Full text of Federal Reserve Bulletin : January 1940
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FEDERAL RESERVE BULLETIN JANUARY 1940 Review of the Month—Banking and Treasury Finance in 1939 Regulation G on Noncash Collections From the Board's Correspondence—Deficit Financing and Bank Reserves The Gold Problem Today BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Contents PAGE Review of the Month—Banking and Treasury Finance in 1939 1-8 F r o m t h e Board's Correspondence—Deficit Financing and Bank R e s e r v e s . . . . 9-10 The Gold Problem Today, by E . A. Goldenweiser . 11-14 .. 15-16 F r o m a Legal Standpoint: Regulation G—Regulation G on Noncash Collections National S u m m a r y of Business Conditions Financial, Industrial and Commercial Statistics, United States International Financial S t a t i s t i c s . . . . 17-18 ,.. 21-58 60-76 Federal Reserve P u b l i c a t i o n s . . . . 77 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 78 Senior Officers of Federal Reserve B a n k s ; Managing Directors of B r a n c h e s . . . . 79 Subscription Price of Bulletin The FEDERAL RESERVE BULLETIN is issued monthly by the Board of Governors of the Federal Reserve System and is sent to member banks without charge. The subscription price in the United States, Canada, Mexico, and insular possessions is $2.00 per year or 20 cents per single copy; elsewhere, $2.60 per year or 25 cents per single copy. T i n I rd< f u l l\<>< i !<• I'm ildiiii:. <>n ( ' ( i n s t i t u t i o n i r m u r at 2 0 t h >'/.. is o p e n t ot h e p u h l i c d n r i n i i o i l i e r h o •>rs arr rlcoi nelcon FEDERAL RESERVE BULLETIN VOL. JANUARY 1 9 4 0 26 No. 1 Hanking and Tteaiutu 7inance in 1939 Banks were purchasers of Government securities on a large scale in 1939 and their combined holdings of direct and Banking guaranteed obligations rose above trends ° . & . . the previous maximum reached in 1936. The growth in bank holdings during the year corresponded closely to the increase in the outstanding amount of publicly-offered direct and guaranteed obligations of the United States Government other than United States Savings bonds, which are purchased by banks only to a limited extent. Most of the increase in holdings of United States obligations was at member banks in New York City, which added substantially to their holdings of Treasury bonds and bills and also of guaranteed obligations. Member banks outside New York, as a group, reduced their holdings of direct obligations but purchased additional amounts of guaranteed obligations. Federal Reserve bank holdings of United States bonds and notes were substantially increased during the period following outbreak of the European war when prices of these obligations decreased abruptly, but subsequently, when prices began to recover, some of these securities were sold. After the middle of June the Federal Reserve banks did not always replace Treasury bills in their portfolio as they matured and by December 6 the System's bill portfolio, which had been $477,000,000 in June, was entirely liquidated. As a net result of all these operations, Reserve bank holdings of Government obligations showed a small reduction for the year. Banking resources as a whole showed a further substantial growth in 1939, reflecting in large part additions to bank reserves, arising from gold imports, but also an increase in bank loans and investments. The gold inflow in the first instance added to deposits and reserves of New York City banks and most of the increase in loans and investments during the year also occurred at these banks. Treasury operations and other financial and commercial transactions, however, redistributed the funds throughout the country, with the consequence that deposits and reserves of banks outside New York City also increased. During the calendar year 1939 expenditures by the Treasury exceeded its receipts by $3,200,000,000. Of this amount Treasury j e s s ^ j i a n jlajf w a s obtained through finance . . -i -t. i •*» an increase in the publicly-offered direct debt of the United States Government, about one-third was financed by net receipts in various trust funds and other accounts of the Treasury, and the remainder by a reduction in tiie Treasury's working balance. Notwithstanding the fact that the deficit of $3,200,000,000 was $1,300,000,000 larger than in 1938, the increase in the Government's publicly-offered direct debt was about the same as it had been in either of the two preceding years. Obligations guaranteed by the Government, however, increased somewhat more in 1939 than in 1937 or 1938. Government agencies which issued these obligations used the proceeds in part to finance their operations and in part to repay their debts to the Treasury, thus providing the Treasury with additional funds. Review of the Month Fiscal operations of the Treasury during | 000,000 in 1939 over 1938. As shown in the the calendar years 1936 to 1939 are shown table below, outlays for the Agricultural Adin the following table. Ex- justment Program, national defense, and deTreasuiy receipts p e n d i t u r e s in 1939 were partmental and other expenditure items inand expenditures f cluded in the "all other" category increased larger than m any other substantially. These increases were partly year shown, while receipts were smaller than offset by a decline of about $170,000,000 in in 1937 and 1938. The deficit in budget ac- combined expenditures for the Works Progcounts, excluding transfers to trust accounts ress Administration and the National Youth and debt retirements, amounted to $3,200,- Administration. 000,000 in 1939, an amount considerably larger than in the two preceding years and TREASURY EXPENDITURES BY QUARTERS, 1938-1939 * slightly larger than in 1936. This budget [In millions of dollars] deficit, however, was offset to a larger extent Agriculthan in other years by aggregate net receipts Natural Social WPA InAll Total tional Adjust- Secur- and ter- other of $1,000,000,000 in various trust funds and dement ity NYA est fense program other Treasury accounts. The growth in these net receipts outside the regular budget 1938 69 353 186 657 -March ___ 1,626 255 106 reflected largely repayments by the Recon- Jan. Apr.-June 2,023 272 178 73 470 308 722 July-Sept 1,969 283 116 78 559 176 757 struction Finance Corporation of its obliga- Oct.-Dec _ 2,167 292 187 87 621 249 732 782 546 tions to the Treasury out of funds obtained Jan.-March___ 2,068 285 208 78 167 Apr.-June 2,320 303 276 82 513 349 797 from the sale of its own guaranteed securi- July-Sept. a.._ 2,011 331 169 96 401 185 829 Oct.-Dec 2,171 358 317 83 371 271 771 ties. Treasury requirements in excess of these amounts were financed by an increase General and special accounts on basis of Daily Statement of U. S. Debt retirements and transfers to trust accounts are excluded. of $1,500,000,000 in the publicly-offered direct Treasury. 3 Exclude Treasury payments to the Commodity Credit Corporation for restoration of capital impairment, amounting to $94,000,000 in June debt and by a decrease of $680,000,000 in the 1938 and $120,000,000 in August 1939. Treasury's working balance, which was about On a quarterly basis expenditures were at $1,770,000,000 at the end of 1939. their highest point during the April-to-June When debt retirements and transfers to quarter of 1939, when large Agricultural Adtrust accounts are excluded, Treasury exjustment payments and interest disbursependitures show an increase of about $800,ments were made. Expenditures during that TREASURY FINANCIAL OPERATIONS, 1936-1939 quarter totaled $2,300,000,000. During the [In millions of dollars] first, third, and fourth quarters of the calendar year, expenditures averaged nearly Calendar years $2,100,000,000 per quarter, or about the same 1938 1939 1936 1937 as during the last three quarters of the calendar year 1938. Work relief expenditures Budget accounts: 6,312 Keceipts 4,372 5,993 5,485 were substantially reduced during the course 7,090 8,689 Expenditures * __ 7,468 7,880 of the year, while those for national defense Deficit —3 096 -778 -1,887 -3,204 Other accounts, net receipts (+) or were gradually increased. net expenditures ( - ) -1,033 +260 +597 +1,024 Change in publicly-offered debt +3, 751 + 1 , 521 + 1 , 309 + 1 , 449 Treasury receipts during 1939 declined Change in working balance _ _ -378 +1,003 -681 +19 somewhat from the high levels of 1938 and i Excluding debt retirements and transfers to trust accounts largely for 1937, but were still about 25 per cent above investment in special debt issues. I n 1936, the latter included large transfers to the adjusted service certificate fund in connection with the those for 1936. The decline in 1939 was due payment of adjusted service certificates. The Treasury's cash needs for these payments are reflected in the net expenditures of "other accounts." to the falling off of income tax receipts, which a The working balance has been adjusted to include gold held in an inactive account by the Treasury during the period December 1936 to were collected on the incomes of corporations April 1938. 8 a FEDERAL RESERVE BULLETIN Review of the Month and individuals for the year 1938, when business activity was low. The higher level of business activity during 1939 will be reflected in the income tax collections of 1940. Receipts from other sources of revenue, which react more promptly to improvements in business conditions, were somewhat larger in 1939 than in 1938, partially offsetting the decline in income tax receipts. The yields of social security taxes and internal revenue during 1939 were considerably larger than in 1938. TREASURY RECEIPTS BY QUARTERS, 1938-1939x [In millions of dollars] Total 1938 Jan.-March April-June July-Sept Oct.-Dec 1939 Jan.-March April-June July-Sept Oct.-Dec Social Other Income Security internal taxes 2 revenue taxes 1,643 1,422 1,509 1,418 838 640 577 558 171 170 166 167 505 509 638 565 1,463 1,278 1,447 1,298 610 438 408 389 228 180 182 195 498 537 717 563 Customs All other 77 1 General and special accounts on basis of Daily Statement of U. S. Treasury. 2 Includes taxes under Social Security Act and on carriers and their employees. Treasury cash requirements during 1939 were financed to the extent of $1,380,000,000 by sales of direct obligations to the Treasury public. This figure excludes about fn ai939S $120,000,000 of publicly-offered issues of Treasury bonds sold directly to Treasury trust and investment accounts. About $770,000,000 of the public sales represented United States Savings bonds which were issued throughout the year. The remainder consisted of an increase during October and November of $150,000,000 in the amount of Treasury bills outstanding, and the public offering for cash in December of 2 per cent Treasury bonds of 1948-50 in the amount of $520,000,000, while about $60,000,000 of maturing Treasury notes were paid off in cash. Obligations of Federal agencies guaranteed by the United States Government increased by $710,000,000. New cash raised by JANUARY 1940 the sale in the open market of direct and guaranteed obligations, excluding United States Savings bonds, aggregated about $1,320,000,000 in 1939, compared with $1,180,000,000 in 1938. Changes in the debt structure during 1939 are shown in the following table: UNITED STATES GOVERNMENT INTEREST-BEARING OBLIGATIONS* DIRECT AND GUARANTEED [In millions of dollars] Dec. 31, Dec. 31, Change in year 1939 1938 Publicly-offered direct obligations: Treasury and pre-war bonds U. S. Savings bonds Treasury notes Treasury bills Securities issued to Gov't agencies and trust funds Other direct obligations 1 Total direct obligations.. Guaranteed obligations 24,083 1,442 8,496 1,306 3,156 415 4,992 2,209 6,203 1,455 +2,876 +767 - 2 , 293 +149 4,231 +1,075 -27 41, 445 5,700 +2, 546 +708 1 Includes adjusted service bonds of 1945 issued to veterans and postal savings bonds formerly issued to depositors in the postal savings system. In addition to new issues for cash the Treasury refunded its note maturities from June 1939 through March 1940. These refunding operations included offerings of both bonds and notes for the June 1939 and March 1940 note maturities, while notes maturing in September and December 1939 were refunded entirely by exchange for other notes. A total of $3,500,000,000 of the maturing notes were turned in for exchange and the holders exchanged $2,200,000,000 for the bond offerings and $1,300,000,000 for new notes. As a result of these offerings, there was a further increase in the amount of long-term debt outstanding, thus continuing a trend which has been in progress since late in 1935. As shown in the table, the amount of Treasury notes outstanding was reduced by about $2,300,000,000 in 1939 to $6,200,000,000, which compares with a maximum of about $12,000,000,000 outstanding early in 1936. Treasury bonds, excluding United States Savings bonds, showed a further increase of nearly $2,900,000,000 in the year to a total of about $27,000,000,000, compared with less than $15,000,000,000 outstanding at the be- Review of the Month ginning of 1936. Treasury bills, which had been reduced by about $1,000,000,000 in 1937 and 1938, showed a slight increase in 1939. The increase in bonds and decrease in Treasury notes outstanding lengthened the average maturity of the public debt, but this effect was offset somewhat by the gradual approach to maturity of bonds issued in earlier years. As shown in the chart, the dollar amount of the debt maturing or callable within five years has shown little change since 1935. The growth of the debt has been principally in obligations maturing after five years. PUBLICLY-OFFERED UNITED STATES GOVERNMENT OBLIGATIONS OUTSTANDING BILLIONS OF DOLLARS BILLIONS OF DOLLARS 40 35 35 30 TCTAL > 30 / -s/ 25 25 f 20 20 A— 15 > —•»« 1 . «. 15 MATURING OR CALLABLE WITHIN 5 YEARS 10 10 5 5 0 0 Figures are for June 30 from 1929 to 1932, for end-of-quarter dates from December 1932 to December 1936, and for end-ofmonth dates thereafter. Include publicly-offered Treasury bonds, Liberty bonds, Treasury notes, certificates of indebtedness, and Treasury bills; exclude special issues, Savings bonds, and prewar issues. Guaranteed issues not included. In contrast to direct debt offerings, new issues of guaranteed obligations by Federal agencies consisted entirely of comparatively short-term securities. Sales of new issues for cash aggregated about $1,000,000,000 and were made by the Reconstruction Finance Corporation, the Commodity Credit Corporation, the United States Housing Authority, and the Home Owners' Loan Corporation. Refunding operations were carried out by the Home Owners' Loan Corporation for about $1,200,000,000 of bonds maturing or callable in the year, of which $1,000,000,000 were exchanged for bond issues maturing in one, two, and eight years, and the remainder had been mostly redeemed in cash by the end of the year. Also $200,000,000 of notes of the Commodity Credit Corporation maturing in November were exchanged for new 2-year notes. About $100,000,000 of Federal Farm Mortgage Corporation bonds were retired in the year. Under the pressure of heavy demand from banks and other investors prices of United States Government bonds adGovernment vanced substantially during securityy market ^ ^ ^ Qf highest levels on record. In July and August irregular changes occurred, accompanying increased political disturbances abroad. With the outbreak of war in Europe, bond prices broke sharply and at the low point reached on September 21, long-term United States Government bonds showed a total decline of about 9 points from the peak of June 5. During this decline, in pursuance of the System's policy of endeavoring to maintain orderly conditions in the market, Federal Reserve bank holdings of United States Government bonds and notes were increased by about $475,000,000. Subsequently bond prices advanced rapidly and by the end of the year had recovered about 7 points of previous losses. In this period the Reserve authorities sold $70,000,000 of Government bonds and notes and in addition let holdings of bills run off without replacement. At the peak level of prices on June 5, the yield on the longest-term Treasury bond outstanding was 2.26 per cent. At the low in prices in September, this yield increased to 2.78 per cent but by the end of the year it had declined to 2.35 per cent, well below the level prevailing at the beginning of the year. FEDERAL RESERVE BULLETIN Review of the Month Yields on 3- to 5-year Treasury notes showed ligations throughout the year, with the result similar movements during 1939, with an aver- that total Government security holdings at age of 0.35 per cent on June 5 and 0.46 per member banks in New York showed a growth of about $1,000,000,000 in 1939 to a level cent on December 30, 1939. The amount of United States Government above the previous peak reached in 1936. obligations, both direct and fully guaranteed, GOVERNMENT SECURITY HOLDINGS OF BANKS IN LEADING CITIES held by all commercial Increase in Govbanks in the United States 7000 ernment security may be estimated to be holdings at banks J\fv about $16,200,000,000 at 6000 the end of 1939. This represents an increase of about $2,200,000,000 since the summer of 5500 1938, mostly at city banks. In 1937 there had 5000 been a substantial decrease, following 6 years 4500 A 1 4500 of almost uninterrupted growth from about 4000 $5,000,000,000 in 1930 to over $15,000,000,- 4000 / 000 in 1936. The proportion that commercial 3500 banks held of outstanding publicly-offered di3000 rect and guaranteed obligations of the United 3000 States Government increased from about 2500 33 per cent in 1930 to 42 per cent in 1936, 2000 and at the end of 1939 was about 38 per cent. include both direct and fully guaranteed obligations The proportion of total earning assets of of Figures United States Government. Latest figures for December 20. banks held in the form of United States Government securities increased from about 10 At member banks in 100 other leading cities per cent in 1930 to about 40 per cent at the holdings remained close to the 1936 level; for end of 1936 and has since continued at close the year as a whole increases in Treasury bond holdings and additions to guaranteed to that level. Most of the changes in bank holdings of obligations exceeded reductions in Treasury United States Government securities in re- notes by nearly $300,000,000; a large part of cent years have been at city banks. The this growth came in the week ending Decemchart shows these holdings for banks in New ber 27. Country bank holdings of direct York City and for banks in 100 other leading obligations declined by about $250,000,000 cities since 1934. These banks have accounted in the first nine months of the year, while for over $1,900,000,000 of the increase of guaranteed obligations increased by $100,$2,200,000,000 estimated for all commercial 000,000. Information regarding country banks for last quarter of the year is not yet banks since June 1938. New York City banks increased their hold- available. The sharp increase in business activity in ings of Treasury bonds in the first half of 1939, reflecting in part exchanges for matur- the latter half of 1939 brought a growing need for funds to finance ing notes but to a larger extent additional ^he enlarged inventories as purchases. In the second half of the year, Increase m 71 when Federal Reserve bank holdings of commercial loans well as the expansion of Treasury bills were declining, New York City current operations, with the result that city banks obtained additional amounts of bills. banks experienced a livelier demand for loans They purchased Government guaranteed obfrom commercial and industrial borrowers. MILLIONS OF DOLLARS WEDNESDAY FIGURES \ 1 100 OTHER CITIES / V JANUARY 1940 NEW YOR < CITY J Review of the Month In this period commercial loans at banks in 101 leading cities rose by nearly $600,000,000, or 13 per cent. About half of this increase was in New York City. Taking the year as a whole, commercial loans increased at city banks in each Federal Reserve district, except the San Francisco district. During the first three quarters of the year, it appears that there was a moderate increase in commercial, industrial, and agricultural loans at member banks outside the leading cities. No reports are yet available from these banks for the final quarter of the year. Notwithstanding these increases, the aggregate volume of such loans at all member banks is still only about half of the level prevailing in the 1920's. While the volume of both United States Government securities and commercial, industrial, and agricultural loans at banks has risen considerably, changes in holdings of other types of securities and in other types of loans have been small, except for shorttime fluctuations in loans to security brokers and dealers in response to market conditions and offerings of new issues. The increase of about $1,800,000,000 in total loans and investments of member banks during 1939, represented a minor Rise in part of the growth in total resources EXCESS RESERVES OF MEMBER BANKS WEEKLY AVERAGES OF DAILY FIGURES IILLIONS OF DOLLARS BILLIONS OF DOLLARS I RESE W E CITY BANKS 1 COUNTRY B A N K S 3 * ^ * * * ^ " 0 1938 1939 1936 Latest figures are for week ending December 22. Figures for last four weeks are preliminary estimates. 1935 Total bank deposits, excluding interbank deposits, at all commercial and savings banks in the United States and curGrowth in rency outside of banks were at bank deposits a new high record at the close of 1939. As shown by the chart, total deposits and currency now amount to about $64,400,000,000, indicating an increase of about $5,300,000,000 in 1939 and of $9,000,000,000 above the peak levels of 1929. eX e o f t h e S e b a n k s M e m b e r b a n k re Although increases in deposits during the e rves * " reserves ^ ^ balances increased by about past year have been general throughout the $3,000,000,000 in the year, reflecting princi banking system, the most rapid increase has pally the inflow of gold to the United States been at New York City banks and at banks Early in 1939 reserves of member banks in other financial centers where funds arising reached a record level of $3,500,000,000 in from the capital inflow from abroad are first excess of legal requirements. In the au- placed on deposit. Increased purchases of tumn excess reserves rose to $5,500,000,000 Government securities by New York City and at the end of the year were at a level of banks, the net withdrawal of funds by the $5,200,000,000. Banks in New York City Treasury from New York for expenditure showed the largest gains in reserves during elsewhere, and the net balance of payments the year, but, as shown in the chart, there on business and other financial accounts have were also increases at other groups of banks together drawn funds from New York and In addition country banks showed substantia distributed them throughout the country. As increases in their balances on deposit witl a result both city and country banks in all districts have shown increases in deposits. city correspondents. FEDERAL RESERVE BULLETIN Review of the Month Most of the growth in deposits has been in demand deposits of individuals, partnerships, and corporations. After adjustment for items in process of collection these deposits inTOTAL DEPOSITS ALL AND CURRENCY BANKS IN THE UNITED STATES CALL REPORT DATES BILLIONS OF DOLLARS BILLIONS OF DOLLARS 70 70 / 60 60 \. TOTAL DEPOSITS AND CURRENCY 50 > / 50 y / / 40 40 30 ;- 30 T ME I5EPO5 >ITS ""^^ \ ."' S 20 N 20 ^ D E V AND DEPO SITS ADJU STED 10 10 • ;URR ENCY OUTSIDE BANKS idle funds of interior banks. The total of these balances at member banks reached a new high of over $8,400,000,000 toward the end of the year, compared with an average of less than $4,000,000,000 in the 1920's. Balances in this country of foreign banks also increased during 1939, reflecting the inflow of short-term capital from abroad. Although total deposits at all banks increased to a new high level in 1939, the volume of checks drawn against ??icrejse ! ? these deposits increased at a idle deposits * much slower rate. As a result, there was a further decline in the rate of turnover or activity of deposits, as measured by the ratio of the volume of checks to the total volume of deposits. From 1933 to 1937 the estimated rate of turnover for deposits in all commercial banks in the United States was at the unusually low level of about 16 times a year. As shown by the chart, the estimated turnover rate declined further in RATE OF TURNOVER OF DEPOSITS AT COMMERCIAL BANKS 0 1930 1932 1928 1934 1936 1938 Figures are partly estimated; deposit figures cover all commercial and savings banks in the United States and Postal Savings System. Demand deposits are adjusted for cash items in process of collection. Interbank deposits are excluded throughout and U. S. Government deposits are excluded from "demand deposits adjusted" but included in "total deposits and currency." Deposits in Postal Savings System and in mutual savings banks are included in time deposits. ANNUAL AVERAGES TIMES PER ANNUM TIMES PER ANNUM 2001 1—| | 1200 1—|—|—|—|—| 1 1—| | |—| |—|—|—|—| 100 100 80 V NEW YORK CITY \ BANKS \ 60 \ 3\ 80 60 creased by over $4,000,000,000 during the 40 year, while time deposits increased by $600,y N "V s— 000,000. United States Government deposits at commercial banks showed little net change. I U s The volume of currency in circulation outride banks showed an increase of $700,000,000, about half of which was in coin and small denomination currency used for customary I92O 1922 1924 !926 1928 1930 1932 1934 1936 1938 on ratio scale. Based on ratio of estimated debits at day-to-day cash needs and the other half in allPlotted commercial banks to total deposits at these banks, excluding large denomination currency demanded in interbank deposits and items in process of collection. part for special purposes, including exports 1938 to 14; and in 1939 it dropped to a new and hoarding. low of about 13V2 times a year. This comThere was a further sharp growth in balances held for domestic banks during the pares with an average of about 22 for the year, reflecting the continued increase in the years 1922-1926. AL L BANKS h-Ffi +** * \ BANKS OUTSIDE"* YEW YORK JANUARY 1940 Review of the Month This decline in the turnover rate, which compares the volume of payments by check with the volume of deposits, indicates that an increasing amount of deposits is being held relatively idle. The big decline in turnover during 1938 and 1939 has taken place mainly at New York City banks where the volume of deposits has shown the largest increase. The annual turnover rate in New York City has dropped since 1936 from 30 to 20; while the rate at banks outside New York City has shown little net change. Some of the decline in turnover at New York City banks reflects decreased activity in financial markets, which ordinarily account for a large portion of all check payments, but the increased volume of deposits accompanying the lower turnover rate indicates also that in large part the growth in deposits at New York City banks has been the accumulation of balances held idle and available for investment or other use. Selection of Manager of System Open Market Account On December 13, 1939, the Federal Open Market Committee approved the selection of Robert G. Rouse, Vice President of the Federal Reserve Bank of New York, as Manager of the System Open Market Account to succeed Allan Sproul, who will devote his entire time to his duties as First Vice President of the Federal Reserve Bank of New York. Appointment of Class C Directors at Federal Reserve Banks The Board of Governors has appointed: Warren F. Whittier, farmer, dairyman and cattle breeder, Douglassville, Pennsylvania, a Class C director of the Federal Reserve Bank of Philadelphia for the unexpired portion of the three-year term ending December 31, 1940. Clifford V. Gregory, associate publisher, Wallaces9 Farmer and Iowa Homestead, Des Moines, Iowa, a Class C director of the Federal Reserve Bank of Chicago for the threeyear term beginning January 1, 1940. Douglas W. Brooks, president, Union Compress & Warehouse Company, Memphis, Tennessee, a Class C director of the Federal Reserve Bank of St. Louis for the unexpired portion of the three-year term ending December 31,1941. Mr. Brooks served as a director of the Memphis Branch of the Federal Reserve Bank of St. Louis under appointment by the Board of Governors from June 3,1937, to December 31, 1939. Roger B. Shepard, president, Finch, Van Slyck & McConville, St. Paul, Minnesota, a Class C director of the Federal Reserve Bank of Minneapolis for the unexpired portion of the three-year term ending December 31, 1941. Clarence Roberts, editor, The FarmerStockman, Oklahoma City, Oklahoma, a Class C director of the Federal Reserve Bank of Kansas City for the three-year term beginning January 1, 1940. Mr. Roberts served as a director of the Oklahoma City Branch of the Federal Reserve Bank of Kansas City under appointment by the Board of Governors from August 20, 1937, to December 21, 1939. FEDERAL RESERVE BULLETIN *Ttom the 5 (zoitelpondence character and volume of inquiries addressed to the Board in recent years reflect the public*s growing interest in problems related to money and banking. The inquiries cover a wide range of subjects representing many points of view, and it is believed that some of the questions raised, together with the Board's replies, may be of interest to the readers of the BULLETIN. Selected questions and answers from the Board*s correspondence will be published in the BULLETIN. Selections will be made on the basis of frequency of inquiry, timeliness, and importance of subject matter. Tinancinf and JSanlc "I have seen a good many statements emphasizing that the increase of gold in the country has inflated bank reserves. Why don't you devote some space to the way in which reserve balances have also been influenced by large deficit financing?" C ONTRARY to popular belief, an increase course of a, relatively brief period, it draws in the public debt does not operate to in- checks on its balances at the Federal Reserve crease the total supply of bank reserves. To banks; these checks flow into the hands of the extent that deficit financing by the Gov- individuals and corporations and are deernment increases the volume of bank de- posited in various banks, and as the banks posits, on the other hand, it actually absorbs in turn deposit the Treasury's checks with some of the existing excess reserves. The the Federal Reserve banks, member bank following analysis, tracing the process from reserve balances in the aggregate are rethe point of view of the entire banking sys- stored to their former level. The net result tem rather than that of the individual banks, of this borrowing and spending operation, presents in sequence the changes produced in therefore, is that bank deposits have inthe reserve situation as new Government creased, while total reserve holdings of all securities are bought and paid for by banks banks have remained unchanged. Since an and their depositors. increase in deposits calls for a larger volume Let us first consider the case in which of required reserves,1 the required portion banks do the purchasing. The banks pay of total reserve balances has increased and for these securities in one of two ways: the portion carried as excess reserves has either by drawing checks on their reserve declined. balances at the Federal Reserve banks, or If instead of making payment in cash the by giving the Government deposit credit on banks pay for new securities by giving the their books. In so far as the banks make Government deposit credit on their books, as payment immediately "in cash/' that is, in they frequently do, the net result is the same checks drawn on reserve balances, the deb- although the order of events is somewhat difiting of the checks to these accounts results ferent. Total bank deposits immediately rise in a diminution of the total reserves of mem- as the banks credit the Treasury's account, ber banks. But the decrease is only tempo- 1 Among their assets member banks are required to hold rary. When the Government disburses the balances the Federal Reserve banks equal to specified perproceeds of the loan, as it usually does in the centages with of their deposit liabilities. See table on page 22, JANUARY 1940 From the Board's Correspondence required reserves increase fractionally, and since total reserves remain unchanged, excess reserves decline. Subsequently, when the Treasury calls on the banks for these funds, and they are drawn into the Federal Reserve banks, member bank reserves temporarily decline. But after the funds have been disbursed by the Treasury, the end result of the entire operation is an increase in the public's deposits and an increase in required reserves; total member bank reserve balances have been restored to their former level, and excess reserves have been diminished. Let us now consider the case in which the public buys new securities. Certain individuals and corporations exchange a portion of their spendable funds for Government securities by drawing checks on their bank accounts. The Treasury deposits these checks in the Federal reserve banks, which in turn charge them to the member banks' reserve accounts. Up to this point, therefore, there has been a decrease in bank deposits and in member bank reserve balances. When the Treasury disburses the funds derived from the sale of its securities by drawing checks on the Federal reserve banks, those receiving the checks deposit them with their own banks; the banks in turn deposit these checks with the Federal reserve banks, and thus banks' deposits and reserves are increased. All factors in the reserve situation—deposits, required reserves and total reserves— are restored to their former level. It is apparent, therefore, that deficit financing does not in the end change the total volume of bank reserves, in spite of the shifts in the ownership of reserve and deposit balances. In so far as banks buy the new securities, deposits and required reserves are increased and excess reserves are reduced; if the public buys, reserves may be redistributed but the total for the country is not altered. We Must Open Our Thoughts ". . . There is a sense in which a democratic country forces statesmanship upon every man of initiative, every man capable of leading anybody; and this I believe to be the particular period when statesmanship is forced upon bankers and upon all those who have to do with the application and use of the vast accumulated wealth of this country. We should, for example, not only seek the best solution for our currency difficulties, not only the safest and most scientific system of elastic currency to meet the convenience of the country in which the amount of cash needed at different times fluctuates enormously and violently; but we should also seek to give the discussions of such matters such publicity and such general currency and such simplicity as will enable men of every kind and calling to understand what we are talking about and take an intelligent part in the discussion. We cannot shut ourselves in as experts to our own business. We must open our thoughts to the country at large, and serve the general intelligence as well as the general welfare." —WOODROW WILSON, The New Freedom 10 FEDERAL RESERVE BULLETIN by E . A . GOLDENWEISER Director, Division of Research and Statistics N OTWITHSTANDING the departure of the world from a rigid gold standard, gold continues to be the principal if not the only international currency and the only universally accepted medium for settling balances between countries. Its unusual behavior in recent years has made gold an even more interesting subject of discussion than it was when its sight was much more familiar than it is today, while its powers to bring about economic equilibrium were believed to be little short of magical. In this country today gold constitutes a problem and this article attempts to present a brief and matter of fact discussion of this problem. Our Stock of Gold Monetary gold in this country today has mounted to the unprecedented total of $17.6 billions. It has increased by about $13.6 billions since the beginning of 1934. Of the increase $2.8 billions represent the result of the revaluation from $20.67 to $35 an ounce of the $4 billions in gold which we had at that time, and $.2 billion was gold acquired under the gold buying program before revaluation. The remaining $10.6 billions have been added to the gold stock since January 1934. A little less than $.9 billion of the increase represents production and return of coin and scrap gold in this country and $9.7 billions are the result of imports from abroad. In January 1934 our stock of gold was about 30 per cent of the world stock, counting central reserve holdings only, while today it is in the neighborhood of 60 per cent, so that our proportion of the holdings of the effective monetary gold of the world has doubled in the period of approximately six years. The chart on the next page shows for 1933 and 1939 the world total of monetary gold and the amount held in the United States. It brings out graphically the fact that during the six year period the dollar value of the gold reserves of the world has been greatly JANUARY 1940 expanded, both by revaluation and by increased production, and that the United States now holds a much greater part of the expanded total. What Has Brought Gold Here? Why has so much gold come to this country? It is not, as it is sometimes stated, because we pay more for it than do other countries. As a matter of fact, when there are no artificial restrictions on the free movement of gold, as there have been in the belligerent countries since last September, the price of gold expressed in dollars or any other currency is the same the world over. This means that an ounce of gold can be bought (and sold) in England or France for as many pounds or francs as will exchange for $35— the price of an ounce of gold in the United States. If this were not so, arbitrageurs throughout the world would buy gold in the cheaper market and sell it in the dearer market until the spread was eliminated. The gold has come to this country as the result of complex economic influences which have been constantly shifting during the past half dozen years. Some of these factors were business developments in the United States and abroad, political uncertainties in Europe, rearmament programs, and the general rise in the currency prices of gold throughout the world. These higher prices for gold are important because they have resulted in increased production of gold, and have made it possible for foreign countries to send great quantities of gold to the United States without suffering reductions in their gold reserves to a point where they had to impose exchange restrictions. Of the $9.7 billions of gold from abroad, it is estimated that $3.1 billions came out of central bank reserves of other countries, mostly France and England, and $6.1 billions out of foreign mines, largely from South Africa. A half billion dollars more on balance has come from other sources, principally private holdings in India. 11 The Gold Problem Today The nature of the forces behind the gold chases and in addition foreign countries have flow to the United States is suggested by built up balances and bought securities in analysis of the transactions which have this country. Broadly speaking, there are two phases to brought the gold. Of the $9.7 billions of gold and $1 billion of silver that have come to us the gold problem that confront us as the from abroad in the past six years, $2.2 bil- result of the great increase in our holdings: lions represent our favorable balance of (1) the growth of member bank reserves, trade and services, in other words, payments which has created the possibility of unconfor goods and services sold to foreign coun- trollable credit expansion if a runaway situatries in excess of goods and services which tion should develop, and (2) the accumulawe bought from them. This figure, though tion in this country, in exchange for our prodconsiderable, nevertheless represents less ucts and other forms of wealth, of an asset than one-fourth of the total. Of the re- which is of little value now and whose value mainder, $5.5 billions are identified as being in the future is unpredictable. MONETARY GOLD - WORLD AND UNITED STATES WORLD - § 28.5 BILLIONS AT 4^5 AN OUNCE WORLD — $ 12.5 BILLIONS AT 4 20.67 AN OUNCE 1933 the result of a capital flow to this country due to uncertainties abroad, while $3 billions1 of the gold and silver movement are the result of unidentified transactions, although this also, presumably, is in large part the result of capital movements. The fact is that we have sold to the world over $2 billions in goods and services in excess of our pur1 Capital figures are only through September 1939. 12 1939 The Problem of Reserves From the point of view of member bank reserves, through which monetary authorities endeavor to regulate credit expansion and contraction, the vast amount of gold imports has placed the banks largely beyond the reach of ordinary instruments of credit policy, as they exist under the law today. The Federal Reserve System's powers in this field are limited to a relatively small amount. It can FEDERAL RESERVE BULLETIN The Gold Problem Today absorb about $.9 billion, through an increase in reserve requirements, and it can make sales out of its portfolio of United States Government securities. Both of these powers could be exhausted without effecting a solution of the problem. The power of the Treasury to reduce reserves or to sterilize gold can be made effective only at the cost of increasing the public debt for the purpose. There is, therefore, no existing mechanism that is both practical and acceptable for handling an excess reserve situation like the present one, in which member banks have more than $5 billions of reserves above legal requirements. Before the reserves created by the inflow of gold are brought under control new means for exercising such control will have to be devised and adopted. Strictly monetary actions can, of course, be supplemented by other measures some of which are now available and some may have to be developed. The Board of Governors can change margin requirements on certain loans on securities which should make it possible to control an important element in stock market speculation. This course of action affects not the supply but the demand for credit because it limits the amount of credit that a holder of a given amount of securities can apply for in order to speculate in securities. The Board under the law has full discretion in determining margin requirements. A temporary psychological influence on the market may also be exerted through the use of the System portfolio. A sale of Government bonds in substantial amounts when an expansion is under way might have an effect on the situation quite out of proportion to the relatively unimportant change it would make in excess reserves. That effect, however, would be only temporary because long-time developments reflect not market psychology but underlying conditions. It may be possible by this means to prick a particular speculative bubble, but it is not possible in this way to affect longer-term developments. If credit could not be controlled through reserves, the only way that the authorities could control bank expansion would be through more stringent regulation of bank assets. However, any method that could be devised for controlling the situation without controlling reserves and deposits would require a departure from our habits of mind and our JANUARY 1940 ways of doing business. It would involve more supervision and regulation than would an adequate control of the supply of money without too much control of the uses to which money is put. The Government has many other ways of influencing business conditions by action in fields that are not usually considered as monetary, such as taxation, retirement or expansion of the public debt, labor policies, and price regulation. Coordinated action in all these fields is necessary to achieve effective results but ability of monetary authorities to control bank reserves is a necessary part of such a program. What Is the Gold Worth to Us? Another phase of the gold problem is the question raised by the $17.6 billions of gold which is of little or no use to us now. The question is, what good has this gold done us and what problems is it likely to raise in the future? Does it possess any current or future attributes that may be set off against its effects on member bank reserves ? Analysis of the transactions that have brought the gold throws some light on these questions. To the extent of $2.2 billions our gold acquisitions represent an exchange of goods and services for gold. This is not, however, the way the matter looks to the people who sold the goods and services. They did not get gold in exchange but received bank balances. At the same time the production of the goods and services exported resulted in increased employment, wage payments, and profits. In final effect, the purchase of gold by the Treasury amounted to an encouragement of our business activity through the issuance of gold certificates by the Government in exchange for goods and services sold by this country to foreigners. The differences between paying for goods exported through issuing gold certificates against gold bought from foreigners and spending the money domestically is that in the former case the Government acquires the gold while the goods go abroad, while in the latter case the Government acquires no gold—but the goods remain in this country. Even if goods were produced and retained here it is not altogether clear that it would be a net advantage to the country to have goods rather than gold. For example, if we had sold less cotton and wheat, and kept it in storage, this would presumably 13 The Gold Problem Today have complicated the problem of our agricultural surplus. We would have surplus cotton and wheat instead of surplus gold, and it is not certain under present circumstances that this would be an advantage. If, on the other hand, we could have built low-cost houses with the materials and labor we have exported, to use a timely illustration, the advantage would have been apparent. The choice between enabling the foreigner to buy our goods and services in exchange for gold and refusing to buy the gold but creating purchasing power for domestic purposes instead is not one that can be made without considering the effects of increased domestic expenditures on our budget nor without reference to the effect of gold operations on the foreign exchange market. An abrupt cessation of American gold purchases would create chaotic conditions in the exchange market with serious repercussions on domestic business conditions and prices. The desire to preserve as much stability in the international exchange structure as is compatible with shifting international conditions has been the chief factor in this country's purchases of gold. The Capital Inflow Much the largest part of our gold acquisitions, however, was the result not of our export surplus but of transfers of capital and, except for swelling member bank reserves, has had little economic effect. The identifiable amount in this category is $5.5 billions. Of this total $2.6 billions were placed in this country on a highly liquid basis, mainly as deposits in our banks. So long as these deposits remain unused they are of no particular consequence. Another $1.7 billions of the $5.5 billions represent repatriation of American capital—mainly short- and long-term foreign obligations that had been held in this country and were bought back by foreigners, largely at reduced prices. To this extent we as a nation hold gold rather than foreign debts, although it should be mentioned again that individuals who sold the obligations received dollars, not gold. Investments by foreigners in American securities have amounted to $1.2 billions in the six years 1934-1939. In this way foreigners have given us gold in exchange for incomeyielding securities and in the process have perhaps tended at times to bid up the price of American securities. 14 Foreign deposits in American banks and American securities held by foreigners are now largely available for use in this market by European belligerents. The British Government, for example, has nationalized such holdings; short-term assets must be offered to the Government, securities cannot be sold without its consent, and, if sale is authorized, the proceeds must be relinquished. These amounts, in addition to gold, are being used in paying for purchases by the British and French in this country. When the war is over, if it lasts for any length of time, the $17.6 billions of gold which we now have, and that which we may receive from now on, is likely to be without large foreign claims against it. Ultimate Disposition of the Gold It is interesting to speculate about the ultimate fate of our $17.6 billions of gold. The most satisfactory way to reduce the pile would be through the development of a world situation in which the United States would lose gold as the result of excess purchases of goods and services from abroad. It is too optimistic, however, to think that much gold would flow out in this way, partly for the reason that few countries after the war will be in a position to acquire gold rather than goods from abroad. They will be in need of materials and capital for reconstruction and the fulfillment of deferred demands will probably occupy their own productive resources fully and also create a need for foreign-made goods. Under such circumstances a flight of capital from the United States, which is hard to conceive, or investment abroad, which is not likely to assume large proportions, would offer the only occasion for losing gold. Some post-war stabilization loans may conceivably be made, but the amounts involved are not apt to be large. It seems, therefore, that the problem of our huge gold stock is likely to stay with us for a long while, and that it may even increase— if gold continues to flow into this country. No simple solution to the problem can be devised. The ultimate solution will have to be a part of the answer to the much broader problems of restoration of world stability and international trade. It will also be bound up with rationalization of our own economy. FEDERAL RESERVE BULLETIN 7tam G JlejaLStandpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material of interest to bankers. Regulation G on Noncash Collections which are redeemed by Federal Reserve banks as fiscal agents) ; (5) State and municipal warrants, including both orders to pay addressed to officers of States and political subdivisions thereof and any special or general obligations of States and political subdivisions thereof; (6) All other evidences of indebtedness and orders to pay, except checks and bank drafts1 handled under the provisions of Regulation J and checks and bank drafts drawn on or payable by a nonmember bank which cannot be collected at par in funds acceptable to the Federal Reserve bank of the district in which such nonmember bank is located.2 There is published below the text of a regulation governing the collection by Federal Reserve banks of notes and bills and other "noncash items" for member banks and nonmember clearing banks, which was adopted by the Board of Governors on December 26, 1939, effective February 1, 1940. This regulation has been issued by the Board in order that the principal terms and conditions relating to the collection of noncash items may be published in the Federal Register and requires no change in the existing practices of SECTION 2. RECEIPT OF ITEMS FOR COLLECTION the Federal Reserve banks. Other provisions Federal Reserve bank may receive for collecregarding the collection of noncash items will tionEach noncash items from member and nonmember be contained, as heretofore, in the circulars clearing banks in its district, from other Federal of the individual Federal Reserve banks. Reserve banks, and from all member and nonmember REGULATION G Effective February 1, 1940 clearing banks in other Federal Reserve districts which are authorized to route direct for the credit of their respective Federal Reserve banks, subject to the terms and conditions of this regulation. COLLECTION OF NONCASH ITEMS SECTION 3. TERMS OF COLLECTION AUTHORITY FOR REGULATION (1) Agreement of sending bank.—Each member and nonmember clearing bank which sends noncash items to any Federal Reserve bank for collection shall by such action be deemed: (a) to authorize the Federal Reserve banks to handle such items subject to the terms and conditions of this regulation; (b) to warrant its own authority to give the Federal Reserve banks such authority; (c) to agree to indemnify any Federal Reserve bank for any loss or expense sustained (including but not limited to attorneys' fees and expenses of litigation) resulting from the failure of such sending bank to have such authority, or resulting from such Federal Reserve bank's guaranty of prior endorsements, or resulting from any action taken by the Federal Reserve bank within the scope of its authority for the purpose of collecting such noncash items; and (d) to guarantee all prior endorsements on such items whether or not a specific guaranty is incorporated in an endorsement of the sending bank. (2) Federal Reserve bank as agent.—A Federal Reserve bank will act only as agent of the bank from This regulation is based upon and issued pursuant to the provisions of subsection (i) of section 11, the first paragraph of section 13, and the 14th and 15th paragraphs of section 16, and other relevant provisions of the Federal Reserve Act. SECTION 1. DEFINITION OF NONCASH ITEMS As used in this regulation, the term "noncash items" means any items of the following classes when payable within the continental United States: (1) Maturing notes, acceptances, bankers* acceptances, certificates of deposit, bills of exchange, and drafts with or without securities, bills of lading, or other documents attached; (2) Drafts and orders on savings deposits with pass books attached; (3) Checks, drafts, and other cash items which have previously been dishonored or on which special advice of payment or dishonor is required ;x (4) Maturing bonds and coupons (other than obligations of the United States and its agencies 3 Checks and bank drafts drawn on or payable by a nonmember bank which cannot be collected at par in funds acceptable to the Any check, draft, or other item which is normally handled as Federal Reserve bank of the district in which such nonmember a cash item will not be handled as a noncash item unless special bank is located, and which may not be received under the terms conditions require that this be done, and the Federal Reserve of Regulation J, likewise may not be received as noncash items under the terms of this regulation. bank will decide whether such special conditions exist. 1 JANUARY 1940 15 From a Legal Standpoint which it receives such noncash items and will assume no liability except for its own negligence and its guaranty of prior endorsements. (3) Presentation of items by Federal Reserve bank.—A Federal Reserve bank may present such noncash items with any accompanying documents for payment direct to the person, firm, or corporation on which they are drawn or by or through which they are payable or collectible, or may present them for payment or forward them for collection direct to the bank on which they are drawn, at which they are payable, or through which they are payable or collectible; or, in its discretion, may forward them to another agent with similar authority to present them for payment or forward them for collection. The bank upon which any such noncash item may be drawn, or at which the same may be payable or through which the same may be payable or collectible shall be deemed to be a proper agent for collection within the meaning of this regulation. (4) Items payable in other districts.—Noncash items received by a Federal Reserve bank payable in other districts will be forwarded for collection to the Federal Reserve bank of the district in which such items are payable; except that, when in the judgment of the Federal Reserve bank the size or character of the items or other special circumstances justify such action, any such items, in the discretion of the Federal Reserve bank, may be forwarded for collection direct to the bank on which they are drawn, at which they are payable, or through which they are payable or collectible, or may be forwarded for collection to another agent with authority to present them for payment direct to the person, firm, or corporation on which they are drawn or by or through which they are payable or collectible or to present them for payment direct to the bank on which they are drawn, at which they are payable, or through which they are payable or collectible. (5) Forms of payment accepted by Federal Reserve bank.—A Federal Reserve bank may, in its discretion and at its option, accept from any bank in payment of or from any collecting agent in remittance for such noncash items, cash, checks, bank drafts, transfers of funds or bank credits, or other forms of payment or remittance, acceptable to the collecting Federal Reserve bank. The Federal Reserve bank shall not be liable for the failure of any bank or any agent to collect, or to pay, or to remit for, such noncash items, nor for any loss resulting from the acceptance from any bank or any agent, in lieu of cash, of any other form of payment or remit- 16 tance authorized herein, nor for the nonpayment of, or failure to realize upon, any bank draft or other medium of payment or remittance which may be accepted from any bank or any collecting agent. (6) Collection of remittances for noncash items.— Bank drafts and other forms of payment or remittance received by a Federal Reserve bank in payment of or in remittance for noncash items handled under the terms of this regulation will be collected, at the option of the Federal Reserve bank, either under the terms and conditions of this regulation or under the terms and conditions of Regulation J of the Board of Governors of the Federal Reserve System. (7) Suspension or closing of paying or remitting bank.—No draft, authorization to charge, or other order, upon any reserve balance, clearing account, deposit account, or other funds of a paying, remitting, or collecting bank in the possession of a Federal Reserve bank, issued for the purpose of settling items handled under the terms of this regulation will be paid, acted upon, or honored after receipt by such Federal Reserve bank of notice of suspension or closing of such paying, remitting, or collecting bank. (8) Items sent direct to Federal Reserve bank in another district.—With respect to any noncash item sent direct by a member or nonmember clearing bank in one district to a Federal Reserve bank in another district, the relationships and the rights and liabilities existing between the member or nonmember clearing bank, the Federal Reserve bank of its district, and the Federal Reserve bank to which the noncash item is sent will be the same, and the relevant provisions of this regulation will apply, as though the member or nonmember clearing bank had sent such noncash item to the Federal Reserve bank of its district with its endorsement and guaranty of prior endorsements and such Federal Reserve bank had sent the noncash item to the other Federal Reserve bank with its endorsement and guaranty of prior endorsements. SECTION 4. OTHER RULES Each Federal Reserve bank may also promulgate rules not inconsistent with the terms of the law or of this regulation, governing the details of its noncash collection operations. Such rules may be set forth by each Federal Reserve bank in circulars to its member and nonmember clearing banks and shall be binding upon any member or nonmember clearing bank which sends any noncash item to such Federal Reserve bank for collection or to any other Federal Reserve bank for the account of such Federal Reserve bank for collection. FEDERAL RESERVE BULLETIN A/atlonat Summalu ofi £u5ine55 Condition* Compiled December 16 and released for publication December 19 FOLLOWING a rapid rise after the out- in November and at the end of the month m break of the European war industrial dealers' stocks of new cars apparently were activity continued at a high level in Novem- smaller than at the corresponding time in ber and the first half of December. There other recent years. Lumber production dewas a considerable increase in distribution of clined less than seasonally in November but commodities to consumers while prices of plate glass production, which had reached a basic commodities, which had been steady high level in October, showed a reduction. during November, rose somewhat in the first Output of nondurable goods continued at a high level in November. At cotton and woolen two weeks of December. mills activity increased somewhat further Production and was close to the record levels reached years ago. Rayon production advanced The Board's seasonally adjusted index of three to new levels but at silk mills there was industrial production advanced from 121 to a sharphigh decline following substantial in124 per cent in November, reflecting sus- creases earlier this fall. Output offlourand tained activity at a period of the year when sugar declined further from the levels reached a decline is usual. Production of durable in September while changes in activity at goods, which had advanced rapidly for sev- shoe factories and meat-packing establisheral months, showed a further expansion. ments were largely seasonal in character. Record production of steel ingots continued Coal production in November declined in November and was followed by a less somewhat from the high level reached in than seasonal decline in the first half of October. Output of crude petroleum increased further and iron ore shipments conINDUSTRIAL PRODUCTION tinued in exceptionally large volume until the 140 140 Great Lakes' shipping season closed in the 130 latter part of the month. Value of construction contracts, as reported 120 120 by the F. W. Dodge Corporation, increased in 110 110 November following a sharp decline in October. In both months changes in total 100 100 reflected principally fluctuations in V 90 awards 90 the volume of contracts for public construc80 80 tion. Private residential awards declined somewhat less than seasonally in November, 70 V 70 while awards for other private projects 60 showed little change. Contracts for private 1934 1936 1937 1938 1939 1935 Index of physical volume of production, adjusted for seasonal work, both residential and nonresidential, variation, 1923-1925 average = 100. were larger than a year ago, while those for public projects were below the high level of December. Automobile production increased that time when contracts under the Public in November, notwithstanding the fact that Works Administration program were being plants of one important company remained awarded in large volume. closed pending settlement of an industrial disEmployment pute. After this was settled at the end of November assemblies rose sharply. Retail Factory employment and payrolls consales of new automobiles were in large volume tinued to increase in November, reflecting PER CENT A1 JANUARY 1940 /J \ / , /J 1 \ / 17 National Summary of Business Conditions under the recovery peak reached in the early part of 1937. Shipments of ore and miscellaneous freight declined less than is usual in November, while loadings of coal decreased more than seasonally from the relatively high October level. Commodity Prices Prices of both industrial materials and DEPARTMENT STORE SALES AND STOCKS foodstuffs advanced from the latter part of 110 November to the middle of December. Wheat and silk prices rose considerably and there 100 were smaller increases in cotton and hides. Prices of steel scrap and nonferrous metals, 90 90 on the other hand, showed declines. 80 80 Government Security Market 70 70 Prices of United States Treasury bonds ad60 60 vanced sharply during the last half of November to a level not far below the all-time 50 50 high point of last June and remained steady during the first half of December. 40 1936 1937 1935 Bank Credit Indexes of value of sales and stocks, adjusted for seasonal variation, 1923-1925 average = 100. Total loans and investments at reporting banks in 101 leading cities rose subment store sales, which had been around 90 member stantially during November and the first half in the three preceding months, advanced to of December, reflecting largely purchases of 94, a level about the same as at the peak in 1937 when prices of commodities sold at deMONEY RATES IN NEW YORK CITY partment stores were generally somewhat higher than at present. chiefly further sharp advances in industries producing steel, machinery, and other durable goods. Distribution In November distribution of commodities to consumers increased considerably. The Board's seasonally adjusted index of departPER CENT PER CENT FREIGHT-CAR LOADINGS PER CENT PER CENT 110 110 100 100 90 90 /A 80 70 60 50 V 80 \ V 70 60 1934 1938 1939 50 Minimum rate on rediscounts for and advances to member banks by Federal Reserve bank; weekly averages of daily yields on 3- to 5-year Treasury notes and Treasury bonds callable after 40 40 12 years, and average discount on new issues of 91-day Treasury 1937 1938 1939 1934 1935 1936 bills offered within week. For weeks ending January 6, 1934, Index of total loadings of revenue freight, adjusted for seasonal to December 16, 1939. variation, 1923-1925 average = 100. Freight-car loadings showed less than the usual seasonal decrease from October to November and the Board's adjusted index increased from 80 to 82, which was only slightly 18 new United States Government securities. Commercial loans, which had been increasing since August, continued to rise until the third week in November. Deposits increased further. FEDERAL RESERVE BULLETIN FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve bank credit, and related items Federal Reserve bank discount rates; rates on time deposits, reserve requirements. Federal Reserve bank statistics Reserve position of member banks; deposits in larger and smaller centers Money in circulation Gold stock and gold movements; bank suspensions; bank debits All banks in the United States, number, deposits, loans and investments Condition of all member banks Weekly reporting member banks Bankers' commercial paper, acceptances, and brokers' balances Money rates and bond yields Security markets Treasury finance Governmental corporations and credit agencies; Postal Savings System Production, employment, and trade Wholesale prices Crop report Statistics for Federal Reserve chart book Member Bank Call Report, October 2, 1939 21 . 22 22-27 28 29 30 31 32-33 34-37 38 39 40 41-42 43-44 45-53 54 55 55-56 57-58 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Current figures compiled by the Board are generally released prior to publication In the BULLETIN and press statements will be sent without charge to those wishing them. For a list of current releases see FEDERAL RESERVE PUBLICATIONS at the back of this BULLETIN. JANUARY 1940 19 MEMBER BANK RESERVES AND RELATED ITEMS WEDNESDAY FIGURES BILLIONS OF DOLLARS <iapews OF DPI TREASURY DEPOSITS AT F. R BANKS 1934 1935 1936 1937 1938 1939 Latest figures for December 20. See page 21. 20 FEDERAL RESERVE BULLETIN MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Member bank Reserve bank credit outstanding U.S. Gov- Other Bills ern- Reserve Bills dis- bought ment bank Total counted securi- creditl Date Gold stock ties Monthly averages of daily figures: 1938—Sept Oct Nov 1939—Sept.—. Oct Nov End of month figures: 1938—Sept. 30 . . . Oct. 31 Nov. 30___ 1939—Sept. 30.._ Oct. 31 Nov. 30___. Wednesday figures: 1938—Dec. 7 Dec. 14___. Dec. 2 1 . . . . Dec. 2 8 . . . . 1939—Jan. 4. Jan. 11 Jan. 18 Jan. 25 TreasOther reserve balances ury Treas- Treasury deposits NonFedcur- Money ury in cirwith memeral rency culacash Federal ber deReserve outhold- Reserve posits Excess tion acstandings (estibanks counts Total mated) ing 2,572 2,564 2,564 2,732 2,763 2,651 30 26 20 56 63 63 2,610 2,598 2,592 2,794 2,832 2,722 13, 441 13,940 14,162 16, 823 17,002 17, 217 2,733 2,745 2,760 2,911 2,926 2,939 6,570 6,668 6,750 7,249 7,328 7,413 2,717 2,782 2,728 2,253 2,239 2,314 704 665 526 611 358 454 340 361 524 729 732 766 258 261 259 243 240 241 8,196 8,546 8,727 11,443 11,862 11, 688 2,920 3,143 3,276 5,198 5,490 5,259 2,563 2,564 2,564 2,804 2,736 2,552 29 14 13 68 59 89 2,600 2,586 2,584 2,879 2,801 2,650 13, 760 14,065 14, 312 16,932 17, 091 17, 358 2,739 2,751 2,773 2,919 2,932 2,947 6,622 6,700 6,787 7,293 7,342 7,483 2,810 2,770 2,689 2,244 2,254 2,367 853 535 484 545 286 419 356 424 574 753 728 819 260 260 259 240 241 241 8,713 8,876 11, 655 11,973 11, 628 2,869 3,227 3,383 5,352 5,553 5,160 2,564 2,564 2,564 2,564 20 29 84 39 2,591 2,600 2,656 2,610 14,367 14,380 14,454 14, 508 2,775 2,784 2,788 2,790 6,844 6,858 6,943 6,912 2,681 2,651 2,677 2,707 407 413 1,025 941 576 551 514 505 258 258 267 8,966 9,034 8,472 8,577 3,442 3,476 2,979 3,072 2,564 2,564 2,564 2,564 35 23 18 14 2,604 2,592 2,588 2,583 14, 565 14, 577 14, 615 14,640 2,800 2,805 2,810 2,812 6,839 6,716 5,666 6,623 2,725 2,712 2,726 2,754 891 873 800 767 436 459 435 470 258 258 256 256 8,819 8,956 9,130 9,166 3,298 3,436 3,559 3,597 Feb.1 Feb. 8 Feb. 1 5 . . . . Feb. 2 1 . . . . 2,564 2,564 2,564 2,564 13 12 17 23 2,582 2,584 2,587 2,592 14, 694 14, 732 14,772 14,818 2,817 2,818 2,819 2,821 6,663 6,673 6,695 6,708 2,770 2,768 2,771 2,752 887 931 1,250 1,181 469 488 500 495 256 255 254 254 9,047 9,018 8,707 8,841 3,478 3,459 3,166 3,298 Mar. Mar. Mar. Mar. Mar. 1 8 15—. 22.... 29—. 2,564 2,564 2,564 2,564 2,564 19 -3 27 5 10 2,586 2,565 2,595 2,573 2,578 14,888 14,923 14,983 15,075 15,160 2,827 2,829 2,832 2,834 2,837 6,739 6,751 6,751 6,758 6,765 2,716 2,716 2,712 2,743 2,722 1,168 1,102 1,059 1,222 1,201 484 510 552 511 505 253 253 259 258 257 8,942 8,985 9,077 8,989 9,125 3,382 3,407 3,443 3,364 3,519 Apr. Apr. Apr. Apr. 5 12.... 19.... 26.... 2,564 2,564 2,564 2,564 17 17 23 12 2,584 2,584 2,591 2,580 15, 292 15,430 15,605 15,714 2,838 2,842 2,844 2,849 6,855 6,835 6,858 2,712 2,707 2,723 2,693 1,103 1,015 951 913 470 515 509 516 257 256 256 256 9,318 9,528 9,743 3,708 3,879 3,998 4,124 May May May May May 3 10.... 17.... 24.... 31.... 2,564 2,564 2, 564 2,564 2,564 4 7 2,572 2,575 2,576 2,576 2,573 15,801 15,856 15,892 15,927 15, 957 2,851 2,854 2,857 2,859 2,862 6,915 6,904 6,913 927 915 920 554 521 543 558 6,967 2,691 2,678 2,683 2,646 2,636 255 255 255 254 253 9,872 9,967 10,005 10,097 10,029 4,084 4,186 4,244 4,304 4,218 June June June June 7 14 21 28 2,564 2,564 2,564 2,551 2,576 2,605 2,584 2,567 15,987 16,027 16,060 16,093 2,864 2,868 2,873 6,936 6,934 6,962 2,571 2,570 2,566 2,559 935 928 941 962 714 714 677 253 253 263 263 10,053 10,101 10,099 10,116 4,279 4,264 4,227 4,243 July July July July 5 12 19 26 2,551 2,535 2,515 2,488 2,569 2,569 2,537 2, 512 16,136 16,174 2,885 2,890 2,893 7,100 7,041 7,022 7,002 2,577 2,552 2,530 2,506 820 791 764 742 678 638 634 690 257 257 257 257 10,151 10,350 10.412 10,436 4,292 4,447 4,485 4,485 Aug. 2 Aug. 9 Aug. 16 Aug. 2 3 . . . . Aug. 30 2,453 2,443 2,423 2,423 2,426 2,476 2,462 2,453 2,441 2,448 16, 248 16,270 16,335 16, 501 16, 638 2,895 2,897 2,900 2,903 2,905 7,054 7,070 7,091 7,098 7,141 2,370 2,354 2,366 2,334 2,327 844 776 724 709 662 597 565 604 257 256 256 256 255 10.413 10,509 10,633 10,829 10,951 4,462 4,533 4,590 4,741 4,799 Sept. 6 Sept. 13 Sept. 20.... Sept. 27_— 2,594 2,824 2,826 2,804 2,643 2,873 2,883 2,846 16, 726 16,808 16,902 16,925 2,908 2,911 2,915 2,914 7,261 7,235 7,236 7,238 2,264 2,227 2,272 2,260 676 615 619 552 247 234 242 242 11,141 755 781 771 11, 526 11, 549 11,621 4,969 5,271 5,275 5,332 Oct. 4 Oct. 11 Oct. 18 Oct. 25 2,785 2,765 2,748 2,736 2,837 2,810 2,817 2,771 16,958 16,973 16,997 17,039 2,920 2,924 2,927 2,929 7,309 7,346 7,330 7,302 2,250 2,238 2,216 2,230 404 349 326 776 742 698 692 239 238 241 240 11,672 11,739 11,907 11,950 5,359 5,399 5,509 5,534 Nov. Nov. Nov. Nov. Nov. 2,721 2,687 2,649 2,593 2,552 38 28 60 44 45 2,765 2,721 2,715 2,645 2,605 17,099 17,132 17,235 17, 257 17, 347 2,932 2,935 2,939 2,942 2,947 7,352 7,409 7,384 7,434 7,462 2,250 2,263 2,341 2,357 2,359 349 348 564 466 441 790 779 772 727 776 241 241 241 241 241 11,814 11,749 11, 587 11,619 11,620 5,376 5,354 5,166 5,171 5,135 2,512 2,512 2, 496 47 23 140 2,568 2,543 2,645 17, 408 17, 464 17, 576 2,949 2,954 2,959 7,545 7,564 7,679 2,391 2,398 2,411 346 753 785 719 765 241 240 253 11,617 11, 288 11,378 5,154 4,849 4,900 1 8 15 22.... 29.._. Dec. 6. Dec. 13 Dec. 20 16,191 16,227 * Less than $500,000. 1 Includes industrial advances. 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 all available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. JANUARY 1940 21 FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Rediscounts and advances under sections 13 and 13a of the Federal Reserve Act except last paragraph of Section 13 Federal Reserve bank Secured by direct and eligible guaranteed obligations of the U. S. Rate Jan. 3 1 1 Boston New York Philadelphia.. Cleveland Richmond Atlanta _. Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco U? 1 l In effect beginning- Advances under Section 10(b) of the Federal Reserve Act Advances secured by direct obligations of the United States (last paragraph of Section 13 of the Federal Reserve Act) All other In effect beginning- Rate Jan. 3 Sept. 1, 1939 Aug. 27, 1937 Sept. 4, 1937 M a y 11, 1935 Aug. 27, 1937 Sept. 16, 1939 Sept. 1, 1939 Sept. 21, 1939 Aug. 24, 1937 Sept. 16, 1939 Sept. 16, 1939 Sept. 3, 1937 To banks Sept. 1, 1939 Aug. 27, 1937 Sept. 4, 1937 M a y 11, 1935 Aug. 27, 1937 Aug. 21, 1937 Aug. 21, 1937 Sept. 2, 1937 Aug. 24, 1937 Sept. 3, 1937 Aug. 31, 1937 Sept. 3, 1937 Rate Jan. 3 In effect beginning- Rate Jan. 3 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 To others In effect beginning— Rate Jan. 3 Sept. 1, 1939 Aug. 25, 1939 Sept. 1, 1939 Sept. 1, 1939 Sept. 1, 1939 Sept. 16, 1939 Sept. 1, 1939 Sept. 16, 1939 Sept. 1, 1939 Sept. 16, 1939 Sept. 16, 1939 Sept. 1, 1939 In effect beginningApr. 29, 1938 Feb. 8, 1934 Sept. 1, 1939 May 11, 1935 Feb. 19, 1934 Apr. 23, 1938 Oct. 16, 1933 Feb. 23, 1935 Oct. 8, 1938 Apr. 16, 1938 Apr. 16, 1938 Oct. 19, 1933 1 %H per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, 1 per cent; Cleveland, Kansas City, and Dallas, IK per cent. Back figures.—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect, Jan. 3, 1940, on advances and commitments under Sec. 13b, of the Federal Reserve Act as amended June 19, 1934. [Per cent per annum except as otherwise specified] Rate in effect on Jan. 3 Maturity 1-15 days i._ 16-30 days... 31-45 days 46-60 days 61-90 days... 91-120 days.. 121-180 days. In effect beginning— Previous rate Oct. 20, 1933 ___do ...do ...do ...do ...do —do 1 1 1 1 1 1 IK Federal Reserve bank Advances to financing institutions— Advances direct to Commitindustrial On porments tion for or comto make On re- advances which mercial ormaining ganizations instituportion tion is obligated Boston i This rate also applies to acceptances bought under repurchase agree- New York.... ments, which agreements are always for a period of 15 days or less. PhiladelphiaNOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta Chicago Back figures.—See Annual Report for 1937 (table 41) St. Louis 4-6 4-6 1 5-6 5-6 Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q. 0) 4-6 5 5-6 4 1-2 1-2 1 Minneapolis.. Kansas City.. Dallas San Francisco MAXIMUM RATES ON TIME DEPOSITS 4-6 4-6 5-6 5-6 4 3-4 5-6 4-5 1 1 Authorized rate 1 per cent above prevailing discount rate. *8 Same as to borrower but not less than 4 per cent. Flat charge. Back figures.—See Annual Report for 1937 (table 40). [Per cent per annum] Nov. 1, 1933 Feb. 1, 1935 to to Jan. 31, 1935 Dec. 31, 1935 Savings deposits Postal Savings deposits Other time deposits payable in: 6 months or more 90 days to 6 months Less than 90 days _ In effect beginning Jan. 1, 1936 MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Classes of deposits and banks On net demand deposits:» Central reserve city_. Reserve city Country June 21, Aug. 16, Mar. 1, May 1, Apr. 16, 19361937193719381917and Aug. 15, Feb. 28, Apr. 30, Apr. 15, 1937 1937 1938 after 1936 13 10 7 19K 15 10M 22^ 17H 12M 26 20 14 22K 12 * NOTE.—Maximum rates that may be paid by insured nonmember On time deposits: banks as established by the Federal Deposit Insurance Corporation, 5 All member banks.._ 3 6 4M effective February 1, 1936, are the same as those in effect for member banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by i See footnote to table on p. 28 for explanation of method of comlower maximum rates established by State authority. puting net demand deposits. 22 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1939 Dec. 20 Dec. 13 Dec. 6 Nov. 29 1939 Nov. 22 Nov. 15 Nov. 8 Nov. 1938 Oct. Nov. Assets Gold certificates on hand and due from 15,134,619 15,024,619 14,986,122 14,966,121 14,871, 655 14,866,654 14,858,210 14,966,124 14,829,206 11,601,717 U. S. Treasury __ 9,866 8,846 10,413 9,866 9,866 9,414 10,253 9,139 10,815 9,973 Redemption fund—F. R. notes___ 323,888 319,383 339,670 254,429 302,708 302,947 320,766 330,931 353,716 357,940 Other cash __ Total reserves. 15,399,021 15,337,740 15,298,935 15, 296, 753 15, 212,000 15,230, 623 15,191, 237 15, 295, 373 15,177, 722 11,970,472 Bills discounted: For member banks For nonmember banks, etc.. 3,419 5,045 3,007 5,045 4r- 3,222 3,172 4,854 Total bills discounted 8,464 8,052 8,076 8,026 11,139 11,143 11,387 11, 393 3,144 4,844 '3,161 '3,324 '3,151 '3,324 3,048 4,854 2,848 3,309 7,081 6,485 6,475 7,902 6,157 7,081 11, 561 11, 623 11, 364 11, 744 15,821 Bills bought: Payable in foreign currencies Industrial advances. U. S. Government securities, direct and guaranteed: Bonds Notes __ Bills __ 787,327 1, 263,197 1,278,947 1,278,947 1, 283,447 1,283,447 1,305,442 1,313,942 1,283,447 1, 315,942 1,233,225 1,233,225 1,233, 225 1, 233, 225 1, 233, 225 1,239,172 1, 247,497 1, 233, 225 1,245,497 1,164, 565 612,123 174, 320 104, 705 35,425 35,425 125,380 76, 705 Total U. S. Government securities, direct and guaranteed Other Reserve bank credit 2,496,422 2, 512,172 2, 512,172 2, 552,097 2, 593,377 2,649, 319 2, 686,819 2, 552,097 2, 735, 759 2, 564,015 -3,234 12,113 47,361 78, 227 36,354 33, 780 32,284 47, 950 16,104 129,049 Total Reserve bank credit outstanding _ 2,645,074 2,543,480 2, 567,989 2,605, 296 2,645,217 2, 715, 315 2,721,021 2, 649, 590 2,801,021 2, 584,230 547 11, 568 Liabilities F. R. notes in actual circulation 4,979,850 4,905,433 4,899,500 4,845,292 4,825, 953 4,805, 254 4,817,094 4,861, 559 4, 772,822 4,384,882 Deposits: Member bank—reserve account.__ 11,378,164 11, 287, 608 11,616, 517 11, 619, 749 11,619,188 11, 587,156 11, 748,660 11, 627, 502 11,972, 848 8,876,481 483,982 286, 371 U. S. Treasurer—general account419, 216 693, 565 752,580 346,191 440,949 465,987 564,123 347,622 208,097 415, 699 Foreign bank _ 412,759 411, 643 375,090 398,444 407,274 403,249 454,277 456,231 312,658 366,168 351,923 Other deposits. 343,578 386,416 368,357 323,255 317,728 322,911 Total deposits.. 12,836,411 12, 758,856 12, 747, 568 12,836,329 12,811, 679 12, 923, 284 12,875,424 12,865,343 12, 987, 576 9,934,728 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) _ 86.4 86.8 86.7 16.2 86.5 85.9 85.5 85.9 ;3.6 • Revised. MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total Bills discounted: Nov. 22 Nov. 29. _ Dec. 6 Dec. 13 Dec. 20 _. Industrial advances: Nov. 22 Nov. 29. Dec. 6 Dec. 13 Dec. 20 U. S. Government securities, direct and guaranteed: Nov. 22.._ Nov. 29 Dec. 6 Dec. 13 Dec. 20 JANUARY 1940 Within 15 days 16 to 30 31 to 60 days days 6 months 1 year 61 to 90 91todays to 6 to days months l y e a r 2 years 2 years to 5 years 7,988 8,026 8,076 8,052 8,464 1,853 3,275 5,133 2,375 2,048 3,493 2,088 158 131 169 202 220 255 266 605 173 1,706 1,710 3,323 4,550 2,217 690 787 1,489 1,068 50 47 33 468 24 11, 568 11,393 11, 387 11,143 11,139 1,502 1,282 1,532 1,551 2,136 301 469 964 734 209 1,166 956 357 395 274 353 442 347 280 271 954 827 833 822 870 2,091 2,225 2,342 2,361 2,373 2,855 2,850 2,813 2,803 2,846 2,346 2,342 2,199 2,197 2,160 2, 593,377 2, 552,097 2, 512,172 2, 512,172 2,496,422 76,705 35,425 161, 705 161, 705 161, 705 161, 705 161, 705 136, 783 136,783 136, 783 136, 783 136, 783 105,974 342, 221 342,221 342, 221 342, 221 280, 315 685,387 685,387 682,887 682, 887 638,818 Over 5 years 1,190, 576 1,190, 576 1,188, 576 1,188,576 1,172,827 23 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS fin thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Atlanta MinSt. neapChicago Louis olis Kansas Dallas City San Francisco Assets Gold certificates on hand and due from U. S. Treasury: Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 Redemption fund — Federal Reserve notes: Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 Other cash: Nov. 22 Nov. 29 Dec. 6 --.. Dec. 13 Dec. 20 Total reserves: Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 Bills discounted: Secured by U. S. Government obligations, direct and guaranteed: Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 Other bills discounted: Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 Total bills discounted: Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 Industrial advances: Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 U. S. Government securities, direct and guaranteed: Bonds: Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 Notes: Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 Bills: Nov. 22 Nov. 29 Total U. S. Government securities, direct and guaranteed: Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 24 14,871,655 14, 966,121 14, 986,122 15,024, 619 15,134,619 838, 556 7,014,940 7, 7,070, 591 834, 215 845, 576 7,021, 7, 858; 268 6,930, 265 875,348 6,945,211 9,414 9,866 9,866 10,413 9,973 1,014 1,014 1,014 969 924 330, 931 320, 766 302, 947 302, 708 254,429 31, 222 26, 315 26, 060 26, 476 24,104 15, 212,000 15, 296, 753 15, 298,935 15,337, 740 15,399,021 976 976 976 1,' 1,619 77, 769 74, 373 74,806 73, 240 63, 774 , ,272, 398 2, , 521 ,141 426, 267 243, 428 345, 645 232, 486 849, 690 799, 694 938,998 388,412 804,481 946, 701 398, 398 915 279190 279,190 22, 539 539,101423,155 246, 514 345,444 229, 216 848,091 820, 542 960,046 401,095 279, 289 2, 549, 208 422,484 252, 772 345, 943 230, 704857,248 820, 706 974, 402 413, 531298,333 2, 602, 889 418, 552 261, 318 358, 641 244, 441843, 273 836,044 1,005,974 414,197 299,061 2,667, 779 425,814 257, 616 349, 528 238,924 819,123 1,; 1,234 1,234 1,157 1,158 27,024 25, 768 24,432 23,223 21, 726 882 816 25,106 21, 366 18, 799 17,366 12,509 266 800 800 770 745 767 767 767 697 624 802 802 802 787 772 233 233 233 225 219 504 504 504 491 478 389 381 381 373 373 22,198 17,969 22, 718 19, 248 18,166 16,326 17,290 13, 596 11,438 40,908 39, 404 39, 591 36,195 32,143 15,008 15, 228 13, 667 15, 746 13, 214 9,726 8,850 8,587 9,562 7,774 16, 249 17, 469 15,029 16, 714 14,008 17,063 16, 201 16,096 16,022 13, 574 841 841 841 909 909 1,375 1,375 1,375 1,355 1,336 30, 689 33, 826 31, 388 32,005 26, 569 870, 792 7,093, 685 828,026 965,043 411, 451 290, 633 2, 5«2,816 442,077 253, 387 362, 398 249, 938 881, 754 862,051 7,145,940 ~ 579,272 439,185 439,185 255, 255, 597 597 363, 363, 417 417 245, 245,798 883, 292 831, 483 969,006 422,474 299; 238 %, h% 872, 650 •\ 096,997 846, 208 979,784 420,102 296,415 2, {,589,566 436,953 261, 592 361,476 247,181 890,011 633 885, 713 7; ', 005, 303 845,086 992, 650 433,309 316,393 2,639, 781 435,085 271,105 375,846 260,836 876, 900,), 376^7, ', 010,604 858,928 1,019, 299 428; 702 31i; 244 2, 700', 546 439,800 265,609 364,014 252,871847,028 1,540 1,817 1,657 1,565 1,677 75 205 80 45 130 774 780 755 660 538 148 223 190 190 270 193 188 188 168 168 6,448 6,209 6,419 6,487 6,787 200 125 3,058 2,183 2,149 2,355 2,320 321 468 488 503 646 406 550 548 553 582 186 250 243 243 295 7,' 8,026 8,076 8,052 8,464 275 205 205 45 130 3,832 2,963 2,904 3,015 2,858 691 678 693 916 599 738 736 721 750 11, 568 11, 393 11,387 11,143 11,139 1,418 1,416 1,414 1,388 1,36] 1,974 1,974 2,026 2,025 2,025 3,138 3,135 3,108 3,079 3,077 110,089 110,013 109, 553 398,139 109, 553 392, 715 108,174 10 4 4 4 4 4 15 15 25 25 35 997 980 1,073 1,048 1,063 97 141 140 140 146 238 348 348 348 361 251 249 249 245 313 997 980 1,073 1,048 1,073 101 145 144 144 150 253 363 373 373 396 804 757 767 767 183 183 183 183 183 510 509 508 507 505 1,081 938 915 929 917 43, 273 43, 361 43, 296 43, 296 42, 798 34, 541 34, 652 34, 641 34, 641 34, 258 57, 233 57, 504 57, 572 57, 572 56,970 46,167 46, 298 46, 264 46, 264 45, 746 105, 244 105, 323 105,033 105,033 103, 772 135,155 135, 316 135, 478 135, 478 135, 542 41, 579 41, 663 41, 748 41, 748 41, 782 33,190 33, 297 33, 403 33,403 33,445 54, 994 55, 254 55, 512 55, 512 55, 618 44, 361 44, 485 44, 611 44, 611 44, 661 101,127 101, 203 101, 279 101, 279 101,309 8,406 3,887 2,586 1,197 2,064 956 3,421 1,587 2,759 1,278 6,290 2,907 284, 219 280,029 275, 978 275, 978 274,379 87, 438 86, 221 85,044 85,044 84, 580 93, 287 92,061 90, 875 90, 875 90,407 212, 661 209, 433 206,312 206, 312 205,081 95 133 126 114 15 15 65 145 120 100 70 70 70 90 180 271 290 286 286 448 629 626 626 649 166 210 210 210 216 151 179 179 175 223 247 334 327 317 240 371 360 356 406 543 762 752 740 748 181 225 275 355 336 326 317 315 315 324 1,007 995 984 942 948 672 671 671 681 703 444 444 499 321 323 7 7 7 133, 761 133,820 133, 410 133, 410 131, 791 65,800 66,083 66,134 66,134 65,431 51, 494 51, 631 51, 585 51, 585 51,004 140, 658 140,826 140, 500 140, 500 138,837 63, 225 49,478 63, 498 49,610 49, 742 63, 769 49, 742 63, 880 49, 795 7,994 ' 3, 933 3,078 3,694 1,824 1,425 1, 283,447 1, 283,447 1, 278, 947 1, 278, 947 1, 263,197 93,024 93,086 92,820 92, 820 91, 701 402,163 400,850 1, 233, 225 1, 233, 225 1, 233, 225 1, 233, 225 1, 233, 225 89, 384 89, 442 89, 501 89, 501 89,525 386, 426 105, 781 128, 525 385,165 105, 709 128, 583 383, 906 105, 636 128, 640 105, 636 128, 640 383, 398 105, 607 128, 663 76, 705 35, 425 5,560 2,569 24,035 11,064 6,579 3,037 2, 593, 377 2, 552, 097 2, 512,172 2, 512,172 2, 496,422 187, 968 185,097 182, 321 182, 321 181, 226 812, 624 797,079 782,045 782,045 776,113 222, 449 218, 759 215,189 215,189 213, 781 100 70 70 120 270, 280 132, 958 104,050 266,097 131,405 102,666 262, 050 129, 903 101, 327 262,050 129, 903 101,327 260,454 """ '"' 129,311 100,799 69, 795 115, 648 68,905 114, 345 68,044 113,084 68,044 113,084 67, 703 112, 588 FEDERAL RESERVE BULLETIN Federal Reserve Banks—Continued [In thousands of dollars] Total Boston MinRich- AtSt. mond lanta Chicago Louis neapolis New York Philadelphia Cleveland 818, 43C 802,01' 786, 975 787,085 780, 996 226,056 222, 585 218,97£ 218,96: 217,77' 271, 20i 134, 21 104, 965 267,15i 132, 734 103, 708 263,101 131,21 102, 358 263,086 131,16: 102,364 261, 528 130,64 101, 908 Kansas Dallas City San Francisco Assets—C ontinued Total bills and securities: Nov. 22 2, 612, 933 Nov. 29 2, 571, 51C Dec. 6 2, 531, 635 Dec. 13 2, 531,367 Dec. 20 2,516,025 Due from foreign banks: Nov. 22 4! Nov. 29 4' Dec. 6 4: Dec. 13 A: Dec. 20 4: Federal Reserve notes of other banks: Nov. 22 21,446 Nov. 29 20, 728 Dec. 6 21, 614 Dec. 13 23, 69S Dec. 20 25,916 Uncollected items: Nov. 22 Nov. 29 678,04J Dec. 6 656, 49: Dec. 13 774,11: Dec. 20 877, 902 Bank premises: Nov. 22 42,051 Nov. 29 42,016 Dec. 6 41,975 Dec. 13 41,97( Dec. 20 42,18£ Other assets: Nov. 22 70,396 Nov. 29 71,470 Dec. 6 71,96£ Dec. 13 76,430 Dec. 20 59,644 Total assets: Nov. 22 :8, 651,19: Nov. 29 \ 680, 573 Dec. 6 i, 622, 662 Dec. 13 .8, 785, 371 Dec. 20 120,740 189, 66: 186, 718 183, 940 183, 754 182, 71 285, 206 281, 235 277, 22S 277,03S 275,45C 87,626 86,453 85,326 85,40£ 84,922 70,854 116,828 69,958 115, 508 69,050 114,340 69,056 114,315 68,783 113,844 93,898 92, 71, 91, 527 91, 526 91,062 213,995 210, 734 207,600 207, 614 206,394 4 4 4 4 4 1, II li 1! li 1,70c 1, 1,845 2,363 2,380 2,507 3,01 2,334 3,04" 3,44i 1,728 1,320 2,16: 1,840 2,722 796 1,194 928 860 1,233 1,245 1,258 1,748 1,904 2,138 437 466 653 578 686 3,182 3,806 3,479 3,145 3,375 28,35: 93, 856 23, 309 90,848 28,946 87, 235 30, 773 91, 629 34,980 117,484 29, 966 27,329 28,465 33, 77J 39,931 18,410 16,983r 18, 57. 20,078 22, 526 32,482 29,290 29,079 35,019 37,340 25,285 23, 64" 23,650 28, 231 31,393 34,785 35, 649 32, 542 38,847 45,034 3,871 3,871 3,862 3,862 3,862 2,251 2,246 2,248 2,248 2,248 1,500 1,498 1,498 1,498 1,498 3,119 3,119 3,106 3,106 3,106 1,266 1,259 1,259 1,259 1,259 3,189 3,189 3,189 3,189 3,180 7,126 7,180 7,264 7,302 5,984 2,198 2,243 2,260 2,286 1,858 1,925 1,959 1,965 1,987 1,648 2,914 3,003 3,022 3,042 2,485 2,449 2,496 2,479 2,530 2,092 5,826 6,012 6,071 6,140 =30, 681 2,955, 388565,84: 346,872 18, 987 373, 274 t33, 220 2, 965,428 558, 77: 347,189 15, 596 366,382 353, 608 12, 772 366, 750 :34, 641 2, 967, 496557, 414 353, :56, 986 3,022, 666560, 640 364, 584 333, 233 384,961 :55,127 i, 106, 778".71,482 ~" 361,297 522,928 379,364 142, 735 142,686 142, 896 135, 572 110,108 .39,001 L80, 565 , 058, 268 , 059, 595.89,351 .39,446 L80,958 , 069, 356.90, 638 .41,001 ,83, 255 070, 200 .91,033 40, 652 L82, 225 085,596 .93,895 .41, 562 .84,317 83,187 83,114 83,929 82, 944 85,251 386,113 383, 719 389,992 386, 791 390,473 55,137 264, 770 52, 959 264, 735 .57, 227 266,164 55,866 261, 392 55, 770 261,018 15, 783 14, 958 14,087 18, 789 09,647 622,625 623, 687 623,962 600, 619 583,822 13, 304 15,150 14,109 27,078 20,914 21, 746 17,047 12, 670 27,638 20,777 21, 732 18,014 15,140 28, 205 25,967 24, 680 25,164 20^012 36, 739 25, 930 11,425 11,888 11, 534 11,116 11, 861 9,061 9,428 9,148 8,816 9,407 11,425 11,888 11, 534 11,116 11,861 11,425 11,888 11, 534 11,116 11,861 28,453 29, 602 28, 722 27, 721 29, 582 4,948 13, 520 4,187 8,514 8,537 8,382 5,299 7,603 6,131 6,508 5,217 6,504 6,573 6,199 7,155 453 468 1,325 911 921 5,018 4,708 7,126 6,957 7,652 22, 454 23, 546 24,681 21,726 19, 966 488 524 736 783 74 3,30: 2,06( 3,34c 3,715 3,665 1,026 848 1,054 1,003 1,67' 1,583 1,719 1,79" 1,914 3,394 2,606 1,814 2,613 2,613 69, 250 66,864 76, 742 77, 749 166,332 171, 33C 159, 791 196,24Cr 220,04 54, 26$ 50,18: 49,034 59,278 70,822 79,145 84, 637 74,025 98,870 105,195 59, 634 55,590 58, 285 64,631 75,401 2,898 2,894 2,894 2,894 2,894 8,888 4,594 4,583 4,583 4,583 4,573 5,881 5,881 5,88: 5,881 5,881 2,557 2,551 2,551 2,551 2,551 2,037 2,037 2,037 2,037 2,266 4,617 4,664 4,696 4,758 3,921 22,354 22, 627 22, 534 22,924 18,847 6,078 6,275 6,604 10,169 5,091 7,746 7,840 7,909 7,992 6,711 4,176 4,114 4,123 4,246 3,567 2,98' 3,057 3,038 3,054 2,347 138, 261 8,113,010 126,104 8,152,879 131, 783 8,078, 531 154, 64" 8,024,152 168,401 043,044 120,009 116,138 126, 257 139,136 158,196 ,330,701 15, 426 , 336,103320,071 332,423 "18,091 370, 280 638, 514 400, 532 543,483 4,825,953 4,845, 292 4,899, 500 4,905,433 4,979,850 399, 645 405,489 409, 483 408,812 411,775 ., 212,146 ., 224,651 , 239,879 , 245,096 , 263,887 339,944 341,013 345,177 347, 561 352, 719 449, 993 229,140 59,015 450, 834 228, 306 L58, 816 453,846 231,854 .61,090 458,493 230, 673 .60, 953 470,088 234,994 .65,293 1, 619,188 1, 619, 749 1,616, 5 r 1, 287, 608 1,378,164 572,168 535,942 546,893 536, 635 542,942 135, 394 132,689 098,109 838, 525 850,974 591, 217 592, 334 594,642 570,066 588,367 651,766 81, L, 800 201, 329 651, 585 275,930 5,930 202, 202, 636 658,850 282,468 203,188 638,456 285,496 208, 281 648,680 287,196 204,964 635,049 292,150 685, 732 286, 562 687,190 283, 737 701, 205 272, 278 765,495 279, 289 465,987 440,949 346,191 752, 580 693, 565 38, 546 39, 318 37, 325 74, 869 80, 703 113,433 119, 560 60,648 258, 873 202,389 53,007 74,320 8,209 51, 255 65, 332 22,121 55, 702 64, 783 10,747 72,830 100,934 23,072 75,899 111, 718 25,057 8,275 14,307 10, 578 25, 719 20, 766 69,832 29, 531 20,938 42,881 50,024 18, 903 24,150 23, 539 33, 742 "1,421 403,249 407, 274 398,444 375, 090 412, 759 28, 364 29, 514 28, 635 27, 598 29,434 149,844 143, 601 142, 624 128, 495 149,649 38, 214 39, 764 38, 579 37,182 39,674 16,940 38,124 17, 627 17,102 35, 649 16,483 38,038 17, 587 13, 789 14, 348 13, 920 13, 416 14,315 47, 670 49, 602 48,124 46, 382 49,490 323, 255 368, 357 386,416 343, 578 351,923 6,827 24, 268 20, 951 7,116 6,922 229,864 261, 693 271, 278 252, 369 265,325 12,909 10, 746 12,405 16,139 13,441 7,963 11, 890 15, 283 9,480 8,410 Liabilities Federal Reserve notes in actual circulation: Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 Deposits: Member bank-reserve account: Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 U. S. Treasurer-general account: Nov. 22 _ Nov. 29. Dec. 6 Dec. 13 Dec. 20 Foreign bank: Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 Other deposits: Nov. 22 Nov. 29 . Dec. 6 Dec. 13 Dec. 20 4,348 3,773 3,509 3,106 7,396 7,485 6,102 6,270 * Less than $500. JANUARY 1940 25 Federal Reserve Banks—Continued [In thousands of dollars] New York Philadelphia 645, 905 629,042 633,804 646,218 660,001 628,535 657, 543 572,659 478,262 468,337 695,347 694,099 701,328 696,217 717,381 660,081 644,310 620,184 762,047 748,900 68,231 67,085 63, 970 75,066 71,989 149,975 147,470 142,872 178,050 187,851 4,848 5,980 6,124 9,237 5,260 373 383 406 412 434 1,850 2,646 2,456 2,018 1,988 Total Boston MinSt. neapJhicago Louis olis Richmond Atlanta 770,688 766,931 775,904 784,519 806,846 113,635 120,026 314,090 328,560 332,946 230, 789 238,776 233,788 2253,686 246,431 51,604 47,777 46,116 58,169 54,871 76, 565 84,801 69,132 93,649 89,910 57,497 56,560 56,955 64,052 60,300 27,893 22,634 26,752 29,324 30,411 94,817 91,905 88,237 111, 411 104,643 30,070 27,485 28,725 34,015 35,683 477 636 960 4,471 491 454 470 489 504 519 138 148 154 159 150 208 211 213 210 206 443 548 493 510 526 181 157 188 163 129 Cleveland Kansas City Dallas San Francisco Liabilities—Continued Deposits—Continued: Total deposits: Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 Deferred availability items: Nov. 22.... Nov. 29 Dec. 6 Dec. 13 Dec. 20 _ Other liabilities, including accrued dividends: Nov. 22 _.._ Nov. 29— Dec. 6 Dec. 13. Dec. 20 Total liabilities: Nov. 22 Nov. 29 Dec. 6 Dec. 13 _ Dec. 20. 2,811,679 2,836,329 .2, 747, 568 .2,758,856 .2,836,411 757,499 335,998 769,052 331,114 764,789 327,192 795, 767 324,739 871,140 331,079 184,041294,=,138 249.568 L87,057 291,693 247,887 .97,959 301,057 265,067 93,246 294, 577 255,127 698,212 701,999 697,377 686, 805 659,300 15,843 14,394 16,225 16, 631 17,133 29,674 30,124 27,437 39,530 33,607 24,858 22,441 23, 647 25, 639 27,659 33,054 31, 634 30,116 36, 511 34,843 140 149 151 155 158 185 211 194 198 204 129 136 139 143 149 270 285 281 294 306 82,719 298,394 253,958 , 992, 506 087, 372 ,297,700 600,410 17,905 911,027 555,185 337, 703 508,818 362,132 , 032, 310 083,525 1, 303,036 605,040 ,20,437 % 921,100 548,107 338,030 505,431 355, 259 , 957,866 , 093, 581 299,371 603,053 =21,843 ,922,875 546, 743 344,434 502, 579 355, 602 , 903,426 , 106, 418, 337,165623,44< =44,173 2,977,888 549,950 355,397 523,010 373,793 , 922,063 , 125,462 , 367,363628,390 =42,341 3,061,905 560,786 352,099 >12,705 368,186 ,117,649 , 117,637 , 117, 766 ,110,401 ,084,922 18,302,561 18, 331, 911 18,273,376 18,435, 573 18,570,421 114,154 101, 999 107, 663 130, 508 144,199 134,919 134,935 135,251 135, 361 135,434 9,383 9,383 9,383 9,383 9,383 50,917 50,919 50,951 50,952 50,955 12,115 12,115 12,115 12,115 12,115 13,823 13,823 13,823 13,827 13,830 5,11 5,118 5,142 5,146 5,149 4,568 4,566 4,566 4,568 4,576 13,060 13,065 13,320 13,403 13,445 4,035 4,039 4,040 4,048 4,058 2,926 2,927 2,927 2,927 2,930 4,303 4,308 4,308 4,314 4,314 4,051 4,051 4,051 4,052 4,052 10, 621 10,621 10,625 10, 626 10,627 149,152 149,152 149,152 149,152 149,152 10,083 10,083 10,083 10,083 10,083 52,463 52,463 52,463 52,463 52,463 13, 696 13, 696 13, 696 13, 696 13, 696 14,323 14,323 14,323 14, 323 14,323 4,983 4,983 4,983 4, """ 4,983 5,630 5,630 5,63C 22, 666 22, 666 22,666 22, 666 22,666 4, 4, 4,685 4, " ~ 4,685 3,153 3,153 3,153 3,153 3,153 3,613 3,613 3,613 3,613 3,613 3,892 3,892 3,892 9,965 9,965 9,965 9,965 9,965 27,264 27,264 27,264 27, 264 27, 264 2,874 2,872,874 2,874 2,874 7,457 7,457 7,45' 7,457 7,45" 4,416 4,416 4,416 4,416 4,416 1,007 1,007 1,007 1,007 1,007 3,293 3,293 3,293 3,292 3,292 713 713 713 712 712 1,429 1,429 1,429 1,429 1,429 545 545 545 545 545 1,001 1,001 1,001 1,001 1,001 1,142 1,142 1,142 1,142 1,142 1,266 1,266 1,266 1,266 1,266 2,121 2,121 2,121 " 2,121 2,121 37, 29i 37,311 37, 619 38,021 38,46£ 1,767 1,765 1,780 1,799 1,862 9,730 9,794 9,854 10,106 2,41! 2,386 2,449 2,49: 2,50' 3,848 3,914 3,899 3,958 4,00S 1,623 1,637 1,620 1,648 1,865 1,874 1,889 7,206 7,168 7,206 7,280 7,333 1,397 1,401 1,401 1,412 1,408 2,089 2,078 2,093 2,106 2,11 1,111 1,102 1,130 1,154 1,154 1,933 1,914 1,939 1,958 1,968 2,379 2,342 2,419 2,459 2,473 Capital Accounts Capital paid in: Nov. 22... N o v . 29 Dec. 6 . . . . D e c . 13 D e c . 20 S u r p l u s (section 7): Nov. 22... N o v . 29 Dec. 6 D e c . 13 D e c . 20 S u r p l u s (section 13b): " N o v . 22.. Nov. 29... Dec. 6.. D e c . 13_. Dec. 20 II_IIIIII Other capital accounts: Nov. 22.... Nov. 29 Dec. 6__._ Dec. 13 Dec. 20 IIIIII Total liabilities and capital accounts: Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 Commitments to make industrial advances: Nov. 22.. Nov. 29 Dec. 6 Dec. 13 Dec. 20 _._ 26 18, 651,19 1,138,26 8,113,010 1,120,00S 18, 680, 57; 1,126,104 8,152,878 1,116,138 18, 622, 662 1,131,78T 1,126,257 783 ",078,53: 8, 18, 785,371 1,154,64' 8,024,152 1,139,136 18,920,74C 1,168,40: 8,043,044 1., 158,196 9,80C 9,645 9,492 9,34* 9,27< 48C 47, 47, 47, 422 1,90: 1,88: 1,81: 1,81 1,80! 922 922 922 920 92C 5,630 1,902_ 330,701 615,42C 430,681 2,955,388 565,847 346,872 518,987 373, 274 1,142, 735 336,102 620,071 433,22C 2,965,428 558, 777 347,189 515, 596 366,382 1,142, 686 332,423 618,09: 434,641 2,967,496 557,414 353,608 512,772 366, 750 1,142, 896 370,28C 638, 51- 456,98C 3,022, 666560,640 364, 584 533, 233 384,961 1,135, 572 400, 535 643,482 455,127 3,106,778 571,482 361,297 522,928 379,364 1,110,108 1,33' 1,248 1,194 1,194 1,187 825 816 77! 77: 41 409 398 388 FEDERAL RESERVE 3,170 3,168 3,161 3,075 3,072 BULLETIN INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Date (last Wednesday of each month) Applications received Number 1934—Dec. 2 6 . . 1936—June 26.. Dec. 314. 1936—June 24.. Dec. 30.. 1937—Mar. 31... June 30.. Sept. 29.. Dec. 29.. 1938—Mar. 30.. J u n e 29. Sept. 28.. Dec. 28.. 1939—Jan. 25... Feb. 21«. M a r . 29.. Apr. 26.. May 31. June 28.. July 26_. Aug. 30. Sept. 27. Oct. 25_. Nov. 29.. Dec. 20 s. 4,386 6,325 7,437 8,006 8,247 8,344 8,430 8,474 8,534 8,708 8,976 9,102 9,188 9,203 9,221 9,249 9,270 9,296 9,308 9,330 9,355 9,401 9,415 Applications under consideration Amount Number 146,972 237, 581 293,084 314,471 Amount Number 2,955 11,349 2,823 1,880 1,245 1,322 1,263 800 550 1,299 476 146 247 999 964 344 495 400 255 760 532 370 70 92 74 333,300 339, 509 341,842 350, 551 358,936 369, 583 378,974 387,490 389,176 389, 554 392, 230 394,055 394, 970 395,499 399, 780 401, 228 402, 305 402,944 404,226 405,158 Approved Advances Commitments but not outoutcomstanding1 standing pleted 2 (amount) (amount) (amount) Applications approved 1,646 1,993 2,183 2,280 2,323 2,361 2,381 2,406 2,464 2,566 2,617 2,653 2,660 2,671 2,683 2,697 2,713 2,721 2,730 2,743 2,752 2,763 2,772 2,779 Amount 49,634 88,778 124,493 133,343 139,829 141, 545 145, 758 146,724 150,987 154,918 161,158 168,380 175,013 175,651 175,902 177,895 178, 639 179, 332 179, 778 183,354 184,152 185,234 186,034 187,257 188,184 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 8,225 20, 579 27,649 24,454 20,959 18,611 16,331 14,880 12,780 13,110 20,966 11,248 11, 548 9,381 8,226 7,898 1,470 537 13, 649 13, 597 16,811 16,474 14,161 13,004 12,907 15, 798 15,817 15,305 15,255 15,384 14,667 14,454 14, 545 14,051 13, 698 12, 647 11, 749 11, 530 11,175 11,476 11,009 10, 517 10,156 9,643 9,274 3,419 3,084 5,737 1,946 1,293 1,105 1,975 2,134 2,496 2,067 733 1,220 1,938 1,764 2,548 2,801 Repaid, expired, or withdrawn by applicant, etc. (amount) Participations outstanding 3 (amount) 5,558 24,900 44,025 61,425 77,910 85,210 97,663 102, 588 107,384 111, 193 117, 555 122,447 128,839 132,009 133,001 135,004 136,696 137,922 139,281 142,943 144,812 146,156 148,037 149, 911 151,425 1,296 4,533 8,778 7,599 7,208 6,767 7,275 7,304 7,238 7,825 8,426 9,032 12, 722 12, 534 12,415 12,471 12,243 12,079 12,000 12,818 12,444 12,169 11, 532 11,104 10,986 i Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of the Federal Reserve banks. *8 Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $1,424,650 December 20, 1939. 4 Tuesday. 6 Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS7 ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston New York Phila- Cleve- Richdelphia land mond Atlanta Chicago San St. Min- Kansas Dallas FranLouis neapolis City cisco Federal Reserve notes: Issued to F. R. bank by F. R. agent: 5,100,435 422, 275 1, 296,194 357, 591 470,478 239, 783 170,823 1,083,117 199,196 142, 521 188, 762 90,480 439, 215 Nov. 22 5,122,948 424,805 1, 305,335 360, 289 471,061 240,980 170,903 1,085,807 20l| 181143,563 189,424 90,864 438,736 Nov. 29 5,176, 588 429,182 1,331,026 362,789 474,344 243,151 "~ 191,220 90,891 <441,112" Dec. 6 5, 203, 595426,732 1, 339,419 366, 300 479,135 242,326 192, 280 91, 539 441, '".,522 Dec. 13 5, 259,180 431,518 1,349,165 368,156 488,843 246,398 177,715 1, US, 347 204J 465 146,177 192^ 929 92,108 443,359 Dec. 20 Held by Federal Reserve bank: 274,482 22, 630 84,048 17,647 20,485 10,643 11,808 53,102 24,849 10, 260 3,520 8,197 7,: Nov. 22 277, 656 19, 316 80,684 19,276 20,227 12,674 12,087 26,212 11,830 4,117 Nov. 29 7,750 55,017 277,088 19, 699 91,147 17,612 20,498 11, 297 11, 375 23,475 11,802 4,136 7,965 6,962 51,120 Dec. 6 298,162 17, 920 94, 323 18,739 20,642 11,653 12,050 32,917 11, 571 4,966 10,055 8,595 54,731 Dec. 13 279,330 19,743 85,278 15,437 18,755 11,404 12,422 32,751 10, 570 4,615 8,612 6,857 52,886 Dec. 20 In actual circulation: * 4,825, 953 399, 645 1, 212,146 339,944 449,993 ..... 229,140 , 159,015 , 1,058,268 188,936 ...... 139,001 180, 565 83,187 386,113 Nov. 22 4,845, 292 405,489 1. ""'651 341,013 450,834 228, 306 158,816 1,059, 595 189, 351139,446 180,958 83,114 383,719 ., 224, Nov. 29 4,899, 500 409,483 1L, 239,879 1, — 345,177 " 090 1,069,356 190,638 141,001 183,255 83,929 389,992 Dec. 6 453; 846 231,854 161,090 Dec. 13 _ - 4,905,433 408,812 1,245,096 347, 561 458,493 230, 673 160,953 1,070,200 191,033 140', 652 182', 225 82,944 386,791 4,979,850 411,775 1,263,887 352, 719 470,088 234,994 165, 293 li , 085, 596 193,895 141, 562 184,31785,251 390,473 Dec. 2O...__ Collateral held by bank as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: 5, 205,000 440,000 1, 315,000 370,000 474,000 245,000174,000 1,090,000 203,000 145,500 190,000 94, 500 464,000 Nov. 22 5,224,000 440,000 1, 325,000 370,000 ~474,000 245,000174,000 1,100,000 203,000 145, 500 190,000 93,500 464,000 Nov. 29 5, 287,000 440,000 1,355,000 370,000 476,000 245,000 177,000 1,115,000 , , 209,000 , 147, ..,_.. ...... 93, 500 464,000 500 195,000 Dec. 6 5,298,000 440,000 1, 355,000 370,000 481,000 250,000 177,000 1,115,000 209,000 147, 500 195,000 94, 500 464,000 Dec. 13 5,354,000 440,000 1,370,000 375,000 489,000 250; 000 180,000 1, UQ, 000 209^ 000 U7,500 195,000 94,500 464,000 Dec. 20 Eligible paper: 2,432 275 148 105 85 155 825 Nov. 22____ 2,402 205 871 223 127 85 123 768 Nov. 29 2,446 180 210 119 135 126 873 Dec. 6. 2,297 45 723 110 220 215 122 Dec. 13 644 172 2,487 130 300 190 165 Dec. 20 _ _ Total collateral: 5, 207,432 440,1,275 1,315,839 370,148 474,000 245,105 174,000 1,090,000 203,085 145,655 190,825 [, 500 464,000 Nov. 22 5, 226,402 440,205 """> 1,325,871 370,223 474,000 245,127 174,000 1,100,000 203,085 145,623 190,768 93,500 464,000 Nov. 29 5, 289,446 440,180 i; 355; 803 370; 210 476; 000 245; 119 Dec. 6. 177,000 1,115,000 209,135 147,626 195,873 93, 500 464,000 ' \, 500 464,000 5,300, 297 440,045 1,355, 723 370,220 481,000 250,110 177; 000 1,115', 000 209; 215 147; 622 195; 862 Dec. 13 5,356,487 440,130 1,370,644 375,300 489,000 250,172 180,000 1,140,000 209,190 147,665 195,886 94,500 464,000 Dec. 20 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. JANUARY 1940 27 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS RESERVE POSITION OF MEMBER BANKS, NOVEMBER, 1939 [Averages of daily figures. In millions of dollars] Gross Net dedeTime mand mand dededeposits posits posits i Classes of banks and districts All member banks.. 37,243 30,268 11, 754 Central reserve city banks: New York 13, 749 13,045 Chicago ___ 2,849 2,521 Reserve city banks: Boston district New York district Philadelphia district.. Cleveland district Richmond district Atlanta district Chicago district St. Louis district Minneapolis district __ Kansas City district Dallas district San Francisco district- [Averages of daily figures. In millions of dollars] Reserves with Federal Reserve banks Required Held All member banksi Ex- 6,428 11, 688 5,259 753 496 3,005 598 5, 759 1,115 2,753 1,218 224 1,375 1,768 797 762 1, 336 898 419 1,074 777 2,281 1,094 178 1,131 1,357 596 517 914 665 304 673 479 1,822 87 154 245 725 209 178 580 180 90 158 128 1,919 196 39 210 274 115 99 189 125 58 126 90 415 390 47 426 508 188 127 328 227 91 192 134 570 194 8 216 235 73 28 140 102 33 67 43 155 12, 928 9,729 4,652 1,935 3,229 1,294 Country banks: 651 923 Boston district 990 1, 391 New York district 446 673 Philadelphia district.. 412 626 Cleveland district 337 576 Richmond district 301 506 Atlanta district 551 903 Chicago district 237 387 St. Louis district 208 334 Minneapolis district.. 283 477 Kansas City district 327 563 Dallas district 230 357 San Francisco district. 7,717 4,972 Total 557 1,386 873 679 351 226 731 243 274 157 104 272 106 188 97 83 58 47 103 41 39 42 44 41 191 354 172 147 96 75 209 69 63 71 84 55 85 165 74 63 38 28 106 29 25 29 39 14 Total. _ 5,854 1,585 * 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. 5 NOTE.—See table at foot of p. 22 for percentages of deposits required to be held as reserves. Total reserves held: 1938—October November December 1939—January February March April.. May.... June July August September October November Week ending (Friday): 1939—Oct. 27 Nov. 3 Nov. 10 Nov. 17 Nov. 24 Dec. 1 Dec. 8 Dec. 15 Excess reserves: 1938—October November December _ 1939—January February March April May June July August September October.. __. November Weekending (Friday): 1939—Oct. 27 Nov. 3 Nov. 10 Nov. 17 Nov. 24 Dec. 1 Dec. 8 Dec. 15 Central reserve city banks New York Chicago Reserve Councity try banks banks* 1,009 1,112 1,115 2,409 2,426 2,387 2,474 2,405 2,475 2,544 2,630 2,728 2,827 2,883 3,009 3,203 3,229 1,317 1,338 1,322 1,366 1,364 1,393 1,397 1,395 1,415 1,451 1,486 1,559 1,588 1,585 6,023 5,930 5,760 5,704 5,756 5,783 5,690 5,501 1,129 1,137 1,119 1,098 1,111 1,136 1,151 1,156 3,265 3,263 3,271 3,209 3,210 3,203 3,161 3,123 1,583 1,590 1,609 1,591 1,571 1,559 1,585 1,543 3,143 3,276 3,226 3,484 3,373 3,432 3,926 4,212 4,246 4,402 4,607 5,198 5,490 5,259 1,589 1,712 1,734 1,996 2,047 1,986 2,302 2,465 2,394 2,504 2,587 2,943 2,974 2,753 375 374 376 260 164 179 299 360 362 305 363 430 518 516 712 710 658 734 1,013 1,046 1,147 1,295 1,294 467 480 457 495 494 526 531 529 546 581 611 678 704 5,590 5,501 5,355 5,193 5,206 5,211 5,127 4,868 3,020 2,924 2,772 2,715 2, 741 2,748 2,661 2,495 535 522 500 511 537 552 554 1,342 1,339 1,340 1,276 1,273 1,257 1,225 1,171 8,546 8,727 8,745 9,029 8,925 9,021 9,624 9,997 10,085 10, 321 10,659 11,443 11, 862 11, 688 3,939 4,075 4,139 4,409 4,482 4,472 4,889 5,094 5,049 5,195 5,366 5,866 5,958 5,759 12,001 11, 920 11, 759 11, 603 11,648 11, 681 11,587 11, 324 884 780 673 681 794 878 893 848 923 669 741 794 858 944 703 720 702 681 669 689 648 i Weekly figures of excess reserves of all member banks and of country banks are estimates. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks m larger centers Member banks in smaller centers (places under 15,000) (places over 15,000) All member banks Federal Reserve district Gross demand Nov. Oct. Boston New York PhiladelphiaCleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City__ Dallas San Francisco. 2,142 15, 364 2,048 2,394 1,372 1,268 5,088 1,286 2,128 15,162 2,001 2,358 1,337 1,241 5,064 1,255 753 732 1, 551 1,340 2,638 1, 545 1,306 2,602 2,191 Total... 37,243 36, 732 11, 754 1 Gross demand Time Nov. Oct. 644 647 2,293 1,117 1,404 2,295 1,120 1,397 1,807 1,795 560 404 423 364 316 232 Nov. Oct. 2,003 1,989 11, 311 11, 272 l| 803 1,755 2,161 2,123 1,171 1,143 1,112 1,089 11,906 i 1,901 1,054 1,026 Time Nov. Gross demand Oct. 514 518 11,041 i 1,048 665 667 1,101 1,097 364 363 317 314 i l 015 i 1,006 303 '305 Nov. 557 541 1,202 1,028 2,510 1,199 1,004 2,477 2,092 2,096 139 304 245 233 202 156 333 232 196 348 312 128 11,735 U7, 818 117, 520 17,981 17,976 2,827 558 400 420 362 315 231 2,194 178 201 186 178 201 186 Oct. Time Nov. Oct. 138 302 246 235 195 151 332 229 191 346 302 125 131 499 452 303 196 86 295 118 185 115 46 99 129 502 453 300 195 87 294 117 185 114 46 98 2,792 2,525 2,520 Excluding central reserve city banks, for which figures for latest month are shown in table above. 28 FEDERAL RESERVE BULLETIN KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month 1938— November December... 1939—January February _ March April May June . July August _ September October November Total . _. _. _ _ _ _. _ _ . .. _ __ _ _ Gold certificates Federal Federal Reserve Reserve bank notes notes Silver dollars Silver certifi-. cates Treasury notes of 1890 Subsidiary silver coin 41 1 1 257 4,349 4,405 28 151 269 357 348 350 352 354 358 361 362 365 369 373 379 149 150 151 152 154 155 156 157 159 161 163 244 246 251 255 259 266 264 267 269 267 269 4,301 4,320 4,350 4,426 4,449 4,484 4,496 4,595 4,688 4,739 4,826 27 27 27 26 26 26 25 25 25 24 24 6,787 6,856 76 75 42 1,312 1,339 6,653 6,731 6,817 6,905 6,967 7,047 7,049 7,171 7,293 7,342 7,483 75 74 74 73 72 72 71 71 71 70 70 41 41 41 42 42 42 43 43 43 44 44 1,269 1,327 1,378 1,385 1,417 1,454 1,446 1,465 1,488 1,485 1,530 356 1 1 1 1 1 Minor coin United States notes 151 National bank notes 203 28 201 198 195 193 191 189 186 184 182 180 178 177 Back figures.—Bee Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] End of month 1938-November December 1939—January February March April May June. July—. August September October November Total Coin and small denomination currency * in circulation i Total Coin $2 $10 $5 Large denomination currency 2 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 6,787 6,856 5,096 5,147 548 550 511 524 936 946 1,599 1,611 1,469 1,481 1,696 1,714 404 409 761 770 158 160 323 327 __ 6,653 6,731 6,817 6,905 __. 6,967 7,047 7,049 7,171 7,293 7,342 7,483 4,953 5,011 5,049 5,069 5,109 5,164 5,169 5,253 5,329 5,363 5,478 538 541 544 548 554 558 £61 566 571 577 586 492 498 503 505 513 514 514 521 532 535 545 904 919 928 929 937 947 947 966 £80 982 1,004 1,546 1,574 1,594 1,602 1,614 1,638 1,644 1,681 1,706 1,710 1,752 1,440 1,446 1,448 1,453 1,458 1,473 1,470 1,487 1,507 1,526 1,557 1,705 1,721 1,770 1,838 1,861 1,887 1,885 1,922 1,965 1,981 2,007 403 406 411 418 422 428 426 433 440 445 452 768 774 799 829 836 848 847 857 876 884 896 160 161 165 170 172 176 175 180 185 186 188 329 335 349 370 380 388 391 405 413 415 420 Unassorted* 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. 2 Includes unassorted currency held in Treasury and Federal Reserve banks and currency of unknown denominations reported by the Treasury as destroyed. * Paper currency only; $1 silver coins reported under coin. Back figures.See Annual Report for 1937 (table 36). SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY TREASURY CURRENCY OUTSTANDING [By selected banks and financial institutions iri New York City. [Held by Treasury and Federal Reserve banks and in (nrculation. In In millions of dollars] millions of dollars] 376 376 158 159 347 347 29 28 1939—January February.. March April May June July.. August September October November 1,705 1,717 1,733 1,746 1,759 1,778 1,794 1,804 1,814 1,825 1,835 376 376 377 159 160 160 347 347 347 28 27 27 2,816 2,824 2,839 2,849 2,862 2,881 2,895 2,907 2,919 2,932 2,947 376 377 380 381 383 386 390 394 160 161 161 162 162 164 166 167 347 347 347 347 347 347 347 347 27 26 26 26 25 25 25 25 206 203 1938—November . December 201 198 1939—January 196 February March .. 193 191 April May 189 186 185 183 181 179 i Includes silver held against silver certificates amounting to $1,755,000,000 on November 30, 1939 and $1,572,000,000 on Novmber 30, 1938. JANUARY 1940 _ June July August September October November Net shipmerits 34.8 21.5 33.1 26.2 47.6 34.4 8.6 3.4 .7 1.0 2.4 .3 .7 2.2 4.7 .8 1.8 1.0 .9 .1 .2 1.2 3.8 .7 1.6 4.5 1.3 3.2 2.9 .9 1.1 26.1 1.5 4.7 2.0 26.4 45.8 3.1 6.7 3.0 27.3 46.1 3.8 Net receipts 1.3 to to 1,657 1,685 1936 1937 1938 ShipReceipts ments to from Europe Europe =o 1938—November. 2,773 December 2,798 Year or month -.to End of month FedSilver eral Nadollars Suband sid- Minor United Re- tional coin States serve bank Total silver iary bul- silver notes bank notes notes lion i coin 1.8 Back figures—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, p p . 7-8. 29 MOVEMENT OF GOLD TO AND FROM UNITED STATES l [In thousands of dollars] ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] Net gain or (-) Net loss gold ;hrough earimport marking transactions Increase in total gold [nactive stock account Gold stock at end of period Period Total 1934 L. 1935— 1936— 1937— 1938— 10,125 11,258 12,760 14,512 82.6 4,202.5 133.9 .2 1,887.2 1', 739. 0 26.5 1,132.5 li", 116. 6 - 8 5 . 9 ., 585. 5 -200.4 1,227.9 1,502. 5 1, 1, 751. 5" 1,' ,973.6 -333. 5 1937—August September October November December 12, 567 12, 741 12, 803 12, 774 12, 760 1,335. 7 1,210.0 1,271. 9 1,242. 5 1,227.9 121.6 174.3 62.0 -29.3 -14.0 1938—January February March April May June _ July August September October November December 12, 756 12,776 12, 795 12,869 12,919 12, 963 13,017 13,136 13, 760 14, 065 14, 312 14, 512 1, 223. 2 1,200.6 1,183.0 1939—January.— February March April May June July August September October __. November. Dec. 1-27P 14, 682 14,874 15,258 15, 791 15,957 16,110 16, 238 16,646 16,932 17,091 17,358 17,620 Domestic gold production 1939 November Imports 96.0 110.7 131.6 143.9 148.6 -5.3 9.3 -8.0 -20.1 -101. 6 16.9 12.2 14.9 13.8 11.9 -4.6 20.7 18.5 74.3 49.8 44.2 54.5 118.3 623.8 305.0 247.5 199.6 2.1 -1.1 8.0 - 1 8 . 2 52.9 -.6 71.1 -1.2 52.8 - 5 3 . 9 55.3 - 1 5 . 5 63.8 - 2 0 . 9 166.0 - 2 8 . 8 520.9 - 1 3 . 3 562.4 -110. 2 177.8 -7.4 240.5 - 6 2 . 4 11.0 10.0 10.7 10.6 11.5 9.6 14.2 14.7 14.1 13.5 15.5 13.3 170.0 192.7 383.8 532.3 166.2 153. 128.0 407.6 285.9 159.9 267.1 261.9 156.3 223.3 365.4 605.8 429.4 240.4 278.6 259.9 326 1 69.7 168.0 402.1 14.1 -48.6 10.7 -114.8 -251.6 -102. 6 -166. 2 152.1 2.8 12.2 10.4 11.0 13.1 12.6 10.6 13.1 14.0 15.6 18.4 P19.0 104.8 145.5 90.5 22.1 18.0 79.5 90.9 -173.3 October Jan.-Nov. From or to— Belgium France Italy Netherlands Sweden— Switzerland United Kingdom Canada Mexico Central America. _. Argentina Chile __._ Colombia Ecuador Peru Venezuela Australia British India China and Hong Kong Japan Philippine Islands. South Africa All other countries2Total __. Exports 28 3,770 8,781 5,113 2,990 18, 558 65,074 3,445 677 Exports 785 423 8,420 2,703 4,087 12,497 3,188 2.142 2,854 23, 225 145, 504 32, 991 12, 977 13, 919 10,182 9,954 1,794 394 4 962 2,708 9,487 2,643 10,449 5,832 10 Imports 165,122 3,798 10,133 310,092 8,973 81, 935 1, 816,042 304, 338 29, 843 5,524 4,509 8,926 21,123 2,545 4,846 4,056 67, 777 45, 276 6,363 2,990 673 2,117 444 192 455 12, 505 12,049 167, 991 Imports 69, 740 15 3,123,476 Exports 56 163 206 497 Figures represent customs valuations which, with some exceptions, are at rate of $35 a fine ounce. »Includes all movements of unreported origin or destination. Back figures.—See table, p. 61, and Annual Report for 1937 (tables 31 and 32). BANK DEBITS p1 Preliminary. Figures based on rate of $20.67 a fine ounce in January 1934 and $35 [Debits to individual deposit accounts, at banks in principal cities.] a fine ounce thereafter. 2 Gold held under earmark at Federal Reserve banks for foreign ac[In millions of dollars] count on November 30, 1939, in millions of dollars: 962.2. NOTE.—Figures for domestic production of gold are those published 140 133 Total, in table, p. 61, adjusted to exclude production in Philippines. Adother all other New justment based on annual figures reported by Director of Mint and leadreportreportYork Year and month monthly imports of gold to U. S. from Philippines. For back figures ing ing ing City see Annual Report for 1937 (table 29). cities i cities * centers BANK SUSPENSIONS1 • Number of banks suspended: 1934 1935 1936 1937 1938 1939—Jan.- Nov. Deposits of suspended banks (in thousands of dollars):3 1934 . ... 1935 1936 1937 1938 — 1939—Jan.-Nov. Total, all banks 57 34 44 Member banks National Nonmember banks InNot State sured* insured 1 4 1 59 55 4 1 2 1 39 4 3 40 5,313 '507 7,379 1,708 36 211 1,357 25,736 g 22 40 48 8 3 47 47 6 6 22 1,912 3,763 10,207 10,156 11, 721 5,653 982,531 402, 718 461,889 469,463 405,929 184,006 208,936 197,836 168, 778 331,938 190,165 219,670 235,206 204, 745 47,504 28,547 33,283 36,421 32,406 1938—October.._ November. December. 32, 224 43,209 15,140 12,425 18,879 18,096 17,039 21,087 2,760 3,243 1939—January February.. March April May June. July. August September. October... November. 35,180 29,973 37,322 32,822 34, 656 36, 883 33, 245 33,314 36, 594 35,830 34,666 14, 533 12,380 16, 274 13, 311 14,165 15,312 12, 794 13,118 15,138 13,683 13,041 17,860 15,201 18,211 16,832 17, 763 18, 676 17, 683 17,496 18, 526 19,029 18, 636 1929_ 1935 1936 1937 1938_ 10 2,786 2,392 2,837 2,679 2,728 2,768 2,701 2,930 3,119 2,990 34,985 939 592 i Comprises centers for which bank debit figures are available begin480 ning with 1919, except that one substitution was made in 1920 and one 1,044 in 1928. J 2,467 Cities (other than the 141 centers) for which bank debits are currently reported. The number has changed very little since 1934 and has num» Represents licensed banks suspended; does not include nonlicensed bered 133 since 1936. banks placed in liquidation or receivership. Backfigures.—SeeAnnual Report for 1937 (Table 71), which also gives »1 Federal deposit insurance became operative January 1, 1934. a definition of bank debits. Figures for individual reporting cities and Deposits of member banks and insured nonmember banks suspended totals by Federal Reserve districts are available in mimeographed form. 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.—Bee Annual Report for 1937 (table 76). 30 36,937 10,015 11,306 19, 723 13,012 35, 213 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 indus trial banks as are included in abstracts issued by State banking departments. Also" includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in thefiguresfrom June 1934 to December 1935, see Federal Reserve Bulletin for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated ox nearest thereto for whichfiguresare available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS In millions of dollars] Nonmember banks Member banks Total Call date Total National State 1929—June 29 Dec. 31 25,110 24,630 8,707 8,522 7,530 7,403 1,177 1,119 611 609 1933—June 30 Dec. 30_ 14,519 15,011 5,606 6,011 4,897 5,154 709 857 576 579 1934—June 30 Dec. 31 15,835 16,039 6,375 6,442 5,417 5,462 958 980 578 579 1935—June 29 Dec. 31 15,994 15,837 6,410 6,387 5,425 5,386 985 1,001 571 570 1936—June 30 Dec. 31 15,752 _ 15,628 6,400 6,376 5,368 5,325 1,032 1,051 566 565 1937—June 30_ Dec. 31_ 15, 527 15,393 6,357 6,341 5,293 5,260 1,064 1,081 564 563 1938—June 30 Dec. 31 15,287 15, 206 6,338 6,338 5,242 5,224 1,096 1,114 563 556 15,082 6,330 6,339 5,203 5,196 1,127 1,143 553 1939—June 30 Oct. 23 . Call date Other Mutual nonsavings member banks banks Member banks Nonmember banks Total National State Other Mutual savings nonmembanks 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 37,998 38,505 23,338 23,771 14,772 15,386 8,566 8,385 9,713 9,708 4,946 5,026 41,870 44,770 26,615 28,943 17,097 18,519 9,518 10,424 9,780 9,828 5,475 6,000 45,766 48,964 29,496 32,159 19,031 20,886 10,465 11,273 9,920 9,963 6,350 6,842 51,335 53,701 34,098 35,893 21,986 23,107 10,060 10,143 7,178 7,666 53,287 52,440 35,440 34,810 22,926 22,655 12,112 12,786 12, 514 12,155 10,213 10, 257 7,635 7,373 52,195 54,054 34,745 36,211 22, 553 23,497 12,193 12,714 10,296 10,365 7,153 7,478 55,992 38,027 39, 287 24, 534 25, 248 13,493 14,039 10,521 7,444 All banks 1929—June 29__. Dec. 3 1 — 15,792 15,499 1933—June 30 Dec. 30^.. 8,337 8,421 1934—June 30— Dec. 3 1 — 8,882 9,018 1935—June 29___ Dec. 3 1 — 9,013 8,880 1936—June 30... Dec. 3 1 — 8,786 8,687 1937—June 30... Dec. 31— 8,606 8,489 1938—June 30.._ Dec. 3 1 — 8,386 8,312 1939—June 30,._ Oct. 23.... 8,199 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Nonmember banks Member banks Mutual savings banks Call date Total Loans Investments Total Loans Investments Total Loans Investments Other nonmember banks Total Loans Investments 1929—June 29 Dec. 31 58,474 58,417 41,531 41,918 16,943 16,499 35,711 35,934 25,658 26,150 10,052 9,784 9,556 9,463 5,892 5,945 3,664 3,518 13,207 13,020 9,981 9,823 3,227 3,197 1933—June 30 Dec. 30. 40,076 40,319 22,203 21,977 17,872 18,342 24,786 25,220 12,858 12,833 11,928 12,386 10,044 9,985 5,941 5,906 4,103 4,079 5,246 5,115 3,404 3,238 1,841 1,877 1934—June 30 Dec. 31 42, 502 43,458 21, 278 20,473 21,224 22,984 27,175 28,150 12,523 12,028 14, 652 16,122 9,904 9,782 5,648 5,491 4,256 4,291 5,423 5,526 3,108 2,955 2,315 2,571 1935—June 29 Dec. 31 44,416 45,717 20, 272 20, 329 24,145 25,388 28, 785 29,985 11,928 12,175 16,857 17,810 9,852 9,804 5,341 5,210 4,511 4, 594 5,779 5,927 3,003 2,944 2,777 2,983 1936—j une 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 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. 312 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 2 49,611 21,314 28,297 32, 603 33,075 13,141 13,470 19,462 19,605 10,342 4,931 5,411 6,665 3,242 3,423 1937—June 30 Dec. 31._ _ 1939—June 30 _ Oct. 2«3 i Prior to Dec. 30, 1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank abstracts. a Beginning December 1938 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in conditi ondition reports among "Other assets." 3 Figures of all banks not available. Back figures.—See Annual Report for 1937 (tables 48-49). JANUARY 1940 31 CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Investments i Loans i Call date ComTotal merloans cial, and inOpen indusvest- Total i trial, market ments and paper agricultural 3 Loans for purchasing or carrying securities U. £>. Government obligations Real Loans Other estate to Total To loans banks loans * brokers To and others? dealers Total Obligations of Direct States Other and ecurGuar- polit- ities i anical subBills Notes Bonds teed divisions 6 Total—All MemberBanks 1920—Dec. 31 . 35,934 1933—June 30. . 24, 786 1934—Dec. 31 _. 28,150 1935—Dec. 3 1 . . 29, 985 1936—Dec. 3 1 . . 33,000 1937—Dec. 31 31,752 1938—Dec. 3 1 . . 32,070 1939—Mar. 29.. 32,095 June 30.. 32, 603 Oct. 2 . . . 33,075 New York City* 1929— Dec. 3 1 . . 8,774 1933—June 30. _ 7,133 1934—Dec. 3 1 . . 7,761 1935—Dec. 31. _ 8,418 1936—Dec. 3 1 . . 9,280 1937—Dec. 3 1 . . 8,313 1938—Dec. 3 1 . . 8,335 1939—Mar. 29.. 8,408 June 30.. 8,688 Oct. 2 . . . 9,044 City of Chicago9 1929—Dec. 3 1 . . 1,757 1933—June 30_. 1,287 1934—Dec. 3 1 . . 1,581 1935—Dec. 3 1 . . 1,868 1936— Dec. 3 1 . 2,100 1937— Dec. 3 1 . . 1,901 1938—Dec. 3 1 . . 1,969 1939—Mar. 29__ 1,965 June3(L_ 2,052 Oct. 2 . . . 2,050 Reserve City Banks 1929—Dec. 3 1 . . 12,029 1933—June 30.. 8,492 1934—Dec. 31. 10,028 1935— Dec. 3 1 . 10, 780 1936—Dec. 3 1 . . 11, 795 1937—Dec. 3 1 . . 11,414 1938—Dec. 3 1 . . 11,654 1939—Mar. 29.. 11,624 June 30.. 11, 756 Oct. 2 . . . 11,880 Country Banks 1929—Dec. 3 1 . . 13,375 1933—June 30.. 7,873 1934—Dec. 3 1 . 8,780 1935—Dec. 3 1 . . 8,919 1936—Dec. 31. 9,825 1937—Dec. 31. 10,124 1938—Dec. 3 1 . . 10,113 1939—Mar. 29.. 10,098 June 30. . 10,109 Oct. 2 . . . 10,102 26,150 12,858 12,028 12,175 13, 360 13,958 13,208 13,047 13,141 13,470 6,683 3,424 3,159 3,434 3,855 3,673 3,262 3,086 2,988 3,116 9,084 4,482 4,312 4,347 4,794 5,203 4,963 4,936 5,004 5,127 8,936 4,275 4,025 3,918 4,078 4.446 4,444 4,480 4,605 4,665 11,515 4,857 4,708 5,006 6,041 6,996 '2,728 2,671 2,796 761 787 668 555 (8) 169 157 139 140 144 141 121 124 130 (8) 322 162 63 42 42 29 99 77 41 (8) 2,595 820 793 753 733 220 209 215 (8) 19 70 77 28 22 25 16 14 14 (8) 251 61 55 29 51 41 43 32 39 (8) 533 251 170 149 140 129 70 70 71 (8) 21 30 18 15 13 12 12 12 11 (8) 88 30 11 6 6 1 1 535 237 202 249 402 426 62 57 59 (8) 168 126 179 195 209 201 149 145 138 (8) 664 108 195 117 159 123 119 115 115 (8) 2,775 1,340 1,124 1,057 1,048 1,066 1,538 1,131 1,090 1,094 1,124 1,176 1,230 1,249 1,284 258 99 55 34 23 27 20 17 12 (8) 3,679 1,678 1,671 1,851 2,231 2,610 1,081 1,066 1,116 201 35 101 142 187 216 138 142 140 (8) 291 25 64 20 29 25 25 24 22 (8) 2,231 1 117 1,462 1,055 1,026 1,035 1,123 1,219 1,353 1,363 1,402 45 38 27 17 14 13 5 6 5 (8) 4,705 2,005 1,810 1,810 1,881 2,149 1,149 1,121 1,180 1,257 (8) 195 364 396 286 216 198 138 126 128 (8) 336 361 348 (8) 8 () 1,461 1,456 1,479 1,448 677 532 476 633 635 539 545 544 563 (8) 714 330 155 98 85 70 125 99 58 8 () 2,463 5,448 5,531 5,571 2,121 2,116 2,118 (8) 1,531 1, 597 1,626 (8) 7,685 3,752 3,110 2,893 2,785 2,752 '775 3,191 2,372 2,273 2,284 2,405 2,547 2,716 2,749 2,828 583 595 751 651 634 643 442 427 420 (8) 953 1,030 1,243 1,410 950 973 838 731 (*) 758 716 1,078 1,173 733 736 (8) 2,145 1,044 242 228 221 (8) 996 894 843 824 243 226 229 (8) (8) (8) (8) (8) 937 1,024 1,096 1,527 1,811 436 427 440 (8) (8) (8) 3,863 6 249 9,784 6,887 61,113 1,928 9,906 6 1,030 16,122 7,810 10, 501 1,192 19,640 11, 639 1,053 662 17,794 10, 574 286 18,863 10,882 19,048 10,691 303 19,462 10, 946 441 19, 605 rlO, 891 (8) 2,091 3,709 4,602 4,985 5,425 4,640 5,072 5,322 5,700 5,928 1,112 2,551 3,246 3,425 3,739 3,207 2,963 2,939 3,360 3,401 309 610 116 384 743 8 58 •638 758 865 718 495 158 68 168 (8) 9 3 1,040 1,017 6 206 164 213 198 32 59 121 185 (8) 2,944 4,011 5,715 6,432 7,000 6,211 6,691 6,688 6,751 6,752 1,368 2,483 3,809 4,076 4,426 3,961 4,278 4,181 4,102 '4,089 6 91 6 205 95 85 120 106 57 100 78 (8) 4,439 3,598 4,756 5,002 5,747 5,677 5,669 5,618 5,504 5,437 1,267 1,469 2,108 1,940 2,368 2,490 2,636 2,578 2,444 2,383 1,049 1,392 1,467 1,266 1,430 1,420 1,507 1,487 1,061 1,107 916 1,005 992 8 97 6 64 •13 28 17 29 11 15 11 (') 520 2,049 4,217 5,403 4,527 4,277 3,389 2,604 2,720 (8) 166 987 1,664 1,810 1,559 1,536 1,142 831 908 (8) 19 82 299 604 375 366 291 212 234 (8) 165 681 1,692 2,267 1,904 1,589 1,224 977 1,014 (8) 171 299 562 722 689 786 732 585 563 (8) 3,094 3,725 4,659 989 3,905 1,768 6,060 1,906 5,635 1,797 7,208 2,340 7,783 2,660 7,786 2,831 ( 8 )" '2,920 1,393 1,744 1,965 2,178 2,226 2,047 2,448 2,555 2,554 2,764 4,528 3,297 3,262 3,364 3,868 3,376 3,192 3,142 3,131 3,030 1,086 1,123 1,157 222 478 446 507 426 342 517 582 480 662 758 680 632 653 790 704 698 714 736 708 C8) 78 88 94 94 109 108 135 155 96 87 129 141 143 135 141 149 154 147 96 138 100 103 124 121 176 171 179 168 1,112 1,597 2,022 1,724 2,403 2,267 2,997 3,105 3,010 448 598 649 723 774 691 808 823 895 897 1,128 279 656 697 637 740 823 889 889 926 824 749 1,462 1,175 1,663 2,040 2,284 (8) 94 97 279 243 533 518 655 660 621 (8) 278 401 470 388 894 '909 999 1,106 1,533 1,189 1,662 1,675 1,893 1,978 1,870 (8) 355 623 645 678 597 643 683 699 930 978 977 1,102 921 866 860 866 856 2.546 L, 549 1,552 807 L, 633 883 L,851 879 1,630 982 1,453 1,001 1,397 1,025 1,351 1,058 1,297 627 581 741 'Revised. 1 Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January 1939, p p . 22-23, and the April BULLETIN, pp. 259-264. Beginning June 30, 1939, detailed classifications available on June and December dates only. »3 Not reported separately prior to December 1938 except for weekly reporting banks in leading cities. Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks a n d 4to brokers and dealers. This is a residual item and because of the revised loan classifications figures beginning Dec. 31, 1938, are not comparable with earlier figures. 6 Includes obligations of territorial and insular possessions when reported separately. •7 Includes Treasury certificates of indebtedness. For estimated figures for Dec. 31,1938, on basis comparable with earlier figures see p. 332 of the April BULLETIN. 8 Not reported separately. 9 Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58). 32 FEDERAL RESERVE BULLETIN CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, except interbank Reserves with Federal Re- Cash in Balances with do- Demand de- posits vault mestic1 adserve banks justed 2 banks Interbank deposits> Time deposits, except interbank IndiIndiDomestic Capvid- States Certivid- States banks fied uals, and uals, and Bor- ital part- polit- and U . S. part- polit- Postal rowacnerical offi- Gov- nerical savFor- ings counts ships, subcers' ern-4 ships, subings4 eign and De- TiTnft banks divi- checks ment and divicor- sions etc.3 cor- sions mand i line poraporations tions Call date Total—All Member Banks 2,374 2,235 4,082 5,573 6,572 7,005 8,694 9,112 10,011 11,617 558 2,168 405 2,008 609 3,149 665 3,776 697 4,066 589 3,414 746 4,240 777 4,403 712 4,674 774 •5, 304 16,647 12,089 15,686 18,801 21,647 20,387 22,293 22,364 23, 587 25,118 17,526 11,830 14,951 18,035 20,970 19,747 21,119 20,845 22,448 23,983 1,335 1,087 1,799 2,139 2,329 2,132 2,386 2,467 2,532 2,390 1,681 657 838 882 881 767 547 533 790 666 143 806 1,636 844 882 781 790 775 694 675 12,267 7,803 9,020 9,680 10,429 10,806 10,846 10,940 11,063 11,104 595 300 294 361 296 482 462 461 441 418 122 3,517 788 3,057 452 4,569 218 5,696 104 6,402 95 5,436 61 6,510 68 6,816 59 7,097 51 •8,243 95 89 134 151 153 129 132 133 142 «142 698 146 154 449 438 464 511 629 607 •757 879 191 13 6 15 12 6 597 128 133 414 397 423 442 553 524 6 670 179 8 7 5 5 6,709 4,837 5,054 5,145 5,275 5,371 5,424 5,467 5,496 5,530 1929—Dec. 31 1933—June 30 1934—Dec. 31 1935—Dec. 31 1936—Dec. 31 1937—Dec. 31 1938—Dec. 31 1939—Mar. 29 J u n e 30 Oct. 2 New York City6 827 846 1,576 2,541 2,658 2,738 4,104 4,582' 4,975 5,929 68 46 86 65 61 56 68 63 61 85 179 101 103 111 133 120 109 156 112 •109 4,750 4,358 5,069 6,193 6,929 6,111 7,168 7,605 8,012 8,676 169 232 415 511 558 596 884 705 897 1,080 13 34 40 39 32 27 35 22 26 37 133 203 207 209 188 179 235 178 235 6 237 957 912 1,189 1,401 1,554 1,438 1,688 1,250 1,666 1,747 1,041 870 1,073 1,301 1,495 1,354 1,597 1,182 1,565 1,632 42 87 182 208 191 207 181 141 197 195 32 16 23 27 27 23 29 26 22 27 8 46 46 98 72 64 83 83 60 60 332 358 381 413 449 445 452 452 471 469 58 1 g 9 12 17 21 751 705 1,268 1,594 2,108 2,310 2,354 2,459 2,735 3,053 156 122 207 256 285 200 321 342 318 323 947 1,002 1, 543 1,779 1,816 1,470 1,940 2,106 2,210 8 2,485 5,229 3,764 5,136 6,161 7,126 6,870 7,214 7,326 7,654 8,017 5,547 3,708 4,919 6,001 7,023 6,743 7,034 6,899 7,331 7,803 423 349 585 707 843 777 796 889 917 801 300 108 169 204 230 192 170 123 160 158 76 312 620 385 407 256 424 420 415 410 4,433 2,941 3,494 3,796 4,026 4,161 4,233 4,276 4,320 4,319 627 452 822 927 1,247 1,361 1,353 1,367 1,403 1,555 321 203 275 305 319 307 322 350 307 329 908 702 1,296 1,676 1,929 1,645 1,956 1,963 2,117 8 2, 473 5,711 3,054 4,292 5,047 6,039 5,968 6,224 6,183 6,255 6,677 5,091 2,576 3,589 4,254 5,177 5,143 5,215 5,087 5,272 5,736 742 555 804 901 1,011 959 1,128 1,176 1,130 1,073 169 72 106 127 167 149 154 114 135 131 39 116 178 137 178 78 143 • 137 136 133 6,390 3,833 4,554 4,879 5,275 5,604 5,509 5,557 5,619 5,632 5,847 4,676 5,370 6,479 7,274 6,507 7,273 7,677 8,281 8,812 128 96 229 323 285 189 280 260 288 321 1,180 461 540 524 457 404 195 272 472 349 20 332 792 224 225 382 139 135 84 72 1,112 671 691 591 679 696 652 655 653 683 33 4 4 12 13 49 36 53 46 52 18 110 56 3 2 g 1 1,198 1,255 1,798 2,338 2,493 2,108 2,687 2,731 2,992 6 3,568 40 22 1 19 33 2 2 4 5 6 9 10 12 614 41 3 310 259 445 522 599 528 658 834 746 6 853 371 208 206 266 203 266 269 243 233 198 41 388 186 79 35 34 17 22 19 14 1,604 1,315 1,984 2,422 2,826 2,389 2,719 2,813 2,920 8 3,307 30 59 117 134 137 107 108 108 115 «116 64 15 18 29 34 34 57 64 69 •71 292 16 133 86 84 83 80 158 147 153 145 148 61 285 210 136 69 61 44 46 40 35 405 228 342 415 483 412 446 438 439 «515 6 7 16 16 16 21 23 25 26 «26 3 1 2 1 2 1 2 2 2 367 167 13 6 3 12 6 5 5 4 12 1 2,105 1929—Dec. 31 1,582 1933—June 30 L, 565 1934—Dec. 31 ,573 1935—Dec. 31 1,585 1936—Dec. 31 1,606 1937—Dec. 31 L, 593 1938—Dec. 31 :L, 592 1939—Mar. 29 L, 586 J u n e 30 L. 587 Oct. 2 City of Chicago * 316 204 226 229 244 255 257 261 270 270 1929—Dec. 31 1933—June 30 1934—Dec. 31 1935—Dec. 31 1936—Dec. 31 1937—Dec. 31 1938—Dec. 31 1939—Mar. 2 J u n e 30 Oct. 2 Reserve City Banks 2 2,029 1929—Dec. 31 1,533 1933—June 30 1,614 1934—Dec. 31 1,657 1935—Dec. 31 1.697 1936—Dec. 31 1,735 1937—Dec. 31 1,777 1938—Dec. 31 1,795 1939—Mar. 29 L, 812 J u n e 30 L821 Oct. 2 Country Banks 62 2,258 1,517 1,650 1,687 1,750 1,775 1,798 1,818 1,828 1,852 1929—Dec. 31 1933—June 30 1934—Dec. 31 1935—Dec. 31 1936—Dec. 31 1937—Dec. 31 1938—Dec. 31 1939—Mar. 29 June 30 Oct. 2 i Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets". > 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 8cash items reported on hand but not in process of collection. Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935. 4 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. «6 Central reserve city banks. Partly estimated. Back figures—See Annual Report for 1937 (tables 52-58). JANUARY 1940 33 WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars] Loans Total loans and invest- Total ments Date or Month Investments Loans for Compurchasing meror carrying cial, securities inOpen Real Loans Other dusmarestate to Total trial, ket To loans banks loans and paper brokagriers To culand others tural dealers U. S. Government obligations Direct Other secuGuar- rities anBills i Notes Bonds* teed Total Total—101 Cities 1938—November 21,347 21,693 1939—May _ June.. — 21,887 22,046 July 22,327 August 22,384 September October.. _. 22, 571 22,966 November 8,319 8,091 8,094 8,146 8,179 8,322 8,421 8,573 3,884 3,839 3,830 3,888 3,930 4,166 4,279 4,354 343 303 304 312 313 316 317 314 715 678 671 648 642 568 552 613 571 539 541 532 521 511 505 501 1,166 1,151 1,159 1,163 1,171 1,178 1,181 1,187 1939—Oct. 4 . . . 22,498 22, 568 22,563 22,657 22,728 22,835 23,014 23,092 23,159 23,162 23,523 23,465 8,375 8,408 8,423 8,479 8,521 8,521 8,549 8,617 8,656 8,646 8,871 8,932 4,251 4,288 4,286 4,292 4,310 4,330 4,362 4,388 4,381 4,378 4,416 4,406 318 318 316 318 317 316 312 315 312 313 319 322 530 548 593 603 594 588 620 660 650 818 852 505 504 501 510 612 500 497 497 499 503 504 510 1,179 1,182 1,181 1,180 1,184 1,184 1,187 1,189 1,189 1,187 1,189 1,189 7,737 7,958 8,103 8,138 ___ 8,349 2,957 2,759 2,758 2,765 2,828 2,869 2,895 2,972 1,422 1,372 1,375 1,408 1,483 1,620 1,661 1,688 138 120 121 120 117 116 115 114 573 529 523 497 493 435 430 483 201 198 201 191 184 177 173 171 2,875 2,881 2,891 2,936 2,955 2,939 2,943 3,003 3,022 117 116 113 115 117 115 110 114 112 112 115 114 412 411 430 467 472 467 463 494 519 507 638 Oct. 11__ Oct. 18.. Oct. 2 5 . . Nov. 1... Nov. 8... Nov. 15.. Nov. 22. Nov. 29. Dec. 6... Dec. 13.. Dec. 20.. 1,527 1,523 1,537 1,539 1,640 1,545 1,552 1,567 13,028 13,602 13,793 13,900 14,148 14,062 14,150 14,393 8,130 8,296 1,548 1,549 1,555 1,554 1,559 1,560 1,564 1,572 1,579 1,582 1,582 1,587 14,123 14,160 14,140 14,178 14,207 14,314 14,465 14,475 14,503 14,516 14,652 14,533 8,503 8,559 8,574 119 111 113 115 117 117 116 114 173 171 170 179 180 170 168 168 169 172 175 179 117 117 114 114 114 114 115 115 114 112 113 113 113 58 52 64 62 38 35 37 36 422 461 488 450 561 706 2,033 2,106 2,132 2,149 2,144 2,132 2,167 5,865 6,855 5,906 5,900 5,873 5,873 5,841 1,681 2,033 2,119 2,158 2,265 2,226 2,232 2,338 3,217 3,273 3,291 3,243 3,346 3,369 3,352 3,341 8,762 492 553 571 629 667 702 720 731 711 726 713 653 2,130 2,128 2,126 2,145 2,159 2,169 2,179 2,166 2,160 2,149 2,134 2,110 5,881 5,878 5,877 5,854 5,858 5,849 5,826 5,829 5,842 5,849 6,016 5,999 2,240 2,240 2,224 2,226 2,232 2,250 2,402 2,401 2,408 2,415 2,413 2,404 3,380 3,361 3,342 3,324 3,291 3,344 3,338 3,348 3,382 3,377 3,376 3,367 377 375 376 4,780 5,199 5,345 5,373 5,521 5,524 5,643 5,875 2,895 3,024 3,139 3,174 3,197 3,196 3,314 3,512 170 168 146 205 233 358 528 727 808 821 826 801 788 841 2,127 2,163 2,207 2,166 2,162 2,168 2,143 800 1,034 1,060 1,098 1,137 1,105 1,123 1,177 1,085 1,141 1,146 1,101 1,187 1,223 1,206 1,186 375 374 377 375 376 373 376 376 378 375 379 378 5,650 5,627 5,616 5,678 5,724 5,832 5,915 5,927 5,976 6,000 6,063 5,952 3,280 3,285 3,305 3,385 3,458 3,508 3,517 3,527 3,550 3,571 3,625 3,533 320 342 358 411 462 515 541 555 565 571 564 786 776 776 814 835 844 846 841 840 833 837 837 2,174 2,167 2,171 2,160 2,161 2,149 2,130 2,131 2,145 2,167 2,224 2,198 1,128 1,125 1,120 1,119 1,121 1,132 1,213 1,206 1,214 1,222 1,229 1,224 1,242 1,217 1,191 1,174 1,145 1,192 1,185 1,194 1,212 1,207 1,209 1,195 881 999 1,059 1,060 1,128 1,121 1,109 1,161 2,132 2,132 2,145 2,142 2,159 2,146 2,146 2,155 1,112 1,115 1,104 1,107 1,111 1,118 1,189 1,195 1,194 1,193 1,184 1,180 2,138 2,144 2,151 2,150 2,146 2,152 2,153 2,154 2,170 2,170 2,167 2,172 8,499 8,537 8,467 8,566 8,714 8,720 8,725 8,726 8,713 8,724 New York City 1938—November 1939—May June July. August September October November 8,538 8,847 8,525 9,003 9,228 9,156 3,165 3,204 1,655 1,665 1,662 1,663 1,672 1,674 1,682 1,710 1,704 1,703 1,711 1,697 1938—No vember 1939—May June July _ August September October November 13, &10 13,735 13,784 13,908 13,978 13,991 14,033 14,119 5,362 5,332 5,336 5,381 5,351 5,453 5,526 5,601 2,462 2,467 2,455 2,480 2,447 2,546 2,618 2,666 205 183 183 192 196 200 202 200 142 149 148 151 149 133 122 130 370 341 340 341 337 334 332 330 1,047 1,040 1,046 1,048 1,054 1,061 1,065 1,073 1,113 1,138 1,151 1,159 1,158 1,168 1,177 1,191 4 8,248 8,403 8,448 8,527 8,627 8,538 8,507 8,518 5,235 5,272 5,244 5,325 5,340 5,271 5, 252 5,202 228 254 315 283 217 203 178 1,306 1,298 1,311 1,323 1,343 1,344 1,326 3,738 3,692 1939-Oct. 4__. Oct. 11_. Oct. 18_ Oct 25.. Nov Nov Nov, Nov, Nov Dec. 6... 13,973 14,060 14,056 14,043 14,049 14,064 14,156 14,162 14,161 14,159 126 119 118 126 131 127 125 126 141 143 180 186 332 333 331 331 332 330 329 329 330 331 329 331 1,062 1,065 1,067 1,066 1,070 1,070 1,072 1,074 1,075 1,075 1,076 1,076 1,173 1,175 1,178 1,179 1,183 1,187 1,188 1,196 1,201 1,207 1,203 1,209 8,473 8,533 8,524 8,500 8,483 8,482 8,550 8,548 8,527 8,516 5,223 5,274 5,269 5,243 5,226 5,212 5,208 5,199 5,163 5,153 5,238 5,229 172 211 213 218 205 187 179 176 146 155 149 155 1,344 1,352 1,350 1,331 1,324 1,325 1,333 1,325 1,320 1,316 1,297 1,273 3,707 3,711 3,706 3,694 3,697 3,700 14, 295 14,309 2,596 2,623 2,624 2,629 2,638 2,656 2,680 2,678 2,677 2,675 2,705 2,709 201 202 203 203 200. 201 202 201 200 Dec. 13.. Dec. 20.. 5,500 5,527 5,532 5,543 5,566 5,582 5,606 5,614 5,634 5,643 5,706 5,728 1939—Oct. 4_-_ Oct. 11... Oct. 18. _ Oct 25.. Nov. 1... Nov 8... Nov 15.. Nov. 22. Nov. 29. Dec. 6... Dec. 1 3 Dec. 20.. 8,507 8,614 8,679 8,771 8,858 8,930 Outside New York City 8,581 3,734 3,711 3, 705 3,682 3,792 3,801 i Not reported separately prior to February 8,1939. NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, which may be obtained from the Division^ Research and Statistics, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 34 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 ReDeBalserves with Cash ances mand deFedwith in eral vault do- posits Remestic ad- 1 serve banks justed banks Time deposits, except interbank IndividCertiuals, States fied and part- politand U. S. neroffi- Govical cers' ern- 2 suband divichecks, ment cor- sions etc. porations Interbank deposits IndiDomestic vidbanks Bor- Capuals, States ital and part- polit- Postal For- rowacnereign ings counts ical savships, sub- ings2 banks and diviDecormand Time pora- sions tions Date or month Total 101 Cities 7,170 8,361 8,460 8,645 8,951 9,643 9,957 9,803 438 423 447 448 440 477 482 484 2,467 2,644 2,727 2,765 2,808 2,951 3,062 3,103 15,825 16,796 17,182 17,366 17,717 18, 209 18, 511 18, 742 16,856 16,259 1,452 16,633 1,470 17,008 1,317 17,168 1,436 17,904 1,331 18,277 1,302 18, 392 1,465 448 441 419 406 438 448 411 448 536 581 545 541 532 528 526 523 9,826 9,879 10,028 10,094 9,885 9,852 9,698 9,790 9,792 9,748 9,506 9,577 471 489 480 487 458 500 475 483 504 504 539 3,034 3,037 3,087 3,090 3,111 3,089 3,166 3,079 3,072 3,030 3,081 3,081 18,306 18,451 18, 567 18, 721 18, 556 18, 660 18, 604 18, 918 18, 972 18,824 18, 981 18, 923 17,926 18, 296 18,433 18,453 18,273 18,184 18, 520 18,479 18, 503 18, 317 392 357 440 456 510 415 407 422 484 388 651 479 528 526 525 526 525 523 521 522 523 522 568 115 85 60 59 51 49 49 49 49 49 49 48 49 49 48 48 49 50 49 50 18, 766 1,328 1,312 1,248 1,320 1,460 1,481 1,431 1,467 1,484 1,381 1,341 1,302 5,124 4,984 4,996 5,006 5,021 5,016 5,040 5,062 251 229 216 220 210 197 181 6,120 6,530 6,607 6,763 6,991 7,447 7,722 7,847 5,028 5,032 5,043 5,057 5,063 5,067 5,070 5,067 5,043 5,040 5,042 5,036 203 205 190 190 181 178 182 180 184 192 205 214 7,711 7,687 7,760 7,729 7,832 7,829 7,997 7,808 7,772 7,815 7,825 7,855 113 118 121 127 127 126 123 122 486 639 606 620 652 732 793 720 3,677 1938—November 3,712 1939—May June 3,721 July 3,716 August 3,722 September 3,716 October 3,719 November 3,721 123 124 123 123 122 123 122 122 122 122 121 123 762 791 797 820 727 721 711 711 731 735 745 746 3,714 1939—Oct. 4 Oct. 11 3,719 Oct. 18 3,720 Oct. 25 3,722 Nov. 1 3,728 Nov. 8 3,733 Nov. 15 3,731 Nov. 22 3,707 Nov. 29 3,707 Dec. 6 3,716 Dec. 13 3,713 Dec. 20 3,713 New York City 3,910 4,895 4,866 4,995 5,184 5,631 5,701 5,504 6,669 7,467 7,608 7,660 7,905 8,152 8,259 8,330 7,495 7,636 7,773 7,913 8,268 8,394 8,406 304 280 225 304 249 240 328 281 274 269 231 274 278 240 265 5,651 5,667 5,725 5,761 5,560 5,486 5,449 5,509 5,514 5,452 5,244 5,241 8,210 8,214 8,256 8,356 8,212 8,265 8,256 8,458 8,459 8,416 8,447 8,378 8,225 8,377 8,446 8,526 8,365 8,299 8,393 8,466 8,507 8,444 8,654 8,577 272 239 210 237 330 328 317 334 329 258 251 212 220 198 256 285 315 256 231 242 282 194 443 287 7,048 604 578 580 589 597 601 615 626 2,589 2,814 2,845 2,928 3,052 3,300 3,381 3,438 426 560 529 540 575 657 702 650 1,488 1938—November 1939—May 1,488 June 1,479 July 1,482 August 1,475 September 1,475 October 1,479 November 609 611 616 625 628 629 630 629 616 620 624 617 3,389 3,372 3,377 3,386 3,439 3,415 3,465 3,429 3,444 3,414 3,411 3,400 675 698 707 729 651 648 645 644 662 669 679 679 1,476 939—Oct. 4 Oct. 11 1,475 Oct. 18 1,475 Oct. 25 1,476 Nov. 1 1,480 Nov. 8 1,480 Nov. 15 1,479 Nov. 22 1,479 Nov. 29 1,477 Dec. 6 1,482 Dec. 13 1,481 Dec. 20 1,483 !»•'" Outside New York City 3,260 3,466 3,594 3,650 3,767 4,012 4,256 4,299 373 367 380 383 377 399 402 403 2,392 9,156 2,567 9,329 2,651 9,574 2,688 9,706 2,734 9,812 2,879 10,057 2,989 10, 252 3,027 10,412 4,175 4,212 4,303 4,333 4,325 4,366 4,249 4,281 4,278 4,296 4,262 4,336 393 403 403 409 384 415 399 400 417 419 445 444 2,960 2,966 3,012 3,018 3,039 3,018 3,086 3,000 2,992 2,950 2,991 2,996 10,096 10,237 10,311 10,365 10,344 10,395 10,348 10,460 10,513 10,408 10, 534 10, 545 8,764 8,997 9,235 9,255 9,636 9,883 9,986 1,148 1,190 1,092 1,132 1,082 1,062 1,137 167 167 150 175 164 170 171 183 421 496 485 482 481 479 477 474 4,406 4,416 4,417 4,424 4,415 4,425 4,436 209 188 172 170 165 156 143 3,531 3,716 3,762 3,835 3,939 4,147 4,341 4,409 113 118 121 127 127 126 122 121 2,189 1938—November 2,224 1939—May June 2,233 July 2,237 August 2,240 September 2,241 2,244 October November 2,242 9,701 9,919 9,987 9,927 9,908 9,885 10,127 10,013 9,996 9,873 10,215 10,189 1,056 1,073 1,038 1,083 1,130 1,153 1,114 1,133 1,155 1,123 1,090 1,090 172 159 184 171 195 159 176 180 202 194 208 192 479 477 476 478 476 474 473 474 474 472 519 522 4,419 4,421 4,427 4,432 4,435 4,438 4,440 4,438 4,427 4,420 4,418 4,419 158 159 153 153 143 141 142 142 147 154 167 180 4,322 4,315 4,383 4,343 4,393 4,414 4,532 4,379 4,328 4,401 4,414 4,455 123 123 122 122 121 122 121 121 121 121 120 122 2,238 2,244 2,245 2,246 2,248 2,253 2,252 2,228 2,230 2,234 2,232 2,230 4,520 :9—Oct. 4 Oct. 11 Oct. 18 Oct. 25 Nov. 1 Nov. 8 Nov. 15 Nov. 22 Nov. 29 Dec. 6 Dec. 13 Dec. 20 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. JANUARY 1940 35 WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Federal Reserve district and date (1939) Boston (6 cities) November 22 November 29 _ December 6 December 13 December 20 New York (S cities)* November 22 _. November 29 December 6 December 13 December 20 Philadelphia (4 cities) November 22 November 29 December 6 December 13 December 20 Cleveland (10 cities) November 22 _. November 29 December 6 December 13 December 20 Richmond (12 cities) November 22 November 29 December 6 December 13 December 20 _. Atlanta (8 cities) November 22 November 29 December 6 December 13 _ December 20 Chicago (12 cities)* November 22 November 29 December 6 . December 13 December 20 St. Louis (5 cities) November 22 November 29 December 6 December 13 December 20 Minneapolis (8 cities) November 22 November 29 December 6 December 13 December 20 Kansas City (12 cities) November 22 November 29 __ December 6 December 13 December 20 Dallas (9 cities) November 22 __ November 29 December 6 December 13 December 20 San Francisco (7 cities) Nnvftmbpr 22 November 29 December 6 December 13 ___ December 20 City of Chicago* November 22. November 29 December 6 December 13 December 20. . Total loans and invest- Total ments 1 191 1,201 1 192 1,204 1,197 605 9,786 9,848 9,860 10,092 10,022 611 609 615 620 Commercial, inOpen dus- martrial, ket and paper agricultural 291 63 3,358 3,377 3,361 3,524 3,566 292 290 293 297 1,823 1,816 1,816 1,825 1,813 119 117 117 120 119 1,166 1,164 1,160 1,164 1 165 427 428 428 432 434 196 24 195 195 200 200 24 24 25 25 1,903 1,911 1,912 1,928 1,921 679 681 684 692 685 253 253 255 264 257 6 7 7 7 8 697 260 117 704 713 713 727 262 265 264 266 624 631 626 633 631 61 62 63 64 Loans Investments Loans for purchasing or carrying securities U. £5. Government obligations Direct To brokers To and others dealers Real Loans Other estate to Total loans banks loans 21 81 1 1 1 1 1 498 523 512 643 672 225 226 229 232 236 81 81 81 81 202 201 199 200 200 26 26 22 34 57 21 31 56 1 22 28 27 30 29 21 21 21 21 126 586 98 739 362 20 21 21 22 23 26 26 26 26 26 174 174 174 173 172 3 3 3 2 14 2 15 39 73 437 117 118 118 118 15 15 15 16 3 3 3 3 15 16 15 15 39 39 39 40 73 74 74 74 442 448 449 461 315 320 319 321 321 174 176 176 177 176 4 4 3 3 3 5 5 5 5 5 11 11 11 11 11 32 32 32 32 32 88 91 91 92 93 309 311 307 312 310 3,147 3,106 3,099 3 137 3 137 907 900 900 931 540 531 529 531 35 34 34 34 34 65 76 112 116 116 117 116 533 76 76 76 76 110 111 111 112 937 30 32 33 62 701 704 338 341 204 205 8 8 4 5 13 13 52 52 705 714 340 343 204 206 8 8 5 5 13 13 51 52 720 345 206 9 5 13 52 407 409 405 405 193 195 192 193 104 106 102 103 3 3 3 3 1 1 1 1 7 g 8 7 9 9 10 10 99 99 96 95 736 732 732 731 358 354 357 357 197 197 198 198 196 1,224 1,230 1,228 1,236 1,236 824 826 824 832 833 122 897 897 895 901 897 2,310 2,323 2,344 2,411 2,386 1,303 1,305 1,314 1,318 1,313 1,363 1,381 1,375 1,374 1,362 39 323 102 275 11 11 11 11 11 214 214 211 199 201 316 3 319 323 325 337 3 4 3 3 141 139 137 143 141 319 316 320 320 50 50 50 55 102 102 101 99 123 121 121 118 276 276 274 275 599 601 602 622 621 121 122 120 120 120 279 282 284 284 283 184 129 55 66 185 190 190 205 131 129 132 129 55 56 56 56 68 69 68 68 5 3 3 2 2 39 39 37 36 34 97 97 97 105 105 72 72 71 70 70 96 100 99 99 99 1,437 1,402 1,396 1.403 1,394 82 51 54 47 427 423 419 412 928 928 923 944 311 310 309 308 492 494 494 495 60 386 948 306 54 55 363 363 193 190 3 3 55 53 135 134 70 72 2 58 375 201 6 54 141 71 103 69 68 68 69 214 214 213 212 146 145 145 146 33 32 32 31 113 113 113 115 25 25 25 23 43 44 43 43 3 3 56 56 102 3 1 8 292 296 297 10 10 10 26 26 26 299 299 17 17 18 18 18 3 3 3 694 694 179 183 183 184 184 4 4 10 10 26 26 541 544 276 277 279 285 289 185 185 186 190 193 2 2 2 2 2 2 2 14 14 22 22 51 52 2 14 22 5 4 14 14 22 22 53 52 54 2 238 2,245 2,254 2,279 2,287 967 968 20 20 20 21 21 12 15 16 15 16 48 48 48 48 48 386 386 179 177 976 322 322 324 325 327 386 2,077 2,038 2,034 2,055 2,063 578 571 570 598 601 401 393 389 390 390 19 18 19 19 18 26 27 28 57 60 66 67 67 66 66 14 14 14 14 14 10 386 386 50 555 565 571 564 498 39 38 37 37 335 336 345 341 117 194 972 972 335 57 57 54 49 3 3 691 692 689 547 57 25 19 19 14 2,240 2,206 2,199 2,206 2,200 405 560 559 22 417 412 418 404 3,762 3,785 3,810 3,876 3,781 1 1 1 1 1 1 1 1 1 414 465 468 466 470 469 56 56 56 56 3 Bills 590 583 589 577 6,428 6,471 6,499 6, 568 6,456 127 127 126 127 31 31 31 32 22 22 23 25 Total Other secuGuar- rities anNotes Bonds teed 1 1 1 1 1 1 365 371 6 6 190 197 53 55 131 136 114 72 71 23 500 100 101 103 103 70 211 145 56 56 56 399 396 392 395 395 209 206 202 27 83 82 78 99 98 96 57 57 58 133 133 132 205 204 27 27 82 80 96 97 58 58 132 133 265 267 268 275 270 155 156 23 24 54 54 24 54 78 78 78 88 88 52 53 156 58 58 59 58 57 767 178 1,271 1.277 1,282 1.307 1,311 770 775 796 801 6 7 6 52 52 53 52 53 1,499 1,467 1,464 1,457 1,462 989 956 953 944 942 79 48 50 43 57 56 56 177 177 31 165 164 26 28 27 26 50 50 53 52 49 43 183 185 86 683 685 684 702 709 184 321 322 322 325 326 244 241 234 221 203 666 667 669 680 682 173 173 173 173 175 337 338 338 340 345 84 85 85 87 185 186 * Separatefiguresfor New York City are shown in the immediately preceding table, and for the city of Chicago in this table. Thefiguresfor the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. 36 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits3, except interbank ReBalDeserves ances mand with deFed- Cash with do- posits in eral Re- vault mestic ad- 1 banks justed serve banks Time deposits, except interbank Individ- States Certiuals, and fied part- polit- and U.S. neroffiical Govships, subcers' ernand divi- checks, ment2 cor- sions etc. porations Individ-" uals, partnerships, and corporations Interbank deposits Domestic banks States and polit- Postal Forical saveign sub- ings 2 diviDe- Time banks sions mand 469 433 440 433 444 143 141 145 146 147 167 174 162 164 159 1,187 1,181 1,164 1,176 1,171 1,133 1,126 1,111 1,137 1,148 109 108 99 96 81 18 20 17 22 24 13 13 13 13 14 233 232 232 232 231 3 3 2 2 2 5,639 5,645 5,596 5,368 5,377 102 107 106 117 120 203 208 201 215 218 9,109 9,109 9,082 9,119 9,078 8,958 9,004 8,939 9.167 9,088 510 505 444 434 412 270 299 214 459 311 67 67 68 69 70 995 983 987 990 984 44 43 44 44 40 433 434 437 417 429 19 22 22 23 24 214 224 219 217 229 953 967 953 945 952 945 961 946 969 975 71 65 61 50 46 10 11 14 9 11 52 52 52 54 54 270 270 269 270 271 8 8 8 7 7 518 520 523 507 522 44 49 47 53 52 351 349 332 340 342 1,321 1,330 1,315 1, 335 1,332 1,287 1,294 1,264 1,325 1,315 110 110 107 104 103 17 21 19 20 19 41 42 42 47 47 713 711 713 714 712 18 18 17 17 17 188 180 183 193 192 22 23 23 25 24 215 209 202 207 189 491 486 485 500 492 482 479 479 494 492 48 46 47 47 44 12 12 12 15 11 28 28 28 33 33 198 197 194 194 194 3 3 3 3 3 • 124 128 125 131 127 13 14 14 15 15 201 203 200 202 203 394 410 395 404 398 376 378 382 396 391 64 76 61 60 63 6 9 5 5 6 39 40 40 43 44 183 182 181 180 180 7 7 7 6 6 1,387 1,426 1,427 1,461 1,499 73 79 77 84 86 544 549 555 571 569 2,611 2,627 2,614 2,650 2,678 2,481 2,482 2,457 2,554 2,572 286 288 280 270 264 33 40 42 51 38 105 105 105 127 128 923 923 925 925 926 220 215 210 203 207 11 12 12 13 13 186 190 193 196 186 479 488 481 485 481 496 491 483 503 498 34 43 42 41 41 7 8 7 6 17 16 15 16 16 187 187 186 186 186 103 101 102 101 104 7 6 7 8 7 114 113 117 120 116 310 311 306 308 304 273 273 271 279 275 59 61 56 54 55 6 8 7 7 7 2 1 2 2 2 119 118 118 118 119 189 190 193 190 190 16 15 16 18 17 319 307 304 306 311 539 540 530 540 535 533 526 517 539 532 63 64 61 62 66 11 14 11 11 11 22 22 22 23 23 142 141 141 140 141 3 3 2 3 3 135 137 136 139 132 11 11 12 13 12 279 273 266 264 269 471 468 458 474 462 452 446 439 463 452 48 50 49 49 45 10 11 10 10 12 30 30 30 33 33 129 128 128 127 127 8 8 8 8 9 385 383 376 363 354 22 25 23 24 24 286 273 279 279 290 1,053 1,055 1,041 1,045 1,040 1,063 1,043 1,029 1,043 1,028 65 68 74 74 82 22 31 30 35 23 106 107 105 108 108 975 971 966 966 965 61 66 76 90 102 1 114 1,151 1,161 1,186 1,212 41 44 43 46 47 246 243 242 "256 259 1,820 1,826 1,820 1,837 1,871 1,742 1,747 1,725 1,782 1,812 177 177 174 166 162 18 19 24 33 22 60 60 60 80 80 481 481 482 482 483 20 20 20 20 20 1 1 1 1 1 324 310 320 316 318 24 24 21 21 24 CapBorital rowacings counts 1 1 1 1 1 246 247 247 247 246 3,503 3,518 3,488 3,481 3,468 17 17 17 17 16 646 664 671 681 680 1 602 1,600 1,605 1 604 1,606 1 1 1 1 1 394 390 399 390 401 12 12 12 11 15 6 6 6 6 6 222 223 223 223 222 2 2 2 2 2 394 398 395 390 398 39 39 39 39 39 1 1 372 373 373 373 374 305 303 311 310 309 6 6 6 6 6 2 2 2 2 2 275 273 278 284 284 3 3 3 3 3 1 95 95 95 94 94 22 22 22 22 22 6 6 6 6 6 1,144 1,136 1,145 1,182 1,183 9 9 9 9 9 9 10 10 9 9 383 384 385 384 384 3 3 3 3 3 2 2 2 2 2 345 339 348 349 354 6 6 6 6 6 1 1 1 1 1 145 145 150 150 152 3 3 3 3 2 1 418 407 415 410 419 7 7 7 7 7 Federal Reserve district and date (1939) Boston (6 cities) November 22 November 29 December 6 December 13 December 20 New York (8 cities)* November 22 November 29 December 6 December 13 December 20 Philadelphia (4 cities) November 22 November 29 December 6 December 13 December 20 Cleveland (10 cities) r 97 97 97 96 96 November 22 November 29 December 6 December 13 December 20 Richmond (12 cities) November 22 November 29 December 6 December 13 December 20 Atlanta (8 cities) November 22 November 29 December 6 December 13 December 20 Chicago (12 cities)* 7 96 96 96 96 95 1 1 1 1 1 59 59 59 60 60 102 101 103 103 103 November 22 November 29 December 6 December 13 December 20 St. Louis (5 cities) November 22 November 29 December 6 December 13 December 20 Minneapolis (8 cities) November 22 November 29 December 6 December 13 December 20 Kansas City (Unities) November 22 November 29 December 6 December 13 December 20 Dallas (9 cities) 1 269 269 274 272 278 292 284 292 291 291 87 87 87 87 87 20 20 20 20 20 22 23 23 24 23 346 345 346 346 346 8 8 9 8 8 244 245 245 244 245 November 22 November 29 December 6 December 13 December 20 San Francisco (7 cities) November 22 November 29 December 6 December 13 December 20 City of Chicago • 3 3 3 3 3 875 867 874 901 897 November 22 November 29 December 6 December 13 December 20 * See note on preceding page. i Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. * U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. JANUARY 1940 37 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding End of month By holders Commercial paper outstand- Total outstand- ing 1 ing Held by accepting banks Own Total bills By classes Held by Federal Reserve banks For ac- Held of by For count Bills own foreign others acbought count correspondents 1938—September _ _ October November 212 213 206 187 261 270 273 270 221 223 222 212 129 130 124 121 92 93 98 91 1939—January February March April May June . July August. September October November 195 195 191 192 189 181 194 201 209 205 214 255 248 245 238 247 245 236 235 216 221 223 204 198 191 189 192 191 188 191 177 179 172 122 122 117 118 124 122 119 128 115 111 103 82 76 74 72 68 69 69 63 62 67 69 (2) W 8 Based on ex- Dollar ports exfrom change on im ports into U. S. U . S. Based on goods stored in or shipped between points in Foreign countries U.S. 40 46 51 58 89 94 94 95 57 57 59 60 2 3 3 3 56 59 59 57 57 56 57 56 52 50 54 49 55 53 48 44 39 42 51 89 87 87 86 82 81 75 79 78 85 96 57 57 58 56 51 45 41 40 40 40 37 2 2 2 1 19 20 19 18 18 18 16 52 48 42 38 36 39 39 40 43 46 50 55 54 56 57 59 60 61 59 36 32 24 i As reported by dealers; includes some finance company paper sold in open market. > Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances End of month Credit balances Customers' credit balances 1 Debit Customers' balances in partners' debit investment balances and trading (net) 1 accounts Debit balances in firm investment and trading accounts Cash on hand and in banks Money borrowed 2 Free Other (net) Other credit balances In In firm partners' In invest- capital investment and ment and accounts trading trading (net) accounts accounts 1937—March June SeDtember D ecember 1,549 1,489 1,363 985 61 55 48 34 175 161 128 108 223 214 239 232 1,172 1,217 1,088 688 346 266 256 278 115 92 96 85 29 25 26 26 18 13 12 10 419 397 385 355 1938—March June SeDtember November December 831 774 823 939 991 29 27 29 30 32 95 88 76 78 106 215 215 213 18y 190 576 495 559 662 754 239 258 257 252 247 81 89 68 65 60 25 22 2Q 20 22 9 11 7 8 5 315 298 300 303 305 971 967 953 831 828 834 839 792 856 894 914 34 29 27 26 26 25 24 22 20 21 20 75 83 84 83 76 73 84 71 64 72 77 192 168 174 190 183 178 183 202 217 200 195 713 709 699 235 222 225 236 230 230 238 235 305 289 272 60 62 59 60 69 70 67 58 87 76 67 22 20 20 20 21 21 20 20 22 21 21 12 5 9 298 294 294 290 284 280 278 275 283 284 282 ._ 1939—January February March April May June July August September October. November - - _ 579 561 570 589 556 520 577 623 7 6 6 6 6 11 9 8 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 both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69). 38 FEDERAL RESERVE BULLETIN OPEN-MARKET RATES IN NEW YORK CITY [Per cent per annum] ( Prevailing rate on— COMMERCIAL LOAN RATES AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Average rate o n - [Per cent per annum] Aver- Prime Prime bankcomers' mercial acceptpaper, ances, 4 to 6 90 months days Year, month, or week 1936 average... 1937 average.— 1938 average.— .15 .43 .44 .75 .95 .81 7 1938—Nov Dec A« % 1939—Jan Feb Mar April May June July Aug Sept Oct. Nov 7 /l6 7/ 18 V2-H Vie Vie Vie Vie Vl6 Vie Vie Vie Vie Vie %-% x A-y% y«-% YT-% Week ending: Nov. 25____ Dec. 2 Dec. 9 Dec. 16____ Dec. 23____ % b Vie Vie Vie Vie V2- A X-H VT-V% 7/16 age U.S. Treasyield on ury bills Stock Stock exex- change U.S. Treaschange call New ury 91time loan 3-to-5 issues day loans, reyear ofdeal90 new- fered ers' notes 1934 average days als within quo1935 average 1936 average period* tation 1937 average 1938 average 1.16 .91 .143 .17 1.11 .28 1.25 1.00 1.40 1938—January .447 February .07 .83 1.25 1.00 .053 March 1.00 .024 April _. .04 .71 IX May .03 .67 IX 1.00 .007 June 1.00 .002 July .03 65 IX 1.00 .004 August.. .03 !63 IX September .03 .51 IX 1.00 .005 October .03 .50 IX 1.00 .019 November .03 .42 1.00 .006 IX December .03 .39 IX 1.00 .006 .04 .45 IX 1.00 .017 .05 .48 1939—January. IX 1.00 .046 .14 1.07 IX 1.00 .102 February .05 .77 1% 1.00 .028 Quarterly Figures: 1.00 .018 .05 .64 IX 1938—September. .. IX IX IX IX IX 1.00 1.00 1.00 1.00 1.00 .015 .016 .019 .018 .007 .05 .05 .05 .04 .04 .60 .60 .56 .50 .49 1939—March June September Total 19 cities _. New York City 7 other 11 SouthNorth- ern and ern and Western Eastern cities 3.45 2.93 2.68 2.59 2.53 2.45 1.76 1.72 1.73 1.69 3.71 3.39 3.04 2.88 2.75 4.32 3.76 3.40 3.25 3.26 2.60 2.49 2.48 2.48 2.48 2.56 2.57 2.52 2.53 2.57 2.49 2.60 1.70 1.70 1.65 1.70 1.70 1.70 1.70 1.67 1.70 1.70 1.70 1.70 2.92 2.65 2.64 2.60 2.64 2.78 2.78 2.71 2.74 2.90 2.68 2.95 3.28 3.21 3.28 3.25 3.20 3.31 3.35 3.28 3.26 3.21 3.20 3.63 2.64 2.52 1.73 1.70 2.97 2.69 3.32 3.36 2.65 2.00 2.75 3.25 2.95 2.91 2.68 2.13 2.15 2.04 3.05 3.05 2.78 3.77 3.62 3.31 1 Quarterly figures are on revised basis and are therefore not strictly comparable with the series of annual and monthly figures. For figures i Series comprises 273-day bills to October 15, 1937, bills maturing beginning January [1928 and description of figures see pp. 963-969 about March 16,1938, from October 22, to December 10,1937, and 91-day of the November 1939 BULLETIN. bills thereafter. Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures for 91-day Treasury bills available on request. BOND YIELDS [Per cent per annum] U. S. Treasury a Year, month, or week Corporate4 Municipal 3 By ratings Aaa Number of issues 1936 average _ 1937 average 1938 average ._ _ _ . . 193g—November December 1939—JanuaryFebruary March April . May June July August September _ •. . . __ Octob er November Week ending: Nov. 25 Dec. 2 Dec. 9 ._ Dec. 16 Dec. 23 _ _ _ Industrial Baa A Aa By groups RailPublic road utility 2-6 15 120 30 30 30 30 40 40 40 2.65 2.68 2.56 3.07 3.10 2.91 3.87 3.94 4.19 3.24 3.26 3.19 3.46 3.46 3.56 4.02 4.01 4.22 4.77 5.03 5.80 3.50 3.55 3.50 4.24 4.34 5.21 3.88 3.93 3.87 2.50 2.49 2.47 2 44 2.34 2.30 2 17 2.13 2.16 2 21 2.65 2.60 2.46 2.74 2.75 2.70 2 70 2.67 2.75 2 66 2.63 2 65 2 75 3.29 3.08 2.69 3.95 3.95 3.86 3 81 3.74 3.84 3 78 3.71 3 66 3 67 3.95 3.83 3.70 3.10 3.08 3.01 3 00 2.99 3.02 2 97 2.92 2.89 2 93 3.25 3.15 3.00 3.46 3.42 3.32 3 26 3.22 3.22 3 16 3.13 3.08 3 11 3.49 3.35 3.16 4.02 4.02 3.97 3.94 3.87 3.97 3.92 3.86 3.83 3 80 4.05 3.94 3.78 5.23 5.27 5.12 5.05 4.89 5.15 5.07 4.91 4.84 4.85 5.00 4.88 4.85 3.39 3.40 3.31 3.29 3.29 3.35 3.30 3.23 3.18 3.21 3.57 3.43 3.25 4.83 4.82 4.70 4.63 4.46 4.66 4.60 4.47 4.42 4.41 4.58 4.51 4.44 3.65 3.63 3.57 3.52 3.48 3.51 3.45 3.42 3.39 3.40 3.70 3.57 3.41 2.40 2 38 2.40 2.37 2.32 2.65 2 57 2.58 2.58 2.55 3.68 3 69 3.70 3.69 3.69 2.98 2 97 2.96 2.95 2.93 3.14 3 15 3.16 3.15 3.13 3.76 3.76 3.75 3.76 3.74 4.84 4.88 4.92 4.92 4.94 3.23 3.23 3.23 3.22 3.20 4.43 4.45 4.47 4.47 4.48 3.39 3.39 3.40 3.39 3.38 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description. Figure for week ending October 21 should be revised to 2.54. * Standard Statistics Co. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa group has been reduced from 10 to 4, the industrial Aa group from 10 to 3, the industrial A group from 10 to 8, and the railroad Aaa group from 10 to 5. Back figures.—See Annual Report for 1937 (table 80); for U. S. Treasury bonds, see pp. 1045-1046 of BULLETIN for December 1938. JANUARY 1940 39 BOND PRICES1 STOCK MARKET Corporate3 Stock prices * U.S. Treas- Munic3 ury 2 ipal RailTotal Industrial road Utility Year, month, or date Number of issues 1936 average 1937 average 1938 average 1938—November December 1939—January __ _ February March April May June _. _ _ _ _ July August September October 2-6 15 60 20 103.7 101.7 103.4 104.0 104.1 104.4 104.8 106.0 106.6 108.3 109.1 108.9 108.2 101.9 102.6 104.6 110.8 110.3 113.7 116.6 116.5 117.3 117.3 117.9 116.4 118.1 118.6 118.3 116.5 107.1 110.7 117.5 97.5 93.4 78.9 82.1 81.1 81.9 82.1 83.1 79.4 80.2 81.4 81.6 81.0 80.9 82.9 83.0 92.2 90.1 82.9 86.9 86.0 86.2 86.4 87.1 83.8 84.8 86.2 86.3 85.8 85.0 86.4 87.0 20 94.7 89.6 58.6 60.2 58.6 59.7 59.0 60.9 54.5 54.8 56.2 56 4 55.5 59.0 61.6 60.2 Year, month, or date Preferred 2 Total Industrial Railroad 20 420 348 32 40 138.9 136.2 135.6 111 112 83 127 131 99 51 49 26 104 95 73 20 105.4 100.4 95.3 99.3 98.7 99.7 100.7 101.3 99 7 101.0 101.6 102 1 101.7 98.6 100. 5 101.8 Number of issues. _ 1936 average 1937 average 1938 average Volume of trading' Common (index, 1926=100) Utility 1,824 1,519 1,100 114 1938—November... 142.3 95 30 81 1,355 92 111 29 78 December 141.7 1,195 92 1939—January . 141.7 109 30 1,114 81 February 106 84 708 141.8 90 28 March 142.3 92 108 86 999 30 140.4 82 964 April 96 25 80 25 82 May 141.8 83 97 548 143.9 86 101 26 507 June 85 101 821 July 143.7 86 26 85 August 142.3 86 101 706 25 87 92 109 84 September.-- 136.2 30 2,595 118.2 83.1 60.2 102.1 October Nov. 22 105.5 87.2 137.7 95 113 33 86 1,050 106.1 119.8 82.6 59.0 101.9 32 Nov. 29 86.9 94 111 November. _. 140.7 907 87 105.3 82.5 119.5 59.0 101.7 Dec. 6 86.7 105.9 119.5 82.1 Nov. 22 94 677 110 31 88 Dec. 13 86.8 58.0 101.5 141.8 674 106.6 120.1 81.9 57.6 101.5 92 108 86.7 Nov. 29 141.8 30 87 Dec 20 141.4 109 713 Dec. 6. 93 30 87 92 108 30 87 772 Dec. 13 141.4 774 92 108 29 87 i Monthly data are av erages of dailyfiguresexcept for municipal bonds, Dec. 20 141.4 which are averages of "VWednesday figures. > Average prices of all outstanding Donds due or callable after 12 years, i Standard Statistics Co. Monthly data are averages of Wednesday based on quotations from Treasury Department; see BULLETIN for December 1938, pp. 1045-1046 for description. Prices expressed in figures. 2 Average prices of industrial high-grade preferred stocks, adjusted to a decimals. * Prices derived from average yields, as computed by Standard Sta- $73 annual dividend basis. Average daily volume of trading in stocks on the New York Stock tistics Co. Backfigures.—SeeAnnual Report for 1937 (table 79); for U. S. Treasury Exchange, in thousands of shares. Weekly figures are averages for the week ending Saturday. bonds, see pp. 1045-1046 of BULLETIN for December 1938. Back figures—For stock prices, see Annual Report for 1937 (table 79). CAPITAL ISSUES [In millions of dollars] Year or month Total (new and refunding) 11, 513 1929 . . 7,619 1930 4,038 1931 1932 1,751 1933 _. 1,063 1934 2,160 4,699 1935 6,214 1936 3,937 1937 _ . _ 4,446 1938 1938—Nov Dec 1939—Jan Feb Mar 386 514 257 561 240 357 May June July Aug Sept Oct Nov 1,313 Total mestic and forTotal eign) State and municipal 9,420 6,004 2,860 1,165 1,418 1,434 1,235 10,093 6,912 3,095 1,197 For new capital For refunding Domestic Domestic Total (doCorporate FedFor- mestic eral eign i and Total Bonds agenforcies * Total and Stocks eign) notes 720 708 1,386 1,457 1,972 2,138 2,359 1,386 1,409 1,949 2,094 2,323 762 483 803 855 735 712 971 0 87 75 77 64 405 150 22 157 481 226 241 200 398 162 144 117 293 318 103 41 336 93 196 241 200 378 162 143 117 283 318 83 41 336 93 152 126 76 44 105 63 94 253 66 57 15 42 71 0 55 118 310 4 2 2 0 203 0 10 276 0 605 590 450 174 740 218 8,002 4,483 1,551 2,078 2,980 1,239 325 161 178 404 872 305 40 144 334 839 817 807 43 60 6 24 53 78 22 30 50 26 16 18 21 37 44 5 17 43 48 18 22 40 23 14 14 15 1,192 1,225 5,924 1,503 311 20 120 35 69 352 408 65 6 16 1 7 10 31 3 9 10 3 2 4 6 1,420 1,387 706 944 554 343 774 527 893 498 283 765 3,242 4,242 1,799 2,087 3,216 4,123 1,680 2,060 31 0 0 20 0 160 273 57 163 78 213 135 271 57 163 75 161 0 10 0 20 0 0 0 1,195 1,180 312 272 347 133 404 125 312 272 332 133 402 125 673 908 235 32 12 0 48 23 44 35 State and municipal Corporate ForFedeign* eral Bonds agen-2 cies Total and Stocks notes 13 53 21 87 37 136 365 382 191 129 0 0 51 93 26 317 987 353 281 665 6 15 27 10 13 11 7 39 18 13 8 10 8 22 20 19 17 15 21 1,021 21 74 18 51 235 26 1,374 474 821 319 219 312 542 451 789 315 187 312 1,864 3,387 1,209 1,265 1,782 3,187 108 235 10 136 47 129 151 252 180 301 74 157 91 89 225 10 101 46 106 131 249 143 292 74 157 88 856 1,234 833 23 32 4 32 0 81 200 352 31 33 179 51 56 60 9 26 119 119 28 18 11 () 35 (8) 23 20 2 38 9 0 25 3 0 3 3 u 3 53 16 0 0 15 0 2 0 i Includes issues of noncontiguous U. S. Territories and Possessions. »Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. »Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Backfigures—See Annual Report for 1937 (table 78). 40 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Noninterestbearing Interest-bearing Total gross debt End of month Publicly-offered i Bonds Total interest Total bearing 1932—June 1933—June 1934—June 1935—June 1936—June 1937—June 1938—June t. 1938—November. December. 1939—January... February.. March April May __ June _ July August September. October November. Treas- U. S. ury* savings Prewar AdSocial justed seservice curity4 issues* issues All others Matured debt 60 66 54 231 169 119 141 266 315 518 825 620 506 447 105 101 109 112 125 122 117 142 140 133 112 109 98 431 427 425 421 419 416 414 411 408 406 404 401 400 Notes Bills 616 954 1,404 2,053 2,354 2,303 1,154 105 92 118 156 1,071 926 868 19 579 1,601 240 284 356 580 601 560 644 L, 303 1,306 L, 309 L, 310 L, 311 L,309 L, 308 1,308 1,309 L, 307 1,306 1,405 L, 454 827 827 826 825 827 826 825 839 833 829 795 791 791 1,937 2,002 2,046 2,207 2,257 2,294 2,442 2,511 2,542 2,722 2,746 2,796 2,981 745 743 756 761 779 780 805 820 941 938 915 912 911 19,487 22,539 27,053 28,701 33, 779 36,425 37,165 19,161 22,158 26,480 27, 645 32,989 35,800 36, 576 «18,816 »21,782 «26,006 26,910 31,297 33,734 33,463 753 753 753 753 79 79 79 13,460 13,417 15,679 14,019 17,168 19,936 21,846 62 316 800 1,238 1,261 4,548 6,653 10,023 11,381 10,617 9,147 38,603 39,427 39, 631 39,859 39,985 40,063 40,282 40,440 40,661 40,891 40,858 41,036 41, 305 38,068 38,899 39,097 39,326 39,442 39, 525 39, 751 39, 886 40,114 40, 351 40, 342 40, 526 40,807 34,559 35,327 35,469 35, 533 35,579 35,627 35,680 35, 715 35, 798 35,862 35,886 36,026 36,123 79 79 79 79 79 79 79 79 79 79 79 79 79 22,712 24,005 24,005 24,005 25,218 25,218 25,218 25,218 25,218 25, 218 25, 218 25, 218 25,218 1,399 1,442 1,580 1,643 1,701 1,751 1,806 1,868 1,949 2,015 2,051 2,092 2,140 9,067 8,496 8,496 8,496 7,270 7,270 7,270 7,243 7,243 7,243 7,232 7,232 7,232 Other * Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. Includes Liberty bonds. 8 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series and 4of certificates to the adjusted service fund. Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. * Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. 6 Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. 2 MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS, NOVEMBER 30, 1939 FULLY GUARANTEED OBLIGATIONS, BY AGENCIES' [In millions of dollars] [In millions of dollars] Maturing Bonds Date maturing or callable Total Bills Notes U. S. Savings 1939—December 1940—Jan. Apr. July Oct. 1941 1942 1943 1944 1945 1946 1947 1948 1949_ 1950 „ 1951 1952 1953 . 1954 1955 1956 1958 1959 I960 1961 1963 1965 _.- 1-Mar. 31 1-June 30 1-Sept. 30 1-Dec. 31 412 2,430 738 401 1,052 Other 11 1,378 738 .. 737 1,385 1,001 1,050 931 737 2,219 1,001 1,948 931 2,117 1,841 2,818 1,995 1,532 __ _ Total Bonds callable i 834 898 2 176 322 421 508 713 1,941 1,519 2,399 1,487 819 1934—June.. Dec... 1935—June.. Dec... 1936—June.. Dec... 353 1937—June.. Dec... 1938—June.. 1,379 1,855 2,555 1,755 2,372 1,460 1,674 2,278 1,186 2,382 1,223 2,436 1,786 2,663 755 489 1,223 2,436 1,786 2,663 755 489 982 2,611 50 919 1,485 982 2,611 50 919 1,485 1,485 50 25, 297 25, 297 36,123 1,454 7,232 2,140 End of Month 2,611 982 919 1938—Nov. . Dec— 1939—Jan. _. Feb... Mar.. Apr... May.. June.. July.. Aug... Sept. _ Oct... Nov... Total ReconFederal ComU . S. Home Farm Owners' struction modity HousFinance Credit Mortgage Loan ing Corpora- Corpora- Corpora- Corpora- Authortion 2 tion tion tion ity 681 3,063 4,123 4,494 4,718 4,662 4,665 4,645 4,853 312 980 1,226 1,387 1,422 1,422 1,422 1,410 1,410 134 1,834 2,647 2,855 3,044 2,988 2,987 2,937 2,937 235 249 250 252 252 252 255 297 299 206 4,993 4,992 4,987 5,410 5,410 5,410 5,409 5,450 5,480 5,583 5,456 5,448 5,707 1,388 1,388 1,383 1,381 1,381 1,380 1,379 1,379 1,379 1,379 1,279 1,279 1,269 2,888 2,888 2,888 2,888 2,888 2,888 2,888 2,928 2,958 2,858 2,831 2,823 2,817 511 509 509 819 819 819 820 820 820 820 820 820 1,096 206 206 206 206 206 206 206 206 206 409 409 409 407 114 114 114 114 114 114 114 114 114 114 J Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the public debt. The total includes guaranteed debentures of the Federal Housing Administrator, amounting to $3,390,000 on November 30, 1939. 2 Excludes obligations guaranteed as to interest only. For August 1939 and subsequent months includes matured bonds not presented for retirement amounting to $86,000,000 on November 30. i Excludes U. S. savings bonds. Other bonds in the amount of $2,577,000,000 not callable prior to maturity are shown as of date of maturity. 2 Includes unclassified U. S. savings bonds. JANUARY 1940 41 SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Receipts Expenditures l General Period Total Other In- Social inter- All come securnal ity taxes taxes 2 reve-1 other nue National Total Inter- deest on fense All and other Veterans' debt Recovery and relief ) or deTrust Increase crease cLuring acpen od counts, etc' Excess excess of reof receipts ceipts Trans- (+)or (+)or Revolv- fers to exexing trust pendi- pendiGeneral Gross funds accts., tures fund tures (net) 6 etc. • (-) (-) balance 7 debt Adm.« Fiscal year ending: J u n e 1937 J u n e 1938 J u n e 1939 - 5,294 6,242 - 5,668 2,158 2,635 2,182 253 735 710 2,187 2,285 2,238 697 567 507 8,442 7,626 9,210 866 926 941 1,436 1,556 1,627 1,994 2,178 2,761 3,073 2,238 3,105 204 121 92 868 - 3 , 1 4 9 607 - 1 , 3 8 4 685 - 3 , 542 +374 +306 +890 - 1 2 8 +2,646 -338 +740 +622 +3,275 2,311 2 223 2,715 671 654 478 276 329 347 1,079 1,022 1,108 285 217 242 3,012 3,643 3,868 269 252 265 635 684 754 863 1,138 1,361 851 1,206 1,068 38 44 31 351 -702 319 - 1 , 4 2 0 389 - 1 , 6 8 3 +88 +213 +154 +55 +669 +231 +1,439 -673 +866 382 704 308 417 737 268 397 613 308 420 719 322 407 36 481 48 56 506 40 43 355 42 37 328 37 34 129 3 43 182 4 30 124 25 36 119 27 36 130 175 181 173 143 183 156 187 193 187 218 312 199 192 41 40 45 37 45 42 42 39 43 46 52 50 52 678 862 693 • 662 870 785 744 951 807 822 784 764 691 9 173 30 17 120 66 10 272 15 18 151 68 12 137 136 140 122 136 133 136 140 145 152 147 154 157 228 190 221 209 243 258 279 223 259 254 261 305 282 249 309 258 254 297 266 262 252 220 321 170 175 182 7 4 5 10 6 8 7 8 1 11 5 9 5 49 49 39 50 68 55 50 56 167 66 50 53 53 5 months ending: Nov 1937 N o v . 1938 N o v 1939 ~ 1938—No vember _ _ _ December \ 939—j anuary February March April May June July August September.^. October No vember _._ Details of trust accounts, etc. Old-age reserve and railroad retirement accounts Period ReconComWith- struction In- drawals modity In- BeneReAll fit RevestFinance Credit vestby ceipts ments pay- ceipts ments Corpora- other States Corporaments tion tion Fiscal year ending: June 1937 June 1938 J u n e 1939 _ 267 550 639 267 461 516 5 months Nov. Nov. Nov. 278 244 287 49 49 39 50 68 55 50 85 65 66 50 53 53 ending: 1937.. _ 1938 1939 1938—No vember December 1939—January February March April. May _ June. July August September October November. _ 1 (8) -6 " -31 +30 +428 +52 +93 -122 +636 -151 +410 +46 -113 -44 -346 -119 —86 -391 -216 -53 -264 +267 +252 +9 +95 +46 +180 +824 +204 +227 +127 +78 +219 +158 +222 +230 -34 +178 +269 Details of general fund balance (end of period) Net expenditures in checking accounts of Government agencies Unemployment trust fund -296 -157 —385 —245 -132 -517 -348 -339 -499 -402 -65 -442 -284 All other, excess of receipts (+) or expenditures InIncreTotal active ment gold on gold Seigniorage Working balance (_)10 294 763 838 293 560 395 1 191 442 9 329 9 9 9 658 9 112 9 184 136 127 911 9 246 +60 +87 +116 2,553 2,216 2,838 1,087 85 120 141 142 142 356 446 536 970 1,628 2,160 245 176 225 23 47 51 275 365 423 262 160 245 1 195 176 9 46 9 187 9 214 9 34 109 9 28 42 9 54 151 +27 +49 +50 2,608 2,447 2,166 1,243 141 142 143 394 478 561 831 1,828 1.462 34 34 34 50 50 50 40 83 45 51 43 43 43 10 10 10 10 11 10 11 11 10 10 10 10 10 125 37 51 148 34 34 137 32 58 154 13 54 144 96 32 10 111 26 19 33 36 44 41 32 41 42 41 40 24 29 21 18 9 15 9 326 96 960 3 » 86 16 29 22 15 9 297 18 16 10 9 11 94 9 20 9 112 9 37 9 27 12 92 144 96 9 74 4 9 19 +13 +8 +2 2,447 3,084 2,933 3,343 3,389 3,044 2,924 2,838 2,447 2,231 2,178 1,913 2,166 142 142 142 142 142 142 142 142 142 142 142 143 143 478 492 503 508 515 522 528 536 544 549 554 558 561 9 13 108 9 13 9 14 129 9 19 7 142 (8) 2 5 »4 <»)<•) 6 9 86 5 19 27 -1 +14 +11 +23 +11 +13 +5 +10 +15 +6 r 1,828 2,449 2,288 2,693 2,732 2,380 2,254 2,160 1,761 1,539 1,481 1,213 1,462 Excludes debt retirements. 2 Includes taxes under Social Security Act and on carriers and their employees. 3 Includes miscellaneous internal revenue, unjust enrichment tax, and processing taxes. 4 Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." 6 Includes revolving funds of Public Works Administration and Farm Credit Administration. • Includes expenditures for retirement funds, adjusted service certificate fund, old-age reserve account and railroad retirement account; except for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc." 8 »Details given in lower section of table. Less than $500,000. 9 Excess of credits. 10 Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against increment on gold (other than retirement of national bank notes) and receipts from seigniorage. 42 FEDERAL RESERTE BULLETIN GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, OCTOBER 3 1 , 1939 on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars] Reconstruction Finance Corporation and Public Works Administration Home mortgage and housing agencies Home Owners' Loan Corporation Other mortgage agencies ---- 169 40 Total Farm credit agencies United States Housing Authority Farm mortgage agencies Tennessee Other ValComFarm ley Credit modity AuAdm. Credit Other thorbanks Corpoity and cor- ration porations Insurance Other Oct. agen31, cies 1939 Sept. Oct. 31, 30, 1939 1938 ASSETS Loans and preferred stock: Loans tofinancialinstitutions._ Preferred stock, etc. Loans to railroads Home and housing mortgage loans Farm mortgage loans Other agricultural loans All other loans Total loans and preferred stock Cash U. S. Govt. direct obligations Obligations of Government credit agencies: Fully guaranteed by U. S. Others Accounts and other receivables Business property __ _ Property held for sale Other assets Total assets other than interagency 6 209 513 459 56 0) 76 30 2,049 193 121 2,616 270 20 2 475 1,676 1 48 0) 2,261 171 401 31 37 121 4 2 2,616 84 78 346 70 170 C1) 2 130 213 6 118 8 21 30 7 13 8 25 0) 38 3 636 9 3 529 3 6 8 0) 5 1 0) 0) 0) 0) 196 3 322 <295 636 1 518 24 14 56 5 0) 6 294 56 39 399 326 14 4 107 5 1 61 1 3 10 547 316 675 0) 42 101 1 90 433 840 489 2,363 2,616 1,122 1,093 430 842 492 468 859 502 2,347 2,330 2,626 2,764 730 1,118 854 1,068 8,956 8,923 8,507 367 452 336 698 738 738 141 40 426 542 689 121 141 41 446 535 695 111 146 35 356 451 673 125 0) 1,800 2,976 820 2,823 125 97 134 31 945 2,921 856 856 259 3,123 644 114 4 1,280 5 997 119 208 10 189 197 8 8 3 1 203 9 57 5,449 5,356 5,001 1,357 1,357 1,352 722 1,039 1,054 165 118 2,396 218 597 197 16 205 66 7,845 7,768 7,075 56 324 50 141 727 202 426 4 100 349 300 469 139 512 4,261 4,199 4,284 379 395 393 56 274 141 526 423 100 349 300 329 512 3,866 3,806 3,905 489 697 578 12,105 11,967 11, 359 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States Other 6 Other liabilities (including reserves) . Total liabilities other than interagency6 _ Excess of assets over liabilities, excluding interagency transactions. Privately owned interests U. S. Government interests 0) 409 1 Less than $500,000. 2 Includes $68,000,000 loans of Public Works Administration. 3 Includes $255,000,000 loans of Farm Security Administration. < Includes $168,000,000 loans of Rural Electrification Administration. «8 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction Finance Corporation. NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Nov. 3C 1938 May 31, 1939 June 30, 1939 July 31, 1939 Aug. 31, 1939 Sept. 30, 1939 Oct. 31, Nov. 30, 1939 Loans tofinancialinstitutions 212,213 190,447 183,943 181, 502 178,833 175, 795 173, 363 177,011 Loans on preferred stock of banks and insurance companies. 37,083 33, 494 33,444 33,349 33,127 33,094 33,181 33,162 Preferred stock, capital notes, and debentures 520, 550 528, 573 529,270 526,876 513,200 517,125 515,157 490,099 Loans to railroads (including receivers) 428,041 436,612 439,199 438,835 436, 650 444, 314 438,837 Loans for self-liquidating projects ... 194,748 113,450 44,683 68,106 85,264 89,872 93,068 73,844 Loans to industrial and commercial businesses. _ 103, 598 114,498 121,804 117,079 123,042 125, 753 126,863 130, 026 Loans to drainage, levee, and irrigation districts 83,084 83,358 83,482 80,836 83,109 83,462 83, 750 Other loans 28,640 25,196 23, 274 19,215 27,393 23,812 23,847 4,046 Securities purchased from Public Works Administration... 119, 705 122,986 126,649 138, 607 128,865 116,577 124,476 127, 290 Total loans and investments, other than interagency.. 1, 734, 893 1, 657,663 1, 574,697 1, 598, 759 1, 595,121 1, 607,006 1,608, 911 1, 579,050 Preferred stock of Export-Import bank _ 45,000 45,000 45,000 20,000 45,000 45,000 45,000 45,000 Loans to Rural Electrification Administration 146,498 146,498 146,498 46,498 61,148 146,498 146,498 146,498 Capital stock of, and loans to R. F. C. Mortgage Co 57,094 55, 219 54,903 48,644 55,625 54,629 55,102 56,047 Capital stock of, and loans to Fed. Natl. Mtge. Assn 37,996 41, 776 44,438 40,868 33,796 46,500 50, 323 54, 538 8,300 8,300 8,300 Loans to Tennessee Valley Authority _ 2,000 3,000 8,300 8,300 8,300 Total loans and investments 1,892,902 1,856,232 1,869, 585 1,895, 551 1,894,260 1,907,932 1,914,133 1,889, 433 NOTE.—For explanation of table and backfigures,see BULLETIN for April 1936, p. 220. JANUARY 1940 43 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mortgage loans by- Federal intermediate credit bank loans to and discounts for— Loans to cooperatives b y - Regional Produc- Regional agriagriculOther tion credit tural cultural cred credit cor- financing associait corpoLand institutions porations, rations Bank Federal tions, land banks Commis- production except credit assioner sociations, cooperatives and banks for cooperatives i End of month Emergency crop and drought loans Federal intermediate credit banks Banks for Agriculcoopertural atives, Marketincluding ing Act Central revolvBank ing fund 1934—December. 1935—December. 1936—December. 1937—December. 1,915, 792 2,071,925 2,064,158 2,035,307 616,825 794, 726 836, 779 812, 749 99,675 104, 706 129,872 165,194 55, 672 47,162 41,017 40, 464 60,852 94,096 105,212 138,169 87,102 43,400 25, 288 15, 592 111, 182 172,489 164,887 172,130 33,969 2,731 1,641 1,813 27,851 50,013 69, 647 87,633 54,863 44,433 53,754 1938—November. December. 1939—January... FebruaryMarch April May June July _ August September. October November. 1,990,475 1,982, 224 1,973,179 1, 968, 790 1,960, 357 1, 954, 677 1,947,944 1,940, 586 1, 934,013 1,928,166 1,922, 577 1,916,431 1,910,336 760,326 752,851 745, 631 740,870 733, 647 728,489 723,187 717, 622 712, 823 708, 426 703,840 699, 274 695,101 166, 549 168,392 163,815 166,996 175,362 182, 643 186, 588 190, 359 189,044 187, 968 179, 674 169,731 165, 368 34, 537 33,545 33,077 34,115 35,318 36,483 38,124 39, 794 40, 657 41, 661 37,645 33, 996 33, 417 148,430 148,037 148,416 155,409 167,867 177, 792 183, 351 187, 712 187, 844 185, 215 174,032 162, 703 156, 526 11, 592 11,081 10,863 10, 689 10,399 10, 298 10, 286 10, 235 10,003 9,599 9,127 8,351 8,042 172,043 170,891 169, 707 170,400 175, 509 179,156 179,834 179, 565 178, 754 177, 668 175,060 171,211 168,847 851 920 834 1,152 1,528 1,256 596 359 263 127 778 1,493 1,696 86, 221 87,496 80, 266 73,692 65, 783 61,363 60,465 59, 577 62,124 61,404 65,160 70,422 73,120 25,313 23,723 23,948 23,631 23,305 23,190 23,061 22, 592 22,189 22,422 21, 663 21, 582 20, 589 i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Assets Home mortgage loans b y - E n d of month Federal savings and loan associations Home Owners' Loan Cor- Number poration of associations Loansi Federal home loan bank loans to member institutions * Depositors End of month balances1 U. S. Government securities Cash in deTotal posi' tory banks Total Direct obligations Guaranteed obligations Cash reserve funds, etc.* 1934—December. 1935—December. 1936—December. 1937—December. 2,379,491 2,897,162 2, 765,098 2, 397, 647 81,300 348,000 586,700 853,500 86, 651 102,791 145,394 200,092 1,205 1,232 1,268 1,252 1,236 1,265 , 307 ,290 777 385 203 967 136 1,100 115 1,103 630 800 933 936 147 167 167 167 74 95 71 72 1938—November. December. 1939—January... February _. March April May. June July August September. October __. November. 2,186,170 2,168, 920 2,149,038 2,134, 261 2,117, 598 2,105, 824 2,091, 324 2,080, 512 2,067,844 2,059, 792 2,054,865 2,049,421 2, 043,288 020,873 034,162 040, 770 051,109 067,887 089,879 117,228 136, 289 157, 536 186, 784 206, 887 231, 685 252, 559 _. 1,250 189, 685 1938—October 198,840 November 1,250 178,852 1,252 December 170, 614 1939—January 1,259 161, 614 1,263 February 157,176 1,266 March... 157, 911 1,264 April ,289 ,291 ,291 ,299 ,304 ,309 ,306 ,305 ,304 .,310 ,314 1,307 96 87 86 83 81 80 76 73 68 58 . 56 55 1,118 1,128 1,132 1,137 1,144 1,153 1,154 1,157 1,157 1,172 1,174 1,182 952 961 965 971 978 166 167 167 166 166 167 166 146 146 146 146 146 75 76 73 79 79 76 76 75 79 80 84 70 161, 537 159, 470 163, 687 168, 654 168,822 1935—June... 1936—June.. 1937—June. . 1938—June. . May June... July August September October November _ 1,261 1,262 1,268 1,271 1,267 l 270 , 274 1,011 1,011 1,026 1,028 1,036 'Federal Home Loan Bank Board estimates for all Federal savings p Preliminary. and loan associations. 2 Excludes loans to other than member institutions which are negli1 Outstanding principal, represented b y certificates of deposit. Does gible in amount. 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 post masters. Back figures—See BULLETIN for August 1935, p . 502. 44 FEDERAL RESERVE BULLETIN PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average==100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Construction contracts awarded (value) 2 Industrial production * * Year and month Total Manufactures Minerals Total Residential All other Factory employment3 Factory Freight-car Department pay- loadings * * store sales * rolls s (value) Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjusted justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed 83 87 67 85 101 95 104 108 106 111 119 96 81 64 76 79 90 105 110 86 1919 1920 1921 1922 1923 1924 1925 1926 1927 . . 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 — 84 87 67 86 101 94 105 108 106 112 119 95 80 63 75 78 90 105 109 84 77 89 70 74 105 96 99 108 107 106 115 99 84 71 82 86 91 105 116 98 63 63 56 79 84 94 122 129 129 135 117 92 63 28 25 32 37 55 59 64 44 30 44 68 81 95 124 121 117 126 87 50 37 13 11 12 21 37 41 45 79 90 65 88 86 94 120 135 139 142 142 125 84 40 37 48 50 70 74 80 107 107 82 91 104 96 100 102 100 100 106 92 78 66 73 86 91 99 109 90 98 117 76 81 103 96 101 104 102 104 110 89 68 47 50 65 74 86 103 78 84 91 78 85 100 98 103 107 104 104 107 92 74 55 58 62 64 75 78 62 78 94 87 88 98 99 103 106 107 108 111 102 92 69 67 75 79 88 92 85 1936 110 114 121 111 115 114 110 114 121 110 115 114 105 112 117 115 115 111 57 58 66 54 51 53 43 40 45 41 39 38 69 72 83 65 62 65 102 104 107 105 105 106 93 94 99 77 82 83 86 84 77 90 94 92 100 105 161 114 116 118 118 118 114 114 117 111 102 88 84 112 117 122 122 122 115 111 115 109 102 90 80 115 116 117 118 118 114 114 117 110 100 85 79 113 118 122 125 123 114 110 114 106 99 86 75 111 116 128 115 117 115 112 113 116 113 109 115 107 112 119 105 118 118 116 121 125 123 113 109 63 62 66 63 56 61 67 62 66 62 56 61 51 54 56 61 68 72 75 66 56 49 50 49 45 47 45 44 44 42 44 40 37 36 32 30 37 42 47 51 62 47 45 40 37 35 31 25 77 75 64 61 66 77 86 81 71 65 76 87 63 64 63 68 81 92 99 87 72 61 65 68 107 108 110 111 112 111 112 112 110 108 104 98 105 108 110 111 112 110 111 112 112 110 104 97 95 100 106 110 110 108 105 109 105 105 93 85 80 82 83 84 80 78 80 79 78 76 71 67 73 76 80 79 80 79 82 81 87 84 72 62 93 95 93 93 93 93 92 93 94 93 91 89 72 76 90 89 95 90 65 72 100 103 101 156 '81 79 79 77 76 77 83 88 90 96 103 104 79 79 80 78 77 77 81 87 91 97 104 98 76 75 75 73 73 74 82 87 89 95 103 104 75 76 77 76 75 75 79 85 89 95 103 98 108 103 104 100 92 '93 93 95 97 98 102 '110 '104, 99 96 91 90 92 93 97 102 106 105 103 52 51 46 52 51 54 59 66 78 82 96 96 42 44 46 59 61 63 65 69 79 78 85 77 26 32 33 37 37 42 49 53 56 57 56 57 22 28 35 43 44 46 49 52 56 56 54 48 73 66 56 65 62 64 68 77 96 102 128 128 59 56 55 73 76 76 78 84 97 96 111 100 93 92 90 88 86 85 86 88 89 90 93 94 91 91 91 89 86 84 85 89 92 92 93 94 75 78 78 75 73 71 71 77 82 84 84 87 65 62 60 57 58 58 61 62 64 68 69 69 59 57 57 55 57 58 62 63 71 75 70 64 90 88 86 83 78 82 83 83 86 84 89 89 70 70 77 86 80 79 58 65 91 92 99 156 100 101 99 99 98 100 92 95 May 92 94 June . 98 98 July — 101 97 Aug 103 99 Sept.- — 111 112 Oct 121 124 Nov P124 P124 100 97 96 92 91 97 100 104 111 121 P124 '99 110 98 110 100 110 96 95 94 98 97 104 95 106 99 91 110 114 122 121 P123 P124 105 105 102 88 97 105 107 96 123 132 P126 86 73 69 67 63 63 67 73 73 76 P84 70 63 69 76 75 73 73 76 73 72 P75 55 58 55 58 55 58 62 67 68 68 P64 90 95 94 72 79 94 83 94 84 93 80 94 81 95 84 96 77 88 77 101 P86 P103 92 94 94 94 93 93 94 96 100 104 P104 84 86 88 86 85 87 84 90 94 102 P102 69 67 66 60 62 67 69 70 77 80 82 63 62 63 58 62 67 70 71 85 89 83 88 87 88 88 85 86 86 89 91 90 95 69 69 82 88 87 83 60 69 97 99 106 Oct Nov Dec •JQ07 Jan. Feb Mar April. „ May June July— Aug Sept Oct Nov Dec 1938 Jan Feb Mar April ... May— June July — Aug Sept.... Oct Nov Dec 1939 Jan Feb Mar April... 45 111 85 61 58 80 68 74 65 68 64 67 63 71 66 78 68 76 66 82 P62 PIOO p * Average per working day. Preliminary. Revised. i For- indexes of groups and separate industries see pp. 46-47; for description see BULLETIN for February and March, 1927. * 3-month moving average of F. W. Dodge Corporation data, centered at second month; for description see p. 358 of BULLETIN for July 1931. 8 The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description of the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see BULLETIN for October 1938, pp. 835837, and for October 1939, p. 878. For current indexes of groups and separate industries see pp. 48-51. Underlying figures are for payroll period ending nearest middle of month. 4 For indexes of groups see p. 53. Back figures.-—See Annual Report for 1937 (table 81). For department store sales see BULLETIN for October 1938, p. 918; for factory employment and payrolls see BULLETIN for October 1938, pp. 838-866, and for October 1939, pp. 879-887. JANUARY 1940 45 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors 1923-25 average=100] 1939 1938 Industry Oct. Manufactures—Total Durable Nondurable 95 83 106 Nov. Dec. Jan. Feb. Mar. Apr. May June 92 91 71 108 97 82 110 103 94 110 104 92 114 100 88 110 97 84 109 96 80 110 76 105 Aug. Sept. Oct. 100 88 110 104 92 115 Ill 103 117 121 123 119 P124 July Nov. P130 Iron and Steel Pig iron Steel ingots 90 67 92 108 101 74 104 93 88 72 95 73 89 83 75 84 79 66 80 73 76 112 55 75 89 73 90 100 81 102 105 91 107 121 101 123 157 119 160 167 125 171 Transportation Equipment: Automobiles Locomotives 84 5 96 8 99 12 105 12 100 12 91 14 87 14 73 15 81 15 87 15 89 19 85 23 78 90 Nonferrous Metals: Tin deliveries L- — Zinc Lead 81 80 50 73 59 94 67 66 89 70 72 92 91 71 89 82 93 90 70 87 73 76 90 69 102 88 66 91 68 99 93 71 97 98 71 95 110 70 119 117 83 80 155 84 155 82 153 69 147 80 133 90 131 81 83 75 89 79 124 82 87 76 121 78 165 87 222 91 191 98 5 105 6 '105 6 106 6 105 5 106 5 94 2 77 2 103 5 110 5 120 5 130 7 143 23 Textiles Cotton consumption Wool Consumption Machinery activity 1 Carpet and rug loom activity *_ Silk deliveries 100 104 91 101 87 67 104' 112 112 107 123 101 69 123 117 120 116 134 112 72 116 109 111 107 114 113 77 107 109 111 111 117 113 87 97 110 114 105 119 91 84 108 97 105 85 91 80 78 88 104 110 105 120 98 73 76 111 115 116 138 105 70 84 111 117 114 136 105 64 84 120 128 123 150 103 79 87 121 129 118 138 103 84 107 125 129 125 138 120 94 120 Leather and Products Tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Boots and shoes 101 81 89 69 70 114 107 90 94 89 77 118 123 98 99 109 85 138 124 103 100 119 97 137 124 105 104 118 97 137 121 95 93 103 95 138 115 97 91 101 106 127 113 94 91 89 104 126 108 91 87 91 102 119 114 88 89 69 106 131 117 98 106 73 103 130 95 92 94 108 149 91 103 94 88 96 112 152 86 100 86 79 89 106 137 92 108 87 74 97 111 150 92 106 83 67 100 108 157 94 70 89 73 106 110 156 97 78 90 81 99 105 135 100 94 94 84 104 108 142 95 72 87 73 103 104 143 100 66 89 77 102 107 145 96 81 150 74 211 78 164 76 233 95 179 76 258 97 165 79 237 78 162 77 231 78 164 78 236 80 164 77 236 81 170 75 246 85 170 75 247 84 58 132 63 128 61 128 61 125 61 127 62 126 63 130 65 127 208 269 102 143 110 208 269 104 140 109 201 259 107 142 100 205 262 112 145 106 201 256 113 138 117 202 256 122 140 111 209 265 122 143 115 99 103 72 100 104 75 112 116 79 110 115 76 109 114 71 114 119 76 98 102 110 110 110 110 78 67 169 75 69 171 79 61 169 77 61 173 31 80 174 94 57 85 89 70 86 87 73 100 90 69 86 91 71 101 Cement and Glass: Cement Glass, plate 87 Coke: Byproduct2 Beehive Food 28 P125 135 P139 PS7 96 rll5 108 93 97 73 103 118 P124 92 84 100 104 139 88 77 100 95 102 111 146 103 96 99 99 95 110 144 91 91 100 100 94 110 154 82 85 158 73 227 80 168 76 241 89 164 76 235 85 166 75 240 83 172 74 250 87 63 132 63 126 63 130 65 142 63 137 64 131 211 269 124 143 119 215 276 122 144 121 212 273 117 139 115 218 280 123 140 128 221 284 118 148 123 232 296 118 155 149 104 108 73 102 106 68 112 117 111 116 77 122 127 84 123 128 86 126 131 90 118 122 84 95 98 106 91 114 121 P124 75 53 174 74 91 68 70 77 53 127 78 93 71 79 84 71 174 97 98 71 104 94 58 181 128 110 70 91 pfifl P188 155 117 83 '87 71 87 Products: Slaughtering and meat packing Hogs Cattle Calves Sheep Wheat flour... Sugar meltings Tobacco Products Cigars _. Cigarettes Manufactured tobacco Paper and Printing: Newsprint production Newsprint consumption Petroleum Refining Gasoline 1 Kerosenel Fuel oil Lubricating oilx Rubber Tires and Tubes i l Tires, pneumatic Inner tubes 1 _ _ .._ 77 Minerals—Total Bituminous coal .._ Anthracite Petroleum, crude3 Iron ore Zinc Lead . . Silver 72 49 161 50 80 50 102 r 77 58 ••164 42 88 66 51 46 73 175 55 89 82 71 104 71 59 170 67 90 70 107 1 Without seasonal adjustment. v Preliminary. » Revised. 2 Revised figure for byproduct coke Jan. 1938, 86. Revised figure for crude petroleum May 1938,157. NOTE.—Descriptive material and tables giving back figures may be obtained upon request from the Division of Research and Statistics. Series on shipbuilding, silk-loom activity, and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, included in the total index, are withheld from publication pending revision. 3 46 FEDERAL RESERVE BULLETIN INDUSTRIAL PRODUCTION, BY INDUSTRIES (Unadjusted for Seasonal Variation) {Index numbers of tbe Board of Governors 1923-25 average=100] 1939 1938 Industry May June July Aug. Sept. Oct. 96 84 106 94 78 107 97 85 108 95 83 105 99 85 111 110 99 119 122 123 122 *>123 P125 P122 93 79 95 87 70 89 79 56 81 89 72 90 93 77 95 103 87 105 120 98 122 152 119 156 155 126 158 100 12 105 14 106 13 88 15 91 14 66 15 28 20 59 24 93 108 66 94 71 72 93 75 76 96 70 92 94 70 102 90 80 93 87 71 87 84 65 99 87 68 97 93 67 95 106 72 119 117 86 64 153 42 147 48 133 65 138 79 91 88 93 98 112 100 78 98 121 98 165 99 222 90 191 107 6 7 107 7 108 7 109 6 95 2 76 2 101 5 107 4 116 4 128 7 143 22 103 107 96 111 87 67 104 116 117 113 134 101 69 127 111 111 117 135 112 72 103 114 117 109 118 113 77 122 115 119 116 128 113 87 104 112 119 106 122 91 84 104 100 113 84 88 80 78 87 104 114 100 111 98 73 75 105 111 109 124 105 70 75 103 106 106 121 105 64 80 112 115 118 139 103 79 91 121 125 122 145 103 84 113 129 133 132 151 120 94 120 111 86 92 82 73 128 102 115 98 101 98 92 125 126 108 111 108 101 138 125 94 94 91 97 145 112 91 105 124 105 88 87 85 96 115 104 90 86 88 102 113 112 88 86 81 98 128 130 100 104 88 101 149 '120 '92 85 76 112 104 95 96 94 92 109 82 91 '138 119 99 100 86 107 132 P118 94 79 110 113 163 102 98 104 97 111 114 151 93 78 101 103 94 100 135 88 62 101 . 83 74 100 88 98 100 104 147 151 91 90 69 70 74 92 111 142 91 92 81 72 87 114 127 91 109 92 81 101 122 139 90 81 86 76 96 108 140 88 78 84 69 101 104 145 94 98 80 64 98 96 140 94 86 91 71 114 107 170 122 102 97 84 111 116 158 102 87 111 110 108 112 152 89 66 Tobacco Products Cigars Cigarettes Manufactured tobacco 161 90 222 81 167 90 231 92 146 57 212 79 157 61 232 79 147 67 211 79 156 71 224 81 151 72 215 78 172 78 248 85 186 81 272 86 171 76 249 80 180 80 261 91 181 87 259 93 179 92 252 86 175 88 247 85 Paper and Printing: Newsprint production Newsprint consumption 58 140 63 137 61 132 62 120 61 125 61 131 64 139 66 131 64 131 62 112 61 116 64 139 63 146 63 140 209 269 107 143 110 208 269 113 140 109 202 259 115 142 100 205 262 115 145 106 202 256 115 138 117 201 256 119 140 111 208 265 121 143 115 211 269 119 143 119 215 276 113 144 121 211 273 108 139 115 217 280 116 140 128 221 284 121 148 123 233 296 124 155 149 99 103 72 100 104 75 112 116 79 110 115 76 109 114 71 114 119 104 108 73 102 106 68 112 117 111 116 122 127 123 128 86 126 131 90 106 105 103 105 105 88 97 123 132 79 86 60 163 35 88 69 55 82 66 164 83 74 164 83 66 166 26 83 174 96 58 86 94 71 86 93 75 108 40 73 177 82 90 80 69 90 72 179 187 93 104 74 183 218 106 72 90 Oct. Jan. Feb. Mar. Nov. Dec. 95 79 109 103 92 113 98 85 108 99 84 111 98 84 111 100 86 111 Iron and Steel Pig iron Steel ingots. 88 67 90 100 77 103 89 73 90 90 71 92 92 75 93 Transportation Equipment: Automobiles Locomotives _ 63 6 115 8 117 12 105 11 Nonferrous Metals: Tin deliveries Zinc Lead 81 78 52 73 88 69 59 96 58 Cement and Glass: Cement _Glass, plate 91 155 83 155 98 5 Textiles. Cotton consumption Wool Consumption Machinery activity . Carpet and rug loom activity . Silk deliveries Leather and Products.Tanning Cattle hide leathers Calf and kip leathers. . Goat and kid leathers Boots and shoes Manufactures—Total Durable . Nondurable _ __ _ . Apr. Nov. Coke: Byproduct 1 Beehive _ _ . 88 93 94 91 29 P130 140 P133 P127 98 Food Products: Slaughtering and meat packing Hogs Cattle _._ Calves Sheep Wheat flour Sugar meltings Petroleum Refining Gasoline ___ Kerosene Fuel oil Lubricating oil Rubber Tires and Tubes Tires, pneumatic Inner tubes _ . Minerals—Total Bituminous coal _. _ . Anthracite Petroleum, crude 2 Iron ore _ Zinc Lead Silver . .. 63 163 86 78 52 101 84 76 102 77 50 171 96 70 94 94 70 102 77 77 84 105 107 96 63 51 173 132 87 68 44 178 150 84 65 59 75 53 129 159 87 68 71 105 78 67 98 118 122 84 P127 P102 P186 130 117 86 p Preliminary. »• Revised. 1 Revised figures for byproduct coke 1938: Jan. 87, Mar. 84, Apr. 79, June 67, Sept. 87. 2 Revised figure for crude petroleum: Mar. 1937,171. NOTE.—Descriptive material and tables giving back figures may be obtained upon request from the Division of Research and Statistics. Series on shipbuilding, silk-loom activity, and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumoer, included in the total index, are withheld from publication pending revision. JANUARY 1940 47 FACTORY EMPLOYMENT, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100] 1938 Industry and group Oct. Nov. 1939 Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Total Durable goods Nondurable goods 90.2 78.3 101.5 92.8 82.1 103.1 94.4 83.7 104.7 94.6 84.4 104.4 94.3 84.2 103.9 94.0 83.7 103.8 93.8 83.9 103.3 93.3 82.9 103.3 94.3 83.9 104.2 95 3 84.7 '105.3 '95 9 85.3 105.9 '97.5 '88.9 105.7 101 2 94.5 107.6 103.4 97.2 109.2 Jron.Steel, Products Blast furnaces, steel works._ Bolts, nuts, washers, rivets Cast-iron pipe Cutlery, edge tools Forgings Hardware Plumbers' supplies Stamped, enameled ware Steam, hot-water heating Stoves. _ _ 85.8 89 90 70 85 52 83 73 139 75 81 59 88 76 137 89.1 93 95 73 88 54 89 74 146 74 79 60 91 80 154 90.9 95 97 72 90 56 91 74 147 74 82 62 93 83 162 90.7 95 96 72 90 54 89 74 144 74 82 63 94 83 154 90.4 94 96 73 89 55 87 74 143 74 84 66 95 84 152 90.7 94 97 73 90 54 87 74 147 75 85 67 95 84 151 90.5 89.6 95 94 94 93 73 73 90 86 55 55 84 . 80 74 75 144 142 74 75 84 85 67 67 95 96 84 84 148 142 90.3 96 93 71 91 54 72 76 147 75 86 66 95 84 135 90.6 96 94 72 91 56 70 77 147 78 89 67 95 81 128 92.5 97 98 73 94 56 78 78 157 79 88 69 98 85 121 '96.4 101 '102 74 97 59 '95 80 158 80 86 71 97 87 149 105.9 115 113 77 102 66 99 81 161 84 90 75 104 90 164 110.6 122 118 79 107 70 106 83 166 85 90 76 103 94 167 Machinery Agricultural implements Cash registers, etc. Electrical machinery Engines, turbines, etc. Foundry, machine-shop productsMachine tools Radios, phonographs Textile machinery Typewriters 86.8 104 134 81 85 75 122 98 64 126 89.2 104 133 83 87 77 124 117 66 127 91.7 110 134 85 88 79 126 123 69 127 92.3 114 132 84 92 80 128 126 69 127 94.0 123 131 85 91 81 132 129 71 128 94.8 124 131 86 91 82 134 130 72 129 94.9 122 127 87 91 82 138 124 73 129 94.4 119 126 86 93 81 140 121 75 126 95.4 118 128 87 95 83 144 122 75 126 96.1 115 127 87 95 83 149 131 77 122 97 3 121 125 88 97 85 146 126 78 119 '99.8 123 127 92 99 86 155 129 78 122 105 7 125 126 97 108 91 170 145 81 123 110.7 128 127 100 119 95 183 161 85 126 Transportation Equipment . . . Aircraft Automobiles Cars, electric-, steam-railroad Locomotives Shipbuilding 80.3 824 86 28 15 94 90.6 837 99 29 16 100 93.2 868 102 33 17 103 94.1 900 102 35 19 106 92.9 966 98 38 17 113 87.2 91.2 91.1 88.9 90.0 88.3 '99.3 105 3 100.7 1,169 1,267 1,747 968 1,075 1,385 1,414 1,512 1,605 99 96 89 89 97 90 '102 • 107 88 34 34 33 48 36 32 31 34 42 21 26 16 29 18 25 25 28 28 132 111 112 118 127 128 125 128 132 Nonferrous Metals, Products Aluminum Brass, bronze, copper Clocks, watches Jewelry Lighting equipment Silverware, plated ware _ _ _ Smelting, refining 88.4 131 101 81 84 91.9 132 106 79 86 82 65 76 93.1 131 106 79 91 85 67 77 93.3 131 105 84 90 86 68 78 93.4 135 104 84 91 84 68 78 93.4 140 104 84 92 80 69 77 93.2 143 103 85 93 77 68 78 92.8 142 104 84 90 76 68 77 92.8 145 105 82 91 73 68 77 94.6 153 106 84 94 75 70 76 96.3 157 109 85 95 77 70 75 99.2 152 115 85 91 88 71 77 107 0 166 130 87 92 95 70 83 109.8 170 137 87 95 88 72 85 __ 62.4 79 55 57 64.0 80 57 59 65.0 83 57 59 65.7 84 58 60 65.1 85 57 59 63.2 85 56 56 64.2 85 57 57 64.8 84 56 59 65.3 85 59 59 66.0 86 59 60 66.4 86 60 60 67.4 87 61 61 69 4 89 63 63 72.3 92 64 66 Stone, Clay, Glass Products Brick, tile, terra cotta Cement Glass Marble, granite, slate Pottery 73.2 53 67 92 46 82 76.8 56 68 98 47 84 77.8 57 68 99 49 85 79.6 61 64 100 49 87 77.4 59 66 95 48 86 77.4 58 66 95 53 85 77.9 58 67 97 53 84 75.4 55 63 96 52 84 77.5 57 66 98 50 87 78.4 58 67 98 51 88 78.1 57 67 99 50 87 79.0 59 '66 100 48 '86 82 0 61 68 106 50 90 85.2 64 70 110 49 93 98.9 88.1 71 84 77 116 96 148 72 69 135 62 75 119.0 104 171 104 142 84 117 100.0 90.5 74 85 80 118 91 148 71 70 139 64 84 116.9 104 167 105 138 72 117 102.2 92.3 76 85. 83 121 89 151 77 71 144 65 88 120.0 106 173 106 140 77 119 101.9 91.9 78 85 82 122 90 153 64 72 134 64 88 119.5 103 171 107 132 79 130 101.8 91.7 77 86 82 122 90 153 68 71 134 64 84 120.2 104 173 107 136 84 123 101.0 91.0 77 85 80 122 87 154 70 70 134 65 81 119.2 104 171 107 132 84 121 99.6 90.2 77 85 78 121 86 154 67 70 133 65 77 116.4 103 165 109 128 81 119 99.8 91.0 74 85 80 124 84 153 68 73 128 66 81 115.2 102 161 111 125 80 120 101.2 92.0 73 86 79 120 89 152 72 74 138 63 86 117.5 104 169 114 129 74 120 104.1 94.5 74 80 83 128 93 154 75 77 138 63 89 121.1 107 174 115 135 73 123 104.9 95.4 76 91 84 129 90 155 80 79 140 62 85 121.4 107 174 117 140 77 121 103.6 '94.1 78 91 86 129 87 149 75 78 140 61 83 120.4 106 172 116 136 80 121 106.2 97.8 83 94 91 133 86 151 76 79 148 65 90 120.4 107 171 117 138 80 121 107.8 99.9 85 96 93 132 90 151 76 80 155 67 95 120.6 109 171 117 129 74 123 . 8t.rnfit.nrfO, ornfl.mp.ntn.1 Tin cans, tinware Tools Wire work Lumber, Products Furniture Lumber, millwork Lumber, sawmills Textiles, Products Fabrics _. . Carpets, rugs Cotton goods Cotton small wares Dyeing, finishing textiles Hats, fur-felt Hosiery Knitted outerwear Knitted underwear.. Knitted cloth Silk, rayon goods Woolen, worsted goods Wearing apparel Clothing, men's Clothing, women's... Corsets, allied garments Men's furnishings Millinery. Shirts, collars 48 77 64 71 . _ _ FEDERAL RESERVE BULLETIN Factory Employment (Adjusted)—Continued [Index numbers of the Board of Governors; adjusted 1 o Census of Manufactures through 1937. 1923-25 average=100] 1939 1938 Industry and group Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. 96.5 96 83 97.6 96 85 98.1 97 86 98.9 98 87 99.0 98 87 99.2 98 86 97.7 97 85 93.7 92 84 97.1 96 86 98.7 98 87 97.4 96 87 96.8 95 87 97.4 96 88 99.8 99 88 123.4 143 263 96 129 82 76 77 99 108 96 127.4 144 276 95 149 83 78 78 100 108 95 128.8 144 274 96 151 86 79 78 100 152 94 128.8 144 276 96 150 84 79 79 98 212 96 125.7 144 275 94 143 83 77 78 96 120 93 127.3 144 270 94 158 82 78 78 96 107 96 127.0 144 270 95 157 81 128.4 146 272 96 159 81 80 77 98 107 87 129.4 147 275 95 162 80 81 77 100 104 89 127.9 147 269 95 150 82 81 75 101 99 94 129.7 146 269 96 160 86 79 75 101 105 96 128.1 146 269 95 147 82 82 76 102 131 90 126.8 146 271 95 136 82 80 78 103 107 100 129.4 145 278 97 149 86 77 79 106 105 95 __ 64.4 59 65 65.0 63 65 65.6 63 66 65.9 61 67 64.8 61 65 61.4 62 62 64.5 63 65 65.1 62 65 65.5 62 66 65.7 61 66 65.2 62 66 64.4 62 65 63.5 62 64 63.1 60 63 Paper, Printing Boxes, paper __ ._ _ . . Paper, pulp Book, job printing Newspaper, periodical printing.._ 109.2 105 105 98 113 110.6 108 106 99 114 111.1 110 106 100 114 111.0 111 106 100 113 111.1 111 106 99 114 111.4 112 106 100 114 111.5 111 106 100 114 111.5 111 107 99 115 111.1 111 106 99 114 111.8 113 106 101 114 112.0 115 107 99 115 112.8 116 109 98 116 115.0 121 114 99 116 115.8 122 115 100 115 Chemical, Petroleum, and Coal Products __ __ Petroleum refining _ . Other than petroleum Chemicals Cottonseed oil, cake, meal Druggists' preparations Explosives Fertilizers Paints, varnishes __ Rayon, allied products Soap _ 112.6 120 110.8 115 99 108 86 99 118 300 80 113.3 120 111.8 119 101 108 84 102 118 297 77 113.7 119 112.4 120 104 108 85 100 119 297 81 113.6 119 112.3 119 97 109 86 103 119 297 81 112.9 119 111.4 120 88 107 86 97 118 301 80 113.4 119 112.2 120 96 108 86 98 120 299 79 114.2 118 113.3 118 103 109 86 110 121 309 78 114.4 119 113.4 117 110 111 87 115 119 302 79 113.1 120 111.4 117 88 112 90 107 120 295 80 113.7 121 111.9 115 85 114 92 105 122 298 84 111.9 122 109.4 119 81 112 93 103 125 254 87 116.2 122 114.9 122 87 98 111 123 297 87 119.7 122 119.2 132 92 113 102 109 125 309 87 121.0 123 120.4 137 86 114 104 106 127 311 85 Rubber Products Rubber boots, shoes Rubber tires, inner tubes Rubber goods, other 76.5 56 63 123 81 4 60 66 133 82.9 60 67 137 81.4 58 67 133 81.4 60 66 133 82.2 60 67 134 81.3 60 67 131 81.1 61 67 129 80.8 59 66 131 79.7 47 67 134 83.6 58 68 138 86.1 58 70 144 91.2 60 74 154 93.1 61 75 159 Leather, Manufactures Boots, shoes Leather jFood, Products _ Baking Beverages.. ._ Butter Canning, preserving . Confectionery Flour Ice cream Slaughtering, meat packing Sugar, beet Sugar refining, cane Tobacco Manufactures Tobacco, snuff _ Cigars, cigarettes 77 78 96 103 102 r Revised. NOTE.—Figures for November 1939 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. JANUARY 1940 49 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100] Factory payrolls Factory employment Industry and group 1938 Oct. 1939 Nov. July Total Durable goods Nondurable goods. 92.4 79.7 104.6 93.3 82.9 103.1 93.5 83.0 103.5 Iron, Steel, Products. Blast furnaces, steel works.. Bolts, nuts, washers, rivets. Cast-iron pipe Cutlery, edge tools Forgings Hardware Plumbers* supplies Stamped, enameled ware Steam, hot-water heating.__ 86.7 89 90 70 87 52 84 74 141 77 88 61 91 77 138 89.5 93 95 71 90 54 89 74 146 75 84 60 89 81 156 95 93 75 87 54 69 77 144 76 '86 69 100 80 126 Machinery Agricultural implements Cash registers, etc. __. Electrical machinery _ Engines, turbines, etc Foundry, machine-shop products. Machine tools _ Radios, phonographs Textile machinery __. Typewriters 87.3 98 134 81 83 75 122 119 63 126 101 133 84 83 77 124 131 66 130 Transportation Equipment Aircraft.— _ Automobiles Cars, electric-, steam-railroad Locomotives _ Shipbuilding 799 86 28 16 95 Nonferrous Metals, Products.. Aluminum Brass, bronze, copper Clocks, watches.. Jewelry _ Lighting equipment Silverware, plated ware— Smelting, refining 91. 133 102 84 97 80 66 72 Structural, ornamental.. Tin cans, tinware Tools Wirework Lumber, Products Furniture...— Lumber, millwork. Lumber, sawmills.. Stone, Clay, Glass Products.. Brick, tile, terra cotta... Cement _ Glass _ Marble, granite, slate._. Pottery Textiles, Products Fabrics Carpets, rugs Cotton goods Cotton small wares _ Dyeing, finishing textiles.. Hats, fur-felt Hosiery Knitted outerwear Knitted underwear Knitted cloth Silk, rayon goods Woolen, worsted goods Wearing apparel Clothing, men's Clothing, women's _ Corsets, allied garments... Men's furnishings... Millinery Shirts, collars 50 Aug. Sept. 1938 Oct. Nov. Oct. 1939 July Nov. Aug. Sept. 96.3 '100. 2 103.6 83.9 '89.7 96.1 108.0 110.2 110.7 103.8 98.1 109.2 84.2 74.6 94.9 84.4 77.6 92.1 84.4 76.0 93.8 106.8 115 113 77 104 65 100 82 163 86 97 76 106 91 166 110.9 122 118 77 109 70 106 83 166 87 96 76 101 95 76.7 76 89 57 78 51 89 62 149 63 83 49 91 70 142 81.0 84 100 58 80 54 96 55 149 57 69 49 89 74 164 78.6 82 83 66 72 55 65 65 137 60 73 59 103 72 124 106.6 118 126 97 105 91 171 177 80 124 111.2 125 127 100 113 95 184 180 84 129 81.1 99 121 81 88 65 120 108 55 126 94.0 123 123 91 110 75 166 114 75 113 96.9 124 119 93 114 78 161 123 75 117 '96.9 105.0 102.3 79.9 75. 92.3 ,399 1,414 1,467 1,556 1,730 829 107 102 '99 76 102 70 41 47 32 29 33 32 26 26 29 16 29 28 132 134 124 122 100 129 91.3 94.9 94.7 '100.3 110.4 113.1 173 168 150 151 154 134 137 131 104 115 108 106 93 90 80 86 83 84 107 107 100 87 94 97 92 98 88 71 73 76 73 '71 63. 69 84 86 77 76 75 83.5 774 91 22 11 98 83.2 102 121 84 89 66 120 117 60 129 95.6 792 108 22 13 97 85.4 144 100 82 88 65 61 67 87.0 144 104 83 79 69 65 71 83.4 148 107 76 69 54 51 71 '88. 7 '96.5 167 163 123 111 '88 85 84 77 75 58 66 59 71 71 92.3 '97.1 97 101 97 rlOl 75 75 92 97 56 59 76 '94 78 80 '152 156 78 81 90 92 72 74 107 107 84 86 116 145 95.7 96.8 100.3 113 116 114 127 127 125 87 92 88 96 97 83 84 147 140 156 130 136 150 77 78 77 121 122 118 64. 84 57 66. 84 75. 56 71 93 48 84 77.3 79. 62 73 96 54 82 100.9 89.0 71 84 78 116 96 151 78 70 139 64 76 123.3 107 178 105 148 87 122 100.2 91.5 74 86 81 120 89 152 73 71 138 64 83 115.3 101 165 104 149 65 121 48 86 98.1 91.1 74 86 80 119 90 149 72 73 136 109.5 105 144 112 124 56 118 62 63 62 73 99 53 85 103. 5 93.1 76 87 81 122 94 152 78 77 140 63 86 122. 110 174 114 131 78 120 Oct. Nov. '93.8 '87.9 100.5 101.6 99.7 103.8 101.8 101.2 102.4 88.0 '92.8 93 95 104 ••111 68 63 80 85 59 63 80 rll4 71 72 156 156 68 71 78 '83 64 63 117 115 82 79 161 116 112.0 124 138 71 95 75 110 80 170 83 94 68 111 92 183 114.3 127 142 74 103 84 119 78 169 80 88 67 105 97 191 89.7 81.5 99.0 100.9 111.0 117.3 141 131 125 129 126 124 110 106 98 142 129 116 95 90 80 208 238 182 170 170 139 76 82 73 126 126 122 76.6 78.3 '99.9 110.6 107.7 ,687 ,512 338 1,381 ,362 109 114 75 73 103 42 38 27 28 25 25 25 27 26 27 140 144 128 135 132 113.6 191 154 99 93 82 71 81 115.0 194 157 99 91 77 75 85 '70.0 91 62 '63 72.4 95 64 73.1 97 65 59. 72 45 54 55.9 69 44 50 56.3 68 45 50 62.9 76 50 57 '63.5 78 50 '57 68.9 85 52 62 68.8 86 53 61 '81. 63 '71 101 52 84.8 65 72 107 52 92 85.8 65 70 110 50 95 66. 44 64 98 33 77 67.3 42 63 104 33 79 65.9 46 68 92 40 66 '71.6 50 70 103 41 r74 '71.7 50 68 105 39 '74 79.8 57 71 121 40 83 78.3 54 67 121 39 85 104.5 93.5 78 '89 84 125 90 150 79 78 143 63 82 124.8 111 179 116 133 89 123 108.3 98.8 83 94 92 133 86 154 82 80 152 67 91 124. 109 178 118 144 82 127 108.0 100. 85 97 93 134 89 155 78 81 155 68 95 118.8 105 168 117 139 67 127 85. 77. 59 73 75 101 77 171 63 62 118 53 62 94. 77 132 112 138 70 96 80.5 78.4 59 74 74 102 69 169 56 61 108 51 68 79. 65 105 107 147 45 101 79.3 76.5 57 73 73 98 82 144 57 65 114 48 73 79. 78 97 113 106 37 91 '80.2 64 75 76 103 84 162 64 68 117 52 72 98.3 86 133 112 120 67 103 86.6 81.0 68 79 82 108 74 156 62 67 121 52 68 92. 80 118 120 121 81 102 93.6 88.0 75 84 89 116 61 174 70 74 132 57 77 98. 83 133 127 143 62 115 92.9 91.6 76 91* 90 115 74 171 63 75 130 60 82 89.3 76 116 122 141 49 116 FEDERAL RESERVE BULLETIN Factory Employment and Payrolls—Continued [Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100] Factory employment Industry and group Leather, Manufactures Boots, shoes Leather. Food, Products Baking Beverages Butter Canning, preserving Confectionery Flour Ice cream _ _ Slaughtering, meat packing Sugar, beet Sugar refining, cane Tobacco Manufactures Tobacco, snuff _. Cigars, cigarettes __ Paper, Printing Boxes, paper Paper, pulp Book, job printing Newspaper, periodical printings. Chemical, Petroleum, and Coal Products Petroleum refining _ Other than petroleum Chemicals Cottonseed oil, cake, meal. Druggists' preparations Explosives __ Fertilizers Paints, varnishes __ _ Rayon, allied products Soap Rubber Products _ Rubber boots, shoes Rubber tires, inner tubes Rubber goods, other.. 1939 1938 Oct. Factory payrolls Nov. July Aug. Sept. 1939 1938 Oct. Nov. Oct. . Nov. July Aug. Sept. Oct. Nov. 95.4 95 83 90.4 88 85 99.7 99 86 100.7 100 86 97.8 97 87 96.2 94 88 92.5 90 88 74.5 71 79 66.4 60 82 83.6 82 82 84.6 83 83 76.6 72 84 76.5 71 88 71.7 65 87 133.9 145 263 96 172 97 78 72 99 288 96 127.6 145 258 93 121 95 79 69 102 293 94 135.0 148 301 104 197 70 83 93 101 57 98 147.0 147 295 103 289 79 80 89 100 88 99 150.7 148 287 99 304 91 84 82 101 121 91 137.5 148 271 95 181 97 82 73 103 287 101 129.6 147 260 94 120 98 78 69 108 287 93 125.4 133 293 81 141 93 77 60 107 246 82 120.6 133 284 78 93 86 71 57 107 296 78 128.6 139 359 89 154 64 80 77 109 54 81 135.1 135 350 87 251 77 77 74 106 86 81 139.6 139 336 84 264 92 93 69 108 117 86 129.8 137 309 82 154 96 82 62 108 245 87 125.2 137 293 79 101 96 70 58 113 284 77 67.7 59 69 68.3 64 69 65.4 59 66 66.6 61 67 66.4 61 67 66.7 62 67 66.4 61 67 62.9 63 63 61.8 69 61 61.8 67 61 62.7 67 62 62.9 67 62 63.4 71 62 62.9 68 62 110.6 112 105 99 114 112.3 114 106 100 116 110.1 110 106 99 112 110.9 114 107 98 112 113.2 119 109 98 116 116.5 128 114 99 117 117.5 129 115 101 117 105.1 126 107 83 107 104.5 123 103 84 108 102.0 117 101 86 102 103.7 125 108 83 102 109.3 133 113 86 110 113.8 151 126 84 110 114.1 145 125 109.2 117.7 122.0 122.2 118.3 117.8 119.0 124. 5 133.1 133.0 123 123 124 119.3 123 133 134 140 138 116.4 121.8 121.8 115.1 113.5 113. 6 113.8 121. 3 131.0 131.5 124 113 114 100 98 122 300 89 134 131 117 104 99 125 311 90 114.9 121 114.6 110. 5 120 122 113.5 113.2 '107". 8 105.9 117 140 112 88 89 118 301 83 119 134 111 86 88 117 300 79 77.6 58 63 125 82.3 61 66 136 117 49 109 91 73 122 297 82 78.7 45 67 131 119 57 110 93 74 122 255 86 82.6 59 68 133 86.0 60 70 142 92.4 62 74 158 138 113 118 107 91 125 314 88 94.0 62 75 161 130 115 124 101 70 119 277 99 77.7 59 67 120 130 111 119 96 65 116 277 92 83.0 58 73 128 132 131 42 119 103 63 124 283 99 81.5 43 77 121 136 136 48 121 109 63 126 247 102 86.3 58 79 127 135 140 94 124 114 86 128 286 107 '91.0 62 83 135 88 109 158 113 133 125 80 135 303 109 162 107 131 129 76 132 311 104 101.9 100.0 64 91 161 66 86 163 ' Revised. NOTE.—Figures for November 1939 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month. JANUARY 1940 51 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION IFigures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Month January February March April May June July August September October November December Year _ Nonresidential building Residential building Total 1938 1939 1938 1939 192.2 118.9 226.9 222.0 283.2 251.0 239.8 313.1 300.9 357.7 301 7 389.4 251.7 220.2 300.7 330.0 308.5 288.3 299.9 312.3 323.2 261.8 36.2 40.0 79.4 74.6 83.2 85.7 88.0 99.7 99.6 112.7 95.3 91.5 80.2 79.0 125.2 114.4 133.8 111.9 109.3 127.2 129.7 118.3 3,196. 9 Factories 1938 1939 7.1 9.5 13.0 17.5 13.0 15.8 17.4 10.4 20.7 16.8 6.6 4.9 15.7 11.6 8.6 10.7 9.7 11.3 10.7 13.8 10.5 7.0 Educational l 1938 1938 15.4 13.0 20.2 18.9 19.2 18.8 26.2 18.3 14.0 24.2 13.7 14.0 121.1 985.8 Commercial 1939 17.3 13.5 17.4 21.3 19.5 26.8 22.9 21.1 26.6 22.6 1939 19.0 15.4 21.0 16.9 11.8 14.7 10.7 21.4 33.9 47.0 49 0 73.3 1938 31.7 21.8 27.6 21.1 16.4 12.5 19.4 13.8 10.1 9.5 334.1 215.8 Public works and public utilities i Other i 16.4 15.1 31.0 33.1 38.2 37.7 26.1 36.3 33.4 46.0 42.8 45.2 1938 1939 28.9 24.7 39.8 34.8 27.8 37.8 28.7 24.6 24.9 23.8 1939 98.6 30.5 59.7 67.0 122.2 83.5 79.3 126.1 109.3 114.0 90.4 158.4 401.2 86.5 71.6 77.7 121.0 97.9 83.6 102.1 115.3 111.1 70.8 1,139.0 i Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. "W. Dodge Corporation, Value of contracts in millions of dollars.] Privately-financed i Publicly-financed i Total Month 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 1939 1934 1935 1936 1937 1938 July August September October November December 186 97 178 131 134 127 120 120 110 135 112 93 100 75 123 124 127 148 159 169 167 201 188 264 215 140 199 235 216 233 295 275 234 226 208 200 243 188 231 270 244 318 322 281 207 202 198 209 192 119 227 222 283 251 240 313 301 358 302 389 252 220 301 330 308 288 300 312 323 262 300 157 65 126 78 72 73 52 69 69 79 74 61 55 38 68 53 47 64 67 92 97 114 118 196 149 79 96 105 94 116 153 153 116 101 89 82 112 69 66 74 93 137 131 104 80 78 93 115 118 51 95 99 144 108 98 171 160 203 179 279 148 111 128 160 135 128 137 158 144 92 144 29 31 52 53 63 54 67 61 41 57 38 32 45 37 55 71 80 84 93 76 70 87 70 68 66 62 103 130 122 116 141 122 119 125 119 117 130 119 165 195 151 180 191 178 127 124 106 94 75 68 132 123 139 143 142 142 141 154 123 110 Year 1,543 975 1,007 1,334 1,152 1,705 568 837 1,341 1,761 1,492 January February March April May June __ __ 1,845 2,675 2,913 3,197 Back figures —See BULLETIN for February 1938, p. 159. 1939 104 109 173 170 174 161 163 154 179 170 156 Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures reported by Dun & Bradstreet. Amounts in thousands of F. W. Dodge Corporation. Value of contracts in thousands of dollars.] dollars.] 1939 Federal Reserve district Number 1938 Federal Reserve district Nov. Oct. Nov. _ __ 22,906 65, 521 12, 551 26, 401 24,056 55,063 45, 833 18, 297 7,347 9,200 12, 672 16,478 47, 226 16, 537 29, 485 28,276 27, 571 44,670 16, 523 10,041 10, 299 14, 690 Total (11 districts) 299, 847 261, 796 20,822 Nov. 44,981 14,952 37, 276 Boston 36,928 New York 22, 741 Philadelphia 59 57,161 Cleveland 47 _. 30 Richmond 23, 665 28 8,727 Atlanta ..13, 392 Chicago 131 21, 034 St. Louis 30 23 Minneapolis __ 44 301, 679 Kansas City 24 Dallas 106 San Francisco Boston New York Philadelphia Cleveland Richmond Atlanta Chicago— St. Louis Minneapolis Kansas City Dallas _ Total 52 Liabilities 1939 1939 Oct. Nov. 90 260 47 52 47 65 137 38 13 38 22 107 72 64 51 55 144 29 15 42 36 111 916 984 Nov. 1938 Oct 1,183 Nov. 1,580 1,608 3,549 1,024 1,348 750 1,137 3,158 216 155 350 555 2,290 1,067 4,239 1,058 844 320 694 1,761 151 194 379 338 1,257 11,877 16,140 12,302 697 710 289 245 1,896 472 276 348 293 FEDERAL RESERVE BULLETIN MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise imports % Merchandise exports 1 Month 1935 1936 1937 1938 1939 176 163 185 199 182 195 223 233 257 289 262 275 213 219 268 164 165 170 193 201 186 269 290 265 274 257 233 July August September 173 172 199 180 179 221 268 111 297 October November December 221 270 223 265 226 230 Year 2,283 2,456 January February March . April May June . 1935 Excess of exports 1936 1937 1938 1939 1935 167 152 177 187 193 199 240 278 307 171 163 173 178 158 190 231 249 236 171 171 157 203 192 191 287 285 286 160 148 146 228 231 246 230 251 289 177 169 162 195 193 216 265 246 233 333 315 323 278 252 269 332 J>293 189 169 187 213 196 245 3,349 3,094 2,047 2,423 1939 1936 1937 1938 9 11 8 11 -11 —4 —18 -45 -51 118 99 102 35 61 77 186 202 179 -6 —5 13 -10 9 -5 -18 5 -21 115 109 87 45 47 57 141 166 168 169 176 181 -3 3 37 -15 —14 5 3 31 63 87 65 79 61 75 107 224 223 209 178 176 171 215 P235 32 100 37 52 30 —15 108 92 115 100 76 98 P57 3,084 1,960 235 33 265 1,134 117 P Preliminary. 1 Including both domestic and foreign merchandise. General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Bureau of Foreign and Domestic Commerce. Back figures.—See BULLETIN for January 1931, p. 18, for July 1933, p. 431, and for February 1937, p. 152. 2 FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORE—SALES AND STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] Sales i 1939 1938 Nov. July Aug. Sept. Oct. Nov. Stocks (end of month) Without Adjusted Adjusted Without seasonal for seasonal for seasonal seasonal variation adjustment variation adjustment Month Adjusted for seasonal variation Total Coal _.._ Coke Grain and grain p r o d u c t s Livestock. Forest products Ore MiscellaneousJ Merchandise 69 76 62 81 44 80 39 70 78 69 75 37 40 74 74 61 43 59 72 62 42 67 74 62 69 70 58 77 85 82 88 45 45 85 82 63 80 87 95 87 44 50 108 86 62 Without seasonal adjustment Total Coal Coke_ Grain and grain products... Livestock Forest products __ Ore Miscellaneous1 Merchandise 70 76 70 64 58 76 53 52 111 34 39 41 76 62 43 112 74 61 71 69 57 90 37 44 125 75 62 85 89 78 99 57 49 149 92 65 89 96 95 87 62 52 160 97 65 82 80 100 83 41 51 191 89 63 1938 1939 1938 1939 1938 1939 1938 January February March 90 88 86 88 87 88 70 70 77 69 69 82 71 70 70 67 68 68 63 67 71 60 65 69 April.— May June 83 78 82 88 85 86 86 80 79 88 87 83 69 69 68 67 66 67 71 71 65 69 68 64 _ 83 83 • 86 86 89 91 58 65 91 60 69 97 67 67 67 67 67 68 61 65 70 60 65 71 _ 84 89 89 90 95 92 99 156 99 106 67 67 66 69 71 74 78 62 77 82 July August September 83 October 87 November 100 83 50 50 105 91 64 Year 85 1939 68 1 Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March and April for the effects upon sales of changes in the date of Easter. 1 In less-than-carload lots. Back figures.—Department store sales, see BULLETIN for August NOTE.—For description and back data see pp. 522-529 of BULLETIN 1936, p. 631, arid for October 1938, p. 918; department store stocks, see for June 1937, Based on daily average loadings. Basic data compiled BULLETIN for March 1938, p. 232. by Association of American Railroads. Total index compiled by combining indexes for classes with weights derived from revenue data of the Interstate Commerce Commission. JANUARY 1940 53 WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926=100] Other commodities All commodities products Foods 95.3 86.4 73.0 64.8 65.9 74.9 80 0 80.8 86 3 78.6 104.9 88.3 64.8 48.2 51.4 65.3 78.8 80.9 86.4 68.6 99.9 90.5 74.6 61.0 60.5 70.5 83.7 82.1 85.5 73.6 91.6 85.2 75.0 70.2 71.2 78.4 77.9 79.6 85.3 81.7 109.1 100.0 86.1 72.9 80.9 86.6 89.6 95.4 104.6 92.8 90.4 80.3 66.3 64.9 64.8 72.9 70.9 71.5 76.3 66.7 83.0 78.5 67.5 70.3 66.3 73.3 73.5 76.2 77.6 76.5 100.5 92.1 84.5 80.2 79.8 86.9 86.4 87.0 95.7 95.7 95.4 89.9 79.2 71.4 77.0 86.2 85.3 86.7 95.2 90.3 (H ?, ;59.1 79 3 re. 5 n 6 75.9 W 5 30.4 *3 9 77.6 94.3 92.7 84.9 75.1 75.8 81.5 80.6 81.7 89.7 86.8 82.6 77.7 69.8 64.4 62.5 69.7 68.3 70.5 77.8 73.3 1938—October. November December _ __ __ 77.6 77.5 77.0 66.8 67.8 67.6 73.5 74.1 73.1 81.1 80.6 80.3 93.4 94.6 93.1 66.2 66.2 65.8 75.4 73.7 73.2 95.3 94.9 94.6 89.8 89.2 89.4 77.1 76.6 76.7 85.7 85.8 86.0 72.6 73.0 73.1 1939^-January. _ .. February March . April.... May June July August September October... November 76.9 76.9 76.7 76.2 76 2 75.6 75.4 75.0 79.1 79.4 79.2 67.2 67.2 65.8 63.7 63.7 62.4 62.6 61.0 68.7 67.1 67.3 71.5 71.5 70.2 68.6 68.2 67.6 67.5 67.2 75.1 73.3 72.3 80.2 80.2 80.4 80.5 80.6 80.2 80.2 80.1 82.1 83.8 84.0 93.1 91.9 91.8 90.9 91.6 92.3 92.5 92.7 98.5 104.6 104.0 65.9 66.1 66.6 66.9 67.5 67.3 67.6 67.8 71.7 75.5 76.4 72.8 73.0 73.1 73.4 73.9 73.0 72.8 72.6 72.8 73.9 74.1 94.4 94.3 94.3 94.0 93.5 93.2 93.2 93.2 94.8 95.8 96.0 89.5 89.6 89.8 89.6 89.5 89.5 89.7 89.6 90.9 92.8 93.0 76.7 76.3 76 5 76.0 75 9 75.7 75.0 74.6 77.3 78.1 78.0 85.4 85.2 85.2 85.4 85.5 85.6 85.6 85.6 86.6 87.8 88.4 73.2 73.5 74.1 74.4 74.2 73.8 73.4 73.3 76.6 77.6 77.0 Week ending— 1939—September 2 September 9 September 16 September 23. September 30 October 7 October 14 October 21 October 28 November 4 November 11 November 18 November 25_ December 2 . December 9 December 16 December 23 75.3 78.4 79.3 79.6 79.5 79 0 78.9 79 4 79.2 79.3 79.3 79.1 79.0 78.8 79.0 78 7 79.3 62.7 68.1 69.7 69.5 69.3 66 8 66.7 67.5 67.2 67.5 67.8 67.3 67.6 67.1 67.4 66.8 67.8 68.5 74.5 75.5 75.1 74.4 72 9 72.7 73.2 72.3 72.3 72.4 72.3 72.0 71.1 71.3 71.1 72.1 80.4 81.7 82.4 83.0 83.3 83 7 83.7 84.1 84.2 84.4 84.4 84.4 84.4 84.4 84.4 84.1 84.3 92.7 96.0 98.3 * 100.4 104.1 105 2 105.0 105.4 105.5 104.4 104.5 104.3 104.2 103.9 104.0 104.2 104.4 67.2 68.4 71.4 72.3 73.4 73.8 74.2 74.8 75.2 75.6 75.6 75.6 75.8 76.0 76.6 76.7 77.8 73.2 74.0 74.1 74.2 74.4 74.3 74.4 74 6 74.6 74.7 74.7 74.8 74.8 74.4 74.1 73.7 73.5 93.5 94.6 94.9 95.3 95.2 95.1 95.3 96.3 96.3 96.2 96.2 96.1 96.1 96.2 96.1 96.1 96.1 89.7 90.1 90.7 91.0 91.2 91.8 92.5 92.5 93.0 93.1 93.1 92.9 92.9 93.0 92.7 93.4 93.6 74.4 75.9 77.1 77.9 78 5 77 9 77 6 78 0 77.9 77 7 77.9 77.8 77 4 77.5 77 6 77 6 78.0 87.0 87.0 87.1 88.8 89.1 89.1 89.2 89.2 89.3 89.6 89.7 89.7 90.0 90.0 90.0 90.0 90.0 73.2 76.1 76.1 76.6 76.7 77.1 77.0 77.2 77.4 77.9 78.2 78.2 78.2 78.4 78.4 76.9 77.4 Year, month, or week 1929 1930_ 1931 1932 __ 1933 1934 1935 1936 1937 1938 - _ _ __ Total Farm Products: Grains Livestock and poultryj . _ 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 product s Textile Products: Clothing Cotton goods Hosiery and underwe ar Silk and rayon Woolen and worsted \?oods __ Other textile product Fuel and Lighting Material: Anthracite Bituminous coal Coke Electricity Gas * Petroleum products.. 1938 1939 1938 Subgroups Hides and Textile Fuel and Metals Building Chemi- House- Miscelcals and furnishleather lighting and metal products products materials products materials drugs ing goods laneous Nov. Aug. Sept. Oct. Nov. 50.9 75.2 67.4 51.5. 66.0 60.1 65.1 76.3 64.6 61.6 70.5 66.1 64.1 66.1 68.3 72.5 74.0 63.0 81.9 71 0 67.9 71.9 58.5 73.7 60 3 74.5 78.8 62.8 81.0 71 7 78.9 78.0 60.2 74.9 70 2 80.1 78.0 61.2 71.2 69.2 100.4 100.8 101.8 85.5 77.2 97.4 86.9 84.0 92.0 96.6 97.1 97.1 81.6 65.1 59.9 30.3 76.4 64.5 81.5 65.5 61.5 39.5 75.5 63.7 81.7 70.4 62.8 43.4 84.0 69.8 80.1 72.1 72.5 98.5 96.0 96.7 104 2 104 2 104 2 81.8 75.8 77.5 84.6 86.7 87.2 51.5 51.7 53.3 05.7 107.2 12.4 104.3 97.8 97.8 99.3 99.9 83.2 83.8 74.3 74.8 63.5 64.8 46.2 47.7 91.3 90.5 78.3 83.4 75 3 76.1 98.2 98.1 108. 0 111.2 75.4 84 4 54.0 53.9 Subgroups 1939 NTov. Aug. Sept. Oct. Nov. Metals and Metal Products: 93.7 93 5 Agricultural imDlements 95.0 94.7 Farm mach mery 96.9 95.1 Iron and steel Motor vehicles * 93.6 92.5 77.6 74.6 Nonferrous m etals Plumbing ancI heating 78.7 79.3 Building Materials: 91.5 90.5 Brick and tile Cement 2 90.6 91.3 90.2 91.8 Lu mber... 80.9 82.1 Pai nt and naint materials 78.7 79.3 Plumbing and heating Structural steel _ L07.3 107.3 Otlier building material 89.7 89.5 Chemicals and Drugs: Ch emicals 80.2 77.5 ^_ Dr uers and r»harmafifiutio,als 73.6 71.7 67.7 67.2 Fertilizer mat erials Mixed fertiliz ers_ _ ___ _ 73.2 72.9 Housefurnishing Goods: Furnishings 89.7 90.0 Fu rniture. 81.9 81.1 Miscell aneous: 58.8 60.5 Auto tires amI tubes 70.5 68.4 Cattle feed 81.5 80.0 Paper and p u l p . . . 34.3 34.9 Rubber, crude. _ 81.2 81.3 Other miscell aneous 93.5 94.7 95.5 92.1 84.7 79.3 93.4 94.6 96.0 93.9 85.3 79.3 93.3 94.6 96.0 94.7 85.1 79.3 91.0 91.5 91.6 91.3 91.3 91.3 93.7 98.0 98.3 84.7 85.7 84.9 79.3 79.3 79.3 107.3 107.3 107.3 90.3 91.9 92.9 81.2 72.8 69.2 . 72.6 82.1 74,4 70.6 72.6 81.4 75.0 73.0 72.6 91.7 81.3 93.7 81.7 94.2 82.3 60.5 93.4 81.8 47.7 82.8 60.5 82.9 86.3 42.7 85.4 55.6 91.5 88.0 42.5 86.0 1 Preliminary revision. 2 Revised series. Back figures—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). 54 FEDERAL RESERVE BULLETIN DECEMBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS [Based on estimates of the Department of Agriculture, by States, as of December 1, 1939] [In thousands of units] Boston New York Philadelphia... Cleveland •Richmond ... Estimate Dec. 1, 1939 Production 1938 Estimate Dec. 1, 1939 Production 1938 Estimate Dec. 1, 1939 Bales Bales Bushels 7,827 28,310 51, 372 212,109 141, 280 141, 510 1,132, 703 342, 860 285,022 182,105 87,166 6,873 Bushels Bushels 2, 619,137 1,048 2,623 1,337 2,353 i 3,386 2 3,431 4'67 3,819 600 432 3,612 627 Bushels 7,623 29,317 52, 521 199, 591 138,232 194, 639 1,053,807 335,912 227,136 225,145 91, 564 6,710 11, 943 11,792 2, 562,197 Oats Federal Reserve district Production 1938 Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco. . _ Total _ .. ' ._ _ . .. ____ . Spring wheat Production 1938 . Atlanta ... Chicago St. Louis Minneapolis Kansas CityDallas San Francisco Total Winter wheat Corn Cotton Federal Reserve district 8,324 19,810 53,069 27, 263 6,572 66,070 65, 579 29,163 290, 446 36,020 . 85, 817 7,058 17, 263 42,034 24, 270 5,506 56, 639 57, 927 25, 846 226, 488 28, 703 71, 697 688,133 563, 431 Tobacco Tame hay Estimate Dec. 1, 1939 Bushels 6, .326 27, 708 19, 222 49, 480 20, 949 15,346 442, 746 52, 596 236,409 134, 712 39, 563 23, 374 Bushels 7,189 26, 957 16,503 43, 759 21,103 14, 594 359, 529 46,847 257, 914 76, 924 31, 319 • 34, 577 1,068,431 937, 215 Estimate Dec. 1, 1939 Bushels 68 108 139 120 Bushels 84 108 150 115 1,871 140 185,011 10,493 115 45,504 2,044 97 157,053 4,514 75 27,300 243, 569 191, 540 ^Vhite potatoes Production 1938 Estimate Dec. 1, 1939 1938 Estimate Dec. 1, 1939 Tons Tons Pounds Pounds Production Production 1938 Production 1938 Estimate Dec. 1, 1939 3,523 5,737 2,381 5,496 3,886 3,427 18, 511 7,071 10,880 7,054 1,403 11, 679 3,364 4,428 1,944 5,094 3,708 3,172 17,426 7,643 10,182 5,902 1,430 11, 433 22,847 1,842 32,110 105,119 746, 221 188,019 33, 239 239, 729 2,733 4,612 35,254 2, 281 36, 239 118, 629 1,074, 213 200, 578 32,173 263,010 2,724 4, 538 Bushels 48,130 32,123 22,996 20, 554 27, 316 15, 646 53,396 13,941 43,347 26,250 3,773 66, 691 Bushels 47,632 30,853 21,638 20, 229 23, 205 14, 664 46, 211 12,048 42,607 29,194 3,349 69,362 81,048 75, 726 1, 376,471 1, 769, 639 374,163 360, 992 1 Includes 16,000 bales grown in miscellaneous territory. * Includes 19,000 bales grown in miscellaneous territory. NOTE.—1938figuresfor all crops except cotton are as revised in December 1939. STATISTICS FOR FEDERAL RESERVE CHART BOOK—QUARTERLY BANKING SERIES [In billions of dollars] All banks in the United States: Total deposits and currency _ Tim ft deposits Demand deposits adjusted Currency outside banks Member banks: Demand deposits adjusted Time deposits Interbank balances ' . . . _ Investments, total U S Government obligations, total Direct obligations _. Guaranteed obligations Other securities, total State and local government securities Other domestic Foreign securities _ Loans, total Security loans, total 12 -— Brokers' loans Loans on securities (excluding brokers' loans)2 __ Real estate loans 1 2 Other loans, total Commercial loans 2 _ __ . Opp/n-mflrkfit paper Loans to banks All other loans 8 . _ _ 1939 1938 1937 C hart book M a r . page 31 June 30 Dec. 31 Mar. 7 June 30 10 10 10 10 56.79 25.69 25.23 5.42 57.42 25.96 25.26 5.53 56.83 26.26 24.05 5.69 56.78 26.34 24.13 5.50 56.74 P57.65 P59.12 26.27 P26.27 P26.38 24.39 P25. 10 P26.01 5.47 P5.50 P5.83 11 11 11 11 11 12 13 13 12 13 13 13 11 12 13 13 12,13 12 13 13 13 21.35 11.16 5.75 32.53 18.83 12.72 10.86 1.86 6.11 2.33 3.53 .25 13.70 4.28 1.42 2.82 2.44 6.97 6.22 .71 .10 21.40 11.35 5.30 32.74 18.45 12.69 10.87 1.82 5.77 2.13 3.40 .23 14.29 4.37 1.54 2.83 2.51 7.41 6.66 .64 .12 20.39 11.52 5.44 31.75 17.79 12.37 10.57 1.80 5.42 2.03 3.21 .18 13.96 3.70 .95 2.75 2.55 7.71 7.00 .64 .07 20.51 11.59 5.62 31.52 17.98 12.45 10.63 1.83 5.52 2.19 3.15 .18 13.55 3.54 .88 2.67 2.56 7.45 6.75 .61 .10 20.89 11.56 6.10 30.72 17.78 12.34 10.22 2.13 5.44 2.13 3 13 .18 12.94 3.32 .70 2.61 2.61 7.01 6.40 .49 .12 Sept. 28 21.60 11.46 6.09 31.63 18.69 13.01 10.71 2.30 5.68 2.30 3.19 .18 12.94 3.30 .71 2.59 2.66 6.97 6.36 .48 .13 Dec. 31 22.29 11.51 6.51 32.07 18.86 13.22 10.88 2.34 5.64 2.45 3.01 .18 13.21 2 1. 75 .97 2.78 2.72 2 8.74 2 5.45 .44 .12 3 2.73 Mar. 29 P59. P26. P26. P5. June 30 15 P61.00 58 P26.83 01 J>27.32 68 22.36 11.60 6.82 32.10 19.05 13.35 10.69 2.66 5.70 2.55 2 96 .18 13.05 1.57 .84 .73 2.75 8.73 5.53 .42 .10 2.67 23.59 11.72 7.10 32.60 19.46 13.78 10.95 2.83 5.69 2.55 2.94 .19 13.14 1.47 .73 .74 2.83 8.85 5.57 .42 .06 2.80 Oct. 2 P63, P26, P29, P6, 030 910 100 230 25.12 11.75 *8.25 33.08 19.61 13.81 10.89 2.92 5.79 2.76 (5) 13.47 (5) (5) (5) (5) p Preliminary. 1 In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans" since2 that date. Figures are reported on somewhat different basis beginning December 31, 1938. For detailed explanation of the changes and for estimates on old basis as of December 31,1938, see BULLETIN for April 1939, page 332. 4 s6 Not originally plotted in chart book. Partly estimated. Detailed breakdown of loans and investments now available on June and December dates only. JANUARY 1940 55 STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES Chart book page WEEKLY 1939 Nov. 22 FIGURES Dec. Dec. 13 Chart book page Dec. 20 MONTHLY Wednesday figures; in billions of dollars RESERVES, GOLD, AND CURRENCY Reserve bank credit—total.. Bills discounted Bills bought _ U. S. Gov't securities.,. Gold stock __ Money in circulation Treasury cash.. Treasury deposits Member bank balances Required reserves • Excess reserves—total 2 New York City 2 Chicago 2 Reserve city banks 2 Country banks 2_ Nov. 29 1939 Sept. FIGURES Oct. Nov, Index numbers 1928-25=100 BUSINESS CONDITIONS 4 3, 5 ' 5 5 5 3 3, 9 3 3 3,6 6 7 7 7 7 7 2.65 .01 .00 2.59 17.26 7.43 2.36 .47 11.62 6.45 5.21 2.74 .51 1.27 .68 2.61 .01 .00 2.55 17.35 7.46 2.36 .44 11.62 6.49 5.21 2.75 .54 1.26 .67 2.57 .01 .00 2.51 17.41 7.55 2.39 .35 11.62 6.46 5.13 2.66 .55 1.22 .69 2.54 .01 .00 2.51 17.46 7.56 2.40 .75 11.29 6.44 4.87 2.50 .55 1.17 .65 2.65 .01 .00 2.50 17.58 7.68 2.41 .69 11.38 6.48 P4.91 2.48 .57 1 19 P. 67 14 14 14 23.09 14.48 8.62 23.16 14.50 8.66 23.16 14.52 8.65 23.52 14.65 8.87 23.47 14.53 8.93 15 15 15 15 15 18.92 5.25 .53 7.93 .71 18.97 5.23 .54 7.89 .73 18.82 5.24 .53 7.94 .74 18.98 5.25 .58 7.95 .75 18.92 5.26 .58 7.98 .75 16 16 16 16 4.73 1.19 1.71 .49 4.76 1.21 1.70 .52 4.79 1.21 1.70 .51 4.85 1.21 1.71 .64 4.76 1.20 1.70 .67 17 17 17 6.39 2.15 2.68 6.36 2.17 2.68 6.35 2.17 2.68 6.42 2.17 2.71 6.41 2.17 2.71 REPORTING MEMBER BANKS Total, 101 cities: Loans and investments. Investments Loans. _ Adjusted demand deposits Time deposits U. S. Gov't deposits Domestic bank balances Foreign bank balances— New York City: U. S. Gov't obligations.. Other securities Commercial loans Brokers' loans __ 100 cities outside New York: U. S. Gov't obligationsOther securities Commercial loans._ Averages of daily figures*; per cent per annum MONEY RATES AND SECURITY MARKETS F.R.bankdiscountrate,N.Y. 19 Commercial paper 19 Bankers'acceptances 19 U. S: Treasury bills 21 U. S. Treasury notes 21 U-. S. Treasury bonds 21, 25 Corporate Aaa bonds 25 Corporate Baa bonds _ 25 Stock prices, total«.__ 27, 29 Industrial 27 Railroads... 27 Public utilities 27 Volume of trading 2 (mill, shares) 29 Brokers' loans (mill, dollars) 29 BUSINESS CONDITIONS Wholesale commodity prices: * All commodities Farm products Foods Other commodities Steel plant operations (% of capacity) Automobile production (thous. cars) Electric power production (mill. kw. hrs.) Total freight-car loadings (thous. cars) 1.00 .63 .44 .05 .60 2.40 2.98 4.84 1.00 .56 .44 .05 .60 2.38 2.97 4.88 1.00 .56 .44 .05 .56 2.40 2.96 4.92 1.00 .56 .44 .04 .50 2.37 2.95 4.92 Wholesale commodity prices: United States: All commodities 31, 32 Farm products 31 Foods 31 Other commodities— 31 England 32 France 32 Germany : 32 [ndustrial production 5 35 Manufacturing production:"* Total... 37 Durable*- 8 37 Nondurable 37 Factory employment 43 Factory payrolls _ B 43 Freight-car loadings 45 Department store sales B 47 Department store stocks * 47 78.8 67.1 71.1 84.4 38 93.9 94.4 38 72.5 93.6 39 2,482 2,539 39 676.5 688.9 p Preliminary. • Estimated. 1 Less than $5,000,000. 2 Averages of daily figures, see footnote *. 8 Figures are shown under t" * Index numbers, 1926=100. r 79.0 67.4 71.3 84.4 92.8 115.5 2,586 Revised. 687.3 78.7 66.8 71.1 84.1 91.2 90.0 2,605 681.2 79.7 121 111 48 63 100.2 93.8 77 91 121 57 64 103.6 101.6 80 90 P124 P124 P60 P63 P103. 8 P101. 8 82 95 71 297 125 172 310 125 185 P344 P118 289 181 107 332 215 117 P293 P235 P57 '5,907 '6,020 »"3,682 '2,225 5,995 6,204 3,783 2,212 P6,043 P5, 817 P3, 818 P2, 225 847 444 337 66 894 474 338 82 740 318 347 75 P225 8 8 8 8 16.93 17.09 2.71 .75 2.71 .75 17.36 0) P2.71 .70 20 20 20 20 20 40.34 27.35 7.23 1.31 4.46 40.53 27.39 7.23 1.41 4.50 40.81 27.44 7.23 1.45 4.68 Jan.Mar. 1939 Apr.June 1939 JulySept. 1939 0) 0) In millions oj dollars Domestic corporation security issues, total 79.3 New 67.8 Refunding 72.1 84.3 117.8 79.5 111 79.2 67.3 72.3 84.0 P94.6 In billions of dollars OTHER 1.00 .56 .44 .04 .49 2.32 Figures for week»; in unit indicated 79.0 67.6 72.0 84.4 79.4 67.1 73.3 83.8 In millions of dollars ionstruction contracts awarded: 7 Total _ 41 Residential 41 Other.... 41 Exports and imports: Exports (incl. re-exports). 49 General imports 49 Excess of exports 49 Income payments: Totals.— 50 Total unadjusted B 50 Salaries and wages 50 Other 6 50 !ash farm income: Total 51 Crops 51 Livestock and products _. 51 Government payments— 51 lentral gold reserves: United States England _ France... Netherlands „_ 2.93 4.94 U. S. Gov't interest-bearing debt—total Bonds Wednesday figures; in unit indicated Notes Bills.94 92 93 92 92 Special issues 108 110 108 109 108 29 31 30 30 30 87 88 87 87 87 QUARTERLY FIGURES .68 .67 .71 .77 .77 852 620 660 650 818 33 33 33 33 79.1 68.7 75.1 82.1 '85.2 28 28 28 276 82 193 662 130 532 648 92 556 Per cent per annum Customers' rates: 8 118.4 New York City 7 other Northern and 2,641 Eastern cities 11 Southern and Western 654.8 cities p, M 23 2.13 2.15 2.04 23 3.05 3.05 2.78 23 3.77 3.62 3.31 5 Adjusted for seasonal variation. Points in total index of manufacturing production. Three-months moving average adjusted for seasonal variation. « Revised series. See pp. 963-969 of the November 1939 BUL- 6 7 LETIN. NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each. 56 FEDERAL RESERVE BULLETIN ALL MEMBER BANKS-CONDITION ON SELECTED CALL DATES OCTOBER 1 7 , 1 9 3 4 , TO OCTOBER 2 , 1 9 3 9 [Amounts in thousands of dollars] 1935 Nov. 1 June 30 1937 J u n e 30 1938 Sept. 28 11,841, 427 10,080, 383 1, 764,071 2, 224,050 12, 541, 845 11, 721, 475 1, 950,457 2,279,877 14, 284, 875 10,870, 404 1,818, 530 2,150,039 12,937, 437 10, 712,818 2, 298,477 2, 317,492 13,141, 10, 946, 2, 830, 2, 554, 068 242 819 213 13,470,421 10,890, 726 2, 919, 672 2, 764, 373 2,885, 729 505,411 29,301,071 5, 662, 320 541,119 3,219,839 545, 317 32,258,810 5, 607,119 713, 421 3,081,416 533, 297 32, 738,561 629,305 2, 822, 289 538,376 31,626,889 8,192, 978 774,887 2, 681,893 449,184 32,603,419 10,010, 744 712,132 2, 582,455 447,483 33,075,130 11, 616, 524 773, 514 3, 645,830 3,792,738 3,100,171 3,817,382 4, 542, 241 5,147, 234 7168, 568 6,845 81,755,500 996, 738 361, 963 202, 472 2,502 2,147,493 994, 921 379, 457 158, 780 4,592 2, 200,829 980, 375 353, 714 193,018 1,261 1, 460,367 968, 380 335, 567 174,899 5,776 2,183,072 933, 703 305, 475 197,020 12,135 1, 921,302 931, 929 298,196 161,172 260,447 156, 954 267, 760 187,143 202,168 112, 965 207, 832 38,614, 775 42,861,573 46,523,647 47,452,301 3 47,691,526 51, 908,129 54, 401,209 22,464,297 26,832,527 17, 327,043 649, 526 2, 251, 209 5,918, 398 29,918,691 19, 321, 998 1,036, 575 2, 320, 453 6, 450, 528 30,142, 898 20, 272,432 628,125 2, 577,445 5, 913, 282 30,308,304 20,438,710 707,267 2,079,830 6, 544, 610 34,153, 939 22, 448,169 694,001 2, 531, 570 7, 690,046 36, 702, 798 23, 983, 218 674, 652 2,390,422 686,351 10,345,461 9, 671,464 226, 586 309, 590 137,821 37,177,988 61,145 789,137 10, 786,873 10,099,195 152, 234 377,998 157, 446 40, 705, 564 101,159 751, 614 11,347,148 10, 817,882 99, 736 292, 280 137, 250 41,490, 046 143,498 537,887 11,462,315 10, 788, 660 69, 605 464, 427 139, 623 41, 770, 619 117, 432 790,153 11,719,315 11,063, 229 59,135 441, 200 155, 751 45,873,254 188, 399 665, 652 11, 726,788 11,103,802 51, 423 417, 849 153, 714 48,429,586 127, 731 27, 076 175,167 11, 402 19, 547 178, 221 43, 999 17, 391 211, 799 44,099 14, 001 121, 414 35,817 237,005 239, 790 206, 673 222, 359 4,662 120,164 35, 832 51,880 78, 451 59, 261 4,722 99, 248 6,365 55,046 88, 743 59, 342 42,113,506 42,281, 642 46,411, 903 48,870,783 2,425, 628 2,046,844 645, 543 291,869 2, 390,023 2, 111, 569 678,033 316,601 2,385, 745 2,120,960 700, 545 323,176 1934 Oct. 17 1936 1939 J u n e 30 Oct. 2 Assets 12,292, 533 Loans (including overdrafts) i 9,186,237 United States Government direct obligations 709,035 Obligations guaranteed by United States Government... • Obligations of States and political subdivisions 1,971,890 Other bonds, notes, and debentures, including obligations of Government corporations and agencies not 2, 857, 273 guaranteed by United States 1 2 542, 344 Corporate stocks (including Federal Reserve bank stock) Total loans and investments 1 _ __. 27,559,312 3, 976,077 Reserve with Federal Reserve banks 550,471 Cash in vault Demand balances with banks in United States (except private banks and American branches of foreign banks). 2,823, 375 Other balances with banks in United States and foreign 7 291,526 countries 2 . 120, 930 Due from own foreign branches •__ 81,407,102 Cash items in process of collection 995, 998 Bank premises owned and furniture and fixtures 303, 904 Other real estate owned ___ Investments and other assets indirectly representing bank premises or other real estate 1 _ 257, 919 Customers' liability on acceptances _ __. Income accrued but not yet collected 328,161 Other assets.-. ... ___ Total assets.. f [ 146,910 101, 672 102,595 85,491 144, 80, 108, 93, 948 663 999 615 Liabilities D e m a n d deposits—Total Individuals, partnerships, and corporations 14,449,000 1,142, 847 United States Government 4 . _ —_ States and political subdivisions 1, 680, 285 Banks in United States and foreign countries 2 4, 602, 663 Certified and officers' checks, cash letters of credit 589, 502 and travelers' checks, etc... 9,821,146 Time deposits—Total _ _ 2 8, 915, 650 Individuals, partnerships, and corporations Postal savings 4 472, 232 294, 275 States and political subdivisions 138,989 Banks in United States and foreign countries 2 Total deposits _ 32,285,443 Due to own foreign branches Bills payable, rediscounts, and other liabilities for borrowed money . .. 30, 299 Acceptances outstanding 277, 988 Dividends declared but not yet payable 5 7,796 Income collected but not yet earned _ 893, 269 Expenses accrued and unpaid. Other liabilities Total liabilities _ . . 33,494, 795 37,689,783 Capital Accounts Capital Surplus __ Undivided profits» Reserves for contingencies and other capital accounts 2 5.. Total capital accounts Total liabilities a n d capital accounts *__ Net demand deposits subject to reserve (see page 15) Demand deposits—adjusted • Number of banks 2, 651, 542 1, 677,190 427, 714 363, 534 2, 652, 967 1, 680, 924 492, 600 345,299 2, 567,197 1,806, 516 520, 283 341,371 2, 444, 249 1, 971,464 587,495 335, 587 5,119,980 5,171, 790 5,235,367 5,338,795 5,409, 884 5,496,226 5,530, 426 3 38,614,775 3 42,861,573 3 46,523,647 3 47,452,301 47,691,526 51, 908,129 54, 401,209 25,038, 348 21, 596,060 6,341 27,440, 926 23, 586,820 6,330 29, 652, 240 25,117,990 18, 408,369 15,311, 685 21, 435, 510 18, 509,103 6,400 23, 985,757 20, 284,095 6,400 24, 844,886 21,400, 662 6,357 1 Figures of loans and investments beginning December 31, 1938 are not entirely comparable with prior call dates because investments and other assets (principally loans) indirectly representing bank premises' and other real estate are now reported separately. Such investments and other2 assets amounted to $94,569,000 and $49,939,000, respectively, on December 31, 1938. This is a combination of two or more items shown separately on June and December call dates. 34 Revised to exclude acceptances of other banks and bills sold with endorsement, now reported as contingent liabilities. United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits. 6 Reserves for dividends payable in common stock, $5,544,000 on December 31,1938, were formerly published as part of undivided profits. Reserves for undeclared cash dividends on capital stock and for accrued interest on capital notes and debentures, $10,691,000 on December 31, 1938, were formerly reported in combination with dividends declared but not yet payable. Beginning December 31,1938 these two reserves are included in "Other capital accounts." 6 Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. 7 Balance with private banks and American branches of foreign banks were not reported separately on these dates and are included in "Other assets." s Includes some cash items not in process of collection. JANUARY 1940 57 ALL MEMBER BANKS-CONDITION ON OCTOBER 2,1939 BY CLASSES OF BANKS [Amounts in thousands of dollars] All member banks All national member banks All State member banks 8, 742,984 6,813,079 1, 921, 340 1, 791,210 4, 727,437 4,077, 647 998,332 973,163 Central reserve city member banksl New York Chicago Reserve city member banks1 Country member banks 1 Assets Loans (including overdrafts) __ — United States Government direct obligations. Obligations guaranteed b y United States G o v e r n m e n t Obligations of States and political subdivisions Other bonds, notes, a n d debentures, including obligations of Government corporations and agencies not guaranteed b y United States 2 Corporate stocks (including Federal Reserve bank stock). Total loans and investments Reserve with Federal Reserve banks Cash in vault Demand balances with banks in United States (except private banks and American branches of foreign banks).. Other balances with banks in United States and foreign countries 2 Due from own foreign branches Cash items in process of collection Bank premises owned and furniture and fixtures Other real estate owned Investments and other assets indirectly representing bank premises or other real estate _ _ Customers' liability on acceptances _ Income accrued b u t not yet collected Other assets _ _ Total assets... 13,470,421 10,890,726 2,919,672 2, 764,373 2, 582, 455 1, 796,855 224,670 447,483 33,075,130 21,290,138 11, 616, 524 6, 533,074 773, 514 558, 996 785,600 222,813 11, 784,992 5,083,450 5,127,316 4,089, 311 909, 260 897, 261 4, 664, 741 2,382, 628 699,007 1,058,418 3,115, 803 3,401,426 1,156, 757 661, 786 562,561 1,017, 361 154,648 146,908 542, 398 165, 745 9,043,915 5, 928, 909 84,763 139,083 29,129 2,049,690 1,080,197 36,755 700, 517 155,942 11,879,607 3,052,878 323,444 1,200,457 96,667 10,101,918 1, 554, 540 328, 552 106,910 223,163 2,409,087 2, 408, 074 15, 730 107,074 20,553 4,692 87,189 5,327 744, 930 323, 694 110, 553 263, 369 379,659 152, 797 214, 518 5,147,234 3, 967, 775 1,179,459 197,020 12,135 1, 921, 302 931, 929 298,196 124, 658 5,327 1,177,199 606,056 137, 567 72,362 744,103 325,873 160, 629 25,531 6,808 805, 929 208,023 30,154 144,948 80, 663 108,999 93, 615 69, 218 42,290 65, 255 46,039 75,730 38, 373 43, 744 47, 576 20,359 57,054 34,041 24,055 2,486 9,941 7,277 95, 252 19, 581 44,999 36, 678 28,451 1,542 20,018 25, 605 54,401,209 34, 623,592 19, 777, 617 16,376,451 3,558,444 19,133,219 15,333,095 36, 702, 798 22,808,252 13,894,546 9,369,423 23,983, 218 14, 613, 795 484,009 190,643 674, 652 1, 774,898 615, 524 2, 390,422 8,988,854 5, 570, 626 3,418, 228 13,790, 725 8,811,717 71, 777 321, 403 4, 236, 534 2, 781,228 1,632,067 59,587 195,176 867,346 12,546,392 7,803,391 409,944 800,690 3, 374, 471 7,584,453 5,736,043 133,344 1,073,153 510, 503 349, 294 740, 709 682,910 27,052 492, 996 469,391 3,000 20, 605 131,410 5,842,620 5,632,456 34,841 147,886 27, 437 13,427,073 68,570 Liabilities Demand deposits—Total Individuals, partnerships, and corporations United States Government 8 — States and political subdivisions Banks in United States and foreign countries 8 Certified and officers' checks, cash letters of credit and travelers' checks, etc _ _ Time deposits—Total. _ Individuals, partnerships, and corporations 2 Postal savings 3 _ States and political subdivisions Banks in United States and foreign countries 2 Total deposits _ _ D u e to own foreign branches Bills payable, rediscounts, and other liabilities for borrowed money Acceptances outstanding Dividends declared b u t not yet payable Income collected b u t not yet earned Expenses accrued and unpaid _ Other liabilities ,_ Total liabilities 665, 652 11, 726,788 11,103,802 51,423 417,849 153, 714 48,429,586 127, 731 364,924 8,119,385 7, 649, 582 44, 761 315,830 109, 212 30,927,637 111, 210 300,728 3,607,403 3,454, 220 6,662 102,019 . 44,502 17,501,949 16, 521 51, 783 6,016 14,531,434 127, 731 3,274,224 157,896 4,650,463 4,319,045 13, 582 197, 575 120,261 17,196,855 4,722 99,248 6,365 55,046 88,743 59, 342 2,997 51,811 5,561 37,072 55,466 19,898 1,725 47,437 804 17,974 33,277 39,444 607 70, 621 231 10,036 14,368 34,388 3,022 30 1,687 9,355 104 102 24,055 5,186 27, 324 43, 070 15, 641 4,013 1,550 918 15,999 21,950 9,209 48, 870, 783 31,211, 652 17, 659,131 14, 789, 416 3,288,422 17,312,233 13,480,712 2, 385, 745 2,120,960 700, 545 323,176 1, 555, 636 1,178, 687 467,078 210, 539 830,109 942, 273 233,467 112, 637 548,193 808, 553 168, 624 61, 665 126, 500 73, 908 37, 737 31, 877 Capital Accounts Capital Surplus. Undivided profits Reserves for contingencies and other capital accounts a Total capital accounts. Total liabilities and capital accounts Net demand deposits subject to reserve (see page 15) Demand deposits—adjusted 4 Number of banks _ 791, 660, 237, 130, 787 788 973 438 919,265 577, 711 256, 211 99,196 5, 530, 426 3,411,940 2,118, 486 1,587,035 270,022 1, 820, 986 1,852,383 54, 401, 209 34,623,592 19, 777, 617 16,376,451 3,558, 444 19,133,219 15,333,095 29, 652, 240 25,117, 990 6,339 17, 672, 253 15, 576, 418 5,196 11, 979, 987 9, 541, 572 1,143 12,877,886 8, 676, 485 36 2, 452, 423 1, 747, 221 13 9, 396, 964 8, 017,047 345 4, 924, 967 6, 677, 237 5,945 1 Excluding member banks in outlying sections of some cities authorized to carry lower reserves. This is a combination of two or more items shown separately on June and December call dates. United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits. * Demand deposits other than interbank and United States Government, less cash items reported as in process of collection. 2 3 58 FEDERAL RESERVE BULLETIN INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. . Gold production Gold movements International capital transactions of the United States Central banks Bank for International Settlements. , Money rates Discount rates of central banks Commercial banks Foreign exchange rates Price movements: Wholesale prices Retail food prices and cost of living Security prices ; 60 61 61-62 63-66 67-70 71 71 72 72-73 74 75 76 76 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. JANUARY 1940 59 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Countries in Tripartite Accord End of month 1934—December.. 1935—December.. 1936—December.. 1937—December.. 1938—December.. 1939—January February... March April May June. July... August September.. October November.. Other countries Switzerland Total i (52 coun- United United BelFrance gium tries) States Kingdom Netherlands 21,051 21,604 22,630 23, 964 25,468 8,238 10,125 11, 258 12, 760 14, 512 1,584 1,648 2,584 2,689 2,690 5,445 4,395 2,996 2,564 2,435 590 611 632 597 581 573 438 490 930 995 24,003 24,175 24, 387 24,964 25,140 25,290 25, 512 26,118 25, 254 25, 289 P25,487 14, 682 14,874 15, 258 15, 791 15,957 16,110 16, 238 16,646 16, 932 17,091 17, 358 1,042 1,042 1,066 1,066 1,067 1,067 1,162 1,162 1 1 1 2,435 2,435 2,435 2,574 2,574 2,574 2,574 2,714 2,714 2,714 P2, 714 582 588 518 520 524 540 573 614 615 611 P611 995 974 909 834 823 800 769 769 752 754 700 Argentina National B.LS. Bank British India Bulgaria Canada Chile 403 444 501 469 431 275 275 275 274 274 19 19 20 24 24 134 189 188 184 192 29 29 29 30 30 7 10 8 16 18 431 431 428 428 428 428 427 431 449 P449 P449 274 274 274 274 274 274 274 274 274 274 P274 24 24 24 24 24 24 24 24 24 P24 P24 197 206 210 212 214 213 212 218 218 212 213 30 30 30 30 30 30 30 30 30 30 19 20 21 21 21 21 21 21 21 21 21 624 454 655 648 680 640 598 598 598 595 585 585 579 559 Brazil P30 Other countries—Continued End of month Czecho- DenCoslomark lombia vakia 1934—Dec... 1935—Dec... 1936—Dec. _ 1937—Dec. . 1938—Dec. . 1939—Jan.... Feb... Mar... April.. May.. JuneJuly... Aug... Sept... Oct.... Nov.__ Hungary Germany* Greece 112 112 91 92 83 55 55 55 55 55 40 34 26 24 27 23 23 25 25 37 518 270 208 210 193 394 425 463 261 164 25 23 23 23 23 83 83 67 66 65 62 60 60 58 57 55 55 55 55 55 55 55 55 55 27 27 29 29 31 31 30 28 28 28 24 24 24 24 24 24 24 24 24 24 P24 193 193 193 193 193 193 193 193 193 193 193 164 164 164 164 164 164 164 164 164 164 164 23 23 23 23 23 23 23 23 23 23 P55 P55 P57 P28 Italy « Japan Java Other countries—Continued 16 Portu- Ruma- South Africa gal nia 104 109 114 120 133 69 P69 133 134 134 135 136 137 137 148 149 150 P150 184 212 203 189 220 220 219 221 218 218 219 219 222 234 P234 P234 Spain 5 Sweden Turkey Uruguay Yugoslavia other countries « 740 735 718 718 525 159 185 240 244 321 22 24 26 29 29 154 158 175 169 125 525 525 525 525 525 525 525 525 525 525 525 331 331 332 339 344 346 348 355 357 332 333 29 30 30 30 30 30 30 30 29 29 P29 127 126 124 126 126 133 135 136 131 P131 P131 e p1 Preliminary. Corrected. Data reported monthly incomplete. For additional data see section at end of table. 2 Figure for Mar. 1939 officially reported and carried forward. 8 Figure for May 1939 officially reported and carried forward. * Figure for D e c 1938 officially reported and carried forward. » Figure for Aug. 1, 1936, carried forward through Mar. 1938; Apr. 1938 figure officially reported and carried forward. 6 These 16 countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Congo, Bolivia, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Guatemala, Finland, Latvia, Lithuania, Morocco, and Siam. NOTE.—For back figures and description of table see BULLETIN for June 1933, pp. 368-372, and July 1936, pp. 544-547; also see footnotes to table in BULLETIN for Aug. 1936, p. 667, and D e c 1937, p. 1262. 60 Mexico P23 Norway Peru 96 107 107 107 107 107 107 103 103 Poland 19 20 20 20 20 96 84 75 83 85 19 19 19 19 19 19 19 '20 20 P20 85 85 85 84 84 84 84 84 84 P20 Government gold reserves 1 not included in previous figures for SZ countries End of month 1934—Dec 1935—Dec _ 1936—Dec 1937—Dec 1938—Dec _ 1939—Jan Feb Mar April.... May June July Aug Sept Oct Nov. New Zealand Egypt United United BelFrance gium States Kingdom End of month 1934—Dec. 1935—Dec. 1936—Dec. 1937—Dec. 1938—MarJune. Sept.. Oct... Nov.. Dec. 1939—Jan... Feb.. Mar.. M^yl June. July. Sept. 444 31 53 93 81 2 934 31,395 1,489 62 759 80 "154* () 1,732 "85" <103 130 331 381 465 559 455 477 44 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. Gold in Swiss and Dutch Funds and in some other central reserves not reported. 23 Figure for Mar. 1937, first date reported. Figure for Sept. 1937. 4 First date reported. * Transferred: from Bank to Account, $1,648, 000,000 on Jan. 6, and $1,162,000,000 on Sept. 6, 1939; from Account to Bank, $26,000,000 on Mar. 1, and $94,000,000 on July 12, 1939. FEDERAL RESERVE BULLETIN GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Estimated world production outside U.S.S.R. Year or mouth 1929_. 1930_. Total 382, 532 401,088 426,424 458,102 469, 257 352, 237 365, 258 386, 293 413,459 411, 208 794, 498 823,003 882, 533 971, 514 1, 041, 987 1,118,480 696, 218 707/288 751, 979 1932.. 1933_. 1933_. 1934_. 1935.. 1936.. 1937. . 1938_. Production reported monthly 1938—August September. October November. December. _ 892, 535 957,175 84,140 97,439 83, 275 96, 938 82, 954 84, 802 98,787 98, 845 84, 234 80,159 94,835 76,749 90,964 97, 627 82, 656 94, 540 79, 728 83,415 98,484 83, 541 99,450 102, 762 »-87,089 J>107,196 P91, 355 P106, 710 *89, 753 P107, 991 P91, 629 1939—January February... March April May June July August September.. October North and South America Africa South Africa Belgian United Congo Statesi West Africa Rho- Canada Mexico Colombia Far East Chile Austra- British lia India $1=26-8/10grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67 215, 242 11, 607 4,297 2,390 45,651 39,862 13,463 2,823 683 8,712 221, 526 11,476 4,995 2,699 47, 248 43,454 13,813 3,281 428 9,553 224,863 11,193 5,524 3,224 49, 527 55,687 12,866 4,016 442 12,134 238,931 12,000 5,992 3,642 50, 626 62,933 12,070 5,132 788 14, 563 227, 673 13, 335 6,623 3,631 52,842 60, 968 13,169 6,165 3,009 16,873 $1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S5 6,148 5,094 28,568 385,474 22, 578 11,214 89,467 103, 224 22,297 10,438 6,549 108,191 104,023 23,135 12,045 8,350 30, 559 366, 795 24, 264 12,153 9,251 31, 240 377,090 25,477 13, 625 7,159 126,325 114,971 23,858 11,515 396, 768 28,053 16, 295 7,386 152, 509 131,181 26,465 13, 632 9,018 40,118 9,544 46,982 410, 710 28, 296 20, 784 8,018 168,159 143, 367 29, 591 15,478 8,470 178,143 165,379 32,306 18, 225 10,290 54,264 425, 649 28, 532 24,670 2,053 2,048 2,174 2,204 2,240 716 743 725 728 751 16, 590 16,937 16,320 18, 579 16,068 2,941 2,062 2,265 2,353 2,700 1,515 1,812 1,622 1,628 1,499 2,230 36,188 2,287 2,221 34, 505 2,069 2,346 37, 558 2,202 2,349 35, 613 2,252 2,323 37, 970 2,355 2,277 37,065 2,369 2,395 37, 952 2,395 2,379 38,494 P2, 431 37,817 P2, 345 P2, 412 38, 459 P2, 380 P2, 412 753 688 767 729 779 756 739 731 705 14,919 1,762 14,396 13,153 13, 684 3,421 14, 364 14, 498 2,542 1,733 15, 260 14,238 1,794 15,167 15,133 3,216 14,460 15,287 16,099 15,402 ^3, 638 16, 796 15, 722 6,519 19,576 14, 752 2,302 21, 633 P15, 330 P% 392 1,953 1,562 1,752 1,513 1,614 1,551 1,551 1,735 1,803 1,677 36, 622 36, 237 36,449 35,842 36,007 2,415 2,365 2,445 2,381 2,318 14, 571 14, 291 14,449 14, 445 15, 231 7,508 6,785 6,815 6,782 6,919 11,715 11, 223 11,468 11,663 11, 607 11, 247 4,771 4,816 4,642 4,783 5,393 958 946 956 930 995 1,583 777 1,012 4,076 4,016 4,492 4,301 4,649 4,684 4,399 4,849 6,140 940 863 938 912 936 910 936 923 P888 P1,012 P4,530 1,019 906 930 1,033 655 568 1,198 830 Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual production, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185; 1937, $180; 1938 (preliminary), $184. pr Preliminary. Revised. i Includes production in the Philippines. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETINS for March 1939, p. 227, February 1939, p. 151, June 1938, pp. 539-540, and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U.S.S.R.), see Annual Report of Director of Mint for 1936, pp. 108-109,1937, p p . 104-105 and 1938, pp. 102-103. Figures for Canada beginning January 1939 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Year or month Total net imports or net exports Net imports from or net exports (—) to: United Kingdom France Belgium Netherlands Sweden 1,131,994 499,870 260,223 8,902 94,348 3 227,185 1,739,019 315,727 934,243 174,093 573,671 3,351 71,006 1,116,584 1, 585, 503 891, 531 -13,710 90,859 6,461 1,973, 569 , 208, 728 81,135 15,488 163,049 60,146 1934 1935 1936 1937 1938 1938—September. October.... November. December. 520,896 562, 366 177,768 240, 526 377,984 443,403 42,959 99,145 17 101, 707 37, 395 1939—January February.. March April May __ June July August September. October November. 156,345 223, 281 52,050 165,377 250,042 384,925 302,667 128,196 177,805 163,738 162,450 10,182 18, 556 605, 797 429,404 240,430 278, 636 259,921 326,074 69, 726 167,980 1,979 1,. 1,6 1,400 816 37,179 21 84, 603 3 41,651 2 1 2 86 47, 219 11,521 41,832 3,840 27, 242 46,185 33,678 2 29,256 3,840 27,098 44, 564 40,449 55,081 45,554 22, 640 1 2,990 8,781 5,113 Switzerland Canada Mexico Colom- Philippine Aus- Japan bia Islands tralia 12,038 1,029 15,335 3,498 21, 513 23| 280 25,427 34, 713 246,464 27,880 39,162 168, 740 12,402 86,829 968 95,171 7,511 72, 648 54,452 111, 480 1,363 76,315 30, 270 13, 667 39, 966 38, 482 36,472 16,944 10,899 11,911 18, 397 10, 557 38,148 10,810 7,171 731 1, 446 2,236 3,457 2,550 4 4 11 2,107 2,721 2,720 2,943 2,655 3,775 3,294 7,888 6,788 2,342 2,496 3,822 1,649 2,050 17,191 3,280 15,196 4,150 34, 299 3,956 653 120,837 9,940 1,794 65,067 3,445 4,234 2,114 2,117 2,107 2,123 2,120 2,102 2,754 2,719 3,326 2,179 2,594 3,843 3,022 2,775 3,947 3,188 2,643 6,585 3,953 4,303 4,844 5,295 5,677 5,034 5,689 5,474 8,420 12, 505 1 1,136 -67 8,227 55,680 2,284 5,644 5,628 1,482 ~2~990 10,842 4,220 6,852 7,665 12,066 2,117 35,095 5,740 5,788 14,425 British India 76,820 75, 268 77,892 50,762 16,159 All other countries 32,316 47,054 39, 743 30,179 ! 68, 376 2,982 760 4,768 3,822 *19,150 1,797 * 22, 207 1 37,819 5,124 175 5,446 4,398 11,410 3,685 4,391 5,528 4,944 » 7,073 10,931 3,390 3,909 14,093 3,072 2,244 10, 938 2,760 6,416 10,931 4,512 9,259 16,425 4,f" * 8, 552 12,497 V •18,012 9,487 12,049 6 25, 200 12 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. Figures for November and December 1938 include imports from Argentina of $14,112,000 and $17,710,000, respectively. 3 Includes $4,503,000 from Argentina. * Includes $5,158,000 from Hong-Kong. 5 Includes $6,363,000 from Italy; $4,087,000 from Hong-Kong. 6 Includes $10,449,000 from South Africa. NOTE.—For gross import and export figures and for additional countries see table on p. 30. JANUARY 1940 61 Gold Movements—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom Net imports from or net exports (—) to: Year or month Total net imports or net exports () United States GerFrance many* 41,790 37,981 26,723 24,165 27,831 57 56, 764 -12,037 28,104 47 23,212 -5,750 6,164 -258 -10,041 ~~5~ 665 14,358 120,075 -7,498 4,077 33,982 535 6,005 -2,328 - 5 , 245 2,057 9,990 5,649 2,024 2,490 2,102 2,839 705 155 528 716,269 -497,166 369,722 -435, 502 1,169,931 —276,830 420,427 -834,009 -285,638 -1,050,395 1938—June July. Aug. Sept. Oct.. Nov. Dec. 89,580 24,119 -73,132 -261,143 -210,171 -96, 508 -66, 726 -20,811 -6,137 -10, 529 -997 -93,660 -5,726 -360,016 685 -308, 528 69,604 -105,220 -66 -97,371 758 1939—Jan.. Feb.. Mar. Apr.. May. June. July. Aug.. -36, 514 -148,005 -259,984 -121,188 -294,077 -51,591 -147,332 -318, 511 -50,814 —160, 218 -3 -68 -183 -1,431 -262 -412 -330 2,691 Germany Year or month 1934.. 1935.. 211 -33 -253 396 11 779 88 23,477 1,039 29 176,451 19,164 4,018 2,008 49,004 415 22,968 -38 196 8,856 -1 -11,275 -7,491 1 681 736 5,631 143 ~~55 206,693 181,602 128,421 66,330 55, 744 -29, 235 18,397 19,431 2,580 -181,725 -13,940 25,542 342 39,305 14, 531 51,299 4,600 -45,061 27,739 -657 6,553 -74, 375 -1,067 11,314 25,125 15,940 907 13 -1,854 418 -616 33 -139 1939—Jan.... - 3 , 786 Feb.... -11,940 -2,112 -21 -763 Mar.... 1,547 9,999 -37,332 -10,786 Apr 9,967 -162,645 -54,266 -104,650 May-5,807 8,059 -2,329 -5,419 -284 -10,696 -8,589 93 June... 1,033 July... 7,765 -2,856 2 4,334 Aug.... 5,275 Sept... - 2 , 730 -1,506 -1,030 44 Oct -2,855 -r~ 549 24 -1,990 -4,805 -1,609 269 -1,153 -1,929 9,024 1,454 913 -7 -1,140 -15,323 -541 -915 117 -158 —117 -166 Switzerland All other countries 62,397 -9,123 14,126 32,754 -50,661 53,465 28,067 -10,129 3,998 37, 708 22,079 -81 -16, 596 -55,032 4,922 20,761 -89,371 -78,029 9,929 40, 623 3,725 31, 516 6,418 6,581 31,192 10,356 3,035 3,023 —4,750 16,831 6,530 4,204 -20, 792 2,695 4,260 618 1,815 7,358 531 5,671 3,451 5,559 12, 656 45,394 52, 636 38,423 49,120 Sweden -7,673 -5,407 -11,429 -16, 521 -11,151 -10,498 -22,763 -21,980 -4,671 2,831 1,017 1,511 1,374 -3,790 -1,101 -1 -1,148 -32 <-47,875 -437 2^975 1-145,856 -3,793 911 2,388 —2 697 -1,138 3,078 4,606 «-114,284 304 151 1,417 3,762 704 399 1,847 -3,845 3,618 73,394 -425 32,921 1,504 153 -3,318 -575 -14,393 -4,618 British India Net imports from or net exports (—) to: Total Total net net imports imports or net or net Neth- GerUnited Belexports^ exports United King- France ergium Italy lands States dom many! () 1938—Sept... -36,626 Oct.... -16,134 Nov.... -10,129 Dec... - 3 , 765 NOV.P. 5,672 5,613 16,866 335,253 404, 295 488,814 464,837 333, 750 Other British countries Switzerland -90, 920 -46,065 -12,784 -45,955 647 -54,858 42,969 -230,788 -1,868 122,278 -9,127 -1,714 - 3 , 718 -56,946 -51,608 11,940 -35, 224 —1,245 -1,128 76,620 1937.. 1938.. South Africa, Nether- U.S.S.R. Austra- Rho- British lands lia desia, India West Africa 348,190 121,017 -13,585 32, 575 142,137 -4,726 -17,476 10,796 931 756,215 23,292 -15,133 -21,215 541,187 46,147 -21,993 -16, 572 199,965 33,173 348,000 -46,463 115,540 1934 1935 1936 1937 1938 -357,518 -287,762 -127,293 -182,145 -223,370 Belgium -2 -38 -149 1 -213 556 -1,1 -576 -864 10,819 -73 19, 585 6 -8 2 10,800 —91 2,815 -1 -25 - 5 - 4 , 583 -6,175 924 2,551 994 -2,884 -2,294 -1,581 -8,327 -3,876 -718 725 355 1,234 89 -1,463 -1,601 All other countries Increase in India: Total net Gold In In imports produc- InIn gold or net tion in dian earmarkprivate exports India reed for hold() serves foreign ings7 account 1,543 -9,607 « 2,812 -2,990 -16,461 10,609 -32,745 4f" -230, 720 -161,872 -121,066 -61, 723 -54, 661 11,223 173 11,468 11,663 11,607 -41 11, 247 1,884 -10,251 -56 3 -265 31 -209 -957 -7,622 -2,283 211 946 956 930 995 -1,274 -125 -7 -97 -15 - 3 , 288 -14,830 -860 -5,113 -2,431 - 2 , 573 -3,394 —1,138 -239 -4,202 -3,116 -76 -2,049 -171 -244 -10,264 -887 -204 -5,274 -243 -11 - 5 , 213 1,617 2,965 - 2 , 744 940 1,909 5,690 4,479 -3 912 937 910 936 923 -219, 670 -150,398 -109,403 -50,075 12.078 -55,494 11,423 7,749 4,812 5,197 1,839 5,749 942 2, 512 6,096 -11 - 8 , 575 -7,043 -3,273 -10,608 -10,174 -8,984 - 7 , 679 -5,104 -10,270 -6,863 - 10,421 -3,8 p Preliminary. i Beginning April 1938figuresrefer to Greater Germany. i Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. s Includes $67,655,000 exported to Central and South America. < Figures for April and May include exports to Canada of $45,972,000 and $144,910,000 respectively. «Includes net exports to Canada of $115,515,000. • Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. ' Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign account in India. • Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria. »Includes net import of $26,555,000 from Czecho-Slovakia. NOTE.—Switzerland.—In some cases annual aggregates of official monthly figures differ somewhat from revised official totals published for year as a whole. 62 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Increase in foreign banking funds in U. S. From Jan. 2, 1935, through- Total Central bank funds in N. Y. Total 1935—Dec. 1936—Dec. 1937—Dec. 1938—Dec. 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 31.. 30.. 29.. 28.. 1,412. 5 2,608.4 3,410. 3 3, 779. 2 603.3 930.5 1,168. 5 1,432. 7 9.8 81.1 243.9 216.3 593.5 849.4 924.6 1,216. 5 361.4 431.5 449.1 478.1 125.2 316.2 583.2 610.0 316.7 917.4 1,162.0 1,210.9 6.0 12.9 47.5 47.6 1939—Jan. 4... Jan. 11. Jan.18. Jan.25. 3, 798. 7 3,788. 6 3,813. 5 3, 812. 6 1, 387. 9 "., 386. 5 ,411.1 ., 421. 4 201.0 180.5 187.3 1,186.9 1,192. 9 1, 230. 6 1,234. 2 510.1 494.3 503.3 500.9 641.8 645.1 641.8 644.7 1,211.4 1,213.3 1,204.8 1,188. 4 47.6 49.4 52.5 57.2 Feb. I... Feb. 8... Feb. 15_ Feb. 22. 3,852. 6 3,876. 0 3,912. 9 3, 940. 7 ., 478. , 507. , 512. , 517. 2 8 9 8 197.5 243.3 278.1 239.6 1,280. 7 1,264. 5 1,234.8 1,278. 2 496.5 484.3 514.7 535.0 634.6 635.3 637.5 1,181.4 1,187.0 1,189.0 1,190. 6 61.9 61.7 61.4 59.8 Mar. 1.. Mar. 8_. Mar. 15 Mar. 22. Mar. 29. 3.986.0 3, 997. 4 4,015. 6 4.083.1 4,134.7 , 544.9 , 560.5 ., 568.1 ., 648. 3 1,693.0 265.1 281.1 287.3 247.2 256.8 1,279. 7 1,279.3 1,280.8 1,401.1 1,436. 2 548.5 543.3 553.4 549.5 550.5 641.3 644.5 643.6 644.3 646.7 1,192. 6 1,190.0 1,189. 5 1,174. 5 1,180. 6 58.8 59.2 61.1 66.5 63.9 Apr. 5... Apr. 12. Apr. 19. Apr. 26. 4,241.8 4, 317. 6 4,402. 9 4,479. 6 1,759.6 1, 819. 8 1,892. 9 1,934. 4 251.3 278.6 243.8 240.9 1,508.3 1, 541. 2 1,649. 0 1, 693. 5 572.0 582.2 587.5 611.8 652.6 652.9 655.3 657.5 1.191.7 1.193.8 1,194.3 1,202. 9 65.9 72.9 73.0 May May May May May 3__ 10. 17. 24. 31. 4,523. 7 4, 544. 5 4, 567. 6 4, 570.0 4, 570.8 2,019.6 2,030. 7 2,042.8 2,046. 3 2,041. 5 245.9 264.5 292.8 299.1 302.1 1,773.6 1, 766. 2 1,750.0 1, 747. 3 1, 739. 5 596.1 591.3 597.3 596.0 599.8 621.8 637.1 642.3 644.1 647.6 1,211.9 1, 210.2 1,211.8 1, 209. 3 1,209. 2 74.4 75.3 73.4 74.2 72.7 June 7._ June 14, June 21. June 28. 4, 550.0 4, 555.9 4, 586. 2 4, 595. 6 2,008. 2 2,019.8 2,031. 7 2,048. 3 327.8 364.4 364.5 361.8 1,680. 4 1,655. 5 1, 667. 3 1, 686. 5 601.3 593.7 610.7 609.5 658.4 661.5 664.3 664.5 1, 210.6 1,208.3 1, 205. 6 1,199.3 71.6 72.6 73.8 74.0 July July July July 5... 12.. 19.. 26.. 4, 613.7 4, 590.9 4, 593.1 4, 615. 4 2,049. 7 2,031.2 2,042. 5 2,066. 2 306.9 293.6 288.6 301.2 1, 742. 9 1,737. 5 1, 753. 9 1, 765. 0 610.1 609.9 606.5 609.0 678.5 677.1 677.0 678.0 1,199. 3 1,194.4 1,185.0 1,180.0 76.1 78.4 81.9 Aug. Aug. Aug. Aug. Aug. 2.. 916. 23. 30. 4, 637. 2 4,664.8 4, 711. 8 4, 830.0 4,865. 3 2,093. 9 2,139.1 2,182. 2 2, 287. 3 2, 334. 2 327.1 323. 2 305.5 352.5 371.6 1, 766. 8 1,815. 8 1, 876. 7 1,934.9 1,962. 6 598.8 612.0 624.8 635.1 622.6 680.2 652.8 654.5 656.9 657.8 1,182. 2 1,176. 5 1,164.9 1,165.1 1,165. 7 82.1 84.5 85.4 85.5 85.0 Sept. 6. Sept. 13. Sept. 20. Sept. 27 4,884.4 4,943. 7 4,979. 3 4, 958. 7 2,341. 5 2, 389. 3 2,434.6 2, 412.4 409.0 464.7 510.7 485.1 1,932. 5 1, 924. 6 1,923. 9 1, 927. 3 625.6 625.0 615.8 621.8 661.7 668.9 674.4 676.9 1.171.3 1,181. 3 1,173. 4 1.164.4 84.2 79.2 81.1 83.1 JANUARY 1940 63 International Capital Transactions—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES Total United Kingdom France Netherlands Switzerland 1935—Dec. 31 1936—Dec. 30 1937—Dec. 29 1938—Dec. 28 1,412. 5 2,608.4 3, 410. 3 3, 779. 2 554.9 829.3 993.7 1,186.1 210.2 299.5 281.7 339.5 114.5 229.7 311.9 324.6 130.4 335.5 607.5 554.0 36.6 83.1 123.9 140.7 24.0 45.6 22.1 33.0 130.0 228.5 312.2 463.8 1,200.6 2,051.3 2,653. 0 3, 041. 7 150.5 106.3 157.2 0) 70.9 201.2 410.6 389.5 128.3 184.0 224.6 156.8 12.7 21.4 15.9 34.1 1939—Mar. 29 June 28 Aug 30 4,134. 7 4, 595. 6 4,865. 3 1, 203.1 1, 360. 2 1, 326. 3 366.8 439.7 473.4 383.6 401.0 412.1 587.6 599.2 647.2 150.2 149.5 148.8 24.7 29.5 26.1 536.8 604.2 665.1 3, 252.9 3, 583. 3 3, 699.1 185.1 230.5 291.8 443.5 500.2 536.1 206.4 223.8 259.4 46.8 57.9 78.9 4,884.4 4,943. 7 4,979.3 4, 958. 7 1,351.8 1, 369. 7 1,413.4 1, 368.1 486.3 488.0 478.5 459. 6 413.6 426.4 442.3 448.4 651.7 658.2 665.0 671.1 149.9 151.6 151.4 151.1 24.7 24.8 31.3 32.9 665.3 676.0 676.6 686.0 3, 743. 3 3, 794. 6 3, 858. 5 3,817. 2 261.2 271.6 253.6 260.9 547.0 540.6 530.7 528.0 250.0 262.8 261.6 276.4 82.9 74.0 74.9 76.2 From Jan. 2, 1935, through— Sept. Sept. Sept. Sept. 6 13 20 27 Germany Italy Other Europe Total Latin Europe Canada America Far East All other TABLE 3.—FOREIGN BANKING FUNDS I N UNITED STATES, BY COUNTRIES From Jan. 2, 1935, through— Total United Kingdom France Netherlands Switzerland Germany Italy Other Europe Total Latin Europe Canada America Far East All other 31 30 29 28 603.3 930.5 1,168. 5 1, 432. 7 128.6 163.5 189.3 366.7 129.6 144.2 111.8 158.8 55.7 65.9 76.3 84.4 72.4 109.8 288.4 203.7 -.8 2.7 9.6 -9.8 7.3 23.0 6.9 3.8 60.7 79.7 109.4 203.0 453.5 588.9 791.7 1,010. 6 46.0 86.8 76.3 135.1 33.5 149.3 166.3 134.0 58.8 90.4 126.2 132.7 11.5 15.2 8.0 20.4 1939—Mar. 29 June 28 Aug. 30 1, 693. 0 2,048. 3 2, 334. 2 401.8 535.2 522.3 187.4 252.3 283.7 129.9 132.0 144.8 233.4 227.1 270.0 -10.9 -14.5 -18.5 -3.9 -6.6 -7.4 267.8 320.0 384.1 1, 205. 5 1,445. 5 1, 579.0 136.5 191.5 256.1 179.8 242.0 268.9 139.9 131.5 172.8 31.3 37.8 57.5 2, 341. 5 2, 389. 3 2,434. 6 2, 412. 4 547.4 575.7 624.8 584.5 290.2 292.0 283.0 263.8 144.8 152.2 166.1 172.0 273.7 276.7 281.2 286.2 -21.6 -21.4 -21.7 -21.9 -8.5 -8.3 -2.4 -1.6 378.2 388.9 389.6 399.5 1, 604. 2 1, 655. 9 1, 720. 7 1, 682. 5 230.2 236.4 219.5 225.2 279.2 270.4 263.8 262. 0 • 167.1 174.9 177.2 188.5 60.9 51.8 53.4 54.3 1935—Dec. 1936—Dec. 1937—Dec. 1938—Dec. Sept. Sept. Sept. Sept. 6 13 20 27 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2,1935, through— 1935—Dec. 1936— Dec. 1937—Dec. 1938—Dec. 31_ 30 29 28 1939—Mar. 29 June 28 Aug. 30 Sept. Sept. Sept. Sept. 6 13 20 27 United Kingdom France Netherlands Switzerland 361.4 431.5 449.1 478.1 208.8 178.0 207.4 204.5 48.1 62.0 65.3 65.5 -.4 -3.3 -4.4 -6.9 1.6 2.7 2.6 2.6 29.7 66.0 105.1 140.3 550.5 609.5 622.6 209.2 236.7 225.2 64.9 68.1 70.0 -1.5 -1.0 8.4 4.5 3. 6 5.6 625.6 625.0 615.8 621.8 228.1 223.0 224.5 226.1 71.0 70.8 69.6 70.0 8.4 8.8 9.5 9.1 5.2 5.6 5.3 5.2 Total Germany Other Europe Total Europe Canada Latin America 13.7 16.3 6.5 13.9 8.8 22.0 26.9 33.0 310.2 343.7 409.3 453.0 -4.6 36.9 -21.7 30.6 20.1 24.9 51.6 66.8 37.3 30.4 18.7 -65.0 -1.6 -4.4 -8.7 -7.2 149.8 153.8 158.2 10.8 17.7 14.6 30.9 39.9 35.1 468.6 518.8 517.2 49.9 42.2 52.3 66.5 55.7 61.9 -28.1 -2.9 -5.7 -6.4 -4.3 -3.0 162. 5 164.0 164.3 164.1 14.1 14.0 14.4 15.1 40.5 40.3 39.7 38.2 529.9 526.5 527.3 527.7 47.2 46.1 43.6 46.6 61.1 60.9 57.8 57.4 -9.9 -5.9 -9.6 -6.4 -2.7 -2.7 -3.3 -3.6 i Inflow less than $50,000. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. 1939, pp. 284-296, April 1938, pp. 267-277, and May 1937, p p . 394-431. 64 Italy Far East All other For backfiguresand description of the statistics, see BULLETIN for April FEDERAL RESERVE BULLETIN International Capital Transactions—Continued [In millions of dollars. Minus sign indicates net movement from United States] T A B L E 5 . — F O R E I G N S E C U R I T I E S , BY C O U N T R I E S Net Purchases by Foreigners From Jan. 2, 1935, through— 1935—Dec. 31 1936—Dec. 30 1937—Dec. 29 1938—Dec. 28 1939—Mar. 29 June 28 Aug. 30 - Sept. 6 Sept. 13 Sept. 20 Sept. 27 United Kingdom France Netherlands Switzerland Qermany- 125.2 316.2 583.2 610.0 67.8 116.1 136.8 129.1 6.8 18.2 22.8 26.2 7.4 10.4 21.2 27.3 -1.2 13.7 30.4 37.1 lS. 3 22.5 26.6 33.1 646.7 664.5 657.8 127.6 128.2 127.4 26.3 28.2 28.3 28.7 29.4 29.7 38.4 41.7 43.2 661.7 668.9 674.4 676.9 125.6 125.1 124.9 124.9 33.2 33.4 33.7 33.8 29.7 29.9 29.8 29.7 42.6 43.0 43.3 43.4 Total Latin Canada America Far East All other Other Europe Total Europe 2.9 9.4 13.5 20.5 46.1 87.9 115.2 165.9 143.1 278.3 366.4 439.1 -39.7 1.7 10.5 -38.9 12.7 15.7 175.0 166.3 7.9 17.0 24.5 33.8 1.1 3.5 6.8 9.7 34.9 35.8 36.4 23.1 23.8 24.4 174.9 180.4 181.8 453.8 467.4 471.2 -25.8 -26.5 -41.5 172.6 176.0 178.8 36.2 37.1 38.8 9.9 10.4 10.5 36.3 36.4 36.4 36.4 24.6 24.6 24.8 24.8 182.1 181.8 182.5 183.1 474.0 474.1 475.2 476.0 -40.7 -34.6 -30.8 -29.5 179.0 179.7 180.0 180.4 38.8 39.0 39.3 39.3 10.6 10.7 10.7 10.7 Italy TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners United Kingdom France Netherlands Switzerland Germany 316.7 917.4 1,162.0 1,210.9 149.8 367.7 448.7 472.6 23.4 64.7 70.3 76.5 50.5 157.6 213.8 212.9 55.1 200.2 275.3 301.7 -5.4 -7.5 -17.4 -22.7 1939—Mar. 29 June 28 Aug. 30 1,180. 6 1,199. 3 1,165. 7 448.3 442.0 433.5 72.3 74.4 72.2 217.7 231.0 220.6 301.7 315.0 313.4 -23.4 -25.2 -27.1 Sept. 6 Sept. 13 Sept. 20 Sept. 27 1,171. 3 1,181. 3 1,173. 4 1,164. 4 433.1 426.0 417.1 408.4 73.0 73.4 73.7 73.7 222.0 228.4 227.6 228.2 314.5 318.5 320.3 320.9 -27.2 -27.3 -27.4 -27.4 From Jan. 2, 1935, through— Total 1935-Dec. 31 1936—Dec. 30 1937—Dec. 29 1938—Dec. 28 Latin Canada America Far East All other Other Europe Total Europe -.1 -3.3 -4.9 -5.4 12.9 38.5 55.7 56.6 286.2 818.0 1,041. 6 1,092.3 2.8 32.6 37.6 27.8 3.7 15.5 18.2 23.4 21.4 44.1 54.7 56.4 2.6 7.1 9.8 11.0 -5.5 -5.5 -5.7 -5.6 -5.6 -5.6 -5.5 56.5 56.9 56.7 1,067. 6 1,088. 4 1,063. 6 18.8 13.9 13.0 24.6 25.7 24.7 57.9 57.6 50.6 11.7 13.7 13.7 57.4 58.4 58.2 58.3 1,067.1 1,071.8 1,063. 8 1, 056. 7 12.0 11.9 10.9 8.9 25.6 27.3 27.1 26.1 52.7 56.3 57.4 58.5 13.9 14.1 14.1 14.1 Italy TABLE 7.—BROKERAGE BALANCES1, BY COUNTRIES From Jan. 2, 1935, through— Total United Kingdom France Netherlands Switzerland Germany Italy 1935—Dec. 31 1936—Dec. 30 1937—Dec. 29 1938—Dec. 28 6.0 12.9 47.5 47.6 4.0 11.5 13.2 2.4 10.4 11.5 12.6 1.3 -.9 5.0 6.8 2.5 9.1 10.8 8.8 -.2 -.7 -.2 .1 .3 .1 .2 1939—Mar. 29 June 28 Aug. 30 63.9 74.0 85.0 16.3 18.1 17.8 16.0 16.8 19.1 8.8 9.6 8.6 9.6 11.9 15.0 -.2 -.3 -.2 .2 .1 .2 Sept. 6 Sept. 13 Sept. 20 Sept. 27 84.2 79.2 81.1 83.1 17.7 19.8 22.1 24.2 19.0 18.4 18.5 18.4 8.7 7.1 9.3 9.4 15.7 14.5 14.9 15.3 -.1 -.1 -.2 -.1 .2 .2 .2 .2 Latin Canada America Far East All other Other Europe Total Europe 1.4 7.6 22.6 44.0 46.7 -4.5 -7.6 3.5 2.6 1.0 -4.2 -.5 -.9 2.9 2.1 .5 -1.0 - 9 57.4 63.2 68.0 5.6 9.3 - 11.9 .1 .8 1.9 .6 .4 3.0 .3 .3 .3 68.2 66.3 71.4 74.3 12.4 11.7 10.4 9.7 2.1 2.4 1.9 2.1 1.2 -1.4 -2.6 —3. 6 .3 .1 5^0 5.3 6.6 7.0 7.4 7.1 6.5 6.5 7.0 1 For explanation see BULLETIN for May 1937, pp. 395-396. 2 Inflow less than $50,000. s Outflow less than $50,000 JANUARY 1940 65 INTERNATIONAL CAPITAL TRANSACTIONS—Continued OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Date Total United Kingdom France Netherlands Switzerland Germany Italy Other Europe Total Europe Latin Canada America Far East All other Reported by Banks in New York Citv 241.8 216.8 148.3 98.2 86.1 91.9 188.2 130.8 103.3 121.7 96.7 106.6 49.0 38.2 69.0 43.5 42.7 60.3 31.0 37.5 21.6 12.6 10.9 11.9 227.1 232.9 686.3 814.3 1,017.1 1,237.8 103.3 99.3 145.3 186.1 175.6 235.2 117.4 122.8 156.3 263.9 280.9 254.9 125.1 130.1 188.9 200.2 236.0 243.7 12.0 12.0 23.4 27.1 20.0 32.4 314.7 366.9 431.0 1,432.7 1, 672. 7 1,806. 2 236.6 291.7 356.2 300.7 363.0 389.8 250.9 242.5 283.7 43.3 49.7 69.4 425.1 435.8 436.5 446.4 1,831. 4 1,883.1 1,947.9 1,909. 7 330.4 336.5 319.6 325.3 400.1 391.3 384.7 383.0 278.1 285.9 288.2 299.5 72.9 63.8 65.4 66.2 1929—Dec. 31___ 1930—Dec. 31___ 1931—Dec. 30___ 1932—Dec. 28. __ 1933—Dec. 27___ 1934—Nov. 28i. 2,672.7 2, 335.0 1, 303. 5 745.6 392.0 466.7 301.5 214.5 104.9 169.7 48.9 59.1 923.7 799.4 549.2 71.1 27.0 32.7 99.1 122.2 44.6 11.9 1934—Dec. 5'_. 1935—Jan. 2..... Dec. 31... 1936—Dec. 30__. 1937—Dec. 29__. 1938—Dec. 28... 584.8 597.0 1, 200.2 1,491.6 1, 729. 6 2,003.9 79.6 76.9 205.5 235.7 261.5 438.8 36.1 33.9 163.5 176.3 143.9 190.9 13.5 12.9 68.6 78.8 89.1 98.4 12.1 13.7 86.1 123.5 302.1 217.4 28.4 29.9 29.0 32.0 39.0 19.9 16.8 18.8 26.1 41.7 25.7 22.6 40.6 46.8 107.5 126.3 156.0 249.9 1939—Mar. 29.. June 28. _ Aug. 30- 2, 264. 2 2,619. 5 2, 905.4 473.9 607.4 594.5 219.5 284.4 315.9 143.9 146.0 158.7 247.1 240.8 283.6 18.7 15.1 11.1 14.8 12.2 11.4 Sept. 6... Sept. 13.. Sept. 20.. Sept. 27.. 2,912. 7 2,960. 5 3,005.8 2,983. 6 619.5 647.8 697.0 656.7 322.3 324.1 315.1 295.9 158.8 166.2 180.0 186.0 287.3 290.4 294.9 299.9 8.1 8.3 7.9 7.8 10.3 10.5 16.4 17.1 8.0 12.7 105.2 222.2 66.0 78.0 11.5 9.7 204.5 161.0 41.1 32.9 17.5 25.8 157.4 111.2 33.2 39.8 11.7 14.3 371.3 281.3 122.2 66.2 31.1 41.7 2,162.8 1,911.7 961.2 469.6 155.7 196.0 Reported by Banks in United States TABLE 9—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Date Total United Kingdom France Netherlands Switzerland Germany Italy Other Europe Total Europe Latin Canada America Far East All other Reported by Banks in New York City 1,103.3 I 1931—Dec. 30 1932—Dec. 28 937.9 898.8 1933—Dec. 27 1934—Nov. 281.— 827.1 | 166.2 87.3 192.5 201.3 29.5 62.9 66.9 94.1 20.9 13.0 18.4 15.9 12.6 6.2 12.3 8.5 467.2 434.9 260.9 178.8 18.7 11.8 16.7 10.7 149.2 I 97.0 83.2 60.2 864.3 713.1 651.0 569.5 58.1 42.2 32.3 84.4 136.5 155.2 159.7 124.4 41.8 24.0 49.7 46.2 2.6 3.5 6.2 2.6 Reported by Banks in United States 1934— Dec. 5 »__. 1935—Jan. 2 Dec. 31... 1936—Dec. 30. _. 1937—Dec. 29... 1938—Dec. 28... 1939—Mar. 29.. June 28— Aug. 30. .. Sept. 6... Sept. 13.. Sept. 20.. Sept. 27.. 1 8 1,137.8 1,139.9 778.6 672.6 655.0 626.0 553.6 494.6 481.4 478.5 479.1 488.3 482.3 266.4 296.9 88.1 114.1 84.8 87.7 83.0 55.4 66.9 64.1 69.1 67.7 66.0 108.2 80.5 32.5 16.8 13.5 13.3 19.2 18.6 19.0 21.9 23.0 25.5 8.3 8.2 6.6 5.4 5.5 5.4 13.8 10.7 20.1 19.7 10.3 10.2 3.6 4.5 2.5 8.7 7.7 8.0 9.1 8.7 9.8 9.1 9.6 2.8 2.5 2.8 2.9 239.6 231.7 202.0 165.1 126.1 90.9 81.4 77.4 73.0 68.7 67.2 66.9 67.1 26.5 27.2 13.5 10.9 20.8 13.3 81.3 80.0 71.2 57.8 62.9 46.7 749.5 743.2 433.0 392.1 326.5 282.8 91.2 96.3 100.9 59.4 118.0 65.7 170.7 174.6 154.5 141.1 114.4 99.2 118.1 117.4 80.1 67.2 78.9 162.6 8.3 8.5 10.1 12.9 17.2 15.7 16.4 12.6 48.8 39.9 44.7 46.3 54.0 44.0 39.3 39.5 40.1 41.6 99.5 110.3 104.1 104.9 105.0 108.1 108.5 125.7 100.5 103.3 107.5 103.5 107.2 104.0 14.9 12.8 11.5 13.1 13.2 12.8 12.2 267.1 217.0 218.6 205.9 209.2 208.4 208.1 9.5 49.0 50.2 52.7 49.7 11.2 11.2 11.8 12.1 Last report date on old basis. First report date on new basis. 66 FEDERAL RESERVE BULLETIN CENTRAL BANKS Bank of England (Figures in millions of pounds sterling) Assets of issue dept. Gold Liabilities of banking department Assets of banking department Discounts and advances Securities 26.3 38.8 31.6 23.6 58.7 47.1 35.5 46.3 41.1 22.3 49.0 27.3 18.5 16.8 7.6 8.5 17.5 9.2 84.9 104.7 133.0 120.1 101.4 98.2 94.7 155.6 135.5 Cash reserves Other Coin Notts Note circulation Public 379.6 368.8 364.2 371.2 392.0 405.2 424.5 467.4 505.3 71.0 132.4 126.4 102.4 101.2 89.1 72.1 150.6 120.6 8.8 6.6 7.7 8.9 22.2 145.8 147.6 120.7 119.8 190.7 192.3 200.1 313.7 326.4 260.0 260.0 275.0 275.0 260.0 260.0 260.0 200.0 220.0 .8 1.0 .5 1938—Nov. 30. Dec. 28. 326.4 326.4 200.0 230.0 1.2 .8 45.6 51.7 17.6 28.5 110.8 90.7 480.8 504.7 1939—Jan. 25.. Feb. 22. Mar. 29. April 26. May 31. June 28. July 26.. Aug. 30. Sept. 27. Oct. 25.. Nov. 29. 2126.4 126.4 3 226.2 226.2 226.2 226.4 4 246.4 263.0 5.1 .2 .2 400.0 400.0 300.0 300.0 300.0 300.0 300.0 300.0 580.0 580.0 580.0 .7 1.0 1.1 .9 .6 .7 .6 .7 .7 .9 1.1 62.6 53.7 44.2 37.1 26.4 27.4 35.5 33.5 38.3 53.0 51.6 18.8 17.5 4.8 6.2 8.0 6.8 8.0 6.4 2.5 4.6 4.5 103.9 100.6 124.8 129.5 140.7 136.7 128.0 137.8 144.2 127.7 132.1 463.8 472.7 482.0 489.1 499.8 499.0 510.9 529.5 541.8 527.1 528.7 (Figures in millions of francs) Gold6 12.1 12.1 11.4 17.9 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 97.1 101.0 23.1 15.9 37.2 36.8 17.8 18.0 118.2 103.1 98.5 91.4 82.4 101.4 91.4 90.1 107.1 116.8 103.5 12.9 16.3 21.8 27.0 38.3 15.4 26.0 31.1 19.8 12.6 27.8 36.7 35.1 36.3 37.6 37.1 37.0 36.7 39.0 40.5 39.2 40.2 18.1 18.2 18.2 17.7 17.8 17.9 18.1 18.2 18.3 17.7 17.8 Liabilities 7,850 11,698 22,183 20,072 13,414 15,359 8,716 13,655 19, 326 1,812 2,241 1,989 2,041 1,940 1,907 2,113 2,557 3,160 1,379 652 17,698 31,909 573 715 675 7,032 7,422 1,611 1,797 11,021 7,880 20,627 20, 627 443 3,739 3,612 14,185 106,798 14,442 110,935 6,169 5,061 31,955 25, 595 3,004 2,718 8,004 7,801 8, 631 1,996 2,014 2,054 2,165 2,276 2,279 2,275 1,708 1,958 2,007 1,625 6,193 20, 627 5,462 20,627 5,733 20,627 6,012 20,577 4,774 20,577 5,009 20, 577 5,000 20, 577 15,009 20,577 14,830 22,777 25,473 5,206 30,472 136 73 172 127 78 374 472 2,412 930 336 454 3,389 3,317 3,332 3,362 3,401 3,471 3,461 3,805 3,661 3,576 3,581 14,099 14,308 14,558 14,452 14,264 14,753 14,458 16,016 16,482 17,100 <") 109.378 111, 162 119,748 124,666 121,391 122,611 123,239 142, 359 144, 562 144.379 149,369 5,445 5,079 3,955 3,755 4,573 5,188 5,468 3,304 2,342 2,004 1,952 24,935 22, 556 16,702 17, 255 17, 570 16,909 16,058 18,038 18,022 14, 790 12,393 2,713 2,830 2,726 2,649 3,020 2,816 2,781 2,708 2,926 3,006 (") 1938—Nov. 24 Dec. 29_ 87.264 87.265 87.266 87,266 87,266 761 759 758 756 754 722 722 218 212 85 110 11,737 12,624 5,898 2,311 2,322 3,718 2,862 2,089 3,461 3,438 4,739 3,971 9,712 8,465 10,066 5,612 5,304 7,157 6,802 6,122 5,837 5,800 5,640 5,580 821 68,571 76,436 85, 725 85,028 82,613 83,412 81,150 89,342 93,837 2,521 2,901 2,730 2,515 2,921 3,211 3,253 3,583 3,781 41, 668 25,942 53, 578 26,179 21, 111 83,017 4,484 77,098 1,158 82,124 963 66,296 1,328 60,359 1,460 58,933 911 1092,266 92, 266 92, 266 92, 266 1097,266 97, 266 97,266 97, 266 9.9 Deposits Domestic bills Loans o n AdOther Forvances Note liabilieign to ShortOther circulaties Open extion GovernSpe- Other Govterm Other Other change market' cial' ern- Govern- securiment ment9 ment se- ties curities 1929—Dec. 27_ 1930—Dec. 26. 1931—Dec. 30_ 1932—Dec. 30_ 1933—Dec. 29. 1934—Dec. 28_ 1935—Dec. 27. 1936—Dec. 30_ 1937—Dec. 30_ 1939—Jan. 26_ Feb. 23. Mar. 30 April 27 May 25_ June 29. July 27_ Aug. 31. Sept. 28 Oct. 26. Nov. SQP Other liabilities 35.8 36.2 40.3 33.8 36.5 36.4 37.1 39.2 36.6 Assets Bank of France Other Bankers' 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. .2 Deposits 8,164 8,074 8,316 9,396 9,734 10,038 (u) 8,624 8,429 5,603 6,609 8,545 9,196 8,251 8,288 7,879 8,344 7,277 p Preliminary. i Securities and silver coin held as cover for fiduciary issue, which has been fixed at £580,000,000 since Sept. 6, 1939; for information concerning previous status of fiduciary issue see BULLETINS for December 1939, p. 1140 and April 1939, p. 339. » On Jan. 6, 1939, £200,000,000 of gold transferred to British Exchange Equalization Account. • Effective Mar. 1, 1939, gold valued at current prices instead of legal parity and about £5,500,000 transferred from Exchange Account to Bank. See note 1. 4 On July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank of England. « On Sept. 6, 1939, £279,000,000 transferred from Bank of England to Exchange Account. • By decree of Nov. 12,1938 (see BULLETIN for January 1939, p. 29), gold revalued on basis of 27.50 milligrams gold 0.900 fine per franc; gold also revalued in October 1936 and July 1937. For further details concerning these revaluations see BULLETINS for December 1939, p. 1140 and December 1938, p. 1091. i Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650). I Bills and warrants endorsed by National Wheat Board (law of Aug. 15,1936—see BULLETIN for Oct. 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p. 788). • Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18,1936, June 30, 1937, March 22, 1938, and April 14, 1938, as modified by Convention of Nov. 12, 1938; and under authority of Convention of Sept. 29,1938, approved by decree of Sept. 1, 1939 (see BULLETINS for July 1936, p. 536; Aug. 1937, p. 720; June 1938, p. 452; Aug. 1938, p. 650; Jan. 1939, p. 30, and Nov. 1939, p. 976). i° On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Stabilization Fund to Bank of France II Figures not yet available. NOTE.—For further explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. JANUARY 1940 67 Central Banks—Continued Assets Reichsbank (Figures in millions of reichsmarks) Liabilities Securities Reserves of gold and Bills (and checks), foreign exchange including Security Eligible loans as note Other Total Gold* Treasury cover bills reserves 2,283 2,216 259 445 349 221 106 656 638 1,065 1,114 735 827 853 765 861 5,044 4,778 4,776 3,560 3,645 3,901 4,285 4,980 5,493 755 652 755 540 640 984 1,032 1,012 1,059 736 822 1,338 1,313 836 1,001 923 953 97(1 48 45 548 557 298 298 1,494 1,621 7,744 8,223 1,141 1,527 1,093 1,091 52 60 58 55 40 48 36 60 24 35 36 592 660 677 668 922 930 925 1,013 1,324 1,440 997 298 288 292 476 285 274 289 296 393 366 365 1,848 1, 710 1,489 1,928 2,182 1,658 1,652 1,964 1,963 2,375 2,257 7,816 7,939 8,311 8,519 8,525 8,731 8,989 10, 907 10, 995 10, 820 10, 974 1,119 1,105 1,249 1,122 1,292 1,281 1,294 1,480 1,602 1,520 1,574 1,091 1,112 1,212 1,289 1,234 1,132 1,157 1,294 1,287 1,312 1,332 920 396 84 88 72 76 2,848 2,572 4,242 2,806 3,226 4,066 4,552 5,510 6,131 251 256 245 176 183 146 84 74 60 1938—Nov. 30 Dec. 31 77 76 71 71 7,514 8,244 1939—Jan. 31.. Feb. 28 Mar. 31 . . Apr. 29 May 31 June 30 July 31 Aug 31 Sept 30 Oct 31 Nov. 30 76 76 77 77 77 77 77 77 77 77 77 71 71 71 71 71 7,160 7,361 8,180 7,726 7,547 8,159 8,461 10, 272 10,105 9,358 10,148 ._ 2,687 2,685 1,156 Other liabilities 92 102 161 398 322 319 315 303 286 984 806 386 79 82 66 71 1929—Dec. 31 1930—Dec 31 1931—Dec. 31 1932—Dec 31 1933—Dec. 30 1934—Dec. 31 1935—Dec. 31 1936—Dec. 31 1937—Dec. 31 Note circula- Deposits tion Other assets i Not shown separately on Reichsbank statement after June 15, 1939. NOTE.—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. 1939 Central bank [Figures as of last report date of month] Nov. Oct. 1938 Sept. Nov. 7,567 52, 631 5,106 7,993 26, 247 32, 372 14,679 7,575 19,161 5,491 4,494 10,608 13, 233 12,880 1,224 126 256 193 1,151 487 85 6 15 56 1,224 135 277 220 1,163 497 93 8 40 55 1,224 94 80 239 1,059 363 125 1 33 55 16,030 44,488 16,030 43, 995 16,011 37, 268 1,790 11,042 19, 311 60, 540 89,061 51, 525 1,869 15, 640 18,060 62, 250 91, 355 51,025 1,317 21, 785 14,843 58,037 91,412 48,030 National Bank of Albania (thou- sands of francs): Gold Foreign assets Loans and discounts Other assets Note circulation Other sight liabilities Other liabilities Central Bank of the Argentine Republic (millions of pesos): Gold reported separately Other gold and foreign exchange Negotiable Government bonds. _ Other assets Note circulation Deposits—Member bank Government. __ Other Foreign exchange sold forward Other liabilities Commonwealth Bank of Australia (thousands of pounds): Issue department: Gold and English sterling Securities Banking department: Coin, bullion, and cash London balances Loans and discounts Securities Deposits Note circulation Bank of Belgian Congo (millions of Belgian francs): Gold.... Loans and discounts Other assets Note circulation Deposits Other liabilities 68 166 479 415 365 557 139 1939 Central bank [Figures as of last report date of month] Nov. National Bank of Belgium (millions of belgas): Gold reserve Other gold and foreign exchange Discounts Loans Other assets _ Note circulation Demand deposits—Treasury Other Other liabilities Central Bank of Bolivia (thousands of bolivianos): Gold at home and abroad Foreign exchange Loans and discounts Securities—Government Other __ Other assets Note circulation Deposits Other liabilities National Bank of Bulgaria (millions of leva): Gold Foreign exchange. Loans and discounts... Government debt Other assets . Note circulation Deposits Other liabilities . . . _ Bank of Canada (thousands of Canadian dollars): Gold . Sterling and United States exchange Canadian Gov't securities: 2 years or less _ Over 2 years. Other assets Note circulation Deposits-Chartered banks Dominion Government Other Other liabilities 1938 Oct. Sept. Nov. 3,603 845 552 126 549 5,370 1 181 124 3,628 942 440 171 553 5,401 4 206 124 3,446 912 290 38 466 4,450 136 447 119 57, 593 106, 981 26, 227 401,829 4,034 47, 369 280, 621 300,876 62, 536 2,006 705 2,409 3,417 1,386 4,426 3,206 2,291 2,003 1,105 1,083 3,468 1,171 2,938 3,604 2,287 225, 675 225, 675 225, 675 181,033 60,707 46, 564 44,448 45,157 199,347 193,862 155,054 154,875 46, 282 55,039 63, 588 41, 018 7,234 5,425 7,893 5,530 222, 301 224,401 212,490 170, 724 223, 596 234,102 221,127 215,195 52,404 39,089 38, 228 29,988 1,844 26,137 18,432 11, 380 9,759 13,105 13,008 12, 774 FEDERAL RESERVE BULLETIN Central Banks—Continued Central bank [Figures as of last report date of month] Central Bank of Chile (millions of pesos): Gold Discounts for member banks Loans to government Other loans and discounts Other assets Note circulation DepositsBank Other Other liabilities Bank of the Republic of Colombia (thousands of pesos): Gold Foreign exchange Loans and discounts Government loans and securities. Other assets Note circulation Deposits Other liabilities National Bank of Czecho-Slovakia 1 (millions of koruny): Gold Foreign exchange Discounts Loans Other assets Note circulation Demand deposits Other liabilities National Bank of Denmark (millions of kroner): Gold Foreign exchange Discounts Loans—To Government agencies Other Securities Other assets Note circulation Deposits Other liabilities Central Bank of Ecuador (thousands of sucres): Gold Foreign exchange (net) Loans and discounts Other assets Note circulation Demand deposits Other liabilities National Bank of Egypt3 (thousands of pounds): Gold Foreign exchange Loans and discounts British, Egyptian, and other Government securities Other assets Note circulation Deposits—Government Other Other liabilities Central Reserve Bank of El Salvador (thousands of colones): Gold Foreign exchange Loans and discounts Government debt and securitiesOther assets Note circulation 1939 Nov. 37,438 6,161 21, 661 36,463 32,876 54,061 48, 352 32,183 117 8 28 128 198 213 105 519 118 161 Oct. 1938 Sept. 146 76 754 244 60 146 81 754 240 192 65 156 191 54 157 37, 233 4,944 22,040 37,087 31, 986 53, 795 47, 641 31,855 37, 383 5,544 21,131 37,105 31,018 54,069 46,060 32,052 1,635 766 1,594 1,050 4,978 6,339 1,051 2,632 1,659 793 1,895 1,019 4,585 6,438 851 2,661 117 210 214 117 39 26 101 182 218 94 164 118 169 6,545 1,653 8,615 30, 207 9,060 26, 263 4, — 8,715 13, 208 13, 208 3,429 3,901 1,588 1,261 5,085 5,100 1,083 1,127 14,178 14,129 Nov. Central bank [Figures as of last report date of month] 1938 1939 Nov. Central Reserve Bank of El Salvador—Cont. Deposits 145 Other liabilities 18 766 Bank of Estonia (thousands of krooni) 8: 172 Gold 47 Foreign exchange (net) 742 Loans and discounts Other assets 202 Note circulation 52 Demand deposits 151 Other liabilities Bank of Finland (millions of markkaa): 4 42,000 Gold 6,025 Foreign assets 18, 526 Loans and discounts 38,167 Domestic securities 27, 392 Other assets 54, 423 Note circulation '43, 318 Deposits—Treasury '34, 370 Other Other liabilities 2,694 Bank of Greece (millions of drach1,308 mas): 2,310 Gold and foreign exchange (net) — Loans and discounts 835 Government obligations 1,702 Other assets 6,870 Note circulation 403 Deposits 1,575 Other liabilities National Bank of Hungary (millions of pengo): 118 Gold* 118 Foreign exchange reserve 23 Discounts 151 Loans—To Treasury 116 Other 148 Other assets 112 Note circulation 414 Demand deposits 192 Certificates of indebtedness 179 Other liabilities Reserve Bank of India (millions of 35, 282 rupees): 6,354 Issue department: 55, 279 Gold at home and abroad 19, 808 Sterling securities 68, 205 Indian Gov't securities 32,490 Rupee coin 16,029 Note circulation Banking department: Notes of issue department.— 6,545 Balances abroad 2,039 Treasury bills discounted 8,586 Loans to Government Investments 28, 279 Other assets 6,905 Deposits 21,087 Other liabilities 3,835 Bank of Japan (millions of yen): 501 18, 578 Gold 300 8,854 Special foreign exchange fund 394 Discounts 3 Loans—Government 191 13, 206 Other 2,215 3,153 Government bonds 423 1,202 Other assets 2,736 5,686 Note circulation 878 930 Deposits—Government 110 13, 901 Other 302 Other liabilities r Revised. 1 Name changed to National Bank of Bohemia and Moravia, Prague, by decree of March 31, 1939. Items for issue and banking departments consolidated. » Gold revalued in part on March 6, 1939 at 0.2802 gram fine gold per kroon. * In accordance with law of December 22,1938, gold revalued on December 31,1938, at approximately C * In accordance with law XXV of 1938 gold revalued on January 15, 1939, at 0.1754 gram fine gold per pengo and i in other assets. Oct. Sept. Nov. 6,590 3,625 6,842 3,627 6,575 3,702 40, 907 2,506 50, 613 41, 208 70,176 26, 250 38, 808 40, 904 7,370 45,048 38,115 69, 461 26, 774 35, 203 34,295 16, 386 26, 516 36, 627 51, 903 34,454 27,467 1,180 2,085 2,059 328 343 3,378 553 2,064 1,181 2,214 1,269 331 274 2,547 132 561 2,028 620 2,374 1,247 310 367 2,042 152 1,039 1,684 3,343 13,018 4,207 2,231 9,883 10,823 2,093 3,126 13, 651 4,207 1,993 10, 639 10,340 1, 996- 3,375 8,209 4,315 2,012 7,011 8,894 2,006 124 83 625 343 35 334 1,032 178 94 240 124 98 627 342 32 331 1,087 148 99 220 94 100 462 267 12 293 806 178 66 179 444 745 373 725 2,103 444 645 374 751 2,029 444 622 324 714 1,789 185 142 20 6 66 39 337 121 185 136 6 1 63 35 306 120 314 3 1 1 59 14 273 120 501 300 451 3 140 1,805 397 2,634 544 111 308 501 300 442 3 49 1,412 328 2,132 460 161 282 501 300 390 3 138 2,044 365 2,687 568 I 98 388 2 JANUARY 1940 x ._ markka. [ting increment included 69 Central Banks—Continued Central bank [Figures as of last report date of month] 1939 Nov. Oct. Bank of Java (millions of guilders): Gold Foreign bills Loans and discounts Other assets Note circulation Deposits Other liabilities Bank of Latvia (millions of lats): Foreign exchange reserve Loans and discounts Other assets Note circulation _ __ _ _ Deposits Other liabilities Bank of Lithuania (millions of litu): Gold Foreign exchange Loans and discounts Other assets _ Note circulation Deposits Other liabilities Netherlands Bank (millions of guilders) : Gold Silver (including subsidiary coin) Foreign bills Discounts Loans Other assets Note "circulation Deposits—Government Other Other liabilities Reserve Bank of New Zealand (thousands of pounds): Gold Sterling exchange reserve Advances to State or State undertakings Investments Other assets Note circulation Demand deposits Other liabilities Bank of Norway (millions of kroner): Gold. _ Foreign assets Total domestic credits and securities. Discounts Loans Securities. Other assets Note circulation _._ Demand deposits—Government. Other Other liabilities. _ Central Reserve Bank of Peru (thousands of soles): Gold and foreign exchange Discounts . Government loans Other assets Note circulation Deposits Other liabilities Bank of Portugal (millions of escudos): Gold . Other reserves (net) Non-reserve exchange Loans and discounts __ Government debt Other assets c 1 2 1938 Sept. 129 13 70 95 197 84 26 92 199 75 26 QQ QQ C 197 C 47 C 118 C 191 58 4 146 41 160 55 34 129 9 70 Nov. 117 8 62 112 186 87 26 43 150 60 83 205 49 58 66 4 117 35 143 54 25 9 145 42 170 45 38 1 029 11 2 76 238 88 1,143 1 108 12 2 43 240 86 1,126 1,104 7 2 90 250 49 316 49 336 48 1,481 25 4 16 321 68 1,005 112 750 47 2,802 5,743 2,802 5,312 2,802 4,828 23,237 3,620 347 17,372 16, 273 2,104 20,843 3,816 598 16,648 14, 710 2,014 13, 522 3,509 314 14, 587 8,696 1,693 227 92 227 79 237 78 211 217 403 395 198 71 126 34 534 19 87 96 384 182 75 126 27 538 212 71 32 108 53 448 48 98 97 0) 0) (i) 528 31 90 0) 249 74 1,142 21 81 86 51, 419 23, 683 84,987 6,135 106,419 43,177 16,629 920 495 225 415 1,036 1,249 Nov. Bank of Portugal—Cont. Note circulation Other sight liabilities— Other liabilities National Bank of Rumania (millions of lei): Gold Special exchange accounts Loans and discounts 918 524 178 456 1,039 1,366 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 liabilities Bank of Sweden (millions of kronor): Gold _ Foreign assets Discounts. __ _ Loans Domestic securities Other assets __ _ Note circulation r Demand deposits Other liabilities _ Swiss National Bank (millions of francs): Gold _ Foreign exchange Discounts Loans Other assets Note circulation _ Other sight liabilities Other liabilities . Central Bank of the Republic of Turkey (thousands of pounds): Gold — Foreign exchange—Free In clearing accounts Loans and discounts Securities Other assets Note circulation . __ Deposits Other liabilities. Bank of the Republic of Uruguay (thousands of pesos): Issue department: Gold and silver Note circulation Banking department: Gold __. Notes and coin Loans and discounts Other assets . Deposits — Other liabilities National Bank of the Kingdom of Yugoslavia (millions of dinars): Gold Foreign exchange > . _ Loans and discounts... Government debt Other assets . . . _ _ _ _ __ Note circulation Other sight liabilities Other liabilities Oct. 20,581 4,417 23,255 1 332 10,200 13, 743 48, 382 10,162 14,984 QO 35 176 47 118 187 51 1938 1939 Central bank [Figures as of last report date of month] 733 406 65 150 217 539 1,232 632 246 2,310 342 95 61 683 2,012 828 650 732 452 14 111 207 511 Sept. Nov. 2,374 952 1,013 2,224 1,108 1,150 20,393 4,762 21,869 1 382 10,197 13,700 47,977 8,933 15,393 18,125 4,071 12,121 1 831 10,499 11,009 33, 676 13,075 10,905 28,398 7,125 18 18, 225 20,545 29,880 3,341 26, 722 9,050 1,820 15,072 16,547 33,033 3,084 786 707 529 13 78 874 14 33 194 535 91 463 982 1,248 1,259 573 207 703 173 1,029 2,395 291 95 54 686 2,036 835 649 2,419 285 94 49 684 2,082 802 648 2,890 286 115 24 709 1,696 1,686 643 36,836 18 2,831 218,159 196,632 34,360 294,441 71,827 122, 568 171 36,837 36,871 22 3 8,349 2,419 205,985 92,018 197,852 189,861 28,109 34,092 288, 521 196, 611 64,072 51, 981 118, 612 112, 622 86, 235 103, 585 87, 296 87, 593 21,003 2,579 52, 327 49, 583 112,004 100, 532 106,349 68,584 88,948 82,105 202, 735 139,173 1,987 616 2,573 2,835 3,944 9,244 1,546 1,164 1,987 582 2,494 2,400 3,961 9,108 1,095 1,221 1,906 512 1,781 2,244 3,383 6,783 2,266 778 Corrected. Figures not yet available. Agricultural and urban loans in process of liquidation. 70 FEDERAL RESERVE BULLETIN BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francs *] 1939 1939 Assets Nov. 30 Oct. 31 Gold in bars.. __ Cash on hand and on current account with banks _ Sight funds at interest 22,100 17, 532 28, 678 12,356 15,851 13,814 Rediscountable bills and acceptances (at cost) Time funds at interest Sundry bills and investments 159, 689 20, 653 210, 582 158,019 26, 575 214,265 Other assets 1938 Liabilities _ 5,531 Total assets 459, 587 6,233 452, 290 Nov. 30 33,969 Demand deposits (gold).. 246,367 Other liabilities 4,544 Total liabilities. Oct. 31 10, 266 10, 664 27, 675 2,777 20,175 3,148 131,345 7,620 229, 644 229,644 254,409 189,225 188, 659 194, 667 459, 587 452,290 597,421 _ 23,185 Short-term deposits (various currencies) : 19, 782 Central banks for own account Other 219,464 50,110 Long-term deposits: Special accounts... _ , Nov. 30 Nov. 30 597, 421 i See BULLETIN for December 1936, p . 1025. MONEY RATES IN FOREIGN COUNTRIES [Per cent per anum] Month Treasury Bankers' acceptances bills, 3 months 3 months Bankers' Day-to-day allowance money on deposits 1929—November. 1930—November. 1931—November. 1932—November. 1933—November. 1934—November. 1935—November. 1936—November. 1937—November. 1938—November. 5.35 2.18 5.75 .89 1.05 .45 .57 .56 .59 .66 5.30 2.15 5.55 .82 .94 .29 .55 .55 .58 .67 5.15 2.01 4.96 .73 .75 .68 .75 .75 .75 .75 1939—May June July. August September October. _. November. .73 .75 .79 1.58 3.51 1.88 1.96 .70 .76 .77 1.92 3.23 1.77 1.18 .75 .77 .75 1.35 2.72 1.71 1.00 Netherlands (Amsterdam) Germany (Berlin) United Kingdom (London) 4-3H 4 1-2 Switzerland Belgium (Brussels) France (Paris) Italy (Milan) Private discount rate Private discount rate Private discount rate Private discount rate Private discount rate 1 Money for Day-to-day money * 1 month Private discount rate Money for 1 month 6.89 4.79 8.00 3.87 3.87 3.63 3.01 3.00 2.88 2.88 8.29 6.51 9.31 5.00 5.50 4.37 3.10 2.84 2.81 2.88 7.79 5.48 8.69 4.80 5.18 4.21 3.07 2.79 2.65 2.58 4.26 1.31 1.59 .37 .45 .63 3.15 .85 .13 .14 4.17 1.29 1.73 1.00 1.00 1.00 3.00 1.55 .50 .50 2.77 2.79 2.75 2.75 2.75 2.75 2.53 2.50 2.50 2.50 2.46 2.71 2.65 2.50 2.51 2.23 .72 .49 .51 1.03 2.94 1.90 .80 .75 .75 1.53 3.66 2.24 Hungary Sweden (Stockholm) Japan (Tokyo) Month Loans up Prime commer- Day-to-day to 3 money cial paper months 1929— October... 1930—October. __ 1931—October. __ 1932—October... 1933—October. __ 1934—October. __ 1935—October... 1936— October. __ 1937—October... 1938—October. __ 3.38 1.29 1.90 1.50 1.50 1.50 2.37 1.69 1.00 1.00 4.94 2.27 2.44 3.00 2.21 2.10 1.88 1.29 1.39 3.00 3.50 2.00 1.80 1.01 1.25 1.45 2.71 2.52 3.62 3.00 7.18 5.25 7.50 5.00 3.50 3.00 5.00 4.50 5.00 5.00 6-7H 3H-5H 3-5 2^-4^ 2^-5 2^-5 1939—April May June July August September October. __ 1.00 1.00 1.00 1.00 1.00 1.25 1.25 4.28 3.99 2.79 2.30 2.24 3.22 1.88 1.94 1.88 1.88 1.95 2.70 2.34 5.00 5.00 5.00 5.00 2M-5 BV2T5V2 2H-5 Call Discounted money bills overnight 5.48 5.48-5.66 4.93-5. 66 5.66-6.02 5.11-5.48 5.11 5.11 4.75 4.75 4.56 3.47 3.29 5.48 3.28 2.56 2.52 2.69 2.92 2.65 2.31 4.47 4.47 4.47 2.47 2.37 2.39 2K-5 i Beginning September 1939 figures are those published in the Wochenbericht des Instituts fur Konjunkturforschung. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; May 1930, p. 318; and September 1938, p. 757. JANUARY 1940 71 DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective In effect June 30, 1936.. July 7 July 10 Sept. 9 Sept 25 Oct 2 Oct. 9 Oct 16 Oct 20 Nov. 26 Dec 3 Jan 28, 1937 June 15 July 7 Aug 4 United GerKing- France many dom 2 4 3.29 2 3 2 5 3 2 2 2H 2 4 6 5 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 61 Aug. 24 Aug. 29 Sept. 28 Oct. 26 In effect Dec. 28, 1939 _. 4 SwitzBel- Nether Japan ergium lands land 3 2 4 2H 3 Central bank of— Rate Dec. 28 Date effective Central bank of— Rate Dec. 28 Albania Argentina.. Belgium Bolivia Britishlndia Bulgaria Canada Chile Colombia... CzechoSlovakia.. Denmark... Ecuador El Salvador Estonia Finland France Germany... Greece Hungary Italy.. _ 6 April 1, 1937 Mar. 1, 1936 July 6, 1939 July 5, 1932 Nov. 28, 1935 Aug. 15, 1935 Mar. 11, 1935 Dec. 16, 1936 July 18, 1933 Japan Java. _ Latvia Lithuania... Mexico Netherlands New Zealand Norway Peru _ Portugal Rumania South Africa Spain Sweden Switzerland Turkey United Kingdom U. S. S. R... Yugoslavia- 3.29 3 3 6 4 3 4 3 4 2 4 6 4 2 Jan. 1, 1936 Oct. 10, 1939 Nov. 30, 1932 Mar. 30, 1939 Oct. 1, 1935 Dec. 3, 1934 Jan. 4, 1939 Sept. 22, 1932 Jan. 4, 1937 Aug. 29, 1935 May 18, 1936 6 3 3 2 Apr. 7, 1936 Jan. 14, 1937 Jan. 1, 1939 July 15, 1939 Mar. 1, 1937 Aug. 29, 1939 Nov. Sept. May Aug.. May May iMar. Dec. Nov. July 4 3 4 Date effective 2 2 4 5 19, 1938 22, 1939 20, 1932 11, 1937 5, 1938 15, 1933 29, 1939 15, 1939 26, 1936 1, 1938 Oct. 26, 1939 July 1, 1936 Feb. 1, 1935 3 i Not officially confirmed. Changes since Nov. 28: Sweden—Dec. 15 up from 2% to 3 per cent. 2 4 3 4 3 3 2 2 2 m 3 4 3.29 COMMERCIAL BANKS [Figures as of end of month, except those for United Kingdom, which are averages of weekly figures] Liabilities Assets United Kingdom Figures in millions of pounds sterling) Cash Money at call and Bills discounted short notice Securities Loans to customers Deposits Other Total Demand 1 Time 1 Other liabilities 10 London clearing banks 1930—December. 1931—December. 1932—December. 1933—December. 1934—December. 1935—December. 1936—December. 1937—December. 1938—December. 208 184 207 213 216 221 236 236 235 144 119 127 119 151 159 187 155 150 322 246 408 311 255 322 316 295 244 285 297 472 565 594 605 630 605 606 933 905 778 740 769 784 864 954 940 240 222 208 237 247 231 238 242 250 1,876 1,737 1,983 1,941 1,971 2,091 2,238 2,250 2,172 1,015 1,044 1,140 847 846 963 900 910 924 254 237 216 244 251 231 232 237 254 992 868 991 11 London clearing banks a 1936—December 1937—December 1938—SeptemberOctober NovemberDecember 244 244 195 163 322 300 660 635 984 249 256 2,315 2,330 1,288 1,284 1,012 ,026 245 252 234 234 233 243 148 149 149 160 289 268 272 250 646 645 642 635 973 973 966 971 242 256 255 263 2,269 2,256 2,249 2,254 1,236 1,247 1,244 1,256 L, 033 ,009 ,004 997 270 269 1939—January February. March April May..June July August September 3 . October 248 243 232 229 236 235 235 233 268 256 143 138 141 145 144 150 155 152 146 159 256 212 190 184 201 249 278 279 236 289 625 617 611 611 605 600 597 599 603 605 972 982 992 997 992 993 986 985 1,016 1,020 252 253 249 256 258 257 251 269 276 271 2,230 2,176 2,152 2,155 2,167 2,219 2,240 2,245 2,278 2,327 1,260 1,213 1,186 1,185 1,194 1,232 1,241 1,239 1,272 1,299 970 964 966 970 973 987 999 1,007 1,006 1,028 267 268 264 267 268 265 263 273 1 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not available2beginning 1936. District Bank included beginning in 1936. 3 Beginning in September figures combined from reports by banks for one or another of several days near end of month; averages of weekly figures discontinued. NOTE.—For other back figures and explanation of tables see BULLETIN for October 1933, pp. 639-640. 72 FEDERAL RESERVE BULLETIN Commercial Banks—Continued [Figures as of end of month] Assets France (4 large banks. Figures in millions of francs) Cash 1930—December. 1931—December. 1932—December. 1933—December. 1934—December. 1935—December. 1936—December. 1937—December. 1938—November. December. 1939—January... February.. March April May June July August P__ 2,419 11,311 9,007 5,870 3,739 3,100 3,403 3,357 3,756 3,329 3,433 3,604 3,522 5,148 3,464 6,357 Due from Bills disbanks counted 4,675 2,168 1,766 1,416 1,421 2,484 2,975 4,116 4,318 4,060 3,985 3,824 3,519 3,745 3,769 3,857 3,580 3,718 20,448 18,441 22,014 19,848 18,304 16,141 17, 582 18, 249 18, 522 21, 435 22,100 23,024 23, 945 25, 667 25,102 25, 263 25, 717 18, 784 Loans Other Total 10,743 9,274 7,850 8,309 8,159 8,025 7,631 7,624 7,956 7,592 7,079 6,927 6,654 6,414 7,061 6,538 6,850 7,353 Liabilities Demand 36,681 38,245 37,759 32,635 30,943 27, 553 28,484 30,348 30,971 33, 578 33,444 34, 243 34,793 2,361 2,130 1,749 1,827 1,717 1,900 1,957 2,134 1,976 1,940 1,339 1,250 1,310 1,353 1,409 1,472 1,532 1,674 38,120 36, 231 36, 650 33, 293 (5 large Berlin banks. Figures in mil- Cash lions of reichsmarks) reserves 35,284 37,023 36,491 31, 773 191 173 143 131 115 139 137 148 199 270 179 195 184 175 219 189 237 214 Due from banks 1,483 817 583 471 393 316 269 299 255 295 261 270 285 307 308 271 292 306 Bills discounted Loans 2,453 1,431 1,631 1,702 2,037 2,162 2,567 3,205 3,589 3,384 3,620 3,643 3,934 3,904 4,364 4,537 4,108 Cash 207 201 211 197 228 228 240 255 263 276 267 259 260 266 255 266 265 279 304 7,416 5,377 4,570 3,731 3,331 2,884 2,729 2,628 2,731 2,817 2,743 2,685 2,708 2,798 2,833 2,761 2,772 2,988 Securities 482 807 938 860 874 1,027 1,112 1,020 1,098 1,097 1,183 1,406 1,178 1,145 1,112 1,082 1,073 1,080 1,275 1,253 1,104 1,036 977 945 791 862 940 919 921 943 956 963 957 947 957 1,020 1,083 Other liabilities 921 576 295 273 193 337 473 661 746 721 643 538 541 558 519 486 430 455 4,357 4,503 4,331 4,362 4,301 4,399 4,289 4,517 4,411 4,484 3,745 3,677 3,697 3,775 3,849 3,951 4,063 4,138 Other Total 880 1,127 991 1,003 851 812 844 876 895 902 901 891 852 829 9,091 6,062 6,161 5,754 5,816 5,376 5,751 6,264 6,933 6,915 7,031 7,234 7,334 7,377 7,458 7,745 7,981 7,793 Demand 3,857 3,252 2,958 2,624 2,731 2,435 2,661 2,912 3,219 3,311 3,373 3,531 3,619 3,576 3,693 3,870 3,996 3,793 Time 5,233 2,810 3,130 3,085 2,941 3,090 3,352 3,714 3,603 3,658 3,703 3,716 3,801 3,765 3,875 3,999 Credits Other obtained liabilifrom ties banks 1,986 1,328 1,146 661 485 686 579 513 416 424 422 420 414 410 401 398 396 390 1,828 2,341 1,550 1,481 1,432 1,449 1,334 l,33fi 1,368 1,400 1,427 1,438 1,436 1,427 1,418 1,414 1,385 1,342 Liabilities Security loans abroad and net Securities Other due Security loans from loans and dis- foreign counts banks 205 135 103 106 103 83 114 76 65 63 60 56 54 55 53 51 49 51 53 Own acceptances Liabilities Deposits Deposits payable in Canada excluding interbank deposits Entirely in Canada 10 chartered banks. Figures in millions of Canadian dollars) 1930—December 1931—December... 1932—December... 1933—December. _. 1934—December... 1935—December _ „ 1936—December. __ 1937—December... 1938—December... 1939—January February March April May _. June July AugustSeptember. _. October 1,397 1,222 1, 268 862 904 694 529 600 511 537 581 624 667 667 676 684 659 626 26,859 27,955 29, 748 30,460 33,042 32,863 33, 619 34,127 35, 700 37,444 35, 547 35, 991 32, 668 Assets Canada Time Assets Germany i 1930—November.. 1931—November.. 1932—November.. 1933—November.. 1934—November.. 1935—November.. 1936—November.. 1937—November.. 1938—August SeptemberOctober November.. 1939—January February... March April May June . Deposits 171 146 155 134 155 141 161 102 166 167 171 192 203 217 226 202 245 214 209 604 694 778 861 967 1,155 1,384 1,411 1,463 1,454 1,490 1,499 1,509 1,505 1,525 1,520 1,507 1,502 1,662 Other Note circulation Total 602 510 439 432 449 485 507 510 474 459 450 458 449 452 494 468 461 475 474 133 129 115 121 124 111 103 96 2,115 2,058 1,916 1,920 2,035 2,180 2,303 2,335 2,500 2,457 2,471 2,492 2,509 2,524 2,542 2,520 2,524 2,583 2,837 Demand 689 698 538 563 628 694 755 752 840 789 780 791 812 846 862 822 822 891 1,128 Other liabilities Time ]L, 426 1,360 1,378 L, 357 L,407 L, 486 ,548 L, 583 L660 L, 667 L, 691 L, 700 ,697 L, 678 L, 680 [,697 ,702 ,692 :,709 816 752 760 725 718 745 790 785 782 796 800 821 833 850 875 849 873 862 p Preliminary. i Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice (See BULLETIN for June 1935, p . 389). NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646; June 1935, pp. 388-390; and August 1939, p . 699. JANUARY 1940 73 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 (peso) AusBeltralia gium (pound) (belga) Brazil (milreis) Official 1929 1930 _ — 1931 1932 1933 1934 1935 1936 1937 1938 95.127 83.505 66.738 58.443 72.801 33.579 32.659 33.137 32.959 32. 597 480.83 458.60 351.50 279.93 337.07 400.95 388.8 6 395.94 393. 94 389. 55 13.912 13.952 13.929 13.914 17.900 23.287 18.424 16.917 16.876 16.894 11.8072 10.7136 7.0290 7.1223 7.9630 8.4268 8.2947 8. 5681 8.7190 5.8438 1939—March April . May June July August September... October November 31. 234 31.207 31. 210 31. 217 31. 211 31.116 373.27 372.86 372.89 373.12 373.03 367.32 318. 38 319. 51 312. 66 16.823 16.838 17.016 17.008 16.991 16.968 17.028 16.729 16.490 5.8647 5.8595 Year or month 29. 770 29.772 Free market 5.8788 6.1806 6.0585 6.0571 6.0579 6.0594 6.0575 6.0580 FinCzecho- DenEgypt land slovakia mark (koruna) (krone) pound) (markka) Bulgaria (lev) Chile peso) Canada (dollar) Official Export China (yuanShanghai) Colombia (peso) 36.202 36.067 33.690 26.347 31.816 37.879 36.964 37. 523 37.326 36. 592 .7216 .7209 .7163 .7193 1.0039 1.2852 1.2951 1.2958 1.2846 1. 2424 99. 247 99.842 96.326 88.090 91.959 101.006 99.493 99.913 100.004 99.419 12.0601 12.0785 12.0669 7.9079 7. 6787 10.1452 5.0833 5.1240 5.1697 5.1716 4.0000 4.0000 41.901 29.917 22.437 21.736 28.598 34.094 36.571 29.751 29. 606 21.360 96.551 96.493 96.570 95.275 81.697 61.780 56.011 57.083 56. 726 55.953 99.965 99.952 99.930 99.941 99.946 99.936 99.920 99.909 99.916 99.925 35.057 34.962 34. 916 34.924 34.905 34.407 29.928 30.296 30.127 1. 2103 1.2089 1. 2101 1.2077 1. 2126 1. 2111 99.583 99.483 99.620 99. 773 99.835 99.494 91. 255 89.331 87. 755 5.1733 5.1735 5.1733 5.1737 5.1703 5.1691 5.1776 5.1713 5.1714 4.0000 4.0000 4.0000 4.0000 4.0000 4.0000 4.0000 4.0000 4.0000 16.016 16.015 15.987 13.434 10. 637 7.163 6.696 7.638 8.353 56.983 56. 982 57.009 57.169 57.036 57.061 57. 068 57.151 57. 206 99.932 99.936 99.942 99.949 99.950 99.950 Hungary (peng6) Italy (lira) Japan 1Mexico (yen) (peso) British India (rupee) 5.1038 5.0555 5.0236 5.0162 5.0503 5.0322 GerHong France many Greece (drach- Kong (franc) (reichs- ma) (dollar) mark) Cuba (peso) NetherNew lands Zealand (guilder) (pound) 2.9609 2.9640 2.9619 2.9618 3.8232 4. 2424 4.1642 4.0078 3.4930 3.4674 26.680 26.765 25.058 18.832 19.071 22.500 21.883 22.189 22.069 21.825 498.07 498.60 465.11 359. 54 434.39 516.85 502.60 509. 68 506.92 501.30 2.5160 2.5169 2.3875 1.5547 1.8708 2.2277 2.1627 2.1903 2.1811 2.1567 3.9161 3.9249 3.9200 3.9276 5.0313 6.5688 6.6013 6.1141 4.0460 2.8781 23.809 23.854 23.630 23.749 30.518 39.375 40.258 40.297 40.204 40.164 1.2934 1.2959 1.2926 .8320 .7233 .9402 .9386 .9289 .9055 .8958 47.167 33.853 24.331 23.460 29.452 38.716 48.217 31.711 30.694 30.457 17.441 17.494 17.452 17.446 22.360 29.575 29.602 29.558 19. 779 19.727 5. 2334 5.2374 5.2063 5.1253 6.7094 8. 5617 8.2471 7.2916 5.2607 5.2605 46.100 49.390 48.851 28.111 25.646 29.715 28.707 29.022 28.791 28.451 48.183 47.133 35. 492 31.850 28.103 27. 742 27.778 27. 760 27.750 22.122 40.162 40.225 40.230 40.295 51.721 67.383 67.715 64 481 55.045 55.009 483.21 468.22 415.29 320.19 340.00 402.46 391.28 398.92 396.91 392.35 1939—March A p r i l . . .._ May June - - July August September.. October November 3.4245 20.912 20.891 20.895 20.900 20.896 20.834 19. 317 19.291 19. 294 480.40 479.90 479.97 480.10 480.00 472. 41 432.04 2.0597 2.0542 2.0548 2.0559 2.0547 2.0456 1.9000 1.8943 1. 8964 2.6488 2.6478 2. 6487 2.6493 2. 6488 2. 6137 2. 2651 2.2736 2. 2246 40.098 40.081 40.115 40.105 40.113 39.859 39.500 .8586 .8579 .8570 .8565 .8576 .8520 .7575 .7345 .7244 29.049 28. 659 28.884 28.916 28.703 28.213 24.863 25.030 24.491 19. 613 19.602 19.588 19.577 19.576 19.576 5.2601 5. 2601 5. 2603 5. 2604 5. 2605 5. 2515 5.1445 5.0465 5.0444 27.300 27.274 27.277 27.284 27.279 26.870 23.459 23. 510 23.440 20.026 20.023 20.025 19. 753 17.133 16.800 19.023 20.151 20.497 53.092 53.132 53.601 53.167 53.278 53.484 53.182 53 115 53.080 374.78 374.41 374.42 374.60 374. 49 368.82 319. 75 320 81 313. 96 Year or month Norway (krone) Poland (zloty) 26.683 26.760 25.055 18.004 21.429 25. 316 24.627 24.974 24.840 24. 566 11.194 11.205 11.197 11.182 14.414 18.846 18.882 18.875 18.923 18.860 4.4714 4.4940 4. 2435 3.1960 3. 9165 4.6089 4. 4575 4. 5130 4. 4792 4. 4267 .5961 .5953 .5946 .5968 .7795 1.0006 .9277 .7382 .7294 .7325 483.27 483. 79 480. 76 476. 56 414. 98 498 29 484. 66 491.65 489. 62 484.16 14.683 11.667 9.545 8.044 10.719 13.615 13.678 12. 314 6.053 5.600 56.012 55.964 52.445 40.397 49. 232 59.005 57.173 58.258 57. 973 56.917 26. 784 26.854 25.254 18. 471 22.032 25.982 25. 271 25.61 25. 487 25.197 19.279 19.382 19.401 19.405 24.836 32 366 32. 497 30.189 22. 938 22.871 48.411 47.061 47.181 47.285 60.440 79 047 80.312 80.357 80.130 80.109 485.69 486. 21 453 50 350.61 423 68 503 93 490.18 497.09 494 40 488.94 98.629 85.865 55 357 47.064 60. 336 79 956 80. 251 79.874 79 072 64.370 1.7591 1 7681 1 7680 1.6411 1 7607 2 2719 2 2837 2. 2965 2 3060 2 3115 23. 539 23.515 23. 519 23.524 23. 520 23.376 22. 655 22. 697 22.703 18.860 18.818 18.812 18.812 18.808 18.754 4.2502 4 2448 4.2460 4.2484 4.2506 4. 2234 3. 6564 3. 6444 3.6067 .7140 .7056 .7056 .7042 .7035 .7043 463.74 462 80 463.11 463. 32 463.28 456.10 394. 57 396.12 397.15 11.023 11.023 11.023 11.000 10. 492 10.148 10.039 54.394 54 273 54.373 54.509 54.785 53.996 46. 712 47.017 46. 246 24.130 24. I l l 24.110 24.107 24.114 24.002 23. 763 23. 792 23. 798 22. 614 22 431 22.480 22. 546 22. 550 22. 573 22. 576 22. 433 22. 428 80.361 80 279 80.290 80.101 80.021 80.022 79. 500 468 54 468 05 468.13 468. 24 468.15 461. 07 399. 51 401.05 392.47 61. 650 61 592 61. 598 61.609 61. 600 60. 659 2 2781 2 2636 2. 2675 2.2674 2. 2744 2.2729 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 - - ._ 1939_March April May June July August September.. October November. _ r 40.132 Portu- Ruma- South Spain gal Africa nia (escudo) (leu) (pound) (peseta) .7088 17.602 Uruguay (peso) Straits Swe- SwitzUnited YugoTurkej Settle7 Kingerland den slavia ments (krona) (pound ) dom Con(franc) Non-con(dinar) (dollar) (pound) trolled trolled (i) 65.830 35.620 35.818 35.698 38.180 39.022 37.063 2. 2649 i Previously published averages based on incorrect quotations; correct quotations not available. NOTE.—Developments affecting averages since July 1939 have been as follows: No rates certified for following days: Argentina—Aug. 26-Oct. 16; Brazil—Sept. 1; Bulgaria—beginning Aug. 30; Cuba—beginning Aug. 11; Denmark—Aug. 26-31; Egypt—beginning Sept. 2; Finland—Aug. 26Sept. 1 and Sept. 3-5; Germany—Sept. 1 and Sept. 3-Nov. 5; Hungary—Aug. 26-Nov. 8; Norway—Aug. 26-29; Poland—beginning Aug. 26; Rumania and Yugoslavia—Aug. 26-Nov. 5; Turkey—Aug. 25-28 and beginning Sept. 2; Uruguay—controlled rate, Sept. 1-Nov. 28, and non-controlled rate, Oct. 17-Nov. 28. Averages based on nominal quotations for at least 5 days a month as follows: Aug.—Australia; Sept.—South Africa; Sept. a n d Oct.—British India, Hong Kong, Japan, and Straits Settlements; Nov.—British India, Germany, and Yugoslavia. For further information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see BULLETINS for March 1938, p . 244; March 1939, p . 236; September 1939, p. 831. 74 FEDERAL RESERVE BULLETIN PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES-ALL COMMODITIES [Index numbers] United Canada States (1926=100) (1926=100) Year or month 1926. 1929 1930 1931_ 1932.. 1933 1934 1935 1936 1937 1938 _ . _ _ 1938—October November December _ _ ______ _ -_ 100 95 96 86 73 65 66 75 80 81 87 72 67 67 72 72 75 France (1913=100) Germany (1913=100) 1124 695 134 627 554 600 427 398 376 338 411 681 653 137 125 111 97 93 98 102 104 106 106 Nether, lands Japan Switzerland ( J u l y 1914 =100) Italy (1928=100) (October 1900=100) 237 106 144 95 85 75 70 63 62 68 76 100 90 76 65 63 63 62 64 76 72 141 126 110 96 91 90 90 96 111 107 (1926-30= 100) 86 85 79 79 100 88 86 86 88 89 94 109 101 95 220 181 153 161 180 178 186 198 238 251 78 78 77 74 74 73 99 98 98 664 674 684 106 106 106 97 97 96 253 254 255 71 70 71 106 106 106 77 77 77 76 76 76 75 75 79 79 79 73 73 73 73 74 73 73 72 78 97 97 97 97 98 98 98 98 ••106 111 117 689 685 683 675 684 683 678 674 107 107 107 106 107 107 107 107 107 107 97 97 98 98 97 98 96 259 264 265 266 270 270 270 272 288 293 300 70 70 70 70 70 70 70 71 75 106 105 105 106 107 106 107 107 117 120 79 89 00 00 1939—January February March __ April May June July August— September October _ November 100 United Kingdom (1930=100) r Revised. 1 Approximate figure, derived from old index (1913=100). WHOLESALE PRICES-GROUPS OF COMMODITIES [Indexes for groups included in total index above] United Kingdom United States (1926=100) Year or month Farm products Foods (1930=100) Other commodities Foods France (1913=100) Germany (1913=100) Indus- AgriculFarm Industural trial and food trial products products products products Provisions Industrial raw Indusand semi- trial finfinished ished products products 1926 100 100 100 581 793 129 132 130 150 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 105 88 65 48 51 65 79 81 86 69 100 91 75 61 61 71 84 82 86 74 92 85 75 70 71 78 78 80 85 82 100 89 88 83 85 87 92 102 97 100 87 85 87 90 90 96 112 104 579 526 542 482 420 393 327 426 562 641 669 579 464 380 380 361 348 397 598 663 130 113 104 91 87 96 102 105 105 106 125 113 96 86 75 76 84 86 96 91 132 120 103 89 88 91 92 94 96 94 157 150 136 118 113 116 119 121 125 126 67 68 68 74 74 73 81 81 80 93 91 92 102 103 102 646 662 684 680 685 685 106 107 107 92 95 95 94 94 94 126 126 126 67 67 66 64 64 62 63 61 69 67 67 72 72 70 69 68 68 68 67 75 80 80 80 81 81 80 80 80 82 84 84 93 91 90 91 92 92 91 90 101 109 115 100 100 100 100 101 101 102 102 107 111 118 688 673 671 650 652 643 629 616 690 694 694 697 712 718 721 726 108 108 108 107 108 109 109 109 108 108 94 94 94 92 94 91 92 92 94 94 95 95 94 94 95 95 95 96 126 126 126 126 126 126 126 126 126 126 __ _ . 1938—October November December 1939—January February March.. April May June July August. September October November Sources.—See JANUARY __ _ __ 73 72 B U L L E T I N for March 1931, p . 159; March 1935, p. 180; October 1935, p . 678; March 1937, p . 276; and April 1937, p . 372. 1940 75 Price Movements—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] Nether- SwitzGerEngUnited lands erland many land France States June 191319111923July July 1925=100 1914=100 1914=100 1914=100 1913=100 1914=100 Year or month United Nether- SwitzGerEnglands erland France many land States 1911June 19131923July 1925=100 1914=100 1930=100 1914=100 1913=100 1914=100 Year or month 109 161 554 146 161 160 1926 103 170 142 168 162 105 100 82 68 66 74 81 82 85 79 154 145 131 126 120 122 125 130 139 141 611 614 611 536 491 481 423 470 601 702 156 146 131 116 113 118 120 122 122 122 162 150 136 119 120 124 118 120 127 130 156 152 141 125 117 115 114 120 130 130 1929 1930 1931 1932 . _ 1933 1934 1935 1936 1937 1938— 100 97 89 80 76 79 81 82 84 83 164 158 148 144 140 141 143 147 154 156 154 148 136 121 118 121 123 125 125 126 168 161 151 141 139 140 136 U32 137 139 161 158 150 138 131 129 128 130 137 137 1938-October___ November December. 78 78 79 139 140 139 725 727 742 130 128 130 130 130 130 1938-October_. November December. 83 155 156 156 125 125 125 138 137 138 137 137 137 1939-JanuaryFebruary March April May . June July . August September October... November 78 77 76 77 77 76 77 75 79 78 78 138 138 135 135 134 134 139 137 138 154 748 744 742 734 738 739 741 749 129 129 128 129 130 132 132 131 133 136 1939-January February March April May... June July August September October November 1926 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 - - 123 122 123 124 125 125 122 122 130 124 124 128 82 82 83 100 97 91 87 83 78 86 102 117 120 155 155 153 153 153 153 156 155 155 165 169 122 123 126 126 126 126 126 127 127 127 126 126 138 136 137 139 137 136 136 136 137 137 138 137 138 140 i Revised index from March 1936 (see BULLETIN for April 1937, p. 373). Sources—See BULLETIN for April 1937, p. 373, and October 1939, p. 943. SECURITY PRICES [Index numbers except as otherwise specified] Common stocks Bonds Year or month United States (average price) l (1926=100) England France (December (1913=100) 1921=100) Germany (average price) Number of issues.. 60 1926 — 97.6 110.0 57.4 -. 98.1 99.3 90.9 69.5 73.4 84.5 88.6 97.5 93.4 78.9 110.2 111.8 108.4 113.2 119.7 127.5 129.9 131.2 124.6 121.3 85.1 95.8 96.9 88.6 81.3 82.1 83.5 76.3 75.1 77.3 81.4 83.3 3 83.4 3 67.1 82.5 90.7 95.3 95.8 98.7 99.9 1938—October November.. December . . . 81.8 82.1 81.1 118.2 118.0 116.3 78.3 80.6 88.3 1939—January February March April May June July... August September.. October November. . 81.9 82.1 83.1 79.4 80.2 81.4 81.6 81.0 80.9 82.9 83.0 115.9 115.8 113.6 110.8 113.5 113.5 112.5 110.9 106.9 109.5 112.3 83.4 86.5 86.0 86.6 85.1 84.0 84.3 82.9 1929 1930 1931 1932 1933 1934 . 1935 1936 1937 1938 _ 87 36 Netherlands 2 United States France England Germany Netherlands (1930=100) 420 278 300 329 100.0 100.0 100.0 100.0 100.0 104.3 104.1 94.8 105.3 113.4 107.8 109.1 * 101.8 105.9 190.3 149.8 94.7 48.6 63.0 72.4 78.3 111.0 111.8 83.3 119.5 102.6 78.9 67.9 78.6 85.7 86.3 97.0 96.3 80.8 217.6 187.6 132.2 105.2 99.6 83.3 79.7 77.2 97.4 89.7 122.8 100.2 3 78.0 3 50.3 61.7 71.1 82.9 91.6 102.6 100.1 99.8 99.7 99.2 105.6 105.3 105.9 91.1 94.7 92.0 79.6 80.4 78.4 88.0 91.8 104.7 98.6 97.2 94.6 98.0 98.8 97.8 99.0 99.0 99.0 99.0 99.0 99.0 99.0 99.0 98.9 98.9 104.3 102.1 100.9 95.2 98.0 96.3 94.4 92.6 79.6 80.3 91.8 90.1 91.7 81.9 83.1 86.0 86.1 86.3 92.4 95.3 94.2 78.0 77.5 77.1 75.1 77.0 76.6 75.8 75.3 72.0 74.9 76.0 94.0 100.0 97.9 97.9 103.0 98.3 100.4 94.0 95.3 96.1 94.4 94.9 94.1 92.5 91.7 94.3 92.4 94.0 87.2 89.3 91.6 89.3 88.6 92.1 87.7 139 8 92." 8 92.3 100 100 70 46 52 55 55 66 104 96 01 Corrected. Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent. 3 Exchange closed from July 13 to Sept. 2, 1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months JanuaryJune; index for 1932 represents average of months May-December. 4 New index. See note 2. Sources— See BULLETIN for February 1932, p. 121; June 1935, p. 394; April 1937, p. 373; July 1937, p. 698; and November 1937, p. 1172. 76 FEDERAL RESERVE BULLETIN Publications Copies of the publications and releases listed below may be obtained from Board of Governors of the Federal Reserve System, Washington, D. C. CURRENT RELEASES DAILY Foreign Exchange Rates (for previous day) BOOKS AND PAMPHLETS A set of FEDERAL RESERVE CHARTS ON BANK CREDIT, MONEY RATES, AND BUSINESS has been published by the Board and is for sale to the public at 50 cents a copy. Latest issue is November 9, 1939. Monday: FEDERAL RESERVE ACT AS AMENDED to October Condition of Reporting Member Banks in 101 1, The 1935, with mimeographed supplements showing Leading Cities amendments to date, has been printed by the Board Bank Debits and will be supplied without charge. Tuesday: DIGEST OF RULINGS—from 1914 to October 1,1937. Money Rates—Open-Market Rates in New York Consists of two principal divisions: (1) Digests City of the published rulings of the Board of GovWednesday: ernors, and (2) a compilation showing by italicized Weekly Review of Periodicals and canceled words the textual changes which have Thursday: been made in the Federal Reserve Act by all amendCondition of Federal Reserve Banks ments to that Act. 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A discussion of the Member Bank Call Report (3 or 4.times a year statistics compiled and published by the Board covdepending upon number of calls for condition ering the operations and condition of member banks. reports) 28 pages. November 1935. List of Stocks Registered on National Securities REVISED INDEXES OF FACTORY EMPLOYMENT. BuExchanges. Issued annually in February with reau of Labor Statistics indexes adjusted for seaquarterly supplements (subscription price 25 sonal variation by Board of Governors. 32 pages, cents for the List and three supplements; five or October 1938; 10 pages, October 1939. ANALYSES • OF THE BANKING STRUCTURE—As of more copies on one order, 20 cents per copy; fifty or more copies on one order, 15 cents per copy). December 31, 1935. The number, deposits, and loans and investments of banks by classes, by amount of ANNUALLY deposits, by population of town in which located, and Bank Debits—released ordinarily in February by other factors. 33 pages. Annual Report (covers calendar year) WEEKLY JANUARY 1940 77 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARBINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman CHESTER C. DAVIS ERNEST G. DRAPER M . S. SZYMCZAK JOHN K. M C K E E LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary . LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Directory Division of Research and Statistics LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans O. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE MARRINER S. ECCLES, Chairman GEORGE L. HARRISON, Vice Chairman CHESTER C. DAVIS ERNEST G. DRAPER M. J. FLEMING GEORGE H. HAMILTON HUGH LEACH WM. M C C . MARTIN JOHN K. M C K E E RONALD RANSOM M. S. SZYMCZAK CHESTER MORRILL, Secretary S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist R. G. ROUSE, Manager of System Open Market Account 78 FEDERAL ADVISORY COUNCIL as of December 31, 1939 Boston District New York District Philadelphia District THOMAS M. STEELE Cleveland District Richmond District Atlanta District Chicago District St. Louis District T. J. DAVIS Minneapolis District Kansas City District Dallas District San Francisco District JOHN CROSBY LEON FRASER HOWARD A. LOEB Vice-President ROBERT M. HANES EDWARD BALL EDWARD E. BROWN WALTER W. SMITH President JOHN EVANS R. E. HARDING PAUL S. DICK WALTER LICHTENSTEIN, Secretary FEDERAL RESERVE BULLETIN SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman and Federal Reserve Agent President First Vice President Vice Presidents Boston Frederic H Curtiss Roy A. Young William W Paddock William Willett 2 New York Owen D. Young George L. Harrison Allan Sproul Leslie R. Rounds Walter S. Logan John H. Williams Ray M. Gidney L. Werner Knoke Robert G. Rouse John S. Sinclair Frank J. Drinnen C. A. Mcllhenny 3 W. John Davis Ernest C. Hill George C. Brainard Matthew J. Fleming Frank J. Zurlinden William H. Fletcher George H. Wagner William F. Taylor 3 Robert Lassiter Hugh Leach John S. Walden, Jr John G. Fry George H. Keesee2 Atlanta Frank H. Neely Robert S. Parker W. S. McLarin, Jr Harry F. Connifl Malcolm H. Bryan Chicago Robert E. Wood George J. Schaller Howard P. Preston Clifford S. Young William H. Snyder 3 James H. Dillard St. Louis William T. Nardin William McC. Martin F. Guy Hitt Olin M. Attebery Clarence M. Stewart 2 Minneapolis Walter C. Coney John N. Peyton Oliver S. Powell Harry I. Ziemer3 Ernest W. Swanson Kansas City Robert B. Caldwell... George H. Hamilton Carroll A. Worthington H. G. Leedy James W. Helm 3 Dallas James H. Merritt Robert R. Gilbert Ethan B Stroud Robert B. Coleman William J. Evans Walter 0. Ford 2 San Francisco St George Holden1 William A. Day Ira Clerk William M. Hale C. E. Earhart 2 R. B. West Philadelphia ,_ Thomas B. McCabe Cleveland Richmond , 2 t Deputy Chairman. Cashier. 3 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— New York: Buffalo Branch Cleveland: Cincinnati Branch Pittsburgh Branch Richmond: Baltimore Branch. Charlotte Branch Atlanta: Birmingham Branch... Jacksonville Branch Nashville Branch New Orleans Branch Chicago: Detroit Branch St. Louis: Little Rock Branch Louisville Branch Memphis Branch JANUARY 1940 Managing director Robert M. O'Hara Benedict J. Lazar Percy A. Brown W. Robert Milford William T. Clements Paul L. T. Beavers _ George S. Vardeman, Jr. Joel B. Fort, Jr. Lewis M. Clark Ralph H. Buss Federal Reserve Bank of— Minneapolis: Helena Branch Kansas City: Denver Branch Oklahoma City Branch Omaha Branch Dallas: El Paso Branch.. Houston Branch.. San Antonio Branch San Francisco: Los Angeles Branch Portland Branch Salt Lake City Branch... Seattle Branch Managing director Robert E. Towle Joseph E. Olson Cyrus E. Daniel Lloyd H. Earhart Joseph L. Hermann William D. Gentry Miers Crump W. N. Ambrose D. L. Davis W. L. Partner C. R. Shaw Arthur F. Bailey Frank D. Rash William H. Glasgow 79 Ir<>m a r<untint: on Wall of Hoard ]\oont. ICthral I\<s<rrr luiildinn. Udshin ^t