjusted for seasonal amount of income payments to individuals, adjusted for seasonal
variation, 1935-39 average = 100.
variation. By months, January 1934 to January 1941.
1935
1936
124
1938
1939
1940
FEDERAL RESERVE BULLETIN
National Summary of Business Conditions
days in November. Output of metals con- goods, paint materials, and hides. Steel
scrap prices, after increasing during most
tinued in large volume.
Value of construction contract awards, as of the period, subsequently declined and lumreported by the F. W. Dodge Corporation, ber prices also decreased somewhat from the
increased contraseasonally in December, re- sharply advanced peak reached in November.
flecting further sharp increases in awards for
defense construction and private nonresidenBank Credit
tial building. Contracts for private residential building declined by somewhat less Total loans and investments at reporting
than the usual seasonal amount.
member banks in 101 leading cities continued
to increase substantially during the six weeks
ending January 8, reflecting principally inDistribution
creases in holdings of United States GovernDistribution of commodities to consumers ment obligations at New York City banks.
increased more than seasonally in December. Commercial loans rose somewhat further
Department and variety store sales showed while loans to New York security brokers
the customary sharp expansion during the and dealers, which had increased in DecemChristmas season and sales at mail-order ber, subsequently declined somewhat.
houses rose more than is usual at this time Excess reserves, after declining during the
first half of December, have since increased
of year.
Freight-car loadings showed a seasonal to about $6,900,000,000. The increase redecline from November to December. Ship- flected reductions in Treasury deposits with
ments of forest products and miscellaneous the Reserve Banks, a continued inflow of gold,
freight decreased less than seasonally, while and since Christmas a seasonal return flow
ore loadings, which had been unusually large of currency from circulation.
in November, declined sharply.
United States Government Security Prices
Wholesale Commodity Prices
Prices of United States Government securireacted somewhat after reaching record
Basic commodity prices generally increased ties
high
levels early in December. Bonds of
from the middle of December to the middle 1960-65
on January 8 a net decline
of January, following little change during the of about showed
2%
points
the all-time peak of
preceding four weeks. Currently these prices December 10 but from
subsequently fluctuated
are substantially above the level prevailing
last summer. Increases in the past month somewhat above this level. The yield on this
were most marked for foodstuffs, especially issue, which was 2.03 per cent at the peak in
hogs, pork, lard, and cottonseed oil, but there prices, was 2.16 per cent on January 14.
were advances also in a number of industrial
MONEY RATES IN NEW YORK CITY
materials, particularly pig iron, cotton, cotton
PER CENT
PER CENT
4
4
DEPARTMENT STORE SALES AND STOCKS
PER CENT
PER CENT
no
TREASURY BONDS
" (12 YEARS AND OVER) "
ino
100
90
80
STOCK!
/
70
V
/
100
90
RESERVE BANK
DISCOUNT RATE .
to
80
A
70
60
60
50
50
—
TREASURY NOTES
( 3 - 5 YEARS)
\
TREASURY BILLS
\
(NEW ISSUES)
1934
1935
1936
j\l[L
**
VA-*
\
1937
1938
1939
1940
Minimum rate on rediscount for and advances to member banks
40
by Federal Reserve Bank; weekly averages of daily yields of 340 U
to 5-year Treasury notes and Treasury bonds callable after 12
1934
1935
1936
1937
1938
1939
years, and average discount on new issues of 91-day Treasury
Indexes of value of sales and stocks, adjusted for seasonal bills offered within week. For weeks ending January 6, 1934,
to January 25, 1941.
variation, 1923-25 average = 100.
FEBRUARY
1941
125
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements
Federal Reserve Bank statistics
Reserve position of member banks; deposits in larger and smaller centers
Money in circulation
Gold stock and gold movements; bank suspensions; bank debits
All banks in the United States, number, deposits, loans and investments
Condition of all member banks
..
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances
Money rates and bond yields
Security markets
Treasury
finance
..
Governmental corporations and credit agencies; Postal Savings System. . .
..
Business Indexes
.
Wholesale prices
.
Statistics for Federal Reserve chart book
Revised index of factory employment and payrolls
Changes in number of banks and branches in the United States . . .
129
130
131-135
136
137
138
139
140-141
142-145
146
147
148
149-150
151-152
153-163
164
165-166
166
167
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.
127
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY
FIGURES
BILLIONS OF DOLLARS
24
24
22
20
18
MEMBER BANK
RESERVE BALANCES
0
h:
1935
r1936
1937
1938
1939
1940
0
1941
10
10
-
-
REQlJ1RED RESERV ES
-
T~—'
*
~~
r4
-
-
2
f
1 EXCESS RESERVES
V
-
0
1935
1936
1937
1938
1939
1940
1941
Latest figures for January 22. See page 129.
128
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Date
Bills
discounted
All
Total
Maturing
within 5
years
other
Ma- Reserv
turing Bank
after credit»
5
years
Total
Gold
stock
Men iber
bank r Bserve
Treasbalai
ices
Other
ury deTreasury
Treas- posits Non- Federal
memwith
cur- Money
ury
cir- cash
Reber
rency inculaFedserve
deoutholderal
tion
acposits
Exstandings
Recounts Total cess*
ing
serve
Banks
Monthly averages of
daily figures:
1939—October....
November
December.
1940—October....
November
December.
6
7
8
5
4
4
2,763
2,651
2,510
2,381
2,261
2,188
1,544
1,445
1,297
1,102
1,045
1,038
1,219
1,206
1,213
1,280
1,215
1,149
63
63
94
67
79
113
2,832
2,722
2,612
2,454
2,344
2,305
17,002
17,217
17,518
21,393
21,662
21,890
2,926
2,939
2,956
3,051
3,065
3,079
7,328
7,413
7,609
8,226
8,415
8,688
2,239
2,314
2,402
2,257
2,194
2,201
358
454
616
477
348
338
732
766
739
1,624
1,710
1,715
240
241
248
270
275
283
11,862
11,688
11,473
14,043
14,131
14,049
5,490
5,259
5,011
6,864
6,830
6,646
End of month figures;
1939—Oct. 31
Nov. 30....
Dec. 30
1940—Oct. 31
Nov. 30.—
Dec. 31
6
8
7
4
4
3
2,736
2,552
2,484
2,333
2,199
2,184
1,517
1,362
1,220
1,074
1,023
1,048
1,219
1,191
1,265
1,259
1,177
1,136
59
90
102
76
101
88
2,801
2,650
2,593
2,412
2,304
2,274
17,091
17,358
17,644
21,506
21,801
21,995
2,932
2,947
2,963
3,059
3,072
3,087
7,342
7,483
7,598
8,300
8,522
8,732
2,254
2,367
2,409
2,188
2,187
2,213
286
419
634
349
250
368
728
819
653
1,661
1,726
1,732
241
241
251
271
277
284
11,973
11,628
11, 653
14,208
14,215
14,026
5,553
5,160
5,209
6,960
6,849
6,615
Mar. 1 3 . . .
Mar. 20.__
Mar. 27.._
3
3
2
2
2,477
2,477
2,475
2,475
1,209
1,209
1,209
1,209
1,268
1,268
1,266
1,266
35
44
42
32
2,615
2,524
2,520
2,510
18,220
18,282
18,360
18,413
2,984
2,985
2,080
2,990
7,481
7,463
7,484
7,471
2,358
2,362
2,374
2,382
536
626
707
700
731
754
791
808
246
247
256
256
12,367
12,439
12,256
12,204
Apr. 3
Apr. 10__._
Apr. 17.___
Apr. 24
3
2
2
2
2,467
2,467
2,467
2,467
1,205
1,205
1,205
1,205
1,262
1,262
1,262
1,262
42
31
45
32
2,512
2,500
2,514
2,501
18,470
18,523
18,631
18,708
2,991
2,993
2,992
2,997
7,521
7,509
7,536
7,520
2,372
2,353
2,313
2,305
692
690
513
470
737
733
762
773
266
256
257
256
12,305
12,575
12,757
12,883
May
May
May
May
May
1
8
15
22
29 . . . .
3
3
3
2
3
2,467
2,467
2,474
2,477
2,477
1,205
1,205
1,205
1,206
1,206
1,262
1,262
1,269
1,271
1,271
30
38
41
41
31
2,500
2,507
2,518
2,520
2,511
18,771
18,835
18,949
19,071
19,162
3,000
3,004
3,004
3,007
3,007
7,570
7,589
7,598
7,613
7,685
2,293
2,309
2,223
2,204
2,200
490
512
425
370
378
793
802
878
935
050
256
256
254
254
253
12,870
12,877
13,094
13,223
13, 215
June
June
June
June
5
12
19 . . . .
26
3
2
2
2
2,477
2,477
2,473
2,473
1,206
1,206
1,206
1,206
1,271
1,271
1,267
1,267
50
43
63
36
2,530
2,523
2,539
2,511
19,281
19,427
19,769
19,871
3,008
3,009
3,011
3,012
7,718
7,717
7,741
7,780
2,205
2,200
2,204
2,186
308
265
298
301
949
1,014
1,098
1,139
252
253
266
266
13,387
13, 510
13,712
13,723
July
July
July
July
July
3
1 0 . . __
17....
24... _
31....
2
2
2
3
4
2,450
2,450
2,450
2,450
2,448
1,202
1,202
1,202
1,202
1,202
1,248
1,248
1,248
1,248
1,246
51
39
49
38
32
2,503
2,491
2,501
2,491
2,484
20,063
20,166
20,256
20,367
20,463
3,014
3,015
3,016
3,020
3,024
7,924
7,884
7,872
7,854
7,883
2,190
2,191
2,199
2,229
2,250
221
297
278
643
604
1,245
1,274
1,299
1,327
1,382
262
261
261
261
262
13, 737
13, 764
13,863
13,565
13,498
Aug.
Aug.
Aug.
Aug.
7
14—
21....
28—
3
3
3
4
1,202
1,202
1,202
1,198
1,244
1,244
1,244
1,244
22
47
44
35
2,471
2,495
2,492
2,480
20,568
20, 689
20,800
20,871
3,025
3,027
3,030
3,034
7,929
7,944
7,976
8,006
2,276
2,281
2,291
2,291
923
940
889
813
1,386
1,444
1,486
1,498
263
262
261
261
13,286
13,340
13,419
13, 516
Sept. 4
Sept. 11—_
Sept. 1 8 —
Sept. 25—
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Oct. 30
6
5
4
5
1,191
1,191
1,191
1,191
1,243
1,243
1,243
1,243
51
47
57
34
261
260
270
270
13,
13,
13,
13,
53
38
94
32
44
3,046
3,048
3,052
3,055
3,056
2,292
2,287
2,311
2,298
2,294
2,294
2,268
2,232
2,187
1,510
1,520
1,549
1,525
1,243
1,325
1,276
1,266
1,259
8,092
8,080
8,084
8,090
8,172
8,199
8,229
8,236
8,265
791
762
790
793
1,181
1,075
1,108
1,086
1,074
2,490 20, 944
2,485 20, 981
2,495 21,093
2,472 21,166
2,482 21, 271
2,445 21,349
2,481 21, 373
2,388 21,428
2,381 21,499
3,036
3,038
3,040
3,041
6
8
4
4
4
2,446
2,446
2,446
2,442
2,434
2,434
2,434
2,434
2,424
2,399
2,384
2,352
2,333
678
579
463
383
376
1,587
1,574
1,660
1,600
1,659
268
270
271
272
272
13,800
13,927
14,016
14,148
14,177
Nov.
Nov.
Nov.
Nov.
6
13....
20—
27....
4
4
4
4
2,327
2,254
2,231
2,204
1,070
1,044
1,036
1,025
1,258
1,210
1,195
1,180
30
67
67
68
2,362
2,326
2,302
2,276
21,
21,
21,
21,
581
637
716
755
3,060
3,062
3,066
3,069
8,385
8,395
8,436
8,465
2,221
2,211
2,188
2,182
465
404
310
199
1,681
1,688
1,749
1,685
271
275
276
278
13, 979
14,052
14,127
14,292
6,733
6,777
6,604
6,679
6,815
5,049
6,048
6,110
'6,107
6,131
6,300
6,373
6,362
6,533
6,607
6,767
6,801
6,812
6,833
6,882
6,570
6,514
6,325
6,392
6,417
6,487
6,494
6,541
6,531
6,645
6,721
6,816
6,869
6,940
6,930
6,732
6,795
6,800
6,931
Dec.
Dec.
Dec.
Dec.
Dec.
4
11....
18....
24
31....
4
5
4
4
3
2,195
2,184
2,184
2,184
2,184
1,020
1,020
1,048
1,048
1,048
1,176
1,165
1,136
1,136
1,136
67
51
117
149
88
2,266
2,241
2,306
2,336
2,274
21,827
21,858
21,898
21,930
21,995
3,074
3,077
3,081
3,082
3,087
8,569
8,625
8,716
8,817
8,732
2,204
2,197
2,204
2,213
2,213
255
235
570
481
368
1,708
1,687
1,702
1,711
1,732
278
279
289
289
284
14,154
14,152
13,804
13,837
14,026
6,816
6,785
6,395
6,438
6,615
3
4
4
2,184
2,184
2,184
1,048
1,048
1,048
1,136
1,136
1,136
50
67
69
2,237
2,254
2,256
22,034
22,066
22,089
3,088
3,092
3,095
8,628
8,542
8,541
2,203
2,195
2,196
220
237
261
1,740
1,742
1,750
284
283
283
14,284
14,414
14,410
6,835
6,896
6,864
Wednesday figures;
1940—Mar. 6 .
Jan. 8
Jan. 15
Jan. 22
524
596
624
703
1
Includes industrial advances and bills bought, shown separately in subsequent tables.
» End of month and Wednesday figures estimated.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article
together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and
for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6,1937 on maturity
distribution of security holdings will be supplied on request.
FEBRUARY
1941
129
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
Feb. 1
Boston.
New York___.
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
In
effect
beginning-
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
Advances under Section 10 (b) of the
Federal Reserve Act
All other
In
effect
beginning-
Rate
Feb. 1
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
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
To others
To banks
Rate
Feb. 1
In
effect
beginning-
Rate
Feb. 1
In
effect
beginning—
In
Rate
effect
Feb. 1 beginning-
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
Sept. 2, 1937
Oct. 10, 1935
Sept. 4, 1937
Oct. 19, 1935 0)
Sept. 10, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 17, 1937'
Apr. 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
* Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Backfigures.—SeeAnnual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Rate in
effect on
Feb. 1
Maturity
In effect beginning—
Previous
rate
Oct. 20, 1933
...do
...do
...do
...do
...do...
...do..
1-15 days i._
16-30 days...
31-45 days...
46-60 days...
61-90 days...
91-120 days..
121-180 days.
i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
June 21, Aug. 16, Mar. 1, M a y 1, Apr. 16,
19381917193619371937and
Aug. 15, Feb. 28, Apr. 30, Apr. 15,
after
1937
1936
1937
1938
On net demand
deposits:1
Central reserve city. _
Reserve city
Country
On time deposits:
All member banks...
13
10
7
3
i See footnote to table on p.
puting net demand deposits.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect February 1 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnotes 6 and 7]
Advances to or in participation with financing institutions
Advances
Commitdirect to
On porindustrial
ments
Federal Reserve
or comBank
tion for
to make
On remercial orwhich
advances
maining
ganizations instituportion i
tion is
obligated 1
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
._
Chicago.
St. Louis
MinneapolisKansas City..
Dallas
San Francisco
3^-6
3^5
4-6
4-6
3-6
3-6
4-6
4-6
4-6
3
2-3
()
4
( )3
4
3-6
4
4
3-4
2-5
(H
4-6
3-6
(2)
3-6
4
4-6
4-5
1-2
1-2
()
1-2
(7)2
VT-2
1 The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas
may charge same rate as charged borrower by financing institution, if
lower
than rate shown.
2
26
Same as rate charged borrower by financing institution.
22^
19H
22%
3
One per cent less than rate charged borrower by financing institution.
15
20
4
7
14
One per cent less than rate charged borrower by financing institu12
12M
10M
tion
with minimum of three per cent (see note *)•
5
6
One-half of one per cent less than rate charged borrower by financing
5
institution
with minimum of four per cent (see note 06
Minimum charge one-fourth of one per cent.
136 for explanation of method of com7
Minimum charge one-half of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
MARGIN REQUIREMENTS'
Prescribed by Board of Governors of the Federal Reserve System in Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
accordance with Securities Exchange Act of 1934
[Per cent per annum]
[Per cent of market value]
Apr. 1, Nov. 1,
19361937
Oct. 31,
and
1937
after
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T__
For loans by banks on stocks, under Regulation U._.
Nov. 1, 1933 Feb. 1, 1935
In effect
to
to
beginning
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal savings deposits
Other time deposits pay3 55
able in:
6 months or more
90 days to 6 months
i Regulations T and U limit the amount of credit that m a y be exLess than 90 days
tended on a security b y prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
t h e ''margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value.
NOTE.—Maximum rates that may be paid by insured nonmember
» Requirement under Regulation T was the margin "customarily banks as established by the Federal Deposit Insurance Corporation,
required"
b
y
the
broker.
effective
February 1, 1936, are the same as those in effect for member
3
Regulation U became effective M a y 1, 1936.
banks. In some States the maximum rates established by the Board
NOTE.—Regulations T and U also provide special margin requirements and the Federal Deposit Insurance Corporation are superseded by
on "omnibus" accounts and loans to brokers and dealers.
lower maximum rates established by State authority.
130
55
(2)
40
50
40
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
E n d of month
Wednesday figures
1941
Jan. 15
Jan. 22
Jan. 8
Dec. 31
Dec. 24
1939
1940
1940
Dec. 18
Dec. 11
Dec.
Nov.
Dec.
Assets
Gold certificates on hand and due from
19,879,778 19,845,780 19,804,781 19,750, 781 19,680,782 19,660, 781 19,629,780 19, 750, 781 19, 574, 781 15,199,120
U. S. Treasury. . . .
9,826
9,903
9,722
11, 228
Kedemption fund—F. R. notes
9,692
11, 228
11, 515
9,108
11,515
9,692
315,194
363,401
Other cash
_ _.
360,817
228, 561 248,004
275,109
275,109
295,132
324,344
269,522
20, 253,005 20, 216, 319 20,138,233 20,035, 582 19, 920, 571 19, 920,013 19,910,817 20,035,582 19,881,428 15,524,217
Total reserves _
Bills discounted:
For "mftmbp.r hfvnks
For nonmember banks, etc
Total bills discounted
__
3,164
385
3,024
635
1,995
837
1,968
947
3,253
947
3,402
947
3,864
922
1,968
947
3,117
872
1,720
5,045
_.
3,549
3,659
2,832
2,915
4,200
4,349
4,786
2,915
3,989
6,765
7,500
7,508
7,713
7,538
7,598
7,433
7,492
7,538
7,598
11,044
Bills bought:
Payable in foreign currencies
Industrial advances
»
U. S. Government securities, direct
and guaranteed:
Bonds.. .
Notes
Bills..
1, 284,600 1, 284, 600 1,284,600 1,284,600 1,284,600 1,284, 600 1,284,600 1, 284,600 1, 296,900 1,351,045
899,500
899,500
899,500
899,500
899, 500 899, 500 899,500
899, 500 902, 500 1,133,225
Total U. S. Government securities, direct and guaranteed
2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,199,400 2,484, 270
Other Reserve Bank credit outstanding
90, 588
60,881
140,546
110, 245
93,001
44,147
59,057
41,951
79,666
79,666
Total Reserve Bank credit outstanding. .
2, 256,030 2, 254,324 2, 236, 596 2,274, 219 2,336,444 2,306,127 2,240,525 2,274,219 2,303,988 2, 592,667
Liabilities
F. R. notes in actual circulation
5,834, 506 5, 824,852 5,877,248 5,930,997 5,964,938 5,883, 575 5,819, 333 5, 930,997 5,742,847 4,958,546
Deposits:
Member bank—reserve account, _. 14,409, 560 14,413, 569 14,284,362 14,025,633 13,837,243 13,804,436 14,152,454 14,025,633 14, 215,068 11, 653,232
U. S. Treasurer—general account..
261,012
249, 964 634,270
237,067
570,452
235,468
219, 788 368,481 481, 494
368,481
Foreign
1,230, 690 1,229,836 1,122, 531 1,132,909 1, 111, 262 1,140,085 1,105,580 1,132,909 1,158,631 397, 443
519, 575 511,947
255,836
Other deposits... _
599, 544 600, 207 562,138
599, 544 567,328
581,807
617,139
Total deposits
16,420,837 16, 392,419 16, 243,820 16,126, 567 16,030,206 16,077,111 16,075,309 16,126, 567 16,190, 991 12,940, 781
Ratio of total reserves to deposit and
F. R. note liabilities combined (per
cent).
_.
91.0
91.0
91.0
90.6
90.8
90.7
90.8
90.9
90.6
86.7
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Bills discounted:
Dec. 31
Jan 8
Jan. 15
Jan. 22
Industrial advances:
Dec. 31
Jan. 8
Jan. 15
Jan. 22
U. S. Government securities direct and guaranteed:
Dec. 31
Jan. 8 .
_
. _
Jan. 15
Jan. 22
FEBRUARY 1941
Within
15 days
6 months 1 year
16 to 30 31 to 60 61 to 90 91todays
to
6
to
days
days
days
months 1 year 2 years
2,915
2,832
3,659
3,549
1,370
1,294
2,253
2,788
209
87
• 7,538
7,713
7,508
7,500
1,528
1,479
1,406
1,375
49
216
82
63
2,184,100
2,184,100
2,184,100
2,184,100
721
720
2 years
to
5 years
164
200
281
275
472
376
245
224
11
125
128
127
205
170
402
382
343
561
372
482
505
1,311
1,282
1,262
1,226
1,485
1,504
1,447
1,464
2,309
2,330
2,320
2,319
74,800
74,800
58,300
58,300
58,300
58,300
100,000
100,000
100,000
100,000
181,800
181,800
181,800
181,800
633,400
633,400
633,400
633,400
693
226
154
74,800
74,800
154
Over
5 years
17
15
6
1,135,800
1,135,800
1,135,800
1,135,800
131
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
NewYork
Philadelphia
Cleveland
Richmond
MinSt.
neapChicago Louis
olis
Atlanta
Kansas Dallas
City
San
Francisco
Assets
Gold certificates on hand and
due from U. S. Treasury:
Dec. 18.
Dec. 24_._.
Dec. 31
Jan. 8
_
Jan. 15
Jan. 22
Redemption fund —Federal
Reserve notes:
Dec. 18
_
Dec. 24
_
Dec. 31
_
Jan. 8
Jan. 15
Jan. 22...
Other cash:
Dec. 18
Dec. 24
Dec. 31
_
Jan. 8
Jan. 15
Jan. 22
Total reserves:
Dec. 18
Dec. 24
Dec. 31
Jan. 8.
_
Jan. 15
Jan. 22...
Bills discounted:
Secured by U. S. Government obligations, direct
and guaranteed:
Dec. 18....
Dec. 24
Dec. 31
Jan. 8
Jan. 15.
Jan. 22
Other bills discounted:
Dec. 18
Dec. 24.
Dec. 31
Jan. 8
_.
Jan. 15_
Jan. 22
Total bills discounted:
Dec. 18
Dec. 24.
Dec. 31
Jan. 8
Jan. 15.
Jan. 22....
Industrial advances:
Dec. 18.
Dec. 24
Dec. 31
Jan. 8
Jan. 15.
Jan. 22
U. S. Government securities,
direct and guaranteed:
Bonds:
Dec. 18.
Dec. 24..
__.
Dec. 31.
Jan. 8
Jan. 15..
Jan. 22
Notes:
Dec. 18
Dec. 24
_.
Dec. 31
Jan. 8
Jan. 15
_
Jan. 22....
Total TJ. S. Government securities, direct and guaranteed:
Dec. 18
Dec. 24
Dec. 31
Jan. 8
Jan. 15.
Jan. 22
132
19, 660, 781
19,680,782
19, 750, 781
[9,804,781
19,845, 780
9, 879, 778
145,923
141,014
136,171
183,701
181,902
,185,420
9,658, 768
9,647,199
9, 757, 527
9,759,446
9,802,581
9, 782,711
283,853
045,607 , 322,252544,680 374,082 !, 897,781490, 502 309,450
856 507, 567 316,164 t23,887 279,869
035,785 , 315,790555,368 386,744 2,913,856
046,557 , 331,413553,294 384,635 2,899,447 494, 577 311,096 120, 712280,159
065,895 , 353,335567,319 374,089 2,837,238 183, 207302,349 17,324 282,925
046,103 , 358, 522559,458 376,433 2,862,048 187, 350 299, 721 20, 298 280,036
, 051,808 ,360,876 557,356 369, 570 2,883, 729 =92,097 309, 586 :20, 728278, 360
161, 524
157, 539
135,193
177,953
171,328
187,537
11,228
11,228
9,692
9,108
9,722
9,826
1,279
1,279
1,213
1,188
1,128
1,090
1,241
1,241
972
861
1,615
1,456
1,183
1,183
1,073
1,027
926
864
741
741
660
612
541
494
1,861
1,861
1,108
1,"""
1,387
1,925
670
670
629
488
453
430
1,333
1,333
1,229
1,166
1,067
1,014
190
190
169
142
125
114
359
359
332
311
302
433
433
410
386
372
360
521
521
509
496
487
480
1,417
1,417
1,388
1,345
1,319
1,303
248,004
228, 561
275,109
324,344
360, 817
363, 401
23,952
21, 704
26, 617
33,401
35,132
32, 536
52,857
48, 729
51, 324
65,646
76,082
77, 981
17, 541
15, 561
18, 754
23,081
25,397
24, 797
14,958
13, 778
19,963
22,240
26, 750
26,914
15,937
15,732
18,806
20,928
20,708
22,948
15,939
13,773
19,055
23, 556
24,750
25, 212
30,622
27,999
36,352
44,281
52, 846
52,183
14,358
12,995
16,482
18,433
20,161
20,294
5,952
5,548
6,576
6,878
7,627
7,764
13,692
13,433
15,285
17,995
17, 836
18,072
12,793
12,194
14,010
14,592
16, 559
15, 794
29,403
27,115
31,885
33,313
36, 969
38,906
19, 920,013
19,920, 571
20,035, 582
20,138, 233
20,216,319
20,253,005
171,154
163,997
164,001
218,290
218,162
219,046
9,712,866
9,697,169
9,809,823
9,825,953
9,880,278
9,862,148
1,810
1,799
851
900
2,021
2,260
85
285
100
622
532
245
349
426
630
198
304
187
232
348
428
110
150
150
150
60
10
35
220
10
10
33
8
2
2
2
2
2
2
1,000
1,010
544
516
491
494
462
325
286
288
278
267
207
166
163
162
150
140
120
96
41
41
41
36
27
1
37
36
36
29
22
14
1,166
1,048
736
843
888
955
484
592
465
499
555
594
273
31
300
290
180
106
76
261
51
46
60
25
1,768
1,767
1,756
1,755
1,755
1,755
2,093
2,091
2,052
2,032
2,031
2,037
236
239
250
245
245
247
2,539
2,401
2,064
1,932
1,638
1, 289
4,349
4,200
2,915
2,832
3,659
3,549
7,433
7,598
7,538
7,713
7, 508
7,500
85
285
100
25
974
974
972
920
915
,064,331 337,951 562,478 390,691
,052,529 „ 330,309 572,961 401,187
,066,384 1,352,036 573,208 404,319
,090,003 , 376,187589,333 398,133
813 581, 553 401, 636
, 072,426 385,813
229395, 212
388 284 582,229
, 077,469 388,
',167
, 929, 736505,050 115, 761440,484 297,
, 943,188520, 752 322,071 437, 753 292, 584
, 937,028511,228 18; 004 436,407294,678
, 882, 685501, 782 309, 538 435, 705298,013
"" 297,082
, 915, 961507, 636 307,650 438,
8,506
"12, 505 317, 616 439,
9,160 294,634
415
50
109
129
109
84
109
109
215
108
48
48
43
43
195
157
157
143
111
73
78
78
28
25
19
11
161
160
107
92
80
70
920
854
39
38
38
31
24
16
210
172
15:
143
1,111
1,083
493
128
28
25
19
11
270
289
216
176
189
179
1,135
962
71
656
555
508
783
781
781
931
780
779
338
334
334
329
337
335
265
265
269
268
268
274
236
227
219
278
271
263
86
192, 344
186,071
168,466
212,611
209,616
, 227, 746
61
48
29
512
465
69
61
48
29
279
278
278
278
278
561
561
545
545
544
541
1,284, 60C
l,284,60C
1,284,60C
1, 284,60C
1, 284, 60C
1, 284, 60C
92, 213
92, 213
92,213
93, 212
93, 212
93, 212
379, 572
379, 572
379, 572
372,013
372,013
372,013
107,638
107, 638
107,638
102,835
102,835
102,835
128,649
128,649
128,649
126,632
126,632
126,632
68,168
68,168
68,168
70,566
70, 566
70, 566
49,278
49,278
49, 278
53, 587
53, 587
53, 587
146,651
146,651
146,651
144,046
144,046
144,046
55, 508
55,508
55, 508
60,661
60, 661
60, 661
36,611
36,611
36, 611
39,320
39, 320
39,320
62,958
62,958
62, 958
64,518
64, 518
64, 518
49,948
49,948
49,948
51,073
51,073
51, 073
107,406
107,406
107,406
106,137
106,137
106,137
899, 50C
899, 500
899, 50C
899, 50C
899,50C
899, 50C
64, 568
64,568
64,568
65,269
65, 269
65, 269
265,783
265,783
265,783
260,49C
260,49C
260, 49C
75,369
75, 369
75, 369
72,007
72,007
90,082
90,082
90,082
88, 671
88, 671
88, 67:
47,732
47,732
47,732
49,410
49,410
49,410
34, 506
34, 506
34, 506
37, 522
37, 522
37, 522
102, 688
102, 688
102,688
100,864
100,864
100,864
38,868 25,636
25, 636
38,868 25, 636
42,477 27, 532
42,477 27, 532
42,477 27, 532
44,085
44,085
44,085
45,177
45,177
45,177
34,974
34,974
34,974
35,762
35,762
35,762
75,209
75,209
75,209
74,319
74, 319
74,319
2,184,10C
2,184,10C
2,184,10C
2,184,10C
2,184,10C
2,184,10C
156,78:
156,78:
156, 78:
158,48
158, 48:
158, 48:
645, 355
645,355
645, 35£
632, 503
632, 503
632, 503
183,007
183,007
183,007
174,84r
174,84:
174,84:
218, 73 115,900
218, 73 115, 900
218,73 115,900
215,303 119,976
215,303 119,97f
215,302 119,971
83,784
83,784
83,784
91,109
91, lOt
91,
249,339 94,376
249,339 94,376
249,339 94,376
244,910 103,138
244,91C 103,138
244,91C 103,138
62,247 107,043
62,24" 107,043
62,24' 107,043
66,852
66, 852 109, 6
66,852
84,922
84,922
84,922
86,835
86,835
86, 835
182,615
182,615
182,615
180,456
180,456
180,456
72, oo;
FEDERAL RESERVE BULLETIN
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Min- KanSan
AtSt.
sas Dallas Franlanta Chicago Louis neapolis
City
cisco
Assets—Continued
Total bills and securities:
648, 289 185, 584 219,240 116,
>,759 84,161 249,814 94,874 62,753 108,264 85,053 183,245
2,195,882 157,846
Dec. 18
648,170 185,690 219, 282 116,
»,942 84,156 249, 776 94,504 62,763
Dec. 24.
._
__. 2,195,898 158,040
85,245 183,245
647,847 185, 524 219, 281 116,
,732 84,156 249, 765 94,404 62,682 107,838 85,240 183,229
Dec. 31
2.194, 553 157,855
635,101 177, 373 215, 838 120,
1,953 91.469 245,321 103,163 67, 306 110,431 87,150 181,062
2,194,645 159,478
Jan. 8
635,146 177,428 215, 728 120,816 91.470 246, 289 103,157 67,"'"
2.195, 267 159,401
Jan.15
312 110,329 87,143 181,048
635, 213 177,473 215, 656 120,
), 780 91,460 246, 267 103,152 67, 294 110, 276 87,136 181, 026
2,195,149 159, 416
Jan. 22
Due from foreign banks:
5
4
2
3
18
2
47
1
Dec. 18
.._
1
4
5
4
2
3
18
2
47
1
Dec. 24
1
4
5
4
2
3
18
2
47
1
Dec. 31..
1
4
5
4
2
3
18
2
47
1
1
Jan. 8
_
4
5
4
2
3
18
2
1
4'
1
Jan. 15
4
5
4
2
1
3
18
2
4'
1
Jan. 22
4
Federal Reserve notes of
other banks:
1,1
2,234
1,922 2,727 2,560
3,592 2,732
22,893
Dec. 18
631
955 1,590
490
2,394
4,426
1,237
2,275 2,213 3,479
3,863 2,307
26, 542
Dec. 24
801 1,990
762
2,502
687
4,773
1,865
1,947 3,328 3, 385
4,136 2,896 1,514 2,261 1,024
31,628
Dec. 31
3,864
635
2,988
1,302
3,317
3,435
4,466
30,183
2,164
2,966
Jan. 8
2,
284
868
1,441
4,119
833
3,350
1,177
3,289 2,251
29,820
Jan.15
2,597 5,503 3,179
740
274 2,098
4,661
701
3,182
2,
1,003
2,636
6,072
29,402
2,529
Jan. 22
1,773
2,
701
4,783
703
655
Uncollected items:
71,065 118,201 85,923 36, 346 153,086 53, 794 21, 781 41, 320 35, 915 62,461
1,024,464
91, 246 253,326
Dec. 18
914, 424
80,337 221,168 61, 672 106,648 74,544 38,043 130,762 51, 554 21,006 38,900 35,213
Dec. 24
54, 577
912, 398
82, 594 234, 525 63,085 102,207 76,132 43,435 126,885 52, 651 19, 555 36,161 29, 530 45,638
Dec. 31.
178,971
54,362
745,196
78,939 64,080 34, 544 101,150 41, 752 16,169 34,074 28, 652 42,632
Jan. 8 . .
19,871
230,647 64, 260 111, 123 69, 213 34,199 123, 729 49,854 18,990 33, 342 30,080
901, 592
Jan.15
48,070
201, 642 58,158
839,957
92, 295 86, 945 40,068 102, 980 48,993 18,139 30,967 39, 535 44,833
Jan. 22
75,402
Bank premises:
9,721
4, 513
5,412 2,586 1,995
41, 221
2,838
Dec. 18
3,328 2,428 1,369 3,065 1,108
2,858
9,721
4,503
5,400 2,579 1,991
41,188
2,838
Dec. 24
3,328 2,428 1,369 3,065 1,108
2,858
9,701
4,501
4,587 2,590 1,991
40,062
2,833
Dec. 31
3,040 2,318 1,367 3,059 1,226
2,849
9,701
4,529
4,58"
40,076
2,833
2,591 1,991
Jan.8
3,040 2,319 1,367 3,043 1,226
2,849
9,702
4, 529
4,586 2,591
40,075
1,991
2,833
Jan.15
3,040 2,318 1,367 3,043 1,226
2,849
9,702
4,529
4,574 2,591
40,062
1,990
2,833
Jan. 22
3,040 2,318 1,367 3,043 1,226
2,849
Other assets:
3,815
13,079
5,145 2,753 1,728
Dec. 18
46, 545
4,908 1,859 1,344 2,106 2,551
3,'
4,168
3,837
13, 291
5,181 2,781 1,713
Dec. 24
46,931
4,986 1,865 1,365 2,134 2,419
3,120
4,239
4,909
13,228
5,074 2,756 1,766
Dec. 31..
47, 596
5,069 l,9r 1,396 2,198 1,865
3,168
4,250
4,152
13,293
5,168 2,91" 1,932
Jan. 8
47,957
5,083 2,121 1,506 2,29'
3,278
1,908
4,304
4,243
13,699
5, 21~ 2,966 1,
Jan. 15
48,955
5,172 2,166 1,530 2, 33' 1,954
3,345
4,359
4,273
13, 731
5, 315 3,006 2,003
3,403
Jan. 22
49,483
5,278 2,188 1,548 2,354 , 1,978
4,406
Total assets:
23, 251,065 1,426,807 10,639, 533 1,330,37''9 1, 687,875 773,228 517,4833,344,470 660, 738 403, 963 596,830 422,28, 1,447,474
Dec. 18..
23,145,601 1,409,022 10, 593,963 1,309,473
1, 669,099 772,022 530, 571 3,335; 909~~\
673i
Dec. 24
1
411 409,375 591,928 417, " 1,433,496
10,719,915 1,326, 273 1, 685,136 774,748 539,054 3, 325,
23,261,866 1,411,
Dec. 31
i, 415 404, 518 587,925 413,
;, 5641,408,300
23,196, 337 1,454,586 10,666,025 1,331, 726 1, 682,887 784, 340 531, 388 3, 240,
i,720 654,104 397, 327 587,835 417,818 1,447, 581
Jan. 8 . .
_
23,432,075 1, 472, 53010, 772,840 1, 324,0681, 725, 068 782, 644 534,444.3, 297,486
,486 667,383
667! 397,123 589,656 418, 226 1,450, 607
Jan. 15.
23,407,105 1,460, 758 10, 725, 6361,322, 910 1,708,527 801,625
3, 297,133 671, 686 406, 697 587, 574 425, 2111,465, 647
Jan. 22
Liabilities
Federal Reserve notes in actual circulation:
Dec. 18
Dec. 24
Dec. 31
Jan. 8
Jan. 15
Jan. 22
Deposits:
Member bank — reserve
account:
Dec. 18
Dec. 24
Dec. 31
Jan. 8 .
Jan.15
Jan. 22
U. S. Treasurer—general
account:
Dec. 18
.__.
Dec. 24
Dec. 31
Jan. 8
___.
Jan.15
Jan. 22
Foreign:
Dec. 18
Dec. 24
Dec. 31
Jan. 8
Jan. 15
Jan. 22
Other deposits:
Dec. 18
Dec. 24....
Dec. 31....
Jan. 8
Jan. 15
Jan. 22
5,883, 575
5,964,938
5,930,997
5,877, 248
5,824,852
5, 834, 506
475,697
482, 878
479, 728
475, 760
471,038
471, 389
1, 562,232
1, 573,086
1, 576,404
1, 549,880
1, 539, 890
1, 542,876
409, 376
415,952
410,704
405,913
404,001
403, 782
539,891 280,476 194,890 1,247, 569 219, 590158,107 209,327 96,660
551,356 287,881 199,199 1,265,993 222,681 159, 730 211,113 98,261
540,941 283, 520 195,853 1,262,396 221,,148
•- 158,709 211,215 97,865
540, 745 278, 549 194, 4451,256, 598 219,1,721 158,069 210,858 96,682
534,525 274,
"' 908 193, 31 1, 252, 64' 219, 679 156, 798 209, 314 95,119
"1,809 156, 549 209,452 95, 368
536, 729 276,008i 194,3531, 255,499 219^
489, 760
496,808
492, 514
490,028
473, 621
472, 692
13,804,436
13,837, 243
14,025, 633
14,284,362
14, 413, 569
14,409, 560
751,995
746,901
756,46f
816,031
819,848
818, 703
7,366,275
7,393,928
7, 556,979
7,640,081
7, 702,042
7, 667, 269
679,144
681,438
703, 580
728,031
709,177
712,489
893,213 340, 574 226,141 1, 744, 769 332, 577176,955 284,375 233, 665
888,484 345,337 237,021 1,738,708 341,171 176, 721
721 284,
284,948 236, 567
920, 969 354,132246, 999 1, 711,100 326,872174,
7
4,
476
477 279,
279,690 240,275
944,241 383,899
, 2 4 7247;
, 509 1, 695,173 335, 708178,
178,631 285,183
,183 242,275
9 6 3 , 1 0 372,450
6—
249, 610 1, 741, 868 343, 955181,
181 564
564290,
290 287
287244,118
183, 311
311 289050
289,050 238,188
956,489 378,855 243, 708 1, 756, 557 349,372183
774, 753
766,019
754,096
787,600
795, 544
815, 569
570,452
481,494
368,481
219, 788
237,067
261,012
20,805
16,801
6,044
8,134
7,827
10,001
276,808
215.090
131, 605
60,055
75,138
80,430
33, 500
15, 212
13,664
8,906
16, 257
17, 530
32, 536
24,697
16, 328
10, 672
13,977
15, 290
14,978
17,
18,419 17, 972
12, 636 12, 547
11,062
13, 678 12, 646
9,258 13,168
67, 505
71,080
84, 537
43,773
33, 642
37, 278
15,135
21, 070
23,893
13, 817
10,499
11, 656
19,608
24, 260
22,857
14,882
10,329
19,439
22,344
16, 690
16,861
13,690
14, 500
15,676
22,808
14,470
10,926
14,981
14,776
13,950
27,060
25,733
16, 583
13,936
13, 798
17,336
1,140,085
1,111,262
1,132,909
1,122, 531
1,229,836
1,230, 690
55,088
55,126
54,872
53, 643
55,009
54,841
641, 521
612, 667
633, 979
624,803
725, 205
723.091
75,841
75,841
75,944
75, 944
76,103
76, 631
71,972
71, 972
72,069
72,069
72,180
72, 681
33,277
33, 277
33, 322
33,322
33, 736
33,971
27,086
27,086
27,123
27,123
27,460
27, 651
92,867
92,867
92,992
92,992
94,148
94,802
23,217
23, 217
23,248
23,248
23, 537
23, 700
17,026
17,026
17,049
17,049
17, 260
17,380
22,443
22,443
22,473
22,473
22, 752
22,910
23, 217
23, 217
23,248
23, 248
22, 752
22,910
56, 530
56, 523
56,590
56,617
59, 694
60,122
562.138
600,207
599, 544
617.139
511,947
519, 575
8,110
8,814
8,236
451,788
489, 773
492,197
506, 265
399, 615
409, 987
30,465
31,808
26, 675
20,542
21,144
20,939
4,853
5,074
4,774
5,611
5,449
5,521
5,221
5,177
4,245
5,085
3,996
3,637
5,154
4,900
5,481
5,409
4,795
4,680
5,064
3,750
5,324
4,462
5,708
5,375
7,187
6,995
7,167
8,526
7,702
7,515
5,888
5,484
5,376
5,290
4,933
5,201
12, 572
12,456
13,164
12.182
10,612
10.183
1,912
2,217
2,446
2,610
1,622
1,516
23,924
23,759
24,459
33,069
38,413
37, 352
7,958
7,1""
* Less than $500.
FEBRUARY 1941
133
Federal Reserve Banks—Continued
tin thousands of dollars]
Total
Boston
New
York
Philadelphia
Rich- AtSt. Minmond lanta Chicago Louis neapolis
Cleveland
Kansas Dallas
City
San
Francisco
Liabilities—Continued
Deposits—Continued
Total deposits:
Dec. 18
Dec. 24
Dec. 31
.__
Jan. 8
Jan. 15
Jan. 22
Deferred availability items:
Dec. 18..
Dec. 24..
Dec. 31
Jan. 8
Jan.15
Jan. 22
Other liabilities, including
accrued dividends:
Dec. 18.
Dec. 24
Dec. 31
Jan. 8
Jan. 15
Jan. 22
Total liabilities:
Dec. 18..,
Dec. 24.
Dec. 31
Jan. 8
Jan. 15
Jan. 22
835,998 8,736,392
827, 642 8,711,458
825,617 8,814,760
8,831, 204
890,642 8,902,000
16, 420, 837 891, 214 8,880, 777
16,077,111
16,030,206
16,126,567
16,243,820
16,392,419
914, 266
773, 925
832,779
703,292
842, 582
779,123
89,029
72,407
79,913
67,108
85,005
72, 264
5,129
5,437
2,196
2,109
2,173
2,428
507
269
273
285
313
211,828
180,156
201,083
156, 767
202, 550
173, 575
1,583
1,737
175
365
525
818,950 1,, 002,574 396,437 273, 359 1,910,
910, 205 378,116 219,477 341,
734 281,602
804, 299 990,227 402,210 286,979 1,906
906,405 392,453 223,491336;
"" 537 276,471
819,863 1,014; 140 404', 335 292; 150 1,893) 953 3811180 219^
758 332,188 276,895
833,423 1, 032, 593 428,186 291
,103 1 836,400
38i;
283,114
,,
, 299 215; 852 333,528283,268
822, 681 1,054,712 423,860 294|
:, 511
366 385, 693 21< 086 338,151
981 425, 721 289, 207 1,875,
827, 589 .,049,
1
lj 894,012 392; 243 225; 331
337,819 276, 564
67,388 109,831 80,011 35, 579 138,878
91,894 65,634 30, 755 115, 595
54,545
60,412 95,814 70,836 37, 533 122,197
75,081 61,494 32, 281 100,240
57,728
62, 706 101, 395 67, 776 33,019 121, 993
56,832 87,350 83,751 36, 514 100,059
491
496
875
238
252
276
618
149
235
204
224
185
178
246
273
257
186
185
80
106
93
116
587
652
153
240
218
293
882,267
872,034
851,728
891,222
907,449
930,379
51,184
46,403
51,417
41,400
50, 326
47,916
16,576
16,339
16, 344
13,673
16, 530
15,085
34,437
32,918
33,301
32,194
30,948
29,032
31,981
30,537
27,399
26,587
28, 383
41,798
47,544
36,742
36,530
38,739
41,951
34,947
137
159
56
67
66
71
172
187
81
107
87
103
182
186
48
66
76
75
174
336
343
3
53
32
77
78
101
22,880,081 401,232 10,512,035 1,296, 205 1,652,884 757,109 504,014 3, 297,239 649,027 394, 332 585,680 410,
1,417
22, 774,506 383,434 10,466,437 1,275,292 1,634,095 755,903
399, 747 580,754 405,458
22,892, 539 385, 527 10, 592,422 1,291,854 1, 651,044 758,937
394, 892 576, 752 402,220
22,826,469 429,037 10, 538, 216 1, 297, 302 1, 648,654 768, 502 517,935 3,193J 478 642^ 487
387, "701 576,646 406,469
23,062,026 , 446, 970 10, 644, 965 1, 289, 640 1, 690,836 766,801
387, 501 578, 489 406,848
23,036,894 , 435,180 10,597, 727 1, 288, 479 1, 674, 284 785, 760 520| 190 3| 249| 863 660',
039 397',
"^,068
576, 378 413,831
, 419,907
, 405,927
, 380, 775
, 420,042
,423,053
, 438,095
Capital Accounts
Capital paid in:
Dec. 18
Dec. 24
Dec. 31
Jan. 8
Jan. 15
Jan. 22
Surplus (section. 7):
Dec. 18
Dec. 24.
Dec. 31
Jan. 8
Jan. 15
.__
Jan. 22.
Surplus (section 13b) :
Dec. 18
Dec. 24
Dec. 31
Jan.8
Jan. 15._
Jan. 22
Other capital accounts:
Dec. 18.
Dec. 24..
_
__
Dec. 31
_.
Jan. 8 . . .
Jan. 15
Jan. 22
Total liabilities and capital
accounts:
Dec. 18.
Dec. 24..
Dec. 31
Jan. 8
Jan. 15
_.
Jan. 22
Commitments to make industrial advances:
Dec.
Dec.
Dec.
Jan.
Jan.
Jan.
18
24
31
8
15
22
134
138,213
138, 2fr
138, 579
139,143
139,306
139, 351
9,334
9, 335
9,335
9,337
9,341
9,341
51,091
51,094
§1,096
51,407
51,447
51,450
11,880
11,881
11,882
11,893
14,191
14.197
14.198
14,349
11, 896
11,897
14, 347
14,352
5,361
5,363
5,366
5,386
5,390
5,399
151, 720
151, 720
157.064
157,065
157.065
157,065
10,405
10,405
10,905
10,906
10,906
10, 906
53, 326
53, 326
56,447
56,447
56,447
56,447
14,198
14,198
15,144
15,144
15,144
15,144
14, 323
14,323
14, 323
14,323
14, 323
14, 323
26,839
26,839
26, 785
26, 785
26, 785
26, 785
2,874
2,874
2,874
2,874
2,874
2,874
7,109
7,109
7,070
7,070
7,070
7,070
4,393
4,393
4,393
4,393
4,393
4,393
54,212
54,269
46,899
46,875
2,962
2,974
2,448
2,432
2,439
2,457
15,972
15, 997
12,880
12,885
3,703
3,709
3,000
2,994
2,
2,997
47,010
23,251,065
23,145,601
23, 261,866
23,196,337
23,432,075
23, 407,105
6,304
6,253
5,226
5,092
5,"""
5,095
12,911
12,942
4^710
4,764
4,764
14, 259
14, 294
14, 533
14, 559
14, 569
14, 578
4,184
4,186
4,212
4,212
4,217
4,236
2,977
2,976
2,975
2,975
2,976
2,977
4,456
4,458
4,462
4,470
4,474
4,478
4,168
4,171
4,208
4,215
4,243
4,244
11,619
11,619
11,619
11, 630
11, 642
11, 635
5,247
5,247
5,247
5,247
5,247
5,247
5,725
5,725
5,725
5,725
5,725
5,725
22,824
22,824
22,824
22, 824
22,824
22, 824
4,709
4,709
4,925
4,925
4,925
4,925
3,152
3,152
3,152
3,152
3,152
3,152
3,613
3,613
3,613
3,613
3,613
3,613
3,974
3,974
3,974
3,974
3,974
3,974
10,224
10, 224
10, 785
10, 785
10, 785
10, 785
1,007
1,007
1,00"
1,007
1,00"
1,00'
3,246
3,246
3,244
3,244
3,244
3,244
713
713
713
713
713
713
1,429
1,429
1,429
1,429
1,429
1,429
538
538
533
533
533
533
1,001
1,001
1,000
1,000
1,000
1,000
1,142
1,142
1,138
1,138
1,138
1,138
1,266
1,266
1,263
1,263
1,263
1,263
2,121
2,121
2,121
2,121
2,121
2,121
5,470
5,477
4,564
4,554
4,555
4,561
2,265
2,263
1,954
1,961
2,338
2,322
2,307
2,305
2,307
2,309
8,719
8,717
8,444
8,430
8,440
8,439
2,280
2,282
1,944
1,947
1,944
1,953
2,501
2,499
2,499
2,499
2,494
2,500
1,939
1,961
1,960
1,968
1,942
1,967
2,460
2,463
1,899
3,603
3,605
3,000
3,003
3,006
3,011
1,"""
1,975
4,693
1, ""1,
1,899
10,639, 533 1,330,379 1, 687,875773, 228 517,483 3,344, 470 660, 738 403,963 596,830422,285 1,447,474
,099 772; 022 530,571 3, 335, 909 673,411 409,37f59i;
""928
~~417,332
~
409,022 10,593,963 1,309,473
1,433,496
~"
774, 748 539,054 3, 325, 929 665,415 404,51i
411,089 10, 719, 9151,326,273 1,685,136
518 587,925 413,564 1,408,300
^ 784, 340 531, 388 3, 240, 720 654,104 397, 327 587,835 417,
454, 586 10, 666,025 1,331,726 1,
, 8181,447, 581
472,530 10,772,840 1,324,068 1, 725,068 782,644 ..,..__,
534,444 3,297,486
, ... 667 ,383 397,123 589,656418,226 1,450, 607
' 625
460, 758 10, 725, 6361,322,910 1, 708, 527""
533, 701 3, 297,133 671, 686406, 697 587, 574 425,2111, 465,647
801,
.
24'
244
244
242
240
234
704
701
700
693
688
670
1,025
1,025
162
159
98
94
_„
784
727
674
748
744
539
518
540
537
537
537
427
424
299
299
298
254
2,455
2,444
2,441
2,375
2,370
2,453
FEDERAL RESERVE BULLETIN
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last Wednesday of
each month)
Applications
received
Number
1934—Dec. 26
1935—June 26
Dec. 31 <___.
1936—June 24
Dec. 30
1937—Mar. 31
June 30
Sept. 29
Dec. 29
1938—Mar. 30
June 29
Sept. 28
Dec. 28_
1939—Jan. 25
Feb. 21«_._.
Mar. 29
Apr. 26
May 31
June 28
July 26
Aug. 30
Sept. 27
Oct. 25
Nov. 29
Dec. 27
1940—Jan. 31
Feb. 28
Mar. 27
Apr. 24
May 29
June 26
July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 27
Dec. 314
1941—Jan. 22 &
4,386
6,325
7,437
8,006
8,247
8,344
8,430
8,474
8,534
8,976
9,102
9,188
9,203
9,221
9,249
9,270
9,296
9,330
9,365
9,366
9,401
9,418
9,433
9,456
9,476
9,487
9,504
9,512
9,536
9,546
9,556
9,573
9,581
9,609
9,627
Applications under
consideration
Amount Number
146,972
237, 581
293,084
314,471
Amount Number
Amount
984
1,646
1,993
2,183
2,280
2,323
2,361
2,381
2,406
2,464
2,566
2,617
2,653
2,660
2,671
2,683
2,697
2,713
2,721
2,730
2,743
2,752
2,763
2,772
2,781
2,793
2,805
2,814
2,825
2,832
2,838
2,853
2,856
2,865
2,875
49,634
88, 778
124,493
133,343
139,829
141,545
145,758
146,724
150,987
154,918
161,158
168,380
175,013
175,651
175,902
177,895
178,639
179,332
179,778
183,354
184,152
185,234
186,034
187,257
188, 222
188,879
190,055
192,665
194,096
195,404
195, 739
197,439
197,906
198,966
201, 750
202,041
212, 510
214,390
2,955
11,349
2,823
1,880
1,245
1,322
1,263
800
550
1,299
476
146
247
999
964
344
495
400
255
760
532
370
70
92
41
76
32
199
118
45
33
76
444
10
740
650
222
1,944
333, 300
339,509
341,842
350, 551
358,936
369, 583
378,974
387, 490
389,176
389, 554
392,230
394,055
394,970
395,499
399,780
401,228
402,305
402,944
404,226
405,225
406,097
407,392
410,192
411,628
413,178
413, 646
415, 599
416,454
417,260
420,837
421,139
431,236
434,936
Applications
approved
2,908
2,920
Approved
Advances Commitments
but not
outoutcomstanding! standing
pleted
a
(amount) (amount) (amount)
13,589
27,518
32,493
30,484
25, 526
23,059
23,019
21,415
20,216
19,371
18,444
17,567
17,345
16,811
16,474
15,798
15,817
15,305
15,255
15,384
14,667
14,454
14,545
14,051
13,683
12,860
12,997
12,723
12,001
11,242
10,988
10,907
10,779
10,778
10,484
9,893
9,152
9,111
8,225
20,579
27,649
24,454
18,611
16,331
14,880
12,780
13,110
13,649
13, 597
14,161
13,004
12,907
12,647
11,749
11, 530
11,175
11,476
11,009
10,517
10,156
9,643
9,220
8,376
8,966
8,224
8,725
8,852
8,762
8,582
8,238
8,078
7,351
7,106
5,226
5,095
20,966
11,248
11,548
9,381
8,226
7,898
1,470
537
3,369
3,419
3,084
5,737
1,946
1,293
1,105
1,975
2,134
2,496
2,067
733
1,220
1,938
1,764
2,548
2,659
2,504
1,454
2,471
2,264
2,474
2,195
1,991
2,095
2,315
4,260
4,056
13,954
15, 073
Repaid,
expired,
or withdrawn by
applicant, etc.
(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
137,922
139,281
142,943
144,812
146,156
148,037
149,911
151,679
154,629
155, 574
158,110
159,950
161,491
162, 612
164,949
165,865
167,046
169, 746
171,394
177, 792
178,906
Participations
outstanding3
(amount)
1,296
4,533
8,778
7,599
7,208
6,767
7,275
7,304
7,238
7,825
8,426
9,032
12,722
12,534
12,415
12,471
12,243
12,079
12,000
12,818
12,444
12,169
11,532
11,104
10,981
10,510
11,064
11,137
11,156
11,345
11,182
11,010
10,929
10,749
9,909
9,592
6,205
* 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 include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $734,441
January
22, 1941.
4
6
Tuesday.
Latest date for which figures are available.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Phila- Cleve- Rich- Atdelphia land mond lanta
Chicago
MinSt.
Louis neapolis
KanSan
sas Dallas FranCity
cisco
Federal Reserve notes:
Issued to F. R. Bank by F. R. agent:
6,256,650 502,343 1,660,126 429,044 569, 587 299, 792 220, 2701, 294,126 234,319 163,870 219, 247 106,582 557,344
Dec. 31
6, 239, 665501,953 1, 654,181 425, 934 566, 267 297,840 218, 277
Jan. 8
1, 292, 622 235,170163, 642 219, 346107,449 556,984
1, 626, 700 425, 538 565,128 295, 587 217, 202
6,190, 512
Jan. 15
1, 292, 946 233, 663162,894 219, 226 106, 622 546,039
6,177,883 501, 289 1, 622,490 423, 360 563,849 293, 855 217, 566
Jan. 22
1, 295, 315233, 735 163,018 217, 638 105,820 539,948
Held by Federal Reserve Bank:
325, 653 22, 615 83, 722 18,340 28, 646 16,272 24,417
Dec. 31
31, 730 13,171 5,161 8,032 8,717 64,830
362,417 26,193 104,301 20,021 25, 522 19, 291 23,832
Jan. 8
10,767 66,956
36,024 15,449 5,573
365,660 27, 929 86,810 21, 537 30, 603 20, 679 23, 890 40, 299 13, 984
Jan. 15
9, 912 11, 503 72,418
79,614 19, 578 27,120 17,847 23, 213 39,816 13, 926
343, 377 29,900
Jan. 22
8,186 10,452 67,256
In actual circulation: i
5,930,997 479,728 1,576,404 410,704 540,941 283, 520 195,853 1, 262, 396 221,148 158, 709 211,:
Dec. 31
215 97,865 492, 514
5,877, 248 475, 760 1, 549,880 405, 913 540, 745 278,549194,445 1,256,598
96,682 490,028
1
219,721 :
Jan. 8_
158; 069 210,858
314 95,119
404,001
"'
~" 193, 312 1, 252; 647 219; 679 156; 798 209;
5, 824,852 471,038 1,539,890
Jan. 15
473, 621
534,
. .
,
. , .525 274
4,908
5,834, 506 471,389 ' , 542,876 403, 782 536, 729 276,008 194,353 1, 255,499 219,809 156, 549 209, 45295,368 472, 692
Jan. 22
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
6,379, 500 510,000 1,685,000 440,000 575,000 315,000 225,000 1,310,000 244,000 165,
1 500 225,000 111, 000 574,000
Dec. 31
6, 374, 500510,000 1,685,000 440,000 570,000 315,000 225,000 1,310,000 244,000 165,
1__, 500 225,000
,
, 000 574,000
111,
Jan. 8
6,
334,
500
510,000 1, 645,000 440,000 570,000 315,000 225,000 1,310,000 244, 000 165, 500 225,000 111, 000 574,000
Jan. 15
6, 334, 500510,000 1, 645,000 440,000 570,000 315,000 225,000 1, 310,000 244,000 165, 500
r
Jan. 22
225,000
111, 000 574,000
Eligible paper:
331
372
100
190
Dec. 31
425
417
25
152
630
Jan. 8
.I,1
502
494
1,741
175
537
Jan.15
716
557
20
170
497
Jan.22
Total collateral:
Dec. 31
Jan. 8
Jan.15
Jan.22
510,100 1,685,331 440,372 575,000 315,010 225,000 1, 310,000 244,000 165,690 225,685 111, 000 574,000
"1,417 570,000 315,010 225,000 11, 310,000 244,000 165,652 225,630
6, 376,159 510,025 1,685,425 440,
" 111, 000 574!
[,000
~~~
6, 336, 241510,000'1, 645,502 440,494 570,000 315,033 225, 000 1, 310, 000 244,000165, 675 225, 537111, 000 57<
t,000
6, 336, 468510,020 1,645,
" "716 440, 557570,000 315,008 225,000 1, 310,000 244,000 165, 670 225,497 111, 000 574,000
1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank.
FEBRUARY
1941
135
MEMBER BANK RESERVE BALANCES BY CUSSES OF BANKS
[Averages of daily figures. In millions of dollars]
RESERVE POSITION OF MEMBER BANKS, DECEMBER, 1940
[Averages of daily figures. In millions of dollars]
Reserves with
Federal Reserve
Banks
Gross Net
dede- Time
mand mand dedede- posits
posits posits i
Classes of banks
and districts
Required
Excess
Held
7,403 14,049
6,646
3,554
666
6,997
1,142
3,443
2,109
82
149
223
730
222
178
641
176
86
159
132
2,045
223
42
230
321
131
117
229
142
63
138
100
471
550
68
488
740
239
149
419
270
107
210
146
710
326
26
259
419
107
32
190
128
44
72
46
238
. - - 14,655 11, 241
4,823
2,208
4,096
1,887
556
All member banks. _ 42,885 35,096 12, 204
Central reserve city banks:
804
New York.
_ __. 16, 230 15,446
510
3,223 2,816
Chicago
Reserve city banks:
Boston district
New York district
Philadelphia district..
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district._.
Kansas City d i s t r i c t Dallas district
San Francisco districtTotal
All
member
banks 1
1,393
1,253
1,492
2,065
1,248
1,625
1,607
1,126
984
461
760
336
744
535
250
199
939
866
685
620
1,123
842
2,633
Country banks:
Boston district
1,044
New York district
1,525
779
Philadelphia district..
730
Cleveland district
694
Richmond district
613
Atlanta district
1,037
Chicago district
St. Louis district
437
375
Minneapolis district.__
503
Kansas City district...
632
Dallas district
408
San Francisco district.
Total
1,080
1,418
496
466
395
367
617
265
231
310
388
242
870
715
372
242
799
248
284
160
106
296
116
200
103
92
66
56
114
44
42
45
52
44
220
427
198
174
111
84
230
75
71
71
91
62
104
227
95
82
45
28
116
30
29
26
39
19
5,592
6,067
974
1,815
840
734
8,777
476
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 on p. 130 for percentages of deposits i equired to be
held as reserves.
Total reserves held:
1939—December.
1940—January
February
_.
March
April
May
June
July..
August
September
October
November
December
_.
Week ending (Friday):
1940—Nov. 29
Dec. 6
Dec. 1 3 - . .
_.
Dec. 20.
___.
Dec. 27
1941—Jan. 3 . . . .
_.
Jan. 10
Jan. 17
Excess reserves:
1939—December
1940—January
February
March
April
May.
June
July
August
September
October
November
December
Week ending (Friday):
1940—Nov. 29
Dec. 6
Dec. 13
Dec. 20
Dec. 27
1941—Jan. 3
Jan. 10
Jan. 17...
city banks
New
York
Chicago
11,473
11,985
12,215
12,362
12, 703
13,086
13, 596
13, 735
13,408
13,643
14,043
14,131
14,049
5,623
6,099
6,323
6,428
6,548
6,660
6,941
6,979
6,709
6,705
6,889
6,975
6,997
1,141
14, 278
14,168
14,180
14,048
13,844
14,039
14, 259
14,428
5,011
5,464
5,626
5,734
6,003
6,288
6,696
6,752
6,407
6,582
6,864
6,830
6,646
6,923
6,803
6,791
6,628
6,422
6,609
6,784
Po, 912
Re-"
serve Councity
try
banks banks i
1,097
1,182
1,168
1,154
1,234
1,279
1,218
1,142
3,141
3,319
3,344
3,368
3,476
3,615
3,716
3,837
3,804
3,905
4,024
4,080
4,096
1,568
1,628
1,646
1,668
1,706
1,714
1,757
1,751
1,740
1,800
1,851
1,858
1,815
7,063
7,004
7,030
7,007
6,927
7,056
7,114
7,167
1,230
1,193
1,192
1,142
1,091
1,047
1,028
1,064
4,146
4,075
4,109
4,099
4,016
4,058
4,192
4,265
1,838
1,896
1,849
1,800
1,810
1,878
1,925
1,932
2,611
3,045
3,199
3,248
3,312
3,389
3,594
3,588
3,344
3,324
3,465
3,493
3,443
540
342
301
310
388
477
547
522
499
570
610
546
476
1,188
1,350
1,378
1,405
1,494
1,607
1,703
1,803
1,748
1,821
1,888
1,895
1,887
671
727
747
771
809
815
851
839
816
866
902
897
840
3,551
3,486
3,499
3,441
3,348
3,462
3,500
3,535
556
519
516
474
434
399
372
390
1,941
1,872
1,899
1,890
1,808
1,851
1,972
2,041
875
926
877
824
832
897
939
940
901
899
972
P946
p Preliminary.
' > Weekly figures of excess reserves of all member banks and of country
banks are estimates.
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers Member banks In smaller centers
(places over 15,000)
(places under 15,000)
All member banks
Federal Reserve district
Gross demand
Dec.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco....
Total
- -.
.. _
Nov.
2,437
18,005
2,271
2,795
1,634
1,479
. . 5,866
1,421
2,450
17,667
2,248
2,752
1,617
1,438
5,824
1,409
836
836
Time
Dec.
Gross demand
Nov.
638
644
2,371
1,093
1,446
2,383
1,101
1,451
1,950
1,928
423
370
319
237
425
369
320
233
594
420
1,627
1,474
3,041
1,615
1,470
3,031
2,342
42,885
42,356
12,204
601
421
2,316
Dec.
Nov.
Time
Dec.
Gross demand
Nov.
2,290
2,301
509
513
i 1,454 1 1,462 i 1,058 i 1,066
640
644
2,005
1,980
2,527
2,493
1,129
1,133
402
1,408
1,394
396
328
329
1,290
1,258
i 2, 253 i 2, 217 i 1,107 i 1,092
302
303
1,158
1,148
618
616
1,256
1,117
2,900
1,249
1,114
2,891
180
202
190
2,234
179
203
186
2,208
12,193 120,276 120,123 1 8, 276 i 8, 260
Dec.
147
321
266
267
225
189
391
263
218
371
357
141
Nov.
Time
Dec.
Nov.
149
327
268
259
223
180
384
261
220
366
356
139
129
509
453
317
198
92
333
121
190
117
48
107
131
513
457
318
199
92
330
121
190
117
47
108
3,156 i 3,133
2,614
2,622
i Excluding central reserve city banks, for which figures for latest month are shown in table above.
136
FEDERAL RESERVE BULLETIN
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of month
Total
1939—November.
December.
7,483
7,598
1940— January. __
FebruaryMarch
April
May
June
July
August
September.
October.._
November.
December.
7,376
7,455
7,511
7,559
7,710
7,848
7,883
8,059
8.151
8,300
8, 522
8,732
Gold
certificates
Silver
dollars
Treasury
notes
of 1890
Silver
certificates
Subsidiary
silver
coin
1,530
1,554
70
381
1,469
1,500
1,508
1,557
1,590
1,582
1,565
1,605
1,615
1,620
1,658
1,667
372
373
375
377
382
384
394
400
407
412
United
States
notes
Minor
coin
National
bank
notes
Federal Federal
Reserve Reserve
Bank
notes
notes
163
164
269
272
4,826
4,912
163
164
166
168
169
172
174
177
180
183
185
265
271
260
248
241
248
249
258
259
264
275
290
4,796
4,839
4,896
4,906
5,025
5,163
5,212
5,334
5,409
5,541
5,705
5,883
177
175
24
173
171
170
168
167
165
164
162
161
160
159
157
Backfigures.—SeeAnnual 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 *
in circulation Total Coin
$13
$2
$10
$5
$20
total i
Total
1939—November
December
7,483
7,598
5,478
5,553
586
590
545
559
35
36
1,004
1,019
1,752
1,772
1,557
1,576
2,007
2,048
1940—January
February
March
April
May
June July
August
September
October.
November
December
7,376
7,455
_ 7,511
7,559
_ 7,710
7,848
7,883
8,059
8,151
8,300
8,522
8,732
5,332
5,397
5,414
5,437
5,519
5,584
5,599
5,748
5,814
5,911
6,098
6,247
579
581
584
588
595
599
604
611
618
627
639
648
526
530
531
534
546
546
544
556
566
575
591
610
34
34
33
34
35
35
35
36
36
36
38
39
970
986
989
992
1,009
1,015
1,013
1,044
1,055
1,068
1,107
1,129
1,692
1,723
1,731
1,739
1,766
1,791
1,798
1,858
1,876
1,908
1,977
2,021
1,532
1,543
1,546
1,551
1,568
1,599
1,605
1,644
1,663
1,696
1,748
1,800
2,047
2,061
2,101
2,126
2,193
2,264
2,286
2,313
2,340
2,392
2,426
2,489
End of month
Large denomination currency a
Unassort
$1,000 $5,000 $10,000 edj
$100
$500
452
460
896
919
188
191
420
425
20
20
32
32
2
2
457
459
460
463
471
485
489
495
503
512
523
538
920
930
941
951
979
1,013
1,025
1,035
1,048
1,071
1,089
1,112
191
191
194
195
202
210
211
213
216
223
225
227
426
427
432
439
464
481
486
493
496
508
512
523
20
20
24
30
26
26
26
26
25
25
26
30
33
34
49
48
50
60
49
51
52
52
51
60
3
4
4
4
1
2
2
2
3
3
3
4
$50
1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as destroyed.
3 Paper currency only; $1 silver coins reported under coin.
Backfigures.—SeeAnnual Report for 1937 (table 36).
TREASURY CURRENCY OUTSTANDING
SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY
[Held by Treasury and Federal Reserve Banks and in circulation. In
millions of dollars]
[By selected banks and financial institutions in New York City.
In millions of dollars]
Silver
dollars
and
Total silver
bullion i
End of month
SubsidUnited
iary Minor States
silver coin notes
coin
1939—November. 2,947
December.. 2,963
1,835
1,845
394
399
167
169
347
347
1940—January
February
March
April
May
June
July
August
SeptemberOctober
November.
December..
1,855
1,866
1,876
1,886
1,894
1,900
1,909
1,915
1,920
1,931
1,937
1,945
400
401
401
400
402
402
404
409
411
415
419
425
169
170
171
172
173
174
175
178
181
183
187
189
347
347
347
347
347
347
347
347
347
347
347
347
2,971
2,981
2,990
2,999
3,008
3,014
3,024
3,036
3,044
3,059
3,072
3,087
Federal
NaRe- tional
serve bank
Bank notes
notes
1937.
1938.
1939.
179 1940..
178
175
173 1940—January
172
February171
March
169
April
167
May.
167
June
164
July
163
August
162
September160
October
159
NovemberDecember..
i Includes silver held against silver certificates amounting to $1,871000,000 on Dec. 31, 1940 and $1,777,000,000 on Dec. 30, 1939.
FEBRUARY
1941
Year or month
ShipReceipts
from
ments to
Europe Europe
21.5
33.1
110.2
17.7
47.6
34.4
9.8
.7
6.6
.3
Net
shipments
Net
receipts
26.1
1.3
100.4
17.0
5.3
4.7
1.4
3.5
1.1
.5
6.3
5.3
4.7
1.4
3.5
1.1
.4
.5
.1
.1
i Less than $50,000.
Backfigures.—SeeAnnual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, pp. 7-8.
137
MOVEMENT OF GOLD TO AND FROM UNITED STATES1
[In thousands of dollars]
ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES
[In millions of dollars]
Gold
Increase
stock
in total
at end
gold
of period
stock
Period
1934 2
1935
1936
1937
1938
1939
1940
4, 202. 5
8,238
1, 887. 2
10,125
3 11, 258 1,132. 5
3 12, 760 1, 502. 5
14, 512 1, 751. 5
17, 644 3,132.0
J>21,995 H 351. 0
Net
gain or
loss ( - )
through
earmarking
transactions^
Net
gold
import
1,133. 9
1, 739.0
1,116.6
1, 585. 5
1, 973. 6
3, 574. 2
4, 744. 5
82.6
.2
-85.9
-200.4
-333. 5
-534. 4
—644. 7
1940
Domestic gold
production
92.9
110.7
131.6
143.9
148.6
161.7
P168.1
May
June
July
August
SeptemberOctober
November.
December _
15, 791
15,957
16,110
16, 238
16,646
16,932
17,091
17, 358
17,644
532.3
166.2
153.3
128.0
407.6
285.9
159.9
267.1
285.1
605.8
429.4
240.4
278.6
259.9
326.1
69.7
168.0
451.2
-114.8
-251. 6
-104.8
-164.0
152.1
2.8
79.5
90.9
-200. 8
13.3
12.8
10.8
13.3
14.3
15.9
18.7
14.9
13.4
1940—January
February..
March
April
May
June
July
August
SeptemberOctober...
November _
December -
17, 931
18,177
18, 433
18, 770
19,209
19, 963
20,463
20,913
21, 244
21, 506
21,801
995
287.5
246.0
256.0
336.9
439.0
754.2
499.4
450.2
331.6
261.1
295.2
P193. 8
236.4
201.4
459.8
249.9
435.1
1,163. 0
520.0
351.6
334.1
326.0
330.1
137.2
40.0
37.0
-213. 4
67.2
-36.7
-437. 2
-55.1
67.0
36.6
-117.9
-39.5
7.4
13.6
11.4
12.1
13.0
14.1
11.0
16.0
12.3
13.3
19.1
16.4
P15. 7
22,110
115.6
230.2
1939—April
1941—Jan. 1-29P...
P21,
-40.4
From or to—
December
Imports
Belgium
France
_.
Hungary
_.
Italy
Netherlands
_._
Norway
Portugal
Spain
Sweden..
Switzerland
United Kingdom....
U. S. S. R.__.
_
Yugoslavia
Canada
Mexico
Central America
West Indies and
Bermuda
Argentina
Bolivia
Brazil
Chile
Colombia...
Ecuador
Peru
Venezuela
Australia
British India..
Netherlands Indies. _
China and Hong
Kong...
____«.
Japan
Philippine Islands...
South Africa
All other countries *.
November
Exports
Imports
Exports
977
241,778
11,873
43, 935
63, 260
33,405
75,087
10,416
161, 489
90,320
633,100
30,851
16, 310
2,622, 501
29,886
9,286
31
57
939
80, 390
347
663
262, 721
545
778
73
8,247
11
3
1,101
2,814
231
1,206
370
14,994
7,446
66
12, 984
1
72
13, 262
765
12,186
3,283
6,240
1,317
5,900
59, 072
67
10, 781
10,802
23,999
3,130
10, 247
4,921
103, 777
49, 989
20, 583
360
595
350
14, 441
2,170
1,751
773
Jan.-Dec.
Imports
Exports
17
171
4,781
6
26,180
111, 739
184,756
10,320
p1 Preliminary.
330,113
4, 749,467 4,995
137,178
Total.
Gold held under earmark at Federal Reserve Banks for foreign account
on December 31, 1940, in millions of dollars: 1,807.7.
2
Figures based on rate of $20.67 a fine ounce in January 1934 and $35
1 Figures represent customs valuations which, with some exceptions,
a fine
ounce thereafter.
3
Includes gold in the Inactive Account amounting to $27,000,000 on are2 at rate of $35 a fine ounce.
Includes all movements of unreported origin or destination.
December 31, 1936, and $1,228,000,000 on December 31, 1937.
Back figures—See table, p. 171, and Annual Report for 1937 (tables
NOTE.—Figures for domestic production of gold are those published
31
and
32).
in table, p. 171, adjusted to exclude Philippine Islands production received in United States. Adjustment based on annual figures reported
by Director of Mint and monthly imports of gold to U. S. from PhilipBANK DEBITS
pines. For back figures see Annual Report for 1937 (table 29).
[Debits to deposit accounts, except interbank accounts, at banks in
principal cities.] [In millions of dollars]
BANK SUSPENSIONS1
Total,
all
banks
Number of banks suspended:
1934
1935
1936
1937
1938
1939
1940
.
.
Deposits of suspended banks3
(in thousands of dollars):
1934
1935
1936
1937
1938
1939
1940
Nonmember
banks
Member
banks
National
57
34
44
59
55
42
22
1
4
1
4
1
4
1
36,937
10,015
11,306
19,723
13,012
34,998
5,943
40
5,313
507
7,379
36
1,341
256
In- 2 Not
State sured
insured
2
1
3
8
22
40
47
47
25
18
1,912
3,763
10,207
1,708 10,156
211 11,721
24,629 6,589
5,341
34, 985
939
592
480
1,044
2,439
346
Total,
all
reporting
140
New
York
City
centers
1929
1935
1936
1937
1938
1939
48
8 1939—November
3
December.
6
6 1940—January...
10
February..
3
1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks at
the time of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
2
Federal deposit insurance became operative January 1, 1934.
3
Deposits of member banks and insured nonmember banks suspended
are as of dates of suspension, and deposits of noninsured nonmember
banks are based on the latest data available at the time the suspensions
were reported.
Back figures—See Annual Report for 1937 (table 76).
138
Year and month
March
April
May
June
July
August
September
October...
November
December.
133
other
reporting 2
ing
centers * centers
other
lead-
982 531
402,718
461,889
469,463
405,929
423,932
603,089
184,006
208,936
197,836
168,778
171,382
331,938
190,165
219, 670
235, 206
204,745
218, 298
47,504
28,547
33,283
36,421
32,406
34,252
34,666
43,447
13,041
17,633
18,636
22,386
2,990
3,428
37, 786
32,197
37, 769
37, 780
37, 257
35,005
35,947
32,844
33,812
39, 695
39,088
46, 673
14, 739
12,138
15, 201
15, 519
14, 536
13,110
13, 612
11, 604
12, 594
14,952
14,952
18, 626
19,978
17,344
19, 537
19, 250
19, 659
18,850
19,233
18, 314
18, 267
21, 365
20, 819
24,327
3,069
2,715
3,031
3,010
3,063
3,045
3,103
2,926
2,951
3,378
3,317
3,721
1 Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one
in 21928.
Centers (other than the 141 centers) for which bank debits are currently reported. The number has changed very little since 1934 and has
numbered 133 since 1936.
Back figures—For corresponding monthly totals for 1928-1937 see
Annual Report for 1937 (Table 71), which also gives a definition of bank
debits. Monthly figures for individual reporting centers with totals by
Federal Reserve districts for recent years, and annual figures for individual reporting centers with totals by Federal Reserve districts for the
years 1919-1939, are available and will be furnished upon request.
FEDERAL RESERVE BULLETIN
M l BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparativefiguresof private banks included in thefiguresfrom June 1934 to December 1935, see Federal Reserve BULLETIN for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for whichfiguresare
available.
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1
Call date
[In millions of dollars]
Member banks
Nonmember
banks
Total
National
Other
Mutual nonsavings member
banks
banks
Total
State
Call date
Member banks
Nonmem ber banks
Total
National
State
Other
Mutual
savings nonmembanks ber banks
32,284
33,865
19,411
20,290
12,873
13,575
8,983
8,916
12,584
12,508
8,566
8,385
4,946
5,026
All
banks
1929—June 29
Dec. 31
25,110
24,630
8,707
8,522
7,530
7,403
1,177 i
1,119
611
609
15,792 1929—June 29... 53,852
15,499
Dee. 31... 55,289
1933—June 30
Dee. 30
14,519
15,011
5,606
6,011
4,897
5,154
709 i
857
576
579
8,337 1933—June 30... 37,998
8,4211
Dec. 30. _. 38,505
23,338 14,772
23, 771 ; 15,386
1934—June 30
Dec. 31
15,835
16,039
6,375
6,442
5,417
5,462
578
579
8,882 1934—June 30.. _ 41,870
9,018
Dec. 3 1 — 44, 770
26,615
28, 943
17,097 > 9,518
18,519 10,424
1935—June 29
Dec. 31
15,994
15,837
6,410
6,387
5,425
5,386
958
980 I
985
1,001
9,713
9,708 ;
9,780
9,828
571
570
9,013 1935—June 29... 45, 766
8,880
Dec. 3 1 . . . 48, 964
29,496
32,159
19,031
20,886
10,465
11,273
9,920
9,963
6,350
6,842
1936—June 30
Dec. 31
15, 752
15,628
6,400
6,376
5,368
5,325
1,032
1,051
566
565
8,786 1936—June 30. _ 51, 335
8,687
Dec. 3 1 . . . 53,701
34,098
35,893
21,986
23,107
12,112
12,786
10,060
10,143
7,178
7,666
1937—June 30
Dee. 31
15,527
15,393
6,357
6,341
5,293
5,260
1,064 ;
1,081
564
563
8,606 1937—June 3 0 . . . 53,287
8,489
Dec. 31__. 52,440
35,440
34,810
22,926 12,514
22, 655 i 12,155
7,635
7,373
1938—June 30
Dee. 31
15,287
15,206
5,242
6,338
6, 338 i 5,224
1,096
1,114
8,386 1938—June 30... 52,195
8,312
Dec. 3 1 — 54,054
34,745
36, 211
22, 553
23,497
1939—June 30
Dee. 30
15,082
15,037
6,330
6,362
5,203
5,187
1,127 i
1,175
8,199 1939—June 30... 55,992
8,123
Dec. 30. __ 58,344
38,027
39,930
24, 534 13,493
25,661 ' 14,269
1940—Mar. 26
June 29
15,006
14,953
6,377
6,398
5,178
5,164
1,199
1,234
563
556
553
552
551
551
10,213
10, 257 i
10,296
10,365
8,078 1940—Mar. 26... 59,017
8,004
June 29. _ 60,582
40, 579
42,039
25,911
26,931
12,193
12,714
5,475
6,000
7,153
7,478
7,444
7,801
10, 521
10,613
14,667 310, 544
15,108
10,631
3
7,895
7,912
For footnotes see table below.
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
Member banks
All banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Nonmember banks
Mutual savings banks
Total
Investments
3,664
3,518
13,207
13,020
9,981
9,823
3,227
3,197
12,858
12,833
10,044
9,985
5,941
5,906
4,103
4,079
5,246
5,115
3,404
3,238
1,841
1,877
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
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
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
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
21,130
21,354
26,252
27, 575
30, 721
32,070
12,938
13,208
17,783
18,863
10,196
10,255
4,961
4,930
5,235
5,325
6,465
6,604
3,231
3,217
3,234
3, 387
49,616
50,885
21,318
22,169
28,299
28, 716
32,603
33,941
13,141
13,962
19,462
19,979
10,342
10,314
4,931
4,961
5,411
5,353
6,671
6,630 '
3,245
3,246
3,425
3,384
51,135
51,335
22,190
22,341
28,945
28,995
34,163
13,939
34,451
13,969
113 i P15,302
20,224
20,482
*21,810
3 10,226
10,188
4,922
4,926
5,304
5,262
3 6, 746
6,696
3,329
3,445
3,417
3, 251
16,943
16,499
35,711
35,934
25,658
26,150
1933—June 30
Dec. 30
40,076
40,319
17,872
18,342
24,786
25,220
42,502
43,458
22,203
21,977
21,278
20,473
21, 224
22,984
1935—June 29
Dec. 31
44,416
45,717
20,272
20,329
1936—June 30
Dee. 31
48,458
49,524
20,679
21,449
24,145
25,388
27,778
28,075
49,696
48,566
22, 514
22,198
1938—June 30
Dec. 312
47,381
48,929
1939—June 30
Dec. 30
1940—Mar. 26
June 29 4
Dec 3 1
_.
Loans
5,892
5,945
41,531
41,918
1937—June 30
Dec. 31
Total
9,556
9,463
58,474
58,417 (
__
Investments
10,052
9, 784
11,928
12,386
1929—June 29
Dec. 31
1934—June 30
Dee. 31
Loans
Other nonmember banks
P37,
1
Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date. Prior to June 1940 the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few
State
bank abstracts.
2
Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now classified in
condition reports among "Other assets." The amounts of such loans and investments in December 1938 were approximately $50,000,000 and $100,000,000,
respectively.
3
One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on December 30, 1939)
which,
prior
to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column.
4
Figures for "All banks" not available.
p Preliminary figures.
Back figures—See Annual Report for 1937 (tables 48-49).
FEBRUARY 1941
139
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1
Call date
Total
loans
and
invest- Total'
ments
Investments 1
Loans for
purchasing
Comor
carrying
mersecurities
cial Agri- Open
Real Loans Other
and cul- mar4 Total
estate to loans
in- tur- ket
To
banks
loans
dusbrokpaper
trial*
ers
To
3
and
deal- others
ers
U. S. Government obligations
Obligations
of
States Other
secuand rities
Guar- politanical j
subBills* Notes Bonds teed
diviDirect
Total
sions
Total—All
Member Banks
1929—Dec. 31__ 35,934 26,150
1933—June 3O._ 24, 786 12,858
1938—June 3 0 - 30.721 12, 938
Dec. 3 1 . . 32,070 13,208
1939—Mar. 29_. 32,095 13,047
June 3 0 - 32, 603 13,141
Oct. 2«._ 33,075 13,470
Dec. 30-. 33,941 13,962
1940—Mar. 26 6 34,163 13,939
June 29. ^4,451 13,969
Dec. 31P. 37,113 15,302
New York
City''
9,044
9,339
9,594
9,829
10,908
6,683
3,424
3,172
3,262
3,086
2,988
3,116
3,296
3,211
3.014
3,382
1,757
1,287
1,806
1,969
1,965
2,052
2,050
2,105
2,222
2.205
2,377
1,448
677
525
539
545
544
563
569
564
603
696
12,029
8,492
11,150
11,654
11,624
11,756
11,880
12,272
12,153
12,160
13,011
9,084
4,482
4,853
4,963
4,936
5,004
5,127
5,329
5,305
5,365
5,920
1929—Dec. 31__ 13, 375
1933—June 30__ 7,873
1938—June 30.. 9,752
Dec. 3 1 . . 10,113
1939—Mar. 29.. 10,098
June 30— 10,109
Oct. 2 •__ 10,102
Dec. 3 0 - 10,224
1940—Mar. 26 • 10,194
June 29. 10, 257
Dec. 31 10,816
8,936
4,275
4,388
4,444
4,480
4,605
4,665
4,768
4,860
4,987
5,305
1929— Dec. 3 1 1933—June 30..
1938—June 30. _
Dec. 31_.
1939—Mar. 29..
June 30..
Oct. 2 6..
Dec. 3 0 1940—Mar. 26 6
June 29 ._
Dec. 31 P
8,774
7,133
8,013
8,335
8,408
583
595
492
442
427
420
2,463
953
701
973
838
731
450
"447
1,456
1,451
1,474
195
364
141
138
126
128
1,257
758
556
787
668
555
1,768
120
103
4,737
4,760
4,783
730
5,538
736
790
7,685
3,752
2,614
775
733
736
3,191
2,372
2,613
2,716
2,749
2,828
700 2,957
714 11, 515
330 4,857
120 6,397
125 2,728
99 2,671
2,796
56
42
9,784
11,928
17,783
18,863
19,048
19,462
19,605
2,888 19,979
20, 224
3,020 20,482
21,810
2,145
1,044
717
220
209
215
169
157
132
121
124
130
322
162
85
99
77
41
611
188
133
44
425
"320"
~188
137
32
426
2,595
937
1,541
436
427
440
2,091
3,709
4,840
5,072
5,322
5,700
5,928
6,043
6,815
7,527
3,863
520
249
6,887 ,113 2,049
12,343
316 3,653
13,222
286
13,351
303 ,604
13,777
441 2,720
13,811
14,328
563 2,223
14.421
14, 722 797
15,815
651 2,590
1,112
2,551
3,740
3,857
4,025
4,483
4,558
4,772
4,972
5,486
6,044
166
638 987
222 1,358
158 1,142
68 831
168 908
315
797
207
1,092
1,245
3,094
3,725
6,246
7,208
7,783
7,786
8,398
8,261
9,085
2,128
2,340
2,660
2,831
2,920
3,144
3,107
3,121
3,489
1,393
1,744
2,143
2,448
2,555
2,554
2,764
2,905
2,888
3,013
4,528
3,297
3,296
3,192
3,142
3,131
3,030
2,959
2,898
2,873
2,983
222
478
394
517
582
480
662
579
726
634
695
758
680
707
698
714
736
708
122
109
108
135
155
172
139
134
112
87
140
141
149
154
147
162
175
177
188
138
159
176
171
179
168
170
164
167
186
718
740
823
889
909
972
963
969
1,048
448
598
732
808
823
895
897
890
928
981
984
1,128
930
908
866
860
866
856
860
850
868
903
579
597
643
683
699
725
719
695
714
627
581
878
982
1,001
1,025
1,058
1,061
1,076
1,097
1,145
2,546
1,549
1,522
1,453
1,397
1,351
1,297
1,236
1,197
1,144
1,105
926
1,451
709
1,663 894
2,040 1,086
2,284 1,123
1,157
2,385 1,275
1,286
2,650 1,324
2,977 1,615
695
788
City of
Chicago T
1929—Dec. 31—
1933—June 30..
1938—June 30__
Dec. 3 1 1939—Mar. 29.
June 30.
Oct. 2 «..
Dec. 3 0 1940—Mar. 26 •
June 29.,
Dec. 31 P
319
340
329
251
61
29
43
32
39
365
41
417
23
61
664
108
95
119
115
115
2,775
1,340
998
242
228
221
535
237
361
62
57
533
251
109
70
70
71
13
62
610
,281
1,430
.,420
,507
487
,536
,658
1,602
1,681
116
384
981
,114
1,100
1,175
172
,203
,319
,258
1,307
121
185
19
82
313
291
212
234
94
97
535
655
660
621
153
176
701
254
297
161
145
710
752
165
681
1,268
1,224
100 977
78 1,014
63
819
1,112
1,597
206
12
Reserve City
Banks
1929—Dec. 3 1 . .
1933—June 30..
1938—June 30.
Dec. 31.
1939—Mar. 29..
June 30..
Oct. 2«._
Dec. 3 0 1940—Mar. 26 •
June 29.
Dec. 31 P
Country
Banks
168
126
163
149
145
138
1,914
1,889
1,884
2,100
1,538
1,131
1,201
1,230
1,249
1,284
258
99
26
20
17
12
3,679
1,678
2,369
1,081
1,066
1,116
221
155
119
222 1,335
1,168
2," 134 176
"156
"87
~210 1,372
1,224
201
35
173
138
142
140
291
25
21
25
24
22
495
163
20
546
174
17
1,048
1,081
1,095
1,151
2,231
1,117
790
243
226
229
224
1,462
1,055
1,269
1,353
1,363
1,402
4,705
2,005
2,126
1,149
1,121
1,180
1,477
1,234
1,544
1,308
6,691
6,688
6,751
6,752
6,943
6,848
6.795
7,091
1,368
2,483
4,658
5,018
5,004
4,991
4,998
5,194
5,070
4,947
5,204
4,439
3,598
5,364
5,669
5,618
5,504
5,437
5,456
5,334
5,270
5,511
1,267
1,469
2,964
3,233
3,221
3,127
3,082
3,159
3,060
3,030
3,261
2,944
4,011
91
205
87
103
31
2,997
3,105
3,010
3,339
771
3,052
3,282
171
299
715
732
585
563
1,106
1,657
1,893
1,978
1,870
431
1,972
451
429
1,849
2,074
1 Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April
1939, pp. 259-264, 332. Beginning June 30,1939, detailed classifications available on June and December dates only.
' Not shown in call reports prior to December 1938, but the total amount of agricultural loans was reported seuarately on some dates, and the
total amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May 1937.
* Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks
and to brokers and dealers.
* This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures.
5
Includes Treasury certificates of indebtedness through 1934..
*7 Breakdown of loans and investments not reported separately.
Central reserve city banks.
Backfigures.—SeeAnnual Report for 1937 (tables 52-58).
P Preliminary figures. Breakdown of loans not available.
140
FEDERAL RESERVE BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbanl
Reserves
BalDewith
ances mand
Fed- Cash with
deeral
in
do- posits
Revault mestic adserve
banks i justed 2
Banks
Time deposits,
except interbank
Interbank
deposits
IndiIndiDomestic
vidvidbanks
uals, States Certiuals, States
and
part- polit- and U. S. part- politPostal
nerGov- nerForoffiicai
savships, ical
ern- ships, •i/val
eign
cers' ment 4 and
subsub- ings * Deand
banks
cor- divi- checks
cor- divimand Time
pora- sions
pora- sions etc.3
tions
tions
Bor- Capital
rowacings counts
Call date
Total—All
Member Banks
2,374
2,235
8,004
8,193
8,694
9,112
10, Oil
11,617
11,604
12,279
13,751
827
846
3,517
3,743
4,104
4,582
4,975
5,929
5,915
6,386
7.072
169
232
936
856
884
705
897
1,080
993
909
1,187
751
705
2,289
2,311
2,354
2,459
2,735
3,053
3,118
3,336
3,759
627
452
1,263
1,282
1,353
1,367
1,403
1,555
1,578
1,648
1,733
558 2,168 16,647 17,526
405 2,008 12,089 11,830
712 4,084 20,893 19,816
775 3,937 21,596 20,439
746 4,240 22,293 21,119
777 4,403 22,364 20,845
712 4,674 23, 587 22,448
774 6 5,304 25,118 23,983
841 5,506 25, 681 24,604
862 6 5, 634 26,461 24,965
789 5,751 27, 877 26, 397
1,335
1,087
2,314
2,080
2,386
2,467
2,532
2,390
2,321
2,499
2,529
1,681
4,750 5,847
4,358 4,676
6,698 6,900
7,026 7,128
7,168 7,273
7,605 7,677
8,012 8,281
8,676 8,812
8,899 9,030
9,562 9,652
10, 235 10, 283
128
96
273
196
280
260
288
321
251
219
258
1,180
68
46
65
70
68
63
61
85
89
84
88
179
101
119
91
109
156
112
6 109
125
6 163
119
143
806
543
707
790
775
694
675
743
725
711
12,267
7,803
10,874
10,789
10,846
10,940
11,063
11,104
11,215
11,368
11,459
595
300
454
464
462
461
441
418
432
411
410
122
788
83
70
61
68
59
51
51
52
59
3,517
3,057
6,096
6,088
6,510
6,816
7,097
6
8, 243
8,507
6
8,717
8,852
20
332
123
181
139
135
84
72
74
68
67
1,112
461
367
280
195
272
472
349
178
260
147
671
694
653
652
655
653
683
693
742
732
33
4
32
64
36
53
46
52
43
35
29
18
110
1,198
1,255
2,514
2,498
2,687
2,731
2,992
6
3,573
3,542
6
3, 629
3,840
657
662
538
547
533
790
666
563
558
475
95
89
135
130
132
133
142
6 142
144
6 145
134
40
22
698
146
331
466
511
629
607
6 757
759
6 737
703
879
191
11
12
6
7
5
5
3
2
3
6,709
4,837
5,368
5,410
5,424
5,467
5,496
5,530
5,522
5,562
5,608
2,105
1,582
1,587
1,589
1,593
1,592
1,586
1,587
1,592
1,601
1,599
597
128
291
411
442
553
524
8
670
695
6
672
650
179
8
19
33
2
6
10
9
10
12
6 14
9
6
7
7
41
316
204
249
256
257
261
270
270
250
253
260
8
1
1
2
1
957
912
1,041
1,523
1,585
1,688
1,250
1,666
1,747
1,739
1,544
1,898
1,386
1,455
1,597
1,182
1,565
1,632
1,676
1,503
1,782
42
87
221
204
181
141
197
195
167
133
199
32
16
23
24
29
26
22
27
24
18
17
8
46
86
62
83
83
60
60
80
80
79
332
358
443
439
452
452
471
469
483
482
489
58
1
16
21
9
12
17
21
10
11
15
2
6
156
947
122 1,002
300 1,951
322 1,862
321 1,940
342 2,106
318 2,210
323 6 2,485
348 2,485
364 6 2,632
334 2,679
5,229
3,764
6,934
7,078
7,214
7,326
7,654
8,017
8,176
8,400
8,774
5,547
3,708
6,668
6,843
7,034
6,899
7,331
7,803
8,002
7,978
8,372
423
349
812
711
796
889
917
801
813
942
956
300
108
146
120
170
123
160
158
190
150
147
76
312
266
356
424
420
415
410
435
431
422
4,433
2,941
4,238
4,209
4,233
4,276
4,320
4,319
4,362
4,386
4,422
371
208
262
233
269
243
233
198
240
214
219
41
388
31
23
17
22
19
14
14
12
18
1,604
1,315
2,514
2,557
2,719
2,813
2,920
6
3,307
3,516
6
3, 525
3,526
30
59
113
107
108
108
115
6
116
117
6 115
105
64
15
32
43
57
64
69
« 71
53
6
56
44
292
16
2
2,029
1,533
1,753
1,764
1,777
1,795
1,812
1,821
1,828
1,833
1,873
321
908
203
702
316 1,806
351 1,786
322 1,956
350
1,963
307 2,117
329 6 2, 473
363 2,614
389 6 2,645
328 2,711
5,711
3,054
5,738
5,908
6,224
6,183
6,255
6,677
6,866
6,954
6,969
5,091
2,576
4,863
5,013
5,215
5,087
5,272
5,736
5,896
5,832
5,960
742
555
169
72
126
114
154
114
135
131
172
131
164
39
116
68
108
143
137
136
133
154
147
143
6,390
3,833
5,499
5,488
5,509
5,557
5,619
5,632
5,677
5,757
5,816
133
86
144
147
147
153
145
148
140
151
147
61
285
52
46
44
46
40
35
35
35
37
405
228
380
398
446
438
439
6
7
22
23
23
25
26
6 27
26
629
29
3
1
2
2
2
2
2
82
2
62
2
367
167
11
11
6
5
5
4
3
2
3
2,258
1,517
1,778
1,801
1,798
1,818
1,828
1,852
1,851
1,875
1,876
13
34
31
32
35
22
26
37
42
25
39
133
203
208
198
235
178
235
« 237
283
6 195
242
870
1,008
969
1,128
1,176
1,130
1,073
1,090
1,205
1,115
3
3
5
5
310
259
688
636
658
834
746
6 853
6
879
997
949
«509
571
6 566
538
1929—Dec. 31
1933—June 30
1938—June 30
Sept. 28
Dec. 31
1939—Mar. 29
June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29
New York
City s
1929—Dec. 31
1933—June 30
1938—June 30
Sept. 28
Dec. 31
1939—Mar. 29
June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29
City of
Chicago 5
1929—Dec. 31
1933—June 30
1938—June 30
Sept. 28
Dec. 31
1939—Mar. 29
June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29
Reserve City
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Sept. 28
Dec. 31
1939—Mar. 29
June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29
Country
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Sept. 28
Dec. 31
1939—Mar. 29
June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29
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 3cash items reported on hand but not in process of collection.
Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31,1935
4
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
5
Central reserve city banks,
e Partly estimated.
Back figures—See Annual Report for 1937 (tables 52-58).
FEBRUARY
1941
141
WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars.]
Loans
Date or month
Total
loans
and
investments
Total
Commercial,
Open
inmardusket
trial,
and paper
agricultural
Investments
Loans for
purchasing
or carrying
securities
U. S. Government obligations
Real Loans Other
estate
to
Total
To
loans
banks loans
brokers
To
and others
dealers
Total
Bills
Other
secuGuar- rities
Notes Bonds anteed
Total—101 Cities
23,353
24,140
24,233
24,429
24,862
25,388
8,802
8,504
8,653
8,852
9,083
9,309
4,400
4,456
4,551
4,709
4,885
4,993
319
295
295
300
301
303
759
375
400
424
456
534
506
470
462
458
456
463
1,189
1,214
1,221
1,221
1,226
1,229
1,583
1,655
1,679
1,701
1,722
1,747
4, 551 11,186
11,994
5, 580 11,897
5, 577 11,908
5, 779 12,192
.6,079 12,438
672
730
677
683
768
734
2,039
2,113
2,083
1,878
1,850
2,019
6,063
6,572
6,555
6,744
6,872
6,951
2,412
2,579
2,582
2,603
2,702
2,734
3,365
3,642
3,683
3,669
3,587
3,641
Nov. 6...
Nov. 13_.
Nov. 20-.
Nov. 27..
24,729
24,871
24,944
24,902
9,008
9,086
9,110
9,128
4,827
4,895
4,908
4,911
304
300
299
299
450
452
455
467
452
456
454
460
1,222
1,228
1,226
1,228
1,717
1,720
1,729
1,724
.5, 721
.5, 785
.5,834
.5, 774
751
763
774
784
1,827
1,855
1,855
1,861
6,832
6,900
2,698
2,704
2,700
2,707
3,613
3,605
3,605
3,524
Dec.
Dec.
Dec.
Dec.
Dec.
25,053 9,162
25, 224 9,299
25,532 9,341
25,604 9,354
25, 527 9,390
4,942
4,992
5,001
5,011
5,018
304
303
303
301
452
529
558
545
584
459
458
467
466
465
1,229
1,230
1,228
1,230
1,230
1,734
1,744
1,744
1,759
1,755
.5,891 12,307
.5,925 12,311
,6,191 12, 542
.6, 250 12, 568
.6,137 12, 462
786 1,871
784 r 1,859
759 2,094
732 '2,138
611 2,130
6,927
6,939
6,955
r
6,958
6,978
2,723
2,729
2,734
2,740
2,743
3,584
3,614
3,649
3,682
3,675
25, 614
25,669
25,684
9,303
9,280
9,287
5,033
5,040
5,055
305
310
312
500
462
465
459
462
458
1,228
1,230
1,227
1,740
1,740
1, 735
.6, 311 12,629
.6, 389 12, 715
6,397 '2,720
685
725
726
2,164
2,186
2,188
7,024
7,054
7,063
2,756
2,750
2,743
3,682
3,674
3, 677
9,057
9,554
_ 9,641
__ 9,644
_ 9,813
10,165
3,108
2,752
2,813
2,874
2,960
3,074
1,700
1,698
1,734
1,798
1,860
1,901
114
590
269
290
301
327
381
176
164
163
159
159
168
113
124
124
119
117
115
378
384
391
388
390
5,949
6,802
499
334
312
319
345
285
1,060
1,038
971
959
1,082
2,220
2,641
2,655
6,770
6,853
7,091
4,752
5,407
5,381
5,356
5,548
5,755
2,720
2,824
1,227
1,372
1,376
1,428
1,524
1,564
1,197
1,395
1,447
1,414
1,305
1,336
9,758
9,799
9,853
9,843
2,942
2,958
2,959
2,982
1,843
1,866
1,865
1,868
326
320
324
339
157
158
158
163
117
117
117
117
391
391
390
388
6,816
6,841
6,894
6,861
5,475
5,517
5,581
5,618
329
344
355
354
957
959
958
960
2,671
2,687
2,747
2,774
1,518
1,527
1,521
1,530
1,341
1,324
1,313
1,243
9,905
10,036
10, 262
10, 323
10, 298
2,986
3,069
3,099
3,093
3,121
1,885
1,903
1,903
1,906
1,907
320
380
400
387
419
163
163
172
172
171
117
116
114
114
113
388
392
394
397
394
6,919
6,967
7,163
7,230
7,177
5,642
5,660
5,823
5,850
5,798
973 2,796
319
322
967 2,813
300 1,131 r2, 826
281 1,168 % 834
203 1,170 2,851
1,554
1, 558
1,566
1,567
1, 574
1,277
1,307
1,340
1,380
1,379
10, 314 3,060
10, 328 3,038
10, 362 3,042
1,918
1,919
1, 925
350
323
328
169
170
169
113
113
113
391
396
392
7,254
7,290
7,320
5,866
5,907
5,930
165
172
170
1,215 2,898
1,232 2,921
1, 245 2,939
1,588
1,582
1,576
1,388
1,383
1,390
14, 296
14,586
14, 592
14, 785
15,049
15, 223
5,694
5,752
5,840
5,978
6,123
6,235
2,700
2,758
2,817
2,911
3,025
3,092
205
212
220
221
221
213
106
110
123
129
153
330
306
299
299
297
295
1,076
1,090
1,097
1,102
1,109
1,114
1,205
1,271
1,288
1,313
1,332
1,354
8,602
8,834
8,752
8,807
8,926
6,434
6,587
6,516
6,552
6,644
6,683
173
396
365
364
423
449
1,233
1,053
1,045
907
891
937
3,843
3,931
3,900
4,106
4,152
4,127
1,185
1,307
1,206
1,175
1,178
1,170
2,168
2,247
2,236
2,255
2,282
2,305
Nov. 6—
Nov. 13..
Nov. 20..
Nov. 27.
14, 971
15,072
15,091
15,059
6,066
6,128
6,151
6,146
2,984
3,029
3,043
3,043
225
223
219
217
124
132
131
128
295
297
1,105
1,111
1,109
1,111
1,326
1,329
1,339
1,336
8,905
8,944
8,940
8,913
6,633
6,663
6,648
6,632
422
419
419
430
870
896
897
901
4,161
4,171
4,153
4,124
1,180
1,177
1,179
1,177
2,272
2,281
2,292
2,281
Dec.
Dec.
Dec.
Dec.
Dec.
4...
1118..
24..
31..
15,148
15,188
15, 270
15, 281
15, 229
6,176
6,230
6,242
6,261
6,269
3,057
3,089
3,098
3,105
3,111
216
215
213
212
208
132
149
158
158
165
296
295
295
294
294
1,112
1,114
1,114
1,116
1,117
1,346
1,352
1,350
1,362
1,361
8,972
8,958
9,028
9,020
8,960
6,665
6,651
6,719
6,718
6,664
467
462
459
451
408
892
963
970
960
4,131
4,126
4,129
4,124
4,127
1,169
1,171
1,168
1,173
1,169
2,307
2,307
2,309
2,302
2,296
1941-Jan. 8...
Jan. 15..
Jan. 22..
15, 300
15, 341
15, 322
6,243
6,242
6,245
3,115
3,121
3,130
210
216
220
150
139
137
290
292
289
1,115
1,117
1,114
1,349 9,057
1,344 9,099
1, 343 9,077
6,763
520
553
556
949
954
943
4,126
4,133
4,124
1,168
1,168
1,167
2,294
2,291
2,287
1939—December
1940-August
September
October
November
December
4...
11..
18..
24..
31..
1941-Jan. 8—
Jan. 15..
Jan. 22..
12,108
12,180
12,229
12, 250
New York City
1939—December
1940—August.
September
October.
November
December
Nov.
Nov.
Nov.
Nov.
6...
13..
20..
27..
Dec.
Dec.
Dec.
Dec.
Dec.
4...
1118..
24..
31..
1941-Jan. 8 —
Jan.15..
Jan. 22_.
90
Outside New York
City
1939—December
1940—August.
September
October
November
December
6,790
r
Revised.
NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For
back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 66-67)
and corresponding tables in previous Annual Reports.
142
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars.]
Time deposits,
except interbank
Demand deposits,
except interbank
Reserves
DeBalwith Cash ances mand
Feddewith
in
eral vault
doRemestic ad- 1
serve
banks justed
Banks
IndividCertiuals, States
and
fied
part- politand
nerical
offiships, suband divi- cers'
checks,
coretc.
porations
Interbank
deposits
IndiDomestic
vidbanks
uals, States
and
U. S. part- politForPostal
Gov- nerical
eign
ern- ships, subbanks
ment2 and diviDeTime
cormand
pora- sions
tions
Borrow-
•255-
accounts
Date or month
Total 101 Cities
1,316
1,466
20, 595 1,421
21,040 1,490
21, 569 1,576
22, 299 22,098 1,505
501
360
396
423
501
558
506
507
507
507
433
5,043
5,155
5,175
5,180
5,187
5,189
207
182
179
172
192
210
7,838
8,258
8,465
122
111
111
111
112
113
740
684
679
681
665
674
3,784
3,797
3,821
3,824
21,189
21,662
21,654
21, 771
1,651
1,589
1,571
1,495
509
557
473
466
510
504
505
509
5,188
5,190
5,189
5,180
193
192
191
192
8,818
8,850
8,836
8,731
112
113
111
112
667
667
656
671
3,816
3,823
3,822
3,822
Nov. 6
Nov. 13
Nov. 20
Nov. 27
21,667
22, 203
22,146
22,150
22, 324
1,450
1,471
1,489
1,522
1,595
465
509
652
478
696
423
386
453
452
451
5,167
5,169
5,182
5,193
5,234
198
214
221
224
196
8,725
8,700
8,859
8,807
8,952
112
113
113
112
113
673
674
668
663
3,823
3,822
Dec.
Dec.
Dec.
Dec.
Dec.
552
519
524
3,370 22,494 21,930
3,475 22,703 22,466
3,420 22,898 22,415
1,521
1,498
1.550
475
476
495
448
349
261
5,224
5,276
5, 237
194
191
189
9,006
9,121
119
116
117
664
658
640
3,825 1941—Jan. 8
Jan.15
3,823
Jan. 22
3,826
5,361
6,417
6,421
6,601
6,694
6,683
91
82
84
84
91
96
8,391 8,555
9,678 9,688
9,673 9,740
9,860
10,022 10,096
10,351 10,489
240
278
249
293
338
326
304
195
222
240
314
340
620
677
674
677
3,406
3,629
3,702
3,770
3,843
3,825
574
628
625
625
609
616
1,482 1939—December
1,495 1940—August
September
1,493
October
1,497
November
1,506
December
1,507
6,627
6,626
6,710
6,814
90
91
90
92
9,853
9,951 10,073
10,058 10,165
10, 225 10,239
374
342
322
312
330
373
273
278
676
676
676
667
3,868
3,815
3,861
3,826
610
611
600
616
1,507
1,509
1,504
1,505
Nov. 6
Nov. 13
Nov. 20
Nov. 27
6,713
6,711
6,599
6,645
6,749
90
101
104
96
91
10, 227
10,491
10, 483
10, 553
10, 691
272
311
328
369
351
252
312
435
278
423
663
670
678
3,771
3,749
3,877
3,807
3,920
617
616
610
605
633
1,506
1,502
1,512
1,514
1,503
Dec.
Dec.
Dec.
Dec.
Dec.
6,796
6,851
6,855
90
83
10,486 10,448
10, 542 10, 657
10, 652 10, 632
317
320
331
282
276
295
3,942
3,978
3,926
605
601
581
1,502 1941—Jan. 8
Jan.15
1,502
Jan. 22
1,502
9,630
11,316
11,499
11,856
11,955
11,824
532
498
504
505
531
556
3,063
3,163
3,235
3,309
3,347
3,361
18,862
20,878
21,011
21,442
21,890
18,673
20,319
11, 832
11,878
11,973
12,138
520
545
517
540
3,339
3,372
3,332
3,347
21, 592
21,818
21,961
22,189
11,967
11,971
11, 673
11,715
11, 797
529
577
577
562
535
3,259
3,271
3,426
3,387
3,462
22,131
22,403
22, 279
22,382
22, 299
12,010
12,142
12,171
3,713 1939—December
3,827
3,822
1940—August
September
October
November
December
4
11
18
24
31
New York City
10,195
10, 356
10, 314
10, 479
10, 410
4
11
18
24
31
Outside
New York City
472
404
4,423
4,487
4,492
4,503
4,513
4,512
171
142
137
130
149
167
4,432
4,629
4,763
4,896
4,966
4,984
121
111
111
111
112
113
2,231 1939—December
2,288 1940—August
September
2,291
October
2,300
November
2,315
December
2,317
179
184
200
188
470
474
4,512
4,514
4,513
4,513
148
147
149
150
4,950
5,035
4,975
4,905
112
113
111
112
2,309
2,314
2,318
2,317
Nov. 6
Nov. 13
Nov. 20
Nov. 27
1,178
1,160
1,161
1,153
1,244
213
197
217
200
273
394
358
424
424
422
4,504
4,499
4,504
4,513
4,541
156
172
179
181
152
4,954
4,951
4,982
5,000
5,032
112
113
113
112
113
2,317
2,320
2,314
2,313
2,319
Dec.
Dec.
Dec.
Dec.
Dec.
1,204
1,178
1,219
193
200
200
419
333
245
4,536
4,586
4,548
151
150
148
5,064
5,143
5,143
119
116
117
2,323 1941—Jan. 8
Jan. 15
2,321
Jan. 22
2,324
4,269
4,899
5,078
5,255
5,261
5,141
441
416
420
421
440
460
2,979
3,084
3,154
3,227
3,264
3,276
10,471
11, 200
11,338
11, 634
11,868
11,948
10,118
10, 631
10,855
11,180
11, 473
1/076
1,188
1,172
1,197
1,238
11, 609 1,179
197
165
174
183
187
220
5,205
5,252
5,263
5,324
430
454
427
448
3,256
3,287
3,248
3,265
11, 739
11,867
11,903
11, 964
11, 281
11, 589
11,489
11, 532
1,277
1,247
1,249
1,183
5,254
5,260
5,074
5,070
5,048
439
476
473
466
444
3,177
3,184
3,340
3,299
3,382
11, 936
12,047
11, 965
11,903
11, 889
11, 440
11, 712
11,663
11, 597
11, 633
5,214
5,291
5, 316
462
436
438
3,289 12,008 11,482
3,388 12,161 11,809
3,336 12,246 11, 783
508
471
472
4
11
18
24
31
1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
FEBRUARY 1941
143
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Federal Reserve
district and date
(1940-41)
Boston (6 cities)
Dec. 31
Jan 8
Jan. 15.
Jan 22
New York (8 cities)*
Dec. 31
Jan 8
Jan 15.
Jan 22
Philadelphia (4 cities)
Dec. 31
Jan 8
Jan 15 .
Jan 22
Total
loans
and
investments
Total
1,219
1,216
1,219
1,226
644
636
636
637
316
319
319
320
Loans for
purchasing
or carrying
securities
U. S. Government obligations
Real Loans
estate
to
To
loans banks loans
brokers
To
and others
dealers
60
61
64
64
27
16
13
13
17
17
17
17
80
80
80
80
4
4
4
4
140
139
139
139
Total
Total
575
580
583
589
Bills
Notes Bond
Guar
anteed
Other
securities
458
461
462
465
23
25
24
26
40
40
40
40
338
339
341
342
57
57
57
57
117
119
121
124
211
168
175
173
1,223
1,266
1,283
1,296
3,076
3,132
3,158
3,172
1,657
1,668
1,662
1,657
1,536
1,544
1,539
1,546
11,190
11,205
11,220
11,251
3,487
3,427
3,403
3,407
2,033
2,044
2 045
2,052
100
103
103
101
425
357
328
332
219
217
217
216
192
192
192
192
24
24
23
23
494
490
495
491
7,703
7,778
7,817
7,844
6,167
6,234
6,278
6,298
1,212
1 208
1,211
1 213
477
472
473
476
230
229
228
231
33
33
34
33
25
24
24
24
33
32
32
32
50
50
50
50
1
1
1
1
105
103
104
105
735
736
738
737
458
460
460
460
1,981
1,976
1,970
1,962
760
759
759
762
319
322
323
327
9
9
8
9
19
16
16
17
22
22
22
20
181
181
181
181
1
1
1
1
209
208
208
207
1,221
1,217
1, 211
1,200
940
938
934
926
744
742
744
742
298
296
297
295
137
137
138
137
11
10
10
10
3
3
3
3
14
14
14
14
48
48
48
48
85
84
84
83
446
446
447
447
378
378
379
379
706
698
691
691
372
370
367
369
197
197
196
197
4
4
4
4
8
8
8
8
11
11
11
11
33
33
33
33
2
2
1
1
117
115
114
115
334
328
324
322
217
212
208
206
1,085
1,087
1,091
1,091
657
661
666
666
35
36
38
40
48
46
44
44
64
63
64
64
133
133
132
132
1
1
1
1
147
147
146
144
2,544
2,650
2,693
2,698
1,957
2,063
2,106
2,111
377
375
377
378
218
218
220
220
10
10
10
11
5
4
4
4
13
13
13
13
59
58
59
59
3
3
3
3
69
69
68
68
381
385
389
390
267
270
275
276
216
217
214
213
113
113
112
112
3
3
3
3
2
3
2
2
7
6
7
6
12
12
12
12
79
80
78
78
209
208
208
208
167
166
167
167
349
347
349
350
208
209
211
212
21
21
21
22
4
4
4
4
10
10
10
10
32
32
32
31
74
71
71
71
366
366
365
365
240
235
236
236
318
316
316
313
219
216
216
216
1
1
1
1
5
5
5
4
14
13
13
13
23
23
24
23
1
1
56
57
56
56
263
267
268
266
208
208
206
1,007
1,001
998
996
371
368
366
365
14
14
14
14
13
14
11
10
41
41
42
42
387
386
387
386
1
1
1
1
180
177
177
178
1,360
1,350
1,346
1,331
691
692
696
698
480
483
488
488
19
20
21
22
42
40
38
38
54
53
54
55
20
20
20
20
76
76
75
75
1,693
1,803
1,843
1,846
Cleveland (10 cities)
Dec. 31.
Jan. 8
Jan. 15
__
Jan. 22
Richmond (12 cities)
Dec. 31
Jan. 8
Jan 15
Jan. 22 . .
Atlanta (8 cities)
Dec. 31
Jan. 8
Jan.15
Jan 22
Commercial,
Open
inmardusket
trial,
and paper
agricultural
Investments
18
17
13
12
4
7
3
2
28
28
28
28
340
342
342
342
90
90
90
90
277
276
278
277
147
148
149
146
638
637
635
631
137
136
137
137
281
279
277
274
151
150
150
148
174
174
175
177
53
54
54
54
68
68
68
68
40
40
41
40
111
102
103
103
62
63
61
61
117
116
116
116
Chicago (12 cities)*
Dec. 31
3,629
Jan. 8
3,737
Jan. 15.._
3,784
Jan. 22
3,789
St. Louis (5 cities)
Dec. 31
758
Jan.8
760
Jan 15
766
Jan. 22
768
Minneapolis (8 cities)
425
Dec 31
Jan 8
425
Jan 15
422
Jan 22
421
Kansas City (12 cities)
Dec 31
715
' Jan 8
713
Jan.15
714
Jan 22
715
Dallas (9 cities)
Dec 31
581
Jan 8
583
Jan 15
584
579
Jan.22
San Francisco (7 cities)
2,367
Dec. 31
2,351
Jan. 8
2,344
Jan.15
Jan. 22
2,327
City of Chicago*
Dec. 31
Jan. 8
Jan.15
Jan. 22
2,384
2,495
.
. 2,539
2,544
294
400
441
445
281
280
283
284
1,099
1,098
1,095
1, 095
283
285
287
287
587
587
587
587
14
14
14
14
38
37
36
36
150
155
162
162
65
64
63
64
114
115
114
114
20
18
19
19
118
118
118
118
29
30
30
30
42
42
41
41
13
14
15
16
53
49
51
51
97
96
95
94
77
76
75
75
126
131
129
129
27
33
33
31
38
38
38
37
99
97
97
98
40
40
40
40
59
59
60
60
1,009
1,004
1,002
990
7
7
7
7
71
70
68
63
738
734
733
729
193
193
194
191
351
346
344
341
1,315
1,423
1,464
1,467
294
400
441
444
146
146
147
147
762
762
761
761
113
115
115
115
380
379
379
378
* 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.
144
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposit
except interbank
Reserves
BalDewith Cash ances mand
Fedwith
dein
doeral vault
posits
mestic ad- l
Rebanks justed
serve
Banks
Time deposits,
except interbank
Interbank
deposits
IndiIndiDomestic
vidvid- States
banks
Certiuals, States
uals,
fied U.S.
and
and
part- politpart- politand
ForPostal
nerGov- neroffiical
saveign
ical
ships, subern- 2 ships, subcers'
ings
2
banks
and
and
ment
DediviTime
cor- divi- checks
cormand
pora- sions etc.
pora- sions
tions
tions
Bor- Capital
rowacings counts
Federal Reserve
district and date
(1940-41)
Boston (6 cities)
627
677
680
682
148
149
147
145
205
197
200
194
1,343
1,371
1,371
1,375
1,347
1,342
1,356
1,342
89
77
77
83
24
19
21
21
13
12
12
9
229
229
230
230
2
2
2
2
1
1
1
1
392
403
410
406
6,928
6,991
7,056
7,049
112
113
104
107
250
238
247
237
11,153
11,241
11,322
11,417
11, 291
11,024
11, 253
11,213
545
516
530
540
441
299
300
317
47
48
29
24
1,059
1 052
1 053
1, 052
48
46
44
44
7
7
7
3,997
4 020
4,056
4,004
16
16
16
16
634
606
602
582
1,627
1,626
1,626
1,626
514
544
527
537
24
25
23
23
261
229
234
222
1,080
1,079
1,083
1,098
1,130
1,092
1,108
1,118
45
48
50
51
15
12
13
12
41
40
23
9
256
257
257
257
3
3
3
3
465
455
457
457
9
14
14
14
5
5
5
5
216
216
216
217
761
780
795
791
50
53
50
50
380
363
376
378
1,566
1,563
1,578
1,588
1,591
1,538
1,582
1,585
101
94
94
93
30
19
20
21
43
43
34
20
727
727
727
728
18
18
18
18
466
468
483
478
37
1
1
1
I
388
388
387
388
229
261
249
256
25
28
24
27
237
252
253
251
560
597
587
592
561
586
580
583
56
52
53
57
17
13
12
18
35
35
27
19
198
199
200
201
3
3
3
3
1
1
1
1
342
347
351
358
6
6
5
6
157
153
153
153
15
16
15
16
201
207
218
223
445
442
458
459
436
431
451
447
71
65
68
73
13
8
7
7
38
39
27
20
187
185
185
185
3
3
3
3
3
3
3
3
340
340
339
351
3
3
3
3
2
2
2
2
96
96
96
96
1,406
1,396
1,437
1,451
83
86
80
80
682
628
613
615
2,962
2,990
3,033
3,097
2,878
2,834
2,915
2,942
313
299
296
312
52
41
42
36
128
126
112
89
991
992
992
993
11
11
13
13
8
8
8
8
1,323
1,344
1,379
1,356
10
10
10
10
9
8
8
8
413
413
411
412
246
254
262
269
13
14
12
13
194
198
196
197
527
533
541
541
550
538
559
552
50
48
46
50
8
7
8
10
10
8
7
189
189
189
189
4
4
4
4
2
2
2
2
400
408
413
424
1
1
1
1
115
117
119
122
7
8
8
7
132
129
135
133
331
331
335
334
304
298
306
302
59
55
54
55
7
7
6
6
2
1
1
1
116
116
116
116
1
1
1
1
173
173
175
175
3
3
2
2
200
207
211
209
18
19
17
18
295
299
324
328
545
556
587
591
529
539
572
564
75
75
80
83
20
12
11
10
12
12
9
7
141
141
141
141
3
3
3
3
1
1
1
1
430
430
431
432
6
6
6
6
150
149
153
147
12
13
12
13
282
283
293
291
508
520
542
531
473
497
526
519
55
55
54
54
34
12
10
14
30
30
23
16
127
127
126
127
8
8
8
8
1
287
279
279
285
464
481
500
505
28
28
27
25
343
347
386
351
1,279
1,271
1,266
1,275
1,234
1,211
1,258
1,248
136
137
96
99
35
26
26
25
52
52
44
40
1,014
1 010
1,060
1,018
93
93
90
88
1,056
1,021
1,054
1,071
45
45
329
296
275
284
1,964
1,990
2,021
2,083
1,929
1,924
1,980
2,017
174
160
154
162
28
21
22
20
90
90
84
68
503
502
501
501
8
8
10
10
1
37
37
37
22
22
22
24
1
1
1
241
247
247
247
Dec. 31
Jan. 8
Jan. 15
Jan. 22
New York (8 cities)*
Dec. 31
Jan. 8
Jan.15
Jan. 22
Philadelphia (4 cities)
Dec. 31
Jan. 8
Jna. 15
Jan. 22
Cleveland (10 cities)
Dec. 31
Jan. 8
Jan.15
Jan. 22
Richmond
99
99
100
99
1
(12 cities)
Dec. 31
Jan. 8
Jan.15
Jan. 22
Atlanta (8 cities)
Dec. 31
Jan. 8
Jan.15
Jan. 22
Chicago (12 cities)*
42
42
8
1
1
95
95
95
95
1
1
1
1
60
61
61
60
107
107
106
107
Dec. 31
Jan. 8
Jan. 15
Jan. 22
St. Louis (5 cities)
Dec. 31
Jan. 8
Jan.15
Jan. 22
Minneapolis (8 cities)
Dec. 31
Jan. 8
Jan. 15
Jan. 22
Kansas City (12 cities)
Dec. 31
Jan. 8
Jan. 15
Jan.22
Dallas (9 cities)
337
339
348
343
22
22
22
22
1
1
1
1
89
89
89
89
17
17
16
16
391
388
389
390
8
7
7
7
266
266
263
263
Dec. 31
Jan. 8
Jan. 15
Jan.22
San Francisco (7 cities)
Dec. 31
Jan. 8
Jan.15
Jan.22
City of Chicago*
5
5
5
5
997
1,016
1,044
1,029
Dec. 31
Jan. 8
Jan. 15
Jan. 22
* See note on preceding page.
1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
FEBRUARY
1941
145
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Commercial
paper
outstanding i
End of month
Held by
Total
outstanding
Federal Reserve
Banks
Accepting banks
Total
Own
bills
Based on
ImFor acports Exports Dollar
count
of
into
from
Others
exFor
United United change
Bills
ac- foreign
correStates
States
bought own
count spondents
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1939—September
October
November
December
209
205
214
210
216
221
223
233
177
179
172
175
115
111
103
105
62
67
69
70
39
42
51
57
78
85
96
103
40
40
37
39
18
18
16
16
43
46
50
54
36
32
24
22
1940—January
February
March
April
May
_
June
July
August
September
October
November
December
219
226
233
239
234
224
232
245
251
252
232
218
229
233
230
223
214
206
188
182
177
187
197
209
179
188
184
178
171
166
152
148
142
149
159
167
111
123
121
118
113
112
103
103
100
96
99
100
68
65
63
61
58
54
49
44
42
53
60
67
50
45
46
45
43
40
36
34
35
38
38
42
101
95
90
86
78
79
75
80
80
91
98
109
38
44
47
45
47
43
32
24
22
20
20
18
16
15
14
13
12
13
13
11
11
11
9
10
61
51
49
46
41
36
35
38
35
37
41
44
23
27
30
33
34
34
32
29
28
28
29
27
i As reported by dealers; Includes some finance company paper sold in open market.
» Less than $500,000.
Back figures—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances
Debit balances
Debit
Customers' balances in
partners'
debit
investment
balances
and trading
(net) i
accounts
End of month
Debit
balances in
firm
investment
and trading
accounts
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed 3
Free
Other
(net)
Other credit balances
In
In
partners'
firm
In
investinvestcapital
ment and ment and accounts
trading
trading
(net)
accounts accounts
1,258
75
135
179
930
286
79
24
10
410
1936—June
1,267
1,395
67
64
164
164
219
249
985
1,048
276
342
86
103
24
30
14
12
420
424
1937—June
December
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
774
991
27
32
88
106
215
190
495
754
258
247
89
60
22
22
11
5
298
305
1939—June
December
834
906
25
16
73
78
178
207
570
637
230
266
70
69
21
23
6
280
277
1940—January
_
February
March___ ... _
April
May . . .
June
July
August
September
October
November
December
886
893
886
910
702
653
642
631
635
653
666
677
15
16
15
15
12
12
12
12
12
12
12
12
70
72
78
72
67
58
64
56
57
70
64
99
198
195
186
192
239
223
213
215
218
203
214
204
602
616
615
626
459
376
376
368
370
381
383
427
262
253
247
252
251
267
261
256
268
269
280
281
71
74
70
73
68
62
62
57
56
58
59
54
22
23
21
21
22
22
22
21
20
20
20
22
6
7
7
9
6
5
1935—December
>_
1938—JuneDecember
_
7
6
5
5
5
4
5
272
271
270
271
274
269
264
260
255
253
253
247
i Excluding balances with reporting firms (1) of member firms of New York*Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
• 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 these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p . 196, and (for data in[detail) Annual Report for 1937 (table 69).
146
FEDERAL RESERVE BULLETIN
COMMERCIAL LOAN RATES
OPEN-MARKET RATES IN NEW YORK CITY
[Per cent per annum]
Pre vailing rate i o n -
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
Average rate o n -
[Per cent per annum]
U . S. Treasu r y 91-day
Year,
month, or
week
Prime
commercial
paper,
4 to 6
months
yield* of
bills
Prime Stock Stock
ex3-to-5
bankyear
change
ers' change call
U.S.
New
accept- time
loan issues Deal- Treasers'
ofury
re90
90
fered quo- notes
days days newals within tation
period
1938 average...
1939 average. _.
1940 average . . .
.81
.59
.56
.44
.44
.44
1.25
1.25
1.25
1.00
1.00
1.00
.053
.022
.014
.07
.05
.04
1939—Dec
^940—Jan.
Feb
Mar
April. __
May
June
July
Aug..
Sept
Oct.
Nov....
Dec
.56
.56
.66
.56
.56
56
.56
.56
.56
.56
.56
.56
.56
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.00
j no
L.00
LOO
LOO
LOO
LOO
LOO
LOO
LOO
.012
001
!004
(2)
.003
.042
.071
.009
.019
.021
.04
.01
Week ending:
Dec.7.._
Dec. 14. _ } / % - %
Dec. 21.. K-M
Dec. 28..
Jan. 4 . . . %-%
Jan. 11..
Jan.18..
Jan. 25..
Aver-
Vie
7
/l6
Vie
Vie
Vie
Vie
Vie
Vie
VT-VS
V2-V8
1J4
1/4
1M
134
1M
V4.
1M
1/4
i. oo
.02
.02
.06
.10
.05
.04
.05
.02
.02
.02
(2)
1.00
1.00
.003
1.00
1.00
1.00
L. 00
LOO
LOO
LOO
LOO
.001
(3)
(3)
(3)
(2)
(2)
(2)
(2)
New
York
City
7 other 11 SouthNorth- ern and
ern and Western
Eastern
cities
cities
1934 average
1935 average
1936 average
1937 average
1938 average..
1939 average *
.83 1940 average i
.59
Monthly figure*
.50 1938—January
February
.51
March
_.
47
ApriL_._
.46
May
.42
June
_.
.45
July
.65
August
.76
September...
.57
October
.58
November
.48
December
.43
3.45
2.93
2.68
2.59
2.53
2.78
2.63
2.45
1.76
1.72
1.73
1.69
2.07
2.04
3.71
3.39
3.04
2.88
2,73
2.87
2.56
4.32
3.76
3.40
3.25
3.26
3.51
3.38
2.60
2.49
2.48
2.48
2.48
2.56
2.57
2.52
2.53
2.57
2.49
2.60
1.70
1.70
1.65
1.70
1.70
1.70
1.70
1.67
1.70
1.70
1.70
1.70
2.92
2.65
2.64
2.60
2.64
2.78
2.78
2.71
2.74
2.90
2.68
2.95
3.28
3.21
3.28
3.25
3.20
3.31
3.35
3.28
3.26
3.21
3.20
3.23
.34
.35
2.64
2.52
1.73
1.70
2.97
2.69
3.32
3.26
2.95
2.91
2.68
2.59
2.65
2.59
2.68
2.59
2.13
2.15
2.04
1.96
2.03
2.00
2.14
2.00
3.05
3.05
2.78
2.69
2.67
2.49
2.56
2.53
3.77
3.62
3.31
3.32
3.35
3.38
3.43
3.36
.34
.33
.37
.37
.40
.43
.41
.43
.02
.02
.02
.02
.02
.02
.02
.02
tal
ities
1939—January
February
Quarterly figures
1939—March
June
__.
September __.
December
1940—March
June
September...
December
1 Monthly figures are averages of weekly prevailing rates.
i Averages for 1939 and 1940 and quarterly figures are on revised basis
and are therefore not strictly comparable with the earlier series of annual
2 Rate negative.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures and monthly figures.
for Treasury bills and Treasury notes available on request.
Back figures.—See November 1939 BULLETIN, pp. 963-969 for description and for back figures.
BOND YIELDS1
[Per cent per annum]
Corporate *
U. S.
Treasury 2
Year, month, or week
Number of issues
Municipals
By groups
By ratings
Total
Aaa
Aa
Industrial
Baa
A
Railroad
Public
utility
2-6
15
120
30
30
30
30
40
40
40
1938 average
1939 average
1940 average
2.56
2.36
2.21
2.91
2.76
2.50
4.19
3.77
3.55
3.19
3.01
2.84
3.56
3.22
3.02
4.22
3.89
3.57
5.80
4.96
4.75
3.50
3.30
3.10
5.21
4.53
4.30
3.87
3.48
3.25
1939—December
1940—January
February
March.
2.35
2.30
2.32
2.25
2.25
2.38
2.39
2.28
2.25
2.18
2.10
1.97
1.89
2.56
2.54
2.60
2.68
2.56
2.81
2.85
2.54
2.49
2.44
2.32
2.18
2.07
3.69
3.63
3.60
3.58
3.54
3.65
3.72
3.57
3.55
3.50
3.46
3.40
3.36
2.94
2.88
2.86
2.84
2.82
2.93
2.96
2.88
2.85
2.82
2.79
2.75
2.71
3.14
3.08
3.05
3.04
2.99
3.08
3.10
3.01
3.03
3.01
3.01
2.96
2.92
3.74
3.69
3.68
3.65
3.59
3.65
3.70
3.57
3.55
3.52
3.48
3.40
3.36
4.92
4.86
4.83
4.80
4.74
4.94
6.11
4.80
4.76
4.66
4.56
4.48
4.45
3.21
3.14
3.12
3.09
3.05
3.20
3.25
3.15
3.12
3.10
3.06
2.98
2.93
4.47
4.39
4.37
4.37
4.33
4.46
4.57
4.32
4.30
4.23
4.15
4.07
4.03
3.38
3.35
3.33
3.29
3.24
3.30
3.33
3.23
3.23
3.19
3.18
3.14
3.13
1.92
1.97
1.98
2.02
2.06
2.17
2.14
2.17
3.36
3.37
3.36
3.36
2.72
2.75
2.74
2.76
2.91
2.94
2.95
2.96
3.36
3.37
3.36
3.36
4.43
4.41
4.38
4.37
2.92
2.95
2.96
2.97
4.00
3.99
3.96
3.95
3.14
3.16
3.16
3.17
April
May
June
July
August
September
October
November
December
Week ending:
Jan. 4
Jan.11
Jan 18
Jan. 25
_. _ _. _
_ _
_
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.
*4 Standard Statistics Co.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa, Aa, and A groups have
been reduced from 10 to 4,10 to 3, and 10 to 9 issues respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 8 issues respectively.
Back figures.See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request.
FEBRUARY
1941
147
BOND PRICES1
Year, month, or date
U. S.
TreasMunicury 2
ipal
Number of issues
STOCK MARKET
Corporate
Indus
trial
Total
2-6
3
Rail- Public
road utility
60
20
20
78.9
81.6
82.0
82.9
86.0
87.5
58.6
58.0
57.9
Volume of
tradCommon (index, 1926=100)
ings
(in
thouIndus- Rail- Public sands of
Total
trial
road utility shares)
Stock prices *
Year, month, or
date
Preferred
20
•
102.5
105.2
107.2
1938 average
1939 average...
1940 average
113.7
116.3
121.2
95.3
100.9 Number of issues. _
100.6
20
420
32
348
135.6
141.2
140.1
40
99
105
97
1,100
973
101.6
766
101.8
101.6
108
101.8 1939—December ___ 141.4
143.0
109
101.7 1940—January
678
142.9
February
654
107
99.3
141.8
March
98.7
108
740
142.3
April
109
1,131
100.2
138.2
May
1,651
97
100.2
133.2
100.6
June
85
708
136.9
July...
87
310
100.6
137.3
August
89
317
100.5
94
September. __ 139.1
553
100.7
140.4
October
599
95
Dec. 31
84.4
111.4
129.6
62.2
90.3
100.7
1,044
November. _. 141.9
96
Jan. 8
85.0
110.7
127.4
63.4
90.5
101.2
143.9
December
94
814
Jan. 15
85.5
110.5
128.0
64.7
90.6
101.3
Jan. 22
85.6
109.9
127.4
65.0
90.5
101.3
Dec. 31
144.7
94
834
96
716
Jan. 8
.- 145.3
146.0
95
515
Jan. 15
145.2
93
Jan. 22
477
1 Monthly data are averages of daily figures except for municipal bonds,
which are averages of Wednesday figures.
2 Prices derived from yield figures on basis of a 2% per cent, 16 year,
1
Standard Statistics Co. Monthly data are averages of Wednesday
bond. For description see November 1940 BULLETIN, p p . 1179-1180.
Prices expressed in decimals. Weekly data are averages of daily figures figures.
-grade preferred stocks, adjusted to a
for3 week ending on Saturday following date shown.
2 Average I
Prices derived from average yields, as computed by Standard Sta- $73annual dividend basis.
Average daily volume of trading in stocks on the New York Stock
tistics Co.
Back figures.—See Annual Report for 1937 (table 79). For U. S. Treas- Exchange. Weekly figures are averages for the week ending Saturday.
Backfigures.—Forstock prices, see Annual Report for 1937 (table 79).
ury bonds see November 1940 BULLETIN.
1939—December
1940—January
February
March
April
May
June
July...
August
September
October
November
December
_
105.3
106.0
105.7
106.7
106.7
104.9
104.8
106.3
106.7
107.7
108.8
110.7
111.8
119.9
120.2
119.1
119.7
119.8
115.3
114.6
120.4
121.2
122.3
124.6
127.3
129.3
82.1
82.4
82.2
82.1
82.5
79.4
78.5
81.2
81.5
82.7
83.6
83.9
84.0
86.8
87.3
87.3
87.3
87.5
85.3
84.7
86.3
86.8
87.8
89.2
90.3
90.2
1938 average
1939 average
1940 average
58.0
58.2
57.8
57.2
58.2
53.5
52.0
57.1
57.5
59.7
61.0
60.9
61.1
._.
CAPITAL ISSUES
[In millions of dollars]
]For
Total
(new
and
refund-
Year or
month
ing)
1931
1932
1933 __
1934
1935
1936
1937
1938
1939
1940
-
4,038
1,751
1,063
2,160
4,699
6,214
3,937
4,449
••5, 842
4,764
1939—Dec
1940—Jan
Feb
Mar....
Apr
May....
June
July._._
Aug
Sept.—
Oct
Nov
Dec.—.
335
287
"452
r242
345
'251
r227
'691
'282
'229
'711
'440
606
Total
(domestic
and
forTotal
eign)
3,095
1,197
720
1,386
1,457
1,972
2,138
2,360
'2, 289
1,943
'99
94
104
71
118
122
'83
'397
'130
•114
257
263
190
For refunding
new capital
Domestic
Domestic
State
and
municipal
Total
FedCorporate
(doeral
For- mestic
ageneign « and
Total
cies i
Bonds
forTotal a n d Stocks
eign)
notes
2,860
1,165
708
1,386
1,409
1,949
2,094
2,325
'2, 239
1,942
1,235
75
77
64
405
150
22
157
481
924
461
1,551
762
483
803
855
735
712
971
931
757
'99
94
104
•71
118
122
'83
••397
129
'114
257
263
190
68
59
'57
'35
58
30
•71
62
61
'46
98
'53
129
0
0
1
6
6
3
2
289
0
0
112
42
0
724
1,239
305
40
144
334
839
817
807
••287
589
311
20
120
35
69
352
408
67
97
135
235
32
12
0
48
23
44
35
50
1
31
35
'46
31
54
89
'10
'46
68
68
47
169
61
'22
'20
43
16
31
80
8
r44
53
64
21
166
45
9
16
3
15
23
10
2
2
15
4
26
3
16
0
0
0
1
0
0
0
0
1
0
0
0
0
325
161
178
404
1,192
1,225
r
873
383
944
554
343
774
893
498
283
765
3,242 3,216
4,242 4,123
1,799 1,680
2,089 2,061
'3, 553 '3,465
2,821 2,818
State
and
munici-
Federal
agencies i
21
87
37
136
365
382
191
129
195
478
51
93
26
317
987
353
281
665
pal
237
193
237
193
22
26
'348
'171
'348
'171
'115
227
227
'129
'144
'129
'144
'153
'116
'L53
'113
'177
'177
294
453
416
294
453
416
49
18
20
'14
20
'14
'24
80
'25
73
Corporate
Total
821
319
219
312
Bonds
and Stocks
notes
789
315
187
312
1,864 1,782
3,387 3,187
856
1,209
1,267 1,236
1,537 ' 1 , 733 ' 1 , 596
344
1,996 1,804
19
29
22
'18
17
25
29
48
28
26
28
59
14
196
'138
189
102
211
104
192
'84
'197
'101
'101
226
111
62
345
92
328
90
154
'84
223
107
61
332
66
286
Foreign»
32
4
32
0
81
200
352
31
137
193
51
56
60
9
26
119
119
28
88
3
7
0
0
0
0
0
0
0
0
0
3
0
0
0
36
14
14
38
0
(')
3
4
1
14
26
43
' Revised.
J Includes publicly-offered issues of Federal credit agencies, b u t excludes direct obligations of U. S. Treasury.
2 Includes issues of noncontiguous U. S. Territories and Possessions.
3
Less than $500,000.
Source.—For domestic issues, Commercial and Financial Chronicle: for foreign issues, U . S . Department of Commerce. Monthly figures subject
to revision.
Back figures.—See Annual Report for 1937 (table 78)
148
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT OBLIGATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
Noninterestbearing
Interest-bearing
Publicly-offered 1
Total
gross
debt
End of month
Total
interest Total
bearing
1932—June
1933—June
1934—June
1935—June
1936—June
1937—June
1938—June
1939—June
19,487
22,539
27,053
28,701
33, 779
36,425
37,165
40,440
19,161 18,816
22,158 •21,782
26,480 B26,006
27,645 26,910
1939—November.
December.
1940—January...
February..
March
April
May
June
July
August
September.
October...
November.
December.
41,305
41,942
42,110
42, 365
42,540
42,658
42,808
42,968
43, 771
43,905
44,073
44,137
44, 273
45,025
Bonds
Pre-
Treasury 2
U.S.
savings
31,297
33, 734
33,463
35,715
753
753
753
753
79
79
79
79
13,460
13,417
15,679,
14,019
17,168
19,936
21,846
25,218
62
316
800
1,238
1,868
36,123
36,826
36,957
37,097
37,127
37,236
37,285
37,223
37,957
43, 317 38,009
43, 480 38,045
43, 560
43,707 38,130
44,458 38, 722
79
79
79
79
79
79
79
79
79
79
79
79
79
79
25,218
26,881
26,896
26,897
26,908
26,908
26,908
26, 555
27, 226
27, 236
27, 235
27,960
27,960
27, 960
2,140
2,209
2,473
2,610
2,707
2,818
2,869
2,905
2,966
3,008
3,044
3,084
3,123
3,195
35,800
36,576
40,807
41,445
41,601
41,839
41,983
42,117
42,253
42,376
43,186
Social
Adsejusted
curity
service
issues3
Notes
Bills
1,261
4,548
6,653
10,023
11,381
10,617
9,147
7,243
616
954
1,404
2,053
2,354
2,303
1,154
1,308
105
92
118
156
1,071
926
7,232
6,203
6,203
6,203
6,125
6,125
6,125
1,454
1,455
1,307
1,308
1,309
1,306
1,304
1,302
1,302
1,303
1,303
1,307
1,308
1,310
791
789
787
785
784
782
780
797
773
771
771
769
767
765
6,384
6,384
5,660
5,660
6,178
All
others
Matured
debt
19
579
1,601
2,511
240
284
356
580
601
560
644
820
66
54
231
169
119
141
142
2,981
3,021
3,049
3,152
3,269
3,282
3,363
3,528
3,536
3,622
3,751
3,777
3,885
4,047
911
809
807
805
803
816
824
829
920
915
913
925
925
924
114
132
165
150
166
205
198
205
212
197
187
189
Other
266
315
518
825
620
506
447
411
400
398
395
394
392
391
389
386
381
380
379
377
12 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System.
Includes Liberty bonds.
3
Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series
and of certificates to the adjusted service fund.
4
Includes
special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account.
6
Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation.
6
Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000.
MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS,
DECEMBER 31, 1940
FULLY GUARANTEED OBLIGATIONS, BY AGENCIESi
[In millions of dollars]
[In millions of dollars]
Maturing
Date maturing
or callable
Bonds
Total
Bills
Notes
Bonds
callable i
E n d of
month
Total
U.S.
ComReconHome
Federal
Owners' struction modity HousFarm
Credit
ing
Finance
Mortgage Loan
Corpora- Corpora- Corpora- Corpora- Author*
tion
tion
2
tion
ity
tion
235
134
312
681
249
1,834
980
3,063
250
2,647
1,226
4,123
252
2,855
1,387
4,494
252
3,044
1,422
4,718
252
2,988
1,422
4,662
1941—Before April 1
2,532 1,310
677
545
255
2,987
une
1,422
4,665
Apr. 1-June 30
504
504
297
2,937
1,410
4,645
Dec
July 1-Sept. 30
834
834
834
299
2,937
206
1,410
1938—June.. 4,853
Oct. 1-Dec. 31
204
204
509
2,888
206
1,388
4,992
Dec.—
426
426
1942—Jan. 1-Mar. 31
820
2,928
1,379
206
114
1939—June.. 5,450
575
Apr. 1-Dec. 31
575
1943
..
1,330
1,330
1,855
409
820
114
2,823
1,279
1,214
1,214
1944
2,555 1939—Oct.. . 5,448
407
L,096
114
2,817
1,269
Nov. . 5,707
3,363
1945
1,249
173 1,941 1,755
407
L,096
114
2,813
1,269
Dec... 5,703
1,850
1946
315 1,534
2,359
407
L,096
114
2,809
1,269
1947
2,793
410 2,383
1,473 1940—Jan... 5,699
407
L,096
114
2,783
1,269
Feb... 5,673
1,982
1948
495 1,487 2,246
407
L,096
114
2,770
1,269
5,663
1949
. .
1 638
M
a
r
.
.
819
2,278
819
407
L,096
114
2,763
1,269
1950
1 554
Apr... 5,656
2 982
571 1,186
407
L,096
2,641
114
1,269
1951
1,223
M a y - 5,535
1,223 3,500
407
1,096
2,634
1,269
114
2,436
June. _ 5,528
1952
2,436
407
1,096
114
2,631
1,269
5,526
1953
2,904
J
u
l
y
.
.
2,904
725
696
L, 096
2,627
114
1,269
2,663
Aug... 5,812
1954
2,663
681
696
1,097
2,623
1,269
114
5,808
1955
1,480
Sept..
1,480
2,611
696
L,097
2,621
1,269
114
Oct.._ 5,810
1956
,..
1,170
1,170
982
696
2,618
1,269
226
1,097
5,919
N
o
v
.
.
1958
919
696
2,615
1,269
1,097
226
Dec. . 5,917
1959
_
982
982
2,611
1960
2,611
1,485
50
50
50
1961
„
* Principal amount of obligations guaranteed as to interest and princi919
1963
919
1965
1,485
1,485
pal. Excludes obligations held by U. S. Treasury and reflected in the
public debt. The total includes guaranteed debentures of the Federal
Total. . .
38, 722 1,310 6,178 3,195 28,039 28,039 Housing Administrator, amounting to $12,90u,000 on December 31, 1940.
2 Excludes obligations guaranteed as to interest only. For August 1939
i Excludes U. S. savings bonds. Other bonds in the amount of $2,606,- and subsequent months includes matured bonds not presented for retire000,000 not callable prior to maturity are shown as of date of maturity. ment amounting to $15,000,000 on December 31, 1940.
Bonds that have been called are shown as maturing on date of call.
»Includes unclassified U. S. savings bonds.
FEBRUARY
1941
U. S.
Sav- Other
ings
1934—June..
Dec—
1935—JuneDec.,.
1936—JuneDec...
545 1937_j
149
SUMMARY OF TREASURY OPERATIONS
lOn basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts
Receipts
Period
Misralla
CBlla-
Social
in- neous secur- All
come inter- ity
other
taxes
nal
taxes
revenue
T«
Expenditures (excl. debt retirements)
AgriculUn- TransInter- Na- tural em- fers to
local
est
tional
AdployAll
trust
re- 1 on
reother
dejust- ment
acceipts ceipts debt fense ment
re- counts
Prolief
etc.»
gram
M f
Trust Increase or deaccrease during
counts
period
etc.,2
excess
Excess of reof ex- ceipts
pendi- (+)or Genexeral
Gross
Total* tures pendifund debt
3
tures
bal(-)
ance 2
•
Fiscal year
ending:
June 1938— 2,640
June 1939... 2,189
June 1940— 2,125
2,279
2,232
2,345
755
740
838
567
507
617
6,242
5,668
5,925
5,855
5,165
5,387
1,041
1,028
1,163
1,559
362
787
1,020
1,914
2,595
1,919
220
182
208
2,789
3,040
3,251
7,239 -1,384
8,707 -3,542
8,998 -3,611
+306
+890
+136
+740
-338
+622 +3,275
-947 +2,528
6 months
ending:
Dec. 1938— 1,138
Dec. 1939...
800
Dec. 1940... 1,041
1,200
1,276
1,516
332
376
4i8
257
292
261
2,927
2,744
3,236
2,722
2,476
2,925
425
455
491
575
689
303
486
525
1,363
1,732
163
179
169
1,471
1,720
1,354
4,299 -1,577
4,480 - 2 , 004
5,141 - 2 , 216
+182
+139
+197
+868 +2, 262
- 3 6 2 +1,503
+38 +2,057
198
191
171
167
154
192
175
179
201
237
346
213
237
252
231
36
130
29
45
178
30
39
137
32
39
139
29
38
138
34
50
52
50
57
49
46
42
43
88
41
43
37
47
46
46
322
407
569
315
444
934
304
400
784
367
566
711
365
485
741
279
364
621
315
444
799
304
400
649
331
447
711
333
362
740
68
12
190
38
19
146
69
10
305
20
20
148
73
11
219
115
118
125
132
129
143
159
154
153
177
200
219
287
376
473
97
117
102
119
128
105
78
62
43
54
76
75
103
108
110
145
147
162
157
145
173
173
169
151
151
142
139
145
138
155
10
10
10
285
243
243
272
238
255
284
248
235
302
243
168
261
164
215
-442
-284
-311
-398
-224
-1
+267
-16
+37
-264
+252
+311
-194
+67
+164
-303
-181
-139
+367
+196
1939-Oct...
Nov..
Dec...
1940—Jan...
Feb...
Mar..
Apr...
May.
June _
July..
Aug..
Sept..
Oct...
Nov..
Dec.
38
34
319
45
63
665
48
40
464
50
38
432
44
49
429
926
941
951
870
•5
10
20
4
114
25
10
20
721
648
832
712
668
822
783
647
887
818
706
759
869
817
1,172
Period
Unemployment
trust fund
-48
-536
—455
-432
Net expenditures in checking
accounts of Government agencies
550
639
703
461
516
573
85
120
129
763
838
959
560
395
443
191
442
514
•658
•234
•184
136
10
6 months ending:
Dec. 1938 . .
Dec. 1939 . .
Dec. 1940 . .
293
345
387
210
268
284
57
61
85
402
452
572
192
242
235
214
207
338
•169
•219
78
•18
•72
1939—Oct
Nov
Dec
ig40—Jan. mm
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec
53
53
58
10
10
135
20
4
179
56
145
11
32
143
1
43
43
10
10
10
10
10
11
12
12
12
13
13
14
15
15
15
54
144
29
79
155
30
53
145
46
59
143
67
107
145
51
7
142
24
29
32
58
45
47
45
58
54
57
53
81
84
31
33
15
•297
43
135
•5
175
•5
1
148
*5
•5
151
•3
28
103
•18
18
81
13
85
•18
31
113
11
•9
•5
•20
•5
2
•3
•6
17
25
124
19
27
11
•6
•3
•4
•4
45
10
•144
•13
•10
59
153
•1
21
24
17
-209
-39
-495
-103
+111
All other
Total
ReconCom- United
ExIn- BeneIn- Other
Net
modity States
fit
Re- pendiex- struction
All
Rerevest- payvestFinance
Credit
Housceipts ments ments ceipts ments pendiCorpora- ing Au- other ceipts tures
tures Corporation
tion
thority
Fiscal year ending:
June 1938. __
June 1939...
Jun© 1940...
+36
+11
+58
-83
-62
+51
+320
-158
-24
+216
Details of general fund
balance (end of period)
Details of trust accounts, etc.
Old-age insurance
trust fund and railroad
retirement account
—22
-479
-247
-237
-487
-259
+178
+269
+637
+167
-256
-178
-118
-150
-160
- -803
+135
+168
+64
+136
+752
InWorkcrement Seigniorage bafon
anoe
gold
•60
17
*12
•186
166
414
440
415
327
324
323
2,216
2,838
1,891
142
142
143
446
530
585
1,628
2,160
1,101
11
54
*9
*69
108
•116
240
228
243
183
182
181
3,084
2,476
1,928
142
143
143
492
565
597
2,449
1,768
1,188
16
•12
•11
•7
•6
28
20
21
24
20
29
32
20
62
120
18
24
29
18
35
13
14
25
17
2
22
10
17
72
103
15
17
17
6
25
1,913
2,166
2,476
2,282
2,350
2,514
2,210
2,030
1,891
2,258
2,454
2,415
1,920
1,817
1,928
143
143
143
143
143
143
143
143
143
143
143
143
143
143
143
558
561
565
568
573
577
581
584
585
588
590
592
595
596
597
L,213
1,462
1,768
1.571
[,634
1,794
1,48ft
1,303
1,163
l,C2T
1,720
L,68O
1,183
1,078
1,188
1
16
14
•25
•11
7
17
•29
•34
•17
•5
25
•6
15
51
•103
8
9
107
•11
•57
•32
16
•13
•50
21
i Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendment!
to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier
periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total>xpenditures, and from transfers to trust accounts.
J1 Details given in lower section table.
For details, see preceding page.
* Less than $500,000.
* Excess of credits.
NOTE.-—For explanation of table see BULLETIN for October, 1940, p. 1052
150
FEDERAL RESERVE BULLETIN
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, NOVEMBER 30, 1940
{Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars)
Reconstruction
Finance
Corporation
and
Public
Works
Administration
Home mortgage and
housing agencies
Total
TennesInsee
Other
Val- surUnited
Comley ance Other
Farm
Home Other States Farm
N o v . Oct. N o v .
Au- agenOwners' mort- Hous- mort- Credit modity
30,
31,
30,
Credit Other thor- cies
gage
Adm.
ing
gage
Loan
1940 1940 1939
agen- banks Corpoity
AuCorpo- agencies thority cies and cor- ration
ration
porations
Farm credit agencies5
Assets
Loans and preferred stock:
Loans to financial institutions...
Preferred stock etc
Loans to railroads
Home and housing mortgage
loans
224
455
485
194
186
27
1,969
242
0)
61
60
1
30
2447
Total loans and preferred
stock.....
_
Cash
U. S. Govt. direct obligations
Obligations of Government credit
agencies:
Fully guaranteed by U S
Other *
Accounts and other receivables
Business property
Property held for sale
Other assets
Total assets
other than interagency 6
1,611
13
49
43
3
289
186
3441
289
2
628
17
85
8
543
29
0)
2,163
170
454
85
39
176
59
5
2,508
84
82
353
62
92
54
2
128
210
6
91
9
10
12
4
12
8
24
291
7
3
364
6
1
0)
0)
1,751
2,707
(0
598
(0
0)
2,993
555
226
60
35
429
927
430
817
497
2,387 2,387 2, 358
2,508 2,517 2,605
772
785 1,116
1,291 1,214 1,112
438
17
5
8,680 8,613 8,936
549
521
476
699
704
743
75
110
29
160
130
128
24
30
521
513
601
597
1,113 1,094
210
188
105
21
369
5
441
757
512
4
M02
176
2,508
Other agricultural loans
All other loans
469
739
515
131
39
389
543
678
129
5
0)
64
1
41
. 11
678
357
748
834
12, 518 12,398 2,063
0)
7
345
Liabilities
Bonds, notes, and debentures:
Guaranteed by United S t a t e s -
1,097
2,618
Other liabilities (including reserves)
312
68
201
31
5
1,270
6 998
108
202
8
131
219
8
7
13
1
250
12
97
5,919 5,808 5,708
1,422 1,354 1,352
1,237 1,243 1,004
Total liabilities
other than
interagency 6
Other 5__
_
696
1,409
2,686
232
231
2,376
210
827
219
15
264
109
8,579 8, 406 8,064
Excess of assets over liabilities, excluding interagency transactions..
Privately owned interests.. .
343
21
367
56
138
617
214
345
4
100
460
342
483
139
725
3,939 3,992 3,999
397
412
413
U. S. Government interests
343
21
311
138
403
341
100
460
342
344
725
3,526 3,580 3,602
1 Less than $500,000.
2 Includes $89,000,000 loans of Public Works Administration.
Includes $373,000,000 loans of Farm Security Administration.
Includes $244,000,000 loans of Rural Electrification Administration.
Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation.
Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction
Finance Corporation.
NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882.
3
4
5
6
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding. In thousands of dollars]
Dec. 31,
1939
Loans to financial institutions
Loans on preferred stock of banks and insurance companies.
Preferred stock, capital notes, and debentures
Loans to railroads (including receivers)
Loans for self-liquidating projects.
Loans to industrial and commercial businesses *
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration. _.
J u n e 30,
1940
172,154
33,029
488, 673
448, 792
79,440
130, 625
150,468
56,952
469, 674
475,856
48,105
130, 732
4,081
120,808
4,677
111,065
July 31,
1940
147,184
56,924
465, 909
506, 623
38, 754
129, 955
83, 299
4,788
107,066
Aug. 31,
1940
145,178
56, 769
458,845
507,627
42,262
129,427
83,223
4,801
110,090
Sept. 30,
1940
142,396
56,627
459,941
470,039
38,476
131,126
83,360
4,746
116, 216
Oct. 31,
1940
141,935
56, 578
460,218
47,096
130,944
83,409
4,855
115, 930
N o v . 30,
1940
167,153
56,470
454,941
472, 596
35, 597
131,484
83, 507
115^ 224
Dec. 31,
1940
171, 583
52,947
452,380
473,881
35, 797
128, 561
83,460
4,862
115,699
Total loans and investments, other than interagency. . 1,561, 599 1, 531,124 1, 540, 502 1, 538,222 1, 502, 926 1, 510, 735 1, 521,857 1, 519,170
Preferred stock of, and loans to Export-Import bank..
Loans to Rural Electrification Administration..
Capital stock of, and loans to R. F. C. Mortgage Co
Capital stock of, and loans to Fed. Natl. Mtge. Assn
Loans to Tennessee Valley Authority
Capital stock of, and loans to National Defense Companies.
Loans to Farm Security Administration
._
Total loans and investments..
45,000
146,498
57,081
58, 729
8,300
74,000
59,050
73,863
8,300
74,000
146,498
58,628
76, 470
8,300
1,000
10,000
74,000
146,498
60,212
78,976
2,000
10,000
74,000
146,498
61,160
81,039
8,300
10,395
10, 000
74,000
146,498
62,806
84, 559
8,300
24,277
21,000
99,000
146,498
64,115
87,077
8,300
33,387
23,000
99,000
146,498
67,110
90,380
8,300
44,503
28,000
1,877,207 1,892,835 1,915,397 1,918,206 1,894,318 1,932,175 1,983, 234 2,002, 961
1
Include national defense loans amounting to $7,306,000 on December 31, 1940.
NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.
FEBRUARY
1941
151
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 1
End of month
Loans to cooperatives b y -
Produc- Regional
Emertion credit agriculgency
associa- tural cred- crop and
it corpo- drought
tions
rations
Banks for Agriculcoopertural
atives,
Marketincluding ing Act
revolvCentral
ing fund
Bank
Federal
intermediate
credit
banks
1934—December.
1935—December.
1936—December.
1937—December.
1938—December.
1939—December.
1,915,792
2,071,925
2,064,158
2,035,307
1,982,224
1,904,655
616,825
794,726
836,779
812,749
752,851
99,675
104,706
129,872
165,194
168,392
165,236
55,672
47,162
41,017
40,464
33,545
33,354
60,852
94,096
105,212
138,169
148,037
154,496
87,102
43,400
25,288
15,592
11,081
8,005
111,238
172,863
165, 369
172, 701
171,489
168,330
33,969
2,731
1,641
1,813
920
1,835
27,851
50,013
69,647
87, 633
87,496
76,252
54,863
44,433
53,754
30,982
23,723
20,547
1940—January...
February..
March
April.
May
June
July.
August
September
October...
November.
December.
1,900,408
1,896,507
1,890,432
1,886,272
1,882,516
1,880,408
1,874,608
1,871,487
1,866,697
1,861,739
1,855, 945
1,851, 218
687,191
161,753
165,106
176,007
185,373
190,961
196,408
199,238
202,503
197,451
190,773
188,463
186,933
33,620
34,738
36,326
37,921
38,377
40,033
42,161
42,416
40,901
34,882
33,738
34,102
153,949
160,003
173,840
186,276
194,662
200,415
203,693
202,796
194, 558
180,219
173,331
172, 312
7,904
7,926
7,888
7,904
7,845
7,768
7,614
7,416
7,010
6,202
5,991
5,885
167,957
170,020
176,045
179,801
180,938
181,218
180,824
179,984
177,906
172,993
170,092
168,438
1,756
2,002
1,754
1,603
1,315
897
1,217
763
352
431
1,228
1,490
73,238
71,772
69,311
67,454
63, 564
62,177
65, 111
67,473
73,132
79,156
77, 325
74, 741
20,427
20,038
19,763
18,537
18,137
18,200
15,311
14,787
15,739
16,724
17,022
16,461
677,717
673,696
670,723
668,850
665,073
659,017
655,403
651,600
648, 296
i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of
the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are
thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit
is extended.
FEDERAL HOME LOAN BANK BOARD
POSTAL SAVINGS SYSTEM
LOANS OUTSTANDING, BY INSTITUTIONS
[In millions of dollars]
[Loans in thousands of dollars]
Assets
Home mortgage loans b y Federal savings and
loan associations
End of month
1934—December.
1935—December.
1936—December.
1937—December.
1938—December.
Home
Owners'
Loan Cor- Number
poration
of associations
2,379,491
2,897,162
2, 765,098
2, 397,647
2,168,920
Loans i
639
81,300
1,023
348,000
1,212 586, 700
1,328 853, 500
1,368 1,034,162
86, 651
102,791
145, 394
200,092
198,840
End of month
1935—June..
1936— June..
1937—June..
1938—June..
1939—June..
U. S. Government
Depossecurities
itors
Cash
Cash
bal- 1
rein deances Total posi
Di- Guarserve
an- funds
rect teed
tory
banks Total obli- obli- etc 2
gagations tions
1,205
1,232
1,268
1,252
1,262
1,236
1,265
1,307
1,290
1,304
777
630
385
203
967
800
136 1,100
933
115 1,103
936
1,157 1,011
147
167
167
167
146
74
95
71
73
78
1,186, 784
1,206,887
1, 231,685
1,252, 559
1,271,161
1,280,200
1, 296,464
1,317,975
1,348,072
1,376,700
1,405,100
1,432,100
1,461,867
1,487,974
1, 515, 392
1, 533, 246
1, 546, 270
159,470 1939—December
1,279 1,319
1,192 ,046
74
146
163, 687 1940—January
1,290 1,331
1,197 ,051
84
146
168, 654
1,297 1,340
February
1,194 ,048
97
146
168,822
1,301 1,343
March
1,200 ,054
97
146
181,313
1,303 1,345
April
1,214 ,068
87
146
156, 788
1,299 1,342
1,224 ,078
74
May
146
144,515
1,293 1,337
1,224 ,078
69
June
146
137,642
1,297 1,339
1,224 ,078
73
July
146
133,811
1,297 1,340
1,224 1,078
75
August
146
137, 509
1,295 1,339
1,224 1,078
74
September
146
157,397
l 296
October
162,222
, 298
November .
168,402
304
December..
176,047
181, 526
185, 547
p Preliminary.
201,492
1 Outstanding principal, represented by certificates of deposit. Does
not include accrued interest nor outstanding savings stamps.
2 Includes working cash with postmasters, 5-per cent reserve fund and
i Federal Home Loan Bank Board estimates for all Federal savings miscellaneous working funds with the Treasurer of the United States,
and loan associations.
accrued interest on bond investments, and accounts due from late posti Excludes loans to other than member institutions which are negli- masters.
gible in amount.
Back figures—Bee BULLETIN for August 1935, p. 502.
1939—August
September..
October
November..
December..
1940—January
February...
March
April
May
June
July.
August
September..
October
November..
December. _
152
2,059, 792
2,054,865
2,049,421
2,043,288
2,038,186
2,031, 341
2,026,614
2,021,951
2,020,572
2,017, 395
2,012, 760
2,004, 737
1,996,443
1,987,611
1, 980, 704
1,968,816
1,956, 268
1,392
1,394
1,394
1,401
1,410
1,403
1,407
1,413
1,420
1,421
1,430
1,431
1,431
1,434
1,440
1,443
1,445
Federal
home
loan
bank
loans to
member
institutions »
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 3
1923-25=100
Industrial production
(physical volume) 2 *
1935-39=100
Income
payments
(value)1
1929=10
Year and
month
Manufactures
Total
Dur- Non
able durable
Min- Tota
erals
Employment«
NonResi All agricul- 5
den- othe tural
tial
1935-3
=100
Whole Cost
Fac- Freight Department
sale
of
tory
comcar
store
payliv- 4
modit ing
loadsales
rolls *• ings*
prices * 1935-39
1923-2 1923-25 (value)
1926
1923-25
=100
Factoryt
=100
=100
=100
=100
1923-25=100
Ad- Unad Ad- Ad- Ad- Ad- Ad- Ad- Unad Ad- Unad Unac
Adjusted 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
1940
.
72
75
58
73
88
82
91
96
95
99
110
.
100.0
90 8
77.3
60 1
57.1
65.8
71.7
82.7
87.5
80.7
85.4
P90. 5
91
75
58
69
75
87
103
113
88
84
93
53
81
104
95
108
114
107
117
133
62
60
57
67
72
69
76
79
83
85
93
71
83
66
71
98
89
92
99
100
99
107
99
68
41
54
66
84
108
122
78
84
79
70
79
81
90
100
106
95
93
80
66
76
80
86
99
112
97
106.7
98 0
107.1 117 2
82.0
75 6
90.7
81 2
103.8 102 9
96.4
96 0
99.8 101 1
101.7 104 2
99.5 102 4
99.7 103 5
106.0 110 4
92.4
89.4
78.1
67.8
66.3
46.7
73.4
50 1
85.7
64.5
91.3
74 1
99.0
85.8
108.6 102.5
90.9
78 5
99 9
92 2
P107. 5 P105. 4
63
63
56
79
84
94
122
129
129
135
117
44
30
44
68
81
95
124
121
117
126
87
72
P82
60
P72
56
61
32
30
76
87
104.5
102.8
103.8 104.2
98.2 97.7
93.3
84.6
98 2
97 8
97 9
98 2
97 3
97.1
97 1
98 1
99.8
100 0
99.8
100.7
93 4
92 4
91 0
89 0
87 3
86.3
87 2
89 3
91.0
92 0
94 8
96.7
91.0
91 6
91.2
89 3
87 0
85.4
85 9
90 2
93.6
94 2
95.3
96.2
75 4
77 7
77 8
75 2
73 6
71.6
71 7
77 9
82.3
85 0
85 3
88.1
98 1
98 5
99.3
99 5
100 3
101.7
101 7
102 5
104.3
105 2
104.9
105.5
96 8
96 8
96.7
96 6
96 3
97.3
98 4
99 0
100.8
104 8
107 0
108.2
94.5
96 1
97.0
96 9
95 9
96.4
96 6
99 5
103.7
107 3
107.5
107.8
84 7
87 1
88.8
86 8
86 3
87.9
85 8
91 2
95.4
103 2
103 2
105.4
92
63
28
25
32
37
55
59
64
50
37
13
11
12
21
37
41
45
79
90
65
88
86
94
120
135
139
142
142
107 9
101.2
92.5
83.0
83 6
90.7
94 2
100.3
105.3
98 5
81
101 8
P105. 0
125
84
40
37
48
50
70
74
80
108
108
P135
108
P113
106
P122
97
86
94
80
92
87
109
107
86
82
103
52
26
73
90
90
88
88
92
94
51
46
52
51
54
59
32
33
37
37
42
49
66
56
65
62
81
85
90
95
98
97
95
90
81
86
82
84
82
81
75
73
72
69
67
65
71
88
84
84
82
80
64
68
90
90
77
98
98
78
82
53
95
99
100
100
97
66
81
88
99
56
57
77
96
102
100
102
96
103
102
96
56
128
101
100
97
104
102
96
57
128
102
10,1
101
97
103
86
55
111
104
102
73
100
98
96
93
104
103
103
92
69
67
97
99
90
104
55
58
96
63
55
Adjusted
Adjusted
Unad- Unadjusted justed
76
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
00
94
138 6
154.4
97 6
96.7
100.6
08 1
103.5
100 0
05.4
06 7
05.3
86.4
73.0
64.8
65 0
74.0
80 0
80.8
86.3
78 6
77 1
78.6
124 5
143.2
127 7
110.7
121.0
122.2
125.4
126.4
124.0
122.6
122.fi
110.4
108.7
07.6
02.4
08.7
08 1
00.1
102.7
100.8
00 4
100.1
71
67
90
89
83.3
81.7
103.0
65
64
68
00
88
86
83
80
82
83
83
85
86
69
87
80 0
70 8
70 7
78 7
78 1
78.3
78 8
78 1
78.3
77 6
77.5
77.0
84
91
78
85
100
98
103
107
104
104
107
92
74
55
58
62
64
75
78
62
70
1937
November
December
84.9
83.7
95
87
1938
January
February
March _
April
May
June
July.
August.
September
October. _
November
December.
82.3
81.5
81.2
80 1
79.1
78.7
78.7
79.8
80.4
81.7
82.1
83.1
_
92
95
62
60
57
58
58
61
62
69
88
100 0
100.0
100.7
100.2
1939
January
February
March
April
May..
June
July
August.
September
October
November
December.
83.4
83.7
84.6
83.1
83.8
84.1
83.6
85.2
86.1
88.0
88.5
90.0
98
99
98
98
104
58
85
102
104
102
1Q2
97
101
106
106
105
107
63
67
58
62
104
103
106
108
92
73
80
74
68
67
71
67
78
101
113
121
116
126
115
129
111
115
114
119
73
76
68
68
124
126
133
117
120
83
126
124
140
117
115
86
61
60
76
82
107
69
67
66
60
62
88
88
88
88
87
70
77
80
86
87
88
00
02
82
03
67
69
78
95
76 0
76 0
76.7
76 2
76 2
75.6
75 4
75 0
70.1
70 4
70 2
79.2
00.1
08.6
100.6
00.6
1940
January
February
March...
April
May
June
July . . .
August
September
October.
November
December
_
90.3
89.7
88.4
88.2
88.6
88.7
89.3
90.5
91.7
92.5
93.5
P95.2
118
53
93 102 1 107 6 105 0
75
02
78
70 4
99 8
114
63
56
68 101.8 105.8 105.0
73
90
99.3
78.7
117
62
57
66 102.4 104.0 104.4
00.8
69
89
99.8
78.4
64
119
62
66 102.5 102.8 103.2
70
89
78.6
97.9
64
118
64
65 103 3 102 8 102 5
72
78 4
89
97 8
74
118
69
77 104.1 103.8 103.1
100.5
91
75
99.5
77.5
120
85
77
91 104.1 105.1 103.2
75
92
98.2
77.7
114
90
82
98 105 5 107 4 107 4 105 5
76
77 4
98
82
116
93
100.4
101 107.3 108.9 111.4 111.6
77
97
78.0
113
95
85
103 108.3 111.4 113.8 116 2
94
78.7 P100. 2
77
111
130 108.4 114.2 114.6 116.5
117
87
100
83
79.6 P100.1
P164
P93 P142 110.0 116.6 116.2 122.8
101
100.7
P137
80.0
P114 P120
84
r
p Preliminary.
* Average per working day.
Revised.
t Revised; see note page 158 and table page 166.
1
Department of Commerce series on value of payments to individuals.
»3 For indexes by groups or industries, see pp. 154-157; for description, see pp. 753-771 of BULLETIN for August 1940.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see page 162.
< The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the
Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 158-161 for employment
and 6payrolls and p. 164 for prices.
Excludes military and naval forces.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882; for factory employment and payrolls, October 1938, pp. 838-866,
and October 1939, pp. 879-887; for freight-car loadings, June 1937, pp. 524-529; for department store sales, October 1938, p. 918, and January 1941,
p. 65.
FEBRUARY
1941
122
116
113
111
115
121
121
121
125
129
132
117
113
112
112
116
121
118
120
129
134
135
P134
135
124
118
113
119
131
132
135
146
150
154
113
110
106
107
110
114
112
112
112
116
119
P123
153
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1940
1939
Industry
Industrial
Production—Total
Manufactures—Total
Durable
Nondurable ._ . .
Iron and Steel
Pig iron
Steel ingots
Machinery
. . ._
_ __
._ _
Nov.
Dec.
124
126
Jan.
122
121
121
125
129
132
121
122
131
150
116
135
154
119
165
169
165
166
173
165
181
176
181
P165
P137
131
114
132
112
135
112
147
161
146
118
136
117
106
118
105
99
117
97
118
127
118
154
148
154
156
157
156
158
162
157
164
167
164
127
123
123
123
124
128
133
138
145
146
152
117
306
117
323
122
364
111
394
107
455
138
'517
109
153
140
220
157
'544
130
148
160
227
163
594
164 • 169
133
134
132
130
146
147
179
170
131
127
142
144
P177
P129
161
163
161
167
169
167
123
125
138
283
132
299
129
156
102
129
158
101
120
149
101
103
125
103
101
121
102
106
111
102
87
119
113
76
127
123
149
150
156
156
164
170
189
213
159
135
154
136
144
142
130
131
132
131
137
124
129
131
'127
131
130
130
128
131
138
138
140
'146
'134
135
127
130
144
154
136
144
133
162
119
129
135
145
102
130
125
100
133
111
104
135
113
110
130
115
119
141
119
127
140
134
128
'122
117
112
120
121
125
121
138
112
112
128
131
142
141
143
115
124
127
124
124
'143
89
132
132
125
115
151
135
125
120
127
151
78
115
115
104
105
112
127
108
103
105
101
98
112
Tobacco Products
Cigars .
Cigarettes
Manufactured tobacco and snuff. _
Dec.
119
110
Stone, Clay and Glass Products
Cement.
Common and face brick
Common brick
_
Face brick..
Glass containers
Polished plate glass. .
_
121
Nov.
114
115
115
117
Alcoholic Beverages*
Malt liquor
Whiskey*
Other distilled spirits*
Rectified spirits
115
Oct.
113
107
121
122
118
Butter. _.
Cheese
_,_
Canned and dried m i l k . .
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
Other manufactured foods
Ill
Sept.
110
135
113
121
121
121
Manufactured Food Products .
Wheat flour
Cane sugar meltings
Manufactured dairy products*
113
Aug.
July
118
106
123
153
130
Leather and Products.
Leather tanning
C attle hide leathers
Goat and kid leathers
Shoes
June
112
128
140
117
Nonferrous Metals and Products
Nonferrous metal smelting i
Copper smelting
Zinc smelting^ _ _ _ _
Copper deliveries
Lead shipments
Zinc shipments.._
Tin deliveries
Lumber and Products
Lumber
__
.
Furniture
Textiles and Products*
__
Textile fabrics*
Cotton consumption
.
Rayon deliveries*
6ilk deliveries
Wool textiles
Carpet wool consumption.
Apparel wool consumption
Woolen yarn
Worsted yarn
Woolen and worsted cloth.
May
116
124
110
124
133
117
138
288
_
Apr.
127
146
112
129
266
121
136
95
144
__
116
Mar.
122
103
239
91
122
98
142
Transportation Equipment
Aircraft
Automobiles
Railroad cars
Locomotives
Shipbuilding
Feb.
133
166
'168
'226
•ton
124
141
135
146
'141
-MQ
113
137
153
130
126
148
154
126
143
114
114
113
111
110
112
110
109
111
112
110
115
111
110
113
107
104
115
114
113
115
121
121
121
123
124
122
127
128
125
123
125
119
111
136
116
122
113
106
96
120
117
106
115
115
108
113
115
109
112
113
118
111
115
110
117
119
115
129
127
125
rl31
126
133
126
81
118
112
105
124
105
107
116
96
105
112
91
190
112
111
80
127
139
133
139
126
107
113
118
108
100
113
120
150
69
106
105
115
143
64
93
76
104
100
109
142
58
87
95
82
86
90
83
•I cyA
118
117
100
125
114
114
146
123
118
127
114
111
107
103
114
144
56
89
79
88
92
93
89
113
113
116
P164
P123
P624
134
P187
P176
P268
138
147
203
136
143
P129
P128
154
100
117
P139
P136
98
93
111
89
100
97
108
139
64
77
87
80
78
75
71
105
101
107
90
92
108
101
102
104
97
99
101
98
96
100
86
92
99
93
92
94
84
92
94
85
86
86
80
91
85
87
88
87
91
89
86
96
90
90
88
91
100
94
85
88
75
84
99
104
©6
92
98
83
83
100
110
97
92
108
109
103
102
118
116
131
101
98
107
111
112
102
96
114
'119
105
111
100
95
113
100
95
111
100
89
111
105
97
114
99
90
109
100
86
109
117
104
116
111
116
99
136
109
P118
110
102
128
124
144
104
88
108
111
109
104
126
129
154
106
86
99
112
108
116
118
117
131
106
86
98
112
102
117
112
117
135
101
89
93
112
115
98
112
111
112
105
110
117
126
152
101
91
99
110
100
101
103
123
126
149
104
87
109
111
112
100
86
112
111
107
115
123
128
156
102
105
114
121
116
132
101
97
98
110
104
114
132
119
141
99
91
96
115
105
115
130
121
147
95
'92
95
109
108
114
136
127
152
101
98
106
117
106
117
128
133
159
106
102
110
116
110
118
139
134
165
107
97
109
P117
98
102
'58
87
123
95
105
57
'89
92
98
103
'60
113
108
'97
96
'61
114
126
'97
99
'67
121
108
104
102
78
132
100
99
84
114
108
103
72
148
103
93
71
96
94
77
86
114
231
126
103
100
80
118
123
91
91
44
208
87
134
131
101
104
85
85
105
110
100
118
103
109
104
115
100
103
107
106
93
106
103
109
97
103
100
107
95
111
110
106
105
110
96
108
102
113
100
115
105
120
112
113
103
119
106
114
108
121
101
111
107
99
110
'105
108
92
89
115
'116
87
97
112
97
107
137
61
79
97
68
78
76
112
113
102
119
99
106
104
104
117
100
115
113
99
84
131
201
115
98
127
99
134
108
121
137
57
100
111
124
127
61
106
113
120
120
65
123
112
118
136
105
122
123
121
126
130
71
132
125
152
124
150
126
'95
'90
95
'82
'83
99
96
93
100
85
80
99
107
100
110
92
81
112
69
113
102
113
116
154
103
101
106
99
95
108
104
109
104
109
137
120
131
135
147
77
142
128
160
131
154
144
145
P157
P77
140
136
155
132
145
141
112
104
2*120
P112
' Revised.
P Preliminary.
12 Includes also lead production shown under "Minerals.
Revised beginning in 1940 to include production from foreign concentrates shipped for export. Prior to 1940 such production was small m
amount and consequently no change was'necessary in the zinc production series used to represent zinc smelting in earlier years.
* See table on next page.
154
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries (Adjusted for Seasonal Variation)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1940
Industry
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Paper and Products
Paper and pulp
Pulp.
Groundwood pulp
Soda pulp
_._
Sulphate pulp
Sulphite pulp
Paper
_
Paperboard—
Fine paper
Newsprint production
Printing paper.._
__.
Tissue and absorbent paper
Wrapping paper
Paperboard containers.
134
132
137
108
131
157
133
131
134
129
101
132
138
127
144
135
134
147
116
145
176
138
132
140
122
105
132
140
128
138
123
123
138
114
129
160
134
121
127
111
106
119
119
121
120
114
114
133
110
117
153
130
111
112
100
112
116
119
108
112
110
110
135
110
116
151
136
106
109
95
112
109
105
105
111
116
117
140
118
118
164
136
113
114
99
113
115
119
114
115
127
128
149
118
135
175
145
125
131
110
113
125
123
127
125
132
132
159
118
148
186
157
128
128
118
115
135
137
126
128
130
130
153
117
142
179
151
126
130
121
111
126
131
126
128
124
123
150
119
120
179
148
118
121
114
113
117
121
117
120
118
150
117
114
185
145
113
118
107
111
111
125
107
122
120
148
120
124
182
141
116
123
110
112
113
124
110
125
124
149
124
113
184
142
120
132
114
109
114
118
114
Printing and Publishing i
Newsprint consumption..
Petroleum and Coal Products..
Petroleum refining
Gasoline
Fuel oil.
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
117
101
119
107
109
108
100
106
103
108
101
115
106
120
106
114
102
110
104
108
104
108
104
110
106
107
120
117
118
112
125
107
140
137
244
119
116
116
111
129
109
139
137
217
117
114
112
119
126
97
137
137
145
116
115
112
119
124
120
123
124
118
117
115
121
124
123
118
119
115
114
112
117
120
120
119
120
84
114
113
111
113
118
126
123
123
101
115
112
110
113
122
116
132
131
142
112
108
106
111
113
116
139
137
206
113
109
109
116
98
111
139
136
248
116
112
113
113
102
121
142
139
252
116
112
111
115
109
123
144
141
251
118
114
112
116
115
123
146
143
265
147
142
305
Chemicals..
111
112
113
111
109
111
116
117
115
114
116
117
P122
126
127
114
115
112
123
125
109
111
119
120
110
112
101
119
120
114
116
104
116
116
117
118
108
115
115
115
115
109
117
116
121
122
112
115
114
126
128
113
106
106
104
106
95
109
110
106
106
102
119
120
111
112
107
120
122
109
110
103
126
127
118
120
107
138
140
118
118
115
Rubber Products..
Rubber consumptionTires and tubes
Pneumatic tires
Inner tubes
Minerals—Total..
143
"109
120
115
118
114
117
119
118
118
120
114
116
113
117
P114
Fuels.
Bituminous coal_.
Anthracite
Crude petroleum.
118
119
97
120
113
106
117
119
111
116
112
103
78
118
114
109
84
120
116
120
83
118
115
122
62
116
116
116
113
116
117
121
129
114
112
122
112
108
114
119
105
114
109
98
91
115
113
112
94
115
P109
Metals
Iron ore shipments..
Copp
131
155
124
122
112
130
119
116
130
'142
140
116
130
119
120
133
151
141
117
124
124
113
135
149
144
118
123
124
127
135
152
143
124
119
124
125
134
155
143
117
118
122
114
139
159
150
120
129
125
122
124
159
144
117
125
93
88
127
155
132
108
••131
107
109
135
157
140
119
131
125
113
144
180
141
107
134
127
136
P141
109
127
113
109
127
132
147
114
119
121
101
Zinc.
Gold....
Silver...
118
P113
P105
169
141
135
r
Revised.
P Preliminary.
i Includes also printing paper production shown under "Paper."
NOTE.—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882
* Revised Indexes
1939
Textiles and Products
Textile fabrics
Rayon deliveries
__
Manufactured dairy products
Ice cream
Alcoholic Beverages
Whiskey
Other distilled spirits
FEBRUARY
1941
.
_ __
__ _. _ _
- __
Oct.
Feb.
Mar.
April
May
June
July
Aug.
Sept.
107
106
111
107
105
119
105
104
122
102
100
123
105
102
123
109
105
130
112
108
133
Ill
109
128
113
113
124
119
118
128
110
111
108
108
108
108
105
105
107
111
106
109
105
108
106
105
110
119
109
116
95
50
120
106
57
121
Jan.
-__
•* -
155
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
llndex numbers of the Board of Governors. 1935-39 average == 100]
1939
1940
Industry
Nov. Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Industrial Production—Total
126
124
117
113
112
112
116
121
118
120
129
134
135
P134
Manufacture -Total.
Durable
Nondurable..
126
136
118
126
140
115
118
128
109
114
121
108
112
121
105
112
120
105
116
125
109
122
134
112
118
127
110
120
128
114
130
144
119
136
155
121
137
158
121
P120
161
163
161
159
160
159
144
153
143
121
134
120
113
124
112
106
123
104
123
133
122
151
'150
151
147
154
147
153
161
152
161
164
161
164
169
163
166
173
165
172
168
172
Machinery
123
127
123
123
126
126
126
129
129
135
142
149
152
P166
Transportation Equipment..
Aircraft
Automobiles
Railroad cars
Locomotives
Shipbuilding
119
241
111
112
95
138
153
266
150
132
102
146
137
282
130
133
102
144
139
283
130
151
103
145
144
299
134
158
99
162
141
306
130
141
98
162
132
329
118
137
102
172
131
371
114
124
106
176
96
394
70
117
116
185
63
455
23
130
124
202
'120
'501
89
140
137
213
167
'544
142
'141
152
184
600
161
153
163
219
P188
P271
Nonferrous Metals and Products..
Nonferrous metal smeltingL.
Copper smelting
Zinc smelting*
Copper deliveries
Lead shipments
Zinc shipments
Tin deliveries—
157
135
156
136
128
134
154
162
112
142
149
148
151
'136
143
136
153
121
'135
169
'139
'130
130
138
139
101
'125
163
'134
'133
137
137
129
100
'120
151
129
'135
139
137
116
106
'114
141
'129
'131
132
135
116
109
'113
146
'130
'127
131
128
116
113
'118
148
'131
'126
126
133
118
118
'125
143
'141
'127
127
133
133
122
'130
'154
'131
129
143
156
127
'140
'167
'138
138
147
173
133
'145
172
137
139
147
181
141
149
P172
P137
135
152
188
141
149
Lumber and Products..
Lumber
Furniture
120
116
125
111
105
123
98
93
109
101
96
113
107
104
113
109
109
108
114
117
108
116
119
110
111
112
107
123
126
118
132
134
127
132
132
133
126
123
130
P119
Pill
P133
Stone, Clay and Olass Products..
Cement
Common and face brick
Common brick
Face brick
Glass containers
Polished plate glass
126
126
137
133
148
114
127
115
105
119
115
129
107
149
90
69
70
60
96
104
129
101
88
71
66
84
117
111
114
115
103
102
107
116
96
129
140
131
134
126
119
91
129
143
146
153
129
117
79
127
136
147
149
140
121
66
133
141
150
153
142
124
93
142
150
••161
'162
f-161
126
118
142
154
153
160
140
118
127
133
145
146
153
135
108
129
P117
50
49
53
109
106
131
128
128
'149
101
130
129
126
113
151
134
126
rl20
125
'149
84
118
107
107
105
123
134
'120
'115
125
'147
72
107
105
105
100
101
118
115
111
123
141
65
102
118
99
97
97
102
101
100
115
132
66
77
100
97
109
127
55
85
91
82
86
90
80
101
98
108
131
51
88
77
88
92
93
88
105
101
109
134
51
98
67
108
102
107
102
111
108
114
137
57
109
101
113
108
120
107
118
115
120
138
65
120
111
137
119
130
116
126
124
129
144
77
129
124
145
121
150
121
138
134
139
'152
87
140
126
162
129
154
143
P140
P136
142
P155
76
72
71
97
95
110
127
60
73
91
63
73
72
68
Leather and Products
Leather tanning
Cattle hide leathers....
Calf and kip leathers ..
Goat and kid leathers..
Shoes
104
109
96
95
97
95
102
109
91
94
91
99
102
105
95
99
97
106
104
111
91
96
107
99
91
95
79
91
104
86
86
79
94
89
85
86
85
86
87
85
91
82
82
83
83
96
103
89
93
87
81
113
102
'89
94
'81
'84
110
97
93
101
81
79
101
101
114
88
79
'96
Manufactured Food Products
Wheat flour..
Cane sugar meltings..
Manufactured dairy products* ___
Ice cream*
Butter
Cheese
_
Canned and dried milk
Meat packing
Pork and lard
Beef.
Veal.
_
Lamb and mutton
Other manufactured foods
109
100
76
'74
'65
81
78
82
131
157
106
100
104
112
107
98
77
73
62
83
72
85
148
193
104
82
103
107
100
101
79
'72
'52
88
73
97
146
187
104
85
113
97
99
99
93
'84
'69
94
82
107
124
154
95
76
100
97
95
95
'86
95
94
120
116
140
93
82
94
101
94
98
112
108
107
113
133
111
124
99
85
95
98
107
95
95
143
142
132
154
161
117
135
101
93
95
102
116
92
116
168
179
147
169
173
123
148
99
92
94
110
120
99
116
164
195
128
147
148
109
119
102
96
93
118
131
100
95
144
168
114
128
136
102
106
100
92
95
136
132
115
102
111
125
113
113
115
103
112
75
104
119
120
112
117
107
'101
'107
140
95
107
109
127
143
110
108
113
132
84
89
90
151
191
111
104
107
117
103
83
r72
183
194
'87
'82
66
110
123
'81
82
'80
'74
79
84
82
'79
69
109
94
95
'83
'79
103
'106
111
86
79
110
107
117
84
68
100
120
126
67
77
161
112
127
40
70
130
106
24
100
108
94
56
317
134
108
82
76
314
174
104
77
96
181
207
93
81
98
105
140
112
119
113
102
94
80
102
86
107
90
90
97
92
99
97
105
97
111
112
102
119
101
124
104
140
101
112
105
119
101
110
108
116
97
118
117
121
108
120
127
118
115
115
123
114
105
108
89
Iron and Steel...
Pig iron
Steel ingots..
Textiles and Products*
Textile fabrics*
Cotton consumption
Rayon deliveries*
Silk deliveries
Wool textiles
Carpet wool consumption.
Apparel wool consumption
Woolen yarn
Worsted yarn
___
Woolen and worsted cloth.
Alcoholic Beverages*
Malt liquor
Whiskey*
Other distilled spirits*
Rectified spirits
Tebaceo Products
Cigars
Cigarettes
Manufactured tobacco and snuff.
P139
P162
P184
P624
152
P181
123
141
P81
144
127
160
132
159
149
94
P112
100
P96
P73
87
82
96
159
212
107
92
104
P112
' Revised.
P Preliminary.
i Includes also lead production shown under "Minerals."
Revised beginning in 1940 to include production from foreign concentrates shipped for export. Prior to 1940 such production was small in
amount and consequently no change was necessary in the zinc production series used to represent zinc smelting in earlier years.
* See table on next page.
a
156
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries (Without Seasonal Adjustment)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1939
1940
Industry
Nov. Dec,
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp...
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
___
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
P aperboard containers
133
131
137
110
131
157
135
130
134
125
104
131
136
127
141
128
128
143
121
140
167
134
126
125
120
106
131
135
125
126
120
122
139
118
129
161
134
119
122
112
106
119
116
121
114
116
118
137
114
121
158
134
115
115
106
111
119
124
112
110
114
114
138
118
119
154
139
110
113
102
112
114
106
108
113
119
120
144
132
122
164
138
116
116
108
113
119
121
115
115
127
128
150
131
135
175
145
124
128
114
114
127
122
124
123
130
131
157
120
147
184
154
127
128
116
116
132
135
123
127
124
123
147
104
133
175
144
120
123
110
108
118
124
122
125
123
121
148
101
120
179
148
117
123
107
110
113
121
116
124
120
147
102
115
185
145
116
125
102
111
110
131
108
127
124
149
112
124
186
143
120
130
110
112
114
129
113
124
124
150
127
113
184
143
120
132
110
112
113
119
114
Printing and Publishing*
Newsprint consumption..
Petroleum and Coal Products..
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
119
106
120
109
106
93
109
99
111
107
114
108
119
110
119
107
103
102
91
108
105
113
111
112
111
109
118
114
116
114
102
119
141
139
209
118
114
114
116
109
123
144
141
259
119
115
113
117
115
126
147
143
292
149
142
357
121
118
110
113
125
111
141
137
269
Chemicals..
Rubber Products
Rubber consumption.
Tires and tubes
Pneumatic tires...
Inner tubes.
Minerals—Total .
Fuels
Bituminous coalAnthracite...
Crude petroleum.
Metals..
Iron ore shipmentsCopper
_
Lead
Zinc
Gold...
Silver
118
115
114
113
128
111
140
137
253
116
112
108
122
122
102
138
137
170
115
113
109
120
122
121
125
125
120
114
113
109
119
123
125
120
120
100
115
114
111
115
125
123
118
120
76
115
113
111
113
123
126
122
123
76
116
113
112
112
122
113
131
131
116
113
109
109
109
111
110
135
134
171
114
110
112
114
97
107
138
136
198
113
114
111
111
113
114
113
110
110
112
116
120
120
129
131
114
115
112
118
119
109
111
122
123
110
112
101
117
117
114
116
104
116
116
117
118
108
114
114
115
115
109
117
116
121
122
112
115
114
126
128
113
106
106
104
106
95
109
110
106
106
102
122
123
111
112
107
120
122
109
110
103
129
131
118
120
107
123
112
115
112
110
111
118
118
121
117
124
120
135
99
116
115
117
120
132
128
114
116
121
86
117
114
104
86
121
113
101
89
121
113
103
90
119
111
100
104
116
111
107
101
114
109
112
83
111
115
124
100
114
112
110
97
114
115
128
96
111
141
165
93
'88
87
118
134
119
117
144
114
'121
114
100
142
116
'132
109
123
144
115
••130
103
95
14
150
119
'127
109
130
••148
213
141
122
161
288
140
116
'•lie
98
114
179
315
133
112
•"121
134
113
164
308
135
114
'118
101
91
171
301
136
112
'127
121
107
184
294
146
117
'131
156
115
147
162
'147
114
'135
146
135
116
128
130
108
116
118
'119
118
120
127
"116
131
133
118
118
115
110
112
P125
Pill
P106
III
"139
' Revised.
v Preliminary.
i Includes also printing paper production shown under "Paper."
NOTE.—For description and backfiguressee BULLETIN for August 1940, pages 753 to 771 and 825 to 882.
* Revised Indexes
1939
Jan.
Textiles and Products
Textile fabrics
Rayon deliveries
.
Manufactured dairy products
Icecream
Alcoholic Beverages
Whiskey
Other distilled spirits
FEBRUARY 1941
_.
_
_
Feb.
1
Mar.
April
May
June
July
Aug.
Sept.
Oct.
Year
110
109
108
113
111
117
107
107
116
99
99
114
102
100
110
104
100
119
106
101
131
109
106
137
116
114
143
122
121
142
112
110
128
71
56
78
64
92
83
105
101
145
151
161
174
152
181
141
171
113
129
86
84
107
110
98
40
164
109
54
321
98
57
111
157
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
1940
Industry and group
Nov.
Total*
Durable goods*
Nondurable goods*..
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
103.4
97.4
109.2
104.6
100.1
108.9
104.0
99.9
107.9
102.2
97.6
106.6
100.6
96. 1
104.8
99.3
95.2
103.3
99.3
95.4
103.0
100.4
96.4
104.1
101.6
97.8
105.1
103.8
101.7
105.7
105.2 «107. 7
104.7 108.4
105.7 107.0
110.4
111.7
109.1
112.7
114.4
111.0
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
110.8
122
118
79
107
70
106
83
166
86
91
76
103
94
171
112.1
124
120
79
109
72
106
85
166
87
93
76
100
96
176
110.4
122
117
75
107
72
104
83
160
86
93
75
101
96
172
107.0
117
113
78
103
71
101
81
161
85
91
75
100
96
162
102.'
110
112
76
101
67
98
81
158
85
91
72
99
93
161
100.8
107
108
75
102
67
97
82
155
85
89
71
98
93
158
101.2
109
105
76
101
66
95
82
153
84
88
71
97
92
156
103.7
115
104
75
102
66
82
83
153
85
91
73
100
92
151
107.3
120
110
76
104
70
84
84
156
87
95
75
100
95
139
111.1
123
116
78
104
73
98
87
169
91
96
78
93
98
152
112.9 116.1
125
123
121
119
84
81
109
107
81
77
105
102
89
90
••188
rl79
97
92
98
95
84
81
99
96
105
101
••189
170
118.9
127
128
89
110
83
109
94
190
100
99
86
103
110
201
122.4
130
135
89
113
88
113
98
196
103
107
92
103
115
Machinery
Agricultural implements
Cash registers, etc
Electrical machinery.
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs—
Textile machinery
Typewriters
110.6
128
127
100
116
95
183
160
85
125
112.9
131
129
103
124
97
191
153
86
125
113.4
133
127
103
133
98
197
144
86
123
113.6
137
128
102
134
98
204
144
85
119
113.3
136
128
102
132
97
209
145
85
115
113.4
133
128
102
134
97
215
153
84
114
113.4
136
128
101
142
96
220
155
82
113
114.9
136
130
103
152
97
228
144
79
112
116.6
133
130
104
165
98
237
145
77
116
120.0
139
129
107
175
101
247
145
76
119
130.9
140
134
120
210
110
265
142
83
128
135.4
143
136
125
218
114
274
149
86
130
102.3 113.7 114.3 112.1 112.5 111.2 111.6 111.8 110.7 120.9 rl30.1 '140. 2 144.1
1,951 2,121 2,298 2,326 2,356 2,426 2,598 2,829 3,115 3,479 3,881 4,243 4,523
126
100
111
125
112
107
107
106
105
102
97
107
115
64
48
58
57
53
60
52
61
54
49
50
51
55
42
26
39
28
30
28
30
28
33
27
29
31
36
204
133
195
139
148
140
146
154
164
186
148
175
187
145.4
,899
122
69
46
220
Transportation Equipment
Aircraft
Automobiles
_._
Cars, electric-, steam-railroad.
Locomotives. __
Shipbuilding.
Nonferrous Metals, Products..
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
__
Lighting equipment
Silverware, plated ware..
Smelting, refining
110.1
172
137
88
95
89
72
85
111.3
170
138
72.2
93
64
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, finishing textiles..
Hats, fur-felt
Hosiery
Knitted outerwear
Knitted underwear
Knitted cloth.
_
Silk, rayon goods._
Woolen, worsted goods
Wearing apparel
Clothing, men's
Clothing, women's.
_
Corsets, allied garments...
Men's furnishings
Millinery.
Lumber, Products
Furniture
Lumber, mill work.
Lumber, sawmills. _
Shirts, collars—_
126.6
143
132
116
195
107
257
134
81
126
92
70
92
118.6
196
147
100
94
100
72
92
122.3
200
153
101
96
103
74
94
126.3
205
162
101
98
105
75
94
129.4
207
169
101
101
107
76
67.5
89
62
60
90
63
62
70.6
91
65
64
71.3
91
68
64
73.i
93
71
74.9
95
72
67
79.8
58
67
103
47
91
81.3
60
66
105
45
94
81.8
60
69
107
45
94
83.0
61
70
109
46
94
84.7
61
72
112
46
88.0
70
89
76
119
74
133
65
72
131
64
77
112.4
102
158
113
111
71
116
100.2
91.3
71
91
77
125
85
136
69
76
138
63
85
116.1
105
166
106
120
71
116
101.1
92.6
72
93
79
128
83
138
72
75
147
62
86
116.1
104
164
112
125
73
118
101.9 102.
93.4
95.2
79
75
95
94
82
81
129
••129
84
81
138
140
69
70
75
74
153
151
63
61
93
90
116.4 114.8
102
104
164
165
112
112
122
126
74
78
117
119
111.7
173
137
92
95
95
74
87
107.5
170
128
91
93
88
71
87
106.6
168
127
91
95
84
70
87
105.9
170
125
90
96
85
70
106.0
173
124
92
96
84
70
86
108.2
177
128
94
99
86
68
87
110.7
185
132
95
100
81
71
89
72.4
93
64
72.0
94
65
65
70.0
91
63
63
68.1
90
62
61
67.2
90
61
60
67.9
90
60
61
67.4
90
61
60
85.0
64
70
109
49
93
85.4
65
71
109
50
94
85.8
66
68
111
46
95
80.8
61
66
103
48
93
80.0
59
65
105
45
90
79.8
59
68
104
45
78.9
58
66
103
47
107.
99.7
85
96
92
132
90
151
75
80
155
77
95
120.4
108
171
117
127
74
123
105.8
96.9
84
95
91
131
92
146
68
79
146
74
89
121.6
112
171
117
122
75
123
104.4
95.0
85
94
88
127
91
145
62
80
142
71
85
121.3
110
167
117
120
79
132
102.7
93.1
83
93
83
124
90
145
68
77
134
66
81
120.0
107
169
114
120
83
125
99.1
88.6
78
89
77
123
84
139
65
77
133
65
71
118.8
107
167
113
120
83
122
87.8
79
89
76
121
65
139
60
74
130
65
70
112.4
100
156
111
115
78
122
96.3
87.7
76
88
76
123
68
134
61
72
127
67
73
111.6
98
158
113
114
72
121
95
74
122.4
141
132
111
181
103
247
138
79
123
115.7
193
140
65
74
117
45
100
90.4
68
76
117
46
105
105.4
97.7
82
97
87
129
84
141
71
76
151
65
99
118.1
109
168
114
119
68
117
107.3
98.5
82
99
90
131
85
144
75
77
149
64
98
122.7
116
171
114
118
70
121
r Revised.
NOTE .—Figures for December 1940 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and for
October 1939. rapes 878-887. Underlying figures are for payroll period ending nearest middle of month.
* Indexes for total, durable goods, and nondurable goods, revised to allow for preliminary adjustment of underlying Bureau of Labor Statistics figures to Census of Manufactures through 1939, are shown on page 166.
158
FEDERAL RESERVE BULLETIN
Factory Employment (Adjusted)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
1940
1939
Industry and group
Nov.
Leather, Manufactures
Boots, shoes
Leather
Food, Products
..
_
_
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ece cream
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane
Tobacco Manufactures
Tobacco, snuff
Cigars, cigarettes.
Paper, Printing
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing
Chemicals, Petroleum, and Coal
Products
Petroleum refining
Other than petroleum
Chemicals
.
.. Cottonseed oil, cake, meal
Druggists' preparations
. _
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
. Soap
Rubber Products
Rubber boots, shoes
Rubber tires, inner tubes
Rubber goods, other
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
Aug.
July
Sept.
Oct.
Dec.
Nov.
99.1
98
88
129.6
145
279
97
150
86
77
79
106
105
95
63.1
60
63
115.7
122
115
100
115
96.9
96
86
131.4
145
285
97
154
86
79
79
108
118
98
64.7
60
65
116.4
121
115
101
116
97.3
96
87
130.7
144
280
95
149
85
80
79
108
162
94
64.2
62
65
115.5
121
114
102
114
95.4
94
85
130.8
144
278
96
155
86
80
79
109
102
93
62.7
60
63
114.7
118
113
100
116
93.8
93
83
130.3
145
275
96
152
83
80
80
110
102
97
64.3
60
65
114.8
116
113
100
117
91.9
90
82
128.8
144
274
97
150
82
79
79
107
98
94
65.0
59
66
114.3
115
112
101
116
87.9
86
81
129.1
145
273
98
147
84
81
76
107
99
95
63.2
59
64
115.3
116
115
100
117
89.6
88
81
131.9
146
278
97
161
83
80
77
109
102
96
65.2
59
66
115.7
118
116
100
116
90.9
89
81
129.0
146
268
96
137
86
79
75
111
99
.97
62.8
58
64
116.4
119
117
101
116.
91.1
89.1
89.9
87
90
88
82
82
81
129.8 126. 9 129. 9
146
144
144
272
265
271
96
96
96
130
152
146
86
88
86
78
79
79
79
76
75
108
110
109
106
111
99
'93
'91
'95
63.0
63.3
63.7
56
57
57
64
64
65
116.4 115.7 116.4
119
117
117
117
115
117
100
100
102
117
116
117
93.8
92
84
132.4
144
281
102
152
90
78
81
114
101
95
63.4
55
65
116.4
120
116
101
116
94.0
92
85
136. 1
144
283
113
157
90
79
81
121
145
97
64.4
57
65
117.6
122
116
103
118
121.3
123
120.8
137
91
114
104
106
126
310
86
93.0
61
75
159
121.9
122
121.8
138
91
.16
1< 6
111
126
311
87
92.4
61
75
157
121.4
122
121.3
138
92
119
104
105
127
310
86
90.2
59
74
152
120.6
122
120.3
138
87
118
108
99
124
309
84
87.9
57
73
145
120.0
123
119.4
137
84
117
109
102
124
304
81
86.7
57
72
142
121.1
122
120.9
136
97
119
116
109
123
312
81
83.9
57
70
136
122.0
122
121.9
137
94
122
120
119
121
311
82
83.5
56
69
138
122.4
123
122.3
138
83
120
127
121.7
122
121.4
138
78
120
133
122.2 121. 7
122
121
122.2 '121.8
141
141
75
62
117
116
139
145
123.9
120
124 9
147
96
113
144 '
107
127
311
82
93 6
60
75
160
125.0
119
126 4
151
98
113
144
104
128
314
86
97 0
64
77
167
120
122
114
124
113
126
315
82
84.2
57
69
308
83
84.7
56
69
306
85
87.0
54
71
140
141
149
122.9
121
123.4
143
92
114
141
107
107
127
125
309
310
86
'86
91.6
89.7
54
57
74
73
155
157
' Revised.
TOTAL NONAGRICULTURAL EMPLOYMENT
[Thousands of persons]
Year and month
1929—average.
1930—average.
1931—average.
1932—average.
1933—average.
1934—average.
1935—average.
1936—average.
1937—average.
1938—average.
1939—average.
1940—average.
1939~Jan
Feb
Mar.....
Apr
May....
June
July....
Aug
Sept.....
Oct
Nov
Dec
1940—Jan
Feb.....
Mar
Apr
May
June
July.....
Aug
Sept
Oct
Nov
Dec
Total
nonagricultural
employment i *
36,448
34,177
31, 256
28,035
28, 222
'30,632
31,804
33,868
35, 560
33,266
34, 383
*>35, 457
33,132
33,265
33, 537
33,600
34,356
34, 350
34, 630
35, 240
35, 546
35,418
35,641
34,475
34, 381
34, 578
34,607
34,898
35,146
35,176
35, 617
36,233
'36, 572
36, 628
37,168
Employees in nonagricultural establishments
Total 2
30, 589
28, 346
25, 531
22,452
22, 672
'24,877
25,965
27,824
'29,442
27,133
28,240
*>29, 314
26, 989
27,122
27, 394
27,457
27, 743
28, 213
28, 207
28,487
29,097
29,403
29, 275
29,498
28, 332
28,238
28,435
28,464
28,755
29,003
29,033
29,474
30,090
'30,429
30,485
31,025
Manufacturing
10, 203
9,087
7,751
6,571
7,036
8,112
'8,641
9,350
10, 273
8,731
9,304
P9, 886
8,902
9,026
9,086
9,073
9,025
9,035
9,263
9,587
9,699
9,652
9,557
9,511
9,545
9,554
9,878
10,184
10, 373
10,434
10, 552
Mining
1,064
982
847
706
714
844
855
896
949
834
'791
?846
821
819
819
546
653
793
787
807
823
871
881
866
853
854
849
835
845
838
837
839
846
856
853
851
Construction
1,806
1,422
1,236
821
755
840
908
1,211
1,148
1,001
1,241
n, 325
945
950
1,017
1,157
1,280
1,375
1,413
1,440
1,440
1,389
1,310
1,178
1,012
939
991
1,118
1,249
1,321
1,378
1,443
1,511
'1,654
1,654
1,627
Transportation and
public
utilities
3,878
3,647
3,221
2,789
2,647
2,727
2,762
2,944
3,102
2,835
2,934
»3,023
2,801
2,811
2,840
2,866
2,895
2,953
2,963
2,977
3,035
3,068
3,023
2,976
2,935
2,941
2,940
2,956
3,000
3,032
3,059
3,081
3,120
3,121
3,065
3,031
Trade
6,404
6,065
5,530
4,914
4,941
5,476
5,669
5,941
6,233
6,012
6,144
*6, 264
5,877
5,957
6,058
6,092
6,153
6,073
6,065
6,241
6,302
6,329
6,687
6,062
6,026
6,201
6,122
6,197
6,254
6,159
6,168
6,321
6,362
6,433
6,862
Financial, service, and
miscellaneous
Government 2
Military
and
naval
forces
4,147
4,028
3,782
3,471
3,422
3,627
3,771
3,978
4,144
4,059
4,119
H, 172
3,087
'3,117
3,166
3,180
3,156
3,251
3,359
3,504
3,593
3,662
3,708
*3, 796
262
263
260
254
252
258
269
301
322
335
369
P573
3,989
3,996
4,024
4,096
4,146
4,182
4,186
4,183
4,220
4,160
4,121
4,125
3,633
3,643
3,651
3,661
3,692
3,732
3,750
3,752
3,751
3,747
3,725
3,758
340
341
345
351
355
364
376
373
376
386
402
422
4,078
4,084
4,100
4,160
4,202
4,214
4,218
4,226
4,255
'4,187
4,167
4,178
3,694
3,695
3,702
3,716
3,751
3,799
3,828
3,839
3,853
3,876
3,879
3,924
435
450
457
461
464
474
516
549
634
733
822
884
' Revised.
P Preliminary.
NOTE.—Compiled by Bureau of Labor Statistics. Figures for December 1940 are preliminary.
J2 Includes self-employed persons, casual workers, and domestic servants not included in total of employees
e
in nonagricultural establishments.
Excludes military and naval forces.
FEBRUARY
1941
159
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
1939
Nov.
Total*
Durable goods*
_
Nondurable goods*
Iron, Steel, Products.
_
Blast furnaces, steel works
Bolts, nuts, washers, rivets
Cast-iron pipe
Cutlery, edge tools..
Forgings
Hardware
Plumbers' supplies
Stamped, enameled ware
Steam, hot-water heating
Stoves.
Structural, ornamental
Tin cans, tinware
Tools
Wirework
_
_.
_
Machinery
Agricultural implements
Cash registers, etc
...
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
_
Radios, phonographs
Textile machinery
Typewriters
Transportation Equipment
Aircraft
Automobiles
_
Cars, electric-, steam-railroad
Locomotives
Shipbuilding
_.
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..
_
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
1940
Dec.
Aug
Sept.
Oct.
103.9
98.3
109.2
104.2
100.2
108.0
103 8 107.7
99 8 105.5
107 6 109.8
111.1
122
118
77
109
70
106
83
166
87
96
76
101
95
173
111.4
123
120
78
109
73
106
84
166
86
89
75
95
97
176
110. 7 113.6 117.1
122
123
125
115
.118
121
80
82
84
102
107
111
73
77
80
96
100
105
87
89
91
164
177
189
90
94
99
98
101
106
80
83
86
108
105
101
96
100
106
146
165
191
111.0
125
127
100
110
95
184
180
84
128
113.1
131
128
103
120
97
192
162
86
127
119
131
129
107
175
101
238
157
76
118
123 1
134
132
111
182
103
248
160
78
123
110.0
109.9
110.2
127 3
135
132
116
190
107
258
164
80
127
1939
Nov
_.
_.
_.
_.
_.
Dec
112 o
114 5
110 1
Nov.
1940
Aug.
Dec.
Sept.
Oct.
Nov.
Dec.
101.7
101.1
102.4
103.9
104.8
102.8
104.0
105.5
102.4
110.1 114.5
114.1 122. 2
105.6 105.9
114.8
124.0
104.5
121.0
131.0
109.9
119. 3 121. 6 114.7
127
129
127
128
135
142
86
87
74
113
113
102
83
88
84
109
113
119
94
97
78
190
196
171
102
103
80
105
103
88
87
91
67
100
99
105
112
117
97
204
208
200
115.3
129
142
72
102
88
117
78
174
80
79
67
100
102
204
113.5 118.1 123. 6
125
128
131
139
139
150
76
79
85
93
101
106
86
92
102
107
114
119
80
81
85
183
201
'218
85
91
103
89
97
106
73
75
80
122
117
113
96
104
113
163
189
'226
125.8
135
162
89
108
106
122
88
211
103
99
79
104
124
235
133.3
143
178
97
118
119
129
95
227
105
99
87
113
135
244
131 1 135 6
143
137
134
135
121
125
200
210
110
114
266
276
159
158
83
86
131
132
122.1
152
132
114
157
99
256
149
86
122
131.0
152
136
124
239
101
303
150
74
125
149.3
160
144
145
273
115
355
156
80
166
162 6
171
148
158
299
126
392
163
91
147
110 8
112. 6
109. 1
103.9 117.6 104. 9 126. 9 139. 5 146. 0
1,932 2,100 3,479 3,764 4,116 4,478 4
102
118
85
112
125
130
47
52
51
54
56
62
26
28
33
36
39
42
181
188
197
204
133
139
Nonferrous Metals, Products
Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery
Factory payrolls
117.1
141
129
110
139
94
238
170
82
126
137 9 145.3
159
156
140
142
131
138
249
263
105
112
332
352
162
164
76
79
137
163
149. 6 106.7 125.4 115.7 141.5 163. 3 166.9 172.0
850 1,956 2,047 3,727 4,212 4,639 5,175 5, 381
106
129
128
96
125
149
151
147
40
68
47
47
50
50
54
64
25
46
28
33
37
40
44
50
141
221
152
212
228
244
239
295
113.5
174
137
93
107
93
76
86
112.9
170
138
93
99
98
77
87
113. 8
189
138
95
99
88
69
91
119.8
195
147
101
103
100
73
92
126.1
203
155
105
111
107
77
95
129.8
208
162
107
111
110
80
95
131. 1
207
169
106
104
111
79
97
115.4
196
157
100
91
78
75
85
116.5
197
159
97
87
85
76
88
117.0
225
161
101
83
77
r
61
89
128.9
239
178
109
91
90
70
92
136.3
250
190
119
98
97
78
93
141.4
256
202
122
94
100
81
96
150.7
262
222
121
98
103
85
103
73.0
97
64
66
71.1
95
64
63
71.3
91
64
65
73.4
95
67
66
74.4
97
69
67
74.4
97
71
66
73.4
97
72
65
68.8
86
53
61
65.2
86
52
55
68.3
82
'53
62
71.2
87
55
64
73.7
91
58
65
70.9
90
58
61
71.9
92
60
61
85.5
65
70
109
50
95
83.6
63
66
109
49
95
84. 5
64
75
107
49
91
85.8
65
75
109
49
94
87.5
65
76
113
48
98
88.9
66
74
117
46
102
88. 7
66
72
117
45
106
78.9
54
67
121
39
89
76.4
52
63
119
35
90
'76.9
54
73
116
37
'81
'79.7
54
77
121
38
'87
'83.0
55
76
130
37
'93
82.2
54
73
131
32
96
85.4
57
72
137
33
101
107.7
100.7
85
97
93
134
88
155
78
81
154
78
95
118.7
105
168
117
137
67
128
105.6
98.5
84
97
91
133
91
148
65
79
144
75
91
116.9
105
165
116
129
66
123
99. 7
90.4
71
89
77
122
87
136
70
73
148
63
87
116. 7
107
164
109
117
73
117
102.6
92.8
76
92
79
125
86
139
73
74
154
64
89
120.7
108
171
112
123
87
122
104.5
96.1
80
95
83
129
80
143
75
76
157
65
94
105. 5
98.7
82
98
87
132
82
145
73
77
150
65
99
116. 3
105
166
113
128
61
121
107. 1
100. 2
82
101
90
133
84
146
72
77
147
65
101
117.9
109
165
113
125
61
121
92.7
91.6
76
91
90
115
73
170
64
75
131
64
82
89.2
76
116
121
139
49
118
91.6
89.5
76
92
87
116
89
159
50
72
116
61
78
90.2
80
117
119
126
47
111
87.4
80.9
59'
80
73
102
83
144
60
66
129
51
78
94.9
82
130
109
114
65
102
92.6
84.8
65
85
77
107
77
147
64
68
138
51
82
102.5
83
142
123
120
94
108
93.2
89.5
73
90
83
111
68
158
66
72
136
52
88
94.9
'77
131
124
134
55
115
92.3
90.9
73
92
87
114
74
160
64
73
130
52
89
89.6
76
120
121
140
41
113
97.7
95.1
76
98
91
120
83
160
62
75
129
55
95
96.8
88
127
122
135
42
117
118. 9
104
172
113
128
76
122
1
r Revised.
* Indexes for total, durable goods, and nondurable goods, revised to allow for preliminary adjustment to Census of Manufactures through 1939,
are shown on page 166.
160
FEDERAL RESERVE BULLETIN
Factory Employment and Payrolls—Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
Factory employment
1939
Industry and group
Nov.
Leather, Manufactures
Boots, shoes
Leather
Food, products
.
Baking
Beverages
Butter...
Canning, preserving
Confectionery
Flour
Ice Cream
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane
..
Paper, Printing
Boxes, paper
Paper, pulp
Book, job printing
_ _ ..
Newspaper, periodical printing.._
1940
Dec.
Aug.
Sept.
Oct.
1939
Nov.
Dec.
Nov.
1940
Dec.
Aug.
Sept.
Oct.
Nov.
Dec.
91.9
93.2
92.0
90.8
90.0
87.0
90.4
71.1
75.4
77.0
74.6
68 5
91
80
90
80
88
82
88
86
78.7
91
87
84
84
73.4
89
88
65
87
70
87
75
77
72
77
69
82
63
83
74
89
129.8
126.0 145. 7 147.4 141. 3
147
261
94
145
261
93
121
98
101
96
78
69
79
68
112
192
95
108
287
94
Tobacco Manufactures
Tobacco, snuff
Cigars, cigarettes
Factory payrolls
147
299
103
147
283
100
269
96
'203
102
80
91
81
81
81
74
107
89
'96
108
102
'92
110
267
'95
264
80
64.4
55
66
66.4
61
67
65.8
61
66
117.5
129
118.5
125
115.2
118
116.2
120
115
115
117
117
101
117
104
119
100
114
65.8
56
67
100
116
146
271
96
132.5
130.9
125.3
124.4
139.0 138. 5 134. 2
144
259
108
128.7
132.5
146
263
99
137
294
79
134
299
78
140
358
89
141
332
88
138
302
82
89
100
139
314
82
248
77
232
98
171
103
101
100
138
299
87
116
213
'83
72
61
112
88
'83
113
116
'78
78
64
123
102
104
100
116
274
94
125
235
94
79
71
78
70
101
96
72
57
71
58
113
283
77
122
174
76
76
78
81
70
119
281
84
66.8
56
68
65.5
58
66
117.7
124
118.2
126
119.8
125
114.2
145
116.8
137
110.9
131
113.4
134
115
116
116
125
123
125
124
88
111
91
112
90
112
66.5
57
68
103
118
103
118
106
120
62.9
68
62
62.3
67
62
89
109
94
115
133.1
133.4
62.3
65
62
86
106
65.9
67
66
93
102
73
61
137
256
85
66.4
67
66
67.6
70
67
115.2
142
115.4
144
124
124
121.
146
128 1
99
116
66.5
68
66
Chemicals, Petroleum, and Coal
Products
Petroleum refining
Other than petroleum
Chemicals
Cottonseed, oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap
122.3
119.4 123. 0
125.3
125.3
125.5
139.6
122
139.3
124
123
121
121
122.3
138
115
119
108
102
124
312
85
118.6 123.1
142
143
52
81
114
118
140
148
96
81
124
126
308
312
84
'88
126.3
146
131
118
145
97
125
311
89
126.4
148
127
116
147
92
126
315
85
119
138
139
136
134
138
122.3
138
120
118
106
92
125
313
89
126.9
150
124
116
146
95
126
315
84
131.6
162
115
131
128
76
132
310
104
132.0
162
110
132
129
82
131
314
102
133.5
169
49
127
172
71
132
318
102
137.8
171
78
133
175
85
136
328
107
140.3
176
128
133
181
82
136
323
107
141.5
182
122
131
187
77
136
331
100
145.7
188
122 4
130
196
81
138
335
106
Rubber Products
Rubber boots, shoes
Rubber tires, inner tubes
Rubber goods, other
93.9
62
75
161
93.0
63
75
157
89.4
85.9
55
56
71
73
144
152
'92.7
59
74
161
94.5
61
75
163
97.7
67
77
167
99.8
67
86
163
100.5
66
90
155
87.7
57
76
142
95.7 '99.6
60
63
85
87
162
153
102.7
66
91
163
111.
81
98 6
173
122.6
123
138
134.4
137
138. 2
143.
' Revised.
NOTE.—Figures for December 1940 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are
for payroll period ending nearest middle of month.
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
1939
Industry group
Average hourly (earnings (cents per hour)
1940
Oct.
Nov.
July
Aug.
1939
Sept.
Oct.
1940
Nov.
Oct.
Nov.
July
Aug.
Sept.
Oct.
Nov.
39.1
38.5
37.3
38.4
38.8
39.3
38.6
64.6
65.3
66.7
66.8
67.1
67.3
67.8
_
40.1
39.6
37.9
39.7
40.2
41.0
40.2
71.3
71.5
72.7
73.1
73.7
73.9
74.4
Iron, Steel, Products
Machinery
Transportation Equipment
Nonferrous Metals, Products
Lumber, Products
Stone, Clay, Glass Products
40.3
40.6
38.1
41.4
40.9
39.2
39.6
40.9
37.6
41.0
39.7
37.9
37.2
40.5
36.2
38.6
37.0
35.5
38.8
41.2
39.9
40. 1
39.4
37.0
39 2
41.8
40.0
41.5
39 9
37.4
39 9
42.4
41.6
42.0
40 7
38.1
39 6
42.0
40.4
41.4
38 9
37.1
76 4
72.1
89.1
69.1
50 2
65.4
76 7
72.3
88.6
69.0
51 4
65.7
77 7
74.4
89.1
70.1
51 9
66.5
77 7
74.5
89.7
70.3
52 6
66.8
77 9
74.6
90.0
71.0
52.5
67.2
77 8
74.9
'89.8
71.2
52 4
67.1
78 1
75.2
90.2
72.7
52 6
67.1
Total—
Durable goods.
Nondurable goods
Textiles, Products
Fabrics
_
Wearing apparel
Leather, Manufactures .
._
Food, Products..
Tobacco Manufactures
Paper, Printing
Chemicals, Petroleum, and Coal
Products
Petroleum refining..
_
Other than petroleum refining.
Rubber Products __
FEBRUARY
1941
38.2
37.6
36.7
37.2
37.5
37.6
37.1
59.0
59.9
61.5
61.3
61.1
60.9
61.3
36.7
37.8
34.5
35.3
40.5
37.0
39.7
36.1
37.4
33.7
33.8
40.1
36.6
39.5
33.8
34.8
31.9
35.9
39.9
36.8
38.4
34.9
35.7
33.5
35.8
40.4
36. 1
38.2
35.7
36.4
34.4
34.8
40.3
37 8
38.4
35.9
37.3
33.4
34.8
40.0
37 6
38.7
35.5
36.8
33.0
33.5
39.3
37 2
38.4
48.6
46.4
52.7
53.2
60.8
47 4
77.3
49.3
47.7
52.5
53.9
62.5
47 9
77.4
50.2
48.6
53.4
55.3
62.5
50 2
79.1
51.2
48.6
55.8
55.4
61.5
49 2
78.9
51.4
48.7
56.3
55.8
60.3
48.7
79.2
50.9
48.7
55.2
55.7
61.0
48 4
79.2
50.4
48.7
53.9
55.9
63.2
48 6
79.3
39.8
36.9
40.8
39.2
38.9
36.1
39.8
38.0
38.5
35.3
39.7
35.7
38.7
35.8
39.8
36.3
'38.9
36.1
'39.8
37.5
39.3
36.4
40.2
38.0
38.8
35. 7
39.8
37.9
73.8
97.4
65.7
76.9
75.1
97.2
67.4
76.8
78.3
98.6
70.9
78.5
77.8
97.7
70.7
77.9
77.3
98.3
70.0
78.0
75.7
97.2
68.7
77.4
76.5
97.6
69.6
78.1
161
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.!
Nonresidential building
Residential
building
Total
Month
January
February
March
April
Commercial
1940
Educational
1940
1939
1940
1939
Public works
and public
utilities >
Other i
1940
1939
1940
1939
1940
251.7
220.2
300.7
330.0
308.5
288 3
299.9
312 3
323.2
261.8
299.8
354.1
196.2
200.6
272.2
300.5
328.9
324.7
398.7
414.9
347.7
383.1
380.3
456.2
80.2
79.0
125.2
114.4
133.8
111.9
109.3
127.2
129.7
118.3
116.6
88.7
77.4
74.9
121.7
135.4
145.9
135.3
140.4
153.0
152.4
148.5
152.8
159.3
7.1
9.5
13.0
17.5
13.0
15.8
17.4
10.4
20.7
16.8
18.5
15.3
12.9
15.4
21.8
23.5
23.2
15.2
49.5
39.6
38.0
47.1
79.0
77.3
17.3
13.5
17.4
21.3
19.5
26.8
22.9
21.1
26.6
22.6
20.4
17.4
15.9
20.2
23.1
24.0
26.1
33.1
38.9
28.6
27.1
29.4
24.9
27.1
31.7
21.8
27.6
21.1
16.4
12.5
19.4
13.8
10.1
9.5
9.7
7.7
6.1
8.1
9.3
17.4
15.3
14.3
16.5
14.4
9.8
18.6
8.5
8.9
28.9
24.7
39.8
34.8
27.8
37.8
28.7
24.6
24.9
23.8
29.2
17.4
17.7
26.9
19.6
24.0
25.6
29.4
34.1
36.6
26.4
41.2
35.9
69.3
3, 550. 5
4, 004. 0
1, 334. 3 1, 596. 9
174.8
442.4
246.9
318.3
201.4
147.2
342.5
386.7
__ _ _
May
June
July
August
September . . _
October
November -_ _
December
1939
1940
1939
1939
__ _
Year.
Factories
l
86.5
71.6
77.7
121.0
97.9
83.6
102.1
115.3
111.1
70.8
105.5
207.7
66.3
55.2
76.7
76.3
92.8
97.5
119.3
142.8
94.0
98.2
79.1
114.3
1, 250. 6 1,112. 4
i Not strictly comparable with data for earlier years due to changes in classification.
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.)
Public ownership l
Total
Private ownership >
Month
January
February _ __ _ _
March
April.
May
June
July
August
September
October
November
December
_..
Year
1935
1936
1937
1938
1939
1940
1935
1936
1937
1938
1939
1940
1935
1936
1937
1938
1939
100
75
123
124
127
148
159
169
167
201
188
264
215
140
199
235
216
233
295
275
234
226
208
200
243
188
231
270
244
318
322
281
207
202
198
209
192
119
227
222
283
251
240
313
301
358
302
389
252
220
301
330
308
288
300
312
323
262
300
354
196
201
272
301
329
325
399
415
348
383
380
55
38
68
53
47
64
67
92
97
114
118
196
149
79
96
105
94
116
153
153
116
101
89
82
112
69
66
74
93
137
131
104
80
78
93
115
118
51
95
99
144
108
98
171
160
203
179
279
148
111
128
160
135
128
137
158
144
92
144
225
93
82
95
103
112
147
205
195
144
175
195
45
37
55
71
80
84
93
76
70
87
70
68
66
62
103
130
122
116
141
122
119
125
119
117
130
119
165
195
151
180
191
178
127
124
106
94
75
68
132
123
139
143
142
142
141
154
123
110
104
109
173
170
174
161
163
154
179
170
156
129
1,007
1,334
1,152
837 1,341
1,761
1,492
1,842
1,845 2, 675 2,913 3,197 3,551
i Back figures.—8QQ BULLETIN for February 1938, p. 159.
1,705 1,708
104
119
177
197
217
177
194
220
204
209
186
Data for years prior to 1932 not available.
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
COMMERCIAL FAILURES, BY DISTRICTS
[Figures for 37 States east of the Rocky Mountains, as reported by the
F. W. Dodge Corporation. Value of contracts in thousands of dollars.]
[Figures reported by Dun & Bradstreet.
dollars.]
Amounts in thousands of
Number
1939
1940
1940
Liabilities
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
Dec.
Nov.
Dec.
39, 627
65, 915
17, 709
28, 851
101,104
62, 880
47, 943
30, 952
5,973
14,014
41, 221
-31,803
'44,114
21, 037
48, 823
45, 703
35, 367
70, 767
31, 697
7,624
20, 912
22, 500
19, 616
40, 594
13, 573
29, 750
22, 358
22, 780
35, 529
134, 744
6,581
10, 970
17, 603
456.189
380, 347
354, 098
Federal Reserve
district
Dec.
Boston
New York
.
Philadelphia.- __.
Cleveland
Richmond
Atlanta
__.
Chicago
St. Louis .
Minneapolis
Kansas C i t y . ___ _
Dallas
San Francisco
' Revised.
1940
Total
1940
1939
Nov.
Dec.
1939
Dec.
Nov.
Dec.
89
409
86
43
41
33
167
40
17
39
26
96
67
353
74
57
31
38
155
44
22
40
26
117
75
436
66
38
48
36
189
39
23
61
17
125
863
5,091
642
1,425
884
363
1,214
727
147
271
380
1,302
847
3,928
700
950
769
744
2,845
534
118
269
3,145
1,723
2,189
4, 512
489
636
544
437
1, 573
392
241
315
243
1,672
1,086
1,024
1,153
13, 309
16, 572
13, 243
New series. Includes cases of discontinuances where loss to creditors
was involved even though actual legal formalities were not invoked.
Back figures, available for 1939 only, may be obtained from Dun and
Bradstreet, Inc.
162
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars!
Merchandise imports J
Merchandise exports '
Excess of exports
Month
1936
January
February
March.
April
May
June
..
. .
July
August
September
October
November
December.
_
_
Year
1936
1937
1938
1939
1940
1936
1937
1938
1930
213
219
268
370
347
351
187
193
199
240
278
307
171
163
173
178
158
190
242
200
217
11
-11
-4
-18
-45
-51
118
99
102
35
6)
77
128
147
'134
274
257
233
231
249
236
••323
'324
••350
203
192
191
287
285
286
160
148
146
186
202
179
212
211
211
-10
9
-5
-18
5
-21
115
109
87
46
47
57
••111
•112
139
268
277
297
228
231
246
230
250
289
317
351
295
195
193
216
265
246
233
141
166
168
169
176
182
232
221
195
-15
-14
5
3
31
63
87
65
79
61
74
107
'84
130
100
265
226
230
333
315
323
278
252
269
332
292
368
344
328
P322
213
196
245
224
223
209
178
176
171
215
235
247
207
224
P253
52
30
-15
108
92
115
100
76
98
117
57
121
137
104
P69
2,456
3,349
3,094
3,177
022
2,423
3,084
1,960
2,318 P2, 625
33
265
1,134
859
»1, 39ft
1938
199
182
195
223
233
257
289
262
275
193
201
186
269
290
265
180
179
221
1939
1940
1940
1937
P4,
v1 Preliminary.
' Revised.
Including both domestic and foreign merchandise.
» General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Bureau of Foreign and Domestic Commerce.
Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
DEPARTMENT STORE SALES AND STOCKS
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers; 1923-25 average=100]
Total
Ccal
Coke Grain
Livestock
[Index numbers based on value figures; 1923-25 average=*100$
Forest
prod- Ore
ucts
Mis- Mercel- chanlane- dise
ous l.c.l.
ADJUSTED *
Unadjusted •
Adjusted * i
1937
1938
1939
1940
1937
1938
1939
93
95
93
93
93
93
92
93
93
95
90
89
90
88
86
83
80
82
83
83
85
86
87
88
88
88
88
88
87
86
87
88
90
92
93
95
92
90
89
89
89
91
92
98
97
94
100
101
72
76
90
89
95
90
65
72
100
103
101
156
70
70
77
86
80
79
58
65
91
92
99
156
69
69
82
88
87
83
60
69
97
99
106
168
71
71
85
86
89
87
64
77
105
101
114
179
92
85
90
94
66
72
78
79
78
73
69
74
80
85
86
68
63
67
71
71
71
65
61
65
70
74
78
62
60
65
69
69
68
64
60
65
71
77
82
64
61
68
71
71
70
64
61
66
73
79
83
66
76
68
68
69
1940
SALES
1939—Nov
Dec
82
78
80
71
100
92
88
87
41
40
51
51
191
116
89
89
1940—Jan
Feb.
Mar.....
Apr.._
May
June
July
Aug. .
Sept
Oct
Nov. _ _
Dec
78
73
69
70
72
75
75
76
77
77
83
84
83
68
66
75
78
81
83
85
80
65
76
74
90
65
70
73
73
91
105
108
99
97
104
99
73
75
75
79
74
74
80
74
79
81
78
77
39
40
39
37
38
38
35
38
42
45
43
40
47
44
43
43
45
45
46
49
51
55
56
59
114
107
105
102
96
100
96
96
106
117
192
134
86
83
77
74
77
82
80
82
84
89
94
97
63 Jan
62 Feb
Mar.
62 Apr
61 May
60 June.
59 July
60 Aug
60 Sept
61 Oct
61 Nov
61 Dec
62
62
63
_.
Year..
STOCKS
UNADJUSTED *
1939—Nov....
Dec
83
73
87
79
100
101
83
75
50
39
50
44
105
29
91
81
64
60
1940—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.....
Oct
Nov
Dec
72
68
67
67
71
75
77
78
86
86
84
77
95
80
70
63
67
69
70
75
83
72
83
83
106
88
73
62
70
85
89
88
94
97
104
108
66
69
69
70
66
73
110
89
89
81
73
66
38
33
31
34
34
31
31
38
54
63
52
39
41
43
44
44
47
48
46
51
56
57
55
50
25
26
26
42
134
170
182
178
185
173
105
33
74
71
74
76
80
85
82
83
94
100
95
88
58
59
60
60
60
60
60
61
64
64
63
61
Jan... . . .
Feb
Mar
Apr
May
June
July
Aug..
Sept
Oct
Nov
Dec
Year..
74
76
76
76
76
76
77
78
77
76
75
72
71
70
70
69
69
68
67
67
67
67
67
66
67
68
68
67
66
67
67
67
68
69
71
68
68
71
70
69
68
67
68
69
70
71
72
71
* The terms "adjusted" and "unadjusted" refer to adjustment
of monthly figures for seasonal variation.
* The terms "adjusted" and "unadjusted" refer to adjustment of monthly
Back figures.—Department store sales, see BULLETIN for
figures for seasonal variation.
August 1936, p. 631, for October 1938, p. 918 and for January
NOTE.—For description and back data see pp. 522-529 of BULLETIN for June 1941, p. 65; department store stocks, see BULLETIN for March
1937. Based on daily average loadings. Basic data compiled by Association of 1938, p. 232.
American Railroads. Total index compiled by combining indexes for classes
with weights derived from revenue data of the Interstate Commerce Commission.
FEBRUARY
1941
163
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926=100]
Other commodities
All
commodities
Year, month, or week
Farm
products
Foods
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
72.3
71 9
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
84.0
83.9
69 1
68.7
67 9
69 4
67 9
66.2
66 5
65.6
66.2
66 4
68.2
69 7
71 7
71. 1
70 2
71.6
71 4
70.3
70 3
70 1
71.5
71.1
72.5
73 5
78.5
78.8
79.3
79.5
79 7
79.8
79.7
79.7
79.9
66.5
67.2
68.4
68.8
69 1
69.8
68.8
69.1
69.9
80.2
80.2
80.6
80.8
71.2
71.0
71.4
72.6
104.0
103.7
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
96.0
96.0
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90 3
90.5
94.8
93.0
93.0
94.0
88.7
79.3
73.9
72.1
75 3
79.0
78 7
32.6
77 0
76.0
77.0
77.4
77 7
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81 7
89.7
86.8
86.3
88.5
88 4
88.5
83 9
83.2
82 9
82.5
82 5
82.2
82 3
82.0
82.3
83.5
84.1
84 1
103 6
102.4
101.8
101.8
101 3
99.2
99.0
96.9
98.3
100.4
102.3
102 3
77 9
75.4
74.0
72.9
72 9
72 6
72.4
72.3
72.5
73 6
74.5
74 8
72 7
72.4
72 2
71.8
71 7
71.4
71.1
71.1
71.0
71.6
71.9
71 7
95 8
95 3
95.5
94.5
94.5
94.7
95.1
94.9
95.4
97.3
97.6
97 6
93 4
93.2
93 3
92.5
92 5
92.4
192 5
193 3
195 6
97.8
98.9
99 3
77 7
77 5
77 0
76.8
76.7
76 1
77 0
76 7
76.8
76.9
77.5
77 7
87 9
88.0
88.0
88.4
88 5
88.5
88 5
88.5
88.5
88.6
88.6
88 9
77.0
77.4
77.7
77 3
76.9
77.7
77.7
77 3
77 7
76.7
76.5
76.9
77.5
77 3
70.8
71 7
72.6
72.8
73 3
73.9
73.5
73.4
73. 1
83.7
83.9
84.1
84.3
84.5
84.4
84.4
84.4
84.5
102. 3
102.4
103.0
103. 1
103. 1
103. 0
102.6
102.7
102.7
73.7
73.9
74.0
74 2
74 2
74.3
74.4
74.2
74.2
72.2
72.5
72.6
72.4
72 8
72.8
72.5
72.6
72.9
97.4
97.4
97.5
97.4
97 6
97.5
97.6
97.6
97.8
198.1
198.3
198.3
98.8
99.1
99.1
99.2
99.2
99.6
77. 1
77.2
77.4
77.5
77 7
77.6
77.6
77.7
77.8
90.1
90.1
90.1
90.2
90.2
90.2
90.2
90.2
90.2
76.9
77. 1
77.6
77.5
77.4
77.4
77.2
77.1
77.1
73.2
73.0
73.7
74. 1
84.4
84.4
84.5
84.4
102. 5
102.8
102.9
102.6
74.3
74.2
74.6
74.6
72.6
72.6
72.6
72.6
97.8
97.8
97.8
97.8
99.4
99.6
99.7
99.5
78.0
78.2
78.6
78.8
90.2
90.4
90.4
90.5
77.1
77.1
76.9
76.8
99.9
90.5
74.6
61 0
60.5
70 5
83.7
82 1
85.5
73 6
70.4
71.3
1939—November
December
67.3
67 6
1940—January
February.. __
March
April
May
June
July
August
September
October
November. .
December
79 4
78.7
"8 4
78 6
78 4
77.5
77.7
77 4
78.0
78 7
79.6
80 0
Week ending—
1940—November 2
November 9
November 16
November 23.. .
November 30
December 7
.
December 14
December 21
December 28
1941—January 4
January 11 .
January 18
January 25
__
.
_
.
1940
1939
Subgroups
Farm Products:
Grains
Livestock and poultry
Other farm products .
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats..
Other foods. .
Hides and Leather Products'
Shoes
Hides and skins
Leather
Other leather products
. .
Textile Products:
Clothing
Cotton goods .
Hosiery and underwear . .
Silk
Rayon
Woolen and worsted goods _
Other textile products
Fuel and Lighting Material:
Anthracite
Bituminous coalCoke .
Electricity— .
Gas
Petroleum products. _
Dec.
1939
Sept. Oct. Nov. Dec.
71 6 61.7
63.8 72.4
68 4 63.2
81.3
80.5
63.0
69.1
66 5
Miscellaneous
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
74.1
72.8
104.9
88.3
64.8
48 2
51.4
65 3
78.8
80 9
86.4
68 5
65.3
67.7
_
ChemiFuel and Metals Building cals
Houseand furnishlighting and metal materials allied
materials products
ing
goods
products
90.4
80.3
66.3
54.9
64.8
72 9
70.9
71 5
76.3
66 7
69.7
73.8
76.4
78 0
95.3
86.4
73.0
64 8
65.9
74 9
80.0
80 8
86.3
78 6
77. 1
78.6
79.2
79 2
1929
1930. . . .
1931
1932
1933
1934
1935
1936
1937
_
1938 ,
1939
1940
Hides and Textile
leather
products products
Total
75.1
76.0
60.8
79.0
62 6
65 4 67.7
70.6 69.9
63.8 66.8
67.0
72.7
68.1
77.3
77.0
58.9
75.6
63 4
84.2
74.3
61.2
77.0
67.0
82.3
74.8
60.4
76.2
65.4
107. 5 107.0 107.0 107.1 107.2
105.2 84.0 93.8 101.2 99.3
95 2 88.9 90.9 93.2 94. 1
100.0 99.7 99.7 99.7 99.7
84.2 85.6
75.2 69.2
66.0 61.4
66 0 42 8
29 5 29.5
90.3 84.2
84 2 71 6
85.7
71.5
61.4
44 7
29 5
86.3
72 1
85.7
73.6
61.5
42.8
29.5
88.8
73.7
85.5
74.9
60.7
42.5
29.5
89.0
74.6
76 1 79.6 80 7 80.7 80.9
97.8 96.8 100.4 100.4 100.4
109 9 109 6 109 7 112.6 113.6
77.7 73.5 71.7
80 4 84 8 82 4 80 5
52.5 48.9 49.0 49.3 49.5
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 i
Paint and paint materials
Plumbing and heating..
Structural steel
Other building materials
Chemicals and Allied Products:
Chemicals
Drugs and pharmaceuticjals
Fertilizer materials— .
Mixed fertilizers .
Oils and fats ._
Housefurnishing Ooods:
Furnishings
Fu rniture__
Miscellanp.aux!
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crud^
__ __
Other miscellaneous
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
1940
Dec.
Sept
93.3
94.6
96.1
94.7
84.6
79.3
92.4
93.7
94.9
96 1
80.7
80.5
Oct. Nov. Dec.
92.5 92.6
93.8 93.8
94.9 95.3
100.1 100.3
83.6 83.9
80.5 80.5
92.6
93.9
95.4
100.3
83.4
80.5
91.6 90.2 90.2 90.2
91.3 90.6 90.7 90.8
99.5 107.1 114.4 117.5
85.5 84.1 84.8 85.7
79.3 80.5 80.5 80.5
107.3 107.3 107.3 107.3
92.7 93.5 93.8 94.2
91.1
90.9
118.8
85.4
80.5
107.3
94.5
85.3
80.3
70.9
73.9
53.1
84.8
96.0
68.1
74.2
39.9
85.0
95.8
68.1
74.2
39.8
85.1
95.9
69.9
74.2
42.3
85.4
96.2
70.0
74 3
42.4
94.4
82.4
94.8
81.8
95.0
81.8
95.0
81.8
95.1
82.2
55.6
91.7
89.0
42.4
86.6
58.8
75.9
93.2
39.8
82.6
58.8
80.1
93.2
41.6
82.7
58.6
92.1
93.1
42.9
82.8
58.3
90 1
93.1
42 7
82.8
i Revised series.
Back figures.—TOT monthly and annual indexes of grours, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report
or 1937 (table 87).
164
FEDERAL RESERVE BULLETIN
STATISTICS FOR FEDERAL RESERVE CHART BOOK-CURRENT SERIES
Chart
book
page
1941
Dec.
Dec.
31
24
WEEKLY FIGURES
Jan.
Jan.
15
Jan.
Reserve Bank credit—total. 3, 5
Bills discounted
5
U. S. Gov't. securities..
5
Gold stock
3
Money in circulation....
3, 9
Treasury cash
3
Treasury deposits...
_.
3
Member bank bal ances
3, 6
Required reserves *
6
Excess reserves—total»
•
7
New York City J ._
7
Chicago'
7
2
Reserve city banks
7
Country banks 2 •
7
2.34
2.27
2.24
0)
2. 18
0)
2.18
0)
2.18
21.93
8.82
2.21
22, 00
8.73
2.21
22.03
8.63
2.20
2.26
2.25
0)
2.18
22.07
8.54
2.20
0)
.48
.37
.22
.24
13.84
7.40
6.42
3.35
14.03
7.41
6.61
3.46
14.28
7.45
6.78
3.50
14.41
7.52
pfi. 9 1
3.53
.43
.40
.37
.39
1.81
1.85
1.97
.83
.90
.94
2.04
p. 95
2.18
22.09
8.54
2.20
.26
14.41
7.55
P6.91
3.54
.38
2.06
P. 92
14
14
14
25.60
16.25
9.35
25.53
16. 14
9.39
25.61
16.31
9.30
25.67
16. 39
9.28
25. 68
16.40
9.29
15
15
15
15
15
22.38
5.42
22.30
5.43
22.49
5.42
22.70
5.47
.48
.47
.47
.37
8.92
9.07
9.13
9.24
.66
.69
.66
.66
22.90
5.43
.28
9. 19
.64
16
16
16
16
5.85
1.38
1.91
5.80
1.38
1.91
5.87
1.39
1.92
5.91
1.38
1.92
.39
.42
.35
.32
5.93
1.39
1.93
.33
17
17
17
6.72
2.30
3.11
6.66
2.30
3.11
6.76
2.29
3.12
6.81
2.29
3.12
6.79
2.29
3. 13
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
_
Averages of daily figures5; per cent
per annum
MONEY RATES AND SECURITY
MARKETS
F. R. Bank discount
rate, N. Y
Commercial paper
Bankers'acceptances
U. S. Treasury bills
U. S. Treasury notes
U. S. Treasury bonds
Corporate Aaa bonds
Corporate Baa bonds
1940
Oct.
MONTHLY FIGURES
Wednesday figures; in billions of
dollars
RESERVES, GOLD, AND
CURRENCY
Chart
book
page
BUSINESS CONDITIONS
Wholesale commodity prices: *
United States:
All commodities
31, 32
Farm products..
31
Foods
31
Other commodities
31
England
_
32
France
32
Germany
32
6
Industrial production ___
35
Durable manufactures 8
37
Nondurable manufactures 6
37
Minerals •
37
Factory employment*
43
Factory payrolls*
43
Freight-car loadings 5
45
D e p a r t m e n t store sales 5
47
D e p a r t m e n t store stocks «
47
Nov.
Dec,
Index numbers
1928-25=100
78.7
66.4
71.1
83.5
115.1
79 6
68.2
72.5
84. 1
118. 5
80.0
69.7
73.5
84.1
119.6
82.3
82.4
132
58.4
82.5
?137
P62. 3
*>57.4
*17.3
P116. 2
P122. 8
84
101
71
129
r
57.0
54.3
17.2
113.8
116.2
77
'94
71
56.0
17.8
114. 6
116. 5
83
100
72
In millions of dollars
Construction contracts awarded: 7
Total
41
Residential
41
Other
41
Exports and imports:
Exports (incl. re-exports)... 49
General imports
49
Excess of exports
49
Income payments:
Totals
50
Total unadjusted 5
50
Salaries and wages
50
Others
50
Cash farm8 income:
Total 8
51
Crops
51
Livestock and products «__
51
Government payments
51
389
156
233
454
160
294
344
207
137
328
224
104
z>322
P253
6,326
6,681
4,018
2,308
6,394
6,237
4,083
2,311
P6,511
P7, 367
P4,184
P2, 327
1,126
942
407
456
79
563
487
76
P320
In billions of dollars
19
19
19
21
21
21, 25
25
25
1.00
1.00
.56
.44
.02
.37
.56
.44
.02
.40
1.88
2.72
4.45
1.92
2.72
4.43
1.00
56
44
02
43
l'97
2.75
4.41
Wednesday figures; in
Stock prices, t o t a l 4
27, 29
Industrial
27
Railroad
27
Public utility
27
Volume of trading 2 (mill,
shares)
29
Brokers' loans (mill, dollars)
29
77
1.06
545
81
94
27
78
82
96
28
79
.83
584
.72
500
1.00
.56
.44
.02
.43
2.02
2.76
4.37
Central gold reserves:
United States
England
France
Netherlands
U. S. Gov't. interest-bearing
debt—total
Bonds
Notes
unit indicated
Bills
Special issues
80
82
93
95
28
28
78 Q U A R T E R L Y F I G U R E S *
79
.52
462
33
33
33
33
79.9
69.9
73.1
84.5
80.2
71.2
73.2
84.4
38
80.8
95.9
r
38
81.3
76.7
115.9
39
39
2,623
545.3
2,705
614.2
80.6
71.4
73.7
84.5
80.2
71.0
73.0
84.4
95.1
2,835
711.7
r
95.9
124.0
2,844
700.4
8
8
8
8
21.51
0)
P2.00
.63
P2.00
.63
P2.00
20
20
20
20
20
43.56
31.12
5.66
1.31
5.47
43.71
31.16
5.66
1.31
5.58
44.46
31.23
6.18
1.31
5.74
Apr.-
June
1940
.48
465
Figures for iveek*; in unit indicated
BUSINESS CONDITIONS
Wholesale commodity prices:4
All commodities
Farm products
Foods
Other commodities
Steel plant operations 10
(per cent of capacity)
Automobile production
(thous. cars)
Electric power production
(mill. kw. hrs.)
Total freight-car loadings
(thous. cars)
80
93
26
1.00
56
44
02
41
1 98
2.74
4.38
72.6
74.1
121.9
2,830
710.8
r
p Preliminary.
Revised.
• Estimated.
* Revised; see note p. 158 and table p. 166.
1 Less than $5,000,000.
2 Averages of daily figures, see footnote 3.
3
Figures are shown under the Wednesday date included in the weekly
period.
• Index numbers, 1926=100.
s Adjusted for seasonal variation, 1935-39=100.
0)
JulySept.
1940
P21. 99
0)
Oct.Dec.
1940
In millions of dollars
Domestic corporation security
issues, total
New
Refunding
28
28
28
531
153
378
r
582
182
400
Per cent per
84.4
96.5
21.80
Customers' rates:
New York C i t y
7 other Northern and
Eastern cities
11 Southern and Western
cities
1,043
277
annum
23
2.00
2.14
2.00
23
2.49
2.56
2.53
23
3.38
3.43
3.36
8
7
Points in total index of industrial production.
Three-months moving average adjusted for seasonal variation,
s Series revised for the period from January 1936, to November
139,
inclusive. Back figures may be obtained upon request.
9
Banking statistics for call report dates are shown in table
on following page.
i° 1941 data based on capacity as of December 31, 1940, and on
total steel production instead of only production of open hearth
and Bessemer steel.
NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each.
FEBRUARY
1941
165
STATISTICS FOR FEDERAL RESERVE CHART BOOK—BANK CALL REPORT SERIES
[In billions of dollars]
Chart
book
page
BANK
DEPOSITS AND
Mar.
1939
June
Sept. Dec.
28
31
Mar.
29
June
1940
Oct.
Dec.
30
Mar.
26
30
June
29
CURRENCY
Total deposits and currency
Deposits at all banks in TJ. S:
Demand deposits adjusted
Time deposits
Currency outside banks
MEMBER
1938
1937
Dec.
31
56.83
56.78
56.74
57.65
59.12 '59.11 '60. 95 '62. 87 '64.10 '64.88
10
10
10
24.05
26.26
5.69
24.13
26.34
5.50
24.39
26.27
5.47
25.10
26.27
5.50
26.01 '26. 04 '27. 35 '29.09 '29. 79 '30. 54 '31.96
26.38 r26. 56 '26.80 '26. 81 '27.06 '27. 28 '27.47
'6.70
5.83 '5.63 '6.01 '6.19 '6.40 '6.23
11
11
11
11
11
12
13
13
12
13
13
13
11
12
13
20.39
11.52
5.44
31.75
20.51
11.59
5.62
31.52
20.89
11.56
6.10
30.72
21.60
11.46
6.09
31.63
17.79
12.37
10.57
1.80
5.42
2.03
3.21
.18
17.98
12.45
10.63
1.83
5.52
2.19
3.15
.18
17.78
12.34
10.22
2.13
5.44
2.13
3.13
.18
18.69
13.01
10.71
2.30
5.68
2.30
3.19
.18
13.96
3.70
.95
13.55
3.54
12.94
3.32
.70
12.94
3.30
.71
22.29
11.51
6.51
32.07
18.86
13.22
10.88
2.34
5.64
2.45
3.01
.18
13.21
» 1.75
.97
22.36
11.62
6.82
32.10
19.05
13.35
10.69
2.66
5.70
2.55
2.96
.18
13.05
1.57
.84
13
12, 13
12
13
13
13
2.75
2.55
7.71
7.00
.64
.07
2.67
2.56
7.45
6.75
.61
.10
2.61
2.61
7.01
6.40
.49
.12
2.59 2.78
2.66
2.72
6.97 2 8.74
6.36 »5.45
.44
.48
.12
.13
3 2.73
.73
2.75
8 73
5.53
.42
.10
2.67
_
'66.96
BANKS
Demand deposits adjusted
Time deposits
Interbank balances
Loans and investments
Investments, total
U. S. Government obligations, total
Direct obligations
Guaranteed obligations
Other securities, total
State and local government securities
Other domestic
Foreign securities
Loans, total
__
Security loans, total' 3
___
Brokers' loans
Loans on
securities (excluding brokers'
loans) J
Real estate loans l
Other loans, total *
Commercial loans *
Open-market paper
_
Loans to bankss
All other loans
_
23.59 25.12
11.72 11.73
7.10 <8.24
32.60 33.08
19.46
13.78
10.95
2.83
5.69
2.55
2.94
.19
19.61
13.81
10.89
2.92
5.79
2.76
)
13.14
1.47
.73
13.47
25.68
11.85
8.51
33.94
19.98
14.33
11.18
3.14
5.65
2.69
2.77
19
13.96
1.49
.79
27.88
12.07
8.85
34.45
20.48
14.72
11.60
3.12
5.76
2.89
2.70
.17
13.97
1.12
.45
26.46
11.98
<8.72
34.16
20.22
14.42
11.31
3.11
5.80
2.90
13.94
.70
2.96
9.51
6.12
.45
.06
2.89
.74
2.83
8.85
5.57
.42
.06
2.80
.67
3.07
9.79
6.27
.45
.04
3.02
i In chart 12 loans to b a n k s on securities are included in the total of "security loans" prior to J u n e 30, 1937 a n d in t h e total of "other l o a n s "
s I nee that date.
« Figures are reported on somewhat different basis beginning December 31, 1938. For detailed explanation of the changes and for estimate!
on old basis as of December 31, 1938, see BULLETIN for April 1939, page 332.
* Not originally plotted in chart book.
* P a r t l y estimated.
' Revised.
* Detailed breakdown of loans and investments now available on June and December dates only.
REVISED INDEXES OF FACTORY EMPLOYMENT AND PAYROLLS
PRELIMINARY ADJUSTMENT TO CENSUS OF MANUFACTURES THROUGH 1939
[1923-1925 average—101]
Factory payrolls
] factory employment
W i t h o u t seasonal adjustment i
Durable
goods
Total
3.937
1938
1939
1940
1938—j a n
Feb.
Mar
Apr.
May
.__ _
June
July
-
Aug
Sept
Oct.
_. __
1939—Jan
Feb.
.
Nov
Dec
Mar
\pr
May
June
July
Aug
Sept.
_
-_
_ -
. . - . . . -
__ . . . . _ _ .
.
._ _ _ _ ._
Oct
Nov
Dec.
1940—Jan.
Feb
, _ _
...
Mar.
A p r . . ______
- _ _ - _ _ . _ _ _
. . .
May
June...
_-_
- .
. __..
July
Aug. _ _ - _ _ _ - _.
_ _ .
Sept.
Oct.
Nov
Dec.
108 6
90.9
99.9
P107. 5
91.0
91.6
91.2
89.3
87.0
85.4
85.9
90.2
93.6
94.2
95.3
96 2
104 3
78.9
90.2
P104 2
Total
Durable
goods
Nondurable
goods
W i t h o u t seasonal a d j u s t m e n t l
Total
Durable
goods
Nondurable
goods
102 4
67.9
86.2
P1Q7. 8
101. 7
102.3
101.3
99.9
98.7
98.6
100. 9
103.8
104.5
103.6
105.6
107.4
102.5
78.5
92.2
*»105. 4
75.4
77.7
77.8
75.2
73.6
71.6
71.7
77.9
82.3
85.0
85.3
88.1
66.6
66.7
67.0
65.2
63.9
61.4
58.5
63.5
68.6
75.1
78.2
80.2
102 6
90.3
98.9
P102. 7
85.2
90.0
89.9
86.4
84.5
83.0
8*5.5
94.0
97.6
96. 1
93 2
96.9
86.2
86.2
85.8
86.1
85.2
86.3
87.3
87.9
91.6
97.2
100.0
102. 7
107.0
106.9
107.1
106.6
106.8
107.8
109.0
109.6
109.6
111.9
113.6
113.4
84.7
87.1
88.8
86.8
86.3
87.9
85.8
91.2
95.4
103.2
103.2
105.4
76.7
78.4
80.2
80.3
79.7
81.7
77.0
82.5
88.8
100.7
102.1
105.8
93.7
96.8
98.4
94.1
93.7
94.8
95.6
100.9
102.8
106.0
104.4
105.0
102.5
100.2
98.6
97.7
97.9
99.0
100.4
104.3
107.4
111.2
114 6
117.5
112.4
111.1
109.3
107.6
107.4
108.5
109.6
110.2
110.3
111.6
113.8
115.8
99.8
99.3
99.8
97.9
97.8
99.5
98.2
105.5
111.6
116.2
116 5
122.8
99.3
97.8
98.7
98.4
98.7
101.4
97.4
106.5
115.1
123.4
125 2
132.2
100.4
101.0
101.0
97.3
96.8
97 A
99.1
104.4
107.7
108.1
106 8112.2
82.5
81.1
80.4
78.3
76.4
73.9
71.9
73.5
77.2
81. 1
84.4
85.5
112.7
102.4
109.2
PllO. 6
99.1
101.6
101. 5
99.8
97.1
96.4
99.2106.1
109.2
106.7
105.7
106.4
93.4
92.4
91.0
89.0
87.3
86.3
87.2
89.3
91.0
92.0
94.8
96.7
84.6
82.0
80.1
77.6
75.4
73.3
72.8
74.2
76.9
79.7
83.6
85.4
94.5
96.1
97.0
96.9
95.9
96.4
96.6
99.5
103.7
107 3
107.5
107.8
84. 1
85.3
86.2
87.0
86.3
87.1
85.5
86.5
92.4
98 8
100.9
102.8
104.4
106.4
107.3
106.3
105.0
105.3
107.2
111.9
114.5
115.4
113.8
112.6
96.8
96.8
96.7
96.6
96.3
97.3
98.4
99.0
100.8
104 8
107.0
108.2
105.0
105.0
104. 4
103.2
102.5
103.1
103. 2
107.4
111.4
113.8
114 6
116.2
100.1
99.2
99.1
98.7
99.2
99.8
98.4
102.4
108.2
112.8
115 5
117.5
109.7
110.5
109.5
107.5
105.6
106.2
107.8
112.2
114.4
114.8
113 7
114.9
107.6
105.8
104.0
102.8
102.8
103.8
105.1
107.4
108.9
111.4
114 2
116.6
NOTE.—Figures for December 1940 are preliminary,
166
Nondurable
goods
Adjusted for seasonal variation
i Compiled b y Bureau of Labor Statistics,
P Preliminary.
FEDERAL RESERVE BULLETIN
CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES
[Figures for 1940 are preliminary]
Member banks
Total
National
State
Nonmember banks
Other than mutual
savings and
private banks
Insured
December
December
December
December
December
December
December
December
31,
31
31,
31,
31
31,
31
31
Number of Banks (Head Offices)
1933
-1934
- - -- -1935
1936
1937
1938
-- -1939
- - - - 1940
- - - -
Number of
December 31, 1933
__
December 31, 1934
December 31, 1935
_
December 31, 1936
December 31, 1937
December 31 1938
December 31, 1939
_
_
December 31 1940 total
In head-office cities
Outside head-office cities
-
15,029
2
8, 341
7,693
1,108
1,046
7,728
7,588
1,004
7,449
960
7,316
917
7,171
887
6,952
854
98
241
138
134
74
68
63
848
891
908
927
940
159
781
42
39
37
41
44
44
6
38
125
126
128
128
128
135
132
3
135
113
22
5
5
5
5
5
5
6
4
6
1
5
7,171
887
551
63
+24
+5
— 18
_ 3
— 15
— 5
2
+ 3
_ 3
5,154
5,462
5,386
5,325
5,260
5,224
5,187
5,144
857
980
1,001
1,051
1,081
1,114
1,175
1,342
2,911
3,133
3,284
3,399
3,540
3,580
3,629
3,666
1,716
1,950
1,121
1,243
1,329
1,398
1,485
1,499
1,518
1,539
676
863
960
981
952
981
994
992
1,002
1,002
761
241
-
15, 034
5,187
1,175
-
+2
+32
+3
-
—22
— 51
—96
—4
—41
— 11
—27
—39
— 16
+2
+14
+188
— 3
— 182
—6
+12
-12
-
3
Branches
- - _-_
- - -- -_
Analysis of Bank Changes During 1940
Number of banks on December 31,1939
Increases in number of banks:
Primary organizations (new banks) 6
Reopenings of suspended banks
Decreases in number of banks:
Suspensions
Voluntary liquidations 7
Consolidations, absorptions, etc
Inter-class bank changes:
Conversions—
National into State
State into National
Private into State
Federal Reserve membership—8
Admissions of State banks
_
Withdrawals of State banks
Federal deposit insurance—9
Admissions of State banks
Withdrawals of State banks
-
______
-
+16
Net increase or decrease in number of banks
Number of banks on December 31, 1940
Analysis of Branch Changes During 1940
Number of branches on December 31, 1939
Increases in number of branches:
De novo branches
_
Banks converted into branches
Decreases in number of branches:
Branches discontinued
Unclassified
Inter-class branch changes:
From State to national
From nonmember to State member
From uninsured to insured nonmember
Net increase or decrease in number of branches
Number of branches on December 31, 1940
_ _
_ g
Private»
579
579
570
565
563
555
551
551
16, 063
15,869
15, 667
15, 387
15,194
15,034
14,899
-
Mutual
savings
Not
insured
27 )0
5 778
828
— 8
+3
- 7
-135
-43
+167
-219
-33
14,899
5,144
1,342
6,952
854
551
56
3,629
1,518
1,002
927
44
132
6
+46
+43
+13
+21
+2
+9
+28
+12
—51
—23
— 11
— l
— 17
i
+10
+37
+21
3,666
1,539
— 7
+8
+3
+
1
— 3
— 8
+ 1
i
+3
+13
1,002
940
44
135
6
t The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section
21(a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years.
23 Federal deposit insurance did not become operative until January 1, 1934.
Number of banks comprises 53 insured and 498 uninsured; number of branches comprises 31 insured and 104 uninsured. The figures beginning with 1939 exclude one bank with 4 branches which theretofore was classified as an insured mutual savings bank but is now included with
"Nonmember
banks other than mutual savings and private banks."
4
Number of banks comprises 1 insured and 55 uninsured; all branches were uninsured.
5
Separate figures not available for branches of insured and not insured banks.
6
Exclusive of new banks organized to succeed operating banks.
7
Exclusive of liquidations incident to the succession, conversion and absorption of banks.
8
Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership.
9
Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit
Insurance
Corporation membership.
10
Includes one bank which was not insured at time of suspension.
Back figures—See Annual Report for 1939 (table 16) and BULLETIN for February 1939, p. 110.
FEBRUARY 1941
167
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments
Gold production
Gold movements
International capital transactions of the United States
Central banks
Money rates in foreign countries
Commercial banks
Foreign exchange rates
Price movements:
Wholesale prices
Retail food prices and cost of living
Security prices
170
171
171
172-176
177-180
181
182
183
Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial
developments abroad. The data are compiled for the most part from regularly published
sources such as central and commercial bank statements and official statistical bulletins;
some data are reported to the Board directly. Figures on international capital transactions
of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers,
and dealers in the United States in accordance with the Treasury Regulation of November
12, 1934. Back figures may in most cases be obtained from earlier BULLETINS and from
Annual Reports of the Board of Governors for 1937 and earlier years. Daily and monthly
press releases giving daily and monthly average foreign exchange rates will be sent without
charge to those wishing them. Other data on the following pages are not regularly released
prior to publication.
169
184
185
185
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
Argentina
United
States
1936—Dec...
1937—Dec..
1938—Dec..
1939—Dec...
11, 258
12, 760
14,512
17, 644
501
469
431
1940—Jan....
Feb...
Mar...
Apr...
May..
June..
July...
Aug...
Sept...
Oct....
Nov...
Dec...
17, 931
18,177
18, 433
18, 770
19,209
19,963
20,463
20, 913
21, 244
21, 506
21,801
>21,995
466
472
482
5 403
403
403
403
402
385
369
353
End of month
HungIran
gary (Persia)
1940—Jan. . . .
Feb...
Mar...
Apr...
May.
June..
July..
Aug..
Sept...
Oct....
Nov...
Dec...
1936— D e c — .
1937—Dec. ...
1938—Dec—
1939—Dec....
1940—Jan....
Feb.Mar...
May".
June..
July..
Aug...
Sept...
Oct....
Nov...
Dec...
4 734
Italy
137
Sweden
Switzerland
240
244
321
308
258
218
173
179
189
199
173
153
152
150
157
657
650
701
549
536
527
520
515
501
490
490
500
501
502
Brazil
632
597
581
208
210
193
144
1936—Dec...
1937—Dec.
1938—Dec. _.
1939—Dec...
End of month
Belgium
Turkey
Japan
British
India
Bulgaria
Canada
CzechoCoslolombia
vakia
Egypt
France
188
184
192
214
2,995
2,564
2,430
2,709
274
274
274
274
274
274
274
274
274
211
213
211
212
35
2,709
2,709
2,000
2,000
2,000
Java
NethNew
Mexico erlands Zealand
60
79
80
90
491
933
164
164
164
164
164
164
164
164
164
164
164
90
90
90
100
100
98
103
103
109
109
129
692
692
692
650
646
625
627
624
634
629
P627
Uruguay
2,584
2,689
2,690
81
68
68
68
i°90
88
87
Peru
Poland
6
Venezuela
59
52
52
»52
1
1
Norway
Yugoslavia
B.I.S.
Other
countries 7
183
185
142
149
138
148
150
155
156
157
158
158
158
158
158
158
p Preliminary.
r
Revised to include gold reserves of Iceland.
1 Figure for June 15, 1939.
2
Beginning April 1940, reports on certain Argentine gold reserves no longer available.
3
On M a y 1,1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since t h a t time is gold held b y Minister of Finance.
4
Figure reported in special semi-annual statement of National Bank of Belgium; change
from previous December due largely to inclusion of gold formerly not reported.
5
Figures shown for December 1936 and December 1937 are those officially reported on Aug.
1, 1936, and Apr. 30, 1938, respectively.
6
Figure for July 31, 1939.
7
These countries are: Albania, Algeria, Australia, Austria through M a r . 7, 1938, Belgian
Congo, Bolivia, China, Danzig through Aug. 31,1939, Ecuador, E l Salvador, Estonia, Finland,
Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain
of triese countries have been carried forward from last previous official report.
8
Gold holdings of Bank of England reduced to nominal amount b y gold transfers to British Exchange Equalization Account during 1939.
9
Figure for end of March 1939.
10
Increase due to inclusion of additional foreign gold reserves not previously reported.
N O T E . — F o r description of table and back figures see BULLETIN for September 1940, p p .
925-934 and p p . 1000-1007; details regarding special internal gold transfers affecting the reported
figures through April 1940 appear on p . 926 in that issue.
170
Denmark
275
274
274
274
463
261
164
164
United
Kingdom
Chile
75
83
85
84
Germany
Greece
26
24
27
28
27
28
29
1 29
28
28
28
28
28
28
28
28
28
Portugal
Rumania
South
Africa
68
114
120
133
152
203
189
220
249
152
153
153
154
155
155
156
156
156
157
253
268
272
279
298
302
305
308
314
328
351
Spain
5
5
718
525
Government gold reserves i not included
in previous figures
United
States
E n d of
month
1937—Dec
1938—Mar...
June..
Sept. .
Oct..__
Nov._
Dec...
1939—Jan.
Feb
Mar
Apr
May
June..
Sept..
Dec.—1940—Mar.. _
June —
Sept.._
United
Kingdom
France
2 1,395
1,489
Belgium
81
3 44
62
759
80
154
1,732
85
164
156
145
86
105
3 103
130
331
381
465
559
455
477
44
17
17
17
1
Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization F u n d
(Special A / c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
F u n d and Rentes F u n d ; Belgium—Treasury.
2 Figure for Sept. 1937; figure for M a r . 1937,
first date reported, is $934,000,000.
3 First date reported.
N O T E . — F o r details regarding special gold
transfers in 1939-40 between t h e British E . E . A .
and t h e Bank of England, a n d between t h e
French E . S. F . and t h e Bank of France, see
BULLETIN for September 1940, p . 926.
FEDERAL RESERVE
BULLETIN
GOLD PRODUCTION
Outside U. S. S. R.
[In thousands of dollars]
Estimated
world
production
outside
U.S.S.R.
Year or month
1929.
1930
1931
1932
1933
382, 532
401,088
426,424
458,102
469, 257
1933
1934
1935
1936
1937
1938
1939
794,498
823,003
882, 533
971,514
1,041,576
1,132,856 r
1, 206,126 l,
Production reported monthly
Africa
Tot 1
South
Africa
Rhodesia
North and South America
West
Africa
Belgian United Canada 2 Mexico Colombia
Congo States »
352, 237
365, 258
386, 293
413,459
411, 208
$1=25-8/10
gravas
215, 242 11, 607
221, 526 11, 476
224, 863 11,193
238,931
12,000
227, 673
13,335
$1—15-5/21 grains
696,218
707,288
751,979
833,088
892, 535
957,212
019, 592
385,474
366, 795
377,090
396, 768
410,710
425, 649
448, 753
22, 578
24,264
25,477
28,053
28, 296
28, 532
28,009
11,214
12,153
13, 625
16,295
20, 784
24,670
'28, 561
6,148
6,549
7,159
7,386
8,018
8,470
8,759
89,467
108,191
126, 325
152, 509
168,159
178,143
196, 391
103,224
104,023
114,971
131, 181
143, 367
165, 379
178,303
2,425
2,330
2,497
2,589
686
709
17, 512
15,936
14,875
15,209
1939—November.
December.
103,675
101,438
87, 525
85,102
38,600
38, 534
1940— January.. _
February..
March
April
May
June
July
August
September.
October..November.
104,636
97, 605
104, 067
1 0 6 , 869
106, 384
104, 326
110,107
1 0 9 , 670
107, 050
114, 655
111,757
88, 793
81, 362
88, 075
P 9 1 , 137
P90,651
39,777
38, 575
40,162
40, 879
41, 742
40, 437
41, 936
41, 989
40, 958
42, 362
41, 620
P94,111
?93,810
?90, 943
?98, 569
?95, 775
of gold 9/10 fine ;
4,297
2,390
4,995
2,699
5,524
3,224
5,992
3,642
6,623
3,631
of gold 9/10 fine;
i. e., an ounce of fine gold—$20.67
39,862
2,823
45, 651
13, 463
47, 248
43, 454 13,813
3,281
4,016
49, 527
55, 687 12, 866
50, 626
62, 933 12, 070
5, 132
52, 842
60, 968 13,169
6,165
i. e., an ounce of fine gold=$S5
739
728
732
2,454 2,678 PI, 505
2, 442 2,747 PI, 540
P2, 415
2,643 PI, 505
P'2, 450 2, 590 fl, 505
P2, 485
2,725 fl, 505
P2, 450
2,652 •1, 505
/2, 450 2,709 fl, 505
/2, 450 /2, 709 /I, 505
2,384
2,345
2,372
2,662
2,663
2,740
16,972 14,853
13, 317 14,188
16,217 15,045
16,408 14, 652
16, 500 15,488
14,862 15, 795
18, 866 15,982
16, 052 16, 318
17,082 15,416
21,761
16, 360
19, 709 A6, 360
Other
Chile
Austra- British
lia
India
683
428
442
788
3,0U9
8,712
9,553
12,134
14, 563
16,873
7,508
6,785
6,815
6,782
6,919
22, 297 10,438 5,094
23,135 12,045 8,350
11,515 9,251
26,465 13,632 9,018
29, 591 15,478 9,544
32, 306 18, 225 10, 290
32,300 19,951 11,376
28, 568
30,559
31,240
40,118
46,982
54,264
56,182
11, 715
11,223
11,468
11,663
11,607
11, 284
11,008
2,333
1,209
1,873
1,367
934
1,044
4,886
5,251
903
925
3,078 1,958
1,633
1,901
1,717
1,651
1,941
4,233
1,825
1,356
2,562 1,715
1,952
3,010
P4,025 2,184
2,016
P2, 590
1,789
P2, 345
/2, 345 n, 789
993
735
1,759
766
1,271
780
850
1,243
673
/673
/673
4,486
4,411
4,791
P4, 760
P4, 865
P4, 760
P4, 480
P4, 725
891
P4,655
P5, 635
P875
P875
P490
P560
J>945
/5, 635
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly gi\eD out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows—of $20.67 per fine ounce: 1929, $15,000,000; 1930, $31,000,000; 1931, $34,000,000; 1932, $40,000,000; 1933, $56,000,000; at $35 per fine
•ounce: 1933, $95,000,000; 1934, $135,000,000; 1935, $158,000,000; 1936, $187,000,000; 1937, $185,000,000; 1938, $180,000,000.
' Revised.
p Preliminary—figures thus footnoted under individual countries are those reported by the American Bureau of Metal Statistics, adopted for
use in the table pending receipt of the usual direct reports to the Board; these figures are not directly comparable with the preceding series (for
description of sources of direct reports, see references cited in note below).
/1 Figure carried forward from last previous figure without footnote /.
Includes Philippine Islands production received in United States.
« Figures for Canada beginning January 1940 are subject to official revision.
NOTE.—For monthly figures back to January 1929 and for explanation of table and sources see BULLETIN for March 1939, p. 227; February 1939,
p. 151; June 1938, pp. 539-540; and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see
Annual Report of Director of Mint for 1939, p. 106; and 1936, pp. 108-109.
GOLD MOVEMENTS
UNITED STATES
fin thousands of dollars at approximately $35 a fine ounce!
Year or
month
Total
net
imports
or net
exports
(-)
N e t imports from or net exports (—) to:
United
Kingdom
1934 1
1935
1936
1937
19381939
1940
499, 870
1,131, 994
315, 727
I, 739, 019
174, 093
1, 116, 584
891, 531
1, 585, 503
1, 973, 569 1, 208, 728
3, 574, 151 1, 826, 403
633, 083
4, 744, 472
1940
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
236, 391
201, 422
459, 827
249, 851
435,132
1, 162, 975
519, 974
351, 553
334,100
325, 964
330,107
137,176
Netherlands
BelFrance gium
Sweden
Switzerland
12, 402
260, 223 8,902 94, 348
3 227, 185
968
934, 243
2 7,511
573, 671 3, 351 71, 006
6,461
- 1 3 , 7 1 0 90, 859
6 54, 452
81, 135 15, 488 163, 049 60, 146 1,363
3,798 165,122 341, 618 28, 71E 85, 987
241, 778
977 63, 260 161, 489 90, 320 2,
23, 906
59
40
21, 321
35
35, 288
43, 567
62, 042
40
128, 003 241, 603
301 734
10, 819
3,650
1,738
936
99
974
3
30, 415 16, 601
16, 181 32, 448
282 65, 991
3,273 39, 654
9,431
3,671
3,158
3, 637
7
1,208
13, 932
28, 907
32, 617
11,452
2,138
32
6
27
C
Canada
AusMex- Colom- Philippine
bia
ico
Islands tralia
86, 829
95,171
72, 648
111,480
76, 315
612, 949
622, 330
30, 270
13, 667
39,966
38,482
36, 472
33, 610
29, 880
16, 944
10, 899
11,911
18,397
10, 557
23, 239
23, 999
12,038
15, 335
21, 513
25, 427
27, 880
35, 636
38, 627
52, 716
46, 866
249, 858
54, 967
281,182
716, 685
172, 268
264, 328
217, 627
222, 726
262, 718
80, 389
2,550
2,006
2,215
2,396
2,331
4,182
1,891
10, 335
545
538
545
347
3
3
2,116
2,111
2,113
2,130
5,856
4,516
2,330
7
3,360
1, 896
4,137
3,376
2, 405
3,895
2,830
3,738
3,764
2,673
3,283
3,268
2,814
South
Africa
12
1,029
65
3,498
8
23, 280
181
34,713
401
39,162
74, 250 22, 862
103, 777 184, 756
6,155
4,241
7,409
3,374
5,177
6,603
5,262
6,746
14, 605
14, 770
14, 441
14, 994
20, 297
18, 872
24, 503
28, 798
31, 477
23, 091
3,482
11,687
7,854
6,704
6,240
1,751
British
India
Japan
4
246,
168,
165,
111,
464
740
605
739
All
other
countries
76, 820 32, 304
75, 268 46, 989
77,892
39, 735
50, 762 29, 998
16,159 2 67, 975
50, 956 3 102, 404
49, 989 4 388,468
37, 680
4,919
5,797
4,710
4,743
3,399
9,743
6,722
11,813
3,139
4,317
2,377
13, 228
11,815
12, 186
13, 262
954
523
784
2,170
7,446
31, 698
31,001
21, 493
27, 866
18, 423
25,197
23, 463
34, 789
69, 946
64, 208
27, 580
12, 805
c
1
2
Corrected.
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
Includes $31,830,000 from Argentina.
3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from
other
countries.
- 4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.,
$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile,
$10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.
NOTE.—For gross import and export figures and for additional countries see table on p. 138.
FEBRUARY 1941
171
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 1.—TOTAL CAPITAL MOVEMENT
Increase in foreign banking
funds in U. S.
From Jan. 2, 1935, through—
Total
Total
Central
bank
funds
in N . Y . i
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Dec. 31..
1936—Dec. 30_.
1937—Dec. 29..
1,412.5
2, 608. 4
3, 410. 3
603.3
930.5
1,168. 5
9.8
81.1
243.9
593.5
849.4
924.6
361.4
431.5
449.1
125.2
316.2
583.2
316.7
917.4
1,162. 0
6.0
12.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)r
1939—Mar. 29
June 28
Sept. 27
3, 207. 2
3.045. 8
3, 472.0
3,844. 5
4,197. 6
4, 659. 2
5, 035. 3
949.8
786.2
1,180.2
1,425.4
1, 747. 6
2,111.8
2, 479. 5
149.9
125.9
187.0
238.5
311.4
425.3
552.1
799.9
660.4
993.2
1,186. 9
1,436. 2
1, 686. 5
1, 927. 3
434.4
403.3
477.2
510.1
550.5
607.5
618.4
618.5
643.1
625.0
641.8
646.7
664.5
676.9
1,150. 4
1,155. 3
1,125. 4
1, 219. 7
1,188. 9
1, 201. 4
1,177. 3
54.2
57.8
64.1
47.6
63.0
74.1
83.9
8...
15..
22..
29..
4,916.4
4,954. 5
4,916.4
4, 974.1
2,411.5
2,432. 2
2,399. 3
2, 448.1
560.2
551.4
504.0
506.6
1,851.3
1,880.8
1,895. 3
1,941. 5
597.3
618.8
615.3
622.0
690.4
693.2
694.3
695.4
Dec. 6...
Dec. 1 3 Dec. 20..
Dec. 27..
1940—Jan. 3 . . .
4, 967. 8
4,963.1
5,007. 6
5.005.0
5,021. 2
2, 438. 7
2,438. 6
2, 470. 2
2, 464. 4
2,430. 8
502.7
485.3
512.7
510.9
542.5
1, 936.1
1, 953. 3
1, 957. 5
1, 953. 5
1, 888. 3
626.8
619.7
619.6
612.8
650.4
699.0
700.7
711.8
720.1
725.7
1,137. 3
1,131.1
1.130. 6
1.131. 5
1,127. 3
1,127. 6
1,127. 9
1,129. 6
1,133. 7
79.9
79.2
76.9
77.1
75.9
76.5
78.1
78.1
80.6
Jan.
Jan.
Jan.
Jan.
101724..
31-
2, 473. 5
2, 487. 3
2,490. 0
2, 471. 2
558.5
554.1
561. 9
552.3
1,915.0
1,933. 2
1, 928. 2
1,918.9
644.5
636.1
640.1
626.1
731.7
733.7
736.1
738.0
1,133. 4
1,127. 5
1,123. 7
1,122.9
81.7
83.8
83.6
88.2
Feb.
Feb.
Feb.
Feb.
7...
14..
21-.
28..
5,064. 9
5,068. 3
5, 073. 6
5.046. 3
5,036. 6
5.047.1
5,041.5
5,067. 8
2,463. 0
2, 473. 0
2, 457.1
2, 479. 3
527.4
544.3
523.9
546.8
1,935.6
1,928. 7
1,933. 3
1,932. 5
623.3
621.5
627.0
627.7
741.0
743.3
745.5
748.7
87.3
86.7
88.1
87.0
Mar. 6...
Mar. 13..
Mar. 20Mar. 27..
Apr. 3 . . .
5,040. 8
5,060. 6
5,105. 2
5,121.1
5,133. 5
2, 437. 6
2, 461. 6
2, 500. 2
2, 522. 8
2, 539.0
509.2
517.8
537.4
544.4
539.1
1,928. 4
1,943. 8
1, 962. 8
1.978. 4
1,999. 9
. 638. 5
633.5
638.7
636.9
631.6
752.4
755.2
757.2
758.1
761.6
1,122. 1
1.122. 6
1.123. 8
1,125.1
1,123. 8
1,120. 4
1,118. 9
1,116.0
1,112. 5
Apr. 10..
Apr. 17Apr. 24._
May 1—
5, 118. 1
5,152.1
5,194.1
5,177. 9
2,
2,
2,
2,
521. 7
538. 9
566. 9
562.1
528.5
533.1
522.4
511.2
1, 993. 3
2,005. 8
2,044. 5
2, 050. 9
634.1
644.9
659.0
643.4
762.4
764.7
767.2
771. 1
1,111.3
1,114. 2
1,112. 7
1,112. 8
88.6
89.4
88.2
88.3
May
May
May
May
8...
15..
22..
29..
5,186. 3
5,193. 3
5, 254. 7
5, 208. 3
2, 566.1
2, 560. 6
2, 612. 7
2, 552. 5
516.4
556.7
612.1
599.8
2,049. 7
2,003. 9
2,000. 6
1, 952. 7
647.0
657.3
664.1
684.0
773.2
774.8
774.9
775.6
1,111.6
1.112. 6
1,108. 8
1,101.0
88.5
88.0
94.2
95.1
June 5—
June 12..
June 19..
June 26..
July 3 . . .
5, 241. 9
5,208. 5
5, 415. 9
5,401. 8
5, 490. 2
2, 573.0
2, 540.0
2, 740.0
2, 729. 7
2, 830. 1
623.2
623.4
834.9
838.7
922.3
1,949. 8
1,916. 7
1,905.1
1.891.0
1, 907. 8
679.1
674.5
681.2
690.0
684.1
1.113. 6
1,116. 6
1,114.0
1,101. 9
1,091.4
97.2
96.9
98.5
97.6
98.9
July
July
July
July
101724..
31-
5,511.1
5, 546. 7
5, 548. 6
5, 572. 9
2, 849. 5
2, 887. 5
2,887. 7
2, 900.0
931.4
967.8
977.8
993.8
692.3
699.4
698.7
714.1
5, 665. 2
5, 698. 9
5, 739.0
5, 751.1
5, 752.0
2 945. 0
996.3
1, 018. 5
1,047. 9
1, 054. 7
764.8
769.2
774.0
778.3
773.1
789.7
790.4
790.6
790.7
790.6
Sept. 11..
Sept. 18..
Sept. 25..
Oct. 2...
5, 722. 8
5, 807. 1
5, 788. 5
5, 805. 6
2, 941. 2
2, 984. 9
3, 022. 5
3,034. 2
3,040. 7
3,014.1
3, 087. 2
3, 062. 6
3, 092. 8
1, 083. 3
1.072. 5
1.073. 5
1,069. 9
1.070.0
1,055. 3
1,052. 7
1.048.1
1, 047. 1
99.5
99.0
100.1
99.9
Aug. 7—
Aug. 14Aug. 2 1 Aug. 2 8 Sept. 4...
1, 918.1
1, 919. 8
1,909. 9
1.906.1
2 1, 996. 2
1, 988. 6
2, 004.0
1,986. 3
1,986. 0
778.9
780.4
782.1
782.6
785.7
786.6
788.3
788.6
788.9
1,012.8
1,107. 7
1, 087. 0
1,112.3
2,001.3
1.979. 5
1, 975. 5
1, 980. 5
768.4
773.2
782.0
773.6
791.0
791.4
791.7
793.3
1,049. 4
1,054. 8
1,051.4
1,044.3
99.9
100.6
100.8
101.6
Oct.
Oct.
Oct.
Oct.
5, 825. 6
5, 796. 5
5, 805. 2
5, 794.1
3, 108. 5
3, 086. 3
3,118. 7
3,112. 5
1,133. 6
1,129. 9
1,140.1
1,158. 9
1, 975. 0
1, 956. 4
1, 978. 6
1, 953. 6
781.8
780.9
765.6
765.7
793.7
794.1
794.1
794.6
1, 040. 3
1, 034. 3
1, 025. 6
1, 020. 6
101.3
100.9
101.2
100.7
Nov.
Nov.
Nov.
Nov.
9—
16__
23..
"
88.4
89.9
90.2
87.3
88.7
99.6
99.1
99.1
99.9
100.5
r
1
Revised.
Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading
see BULLETIN
for April 1939, p. 285.
J
In the week ending August 7, a foreign central bank account amounting to $55,000,000 was changed to a foreign private account.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April
939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431.
172
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
Canada
Latin
America
Asia*
All
other i
70.9
201.2
410.6
384.6
483.4
128.3
184.0
224.6
214.2
431.0
12.7
21.4
15.9
36.2
87.4
3,803.9
3,834.4
3, 894. 7
3, 891. 6
3,917.7
4,153. 9
4,115. 6
4, 222. 8
4,224.4
()
150.5
106.3
155.3
229.4
227.8
225.4
213.3
226.6
215.9
230.2
324.5
369.5
387.3
503.9
507.7
520.7
539.2
558.4
579.2
581.6
C
597.9
603.8
424.6
422.7
434.7
448.7
443.7
451.3
468.8
484.7
506.5
86.1
77.5
70.1
71.7
72.6
75.7
82.3
77.2
4, 235. 3
4,211.0
4,198. 7
4, 207. 6
385.8
380.1
391.3
384.4
605.6
601.1
605.0
601.0
513.0
518.3
523.8
515.4
86.0
85.9
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
1935—Dec. 31..
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)r
1939—Dec. (Jan. 3, 1940)
1,412.5
2, 608.4
3,410. 3
3, 844. 5
5,021. 2
554.9
829.3
993.7
1,183. 8
1,101. 3
210.2
299.5
281.7
339.6
468.7
114.5
229.7
311.9
328.6
470.3
130.4
335.5
607.5
557.5
773.0
36.6
83.1
123.9
140.5
165.9
24.0
45.6
22.1
32.2
58.0
130.0
228.5
312.2
472.0
752.9
1, 200. 6
2,051. 3
2,653. 0
3,054. 2
3, 790.1
1940—Jan. 31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
5,046. 3
5,067. 8
5,133. 5
5,177. 9
5, 208. 3
5,490. 2
5, 572. 9
5,752. 0
5, 805. 6
1,029.1
1,006. 2
982.4
946.2
975.7
1,013.1
1,005. 4
1,004. 2
471.2
468.1
468.3
461.5
494.8
681.4
675.7
693.8
683.0
466.1
469.0
469.5
482.4
471.9
459.6
454.1
459.7
457.9
798.3
826.3
857.8
881.8
851.3
876.8
884.0
908.4
884.4
166. 3
166.0
167.5
168.1
171.5
171.4
175.9
173.1
176.3
61.7
60.7
83.6
85.5
78.3
66.3
64.5
64.5
811.2
838.0
865.7
866.0
874.1
885.3
899.0
917.8
934.0
5, 825. 6
5, 796. 5
5,805. 2
5, 794.1
1,009.1
985.6
986.5
994.4
682.3
681.3
680.8
679.9
457.7
457.7
458.6
456.9
885.6
882.6
890.7
896.7
177.1
173.6
173.4
173.9
84.6
79.5
77.0
75.9
938.9
950.6
931.7
930.0
From Jan. 2, 1935,
through—
Oct.
Oct.
Oct.
Oct.
9
16
23
30
962.4
Other
Total
Europe Europe
85.3
TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES
From Jan. 2, 1935,
through—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Total
Other
Europe Europe
Canada
Latin
America
Asia*
All
other i
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
603.3
930.5
1,168. 5
1, 425. 4
2,430. 8
128.6
163.5
189.3
364.0
376.1
129.6
144.2
111.8
155.3
256.1
55.7
65.9
76.3
87.9
190.9
72.4
109.8
288.4
205.1
362.7
2.7
9.6
-11.8
-20.1
7.3
23.0
6.9
1.7
19.7
453.5
60.7
588.9
79.7
109.4 I 791.7
208.6 1,010.7
470.0 1, 655. 4
46.0
86.8
76.3
101. 6
174.5
33.5
149.3
168.3
127. 6
215.1
58.8
90.4
126.2
163.3
325.4
11.5
15.2
8.0
22.2
60.5
1940—Jan. 31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3) 1.
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
2, 471. 2
2, 479. 3
2, 539. 0
2, 562. 1
2, 552. 5
2, 830.1
2, 900.0
3, 040. 7
3, 092. 8
332.3
304.4
289.1
254.4
282.4
325.8
270.9
313.6
314.3
258.5
256.4
258.6
254.6
287.0
472.7
465.2
483.1
471.4
186.3
186.2
185.7
199.1
184.4
170.8
164.4
168.8
166.3
381.8
397.3
418.5
433.9
399.9
427.4
435.5
462.7
445.9
-20.5
-21.2
-21.2
-21.2
-19.7
-19.9
-16.0
-19.1
-16.5
24.9
25.7
50.5
52.5
46.2
11.0
7.0
7.3
5.8
522.1
546.6
571.8
569.2
572.4
578.8
587.8
604.8
620.6
1, 685. 4
1,695.4
1, 753.1
1,742. 7
1, 752. 6
1,966. 6
1,914. 7
2,021. 2
2,007. 8
166.8
168.5
150.0
155.2
135.8
159.0
253.8
295.8
310. 6
231.2
233.6
244.5
269.0
281.5
300.5
299.9
311.4
317. 5
328.8
331.3
349.3
351.6
335.9
355.7
376.8
361.7
401.8
50.4
42.2
43.6
46.6
48.3
54.8
50.7
55.1
3,108. 5
3, 086. 3
3,118. 7
3,112. 5
321.3
297.4
299.8
470.6
470.0
469.6
468.7
166.2
165.9
166.9
165.1
451.8
452.6
465.5
476.3
-17.7
-20.8
-21.0
-20.6
5.4
2.6
1.7
623.6
635.0
616.3
615.6
2,021. 2
2,002. 6
1,998. 8
2,012.4
307.5
302.0
316.7
307.9
318.0
315.3
329.0
325.1
404.8
409.4
416.6
410.3
57.1
56.9
57.6
56.8
Canada
Latin
America
Asia 1
Oct.
Oct.
Oct.
Oct.
9
16
23
30
TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935,
through—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
A
1.6
2.7
2.6
2.6
2.9
29.7
66.0
105.1
141.7
177.8
13.7
16.3
6.5
13.7
15.5
22.0
26.9
33.8
28.4
310.2
343.7
409.3
460.9
563.5
-4.6
36.9
-21.7
35.9
56.5
20.1
24.9
51.6
66.8
52.6
37.3
30.4
18.7
-46.5
-21.5
3.0
2.6
1.9
1.7
3.1
4.3
5.6
6.1
6.5
178.9
179.4
181.1
181.8
183.8
183.9
184.6
185.2
185.6
13.5
11.7
10.3
10.0
8.9
13.0
17.6
23.1
24.5
30.3
30.5
31.2
31.2
35.2
38.8
43.2
44.9
45.0
546.7
557.8
562.6
561.0
579.3
588. 6
605. 8
620.8
626.6
56.2
52.1
54.1
59.2
69.5
61.0
64.9
65.1
65.4
55.8
56.2
55.3
51.6
52.6
49.0
49.7
53.6
52.9
-32.0
-37.7
-40.0
-28.4
-16.9
-15.3
-7.2
34.0
6.1
6.7
6.1
6.1
187.4
187.1
187.1
187.2
24.9
23.8
23.9
24.0
47.0
47.0
47.0
46.5
629.2
629.6
628.3
65.7
64.9
62.0
63.9
53.9
53.0
43.5
42.9
30.6
31.2
29.7
27.7
1935—Dec. 31.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)»•____
1939—Dec. (Jan. 3, 1940)
361.4
431.5
449.1
510.1
650.4
178.0
207.4
206.2
252.2
48.1
62.0
65.3
68.4
73.8
1940—Jan. 31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
626.1
627.7
631.6
643.4
684.0
684.1
714.1
773.1
773.6
236.0
247.4
252.4
255.4
262.0
260.1
263.9
269.5
271.9
73.5
73.4
73.8
70.3
70.8
72.6
74.2
74.6
75.3
-4.4
-5.6
12.9
11.4
12.9
11.9
10.7
15.4
16.0
16.8
17.4
17.6
781.8
780.9
765.6
765.7
270.8
272.2
271.5
272.5
75.3
75.2
75.1
75.0
17.5
17.6
17.6
17.6
Oct.
Oct.
Oct.
Oct.
9
16..
23
30
-i.z
Italy
Other
Total
Europe Europe
All
other x
-1.6
-4.4
-8.7
-7.0
-.7
-.4
-.1
-.5
.8
1.0
-.4
2.1
2.4
2.3
2.1
2.2
r
c
Revised.
Corrected.
1
Prior to Jan. 3, 1940, thefiguresshown under Asia represent the Far East only, the remaining Asiatic countries being included under "All
other".
2 Inflow less than $50,000.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For 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.
FEBRUARY 1941
173
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—
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
31
30
29
(Jan. 4, 1939)'-....
(Jan. 3, 1940)
1940—Jan. 31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct.
Oct.
Oct.
Oct.
9
16
23
30
Canada
Latin
America
Asia 1
143.1
278.3
366.4
440.6
495.2
-39.7
1.7
10.5
-9.7
-7.6
12.7
15.7
175.0
167.4
184.0
7.9
17.0
24.5
33.8
42.8
1.1
3.5
6.8
9.7
11.3
190.6
191.7
192.9
194.0
194.5
194.8
194.9
195.4
195.9
499.1
505.5
510.8
513.8
513.7
513.5
513.2
512.3
512.0
-.2
1.7
6.4
10.3
12.6
17.6
18.9
19.5
20.7
184.5
185.6
187.5
189.4
190.6
194.3
195.6
196.7
197.6
43.2
44.2
45.3
45.6
46.2
47.7
48.5
49.1
50.1
11.3
11.6
11.8
12.1
12.4
12.6
12.7
12.9
12.9
195.9
196.0
196.0
196.0
511.9
511.8
511.4
511.0
20.7
21.0
21. 1
21.4
197.9
198.1
198.2
198.6
50.3
50.4
50.5
50.5
12.9
12.9
12.9
13.1
Other
Total
Europe Europe
Canada
Latin
Amer-
Asia i
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
125.2
316.2
583.2
641.8
725.7
67.8
116.1
136.8
127.7
125.5
6.8
18.2
22.8
26.1
42.1
7.4
10.4
21.2
27.3
29.4
— 1.2
13.7
30.4
36.1
45.0
13.3
22.5
26.6
33.5
36.6
2.9
9.4
13.5
22.0
27.6
46.1
87.9
115.2
167.8
189.0
738.0
748.7
761.6
771.1
775.6
785.7
788.9
790.6
793.3
126.2
129.0
130.9
132.0
132.4
131.8
131.4
131.0
130.5
42.5
42.6
42.6
42.8
42.8
42.9
42.9
43.0
43.0
29.6
30.2
31.3
31. 1
31.0
31.0
31.0
31.0
31.0
46.0
47.7
49.0
50.0
49.0
48.8
48.6
47.8
47.4
36.5
36.4
36.3
36.2
36.2
36.2
36.2
36.0
36.1
27.8
27.9
27.6
27.7
27.8
28.0
28.0
28.1
28.1
793.7
794.1
794.1
794.6
130.4
130.3
130.2
130.2
42.9
42.9
42.9
42.9
31.0
31.0
31.0
31.0
47.2
47.0
46.7
46.3
36.4
36.4
36.5
36.5
28.1
28.1
28.1
28.1
Total
Other
Total
Europe Europe
All
other i
TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2, 1935,
through—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
1935—Dec. 31
1936—Dec. 30
1937— Dec. 29
1938—Dec. (Jan. 4, 193f^)
1939— Dec. (Jan. 3, 1940)
316.7
917.4
1,162. 0
1,219.7
1,133. 7
149.8
367.7
448.7
472.6
328.1
23.4
64.7
70.3
76.9
76.6
50.5
157.6
213.8
212. 1
227.7
55. 1
200.2
275.3
304. 1
344.7
-5.4
-7.5
-17.4
— 22 8
-28.2
-3.3
-4.9
-5.5
-4.9
£5.7
56.6
60.4
286.2
818.0
1,041. 6
1, 094. 1
1, 004. 4
2.8
32.6
37.6
25.7
-2.6
3.7
15.5
18.2
23.7
30.1
21.4
44.1
54.7
65.2
87.6
2.6
7.1
9.8
11.1
14.3
1940—Jan. 31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
1,122.9
1,125.1
1,112. 5
1,112.8
1,101.0
1,091.4
1,069. 9
1, 047. 1
1, 044. 3
315.7
306.5
291.2
286.1
281.3
278.8
279.5
275.0
271.1
77.1
76.8
75.9
76.2
75.8
74.7
74.8
74.7
74.5
229.4
230. 4
231.5
231. 4
230.7
230. 4
230.4
230. 6
230.7
349.2
359.7
368. 1
375.0
380.9
378.3
376.3
372.9
365.4
-28.3
-28.4
-28.7
-28.7
-28.7
-28.7
-28.7
-28.8
-28.8
-4.7
-4.7
-4.9
-4.9
-4.7
14.3
11.8
5.9
26.2
62.4
63.4
64.5
65.7
64.8
64.8
64.8
64.6
64.5
1, 000. 8
1, 003. 8
997. 5
1, 000. 6
1, 000. 0
1, 012. 6
1, 008. 9
994.9
1, 003. 5
-5.9
-7.5
-8.3
-8.5
-12.4
-19. 4
-24.2
-21.9
-20.7
30.6
31.5
. 32.1
29.5
27.3
27.9
27. 7
26.8
26.6
82.9
82.9
76.8
76.9
72.7
57.2
44.5
33.9
22.0
14.5
14.4
14.4
14.2
13.4
13.2
13.1
13.4
12.8
1,040. 3
1, 034. 3
1, 025. 6
1, 020. 6
270.0
269. 3
268.6
268.0
74.5
74.1
74. 1
74.1
230.7
230.7
230. 7
230. 6
361.3
357.3
353.5
349.6
-28.9
-28.9
-29.0
-29.1
26.0
25.0
23.2
23.1
64.4
64.6
64.5
64.5
998.0
992.0
985.5
980.9
-18.7
-18. 3
-19.3
-19.0
26.7
26.5
26.2
26.2
21.4
21.3
20.3
20.0
12.8
12.8
12.8
12.6
Oct.
Oct.
Oct.
Oct.
9
16
23
30
12.9
38.5
All
other i
TABLE 7.—BROKERAGE BALANCES, 2 BY COUNTRIES
From Jan. 2, 1935,
through—
1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)»•-.-.
1939—Dec. (Jan. 3, 1940)
1940—Jan. 31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct.
Oct.
Oct.
Oct.
9
16
23
30
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
-.2
-.7
(3)
-.2
-. 1
-.2
2
(*')
4
( )
Italy
Other
Total
Europe Europe
Can-
Latin
America
1.4
.4
5.0
5.2
5.0
7.6
22.6
44.0
47.9
71.6
-4.5
-7.6
3.5
1.8
8.7
1.0
-4.2
-.5
-.9
1.6
71.9
71.9
70.8
73.5
72. 1
72.7
72.9
73.6
74.7
10.9
10.5
11.1
10.4
10.3
12.0
11. 1
10.9
11.2
1.7
.8
1.2
-.3
6.3
7.6
8.8
9.4
9. 1
2.9
2.1
.5
-1.5
-3.4
1.7
2.0
3.3
3.0
5.8
6.0
6.3
6.0
5.8
74.9
75.0
74.7
74.4
10.6
10.6
10.8
10.2
9.0
8.3
8.1
8.3
5.9
6.1
6.6
6.8
()
4.0
11.5
13.4
19.4
18.9
18.9
18.7
18.3
17.6
16.6
16.7
16.3
16.3
2.4
10.4
11.5
12.9
20.1
9.3
2.5
9.1
10.8
9.6
17.8
19.6
19.0
17.4
17.6
18.4
18.5
18.5
18.6
18.8
9.4
9.2
9.0
10.1
10.5
11.4
11.5
11.9
12.3
18.3
19.1
20.2
21.3
18.5
18.0
18.0
18.8
19.2
-. 1
-. 1
-.2
5.7
5.8
5.4
5.9
7.1
8.1
8.3
8.0
8.1
16.6
16.4
16.5
17.1
18.9
19. 1
19.0
19.1
12.3
12.5
12.5
12.5
19.1
19.1
18.9
18.3
-.2
-.2
-.2
-.2
8.0
8.0
7.9
7.3
(
All
other i
()
.3
2.1
2.0
1.9
2.2
1.8
.6
1.0
.9
1.0
r
1
Revised.
Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All
other".
2 For explanation see BULLETIN for May 1937, pp. 395-396
3 Inflow less than $50,000.
* Outflow less than $50,000.
174
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[Outstanding amounts in millions of dollars]
TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES
Date
Total
United
Kingdom
France
Netherlands
S aritzerland
105.2
222.2
66.0
82.2
11.9
9.7
Germany
Italy
Other
Europe
Total
Europe
Latin
America
Canada
Asia 1
All
other!
Reported by Banks in New York City
1929—Dec. 31
1930—Dec. 31
1931—Dec. 30
1932—Dec. (Jan. 4, 1933)
1933—Dec. (Jan. 3, 1934).
1934—Nov. 28 2
2, 672. 7
2, 335.0
1, 303. 5
733.8
388.2
466.7
301.5
214.5
104.9
171.0
48.3
59.1
923.7
799.4
549.2
72.2
24.9
32.7
99.1
122.2
44.6
13.8
8.3
12.7
1934—Dec. 5 3
Dec. (Jan. 2, 1935).
1935—Dec. 31
584.8
597.0
1, 200. 2
79.6
76.9
205.5
36.1
33.9
163.5
13.5
12.9
68.6
12.1
13.7
86.1
28.4
29.9
29.0
16.8
18.8
26.1
40.6
46.8
107.5
1936—Mar. (Apr. 1)
J u n e (July 1)
Sept. 30
Dee. 30
1,175.4
1, 376.0
1,459. 6
1, 491. 6
179.3
255.2
293.7
235.7
151.7
152.9
163.2
176. 3
57.6
105.3
76.8
78.8
96.4
129.6
147.3
123.5
21.6
20.1
19.2
32.0
21.4
24.4
29.2
41.7
1937—Mar. 31
June 30
Sept. 29
Dec. 2 9 . . .
1, 682. 7
2,173. 6
2, 304. 8
1, 729. 6
226.9
373.1
385.8
261.5
173.0
206.2
197.3
143.9
60.4
145.0
167.6
89.1
113.1
331.4
425.5
302.1
53.9
40.3
48.7
39.0
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
1, 521.0
1,357.4
1, 751.4
1,996. 6
248.1
217.4
308.5
436.1
126.3
102.2
165.6
187.4
48.5
48.6
82.2
101.8
236.7
173.8
191.0
218.8
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
2, 318. 8
2, 683.0
3,050. 7
3,057. 0
473.9
607.4
656.7
448.2
219.5
284.4
295.9
288.2
143.9
146.0
186.0
204.9
1940—Jan. 31
Feb. 28
Mar. (Apr. 3)
Apr. ( M a y 1)
M a y 29
June (July 3)
J u l y 31
Aug. (Sept. 4)
Sept. (Oct. 2)
3,097.4
3,105. 5
3,165. 2
3,188. 3
3,178. 7
3, 456.3
3, 526. 2
3,666.9
3, 719. 0
404.5
376.6
361.3
326.6
354.5
397.9
343.0
385.7
386.4
290.6
288.5
290.7
286.7
319.1
504.8
497.3
515.2
503.5
3, 734. 7
3, 712. 5
3, 744. 9
3, 738. 7
393.5
369.5
371.9
378.8
502.7
502.1
501.7
500.8
241.8
216.8
148.3
89.3
88.7
91.9
188.2
130.8
103.3
117.8
96.4
106.6
49.0
38.2
69.0
44.4
43.1
60.3
31.0
37.5
21.6
13.1
10.4
11.9
227.1
232.9
686.3
103.3
99.3
145.3
117.4
122.8
156.3
125.1
130.1
188.9
12.0
12.0
23.4
116.0
121.5
128.8
126.3
643.9
809.0
858.3
814.3
148.4
133.0
170.7
186.1
187.1
205.2
200.5
263. 9
178.7
206.4
210.2
200.2
17.3
22.4
19.8
27.1
36.6
23.0
27.5
25.7
140.8
177.9
223.4
156.0
804.7
1,296. 9
1,475. 9
1,017.1
210.0
190.1
219.3
175.6
441.0
448.8
353.8
280.9
204.6
210.4
229.9
236.0
22.5
27.4
25.8
20.0
25.7
27.3
17.6
17.8
14.9
18.2
17.2
20.4
135.7
121.9
232.8
255.5
835.8
709.4
1,015.0
1, 237. 8
186.4
173.5
190.8
201.8
257.9
261.7
285.0
248.5
219.5
194.4
226.9
274.3
21.3
18.4
33.7
34.1
247.1
240.8
299.9
376.3
18.7
15.1
7.8
9.5
14.8
12.2
17.1
38.5
314.7
366.9
446.4
516.9
, 432. 7
L, 672. 7
,909.7
L, 882. 6
236.6
291.7
325.3
274.6
300.7
363.0
383.0
336.0
305.5
306.0
366.5
491.4
43.3
49.7
66.2
72.5
200.3
200.1
199.7
213.1
198.3
184.7
178.3
182.7
180.3
395.5
411.0
432.2
447.6
413.6
441.0
449.2
476.4
459.6
9.1
8.4
8.4
8.5
9.9
9.8
13.6
10.5
13.2
43.7
44.5
69.3
71.3
65.0
29.8
25.8
26.1
24.6
569.0
593.5
618.7
616.1
619.3
625.7
634.7
651.7
667.5
, 912. 6
, 922. 6
1,980. 3
1,969.9
1,979. 8
2,193. 8
2,141. 9
2,248. 4
2, 235. 0
266.9
268.7
250.1
255.3
236.0
259.2
353.9
395.9
410.7
352.2
354.6
365.5
389.9
402.4
421.4
420.8
432.3
438.4
494.8
497.3
515.2
517.6
501.9
521.7
542.8
527.6
567.7
70.9
62. 4
54.1
55.6
58.6
60.3
66.7
62.7
67.1
180.1
179.9
180.8
179.1
465.5
466.3
479.2
490.0
12.0
8.8
8.7
9.1
24.2
21.4
20.5
19.4
670.5
681.9
663.2
662.5
2,248. 4
2,229.8
2, 226.0
2, 239. 6
407.6
402.1
416.8
408.1
438.9
436.2
449.9
446.0
570.8
575.4
582.6
576.3
69.1
204.5
161.0
41.1
30.2
16.3
25.8
157.4
111.2
33.2
36.6
9.9
14.3
371.3
281.3
122.2
63.1
30.1
41.7
2,162. 8
1,911.7
961.2
469.1
149.7
196.0
Reported by Banks in United States
Oct.
Oct.
Oct.
Oct.
9
16
23
30
68.7
Additional Detail Available from January 3 , 1 9 4 0 4
Date
Total
1940—Jan. 3__
Jan. 31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
May 29. _ . .
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct.
Oct.
Oct.
Oct.
9
16
23
30..
Bel- Den- Fin- Norgium mark land way
4 Asiatic countries
6 Latin American countries
5 European countries
Sweden Total
Ar- Bragen- zil Chile Cuba
tina
57.7
66.5
68.7
63.5
80.6
407.1
448.1
458.8
475.1
460.2
443.3
457.0
457.7
466.7
470.3
159.2
166.2
176.6
184.3
183.7
172.0
161.3
154.9
150.9
147.9
28.1
28.7
27.2
28.7
23.0
21.1
19.5
18.4
17.2
16.8
21.4
23.8
23.7
25.0
27.2
29.5
29.6
29.1
26.3
29.1
56.3
67.0
69.4
68.4
67.5
64.1
59.0
57.8
54.3
51.2
142.2
162.4
161.9
168.6
158.9
156.7
187.6
197.5
218.0
225.3
250.7
259.3
263.7
275.4
297.1
311.8
326.5
321.3
332.2
338.8
471.0
471.8
474.9
469.0
146.1
145.9
146.4
145.7
16.6
16.6
16.6
16.2
29.7
28.7
28.3
24.3
52.4
52.1
51.8
51.3
226.2
228.7
231.8
231. 5
339.6
335.0
350.4
348.2
PanMex- ama Total
and
ico
C.Z.
PhilipChina Hong Japan pine
Kong
Islands
88.7
93.1
103.9
110.1
36.4
31.8
30.0
35.3
35.0
34.8
39.0
38.0
31.4
33.4
26.8
24.4
24.7
24.7
23.4
24.8
30.2
29.2
27.8
26.1
37.0
38.3
38.3
43.2
46.4
49.6
49.7
48.1
51.1
48.7
58.8
62.1
65.2
68.4
67.2
68.6
65.3
60.3
58.5
63.2
34.0
36.2
36.7
40.2
44.5
50.6
53.5
52.7
59.6
57.3
432.9
434.7
439.2
455.1
461.3
446.2
448.4
446.6
408.3
431.6
167.0
173.8
178.9
178.5
184.1
178.8
181.8
181.6
184.7
192.7
71.4
72.2
68.5
75.2
81.1
79.4
78.4
84.3
87.6
87.0
165.4
158.7
162.1
169.4
164.1
151.8
152.6
142.6
97.4
106.8
29.1
30.0
29.7
32.0
32.0
36.2
35.6
38.2
38.7
45.2
112.2
113.1
115.3
112.7
32.6 25.7
30 4 . 24.4
39.5 24.6
39.7 25.0
49.3
48.3
48.3
48.4
63.2
63. 2
64.2
64.4
56.6
55.6
58.5
57.9
433.5
433.8
428.8
432.5
191.8
192.3
190.6
195.1
86.8
87.9
88.8
89.4
109.4
109.7
103.5
102.8
45.6
43.9
45.8
45.2
DO
O
T
Revised.
1 Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All
other".
2 Last report date on old basis.
3 First report date on new basis.
4 The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin
America, and Asia.
NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, Jan. 5, 1938, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 425; April 1939, p. 295; and
April 1940, p . 362).
FEBRUARY
1941
175
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[Outstanding amounts in millions of dollars]
TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES
Total
United
Kingdom
France
Netherlands
1,103.3
949.4
907.1
827.1
166.2
89.4
197.9
201.3
29.
67.
65.
94.
20.
14
18.
15
Date
Switzerland
Germany
Italy
Total
Other
Europe Europe
Canada
Latin
America
58.1
43.9
34.7
84.4
136.
158.
159.
124.
Asiai
All
other i
Reported by Banks in New York City
1931—Dec. 30
1932—Dec. (Jan. 4, 1933)
1933—Dec. (Jan. 3, 1934)
1934—Nov. 282
5
6
0
1
9
2
1
9
12. 6
6 4
12. 5
8. 5
467.
433.
258.
178.
2
7
1
8
18.7
11.5
16.8
10.7
149.2
96.1
83.9
60.2
864.
719.
652.
569.
3
0
3
5
5
2
2
4
41.
24.
54.
46.
8
8
6
2
2.6
3.5
6.3
2.6
Reported by Banks in United States
1934—Dec. 5 3
Dec. (Jan. 2, 1935)
1935— Dec. 31
1,137. 8
1,139.9
778.6
266.4
296.9
88.1
108.2
80.5
32.5
19.2
18.6
19.0
8.3
8.2
6.6
239.6
231.7
202.0
26.5
27.2
13.5
81.3
80.0
71.2
749.5
743.2
433.0
91.2
96.3
100.9
170.7
174.6
154.5
118.1
117.4
80.1
8.3
8.5
10.1
_
749.7
690.9
647.9
672.6
93.6
81.9
75.8
114.1
28.8
23.5
81.5
16.8
23.0
21.4
21.5
21.9
5.5
4.2
5.2
5.4
196.9
186.2
160.6
165.1
13.1
12.8
11.0
10.9
64.3
57.6
52.0
57.8
425.3
387.6
407.6
392.1
78.2
77.8
49.1
59.4
157.1
142.1
126.6
141.1
78.0
72.1
54.4
67.2
11.1
11.4
10.2
12.9
.._
693.1
637.7
586.0
655.0
99.7
75.6
75.3
84.8
15.8
13.2
11.1
13.5
17.1
13.7
19.1
23.0
4.9
3.5
4.2
5.5
162.2
143.9
132.0
126.1
13.0
14.8
16.8
20.8
58.1
55.2
52.8
52.9
370.7
319.9
311.3
326.5
71.7
87.8
82.5
118.0
135.3
132.0
107.0
114.4
100.0
83.6
71.7
78.9
15.5
14.5
13.5
17.2
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
669.7
700.8
626.9
594.0
120.6
141.4
121.9
86.0
11.4
16.2
11.4
10.3
23.5
25.2
22.6
24.2
4.8
5.9
4.4
5.5
112.0
102.6
99.1
89.4
18.1
16.1
17.0
13.5
51.0
49.0
46.3
45.9
341.4
356.4
322.7
274.9
93.3
87.6
84.0
60.4
113.5
116.6
94.2
99.1
104.1
126.4
113.6
144.1
17.4
13.8
12.4
15.5
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
553.6
496.6
485.7
508.7
533.0
531.4
527.5
515.7
475.0
475.0
444.9
386.0
385.5
83.0
55.4
66.0
39.9
56.2
44.7
39.7
36.8
30.1
32.0
28.2
22.6
20.2
13.8
10.7
20.1
19.7
3.6
4.5
2.9
5.2
81.4
77.4
67.1
53.4
16.4
9.6
5.7
12.2
11.8
48.8
39.9
41.6
51.4
267.1
217.0
208.1
172.2
46.3
54.0
49.7
39.7
99.5
110.3
108.5
113.3
125.7
100.5
104.0
174.1
5.3
5.4
4.9
8.4
7.9
6.2
4.5
4.2
3.5
7.2
5.7
6.7
8.0
3.2
2.6
1.9
1.2
1.1
5.1
5.5
6.2
6.4
5.0
3.8
2.5
1.9
1.5
52.3
51.8
50.1
49.4
47.3
47.3
46.6
46.0
45.6
13.7
15.5
16.9
17.2
18.3
14.2
9.6
4.1
2.8
49.5
49.3
48.6
48.6
44.6
41.0
36.6
34.9
34.8
189.1
177.9
173.2
174.7
156.5
147.2
130.0
115.0
109.4
40.1
44.2
42.2
37.1
26.7
35.3
31.3
31.2
30.8
110.2
109.8
110.7
114.3
113.3
117.0
116.3
112.3
113.1
184.6
190.3
192.6
181.0
169.5
167.9
159.8
118.6
125.7
14.9
14.8
15. :
9.3
9.1
9.2
8.9
8.6
9.0
7.7
7.5
8.9
6.4
377.3
378.2
393.4
393.4
21.3
19.9
20.7
19.6
3.4
3.6
3.7
3.7
1.1
1.0
1.0
1.0
2.0
1.4
1.9
1.9
43.8
44.1
44.1
44.0
2.3
3.5
3.3
3.3
32.8
32.7
32.8
33.3
106.6
106.2
107.5
106.8
30.6
31.4
34.3
32.4
112.0
112.9
122.5
123.1
122.0
121.4
122.9
124.9
6.1
6.2
6.4
6. 3
1936—Mar. (Apr. 1)
June (July 1)
Sept. 30
Dec. 30
1937—Mar. 31
June 30
Sept. 29
Dec. 29
1940—Jan. 31_
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct.
Oct.
Oct.
Oct.
9
16
23
30
8.7
4.9
9.5
Additional Detail Available from January 3,1940«
5 European countries
Date
6 Latin American countries
4 Asiatic countries
PanAr- Braama Total China
Bel- Den- Fin- Nor- Swe- Total genChile Cuba MexTotal gium
and
mark land way den
zil
ico
tina
C.Z.
1940—Jan. 3
Jan.31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
23.4
22.2
20.4
19.4
17.6
14.1
10.6
9.1
7.7
7.5
Oct 9
Oct. 16
Oct. 23
Oct. 30
71
7.1
7.6
7.6
6. 5
7.2
7.4
7.9
8.1
5.1
3.4
2.9
1.6
1.7
3.2
3.7
2.9
2.2
1.4
1.1
.7
.4
.3
.3
1.4
1.2
.8
3.6
3.7
4.0
.8
1.0
1.5
1.5
1.6
1.7
1.7
4.0
3.4
2.4
1.5
1.3
1.2
1.2
8.7
6.5
5.4
4.5
3.7
4.2
3.4
2.8
2.9
2.7
1.7
.3
1.7
1.2
2.3
1.7
.3
1.7
1.1
2.2
2.2
2.2
.3
.3
1.7
1.9
1.2
1.1
2.2
2.1
76.1
71.5
69.9
71.4
73.9
73.9
77.5
75.6
72.1
72.5
71.0
71.5
81.5
81.4
16.8
12.9
12.0
12.5
12.4
16.4
16.7
16 4
15.1
14.8
32.2
31.2
31.8
33.0
34.4
32.1
33.7
32.8
31.3
30.8
9.4
9.7
9.5
9.7
10.3
9.6
10.0
10.5
10.4
11.1
10.7
11.2
9.8
11.4
9.9
9.9
10.6
14.4
13.3
14.3
13.2
30.2
31.5
40.0
40.2
10.2
10.0
10.2
10.8
10.4
10.6
10.8
10.9
9.7
9.6
9.7
5.9
6.5
4.4
4.7
5.0
5.0
4.8
4.7
4.5
4.5
4.3
4.5
4.6
4.6
1.0 152.5
. 9 161.9
. 9 168.0
182.6
169.8
160.1
155.2
145.3
102.3
109.8
22.0
22.5
25.4
26.1
23.9
24.5
30.2
30.5
24.0
24.2
1.6 105.7
1.5 103.8
1.6 104.0
1.7 110.7
24.0
23.9
24.1
24.2
1.1
1.2
1.1
1.3
1.5
1.7
1.9
Hong Japan Philippine
Kong
Islands
1.9
1.6
3.2
102.1
111.2
111.2
125.9
115.6
103.2
90.6
78.6
45.0
53.2
26.4
26.6
28.2
28.9
28.5
30.5
32.7
33.6
29.5
28.2
3.5
51.9
50.4
51.2
58.0
26.3
26.3
25.6
25.4
1.7
1.8
1.9
1.6
2.7
3.8
4.3
3.2
3.1
3.0
' Revised.
1
Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All
other".
2 Last report date on old basis.
3 First report date on new basis.
* The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings Other Europe, Latin
America, and Asia.
NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12,1936, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363).
176
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
25..
31..
30..
28..
27..
26..
25..
30..
29..
28..
27..
Assets of
issue dept.
Gold i
145.8
147.6
120.7
119 8
190.7
192.3
200.1
313.7
326.4
326.4
Assets of banking department
Cash reserves
Other
assets 2
Coin
3.2
260.0
260.0
275.0
275 0
260.0
260.0
260.0
200.0
220.0
230.0
580 0
2
.2
.2
.2
.2
.2
2
.2
.2
.2
.2
.2
580 0
580.0
580.0
580.0
580. 0
630.0
630.0
630.0
630.0
630.0
630.0
630.0
1940—Jan. 31__.
Feb. 28..
Mar. 27,.
Apr. 24..
May 29.
June 26..
July 31_.
Aug. 2 8 Sept. 25.
Oct. 30..
Nov. 27..
Dec. 25..
Notes
.8
1.0
.5
.8
1.0
10
11
10
14
1.5
.5
1.0
Discounts
and advances
Liabilities of banking department
Securities
Note
circulation
Deposits
Bankers'
Public
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
22 3
49.0
27.3
18.5
16.8
7.6
8.5
17 5
92
28.5
43
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
8.8
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
52.5
49.0
37.1
43.1
23.4
28.1
20.7
20.2
25.5
38.7
36.9
13.3
3.1
2.8
6.1
4.9
2.9
4.7
3.3
3.9
3.5
3.0
6.9
4.0
143.9
149.4
157.2
153.5
171.6
174.6
174.4
172.6
169.7
153.3
161.2
199.1
527.7
531.2
543.1
537.1
556.9
602.2
609.5
610.0
604.8
59J.6
593.3
616.9
98.1
99.4
98.0
103.4
94.9
82.7
106.3
118.7
116.0
108.0
110.8
135.7
39.7
45.7
43.1
40.7
36.1
58.0
22.7
8.8
13.5
18.3
27.1
12.5
44.3
38.9
42.2
40.6
50.5
50.3
52.3
51.8
51.9
51.5
50.3
51.2
18.0
18.1
18.2
17.7
17.8
17.9
18.0
18.1
18.1
17.7
17.8
17.9
Liabilities
Assets
Domestic bills
Bank of France
For(Figures in millions of francs)
eign
Gold «
exOpen 8
change market
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
41,668
53, 578
27_
26.
30_
30_
29.
28_
27.
30.
30.
29-
25,942
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
Other
Other
liabilities
Special"
Other
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
1,379
652
1,797
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
Loans on—
Advances
Shortto
term
Other
Govern- 7 Govern- securiment seties
ment
curities
Deposits
Other
assets
Note
circulaGoverntion
ment
Other
Other
liabilities
7,879
8,344
7,277
14,442 110,935
2,311
2,322
3,718
2,862
2,089
3,461
5,061
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25, 595
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
17, 698
31,909
20,627
573
715
675
443
2,521
2,901
2,730
2,515
2,921
3,211
3,253
3,583
3,781
3,612
78
374
472
2,412
930
336
454
174
3,401
3,471
3,461
3,805
3,661
3,576
3,581
3,482
14, 264
14,753
14,458
16,016
16,482
17,100
17, 769
16,438
121,391
122, 611
123, 239
142,359
144, 562
144, 379
149,370
151,322
4,573
5,188
5,468
3,304
2,342
2,004
1,953
1,914
17, 570
16,909
16,058
18,038
18,022
14,790
12,392
14, 751
3,020
2,816
2,781
2,708
2,926
3,006
3,346
2,925
229
465
320
228
2,320
2,534
3,444
3,403
3,376
3,411
3,716
3,822
15, 963
16, 917
15, 970
15, 666
16, 694
18,865
151, 738
156,150
156,032
156,285
170,853
174,469
1,834
1,203
1,154
1,171
1,046
1,049
14, 965
17,128
14, 262
14, 681
25,782
25,405
3,259
3,156
3,014
3,038
2,811
2,848
1939—May 25.
June 29_
July 27.
Aug. 31.
Sept. 28.
Oct. 26.
Nov. 30.
Dec. 28.
92, 266
92, 266
92, 266
97, 266
97, 266
97, 266
97, 266
97, 267
754
722
722
218
212
85
120
112
8,164
8,074
8,316
9,396
9,734
10,038
10, 565
11, 273
2,276
2,279
2,275
1,708
1,958
2,007
1,626
2,345
4,774
5,009
5,000
15,009
14,830
5,206
5,149
20, 577
20, 577
20, 577
20, 577
22, 777
25, 473
30, 473
34, 673
1940—Jan. 25..
Feb. 29.
Mar. 28.
Apr. 25.
May 30June 10.
97, 268
97, 275
84, 614
84, 615
84, 616
8i, 616
111
109
111
112
102
108
11,861
12, 505
42, 645
42, 694
44, 083
44,173
2,235
1,810
1,870
1,781
1,889
1,518
5,011
4,630
5,005
5,769
14, 473
11, 885
35, 673
40, 523
20, 550
20, 900
32,600
36, 250
5,603
8,545
9,196
8,251
68, 571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
11,737
12,624
i Effective Mar. 1, 1939, gold valued at current prices instead of legal parity (see BULLETIN for April 1939, p. 271).
* Securities and silver coin held as cover for fiduciary issue, which has been fixed at £630,000,000 since June 12, 1940; for information concerning
previous
status of fiduciary issue see BULLETIN for November 1939, p. 1024, and April 1939, p. 339.
3
On Jan. 6,1939, £200,000,000 of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,1939, about £5,500,000
(at current price) transferred from Exchange Account to Bank; on July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank;
on Sept.
6, 1939, £279,000,000 transferred from Bank to Exchange Account.
4
Gold revalued in Feb. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939,
p. 29; September 1937, p. 853; and November 1936, pp. 878-880.
6 Negotiable bills of Caisse Autonome, bills bought under authority of decree of June 17, 1938 (see BULLETIN for August 1938, p. 650) and, from
Mar.8 28,1940,30,000,000,000 francs of negotiable Treasury bills received in return for gold transferred to Exchange Stabilization Fund on Mar. 7, 1940.
Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted
for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788).
7
Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, Mar. 22,
1938, and Apr. 14, 1638, as modified by Convention of Nov. 12,1938; Convention of Sept. 29,1938, approved by decree of Sept. 1, 1939; and Convention of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407). In the period since June 10, 1940, the last date for which the Bank of France has
rendered a statement, further Conventions have authorized additional advances as follows: Convention of June 12 authorized 25,000,000,000 francs
for general purposes; Convention of Aug. 25 authorized 50,000,000,000 francs to meet the costs of the German army of occupation; Conventions of
Oct. 29, Dec. 12, and Jan. 20,1941, increased the authorized advances for meeting occupation costs to 65,000,000,000, 73,000,000,000, and 85,000,000,000
francs,
respectively. Total authorizations now outstanding, including those issued prior to June 10, amount to 155,000,000,000 francs.
8
On Apr. 20, and again on Aug. 3,1939, 5,000,000>000 francs of gold transfeired from Exchange Stabilization Fund to Bank of France; on Mar.
7, 1940, 30,000,000,000 francs of gold transferred from Bank of France to Stabilization Fund.
NOTE.—For further explanation of table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83.
FEBRUARY
1941
177
Central Banks—Continued
Assets
Reichsbank
(Figures in millions of
reichsmarks)
1929— Dec. 31
1930- Dec. 31
1931—Dec. 31
1932—Dec. 31
1933—Dec. 30
1934—Dec. 31
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Dec 30
Liabilities
Reserves of gold and Bills (and
checks),
foreign exchange
including Security
loans
Treasury
Total
Gold i
bills
reserves
2,283
2,216
984
806
386
79
82
66
71
71
2,687
2,685
1,156
920
396
84
88
72
76
76
78
1940—Jan. 31
Feb 29
Mar. 30
Apr. 30
May 31
June 29
July 31
Aug. 31
Sept 30
Oct. 31
Nov 30"
Dec 31P
77
77
78
78
77
77
78
77
78
.78
78
76
Securities
Eligible
as note
cover
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11, 392
251
256
245
176
183
146
84
74
60
45
30
259
445
349
221
106
557
804
11,143
11,825
12, 242
12,188
12, 569
12,611
12, 613
12,891
13, 206
13,069
13, 532
15, 419
33
37
31
31
31
25
28
31
16
31
26
38
374
172
144
221
142
143
114
56
50
56
51
32
Other
Other
assets
Note
circulation
Deposits
Other
liabilities
92
102
161
398
322
319
315
303
286
298
393
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11, 798
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
401
367
394
364
363
454
408
419
422
425
2,487
2,380
2,557
2,651
2,135
2,595
2,377
2,448
2,184
2,240
11, 505
11,877
12,176
12, 480
12, 594
12, 785
12, 750
13,026
12,847
12,937
13,198
14,033
1,628
1,559
1,760
1,714
1,470
1,854
1,620
1,608
1,795
1,610
1,706
2,561
1,382
1,422
1,509
1,338
1,253
1,266
1,248
1,287
1,314
1 352
«
(2)
p Preliminary.
1 Not shown separately on Reichsbank statement after June 15, 1939.
2
Figures not yet available.
NOTE.—For explanation of above table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83.
Central Bank
(Figures as of last report
date of month)
1940
Dec.
Nov.
National Bank of Albania (thousands of francs):
Gold
Foreign assets.- _.
Loans and discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchangeNegotiable Government bonds
Rediscounted paper
Other assets
__
Note circulation
Deposits—Member bank
Government
Other....
Foreign exchange sold forward
Other liabilities
1939
Oct.
Dec.
(Mar.) i
7,567
65,135
10,315
7,829
28, 419
46,830
15, 598
7,567
64,939
5,311
8,814
26, 316
44, 513
15, 802
1,120
216
209
21
217
1,164
394
148
3
8
65
1,224
171
281
192
1,191
428
175
7
14
53
Dec.
National Bank of Belgium (millions
of belgas):
Gold
Other gold and foreign exchange
. . .
Discounts
__
Loans.. .
__ __
Other assets
_
Note circulation
Demand deposits—Treasury
Other
Other liabilities
National Bank of Bohemia and M o ravia (millions of k o r u n y ) :
Gold 3
Foreign exchange
_
Discounts
Loans
Other assets
Note circulation . . . .
Demand deposits
Other liabilities
16,082
54,298
16,030
50,023
3,878
3,668
55,124 50,983
29, 747 30, 767
38,278 41, 386
118, 746 119, 279
61,919 61,619
4,979
28, 923
19,163
50,863
95,322
57, 275
(Jan.)i
171
5
617
526
421
735
164
171
5
634
490
410
712
177
16, 705
54,051
Nov.
1939
Oct.
Dec.
(June) i
4,329
3,594
2
70
1,170
511
1,036
6,690
14
273
139
635
977
228
••494
5,599
30
'174
124
1,430
751
294
263
1,602
799
900
995
5,749
6,345
1,054
2,648
6,265
1,126
Central Bank of Bolivia (thousands
of bolivianos):
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cashLondon balances
Loans and discounts
Securities
Deposits
_Note circulation
Bank of Belgian Congo (millions of
Belgian francs):
Gold
. .
Foreign (gold) exchange
__
Loans and discounts
Other assets
Note circulation
Deposits
Other liabilities
1940
Central Bank
(Figures as of last report
date of month)
Gold at home and abroad
...
Foreign exchangeLoans 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
(Sept.)i
99,445
72, 596
229, 345
430, 388
13, 640
20, 671
441,316
340, 594
84,176
93, 308
63,889
110,316
414,704
8,520
69, 691
368, 760
310, 773
80,894
2,006
4
1,472
2,749
3,373
2,756
6,262
3,119
2,980
2,006
4
1,782
1,870
3,393
1,475
4,245
3,834
2,450
r
Revised.
1 Latest month for which report is available for this institution.
Foreign exchange only; total gold holdings now included in item "Gold".
Gold revalued Sept. 28, 1940, at 0.0358 gram fine gold per koruny.
* Figures not yet available.
2
3
178
FEDERAL RESERVE BULLETIN
Central Banks—Continued
Central Bank
(Figures as of last report
date of month)
1940
Dec.
Bank of Canada (thousands of Canadian dollars):
Goldi
Sterling and United States exchange
38,429
Canadian Gov't. securities:
2 years or less
:48,440
Over 2 years
27, 323
Other assets
12, 386
Note circulation
359, 949
Deposits—Chartered banks
217, 738
Dominion Gov't
10,880
Other
9,515
Other liabilities
28, 496
Central Bank of Chile (millions of
pesos):
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):
30,616
Gold
Foreign exchange
12. 946
Loans and discounts
27, 200
Government loans and securities. 49, 270
Other assets
30, 668
Note circulation
62, 327
Deposits
51, 507
Other liabilities
National Bank of Denmark (millions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Discounts
Loans—To Government agencies
Other
__.
Securities
Other assets
Note circulation
Deposits
Other liabilities
Central Bank of Ecuador (thousands of3 sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt * (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securitiesOther assets
Note circulation
Deposits
Other liabilities
Nov.
1939
Oct.
Dec.
225, 677
82.967
64,325
45,133
:44, 565
41, 234
10,456
335, 487
231, 210
83, 791
13, 766
14.968
553
.42, 288
12,195
332, 355
221, 679
62, 684
5,962
15,491
.81, 897
49, 876
5,453
232,779
16, 996
46, 270
17, 852
13,330
146
132
746
392
41
1,031
146
119
746
393
44
146
123
750
289
17
950
195
51
180
198
49
168
128
96
151
32, 562
8,908
26, 427
47,122
31, 541
56, 591
54,180
35, 789
29, 525
13, 830
25, 311
47,099
36,071
55, 269
61, 494
35, 073
36,758
5,628
25, 723
37,053
32,153
60,411
46, 232
30, 674
117
10
383
11
37
62
161
473
718
343
192
364
13
43
70
158
415
715
283
190
26
162
334
208
98
600
191
162
t38,
Central Bank
(Figures as of last report
date of month)
(July) 2
51, 943
16, 300
60,113
25, 780
68, 735
46,121
39; 281
38, 897
1, 960
64,365
18, 869
69, 348
38, 513
16, 230
(Apr.) 2
6,544
2,729
8,141
6, 545
2,442
12,152
30, 608 29, 081
6, 995 6,214
25, 489 26, 445
2,392 2,633
18, 076 18, 463
9,060
13,214 13, 226 13, 211
1,778 3,039
1,503
2,624 2,688
2,875
6,057 5,969
5,011
1, 535 1,474
941
13,153 13, 337 15,317
4,550 5,929
4,840
7,184
7,192
3,643
1940
Dec.
Bank of Estonia (thousands of
krooni):
Gold and net foreign exchange
Loans and discounts
Other assets
Note circulation
..
Demand deposits
Other liabilities
Bank of Greece (millions of drachmas):
Gold and foreign exchange (net)..
Loans and discounts
Government obligations
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Hungary (millions of pengo):
Gold
Foreign exchange reserve
Discounts
Loans—To Treasury
Other
Other assets
Note circulation
Demand deposits
Certificates of indebtedness
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad..-.
Sterling securities
Indian Gov't. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department.-.
Balances abroad
Treasury bills discounted....
Loans to Government
Investments
Other assets
Deposits
Other liabilities
Bank of Japan (millions of yen):
Gold
Special foreign exchange fund....
Discounts
Loans—To Government
Other
Government bonds
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Java (millions of guilders):
Golds
Foreign bills
Loans and discounts
Other assets
Note circulation
Deposits
Other liabilities
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Loans and discounts
Other assets
Note circulation
Deposits
Other liabilities
Nov.
1939
Oct.
(July) 2
47,846
57, 399
47,437
88,492
28, 285
35, 905
Dec.
45, 133
54,498
34,856
64,445
36,441
33,603
5,413
3,685
16,394 13,079
4,049 4,207
3,583
1,896
12, 599 9,453
14, 305 11, 545
2,534
1,870
124
40
689
573
40
347
1,379
113
87
235
124
77
585
312
43
344
975
186
94
232
Sept.)
444
1, 315
496
326
2,292
444
1,075
383
642
2,359
290
344
12
632
118
186
55
92
12
63
34
313
130
501
300
499
3
187
3,228
503
3,874
843
147
357
501
300
645
3
110
2,923
453
3,636
718
127
453
501
300
825
3
285
2,593
382
3,818
557
176
338
244
18
149
115
207
284
36
206
20
126
129
203
239
38
(July)2
72
29
234
45
123
204
52
132
19
78
87
194
96
27
71
37
211
51
110
204
57
1
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July
1940, a pp. 677-678).
Latest month for which report is available for this institution,
s4 Gold revalued June 4, 1940, at 0.0602 gram fine gold per sucre.
Items for issue and banking departments consolidated,
s Gold revalued Sept. 21,^1940, at 0.4715 gram fine gold per guilder.
FEBRUARY
1941
179
Central Banks—Continued
Central bank
(Figures as of last report
date of m o n t h )
Bank of Lithuania (millions of litu):
Gold
____
_
Foreign exchange
_.
Loans and discounts
_.
Other assets
_
...
N o t e circulation
Deposits
Other liabilities
Netherlands Bank (millions of guilders) :
Gold 2
Silver (including subsidiary coin)
Foreign bills
Discounts
Loans
Other assets
N o t e circulation
Deposits—Government
Other
Other liabilities
Reserve Bank of N e w Zealand
(thousands of p o u n d s ) :
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
__..
Other assets
N o t e circulation
...
D e m a n d deposits
Other liabilities
Bank of Norway
(millions of
kroner):
Gold
Foreign assets
Total domestic credits
and
securities
Discounts
Loans
_
Securities
___
Other assets
Note circulation
D e m a n d deposits—GovernmentOther
_
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
N o t e circulation
Deposits
Other liabilities
Bank of Portugal (millions of
escudos):
Gold
_
Other reserves (net)
Non-reserve exchange
Loans and discounts
Government debt
Other assets
N o t e circulation
Other sight liabilities
Other liabilities
National Bank of Rumania (millions of lei):
Gold *
Special exchange accounts
Loans and discounts
_.
Special loans 6
__.
Government debt
Other assets
Note circulation
D e m a n d deposits
Other liabilities
South African Reserve Bank (thousands of pounds) :
Gold
Foreign bills
Other bills and loans
1940
Dec.
Nov.
1939
Oct.
(Aug.) :
67
11
182
83
187
111
46
1,123
15
Dec.
53
7
163
61
166
82
35
119
219
131
1,378
1,014
11
2
77
243
85
1,152
175
54
229
49
8, 823
2,802
8,929
2,802
8,718
26, 618
3,772
1,241
20, 584
20,171
2,501
28, 006
3,772
837
20,201
21, 784
2,361
22, 656
3,358
490
19, 292
16,434
2,297
(Mar.)
186
102
207
'99
599
9
112
54,
20,
129,
13,
136,
55.
26,
1, 232
565
641
454
1,033
1,093
2,768
1,242
1,009
42, 615
817
3
230
78
103
66
575
7
87
112
583 50,117
965 24,446
839 104,915
842
4,028
723 131,886
656 35,400
850 16, 221
1,222
533
578
468
1,033
1,081
2,790
1,131
993
920
536
230
453
1,036
1,256
2,550
871
1,010
32, 038
5,157
26, 584
775
9,974
14, 887
63,125
14, 680
11,611
20,768
5,177
23,813
1,229
10,059
13,252
48,800
10,366
15,132
39, 838
664
4
30,204
7,995
134
1940
Central bank
(Figures as of last report
date of m o n t h )
Dec.
South African Reserve Bank—Cont.
Other assets
Note circulation.
Deposits
Other liabilities
Bank of Sweden
(millions of
kronor):
Gold
Foreign assets (net)
Domestic loans a n d i n v e s t m e n t s .
Other assets
_
Note circulation
D e m a n d deposits
Other liabilities
Swiss National Bank (millions of
francs):
Golds
Foreign exchange
Discounts
Loans
Other assets
N o t e circulation
Other sight liabilities
Other liabilities
Central Bank of the Republic of
Turkey (thousands of pounds):
Gold
Foreign Exchange—Free
I n clearing accounts
Loans and discounts
Securities
Other assets
N o t e circulation
Deposits—Gold
Other
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos) :
Issue d e p a r t m e n t :
Gold and silver
Note circulation
Banking d e p a r t m e n t :
Gold?
Notes and coin
Advances to State a n d government bodies
Other loans and discounts._.
Other assets
Deposits
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
_
Foreign exchange
Loans and discounts
Government d e b t . .
National defense bills
Other assets
N o t e circulation
Other sight liabilities. _ _ „
Other liabilities
Bank for
International
Settlements (thousands of Swiss gold
francs 9 ):
Gold in bars
Cash on h a n d and on current
account with b a n k s
Sight funds at interest
Rediscountable bills a n d acceptances (at cost)
T i m e funds at interest
S u n d r y bills a n d i n v e s t m e n t s . . . .
Other assets
D e m a n d deposits (gold)
Short-term
deposits
(various
currencies):
Central banks for own account
_.
Other.
Long-term deposits: Special accounts
Other liabilities....
..
Nov.
1939
Oct.
Dec.
34,448 36, 969 20, 716
23, 534 20,962 20, 747
49, 802 52, 352 33, 905
4,397
4,547 4,162
345
801
674
455
815
331
774
700
900
1,437
404
865
679
301
645
509
1,422
424
2,164
876
171
39
272
2,150
1,097
274
2,262
362
105
90
663
2,050
789
642
'8, 348 36, 840
58
11, 359
224, 489
198,898
35, 314
296, 761
25, 546
346, 506
194,693
31, 644
392, 357
78, 250
98. 865
137, 266
77, 235
132, 963
86, 235 86, 235
93,108 93, 256
21, 453
46,934
49, 866
47,678
41, 574
92, 672
73,103
100,025
204, 867
112,4918
106, 385
90,145
197,118
2,485
472
1,692
3,073
5,907
2,928
12,924
2,816
816
1,988
731
2,223
3,067
558
3,755
9,698
1,718
907
41, 854 22, 608
39, 979 50, 415
15,167 11, 788
143, 587 160, 348
21, 393 9,960
221, 334 218, 910
2,345
5,674
33, 242 10, 298
28, 857 46, 471
3,050
3,142
229,001 229, 644
191, 511 190,147
' Revised.
Latest month for which report is available for this institution.
23 Gold revalued Mar. 31, 1940, at 0.4978 gram fine gold per guilder.
Figures not yet available.
* Gold revalued May 19,1940, at 0.0043 gram fine gold per leu.
*6 Agricultural and urban loans in process of liquidation.
Gold revalued May 31, 1940, at 0.2053 gram fine gold per franc.
7
Additional foreign gold reserves first reported in July 1940.
8
Includes advances to State and government bodies.
1
* See BULLETIN for December 1936, p. 1025.
180
FEDERAL RESERVE
BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date effective
United
Ger- BelKing- France many
gium
dom
In effect Sept. 15,
1936.
Sept. 25_
Oct. 2
Oct. 9
Oct. 16
Oct. 20
Nov. 26
Dec. 3
Jan. 28, 1937 .
June 15
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939
Apr. 17...
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940
Apr. 9
May 17
In effect Jan. 28,
1941
2
4
3
5
3
2
2
Neth- Sweerlands den
Switzerland
3
2
Albania
Argentina
Belgium
Bohemia and
Moravia ..-
2
Bolivia
British India
Bulgaria
Canada
Chile
Colombia
2A
4
6
5
4
Date
effective
Rate
Jan.
28
Central
bank of—
Date
effective
PA Mar. 21,1940 Japan
Mar. 1,1936 Java.
Jan. 25,1940 Latvia
Oct. 1, 1940
3.29
3
5
Lithuania.-. 6
3
Mexico
Apr.
Jan.
Feb.
July
Mar.
7,1936
14,1937
17,1940
15,1939
1,1937
3
5
2
C
Aug.
Nov.
Dec.
Mar.
Dec.
July
9,1938
28,1935
1, 1940
11,1935
16,1936
18,1933
Netherlands
New Zealand
Norway
Peru
_
Portugal
3
Aug. 29,1939
2
3
5
May
May
Aug.
Aug.
Oct.
May
Mar.
Oct.
Dec.
16,1940
26,1938
30,1939
1,1935
3,1934
3
Rumania
South Africa
4
Spain
Sweden
Switzerland.
Jan.
Apr.
Jan.
Oct.
May
4,1939
9,1940
4,1937
22,1940
18,1936
Turkey
United Kingdom
U. S. S. R...
Yugoslavia.
27,1940
13,1940
1,1940
11,1937
2
Denmark..
Ecuador
El Salvador. .
Estonia
Finland
4
2H
3
3
2A
2H
2
4
3
France
Germany
Greece
Hungary
Italy
4
3
3
2
3
2
2
4
7
3
4
2
3
Sept. 12,1940
May 15,1933
i Mar. 29,1939
May 17,1940
Nov. 26,1936
4
July
2
4
5
Oct. 26,1939
July 1,1936
Feb. 1,1935
1,1938
c
Corrected,
i Not officially confirmed,
Changes sin ce Dec. 31: none.
2
VA
2
Rate
Jan.
28
2
2
3
Central
bank of—
3
IK
OPEN MARKET RATES
[Per cent per annum]
Month
Bankers' Treasury
acceptances bills, 3
3 months
months
Bankers'
Day-to-day allowance
money
on deposits
A
1.03
y2
2.63
2.39
2.25
2.75
3-5
1.25
y2
H
\/
y*
2.50
2.50
2.50
2.38
2.38
2.38
2.38
2.31
2.25
2.25
2.03
2.08
2.16
1.90
1.98
1.98
1.73
1.77
2.03
1.87
1.85
1.58
1.35
1.68
1
2.20
2
2.64
2.50
2.49
2.75
i 3.21
2
3-5
3-5
3-5
3-5
2.25
2.25
2.83
3.00
2.68
2.75
L. 25
.25
.25
L.25
.41
.50
L. 50
1.50
1.50
1.31
1 25
.75
.75
.75
1.18
1.23
1.24
1940—Jan
Feb.
1.10
1.04
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.09
1.02
1.02
1.03
1.02
1.02
1.02
1.02
1.03
1.02
1.02
1.02
1.00
_ ...
June
July
Aug.
Sept.
Oct
Private
discount
rate
1.00
.55
.58
.67
.75
.68
.75
.99
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
4-3H
1
4
H
9i
H
X
A
.45
.63
3.15
.85
.13
.14
1.75
()
(2)
(2)
4.17
1.29
1.73
1.00
1.00
1.00
3.00
1.55
Loans
up to 3
months
H
y2
y2
H
l
1.96
May
Money
for
1 month
4.26
1.31
1.59
.37
1939—Dec.
Apr.
Private
Day-to-day discount
money
rate
Switzerland
7.79
5.48
8.69
4.80
5.18
4.21
3.07
2.79
2.65
2.58
2.19
5.15
2.01
4.96
.73
5.35
2.18
5.75
.89
1.05
.45
.57
Mar.
Private
discount
rate
Sweden
6.89
4.79
8.00
3.87
3.87
3.63
3.01
3.00
2.88
2.88
2.65
5.30
2.15
5.55
.82
.94
.29
.55
1929—Nov.
1930—Nov.
1931—Nov.
1932—Nov.
1933—Nov.
1934—Nov
1935—Nov.
1936—Nov.
1937—Nov
1938—Nov.
1939—Nov
.56
.59
.66
Netherlands
Germany
United Kingdom
.50
.50
3-5
2^-5
2^-5
2^-5
2.41
()
33^-53^2
/
/
3} 2~5} 2
3^-51^
3/^-53^
31^-51^
VA-^A
3.32
1.16
1.77
1.50
1.50
1.50
2.44
1.46
1.00
1.00
1.25
1 Figures are for period May 1-9, inclusive.
Nofiguresavailable.
NOTE.—Forfiguresfor other countries and references to explanation of table see BULLETIN for September 1940, p. 1018.
2
FEBRUARY
1941
181
COMMERCIAL BANKS
United Kingdom
l
(Figures in millions of
pounds sterling)
Cash
reserves
Assets
Money at
call and Bills dis- Treasury
deposit 2
short
counted receipts
notice
Liabilities
Securities
Loans to
customers
Other
assets
Deposits
Total
Demand3 Times
Other
liabilities
10 London clearing banks
1932—December.
1933—December.
1934—December.
1935—December
1936—December.
207
213
216
221
236
127
119
151
159
187
403
311
255
322
316
472
565
594
605
630
778
740
759
784
864
208
237
247
231
238
11 London clearing banks
1,983
1,941
1,971
2,091
2,238
991
1,015
1,044
1,140
963
900
910
924
216
244
251
231
232
5
1936—December.
1937—December.
1938—December.
244
244
243
195
163
160
322
300
250
635
635
890
984
971
249
256
2,315
2,330
2,254
1,288
1,284
1,256
1,012
1,026
997
245
252
1939—November.
December.
245
274
142
174
353
334
611
609
1,000
1,015
2,345
2,441
1,303
1,398
1,042
1,043
248
256
1940—January....
February..
March
April
May
June
July
August
September.
October....
November.
242
247
249
254
257
270
262
273
288
270
285
154
149
142
153
144
166
146
148
144
137
140
388
353
336
338
409
384
415
430
401
373
339
610
609
611
618
633
636
658
682
697
723
743
1,010
1,007
1,014
991
972
983
940
927
948
948
941
242
290
267
259
273
260
260
295
271
255
287
284
274
2,410
2,366
2,363
2,354
2,413
2,469
2,454
2,481
2,597
2,661
2,702
1,373
1,347
1,355
1,351
1,382
1,443
1,465
1,486
1,570
1,635
1,671
1,036
1,019
1,008
1,003
1,031
1,026
989
995
1,027
1,026
1,031
261
258
260
261
261
264
264
260
260
254
256
26
26
92
180
236
Liabilities
Assets
Canada
(10 chartered banks. End of month
figures in millions of Canadian dollars)
1932—December..
1933—December..
1934—December..
1935—December...
1936—December..
1937—December..
1938—December..
1939-November..
December..
1940—January
February...
March
April
May
__
June
July
August
September..
October
November..
Security
Entirely in Canada
loans
abroad
and net SecuriOther
ties
due
Cash Security loans
from
reserves loans and dis- foreign
counts banks
211
197
228
228
240
255
263
295
292
290
273
265
281
300
272
277
291
319
310
313
103
106
103
83
114
76
65
56
53
48
57
52
54
44
39
39
38
37
41
41
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.
1937—December.
1938—December.
1939—December.
1940—January...
February.
March «...
155
134
155
141
161
102
166
157
132
134
140
166
180
194
184
166
162
178
177
174
Note
circulation
Other
assets
778
861
967
1,155
1,384
1,411
1,463
1,665
1,646
1,654
1,638
1,599
1,592
1,617
1,583
1,576
1,569
1,563
1,520
1,513
439
432
449
485
507
510
474
475
490
466
476
451
488
475
469
454
440
474
467
457
115
121
124
111
103
96
88
89
85
82
90
Total
1,916
1,920
2,035
2,180
2,303
2,335
2,500
2,809
2,774
2,755
2,772
2,724
2,743
2,785
2,706
2,674
2,689
2,800
2,778
2,758
Cash
reserves
9,007
5,870
5,836
3,739
3,100
3,403
3,756
4,599
4,066
4,293
4,110
Due from Bills disbanks
counted
1,766
1,416
1,421
2,484
2,975
4,116
4,060
3,765
4,080
3,993
3,920
22,014
19,848
18,304
16,141
17,582
18, 249
21,435
29, 546
29,808
30,810
34,123
Demand
538
563
628
694
755
752
840
1,074
1,033
1,005
1,113
1,063
1,071
1,142
1,098
1,062
1,055
1,145
1,178
1,132
Other
liabilities
Time
1,378
1,357
1,407
1,486
1,548
1,583
1,660
1,735
1,741
1,751
1,659
1,661
1,672
1,643
1,609
1.613
1,634
1,655
1.600
1,626
760
725
718
745
790
785
782
851
842
827
829
836
840
818
814
802
783
786
786
781
Liabilities
Assets
France
(4 large banks. End of month figures
in millions of francs)
1,104
1,036
977
945
791
862
940
,102
,088
,073
,104
,115
,072
1,063
1,067
1,053
1,062
1,102
1,138
1,128
Deposits payable in Canada excluding interbank
deposits
Loans
7,850
8,159
8,025
7,631
7,624
7,592
7,546
7,756
7,579
7,499
Other
assets
1,749
1,827
1,717
1,900
1,957
2,134
1,940
2,440
1,745
1,849
1,961
Deposits
Total
37, 759
32,635
30,943
27,553
28,484
30,348
33,578
42,443
42,850
43, 737
46, 608
Demand
36,491
31,773
30,039
26,859
27,955
29, 748
33,042
41,872
42,302
43,195
46,064
Time
1,268
862
904
694
529
600
537
571
548
542
544
Own
acceptances
Other
liabilities
295
273
193
337
473
661
721
844
938
1,034
1,105
4,331
4,362
4,301
4,399
4,289
4,517
4,484
4,609
3,667
3,753
3,901
» Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month.
* Represents six-month loans to the Treasury at 1H per cent, callable by the banks in emergency under discount at the bank rate
3 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total.
* Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5.
e6 District Bank included beginning in 1936.
No figures available since March 1940.
NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699:
June 1935, pp. 388-390; and October 1933, pp. 641-646.
182
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Year or month
Argentina
(peso)
1933
1934
1935
1936
1937
1938
Australia
(pound)
Official
72. 801
33. 579
32. 659
33.137
1940—Jan....
Feb...
Mar...
April..
May._
June__
July...
Aug...
Sept...
Oct....
Nov.__
Dec...
Official
32. 597
30. 850
29. 773 322. 80
29. 772
29. 773
29. 773
29.773
29. 773
29. 773
29. 773
29.773
29. 773
29. 773
29. 773
29. 773
315. 82
315. 79
299. 50
280.90
260.80
287. 04
303.11
317.02
321. 47
321. 29
321. 57
321. 50
30.140
30.163
30.179
30.198
30.120
30.106
30.149
30.132
30.162
30.170
30.166
30.178
1933..
1934..
1935..
1936..
1937..
1938..
1939..
1940..
322. 80
322.80
322.80
322.80
322.80
322.80
322.80
322. 80
322.80
16. 834
16.859
16. 980
16. 891
16. 736
6 0562
6. 0569
6. 0574
6.0576
6.0488
6.0527
6.0575
6.0575
6. 0574
6. 0575
6. 0575
6.0575
FinDenland France
Egypt
mark
(mark(franc)
(krone) (pound) ka)
19.071
22.500
21. 883
22.189
22.069
21. 825
20. 346
19. 308
434. 39
516. 85
502.60
509. 68
506. 92
501. 30
478. 83
19. 304
19.310
19.311
__ 19. 307
Year or month
Poland
(zloty)
1933..
1934..
1935..
1936..
1937..
1938..
1939..
1940..
1940—Jan
Feb
Mar
April
May
June
July
Aug
Sept
Oct
Nov
Dec
Canada (dollar)
31.816 1.0039
37.879 1. 2852
36.964 1. 2951
37. 523 1. 2958
37. 326 1. 2846
36. 592 1. 2424
33. 279 1.2111
30.155
90. 909
Year or month
1940—Jan
Feb
Mar
April
May
June
July
Aug
Sept
Oct
Nov
Dec
Bulgaria
(lev)
337. 07 17.900 7. 9630
400. 95 23. 287 8. 4268
388.86 18. 424 8. 2947
395. 94 16. 917 8. 5681 5. 8788
393.94 16. 876 8. 6437
389. 55 16. 894 5. 8438
353. 38 16. 852 6.0027 5. 1248
305.16 16. 880 6. 0562 5. 0214
32.959
1940
Free
Brazil (milreis) British
India
Official Free (rupee)
Belgium
(belga)
In cents per unit of foreign currency]
14. 414
18.846
18. 882
18. 875
18. 923
18. 860
18. 835
.__
5.0132
5.0237
5. 0269
5.0291
5.0232
5.0329
5. 0259
5.0219
5. 0107
5.0153
5. 0156
5. 0169
GerHunmany Greece Hong
Kong
gary
(reichs- (drach(pengo)
(dollar)
m
a
)
mark)
91.959 7. 6787
101.006 10.1452
99. 493 5.0833
99.913 5.1240
100.004 5.1697
99. 419 5.1716
96. 018 5.1727
85.141 5.1668
4.0000
4.0000
4.0000
4.0000
5.1670
5. 1655
5. 1650
5. 1649
5.1670
5.1678
5. 1678
5. 1680
5.1680
5.1680
5.1663
5.1665
4. 0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4. 0000
4.0000
4.0000
4.0000
4. 0000
88.018
86.654
82. 883
84. 238
80. 970
80. 072
86. 924
86.865
85. 469
86. 318
86. 922
86. 563
28. 598
34. 094
36. 571
29. 751
29. 606
21. 360
11.879
6.000
81. 697
61. 780
56 011
57.083
56. 726
55.953
57.061
57.085
7.833
7.012
6.409
5.992
57. 205
57. 264
57.130
56.990
57. 046
57. 220
57 096
56. 985
56. 985
56.985
57. 000
57.132
5.760
6.048
5.476
5.206
5.682
5.845
5.690
3. 8232
4.2424
4.1642
4. 0078
3. 4930
3 4674
3. 4252
Italy
(lira)
Japan
(yen)
New
NetherMexico lands
Zealand Norway
(peso) (guilder) (pound) (krone)
30. 518
39.375
40. 258
40. 297
40. 204
40.164
40.061
40.021
.7233
.9402
.9386
.9289
.9055
.8958
.8153
.6715
29.452
38.716
48. 217
31. 711
30. 694
30.457
27.454
22.958
22.360
29. 575
29.602
29. 558
19. 779
19. 727
19. 238
18. 475
6. 7094
8.5617
8. 2471
7. 2916
5.2607
5. 2605
5.1959
5.0407
25.648
29. 715
28.707
29.022
28.791
28.451
25.963
23. 436
28.103
27. 742
27. 778
27. 760
27.750
22.122
19.303
18. 546
51. 721
67. 383
67. 715
64.481
55. 045
55.009
53. 335
53.128
340.00
402. 46
391. 26
398 92
396.91
392. 35
354.82
306. 38
21. 429
25. 316
24. 627
24. 974
24.840
24. 566
23. 226
22. 709
2. 2461
2. 2459
2.1296
1.9980
1. 8516
2.0052
40.118
40.117
40.114
40.115
40.025
39.965
39. 978
39. 951
39. 926
39. 975
39. 983
39. 982
.7155
.7176
.7007
.6546
.6270
.6529
.6654
.6628
.6602
.6602
24.629
24. 572
23. 247
21. 834
20. 288
22. 388
23. 582
22. 510
22. 623
23.077
23. 396
23. 585
17.586
17.605
17. 592
17. 586
17. 582
17. 591
18. 481
19.370
19. 367
19. 364
19. 505
19. 770
5.0470
5.0467
5.0470
5.0452
5.0426
5. 0361
5.0323
5.0334
5.0357
5.0389
5.0396
5.0439
23.438 16. 663
23.438 16.654
23.438 16. 652
23. 438 16. 656
23.438 16. 654
23. 432 18. 365
23. 432 19. 913
23. 431 19. 988
23. 435 19. 941
23. 439 20. 331
23.439 20.400
23. 439 20.448
53.208
53.137
53.101
53.082
53.079
317.09
317.06
300. 72
282.05
261.87
288.19
304.32
318. 25
322. 74
322. 55
322. 82
322. 75
22. 706
22.709
22. 712
22. 707
Portu- Ruma- South Spain
Africa
gal
nia
(escudo) (leu) (pound) (peseta)
3. 6259
3. 6228
3. 4985
3.4090
3. 2650
3. 5969
.8021
3.8311
3. 9629
3. 9841
3. 9849
3. 9915
China
Czecho(yuan Colomslovakia
bia
Shang- (peso)
(koruna)
Official Export hai)
5.0313
6. 5688
6.6013
6.1141
2.1811 4.0460
2.1567 2. 8781
1.9948 2. 5103
1. 8710 2.0827
1.8708
2. 2277
2.1627
2.1903
1.8156
1. 7078
1. 5252
1. 7743
1. 8961
1. 9776
1.9643
1. 9691
1. 9619
1. 9652
1. 9482
1. 9472
3.9165
4.6089
4. 4575
4. 5130
4.4792
4. 4267
4 0375
3.7110
90.909
90.909
90. 909
90. 909
90. 909
90. 909
90. 909
90.909
90.909
90.909
Free
Chile (peso)
.7795
1.0006
.9277
.7382
.7294
.7325
.7111
United Kingdom Uruguay (peso)
Straits
(pound)
Switzer- Turkey
Settle- Sweland
den
ments (krona)
(pound)
Con- Non-con
(franc)
(dollar)
Official
Free trolled
trolled
414.98
498. 29
484. 66
491. 65
489. 62
484.16
440.17
397.99
10. 719
13.615
13. 678
12. 314
6.053
5.600
10. 630
9.322
49. 232
59.005
57.173
58.258
57. 973
56.917
51. 736
46. 979
22.032
25.982
25. 271
25. 626
25.487
25.197
23.991
23. 802
24. 836
32. 366
32. 497
30.189
22. 938
22.871
22. 525
22. 676
397.86
398. 00
398.00
398.00
398.00
398.00
398.00
398.00
398. 00
398. 00
398. 00
398.00
9.950
9.950
9.814
9.144
9.130
9.130
9.130
9.130
9.130
9.130
9.131
9.132
46.484
46. 483
46. 750
47.136
47.119
47.114
47.113
47.116
47.102
47.101
47. 100
47.100
23. 806
23. 807
23. 816
23. 691
23. 791
23. 804
23.836
23. 813
23. 810
23. 814
23. 818
23. 824
22. 419
22.418
22. 417
22. 418
22. 253
22. 461
22. 684
22. 755
22. 784
23.148
23. 202
23. 201
403. 50
423. 68
503. 93
490.18
497.09
494. 40
488. 94
443. 54
383. 00
60.336
79.956
80. 251
79.874
79.072
64. 370
62.011
65. 830
403. 50
403. 50
403. 50
403. 50
403. 50
403.50
403. 50
403. 50
403. 50
403. 50
396. 39
396.34
375.91
352. 59
327.36
360.16
380.47
397.88
403.42
403. 26
403.56
403. 50
65.830
65. 830
65.830
65.830
65.830
65. 830
65.830
65. 830
65. 830
65. 830
65. 830
65. 830
60.440
79.047
80. 312
80. 357
80.130
80.109
80. 243
36.789
37. 601
36.360
37.466
38. 839
39.090
37. 714
35. 956
34. 939
36. 366
37. 629
38. 994
39. 480
Yugoslavia
(dinar)
1. 7607
2. 2719
2. 2837
2. 2965
2. 3060
2.3115
2. 2716
2. 2463
2.2595
2. 2560
2. 2485
2. 2444
2. 2473
2. 2441
2. 2439
2. 2436
2. 2436
2.2436
2. 2409
2. 2407
NOTE.—Developments affecting averages during 1940: No rates certified as follows: Hungary—Jan. 27-Feb. 8; Rumania—since Jan. 31; S p a i n Mar. 30-Apr. 1; Denmark and Norway—since Apr. 8; Belgium and Netherlands—since M a y 9; France—since June 15; Greece—since Oct. 27. Official
rate for Canada, United Kingdom, and Australia first reported in addition to free rate beginning Mar. 22, Mar. 25, and Apr. 1, respectively.
Changes in nominal status during 1940 noted only if affecting quotations for at least five days a month. Quotations commenced being nominal
as follows: Apr.—Sweden; June—Italy. Quotations ceased being nominal as follows: Mar.—British India; Apr.—Finland; May—New Zealand;
July—Sweden.
For further information concerning the bases and nominal status of exchange quotations, and concerning temporary suspensions of quotations
prior to 1940, see BULLETIN for February 1940, p. 178; September 1939, p . 831; March 1939, p . 236; March 1938, p. 244.
FEBRUARY
1941
183
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
Canada
United
Kingdom
France
Germany
Italy
(1926=100)
(1926=100)
(1930=100)
(1913=100)
(1913=100)
(1928=100)
1926
100
100
i 124
695
134
1930
1931
1932
1933
1934
1935
1936
1937.
1938
1939
1940
86
73
65
66
75
80
81
86
79
77
79
87
72
67
67
72
72
75
85
79
75
100
88
86
86
88
89
94
109
101
103
137
554
500
427
398
376
338
411
581
653
2 681
125
111
97
93
98
102
104
106
106
107
110
1939—December...
79
82
122
1940— January
FebruaryMarch
April
MayJune
July
August
SeptemberOctober
November...
December...
79
79
78
79
78
78
78
77
78
79
80
80
83
83
83
83
82
82
82
83
83
83
84
125
128"
129
132
134
134
140
140
141
143
147
148
Year or month
.
Netherlands
(1926-30
=100)
Japan
(October
1900=100)
Sweden
(1935=100)
Switzerland
(July 1914
=100)
237
106
i 126
144
181
153
161
180
178
186
198
238
251
278
311
90
76
65
63
63
62
64
76
72
74
i 103
194
192
190
i 96
100
102
114
111
115
126
110
96
91
90
90
96
111
107
111
108
314
85
132
125
108
108
109
110
110
110
111
111
111
111
111
111
320
317
312
314
312
308
306
306
308
310
310
312
86
88
88
88
89
136
138
140
141
142
143
146
146
148
154
128
130
132
134
135
139
141
146
152
156
85
75
70
63
62
68
76
89
95
2 97
(6)
12 Approximate figure, derived from old index (1913=100).
Average based on figures for 8 months for France, 7 month? for Italy.
3
No data available since August 1939, when figure was 674.
4
No data available since July 1939, when figure was 96.
5
No data available since May 1940.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
United Kingdom
(1930=100)
Year or month
Farm
products
1926
Foods
Other
commodities
Foods
IndusIndus- AgriculFarm
tural
trial
trial
and food
products products products products
100
100
88
65
48
51
65
79
81
86
69
65
68
91
75
61
61
71
84
82
86
74
70
71
85
75
70
71
78
78
80
85
82
81
83
100
89
88
83
85
87
92
102
97
98
100
87
85
87
90
90
96
112
104
106
1939—D ecember
68
72
84
118
124
1940—January
February
March
April
May
June
July
August
September. _ _ _ _ _ _
October
November.
December
69
69
68
69
68
66
67
66
66
66
68
70
72
71
70
72
71
70
70
70
72
71
73
84
83
83
83
83
82
82
82
82
84
84
84
122
126
124
126
128
130
134
136
140
143
143
127
129
131
135
136
136
142
142
142
142
149
Provisions
Industrial raw Indusfinand semi- trial
ished
finished
products products
581
793
129
132
130
150
526
542
482
420
393
327
426
562
641
1653
579
464
380
380
361
348
397
598
663
i 707
113
104
91
87
96
102
105
105
106
108
111
113
96
86
75
76
84
86
96
91
193
120
103
89
88
91
92
94
96
94
95
99
150
136
118
113
116
119
121
125
126
12"6
129
0)
108
97
127
108
108
110
111
112
112
112
112
111
110
111
111
98
98
99
98
98
98
98
99
99
99
99
100
127
127
128
128
128
129
130
131
131
CO «
100
1930
1931
1932
1933
1934 __
1935
1936
1937
1938
1939
1940
74
Germany
(1913=100)
France
(1913=100)
131
12 Average based on figures for 8 months.
No data available since August 1939, when figures were 616 and 726 respectively for France, and 92 for Germany.
Sources.—See BULLETIN for March 1935, p. 180, and March 1931, p. 159.
184
FEDERAL RESERVE BULLETIN
Price Movements—Continued
COST OF LIVINGi
RETAIL FOOD PRICES
[Index numbers]
[Index numbers]
Year or
month
United
GerNether- SwitzUnited
Kingmany
lands
erland
France
States t
dom
(1935-39 (Julyl914 (Julyl914 (1913-14 (1911-13 (Junel914
=100)
=100)
=100)
=100)
=100)
=100)
1932
1933
1934
1935
1936
1937
1938
1939
1940
125
117
115
114
120
130
130
132
United
United
KingFrance
States i
dom
(1935-39 (July 1914 (1930
=100)
=100)
=100)
Year or
month
87
84
94
100
101
105
98
95
126
120
122
125
130
139
141
141
536
491
481
423
470
601
702
»742
116
113
118
120
122
122
122
123
119
120
124
118
120
127
130
130
1939-December.
95
157
o
123
137
138
1939-December.
1940-January
February..
March
April
May
June
July. . . .
August
September
October.,.
November
December-
95
97
96
96
97
98
97
96
97
96
96
97
157
161
161
158
159
158
168
164
166
169
172
124
124
126
127
129
129
131
133
130
127
126
138
140
141
139
139
140
142
143
145
145
146
149
152
1940-January .
February.
March
April
May. .
June
July
August
September
October...
November
December-
(7)
1932
1933
1934
1935
1936
1937
1938
1939
1940
GerNether- Switzmany
lands
erland
(1913-14 (1911-13 (Junel914
=100)
=100)
=100)
98
92
96
98
99
103
101
99
P100
144
140
141
143
147
154
156
158
184
91
87
83
78
86
102
117
i 122
121
118
121
123
125
125
126
126
141
139
140
136
2 132
137
139
140
138
131
129
128
130
137
137
138
100
173
CO
126
146
142
127
127
129
129
130
131
132
133
132
130
130
146
148
149
149
149
144
145
145
147
148
150
151
151
153
157
100
101
100
PIOO
P100
101
174
177
179
178
180
181
187
185
187
189
192
195
P159
p Preliminary.
1 Revised series. Monthly data back to 1935 for retail foods and quarterly data back to 1933 for cost of living may be obtained from the Bureau
of Labor Statistics.
23 Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Average based on figures for 8 months.
* Average based on two quarterly quotations.
6
No
data available since August 1939, when figure was 749.
8
No data available since May 1939, when figure was 123.
7
No
data
available since March 1940.
8
No data available since May 1940.
Sources— See BULLETIN for October 1939, p. 943, and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States
(average
price) !
United
France
Kingdom
(December (1913=100)
1921=100)
Number of issues..
60
1926
97.6
110.0
57.4
1932
1933
1934
1935
1936
1937
1938
1939
1940
69.5
73.4
84.5
88.6
97.5
93.4
78.9
81.6
82 0
82.1
82.4
82.2
82.1
82.5
79 4
78.5
81.2
81.5
82.7
83.6
83.9
84.0
113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118 3
88.6
81.3
82.1
83.5
76.3
75.1
77.3
4 84.9
1939—December...
1940—January
February. __
March
April
May
June
July
August
SeptemberOctober
November
December...
87
112.4
117.6
119.9
119.8
119.4
116 8
113.4
116.4
117.8
117.9
119.2
119.9
121.0
36
(5)
Common stocks
(1926=100)
Germany
(average
price)
139
3
67.1
82.5
90.7
95.3
95.8
98.7
99.9
99.0
Netherlands *
8
94.8
105.3
113.4
107.8
109.1
2 101.8
105 9
90 9
United
States
United
Kingdom
Germany
420
278
300
329
100.0
100.0
100.0
100.0
48.6
63.0
72.4
78.3
111.0
111.8
83.3
89.2
83.6
67.9
78 6
85 7
86.3
97.0
96.3
80 8
75.9
70 8
105.2
99 6
83 3
79 7
77.2
97 4
89.7
*98.2
99.0
77.2
91.8
75.7
99.1
99.6
99.9
100.2
100.7
100.8
100.8
100.9
101.0
101.7
101.9
77.9
76.7
76.4
74.2
92.7
91.5
91.5
92.9
83 0
73.3
76! 1
77.5
80.9
81.4
82.1
80.4
75.7
77.1
77.9
77.4
73 1
64.9
63.5
65.6
66.2
68.1
70.2
70.2
(6)
France
(5)
3
50. 3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
97.8
101 0
103.1
106 6
109 3
112 2
112 6
112.8
115 9
120.8
125 1
127 7
Netherlands
(1930=100)
100
46
52
55
55
66
104
96
90
84.3
85.4
84.7
85.7
83.9
(7)
94.3
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, 19?9-1936, 1929=100; average yield in base year was 4.57 per cent. For new index
beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent.
3 Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19, 1931, to Apr. 11, 1932. Index for 1931 represents average of months JanuaryJune;
index for 1932 represents average of months May-December.
4
Average based on figures for 8 months.
56 No data available since August 1939, when figures were 82.9 and 94.0 for bonds and common stocks, respectively.
No data available since April 1940.
7
No data available May—August.
Sources— See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
FEBRUARY 1941
185
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
BOOKS AND PAMPHLETS
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. (Also monthly).
Thursday:
Condition of the Federal Reserve Banks.
Assets and Liabilities of Reporting Member
Banks in Central Reserve Cities. (Also a part
of statement of Condition of Reporting Member
Banks in 101 Leading Cities released on following Monday).
Friday:
Weekly Department Store Sales.
(Partial List)
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a copy and in paper cover without charge. 128 pages.
FEDERAL RESERVE CHART BOOK. Charts on Bank
Credit, Money Rates, and Business. Data available
as of June 14, 1940, are plotted on the latest edition.
Price 50 cents per copy.
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BOOK. 115 Charts.
per copy.
October, 1940. Price $1.00
DIGEST OF RULINGS—to October 1, 1937. Digests
of Board rulings, opinions of the Attorney General
and court decisions involving construction of the
Federal Reserve Act, together with compilation showing textual changes in the Act. Price $1.25 per
copy. 683 pages.
CONSTITUTIONALITY OF LEGISLATION PROVIDING A
UNIFIED COMMERCIAL BANKING SYSTEM FOR THE
UNITED STATES.
Opinion of the Board's General
Counsel. 21 pages. March 1933.
PROBLEMS OF BANKING AND BANK SUPERVISION.
MONTHLY
Federal Reserve Bulletin—released the first part
of the month; subscription price $2.00 per annum, single copies 20 cents, in the United States,
its insular possessions, Canada, Mexico, the
Central American countries, and most South
American countries; elsewhere, $2.60 per annum, single copies 25 cents.
Brokers' Balances—released about the 20th of the
month.
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 18th of the month.
Business Indexes—released about the 18th of the
month.
Bank Debits—released between the 6th and 12th
of the month.
Foreign Exchange Rates—released about the 1st
of the month.
Department Store Sales by Federal Reserve Disstricts and by cities. Released about the 22nd
of the month.
QUARTERLY
Excerpts from the 1938 Annual Report. 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. 20 pages. Novem-
ber 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. 31 pages. July 1935.
ANALYSES OF THE BANKING STRUCTURE—As of
December 31, 1935. Number, deposits, and loans and
investments of banks classified by size of bank and
town and by other factors. 33 pages. August 1937.
THE PAR COLLECTION SYSTEM OF THE FEDERAL
RESERVE BANKS, by George B. Vest—reprint of
article, 8 pages, February 1940.
OWNERSHIP AND UTILIZATION OF THE MONETARY
GOLD STOCK—reprint of article, 3 pages, May and
June 1940.
NEW FEDERAL RESERVE INDEX OF INDUSTRIAL PRO-
DUCTION—reprint of article, 77 pages, August 1940.
THE GOLD STOCK—reprint of article, 2 pages, September 1940.
MEASUREMENT OF PRODUCTION—reprint of article,
Member Bank Call Report—3 or 4 times a year 16 pages, September 1940.
depending upon number of calls for condition
GOLD RESERVES OF CENTRAL BANKS AND GOVERNreports. Released about two months after call MENTS—reprint of article, 18 pages, September
date.
1940.
ANNUALLY
DEVELOPMENT OF FEDERAL RESERVE BANKING, by
M. S. Szymczak—reprint of article, 8 pages, DecemList of Stocks Registered on National Securities ber 1940.
ECONOMIC PREPAREDNESS FOR DEFENSE AND POST
Exchanges. Supplements issued each quarter.
DEFENSE PROBLEMS, by Marriner S. Eccles—reprint
25 cents for list and supplements.
of article, 8 pages, January 1941.
Bank Debits—released ordinarily in February.
SPECIAL REPORT TO THE CONGRESS, December 31,
Annual Report. Issued early in year; covers pre1940. 2 pages, January 1941.
ceding calendar year.
186
FEDERAL RESERVE BULLETIN
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM,
Vice Chairman
M. S. SZYMCZAK
JOHN K. MCKEE
CHESTER C. DAVIS
ERNEST G. DRAPER
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Directory Division of Research and Statistics
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
EDWARD L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
0. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL ADVISORY COUNCIL
FEDERAL OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
CHESTER C. DAVIS
WILLIAM A. DAY
ERNEST G. DRAPER
JOHN K. MCKEE
ROBERT S. PARKER
RONALD RANSOM
GEORGE J. SCHALLER
JOHN S. SINCLAIR
M. S. SZYMCZAK
Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
FEBRUARY 1941
ROBERT M. HANES
RYBURN G. CLAY
EDWARD E. BROWN
St. Louis District
Minneapolis District
Kansas City District
Dallas District
S. E. RAGLAND
LYMAN E. WAKEFIELD
W. DALE CLARK
R. E. HARDING
San Francisco District
PAUL S. DICK
GEORGE L. HARRISON
WILLIAM F. KURTZ
B. G. HUNTINGTON
President
CHESTER MORRILL,
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
R. G. ROUSE, Manager of System Open Market
Boston District
New York District
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
WALTER LICHTENSTEIN, Secretary
Account
187
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal
Reserve
Bank of—
Chairman and
Federal Reserve
Agent
Deputy Chairman
Boston
Frederic H. Curtiss___ Henry S. Dennison
New York
Beardsley Ruml
First Vice President
President
Edmund E. Day
Vice Presidents
Roy A. Young
William W. Paddock
William Willetti
Allan Sproul
Leslie R. Rounds
Ray M. Gidney
Walter S. Logan
James M. Rice
Robert G. Rouse
John H. Williams
Philadelphia-
Thomas B. McCabe.- Alfred H. Williams.... John S. Sinclair
Frank J.- Drinnen
W. John Davis
Tfrnoct C* TTill
Clarence A. Mcllhenny1
Frank J. Zurlinden
_ William H. Fletcher
Reuben B. Hays
William F. Taylor J
George H. Wagner
Cleveland
George C. Brainard... Reynold E. Klages
Richmond
Robert Lassiter
William G. Wysor.... Hugh Leach
John S. Walden, Jr
Atlanta
Frank H. Neely.
Joe Frank Porter
William S. McLarin, Jr.__ Malcolm H. Bryan
Harry F. Conniff
Frank J. Lewis
Clifford V. Gregory _ _ George J. Schaller
Chicago
__
St. Louis
Robert 8. Parker
Roger B. Shepard. ___ John N. Peyton
Kansas Oity__. Robert B. C aid well.. . John J. Thomas
_. James H. Merritt
Howard P. Preston
Jay Taylor
Robert R. Gilbert
_ James H. Dillard
William H. Snyder»
Clifford S. Young
Ernest W. Swanson
Harry I. Ziemer8
Oliver S. Powell
__ George H. Hamilton
John G. Fry
George H. Keesee»
Olin M. Attebery
Clarence M. Stewart »
William McC. Martin.. F. Guy Hitt
William T. Nardin.... Oscar G. Johnston
Minneapolis ... Walter C. Coffey
Dallas
Matthew J. Fleming
Carroll A. Worthington.. James W. Helm a
Harold G. Leedy
Ethan B. Stroud
Robert B. Coleman
William T "EVanc
Walter 0. Ford 1
San Francisco . Raymond C. Force
St. George Holden
William A. Day
_____ Cecil E. Earhart»
Ira Clerk
William TVtf TTnlo
Richard B. West
i Cashier.
»Also cashier.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Managing Director
Federal Reserve Bank of—
New York:
Buffalo Branch
Cleveland:
Cincinnati Branch
Pittsburgh Branch
Richmond:
Baltimore Branch
Charlotte Branch
Atlanta:
Birmingham Branch
Jacksonville Branch
Nashville Branch
New Orleans Branch
Chicago:
Detroit Branch
St. Louis:
Little Rock Branch
Louisville Branch
Memphis Branch
188
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
___
_
Harlan J. Chalfont
Managing Directoi
Federal Reserve Bank of—
Minneapolis:
Helena Branch
Kansas City:
Denver Branch
Oklahoma City Branch
Omaha Branch
Dallas:
El Paso Branch
Houston Branch
San Antonio Branch
San Francisco:
Los Angeles Branch
Portland Branch...
Salt Lake City Branch
Seattle Branch
___ Robert E. Towle
Joseph E. Olson
__ George H. Pipkin
Lloyd H. Earhart
_
_
___ Joseph L. Hermann
William D. Gentry
Miers Crump
_
_
W. Norman Ambrose
David L. Davis
Winnie L. Partner
Clarence R. Shaw
Arthur F. Bailey
Charles A. Schacht
_._ William H. Glasgow
FEDERAL RESERVE BULLETIN
@FedFRASER