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
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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
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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. Includes digests of all reported
Condition of Reporting Member Banks in New court
and opinions of the Attorney General
York City and Chicago (Also a part of state- of the decisions
United States which involve a construction of
ment of Condition of Reporting Member Banks the provisions
of the Federal Reserve Act and diin 101 Leading Cities released on following gests of reported
court decisions in cases in which
Monday)
a Federal Reserve Bank was a party to the litigation.
Friday:
Price $1.25 per copy. 683 pages.
Department Store Sales
THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
MONTHLY
FUNCTIONS. Obtainable in cloth binding at 50 cents
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three statements by the Board on objectives of moneFederal Reserve Inter-District Collection System tary policy, on proposals to maintain prices at fixed
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month
THE HISTORY OF RESERVE REQUIREMENTS FOR
National Summary of Business Conditions—re- BANKS IN THE UNITED STATES. History of legislation
leased about the 16th of the month
on reserve requirements, of designation of central
Business Indexes—released about the 16th of the reserve and reserve cities, and of changes in the
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reserve position of banks, with special reference to
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uses to which such funds are put as indicated by
of the month
Money Rates—released about the 3rd of the month Federal Reserve and Treasury statements. 31 pages.
July 1935.
QUARTERLY
MEMBER BANK STATISTICS. 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
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