Full text of Federal Reserve Bulletin : February 1942
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FEDERAL RESERVE
BULLETIN
FEBRUARY 1942
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
^CONTENTSPAGE
Review of the Month—Treasury Finance and the New Budget
95-101
From a Legal Standpoint:
Executive Officers' Loans
iox
Consumer Credit
102.-101
Censorship
Government Contracts
War Production Board
Foreign Funds Control
103-105
105-108
108-109
109-113
Current Events
114
Directors of Federal Reserve Banks and Branches
115-114
National Summary of Business Conditions
12.5-12.6
Financial, Industrial, Commercial Statistics, U. S. (See p. 117 for list of t a b l e s ) . . . . 117-170
Changes in Number of Banks and Branches in the United States
171
Earnings and Expenses of Federal Reserve Banks during 1941
172.-173
International Financial Statistics (See p. 175 for list of tables)
175-191
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory
Council
191
Senior Officers of Federal Reserve Banks; Managing Directors of Branches
193
Map of Federal Reserve Districts
194
Federal Reserve Publications (see inside of back cover)
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Whiter I.jnJscjpt, a mural painting by Jessie Hall Mayer in the United States Post Office,
Canton, Missouri, executed under the direction of the Section of Fine Arts, Federal Works
Agency.
river.
The mural shows a hillside farm and the town of Canton lying below beside the
Canton is a farming center in a region whose natural beauty is typical ot the
Middle West.
It lies on the Mississippi in .Northeastern Missouri,
k is In the Eighth
Federal Reserve District, which is served bv the Federal Reserve Bank of St. Louis.
FEDERAL RESERVE BULLETIN
VOLUME X8
February 1942
NUMBER 2-
TREASURY FINANCE AND THE NEW BUDGET
Government expenditures, which were
doubled in 1941 as compared with 1940,
will show further great expansion in the
next two years. This was made clear in
the Budget Message presented by the President to the Congress, when it convened in
January i94x. Amounts provided for war
expenditures are far in excess of any previously known. Treasury receipts increased
considerably last year, as the result of rising
national income and the imposition of new
and higher taxes, and further increases are
expected, but the growth—actual and expected—is not as large as that in expenditures. Consequently, the public debt will
continue to increase rapidly.
Direct and guaranteed obligations of the
Government in the hands of the public increased by about 11 billion dollars in the
calendar year 1941, compared with an
increase of 2.5 billion in 1940. Special
efforts were made in 1941 to sell Government securities to investors other than
banks. In 1940 and the early months of
1941 about two-thirds of the increase in
privately-held direct and guaranteed Government debt was accounted for by the
growth of bank portfolios, whereas in the
latter half of 1941 holdings of investors
other than banks absorbed about fourfifths of the increase in the privately-held
debt. In 1941 the Treasury discontinued
the issuance of tax-exempt securities. Prices
of outstanding Government securities rose
FEBRUARY 1941
to new high levels in the course of the year,
but declined after the entry of this country
into the war, and were slightly lower at
the close of 1941 than at the end of 1940.
THE WAR BUDGET
The Budget submitted on January 7,
1942., contains revised estimates for the
current fiscal year and the first estimates for
the fiscal year 1943. It was pointed out
in the Budget Message that these estimates
are tentative, since the details of a war
program are subject to constant change.
Defense expenditures are estimated at X4
billion dollars for the current fiscal year
and at about 53 billion for the fiscal year
1943. These figures exclude defense expenditures to be financed by the Reconstruction Finance Corporation and other
Goverment corporations. Total budget
expenditures, including those for the civil
functions of the Government, are estimated
at about 31 billion in the current fiscal year
and 59 billion in the fiscal year 1943. Expenditures and receipts of the Government
for recent years with budget estimates for
the coming year are shown in the table on
the following page.
Under the present Federal tax laws, net
budget receipts are expected to total iz
billion dollars and about 16 billion in the
two fiscal years, 1942. and 1943. This would
leave deficits of 19 billion in the current
fiscal year and 42. billion in 1943, com-
95
REVIEW OF THE MONTH
trust funds are estimated under present law
at 2. billion dollars in the fiscal year i94x
and at 2..8 billion in the fiscal year 1943.
Budget
expenditures
In the Budget Message, the President recomBudmended additional social security contribuNet reget
ceipts
deficit
Nations of 2. billion dollars in the fiscal year
tional
Total
de1943 to cover outlays in future years under
fense
an expanded social security program.
As a consequence of the investment of
1940
1,607
Jan.-June
2,911
916 4,518
trust
funds and the retirement of guaranteed
2,216
5,141
1,767
2,925
July-Dec...
obligations, the increase in the total
Jan .-June...
2,887
4,313
7,570
4.683
July-Dec....
8,214 11,483
7,317
4,166
amount of privately-held direct and guar1942
anteed Government securities may be as
Jan .-June ..
15,783 19,093
7,778 11,315
much
as 9 billion dollars less than the inFiscal years ending June 30:
6,080 12,711
7,607
5,103
1941
crease
in the gross debt estimated for the
23,997 30,576
11,944 18,632
19422
52,786 58,928 3 23,487 35,441
fiscal years i94x and 1943. Some of the in1943
Figures do not include net social security employment taxes,
creased debt will be provided for by the sale
which are appropriated directly to the Federal old-age and survivors
insurance trust fund and are invested in special issues of Government
of nonmarketable issues, such as savings
securities.
As estimated in President's Budget Message.
Includes 7 billion dollars of receipts from proposed tax legislation.
bonds and tax anticipation notes, reducing
further the amounts that will need to be
pared with 5 billion in the year ending raised by sales of securities in the open
June 30, 1941. The President recommends market.
new tax legislation to yield 7 billion dollars
The Budget gives no estimates of receipts
in the fiscal year 1943, which would reduce from sales of savings bonds and tax notes.
the deficit in that year to 35 billion.
In the first six months of the current fiscal
The gross direct debt of the Federal year, net sales of savings bonds amounted
Government will increase by larger amounts to 1.8 billion dollars, and the rate of sales
than these deficits in budget accounts, be- has been increasing in recent months.
cause net expenditures by Government Net sales of tax notes amounted to 2.-5
corporations will be met by direct debt billion dollars in the past half year. Most
issues and because maturing and called of these notes will be redeemed through the
guaranteed securities will be replaced by payment of taxes in the current calendar
direct securities. These transactions will year, but sales of the new tax notes will
result in further increases in the direct probably be larger, so that there will be
debt of about 3 billion dollars and 4 billion, some increase in the outstanding amount.
respectively, in the two fiscal years. The
BUDGET EXPENDITURES
gross direct debt, therefore, is estimated to
increase by almost -TL billion dollars in the Estimated expenditures of 59 billion
current fiscal year and by 40 billion in dollars for the fiscal year 1943 are nearly
1943 to a total of n o billion on June 30, double the estimate of 31 billion dollars
for the fiscal year 1942. and almost five
Treasury investment of social security times as large as the actual outlays of
and other trust funds, however, will ab- 13 billion in the fiscal year 1941, the first
sorb a part of this increase in the public year under the emergency defense program.
debt. Investments in special issues for In each of the fiscal years 1939 and 1940,
TREASURY FINANCIAL OPERATIONS, 1940-43
[In millions of dollars]
1
2
2
1
2
8
96
FEDERAL RESERVE
BULLETIN
REVIEW OF THE MONTH
total budget expenditures amounted to
about 9 billion dollars. As shown in the
table below, all of the large increases in
expenditures estimated for the fiscal years
1942. and 1943 are for the war program.
During the first six months of the current
fiscal year, July to December 1941, national
defense expenditures amounted to 8.z
billion dollars and were larger than in the
full fiscal year 1941. As shown in the
chart, these expenditures have risen rapidly
NATIONAL DEFENSE
EXPENDITURES
20*00
/
with the total declining in the fiscal year
1943. Outlays for interest on the public
debt are scheduled to increase substantially
from 1.1 billion dollars in 1941 to 1.8
billion in 1943. Certain other expenditures
of a fixed nature will increase somewhat.
These increases will be more than offset,
however, by estimated reductions in 1943
for the Works Projects Administration, the
Civilian Conservation Corps and National
Youth Administration, and the agricultural
adjustment program.
BUDGET EXPENDITURES
[In millions of dollars]
-
Fiscal years ending
June 30
-
1941
1942
(Actual) (Est.)
-
National defense
Interest on debt
Agricultural adjustment program
Works Projects Administration
Civilian Conservation Corps and National
Youth Administration
Social Security Board
Veterans Administration
Repayment of surplus funds by Government
corporation (credit)
All other
J
TOTAL
-
/
I
WAR DEP1
/
^
-
6,080
1,111
877
1,285
23,997
1,250
821
875
52,786
1,750
701
465
394
423
553
235
440
565
100
515
568
329
2,317
2,393
2,043
12,711 30,576
58,928
/
-
A
/
BUDGET RECEIPTS
NAVY DEPT
/
ALL 01rHER_
1940
1941
Treasury daily statement basis
from about 800 million dollars last June to
over 1,800 million in December. In the
next six months, according to Budget
estimates, they will average z.6 billion
dollars a month, or nearly double the average of 1.4 billion in the period from July
to December. In the fiscal year 1943, the
estimates indicate average monthly expenditures for war purposes of 4.4 billion
dollars. These amounts exclude defense
expenditures by Government corporations.
Expenditures for the civil functions of the
Government will show varying trends,
FEBRUARY
Total expenditures
1943
(Est.)
1941
Net budget receipts are estimated at
11.9 billion dollars for the current fiscal
year and, including proposed new taxes
of 7 billion dollars, budget receipts will
increase to £3.5 billion in the fiscal year
1943. These amounts compare with actual
receipts of 7.6 billion dollars in the fiscal
year 1941 and 5.4 billion in the fiscal year
1940. In the current fiscal year, income
tax receipts are estimated to increase by
3.7 billion dollars, about half of which will
be in taxes on individual current incomes
and the remainder will be in corporation
taxes, including those on excess profits.
Income tax receipts in the latter half of this
fiscal year will be nearly three times as
large as those in the first half, because
97
REVIEW OF THE MONTH
collections from now on will be based
upon increased incomes of the calendar year
1941 and will include for the first time the
additional taxes imposed by the Revenue
Act of 1941. For the fiscal year 1943,
income tax receipts are estimated to increase further by 4.2. billion dollars under
present tax legislation.
Miscellaneous internal revenue receipts
are estimated to increase by 900 million
dollars in the current fiscal year and by an
additional 300 million in the fiscal year
1943 under present tax legislation. A
large part of the increase in these receipts
during the current fiscal year will be due
to the new taxes and increased rates imposed by the Revenue Act of 1941. Although total miscellaneous internal revenue
receipts are expected to increase in the
fiscal year 1943, collections from certain
of the manufacturers' excise taxes are expected to decline because of military allocations and curtailed supplies available for
civilian purchase.
BUDGET RECEIPTS
[In millions of dollars]
Fiscal years ending
June 30
1941
(Actual)
Total net receipts1
Details of receipts:
Income taxes—total
Corporation, current
Excess profits taxes
Individual, current
Miscellaneous internal revenue—total
^Return of surplus funds of Government corporations
7,607
3,470
1,649
192
1,314
2,967
1942
(Est.)
1943
(Est.)
11,944 216,487
7,147
2,509
1,258
3,070
3.863
11,316
3,462
2,742
4,793
4,206
319
1
Figures do not include social security employment taxes, which
are appropriated directly to the Federal old-age and survivors insurance
trust2 fund and are invested in special issues of Government securities.
Excluding proposed new taxes of 7 billion dollars.
RECENT CHANGES IN THE PUBLIC DEBT
During the calendar year 1941, the direct
interest-bearing debt increased by 13 billion
dollars. Of this increase, 9.1 billion occurred during the second half of the year,
July to December. This reflected an in-
crease of 3.8 billion dollars in marketable
issues and 4.4 billion in nonmarketable
issues, with less than a billion in special
issues, as shown in the table.
INTEREST-BEARING DIRECT AND GUARANTEED SECURITIES
[In millions of dollars]
Outstanding,
Dec. 31,
1941
Treasury bonds
Treasury notes
Treasury bills
Postal savings and pre-war bonds
Marketable public issues—total
U. S. savings bonds
Tax anticipation notes
Depositary bonds
Adjusted service bonds
Nonmarketable public issues—total
Special issues
Total direct securities
Guaranteed securities
Change since
1941
Dec. 31,
1940
+3,152
+299
+399
+5,407
-181
+692
+3,849
+1,826
+2,471
+64
June 30,
33,367
5,997
2,002
196
41,562
6,140
2,471
64
233
8,907
6,982
57,451
+4,352
+862
+9,064
+5,917
+2,945
+2,471
+64
-16
+5,463
+1,612
+12,993
6,317
-43
+416
—8
Most of the increase in the open-market
debt from July to December was in Treasury
bonds of 1967-72. and of 1951-55. The
outstanding amount of bills was increased
by 400 million dollars. Notes increased by
300 million dollars through refunding
operations. Guaranteed securities showed
little net change, as an increase in July
was about balanced by a refunding and
redemption in November. The operations
in November were in accordance with the
new policy of replacing outstanding guaranteed issues by direct securities and of
supplying the needs of Government corporations and agencies directly by the Treasury
instead of by sales of guaranteed securities
to the public.
Treasury open-market financing in January of this year was limited to refunding
operations. Two issues of Federal Farm
Mortgage Corporation bonds, an issue of
Reconstruction Finance Corporation notes,
and an issue of Treasury notes were refinanced by an issue of 2. per cent Treasury
bonds of 1949-51. Exchanges totaled
about 1 billion dollars.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
During the six months ended December
31, net receipts from the sale of savings
bonds amounted to 1.8 billion dollars.
Sales of savings bonds increased from £30
million dollars in November to 530 million
in December and increased further to more
than 1,000 million in January 1942.. The
increase in January reflects to some extent
purchases of the full amount which any
one investor is permitted to buy during
the calendar year.
Defense savings bonds, which have been
on sale since May 1, 1941, include three
series. Series E bonds, which replaced
the former savings bonds, are issued on a
discount basis. They mature in 10 years
and yield z.9 per cent if held to maturity.
They may be purchased only by individuals
in an amount not in excess of $5,000 maturity value in any one calendar year.
Series F and G bonds may be purchased
by investors other than commercial banks
in an amount of not more than $50,000
issue price in any one calendar year for the
two issues combined. Both of these issues
mature in iz years. The Series F bonds are
issued on a discount basis and yield about
z.53 per cent if held to maturity. Series
G bonds are issued at par, pay interest
semi-annually, and yield 2..50 per cent if
held to maturity.
During the six months ended December
31, net receipts from the sale of tax anticipation notes amounted to z.5 billion
dollars. The largest sales of these issues
were in August, the first month of issue.
In January sales of tax notes amounted to
Z38 million dollars, compared with sales of
34Z million in December. Tax anticipation notes were first put on sale on August
1, 1941, and include two types: Series A,
designed for the relatively small tax payer,
and Series B, designed for the large tax
payer. The Series A notes yield about 1.9Z
FEBRUARY
194Z
per cent a year, and their use for tax purposes
is limited to $i,zoo principal amount for
any one tax payer in any one tax year.
The Series B notes yield about 0.48 per cent
a year and may be used in unlimited
amounts to meet tax liabilities. Notes
issued during the period from August to
December were sold at par in August and
at par and accrued interest in each subsequent month. The notes sold during this
period may be used in payment of income
taxes after January 1, 1942.. In 194Z similar issues of notes are being offered. The
terms are the same as for the earlier issues,
except that the notes may be used for estate
and gift tax payments as well as for income
tax payments and that defense savings
stamps will be accepted at their face value
in lieu of cash as payment for notes.
DISTRIBUTION OF THE GOVERNMENT DEBT
In the second half of 1941 a considerably
larger part of the increase in the Government debt was financed outside the commercial banking system. It is estimated
that in this period commercial banks increased their holdings of Government securities by 1.7 billion dollars, somewhat less
than the increase of 2..3 billion for the first
half of the year. The total privately-held
direct and guaranteed Government debt, on
the other hand, showed a much greater increase in the latter half of 1941 than in the
first half—7.9 billion dollars compared with
3.5 billion, as shown in the table on the
following page.
Insurance companies purchased about 1,000
million dollars of Government securities in
the latter half of 1941, compared with only
100 million in the first half of the year. A
considerable part of their purchases was in
the Treasury bonds of 1967-7Z, which were
issued in the latter part of the year. Mutual savings banks also increased their
99
REVIEW OF THE MONTH
holdings in the second half of the year,
and other investors added substantially
to their holdings, largely in nonmarketable savings bonds and tax notes.
Changes in holdings by commercial banks,
savings banks, and insurance companies,
shown in the following table, are estimated
from figures compiled by the Treasury Department in a survey of the ownership of
Government securities for the end of December, which will be published in a
forthcoming Treasury Bulletin.
O W N E R S H I P OF U N I T E D STATES GOVERNMENT SECURITIES,
D I R E C T AND F U L L Y G U A R A N T E E D
notes increased, while holdings of long
bonds showed little change, despite the increase in the outstanding amount of such
issues, and holdings of bills declined. At
banks outside of New York City, the principal increase in holdings was in bonds of
intermediate and long term.
GOVERNMENT SECURITY MARKET
Prices of United States Government
bonds, following a temporary sharp decline
at the beginning of 1941, rose generally
during most of last year to a new high level
at the beginning of November. After the
YIELDS ON GOVERNMENT SECURITIES
[Estimated; in millions of dollars]
Holdings
Dec. 31,
1941
Federal agencies and Trust Funds:
Special issues
Public issues
Federal Reserve Banks
Privately held—total
Commercial banks
Mutual savings banks
Insurance companies
Other investors:
Marketable issues
Nonmarketable issues
Total interest-bearing securities outstanding
Change since
June 30,
1941
Dec. 31,
1940
6,982
2,563
2,254
+862
+203
+70
+1,612
+313
+70
51,969
21,800
3,700
7,900
+7,886
+1,700
+300
+1,000
+11,413
+4,000
+500
+1,100
9,900
8,600
+500
+4,300
+300
+5,400
63,768
+9,021
+13,408
Note: Estimates of amounts privately held, by types of holders,
are preliminary and are rounded to nearest 100 million dollars.
The increase in commercial bank holdings
of Government securities during the latter
half of 1941 was at banks outside New
York City, while in the previous six-month
period the increase was largest at banks in
New York City. In the first half of the
year, |Ncw York City banks added 1.2.
billion dollars to their holdings, and other
commercial banks added about 1.1 billion.
In the second half of 1941, New York City
banks made little change in their holdings,
while other commercial banks added an
estimated 1.7 billion dollars to their
holdings. At New York City banks, according to the Treasury survey, holdings
of short and intermediate bonds and of
100
1.00
Weekly averages of daily yields of 3- to 5-year tax-exempt Treasury
")le Treasury ;notes, and partially tax-exempt
notes, 3- to 5-year taxabL
d i t on
allable after 12 years, andd average idiscount
Treasury bonds due or callable
91-day Treasury bills (taxexempt
(tax-exempt through February 1941,,
new issues of 91day
and taxable thereafter) offered within week. For weeks ending January 7,1939 to January 24, 1942.
entry of the United States into the war
there was a decline in bond prices, but
in January prices advanced somewhat
from the lows reached toward the end of
December. Prices of short-term Government securities declined in October and
November, as short-term interest rates
hardened reflecting a decline in the excess
reserves of banks.
The yield on the 1960-65 bonds, the longest maturity issue of outstanding partially
tax-exempt bonds, reached a new record
low of 1.95 per cent on November 1. The
previous low yield was z. ox per cent in
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
June 1941. At the end of 1941, the yield 3- to 5-year taxable notes increased from
on this issue had increased to 2.| per cent, 5/8 of 1 per cent in September to 1 per cent
about the same as at the end of 1940. The in December.
Total holdings in the Federal Reserve
yield on the new taxable 1^67-72. bonds,
which were first issued in October, was 2-32. System Account were increased in December
per cent in November and rose to xj per 1941 by 70 million dollars, representing
cent at the end of December. Short-term net purchases of about 60 million dollars of
rates began to firm in September. The Treasury bonds and 10 million of Treasury
rate on new issues of taxable Treasury bills bills. These purchases were made shortly
increased to 3/10 of 1 per cent. Yields on after this country's entrance into the war.
FEBRUARY
1941
101
FROM A LEGAL STANDPOINT
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
Executive Officers' Loans
Report of Loan From Another Bank Which
Existed at Time of Admission to Federal
Reserve System
The Board's attention has been directed to a
statement in the report of examination of a
member bank that the executive officers of the
bank have not filed with the board of directors
statements of their existing indebtedness to
other banks for the reason that the "officers'
loans from other banks existed at the time of
admission to the System".
Section 2.2.(g) of the Federal Reserve Act
provides in part that "If any executive officer
of any member bank borrow from or if he be or
become indebted to any bank other than a
member bank of which he is an executive officer,
he shall make a written report to the board of
directors of the member bank". In view of
this language, the Board is of the opinion that
the indebtedness of the executive officers of the
bank in question should be reported to its board
of directors, notwithstanding that the loans
existed at the time of the admission of the bank
to the Federal Reserve System. In this connection attention is called to the position the
Board has previously taken that the indebtedness of an executive officer to another bank
incurred prior to the time he became an executive officer should be reported to the board of
directors.
the following interpretations of Regulation W
relating to consumer credit:
PLUMBING AND SANITARY FIXTURES—PIPING, ETC.
Interpretation No. 120 of Regulation W
The classification "Plumbing and sanitary
fixtures designed for household use" does not
include piping or other plumbing supplies not a
part of such fixtures, although these items may
fall within the classification of materials and
services referred to in Group E-i of Part 1 of the
Supplement. It is to be noted, however, that
for purposes of determining the maximum
amount of credit, the bona fide cash purchase
price of the fixtures includes the cost of accessories such as faucets, cabinets, or shower attachments installed with the fixtures. Also included
in the bona fide cash purchase price of the
fixtures is the cost of installation of the fixtures
and accessories but not the cost of installation
of separate piping and fittings.
WATER PUMPS—WINDMILLS
Interpretation No. 121 of Regulation W
The classification "Water pumps designed for
household use" includes windmills designed for
pumping water to a tank from which the water
is piped for various uses. The windmill is the
principal part of the pumping mechanism in
these cases and therefore is included even though
purchased separately.
Consumer Credit
Interpretations of Regulation W
Since the publication of the January 194Z
Federal Reserve BULLETIN, the Board of Governors of the Federal Reserve System has issued
IO2.
GROUP E—FENCES
Interpretation No. 122 of Regulation W
Group E-i of the Supplement includes materials and services used in erecting a new fence
FEDERAL RESERVE BULLETIN
FROM A LEGAL STANDPOINT
or in replacing or repairing an existing fence on
any property on which there is an existing
structure.
LOAN TO MAKE DOWN PAYMENT PROHIBITED
Interpretation No. 123 of Regulation W
The words "down payment" in section 5(f)
of Regulation W refer to the down payment
required by the Regulation. Accordingly, if a
seller asks for a larger down payment than is
required by the Regulation, section 5(f) would
not prevent a bank or other lender from lending
the purchaser the difference between the down
payment required by the Regulation and the
down payment required by the seller.
SAME TRANSACTION CANNOT BE BOTH SALE
CREDIT AND LOAN CREDIT
Interpretation No. 124 of Regulation W
Interpretation W-16 dealt with a case in which
a dealer sells a listed article but does not take
a note from the customer payable to the dealer,
and instead, according to arrangements with a
bank, takes a note payable to the bank. W-16
stated that the transaction constitutes an extension of instalment sale credit within the
meaning of section z(d) of Regulation W. The
Board has recently been asked whether the
transaction also constitutes an extension of
instalment loan credit, in which event a "Statement of Borrower" would have to be taken in
connection with the transaction.
It is the view of the Board that such a transaction does not constitute an extension of instalment loan credit since, under section 2.(e) of the
Regulation, instalment loan credit includes only
specified transactions "other than instalment
sale credit".
It is to be noted, of course, that the definition
of instalment sale credit in section x(d) is by
its terms confined to transactions involving a
listed article, and that accordingly if the article
involved were unlisted, the transaction might,
as indicated in the last paragraph of W-119, be
an extension of instalment loan credit.
FEBRUARY
1941
Censorship
Executive Order Establishing Office
of Censorship
There is set forth below the text of an Executive Order issued by the President on December
19, 1941, providing for the establishment of the
Office of Censorship and prescribing its functions
and duties.
EXECUTIVE ORDER N O .
8985
ESTABLISHING THE OFFICE OF CENSORSHIP AND
PRESCRIBING ITS FUNCTIONS AND DUTIES
By virtue of the authority vested in me by
the Constitution and the statutes of the United
States, and particularly by section 303, Title III
of the act of December 18,1941, Public Law 354,
77th Congress, 1st Session, and deeming that the
public safety demands it, I hereby order as
follows :
1. There is hereby established the Office of
Censorship, at the head of which shall be a
Director of Censorship. The Director of Censorship shall cause to be censored, in his absolute
discretion, communications by mail, cable,
radio, or other means of transmission passing
between the United States and any foreign
country or which may be carried by any vessel
or other means of transportation touching at
any port, place, or Territory of the United
States and bound to or from any foreign country,
in accordance with such rules and regulations as
the President shall from time to time prescribe.
The establishment of rules and regulations in
addition to the provisions of this order shall
not be a condition to the exercise of the powers
herein granted or the censorship by this order
directed. The scope of this order shall include
all foreign countries except such as may hereafter be expressly excluded by regulation.
z. There is hereby created a Censorship Policy
Board, which shall consist of the Vice-President
of the United States, the Secretary of the Treasury, the Secretary of War, the Attorney General,
the Postmaster General, the Secretary of the
Navy, the Director of the Office of Government
103
FROM A LEGAL STANDPOINT
Reports, and the Director of the Office of Facts
and Figures. The Postmaster General shall act
as Chairman of the Board. The Censorship
Policy Board shall advise the Director of Censorship with respect to policy and the coordination
and integration of the censorship herein directed.
3. The Director of Censorship shall establish
a Censorship Operating Board, which shall
consist of representatives of such departments
and agencies of the Government as the Director
shall specify. Each representative shall be
designated by the head of the department or
agency which he represents. The Censorship
Operating Board shall, under the supervision of
the Director, perform such duties with respect
to operations as the Director shall determine.
4. The Director of Censorship is authorized
to take all such measures as may be necessary
or expedient to administer the powers hereby
conferred, and, in addition to the utilization of
existing personnel of any department or agency
available therefor, to employ, or authorize the
employment of, such additional personnel as he
may deem requisite.
5. As used in this order the term "United
States" shall be construed to include the Territories and possessions of the United States, including the Philippine Islands.
FRANKLIN D. ROOSEVELT
THE WHITE HOUSE,
Washington, D. C ,
December 19, 1941.
Designation of Authority to Issue
Licenses and Exemptions
Section 3(c) of the Trading with the Enemy
Act of October 6,1917, prohibits communication
by any means with an enemy or an ally of an
enemy unless the communication is licensed or
exempted. By an Executive Order dated October i i , 1917, published at page 860 of the 1917
Federal Reserve BULLETIN, the authority to issue
licenses and exemptions was conferred by the
President upon the Secretary of the Treasury
and the latter was authorized to designate other
agencies to carry out the authority with respect
to licensing and exemptions vested in him. On
104
December 14, 1941, the Secretary of the Treasury
signed a designation vesting in the Office of
Censorship the authority to issue licenses and
exemptions in connection with communications
with an enemy or an ally of an enemy and this
designation was approved by the President on
December z6, 1941. The designation of authority by the Secretary of the Treasury is as follows:
Procedure for administering the duties imposed upon
the Secretary of the Treasury by Articles XI and
XIII of Executive Order No. 2jzg-A9 dated October 12, ig IJ, under the Trading with the Enemy
Act, Act of October 6, 1917.
Treasury Department
December X4, 1941
To officers of the Treasury Department
concerned:
and others
By virtue of the authority vested in the Secretary of the Treasury by Executive Order No.
2.72.9-A, dated October 12., 1917, I hereby adopt
the following administrative procedure deemed
necessary and proper for the executive administration of Article XI, vested by said Executive
Order in the Secretary of the Treasury; such
administrative procedure to remain in effect unless and until modified or superseded by direction
of the Secretary of the Treasury.
(1) I hereby designate the Office of Censorship
to act as the agency of the Secretary of the
Treasury to administer the authority vested in
the Secretary of the Treasury relative to the
sending, taking, or transmitting, or attempting
to send, take, or transmit, out of the United
States, and to issue licenses and exemptions
under such regulations or conditions as the said
Office may from time to time prescribe, to send,
take, or transmit out of the United States, any
letter, or other writing, book, map, plan, or
other paper, picture, or any telegram, cablegram,
or wireless message, or other form of communication intended for or to be delivered, directly
or indirectly, to an enemy or ally of enemy. All
applications for such licenses shall be made to
the Office of Censorship in the form prescribed
by it.
FEDERAL RESERVE BULLETIN
FROM A LEGAL STANDPOINT
(x) I hereby designate the Bureau of Customs
in the Department of the Treasury to administer
and to issue licenses (except licenses to send,
take, or transmit out of the United States any
letter, writing, or tangible form of communication intended for or to be delivered,- directly
or indirectly, to an enemy or ally of enemy) in
respect of the authority vested in the Secretary
of the Treasury under Article XI of said Executive Order relative to sending, or taking out of,
or bringing into, or attempting to send, take
out of, or bring into, the United States any
letter or other writing or tangible form of
communication except in the regular course of
the mail.
(Signed) H. MORGENTHAU, JR.
Secretary of the Treasury
Approved, December 1.6, 1941
The White House.
(Signed) FRANKLIN D. ROOSEVELT
Government Contracts
The successful prosecution of the war requires
an all-out industrial mobilization of the United
States in order that the materials necessary to
win the war may be produced in the shortest
possible time. To accomplish this objective it
is necessary that the Departments of War and
the Navy and the United States Maritime
Commission cooperate to the fullest possible
degree with the Office of Production Management in the endeavor to make available for the
production of war material all the industrial
resources of the Country. It is expected that
in the exercise of the powers hereinafter granted,
these Agencies and the Office of Production
Management will work together to bring about
the conversion of manufacturing industries to
war production, including the surveying of the
war potential of industries, plant by plant; the
spreading of war orders; the conversion of
facilities; the assurance of efficient and speedy
production; the development and use of subcontracting to the fullest extent and the conservation of strategic materials.
Executive Order Dealing with War Contracts
There is set forth below the text of an ExecuTITLE 1
tive Order issued by the President on December
2-7, 1941, authorizing the War and Navy De1. By virtue of the authority in me vested by
partments and the United States Maritime the Act of Congress, entitled "An Act to
Commission to perform the functions and expedite the prosecution of the War effort,"
exercise the powers described in Title II of the approved December 18, 1941, (hereinafter called
Act of December 18, 1941, known as the First "the Act") and as President of the United
War Powers Act, pertaining to Government States and Commander-In-Chief of the Army
contracts.
and Navy of the United States, and deeming
The President on January 14, 1942., issued an that such action will facilitate the prosecution
Executive Order extending the provisions of the of the war, I do hereby order that the War
Order of December 2.7, 1941, to contracts of Department, the Navy Department, and the
certain other listed Departments and Agencies of United States Maritime Commission be and they
the Government. This Order is also set forth hereby respectively are authorized within the
below.
limits of the amounts appropriated therefor to
EXECUTIVE ORDER NO. 9001
enter into contracts and into amendments or
Authorising the War Department, the Navy De- modifications of contracts heretofore or herepartment, and the United States Maritime Com- after made, and to make advance, progress,
mission to Perform the Functions and Exercise the and other payments thereon, without regard
Powers Described in Title II of an Act Approved to the provisions of law relating to the making,
December 18, 1941, Entitled ' 'An Act to Expedite performance, amendment, or modification of
the Prosecution of the War Effort,'' and Prescribing contracts. The authority herein conferred may
Regulations for the Exercise of Such Functions be exercised by the Secretary of War, the
Secretary of the Navy, or the United States
and Powers
FEBRUARY
1941
105
FROM A LEGAL STANDPOINT
Maritime Commission respectively or in their
discretion and by their direction respectively
may also be exercised through any other officer
or officers or civilian officials of the War or the
Navy Departments or the United States Maritime Commission. The Secretary of War, the
Secretary of the Navy, or the United States
Maritime Commission may confer upon any
officer or officers of their respective departments, or civilian officials thereof, the power
to make further delegations of such powers
within the War and the Navy Departments,
and the United States Maritime Commission.
x. The contracts hereby authorized to be
made include agreements of all kinds (whether
in the form of letters of intent, purchase orders,
or otherwise) for all types and kinds of things
and services necessary, appropriate or convenient
for the prosecution of war, or for the invention,
development, or production of, or research
concerning any such things, including but not
limited to, aircraft, buildings, vessels, arms,
armament, equipment, or supplies of any kind,
or any portion thereof, including plans, spare
parts and equipment therefor, materials, supplies, facilities, utilities, machinery, machine
tools, and any other equipment, without any
restriction of any kind, either as to type, character, location or form.
3. The War Department, the Navy Department, and the United States Maritime
Commission may by agreement modify or amend
or settle claims under contracts heretofore or
hereafter made, may make advance, progress,
and other payments upon such contracts of any
percentum of the contract price, and may enter
into agreements with contractors and/or obligors, modifying or releasing accrued obligations of any sort, including accrued liquidated
damages or liability under surety or other
bonds, whenever, in the judgment of the War
Department, the Navy Department, or the
United States Maritime Commission respectively
the prosecution of the war is thereby facilitated.
Amendments and modifications of contracts
may be with or without consideration and may
be utilized to accomplish the same things as
106
any original contract could have accomplished
hereunder, irrespective of the time or circumstances of the making of or the form of the
contract amended or modified, or of the amending or modifying contract, and irrespective of
rights which may have accrued under the
contract, or the amendments or modifications
thereof.
4. Advertising, competitive bidding, and
bid, payment, performance or other bonds or
other forms of security, need not be required.
TITLE II
Pursuant to Title II of the Act and for the
protection of the interests of the United States,
I do hereby prescribe the following regulations
for the exercise of the authority herein conferred
upon the War Department, the Navy Department, and the United States Maritime Commission.
1. All contracts and all purchases made
pursuant to the Act and this Executive Order
shall be reported to the President of the United
States. Such reports shall be made at least
quarter-annually, provided, however, that purchases or contracts of less than $100,000 may
be consolidated in such reports with other such
purchases and need not be separately set forth.
In case the War Department, the Navy Department, or the United States Maritime Commission shall deem any purchase or contract to be
restricted, confidential, or secret in its nature by
reason of its subject matter, or for other reasons
affecting the public interest, such purchases or
contracts shall not be included with those
described in the report just mentioned, but
shall be included in a separate report containing
such restricted, confidential, or secret purchases
or contracts. The Secretary of War, the
Secretary of the Navy, and the United States
Maritime Commission shall make public so
much of such reports (other than those reports
covering restricted, confidential, or secret contracts or purchases) as they shall respectively
deem to be compatible with the public interest.
2.. Notwithstanding anything in the Act or
this Executive Order the War Department, the
FEDERAL RESERVE BULLETIN
FROM A LEGAL STANDPOINT
Navy Department, and the United States
Maritime Commission shall not discriminate in
any act performed thereunder against any person
on the ground of race, creed, color or national
origin, and all contracts shall be deemed to
incorporate by reference a provision that the
contractor and any subcontractors thereunder
shall not so discriminate.
3. No claim against the United States arising
under any purchase or contract made under the
authority of the Act shall be assigned except in
accordance with the Assignment of Claims Act,
1940 (Public No. 811, 76th Congress, approved
October 9, 1940).
4. Advance payments shall be made hereunder
only after careful scrutiny to determine that such
payments will promote the national interest and
under such regulations to that end as the
Secretary of War, the Secretary of the Navy, or
the United States Maritime Commission may
prescribe.
5. Every contract entered into pursuant to
this order shall contain a warranty by the
contractor in substantially the following terms:
The contractor warrants that he has not
employed any person to solicit or secure this
contract upon any agreement for a commission, percentage, brokerage, or contingent
fee. Breach of this warranty shall give the
Government the right to annul the contract,
or, in its discretion, to deduct from the contract price or consideration the amount of
such commission, percentage, brokerage, or
contingent fees. This warranty shall not
apply to commissions payable by contractors
upon contracts or sales secured or made
through bona fide established commercial or
selling agencies maintained by the contractor
for the purpose of securing business.
6. Nothing herein shall be construed to
authorize the cost-plus-a-percentage-of-cost system of contracting.
7. Nothing herein shall be construed to
authorize any contracts in violation of existing
law relating to limitation of profits, or the
payment of a fee in excess of such limitation as
FEBRUARY
1941
may be specifically set forth in the act appropriating the funds obligated by a contract. In
the absence of such limitation, the fixed fee to
be paid the Contractor as a result of any costplus-a-fixed-fee contract entered into under the
authority of this Order shall not exceed seven
per centum of the estimated cost of the contract
(exclusive of the fee as determined by the
Secretary of War, the Secretary of the Navy, or
the United States Maritime Commission, as the
case may be).
8. No contract or modification or amendment
thereof shall be exempt from the provisions of
the Walsh-Healey Act (49 Stat. 2.03 6) because of
being entered into without advertising or
competitive bidding, and the provisions of
such act, the Davis-Bacon Act, as amended (49
Stat. i o n ) , the Copeland Act, as amended
(48 Stat. 948), and the Eight Hour Law, as
amended by the Act of September 9, 1940
(Public No. 781, 76th Congress) if otherwise
applicable shall apply to contracts made and
performed under the authority of this Order.
FRANKLIN D. ROOSEVELT
THE WHITE HOUSE,
December 2.7, 1941.
EXECUTIVE ORDER N O .
90213
Extension of the Provisions of Executive Order No.
goo 1 of December 27, 1941, to Contracts of the
Treasury Department, the Department of Agriculture, the Federal Works Agency, The Panama
Canal, the Government Printing Office, and the
National Advisory Committee for Aeronautics
By virtue of the authority vested in me by the
act of Congress entitled "An Act to expedite the
prosecution of the war effort" approved December 18, 1941, and as President of the United
States, and deeming that such action will
facilitate the prosecution of the war, I hereby
extend the provisions of Executive Order No.
9001 of December 2.7, 1941 to the Treasury
Department, the Department of Agriculture,
The Panama Canal, the Federal Works Agency,
the Government Printing Office, the National
Advisory Committee for Aeronautics, and such
other agencies as I may from time to time
107
FROM A LEGAL STANDPOINT
designate, with respect to all contracts made
or to be made by such agencies; and subject to
the limitations and regulations contained in
such Executive Order, I hereby authorize the
Secretary of the Treasury, the Secretary of
Agriculture, the Governor of The) Panama
Canal, the Administrator of the Federal Works
Agency, the Public Printer, the Chairman of the
National Advisory Committee for^Aeronautics,
and the heads of such other agencies as may be
designated, and such officers, employees, and
agencies as each of them may designate, to
perform and exercise, as to their respective
agencies, all of the functions and powers vested
in and granted to the Secretary of War, the
Secretary of the Navy, and the Chairman of the
United States Maritime Commission by such
Executive Order.
FRANKLIN D. ROOSEVELT
THE WHITE HOUSE,
January 14, 1942..
War Production Board
Executive Order Establishing War
Production Board
There is set forth below the text of an Executive Order issued by the President on January 16,
1942., providing for the establishment of the
War Production Board. The President on the
same day appointed Donald Nelson as Chairman
of this Board.
EXECUTIVE ORDER NO.
902.4
Establishing the War Production Board in the
Executive Office of the President and Defining
its Functions and Duties
By virtue of the authority vested in me by the
Constitution and statutes of the United States,
as President of the United States and Commander
in Chief of the Army and Navy, and in order to
define further the functions and duties of the
Office for Emergency Management with respect
to the state of war declared to exist by Joint
Resolutions of the Congress, approved December 8, 1941, and December 11, 1941, respectively, and for the purpose of assuring the most
108
effective prosecution of war procurement and
production, it is hereby ordered as follows:
1. There is established within the Office for
Emergency Management of the Executive Office
of the President a War Production Board,
hereinafter referred to as the Board. The
Board shall consist of a Chairman, to be appointed by the President, the Secretary of War,
the Secretary of the Navy, the Federal Loan
Administrator, the Director General and the
Associate Director General of the Office of
Production Management, the Administrator
of the Office of Price Administration, the
Chairman of the Board of Economic Warfare,
and the Special Assistant to the President
supervising the defense aid program.
x. The Chairman of the War Production
Board, with the advice and assistance of the
members of the Board, shall:
a. Exercise general direction over the war
procurement and production program.
b. Determine the policies, plans, procedures,
and methods of the several Federal departments,
establishments, and agencies in respect to war
procurement and production, including purchasing, contracting, specifications, and
construction;
and
including conversion,
requisitioning, plant expansion, and the financing thereof; and issue such directives in respect
thereto as he may deem necessary or appropriate.
c. Perform the functions and exercise the
powers vested in the Supply Priorities and
Allocations Board by Executive Order No. 8875
of August x8, 1941.
d. Supervise the Office of Production Management in the performance of its responsibilities
and duties, and direct such changes in its
organization as he may deem necessary.
e. Report from time to time to the President
on the progress of war procurement and production; and perform such other duties as the
President may direct.
3. Federal departments, establishments, and
agencies shall comply with the policies, plans,
methods, and procedures in respect to war
procurement and production as determined by
the Chairman; and shall furnish to the ChairFEDERAL RESERVE BULLETIN
FROM A LEGAL STANDPOINT
man such information relating to war procurement and production as he may deem necessary
for the performance of his duties.
4. The Army and Navy Munitions Board
shall report to the President through the
Chairman of the War Production Board.
5. The Chairman may exercise the powers,
authority, and discretion conferred upon him
by this Order through such officials or agencies
and in such manner as he may determine; and
his decisions shall be final.
6. The Chairman is further authorized within
the limits of such funds as may be allocated or
appropriated to the Board to employ necessary
personnel and make provision for necessary
supplies, facilities, and services.
7. The Supply Priorities and Allocations
Board, established by the Executive Order of
August x8, 1941, is hereby abolished, and its
personnel, records, and property transferred to
the Board. The Executive Orders No. 862.9 of
January 7, 1941, No. 8875 of August z8, 1941,
No. 8891 of September 4, 1941, No. 8942- of
November 19, 1941, No. 9001 of December 2.7,
1941, and No. 9013 of January 14, 1942., are
hereby amended accordingly, and any provisions
of these or other pertinent Executive Orders
conflicting with this Order are hereby superseded.
FRANKLIN D. ROOSEVELT
THE WHITE HOUSE,
January 16, 1942.
Foreign Funds Control
Executive Order on Transfers of Property of
Foreign Countries and Their Nationals
The Executive Order of April 10, 1940, as
amended, providing that transfers of credit,
foreign exchange transactions, the export or
earmarking of coin, bullion or currency, or other
similar operations, by persons or institutions in
the United States which involve property of any
countries of continental Europe and of China,
Japan and Thailand, or any nationals thereof,
shall be subject to license by the Secretary of the
Treasury, was amended on December 2.6, 1941,
so as to extend to Hong Kong. The Order also
provides for the automatic freezing of the assets
FEBRUARY
1941
of any other territory in case it should be
occupied or overrun by the military, naval or
other forces of the Axis.
EXECUTIVE ODER N O .
8998
Amendment of Executive Order No. 8389 of
April 10, 1940, as Amended
By virtue of the authority vested in me by
Sections 3(a) and 5(b) of the Trading with the
Enemy Act of October 6, 1917 (40 Stat. 415), as
amended by Title III of the First War Powers
Act, 1941 (Public No. 354, 77th Congress), and
by virtue of all other authority vested in me, I,
FRANKLIN D. ROOSEVELT, PRESIDENT of
the
UNITED STATES OF AMERICA, do hereby amend
Executive Order No. 8389 of April 10, 1940, as
amended, in the following respects:
(1) By changing the period at the end of
subdivision (1) of section 3 of such Order to a
semi-colon and adding the following new
subdivision thereafter:
(m) June 14, 1941—
Hong Kong.
(2.) By amending paragraph B of section 5
of such Order to read as follows:
B. The term "United States" means the
United States and any place subject to the
jurisdiction thereof, and the term "continental United States'* means the states
of the United States, the District of
Columbia, and the Territory of Alaska;
•provided, however, that for the purposes of
this Order the term "United States" shall
not be deemed to include any territory
included within the term "foreign country"
as defined in paragraph D of this section.
(3) By substituting the following in lieu of
subdivision (iii) of paragraph D of section 5:
(iii) Any territory which on or since the
effective date of this Order is controlled or
occupied by the military, naval or police
forces or other authority of such foreign
country;
(iv) Any person to the extent that such
person is, or has been, or to the extent that
109
FROM A LEGAL STANDPOINT
there is reasonable cause to believe that
such person is, or has been, since such
effective date, acting or purporting to act
directly or indirectly for the benefit or on
behalf of any of the foregoing.
Hong Kong shall be deemed to be a foreign
country within the meaning of this subdivision.
FRANKLIN D. ROOSEVELT
THE WHITE HOUSE,
December z6, 1941.
General Ruling, General Licenses and Public
Circulars Issued by the Secretary of the
Treasury
Since the publication of certain General
Licenses and Public Circulars on pages 16-18
of the January 1942. Federal Reserve BULLETIN,
the following General Ruling, General Licenses
and Public Circulars have been issued by the
Office of the Secretary of the Treasury under the
authority of the Executive Order of April 10,
1940, as amended, and the Regulations issued
pursuant thereto relating to transactions in
foreign exchange, etc.:
Treasury Department, Office of the Secretary
January 14, 1942.
GENERAL RULING NO. 10
Under Executive Order No. 8389, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions in
Foreign Exchange, Etc.
(1) The acquisition, disposition or transfer of, or other
dealing in, or with respect to, any of the following is hereby
prohibited except as authorized by license expressly referring
to this general ruling:
(a) Any Philippine paper currency;
(b) Any security issued by, or the obligation of, either the
Government of the Commonwealth of the Philippines,
including political subdivisions thereof, or any
corporation or other organization organized under
the laws of the Philippine Islands, unless Form
TFEL-i has been previously attached to such security
by, or under the direction of, the Treasury Department.
Form TFEL-i will be attached to any security referred to
herein if presented to any Federal Reserve Bank on or before
February 1, 1941, accompanied by a description thereof on
Form TFR-10. Subsequent to February 1, 1941, Form
no
TFEL-a will be attached to such securities only in the
discretion of the Secretary of the Treasury and only upon the
filing of appropriate application with a Federal Reserve
Bank tracing the ownership of such security since January 1,
1941 and satisfactorily explaining the reasons the security
was not presented to a Federal Reserve Bank on or before
February 1, 1942., for the attachment of Form TFEL-i.
Such form will be attached to stamped securities of the type
referred to in section 2.A(i) of the Order only pursuant to
existing procedure relating to stamped securities.
( i ) Except as authorized by license expressly referring to
this general ruling:
(a) All Philippine paper currency held within the United
States is hereby required to be deposited on or before
February 1, 1942., in a blocked currency account with
either a domestic bank or with the New York office of
the Philippine National Bank.
(h) The bank of deposit shall hold such currency for the
account, or pursuant to the instructions, of the
depositor.
(c) On or before February 15, i94x, every bank holding any
blocked currency accounts shall file a report on Form
TFR-no in triplicate with the appropriate Federal
Reserve Bank.
As used in this general ruling and in any other rulings,
licenses, instructions, etc., the term "blocked currency
account" shall mean an account from which no payments,
transfers, or withdrawals may be made, and no other transaction or dealing may be effected with respect thereto,
except pursuant to a license expressly referring to such
account.
(3) Philippine paper currency which prior to January 1,
1942. was of recognized special value to collectors of rare and
unusual currency, or which is held as part of any collection of
rare and unusual currency, is hereby excluded from the
provisions of this general ruling.
By direction of the President.
^
E. H. FOLEY, JR.
Acting Secretary of the Treasury
Treasury Department, Office of the Secretary
December 2.6, 1941
GENERAL LICENSE N O . 78
Under Executive Order No. 8389, April 10, 1940^ as Amended, and
Regulations Issued Pursuant Thereto, Relating to
Transactions in Foreign Exchange, Etc.*
A general license is hereby granted licensing any transaction which is prohibited by the Order solely by reason of the
Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, June 14,
1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941,
and Ex. Order 8998, December 26, 1941; Regulations, April 10, 1940,
as amended June 14, 1941, and July 26, 1941.
FEDERAL RESERVE BULLETIN
FROM A LEGAL STANDPOINT
fact that it involves property in which Hong Kong, or any
national thereof, has at any time prior to December 2.5, 1941,
but not on or since December 15,1941, had any interest.
This general license shall not be deemed to authorize any
transaction, if (i) such transaction is by, or on behalf of, or
pursuant to the direction of Hong Kong, or any national
thereof, or (11) such transaction involves property in which
Hong Kong, or any national thereof, has at any time on or
since December 25, 1941, had any interest.
D. W. BELL
Acting Secretary of the Treasury
Treasury Department, Office of the Secretary
January 5,
GENERAL LICENSE NO. 79
Under Executive Order No. 8389, April 10, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to
Transactions in Foreign Exchange, Etc*
A general license is hereby granted authorizing banking
institutions within the United States to make payments from
blocked accounts of the Philippine Islands, or any national
thereof, of checks and drafts drawn or issued prior to January
1, 1942 and to accept and pay and debit to such accounts
drafts drawn prior to January 1, 1942., under letters of credit;
provided, that each banking institution making any payment
or debit authorized by this general license shall file promptly
with the appropriate Federal Reserve Bank weekly reports
showing the details of such transactions. This license shall
expire at the close of business on February 1, 1942..
E. H. FOLEY, JR.
Acting Secretary of the Treasury
Treasury Department, Office of the Secretary
January 5, 1942.
GENERAL LICENSE N O . 80
Under Executive Order No. 8389, April 10, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to
Transactions in Foreign Exhange, Etc.*
(1) A general license is hereby granted licensing as a
generally licensed national any individual who is a citizen
of the Commonwealth of the Philippine Islands and residing
only in the United States or in the generally licensed trade
area, as defined in General License No. 53.
(2.) Reports on Form TFR-300 are not required to be
filed with respect to the property interests of any individuals
licensed herein as generally licensed nationals.
E. H. FOLEY, JR.
Acting Secretary of the Treasury
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat 179;
Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December
26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and
July 26, 1941.
FEBRUARY
1941
Treasury Department, Office of the Secretary
January 5, 1942
GENERAL LICENSE N O . 81
Under Executive Order No. 8389, April 10, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to
Transactions in Foreign Exchange, Etc.*
A general license is hereby granted licensing as generally
licensed nationals:
(a) the New York office of the Philippine National Bank;
and
(b) the offices within the United States and the generally
licensed trade area, as defined in General License No.
53, of the Hong Kong and Shanghai Banking Corporation.
E. H. FOLEY, JR.
Acting Secretary of the Treasury
Treasury Department, Office of the Secretary
January 5, 1942.
GENERAL LICENSE NO. 82.
Under Executive Order No. 8389, April 10, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to
Transactions in Foreign Exchange, Etc*
The Government of the Commonwealth of the Philippine
Islands, the United States High Commissioner to the Philippine Islands, and all officers of the United States Government
within the Philippine Islands, are hereby licensed as generally
licensed nationals; and all persons to the extent that they
are acting for and on behalf of the foregoing are hereby
licensed as generally licensed nationals. The term' 'generally
licensed national" as applied to the Government of the
Commonwealth of the Philippine Islands shall mean that
such government may be regarded as though the Philippine
Islands were not a blocked country.
E. H. FOLEY, JR.
Acting Secretary of the Treasury
Treasury Department, Office of the Secretary
January 14, 1942.
GENERAL LICENSE NO. 83
Under Executive Order No. 8389, April 10, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to
Transactions in Foreign Exchange, Etc.*
A general license is hereby granted authorizing the detachment of coupons from securities of the type referred to in
General Ruling No. 10, the presentation of such coupons for
collection, and the performance of such other acts and efFect* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December
26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and
July 26, 1941.
i n
FROM A LEGAL
ing of such other transactions as may be necessarily incident
to such collection, notwithstanding the fact that Treasury
Department Form TFEL-i may not have been previously
attached to the securities from which such coupons are
detached.
This general license shall not be deemed to authorize any
transaction prohibited by reason of any provision (or ruling
or regulation thereunder) of the Order other than General
Ruling No. 10.
This license shall expire at the close of business on February i, 1942..
E . H . FOLEY, JR.
Acting Secretary of the Treasury
Treasury Department, Office of the Secretary
January 14, 1942.
AMENDMENT OF GENERAL LICENSE N O . 68A
Under Executive Order No. 8389, April io> 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, Etc.*
Paragraphs (3) and (4) of General License No. 68A are
hereby amended to read as follows:
"(3) A report on Series J of Form TFR-300 shall be
filed with the appropriate Federal Reserve Bank on or
before February 15, 1941, with respect to the property
interests of every person licensed herein as a generally
licensed national if the total value of the property interests to be reported is $1,000 or more.
"(4) Every business enterprise licensed herein as a
generally licensed national shall also file with the appropriate Federal Reserve Bank on or before February 15,
1941, an affidavit setting forth the information required
by Form TFBE-i, if the total value of all property interests
of such business enterprise is in excess of $5,000."
E. H. FOLEY, JR.
Acting Secretary of the Treasury
Treasury Department, Office of the Secretary
January zo, 1941
AMENDMENT OF GENERAL LICENSE N O . 41A
Under Executive Order No. 8389, April 10, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to
Transactions in Foreign Exchange, Etc.
Paragraph CO of General License No. 42.A is hereby
amended to read as follows:
" ( 0 Every person licensed herein as a generally licensed
national shall file with the appropriate Federal Reserve
Bank a report under oath in triplicate setting forth CO
the name, address and nationality of such person; (b) a
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December
26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and
July 26, 1941.
IIX
STANDPOINT
statement that such person is licensed as a generally licensed national under this general license; and (c) a statement that such person has filed a report on Form TFR-300
or that such person was not required to file such report
because the total value of all property interests of such
person to be reported was less than $1,000. Such report
shall be filed on or before February 15, 1942., or within
thirty days after the date upon which such person avails
himself of the privileges of this general license, whichever
is later. Any person not complying with this reporting
requirement is not authorized to engage in any transaction
under this general license."
E. H. FOLEY, JR.
Acting Secretary of the Treasury
Treasury Department, Office of the Secretary
December 2.6, 1941
PUBLIC CIRCULAR N O . 10
Under Executive Order No. 8389, April 10, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, Etc.*
1. General License No. 57 is hereby revoked.
2.. The offices within Hong Kong and occupied China of
banks named in Schedule A of General License No. 58, shall,
as of the date hereof, cease to be appointed banks, and, as
of the date hereof, such offices shall also cease to be generally
licensed nationals within the meaning of General Licenses
Nos. 59, 60, or 61, and such general licenses are to such extent
hereby revoked.
3. General License No. 13 is hereby amended in the following respects:
Ca) The word "Hong Kong" is deleted from subdivision
Ca) of paragraph (1) thereof; and
Cb)The words "Hong Kong" and "Penang" are deleted
from subdivision (V) of paragraph CO thereof.
4. Subparagraph CO of paragraph C3) of General License
No. 53 is hereby amended in the following respects:
CO A semicolon is substituted for the period at the end of
item CO thereof; and
CO The following proviso to all of the provisions of subparagraph Ca) is added at the end thereof:
lt
Provided, however, that the term 'generally licensed
trade area' shall not include any territory which is
controlled or occupied by the military, naval or police
forces or other authority of Japan, Germany, or Italy,
or allies thereof."
D. W. BELL
Acting Secretary of the Treasury
• Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
Ex. Order 8389, April 10,1940, as amended by Ex. Order 8785, June 14,
1941, Ex. Order 8832, July 26, 1941, Ex. Order 8963, December 9, 1941,
and Ex. Order 8998, December 26,1941; Regulations, April 10,1940, as
amended June 14, 1941, and July 26, 1941.
FEDERAL RESERVE BULLETIN
FROM A LEGAL
Treasury Department, Office of the SecretaryJanuary 5, 194Z
PUBLIC CIRCULAR N O . I I
Under Executive Order No. 8389, April 10, 1940, as Amended', and
Regulations Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange,
Etc.*
(1) Attention is directed to the fact that pursuant to
Executive Order No. 8998, the provisions of Executive Order
No. 8389, as amended, have been automatically extended to
the Philippine Islands to the same extent as the provisions
of the Order apply to any other blocked country.
(2.) For the purpose of administering the Order and complying with the provisions thereof, the Philippine Islands
shall be deemed to be a foreign country separately designated in the Order and specifically named in Section 3 thereof.
The effective date of the Order as applied to the Philippine
Islands shall be deemed to be January 1,1941. The definition of
the term "national" as applied to the Philippine Islands shall
be that specified in paragraph E of Section 5 of the Order.
(3) Reports on Form TFR-300 shall be filed with respect
to all property subject to the jurisdiction of the United States
in which the Philippine Islands or any national thereof has
any interest. Details concerning this requirement and
information regarding the dates as of which reports are to be
filed will be the subject of a future Public Circular.
(4) General License No. 13 is hereby amended by the
deletion of the word "Manila" from subdivision (a) of
paragraph (1) thereof.
(5) General Licenses Nos. 63 and 65 are hereby revoked.
(6) Subdivision (b) of paragraph (6) of General License
No. 75 is hereby amended to read as follows:
"(b) the term 'designated agent of the Central Bank of
China' shall mean the Bank of China."
(7) Attention is directed to the fact that as used in the
Order, and Regulations, licenses and other documents issued
thereunder, the term "United States" does not include the
Philippine Islands and does not include any other territory
controlled or occupied by the military, naval, or police forces
or other authority of any blocked country.
(8) All general licenses, specific licenses, and authorizations of whatsoever character issued pursuant to the Order
on or before January 1, 1942. by the United States High Commissioner to the Philippine Islands are hereby revoked.
E. H. FOLEY, JR.
Acting Secretary of the Treasury
Treasury Department, Office of the Secretary
January 14, 1942.
PUBLIC CIRCULAR N O . I I
Under Executive Order No. 8389, April JO, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange,
Etc.*
STANDPOINT
List of Certain Blocked Nationals" promulgated pursuant to
the Proclamation of July 17, 1941, contains the names of
persons within Portugal, Spain, Sweden, Switzerland and
Turkey.
Attention is directed to the fact that these persons, as
well as all other persons whose names appear on "The Proclaimed List of Certain Blocked Nationals," shall be treated
for all purposes as though they were nationals of Germany
or Italy. Accordingly, General Licenses Nos. 49, 50, 52.,
and 70, relating respectively to Sweden, Switzerland, Spain
and Portugal, as well as all other licenses which do not
authorize transactions by, on behalf of, or for the benefit of
nationals of Germany or Italy, do not authorize transactions
by, on behalf of, or for the benefit of persons whose names
appear on such list. The mere fact that the name of a particular individual or concern is not contained on this list
shall not be construed to mean that such individual or concern
is not a national of Germany or Italy or to authorize transactions in which any national of Germany or Italy may have
an interest.
E. H. FOLEY, JR.
Acting Secretary of the Treasury
Treasury Department, Office of the Secretary
January 16, 1942.
PUBLIC CIRCULAR N O . 4A
Under Executive Order No. 8389, April 10, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to
Transactions in Foreign Exchange, etc.*
This 10 page Circular, containing instructions for the preparation of reports on Form TFR-300, Series J, by certain
nationals of Japan of all foreign-owned property subject to
the jurisdiction of the United States, is published on pages
383-388 of the Federal Register for January io, 1941. Copies
may be obtained from any Federal Reserve Bank, the Governor of any territory or possession of the United States, or
the Secretary of the Treasury, Washington, D. C.
Treasury Department, Office of the Secretary
January 2.0, 1^2.
PUBLIC CIRCULAR N O . 13
Under Executive Order No. 8389, April 10, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to
Transactions in Foreign Exchange, Etc.*
General Licenses Nos. 13, 14, 15, 19, 2.1 and 2.7 are hereby
amended by deleting the final paragraph of each such general
license.
E. H. FOLEY, JR.
Acting Secretary of the Treasury
Supplement N o . 7, January 14, 1942., to " T h e Proclaimed
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as
amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December
26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and
July 26, 1941.
FEBRUARY
1941
• Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
Public No. 354, 77th Congress; Ex. Order 8389, April 10, 1940, as
ammended by Ex. Order 8785, June 14, 1941, Ex. Order 8832, July 26,
1941, Ex. Order 8963, December 9, 1941, and Ex. Order 8998, December
26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and
July 26, 1941.
113
CURRENT EVENTS
Confirmation of Board Member's Reappointment
On January 15, 1941, the reappointment by
the President of Mr. Ronald Ransom as a member of the Board of Governors was confirmed by
the Senate. Mr. Ransom has served as a member of the Board since February 3, 1936, and
his new appointment is for a term of fourteen
years from February 1, 1942..
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 16,1941, to January
15, 1942., inclusive.
Illinois
Dongola—The First State Bank of Dongola
Iowa
Meeting of the Chairmen of the Federal Reserve
Banks
Ogden—City State Bank
Michigan
The Chairmen of the Federal Reserve Banks
met with the Board of Governors in Washington
on January x6, 1942..
Allegan—Allegan State Bank
Missouri
Montrose—Montrose Savings Bank
Vienna—The Maries County Bank
Appointment of Assistant Director of Research
Mr. Walter R. Stark of Hingham, Massachusetts, has been appointed assistant director
of the Board's Division of Research and Statistics on a temporary basis. Mr. Stark, who
in the past has been on the staff of the Board
and of the United States Treasury, and in
recent years has been in private business in
Boston, will assume his new duties on
February 16.
114
Pennsylvania
Reading—City Bank and Trust Company of
Reading
Virginia
Coeburn—The Farmers Exchange
Coeburn
Bank
of
Wisconsin
Lake Mills—Bank of Lake Mills
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
F
OLLOWING is a list of the directorates of the Federal Reserve Banks and branches as at present
constituted. 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.
District No. 1—Boston
Term
Expires
Dec. 31
Class A:
Leon A. Dodge
Lewis S. Reed
Allan Forbes
Class B:
Edward J. Frost
Ralph E. Flanders
Philip R. Allen
I
President, First National Bank, Damariscotta, Me
942President, Citizens and Mfg. National Bank, Waterbury,
X
Conn
943
President, State Street Tr. Co., Boston, Mass
1944
Vice President, Treasurer, and Director, William Filene's
Sons Co., Boston, Mass
1941
President, Jones & Lamson Machine Co., Springfield, Vt
1943
Director, Bird & Son, Inc., E. Walpole, Mass
1944
Class C:
Henry S. Dennison2
President, Dennison Mfg., Co., Framingham, Mass
Henry I. Harriman
Director, New England Power Association, Boston, Mass.. . .
Albert M. Creighton 1 . . .Director, Boston Woven Hose and Rubber Co., Boston, Mass.
i94x
1943
1944
District No. 2—New York
Class A:
Neil H. Dorrance
Leon Fraser
William J. Field
1 Chairman.
FEBRUARY 1942.
2
President, First National Bank & Trust Co., Camden, N. Y.
President, First National Bank, New York, N. Y
President, Commercial Trust Co., Jersey City, N. J
1941
1943
1944
Deputy Chairman.
115
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Class B:
Vacancy
Donaldson Brown
Vice President, General Motors Corp., New York, N. Y
Frederick E. Williamson, President, New York Central Railroad, New York, N. Y
1942.
1943
1944
Class C:
Edmund E. Day2
Randolph E. Paul
Beardsley Ruml 1
President, Cornell University, Ithaca, N. Y
Lord, Day & Lord, New York, N. Y
Treasurer, R. H. Macy & Co., Inc., New York, N. Y
1941
1943
1944
Appointed by Federal Reserve
R. B. Wiltse
George F. Rand
Raymond N. Ball
Robert R. Dew
Buffalo Branch
Bank:
Managing Director, Buffalo, N. Y
President, The Marine Trust Co., Buffalo, N. Y
President, Lincoln-Alliance Bank & Tr. Co., Rochester, N. Y.
President, Dunkirk Trust Co., Dunkirk, N. Y
Appointed by Board of Governors:
Gilbert A. Prole
Genesee Farm Supply Company, Batavia, N. Y
Howard Kellogg
President, Spencer Kellogg & Sons, Inc., Buffalo, N. Y
M. B. Folsom
Treasurer, Eastman Kodak Co., Rochester, N. Y
I
9429421943
1944
I
1942.
1943
1944
District No. 3—Philadelphia
Class A:
George W. Reily...
John B. Henning
Howard A. Loeb
Class B:
W. D. Kerlin
C. Frederick C. Stout
Harry L. Cannon
I
President, Harrisburg National Bank, Harrisburg, Pa
942President, Wyoming National Bank, Tunkhannock, Pa
1943
Chairman, Tradesmens National Bank and Trust Co., Philadelphia, Pa
1944
Secretary & Treasurer, Camden Forge Co., Camden, N. J
President, John R. Evans & Company, Camden, N. J
President, H. P. Cannon & Son, Inc., Bridgeville, Del
1941
1943
J
944
Class C:
Thomas B. McCabe 1 .... President, Scott Paper Company, Chester, Pa
1941.
Warren F. Whittier 2
Farmer, dairyman and cattle breeder, Douglassville, Pa
1943
Winfield W. Riefler
Professor of Economics, Institute for Advanced Study, Princeton, N. J
1944
District No. 4—Cleveland
Class A:
Ben R. Conner
H. B. McDowell
F. F. Brooks
Class B:
T. E. Millsop
R. P. Wright
G. D. Crabbs
Class C:
R. E. Klages2
Geo. C. Brainard1
Walter H. Lloyd
1
Chairman.
2
116
.President, First National Bank, Ada, Ohio
President, McDowell National Bank, Sharon, Pa
President, First National Bank, Pittsburgh, Pa
President, Weirton Steel Co., Weirton, W. Va
Secretary-Treasurer, Reed Mfg. Co., Erie, Pa
Chairman, Philip Carey Mfg. Co., Lockland, Ohio
1941
1943
1944
1942.
1943
, . 1944
President, Columbus Auto Parts Co., Columbus, Ohio
President, General Fireproofing Co., Youngstown, Ohio. .. .
Editor, The Ohio Farmer, Cleveland, Ohio
I
9421943
I
944
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Cincinnati Branch
Appointed by Federal Reserve Bank:
B. J. Lazar
John J. Rowe
Buckner Woodford
I
Managing Director, Cincinnati, Ohio
942L
President, Fifth Third Union Trust Co., Cincinnati, Ohio. .. . 1942.
Vice President and Cashier, Bourbon-Agricultural Bank and
Trust Co., Paris, Ky
1943
Appointed by Board of Governors:
Frank A. Brown
Francis H. Bird
Farmer, Chillicothe, Ohio
1941
Professor of Commerce, College of Engineering and Commerce, University of Cincinnati, Cincinnati, Ohio
1943
Pittsburgh Branch
Appointed by Federal Reserve Bank:
P. A. Brown
E. B. Harshaw
Clarance Stanley
I
Managing Director, Pittsburgh, Pa
942Vice President and Cashier, Grove City National Bank, Grove
City, Pa
I94X
President, Union Trust Company, Pittsburgh, Pa
1943
Appointed by Board of Governors:
Geo. T. Ladd
Robert E. Doherty
President, United Engineering & Foundry Co., Pittsburgh, Pa.
President, Carnegie Institute of Technology, Pittsburgh, Pa.
I94X
1943
District No. 5—Richmond
Class A:
Charles E. Rieman.
J. C. Braswell
J. A. Sydenstricker
Class B:
Chas. C. Reed
John H. Hanna
Edwin Malloy
President, Western National Bank, Baltimore, Md
1942.
President, Planters National Bank & Trust Co., Rocky
Mount, N. C
1943
Cashier, First National Bank, Marlinton, W. Va
1944
Vice President & General Manager, Williams & Reed, Inc.,
Richmond, Va
Chairman, Capital Transit Company, Washington, D. C
President & Treasurer, Cheraw Cotton Mills, Inc., Cheraw,
S. C
1941
1943
1944
Class C:
W. G. Wysor2
General Manager, Southern States Cooperative, Inc., RichI
mond, Va
9421
Robt. Lassiter
Chairman, Mooresville Cotton Mills, Mooresville, N. C
1943
Charles P. McCormick. .President, McCormick & Co., Inc., Baltimore, Md
*944
Baltimore Branch
Appointed by Federal Reserve Bank:
W. R. Milford
James C Fenhagen
James Dixon
George W. Reed
Managing Director, Baltimore, Md
Vice Chairman, Baltimore National Bank, Baltimore, Md.
President, Easton National Bank of Maryland, Easton, Md...
President, National Marine Bank, Baltimore, Md
1941
1942.
1943
1944
Appointed by Board of Governors:
Jos. D. Baker, Jr
W. Frank Roberts
W. Frank Thomas
1
Chairman.
2
FEBRUARY 1941
Secretary and Treasurer, Standard Lime and Stone Co., Baltimore, Md
1941
President, Standard Gas Equipment Corp., Baltimore, Md.. . 1943
Construction Engineer and Real Estate Management, Westminster, Md
1944
Deputy Chairman.
117
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Charlotte Branch
Appointed by Federal Reserve Bank:
W. T. Clements
Managing Director, Charlotte, N. C
I94X
B. M. Edwards
President, Sonth Carolina National Bank, Charleston, S. C... 1941
T. E. Hemby
Executive Vice President, American Trust Co., Charlotte, N . C . . 1943
J. Gerald Cowan
Vice President, Wachovia Bk. & Tr. Co., Asheville, N. C.. . . 1944
Appointed by Board of Governors:
D. W. Watkins
Director of Extension, Clemson College, Clemson, S. C
194Z
Geo. M. Wright
President, Republic Cotton Mills, Great Falls, S. C
1943
Chas. L. Creech, Sr
Chairman, B. F. Huntley Furniture Co., Winston-Salem, N. C. 1944
District No. 6—Atlanta
Class A:
Thos. K. Glenn
W. D. Cook
Geo. J. White
Class B:
J. A. McCrary
Fitzgerald Hall
Ernest T. George
Class C:
J. F. Porter2
Rufus C. Harris.
Frank H. Neely1
Chairman, Trust Company of Georgia, Atlanta, Ga
1941.
Executive Vice President, First National Bank, Meridian, Miss.. 1943
I
President, First National Bank, Mount Dora, Fla
944
Vice President and Treasurer, J. B. McCrary Company, Inc.,
I
Atlanta, Ga
942President, Nashville, Chattanooga & St. Louis Railway,
Nashville, Tenn
1943
President and Chairman, Seaboard Refining Company, Ltd.,
I
New Orleans, La
944
President and General Manager, Tennessee Farm Bureau
Federation, Columbia, Tennessee
President, Tulane University, New Orleans, La
Executive Vice President and Secretary, Rich's, Inc.,
Atlanta, Ga
I
9421943
1944
Birmingham Branch
Appointed by Federal Reserve Bank:
I
P. L. T. Beavers
Managing Director, Birmingham, Ala
942I
John C. Persons
President, First National Bank, Birmingham, Ala
942L
John S. Coleman
President, Birmingham Trust & Savings Company, Birmingham, Ala
1943
I
Gordon D. Palmer
President, First National Bank, Tuscaloosa, Ala
944
Appointed by Board of Governors:
I
Howard Gray
Farmer, New Market, Ala
942Ed. L. Norton
Executive Vice President, Munger Realty Company, Birmingham, Ala
1943
I
Donald Comer
Chairman, Avondale Mills, Birmingham, Ala
944
Jacksonville Branch
Appointed by Federal Reserve Bank:
I
Geo. S. Vardeman, Jr... .Managing Director, Jacksonville, Fla
942B. C. Teed
Executive First Vice President, First National Bank, Palm
I
Beach, Fla
942J. C. McCrocklin
Executive Vice President, First National Bank, Tarpon Springs,
Florida
,
1943
J. L. Dart
Vice President and Cashier, Florida National Bank, JacksonI
ville, Fla
944
1
Chairman.
118
2
D eputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Appointed by Board of Governors:
Howard Phillips
F. D. Jackson
Walter J. Matherly
Secretary-Treasurer, Dr. P. Phillips & Sons, Inc., Orlando, Fla. 1942.
President and General Manager, Jackson Grain Company,
Tampa, Fla
1943
Dean, College of Business Administration, University of
Florida, Gainesville, Fla
1944
Nashville Branch
Appointed by Federal Reserve Bank:
Joel B. Fort, Jr
F. M. Farris
Geo. Neal Bass
E. B. Maupin
Managing Director, Nashville, Tenn
1941
President, Third National Bank, Nashville, Tenn
1942.
Cashier, First National Bank of Franklin County, Decherd,
Tenn
1943
Cashier, Peoples National Bank, Shelbyville, Tenn
1944
Appointed by Board of Governors:
W. E. McEwen
E. W. Palmer
Clyde B. Austin
Director, County Farm Bureau, Williamsport, Tenn
President, Kingsport Press, Inc., Kingsport, Tenn
President, The Austin Company, Inc., Greeneville, Tenn
1941
1943
1944
New Orleans Branch
Appointed by Federal Reserve Bank:
E. P. Paris
E. E. Soulier
O. G. Lucas
J. F. McRae
Managing
President,
President,
President,
Director, New Orleans, La
First National Bank, Lafayette, La
National Bank of Commerce, New Orleans, La.. .
Merchants National Bank, Mobile, Ala
I
9429421943
1944
I
Appointed by Board of Governors:
H. G. Chalkley, Jr
E. F. Billington
Alexander Fitz-Hugh
President and General Manager, Sweet Lake Land & Oil
I
Company, Inc., Lake Charles, La
942Vice President, Soule Steam Feed Works, Meridian, Miss
1943
President, P. P. Williams Company, Vicksburg, Miss
1944
District No. 7—Chicago
Class A:
Walker J. Cummings. .. .Chairman, Continental Illinois National Bank and Trust
Company, Chicago, 111
Edward R. Estberg
Chairman, Waukesha National Bank, Waukesha, Wis
Frank D. Williams
President, First Capital National Bank, Iowa City, Iowa. .. .
Class B.Max W. Babb
Chairman, Allis-Chalmers Mfg. Co., Milwaukee, Wis
Charles B. Van Dusen.. .Director, S. S. Kresge Co., Detroit, Mich
Nicholas H. Noyes
Vice President & Treasurer, Eli Lilly and Company,
Indianapolis, Ind
Class C:
W. W. Waymack
F. J. Lewis1
Simeon E. Leland2
1 Chairman.
FEBRUARY 1942
2
1941
1943
1944
1941
1943
I
944
Vice President and Editor, Des Moines Register & Tribune,
Des Moines, la
1942
Chairman, F. J. Lewis Mfg. Co., Chicago, 111
1943
Chairman, Department of Economics, University of Chicago,
Chicago, Illinois
1944
Deputy Chairman.
119
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Detroit Branch
Appointed by Federal Reserve Bank:
H. J. Chalfont
Managing Director, Detroit, Mich
James E. Davidson
President, Peoples Com. & Sav. Bank, Bay City, Mich
Walter S. McLucas
Chairman, The National Bank of Detroit, Detroit, Mich
Joseph M. Dodge
President, The Detroit Bank, Detroit, Mich
I
941
9421943
1944
I
Appointed by Board of Governors:
I
H. L. Pierson
President, Detroit Harvester Co., Detroit, Mich
942C. W. A very.
President & Chairman, Murray Corporation of America,
Detroit, Mich
1943
L. Whitney Watkins. .. .Farmer, Manchester, Mich
1944
District No. 8—St. Louis
Class A:
Max B. Nahm
G. R. Corlis
Sidney Maestre
Vice President, Citizens National Bank, Bowling Green,
Kentucky
1947.
Cashier, Anna National Bank, Anna, 111
1943
President, Mississippi Valley Trust Company, St. Louis, Mo. 1944
Class B:
J. W. Harris
H. H. Tucker
John R. Stanley
Chairman, Harris-Langenberg Hat Co., St. Louis, Mo
1942.
President, Fones Bros. Hardware Co., Little Rock, Ark
1943
Secretary-Treasurer, Stanley Clothing Co., Evansville, Ind.. . 1944
Class C:
Wm. T. Nardin 1
2
Oscar G. Johnston
Douglas W. Brooks
Vice President and General Manager, Pet Milk Co., St.
Louis, Mo
President, Delta and Pine Land Co., Scott, Miss
President, The Newburger Co., Memphis, Tenn
Little Rock Branch
Appointed by Federal Reserve Bank:
A. F. Bailey
Managing Director, Little Rock, Ark
James H. Penick
President, W. B. Worthen Co., Bankers, Little Rock, Ark... .
Arthur E. McLean
President, Commercial National Bank, Little Rock, Ark
Paul R. McCoy
.Chairman, Peoples National Bank, Stuttgart, Ark
I
9421943
1944
I
942I94X
1943
I
944
Appointed by Board of Governors:
R. E. Short
Farmer, Brinkley, Ark
I. N. Barnett, Jr
Manager, Barnett Bros. Mercantile Company, Batesville, Ark.
S. M. Brooks
President, Brooks Advertising Agency, Little Rock, Ark
1941
1943
*944
Louisville Branch
Appointed by Federal Reserve Bank:
C. A. Schacht. .
Managing Director, Louisville, Ky
J. O. Sanders
President, First National Bank, Huntingburg, Ind
Phil E. Chappell
President, Planters Bank & Tr. Co., Hopkinsville, Ky
Ralph C. Gifford
President, First National Bank, Louisville, Ky
1942.
1941
1943
1944
Appointed by Board of Governors:
G. O. Boomer
Vice President, Girdler Corporation, Louisville, Ky
Perry B. Gaines
Farmer, Carrollton, Ky
E. J. O'Brien Jr
President, E. J. O'Brien & Co., Louisville, Ky
1
Chairman.
2
I2.O
I
9421943
1944
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 51
Memphis Branch
Appointed by Federal Reserve Bank:
W. H. Glasgow
V. J. Alexander
B. A. Lynch
Oliver Benton
Managing Director, Memphis, Tenn
President, Union Planters National Bank and Trust Company,
Memphis, Tenn
.President, Farmers Bank & Trust Co., Blytheville, Ark
President, National Bank of Commerce, Jackson, Tenn
Appointed by
y Board of
f Governors:
J P.
P Norfleet
N
f
l
P
JJ.
, Sledge
g & Norfleet,, Memphis,
p , Tenn
President,
ranch
C
o t t o n pplanter
l a n t e r aand
n d gginner,
i n n e r , PPecan
e c a n PPoint,
oint, A
rk
R. C. B
Branch
Cotton
Ark
J Holmes
H l
S h d P s i d President,
e n t , Jno.
J n o . H.
H . Sherard
S h e r a r d & Son.,
S o n . , Sherard,
S h d Miss
Mi
J.
Sherard
1942.
1941
1943
I
944
94
1942.
1943
1943
1944
District No. 9—Minneapolis
Class A:
F. D. McCartney
S. S. Ford
J. R. McKnight
Vice President, First National Bank, Oakes, N. D
1941
President, Northwestern National Bank & Trust Co., Minneapolis, Minn
1943
President, Pierre National Bank, Pierre, S. D
1944
Class B:
Albert P. Funk
Homer P. Clark
J. E. O'Connell
President, LaCrosse Rubber Mills Co., LaCrosse, Wis
Chairman, West Publishing Co., St. Paul, Minn
President, Eddy's Bakeries, Inc., Helena, Mont
1941
1943
1944
Class C:
W. C. Coffey1
W. D. Cochran
Roger B. Shepard2
President, University of Minnesota, Minneapolis, Minn
W. D. Cochran Freight Lines, Iron Mountain, Mich
President, Finch, Van Slyck & McConville, St. Paul, Minn.. .
I
9421943
1944
Helena Branch
Appointed by Federal Reserve Bank:
R. E. Towle
P. B. McClintock
Peter Pauly
I
:. .Managing Director, Helena, Mont
942I
Cashier, Farmers National Bank, Chinook, Mont
942President, Deer Lodge Bank and Trust Co., Deer Lodge, Mont.. . 1943
Appointed by Board of Governors:
Alex Cunningham
H. D. Myrick
Vice President and Treasurer, Western Life Insurance Co.,
Helena, Mont
Farmer, Square Butte, Mont
I
9421943
District No. 10—Kansas City
Class A.:
Thomas A. Dines
M. A. Limbocker
William L. Bunten
Class B:
Willard D. Hosford
J. M. Bernardin
L. E. Phillips
1
Chairman.
FEBRUARY
2
President, United States National Bank, Denver, Colo
President & Chairman, Citizens National Bank, Emporia,
Kans
Vice President and Cashier, Goodland State Bank, Goodland,
Kans
I
942-
1943
1944
Vice President and General Manager, John Deere Plow Co.,
Omaha, Neb
1942.
Vice President, Burk Lumber Company, Dawson, N. M
1943
Phillips Petroleum Company, Bartlesville, Okla
1944
Deputy Chairman.
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Class C:
Clarence Roberts
R. B. Caldwell1
Robert L. Mehornay2
Editor, The Farmer-Stockman, Oklahoma City, Okla
1942.
McCune, Caldwell, Downing and Noble, Kansas City, Mo... . 1943
President, North-Mehornay Furniture Company, Kansas
City, Mo
1944
Denver Branch
Appointed by Federal Reserve Bank:
Jos. E. Olson
Roblin H. Davis
W. C. Kurtz
Harold Kountze
Managing Director, Denver, Colo
1942.
President, Denver National Bank, Denver, Colo
I94X
President & General Manager, Independent Lumber Company, Grand Junction, Colo
1943
X
President, Colorado National Bank, Denver, Colo
944
Appointed by Board of Governors:
Wilson McCarthy
M. E. Noonen
J. B. Grant
President, Denver & Salt Lake Railway Co., Denver, Colo
Sheep rancher, Kremmling, Colo
Lewis and Grant, Denver, Colo
Oklahoma City Branch
1941
1943
1944
Appointed by Federal Reserve Bank:
G. H. Pipkin
A. E. Stephenson
D. M. Tyler
Hugh L. Harrell
Managing Director, Oklahoma City, Okla
1942.
President, Central National Bank, Enid, Okla
194Z
First Vice President, Dewey Portland Cement Co., Dewey,
Okla
1943
Vice President, First Nat. Bk. & Tr. Co., Oklahoma City,
I
Okla
944
Appointed by Board of Governors:
Lloyd Noble
Phil C. Ferguson
Neil R. Johnson
President, Noble Drilling Corp., Tulsa, Okla
Stockman, Woodward, Okla
Rancher and farmer, Norman, Okla
Omaha Branch
1942.
1943
I
944
Appointed by Federal Reserve Bank:
L. H. Earhart
Thomas L. Davis
Geo. A. Bible
George W. Holmes
Managing Director, Omaha, Neb
President, First National Bank, Omaha, Neb
President, First National Bank, Rawlins, Wyo
President, First National Bank, Lincoln, Neb
I94X
I
94i
1943
1944
Appointed by Board of Governors:
H. L. Dempster
W. H. Schellberg
Leonard E. H u m
President, Dempster Mill Mfg. Co., Beatrice, Neb
President, Union Stock Yards Company, Omaha, Neb
President, Fairmont Creamery Company, Omaha, Neb
1942.
1943
1944
District N o . 11—Dallas
Class A:
Ed. H. Winton
Frank Turner
J. E. Woods
Class B:
J. R. Milam
Geo. A. Hill, Jr
E. L. Kurth
1
Chairman.
112.
2
Executive Vice President, Continental National Bank, Fort
Worth, Texas
1^2.
President, First National Bank, Decatur, Tex
1943
President, Teague National Bank, Teague, Tex
1944
President, Cooper Company, Inc., Waco, Tex
I94X
President, Houston Oil Company of Texas, Houston, Tex
1943
Vice President and General Manager, Angelina County Lumber Company, Keltys, Tex
1944
Deputy Chairman.
FEDERAL RESERVE BULLETIN
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Class C:
Jay Taylor1
J. B. Cozzo2
Dolph Briscoe
Rafter O Cattle Company, Amarillo, Tex
Womack and Cozzo, Dallas, Texas
Stock raiser, Uvalde, Tex
El Paso Branch
I
9421943
1944
Appointed by Federal Reserve Bank:
J. L. Hermann
H. A. Jacobs
R. W. McAfee
J. E. Moore
Managing Director, El Paso, Tex
Vice President, El Paso National Bank, El Paso, Tex
Vice President, State National Bank, El Paso, Tex
.Vice President, First National Bank, Roswell, N. M
Appointed by Board of Governors:
4
R. E. Sherman
Jack B. Martin
F. M. Hayner
President, Leavell and Sherman, Inc., El Paso, Tex
President, Arizona Ice & Cold Storage Co., Tucson, Ariz
President, Las Cruces Lumber Co., Las Cruces, N. M
Houston Branch
Appointed by Federal Reserve Bank:
W. D. Gentry.'.
P. B. Doty
W. N. Greer
J. W. McCullough
Managing Director, Houston, Tex
; . .. . President, First National Bank, Beaumont, Tex
President, Citizens State Bank, Houston, Tex
President, Hutchings-Sealy National Bank, Galveston, Tex.. .
Appointed by Board of Governors:
Sam Taub
George G. Chance
H. Renfert
J. N. Taub & Sons, Houston, Tex
Farmer, Bryan, Tex
Renfert-Helmbrecht Co., Galveston, Tex
194Z
1941
1943
1944
I
9421943
1944
I
9429421943
1944
I
I
9421943
I
944
San Antonio Branch
Appointed by Federal Reserve Bank:
M. Crump
E. J. Miller
J. A. Walker
T. C. Frost, Jr
Managing Director, San Antonio, Tex
President, South Texas National Bank, San Antonio, Tex
Vice President, Del Rio National Bank, Del Rio, Tex
Vice President, Frost National Bank, San Antonio, Tex
I
942I^TL
1943
1944
Appointed by Board of Governors:
Edwin F. Flato
Vacancy
J. M. Odom
President, Corpus Christi Hardware Company, Corpus Christi,
Tex
General Contractor, Austin, Tex
i94i
1943
1944
District N o . 12—San Francisco
Class A:
Carroll F. Byrd
C. K. Mclntosh
Reno Odlin
Class B.Reese H. Taylor
Elmer H. Cox
Wm. G. Volkmann
1 Chairman.
FEBRUARY 1941
2
Chairman & Executive Vice President, First National Bank,
Willows, Calif
1941
Chairman, Bank of California, N. A., San Francisco, California
1943
President, Puget Sound National Bank, Tacoma, Wash
1944
President, Union Oil Company of California, Los Angeles,
Calif
President, Madera Sugar Pine Company, San Francisco, Calif..
Partner, A. Schilling and Co., San Francisco, Calif
1941
1943
1944
Deputy Chairman.
12.3
DIRECTORS OF FEDERAL RESERVE BANKS AND BRANCHES
Term
Expires
Dec. 31
Class C:
Vacancy
St. George Holden2
Henry F. Grady 1
I94X
1943
St. George Holden Realty Company, San Francisco, Calif.. . .
President, American President Lines, Ltd., San Francisco,
Calif
1944
Los Angeles Branch
Appointed by Federal Reserve Bank:
W. N. Ambrose
H. D. Ivey
F. E. Snedecor
Managing Director, Los Angeles, Calif
1941
President, Citizens National Trust & Savings Bank, Los
Angeles, Calif
1942.
President, First National Bank, Corona, Calif
1943
Appointed by Board of Governors:
W. S. Rosecrans
C. V. Newman
Property management & investments, Los Angeles, Calif
President, Calavo Growers of California, Los Angeles, Calif...
I
9%71943
Portland Branch
Appointed by Federal Reserve Bank:
D. L. Davis
Managing Director, Portland, Ore
•
N. A. Davis
Vice President, Baker-Boyer National Bank, Walla Walla,
Wash
Paul S. Dick
President, United States National Bank, Portland, Ore
Appointed by Board of Governors:
A. E. Engbretson
George T. Gerlinger
President, Engbretson Seed Company, Astoria, Ore
President, Willamette Valley Lumber Company, Portland,
Ore
I
942-
I
9421943
I
942-
1943
Salt Lake City Branch
Appointed by Federal Reserve Bank:
W. L. Partner
Orval W. Adams
Frederick P. Champ
Managing Director, Salt Lake City, Utah
Executive Vice President, Utah State National Bank, Salt
Lake City, Utah
President, Cache Valley Banking Company, Logan, Utah
1941
I
9421943
Appointed by Board of Governors:
R. C. Rich
Herbert S. Auerbach
Livestock and farming, Burley, Idaho
President and General Manager, Auerbach Company, Salt Lake
City, Utah
I94X
1943
Seattle Branch
Appointed by Federal Reserve Bank:
C. R. Shaw
Fred L. Stanton
Andrew Price
Managing Director, Seattle, Wash
President, Washington Trust Co., Spokane, Wash
President, National Bank of Commerce, Seattle, Wash
Appointed by Board of Governors:
Fred Nelsen
Charles F. Larrabee
1
Chairman.
I2_4
2
Farmer and dairyman, Seattle, Wash
Vice President, Pacific American Fisheries, Inc., Bellingham,
Wash
I
9429421943
I
I
942-
1943
Deputy Chairman.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled January ig and released for publication January 21. Figures shown on
charts may differ from preliminary figures used in text.
Industrial activity declined less than seasonally in December and the first half of January,
retail trade continued in large volume, and
prices of many commodities rose further.
PRODUCTION
In December total volume of industrial output
declined less than is usual at this season and the
Board's adjusted index rose further to 168 per
cent of the 193 5-1939 average. In the armament
industries output continued to advance and at
machinery plants activity rose sharply, following little change in November. Output of
materials, such as iron and steel and nonferrous
metals, continued at peak levels and lumber
production showed less than the usual seasonal
decrease.
Automobile production declined
sharply in the latter half of December, following
announcement of sharp reductions in passenger
car quotas, but early in January quotas for that
month were increased and output rose considerably. Sales of new automobiles to civilians
were halted at the beginning of January pending
the establishment of a rationing system.
Textile production declined somewhat in
December owing to a reduction in activity at
cotton mills from the record level reached in
November. Output of wool and rayon textiles
was sustained at about capacity. Output of
manufactured food products and shoe production
showed about the customary seasonal declines.
Coal output decreased somewhat in December,
while petroleum production and mining of nonferrous metals were maintained at the high
November rate.
Value of construction contracts awarded in
December declined less than is usual at this time
of year, according to figures of the F. W. Dodge
Corporation.
Awards for public projects
showed little change, while those for residential
construction declined less than seasonally following a considerable reduction in November.
DISTRIBUTION
Volume of retail trade, which had been large
during most of the autumn, increased less than
seasonally in December. This reflected to some
extent a temporary slackening in sales around
INDUSTRIAL PRODUCTION
WHOLESALE
PRICES
180
170
160
/
50
/
/
40
30
V
fV
20
10
\
\
/
00
j
90
/
80
70
1935
1936
1937
1938
1939
1940
1941
Federal Reserve index of physical volume of production, adjusted
for seasonal variation, 1935-1939 average = 100. By months, January
1935 to December 1941.
FEBRUARY
1941
1935
1936
1937
1938
1939
1940
1941
Bureau of Labor statistics' indexes, 1926 = 100. "Other" includes
commodities other than farm products and foods. By weeks, January
5, 1935 to week ending January 17, 1942.
NATIONAL SUMMARY OF BUSINESS CONDITIONS
the middle of the month following this country's entry into the war. In the first half of
January sales at department stores showed less
than the customary sharp reduction from the
Christmas buying peak and were at a level substantially higher in comparison with a year
ago than that prevailing in other recent months.
Freight-car loadings of most products decreased by less than the customary seasonal
amount in December. Coal shipments declined
considerably in the latter part of the month but
then increased sharply in the first half of January. Shipments of miscellaneous freight,
which includes most manufactured products,
were maintained in large volume for this season
of the year.
COMMODITY PRICES
Wholesale commodity prices increased sharply
when this country entered the war early in
December and then showed little change during
the latter half of the month. In the first half
of January prices again advanced, the principal
increases being in agricultural commodities and
chemicals.
Federal action to impose maximum prices
was accelerated with the outbreak of war and
applied on a wider scale to industrial products.
Ceilings were extended to products in later
stages of production and distribution and in
most instances covered consumers' goods. Certain of the actions, like those relating to rubber
and wool products, were associated with new
Federal production restrictions. In this period
also there were advances in a number of price
ceilings established earlier.
BANK CREDIT
Total loans and investments of banks in
leading cities, which had advanced sharply
during the first half of December, have subsequently shown little further change.
Treasury financing in the middle of December
and heavy currency withdrawals during the
holiday season absorbed close to 700 million
dollars of excess reserves during the month.
About 500 million of this was recovered in
the first half of January, as the result of a
decline in Treasury deposits at the Reserve
Banks and a return of currency from circulation. Recent changes in excess reserves have
been almost entirely at banks outside of New
York City.
UNITED STATES
GOVERNMENT SECURITY PRICES
Prices of Government securities were steady
in the first half of January, following a decline
in December after the entry of the United
States into the war.
MONEY RATES IN NEW YORK CITY
FREIGHT-CAR LOADINGS
POINTS IN TOTAL INDE1
1935
1936
1937
1938
1939
1940
1941
Federal Reserve index of total loadings of revenue freight, adjusted
for seasonal variation, 1935-1939 average = 100. Sub-groups shown
are expressed in terms of points in the total index. By months, January 1935 to December 1941.
12.6
Weekly averages of daily yields of 3- to 5-year tax-exempt Treasury
notes, Treasury bonds callable after 12 years, and average discount on
new issues of Treasury bills offered within week. For weeks ending
January 5, 1935 to January 24, 1942.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
119
Federal Reserve Bank discount rates; rates on time deposits, reserve
requirements, margin requirements
130
Federal Reserve Bank statistics
131-135
Reserve position of member banks; deposits in larger and smaller
centers
136
Money in circulation
137
Gold stock and gold movements; bank suspensions; bank debits
All banks in the United States, number, deposits, loans and investments
138
139
Condition of all member banks
140-141
Weekly reporting member banks
141-145
Commercial paper, bankers' acceptances, and brokers' balances
146
Money rates and bond yields
147
Security markets
148
Treasury
Governmental
finance
corporations
149-151
and credit agencies; Postal Savings
System
152.-154
Business indexes
155-165
Department store statistics
166
Wholesale prices
167
Current statistics for Federal Reserve chart book
Changes in number of banks and branches in the United States
Earnings and expenses of Federal Reserve Banks during 1941
168-170
171
171-173
Tables on the following pages include the principal available statistics of current significance relating
to financial and business developments in tne 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 01 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.
FEBRUARY 1941
12-7
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY
BILLIONS OF DOLLARS
FIGURES
BILLIONS OF DOLLARS
24
24
22
10
1936
1937
1938
1939
1940
1941
1942
Latestfiguresfor January 21. See page 129.
1x8
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Bills
discounted
Total
Monthy averages of
daily figures:
1940—Oct
Nov
Dec.
1941—Oct
Nov..
Dec
5
4
4
8
6
5
End of month figures:
1940—Oct. 31
Nov 30.
Dec. 31
1941—Oct. 31
Nov. 29
Dec. 31
Wednesday figures:
1941—Mar. 5
Mar. 12
Mar. 19
Mar. 26
Date
Gold
stock
Treasury
cur- Money
cirrency inculaouttion
standing
Treasury deTreas- posits
with
ury
Fedcash
eral
holdReings
serve
Banks
Member
}">Anlz"
rPQPrvp
I-/ClfXX.l\. X
C9vl VW
Nonmember
deposits
Other
Federal
Reserve
accounts
Total
Ex
2
cess^
balances
All 1
MaMaturing turing other
with- after
in 5
5
years years
Total
2,381
2,261
2,188
2,184
2,184
2,219
1,102
1,045
1,038
934
908
915
1,280
1,215
1,149
1,250
1,277
1,304
67
79
113
130
121
180
2,454
2,344
2,305
2,322
2,311
2,404
21,393
21,662
21,890
22,779
22,786
22,759
3,051
3,065
3,079
3,208
3,225
3,239
8,226
8,415
8,688
10,270
10,496
10,985
2,257
2,194
2,201
2,220
2,194
2,189
477
348
338
525
669
592
1,624
1,710
1,715
1,905
1,774
1,530
270
275
283
292
290
293
14,043
14,131
14,049
13,097
12,900
12,812
6,864
6,830
6,646
5,001
3,611
3,390
4
4
3
6
6
3
2,333
2,199
2,184
2,184
2,184
2,254
1,074
1,023
1,048
908
908
917
1,259
1,177
1,136
1,277
1,277
1,337
76
101
88
119
122
104
2,412
2,304
2,274
2,309
2,312
2,361
21,506
21,801
21,995
22,800
22,785
22,737
3,059
3,072
3,087
3,219
3,231
3,247
8,300
8,522
8,732
10,364
10,640
11,160
2,188
2,187
2,213
2,207
2,188
2,215
349
250
368
987
429
867
1,661
1,726
1,732
1,899
1,644
1,360
271
277
284
290
288
291
14,208
14,215
14,026
12,580
13,140
12,450
6,960
6,849
6,615
4,557
3,828
3,085
2
1
1
1
2,184
2,184
2,184
2,184
1,048
1,048
984
984
1,136
1,136
1,201
1,201
51
59
73
35
2,237
2,244
2,259
2,221
22,237
22,318
22,335
22,359
3,103
3,106
3,104
3,108
8,805
8,811
8,826
8,842
2,192
2,196
2,208
2,230
391
421
913
906
1,772
1,748
1,721
1,788
280
280
289
288
14,136
14,211
13,741
13,633
6,435
6,483
6,106
6,011
Apr. 2.
Apr. 9
Apr. 16
Apr. 23
Apr. 30
1
5
1
2
2
2,184
2,184
2,184
2,184
2,184
955
955
1,008
1,008
1,008
1,230
1,230
1,177
1,177
1,177
59
46
100
53
48
2,244
2,235
2,286
2,239
2,234
22,384
22,413
22,421
22,482
22,506
3,110
3,113
3,116
3,118
3,122
8,944
8,993
8,989
8,992
9,071
2,251
2,272
2,269
2,299
2,283
1,045
813
534
947
865
1,704
1,740
1,763
1,808
1,830
288
288
289
289
288
13,506
13,656
13,979
13,506
13,524
5,941
6,027
6,264
5,760
5,771
May
May
May
May
7.
14
21
28
1
2
2
4
2,184
2,184
2,184
2,184
1,008
1,008
1,008
1,008
1,177
1,177
1,177
1,177
43
53
50
43
2,229
2,239
2,237
2,231
22,525
22,538
22,565
22,573
3,125
3,129
3,131
3,133
9,151
9,155
9,186
9,294
2,292
2,283
2,280
2,221
804
762
477
462
1,905
1,961
1,972
1,926
288
287
286
286
13,440
13,458
13,732
13,749
5,711
5,689
5,855
5,824
June 4
June 11
June 18
June 25
July 2
2
2
2
2
2,184
2,184
2,184
2,184
951
951
951
951
1,234
1,234
1,234
1,234
54
63
55
63
2,240
2,249
2,241
2,249
22,579
22,593
22,612
22,620
3,136
3,138
3,142
3,148
9,394
9,393
9,433
9,490
2,229
2,240
2,258
2,275
993
941
1,024
1,081
1,852
1,809
1,855
1,891
285
285
295
295
13,201
13,312
13,131
12,985
5,407
5,488
5,314
5,145
July
July
July
July
9
16
23
30
3
3
2
3
5
2,184
2,184
2,184
2,184
2,184
951
951
951
951
951
1,234
1,234
1,234
1,234
1,234
86
61
108
61
56
2,273
2,249
2,294
2,248
2,245
22,627
22,640
22,655
22,664
22,673
3,150
3,152
3,157
3,161
3,163
9,704
9,695
9,645
9,634
9,697
2,276
2,291
2,309
2,320
2,330
837
1,039
849
954
921
1,820
1,756
1,792
1,759
1,748
289
289
288
288
288
13,125
12,971
13,223
13,117
13,097
5,265
5,124
5,336
5,181
5,155
Aug.
Aug.
Aug.
Aug.
6
13
20
27
5
10
8
10
2,184
2,184
2,184
2,184
951
951
951
951
1,234
1,234
1,234
1,234
41
53
80
87
2,231
2,247
2,272
2,281
22,682
22,703
22,710
22,716
3,169
3,172
3,178
3,178
9,795
9,792
9,840
9,899
2,345
2,361
2,377
2,378
839
919
785
772
1,865
1,816
1,835
1,843
287
287
285
285
12,951
12,948
13,037
12,998
5,018
5,027
5,058
4,994
Sept.
Sept.
Sept.
Sept.
3
10
17
24
12
14
11
12
2,184
2,184
2,184
2,184
951
951
951
951
1,234
1,234
1,234
1,234
45
58
121
83
2,241
2,255
2,316
2,279
22,722
22,733
22, 741
22,749
3,180
3,185
3,188
3,194
10,034
10,036
10,046
10,070
2,400
2,397
2,408
2,350
708
456
334
379
1,834
1,843
1,836
1,856
284
283
293
293
12,884
13,158
13,328
13,273
4,857
5,111
5,249
5,202
Oct.
Oct.
Oct.
Oct.
Oct.
1
8
15
22
29
11
11
8
4
5
2,184
2,184
2,184
2,184
2,184
951
951
951
908
908
1,234
1,234
1,234
1,277
1,277
49
70
121
103
61
2,244
2,265
2,313
2,291
2,250
22,761
22,772
22,778
22,786
22,796
3,196
3,203
3,207
3,214
3,219
10,183
10,237
10,283
10,278
10,307
2,259
2,241
2,222
2,195
2,209
309
304
259
977
915
1,918
1,877
1,920
1,800
1,910
292
291
292
292
292
13,240
13,290
13,321
12,749
12,632
5,193
5,209
5,234
4,655
4,602
Nov.
Nov.
Nov.
Nov.
5
12
19
26
6
6
5
6
2,184
2,184
2,184
2,184
908
908
908
908
1,277
1,277
1,277
1,277
57
118
94
2,247
2,263
2,307
2,284
22,788
22,793
22,778
22,781
3,221
3,222
3,228
3,230
10,421
10,472
10,535
10,567
2,195
2,213
2,184
2,195
933
807
598
440
1,821
1,790
1,764
1,678
291
290
290
288
12,594
12,707
12,942
13,126
3,409
3,540
3,692
3,799
Dec.
Dec.
Dec.
Dec.
Dec.
3
10
17
24
31
6
4
5
7
3
2,184
2,196
2,240
2,243
2,254
908
918
917
917
917
1,277
1,278
1,322
1,326
1,337
100
85
188
249
104
2,289
2,286
2,433
2,499
2,361
22,770
22,774
22,747
22,750
22,737
3,233
3,236
3,238
3,244
3,247
10,717
10,834
11,023
11,224
11,160
2,180
2,185
2,193
2,195
2,215
321
157
925
908
867
1,609
1,614
1,483
1,422
1,360
288
287
297
297
291
13,178
13,219
12,497
12,447
12,450
3,860
3,842
3,085
3,056
3,085
4
4
3
2,254
2,254
2,250
917
917
827
1,337
1,337
1,423
128
133
130
2,386
2,390
2,383
22,742
22,740
22,750
3,248
3,252
3,255
11,109
11,062
11,077
2,220
2,224
2,204
663
419
284
1,376
1,395
1,387
291
291
291
12,717
12,992
13,145
3,385
3,561
3,584
1942—Jan. 7
Jan.14
Jan.21
72 •
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
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
Secured by direct and
eligible guaranteed obligations of the U. S.
Federal Reserve Bank
Rate
an. 30
In
effect
beginningSept.
Aug.
Sept.
May
Aug.
Sept.
Sept.
Sept.
Aug.
Sept.
Sept.
Sept.
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City...
Dallas
San Francisco.
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
Jan. 30
Sept.
Aug.
Sept.
May
Aug.
Aug.
Aug.
Sept.
Aug.
Sept.
Aug.
Sept.
1,1939
27, 1937
4, 1937
11, 1935
27, 1937
16, 1939
1, 1939
21, 1939
24, 1937
16, 1939
16, 1939
3, 1937
To banks
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
21, 1937
21, 1937
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
Rate
Jan. 30
In
effect
beginning-
To others
In
effect
beginning—
Rate
Jan. 30
Sept. 2, 1937
Oct. 10, 1935
Sept. 4, 1937
Oct. 19, 1935
Sept. 10, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 17, 1937
In
effect
beginning-
Rate
Jan. 30
Apr.
Feb.
Sept.
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
Sept. 1, 193?
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
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
1
Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements
are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON
ACCEPTANCES
[Per cent per annum]
Rate in
effect on
Jan.30
Maturity
1-15 days 1 ....
16-30 days....
31-45 days....
46-60 days....
61-90 days....
91-120 days...
121-180 days.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL
ADVANCES
Rates in effect Jan. 30 on advances and commitments under
Section 13b of the Federal Reserve Act
Previous
rate
In effect beginning—
Oct. 20, 1933
do.
do
do
do
do
do
[Per cent per annum except as indicated by footnote6]
Federal Reserve
Bank
Advances
direct to
industrial
or commercial organizations
1
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]
Aug. 16, M a r . 1,
19361937F e b . 28, A p r . 30,
1937
1937
Classes of deposits
and banks
Mayl,
1937Apr. 15,
19382
Apr. 16,
1938Oct. 31,
1941
Effective
Nov. 1,
19412
26
20
14
22^
12M
26
20
14
SH
6
On n e t d e m a n d
deposits: 1
22^
Central reserve c i t y . . .
Reserve city
15
Country
On time deposits:
All member banks
4H
\iy2
,
17H
12
5
1
See footnote t o t a b l e on p . 136 for explanation of m e t h o d of computing
net demand deposits.
2
Percentages in this column are double t h e s t a t u t o r y requirements, which
were in effect J u n e 21,1917-Aug. 15,1936.
MARGIN REQUIREMENTS^
Apr. 1,
1936Oct. 31,
1937
3K-6
4-6
3^-6
3^-5
4-6
4-6
3-6
Commitments
to make
advances
On remaining1
portion
3
2-3
3H
m
©
(?)
2
®
(5)4
4-6
3-6
(2)
3-6
4
4-6
4-5
4
1-2
( )3
1-2
4
K-2
3K-5H
3-6
(6)1
3-6
1K-2
4-6
3-6
(6)1
1
4
4-6
4
4-6
3-4
1
The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and
Dallas may charge same rate as charged borrower by financing institution,
if 2lower than rate shown.
Same as rate charged borrower by financing institution.
* One per cent less than rate charged borrower by financing institution.
One per cent less than rate charged borrower
by financing institution
with minimum of three per cent (see note x ).
One-half of one per cent less than rate chargedx borrower by financing
institution
with minimum of four per cent (see note ) .
6
Minimum charge one-fourth of one per cent.
5 5
«
(2)
3
55
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Nov. 1,
1937
Nov. 1,1933
to
Jan. 31,1935
and
after
40
5
40
percentage 01 its market value at the time ot the extension; the "margin
requirements" shown in this table are the difference between the market
value
(100%) and the maximum loan value.
2
Requirement under Regulation T was the margin "customarily required"
by the broker.
3
Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and loans to brokers and dealers.
130
On portion for
which
institution is 1
obligated
MAXIMUM RATES ON TIME DEPOSITS
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
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 . . . .
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Advances to or in participation with financing institutions
Savings deposits
Postal savings deposits...
Other time deposits payable in:
6 months or more
90 days to 6 months..
Less than 90 days
Feb. 1,1935
to
Dec. 31,1935
In effect
beginning
Jan.1,1936
2Y2
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the Federal Deposit Insurance Corporation, effective
February 1, 1936, are the same as those in effect for member banks. Under
Regulation Q the rate payable by a member bank may not in any event
exceed the maximum rate payable by State banks or trust companies on
like deposits under the laws of the State in which the member bank is
located.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS A N D LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1942
Jan.21
Jan.14
1941
Jan. 7
Dec. 31
Dec. 24
Dec. 17
Dec. 10
Dec. 3
Dec.
1940
Nov.
Dec.
Assets
Gold certificates on hand and
20,523,015 20 ,488,015 20,490,017 20, 490,015 20,515,
due from U. S. Treasury
1,516,016 ',551,015 20,553,016 20,490,015 20 ,553,019 19,750,781
13,436
13,668
15,496
15,496
13,437
13,669
15,352
13,668
9,692
Redemption fund—F. R. notes.
14,586
14,688
260,678
236,263
337,653
231,589
260,678
253,331
Other cash
353,083
275,109
296,423
223,766
213,759
Total reserves
20,889,535 20,839,104 20,800,109 20,764,361 20,743,465 20,754,368 20,797,956 20,804,775 20,764,361 20,821,846 20,035,582
Bills discounted:
For member banks
For nonmember banks, etc.
3,203
1,968
947
3,582
4,120
Total bills discounted .
3,582
4,120
2,955
7,069
4,060
5,567
2,955
2,915
Industrial advances
U. S. Government securities:
Direct
Bonds
Notes
Bills
Guaranteed
9,512
9,619
9,504
9,710
9,772
9,799
9,504
7,538
2,955
7,069
4,060
5,304
5,567
2,955
1,548,005 1,462,205 1,462,205 1,462,205 1,450,867 1,447,470 1,402,200 1,402,200 1,462,205 1,402,200 1,280,000
777,300
777,300
777,300
777,300
777,300
777,300
692,500
777,300
777,300
777,300
899,500
10,370
10,370
10,370
10,370
12,370
6,000
10,370
10,370
4,600
4,600
4,600 " " 4 , 6 0 0
4,600
4,600
3,600
4,600
4,600
4,600
4,600
Total U. S. Government
securities, direct and
guaranteed
2,250,105 2,254,475 2,254,475 2,254,475 2,243,137 2,239,740 2,196,470 2,184,100 2,254,475 2,184,100 2,184,100
Other Reserve Bank credit outstanding
93,842
75,437
178,440
120,522
122,815
239,372
93,842
79,666
118,261
112,539
89,576
Total Reserve Bank
credit outstanding
2,383,251 2,390,384 2,386,475 2,360,776 2,499,288
2,285,739 2,289,042 2,360,776 2,312,332 2,274,219
Liabilities
F. R. notes in actual circulation . 8,198,916 8,170,584 8,178,757 8,V192,169 8,202,083
7,838,397 7,730,137 8,192,169 7,669,255 5,930,997
Deposits:
Member
bank — reserve
13,145,468 12,991,582 12,716,754 12,450,333 12,446,867 12,497,269 13,219,388 13,178,056 12,450,333 13,139,701 14,025,633
account
U. S. Treasurer—general
925,258
867,493
157,141
418,609
907,665
867,493
429,454
284,180
663,254
account
320,557
368,481
852,905
808,967
935,053 1,007,931
754,816
774,062
774,062 1,014,985 1,132,909
787,364
Foreign
729,779
629,780
613,028
678,698
640,156
586,170
588,184
586,170
629,316
Other deposits
601,253
656,951
599,544
Total deposits
14,816,378 14,805,163 14,755,556 14,678,058 14,776,527 14,905,212 14,990,280 15,107,797 14,678,058 15,213,456 16,126,567
Ratio of total reserves to deposit
and F. R. note liabilities combined (per cent)
90.8
90.7
90.7
90.3
90.6
91.1
91.1
90.8
91.0
90.8
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
6 months
to
1 year
1 year
to
2 years
2 years
to
5 years
Bills discounted:
Dec. 31
Jan 7
Jan.14
Jan.21
2,955
4 120
3*582
3,203
1,878
3 127
2,624
2,310
55
31
108
110
136
219
653
511
125
122
32
48
435
125
37
67
318
Industrial advances:
Dec. 31
Jan.7
Jan.14
Jan 21
9,504
9 619
9,512
9,421
3,116
3,042
3,133
3,166
378
471
162
695
142
221
1,224
1,262
1,161
1,250
1,289
1,340
1,337
1,347
1,541
1,554
1,560
1,576
1,323
1,363
1,370
1,364
97,000
97,000
97,000
97,000
247,200
247,200
247,200
247,200
477,000
477,000
477,000
477,000
U. S. Government securities, direct
and guaranteed:
Dec 31
Jan 7
Jan.14
Jan.21
FEBRUARY
1941
2 254 475
2,254,475
2,254,475
2,250,105
1,000
1,000
1,000
600
321
195
215
95,170
6,000
462
156
182
95,170
95,170
271
Over
5 years
56
1,337,105
1,337,105
1,337,105
1,422,905
131
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
St.
Louis
Minne- Kansas Dallas
apolis City
551,394 3,423,782
550,029 3,429,729
552,983 3,478,727
530,747 3,430,421
632,041
633,243
638,654
622,307
394,665
392,345
390,079
367,540
557,610
534,018
549,843
546,159
Atlanta Chicago
San
Francisco
Assets
Gold certificates on hand
and due from U. S.
Treasury:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
20,490,015
20,490,017
20,488,015
20,523,015
Redemption Fund—Federal
Reserve notes:
Dec. 31
Jan. 7
i
Jan. 14
Jan. 21
790,447
793,826
808,474
784,729
414,284 1,547,779
392,355 1,586,215
394,571 1,617,710
393,578 1,599,926
13,668
13,669
13,436
13,437
4,143
4,143
4,039
4,039
1,047
1,047
1,625
1,625
892
893
735
735
919
919
791
792
1,437
1,437
1,395
1,395
451
451
385
385
1,122
1,122
962
962
643
643
609
609
401
401
387
387
754
754
727
727
566
566
543
543
1,293
1,293
1,238
1,238
260,678
296,423
337,653
353,083
25,589
28,847
31,533
32,201
46,842
54,678
64,646
65,850
19,345
22,830
24,413
26,825
23,521
23,342
31,238
28,688
14,393
16,393
15,743
20,688
17,035
23,309
23,818
27,302
38,858
44,871
53,281
56,554
17,602
21,970
22,100
23,250
5,418
5,550
6,266
6,387
11,759
13,349
15,799
15,250
13,784
14,233
16,401
15,560
26,532
27,051
32,415
34,528
20,764,361
20,800,109
20,839,104
20,889,535
,192,039
,231,918
,238,908
,245,775
8,212,096 1,244,523 1,651,653
8,187,345 1,235,298 1,660,395
8,099,415 1,226,396 1,651,275
8,301,303 1,204,840 1,656,445
806,277
811,656
825,612
806,812
568,880 3,463,762
573,789 3,475,722
577,186 3,532,970
558,434 3,487,937
650,286
655,856
661,363
646,166
400,484
398,296
396,732
374,314
570,123
548,121
566,369
562,136
428,634 1,575,604
407,154 1,614,559
411,515 1,651,363
409,681 1,635,692
1,768
1,991
2,518
2,234
260
570
630
250
105
105
90
105
'46
Other cash:
Dec. 31...
Jan. 7....
Jan. 14...
Jan. 21...
Total reserves:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
,162,307 8,164,207 1,224,286 1,627,213
,198,928 8,131,620 1,211,575 1,636,134
,203,336 8,033, 144 1,201,248 1,619,246
,209,535 8,233,828 1,177,280 1,626,965
Bills discounted:
Secured by U. S. Government obligations,
direct and guaranteed:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Other bills discounted:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
615
520
900
795
624
657
749
787
1,187
2,129
1,064
100
75
75
150
20
87
87
101
101
969
1,814
700
637
Total bills discounted:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
2,955
4,120
3,582
3,203
260
570
630
250
690
585
940
810
674
707
819
857
187
162
176
251
20
Industrial advances:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
9,504
9,619
9,512
9,421
1,883
1,879
1,879
1,871
1,098
1,098
1,098
1,098
3,468
3,517
3,503
3,557
233
278
280
281
765
765
764
762
477
527
514
498
306
298
289
301
300
300
200
100
514
496
523
499
U. S. Government securities, direct and guaranteed:
Bonds:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
50
35
118
118
953
1,919
790
742
15
109
98
95
109
98
95
103
'46
244
246
247
246
124
123
123
122
15
1,466,805
1,466,805
1,466,805
1,551,605
113,230
107,926
107,926
114,167
385,294
404,959
404,959
428,328
115,799
115,841
115,841
122,526
145,193
145,076
145,076
153,461
89,615
87,666
87,666
92,757
62,241
62,391
62,391
65,999
198,906
178,434
178,434
188,778
73,695
69,282
69,282
73,292
43,272
44,291
44,291
46,849
62,593
67,075
67,075
70,945
51,197
57,154
57,154
60,460
125,770
126,710
126,710
134,043
Notes:
Dec.
Jan.
Jan.
Jan.
31...
7
14...
21....
777,300
777,300
777,300
692,500
60,005
57,193
57,193
50,954
204,178
214,597
214,597
191,168
61,364
61,388
61,388
54,686
76,943
76,880
76,880
68,491
47,488
46,458
46,458
41,398
32,983
33,063
33,063
29,457
105,406
94,557
94,557
84,253
39,053
36,713
36,713
32,711
22,931
23,471
23,471
20,910
33,168
35,546
35,546
31,664
27,131
30,287
30,287
26,983
66,650
67,147
67,147
59,825
Bills:
Dec.
Jan.
Jan.
Jan.
31....
7
14...
21....
10,370
10,370
10,370
6,000
800
763
763
44:
2,724
2,863
2,863
1,656
819
819
819
474
1,026
1,026
1,026
594
634
620
620
359
440
441
441
255
1,406
1,261
1,261
730
521
490
490
283
306
313
313
181
443
474
474
274
362
404
404
234
889
896
896
518
FEDERAL RESERVE BULLETIN
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minne- Kansas Dallas
apolis
City
San
Francisco
A ss ets—Continued
Total U. S. Government
securities, direct and
guaranteed:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
2,254,475
2,254,475
2,254,475
2,250,105
174,035
165,882
165,882
165,563
592,196
622,419
622,419
621,152
177,982
178,048
178,048
177,686
223,162
222,982
222,982
222,546
137,737
134,744
134,744
134,514
95,664
95,895
95,895
95,711
305,718
274,252
274,252
273,761
113,269
106,485
106,485
106,286
66,509 96,204
68,075 103,095
68,075 103,095
67,940 102,883
78,690
87,845
87,845
87,677
193,309
194,753
194,753
194,386
Total bills and securities:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
2,266,934
2,268,214
2,267,569
2,262,729
176,178
168,331
168,391
167,684
593,984
624,102
624,457
623,060
182,124
182,272
182,370
182,100
223,582
223,422
223,438
223,078
138,502
135,509
135,508
135,296
96,155
96,436
96,423
96,221
306,042
274,565
274,541
274,062
113,569
106,785
106,685
106,386
67,073 97,249
68,606 105,106
68,716 103,977
68,557 103,711
79,043
88,189
88,187
88,026
193,433
194,891
194,876
194,548
36,287
39,414
37,217
34,036
774
1,233
1,298
815
4,493
3,716
3,034
2,979
2,700
2,088
1,425
1,184
2,087
2,161
2,385
1,944
8,760
10,244
11,198
11,275
4,110
5,335
4,084
3,037
3,449
3,192
3,443
2,787
2,430
3,248
1,625
2,632
651
1,197
1,233
415
2,071
2,362
2,954
1,926
1,367
1,136
1,006
1,086
3,395
3,502
3,532
3,956
1,200,724
998,458
1,210,160
1,127,981
116,237
95,950
116,608
107,423
316,326
220,362
285,575
253,549
84,370
72,392
82,403
74,243
149,177
116,612
155,972
133,597
83,669
80,621
85,514
100,191
42,290
40,945
46,678
53,134
180,907
149,912
193,875
163,303
49,586
51,697
56,607
55,839
26,571
25,739
25,977
25,771
47,535
42,468
42,735
42,489
37,094
38,290
41,828
49,660
66,962
63,470
76,388
68,782
Bank premises:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
40,767
40,761
40,792
40,785
2,778
2,778
2,778
2,778
10,507
10,507
10,507
10,507
4,866
4,866
4,866
4,866
4,439
4,439
4,439
4,429
2,982
2,982
3,008
3,013
,948
,948
,949
,948
2,971
2,971
2,971
2,971
2,155
2,155
2,155
2,154
2,880
2,874
2,874
2,874
1,137
1,137
1,141
1,141
2,766
2,766
2,766
2,766
''Other "assets:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
43,724
44,028
45,434
45,116
3,127
3,050
3,114
3,143
11,148
11,926
12,393
12,267
4,061
3,495
3,806
3,541
4,613
4,753
4,875
4,896
2,751
2,778
2,918
2,868
,797
,813
,811
,848
5,466
5,091
5,159
5,203
2,027
1,950
2,008
2,002
1,783
1,951
2,014
1,997
1,509
1,687
1,693
1,724
4,083
4,170
4,271
4,248
715,182 3,962,603
720,268 3,911,459
728,133 4,012,965
714,624 3,936,269
820,054
821,692
830,444
815,180
497,426
496,540
495,368
471,774
721,642
702,883
720,924
715,134
548,785 1,846,247
537,"
594 1,883,362
545,371 1,933,200
551,319 1,909,996
Due from foreign banks:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Federal Reserve notes of
other banks:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
.„
Uncollected items:
Dec. 31
Jan. 7
,
Jan. 14
Jan. 21
Totallassets:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
24,352,844 1,491,186 9,148,572 1,522,649
24,191,031 1,503,263 9,057,""
976 1,500,416
24,440,323 1,531,100 9,035,399 1,501,271
24,400,229 1,527,621 9,203,683 ,470, 779
2!,035,555 1,042,943
2!,011,786 1,043,792
2!,042,388 1,063,760
21,024,393 1,059,457
Liabilities
Reserve notes in
circulation:
31
7
14
21
8,192,169
8,178,757
8,170,584
8,198,916
671,656 2,110,650
667,071 2,099,932
662,536 2,098,241
666, 778 2,104,940
575,036
573,740
573,987
574,811
778,072
776,907
778,692
781,948
431,489
427,089
426,199
424,743
278,564 1,719,536
279,654 1,720,497
276,930 1,721,440
276,088 1,730,693
322,068
321,278
321,366
322,576
206,510
207,617
207,958
209,712
263,578
264,868
264,146
265,439
135,271
134,221
132,974
133,571
Deposits:
Member bank—reserve
account:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
12,450,333
12,716,754
12,991,582
13,145,468
568,846 5,639,629
631,801 5,688,053
653,473 5,707,268
675,"
775 5,938,356
661,703
673,942
679,604
668,442
919,517
945,211
970,138
975,973
451,776
460,316
464,685
460,941
322,452 1,762,132
335,021 1,796,797
338,"520
" 1,925,861
329,812 1,880,251
363,642
372,709
381,902
374,595
178,535
185,754
190,554
185,650
344,996
345,109
359,817
357,067
306,697 930,408
302,050 979,991
311,540 1,008,220
309,707 988,899
U. S. Treasurer—general account:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
867,493
663,25418,609
284,180
73,578
59,614
35,175
26,760
72,247
64,907
35,413
24,485
23,729
27,087
35,202
22,035
39,646
30,553
24,105
17,131
52,460
47,771
39,104
20,305
35,850
22,077
21,617
20,181
Federal
actual
Dec.
Jan.
Jan.
Jan.
FEBRUARY
80,782
42,821
31,621
16,837
220,654
184,551
69,482
31,308
28,685
23,205
23,666
18,867
156,906
104,871
48,647
32,165
36,989
28,371
25,776
23,915
699,739
705,883
706,115
707,617
45,967
27,426
28,801
30,191
X
33
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minne- Kansas Dallas
apolis
City
San
Francisco
Liabilities—Continued
Deposits—Continued:
Foreign:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
774,062
787,364
754,816
729,779
29,543
31,087
29,526
28,181
306,991
313,219
300,161
295,184
74,057
74,990
70,969
67,845
70,240
71,124
68,012
65,018
32,829
33,243
32,527
31,095
26,722
27,058
25,874
24,735
91,617
92,771
90,190
86,219
22,904
23,193
22,178
21,201
16,796
17,008
16,264
15,548
22,141
22,420
21,439
20,495
22,141
22,420
21,439
20,495
58,081
58,831
56,237
53,763
Other deposits:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
586,170
588,184
640,156
656,951
9,527
19,070
22,339
19,797
475,283
465,351
489,809
504,733
12,391
11,398
27,289
25,091
16,902
16,794
17,529
17,742
6,106
5,636
5,773
5,852
5,123
5,223
5,285
3,559
3,496
3,377
4,032
3,909
12,594
14,027
14,679
15,591
10,815
10,588
10,540
11,095
1,929
1,721
1,526
2,571
1,312
4,333
3,035
2,826
30,692
30,666
38,320
44,185
Total deposits:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
14,678,058
14,755,556
14,805,163
14,816,378
821,729 1,078,906
819,944 1,098,036
813,037 1,091,092
788,138 1,083,218
514,440
526,282
538,187
519,923
382,982 2,014,151
390,507 1,997,816
393,345 2,068,730
376,973 2,002,544
438,786
440,482
442,864
428,518
258,606
261,121
256,462
232,598
404,916
391,327
404,399
400,314
90,557
72,066
79,278
73,217
143,848
101,957
137,643
124,325
80,625
73,995
82,909
98,320
39,91:
36,283
43,987
47,704
180,340
144,457
173,988
154,257
47,312
48,041
54,283
52,174
22,554
18,021
21,149
19,686
41,734
35,230
40,898
37,923
34,806
34,607
38,983
49,190
53,615
52,779
67,739
57,562
840
230
528
166
173
255
330
254
246
268
303
284
44
137
162
149
165
250
350
304
84
102
117
97
44
71
106
78
72
97
119
108
5
51
38
54
Deferred
Dec.
Jan.
Jan.
Jan.
688,698 6,642,557
724,779 6,651,17
736,959 6,566,720
740,590 6,769,581
availability items
31
7
14
21
1,106,929
880,244
1,087,39:
1,007,506
104,811
85,042
105,362
93,234
Other liabilities, including
accrued dividends:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
2,195
2,55(
3,17$
3,32.
34'
71.
578
1,349
Total liabilities:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
266,815
177,766
241,173
199,914
23,979,35! 1,465,51
23,817,10: 1,477,60^
24,066,318 1,505,43.
24,026,123 1,501,95
9,020,16^
8,929,20:
8,906,61.
9,074,87
1,488,16:
1,465.98C
1,466.83C
1,436,33:
2,000,999 1,026,800
1,977,155 1,027,634
2,007,757 1,047,598
1,989,745 1,043,270
701,502
502 3,914,192
706,581 3,863,020
714,424 3,964,508
700,914 3,887,798
808,198
809,847
818,582
803,312
487,754
486,861
485,686
462,093
710,272
691,496
709,549
703,754
367,139 1,065,148
357,174 1,096,914
361,790 1,131,578
356,943 1,117,038
537,288 1,818,507
5 2 6 099
, " 1,855,627
533,866 1,905,470
539,"""
812 1,882,271
Capital accounts
Capital paid in:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
142,180
142,687
142,78C
142,872
9,403
9,403
9,403
9,404
51,806
52,187
52,188
52,198
11,923
11,87:
11,875
11,882
14.64C
14,73:
14,736
14,753
5,709
5,720
5,726
5,738
4,880
4,884
4,905
4,909
15,613
15,665
15,693
15,708
4,417
4,412
4,42'
4,445
3,003
3,012
3,016
3,017
4,600
4,606
4,608
4,616
4,359
4,362
4,372
4,375
11,827
11,827
11,827
11,827
Surplus (section 7):
Dec. 31
Jan. 7
Jan. 14
Jan. 21
157,50:
157,50:
157,50:
157,50:
10,94!
10,94!
10,94!
10,94-
56,65
56,65
56,65
56,65:
15,17
15,17
15,17
15,17
14,345
14,346
14,346
14,346
5,236
5,236
5,236
5,236
5,725
5,725
5,725
5,725
22,925
22,925
22,925
22,925
4,966
4,966
4,966
4,966
3,152
3,152
3,152
3,152
3,613
3,613
3,613
3,613
3,976
3,976
3,976
3,976
10,792
10,792
10,792
10,792
Surplus (section 13b):
Dec. 31
Jan. 7
Jan. 14
•.
Jan. 21
26,78C
26,78C
26.78C
26.78C
2,872,87'
2,874
2,874
7,071
7,O7i
7,O7i
7,071
4,39;
4,393
4,39,
4,39;
1,007
1,007
1,00'
1,007
3,244
3,244
3,244
3,244
713
713
713
713
1,429
1,429
1,429
1,429
529
529
529
529
1,000
1,000
1,000
1,000
1,137
1,137
1,137
1,137
1,263
1,263
1,263
1,263
2,121
2,121
2,121
2,121
Other capital accounts:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
47,03:
46,95.
46,94.
46,95:
2,448
2,432
2,439
2,443
12.88C
12,86(r
12,87
12,893
3,000
2,994
2,998
3,001
4,564
4,547
4,542
4,542
1,954
1,958
1,956
1,969
2,362
2,365
2,366
2,363
i,444
1,420
1,410
1,409
1,944
1,938
1,940
1,928
2,517
2,515
2,514
2,512
2,020
2,031
2,017
2,014
1,899
1,894
1,894
1,893
3,000
2,995
2,990
2,985
Total liabilities and capital
accounts:
Dec.31
24,352,844 ,491,18i 9,148,572 1,522,649 2,035,555
Jan. 7
24,191,03 1,503,263 9,057,976 1,500,416 2,011,786
Jan. 14
24,440,323 1,531,100 9,035,399 1,501,271 2,042,388
Jan. 21
24,400,22S 1,527,62 9,203,683 1,470,779 2,024,393
1,042,943
1,043,79:
1,063,760
1,059,457
715,18: 3,962,603
720,268 3,911,459
728,133 4,012,965
714, 624 3,936,269
820,054
821,692
830,444
815,180
1,874
1,874
1,874
1,874
1,226
1,226
1,194
1,140
Commitments to make industrial advances:
Dec. 31
Jan. 7
Jan. 14
Jan. 21.
14,59!
14,83'
14,42
14,27
139
139
13'
137
460
450
426
394
2,617
2,806
2,910
2,838
1,043
1,04:
1,07:
1,074
857
856
83.
860
1,767
1,720
1,700
1,700
497,426
496,540
495,368
471,774
721,642
702,883
720,924
715,134
548, 785 1,846,247
537,594 ,883,362
545,371 1,933,200
551,319 1,909,996
1,500
1,500
1,500
1,500
3,063
3,170
2,744
2,735
FEDERAL RESERVE BULLETIN
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Applications under
consideration
Applications
received
Applications
approved
Advances
outstanding 1
(amount)
Date (last Wednesday of
each month)
Number
1934—Dec. 26
1935—June 26
Dec. 31 4
1936—June 24
Dec. 30
1937—Mar. 31
....
June 30
Sept. 29 . . .
Dec. 29
1938—Mar. 30
June 29
Sept. 28
Dec. 28
1939—Mar. 29
June 28
Sept. 27
Dec. 27
1940—Mar. 27
June 26
Sept. 25
Dec. 31 4
1941—Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 28
June 25
July 30
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1942—Jan. 21.&
4,386
6,325
7,437
8,006
8,247
8,344
8,430
8,474
8,534
8,708
8,976
9,102
9,188
9,249
9,308
9,366
9,418
9,476
9,512
9,556
9,609
9,633
9,659
9,682
9,719
9,793
9,817
9,855
9,891
9,912
9,950
9,974
10,007
10,027
Amount
Number
146 972
237,581
293 084
314,471
328,998
333 300
339,509
341,842
350,551
358,936
369,853
378 974
387,49G
392 230
395,499
402,305
405,225
410,192
413,646
417,260
431,236
435,474
442,712
448,506
444,985
455,868
458, 092
471, 035
481,255
498, 017
504,144
506,320
510,443
511,934
Amount
Number
Amount
2,955
11,349
2 823
1,880
1,245
1,322
1,263
800
550
1,299
476
146
247
344
255
370
41
199
33
10
222
1,929
600
823
35
1,725
35
145
70
2,220
5
375
150
125
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
2 683
2,721
2,752
2,781
2,814
2,838
2,865
2,908
2,923
2,945
2,959
2,987
3,046
3,067
3,096
3,120
3,132
3,161
3,179
3,202
3,217
49,634
88,778
124,493
133,343
139,829
141 545
145,758
146,724
150,987
154,918
161,158
168 380
175 013
177 895
179,778
185,234
188 222
192,665
195,739
198,966
212,510
214 800
223,226
228 732
225, 849
234 714
238, 505
248 867
258,154
267,606
274,739
276,499
279,860
281,109
71
68
28
12
5
9
10
1
7
19
8
8
5
14
5
2
2
7
2
1
2
4
1
3
2
5
2
3
2
3
1
3
4
3
13,589
27,518
32,493
30,484
25,526
23,059
23,019
21,415
20,216
19,371
18,444
17 567
17,345
15 798
15,255
14,454
13,683
12,723
10,988
10,778
9,152
9 483
9,451
9,526
9,157
9,639
10,549
10,761
10,359
9,808
10,612
10,836
10,337
10,150
CommitApproved
ments outbut not
standing
completed
(amount)
(amount)
8,225
20,579
27,649
24,454
20,959
18,611
16,331
14,880
12,780
13,110
13,649
13 597
14,161
12 647
11,175
10,517
9,220
8,224
8,762
8,078
5,226
5,207
5,066
7,315
8,464
12,342
13, 072
11,697
12,928
13,551
13,238
14,735
14,597
14,277
20,966
11,248
11,548
9,381
8,226
7,898
1,470
537
3,369
3,419
3,084
5,737
1,946
1,975
2,067
1,938
2,659
2,471
2,195
2,315
13,954
12,325
20,424
19,986
13,035
14,134
8,090
11,626
11,520
10,251
12,317
9,774
8,294
7,777
Repaid,
expired,
or withdrawn by
applicant,
etc.
(amount)
Participations
outstanding 3
(amount)
5,558
24,900
44,025
61,425
77,910
85,210
97,663
102,588
107,384
111,193
117,555
122,447
128,839
135,004
139,281
146,156
151,679
158,110
162,612
167,046
177,792
179,021
179,569
180,989
183,646
186,062
192,783
202,287
208,279
216,258
219, 598
221,421
227,032
229,473
1,296
4,533
8,778
7,599
7,208
6,767
7,275
7,304
7,238
7,825
8,426
9,032
12,722
12,471
12,000
12,169
10,981
11,137
11,182
10,749
6,386
8,764
8,716
10,916
11,547
12,537
14,011
12,496
15,068
17,738
18,974
19,733
19,600
19,432
1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition
of Federal Reserve Banks.
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 $712,000, Jan.
21, 1942.
45 Tuesday.
Latest date for which figures are available.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Federal Reserve Notes:
Issued to F. R. Bank by F. R.
agent:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Held by Federal Reserve
Bank:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
In actual circulation :1
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Collateral held by agent as security for notes issued to bank:
Gold certificates on hand and
due from U. S. Treasury:
Dec. 31
Jan. 7
Jan. 14
. Jan. 21
Eligible paper:
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Total collateral:
Dec.
Jan.
Jan.
Jan.
1
31
7
14
21
•
St.
Louis
Minne- Kansas Dallas
City
apolis
San
Francisco
341,354
341,692
341,923
341,833
213,129
212,763
213,631
215,463
274,221
273,798
274,550
276,585
149,933
149,571
148,131
149,478
780,266
783,209
786,303
784,285
43,892
44,295
47,836
44,881
19,286
20,414
20,557
19,257
6,619
5,146
5,673
5,751
10,643
8,930
10,404
11,146
14,662
15,350
15,157
15,907
80,527
77,326
80,188
76,668
431,489
427,089
426,199
424,743
278,564 1,719,536
279,654 1,720,497
276,930 1,721,440
276,088 1 ,730,693
322,068
321,278
321,366
322,576
206,510
207,617
207,958
209,712
263,578
264,868
264,146
265,439
135,271
134,221
132,974
133,571
699,739
705,883
706,115
707,617
475,000
475,000
475,000
475,000
310,000
310,000
310,000
310,000
,780,000
,780,000
,780,000
,800,000
350,000
350,000
350,000
360,000
214,000
214,000
217,000
217,000
275,000
275,000
280,000
280,000
156,000
156,000
154,500
154,500
794,000
794,000
804,000
804,000
50
35
118
118
943
1,909
779
731
214,050
214,035
217,118
217,118
275,943
276,909
280,779
280,731
156,000
156,000
154,500
154,500
794,000
794,000
804,000
804,000
Phila- Clevedelphia land
Richmond Atlanta Chicago
602,134
601,843
600,358
602,142
811,693
812,453
811,291
812,697
461,916
461,939
463,681
463,004
99,468
116,850
120,532
117,849
27,098
28,103
26,371
27,331
33,621
35,546
32,599
30,749
30,427
34,850
37,482
38,261
,192,169
,178,757
,170,584
,198,916
671, 656 2 ,110,650
667, 071 2 ,099,932
662, 536 2 ,098,241
666,778 2,104,940
575,036
573,740
573,987
574,811
778,072
776,907
778,692
781,948
724,000
734,000
760,500
790,500
720,000 2 ,220,000
720,000 2,230,000
720,000 2 ,240,000
720,000 2,240,000
615,000
615,000
615,000
615,000
815,000
815,000
815,000
815,000
New
York
Total
Boston
,611,926
,623,423
,629,228
,647,111
700, 116 2 ,210,118
701,420 2 ,216,782
699,846 2 ,218,773
701,
,222,789
419,757
444,666
458,644
448,195
2,567
3,756
3,191
2,696
726,567
737,756
763,691
793,196
28,460
34,349
37,310
34,886
690
585
915
810
624
657
749
787
720,260 2 ,220,690
720,570 2 ,230,585
720,630 2,240,915
720,250 2,240,810
615,624
615,657
615,749
615,787
260
570
630
250
815,000
815,000
815,000
815,000
475,000
475,000
475,000
475,000
303, 618 1,763,428
303,161 1,764,792
301,465 1,769,276
301,597 1,775,574
25,054
23,507
24,535
25,509
310,000
310,000
310,000
310,000
,780,000
,780,000
,780,000
,800,000
350,000
350,000
350,000
360,000
Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing banks.
FEBRUARY I94X
135
RESERVE POSITION OF MEMBER BANKS, DECEMBER, 1941
[Averages of daily figures. In millions of dollars]
Reserves with
Federal Reserve
Banks
Gross Net
dedeTime
mand mand
dedeposits
de
1
."i
posits posits
Classes of banks
and districts
Required
All member banks
48,411 39,887 12,493
Central reserve city banks:
New York
818
16,640 15,786
Chicago
492
3,621 3,147
Held
9,422 12,812
3,390
4,153
848
5,142
1,143
989
295
1,408
288
1,695
1,260
236
1,432
80
148
212
257
56
299
347
66
497
90
10
198
Cleveland district
Richmond district
Atlanta district
2,426
1,150
1,073
1,972
905
778
724
234
178
438
195
166
736
313
199
298
118
33
Chicago district
St. Louis district..
Minneapolis district
1,922
1,210
514
1,404
938
405
705
173
82
323
198
86
478
262
100
155
64
14
Kansas City district
1,312
Dallas district
1,029
San Francisco district ... 3,246
932
684
2,658
153
132
2,078
196
145
656
252
190
877
56
46
221
17,273 13,602
4,898
3,014
4,317
1,303
Country banks:
Boston district
New York district.
Philadelphia district
1,232
1,872
913
922
1,449
647
557
1,488
869
162
292
143
259
462
222
96
170
79
Cleveland district
Richmond district
Atlanta district
927
912
798
621
551
492
741
398
258
131
101
84
231
158
123
99
57
39
Chicago district
St. Louis district
Minneapolis district
301
581
449
835
361
292
857
261
282
168
66
58
280
99
83
111
. 33
25
Kansas City district
Dallas district
San Francisco district...
607
774
513
379
480
324
160
105
310
63
73
64
90
116
88
27
43
24
10,878
7,352
6,284
1,406
2,210
804
'Total
All
member 1
banks
Excess
Reserve city banks:
Boston district
New York district
Philadelphia district
Total
MEMBER B A N K RESERVE BALANCES B Y CLASSES O F B A N K S
[Averages of daily figures. In millions of dollars]
1
Gross demand deposits minus demand. balances with domestic banks
(except private banks and American branches of foreign banks) and cash
items in process of collection.
NOTE.—See table on p. 130 for percentages of deposits required to be held
as reserves.
Total reserves held:
1940—December
1941—January
February
March
April
May
June
July
August
September
October
November
December
Week ending (Friday):
1941—Dec. 12
Dec. 19
Dec. 26
1942—Jan. 2
Jan. 9
Jan. 16
,
Excess reserves:
1940—December
,..
1941—January
February
March
April
May
June
July
August
September
October
November
December
Weekending (Friday):
1941—Dec. 12
Dec. 19
Dec. 26
1942—Jan. 2
Jan. 9
Jan. 16
Central reserve
city banks
New
York
Chicago
Reserve
city
banks
banks 1
1,815
1,913
1,898
1,928
1,912
1,965
1,914
1,927
1,978
2,076
2,149
2,213
2,210
Coun-
14,049
14,339
13,996
13,979
13,600
13,650
13,201
13,120
13,004
13,184
13,097
12,900
12,812
6,997
7,135
6,807
6,924
6,518
6,243
5,958
5,875
5,600
5,554
5,314
5,053
5,142
1,142
L,051
L,033
1,144
1,144
L,120
1,140
L.218
1,243
1,210
1,143
4,096
4,240
4,258
4,197
4,204
4,298
4,184
4,198
4,287
4,335
4,391
4,424
4,317
13,218
12,773
12,433
12,479
12,701
12,967
5,218
5,147
5,038
5., 091
5,160
5,183
L,244
L.117
L,063
L044
1,029
1,115
4,498
4,307
4,179
4,133
4,261
4,401
2,259
2,202
2,152
2,211
2,252
2,269
6,646
6,832
6,422
6,304
5,883
5,831
5,351
5,193
5,017
5,116
5,001
3,611
3,390
3,443
3,505
3,166
3,203
2,812
2,514
2,238
2,150
1,898
1,834
1,626
476
381
347
252
295
434
424
388
403
478
512
367
295
1,887
2,016
2,004
1,923
1,885
1,949
1,820
1,789
1,824
1,836
1,845
1,456
1,303
840
930
906
927
891
933
870
866
892
968
1,017
844
804
3,785
3,312
3,020
3,098
3,304
*>3,494
1,060
379
272
229
211
199
260
1,479
1,279
1,164
1,133
1,257
1,366
866
794
733
789
822
931
966
945
989
967
893
965
1,026
1,029
p
1
Preliminary.
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
DEPOSITS OF MEMBER BANKS I N LARGER A N D SMALLER CENTERS
[Averages of daily figures. In millions of dollars] f
Member banks in larger centers
(places over 15,000)
All member banks
Federal Reserve district
Dec.
New York
Philadelphia
Cleveland
Richmond
Atlanta
.
„.,...
,..„....,
.„ ... . . . .
».,.....-.„
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
1
.
2,640
18,800
2,608
3,353
2,062
1,871
6,844
1,791
963
,
....
Time
Gross demand
Nov.
2,666
18,628
2,607
3,286
2,033
1,810
6,692
1,757
955
Dec.
637
Gross demand
Nov.
649
2,455
1,081
1,464
2,510
1,106
1,484
632
436
642
440
2,054
2,070
434
364
438
365
Dec.
2,480
11,776
2,275
3,001
1,786
1,680
12,741
1,443
748
Nov.
2,503
11,776
2,277
2,944
1,760
1,631
12,680
1,416
Time
Dec.
1,864
1,742
3,675
313
237
2,388
324
238
2,367
1,504
1,379
3,592
1,463
1,330
3,511
48,411
47,715
12,493
12,633
^24,405
124,035
Gross demand
Nov.
517
526
11,117
11,131
622
640
1,115
1,132
425
350
435
354
11,219
11,234
305
196
310
197
743
1,919
1,803
3,759
Member banks in smaller centers
(places under 15,000)
203
190
2,282
1
8,541
213
191
2,262
X
8,624
Dec.
160
384
333
351
276
190
482
348
215
Nov.
Time
Dec.
163
388
330
341
273
180
468
340
212
119
520
459
349
207
86
342
128
167
167
164
105
3,746
3,674
414
425
401
412
110
47
2,641
Nov.
123
528
466
351
208
86
344
129
168
111
47
105
2,666
Excluding central reserve city banks, for which figures for latest month are shown in table above.
136
FEDERAL RESERVE BULLETIN
K I N D S OF MONEY I N CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of month
Gold
certificates
Silver
dollars
Silver
certificates
8,522
8,732
65
65
49
50
1,658
1,667
8,593
8,781
8,924
9,071
9,357
9,612
9,732
9,995
10,163
10,364
10,640
11,160
64
64
64
63
63
63
63
62
62
62
61
61
50
50
51
51
52
53
54
55
56
57
59
60
1,595
1,635
1,651
1,654
1,697
1,714
1,691
1,723
1,724
1,715
1,737
1,733
Total
1940—November.
December..
1941—January
February
March
April
May
June
July
August
September....
October
November
December
Treasury
notes
of 1890
:
',
:
Subsidiary
silver
coin
Minor
coin
United
States
notes
Federal
Reserve
notes
Federal
Reserve
Bank
notes
National
bank
notes
407
412
183
185
275
290
5,705
5,883
21
21
159
157
403
406
413
418
426
434
438
445
455
463
474
481
183
184
186
189
191
194
196
199
202
205
208
209
278
278
277
274
286
300
307
313
314
317
321
313
5,842
5,985
6,106
6,247
6,468
6,684
6,813
7,027
7,181
7,378
7,615
8,138
21
21
21
21
20
20
20
20
20
20
20
19
156
155
154
153
152
150
149
148
147
146
145
144
Back figures.—See Annual Report for 1937 (table 35).
PAPER CURRENCY, BY D E N O M I N A T I O N S , A N D C O I N I N C I R C U L A T I O N
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
E n d of month
1940—November . . . .
December
1941—January
February
March
April
May
June
July
August
September
October
November
December
Total
in circulation 1
Total
Coin
$1^
$2
$5
$10
$20
Total
$50
$100
$500
8,522
8,732
6,098
6,247
639
648
591
610
38
39
L,107
1,129
1,977
2,021
1,748
1,800
2,426
2,489
523
538
11,089
]L,112
225
227
512
523
26
30
51
60
3
4
8,593
8,781
8,924
9,071
9,357
9,612
9,732
9,995
10,163
10,364
10,640
11,160
6,094
6,243
6,342
6,430
6,683
6,890
6,992
7,237
7,378
7,537
7,769
8,120
635
641
650
658
669
681
688
700
713
725
738
751
577
582
590
595
615
625
626
641
658
663
675
695
37
38
38
39
40
41
40
42
42
41
43
44
L.091
L,116
1,132
1,135
L, 176
,207
1,215
,257
,270
,287
1,318
L.355
1,973
2,041
2,074
2,112
2,211
2,289
2,334
2,430
2,469
2,527
2,610
2,731
1,781
1,826
1,858
1,892
1,972
2,047
2,090
2,169
2,227
2,293
2,383
2,545
2,502
2,541
2,583
2,642
2,675
2,725
2,742
2,760
2,787
2,830
2,874
3,044
540
551
560
573
587
607
615
630
645
658
674
724
1,126
1,144
L,163
L,197
L,218
1,244
1,257
L,274
1,293
L,316
1,343
L.433
230
232
238
241
242
244
244
244
243
245
248
261
530
535
543
550
546
548
544
543
537
539
538
556
24
24
24
25
24
24
24
24
24
25
24
24
52
55
56
56
57
57
58
46
46
47
47
46
4
4
1
2
2
2
3
3
3
3
4
4
Coin and small denomination currency2
Large denomination currency 2
Unassorted 2
$1,000 $5,000 $10,000
1
T o t a l of amounts of coin and paper currency shown by denominations less unassorted currency i n Treasury and Federal Reserve Banks.
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by t h e T r e a s u r y as
destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Annual Report for 1937 (table 36).
2
TREASURY CURRENCY O U T S T A N D I N G
[Held by Treasury and Federal Reserve Banks and in circulation,
millions of dollars]
In
End of month
Total
Silver
dollars
and
silver
bullion1
1940—November..
December..
3,072
3,087
1,937
1,945
419
425
187
189
347
347
22
22
160
159
1941—January
February...
March
April
May
June
July
August
September.
October....
November
December . .
3,097
3,102
3,109
3,122
3,134
3,149
3,166
3,181
3,198
3,219
3,231
3,247
1,953
1,959
1,965
1,971
1,977
1,983
1,991
1,998
2,006
2,013
2,017
2,023
427
428
429
434
440
447'
455
462
469
482
489
497
191
192
193
194
196
199
202
204
207
210
212
215
347
347
347
347
347
347
347
347
347
347
347
347
22
21
21
21
21
21
20
20
20
20
20
20
158
156
155
154
153
152
151
150
149
148
146
146
SubsidiMinor United
ary
States
silver coin
notes
coin
Federal
Reserve
Bank
notes
National
bank
notes
1
Includes silver held against silver certificates amounting to $1,943,000,000 on Dec. 31,1941 and $1,871,000,000 on D e c . 31, 1940.
FEBRUARY
SHIPMENTS A N D RECEIPTS OF U N I T E D STATES PAPER
CURRENCY
|[By selected banks and financial institutions in New York City.
In millions of dollars ]
Year or month
1937
1938
1939
1940
1941
1941—January
February
March .
April
May
June
July
August
September
October
November
December
1
Shipments to
Europe
Receipts
from
Europe
Net
shipments
21.5
33.1
110.2
17.7
.3
47.6
34.4
9.8
.7
.5
100.3
17.0
.2
.1
(*)
«••
Net
receipts
26.1
1.3
fa
(l
Less than $50,000.
Back figures.—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, p p . 7-8.
.2
.1
/iy
1
(W
)
(i\
(i\
H
.2
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]
1941
Ear-
marked DomesNet gold gold: de- tic gold
import
crease
producor intion1
crease (—)
Gold
stock
at end
of period
Increase
in gold
stock
8,238
10,125
12,760
14,512
17,644
21,995
22,737
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
1940—July
August
September...
October
November
December....
20,463
20,913
21,244
21,506
21,801
21,995
499.4
450.2
331.6
261.1
295.2
194.0
520.0
351.6
334.1
326.0
330.1
137.2
-55.1
67.0
36.6
-117.9
-39.5
1941—January
February
March.
April
May
22,116
22,232
22,367
22,506
22,575
22,624
22,675
22,719
22,761
22,800
22,785
22,737
121.7
115.4
135.4
138.5
69.1
49.2
50.5
44.7
41.5
38.8
-14.4
-48.8
234.2
108.6
118.6
172.0
34.8
30.7
37.0
37.0
65.7
40.4
50.4
-52.8
-46.2
Period
19342
1935
1936
1937
1938
1939
1940
1941
3
11,258
3
June
July
August
September...
October
November
December....
82.6
.2
—85.9
—200.4
—333.5
—534.4
—644.7
-407.7
(4)
(4)
7.4
.2
-10.5
—3.8
4.0
—27.7
-31.2
-46.8
-32.2
-60.9
5-99.7
92.9
110.7
131.6
143.9
148.6
161.7
170.2
167.8
16.2
12.5
13.5
19.2
16.6
16.3
13.5
12.6
12.0
12.8
12.6
14.4
13.6
12.4
17.8
15.7
18.0
1 Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on page 177, adjusted to exclude Philippine Islands production received in United States.
2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a
fine ounce thereafter.
3 Includes gold in the Inactive Account amounting to 27 million dollars
on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
4 Beginning December 4, 1941, the Department of Commerce suspended
publication of gold import and export statistics.
5 Gold held under earmark at Federal Reserve Banks for foreign account
amounted to 2,215.4 million dollars on December 31,1941.
NOTE.—For back figures see Annual Report for 1937 (table 29).
From or to—
Total,
all
banks
National
Number of banks suspended:
1934
1935
1936
1937
1938
1939
1940
1941
57
34
44
59
55
42
22
8
1
4
1
4
1
4
1
4
Deposits of suspended banks3
(in thousands of dollars):
1934
1935
1936
1937
1938
1939
1940
1941
36,937
10,015
11,306
19,723
13,012
34,998
5,943
3,726
40
5,313
507
7,379
36
1,341
256
3,144
Insured2
Philippine Islands
South Africa
All other countries
2
1
3
48
8
3
6
6
10
3
1
1,708
211
24,629
1,912
3,763
10,207
10,156
11,721
6,589
5,341
503
34,985
939
592
480
1,044
2,439
346
79
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
Jan.-Nov.
Exports 3
Imports
Exports 3
24
34
378
1,747
121
5,615
24,921
6,336
939
55
5,551
16,074
1,020
960
3,616
31,459
391 714
15,526
9,987
77
66
10
10
814
177
94
323
7,627
22,211
2,822
8 441
4,212
18
8
5
441
22
2,110
2,107
218
436
227
91
253
583
608
75
5,980
156
986
6,151
63,779
2,364
3,583
8,954
77
652
314
2,327
25
855
3,697
i,832
40
473
50,382
Total
899
37,178
292,703
4,255
3,143
200
140
8
40,444
3
929,545
63
1 Figures represent customs valuations which, with some exceptions,
are at rate of $35 a fine ounce.
2 Beginning December 4, 1941, the Department of Commerce suspended
publication
of gold import and export statistics.
3
Beginning May 1941, the Department of Commerce suspended publication of export statistics by country of destination.
Back figures.—See table, p. 177, and Annual Report for 1937 (tables 31
and 32).
BANK DEBITS
Debits to deposit accounts except interbank accounts
[In millions of dollars]
.Not
insured
8
22
40
47
47
25
18
3
Imports
1
Portugal
Sweden
Switzerland
United Kingdom
U. S. S. R
Canada
Mexico
Central America
West Indies and Bermuda
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
British Guiana
Australia
New Zealand
British Oceania
British India
Netherlands Indies
China and Hong Kong
Nonmember
banks
State
Exports 3
France
BANK SUSPENSIONS1
Member
banks
Oct.
Nov.2
Imports
Year and month
1929
1936
1937
1938
1939
1940
1941
1940—November.
December..
1941—January...
February..
March
April
May
June
July
August....
September.
October...
November.
December..
Total,
all
reporting
centers
New
York
City
982,531
461,889
469,463
405,929
423,932
445,863
537,398
603,089
208,936
197,836
168,778
171,382
171,582
197,724
331,938
219,670
235,206
204,745
218,298
236,952
293,775
47,504
33,283
36,421
32,406
34,252
37,329
45,899
14,952
18,626
15.147
13,268
17,402
15,657
16,124
17,282
16,288
15,079
15,654
19.148
16,077
20,598
20,819
24,327
22,498
19,457
23,586
23,074
23,795
24,853
24,660
24,033
24,310
27,315
25,075
31,118
3,317
3,721
3,488
3,057
3,570
3,505
3,746
3,807
3,861
3,745
3,907
4,411
3,930
4,873
39,088
46,673
41,133'
35,783
44,558
42,237
43,665
45,942
44,808
42,856
43,870
50,875
45,081
56,589
133
140
other
other 1 reporting
centers
centers2
1
National series, for which bank debit figures are available beginning
with
1919.
2
Except that 1929 figure is for 128 centers only.
Back figures.—Annual report for 1937, page 157. Annual totals, beginning with 1919, by Federal Reserve districts and for individual centers, are
available for distribution and will be furnished upon request.
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such
private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935,
private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of
private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535.
Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available.
DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1
NUMBER OF BANKS
[In millions of dollars]
Member banks 2
Nonmember
banks
Total
National
State
Other
Mutual nonsavings membanks
ber
banks
Total
Call date
1929—June 29
Dec. 31
25,110
24,630
8,707
8,522
7,530
7,403
1,177
1,119
611
609
15,792
15,499
1933—June 30.
Dec. 30
14,519
15,011
5,606
6,011
4,897
5,154
576
579
8,337
8,421
1936—June 30
Dec. 31
15,752
15,628
6,400
6,376
5,368
5,325
709
857
1,032
1,051
566
565
8,786
8,687
1937—June 30.
Dec. 31
15,527
15,393
6,357
6,341
5,293
5,260
1,064
1,081
564
563
8,606
8,489
1938—June 30
Dec. 31
15,287
15,206
6,338
6,338
5,242
5,224
1,096
1,114
563
556
8,386
8,312
1939—June 30.
Dec. 30
15,082
15,037
6,330
6,362
5,203
5,187
1,127
1,175
553
552
8,199
8,123
1940—June 29
Dec. 31
14,953
14,895
6,398
6,486
5,164
5,144
1,234
1,342
551
551
8,004
7,858
1941—Apr. 4
June 30
Sept. 24
Dec. 31?
14,871
14,855
14,852
6,528
6,556
6,596
6,619
5,138
5,130
5,125
5,117
1,390
1,426
1,471
1,502
550
547
546
7,793
7,752
7,710
Member banks 2
Nonmember
banks
Total
National
State
Other
Mutual nonsavings membanks
ber
banks
53,852
55,289
32,284
33,865
19,411
20,290
12,873
13,575
8,983
8,916
12,584
12,508
1933—June 30
Dec. 30
37,998
38,505
23,338
23,771
14,772
15,386
8,566
8,385
9,713
9,708
4,946
5,026
1936—June 30
Dec. 31
51,335
53,701
34,098
35,893
21,986
23,107
12,112
12,786
10,060
10,143
7,173
7,666
1937—June 30
Dec. 31
53,287
52,440
35,440
34,810
22,926
22,655
12,514
12,155
10,213
10,257
7,635
7,373
1938—June 30
Dec. 31
52,195
54,054
34,745
36,211
22,553
23,497
12,193
12,714
10,296
10,365
1939—June 30
Dec. 30
38,027
39,930
24,534
25,661
13,493
14,269
10,521
10,613
1940—June 29
Dec. 31
55,992
58,344
60,582
65,021
7,153
7,478
7,444
7,801
42,039
46,007
26,931
29,214
15,108 310, 631
16, 793 10, 658
37,912
8,356
1941—Apr. 4
June 30
Sept. 24.
65,211
67,172
68,449
46,179
48,076
49,160
29,467
30,684
31,500
16,712
17,392
17,660
8,347
8,456
8,646
All
banks
Call date
1929—June 29
Dec. 31
,
10,684
10,641
10,643
*For footnotes see table below.
For footnotes see table below.
LOANS A N D INVESTMENTS
[In millions of dollars]
Nonmember banks
Member banks2
All banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
Total
Loans
Investments
1929—June 29
Dec. 31
58,474
58,417
41,531
41,918
16,943
16,499
35,711
35,934
25,658
26,150
10,052
9,784
9,556
9,463
5,892
5,945
3,664
3,518
13,207
13,020
9,981
9,823
3,227
3,197
1933—June 30
Dec. 30
40,076
40,319
22,203
21,977
17,872
18,342
24,786
25,220
12,858
12,833
11,928
12,386
10,044
9,985
5,941
5,906
4,103
4,079
5,246
5,115
3,404
3,238
1,841
1,877
1936—June 30
Dec. 31
48,458
49,524
20,679
21,449
27,778
28,075
32,259
33,000
12,542
13,360
19,717
19,640
9,961
10,060
5,105
5,027
4,856
5,034
6,238
6,464
3,032
3,062
3,206
3,402
1937—June 30
Dec. 31
49,696
48,566
22,514
22,198
27,182
26,368
32,739
31,752
14,285
13,958
18,454
17,794
10,180
10,187
5,002
4,996
5,178
5,191
6,778
6,627
3,227
3,244
3,550
3,383
1938—June 30
Dec. 314
47,381
48,929
21,130
21,354
26,252
27,575
30,721
32,070
12,938
13,208
17,783
18,863
10,196
10,255
4,961
4,930
5,235
5,325
6,465
6,604
3,231
3,217
3,234
3,387
1939—June 30
Dec. 30
49,616
50,885
21,318
22,169
28,299
28,716
32,603
33,941
13,141
13,962
19,462
19,979
10,342
10,314
4,931
4,961
5,411
5,353
6,671
6,630
3,245
3,246
3,425
3,384
1940—June 29
Dec. 31
51,335
54,188
22,341
23,741
28,995
30,448
34,451
37,126
13,969
15,321
20,482
21,805
310,188
10,248
4,926
4,959
5,262
5,289
36,696
6,815
3,445
3,461
3,251
3,353
1941—Apr. 4
June 30
Sept. 24
Dec. 31 p
56,147
57,945
59,305
24,322
25,312
26,196
31,825
32,633
33,109
38,983
40,659
41,943
43,557
15,878
16,729
17,546
18,064
23,104
23,930
24,397
25,493
10,276
10,314
10,357
4,954
4,955
4,958
5,322
5,360
5,399
6,889
6,972
7,005
3,490
3,628
3,692
3,399
3,344
3,313
p
Preliminary figures.
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 Includes, subsequent to April 4, 1941, two mutual savings banks in Wisconsin and one in Indiana.
3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 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 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 19*38, were approximately $50,000,000 and $100,000,000, respectively.
Back figures.—See Annual Report for 1937 (tables 48-49).
FEBRUARY
1942.
139
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Call date
1
Investments 1
u. s .
Loan s for
purchasing
or carrying
securities
Total
loans
m and
investments
Total 1
35,934
24,786
30,721
32,070
32,603
33,941
34,451
37,126
40,659
41,943
43,557
26,150
12,858
12,938
13,208
13,141
13,962
13,969
15,321
16,729
17,546
18,064
8,774
7,133
8,013
8,335
8,688
9,339
9,829
10,910
12,493
12,930
12,894
6,683
3,424
3,172
3,262
2,988
3,296
3,014
3,384
3,778
3,939
4,071
Commer- Agri- Open
Real Loans Other
cial
cul- marto
estate
4
To
and
ket
turbanks loans
loans
2
indus- al
paper brok- To
2
ers
trial
othand
deal- ers
ers
Government obligations
Obligations
of
States
Other
and
Guar- politi- securities
ancal
Bills 5 Notes Bonds teed
subdivisions
Direct
Total
Total
Total—All
Member Banks
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 3 0 . . . . .
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Sept. 246 . . .
Dec. 3 1 P
New York
City7
1929—Dec. 31
1 9 3 3 _ j u n e 30
1938—June 30. . .
Dec. 3 1 . . . . . .
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Sept. 246
Dec. 3 1 P . . . .
'4^737'
4,783
5,386
5,538
6,204
7,270
1,456
1,474
1,768
1,801
2,025
2,405
9,784 3,863
249
11,928 6,887 1,113
17,783 12,343
316
18,863 3,222
286
19,462 3,777
441
19,979 4,328
563
20,482 4,722
797
21,805 5,823
652
23,930 8,078 1,127
24,397 8,338
25,493 9,529
520
3,094
2,049 3,725
3,653 6,246
3,389 7,208
2,720 7,786
2,223 8,398
2,543 8,261
2,594 9,091
2,631 10,481
583
595
492
442
420
455
450
456
537
2,463 7,685 3,191
953 3,752 2,372
701 2,614 2,613
973
775 2,716
736 2,828
731
790
700 2,957
668 3,069
447
642
652 3,228
575
635 3,365
714
330
120
125
58
56
42
43
44
11,515
4,857
6,397
2,728
2,796
2,888
3,020
3,230
3,565
6
6
3
195
364
141
138
128
120
103
100
97
1,257
759
556
787
555
611
320
465
422
2,145
1,044
717
220
215
188
188
190
186
169
157
132
121
130
133
137
130
129
322
162
85
99
41
44
32
25
33
2,595
937
1,541
436
440
425
426
443
503
2,091
3,709
4,840
5,072
5,700
6,043
6,815
7,527
8,715
8,991
8,823
1,112
2,551
3,740
3,857
4,483
4,772
5,486
6,044
7,268
7,331
7,265
58
638
222
158
168
315
421
207
577
166
987
1,358
1,142
908
797
1,092
1,245
1,526
889
926
1,451
1,663
2,284
2,385
2,650
2,977
3,415
251
61
29
43
39
41
23
42
36
533
251
21
30
10
12
12
13
16
19
20
88
30
17
19
6
8
5
5
19
69
15
16
15
17
16
17
21
535
237
361
62
59
60
62
84
101
309
610
1,281
1,430
L,5O7
,536
,602
1,681
L,861
L.655
L.8O6
116
384
981
1,114
L, 175
L,203
1,258
L,307
L,483
1,304
.4-30
3
206
12
59
185
153
254
297
417
19
82
313
291
234
176
161
145
125
94
97
535
655
621
701
710
752
803
207
234
221
176
263
175
168
126
163
149
138
155
156
153
202
3,679
1,678
2,369
1,081
1,116
1,168
1,224
1,307
1,457
2,944
4,011
6,298
6,691
6,751
6,943
6,795
7,081
7,515
7,727
8,246
1,368
2,483
4,658
5,018
4,991
5,194
4,947
5,204
5,700
5,914
6,467
165
91
681
205
69 1,268
57 1,224
78 1,014
819
63
87
839
103
771
606
73
4,439
3,598
5,364
5,669
5,504
5,456
5,270
5,517
5,839
6,024
6,618
1,267
1,469
2,964
3,233
3,127
3,159
3,030
3,269
3,627
3,789
4^367
"712'
788
730
736
865
738
5
5
7
1,393
1,744
2," 128' 2,143
2,340 2,448
2,831 2,554
3,144 2,692
3,121 2,888
3,486 3,013
3,839 2,984
4,243 3,161
3,089
4,528
3,297
3,296
3,192
3,131
2,959
2,873
2,970
2,867
2,899
2,875
222
478
394
517
480
579
634
695
651
819
729
758
680
707
698
736
693
695
788
796
841
830
96
87
140
141
154
162
177
188
190
175
182
96
138
159
176
179
170
167
186
188
176
193
448
598
732
808
895
890
981
984
979
975
957
1,128
930
908
866
866
860
868
893
836
838
821
627
581
878
982
1,025
1,061
1,097
1,146
1,165
1 191
1,221
2.546
,549
L,522
L.453
L,351
1,236
1,144
1,102
1,047
,044
1,030
'769'
894
1,123
1,275
1,324
1,615
1,751
1,920
City of
Chicago7
1929—Dec. 31
1,757
1933_june30
1,287
1938—J un e 30.
1,806
Dec. 31
1,969
1939—June 30
2,052
Dec. 30
2,105
1940—June 29
2,205
Dec. 31
2,377
1941—June 30
2,707
Sept. 246
2,573
p
Dec. $l .'.'.'. 2,760
Reserve City
Banks
1929—Dec. 31
12,029
1933—June 30
8,492
1938—June 30..
11,150
11,654
Dec. 31
1939—June 30
11,756
Dec. 30
12,272
1940—June 29
12,160
Dec. 31
13,013
1941—June 30
14,013
Sept. 246... 14,588
Dec.
31p.... 15,349
1,448
677
525
539
544
569
603
696
846
918
954
319
329
365
417
476
609
9,084
4,482
4,853
4,963
5,004
5,329
5,365
5,931
6,498
6,861
7,103
1,914
1,884
2,100
2,134
2,436
2,879
109
70
71
66
61
54
55
664 2,775 1,538
108 1,340 1,131
95
998 1,201
242 1,230
119
115
221 1,284
222 1,335
119
87
210 1,372
115
207 1,436
198 1,477
100
""i
258
99
26
20
12
9
6
15
9
i22
109
135
172
134
112
138
159
1,112
1,597
718
2,603
740
2,997
3,010
889
3,339
972
3,052
969
3,281 1,049
3,858 1,162
1,246
Country
Banks
1929—Dec. 31
13,375
1933—June 30
7,873
1938—June 30
9,752
Dec. 31
10,113
1939—June 30
10,109
Dec. 30
10,224
1940—June 29
10,257
Dec. 31
10,826
1941—June 30
11,446
Sept. 246.
11,852
Dec.
31p.... 12,554
v
1
8,936
4,275
4,388
4,444
4,605
4,768
4,987
5,309
5,607
5,828
5,936
1,048
1,095
1,151
1,187
1,267
1,377
483
531
495
546
590
555
201
35
173
138
140
163
174
187
216
291 2,231 1,462
25 1,117 1,055
790 1,269
21
25
243 1,353
22
229 1,402
20
224 1,477
17
208 1,544
21
201 1,644
195 1,739
17
45
38
9
5
5
4
3
3
3
4,705
2,005
2,126
1,149
1,180
1,234
1,308
1,397
1,504
97
64
13
11
11
31
36
45
60
171
299
715
732
563
431
451
433
374
999
1,106
1,657
1,893
1,870
1,972
1,849
2,081
2,404
579
597
683
725
695
710
788
919
Preliminary.
Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January, 1939, p p . 22-23, and BULLETIN for April, 1939,
icn
o/:^
191
T>
:
:
T
ic\
min
J_I._:I~J
_I
:n
*.:
-.--.'l-i-i-
T
J T-»
1 _
J
A
I _
I separately on some dates, and the total
6
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.
^Includes Treasury certificates of indebtedness through 1934.
® Breakdown of loans and investments not reported separately.
7
Central reserve city banks.
Back figures—See Annual Report for 1937 (tables 52-58).
I4O
FEDERAL RESERVE BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Reserves
with
Federa
Reserve
Banks
Oemand deposits
except interbank
Cash
in
vault
Demand
Indideviduals States
posits partner
and
adships, politica
justed 2 and cor subdivisions
porations
Balances
with
dor\n
mestic
banks 1
j
Certi
fied
and
officers'
check
etc. 3
Time deposits,
except interbank
IndiTT <? vidual
U. o partne
ships
Govern- and co
porament
tions
States
and
polit Posta
savical
ings 4
subdi
vision
Interbank
deposits
Domestic
banks
Demand
Time
Foreign
bank
Borrowings
Capita
accounts
Call date
Total—All
Member Banks
2,374
2,235
8,004
8,694
10,011
11,604
13,751
13,992
12,959
13,246
827
846
3,517
4,104
4,975
5,915
7,072
7,057
5,857
5,534
558
405
712
746
712
841
789
991
999
1,061
68
46
65
68
61
89
88
102
136
96
2,168
2,008
4,084
4,240
4,674
5,506
5,751
6,185
6,293
6
6,562
179
101
119
109
112
125
119
122
*131
6
114
16,647
12,089
20,893
22,293
23,587
25,681
27,877
30,429
32,678
33,822
4,750
4,358
6,698
7,168
8,012
8,899
10,235
11,062
11,619
11,506
17,526
11,830
19,816
21,119
22,448
24,604
26,397
29,576
31,429
32,149
5,847
4,676
6,900
7,273
8,281
9,030
10,283
11,357
11,895
11,595
1,335
1,087
2,314
2,386
2,532
2,321
2,529
2,724
2,940
3,090
128
96
273
280
288
251
258
370
319
300
1,681
657
662
547
790
563
475
913
738
730
1,180
461
367
195
472
178
147
471
306
342
143
806
543
790
694
743
711
616
619
781
20
332
123
139
84
74
67
48
32
135
12,267
7,803
10,874
10,846
11,063
11,215
11,459
11,687
11,898
11,980
1,112
671
694
652
653
693
732
768
778
810
595
300
454
462
441
432
410
435
397
382
33
4
32
36
46
43
29
51
27
29
169
232
936
884
897
993
1,187
1,051
1,062
1,278
13
34
31
35
26
42
39
42
41
39
133
203
208
235
235
283
242
319
262
6271
957
912
1,523
1,688
1,666
1,739
1,898
1,941
2,205
2,228
1,041
870
1,386
1,597
1,565
1,676
1,782
1,905
2,109
2,112
42
87
221
181
197
167
199
174
213
228
32
16
23
29
22
24
17
27
33
29
8
46
86
83
60
80
79
90
95
95
332
358
443
452
471
483
489
496
480
469
58
1
16
9
17
10
15
8
17
22
751
705
2,289
2,354
2,735
3,118
3,759
4,027
4,125
4,359
156
122
300
321
318
348
334
396
385
425
947
1,002
1,951
.1,940
2,210
2,485
2,679
2,741
2,793
6
2,885
5,229
3,764
6,934
7,214
7,654
8,176
8,774
9,581
10,480
11,060
5,547
3,708
6,668
7,034
7,331
8,002
8,372
9,468
10,142
10,637
423
349
812
796
917
813
956
995
1,139
1,221
300
108
146
170
160
190
147
228
209
190
76
312
266
424
415
435
422
327
341
383
4,433
2,941
4,238
4,233
4,320
4,362
4,422
4,506
4,590
4,591
371
208
262
269
233
240
219
226
211
186
627
452
1,263
1,353
1,403
1,578
1,733
1,857
1,914
2,075
321
203
316
322
307
363
328
452
437
501
908
702
1,806
1,956
2,117
2,614
2,711
3,002
3,106
6
3,293
5,711
3,054
5,738
6,224
6,255
6,866
6,969
7,845
8,374
9,028
5,091
2,576
4,863
5,215
5,272
5,896
5,960
6,846
7,282
7,805
742
555
1,008
1,128
1,130
1,090
1,115
1,184
1,269
L.341
169
72
126
154
135
172
164
187
190
169
39
116
68
143
136
154
143
151
151
168
6,390
3,833
5,499
5,509
5,619
5,677
5,816
5,917
6,049
6,110
133
86
144
147
145
140
147
150
143
145
122
788
83
61
59
51
59
56
55
50
18
110
3,517
3,057
6,096
6,510
7,097
8,507
8,852
9,581
9,610
6
10,176
95
89
135
132
142
144
134
135
138
6
140
1,198
1,255
2,514
2,687
2,992
3,542
3,840
4,032
3,948
6
4,040
40
22
698
146
331
511
607
759
703
706
688
6
628
597
128
291
442
524
695
650
646
623
6
563
879
191
11
6
5
3
3
3
3
13
179
8
"io"'
6,709
4,837
5,368
5,424
5,496
5,522
5,608
5,698
5,800
5,852
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Sept. 24
2,105
1,582
1,587
1,593
1,586
1,592
1,599
1,615
1,625
1,635
New York
City*
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Sept. 24
City of
Chicago5
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Sept. 24
310
259
688
658
746
879
949
997
1,010
6
l,081
19
33
2
6
9
12
9
7
8
8
6
8
41
316
204
249
257
270
250
260
270
279
279
41
388
31
17
19
14
18
19
19
19
1,604
1,315
2,514
2,719
2,920
3,516
3,526
3,919
4,000
6
4,324
30
59
113
108
115
117
105
106
108
6
108
64
15
32
57
69
53
44
51
55
6
55
292
16
2,029
1,533
1,753
1,777
1,812
1,828
1,873
1,904
1,940
1,948
61
285
52
44
40
35
37
33
31
30
405
228
380
446
439
571
538
633
652
6
732
6
7
22
23
26
26
29
29
3
1
2
2
2
2
2
2
2
62
367
167
11
6
5
3
3
3
3
3
2,258
1,517
1,778
1,798
1,828
1,851
1,876
1,909
1,956
1,990
2
6
3
5
5
5
30
c6
32
Reserve City
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Sept. 24
Country
Banks
929—Dec. 31
933—June 30
938—June 30
Dec. 31
939—June 30
Dec. 30
940—June 29
Dec. 31
941—June 30
Sept. 24
1
Prior to Dec. 31, 1935, excludes balances with private banks to the extent t h a t they were then reported in "Other assets." Since Oct. 25, 1933, in
d u d e s time balances with domestic banks which on that date amounted to $69,000,000 and which prior to t h a t time were reported in "Other assets."
2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less
cash items reported on hand but not in process of collection.
3
Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31, 1935.
4
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
5
Central reserve city banks.
^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 A N D INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Investments
Loans
Date or month
Total—101 Cities
1940—December
1941—August
September
October
November
December
1941—Oct. 29
Commercial,
Open
indus- martrial,
ket
and
agri- paper
cultural
Total
loans
# and
investments
Total
25,388
28,942
29,171
29,368
29,621
30,053
9,309
10,661
10,937
11,152
11,277
11,371
4,993
6,149
6,321
6,525
6,610
6,709
303
400
395
412
425
429
Loans for
purchasing
or carrying
securities
U. S. Government obligations
•Real Loans Other
estate
to
To
loans banks loans
brokers
To
and others
dealers
534
453
536
521
542
542
463
438
437
432
431
425
1,229
1,253
1,258
1,260
1,259
1,259
Total
Total
Bills
Notes Bonds
Guaranteed
734
1,069
903
811
874
956
2,019
2,266
2,287
2,251
2,552
2,540
2,734
3,312
3,319
3,330
2,925
2,950
40
41
42
39
39
41
1,747
1,927
1,948
1,963
1,971
1,966
16,079
18,281
18,234
18,216
18,344
18,682
12,438
14,578
14,467
14,457
14,667
15,021
6,951
7,931
7,958
8,065
8,316
8,575
Other
securities
3,641
3,703
3,767
3,759
3,677
3,661
29,582
11,203
6,554
419
531
431
1,265
37
1,966
18,379
14,648
797
2,244
8t277 3,330
3,731
Nov.
Nov.
Nov.
Nov.
5
12
19
26
29,523
29,611
29,656
29,693
11,238
11,317
11,285
11,266
6,572
6,633
6,632
6,602
418
428
426
427
550
554
527
536
436
430
428
428
1,256
1,261
1,260
1,259
42
41
36
39
1,964
1,970
1,976
1,975
18,285
18,294
18,371
18,427
14,606
14,632
14,696
14,735
815
832
898
950
2,563
2,564
2,554
2,526
8,305
8,307
8,317
8,338
2,923
2,929
2,927
2,921
3,679
3,662
3,675
3,692
Dec.
Dec.
Dec.
Dec.
Dec.
3
10
17
24
31
29,691
29,891
30,306
30,293
30,085
11,259
11,357
11,429
11,442
11,370
6,593
6,675
6,769
6,784
r
6,722
428
425
433
434
423
548
550
544
532
r
535
427
430
425
422
422
1,256
1,262
1,258
1,261
r
l,259
38
43
45
43
35
1,969
1,972
1,955
1,966
r
l,974
18,432
18,534
18,877
18,851
18,715
14,782
14,883
15,219
15,173
15,049
990
971
976
959
883
2,528
2,566
2,540
2,531
2,535
8,342
8,395
8,750
8,723
8,667
2,922
2,951
2,953
2,960
2,964
3,650
3,651
3,658
3,678
3,666
1942—Jan. 7
14
21
30,132
30,233
30,211
11,322
11,308
11,199
6,722
6,728
6,721
422
426
427
521
518
444
412
407
•406
1,255
1,252
1,248
50
48
36
1,940
1,929
1,917
18,810
18,925
19,012
15,145
15,259
15,339
957
1,047
1,147
2,535
2,530
2,396
8,687
8,704
9,087
2,966
2,978
2,709
3,665
3,666
3,673
New York City
1940—December....
1941—August
September...
October
November...
December
10,165
12,082
12,222
12,266
12,189
12,220
3,074
3,534
3,655
3,726
3,780
3,796
1,901
2,367
2,426
2,523
2,552
2,577
90
85
77
79
84
87
381
326
396
376
392
379
168
161
159
152
153
151
115
110
108
107
106
104
26
33
33
30
32
36
393
452
456
459
461
462
7,091
8,548
8,567
8,540
8,409
8,424
5,755
7,082
7,021
7,001
6,955
6,976
285
602
495
442
414
365
1,082
,438
,447
,418
,602
,564
2,824
3,188
3,221
3,265
3,336
3,425
1,564
1,854
1,858
1,876
1,603
1,622
1,336
1,466
1,546
1,539
1,454
1,448
12,268
3,750
2,527
390
152
107
29
8,518
7,005
384
,431
3,310
1,880
1,513
Nov.
Nov.
Nov.
Nov.
5
12
19
26
12,195
12,225
12,184
12,151
3,770
3,801
3,780
3,768
2,536
2,565
2,562
2,545
82
84
84
86
401
403
381
384
152
151
153
153
107
107
107
104
34
33
31
31
458
458
462
465
8,425
8,424
8,404
8,383
6,967
6,980
6,953
6,918
401
419
425
410
,619
,621
,598
,572
3,347
3,333
3,324
3,339
1,600
1,607
1,606
1,597
1,458
1,444
1,451
1,465
Dec.
Dec.
Dec.
Dec.
Dec.
3
10
17
24
31
12,132
12,220
12,314
12,275
12,159
3,772
3,799
3,816
3,819
3,772
2,542
2,566
2,601
2,605
2,573
87
87
88
87
85
391
388
379
373
364
153
152
150
148
150
104
103
104
104
104
32
37
39
39
31
463
466
455
463
465
8,360
8,421
8,498
8,456
8,387
6,920
6,981
7,055
7,001
6,924
404
408
371
335
309
,571
,570
,568
,557
,554
3,340
3,378
3,496
3,478
3,433
1,605
1,625
1,620
1,631
1,628
1,440
1,440
1,443
1,455
1,463
1942—Jan. 7
14
21
12,225
12,269
12,161
3,778
3,784
3,725
2,578
2,593
2,599
84
82
80
362
360
307
146
145
145
104
102
102
45
44
32
459
458
460
8,447
8,485
8,436
6,983
7,016
6,972
365
384
414
,551
,550
,498
3,442
3,454
3,600
1,625
1,628
1,460
1,464
1,469
1,464
Outside New York
City
1940—December...
1941—August
September...
October
November...
December
15,223
16,860
16,949
17,102
17,432
17,833
6,235
7,127
7,282
7,426
7,497
7,575
3,092
3,782
3,895
4,002
4,058
4,132
213
315
318
333
341
342
153
127
140
145
150
163
295
277
278
280
278
274
1,114
1,143
1,150
1,153
1,153
1,155
,354
,475
,492
504
,510
,504
9,733
9,667
9,676
9,935
10,258
6,683
7,496
7,446
7,456
7,712
8,045
449
467
408
369
460
591
937
828
840
833
950
976
4,127
4,743
4,737
4,800
4,980
5,150
1,170
1,458
1,461
1,454
1,322
1,328
2,305
2,237
2,221
2,220
2,223
2,213
1941—Oct. 29
1941—Oct. 29
17,314
7,453
4,027
337
141
279
1,158
503
9,861
7,643
413
813
4,967
1,450
2,218
Nov.5
Nov. 12
Nov. 19
Nov. 26
17,328
17,386
17,472
17,542
7,468
7,516
7,505
7,498
4,036
4,068
4,070
4,057
336
344
342
341
149
151
146
152
284
279
275
275
1,149
1,154
1,153
1,155
506
512
514
510
9,860
9,870
9,967
10,044
7,639
7,652
7,743
7,817
414
413
473
540
944
943
956
954
4,958
4,974
4,993
4,999
1,323
1,322
1,321
1,324
2,221
2,218
2,224
2,227
Dec.
Dec.
Dec.
Dec.
Dec.
3
10
17
24
31
17,559
17,671
17,992
18,018
17,926
7,487
7,558
7,613
7,623
7,598
4,051
4,109
4,168
r
4,179
r
4,149
341
338
345
347
338
157
162
165
159
r
171
274
278
275
274
272
1,152
1,159
1,154
1,157
1,155
506
506
,500
,503
,509
10,072
10,113
10,379
10,395
10,328
7,862
7,902
8,164
8,172
8,125
586
563
605
624
574
957
996
972
974
981
5,002
5,017
5,254
5,245
5,234
1,317
1,326
1,333
1,329
1,336
2,210
2,211
2,215
2,223
2,203
1942—Jan. 7
14
21
17,907
17,964
18,050
7,544
7,524
7,474
4,144
4,135
4,122
338
344
347
159
158
137
266
262
261
1,151
1,150
1,146
481
471
457
10,363
10,440
10,576
8,162
8,243
8,367
592
663
733
984
980
5,245
5,250
5,487
1,341
1,350
1,249
2,201
2,197
2,209
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 figure
see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding
tables in previous Annual Reports.
14Z
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Reserves
with Cash
Fedin
eral vault
Reserve
Banks
11,824
10,646
10,742
10,597
10,273
10,171
556
547
556
555
564
574
DeBalmand
ances
dewith
posits
domestic
ad- 1
banks justed
3,361
3,476
3,575
3,543
3,328
3,313
Individuals,
partnerand
corporations
Time deposits,
except interbank
Interbank
deposits
States Certiand
fied
U.S.
polit- and
Govical
offiernsub- cers' ment
divi- checks
sions
etc.
IndiDomestic
vidbanks,
uals, States
and
part- polit- Postal
nerical
savhip . subings2 Deand
diviTime
cormand
porations
Foreign
banks
Borrowings
as-
Date or month
accounts
22,299
24,343
24,404
24,391
24.168
24,142
22,098
23,789
23,890
24,021
23,890
23,997
1,505
1,798
1,829
1,863
1,822
1,715
560
467
493
563
581
599
433
530
596
510
705
1,165
5,189
5,274
5,271
5,280
5,290
5,188
210
158
156
156
153
182
25
22
21
21
21
23
8,809
9,075
9,402
9,485
9,178
9,090
113
111
114
112
110
109
674
639
624
635
647
660
3,824
3,883
3,885
3,895
3,915
3,921
Total 101 Cities
1940—December
1941—August
September
October
November
December
1941—Oct. 29
10,215
568
3,449
24,258
23,662
1,889
519
653
5,285
153
21
9,245
112
640
3,896
10,058
10,140
10,361
10,534
550
588
543
574
3,276
3,361
3,342
3,335
23,876
24,151
24,192
24,452
23,394
24,134
24,052
23,979
1,904
1,853
1,708
1,822
557
507
725
534
658
658
726
777
5,298
5,292
5,295
5,275
152
156
154
151
21
21
20
22
9,145
9,167
9,263
9,139
110
110
111
111
642
643
643
660
3,914
3,915
3,912
3,918
Nov.
Nov.
Nov
Nov.
10,575
10,603
9,972
9,880
9,825
554
595
600
564
555
3,344
3,288
3,389
3,288
3,255
24,324
24,682
24,060
23,994
23,650
23,814
24,241
24,059
23,878
23,993
1,780
1,726
1,690
1,658
1,721
560
569
595
545
727
774
,345
,403
,475
5,232
5,209
5,177
5,149
5,172
155
192
194
195
173
23
23
23
23
23
9,294
9,173
9,120
8,928
8,934
111
111
109
655
658
659
671
656
3,927
3,924
3,926
3,916
3,913
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
10,053
10,285
10,507
568
571
539
3,190
3,364
3,366
23,884
24.169
24,426
23,384
24,046
24,132
1,651
1,620
1,712
520
563
535
,492
,580
,547
5,130
5,097
5,072
186
181
179
22
23
23
8,938
9,174
9,137
106
100
99
650
646
642
3,922
3,916
3,912
1942—-Jan. 7
Jan. 14
Jan. 21
6,683
5,316
5,285
5,039
4,776
4,890
96
88
86
82
85
10,351
10,910
10,888
10,600
10,310
10,245
10,489
10,995
10,983
10,782
10,491
10,458
326
299
299
306
313
340
251
264
314
325
316
29
62
111
197
342
626
677
740
738
739
742
713
43
24
24
25
24
23
3,825
3,797
3,883
3,878
3,650
3,587
616
577
561
574
586
597
1,507
1,518
1,519
1,521
1,530
1,534
New York City
1940—December
1941—August
September
October
November
December
4,755
84
10,357
10,452
305
283
331
738
25
3,747
578
1,520
1941—Oct. 29
4,623
4,644
4,833
5,006
85
88
81
84
10,162
10,248
10,320
10,511
10,327
10,507
10.627
10,503
324
289
272
368
338
268
405
287
336
336
340
357
744
740
747
738
25
25
23
23
3,664
3,636
580
582
584
598
1,530
1,531
1,531
1,530
Nov.
Nov.
Nov.
Nov.
5
12
19
26
5,021
4,981
4,816
4,788
4,843
79
91
99
89
81
10,370
10,524
10,127
10,164
10,040
10,419
10.628
10,338
10,354
10,549
308
295
275
265
299
286
301
313
288
393
404
378
739
777
831
724
714
712
708
708
22
23
23
22
22
3,648
3,621
3,474
3,486
591
598
597
606
593
1,537
1,533
1,535
1,529
1,535
Dec.
Dec.
Dec.
Dec.
Dec.
3
10
17
24
31
4,862
4,878
5,118
82
83
76
10,165
10,172
10,361
10,216
10,403
10,524
256
210
240
279
310
290
842
853
819
724
715
706
22
21
24
3,428
3,507
3,476
588
583
577
1,534
1,533
1,533
1942—Jan.
-Jan. 7
Jan. 14
Jan. 21
5,141
5,330
! 5,457
5,558
5,497
5,281
460
459
470
473
479
486
3,276
3,389
3,487
3,453
3,237
3,222
11,948
13,433
13,516
13,791
13,858
13,897
11,609
12,794
12,907
13,239
13,399
13,539
1,179
1,499
1,530
1,557
1,509
1,427
220
216
229
249
256
283
404
468
485
313
363
539
4,512
4,534
4,533
4,541
4,548
4,475
167
134
132
131
129
159
25
22
21
21
21
23
4,984
5,278
5,519
5,607
5,528
5,503
113
111
114
112
110
109
58
62
63
61
61
63
2,317
2,365
2,366
2,374
2,385
2,387
Outside
New York City
1940—December
1941—August
September
October
November
December
5,460
484
3,357
13,901
13,210
1,584
236
322
4,547
128
21
5,498
112
2,376
1941—Oct. 29
5,435
5,496
5,528
5,528
465
500
462
490
3,185
3,271
3,249
3,246
13,714
13,903
13,872
13,941
13,067
13,627
13,425
13,476
1,580
1,564
1,436
1,454
219
239
320
247
322
322
386
420
4,554
4,552
4,548
4,537
127
131
131
128
21
21
20
22
5,481
5,531
5,576
5,528
110
110
111
111
62
61
59
62
2,384
2,384
2,381
2,388
Nov.
Nov.
Nov.
Nov.
5,554
5,622
5,156
5,092
4,982
475
504
501
475
474
3,255
3,200
3,297
3,195
3,163
13,954
14,158
13,933
13,830
13,610
13,395
13,613
13,721
13,524
13,444
1,472
1,431
1,415
1,393
1,422
274
268
282
257
334
422
396
606
626
644
4,508
4,495
4,465
4,441
4,464
133
169
171
173
151
23
23
23
23
23
5,588
5,525
5,499
5,454
5,448
111
111
109
108
106
64
60
62
65
63
2,390
2,391
2,391
2,387
2,378
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
5,191
5,407
5,389
486
3,097
3,268
3,276
13,719
13,997
14,065
13,168
13,643
13,608
1,395
1,410
1,472
241
253
245
650
727
728
4,406
4,382
4,366
164
160
155
22
23
23
5,510
5,667
5,661
106
100
99
62
63
65
2,388
2,383
2,379
1942—-Jan. 7
Jan. 14
Jan. 21
1
2
3,687
3,611
3,706
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
FEBRUARY
5
12
19
26
5
12
19
26
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS A N D INVESTMENTS
[In millions of dollars]
Investments
Loans
Federal Reserve
district and date
(1941-42)
Boston (6 cities)
Dec. 31
Jan. 7
Jan. 14
Jan. 21
New York (8 cities)*
Dec 31
Jan. 7
Jan.14
Jan. 21
Philadelphia (4 cities)
Dec. 31. . .
Jan. 7
Jan. 14 . .
Jan 21
Cleveland (10 cities)
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Richmond (12 cities)
Dec. 31
.
Jan. 7
Jan. 14
Jan. 21
Atlanta (8 cities)
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Chicago (12 cities)*
Dec. 31
Jan. 7
Jan. 14
Jan. 21.
St. Louis (5 cities)
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Minneapolis (8 cities)
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Kansas City (12 cities)
Dec. 31
Jan. 7
.
Jan. 14
.....
Jan. 21
,.„.
Dallas (9 cities)
Dec. 31
,.„.
Jan. 7
Jan. 14
Jan. 21
„„..,.
„.„
„„.
San Francisco (7
cities)
Dec. 31
Jan. 7
Jan. 14
Jan. 21
„.
City of Chicago*
D e c . 31 .
Jan. 7
Jan. 14
Jan. 21
.
...
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
Open
market
paper
u.s>. Government obligations
Loans for
purchasing
or carrying
securities
To
brokers
and
dealers
Real Loans Other
estate
to
loans banks loans
Total
To
others
Bills
55
48
50
49
Other
securities
Notes Bonds
Guaranteed
46
46
46
42
435
435
435
452
62
62
62
55
108
112
112
119
1,505
1,491
1,495
1,501
799
788
790
784
433
432
433
430
102
102
105
107
25
18
17
12
14
14
15
76
76
76
76
1
1
1
147
145
144
144
706
703
705
717
598
591
593
598
13,206
13,275
13,324
13,229
4,189
4,192
4,199
4,136
2,735
2,739
2,751
2,756
100
99
98
95
368
366
364
311
194
190
189
188
192
191
190
190
31
45
44
32
569
562
563
564
9,017
9,083
9,125
9,093
7,408
7,474
7,512
7,483
324
382
402
444
1,624
1,621
1,620
1,566
3,725
3,738
3,756
3,918
1,735
1,733
1,734
1,555
1,609
1,609
1,613
1,610
1,407
1,407
1,411
1,412
554
551
554
549
292
291
292
289
40
41
42
42
29
26
27
26
31
32
33
33
51
50
50
49
111
111
110
110
853
856
857
863
588
589
590
596
19
21
21
21
29
29
29
27
433
433
434
444
107
106
106
104
265
267
267
267
2,357
2,353
2,352
2,356
884
880
873
872
428
425
421
420
32
18
17
16
15
17
17
17
185
185
185
184
204
203
202
203
1,473
1,473
1,479
1,484
1,205
1,203
1,209
1,213
25
25
25
22
206
206
202
182
794
793
794
832
180
179
188
177
268
270
270
271
907
907
909
342
336
336
161
18
19
19
4
92
90
89
337
165
4
12
580
515
8
8
10
92
92
95
292
293
291
917
565
571
573
499
505
508
19
4
4
13
12
12
79
325
107
112
112
66
66
65
821
820
813
827
427
421
418
417
224
228
233
233
8
7
7
5
6
12
12
8
8
36
36
34
34
2
2
2
2
138
129
129
127
394
399
395
410
284
290
286
301
31
33
32
32
52
52
52
51
140
142
139
159
61
63
63
59
110
109
109
109
4,216
4,226
4,290
4,329
1,432
1,433
1,432
1,410
958
964
960
956
44
44
44
45
S3
55
60
45
59
58
58
57
145
145
145
145
1
172
167
165
162
2,784
2,793
2,858
2,919
2,215
2,227
2,295
2,355
266
279
347
408
263
265
257
241
1,375
1,372
1,376
1,418
311
311
315
288
569
566
563
564
939
939
939
940
462
462
460
460
284
286
285
284
23
23
24
24
5
5
4
4
10
10
10
11
60
59
59
59
80
78
77
77
477
477
479
480
363
364
366
368
17
17
17
18
43
43
45
42
231
232
232
244
72
72
72
64
114
113
113
112
517
513
512
511
274
274
273
273
149
150
151
151
2
2
2
2
2
2
1
2
6
6
6
6
16
16
16
16
99
98
97
96
243
239
239
238
202
200
200
199
11
11
11
11
16
16
16
15
142
140
140
143
33
33
33
30
41
39
39
39
865
863
854
858
467
462
463
463
300
297
298
297
27
27
27
28
4
4
4
4
11
10
10
10
33
33
33
33
92
91
91
91
398
401
391
395
272
277
269
274
20
23
18
18
49
50
51
42
121
121
117
136
82
83
83
78
126
124
122
121
687
685
374
366
256
255
2
2
679
673
313
319
254
251
r9
7
69
66
363
357
252
258
316
35
38
65
64
33
32
39
42
316
254
254
2,658
2,653
2,655
2,658
1,166
1,157
1,147
1,141
201
200
197
194
1,492
L.496
1,508
1,517
1,163
1,167
1,177
1,183
2,767
2,776
2,841
2,877
950
952
953
935
87
84
83
81
1,817
1,824
1,888
L 942
1,440
1,447
1,513
1,568
r
158
159
r
32
32
32
-
15
Total
17
r
1
r
54
53
53
52
16
14
22
22
2
7
5
13
13
22
22
502
497
491
489
25
24
24
24
11
10
9
10
38
37
37
36
389
389
389
388
717
722
720
720
22
22
21
19
48
50
56
41
52
51
/50
50
23
23
23
24
2
1
85
.......
1
1
r
r
1
9
102
65
138
138
40
40
61
61
43
41
139
141
39
40
62
62
72
72
81
83
76
73
74
68
841
850
851
875
174
172
171
157
329
329
331
334
256
267
336
396
153
154
151
143
911
908
909
924
120
118
117
105
377
377
375
374
* 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 deposits
except interbank
Reserves
with
Federal
Reserve
Banks
Cash
in
vault
DeBalances mand
dewith
posits
doad- 1
mestic
banks justed
Individuals,
partnerships,
and
corporations
1,457
1,439
• 1,475
1,494
96
94
95
Time deposits,
except interbank
States Certiand
fied
U.S.
polit- and
Govical
offiern-2
subcers' ment
divi- checks
sions
etc.
353
364
365
219
1,070
1,085
1,074
1,063
30
29
28
31
7
7
7
7
3,563
3,509
3,587
3,556
12
11
11
11
31
31
223
199
199
198
2
2
2
2
438
432
31
31
450
444
13
13
7
7
6
60
60
61
58
717
714
709
706
16
14
15
15
511
518
523
518
33
33
32
32
1
1
1
2
45
46
46
46
199
199
199
199
2
3
2
2
3
2
3
3
403
406
411
414
5
74
20
14
13
20
89
11
8
7
6
58
60
60
61
190
3
3
4
3
3
3
3
3
405
168
170
243
244
979
970
3
3
3
3
27
3
3
3
529
140
182
1,445
1,473
1,496
1,524
97
27
16
5,033
5,068
5,077
5,333
107
112
111
103
254
236
246
231
10,913
11,044
11,068
11,280
11,270
10,909
11,109
11,230
504
465
441
499
420
300
336
312
866
878
889
856
450
469
26
28
204
195
195
200
1,261
1,246
1,256
1,250
20
15
27
25
1,213
1,255
1,249
1,254
87
85
472
466
85
84
14
12
703
726
748
759
57
58
60
57
332
333
346
338
1,781
1,796
1,832
1,847
1,835
1,778
1,847
1,858
105
108
101
101
40
31
33
33
284
293
293
287
29
30
31
29
238
235
246
251
699
705
715
715
688
681
703
700
74
73
71
192
18
228
529
534
19
19
232
257
541
555
524
549
85
85
31
26
30
16
16
16
220
220
219
187
186
198
18
263
551
551
88
1,383
1,412
1,541
1,512
88
89
90
83
628
607
645
625
3,368
3,357
3,447
3,463
3,272
3,174
3,324
3,293
380
352
354
376
63
51
55
51
257
263
271
268
15
15
15
15
206
211
211
221
633
632
631
631
656
639
659
652
61
61
60
61
9
7
10
9
28
28
26
186
185
184
183
108
116
119
115
8
8
9
8
96
95
102
105
368
370
376
372
345
338
345
338
62
60
62
63
9
8
8
8
2
1
1
1
110
109
109
108
246
242
261
15
16
17
268
277
308
620
639
667
618
617
656
86
92
91
23
35
12
12
31
32
138
134
133
2
2
2
186
963
959
3
481
492
502
514
1
1
1
1
1
1
1
1
187
189
194
196
2
3
3
3
497
488
503
6
334
326
332
335
94
11
31
133
2
564
580
609
608
71
71
69
66
38
15
12
15
44
42
37
36
124
123
123
123
8
8
7
7
1
1
1
1
557
585
602
33
33
318
298
318
321
1,479
1,462
1,508
1,501
1,493
1,459
1,514
1,503
106
105
43
33
123
129
1,016
1,005
999
995
114
110
307
302
299
287
2,237
2,218
2,248
2,261
2,175
2,129
2 201
2,187
233
34
27
28
26
127
481
127
200
201
476
205
472
469
103
102
102
101
5
6
6
2
2
2
2
655
200
198
411
416
510
373
377
386
384
1,027
1,061
1 122
1,094
1
1
1
1
429
429
64
64
64
64
112
1
1
1
92
92
92
92
20
19
391
399
19
19
399
397
8
283
8
8
8
284
279
280
1
22
21
99
111
112
112
6
6
6
22
22
99
99
99
100
100
99
* See note on preceding page.
Demand
deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
T
. S. Treasurers' time deposits, open account, are combined with postal savings (time) deposits.
395
432
432
602
610
625
619
44
395
10
9
9
9
669
44
43
41
395
396
9
9
9
9
288
290
304
309
1,024
1,031
1,127
1,089
216
216
216
216
1,389
1,426
1,505
1,474
320
593
6
6
6
4
4
4
4
16
103
118
250
1,660
1,659
1,658
1,658
429
15
15
15
14
136
141
24
594
590
585
578
251
251
250
99
190 ,
187
194
192
33
31
363
1
1
1
1
Capital
accounts
2
2
2
2
255
106
109
21
21
22
Borrowings
3
3
3
3
1
1
1
1
34
31
Foreign
banks
1
1
1
1
144
145
143
207
206
Domestic
Indibanks
viduals, States
and
part- politPostal
nerships, ical
• s a v i5
subings'
and
Dedivicormand Time
pora- sions
tions
1
1
1
1
422
485
501
195
181
186
Interbank
deposits
Federal Reserve
district and date
(1941-42)
Boston (6 cities)
Dec. 31
Jan. 7
Jan. 14
Jan. 21
New York (8 cities)*
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Philadelphia (4 cities]
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Cleveland (10 cities)
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Richmond (12 cities)
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Atlanta (8 cities)
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Chicago (12 cities)*
Dec. 31
Jan. 7
Jan. 14
Jan. 21
St. Louis (5 cities)
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Minneapolis (8 cities)
Dec. 31
Jan. 7
Jan. 14
Jan. 21
Kansas City (12 cities) *
Dec. 31
• Jan. 7
Jan. 14
Jan. 21
Dallas (9 cities)
Dec. 31
Jan. 7
Jan. 14
Jan. 21
San Francisco
(7 cities)
Dec. 31
Jan. 7
Jan. 14
Jan. 21
City of Chicago*
Dec. 31
Jan. 7
Jan. 14
Jan. 21
COMMERCIAL PAPER A N D BANKERS' ACCEPTANCES O U T S T A N D I N G
[In millions of dollars]
Dollar acceptances outstanding
Commercial
paper
outstanding 1
End of month
Based on
Held by
Accepting banks
Total
outstanding
Total
Own
bills
Bills
bought
Others
2
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1940—September
October...
November.
December.
251
252
232
218
177
187
197
209
142
149
159
167
100
96
99
100
42
53
60
67
35
38
38
42
80
91
98
109
22
20
20
18
11
11
9
10
35
37
41
44
28
28
29
27
1941—January...
February..
March
April
May
June
July
August
September
October...
November.
December.
232
241
263
275
295
299
330
354
371
378
387
375
213
212
217
220
215
213
210
197
177
185
194
194
168
164
170
170
164
161
161
148
131
138
144
146
103
99
107
105
105
101
106
100
85
90
93
92
65
65
63
66
60
59
55
47
46
47
51
54
45
48
47
49
51
52
49
50
46
47
50
49
115
119
120
126
125
123
121
114
105
109
116
116
16
18
24
25
24
24
22
21
13
12
14
15
11
7
8
7
3
3
3
3
4
4
5
4
44
42
41
38
41
43
47
49
45
48
48
48
26
26
25
23
22
20
16
11
9
11
12
11
1
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks.
Back figurel—See Annual Report for 1937 (table 70).
2
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, A N D 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
Debit
Customers' balances in balances in
debit
partners'
firm
balances
investment investment
(net) 1
and trading and trading
accounts
accounts
End of month
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed 2
Free
Other credit balances
Other
(net)
In partners'
In firm
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
1935—December
1,258
75
135
179
930
286
79
24
10
410
1936—June
December
1,267
1,395
67
64
164
164
219
249
985
1,048
276
342
86
103
24
30
14
12
420
424
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
1938_june
December
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
7
' 280
277
1940—June
December
653
677
12
12
58
99
223
204
376
427
267
281
62
54
22
22
5
5
269
247
1941—January
February
March
April
May
June
July
August
September
October
November
December
661
634
633
606
622
616
628
628
633
628
625
600
11
11
9
10
10
11
10
10
10
9
9
8
73
78
81
86
102
89
87
160
83
102
100
86
207
199
199
199
185
186
189
189
196
186
195
211
399
375
387
368
403
395
388
460
396
414
409
368
275
267
268
265
262
255
266
262
260
255
264
289
54
53
56
60
61
65
70
72
78
74
72
63
22
22
21
20
17
17
17
16
16
16
15
17
6
6
6
8
7
7
8
7
8
7
8
5
238
237
231
227
223
222
221
221
219
217
217
213
1937—June
December
^.
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. T h e 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).
I46
FEDERAL RESERVE BULLETIJ
OPEN-MARKET RATES IN NEW YORK CITY
[Per cent per annum]
Prevailing1
rate o n Year,
month, or
week
Average
rate on—•
Prime Stock
Prime bankexU.S.
comchange Treas„..>
call
ury
mercial ers
paper, accept- loan
remonth
4 to 6 ances,
90
newbills 3
months
days
als*
1939 average
1940 average
1941 average
.59
.56
.54
.44
.44
.44
1.00
1.00
1.00
1940—Nov
Dec
1941—Jan
Feb
Mar.
April
May
June
July
Aug
Sept
Oct
Nov
Dec
.56
.56
.44
.44
1.00
1.00
.56
.56
.56
.56
.56
.56
.50
.50
.50
.50
.50
.56
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
%
1.00
1.00
1.00
1.00
Week ending:
Jan. 3
Jan.10
Jan.17
Jan. 24
b
V2- A
He
Vs
Average yield
on 3-to-5 year
U. S.
Treasury
notes
Tax
exempt
Taxable
.023
.014
.103
.59
.50
.46
.76
IS
(4)
.34
.35
.65
.034
.089
.092
.082
.089
.097
.108
.055
.049
.242
.298
.43
.55
.50
.52
.44
.38
.37
.33
.34
.41
.57
.64
.76
.81
.84
..81
.72
.68
.67
.62
.62
.72
.90
1.02
.304
.119
.196
.231
.58
.48
.46
.46
1.02
.99
.97
.94
1 Monthly figures are averages of weekly prevailing rates.
2
The average rate on 90-day stock exchange time loans was 1.25 per
cent
during the entire period.
3
New issues offered within period. Tax-exempt bills prior to March 1941;
taxable
bills thereafter. Bills in week of January 3 mature in 71 days.
4
Rate negative.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
for Treasury bills and Treasury notes available on request.
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
1934 average 1 ... ... ... „. „. „. ... .„
1935 average 1
,. ... „.... . „ . . . . .
1936 average 1
,. ... „.......... „.
1937 average 1
,.... .„.,
1938 average 1
1939 average
1940 average
1941 average.. .„
„..».
Monthly figures1
1938—June
July
August
September
October
November
December
............
1939—January
February
„......
Quarterly figures
1939—March
June
September
December
^ ^.». ^.....
1940—March
June
September
December
.
1941—March
June
September
December
Total
19 cities
New
York
City
7 other
Northern and
Eastern
cities
11 Southern and
Western
cities
3.45
2.93
2.68
2.59
2.53
2.78
2.63
2.54
2.45
1.76
1.72
1.73
1.69
2.07
2.04
1.97
3.71
3.39
3.04
2.88
2.75
2.87
2.56
2.55
4.32
3.76
3.40
3.25
3.26
3.51
3.38
3.19
2.56
2.57
2.52
2.53
2.57
2.49
2.60
2.64
2.52
1.70
1.70
1.67
1.70
1.70
1.70
1.70
1.73
1.70
2.78
2.78
2.71
2.74
2.90
2.68
2.95
2.97
2.69
3.31
3.35
3.28
3.26
3.21 I
3.20!
3.23
3.32
3.26
2.95
2.91
2.68
2.59
2.65
2.59
2.68
2.59
2.58
2.55
2.60
r
2.4l
2.13
2.15
2.04
1.96
2.03
2.00
2.14
2.00
2.06
1.95
1.98
1.88
3.05
3.05
2.78
2.59
2.67
2.49
2.56
2.53
2.53
2.58
2.62
r
2.45
3.77
3.62
3.31
3.32
3.35
3.38
3.43
3.36
3.25
3.23
3.29
2.99
r
1
Revised.
Prior to March 1939figureswere reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures.—See November 1939 BULLETIN, pp. 963-969 for description
and for back figures.
BOND YIELDS 1
[Per cent per annum]
Corporate [Moody's)5
T T ; _ VI
Year, month, or week
U. S.
Government2
Municipal3
Higngrade
corporate 4
By ratings
Aaa
Number of issues
1939 average
1940 average
1941 average
1940—December
1941—January
February
March
April
May
.
.
J une
July
August
September
October
November
December................
Week ending:
Jan 10
Jan 17
Jan. 24
Aa
A
Baa
Industrial
Railroad
Public
utility
5
120
30
30
30
30
40
40
40
2.36
2.21
1.95
2.76
2.50
2.10
2.92
2.77
2.67
3.77
3.55
3.34
3.01
2.84
2.77
3.22
3.02
2.94
3.89
3.57
3.30
4.96
4.75
4.33
3.30
3.10
2.95
4.53
4.30
3.95
3.48
3.25
3.11
1.89
1.99
2.10
2.01
1.96
1.92
1.91
1.90
1.94
1.94
1.88
1.85
1.97
2.07
2.16
2.27
2.28
2.20
2.14
2.08
2.03
2.00
1.99
1.91
1.90
2.25
2.59
2.57
2.71
2.73
2.76
2.75
2.70
2.66
2.65
2.64
2.61
2.57
2.68
3.36
3.36
3.40
3.39
3.39
3.37
3.34
3.30
3.29
3.30
3.27
3.26
3.35
2.71
2.75
2.78
2.80
2.82
2.81
2.77
2.74
2.74
2.75
2.73
2.72
2.80
2.92
2.95
3.00
3.01
3.04
2.99
2.95
2.90
2.90
2.91
2.87
2.86
2.95
3.36
3.36
3.38
3.37
3.38
3.34
3.31
3.26
3.24
3.24
3.21
3.19
3.27
4.45
4.38
4.42
4.38
4.33
4.32
4.31
4.28
4.27
4.30
4.28
4.28
4.38
2.93
2.96
3.00
3.02
3.06
3.02
2.96
2.90
2.90
2.88
2.85
2.85
2.94
4.03
3.96
4.00
3.98
3.96
3.95
3.95
3.92
3.92
3.95
3.93
3.91
3.99
3.13
3.17
3.19
3.17
3.16
3.13
3.10
3.07
3.06
3.07
3.05
3.04
3.12
2.01
1.99
2.00
2.01
2.37
2.37
2.29
2.28
2.72
2.72
2.75
2.78
3.39
3.35
3.34
3.34
2.86
2.83
2.83
2.83
2.98
2.96
2.96
2.96
3.32
3.30
3.30
3.30
4.41
4.31
4.28
4.28
2.99
2.97
2.97
2.97
4.02
3.95
3.92
3.92
3.16
3.13
3.13
3.13
2-6
„„
By groups
Total
1
2
3
4
5
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years.
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from 10 to 4 and 10 to 3 issues respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively.
Back figures.—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pages
21-24. Figures for U. S. Government bonds available on request.
FEBRUARY 1941
147
SECURITY MARKETS 1
Stock prices 6
Bond prices
Corporate 4
Year, month, or week
U.S.
Gov- Municernipal 3
ment'4
2-6
Number of issues
1939 average
1940 average
1941 average
105.2
107.2
111.0
1940—December
1941—January
February
March
April
May
June
July
August
September
October
November
December
Week ending:
Dec. 27
Jan. 3
Jan. 10
Jan. 17
Jan. 24
c
1
2
15
Medium and lower-grade
Highgrade
Total
C
c
15
Industrial
Industrial
Railroad
Public
utility
15
402
354
20
28
78.1
83.8
86.9
99.3
103.5
106.1
167.5
169.2
171.9
94
95
75
99
88
88
80
71
96
80
71
81
102.8
103.0
101.7
102.2
103.1
102.4
103.3
104.8
104.9
105.1
105.3
105.9
105.0
86.2
89.0
87.1
88.4
89.5
89.4
87.9
87.8
86.8
84.5
85.0
84.9
82.4
105.3
105.6
103.8
104.6
106.0
106.2
106.3
1Q7.1
107.3
107.2
107.2
107.4
104.7
16.4
17.9
17.5
19.3
20.7
21.0
21.6
23.9
24.9
24.4
25.1
24.8
21.9
176.2
177.9
172.9
171.5
170.8
168.9
168.9
173.1
174.3
173.4
172.1
170.5
168.7
85
85
80
85
85
79
70
73
70
91
91
87
80
78
80
77
71
71
71
71
74
74
87
83
79
82
82
81
104.4
105.3
105.8
106.3
107.4
81.2
83.3
86.0
87.1
87.4
103.6
104.0
104.1
103.6
103.9
20.7
21.5
22.8
23.7
25.1
168.3
166.7
165.9.
166.3
166.7
96.4
97.5
98.6
99.0
99.6
124.5
123.5
123.5
125.1
125.3
Total
15
116.5
117.0
117.8
117.4
117.4
109.9
110.1
110.4
110.2
110.1
c
Pre
"
ferredE5
13.8
14.0
21.9
98.1
99.2
97.5
98.4
99.5
99.3
99.2
99.9
99.6
98.0
99.2
99.4
97.4
129.3
127.8
125.6
125.4
126.8
128.2
129.5
130.4
131.0
131.2
133.0
133.4
125.9
DePublic faulted
utility
20
117.7
117.7
116.7
116.9
116.8
117.0
117.7
118.7
118.5
118.1
118.8
119.2
117.5
111.8
110.4
108.8
110.1
110.8
111.4
111.5
111.7
111.1
111.1
112.0
112.4
110.7
c
10
89.5
94.8
98.9
116.3
121.2
129.0
Railroad
c
50
91.2
97.3
103.9
113.8
115.9
117.8
Volume
of trading 7
(in thousands of
shares)
Common (index, 1935-39 = 100)
20
77
77
80
83
83
80
84
84
85
82
73
70
81
79
79
74
68
61
75
66
69
71
73
73
72
73
75
75
59
61
67
70
62
65
67
66
72
73
69
65
84
80
77
72
977
767
629
814
564
444
440
495
420
463
757
473
599
557
792
1,542
1,552
1,894
673
551
491
Correction.
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis
*5 Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
6
Standard and Poor's Corporation.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—For United States Government bonds, see November, 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79).
CAPITAL ISSUES
[In millions of dollars]
For new capital
Year or month
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1940—Dec
1941—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Total
(new Total
and
(do :
re- mestic
fund- and
ing)
for- Total
eign)
1,751
1,063
2,160
4,699
6,214
3,937
4,449
5,842
4,804
5,505
197
720
386
,457
,972
,138
,360
,289
,956
,826
1,165
708
1,386
1,409
1,949
2,094
2,325
2,239
1,954
2,825
613
421
362
406
920
406
881
612
471
273
299
238
216
191
95
92
182
745
107
519
296
360
65
132
110
121
191
95
92
182
745
107
519
296
360
65
132
110
121
For refunding
Domestic
Domestic
State
and
municipal
Federal
agen-1
cies
762
77
483
64
803 405
855
150
735
22
712
157
971 481
931 924
757 461
516 1,272
129
40
37
86
60
37
59
40
33
31
29
21
42
0
2
8
9
645
5
370
212
0
0
0
0
20
Corporate
Total
325
161
178
404
1,192
1,225
873
383
For
"
Bonds
and Stocks
notes
Total
(domestic
and
foreign)
Total
498
283
State
and
municipal
Federal
agencies1
93
26
317
987
353
281
665
1,537
344
698
14
31
17
11
28
28
223
216
25
27
35
32
25
1,037
305
40
144
334
839
817
807
287
601
869
20
120
35
69
352
408
67
97
135
168
32
12
0
48
23
44
35
50
2
1
554
343
774
3,242
4,242
1,799
2,089
3,553
2,848
2,679
3,216
4,123
1,680
2,061
3,465
2,848
2,675
87
37
136
365
382
191
129
195
478
433
62
53
47
87
39
64
90
44
327
34
103
89
59
46
51
40
56
29
61
77
30
324
22
50
83
46
16
2
6
31
10
3
14
13
4
12
54
6
13
0
0
0
0
422
325
270
223
175
299
362
316
110
209
167
127
95
422
325
270
219
175
299
362
316
110
209
167
127
95
73
23
26
93
40
74
26
14
11
20
35
53
18
736
3
765
Corporate
For-
Bonds
Total and Stocks
notes
319
219
312
1,545
315
187
312
1,782
3,187
856
1,236
1,596
1,834
1,419
4
32
0
81
200
352
31
137
193
126
119
119
28
88
0
4
335
271
227
115
107
197
113
86
74
161
97
42
52
292
269
210
84
107
162
108
76
73
156
96
29
50
43
3
17
32
0
35
5
11
2
6
1
13
2
0
0
0
4
0
0
0
0
0
0
0
0
0
1,864
3,387
1,209
1,267
1,733
2,026
56
60
9
26
1
2
3
Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
Less than $500,000.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to
revision.
Back figures.—See Annual Report for 1937 (table 78).
148
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT-VOLUME AND KIND OF DIRECT SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Marketable public issues 1
End of month
Total
gross
debt
.Total
interest
bearing
debt
Total
6
18,852
6
21,834
6
Treas- Treasury
ury
bills
notes
Nonmarketable public issues
Postal
Treas- savings
ury 2 and
Total 3
bonds prewar
bonds
AdU . S . Treas- justed
savury
servings
tax
ice
bonds notes bonds
1932—June
1933—June
1934—June
1935—June
1936—June
1937—June
1938—June
1939—June
1940—June
19,487
22,539
27,053
28,701
33,779
36,425
37,165
40,440
42,968
19,161
22,158
26,480
27,645
32,989
35,800
36,576
39,886
42,376
26,084
26,950
31,102
33,054
32,344
33,965
34,436
616
954
1,404
2.053
2,354
2,303
1,154
1,308
1,302
1,261
4,548
6,653
10,023
11,381
10,617
9,147
7,243
6,383
13,460
13,417
15,679
14,019
17,168
19,936
21,846
25,218
26,555
790
806
831
855
200
198
197
196
196
62
1,261
1,188
1,556
2,151
3,166
62
316
800
1,238
1,868
2,905
1940—Dec
1941—Jan
Feb
Mar
Apr
May
June
July.. .
Aug
Sept
Oct
Nov
Dec
45,025
45,877
46,090
47,173
47,231
47,721
48,961
49,513
50,921
51,346
53,584
55,040
57,938
44,458 35,645
45,320 36,276
45,535 36,275
46,581 37,054
46,673 37,075
47,160 37,075
48,387 37,713
48,965 37,713
50,371 37,667
50,791 37,368
53,040 38,869
54,536 39,677
57,451 41,562
1,310
1,307
1,306
1,604
1,603
1,603
1,603
,603
,604
,305
,404
,703
,002
6,178 27,960
6,813 27,960
6,813 27,960
5,722 29,532
5,721 29,554
5,721 29,554
5,698 30,215
5,698 30,215
5,698 30,169
5,698 30,169
5,509 31,759
6,012 31,765
5,997 33,367
196
196
196
196
196
196
196
196
196
196
196
196
196
3,444
3,619
3,727
3,844
3,891
4,251
4,555
4,929
6,234
6,765
7,507
8,052
8,907
3,195
3,371
3,480
3,599
3,647
4,008
4,314
4,649
4,908 1^037
5,132 1,343
5,394 1,818
5,620 2,136
6,140 2,471
Special issues
Total
Social
security 4
Noninterest
bearing debt
Other 5
Matured
Other
60
66
54
231
169
119
141
142
205
266
315
518
825
620
506
447
411
386
189
181
180
220
186
190
205
180
184
190
179
141
125
377
376
374
372
372
370
369
368
367
365
364
363
362
945
389
319
283
261
309
323
396
633
626
1,558
2,676
3,770
4,775
19
579
1,601
2,511
3,528
309
323
396
633
607
979
1,075
1,258
1,247
249
248
247
245
244
243
241
239
237
236
235
234
233
5,370
5,426
5,534
5,683
5,707
5,834
6,120
6,324
6,470
6,658
6,664
6,806
6,982
4,047
4,066
4,174
4,324
4,354
4,485
4,728
4,811
4,941
5,126
5,196
5,344
5,559
1,322
1,359
1,359
1,359
1,353
1,349
1,392
1,512
1,528
1,532
1,468
1,463
1,423
Including amounts held by Government agencies and trust funds which aggregated $2,225,000,000 on Nov. 30, and $2,285,000,000 (preliminary) on
Dec.2 31, 1941. These amounts exclude holdings by production credit associations and joint stock land banks.
Including Liberty bonds.
3
Beginning with July 1941 includes depositary bonds not shown separately which amounted to $64,000,000 on Dec. 31.
4
Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account.
5
Including special issues to Government life insurance fund, adjusted service fund, national service life insurance fund, Government employees 1 retirement
funds, Postal Savings System, Federal Deposit Insurance Corporation, and Federal Savings and Loan Insurance Corporation.
6
Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000.
SECURITIES FULLY GUARANTEED BY UNITED STATES GOVERNMENT, BY ISSUING AGENCIES*
[In millions of dollars]
Interest-bearing
End of month
Total
amount
outstanding 2
Total
Federal
Farm
Mortgage
Corporation
Home
Owners'
Loan
Corporation
Reconstruction
Finance
Corporation
Commodity
Credit
Corporation
U.S.
Housing
Authority
Federal
Housing
Administration
Noninterest
bearing
matured
debt 2
1934—June
December
1935_june
December
681
3,063
312
980
134
1,834
235
249
4,123
4,494
1,226
1,387
2,647
2,855
250
252
1936—Tune
December
4,718
4,662
1,422
1,422
3,044
2,988
252
252
1937—June
December
4 665
4,645
1,422
1,410
2,987
2,937
255
297
1938—June
December
4,853
4,992
1,410
1,388
2,937
2,888
299
509
206
206
1939—June
December
5,704
5,450
5,621
1,379
1,269
2,928
2,731
820
1.096
206
407
114
114
3
4
S3
1940—June
December
5,529
5,917
5,498
5,901
1,269
1,269
2,603
2,600
1,096
1,097
407
696
114
226
8
13
31
15
1941—January
February
March
April
May
June
July
August
September
October
November
December
5,915
5,914
5,916
6,560
6,371
6,370
6,939
6,937
6,937
6,938
6,324
6,324
5,901
5,901
5,905
6,550
6,359
6,360
6,930
6,928
6,929
6,930
6,316
6,317
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
2,600
2,600
2,600
2,600
2,409
2,409
2,409
2,409
2,409
2,409
2,409
2,409
1,097
1,097
L,O97
1,741
L,741
.741
2,101
2,101
2,101
2,101
1,802
1,802
696
696
696
696
696
696
907
905
905
905
701
701
226
226
226
12
13
16
17
17
17
17
17
18
18
21
21
14
13
11
1
/3\
3
H
1
226
226
226
226
226
226
226
114
114
10
12
11
10
9
9
8
8
7
Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the public
debt.
2
3
Figures on matured debt were not published prior to September 1939.
Less than $500,000.
FEBRUARY
1942.
149
MATURITIES OF PUBLIC MARKETABLE SECURITIES OF U. S. GOVERNMENT, DIRECT A N D FULLY
GUARANTEED, DECEMBER 3 1 , 1941
[In millions of dollars]
Fully guaranteed securities maturing
Direct securities maturing
Bonds
Maturing or callable
Treasury
bills
Treasury
notes
3,002
8,473
7,613
17,403
5,070
2,002
1,001
4,996
41,562
2,002
5,997
1942—Before Apr. 1
Apr. l - J u n e 3 0
July 1-Sept. 30
Oct. 1-Dec. 31
2,428
2,002
426
342
232
342
232
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1958
1959
1960
1961
1963
1964
1965
1967
1972
1,396
1,849
3,191
2,038
2,384
1,489
821
1,689
1,230
2,454
2,932
3,709
2,048
1,170
1,449
982
2,611
50
919
1,396
1,849
1,249
503
Total
Within 1 year
1 to 5 years
5 to 10 years
10 to 20 y e a r s . . .
Over 20 years
Total
Treasury
'3A6Q
7,585
17,252
5,070
33,367
1,941
1,519
2,370
1,487
819
1,687
1,223
2,436
2,904
3,687
2,013
1,170
1,449
982
2 611
Pre-war
and
Postal
Savings
(3)
17
28
152
Treasury
bonds
due or
callable 1
Total 2
Total
fully
guarFederal Home Recon- Comanteed
U.S.
Farm Owners' struc- modity
securition
Housing
Mortties
Loan
Credit
gage Corpor- Finance Corpor- Author- due or
Corpor- ation Corpor- ation
ity
callable 1
ation
ation
"&, 509"
12,318
9,875
2,666
1,245
2,586
1,590
779
95
835
33,367
6,295
1,269
(3)
650
340
" (3)
276
320
196
8
16
14
2
2
2
7
18
27
22
35
1,855
2,555
1,755
2,344
1,460
3,361
2,278
1,186
4,033
1,024
725
681
2,611
2,431
919
340
701
114
2,121
4,174
1,802
701
114
6,295
95
2,409
614
1,561
412
'"875'
310
650
276
320
1,151
320
324
571
289
"iii"
412
614
2,394
1,167
755
755
835
906
896
875
755
779
835
779
779
1,485
50
919
95
1,485
95
1,485
2,666
2,666
1
2
3
2,666
Securities not callable prior to maturity are shown as of date of maturity.
Excluding debentures of Federal Housing Administration, which amounted to $21,000,000 on December 31.
Less than $500,000.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT A N D FULLY GUARANTEED
[In millions of dollars]
Privately held 1
Held by Federal
agencies and
trust funds
End of month
% Total
interestbearing
securities
Special
issues
Public
issues
Held
by
Federal
Reserve
Banks
Other investors 2
Total
Member
banks
Other
commercial
banks
Mutual
savings
banks
Insurance
companies
Marketable
issues2
1932—June......
1933—June
1934—June
1935—June
19,161
22,158
27,161
31,768
309
323
396
633
261
366
1,055
1,365
1,784
1,998
2,432
2,433
16,807
19,471
23,278
27,337
5,628
6,887
9,413
11,429
590
590
890
1,290
680
720
970
1,540
800
1,000
1,500
2,600
9,100
10,300
10,500
10,400
1936—June
December,
1937—June
December
1938—June
December.
1939—June
December.
1940—June
December,
1941—June
December.
37,707
38,362
40,465
41,353
41,428
43,891
45,336
47,067
47,874
50,360
54,747
63,768
626
632
1,558
2,227
2,676
3,156
3,770
4,231
4,775
5,370
6,120
6,982
1,703
1,820
2,036
2,049
2,123
2,198
2,138
2,323
3
2,292
3
2,250
3
2,360
3 2,563
2,430
2,430
2,526
2,564
2,564
2,564
2,551
2,484
2,466
2,184
2,184
2,254
32,948
33,480
34,345
34,513
34,065
35,973
36,877
38,029
38,341
40,556
44,083
51,969
13,671
13,545
12,689
12,371
12,343
13,222
13,777
14,328
14,722
15,823
18,078
P
19,529
1,600
1,710
1,870
1,790
1,700
1,850
1,920
1,970
1,830
1,940
2,020
?2,30O
2,050
2,330
2,390
2,450
2,690
2,880
3,040
3,100
3,110
3,220
3,430
p
3,7OO
3,900
4,500
5,000
5,200
r
5,5OO
r
5,800
r
5,900
r
6,300
r
6,500
r
6,800
r
6,900
p
7,900
10,500
10,500
11,300
11,500
r
10,400
r
10,600
r
10,300
r
10,100
r
9,300
r
9,600
r
9,400
2*9,900
Nonmarketable
issues
ioo*
1,200
900
1,100
1,200
1,400
1,600
1,900
2,200
2,900
3,200
4,300
y
8,600
p
Preliminary.
r
Reyised.
1 Estimated figures for other commercial banks and mutual savings banks have been rounded to nearest 10 millions and estimated figures for insurance
companies and other investors have been rounded to nearest 100 millions.
2
Holdings of insurance companies included with "Other investors" prior to 1932.
3
Excluding holdings of production credit associations and joint stock land banks.
NOTE.—For end of June figures 1916-1931, see BULLETIN for July 1941, p. 664.
150
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts
Trust
accounts
etc.,2
Excess excess
of re- of receipts ceipts
Expenditures (excl. debt retirements)
Receipts
Increase or decrease during
period
Income
taxes
Miscella- Social
neous secur- All
interother
ity
nal
reve- taxes
nue
NaTotal Net Intertional
re- 1 est
reon
deceipts ceipts debt fense
Agricultural
Adjustment
Program
Un- Transem- fers to All
ploy- trust
other
acment coun
relief etc. 1ts
1938
1939
1940
1941
2,640
2,189
2,125
3,470
2,279
2,232
2,345
2,967
755
740
838
932
567
507
617
900
6,242
5,668
5,925
8,269
5,855
5,165
5,387
7,607
926
941
1,041
1,111
1,029
1,206
1,657
6,080
362
787
1,002
877
1,914
2,595
1,919
1,741
220
182
226
325
2,788 7,239
2,996 8,707
3,153 8,998
2,577 12,711
-1,384
-3,542
-3,611
-5,103
+306
+890
+136
-148
+740
-338
+622 +3,275
-947 +2,528
+742 +5,994
6 months ending
Dec. 1940
Dec. 1941
1,041
1,824
1,516
1,901
418
529
261
325
3,236
4,579
2,925
4,166
1,767
8,214
495
346
870
666
199
253
1,319 5,141
1,479 11,483
-2,216 +197
-7,317 -733
+38 +2,057
+927 +8,977
1940—Dec
429
231
34
46
741
740
491
525
219
470
105
155
1941—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec
63
104
1,208
75
63
916
84
59
780
68
66
767
210
204
273
244
254
265
268
269
261
314
436
353
47
193
34
43
165
32
48
173
37
49
181
41
52
172
52
240
58
64
56
54
58
57
47
53
372
674
1,567
602
541
1,277
456
554
1,136
489
730
1,214
340
541
1,566
565
394
1,276
413
397
1,135
445
564
1,212
25
21
150
73
12
339
25
9
169
75
15
232
569
584
748
763
837
812
960
1,124
1,320
1,527
1,437
1,847
95
87
90
61
27
22
44
27
32
58
72
113
146
138
159
148
145
135
132
106
108
109
95
115
Period
(+)or (+)or
Total
1
exexpenditures penditures
()
()
General
fund
bal- 2
ance
Gross
debt3
Fiscal year ending:
June
June
June
June
26
29
23
28
12
10
169
14
6
45
10
9
218
1,172
-432
251
217
229
242
108
211
268
250
238
269
229
226
1,111
1,075
1,399
1,315
1,141
1,528
1,598
1,529
1,874
2,083
1,858
2,542
-771
-534
+167
-750
-747
-252
-1,185
-1,133
-739
-1,637
-1,294
-1,329
Net expenditures in checking
accounts of Government
agencies
Unemployment
trust fund
All other
Total
Increment
on
gold
Seigniorage
Period
InNet
vestreceipts ments
Benefit
payments
Receipts
ReconstrucIn- Other
tion
exvest- pendiFinance
ments tures Corporation
+752
+111
+852
+97
+15
+213
-324
-3
-236 +1,014 +1,083
+58
-290
+403
+490
-521
-264
+729 +1,241!
-259
+551;
-34
+599
+274 +1,408!
-2
+425 ,
-607
-293
+376 +2,238
-225
-322 +1,456
-484
-328 +1,241 +2,898
Details of general fund
balance (end of period)
Details of trust accounts, etc.
Old-age insurance
trust fund and railroad
retirement account
-209
Com- United
modity States
All
Credit Hous- other
Corpor- ing Auation thority
ExReceipts penditures
Working
Fiscal year ending:
June
June
June
June
1938
1939
1940
1941
6 months ending:
Dec. 1940
..
Dec. 1941
...
550
639
703
844
461
516
573
637
85
120
129
186
763
838
959
1,114
560
395
443
563
191
442
514
555
*658
*234
80
*184
136
10
58
*60
17
121
*12
*186
174
*41
414
440
458
674
327
324
358
622
2,216
2,838
1,891
2,633
142
142
143
143
446
536
585
605
1,628
2,160
1,163
lr885
387
492
284
372
85
112
572
609
235
459
338
148
78
736
*72
59
*9
137
*124
*133
311
431
36
258
374
1,928
3,560
143
143
597
615
1,188
2,802
44
1,928
143
597
1,188
r
58
50
62
r
58
44
r
93
138
46
51
56
41
42
2,025
1,701
2,715
2,425
1,904
2,633
2,599
2,873
2,266
2,641
2,319
3,560
143
143
143
143
143
143
143
143
143
143
143
143
599
601
602
603
604
605
607
610
611
613
614
615
1,283
957
1,970
1,679
1,157
1,885
1,848
2,120
1,511
1,885
1,562
2,802
1940—Dec.
1941—Jan
Feb
Mar
Apr
May....
June
July....
Aug
Sept....
Oct
Nov
Dec
42
152
11
46
148
58
89
157
1
75
166
3
r
1
151
15
51
*10
*5
160
*10
15
16
17
17
17
17
18
18
18
19
19
20
78
149
28
69
167
51
82
176
24
74
192
60
*6
224
24
*16
185
11
•21
189
•
9
1
33
29
113
*10
40
137
19
60
146
59
168
26
41
43
37
35
30
31
29
25
24
20
21
29
16
160
64
*406
82
87
*280
166
98
277
334
142
12
7
37
33
57
*16
*221
34
13
•17
221
28
32
*8
25
24
31
27
*22
10
9
20
109
11
r*
r 43
*30
*56
*12
241
*18
*11
*42
*27
*8
*5
•41
46
42
58
r
67
55
96
162
54
53
63
45
54
r
Revised.
Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments to the
Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from
transfers
to trust accounts.
2
Details given in lower section of table.
3
For details, see page 47.
* For social security investments, excess of redemptions; for net expenditures in checking accounts, excess of receipts.
NOTE.—For explanation of table see BULLETIN for October, 1940, pp. 1052-1054.
FEBRUARY
1941
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
1941
1940
Nov.
Assets
Loans and preferred stock:
Loans to financial institutions
Preferred stock, etc
Loans to railroads
Home and housing mortgage loans
Farm mortgage loans
Other agricultural loans
All other loans
Total loans and preferred stock
Cash
U. S. Govt. direct securities
Securities of Government corporations and credit
agencies:
Fully guaranteed by U. S
Other1
Accounts and other receivables
Business property
Property held for sale .
Other assets
Total assets other than interagency2
Liabilities
Bonds, notes, and debentures:
Fully guaranteed by U. S
Other1 . .
Other liabilities
Total liabilities other than interagency2
Excess of assets over liabilities, excluding interagency transactions
U. S. Govt. interests
Privately owned interests
2
2
1
8
Dec.
469
730
S1S
387
508
772
291
680
549
600
485
736
S16
2 ,390
2 ,500
757
1 298
8 682
533
701
Jan.
445
7?0
S?3
2 ,424
2 ,481
728
1 309
8 ,639
580
793
Feb.
Mar.
425
711
S18
2 ,395
2 ,485
727
1 352
8 ,614
595
736
2
2
1
8
Apr.
409
706
S?3
406
475
776
386
681
620
7S6
400
703
573
2 427
2 467
867
1, 409
8, 796
771
771
June
May
397
70^
SOS
2, 436
2, 458
830
1, 472
8, 800
464
780
July
417
608
SOS
2, 445
2, 448
779
1, 511
804
8,
376
80?
408
693
497
2,413
2,437
754
1,553
8,756
771
824
Aug.
407
669
497
2,413
2,426
726
1,690
8,826
594
844
Oct.
Sept.
409
666
407
2, 427
2, 411
717
1, 738
864
8,
523
S46
2
2
1
9
128
123
123
123
126
125
122
124
128
127
127
18
'M
18
17
20
22
17
17
7 SO
540
S08
SS?
S'M
401
S13
SS1
707
671
sss
636
653
608
623
664
602
601
671
599
600
593
1, 710 1
1 113 1 141 1 190 1 206 1, 245 1, 297 1, 392 1, 497 1,567
1,625
423
435
214
338
211
517
310
210
563
251
359
12 518 12 500 12 645 12 676 12, 909 13, 282 13, 108 13, 277 13,853 13,882 14, 076 14
409
665
484
413
396
709
957
033
489
80S
5 917
1 30 S
1, 214
8, 526
5 915
1 380
1, 294
8 599
5 914
1 386
1, 292
8 592
5, 916
1, 300
1, 391
8, 696
6, 560
1, 38S
1, 432
9, 377
6, 371
1, 492
9, 297
6, 370 6,939 6,937 6, 937 6, 938
1 416
1 431
1, 443 1 442 1,445
1, 859 1, 952
1, 604 1,761
1,741
9, 417 10,142 10,123 10, 231 10, 306
3, 939
,3 S?6
413
3, 974
.3 SSO
4 046
•1 6?0
417
4 084
3 666
418
4, 213
3, 70?
421
3, 906
3, 484
422
3, 811
3, 388
423
3, 860
3, 436
424
3,711
3,286
425
3,759
3,333
426
408
664
483
2 ,401
2 380
732
1 ,933
9,001
502
006
120
115
70
810
7S1
698
689
805 1 879
701
592
452 14 580
5 919
1 4??
1, 237
8, 579
415
Nov.
6
1
1
9
324
303
974
690
4, 146 4 889
3 718 4 459
430
428
3, 845
3 418
427
1
2
Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation.
Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconstruction Finance
Corporation.
PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, NOVEMBER 30,1941
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Assets
Total
loans
and
preferred
stock
Reconstruction Finance Corporation
National defense corporations
Home mortgage and housing agencies:
Home Owners' Loan Corporation
Federal home loan banks
RFC Mortgage Company
Federal National Mortgage Association
United States Housing Authority
Farm credit agencies:
Federal Farm Mortgage Corporation
Federal land banks
Federal intermediate credit banks
Banks for cooperatives
Production cridit corporations
Regional agricultural credit corporations
Commodity Credit Corporation
Farm Credit Administration
Farm Security Administration
1,772
52
c?
1,969
187
72
205
329
217
37
52
14
7
604
1,776
230
109
62
7
198
252
464
18
55
24
15
Insurance agencies:
Federal Deposit Insurance Corporation
Federal Savings and Loan Insurance Corporation.
Federal Housing Administration
Export-Import Bank of Washington
Tennessee Valley Authority
U S Maritime Commission
Rural Electrification Administration
Public Works Administration
Other
Total
1
2
Cash
U.S.
Govt.
direct
securities
50
138
30
319
86
91
9,001
C1)
16
3
22
Guaranteed
securities
51
149
36
29
55
3
16
5
15
3
17
458
24
38
14
502
6
906
Liabilities
Bonds, notes, and
debentures
Accounts
and
Property
Business held for
other
Guarreceiv- property
sale
anteed by Other
ables
United
States
28
117
10
3
101
115
6
1
2
4
3
3
292
2,416
127
6
C1)
150
C1)
31
i""
17
751
1,802
1
1
47
172
3
±2
13
36
3
33
48
7
22
7
46
622
114
9
57
1,269
<*>
76
85
2n/:e
234
1
I)
C1)
812
701
1
..........
ft1
26
10
21
8
436
49
67
698
2
1
1,879
6,324
13
1,393
Less than $500,000.
Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation.
I52-
FEDERAL RESERVE BULLETIN
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding at end of month. I n millions of dollars]
1940
Dec.
Loans to financial institutions . . . . t
Loans on preferred stock of banks and insurance
companies
Preferred stock, capital notes, and debentures
Loans to railroads (including receivers)
Loans for self-liquidating projects
Loans to industrial and commercial businesses:
For national defense
Other
Loan to Great Britain
Loans to drainage, levee, and irrigation districts..
Other loans ..
Securities purchased from Public Works Administratio n
Total loans and investments, other than
interagency
Preferred stock of, and loans to Export-Import
Bank
Loans to Rural Electrification Administration
Capital stock of, and loans to RFC Mortgage
Company
.
.
Capital stock of, and loans to Federal National
Mortgage Association
Loans to Tennessee Valley Authority
Capital stock of, and loans to national defense
companies*
Loans to Farm Security Administration
Capital stock of Federal Home Loan Banks
Total loans and investments
1
1941
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
172
166
162
158
154
149
145
139
134
131
127
124
118
53
452
474
36
50
447
482
37
49
442
482
35
49
437
487
35
49
434
487
36
48
432
470
37
48
429
470
37
48
425
462
81
48
410
461
81
48
407
461
81
48
405
448
81
48
404
448
51
48
401
462
51
7
121
9
119
11
117
17
115
21
114
61
113
65
111
70
109
71
108
100
77
5
82
106
93
100
101
103
106
110
125
299
299
345
117
117
117
116
114
1,613
1,640
1,798
1,772
1,833
174
195
174
202
174
207
174
211
174
214
83
5
83
5
83
5
83
5
76
5
74
5
79
5
116
114
113
113
113
111
122
79
5
120
1,519
1,512
1,499
1,499
1,488
1,503
1,511
1,538
99
146
174
152
174
157
174
164
174
168
174
175
174
182
174 *
190
77
5
74
5
74
5
73
5
67
68
68
69
71
71
73
75
76
77
80
79
79
90
8
93
8
96
8
99
8
99
8
101
8
102
8
103
8
105
8
107
8
109
8
112
8
45
63
28
18
83
33
125
121
60
125
168
81
125
219
97
125
282
116
125
327
89
125
380
96
125
527
101
125
643
110
125
111
8
727
117
125
2,003
2,089
2,244
2,319
2,383
2,473
2,573
2,630
2,772
2,962
3,254
3,325
721
133
125
3,400
Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, and Defense Supplies Corporation.
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In millions of dollars]
Short-term credit
Farm mortgage loans
End of year or month
Total
Federal
land
banks
Land
Bank
Commissioner
Total
Total
1
Federal
intermediate
credit2
banks
Production
credit
associations
Loans to cooperatives
Emergency
crop and
drought
relief
loans
Total
3
Banks
for
cooperatives
Agricultural
Marketing Act
revolving fund
1934
1935
1936
1937
1938
1939
2,964
3,321
3,363
3,335
3,211
3,058
2,533
2,867
2,901
2,848
2,735
2,596
1,916
2,072
2,064
2.035
1,982
L,905
795
837
813
753
691
358
337
367
364
364
47
41
40
34
33
56
61
94
105
138
148
154
111
173
165
173
171
168
117
97
125
120
112
99
28
50
70
88
87
76
55
44
54
31
24
21
1940—November
December
2,986
2,973
2,508
2,500
1,856
L,851
652
648
383
381
34
34
173
172
170
168
96
93
77
75
17
16
1941—January
February
March
April
May
June
July
August
September
October
November
December
2,964
2,970
2,976
2,982
2,988
2,988
2,986
2,975
2,954
2,924
2,906
2,891
2,489
2,485
2,475
2,467
2,458
2,448
2,437
2,426
2,411
2,395
2,380
2,361
1,844
1,842
1,836
1,830
1,824
1,818
1,811
L,804
1,795
L, 786
1,776
1,764
645
643
640
637
634
630
626
622
616
610
604
382
393
413
431
440
450
453
450
431
410
398
174
182
195
207
215
221
224
221
208
194
187
597
397
35
36
37
39
40
42
44
45
43
39
38
167
169
175
179
179
179
179
177
174
170
167
92
91
88
85
90
90
96
99
111
119
128
75
74
70
68
74
74
80
83
94
101
109
113
16
16
16
16
16
16
16
16
16
16
17
17
1
617
315
39
188
165
133
Including loans of regional agricultural credit corporations (not shown in the breakdown) amounting to $87,000,000 in 1934, $43,000,000 in 1935,
$25,000,000
in 1936, $16,000,000 in 1937, $11,000,000 in 1938, $8,000,000 in 1939, and from $6,000,000-$8,000,000 since 1939.
2
Exclusive of loans to and discounts for regional agricultural credit corporations, production credit associations, and banks for cooperatives,
amounting to a total of $226,000,000 in December 1941. These loans and discounts are included in the columns for the institutions concerned.
3 Including loans of Federal intermediate credit banks to cooperatives (not shown in the breakdown) amounting to $34,000,000 in 1934, $3,000,000
in 1935, and a negligible amount since 1935,
FEBRUARY
1941
P O S T A L S A V I N G S SYSTEM
[In millions of dollars]
FEDERAL HOME MORTGAGE AND HOUSING AGENCIES
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In millions of dollars]
Home
Owners'
Loan
Corporation
End of month
FedFederal
RFC
eral savings Mortgage
Home
and
ComLoan
loan
Banks 1 associ-2 pany
ations
1933—June
1 217
2,379
2 658
2,897
2,945
2 765
2 556
2,398
2,265
2 169
2,081
2 038
2,013
1 956
47
85
85
87
79
103
119
145
167
200
196
199
169
181
157
201
1,942
J.029
1,914
I 900
1,885
1,870
1,855
1,841
1,825
,809
1,794
1,777
171
157
146
142
145
170
168
173
178
184
187
219
132
Dec
1934—June
Dec
1935—June
Dec
1936—julle
Dec
1937__j une
Dec
1938—June
Dec.
1939—June
Dec.
1940—June
Dec.
1941_jan
Feb.
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
Federal
National
Mortgage
Association
Assets
United
States
Housing
Authority
1934—j un e
Dec.
1935__jUne
81
186
348
474
587
742
854
948
,034
1,136
1,271
1,405
1,546
,564
,579
,600*
,628
,658
,688
718
1,751
1,775
1,803
1,816
C3)
Depositors
balances 1 Total
End of month
. ..
Dec
1936—June
Dec
1937—June
Dec.
193g_june
6
18
36
49
68
41
54
57
57
60
67
38
80
125
147
163
181
10
13
32
68
123
87
186
68
68
69
70
70
65
67
69
70
73
72
72
185
187
190
190
192
194
196
198
200
203
205
207
228
211
233
266
288
316
296
306
332
328
329
367
1
Loans and discounts to member institutions of the Federal Home Loan
Bank
System.
2
Federal Home Loan Bank Board estimates for all Federal savings and
loan associations which are private institutions chartered and supervised
by3 the Federal Home Loan Bank Board.
Not available.
Dec
1939—June
Dec
1940—June
Dec.. .
1941—Jan.
Feb. . .
Mar.
Apr.
May
June
July
Aug
Sept.
Oct
Nov
Dec.
m#
Cash
in depository
banks
1,198
1,207
1,205
1,201
1,232
1,260
1,268
1,270
1,252
1,252
1,262
1,279
1,293
1,304
1,225
1,237
1,236
1,237
1,265
1,296
1,307
1,308
1,290
1,291
1,304
1,319
1,337
1,348
695
540
385
287
203
145
136
130
1,314
1,318
1,320
1,317
1,310
1,304
1,307
1,309
1,311
1,317
1,323
p
l,314
1,356
1,361
1,364
1,362
1,359
1,356
1,359
1,365
1,366
1,377
1,388
34
33
31
30
115
86
68
53
43
36
30
30
29
28
28
27
27
U. S. Government
securities
Total
Direct
Cash
reserve
Guar- iunds,
an- etc. 2
teed
453
597
777
853
418
467
630
706
35
130
147
147
76
100
74
98
95
967
800
1,058
1,100
1,097
1,103
1,132
1,157
1,192
1,224
1,224
167
891
933
930
167
167
167
936
167
965
1,011
1.046
,078
1,078
167
146
146
146
146
69
"88
1,239
1,245
1,259
1,259
1,254
1,251
1,251
1,250
1,250
1,250
1,250
,093
1,098
1,113
1,113
1,108
1,104
L,104
.104
1,104
1,104
1,104
146
146
146
146
84
83
74
73
146
75
75
93
71
80
73
73
78
74
146
146
146
146
146
80
86
89
100
146
111
f1 Preliminary.
Outstanding principal, represented by certificates of deposit. Does not
include
accrued interest nor outstanding savings stamps.
2
Includes working cash with postmasters, 5-per cent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late
postmasters.
Back figures.—See BULLETIN for August 1935, pp. 501-502,
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION!
INSURED FHA HOME MORTGAGES (TITLE II) HELD
IN
PORTFOLIO BY CLASSES OF INSTITUTIONS1
[In millions of dollars]
[In millions of dollars]
Year or month
Total
Property
improvement
(
1934
1935
1936
1937
1938
1939
1940
1941
T
30
320
557
495
694
954
1,026
1,186
30
224
246
60
160
208
251
262
1940—Dec
104
1941—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
102
84
84
75
89
105
105
91
107
125
107
112
.
.
.
New
small
home
construction
(Title
I)
Home
mortgages
(Title
II)
25
26
21
94
309
424
473
669
736
877
24
2
78
20
2
1
r2
2
r*
3
3
r
l
2
2
1
2
79
61
62
60
65
75
82
70
73
85
77
88
r19
17
r
ll
22
r
26
20
18
31
34
24
18
.......
Mortgages on Derental fense
and
housgroup
ing
housing (Title
(Title
VI)
II)
2
2
11
48
51
13
13
*
2
3
2
1
*
*
*
*
2
r
2
13
r
•
1
1
2
4
5
End of month
1936—Dec
1937—Dec
1938—Mar
June
Sept
Dec
1939—Mar
June
Sept
Dec
1940—Mar
June
Sept
Dec
1941—Mar
June
Sept
Total
365
771
856
933
1.049
1,199
1,349
1,478
1,622
1,793
1,949
2,075
2,232
2,409
2,598
2,755
2,942
Commercial
banks
SavMuings Insur- Fedtual
ance eral Other 3
and
savcom- agenloan
ings associ- panies, cies2
banks ations
228
431
472
509
565
634
699
759
824
903
971
1,026
1,093
1,162
1,247
1,318
r
l,400
r
8
27
26
28
32
38
44
50
57
71
90
100
112
130
146
157
171
56
110
119
127
137
149
159
167
178
192
201
208
216
224
230
237
246
41
118
146
165
187
212
241
271
302
341
393
432
480
542
606
668
722
5
32
42
44
56
77
114
137
148
153
171
182
190
201
210
221
225
27
53
51
60
72
89
92
94
113
133
123
127
141
150
159
154
178
r
1
Revised.
Gross amount of mortgages held, does not include terminated mortgages and cases in transit to or being audited at the Federal Housing
Administration.
2
r
The RFC Mortgage Company, the Federal National Mortgage AssociaRevised.
1
and the United States Housing Corporation.
Figures represent gross insurance written during the period and do not tion,
3
Including mortgage companies, finance companies, industrial banks,
take account of principal repayments on previously insured loans.
endowed institutions, private and State benefit funds, etc.
* Less than $500,000.
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Year and
month
Income
payments
(value) 1
1935-39
= 100
Manufactures
Total
Durable
Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933 .
1934
1935
1936
1937
1938
1939
1940
1941
Construction
contracts
awarded (value) 3
1923-25 = 100
Industrial production
(physical volume) 2 *
1935-39 = 100
AdAdUnadjusted justed justed
122.3
110.9
94.3
73.2
69.5
80.2
87.2
101.2
107.2
98.9
105 5
112.5
132.9
Minerals
Nondurable
Total
Residential
All
other
Employment4
DepartWholeFreight- ment
sale
store
car
Cost of
comsales
loadliving 4
modity
4
(valings*
rolls
4
1935-39
prices
1923-25 1935-39 u e d 6
= 100
1926
Factory
= 100 = 100 1923-25
= 100
1923-25 = 100
= 100
Factory
Nonagricultural 5
1935-39
= 100
Ad- Unad- UnadAdAdAdAdAdAdAdjusted justed justed justed justed justed justed justed justed justed
62
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
108
123
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
138
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
108
113
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
P125
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
P89
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
167! i
100.3
91.6
82.2
82.9
90.1
93.8
99.8
105.0
98.6
102.8
106.4
P115.6
Adjusted
Unadjusted
Unadjusted
98.0
106.7
107.1 117.2
75.6
82.0
81.2
90.7
103.8 102.9
96.4
96.0
101.1
99.8
104.2
101.7
102.4
99.5
103.5
99.7
106.0 110.4
92.4
89.4
78.1
67.8
66.3
46.7
73.4
50.1
64.5
85.7
74.1
91.3
85.8
99.0
108.6
102.5
78.5
90.9
92.2
99.9
107.5 105.4
P127.6 P148.7
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
_ 130
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
~ 110
138.6
154.4
97.6
96.7
100.6
98 1
103.5
100 0
95.4
96.7
95.3
86.4
73.0
64.8
65 9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
124.5
143 2
127.7
119 7
121.9
* 122 2
125 4
126 4
124 0
122.6
122 5
119.4
108 7
97.6
92 4
95.7
98.1
99 1
102.7
100 8
99.4
100.2
105.2
100.2
1938
101.4
101
99
97
104
102
96
57
128
100.7
96.7
96.2
88.1
96
88
77.0
101
101
101
97
98
103
105
106
114
121
124
125
97
99
100
98
99
102
102
106
119
126
126
122
97
97
96
93
93
99
102
108
118
129
134
138
104
104
104
103
104
106
106
108
111
115
117
117
103
101
104
91
97
104
107
92
114
119
120
114
86
73
69
67
63
63
67
73
73
76
83
86
55
58
55
58
55
58
62
67
68
68
61
60
111
85
80
74
68
67
71
78
76
82
101
107
100.8
101.0
101.2
100.5
101.1
102.2
102.6
103.0
103.7
105.0
105.7
106.3
96.8
Tune
July
August
September. . .
October
November
December
101.3
101.9
103.0
101.8
103.6
104.8
104.6
106.5
107.8
109.1
109.9
111.2
96.8
96.7
96.6
96.3
97.3
98.4
99.0
100.8
104.8
107.0
108.2
94.5
96.1
97.0
96.9
95.9
96.4
96.6
99.5
103.7
107.3
107.5
107.8
84.7
87.1
88.8
86.8
86.3
87.9
85.8
91.2
95.4
103.2
103.2
105.4
98
95
94
87
90
97
99
101
111
114
114
110
88
88
88
88
87
86
87
88
90
92
93
95
76.9
76.9
76.7
76.2
76.2
75.6
75.4
75.0
79.1
79.4
79.2
79.2
1940
January
February....
March
April
May.....'....
June
July
August
September. . .
October
November
December
110.6
110.1
108.8
109.1
110.1
110.2
111.7
113.3
114.6
115.8
116.6
119.0
122
116
113
112
116
122
122
124
127
130
134
139
117
113
112
112
117
121
120
124
132
136
136
136
134
124
118
116
123
133
136
143
151
155
157
164
113
110
107
107
110
114
113
112
112
117
120
124
118
114
117
119
117
119
119
114
117
113
118
118
75
63
62
64
64
74
85
90
93
95
111
115
53
56
57
62
64
69
82
82
85
87
90
93
68
66
66
65
77
91
98
101
103
130
136
105.6
104.9
104.7
104.0
104.5
105.0
105.4
106.3
106.9
108.1
109.7
111.5
107.6
105.8
104.0
102.8
102.8
103.9
105.1
107.4
108.9
111.4
114.2
116.6
105.0
105.0
104.4
103.2
102.5
103.1
103.2
107.4
111.4
113.8
114.7
116.2
99.8
99.3
99.8
97.9
97.8
99.5
98.2
105.5
111.6
116.2
116.4
122.4
111
105
100
103
106
111
110
112
112
110
116
119
92
90
89
89
89
91
92
98
97
94
100
101
79.4
78.7
78.4
78.6
78.4
77.5
77.7
77.4
78.0
78.7
79.6
80.0
166.4"
121.3
123.1
124.0
125.1
128.6
131.5
133.1
136.7
139.1
r
140.9
r
143.0
148.3
140
144
147
144
154
159
160
160
161
163
166
135
140
144
144
155
160
159
162
167
167
167
3*164
171
176
180
180
190
195
199
199
203
207
209
*>214
123
126
128
131
135
139
138
139
137
138
143
P142
119
118
125
95
126
132
131
132
131
130
131
103
99
94
103
101
117
139
152
161
145
138
84
76
74
80
88
101
115
112
105
87
74
117
118
109
121
111
129
158
184
206
192
189
111.8 118.3 115.5
112.5 118.6 117.8
112.3 119.4 119.9
112.5 122.0 122.6
114.0 124.9 124.9
115.4 128.7 127.9
117.1 133.3 1 3 0 . 6
r
117.7 133.3 133.1
117.5 132.3 135.2
r
118.0 132.7 135.4
134.3 134.7
119.2
P119.6 P134.6 P134.0
120.7
126.8
131.2
134.7
144.1
152.2
152.7
158.1
162.6
r
166.8
165.2
P
169.8
122
124
126
112
135
139
138
139
130
127
135
137
101
103
103
104
105
104
115
134
116
105
116
111
80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
92.4
92.5
93.6
100.8
100.8
101.2
102.2
102.9
104.6
105.3
106.2
108.1
109.4
110.2
110.5
170
e
e
C
December
1939
January
February....
March
April
May
77
99.1
98.6
100.6
99.8
100.5
100.2
100.1
100.7
1941
January . . .
February....
March
April
May . .
June
July
August
September. . .
October
November
December
1942
January
e
p
2
164
219
e
m
142
r
e
e
1
140
e
137
e
95.7
Preliminary.
* Average per working day.
Revised.
Estimated. Department of Commerce series on value of payments to individuals.
For indexes by groups or industries, see pp. 156-159, for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771..
J Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 164.
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. 160-163 for employment and payrolls and p. 167
for prices.
5
6
Excludes military and naval forces.
For sales comparisons by cities and by departments see p. 166 of this BULLETIN.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882 and Sept. 1941, pp. 933-937; for factory employment and payrolls
October 1938, pp. 838-866, October 1939, pp. 879-887, and February 1941, p. 166; for department store sales, October 1938, p. 918, and January 1941, p. 65;
for freight-car loadings, June 1941, pp. 529-533.
4
FEBRUARY
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1940
1941
Industry
Nov.
1
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Industrial Production—Total
134
139
140
144
147
144
154
159
160
160
161
163
166
p
Manufactures—Total1
137
142
144
148
151
153
160
164
165
166
166
169
172
p
157
120
164
124
171
123
176
126
180
128
180
131
190
135
195
139
199
138
199
139
203
137
207
138
209
143
PH2
171
174
179
179
184
181
184
184
185
185
192
191
191
196
173
177
164
263
173
181
166
283
177
186
172
291
176
187
171
300
178
193
177
305
170
193
172
340
175
196
174
355
179
196
173
359
181
197
174
365
182
198
172
382
185
207
179
405
184
206
178
410
184
207
190
212
181
432
Machinery
152
164
168
177
185
194
206
214
216
224
227
231
Transportation Equipment2
171
177
190
203
207
196
228
243
255
241
600
635
685
741
768
818
876
930
997
125
134
166
162
226
125
129
172
175
263
134
144
178
189
282
143
152
182
204
307
142
143
178
216
335
124
122
196
237
353
152
151
218
256
381
161
148
233
280
428
168
154
233
307
467
155
162
167
173
179
183
189
184
135
135
147
179
145
144
112
137
135
152
190
158
146
115
137
133
153
201
161
149
119
142
140
158
209
165
148
130
142
136
163
219
172
146
143
147
145
164
221
186
147
147
148
144
170
231
205
144
147
127
132
137
135
128
132
128
125
133
128
139
132
139
129
125
132
Stone, Clay and Glass Products
130
140
154
158
Cement
Common and face brick. .
Common brick.
Face brick
Glass containers
Polished plate glass
140
135
136
132
114
113
155
147
147
148
119
117
181
123
137
135
140
138
132
139
146
140
128
160
131
152
140
135
142
156
74
145
131
163
132
157
149
107
Durable
Nondurable
Iron and Steel
Pig iron
Steel
Open hearth and Bessemer
Electric
...
Aircraft
Automobile bodies, parts, and assembly
Automobile factory sales.
Railroad cars
Locomotives
Shipbuilding (private yards)
Nonferrous Metals and Products
Nonferrous metal smelting
Copper smelting
Zinc smelting
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
3
Lumber and Products
Lumber
Furniture
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries
Wool textiles
Carpet wool consumption....
Apparel wool consumption....
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products. .
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid l e a t h e r s . . . .
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter
Cheese
Canned and dried milk
r
245
r
269
168
175
176
425
229
p
275
280
*
1,204
1,290
141
93
236
306
485
134
74
249
r
319
r
560
146
110
279
335
r
634
142
123
263
338
639
188
186
190
r
183
188
144
136
170
222
210
144
141
142
131
173
234
200
142
155
145
135
175
221
199
143
161
145
135
175
225
209
146
166
147
137
r
177
210
150
r
139
r
180
219
143
153
147
155
132
135
141
140
136
135
135
128
139
122
152
125
155
131
161
134
r
152
129
r
149
129
146
128
148
p
150
142
141
150
151
154
156
158
161
H66
183
156
139
134
138
143
148
154
159
164
191
131
139
148
142
155
152
146
158
133
163
120
168
102
168
105
165
135
135
142
154
138
143
146
150
157
156
155
154
151
150
156
133
144
156
69
136
119
149
125
150
142
140
152
148
67
149
143
165
134
163
153
143
156
150
71
152
146
179
135
163
154
146
160
158
74
152
139
171
140
166
156
152
164
169
71
165
148
196
153
178
167
151
160
173
73
163
149
190
151
178
165
151
162
173
157
126
177
153
174
160
149
160
- 170
56
166
148
181
162
179
166
145
156
168
34
169
142
205
163
185
169
143
161
172
10
164
133
199
157
185
164
148
167
179
15
166
133
201
156
184
170
109
107
108
114
114
123
130
129
121
120
124
133
100
110
92
82
112
102
113
86
86
113
102
115
88
79
110
103
112
92
87
112
113
119
112
97
115
109
118
97
96
117
118
129
99
105
126
121
131
98
113
136
124
136
93
116
132
123
140
103
97
120
124
135
101
115
117
129
138
107
121
122
133
144
106
125
133
2*130
117
121
117
120
121
123
123
127
126
132
129
131
140
vm
99
136
117
122
106
117
126
104
122
125
131
110
118
138
98
105
107
127
132
118
124
129
105
122
125
129
118
131
124
110
123
135
144
119
138
135
110
119
129
134
117
134
139
107
129
124
130
111
121
132
103
102
126
129
113
128
141
98
129
127
124
109
134
165
99
111
130
101
112
133
103
139
137
109
109
145
183
108
148
197
105
163
224
104
176
77
124
131
138
119
123
136
77
1,113
1,340
85
*
*
*
p
188
150
182
*
146
p
137
150
67
p
151
155
^178
*
2*169
P208
*172
r
v
Revised.
Preliminary.
*1 Included in total and group indexes but not available for publication separately.
Includes
manufacturing
in Government arsenals and quartermaster depots not available for publication separately.
2
Includes shipbuilding in Government yards not available for publication separately.
3
Includes also lead production shown under "Minerals."
156
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries {Adjustedfor
Seasonal Variation)—Continued
[Index numbers Df the Board of Governors. 1935-39 average = 100J
1940
1941
Industry
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
133
159
106
102
110
116
134
165
107
97
109
120
114
121
110
86
112
117
126
145
109
94
112
119
134
159
110
91
111
120
126
143
110
96
108
122
132
147
120
97
109
122
124
134
120
91
101
129
125
132
123
96
110
128
134
149
124
94
105
135
126
139
118
101
99
132
133
148
123
108
103
r
135
135
148
124
114
111
144
142
161
127
98
117
p
U2
101
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef.
Veal
L a m b and mutton
Other manufactured foods
105
108
104
107
114
122
130
128
131
129
lt)9
116
94
77
86
131
105
85
85
r
106
105
78
112
126
106
81
132
131
100
80
132
130
102
82
140
137
106
90
129
170
107
94
154
206
115
108
206
190
110
93
206
219
118
94
262
170
127
107
178
138
110
81
139
120
123
91
121
102
113
114
113
116
117
120
119
118
114
118
121
128
132
129
103
119
106
108
121
101
111
118
101
110
125
96
109
127
97
117
127
101
109
131
100
106
131
97
106
123
97
109
129
96
104
137
99
112
144
104
115
149
106
139
136
95
125
130
129
128
132
134
142
145
C
146
147
144
r
146
152
124
150
123
113
186
143
120
132
114
109
114
120
114
131
159
119
142
200
148
127
143
114
109
117
131
120
129
153
119
128
190
144
126
138
110
113
119
132
120
128
153
122
129
193
144
124
134
110
115
123
125
119
133
160
119
137
199
153
129
138
114
115
126
133
124
136
149
175
121
151
216
170
145
154
134
114
149
144
140
c
114
131
132
129
145
162
120
141
203
155
142
158
127
114
138
137
139
150
167
122
149
203
163
C
148
170
140
112
149
142
138
152
172
128
151
215
164
149
161
147
113
150
143
139
149
170
129
140
210
163
145
158
152
107
146
130
136
150
171
130
145
210
166
r
147
158
147
110
149
r
140
138
158
183
141
167
221
176
155
167
161
110
156
154
140
110
112
111
114
116
118
122
128
127
129
125
127
133
P135
106
107
103
105
106
106
107
106
106
109
105
105
111
115
Petroleum and Coal Products
118
120
122
122
123
121
125
127
128
130
132
133
135
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
114
112
116
115
123
147
143
281
116
115
120
107
130
149
143
378
117
117
120
112
120
150
143
367
117
118
122
104
123
152
145
398
118
120
121
105
113
154
145
434
119
120
120
118
117
133
134
69
122
124
119
118
115
148
141
386
123
123
122
134
104
154
145
435
124
123
124
133
108
154
146
429
126
126
127
132
116
154
146
453
128
130
124
130
119
152
144
425
129
131
129
129
121
153
145
437
133
134
129
137
123
153
145
410
^482
Chemicals
117
121
123
124
125
133
136
144
146
145
146
147
Rubber products
132
144
141
153
155
158
162
192
153
130 • 131
134
149
*
P153
•
133
116
118
107
U1
117
118
115
143
123
124
121
156
128
128
127
158
134
135
132
161
131
132
130
164
144
144
145
196
152
151
155
156
126
126
125
132
117
118
110
134
108
108
103
137
103
104
94
*
103
104
102
118
118
119
118
125
95
126
132
131
132
131
130
131
114
114
113
121
86
121
129
127
129
128
127
128
P126
112
97
115
115
108
114
117
98
114
114
102
113
149
102
112
22
149
80
114
153
126
120
146
137
119
147
162
119
139
127
124
127
116
128
125
97
132
*>124
*88
P131
148
147
148
148
148
150
*>152
192
143
113
120
131
127
186
145
116
123
129
129
187
148
116
125
131
128
189
153
116
126
125
126
191
148
118
125
126
127
200
152
127
r
130
199
*
122
134
Alcoholic Beverages
96
Malt liquor
Whiskey
Other distilled spirits
Rectified spirits
Tobacco Products
Cigars
Cigarettes. .
Manufactured tobacco and snuff
Paper and Paper Products1
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...
Printing and Publishing2. .
Newsprint consumption
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
Minerals—Total
. .
113
Fuels
Bituminous coal
Anthracite
Crude petroleum . . .
Metals
Iron ore shipments
Copper
Lead
Zinc
Gold
Silver
r
r
161
121
135
199
156
132
143
115
71
113
149
r
199
152
119
133
120
129
r
152
r
151
r
195
159
115
127
131
122
r
198
155
117
136
125
128
r
150
2O5
156
114
125
120
124
r
148
r
144
r
202
155
116
131
114
129
r
192
154
120
135
113
116
r
145
181
151
119
134
129
108
r
186
106
*
67
67
64
*>130
p
c
Revised.
Preliminary.
Corrected.
*1 Included in total and group indexes but not available for publication separately.
Includes
also
paperboard
container
production held constant, on a seasonally adjusted basis, at 128 since July 1940 when ngures were last reported
2
Includes also printing paper production shown under "Paper."
^^
nnr. nnn
NOTE.—For description and back figures see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882.
FEBRUARY
1941
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average == 1001
1941L
1940
Industry
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
136
136
135
140
144
144
155
160
159
162
167
139
140
139
144
149
153
160
165
164
167
172
161
121
164
121
166
118
171
122
178
126
182
198
138
196
138
199
ISO
192
135
172
174
179
179
184
181
184
184
173
178
166
265
173
181
166
283
177
186
172
291
176
187
171
300
178
193
177
305
170
193
172
340
175
196
174
355
179
196
173
359
Machinery
152
164
168
177
185
194
206
Transportation Equipment
185
188
193
207
214
206
229
600
635
685
741
768
818
143
161
153
157
219
138
152
172
175
263
138
151
178
189
282
148
161
182
204
307
150
160
178
216
335
136
139
196
237
353
Nonferrous Metals and Products
158
162
166
173
179
Nonferrous metal smelting**
Copper smelting
Zinc smelting
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
137
139
147
181
155
147
112
138
135
152
188
165
147
112
137
133
153
200
166
149
114
142
140
158
209
165
148
130
126
121
116
123
130
114
133
136
145
147
149
141
115
129
Industrial
Production—Total*
Manufactures—Total*
Durable 1
Nondurable
,..-.«..„.,
„.,...*.....«...«
Pig iron
Steel
Open hearth and Bessemer
Electric
Aircraft
Automobile bodies, parts, and assembly
Automobile factory sales
Railroad cars
Locomotives
Shipbuilding (private yards)
Furniture
Stone, Clay and Glass Products
Cement
Common and face brick
Common brick
Face brick
Glass containers
Polished plate glass
„
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries .
Wool textiles
Carpet wool consumption
Apparel wool consumption...
Woolen yarn
Worsted yarn.
Woolen and worsted cloth....
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
Manufactured Food Products
Wheat
flour
•..-.«„«
Cane sugar meltings
Manufactured dairy products...«.....
Ice cream
Butter
Cheese
.
..
. . .
Canned and dried milk
Oct.
Nov.
Dec.
167
167
P164
173
172
mi
142
206
145
210
r
143
209
143
2>211
185
185
192
191
191
196
181
197
174
365
182
198
172
382
185
207
179
405
184
206
178
410
184
207
176
425
190
212
181
432
214
216
224
P243
244
229
221
876
930
997
1,113
152
164
218
256
381
161
164
233
280
428
135
134
233
307
467
120
47
236
r
306
485
184
190
185
188
186
189
142
136
163
219
172
146
146
147
145
164
221
186
147
151
148
144
170
231
205
144
153
144
136
170
222
210
144
148
141
131
173
234
200
142
154
145
135
175
221
199
143
159
145
135
175
225
209
146
159
119
123
130
134
140
144
113
123
115
129
118
133
128
135
130
143
135
150
142
149
125
no
112
125
142
164
172
124
125
120
133
111
141
100
102
117
139
163
174
110
144
120
131
130
141
135
142
159
142
136
140
138
143
147
150
133
139
151
87
139
126
162
129
152
139
136
142
154
79
145
131
163
132
157
149
133
144
154
72
136
119
149
125
150
142
140
152
148
68
149
143
165
134
163
153
143
156
150
74
152
146
179
135
163
154
146
160
158
73
152
139
171
140
166
156
r
r
227
231
229
269
280
1,204
1,290
1 340
134
74
249
r
3l9
r
560
146
110
279
335
r
634
142
123
263
338
639
P
r
r
245
r
r
r
183
147
137
177
210
*
143
151
•
122
85
*
*
188
P188
151
139
r
180
219
*
147
155
150
*
182
*
*
146
151
r
148
145
134
P127
148
157
144
156
138
159
124
154
p
166
172
174
176
167
P145
177
181
184
185
171
153
163
149
i60
96
172
109
166
120
173
117
170
120
154
80
157
155
155
154
151
150
156
V
152
164
169
66
165
148
196
153
178
167
150
160
173
66
163
149
190
151
178
165
150
162
173
69
157
126
177
153
174
160
148
160
170
50
166
148
181
162
179
166
145
156
168
32
169
142
205
163
185
169
143
161
172
10
164
133
199
157
185
164
148
167
179
15
166
133
201
156
184
170
P143
155
r
151
112
151
*
*>169
P153
n&s
nn
98
99
104
117
122
118
120
119
125
129
128
126
123
P120
101
114
87
79
96
104
115
88
95
103
116
87
79
106
112
125
97
91
121
112
121
105
96
128
110
118
96
99
123
115
126
94
103
124
118
125
100
113
119
120
127
102
115
128
120
133
108
95
135
123
- 134
99
116
131
129
139
103
120
124
135
150
101
121
115
^109
116
115
104
104
107
112
,119
128
137
152
158
142
139
P132
103
112
80
73
84
89
88
100
98
79
68
87
82
95
99
103
84
69
95
89
103
104
105
92
78
101
96
110
102
135
105
99
105
107
121
103
135
134
138
118
133
152
100
117
175
182
151
177
200
101
132
188
208
155
186
195
102
117
181
216
137
165
172
99
136
167
200
120
151
169
114
132
132
110
109
106
107
114
94
104
*
108
150
168
95
139
158
83
124
156
82
123
87
r
Revised. p Preliminary.
* Included in total and group indexes but not available for publication separately.
* Includes manufacturing in Government arsenals and quartermaster depots not available for publication separately.
*3 Includes shipbuilding in Government yards not available for publication separately.
Includes also lead production shown under "Minerals."
158
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries {Without Seasonal
Adjustment)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1941
Industry
Nov.
Dec
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
151
191
111
104
107
117
159
212
107
92
104
115
133
157
110
83
118
103
122
145
98
83
112
103
122
143
100
86
107
105
119
135
102
95
105
107
132
147
120
101
111
111
121
130
118
92
96
123
119
119
125
95
104
137
116
112
126
95
104
159
119
111
132
111
111
170
134
139
134
119
109
r
151
152
178
130
116
108
146
165
208
127
93
111
2*136
Dec.
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
Other manufactured foods..
'Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits..
Rectified spirits
Tobacco Products..
Cigars
Cigarettes
Manufactured tobacco and snuff..
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
Printing and Publishing2
87
94
100
108
120
129
131
122
137
137
118
106
82
98
105
r
141
84
104
73
92
90
106
79
113
96
98
86
124
111
91
84
122
124
90
77
149
137
75
91
165
142
59
97
160
128
51
99
171
120
75
359
180
104
102
472
180
90
101
292
190
96
104
150
135
115
98
108
108
110
113
121
128
123
122,
132
133
134
110
123
114
105
83
108
89
90
119
98
96
118
95
100
119
99
111
118
100
108
133
100
113
144
99
111
138
99
113
136
96
120
146
107
135
141
106
137
143
105
107
121
83
124
123
126
131
136
137
141
143
C
139
146
149
151
151
124
151
126
113
186
144
120
132
110
112
113
119
114
124
154
124
138
190
144
120
127
112
110
116
126
116
128
154
124
128
192
144
124
132
111
113
119
128
120
133
159
127
133
199
148
129
138
118
113
126
130
124
137
164
128
141
203
156
133
144
122
115
132
134
126
140
165
136
139
199
159
136
146
126
114
136
135
130
145
165
133
141
203
155
142
155
130
115
140
136
136
147
173
124
150
214
167
143
154
131
115
146
143
137
C
143
159
109
141
199
155
c
140
C
154
128
109
140
135
133
150
170
109
151
215
164
147
163
139
110
145
143
138
151
168
112
142
210
163
148
167
144
107
145
136
138
155
•173
121
145
214
169
r
152
167
147
110
150
r
145
143
158
184
144
167
221
178
154
167
156
113
154
152
140
104
77
96
181
r
208
r
r
166
* 107 *
112
112
109
115
121
124
126
127
116
121
125
131
135
P136
Newsprint consumption...
111
109
98
104
110
113
111
107
92
96
106
112
117
117
Petroleum and Coal Products..
119
119
120
120
119
120
126
128
129
131
134
135
136
Petroleum refining
Gasoline
Fuel oil
Lubricating oil...
Kerosene
Coke
Byproduct coke...
Beehive coke
115
113
117
115
126
148
143
309
115
112
122
106
131
149
143
378
115
113
123
108
126
150
143
367
115
114
123
103
124
152
145
398
114
114
118
104
115
154
145
434
119
118
117
122
119
133
134
69
122
124
119
122
115
148
141
386
124
126
121
134
102
154
145
435
125
127
122
131
103
154
146
429
128
130
124
131
111
154
146
453
131
134
125
130
117
152
144
425
132
134
130
129
121
153
145
437
134
135
130
137
126
153
145
410
P482
Chemicals
120
122
122
124
129
136
135
138
139
142
148
151
151
P154
Rubber Products.
135
137
145
151
155
157
162
192
153
130
131
134
138
116
118
107
140
117
118
115
148
123
124
121
153
128
128
127
158
134
135
132
160
131
132
130
164
144
144
145
196
152
151
155
156
126
126
125
132
117
118
110
134
108
108
103
137
103
104
94
103
104
102
67
67
64
Minerals—Total.
119
113
113
114
116
96
in
131
130
134
137
Fuels
115
116
117
118
121
87
118
123
121
125
129
131
130
P128
128
98
111
127
115
111
130
114
111
134
112
112
143
105
114
18
76
116
126
88
118
132
116
120
128
107
119
135
120
122
144
122
124
142
123
127
143
99
128
P13&
P94
146
98
95
93
92
148
181
181
184
187
182
'180
164
P100
151
116
125
111
131
210
156
121
133
106
130
323
159
117
127
113
121
326
152
116
136
116
123
344
147
110
125
115
122
335
152
116
131
125
126
311
152
120
135
131
117
281
156
119
134
151
107
231
157
128
r
130
124
134
Rubber consumption.
Tires and tubes
Pneumatic tires...
Inner tubes
Bituminous coal..
Anthracite
Crude petroleum.
Metals.,
Iron ore shipments..
Copper
Lead
Zinc
Gold
Silver
162
147
114
120
148
128
146
118
123
133
129
145
116
125
125
129
155
116
126
112
129
r
138
135
P124
r
r
p
c
Revised.
Preliminary.
Corrected.
* Included in t o t a l a n d group indexes b u t n o t available for publication s e p a r a t e l y .
1 Includes also paperboard container production which h a s been carried forward on t h e basis of seasonal changes since J u l y 1940 when figures were
last reported.
2 Includes also printing paper production shown under "Paper."
NOTE.—For description and back figures, see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882.
FEBRUARY
1941
FACTORY EMPLOYMENT, BY INDUSTRIES
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average = 100]
1940
1941
Industry and group
Nov.
TotaV.
Durable goodsi
Nondurable goodsi
Dec
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
118.9
127
128
89
110
83
109
94
190
100
100
86
103
111
201
122.4
130
135
89
110
88
113
98
196
103
108
91
104
116
207
124.8
133
139
88
110
90
113
99
194
106
113
96
109
121
206
125.5
133
145
92
108
94
114
98
201
106
106
100
112
126
126.2
133
151
92
110
96
116
100
202
107
106
100
113
128
208
128.3
136
153
93
114
100
115
101
204
109
107
101
113
133
203
132.0
140
160
94
117
102
116
102
214
111
110
103
122
135
207
136.0
145
166
95
122
105
118
102
220
114
114
104
129
139
214
Machinery
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry and machine-shop products..
Machine tools
Radios and phonographs
Textile machinery
Typewriters
130.9
140
134
120
211
110
265
142
83
128
136.0
143
137
126
218
114
275
150
86
130
141.2
147
137
131
237
118
286
155
89
131
144.2
140
140
137
239
120
296
165
92
110
148.1
126
146
142
243
124
304
178
95
134
155.8
158
151
147
245
129
315
189
98
138
161.6
166
150
153
259
134
326
197
101
143
167.3 173.0 177.7
175
182
170
168
170
163
164 r 168
159
275 ' 294 315
143
146
139
349
366
337
191
187
184
107
108
104
155
157
150
Nonferrous Metals and Products
Aluminuml
Brass, bronze, and copper
Clocks and watches
Jewelry
Lighting equipment
Silverware and plated ware
Smelting and refining
Lumber and Products
Furniture.
Lumber, millwork
Lumber, sawmills
Stone, Clay and Glass Products
Brick, tile, and terra cotta
Cement
Glass
Marble, granite, and slate
Pottery...
Textiles and Products
Fabrics
Carpets and rugs
Cotton goods
Cotton small wares
;
Dyeing and finishing textiles
Hats, fur-felt
Hosiery
Knitted outerwear
Knitted underwear
Knitted cloth
Silk and rayon goods
Woolen and worsted goods
Wearing apparel
Clothing, men's
Clothing, women's
Corsets and allied garments
Men's furnishings
Millinery
Shirts and collars
Leather and Manufactures
Boots and shoes
Leather
Oct.
Nov.
114.2 116.6 118.3 118.6 119.4 122.0 124. 128. 133.3 133.3 r132.3 132. 134.
114.6 117.6 121.1 122.1 123.0 126.3 129.5 134.0 140.7 141.5 141.3 142.3 143.
113.8 115.7 115.6 115.2 115.9 118.0 120
123.7 126.3 125.5 123.8 123.6 125.
Iron and Steel and Products
Blast furnaces, steel works, etc
Bolts, nuts, washers, and rivets
Cast-iron pipe
Cutlery and edge tools
Forgings
Hardware
Plumbers' supplies
Stamped and enameled ware
Steam and hot-water heating
Stoves
Structural and ornamental metal work.
Tin cans and tinware
Tools
Wirework
Transportation Equipment
Aircraft
Automobiles
Cars, electric- and steam-railroad
Locomotives
Shipbuilding
Sept.
143.9 145.6 150.4 152.9 154.1 158.7 164.6
4,447 4,731 5,089 5,398 5,509 5,813 6,121
127
123
123
123
124
125
128
70
64
75
71
70
74
67
52
40
49
51
54
58
44
204
268
244
262
285
301
220
126.3
214
162
101
98
105
75
94
129.4
218
168
102
101
106
76
96
133.3
229
173
107
102
110
77
135.1
224
176
109
105
112
79
100
73.6
93
71
66
75.2
96
72
67
76.3
97
74
68
75.5
98
72
67
136.2
220
179
111
107
110
79
101
93.3
91
85
93.2
91
86
196.1
7,160
149
89
67
387
144.1
230
190
121
115
115
84
102
147.8
240
193
125
120
118
94
103
139.
149
172
97
128
113
117
100
231
125
109
106
132
147
217
r
138.
148
170
98
129
115
115
99
225
125
r
105
107
127
145
203
177.8 179.3
181
180
173
175
168 r 168
323
348
147
148
355
360
183
179
110
110
158
160
138.
148
169
101
130
114
113
98
225
123
104
107
138
146
202
139.5
150
171
99
134
116
115
97
220
124
108
107
137
148
198
181.2
172
177
169
371
149
365
194
110
159
183.3
167
178
193.1 r 195.2 T 204.5 208.8
7,897 8,779 9,459 9,799
139 - 128 129
127
r
88
98
100
100
70 r 73
74
77
398
440
490
532
147.9 r144.i
246
244
195
194
121
110
119 r 110
118
119
87
85
105
103
142.9
238
191
114
105
119
84
100
150
*
206
110
159
202.4
143.2
74.0 74.2 74.6 75.9 78.9 78.4 77.3 76.3 76.9
98
101
104
106
108
107
103
104
101
71
70
69
71
75
76
75
75
76
65
64
65
65
68
68
68
67
67
78.3
105
75
68
90.4 94.6 92.9 92.3
68
74
75
71
76
76
75
75
117
116
120
118
46
47
46
46
105
108
108
108
105.3 107.2 107.3 107.1 107.6
98.8
98.7
97.7
99.1 100.4
82
83
82
85
84
99
101
97
99
100
90
94
87
92
93
132
136
129
132
134
85
83
84
83
83
144
142
141
144
142
74
68
71
69
69
77
78
76
81
78
149
143
151
144
141
64
66
65
63
64
98
102
99
98
98
118.0 121.9 122.0 120.5 119.3
115
110
109
114
111
170
164
168
166
166
114
114
114
114
113
116
118
118
116
118
82
78
68
69
76
126
125
117
122
131
94.3
93
85
140.7
234
182
118
113
112
82
102
174.2
6,522
132
81
61
341
140.2
150
173
94
130
112
116
103
231
126
115
107
132
146
198
134.6
144.0
125.7
141. <
240
191
110
106
114
82
99
65
74
117
45
100
93.8
92
84
138.9
229
181
115
111
112
81
101
139.1
149
169
95
130
112
105
102
228
123
121
105
131
142
218
Dec.
94.3
92
92.3
70
74
121
45
109
109.
103.3
86
103
97
138
80
141
71
79
141
69
109
119.8
114
159
114
119
78
128
95.5
93
90
92.1
69
73
122
45
109
112.9
105.9
89
106
103
141
83
144
76
81
155
74
109
124.0
122
161
116
121
73
131
93.7
69
74
124
44
116
116.1
109.0
90
111
107
144
86
146
81
79
163
75
110
127.0
124
170
119
124
68
133
98.6
73
77
131
43
126
120.0
111.1
89
113
110
149
86
149
85
90
162
72
112
135.0
124
193
119
137
75
135
98.4
74
78
130
42
123
117.1
109.6
91
115
110
143
79
144
83
88
161
67
108
128.8
120
176
122
137
79
135
98.7
74
79
130
43
122
114.7
107.2
91
112
110
140
77
135
78
88
158
61
112
126.6
119
171
123
135
77
134
96.8 101.0
98
94
95
90
100.2
97
97
97.9
94
96
98.0
94
r
107
113
111
82
100
100.9
76
83
133
45
121
113.1
104.9
90
110
109
130
78
132
78
87
147
61
110
126.7
125
167
122
120
68
132
101.7
77
85
132
46
121
112.9
104.2
90
109
109
134
76
133
80
85
148
60
107
127.7
128
168
111
114
69
135
99.6 104.2
96
101
98
97
103.5
101
97
98.9
73
79
131
45
122
112.7
105.2
90
111
108
135
78
133
77
87
147
60
109
124.7
120
165
111
128
75
131
* Included in total and group indexes but not available for publication separately.
1 Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166, and for June 1941, p. 569.
NOTE.—Figures for December 1941 are preliminary- For description and back data see the BULLETIN for October 1938, pages 835-866, and for October
1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month.
160
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
1941
Industry and group
Aug.
Sept.
Oct.
Nov.
Dec.
140.7
152
303
102
164
90
78
83
126
91
103
146.8
152
311
105
200
96
78 *
83
127
98
98
147.2
152
316
105
186
96
79
83
133
137
99
62.0 64.1
54
54
63
65
65.0
54
66
66.5
57
68
124.7
139
129
107
116
126.0
140
129
107
120
144.5 145.4 146.3
129
129
127
150.6
184
93
95
88
144
141
141
*
118
124
115
144
145
144
320
324
323
94
96
94
147.5
129
151.9
187
93
146
*
115
144
319
95
110.3
80
87
187
109.7
78
85
189
Nov.
Dec
Jan.
Feb.
Mar.
Apr.
May
June
July
132 A
144
281
102
152
90
78
81
114
102
95
135.6
144
285
101
157
91
78
81
121
145
97
133.3
143
281
98
149
89
78
80
112
240
92
131.0
145
279
99
144
88
77
81
111
144
89
131.3
146
278
102
139
91
78
79
113
111
97
132.5
148
277
105
140
92
79
82
114
97
103
135.0
149
287
107
147
89
78
79
119
99
102
137.3
151
286
105
156
90
80
78
121
93
101
138.4
149
289
102
161
97
79
78
123
89
94
140.9
152
298
104
169
100
77
79
124
76
93
63.4
55
65
64.7
57
66
66.3
57
68
64.9
54
66
64.0
54
65
65.0
54
66
65.8
54
67
65.8
53
68
65.7
53
67
64.4
53
66
Paper and Printing
Boxes, paper
Paper and pulp ;
Book and job printing
Newspaper and periodical printing . . .
116.8
120
116
101
118
117.3
122
116
102
117
117.1
123
116
103
116
117.2
122
117
101
116
118.5
125
119
103
117
119.8
129
120
104
117
121.2
132
123
104
117
122.9
139
125
104
117
124.8
142
126
108
117
125.1 124.4
143
141
128 * 128
106
105
118
117
Chemicals, Petroleum, and Coal Products
Petroleum refining
Other than petroleum refining
Chemicals.
Cottonseed oil, cake and meal
Druggists' preparations
Explosives
Fertilizers
Paints and varnishes
Rayon and allied products
Soap
123.9
120
124.9
147
101
113
*
107
127
311
82
125.3
120
126.6
151
102
113
126.8
120
128.5
154
102
116
*
104
130
310
88
128.1
120
130.0
157
100
118
*
103
130
306
90
129.0
121
131.1
161
94
119
*
95
134
308
89
133.6
121
136.6
163
110
122
136.9
123
140.4
168
106
129
*
118
136
330
93
140.7
125
144.7
172
107
132
143.0
127
146.9
173
109
136
*
129
145
326
98
145.2
127
149.5
179
101
138
Rubber Products
Rubber boots and shoes
Rubber tires and inner tubes
Rubber goods, other
93.6 96.8 99.0 100.4 102.0 103.9 106.1 111.7 113.0
78
74
82
69
67
60
82
69
64
83
86
82
75
79
78
87
80
77
192
160
179
176
174
171
194
177
167
Food and Kindred Products
Baking
Beverages
Butter
Canning and preserving
Confectionery
Flour
Ice cream
Slaughtering and meat packing
Sugar, beet
Sugar refining, cane
Tobacco Manufactures
Tobacco and snuff
Cigars and cigarettes
r
103
128
314
87
112
135
324
91
124
140
337
94
138.6
151
294
102
155
91
79
r
78
125
98
103
124.9
138
128
108
117
r
148.7 r149.4
r
181
180
r
r
124
148
328
99
113.3 111.6
75
78
79
86
87
87
196
189
200
Revised. * Included in total and group indexes but not available separately.
TOTAL NONAGRICULTURAL EMPLOYMENT
[Thousands of persons]
Year and month
Total
non-agricultural
employment 1 2
Employees in nonagricultural establishments
Total 2
Manufacturing*
Mining
TransporConstruc- tation and
public
tion
utilities
Trade*
Financial,
service,
and miscellaneous
Government 2
Military
and naval
forces3
SEASONALLY ADJUSTED
1940—December
37,972
31,829
11,160
837
1,974
3,064
6,770
4,144
3,880
884
1941—January
February
March
April
. .
May
Tune
38,097
38,314
38,263
38,329
38,824
39,296
39,903
40,100
40,013
40,185
40,596
40,753
31,954
32,171
32,120
32,186
32,681
33,153
33,760
33,957
33,870
34,042
34,453
34,610
11,297
11,335
11,413
11,636
11,886
12,221
12,605
12,614
12,545
12,592
12,728
12,753
849
846
855
572
877
889
914
923
908
892
892
891
2,014
2.132
,933
,859
,698
,644
,668
,666
,683
,776
,924
5,092
3,077
3,087
3,105
3,133
3,192
3,220
3,264
3,302
3,303
3,292
3,310
3,313
6,630
6,662
6,677
6,803
6,781
6,865
6,944
7,027
6,968
6,989
7,043
7,009
4,151
4,158
4,162
4,166
4,188
4,204
4,242
4,246
4,241
4,251
4,266
4,270
3,936
3,951
3,975
4,017
4,059
4,110
4,123
4,179
4,222
4,250
4,290
4,282
958
1,145
1,343
r 1,546
r 1,662
r 1.740
r
1,857
r
1,944
1,992
r
2,014
1940—December
38,161
32,018
11,127
855
,720
3,039
7,247
4,099
3,931
884
1941—January
February
March
April
Mav
June
July
August
September
October
November
December
37,142
37,448
37 761
38,228
38 902
39,475
39,908
40,292
40,710
40,777
40,749
40,940
30,999
31,305
31,618
32,085
32,759
33,332
33,765
34,149
34,567
34,634
34,606
34,797
11,075
11,273
11 457
11,684
11,886
12,154
12,391
12,595
12,777
12,799
12,756
12,703
852
854
,623
,678
,631
,775
,782
,816
,895
,921
,936
,960
,961
,820
3,012
3,028
3,056
3,113
3,185
3,239
3,290
3,326
3,367
3,365
3,322
3,287
6,487
6,491
6,578
6,792
6,753
6,861
6,837
6,897
7,008
7,070
7,146
7,503
4,063
4,075
4,097
4,174
4,235
4,260
4,300
4,300
4,325
4,256
4,229
4,223
3,887
3,906
3,935
3,983
4,049
4,126
4,164
4,210
4,248
4,269
4,281
4,345
July
August
September
October
November
December
r
UNADJUSTED
864
564
869
876
888
900
906
915
911
907
958
,145
,343
,546
,662
,740
,857
,944
,992
.014
I
I
* Adjusted to Census of Manufactures through 1939. r Revised.
t1N o t available for publication.
Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments.
2
Excludes military and naval forces.
3
Adjustment for seasonal variation in the figures for military and naval forces has]been discontinued and this change has been carried back to
October 1940.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for December 1941 are preliminary. Back figures, adjusted for seasonal
variation, may be oLtained from the Division of Research and Statistics.
FEBRUARY
1942.
161
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
Total
Durable goods1
Nondurable goods 1 ...
1941
1940
Nov.
1
Factory payrolls
Dec.
Aug.
Sept.
Oct.
1941
1940
Nov.
Dec.
Nov.
Dec.
Oct.
Sept.
Aug.
Nov.
Dec.
r
r
114.7 116.2 133.1 135.2 135.4 134.7 134.0 116.4 122.4 158.1 r162.6 166.8 165.2 169.8
115.5 117.7 138.7 142.1 144.0 144.6 143.9 125.1 131.7 -177.6 183.3 r 191.3 190.3 195.9
113.8 114.8 127.7 128.7 127.1 125.3 124.6 106.6 112.1 136.3 139.5 139.2 137.2 140.6
Iron and Steel and Products
Blast furnaces, steel works, etc
Bolts, nuts, washers and rivets
Cast-iron pipe
Cutlery and edge tools
Forgings
Hardware
Plumbers' supplies
Stamped and enameled ware
Steam and hot-water heating
Stoves
Structural and ornamental metal work .
Tin cans and tinware
Tools
Wirework
119.3
127
128
86
112
84
109
94
190
102
106
87
100
112
204
121.6
130
135
87
110
89
113
97
196
103
104
90
99
117
207
139.9
149
171
96
127
111
113
103
225
125
117
110
145
143
190
140.5
149
171
98
128
113
116
99
228
127
116
r
110
145
144
208
139.4
148
170
98
132
114
115
100
227
128
r
114
r
109
130
146
205
138.8
148
169
98
133
114
113
98
225
125
110
108
135
147
204
138.6
149
171
98
134
117
115
97
220
124
105
106
131
150
198
125.8
135
162
89
108
107
122
90
209
103
101
79
104
125
235
133.0
142
178
97
114
120
128
95
225
105
100
86
113
137
242
172.0
183
257
112
148
170
146
107
286
148
127
125
185
190
248
r
170.6
178
246
116
150
r
176
149
106
291
155
128
r
124
188
197
272
r
173.1
181
256
119
r
158
r
182
152
115
296
158
r
129
127
157
202
277
172.0 175.7
183
186
253
264
118
122
161
166
180
195
153
148
107
109
288
296
150
161
115
114
122
116
166
172
205
209
261
280
Machinery
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry and machine-shop products..
Machine tools
Radios and phonographs
,
Textile machinery
„„
Typewriters
».„.«.«
131.2
137
134
121
201
110
266
159
83
131
136.1
143
135
126
211
114
276
159
86
132
176.5
172
170
167
315
146
352
202
108
156
178.6 180.1
171
170
173
175
169 r 169
r
325
340
147
148
357
362
r
212
218
109
109
161
158
181.4
168
177
169
353
149
367
218
109
162
183.3
167
177
*
149.3
160
144
145
275
115
355
156
80
166
163.0
171
148
158
303
127
394
164
91
147
243.4
228
223
240
546
186
553
234
136
222
248.2
230
230
241
r
573
188
578
254
141
233
r
255.3
224
223
242
676
191
599
267
141
236
145.8 149.8
4,402 4,684
130
130
62
66
41
43
204
221
172.0
7,897
111
89
70
388
r
190.9 r203.2 210.3 205.9 166.0 169.4
8,516 9,175 9,702
* 5,013 5,370
124
129
130
116
151
145
95
97
97
*
54
62
72
75
*
43
48
77
r
443 r495
532
*
238
288
224.4
10,303
139
94
93
615
r
146.5 rr147.3
243
242
194
193
111
118
120
121
r
119 r123
86
87
103
101
145.7 145.0 141.7 149.6 182.6
243
*
270
277
346
191
*
202
219
274
116
112
122
120
156
120
116
94
97
113
120
115
100
102
119
87
86
83
87
94
100
101
96
103
118
r
Transportation Equipment
„ .r
Aircraft. ;
Automobiles
Cars, electric- and steam-railroad
Locomotives
Shipbuilding
»...
Nonferrous Metals
and Products..
Aluminum1
,
Brass, bronze and copper...,
Clocks and watches
Jewelry
Lighting equipment
Silverware and plated ware.
Smelting and refining
129.9
218
162
107
110
110
80
95
131.2
218
168
106
104
110
79
97
145.5
241
193
118
118
112
85
104
74.4
97
71
66
73.7
97
72
65
81.0
108
78
71
Stone, Clay and Glass Products
Brick, tile and terra cotta
Cement
Glass
Marble, granite and slate ............
Pottery
88.6
65
74
117
46
102
Textiles and Products
„... „.... „. „......
Fabrics
.............,.
Carpets and rugs
„ .„ „. .„....
Cotton goods
Cotton small wares
Dyeing and finishing textiles
Hats, fur-felt
Hosiery
Knitted outerwear
Knitted underwear
Knitted cloth
Silk and rayon goods
Woolen and worsted goods
Wearing apparel
„.
Clothing, men's
Clothing, women's
Corsets and allied garments
Men's furnishings
Millinery
Shirts and collars
105.5
98.7
82
98
87
132
82
145
73
77
150
65
99
116.2
105
165
113
128
61
121
Lumber and Products
Furniture
Lumber, millwork...
Lumber, sawmills
r
150
•
219
110
162
255.7
232
233
245
r
6l6
195
r
596
262
142
233
270.3
218
231
*
*
201
*
286
150
235
252.6 r282.0 287.8 288.4
11,146 12,302
13,205 *
159 r177
176
151
101
115
112
r
99
103
106
r
r
704
803
827
*
185.5 r185.7
355
355
271 r268
149
161
121 r 122
r
138
136
104
103
118
120
181.5
365
261
155
116
124
102
121
191.7
*
*
150
123
126
101
122
87.7
120
72
72
70.9
90
58
61
71.5
93
60
60
92.3 90.8 r r92.4
116
118
121
75
73
75
80
78
78
86.5
119
71
70
88.7
65
72
117
45
106
101.3 101.8 r102.1 101.5 99.8 82.1
79
79
78
76
54
74
84
84
82
83
81
73
130
130
132
133
131
132
45
46
47
46
45
32
119
121
124
124
97
123
85.7
57
72
138
33
102
104.2 105.4 r109.4
77
76
76
94
94
93
155
161
174
36
37
37
124
125
131
106.1 107.1
73
72
92
90
169
173
35
35
128
132
107.0
100.4
82
101
90
134
84
146
71
77
148
65
101
117.2
108
164
113
123
61
122
115.4
106.9
91
110
106
136
82
142
81
86
161
68
109
129.6
123
176
119
128
80
134
97.6
95.6
76
98
92
121
82
160
62
74
130
54
96
95.6
86
126
123
133
42
115
119.3
114.4
93
126
123
133
91
154
77
91
157
64
119
121.7
114
154
139
144
75
141
118.1
118.7
94
135
128
132
76
160
77
97
140
60
125
109.5
109
126
149
157
40
156
80.4
108
76
70
115.5
106.3
91
110
108
136
79
136
83
88
161
63
111
r
131.3
124
178
123
132
85
136
79.7 77.8 76.8
107
108
107
77
76
74
69
66
66
114.7
106.2
91
111
109
135
78
135
83
88
151
62
110
r
129.0
r
123
173
112
134
77
137
113.2
105.9
90
111
109
133
76
135
80
88
146
61
109
124.8
121
164
121
130
61
137
112.7
106.0
90
111
109
136
75
135
77
85
147
61
111
122.7
120
162
110
121
61
135
92.2
90.8
73
92
87
114
73
160
64
73
130
52
89
89.4
76
120
121
140
41
111
123.4 122.3
118.0 120.1
97
94
130
136
128
128
136
136
80
75
151
161
81
80
96
99
157
148
62
62
129
127
r
126.3 r119.1
115
113
162
145
151
143
157
167
84
60
147
157
121.5
123.1
95
138
130
142
82
164
73
98
147
62
134
110.9
111
132
135
135
40
153
r
Revised.
* Included in total and group indexes but not available for publication separately.
Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166.
1
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 payrolls
Factory employment
Industry and group
Leather and M anufactures
Boots and shoes
Leather
Food and Kindred Products
Baking
Beverages
.
...
Butter
Canning and preserving. .
Confectionery
Flour
Ice cream . .
.
Slaughtering and meat packing
Sugar, beet. .
Sugar refining, cane
Dec.
Aug.
Sept.
Oct.
Nov.
r
1941
1940
1941
1940
Nov.
Dec.
Nov.
104.7
101.6
100.5
101
109
95
114
93
116
88
118
100
122
165.5
155
430
170.1
157
402
100
359
115
162.9
158
381
157.6
160
351
156.5
157
360
90.6
98.5
96.7
99.5
68.5
95
97
95
97
92
98
78.5
98
95
96
98
63
83
73
90
132.6
146
263
130.5
144
261
159.3
153
328
162.7
154
315
152.4
155
303
145.7
154
291
140.8
152
289
128.8
138
302
132.5
138
300
99
96
103
101
79
78
70
71
116
277
94
125
235
94
111
106
102
103
304
91
322
102
218
106
162
110
78
95
122
64
95
81
84
80
78
124
91
104
79
73
126
245
103
130
265
97
101
123
106
79
71
138
222
97
82
84
101
100
93
104
72
61
73
61
119
288
84
106.8
Oct.
88
86
123
102
96.9
Sept.
84
84
98.9
Dec.
Aug.
87.0
101.1
Nov.
Dec.
137
263
85
105
325
101
93
81
84
173
126
83
67
88
71
77
146
95
103
143
68
100
97
97
244
122
154
308
90
151
229
94
95
128
123
89
67
168
247
96
66.8
56
68
65.6
57
67
65.8
52
68
63.9
54
65
67.3
54
69
68.4
55
70
67.5
57
69
66.4
67
66
67.4
70
67
70.0
68
70
70.4
69
70
75.6
71
76
77.1
72
78
76.4
76
76
Paper and Printing
Boxes, paper
Paper and pulp.
Book and job printing
Newspaper and periodical printing....
118.2
126
116
103
118
119.5
125
116
105
r
120
123.9
142
128
106
115
124.9
145
128
105
117
126.5
147
128
108
118
126.6
147
129
108
118
128.3
145
129
110
122
115.4
144
124
90
112
120.8
145
129
98
116
130.9
182
163
99
110
133.3
188
163
99
114
135.9
195
165
103
115
137.4
194
167
105
116
143.7
193
169
109
129
Chemicals, Petroleum, and Coal Products...
Petroleum refining
Other than petroleum refining
Chemicals
. . .
Cottonseed oil, cake and meal
Druggists' preparations
Explosives
Fertilizers
. . .
Paints and varnishes
Rayon and allied products .
Soap
125.3
121
126.4
148
133
116
125.7
120
127.1
150
129
116
141.9
128
145.3
180
71
136
146.4
129
150.7
182
r
114
143
148.1
129
152.7
183
r
135
146
147.7
129
152.3
185
123
148
147.9
129
152.4
187
117
149
139.4
133
141.2
182
129
131
143.9
139
145.4
188
129
131
179.9
159
186.3
247
65
165
186.7
166
192.9
r
251
r
114
176
190.8
168
194.2
168
202.3
265
133
189
198.7
175
206.1
271
127
184
106
Tobacco Manufactures
Tobacco and snuff
Cigars and cigarettes
Rubber Products .
Rubber boots and shoes
Rubber tires and inner tubes
Rubber goods, other
90
110
126
315
85
145
329
97
144
327
98
97.5
67
77
167
111.8
111.5
77
87
193
92
95
126
315
85
94.4
61
75
163
r
79
87
193
104
101
144
325
98
143
323
97
142
321
93
77
136
331
100
139
334
106
172
368
135
lll.6
111.5
110.4
102.0
111.1
138.8
80
82
81
66
81
102
104
87
190
85
189
96
174
116
228
107
r
234
r
86
r
193
81
90
163
r
r
197.9
r
261
r
144
183
112
91
1
134.8
99
103
172
386
139
174
386
142
170
374
140
r
141.0
138.1
110
107
118
229
112
234
104
174
391
134
136.6
107
108
238
r
Revised.
* Included in total and group indexes but not available separately.
NOTE.—Figures for December 1941 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 I N MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
Industry and group
Total
....
Durable goods
Iron and Steel and Products
Machinery . .
Transportation Equipment
Nonferrous Metals and Products
Lumber and Products.
Stone Clay and Glass Products.
Nondurable goods
Textiles and Products
Fabrics . . . .
.. . .
Wearing apparel
Leather and Manufactures
Food and Kindred Products
Tobacco Manufactures
Paper and Printing
Chemicals, Petroleum, and Coal
Products
Petroleum refining
Other than petroleum refining....
Rubber Products
r
Average hourly earnings (cents per hour)
1941
1940
1941
1940
Oct.
Nov.
July
Aug.
Sept.
Oct.
Nov.
Oct.
July
Aug.
Sept.
Oct.
Nov.
39.3
38.6
40.3
41.0
40.9
41.1
40.3
67.3
67 8
74.4
74.5
75.8
77.0
78.1
41.0
40.2
41.5
42.6
42.3
42.9
41.8
73.9
74.4
82.6
83.0
84.3
85.3
86.5
39.9
42.4
41.6
42.0
40.7
38.1
39.6
42.0
40.4
41.4
38 9
37.1
39.9
44.6
41.2
42.0
39.9
37.4
41.4
45.1
r
41.8
43.0
41.8
38.5
40.7
45.1
41.7
43.1
41.1
38.2
41.5
45.4
43.0
42.7
41.5
39.2
40.9
44.6
41.4
41.6
39 5
37.8
77.8
74.9
89.8
71.2
52.4
67.1
78.1
75.2
90.2
72.7
52 6
67.1
86.2
83.6
98.8
80.3
57.7
72.0
87.1
84.4
98.8
80.8
58.8
72.1
87.5
85.0
100.3
82.1
59.0
73.6
87.7
86.1
101.9
82.2
59.8
74.4
88.6
86.8
104.2
83.1
60 2
74.9
37.6
37.1
39.0
39.4
39.5
39.1
38.6
60.9
61.3
65.7
65.8
66.8
68.0
68.8
35.9
37.3
33.4
34.8
40.0
37.6
38.7
35.5
36.8
33.0
33.0
39.3
37.2
38.4
37.4
38.5
35.4
38.7
40.9
37.3
39.6
38.1
38.9
36.4
39.2
41.0
37.2
40.1
38.3
39.1
36.7
38.0
41.6
38.3
40.1
37.6
38.8
35.4
37.8
40.9
38.7
40.3
37.1
38.4
34.4
36.4
40.2
38.5
40.4
50.9
48.7
55.2
55.7
61.0
48.4
79.2
50.4
48 7
53.9
55.5
63 2
48.6
79.3
55.0
53.4
58.2
60.9
66.2
52.3
82.5
55.4
53.3
59.6
61.5
65.8
52.0
82.4
56.9
55.1
60.2
63.0
65.7
52.5
83.0
58.1
56.6
61.0
63.2
67.9
52.7
83.5
57.9
56.7
60.2
64.1
§9.5
53.2
84.3
39.3
36.4
40.2
38.0
38.8
35.7
39.8
37.9
40.0
37.4
40.8
39.2
40.0
38.0
40.6
39.4
39.9
37.2
40.7
38.5
40.2
36.9
41.1
39.1
39.9
36.6
40.9
39.3
75.7
96.3
68.7
77.4
76.5
96.6
69.6
78.1
83.8
103.0
77.7
84.5
83.7
102.5
78.0
86.1
84.5
108.3
77.6
85.9
85.0
109.7
77.9
86.5
87.4
111.1
80.5
87.8
Nov.
r
Revised.
FEBRUARY 1941
163
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.]
Residential
building
Total
Month
January
February
March
April
May
June
July
August
September
October
November
December
Factories
Commercial
Educational
1940
1941
1940
1941
1940
1941
1940
1941
1940
196.2
200.6
272.2
300.5
328.9
324.7
398.7
414.9
347.7
383.1
380.3
456.2
305.2
270.4
479.9
406.7
548.7
539.1
577.4
760.2
623.3
606.3
458.6
431.6
77.4
74.9
121.7
135.4
145.9
135.3
140.4
153.0
152.4
148.5
152.8
159.3
111.3
116.5
147.9
166.5
201.3
205.6
205.0
231.5
175.7
171.8
116.5
104.3
12.9
15.4
21.8
23.5
23.2
15.2
49.5
39.6
38.0
47.1
79.0
77.3
55.9
37.8
121.8
66.2
81.1
102.3
109.8
135.7
113.5
118.6
122.7
116.1
15.9
20.2
23.1
24.0
26.1
33.1
38.9
28.6
27.1
29.4
24.9
27.1
26.9
20.9
33.1
36.2
50.8
35.7
37.2
69.8
51.9
48.6
29.3
30.7
17.4
15.3
14.3
16.5
14.4
442.4 1,181.5
318.3
471.2
4,004.0 6,007.5 1,596.9 1,953.8
Year
1
Nonresidential building
1
1941
11.6
Other
1940
1941
1940
1941
24.2
23.5
36.1
29.7
53.5
49.0
54.5
69.4
44.7
88.5
33.6
15.3
66.3
55.2
76.7
76.3
92.8
97.5
119.3
142.8
94.0
98.2
79.1
114.3
75.1
63.9
130.6
96.9
144.9
133.0
151.7
242.0
229.3
165.0
149.2
156.3
9.8
8.2
18.6
13.9
8.5
8.9
7.3
8.8
17.7
26.9
19.6
24.0
25.6
29.4
34.1
36.6
26.4
41.2
35.9
69.3
147.2
140.9
386.7
6.1
8.1
9.3
7.9
10.4
11.2
17.1
13.5
19.1
11.7
Public works
and public
utilities 1
1
522.1 1,112.4 1,738.0
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 1
Total
Private ownership1
Month
January
February
March
April
May
June
July
.
.
.
1936
1937
1938
1939
1940
1941
1936
1937
1938
1939
1940
1941
1936
1937
1938
1939
1940
1941
215
140
199
235
216
233
295
243
188
231
270
244
318
322
281
207
202
198
209
192
119
227
222
283
251
240
313
301
358
302
389
252
220
301
330
308
288
300
312
323
262
300
354
196
201
272
301
329
325
399
415
348
383
380
456
305
270
480
407
549
539
577
760
623
606
459
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
93
82
95
103
112
147
205
195
144
175
195
258
124
105
269
184
267
314
348
520
403
371
298
66
62
103
130
122
116
141
122
119
125
119
117
130
119
165
195
151
180
191
178
127
124
106
94
75
68
132
123
139
143
142
142
141
154
123
110
104
109
173
170
174
161
163
154
179
170
156
129
104
119
177
197
217
177
194
220
204
209
186
198
181
166
211
223
281
225
229
240
220
235
161
275
August
September
October
November
December
234
226
208
200
1,334 1,152 1,705 1,708 1,802
2,675 2,913 3,197 3,551 4,004
Year
144 J
225
1,341 1,761 1,492 1,842 2,202
l B ackfigures.—SeeBULLETIN for February 1938, p. 159. Data for years prior to 1932 not available.
CONSTRUCTION CONTRACTS AWARDED, 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.]
1941
1940
Federal Reserve district
Dec.
Nov.
Dec.
42,981
63,205
33,366
r
29,931
r
39,627
65,915
17,709
Cleveland
Richmond
Atlanta.
34,206
64,541
56,486
r
36,245
r
58,153
r
28,851
101,104
62,880
Chicago
St. Louis
Minneapolis
47,779
35,153
5,412
r
66,410
r
23,394
r
25,308
47,943
30,952
5,973
41,146
28,464
14,014
41,221
458,620
456,189
Boston
New York
Philadelphia
Kansas City
Dallas
...
....
Total (11 districts)
r
Revised.
164
.
18,620
29,877
431,626
64,845
27,802
56,922
r
COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported by Dun & Bradstreet. Amounts in thousands of dollars]
Number
Federal Reserve
district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
1941
Liabilities
1940
Dec.
Nov.
Dec.
67
343
65
44
28
32
114
25
21
42
19
98
73
307
59
45
17
29
117
34
15
56
15
75
898
842
1941
1940
Dec.
Nov.
Dec.
89
409
86
43
41
33
167
40
17
39
26
96
2,116
4,289
613
434
151
328
#r852
224
292
447
213
1,510
689
3,234
1,030
316
136
310
1,397
426
81
407
256
915
863
5,091
642
1,425
884
363
1,214
727
147
271
380
1,302
1,086
13,469
9,197
13,309
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.
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
1
Merchandise imports2
Merchandise exports
Excess of exports
Month
1937
1938
1939
1940
1941
1937
1938
1939
1940
1941
1937
1938
1939
1940
1941
January
February
March
....
223
233
257
289
262
275
213
219
268
370
347
351
325
303
357
240
278
307
171
163
173
178
158
190
242
200
217
229
234
268
-18
-45
-51
118
99
102
35
61
77
128
147
134
96
69
89
April
June
269
290
265
274
257
233
231
249
236
323
324
350
387
385
330
287
285
286
160
148
146
186
202
179
212
211
211
287
297
280
-18
5
-21
115
109
87
45
47
57
111
112
138
100
88
50
July
August
September
268
277
297
228
231
246
230
250
289
317
351
295
r
364
r
460
425
265
246
233
141
166
168
169
176
182
232
221
195
278
283
263
3
31
63
87
65
79
61
74
107
84
130
101
October
November
December
333
315
323
278
252
269
332
292
368
344
328
322
3666
P492
224
223
209
178
176
171
215
235
247
207
224
253
304
P2S1
108
92
115
100
76
98
117
57
121
137
104
69
265
1,134
859
1,396
151
1,036
738
1,327
Year
3,349
3,094
3,177
4,021
Jan.—Nov
3,026
2,825
2,809
3,699
*>4,492
3,084
1,960
2,318
2,625
2,875
1,789
2,071
2,372
p
3,002
r
r
86
178
162
3362
^1,490
p
1
2
3
r
Preliminary.
Revised.
Including both domestic and foreign merchandise.
i
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Figure overstated due to inclusion in October export statistics of an unusually large volume of shipments actually exported in earlier months.
Source.—Department of Commerce.
Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers; 1935-39 average=100]
Forest
Total Coal Coke Grain Livestock products
1940
1941
ANNUAL
]
109
130
111
123
137
168
101
112
96
91
114
139
Mis-
cel- chanOre lanedise
ous
147
183
110
136
SEASONALLY
ADJUSTED
1940—Nov
Dec
116
119
109
107
150
153
98
96
98
96
131
133
181
165
120
125
1941—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
122
124
126
112
135
139
138
139
130
127
135
137
109
113
128
45
138
156
150
158
133
121
121
111
145
149
168
137
182
189
200
199
176
165
159
167
102
102
113
113
124
126
112
103
111
97
118
124
88
93
93
93
91
88
83
84
84
95
93
101
138
133
127
130
130
136
149
152
138
140
146
145
180
181
192
266
266
152
156
155
149
204
204
246
130
131
128
130
136
139
140
141
135
133
144
149
122
112
121
121
159
167
96
87
124
92
129
119
145
46
125
116
113
115
120
108
131
136
138
140
145
144
141
128
124
129
132
38
117
131
127
139
140
138
135
125
174
183
175
120
167
170
172
167
172
165
168
182
90
85
97
96
107
123
163
125
122
104
115
113
84
75
74
82
82
69
70
80
111
146
117
97
124
128
127
130
135
141
149
160
149
147
143
129
45
45
50
203
276
265
283
271
261
232
199
69
115
118
124
131
138
141
139
141
150
151
150
138
UNADJUSTED
1940—Nov
Dec
1941—Jan
Feb
Mar
Apr
May
June
July
Aug....
Sept
Oct
Nov
Dec
r
Revised.
Mer-
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS 1
[In millions of dollars]
l.c.l.
96 SEASONALLY ADJUSTED*
100 1940—Oct
Nov
Dec
97 1941—Jan..
Feb..
99
Mar.
99
101
June.
100
July..
102
Aug..
102
Sept..
102
Oct...
100
Nov..
99
97
97
UNADJUSTED
99 1940—Oct
100
Nov
Dec
Total
railway
operating
revenues
363
379
401
Total
railway
expenses
Net
railway
operating
311
311
316
r
389
402
417
382
439
474
471
485
464
453
476
316
319
334
323
346
363
370
377
379
403
403
73
84
83
59
93
110
100
108
85
49
73
414
375
382
326
304
303
r
r
52
68
85
72
79
. Net
income
r9
25
43
32
43
41
17
50
68
58
65
42
11
43
31
51
98 1941—Jan
315
62
377
20
Feb
300
95
58
358
15
336
Mar
81
416
35
322
94
53
Apr
375
7
354
98
89
442
May
43
362
101
93
455
June
53
379
103
106
485
July
64
382
102
111
494
Aug
66
385
101
104
489
59
Sept
424
99
94
518
54
Oct
388
99
69
457
*>30
Nov
102
r
101
Revised. p Preliminary.
101
* Derived from Interstate Commerce Commission data.
1
96
Excludes switching and terminal companies. Does not include
retroactive increases in wage payments, made in December 1941.
NOTE.—Descriptive material and back figures may be obtained
from the Division of Research and Statistics.
adings. Basi
tion of American Railroads. Total index compiled by combining
with weights derived from revenue data of the Interstate Commerce Commission.
FEBRUARY 1941
165
DEPARTMENT STORE STATISTICS
MONTHLY INDEXES OF SALES AND STOCKS
Index numbers based on value figures; 1923-25 average = 100
Seasonally adjus ted
SALES BY DEPARTMENTS
Percentage change from corresponding period of preceding year
Unadjusted
December
1941
Department
1940
1938
1938
1939
90
88
86
83
88
88
88
88
92
90
89
89
101
103
103
104
70
70
80
82
87
86
89
91
83
83
87
88
85
86
87
88
90
92
93
95
1941
1939
1940
1941
SALES
Jan
..,.„
Feb
...„„...
Mar
Apr.
May
June
July
Aug
Sept.
Oct. .
Nov.
Dec
79
71
71
86
69
69
82
88
86
86
82
93
106
105
104
80
79
87
83
89
87
105
100
92
98
115
134
58
65
60
69
64
77
106
97
94
100
101
116
105
116
111
91
92
99
156
97
99
106
168
105
101
114
179
125
112
r
133
197
85
90
94
110
64
70
75
76
76
73
Year ...
77
79
STOCKS
71
70
70
69
69
68
Jan
Feb.
Mar
Apr
May
June
July
•
Aug.
Sept
Oct.
Nov
Dec
68
71
70
69
68
67
67
68
68
67
66
67
71
73
74
74
74
77
63
67
71
71
71
65
60
65
69
69
68
64
61
68
71
71
70
64
67
67
68
82
61
60
61
73
67
67
67
67
67
68
69
69
70
71
72
87
92
97
95
65
70
74
78
65
71
77
82
66
73
79
83
92
62
64
66
84
95
108
110
*>86
68
68
69
83
71
68
66
71
Year ..
+
NET SALES—entire store.
Main Store
Basement Store
Women's, girls', and infants' apparel and
accessories 1
Main store
Women's and misses' coats and suits...
Women's and misses' dresses
Blouses, skirts, sportswear, sweaters,
knit apparel
Juniors' and girls' wear
Aprons, housedresses, uniforms
Women's underwear, slips, negligees
Infants' wear
Women's and children's shoes
Furs
Basement*
Men's 'and boys'
wear
Main store1
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings..
Basement2
Home furnishings
1
Main store
Furniture, beds, mattresses, springs....
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves, etc.)
Domestics, blankets, comforters, linens, towels
Basement (including
domestics, blankets,
linens, towels)2
1939-1940
1938-1939
Dec. 10
17
24
31
Jan. 7
14
21
28
181 Dec. 9
221
16
214
23
73
30
79 Jan. 6
83
13
80
20
76
27
1940-1941
188
235
242
79
82
86
83
79
+22
+9
Jan
- ,?:::
...99
...90
18... ...89
25...
+12
+12
+15
+13
+10
+12
+18
+17
-13
+n
+12
+9
+16
+11
+18
+16
+14
+14
+17
+12
+10
+15
+11
+14
+16
+18 +16
+16
+24
+23
+23
+16
+16
+18
+23
Shoes (basement only).
+13
+13
+13
+12
+13
+10
+22
+22
+32
+17
+20
+24
+25
+20
+11
+10
+9
+11
+7
1941-1942
10.. ..130
17.. ..131
24.. ..119
+18
+10
+10
Main store
Basement
Dec. 7. ...197 Dec. 6... .215
13.. ..236
14.. ...232
21. ....258
20.. ..277
28
27.. ..174
124
Jan. 3....107
...85
+15
+15
+13
+12
+11
Piece goods (dress and coat yard goods,
all materials)
WEEKLY INDEX OF SALES
Weeks ending on dates shown. 1935-39 average = 100
Year
1941
* Based on reports from 236 stores. Reports of total sales from a larger
number of stores, including many stores not reporting sales by departments, showed an increase of 15 per cent for December and 17 per cent
for1 the year of 1941, as indicated in the table below.
Group totals for main store include sales in departments not shown
separately.
2 Group totals for basement are not strictly comparable with those shown
for main store owing chiefly to inclusion in basement of fewer departments
and somewhat different types of merchandise,
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
Percentage change from corresponding period of preceding year
Dec. Nov. Year
1941 1941 1941
United States...
Boston
New Haven
Portland
Boston
Springfield
Providence
New York:
Bridgeport
Newark
Albany
Binghamton
Buffalo
Elmira
Niagara Falls
New York City..
Poughkeepsie
Rochester
Syracuse
Philadelphia
Trenton
Lancaster
Philadelphia
Reading
Wilkes-Barre
York
Cleveland
Akron
Cincinnati
Cleveland . . . .
Columbus
Toledo
r
+15
+14
+15
+28
+8
+19
--17
—10
--17
--11
--12
--18
--20
--35
+31
+7
+15
--16
--20
--16
--13
--22
--15
+21
+19
+21
+17
+21
+13
+20
+14
+15
+11 +17 Cleveland (cont'd)
+12 +16 Youngstown
Erie
+14 +16
Pittsburgh
+22
Wheeling
+12
+18 +20 Richmond
Washington
+12 +18
+6 +13 Baltimore
Winston-Salem...
+25
+22 +12
Charleston, S. C.
Lynch burg
+14
+24 Norfolk
Richmond
+23 +24
Charleston.W.Va.
+20 +34
Huntington
+35 +19
+25 +10 Atlanta^
Birmingham
+2 +14
Montgomery
+10 +16
+14 +21 Jacksonville
+20 +16 Tampa
Atlanta
+12 +15
Macon
+10 +19
Baton Rouge
+23 +16
New Orleans
+10 +18
Jackson
+12 +17
Chattanooga
+19 +17
+18 +20 Knoxville
Nashville
+14 +28
+20 +16 'hicago
+11 +22
Chicago
+15 +16
Peoria
+8 +17
Fort Wayne
+12
Vs
+16
+24
+13
+17
+18
+17
+19
+8
+27
+15
+28
+14
+18
+13
+16
+35
+15
+16
+14
+13
+24
+15
+14
+23
+11
+28
+13
+28
+16
+17
+15
+4
+37
+16
+39
+10
+11
+10
+16
+34
+ 15
+15
'+20
"+15
+15
+23
--26 +24
--18 +20
--13 +19
--14 +9
--10
--14
+28
?6
?
+19
+23
+26
+16
+23
+20
+20
+20
+12
+35
+15
+38
+14
+22
+19
+18
+26
+15
+25
+20
+17
+25
+14
+16
+22
+23
+20
+19
+16
+10
+14
+27
Dec. Nov. Year
1941 1941
Dec. Nov. Year
1941 1941 1941
Dec. Nov. Year
1941 1941 1941
Chicago (cont'd)
Indianapolis...
Des Moines—
Sioux City
Detroit
Flint
Grand Rapids..
Lansing
Milwaukee
St. Louis
Fort Smith
Little Rock....
Quincy
Evansville
Louisville
St. Louis
Springfield....
Memphis
Minneapolis
Kansas City
Denver
Hutchinson
Topeka
Wichita
Joplin
Kansas City...
St. Joseph
Omaha
Oklahoma City
Tulsa
Dallas
,
Shreveport
Dallas (cont'd)
+12 +6 +16
+18 +11 +19 Dallas
+18 +15 +19
+22 +14 +13 Fort Worth
+17 +16 +16
+13 +8 +11 Houston
+23 +19 +24
+14 +
+21 San Antonio
+15 +15 +18
+16 San Francisco
+28 +17 +29
+15 Phoenix
+13
+5 +6
+22 Baker sfield.......
+11
+13 +11
+18 +18 +21 Fresno
+31
+37
+20 +15 +21 Long Beach
+30 +12 +16
+36 +15 +20 Los Angeles
+12
+18 +16 +24 Oakland and
Berkeley
+14 +17 +14
+19 +4 +14
+16 +8 +14 Sacramento
+14 +15 +14
+15 +21 +31 San Diego....
+21 +23 +32
+20 +14 +17 San Francisco.... - 3 +4 +11
+33 San Jose
+26
+4 +8 +6
+23 +12 +21 Santa Rosa...
+14 +18 +13
+15 +19 +11 Stockton
+16 +16 +11
+17 +5 +15 Vallejo and Napa +37 +35 +41
+14 +6 +16 Boise and
+23 +17 +14
+16 . +8 +16
Nampa
+29 +22 +23
+8 +8 +10 Portland
Salt Lake City.. +20 +13 +19
- 3 +23
+25
+23 +11 +15
Bellingham
+13
+15 Everett
+24 +30 +27
+8 Seattle
+28 +32 +30
-4
+14 Spokane
+15 +8 +16
+22
+15
+20 +17 +32
Tacoma
+15
+13 - 1 +4
+26 +11 +17 Walla Walla
+18
+18 +14 +9
Yakima
+17 +13
+23 +31 +21
4
l
it
tfo
Vs
Revised.
166
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926 =100]
Other commodities
All
commodities
Farm
products
Foods
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.6
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
1940-November...
December
79.6
80.0
68.2
69.7
72.5
73.5
84.1
84.1
102.3
102.3
74.5
74.8
71.9
71.7
97.6
97.6
98.9
99.3
77.5
77.7
88.6
88.9
77.5
77.3
1941—January
February....
March
April
May
June
July
August
September...
October
November...
December
80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
92.4
92.5
93.6
71.6
70.3
71.6
74.4
76.4
82.1
85.8
87.4
91.0
90.0
90.6
94.7
73.7
73.5
75.2
77.9
79.5
83.1
84.7
87.2
89.5
88.9
89.3
90.5
84.3
84.4
84.9
85.9
87.4
88.6
89.7
90.8
91.6
93.4
93.5
93.7
102.4
101.6
102.6
103.9
106.4
107.8
109.4
110.2
111.3
112.6
114.1
114.8
75.2
76.4
78.4
81.0
83.0
84.5
86.2
88.3
89.7
90.9
91.1
91.8
72.1
72.1
72.0
72.9
75.6
77.9
78.5
79.0
79.2
79.6
78.8
78.4
97.7
97.6
97.7
97.9
98.1
98.3
98.5
98.6
98.6
103.1
103.3
103.3
99.6
99.3
99.5
100.1
100.4
101.0
103.1
105.5
106.4
107.3
107.5
107.8
78.6
78.5
79.8
81.8
83.6
83.8
85.2
86.0
87.4
89.7
89.8
91.3
89.0
89.1
89.5
90.4
91.4
93.1
94.4
95.4
97.2
99.5
100.6
101.1
77.1
76.9
77.6
78.6
79.6
80.6
82.0
83.7
85.1
86.4
87.3
87.6
Week ending
1941—September 27
October 4 . . . .
October 11...
October 18...
October 25...
November 1..
November 8..
November 15.
November 22.
November 29.
December 6..
December 13.
December 20.
December 27.
1942—January 3 . . . .
January 10...
January 17...
January 24...
91.2
91.6
91.6
91.7
91.2
91.6
91.7
92.3
92.2
92.3
92.2
93.1
94.0
93.8
94.3
95.0
95.6
95.5
89.9
90.3
90.5
89.8
88.1
89.5
89.6
90.7
90.3
91.1
90.8
92.8
96.0
95.5
96.9
98.8
100.8
100.3
87.6
89.7
89.2
88.4
87.5
88.2
88.8
89.6
89.5
89.2
88.7
90.4
91.6
91.2
91.9
92.5
94.1
93.6
92.0
92.1
92.3
93.1
93.0
93.1
93.1
93.6
93.6
93.7
93.7
93.8
93.9
93.9
94.1
94.3
94.4
94.5
112.3
112.4
112.6
113.2
113.2
114.1
114.1
114.1
114.9
115.4
115.4
115.4
115.5
115.6
115.7
115.7
115.6
115.7
89.6
89.9
90.1
90.2
90.3
90.3
90.4
90.5
90.4
90.6
90.7
91.0
91.4
91.5
91.6
92.4
92.6
92.7
80.1
80.1
79.9
80.0
79.9
79.9
79.7
79.6
79.4
79.4
79.2
79.0
79.0
79.0
79.0
78.9
78.9
78.9
98.7
98.7
98.6
102.2
102.2
102.2
102.2
103.4
103.4
103.3
103.3
103.4
103.4
103.4
103.4
103.5
103.5
103.6
106.6
106.6
107.1
106.9
107.0
107.3
107.1
107.1
107.4
107.4
107.4
107.8
107.5
108.1
108.3
108.9
109.1
109.5
88.1
89.7
89.8
89.7
89.6
89.8
89.8
89.5
89.5
89.7
89.7
91.5
91.7
91.7
95.1
95.3
95.6
96.5
98.3
98.5
99.7
99.9
99.9
100.0
100.1
101.6
101.7
101.9
101.9
102.3
102.3
102.3
102.5
102.4
102.7
102.7
85.1
85.0
85.9
85.6
85.5
85.5
85.9
87.2
87.1
87.1
87.2
87.5
87.5
87.4
87.5
87.7
87.9
88.1
Year, month, or week
Subgroups
ChemiHouseHides and Textile Fuel and Metals Building cals
and furnishleather products lighting and metal materials
allied
materials products
products
products ing goods
1941
1940
Dec.
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 Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
Total
Miscellaneous
1941
Subgroups
Sept.
Oct.
Nov.
Dec.
67.0
72.7
68.1
85.3
101.1
86.0
81.4
94.5
88.9
84.3
90.6
91.7
91.0
97.4
93.4
84.2
74.3
61.2
77.0
67.0
93.3
85.8
70.7
99.4
86.5
95.2
86.4
75.8
93.6
85.8
96.3
85.9
77.9
90.8
89.0
95.5
89.3
73.8
95.3
89.2
107.2
99.3
94.1
99.7
117.1
112.1
100.0
106.3
118.8
113.1
100.9
106.8
120.5
114.0
101.1
111.5
120.7
115.9
101.3
112.8
85.5
74.9
60.7
42.5
29.5
89.0
74.6
96.1
104.2
64.4
97.8
105.2
66.6
97.9
105.4
67.0
98.4
107.5
67.0
29.8
101.4
95.0
30.3
102.3
95.6
30.3
102.6
96.0
30.3
102.7
96.2
80.9
100.4
113.6
73.4
78.2
49.5
84.5
107.2
122.2
66.7
81.7
61.7
85.3
108.1
122.2
66.2
78.9
61.7
85.3
108.2
122.2
85.3
108.0
122.2
77.5
60.4
59.8
Metals and Metal Products:
Agricultural implements...
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber
Paint and paint materials..
Plumbing and heating
Structural steel
Other building materials...
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Dec.
Sept.
Oct.
Nov.
Dec.
92.6
93.9
95.4
100.3
83.4
80.5
93.4
94.4
96.9
100.4
84.4
87.1
93.8
94.8
97.0
112.3
84.6
87.8
96.3
97.4
97.1
112.3
84.8
87.9
96.4
97.5
97.0
112.4
84.8
89.1
91.1
90.9
118.8
85.4
80.5
107.3
94.5
95.7
92.2
129.1
94.7
87.1
107.3
100.2
96.6
92.7
129.5
96.0
87.8
107.3
101.5
96.6
93.1
128.7
95.3
87.9
107.3
103.2
96.7
93.4
129.4
96.5
89.1
107.3
102.5
85.4
96.2
70.0
74.3
42.4
88.2
104.4
76.6
77.1
91.3
88.4
124.1
77.3
77.5
93.4
88.3
123.2
77.3
79.6
92.9
88.6
123.0
77.8
81.2
101.9
95.1
82.2
102.1
92.2
104.4
94.4
105.2
95.8
105.6
96.6
58.3
90.1
93.1
42.7
82.8
60.8
126.2
101.7
47.1
91.0
65.5
112.9
101.9
46.6
92.1
67.4
120.7
102.2
46.3
92.2
67.4
124.4
102.5
46.3
92.4
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937
(table 87).
FEBRUARY
1942
167
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK"
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
WEEKLY F I G U R E S i
1941
Dec. Dec. Jan.
24
31
7
3
5
5
5
5
3
3
3,11
3
3
3
3
9
9
9
9
9
16
16
16
16
17
17
17
17
17
MONEY RATES, ETC.
Treasury bills (new
issues)
Treasury notes 2 3
U. S. Gov't bonds
Corporate Aaa bonds
Corporate Baa bonds.
Stock prices
(1935-1939 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
21
21
21,29
29
29
31
31
31
31
31
BUSINESS CONDITIONS
Wholesale prices:
All commodities (1926=100):
Total
Farm 4products
Other .......
Basic commodities
(Aug. 1939 = 100), total
12 foodstuffs
..-.
16 industrial materials
,. „. .„
Steel production
(per cent of capacity)
Automobile production (thous. cars).,..
Freight-car loadings (thous. cars):
Total
Miscellaneous
,.
m
#
Electric power production (mill. kw.
hrs.)...
Department store sales (1935-1939 =
100)
F.H.A. home mortgages, new constr.
(thous.)
168
Chart
book
page
Jan.
21
MONTHLY FIGURES
1941
Oct.
Nov.
Dec
In billions of dollars
RESERVES AND CURRENCY
MEMBER BANKS
Total, 101 cities:
Loans and investments
Balances due to domestic banks
Demand deposits adjusted
Time deposits
New York City:
Commercial loans
Brokers' loans
U. S. Gov't obligations
100 cities outside New York:
Commercial loans
U. S. Gov't obligations
Jan.
14
In billions of dollars
RESERVES AND CURRENCY
Reserve Bank credit, total
U. S. Gov't securities, by maturities, total
Within 1 yr
Within5yrs
After 5 yrs
Gold stock
Treasury currency
Money in circulation
Treasury cash holdings
Treasury deposits
Nonmember deposits
Member bank reserves6
Excess reserves—total
New York City
Chicago...
Reserve city banks
Country banks 6
1942
35
35
35
36
36
36
44
44
45
45
46
46
47
2.36 2.39 2.39 2.38 Reserve Bank credit, total
U. S. Gov't securities
2.24 2.25 2.25 2.25 2.25
Bills discounted
.19
.19
.19
.19
.10 Gold stock
.92
.92
.92
.92
.83 Money in circulation
1.33 1.34 1.34 1.34 1.42 Treasury cash
22.75 22.74 22.74 22.74 22.75 Treasury deposits
3.24 3.25 3.25 3.25 3.26 Reserve balances
11.22 11.16 11.11 11.06 11.08 Required reserves
2.20 2.22 2.22 2.22 2.20 Excess reserves
.91
.87
.66
.42
.28 Money in circulation, total
1.42 1.36 1.38 1.40 1.39
Coins and bills under $50
12.45 12.45 12.72 12.99 13.15
Bills of $50 and over
3.02 3.10 3.30 '3.49 '3.59
TREASURY FINANCE
.89
.96 1.03 1.03 1.14
.23
.20
.25 U. S. Government debt:
.21
.26
Direct obligations, total
1.16 1.13 1.26 1.37 1.38
Bonds
.73
.82 P. 84 P.S2
.79
Notes
Bills
Special issues
30.29 30.09 30.13 30.23 30.21
Guaranteed obligations
9.04 9.04 9.04 9.27 9.24
23.99 23.65 23.88 24.17 24.43
5.35 5.35 5.32 5.28 5.25
MONEY RATES, ETC.
F. R. Bank discount
2.61 2.57 2.58 2.59 2.60
rate, N . Y
.37
.36
.31 Treasury bills (new issues)
.36
.36
7.00 6.92 6.98 7.02 6.97 Treasury notes 2
U. S. Gov't bonds 3
4.18 r4.15 4.14 4.14
Commercial paper
8.17 8.13 8.16 8.24 8.37 Corporate Aaa bonds
Corporate Baa bonds
Per cent per annum
2.50
,.. 2, 7
„
7
,.
7
2
2
2
2
2, 8
8
8
10
10
10
19
19
19
19
19
19
2.32
2.18
2.31
2.18
2.40
2.22
.01
22.78
10.27
2.22
22.79
10.50
2.19
22.76
.53
.67
13.10
8.10
5.00
10.36
7.54
2.83
12.90
9.29
3.61
10.64
7.77
2.87
10.99
2.19
.59
12.81
9.42
3.39
11.16
8.12
3.04
53.04
37.65
7.33
1.40
6.66
6.94
54.54
37.88
8.15
1.70
6.81
6.32
57.45
40.00
8.47
2.00
6.98
6.32
.01
.01
Per cent per annum
23
23
23
29
25
25, 29
,
29
1.00
0.049
0.41
1.88
1.00
0.242
0.57
1.85
1.00
0.298
2.73
4.28
2.72
4.28
2.80
4.38
.50
.50
0.64
1.97
.56
In unit indicated
.310 .304 .119 .196 .231
0.64
.58
.48
.46
.46 Stock prices
(1935-1939=100):
2.02 2 .01 1 .99 2.00 2.01
80.4
Total
„
31
77.4
71.8
2.84 2 .86 2 .83 2.83 2.83
81.6
Industrial
„
31
78.6
73.8
4.41 4 .41 4.31 4.28 4.28
70.3
Railroad
„
31
68.4
61.0
78.5
Public
utility
,.
31
74.5
66.2
In unit indicated
.56
Volume of trading (mill, shares)...
31
.79
1.54 .
Brokers' balances (mill, dollars):
Credit extended customers....
33
628
625
600
Money borrowed
S3
414
368
69.3 71.1 73.2 73.3 71.6
409
Customers'
free
credit
71.6 73.0 74.8 75.0 73.2
balances
33
255
264
58.7 61.3 66.9 69.5 68.8
61.9 65.2 67.4 66.4 65.0
BUSINESS CONDITIONS
.49 Wholesale prices:
1.55 1.89
.67
.55
All commodities
(1926 = 100):
Total 5
35, 65
92.4
92.5
93.6
Farm 4 products
35
90.0
90.6
94.7
Other
35
93.4
93.5
93.7
93.8 94.3 95.0 95.6 95.5
Industrial commodities
95.5 96.9 98.8 100.8 100.3
(Aug. 1939 = 100):
93.9 94.1 94.3 94.4 94.5
Total
37
117.9
117.9
118.5
114.3
Finished
.•••.-••
37
114.4
114.4
158.7 160.6 162.2 164.0 164.2
Raw and semifinished
37
125.2
125.1
126.6
172.8 176.3 179.5 180.6 180.3
148.8 149.6 150.2 152.3 153.0 Cost of living (1935-39 = 100):
All items
39
109.4
110.2 110.5
Rent
39
107.5
107.9 108.2
93.4 96.1 96.4 97.8 97.7
Clothing
39
112.8
114.4 114.8
24.6 18.5 60.2 75.6 79.9
Food
39
111.6
113.1 113.1
606.5 676.5 737.2 811.2 817.8
6
280.3 312.5 318.3 355.3 370.4
Estimated. p Preliminary. r Revised.
1
Figures for other than Wednesday dates are shown under the
r
3,234 3,289 3,473 3,450 3,440 Wednesday included in the weekly period.
2
Tax-exempt issues only.
174
107
130
119 * Partially tax-exempt issues only.
131
4
Other than farm products and foods.
5
2.24 2.24 3.32 3.49 4.75
Estimate for January is shown on page 155.
* Copies of this Chart Book may be obtained at a price of 50 cents
each.
FEDERAL RESERVE
BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
MONTHLY FIGURES (cont.)
Industrial production:
Total (1935-39 = 100)... „. .„ „. .„ . . 4 1 , 42
Durable manufactures
41
Iron and steel
„„
42
Machinery, etc
„.«.„..». 42
Other durable
,..„.„.„ 42
Nondurable manufactures......... .„ 41
Textiles and leather
,.... 42
Paper and printing
42
Foods, liquors, and tobacco . . . 42
Other nondurable
42
Minerals
.41, 42
New orders, shipments, and
inventories:
New orders, total (Jan. 1939 =100). 43
Durable
43
Nondurable
43
Shipments, total (Jan. 1939 = 100). 43
Durable
43
Nondurable
,. 43
Inventories, total (1939 = 100) „.... 43
Durable
*.... 43
Nondurable
...„.«..„ 43
Freight-car loadings:i 2 3
Total (1935-39 = 100)
57
Coal
57
Miscellaneous
57
Allother
57
163
78.5
21.1
41.7
r
15.8
64.6
19.7
12.7
18.3
13.9
r
19.7
166
79.2
21.0
42.1
16.0
66.9
20.5
13.4
19.0
14.1
19.9
193
239
163
203
240
172
148
166
133
212
265
179
203
242
168
153
170
127
25.7
73.0
28.7
135
25.8
78.8
30.2
P168
P81.3
P21.6
P43.4
PJ5 3
P66.5
*>20.0
2*13.6
#18.9
P14.0
*>19.8
Wholesale prices:
Canada
«.«..*..
Germany
Japan
Sweden
Switzerland
United Kingdom,
_«...,.,,_
65
65
65
65
65
65
166.8
134 7
165 2
51
77 0
78 1
51
59
59
41 1
105
97
40.3
116
95
93.8
94.0
142.4
139.8
H33.9
124.8
125.3
Foreign exchange rates:
Argentina (peso)
Canada (dollar)
Japan (yen)5
Switzerland (franc)6
United Kingdom (pound)....... ,*, ,„
67
67
66
66
67
29.77
88.78
29.77
88.60
29.77
87.39
403.29
403.42
403.50
Aug.
137
23.5
81.7
31.8
2*134.0
169.8
p
111
92
47
47
Private, total
„ ™ 47
1- and 2-family dwellings
„ . 47
47
Other
v-~Construction contracts awarded.
Total
,..„„.«. 49
Residential
.„ „. „ „. 49
Other
^ „. .„ „ « 49
Nonagricultural employment*
(mill, persons):
Total
.«-.«« 50
Manufacturing and mining. . . . . . . . . 50
Trade
„...„.«. 50
Government
50
Transportation and utilities......... 50
Construction 1
....,..„.„«. 50
Income payments:
Total
.„..„.„„..„.„.» 54
Salaries and wages. „. .*.......«.. .„ «. 54
Other. ;
...,.«..„«..„„.« 54
Cash farm income:
Total
....„.„.„ 55
Crops
,....«.
Livestock and products
«....«.
Gov't payments
„..„.»
Exports and imports:
Exports
....,.„..,..««.
Imports
Excess of exports
FEBRUARY 1942.
55
55
55
61
61
61
161
36
124
112
13
126
18
108
105
3
131
21
110
102
9
594
159
434
564
136
428
P477
40.19
13.48
6.99
4.25
3.29
1.78
40.60
13.62
7.04
4.29
3.31
1.92
P40.75
7,906 r 8,024
»-5,229 '•5,275
r
2,677 r 2,749
8,321
5,470
2,851
r
1,485
786
656
1,301
611
622
68
666
304
r
362
P492
P281
431
Oct.
15.70
15. 74
15.78
5.89
3.80
1.99
r
5.12
r
4.69
5
3
1
r
5.
r
4.
92
83
99
28
54
5.91
3.83
1.99
5.64
4.22
3 . 77
35
3." 41
3.77
.36
3.40
3.74
.35
3.39
1941
Apr.-
„.«
Sept.
In billions of dollars
Increase in U. S. gold StOckt*
Total
..»«.„.„ 63
Net capital inflow:
Total
62, 63
Inflow of foreign capital
62
Return of domestic capital
62
Merchandise export surplus
63
Other factors
„ 63
Short-term foreign liabilities and
assets of banks:
Due to foreigners
.,..;. 64
Due from foreigners
„.... „. 64
Net due to foreigners,,,,,_, ,^ ,*, „ ,„ 64
In millions of dollars
Residential contracts awarded: 1
Total
Public
*>125.8
In cents per unit of
joreign currency
137
135 .4
51, 53
51, 53
1926 = 100
INTERNATIONAL FINANCE
1941
1923-25=100
Factory employment
Factory payrolls.
Oct. I Nov. I Dec.
MONTHLY FIGURES (cont.)
In unit indicated
12
Average hourly earnings
(cents per hour)
Average hours worked
(hours per week)
Department store sales 3
Department store stocks 1
book
page
Oct. | Nov. | Dec.
BUSINESS CONDITIONS (cont.)
1941
Chart
1941
book
page
June
OctDec.
In billions of dollars
QUARTERLY FIGURES
Cash income and outgo of U. S. Treas.t
Cash income
„
Cash outgo
Excess of cash outgo
Domestic corporation security issues:
Total
.„
New
..„.„.„„.
Refunding
. . . . , , „ , „ ,„ ,„
July-
18
18
18
2 .62
4 .46
1 .84
2 .55
5 .31
32
32
32
.61
.19
.42
.41
.32
25
27
2.55
1.95
2.60
1.98
27
27
2.58
3.23
2.62
3.29
2 .76
.73
2.86
7.19
4.33
.44
.25
.19
n!oi
n. 09
Bank rates on customers' loans:
Total, 19 cities
New York City
7 other Northern and Eastern
cities
11 Southern and Western cities
2.41
1.88
2.45
2.99
PI,230
p
1
2
3
4
5
6
7
Preliminary. r Revised.
Adjusted for seasonal variation.
In points in total index.
Estimate for January is shown on p . 155.
Three-month moving average, adjusted for seasonal variation.
No rate certified since July 25, 1941.
No rate certified since June 14, 1941.
Cumulated from Jan. 31, 1934.
169
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Continued
[In billions of dollars]
Chart
book
page
1939
1940
Mar.
29
June
30
Oct.
2
Dec.
30
59.11
26.04
26.56
5.63
48.93
21.15
27.78
60.95
27.35
26.80
6.01
49.62
21.32
28.30
62.87
29.09
26.81
6.19
49.95
21.63
28.32
64.10
29.79
27.06
6.40
50.88
22.17
28.71
C1)
19.05
19.46
14
14
14
14
10.69
10.95
2.83
2.55
2.94
.19
13.14
5.99
.56
.91
2.83
2.85
1941
Dec.
31
Apr.
4
June
72.43
36.10
27.90
7.78
56.15
24.32
31.83
74.15 '76.09
37.32 '38.65
27.88 P27.93
8.20 P8.56
57.95 59.31
25.31 26.20
32.63 33.11
Sept.
24
Dec.
Mar.
26
June
29
64.88
30.54
27.28
6.23
51.14
22.19
28.95
66.96
31.96
27.47
6.70
51.34
22.34
29.00
70.75
34.94
27.74
7.32
54.19
23.74
30.45
19.61
19.98 20.22
20.48
21.81 23.10
23.93
24.40
10.89
2.92
2.76
02
11.18 11.31
3.14 3.11
2.69 2.91
2.77
.19
13.96
6.57 13.94
.61
.88
2.96
2.94
11.60
3.12
2.89
2.70
.17
13.97
6.72
.32
.80
3.07
12.34 13.50
3.49 3.49
3.01 3.21
2
2.80
.17
()
15.32 15.88
7.52
.47
.83
3.23
3.27
14.24
3.84
2.98
2.72
.15
16.73
8.55
.42
.79
3.37
3.61
14.09
4.24
3.16
47.87
50.36
54.75
63.77
2.25
2.29
4.77
5.37
2.47
2.18
16.55
17.76
3.11
3.22
r
6.50 r 46.80
"12.20 '412.80
2.36
6.12
2.18
20.10
3.43
r
6.90
13.70
2.56
6.98
2.25
'21.80
^3.70
^7.90
'18.50
30
CALL REPORT FIGURES
ALL BANKS IN THE U. S.
Total deposits and currency
Demand deposits adjusted
Time deposits
Currency outside banks
Loans and investments, total
Loans
Investments
MEMBER BANKS
Investments, total
....
U. S. Government obligations:
Direct
Guaranteed
State and local government obligations
Other domestic securities
Foreign securities
Loans, total
Commercial loans (incl. open-market paper)
Street loans (brokers' loans)
Other security loans 3
Real estate loans
All other loans
SEMI-ANNUAL FIGURES
ft
IS
15
15
15
C1)
2.66
2.56
2.96
.18
13.05
5.96
.67
.90
2.75
2.77
8
()
13.47
I
2
3.06
32
()
8
8
17
I|
OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS
Total direct and guaranteed obligations outstanding —
Amount held by:
U. S. Government agencies and trust funds:
Public issues
Special issues
Federal Reserve Banks
Commercial banks
Mutual savings banks
Insurance companies
Other investors
r
p
3
C1)
45.34
47.07
20
20
20
20
20
20
20
2.14
3.77
2.55
15.70
3.04
r
5.90
r
12.20
2.32
4.23
2.48
16.30
3.10
46.30
r
412.30
r
Revised.
Preliminary. * Series not shown in Chart Book. 2 Figures available for June and
December dates only.
Includes only loans made for the purpose of purchasing or carrying securities. 4 Partly estimated.
170
FEDERAL RESERVE BULLETIN
CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES
[Figures for 1941 are preliminary]
Nonmember banks
Member banks
Total
National
State
Other than mutual
savings and
private banks
Insured
Number of Banks (Head Offices)
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
December
31 1933
31, 1934
31, 1935
31, 1936
31, 1937
31, 1938
31, 1939
31, 1940
31, 1941
. ...
.
Number of Branches
31 1933
31, 1934
31 1935
31, 1936
31, 1937
31 1938
31, 1939
31, 1940
31, 1941, total
In head-office cities
Outside head-office cities
Analysis of Bank Changes During 1941
Number of banks on December 31, 1940
Increases in number of banks:
Primary organizations (new banks)6
Decreases in number of banks:
Suspensions
Voluntary liquidations?
Consolidations, absorptions, etc
Unclassified .
Inter-class bank changes:
Conversions—
State into national
National into State
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
Net increase or decrease in number of banks
Number of banks on December 31, 1941
15,029
16,063
15,869
15,667
15,387
15,194
15,034
14,895
14,824
5,154
5,462
5,886
5,325
5,260
5,224
5,187
5,144
5,117
857
980
1,001
1,051
1,081
1,114
1,175
1,342
* 1,502
2,911
3,133
3,284
3,399
3,540
3,580
3,629
3,666
3,698
1,121
1,243
1,329
1,398
1,485
1,499
1,518
1,539
1,564
960
981
952
981
994
992
1,002
1,002
1,015
1 726
1 972
880
14,895
5,144
+53
+7
+1
-4
-6
-22
-2
-1
—8
-43
—63
— 10
Net increase or decrease in number of branches
Number of branches on December 31, 1941
'
+6
—8
782
233
1,342
—4
Privatel
Not
insured
2 8,341
1,108
7,693
1,046
7,728
1,004
7,588
960
7,449
917
7,316
887
7,171
851
6,951
799
6,809
579
579
98
241
570
565
563
555
551
551
138
134
74
68
63
56
3 545
4 52
125
126
128
128
128
135
132
135
3 135
5
5
5
5
* 5
5
6
6
46
11
35
113
22
1
5
6,951
851
551
56
+32
+13
-3
-16
-29
—2
—1
-17
-7
—8
27 00
5 778
828
848
891
908
927
940
932
42
39
37
41
44
44
46
135
797
-3
-2
-1
—2
+2
+6
+1
*+169
—5
—162
+5
—1
—4
+29
—29
—3
+1
-71
-27
+160
-142
-52
-6
-4
14,824
5,117
1,502
6,809
799
545
52
3,666
1,539
1,002
940
44
135
6
+51
+19
+15
+3
+7
+6
+23
+6
-1
-37
-1
-10
-8
-16
Analysis of Branch Changes During 1941
Number of branches on December 31, 1940
Increases in number of branches:
De novo branches
Banks converted into branches
Decreases in number of branches:
Voluntary liquidation of parent bank
Otherwise discontinued
Interclass branch changes:
From national to State
From State to national
From nonmember to State member
From uninsured to insured nonmember
684
m
Mutual
savings
—2
+20
—20
+9
+1
-2
-1
+2
+28
-28
+2
-2
+32
+25
+13
-8
+2
3,698
1,564
1,015
932
46
135
6
1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a)
of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and,
accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years.
2 Federal deposit insurance did not become operative until January 1, 1934.
3 Number of banks comprises 49 insured and 496 uninsured; number of branches comprises 32 insured and 103 uninsured. Thefiguresbeginning 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 51 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.
89 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership.
Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance
Corporation membership.
* Includes three mutual savings banks admitted during April (two in Wisconsin and one in Indiana), the first of such banks to become members of the
Federal Reserve System.
Backfigures.—SeeAnnual Report for 1939 (table 16) and BULLETIN for February 1939, p. 110.
FEBRUARY 194Z
171
EARNINGS AND EXPENSES OF FEDERAL RESERVE BANKS DURING 1941
New York
Philadelphia1
Cleveland
Richmond
$1,516
$55 934
40,151,501 2 963,907
53,846
399,319
3,286
90,270
22,576
683,071
$27,779
11,197,274
62,822
7,103
119,674
$4,325
3,179,419
138,284
1,086
21,048
$2,364
4 031,178
14,709
10,350
65,293
$655
2,281,196
47,030
9,678
25,788
$479
1,706,262
7,605
2,796
8,258
41,380,095
3, 045,131
11,414,652
3,344,162
4 123,894
2,364,347
1 ,725,400
2,271,315
21,066,352
1,136,930
66,087
136,664
16,139
129,810
273,496
63,701
30,395
7,271
950
497,272
5,330,013
288,775
183,835
1 799,898
94,162
12,319
7,998
1,081
147,470
1,098,241
61,874
1 ,107,909
12,637
876
124,211
1,445,372
77,986
7,067
8,940
1,050
403,628
4,487,685
540,975
1,455,582
294,520
197 042
1,498,243
1,189,978
423,413
204,322
169,236
671,390
763,632
23,302
502,260
24,818
142,951
46,674
11,835
141,705
55,832
31,583
5,001
1,500
40,543
55,185
53,550
771,173
105,115
346,046
52,578
30,342
483,387
222,772
82,652
37,125
20,386
92,065
95,453
29,552
333,009
35,053
102,045
23,313
16,417
77,617
126,532
28,563
28,172
811
122,927
87,236
35,444
422,594
50,440
117,411
25,659
14,606
136,938
147,840
47,267
17,193
74,274
109,082
56,250
29,500
378,579
31,300
75,196
28,229
11,594
71,343
80,411
25,207
4,393
18,257
40,055
36,296
588,812
8,522,224
2,675,873
3 354,291
2,146,695
Total
Boston
Atlanta
Current Earnings
Discounted bills
U. S. Government securities
Industrial advances
Commitments to make industrial advances
All other
Total current earnings
Current Expenses
Operating expenses:
Salaries:
Officers
•..-..Employees
Retirement System contributions for current service
Legal fees
Directors' fees and expenses
Federal Advisory Council, fees and expenses
Traveling expenses (other than of directors and members
of Federal Advisory Council)
. .
Postage and expressage
Telephone & telegraph
...
Printing, stationery and supplies
Insurance on currency and security shipments
Other insurance
Taxes on bank premises
Depreciation on bank building
Light heat, power, and water
Repairs and alterations to bank building
Rent
Furniture 3-rid equipment .
All other
?
7
142,612
60,924
17
15,225
903
7,983
767
33,538
266,379
48,222
77,232
17,862
15,140
62,081
42,549
35,273
8,527
644
28,719
61,564
,025,320
Total operating expenses
Less reimbursements for certain fiscal agency and other
expenses
36,993,133
8,457,586
448,290
1,761,546
392,723
462,972
350,411
751,123
Net operating expenses
28,535,547
2, 140,522
6,760,678
2,283,150
2 891,319
1,796,284
1 ,274,197
Assessment for expenses of Board of Governors
Federal Reserve currency:
Original cost
Cost of redemption
Total current expenses
?
1,839,541
131,552
653,498
178,866
168,821
79,084
63,664
2 397 298
190,764
225,728
12,535
524,955
35,629
170,747
12,934
281,493
18,802
193,115
17,464
127,183
14,051
32,963,150
2, 510,337
7,974,760
2,645,697
3 360,435
2,085,947
1 ,479,095
41,380,095
32,963,150
3, 045,131
2, 510,337
11,414,652
7,974,760
3,344,162
2,645,697
4 123,894
3 360,435
2,364,347
2,085,947
1 ,725,400
1,479,095
8,416,945
534,794
3,439,892
698,465
763,459
278,400
246,305
1,327,171
147,627
96,645
17,187
386,051
9,099
110,404
13,810
132,273
50
69,594
8,261
56,036
70,652
1,474,798
113,832
395,150
124,214
132,323
77,855
126,688
97 540
600,357
56,265
39,254
49,812
479,889
3,056
12,474
1 23,600
15,735
4,141
3,242
11,157
7,784
25,190
754,162
40,673
532,757
768
2 12,443
23,519
29,331
720,636
73,159
-137,607
123,446
144,766
54,336
97,357
9,137,581
607,953
3,302,285
821,911
908,225
332,736
343,662
141 465
8,429,936
—4,333
570,513
3 134
561,233
3,097,873
81,360
713,446
15,458
869,942
13 808
330,180
289,109
43,586
204,412
27,105
22,825
157,065 064 10, 905,746
43,586
570,513
-132,696
56,446,989
204,412
15,144,298
27,105
157,502,881 10, 949,332
56,651,401
15,171,403
Profit and Loss
Current earnings (above)
Current expenses (above)
Current net earnings
Additions to current net earnings:
Profits on sales of U. S. Govt. securities
All other
Total additions
Deductions from current net earnings:
Losses and allowances for losses on industrial advances
(net)
Charge-offs and special depreciation on bank premises...
All other
Total deductions....-.. ...,.„..=
,
Net additions.... .„ .„.» „..,..,.....,
Net earnings
T.
....„„..,....
Paid U S Treasury (sec. 13b)
Dividends paid
Transferred to surplus (sec. 13b)
Transferred to surplus (sec. 7)
. „....
Surplus (sec 7), January 1
Addition, as above
Transferred to reserves for contingencies
Surplus (sec. 7), December 31
....
1,419
-11,252
54,553
14 ,322,790
5,247,219
— 11,252
,724,628
54,553
-54,553
14 ,345,615
5,235,967
22,825
5 ,724,628
1 Net recoveries.
2 Net additions.
FEDERAL RESERVE BULLETIN
Earnings and Expenses of Federal Reserve Banks During 1941—Continued
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San
Francisco
Current Earnings
$1,236
4,884,837
17,323
4,955
180,744
$1,243
1,935,696
3,015
4,179
21,763
$2,649
1,191,362
20,791
$9,772
1,908,346
8,504
$3,375
1,548,048
12,147
8,019
155,410
12,770
$541
3,323,976
13,243
45,699
41,728
5,089,095
1,965,896
1,223,237
2,082,480
1,576,614
3,425,187
416
448
274
Discounted bills
U. S. Government securities
Industrial advances
^'
Commitments to make industrial advances
All other
Total current earnings
Current Expenses
227,034
1,741,205
99,368
4,047
16,362
3,350
110,669
711,159
39,823
9,667
10,067
1,397
167,253
1,198,782
67,184
2,179
19,753
1,490
130,535
1,283,641
61,399
28,301
213,495
42,293
87,542
7,859
15,246
52,501
52,009
28,644
9,546
3,491
27,572
49,176
25,809
161,837
23,432
57,204
8,741
13,841
66,923
29,578
19,806
15,369
24,224
254,971
45,691
69,782
10,688
18,854
94,583
178,767
19,034
15,805
25,645
215,669
39,861
67,488
10,232
14,138
33,717
90,219
31,902
11,910
990
25
390
26,629
47,571
30,138
43,205
27,660
55,317
39,522
401,101
54,339
114,221
29,937
17,692
95,662
82,515
26,928
29,498
46,812
60,275
70,973
4,771,817
1,992,784
1,380,512
2,262,408
2,111,556
3,160,841
1,189,924
548,115
395,104
564,111
871,414
3,581,893
1,444,669
985,408
1,698,297
1,240,142
721,853
2,438,988
221,803
55,265
40,615
52,576
53,913
139,884
393,103
30,735
100,715
8,722
44,141
5,265
57,635
8,468
62,678
7,597
215,805
18,562
4,227,534
1,609,371
1,075,429
1,816,976
1,364,330
2,813,239
5,089,095
4,227,534
1,965,896
1,609,371
1,223,237
1,075,429
2,082,480
1,816,976
1,576,614
1,364,330
3,425,187
2,813,239
861,561
356,525
147,808
265,504
212,284
611,948
234,966
2,954,422
156,816
175,648
1,122,214
64,918
9,198
1,530
10,816
1,350
55,241
566,618
40,411
198,464
32,748
17,337
181,786
80,954
46,554
21,783
1,656
65,725
105,406
202
163
24
10,414
1,395
Operating expenses:
Salaries:
Officers
Employees
Retirement System contributions for current service
Legal fees
Directors' fees and expenses
Federal Advisory Council, fees and expenses
Traveling expenses (other than of directors and members
of Federal Advisory Council)
Postage and expressage
Telephone & telegraph
Printing, stationery and supplies
Insurance on currency and security shipments
Other insurance
Taxes on bank premises
Depreciation on bank building
Light, heat, power, and water
Repairs and alterations to bank building
Rent
Furniture and equipment
All other
Total operating expenses
Less reimbursements for certain fiscal agency and other
expenses
Net operating expenses
Assessment for expenses of Board of Governors
Federal Reserve currency:
Original cost
Cost of redemption
Total current expenses
Profit and Loss
147,895
1,166
60,214
313
40,889
17,230
64,578
1,520
51,077
3,549
111,515
4,790
149,061
60,527
58,119
66,098
54,626
116,305
1 14,000
120,468
4,854
7,794
2,809
31
385
2 13,843
120,777
7,663
31
8,179
16,750
162,904
-60,250
50,456
66,067
46,447
99,555
1,024,465
296,275
198,264
331,571
258,731
711,503
27,215
896,766
490
258,762
-3,832
41,345
179,790
17,984
271,913
-501
60,159
22,824,268
100,484
4,924,976
41,345
3,152,420
17,984
-17,984
3,612,681
60,159
-60,159
22,924,752
4,966,321
3,152,420
3,612,681
100^484 '
FEBRUARY
1941
Current net earnings
Additions to current net earnings:
Profits on sales of U. S. Govt. securities
All other
Total additions
Deductions from current net earnings:
Losses and allowances for losses on industrial advances
(net)
16,024
Charge-offs and special depreciation on bank premises
All other
726"
309
157
Current earnings (above)
Current expenses (above)
Total deductions
Net additions
Net earnings
Paid U. S. Treasury (sec. 13b)
Dividends paid
Transferred to surplus (sec. 13b)
Transferred to surplus (sec. 7)
257^158
703^764
1^573
3,974,490
1,573
10,784,559
7,739
Surplus (sec. 7), January 1
Addition, as above
Transferred to reserves for contingencies
3,976,063
10,792,298
Surplus (sec. 7), December 31
7 i 739
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments
176
Gold production
177
Gold movements
177
International capital transactions of the United States
178-182.
Central banks
183-186
Money rates in foreign countries
187
Commercial banks
188
Foreign exchange rates
189
Price movements:
Wholesale prices
190
Retail food prices and cost of living
191
Security prices
191
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.
FEBRUARY 1941
I
75
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
Argentina
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
11,258
12,760
14,512
17,644
21,995
501
469
431
466
2353
632
597
581
609
3 734
25
32
32
40
51
275
274
274
274
274
20
24
24
24
24
1941—Jan...
Feb...
Mar..,
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov. .
Dec...
22,116
22,232
22,367
22,506
22,575
22,624
22,675
22,719
22,761
22,800
22,785
22,737
353
353
353
353
353
353
353
352
352
354
354
734
734
734
51
55
56
57
58
62
63
65
66
68
274
274
274
274
274
274
274
274
274
24
24
24
24
24
End of month
Belgium
Brazil British
India
Hungary
Iran
(Persia)
Italy
Japan
1936—Dec...
1937—Dec...
1938—Dec...
1939—Dec...
1940—Dec...
25
25
37
24
24
25
25
26
26
26
208
210
193
144
U37
1941—Jan...
Feb...
Mar..
Apr...
May..
June.,
July..
24
24
24
24
24
24
24
24
24
24
26
End of month
Sept..
Oct...
Nov. ,
Dec...
End of month
Sweden
Turkey
Colombia
Czechoslovakia
Denmark
Egypt
188
184
192
214
4
7
29
30
30
30
30
19
16
24
21
17
91
92
83
56
58
54
53
53
53
52
55
55
55
55
52
2,995
2,564
2,430
2,709
2,000
7
8
6
7
8
6
7
11
6
6
30
30
30
30
30
30
30
30
30
30
30
20
18
18
17
16
18
18
17
17
17
17
16
59
59
59
59
59
61
51
49
48
48
48
47
45
45
44
44
52
52
52
52
52
52
52
52
52
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
Peru
Poland
Portugal
Rumania
20
21
20
20
20
75
83
85
NetherNew
lands Zealand
Java
Mexico
463
261
164
164
164
60
79
80
90
140
46
24
29
32
47
491
933
998
692
617
23
23
23
23
23
164
164
152
171
178
174
174
173
173
193
201
200
50
52
54
56
58
59
60
59
57
54
52
47
616
614
614
572
572
573
573
573
573
23
23
23
23
23
23
23
23
23
23
23
6
Switzerland
Chile
BulCanada
garia
United
Kingdom
Uruguay
Venezuela
Yugoslavia
B.I.S.
Norway
82
94
94
184
20
20
20
21
20
20
20
20
21
Other
countries 7
1941—-Jan
Feb
Mar.
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
240
244
321
308
160
165
171
172
174
180
192
189
191
191
192
657
650
701
549
502
520
524
527
528
530
528
533
525
543
560
26
29
29
29
87
87
89
95
96
96
95
93
2,584
2,689
2,690
8
1
1
1
1
1
1
1
1
1
1
1
1
1
1
77
74
69
68
90
95
97
100
105
108
108
108
108
106
102
59
52
52
52
929
35
37
40
40
40
40
40
41
41
41
41
41
48
51
57
59
82
83
83
11
5
14
7
12
13
13
13
12
9
10
9
9
9
183
185
142
149
145
145
145
145
145
145
144
144
144
146
146
146
146
1
Figures relate to last official report dates for the respective countries, as follows: Germany
—June 15,1939; Italy—late in Mar. 1940; Norway—Mar. 30,1940; Poland—July 31,1939.
2
Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available.
3 Change from previous December due largely to inclusion of gold formerly not reported.
4 On May 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 by Minister of Finance.
5
Figures for D e c 1936 and D e c 1937 are those officially reported on Aug. 1, 1936, and Apr. 30
1938, respectively.
6
Beginning Mar. 29, 1941, gold reserves no longer reported separately.
7
These countries a r e : Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian
Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland,
Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain
of these countries have been carried forward from last previous official report.
8
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
9
Beginning Dec. 1940, figures refer to gold reserves of new Central Bank only.
NOTE.—For 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.
176
Germany
Greece
27
28
29
29
24
27
28
28
28
28
28
South
Africa
68
69
69
69
59
114
120
133
152
158
203
189
220
249
367
59
59
158
158
158
171
172
175
178
178
179
376
388
401
413
418
427
431
436
450
422
400
Spain
5
5
718
525
Government gold reserves 1 n o t included
i n previous figures
End of month
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
France
1937—June . . .
United
States
169
1938—Mar....
June.. .
Sept....
Dec. . . .
1939—Mar. . . .
May
June...
Sept....
Dec
1940—Mar. . . .
June...
Sept....
Dec . . .
1941—Mar. . . .
June...
Sept....
United
Kingdom
France2
3 934
4 1,395
1,489
115
81
62
44
""&6"
154
85
164
156
145
86
105
48
88
89
24
Belgium
"759
1,732
331
559
477
44
17
17
17
17
1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2 For complete monthly series from Oct. 1938May 1939, see BULLETIN for February 1941,
p. 170.
3 Figure for end of Mar. 1937, first date reported.
4 Figure for end of Sept. 1937.
NOTE.—For details regarding special geld
transfers in 1939-40 between the British E. E. A.
and the Bank of England, and between the French
E. S. F. and the Bank of France, see BULLETIN
for September 1940, p. 926.
FEDERAL RESERVE BULLETIN
GOLD PRODUCTION
OUTSIDE Uc S. S. R .
fin thousands of dollarsl
Year or month
1934
1935
1936
1937
1938
1939
1940
Estimated
world
productioni
outside
U.S.S.R. 1 !
Production reported monthly
Africa
823,003
882,533
971,514
1,041,576
1,136,360
"1,208,705
"1,279,455
1940—Oct
Nov
Dec
1941—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Total
South
Africa
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
366,795
377,090
396,768
410,710
425,649
448,753
491,628
98,231
42,362
93,010
41,620
92,384
41,188
90,964
42,335
84,564
39,608
90,018
42,075
89,039
41,357
88,599
42,716
#89,382 • 41,186
2*93,238
43,093
p
92,117
42,458
P
94,150
42,135
^93,958
43,061
P
92,648
41,807
113,330
108,080
107,800
106,015
100,450
106,365
105,525
105,140
105,875
109,970
108,780
Rhodesia
North and South America
I West I Belgian
1 Africa2 | Congo3
$1 = 15ii
24,264
25,477
28,053
28,296
28,532
28,009
29,155
grains of
12,153
13,625
16,295
20,784
24,670
28,564
32,163
2,477
2,404
2,433
2,326
2,237
2,318
2,355
2,355
2,353
2,319
2,329
p
2,352
P
2,348
p/
2,348
2,709
2,687
2,668
2,618
2,566
2,696
2
2,580
2,615
'2,615
'2,615
'2,615
'2,615
'2,615
'2,615
gold i®
6,549
7,159
7,386
8,018
8,470
8,759
3
8,862
United I n
A 5 •««• •
States 4 | C a n a d * M e x i c o
Other
Colom-1 ^1-i INicara- Austra-1 British
bia 1 C h l l e I gua6
Ha I India 7
fine; i.e., an ounce of fine gold = $35
108,191 104,023 23,135 12,045
126,325 114,971 23,858 11,515
152,509 131,181 26,465 13,632
168,159 143,367 29,591 15,478
178,143 165,379 32,306 18,225
196,391 178,303 29,426 19,951
210,109 185,890 30,878 22,117
22,004
19,952
19,694
16,646
15,408
16,023
16,413
16,022
16,468
18,537
17,487
20,881
18,855
19,813
16,386
15,775
15,780
15,199
14,446
15,629
15,384
15,721
15,890
15,983
16,353
15,578
16,141
15,499
2,337
1,905
2,221
2,945
2,670
2,702
2,491
1,448
2,845
2,485
2,579
'2,579
'2,579
'2,579
8,350
9,251
9,018
9,544
10,290
11,376
11,999
1,166
868
807
848
1,557
3,506
5,429
30,559
31,240
40,118
46,982
54,264
56,182
55,878
11,223
11,468
11,663
11,607
11,284
11,078
10,157
1,121
929
879
784
695
1,313
896
528
1,023
628
860
504
703
'703
427
489
532
591
474
492
553
485
445
'445
'445
'445
'445
'445
5,638
4,592
4,333
4,544
3,812
4,040
4,133
4,136
3,939
4,185
4,376
4,271
'4,271
'4,271
945
980
840
805
840
805
700
840
875
875
805
840
'840
1,789
1,713
1,675
2,137
1,844
1,891
2,071
1,872
1,777
2,072
1,739
1,984
2,098
1,726
but data of percentage changes
d a basis for estimating annual
35 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
A ivxiiuuiaijr
•
x^^"\Mc**ri
' Figure carried forward.
1
Annual figures through 1940 are estimates of U. S. Mint.. Monthly figures are based on estimates of American Bureau of Metal Statistics given
in thousands of fine ounces.
2
Beginning April 1941, figures are for Gold Coast only.
3
Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year4
Includes Philippine Islands production received in United States. Monthly figures for U. S. for 1940 represent estimates of American Bureau of
Metal Statistics revised by adding to each monthly figure $242,602 so that aggregate for 1940 is equal to annual estimate compiled by Bureau of Mint in
cooperation with Bureau of Mines.
J Figures for Canada beginning January 1941 are subject to official revision.
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
7 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For monthly figures back to January 1929 and for explanation of table and sources see BULLETIN for March 1939, p. 227; February 1939, p. 151;
June 1938, pp. 539-540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report
of Director of Mint for 1940, p. 101, and 1936, pp. 108-109.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Year or
month
Total
net
imports
United
Kingdom
Belgium
France
Netherlands
Switzerland
Sweden
Canada Mexico
PhilipColompine
bia
Islands
Aus<tralia
South
Africa
Japan
British
India
All
other
countries
Net imports from or net exports - ) to:
19341
1935
1936
1937
1938
1939
1940
1 131,994 499,870 260,223
8,902 94,348
1,739,019 315,727 934,243
3 227,185
1,116,584 174,093 573,671
3,351
71,006
2
1,585,503 891,531 -13,710 90,859
6,461
6
1,973,569 1,208,728 81,135 15,488 163,049 60,146
3,574,151 1,826,403
3,798 165,122 341,618 28,715
4,744,472 633,083 241,778
977 63,260 161,489
1940
Nov
Dec
1941
Jan
Feb
Mar
Apr
330,107
137,176
936
99
234,242
108,609
118,567
171,992
37
1,218
817
21
1,746
32,304
46,989
39,735
29,998
2
67,975
3
102,404
4
388,468
12,186
13,262
2,170
7,446
27,580
12,805
6,085
4,501
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
262,718
80,389
545
347
2,814
3,283
3,268
14,441
14,994
6,240
1,751
46,876
81,529
95,619
20,216
1,147
814
866
1,147
3,168
11
2,232
2,934
3,185
2,772
3,984
3,587
11,136 149,735
6,738
96
6,262
2,788
4,720 132,261
3,046
313
7
1
4 76,820
1,029
12
12,038
75,268
3,498
65
15,335
77,892
21,513 23,280
8
25,427 34,713
181 246,464 50,762
27,880 39,162
401 168,740 16,159
35,636 74,250 22,862 165,605 50,956
38,627 103,777 184,756 111,739 49,989
12,402
86,829
968
95,171
7,511
72,648
54,452 111,480
1,363
76,315
86,987 612,949
90,320 2,622,330
563
337
5
6,062
15,093
2,951
6,793
Gross imports from: 6
May
June
July
Aug
Sept
Oct
Nov .7
1
2
3
34,830
30,712
37,041
36,973
65,702
40,440
50,374
2
474
542
79
250
55
121
1
16,309
17,521
19,228
10,845
42,563
16,074
24,921
969
800
1,088
843
495
1,020
6,336
2,794
7
2,128
2,230
2,488
2,107
2,110
3,384
2,114
4,972
5,098
3,107
3,143
1,832
4,194
4,593
5,199
6,742
2,064
6,151
5,980
3,594
69
88
137
3,694
200
40
131
1,995
"2,'327"
3,589
5,009
3,811
59,011
5
ll,045
5 9,366
5
9,041
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
Includes $31,830,000 from Argentina.
Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other
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 . t
$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.
5
Includes imports from U. S. S. R. as follows: Feb.—$11,236,000, Aug.—$3,407,000, Sept.—$5,652,000, Oct.—$5,550,000, Nov.—$5,615,000.
6
Beginning May 1941, the Department of Commerce suspended publication of export statistics by country of destination.
7 Beginning December 4, 1941, the Department of Commerce suspended publication of gold import and export statistics.
NOTE.—For gross import and export figures and for additional countries see table on p. 138.
FEBRUARY 1941
177
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.1
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. (Jan. 1, 1936}
1936—Dec. 30
1937—Dec. 29
1,412.5
2,608.4
3,410.3
930.5
1,168.5
603.3
9.8
81.1
243.9
593.5
849.4
924.6
361.4
431.5
449.1
125.2
316.2
583.2
316.7
917.4
1,162.0
6.0
12.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
1940—Mar. (Apr. 3)
June (July 3)
Sept (Oct. 2)
3,207.2
3,045.8
3,472.0
3,844.5
4,197.6
4,659.2
5,035.3
5,021.2
5,115.9
5,440.7
5,748.1
949.8
786.2
1,180.2
1,425.4
1,747.6
2,111.8
2,479.5
2,430.8
2,539.0
2,830.1
3,092.8
149.9
125.9
187.0
238.5
311.4
425.3
552.1
542.5
539.1
922.3
1,112.3
799.9
660.4
993.2
1,186.9
1,436.2
1,686.5
1,927.3
1,888.3
1,999.9
1,907.8
1,980.5
434.4
403.3
477.2
510.1
550.5
607.5
618.4
650.4
631.6
684.1
773.6
618.5
643.1
625.0
641.8
646.7
664.5
676.9
725.7
761.6
785.6
793.1
1,150.4
1,155.3
1,125.4
1,219.7
1,188.9
1,201.4
1,177.3
1,133.7
1,095.0
1,042.1
987.0
54.2
57.8
64.1
47.6
63.9
74.0
83.1
80.6
88.7
98.9
101.6
Nov.
Nov.
Nov.
Nov.
6
13
20
27
5,745.0
5,734.7
5,786.9
5,780.7
3,137.0
3,141.9
3,199.3
3,194.0
1,190.7
1,195.5
1,248.7
1,231.6
,946.3
,946.4
,950.6
,962.5
762.3
751.5
752.3
764.0
795.4
795.9
797.9
798.2
950.3
946.0
936.0
924.5
100.0
99.4
101.4
100.0
Dec.
Dec.
Dec.
Dec.
1941—Jan.
4
11
18
25
1
5,758.0
5,718.2
5,763.7
5,733.0
5,727.6
3,177.8
3,146.5
3,182.1
3,160.9
3,159.0
1,209.1
1,186.3
1,209.7
1,182.4
1,200.8
,968.7
,960.2
,972.4
,978.5
,958.3
763.0
757.6
771.1
771.6
775.1
800.2
801.3
802.9
802.8
803.8
917.4
913.5
907.5
896.3
888.7
99.6
99.3
100.2
101.3
100.9
Jan. 8
Jan.15
Jan. 22
Jan. 29
5,704.0
5,781.3
5,747.5
5,694.5
3,152.9
3,257.6
3,255.2
3,215.9
1,198.8
1,301.3
1,303.3
1,288.2
,954.1
,956.4
,951.9
,927.7
804.6
806.4
807.6
808.1
869.4
843.3
827.8
811.9
101.3
101.7
99.8
Feb.5
Feb. 12
Feb. 19
Feb. 26
5,644.3
5,609.9
5,563.8
5,564.5
3,175.9
3,156.9
3,108.1
3,102.6
1,269.0
1,255.0
1,228.8
1,243.4
,906.9
,901.8
,879.4
,859.2
775.8
in.2
. 757.1
759.9
763.1
754.6
764.6
776.1
809.0
810.5
811.5
812.7
799.3
792.1
783.1
775.8
97.0
95.9
96.5
97.2
Mar.5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
5,560.8
5,592.9
5,598.8
5,567.0
5,526.5
3,128.1
3,188.0
3,202.4
3,185.2
3,148.8
1,249.6
1,300.1
1,346.2
1,325.6
1,307.7
,878.5
,887.9
,856.2
,859.6
,841.0
764.9
752.1
756.2
755.4
767.4
814.0
814.1
814.8
815.8
812.7
757.3
741.9
726.9
714.7
701.8
96.6
96.9
98.4
95.8
95.9
Apr. 9
Apr. 16
Apr. 23
Apr. 30
5,647.5
5,678.3
5,666.3
5,652.5
3,273.6
3,299.2
3,279.2
3,257.3
1,416.6
1,434.7
1,424.0
1,406.4
,857.0
,864.5
,855.2
,850.9
766.4
772.4
785.0
798.9
815.6
816.2
816.7
815.7
694.7
691.9
686.8
682.4
97.1
98.7
98.5
98.2
May
May
May
May
7
14
21
28
5,639.1
5,602.2
5,627.8
5,635.8
3,243.5
3,224.2
3,252.0
3,266.4
1,400.4
1,414.8
1,421.2
1,417.5
,843.1
,809.4
,830.9
,848.9
791.6
792.4
794.6
794.9
832.9
833.5
834.5
835.4
673.8
655.2
649.6
641.6
97.2
96.8
97.0
97.5
June 4
June 11
June 18
June 25
July 2
5,608 9
5,602.7
5,627.8
5,620.7
5,575.4
3,235.2
3,226.9
3,249.3
3,240.9
3,193.3
1,418.6
1,401.3
1,407.9
1,410.3
1,375.1
,816.6
,825.6
,841.4
,830.7
,818.2
803.6
811.6
815.7
817.8
818.6
836.3
832.6
831.6
833.1
834.1
637.1
634.4
634.4
632.4
631.2
96.8
97.2
96.7
96.5
98.2
July
July
July
July
9
16
23
30
5,584.6
5,561.8
5,534.0
5,506.9
3,194.6
3,171.5
3,153.6
3,141.4
1,366.2
1,362.8
1,342.7
1,320.3
,828.4
,808.7
,810.9
,821.1
826.2
826.2
819.4
803.5
835.5
837.8
838.3
838.9
630.0
628.2
624.8
623.6
98.3
98.2
97.9
99.5
Aug. 6
Aug. 13
Aug. 20
• Aug. 27
Sept. 3
5,556.1
5,535.8
5,521.2
5,467.2
5,478.3
3,185.5
3,166.9
3,156.2
3,105.5
3,113.2
1,378.9
1,369.7
1,374.2
1,318.1
1,313.3
,806.6
,797.3
,782.0
,787.4
,799.9
807.3
805.7
803.7
801.8
805.6
839.7
841.0
842.0
841.4
841.7
624.8
623.1
619.7
617.3
616.5
98.8
99.1
99.6
101.0
101.2
Sept. 10
Sept. 17
Sept. 24
Oct. 1
5,448.3
5,397.3
5,422.7
5,510.3
3,073.2
3,022.1
3,050.9
3,139.5
1,292.0
1,262.4
1,255.2
1,321.7
,781.1
,759.7
,795.6
,817.7
814.9
814.8
810.1
805.3
842.0
841.8
839.8
841.1
617.0
618.2
622.1
623.5
101.2
100.5
99.9
100.9
5,494.3
5,478.1
5,460.2
5,503.2
3,123.0
3,108.0
3,091.1
3,138.3
1,309.3
1,337.2
1,291.6
1,334.1
,813.7
,770.8
,799.5
,804.2
804.6
802.1
803.4
797.7
841.7
843.3
843.2
845.2
623.9
623.2
621.2
621.3
Oct.
Oct.
Oct.
Oct.
8
15
22
29
,.,..,..
...
101.1
101.5
101.3
100.6
1
Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading
see BULLETIN for April 1939, p. 285.
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.
178
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2« 1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
Total
United
Kingdom
France
1,412.5
2,608.4
3,410.3
3,844.5
5,021.2
5,727.6
554.9
829.3
993.7
1,183.8
1,101.3
865.2
210.2
299.5
281.7
339.6
468.7
670.3
114.5
229.7
311.9
328.6
470.3
455.6
5,694.5
5,564.5
5,526.5
5,652.5
5,635.8
5,575.4
5,506.9
5,478.3
. . . . 5,510.3
866.4
771.7
716.7
789.4
760.6
696.1
650.1
636.9
694.0
667.4
667.7
665.4
668.6
670.2
670.5
669.5
662.8
654.7
5,494.3
5,478.1
5,460.2
5,503.2
676.5
662.8
644.7
726.0
653.6
652.6
652.7
651.9
From Jan. 2, 1935,
through—
1935—Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1, 1936)
4, 1939)
3, 1940)
1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
May 28
June (July 2)
July 30
Aug. (Sept. 3)
Sept. (Oct. 1)
Oct.
Oct.
Oct.
Oct.
8
15
22
29
....
.„....,
Germany-
Italy
Other
Europe
Total
Europe
130.4
335.5
607.5
557.5
773.0
911.5
36.6
83.1
123.9
140.5
165.9
175.9
24.0
45.6
22.1
32.2
58.0
55.4
130.0
228.5
312.2
472.0
752.9
922.7
1,200.6
2,051.3
2,653.0
3,054.2
3,790.1
4,056.6
()
150.5
106.3
155.3
229.4
411.7
70.9
201.2
410.6
384.6
483.4
606.8
128.3
184.0
224.6
214.2
431.0
562.3
12.7
21.4
15.9
36.2
87.4
90.2
451.5
451.0
471.0
463.3
457.5
456.7
457.0
452.7
451.0
890.5
879.2
883.6
872.4
881.2
886.6
874.7
875.3
836.3
175.3
176.4
177.1
177.8
177.6
177.6
178.5
179.0
178.8
49.3
47.5
47.4
47.0
47.3
47.0
46.6
49.9
50.1
906.9
905.0
898.1
899.2
884.7
883.6
882.3
881.7
935.1
4,007.3
3,898.5
3,859.3
3,917.7
3,879.1
3,818.2
3,758.6
3,738.4
3,799.8
416.5
410.5
394.9
410.7
403.8
400.4
406.9
415.4
407.6
611.2
597.5
623.7
639.1
650.4
659.5
640.9
630.3
606.0
563.4
558.7
547.0
568.0
583.6
579.7
579.4
563.6
580.1
96.1
99.3
101.7
117.0
119.0
117.6
121.0
130.6
116.7
452.6
450.5
450.7
451.4
836.8
836.4
814.9
816.1
178.7
179.2
178.6
178.5
49.9
49.7
50.2
50.3
932.7
946.3
945.3
927.0
3,780.8
3,777.6
3,737.0
3,801.3
410.2
402.5
400.6
390.2
608.6
610.0
609.4
600.6
576.6
567.7
593.1
587.0
118.1
120.3
120.2
124.1
Latin
Canada America
Asia1
All
other1
Nether- Switzerland
lands
Latin
Canada America
Asia1
All
other 1
TABLE 3.—FOREIGN BANKING FUNDS I N UNITED STATES, BY COUNTRIES
From Jan. 2, 1935,
through—
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
(Jan.
30
29
(Jan.
(Jan.
(Jan.
4, 1939)
3, 1940)
1, 1941)
...
8
.„..,..
15
22
,..,.„..
29................
United
Kingdom
1 ,168.5
1 ,425.4
2 430.8
3 159.0
603.3
930.5
128.6
163.5
189.3
364.0
376.1
293.3
3
3
3
3
3
3
3
3
3
215.9
102.6
148.8
257.3
266.4
193.3
141.4
113.2
139.5
349.7
279.2
297.3
382.8
389.9
334.4
297.7
287.0
345.0
3
3
3
3,
123.0
108.0
091.1
138.3
330.9
315.3
297.8
383.1
1, 1936)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
May 28
June (July 2)
July 30
Aug. (Sept. 3)
Sept. (Oct. 1)
Oct.
Oct.
Oct.
Oct.
rotal
SwitzerFrance Netherlands
land
55.7
65.9
76.3
87.9
190.9
160.3
72.4
109.8
288.4
205.1
362.7
494.7
452 8
455 6
456 1
451. 0
447. 6
440. 1
432. 0
156.1
155.4
173.4
165.8
159.8
157.3
157.5
152.8
150.0
482.3
475.8
484.2
475.4
493.5
500.5
488.5
485.3
443.9
430.
429.
429.
429.
151.5
149.6
149.7
150.3
443.5
442.6
420.9
421.5
129 .6
144 2
111 8
155 3
256 1
458.0
455 1
455.0
5
5
6
0
Germany
.8
2
9
-11
-20
-22
7
6
8
1
9
Italy
Other
Europe
Total
Europe
7 .3
23 .0
6.9
1 .7
19 .7
- .9
60.7
79.7
109.4
208.6
470.0
603.7
453.5
588.9
791.7
1 ,010.7
1 ,655.4
1 ,986.3
46.0
86
76
101
174
334
8
3
6
5
1
33 .5
149 3
166 3
127 6
215 1
326 4
58 .8
90 4
126 2
163 3
325 4
450 9
336
314
349
358
-24.
-23.
-22.
-23.
0
9
2
0
4
8
1
-2
-3
-3
-3
-4
-4
-4
-1
-3
8
3
5
8
1
4
3
6
6
587.5
584.6
576.9
576.7
560.6
559.6
557.3
556.1
608.5
2 ,003.7
1 ,924.1
1 ,957.1
2 ,028.7
2 ,031.7
1 ,974.4
1 ,920.8
1 ,896.8
1 ,952.7
324 5
336 1
338. 3
318 2
465
458
446
446
462
433
442
425
437
-23.
-23.
-23.
-23.
2
1
0
1
-3
-3
-3
-3.
8
6
6
604.8
617.9
617.2
598.9
1 ,934.3
1 ,928.1
1 ,888.6
1 ,956.0
341. 1
338. 5
337. 1
326.3
322.
322.
323.
314.
433.
424.
448.
443.
-24
-22
-24
-23
-24
2
7
7
343 4
334 6
321.4
333 9
312 0
317.8
1
2
3
0
367.2
371.9
353 7
345 7
0
4
9
9
5
7
3
3
9
11.5
15.2
8.0
22.2
60.5
61.3
67.7
71.3
74.1
89.9
93.0
95.5
100.0
109.4
92.4
3
92.3
94.6
93.8
98.0
Latin
Canada America Asia1
All
other 1
0
4
1
8
4
4
7
TABLE 4 . - U N I T E D STATES BANKING FUNDS ABROAD, BY COUNTRIES
Total
United
Kingdom
4, 1939)
3, 1940)
1, 1941)
361.4
431.5
449.1
510.1
650.4
775.1
208.8
178.0
207.4
206.2
252.2
269.2
48.1
62.0
65.3
68.4
73.8
74.6
— .4
-3.3
-4.4
-5.6
12.9
17.7
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)..
Apr. 30
,
May 28
„.,..
June (July 2)
July 30
Aug. (Sept. 3)
Sept. (Oct. 1 ) . . . . . ,
759.9
776.1
767.4
798.9
794.9
818.6
803.5
805.6
805.3
269.2
271.4
268.2
269.6
267.4
268.6
265.3
268.8
269.8
75.4
75.6
76.0
75.9
76.4
76.6
76.8
76.8
76.9
804.6
802.1
803.4
797.7
267.2
269.0
268.5
265.2
77.0
77.0
77.0
76.9
From Jan. 2, 1935,
through—
1935—Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
Oct.
Oct.
Oct.
Oct.
8
15
22
29
1, 1936)
,..„.„.
,.„.„..
=..,.„..
1
2
Germany
Italy
Other
Europe
Total
Europe
1.6
2.7
2.6
2.6
2.9
6.5
29.7
66.0
105.1
141.7
177.8
191.6
13.7
16.3
6.5
13.7
15.5
25.3
22.0
26.9
33.8
28.4
49.8
310.2
343.7
409.3
460.9
563.5
634.7
—4.6
36.9
-21.7
35.9
56.5
60.3
20.1
24.9
51.6
66.8
52.6
43.2
37.3
30.4
18.7
-46.5
-21.5
34.8
-1.6
-4.4
-8.7
-7.0
-.8
2.1
17.8
17.8
17.8
17.7
17.8
17.8
17.9
17.8
17.9
5.9
4.2
5.0
5.3
5.2
5.2
5.2
5.3
5.4
192.4
193.0
195.0
195.7
195.9
195.7
196.0
195.9
195.9
25.5
25.5
25.6
25.5
25.5
25.6
25.1
25.7
25.7
48.7
48.8
49.7
50.7
51.4
51.2
51.7
51.8
51.4
634.8
636.3
637.2
640.4
639.5
640.8
638.0
642.2
642.9
62.6
65.4
65.3
71.3
68.3
68.5
71.3
68.7
64.6
40.1
50.9
44.4
47.7
49.8
52.1
49.2
44.1
43.0
20.2
21.6
19.2
38.7
37.6
57.7
46.7
52.6
56.9
2.0
1.9
1.3
.8
-.3
— .4
-1.7
-1.9
-2.0
17.9
17.9
17.8
17.8
5.5
5.5
5.5
5.5
195.9
196.4
195.7
195.7
25.7
25.3
25.7
26.0
52.0
52.3
52.7
53.0
641.1
643.3
642.8
640.1
66.2
60.7
61.9
61.1
41.4
41.-8
40.9
39.9
57.5
57.9
58.9
58.1
.6
.6
.1
.4
SwitzerFrance Netherlands
land
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
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,j>p. 267-277; and May 1937, pp. 394-431.
FEBRUARY
1941
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 (Jan
1936—Dec 30
1937—Dec 29
1938—Dec (Jan
1939—Dec. (Jan.
1940—Dec (Jan
1 1936)
. ...
4 1939)
3, 1940)
1, 1941)
1941_j a n 29
Feb. 26
Mar (Apr 2)
Apr 30
May 28
Tune (Tulv 2)
July 30
Auff (SeDt 3)
Sept. (Oct. 1)
Oct
Oct.
Oct
Oct.
8
15
22
29
....
.„...
Total
United
Kingdom
125.2
316.2
583.2
641.8
725.7
803.8
67.8
116.1
136.8
127.7
125.5
128.6
18.2
22.8
26.1
42.1
43.4
10.4
21.2
27.3
29.4
31.0
—1.2
13.7
30.4
36.1
45.0
46.0
808.1
812.7
812.7
815.7
835.4
834.1
838.9
841.7
841.1
128.7
129.0
128.3
127.8
127.7
127.2
127.7
127.7
127.3
43.5
43.6
43.7
43.8
43.8
49.1
50.8
51.2
51.2
31.0
31.0
31.0
31.0
31.0
31.0
31.2
31.2
31.2
841.7
843.3
843.2
845.2
127.3
127.7
127.7
127.7
51.2
51.3
51.3
51.3
31.2
31.2
31.2
31.2
6.8
7.4
Latin
America
Asia1
10.5
-9.7
-7.6
25.0
12.7
15.7
175.0
167.4
184.0
202.3
17.0
24.5
33.8
42.8
53.0
11.3
13.5
511.2
512.1
511.8
511.5
511.4
516.2
518.5
519.2
519.0
25.8
26.4
26.5
25.9
42.7
37.0
36.8
37.0
32.8
203.5
204.5
203.0
206.0
208.1
210.5
212.3
214.0
214.6
54.2
55.9
57.6
58.2
59.0
60.1
60 8
60.6
60.7
13.5
13.8
13.9
14.2
14.2
10.4
10.5
10.9
14.1
519.2
519.8
519.9
519.9
31.7
32.2
31.6
33.0
214.9
215.0
215.2
215.3
60.7
60.7
60.8
60.9
15.2
15.6
15.8
16.0
Total
Europe Canada
Latin
America
Asia1
All
other 1
Italy
Other
Europe
13.3
22.5
26.6
33.5
36.6
36.5
2.9
9.4
13.5
22.0
27.6
28.1
46.1
87.9
115.2
167.8
189.0
196.4
143.1
278.3
366.4
440.6
495.2
510.0
-39.7
46.1
45.8
45.2
45.2
44.8
44.7
44.5
44.5
44.4
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
28.1
28.1
28.1
28.1
28.1
28.1
28.1
28.1
28.1
197.2
198.1
198.9
199.1
199.5
199.6
199.8
200.0
200.3
44.4
44.3
44.4
44.3
36.5
36.5
36.5
36.5
28.1
28.
28.
28.
200.5
200.7
200.8
200.9
Switzer- Germany
France Netherlands
land
Total
Europe Canada
1.7
7.9
All
other 1
1.1
3.5
6.8
9.7
TABLE 6.-DOMESTIC SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2, 1935,
through—
1935—Dec. (Jan.
1936—Dec 30
1937—Dec 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1, 1936)
4, 1939)
3, 1940)
1, 1941)
1941—Jan. 29
Feb 26
Mar (Apr. 2)
Apr 30
May 28
Tune (Tulv 2)
July 30
.
Aue (SeDt 3)
SeDt. (Oct. 1) .-. ....-.....
Oct.
Oct.
Oct.
Oct.
8
15
22
29
,
».„.......
. ... ... „..........
Total
United
Kingdom
Switzer- Germany
France Netherlands
land
Italy
Other
Europe
316.7
917.4
1,162.0
1,219.7
1,133.7
888.7
149.8
367.7
448.7
472.6
328.1
157.1
23.4
64.7
70.3
76.9
76.6
74.4
50.5
157.6
213.8
212.1
227.7
233.2
55.1
200.2
275.3
304.1
344.7
348.1
-5.4
—7.5
-17.4
-22.8
-28.2
-29.1
-.1
—3.3
-4.9
-5.5
-4.9
2.7
12.9
38.5
55.7
56.6
60.4
64.9
286.2
818.0
1,041.6
1,094.1
1,004.4
851.3
2.8
32.6
37.6
25.7
-2.6
-18.4
3.7
15.5
18.2
23.7
30.1
25.6
21.4
44.1
54.7
65.2
87.6
17.6
2.6
71
11.1
14.3
12.6
811.9
775.8
701.8
682.4
641.6
631.2
623.6
616.5
623.5
101.7
75.1
—7.5
-41.0
-50.5
—56.6
-63.0
-64.7
74.2
74.2
74.2
74.3
74.5
74.6
74.8
75.1
75.3
233.3
233.2
234.9
234.8
234.7
236.1
235.8
236.0
236.5
340.2
338.9
334.7
332.1
324.1
321.7
322.2
326.0
328.9
-29.2
-30.2
—30.3
—30.3
-30.4
-30.4
-30.4
—30.4
-30.4
-1.6
—3.0
—3.0
—3.0
—2.5
-2.5
—2.4
-2.4
-.3
64.6
64.5
64.8
64.9
64.8
64.8
64.5
65.3
66.6
783.2
752.6
681.5
665.3
624.2
613.8
607.9
606.6
611.9
-25.7
—26.9
—28.9
—31.8
—31.3
-34.4
—37.8
-40.0
-41.8
24.7
21.8
20.9
20.6
19.5
19.3
19.2
20.8
23.9
17.7
16 8
16.9
17 0
17.9
21.1
22.9
17.8
18.0
12.0
11 4
11.3
11 3
11.3
11.4
11 4
11.4
11.5
623.9
623.2
621.2
621.3
-65.4
-65.7
—66.1
-66.6
75.4
75.3
75.3
75.2
236.5
236.5
236.7
236.7
329.7
330.4
330.4
331.0
—30.4
—30.3
—30.3
-30.3
-.3
67.2
66.9
66.2
65.9
612.8
612.9
611.9
611.8
—42.3
—42.9
—43.6
-44.0
23.8
24.1
24.1
24.5
18.1
18.1
18.1
18.2
11.5
10.8
10.8
10.3
Other
Europe
Total
Europe
Canada
Latin
America
Asia1
All
other 1
1.4
.4
5.0
5.2
5.0
7.9
7.6
22.6
44.0
47.9
71.6
74.3
-4.5
-7.6
3.5
1.8
8.7
10.7
1.0
—4.2
-.5
-.9
1.6
9.2
2.9
2.1
.5
-1.5
-3.4
6.0
1
6.2
—.2
— .2
-.2
9.8
TABLE 7.—BROKERAGE BALANCES, 2 BY COUNTRIES
From Jan. 2, 1935,
through—
Total
United
Kingdom
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
1940—Dec. (Jan. 1, 1941)
6.0
12.9
47.5
47.6
80.6
100.9
()
4.0
11.5
13.4
19.4
17.0
2.4
10.4
11.5
12.9
20.1
19.9
1.3
-.9
5.0
6.8
9.3
13.4
2.5
9.1
10.8
9.6
17.8
16.2
1941—Jan. 29
Feb. 26
„„.
Mar. (Apr. 2).. t ...
Apr. 30
„.„.
May 28...
,..„
June (July 2)
July 30
Aug. (Sept. 3)
Sept. (Oct. 1)
98.8
97.2
95.9
98.2
97.5
98.2
99.5
101.2
100.9
17.1
17.0
16.7
16.7
16.6
16.4
16.0
16.4
16.6
19.2
19.3
18.7
19.0
19.4
19.2
19.6
19.6
19.3
13.3
13.5
13.9
14.0
14.3
14.5
14.7
15.0
15.5
15.9
14.4
14.5
14.3
13.6
14.5
14.2
14.2
13.8
8.9
9.1
7.9
7.8
8.4
8.4
9.0
8.5
8.3
74.4
73.3
71.7
71.8
72.3
73.1
73.4
73.7
73.4
10.4
10.9
10.6
11.4
12.0
11.6
12.1
13.6
13.7
6.8
6.1
6.1
7.0
5.8
5.7
6.5
5.8
6.3
6.3
6.1
6.4
7.2
6.7
7.1
6.7
7.4
6.7
.9
.9
1.1
.8
.8
.7
.7
.7
101.1
101.5
101.3
100.6
16.5
16.5
16.8
16.6
19.5
19.6
19.6
19.5
15.5
15.3
15.3
15.3
13.8
13.6
13.8
13.8
8.1
8.5
8.4
8.3
73.4
73.5
73.9
73.5
13.5
13.9
13.7
13.8
6.6
6.6
6.1
6.1
6.9
6.6
6.7
6.6
.7
.9
.9
.6
Oct.
Oct.
Oct.
Oct.
1
z
3
4
8
15
22
29
SwitzerFrance Netherlands
land Germany Italy
-.2
2.1
.7
Prior to Jan. 3,1940, thefiguresunder Asia represent Far East only, the remaining Asiatic countries being included under "All other".
For explanation see BULLETIN for May 1937, pp. 395-396.
Inflow less than $50,000.
Outflow less than $50,000.
180
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[Outstanding amounts in millions of dollars]
TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES
Total
United
Kingdom
1929—Dec. 31
1930—Dec. 31
1931—Dec. 30
1932—Dec. (Jan. 4, 1933)
1933—Dec. (Jan. 3, 1934)
1934—Nov. 282
2,672.7 I
2,335.0
1,303.5
733.8
388.2 I
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
1934—Dec. 53
Dec. (Jan. 2, 1935)
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
584.8
597.0
1,200.2
1,491.6
1,729.6
1,996.6
79.6
76.9
205.5
235.7
261.5
436.1
36.1
33.9
163.5
176.3
143.9
187.4
13.5
12.9
68.6
78.8
89.1
101.8
Reported by Banks in New York City
105.2
204.5
157.4 371.3
2,162.8
281.3
222.2
161.0
111.2
1,911.7
122.2
66.0
41.1
33.2
961.2
63.1
82.2
30.2
36.6
469.1
9.9
30.1
11.9
16.3
149.7
41.7
9.7
25.8
14.3
196.0
Reported by Banks in United States
227.1
40.6
28.4
16.8
12.1
46.8
232.9
29.9
18.8
13.7
107.5
686.3
29.0
26.1
86.1
126.3
814.3
32.0
41.7
123.5
156.0
1,017.1
39.0
25.7
302.1
255.5
1,237.8
17.8
20.4
218.8
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
2,318.8
2,683.0
3,050.7
3,057.0
3,165.2
3,456.3
3,719.0
473.9
607.4
656.7
448.2
361.3
397.9
386.4
219.5
284.4
295.9
288.2
290.7
504.8
503.5
143.9
146.0
186.0
204.9
199.7
184.7
180.3
247.1
240.8
299.9
376.3
432.2
441.0
459.6
18.7
15.1
1940—Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
May 28
June (July 2)
July 30
Aug. (Sept. 3)
Sept. (Oct. 1)
3,738.7
3,820.3
3,785.2
3,842.1
3,728.8
3,775.0
3,883.5
3,892.6
3,819.5
3,767.6
3,739.4
3,765.7
378.8
397.2
365.5
421.9
351.4
369.4
454.9
462.0
406.6
369.8
359.1
417.1
500.8
497.6
490.1
487.2
487.1
484.9
487.7
488.2
483.1
479.7
472.2
464.1
179.1
172.8
174.3
170.0
169.4
187.3
179.7
173.7
171.2
171.5
166.7
164.0
490.0
493.5
508.4
496.0
489.5
497.8
489.1
507.2
514.2
502.2
499.0
457.5
3,749.2
3,734.2
3,717.3
3,764.5
403.1
387.4
370.0
455.2
462.7
461.6
461.7
461.1
165.4
163.5
163.6
164.3
457.1
456.2
434.5
435.2
Date
Oct.
Oct.
Oct.
Oct.
8
15
22
29
466.7 I
France Nether- Switzlands erland
8.3
12.7
Germany
Italy
Other
Europe
Total
Europe
1 f All
Latin
^ a n a c l a America Asia I other 1
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
103.3
99.3
145.3
186.1
175.6
201.8
117.4
122.8
156.3
263.9
280.9
248.5
125.1
130.1
188.9
200.2
236.0
274.3
12.0
12.0
23.4
27.1
20.0
34.1
13.2
14.8
12.2
17.1
38.5
69.3
29.8
24.6
314.7
366.9
446.4
516.9
618.7
625.7
667.5
1,432.7
1,672.7
1,909.7
1,882.6
1,980.3
2,193.8
2,235.0
236.6
291.7
325.3
274.6
250.1
259.2
410.7
300.7
363.0
383.0
336.0
365.5
421.4
438.4
305.5
306.0
366.5
491.4
515.2
521.7
567.7
43.3
49.7
66.2
72.5
54.1
60.3
67.1
9.1
8.0
6.7
5.5
7.0
5.6
5.7
5.5
5.7
6.2
6.8
6.6
19.4
18.9
17.9
16.0
15.5
15.3
15.0
14.7
14.4
14.4
17.1
15.1
662.5
656.3
650.6
634.4
631.5
623.8
623.6
607.5
606.5
604.2
603.0
655.4
2,239.6
2,244.3
2,213.5
2,230.9
2,151.3
2,184.3
2,255.9
2,258.9
2,201.6
2,148.0
2,124.0
2,179.9
408.1
435.2
434.3
443.6
434.8
421.5
434.0
412.2
417.9
424.7
436.2
438.4
446.0
453.6
447.3
457.0
435.1
470.2
478.9
488.1
492.8
474.6
466.6
439.2
576.3
622.0
616.9
631.0
624.4
612.9
612.9
628.5
599.7
608.3
591.2
603.8
68.7
65.1
73.3
79.6
83.3
86.1
101.8
104.9
107.5
112.0
121.4
104.4
6.5
6.5
6.6
6.6
15.0
15.1
15.2
651.7
664.8
664.1
645.8
2,161.5
2,155.3
2,115.8
2,183.2
441.2
438.6
437.2
426.4
442.9
443.3
444.0
435.7
599.4
590.4
614.6
609.2
104.2
106.5
105.7
110.0
7.8
9.5
8.4
9.8
15.1
Additional Detail Available from January 3, 1940 4
5 European countries
Date
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
1940—Oct. 30
Nov. 27
Dec. (Jan. 1, 1941).
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
April 30
May 28
June (July 2)
July 30
Aug. (Sept. 3)
Sept. (Oct. 1)
Oct.
Oct.
Oct.
Oct.
8
15
22
29
6 Latin American countries
ArDen- Fin- Nor- Swe- Total genTotal Bel- mark
land way den
tina
Philip
PanBra- Chile Cuba Mex- ama Total -hina Hong Japan pine
Iszil
Kong
and
lands
C. Z.
43.2
49.7
48.7
68.4
65.3
63.2
40.2
53.5
57.3
455.1 178.5
448.4 181.
431.6 192.7
39.7
44.1
36.2
45.4
35.1
44.0
50.6
52.4
53.4
46.6
47.3
37.5
25.0
26.9
28.5
26.1
25.3
30.5
28.8
29.4
29.4
28.0
27.7
26.0
48.4
46.4
47.9
48.6
47.3
51.5
55.6
60.6
60.1
66.4
73.3
74.0
64.4
62.6
55.0
49.3
52.6
53.5
48.6
48.8
42.6
42.3
42.0
41.4
57.9
58.6
58.7
54.8
55.9
64.5
62.1
57.5
59.4
51.7
52.9
49.1
432.5
475.2
454.5
464.3
464.4
447.9
420.5
418.8
393.4
381.1
365.0
355.1
195.1 89.4
218.6 92.2
207.5 91.1
210.5 93.4
217.5 97.5
216.7 94.5
187.0 92.8
176.5 95.9
164.4 101.3
159.9 102.3
161.7 86.6
151.6 90.0
37.7
37.1
38.2
37.5
25.4
26.7
30.4
30.1
74.8
74.4
75.5
73.8
41.1
40.0
40.5
41.2
48.7
49.7
47.3
47.4
359.1
350.2
348.5
345.2
153.0
148.7
148.2
145.6
25.0
29.6
29.1
68.4
59.0
51.2
168.6 275.4 63.5 35.3
187.6 326.5 88.7 39.0
225.3 338.8 110.1 33.4
469.0 145.7
145.7
144.8
143.2
450
437.9 140.7
429.6 135.4
433.1 134.1
426.3 125.1
425.7 125.5
425.5 123.4
424.2 121.2
451.9 120.9
16.2
16.1
17.3
17.1
17.0
16.4
16.1
15.2
15.9
17.8
18.0
18.8
24.3
22.0
16.5
14.1
12.3
10.6
12.5
10.3
5.4
5.5
6.1
5.9
51.3
50.1
48.7
48.3
46.2
45.0
44.8
44.2
43.7
43.2
42.2
66.1
231.5
232.4
235.4
227.7
221.6
222.2
225.6
231.5
235.2
235.5
236.6
240.2
348.2
353.8
341.7
342.5
319.6
348.6
349.1
355.8
364.2
353.6
348.0
326.8
112.7
115.1
115.4
118.2
103.3
104.5
103.4
107.1
119.4
118.6
104.9
98.8
451.0
450.5
449.
449.7
18.8
18.8
18.7
18.7
5.9
5.9
5.8
5.9
65.8
65.9
65.7
65.5
240.0
240.0
239.7
239.7
327.3
325.7
328.4
323.5
99.7
97.7
96.6
93.5
120.
119.9
120.0
119.8
75.2 169.4 32.0
78.4 152.6 35.6
87.0 106.8 45.2
24.7
30.2
26.1
475.1 184.3 28.7
457.0 161.3 19.5
470.3 147.9 16.8
466.2
462.7
4 Asiatic countries
90.9
89.6
89.1
88.8
102.8
119.3
110.3
114.1
103.4
90.8
92.5
94.9
79.2
76.3
76.8
75.4
45.2
45.1
45.6
46.3
46.0
45.9
48.2
51.5
48.5
42.6
39.8
38.1
77.0
75.3
75.4
75.1
38.3
36.6
35.9
35.6
1
2
3
4
Prior to Jan. 3,1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
Last report date on old basis.
First report date on new basis.
The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin America, and Asia.
NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of
reporting banks which occurred on Aug. 12, 1936, Jan. 5, 1938, Oct. 18,1939, and May 7, 1941 (see BULLETIN for May 1937, p. 425; April 1939, p. 295; April,
1940, p. 362; and September 1941, p. 947).
FEBRUARY
1941
181
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
United
Kingdom
Total
Date
SwitzFrance Netherlands erland
1,103.3 I 166.2
949.4
89.4
907.1
197.9
827.1 201.3
29.5
67.6
65.0
94.1
20.9
14.2
18.1
15.9
1934—Dec. 5 3
Dec. (Jan. 2, 1935)
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1,137.8
1,139.9
778.6
672.6
655.0
594.0
266.4
296.9
88.1
114.1
84.8
86.0
108.2
80.5
32.5
16.8
13.5
10.3
19.2
18.6
19.0
21.9
23.0
24.2
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
553.6
496.6
485.7
508.7
527.5
475.0
385.5
83.0
55.4
66.0
39.9
39.7
32.0
20.2
13.8
10.7
20.1
19.7
1940—Oct. 30
Nov. 27
Dec. (Jan. 1,1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
May 28
June (July 2)
July 30
Aug. (Sept. 3)
Sept. (Oct. 1)
393.4
395.1
384.0
399.2
383.0
391.7
360.2
364.2
340.5
355.6
353.5
353.8
19.6
21.4
23.0
23.0
20.7
24.0
22.6
24.7
23.5
26.9
23.4
22.4
3.7
4.3
4.2
3.4
3.1
2.8
2.8
2.4
2.1
2.0
1.9
1.9
1.0
1.1
.9
.8
.8
.8
.9
.9
.8
354.4
357.0
355.7
361.4
25.0
23.1
23.6
26.9
1.8
1.8
1.8
1.8
.7
.7
Oct. 8
Oct. 15
,.„.„...
Oct. 22
Oct. 29
Italy
Other
Europe
Total
Europe
Latin
Canada America
Reported by Banks in New York City
149.2 II 864.3
12.6
467.2
18.7
6.4
96.1 719.0
433.7
11.5
83.9
652.3
12.5
258.1
16.8
60.2 II 569.5
8.5
178.8
10.7
Reported by Banks in United States
8.3
239.6
26.5
81.3
749.5
8.2
231.7
27.2
80.0
743.2
6.6
202.0
13.5
71.2
433.0
5.4
165.1
10.9
57.8
392.1
5.5
126.1
20.8
52.9
326.5
5.5
89.4
13.5
45.9
274.9
1931—Dec. 30
1932—Dec. (Jan. 4, 1933)
1933—Dec. (Jan.
3, 1934)
1934—Nov. 282
8.7
4.9
4.9
6.2
3.5
Germany-
9.6
5.7
6.7
2.6
1.1
.7
.8
.7
.8
.8
3.6
4.5
2.9
5.2
6.2
3.8
1.5
81.4
77.4
67.1
53.4
50.1
47.3
45.6
16.4
1.9
1.9
1.5
2.1
3.8
3.1
2.7
2.9
2.9
2.9
2.8
3.3
2.2
2.0
1.7
1.7
2.7
44.0
43.0
39.6
38.8
38.2
36.1
35.5
35.3
35.5
35.2
35.3
35.3
2.6
2.6
2.6
2.6
35.2
34.8
35.5
35.5
9.5
12.2
11.8
16.9
14.2
2.8
1.7
1.7
1.7
1.6
2.1
1.5
1.5
1.5
2.0
1.5
1.3
58 .1
43 .9
34 .7
84 .4
136.
158.
159.
124.
5
2
2
4
Asia1
41.
24.
54.
46.
All
other 1
8
8
6
2
2.6
3.5
6.3
2.6
91.2
96.3
100.9
59.4
118.0
60.4
170.7
174.6
154.5
141.1
114.4
99.1
118.1
117.4
80.1
67.2
78.9
144.1
8.3
8.5
10.1
12.9
17.2
15.5
48.8
39.9
41.6
51.4
48.6
41.0
34.8
267.1
217.0
208.1
172.2
173.2
147.2
109.4
46.3
54.0
49.7
39.7
42.2
35.3
30.8
99.5
110.3
108.5
113.3
110.7
117.0
113.1
125.7
100.5
104.0
174.1
192.6
167.9
125.7
14.9
14.8
15.4
9.3
8.9
7.7
6.4
33.3
32.0
29.9
31.1
31.0
30.1
29.1
28.4
28.6
28.1
28.0
28.4
106.8
106.0
101.0
100.9
99.4
98.6
95.3
96.3
95.0
97.8
93.6
92.9
32.4
29.7
36.0
33.6
30.8
30.9
25.0
27.9
27.8
24.9
27.6
31.7
123.1
125.9
122.7
125.8
115.1
121.6
118.3
116.2
113.9
116.8
121.9
123.0
124.9
126.2
117.8
132.4
131.0
133.4
113.9
115.0
94.9
105.9
100.0
95.7
6.3
7.3
6.4
6.5
6.6
7.2
7.7
8.8
8.9
10.2
10.4
10.5
27.8
27.5
27.1
26.7
94.7
92.5
92.9
95.7
30.1
35.5
34.4
35.2
124.6
124.1
125.1
126.1
95.1
94.7
93.7
94.5
10.1
10.1
9.6
9.9
Additional Detail Available from January 3, 19404
5 European countries
Date
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
ArBel- Den- Fin- Nor- Swe- Total genTotal gium
mark land way den
tina
..
1940—Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—-Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
May 28
June (July 2)
July 30
Aug. (Sept. 3)
Sept. (Oct. 1)
Oct. 8
Oct. 15
Oct 22
Oct. 29
19 4
10.6
7.5
7.9
7.6
6.1
5.5
5.6
5.6
4.8
4.4
4.2
4.4
4.4
4.3
4.2
2.2
2.1
1.5
1.4
1.5
1.3
1.3
1.0
1.1
1.1
1.1
1.1
4.3
4.2
4.2
4.1
1.1
1.1
1.1
1.0
3.4
1.7
4 Asiatic countries
6 Latin American countries
Philip
PanBra- Chile Cuba Mex- ama Total China Hong Japan pine
Iszil
Kong
ico and
C. Z.
lands
.7
.3
1.5
1.7
.8
4.0
4.5
3.4
2.7
71.4
77.5
72.5
12.5
16.7
14.8
33.0
33.7
30.8
9.7
10.0
9.4
10.7
11.4
10.6
4.7
1.1
1.3
1.9
182.6 26.1
155.2 30.2
109.8 24.2
.3
.3
.3
.3
.3
.1
1.9
1.9
1.8
1.9
1.9
1.9
1.9
1.9
2.0
2.0
2.0
2.0
1.1
1.0
.9
.8
.8
.7
.7
.6
.6
.6
.6
.5
2.1
.8
1.0
1.2
1.2
.9
.6
.6
.6
.6
.6
.6
81.4
82.9
78.4
80.0
68.3
71.1
69.0
67.4
69.5
72.4
73.3
71.1
13.2
13.5
11.9
11.1
10.0
10.4
10.8
12.7
12.6
13.8
14.3
15.6
40.2
39.0
33.1
34.0
24.4
30.0
28.1
24.1
25.4
27.3
27.8
24.4
10.8
11.7
13.4
14.9
14.3
12.2
12.0
12.2
13.2
13.5
12.7
13.5
10.9
11.5
11.7
11.8
11.3
10.7
10.3
9.7
9.8
10.0
9.5
9.1
4.6
5.3
6.1
6.1
5.9
5.4
5.4
6.0
5.9
5.6
6.8
6.5
1.7
1.9
2.1
2.1
2.4
2.5
2.5
2.7
2.7
2.3
2.2
1.9
110.7
113.9
103.8
117.9
114.2
115.2
97.0
98.0
78.2
90.6
84.6
81.2
2.0
2.0
2.0
2.0
.5
.5
.5
.5
.6
.6
.6
.6
73.5
73.0
73.5
73.2
15.1
15.0
14.4
14.4
26.6
24.9
26.5
25.3
14.4
14.6
14.7
15.1
8.5
8.5
8.7
8.9
6.8
7.9
7.2
7.3
1.9
2.1
2.0
2.2
79.7
78.9
79.0
80.0
2.2
f'5)
(5)
8
$
1.5
1.2
4.8
4.5
1.7 125.9
90.6
53.2
28.9
32.7
28.2
58.0
62.8
55.8
71.8
68.3
67.3
46.9
41.1
17.3
27.1
22.5
21.5
25.4
25.6
22.6
20.7
21.5
20.4
23.0
25.0
27.1
26.4
28.0
27.3
21.0
20.5
20.4
20.4
26.9
26.9
27.3
27.5
24.2
24.0
23.7
24.2
23.5
26.5
26.1
29.2
31.1
34.1
30.7
29.4
1.6
4.3
3.0
1.5
1.7
1.1
.9
.9
1.0
2.7
2.7
3.0
3.4
3.1
29.0
28.7
28.6
29.2
2.8
2.8
2.8
2.9
C5)
5
(
) represent Far East only, the remaining Asiatic countries being included under "All other".
l.Prior
to
Jan.
3,
1940,
the
figures
under
Asia
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 Other Europe, Latin Amerca, 5and Asia.
Less than $50,000.
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).
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Assets of
issue dept.
Bank of England
(Figures in millions of
pounds sterling)
Gold1
1929—Dec. 25.
1930—Dec. 31.
1931—Dec. 30.
1932—Dec. 28.
1933—Dec. 27.
1934—Dec. 26.
1935—Dec. 25.
1936—Dec. 30.
1937—Dec. 29.
1938—Dec. 28.
1939—Dec. 27.
1940—Dec. 25.
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
.2
.2
1941—Jan. 29..
Feb.26.
Mar. 26.
Apr. 30.
May 28.
June 25.
July 30.
Aug. 27.
Sept. 24
Oct. 29.
Nov. 26.
Dec. 31.
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
.2
Other
assets 2
5c
6
Liabilities of banking department
Assets of banking department
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
630.0
630.0
630.0
630.0
680.0
680.0
680.0
680.0
680.0
5
730.0
730.0
730.0
5
780.0
Coin
Notes
Discounts
and advances
.2
.6
.6
.8
1.0
.5
.6
.6
1.0
.9
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
1.0
1.4
1.1
1.5
1.6
1.7
1.7
1.8
1.6
1.3
.6
.3
31.0
27.0
18.8
56.9
50.7
41.3
21.8
15.5
58.8
36.9
20.2
28.5
3.8
3.7
45.3
28.3
11.4
6.9
6.5
6.4
4.6
4.5
4.0
6.4
175.4
175.4
145.8
133.7
149.4
156.2
181.7
183.9
149.8
163.3
192.3
267.8
Cash reserves
Securities
Note
circulation 3
Deposits
Bankers'
Public
Other
Other
liabilities
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
• 71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
8.8
6.6
7.7
8.9
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
599.2
603.2
611.5
623.4
629.5
639.0
658.4
664.7
671.4
693.3
710.0
751.7
107.9
121.7
118.6
131.8
110.9
112.5
132.1
125.7
133.9
117.0
136.4
219.9
53.0
53.0
52.3
57.2
52.1
50.4
50.5
49.1
52.2
57.7
53.1
54.1
18.0
18.1
18.1
17.7
17.8
17.8
17.9
18.0
18.1
17.7
17.8
17.9
Assets
Bank of France
1929—Dec. 27
1930—Dec. 26
1931—Dec. 30
1932—Dec. 30
1933—Dec. 2 9 . . . . .
1934—Dec. 28
1935—Dec. 27
1936—Dec. 30
1937—Dec. 30
1938—Dec. 29
1939—Dec. 28
1940—Jan. 25
Feb. 29
Mar. 28
Apr. 25
May 30
June 10.
Aug.29 1111....
Sept. 26 ....
Oct.31 11
Nov. 28".
...
Dec. 2611
Gold
10
10
1941—July 31
Aug. 28
6
Foreign
exchange
7
Open
market 7 Special
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
97,267
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
97,268
97,275
84,614
84,615
84,616
84,616
84,616
84,616
84,616
84,616
84,616
111
109
111
112
102
108
(12)
(12)
(12)
(12)
42
11,861
12,505
42,645
42,694
44,083
44,173
(12)
(12)
(12)
(12)
43,194
84,598
84,598
37
37
40,776
40,720
9.9
12.1
12.1
11.4
15.9
29.7
12.5
32.4
14.6
22.0
13.6
32.3
25.3
11.3
14.9
10.6
13.7
9.8
11.2
Liabilities
Advances to
Government
Domestic bills
(Figures in millions
of francs)
22.2
Other
For occupation
costs8
Deposits
Other
assets
Other
7
8,624
8,429
7,389
3,438
4,739
Note
circulation
Government
C.A.R.
9
Other
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
1,834
1,203
1,154
1,171
1,046
1,049
995
990
1,097
748
984
27,200
34,930
38,932
39,107
41,400
14,965
17,128
14,262
14,681
25,782
25,405
28,226
25,700
25,075
24,941
27,202
1,318
1,341
60,612
60,193
33,978
29,179
1,379
652
1,797
2,345
17,698
31,909
20,627
34,673
2,235
1,810
1,870
1,781
1,889
1,518
(12)
(12)
(12)
(12)
661
27,200
39,200
56,806
64,397
72,317
35,673
40,523
20,550
20,900
32,600
36,250
64,195
69,340
65,250
61,200
63,900
19,636
20,785
19,666
19,305
22,729
25,221
(12)
(12)
23,179
151,738
156,150
156,032
156,285
170,853
174,469
198,578
205,439
213,131
214,176
218,383
117,715
117,555
69,500
67,700
22,605
21,826
242,000
244,099
(12)
Other
liabilities
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when
it was
officially set at 168 shillings per fine ounce.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about
5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account
to Bank;
on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50 million pounds on June 12,1940, and Apr. 30, Aug. 30, and Dec. 3, 1941.
6
Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29;
Se
8
By a series of Conventions between the Bank of France and the Treasury, dated Aug. 25, Oct. 29, Dec. 12, and Dec. 30, 1940, and Feb. 20, Apr. 30,
May9 10, June 11, and Sept. 11,1941, advances of 130,000 million francs were authorized to meet the costs of the German army of occupation.
Central Administration of the Reichskreditkassen.
10
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;
in week
ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
11
Figures
taken from annual report of Bank for 1940.
12
Figure not available.
NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83.
FEBRUARY
1942.
183
Central Banks—Continued
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and
foreign exchange
Total
reserves
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec
1934—Dec.
1935—Dec
1936—Dec.
1937—Dec
1938—Dec.
1939—Dec.
1940—Dec.
31
31
31
31
30
31
31
31
3i
31
30
31
...
1941—Jan. 31
Feb. 28
Mar 31
Apr. 30
May 31
June 30
July 31
Aug 30
Sept 30
Oct. 3 1 p
Nov 22 p
Gold
1
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
78
77
77
78
78
78
78
78
77
77
77
77
Liabilities
Securities
Bills (and
checks),
including
Treasury
bills
Security
loans
2,848
2,572
4 242
2,806
3,226
4 066
4,552
5 510
6,131
8 244
11,392
15,419
251
256
245
176
183
146
84
74
60
45
30
38
259
445
349
221
106
557
804
32
14,503
15,284
15,367
15,644
15,918
16,258
16,754
17,306
18,016
18,456
17,669
28
34
23
32
23
20
27
25
25
26
15
28
24
32
22
18
45
12
16
24
20
55
Eligible
as note
cover
Deposits
Other
liabilities
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
13,694
13,976
14,188
14,689
15,210
15,565
16,031
16,502
16,918
17,432
16,645
1,726
1,935
2,127
2,006
2,012
2,373
2,243
2,326
2,511
2,470
2,399
1,399
1,305
1,210
1,117
1,174
1,215
1,259
1,323
1,357
Other
Other
assets
Note
circulation
92
102
161
398
322
319
315
303
286
298
393
357
656
638
1 065
1,114
735
827
853
765
861
1,621
2,498
2,066
349
351
352
488
438
416
359
384
383
1,834
1,445
1,672
1,548
1 922
2,336
2,302
2,343
2 260
(2)
(2)
a
P1 Preliminary.
Not shown separately on Reichsbank statement after June 15, 1939.
2
Figure not yet available.
NOTE.—For explanation of above table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83.
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange...
Negotiable Government bonds
Rediscounted paper
Other assets.
Note circulation
Deposits—Member bank
Government
Other
Foreign exchange sold forward
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
National Bank of Belgium (millions
of belgas):
Gold
Foreign exchange
Credits to State and public bodies..
Credits to private economy
Due from Bank of Issue, Brussels..
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Bohemia and Moravia (millions of koruny):
Gold
Foreign exchange
Discounts
Loans
Dec.
1941
Central Bank
Nov.
(Figures as of last report
date of month)
1,075
456
364
209
1,281
502
207
26
7
81
Oct.
Dec.
1,075
440
364
(*)
194
1,260
545
137
18
3
109
11
228
1,224
437
106
18,955
57,245
17,705
55,507
1,071
258
268
6
60
3,817
4,033
31,975 69,111
20,202 26,676
67,790 36,983
114,402 127,821
73,614 68,119
(Mar.) 2
4,331
543
2,186
125
373
491
7,596
296
157
4,331
236
1,656
231
376
497
6,895
281
151
(June)2
1,503
788
660
C1)
1,447
785
1941
Dec.
Nov.
1940
Oct.
Dec.
National Bank of Bohemia and Mo(June^ 2
ravia—Cont.
Other assets
()
7,101
6,453
Note circulation
2,091
1,560
Demand deposits
Other liabilities
(3)
Central Bank of Bolivia (thousands
:
of bolivianos):
(Apr.)
104,959 102,034
Gold at home and abroad
Foreign exchange
42,607 191,699
224,182 216,364
Loans and discounts
440,344 428,685
Securities—Government
8,513
7,230
Other
202,454 18,168
Other assets
508,348 475,856
Note circulation
422,463 387,239
Deposits
92,248 101,085
Other liabilities
National Bank of Bulgaria (millions
of leva):
(May) 2
Gold. ...m
2,006
2,006
#
Net foreign exchange in reserve
4
40
Foreign exchange
2,336
5,807
2,843
Loans and discounts
905
3,353
Government debt
2,593
2,677
3,684
Other assets
6,518
8,610
Note circulation
3,785
3,522
Deposits
2,917
2,902
Other liabilities
Bank of Canada (thousands of Canadian dollars):
Gold4
Sterling and United States exchange
^
200,861 113,828 42,511 38,429
Canadian Gov't. securities:
2 >ears or less
391,783 428,664 462,240 448,440
Over 2 years
216,688 228,459 234,733 127,323
Other assets
33,529 20,309 29,558 12,386
Note circulation
495,956 462,996 448,866 359,949
Deposits—Chartered banks
232,031 247,154 231,816 217,738
Dominion Gov't
73,848 53,180 60,346 10,880
Other
5,970
7,220 2,361
9,515
Other liabilities
35,057 20,711 25,654 28,496
1
2
3
4
Less than 500,000.
Latest month for which report is available for this institution.
Figure not available.
On May 1,1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July 1940, pp.
677-678).
184
FEDERAL RESERVE BULLETIN
Central Banks—Continued
Central Bank
(Figures as of last report
date of month)
1940
1941
Dec.
Central Bank of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
Bank of t h e Republic of Colombia
(thousands of pesos):
Gold
. ..
Foreign exchange
Loans and discounts
Government loans and securities..
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Discounts
Loans—To Government agencies...
Other
Securities
Other assets
Note circulation
Deposits
Other liabilities
••
Central Bank of Ecuador (thousands
of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 2 (thousands
of pounds):
Gold
Foreign exchanse
Nov.
Dec.
Oct.
Bank of Finland—Cont.
28,256
10,903
46,855
54,593
31,335
74 441
50,394
47,107
147
227
738
512
136
1,233
196
102
229
14
235
738
537
90
1,242
167
95
243
147
216
742
411
48
1,149
160
61
194
29,102
10,449
42,621
54,586
34 612
68 009
53,786
49,574
29,757
8,098
41,705
56,203
33,101
66 503
54,810
47,552
30,616
12,946
27,200
49,270
30,668
62,327
51,507
36,866
98
32
758
16
26
180
857
792
980
204
(July)1
68,453
12,175
73,117
27,585
95,556
42,260
43,514
115
11
395
10
18
71
157
516
741
353
197
60,935
18,146
59,132
20,966
77.895
53,042
28,241
1
.......
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
......
Foreign exchange
Loans and discounts
Government debt and securities....
Other assets
Note circulation
Deposits
Other liabilities
Bank of Finland (millions of markkaa):
Gold
Foreign assets
Loans and discounts.
Domestic securities
Other assets
1
2
3
4
5
6
.„.„.„.
13,246
1,616
1 307
6,801
1 801
16 976
4 140
3 655
Denosits
Other liabilities
Bank of Greece (millions of drachmas)
Gold and foreign exchange (net)..
Loans and discounts
Other liabilities
National Bank of Hungary (millions
of pengo):
Gold3
Foreign exchange reserve
Discounts
Loans—To Treasury
To foreisn countries
Other
Other assets
Note circulation
Demand deposits
Consolidated foreign credits of 1931
Othpr 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
Other assets
Deposits
Other liabilities
Bank of Japan (millions of yen):
Cash, bullion, and foreign accounts
Special foreign exchange fund
Advances—To Government
Other6
(Sept.)
6,241
2,722
4,778
6,241
1,928
7,800
84,664
7 660
45 945
10,166
36,385
13,568
58,805
6,299
37 309
2,480
30,393
10,890
13,236
1,215
1 025
6,362
1 711
16 089
3,821
3 638
Note circulation
.
13,239
Deposits
1,557
Other liabilities
2 751
6,795 Netherlands Bank (millions of guilders):
1 345
Gold
..
14 043
Silver (including subsidiary coin)..
4,475
7,169
Foreign bills
.
. . . .
British, Egyptian, and other GovOther assets
Note circulation
Central Bank
(Figures as of last report
date of month)
(May) 1
556
1,182
5 610
414
2,212
604
1,492
5,396
370
1,631
Other assets
Deposits—Government
Other
Other liabilities
Bank of Java (millions of guilders):
Gold
Foreign bills
Loans and discounts
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
1940
1941
Dec.
Nov.
Oct.
Dec.
(May)
5,65
5,551
834
3,107
79
3,52
(Mar.)
18 46
16,58
3,94
3,58
19,37
20,90
2,30
10,000
16,903
4,049
3,771
15,369
16.820
2,534
124
35
710
570
100
18
1,029
80
140
35
398
51
353
1,387
160
1,94
337
26
217
(Sept.)
297
r
444
1 366
765
392
2 861
444
1 315
496
297
2 412
106
526
139
572
55
1
80
658
134
102
678
115
5
300
517
4,118
561
4,484
877
321
389
378
20
91
139
261
331
36
516
300
3
954
4,244
5
532
4,787
1,130
173
458
263
18
116
137
205
292
36
(Sept.)1
1 023
8
590
68
176
277
1,894
1 102
18
15
252
219
176
1,552
190
58
175
57
Latest month for which report is available for this institution.
•
Items for issue and banking departments consolidated.
Gold revalued in week ending Sept. 30, 1941, at 0.2175 gram fine gokfper pengo, an increase in gold value of the pengo of approximately 24 per cent.
Included in "Other liabilities".
Figure for "Cash, bullion, and foreign accounts" on this date excludes foreign accounts, which are presumably included in figure for "Other assets".
Includes bills discounted, no longer shown separately beginning Mar. 29,1941.
FEBRUARY 1942.
185
Central Banks—Continued
Central bank
(Figures as of last report
date of month)
Dec.
Reserve Bank of New Zealand (thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway (millions of kroner):
Gold.
Foreign assets
Total domestic credits and securities
Discounts
Loans
Securities
Other assets
Note circulation
Demand deposits—Government—
Other
Other liabilities
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of
escudos):
Gold3
Other reserves (net)
Non-reserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania (millions
of lei): 4
Gold
Special exchange accounts
Loans and discounts
Special loans (in liquidation)
Government debt
Other assets
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilites
Bank of Sweden (millions of kronor):
Gold
Foreign assets (net)
Domestic loans and investments...
Other assets
Note circulation
Demand deposits
Other liabilities
1
2
3
4
5
Nov.
Oct.
Central bank
(Figures as of last report
date of month)
Dec.
2,802
11,045
2,802
11,528
2,802
12,501
22,587
3,842
1,666
22,294
17,076
2,571
22,733
3,842
1,690
22,133
17,874
2,588
27,020
3,771
1,167
22,667
21,107
3,485
(Mar.) 1
186
102
435
599
9
112
2
55,142 49,910
15,822 22,760
183,222 130,148
8,135 12,310
181,191 142,740
58,282 46,823
22,848 25,565
(Sept.)l
1,309
1,332
1,919
48,533
19,604
2
40,650
28,488
76,321
3,980
351
1,031
875
3,501
2,617
698
1,239
633
785
442
1,033
1,156
2,903
1,318
1,068
(Sept.)i
33,715
17,667
31,102
574
9,628
37,532
89,691
28,281
12,246
32,156
6,847
26,640
746
9,785
14,917
64.349
14,990
11,753
51,260
11,686
2
41,762
28,151
71,846
4,714
44,566
771
1,152
35,732
23,681
53,937
4,604
424
874
773
877
1,568
716
664
353
750
739
800
1,482
436
723
Dec.
Nov.
Oct
Swiss National Bank (millions of
francs):
2,423
Gold
1,094
Foreign exchange
218
Loans and discounts
226
Other assets
2,175
Note circulation
1,503
Other sight liabilities
283
Other liabilities
Central Bank of the Republic of
Turkey (thousands of pounds):
(Aug.) 1
Gold
115,679
48,359
Foreign clearing accounts
444,880
Loans and discounts
190,822
Securities
28,096
Other assets
498,066
Note circulation.
79,358
Deposits—Gold
113,375
Other
137,038
Other liabilities
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
86,235
Gold and silver
107,621
Note circulation
Banking department:
74,449
Gold
30,136
Notes and coin
Advances to State and to
government bodies
24,178
Other loans and discounts
91,601
Other assets
130,627
119,626
Deposits
231,365
Other liabilities
Central Bank of Venezuela (thousands of bolivares):
124,311 124,304 124,304
Gold
38,903 34,862 31,706
Foreign exchange (net)
36,230 38,997 38,997
Credits to national banks
9,422
7,479 14,676
Other assets
Note circulation—
95,695 94,067 89,235
Central Bank
60,738 63,943 70,089
National banks
42,663 37,339 40,855
Deposits
'.
9,770 10,292 9,504
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
(Feb.)1
Gold
2,790
909
Foreign exchange
1,686
Loans and discounts
3,061
Government debt
7,128
National defense bills
3,465
Other assets
13,973
Note circulation
3,510
Other sight liabilities
1,555
Other liabilities
Bank for International Settlements
(thousands of Swiss gold francs5):
(Sept.)]
Gold in bars
28,730
Cash on hand and on current
account with banks
39,293
Sight funds at interest
15,507
Rediscoun table bills and accept141,956
ances (at cost)
21,008
Time funds at interest
221,911
Sundry bills and investments
49
Other assets
22,793
Demand deposits (gold)
Short-term
deposits
(various
currencies):
Central banks for own account..
19,812
Other
4,047
Long-term deposits: Special accounts
229,001
192,801
Other liabilities
Dec.
2,173
999
263
274
2,273
1,178
258
110,142
32,775
379,064
193,705
30,926
417,826
78,955
115,511
134,321
86,235
107,229
56,083
34,000
40,826
95,780
78,062
109,243
195,507
2,740
726
1,787
3,060
6,941
2,867
13,834
3,531
756
35,368
45,210
15,650
141,614
21,153
234,370
2,306
28,144
42,588
3,098
229,001
192,840
Latest month for which report is available for this institution.
Figure not available.
Valued at average cost.
Gold revalued Apr. 1, 1941, at 0.0047 gram fine gold per leu.
See BULLETIN for December 1936, p. 1025.
186
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date effective
United
GerKing- France many
dom
In effect Oct. 2,
1936
Oct. 9
Oct. 16
Oct. 20
Nov. 26
Dec. 3
Jan. 28, 1937
June 15.
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938 .
May 13
May 30 . . .
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940
Apr. 9
May 17
Mar. 17, 1941
May 29
. .
June 27
In effect Jan. 31,
1942
2
Belgium
4
2
Netherlands
Sweden
3
2
4
4
2Y2
J
Switzer- Albania
land Argentina
Belgium
Bohemia and
2
Moravia
V/2
6
5
4
sy2
3
Rate
Central
bank of—
3
3
Date
effective
3T
5K Mar. 21, 1940
Mar. 1, 1936
2 2 Jan. 25, 1940
Oct.
1, 1940
Central
bank of—
3
iy2
4
3
Date
effective
aT
Apr.
Jan.
Feb.
July
Jan.
July
May
Aug.
Mar.
7, 1936
14, 1937
17, 1940
15, 1939
2, 1941
Bolivia
6
British India..
3
Bulgaria
5
Canada... .
Chile
3-4y2
Colombia...
4
Nov. 8, 1940
Nov. 28, 1935
Dec. 1, 1940
Mar. 11, 1935
Dec. 16, 1936
July 18, 1933
Netherlands 2H
New Zealand
Norway
Peru
5
Portugal.... 4
Denmark
Ecuador
El Salvador
Estonia
Finland
4
7
3
4^
4
Oct.
May
Mar.
Oct.
Dec.
16, 1940
26, 1938
30, 1939
1, 1935
3, 1934
Rumania....
South Africa
Spain
Sweden
Switzerland.
3
3
4
3
1H
Sept.12, 1940
June 2, 1941
lMar. 29, 1939
May 29, 1941
Nov. 26, 1936
France
Germany
Greece
Hungary
Italy
Mar.
sy2 Apr.
July
3
Oct.
4M May
17, 1941
9, 1940
14, 1941
22, 1940
18, 1936
Turkey
United Kingdom
U. S. S. R . . .
Yugoslavia..
4
July
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
3
3
2
J
Japan
3.29
Java
3
Latvia
5
Lithuania. ., 6
Mexico
4
2H
4
Rate
June 27, 1941
26, 1941
13, 1940
1, 1940
31, 1941
1, 1938
i Not officially confirmed.
NOTE.—Changes since Dec. 31: none
2
sy2
1%
3
2H
1%
2
2
3H
2H
3
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Month
Bankers'
Day-to-day allowance
money
on deposits
Bankers'
acceptances
3 months
Treasury
bills
3 months
1929—Nov,
1930—No1931—No'
1932—No1933—N
1934—No'
1935—No
1936—No1937—Na
1938—No
1939—N
1940—N
5.35
2.18
5.75
.89
1.05
.45
.57
.56
.59
5.30
2.15
5.55
.82
.94
.29
.55
.55
.58
1.96
1.03
1.18
1.02
.75
.75
.75
.75
1.00
1.00
1940—Dec...
1941—Jan.. .
Feb...
Mar.. .
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov...
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.01
1.01
1.02
1.01
1.01
1.00
1.00
1.00
1.00
1.01
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.66
.67
5.15
2.01
4.96
.73
.75
.68
Germany
Netherlands
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
Private
discount
rate
Day-to-day
money
Private
discount
rate
Money
for
1 month
6.89
4.79
8.00
7.79
5.48
8.69
4.80
5.18
4.21
3.07
2.79
2.65
2.58
2.19
1.93
4.26
1.31
1.59
.37
.45
.63
3.15
.85
.13
.14
1.75
2.25
4.17
1.29
1.73
1.00
1.00
1.00
3.00
1.55
.50
.50
2.41
2.75
3.32
1.16
1.77
1.50
1.50
1.50
2.44
1.46
1.00
1.00
1.25
1.25
1.95
1.73
1.68
1.83
1.67
1.78
1.93
1.63
2.25
2.25
2.25
2.07
2.06
1.93
1.88
1.88
1.88
1.88
2.75
2.75
2.75
2.75
2.75
2.36
2.25
2.25
2.25
2.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
C
3.88
C
3.88
3.63
3.01
3.00
2.88
2.88
2.65
2.25
2.25
2.25
2.25
2.25
2.25
2.25
2.13
2.13
2.13
2.13
c
Corrected.
NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018.
FEBRUARY
194Z
187
COMMERCIAL BANKS
Assets
United Kingdom 1
(Figures in millions of
pounds sterling)
Cash
reserves
Liabilities
Money at
Loans to
call and Bills dis- Treasury
deposit 2 Securities customers
counted receipts
short
notice
Other
assets
Deposits
Total
Demand3
Time 3
Other
liabilities
10 London clearing banks
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.
207
213
216
221
236
127
119
151
159
187
408
311
255
322
316
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
244
244
243
274
324
195
163
160
174
159
322
300
250
334
265
1941—January...
February. .
March. . . .
April
May
June
July
August
September
October.. .
November.
279
284
288
298
293
311
306
316
330
328
332
131
128
132
137
128
143
139
140
134
132
127
269
210
194
188
173
193
275
266
315
270
246
472
565
594
605
630
778
740
759
784
864
208
237
247
231
238
1,983
1,941
1,971
2,091
2,238
991
1,015
1,044
1,140
(4)
963
900
910
924
216
244
251
231
232
11 London clearing banks 5
'""3U"
660
635
635
609
771
890
984
971
1,015
924
249
256
263
290
293
2,315
2,330
2,254
2,441
2,800
1,288
1,284
1,256
1,398
1,770
1,012
1,026
997
1,043
1,030
245
252
269
256
250
341
330
374
461
469
482
476
469
531
596
651
789
814
821
820
848
880
902
935
939
986
999
926
915
922
897
889
874
866
850
839
837
825
269
272
276
274
273
311
267
264
269
273
280
2,757
2,709
2,764
2,829
2,824
2,946
2,991
2,997
3,115
3,176
3,208
1,729
1,696
1,728
1,769
1,789
1,870
1,898
1,909
1,991
2,023
2,054
1,027
1,013
1,036
1,060
1,035
1,075
1,093
1,088
1,123
1,153
1,154
247
243
242
247
249
248
240
242
243
246
250
Assets
Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Entirely in Canada
Cash
reserves
Security
loans
Other
loans
and discounts
1932—December..
1933—December..
1934—December..
1935—December..
1936—December..
1937—December..
1938—December..
1939—December..
1940—December..
211
197
228
228
240
255
263
292
323
103
106
103
83
114
76
65
53
40
1,104
1,036
1941—January.. .
February. .
March
April
May
June
July
August
September.
October
November..
312
293
296
325
321
288
314
299
308
325
342
36
34
35
31
29
33
34
35
36
37
36
Security
loans
abroad
and net Securities
due from
foreign
banks
Other
assets
778
Note
circulation
Deposits payable in Canada
excluding interbank deposits
Total
Demand
Time
Cash
reserves
Due from
banks
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.
1937—December.
1938—December.
1939—December.
9,007
5,870
5,836
3,739
3,100
3,403
3,756
4,599
1940—January...
February..
March 6 . . . .
4,066
4,293
4,110
Other
liabilities
1,088
1,108
155
134
155
141
161
102
166
132
159
861
967
1,155
1,384
1,411
1,463
1,646
1,531
500
482
491
529
554
575
535
612
570
115
121
124
111
103
96
88
85
80
1,916
1,920
2,035
2,180
2,303
2,335
2,500
2,774
2,805
538
563
628
694
755
752
840
1,033
1,163
1,378
1,357
1,407
1,486
1,548
1,583
1,660
1,741
1,641
821
775
761
789
837
850
843
963
846
1,092
1,104
1,115
1,109
1,132
1,292
1,279
1,255
1,237
1,233
1,218
164
170
178
189
183
191
188
190
197
199
182
1,677
1,788
1,766
1,820
1,812
1,688
1,681
1,698
1,696
1,643
1,690
522
531
521
544
537
575
559
553
579
594
593
79
80
80
79
80
80
80
81
79
80
76
2,873
2,989
2,972
3,064
3,045
3,075
3,068
3,031
3,037
3,012
3,041
1,205
1,302
1,270
L,356
L.350
1,608
1,579
1,509
L,482
,420
,402
1,668
1,687
1,703
1,708
1,695
1,467
1,489
1,522
1,555
1,592
1,639
851
850
858
877
889
913
907
919
938
939
944
977
945
791
862
940
Assets
France
(4 large banks. End of month
figures in millions of francs)
Liabilities
Liabilities
Bills discounted
Loans
Other
assets
1,766
1,416
1,421
2,484
2,975
4,116
4,060
3,765
22,014
19,848
18,304
16,141
17,582
18,249
21,435
29,546
7,850
8,309
8,159
8,025
7,631
7,624
7,592
7,546
1,749
1,827
1,717
1,900
1,957
2,134
1,940
2,440
4,080
3,993
3,920
29,808
30,810
34,123
7,756
7,579
7,499
1,745
1,849
1,961
Deposits
Total
Own
acceptances
Other
liabilities
Demand
Time
37,759
32,635
30,943
27,553
28,484
30,348
33,578
42,443
36,491
31,773
30,039
26,859
27,955
29,748
33,042
41,872
1,268
862
904
694
529
600
537
571
295
273
193
337
473
661
721
844
4,331
4,362
4,301
4,399
4,289
4,517
4,484
4,609
42,850
43,737
46,608
42,302
43,195
46,064
548
542
544
938
1,034
1,105
3,667
3,753
3,901
1
Through August 1939, averages of weekly figures; beginning September1 1939
1939, end-of-month figures, representing aggregates of figures reported by
banks for days, varying from bank to bank, toward the end of the month.
indrividual
2
Represent six-month loans to the Treasury at 1 | per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.
3
Through December 1937, excludes deposits in offices outside England and Wales which are included in total.
4 T% _ •
A
_• „ <n-i/- n
_ _ i.i_;_ i
M--L1r
i
i-_
c
±
*_r
Beginning
1936, figures on
this basis• available
onlyI . ,for
all1111<< banks—see
footnote
5.
5
District Bank included beginning in 1936.
6
No figures available since March 1940.
NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699; June 1935,
pp. 388-390; and October 1933, pp. 641-646.
188
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Year or month
Argentina
Australia
(peso)
(pound)
Official
1934
1935
1936
1937
1938
1939
1940
1941
. .
... . .
1941—Jan.
Feb
Mar
Apr
May
June
July
. . .
Aug
Sept.
Oct
Nov.
Dec
123.704
29.773
29.773
29.773
29 773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
23.704
23 704
23.704
23 704
23.704
23.704
23.704
23.704
23.704
23.704
Official
Free
British
India
(rupee)
1322.80
322.80
8.4268
8.2947
8.5681 15!8788
8.6437 6.1983
5.8438
6.0027 5.1248
6.0562 5.0214
6.0575 5.0705
37.879
36.964
37.523
37.326
36.592
33.279
30.155
30.137
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
321.50
321.11
321.30
320.70
321.19
321.25
321.31
321.28
321.33
321.37
321.43
321.50
6.0575
6.0575
6.0575
6.0575
6.0575
6.0575
6.0575
6.0575
6.0575
6.0575
6.0575
6.0576
30.148
30.140
30.139
30 129
30.129
30 129
30.128
30.130
30.137
30.151
30.151
30.130
(krone)
4.2424
4.1642
4.0078
3.4930
3.4674
13.4252
22.500
21.883
22.189
22.069
21.825
20.346
U9.308
57.146
56.987
56.985
57 011
57.022
56 982
56.981
56.982
56.982
56.980
56.993
56.987
....
Free
Brazil (milreis)
400.95 23.287
388.86 18.424
395.94 16.917
393.94 16.876
389.55 16.894
353.38 16.852
305.16 U6.880
321.27
(peso) (koruna)
61.780
56.011
57.083
56.726
55.953
57.061
57.085
57.004
• .*.
1941—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept.
Oct
Nov.
Dec
33 579
32.659
33.137
32.959
32.597
30.850
29.773
29.773
Official
Colom- Czecho- D e n bia slovakia mark
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
Special
Export
Belgium
(belga)
5 0560
5.0604
5.0599
5 0600
5.0600
5 0598
5.0616
5.0646
5.0616
5.0803
5.0896
5.1331
FinGerland France many Greece Hong
Kong
(mark- (franc) (reichs- (drachma)
(dollar)
ka)
mark)
2.2277
2.1627
2.1903
2.1811
2.1567
1.9948
1.8710
X
2 0101
6.5688
6.6013
6.1141
4.0460
2.8781
2.5103
12.0827
39.375
40.258
40.297
40.204
40.164
40.061
40.021
139.968
.9402
.9386
.9289
.9055
.8958
.8153
1.6715
39.979
39.969
39.960
39.962
39.968
39.970
2.0104
2.0101
2 0100
2 0100
2.0100
2 0098
Bulgaria
(lev)
1.2852
1.2951
1.2958
1 2846
1.2424
il 2111
1934
1935
1936
1937
1938
1939
1940
1941
. .
.
25.316
24.627
24.974
24.840
24.566
23.226
122.709
18.846
18.882
18.875
18.923
18.860
118.835
4.6089
4.4575
4.5130
4.4792
4.4267
4.0375
3.7110
14.0023
3.9986
4.0069
4 0039
4.0009
4.0017
4.0026
1941—Jan
Feb.
Mar
Apr.
May
June
July
•l u y
Aug.
Sept
Oct.
Nov
Dec
1.0006
.9277
7382
.7294
.7325
.7111
1.6896
190.909
90.909
101.006
99.493
99.913
100.004
99.419
96.018
85.141
87.345
10.1452
5.0833
5.1240
5.1697 14.OOOO
5.1716 4.0000
5.1727 4.0000
5.1668 4.0000
1
5.1664 ^.OOOO
90 909
90.909
90.909
90 909
90.909
90 909
90.909
90.909
90.909
90.909
90.909
90.909
84 801
83.687
84.981
87 651
87.421
88 183
88.271
88.961
89.134
88.781
88.604
87.395
5.1674
5.1663
5.1660
5 1660
5.1660
Japan
(lira)
(yen)
38.716
48.217
31.711
30.694
30.457
27 454
22.958
124.592
29.575
29.602
29.558
19 779
19.727
19 238
18.475
119.770
8.5617
8.2471
7.2916
5.2607
5.2605
5.1959
5.0407
15.0703
29.715
28.707
29.022
28.791
28.451
25.963
23.436
123.439
23.648
24.142
24.421
24 393
24 285
24 372
24.524
25.110
25.099
25.088
25.088
25.043
19.770
19.770
19.770
5.0432
5.0422
5.0452
5 0475
5.0805
5 2621
23.439
23.439
23.439
23 439
23.439
23 439
23.439
498.29
484.66
491 65
489.62
484.16
440.17
397.99
398.00
13.615
13.678
12 314
6.053
5.600
10.630
9.322
59.005
57.173
58.258
57.973
56.917
51.736
46.979
47.133
25.982
25.271
25.626
25.487
25.197
23.991
23.802
1
23.829
32.366
32.497
30 189
22.938
22.871
22.525
22.676
x
23.210
398.00
398 00
398.00
398.00
398.00
398.00
398.00
398.00
398 00
398.00
398.00
398.00
9.130
9 130
9.130
9.130
9.130
9.130
47.089
47 094
47.106
47.107
47.107
47.138
47 160
47.160
47 160
47 160
47.160
47.160
23.826
23.829
23.824
23.825
23.839
23.836
23.220
23 217
23.210
23.201
23.203
23.206
Official
China
(yuan
ShangExport hai)
Free
Italy
(dollar)
Chile (peso)
Official
Hungary
(pengo)
Ruma- South Spain Straits
Norway Poland PortuSettle- Sweden Switznia Africa
gal
erland
(krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)
Year or month
Canada (dollar)
4 0000
4.0000
4.0000
4 0000
4.0000
Neth-
34.094
36.571
29.751
29.606
21.360
11.879
6.000
I5.3I3
5.391
5.424
5.358
5 190
5.255
5 336
5.243
New
Mexico erlands Zea(peso) (guild- land
(pound)
er)
27.742 67.383
27.778 67.715
27.760 64.481
27.750 55.045
22.122 55.009
19.303 53.335
18.546 153.128
20.538
402.46
391.26
398.92
396.91
392.35
354.82
306.38
322.54
20.504
20.524
20.529
20 538
20.537
20 533
20.542
20.538
20.542
20.567
20.544
20.560
322.75
322.36
322.55
321 96
322.45
322 51
322.57
322.54
322.60
322.63
322.71
322.78
United Kingdom
Uruguay
(pound)
(peso)
Yugoslavia
Non- (dinar)
controlled
Official
Free
Controlled
1403.50
403.50
503.93
490.18
497 09
494.40
488.94
443.54
383.00
403.18
79.956
2.2719
80.251
2.2837
2 2965
79 874
79.072
2 3060
64.370
2.3115
62.011 136.789 2.2716
65.830 37 601 2 2463
65.830 43.380 *2.2397
403.50
403 50
403.50
403.50
403.50
403.50
403 50
403.50
403.50
403.50
403.50
403.50
403.42
402 97
403.19
402.48
403.10
403.16
403 23
403.18
403.27
403.29
403.42
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
39.491
39 649
39.566
40.065
41.161
42 706
43 789
43.745
43.836
45.796
48.125
52.783
2.2397
1
Average of daily rates for that part of the year during which quotations were avaijable.
NOTE.—Developments affecting averages during 1941:
Special export rate for Argentina first reported in addition to official rate on Mar. 27; nominal.
No rates certified^ Yugoslavia—since Jan. 28; Hungary—since Mar. 12; Chile—since May 20; Finland, Germany, Italy, Portugal, Spain,
Sweden, and Switzerland—since June 14; China and Japan—since July 25; Hong Kong—since Dec. 24.
Changes in nominal status (noted only if affecting quotations for at least five days a month): Quotations ceased being nominal, October 1941—
Mexico.
For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to 1941,
see BULLETIN for February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244.
FEBRUARY
1942.
189
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
rindex numbers]
United
States
Year or month
United
Kingdom
Canada
France
Germany
Japan
Italy
(October
1900=100)
(1926=100) (1926=100) (1930=100) (1913=100) (1913=100) (1928=100)
1
1926
100
100
124
695
134
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
86
73
65
66
75
80
81
86
79
77
87
72
67
67
72
72
75
85
79
75
100
88
86
86
88
89
94
109
101
103
554
500
427
398
376
338
411
581
653
681
125
111
97
93
98
102
104
106
106
107
79
87
83
137
110
1940—December
1941—January
February
March
April
May
Jane
July
August
....
September
October
November
December
80
84
149
111
85
85
150
150
82
83
112
112
89
90
91
92
151
151
85
87
89
90
86
87
92
92
93
94
94
81
81
93
94
2
85
75
70
63
62
68
76
89
95
3 97
Netherlands
Sweden
(1926-30
=100)
237
106
181
153
161
180
178
186
198
238
251
278
90
76
65
63
63
62
64
76
72
74
88
4
311
Switzerland
(1935=100)
(July 1914
=100)
1126
144
1
103
1 94
1 92
1 90
1 96
100
102
114
111
115
126
110
96
91
90
90
96
111
107
111
146
143
159
164
312
111
112
313
317
162
165
167
168
322
324
169
170
151
152
153
153
112
112
112
113
326
331
329
330
171
173
173
174
170
175
181
184
188
189
154
155
113
330
175
176
^193
337
155
P156
191
P Preliminary.
Approximate figure, derived from old index (1913=100).
Average based on figures for 8 months; no data available since August 1939, when figure was 674.
Average based on figures for 7 months; no data available since July 1939, when figure was 96.
Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources— See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
1
2
3
4
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
United Kingdom
France
Germany
(1926=100)
(1930=100)
(1913=100)
(1913=100)
Year or month
1926
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
....
. .
1940—December
1941—January
February
March
April
May
June .
July
August
September
October
November
December
Foods
Other
commodities
100
100
100
88
65
48
51
' 65
79
81
86
69
65
68
82
91
75
61
61
71
84
82
86
74
70
71
83
85
75
70
71
78
78
80
85
82
81
83
89
100
89
88
83
85
87
92
102
97
97
133
100
87
85
87
90
90
96
112
104
106
138
70
72
70
72
74
74
74
74
145
145
144
144
144
150
152
153
154
154
111
111
111
111
112
144
145
146
146
147
155
156
113
114
157
114
157
158
148
149
158
158
75
78
84
84
84
85
86
76
82
80
83
87
89
86
85
90
87
91
87
90
91
92
90
91
95
89
89
91
93
94
94
Foods
Industrial
products
IndusFarm
trial
and food
products products
Farm
products
Agricultural
products
Provisions
Industrial raw Indusand semi- trial finished
finished
products products
581
793
129
132
130
150
526
542
482
420
393
327
426
562
641
*653
(2)
579
464
380
380
361
348
397
598
663
7072
( )
113
104
91
87
96
102
105
105
106
108
111
113
96
86
75
76
84
86
96
91
*93
(2)
120
103
89
88
91
92
94
96
94
95
99
150
136
118
113
116
119
121
125
126
126
129
100
100
100
100
100
131
132
133
133
133
1
114
113
100
100
100
100
101
132
132
132
132
132
* 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.
2
I9O
FEDERAL RESERVE
BULLETIN
Price Movements—Continued
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
United
Kingdom
(1935-39
(July
=100)
1914
=100)
United
States
Year or month
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
87
84
94
100
101
105
98
95
97
106
126
120
122
125
130
139
141
141
164
168
1940—December.
1941—January. ..
February ..
March
April
May.
June
July. ......
August
September.
October...
November.
December.
97
98
98
98
101
102
106
107
108
111
112
113
113
173
172
171
169
170
171
170
167
167
166
165
165
165
Switzerland
France Ger- Nether
many lands
(July
1914 (1913-14 (1911-13
=100) =100) =100)
536
491
481
423
470
601
702
2
742
116
113
118
120
122
122
122
123
128
4
(June
1914
=100)
119
120
124
118
120
127
130
130
140
127
127
127
128
129
130
131
134
133
128
Year or month
United
Kingdom
(1935-39
(July
=100)
1914
=100)
United
States
125
117
115
114
120
130
130
132
146
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
98
92
96
98
99
103
101
99
100
105
144
140
141
143
147
154
156
158
184
199
158
160
160
161
167
172
178
179
180
181
1940-December...
1941-January
February
March
April
May
June
July
August
September...
October
November...
December. ..
101
101
101
101
102
103
105
105
106
108
109
110
111
195
196
197
197
198
200
200
199
199
199
199
200
Ger- Nether,
France many
lands
(1930 (1913-14 (1911-13
=100) =100) =100)
121
118
121
123
125
125
126
126
130
91
87
83
78
86
102
3
122
Switzerland
(June
1914
=100)
141
139
140
t 136
X
132
137
139
K
5
138
131
129
128
130
137
137
138
151
1 4 0
148
160
163
163
164
169
171
175
177
178
178
131
132
132
132
132
133
134
136
136
133
201J
1
Revised index from March 1936 (see BULLETIN for April 1937, p . 373).
2 Average based on figures for 8 months; no data available since August 1939, when figure was 749.
3
Average based on two quarterly quotations; no data available since May 1939, when figure was 123.
4
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
5
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for October 1939, p. 943, and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
United
States
(derived
price) 1
C
Number of issues
15
United
Kingdom
(December
1921=100)
87
France
(1913=100)
36
Germany
(average2
price)
2
139
1926
90.1
110.0
57.4
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
84.4
91.2
98.2
105.5
109.5
1
110.2
111.1
113.8
115.9
117.8
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
83.9
84.7
67.1
82.5
90.7
6
95.1
95.8
98.7
99.9
99.0
100.7
117.7
117.7
116 7
116.9
116.8
117.0
117.7
118 7
118.5
118.1
118 8
119.2
117.5
121.0
122.2
121.9
122.5
121.7
122.7
122.9
124 7
124.5
125.9
125 5
125.7
100.5
98.4
101.4
102.2
102.8
102.8
103.0
103.2
103.3
103.1
103.1
103.1
1940—December
1941—January
February
March
April
May
June
July
August
September
October
November
December
5
Netherlands3
(1926=100)
United
States
(1935-39
=100)
United
Kingdom
France
Germany
278
300
4
105.6
100.0
100.0
100.0
94.8
105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
7
77.9
51.2
67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
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
98.3
79.8
80.1
74.3
73.2
78.5
82.1
84.9
85.0
80.1
80.3
77.9
77.1
79.5
83.2
83.2
83.6
80.4
77.4
71.8
70.2
71.8
70.5
69.9
69.7
70.4
70.7
72.5
73.8
75.1
r
74.8
76.0
8
402
228.3
269.5
274.6
5
50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
128.0
131.5
133.0
131.1
131.0
133.2
138.1
142.6
144.0
146.4
Netherlands
(1930=100)
100
46
52
55
55
66
104.2
95.8
89.7
8
95.0
116.1
120.0
113.4
115.1
126.5
121.6
r
1
c
Revised.
Corrected.
Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for
both2 series. Source: Standard and Poor's Corporation.
Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4 ^ per cent. The series prior to that
date3is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
Indexes of reciprocals of average yields. For old index, 1929-1936,1929 = 100; average yield in base year was 4.57 per cent. For new index beginning
Jan. 41937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent.
. . . . . , . , , ,
m
This number, originally 329, has declined as the number of securities eligible for inclusion in the index has diminished. In May 1941, it jwas down
to 287.
5
Average May-Dec, only; exchange closed Jan. 1-Apr. 11.
6
Average Apr .-Dec. only—see note 2. Average Jan .-Mar. on old basis was 95.9.
7
Average based on figures for 7 months; no data available May-September.
8
Average based on figures for 9 months; no data available May-July.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
FEBRUARY
1941
191
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER
S.
ECCLES,
Chairman
M. S. SZYMCZAK
RONALD RANSOM,
JOHN K. MCKEE
Vice Chairman
ERNEST G. DRAPER
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
SECRETARY'S OFFICE
DIVISION OF EXAMINATIONS
CHESTER MORRILL, Secretary
LEO H. PAULGER, Chief
LISTON P. BETHEA, Assistant Secretary
R. F. LEONARD, Assistant Chief
C. E. CAGLE, Assistant Chief
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
DIVISION OF BANK OPERATIONS
COUNSEL'S OFFICE
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
EDWARD L. SMEAD, Chief
J. R. VAN FOSSEN, Assistant Chief
J. E. HORBETT, Assistant Chief
DIVISION OF SECURITY LOANS
CARL E. PARRY, Chief
DIVISION OF RESEARCH AND STATISTICS
FISCAL AGENT
E. A. GOLDENWEISER, Director
WOODLIEF THOMAS, Assistant Director
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
CHESTER C. DAVIS
ERNEST G. DRAPER
M. J. FLEMING
FEDERAL ADVISORY COUNCIL
Boston District
CHAS. E. SPENCER, JR.
New York District
GEORGE L. HARRISON, Vice President
Philadelphia District
WILLIAM F. KURTZ
HUGH LEACH
Cleveland District
B. G. HUNTINGTON
JOHN K. MCKEE
Richmond District
ROBERT V. FLEMING
JOHN N. PEYTON
RONALD RANSOM
M. S. SZYMCZAK
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
Atlanta District
H. LANE YOUNG
Chicago District
EDWARD E. BROWN, President
St. Louis District
S. E. RAGLAND
Minneapolis District
LYMAN E. WAKEFIELD
WALTER WYATT, General Counsel
Kansas City District
W. DALE CLARK
J. P. DREIBELBIS, Assistant General Counsel
Dallas District
NATHAN ADAMS
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
San Francisco District
GEORGE M. WALLACE
ROBERT G. ROUSE, Manager of System Open Market Account
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Chairman and
Federal Reserve
Agent
Federal
Reserve
Bank of
Boston
Deputy Chairman
President
Albert M. Creighton. Henry S. Dennison... R. A. Young
New York.... Beardsley Ruml
Edmund E. Day
Allan Sproul
First Vice President
Viet Presidents
W. W. Paddock
William Willett1
L. R. Rounds
R. M. Gidney
T W TCnnlrt*
. Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
Philadelphia.. Thomas B. McCabe.. Warren F. Whittier.. Alfred H. Williams.. Frank J. Drinnen... W. J. Davis
E C Hill
C. A. Mcllhenny2
C. A. Sienkiewicz
Cleveland
Geo. C. Brainard.... R. E. Klages
M. J. Fleming
F. J. Zurlinden
C. W. Arnold
R. B. Hays
W. F. Taylor*
G. H. Wagner
Richmond
W. G. Wysor
Robt. Lassiter
Hugh Leach
J.S. Waldenjr
J. G. Fry
R. W. Mercer
W. S. McLarin, Jr... Malcolm H. Bryan. H. F. ConnifF
L. M. Clark
Atlanta
Frank H. Neely
J. F. Porter
Chicago
F. J. Lewis
Simeon E. Leland.... C. S. Young
St. Louis
Wm. T. Nardin
Oscar Johnston
Chester C. Davis
H. P. Preston
Allan M. Black*
J. H. Dillard
A. J. Mulroney
F. Guy Hitt
O. M. Attebery
C. M. Stewart1
E. W. Swanson 2
Harry I. Ziemer
Minneapolis... W. C. Coffey
Roger B. Shepard.. .. J. N. Peyton
O. S. Powell
Kansas City... R. B. Caldwell.
Robert L. Mehornay.. H. G. Leedy
Henry O. Koppang. J. W. Helm2
D. W. Woolley
Dallas
Tay Taylor
J B. Cozzo
R. R. Gilbert
St. George Holden... Wm. A. Day
San Francisco. Henry F. Grady
E. B. Stroud
R. B. Coleman
W. J. Evans1
W. O. Ford
Ira Clerk
C. E. Earhart1
R. B. West
1
Cashier.
2
Also cashier.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
Managing Director
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
FEBRUARY
1942.
R B Wiltse
B. J. Lazar
P. A. Brown
W. R. Milford
W. T. Clements
P. L. T. Beavers
Geo. S. Vardeman, Jr.
Joel B. Fort, Jr.
E. P. Paris
..
\ H. J. Chalfont
. . . . A. F. Bailey
C. A. Schacht
.. j W. H. Glasgow
Minneapolis:
Helena Branch
R. E. Towle
Kansas City:
Denver Branch
Oklahoma City Branch
Omaha Branch
Jos. E. Olson
G. H. Pipkin
L. H. Earhart
Dallas:
El Paso Branch
Houston Branch
San Antonio Branch
J. L. Hermann
W. D. Gentry
M. Crump
San Francisco:
Los Angeles Branch
Portland Branch
Salt Lake City Branch
Seattle Branch
W. N. Ambrose
D. L. Davis
.. I W. L. Partner
C. R. Shaw
FEDERAL RESERVE DISTRICTS
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