Full text of Federal Reserve Bulletin : July 1941
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FEDERAL
RESERVE
BULLETIN
JULY 1941
Review of the Month—Treasury
Financial Operations
Member Bank Operating Ratios, 1940
British White Paper on War Finance
Manufacturing Inventories During and After the World
War
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
Contents
PAGE
Review of the Month—Treasury Financial Operations
605-612
Manufacturing Inventories During and After the World War, by George Terborgh 613-617
From a Legal Standpoint:
Limitations upon Investments in Common Trust Fund by Two or More Trusts
Having Same Remainderman
618
Executive Order and Regulations on Transfers of Property of Foreign Countries and Their Nationals
618-623
General Licenses Issued by the Secretary of the Treasury
623-628
From the Board's Correspondence—The System's Participation in the Defense
Program; Bank Credit and its Relations to Reserves; Definition of Lawful
Money
629-630
Current Events
631
Member Bank Operating Ratios, 1940 (for tables, see pp. 685-699)
632
British White Paper on War Finance
633-638
National Summary of Business Conditions
639-640
Financial, Industrial, Commercial Statistics, United States (see p. 6U1 for list of tables) 641-699
International Financial Statistics (see p. 701 for list of tables)
701-717
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council
718
Senior Officers of Federal Reserve Banks; Managing Directors of Branches. . . .
Federal Reserve Publications
720-721
Map of Federal Reserve Districts
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722
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FEDERAL RESERVE BULLETIN
VOL.
JULY 1 9 4 1
27
Tteaiuty
*Tinancial (Jactationl
Rapid expansion of the national defense
program was the outstanding characteristic
of the fiscal year which came to a close
on June 30, 1941. Defense expenditures
of the Federal Government increased sharply
during the year and at its end were at a
rate five times as large as a year earlier.
Appropriations and authorizations, enacted
and pending, call for a further substantial
increase in defense outlays.
Treasury receipts expanded to record levels
in the fiscal year, reflecting the rise in economic activity, the broadening of the tax
base, and increases in tax rates. Nevertheless, the great expansion of defense expenditures necessitates a further increase in taxation, which was under consideration at the
close of the fiscal year. The new taxes are
being framed with a two-fold objective: first,
to raise additional revenue for defense, and
second to restrain the growth of civilian
spending for consumption at a time when a
large share of the nation's productive effort
must be diverted into defense industries.
Certain changes in laws regulating the
public debt were made during the year. The
amount of securities issued under the Second
Liberty Bond Act, as amended, that can be
outstanding at any one time was raised, and
the income on all United States Government
securities issued after February 1941 was
made subject to Federal taxes. In addition
to substantial amounts of new securities sold
in the open market, new forms of savings
bonds were offered. As a result of the large
amount of funds available for investment, the
increase in the public debt was readily ab-
No. 7
sorbed, and prices of Government securities
advanced.
The amount that will be spent for national
defense by the Federal Government in the
fiscal year 1942 cannot at this
Fiscal outlook
time be precisely estimated.
for 1942
It will depend on the rapidity
with which Government defense contracts
under existing appropriations will be let, on
the extent to which the productive capacity
of industry will be utilized and expanded, and
on the proportion of the nation's industrial
capacity that will be devoted to the production
of defense goods. The most recent estimates
of the Bureau of the Budget, issued on June
1, place probable defense expenditures during
the new fiscal year at $15,500,000,000.
In these same estimates, which are summarized in the following table, total budget
expenditures were forecast at $22,200,000,000, and net budget receipts at $9,400,000,000.
On this basis the net budget deficit would be
$12,800,000,000, or about $7,700,000,000
above the deficit for 1941. These estimates
are necessarily based on the existing tax
structure and do not allow for increased taxes
under the program now being considered by
Congress, which includes substantial increases in corporate and individual income
taxes, as well as in estate, gift, and excise
taxes.
If a tax program is enacted to yield on a
full-year basis an additional $3,500,000,000,
about $2,000,000,000 or $2,500,000,000 of the
additional taxes would be collected in the
fiscal year 1942. The difference is principally
due to the fact that higher income tax rates
605
Review of the Month
would apply to incomes for the calendar year
1941 and would not be reflected in Treasury
receipts until the second half of the fiscal
year, when the first and second quarterly
payments of these taxes will fall due. These
new collections would reduce the estimated
deficit to about $10,500,000,000. Sources for
meeting this deficit will include about $1,500,000,000 of net receipts in the social security
and other trust funds, which are regularly
invested in Government securities, as well
as proceeds of sales of the new Defense Savings bonds and open-market issues.
TREASURY FINANCIAL
OPERATIONS
[In millions of dollars]
Fiscal years
1939-40 1940-41
Budget
accounts:
NTet receipts
Expenditures (excluding debt retirements)
1941-42
(Estimated)
5, 387
8,998
7, 607
12,711
9, 402
22,169
Excess of expenditures
Other accounts:
Excess of receipts ( —) or expenditures ( + ) -
3, 611
5,104
12, 767
-173
+165
Net excess of expenditures
Change in general fund balance
Increase in interest-bearing direct debt
3, 438
-947
5, 269
+742
2,491
6,011
year except in June, when the outlays of $810,000,000 were slightly below those in May.
The total for the year was $6,050,000,000,
compared with $1,560,000,000 in the preceding year. These disbursements include military expenditures by the Army and Navy,
expenditures from special funds appropriated
to the President, and outlays for Selective
Service, emergency ship construction, defense housing, and the lend-lease program.
They do not include defense outlays payable
from sums which have supplemented regular
appropriations of civil establishments, nor
defense disbursements by the Reconstruction
Finance Corporation, the Export-Import
Bank, and other agencies which operate outside the regular budget.
The trend of national defense expenditures
during thefiscalyears 1940 and 1941 is shown
in the accompanying chart. These expenditures increased slightly during the fiscal year
1940, but rose much more sharply after the
NATIONAL DEFENSE EXPENDITURES,
FISCAL YEARS I94O AND 1941
12, 767
- / - ^
Expenditures in budget accounts exceeded
receipts by $5,100,000,000 in the fiscal year
which ended June 30,
Expenditures i n1 9 4 1
H
ir\A-t
±.i • j
^
*
i
800
.
1941; this deficit compares with deficits of about $3,600,000,000 in
each of the two preceding fiscal years. During thefiscalyear 1941 the deficit was reduced
to the extent of $600,000,000 by the nonrecurring item of repayment of surplus funds
by certain Government corporations. The
Treasury also had net expenditures of $200,000,000 in its trust and other nonbudget acadoption of the present defense program
counts during 1941, and added $700,000,000 about a year ago. War Department expendto the balance in the general fund. The initures for defense at first increased more
terest-bearing direct debt increased by rapidly than did the outlays of the Navy,
$6,000,000,000, and on June 30 amounted to
but in recent months they declined somewhat
$48,400,000,000.
below the peak of $540,000,000 reached in
Expenditures for national defense inMarch 1941, reflecting principally completion
creased continuously during the past fiscal
400
P
606
• JULY
1939 TO JUNE
1940
41"
JULY 1940 TO JUNE.
FEDERAL RESERVE
1941
»j
BULLETIN
Review of the Month
of much of the cantonment building program. Navy expenditures reached a peak of
$340,000,000 in May but declined in June.
In addition to the large increase in national defense expenditures, there were small
increases in social security grants and in
interest payments on the public debt. On the
other hand, expenditures of the Public Works
Administration and for unemployment relief
together declined by about $400,000,000, and
there was a small decline in payments for the
agricultural adjustment program. During
1941, total expenditures were reduced by a
credit of $330,000,000, representing the repayment of surplus funds by the Federal land
banks, the Federal Farm Mortgage Corporation, the Federal intermediate credit banks,
the banks for cooperatives, the production
credit corporations, and the Public Works
Administration. These repayments were in
accordance with the program proposed by the
President in the Budget Message of January
1940. The balance of the repayment program was reflected as an addition to budget
receipts. As shown in the following table,
there was a decline in the total of "all other"
expenditures, which include principally payments for the Veterans' Administration and
the operating expenses of regular Government departments and agencies.
Lending activities of Government agencies,
TREASURY
EXPENDITURES 1
[In millions of dollars]
Fiscal years
1938-39 1939-40 1940-41
National defense.
_ . .
._
Agricultural adjustment program. .
Unemployment relief .
_ .
Public Works Administration. _.
__ _
Social security grants and administration
Interest on the public debt . .
.Return of surplus funds from Government
corporations
All other
Total expenditures (excluding debt retirements)
_.
.
1,163
787
2,595
408
331
941
1,559
1,020
1,919
348
364
. 1,041
6,0'8
968
1,741
126
423
1,111
2,482
2 2, 747
-329
2,623
8,707
8,998
12, 711
1 General and special accounts, on basis of daily Treasury statements.
» Includes Treasury payment of $120,000,000 to Commodity Credit
Corporation for restoration of capital impairment.
JULY
1941
which operate outside the regular budget,
also were expanded in 1941 because of the
national defense program. The Reconstruction Finance Corporation aided the program
directly by making loans to private manufacturers in need of funds to carry out defense contracts and, through its subsidiary
defense companies, provided funds for acquiring reserves of rubber, metals, and other
strategic and critical materials and supplies,
and for constructing and equipping industrial
plants engaged in production of defense supplies. Defense loans were also made by the
Federal Reserve Banks. The Export-Import
Bank expanded its activities considerably,
principally by extending credits to Latin
American countries and to China, and the
United States Housing Authority participated
in the defense housing program.
Receipts in 1941, excluding the net amount
of the social security employment taxes appropriated to the Federal
Receipts in 1941
, •,
1
old-age and survivors insurance trust fund, amounted to $7,610,000,000, an increase of $2,220,000,000 as compared with 1940. The greater part of this increase resulted from larger income tax receipts, reflecting both the increased tax rates
imposed by the two Revenue Acts of 1940 and
the higher level of economic activity. The
1940 Revenue Acts lowered the exemptions
for the individual income tax, increased the
tax rates for both individual and corporate income taxes, and levied an excess profits tax
on corporations. These new income tax provisions were first made effective on incomes
for the calendar year 1940, and accordingly
they were not reflected in Treasury receipts
until the second half of the fiscal year 1941,
January to June 1941, when income tax collections were nearly twice as large as in the
corresponding period of the preceding fiscal
year. Income tax collections during the first
half of the fiscal year were based mainly on
calendar year 1939 incomes.
Miscellaneous internal revenue receipts,
607
Review of the Month
which reflect relatively promptly changes in creases, largely because of the lag between
business conditions and in tax rates, also in- the accrual of tax liabilities and the actual
payment of taxes to the Treasury. NevertheTREASURY RECEIP'rsa
less, if the projected legislation is drawn to
[In millions of dollars
furnish the amount of revenue asked by the
Treasury, Federal tax collections will apFiscal years
proach $12,000,000,000 in thefiscalyear 1942,
1938-39 1939-40 1940-41
more than double the total Treasury receipts
2, 125
3 470 in the fiscal year 1940. Federal taxes will
189
Income taxes
-_.
2 232
o 967
2 345
\tisoellaneous internal revenue
300
271 raise appreciably more revenue in the subse237
Net social security taxes
39?
349
319
Customs
Return of surplus funds from Government
quent fiscal year as tax increases become
54
319
corporations
188 fully reflected in tax collections and particu214
188
All other
7 607 larly if there is a further growth in national
5,387
5 165
Total net receipts
- .
income.
1 General and special accounts, on basis of daily Treasury statements.
Considerable increases in the rates in every
Includes taxes on carriers and their employees. Excludes social
security employment taxes appropriated to the Federal old-age and sur- major category of Federal revenue except
vivors insurance trust fund, which amounted to $661,000,000 in the fiscal
year 1940-41.
payroll taxes and custom duties were made
by the Revenue Act of 1940, approved June
creased substantially in the fiscal year 1941,
as is shown in the table. A large part of this 25. The second Revenue Act of 1940, apincrease resulted from the higher rates im- proved October 8, further increased the rates
posed by the first Revenue Act of 1940. Cus- of the corporation income tax, imposed a new
toms receipts were also somewhat larger in tax on corporate excess profits, later modi1941, while there were small declines in "all fied by the Excess Profits Tax Amendments
other" receipts and in net social security of 1941, and provided for rapid amortization
taxes. Capital funds in the amount of $320,- for tax purposes of capital outlays for de000,000 were returned to the Treasury by fense productive facilities. As a result of
Government corporations and added to budget the passage of these measures, a maximum
receipts during the fiscal year 1941; these rate of normal corporation income tax of 24
funds were paid in by the Reconstruction per cent was levied on income earned in 1940,
Finance Corporation and the Federal savings as contrasted with rates ranging up to 19 per
cent on income earned in 1939. In addition a
and loan associations.
new
tax, at rates ranging up to 50 per cent,
Tax legislation enacted in the period
was
levied
on excess profits. Excess profits
since June 1940 is estimated to yield over
were
defined
as that part of corporate net in$2,000,000,000 of additional
come
remaining
after the deduction of normal
Changes in
revenue on a full year basis
corporation income tax, certain other adjustFederal taxes
.
at business levels estimated as ments, and the deduction of an excess profits
likely to prevail during the calendar year credit. This credit in turn was based, at the
1941. Collections in the fiscal year 1941 option of the taxpayer, either on average
included only a part of this sum. In net income during the base period 1936-1939,
April 1941 the Treasury requested the en- inclusive, or on an 8 per cent return on inactment of legislation designed to yield an vested capital. Invested capital was comadditional $3,500,000,000, and a tax bill is puted for this purpose by adding half of
at present being prepared by the Ways and borrowed capital to equity capital and
Means Committee of the House of Represen- making certain other adjustments.
tatives. Collections in the fiscal year 1942
Congress now has under consideration
will not fully reflect the projected tax in2
2
608
FEDERAL RESERVE
BULLETIN
Review of the Month
a proposal to levy an additional surtax on corporate taxable net income, at a maximum rate
of 6 per cent. Revisions to increase the revenue derived from the excess profits tax are
also contemplated.
Individual income taxes have also been
substantially raised. The exemption for
married persons has been reduced from
$2,500 to $2,000 and for single persons from
$1,000 to $800, surtax rates have been raised
and a defense tax, amounting in general to
10 per cent of the total of normal tax and
surtax, has been levied. New measures now
being considered include a further sharp
increase in surtax rates applicable to 1941
incomes, and the application of surtax rates
to millions of taxpayers who have not
hitherto paid surtaxes. In addition to raising
more revenue, these changes will also exert
a restraining influence on consumer expenditures.
There have also been increases in taxes on
tobacco and liquor and on other goods and
services. These taxes will affect many consumers whose incomes are too small to pay
income taxes. Further increases in excise
taxes are under consideration. Curtailment
of the production of automobiles considerably
below the numbers that would be purchased
by consumers at existing prices during the
forthcoming model year has been agreed
upon, and similar curtailment is imminent
in the production of other consumer durable
goods that require the use of resources needed
for defense production. Taxes at comparatively high rates on these commodities are
under consideration as one means of adjusting consumer demand to reduced supplies.
As pointed out in an earlier paragraph,
the interest-bearing direct debt increased by
$6,000,000,000 during the fiscal
Changes in
Federal debt
year
.
en(Jed
June
1M1
Qf
this
increase $1,300,000,000 was in
special issues to Government agencies and
trust funds, principally to the social security
funds. The remaining $4,700,000,000 was
in public issues.
JULY
1941
By legislation passed in February 1941 the
amount of securities issued under the Second
Liberty Bond Act, as amended, that can be
outstanding at any one time was raised to
$65,000,000,000, and the special class of National defense issues was abolished. Beginning in March the income on new issues
was made subject to Federal taxes. The new
legislation also modified the provisions for
issuance of Savings bonds. In accordance
with these provisions the Treasury, beginning in May, offered three types of Defense
Savings bonds. Series E bonds, offered on a
discount basis, were made available only to
individuals in the amount of not more than
$5,000 a year maturity value; these bonds
mature in 10 years and yield 2.9 per cent if
held to maturity. Series F bonds, also offered
on a discount basis, and Series G bonds,
with a semi-annual interest payment, were
made available to investors other than commercial banks in the amount of not more
than $50,000 a year issue price for the two
issues combined; both Series F and Series G
bonds mature in 12 years. Series F yields
approximately 2.53 per cent if held to maturity, and Series G yields 2.50 per cent if
held to maturity. All of these bonds may
be redeemed prior to maturity under terms
which would give a lower interest yield.
During the first 10 months of the fiscal
year the Treasury made net sales of $740,000,000 of the old Series D Savings bonds
and in the last two months sold $670,000,000
of the new issues, making a total of $1,410,000,000 net sales for the entire fiscal year.
In addition, direct marketable issues outstanding increased by $3,300,000,000 during
the year. There was also an increase of
$860,000,000 in the amount of guaranteed
securities outstanding.
The increase of $3,300,000,000 in direct
marketable issues, as shown in the table, was
accounted for by increases of $3,700,000,000
in outstanding Treasury bonds and $300,000,000 in Treasury bills, partly offset by a decline of $700,000,000 in Treasury notes. Par609
Review of the Month
tially tax-exempt bonds were issued in the
amount of §1,400,000,000 prior to March 1941
and taxable bonds in the amount of $3,600,000,000 thereafter, while $1,300,000,000 of
partially tax-exempt bonds matured or were
exchanged during the fiscal year. New issues
of taxable notes totaled $1,200,000,000, while
$1,900,000,000 of tax-exempt notes matured
or were exchanged.
The chart shows the maturity distribution
of the outstanding marketable direct securities of the United States Government from
the end of 1930 to June 1941. Up to February 1934 the growth in this debt was principally in short-term issues. Since that time,
the short-term debt has declined, and the
U. S. GOVERNMENT MARKETABLE ISSUES OUTSTANDING
BY DUE OR CALLABLE PERIODS
From December 1930 to February 1934,
marketable direct Government securities outitanding increased by $10,300,000,000, of
which $6,000,000,000 was in issues callable
within 5 years. Since February 1934 Government securities outstanding have increased
by an additional $12,300,000,000. Issues
callable within 5 years, however, have declined by $1,900,000,000, while the amount
callable within 5 to 10 years has increased
from $3,600,000,000 to $9,900,000,000 and
issues callable after 10 years have increased
from $3,900,000,000 to $11,800,000,000.
At the end of June 1941 there were outstanding $6,400,000,000 of securities guaranteed by the United States Government. All
of these securities are due or callable within
5 years.
Guaranteed securities increased by $860,000,000 during the fiscal year. New taxexempt guaranteed notes of the Commodity
Credit Corporation and the United States
Housing Authority, aggregating $400,000,000, were sold in August and November of
1940, and two new taxable Reconstruction
Finance Corporation notes, amounting to
$650,000,000 were sold in April 1941. These
increases were partly offset by the retirement
out of cash balances in May 1941 of a maturINTEREST-BEARING DIRECT AND GUARANTEED
SECURITIES
[In millions of dollars]
1931
1932' 1933 1934 1935 1936 1937 1938 1939 1940 1941
Outstanding
June 30,
1941
Special issues to Governmental agencies and trust funds, Postal
Savings bonds, United States Savings bonds, adjusted service
bonds, and securities guaranteed by the United States Government are excluded.
growth in long-term securities accounts for
more than the entire increase in the debt. It
should be noted that the decline in short-term
securities would be larger than that shown if
it were not for the fact that, with the approach
of due or callable dates, certain issues gradually fall within the 5-year maturity class.
For example, on June 15, 1941, there was a
shift of $1,850,000,000 of securities into this
class from the longer-term groups.
610
Direct obligations:
Treasury bonds
.
Treasury notes
......
Treasury bills
Postal savings and prewar bonds.
Increase(-f-)
or decrease (—)
fiscal year
1941
30, 215
.5, 698
1,603
196
-j-3, 660
-684
+301
37, 713
+3, 277
V. S. Savings bonds
Adjusted service bonds
4,314
241
1,409
-20
Public issues—total
42, 267
Marketable issues— total
Special issues
Total direct obligations.
(i uarantced obligations
+4,
666
6,120
+ 1,345
48, 387
+6, 011
6,360
+862
FEDERAL RESERVE
BULLETIN
Review of the Month
ing issue of Home Owners' Loan Corporation
bonds in the amount of $190,000,000.
Among holders of Government securities
commercial banks have become increasinglyimportant in recent years.
Holdings of
The following table shows the
Government
reported or estimated amounts
obligations
of direct and guaranteed U. S.
Government securities held by different
groups of investors on March 31, 1941, the
latest date for which such data are available, and changes since June 1940 and
June 1932. During the first nine months
of the fiscal year 1941 the amount of direct
and guaranteed securities held by private
investors increased by $4,000,000,000, of
which $2,400,000,000 went to commercial
banks. About half of the remainder was in
the form of nonmarketable U. S. Savings
bonds purchased by individuals, and the
other half of the increase was absorbed by
mutual savings banks, insurance companies,
and other investors. Since the end of March
an additional $1,800,000,000 of direct and
guaranteed securities have been sold to the
public, of which $700,000,000 was in the form
of U. S. Savings bonds. Weekly reporting
member banks increased their holdings by
about $1,000,000,000 during these three
ESTIMATED DISTRIBUTION OF DIRECT AND GUARANTEED SECURITIES OF THE FEDERAL GOVERNMENT, BY
CLASSES OF HOLDERS
[In millions of dollars]
Change since
Holdings
March 31,
1941
June 30, June 30,
1932
1940
Federal agencies and trust funds:
Public issues
Special issues
Federal Reserve Banks
Privately held:
Commercial banks
._ . . . .
Mutual savings banks
Insurance companies
Other investors:
Marketable issues
Nonmarketable issues
Total privately held
Total outstanding
JULY
1941
2,300
5,700
2,200
0
+900
-300
+2, 000
+5, 400
+400
19, 000
3,300
6,400
+2, 400
+200
+300
+12, 800
+2, 600
+5, 600
10, 000
3,600
+400
+700
+900
+3, 600
42, 300
+4, 000
+25, 500
52, 500
+4, 600
+33, 300
months. It is likely that banks other than
the reporting banks were also net purchasers
during that period. Thus it would appear
that holdings of marketable issues by nonbanking investors showed little or no increase in the period.
As is shown in the table, $52,500,000,000
of direct and guaranteed interest-bearing securities were outstanding on March 31, 1941.
About $10,200,000,000 of this total was held
by Federal agencies and trust funds and by
the Federal Reserve Banks. About $42,300,000,000 was held by private investors, including $19,000,000,000 held by commercial banks
and $10,000,000,000 by insurance companies
and mutual savings banks; the remainder
was held by other investors, largely trust
accounts and individuals. Reported or estimated holdings of Government securities for
various groups of investors for end of June
dates since 1916 are shown in the table on
page 664 of this BULLETIN.
During the period of nearly nine years from
June 30, 1932 to March 31, 1941, the Treasury raised about $33,300,000,000 by the issuance of direct and fully-guaranteed securities. Almost one-fourth of this amount was
obtained by the sale of these securities to the
various Federal agencies and trust funds, and
a small amount was purchased by the Federal
Reserve Banks. Of the $25,500,000,000 supplied by private investors, commercial banks
accounted for $12,800,000,000, mutual savings banks $2,600,000,000, insurance companies $5,600,000,000, and other investors
$4,500,000,000, of which four-fifths was in
the form of nonmarketable issues.
Although commercial banks were the most
important class of investors purchasing
Treasury securities for the period as a whole,
the role they played has varied from time to
time. From 1932 to 1936 they supplied considerably more than half of the funds raised
by the Treasury from private investors. In
the succeeding two years, however, commercial banks reduced their holdings of direct
and guaranteed securities by $1,300,000,000,
611
Review of the Month
and these securities, together with new issues
by the Treasury, were taken by the other
groups. Since June 30, 1938, the banks have
again purchased Federal securities, supplying an even larger proportion of the funds
raised from private investors than during
the period from 1932 to 1936.
The group called "other investors" in the
table consists of individuals, corporations
other than banks and insurance companies,
and private trust and investment funds. The
relative importance of this group as holders
of Government securities has declined considerably since 1932. At that time they held
more than one-half of the total privatelyheld debt; at the end of March 1941 they
held less than one-third. Their actual holdings of marketable issues were largest on
June 30, 1937. Since that date they have
been net sellers of marketable issues in the
amount of $1,300,000,000, but have increased
their holdings of nonmarketable securities, principally U. S. Savings bonds, by
$2,500,000,000.
Prices of Government securities advanced
for the fiscal year as a whole. The 1960-65
bonds, the longest maturity
Government
issue
outstanding, after showsecurity market
ing relatively minor fluctuations in July and August 1940, increased
thereafter almost without interruption to an
all-time peak on December 10. During the
next two months this issue declined by 4V2
points, but subsequently regained all of the
loss and reached a new all-time high in June
1941.
At the peak in prices on December 10, the
yield on the 1960-65 bonds reached a record
low of 2.03 per cent, compared with a previous low yield of 2.26 per cent in June 1939
and again in April 1940 and a peak yield of
2.78 per cent in September 1939. On February 15, 1941, the yield on this issue had
612
increased to 2.30 per cent, but in June declined to 2.02 per cent, a new record low yield.
All partially tax-exempt Treasury bonds callable in more than 12 years, shown in the
chart, yielded about 1% Pe** cent at the end
of June, 3 to* 5 year tax-exempt notes yielded
about % of 1 per cent, and 3 to 5 year taxable
notes yielded about % of 1 per cent. New
issues of 3-month taxable Treasury bills sold
YIELDS ON GOVERNMENT SECURITIES
Weekly averages of daily yields of 3 to 5 year tax-exempt
Treasury notes, 3 to 5 year taxable Treasury notes, and partially
tax-exempt Treasury bonds due or callable after 12 years, and
average discount on new issues of 91-day Treasury bills (taxexempt through February 1941, and taxable thereafter) offered
within week. For weeks ending January 7, 1939 to June 28, 1941.
at an average discount of about y10 of 1 per
cent.
During periods of rapid price advances in
Government securities in the latter half of
1940, the Federal Reserve Banks sold in the
open market about $280,000,000 from the
System account. Most of this was sold in
October and November when Government security prices were advancing sharply to record high levels. Total holdings in the System
Account were reduced in December to about
$2,180,000,000, and this figure remained unchanged in the first half of 1941.
FEDERAL RESERVE BULLETIN
Manufjactutlnj Unventotiel Putina and
•Qjtet ike IVottd Wat
by
GEORGE TERBORGH
Division of Research and Statistics
far as the study of manufacturing in- Indexes of the Book Value of Manufacturing
Inventory, 1915-23
Ain Stheventories
is concerned, the World War is
dawn of history. Very little in the way
By the use of this sample, supplemented by
of inventory statistics was compiled at the other data, indexes have been derived for
time, and no one has since seen fit to under- the book value of the inventory of corporatake a comprehensive review of the evidence tions in 19 different industrial groups. These
to be found in the records of the period. The indexes are adjusted, so far as possible, to
recurrence of war conditions has revived in- give due weight to the smaller companies,
terest in the economic history of the previous necessarily underrepresented in the tabulastruggle, and is sufficient justification for an tions. As a second step, composite indexes
attempt to develop the record as it relates have been computed for corporate inventory
to the important matter of manufacturing in the durable-goods and non-durable-goods
inventories.
industries, the weighting of the component
The present study, while by no means ex- series being proportional to their estimated
haustive, is believed to be more complete inventory in 1923. Thirdly, a weighted index
than any heretofore available.1 It covers, has been derived for all manufacturing corfor each year of the period 1916-23, nearly porations, including unclassified concerns.
all of the manufacturing concerns for which Finally, we have calculated indexes inclusive
both the opening and the closing inventories of unincorporated enterprises for the grand
are reported in Moody's Manuals. The per- total and for the durable-goods and noncentage of the total manufacturing inventory durable-goods groups. The results are preheld by those companies ranges from roughly sented in Table I.
25 in 1916 to 40 in 1923. The number of
The most important of these indexes, that
companies tabulated, and their combined in- for all manufacturing, increased fairly steadventories, are as follows:
ily throughout the period 1915-20, reaching
a high of 229 at the end.1 A decline of
Number of
Inventories
slightly more than 20 per cent during the
Companies
(millions of dollars)
next year was followed by a moderate adOpening
Closing
vance, leaving inventory at the end of 1923
1916
399
1,533
2,087
2
649
1917
2,410
3,206 about double the prewar level.
When we
1918
1919
1920
1921
1922
1923
_
.
the p
1940, p
JULY 1941
627
727
924
1,137
1,346
1,333
3,308
4,213
4, 925
6, 082
4,700
4,781
3, 853
4, 527
5,756
4,570
4. 781
5, 270
1
It should be noted that the book value of the year-end inventory of 1920 probably was below the maximum reached during the
year, hence that the gain over 1915 indicated here is less than
that obtaining at the high point.
2
The question may arise as to whether the closing inventory of
1915 is a fair indication of the "prewar" level. While the present
study does not cover the period immediately prior to 1915, the Dun
and Bradstreet survey of inventories of 106 manufacturing corporations already referred to begins with the close of 1913. It shows
a weighted total for all manufacturing at the end of 1915 a little
more than 4 per cent above 1913, the increase being about 2 per
613
Manufacturing Inventories During and After the World War
turn to the group indexes, we find a considerable diversity of movement. Thus, for
example, although the indexes for the durable
and non-durable goods industries made about
the same total gain during the rise, the
durable-goods index climbed with much
greater rapidity in 1920, while the index for
non-durable goods advanced faster in 1918
and 1919. Again, in the case of industrial subgroups we have very large gains by rapidly
growing industries like automobiles, petroleum, and rubber, and relatively smaller gains
by some of the older and stabler lines such as
textiles and paper. There are, moreover,
cent for the durable goods industries, and about 8 per cent for the
non-durable lines. It appears, therefore, that for the total, or for
such major groups, the base used in the present study is fairly
satisfactory. For individual industries, where deviations of the
1915 from the 1913 inventories are generally wider than for broad
groups, we can speak with less assurance. One difficulty of course
is that we do not know to what extent the 1913 inventories can
be taken as a prewar "normal" (1914 being excluded as a depression year). For single industries, inventories often fluctuate
widely from year to year, and a record covering several prewar
years would therefore be necessary to establish a proper base.
marked differences in the distribution of the
total rise over the period 1915-20, with three
of the non-durable lines (meat packing, textiles, and leather) reaching their highest
year-end peak in 1919.
A detailed analysis of the reasons for such
differences in movement is beyond the scope
of this discussion. It should be pointed out,
however, that since commodity prices were
rising during this period, and since the degree
of advance varied widely from one group of
commodities to another, we must be extremely
cautious in drawing inferences as to relative
changes in the physical volume of inventory.
This aspect of the matter will be discussed
later.
Indexes for Large and Small Companies
A point of considerable interest, particularly for a disturbed period such as the one
TABLE 1
INDEXES OF YEAR-END INVENTORIES AT BOOK VALUE
]
[December 31, 1915 = 100]
Weights
1915
1916
1917
1918
1919
1920
1921
1922
7.6
4.5
1.6
9.3
1.9
10.9
29
8.2
100
100
100
100
100
100
100
100
140
193
130
123
127
134
148
118
154
248
168
167
173
186
160
157
156
269
195
188
227
203
164
157
180
354
149
185
213
192
182
162
239
423
210
231
283
219
198
201
191
274
122
182
223
169
142
174
201
325
180
180
187
177
136
173
236
379
182
200
180
210
151
193
46.9
100
133
172
185
190
233
180
185
210
4.7
2.2
3.9
3.5
9.4
1.9
2.4
1.5
2.9
100
100
100
100
100
100
100
100
100
100
122
141
117
159
138
129
136
103
108
112
138
233
147
188
205
163
208
128
131
150
169
321
176
192
220
183
203
159
157
197
207
350
202
276
206
213
253
163
156
228
226
266
195
230
235
308
347
194
208
234
164
163
180
167
159
267
188
169
184
215
152
159
197
170
150
271
172
178
192
213
170
179
215
157
165
288
190
190
212
237
Total
48.9
100
163
190
220
234
187
191
206
Unclassified..
4.2
100
122
156
171
178
220
175
177
197
100. 0
100
129
167
187
204
233
183
188
207
45.4
50.4
100
100
133
126
171
162
184
188
189
216
231
228
178
182
183
185
207
199
100. 0
100
129
166
185
202
229
180
184
202
1923
A. Corporate
Durable
Goods:
Furniture and house furnishings
Automobiles and parts...
.
Railroad equipment.
Machinery and parts . . . .
Agricultural implements
Iron and steel
Non-ferrous metals
Building materials
.
...
._
-
.
___ . . .
Total..
Non-Durable
Goods:
Foods (other than meat-packing)
Meat packing
Textiles and clothing
Leather and shoes
.
Chemicals
Petroleum and products
Rubber and products
Pulp and paper
.
Printing and publishing
Tobacco
16.5
All Corporate
B. Corporate and Non-Corporate
Durable Goods
Non-Durable Goods
All Manufacturing
!
i For a description of the indexes, see Sources and Methods, below.
614
FEDERAL RESERVE
BULLETIN
Manufacturing Inventories During and After the World War
under review, is the difference in the inven- approximations. The procedure is justifiable
tory behavior of large and small concerns. only in the absence of more direct measures
An analysis for corporations only covering of variation in physical volume, and the
each of the 19 industrial groups fails to dis- results must be regarded merely as tentative,
close anything like a uniform pattern. In or prima facie evidence. It goes without
the case of 10 groups the inventory index for saying that they should be read only for
large corporations rises further between 1915 broad movements.
and 1920 than the index for the small; in 9 For the period covered by the present study,
cases the small units make the greater gains. this crude indirect method offers the only possibility of tracing the movement of manufacturing inventory in physical terms. In applyNumber of Companies
ing it, the estimates of book value for the 19
Total
"Large"
"Small"
component industrial groups have been sepa366
143
1916
223
170
1917
649
479 rately deflated by the wholesale price index,
180
1918
627
447
199
1919.
727
528 or combination of indexes, considered most
216
1920.
924
708
225
1921.
912 appropriate in each case, and the resulting
1,137
234
1922.
1,346
1,112
234
1923.
1.333
1,099 estimates of inventory at constant prices have
been combined to give estimates for the durable goods and non-durable goods industries,
When the large-company and small-company and for manufacturing as a whole.
indexes for the 19 groups are combined by In making these deflations, it is assumed
appropriate weighting, however, it becomes that inventories were carried at "cost." This
apparent that in the aggregate the inventories probably does no great violence to the facts
of the large concerns show a wider advance. except for 1920, when prices were moving
The results follow:
rapidly downward in the latter part of the
year,
and when year-end book values reTABLE 2
flected substantial write-downs from "cost"
INDEXES OF BOOK VALUE OF INVENTORIES FOR "LARGE"
to "market." For the rest of the period, the
AND " S M A L L " MANUFACTURING CORPORATIONS
general movement of prices was either side[December 31, 1915 = 100]
wise or upward during the latter part of each
Large
Small
Total
Corporations Corporations year and departures from cost valuations in
the year-end inventory were probably un100
100
100
1915
135
129
127 important for manufacturing as a whole, or
1916
177
167
161
1917
205
187
177 for the major groups. In the case of 1920,
1918
222
194
204
1919
218 an alternative deflation has been computed on
259
233
1920
177
194
1921
183
182 the assumption that all of the year-end in1922
..
198
188
202
217
207
1923
ventory was carried at "market." The truth
For explanations, see Sources and Methods, below.
must lie between the two assumptions.1
The results are summarized in the followChanges in the Physical Volume of Inventory ing chart, which gives in current dollars
Attempts to derive changes in the value of (book value) and in constant dollars the
inventory at constant prices (changes in estimated value of inventory at year ends
physical volume) by "deflating" book-value for durable goods, non-durable goods, and all
series with price indexes can yield only crude
1
1
1
In deflating on the assumption that inventories were carried
at "cost," the price indexes used were averaged over a period of
The dividing line between large and small organizations was months prior to the year end approximately equal to the turnover
drawn according to the size of their inventories, and differed from period of the inventory in question. Where a "market" valuation
one industry to another. The total number of tabulated corpora- was assumed, the price indexes were averaged for December and
tions falling into the two classes was as follows :
the January following.
1
JULY
1941
615
Manufacturing Inventories During and After the World War
manufacturing. The dotted lines reflect the was substantial, by either of the alternative
assumption of "market" valuation in 1920. measures for that year, but does not appear
to have been followed by any significant net
ESTIMATED BOOK VALUE OF MANUFACTURING INVENTORY
liquidation in 1921.2 The period closed with
AT CURRENT PRICES AND AT 1915 PRICES
physical inventory at the high point.
END OF YEAR FIGURES
BILLIONS OF DOLLARS
BILL ONS OF DOL
8
DURAB .E
Inventory Appreciation and Profits
If the picture just presented is even ap.. L u _
4
proximately correct, the rise of 5 or 6 billion
2
dollars in the book value of manufacturing
inventory during the years 1916-18 reflected
0
simply appreciation rather than physical ex8
^ENT
—"
NONDU RABLE
pansion. Roughly the same aggregate physib
cal volume of inventory was valued higher
and higher as the price level rose and as re4
J 1915^
placements were made at advancing costs.
2
Under the prevailing "first-in-first-out"
method
of accounting, this appreciation was
0
included
in manufacturing profits, which as
16
TOTAL
reported
(after deduction of losses) were
/
\
14
/
around
50
per cent higher for the period than
CURF
\
they
would
have been on a "last-in-first-out"
12
~
/
basis.1 When prices collapsed, in 1920-21,
10
the effect was of course reversed. In these
__
/
years the decline in book value of inventory
attributable to price changes was about 4
1915
j
^ /
^ ^ —
billion
dollars. Except for this depreciation,
6
manufacturing profits for the two-year period
4
would have been over twice the amount
reported.
If, as seems probable, we are entering a
0
1915 1916 1917 1918 1919 1920 1921 1922 1923
period of rising prices and heavy taxation of
The underlying data are given in the Appendix.
corporate profits, the advantages to corporaFor what they are worth—and again it tions of "last-in-first-out" inventory accountshould be said that they constitute only ing should be evident. Fortunately for them,
prima facie evidence—the results of this used as deflators. There may be, therefore, some over-deflation
these years, especially for 1916. The 1918 figure, on the other
procedure present an interesting, and per- for
hand, is believed to be fairly comparable with 1915.
is possible, of course, that the physical volume of inventory
haps surprising picture. It appears that wasIthigher
during some part of 1920 than it was at the year-end,
and
it
may also have been lower during some part of 1921 than
in the aggregate the physical volume of at the close
of that year.
so-called "last-in-first-out" system may be described, from
manufacturing inventory changed very little the The
standpoint of inventory valuation, as "first-in-last-out." When
physical volume of inventory is unchanged for the year, the
in the period 1915-18 and rose only moder- the
closing inventory is assumed to be identical with the opening in1
ventory,
and is carried at the opening valuation. Under the
ately during 1919. The gain during 1920 "first-in-first-out"
system, which for inventory valuation purposes
CURRENT
CURF
|
—
s
•
—
-
"
"
•
"
^
2
1
may be translated to "last-in-last-out", the closing inventory, even
when unchanged in physical amount from the opening, is assumed
to be composed of the most recent acquisitions, hence is valued at
the cost of such acquisitions (barring write-downs to "market").
This cost is higher, in a period of rising prices, than the cost of
the opening inventory similarly computed. Since the excess of
the closing over the opening valuation is treated as a deduction
from the cost of goods sold during the year, it has the effect of
increasing the net profit by a like amount.
616
FEDERAL RESERVE
BULLETIN
Manufacturing Inventories During and After the World War
a recent (1939) amendment of Federal income-tax law permits the election of this
procedure for computing tax liability, a privilege that was denied during the World War.
The opportunity will no doubt be widely used.
Sources and Methods
Table 1
The first step in deriving indexes shown in the table
for the nineteen individual industries was to compute
in each case separate indexes for "large" and "small"
corporations.1 Since the sample is identical from
one year end to the next, but not for the period as a
whole, these indexes were computed by the method of
linked relatives. The second step was to estimate,
for 1923, the total book value of corporate inventory
in each industry and the amounts held by large and
small companies. The third step was to derive dollar
figures for earlier years by the application of the
large-company and small-company indexes separately
to the corresponding 1923 corporation estimates. The
fourth, and final, step was the addition of these dollar
figures for large and small concerns to obtain estimates for all corporations in the industry, and the
computation of indexes from these totals, based on
the close of 1915 as 100. In the case of the indexes
for corporate and non-corporate inventory, available
only for the grand total and for the major durable
goods and non-durable goods groups, a still further
step was of course necessary, namely, inclusion of
estimates for inventory of unincorporated enterprises.
The allowance for inventories of non-corporate
manufacturing is necessarily a crude one, since actual
data are entirely lacking for the period covered.
We have only the ratios of non-corporate to total
value of product in 1919 and 1929, by industries.
Since unincorporated enterprises are prevailingly
small, and since there appears a clear tendency for
small concerns to have lower inventories relative to
sales than large companies in the same general line of
business, we may infer that the ratio of non-corporate to total value of product overstates the relative
importance of non-corporate inventory. For the purpose of these estimates it has been assumed that the
relative share of unincorporated concerns in the total
inventory of their industry is two-thirds their proportion of the value of product. By this means the
ratios of non-corporate to total inventory in 1919 and
1929 were computed for the durable-goods and nondurable-goods groups of industries. Ratios for other
years were interpolated or extrapolated by the use of
a straightline trend between the 1919 and 1929 figures, and the estimates for non-corporate inventory
so derived were added to the estimates for corporate
inventory described in the preceding paragraph. The
1
indexes for durable and non-durable goods in Table 1
have been computed from the resulting totals. The
index for all manufacturing is based on the sum of
these totals, plus estimates for "unclassified" industries, including inventories of unincorporated concerns in such industries.
It should be pointed out that since the indexes for
corporate inventory are obtained by chaining together one-year identical-corporation links, they fail
to reflect changes in the total corporate inventory
due to variations in the number of corporations operating. As the number of manufacturing corporations filing Federal income tax returns increased
somewhat from 1916 to 1923, there may be a slight
downward bias in the indexes. It seems unlikely that
this defect is very serious in the aggregate, though
it may be important in the case of certain sub-groups.
Table 2
In classifying the corporations of the sample into
"large" and "small," the dividing line was variously
drawn, depending on the industry, but the basis of
classification in all cases was the size of the largest
inventory shown during the period the company was
in the sample. Identical—company relatives were
computed for each year for large and small concerns
separately and were chained to give fixed-base indexes for the two groups, by industries.
In weighting the industry indexes to give the composites for all large and small corporations shown in
Table 2, we have used estimates of total inventory
values at the end of 1923, based largely on Kuznets'
figures for that year (Commodity Flow and Capital
Formation, p. 412). It has been assumed that our
sample for 1923 included all "large" corporations,
and that the difference between the inventory tabulated for these concerns and the estimated totals for
the same industries consisted of small-company inventory. The use of 1923 for weighting is because
of the fact that the estimates of inventory value are
much more reliable than for earlier years.
Chart 1
The data underlying the chart are as follows:
[In billions of dollars]
All
manufacturing
Current
prices
1915
1916
1917
1918
1919
1920—cost
—market
1921
1922
1923
6.51
8.39
10.78
12.07
13.16
14.91
11.71
11.97
13. 16
1915
prices
6.51
6.21
6.12
6.26
6.75
7.71
8 66
8.35
8.46
9.29
Durable
goods
Current
prices
2.89
3.85
4.93
5.32
5.45
6.66
5.13
5.28
5.97
Non-durable
goods
1915 Current 1915
prices prices prices
2.89
2.76
2.68
2.84
2.97
3.36
3 76
3.63
3.58
3.81
3.33
4.19
5.39
6.25
7.20
7.62
6.08
6.18
6.63
3.33
3.19
3.18
3.16
3.52
4.02
4 53
4.36
4.52
5.09
This operation is described in the notes to Table 2.
JULY
1941
617
rtont a Jiega.L Standpoint
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
Limitations Upon Investments in Common Trust Fund by Two
or More Trusts Having Same Remainderman
Executive Order and Regulations on Transfers of Property of
Foreign Countries and Their Nationals
Section 17 (c) (5) of Regulation F relating The Executive Order of April 10, 1940, as
to trust powers of national banks provides amended, and the Treasury Regulations issued thereunder providing that transfers of
in part as follows:
credit, foreign exchange transactions, the
"No funds of any trust shall be invested in a export or earmarking of coin, bullion, or curparticipation in a Common Trust Fund if such in- rency, or other similar operations, by persons
vestment would result in such trust having an
interest in the Common Trust Fund in excess of or institutions in the United States which
10 per cent of the value of the assets of the Com- involve property of all invaded and occupied
mon Trust Fund, as determined by the trust in- European countries, or any nationals thereof,
vestment committee, or the sum of $25,000, which- shall be subject to license by the Secretary of
ever is less at the time of investment. * * * In
applying the limitations contained in this para- the Treasury, were amended on June 14,
graph, if two or more trusts are created by the 1941, so as to extend to the remaining counsame settlor or settlors and as much as one-half tries of continental Europe.
of the income or principal or both of each trust
The texts of the Executive Order and acis payable or applicable to the use of the same
person or persons, such trust shall be considered companying Regulations and amendments
as one."
thereto, have been printed in previous issues
of the Federal Reserve BULLETIN. There is
The Board recently considered an inquiry published below a statement issued by the
concerning the application of the above- Treasury Department in explanation of the
quoted provisions of the regulation in two recent amendments together with the full
situations which were described as follows: texts of the Executive Order and Regulations
as amended June 14, 1941.
1
"(1) A settlor creates two trusts of $25,000
each. In one trust the life tenant is 'A', and in the
other the life tenant is *B\ Upon the death of each
life tenant, the principal in each trust is payable
to 'C\
"(2) A settlor creates two trusts of $25,000
each. In one trust the life tenant is 'A', upon whose
death the principal is payable to 'C\ The life
tenant of the other is *B\ upon whose death the
principal is payable to 'D', or if 'D' be not living,
to <C\"
The Board concluded that in neither situation should the two trusts be considered as
one for the purpose of such limitations upon
investments in common trust funds. It was
pointed out, however, that the ruling was
based upon an understanding that there were
no powers of revocation or other additional
facts which might have a bearing on the
matter.
618
Treasury Department, Washington
June 14, 1941
In view of the unlimited national emergency declared by the President, he has today issued an
Executive Order freezing immediately all German
and Italian assets in the United States. At the
same time the Order also freezes the assets of all
invaded or occupied European countries not previously frozen. These include Albania, Austria, Czechoslovakia, Danzig and Poland. The freezing control
will be administered by the Treasury Department.
These measures in effect bring all financial transactions in which German and Italian interests are
involved under the control of the Government, and
impose heavy criminal penalties upon persons failing
to comply therewith. The Executive Order is designed, among other things, to prevent the use of
the financial facilities of the United States in ways
harmful to national defense and other American interests, to prevent the liquidation in the United
States of assets looted by duress or conquest, and
to curb subversive activities in the United States.
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
"With a view to implementing the control of German and Italian assets in this country and in view
of the interrelationship of international financial
transactions, the Executive Order has also been extended to the remaining countries of continental
Europe. However, it is intended that through the
medium of general licenses the freezing control will
be lifted with respect to Finland, Portugal, Spain,
Sweden, Switzerland and the Union of Soviet Socialist Republics, conditional upon the receipt of adequate assurances from the governments of such
countries that the general licenses will not be employed by them or their nationals to evade the purposes of this Order. Furthermore, transactions
under the general licenses will be subject to reporting
and careful scrutiny.
Simultaneously, with the issuance of the Executive
Order, the President approved regulations ordering
a census of all foreign-owned property in the United
States. This census will relate not only to property
in the United States belonging to countries and
nationals subject to freezing control but to all other
countries as well.
Under previous Executive Orders freezing control
has been extended to the assets of Norway, Denmark,
the Netherlands, Belgium, Luxembourg, France, Latvia, Estonia, Rumania, Bulgaria, Lithuania, Hungary, Yugoslavia and Greece.
8785
Regulating Transactions in Foreign Exchange and
Foreign-Owned Property, Providing for the Reporting of all Foreign-Owned Property, and Related
Matters
By virtue of and pursuant to the authority vested
in me by Section 5(b) of the Act of October 6, 1917
(40 Stat. 415), as amended, by virtue of all other
authority vested in me, and by virtue of the existence
of a period of unlimited national emergency, and
finding that this Order is in the public interest and
is necessary in the interest of national defense and
EXECUTIVE ORDER NO.
security, I, FRANKLIN D. ROOSEVELT, PRESIDENT of
the UNITED STATES OF AMERICA, do prescribe the
following:
Executive Order No. 8389 of April 10, 1940, as
amended, is amended to read as follows:
SECTION 1. All of the following transactions are
prohibited, except as specifically authorized by the
Secretary of the Treasury by means of regulations,
rulings, instructions, licenses, or otherwise, if (i)
such transactions are by, or on behalf of, or pursuant to the direction of any foreign country designated in this Order, or any national thereof, or (ii)
such transactions involve property in which any
foreign country designated in this Order, or any
national thereof, has at any time on or since the
effective date of this Order had any interest of
any nature whatsoever, direct or indirect:
A. All transfers of credit between any banking institutions within the United States; and
all transfers of credit between any banking institution within the United States and any
banking institution outside the United States
(including any principal, agent, home office,
branch, or correspondent outside the United
States, of a banking institution within the
United States);
JULY 1941
B. All payments by or to any banking institution within the United States;
C. All transactions in foreign exchange by
any person within the United States;
D. The export or withdrawal from the United
States, or the earmarking of gold or silver coin
or bullion or currency by any person within
the United States;
E. All transfers, withdrawals or exportations
of, or dealings in, any evidences of indebtedness
or evidences of ownership of property by any
person within the United States; and
F. Any transaction for the purpose or which
has the effect of evading or avoiding the foregoing prohibitions.
SECTION 2.
A. All of the following transactions are prohibited, except as specifically authorized by the
Secretary of the Treasury by means of regulations, rulings, instructions, licenses, or otherwise:
(1) The acquisition, disposition or transfer
of, or other dealing in, or with respect to, any
security or evidence thereof on which there is
stamped or imprinted, or to which there is
affixed or otherwise attached, a tax stamp or
other stamp of a foreign country designated
in this Order or a notarial or similar seal
which by its contents indicates that it was
stamped, imprinted, affixed or attached within
such foreign country, or where the attendant
circumstances disclose or indicate that such
stamp or seal may, at any time, have been
stamped, imprinted, affixed or attached
thereto; and
(2) The acquisition by, or transfer to,
any person within the United States of any
interest in any security or evidence thereof
if the attendant circumstances disclose or indicate that the security or evidence thereof is
not physically situated within the United
States.
B. The Secretary of the Treasury may investigate, regulate, or prohibit under such regulations, rulings, or instructions as he may prescribe, by means of licenses or otherwise, the
sending, mailing, importing or otherwise bringing, directly or indirectly, into the United
States, from any foreign country, of any securities or evidences thereof or the receiving or
holding in the United States of any securities or
evidences thereof so brought into the United
States.
SECTION 3. The term "foreign country designated in this Order" means a foreign country included in the following schedule, and the term
"effective date of this Order" means with respect
to any such foreign country, or any national
thereof, the date specified in the following schedule:
(a) April 8, 1940—Norway and Denmark;
(b) May 10, 1940—The Netherlands, Belgium
and Luxembourg;
(c) June 17, 1940—France (including Monaco) ;
(d) July 10, 1940—Latvia, Estonia and Lithuania;
(e) October 9, 1940—Rumania;
619
From a Legal Standpoint
(f) March 4, 1941—Bulgaria;
(g) March 13, 1941—Hungary;
(h) March 24, 1941—Yugoslavia;
(i) April 28, 1941—Greece; and
(j) June 14, 1941—Albania, Andorra, Austria, Czechoslovakia, Danzig, Finland, Germany,
Italy, Liechtenstein, Poland, Portugal, San Marino, Spain, Sweden, Switzerland, and Union of
Soviet Socialist Republics.
The "effective date of this Order" with respect
to any foreign country not designated in this Order
shall be deemed to be June 14, 1941.
SECTION 4.
A. The Secretary of the Treasury and/or the
Attorney General may require, by means of regulations, rulings, instructions, or otherwise, any
person to keep a full record of, and to furnish
under oath, in the form of reports or otherwise,
from time to time and at any time or times, complete information relative to, any transaction referred to in section 5(b) of the Act of October
6, 1917 (40 Stat. 415), as amended, or relative to
any property in which any foreign country or any
national thereof has any interest of any nature
whatsoever, direct or indirect, including the production of any books of account, contracts, letters,
or other papers, in connection therewith, in the
custody or control oi; such person, either before or
after such transaction is completed; and the Secretary of the Treasury and/or the Attorney General may, through any agency, investigate any such
transaction or act, or any violation of the provisions of this Order.
B. Every person engaging in any of the transactions referred to in sections 1 and 2 of this
Order shall keep a full record of each such transaction engaged in by him, regardless of whether
such transaction is effected pursuant to license or
otherwise, and such record shall be available for
examination for at least one year after the date
of such transaction.
SECTION 5.
A. As used in the first paragraph of section 1
of this Order "transactions [which] involve property in which any foreign country designated in
this Order, or any national thereof, has * * * any
interest of any nature whatsoever, direct or indirect," shall include, but not by way of limitation
(i) any payment or transfer to any such foreign
country or national thereof, (ii) any export or
withdrawal from the United States to such foreign country, and (iii) any transfer of credit, or
payment of an obligation, expressed in terms of
the currency of such foreign country.
B. The term "United States" means the United
States and any place subject to the jurisdiction
thereof; the term "continental United States"
means the states of the United States, the District
of Columbia, and the Territory of Alaska.
C. The term "person" means an individual,
partnership, association, corporation, or other
organization.
D. The term "foreign country" shall include,
but not by way of limitation,
(i) The state and the government thereof on
the effective date of this Order as well as any
620
political subdivision, agency, or instrumentality
thereof or any territory, dependency, colony,
protectorate, mandate, dominion, possession or
place subject to the jurisdiction thereof,
(ii) Any other government (including any
political subdivision, agency, or instrumentality
thereof) to the extent and only to the extent
that such government exercises or claims to
exercise de jure or de facto sovereignty over the
area which on such effective date constituted
such foreign country, and
(iii) Any person to the extent that such person is, or has been, or to the extent that there
is reasonable cause to believe that such person
is, or has been, since such effective date, acting
or purporting to act directly or indirectly for
the benefit or on behalf of any of the foregoing.
E. The term "national" shall include,
• (i) Any person who has been domiciled in,
or a subject, citizen or resident of a foreign
country at any time on or since the effective date
of this Order,
(ii) Any partnership, association, corporation or other organization, organized under the
laws of, or which on or since the effective date of
this Order had or has had its principal place of
business in such foreign country, or which on
or since such effective date was or has been controlled by, or a substantial part of the stock,
shares, bonds, debentures, notes, drafts, or other
securities or obligations of which, was or has
been owned or controlled by, directly or indirectly, such foreign country and/or one or more
nationals thereof as herein defined,
(iii) Any person to the extent that such person
is, or has been, since such effective date, acting
or purporting to act directly or indirectly for the
benefit or on behalf of any national of such
foreign country, and
(iv) Any other person who there is reasonable cause to believe is a "national" as herein
defined.
In any case in which by virtue of the foregoing
definition a person is a national of more than one
foreign country, such personal shall be deemed
to be a national of each such foreign country. In
any case in which the combined interests of two
or more foreign countries designated in this Order
and/or nationals thereof are sufficient in the aggregate to constitute, within the meaning of the foregoing, control or 25 per centum or more of the
stock, shares, bonds, debentures, notes, drafts, or
other securities or obligations of a partnership,
association, corporation or other organization, but
such control or a substantial part of such stock,
shares, bonds, debentures, notes, drafts, or other
securities or obligations is not held by any one
such foreign country and/or national thereof, such
partnership, association, corporation or other organization shall be deemed to be a national of each
of such foreign countries. The Secretary of the
Treasury shall have full power to determine that
any person is or shall be deemed to be a "national"
within the meaning of this definition, and the foreign country of which such person is or shall be
deemed to be a national. Without limitation of the
foregoing, the term "national" shall also include
any other person who is determined by the Secre-
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
tary of the Treasury to be, or to have been, since
not more than ten years, or both; and any officer,
such effective date, acting or purporting to act didirector, or agent of any corporation who knowrectly or indirectly for the benefit or under the
ingly participates in such violation may be pundirection of a foreign country designated in this
ished by a like fine, imprisonment, or both."
Order or national thereof, as herein denned.
SECTION 9. This Order and any regulations, rulF. The term "banking institution" as used in
ings, licenses or instructions issued hereunder may
this Order shall include any person engaged pribe amended, modified or revoked at any time.
marily or incidentally in the business of banking,
of granting or transferring credits, or of purFRANKLIN D. ROOSEVELT.
chasing or selling foreign exchange or procuring THE WHITE HOUSE,
purchasers and sellers thereof, as principal or
June Ik, 191+1.
agent, or any person holding credits for others as
a direct or incidental part of his business, or
Treasury Department, Office of the Secretary,
brokers; and, each principal, agent, home office,
June 14, 1941.
branch or correspondent of any person so engaged
shall be regarded as a separate "banking insti- REGULATIONS * UNDER EXECUTIVE ORDER NO. 8389,
tution".
AS AMENDED.
G. The term "this Order", as used herein, shall
mean Executive Order No. 8389 of April 10, 1940, Relating to Transactions in Foreign Exchange and
Foreign-Owned Property, the Reporting of all
as amended.
Foreign-Owned Property and Related Matters.
SECTION 6. Executive Order No. 8389 of April
The Regulations of April 10, 1940, as amended
10, 1940, as amended, shall no longer be deemed to (Sections 130.1 to 130.6), are amended to read as
be an amendment to or a part of Executive Order follows:
No. 6560 of January 15, 1934. Executive Order
SECTION 130.1. Authority for regulations. These
No. 6560 of January 15, 1934, and the Regulations
regulations are prescribed and issued under auof November 12, 1934, are hereby modified in so far
thority of Section 5(b) of the Act of October 6,
as they are inconsistent with the provisions of this
Order, and except as so modified, continue in full
1917 (40 Stat. 415), as amended, and Executive
force and effect. Nothing herein shall be deemed
Order No. 8389 of April 10, 1940, as amended by
to revoke any license, ruling, or instruction now
Executive Order No. 8785 of June 14, 1941.
in effect and issued pursuant to Executive Order
SECTION 130.2. Definitions.
No. 6560 of January 15, 1934, as amended, or pur(a) The term "Order" shall refer to Execusuant to this Order; provided, however, that all
tive Order No. 8389 of April 10, 1940, as
such licenses, rulings, or instructions shall be subamended.
ject to the provisions hereof. Any amendment,
(b) The term "regulations" shall refer to
modification or revocation by or pursuant to the
provisions of this Order of any orders, regulations,
these regulations.
rulings, instructions or licenses shall not affect any
(c) The terms "property" and "property inact done, or any suit or proceeding had or comterest" or "property interests" shall include,
menced in any civil or criminal case prior to such
but not by way of limitation, money, checks,
amendment, modification or revocation, and all
drafts, bullion, bank deposits, savings accounts,
penalties, forfeitures and liabilities under any
any debts, indebtedness or obligations, financial
such orders, regulations, rulings, instructions or
securities commonly dealt in by bankers, brokers,
licenses shall continue and may be enforced as if
and investment houses, notes, debentures, stocks,
such amendment, modification or revocation had
bonds, coupons, bankers' acceptances, mortgages,
not been made.
pledges, liens or other right in the nature of
security, warehouse receipts, bills of lading,
SECTION 7. Without limitation as to any other
trust receipts, bills of sale, any other evidences
powers or authority of the Secretary of the Treasof title, ownership or indebtedness, goods, wares,
ury or the Attorney General under any other promerchandise, chattels, stocks on hand, ships,
vision of this Order, the Secretary of the Treasury
goods on ships, real estate mortgages, vendors'
is authorized and empowered to prescribe from
sales agreements, land contracts, real estate and
time to time regulations, rulings, and instructions
any interest therein, leaseholds, ground rents,
to carry out the purposes of this Order and to
options, negotiable instruments, trade acceptprovide therein or otherwise the conditions under
ances, royalties, book accounts, accounts paywhich licenses may be granted by or through such
able, judgments, patents, trademarks, copyofficers or agencies as the Secretary of the Treasrights, contracts or licenses affecting or inury may designate, and the decision of the Secrevolving patents, trademarks or copyrights, intary with respect to the granting, denial or other
surance policies, safe deposit boxes and their
disposition of an application or license shall be
contents, annuities, pooling agreements, confinal.
tracts of any nature whatsoever, et cetera.
(d) Safe deposit boxes shall be deemed to be
SECTION 8. Section 5(b) of the Act of October
in the "custody" not only of all persons having
6, 1917, as amended, provides in part:
access thereto but also of the lessors of such
boxes whether or not such lessors have access to
"* * * Whoever willfully violates any of the
such boxes. The foregoing shall not in any way
provisions of this subdivision or of any license,
order, rule or regulation issued thereunder, shall,
* Sections 130.1 to 130.7:—Sec. 5 ( b ) , 40 Stat. 415 and 966;
upon conviction, be fined not more than $10,000, Sec.
2, 48 Stat. 1 ; 54 Stat. 179 ; Ex. Order 8389, April 10, 1940,
or, if a natural person, may be imprisoned for as amended by Ex. Order 8785, June 14, 1941.
JULY
1941
621
From a Legal
be regarded as a limitation upon the meaning
of the term "custody".
(e) For the meaning of other terms reference should be made to the definitions contained
in the Order. In interpreting rulings, licenses,
instructions, etc., issued pursuant to the Order
and regulations, particular attention is directed
to the provisions of General Ruling No. 4, as
from time to time hereafter amended.
SECTION 130.3. Licenses. Applications for licenses to engage in any transaction referred to in
sections 1 or 2 of the Order shall be filed in triplicate with the Federal Reserve Bank of the district
or the Governor or High Commissioner of the territory or possession of the United States in which
the applicant resides or has his principal place of
business or principal office or agency, or if the
applicant has no legal residence or principal place
of business or principal office or agency in a Federal Reserve district or a territory or possession of
the United States then with the Federal Reserve
Bank of New York or the Federal Reserve Bank
of San Francisco. Application forms may be obtained from any Federal Reserve Bank, the Governor or High Commissioner of a territory or possession of the United States, or the Secretary of
the Treasury, Washington, D. C. The original of
each application shall be executed under oath
before an officer authorized to administer oaths, or
if executed outside of the United States, before
a diplomatic or consular officer of the United
States. The applicant shall furnish such further
information as shall be requested of him by the
Secretary of the Treasury or the Federal Reserve
Bank or other agency at which the application is
filed. Licenses will be issued by the Secretary of
the Treasury, acting directly or through any officers or agencies that he may designate, and by
the Federal Reserve Banks, acting in accordance
with such regulations, rulings, and instructions as
the Secretary of the Treasury may from time to
time prescribe, in such cases or classes of cases
as the Secretary of the Treasury may determine.
The Federal Reserve Bank or other agency at
which an application is filed will advise the applicant of the decision respecting the application. Licenses for exports, withdrawals or imports, after
having been cancelled by the collector of customs
or the postmaster through whom the exportation,
withdrawal or importation was made, may be
returned by such collector of customs or postmaster to the licensee. Appropriate forms for applications and licenses will be prescribed by the
Secretary of the Treasury. Licensees may be
required to file reports upon the consummation of
the transactions. The decision of the Secretary of
the Treasury with respect to an application for
license shall be final.
SECTION 130.4. Reports of Property Interests of
All Foreign Countries and Nationals Thereof.
(a) On or before July 14, 1941, reports shall
be filed on Form TFR-300, duly executed under
oath, containing: the information called for in
such Form, with respect to all property subject
to the jurisdiction of the United States on the
opening of business on June 1, 1940, and with
respect to all property subject to the jurisdiction of the United States on the opening of
622
Standpoint
business on June 14, 1941, in which on the respective dates any foreign country or any national thereof had any interest of any nature
whatsoever, direct or indirect, regardless of
whether a report on Form TFR-100 with respect
to any such property shall have previously been
filed. Such reports shall be filed by:
(1) Every person in the United States, directly or indirectly holding, or having title to,
or custody, control or possession of such property on either or both of the aforementioned
respective dates.
(2) Every agent or representative in the
United States for any foreign country or any
national thereof having any information with
respect to such property.
Provided, That no report on Form TFR-300
need be filed where the total value of all property interests of any foreign country or national to be reported is less than $1,000.
Without any limitation whatsoever of the
foregoing, reports on Form TFR-300, filed as
required above, shall be filed by every partnership, trustee, association, corporation, or other
organization organized under the laws of the
United States or any state, territory, or district
of the United States or having its principal place
of business in the United States, with respect
to any shares of its stock or any of its debentures,
notes, bonds, coupons or other obligations or
securities or any equity therein, in which any
foreign country or any national thereof had
on either or both of the aforementioned respective dates, any interest of any nature whatsoever, direct or indirect.
(b) Reports shall be executed and filed in
quadruplicate with the Federal Reserve Bank of
the district or the Governor or High Commissioner of the territory or possession of the
United States in which the party filing the report resides or has his principal place of business or principal office or agency, or if such
party has no legal residence or principal place
of business or principal office or agency in a
Federal Reserve district or a territory or possession of the United States, then with the Federal Reserve Bank of New York or the Federal
Reserve Bank of San Francisco. A report shall
be deemed to have been filed when it is received
by the proper Federal Reserve Bank or other
agency or when it is properly addressed and
mailed and bears a postmark dated prior to midnight of the date upon which the report is due.
Each Federal Reserve Bank or other agency shall
promptly forward three copies of every report
filed with it to the Secretary of the Treasury.
(c) (1) All spaces in the report must be
properly filled in. Reports found not to be
in proper form, or lacking in essential details,
shall not be deemed to have been filed in compliance with the Order.
(2) Where space in the report form does
not permit full answers to questions, the information required may be set forth in supplementary papers incorporated by reference in
the report and submitted therewith. Supplementary documents and papers must be referred to in the principal statement in chronFEDERAL RESERVE BULLETIN
From a Legal Standpoint
Treasury Department, Office of the Secretary,
ological or other appropriate order and be
June 7, 1941
described in such manner that they can be
identified.
General License No. 13, as Amended, Under Executive Order No. 8389, as Amended, and Regulations
(d) A separate report under oath must be
Issued Pursuant Thereto, Relating to Transactions
filed by each person required to file a report
in Foreign Exchange, etc.*
except that persons holding property jointly may
file a joint report.
(1) A general license is hereby granted licensing
(e) The Secretary of the Treasury may, in as generally licensed nationals:
his discretion, grant such extensions of time or
(a) the Java, Kobe, Shanghai, Amoy, Hongexemptions as he deems advisable for the making
kong, Manila, Singapore, Bombay and Calcutta
of any or all of the reports required by these
offices of the Nederlandsch Indische Handelsbank;
regulations.
(b) the Java, Kobe, Djeddah, Shanghai, Hong(f) Report Form TFR-300 may be obtained
kong, Singapore, Penang, Rangoon, Calcutta and
from any Federal Reserve Bank, the Governor
Bombay offices of the Nederlandsche Handel Maatschappij;
or High Commissioner of a territory or posses(c) the Java offices of the Javasche Bank; and
sion of the United States, or the Secretary of
(d) the Java offices of the Nederlandsch Indische
the Treasury, Washington, D. C.
Escompto Maatschappij.
SECTION 130.5. Penalties. Section 5(b) of the
Act of October 6, 1917, as amended, provides in Any transaction engaged in by any such office of
any such bank pursuant to the order of or for the
part:
«* * * whoever willfully violates any of the account of any other national of the Netherlands is
provisions of this subdivision or of any license, also hereby authorized to the same extent, and under
order, rule or regulation issued thereunder, shall, the same circumstances, as though such transaction
upon conviction, be fined not more than $10,000, were solely for the account of such office of such
bank; provided, however, that this authorization shall
or, if a natural person, may be imprisoned for not be deemed to permit any payment, transfer or
not more than ten years, or both; and any officer, withdrawal from any blocked account.
director, or agent of any corporation who know(2) Banking institutions within the United States
ingly participates in such violation may be pun- making any payment, transfer or withdrawal from
ished by a like fine, imprisonment, or both."
the accounts of any such office of the aforementioned
SECTION 130.6. These regulations and any rul- banks shall file promptly with the appropriate Fedings, licenses, or instructions issued hereunder shall eral Reserve Bank monthly reports setting forth the
not be deemed to authorize any transaction pro- details of such transactions during such period.
D. W. BELL,
hibited by reason of any other law, proclamation,
order or regulation.
Acting Secretary of the Treasury.
SECTION 130.7. Amendment, Modification, or ReTreasury Department, Office of the Secretary,
vocation. These regulations and any rulings, liJune 7, 1941
censes, instructions, or forms issued hereunder
may be amended, modified, or revoked at any General License No. 14, as Amended, Under Executive
Order No. 8389, as Amended, and Regulations Istime.
sued Pursuant Thereto, Relating to Transactions
HENRY MORGENTHAU, JR.,
in Foreign Exchange, etc.*
Secretary of the Treasury.
(1) A general license is hereby granted licensing
as generally licensed nationals:
(a) the Willemstad (Curacao) offices of:
(i) the Curacaosche Bank;
General Licenses Issued by the Secretary of the Treasury
(ii) the Maduro & Curiel's Bank;
(iii) the Edwards Henriquez & Co.; and
Since the publication of certain General
(b) the Oranjestad (Aruba) office of the Aruba
Licenses on page 401 of the May 1941 Fed- Bank.
eral Reserve BULLETIN, the following Gen- Any transaction engaged in by any such office of any
eral Licenses have been issued by the Office such bank pursuant to the order of or for the account
of the iSecretary of the Treasury under au- of any other national of the Netherlands is also
authorized to the same extent, and under the
thority of the Executive Order of April 10, hereby
same circumstances, as though such transaction were
1940, as amended, and the Regulations issued solely
for the account of such office of such bank;
pursuant thereto relating to transactions in provided, however, that this authorization shall not
be deemed to permit any payment, transfer or withforeign exchange, etc.
drawal from any blocked account.
* Sec. 5 ( b ) , 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Publi
(2) Banking institutions within the United States
Resolution No. 69, 76th Congress ; 12 U. S. C. 95a; Ex. Orde:
6560, J a n . 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Orde: making any payment, transfer or withdrawal from
8405, May 10, 1940 ; Ex. Order 8446, June 17, 1940 ; Ex. Orde: the accounts of any such office of the aforementioned
8484, July 15, 1940; Ex. Order 8493, July 25, 1940; Ex. Orde: banks shall file promptly with the appropriate Fed8565, October 10, 1940; Ex. Order 8701, March 4, 1941 ; Ex
Order 8711, March 13, 1941 ; Ex. Order 8721, March 24, 1941 ; eral Reserve Bank monthly reports setting forth the
Ex. Order 8746, April 28, 1941 ; Regulations, April 10, 1940, as details of such transactions during such period.
APPROVED: June 14, 1941.
FRANKLIN D. ROOSEVELT.
amended May 10, 1940, June 17, 1940, July 15, 1940, October 10,
1940, March 4, 1941, March 13, 1941, March 24, 1941 and April
28, 1941.
JULY
1941
D. W. BELL,
Acting Secretary of the Treasury.
623
From a Legal
Treasury Department, Office of the Secretary,
June 7, 1941
Standpoint
(a) the Buenos Aires, Caracas and Maracaibo
offices of Banco Holandes Unido;
(b) the Rio de Janeiro, Santos and Sao Paulo
offices of Banco Hollandez Unido;
(c) the Willemstad and Oranjestad offices of
Hollandsche Bank-Unie; and
(ti) the Haifa and Instanbul offices of Holland
Bank Union.
Any transaction engaged in by any such office of any
such bank pursuant to the order of or for the account
of any other national of the Netherlands is also
hereby authorized to the same extent, and under the
same circumstances, as though such transaction were
solely for the account of such office of such bank;
provided, however, that this authorization shall not
be deemed to permit any payment, transfer or withdrawal from any blocked account.
(2) Banking institutions within the United States
making any payment, transfer or withdrawal from
the accounts of any such office of the aforementioned
banks shall file promptly with the appropriate Federal
Reserve Bank monthly reports setting forth the details of such transactions during such period.
General License No. 15, as Amended, Under Executive Order No. 8389, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, etc.*
(1) A general license is hereby granted authorizing all transactions ordinarily incident to the importing and exporting of goods, wares and merchandise between the United States and the Netherlands
East Indies and between the United States and the
Netherlands West Indies, provided the following
terms and conditions are complied with:
(a) Imports and exports between the United
States and such areas shall not be financed, directly
or indirectly, from any blocked account in which
any blocked country or any national thereof, other
than the Netherlands or any national thereof, has
an interest: and
(b) Imports and exports between the United
States and such areas shall not involve, directly
or indirectly, property in which any blocked country or any national thereof, other than the NetherD. W. BELL,
lands or any national thereof, has an interest, or
has had an interest since the effective date of the
Acting Secretary of the Treasury.
Order.
Treasury Department, Office of the Secretary,
(2) Banking institutions within the United States
June 7, 1941
engaging in any transactions authorized by this general license shall file promptly with the appropriate General License No. 21, as Amended, Under ExecuFederal Reserve Bank monthly reports setting forth
tive Order No. 8389, as Amended, and Regulations
the details of such transactions during such period,
Issued Pursuant Thereto, Relating to Transactions
including appropriate identification of the accounts
in Foreign Exchange, etc.*
which are debited or credited in connection with any
(1) A general license is hereby granted licensing
such transaction.
the Netherlands Trading Society East, Ltd., London
D. W. BELL,
and the Netherlands Trading Society East, Inc., DelaActing Secretary of the Treasury.
ware as generally licensed nationals. Any transaction engaged in by the Netherlands Trading Society
Trsasury Department, Office of the Secretary,
East, Ltd., London pursuant to the order of or for
June 7, 1941
the account of any other national of the Netherlands,
General License No. 18, as Amended, Under Execu- or by the Netherlands Trading Society East, Inc.,
tive Order No. 8389, as Amended, and Regulations Delaware pursuant to the order of or for the account
Issued Pursuant Thereto, Relating to Transactions of any person in the Netherlands East Indies or the
in Foreign Exchange, etc.*
Netherlands West Indies, is also hereby authorized
A general license is hereby granted licensing- the to the same extent, and under the same circumstances,
New York office of the French American Banking as though such transaction were solely for the account
of such banking institutions; provided, however, that
Corporation as a generally licensed national.
this authorization shall not be deemed to permit any
D. W. BELL,
payment, transfer or withdrawal from any blocked
Acting Secretary of the Treasury.
account.
(2) Banking institutions within the United States
Treasury Department, Office of the Secretary,
making any payment, transfer or withdrawal from
June 7, 1941
the accounts of the aforementioned banking instituGeneral License No. 19, as Amended, Under Execu- tions shall file promptly with the appropriate Federal
tive Order No. 8389, as Amended, and Regulations Reserve Bank monthly reports setting forth the deIssued Pursuant Thereto, Relating to Transactions tails of such transactions during such period.
in Foreign Exchange, etc.*
D. W. BELL,
Acting Secretary of the Treasury.
(1) A general license is hereby granted licensing
as generally licensed nationals:
Treasury Department, Office of the Secretary,
* Sec. 5 ( b ) , 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public
June 7, 1941
Resolution No. 69, 76th Congress ; 12 U. S. C. 95a; Ex. Order
6560, J a n . 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order
8405, May 10, 1940 ; Ex. Order 8446, June 17, 1940 ; Ex. Order General License No. 22, as Amended, Under Executive Order No. 8389, as Amended, and Regulations
8484, July 15, 1940 ; Ex. Order 8493, July 25, 1940 ; Ex. Order
8565, October 10, 1940; Ex. Order 8701, March 4, 1941; Ex
Issued Pursuant Thereto, Relating to Transactions
Order 8711, March 13, 1941 ; Ex. Order 8721, March 24, 1941 ;
in Foreign Exchange, etc.*
Ex. Order 8746, April 28, 1941 ; Regulations, April 10, 1940, as
amended May 10, 1940, June 17, 1940, July 15, 1940, October 10.
A general license is hereby granted licensing the
1940, March 4, 1941, March 13, 1941, March 24, 1941 and April
London and New York offices of ths Banque Beige
28, 1941.
624
FEDERAL RESERVE
BULLETIN
From a Legal
pour l'Etranger (Overseas), Limited as generally
licensed nationals. Any transaction engaged in by
the London office of such bank pursuant to the order
of or for the account of any other national of Belgium
is also hereby authorized to the same extent, and
under the same circumstances, as though such transaction were solely for the account of such office of
such bank; provided, however, that this authorization
shall not be deemed to permit any payment, transfer
or withdrawal from any blocked account.
Standpoint
ing, but not by way of limitation, any transfer of
credit, or payment of an obligation, expressed in
terms of the currency of any foreign country.
This general license should not be employed to
make any payment or transfer of credit comprising
an integral part of a transaction which cannot be
effected without the subsequent issuance of a further
license.
D. W. BELL,
Acting Secretary of the Treasury.
D. W. BELL,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary,
June 14, 1941
Treasury Department, Office of the Secretary,
General License No. 42 Under Executive Order No.
June 7, 1941
8389, April 10, 1940, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
General License No. 40, as Amended, Under Execuin Foreign Exchange, Etc\
tive Order No. 8389, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
A general license is hereby granted licensing as
in Foreign Exchange, etc.*
generally licensed nationals individuals who have
A general license is hereby granted licensing as been domiciled in and residing only in the United
generally licensed nationals the New York offices of: States at all times on and since the effective date of
the Order and at all times on and since June 17, 1940,
(a) The Hellenic Bank Trust Company;
if such effective date is subsequent to June 17, 1940:
(b) the Bank of Athens Trust Company; and
provided, however, that this license shall not be
(c) the Bank of Athens Safe Deposit Company deemed to license as a generally licensed national any
of New York.
individual who is a national of a foreign country by
D. W. BELL,
reason of any fact other than that such individual
Acting Secretary of the Treasury.
has been a subject or citizen of a foreign country at
any time on or since such effective date.
Treasury Department, Office of the Secretary,
Reports on Form TFR-300 are not required to be
June 14, 1941
filed with respect to the property interests of any
General License No. 1, as Amended, Under Execu- individuals licensed herein as generally licensed native Order No. 8389, April 10, 194-0, as Amended, tionals.
D. W. BELL,
and Regulations Issued Pursuant Thereto, RelatActing Secretary of the Treasury.
ing to Transactions in Foreign Exchange, Etc\
A general license is hereby granted authorizing
Treasury Department, Office of the Secretary,
any payment or transfer of credit to a blocked acJune 14, 1941.
count in a domestic bank in the name of any blocked
country or national thereof providing the following General License No. 43 under Executive Order No.
terms and conditions are complied with:
8389, April 10, 1940, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
(1) Such payment or transfer shall not be made:
in Foreign Exchange, etcf
(a) From any blocked account in a domestic
bank; or
A general license is hereby granted licensing the
(b) From any other blocked account if such pay- following as generally licensed nationals:
ment or transfer represents, directly or indirectly,
(a) Swiss American Corporation, New York; and
a transfer of the interest of a blocked country or
(b) The New York agencies of:
national thereof to any other country or person.
(i) Credit Suisse; and
(2) This general license shall not be deemed to
(ii) Swiss Bank Corporation.
authorize:
D. W. BELL,
(a) Any payment or transfer to any blocked
Acting Secretary of the Treasury.
account held in a name other than that of the
blocked country or national thereof who is the ultiTreasury Department, Office of the Secretary,
mate beneficiary of such payment or transfer; or
June 14, 1941.
(b) Any foreign exchange transaction includGeneral License No. 4.4, under Executive Order No.
* Sec. 5 ( b ) , 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public
8389, April 10, 1940, as Amended, and Regulations
Resolution No. 69, 76th Congress; 12 U. S. C. 95a; Ex. Order
Issued Pursuant Thereto, Relating to Transactions
6560 J a n . 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order
8405, May 10, 1940 ; Ex. Order 8446, J u n e 17, 1940 ; Ex. Order
in Foreign Exchange, etc\
8484, July 15, 1940 ; Ex. Order 8493, July 25, 1940 ; Ex. Order
8565, October 10, 1940; Ex. Order 8701, March 4, 1941 ; Ex
The Roman Curia (or Curia Romana) of the VatiOrder 8711, March 13, 1941 ; Ex. Order 8721, March 24, 1941 ; can City State is hereby licensed as a generally liEx. Order 8746, April 28, 1941 ; Regulations, April 10, 1940, as
amended May 10, 1940, June 17, 1940, July 15, 1940, October 10, censed national and all persons to the extent that
1940, March 4, 1941, March 13, 1941, March 24, 1941 and April they are acting for and on behalf of the Vatican City
28, 1941.
State are hereby licensed as generally licensed naf Sec. 5 ( b ) , 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. tionals.
179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order
8785, June 14, 1941; Regulations, April 10, 1940, as amended
June 14, 1941.
JULY
1941
D. W. BELL,
Acting Secretary of the Treasury.
625
From a Legal
Standpoint
for such purposes does not exceed in any one week
Treasury Department, Office of the Secretary,
the average weekly payroll, for such employees of
June 14, 1941.
such organization, during the six months' period
General License No. 45 under Executive Order No.
8389, April 10, 191+0, as Amended, and Regulations immediately preceding the date of this license.
Issued Pursuant Thereto, Relating to Transactions
(2) Any bank effecting any such payment, transin Foreign Exchange, etcf
fer or withdrawal shall satisfy itself that such pay(1) A general license is hereby granted authoriz- ment, transfer or withdrawal is being made pursuant
ing any banking institution within the United States to the terms and conditions of this general license.
(3) Each such organization shall promptly file
to make payments from blocked accounts, other than
blocked accounts of Norway, Denmark, the Nether- weekly reports in triplicate with the appropriate
lands, Belgium, Luxembourg, France, Latvia, Es- Federal Reserve Bank with respect to any such paytonia, Lithuania, Rumania, Bulgaria, Hungary, Yugo- ments, transfers or withdrawals made from its
blocked accounts during the reporting period. Such
slavia, or Greece, or any national thereof:
report shall include: (a) the total amount of such
A. Of checks and drafts drawn or issued prior payments,
or withdrawals made during
to June 14 1941, and to accept and pay and debit such period;transfers
the names and addresses of the
to such accounts drafts drawn prior to June 14, domestic banks(b)holding
the blocked accounts from
1941, under letters of credit provided:
which such payments, transfers or withdrawals were
(1) The amount involved in any one payment, made, and the amount of such payments, transfers
or withdrawals made from the blocked accounts in
acceptance, or debit does not exceed $500; or
(2) The amount involved in any one payment, each bank; and the first weekly report filed by such
acceptance, or debit does not exceed $10,000 and organization shall include (c) comparable data for
the check or draft was within the United States each of the six months preceding the date of this
in process of collection on or prior to June 14, license.
(4) The provisions of this license shall not be
1941; and
B. Of documentary drafts drawn under irrevo- applicable to the accounts of any such organization
cable letters of credit issued or confirmed by a which is a national of Norway, Denmark, the Netherlands, Belgium, Luxembourg, France, Latvia, Esdomestic bank prior to June 14, 1941.
tonia, Lithuania, Rumania, Bulgaria, Hungary, Yugo(2) This general license shall not be deemed to slavia, or Greece.
authorize any payment to a blocked country, or na(5) This license shall expire at the close of busitional thereof, except payments into a blocked ac- ness on July 15, 1941.
count in a domestic bank unless such foreign country
D. W. BELL,
or national is otherwise licensed to receive such payActing Secretary of the Treasury.
ments.
(3) Banking institutions making any payment or
Treasury Department, Office of the Secretary,
debit authorized by this general license shall file
June 14, 1941.
promptly with the appropriate Federal Reserve Bank
General
License
No.
4-7 under Executive Order No.
weekly reports showing the details of such transac8389, April 10, 1940, as Amended, and Regulations
tions.
Issued Pursuant Thereto, Relating to Transactions
(4) This license shall expire at the close of busiin Foreign Exchange, etcf
ness on July 14, 1941.
D. W. BELL,
A general license is hereby granted licensing Banco
Acting Secretary of the Treasury.
di Napoli Trust Company of New York as a generally
licensed national.
Treasury Department, Office of the Secretary,
D. W. BELL,
June 14, 1941.
Acting Secretary of the Treasury.
General License No. 46 under Executive Order No.
Treasury Department, Office of the Secretary,
8389, April 10, 1940, as Amended, and Regulations
June 14, 1941.
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, etcf
General License No. 47A under Executive Order No.
8389, April 10, 1940, as Amended, and Regulations
(1) A general license is hereby granted authorizIssued Pursuant Thereto, Relating to Transactions
ing payments, transfers or withdrawals from blocked
in Foreign Exchange, etcf
accounts, in domestic banks, of any partnership, association, corporation or other organization engaged
A general license is hereby granted licensing Banco
in commercial activities within the United States di Napoli Trust Company, Chicago, Illinois, as a
and which is a national of any blocked country for generally licensed national.
the purpose of paying current salaries, wages or
D. W. BELL,
other compensation due employees of such organizaActing Secretary of the Treasury.
tion, provided that:
Treasury Department, Office of the Secretary,
(a) such employees are engaged in employment
June 14, 1941.
in and residing in the United States; and
(b) the total payments, transfers or withdrawals General License No. 4-8 Under Executive Order No.
from blocked accounts of any such organization
8389, April 10, 1940, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, etcf
f Sec. 5 ( b ) , 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
179; Ex. Order 8389, April 10, 1940, as amended by Ex. Orde^
A general license is hereby granted authorizing
8785, June 14, 1941; Regulations, April 10, 1940, as amended
banking institutions within the United States to comJune 14, 1941.
626
FEDERAL RESERVE
BULLETIN
From a Legal Standpoint
plete, on or before June 17, 1941, purchases and sales
made prior to 11 A. M., Eastern Standard Time, June
14, 1941, of securities purchased or sold for the account of any foreign country designated in Section
3(j) of the Order, or any national thereof, provided
that
(a) the proceeds of such sale are credited to a
blocked account in a banking institution in the
name of the person for whose account the sale was
made; and
(b) the securities so purchased are held in a
blocked account in a banking institution in the
name of the person for whose account the purchase
was made.
Banking institutions within the United States engaging in any transactions authorized by this General
License shall file promptly with the appropriate Federal Reserve Bank reports setting forth the details
of such transactions; including the name of the person for whose account the purchase or sale was made,
the nationality of such person, the price at which
each such purchase or sale was made, a description
of the securities purchased or sold, the date of the
purchase or sale, an appropriate identification of the
blocked account to which the proceeds of such sale
were credited and in which the securities so purchased are held, and the name of the banking institution holding such blocked account.
This General License shall not be deemed to
authorize:
of, or pursuant to the direction of the Government
of Sweden or the Sveriges Riksbank, such transaction shall not be effected until a representative
in New York, New York, of the Swedish Legation,
designated for such purpose by the Minister of
Sweden to the United States, has certified in
writing that the Government of Sweden has determined that such transaction complies with the
conditions of paragraphs (a) and (b) above.
(2) This license shall not be deemed to permit any
payment, transfer or withdrawal from any blocked
account other than blocked accounts in the name of
the Government of Sweden or the Sveriges Riksbank,
until the said representative in New York, New
York, of the Swedish Legation has certified, with
respect to the transaction, as provided in paragraph
(1) (c) above.
(3) This general license shall not apply with
respect to any national of Sweden who is also a national of any other blocked country.
(4) Banking institutions within the United States
engaging in any transactions authorized by this
general license shall file promptly with the appropriate Federal Reserve Bank weekly reports setting
forth the details of transactions effected by them
under this license.
(5) As used in this general license, the "Government of Sweden" shall include the government of
any political subdivision (territories, dependencies,
possessions, states, departments, provinces, counties,
municipalities, districts or other places subject to
the jurisdiction thereof), or any political agency or
instrumentality of the government.
(a) The purchase or sale of any security registered or inscribed in the name of any blocked country or any national thereof;
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
(b) Any transaction for which a license is required under Section 2A(1) of the Order unless
Treasury Department, Office of the Secretary,
the provisions of General License No. 25 have been
complied with; or any transaction for which a
June 20, 1941.
license is required under Section 2A(2) of the
General
License
No.
50 under Executive Order No.
Order.,
8389, April 10, 1940, as Amended, and Regulations
D. W. BELL,
Issued Pursuant Thereto, Relating to Transactions
Acting Secretary of the Treasury.
in Foreign Exchange, etc.f
(1) A general license is hereby granted licensing
Treasury Department, Office of the Secretary,
any transaction referred to in Section 1 of the Order,
June 20, 1941.
if such transaction is by, or on behalf of, or pursuant
to the direction of the Government of Switzerland
General License No. 4,9 under Executive Order No. or the Banque Nationale Suisse, provided, that:
8389, April 10, 1940, as Amended, and Regulations
(a) Such transaction is not by, or on behalf of,
Issued Pursuant Thereto, Relating to Transactions
or pursuant to the direction of any blocked country
in Foreign Exchange, etc.\
or any national thereof, other than Switzerland or
a national of Switzerland; and
(1) A general license is hereby granted licensing
(b) Such transaction does not involve property
any transaction referred to in Section 1 of the Order,
in which any blocked country or national thereof,
if (i) such transaction is by, or on behalf of, or
other than Switzerland or any national of Switzerpursuant to the direction of Sweden, or any national
land, has at any time on or since the effective date
thereof, or (ii) such transaction involves property in
of the Order had any interest.
which Sweden, or any national thereof, has at any
time on or since the effective date of the Order had
Any
transaction engaged in by the Government of
any interest, provided, that:
Switzerland or the Banque Nationale Suisse pursu(a) Such transaction is not by, or on behalf of, ant to the order or for the account of any other
or pursuant to the direction of any blocked coun- national of Switzerland is also hereby authorized to
try or any national thereof, other than Sweden or the same extent, and under the same circumstances,
any national of Sweden; and
as though such transaction were solely for the ac(b) Such transaction does not involve property count of the Government of Switzerland or the
in which any blocked country or any national Banque Nationale Suisse.
thereof, other than Sweden or any national of
5 ( b ) , 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
Sweden, has at any time on or since the effective 179t ;Sec.
Ex. Order 8389, April 10, 1940, as amended by Ex. Order
date of the Order had any interest; and
8785, June 14, 1941 ; Regulations, April 10, 1940, as amended
(c) If such transaction is not by, or on behalf June 14, 1941.
JULY 1941
627
From a Legal Standpoint
(2) This general license shall not be deemed to
permit any payment, transfer or withdrawal from
any blocked account, other than blocked accounts in
the name of the Government of Switzerland or the
Banque Nationale Suisse, except as provided in paragraph (3) of this general license.
(3) This general license also authorizes any payment or transfer of credit or transfer of securities
from a blocked account in which any national of
Switzerland has an interest to a blocked account in
a domestic bank in the name of the Banque Nationale
Suisse, if, prior to any such payment or transfer, the
instructions to effect such payment or transfer are
confirmed by the Banque Nationale Suisse; provided,
however, that this authorization shall not be deemed
to authorize any payment or transfer of credit or
transfer of securities from a blocked account in which
any national of a blocked country, other than Switzerland, has an interest, or has had an interest at any
time on or since the effective date of the Order.
(4) This general license shall not apply with respect to any national of Switzerland who is also a
national of any other blocked country.
(5) Banking institutions within the United States
engaging in any transactions authorized by this
general license shall file promptly with the appropriate Federal Reserve Bank weekly reports setting
forth the details of transactions effected by them
under this license.
(6) As used in this general license, the "Government of Switzerland" shall include the government
628
of any political subdivision (territories, dependencies,
possessions, states, departments, provinces, counties,
minicipalities, districts or other places subject to
the jurisdiction thereof), or any political agency or
instrumentality of the government.
E. H. FOLEY, JR.,
Acting Secretary of the
Treasury.
Treasury Department, Office of the Secretary,
June 24, 1941.
General License No. 51 under Executive Order No.
8389, April 10, 1940, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, etc.f
(1) A general license is hereby granted licensing
the Union of Soviet Socialist Republics as a generally
licensed country.
(2) As used in this general license:
Any foreign country licensed as a "generally
licensed country", and nationals thereof, shall be
regarded for all purposes as if such foreign country
were not a foreign country designated in the Order.
E. H. FOLEY, JR.,
Acting Secretary of the
Treasury.
f Sec. 5 ( b ) , 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1 ; 54 Stat.
179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order
8785, June 14, 1941 ; Regulations, April 10, 1940, as amended
June 14, 1941.
FEDERAL RESERVE BULLETIN
rtom the Jsoatd 5 @otte5pondence
Questions of general interest, relating to money and banking, are answered in this section of the BULLETIN.
tke J?u4tem'5 Participation
QUESTION
in the ffefienle fttogtam
variety of information they need in filling
Will you explain what the relationship is between Government orders for defense goods. They
the Federal Reserve System and the Office of Pro- inform individual firms of supplies for which
duction Management?
the Government is requesting bids and furANSWER
addition to cooperating with the defense
by performing functions within
ItheNagencies
usual sphere of its activities, the Federal
Reserve System has been cooperating closely
with the Defense Contract Service, a unit of
the Office of Production Management, in aiding producers and the Government in making and financing defense contracts. An
official of each Reserve Bank and each branch
has been designated as a Federal Reserve
Defense Contract Officer. The task of these
officers is to advise banks and contractors
on financial problems connected with the
defense program, including assignment of
claims, contract interpretation, etc. They
are often instrumental in arranging for loans
from banks or Government lending agencies
to supplement the credit which defense producers can get from their regular banking
connections.
The Defense Contract Service has established an office at each Reserve Bank and
each branch, and placed a coordinator in
charge of each office. Under each coordinator there is a manager and a technical staff
with engineering and industrial experience.
These officers and their staffs endeavor to
help bring together primary contractors and
subcontractors and to furnish small and
medium-sized local producers with the wide
nish technical advice in submitting bids and
closing contracts; they also notify the Government's purchasing agents of the various
firms that may be in a position to manufacture supplies of specific sorts.
The Priorities Division is now establishing
field offices in a number of Reserve Banks
and branches. These regional offices will
be able to help and advise businessmen and
manufacturers who have questions about
priorities.
The 12 Reserve Banks and their 24
branches in 36 leading cities are so distributed that they offer close contact with every
part of the country. In addition, the System
is connected by special telegraphic service
centered in the Federal Reserve Building in
Washington. This service is utilized daily
by the Office of Production Management in
communicating with its field offices and by
the United States Treasury in the transfer
of Government funds and in other ways.
The Reserve Banks in their capacity as
fiscal agents for the Treasury Department
perform a number of important functions
relating to the program of national defense,
particularly in connection with the sale of
Defense Savings Bonds and in work caused
by the "freezing" of all property in the
United States of certain foreign countries
and their nationals.
flank d?tedit and Dt5 Relation to
QUESTION
ANSWER
It has been stated that excess reserves of member
HE term "bank credit" usually refers to
banks of the Federal Reserve System at the end of
the
loans and investments of commercial
19%0, provided a base for more than doubling the
existing supply of bank credit. What precisely is banks. However, for certain purposes loans
meant by bank credit and is this statement true? and investments of savings bank are in-
T
JULY
1941
629
From the Board's Correspondence
eluded. Bank deposits bear a close relationship to loans and investments, generally
increasing or decreasing as loans and investments increase or decrease.
Total loans and investments of all banks
in the United States were $54,200,000,000 on
December 31, 1940. On the same date total
deposits at all banks in the United States,
excluding interbank deposits and adjusting
for items in process of collection, were about
$63,000,000,000, and required reserves were
$7,440,000,000. In other words, there were
$8.50 of deposits for each dollar of required
reserves. If excess reserves, which amounted
to $6,550,000,000 on the same date, had served
as a basis for additional deposits in the same
ratio, the total volume of deposits would have
been about $56,000,000,000 greater. Such an
expansion on the basis of existing excess reserves, while theoretically possible, is very
unlikely because it could occur only if suitable
loans and investments were available and if
banks were willing to extend credit to the
limit of their reserves. Moreover, it is likely
that as deposits increased, the public would
withdraw a part of them in cash, thereby
increasing the amount of money in circulation and reducing bank reserves. It should
be noted also that the above mentioned ratio
of required reserves to deposits would change
if the distribution of deposits among different
classes of banks and between time and demand accounts changed.
off JZawfiul Atone
QUESTION
Would it be correct to say that "lawful money of
the United States" as used in Section 16 of the Federal Reserve Act means any currency in denominations of $1 or more?
ANSWER
ing notes of Federal Reserve Banks and national
banking associations) heretofore or hereafter
coined or issued, shall be legal tender for all
debts, public and private, public charges, taxes,
duties, and dues, except that gold coins, when
below the standard weight and limit of tolerance provided by law for the single piece, shall
be legal tender only at valuation in proportion
to their actual weight."
ITH respect to that provision of law
which requires every Federal Reserve
W
Bank to maintain reserves in gold certificates Accordingly, all coins and currencies of the
United States may now be regarded as lawful
money. At one time, as you probably know,
it was provided by law that minor coins and
subsidiary silver coins were not legal tender
in making payments above certain specified
amounts. While this provision of the law has
not been expressly repealed, the broad language of the 1933 amendment above quoted
would seem to indicate an intention to remove
any limitation upon the amounts for which
minor coins or any other coins or currencies
of the United States may be used as legal
tender. It should be noted that, while Federal Reserve notes are regarded as lawful
money, as a matter of practical operation
they are not counted as part of a Federal
"All coins and currencies of the United States Reserve Bank's reserve against deposits
(including Federal Reserve notes and circulat- maintained with it.
or "lawful money" of not less than 35 per
centum against its deposits, you ask whether
it would be correct to say that "lawful
money", as here used, means any money issued by the Government directly, in denominations of $1 or more.
Such a statement would not be correct in
limiting the amount to $1 or more. While the
term "lawful money" is not defined by law,
the decisions of the courts indicate that that
term includes the classes of money which are
declared by the laws of the United States to
be legal tender. Section 43 (b) (1) of the
so-called Thomas Amendment of May 12,
1933, as amended by the Public Resolution of
June 5,1933, provides that:
630
FEDERAL RESERVE BULLETIN
year term ending December 31, 1943. Mr.
Paul is a member of the law firm of Lord,
The following State banks were admitted Day & Lord, New York, New York.
On June 11, 1941, the Board announced the
to membership in the Federal Reserve System
appointment,
effective July 1, 1941, of Winduring the period May 16, 1941, to June 15,
field W. Riefler, Princeton, New Jersey, as a
1941, inclusive.
Class C director of the Federal Reserve Bank
Illinois
of Philadelphia for the unexpired portion of
Clay City—The Clay City Banking Co.
the term ending December 31, 1941. Dr.
Riefler is Professor in the School of EconomIndiana
ics and Politics of the Institute for Advanced
Bourbon—The First State Bank, Bourbon,
Study,
Princeton, and a trustee of the InstiIndiana
tute.
Iowa
The Federal Reserve Bank of Dallas on
Auburn—Auburn Savings Bank
June 17, 1941, announced the election of J. E.
Woods, President of the Teague National
New Jersey
Bank, Teague, Texas, as a Class A director
Washington—Washington Trust Company of
of
the Bank for the unexpired portion of the
Washington, N. J.
term ending December 31, 1941.
Admissions of State Banks to Membership in the Federal
Reserve System
New York
East Aurora—Erie County Trust Company
Northville—The Northville Bank
Appointment of Deputy Chairman of the Federal Reserve
Bank of Philadelphia
The Board, on June 27, 1941, announced
that Warren F. Whittier, farmer, dairyman
and cattle breeder, Douglassville, Pennsylvania, had been designated Deputy Chairman
of the Federal Reserve Bank of Philadelphia
for the remainder of the current year to succeed Alfred H. Williams, who resigned effective July 1 to become President of the FedFederal Reserve Meetings in Washington
eral Reserve Bank. Mr. Whittier has served
The Federal Open Market Committee had as a Class C director of the Bank since his
its second meeting of the year on June 10, appointment as such on December 1, 1939.
and on June l l a conference of the Presidents
Resignation of Class B Director
of the Federal Reserve Banks was held.
The Federal Reserve Bank of Boston has
Appointment of Directors
accepted, effective July 1, 1941, the resignaThe Board of Governors on June 6, 1941, tion tendered by Edward S. French, of
announced the appointment of Randolph E. Springfield, Vermont, President of Boston
Paul, New York, New York, as a Class C and Maine Railroad, as a Class B director of
director of the Federal Reserve Bank of New the Bank. Mr. French had served as a Class
York for the unexpired portion of the three- B director since January 1, 1932.
Ohio
Genoa—The Genoa Banking Company
Luckey—The Exchange Bank of Luckey
New Waterford—The New Waterford Savings
and Banking Company
Niles—The Niles Bank Company
JULY
1941
631
Memltet Sank O^petatlncj ]Qatio59 1940
of operating ratios of member profits on capital accounts were somewhat
AVERAGES
banks for 1940, grouped by Federal Re- lower in 1940 than in the previous year. The
serve districts, by size of bank, and by pro- rate of dividends on capital accounts changed
portionate holdings of time deposits are pre- very slightly.
sented on pages 685-699 of this BULLETIN.
The proportion of total capital accounts
These averages of operating ratios differ to total assets (and to total deposits) defrom the ratios of earnings computed from creased on the average in 1940, but the ratio
the aggregate dollar figures (which are pub- of capital accounts to loans, securities, and
lished from time to time in the BULLETIN) in real estate assets remained unchanged at
that the ratio averages give an equal weight 20.0 per cent.
to each bank whether large or small and are
SELECTED OPERATING RATIOS—MEMBER BANKS
greatly influenced by the large number of
[Percentage figures; averages of individual bank ratios]
small banks, whereas the dollar aggregates
1
are dominated by the figures of large banks.
1937 1938 1939 1940
Item
Some of the average operating ratios that
Ratios to total earnings:
have been computed for the past four years
49.7
52.2
Interest and discount on loans
54.5
57.5
are shown in the accompanying table. These Interest and dividends on securities.
34.8
32.3 29.8
26.6
/
5.2
Service charges
5.4
5.7
•15.5
ratios show that member banks on the aver- All other earnings
\1O.3
10.3
10.2
00.0 100.0 100.0
Total earnings
100.0
age derived an appreciably larger proportion
28. 1 28.9
29.2
Salaries and wages
29.9
of their total earnings from loans in 1940 Interest
19.1
17.1
18.3
on time deposits _
16.3
6.4
Taxes
7.2
.25.6 24.6
than in the three preceding years, notwith- All other expenses
\18.8
18.9
71.8
71.5
Total expenses
72.3
standing a slightly lower average rate
27.2
28.2
28.5
earnings
27.7
charged on loans. The average ratio of loans Net Net
5.8
9.8
4.6
charge-offs, etc..
6.2
21.4
18.4
23.9
Net profits
21.5
to total assets increased only 1 per cent over
1939, but in dollar terms there was a conRatios to total assets:
siderable increase in loan holdings and the Total earnings. _
3 9
4.0
3.8
3.7
2. 8
2.9
2.7
2.6
gain appears to have been participated in by Total expenses.
1.1
1.1
1.1
Net earnings
.2
a majority of the banks. The average ratio Net charge-offs, etc..4
.3
of interest and dividends on securities to total
.9
Net profits
34.2
earnings declined again in 1940, as a result Loans
34.7
35.7
35.7
32.5
29.6
Securities
14.2
13.9
13.4
of both smaller proportionate holdings of Total capital accounts.
securities and lower rates of income on them.
Other ratios:
Average rates of net earnings and net Net earnings to total capital accounts
8.6
8.7
8.4
8.6
1
1
For operating ratios for previous years see Federal Reserve
BULLETIN for June 1940, June 1939, and August 1938. The operating ratio averages are useful primarily for the purpose of
studying the financial results of operations of individual banks.
For analyses of bank earnings in general, the aggregate dollar
figures and ratios computed from them (such as were published
in the May 1941 BULLETIN) are probably more significant. Articles
analyzing aggregate figures of bank earnings were published in
the May 1940 BULLETIN, pages 395-400, and the February 1938
BULLETIN, pages 102-115.
632
Net profits to total capital accounts
Dividends to total capital accounts
Interest and discount on loans to loans
Interest and dividends on securities to securities
6.6
5.6
6.2
6.2
()
7.0
2.9
6.2
6.5
3.0
6.1
3.5
3.4
3.3
3.1
1 For the years 1937 and 1938 these ratios are to total available funds
(i. e., capital accounts, deposits, and borrowed money) instead of total
assets.
The effect of this difference on the averages shown is negligible.
2
Not computed.
FEDERAL RESERVE
BULLETIN
Htltlllt White }&a&Qt
on Wat rlnanca
i
HERE is published below the text of a must not be looked upon as one of a new
Government White Paper presented annual series". He further explained as
Tto British
Parliament on April 7 last by the Finan- follows the publication of more extensive
cial Secretary to the British Treasury, under
the title: "An Analysis of the Sources of War
Finance and an Estimate of the National Income and Expenditure in 1938 and 1940".
This paper, together with the usual Financial Statement, was issued in connection with
the annual budget speech of the Chancellor
of the Exchequer, and was designed to elucidate statistically some of the fundamental
bases of British fiscal policy. The Chancellor
stated in his budget speech that the White
Paper was made public only "after a good
deal of consideration", and warned the House
that "while I have thought it right to publish
this paper as an additional source of study
for those in particular who have made a special study of national finance, the publication
information in time of war than in time of
peace: "For one thing, our tasks require a
more comprehensive knowledge, and, secondly, we know more because a much larger
part of the national economic life falls within
the purview of Government Departments."
The White Paper contains two series of
statistical estimates, the first prepared in
the Treasury and the second in the Central
Statistical Office, a war-time agency established by the Prime Minister to assemble information for the War Cabinet and Government Departments. It should be noted that
the Treasury studies relate to "war years",
the first of which commenced September 1,
1939, while the Central Statistical Office
data were prepared for calendar years.
1.—AN ESTIMATE DESIGNED TO ANALYSE THE SOURCES OF WAR FINANCE
(Prepared in the Treasury)
TABLE I
TABLE II
(Million £)
Analysis of forms of sterling public loans
Year
Half year
(Million £)
Sept. 1,
Sept. 1,
Year Half year
19391940Sept. 1, Sept. 1,
Aug. 31,
Feb. 28,
193919401940
1941
Aug. 31, Feb. 28,
Total Government expenditure * 2,633
2,108
1940
1941
Less: Increase in departmental
Post Office and trustee savings
34
36
banks
and Exchequer balances
82
95
National savings certificates
2,074
2,597
True expenditure
(net)
125
83
837
1,148
Less: Revenue
Defence bonds
146
84
Other public issues (net) 2
261
385
1,449
1,237
Less: Net extra-budgetary reFiduciary issue (increase) . . . .
50
ceipts of public departments
Treasury bills held by the mar(excluding the savings banks
458
ket (net)
—29
Bankers' deposit receipts
30
325
and the proceeds of sale of
pre-war resources of the Ex943
1,152
change Equalisation Fund) . .
90
113
Less: Proceeds of sale of prewar resources of the Exchange Equalisation Fund. . .
Net amount borrowed through
sterling public loans
1,336
1,147
184
204
1,152
943
1
Comprising Exchequer expenditure plus net Exchequer issues
of a capital nature (e.g. Overseas Trade Guarantees Act, 1939,
and similar Acts), plus £ 9 million for Telephone Capital Advances (net).
JULY 1941
An analysis of the ultimate sources from
which the aggregate of sterling public loans
set forth in Table II has been subscribed,
involves several elements of estimation.3 A
portion of the amount subscribed represents
2
Gross public issues less securities redeemed, less purchases of
Government securities (both of new issues and of pre-war issues)
by Public Departments.
3
The figures for the first half of the second year of the war
may also be subject to subsequent revision in detail when certain
final figures, not yet to hand, are available.
633
British White Paper on War Finance
(1) the re-investment by residents of the held by individuals as well as sums actually
cash proceeds of overseas capital resources, invested by them.
which they have sold themselves or which the The residue in the following Table and that
Treasury have acquired from them, after in Table C (item 27) below, prepared by
allowing for cash absorbed by the re-pur- the Central Statistical Office, have been comchase of British securities from overseas, and puted on the same basis, and differ only in
(2) the employment of the net increase of that the two calculations cover different perioverseas balances in London after allowing ods, that overseas resources have been sepafor foreign balances withdrawn; the total rately deducted in Table III and that Table C
of these two items is estimated altogether at deals with gross, as opposed to net, savings
£358,000,000 in the first year of the war and (see below). The residue in Table C also
at £275,000,000 in the first half of the second corresponds closely to the sum of "disinvestment" as shown in Table A (item 10) and
year.
gross
personal savings as shown in Table B
The deduction of £358,000,000 and £275,000,000 from the total of sterling public loans, (item 25). The fact that these last figures
leaves the following amounts borrowed from agree in total with the figure in Table C (item
27) reached by an independent method is
strictly domestic sources:—
some confirmation of the reliability of the
First year of war First half of second year Tables. It has also been ascertained that any
substantial alteration would involve conse£668,000,000
£794,000,000
quential changes in other items which are
These figures include the increase or de- judged to be improbable in the light of other
crease in sums held against taxes accrued information available. At the same time,
but not yet due, estimated at an increase of these estimates being in the nature of re£140,000,000 in the first year of the war and siduals are subject to a greater possible error
a decrease of £20,000,000 in the first half of than the estimates, based on direct evidence,
the second year. The first of these estimates from which they have been derived.
is explained by the higher rates of accrual
TABLE III
of taxation imposed in the 1940 Budgets not
yet reflected in tax collections; whilst the The above analysis can be brought together
corresponding estimate at the end of the first as follows:—
half of the second year would have shown
(Million £)
a much greater reduction if the effect of the
First
First
seasonal collection of income-tax had not been
year
half of
offset by a substantial increase in Excess
of
second
war
year
Profits Tax accrued but not yet collected.
Revenue
1,148
837
A further item in this total can be reached
with some accuracy. It is estimated that the Extra-budgetary receipts of
113
90
savings of local authorities and of institu- Public Departments
Overseas
sources
(see
below)
.
.
542
479
tions and the undistributed profits of companies accounted approximately for £272,- Increase (or decrease) of tax
140
—20
000,000 in the first year of the war, and £131,- accruals
000,000 in the first half of the second year. Savings of local authorities and
of institutions, and undistribAdjusting for these two factors we are uted
profits of companies . . .
272
131
left with a residue of:—
Residue, being re-investment of
First year of war First half of second year sums realised from certain
domestic capital assets and
£382,000,000
£557,000,000
net current personal savings
This residue is made up of (1) the re-investment of sums realised from certain domestic capital assets, specified in more detail
below, for which their owners have received
cash, and (2) the amount provided out of net
current personal savings, including in this
any additional bank balances or bank notes
634
Government expenditure
382
557
2,597
2,074
If calculated to the nearest £10,000,000 for
the first year of war and for the first half of
the second year on the same basis as has been
employed in Tables A and B below, the "reinvestment" and "savings" portions of the
FEDERAL RESERVE BULLETIN:
British White Paper on War Finance
residue in Table III would work out respec- has been absorbed to the extent that private
tively, subject to the same qualifications as firms have financed munitions and other
goods which they are producing for the Govto accuracy, as follows:—
ernment, and where they have had to replen(Million £)
First
First ish their stocks at a higher level of price; but
year
half of the sums thus required have been diminished
of
second by the substantial amounts released through
war
year the Government taking over large stocks preRe-investment of domestic capviously held and financed privately, and by a
ital assets
60
240
reduction
in the volume of stocks of finished
Net personal savings
320
320
and unfinished goods which are no longer
It is also important to observe that the being produced on a peace-time scale (for
above figure of savings is net, i.e. after mak- example, motor cars). A further contribuing good death duties and certain other ex- tion comes from the proceeds of sales of other
penses usually charged against capital. To capital assets, such as land and buildings, to
give gross savings, which represent what is the Government; and also from the receipts
usually understood by "current savings", it of compensation for loss from Government
is necessary to add roughly £90,000,000 in insurance schemes not yet re-invested in rethe first year of war and £40,000,000 in the placing the lost property.
first half of the second year, bringing gross The total figure thus arrived at was relapersonal savings to £410,000,000 and £360,- tively small in the first year of the war partly
000,000, respectively. These are the figures for the reason already given, that private
which (subject to difference of period) are investment and replacement was more normal, and partly because the main influence
comparable with item 25 in Table B.
The "re-investment" part of the residue of the rise in the replacement prices of stocks
represents the sums made available to the took place during that period. It should be
Treasury by the re-investment on the part of pointed out that the estimated reduction in
business firms and others of the cash proceeds various assets privately held is not in any
arising from the net realisation of privately- sense a measure of the change in the national
owned domestic capital assets. It may be assets as a whole. In particular it takes no
well to add a more detailed explanation of account of large stocks paid for out of the
Exchequer and now held at home and abroad
what is included in this item.
It has been estimated that an amount in on Government account.
excess of £400,000,000 is annually set aside There are no direct means of evaluating
out of the sale proceeds of current output to satisfactorily the several sources mentioned
provide for repairs and renewals, deprecia- in the two preceding paragraphs. The estition and obsolescence charges, and sinking mates of £60,000,000 and £240,000,000 for
funds. In peace-time repairs and renewals "re-investment" given above turn largely,
and new private investment are carried out as has been explained, on the validity of
on a scale in excess of what becomes available Tables A and B. If it should be judged on
in the above way, and the balance has to be general grounds that the £60,000,000 and
found out of new private savings. At the £240,000,000 require correction, counter-corpresent time new private investment is at a rections would be required both in the figure
low ebb, and many normal repairs and re- for net personal savings or other figures in
newals cannot be carried out. Thus, instead Table III or both, and also in one or more of
of these being a call on any part of new pri- the items in Tables A and B.
vate savings, there is a net unspent balance
TABLE IV
available for the Exchequer of an amount
If the sums obtained from other overseas
considerably greater in the second year of
the war than in the first year, when private sources are added to the sums raised out of
activities were on a much larger scale than is the pre-war resources of the Exchange
now practicable. Allowance must also be Equalisation Fund, we have the following
made for the sums absorbed or released by estimate of the net expenditure financed by
private financing of stocks of finished and un- sale of gold and securities or by an increase
finished goods held by manufacturers, trad- of overseas liabilities, a total which is in
ers, and retailers. On the one hand, money close agreement with a direct estimate which
JULY
1941
635
British White Paper on War Finance
has been made of the net adverse balance
The net Government expenditure requirof overseas payments on income account:— ing domestic finance is the amount which
(Million £)
has to be met out of tax revenue and domestic
First
First
half of loans (apart from loans taken up out of the
year
2nd year
of war
sterling proceeds of the sale of overseas
Proceeds of pre-war resources
of the Exchange Equalisaassets) ; but it is not the same thing as total
204
184
tion Fund
275
358
Other overseas sources
domestic expenditure by the Government.
542
479
Adverse overseas balance
Speaking generally, if there is an excess of
imports
for private consumption over exTABLE V
It follows that the Government expenditure ports, the sterling equivalent of the net
financed out of strictly domestic resources amount of foreign exchange thus required
was as follows :—
,,,.,..
becomes available to the Exchequer, directly
(Million £)
or indirectly, to meet part of its domestic
First
First
year
half of outgoings. On the other hand, if there is an
of war
2nd year
excess of exports, the amount requiring doTrue Government expenditure 2,597
2,074
Paid for out of overseas sources
542
479
mestic finance is greater than the amount of
Net expenditure requiring dodomestic expenditure.
mestic finance
2,055
1,595
2. ESTIMATE OF THE NATIONAL INCOME AND EXPENDITURE IN 1938 AND 1940
(Prepared in the Central Statistical Office)
1. The results of this investigation are pre- moved in the quarterly estimates for 1940.
sented in three tables, namely:—
The effect of their retention is exemplified by
Table A—Estimates of net national income and ex- the high level of personal expenditure (item
penditure ;
7) at Christmas, which has the effect in the
Table B—Estimates of personal incomes, personal fourth quarter of 1940 of increasing disinexpenditure, and personal savings;
Table C—Estimates of the net amount of funds vestment in retail stocks included in item 9.
6. Brief explanatory notes on certain items
available for government purposes from
private sources.
in the tables (which have been numbered
2. In view of the great changes in the situ- continuously) are attached to the tables.
ation which occurred in the course of 1940,
NOTES ON PARTICULAR ITEMS IN THE TABLES
estimates are given in Table A not only for
TABLE A
the year as a whole, but also for each quarter. These latter estimates are necessarily 1. This item is based upon estimated assessments
more approximate than those for the whole under Schedule A, adjusted to allow for increases
since the last year of re-assessment and for the efyear, and should therefore be treated as pro- fects
of air-raid damage.
viding no more than a broad indication of
2. This item is based upon estimated assessments
movements during the year.
under Schedules B to D adjusted to exclude income
3. Any estimate of the kind now submitted due to foreigners and interest on national debt, to
account of business losses, and to include inis necessarily only approximate in character, take
from small property, investment income of
and in the case of many items cannot do more come
charities, and miscellaneous government income (i.e.
than measure the relative orders of magni- trading profits, investment income, and certain retude involved. This applies particularly to ceipts from abroad).
item is based upon estimated assessments
estimates of those quantities which have been 3. This
Schedule E, excluding weekly wage-earners
much affected by the disturbing influences of under
assessed half-yearly.
war.
4. In the case of wage-earners receiving part of
4. In all the tables the estimates are given their income in kind—e.g. members of the armed
and domestic servants—allowances have been
in terms of the prices current at the period forces
added to their cash wages. The estimate of personal
in question.
expenditure (items 7 and 24) has been raised by a
5. Seasonal fluctuations have not been re- similar amount.
636
FEDERAL RESERVE BULLETIN
British White Paper on War Finance
5. The earnings of salaried workers or of workers
on their own account whose incomes are below the income tax exemption limit have been included.
7. See note on item 4 and Introductory Note.
8. This item excludes items of public expenditure
not involving a direct demand for goods and services,
such as (i) interest on national debt, (ii) grants-inaid to local authorities, (iii) government contributions in lieu of rates, (iv) non-contributory old-age
pensions, pensions administered by the Ministry of
Pensions, and cash benefits paid by the Assistance
Board, (v) government contributions to social insurance, (vi) loan repayments and payments to Sinking
Fund, and (vii) public assistance (outdoor relief).
Expenditure by the Post Office is excluded, for (a) its
capital expenditure is included in item 10, (b) personal expenditure on postal services is included in
item 7, and (c) business expenditure on postal services
is included as a cost of production in the price of the
TABLE
A
Estimates of Net National Income and Expenditure in 1938 and 1940
[In millions of pounds]
1938
1940
Full
year
Full
year
1940
First
quarter
Second
quarter
Third
quarter
Fourth
quarter
1. Rents
2. Profits and interest before deduction of National Defence Contribution and
Excess Profits Tax
3. Salaries __
4. Wages (including payments to armed forces and earnings of shop assistants) __
5. Other income
352
370
92
93
93
92
1 178
980
1,820
85
1 514
i; 135
2,483
84
347
264
562
21
387
276
622
21
394
295
647
21
386
300
652
21
6. Net national income (before deduction of direct taxes)
4,415
5, 586
1,286
1,399
1,450
1,451
1,120
._
7. Personal expenditure at market prices. _ _ __ . _
8. Expenditure by the government at home and abroad, and local authorities,
on goods and services
_.__
_
_ . .
9. Indirect taxes, rates, etc.
10. Net investment, or disinvestment, at home and abroad
11. Balance unaccounted for
3,997
12. Net national expenditure _ ..
_
. . .
4,303
1,023
1,076
1,084
849
—643
210
2
3,100
—868
*(-949)
558
— 193
*(-102)
646
—205
*(—118)
887
—227
*(-294)
4,415
5,586
1,286
1,399
1,450
1,009
—243
*(-435)
1,451
* Obtained by subtracting the sum of items 7, 8, and 9 from item 6, and therefore dependent on the accuracy of those figures.
TABLE B
TABLE C
Estimates of Personal Incomes, Personal Expenditure, and
Personal Savings in 1938 and 1940
Estimates of the Net Amount of Funds Available for Government
Purposes from Private Sources In 1938 and 1940
[In millions of pounds]
[In millions of pounds]
1938
13. N e t national income *
Add—
14. National D e b t interest, old-age
social insurance benefits, etc
4,415
1940
5, 586
pensions,
494
Deduct—
15. Direct tax liabilities
16. Impersonal incomes after deduction of direct
tax liabilities (i.e. (a) undistributed profits
less business losses, (b) investment income
of charities, and (c) miscellaneous government income included in 2 above)
17. Personal incomes (after deduction of direct
tax liabilities)
-868
4,148
18. Food, drink, and tobacco
19. Rent, rates, fuel and light, household goods,
and domestic service
20. Clothing and laundry
21. Private motor vehicles (including running
expenses)
22. Other travel
23. Other goods and services
1,648
1,973
959
469
991
512
24. Total personal expenditure at market prices._.
25. Gross personal savings **
3,997
(151)
4,303
(608)
26. Personal expenditure and savings.
4,148
4,911
118
169
634
50
164
613
* See item 6 (Table A above).
** Obtained by subtracting item 24 from item 17, and therefore dependent on the accuracy of those figures.
JULY
1941
27. Gross personal savings and net disinvestment
at home or abroad.
28. Impersonal savings (i.e. (a) undistributed
profits after deduction of direct tax liabilities
and of business losses, (b) other institutional
savings, and (c) net savings of local authorities)
.
29. Excess of tax liabilities over tax payments
30. Net amount of funds available from private
sources for government purposes
31. Total government expenditure
32. Total revenue
r___
33. Excess of government expenditure over
revenue
34. Net receipts of extra-budgetary funds
35. Death duties and stamps on transfer of property
36. Net amount of funds required for government
purposes from private sources
*(-70)
* (1,549)
203
53
281
193
186
2,023
1, 004
-885
3,332
-1,257
119
-21
2,075
-139
88
186
2,023
* Obtained by subtracting items 28 and 29 from item 36. Apart from
errors of estimation, this figure should correspond to the sum of gross
personal savings (item 25) and of disinvestment (item 10). These
amount to —£59 millions in 1938 and £1,557 millions in 1940. The data
in Table C are mainly independent of those in Tables A and B. The
result obtained in Table C affords, therefore, some evidence that the
conclusions of Tables A and B are not likely to be widely inaccurate.
637
British White Paper on War Finance
other goods and services enumerated in items 7, 8,
and 10. Similarly, expenditure by local authorities
on housing and trading services is excluded. This
item includes subsidies.
9. This item includes receipts from (i) customs
and excise duties, (ii) stamp duties other than those
on the transfer of property, (iii) motor vehicle duties, (iv) local rates, (v) compulsory contributions
of employers to social insurance, and (vi) that part
of compulsory contributions to war risks insurance
which are not paid out in compensation. This item
requires to be deducted because it is included in
items 7, 8, and 10, but not in item 6.
10. This item includes (a) net investment or disinvestment in foreign assets, (6) net home investment or disinvestment in fixed or working capital
privately financed (excluding disinvestment due to
war damage to property for which no compensation
is paid), and (c) certain expenses connected with
the investment of savings. In consequence the global
figure of disinvestment in 1940 was made up of
(i) the net loss of overseas assets plus the net increase in liabilities to foreigners, (ii) the sale of
existing fixed capital, land, or stocks by private enterprise to the state, (iii) that part of the normal
allowances for depreciation, etc., which was not actually used in replacing capital equipment, (iv) that
part of the compensation paid for war damage to
property which was not used for the actual replacement of the damaged property, and (v) an offsetting
item due to the necessity of replacing stocks at a
higher price. For the effect of seasonal fluctuations,
see Introductory Note.
SUPPLEMENTARY NOTE ON TABLE A
The proportion in which the current effort of the
country is devoted to each of the three categories
enumerated in items 7, 8, and 9 is shown when indirect taxes,* etc. (item 11) are deducted in the ratio
in which they fall on each of these categories.
During 1940 the resources devoted to personal
consumption and to the demands of the central government and local authorities together exceed the
resources available from the net national income, and
are supplemented by the resources made available
by disinvestment of capital assets at home and
abroad.
TABLE B
14. This item includes (i) interest on the national
debt, (ii) the pensions and other items referred to
in note 8 (iv) above, (iii) unemployment insurance
benefits, (iv) public assistance (outdoor relief),
(v) cash benefits under the national health insurance scheme, (vi) contributory pensions for widows,
orphans, and old age, and (vii) billeting allowances
paid by the state.
* For this purpose indirect taxes have been divided into two categories: (a) those falling only on
personal consumption, such as duties on beer and
tobacco and on private motor vehicles, and rates on
dwelling houses, and (6) those falling on production
generally, such as duties on commercial vehicles and
rates on premises other than dwelling houses. Those
in category (a) have all been deducted from the
value of personal consumption, and those in category (b) have been assumed to be spread evenly
over (i) consumption, (ii) Government expenditure
on goods and services, and (iii) expenditure on home
investment.
638
PROPORTION OF NET NATIONAL INCOME DEVOTED TO
VARIOUS PURPOSES
[Percentages]
1940
1938
Total net national in* come
Consumption
___
Central and local government
N e t investment or disinvestment . _ _ .
Fourth
quarter
First
quarter
Second
quarter
Third
quarter
100
100
100
100
100
77
66
64
62
63
19
42
4
o
45
-9
59
67
-21
-30
15. This item is based upon estimates of the direct
tax liability accruing on incomes at current rates of
taxation and at the current level of incomes, and
therefore differs from actual tax payments during
the periods in question. Direct taxes include Income
Tax, Sur-Tax, National Defence Contribution, Excess
Profits Tax, and workers' compulsory contributions
to social insurance.
23. This item includes (i) newspapers, (ii) medical services, (iii) hotel and restaurant services, (iv)
entertainments, (v) postal services, (vi) hairdressing, (vii) expenditure on betting less winnings,
(viii) funeral expenses, (ix) private education, (x)
clubs, etc.
24. See note on item 4.
25. Since item 15 includes tax liabilities and not
actual payments of direct taxes, personal savings
exclude the sums that should be set aside to meet
tax liabilities in any period in which current incomes
are higher than those which have been the basis of
assessment for actual current tax payments.
TABLE C
28. Net savings of local authorities represent the
estimated difference between the capital expenditure
of local authorities (exclusive of capital expenditure
on trading services and housing, which are included
in item 27) and the gross savings of local authorities
through repayment of debt, sinking fund payments,
etc.
29. Since the sums which should be set aside to
meet the excess of current liabilities to direct taxes
over actual tax payments are excluded from personal
savings (items 25 and 27) and from impersonal savings (item 28), this item must be separately included
as one of the private sources of funds for the finance
of government expenditure.
31. Expenditure based upon estimated payments
by the Government includes expenditure under the
Defence Loans Acts, 1937 and 1939, and under the
Anglo-Turkish (Armaments Credit) Agreement Act,
1938. It excludes (a) self-balancing expenditure,
(b) sinking fund payments, and (c) capital expenditure by the Post Office, which is included in item 27.
32. This item excludes self-balancing revenue.
34. This item must be deducted, since the accumulation of monies in extra-budgetary funds reduces
the call upon outside resources for the finance of
government expenditure.
35. Since this item of revenue is included in item
32, it must be added here, for it involves a call upon
the gross savings of individuals or of institutions.
FEDERAL RESERVE BULLETIN
A/attonal Summatu yk
Compiled June 18 and released for publication June 20. Figures shoivn on charts may differ from
preliminary figures used in text.
a slight decline in April industrial capacity, except for a short period during
activity increased sharply in May and the late April and early May when output was
AfirstFTER
half of June. Wholesale commodity reduced somewhat owing to a shortage of
prices showed a further considerable advance
and retail prices also increased. Distribution
of commodities to consumers was maintained
in large volume.
Production
Volume of industrial output increased
sharply in May, following a decline in April,
and the Board's seasonally adjusted index
rose to 149 per cent of the 1935-1939 average,
as compared with 140 in April and 143 in
March. The decline in April had reflected
mainly reduced output of bituminous coal
and automobiles occasioned by shutdowns accompanying industrial disputes. These were
settled during the month and in May and
the first half of June output in these industries rose to the high levels prevailing earlier.
In a number of other lines activity increased steadily throughout the spring
months, particularly in the machinery, aircraft, and shipbuilding industries. Steel
production was maintained at 99 per cent of
INDUSTRIAL PRODUCTION
1937
1938
1939
coal. Output of nonferrous metals also continued near capacity; deliveries of foreign copper in May increased to 49,000 tons,
amounting to about one-third of total deliveries to domestic consumers. Toward the end
of the month, as it became apparent that
combined military and civilian need for these
metals would soon greatly exceed available
supplies, a General Preference Order covering all iron and steel products was issued by
the Priorities Division of the Office of Production Management and in June mandatory
priority controls were established for copper
and zinc.
Textile production rose further in May,
reflecting increased activity at cotton, wool,
and rayon mills. A continued rise in output of manufactured food products was likewise reported and activity in the chemical
and shoe industries was maintained at earlier
high levels, although usually there is a considerable decline at this season. Petroleum
production increased, and output of anthraWHOLESALE
1940
1941
1938
PRICES
1939
1940
1941
Federal Reserve index of physical volume of production, adBureau of Labor statistics' indexes, 1926 z=r 100. "Other" injusted for seasonal variation, 1935-39 average = 100. Subgroups cludes commodities other than farm products and foods. By
shown are expressed in terms of points in the total index. By weeks, January 5, 1935 to week ending June 21, 1941.
months, January 1935 to May 1941.
JULY
1941
639
National Summary of Business
cite also advanced following some curtailment in April. Iron ore shipments amounted
to 11,000,000 tons in May, a new record level
and near the shipping capacity of the present
Lake fleet.
Value of construction contract awards rose
sharply in May, reflecting increases in
both public and private construction, according to F. W. Dodge reports. Awards for
private residential and nonresidential building increased more than seasonally, and contracts for defense projects continued in large
volume.
Conditions
ther increases from the middle of May to the
middle of June and the general index of the
Bureau of Labor Statistics advanced two
points to 87 per cent of the 1926 average.
Federal action to limit price increases was
extended to some consumer goods, principally new automobiles, hides, and certain cotton yarns. In retail markets prices of most
groups of commodities have advanced, reflecting in part increases in wholesale prices
earlier this year.
Bank Credit
Commercial loans at reporting banks in
101 cities continued to rise during the four
weeks ending June 11. Bank holdings of
United States Government securities increased further, chiefly through the purchase
of bills by New York City banks and of
bonds by banks in other leading cities. As
a result of the expansion in loans and investments bank deposits continued to increase.
Distribution
Distribution of commodities to consumers
was sustained at a high level in May. Department store sales showed a further rise,
while sales at variety stores declined by
slightly more than the usual seasonal amount.
Retail sales of new automobiles continued at
the high April level and sales of used cars
rose further.
Freight-car loadings increased sharply in United States Government Security Prices
May, reflecting a marked rise in coal shipFollowing a rise in the latter part of May
ments and a further expansion in loadings of
miscellaneous freight. In the first half of Treasury bond prices declined slightly in
June total loadings were maintained at the the first half of June. On June 14 the 1960-65
bonds were % of a point below the all-time
advanced level of other recent weeks.
peak in prices of December 10. Yields on
both taxable and tax-exempt 3- to 5-year
Commodity Prices
declined slightly from the middle of
Wholesale prices of a number of agricul- notes
May
to
the middle of June.
tural and industrial commodities showed f urMONEY RATES IN NEW YORK CITY
DEPARTMENT STORE SALES AND STOCKS
1935
1936
1937
1938
1939
1940
1941
Federal Reserve indexes of value of sales and stocks, adjusted
for seasonal variation, 1923-25 average = 100. By months, January 1935 to May 1941.
640
1935
1936
1937
1938
1939
1940
1941
Weekly averages of daily yields of 3- to 5-year tax-exempt
Treasury notes, Treasury bonds callable after 12 years, and
average discount on new issues of Treasury bills offered within
week. For weeks ending January 5, 1935 to June 21, 1941.
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, margin requirements
..
Federal Reserve Bank statistics
Reserve position of member banks; deposits in larger and smaller centers
Money in circulation
Gold stock and gold movements; bank suspensions; bank debits
All banks in the United States, number, deposits, loans and investments
Condition of all member banks
Weekly reporting member banks
Commercial paper, bankers' acceptances, and brokers' balances
Money rates and bond yields
Security markets
Treasury
finance
Governmental corporations and credit agencies; Postal Savings System
Business indexes
Department store statistics
Wholesale prices
Statistics for Federal Reserve chart book
Member Bank Operating Ratios, 1940, by Federal Reserve Districts
643
644
645-649
650
651
652
653
654-655
656-659
660
661
662
663-665
666-668
669-679
680
681
682-684
685-699
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.
JULY 1941
641
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY
BILLIONS OF DOLLARS
FIGURES
BILLIONS OF DOLLARS
24
24
22
22
20
20
18
18
16
16
14
14
12
12
MEMBER BANK
RESERVE BALANCES
10
10
8
8
6
6
TREASURY CASH AND DEPOSITS,
4
4
2
2
0
0
1935
1936
1937
1938
1939
1940
1941
10
10
-
8
REQlJIRED RESERV ES
i
^
~
"^"
\
i
i
M
-
I EXCESS RESERVES
2
2
0
0
1935
1936
1937
1938
1939
1940
1941
Latest figures for June 25, see page 643.
642
FEDERAL RESERVE
BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Date
Bills
discounted
Total
Maturing
within 5
years
Maturing
after
5
years
All
other
Reserve
Bank
credit
Gold
stock
Total
Treasury
currency
outstanding
Money
in circulation
Treasury deTreas- posits
ury
with
cash
Fedholderal
ings
Reserve
Banks
Nonmember
deposits
Other
Federal
Reserve
accounts
Member
bank reserve
balances
Total
Ex-
Monthly averages of
daily figures:
1940—March
April
May
1941--March
April
May
2, 476
2,467
2, 472
2,184
2,184
2,184
1,209
1, 205
1,205
1,012
983
1,008
1,267
1,262
1,267
1,172
1,201
1,177
2,539
2,527
2,529
2,262
2,272
2,262
18, 310
18, 608
18, 974
22, 319
22, 441
22, 547
2, 986
2,994
3.004
3,105
3,115
3,129
7,488
7,532
7,617
8,835
8,995
9,193
2,362
2,327
2, 231
2,202
2,277
2,264
612
554
440
618
892
618
759
757
879
1,767
1,774
1,926
252
256
255
285
288
287
12, 362
12, 703
13,086
13. 979
13, 600
13,650
5,734
6,003
6,288
6,304
5,883
5, 831
End of month figures
1940—Mar. 30....
Apr. 30
May31-__.
1941—Mar. 31_.._
Apr. 30
May 31.__-
2,475
2,467
2,477
2,184
2,184
2,184
1,209
1,205
1,206
955
1,008
1,008
1,266
1,262
1,271
1,230
1,177
1,177
2,529
2,518
2, 519
2,243
2,234
2,280
18,433
18, 770
19, 209
22, 367
22, 506
22, 575
2,990
2,999
3, 008
3,109
3,122
3,134
7,511
7,559
7,710
8,924
9,071
9,357
2,371
2, 320
2,198
2,236
2,283
2, 215
702
446
365
1,180
865
443
691
787
973
1,721
1,830
1,965
256
253
288
288
285
12, 423
12, 919
13, 237
13, 371
13, 524
13,724
5, 828
6,149
6,385
5, 776
5,771
5,801
Wednesday figures:
Aug. 7
Aug. 14.__.
Aug. 2 1 . . . .
Aug. 28
2,446
2,446
2,446
2,442
1,202
1,202
1,202
1,198
1,244
1, 244
1,244
1,244
2,471
2,495
2,492
2,480
20, 568
20, 689
20, 800
20, 871
3,025
3,027
3,030
3,034
7,929
7,944
7,976
8,006
2,276
2,281
2,291
2,291
923
940
889
813
1,386
1,444
1,486
1,498
263
262
261
261
13, 296
13, 340
13, 419
13, 516
6,325
6,392
6,417
6,487
Sept. 4
Sept. 11....
Sept. 18....
Sept. 25.-.
2,434
2, 434
2,434
2,434
1,191
1,191
1,191
1,191
1,243
1,243
1,243
1,243
2,490
2,485
2,495
2,472
20, 944
20, 981
21,093
21,166
3,036
3, 038
3,040
3,041
8,092
8,080
8,084
8,090
2,292
2,287
2,311
2,298
791
762
790
793
1,510
1,520
1,549
1,525
261
260
270
270
13, 524
13, 596
13, 624
13, 703
6,494
6,541
6,531
6,645
Oct.
Oct.
Oct.
Oct.
Oct.
2,424
2,399
2,384
2,352
2,333
1,181
1,075
1,108
1,086
1,074
1,243
1,325
1, 276
1,266
1,259
2,482
2,445
2,481
2,388
2,381
21, 271
21, 349
21, 373
21, 428
21,499
3,046
3,048
3,052
3,055
3,056
8,172
8,199
8,229
8,236
8,265
2,294
2,294
2,268
2,232
2,187
678
579
463
383
376
1,587
1,574
1,660
1,600
1,569
268
270
271
272
272
13, 800
13, 927
14,016
14,148
14,177
6,721
6,816
6,869
6,940
2,362
2,326
2,302
2,276
21, 581
21, 637
21,716
21, 755
3,060
3,062
3,066
3,069
8,385
8,395
8,436
8,465
2,221
2,211
2,188
2,182
465
404
310
199
1,681
1,688
1,749
1,685
271
275
276
278
13, 979
14, 052
14,127
14, 292
6,732
6,795
6,800
6,931
2,266
2,241
2,306
2,336
2,274
21, 827
21, 858
21, 898
21,930
21, 995
3,074
3,077
3,081
3,082
3,087
8,569
8,625
8,716
8,817
8,732
2,204
2,197
2,204
2,213
2,213
255
235
570
481
368
1,708
1,687
1,702
1,711
1,732
•278
279
289
289
284
14,154
14,152
13, 804
13, 837
14,026
6,816
6,785
6,395
6,438
6,615
2,237
2,254
2,256
2,228
22,034
22,066
22,089
22, 110
3,034
3,092
3,095
3,097
8,628
8,542
8,541
8,548
2,203
2,195
2,196
2,200
220
237
261
258
1,740
1,742
1,750
1, 799
14,
14,
14,
14,
6,835
6,896
6, 864
6, 799
2
9
16
23
30
Nov.
Nov.
Nov.
Nov.
6
13....
20....
27-._.
2,327
2,254
2,231
2,204
1,070
1,044
1,036
1,025
1,258
1,210
1,195
1,180
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
24
31
2,195
2, 184
2,184
2,184
2,184
1,020
1,020
1,048
1,048
1,048
1,176
1,165
1,136
1,136
1,136
1941—Jan. 8
Jan 15
Jan.22
Jan. 29
2,184
2,184
2,184
2, 184
1,048
1,048
1,048
1, 048
1,136
1,136
1,136
1,136
2,184
2, 184
2, 184
2,184
1,048
1,048
1,048
1,048
1,136
1,136
1,136
1,136
31
74
49
36
2,217
2,260
2,235
2,223
22,122
22,130
22,140
22, 179
3,099
3,100
3,102
3,101
8,627
8,665
8,668
8,725
2,212
2,212
2,222
2,204
692
622
479
,784
,837
,785
^52
283
283
282
281
13, 842
13, 871
14, 021
14,175
6,306
6,331
6,440
6,542
Mar.5
M a r . 12
Mar. 1 9 . . .
Mar. 26 . . . .
2,184
2,184
2,184
2,184
1,048
1,048
1, 136
1, 136
1,201
1,201
51
59
73
35
2,237
2,244
2,259
2,221
22, 237
22, 318
22,335
23, 359
3,103
3,106
3,104
3,108
8,805
8,811
8,826
8,842
2,192
2,196
2,208
2,230
391
421
913
906
.,772
.,748
,721
,788
280
14,136
14, 211
13,741
13,633
6,435
6,483
6,106
6,011
Apr.
Apr.
Apr.
Apr.
Apr.
2
9
16
23
30
2,184
2,184
2.184
2; 184
2,184
955
955
1,008
1,008
1,008
1,230
1,230
1,177
1,177
1,177
59
46
100
53
48
2,244
2,235
2,286
2,239
2,234
22, 384
22, 413
22, 421
22,482
22, 506
3,110
3,113
3,116
3,118
3,122
8,944
8,993
8,989
8,992
9,071
2,251
2,272
2,269
2,299
2,283
1,045
813
534
947
865
,704
,740
,763
.,808
,830
288
13, 506
13, 656
13,979
13,506
13, 524
5, 941
6,027
6,264
5. 760
5,771
May
May
May
May
7
14
21
28
2,184
2,184
2, 184
2,184
1,008
1,008
1,008
1,008
1,177
1,177
1,177
1,177
43
53
50
43
2,229
2,239
2,237
2,231
22, 525
22, 538
22, 565
22, 573
3,125
3,129
3,131
3,133
9,151
9,155
9.186
9,294
2,292
2,283
2,280
2,221
804
762
477
462
,905
,961
1,972
1,926
287
286
286
13, 440
13, 458
13,732
13, 749
5,711
5,689
5, 855
5,824
June
June
June
June
4
11
18
25
2,184
2, 184
2,184
2, 184
951
951
951
951
1, 234
1,234
1,234
1,234
54
63
55
63
2,240
2,249
2.241
2,249
22,
22,
22.
22,
3,136
3,138
3,142
3,148
9,394
9, 393
9, 433
9,490
2,229
2,240
2. 258
2,275
I, 852
1,809
I, 855
1,891
285
285
295
295
13, 201
13,312
13,131
12. 985
5, 407
5. 488
5, 314
5, 145
Feb.
Feb.
Feb.
Feb.
5
12
19
26
67
51
117
149
579
593
612
620
993
941
1. 024
1,081
283
284
414
410
347
1
Includes industrial advances a n d bills bought, shown separately in subsequent tables.
E n d of m o n t h and Wednesday figures estimated.
N O T E . — F o r description of figures in this table and discussion of their significance, see BULLETIN for J u l y 1935, p p . 419-429. Reprints of article
together with available back figures, m a y be obtained upon request. Back figures are also shown in Annual Report for 1937 (t ables 3 a n d 4) a n d
for excess reserves in BULLETIN for August 1935, p p . 499-500. Back figures for end of m o n t h and Wednesday dates since J a n u a r y 6, 1937 on m a t u r i t y
distribution of security holdings will be supplied on request.
2
JULY 1941
643
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
June 31
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
Advances under Section lO(b) of the
Federal Reserve Act
All other
In
effect
beginning-
In
effect
beginning-
Rate
June 30
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,
Aug. 27,
Sept. 4,
May 11,
Aug. 27,
Aug. 21,
Aug. 21,
Sept. 2,
Aug. 24,
Sept. 3,
Aug. 31,
Sept. 3,
1
1
m
VA
In
Rate
effect
June 30 beginning-
1939
1937
1937
1935
1937
1937
1937
1937
1937
1937
1937
1937
Sept. 2,
Oct. 10,
Sept. 4,
Oct. 19,
Sept. 10,
Aug. 21,
Aug. 21,
Sept. 2,
Aug. 24,
Sept. 3,
Aug. 31,
Sept. 17,
To others
In
Rate
effect
June 30 beginningSept. 1,
Aug. 25,
Sept. 1,
Sept. 1,
Sept. 1,
Sept. 16,
Sept. 1,
Sept. 16,
Sept. 1,
Sept. 16,
Sept. 16,
Sept. 1,
1937
1935
1937
1935 0)
1937
1937
1937
1937
1937
1937
1937
1937
In
Rate
effect
June 30 beginning-
1939
1939
1939
1939
1939
1939
1939
1939
1939
1939
1939
1939
Apr. 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 Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
[Per cent per annum]
Rates in effect June 30 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnotes 6 and 7]
Advances to or in participation with financAdvances
ing institutions
Commitdirect to
ments
On porindustrial
Federal Reserve
Bank
to make
tion for
or comOn readvances
which
mercial ormaining
ganizations instituportion l
tion is
obligated 1
Rate in
effect on
June 30
Maturity
In effect beginning—
Oct. 20, 1933
.—do.
.do.
.do..
.do..
.do..
.do..
1-15 days L__
16-30 days
31-45 days....
46-60 days
61-90 days....
91-120 days__.
121-180 days..
Previous
rate
1
1
1
1
1
1
134
1 T h i s rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less.
N O T E . — M i n i m u m , b u y i n g rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates m a y be charged for other classes of bills. T h e same m i n i m u m
rates apply to purchases, if any, made b y other Federal Reserve Banks.
Back figures.—See A n n u a l Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
June 21, Aug. 16, Mar. 1, M a y 1, Apr. 16,
19381937193719361917and
Aug. 15, Feb. 28, Apr. 30, Apr. 15,
after
1937
1938
1937
1936
Classes of deposits
and banks
On net demand
deposits:*
Central reserve city..
Reserve city
Country
On time deposits:
All member banks. _.
1
13
10
7
3
See footnote to table on p .
puting net demand deposits.
Boston
New York. . . . .
Philadelphia
Cleveland
Richmond ._
Atlanta......
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
3^-6
4-6
33^-6
3H-5
4-6
4-6
3-6
33^-5^
3-6
4-6
4-6
4-6
3
2-3
2y2
(4)3
4
3-6
1*4-2
3-6
4
4
3-4
VA
2-5
(2)
(2)
6
( )4
4-6
3-6
(2)
3-6
4
4-6
4-5
1-2
M-2
H-i
1-2
1-2
H-2
(6)1
1-2
(7)2
H-2
1
The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas
may charge same rate as charged borrower by financing institution, if
than rate shown.
22
26
2 2 ^ lower
193^
2
Same as rate charged borrower by financing institution.
15
20
3
One
per cent less than rate charged borrower by financing institution.
14
12
12>!
4
One per cent less than rate charged borrower by financing institution
with
minimum of three per cent (see note 1).
6
5
6
One-half of one per cent less than rate charged borrower by financing
institution with minimum of four per cent (see note l).
650 for explanation of method of com•7 Minimum charge one-fourth of one per cent.
Minimum charge one-half of one per cent.
*d
MARGIN REQUIREMENTS 1
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
Apr. 1, Nov. 1,
1937
1936and
Oct. 31,
after
1937
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U . . .
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
Nov. 1, 1933 Feb. 1, 1935
In effect
to
to
beginning
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Savings deposits
Postal savings deposits
Other time deposits pay3 55
able in:
6 months or more.
1 Regulations T and U limit the amount of credit that may be ex90 days to 6 months
tended on a security by prescribing a maximum loan value, which is a
Less than 90 days
specified percentage of its market value at the time of the extension;
the "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value.
NOTE.—Maximum rates that may be paid by insured nonmember
* Requirement under Regulation T was the margin "customarily banks as established by the Federal Deposit Insurance Corporation,
required"
by
the
broker.
effective
February 1, 1936, are the same as those in effect for member
3
Regulation U became effective May 1, 1936.
banks. In some States the maximum rates established by the Board
NOTE.—Regulations T and U also provide special margin requirements and the Federal Deposit Insurance Corporation are superseded by
on "omnibus" accounts and loans to brokers and dealers.
lower maximum rates established by State authority.
644
)
40
50
40
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AKD LIABILITIES OF ALL FEtEFAL RESERVE BANKS
[In thousands of dollars]
E n d of m o n t h
Wednesday figures
J u n e 25
J u n e 18
J u n e 11
June 4
1940
1941
1941
M a y 28
M a y 21
M a y 14
May
May 7
Apr.
May
Assets
Gold certificates on hand
and due from U. S. Treas20, 313, 730 20, 313, 731 20, 313, 731 20, 314, 730 20, 316, 732 20, 256, 731 20, 222, 732 '•20,202,732 20, 316, 728 20,192, 731 16, 983, 476
ury . _ _
Redemption fund—F. R.
11,021
9,944
no, U4
10,144
7,945
9,508
10, 945
9, 549
11,13£
9,508
9,549
notes
351, 882
329, 444
315, 002
290, 773
285,141
289, 010
276, 625
321, 025
328, 073
287, 750
299, 593
Other cash
Total reserves
Bills discounted:
For member banks
For nonmember banks,
etc.
Total bills discounted.
20, 608, 379 20, 610, 989 20, 613, 686 20, 601, 296 20, 625, 874 20, 587, 305 20, 560, 94fe 20, 527, 878 20, 615, 446 20, 533, 31/ 17, 346, 379
2,013
1, 806
1,977
1,916
4,155
2,197
1,504
1,491
4,174
1,918
2,815
2,013
1,806
1,977
1,916
4,155
2,197
1,504
1,491
4,174
1,918
2,825
10
9,149
8,774
8,596
7, 54£
8,906
8, 736
8,092
8,059
8,163
8,154
Industrial advances
9,088
U. S. Government securities:
Direct
Bonds
1,359,200 1,359 200 1, 359, 200 1, 359 200 1,359 200 1 359 200 1 359, 200 1, 359, 200 1, 359, 200 1, 359, 20C 1, 337, 795
820, 30C 1,129, 072
820, 300
820, 300
820, 30C
820, 300
820, 300
Notes
820, 300
820, 300
820, 300
820, 300
10, 253
4, 600
4, 600
4,60G
4, 60C
4,600
4,600
4, 600
4,60C
4,60(
Guaranteed
4,600
Total IT. S. Government securities, direct and guaranteed. 2, L84,100 2,184,100 2,184,10C 2,184,10C 2,184,10C 2,184,100 2,184,10C 2,184,100 2,184,10C 12,184, IOC 2, 477,120
Other Reserve Bank credit
29, 855
outstanding
.
40, 378
54, 209
46, 416
45, 208
35, 256
f 83, 302
53, 90£
45, 448
34, 820
42, 492
Total Reserve Bank
credit outstanding... 2, 249, 410 2, 241, 228 2, 248, 76C 2, 240, 200 2, 231, 238 2, 236, 943 2, 238, 904 2, 228, 906 2, 280,172 2, 233, 94/ 2, 518, 949
Liabilities
F. R. notes in actual circulation. .
6, 633,192 6, 573,156 6, 542,175 6, 534,194 6, 460, 010 6, 384, 387 6, 359, 671 6, 343, 877 6, 503, 424 6, 282, 368 5, 057, 064
Deposits:
Member bank—reserve
account
19 985,110 13,130, 642 13,312,189 13, 201, 494 13, 748, 879 13, 731, 835 13,457,866 13, 439, 698 13,724,387 13, 523, 857 13, 236, 768
U. S.Treasurer—general
364,757
account
_"__ . . . 1, 081,125 1, 023, 809
761, 624
940, 973
461, 674
477,144
803, 941
443, 062
865, 436
993,072
428, 380
Foreign
1, 240, 276 1, 229, 892 1, 226, 526 1, 243, 661 1, 240, 046 1,241,201 1, 235, 048 1, 226, 555 1,238,754 1, 251,13C
544,764
Other deposits. .
650, 690
624, 714
582,106
686, 292
725, 782
678, 94C
725, 92C
579, 092
608,123
730, 450
Total deposits
Ratio of total reserves to deposit and F. R. note liaabilities combined (per
cent)
.
15, 957, 201 16, 009, 057 16, 061, 794 16, 046, 350 16,136,891 16,180, 63C 16,180, 32C 16,149,134 16,132,123 16, 219, 51 f 4, 574, 669
91.2
91.2
91.3
91.2
91.3
91.2
91.2
91.3
91.1
91.3
88.4
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Bills discounted:
M a y 28
J u n e 4 ._ . . . .
J u n e 11
J u n e 18
J u n e 25
Industrial advances:
M a y 28
June 4
...
J u n e 11
J u n e 18
._ .
J u n e 25
U . S. Government securities, direct and guaranteed:
M a y 28
June 4 . .
.
J u n e 11
... _
J u n e 18
J u n e 25
JULY 1941
6 monthF 1 year
61 to 90 91todays
6
to
to
days
months 1 year 2 years
2 years
to
5 years
Within
15 days
16 to 30
days
31 to 60
days
4,155
1,916
1 977
1 806
2 013
3,611
1,346
1,384
1, 208
1,482
48
80
91
51
54
150
120
185
193
152
116
148
77
87
81
215
217
235
265
244
15
5
8,163
8,736
8,774
8, 9C6
9,088
1,488
1, 473
1,442
1,273
1,522
202
270
284
292
284
141
515
555
569
567
570
333
407
754
589
795
800
746
692
810
1,125
1,491
1,515
1, 501
1,504
1,764
1,472
1,476
1,449
1,447
2,078
2,382
2,349
2,376
2,365
43, C00
43, 000
127, 800
127, 800
127,800
84, 800
84, 800
136, 300
136, 300
136, 300
238, 700
238, 700
686, 400
686,400
686, 400
584, 000
584, 000
Total
2,184 100
2,184,100
2,184,100
2,184,100
2,184, 100
57, 000
Over
5 years
o
1,176,600
1, 233,600
1, 233, 600
1, 233, 600
1, 233, 600
645
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richlanta
Chicago
St.
Louis
Minneapolis
Kansas
City
San
Dallas
Francisco
Assets
Gold certificates on hand and
due from U . S . Treasury:
May 21
20, 256, 731 193, 049 9, 292, 584 1, 214,503 1, 467, 889 659, 916 422, 4783,164, 850 476, 321 320,197 457,178 308,;, 1641, 279, 602
•"" '-- 3, 202, 230 484, 376 320, 254 451, 853 301,295 1, 280,100
May 28
20, 316, 732 204, 989 9, 299, 960 1,198, 306 1 , 4 8 1 , 5 4 2
i,149 1, 265, 599
20, 314, 730
195,414 9,133,152 1,156, 090 1, 502,165 656, 897 448, 934 3, 297, 824 561, 841 329, 778 460, 887 305,
June 4
8,933,"""
,191,178
1,
528,
486
658,
772
458, 4783, 374, 543 561, 033 339, 907 465, 952 328,047 1, 308, 888
20,
313,
731
165,191
256
1
June 11
20, 313, 731
161, 769 8, 880, 048 1, 223, 891 1, 562, 084 653, 398 454, 841 3, 400, 496 547, 741 337, 994 461,391 321, 526 1, 308, 552
June 18
20, 313, 730 185, 741 8, 812,100 1, 220,497 1, 593, 452 664, 754 464, 5583, 407, 728 545,007 330, 951 456, 794 323, 049 1, 312, 099
June 25
Redemption Fund—Federal
Reserve notes:
858
972
419
167
947
948
171
997
470
777 1,690
1,133
9,549
May 21
858
972
419
167
948
171
997
947
470
777 1,690
1,133
9,549
May 28
845
941
400
156
897
154
1,697
832
394
689 1,906
1,033
9,944
June 4
845
1,941
400
156
897
154
1,697
832
1,907
394
689
1,033
10,945
June 11
832
1,914
381
145
851
136
1,427
327
728
602 1,218
9, 508
947
June 18
832
381
145
1,914
851
136
1,427
327
728
602 1,218
9,508
947
June 25
Other cash:
15,
704
34,
224
22, 314
76, 407
24, 538
20, 568 19, 507 25, 665
41, 858 18, 077 5, 776 16, 387
May 21
321, 025
29, 774
5, 668 18, 091 14, 810
20, 441
66, 501
22, 860
18,116 19, 808 27, 846
38, 014 17, 664
May 28
299, 593
13,988
29,
202
5, 746 15, 335
57, 727
22, 684
16, 575 16, 975 23, 873
37, 642 17, 251
June 4
276, 625
19, 627
31, 837
6, 312 18,157 14,108
52, 70S
22, 576
16. 776 20, 813 27, 613
•289, 010
20,553
39, 284 18, 273
June 11
32,036
5, 716 16, 800 15, 852
54, 283
24, 085
16, 428 18, 006 25, 661
287, 750
20, 037
June 18
40, 008 18, 838
5, 383 16, 807 15, 069
50, 412
24, 224
14, 608 18, 867 26, 668
32, 818
285,141
20, 363
June 25
39, 474 20, 448
Total reserves:
113 449,091 3, 207, 841 494,817 326,140 473, 736 324, 726 1, 314, 798
May 21
20, 587, 305 ., 215, 833 9, 369, 988 1, 239, 988 1, 489, 234
!, 259 3, 241, 377 502, 459 326, 089 470,115 316,i, 963 1, 310, 846
May 28
20, 625, 874 ., 225, 900 9, 367, 458 1, 222,113 1, 500, 435
1, 295, 742
June 4
20, 601, 299 ., 216, 435 9,192, 576 1,179, 606 1,519, 429 675, 778 473, 704 3, 336, 499 579, 492 335, 680 476, 376 319,
20, 613, 686 ., 186,138 8, 987, 661 1, 214, 586 1, 545, 951 681, 492 486, 988 3,;, 414, 860579, 706 346, 375 484, 263 343, 000 1, 342, 666
June 11
20, 610, 989 ., 182,133 8, 935, 758 1 , 248, 704 1,579,114 672,622 481,
481,353 3, 441, 451 566, 960 343, 855 4'78, 327 338, 210 1,-342, 502
June 18
20, 608, 379 1, 206, 431 8, 863, 939 1, 245, 449 1, 605, 662 684, 839 492,!,077 3, 448,149 565, 836 336, 479 473, 737 338, 950 1, 346, 831
June 25
Bills discounted:
Secured by U. S. Government obligations,direct
and guaranteed:
32
705
27
25
1,539
413
32
85
200
May 21 .
. .
2,305
27
27
115
3, 433
498
146
85
200
May 28
55
20
35
10
135
1,242
644
175
68
100
June 4
50
20
25
55
30
95
1,358
709
216
100
58
June 11
35
20
25
66
30
97
1,119
372
216
100
158
June 18
50
60
45
30
110
1,421
871
100
58
June 25
9;
Other bills discaunted:
164
125
43
658
150
May 21
48
35
160
141
60
722
19
175
56
35
May 28
139
151
48
674
19
171
45
33
June 4
162
148
43
619
19
132
42
31
June 11
_ .
162
150
93
687
24
142
45
29
June 18
156
132
102
592
24
92
56
22
June 25
Total bills discounted:
191
157
705
May 21....
25
2,19'
563
235
85
168
2,305
187
90
202
134
May 28
4,155
673
235
8.5 •
186
58
55
159
154
220
1,916
815
133
68
June 4
73
203
50
182
25
114
1,977
841
258
131
58
June 11
123
216
35
182
25
121
1,806
514
129
158
261
June 18
132
177
50
216
134
2,013
963
122
153
58
June 25
Industrial advances:
276
393
71
222
8,154
802
246
1, 729
285
347
2,940
843
May 21 _
276
383
71
218
8,163
771
1,729
322
246
356
2,938
853
May 28
276
397
221
217
771
8,736
1,727
349
352
3,340
853
233
June 4
276
412
291
217
770
1,720
348
364
8,774
3,310
851
215
June 11
275
435
579
768
1,536
366
178
3,360
866
8,906
350
193
June 18
275
435
359
1, 016
1,536
384
178
3,514
851
9,088
350
190
June 25
'._.
U. S. Government securities,
direct and guaranteed:
Bonds:
1, 363, 800
389. 312
98, 544
108,110 136, 462 75, 859 59, 247 156, 506 63, 283 41,178 66, 277 54, 979 114,043
May 21
1, 363, 800
389, 312
98,541
108,110 136, 462 75, 859 59, 247 156, 506 63, 283 41,178 66, 277 54, 979 114, 043
May 28
1, 363,800
389, 312
98, 544
108,110 136, 462 75, 859 59, 247 156, 506 63,283 41,178 66, 277 54, 979 114,043
June 4
1, 363, 800
389, 312
98, 544
108,110 136, 462 75, 859 59,247 156, 508 63, 283 41,178 66, 277 54,979 114,043
June 11
1, 363, 800
389, 312
98, 544
108,110 136, 462 75, 859 59, 247 156, 508 63, 283 41,178 66, 277 54, 979 114, 043
June 18
1, 363, 800
389, 312
98, 544
108,110 136, 462 75, 859 59, 247 156, 506 63, 283 41,178 66, 277 54,979 114,043
June 25
Notes:
68, 596
820, 300
234,163
82,079 45, 627 35, 637
94,136 38,062 24, 769 39, 863 33,068
59, 273
65, 027
May 21
68, 596
820, 300
234,163
82, 079 45, 627 35, 63;
94,136 38, 062 24, 769 39,863 33, 068
59, 273
65,027
May 28
68, 596
820, 300
234,163
82, 079 45, 627 35, 637
94,136 38, 062 24, 769 39,863 33, 068
59, 273
65, 027
June 4
68, 596
820, 300
234,163
82, 079 45, 627 35, 637
94,136 38, 062 24, 769 39, 863 33, 068
59, 273
65, 027
June 11
68, 596
820,300
234,163
82, 079 45, 627 35, 637
94,136 38, 062 24, 769 39, 863 33, 068
59, 273
65,027
June 18
68, 596
820, 300
234,163
82. 079 45, 627 35, 637
94,136 38, 062 24, 769 39, 863 33, 068
59, 273
65,027
June 25
Total TJ. S. Government securities, direct and guaranteed:
May 21
..
. 2,184,10:
157,817
623, 475
173,137 218, 541 121, 486 94, 884 250, 642 101, 34. 65. 947 106,140 88,047 182, 639
2,184,100
May 28
157, 817
623, 475
173,137 218,541 121, 486 94, 884 250, 642 101,345 65, 947 106,140 88, 047 182,639
2,184,100
June 4
157, 817
623, 475
173,137 218, 541 121, 486 94,884 250,, '642 101, 345 65!, 947 108,140 88,047 182, 639
2,184,100
June 11
157, 817
623, 475
173,137 218, 541 121, 486 94, 884 250, 642 101, 345 65, 947 106,140 88,04" 182, 639
182, 639 •
2,184,100
June 18
157, 817
623, 475
173,137 218, 541 121, 486 94, 884 250,, 642 101, 345 65, 947 106,140 88,04'
182, 639
2,184,100
June 25
157,817
623, 475
173,137 218, 541 121, 486 94, 884 250, 642 101, 345 65, 947 106,140 88,04'
646
FEDERAL RESERVE
BULLETIN
Federal Reserve
Banks—Continued
[In thousands of dollars]
Boston
Total
Assets—Continued
Total bills and securities:
May 21
May 28
June 4
June 11
June 18
June 25
Due from foreign banks:
May 21....".
May 28
June 4
June 11
June 18
June 25
Federal Reserve notes of
other banks:
May21__.
May 28
June 4
June 11
June 18
June 25
Uncollected items:
May21
. __.
May 28
June 4
June 11
June 18
June 25
Bank premises:
May 21
May28
June 4
June 11
June 18
June 25
Other assets:
May 21
May 28
June 4
June 11
June 18
June 25
Total assets:
May 21
May 28
June 4
June 11
June 18
June 25
Liabilities
Federal Reserve notes in actual circulation:
May 21
.
May 28..:
June 4
June 11
June 18
June 25
Deposits:
Member bank — reserve
account:
May 21. _.
May 28
June 4
June 11
June 18
June 25
U. S. Treasurer—general
account:
May 21
May 28
June 4
June 11
June 18
June 25
Foreign:
May 21
May 28
June 4
June 11
_ .
June 18
June 25
Other deposits:
May 21
May 28
June 4
_. . .
June 11
June 18
June 25
2, 194.451
2, 196, 418
2, 194. 752
2, 194. 851
2,194, 812
2, 195, 201
158, 64158, 722
158, 742
158, 70:
158, 706
158, 967
4'
4'
4'
4'
47
47
New
York
Philadelphia
Cleveland
625, 76"
625, 87'
626, 011
626, 036
625, 52c
625, 97
176,157
176, 27;
176, 69;
176, 70£
176, 758
176, 804
219, 06:
219, 098
219, 023
219, 020
219, 020
219,013
26, 825
24,918
27, 222
2,472
1,775
1,642
2,300
2,13'
2,04C
986, 08i
828, 654
882,182
889, 067
1,132, 033
890, 276
84, 659
77, 878
84-, 858
82, 404
100, 858
83, 468
309, 69?
198, 38:
201, 07;
201, 52C
251,57,
217, 33i
25, 43C
24, 55
122, 41<
122, 42'
122, 407
122, 395
122, 510
122, 395
2,815
2,810
2,810
2,810
2,810
2,810
MinSt.
Loui: neapolis
Atlanta Chicago
95,140
95,138
95,125
95,107
95,
95, 082
251, 072
251, 066
251,054
251, 040
251, 042
251, 026
l:
1
53'
475
532
723
568
659
27,125
Richmond
102, 050
103. 650
101,400
101, 395
101, 380
101, 395
Dallas
San
Francisco
88, 386
88, 413
88, 38
88, 396
88, 44f
88, 454
182, 861
182, 857
182, 856
182, 881
182, 842
182,817
1
1
1
1
1
1
4
4
4
4
4
4
658
1, 590
490
1,106
633
1,054
1,436
825
1,981
55'
1,627 1,004
2, 333
2,171
2, 675
3,193
2,144
2,516
Kansas
City
66, 531 106,
66,517 106, 379
66,503 106, 547
66, 541 106, 634
66, 564 106, 93J"
66, 598 106, 676
6
6
6
6
1.836
1, 965
1,
1,770
1, 550
1,669
6,669
6,015
5, 451
6.220
6,190
7,124
64,
103, 332
54, 840 104, 644
63, 056 104, 518
60, 99: 112,614
86, 382 168, 449
62, 665 111,55;
71,51
66, 961
76, 302
74, 162
92, 645
71, 464
1,233
1, 200
1,356
1,467
1,426
1,142
2,970
2,938
3,34'
2,685
2,723
2, 692
33,
33,
28,
33,
42,
36,
769
654
391
791
34;
4U
3,360
4, 509
3,17
2,682
2,722
3,137
2, 546
1,416
1,959
2,698
2,078
2, 350
917
1,376
936
826
842
1,262
127. 329
120, 919
126,912
130,181
167, 158
125, 495
50,172
47, 709
56, 636
50, 174
53,12f
48, 522
18,939
21, 454
21,299
22, 493
26,6;
23, 759
36, 874
31,114
36,142
39, 450
42, 579
33, 001
32,011
28, 760
31, 559
30, 936
34,192
30, 094
53, 266
42, 334
51, 432
50, 351
66, 053
46,500
9,79!
9,798
9,779
9.
9,949
9,949
4,664
4,653
4,653
4, 720
4,72'
4,710
4,525
4,525
4, 525
4,525
4, 525
4,513
2,604
2,598
2,598
2,598
2,639
2,640
1,977
1,973
1,973
1,973
1,973
1,970
3,018
3,018
3,012
3,012
3,012
3,012
2, 305
2,301
2,300
2, 300
2,300
2,299
1, 357
1,357
1,355
1,355
1,355
1,355
2,980
2,964
2,964
2,964
2,864
1.196
i; 196
1,189
1,189
1,189
1,189
2, 816
2,810
2,810
2, 810
2,810
2,804
50,512
3,456
13, 696
51,819
3,529
14,105
51, 782
3,549
13,982
53, 799
3,529
14, 296
2,812
11,31
42, 412
2,866
11,719
43, 329
23, 885, 578 1, 465, 94710,331,433
23, 768, 267 I, 469, 31710,217,418
23, 794, 58< 1, 466, 92910, 045, 091
23, 818, 310 1, 434, 308 9, 841, 610
24, 045, 457 1, 447, 890 9, 836, 273
23, 804, 669 1, 455, 204 9, 730, 975
4,262
4,408
4,317
5,736
3,613
3,708
5,456
5,566
5,618
5,685
4, 673
4,726
3,
3,176
3,136
3,211
2,649
2,706
2,158
2,190
2,213
2,218
1,814
1,844
5,49:
5, 661
5,634
5,676
4,580
4, 650
2,201
2,226
2,262
2,291
1,841
1,863
1, 551
1,593
1,618
1,622
1,321
1,336
2,354
2,435
2,453
2, 464
1,972
2,010
2,227
2,270
2, 321
2, 332
1,919
1,964
4,566
4,660
4,679
4,739
3, 907
3, 937
40, 055
40, 019
39, 968
40, 035
40, 246
40, 21
1, 490, 8341, 823, 448 887, 407 585,107 3, 598,123 654, 092 415, 435 623, 903 449, 20. ,560, 644
1, 463, 4961, 836, 237 891, 036 588,154 3, 626,556
55 659, 762 418
418, 386614,130 438,093 , 545, 682
1, 429, 1, 854, 912 885, 674 604, 752 3, 726, 294744, 050 427, 391 n»25, 537 444, 066 540,198
1, 464, 2101, 889, 569 890, 080 622, 764 3, 807, 457738. 565 439', 212 637, 212 466, 679 586, 644
1, 521, 6081, 977, 335 399, 257 625, 29. 3, 869, 971727, 680 440, 614 i34, 759 464, 513 600, 262
1, 494, 4831. 947,144 891,170 630,
630, 082 3, 835, 475 '22, 266 430, 789 >20,016 461, 656 585, 409
6, 384, 38:
6, 460, 010
6, 534,194
6, 542,175
6, 573,156
6, 633,192
524, 331
532. 940
538, 272
538, 581
542, -"
549, 943
1, 679, 022
1, 704, 088
1, 733,187
1, 732. 339
1, 749, 770
1, 772, 030
441,121
447, 658
450, 609
453, 308
454, 365
458, 916
592, 705 299,176 209, 602 1, 385, 599239, 913
600, 294 304, 204 209, 451 1, 398,156 240.949
603, 606 309,122 217, 879 1, 402, 793245,107
609, 662 308, 781 215, 776 1, 404, 889243, 641
609, 460 309, 090 216, 329 1, 412, 138244, 537
616, 777 312, 549 217, 625 1,421,216 245,153
.3, 731, 835
.3, 748, 879
.3, 201, 494
.3, 312,189
3, 130, 642
.2, 985,110
740, 113
738,766
678, 631
679, 310
686, 833
677, 793
6, 837, 675
6, 857, 261
6, 440, 246
6, 527, 945
6, 427, 28"
6, 364, 978
784, 180
777,180
706, 420
707, 019
699, 815
697,128
973, 769
971, 385
956, 264
954, 314
962, 347
938, 523
430, 532
412, 423
<'404, 055
396, 673
382, 907
397, 826
477,144
461, 674
993, 072
940, 973
1, 023, 809
1,081,125
22, 686
18, 977
73, 252
47,024
43, 367
57, 435
115, 744
126,057
394, 604
338, 095
300, 633
260, 379
43, 082
42, 956
71, 330
66,127
83, 323
100, 612
31,188
31, 545
68, 859
56, 764
89, 469
117,814
26, 900
38, 96:
35. 062
36; 809
43,131
35, 040
18, 003 75, 621
21, 529 46, 116
23, 321 138, 403
31,144 184, 992
34,163 227,159
37, 653 263, 072
1, 241, 201
1,240,046
1, 243, 661
1, 226, 526
1, 229, 892
1, 240, 276
57, 648
56, 529
58, 997
57, 462
55, 631
56, 966
703,104
703,06:
701,145
466, 273
481, 683
474,195
81, 327 77,135 36, 052
77,135 36, 052
81,327
81, 849 77, 630 36, 283
118, 967 112, 835 52, 738
117, 241 111,198 51, 973
120, 038 113,850 53, 213
29, 345 100,611
29, 345 100,611
29, 533 101, 256
42,926 147,176
42, 304 145, 040
43, 313 148, 500
730, 450
686, 292
608,123
582,106
624, 714
650, 690
14, 726
21, 294
11, 544
7,425
7,480
8,010
582,119
526, 378
474, 075
467, 447
512, 572
536,042
35, 970
21, 364
21, 234
20, 362
19, 595
16,414
15, 734 8,721
20, 984 15, 369
16, 952 8,819
16, 088 6,136
16, 636 5,982
20,000
6,734
276, 848
273, 464
286, 456
279, 504
267, 967
279,
279; 014
5,824
7,568
6,368
6,449
7,554
6,767
L68, 006 218, 574
L68. 574 217,027
169, 549 220,192
169,95: 220,103
.69, 725 220,153
L69, 901 219,911
.01, 445
.02,106
05, 714
.04, 043
.03, 956
.04, 051
524, 893
534,563
538,164
541, 095
540, 951
545,120
, 849, 443291, 007 71, 376 289, 494 244,151
241,
, 895, 721295, 718 70, 907 285, 980 "".,297
, 896, 718339, 761 69, 471 286, 623 235, 217
,792
, 889, 074342, 217 70,173 291,996 246,7
,870,167 320, 500 70, 109 285, 546 233,179
, 826, 282 316, 42662, 162 284, 075 233, 006
843. 247
828, 777
801, 632
827,172
823,985
807, 897
26, 990
27, 328
50,742
42, 931
50, 529
53, 831
24,102
22, 961
35, 806
36, 683
38,157
33, 556
35, 760
36, 365
40, 773
38,800
37, 293
33, 274
33,
27,
28,
36,
44,
46,
241
831
664
832
246
689
23, 827
21, 042
32, 256
24, 772
32, 339
41, 770
25,153
25,153
25, 314
36, 794
36, 260
37,125
18, 445
18, 445
18, 564
26, 982
26, 591
27, 225
24, 314
24, 314
24, 470
35, 568
35, 051
35, 888
24, 314
24, 314
24, 470
35, 568
35, 051
35, 88S
63, 753
63, 759
64,150
93, 237
91, 869
94, 075
4,690 9,626
8,700 9,796
5,254 14,182
4,654 11. 620
4,436 10,153
4,789 9,853
7,300
8,738
6,878
6,708
6,081
8,445
8,782
9,615
7,007
4,298
3,702
3,237
3,49£
3,606
4,197
3, 207
2,944
1, 687
33, 463
32, 880
31, 613
27, 712
27, 579
28, 712
* Less than $500.
JULY
1941
647
Federal Reserve
Banks—Continued
[In thousands of dollars]
Total
Boston
Philadelphia
New
York
Rich- Atmond lanta
Cleveland
Dallas
San
Francisco
305,201
297, 048
292, 548
322, 399
315, 420
317, 270
964, 290
946, 458
929, 651
972, 893
975, 772
972, 454
St. Min- Kansas
Louis neapolis City
Chicago
Liabilities—Continued
Total deposits:
May 21
May 28
June 4
June 11
June 18
June 25
Deferred availability items:
May 21
May 28
June 4
June 11
June 18
June 25
Other liabilities, including
accrued dividends:
May 21
May 28
'
June 4
June 11
June 18
June 25
.
Total liabilities:
May 21
May 28
June 4
June 11
June 18
June 25
Capital
1G,180,630
IG, 136, 891
16, 046, 350
16, 061, 794
16, 009, 057
15, 957, 201
943, 641
793, 881
836, 781
835, 205
1,085,664
836,114
5,11
5,61
5,31
7,133
5,610
6,086
23,
23,
23,
23,
23,
23,
513,
396,
422,
446,
673,
432,
775
394
63'
30'
48'
593
8, 238, 642
8, 212, 758
8, 010, 070
7, 799, 760
7, 722,175
7, 635, 594
944,559
922, 82'
880, 833
912, 475
919, 974
934,192
097, 826
101,049
119,705
140,001
179, 650
190,18'
280
605
061
343
738
880
283,879
170,570
171,849
179, 333
234, 200
193, 028
70,192
57, 94'
63, 286
62, 090
112,281
66, 303
98, 051
99, 945
96,6;
104,918
153,245
105,168
69, 702
67. 662
75, 997
72, 564
89, 802
69,41
31,748
33, 030
27, 434
33,184
43,198
31,913
133, 969
128, 983
133, 686
128,416
162, 806
123,319
541
595
573
553
563
568
1.525
1,608
1, 563
1,739
1, 704
1,886
453
549
458
1,829
476
546
50.
57'
544
607
59
391
423
403
434
418
433
144
168
153
167
161
174
559
638
570
648
614
686
1, 456, 325 789, 08;
1,428,981 801,865
,395,186 , 820, 529
"
,429,702 ,855,188
, 487, 096 942, 952
, 459, 95^ ,912,75;
871,474
875,100
869, 741
874, 135
883, 303
875, 212
835,173
835, 566
822, 424
791, 221
793, 311
800, 204
80,
74,
80,
78,
85,
78,
1, 440, 32510, 203, 068
1, 443, 70610,089,024
1,441,330 9,916,669
1, 408. 698 9,713,171
1, 422, 294 9, 707, 849
1,429, 59£ 9, 602, 538
502,!, 205 330, 020
.02,811 331, 906
484 ,219 345, 678
492, 356 360, 023
483,,993 351, 988
492, 813 366, 74"
030, 365 352, 776 221, 223 358, 350
051,148 357, 995 221, 051 356, 274
141,631 429, 999 230, 719 358, 873
i, 562240, 546 370,i,662
225, 896 433,
246, 802 417, 442 240,
I, 938 361, 592
"\474
242, 643 41 235 231,388 356;
.71, 514 3, 550,
.74, 555 3, 578,
591, 144 3, 678,
609J', 150 3, 759,
611 676 3,;, 822,
616,459 3, 787,
492
925
680
849
360
864
49,
48,
57,
49,
53,
47,
486
876
002
398
761
905
16, 355
18, 919
17, 271
18,846
20,104
19,633
35, 563
29, 379
35,019
34, 968
41, 564
32, 144
30, 944
27, 298
34,171
28, 584
33, 494
28, 668
174
188
180
200
180
201
166
153
152
165
150
171
173
208
192
207
202
214
185
206
198
216
204
225
43,
36,
44,
44,
55,
39,
472
667
331
561
471
736
301
299
326
368
341
357
642, 349 405, 750 612,660 437, 775 1, 532, 956
648. 008 408, 697 602, 888 426,», 6581,517,987
732, 288 417,', 691 614, 276 432, 631 1, 512, 472
726, 801 429, 514 625, 940 455, 2421, 558, 917
623, 511 453,
15, 920
920 430,
i3, 074 1, 572, 535
715,
0, 214 1, 557, 667
10, 494 421, 093608, 743 450,
Accounts
Capital paid in:
May 21
May 28
June 4
June 11
June 18
June 25
Surplus (section 7):
May 21. _
May 28
June 4
June 11
June 18
__
June 25
Surplus (section 13b):
May 21
May 28
June 4
.__
June 11
June 18
June 25
Other capital accounts:
May21.__ _
M a y 28
June 4
June 11
June 18
June 25
Total liabilities and capital
accounts:
May 21
_
May 28
June 4
June 11
June 18
June 25
Commitments to make industrial advances:
May 21
May 28
June 4
June 11June 18
June 25
648
140,279
140, 284
140,311
140,331
140, 324
140, 376
9,353
9, 353
9, 353
9,353
9, 341
9,344
157,065
157, 065
157, 065
157, 065
157,065
157,065
10, 906
10, 906
10, 906
10,906
10, 906
10, 90(
26,
26,
26,
26,
26,
26,
51, 586
51, 585
51, 589
51, 593
51, 582
51,584
11,905
ll,90C
11,902
11,901
11,902
11,912
14, 477
14, 483
14, 484
14, 486
14,492
14,496
5, 439
5,439
5,439
5, 447
5, 449
5,453
4,802
4,802
4,806
4,809
4,813
4,816
14, 924
14, 925
14, 928
14,932
14, 936
14, 940
4,290
4,291
4,295
4.295
4,296
4,298
3, 002
3, 002
3, 002
3,001
2, 998
2, 998
4,513
4,516
4,516
4,516
4,51
4,520
4,270
4,270
4,270
4,270
4,270
4,272
11,718
11.718
11,727
11,728
11,728
11,743
56,
56,
56,
56,
56,
56,
447
447
447
447
447
447
15, 144
15, 144
15, 144
15,144
15,144
15, 144
14, 323
14,323
14,323
14,323
14,323
14, 323
5, 247
5, 24;
5,24;
5, 247
5,247
5,247
5,725
5, 725
5,725
5, 725
5,725
5,725
22,
22,
22,
22,
22,
22,
824
824
824
824
824
824
4,925
4,925
4,925
4, 925
4,925
4,925
3,152
3,152
3, 152
3,152
3,152
3,152
3,613
3,613
3,613
3,613
3,613
3,613
3, 974
3,974
3,974
3,974
3,974
3,974
10,785
10, 785
10, 785
10, 785
10, 785
10, 785
713
713
713
713
713
713
1, 429
1,429
1,429
1,429
1,429
1,429
533
533
533
533
533
533
1, 000
1, 000
1, 000
1, 000
1,000
1, 000
1,138 1, 263
1,138 1, 263
1,138 . 1, 263
1,138 1, 263
1,138 1,263
1,138 1,263
2,121
2,121
2,121
2,121
2,121
2,121
2, 353
2, 359
2,364
2,36'
2, 014 2,368
2,014 2, 369
8, 454
8, 453
8,433
8,423
8,422
8,418
1,995
2,00J
2.009
2,011
2,006
2,016
2,
2,
2,
2,
2,
2,
1, 979
1,975
1,994
2,005
1,980
2,002
1, 923
1,928
1,928
1,930
1,932
1,933
3,064
3,071
3,093
3,093
3,093
3,093
785
785
785
785
785
785
2,874
2, 874
2,874
2,8:
2,874
2,874
7, 07C
7,07C
7, 07C
7,07C
7, 07C
7,07C
4, 393
4,393
4,393
4,393
4,393
4,393
1,007
1,007
1,007
1, 007
1, 007
1,007
3,244
3,244
3,244
3,244
3,244
3, 244
47,67
47, 739
47, 786
47, 822
47, 796
47, 850
2,489
2,478
2,46C
2,477
2,475
2, 485
13,262
13, 292
13,316
13, 329
13,325
13, 336
3,067
3, 0'
3, 065
3, 070
3, 073
3, o;
4,554
4, 559
4, 569
4, 565
4,561
4,561
2, 003
2,006
2, 003
23, 885, 578
.23, 768, 267
23, 794, 584
23,818,31
24, 045, 457
23, 804, 669
11,080
12, 342
12, 272
11,629
11,814
13, 072
1, 465, 94' 10,331,435
1,469,317 10,217,41*
L, 466, 92910, 045, 09:
1, 434, 308 9, 841, 610
1, 447, 890 9, 836, 273
1, 455, 204 9, 730, 975
172
172
172
172
171
1, 521
1,634
1,611
1,61
1,61
1, 535
1,535
1, 490, 8341,823,448
I, 463, 4961,836,237
1, 429, 6901, 854, 912
1, 464, 2101, 889, 569
1,521,608 1,977,335
1, 494, 4831,947,144
2,281
2,279
2,291
2. 333
2, 342
2, 186
1,695
1, 691
1,74'
1, 732
1,683
1,679
887,
491,
385,
590,
899,
591,
40'
036
674
080
257
170
1,101
1,101
1, 096
1,114
1, 110
1,016
3,598,123
585,
588,154 3, 626, 556
504, 752 3, 726, 294
622, 764 3, 807, 45"
625, 295 3, 869, 971
530, 082 3, 835, 475
531
535
546
54,
547
546
1,205 1,
654, 092 415, 435 623,
659. 762 418,386 514,130 438,;, 093 1,
744, 050 427, 391 325, 537 444, 066 1,
738,565 439,212 637, 212 466,
66, 679 1,
727, 680 440,
I, 614534, 759 464,
" :, 513 1,
722, 266 430, 789 ~~~i,
520, 016 461, 656 1,
346
346
364
364
363
360
26
1,314
1,164
1,094
819
1,039
560, 644
545, 682
540,198
586, 644
600, 262
585, 409
3,740
3,728
3,731
3,076
3,676
3.628
FEDERAL RESERVE BULLETIN
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date (last Wednesday of
each month)
1934—Dec. 26...
1935—June 26...
Dec. 31 *_
1936—June 24___
Dec. 30...
1937—Mar. 31__.
June 30...
Sept. 29..
Dec. 29__.
1938—Mar. 30..
June 29___
Sept. 28..
Dec. 28...
1939—Mar. 29__
June 28. _.
Sept. 27..
Dec. 27___
1940—Jan. 31___
Feb. 28___
Mar. 27__
Apr. 24...
May 29...
June 26 .
July 3 1 . . .
Aug. 28...
Sept. 25...
Oct. 30....
Nov. 27__.
Dec. 31 4_.
1941—Jan. 29 ..
Feb. 26...
Mar. 2 6 . .
Apr. 30...
May28__.
June25 5 _.
Applications
received
Number
Amount
4,386
6,325
7,437
8,006
8,247
8,344
8,430
8,474
8,534
8,708
8,976
9,102
9,188
9,249
146,972
237, 581
293,084
314,471
328,998
333,300
339, 509
341,842
350, 551
358, 936
369,853
378,974
387,490
392, 230
395,499
402, 305
405, 225
406, 097
407, 392
410,192
411,628
413,178
413, 646
415, 599
416, 454
417, 260
420, 837
421,139
431, 236
435, 474
442, 712
448,506
444, 985
455, 868
458, 092
9,366
9,418
9,433
9,456
9,476
9,487
9,504
9,512
9,536
9,546
9,556
9,573
9,581
9,609
9,633
9,659
9,682
9,719
9,793
9,817
Applications under
consideration
Number
Repaid,
Approved expired,
ParticiAdvances Commitor withbut not
pations
ments
outdrawn by
comoutoutstanding! standing pleted s
standing 8
appli(amount) (amount) (amount) cant, etc. (amount)
(amount)
Amount
Applications
approved
Amount
Number
2,955
11,349
2,823
1,880
1, 245
1,322
1,263
800
550
1,299
476
146
247
344
255
370
41
76
32
199
118
45
33
76
444
10
740
650
222
1,929
600
823
35
1, 725
35
984
1,646
1,993
2,183
2,280
2,323
2,361
2,381
2,406
2,464
2,566
2,617
2,653
2,683
2,721
2,752
2,781
2,793
2,805
2,814
2,825
2,832
2,838
2,853
2,856
2,865
2,875
2,883
2,908
2,923
2,945
2,959
2,987
3,046
3,067
49,634
88,778
124, 493
133, 343
139, 829
141, 545
145, 758
146, 724
150,987
154,918
161,158
168, 380
175,013
177, 895179,778
185, 234
188, 222
188, 879
190,055
192, 665
194,096
195, 404
195, 739
197, 439
197, 906
198, 966
201, 750
202,041
212, 510
214,800
223, 226
228, 732
225, 849
234, 714
238, 505
13, 589
27, 518
32,493
30,484
25, 526
23, 059
23,019
21,415
20, 216
19, 371
18,444
17, 567
17, 345
15, 798
15, 255
14, 454
13,683
12, 860
12, 997
12, 723
12,001
11,242
10,988
10, 907
10, 779
10,778
10, 484
9,893
9,152
9,483
9,451
9,526
9,157
9,639
10, 549
20,966
11,248
11, 548
9,381
8,226
7,898
1,470
537
3,369
3,419
3,084
5,737
1,946
1,975
2,067
1,938
2,659
2,504
1,454
2,471
2,264
2,474
2,195
1,991
2,095
2,315
4,260
4,056
13, 954
12, 325
20,424
19, 986
13, 035
14,134
8,090
8,225
20, 579
27, 649
24, 454
20,959
18,611
16,331
14,880
12,780
13,110
13,649
13, 597
14,161
12, 647
11,175
10,517
9,220
8,376
8,966
8,224
8,725
8,852
8,762
8, 582
8,238
8,078
7,351
7,106
5,226
5,207
5,066
7,315
8,464
12,342
13, 072
5,558
24,900
44,025
61, 425
77, 910
85,210
97, 663
102, 588
107, 384
111, 193
117, 555
122,447
128,839
135,004
139,281
146,156
151,679
154, 629
155, 574
158,110
159,950
161,491
162, 612
164,949
165, 865
167,046
169,746
171, 394
177, 792
179,021
179,569
180, 989
183, 646
186, 062
192,783
1,296
4,533
8,778
7,599
7,208
6,767
7,275
7,304
7,238
7,825
8,426
9,032
12, 722
12,471
12,000
12,169
10,981
10,510
11,064
11,137
11,156
11, 345
11,182
11,010
10, 929
10,749
9,909
9,592
6,386
8,764
8,716
10,916
11,547
12, 537
14,011
1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of
condition of Federal Reserve Banks.
2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.
3
Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $1,206,609, June 25, 1941.
4
5
Tuesday.
Latest date for which figures are available.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS7 ACCOUNTS, BY WEEKS
[In thousands of dollars!
Total
Federal Reserve Notes:
Issued toF.R. Bank by F. R. agent
M ay 28
June 4
June 11
June 18
June 25
.
Held by Federal Reserve Bank:
May 28
June 4
June 11.. .
....
June 18
June 25
In actual circulation;i
May 28
June 4
June 11
June 18
June 25
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
May 28
June 4
June 11
June 18
_ _
June 25
Eligible paper:
May 28
June 4
June 11
June 18
June 25
Total collateral:
May 28
June 4
June 11
June 18
June 25
1
Boston
New
York
Philadelphia
Cleve- Richland mond
Atlanta
6, 767, 692 551,562 1, 780, 734 464, 707 623, 293318, 470 232, 621
324, 353 234, 379
6, 835, 331 556, 759 1,817,879 467,611 627,
i, 597
6, 865, 638 554, 797 1, 827, 040 469, 818 633, 263325,
325,8;855 235,
;5, 760
6, 899, 789 568,133 1, 833, 336 475, 224 633, 234325, 4'2 235,
332,
003
238,
249
6, 942,165 567, 606 1, 847, 775 476,
265
640,146
t/b, i
307, 682
301,137
323, 463
326, 633
308, 973
18, 622
18, 487
16,216
25, 451
17, 663
76,
84,
94,
83,
75,
646
692
701
566
745
17, 049
17,002
16, 510
20, 859
17, 349
22,
23,
23,
23,
23,
999
589
601
774
369
14,
15,
17,
16,
19,
266
231
074
382
454
23,170
16, 500
19, 821
19, 431
20, 624
433,
434,
440,
442,
453,
35, 260
31,825
35, 167
30, 437
32, 438
3,742
1,642
1,693
1,475
1,739
134
154
114
121
134
6, 912, 742570,134
6, 972, 642 570,154
',012,693 70,114
7, 034, 475 590,121
", 064, 739590,134
673
815
841
514
963
202
220
259
261
153
85
158.
58
460,
460,
460,
460,
460,
Kansas
City
San
Dallas Francisco
416 255, 628 174.
-, 431227, 971 115, 435
618 258, 751 174, 080 — -49 115, 370
056 259, 010 175, 261 230, 994 115,054
575 — I , 234 175, 346 231,
,507 116, 97(0
654 258;
1,659 175, 206 231,366 116,
14,
13,
15,
14,
13,
679
644
369
f"
506
6, 460, 010 532. 940 1.
, 704, 088447,
447,658
658
600,
294 304, 204 209, 451
1, 398, 156 240,
600,
294
6. 534,194 538', 272 1, 733,187 450, 609 603, 606 309,122 217, 879
1, 402, 793 245,
6, 542,175 538, 581 1, 732, 339 453, 308 609, 662 308, 781 215, 776
1, 404, i
6, 573,156 542, 682 1, 749, 770 454, 365 609, 460 309, 090 216, 329
1, 412, 138 244;
6, 633,192 549, 943 1, 772, 030 458, 916 616, 777 312, 549 217, 625
1,421,216 245,
6, 909, 000 570, 000 1, 795, 000 470, 000625, 000 350, 000 240, 000 1,
1,000 350, 000
C 240, 000 1,
6, 971, 000 570, 000 1, 835, 000 480, 000' 630,
C 240, 000 1,
7, 011, 000 570, 000 1,845, 000 480, 000 640, 000350, 000
000
240, 000 1,
,845,
000
480,
000
640,
000
350,
C
590,
000
1
7, 033, 000
000 350, 000 245, 000 1,
7, 063, 000 590, 000 1, 865, 000 480, 000
Minneapolis
St.
Louis
Chi-
5,857
4, 531
5, 304
5,621
5,305
10, 944
9, 557
10, 891
11, 354
11,455
13, 329
9,656
11,011
13,014
12, 341
589, 424
594, 587
598,893
\ 998
602,
,844
54, 861
56, 423
57, 798
62, 047
59, 724
,,563
168, 574 217, 027 102,
220,192 105, 714 538,164
169,549 220,
~~\ 103 104,043 541 ,095
169,
),951
I, 153103, 956 540,
169, 725 220,
169,901 219, 911 104, 051 545,120
000 269,000 177,000 230, 000 119, 000 604, 000
000 269,000 177,000 235, 000 121, 000 604,000
000 269, 000 177,000 235, 000 121, 000 624,000
000 269, 000 177,000 235, 000 123, 000 624, 000
000 269, 000 177,000 235, 000 123, 000 624, 000
2, 305;
55
50
35
50
179
159
182
182
216
164
171
189
204
165
:, 000
i,164 119,000 604,i
1, 795, 673470, 202 625,000 350,
000 1, 460, 000 271, 305 177,179
',17 230,
1, 835, 815 480, 220'630i
1,000 350, 068 240; 000 1,460,000 269,055 177,
7,158 235,171 121, 000 604,1
:, 000
i, 189121, 000 624,
(
1, 845, 841480, 259 640, 000 350, 058 240,
1,000 1, 460, 000 269,
',050 177,1
,000
i, 204123, 000 624, 000
1, 845, 514480, 261 640, 000 350,158 240, 000 1, 460, 000 269,
1,035 177,182 235,:
1,865,963 480,153 645,
-' ~ 000350, 058 - • ->, o o1,
o 460,000 269, 050 177, 216 235,165123, 000 624, 000
Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank.
JULY 1941
649
MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS
RESERVE POSITION OF MEMBER BANKS, MAY, 1941
[Averages of daily figures. In millions of dollars]
Reserves with
Federal Reserve
Banks
Gross Net
dedeTime
mand m a n d
deposits
dedeposits posits ]
Classes of banks
and districts
All member banks,. 45, 385 37, 240 12, 466
Central reserve city banks:
New York
814
lfi,959 16, 208
499
Chicago
3,412 3,012
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.
Total
Total
7,819
13, 650
5,831
3,728
710
6, 243
1,144
2,514
434
229
43
254
349
138
124
258
145
60
144
104
502
15, 675 12,018
4,923
2,349
Country banks:
Boston district
1,108
New York district
1,684
Philadelphia district..
786
Cleveland district
781
Richmond district
735
692
Atlanta district
1,138
Chicago district
471
St. Louis district
366
Minneapolis district..
515
Kansas City district..
644
Dallas district
418
San Francisco district
9,339
807
1,207
523
497
411
400
696
289
228
307
382
255
565
1, 455
888
733
388
250
836
256
283
162
110
303
6,002
6,230
Ex-
Held
150
232
736
232
181
702
171
83
160
136
2,058
257
1,638
2,247
1,007
963
1,781
1, 015
453
1,174
901
2,811
All
member
banksi
Required
1,283
204
1,384
1,784
724
655
1,273
781
318
776
555
2,281
1,427
[Averages of daily figures. In millions of dollars]
283
16
316
430
166
49
200
67
37
72
52
261
1,949
4,298
118
252
98
90
57
44
121
30
30
30
42
20
1,032
933
1,965
1
Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and
cash items in process of collection.
NOTE.—See table on p. 644 for percentages of deposits required to be
held as reserves.
Total reserves held:
1940—May
_
June
__
July
._
August
September
October
November
December
1941—January
February
March
April
May
Week ending (Friday):
1941—Apr. 25
May 2
May 9
May 16
May 23
May 30
June 6
June 13
June 20
Excess reserves:
1940—May_
June..
July
_
August
September
_
October
November
December
1941—January
February
March
April
May
Week ending (Friday)
1941—Apr. 25
May 2
May 9
May 16
May 23
May 30
June 6
June 13
June 20
Central reserve
city banks
New
York
13,086
13, 596
13, 735
13, 408
13, 643
14,043
14,131
14,049
14,339
13, 996
13, 979
13, 600
13, 650
6, 660
6, 941
6, 979
6, 709
6, 705
Chicago
Reserve Country
city banks
*
banks
6,975
6, 997
7,135
6, 807
6, 924
6, 518
6, 243
1,097
1,182
1,168
1,154
1,234
1,279
1,218
1,142
1,051
1,033
931
966
1,144
3, 615
3,716
3,837
3,804
3,905
4,024
4,080
4,096
4,240
4,258
4,197
4,204
4,298
1,714
1,757
1,751
1,740
1,800
1,851
1,858
1,815
1,913
1,898
1,928
1,912
1,965
13, 503
13, 556
13, 483
13, 539
13,779
13, 809
13,365
13, 310
13. 228
6, 342
6, 245
6,133
6,128
6, 330
6, 372
6, 078
5, 990
5, 957
1,036
1,118
1,131
,135
,157
,155
,149
,193
,147
4,220
4,252
4,246
4.300
4,333
. 4, 335
4.193
4,193
4,179
1,904
1,941
1,973
1,976
1,959
1,946
1,945
1,934
1,945
6,288
6,696
6,752
6,407
6,582
6,864
6,830
6,646
6,832
6,422
6,304
5,883
5,831
3,389
3, 594
3,588
3, 344
3, 324
3, 465
3, 493
3,443
3, 505
3,166
3, 203
2, 812
2, 514
477
547
522
499
570
610
546
476
381
347
252
295
434
1,607
1,703
1,803
1,748
1,821
1,888
1,895
1,887
2,016
2,004
1,923
1,885
1,949
815
851
839
816
866
902
897
840
930
906
927
891
933
5,754
5,797
5, 733
5,757
5,921
5,898
5, 515
5,447
P5, 375
2, 637
2, 548
2, 450
2, 439
2, 581
2, 583
2, 329
2, 263
2,241
347
423
432
425
441
438
440
470
424
1,893
1,914
1,910
1,948
1,974
1,963
1, 844
1,825
1,809
877
912
942
945
927
914
910
890
P901
p Preliminary.
i Weekly figures of excess reserves of all member banks and of country
banks are estimates.
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
I\.ll
Federal Reserve district
Boston
New York
Philadelphia
Cleveland ...
Richmond.
Atlanta
Chicago
St. Louis
Minneapolis
Kansas Citv_
Dallas
San Francisco
.
_
Total
. . . . . . _ _
.. .
Member banks in larger centers Member banks in smaller centers
(places under 15,000)
(places over 15,000)
member bank 3
Gross demand
May
Apr.
2,535
18, 900
2,425
3,028
1,742
1, 656
6, 332
1 486
819
1,689
1, 545
3,229
45 385
Time
Gross demand
Gross demand
Time
Apr.
May
Apr.
Time
May
Apr.
May
Apr.
2 499
18,733
2,395
2,957
1,719
1 652
6,054
1 533
809
1,679
1,542
3,167
647
2, 419
1,120
1,469
620
432
2,038
427
367
322
245
2, 361
649
2,433
1,117
1,469
619
430
2,001
436
371
322
244
2,361
2,397
i 1, 609
2,150
2,738
1, 525
1,493
i 2, 504
1 211
645
1,341
1, 184
3,102
2,364
526
i 1, 553 i 1,100
657
2,125
1,131
2,670
1,504
421
348
1,487
i 2, 423 i 1, 206
1 265
303
198
635
1,332
210
193
1,187
3,040
2,260
528
i 1,099
655
1,132
421
347
i 1,169
314
200
211
197
2,260
138
332
274
290
217
163
416
275
174
348
361
127
135
319
270
287
214
165
409
269
174
347
355
127
121
506
463
339
199
84
333
124
169
112
53
100
121
499
462
338
197
83
331
122
170
111
47
101
44, 739
12, 466
12, 453
121, 898
121, 584
i 8, 534
3,115
3,072
2,601
2,584
May
Apr.
May
i 8, 552
i Excluding central reserve city banks, for which figures for latest month are shown in table above.
650
FEDERAL RESERVE BULLETIN
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
1940— April
May
_
June
July
August
September . ._ _
October
November
December
Gold
certificates
Silver
dollars
7,559
7,710
7,848
7,883
8,059
8,151
8,300
8,522
8,732
68
67
67
66
45
46
46
46
65
65
48
49
8,593
8,781
8,924
9,071
9,357
64
64
64
50
50
51
63
63
51
52
Total
End of month
__
...
1941—January
February
March
April
May
66
66
47
48
65
Treasury
notes
of 1890
Subsidiary
silver
coin
1,557
1,590
1,582
1,565
1,605
1,615
1,620
1,658
1,667
1
1
1
1
377
382
384
386
166
168
169
172
1
1
389
394
174
177
1
1
400
407
180
183
264
275
1
412
185
290
1,595
1,635
1,651
1,654
1,697
1
1
1
403
406
413
183
184
186
1
1
418
426
189
191
278
278
277
Silver
certificates
50
Minor
coin
United
States
notes
248
241
248
249
258
259
274
286
National
bank
notes
Federal Federal
Reserve Reserve
Bank
notes
notes
4,906
5,025
5,163
5,212
5,334
5,409
5,541
5,705
5,883
23
23
22
22
5,842
5,985
6,106
6,247
6,468
21
21
21
168
167
165
164
162
161
160
159
157
22
22
22
21
21
156
155
154
153
152
21
20
Back figures— See Annual Report for 1937 (table 35).
PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of month
1940—April
May
June
July.
August
September
October
November
December
1941—January
February
March
April
May
Coin and small (ienomination currency
Total
in cirtion *
Total
Coin
7,559
7,710
7,848
7,883
8,059
8,151
8,300
8,522
_ 8,732
5,437
5,519
5,584
5,599
5,748
5,814
5,911
6,098
6,247
588
595
599
604
611
618
627
639
648
534
546
546
544
556
566
575
591
610
8,593
. _ 8,781
___ 8,924
9,071
9,357
6,094
6,243
6,342
6,430
6,683
635
641
650
658
669
577
582
590
595
615
$13
2
Large denomination currency
Unassorted*
$5
$10
$20
Total
34
35
35
35
36
36
36
38
39
992
1,009
1,015
1,013
1,044
1,055
1,068
1,107
1,129
1,739
,766
1,791
,798
1,858
876
1,908
977
2,021
1,551
1,568
1,599
1,605
1,644
1,663
1,696
1,748
1,800
2,126
2,193
2,264
2,286
2,313
2,340
2,392
2,426
2,489
951
463
471
979
485 1,013
489 • 1,025
495 1,035
503 1,048
512 1,071
523 1,089
538 1,112
195
202
210
211
213
216
223
225
227
439
464
481
486
493
496
508
512
523
30
26
26
26
26
25
25
26
30
48
50
50
49
51
52
52
51
60
4
1
2
2
2
3
3
3
4
37
38
38
39
40
1,091
1,116
1,132
1,135
1,176
1,973
2,041
2,074
2,112
2,211
1,781
1,826
1,858
1,892
1,972
2,502
2,541
2,583
2,642
2,675
540
551
560
573
587
230
232
238
241
242
530
535
543
550
546
24
24
24
25
24
52
55
56
56
57
4
4
1
2
2
$2
$50
$100
1,126
1,144
1,163
1,197
1,218
$500
$1,000 $5,000 $10,000
* 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 3as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures—See Annual Report for 1937 (table 36).
TREASURY CURRENCY OUTSTANDING
SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY
IHeld by Treasury and Federal Reserve Banks and in <jirculation. In
millions of dollars]
[By selected banks and financial institutions in New York City.
In millions of dollars]
Silver
dollars
and
End of month"" Total silver
bullion^
FedSubNasid- Minor United eral
Re- tional
iary
States serve
bank
silver coin notes Bank
notes
coin
notes
1940—April . .
May
June
July.
August
September.
October
November
December
2,999
3,008
3,014
3,024
3,036
3,044
3,059
3,072
3,087
1,886
1,894
1,900
1,909
1,915
1,920
1,931
1,937
1,945
400
402
402
404
409
411
415
419
425
172
173
174
175
178
181
183
187
189
347
347
347
347
347
347
347
347
347
23
23
23
23
23
22
22
22
22
171
169
167
167
164
163
162
160
159
1941—January
February...
March
April
May
3,097
3,102
3,109
3,122
3,134
1,953
1,959
1,965
1,971
1,977
427
191
347
22
158
192
193
1937
1938
1939 .
1940
1940—April
May
June
July
August _
September
October
November
December
_.
21 5
33.1
110 2
17.7
47 6
34.4
98
35
(0
1.1
.5
.6
3
.1
.1
1
_
7
Net
shipments
JULY
1941
21
21
Net
receipts
26 1
c
100 3
17 0
1
1.3
35
11
c3
5
3
1
1
0)
(1)
.1
I
.1
2
.1
156
.1
155 1941—January .
.2
194
154
434
February
347
21
.1
196
440
347
March
21
153
0)1
April
May
...
0)
i Includes silver held against silver certificate 3 amounting to $1,915000,000 on M a y 31, 1941 and $1,817,000,000 on M a y 31, m u .
c
Corrected,
i Less than $50,000.
Back figures—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, pp. 7-8.
428
429
347
347
ShipReceipts
ments to
from
Europe Europe
Year or month
•«
.1
I
<l)
(l)
651
MOVEMENT OF GOLD TO AND FROM UNITED STATES1
[In thousands of dollars]
ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES
[In millions of dollars]
Gold
stock
at end
of period
Period
Increase
in
gold
stock
Net
gold
import
Earmarked
gold: decrease
or increase (—)
Domestic gold
production i
4, 202. 5
1,887. 2
1,132. 5
1, 502. 5
1,751.5
3,132. 0
4,351.2
1,133. 9
1, 739.0
1,116.6
1, 585. 5
1, 973. 6
3, 574. 2
4, 744. 5
82.6
.2
-85.9
-200.4
-333. 5
-534.4
—644. 7
92.9
110.7
131.6
143.9
148.6
161.7
168.1
1939—December.
17, 644
285.1
451.2
-200. 8
13.4
1940—January..
February.
March
April.
May
June
July
August
September.
October...
November.
December.
17, 931
18,177
18, 433
18,770
19,209
19,963
20, 463
20,913
21, 244
21, 506
21,801
21,995
287.5
246.0
256.0
336.9
439.0
754.2
499.4
450.2
331.6
261.1
295.2
194.0
236.4
201.4
459.8
249.9
435.1
1,163.0
520.0
351.6
334.1
326.0
330.1
137.2
40.0
37.0
-213.4
67.2
-36.7
-437. 2
-55.1
67.0
36.6
-117.9
-39.5
7.4
13.6
11.4
12.0
13.0
14.1
10.9
16.0
12.3
13.3
19.0
16.4
16.1
1941—January...
February.
March
April
May
22,116
22, 232
22, 367
22, 506
22, 575
22, 620
121.7
115. 4
135.4
138.5
69.1
44.8
234.2
108.6
118.6
172.0
34.8
27.5
-52.8
-46.2
.2
-10.5
4
-3. 8
4
4.0
13.5
12.6
12.0
12.8
P!3. 0
3
June
1-25P.
May
Imports
8, 238
10,125
11,258
3 12, 760
14,512
17,644
21,995
19342
1935.
1936.
1937.
1938.
1939.
1940.
From or to
France
Portugal
Sweden
Switzerland
United Kingdom
U. S. S. R
Canada
Mexico
Central America
West Indies and Bermuda...
Argentina
Bolivia...'.
Brazil _
Chile
Colombia
Ecuador
Peru
Venezuela
British Guiana
Australia
New Zealand
British Oceania
British Tndia
Netherlands Indies
China and Hong
Kong
Japan
Philippine Islands
South Africa
All other countries
Jan.-May
April
Exports2
Imports
Exports
Imports
1
134
1,746
899
2.
11, 236
260, 562
4, 943
4, 594
68
16,309
969
835
20. 218
1,147
902
55
15
1
6
935
2,794
5'
413
418
71
4,194
42
270
67
39
Exports2
323
103
324
76
48
13
3,491
11,140
1,101
3,640
1,781
476
33, 050
1,173
1,588
4, 501
748
3. 384
3,594
80
2,146
313
3, 587
132, 255
163
9,444
16,913
288, 468
1,095
683
2, 934
347
1, 280
320
79
4, 720
379
p Preliminary.
Total
34, 835
1
171, 994
20
Figures are those for United States published in table on p. 703,
adjusted to exclude Philippine Islands production received in United
States.
1
Figures represent customs valuations which, with some exceptions,
2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35
are2 at rate of $35 a fine ounce.
a fine
ounce thereafter.
3
Beginning May 1941, the Department of Commerce has temporarily
Includes gold in the Inactive Account amounting to $27,000,000 on
suspended publication of export statistics by country of destination.
December
31, 1936, and $1,228,000,000 on December 31, 1937.
4
Back figures.—See table, p. 703 and Annual Report for 1937 (tables
Gold held under earmark at Federal Reserve Banks for foreign ac31 and 32).
count, in millions of dollars: May 31—1,920.8; June 25—1, 916. 8.
NOTE.—For back figures see Annual Report for 1937 (table 29).
BANK DEBITS
Debits to deposit accounts, except interbank accounts.
[In millions of dollars]
BANK SUSPENSIONS1
140
Total,
133
other
all
New
other
Nonmember
Member
leadreportYork
reportYear
and
month
banks
banks
Total,
ing
ing
ing
City
centers i centers 2
centers
banks
InNot
National State sured 2 insured 1929
982, 531 603,089 331,938 47,504
461,889 208,936 219, 670 33, 283
1936
469, 463 197,836 235, 206 36,421
1937
N u m b e r of banks suspended:
405,929 168, 778 204,745 32,406
1938..
1
8
48 1939.
1934
57
423,932 171,382 218, 298 34,252
22
8 1940
4
34
1935
-445, 863 171, 582 236,952 -37, 329
1936
1937
1938
1939
1940
1941—Jan.-May
. .
Deposits of suspended banks
(in thousands of dollars): 3
1934
1935
1936.1937
1938
1939
1940
1941—Jan - M a y
44
59
55
42
22
5
1
4
1
4
1
2
36,937
10,015
11,306
19, 723
13,012
34, 998
5,943
2,436
40
5,313
507
7,379
36
1,341
256
1,933
40
47
47
25
18
3
3
6
6
10
3
1,912
3,763
10, 207
1,708 10,156
11,721
24, 629 6,589
5,341
503
34,985
939
592
480
1,044
2,439
346
2
1
3
i Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks at
the time of closing (in some instances with the aid of Federal Deposit
Insurance Corporation loans).
*3 Federal deposit insurance became operative January 1, 1934.
Deposits of member banks and insured nonmember banks suspended
are as of dates of suspension, and deposits of noninsured nonmember
banks are based on the latest data available at the time the suspensions
were reported.
Back figures—See Annual Report for 1937 (table 76).
652
1940— April
May
June
July
August
September
October
November
December.
1941—January...
February..
March
April
May
r
37,779
37,257
35,005
35, 959
32,844
33,812
39, 695
39,088
46, 673
41,133
35, 783
44, 558
42, 237
43, 665
15, 519
14,536
13,110
13,612
11,604
12, 594
14,952
14, 952
18, 626
15,147
13, 268
17, 402
15,657
16,124
19, 250
19, 659
18,850
19, 244
18, 314
18, 267
21, 365
20,819
24,327
22, 498
19,457
23, 586
23, 074
23, 795
3,010
3,063
3,045
3,103
2,926
2,951
3,378
3,317
3,721
3,488
3, Of 7
3, 570
3,505
3,746
T
Revised.
1 Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one
in 21928.
Centers (other than the 141 centers) for which bank debits are currently reported. The number has changed very little since 1934 and has'
been 133 since 1936.
Back figures.—For corresponding monthly totals for 1928-1937 see
Annual Report for 1937 (Table 71), which also gives a definition of bank
debits. Monthly figures for individual reporting centers with totals by
Federal Reserve districts for recent years, and annual figures for individual reporting centers with totals by Federal Reserve districts for the
years 1919-1939, are available and will be furnished upon request.
FEDERAL RESERVE
BULLETIN
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.
DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1
NUMBER OF BANKS
Call date
Total
Total
National
[In millions of dollars]
Nonmember
banks
Member banks
Nonmember banks
Member banks
Other
Mutual nonState savings member
banks
All
banks
Call date
Total
National
State
banks
Mutual
Other
savings nonmembanks ber banks
1929—June 29
Dec. 31
25,110
24,630
8,707
8,522
7,530
7,403
1,177
1,119
611
609
15,792
15,499
1929—June 2 9 . . . 53,852
Dec. 3 1 . - - 55,289
32, 284
33, 865
19,411
20,290
12,873
13, 575
8,983
8,916
12, 584
12,508
1933—June 30_
Dec. 30
14, 519
15,011
5,606
6,011
4,897
5,154
709
857
576
579
8,337
8,421
1933—June 30. . 37, 998
Dec. 30.._ 38, 505
23, 338
23,771
14,772
15, 386
8,566
8,385
9,713
9,708
4,946
5,026
1936—June 30
Dec. 31
15,752
15, 628
6,400
6,376
5,368
5,325
1,032
1,051
566
565
8,786
8,687
1936—June 3 0 . . . 51, 335
Dec. 3 1 . . . 53, 701
34,098
35,893
21,986
23,107
12,112
12, 786
10,060
10,143
7,178
7,666
1937—June 30
Dec. 31
15, 527
15,393
6,357
6,341
5,293
5,260
1,064
1,081
564
563
8,606
8,489
1937—June 3 0 . . . 53,287
Dec. 3 1 . . . 52,440
35, 440
34,810
22, 926
22, 655
12, 514
12,155
10, 213
10, 257
7,635
7,373
1938—June 30
Dec. 31
15, 287
15, 206
6,338
6,338
5,242
5,224
1,096
1,114
563
556
8,386
8,312
1938—June 3 0 . . . 52,195
Dec. 3 1 . . . 54,054
34, 745
36,211
22, 553
23, 497
12,193
12, 714
10, 296
10, 365
7,153
7,478
1939—June 30
Dec. 30
15,082
15,037
6,330
6, 362
5,203
5,187
1,127
1,175
553
552
8,199
8,123
1939—June 3 0 . . . 55,992
Dec. 30.._ 58,344
38, 027
39, 930
24, 534
25, 661
13,493
14, 269
10,521
10,613
7,444
7,801
1940—Mar. 26
J u n e 29
Dec. 31
15,006
14,953
14, 895
6,377
6,398
6,486
5,178
5,164
5,144
1,199
1,234
1,342
551
551
551
8,078
8,004
7,858
1940—Mar. 26... 59,017
June 29.. 60, 582
Dec. 3 1 . . . 65,021
40,579
42,039
46,007
25, 911
26, 931
29, 214
14,667
15,108
16, 793
3 10, 544
10,631
10, 658
3 7,895
7,912
8,356
1941—Apr. 4^
14, 871
6, 528
5,138
1,390
550
7,793
1941—Apr. 4 4 . ._
46,179
29, 467
16, 712
10, 684
8,347
For footnotes see table below.
65, 210
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
Call date
Total
Loans
Nonmember banks
Member banks
All banks
Investments
Total
Loans
Mutual savings banks
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
1929—June 29..
Dec. 3 1 . .
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,S45
3,664
3,518
13,207
13,020
9,981
9,823
3,227
3,197
1933—June 30..
Dec. 30_.
40,076
40,319
22,203
21, 977
17,872
18,342
24,786
25, 220
12,858
12,833
11,928
12,386
10,044
9,985
5,941
5,906
4,103
4,079
5,246
5,115
3,404
3,238
1,841
1,877
1936—June 30 .
Dec. 31..
48,458
49, 524
20,679
21,449
27,778
28,075
32,259
33,000
19,717
19,640
9,961
10,060
5,105
5,027
4,856
5,034
6,238
6,464
3,032
3,062
3,206
3,402
1937—June 30 .
Dec. 31..
49,696
48, 566
22, 514
22,198
27,182
32,739
31, 752
12,542
13, 360
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
113,383
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
1939—June 30_.
Dec. 30..
49,616
50,885
21, 318
22,169
28, 299
28,716
32,603
33,941
13,141
13,962
19, 462
19,979
10, 342
10,314
4,931
4,961
5,411
5,353
6,671
6,630
3,245
3,246
3,425
3,384
10, 226
10.188
10, 248
4,922
4,926
4,959
5,304
5,262
5,289
3 6, 746
6,696
6,815
3,329
3,445
3,461
3,417
3,251
3,353
10, 276
4,954
5,322
6,889
3,490
1940—Mar. 26..
June 29..
Dec. 3 1 . .
51,135
51,335
54,188
22,190
22,341
23, 741
28,945
28,995
30,448
34,163
34,451
37,126
13.939
13,969
15, 321
20, 224
20,482
21, 805
1941—Apr. 44_.
56,148
24, 322
31,826
38, 983
15, 878
23,104
3
3,393
1
Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,OCO
on that date. Prior to June, 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few
State2 bank abstracts.
Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now classified in
condition reports among "Other assets." The amounts of such loans and investments in December, 1938, were approximately $50,000,000 and $100, 000,000, respectively.
3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on December 30, 1939)
which,
prior to March, 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column.
4
Figures for "All banks" are preliminary.
Back figures.—See Annual Report for 1937 (tables 48-49).
JULY
1941
653
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Investments *
Loans i
Call date
Total
loans
and
investments
Total i
Commercial Agri- Open
and
cul- marinket
duspaper
trial3
Loans for
purchasing
or carrying
securities
U. S. Government obligations
Real Loans
Other
estate to
4
To
loans
banks loans
brokers
To
and others 3
dealers
Total
Total
Obligations
of
Direct
States Other
secuand
Guar- polit- rities
anical
subBills Notes Bonds teed
divisions
Total—All
Member Banks
1929—Dec. 31 - 35,934
1933—June 30. _ 24, 786
1938—June 3 0 - 30,721
Dec. 3L._ 32,070
1939—June 30. . 32, 603
Oct. 2 B . 33,075
Dec. 30.. 33,941
1940— M a r . 26 • 34,163
J u n e 29. 34,451
Dec. 31 37,126
1941—Apr. 46... 38, 983
26,150
12,858
12,938
13,208
13,141
13,470
13, 962
13, 939
13,969
15.321
15, 878
New York
City *
1929—Dec. 31__ 8,774
1933—June 3O._ 7,133
1938—June 3O._ 8,013
Dec. 31__ 8, 335
1939—Tune 30._ 8,688
Oct. 2« _ 9,044
Dec. 30._ 9,339
1940—Mar. 26 • 9, 594
J u n e 29.. 9,829
Dec. 31 10.910
1941—Apr. 46... 11,696
6,683
3,424
3,172
3,262
2,988
3,116
3,296
3,211
3.014
3.384
3,502
City of
Chicago'
1929—Dec. 31 .
1933—June 30.
1938—June 30.
Dec. 31_.
1939—June 30 .
Oct. 2 • .
Dec. 30..
1940—Mar. 26»
J u n e 29..
Dec. 31
1941—Apr. 46...
1,448
677
525
539
544
563
569
564
603
696
780
1,757
1,287
1,806
1.969
2,052
2,050
2,105
2,222
2, 205
2.377
2,649
Reserve City
Banks
1929—Dec. 31 _. 12,029
1933—June 30.. 8,492
1938—June 30. 11,150
Dec 31_. 11, 654
1939—Tune 30_. 11,756
Oct. 2«__ 11,880
Dec. 30.. 12, 272
1940—Mar. 26 12,153
J u n e 29. 12,160
Dec. 31 13.013
1941—Apr. 4<L__ 13, 494
Country
Banks
1929—Dec. 31 __ 13, 375
1933— J u n e 30._ 7,873
1938—June 30.. 9,752
Dec. 31__ 10,113
1939—June 30. _ 10,109
Oct. 2 « . . 10,102
Dec. 30_ 10, 224
1940—Mar. 26 • 10,194
June 29. 10,257
Dec 31 10.826
1941—Apr. 46... 11,144
9,084
4,482
4,853
4,963
5,004
5,127
5,329
5,305
5,365
5,931
6,165
8,936
4,275
4,388
4,444
4,605
4,665
4,768
4,860
4,987
5,309
5,431
4,737
4,783
583
595
492
442
420
2,463
953
701
973
731
7,685
3,752
2,614
775
736
3,191
2,372
2,613
2,716
2,828
714 11,515 9,784 3,863
330 4,857 11,928 6,887
120 6,397 17,783 12,343
125 2,728 18.863 13,222
58 2, 796 19,462 13,777
19,605 13,811
66 2,888 19,979 14,328
20,224 14.421
3,020 20,482 14, 722
3,230 21,805 15,823
23,104 16, 988
455
790
700 2,957
5,538
6,204
450
456
447
642
668 3,069
652 3, 228
1,456
1,474
195
364
141
138
128
1,257
759
556
787
555
2,145
1,044
717
220
215
157
132
121
130
322
162
85
99
41
2,595
937
1,541
436
440
1,768
120
611
188
133
44
425
1.801
2,025
103
100
320
465
188
190
137
130
251
61
29
43
39
533
251
109
70
71
5,3
730
319
329
426
443
88
365
535
237
361
62
69
60
417
476
1,914
1,884
234
168
126
163
149
138
2,100
94
97
535
655
621
153
176
701
254
297
161
145
710
752
91
205
165
681
1,112
1,597
2,603
2,997
3,010
1,168
210
207
1,372
1,436
1,224
1,307
6,795
7,081
7,328
1,462
1,055
1,269
1,353
1,402
4,705
2,005
2,126
1,149
1,180
224 1,477
1,234
4,439
3,598
5,364
5,669
5,504
5,437
5,456
5,334
5,270
5,517
5,713
1,267
1,469
2,964
3,233
3,127
3,082
3,159
3,060
3,030
3,269
3,456
1,048
1,095
163
20
174
187
19
82
313
291
234
1,335
291
25
21
25
22
495
3
206
12
59
185
222
201
35
173
138
140
1,187
1,267
116
384
981
1,114
1,175
1,172
1,203
1.319
1,258
1,307
1,466
119
87
115
1,151
610
1,281
1,430
1,507
1,487
1,536
1,658
1,602
1, 681
1,869
1,368
2,483
4,658
5,018
4,991
4,998
5,194
5,070
4,947
5, 204
5,440
156
153
2,231
1,117
790
243
229
208 1,544
201 1,644
1,397
,223
797 ,543
652 2,594
166
58
638
987
222 1,358
158 1,142
168
908
1,538
1,131
1,201
1,230
1,284
2,134
2,436
563
3,094
3,725
6,246
128
7,208 2,340
7,786 2,831
920
8,398 3,144
3,107
8,261 3,121
9,091 3,486
3,487
1,112
2,551
3,740
3,857
4,483
4,558
4,772
4,972
5,486
6.044
6,625
2,775
1,340
998
242
221
3,679
1,678
2,369
1,081
1,116
520
2,049
3,653
3,389
',720
2,091
3,709
4,840
5,072
5,700
5,928
6,043
6,383
6,815
7.527
8,194
664
108
95
119
115
258
99
26
20
12
249
113
316
286
441
2,944
4,011
6,298
6,691
6,751
6,752
315
797
421 1,092
207 1,245
; 268
1,224
1,014
63
819
87
103
839
771
1.393
1,744
2,143
2,448
2,654
2,764
2,905
2,888
3.013
3,206
4,528
3,297
3,296
3,192
3,131
3,030
2,959
2,898
2,873
2.970
2,911
222
478
394
517
480
662
579
726
634
695
771
758
680
707
698
736
708
693
686
695
788
122
109
135
155
172
139
134
112
125
96
87
140
141
154
147
162
175
177
188
226
96
138
159
176
179
168
170
164
167
186
177
718
740
889
909
972
3,339
963
3, 052 969
3,281 1,049
1,047
448
598
732
808
895
897
890
928
981
984
1,034
1,128
930
908
627
581
878
982
1,025
1,058
1,061
1,076
1,097
1,146
1,176
2,546
1,549
1,522
1,453
1,351
1,297
1,236
1,197
1,144
1,102
1,081
926
1,451
709
1,663
894
2,284 1,123
1,157
2,385 1,275
1,286
2,650 1,324
2,977 1,615
1,620
171
299
715
732
563
1,106
1,657
1,893
1,870
31
431
1,972
36
451
433
1,849
2,081
579
597
683
699
725
719
695
710
694
856
860
850
868
893
855
1
Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for J a n u a r y , 1939, p p . 22-23, a n d BULLETIN for April,
1939, p p . 259-264, 332. Beginning J u n e 30, 1939, detailed classifications available on J u n e and December dates only.
2 Not shown in call reports prior to December 1938, b u t the total amount of agricultural loans was reported separately on some dates, a n d t h e
total a m o u n t of "Commercial, industrial and agricultural p a p e r " has been reported b y weekly reporting banks smce M a y , 1937.
3
Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks
and to brokers and dealers
4
This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable with earlier figures.
5
Includes Treasury certificates of indebtedness through 1934.
6
Breakdown of loans and investments not reported separately.
7
Central reserve city banks.
Back figures.—See Annual Report for 1937 (tables 52-58).
654
FEDERAL RESERVE BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposit 3,
except interbanl
Reserves
with
Federal
Reserve
Banks
Cash
in
vault
Interbank
deposits
Time deposits,
except interbank
IndiBalDeances mand
viduals, States Certiwith
deand
fied
doposits partpolitand
nermestic adical
Govoffibanks 1 justeds ships,
ernsubcers' ment 4
and
divi- checks
corpora- sions
etc.3
tions
u. s.
IndiDomestic
vidbanks
uals, States
and
partpolit- Postal
Fornerical
saveign
ships,
subings 4
b
anks
Deand
divimand Time
corpora- sions
tions
Borrowings
Capital
accounts
Call d a t e
Total—All
Member Banks
2,374
2,235
8,004
8,694
10,011
11,617
11,604
12, 279
13,751
13,992
13, 531
558
405
712
746
712
774
841
862
789
991
837
827
846
3,517
4,104
4,975
5,929
5,915
6,386
7.072
7,057
6,715
68
46
65
68
61
85
89
84
88
102
85
169
232
936
884
897
1,080
993
909
1,187
1, 051
815
13
34
31
35
26
37
42
25
39
42
20
751
705
2,289
2,354
2,735
3,053
3,118
3,336
3,759
4,027
4,107
627
452
1,263
1,353
1,403
L, 555
:1,578
1,648
1,733
,857
1,894
17, 526
11, 830
19,816
21,119
22,448
23,983
24,C04
24,965
26, 397
29, 576
29, 752
1,335
1,087
2,314
2,386
2,532
2,390
2,321
2,499
2,529
2,724
2,957
1,681
657
662
547
790
666
563
558
475
913
662
143
806
543
790
694
675
743
725
711
616
523
12,267
7,803
10,874
10,846
11,063
11,104
11,215
11,368
11,459
11,687
11, 837
595
300
454
462
441
418
432
411
410
435
392
122
788
83
61
59
51
61
52
59
56
54
3,517
3,057
6,096
6,510
7,097
6 8,243
8,507
«8,717
8,852
9,581
6 9,873
179
4,750 5,847
101
4,358 4,676
119
6,698 6,900
109
7,168 7,273
112
8,012 8,281
109 8,676 8,812
125
8,899 9,030
163 9,562 9,652
119 10, 235 10, 283
122 11,062 11,357
154 11,645 11, 629
128
96
273
280
288
321
251
219
258
370
302
1,180
461
367
195
472
349
178
260
147
471
302
20
332
123
139
84
72
74
68
67
48
29
1,112
671
694
652
653
683
693
742
732
768
806
33
4
32
36
46
52
43
35
29
51
38
18
110
1,198
1,255
2,514
2,687
2,992
6
3, 573
3,542
fi
3, 629
3,840
4 032
6
4,021
332
358
443
452
471
469
483
482
489
496
486
58
1
16
9
17
21
10
11
15
8
10
2
6
2,168
2,008
4,084
4,240
4,674
«5,304
5,506
s 5, 634
5,751
6,185
6
6, 340
6
6
6
16,647
12,089
20,893
22,293
23, 587
25,118
25,681
26,461
27, 877
30, 429
31,576
133
203
208
235
235
6
237
283
6
195
242
319
6
283
957
912
1,523
1,688
1,666
1,747
1,739
1,544
1,898
1,941
1,755
1,041
870
1,386
1,597
1,565
1,632
1,676
1,503
1,782
1,905
1,685
42
87
221
181
197
195
167
133
199
174
181
32
16
23
29
22
27
24
18
17
27
26
8
46
86
83
60
60
80
80
79
90
108
156
122
300
321
318
323
348
364
334
396
361
947
1,002
1,951
1,940
2,210
8
2,485
2,485
fi
2, 632
2,679
2,741
6
2, 859
5,229
3,764
6,934
7,214
7,654
8,017
8,176
8,400
8,774
9,581
10,137
5,547
3,708
6,668
7,034
7,331
7,803
8,002
7,978
8,372
9, 468
9,552
423
349
812
796
917
801
813
942
956
995
1,206
300
108
146
170
160
158
190
150
147
228
171
76
312
266
424
415
410
435
431
422
327
273
4,433
2,941
4,238
4,233
4,320
4,319
4,362
4,386
4,422
4,506
4,540
321
203
316
322
307
329
363
389
328
452
372
908
702
1,806
1,956
2,117
«2,473
2,614
6
2, 645
2,711
3,002
6
3, 044
5,711
3,054
5,738
6,224
6,255
6,677
6,866
6,954
6,969
7,845
8,039
5,091
2,576
4,863
5,215
5,272
5,736
5,896
5,832
5,960
6,846
6,886
742
555
1,008
,128
,130
,073
,090
,205
,115
,184
1,269
169
72
126
154
135
131
172
131
164
187
163
39
116
68
143
136
133
154
147
143
151
114
6,390
3,833
5,499
5,509
5, 619
5,632
5,677
5,757
5,816
5,917
6,006
95
89
135
132
142
e 142
144
6 145
134
135
6
137
40
22
1
6
1
19
3
3
5
5
5
4
310
259
f88
658
746
6 853
879
f
997
949
997
fi
1,151
371
208
262
269
233
198
240
214
219
226
202
41
3?8
31
17
19
14
14
12
18
19
19
1,604
1,315
2, 514
2 719
2,920
r
3, 307
3,516
6
3, 525
3, 526
3,919
s 4, 023
30
59
113
108
115
133
86
144
147
145
148
140
151
147
150
142
61
285
52
44
40
35
35
35
37
33
31
405
228
380
446
439
6 509
571
«566
538
633
6 677
698
146
331
511
607
6
757
759
6 737
703
706
6
635
879
191
11
6
5
5
3
2
3
3
3
6,709
4,837
5,368
5,424
5,496
5,530
5,522
6,562
5,608
5,698
5,754
597
128
291
442
524
6
670
695
6
672
650
646
6
577
179
8
2,105
:1,582
1,587
1,593
L, 58b
1,587
1,592
.601
]', 599
1,615
1,623
33
2
6
9
12
6 ]4
9
41
316
204
249
257
270
270
250
253
260
270
270
292
16
2,029
1,533
1.753
1,777
1, 812
,821
,828
,833
,873
.904
1,917
367
167
11
6
5
4
3
2
3
3
3
2,258
1,517
1,778
,798
1,828
1,852
,851
1,875
1,876
,909
1,943
6
1
7
7
8
64
15
32
57
69
6
6
116
8
115
105
106
44
51
6
108
6 49
6
7
22
23
26
3
1
2
2
2
117
6
27
71
53
6
56
62
26
6 29
29
29
6
29
2
62
6
2
2
2
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Oct. 2
Dec. 30
1940—Mar. 26
J u n e 29
Dec. 31
1941—Apr. 4
New York
City &
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Oct. 2
Dec. 30
1940—Mar. 26
J u n e 29
Dec. 31
1941—Apr. 4
City of
Chicago *
1929— Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939— June 30
Oct. 2
Dec. 30
1940—Mar. 26
J u n e 29
Dec. 31
1941—Apr. 4
Reserve City
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Oct. 2
Dec. 30
1940—Mar. 26
J u n e 29
Dec. 31
1941—Apr. 4
Country
Banks
1929—Dec. 31
1 9 3 3 - J u n e 30
1938—June 30
Dec. 31
1939—June 30
Oct. 2
Dec. 30
1940—Mar. 26
J u n e 29
Dec. 31
1941—Apr. 4
1 Prior to Dec. 31,1935, excludes balances ^
l
includes time balances with domes'""' * ' — 1
2 Demand deposits other than
„„
„ . „.
„
less cash items reported on hand but not in process of collection.
3
Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31,1935.
i
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
5 Central reserve city banks.
6
Partly estimated.
Back figures—See Annual Report for 1937 (tables 52-58).
JULY 1941
655
WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars.'
Loans
Date or month
Total
loans
and
investments
Total
Investments
obligat] ons
Loans for
purchasing
or carrying
securities
Commercial,
industrial,
and
agricultural
Open
market
paper
To
brokers
and
dealers
Real Loans Other
estate to
Total
loans banks loans
To
others
Other
Guar- secuTotal
Bills
Notes Bonds
an-
rities
teed
Total—101 Cities
1940—May
1941—January
February
March
April
May
23, 555 8, 599
25, 661 9,295
26, 316 9,408
26,793
27, 270
27, 764 10, 029
4,397
5,051
5,186
5,374
5,506
5,621
327
310
317
335
351
360
574
471
440
503
482
479
475
460
458
455
450
446
1,191
1,229
1,231
1,227
1,230
L237
1,588
1,738
1,741
1,766
1,789
1, 847
14, 956
16, 366
16, 908
17, 095
17, 421
17, 735
11, 460
12, 689
13,138
13,299
13, 628
14,024
638
705
729
896
847
949
1, 905
2,188
2, 565
2.452
2,185
2,214
6,510
7,048
7,085
7.190
7,701
7,789
2,407
2,748
2, 759
2,761
2,895
3,072
3.496
3,677
3,770
3,796
3,793
3,711
1941—Apr.
Apr.
Apr.
Apr.
Apr.
2
9
16
23
30
26, 952
27,138
27, 163
27, 546
27, 550
9,846
9,871
9,831
9,870
5,465
5,494
5,530
5,509
5,532
347
347
350
355
354
504
497
485
461
465
454
455
449
445
445
1,228
1,228
1,229
1,231
1,235
1,778 17,124
1,786 17, 292
1,789 17, 292
1,793 17,715
1,799 17, 680
13,331
13,477
13, 494
13,911
13, 927
742
868
878
878
2,183
2,181
2,179
2,191
2,190
7,653
7,677
7,682
7.741
7,753
2, 753
2,751
2,755
3,101
3,115
3,793
3,815
3,798
3,804
3,753
May
May
May
May
7
14
21
28
27,
27,
27,
27,
601 9,892
742 9, 953
798 10, 046
915 10, 226
5,568
5,604
5,639
5,673
356
359
360
367
444
445
455
571
442
443
447
451
1,234
1,237
1,237
1,239
1,812 17, 709
1,825 17, 789
1,868 17, 752
1, 883 1.7, 689
14,
14,
13,
13,
021
089
991
996
931
961
975
929
2,208
2,220
2,217
2,212
7,771
7,771
7,780
7,833
3,111
3,137
3,019
3,022
3,688
3,700
3,761
3,693
June
June
June
June
4
11
18
25
28, 061 10,183
28,131 10, 238
28,155 10, 262
28, 279 10, 324
5,706
5, 764
5,792
5,825
366
373
370
372
496
478
471
444
447
444
452
1,240
1,241
1,246
1,246
1,892
1,895
1,897
1, 904
17, 878
17, 893
17, 893
17, 955
14,186
14, 233
14, 287
14, 304
950
1,030
1,056
1,098
2,231
2,235
2,232
2,236
7,975
7,931
7,961
7,940
3,030
3,037
3,038
3,030
3,692
3,660
3,606
3,651
108
93
90
96
96
92
433
331
300
357
341
349
160
169
166
165
163
161
120
113
112
111
112
114
371
393
389
393
395
426
6,267
7,301
7,649
7,707
8,034
8,321
4,995
5,913
6,183
6,237
6,578
6,929
242
170
149
227
351
950
1,239
1,498
1,471
1,374
1,449
2,528
2,923
2,947
2,961
3,185
3,219
1,275
1,581
1,589
1, 578
1,668
1, 774
1,272
1,388
1,466
1,470
1,456
1,392
New York City
1940—May
1941—January
February
March
April
May
9,172
10, 350
10,712
10,916
11,263
11,635
2,905
3,049
3,063
3,209
3,229
3, 314
1,673
1,926
1,983
2,058
2,090
2,141
1941—Apr.
Apr.
Apr.
Apr.
Apr.
2
9
16
23
30
11,053
11,132
11,155
11,456
11,517
3, 252
3,225
3,.226
3,202
3,238
2,073
2,084
2,095
2,088
2,109
370
344
337
323
330
165
165
164
162
160
111
112
111
112
113
394
394
396
395
396
7,801
7,907
7,929
8,254
8,279
6,334
6,430
6,471
6,799
6,858
250
318
345
409
437
1,340
1,359
1,366
1,390
1,414
3,168
3,173
3,174
3,207
3,203
1, 576
1,580
1,586
1,793
1,804
1,467
1,477
1,458
1,455
1,421
May
May
May
May
7
14
21
28
11, 530
11,616
11,635
11,759
3,244
3,251
3,321
3,442
2,123
2,127
2,149
2,166
317
318
332
427
160
160
163
163
114
114
113
114
406
409
443
448
8,365
8,314
8,317
6,911
6,983
6,879
6,942
459
500
486
503
1,434
1,451
1,454
1,455
3,211
3,212
3,206
3,247
1,807
1,820
1, 733
1, 737
1,375
1,382
1,435
1, 375
June
June
June
June
4
11
18
25
11.832
11,769
11,761
11,812
3, 387
3,406
3,420
3,433
2,182
2.210
2,227
2,231
359
347
340
349
159
160
159
164
113
114
114
114
450
451
454
451
8,445
8.363
8,341
8,379
7,060
6,987
6,986
6,977
575
589
587
579
1,456
1,453
1,454
1, 460
3, 293
3,223
3,229
3,222
1,736
1,722
1,716
1,716
1,385
1,376
1,355
1,402
Outside New York
City
1940—May
1941—January
February
March
April
May
14,383
15,311
15,604
15,877
16,007
16,129
5,694
6,246
6,345
6,489
6,620
6,715
2,724
3,125
3,203
3,316
3,416
3,480
268
141
140
140
146
141
130
315
291
292
290
287
285
1,071
1,116
1,119
1,116
1,118
1, 123
1,217
1, 345
1,352
1,373
1,394
1,421
8,689
9,065
9,259
9,388
9,387
9,414
6,465
6,776
6,955
7,062
7, 050
7, 095
396
535
580
669
496
462
955
949
1,067
981
811
765
3,982
4,125
4,138
4,229
4, 516
4,570
1,132
1,167
1,170
1,183
1, 227
1,298
2,224
2,289
2,304
2,326
2,337
2,319
1941—Apr.
Apr.
Apr.
Apr.
Apr.
2
9
16
23
30
15,899
16,006
16,008
16,090
1.6, 033
6,576
6,621
6,645
6,629
6,632
3,392
3,410
3,435
3,421
3,423
250
251
257
261
256
134
153
148
138
135
289
290
285
283
285
1,117
1, 116
1,118
1,119
1,122
1,384
1,392
1,393
1,398
1,403
9,323
9,385
9,363
9,461
9,401
6,997
7,047
7,023
7,112
7,069
492
550
533
469
432
843
822
813
801
776
4,485
4,504
4,508
4,534
4,550
1,177
1,171
1, 169
1,308
1,311
2,326
2,338
2,340
2,349
2,332
May
May
May
May
7
14
21
28
16,071
16,126
16,163
16,156
6,702
6,725
6,784
3,445
3,477
3,490
3,507
261
268
271
275
127
127
123
144
282
283
284
288
1,120
1,123
1,124
1,125
1,406
1,416
1,425
1, 435
9,423
9,424
9,438
9,372
7,110
7,106
7,112
7,054
472
461
489
426
4,560
4, 559
4,574
4,586
1, 304
1,317
1,286
1,285
2,313
2,318
2,326
2,318
June
June
June
June
4
11
18
25
16, 229
16,362
16, 394
16, 467
6,796
6,832
6,842
6,891
3,524
3, 554
3,565
3,594
273
279
277
278
137
131
131
138
285
287
285
288
1,127
1,127
1,132
1,132
1,442
1,444
1,443
1,453
9,433
9,530
9, 552
9,576
7,126
7.246
7,301
7,327
375
441
469
519
4,682
4,708
4,732
4,718
1,294
1,315
1,322
1,314
2,307
2,284
2,251
2,249
219
217
227
239
• 255
782
778
776
I
NOTE.—For description offiguressee BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For
backfiguressee BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Keport for 1937 (tables 65-67)
and corresponding table; in previous Annual Reports.
656
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars.]
Demand deposits,
except interbank
Reserves
with
Federal
Reserve
Banks
Cash
in
vault
11,032
12,109
11, 765
11,714
11,371
11, 294
Interbank
deposits
Time deposits,
except interbank
Domestic
banks
States
and
Forpolit- Postal
eign
ical
savings 2
banks
subDediviTime
mand
sions
IndiBalDevidances mand uals, States Certiwith
and
fied
departU. S.
politand
doposits nerGovical
offimestic
adern: ships,
subcers' ment
banks justed
2
and
divichecks
corsions
etc.
porations
Individuals,
partnerships,
and
corporations
474
530
520
515
510
546
3,240
3,404
3,381
3,468
3,472
3,495
19,971
22, 757
23,092
23, 324
23, 515
24, 010
19,460
22, 303
22,511
22, 826
22, 947
23, 356
1,540
1,537
1,673
1, 657
1,769
1,853
481
482
484
489
491
461
560
318
331
328
390
394
5,119
5, 244
5,262
5,282
5,275
5,246
192
190
193
173
172
183
8,380
9,039
9,005
9,180
9,077
9,069
115
117
117
115
114
115
708
653
630
645
645
Total 101 Cities
3,750 1940—May
3,824 1941—January
3,834
February
3,833
March
3,847
April
3, 862
May
11,315
11, 428
11,668
11,235
11,208
491
521
501
522
516
3,588
3,439
3,548
3,400
3,386
23, 093
23,430
23, 577
23, 762
23, 712
22, 518
22, 716
23, 245
23,08£
23,173
1,747
1,709
1,688
1,797
1, 903
527
442
475
497
514
396
390
389
388
386
5,269
5,286
5,280
5,274
5,269
171
171
168
168
181
9,228
9,054
9,265
8,910
8,929
115
114
113
113
114
633
644
653
653
643
3,839
3,844
3,847
3,850
3,855
11,124
11,125
11,433
11,493
532
554
535
563
3,437
3,484
3,530
3, 532
23, 616 22, 804
23, 846 23,378
24, 265 '23, 632
24, 311 23, 612
1,845
1,847
1, 849
1,870
397
412
520
514
394
395
397
390
5, 255
5,247
5,242
5,240
183
186
182
183
9,047
9,067
9,053
9,107
114
115
116
113
661
661
658
663
3,862
3,861
3,862
3,864
May
May
May
May
7
14
21
28
10, 982
11,046
10, 883
10, 788
565
596
581
3,511
3, 465
3,500
3,439
23, 888
24, 071
23, 872
24, 046
23, 337
23, 675
23, 517
23, 507
1,752
1,757
1,706
1,749
583
516
477
495
454
457
458
5,233
5,225
5,235
5,239
181
181
170
169
9,122
9,055
9,123
8,934
114
114
113
114
649
667
666
671
3,877
3,873
3,873
3,868
June
June
June
June
4
11
18
25
6,384
6,809
6,514
6,622
6,202
5,897
87 9,203
85 10,578
93 10, 765
120 10, 982
10, 987
11,055
9,306
10,
10,758
11,054
11,064
11,108
267
330
345
313
307
353
292
287
290
294
282
231
707
717
719
700
3,727
3,929
3,839
3,928
3,
3,844
650
594
574
589
585
597
1,502
1,502
1,507
1,507
1,511
1,517
New York City
940—May
941—January
February
March
April
May
6,472
6,315
6,354
5,981
5,888
11,026
120 10,994
116 10, 941
97 11,026
10, 946
11,100
10,991
11,092
11,056
11, 079
289
276
272
311
386
251
265
287
301
713
727
721
716
716
3,934
3,836
3,947
3,772
3,819
577
583
593
592
579
1,510
1,510
1,510
1,511
1,515
941—Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
5,800
5,745
6,001
6,042
85
10, 843
10, 905
105 11,181
116 11,291
10, 821
11,016
11, 281
11,314
333
342
370
367
206
213
226
277
705
701
698
698
3,831
3,815
3,833
3,897
597
596
596
601
1, 518
1,517
1,519
1,515
May
May
May
May
7
14
21
28
5,658
5,752
5,640
5,617
112
123
125
132
11,030
100 11,048
10, 879
10, 986
11, 06E
11,18C
11,020
ll,08C
306
300
262
295
352
324
274
270
695
696
702
704
3,867
3, 889
3, 814
586
603
602
609
1,522
1, 521
1,520
1,513
June
June
June
June
4
11
18
25
4,648
5,300
5,251
5,092
5,169
5,397
395
443
436
432
428
457
3,153
3,319
3,288
3,348
3,356
3,396
10, 768
12,179
12, 327
12, 342
12, 528
12. 955
10,154
11,701
11,75c
11,7""
11,883
12,248
1, 273
1,207
1,328
1,344
1,462
1,500
189
195
194
195
209
230
516
299
317
314
372
375
4, 485
4,554
4,555
4,565
4, 556
4,546
166
148
144
141
145
157
4,653
5,110
5,166
5,252
5,215
5,225
115
117
117
115
114
115
Outside
New York City
2,248 .940—May
2,322 941—January
" 327
February
2, 326
March
2,336
April
2, 345
May
4,843
5,113
5,314
5,254
5,320
412
437
420
439
432
3,431
3,319
3,432
3, 303
3,298
12, 067
12, 436
12, 636
12, 736
12, 766
11,41*
11, 721
12,153
12, 02£
12, 094
1,458
1,433
1,416
1,486
1, 517
223
191
210
210
213
377
372
371
371
368
4,556
4, 559
4,559
4,558
4,553
140
140
143
143
156
5,294
5,218
5,318
5,138
5,110
115
114
113
113
114
2,329 .941—Apr. 2
Apr. 9
2,334
Apr. 16
2,337
Apr. 23
2, 339
Apr. 30
2, 340
5,324
5,380
5,432
5,451
446
465
450
466
3,351
3, 395
3,425
3,416
12, 773 11,983
12, 941 12, 362
13, 084 12, 351
13, 020 12, 298
1,512
1, 505
I, 479
1,503
191
199
294
237
375
377
378
371
4,550
4,546
4,544
4,542
157
160
156
157
5, 216
5,252
5,220
.5. 210
114
115
116
113
2,344
2,344
2, 343
349
May
May
May
May
7
14
21
28
5, 324
5,294
5,243
5,171
453 3.402 .2, 858
473 I 3, 365 .3, 023
456 3,413 2, 993
464 3,343 13, 060
1,446
1,457
1,444
1,454
231
192
203
225
435
435
438
439
4,538
4, 529
4,533
4,535
155
156
151
150
5,251
5,188
5, 234
5,120
114
114
113
114
2, 355
2, 352
2, 353
2, 355
June
June
June
June
4
11
18
25
r
1
2
12, 272
12, 495
12, 497
12, 427
CapBorital
rowacings counts
Date or month
1941—Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
Revised.
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.
JULY 1941
657
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars.]
Los ns
1, 355
1,386
1 382
1,368
1,375
733
731
739
736
741
384
387
393
395
398
81
81
80
79
18
13
15
11
13
16
16
16
16
16
81
81
81
81
81
4
4
4
4
4
148
149
149
149
150
706
784
732
733
778
3,839
3,786
3,809
3,822
3,837
2, 307
2,326
2,356
2,372
2,378
108
108
109
108
109
434
365
355
347
356
210
206
207
206
211
195
194
195
198
198
32
31
30
33
30
1,293
1,296
1,296
1,299
1,304
525
529
534
539
545
276
277
283
286
290
39
40
40
39
38
24
24
23
25
27
31
31
32
31
32
50
51
51
52
52
. 2,125
2,135
2,155
2,167
2,173
851
854
854
849
854
393
397
398
397
401
12
13
13
13
13
17
16
15
15
17
20
19
19
19
20
182
183
183
182
182
719
741
767
111
763
310
310
308
308
310
149
149
148
147
146
12
11
11
11
12
3
3
3
3
4
14
13
13
13
13
48
48
48
48
48
711
716
725
722
717
377
373
376
377
379
195
192
192
194
195
5
5
6
5
5
7
7
6
6
6
11
11
11
11
11
36
36
35
36
36
3,920
3,931
4,011
4,000
4 070
1,258
1,258
1,270
1, 274
1,286
806
809
821
822
831
46
45
47
46
46
45
44
40
42
41
68
67
67
67
68
133
133
134
134
135
859
825
817
829
832
395
393
395
400
403
222
221
223
227
229
18
18
19
19
20
5
5
4
5
5
13
13
13
13
13
60
60
60
60
60
422
433
433
434
439
208
212
214
215
220
101
104
1C5
106
108
3
3
3
3
3
1
2
1
2
6
6
7
6
6
760
760
756
760
762
356
357
358
359
362
210
212
212
212
214
24
24
24
25
25
4
4
4
4
4
603
603
601
608
606
318
316
314
315
315
213
213
211
211
211
3
2
2
3
3
2,442
2,451
2,456
2, 458
2,460
1,056
1,064
1,067
1,068
1,072
417
419
422
423
424
May 28
June 4
June 18
June 25
New York (8 cities)*
May 28
June 4
June 11
June 18
June 25
12,
12,
12,
12,
12,
(4 cities)
May 28
June 4
June 11
June 18
June 25
May 28
June 4
June 11
June 18June 25
Richmond
May 28
June 4
June 11
June 18
June 25
Atlanta
_
'
(12 cities)
(8 cities)
May 28
June 4
June 11.June 18
June 25
. ....
Chicago (12 cities)*
May 28
June 4
June 11
June 18
June 25
St. Louis (5 cities)
May 28
June 4 ._
June 11
June 18
June 25
Minneapolis (8 cities)
May 28
June 4
June 11
June 18
June 25
Kansas
City (12 cities)
May 28
June 4
June 11
June 18
June 25
Dallas (9 cities)
May 28
June 4
June 11
June 18
June 25
San Francisco (7 cities)
May 28..
June 4
June 11...
June 18
June 25
City of Chicago*
May ?8
June 4
June 11
June 18
June 25.—
U. S. Government obligations
Total
Boston (6 cities)
Cleveland (10 cities)
Loans for
purchasing
or car rying
secur ities
Total
loans
and
investments
Federal Reserve
district and date
(1941)
Philadelphia
Commercial,
inOpen
dusmartrial,
ket
and paper
agricultural
Investments
2,577
2,566
2,646
2,640
2,703
809
804
810
815
825
582
584
592
594
601
Real Loans Other
to
estate
Total
To
loans banks loans
brokers
To
and others
dealers
Bills
622
655
643
632
634
486
520
508
498
500
33
42
30
19
18
39
40
40
40
39
343
368
370
371
374
71
70
68
68
69
136
135
135
134
134
553
556
557
558
555
8,867
8,998
8,923
8,911
8,941
7,346
7,469
7,403
7,412
7,398
503
575
592
601
597
1,498
1,501
1,500
1,498
1,503
3, 509
3, 558
3,493
3,499
3,488
1,836
1,835
1,818
1,814
1,810
1,521
1,529
1,520
1,499
1,543
105
106
105
106
106
768
767
762
760
759
496
503
500
499
498
25
25
25
25
25
387
395
393
391
391
84
83
82
83
82
272
264
262
261
261
226
225
225
222
220
1,274
1,281
1,301
1,318
1,319
1,007
,031
,051
,069
,070
9
9
9
9
9
153
163
169
168
169
692
706
719
736
735
153
153
154
156
157
267
250
250
249
249
84
86
85
86
87
409
431
459
469
453
340
362
390
401
384
1
1
1
2
2
50
56
57
57
58
226
232
246
254
236
63
73
86
88
88
69
69
69
68
69
121
121
123
123
124
334
343
349
345
338
218
227
233
229
222
5
5
7
7
6
45
45
46
45
44
106
116
115
112
109
62
61
65
65
63
116
116
116
116
116
160
160
161
163
165
2,662
2,673
2,741
2,726
2,784
2,055
2,049
2,136
2,145
2,205
266
253
346
368
418
220
221
219
218
220
1,249
1,255
1,242
1,230
1,236
320
320
329
329
331
624
605
581
579
75
75
75
75
76
464
432
422
429
429
348
314
305
313
312
58
16
1
1
37
37
37
35
35
183
191
197
208
206
70
70
70
69
71
116
118
117
116
117
14
14
14
14
14
83
83
84
85
87
214
221
219
219
219
173
179
179
180
180
2
2
3
3
19
19
19
19
19
119
123
123
123
123
35
35
35
35
35
41
42
40
39
39
10
10
10
10
11
32
32
32
32
32
76
75
76
75
76
404
403
398
401
400
265
264
258
262
261
20
14
8
7
6
40
40
39
42
40
106
103
104
106
110
99
107
107
107
105
139
139
140
139
139
3
3
3
3
2
12
12
12
12
12
24
23
23
23
23
63
63
63
63
64
285
287
287
293
291
224
227
228
234
232
33
32
33
38
38
34
34
34
34
34
115
119
119
119
117
42
42
42
43
43
61
60
59
59
59
15
16
18
18
19
10
10
9
9
10
40
40
40
40
39
384
385
385
386
385
189
193
192
192
194
1,386
1,387
1,389
1,390
1,388
1,038
1,041
1,042
L, 045
1,042
1
1
1
1
1
52
50
50
51
50
798
809
810
812
815
187
18?
181
181
176
348
346
347
345
346
25
25
25
25
24
40
34
31
32
33
55
54
54
54
55
21
21
21
21
21
86
86
87
89
91
1,768
1,762
1,836
1,825
1,878
1,362
1,341
1,430
1,440
1,496
265
252
345
367
417
125
125
125
125
127
843
835
821
809
812
129
129
139
139
140
406
421
406
385
382
82
]
1
1
1
1
1
2
1
3
2
2
2
1
1
1
1
1
1
1
1
Notes Bonds
Other
Guar- secuan- rities
teed
Total
607
* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for
the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.
658
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollars]
Time deposits,
except interbank
Demand deposits,
except interbank
ReBalserves
Dewith Cash ances mand
in
with
Feddedo- posits
eral vault
mestic ad- 1
Rebanks justed
serve
Banks
Individ- States Certiuals, and
fied
part- polit- and
nerical
offiships, subcers'
and
divi- checks
cor- sions
etc.
porations
IT. S.
Government 2
Interbank
deposits
IndiDomestic
vid- States
banks
uals,
and
part- polit- Postal
Fornereign
savical
ships, sub- ings 2
banks
and
De- Time
divicor- sions
mand
porations
Borrowings
Capital
accounts
Federal Reserve
district and date
(1941)
Boston (6 cities)
609
551
552
558
558
149
150
152
151
150
191
182
189
206
200
1,431
1,407
1,410
1,417
1,428
1,390
1,379
1,384
1,407
1,396
96
24
22
19
22
27
12
13
13
13
13
229
229
229
229
229
398
383
387
392
381
22
23
23
23
22
6,241
5,869
5,934
5,836
5,797
120
136
150
151
157
252
254
241
230
243
12,061
11,829
11, 842
11,714
11,822
11,933
11,689
11,815
11, 666
11,718
545
503
503
479
518
295
373
342
293
292
33
38
37
37
37
1,057
1,053
1,054
1,061
1,062
3,975
3,951
3,945
3,972
3,892
602
587
605
604
611
590
517
514
505
506
24
25
26
25
25
211
204
206
217
207
1,224
1,137
1,142
1,133
1,134
1,156
1,150
1,164
1,167
1,152
141
61
61
58
62
13
12
11
12
14
13
16
16
16
16
259
259
259
259
259
447
454
450
459
454
219
220
219
219
219
800
780
780
788
765
53
52
55
52
53
387
382
379
374
1,743
1,713
1,737
1,736
1,726
1,722
1,695
1,740
1,747
1,722
119
109
109
105
103
26
23
21
24
34
39
45
45
45
44
722
722
722
722
723
487
493
487
496
391
392
391
391
391
301
282
269
259
276
29
26
28
26
28
292
295
288
276
285
634
630
643
630
649
607
618
629
619
625
71
71
16
11
12
16
14
27
29
29
29
30
206
205
205
205
205
359
367
363
365
358
102
102
102
101
102
172
182
177
171
177
17
16
17
267
260
261
259
256
514
507
510
502
508
477
486
487
488
480
92
87
83
81
84
36
44
45
45
45
187
187
187
187
187
358
363
365
360
352
97
97
97
3,154
3,113
3,157
3,137
3,156
396
427
449
429
432
109
127
126
127
127
991
989
982
982
982
1,357
1,366
1,361
1,371
1,345
421
424
424
426
426
250
250
250
248
248
1,640
1,648
1,646
1, 646
1,640
May 28
June 4
June 11
June 18
June 25
New York (8 cities) *
May 28
June 4
June 11
June 18
June 25
Philadelphia (4 cities)
May 28
June 4
June 11
June 18
June 25
Cleveland (10 cities)
May 28
June 4
June 11
June 18
June 25
Richmond (12 cities)
May 28
June 4
June 11
June 18
June 25
Atlanta (8 cities)
May 28
June 4
June 11
June 18
June 25
Chicago (12 cities)*
1,579
1,581
1, 567
1, 552
1,518
657
667
615
621
606
216
258
258
238
233
183
190
194
192
185
495
520
555
504
542
568
564
563
50
50
51
54
53
14
17
17
18
18
189
188
188
188
188
. 483
473
435
423
412
97
97
97
97
97
114
112
112
111
104
140
132
137
133
135
340
335
338
336
336
303
296
303
293
299
65
69
66
74
71
1
1
1
1
1
112
112
112
112
112
174
179
182
178
178
62
62
62
62
62
205
208
211
206
204
304
298
313
330
315
591
577
599
595
597
559
559
584
583
577
92
84
83
83
81
9
12
12
12
12
140
140
140
140
139
445
451
446
463
449
1C8
108
108
109
109
149
144
153
143
146
310
315
316
326
315
561
546
559
556
555
532
539
542
543
536
61
62
59
57
55
29
35
35
36
127
126
126
127
127
284
293
288
294
91
91
91
91
91
517
498
519
516
504
326
327
323
331
318
1,335
1,312
1,334
1,340
1,329
1,275
1,271
1,302
1,303
1,283
142
136
135
133
134
68
1,021
1,023
1, 021
1,023
1,026
• 340
349
346
350
341
386
385
386
386
386
314
323
267
271
267
2, 245
2,237
2, 237
2,194
2,230
2,138
2,116
2,114
2,104
2,126
212
220
245
224
223
1,027
1,027
1,032
1,039
1,018
269
271
271
273
273
3, 382
3,375
3,402
3,357
3,405
May 28
June 4
June 11
June 18
June 25
St. Louis (5 cities)
1,169
1,176
1,156
1,132
1,088
May 28
June 4
June 11
June 18
June 25
Minneapolis (8 cities)
May 28
June 4
June 11
June 18
June 25
Kansas City (12 cities)
May 28
June 4
June 11
June 18
June 25
Dallas (9 cities)
May 28
June 4
June 11
June 18
June 25
San Francisco (7 cities)
May 28
June 4
June 11
June 18
June 25
City of Chicago*
488
486
481
482
482
May 28
June 4
June 11
June 18
June 25
* See note on preceding page.
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.
1
2
JULY 1941
659
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding-
End of month
Total
standing i
standing
Accepting banks
Total
1940—February
March
April
May
June
July
August
September
October
November
December
1941—January
February
March
April
May
_
Based on
Held b y
Commercial
paper
Own
bills
Im
ports Exports
from Dollar
Other s* into United
exBills
United States change
bought
States
Goods stored in or
shipped between
points in
United
States
Foreign
countries
226
233
239
234
224
232
245
251
252
232
218
233
230
223
214
206
188
182
177
187
197
209
188
184
178
171
166
152
148
142
149
159
167
123
121
118
113
112
103
103
100
96
99
100
65
63
61
58
54
49
44
42
53
60
67
45
46
45
43
40
36
34
35
38
38
42
95
90
86
78
79
75
80
80
91
98
109
44
47
45
47
43
32
24
22
20
20
18
15
14
13
12
13
13
11
11
11
9
10
51
49
46
41
36
35
38
35
37
41
44
27
30
33
34
34
32
29
28
28
29
27
232
241
263
275
295
213
212
217
220
215
168
164
170
170
164
103
99
107
105
105
65
65
63
.66
60
45
48
47
49
51
115
119
120
126
125
16
18
24
25
24
11
44
42
41
38
41
26
26
25
23
22
1
8
7
3
1 As reported by dealers; includes some finance company paper sold in open market.
2 None held by Federal Reserve Banks.
Backfigures.—SeeAnnual 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
Debit
Customers' balances in
partners'
debit
investment
balances
and trading
(net) i
accounts
Debit
balances in
firm
investment
and trading
accounts
Customers'
credit balances *
Cash on
hand
and in
banks
Money
borrowed 2
Free
Other
(net)
Other credit bal ances
In
In
firm
In
partners'
investcapital
investment and ment and accounts
(net)
trading trading
accounts accounts
1935—December
1,258
75
135
179
930
286
79
24
10
410
1936—June
December
1,267
1,395
67
64
164
164
219
249
985
1,048
276
342
86
103
24
30
14
12
420
424
1937—June
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
774
991
27
32
88
106
215
190
495
754
258
247
89
60
22
22
11
5
298
30fi
834
906
25
16
73
78
178
207
570
637
230
266
70
69
21
23
6
7
280
277
702
653
642
631
635
653
666
677
12
12
12
12
12
12
12
12
67
58
64
56
57
70
64
99
239
223
213
215
218
203
214
204
459
376
376
368
370
381
383
427
251
267
261
256
268
269
280
281
68
62
62
57
56
58
59
54
22
22
22
21
20
20
20
22
6
5
6
5
5
5
4
5
274
269
264
260
255
253
253
247
661
634
633
606
622
11
11
9
10
10
73
78
81
86
102
207
199
199
199
185
399
375
387
368
403
275
267
268
265
262
54
53
56
60
61
22
22
21
20
17
6
6
6
8
238
237
231
227
223
December —._
193g__j une
December
1939—June
Deoember
1940_May
. .
June
July
August
September
October
November
December
1941—January
February.
March
April
May
.
.
_ .
_
1 Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. 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).
660
FEDERAL RESERVE
BULLETIN
COMMERCIAL LOAN RATES
OPEN-MARKET RATES IN NEW YORK CITY
(Per cent per annum!
Prevailing rate1 on—
Year,
month, or
week
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
Average rate on—
[Per cent per annum]
Average
U. S. Treas- yield
of
ury 91-day
Stock
3-to-5
Prime Stock
bills 2
exPrime bankyear
excomtaxers' change change
call
mercial acceptexempt
time
New
loan issues
paper, ances, loans,
U
.S.
Deal- Treasre4 to 6
of90
90
ers'
newmonths days
ury
days
fered quoals
within tation notes
period
1938 average __
1939 average __
1940 average_.
1.25
1.25
1.25
1.00
1.00
1.00
.053
.023
.014
1940—May..._
June
July....
Aug
Sept
Oct
Nov
Dec
1941—Jan
Feb
Mar....
April___
May
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.042
.071
.009
.019
.021
(3)
.003
()
.034
.089
.092
.082
1.00
1.00
1.00
1.00
1.00
.107
.100
.103
.066
.087
Week ending:
May 31.
June 7__
June 14.
June 21.
June 28.
IX
IX1
1A
IX
Total
19 cities
New
York
City
7 other
Northern and
Eastern
cities
11 Southern and
Western
cities
1934 average1
1935 average 1
1936 average 1
1937 average
1938 averag<
1939 average.
1940 average.
3.45
2.93
2.68
2.59
2.53
2.78
2.63
2.45
1.76
1.72
1.73
1.69
2.07
2.04
3.71
3.39
3.04
2.88
2.75
2.87
2.56
4.32
3.76
3.40
3.25
3.26
3.51
3.38
Monthly figures1
1938—June
July
August
September
October
November
December
„
2.56
2.57
2.52
2.53
2.57
2.49
2.60
1.70
1.70
1.67
1.70
1.70
1.70
1.70
2.78
2.78
2.71
2.74
2.90
2.68
2.95
3.31
3.35
3.28
3.26
3.21
3.20
3.23
1939—January. _.
February..
2.64
2.52
1.73
1.70
2.97
2.69
3.32
3.26
Quarterly figures
1939—March
June
September
December
2.95
2.91
2.68
2.59
2.13
2.15
2.04
1.96
3.05
3.05
2.78
2.59
3.77
3.62
3.31
3.32
1940—March
June
September..
December..
2.65
2.59
2.68
2.59
2.03
2.00
2.14
2.00
2.67
2.49
2.56
2.53
3.35
3.38
3.43
3.36
1941—March
2.58
2.06
2.53
3.25
i Prior to March 1939 figures were reported monthly on a basis not
1 Monthly figures are averages of weekly prevailing rates.
strictly comparable with the current quarterly series.
2 Tax-exempt bills prior to March 1941; taxable bills thereafter.
» Rate negative.
Back figures.—See November 1939 BULLETIN, pp. 963-969 for descripBackfigures.—SeeAnnual Report for 1937 (tables 43 and 44). Figures tion and for back figures.
for Treasury bills and Treasury notes available on request
BOND YIELDS1
[Per cent per annum]
Corporate 4
U. S.
Treasury 2
Year, month, or week
Number of issues
-_
1940—May
June
July
August
September
October
Novftmbftr
December
1941—January
February
March
April
Mav
...
Week ending:
May 31
June 7
June 14
June 21
June 28
. . .
-.
...
- - ._
__
_.
__......_
ipal
By ra tings
Total
Aa
Aaa
By groups
Industrial
Baa
A
Railroad
Public
utility
120
30
30
30
30
40
40
2 56
2 36
2.21
2.91
2 76
2.50
4.19
3 77
3.55
3.19
3.01
2.84
3.56
3.22
3.02
4.22
3.89
3.57
5.80
4.96
4.75
3.50
3 30
3.10
5.21
4.53
4.30
3.87
3.48
3.25
2 38
2.39
2.28
2 25
2.18
2.10
1 97
1.89
1.99
2.10
2.01
1.96
1.92
2 81
2.85
2.54
2 49
2.44
2.32
2.18
2.07
2.16
2.27
2.28
2.20
2.14
3 65
3.72
3.57
3 55
3.50
3.46
3 40
3.36
3.36
3.40
3.39
3.39
3.37
2.93
2.96
2.88
2.85
2.82
2.79
2.75
2.71
2.75
2.78
2.80
2.82
2.81
3.08
3.10
3.01
3.03
3.01
3.01
2.96
2.92
2.95
3.00
3.01
3.04
2.99
3.65
3.70
3.57
3.55
3.52
3.48
3.40
3.36
3.36
3.38
3.37
3.38
3.34
4.94
5.11
4.80
4.76
4.66
4.56
4.48
4.45
4.38
4.42
4.38
4.33
4.32
3 20
3.25
3.15
3.12
3.10
3.06
2.98
2.93
2.96
3.00
3.02
3.06
3.02
4.46
4.57
4.32
4.30
4.23
4.15
4.07
4.03
3.96
4.00
3.98
3.96
3.95
3.30
3.33
3.23
3.23
3.19
3.18
3.14
3.13
3.17
3.19
3.17
3.16
3.13
1.90
1.89
1.89
1.94
1.91
2.11
2.08
2.08
2.08
2.07
3.37
3.36
3.35
3.33
3.32
2.82
2.81
2.78
2.77
2.75
2,99
2.98
2.96
2.94
2.92
3.33
3.33
3.32
3.31
3.29
4.33
4.33
4.32
4.31
4.29
3.01
3.01
2.97
2.96
2.93
3.96
3.96
3. 95
3.95
3.94
3.13
3.12
3.11
3.09
3.08
2-6
1938 average
1939 average
1940 average
Munic3
15
40
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 partially tax-exempt Government bonds due or callable in more than 12 years.
Standaid Statistics Co.
* Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have
each been reduced from 10 to 3 issues, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively.
Backfigures.—SeeAnnual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request.
3
JULY 1941
661
BOND PRICES1
Year, month, or date
U.S.
Treasury »
STOCK MARKET
Corporate 3
Munic
ipal 3
Indus- Rail- Public
trial road utility
Total
Number of issues.
20
..-,
58.6
58.0
57.9
53.5
52.0
57.1
57.5
59.7
61.0
60.9
61.1
64.3
62.7
64.3
65.9
66.7
20
102.5
105.2
107.2
113.7
116.3
121.2
Stock prices l
78.9
81.6
82.0
82.9
86.0
87.5
Year, month, or
date
20
Volume of
tradCommon (index, 1926=100)
ings
Pre(in
ferred »
thouIndus- Rail- Public sands of
trial
road utility shares)
Total
95.3
20
32
420
348
40
100.9 Number of issues..
100.6
1,104
135.6
1938 average
1940—May
104.9
977
79.4
__. 141.2
105
115.3
85.3
99.3 1939 average
104.8
June
78.5
767
_. 140.1
114.6
84.7
98.7 1940 average
97
106.3
July..
81.2
120.4
86.3
100.2
106.7
August
81.5
138.2
1,651
121.2
86.8
100.2 1940—May
97
107.7
September.
82.7
133.2
708
122.3
87.8
100.6
June
85
108.8
October....
83.6
136.9
310
124.6
89.2
100.6
July
87
110.7
November.
83.9
137.3
317
127.3
90.3
100.5
August
89
111.8
December..
84.0
553
129.3
90.2
100.7
September. _. 139.1
94
110.4
85.3
1941—J anuary
140.4
599
127.7
90.5
101.2
October
95
108.8
84.5
February...
1,044
125.6
89.9
100.9
N o v e m b e r . . . 141.9
96
110.1
85.3
March
814
125.4
90.2
101.3
December._. 143.9
94
110.8
85.8
145.4
564
126.8
90.2
101.1 1941—January
94
April
111.4
86.0
143.0
444
128.1
90.1
101.2
May
February
142.1
440
March
141.8
495
May 28.___
111.7
April
128.5
85.6
89.9
65.8
101. 1
140.9
420
June 4
111.8
May
85.6
65.8
129.0
90.0
101. 1
111.8
June 11
85.8
66. 1
101.1
129.0
90.2
337
111. 1 129.0
M a y 28
140.6
June 18
85.8
65.7
101. 3
90.6
410
111.5
June 4
140. 6
June 25
85.8
65.6
101.2
129.3
90.7
557
140.6
June 11
419
141.
1
June
IS
1
501
141.7
June 25
Monthly data are averages of daily figures except for municipal bonds,
which are averages of Wednesday figures.
» Prices derived from average of yields of all outstanding partially
1
Standard Statistics Co. Monthly data are averages of Wednesday
tax-exempt Government bonds due or callable in more than 12 years
on basis of a 2^ per cent, 16 year bond. For description see November figures.
* Average prices of industrial high-grade preferred stocks, adjusted to a
1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals. Weekly
data are averages of daily figures for week ending on Saturday following $73annual dividend basis.
Average daily volume of trading in stocks on the New York Stock
date
shown.
8
Prices derived from average yields, as computed by Standard Sta- Exchange. Weekly figures are averages for the week ending Saturday.
tistics Co
Back figures.—For stock prices, see Annual Report for 1937 (table 79)
Back figures—See Annual Report for 1937 (table 79). For U. S. Treasury bonds see November 1940 BULLETIN.
1938 average
1939 average
1940 average
CAPITAL ISSUES
[In millions of dollars]
] Tor
Year or
month
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1940—May....
June
July....
Aug
Sept....
Oct
Nov
Dec
1941—Jan
Feb
Mar....
Apr
May
Total
(new
and
refunding)
For refunding
new capital
Domestic
Domestic
Total
(domestic
and
forTotal
eign)
State
4,038
1,751
1,063
2,160
4,699
6,214
3,937
4,449
5,842
4,762
3,095
1,197
2,860
1,165
1,235
720
1,386
1,457
1,972
2,138
2,360
2,289
1,944
708
251
227
691
282
226
711
440
606
417
337
407
921
406
122
83
397
130
114
257
263
190
95
77
182
745
107
and
municipal
Federal
agencies i
Corporate
Foreign a
Bonds
Total and Stocks
notes
Total
(domestic
and
foreign)
State
Total
Federal
and
munici-
agencies i
pal
1,239
1,386
1,409
1,949
2,094
2,325
2,239
1,942
75
77
64
405
150
22
157
481
924
461
1,551
762
483
803
855
735
712
971
931
757
325
161
178
404
311
20
120
35
69
352
408
67
97
135
235
32
12
944
554
343
774
893
498
283
765
873
383
724
305
40
144
334
839
817
807
287
589
48
23
44
35
50
2
3,242
4,242
1,799
2,089
3,553
2,818
3,216
4,123
1,680
2,061
3,465
2,818
21
87
37
136
365
382
191
129
195
478
122
83
397
129
114
257
263
190
95
77
182
745
107
30
71
62
61
46
98
53
129
40
37
86
60
37
3
2
289
0
0
112
42
0
2
8
9
645
5
89
10
46
68
68
47
169
61
53
32
86
39
64
80
8
44
53
64
21
166
45
51
25
55
29
61
10
2
2
15
4
26
3
16
2
6
31
10
3
0
0
0
1
0
0
0
0
0
0
0
129
144
294
153
113
453
177
416
322
260
225
176
299
129
144
294
153
113
453
177
416
322
260
221
176
299
20
14
20
14
24
80
25
73
23
26
93
40
74
1,192
1,225
o
0
Corporate
1,236
1,596
1,804
32
4
32
0
81
200
352
31
137
193
51
56
60
9
26
119
119
28
88
0
84
101
223
107
61
332
66
286
265
200
85
108
162
0
(3)
3
4
1
14
26
43
3
17
32
0
35
0
0
0
0
0
0
0
0
821
319
219
312
789
315
187
312
1,782
3,187
344
1,864
3,387
1,209
1,267
1,733
1,996
25
29
48
28
26
28
59
14
31
17
11
28
28
84
101
226
111
62
345
92
328
268
217
117
108
197
51
93
26
317
987
353
281
665
1,537
Foreign 2
Bonds
Total and Stocks
notes
856
n
0
4
0
0
1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
2 Includes issues of noncontiguous U. S. Territories and Possessions.
a Less than $500,000.
Source.—For domestic issues, Commercial and Financial Chronicle- for foreign issues, U. S. Department of Commerce. Monthly figures subject
to revision.
Back figures—See Annual Report for 1937 (table 78).
662
FEDERAL RESERVE
BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Noninterestbearing
Interest-bearing
Specia issues
Public issues
E n d of m o n t h
Total
gross
debt
Nonmarketable
issues
Marketable issues 1
Total
interest
bearing
Total
ury
bills
Treasury
notes
Postal
AdTreas- Savings U . S . justed
and
Savings service
ury
2
bonds prewar bonds bonds
bonds
Treas-
Total
1932—June
1933—June
1934—June
1935—June
1936—June
1937—June
1938—June
1939—June
19,487
22, 539
27,053
28, 701
33, 779
36, 425
37,165
40,440
19,161
22,158
26,480
27,645
32,989
35,800
36, 576
39, 886
618,852
«21, 834
6
26,084
27,012
32, 363
34, 242
33,900
36,116
616
954
1,404
2,053
2, 354
2,303
1,154
1,308
1,261
4,548
6, 653
10,023
11,381
10,617
9,147
7,243
13,460
13,417
15, 679
14,019
17,168
19,936
21, 846
25,218
790
806
831
855
200
198
197
196
1,238
1,868
945
389
319
283
1,558
2,676
3,770
1940—Apr
May
June_
July
Aug
Sept
Oct.
Nov
Dec
1941_jan
Feb
Mar
Apr
May
42, 658
42,808
42, 968
43, 771
43, 905
44,073
44,137
44, 273
45, 025
45, 877
46,090
47,173
47, 231
47, 721
42,117
42,253
42, 376
43,186
43,317
43,480
43, 560
43, 707
44,458
45, 320
45, 535
46, 581
46, 673
47,160
37, 620
37, 668
37, 602
38, 333
38, 383
38, 417
38, 459
38, 498
39,089
39,895
40, 002
40, 898
40, 967
41,326
1,306
1,304
1, 302
1,302
1,303
1, 303
1,307
1,308
1,310
1,307
1,306
1,604
1,603
1.603
6,125
6,125
6,383
6, 384
6,384
6,384
5,660
5, 660
6,178
6,813
6,813
5,722
5,721
5, 721
26, 908
26,908
26, 555
27, 226
27, 236
27, 235
27, 960
27, 960
27, 960
27, 960
27, 960
29, 532
29, 554
29, 554
196
196
196
196
196
196
196
196
196
196
196
196
196
.196
2,818
2.869
2,905
2,966
3,008
3,044
3,084
3,123
3,195
3 371
3,480
3,599
3,647
4,008
267
265
261
258
256
254
252
251
249
248
247
245
244
243
4,496
4,585
4,775
4,853
4,934
5,063
5 102
5,209
5,370
5 426
5,534
5, 683
5,707
5, 834
62
316
800
Social
AdAll 5
sejusted
curity 3 service i other
309
323
396
633
626
19
579
1,601
2,511
3,282
3,363
3,528
3,536
3,622
3, 751
3,777
3,885
4,047
4 066
4,174
4,324
4, 354
4,485
Matured
debt
Other
105
92
118
156
127
538
549
556
204
231
278
478
480
441
526
702
60
66
54
231
169
119
141
142
266
315
518
825
620
506
447
411
515
515
536
515
515
517
517
516
516
517
518
518
529
530
699
707
712
803
797
796
808
808
806
842
841
840
824
819
150
166
205
198
205
212
197
187
189
181
180
220
186
190
391
389
386
386
383
381
380
379
377
376
374
372
372
370
1 Including amounts held by Government agencies and trust funds which aggregated $2,064,000,000 on April 30, and $2,065,000,000 (preliminary) on May 31, 1941. These amounts exclude holdings by production credit associations and joint stock land banks.
23 Including Liberty bonds.
Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account.
4
Including special issues of bonds and of notes to Government life insurance fund, certificates to adjusted service fund, and notes to National
Service
life insurance fund.
5
Including special issues to Government employees' retirement funds, to Postal Savings System, to Federal Deposit Insurance Corporation, and
to Federal Savings and Loan Insurance Corporation.
« Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000
SECURITIES FULLY GUARANTEED BY U. S. GOVERNMENT, BY ISSUING AGENCIES1
[In millions of dollars]
Interest-bearing
Total
amount
outstanding
End of month
10Q4
TnnP
Dec
Tune
Dec
1Q36—June
Dec
1937—June
Dec.
1938—June
Dec
1939—June
1935
Dec.
1940—Apr.
-M^ay
June
July
August
Sept
Oct.
Nov.
- --
..........
..
--_ .
-
Dec
1941—Jan.
Feb.
Mar.
Apr
May
.
_
_____
..
__
. . ___
.
681
3,063
4,123
4,449
4 718
4,662
4,665
4,645
4,853
4,992
5,451
5,704
5,657
5 535
5,529
5,526
5,813
5,808
5,810
5,919
5,917
5,915
5,914
5,916
6,560
6,371
Total
681
3,063
4,123
4,449
4, 718
4,662
4, 665
4, 645
4,853
4,992
5, 450
5,621
5,624
5 497
5,498
5,499
5,788
5,787
5, 790
5,901
5,901
5,901
5. 901
5, 905
6, 550
6, 359
ReconFederal
Home
Farm
Owners' struction
Mortgage
Loan
Finance
Corpora- Corpora- Corporation
tion
tion
312
980
1,226
1,387
1,422
1,422
1,422
1, 410
1.410
1, 388
1,379
1,269
1, 269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1, 269
1, 269
1,269
1,269
1,269
134
1,834
2, 647
2,855
3 044
2, 988
2,987
2,937
2 937
2,888
2,928
2,731
2, 731
2 603
2,603
2. 603
2, 603
2. G02
2, 602
2, 600
2. 600
2, 600
2,600
2,600
2. 600
2,409
235
249
250
252
252
252
255
297
299
509
820
1,096
1.096
096
,096
, 096
, 096
L, 097
L, 097
,097
,097
,097
,097
,097
,741
,741
Commodity
Credit
Corporation
206
206
206
407
407
407
407
407
696
696
696
696
696
696
69(>
696
696
696
U. S.
Housing
Authority
Federal
Housing
Administration
(2)
(2)
(2)
1
1
114
114
114
114
114
114
114
114
114
226
226
226
226
226
226
226
3
4
7
7
8
8
9
9
12
13
13
12
13
16
17
17
Noninterest
bearing
matured
debt
(2)
(2)
(2)
(2)
(2)
1
83
32
38
31
28
24
21
19
18
15
14
13
11
10
12
1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the
public debt.
2 Less than $500,000.
JULY 1941
663
MATURITIES OF PUBLIC ISSUES OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED, MAY 3 1 , 1941
[In millions of dollars]
Direct securities maturing
Fully guaranteed securities maturing
Treasury
bonds
due or
callable? Total s
Boiids
Maturing or
callable
Total
Treasury
bills
701
902
Treasury
notes
Treasury
Other'
Federal
Farm
Mortgage
Corporation
ReconstrucHome
ComU. S.
tion
Owners'
modity Housing
Loan
Finance Credit AuthorCorpor- Corpor- Corpority
ation
ation
ation
Total
fully
guaranteed
securities
due or
callable 2
24
1941—Before July 1
July l-Sept.30...
Oct.l-Dec.31..-
725
1,737
204
1942— J a n . l - M a r . 3 1 . . _
Apr l-June30
Julyl-Sept.30_.._
Oct. 1-Dec. 3 1 - . -
426
426
(4)
310
310
649
342
232
342
232
4
276
320
276
320
* 1,151
320
1,395
1,849
3,606
1,848
2,791
1,979
1,632
2,700
2,034
2,454
2,932
3,709
1,515
1,170
1,395
1,849
1,249
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1958
1959
1960
1961
1963
1964
1965
..
-- -
-
0)
834
()
1,941
1,519
2,370
1,487
819
1,687
1,223
2, 436
2,904
3,687
1.480
1,170
982
2,611
50
919
982
2.611
1,485
1,485
41, 326
Total
834
204
0)
0)
415
329
421
492
813
1,014
811
18
27
22
35
1,855
2, 555
1,755
2, 344
1,460
3,361
2,278
1,186
3, 500
1,024
725
681
2,611
982
919
414
616
211
300
613
989
203
204
324
289
875
1,094
339
835
835
112
114
755
779
414
616
613
1, 823
755
- --
779
1,485
50
919
1,603
5,721
29, 554
4,447
29, 554
95
95
6,341
1,269
2,409
1,741
696
226
6, 341
1 Includes Postal Savings, pre-war, U. S. Savings bonds, and adjusted service bonds of 1945. U . S . Savings and adjusted service bonds are
redeemable at option of their holders.
2
Securities not callable prior to m a t u r i t y are shown as of date of maturity.
s Excluding debentures of Federal Housing Administration which amounted to $17,000,000 on M a y 31.
4 Less than $500,000.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Held by Federal
agencies and
trust funds
Total
interestbearing
securities
End of
June
Special
issues i
19161917
1918
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
-
- .
_-
972
2,713
11, 986
25, 234
24, 061
23,737
22,711
22, 008
20, 982
20, 211
19,384
18, 251
17,318
16, 639
15, 922
16, 520
19,161
22,158
27,161
31, 768
37, 707
40, 465
41, 429
45, 336
47, 874
95
204
359
462
607
764
291
309
323
396
633
626
1,558
2,676
3,770
4,775
Privately held
Held
by
Federal
Reserve
Banks
Other investors 3
Total
Public
issues
2
2
53
149
207
349
422
412
386
421
422
369
359
277
208
144
261
366
1, 055
1,365
1,703
2,036
2,123
2,138
2,321
57
66
255
292
341
259
555
102
431
353
385
370
235
216
591
668
1,784
1,998
2,432
2,433
2,430
2,526
2,564
2,551
2,466
2
913
2,645
11, 678
24, 793
23,513
23,129
21, 734
21, 494
20,165
19, 342
18, 373
17,153
16, 262
15, 539
14, 359
15,417
16, 807
19,471
23,278
27, 337
32, 948
34, 345
34, 066
36,877
38,312
Member
banks
703
1,065
2,465
3,803
2,811
2,561
3,205
3, 835
3,575
3,780
3,745
3,796
4,225
4,155
4,061
5,343
5,628
6,887
9,413
11,429
13, 671
12, 689
12, 343
13, 777
14, 722
Other
commercial
banks
50
480
750
1 340
940
830
780
870
860
850
810
800
940
790
920
670
590
590
890
1,290
1,600
1,870
1,700
1,920
1,830
Mutual
savings
banks
10
100
300
670
840
950
1 010
1,120
1 160
1 130
960
810
720
560
520
650
680
720
970
1,540
2,050
2 390
2,690
3,040
3,110
Insurance
companies 3
800
1,000
1,500
2,600
3,900
5 000
5,200
5,800
6,100
u. s.
Marketable
issues s
200
1 000
8 200
19 000
18 900
18 800
16 700
15' 700
14 600
13 600
12, 900
11 700
10, 400
10 000
8 900
8 800
9 100
10 300
10 500
10, 400
10, 500
11 300
10, 700
10, 400
9,700
Savings
and
adjusted
service
bonds
100
1,200
1 100
1,400
1,900
2,900
1
Special issues include those issued to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement
account (recent years only), and issues to the Government life insurance fund, the adjusted service fund, Government employees' retirement funds,
Postal Savings System, and the Federal Deposit Insurance Corporation.
2 Estimated figures for other commercial banks and mutual savings banks have been rounded to nearest 10 millions and estimated figures for
insurance companies and other investors have been rounded to nearest 100 millions.
3
Holdings of insurance companies included with "Other investors" prior to 1932.
664
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY OPERATIONS
LOn basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts
Period
•\T«t
Inter-
National
defense
Agricultural
Adjustment
Program
Mis
Tn
income
taxes
Un- Transem- fers to
All
ploy- trust
ment
acother
re- counts
lief
etc.*
Trust Increase or deaccrease (luring
counts
per od
etc.,'
excess
Excess of reof ex- ceipts
pendi- (+)or General
exTotal* tures
Gross
pendi- fund debt*
(-)
baltures
ance *
(-)
Expenditures (excl. debt retirements)
Receipts
cella- Social
neous secur- All
interother
ity
nal
taxes
revenue
i oiai IN e t
est
rereon
ceipts ceipts1 debt
Fiscal year
ending:
June 1938— 2,640
June 1939.. 2,189
June 1940. . 2,125
2,279
2,232
2,345
755
740
838
567
507
617
6,242
5,668
5,925
5,855
5,165
5,387
926
941
1,041
1,028
1,163
1,559
362
787
1,020
1,914
2,595
1,919
220
182
208
2,789
3,040
3,251
7,239 - 1 , 3 8 4
8,707 - 3 , 542
8,998 - 3 , 6 1 1
+306
+890
+136
-338
+740
+622 +3,275
- 9 4 7 +2, 528
11 months
ending:
May 1939.. _ 1,833
May 1940.- 1, 662
Mayl941_._ 2,553
2,040
2,144
2,702
715
806
900
468
529
836
5,055
5,141
6,991
4,608
4,738
6,331
668
736
771
1,057
1,406
5,240
714
978
936
2,399
1,768
1,606
182
208
235
2,791
3,016
2,394
7,812 - 3 , 2 0 3
8,112 - 3 , 3 7 4
11,182 - 4 , 8 5 1
+795
+197
+111
+708 +3,117
- 8 0 9 +2, 368
+14 +4, 753
175
179
201
237
346
213
237
252
231
210
204
273
244
254
39
137
32
39
139
29
38
138
34
47
193
34
43
165
42
43
88
41
43
37
47
46
46
52
172
52
240
58
304
400
784
367
566
711
365
485
741
372
674
1,567
602
541
304
400
649
331
447
711
333
362
740
340
541
1,566
565
394
69
10
305
20
20
148
73
11
219
25
21
150
73
12
159
154
153
177
200
219
287
376
473
572
593
746
761
837
78
62
43
54
76
75
103
108
110
103
96
102
71
39
173
169
151
151
142
139
145
138
155
146
138
159
148
145
20
4
284
248
235
302
243
168
261
164
215
247
209
232
244
108
1940—Apr..
May.
June
July.
Aug..
Sept.
Oct...
Nov..
Dec.
1941—Jan..
Feb..
Mar..
Apr..
May.
48
40
464
50
38
432
44
49
429
63
104
1,208
75
63
114
25
10
20
18
20
10
18
783
647
887
818
706
759
869
817
1,172
1,111
1,075
1,399
1,315
1,141
retirement account
Unemployment
trust fund
+167
-750
-747
Net expenditures in checking
accounts of Government agencies
-83
-62
+51
+320
-158
-24
-303
-181
-139
+367
+196
+216
-39
-495
-103
-209
+111
-3
-236
+1, 014
+15
+403
-264
+97
-324
-290
-521
+118
+150
+160
+803
+135
+168
+64
+136
+752
+852
+213
+1, 083
+58
+490
All other
Period
In- Other
In- BeneNet
fit
Re- vestexre- vest- payceipts
ments pendiceipts ments ments
tures
+58
Details of general fund
balance (end of period)
Details of trust accounts, etc.
Old-age insurance
trust fund and railroad
-479
-247
-237
-487
-259
-48
-536
-455
-432
-771
-534
Com- United
Reconstruction modity States
Credit
Hous- All
Finance
Corpora- Corpora- ing Au- other
tion
tion
thority
ExReceipts penditures
Total
InWorkcreing
ment Seignon iorage balgold
ance
Fiscal year ending:
June 1938. _.
June 1939_._
June 1940. . .
550
639
703
461
516
573
85
120
129
763
838
959
560
395
443
191
442
514
*9
*658
*234
•184
136
10
1
•60
17
*186
166
414
440
415
327
324
323
2,216
2,838
1,891
142
142
143
446
536
585
1,628
2,160
1,163
11 months ending:
May
May 1939
1940
May 1941
554
524
786
433
398
413
109
117
168
806
913
1,063
408
454
544
401
460
524
*573
*252
*7
137
*35
73
*70
22
94
*174
177
*15
374
353
459
269
251
402
2,924
2,030
1,904
142
143
143
528
584
604
2,254
1,303
1,157
20
4
179
56
145
11
32
143
1
42
152
11
46
148
*5
12
12
12
13
13
14
15
15
15
15
16
17
17
17
53
145
46
59
143
67
107
145
51
78
149
28
69
167
18
81
•11
13
85
•18
31
113
11
29
113
•10
40
137
45
58
54
57
53
81
84
31
33
41
43
37
35
30
•3
•4
•34
•17
*5
25
*6
15
51
•103
8
32
*8
25
24
31
9
107
175
*5
1
148
*5
*5
151
*10
*5
160
32
20
62
120
18
24
29
18
35
38
33
46
57
43
10
17
72
103
15
17
17
6
25
50
42
49
48
32
2,210
2,030
1,891
2,258
2,454
2,415
1,920
1,817
1,928
2,025
1,701
2, 715
2,425
1,904
143
143
143
143
143
143
143
143
143
143
143
143
143
143
581
584
585
588
590
592
595
596
597
599
601
602
603
604
1.486
1,303
1,163
1,527
1,720
1,680
L, 183
1,078
L, 188
L, 283
957
1,970
1,679
1, 157
1940—Apr._
May
June
July
Aug
Sept
Oct
Nov
Dec.
1941—Jan.
Feb
Mar
Apr
May
no
*6
*6
17
25
(4)
*13
•10
59
15
16
160
64
*406
82
(i)
45
10
•144
*1
21
24
17
12
7
37
33
57
•12
•11
•57
•32
16
•13
•50
21
•43
*30
*56
•12
241
1
Beginning with July 1, 1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments
to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier
periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures,
and from transfers to trust accounts.
2
Details given in lower section of table.
3
For details, see preceding page.
* Less than $500,000.
• Excess of credits.
NOTE.—For explanation of table see BULLETIN for October, 1940, p. 1052.
JULY 1941
665
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars.]
1941
1940
Apr.
May
Assets
Loans and preferred stock:
Loans to financial institu410
tions
- .
386
Preferred stock, etc. . ._ _
788
784
Loans to railroads. . . .
521
515
Home and housing mortgageloans
2,347 2, 355
2,560 2,553
Farm mortgage loans
665
Other agricultural loans
667
1,160 1,183
All other loans
. Total loans and preferred
stock
8,450 8,442
Cash
553
461
U. S. Govt. direct obligations...
760
762
Obligations of Government credit
agencies:
Fully guaranteed by U. S
131
131
Other i .46
46
421
Accounts and other receivables..
417
558
Business property
559
1,090 1,088
Property held for sale
167
179
Other assets
Total assets 2other than in12,176 12, 085
teragency
Liabilities
Bonds, notes, and debentures:
Guaranteed
5,657 5,535
1,327 1,337
Other i
1,069 1,039
Other liabilities
Total liabilities
other than
2
8,053 7,912
interagency
Excess of assets over liabilities,
excluding interagency transac4,122
4,174
tions
..
._ _
U. S. Govt. interests
3,719
3,770
Privately owned interests,_
404
403
June
July
Aug.
Oct.
Sept.
Nov.
Jan.
Dec.
Mar.
Feb.
Apr.
429
783
524
430
772
552
433
756
553
437
757
513
441
757
512
469
739
515
485
736
516
445
729
523
425
711
518
409
706
523
400
703
523
2,323
2,549
675
1,187
2,342
2,540
693
1,185
2,336
2,534
815
1,197
2,348
2,526
802
1,200
2,387
2,517
785
1,214
2,387
2,508
772
1,291
2,390
2,500
757
1,298
2,424
2,481
728
1,309
2,395
2,485
727
1,352
2,406
2,475
776
1,386
2,427
2,467
867
1,409
8,470
412
748
8,513
462
740
8,623
566
715
8,583
572
693
8,613
521
704
8,680
549
699
8,682
8,639
580
723
8,614
533
701
595
736
8,681
620
756
8,796
771
771
131
48
404
562
1.067
179
131
35
394
567
1,067
184
131
36
519
569
1,061
191
131
36
512
570
1,081
193
130
30
521
597
1,094
188
128
24
513
601
1,113
210
128
22
491
593
1,141
211
127
21
552
599
1,190
214
127
22
524
600
1,206
251
124
20
551
602
1,245
310
126
21
555
608
1,297
338
12,021
12, 092
12, 410
12, 371
12,398
12, 518
12, 500
12, 645
12, 676
12,909
13,282
5,529
1,343
1,105
5,526
1,351
1,103
5,811
1,354
1,234
5,809
1,356
1,238
5,808
1,354
1,243
5,919
1,422
1,237
5,917
1,395
1,214
5,915
1,389
1,294
5,914
1,386
1,292
5,916
1,390
1,391
6,560
1,385
1,432
7,977
7,980
8,400
8,403
8,406
8,579
8,526
8, 599
8,592
8,696
9,377
4,044
4,112
3,706
406
4,010
3,968
3,558
410
3,992
3,580
412
3,939
3,526
413
3,974
3,603
407
4,046
3,629
417
4,084
3,666
418
4,213
3,792
421
3,906
3,484
422
3.639
405
3,559
415
1
Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation.
2 Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconstruction
Finance Corporation.
PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, APRIL 30, 1941
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Assets
Total
loans
and
preferred
stock
2,082
142
70
190
266
637
1,830
242
68
62
6
353
262
434
143
266
93
5
70
51
21
25
0)
6
1
2
4
2
12
6
96
36
22
40
10
16
1
23
50
167
2
1
0)
0)
0)
0)
3
0)
114
0)
14
1
16
771
24
32
39
103
4
771
126
3
26
70
6
20
5
13
555
226
11
6
Other
0)
76
85
1,270
>978
224
72
0)
0)
(0
65
0)
2,610
127
7
0)
419
1,741
0)
0)
631
696
1
30
8
12
8,796
41
0)
55
33
274
94
94
25
15
50
0)
0)
Accounts
and
GuarBusiness Property
held for anteed
other
by
sale
receiv- property
United
ables
States
CO
1,488
0)
Guaranteed
obligations
CO CO
Reconstruction Finance Corporation
National
defenseand
corporations
Home
mortgage
housing agencies:
Home Owners' Loan Corporation
Federal home loan banks
RFC Mortgage Company
Federal National Mortgage Association
United States Housing Authority
Farm credit agencies:
Federal Farm Mortgage Corporation
Federal land banks
Federal intermediate credit banks
Banks
for cooperatives
Production
credit corporations
Regional agricultural credit corporations
Commodity Credit Corporation . . . . . . . .
Farm Credit Administration.
Farm Security Administration
Insurance agencies:
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation
Federal Savings and Loan Insurance Corporation
Federal Housing" Administration
Export-Import Bank of Washington
Tennessee Valley Authority
U S Maritime Commission
Rural Electrification Administration ..
__
Public Works Administration
Other
.. . . . .
Total
U. S.
Govt.
direct
obligations
Cash
Liabilities
Bonds, notes, and
debentures
30
0)
1
11
17
0)
371
29
63
608
2
8
1
1.297
6,560
12
1,385
1 Less t h a n $500,000.
2 Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation.
666
FEDERAL RESERVE BULLETIN
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding. In thousands of dollars]
M a y 31,
1940
Loans to financial institutions
Loans on preferred stock of banks and insurance companies-_
Preferred stock, capital notes, and debentures
Loans to railroads (including receivers)
Loans for self-liquidating projects
Loans to industrial and commercial businesses !
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration
154,163
29, 685
471, 072
466, 093
61, 273
130, 566
83, 740
4,631
111,323
N o v . 30,
1940
Dec. 31,
1940
167,153
56, 470
454, 941
472, 596
35, 597
131, 484
83, 507
4,884
115, 224
171, 583
52, 947
452, 380
473, 881
35,797
128, 561
83, 460
4,862
115, 699
J a n . 31,
1941
166, 278
49, 991
447, 374
481, 661
36, 669
127, 204
83, 231
4,731
114,075
Feb. 28,
1941
162,197
48, 797
442, 226
481,977
34, 742
127, 984
82,897
5,128
113, 338
M a r . 31,
1941
157, 920
48, 512
436, 756
486,877
35,208
131,794
83,161
5,138
113,153
Apr. 30,
1941
154,107
48, 501
433, 832
486,938
36, 281
134, 684
75, 859
5,281
112,862
M a y 31f
1941
149, 299
48,197
432, 293
469, 658
36, 920
174, 831
74,497
5,379
111,450
Total loans and investments, other than interagency___ 1, 512, 546 1, 521, 857 1, 519,170 1, 511, 515 1, 499, 287 1,498, 518 1,488,346 1, 502, 525
Preferred stock of, and loans to Export-Import bank
Loans to Rural Electrification Administration.
Capital stock of, and loans to R. F. C. Mortgage Co
Capital stock of, and loans to Fed. Natl. Mtge. Assn
Loans to Tennessee Valley Authority
Capital stock of, and loans to National Defense Companies. _
Loans to Farm Security Administration
Capital stock of Federal Home Loan banks
Total loans and investments-
74, 000
146, 498
59, 484
71, 846
8,300
99,000
146, 498
64,115
87, 077
8,300
33, 387
23,000
99,000
146, 498
67,110
90, 380
8,300
44, 503
28,000
1, 872, 673 1, 983, 234
174, 000
152, 498
68,042
93, 491
8,300
63,106
17,671
174,000
157,498
67, 992
95, 641
8,300
83,392
32, 671
124, 741
!, 002, 961 2,088,622 2, 243, 522
174,000
164,498
69,412
98,676
8,300
121,205
59,771
124,741
174, 000
168, 498
70, 517
99,036
8,300
168,038
81,194
124,741
174, 000
175, 498
71, 353
100, 755
8,300
218, 668
97,144
124, 741
2,319,120 2, 382,669 2, 472, 984
1
Include national defense loans amounting to $61,475,000 on May 31, 1941, and $21,160,000 on April 30, 1941.
NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
fin millions of dollars]
Farm mortgage loans
End of year or month
Total
Total
1934
1935
1936
1937
1938
1939
1940—May
June.. . -.
July
August
September .
October
November . . .
December.._
1941—January
February
March
April
May.
. _.
Federal
land
banks
Loans to cooperatives
Short-term credit
Land
Bank
Commissioner
Total i
Federal
intermediate
credit2
banks
Production
credit
associations 3
Emergency
crop and
drought
relief
loans
Total *
Banks
for
cooper-3
atives
Agricultural
marketing act
revolving fund
2,964
3,321
3,363
3,335
3,211
3,058
2,533
2.867
2,901
2,848
2,735
2,596
1,916
617
61
795
837
813
753
691
315
358
337
367
364
364
56
2,072
2,064
2, 035
1,982
1, 905
47
41
40
34
33
94
105
138
148
154
111
173
165
173
171
168
117
97
125
120
112
99
28
50
70
88
87
76
55
44
54
31
24
21
3,058
3,060
3,056
3,050
3,035
3,008
2,986
2,973
2,553
2,549
2,540
2,534
2.526
2,517
2,508
2,500
1,883
1,880
1, 875
1,871
1,867
1,862
1, 856
1, 851
671
669
665
663
659
655
652
648
422
429
434
433
420
394
383
381
38
40
42
42
41
35
34
34
195
200
204
203
195
180
173
172
181
181
181
180
178
173
170
168
83
81
82
83
89
96
96
93
64
62
65
67
73
79
77
75
18
18
15
15
16
17
17
16
2,964
2,970
2,976
2,982
2,988
2,489
2, 485
2,475
2,467
2, 458
1,844
1,842
1, 836
1,830
1,824
645
643
640
637
634
382
393
413
431
440
35
36
37
39
40
174
182
195
207
215
167
169
175
179
179
92
91
88
85
90
75
74
70
68
74
16
16
16
16
16
1
Includes loans of regional agricultural credit corporations (not shown in the breakdown) amounting to $87,000,000 in 1934, $43,000,000 in 1935,
$25,000,000
in 1936, $16,000,000 in 1937, $11,000,000 in 1938, $8,000,000 in 1939, and from $6,000,000-$8,000,000 since 1939.
2
Exclusive of loans to and discounts for regional agricultural credit corporations, production credit associations, and banks for cooperatives,
amounting
to a total of $217,000,000 in May 1941. These loans and discounts are included in the columns for the institutions concerned.
< 3 Some of the regional agricultural credit corporation loans (made prior to October 1935) and banks for cooperatives loans and most of the production
credit
association loans are discounted with the Federal intermediate credit banks.
4
Includes loans of Federal intermediate credit banks to cooperatives (not shown in the breakdown) amounting to $34,000,000 in 1934, $3,000,000
in 1935, and a negligible amount since 1935.
JULY 1941
667
FEDERAL HOME LOAN BANK BOARD
POSTAL SAVINGS SYSTEM
[In millions of dollars]
LOANS OUTSTANDING, BY INSTITUTIONS
[Loans in thousands of dollars
Assets
Home mortgage loans by—
Federal savings and
loan associations
End of month
1934—December
1935—December
1936—December
1937—December
1938—December
1939—December
Home
Owners'
Loan Cor- Number
poration
of associations
2,379,491
2, 765,098
2, 397, 647
2,168, 920
2, 038,186
639
81,300
348, 000
1,023
1,212
586, 700
1,328
853, 500
1,368 1, 034,162
1,410 1,271,161
86, 651
102, 791
145, 394
200,092
198,840
181,313
2,026, 614
2,021, 951
2, 020, 572
2, 017, 395
2, 012, 760
2, 004, 737
1, 996, 443
1,987,611
1, 980, 704
1, 968, 816
1, 956, 268
1, 942, 427
1, 929, 346
1, 913, 862
1, 899, 856
1, 885, 087
1,407
n. 413
1,420
L, 421
1,430
L, 431
1,431
L, 434
,440
1,443
.445
1,446
1,447
1,450
1,452
1,454
1, 296,464
1,317,975
1, 348,072
1, 376, 700
1, 405,100
1,432,100
1,461,867
1,487, 974
1, 515, 392
1, 533, 246
1, 546, 270
1, 564, 168
1, 578, 543
1, 600, 482
1, 628, 421
1, 657, 647
144,515
137, 642
133,811
137, 509
157, 397
162, 222
168,402
176, 047
181, 526
185, 547
201,492
170, 849
156, 899
145, 959
141,828
145, 273
. . . 2, 897,162
1940—February
March
April
May
June
July...
August
September.. . . . . .
October
November .
December
1941—January
February
March
April.
May
Loansi
Federal
home
loan
bank
loans to
member
institutions 2
E n d of m o n t h
Depositors
balances 1
U. S. Government
securities
Total
Cash
in depository Total
banks
1935—June
1936—June . . .
1937—June
1938—June
1939—June
1,205
1,232
1,268
1,252
1,262
1,236
1,265
1,307
1,290
1,304
1940—May
1,299
L, 342
L, 337
,339
,340
,339
,338
.341
1,348
1, 356
1,293
June.. . .
July
1,297
August
1,297
1,295
September
October
1,296
November
1,298
1,304
December
1941—January... _. 1,314
February
1,318
March
P1,320
April
P 1 , 317
May
Direct
obligations
Cash
reGuar- serve
an- funds,
teed
etc. 2
obligations
777
385
967
203
136 1,100
115 1,103
68 1,157
630
800
933
936
1,011
147
167
167
167
146
74
95
71
73
78
1,224
1,224
1,224
1,224
1,224
1,224
1,224
1,224
1, 239
1,078
1,078
1,078
1,078
1,078
1,078
1,078
1,078
1,093
146
146
146
146
146
146
146
146
146
74
69
73
75
74
75
80
88
84
43
43
42
41
40
38
37
36
34.
p Preliminary.
i Outstanding principal, represented by certificates of deposit Does
not2 include accrued interest nor outstanding savings stamps.
Includes working cash with postmasters, 5-per cent reserve fu nd and
i Federal Home Loan Bank Board estimates for all Federal savings miscellaneous working funds with the Treasurer of the United States,
and
loan
associations.
accrued
interest on bond investments, and accounts due from late post2
Excludes loans to other than member institutions which are negli- masters.
gible in amount.
Back figures.—See BULLETIN for August 1935, p. 503.
668
FEDERAL RESERVE
BULLETIN
BUSINESS INDEXES
[The terms "adjusted ' and ' ' u n a d j u s t e d " refer to adjustment of m o n t h l y figures for seasonal v ariationj
Construction
contracts
awarded (value)
1923-25=100
Industrial productior1
(physical volume) * *
1935-39=100
Year and
month
Income
payments
(value) 1
1929=100
Manufactures
Total
Durable
Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
MinTotal
Non- erals
durable
Residential
3
All
other
Employment4
NonagriculFactory
tural 5 1923-25=100
1935-39
=100
Depart- WholeFacCost
Freight- ment
sale
tory
of
car
store
compaylivloadsales
modity
rolls 4
ing 4
ings
*
prices
*
(value)
*e
1923-25
1935-39 1923-25
1926 1935-39
=100
=100
Ad- Unad- UnadAdAdAdAdAdAd- Unad- AdAdjusted justed justed justed justed justed justed justed justed justed justed justed
100.0
90.8
77.3
60.1
57.1
65.8
71.7
82.7
87.5
80.7
85.4
90.5
72
75
58
73
88
82
91
96
95
99
110
91
75
58
69
75
87
103
113
88
108
122
84
93
53
81
104
95
108
114
107
117
133
99
68
41
54
66
84
108
122
78
108
135
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
108
113
71
83
66
71
98
89
92
99
100
99
107
93
80
66
76
80
86
99
112
97
106
117
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
107.6
100.9
92.3
82.8
83.3
90.5
94.2
100.0
105.0
98.5
102.3
105.6
Adjusted
Adjusted
Unad*
justed
Unadjusted
124 5
143 2
127 7
119 7
121 9
122 2
125 4
126 4
124 0
122 6
122 5
119 4
108 7
97 6
92 4
95 7
98 1
99 1
102.7
100 8
99 4
r
100 2
106.7
107.1
82.0
90.7
103.8
96.4
99.8
101.7
99.5
99.7
106.0
92.4
78.1
66.3
73.4
85.7
91 3
99.0
108.6
90 9
99.9
107.5
98.0
117.2
75 6
81.2
102.9
96.0
101.1
104.2
102.4
103 5
110.4
89.4
67.8
46.7
50 1
64.5
74 1
85 8
102.5
78 5
92.2
105.4
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
138 6
154 4
97 6
96 7
100 6
98 1
103 5
100 0
95 4
96 7
95 3
86 4
73 0
64 8
65 9
74 9
80 0
80 8
86.3
78 6
77 1
78 6
1938
April
May
June _
July
August
September
October
November
December
1939
January
__
February
March___ __
April
May
June
July
August
September
October
November
December
80.1
79.1
78.7
78.7
79.8
80.4
81.7
82.1
83.1
82
80
81
86
90
92
95
100
101
82
81
81
85
90
95
99
102
100
69
67
65
71
77
81
88
96
97
88
88
90
95
99
100
100
103
104
95
90
92
94
97
98
98
102
102
52
51
54
59
66
78
82
96
96
37
37
42
49
53
56
57
56
57
65
62
64
68
77
96
102
128
128
98.4
97.2
96.8
97.0
97.6
98.2
98.7
99.6
100.3
'89.0
87.3
86.3
87 2
89.3
91.0
92 0
94.8
96.7
89.3
87.0
85.4
85.9
90.2
93.6
94.2
95.3
96.2
75.2
73.6
71.6
71 7
77.9
82.3
85 0
85.3
88.1
82
83
85
88
90
92
95
95
96
83
80
82
83
83
85
86
87
88
78 7
78 1
78.3
78 8
78 1
78.3
77 6
77.5
77.0
83.4
83.7
84.6
83.1
83.8
84.1
83 6
85.2
86.1
88.0
88 5
90.0
102
101
97
97
102
104
104
113
121
124
126
98
99
100
98
99
102
102
103
116
126
126
124
98
98
96
93
90
97
101
106
115
129
133
140
104
104
104
103
104
106
106
108
111
115
117
117
103
1Q2
103
92
96
105
107
92
114
119
120
115
86
73
69
67
63
63
67
73
73
76
83
86
55
58
55
58
55
58
62
67
68
68
61
60
111
85
80
74
68
67
71
78
76
82
101
107
100.5
100.7
100.8
99.8
100.6
101.7
102.0
102.4
103.0
104.2
104 9
105.4
96.8
96.8
96.7
96 6
96.3
97 3
98 4
99 0
100.8
104 8
107 0
108.2
94.5
96.1
97.0
96.9
95.9
96.4
96 6
99 5
103.7
107 3
107 5
107.8
84.7
87.1
88.8
86.8
86.3
87.9
85 8
91 2
95.4
103 2
103 2
105.4
98
95
94
87
90
97
99
101
111
114
114
110
88
88
88
88
87
86
87
88
90
92
93
95
76.9
76 9
76.7
76 2
76.2
75 6
75 4
75 0
79.1
79 4
79 2
79.2
90 3
89.7
88.4
88.2
88 6
88.7
89.3
90 5
91.7
92.5
93.6
95.8
122
116
113
111
115
121
121
121
125
129
133
139
117
114
112
112
116
121
118
120
129
134
135
135
135
124
118
113
119
131
132
135
146
150
154
165
113
110
107
107
110
114
112
112
112
116
120
124
118
114
117
119
117
118
120
113
116
113
118
119
75
63
62
64
64
74
85
90
93
95
111
115
53
56
57
62
64
69
77
82
82
85
87
90
93
68
66
66
65
77
91
98
101
103
130
136
104 9
104.2
104.0
103.3
103.8
104.2
104.7
105.6
106.1
107.3
108.8
110.6
107 6
105 8
104.0
102.8
102 8
103.9
105.1
107 4
108.9
111 4
114.2
116.6
105 0
105.0
104.4
103.2
102 5
103. 1
103.2
107 4
111.4
113.8
114.7
116.2
99 8
99.3
99.8
97.9
97.8
99.5
98.2
105.5
111.6
116.2
116.4
122.4
111
105
100
103
106
111
110
112
112
110
116
119
92
90
89
89
89
91
92
98
97
94
100
101
79 4
78.7
78.4
78.6
78.4
77.5
77.7
77.4
78.0
78.7
79.6
80.0
96.8
97.3
98.0
97.9
140
141
143
140
134
138
143
142
P154
.157
170
172
170
167
122
123
127
131
118
118
125
101
103
99
94
103
84
76
74
80
117 111.0 >118.3 r115. 5 120.7
118 111.6
117.8 126.8
109 111.4 119.4 119.9 131.2
121 111.6 122.1 122.7 134.8
P108 P112.8 P124.7 P124.7 P141.9
122
124
126
112
135
"139
101
103
103
104
105
«102
80.8
80.6
81.5
83.2
84.9
"87.1
100.9
100.7
••100. 2
99.1
98.6
100.6
99.6
1940
January
February
March
April
May
June
July
August
September _.
October
November
December _ .
1941
January
February
March
__
April .
May
Junee
P151
«157
P179
.191
P127
«138
"134
99.8
100.5
100.4
100.2
100.1
100.7
100.8
100.8
101.2
102.2
102.9
r
p Preliminary.
* Average per working day.
Revised.
• Estimated.
1 Department of Commerce series on value of payments to individuals.
2 For indexes by groups or industries, see pp. 670-673; for description, see pp. 753-771 of BULLETIN for August 1940.
3
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 678.
4
The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the
Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 674-677 for employment
and 5payrolls and p. 681 for prices.
Excludes military and naval forces.
6
For sales comparisons by cities and by departments see p. 680 of this BULLETIN.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882; for factory employment and payrolls, October 1938, pp. 838-866,
October 1939, pp. 879-887, and February 1941, p. 166; for department store sales, October 1938, p. 918, and January 1941, p. 65; for freight-car loadings, June 1941, pp. 529-533.
JULY 1941
669
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index n u m b e r s of t h e B o a r d of Governors.
L935-39 average = 100]
1941
1940
Industry
May
June
July
Ill
115
121
110
113
107
114
119
110
122
131
114
99
117
97
118
127
118
Machinery
123
Transportation Equipment
Aircraft
..
. .
Automobiles
Railroad cars .
Locomotives
Shipbuilding
117
306
103
125
103
156
Jan.
Feb.
Mar.
Apr.
Industrial
Production—Total...
Manufactures—Total.
139
140
141
143
140
P151
142
165
124
143
170
122
145
172
123
146
170
127
147
167
131
Durable
Nondurable
Iron and Steel
Pig iron
Steel ingots
Nonferrous
___
P156
.....
166
173
165
181
182
181
174
186
173
168
178
167
168
170
169
160
162
160
piee
166
pi66
146
153
163
173
176
181
192
P210
157
544
130
148
160
227
162
584
133
166
168
226
168
624
134
177
174
261
188
686
149
'209
204
'291
199
'726
159
'189
'217
316
188
751
144
168
239
'322
164
801
110
173
279
339
Metals and
.
P195
. . ._
Products
Nonferrous metal smelting J
Copper smelting
Zinc smelting
Copper deliveries
Lead shipments
Zinc shipments..
Tin deliveries
153
130
126
148
154
126
143
164
134
130
147
170
127
144
169
133
132
146
179
131
142
177
137
138
147
203
136
143
181
136
134
150
212
136
142
I84
186
'140
136
155
211
139
142
186
141
137
160
211
140
143
P191
141
155
218
140
146
Lumber
and
Products
Lumber
Furniture
114
113
115
121
121
121
123
124
122
127
128
125
132
133
128
137
139
132
135
139
129
128
125
132
132
128
139
P134
Stone, Clay and Glass
Products
115
110
117
117
118
117
100
119
115
129
130
125
114
114
124
125
131
124
146
116
118
126
133
126
126
127
115
111
ISO
140
135
136
132
114
113
140
155
147
147
148
119
117
154
181
158
183
150
156
142
139
P141
134
Cement
Common and face brick
Common brick
Face brick
Glass containers
Polished plate glass
123
137
131
138
139
135
135
142
148
142
Textiles and Products.
.
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries .
Wool textiles
Carpet wool consumption.
Apparel wool consumption
Woolen yarn
Worsted yarn..
Woolen and worsted cloth.
107
103
114
144
56
89
79
88
92
93
89
113
108
121
137
57
100
69
113
102
112
105
113
111
124
127
61
106
95
108
104
118
104
116
113
120
120
65
123
109
137
120
136
122
123
121
126
129
71
132
125
152
124
150
126
134
131
135
146
77
142
128
160
131
154
144
140
136
145
156
74
142
141
158
135
146
142
134
130
138
157
69
134
125
152
124
146
134
135
131
142
150
67
136
131
152
122
157
134
144
155
149
156
171
73
165
148
182
149
177
173
P!62
140
147
158
71
152
131
177
139
170
154
Leather and
Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
88
88
87
91
89
88
96
90
90
88
91
101
94
85
88
75
84
101
97
92
98
83
83
101
95
90
95
82
83
99
97
93
100
85
81
100
107
100
110
92
'81
112
108
102
113
86
86
113
107
102
115
88
79
110
108
103
112
92
87
112
114
113
119
112
97
115
114
109
117
100
96
117
P118
Manufactured
Food Products
111
100
89
112
113
108
116
118
117
131
106
86
98
112
111
105
97
106
104
102
117
112
117
135
101
89
93
112
115
98
112
111
112
105
110
117
126
152
101
91
99
115
110
100
101
113
116
105
114
121
116
132
101
97
98
110
114
99
90
109
104
104
114
132
119
141
99
91
96
115
110
100
86
114
114
105
115
130
121
147
95
92
95
109
118
104
116
122
127
108
114
136
127
152
101
98
106
118
117
99
136
117
121
106
117
128
133
159
106
102
110
116
121
104
122
125
131
110
118
139
134
165
107
97
109
120
117
98
124
128
122
110
123
129
P127
105
107
126
121
105
122
126
Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter...
Cheese
Canned and dried milk
Meat packing
Pork and lard
Beef...
__
Veal
Lamb and mutton
Other manufactured foods
119
123
139
114
121
110
86
112
117
118
124
131
126
145
109
94
112
119
118
131
126
134
159
110
91
111
120
119
138
136
126
143
110
96
108
122
117
134
139
132
147
120
97
109
P127
Alcoholic
Beverages
Malt liquor.
Whiskey
Other distilled spirits...
Rectified spirits
_
104
102
78
132
123
100
99
84
114
114
us
99
84
131
201
108
103
72
148
154
91
91
44
208
87
103
93
71
231
126
103
100
80
118
134
96
94
77
86
131
101
104
85
85
105
105
105
78
112
126
108
106
81
132
131
104
100
80
132
130
107
102
82
140
137
114
106
90
129
170
Tobacco
Products
Cigars
Cigarettes
111
102
119
99
110
104
117
100
115
98
127
99
103
101
106
99
106
105
110
96
108
102
113
100
115
105
120
112
113
103
119
106
U4
108
121
101
113
111
118
101
116
110
125
96
117
109
127
97
120
117
127
101
119
109
131
100
M a n u f a c t u r e d tobacco a n d snuff..
r
1
Nov.
Aug.
Sept.
Oct.
121
121
125
129
133
121
132
112
122
135
112
127
146
112
132
150
116
135
154
120
154
148
154
156
157
156
158
162
157
164
167
164
165
169
165
124
128
133
138
145
117
323
101
121
102
164
122
364
106
111
102
170
111
394
87
119
113
1S9
107
455
76
127
123
213
138
517
109
148
140
220
124
129
131
133
111
104
112
132
127
131
130
135
113
110
113
137
130
128
131
130
115
119
124
141
138
138
140
141
119
127
135
146
146
134
135
140
134
128
141
110
109
111
112
110
115
111
110
113
107
104
115
115
115
108
107
107
116
96
113
115
109
111
105
112
91
112
113
118
120
112
111
80
100
97
107
137
61
79
97
68
78
76
76
104
100
109
142
58
87
95
82
86
90
83
87
86
86
80
91
87
Apr.
Dec.
May
P179
P136
P845
141
P195
^296
#363
PUS
142
170
223
150
142
P123
P154
^156
164
P189
P70
P168
P157
"187
j>177
P174
P124
110
P130
P128
Revised.
P Preliminary.
Includes also lead production shown under "Minerals."
670
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries (Adjusted for Seasonal Variation)—Continued
[Index il u m b e r s o fthe Board of Governors.
1935-39 average = 100]
1941
1940
Industry
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
125
124
150
123
113
186
143
120
132
114
109
114
120
114
130
131
159
119
142
200
148
127
143
114
109
117
131
120
129
129
153
119
128
190
144
126
138
110
113
119
132
120
128
128
153
122
129
193
144
124
134
Feb.
Mar.
Apr.
rl32
133
160
119
137
199
153
129
138
114
115
126
133
124
134
136
161
121
135
199
156
132
143
116
114
128
133
129
May
132
132
159
118
148
186
157
128
128
118
115
135
137
126
128
130
130
153
117
142
179
151
126
130
121
111
126
131
126
128
124
123
150
119
120
179
148
118
121
114
113
117
121
117
120
118
150
117
114
185
145
113
118
107
111
111
125
107
122
121
148
118
124
184
140
117
123
Printing and Publishing 1
Newsprint consumption.
108
101
115
106
120
106
114
102
no
108
104
109
104
no
112
107
111
103
in
105
116
106
117
106
P118
106
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
L u b r i c a t i n g oil
115
114
112
117
120
120
119
120
84
114
113
111
113
118
126
123
123
101
115
112
110
113
122
116
132
131
142
112
108
106
111
113
116
139
137
206
116
112
111
115
109
123
144
141
251
118
114
112
116
115
123
146
143
265
120
116
115
120
107
130
147
142
305
121
117
117
120
112
120
148
143
314
121
117
118
122
104
123
148
144
295
123
118
120
121
105
113
150
144
347
121
120
120
121
118
117
133
134
77
P124
113
109
109
116
98
111
139
136
248
116
112
113
113
102
121
142
139
252
111
in
116
117
115
in
116
118
121
123
123
123
130
P141
119
120
114
115
109
122
122
121
122
112,
117
116
126
127
113
109
109
106
108
95
115
116
105
106
102
124
125
109
110
107
126
128
109
110
103
132
133
116
118
107
144
147
117
118
115
141
143
123
124
121
153
156
128
128
127
155
158
134
135
132
158
161
131
131
130
119
117
118
120
113
116
113
118
119
118
118
125
101
vl27
116
120
83
118
114
120
82
116
116
116
113
116
117
121
129
114
112
121
112
108
114
119
105
114
109
98
91
115
113
112
94
115
113
115
105
113
in
121
149
102
112
86
22
71
113
P123
117
98
114
113
114
102
113
135
149
144
118
123
123
127
135
152
143
124
119
124
125
134
155
143
117
118
122
114
139
159
150
120
129
125
122
124
159
144
117
125
93
88
127
155
132
108
131
107
109
137
163
140
119
131
125
113
148
192
141
107
134
127
136
151
186
142
112
135
141
132
144
188
148
116
137
120
119
151
189
152
116
142
133
133
148
191
148
118
140
124
127
191
••354
150
120
147
122
121
P!55
Groundwood DUID
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
_ ._
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
Paperboard containers
Kerosene
Coke
Byproduct coke
Beehive coke
Chemicals
Rubber products . . . .
...
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
Minerals—Total
Fuels
Bituminous coal
Anthracite,,
Crude petroleum
Metals
Iron ore s h i p m e n t s
Lead
Zinc
Gold
Silver
.
116
117
140
118
104
*>.
Products
Paper and pulp
Pulp
too
164
136
113
114
99
113
115
119
114
115
127
128
149
118
135
175
145
125
131
110
113
125
123
127
125
Paver and Paper
124
110
no
115
123
125
119
158
114
107
151
141
515
162
164
144
144
145
P149
pgQ
P117
212
161
120
150
r
Revised.
P Preliminary.
1 Includes also printing paper production shown under "Paper."
NOTE:—For description and backfiguressee BULLETIN for August 1940, pages 753 to 771 and 825 to 882.
JULY
1941
671
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
llndex numbers of the Board of Governors. 1935-39 average = 100]
1941
1940
Industry
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar. Apr. M a y
Industrial Production—Total
112
116
121
118
120
129
134
135
135
134
138
143
142
P154
Manufactures—'Total
112
120
106
116
125
109
122
134
112
118
127
111
120
128
114
130
144
119
136
155
121
138
158
121
139
162
121
137
161
118
142
167
122
148
175
126
150
176
129
P159
106
123
104
123
133
122
151
150
151
147
153
161
152
161
164
161
164
154
147
169
163
166
173
165
172
173
172
170
177
170
172
176
172
181
178
181
171
170
171
P173
175
P173
126
126
129
129
135
142
149
153
164
168
176
185
195
P215
141
131
371
114
124
106
176
96
394
70
117
116
185
63
455
23
130
124
202
120
501
89
135
137
213
167
544
142
141
152
229
184
306
130
141
98
162
132
329
118
137
102
172
590
161
153
163
219
183
624
152
172
186
263
186
672
151
202
751
160
178
234
••335
190
801
139
196
266
352
p*16
P862
'282
199
726
161
182
222
307
129
135
139
137
116
106
114
141
129
131
132
135
116
109
113
146
ISO
127
131
128
116
113
118
148
131
126
126
133
118
118
125
143
141
154
131
129
143
156
127
140
172
137
139
147
181
141
149
172
138
135
152
188
141
149
176
137
133
153
200
138
149
181
142
140
158
209
138
149
190
142
136
163
219
140
145
194
127
127
133
133
122
130
167
138
138
147
173
133
145
147
145
164
221
143
145
P!95
P148
144
170
230
149
142
109
109
108
114
117
108
116
119
110
111
112
107
123
126
118
132
134
127
132
132
133
126
i23
130
121
114
133
116
113
123
119
115
129
123
118
133
130
128
135
P131
P145
Stone, Clay and Glass Products
Cement . .
Common and face brick
Common brick
Face brick
Glass containers
..
Polished plate glass
114
129
140
131
134
126
119
91
129
143
146
153
129
117
79
127
136
147
149
140
121
66
133
141
150
153
142
124
93
139
150
161
162
161
118
118
14B
*154
125
124
125
120
110
100
112
102
125
117
139
P164
163
154
160
140
119
127
136
145
147
149
141
115
129
142
115
103
102
107
116
96
111
141
110
144
120
131
130
141
135
142
159
142
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
...
Silk deliveries
Wool textiles..
Carpet wool consumption
Apparel wool consumption
Woolen yarn
Worsted y a r n . . .
Woolen and worsted cloth
97
95
110
127
60
73
91
63
73
72
68
100
97
109
127
55
85
91
82
86
90
80
101
98
108
131
51
88
77
88
92
93
88
105
101
109
134
51
98
67
108
102
107
102
111
108
114
137
57
109
101
113
108
120
107
118
115
120
138
65
120
111
137
119
130
116
126
124
129
144
77
129
124
145
121
150
121
137
134
139
151
87
140
126
162
129
154
143
140
138
133
144
154
72
136
119
149
125
150
142
143
140
152
148
68
149
143
165
134
163
153
147
143
156
150
74
152
146
179
135
163
154
150
146
160
158
73
152
139
171
140
166
156
P157
P152
164
P168
89
87
86
79
94
91
86
86
85
86
88
86
88
88
86
90
91
89
91
83
82
83
83
98
104
89
93
87
81
114
102
89
94
81
84
111
98
93
101
82
80
102
98
101
114
87
79
96
99
104
115
88
87
95
104
117
112
125
97
91
121
'122
112
121
105
96
128
117
110
117
99
99
123
P116
Manufactured Food Products
Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter
Cheese .
Canned and dried milk
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton .
Other manufactured foods
101
94
98
112
108
107
113
133
111
124
99
85
95
98
107
95
95
143
142
132
154
161
117
135
101
93
95
102
116
92
116
168
179
147
169
173
123
148
99
92
94
110
120
99
116
164
195
128
147
148
109
119
102
96
93
117
131
100
95
144
168
114
128
136
102
106
100
92
95
136
133
115
102
116
123
104
119
120
112
117
107
101
107
140
126
113
113
96
91
95
107
109
127
143
110
108
113
132
116
103
112
80
73
84
89
90
151
191
111
104
107
117
115
100
98
79
68
87
82
96
159
212
107
92
104
115
104
99
103
83
104
104
105
91
107
102
135
106
111
103
135
128
95
89
106
133
157
110
83
118
103
101
96
112
122
145
98
83
112
103
105
107
124
122
143
100
86
107
105
118
133
153
119
135
102
95
105
107
P116
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified spirits . .
106
111
86
79
110
107
117
84
68
100
120
126
67
77
161
112
127
40
70
130
89
106
24
100
68
108
94
56
317
134
108
82
76
314
174
104
87
84
104
73
92
94
77
96
181
207
93
81
98
105
140
90
106
79
113
100
96
98
86
124
108
111
91
84
122
120
124
90
77
149
105
97
111
98
112
102
119
101
124
112
105
119
101
110
108
116
97
118
117
121
108
120
127
118
115
115
123
114
105
98
83
108
89
108
90
119
98
108
96
118
95
110
100
119
99
113
111
118
100
121
108
133
100
Durable
Nondurable
Iron and Steel
Pig iron
Steel ingots
.
.
Machinery
Transportation Equipment...
Aircraft
Automobiles
Railroad cars
Locomotives
Shipbuilding
__
Nonferrous Metals and Products1
Nonferrous metal smelting ..
Copper smelting
Zinc smelting
. . .
Copper deliveries
Lead shipments
Zinc shipments _ - - . . - .
Tin deliveries
_-
._
Lumber and Products
Lumber ._
Furniture
. ._
Leather and Products..
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
Tobacco Products
Cigars _.
Cigarettes
. ..
Manufactured tobacco and snuff
r
1
...
104
140
101
.
204
133
136
142
154
79
146
131
163
135
160
150
103
116
87
79
106
P188
P135
164
P221
P296
P381
P136
P65
P165
P150
P187
P153
P177
P167
P122
P!23
100
P127
P173
151
177
200
132
147
120
101
111
Revised.
v Preliminary.
Includes also lead production shown under "Minerals."
672
FEDERAL RESERVE
BULLETIN
Industrial Production, by Industries (Without Seasonal Adjustment)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1941
1940
Industry
Dec.
Jan.
Feb.
108
115
129
113
124
151
126
113
186
144
120
132
110
112
113
119
114
123
124
154
124
138
190
144
120
127
112
110
116
126
116
128
128
154
124
128
192
144
124
132
111
113
119
128
120
133
133
159
127
133
199
148
129
138
118
113
126
130
124
'138
137
164
128
141
203
156
133
144
122
115
132
134
126
139
139
165
136
139
199
159
135
146
126
114
134
135
130
102
91
108
105
113
111
112
111
112
109
109
98
115
104
121
110
123
113
P121
113
109
109
109
111
110
135
134
171
114
110
112
114
97
107
138
136
198
118
114
116
114
102
119
141
139
209
118
114
114
116
109
123
144
141
259
119
115
113
117
115
126
147
143
292
119
115
112
122
106
131
149
142
357
120
115
113
123
108
126
150
143
367
120
115
114
124
103
124
152
145
398
119
114
114
119
104
115
154
145
434
121
119
118
119
122
119
133
134
69
P124
July
Apr.
May
June
119
120
144
132
122
164
138
116
116
108
113
119
121
115
115
127
128
150
131
135
175
145
124
128
114
114
127
122
124
123
130
131
157
120
147
184
154
127
128
116
116
132
135
123
127
124
Printing and Publishing 1
Newsprint consumption
114
108
119
110
119
107
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
115
114
111
115
125
123
118
120
76
115
113
111
113
123
126
122
123
76
.
Chemicals
.
Rubber Products
Rubber consumption _ . .
Tires and tubes
Pneumatic tires
Inner tubes
..
_.
Minerals—Total
Fuels
Bituminous coal
Anthracite
Crude petroleum
Metals
Iron ore shipments
Copper
Lead
Zinc
..
Gold
Silver
_
_
Oct.
123
121
148
101
120
179
148
117
123
107
110
113
121
116
124
120
147
102
115
185
145
116
125
102
111
127
124
150
no
131
103
88
116
113
112
112
122
113
131
131
116
123
147
104
133
175
144
120
123
110
108
118
124
122
125
no
124
188
143
120
130
no
112
Nov.
124
Mar. Apr.
May
155
115
111
148
141
386
114
113
110
110
112
116
120
120
122
121
123
128
134
118
119
114
115
109
122
122
121
122
112
117
116
126
127
113
109
109
106
108
95
115
116
105
106
102
126
128
109
135
138
116
118
107
137
140
117
118
115
145
no
107
126
128
109
110
103
148
123
124
121
151
153
128
128
127
155
158
134
135
132
157
160
131
131
130
162
164
144
144
145
111
118
118
121
117
124
122
119
114
113
115
116
96
Pi 29
113
100
89
121
113
102
90
111
100
104
116
111
106
101
114
109
111
83
111
115
124
100
114
112
115
128
96
111
116
127
112
111
117
130
114
111
118
134
112
112
121
143
105
114
87
19
76
116
P!20
161
288
140
116
116
97
114
179
315
133
112
121
134
113
164
308
135
114
118
100
91
171
301
136
112
127
121
107
184
294
146
117
131
156
115
W
102
91
98
90
149
PI 82
146
118
139
141
133
145
116
140
112
118
155
116
144
122
137
151
116
147
103
132
156
121
151
107
124
95
14
150
119
127
109
130
CO
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
Paperboard containers
^WOo
Paper and Paper Products
Sept.
Aug.
122
119
117
120
no
97
114
162
147
114
135
146
135
^88
P120
323
159
117
150
r
1
c
Revised.
P Preliminary.
Corrected.
Includes also printing paper production shown under "Paper."
NOTE:—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882.
JULY 1941
673
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
1941
1940
Industry and group
Apr.
Total*
Durable goods*
Nondurable goods*
Iron, Steel, Products
Blast furnaces, steel works
Bolts, nuts, washers, rivets
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
Plumbers' supplies
Stamped, enameled ware..
Steam, hot-water heating
Stoves
Structural, ornamental
Tin cans, tinware
Tools
.
.
Wirework
___
Machinery
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs
Textile machinery . .
Typewriters
June
July
Aug.
Sept.
Oct.
Nov.
Jan.
Dec.
Feb.
Mar.
May
102.8 102.8 103.9 105.1 107.4 108.9 111.4 114.2 116.6 118.3 118.6 119.4 122.1
97.7
97.9
99.0 100.4 104.3 107.4 111.2 114.6 117.6 121.1 122.1 123.0 126.3
107.6 107.4 108.5 109.6 110.2 110.3 111. 5 113.8 115.7 115.6 115. 2 115.9 118.0
124.7
129.3
120.4
100.8
101.2
103.7
107.3
111.1
112.9
116.1
118.9
122.4
107
108
75
102
67
97
82
155
85
89
71
98
93
158
109
105
76
101
66
95
82
153
84
88
71
97
92
156
115
104
75
102
66
82
83
153
85
91
73
100
92
151
120
110
76
104
70
84
84
157
87
95
75
100
95
139
123
116
78
104
74
98
87
169
91
96
78
98
98
152
123
119
81
107
77
102
89
179
92
95
81
96
101
170
125
121
84
109
81
105
90
188
97
98
84
99
106
189
127
128
89
110
83
109
94
190
100
100
86
103
111
201
130
135
89
110
88
113
'98
196
103
108
91
104
116
207
US. 4
113.4
114.9
116.6
120.0
122.5
126.6
130.9
136.0
141.2
133
128
102
134
136
128
101
142
136
130
103
152
133
130
104
165
139
129
107
175
141
132
111
181
143
132
116
195
140
134
120
212
143
137
126
219
147
137
131
238
114
275
118
286
150
86
130
155
89
131
97
215
96
220
97
228
98
237
153
84
114
155
82
113
144
79
112
145
77
116
101
247
145
76
119
103
247
138
79
123
107
257
110
265
134
81
126
142
83
128
124.8
133
139
88
110
90
113
99
194
106
113
96
109
121
206
125.5
126.2
128.2
131.6
133
145
92
108
94
114
98
133
151
92
110
96
116
100
140
159
94
117
101
117
102
213
111
109
103
120
135
206
106
106
100
112
126
208
107
106
100
113
128
208
136
153
93
114
100
115
101
204
109
106
101
113
132
203
144. 2
140
140
137
239
148.1
156.2
161. 4
126
146
142
242
165
151
147
243
172
150
153
255
120
296
124
304
129
315
133
323
189
98
138
198
102
142
'201
165
92
110
178
95
134
_
106
54
27
148
105
52
28
154
102
49
29
164
97
51
31
175
107
50
33
186
116
55
36
187
125
58
39
195
105.9
106.0
108.2
110.7
115.7
118.6
122.3
126.3
133.3
183
128
94
99
86
68
190
132
95
100
81
71
199
140
98
99
92
70
207
153
101
96
103
74
214
162
101
98
105
75
135.1
180
124
92
96
84
70
202
147
100
94
100
72
129.4
177
125
90
96
85
70
218
168
102
101
106
76
229
173
107
102
110
77
224
176
109
105
112
79
127
64
42
204
124
67
46
220
123
75
52
244
123
71
55
262
123
70
56
268
136.1
'220
179
111 '
107
110
79
86
86
87
89
92
92
94
94
96
98
Lumber, Products
Furniture
Lumber, millwork
Lumber, sawmills
67.2
67.9
67.5
69.0
71.3
73.6
75.2
76.3
74.O
96
72
67
75.5
90
60
61
70.6
90
61
60
67.4
97
74
68
98
72
67
98
Stone, Clay, Glass Products
Brick, tile, terra cotta
Cement...
Glass...
Marble, granite, slate.
Pottery
79.8
78.9
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
Apr.
111.2 111.6 111.8 110.7 120.9 130.2 140.2 r143.9 r145. 6 150.4
'154. 0 158.6 163. 8
2,426 2,598 2,829 3,115 3,479 3,881 4,243 4,447 4,731 5,089
5, 398 5,509 5,798 6,040
Transportation Equipment..
Aircraft ._
Automobiles
Cars, electric-, steam-railroad
Locomotives
._
Shipbuilding
Nonferrous Metals, Products
Aluminum*
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
May
89
62
60
90
63
62
79.8
81.3
81.8
59
68
104
45
58
66
103
47
58
67
103
47
89
88
91
96.6
87.8
96.3
87.7
96.8
88.0
60
66
105
45
60
69
107
45
88.4
61
70
109
46
61
72
112
46
65
74
117
45
90. 4
68
76
117
46
94. 6
75
75
120
46
r92. 9
74
76
116
47
65
92.3
74.2
101
70
65
92.3
71
75
118
46
70
74
121
45
109
74.5
104
69
64
92.3
70
73
122
44
94
96
100
105
108
108
108
102.6
95.2
105.3
97.7
107.2
98.7
107.3
98.8
107.1
99.1
107 6 109.9
100.4 103.3
79
82
82
97
87
99
90
85
84
86
89
99
92
100
93
101
94
103
. 97
106
103
129
84
141
71
76
151
65
99
132
85
144
74
77
149
64
98
132
82
144
69
81
144
63
98
134
82
142
69
78
141
64
98
136
83
142
68
78
143
66
102
138
80
141
71
79
141
69
109
141
82
144
77
81
155
74
109
170
114
116
69
122
166
114
116
76
131
166
113
118
82
125
164
114
118
78
124
160
114
119
78
127
71
72
121
65
139
60
74
130
65
70
123
68
134
61
72
127
67
73
119
74
133
65
72
131
64
77
125
85
136
69
76
138
63
85
93
79
112.5
102
116.1
105
158
113
111
71
116
166
106
120
71
116
158
113
114
72
121
84.7
102
101.9
93.5
91
77
111.6
98
83.0
233
182
118
114
112
83
103
94
70
156
111
115
78
122
93
71
66
140.6
229
181
115
111
112
81
101.1
92.6
89
76
112.4
100
91
68
64
139.0
94
88
76
76
91
65
64
101
128
73
63
294
100.2
91.3
89
76
79
_
90
61
60
100
125
70
59
284
128
83
138
72
75
147
62
86
75
94
81
129
84
138
69
74
151
61
90
116.1
104
116.5
104
164
112
125
73
118
165
112
126
78
119
95
82
129
80
140
70
75
153
63
93
114.8
102
118.0
109
164
112
122
74
117
168
114
118
68
117
83
121.9 122. 0 120.5 119.3
115
114
111
110
119.9
114
109
112.8
105.8
123. 7
122
161
116
120
74
130
r
Revised.
* Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166, and for June 1941, p. 569.
NOTE.—Figures for May 1941 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and for October
1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month.
674
FEDERAL RESERVE BULLETIN
Factory Employment (Adjusted)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
1941
1940
Industry and group
Leather, Manufactures
Boots, shoes
Leather
Apr.
May
91.
90
87.9
86
81
._
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
144
274
97
150
82
79
79
107
98
94
July
Aug.
90. i
89
81
131 9
146
146
278
268
97
96
161
137
83
86
79
80
75
77
111
109
102
Sept.
Oct.
Nov.
89.1
87
82
88
81
91.1
90
82
129.8
146
272
96
146
88
79
76
108
106
93
1X6.9
144
265
96
130
86
79
75
109
110
91
129.9
144
271
96
152
86
78
79
110
100
95
92
84
132.4
144
281
102
152
90
78
81
114
102
95
Dec.
94.,
93
85
144
285
101
157
91
78
81
121
145
97
Jan.
Feb.
93.8
91
85
Mar.
Apr.
93.2
91
May
95.,
93
90
95
90
132.8
148
277
106
140
92
79
83
115
97
103
135.1
149
286
107
146
89
78
79
120
98
101
183. 3
143
281
98
149
89
78
80
112
240
rlSl.O
145
279
99
144
88
77
81
111
66. S
57
68
64.9
54
66
64.O
54
65
65.0
54
66
65.7
53
67
146
278
102
139
91
113
••111
97
65.2
59
62.8
58
64
63.0
56
64
63.7
57
65
68.3
57
64
63
55
65
64.7
57
66
115.8
116
115
100
117
115.7
118
116
100
116
116.5
119
117
101
116
116..
119
117
100
117
115.7
117
117
100
116
116.1
117
115
102
116
116.8
120
116
101
118
117.8
122
116
102
117
117.1 rtl7.
123
122
116
117
103
101
116
'118.5
125
119
103
117
119.8
129
120
104
117
121.2
132
123
104
117
121.1
122
120. 9
136
97
119
116
109
123
312
81
122.0
122
121.9
137
94
122
120
119
121
311
82
122.4
123
122.3
138
83
120
127
120
122
315
82
121. 7,
122
121. 5
138
78
119
133
114
124
308
83
122.
122
122. 2
141
75
117
139
113
126
306
85
121.7
121
121.8
141
62
116
145
107
127
309
86
124.1
121
120
123. 5 124. 9
143
147
92
101
114
113
141
144
107
107
125
127
310
311
82
125.8
120
126.4
151
102
113
147
103
128
314
87
126.6
120
128.1
154
102
116
151
104
130
310
127.4
120
129.1
157
100
118
162
103
130
306
90
128.1
121
129.9
161
94
119
163
95
134
308
182.2
121
134.
163
108
122
134. S
122
137.7
167
106
129
0)
119
135
330
83.9
57
70
136
83.5
56
69
138
812
57
69
140
56
69
141
87.0
54
71
149
89.7
54
73
155
57
74
157
64
77
167
99.0
67
78
171
100.4 r 102.0
69
104.2
74
59
64
Paper, Printing
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing
114.8
115
112
101
116
Chemicals, Petroleum, and Coal
Products
Petroleum refining
Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap
Rubber Products
Rubber boots, shoes
Rubber tires, inner tubes
Rubber goods, other
• Revised.
89.6
88
81
129.1
145
273
98
147
84
81
76
107
99
95
65.0
59
66
1
June
93.6
60
75
160
174
112
135
324
91
106.1
78
177
Data not available.
TOTAL NONAGRICULTURAL EMPLOYMENT
[Thousands of persons]
Year and month
Seasonally adjusted
1940—May
June
July
Aug.
Sept
Oct.
Nov.
Dec. _
1941—Jan.
Feb
.
Mar.
Apr.
May
Unadjusted
1940—May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
1941—Jan
Feb
Mar.
Apr.
May- .
_ . -
Total
nonagricultural
employment * 12
Employees irI nonagricultural establishments
Total * 2
Manufacturing*
9,798
Mining
Construction
Transportation and
public
utilities
Trade
Mili-
Financial, service, and
miscellaneous
Government 2
tary
and
naval
forces
35,139
35 300
35, 448
35, 747
35, 936
36, 324
36, 827
37, 460
37, 571
37, 786
37, 725
37, 777
38, 204
28, 996
29 157
29, 305
29, 604
29, 793
30, 181
30, 684
31,317
31,428
31, 643
31, 582
31, 634
32, 061
9 883
9,981
10.160
10, 280
10, 477
10, 698
10, 899
11,021
11,044
11,109
11,321
11, 532
854
851
861
862
849
835
833
837
849
846
855
572
885
1,196
1,203
1,219
1,256
1,318
1,490
1,669
1,974
2,014
2,132
1, 933
1,859
1,666
3, 006
3 015
3,036
3, 058
3. 059
3, 053
3, 053
3,064
3,077
3,087
3,105
3, 133
3,191
6,224
6, 260
6,256
6, 282
6,285
6,289
6, 341
6,437
6,298
6,333
6,351
6,474
6,447
4,157
4 160
4,161
4,175
4, 174
4,181
4,204
4,226
4,233
4,250
4,254
4,258
4,278
3, 761
3,785
3,791
3,811
3,828
3, 856
3,886
3, 880
3,936
3,951
3,975
4,017
4,062
469
479
506
546
634
737
822
884
958
1,139
1,343
1, 554
1, 679
35,163
35, 425
35 454
35 902
36, 528
36, 867
36, 686
37, 608
36 621
36, 928
37, 227
37, 676
38, 278
29, 020
29, 282
29 311
29, 759
30, 385
30, 724
30,843
31, 465
30 478
30, 785
31, 084
31, 533
32,135
9,776
9,824
9 832
10 163
10, 479
10, 668
10,735
10, 856
10 797
10, 982
11,152
11,370
11, 532
845
838
837
839
846
856
853
855
852
854
864
564
875
1,249
1,321
1,378
1.443
1, 511
1,654
1,709
1,720
1,623
1,678
1,631
1, 775
1,748
3,000
3,032
3 059
3.081
3,120
3,121
3, 065
3,039
3 012
3,028
3,056
3,113
3,184
6,197
6,254
6,159
6,168
6,321
6,362
6,433
6,884
6,165
6,173
6, 259
6,463
6,419
4,202
4,214
4,218
4,226
4,255
4,187
4,167
4,180
4,142
4,164
4,187
4,265
4,325
3,751
3,799
3,828
3,839
3,853
3,876
3,881
3,931
3, 887
3,906
3,935
3,983
4,052
464
474
516
549
634
733
822
884
958
1,145
1,343
1,546
1,662
* Revised from January 1937 to date owing to adjustment of manufacturing employment to Census of Manufactures through 1939.
12 Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments.
Excludes military and naval forces.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for May 1941 are preliminary. For back figures, adjusted for
seasonal variation, see pp. 534-535 of the BULLETIN for June 1941.
JULY 1941
675
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures t h r o u g h 1937. 1923-25 average=100]
Factory payrolls
Factors 7 e m p l o y m e n t
i
Total*
Durable goods*
Nondurable goods*
Iron, Steel, Products
Blast furnaces, steel works
Bolts, nuts, washers, rivets
Cast-iron pipe. _
Cutlerv edge tools
Forcings
Hardware
Plumbers' supplies
Stamped, enameled ware
Steam, hot-water heating. .
Stoves
Structural, ornamental
Tin cans, tinware.__
Tools
Wirework.. .
..
Machinery
Agricultural implements
Cash registers, etc.
E lectrical machinery
Engines, turbines, etc..
Foundry, machine-shop productsMachine tools
Radios, phonographs
Textile machinery
Typewriters
Nonferrous Metals, Products
Aluminum *
Brass, bronze, copper
Clocks, watches..
Jewelry
Lighting equirjment
Silverware, plated ware
Smelting, refining. _ . . . .
_.
Jan.
103.2
98.7
107.5
102. 5
99.2
105.6
115.5 117.8 119.9 122 7 124 7
118 3 121.0 123 7 127.7 131.0
112.7 114 7 116.3 117.8 118 7
101.7
108
109
104
67
98
82
160
85
91
70
95
94
162
101.9
109
106
76
103
67
96
82
156
85
91
71
96
92
161
rl22. 3
131
139
88
108
91
113
98
'191
103
95
94
102
121
200
113.6
141
129
102
140
97
216
128
85
114
11S.9
140
129
102
149
97
221
137
82
113
139.8
150
136
129
224
117
286
148
89
131
Mar.
__.
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
.
.
132. 5
140
160
94
118
102
117
102
218
112
113
102
119
135
212
143.5
U7.7
144
140
136
237
120
297
145
93
109
133
146
142
247
156. 5
176
151
147
255
130
317
159
99
138
162. 3
177
151
154
268
135
325
174
102
143
05
115
99
-202
106
99
96
104
126
208
66.9
86
61
60
68.0
87
61
62
71.3
94
70
63
72.0
96
70
63
80.5
58
68
105
46
93
82.0
61
71
104
49
91
85. 9
65
65
114
39
105
98.8
88. 3
80
91
79
125
65
140
00
77
131
64
67
118.6
104
168
115
118
87
125
96.0
87.0
76
89
76
123
66
134
62
74
127
62
72
112. 2
95
163
114
115
75
121
106.4
99."
82
101
92
135
82
143
60
77
140
65
100
'•116."
-109
162
112
108
75
119
May
129.4
137
155
93
117
100
117
101
210
109
108
99
109
133
207
131. 1
225
172
100
90
108
75
98
71
86
Apr.
127. 2
135
151
91
113
97
117
101
'207
107
'103
97
107
130
210
125. 0
133
146
89
109
105. 3
180
126
90
89
84
70
86
105. 6
178
126
89
90
86
._. ___
_ _.
K n i t t e d outerwear
Knitted underwear
K n i t t e d cloth
Silk, rayon goods
Woolen, worsted goods
Wearing apparel
Clothing, m e n ' s . .
Clothing, women's
Corsets, allied garments
M e n ' s furnishings
Millinery
..
Shirts, collars
May
124
307
149
96
134
116.9
152. 6 157. 2 r!61.1
116.7
\ 344' \ 564
2, 474 2, 676 5, 038
112
130
128
110
131
69
57
(59
56
71
53
49
28
28
56
-257
153
240
158
272
Transportation Equipment
Aircraft
Automobiles
._
Cars, electric-, steam-railroad
Locomotives
__ ._
Shipbuilding
Lumber, Products
Furniture __
Lumber, millwork.
Lumber, sawmills
Apr.
Feb.
134. 7
225
176
109
102
111
78
100
136. 9
r224
181
'•111
104
112
80
101
r
1941
1940
1941
1940
Industry and group
Apr.
979
98.4
97.3
94.9
99
114
62
94
75
104
164
76
82
61
101
91
175
121.6
166
134
113
183
95
287
116
80
112
Jan.
May
97.8 120.7
98.7
96.8
132.0
108.1
97.2
103
110
67
92
73
102
-75
162
75
84
62
101
90
170
130.8
140
171
93
107
124
130
'92
214
105
87
89
116
141
238
122 3
164
134
114
194
95
290
127
167.5
181
152
163
332
129
415
145
98
141
11
114
Feb.
Mar.
Apr.
May
r!26. 8
139. 2
112.9
131. 2
144.6
-116. 3
134.8
150.0
117.8
141.9
159.1
122.5
n37. 0
141.2
149
199
99
-123
138 !
138
-101 :
-241
112
103
97
-122
161
256
150. 8
164
212
104
125
141
136
98
243
117
109
103
127
166
243
159.1
171
231
110
131
152
143
107
263
122
116
114
145
169
275
186.2
162
179
186
376
144
462
157
110
159
198. 2
242
191
192
368
153
472
164
112
175
217.4
145
193
97
"115
130
135
'97
233
110
94
. 94
117
153
253
176.9
174
166
176
345
136
450
146
105
122
170.9
191. 4
176.2 r190. 8 197.2
166.2
124. 3 118.5
5,920 6, 441
2,602
>, 678 7,183
5. 914 6, 222 2,415
134
121
111
148
159
163
147
132
67
66
74
79
52
50
64
74
61
64
72
65
26
00
27
55
303
169
180
308
338
365
393
294
138. 8
231
183
114
104
113
82
101
139. 7
233
184
116
105
112
83
102
74.6
72.8
94
58
63
75. 7
95
59
66
102
62
66
79. 6
55
61
131
27
90
r82. 0
55
62
-135
30
100
85. 2
56
66
141
31
104
91.1
62
76
144
35
111
*95. 0
93.1
75
97
93
120
80
149
56
73
125
53
94
-93.1
87
120
116
103
55
104
103. 9
98.5
79
102
101
129
89
156
60
77
129
56
100
-108.:
97
143
127
124
76
117
107.1
101.1
83
105
105
133
88
161
61
82
133
58 i
100 i
112.3
100
148
133
129
85
121
107.1
104. 1
81
113
107
135
67
155
64
84
133
60
102
106.6
99
133
133
124
76
126
63.3
75
48
58
68.1
84
58
59
rro.e
74.6
93 0
69
74
122
45
113
95.7
74
78
124
46
112
72,2
45
64
114
34
85
110.1
101."
84
103
95
140
84
143
68
78
142
67
103
124.?
114
173
115
119
89
125
111.6
102."
86
104
98
142
85
144
68
80
146
67
103
127.0
110
178
118
123
91
128
112.2
103. "
87
105
101
143
81
142
71
83
142
69
104
126. 4
118
173
118
122
88
130
112.4
105. 0
89
106
103
141
80
143
77
82
155
08
106
124.0
119
166
118
121
76
131
81.4
75. 2
68
81
73
105
39
144
47
69
101
50
53
88.
119
120
101
74
111
49
69
112
39
84
77.9
73.9
60
78
68
99
46
134
50
65
104
49
60
81.
65
112
117
96
54
101
165. 9
90
58
-61
61.4
74
48
55
r89. 7
65
69
120
43
111
83
80
425
322
244
145
98
110
92
111
146.0
281
220
115
82
99
71
102
'86. 9
64
06
116
42
108
145
157. 0
290
234
134
94
106
82
108
103. 6
210
134
94
73
72
61
84
73 8
98
70
65
r
197.2
7,720
155. 1
257
237
129
94
105
82
106
103. 1
208
133
92
72
74
63
84
72. 6
97
70
64
100
70
06
151.2
285
224
125
-90
105
77
105
240
195
214
452
165
506
192
125
189
77.9
97.0
69
85
148
38
113
110.3
109.0
89
117
114
132
75
159
72
84
150
62
113
106.2
101
133
137
128
52
130
r
Revised.
* Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166.
676
FEDERAL RESERVE BULLETIN
Factory Employment and Payrolls—Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
Factory payrolls
Factory employment
Industry and group
Apr.
Leather, Manufactures
Boots, shoes
Leather
1941
1940
Jan.
May
Feb.
Mar.
Apr.
121.5
138
331
85
90
75
73
70
110
49
80
120.2
135
289
80
79
87
72
59
120
96
70
119.6
138
295
81
76
89
73
60
114
57
73
122.5
140
313
85
76
94
73
63
114
'46
92
125.5
141
331
90
88
86
76
70
116
48
93
134. 7
149
361
98
90
84
75
75
133
54
89
64.8
53
66
58.7
64
58
60.7
67
60
59.3
67
58
61.7
64
61
62.7
64
62
59.1
62
59
66. A
65
66
119.4
127
120
103
117
120.8
129
123
104
118
109. 7
121
115
87
111
113.1
125
124
88
112
115.4
132
128
95
108
117.1
136
133
93
110
120. 3
145
136
95
112
121.3
151
139
94
113
124. 9
159
146
96
114
133 5
137
132.5
162
57
129
141
118
136
311
98
142 1
132
145.2
188
111
131
203
86
137
336
108
144 2
132
148.0
194
105
136
209
93
142
328
113
148 2
133
152. 7
202
94
138
207
117
147
333
115
156 6
142
161.0
208
83
138
162 2
147
167.0
222
68
142
177
158
342
116
129
169
356
125
87 1
54
80
131
111 6
79
98
174
115 3
79
100
185
119 5
80
103
195
122 5
84
107
195
129 2
88
112
207
121.4
141
256
92
91
87
77
68
116
103
88
119.1
143
255
'120.3
145
264
96
80
89
77
71
111
-43
96
123.9
147
272
102
97
86
63 8
59
64
62 2
59
63
60.8
58
61
63.7
57
65
63.3
54
64
63.5
54
65
Paper, Printing
_ .__ __
Boxes, paper
__ ___
Paper, pulp
Book, job printing.
Newspaper, periodical printing
113.8
113
112
100
117
115.0
114
115
99
117
Chemicals, Petroleum, and Coal
Products
Petroleum refining. _
____
Other than petroleum
Chemicals
_ __ _ . _
Cottonseed, oil, cake, meal
Druggists' preparations
_ _
Explosives
Fertilizers
Paints, varnishes.
___
Rayon, allied products
Soap
123 4
121
123. 9
135
79
119
114
175
124
306
81
120 6
122
120.4
136
64
118
118
129
126
304
81
126 0 127 8
150
104
126
314
86
119
129.9
155
112
119
159
113
129
311
90
Rubber Products
Rubber boots, shoes
Rubber tires, inner tubes.
Rubber goods, other
84 7
56
70
140
83 8
54
69
140
98 8
68
78
169
100 7
68
79
175
r
x
Revised.
Data not available.
NOTE.— Figures for May 1941 are preliminary.
payroll period ending nearest middle of month.
119
127.7
152
114
116
117.1
119
117
103
116
123
119
102
117
79
111
44
103
95.7
93
90
149'
292
109
99
81
77
87
118
47
101
130 7
120
133.4
159
99
121
161
141
133
312
91
134 5
121
137.8
162
88
122
133 1
122
135.9
166
72
125
179
137
318
92
128
141
324
92
133 4
137
132.3
160
69
131
133
136
132
311
98
102 8
69
80
179
105 1
72
83
180
106 4
75
84
181
86 5
55
78
133
r
May
117.7
134
312
81
83
74
72
63
110
48
77
121.7
145
279
100
100
76
79
84
106
47
95
r
Apr.
91.0
87
98
119.7
143
268
94
103
ni6.6
118
116
104
115
Mar.
92.3
89
95
98.0
96
90
Tobacco Manufactures
Tobacco, snuff
Cigars, cigarettes
Feb.
96.1
94
94
98.7
97
89
85
86
77
68
111
53
89
Jan.
91.5
89
92
96.9
95
88
78
75
104
44
94
May
83.3
80
87
93. 4
91
86
Baking
_
Beverages
Butter...
Canning, preserving
Confectionery.
. _ .
Flour
Ice cream _
_ _
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane
Apr.
63.6
58
77
86.8
85
81
Food, Products
May
70.7
67
78
94.2
93
83
_
1941
1940
Back data may be obtained from the Bureau of Labor Statistics.
r
(i)
Underlying figures are for
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
Average hourly earnings (cents per hour)
Industry group
Mar.
Totml
Apr.
Nondurable goods
Textiles, Products
Fabrics
Wearing apparel
Leather, Manufactures 1
Food, Products
Tobacco Manufactures
Paper, Printing
Chemicals, Petroleum, and Coal
Products
Petroleum refining
Other than petroleum refining.
Rubber Products
r
1
36. 1
40.7
38.4
38.9
38.4
35.7
Jan.
Feb.
40.0
40. 4
40.0
66.5
41.2
40.6
41.6
42.0
41.5
72.8
41.0
43.6
40.2
42.7
39. 5
38.2
39.8
43.2
40.4
41.4
38.9
36.5
40. 7
44.2
42.1
41.8
'•39.4
37.2
41.0
44.9
42.3
42.1
r
39. 7
37.2
40.8
44.7
39.7
42.0
40.2
38.0
76.3
73.9
90.0
69.7
51.5
66.4
Dec.
39.8
37.5
Durable goods.
Iron, Steel, Products
Machinery
Transportation Equipment
Nonferrous Metals, Products
Lumber, Products
Stone, Clay, Glass Products
1941
1940
36.0
40.5
38.3
38.6
38.4
36.5
Mar.
Apr.
Mar.
Dec.
Jan.
66. 5
68.3
68.9
69.2
69.7
70. S
72.9
74.9
75.8
76.2
76.8
78. 5
76.4
73.9
90.2
70.0
51.8
66.4
78.0
76. 1
90.0
73.8
52.8
68.0
78.6
76.8
91.1
74.0
52.9
68.4
79.1
77.1
91. 8
74.0
r
53.4
'"68. 5
79.5
77.8
92.1
74.8
54.1
68.9
84. 1
78.8
92.5
74.9
54. 7
69.5
Apr.
Feb.
Mar.
Apr.
38.4
37. 3
38.3
38.8
61.0
60.9
61.7
62.0
62.1
62.4
62.9
35. 1
35. 1
35.2
35.6
39.8
34.5
38.0
34.2
34.5
33.6
32.5
39.4
34.7
38.1
36.7
37.9
34.3
36.5
40.6
38.1
39.3
35.7
36. 9
33. 3
37.3
39. 0
35.7
38.8
37.4
38.3
35.7
39.1
39.5
35.4
39.1
37.8
38.6
36.3
39.7
40.0
36. 1
37.3
38.3
35.4
38.0
39.6
33.2
39.6
50.5
48.2
54.3
54. 1
64.1
49.0
78.9
49.5
48.2
51.9
54.3
64.3
49.3
79.3
50.7
48.8
54.4
55.2
64.1
49.0
79.9
51.2
49.2
55.2
55.5
64.9
49.8
79.6
51.4
49.2
55.5
56.4
65.1
49.5
80.3
51.6
49.4
55.6
57.2
65.5
49.7
*-80.7
52.2
50.9
54.7
57.9
65. 5
50. 6
80.5
38.4
36.2
39.2
35.8
38. 5
36.5
39.2
36.0
39.6
37.3
40.4
39.7
38. 9
35. 7
39.9
39. 0
38.8
35.6
39.8
39.3
39.1
36.0
40.1
39.7
39.9
37.0
40.7
39.4
74.6
97.1
67. 0
77.9
74.2
97.4
66. 5
77.9
76.6
96.8
70.1
78.4
77 0
97.0
70.6
78.8
77.0
97.0
70.7
79.2
76.6
96.7
70.5
79.9
77.3
99.5
70. 7
80.4
36.9
Revised.
Beginning with October 1940 figures are not comparable because of expansion in reporting sample.
JULY 1941
677
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Nonresidential building
Residential
building
Total
Factories
Month
January
February
March
April
May
June
July
August
September
October
November
December
Year
1
1940
1941
1940
1941
196.2
200.6
272.2
300.5
328 9
324.7
398 7
414.9
347.7
383 1
380.3
456 2
305.2
270.4
479.9
406.7
77.4
74.9
121.7
135.4
145 9
135.3
140.4
153.0
152.4
148.5
152.8
159 3
111.3
116.5
147.9
166.5
1941
1940
12.9
15.4
21.8
23.5
23 2
15.2
49 5
39 6
38.0
47.1
79.0
77 3
55.9
37.8
121.8
66.2
Educational!
1941
1940
15.9
20.2
23. 1
24.0
26 1
33.1
38 9
28.6
27.1
29 4
24.9
27. 1
442 4
1 596 9
4 004 0
Commercial
1941
1940
26.9
20.9
33.1
36.2
6.1
8.1
9.3
17.4
15 3
14.3
16 5
14.4
9.8
18.6
8.5
8.9
1941
17.7
26.9
19.6
24.0
25 6
29.4
34 1
36.6
26.4
41.2
35.9
69.3
1940
24.2
23.5
36.1
29.7
1941
66.3
55.2
76.7
76.3
92 8
97 5
119 3
142 8
94.0
98 2
79. 1
114 3
386 7
147 2
318 3
Other i
1940
11.6
7.9
10.4
11.2
Public works
and public
utilities *
75.1
63.9
130.6
96.9
1,112 4
Not strictly comparable with data for earlier years due to changes in classification.
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.
Private ownership i
Public ownership i
Total
Month
August
September
October
November
December
... _ .
Year
1937
1938
1939
1940
1941
1936
1937
1938
1939
1940
1941
1936
1937
1938
1939
1940
215
140
199
235
216
233
295
275
234
226
208
200
243
188
231
270
244
318
322
281
207
202
198
209
192
119
227
222
283
251
240
313
301
358
302
389
252
220
301
330
308
288
300
312
323
262
300
354
196
201
272
301
329
325
399
415
348
383
380
456
305
270
480
407
549
149
79
96
105
94
116
153
153
116
101
89
82
112
69
66
74
93
137
131
104
80
78
93
115
118
51
95
99
144
108
98
171
160
203
179
279
148
111
128
160
135
128
137
158
144
92
144
225
93
82
111
96
226
169
255
66
62
103
130
122
116
141
122
119
125
119
117
130
119
165
195
151
180
191
178
127
124
106
94
75
68
132
123
139
143
142
142
141
154
123
110
104
109
173
170
174
161
163
154
179
170
156
129
104
119
177
197
217
177
194
220
204
209
186
198
1,334
1,152
2,675 2,913 3,197 3,551 4,004
O CO
CO Ox
January
February
March
April
May
June
July .
1936
112
147
205
195
144
175
195
258
1,705 1,708 1,802
1,341
1, 761 1,492
1941
194
174
254
238
294
1,842 2,202
' Backfigures.—SeeBULLETIN for February 1938, p. 159. 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
dollars.]
F. W. Dodge Corporation. Value of contracts in thousands of dollars.]
1941
Liabilities
Number
1940
Federal Reserve district
May
Boston
New York.__
Philadelphia.
April
May
40,311
79, 528
21,316
31,410
50,176
22, 048
23,130
62, 993
15, 408
63, 447
100, 005
47, 935
37, 371
48, 098
44, 240
34, 089
39,339
31, 297
Chicago
St. Louis
Minneapolis..
76, 392
38,137
15, 978
71,749
34, 532
11,505
61,185
20,379
11,857
Kansas City.
Dallas
36, 436
29, 215
10,312
45, 234
13, 890
15, 347
Cleveland..
Richmond .
Atlanta
Total (11 districts).
548,
700
406,
675
328,914
Federal Reserve
district
1941
May
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
1940
April
May
1940
1941
May
April
May
108
389
81
65
37
46
143
33
10
36
35
136
103
407
56
61
42
45
150
36
24
44
22
159
477
71
79
51
55
175
43
25
37
24
113
999
3,273
1,342
528
281
361
1,030
234
87
416
371
1,143
1,213
5, 795
667
881
281
958
1,971
185
302
194
196
1,184
1,154
4,540
1,072
1,120
604
462
1,392
415
362
302
316
1,329
1,119
1,149
1, 238
10, 065
13, 827
13, 068
New series. Includes cases of discontinuances where loss to creditors
was involved even though actual legal formalities were not invoked.
Back figures, available for 1939 only, may be obtained from Dun and
Bradstreet, Inc.
678
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports
Merchandise exports 1
2
Excess of exports
Month
1941
1938
1939
1940
1941
1937
1938
1939
1940
1941
1937
1938
1939
1940
January.
February
March
223
233
257
289
262
275
213
219
268
370
347
351
325
303
357
240
278
307
171
163
173
178
158
190
242
200
217
229
234
268
-18
-45
-51
118
99
102
35
61
77
128
147
134
97
70
89
April . . .
May
June
269
290
265
274
257
233
231
249
236
323
324
350
385
287
285
286
160
148
146
186
202
179
212
211
211
288
-18
5
-21
115
109
87
45
47
57
111
112
138
98
July
August
September
268
228
231
246
230
250
289
317
351
295
265
246
233
141
166
168
169
176
182
232
221
195
3
31
63
87
65
79
61
74
107
84
130
101
315
323
278
252
269
332
292
368
344
328
322
224
223
209
178
176
171
215
235
247
207
224
253
108
92
115
100
76
98
117
57
121
137
104
69
3,349
3,094
3,177
4,021
3,084
1, 960
2,318
2,625
265
1,134
859
1, 396
981
1,101
930
1,391
1,112
667
713
871
-131
434
217
520
tO tO
1937
M
October
November
December...
Year
Jan.-Apr.
1, 371
1,018
354
i I n c l u d i n g b o t h domestic and foreign m e r c h a n d i s e .
General imports, including merchandise entered for i m m e d i a t e c o n s u m p t i o n a n d t h a t entered for storage in bonded w a r e h o u s e s
Source.—-Department
of Commerce.
Back figures.—See B U L L E T I N for F e b r u a r y 1937, p . 152; J u l y 1933, p . 431; a n d J a n u a r y 1931, p 18.
s
FREIGHT-CAR LOADINGS, BY CLASSES
REVENUE, EXPENSES AND INCOME OF CLASS I
RAILROADS [
[Index numbers; 1935-39 average=100]
[Millions of dollars]
Total
Coal
Coke
Grain
Livestock
Forest
products
Ore
Mis- Merchancellane- dise
ous l.c.l.
SEASONALLY
ADJUSTED
1940—Apr
May
June
July
Aug
Sept.... _
Oct
Nov
Dec
103
106
111
110
112
112
110
116
119
110
115
119
120
124
114
91
109
107
108
117
145
158
162
147
149
150
153
109
101
98
100
96
106
100
98
96
91
91
95
88
96
98
99
98
96
104
106
108
108
115
122
128
131
133
134
134
134
138
139
145
181
181
164
99
••103
111
108
110
112
116
120
125
1941—Jan
Feb.
Mar
Apr
May
122
124
126
112
135
109
113
128
45
138
145
149
168
137
182
102
102
113
113
124
88
93
93
93
91
138
133
127
130
130
180
181
192
266
26G
130
131
128
130
136
1940—Apr.. _.May
June
July____
Auc
Sept
Oct
Nov.
Dec
96
103
109
110
113
125
125
122
112
92
r
98
100
102
109
120
104
121
121
95
108
131
136
136
144
149
159
167
93
87
96
145
117
117
107
96
87
81
82
75
74
91
129
152
124
92
104
110
112
108
121
132
135
129
119
57
184
233
250
244
254
238
145
46
1941—Jan. _.
Feb
Mar...
Apr.....
May
113
115
120
108
131
124
129
132
38
117
174
183
175
120
167
90
85
97
96
107
84
75
74
82
82
124
128
127
130
135
45
45
50
203
276
93
94
94
95
95
95
96
97
99
1941
Net
railway
operating
income
Net
income
SEASONALLY
ADJUSTED*
329
328
342
360
356
365
377
363
379
401
290
289
290
300
303
308
309
311
312
316
39
'40
51
60
54
57
67
52
67
85
-1
-1
11
19
13
16
25
8
25
43
102
102
1941—Jan
Feb.
Mar. . .
Apr. ...
389
402
417
382
316
319
334
323
73
84
83
59
32
43
41
17
100
105
112
107
110
124
132
125
116
94
94
94
94
96
100
100
98
95
UNADJUSTED
290
115
118
124
131
138
101
103
102
296
297
309
315
308
327
304
303
37
34
47
47
57
66
74
87
71
79
-5
-9
4
7
16
22
31
43
31
51
315
300
336
322
f>2
58
81
53
20
15
35
7
1940—Mar. __
Apr
May___
June..__
July—
Aug
Sept.._.
Oct
94
Nov....
98
Dec
Revised.
N O T E . — F o r description a n d back d a t a , see p p . 529-533 of t h e B U L L E T I N for
J u n e 1941. Based on daily average loadings. Basic d a t a compiled b y Association of A m e r i c a n Railroads. T o t a l index compiled b y combining- indexes for
classes w i t h weights derived from r e v e n u e d a t a of t h e I n t e r s t a t e C o m m e r c e
Commission.
JULY
Total
rfiil wiv
expenses
1940—Mar
Apr
May
June.__
July___Aug..
Sept.—
Oct
99
Nov. _
101
D
ec...
100
UNADJUSTED
r
Total
railway
operating
revenues
1941—Jan
Feb....
Mar...,
Apr. .._
327
'322
343
345
366
381
383
414
375
382
377
358
416
375
r
2*7
r
Revised.
•Derived from Interstate Commerce Commission data.
Excludes switching and terminal companies.
NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics.
1
679
DEPARTMENT STORE STATISTICS
MONTHLY INDEXES OF SALES AND STOCKS
SALES BY DEPARTMENTS
Index numbers based on value figures; 1923-25 average^
Seasonally adjusted
Percentage change from corresponding periods of preceding year
Unadjusted
1938
1939
1940
1941
1938
1939
1940
90
88
86
83
80
82
83
83
85
86
87
88
88
88
88
88
87
86
87
88
90
92
93
95
92
90
89
89
89
91
92
98
97
94
100
101
101
103
103
104
105
70
70
86
80
79
58
65
91
92
99
156
69
69
82
88
87
83
60
69
97
99
106
168
71
71
86
86
105
101
114
179
85
90
94
63
67
71
71
71
65
61
65
70
74
78
62
60
65
69
69
68
64
60
65
71
82
04
61
68
71
71
70
64
61
66
73
79
83
66
68
68
69
Feb
Mar.
Apr
May
June
July
Aug
Sept.
Oct
Nov
Dec.
Year
30 OO
-I CO
SALES
Jan.
79
81
93
106
105
64
STOCKS
67
68
68
67
66
67
67
67
68
69
71
68
71
70
70
69
69
68
67
67
67
67
67
66
Jan.
Feb
Mar.
Apr
May
June
July
Aug
Sept.
Oct
Nov.
Dec...
68
71
70
69
68
67
68
69
70
71
72
71
71
73
74
74
74
~ ~ ~
Year
64
70
75
76
76
Back figures.—Department store sales, see BULLETIN for August 1936,
p. 631, for October 1938, p . 918, and for J a n u a r y 1941, p . 65; department
storo stocks, see BULLETIN for M a r c h 1938, p . 232.
WEEKLY INDEX OF SALES
Weeks ending on dates shown.
1939
1938
May
7
14
21
28
June 4
11
18.
25
1935-1939 average=100
107
87
89
91
91
96
. 93
81
May
6
13
20
27
June 3
10
17
24
1940
104
106
94
97
99
105
98
.-84
1941
May
4
108
11
114
18
99
25
97
J u n e l-.-__ 90
8
120
15
22
107
92
May
3
10
17
24
31
June 7
14
21
Five
months
1941
May
1941
Department
1941
N E T SALES—entire store
Main Store
Basement Store
Women's, girls', and infants' apparel and accessories
Main store !
Women's and misses' coats and suits- _.
Women's and misses' dresses
Blouses, skirts, sportswear, sweaters,
knit apparel
Juniors' and girls' wear
Aprons, housedresses, uniforms
Women's underwear, slips, negligees. _
Infants' wear
Women's and children's shoes
Furs
Basement2
Men's and boys' wear
Alain store l
M e n ' s clothing
M e n ' s furnishings, hats, caps
Boys' clothing and furnishings
Basement2
Homefurnishings
Main store i
Furniture, beds, mattresses, s p r i n g s . . .
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves, etc.)
Domestics, blankets, comforters, linens, towels
Basement (including domestics, blankets,
linens, towels)2
Piece goods (dress and coat yard goods, all
materials)
Main store
Basement
Shoes (basement only)
+13*
+13
+
+ 3
+15
+15
+15
+16
+30
+22
+23
+16
+11
+17
+20
+27
+ 19
+ 12
+16
+20
+21
+13
+10
+19
+18
+17
+ 9
+ 14
+13
+20
+15
+13
+ 17
+10
+ 16
+17
+22
+10
+18
+29
+19
+10
+20
+23
+11
+37
+26
+26
+15
+15
+7
+7
+11
+ 1
0
+ s
+10
* Based on reports from 249 stores. Reports of total sales from a larger
124
128 number of stores, including m a n y stores not reporting sales b y depart110 ments, showed an increase of 20 per cent for M a y and 15 per cent for
117 the first five months of 1941, as indicated in the table below.
1 Group totals for main store include sales in d e p a r t m e n t s > o t shown
109
127 separately.
2
Group totals for basement are not strictly comparable w i t h those
120
107 shown for main store owing chiefly to inclusion in basement of fewer
departments and somewhat different types of merchandise.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
Percentage change from corresponding periods of preceding year
Five ;
M a y Apr. mos.
1941 1941 1941
M a y Apr. Five
1941 1941 mos.
1941
United S t a t e s . - .
Boston
New Haven
Portland
Boston
Springfield
Providence
+20
+20
+24
+22
+ 14
+27
+25
+24
+26
+ 18
+ 23
+ 21
+ 32
+ 18
+15
+15
+ 14
+ 14
+ 10
+18
+18
New York
Bridgeport
Newark
Albany
Binghamton...
Buffalo
Elmira
Niagara F a l l s . .
New York and
Brooklyn
Poughkeepsie..
Rochester
+16
+28
+15
+17
+22
+24
+22
+13
+21
+ 43
+25
+ 19
+30
+27
+37
-+21
+12 i!
Cleveland (cont'd)
Cleveland
Columbus
'•St. Louis
1
Fort S m i t h . . . .
Little R o c k . . .
Quincy
Evansyille
Louisville
St. Louis
| Springfield
+27 +15 j! M e m p h i s
+23
+21
+23
+21
+23
+36
+21
+49
+15
+25
+23
+31
+21
+20
+41
+21
+28
+28
+22
+20
+25
+33
+ 15
+44
+ 16
+34
+18
+35
+35
+33
+26
+46
+38
+60
+3
+39
+40
+20
+21
+20
+14
+31
+13
+48
+ 16
+23
+ 18
+ 26
+ 14
+36
+34
+22
+21
+ 12
+ 17
+21
Jackson
Chattanooga . . . +22
+20
Knoxville
+24:
Nashville
+28
+21
+ 43
+22
+ 26
+55
+27
+28
+31
+31
+30
+30
+ 17
+ 8
+29
+22
+ 14
+20
+ 13
+ 12
+ 16
+ 18
+ 18
+20
+24 \\Richmond
+12 | Washington
Baltimore
Winston-Salem
C h a r l e s t o n ^ . C.
Lynchburg
Norfolk
Richmond
Charleston
+14 + 18
+21 + 25
Huntington
Philadelphia
Trenton
Lancaster
Philadelphia..
Reading
Wilkes-Barre..
York
Cleveland
Akron
Cincinnati
+21 +30 +18
+29 +40 +26
+20 +24 +15
r
+20
+ 14
+ 18
+40
+29
+ 10
+13
+20
+31
+21
+39
+21
+ 15
+24
+20
+ 14
+ 18
+ 15 + 18 + 15 !|
||
+24 +29 +13
+ 2 1 {Atlanta
Birmingham...
+16
+16
Montgomery...
+22 +38 + 18
Jacksonville
+ 18 +33 + 12
Tampa
+ 15 +35 + 16
Atlanta
+ 19 +33 + 18
Macon
+ 8 +29 + 12
Baton Rouge. __
+20 +37 + 18
New O r l e a n s . . .
Syracuse
+22
+15
+ 15
+27
+24
+ 15
+14
+28
+24
+16
+33
+27
+20
+32
+31
+25
+44
+ 14
+20
+22
+32
+ 6
+
Chicago
Chicago
Peoria
Fort W a y n e . . .
Indianapolis __
Des Moines._.
Sioux City
: Detroit
Flint
Grand Rapids.
\< Lansing
1
Milwaukee
+ 19 +32 +20
+ 19 +33 + 14
+ 21
ji Y o u n g s t o w n . . . +31
+24
Erie
+ 15
I1 Pittsburgh
+ 19
II Wheeling
[ Toledo
Five !
M a v Apr. mos. '
1941 1941 1941
i:
i,
i;
I
Minneapolis
+13 +14
Kansas City
+19
+ 17
+22
+12
+22
+ 19
+23
+18
+ 12
i; Denver
: Hutchinson.Topeka
, Wichita
Joplin
Kansas C i t y St. Joseph
Omaha
+14
+10
+28
+23
+22
+16
+13
+9
City
+15 || Kansas
(cont'd.)
+ 8
Oklahoma City
+12
+24 !| Tulsa
+19 \Dallas
Shreveport
+ 9
Dallas
+ 8
+21 ;! Fort W o r t h . . . .
+27 | Houston
San Antonio . . .
+13
+27
Francisco
+18 \\San
Phoenix
Bakersfield
+18
Fresno
+11
Long Beach
+23 j; Los
Angeles
+13
Oakland and
+13
Berkeley
+35
Sacramento
+ 13 !|| San
Diego
+43
Francisco.+16 ji San
San Jose
J| Santa Rosa
+ 9 'I Boise and
Nampa
+ 12 I! Portland
+11 j Salt Lake C i t y .
+15
Bell:;ngham.-._
+12 ! E v e r e t t
+14 j! Seattle
Spokane
+ 14" !l Tacoma
Walla W a l l a . . .
Yakima
Five
Mav Apr. mos.
1941 1941
1941
+24
+11
+23
+17
+ 19
+18
+22
+37
+19
+26
+ 15
+13
+14
+11
+ 11
+14
+ 13
+22
+14
+21
0
+ 4
+21
+13
+10
+12
+21
+15
+ 17
+27
+21
+23
+21
+33
+ 3 +6
+7 +9
+38 +30
+22 +19
+10 + 7
+ 5 +12 + 6
+48 +37 +35
+16 +21 + 12
0
+4 +5
+14 + 4 + 5
+9 +5 + 2
+15 +21 + 14
+21 +16 +14
+ 6
- 4
+ 4 +32 +20
+21 +37 +24
+ 7 +24 + 14
+25 +47 +S7
2
+ 3 +4
+1 +8 + 2
Revised
680
FEDERAL RESERVE BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926=100]
Other commodities
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
.
Farm
All
prodcornmodi- ; ucts
ties
Foods
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
109.1
100.0
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
83.0
78.5
67.5
70.3
06.3
73.3
73.5
76.2
77.6
76.5
73. 1
71.7
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
94.0
88 7
79 3
73.9
7?, 1
75.3
79 0
78 7
82. 6
77 0
76,0
77 0
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74. g
77.3
78.6
78.4 |
77.5
77.7
77.4
78.0
78.7
79.6
80.0
69.4
67.9
66.2
66.5
65. 6
66.2
66.4
68.2
69.7
71.6
71.4
70.3
70.3
70. 1
71.5
71.1
72.5
73.5
82.5
82.5
82.2
82.3
82.0
82.3
83.5
84.1
84.1
01.8
L01.3
99 ?,
99.0
96.9
98.3
72.9
72.9
72.6
72.4
72.3
72.5
73.6
74.5
74.8
71.8
71.7
71.4
71.1
71.1
71.0
71.6
71.9
71.7
94.5
94.5
94.7
95.1
94.9
95.4
97.3
97.6
97.6
92.5
92.5
92.4
92.5
93.3
95.6
97.8
98.9
99.3
76.8
76 7
76 1
77 0
76.7
76 8
76.9
77 5
77,7
88.4
88.5
88.5
88.5
88.5
88.5
88.6
88.6
88.9
77.7
77.7
77.3
77.7
76.7
76.5
76.9
77.5
77.3
80.8
80.6
81.5
83.2
84.9
70.3
71.6
74.4
76.4
71.-6
73.7
73.5
75.2
77.9
79.5
84.3
84.4
84.9
85.9
87.4
L02. 4
01.6
102.6
103.9
75.2
76.4
78.4
81.0
83.0
72.1
72.1
72.0
72.9
75. 6
97.7
97.6
97.7
97.9
98.1
99.6
99.3
99.5
100.1
100.4
78 6
78.5
79 8
81,8
83.6
89.0
89.1
89.5
90.4
91.4
77. 1
76.9
77.6
78.6
79.6
82.2
82.9
83.0
83.0
83.2
84 0
84.6
85.0
85.2
85. 9
86.7
87.2
87.7 I
72.7
74.9
75.0
74.3
74.4
75 1
76.3
77.3
77.3
79.6
81.1
83.0
84.2
76.7
77.5
77.8
78.1
78.0
79.0
79.7
79.5
79.2
81.5
82.6
83. 7
84.3
85.8
85.9
86.0
86.1
86.4
86.9
87.3
87.7
88.2
88.4
88.8
89. f I
89.1
03.9
L03. 9
04.3
L04. 7
80.1
80.4
80.5
80.7
80.9
81.4
82.4
82.9
83.2
S3. 2
83.8
84.5
84.7
73.2
73.4
73.3
73.5
74.2
74 9
75.6
76.2
97.8
97.8
97.8
97.9
97.9
97 9
98.1
98.2
98.2
98.3
98. 4
98. 3
98. 4
99.8
99.9
100.0
100.1
100.3
100 3
100.3
100.5
100. 5
100. 5
100. 9
101. 1
101.1
K0 9
81 7
82.2
82 6
82.8
S3.1
S3, 7
S4 ?,
S3 9
S3. 6
S3 7
S3. 8
^4.3
91.5
91.5
91.6
91.6
91.9
92 3
92.3
92.5
92.7
93.3
93.7
93.7
93.8
78.0
78.1
"8.4
'8 4
_
,___
1940—April
May.
_ _
June
July
August
__ __
September
October.
November
December _
1941—January. ___
February
March
April.
May
Week ending—
1941—April 5 ._
April 12
April 19
April 26
May 3
May 10
M a y 17 _
Mav 24
M a v 31
June 7
June 14
June 21
June 28
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
ChemiHides and Textile Fuel and Metals Building cals and Houseleather products lighting and metal materia s allied
furnishproducts
materials products
products ing goods
Total
86. 1
72.9
80. 9
86.6
89.6
95.4
104 6
92.8
95.6
100 8
LOO. 4
02,3
L02. 3
LOO. 4
LOS.
05.
LOO.
06
07.
07.
0
3
1
9
8
6
08.4
08. 2
108. 5
78.3
78. 7
79. 0
78.7
Miscellaneous
•8 5
"Q 0
"9 4
"9 7
"9. 7
SO. 2
SO. 3
SO. 9
II
1941
1940
May
Feb. Mar. Apr. May
69. 6
65. 5
64. 5
82.4
64.2
67.8
82.5
65.6
70.9
86.2
67.8
74. 5
88.0
69.5
72.8
81.0
69.2
73. 8
62. 2
79.7
73.8
59.4
83.6
64.2
80.3
75.2
60.7
83.7
68.9
81.0
76.8
63.8
85.6
73.9
81.6
78.2
64. 0
87.2
76.9
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods'
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes and skins
Hides
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon
Woolen and worsted goods __
Other textile product 3
Fuel and Lighting Materic Is:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products..
1940
1941
May
Feb. Mar. Apr. May
92. 5
93. 7
94. 2
94.8
80. 3
80.(5
92.8
94.0
95.5
99.8
84.0
82.2
Subgroups
Subgroups
107.9 107.4 107.4 107. 8 110.1
92.2 94.8 99.1 104.7 110.3
93 6 94 5 94 8 95 6 96 9
100. 0 99.7 100.5 100.5 101.7
85. 0
69.4
61.3
47.0
29.5
83.4
75. 7
87.2
77.5
60.3
43.3
29.5
91.2
76.8
87.7
81.1
60.4
47.7
29.5
93.2
80.1
88.7
86.8
61.1
48.3
29.5
93.3
89.3
90. 9
91. 0
61.3
49.1
29. 5
94.1
92.0
76. 5 81.1 81.0 80.9 80.7
95. 8 100.3 100.3 100.0 102.9
109 6 113.8 113.8 113.8 120. 4
73.9
84. 4 77.6 77.0 78.1
50.7 50.0 49.9 51.9 55.3
Metals and Metal Products:
Agricultural implements
Farm machinery .
Iron and stee
Motor vehicles
Nonferrous metals
. __
Plumbing and heating _
Building Materials:
Brick and tile
Cement __
Lu mber l
Pai nt and Daint materials
Plumbing and heating
Structural steel
Other building materials
Chemicals and Allied Products:
Chemicals
___
Drugs and pharmaceutic als
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
F u rnishings..
Fu rniture
Miscell aneous:
Auto tires and tubes
Cattle feed
Paper and pu IP
Rubber, crud e
.
Other miscell aneous
92.7 92.3 92. 4
93.9 93.5 93. 5
95.7 95.9 96. 1
99.8 100.1 100. 2
84.3 84.3 84.4
82.8 83.0 83.0
2 91.4 91.5 91.7 91.9
5 90.8 90.8 91.0 91.5
0 117.2 116. 7 116.7 116.8
0 86.6 87.4 88.7 89.3
6 82.2 82.8 83.0 83. 0
LOT 3 107 3 107 3 107 3 107 3
92.2 94.9 95.2 95.9 96. 3
90.
90.
96.
86.
80.
85.1
82.0
70.8
73 0
46 1
85.7
96.9
70.4
73 8
46.8
85.9
97.2
70.4
73 7
55.7
86.4
97.5
71.0
73 2
69.3
86.8
98.7
71.1
73 2
SO 6
94.8
81.9
95.3
82.6
58.2
81 2
93.3
42.2
82.9
95.8
82.9
97.1
83. 4
98.0
84.3
58.4
82 7
93.5
45.6
83.4
58.8
85 2
94.5
47.6
84.3
58.8
81 8
96. 7
49. 8
85. 6
58. 0
93 3
90.7
44.1
84.3
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).
JULY
1941
681
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page
1941
May
28
WEEKLY FIGURES i
June
4
June
11
June
18
June
25
In billions of dollars
3
5
5
5
3
3
3, 11
3
3
3
3
9
9
9
9
9
2.23
2.24
2.25
2.24
2.25
2.18
1.01
1. 18
22.57
3.13
9.29
2.22
.46
1.93
13.75
5.90
2.58
.44
1.96
.91
2.18
.95
1.23
22.58
3.14
9.39
2.23
.99
1.85
13.20
5.52
2.33
.44
1.84
.90
2. 18
.95
1.23
22.59
3.14
9.39
2.24
.94
1.81
13.31
5.45
2.26
.47
1.82
.89
2. 18
.95
1.23
22.61
3.14
9.43
2.26
1.02
1.85
13.13
P5. 38
2.24
.42
1.81
*>. 90
2.18
.95
1.23
22.62
3. 15
9.49
2.28
1.08
1.89
12.99
P5. 20
2.20
16
27.92
28.06
28.13
28.16
16
9.22
9.24
9.17
9.24
9.05
16
16
24.31
5.43
23.89
5.42
24.07
5.41
23.87
5.41
24.05
5.41
17
17
17
2.17
.43
6.94
2.18
.36
7.06
2.21
.35
6.99
2.23
.34
6.99
2.23
.35
6.98
17
17
3.51
7.05
3. 52
7. 13
3.55
7.25
3.57
7.30
3.59
7.33
MONEY RATES, ETC.
Treasury bills (new issues)
21
Treasury notes 2
21
Treasury bonds 3
21, 29
Corporate Aaa bonds
29
Corporate Baa bonds
29
28.28
100
.38
1 89
2.81
4.33
.103
.37
1.89
2.78
4.32
066
40
1 94
2 77
4 31
31
31
31
31
72.5
84.9
26.2
67.0
73.3
85.5
26.5
69.3
75.6
88.6
26.8
70.7
76.1
89.4
26.6
70.0
76.1
89.5
26.8
69.3
31
.34
.41
.56
.42
.50
85.2
77.3
88. 2
85.9
79.6
88.4
86.7
81.1
88.8
87.2
83.0
89.0
87.7
84.2
89.1
142.9
148.2
144.0
150.4
145.7
153.5
140.7
154.8
149. 1
159.2
138.9
139.3
140.0
140.8
141.8
98.6
99.2
98.6
99.0
99.9
106.4
133.6
134.7
133.6
127.9
801.8
339.8
852.9
362.3
863.0
368. 5
885.6
376.2
908.7
382.6
2,924
3,042
3,066
3,056
3,121
108
127
120
107
109
4.90
5.42
5.62
6.09
5.53
BUSINESS CONDITIONS
Wholesale prices:
All commodities (1926= 100)Total
_._
35
Farm products
35
Other 4
__.
35
Basic commodities
(Aug. 1939=100), total
36
12 foodstuffs
36
16 industrial
materials
36
Steel production
(per cent of capacity) . . .
44
Automobile production
(thous. cars)
44
Freight-car loadings (thous. cars):
Total
45
Miscellaneous...
45
Electric power production
(mill. kw. hrs.)s
46
Department store sales
(1935-39=100)
46
F.H.A. home mortgages,
new constr. (tbous.)
47
682
Apr.
May
2.26
2.18
2.27
2.18
22.32
8.84
2.20
.62
13.98
7.68
6.30
8.92
6.34
2.58
22.44
9.00
2.28
.89
13.60
7.72
5.88
9.07
6.43
2.64
2.26
2.18
(6)
22.55
9.19
2.26
.62
13.65
7.82
5.83
9.36
6.68
2.68
46.58
33. 57
5.72
1.60
5.68
5.90
46.67
33.64
5.72
1.60
5.71
6.55
47.16
34.00
5.72
1.60
5.83
6.36
TREASURY FINANCE
U. S. Government debt:
Direct obligations, total.Bonds
Notes
.
Bills
Special issues
Guaranteed obligations
19
19
19
19
19
19
Per cent per annum
MONEY RATES, ETC.
F. R. Bank discount
rate, N . Y
23
Treasury bills (new issues) _ _
23
Treasury notes 2
_
23
Treasury bonds *
29
Commercial paper
25
Corporate Aaa bonds
25, 29
Corporate Baa bonds
29
1.00
0.08S
.50
2.01
.56
2.80
4.38
1.00
0.092
.52
1.96
.56
2.82
4.33
1.00
0.082
0.44
1.92
.56
2.81
4.32
In unit indicated
.08'
.39
1.91
2.75
4.29
In unit indicated
Stock prices (1926=100):
Total
Industrial
Railroad
Public utility.,.
Volume of trading (mill,
shares)
Reserve Bank credit, total
2, 7
U. S. Gov't. securities
7
Bills discounted
__
7
Gold stock
2
Money in circulation
2
Treasury cash
2
Treasury deposits
2
Reserve balances
2, 8
Required reserves
8
Excess reserves
8
Money in circulation, total ___
10
Coins and bills under $50._
10
Bills of $50 and over
10
Per cent per annum
107
.41
1.90
2.82
4.33
Mar.
.39
1.75
MEMBER BANKS
Total, 101 cities:
Loans and investments
Balances due to
domestic banks
Adjusted demand
deposits
Time deposits.....
New York City:
Commercial loans
Brokers' loans
U. S. Gov't. obligations
100 cities outside New York:
Commercial loans
U. S. Gov't. obligations
1041
In billions of dollars
MONTHLY FIGURES
RESERVES AND CURRENCY
RESERVES AND CURRENCY
Reserve Bank credit, total.
U. S. Gov't. securities,
by maturities, total,.
Within 5 yrs
After 5 yrs
Gold stock.
Treasury currency
Money in circulation
Treasury cash holdings
Treasury deposits
Nonmember deposits
Member bank reserves
Excess reserves—total«
New York City
Chicago
Reserve city banks
Country banks •
Chart
book
page
Stock prices (1926=100):
Total
Industrial
,
Railroad
Public utility
__
Volume of trading (mill. shares):
Brokers'balances(rnill. dollars):
Credit extended customers
Money borrowed._
Customers' free credit
balances..
31
31
31
31
31
76.0
88.2
26.6
74.5
.44
73.8
85.6
26 9
71.2
.50
73.0
85.6
26.7
67.5
.42
33
33
633
387
268
606
368
622
403
265
262
81.5
71.6
84.9
83.2
74.4
85.9
76.4
87.4
105.9
103.6
110.9
107.3
104.7
112.7
109.4
106. 5
115.9
101.2
105.1
102.1
98.4
102.2
105.4
102.3
100.6
102.9
105.8
102.7
102.1
33
BUSINESS CONDITIONS
Wholesale prices:
All commodities (1926=100):
Total 7
35,65
Farm 4products...,
35
Other
35
Industrial commodities
(Aug. 1939=100):
Total..
37
Finished
37
Raw and semifinished
37
Cost of living (1935-39=100):
All items
39
Rent
39
Clothing
39
Food
39
* Estimated, P Preliminary.
1 Figures for other than Wednesday dates are shown under the
Wednesday
included in the weekly period.
2
Tax-exempt issues only.
3
Partially
tax-exempt
issues only.
4
Other than farm products and foods.
5
Revised series. Back figures may be obtained upon request.
e7 Less than $5,000,000.
Estimate for June is shown on p. 669.
* Copies of this chart book can be obtained at a price of 50 cents
each.
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEOERAL RESERVE CHART BOOK—Continued
1941
Chart
book
page
MONTHLY FIGURES (cont.)
BUSINESS CONDITIONS
Apr.
Mar.
May
Industrial production:* 2
Total (1935-39=100)3 3
41, 42
Durable manufactures
41
Iron and steel
42
Machinery, etc.
42
Other durable
42
Nondurable manufactures 3
41
Textiles and leather
42
Paper and printing
42
Foods, liquors, and tobacco..
42
Other3 nondurable
42
Minerals
41, 42
New orders, shipments, and
inventories (Jan. 1939=100):
New orders, total.
43
Durable, total
43
Iron and steel..
43
Machinery
43
Shipments, total
43
Durable
43
Inventories, total
43
Durable
43
Nondurable
43
Freight-car loadings: 1 3 63
Total (1935-39 = 100)
57
Coal....
57
Miscellaneous
57
All other
57
143
64.5
18.5
30.7
15.3
'59. 5
18.8
11.6
16.6
12.4
19.0
140
63. 3
17. 6
30. 4
15. 3
61. 5
20.0
11. 7
16.8
13.0
15. 4
194
285
304
277
165
198
122
132
112
196
277
304
266
172
205
124
134
112
126
27.2
69.9
28.8
112
9 6
71 4
30 6
INTERNATIONAL
P151
P68.
0
P18.3
P34. 3
P15. 4
P64. 0
P20.9
Tll.9
f 17. 4
P13. 7
P19.4
51, 53
51, 53
119.9
131.2
122.7
134.8
51
69. 7
70.8
51
59
59
40. 4
103
74
65
65
65
65
65
65
Foreign exchange rates:
Argentina (peso)
Canada (dollar)
Japan (yen)
Switzerland (franc)
United Kingdom (pound)
67
67
66
66
67
JULY
1941
29.77
84.98
23.44
23.21
403.19
Jan.
P115
135
29.4
74.4
31.5
7
P141.9
P124.
86.6
136. 9
137.7
121. 8
122.0
29.77
87.65
23.44
23.20
402. 48
29.77
87.42
23.44
23. 20
403. 10
Feb. I Mar.
In billions of dollars
Increase in U. S. gold stocks
Total
63
Net capital inflow:
Total
62, 63
Inflow of foreign capital
62
Return of domestic capital..
62
Merchandise export surplus
63
Other factors
63
Short-term foreign assets and liabilities of banks:
Liabilities to foreigners
64
Foreign assets
64
Net foreign liabilities
64
15.09 I 15.21 I 15.35
6.26
4.25
1.91
4.46
4.38
6.15
4.12
1.93
4.53
4.52
6.18
4.16
1.93
4.62
4.54
3.84
.40
3.44
3.72
.38
3.34
3.77
.39
3.38
40.0
104
74
105
74
137
26
111
92
19
143
29
115
101
14
174
47
127
110
17
49
49
49
384
137
247
421
147
274
P401
50
50
50
50
37.23
12.02
6.26
3.94
37.68
11.93
6.46
3.98
P12.41
P6. 42
P4. 05
50
50
3.06
1.63
3.11
1.78
P3. 18
PI.75
54
54
54
6,702
4,358
2,344
6,695
4,371
2,324
55
55
55
55
681
197
413
704
179
486
39
61
61
61
357
268
89
85.9
83.1
136.0
133.5
118.2
121.8
^138
47
47
47
47
47
71
May
In cents per unit of
foreign currency
385
288
98
P156
P245
P6,
P4,
P2,
839
489
350
P210
P5SS
P25
1941
1940
JulySept.
In millions of dollars
Residential contracts awarded: 1
Total
.._
Public.
Private, total
1- and 2-family dwellings
Other
Construction contracts awarded:4
Total
Residential
Other
Nonagricultural employment
(mill, persons):
Total
Manufacturing and mining
Trade
Government
Transportation and public utilities...
Construction
_
Income payments: 1
Total
Salaries and wages
Other
Cash farm income:
Total
Crops.
Livestock and products
Gov't payments
Exports and imports:
Exports
Imports
Excess of exports
_
Apr.
FINANCE
Wholesale prices:
Canada
Germany
Japan
Sweden
Switzerland
United Kingdom
P290
P179
P217
P127
1923-25=100
Factory employment
Factory payrolls
Average hourly earnings
(cents per hour)
Average hours worked
(hours per week)
Department store sales 3 J
Department store stocks
Mar.
MONTHLY FIGURES (cont.)
In unit indicated
(cont.)
Chart
book
page
Jan.Mar.
In billions of dollars
QUARTERLY FIGURES
Cash income and outgo of U.S.Treas.:
Cash income
_
Cash outgo
_,_
Excess of cash outgo
_
Domestic corporation security issues,
total
New.
Refunding
Oct.Dec
18
18
18
1.93
2 51
58
1.90
3. 17
1.27
2.84
3.89
1.04
32
32
32
58
18
40
1.04
28
.77
.17
.60
77
Per cent per annum
Bank rates on customers' loans:
Total, 19 cities..
New York City
7 other Northern and Eastern
cities___.
11 Southern and Western cities _.
25
27
2.68
2.14
2.59
2.00
2.58
2.06
27
27
2.56
3.43
2.53
3.36
2.53
3.25
p1 Preliminary. r Revised.
Adjusted for seasonal variation.
*In points in total index.
s Estimate for June is shown on p. 669.
* Three months moving average, adjusted for seasonal variation.
5
Cumulated from January 31, 1934.
6
New series. Table and chart of back figures may be obtained upon
request. Computation of index on a 1923-25 base has been discontinued.
683
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK —Continued
[In billions of dollars]
1938
Chart
book
page
1941
1940
1939
June
30
Sept.
28
Dec.
31
Mar.
29
June
30
Oct.
2
Dec.
30
Mar.
26
June
29
Dec.
31
Apr.
4
56.74
24 39
26.27
5.47
47.30
21 05
26.24
57. 65
25. 10
26.27
5.50
48.24
21 04
27.21
59.12
26.01
26.38
5.83
48.87
21 30
27.57
59.11
26.04
26.56
5.63
48.93
21 15
27.78
60.95
27.35
26.80
6.01
49.62
21 32
28.30
62.87
29.09
26.81
6.19
49.95
21 63
28.32
64.10
29.79
27.06
6.40
50.88
22. 17
28. 71
64. 88
30. 54
27. 28
6.23
51.14
22.19
28. 95
66.96
31.96
27.47
6.70
51.34
22.34
29.00
70.75
34.94
27.74
7.32
54.19
23.74
30.45
P72. 57
P36. 20
P27. 94
P 7.78
P56. 15
P24. 32
17.78
18.69
18.86
19.05
19.46
19.61
19.98
20. 22
20.48
21.81
23.10
10.22
2 13
2.14
3. 13
.18
12.94
7.01
.53
2.79
2.61
10.71
2 30
2.30
3.19
.18
12.94
6.97
.53
2.77
2.66
10.88
2 34
2.45
3.01
.18
13.21
3 5.89
3 .79
3 .96
2.72
2 85
10.69
2 66
2.56
2.96
.18
13.05
5.96
.67
.90
2.75
2 77
10.95
2 83
2.55
2.94
.19
13.14
5.99
.56
.91
2.83
2 85
10.89
2 92
2.76
11.18
3.14
2.69
2.77
.19
13.96
6.57
.61
.88
2.96
2.94
11. 31
3.11
2.91
11.60
3.12
2.89
2.70
.17
13.97
6.72
.32
.80
3.07
3.06
12.34
3.49
3.01
2.80
.17
15.32
7.52
.47
.83
3.23
3.27
13. 50
3.49
3.21
CALL REPORT FIGURES
ALL BANKS IN THE U. S.
Total deposits and currency
Time deposits
.
Currency outside banks
Loans and investments, total
Loans
Investments
12
12
12
12
13
13
13
_..
P31.83
M E M B E R BANKS
Investments, total !
_
__
U. S. Government obligations:
Direct
Guaranteed
State and local government obligations
Other domestic securities
Foreign securities
Loans, total 1 _ .
-____-..
Commercial loans (incl. open-market paper)
Street loans (Brokers'loans)
.
4
Other loans on securities
Real estate loans ;>
.
All other loans *•
.
-
14
14
14
14
14
-
15
15
15
15
13.47
13. 94
(2)
15.88
(2)
(2)
(2)
SEMI-ANNUAL FIGURES
OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS
Total direct and guaranteed obligations outstanding ]
Amount held by:
U. S. Government agencies and trust funds:
Public issues
Special issues
Federal Reserve Banks
Commercial banks
. _.
Mutual savings banks
Insurance companies
Other investors
20
20
20
20
20
20
20
41 43
43.89
45 34
47.07
47.87
50.36
2.12
2.68
2.56
•"14.04
'2.69
5.20
12. 10
2 20
3 16
2 56
'15.07
r
2 88
6
5.50
6
12. 50
2.14
3 77
2 55
'15. 70
r
3 04
5 80
12 30
2.34
4 23
2.48
r
16. 30
r
3.10
6
6 10
6
12. 50
2.33
4.78
2.47
'16. 55
'3.11
6.10
12.50
2.27
5.37
2.18
'17. 76
'3.22
6
6. 50
6
13. 00
p1 Preliminary. 'Revised.
Series not shown in Chart Book.
2
Figures available for June and December dates only.
3 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 Includes since December 31, 1938, only loans made for the purpose of purchasing or carrying securities; loans on securities made for other purposes
are included in commercial loans and in all other loans.
&
Includes loans to banks and other loans under new classification beginning December 31, 1938.
6
Partly estimated.
684
FEDERAL RESERVE
BULLETIN
MEMBER BANK OPERATING RATIOS, 1940, BY FEDERAL RESERVE DISTRICTS
[Averages of individual bank ratios expressed as percentages]
Federal Reserve district
Item
Ratios to total earnings:
Interest and discount on loans
Interest and dividends on securities _
Service charges on deposit accounts-.
All other earnings
All
districts
Boston
New
York
Philadelphia
Cleve-| Richland mond
Atlanta
Chicago
Louis
Min-
Kansas
City
San
Dallas Francisco
57.5
26.6
5.7
10.2
52.9
29.6
7. 1
10.4
50.8
32.8
6.9
9.5
52.7
35.8
2.8
8.7
55. 1
32.2
4. 1
8.6
64.4
22.7
4.4
8.5
62.2
21.6
5. 1
11.1
54. 6
27.2
7.6
10. 6
58.1
26.5
5.1
10.3
52.4
25.4
4.4
17.8
63.4
19.1
7.8
67.5
17.7
6.0
8.8
(>2. 7
21.5
Total earnings
100.0
100.0
100.0
100. 0
100.0
100.0
100. 0
100. 0
100. 0
100. 0
100.0
100.0
100. 0
Salaries and wages
Interest on time deposits.
Real estate taxes
Other taxes
All other expenses
29.9
16.3
2.4
4.8
18.9
31.2
14.8
2.6
4.8
20.7
29.9
18.1
3.1
3.0
21.2
23.8
23.2
2.3
4.5
17.5
25.9
21.9
1.8
6.1
16.8
26.9
21.7
1.8
5.3
17.1
30.0
14.4
3.2
4.8
19. 0
30.9
16.9
1.7
4.8
19.3
28.9
15.5
2.6
6.0
18. 6
29.9
18.0
2.4
4. 1
19.1
34.5
9.0
1.9
5.0
19.0
35. 5
4.4
4.3
5.3
20.2
31.5
16.7
1.6
4.5
18.0
72.3
74.1
75.3
71.3
72.5
72.8
71.4
73. 6
71.6
73.5
69.4
69.7
72.3
27.7
25.9
9.6
24.7
7.8
28.7
23.1
27.5
5.9
27.2
28.6
2.9
26.4
28.4
26. 5
6.6
30.6
30.3
27.7
3.8
16.9
5.6
21.6
24.8
19.9
27.3
Total expenses..
Net earnings..
Net charge-offs, etc..
6.2
2.4
Net profits.
21.5
Ratios to total capital accounts:
Net earnings
Net charge-offs, etc
8.4
1.9
6.0
2.3
6.8
2.3
6.8
5.5
7.5
1.8
7.9
.9
Net profits
6.5
3.7
4.5
1.3
5.7
7.0
3.0
2.4
1.9
1.9
2. 1
2.8
3.5
22.4
19.1
28.3
30.0
22.8
25.9
3.7
2.6
3.4
2.5
3.3
2.5
3.7
2.6
3.5
2.5
1.1
.9
1.0
.2
Cash dividends declared-.
Real estate assets..
Ratios to total assets:
Total earnings
Total expenses
Net earnings __
Net charge-offs, etc..
Net profits
1.1
.3
8.6
.6
8.6
1.0
10.2
2.6
10.5
1.3
9.6
1.0
9.9
1.5
8.0
7.6
7.6
9.2
8.6
8.4
2.5
3.2
3.2
4.8
4.6
3.4
26.1
18.7
21.9
21.8
15.1
18.7
23.1
3.6
2.6
3.8
2.7
3.2
2.3
3.5
2.5
4.0
2.9
4.2
2.9
4.2
2.9
3.9
2.8
1.0
.1
1.1
.1
.9
.1
1.1
.3
1.3
.2
1.1
1.0
.8
.8
1.1
1.1
.9
27.2
40.3
24.5
3.3
31.7
36.5
23.0
3.2
37.1
34.1
30.3
1.9
33.6
34.6
28.4
2.6
34.2
36.1
31.3
2.4
29.9
36.9
24.8
1.9
36.4
36.5
21.2
2.5
39.6
39.1
25.6
2.6
32.5
13.4
16.5
13.9
13.3
13.4
10.5
12.7
11.3
13.2
15.0
11.3
23.8
18. £
21.8
19.6
19.8
16.7
21.9
38.5
16.0
56.0
20.2
63.0
16.4
52.5
.2
.3
.5
.8
.3
.4
.5
.1
5.9
4.8
5.0
5.6
3.1
3.0
.3
.8
1.0
.5
13.4
16.1
42.1
.5
32.7
36.5
3.4
15.6
47.5
5.4
1.0
1.5
.5
1.1
1.5
+.0
+.1
3.0
3.0
4.0
1.6
9.5
5.2
1.4
8.3
3.8
1.2
9.6
6,293
347
743
+.1
Net return on securities
Number of banks 5
23.9
.8
Total capital accounts..
Memorandum ratios:
Trust dept. earnings to total earnings 32 ._
Interest on time deposits to timedep. —4
Personal and retail instal. paper to loans
27.7
34.5
34.1
3.0
28.2
Ratio to loans, sees., and real estate assets:
Total capital accounts
Net return on loans
2.6
.2
.5
36.0
31.9
2.7
29.4
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Charge-offs on securities
Net charge-offs on securities 1
3.3
35.9
35.6
4.8
23.6
.8
35.7
29.6
2.8
31.7
Ratios to loans:
Interest and discount on loans
Recoveries on loans
Charge-offs on loans
Net charge-offs on loans x
2.7
1.0
.1
.9
Loans
Securities
Real estate assets..
Cash assets
Ratios to total deposits:
Total capital accounts
Time deposits
8.8
1.1
.7
5.6
10.2
3.5
3.2
3.1
.4
1.0
2.5
1.1
.4
.9
1.2
.3
.7
17.9
16.1
34.6
11.9
43.0
15.0
36.1
13.0
47.7
6.6
5.2
6.0
6.0
8.0
.2
.5
.3
.4
.4
.0
.3
.4
.1
+• 1
.6
.8
.9
.1
5.2
5.9
6.1
6.3
3.3
3.1
3.2
.9
.5
.4
.5
1.3
.4
+.1
+.4
+.7
3.3
3.5
4.0
4.4
1.6
8.2
5.2
1.7
7.8
4.1
1.9
6.9
3.4
1.7
8.8
638
648
312
.8
.9
+.2
+.5
3.6
4.1
1.4
9.9
3.3
1.7
9.3
11.1
394
455
15.6
23.6
18.6
11.9
.5
.4
13.7
42.4
.4
.6
.7
.5
+.4
+.3
+.4
3.4
3.5
3.6
3.4
1.7
10.2
2.2
1.6
10.6
3.2
1.7
13.3
542
270
1 A plus indicates net recoveries, etc.
Averages comprehend only banks that reported some trust department earnings.
Averages comprehend only banks that had some time (or savings) deposits. They include some banks, however, in which no inter est was
paid on time (or savings) deposits.
2
3
ability of data coverd d were new memof the Federal Reserve System
m in
in 1940.
1940.
NOTE.—These ratios, being arithmetic
avera
rithmetic averages of the operating ratios of individual member banks, differ in many cases from corresponding
ratios computed
dol)llar
t d from
f m aggregate
rete d
l amounts.
m u n t s Such differences result from the fact that each bank's figures have an equal weight in calculation
JULY 1941
685
MEMBER BANK OPERATING RATIOS, 1940, BY SIZE OF BANK AND BY RATIO OF TIME TO TOTAL DEPOSITS
All Districts Combined
[Averages of individual bank ratios expressed in percentages]
Ratio of time deposits to
total deposits (per cent)
Size group—total deposits (in thousands of dollars)
Item
All
groups
5001, 000- 2, 000- 5, 000- 10,000- 50,and000 Undei
1,000 2,000 5, 000 10, 000 50, 000 over
Under
250
250500
65.1
21.3
5.0
8.6
60.1
25.7
5.3
10.2
70.7
15.8
5.0
8.5
56.3
29.0
5.9
8.8
52.0
30.7
6.5
10.8
30.3
7.2
13.7
47.3
29.3
6.3
17.1
40.8
35.3
3.5
20.4
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
29.9
16.3
2.4
4.8
18.9
35.1
9.4
2.6
5.2
20.7
31.4
14.9
2.1
5.0
19.1
29.1
17.3
2.2
4.7
18.3
28.4
18.3
2.4
4.9
17.9
28.7
18.2
2.6
4.6
18.6
30.2
16.4
3.0
4.5
20.1
31.5
12.6
2.9
4.9
21.2
31.7
7.7
2.5
5.4
22.8
.59. 7
21.8
7.2
11.3
100. 0
35. 5
4.7
2.8
5.7
20.8
Total expenses.
72.3
73.0
72.5
71.6
71.9
72.7
74.2
73.1
70.1
Net earnings.-.
Net charge-offs, etc. l
27-. 7
6.2
27.0
8.2
18.8
27.5
6.8
28.4
6.6
28.1
6.4
27.3
7.0
25.8
5.0
29.9
20.7
21.8
21.7
8.4
2.0
9.0
2.0
8.6
1.9
Ratios to total earnings:
Interest and discount on loans
Interest and dividends on securities
Service charges on deposit accounts
All other earnings
Total earningsSalaries and wages
Interest on time deposits.
Real estate taxes
Other taxes
All other expenses
57.5
26.6
5.7
Net profits,...
Ratios to total capital accounts:
Net earnings
Net charge-offs, etc
8.4
1.9
6.9
2.2
Net profits
6.5
4.7
6.4
7.0
3.0
2.7
3.2
3.2
Real estate assets
22.4
15.0
17.7
20.2
Ratios to total assets:
Total earnings
Total expenses
3.7
2.6
4.8
3.4
4.2
3.0
1.1
.3
1.4
.5
.9
1.2
.3
3.9
2. 7
1.2
.3
40.9
25.5
2.6
Cash dividends declared..
Net earnings...
Net charge-offs, etc._
Net profits
Loans
Securities
Real estate assets.
Cash assets
35.7
29.6
2.8
31.7
44.4
21.2
3.0
31.3
Total capital accounts.
8.2
2.1
7.8
1.6
6.7
6.1
6.2
2.9
2.8
2.4
23.0
26.3
29.4
3.5
2.5
3.3
2.4
3.1
2.3
1.0
.9
.2
.9
.7
.6
50-75
58.2
23.9
6.5
56.1
30.8
4.4
51.4
40.3
2.0
6.3
100.0
100.0
100.0
30.7
14.8
2.4
5.0
19.1
26.3
23.6
2.3
4.2
17.8
21.9
31.7
1.8
4.2
15.8
69.5
72.0
74.2
75.4
30.5
2.4
28.0
4.7
25.8
8.9
24.6
16.7
23.3
16.9
7.9
6.7
4.1
1.6
+.2
30.1
8.1
7.2
.3
.8
9.0
1.7
7.7
2.5
6.9
8.1
7.3
5.2
2.6
3.7
4.1
3.1
2.2
2.1
25.7
17.0
23.0
25.8
21.7
2.1
1.5
3.6
2.5
3.7
2.6
3.7
2.7
3.7
2.7
.6
.0
1.1
.1
1.1
.2
1.0
.4
1.0
.6
1.0
.9
.8
7.3
2.9
30.8
2.7
1.9
34.4
31.5
2.9
31.1
32.2
32.8
3.1
31.8
30.4
33.2
3.3
32.8
28.5
31.7
3.1
36.4
24.4
34.3
2.4
38.5
33. 9
24.6
2.2
39. 2
36.3
27.5
2.8
33.3
33.8
3.3
26.2
9.8
8.9
14.2
12.7
13.4
34.9
40.1
3.3
21.7
15.0
19.3
18.3
19.4
14.9
38.2
15.8
61.7
17.9
80.3
21.2
13.5
12.7
12.0
11.1
20.0
31.7
19. £
18.9
18.0
16. £
Ratios to total deposits:
Total capital accounts
Time deposits
16.1
42.1
28.8
27.3
18.9
38.0
15.9
43.6
14.9
47.1
14.0
48.5
12.8
43.9
11.0
32.6
10.0
18.8
17.6
12. 2
5.0
4.6
3.4
6.6
.6
1.0
.4
.5
.7
.2
.6
.1
.3
.5
.2
6.8
4.5
3.2
6.1
Net return on loans.
.7
.3
37.7
28.9
2.6
30.7
13.4
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Charge-offs on securities
Net charge-offs on securities V
11.4
25.3
Ratio to loans, sees., and real estate assets:
Total capital accounts
Ratios to loans:
Interest and discount on loans.
Recoveries on loans
Charge-offs on loans
Net charge-offs on loans _
75
and
over
25-50
5.7
.5
.7
.2
.3
.6
.3
6.6
5.9
5.4
.2
.7
.5
3.1
3.3
3.3
3.2
3.2
3.0
2.7
2.4
2.1
2.9
3.0
3.2
3.5
.3
.8
1.0
.2
.5
.5
.3
.6
.9
.3
.9
1. 1
.4
1.0
1.3
.3
.4
1.0
1.0
.4
.8
.8
.2
.6
.5
.3
.8
.8
.4
1.0
1.5
.1
.5
1.1
2.2
+• 1
+.2
+.0
.4
.7
1.1
.0
+.1
+. 1
+.4
+.4
+.3
+.3
Net return on securities.
3.2
3.5
3.3
3.2
3.3
3.1
2.9
2.8
2.5
3.2
3.3
Memorandum ratios:
Trust dept. earnings to total earnings 32 _..
Interest on time deposits to time dep. 4
Personal and retail instal. paper to loans
4.0
1.6
9.5
2.8
1.9
9.4
1.5
1.8
10.0
1.9
1.7
10.4
2.1
1.6
10.0
3.1
1.4
9.2
4.6
1.3
8.4
6.6
1.1
7.5
10.3
5.4
.9
6.6
1.4
9.4
4.4
1.6
9.7
2.7
1.6
9.5
1.8
1.7
9.7
6,293
396
1,046
1,523
1,333
1,085
423
361
126
1,589
2,128
,279
297
Number of banks 5_
1.0
+.2
2.9
For numbered footnotes, see page 685.
of the averages whereas the figures of the many small and medium-size'd banks have but little influence on the aggregate dollar amounts. No figures are shown for groups that include less than three banks.
Figures of earnings, expenses, etc., used in the calculations were taken from the two semiannual earnings and dividends reports for 1940. Balance sheet figures used in the compilations were obtained by averaging the amounts shown in each bank's official condition reports submitted for
the three call dates in 1940 (namely, March 26, June 29, and December 31).
Savings deposits are included in the time deposits figures used in these tables. Banks with no time deposits (198 in number) are included with
686
FEDERAL RESERVE
BULLETIN
MEMBER BANK OPERATING RATIOS, 1940, BY RATIO OF TIME TO TOTAL DEPOSITS, BY SIZE OF BANK
All Districts Combined
[Averages of individual bank ratios expressed as percentages]
Banks with ratios of time
to total deposits of under
25 per cent
All
Under 500500
2,000
57.5
26.6
5.7
10.2
Total earnings..
100.0
Salaries and wages
Interest on time deposits..
Real estate taxes..
Other taxes
All other expenses
Total expenses..
Net earnings._.
Net charge-offs, etc. 1
68.4
16.7
6.3
8.5
100.0
100.0
67.3
17.4
5.3
10.0
100.0
59.7
23.8
6.4
10.1
100.0
51.7
27.5
7.8
13.0
100.0
46.4
30.1
6.2
17.3
100.0
26.9
24.5
1.7
4.2
19.0
25.2
25.1
2.1
4.2
17.1
26.0
24.1
2.7
4.1
17.5
72.3
69.9
67.9
69.8
71.9
72.3
71.2
72.8
72.5
76.3
73.7
74.4
73.5
27.7
6.2
30.1
4.9
32.1
2.6
30.2
2.7
28.1
7.2
28.8
3.7
27.2
4.6
27.5
3.4
23.7
10.0
26.3
10.2
25.6
9.1
26.5
10.1
25.2
29.5
27.5
20.5
25.1
22.6
24.1
13.7
22.4
13.5
+3.6
9.4
1.0
+.6
8.8
2.4
9.6
1.5
8.4
1.6
1.2
6.9
2.6
9.0
8.4
7.8
6.4
8.1
6.8
7.3
4.3
4.7
3.7
3.3
2.8
3.3
2.8
3.1
2.0
16.8
3.7
2.6
4.5
3.1
3.7
2.5
1.1
.3
1.4
.2
1.2
1.2
.1
1.1
Net profits
20.3
3.0
2.1
Loans
Securities
Real estate assets
Cash assets
35.7
29.6
2.8
31.7
39.7
21.5
2.3
36.3
33. 3
25.1
2.1
39.3
30.4
25.2
2. 1
42.0
Total capital accounts..
13.4
18.8
13.4
10.8
7.2
22.4
18.4
20.8
27.2
33.0
2.1
1.5
4.5
3.2
3.8
2.6
+.0
1.3
.4
1.2
.2
.6
.9
1.0
43.2
22.5
2.8
31.3
36.7
27.2
2.5
33.4
32. 1
30.2
3.0
34.4
28.5
33.5
3.3
34.3
15.9
12.4
11.3
9.8
25.1
29.9
2.0
42.6
3.2
2.3
2.9
2.1
Ratio to loans, sees., and real estate assets:
Total capital accounts
16.1
42.1
Net return on securities ....
Memorandum ratios:
Trust dept. earnings to total earnings 32 _.
Interest on time deposits to timedep. 4
Personal and retail instal. paper to loans
Number of banks 5_.
100.0
30.9
14.3
2.8
4.7
19.8
4.2
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Charge-offs on securities
Net charge-offs on securities i
31.1
5.1
15.9
30.8
14.5
2.7
4.9
19.9
3.0
Net return on loans..
100.0
47.9
30.0
15.5
2.2
5.1
18.4
7.0
_
100.0
49.5
35.3
5.0
10.2
31.9
14.1
2.1
4.9
19.3
6.5
Ratios to loans:
Interest and discount on loans
Recoveries on loans
Charge-offs on loans
Net charge-offs on loans
100.0
56.7
31.9
3.9
7.5
2,000- 10,000
and
10,000 over
33.5
6.2
2.6
5.7
23.9
Net profits
Ratios to total deposits:
Total capital accounts
Time deposits
63.6
26.1
3.2
7.1
5002,000
34.4
5.7
2.7
5.4
21.6
8.3
1.3
Net earnings._
Net charge-offs, etc.
100.0
44.3
31.4
5.2
19.1
2,000- 10,000
and Unde:
10,000 over
500
35.1
4.6
2.9
5.6
19.7
8.4
1.9
Ratios to total assets:
Total earnings
Total expenses
100.0
54.3
23.7
9.2
12.8
5002,000
37.2
3.8
2.8
6.0
20.2
Ratios to total capital accounts:
Net earnings
Net charge-offs, etc. 1
Real estate assets
59.9
21.9
8.1
10.1
2,000- 10,000
Undei
and
10,000 over
500
29.9
16.3
2.4
4.8
18.9
Net profits-
Cash dividends declared..
Banks with ratios of time
to total deposits of
50 per cent and over
Size group—total deposits (in thousands of dollars)
Item
Ratios to total earnings:
Interest and discount on loans
Interest and dividends on securities
Service charges on deposit accounts
All other earnings
Banks with ratios of time
to total deposits of
25-50 per cent
25.0
10.6
16.1
11.5
12.4
16.0
13.4
19.4
37.1
6.1
6.9
5.7
3.7
.5
.7
.2
.6
.6
.0
.4
.4
.0
.4
.4
.0
.5
.8
.3
5.9
6.9
3.7
6.8
3.1
3.3
3.1
.3
.2
.4
.3
.2
.5
.5
1.0
2.7
11.0
36.8
24.1
18.7
7.4
2.6
3.0
4.8
5.2
2.3
29.4
2.6
43.3
4.1
3.1
3.7
2.7
3.3
2.4
1.0
.4
1.0
.4
.3
.4
.6
.6
.5
43.0
29.9
3.1
24.0
37.0
34.2
3.1
25.5
31.8
37.4
3.6
27.0
32.1
37.5
4.6
25.4
16.1
13.4
12.5
11.1
21.4
18.2
19.7
63.0
15.8
64.3
3.3
2.4
15. 0
14.6
63.9
12.7
59.2
6.3
4.7
5.3
5.0
.5
.6
.1
.8
.8
.0
.4
.5
1.0
.s
.4
4.9
3.1
2.8
2.4
3.4
3.3
3.0
.4
.3
.7
.7
.4
.9
1.1
.4
1.0
1.0
.4
.9
1.6
.3
.4
.9
1.6
.3
.4
1.1
1.5
+.0
+.1
3.0
3.0
2.6
1.7
1.6
9.8
2.9
1.4
8.1
4.7
1.3
6.9
.8
+.2
+.3
3.2
3.6
3.3
3.0
4.0
1.6
9.5
2.4
1.7
9.3
2.4
1.6
10.4
4.2
1.2
10.5
9.5
.9
5.6
238
231
6,293
13.0
38.7
5.1
2.2
20.2
3.6
3.9
2.1
+.3
+.1
14.5
38.6
19.6
7.9
2.8
27.1
+.5
+.1
+.3
+.2
+.4
3.4
3.4
3.0
2.8
1.4
1.9
8.7
2.6
1.7
10.6
4.4
1.3
9.5
6.4
1.2
8.6
1.8
1.9
11.8
919
548
183
430
.4
1.0
1.3
1,351
For numbered footnotes, see page 685.
the banks having ratios of time to total deposits of less than 25 per cent.
Real estate assets are comprised of banking house and equipment, other real estate owned, and items indirectly representing bank premises
or other real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits,
reserves for contingencies, and other capital reserves.
JULY
1941
687
Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of
Bank—Continued
BOSTON FEDERAL RESERVE DISTRICT
[Averages of individual bank ratios expressed as percentages]
Banks with ratios of time
to total deposits of under
25 per cent
Item
All
groups
Total earnings..
Salaries and wages
Interest on time deposits.
Real estate taxes
Other taxes
All other expenses
Total expenses..
Net earnings...
Net charge-offs, etc. l
Net profits.
Ratios to total capital accounts:
Net earnings
Net charge-offs, etc. 1
52.9
29.6
7.1
10.4
100.0
56.1
29.8
8.5
5.6
100.0
49.0
30.7
9.3
11.0
100.0
2,000- 10,000
Under 500and
10,000 over
500
2,000
49.2
28.8
7.6
14.4
100. 0
39.0
.3
1.5
6.4
22.8
37.4
1.7
2.7
4.7
23.4
35.4
3.9
2.5
4.5
22.8
74.1
70.0
69.9
25.9
9.6
30.0
19.7
30.1
11.3
10.3
18.8
31.2
14.8
2.6
4.8
20.7
16.3
6.0
2.3
Banks with ratios of time
to total deposits of
50 per cent and over
Size group—total deposits (in thousands of dollars)
Under 5002,000
500
Ratios to total earnings:
Interest and discount on loans
Interest and dividends on securities
Service charges on deposit accounts
All other earnings
Banks with ratios of time
to total deposits of
25-50 per cent
4. 1
3.1
5. 1
2. 1
44.3
23.2
5.0
27.5
100.0
55.2
25.6
9.0
10.2
100.0
38.0
1.7
3.5
4.4
24.1
36.7
11.5
3.5
5.9
26.0
69. 1
71.7
30.9
10.6
28.3
20.3
7. 1
2.5
54.2
25.2
12.3
8.3
100.0
Under 5002,000- 10,000
and
2,000
500
10,000 over
52.2
27.8
8.3
11.7
100.0
33.6
13.9
2.5
4.8
22.2
32.3
14.9
3.8
3.5
21.2
83.6
77.0
+3.2
16.4
11.8
23.0
6.7
7.7
31.5
4.6
16.3
16.6
6.2
1.9
6.2
2.2
5.3
2.6
+.5
2.5
5.8
.1
46. 5
31. 1
6.3
16.1
66.5
23.7
54.0
35.0
3.2
6.6
4.6
6.4
100. 0
100.0
100.0
25.0
24.5
2.1
5.3
17.6
2,000- 10,000
10,000 and
over
55.6
31. 1
100.0
24.5
27.3
2.3
4.7
16.8
58.2
20.9
4.6
16.3
100.0
31.8
13.9
3.2
4.3
20.3
26.6
24.7
1.9
6.4
23.4
75.7
73. 5
83.0
74.5
75.6
79.3
24.3
26. 5
5.5
17.0
5.2
11.8
25.5
9.1
24.4
11.8
20.7
10.5
16.4
12.6
10.2
6.8
1.7
3.9
1.4
6.6
2.6
6.9
3.0
5.1
2.5
4.0
3.9
3.4
3.2
1.8
2.0
2.4
2.4
18.1
17.7
19.0
25.5
21.2
4.3
5.1
23.2
6.5
3.1
3.7
1.0
3.0
4.6
2.4
2.0
2.4
3.3
Real estate assets
19.1
6.0
16.3
17.3
Ratios to total assets:
Total earnings
Total expenses
3.4
2.5
4.0
2.8
1.2
3.4
2.4
3.1
2. 1
2. 1
1. 5
3.5
2.9
3.7
2.8
3. 1
2.3
1.0
.4
1.0
.3
+.0
.6
.6
.4
.3
.3
.6
.2
.6
.5
.6
.5
.6
.5
.3
31.6
29.8
3. 1
35.4
34.5
28.8
2.2
34. 4
29.1
24.4
2.0
44. 1
34.8
29.4
2.7
33.0
36.5
29.8
2.7
30.8
34.9
30.5
3.3
31.1
30.2
37. 5
3.1
28.8
45.1
30.5
2.8
21.4
38.6
36.5
2.6
22.2
38.2
33.7
2.3
25.6
40.3
30.3
6.0
22.8
21.3
15.0
11.3
19.7
14.5
12.4
11.9
17.6
15.5
12.9
10.9
21.5
18.3
17.3
38.3
14.3
39.3
13.7
38. 0
1.2
1.3
.1
Net profits
Cash dividends declared
Net earnings
Net charge-offs, etc. J
Net profits..
.9
.4
.5
Loans
Securities
Real estate assets
Cash assets
36.0
31.9
2.7
29.4
Total capital accounts
16.4
.8
.6
.4
37.7
31.0
1.8
29.4
33.1
Ratio to loans, sees., and real estate assets:
Total capital accounts
Ratios to total deposits:
Total capital accounts.
Time deposits
33.2
21.9
38.5
Ratios to loans:
Interest and discount on loans.
Recoveries on loans
Charge-offs on loans
Net charge-offs on loans 1
Net return on loans..
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Charge-offs on securities
Net charge-offs on securities l
62.3
1.9
28.4
4.9
3.1
1.6
17.5
14.6
21.3
3.0
3.4
3.3
.5
1.0
1.5
.3
.5
1.0
1.4
19.1
26.9
13.1
5.9
4.6
3.1
5.7
5.6
.4
.6
.4
.2
.2
.0
.2
.5
.3
.5
.8
.3
5.3
4.4
3.1
2.7
1.4
1.9
.5
1.0
1.5
+.2
5.1
4.0
2.4
18. 1
13.4
1. 7
1.0
4.8
4.3
2.1
25.4
37.6
4.3
3.3
.7
.5
1.2
.3
1. 1
.1
1.0
1.3
.2
4.3
+.0
L2
.2
+.1
+.0
+.4
+.0
Net return on securities..
3.0
3.2
3.4
2.9
2.6
4.1
3.5
2.7
Memorandum ratios:
Trust dept. earnings to total earnings 2 . . .
Interest on time deposits to time dep. 3 4
Personal and retail instal. paper to loans
5.2
1.4
8.3
4.4
.3
14.7
2.6
1.2
8.0
9.5
1.0
7.6
18.8
.6
3.6
1.4
8.2
3.1
1.5
12.2
4.5
1.3
9.1
Number of banks 5
30
25.7
57.4
3.0
2.2
3.8
3.1
3.7
2.7
3.4
2.5
3.3
2.6
.8
.7
.2
1.0
.4
.9
.4
.7
.4
22.6
14.3
18.7
65.9
15.0
64.6
5.7
5.3
5.1
.5
.7
.2
.3
.5
.2
.3
.6
.3
5.5
5.1
2.5
2.9
3.4
3.0
.4
1.2
1.7
.1
.3
.8
1.0
.4
.9
1.6
.3
1.1
1.9
.1
3.1
2.9
2.4
1.0
1.6
7.3
2.7
1.6
7.1
3.8
1.5
5.2
7.4
1.3
7.1
22.0
66.0
+.1
1.7
6.1
12.4
53.7
.2
.5
.3
4.4
2.3
.3
+.1
48
For footnotes, see page 685.
688
FEDERAL RESERVE BULLETIN
Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of
Bank—Continued
NEW YORK FEDERAL RESERVE DISTRICT
[Averages of individual bank ratios expressed as percentages]
Banks with ratios of time
to total deposits of under
25 per cent
All
groups
Item
Total earnings..
Salaries and wages
Interest on time deposits.
Real estate taxes
Other taxes
All other expenses
Total expenses..
Net earnings
Net charge-offs, etc. 1
Net profits.
57.3
16.7
18.2
7.8
36.0
34.3
4.0
25.7
63.2
23.2
8.1
5.5
51.4
32.6
8.1
7.9
50.5
24.0
11.7
13.8
45.6
27.3
7.9
19.2
59.9
30.1
4.8
5.2
53.3
33.7
6.2
6.8
47.6
35.5
7.0
9.9
43.9
32.9
6.1
17.1
100.0
100.0
100. 0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100. 0
29.9
18.1
3.1
3.0
21.2
49.0
1.0
1.3
3.9
22.1
40.4
4.0
2.7
4. 1
20.0
35.7
4.0
.9
5.7
27.9
36.6
2.4
2.3
3.7
28.1
33.2
15.2
2.8
2.5
24.8
33.2
14.1
3.1
4.0
22.0
33.4
11.7
3.3
3.2
24.8
30.4
12.4
4.4
2.6
23.8
30.1
20.8
2.1
2.5
21.5
28.1
20.6
2.7
3.2
19.9
28.2
21.2
3.6
2.7
20.0
29.0
17.9
5.1
2.4
21.2
75.3
77.3
71.2
74.2
73.1
78.5
76.4
76.4
73.6
77.0
74.5
75. 7
75. 6
24.7
7.8
16.9
22.7
28.8
7.0
25.8
1.9
26.9
23.6
2.4
23.6
7.2
26.4
10.6
23.0
10.4
25.5
9.9
24.3
7.1
24.4
+5.5
21.5
7.8
21.8
23.9
32.4
21. 2
16.4
15.8
12.6
15.6
4.4
7.1
5.8
1.0
.7
7.1
2.7
7.1
2.3
7.4
3.6
3.4
6.4
4.4
4.8
3.8
1.9
1.9
1.8
25.4
33.2
53.4
4.0
3.0
3.5
2.6
3.2
2.4
3.0
2.3
1.0
.5
.5
.4
.5
.5
Net profits
4.5
2.3
Loans
Securities
Real estate assets
Cash assets
1.9
1.6
28.3
8.7
3.3
2.5
3.3
2.5
2.5
16.4
5.7
3.3
2.3
3.6
2.7
. o
.
Total capital accounts..
Net return on securities
Memorandum ratios:
Trust dept. earnings to total earnings 2 ...
Interest on time deposits to timedepA_.4
Personal and retail instal. paper to loans
7.5
2.4
8.0
3.3
6.0
3.6
5.3
5.1
4.7
3.4
18.5
23.4
1.8
1.4
.4
+.1
1.9
1.6
2.8
29.2
36.7
41.1
3.3
2.5
3.4
2.6
3.1
2.3
.3
.8
.5
.5
.5
2.8
3.0
1.4
16.4
.3
40.0
20.2
1.0
36.7
22.7
34.8
1.6
40.3
40.6
25.7
3.8
29.9
30.7
33.6
4.0
31.6
36.3
31.8
3.9
27.6
31.3
33.8
4.2
30.2
40.6
33.4
2.6
23.3
34.3
36.8
3.1
25.6
29.3
40.1
3.7
26.7
28.7
41.3
5.2
24.3
13.4
27.2
24.7
14.3
9.5
16.7
14.8
11.3
10.6
17.5
13.7
11.8
10.7
38.3
23.2
16.4
24.1
16.4
14.3
39.1
3.7
34.9
4.9
17.5
17.8
10.8
7.6
20.6
45.3
17.9
43.5
13.0
41.6
12.0
39.2
21.9
62.1
16.2
64.2
13.5
64.2
12 2
58. 5
5.9
5.8
4.8
4.5
6.0
5.6
.2
.3
.1
.4
.8
.4
.6
1.1
.4
.5
1.1
.6
.4
.8
.4
.4
.7
.3
16.0
56.0
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Charge-offs on securities
Net charge-offs on securities 1
6.4
1.1
26.4
39.2
3.4
30.8
18.9
Net return on loans
5.5
1.9
5.0
21.4
43.2
1.8
33.6
Ratios to total deposits:
Total capital accounts
Time deposits
Ratios to loans:
Interest and discount on loans..
Recoveries on loans
Charge-ofls on loans
Net charge-offs on loans l
+1.0
32.7
36.5
3.4
27.2
Ratio to loans, sees., and real estate assets:
Total capital accounts
Number of banks 5 .
2.6
1.0
.3
Net profits..
2,000- 10,000
and
10,000 over
45.3
39.7
8.7
6.3
.5
Ratios to total assets:
Total earnings
Total expenses
Net earnings...
Net charge-offs, etc. x
2,000- 10,000
500and Under
10,000 over
500
2,000
37.4
50.2
7.8
4.6
6.8
2.3
Real estate assets
2,000- 10,000
500and Under
10,000 over
500
2,000
50.8
32.8
6.9
9.5
Ratios to total capital accounts:
Net earnings
Net charge-offs, etc. 1
Cash dividends declared
Banks with ratios of time
to total deposits of
50 per cent and over
Size group—total deposits (in thousands of dollars)
Under 5002,000
500
Ratios to total earnings:
Interest and discount on loans
Interest and dividends on securities.
Service charges on deposit accounts. _
All other earnings
Banks with ratios of time
to total deposits of
25-50 per cent
5.3
.5
.8
.3
.2
.0
.3
+.2
5.0
6.2
5.3
5.2
3.4
2.6
1.7
3.2
3.0
2.5
2.4
.3
1.1
.4
1.0
.1
.5
1.0
1.3
+.2
.4
.9
.8
+.5
.2
.8
.9
+.1
.4
.9
1. 1
+.2
.6
1.3
1.4
+.5
.3
1.5
1.4
+.1
3.0
+.4
3.4
3.3
2.8
2.2
3.3
3.2
3.0
2.8
3.8
1.2
9.6
3.5
.9
4.6
1.0
1.0
13.4
16.2
.5
4.0
1.5
8.5
1.2 I 4.5
1.2 I 1.0
12.2 I 10.0
6.2
1.1
10.1
29
43
4.7
1.1
.4
5.3
3.9
.0
2.9
.5
1. 1
1.5
23.6
4.3
3.0
.5
.9
1.5
.1
1.2
1.7
.0
2.4
.5
1.2
1.4
+.3
.3
1.4
1.4
+.3
3.0
2.0
1.6
10.8
1.2
1.3
10.6
2.6
1. 1
8.5
4.7
1.0
6.3
200
25
For footnotes, see page 685.
JULY
1941
689
Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of
Bank—Continued
PHILADELPHIA FEDERAL RESERVE DISTRICT
[Averages of individual bank ratios expressed as percentages]
Banks with ratios of time
to total deposits of under
25 per cent
Item
All
groups
Banks with ratios of time
to total deposits of
50 per cent and over
Size group—total deposits (in thousands of dollars)
Under 5002,000
500
Ratios te total earnings:
Interest and discount on loans
Interest and dividends on securities _
Service charges on deposit accounts..
All other earnings
Banks with ratios of time
to total deposits of
25-50 per cent
2,000- 10,000
500and Under
10,000 over
500
2,000
2,000- 10,000
500and Under
10,000 over
500
2,000
2,000- 10,000
and
10,000 over
54.0
27.6
8.7
9.7
33.4
39.2
1.9
25.5
58.9
27.8
4.4
54.8
29.8
6.0
9.4
47.9
29.8
6.6
15.7
42.7
34.6
4.0
18.7
60.8
32.7
1.7
4.8
54.8
36.3
2.3
6.6
46.5
40.5
2.5
10.5
42.6
37.7
3.1
16.6
100.0
100.0
100.0
100.0
100.0
100.0
100. 0
100.0
100.0
100.0
4.5
17.5
33.9
6.8
2.3
6.2
19.3
32.3
3.2
1.8
6.6
21.3
29.8
13.2
2.1
5.0
22.1
27.4
13.4
2.7
4.9
20.0
28.6
12.8
2.6
5.4
18.7
29.1
14.6
3.9
3.6
16.7
24.7
27.1
1.4
4.4
19.4
22.4
25.7
2.1
4.1
17.0
21.7
25. 3
2.8
4.9
15.4
22.2
18.9
3.5
4.1
16.0
71.3
68.5
65.2
72.2
68.4
68.1
67.9
77.0
71.3
70.1
64.7
28.7
23.1
31.5
18.3
34.8
10.5
27.8
20.3
31.6
18.9
31.9
16.2
32.1
12.7
23.0
23.4
28.7
25.9
29.9
21.9
35.3
42.3
Net profits.
5.6
13.2
24.3
7.5
2.8
8.0
-7.0
Ratios to total capital accounts:
Net earnings
Net charge-offs, etc
6.8
5.5
6.3
3.8
6.9
2.0
6.3
4.9
6.9
6.2
6.9
5.1
8.4
10.2
Net profits
1.3
2.5
4.9
1.4
-1.8
1.9
2.3
4.6
.7
Real estate assets
30.0
20.2
26.5
30.5
Ratios to total assets:
Total earnings
Total expenses
3.7
2.6
3.0
2.1
2.3
1.5
4.0
2.9
35.
2.8
8.7
Total earnings..
Salaries and wages
Interest on time deposits.
Real estate taxes
Other taxes
All other expenses
Total expenses..
Net earnings..
Net charge-offs, etc..
Cash dividends declared.
23.8
23.2
.9
.5
Net earnings...
Net charge-offs, etc..
15.7
8.3
5.2
3.1
1.7
31.9
3.5
2.3
7.9
3.9
7.8
3.5
5.2
5.3
4.0
4.3
-.1
.7
1.8
2.2
2.4
1.2
1.7
2.4
3.3
37.5
49.2
23.8
28.5
32.6
44.3
3.6
2.4
2.8
1.9
3.9
3.0
3.8
2.7
3.5
24
3.3
2.1
.9
1.1
1.0
1.1
.8
1.2
1.4
1.2
.7
.4
.5
.3
.5
-.0
.1
.3
Loans
Securities
Real estate assets..
Cash assets
35.
35.6
4.8
23.6
31.8
28.6
3.1
36.3
23.1
35.0
3.4
37.6
40.6
27.0
6.0
26.4
35.9
30.5
4.7
28.5
32.0
33.0
5.7
27.0
35.1
5.7
31.7
42.1
33.0
4.4
20.4
37.6
36.3
4.6
21.5
31.6
38.7
5.1
24.4
29.6
41.0
6.3
22.8
Total capital accounts..
16.5
15.8
12.1
20.1
15.4
15.2
12.0
18.7
16.5
16.3
14.7
21.6
18.1
23.6
21 2
21.9
19.1
18.9
44.8
18.4
41.5
13.8
39.2
23.4
67.0
20.2
69.6
19.9
68.4
17.7
58.1
3.1
5.4
5.4
4.5
5.7
5.6
5.3
.2
.1
.7
.7
.6
1.1
.9
.3
1.7
1.4
.1
.5
.4
4.7
2.4
5.2
2.5
4.3
3.4
3.0
2.8
.3
.9
2.0
.3
1.3
1.6
.0
.6
1.4
1.1
Net profits.
Ratio to loans, sees., and real estate assets:
Total capital accounts
21.8
Ratios to total deposits:
Total capital accounts..
Time deposits
20.2
63.0
Ratios to loans:
Interest and discount on loans
Recoveries on loans
Charge-offs on loans
Net charge-offs on loans.
Net return on loans..
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Charge-offs on securities
Net charge-offs on securities 1
19.8
19.1
17.3
5.4
3.5
2.8
1.0
2.5
1.1
.2
.3
1.8
1.3
Net return on securities
Memorandum ratios:
Trust dept. earnings to total earnings 32 __
Interest on time deposits to time dep. ._
Personal and retail instal. paper to loans
4.4
1.6
Number of banks 5_.
638
None
14.2
10.5
25.7
43.8
.1
1.0
.9
.1
3.3
3.2
5.0
4.4
1.5
3.7
3.7
3.5
3.0
.4
.4
1.0
3.0
1.6
.4
1.1
2.1
.6
.3
1.0
1.4
.1
2.9
2.9
3.2
1.5
6.2
5.7
1.3
3.9
3.1
+.2
.1
2.3
3.7
1.3
+.9
2.9
1.6
1.5
2.7
3.0
2.6
3.0
3.7
2.1
3.6
1.3
6.9
19.9
.8
5.8
1.5
11.4
3.0
1.2
10.8
1.3
10.2
9.4
1.2
8.0
.5
1.9
11.0
34
-.2
2.5
1.6
145
For footnotes, see page 685.
690
FEDERAL RESERVE BULLETIN
Member Bank Operating Ratios, 19%0, by Ratio of Time to Total Deposits, by Size of
Bank—Continued
CLEVELAND FEDERAL RESERVE DISTRICT
[Averages of individual bank ratios expressed as percentages]
Banks with ratios of time
to total deposits of under
25 per cent
All
groups
Item
Banks with ratios of time
to total deposits of
50 per cent and over
Size group—total deposits (in thousands of dollars)
Under 5002,000
500
Ratios to total earnings:
Interest and discount on loans
Interest and dividends on securities
Service charges on deposit accounts
All other earnings
anks with ratios of time
to total deposits of
25-50 per cent
2,000- 10,000
500and Under
10,000 over
500
2,000
2,000- 10,000
500and Under
10,000 over
500
2,000
2,000- 10,000
and
10,000 over
55.1
32.2
4.1
8.6
71.9
18.2
3.9
6.0
58.9
29.6
5.8
5.7
45.1
32.3
5.0
17.6
36.9
42.8
3.5
16.8
62.4
28.7
3.5
5.4
58.2
29.1
4.8
7.9
48.1
33.0
6.1
12.8
44.4
33.4
5.3
16.9
62.0
28.7
3.1
6.2
56.4
33.6
3.3
6.7
51.8
34.2
4.3
9.7
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
25.9
21.9
1.8
6.1
16.8
36.8
1.6
1.1
11.6
20.1
33.4
4.6
2.2
7.0
19.6
30.0
8.8
.6
6.4
21.2
27.4
8.9
1.6
9.1
21.0
30.0
14.8
1.3
6.8
17.5
27.6
16.6
1.7
6.7
16.6
27.3
15.8
1.8
6.8
17.8
29.8
13.9
2.4
6.7
18.0
24.9
24.5
1.2
5.7
17.7
23.5
27.9
1.7
5.7
15.5
25.0
25.8
2.2
5.3
16.5
25.5
21.1
3.0
5.9
15.3
Total expenses
72.5
71.2
66.8
67.0
68.0
70.4
69.5
70.8
74.0
74.3
74.8
70.8
Net earnings
27.5
5.9
28. 8
33.2
29.6
2.7
30.8
5.6
30.5
6.8
29.2
5.0
25.7
4.0
5.6
6.0
25.2
8.0
29.2
.11.5
21.6
29.9
29.2
23.7
32.0
+1.5
33.5
26.0
+1.1
33.0
9.3
26.9
25.2
24.2
20.4
17.2
17.7
7.5
1.8
+.1
.9
9.9
2.4
6.1
.0
6.4
.9
Net charge-offs, etc. *
5.7
4.7
5.7
7.5
6.1
Net profits
2.1
2.4
2.7
2.6
2.6
22.8
12.1
16.3
9.5
3.5
2.5
3.4
2.4
3.2
2.1
1.0
1.1
.1
Total earnings
Salaries and wages
Interest on time deposits
Real estate taxes
Other taxes
All other expenses
Net charge-offs, etc. l
Net profits
Ratios to total capital accounts:
Net earnings
Cash dividends declared
Real estate assets
__
Ratios to total assets:
Total earnings
Total expenses
Net earnings
Net charge-offs, etc. 1
Net profits
Loans
Securities
Real estate assets
Cash assets
Total capital accounts
Ratio to loans, sees., and real estate assets:
Total capital accounts
Ratios to total deposits:
Total capital accounts
Time deposits
__
Ratios to loans:
Interest and discount on loans
Recoveries on loans
Charge-offs on loans
Net charge-offs on loans x
1.0
.2
+.0
8.0
1.4
7.0
1.5
7.7
1.9
7.0
2.3
7.2
2.8
5.5
6.5
6.5
6.6
5.5
5.8
4.7
4.4
1.9
2.6
2.7
2.3
1.6
2.0
1.9
2.4
23.9
13.9
18.4
25.9
30.4
14.9
22.3
31.2
41.0
3.0
2.0
2.1
1.4
3.9
2.7
3.4
2.3
4.1
3.0
3.6
2.7
3.3
2.5
3.4
2.4
1.0
.3
+.0
1.2
.1
3.6
2.5
1.1
.2
.2
.3
1.0
.4
1.0
1.0
.7
.7
1.1
32.2
30.2
2.6
34.9
24.8
32.1
1.0
42.0
21.4
35.8
2.5
39.9
40.8
13.9
23.7
16.7
10.3
12.1
19. <
36.8
16.4
52.5
31.6
5.8
20.4
10.0
11.6
19.5
5.7
5.8
5.9
5.5
.4
.5
.1
.1
.3
.2
.5
.4
.0
.1
.1
5.6
3.2
.4
1.2
+.1
.7
.5
42.8
31.3
2.4
23.5
35.7
34.9
2.8
26.4
31.1
36.6
3.9
28.3
30.1
36.5
5.7
27.4
10.8
16.4
13.0
12.7
14.0
16.3
21.8
14.4
41.2
12.2
35.9
20.0
62.3
15.1
63.8
6.0
5.6
4.5
6.0
5.9
.3
.3
.0
.4
.4
.7
.3
.3
.4
.1
.4
.5
.1
.3
.6
.3
+.1
5.8
5.4
5.4
3.1
2.9
1.1
2.4
.7
2.4
2.6
25.8
29.4
19.7
14.2
12.4
20.2
26. 8
20.3
14.2
18.3
25.3
40.4
16.8
41.3
+.2
30.9
35.6
32.3
4.2
3.0
3.5
3.1
17.9
3.2
2.6
3.6
3.3
1.1
1.7
.7
.7
1.1
.4
1.0
1.3
+.1
.3
1.0
1.3
.0
14.7
60.8
16.5
60.4
5.3
.5
+.1
+.4
+.1
.3
.7
1.0
.0
2.9
3.6
3.1
3.4
2.9
3.7
3.3
3.1
2.2
7.3
1.1
2.8
1.7
8.4
4.9
1.6
7.1
6.8
1.4
6.4
8.0
1.2
4.9
1.9
11.1
2.6
1.8
8.5
3.4
1.6
7.3
5.9
1.4
4.8
34
84
64
219
.6
.7
.4
+.9
.9
27.9
34.4
3.4
33.9
29.2
36.0
3.2
31.5
.5
.3
2.8
2.0
1.1
.3
6.0
.5
3.3
3.5
3.1
Memorandum ratios:
Trust dept. earnings to total earnings32 ._
Interest on time deposits to timedep. 4
Personal and retail instal. paper to loans
5.2
1.7
7.8
1.6
1.0
4.2
2.0
1.8
6.5
Number of banks 5
648
Net return on securities
2.1
42.3
22.0
2.6
33.1
+.1
100. 0
8.1
1.6
34.5
34.1
3.0
28.2
Net return on loans
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Charge-offs on securities
Net charge-offs on securities 1
4.6
45.8
32.3
3.9
18.0
17.1
1.5
7.4
+.2
+.3
+.0
For footnotes, see page 685.
JULY
1941
691
Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of
Bank—Continued
RICHMOND FEDERAL RESERVE DISTRICT
[Averages of individual bank ratios expressed as percentages]
Banks with ratios of time
to total deposits of under
25 per cent
Item
All
groups
Banks with ratios of time
to total deposits of
50 per cent and over
Size group—total deposits (in thousands of dollars)
Under 5002,000
500
Ratios to total earnings:
Interest and discount on loans
Interest and dividends on securities _
Service charges on deposit accounts._
All other earnings
Banks with ratios of time
to total deposits of
25-50 per cent
2,000- 10,000
and Under
10,000 over
2,000
500
2,000- 10,000
500and Under 2,000
10,000 over
500
2,000- 10,000
and
10,000 over
64.4
22.7
4.4
8.5
59.5
17.6
6.0
16.9
50.6
31. 1
3.6
14.7
59.4
17.2
9.1
14.3
46. 0
31.4
5.9
16.7
68.3
20.1
4.9
6.7
63.6
21.8
5.9
8. 7
62.3
21.8
5.9
10.0
52.3
22.8
4.9
20.0
70.6
22.3
2.7
4.4
68.5
22.9
3.0
5.6
65.2
23.0
2.8
9.0
63.6
26. 5
4.4
Total earnings-
100.0
100.0
100.0
100. 0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100. 0
Salaries and wages
Interest on time deposits..
Real estate taxes
Other taxes
All other expenses
26.9
21.7
1.8
5.3
17.1
50.5
6.9
2.3
3.2
39.7
37.0
8.0
27
5^7
16.6
33.4
6.1
2.1
7.3
21.5
32.7
8.2
1.4
6.0
22.6
26.5
17.2
2. 1
4.2
18.6
27.4
17.9
2.4
4.4
17.4
28.4
18.1
2.1
6.0
17.0
31.0
15.2
2.8
6.1
18.4
25.1
29.3
1.1
5.6
17.5
23.5
28.0
1.4
5.2
15.0
24.4
27.7
1.6
5.4
15.3
33.2
23.6
1.9
5.2
17.3
Total expenses..
72.8
102.6
70.0
70.4
70.9
68.6
69.5
71.6
73.5
78.6
73.1
74.4
81.2
Net earnings
Net charge-offs, etc. x_
Net profits
27.2
2.4
-2.6
30.0
+.1
29.6
.1
29.1
31.4
5.7
30.5
27
28.4
2.3
26.5
1.1
21.4
1.6
26.9
4.8
25. 6
30.1
29.5
33.4
27.8
26.1
25.4
19.8
18.8
+16.4
35.2
6.8
8.9
1.1
1.2
7.1
.3
0. /
.4
8.1
1.6
+.0
+4.8
6.6
6.8
5.3
6.5
8.2
11.6
2.1
2.8
3.0
2.2
+ 1.9
+4.3
+.9
26.5
Ratios to total capital accounts:
Net earnings
Net charge-offs, etc. 1
7.9
.9
+.4
+.0
8.4
.2
+.7
1.6
Net profits
7.0
1.2
6.8
8.2
8.9
7.1
2.8
1.5
2.8
2.9
4.0
1.7
3.0
3.1
3.1
25.9
9.1
20.5
21.2
25.0
23.0
26.3
26.1
42.-8
20.3
27.3
28.0
30.0
3.6
2.6
3.2
3.2
2.9
2.0
2.8
2.0
2.1
1.5
4.0
2.7
3.3
2.3
3.0
2 2
4.0
3.1
3.3
2.7
+.1
.6
1.3
.2
3.9
2.8
1.1
.2
3.7
2.7
1.0
.1
3.7
2.5
1.2
.2
1.0
1.1
Loans
Securities
Real estate assets..
Cash assets
40.3
24.5
3.3
31.7
26. 1
19.4
2.0
52.2
27.8
24 8
2.8
44.5
34.0
19.3
2.4
44.1
44.5
25.8
3.5
26.1
44.2
24.3
3.4
27.7
40.8
33.3
2.8
22.5
Total capital accounts..
10.9
13.4
12.3
10.5
Cash dividends declaredReal estate assetsRatios to total assets:
Total earnings.
Total expenses
Net earnings...
Net charge-offs, etc. l
.8
.0
.0
+• 1
.1
Net profits
13.3
21.4
14.1
Ratio to loans, sees., and real estate assets:
Total capital accounts
19.8
48.9
26.7
Ratios to total deposits:
Total capital accounts..
Time deposits
15.6
47.5
27.8
16.5
16.8
16.5
12.4
15.7
5.3
5.0
Ratios to loans:
Interest and discount on loans
Recoveries on loans
Charge-offs on loans
Net charge-offs on loans *•
5.8
3.1
.1
+.2
+.1
+.0
5.4
5.0
2.9
4.0
.1
.3
.3
.1
+.4
+.1
Net return on securities.
3.5
3.0
Memorandum ratios:
Trust dept. earnings to total earnings 32 _.
Interest on time deposits to time dep. ..
Personal and retail instal. paper to loans
4.1
1.9
6.9
1.7
5.5
Number of banks 5
.1
.1
.3
.2
Net return on loans..
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Charge-offs on securities
Net charge-offs on securities L
8.2
.1
+.2
.6
1.6
6. 1
25.4
27.5
1.9
44.8
8.4
15.8
1.0
.0
1.1
1.0
.9
38.1
23.5
3.4
34.8
37.8
22.5
3.2
36.2
31.6
26.4
5.3
36.4
15. 5
13.3
13.0
11.6
45.5
25.0
3.2
26.2
16.0
20.5
18.3
21.8
18.5
15.3
38.5
13.4
34.1
19.5
63.3
15.8
61.3
14.3
61. 1
11.9
56.8
6.3
6.1
5.6
5. 2
18.6
39.9
15. 6
39.1
6.5
6.2
.2
.5
.4
+.0
+.1
6.3
.8
.8
1.2
.1
6.8
43.1
23.6
3.5
29.7
2.2
.2
.5
.5
1.0
.1
8.2
..8
.5
3.2
3.0
.1
.1
.3
.3
.4
+.4
+.3
+.4
2.7
2.6
3.5
3.6
4.6
1.2
8.8
1.2
3.7
2.0
7.3 !
1.9
7.8
64
.4
+*2
6.3
+.2
13.9
6.3
5.9
5.4
5.4'
2.5
3.2
3.3
3.1
2.3
.4
.6
.2
.5
.4
.3
1.5
9
.4
1.4
.4
+.5
+.3
3.5
3.0
3.5
4.4
1.7
1.5
3.0
2.2
7.9
.8
+.4
+.9
+1.4
4.0
3.7
1.9
2.0
6.0
1.5
1. 6
1.6
35
For footnotes, see page 685.
692
FEDERAL RESERVE BULLETIN
Member Bank Operating Ratios, 19U0, by Ratio of Time to Total Deposits, by Size of
Bank—Continued
ATLANTA FEDERAL RESERVE DISTRICT
[Averages of individual bank ratios expressed as percentages]
Banks with ratios of time
to total deposits of under
25 per cent
All
groups
Item
Ratios to total earnings:
Interest and discount on loans
Interest and dividends on securities _
Service charges on deposit accounts
\11 other earnings
Total earnings
Salaries and wages
Interest on time deposits _
Real estate taxes
Other taxes
__
__
\11 other expenses
_
Total expenses _
Net earnings
Net charge-offs, etc.*
Net profits
Ratios to total capital accounts:
Net earnings
Net charge-offs, etc. *_
Net profits
_ _
_.
Banks with ratios of time
to total deposits of
25-50 per cent
Banks with ratios of time
to total deposits of
50 per cent and over
Size group—total deposits (in thousands of dollars)
10,000 Under
and
500
over
Under
500
5002,000
2,00010,000
62.2
21.6
5.1
11 1
67.6
15.7
6.5
10 2
60.6
21.3
6.1
12 0
52.7
24.0
9.5
13 8
45.5
32.6
5.6
16 3
100.0
100.0
100.0
100.0
30 0
14.4
3 2
4 8
19 0
33 7
4.1
3 7
6 1
17 1
34
7
4
5
20
7
8
0
3
1
33 5
6.0
2 2
4 5
22 1
71 4
64 7
71 9
28 6
29
35 3
39
28 1
27
25 7
31.4
8 8
1.1
10,000 Under
and
500
over
5002,000
2,00010,000
73.7
13.6
2.8
9 9
64 2
21.6
5.0
9 2
58 2
24 1
5.3
12 4
46 9
26 3
3.8
23 0
100.0
100.0
100.0
100.0
29
7
2
6
23
0
4
7
1
6
32 3
14.4
28
54
17 6
28
16
2
4
17
29
16
4
3
20
68 3
68 8
72 5
69 7
73 8
73 2
82 8
72 4
75 0
31 7
22
31 2
+2 3
27 5
40
30 3
3 5
26 2
28
26 8
17 2
o +4 3
27 6
8 0
25 0
9 1
25.4
29.5
33.5
23.5
26.8
23.4
26.8
21.5
19.6
15.9
7 5
.8
8 1
8
10 0
.5
+.2
9 6
7 8
1.3
9 6
1 4
8 2
1 0
9 0
5
+4
5 2
9 7
30
10 1
36
6 5
4
0
7
9
7
5
7
0
5
1
5002,000
2,00010,000
72 3
20 0
2.9
48
69 4
19 9
3.5
72
66 7
17 6
4.5
11 2
100.0
100.0
100.0
100.0
27
15
3
5
20
30
25
4
4
18
25
23
4
4
15
25
23
4
4
16
9
3
8
7
5
4
5
0
5
4
3
7
0
0
4
9
8
0
5
8
7.7
6.7
7 3
9.5
9.8
6.5
8 2
7 2
8 5
56
6 7
3.5
3.4
3 8
3.0
3 2
2.9
40
3 2
3 8
26
3 8
32
Real estate assets
26.1
13.7
17.3
21.0
28.9
19.8
24.1
34.8
46.3
37.2
27.3
38.2
Ratios to total assets:
Total earnings
Total expenses
3.8
2.7
3.9
2.5
3 4
2.3
3.1
2.1
2.4
1.6
4.6
3.3
40
2.8
34
2.5
30
2.2
44
3.6
4 5
3.2
3 8
2.8
1 l
.1
1 4
.2
1 i
.1
1 0
.1
8
1 3
.2
1 2
.2
9
.1
$
.0
8
+.0
+.1
1 3
.4
1 0
.4
Cash dividends declared
Net earnings
Net charge-offs etc
1
Net profits
1.0
1.2
1.0
.9
.8
1.1
1.0
.8
.8
.9
.9
Loans
Securities
Real estate assets
Cash assets
36 5
23 0
3.2
37.1
32 4
17 8
2.7
46.9
32 1
22 1
2.0
43.5
29 5
25.8
2.2
42.4
25 3
30 2
2.5
41.3
44 2
16.4
3.7
35.4
38 4
23 6
3 1
34.7
33 6
24 2
3 8
38.1
30 6
28 0
4 3
36.6
44 1
21 6
4 8
29.4
43 9
22 4
3 5
30.0
42
18
3
35
Total capital accounts
.6
4
2
8
2
13.4
19.4
14.0
10.3
8.4
18.8
13.6
11.4
9.5
15.3
13.2
11.1
Ratio to loans, sees., and real estate assets:
Total capital accounts
21.6
36.6
25.4
18.0
14.5
29.1
21.1
18.7
15.3
22.0
19.1
17.6
Ratios to total deposits:
Total capital accounts
Time deposits
_ _
16.1
34.6
24. 7
10.9
17.1
17.4
11.6
17.9
9.3
16.2
24.5
38.0
16.1
38.7
13 1
37.2
10 6
32.6
18.6
58.6
15.4
57.9
12 7
55.9
Ratios to loans:
Interest and discount on loans
6.6
8.3
6.6
5.8
4.3
7.8
6.8
6.1
4.8
7.5
7.3
6.0
Recoveries on loans
Charge-offs on loans
Net charge-offs on loans!
.2
5
.3
.2
5
.3
.3
4
.1
.2
.2
.2
5
.3
.2
6
.4
.3
5
.2
2
.3
3
.1
+.0
.4
5
.1
.3
+.0
.6
.1
5
.4
6.3
8.0
6.5
5.8
4.2
7.5
6.4
5.9
4.5
7.5
6.7
5.6
3.3
3.4
3.4
2.8
2.5
3.7
3.4
3.3
2.8
3.8
3.7
3.5
.3
.9
.5
1.6
.2
.1
.1
1.1
.8
.1
.9
.5
.7
1.1
1.0
.2
.3
.3
.1
1.1
.3
.3
.1
1. 1
.5
+.7
.3
2.3
. 1
+2.5
.3
.8
.4
+.7
.1
1.9
1.8
+.2
3.5
6.3
4.4
3.7
Net return on loans
__
Ratios to securities:
Interest and dividends on securities. _
Recoveries on securities
Profits on securities sold
Charge-offs on securities
Net charge-offs on securities x
.8
+.7
+1.7
+.4
+.5
+.8
+.2
+.9
-
4.0
5.1
3.8
3.3
3.3
3.9
4.3
Memorandum ratios:
Trust dept. earnings to total earnings 2 ___
Interest on time deposits to timedep. 3
Personal and retail instal. paper to loans 4 .
3.4
1.7
8.8
~~T6~
6.6
6.9
1.6
9.8
3.5
1.1
11.6
5.2
1.1
7.5
4.9
2.0
7.4
2.9
1.8
9.1
2.1
1.7
7.5
5.0
1.5
5.6
2.2
11.0
.6
2.1
11.4
1 3
1.8
8.2
Number of banks 5
312
13
24
25
25
40
86
45
10
13
24
7
Net return on securities
+.4
3.7
10,000
and
over
None
For footnotes, see page 685.
JULY 1941
693
Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of
Bank—Continued
CHICAGO FEDERAL RESERVE DISTRICT
[Averages of individual bank ratios expressed as percentages]
Banks with ratios of time
to total deposits of under
25 per cent
Item
All
groups
Banks with ratios of time
to total deposits of
50 per cent and over
Size group—total deposits (in thousands of dollars)
Under 500500
2,000
Ratios to total earnings:
Interest and discount on loans
Interest and dividends on securities
Service charges on deposit accounts
All other earnings
Banks with ratios of time
to total deposits of
25-50 per cent
2,000- 10,000
500and Under
10,000 over
2,000
500
2,000- 10,000
500and Under
10,000 over
500
2,000
2,000- 10,000
and
10,000 over
54.6
27.2
7.6
10.6
65.5
18.2
7.5
57.9
21.8
9.8
10.5
50.8
25.0
11.4
12.8
39.0
36.2
7.8
17.0
65.0
18.8
7.4
58.8
23.6
8.0
9.6
45.7
29.9
10.6
13.8
41.8
31.7
9.0
17.5
68.4
19.5
4.6
7.5
57.2
29.7
4.9
8.2
44.6
38.1
6.7
10.6
40.9
37.5
7.2
14.4
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
30.9
16.9
1.7
4.8
19.3
35.5
5.4
1.9
8.3
20.7
35.8
4.7
1.6
7.2
20.1
36.9
7.2
1.7
6.3
22.9
36.8
7.9
1.2
5.6
24.1
31.1
15.2
1.1
6.4
19.0
31.2
16.2
1.6
5.6
18.8
32.0
13.5
2.1
5.2
21.1
33.0
14.3
2.0
4.1
20.3
28.0
23.7
1.5
3.1
18.2
27.0
25.5
1.6
2.9
L7. 4
28.4
23.8
2.2
3.0
17.8
27.5
22.4
2.3
3.2
18.0
Total expenses
73.6
71.8
69.4
75.0
75.6
72.8
73.4
73.9
73.7
74.5
74.4
75.2
73.4
Net earnings...
Net charge-offs, etc. 1
26.4
.7
28.2
2.2
30.6
.6
25.0
24.4
2.7 + 11.0
27.2
2.3
26.6
1.1
26.1
1.1
26.3
25.5
5.0
25.6
1.1
24.8
26.6
25.7
26.0
30.0
22.3
35.4
24.9
25.5
25.0
20.5
24.5
25.1
Ratios to total capital accounts:
Net earnings
Net charge-offs, etc. 1 .
8.6
.6
6.9
9.0
7.8
1.0
9.1
1.7
9.3
.5
8.0
.9
6.9
.7
Net profits
8.0
Total earningsSalaries and wages
Interest on time deposits
Real estate taxes
Other taxes
All other expenses
Net profits..
Cash dividends declared..
Real estate assets..
2.5
18.7
6.2
3.0
8.5
3.9
7.1
3.0
17.4
15.0
18.3
3.2
2.3
3.3
2.3
2.9
2.0
Net earnings__..
Net charge-offs, etc. l
.1
1.0
.1
.9
.0
Net profits
.8
.9
.9
34.1
30.3
1.9
33.6
10.5
39.7
22.5
2.2
35.6
37.5
22.7
1.8
37.8
32.5
24.0
1.7
41.7
15.2
10.7
9.4
Ratio to loans, sees., and real estate assets:
Total capital accounts
16.2
25.2
17.9
Ratios to total deposits:
Total capital accounts
Time deposits
11.9
43.0
18.1
13.4
Ratios to total assets:
Total earnings
Total expenses
Loans
Securities
Real estate assets..
Cash assets
Total capital accounts..
Ratios to loans:
Interest and discount on loans..
Recoveries on loans
Charge-offs on loans
Net charge-offs on loans 1
Net return on loans..
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Charge-offs on securities
Net charge-offs on securities V
13.1
16.2
1.9
1.4
3.7
2.7
3.2
2.3
.5
2.3
12.6
+.2
.7
4.1
3.0
1.0
.1
.8
.1
+.0
.7
1.1
.2
.9
.7
.7
.9
19.5
3.4
2.5
3.1
2.3
3.1
2.3
.0
+.0
26.4
40.7
2.1
30.6
7.2
14.0
10.7
9.3
8.2
12.5
10.4
9.4
8.9
16.4
12.7
20.9
16.7
14. c
17.3
15.0
13.3
13.0
12.1
13.5
10.6
19.8
7.8
15.4
16.4
37.7
12.1
38.0
10.3
39.6
14. 5
65.0
11.7
61.8
10.4
61.8
9.9
64.6
5.7
5.2
4.7
6.5
.3
.2
.4
.5
.1
.4
.2
.4
.6
.2
.3
.3
.0
.6
.6
+.0
+.0
.2
.3
.1
.3
.4
.1
5.5
5.2
4.7
4.6
6.4
5.6
2.4
2.2
.5
.3
.8
+.3
+.2
+.4
3.0
2.6
2.6
2.6
1.9
1.5
9.3
4.4
1.0
1.0
8.3
4.5
1.6
14.1
2.8
2.7
1.8
.3
.8
.8
.3
.5
.7
.2
.7
.5
36
2.5
1.8
24.4
27.8
40.9
2.2
29.0
2.5
1.3
10.7
2.9
2.1
21.5
3.1
22.8
35.2
33.2
2.0
29.5
2.7
4.1
1.4
9.9
16. 6
9.7
2.3
43.6
27.4
2.0
26.9
4.4
Memorandum ratios:
Trust dept. earnings to total earnings 32 . . .
Interest on time deposits to time dep. __.4
Personal and retail instal. paper to loans
2.1
26.1
8.1
23.5
35.2
2.2
38.8
4.8
+.4
8.5
2.9
+.1
.8
28.2
32.8
2.0
36.8
5.7
2.9
9.0
+.3
37.1
26.6
1.7
34.5
5.2
+.2
2.1
8.5
+.5
+.3
43.1
22.9
1.8
32.2
21.3
35.6
1.0
41.8
+.1
.9
8.0
2.4
.3
.4
.1
.1
.6
.3
.7
2.3
5.8
.3
.8
8.7
9.3
.4
.4
.0
Net return on securities..
Number of banks 5 .
2.8
2.1
+2.4
+2.2
+.2
+.3
+.1
+.4
1.3
.0
3.1
2.8
2.2
2.9
2.6
1.2
8.2
3.8
1.1
8.8
10.3
.9
5.4
25
9.1
38.4
.5
.5
.2
.7
.7
103
5.1
.5
.4
.3
+.1
+.3
2.9
2.7
2.4
.4
.6
1.3
.3
.3
.2
1.0
1.0
+.2
+.2
1.0
.1
3.1
2.9
2.3
1.4
1.5
12.2
2.5
1.3
4.5
1.2
13.0
5.4
36
For footnotes, see page 685.
694
FEDERAL RESERVE
BULLETIN
Member Bank Operating Ratios, 19UO, by Ratio of Time to Total Deposits, by Size of
Bank—Continued
ST. LOUIS FEDERAL RESERVE DISTRICT
[Averages of individual bank ratios expressed as percentages]
Banks with ratios of time
to total deposits of under
25 per cent
All
group
Item
Ratios to total earnings:
Interest and discount on loans
Interest and dividends on securities ___
Service charges on deposit accounts
All other earnings
58.1
26.5
5.1
10.3
Unde
500
5002,000
63.4
22.2
4.6
56. 7
23.2
7.3
9.8
12.8
100.0
100.0
2,000- 10,000
and Unde
10,000 over
500
5002,000
66.7
22 2
4.0
60.2
24.7
5.4
9.7
51.0
29.7
7.1
12.2
53.9
26.4
4.1
15.6
72.1
22.2
1.2
4.5
100.0
100.0
100.0
100.0
27 5
16.9
2.5
30.4
15.9
2.9
29 8
18.7
2.1
22.9
24.5
1.7
53.7
21.7
8.2
16.4
100.0
49.2
30.4
3.6
16.8
7.1
100.0
100.0
100.0
Salaries and wages
Interest on time deposits
Real estate taxes __ __ __
Other taxes
All other expenses
_ _
28 9
15.5
2.6
60
18.6
33.1
5.0
2.7
7.5
20.2
34.1
5.0
2.8
8.2
19.4
20.1
21.9
Total expenses __ .
Net profits
Ratios to total capital accounts:
Net earnings
Net charge-offs, etc. x
_ _
_ _
Real estate assets
7.6
5.7
18.0
4.9
17.8
5.0
22.0
54.3
35.0
3.2
7.5
100.0
23.9
26.5
2.6
6.1
5.2
17.2
16.9
2,000- 10,000
and
10,000 over
50.5
32.8
5.4
11.3
100.0
28 2
20.1
2.9
42
17.1
68.5
69.5
68.5
69.3
74.4
70.6
71.9
77.6
72.4
75.1
72.5
31.5
1.8
30.5
+1.2
31.5
1.1
30.7
5.0
25.6
4.4
29.4
4.0
28.1
2.8
22.4
.1
27.6
3.0
24.9
1.6
27.5
5.2
25.7
29.7
31.7
30.4
25.7
21.2
25.4
25.3
22.3
24.6
23.3
22.3
8.6
1.0
8.2
.2
+.1
9.5
9.2
9.5
1.7
7.0
1.4
9.2
1.6
9.1
1.2
7.0
.2
7.9
1.1
7.8
.4
8.9
1.7
.7
8.0
9.6
3.4
4.4
__ ___
21.9
15.3
17.0
35
2.5
38
2.5
3.4
2.3
2.1
1.3
.1
1.1
1.0
.1
10
.1
__ _
5.8
29.1
17.3
2.6
6.3
19.1
5002,000
71.6
7.6
Net earnings
Net charge-offs, etc.*
31
7.68
2.2
2,000- 10,000
and Unde
10,000 over
500
28 4
2.7
3.2
Ratios to total assets:
Total earnings
Total expenses
Net profits
31.7
6.8
2.3
_
Net profits
Cash dividends declared
Banks with ratios of time
to total deposits of
50 per cent and over
Size group—total deposits (in thousands of dollars)
Total earnings
Net earnings
Net charge-offs, etc. x - ._
Banks with ratios of time
to total deposits of
25-50 per cent
+.0
8.5
4.4
24.0
3.1
7.8
5.6
7.6
7.9
6.8
6.8
7.4
7.2
3.5
2.6
3.3
2.9
3.2
2.6
2.2
3.0
22.1
21.7
23.6
24.0
28.3
14.5
21.2
32.9
3.9
3.7
3.1
2.6
4.5
2.2
1.5
2.9
.7
.1
1.0
.2
2.6
1.1
.2
2.2
9
.1
3.6
3.2
3.2
2.0
2.7
2.3
.6
.0
1.3
2
.9
.1
.9
.2
.9
1.2
1.1
.9
.8
.9
.8
.6
.7
33 9
24.3
2.4
39 0
31 1
24.6
2.0
42 0
30.8
24.7
2.7
41.4
31 0
27.4
2.0
39.3
38.4
25.4
3.3
32.8
35.5
27.1
2.8
34.5
30.8
31.1
2.4
35.5
31.3
26.6
2.3
39.7
1.1
48.2
26.7
2.9
22.2
.8
34 6
28.4
2.6
34 2
34.7
35.7
2.5
27.0
.6
12.7
16.0
12.3
12.0
7. 7
15.5
12.9
10.4
8.4
17.4
12.2
34.9
35.8
3.4
25.8
10.3
Ratio to loans, sees., and real estate assets:
Total capital accounts
_ _
19.8
27.4
21.9
21.2
12.9
23.2
19.8
16.4
14.5
22.3
17.0
14.1
Ratios to total deposits:
Total capital accounts
Time deposits
__
15 0
36.1
20.4
10.8
14.2
12.2
14.4
17.1
8.4
18.7
37.5
15.0
38.0
11.8
37.5
9.2
15.2
35.0
21.7
56.1
14.1
61.5
11.6
60.6
6.0
7.3
6.3
5.4
3.5
7.0
6.4
5.2
4.7
6.9
5.8
4.7
3
.4
* 1
.5
.4
.3
.4
1
.4
.2
.2
.3
1
.3
.4
1
.3
.6
3
.2
.3
.1
.3
.4
.1
.2
.6
.4
.2
.4
.2
.3
.3
.0
Loans
Securities
Real estate assets
Cash assets
___ __
Total capital accounts
Ratios to loans:
Interest and discount on loans
Recoveries on loans
Charge-offs on loans
Net charge-offs on loans *
Net return on loans
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
_
Profits on securities sold _____ _
Charge-offs on securities
Net charge-offs on securitiesx
+1
+ 2
5.9
7.4
6.2
5.6
3.4
6.9
6.1
5.1
4.6
6.5
5.6
4.7
3.1
3.4
3.0
2.7
2.4
3.2
3.3
2.9
2.6
3.1
3.3
2.8
.4
.4
.1
.2
.2
.1
.5
.6
.2
.3
.3
.8
.9
.4
.9
.4
.6
.5
.7
1.0
.6
.5
1.0
.6
.7
1.2
1.3
1.3
.8
1.5
1.0
.9
.5
.7
+.5
+.9
+.6
+.3
.1
+.2
+.9
+.1
+.2
.4
+.4
+.3
.7
.9
3.6
4.3
3.6
3.0
2.3
3.4
4.2
3.0
2.8
2.7
3.7
3.1
Memorandum ratios:
Trust dept. earnings to total earnings 2 ___
Interest on time deposits to timedep. 3 4
Personal and retail instal. paper to loans _
3.3
1.7
9.3
3.4
1.8
9.0
2.9
1.6
9.4
2.4
1.3
11.3
4.4
1.1
5.3
1.0
2.0
8.1
3.2
1.8
9.5
4.7
1.4
9.8
4.6
1.5
18.8
1.5
2.2
10.1
1.6
1.7
8.7
1.6
1.2
9.4
Number of banks 5 _
394
35
41
17
17
42
102
40
8
16
53
22
Net return on securities
1
For footnotes, see page 685.
JULY
1941
695
Member Bank Operating Ratios, 19%0, by Ratio of Time to Total Deposits, by Size of
Bank—Continued
MINNEAPOLIS FEDERAL RESERVE DISTRICT
[Averages of individual bank ratios expressed as percentages]
Banks with ratios of time
to total deposits of under
25 per cent
All
group;
Item
Interest and discount on loans
Interest and dividends on securities
Service charges on deposit accounts
All other earnings
5002,000- 10,000
and Under
10,000 over
2,000
500
52.4
25.4
4.4
17.8
52.5
20. 6
4.8
22.1
Total earnings
100.0
100.0
Salaries and wages
Interest on time deposits
29.9
18.0
2.4
4.1
19.1
34. 1
7.4
3.6
6.5
17.7
Total expenses
73.5
69.3
72.4
71.0
72.8
72.0
Net earnings
26.5
6.6
30. 7
4.0
27.6
6.2
29.0
7.3
27.2
28.0
11.0
Real estate taxes
Other taxes
All other expenses
.
-
Net charge-offs, etc. l
41.8
25.8
6.5
25.9
Net charge-offs, etc. x
Net profits
Cash dividends declared
Real estate assets
Ratios to total assets:
Total earnings
Total expenses
Net earnings
Net charge-offs, etc. *
Net profits
Lo ans
Securities
Real estate assets
Cash assets
Total capital accounts
Ratio to loans, sees., and real estate assets:
Total capital accounts
Ratios to total deposits:
Total capital accounts
Time deposits
Ratios to loans:
Interest and discount on loans
Recoveries on loans
Charge-offs on loans
Net charge-offs on loans 1
8.5
1.3
7.6
7.2
3.2
1.9
21.8
14.5
4.0
2.9
1. 1
.3
4.1
2.8
1.3
.1
.8
1.2
59.8
15.6
4.2
20.4
52.0
23.4
5.0
19.6-
43.5
31.9
6.6
18.0
39.3
43.6
3.9
13.2
60.7
20.2
2.9
16.2
51.6
30.1
3.3
15.0
41.0
39.4
5.3
14.3
100. 0 100. 0
100.0
100.0
100.0
100.0
100. 0
100. 0
100.0
100.0
32.4
6.0
3.2
5.0
24.4
33.6
6.0
1.8
6.8
24.6
31. 1
14.5
2.8
4.0
19.6
29.8
15. 1
2.6
4.4
19.5
33.1
11.8
1.8
4.3
22.2
32.0
12.0
1.8
8.5
21.6
27. 8
22.8
2.0
3.4
18.6
27.6
25.3
1.9
3.6
17.0
30.1
23.6
2.6
3.1
18.5
71.4
73.2
75.9
74.6
75.4
77.9
28.6
4.3
24.1
26.8
6.2 +16.0
40.1
20.6
25.4
7.9
24.6
7.8
16.8
22.1
5.3
9.9
2.9
10.3
3.2
7.4
1.8
35. 1
5.9
4.8
6.8
19.8
+7.3
11.2
2.7
+2.3
8.5
10.4
3.4
3.4
24.5
20.7
3.5
2.5
3.3
2.3
2.5
1.8
1.0
.2
1.0
.2
+.2
.8
.8
.9
30.3
30.4
1.7
37.1
8.5
10.8
1.8
9.0
8.5
14.4
36.1
31.3
2.4
29.9
30.8
25. 1
2.3
41.4
28.6
29.5
1.6
39.6
33.6
24.7
2.1
39.0
11.3
15.9
10.6
8.6
8. 1
19.9
18.6
Number of banks 5
3.8
6.5
12.1
2.3
9.5
2.3
6.9
+3.3
9.8
7.2
10.2
7.0
7.1
5.6
3.0
2.3
3.9
3.0
5.6
2.9
24.5
23.2
17.8
21. 3
20.8
22.3
4.8
3.5
4.2
2.9
3.2
2.3
2.3
1.7
4.6
3.4
4.0
3.0
3.1
2.4
1.3
.5
1.3
.2
.6
1.2
.3
1.0
.3
2.8
22.7
+.3
1.1
.9
42.9
22.9
3.2
30.6
37.3
30.2
2.5
29.6
30.3
36.7
2.2
30.3
14.0
10.6
9.3
20.4
36.2
1.6
41.4
8.7
.6
1.5
1.0
+.1
+.5
3.0
.1
.1
.3
.1
2.8
1.7
11.7
455
1.2
1.9
6.2
.2
.5
43.5
28.0
2.7
25.8
34.8
37.0
2.1
25.8
25.4
39.6
2.2
32.5
12.9
10.4
9.7
11.7
63.7
10.8
63.0
17.6
9.4
17.4
16.6
38.2
12.0
40.9
10.3
5.2
5.1
3.8
6.9
5.9
4.6
6.2
1.0
.8
.4
.4
.5
.6
1.0
.4
• -5
.3
.3
.0
10.0
2.3
+7.7
.5
.6
.1
4.6
13.9
6.5
2.6
3.2
3.1
3.1
.2
.6
1.0
.2
.5
.8
1.7
.4
.6
.5
1.6
.5
1.6
.3
2.8
2.6
2.8
2.0
14.7
1.9
1.7
13.7
1.8
1.3
9.6
+.2
+.0
+.2
6.5
.4
. 5
1.3
.4
.9
9.5
21.4
3.0
3.1
.4
1.5
.4
.4
.4
1.0
.2
Net return on securities
Memorandum ratios:
Trust dept. earnings to total earnings 23.__
Interest on time deposits to time dep. . -.
Personal and retail instal. paper to loans
10.3
16.8
12.0
16.8
Net return on loans
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Charge-offs on securities
Net charge-offs on securities 1
24.3
13.8
13.0
47.7
2,000- 10,000
and
10,000 over
46. 0
28.9
4.3
20.8
34. 5
10.2
2.6
5002,000- 10,000
and Under
2,000
10,000 over
500
51.3
20.5
8. 7
19.5
Net profits
Ratios to total capital accounts:
Net earnings
Banks with ratios of time
to total deposits of
50 per cent and over
Size group—total deposits (in thousands of dollars)
Under 500500
2,000
Ratios to total earnings:
Banks with ratios of time
to total deposits of
25-50 per cent
5.7
1.2
12.2
.1
+• 1
.2
2.4
2.3
3.1
2.9
1.0
11.0
6.1
.9
13.5
.6
2. 1
8.2
.4
.5
1.8
.9
1.2
1.7
12.0
3.6
1.1
12.1
92
29
9.6
32.1
2.4
.9
5.6
15.0
61.2
.6
+.2
5.3
.5
36
None
For footnotes, see page 685.
696
FEDERAL RESERVE BULLETIN
Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of
Bank—Continued
KANSAS CITY FEDERAL RESERVE DISTRICT
[Averages of individual bank ratios expressed as percentages]
Banks with ratios of time
to total deposits of under
25 per cent
Item
All
groups
All other earnings
Total earnings
Interest on time deposits
Real estate taxes
Other taxes
A.11 other expenses
Total expenses
Net earnings
Net charge-offs, etc
x
63 4
19. 1
7.8
9.7
100.0
67.4
16.3
7.6
8.7
100.0
2,000- 10,000
500and Under
10,000 over
2,000
500
53.5
26.6
9.4
10.5
46.9
29.4
6. 1
17.6
71.4
13.3
6.3
9.0
63. 6
19.9
7. 6
8.9
54.6
25.8
8.1
11.5
49. 6
24.1
8.2
18.1
64.0
22.9
35
9.6
59.2
25.4
57
9.7
100. 0
100. 0
100. 0
100.0
100.0
100.0
100. 0
100.0
100.0
36. 1
34.6
5.7
6.2
2.2
4.8
20.8
2.9
5.9
26.2
33.8
12.3
1.9
4.2
18.9
31.8
13.4
1.7
5.0
16.7
32.4
12.9
2.4
5.2
20.0
35.4
12.0
3.5
3.0
17. 3
33.4
24.7
2.9
4.1
15.5
29.5
20.7
2.7
2.9
14.3
9.0
1.9
50
19.0
5.2
37.4
1.8
5.3
19.5
34.4
57
•1.7
5.5
18.6
69.4
69.2
65.9
69. 6
75.8
71.1
68.6
72.9
71.2
80.6
70.1
30 6
3.3
30.8
4.7
34. 1
2.8
30.4
+3.3
24.2
+9.6
28.9
8.4
31.4
2.0
27.1
.1
28.8
2.3
19.4
7.9
29.9
10.7
33.7
33.8
20.5
29.4
27.0
26. 5
11.5
19.2
9.6
6.4
+.5
+ 1.6
10.8
3.1
12.0
1.1
9.9
.1
16.0
4.9
6.3
2.3
11.1
3.9
7. 7
10.9
9.8
11.1
4.0
7.2
34 5
27.3
26.1
31.3
10.5
1.3
9.6
1.5
11.4
1.0
Net profits
9.2
8.1
10.4
4.8
5.0
5.5
Real estate assets
15.1
12.7
14.9
Ratios to total assets:
Total earnings
Total expenses
4.2
2.9
4.7
3.2
3.8
2.5
1.3
.2
1.5
.2
1.3
.1
Net profits
1.1
1.3
1.2
1.0
Loans
Securities
Real estate assets
Cash assets
36 9
24.8
19
36 4
39.2
23.3
20
35.5
33.4
26. 0
18
38.8
27.11
29.
Total capital accounts.
13.2
16.2
21.2
Cash dividends declared
Net earnings
Net charge-offs, etc. l
Ratio to loans, sees., and real estate assets:
Total capital accounts __ _
Ratios to total deposits :
Total capital accounts
Time deposits..
Ratios to loans:
Interest and discount on loans
Recoveries on loans
Charge-offs on loans
Net charge-offs on loan*> *
Net return on loans .
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Charge-offs on securities
Net charge-offs on securities l
2,000- 10,000
500and Under
10,000 over
2,000
500
60. 6
20.2
9.5
9. 7
Ratios to total capital accounts:
Net earnings
Net charge-offs etc l
Net profits _
Banks with ratios of time
to total deposits of
50 per cent and over
Size groui —total deposits (in thousands of dollars)
Under 5002,000
500
Ratios to total earnings:
Interest and discount on loan5
Interest and dividends on securities
Banks with ratios of time
to total deposits of
25-50 per cent
10.1
8.0
4.7
2.9
17.6
19.1
2.9
2.0
2.1
1.5
.6
.9
+.1
+.1
25.4
27.9
3.9
5.1
5.2
3.2
3.6
5.1
14.3
14.8
23.4
17.1
14.4
14.3
5.0
3.5
3.5
2.5
3.1
2.0
1.1
3.7
2.9
4.2
2.9
1.5
.4
4.3
2.9
1.4
.1
.8
.3
1.3
1.1
1.3
1.0
36 8
25.1
16
36.4
31. 7
28.6
23
37.4
29.1
35. 5
12
34.1
35.0
30.2
20
32.7
36.9
30.1
1.0
.0
.3
.8
.5
.8
41.9
44.8
12.1
9.9
8.4
15. 1
11.9
10.2
7.4
13.6
11.9
25.8
20.3
17.5
16.2
22.3
19.2
16.5
11.3
20.2
17.8
15 6
23.6
19.7
14.5
14.0
15.0
11. 1
15.6
9.2
13.1
18.3
33.1
13.7
34.2
11.5
34.3
8. I
33.2
16.1
53.0
13.6
53.1
7.4
8.3
7.3
5.9
3.8
8.1
7.6
6.1
5.3
7.4
6.9
.7
.9
.7
.9
2
.5
.6
1
+ l
.6
.8
1.3
5
1.0
1.2
2
+'()
1.0
1.1
.2
.3
1
.9
1.0
1
9
'A
+3
1.6
]
1.6
31.3
7.2
8.1
7.2
6.2
3.9
7.6
7.4
6.1
52
7.3
6.8
3.0
3.1
2.8
2.6
2.1
3.2
3.1
3.0
20
27
32
.2
.5
3
.1
.4
2
.2
.3
2
.4
.5
.5
.9
1.0
10
.2
.4
3
.3
.6
4
.3
.9
6
12
.0
.8
1
+.4
+.3
+.3
+.4
+.9
+.3
+.5
+.6
.3
+.7
.9
.1
10
.0
Net return on securities..
3.4
3.4
3.1
3.0
3.0
3.5
3.6
3.6
1.7
3.4
3.2
Memorandum ratios:
Trust dept. earnings to total earnings32 ___
Interest on time deposits to timedep. 4
Personal and retail instal. paper to loans .
3.4
1.7
10.2
.2
2.0
8.5
2.2
1.6
11.8
2.9
1.2
11.9
6.9
.9
4.7
.4
2.1
9.3
2.9
1.8
12.3
1.7
1.5
10.4
8.3
1.1
10.3
1.9
8.1
1.8
9.9
737
183
148
52
29
134
130
40
3
6
10
Number of banks 5 ..
•
.5
45.6
20.8
21
31.3
1.8
2,000- 10,000
and
10,000 over
7
2
None
For footnotes, see page 685.
JULY
1941
697
Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of
Bank—Continued
DALLAS FEDERAL RESERVE DISTRICT
[Averages of individual bank ratios expressed as percentages]
Banks with ratios of time
to total deposits of under
25 per cent
Item
All
groups
2,000- 10,000
500and Under
10,000 over
500
2,000
67. 5
17.7
6.0
8.8
100.0
75.4
12.5
4.9
7 2
100.0
35.5
4.4
4.3
5.3
20 2
37.9
2.0
4.1
5.8
20.3
35.0
3.5
4.1
4.9
19.9
33.3
4.5
5.2
4.8
20.6
32.6
69.7
70.1
67.4
30.3
2.6
29.9
4. 1
32.6
1.3
27.7
25.8
Ratios to total capital accounts:
Net earnings
• Net charge-offs etc 1
9.6
1.0
8.4
1.3
Net profits
8.6
7. 1
4.6
4.5
Total earnings
Salaries and wages
Interest on time deposits
Real estate taxes
Other taxes
All other expenses
Total expenses
Net earnings
Net charge-offs, etc
1
Net profits
Cash dividends declared
Real estate assets
Ratios to total assets:
Total earnings
Total expenses
14.7
18.7
Banks with ratios of time
to total deposits of
50 per cent and over
Size group—total deposits (in thousands of dollars)
Under 500500
2,000
Ratios to total earnings:
Interest and discount on loans
Interest and dividends on securities
Service charges on deposit accounts
All other earnings
Banks with ratios of time
to total deposits of
25-50 per cent
65.3
18.7
7. 1
8.9
100.0
59.7
21.3
7.8
11.2
100.0
55 7
23.7
5.9
14.7
73.0
15.8
5.1
6.1
100.0
100.0
64 1
23.8
5.0
7.1
100.0
4! 9
6 1
22.3
33.0
13.8
5.3
5 2
17.8
68.4
73.1
74.6
31.6
3.4
26.9
+1.8
25.4
15.3
31.3
28.2
28.7
10.1
11.0
10.8
1.3
9.5
10.3
5.2
3.9
26.0
17.9
7.9
+.2
8.1
3.5
5.1
3.5
4.1
2.7
3.1
2.1
1.3
2
1.6
.3
1.4
.1
1.0
.1
4.0
3.7
17.3
31.3
4.2
2.9
8.1
4.1
2.1
1.5
54.9
26.3
6.8
12.0
100.0
34.1
9.2
3.7
3.9
23.7
.7
2,000- 10,000
Under 500and
10,000 over
2,000
500
28.6
15.8
4.4
5 7
13.1
75.1
74.1
67.6
24.9
.1
25.9
1.9
32 4
4.6
24.8
24.0
27.8
9.2
8.3
.5
.7
11.5
1.7
8.7
7.6
3.9
4.1
9.8
4.3
31.3
30.1
Net profits
1.1
1.3
1.3
.9
.6
1.0
.8
.8
Loans
Securities
Real estate assets
Cash assets
36.5
21 2
2 5
39.6
43.8
17.0
27
36.4
34.1
23. 1
22
40.5
28.5
22.3
42.6
20.9
3 1
33.3
35.9
24.5
22
37.3
26.4
25.3
46.5
25.2
24.0
2 5
48.1
44.9
3.2
31.1
30.0
27
36.0
Total capital accounts
15.0
20.3
12.9
10.1
7.7
17.8
12.8
10.9
8.2
25.1
32.3
22.1
19.9
15.3
27.6
20.6
20.1
13.1
18.6
11.9
26.6
6.9
15.0
8.7
11.4
11.9
8.5
15. 1
22.1
30.0
14.9
32.3
12.4
32.2
9.0
33.5
8.0
8.9
8.0
6.8
4.8
9.2
7.5
7.0
4.9
Recoveries on loans
Charge-offs on loans
Net charffp-offs on loans 1
.8
.9
.1
.9
1.0
.1
.8
+.1
.5
.7
.2
.4
.5
.1
.5
2.0
1.5
.6
.8
.2
.6
.4
.3
.2
+.2
+.1
Net return on loans
7.9
8.8
8.1
6.6
4.7
7.7
7.3
7.2
5.0
Ratios to securities:
Interest and dividends on securities
3.2
3.5
3.2
2.8
2.0
3.3
3.7
3.4
2.3
2
1
1
6
2
3
2
.2
.6
1
1 3
.4
+1.0
.5
.2
.9
2
.5
.1
Ratio to loans, sees., and real estate assets:
Total capital accounts
_. ___
Ratios to total deposits:
Total capital accounts
Time deposits
Ratios to loans:
3.3
2.4
2.8
1.9
1.1
.1
.9
.1
.9
.1
5
4
5
.2
.4
+.3
+.2
+.6
+.6
+.4
3.5
3.8
3.4
3.4
2.6
3.7
4.7
3.2
2.2
2.2
1.6
10.6
.1
1.7
11.1
2.3
1.4
11.4
2.6
1.0
7.3
8
io!o
1.8
10.6
1.8
11.6
1.3
14.8
2 8
1.4
2.6
542
193
201
47
31
16
27
20
3
+.3
Net return on securities
Number of banks 5
4.1
3.0
.4
Profits on securities sold
Charge-offs on securities
Net charge-offs on securities l
Memorandum ratios:
Trust dept. earnings to total earnings 32._
Interest on time deposits to time dep. . _4
Personal and retail instal. paper to loans
2.6
.6
+.0
.6
8
4
.4
.3
and
over
100.0
5.2
3.8
1.4
.8
.6
Net earnings
Net charge-offs etc *
10,000
54 6
25 3
4.0
16.1
32.6
11.8
5.8
4.4
19.5
18.5
2,00010,000
1
1
2
None
For footnotes, see page 685.
698
FEDERAL RESERVE BULLETIN
Member Bank Operating Ratios, 1940, by Ratio of Time to Total Deposits, by Size of
Bank—Continued
SAN FRANCISCO FEDERAL RESERVE DISTRICT
[Averages of individual bank ratios expressed as percentages]
Banks with ratios of time
to total deposits of under
25 per cent
Item
All
groups
Total earningsSalaries and wages
Interest on time deposits
Real estate taxes
Other taxes
All other expenses
2,000- 10,000
500and Under
10,000 over
500
2,000
2,000- 10,000
500and Under
10,000 over
500
2,000
62.7
21.5
5.6
10.2
62.2
19.6
8.8
9.4
60.3
21.7
8.3
9.7
58.4
23.5
7.5
10.6
46.8
34.5
6.5
12.2
72.0
13.4
5.4
9.2
64.4
20.3
5.8
9.5
57.4
22.8
6.4
15.4
52.5
28.9
5.3
13.3
68.0
18.8
6.6
6.6
64.7
23.2
3.9
100.0
100. 0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
31.5
1.6
4.5
18.0
36.0
6.4
1.7
4.1
21.0
35.0
5.7
2.1
5.5
18.8
33.0
9.8
2.0
5.1
13.1
32.2
11.1
1.7
5.3
18.7
34.6
14.1
1.5
4.6
18.2
31.0
15.6
1.5
4.1
19.7
32.3
14.9
1.9
4.4
17.7
30.7
14.9
1.4
4.5
18.7
72.3
69.2
67.1
63.0
69.0
73.0
71.9
71.2
70.2
27.7
3.8
30.8
4.9
32.9
3.6
37.0
11.1
31. 0
27.0
4.3
28.1
4.3
28.8
6.3
29.8
4.3
23.9
25.9
29.3
25.9
Ratios to total capital accounts:
Net earnings
Net charge-offs, etc. 1
9.9
1.5
9.8
1.8
9.4
1.1
13.2
4.0
7.0
.1
Net profits
8.4
8.0
8.3
9.2
6.9
7.1
3.4
4.1
3.6
3.9
4.4
3.2
Real estate assets
23.1
18.5
15.8
22.3
22.4
24.0
Ratios to total assets:
Total earnings
Total expenses
3.9
2.8
4.5
3.1
3.6
2.4
2.1
1.4
4.6
3.3
1.4
.2
1.2
.1
1.1
2.9
1.8
1.1
.3
Total expense;
Net earnings.__
Net charge-offs, etc. x
Net profits...
Cash dividends declared-
Net earnings^..
Net charge-offs, e t c . 1
Net profits
3.2
18.2
4.1
2.9
1.3
.2
1.0
39.0
14.2
7.8
9.4
15.0
11.0
24.4
24.6
18.5
17.6
22.8
16. S
18.4
17.5
17.1
14.0
8.5
18.4
18.0
40.9
12.6
39.2
11.8
15.2
Ratios to loans:
Interest and discount on loans..
Recoveries on loans
Charge-offs on loans
Net charge-offs on loans 1
.8
8.8
1.6
.8
Net return on loans-.
1.9
33.7
25.7
23.1
2.5
6.0
15.4
75.4
75.8
72.7
23.2
.4
24.6
1.8
24.2
1.8
27.3
5.7
22.8
3.1
.5
.8
.4
.1
.3
.3
+• 1 +.0
+.4
11.3
1.7
+.0
9.2
.6
.8
3.1
2.9
4.6
1.4
4. 1
1.8
10.8
8.6
11.5
2.5
8.6
8.0
9.0
3.3
3.3
4.1
26.7
29.4
20.5
24.2
25.4
42.5
3.5
2.5
1.0
.2
3.0
2.1
5.4
4.1
4.1
3.0
3.9
1.3
.1
1.1
.1
1.2
1.0
3.8
2.8
1.0
.1
.9
34.9
26.0
3.0
35. 9
31. 5
34.1
2.5
31.6
47.9
22.1
3.0
26.9
42.3
26.4
2.9
28.3
42.1
30.0
2.5
25.3
47.0
23.2
4.1
25.4
11.6
8.2
15.3
11.8
10.8
9.4
12.4
63.2
10.5
58.5
2.8
1.1
.2
.9
16.7
13.1
37.8
9.0
36.0
18.6
57.0
13.8
61.1
7.8
6.5
5.5
.6
.6
.3
.4
.1
.2
.6
.4
+.0
7.8
2.4
3.3
3.5
3.1
.2
.9
.7
.1
1.1
.5
.4
+.7
.2
1.6
.7
+1.1
2.8
4.0
4.6
4.0
1.4
11.9
2.0
21.4
.4
1.8
14.8
.1
.5
.7
.1
+.4
3.2
2.8
1.8
15.8
5.9
1.5
13.4
+.1
21.6
3.5
2.9
3.3
.1
1.5
5.3
29.0
25. 6
1.1
4.9
15.2
8.6
5.6
.2
.6
.4
.6
1.6
12.1
100.0
28.7
24.4
1.7
4.6
16.0
9.6
6.7
2.5
1.8
100.0
35.7
19.2
1.0
3.2
17.7
4.0
3.9
.3
.3
.6
3.2
1. 7
13.3
100.0
7.5
.6
.9
.3
3.1
.5
8.2
66.8
15.2
2.6
15.4
2.8
.2
.4
.2
.2
+.4
9.7
2.2
4.1
3.2
Net return on securities
Number of banks 5 .
9.2
39.0
25.3
Total capital accounts-.
Memorandum ratios:
Trust dept. earnings to total earnings 2 .__
Interest on time deposits to t i m e d e p . 3 4
Personal and retail instal. paper to loans _
2.0
1.1
32.8
25.9
2.3
Ratios to securities:
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Charge-offs on securities
Net charge-offs on securities V
11.2
46.2
18.1
3.3
32.4
37.8
22 0
2.8
37.3
13.7
42.4
8.8
1.7
2,000- 10,000
and
10,000 over
25.6
3.8
9.8
25.5
24.0
29.5
1.9
44.4
1.2
39.1
25.6
2.6
32.5
Ratio to loans, sees., and real estate assets:
Total capital accounts
+ 1.0
23.4
19.8
1.8
55.0
.9
Loans
Securities
Real estate assets..
Cash assets
Ratios to total deposits:
Total capital accounts
Time deposits
Banks with ratios of time
to total deposits of
50 per cent a n d over
Size group—total deposits (in thousands of dollars)
Under 500500
2,000
Ratios to total earnings:
Interest and discount on loans
Interest and dividends on securities
Service charges on deposit accounts
All other earnings
Banks with ratios of time
to total deposits of
25-50 per cent
24
.6
2.6
.7
+.3
+.3
5.6
1.7
11.7
4.6
1.7
9.2
45
For footnotes, see page 685 .
JULY
1941
699
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments
Gold production
Gold movements
International capital transactions of the United States
Central banks
Money rates in foreign countries
Commercial banks
Foreign exchange rates
Price movements:
Wholesale prices
Retail food prices and cost of living
Security prices
702
703
703
704-708
709-712
713
714
715
716
717
717
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.
JULY 1941
701
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month United
States
1936—Dec
1938—Dec
1939—Dec
11,258
12, 760
_. 14,512
17, 644
1940—May
June
July
Aug.
Sept.
Oct
Nov.
Dec
1941—Jan.
Feb.
Mar.
\pr.
May
End of month
1936—Dec
1937—Dec.
1938—Dec.
1939—Dec
..
1940—May
June
July
Aug.
Sept.
Oct
Nov.
Dec
1941—Jan
Feb
Mar
Apr._
May
End of month
1936—Dec.
1937—Dec.
1938—Dec
1939—Dec.
1940—May
June
July .
Aug.
Sept.
Oct.
Nov.
Dec.
1941—Jan
Feb
Mar
Apr
May
Argentina
501
469
431
466
Belgium
632
597
581
609
British
India
Brazil
Bulgaria
Canada
Chile
Co- CzechoDenslolombia vakia
mark
275
274
274
274
20
24
24
24
188
184
192
214
29
30
30
30
19
16
24
21
91
92
83
56
54
53
53
53
55
55
55
55
2 995
2 564
2,430
2,709
45
46
46
47
48
49
50
51
51
55
50
57
274
274
274
274
274
274
274
274
274
274
24
24
24
24
24
24
35
8
8
8
8
5
8
7
7
8
6
7
8
30
30
30
30
30
30
30
30
30
30
30
30
23
22
18
15
15
17
19
17
20
18
18
17
10
56
56
56
56
56
58
58
58
59
53
53
53
53
53
53
53
52
51
49
48
48
55
55
55
52
52
52
52
52
2 000
Japan
Java
2 403
Hungary
Iran
(Persia)
25
25
25
26
26
208
210
193
144
463
261
164
164
60
79
80
90
46
24
29
32
491
933
998
692
23
23
23
23
98
82
94
94
20
21
20
20
24
24
24
24
24
24
24
24
24
24
24
24
26
26
i 137
164
164
164
164
164
164
164
164
164
164
100
98
103
103
109
109
129
140
152
171
178
174
28
31
33
30
25
28
32
47
50
52
54
625
625
627
624
634
629
621
617
616
614
014
23
23
23
23
23
23
23
23
23
23
23
23
i 84
20
19
20
20
21
21
21
20
Sweden
Switzerland
240
244
321
308
657
650
701
549
25
37
24
189
199
173
153
152
150
157
160
165
171
172
174
1
501
493
488
490
490
500
501
502
520
524
527
528
^734
734
734
734
Italy
Turkey
United
Kingdom
26
29
29
29
2,584
2,689
2,690
81
88
88
86
87
87
87
87
88
87
87
89
1
1
1
1
1
1
1
1
1
1
1
1
1
Uruguay
T
74
69
68
9
NethNew
Mexico erlands
Zealand
50
58
Venezuela
Yugoslavia
59
52
52
52
48
51
57
59
68
68
90
88
87
86
88
90
95
97
100
51
52
64
67
68
69
71
74
77
82
83
83
B.I.S.
Norway
11
5
14
7
183
185
142
149
9
10
10
10
9
14
11
12
13
13
13
143
144
144
145
145
145
145
145
145
145
145
145
145
75
83
85
i 84
Greece
27
28
29
1 29
26
24
27
28
28
28
28
28
28
28
28
28
28
28
2 000
Ruma- South
Poland Portugal
nia
Africa
Peru
68
69
69
69
114
120
133
152
203
189
220
249
69
69
69
69
69
59
59
59
59
59
155
155
156
156
156
157
157
158
158
158
158
298
302
305
308
314
328
351
367
376
388
401
413
Spain
* 718
525
5
Governm<;nt gold i eserves * not incl tided
in previous figures
Other
countries 7
Figures re ate to last official report d ites for the respective countries, as follows: Germany
—June
15, 1939; Italy—Isite in Mar. 1940; Norway—Mar. 30, 1940; Poland—July 31, 1939.
2
Beginning April 1940, reports on certain Argentine gold reserves no longer available.
3 On May 1 1940, go Id belonging to Bank of Canada transferred to Foreign Exchange Con
trol 4Board. Gold reported since that time is gold held by Minister of Finance.
5 Change from previous December due largely to inclusion of gold formerly not reported.
Figures shown for December 1936 and December 1937 are those officially reported on Aug
1, 1936,
and Apr. 30, 1938- resneotivelv.
6
Beginning Mar. 29 1941, gold reserves no longer reported separately.
7
These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, BelgiarI
Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland
Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certair
of these
countries have been carried forward from last previous official report.
8
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange
Equalization Account during 1939.
9
Increase due to inclusion of additional foreign gold reserves not previously reported.
NOTE.—For description of table and back figures see BULLETIN for September 1940, pp.
925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported
figures through April 1940 appear on p. 926 in that issue.
702
GerFrance many
25
32
32
40
19, 209
19, 963
20, 463
20, 913
21, 244
21, 506
21,801
21, 995
22.116
22, 232
22, 367
22. 506
22, 575
403
403
402
385
369
353
353
353
353
353
353
Egypt
End of
month
1935—June
1936—June
1937—June...
1937—Dec.
1938—Mar.
June
Sept
Oct.
Dec
1939—Mar
United United
France
States Kingdom
(2)
59
169
103
103
115
81
3 934
1,395
1,489
62
44
759
80
154
May
June
Sept.
Dec
1940—Mar
June
Sept
Dec.._.
4
85
164
156
145
86
105
48
Belgium
1 732
5
103
331
559
477
44
17
17
17
17
1
Reported at infre iuent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/cNo. 1); U. K.—Exchange Equalization Accoun' ; France —Exchange Stabilization
F u n d and Rentes "Fnnrl- "Rplcrinm—Trp.asnrv
* Reported as nil.
3 Figure foi end of March 1937, first date reported.
4
Figure for end of September 1937.
5
First date reported, x or complete monthly
series from Oct. 1938-May 1939, see BULLETIN
for February 1941. n 170.
NOTE —For details regarding special pold
transfers in 1939-40 between the British E.E. A.
and the Bank of England, and between the
French E. S . F. and the Bank of France, see
BULLETIN for September 1940, p. 926.
FEDERAL RESERVE BULLETIN
GOLD PRODUCTION
Outside U. S. S. R.
[In thousands of dollars]
Production reported monthly
Estimated
world
produc-
Year or month
Total
South
Africa
Rhodesia
707, 288
751, 979
833, 088
892, 535
957, 212
1,019, 665
1, 085, 432
$1=15-5/2
366, 795
377,090
396, 768
410, 710
425, 649
448, 753
491,628
1 grains
24, 264
25, 477
28, 053
28, 296
28,532
28,009
29,155
285
106, 225
••105, 735
'103, 670
r
109, 620
nO9,130
'106, 365
••113,190
r
107, 940
r
107 660
88, 059
90,190
89,014
86, 776
92, 381
92, 272
89, 388
97, 518
92, 237
91, 567
40,163
40,879
41, 742
40,437
41,936
41,989
40, 958
42, 362
41, 620
41,188
2, 372
2, 454
2,442
2,437
2,459
2,4S8
2,450
2,477
2,404
2,433
'•I 06,190
100, 555
371
095
^88, 933
P88, 606
outside
U.S.S.R.i
1934
1935
1936
1937
1938
1939
1940
823, 003
882, 533
971,514
1,041, 576
1,136, 360
1, 212, 796
n, 273, 755
-_ -__
1940—March
April
r
103,
r
._
May
June
July
August
September
October
November
December
1941—January-..
February
March
April
North and South America
Africa
P90,
P84,
Belgian
Congo 2
of gold 9/ 10 fine; i
12,153
6,549
13, 625
7,159
7.386
16, 295
8,018
20,784
8,470
24,670
8,759
28, 564
32,163 28, 862
West
Africa
2,740
2,678
2,747
2,643
2, 590
2,725
2, 652
2,709
2,687
2,668
United Canada4
States 3
e., an ouiice of fine
108,191 104,023
126, 325 114,971
152,509 131,181
168,159 143, 367
178,143 165, 379
196, 391 178, 303
206, 994 185, 602
732
755
2, 618
42, 335 P2, 324
39,608 P2 252
2, 566
42, 075 pf2, 252 P2, 669
41,357 P/2 252 P/2, 669
16, 201
16, 391
16, 483
14,845
18,849
16, 035
17, 065
21, 744
19, 692
19, 434
16, 646
15, 408
16, 023
16,413
15, 045
14, 652
15, 488
15, 795
15, 982
16, 318
15,416
16,360
15, 750
15, 755
Mexico Colombia
Other
Chile
Austra- British
India 5
lia
gold=$S6
23,135
23, 858
26, 465
29, 591
32, 306
32, 300
30, 878
12,045
11,515
13,632
15,478
18,225
19, 951
22,117
8,350
9,251
9,018
9,544
10, 290
11,376
11,999
30, 559
31, 240
40,118
46,982
54,264
56,182
55, 878
1,651
4,233
1,356
2,562
3,010
4,027
2,596
2,337
1,905
2,221
1,717
1,941
1, 825
1,715
1,952
2,184
2,016
1,789
1,713
1,675
1,759
766
1,271
780
850
1,243
673
1,121
929
879
4,791
4,581
4,786
4,688
4,263
4,693
4,616
5,638
4,592
4,333
15,199 T 2, 945 2,137
14, 446 P2, 660
1,844
15,629 pf2, 660
1,891
/15, 629 pf2, 660 •0,891
784
4, 544
695
3, 812
/695 P4. 200
/695 P/4, 200
11,223
11,468
11, 663
11,607
11,284
11,078
10,157
6
888
860
875
875
490
560
945
980
945
980
840
805
840
/840
Gold produdion in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, b u t 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
as follows: 1934, $135,000,000; 1935, $158,000,000; 1936, $187,000,000; 1937, $185,000,000; 1938, $180,000,000.
r
Revised.
p Preliminary.
/ Figure carried forward from last previous figure without footnote /.
1 Annual figures through 1939 are estimates of U. S. Mint. Annual figure for 1940 and monthly figures are based on estimates of American
Bureau
of Metal Statistics given in thousands of fine ounces.
2
Beginning M a y 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months
of the year.
34 Includes Philippine Islands production received in United States.
Figures for Canada beginning January 1940 are subject to official revision.
5 Beginning M a y 1940, figures are those reported b y American Bureau of Metal Statistics.
NOTE.—For monthly figures back to January 1929 and for explanation of table and sources see BULLETIN for March 1939, p . 227; February 1939,
p. 151; June 1938, p p . 539-540; and April 1933, p p . 233-235. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see
Annual Report of Director of Mint for 1940, p. 101, and 1936, p p . 108-109.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Total
net
Year or imports United
month
Belor net
France gium
exports Kingdom
(-)
1934 2
1,131, 994 499, 870
1935 --. 1, 739, 019 315, 727
1936
1,116, 584 174, 093
1, 585, 503 891, 531
1937
1, 973, 569 1, 208, 728
1938
3, 574, 151 1, 826, 403
1939
4, 744, 472 633, 083
1940
1940
May
June.__
July
Aug
Sept
Oct
Nov.
Dec
1941
Jan
Feb
Mar
Apr
M a y i..._
435,132
1,162, 975
519, 974
351, 553
334,100
325, 964
330,107
137,176
234,242
108, 609
118, 567
171, 992
34, 830
Netherlands
Swe- Switzerden
land
Canada
Mex- Colom- PhilipAuspine
ico
bia
Islands tralia
86, 829 30, 270
12, 402
260, 223 8,902 94, 348
95,171 13, 667
968
3 227,185
934, 243
72, 648 39, S66
2 7,511
573, 671 3,351 71, 006
6,461
6 54, 452 111,480 38, 482
-13,710 90, 859
76, 315 36, 472
81,135 15, 488 163,049 60,146 1,363
3,798 165,122 341, 618 28, 715 86, 987 612, 949 33,610
241, 778
977 63, 260 161,489 90, 320 2, 622, 330 29, 880
40
62, 042
128, 003 241, 603
301, 734
10, 819
3,650
1,738
936
99
37
1,218
817
21
2
Net imports from or net exports (—) to: 1
1
9,431
3,671
3,158
3,637
11,452
2,138
32
6
27
7
1,746
563
337
South
Africa
16, 944
10, 899
11,911
18, 397
10, 557
23, 239
23,999
12, 038
15, 335
21, 513
25, 427
27, 880
35, 636
38, 627
2,331
4,182
1,891
10, 335
545
538
545
347
2,113
2,130
5,856
4,516
2,330
7
2,814
2,405
3,895
2,830
3,738
3,764
2,673
3,283
3,268
46, 876 1,147
814
81, 529
866
95, 619
20,216 1,147
16,309
669
3,168
11
2,232
2,934
2,794
3,185 11,136 149, 735
2,772 6,738
96
3,984 6,262
2,788
3, 587 4,720 132, 255
3, 594
3, 384 4,194
281,182
716, 685
172, 268
264, 328
217, 627
222, 726
262, 718
80, 389
1,029
12
3,498
65
23, 280
8
34, 713
181
39,162
401
74, 250 22, 862
10?, 777; 184,756
5,177
6,603
5,262
6,746
14, 605
14, 770
14, 441
14, £94
31, 477
23,091
3,482
11,687
7,854
6,704
6,240
1,751
Japan British
India
4
246, 464
168,740
165, 605
111,739
All
other
countries
76, 82C 32, 304
75, 268 46,989
77, 892 39, 735
50,762 29, 998
16,1E9 s 67,975
£0, 956 M02,404
49, 989 5 388,468
13, 228
11,815
12,186
13, 262
4,317
2, 377
954
523
784
2,17C
7,446
18,423
25,197
23, 463
34, 789
69, 946
64, 208
27,580
12, 805
6,085
4, 501
6,062
6 15, 093
2, 951
6,800
3,589
4,743
3,399
3,046
313
12 Beginning M a y 1941, figures b y countries refer to gross imports since export data are no longer available.
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
3
Includes $31,830,000 from Argentina.
4 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from
other countries.
s Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.,
$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile,
$10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.
e Includes $11,236,000 from U. S. S. R.
NOTE.—For gross import and export figures and for additional countries see table on p . 652.
JULY 1941
703
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 1.—TOTAL CAPITAL MOVEMENT
Increase in foreign banking
funds in U. S.
From Jan. 2, 1935, through—
Total
Total
Central
bank
funds
in N . Y . i
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935__Dec ( j a n . \t 1935)
1936—Dec. 30
1937—Dec 29
1,412.5
2, 608. 4
3,410 3
603. 3
930. 5
1,168 5
9.8
81.1
243.9
593. 5
849.4
924.6
361.4
431.5
449.1
125. 2
316. 2
583. 2
316.7
917.4
1,162. 0
12.9
47.5
1938—Mar 30
June 29
Sept 28
Dec. CJan. 4, 1939) .__
1939— Mar. 29.
June 28 _ .
Sept. 27
Dec (Jan. 3, 1940)
1940—Mar. (Apr. 3)
3 207 2
3,045. 8
3 472 0
3, 844. 5
4,197.6
4, 659. 2
5, 035. 3
5 021 2
5,133.5
949.8
786.2
1,180 2
1,425.4
1, 747. 6
2,111.8
2, 479. 5
2, 430 8
2. 539. 0
149.9
125.9
187.0
238.5
311.4
425.3"
552.1
542. 5
539.1
799.9
660.4
993. 2
1,186.9
1, 436. 2
1, 686. 5
1, 927. 3
1, 888. 3
1,990.9
434.4
403.3
477.2
510.1
550.5
607.5
618.4
650. 4
631.6
618.5
643.1
625.0
641.8
646.7
664.5
676.9
725.7
761. 6
1,150. 4
1,155. 3
1,125. 4
1,219.7
1,188. 9
1, 201. 4
1,177. 3
1,133.7
1,112.5
54.2
57.8
64.1
47.6
63.9
74.0
83.1
80.6
8S.7
1940—Apr. 10
Apr 17
Apr 24
May 1 - - - - -
5,118.1
5,152.1
5,194 1
5,177. 8
2,
2,
2,
2,
521. 7
538. 9
566 9
562.1
528.5
533.1
522.4
511.2
1, 993. 3
2,005. 8
2,044. 5
2, 050. 9
634.1
644.9
659.0
643.4
762.4
764.7
767.2
771.1
1,111.3
1,114.2
1,112.7
1,112.8
88.6
89.4
88.2
88.3
5,186. 2
5,193. 2
5, 254. 6
5, 208. 2
2, 566.1
2, 560. 6
2, 612. 7
2, 552. 5
516.4
556.7
612.1
599.8
2,049. 7
2,003. 9
2,000. 6
1, 952. 7
647.0
657.3
664.1
684.0
773.1
774.7
774.9
775.5
1,111.6
1,112.6
1,108. 8
1,101.0
88.5
88.0
94.2
95.1
5,241 8
5,208. 4
5 415 8
5, 401. 7
5, 490. 2
2, 573 0
2, 540.0
2,740 0
2, 729. 7
% 830. 1
623.2
623.4
834 9
838.7
922.3
1,949. 8
1,916.7
1,905 1
1, 891. 0
1, 907. 8
679.1
674.5
681 2
690.0
684.1
778.9
780.3
782.1
782.5
785.7
1,113.6
1,116.6
1,114 0
1,101.9
1,091.4
97.2
96.9
98.5
97.6
98.9
5
5,
5
5,
511 0
546. 7
548 6
572. 8
2 849 5
2,887. 5
2 887 7
2, 900. 0
931.4
967.8
977 8
993.8
1,918.1
1,919.8
1,909 9
1, 906.1
692.3
699.4
698 7
714.1
786.5
788.2
788.6
788.9
1,083.3
1,072.5
1. 073. 5
1,069. 9
99.5
99.0
100. 1
99.9
5, 665. 2
5, 698 8
5, 738. 9
5, 751 0
5, 752. 0
2, 941. 2
2,984. 9
3,022. 5
3,034 2
3, 040. 7
» 945. 0
996.3
1,018.5
1, 047. 9
1, 054. 7
2 1, 996. 2
1, 988. 6
2,004.0
1, 986. 3
1, 986. 0
764.8
769.2
774.0
778.3
773.1
789.7
790.3
790.6
790.6
790.5
1,070.0
1, 055. 3
1,052. 7
1,048.1
1, 047.1
99.6
99.1
99.1
99.9
100.5
Sept 11
Sept. 18
Sept. 25
Oct 2
5, 722. 7
5, 807. 1
5, 788. 5
5, 805. 5
3,014.1
3, 087. 2
3, 062. 6
3, 092. 8
1,012.8
1,107. 7
1,087. 0
1,112.3
2,001.3
1, 979. 5
1,975.5
1, 980. 5
768.4
773.2
782.0
773.6
791.0
791.3
791.7
793.2
1,049.4
1, 054. 8
1,051.4
1. 044. 3
99.9
100.6
100.8
101.6
Oct.
Oct.
Oct.
Oct.
5, 825. 6
5 796 4
5, 805.1
5, 794. 0
3,108. 5
3,086 3
3,118.7
3,112. 5
1,133.6
1,129.9
1, 140. 1
1,158. 9
1, 975. 0
1, 956. 4
1, 978. 6
1, 953. 6
781.8
780.9
765.6
765.7
793.6
794.0
794.0
794.6
, 040. 3
, 034. 3
, 025. 6
, 020.6
101.3
100.9
101.2
100.7
5 813 0
5, 806. 7
5 863 8
5, 860. 0
3 137 0
3,141.9
3,199 3
3,194. 0
1,190 7
1, 195. 5
1, 248. 7
1,231.6
1,946 3
1, 946. 4
1, 950. 6
1, 962. 5
762 3
751.5
752.3
764.0
795 5
796.0
798.1
798.4
,018.2
.017.8
1,012.6
1, 003. 6
100.0
99.4
101.4
100.0
May
May
May
May
8
15
22
29
June 5
June 12
June 19
June 26
July 3
July
July
July
July
.
-
_. ._
10
17
24
31
._
Aug 7
Aug. 14 .
..
Aug 21
Aug. 28 . . .
Sept 4
9
16
23
30
_
, . .
. _ ._
6.0
Nov
Nov.
Nov.
Nov.
6
13
20
27
Dec.
Dec
Dec
Dec.
1941_jan
4
11
18
25
1
5, 838. 7
5 797 2
5 847 9
5, 824. 0
5, 825. 4
3, 177. 1
3 141 0
3 177 1
3,154. 8
3,152. 5
1, 209. 1
1, 186 3
1, 209. 7
1, 182.4
1, 200. 8
1, 967. 9
1,954 8
1, 967. 3
1, 972. 4
1,951.7
763.0
757 6
771.1
771.6
775.1
800.4
801.6
803.1
803.1
804.1
998.6
997.7
996.4
993.2
992.8
99.6
99.3
100.2
101.3
100.9
Jan.
Jan
Jan.
Jan.
8
15
22
29
5,813.7
5 912 1
5, 888. 8
5, 847. 4
3,146. 1
3,251.8
3, 249. 9
3, 210. 6
1, 947. 3
1, 950. 6
1, 946. 6
1, 922. 4
775.8
772.2
757. 1
759.9
804. 9
806. 8
808. 0
808.5
985.6
979.6
974.0
969.7
101.3
101.7
99.8
98.8
Feb
Feb
Feb.
Feb.
5
12
19
26
5
5
5,
5,
806 1
777 3
737. 7
743. 1
3 170 9
3 152.4
3,103.6
3, 098. 2
1,198.8
1,301.3
1, 303. 3
1, 288. 2
1 269 0
1,255.0
1,228.8
1, 243. 4
1 901.9
1, 897. 4
1,874.9
1, 854. 7
763.1
7,54.6
764.6
776.1
809 4
810.9
811.9
813.2
965.7
963. 5
961.1
958.4
97.0
95.9
96.5
97.2
5 757 9
5.801 9
5 821 6
5 801 2
5, 773. 9
3 123 8
3,183. 7
3 198 1
3, 180 9
3. 144. 5
1.249 6
1. 300.1
1, 346 2
1, 325. 6
1,307.7
1,874.2
1,883.6
1.851 9
1, 85.5. 3
1, 836. 7
764 9
752.1
756 2
755.4
767. 4
814.4
814.6
815. 4
816. 5
813.5
958.2
954.7
953.4
952. 5
952.7
96. 6
96. 9
98.4
95.8
95.9
. _
Mar 5
Mar. 12
Mar 19
Mar 26
Apr 2
1
Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading
see BULLETIN
for April 1939, p. 285.
2
In the week ending August 7, a foreign central bank account amounting to $55,000,000 was changed to a foreign private account.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April
1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431.
704
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued
[In millions of dollars.
Minus sign indicates net movement from United States]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
Total
United
Kingdom
France
Netherlands
Switzer- I
land
Germany
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asiai
1,412.5
2, 608. 4
3,410.3
3, 844. 5
5,021.2
554. 9
829.3
993.7
1,183. 8
1,101.3
210.2
299.5
281.7
339.6
468.7
114. 5
229.7
311.9
328. 6
470. 3
130. 4
335.5
607.5
557. 5
773.0
36.6
83.1
123.9
140. 5
165.9
24.0
45.6
22.1
32.2
58.0
130.0
228.5
312.2
472.0
752.9
1, 200. 6
2,051.3
2, 653. 0
3, 054. 2
3, 790.1
()
150.5
106.3
155.3
229. 4
70.9
201.2
410.6
384.6
483.4
128. 3
184.0
224.6
214.2
431.0
12.7
21.4
15.9
36.2
87.4
5,
5,
5,
5,
5,
5,
5,
5.
5,
490.
572.
752.
805.
794.
860.
825.
847.
743.
2
8
0
5
0
0
4
4
1
1,013.1
962.4
1,005. 4
1, 004. 2
994.4
1,007. 2
969.6
1, 024. 6
954. 8
681.4
675.7
693.8
683.0
679.9
675.9
670. 3
667.4
667. 7
459. 6
454.1
459.7
457. 9
456. 9
4.50.8
455. 6
451. 5
451.0
876.8
884.0
908.4
884.4
896.7
895.8
911.5
890. 5
879.2
171.4
175.9
173.1
176.3
173.9
173.8
175.9
175.3
176.4
66.3
64.5
64.5
84.6
75.9
70.3
55.4
49.3
47.5
885.3
899.0
917.8
934.0
930.0
925.5
922.7
906.9
905.0
4,153. 9
4,115.6
4, 222. 8
4, 224. 4
4, 207. 6
4,199. 2
4,161.0
4,165. 5
4,081.6
230.1
324. 5
369. 4
387.3
384. 4
415.5
411.7
416.5
410. 5
579.2
581.6
597.9
603.8
601.0
606.5
606.8
611.2
597.5
451.3
468.8
484.7
506.5
515. 4
557. 9
555. 7
558.1
554. 2
75.7
82.3
77.2
83.6
85.6
80.9
90.2
96.1
99.3
5.
5.
5.
5.
757.
801.
821.
801.
73.
9
9
6
2
9
948.
1, 004.
993.
983.
968.
669.
666.
667.
666.
665.
469.
470.
470.
470.
471.
883. 2
881. 9
881.9
881. 7
883. 6
75.4
76.6
76. 2
77.1
77. 1
47.4
47.0
47.3
47.4
47.4
904.4
897.4
903. 6
899. 1
898.1
4. 098. 4
4, 144. 6
4,139. 6
4,125.5
4, 111.0
402.0
403. 6
404. 4
399. 6
394. 9
600. 2
607.7
623.0
621. 1
623.7
549.8
546. 8
553. 9
552. 6
542. 7
107. 5
99.2
100. 7
102.4
101.7
F r o m J a n . 2, 1935,
through—
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
(Jan. 3, 1940)
1940—June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
N o v . 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
M a r . 5 _.
M a r . 12,.
M a r . 19
M a r . 26..
Apr. 2
9
9
1
0
5
3
6
3
9
4
7
3
3
3
0
All
other i
TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES
F r o m J a n . 2, 1935,
through—
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia :l
All
other i
(Jan. 1, 1936)..
30
29
(Jan. 4, 1939).
(Jan. 3, 1940)..
603.3
930.5
1,168. 5
1, 425. 4
2, 430. 8
128.6
163.5
189.3
364.0
376.1
129.6
144.2
111.8
155.3
256.1
55.7
65.9
76.3
87.9
190.9
72.4
109.8
288.4
205.1
362.7
2.7
9.6
-11.8
-20.1
7.3
23.0
6.9
1.7
19.7
109.4
208.6
470.0
453.5
588.9
791.7
1,010.7
1, 655. 4
46.0
86.8
76. 3
101.6
174.5
33.5
149.3
166.3
127.6
215. 1
58. 8
90.4
126.2
163. 3
325.4
11.5
15.2
8.0
22 2
60.'5
1940—June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
N o v . 27
Dec. (Jan. 1, 1941).
1941—Jan. 29
Feb. 26
2, 830.1
2, 900. 0
3,040. 7
3, 092. 8
3,112. 5
3,194. 0
3,152. 5
3, 210. 6
3, 098. 2
325.8
270.9
313.6
314.3
306.6
325.0
293.3
349.7
279.2
472.7
465.2
483.1
471.4
468.7
465.5
458.0
455.1
455.0
170.8
164.4
168.8
166.3
165.1
158.9
160.3
156.1
155.4
427.4
435.5
462.7
445.9
476.3
479.9
494.7
482.3
475.8
-19.9
-16.0
-19.1
-16.5
-20.6
-21.6
-22.9
-24.2
-22.7
11.0
7.0
7.3
5.8
.6
.1
-.9
-2.8
-3.3
578.8
587.8
604.8
620.6
615.6
609.4
603.7
587.5
584.6
1, 966. 6
1,914.7
2,021.2
2, 007. 8
2, 012. 4
2, 017.1
1,986.3
2, 003. 7
1, 924.1
159.0
253.8
295.8
310.6
307.9
335. 0
334.1
343.4
334.6
300.5
299.9
311.4
317.5
325.1
332.7
326.4
336.1
314.2
355.7
376.8
361.7
401.8
410. 3
456. 0
444. 4
459. 7
453. 9
48.3
54.8
50.7
55.1
56.8
53.2
61.3
67.7
71.3
3,123. 8
3,183. 7
3,198.1
3,180. 9
3.144. 5
272.8
332. 2
321. 5
311.4
297. 3
456.
453.
454.
454.
452.
173.9
174. 1
174.1
172.9
173. 4
480.6
480.7
481.6
481.0
484.2
-24. 1
-23.9
-24.0
-3.3
-3.6
-3.4
-3.4
-3.5
583. 0
576. 4
582. 1
577. 8
576. 9
1,939.9
1,990.9
1. 986. 3
1, 970. 3
1,957. 1
325.
330.
331.
330.
.321.
3
8
3
6
4
324.1
333. 7
347.0
345. 8
349.3
455.
456.
460.
459.
442.
79.6
72. 1
73.0
74.9
74.1
Total
Europe
Canada
Latin
America
Asiai
Mar. 5...
M a r . 12..
M a r . 19..
M a r . 26..
Apr. 2_._
5
8
5
4
8
0
2
5
3
6
TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES
F r o m J a n . 2, 1935,
through—
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
(Jan. 1, 1936)
30.
29
(Jan. 4, 1939)
(Jan. 3, 1940)
1940—June (July 3)
J u l y 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
N o v . 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. 5
M a r . 12
M a r . 19
M a r . 26
Apr. 2
United
Kingdom
France
Netherlands
Switzerland
Germany
361.4
431.5
449.1
510. 1
650.4
208.8
178.0
207.4
206.2
252.2
48.1
62.0
65.3
68.4
73.8
-.4
-3.3
-4.4
-5.6
12.9
1.6
2.7
2.6
2.6
2.9
29.7
66.0
105.1
141.7
177.8
13.7
16.3
6.5
13.7
15.5
22.0
26.9
33.8
28.4
310.2
343.7
409.3
460.9
563.5
-4.6
36.9
-21.7
35.9
56.5
20.1
24.9
51.6
66.8
52.6
37.3
30.4
18.7
-46. 5
-21.5
684.1
714.1
773.1
773.6
765.7
764.0
5.1
•59.9
76.1
260.1
263.9
269.5
271.9
272. 5
270.7
269.2
269.2
271.4
72.6
74.2
74.6
75.3
75.0
74.4
74.6
75.4
75.6
16.0
16.8
17.4
17.6
17.6
17.5
17.7
17.8
17.8
4.3
5.6
6.1
6.5
6.1
6.2
6.5
5.9
4.2
183.9
184.6
185.2
185.6
187.2
188.2
191.6
192.4
193.0
13.0
17.6
23.1
24.5
24.0
25.0
25.3
25.5
25.5
38.8
43.2
44.9
45.0
46.5
47.8
49.8
48.7
48.8
588.6
605.8
620.8
626.6
628.9
629.8
634.7
634.8
636.3
61.0
64.9
65.1
65.4
63.9
66.5
60.3
62.6
65.4
49.0
49.7
53.6
52.9
42.9
40.1
43.2
40.1
50.9
-15.3
-7.2
34.0
26.9
27.7
26.4
34.8
20.2
21.6
1.0
-.4
2.1
2.2
1.2
2.1
2.0
1.9
272.5
269.2
268.4
268. 3
268.2
75.6
75. 7
75. 6
75.9
76.0
17.8
17.8
17.8
17.8
17.8
4.9
4.6
4.8
5.0
5.0
193.1
193.3
194.3
195.0
195.0
25.5
25.3
25.4
25. 5
25.6
49.5
49.3
50.0
49. 5
49.7
639.
635.
636.
637.
637.
65. 5
64.3
64.1
62. 5
65. 3
42.9
40.5
41.5
42.2
44.4
15. G
11.1
12.7
12.4
19.2
1.8
.9
1.6
1.2
1.3
Total
r
9
52. 1
2
4
'67.4
64.
'56.
•55.
Italy
Other
Europe
0
3
3
0
2
All
other i
-1.6
-4.4
-8.7
-7.0
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
2 Inflow less than $50,000.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April
1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431.
JULY 1941
705
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2, 1935,
through—
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Canada
Latin
A merica
Asia !
All
other *
(Jan. 1, 1936).
30
29
Man 4. 1939)
(Jan. 3, 1940)
125.2
316.2
583.2
641.8
725.7
67.8
116.1
136.8
127.7
125.5
18.2
22.8
26.1
42.1
7.4
10.4
21.2
27.3
29.4
-1.2
13.7
30.4
36. 1
45.0
13.3
22.5
26.6
33.5
36.6
2.9
9.4
13.5
22.0
27.6
46.1
87.9
115.2
167.8
189.0
143.1
278.3
366.4
440 6
495.2
-39.7
1.7
10.5
-9.7
-7.6
12.7
15. 7
175.0
167.4
184.0
7.9
17.0
24.5
33.8
42.8
1.1
3.5
6.8
9.7
11.3
1940—June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (7an. 1, 1941)
1941—Jan. 29
Feb. 26
785.7
788.9
790.5
793.2
794.6
798.4
804.1
808.5
813. 2
131.8
131.4
131.0
130.5
130.2
129.9
128.9
129. 1
129.5
42.9
42.9
43.0
43.0
42.9
42.9
43.4
43.5
43.6
31.0
31.0
31.0
31.0
31.0
31.0
31.0
31.0
31.0
48.8
48.6
47.8
47.4
46.3
46 0
46. 0
46. 1
45.8
36.2
36.2
36.0
36. 1
36.5
3«. 5
36.5
36.5
36.5
28.0
28.0
28.1
28.1
28.1
28.1
28.1
28.1
28.1
194.8
194.9
195. 4
195.9
196. 0
196.1
196.4
197.2
198.1
513.5
513.2
512. 3
512.0
511.0
510.6
510.3
511.6
512.6
17.5
18.9
19.5
20.7
21.3
23.5
25.0
25.8
26.4
194.3
195.6
196.7
197.6
198.6
199.8
202.3
203.5
204.5
47.7
48.5
49.1
50.1
50.5
51.2
53.0
54.2
55.9
12.6
12.7
12.9
12.9
13. 1
13.3
13.5
13.5
13.8
814.4
814.6
815.4
816. 5
813.5
129. 5
129.4
129.3
129.2
129. 1
43.
43.
43.
31.0
31.0
31.0
31. 0
31.0
45.7
45.6
45.6
45.4
45.2
36. 5
36.5
36. 5
36. 5
36. 5
28.1
28.1
28. 1
28. 1
28.1
198. 3
198. 3
198.4
198.7
198. 9
512.8
512. 6
512.5
512. 7
512.6
26.4
26.2
26.3
26.5
26.5
205.3
205.5
205.7
206.1
203.0
56.1
56.5
57.1
57.4
57.6
13.8
13.8
13.8
13.9
13.9
Mar. 5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
43.7
43.
TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2, 1935,
through—
Total
United
Kingdom
France
Netherlands
SwitzGererland I many
Italy
Other
Europe
Total
Europe
Canada
Latin
America
3.7
15.5
18.2
23. 7
30. 1
21.4
44. 1
51.7
65.2
87.6
2.6
7. 1
9.8
11. 1
14.3
57.2
44.5
35.9
22.0
2).O
17.5
17.6
17.7
16.8
13.2
13.1
13.4
12.8
12.6
12 6
12.6
12.0
11.4
16.8
16.9
17.3
17.0
16.9
11.4
11.3
11.3
11.3
11.3
1935—Dec. (Jan. 1, 1936)..
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939).
1939—Dec. (Jan. 3, 1940).
316.7
917.4
1.162.0
1,219.7
1,133. 7
149.8
367.7
448.7
472. 6
328.1
23.4
64.7
70.3
76.9
76.6
50.5
157.6
213.8
212.1
227.7
55.1 ;
200. 2 !
275. 3 !
311. 1
344.7
-5.4
-7.5
-17.4
-22.8
-23.2
-3.3
-4.9
-5.5
-4.9
12.9
33.5
55.7
56.6
60.4
235.2
818.0
1,041.6
1,094.1
1,004.4
32.6
37.6
217
-2. 6
1940—June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941).
1941—Jan. 29
Feb. 25
1,091.4
1,069.9
1.047.1
1, 044. 3
1, 020. 6
1, 003. 6
992.8
969.7
958.4
278.8
279.5
275.0
271.1
268.0
264.4
261.2
259. 5
257.7
74.7
74.8
74.7
74.5
74. 1
74. 1
74.4
74.2
74.2
230.4
230.4
230.6
230.7
230.6
23). 9
23 J. 2
233. 3
233.2
378.3
376.3
372.9
365. 4
349.6
346.8
348. 1
340.2
33S. 9
-28.7
-23.7
-23.8
-28.8
-23. 1
-29. 1
-29. 1
-29.2
-30.2
14.3
11.8
5.9
26.2
23. 1
17.0
2.7
-1.6
-3.0
61.8
64.8
64.6
61.5
64.5
64.6
64.9
64.6
64.5
1,012.6
1,008. 9
994.9
1, 003. 5
930.9
968.7
955. 4
941.0
935.3
-19.4
-24.2
-21.9
-20. 7
-19.0
-20. 3
-18.4
-25. 7
-26. 9
27.9
27.7
23.8
25.6
23. 2
958.2
954. 7
953.4
952. 5
952.7
257.0
257. 5
257. 4
257.2
257.1
74. 2
74. 1
74.0
74.2
74.2
233.4
233. 4
233.4
234. 8
234. 9
33S. 1
337. 1
335. 9
335. 8
334.7
-30. 3
-30. 3
-30. 3
-30. 3
-30.3
-3.0
-3.0
-3.0
-3.0
-3.0
64.4
64.4
64.4
64.6
64.8
933.7
933.3
931.9
933.4
932.5
-25. 8
-23. 4
-23. 4
-30. 0
-28.9
22.1
21.6
21.4
Mar. 5_._
Mar. 12. _
Mar. 19__
Mar. 26..
Apr. 2____
Asia l
2">. 1
21.6
24.7
21.8
218
20.9
All
other 1
TABLE 7.—BROKERAGE BALANCES,2 BY COUNTRIES
From Jan. 2, 1935,
through—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30 .
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
6.0
12.9
47.5
47.6
80.6
4.0
11.5
13.4
19.4
2.4
10.4
11.5
12.9
20.1
1.3
-.9
5.0
6.8
9.3
2.5
9.1
10.8
9.6
17.8
-.2
—. 7
-.2
-.1
1940—June""(July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27 ._
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
98.9
99.9
100.5
101.6
100 7
100.0
100.9
98 8
97.2
16.6
16.7
16.3
16.3
17 1
17.2
17.0
17 1
17.0
18.5
18.5
18.6
18.8
19 1
18.9
19.9
19 2
19.3
11.4
11.5
11.9
12.3
12 5
12.5
13.4
13.3
13.5
18.0
18.0
18.8
19.2
18 3
16.9
16.2
15.9
14.4
-.1
-. 1
-.2
—2
-.2
-.2
-.2
-.2
96.6
96.9
98.4
95 8
95.9
17.1
16.6
16.5
16 9
16.7
19.3
19.4
19.5
18 6
18.7
13.6
14.0
13.9
13 8
13.9
13.8
13.9
14.0
14 5
14.5
Mar 5
Mar. 12
Mar. 19
Mar 26
Apr. 2
___
Italy
Latin
America
Asia*
1.4
.4
5.0
5.2
5.0
7.6
22.6
44.0
47.9
71.6
-4.5
-7.6
3.5
1.8
8.7
1.0
-4.2
-.5
-.9
1.6
2.9
2.1
.5
-1.5
-3.4
.1
.1
.1
.1
.2
.1
.2
8.1
8.3
8.0
8.1
73
7.6
7.9
89
9.1
72.7
72.9
73.6
74.7
74.4
73.1
74.3
74.4
73.3
12.0
11.1
10.9
11.2
10.2
10.7
10.7
10.4
10.9
7.6
8.8
9.4
9.1
8.3
8.8
9.2
6.1
6.0
6.3
6.0
5.8
6.8
6.7
6.0
6. 3
6.1
9.2
8.9
8.7
84
73.1
72.6
72.6
72 2
71.7
10.6
10.8
11.1
10.0
10.6
5.8
6.3
7.4
6.2
6.2
6.1
6.3
6.5
6.1
6.4
.2
— 2
-.2
.2
-.2
Canada
.1
.3
.1
.2
.1
.2
2
.2
.2
2
2
Total
Other
Europe Europe
7.9
6.8
All
other 1
-.9
.3
2.1
.7
.8
.6
.7
1.0
.7
.7
.9
.9
.9
1.0
1.0
1.0
1.1
i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
> For explanation see BULLETIN for May 1937, pp. 395-396.
34 Inflow less than $50,000.
Outflow less than $50,000.
706
FEDERAL RESERVE
BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[Outstanding amounts in millions of dollars]
TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES
Date
Total
United
Kingdom
France
Netherlands
Switzerland
105. 2
222.2
66.0
82.2
11.9
9.7
Germany
Italy
Total
Other
Europe Europe
Latin
America
Asia i
241. 8
216.8
148.3
89.3
88.7
91.9
188.2
130.8
103.3
117.8
96.4
106.6
49.0
38.2
69.0
44.4
43.1
60.3
31.0
37. 5
21.6
13.1
10.4
11.9
Canada
All
other i
Reported by Banks in New York City
1929—Dec. 31
1930—Dec. 31
1931—Dec. 30
1932—Dec. (Jan. 4, 1933).
1933—Dec. (Jan. 3, 1934)_
1934—Nov. 28 2
2, 672. 7
2, 335.0
1,303.5
733.8
388. 2
466.7
301.5
214.5
104.9
171. 0
48.3
59.1
923.7
799.4
549.2
72.2
24.9
32.7
99.1
122.2
44.6
13.8
8.3
12.7
204.5
161.0
41.1
30.2
16.3
25.8
157.4
111.2
33.2
36.6
9.9
14.3
371. 3
281.3
122.2
63.1
30.1
41.7
2,162.8
1,911.7
961.2
469.1
149.7
196.0
1934—Dec. 5 3
Dec. (Jan. 2, 1935)..
1935—Dec. (Jan. 1, 1936) _
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939).
584.8
597.0
1, 200. 2
1, 491. 6
1, 729. 6
1, 996. 6
79.6
76.9
205.5
235.7
261.5
436.1
36.1
33.9
163.5
176. 3
143.9
187.4
13.5
12.9
68.6
78.8
89.1
101.8
12.1
13.7
86.1
123. 5
302.1
218.8
28.4
29.9
29.0
32.0
39.0
17.8
16.8
18.8
26.1
41.7
25.7
20.4
40.6
46.8
107.5
126.3
156.0
255.5
227.1
232.9
686.3
814.3
1,017.1
1, 237. 8
103. 3
99.3
145.3
186.1
175.6
201. 8
117.4
122.8
156.3
263.9
280.9
248.5
125.1
130.1
188.9
200.2
236.0
274.3
12.0
12.0
23.4
27.1
20.0
34.1
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940) _
2, 318.
2, 683.
3, 050.
3, 057.
8
0
7
0
473.9
607.4
656. 7
448.2
219.5
284.4
295.9
288.2
143.9
146.0
186.0
204.9
247.1
240.8
299.9
376.3
18.7
15.1
7.8
9.5
14.8
12.2
17.1
38.5
314.7
366.9
446.4
516.9
1, 432. 7
1, 672. 7
1, 909. 7
1,882. 6
236.6
291. 7
325. 3
274.6
300.7
363.0
383.0
336.0
305.5
306.0
366.5
491.4
43.3
49.7
66.2
72.5
1940—Jan. 31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
M a y 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941).
1941—Jan. 29
Feb. 26
3, 097. 4
3, 105. 5
3,165. 2
3,188. 3
3,178. 7
3, 456. 3
3, 526. 2
3, 666. 9
3, 719. 0
3, 738. 7
3. 820. 3
3. 778. 7
3'. 836. 8
3', 724. 4
404.5
376.6
361.3
326.6
354.5
397.9
343.0
385.7
386.4
378.8
397.2
365. 5
421. 9
351.4
290.6
288.5
290.7
286.7
319.1
504.8
497.3
515.2
503.5
500.8
497.6
490.1
487.2
487.1
200.3
200.1
199.7
213.1
198.3
184.7
178.3
182.7
180. 3
179.1
172.8
174.3
170.0
169.4
395.5
411.0
432.2
447.6
413. 6
441.0
449.2
476.4
459. 6
490.0
493.5
508. 4
496.0
489.5
9.1
8.4
8.4
8.5
13.6
10.5
13.2
9.1
8.0
6.7
5.5
7.0
43.7
44.5
69.3
71.3
65.0
29.8
25.8
26.1
24.6
19.4
18.9
17.9
16.0
15.5
569.0
593.5
618.7
616.1
619.3
625.7
634.7
651.7
667.5
662.5
656.3
650.6
634.4
631.5
1,912.6
1,922. 6
1,980. 3
1,969.9
1, 979. 8
2,193. 8
2,141. 9
2, 248. 4
2, 235. 0
2, 239. 6
2, 244. 3
2, 213. 5
2, 230. 9
2,151.3
266.9
268.7
250.1
255.3
236.0
259.2
353. 9
395.9
410. 7
408.1
435.2
434.3
443.6
434.8
352.2
354.6
365.5
389.9
402.4
421.4
420.8
432.3
438.4
446.0
453.6
447.3
457. 0
435.1
494.8
497.3
515.2
517.6
501.9
521.7
542.8
527.6
567.7
576.3
622.0
610.3
625.7
619.9
70.9
62.4
54.1
55.6
58.6
60.3
66.7
62.7
67.1
68.7
65.1
73.3
79.6
83.3
^ 3,750.0
345. 0
488.7
187.9
494.3
5.9
15.4
630. 0
2,167.1
425. 4
445.0
621.0
91.6
494.3
494.4
495. 3
494.7
497.8
5.9
6.9
5.5
5.8
5.6
15.4
15.2
15.4
15.4
15.3
630.0
623.3
629.0
624.7
623.8
2,167.1
2,218.1
2, 213. 5
2, 197. 5
2,184. 3
425. 4
430.9
431. 4
430. 8
421. 5
445.0
454.6
468.0
466.7
470.2
625. 3
626. 4
630. 8
629. 6
612.9
91.6
84.1
84. 9
86.9
86.1
Reported by Banks in United States
Mar. 5_.
Mar.
Mar.
Mar.
Mar.
Apr.
3, 754. 3
3, 814. 2
3, 828. 6
3,811.4
3, 775. 0
5...
12..
19..
262...
488.7
485.9
486.6
486.6
484.9
345.0
404. 3
393.7
383. 5
369. 4
187.9
188.1
188.0
186.8
187. 3
4
Additional Detail Available from January 3, 1940 '
6 Latin American countries
5 European countries
Date
Total
1940—Jan. 3
Jan.31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
M a y 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
.....
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
Bel-
Den- Fin- Normark land way
Swe- Total
den
Argen- Brazil Chile Cuba
tina
407.1 159.2
448.1 166.2
458.8 176.6
475.1 184.3
183.7
460.
443.3 172.0
457.0 161.3
457.7 154.9
466.7 150.9
470.3 147.9
469. 0 145.7
466.2 145.7
462.7 144.8
450.5 143.2
437.9 140.7
28.1
28.7
27.2
28.7
23.0
21.1
19.5
18.4
17.2
16.8
16.2
16.1
17.3
17.1
17.0
21.4
23.8
23.7
25.0
27.2
29.5
29.6
29.1
26.3
29.1
24.3
22.0
16.5
14.1
12.3
56.3
67.0
69.4
68.4
67.5
64.1
59.0
57.8
54.3
51.2
51.3
50.1
48.7
48.3
46.2
142.2
162.4
161.9
168.6
158.9
156.7
187.6
197.5
218.0
225.3
231.5
232.4
235. 4
227.7
221.6
250.7
259.3
263.7
275.4
297.1
311.8
326. 5
321.3
332.2
338.8
348.2
353.
341.7
342. 5
319.6
57.7
66.5
68.7
63.5
80.6
83.3
88.7
93.1
103.9
110.1
112.7
115.1
115.4
118. 2
103.3
36.4
31.8
30.0
35.3
35.0
34.8
39.0
38.0
31.4
33.4
39.7
44.1
36.2
45.4
35.1
26.8
24.4
24.7
24.7
23.4
24.8
30.2
29.2
27.8
26.1
25.0
26.9
28.5
26.1
25.3
37.0
38.3
38.3
43.2
46.4
49.6
49.7
48.1
51.1
434. 2
433.9
434. 6
432.0
429.6
17.1
16.9
16.8
16.6
16.4
11.9
11.2
10.8
10.9
10.6
46.0
45.9
45.9
45.7
45.0
220.2
222.2
223.5
223. 6
222.2
323.1
330.5
345.1
346.1
348.6
102.5
104.7
105.2
104.5
36.3
43.6
55.1
43.1
44.0
25.9
25.5
26.0
30.8
30.5
139.1
137.7
137.6
135.2
135.4
Mex-
4 Asiatic countries
PanChina
and
C.Z.
PhilipHong
Kong Japan pine
Islands
46.4
47.9
48.6
47.3
58.8
62.1
65.2
68.4
67.2
68.6
65.3
60.3
58.5
63.2
64.4
62.6
55.0
49.3
52.6
34.0
36.2
36.7
40.2
44.5
50.6
53.5
52.7
59.6
57.3
57.9
58.6
58.7
54.8
55.9
432.9
434.7
439.2
455. 1
461.3
446.2
448.4
446.6
408.3
431.
432.5
475. 2
454. 5
464. 3
464. 4
167.0
173.8
178.9
178.5
184.1
178.8
181.8
181.6
184.7
192.7
195.1
218.6
207. 5
210.5
217.5
71.4
72.2
68.5
75.2
81.1
79.4
78.4
84.3
87.6
87.0
89.4
92.2
91.1
93.4
97.5
165.4
158.7
162.1
169.4
164.1
151.8
152.6
142.6
97.4
106.8
102.8
119.3
110.3
114.1
103.4
29.1
30.0
29.7
32.0
32.0
36.2
35.6
38.2
38.7
45.2
45.2
45.1
45.6
46.3
46.0
48.7
49.2
51.2
51.6
51.5
53.2
54.3
53.0
53.4
53. 5
57.0
55.3
55.2
61.9
64.5
461. 9
460.
462. 0
459. 6
44'
215. 6
213.9
214.4
212.4
216.7
96.7
96.4
95.4
95.0
94.5
100.5
101.6
106.3
105.3
90.8
49.0
48.9
45.9
47.0
45.9
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
Last report date on old basis.
First report date on new basis.
4
Figures adjusted to the basis employed in previous weeks. The reported figures for Asia on Mar. 5 and succeeding weeks are not strictly
comparable to the corresponding figures for preceding weeks, owing to a change in reporting practice. For similar reasons adjustments were made
with respect to the figures for certain areas on Aug. 12, 1936, Jan. 5, 1938, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 425; Apr. 1939, p. 295;
and Apr. 1940, p. 362). The cumulative figures in Tables 1, 2, and 3 have been adjusted to exclude the unreal movements introduced into the data
by these changes in reporting practice.
5
The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin
America, and Asia.
2
3
JULY 1941
707
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[Outstanding amounts in millions of dollars]
TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES
Date
Total
United
Kingdom
France
Netherlands
29.
67.
65.
94.
20.
14.
18.
15.
Switzerland
Germany
Italy
Other
Total
Europe Europe
Reported by Banks in New
Latin
Canada
America
Asia i
1
9
7
4
136.5
158.2
159.2
124.4
41.
24.
54.
46.
York'City
1931—Dec. 30
1932—Dec. (Jan. 4, 1933)
1933—Dec. (Jan. 3, 1934)
1934—Nov. 282
1,103. 3
949.4
907.1
827.1
166.2
89.4
197.9
201.3
53
(Jan. 2, 1935)
(Jan. 1,1936)
30.__
29
(Jan. 4, 1939)
1,137. 8
1,139.9
778.6
672.6
655.0
594.0
266.4
296.9
88.1
114.1
84.8
86.0
108.2
80.5
32.5
16.8
13.5
10.3
19.2
18.6
19.0
21.9
23.0
24.2
8.3
8.2
6.6
5.4
5.5
5.5
239.6
231.7
202.0
165.1
126.1
89.4
26.5
27.2
13.5
10.9
20.8
13.5
81.3
80.0
71.2
57.8
52.9
45.9
749.5
743.2
433.0
392.1
326.5
274.9
91.2
96.3
100.9
59.4
118.0
60.4
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)._..
553.6
496.6
485.7
508.7
83.0
55.4
66.0
39.9
13.8
10.7
8.7
4.9
20.1
19.7
9.6
5.7
3.6
4.5
2.9
5.2
81.4
77.4
67.1
53.4
16.4
9.5
12.2
11.8
48.8
39.9
41.6
51.4
267.1
217.0
208.1
172.2
1940—Jan. 31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 3 1 . . . .
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
533.0
531.4
527.5
515.7
475.0
475.0
444.9
386.0
385.5
393.4
395.1
384.0
399.2
383.0
56.2
44.7
39.7
36.8
30.1
32.0
28.2
22.6
20.2
19.6
21.4
23.0
23.0
20.7
5.3
5.4
4.9
8.4
7.9
6.2
4.5
4.2
3.5
3.7
4.3
4.2
3.4
3.1
7.2
5.7
6.7
8.0
3.2
2.6
1.9
1.2
1.1
1.0
1.1
.9
.8
.8
5.1
5.5
6.2
6.4
5.0
3.8
2.5
1.9
1.5
1.9
1.9
1.5
2.1
3.8
52.3
51.8
50.1
49.4
47.3
47.3
46.6
46.0
45.6
44.0
43.0
39.6
38.8
38.2
13.7
15.5
16.9
17.2
18.3
14.2
9.6
4.1
2.8
3.3
2.2
2.0
1.7
1.7
49.5
49.3
48.6
48.6
44.6
41.0
36.6
34.9
34.8
33.3
32.0
29.9
31.1
31.0
394.2
407.0
402.9
403. 7
391.7
19.7
23.0
23.8
23.9
210
3. 1
3.1
3. 1
2.8
2.8
.9
.8
.8
3.2
3.4
3.3
3. 1
3.1
38.0
37.9
35.9
36.2
36.1
1.7
1.9
1.8
1.7
1.7
30.3
30.4
29.8
30.2
30.1
5
6
0
1
9
2
1
9
12.6
6.4
12.5
8.5
467 2
433 7
258 1
178 8
18.7
11.5
16.8
10.7
All
other i
149.2
96.1
83.9
60.2
8
8
6
2
2.6
3.5
6.3
2.6
170.7
174.6
154.5
141.1
114.4
99.1
118.1
117.4
80.1
67.2
78.9
144.1
8.3
8.5
10.1
12.9
17.2
15.5
46.3
54.0
49.7
39.7
99.5
110.3
108.5
113.3
125.7
100.5
104.0
174.1
14.9
14.8
15.4
9.3
189.1
177.9
173.2
174.7
156.5
147.2
130.0
115.0
109.4
106.8
106.0
101.0
100.9
99.4
40.1
44.2
42.2
37.1
26.7
35.3
31.3
31.2
30.8
32.4
29.7
36.0
33.6
30.8
110.2
109.8
110.7
114.3
113.3
117.0
116.3
112.3
113.1
123.1
125.9
122.7
125.8
115.1
184.6
190.3
192.6
181.0
169.5
167.9
159.8
118.6
125.7
124.9
126.2
117.8
132.4
131.0
9.1
9.2
96.8
100.5
99.5
98.8
98.6
30.8
32.0
32. 2
33.7
30. 9
123.0
125. 4
124.4
123.7
121.6
137.0
141.5
139.9
140.2
133.4
6.7
7.5
6.9
7.2
7.2
864.3
719.0
652.3
569.5
58.
43.
34.
84.
Reported by Banks in United States
1934—Dec.
Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
Mar. 5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
.s
!s
9.0
7.7
7.5
8.9
6.4
6.3
7.3
6.4
6.5
6.6
Additional Detail Available from January 3,1940 4
6 Latin American countries
5 European countries
Date
Total
1940—Jan. 3
Jan.31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941).
1941—Jan. 29
Feb. 26
Mar. 5
Mar. 12
Mar. 19
Mar. 26
Apr. 2
Belgium
23.4
22.2
20.4
19.4
17.6
14.1
10.6
9.1
7.7
7.5
7.6
6.1
5.5
5.6
5.6
6.5
7.2
7.4
7.9
8.1
5.1
3.4
2.9
1.6
1.7
2.2
2.1
1.5
1.4
1.5
5.0
4.9
4.9
4.7
4.8
1.3
1.3
1.3
1.3
1.3
4 Asiatic countries
PanAr- BraMex- ama
Den- Fin- Nor- Swe- Total genChile Cuba
and Total China
zil
ico
mark land way den
tina
C.Z.
3.2
3.7
2.9
2.2
1.4
1.1
.7
.4
.3
.3
.3
.3
.3
.3
.3
1.4
1.2
.8
.8
1.0
1.5
1.5
1.6
1.7
1.7
1.9
1.9
1.8
1.9
1.9
1.9
1.9
1.9
1.9
1.9
3.6
3.7
4.0
4.0
3.4
2.4
1.5
1.3
1.2
1.2
1.1
1.0
.9
.8
.8
8.7
Hong Japan Philippine
Kong
Islands
6.5
5.4
4.5
3.7
4.2
3.4
2.8
2.9
2.7
2.1
.8
1.0
1.2
1.2
76.1
71.5
69.9
71.4
73.9
73.9
77.5
75.6
72.1
72.5
81.4
82.9
78.4
80.0
68.3
16,8
12.9
12.0
12.5
12.4
16.4
16.7
16.4
15.1
14.8
13.2
13.5
11.9
11.1
10.0
32.2
31 ?
31.8
33.0
34.4
32.1
33.7
32.8
31.3
30.8
40.2
39.0
33.1
34.0
24.4
9.7
9.6
9.7
9.4
9.7
9.5
9.7
10.3
9.6
10.0
10.8
11.7
13.4
14.9
14.3
10.5
10.4
11.1
10.7
11.2
9.8
11.4
9.9
9.9
10.6
10.9
11.5
11.7
11.8
11.3
5.9
6.5
4.4
4.7
5.0
5.0
4.8
4.7
4.5
4.5
4.6
5.3
6.1
6.1
5.9
1.0
.9
.9
1.1
1.2
1.1
1.3
1.5
1.7
1.9
1.7
1.9
152. 5
161.9
168.0
182.6
169.8
160.1
155.2
145.3
102.3
109.8
110.7
113.9
103.8
2 1 117.9
2.4 114.2
22.0
22.5
25.4
26.1
23.9
24.5
30.2
30.5
24.0
24.2
24.2
24.0
23.7
24.2
23.5
1.9
1.6
3.2
1.7
1.8
1.9
1.6
2.7
3.8
4.3
3.0
1.5
1.7
1.1
.9
102.1
111.2
111.2
125.9
115.6
103.2
90.6
78.6
45.0
53.2
58.0
62.8
55.8
71.8
68.3
26.4
26.6
28.2
28.9
28.5
30.5
32.7
33.6
29.5
28.2
25.4
25.6
22.6
20.7
21.5
1.0
1.0
1.0
.8
.9
69.5
72.9
73.1
72. 1
71.1
10.4
10.2
10.2
10.2
10.4
25.1
29.9
29.8
30.5
30.0
14.2
13.6
13.7
13. 0
12.2
11.3
10.6
11.4
10. 5
10.7
5.9
5.9
5.5
5.4
5.4
2.5
2.6
2.5
2.4
2.5
23.5
24.4
25.0
24.6
26.5
.9
.8
.9
.9
.9
73.9
76.6
77.4
77.5
67.3
22.6
22.7
20.6
19.6
20.4
120. 8
124.6
124.0
122.7
115. 2
1
2
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
Last report date on old basis.
* First report date on new basis.
4
The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings Other Europe, Latin
America, and Asia.
NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363).
708
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
Assets of
issue dept.
Goldi
Coin
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
1940—May 2 9 June 26—
July 3 1 Aug. 2 8 Sept. 25Oct. 30.Nov. 27Dec. 2 5 -
.2
.2
.2
.2
.2
.2
.2
.2
580.0
630.0
630.0
630.0
630.0
630.0
630.0
630.0
1941—Jan. 29—.
Feb. 26...
Mar. 26.Apr.30__.
May28p_.
.2
.2
.2
630.0
630.0
630.0
5 680. 0
680.0
'.2
Discounts
and advances
Securities
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
23.4
28.1
20.7
20.2
25.5
38.7
36.9
13.3
2.9
4.7
3.3
3.9
3.5
3.0
6.9
4.0
31.0
27.0
18.8
56.9
50.7
3.8
3.7
45.3
28.3
11.4
Cash reserves
Other
assets 2
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
.2
1929—Dec. 251930-Dec. 31_.
1931—Dec. 301932— Dec. 281933—Dec. 271934—Dec. 26__
1935—Dec. 251936—Dec. 301937—Dec. 291938—Dec. 281939—Dec. 27-
Liabilities of banking department
Assets of banking department
Notes
.2
1.0
.5
.6
1.0
1.4
1.5
.7
.5
1.0
1.0
1.4
1.1
1.5
1.6
Note
circulations
Deposits
Bankers'
Public
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
171.6
174.6
174.4
172.6
169.7
153.3
161.2
199.1
556.9
602.2
609.5
610.0
604.8
591.6
593.3
616.9
94.9
82.7
106.3
118.7
116.0
108.0
110.8
135.7
36.1
58.0
22.7
8.8
13.5
18.3
27.1
12.5
50.5
50.3
52.3
51.8
51.9
51.5
50.3
51.2
17.8
17.9
18.0
18.1
18.1
17.7
17.8
17.9
175.4
175.4
145. 8
133.7
149.4
599.2
603.2
611.5
623.4
629.5
107.9
121. 7
118.6
131.8
110.9
32.4
14.6
22.0
13.6
32.3
53.0
53.0
52.3
57.2
52.1
18.0
18.1
18.1
17.7
17.8
Liabilities
Assets
Domestic bills
Bank of France
Foreign
(Figures in millions of francs)
exOpen
Gold*
change market 7
1929—Dec. 27_.
1930—Dec. 26..
1931—Dec. 30..
1932—Dec. 30..
1933—Dec. 29..
1934—Dec. 28..
1935—Dec. 271936—Dec. 30..
1937—Dec. 30..
1938—Dec. 29,.
Special 7
Other
41,668 25, 942
53,578 26,179
68,863 21,111
83,017 4,484
77,098
1,158
82,124
963
66,296
1,328
60, 359 1,460
58,933
911
87.265
821
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
1,379
652
1,797
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
Other
Other
liabilities
Loans on—
Advances
to
ShortOther
Govterm
ernGovern- securities
ment ment securities
17, 698
31, 909
20,627
Other
assets
Note
circula- Governtion
ment
Other
liabilities
Other
573
715
675
443
2,521
2,901
2,730
2,515
2,921
3,211
3,253
3,583
3,781
3,612
5,603 68,571
76,436
8,545 85, 725
9,196 85,028
8,251 82, 613
8,288 83, 412
7,879 81,150
8,344 89, 342
7,277 93, 837
14,442 110,935
11,737
12, 624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
7,850
11,698
22,183
20,072
13,414
15, 359
8,716
13, 655
19, 326
25, 595
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
3,471
3,461
3,805
3,661
3,576
3,581
3,482
14, 753
14,458
16, 016
16,482
17,100
17, 769
16, 438
122, 611
123, 239
142, 359
144,562
144,379
149,370
151, 322
5,188
5,468
3,304
2,342
2,004
1,953
1,914
16,909
16, 058
18, 038
18,022
14, 790
12, 392
14, 751
2,816
2,781
2,708
2,926
3,006
3,346
2,925
3,444
3,403
3,376
3,411
3,716
3,822
3,967
15, 963
16, 917
15,970
15, 666
16, 694
18,865
18,491
151, 738
156,150
156,032
156, 285
170,853
174,469
218, 383
1,834
1,203
1,154
1,171
1,046
1,049
14,965
17,128
14, 262
14,681
25, 782
25, 405
!,68, 602
3,259
3,166
3,014
3,038
2,811
2,848
3,586
1939—June 29_.
July 27__
Aug. 31..
Sept. 28.
Oct. 26_.
Nov. 30..
Dec. 28_.
>92, 266
92.266
97, 266
97, 266
97, 266
97, 266
97, 267
722
722
218
212
85
120
112
8,074
8,316
9,396
9,734
10,038
10, 565
11, 273
2,279
2,275
1,708
1,958
2,007
1,626
2,345
5,009
5,000
15,009
14,830
8,298
5,206
5,149
34, 673
374
472
2,412
930
336
454
174
1940—Jan. 25...
Feb. 29..
Mar. 28..
Apr. 25_.
May 30June 10..
Dec. 26 9.
97,268
97, 275
84,614
84, 615
84,616
84,616
84, 616
111
109
111
112
102
108
42
11,861
12, 505
42, 645
42, 694
44, 083
44,173
43,194
2,235
1,810
1,870
1,781
1,889
1,518
661
5,011
4,630
5,005
5,769
14, 473
11, 885
3,646
35, 673
40, 523
20,550
20, 900
32,600
36, 250
1O
136,217
229
465
320
228
2,320
2,534
721
20, 577
20,577
20, 577
22, 777
25, 473
30, 473
Deposits
1
3
3
Through February 1939, valued at legal parity of 85 shillings a fine ounce.
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
Notes issued less amounts held in banking department.
< On Jan. 6, 1939, £200,000,000 of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about £5,500,000 (at current price) transferred from Exchange Account to Bank; on July 12, 1939, £20,000,000 of gold transferred from Exchange Account
to Bank;
on Sept. 6, 1939, £279,000,000 transferred from Bank to Exchange Account.
4
Fiduciary issue increased by £50,000,000 on April 30, 1941.
« Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939,
p. 29;
September 1937, p. 853; and November 1936, pp. 878-880.
7
For explanation of these items, see BULLETIN for July 1940, p. 732.
8
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Exchange Stabilization Fund to Bank of
France;
in week ending Mar. 7, 1940, 30,000,000,000 francs of gold transferred from Bank of France to Stabilization Fund.
9
Figures taken from annual report of Bank for 1940, giving the only statement of the Bank's position which has been made public since June
10, 1940.
J° By a series of Conventions between the Bank of France and the Treasury (for further details see BULLETIN for May 1941, p. 481) advances
of 143,000,000,000 francs had been authorized through Dec. 26,1940, including 73,000,000,000 francs to meet the costs of the German army of occupation.
Of the amount actually advanced on this date, 72,317,000,000 francs had been utilized for the latter purpose. By subsequent Conventions dated
Jan. 20 and Mar. 22, 1941, the amount of authorized advances for occupation costs was increased to 85,000,000,000 and 100,000,000,000 francs respectively.
ii Includes 41,400,000,000 francs due to the Central Administration of the Reichskreditkassen.
NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83.
JULY
1941
709
Central Banks—Continued
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and Bills (and
foreign exchange
checks),
including Security
loans
Total
Treasury
Gold*
reserves
bills
2, 283
2,687
2, 685
1,156
920
396
84
88
72
76
76
78
2,848
2,572
4,242
2,806
3, 226
4,066
4,552
5,510
6,131
8,244
11,392
251
256
245
176
183
146
84
74
60
45
30
1940—May 31..
June 29..
July 3 1 . .
Aug. 31..
Sept. 30_
Oct. 31-_
Nov. 30.
Dec. 31..
12, 569
12,611
12,613
12, 891
13,206
13, 069
13, 532
15,419
1941—Jan. 3 1 Feb. 28..
Mar. 31.
Apr. 30..
M a y 31P
14, 503
15, 284
15, 367
15, 644
15, 918
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
31.
31.
31.
31.
30..
31.
31.
31_.
31..
31..
30..
2,216
984
806
386
79
82
66
71
71
Liabilities
Securities
Eligible
as note
cover
Other
Note
circulation
Other
assets
Deposits
Other
liabilities
259
445
349
221
106
557
804
92
102
161
398
322
319
315
303
286
298
393
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11, 798
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
31
25
28
31
16
31
26
38
142
143
114
56
50
56
51
32
363
454
408
419
422
425
427
357
2,135
2,595
2,377
2,448
2,184
2,240
2,223
2,066
12, 594
12, 785
12, 750
13, 026
12, 847
12, 937
13,198
14,033
1,470
1,854
1,620
1,608
1,795
1,610
1,706
2,561
1,253
1,266
1,248
1,287
1,314
1,352
1,433
1,396
28
34
23
32
23
28
24
32
22
18
349
351
352
488
1,834
1, 445
1,672
1, 548
(2)
13, 694
13, 976
14,188
14, 689
15, 210
1,726
1,935
2,127
2,006
2,012
1,399
1,305
1,210
1,117
(2)
p Preliminary.
1 Not shown separately on Reichsbank statement after June 15, 1939.
Figures not yet available.
NOTE.—For explanation of above table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83.
2
Central Bank
(Figures as of last report
date of month)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately _
Other gold and foreign exchangeNegotiable Government bonds
Rediscounted paper
.
Other assets
Note circulation
______
Deposits—Member bank
Government... _
Other
Foreign exchange sold forward
Other liabilities
_ _ _
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash. _
London balances
Loans and discounts
Securities
Deposits
_
Note circulation.
_ _
National Bank of Belgium (millions
of belgas):
Gold
Foreign exchange
Credits to State and public bodies
Credits to private economy... .
Due from Bank of Issue, Brussels
Other assets
Note circulation
Demand deposits.
Other liabilities
. . . . ..
National Bank of Bohemia and Moravia (millions of koruny):
Gold 2
_
_
Foreign exchange
Discounts
Loans _ __ .. _
1941
May
1940
Apr.
Mar.
May
1,071
302
333
33
211
1,231
497
152
4
6
60
1,071
291
296
46
205
1, 223
486
131
3
6
60
1,224
183
199
17, 705
49, 125
17, 705
46, 645
16, 082
45, 545
228
1,185
423
150
3
20
53
2,969
4, 430
3.090
57, 253 55, 573 40, 394
22, 397 22. 360 34,174
42, 484 45, 947 35, 497
116, 670 119.062 106, 778
65, 619 63,119 52, 775
(Feb.) 1
4,331
461
1, 954
172
447
499
7 409
300
155
(Dec.
1940)i
1,447
785
24
(3)
1,596
728
445
542
Central Bank
(Figures as of last report
date of month)
1941
May
National Bank of Bohemia and Moravia—Cont.
Other assets
Note circulation
_ _
Demand deposits
Other liabilities
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
__ _ __
Other liabilities . . .
National Bank of Bulgaria (millions of leva):
Gold
Net foreign exchange in reserve _
Foreign exchange. _
Loans and discounts
Government debt. .
Other assets
Note circulation
Deposits . . .
__ __ __
Other liabilities
Bank of Canada (thousands of Canadian dollars):
Golds
Sterling and United States exchange
216, 280
Canadian Gov't. securities:
2 years or less___
375, 523
Over 2 years
_ _ __ 126, 482
Other assets.__
9, 911
Note circulation
379,426
239,789
Deposits—Chartered banks
88, 579
Dominion Gov't
5, 382
Other
_
15, 020
Other liabilities
__ _
Apr.
104, 959
42 607
224,182
440, 344
8,513
202, 454
508, 348
422, 463
92, 248
133, 994
372, 484
118,151
12, 813
372, 597
228, 857
18, 248
3,770
13,971
1940
Mar.
May
(Dec.
1940)i
(4)
6, 453
1,560
(4)
6,566
5,601
839
3,437
103, 552
57, 875
216, 058
442, 886
7, 503
186, 850
494, 616
427, 400
92, 709
(Oct.
1940)i
2,006
4
1,472
2, 749
3,373
2,756
6,262
3,119
2,980
95, 271
52, 077
150,107
430,104
13, 320
121, 885
413, 887
346, 100
102, 777
69, 493
12, 601
2,006
4
1,664
1,260
3,393
2,155
4,510
3,460
2,514
411,142 417, 421
114,489 93,995
16, 974 23, 074
365, 323 230, 373
207, 994 238, 305
17,052 52, 719
8,311
7,532
13,417 18,163
1 Latest month for which report is available for this institution.
at 0.0358 gram fine gold per koruny.
2
Gold revalued Sept. 28, 1940,
3
Less than 500,000 koruny.
4
Figures not yet available.
5
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July
1940, pp. 677-678).
710
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 Denmark (millions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Discounts
Loans—To Government agencies
Other
Securities
Other assets
Note circulation . . .
_
Deposits..
Other liabilities
Central Bank of Ecuador (thousands of sucres) •
Gold 2
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 3 (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 securities.
Other assets
Note circulation
Deposits
Other liabilities
Bank of Estonia (thousands of
krooni):
Gold and net foreign exchange
Loans and discounts
Other a s s e t s . .
Note circulation
Demand deposits
Other liabilities
1941
May
28, 405
29,140
16 728
55, 487
34, 456
65, 477
58, 600
40 139
1940
Apr.
Mar.
May
147
224
742
496
118
1,212
147
204
742
486
74
1 172
146
116
750
356
50
1,031
206
73
235
173
86
221
143
78
165
29, 973
21,771
18 303
58, 498
36, 019
62, 272
63, 091
39 202
31, 451
15, 852
18 774
58, 704
35, 988
61, 416
59, 831
39 521
39, 699
3,912
21 864
38, 606
29,781
53, 785
53, 679
26, 398
105
24
479
9
19
41
156
641
719
563
192
105
28
485
9
20
41
160
610
707
117
9
71
34
155
315
190
116
703
165
138
196
(Jan.)i
62, 023
15, 399
55, 532
22 490
75, 046
49, 443
30, 955
(Dec.
1940)i
6, 241
1,928
7,800
31, 929
68,179
25 416
62, 886
36, 032
26, 605
58, 805
6,299
37, 309
2,480
30 393
10, 890
13 233
3,921
1 397
6,178
1 494
15 073
4 891
6,259
13 242
3,637
1 400
6, 536
1 420
15 404
4 576
6, 255
13 232
3,149
1 311
4, 805
1,231
14 803
5,018
3,907
(July
1940)1
47, 846
57 399
47, 437
88 492
28, 285
35, 905
45, 206
48, 851
34, 084
62, 726
34, 039
31, 376
1941
Central Bank
(Figures as of last report
date of month)
May
Bank of
Finland
(millions of
markkaa):
Gold
...
..
._
Foreign assets
Loans and discounts
Domestic securities
Other assets
Note circulation
Deposits
Other Liabilities
Bank of Greece (millions of drachmas) :
Gold and foreign exchange (net)
Loans and discounts
Government obligations
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Hungary (millions of pengo):
Gold
Foreign exchange reserve
Discounts
Loans—To Treasury._.
Other
Other assets
Note circulation
Demand deposits
Consolidated foreign credits of 1931
Other liabilities
Reserve Bank of India (millions of
rupees):
1940
Apr.
Mar.
604
1.234
5, 531
400
1,849
5,798
572
3,248
604
1,379
5,447
403
1,500
5,724
512
3,097
(Feb.)i
16, 873
15, 307
4,049
3,404
17, 039
20, 182
2,412
124
28
844
732
39
389
1 681
182
51
242
Issue department:
124
27
729
610
39
329
1,369
177
51
262
(Feb.)i
444
1,405
496
324
2,495
Gold at home and abroad
Sterling securities _
Indian Gov't. securities __
Rupee coin .
Note circulation
Banking department:
Notes of issue department _
Balances abroad.__ . . .
Treasury bills discounted...
175
672
Loans to Government... __
Investments...
Other assets
Deposits
. . .
Other liabilities . _ _. _ _
Bank of Japan (millions of yen):
Cash, bullion, andforeign accounts
Special foreign exchange funds___
Advances—To Government . .
Other?
Government bonds .
Other assets
...
_ _
Note circulation
__
Deposits—Government. _
Other
_
Other liabilities
Bank of Java (millions of guilders):
Gold9
Foreign bills ___
Loans and discounts._. _ .
Other assets
.
Note circulationDeposits
Other liabilities
_ _
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve
Loans and discounts
Other assets
Note circulationDeposits
Other liabilities _
__ _
71
15
786
146
590
300
2
539
3, 623
559
s 3, 928
838
404
444
593
300
3
652
3, 572
489
4,197
938
121
352
327
17
98
102
222
286
37
336
18
89
119
216
310
37
(July
1940)1
72
29
234
45
123
204
52
May
4,430
14, 692
4,105
2, 751
11,004
13,056
1,917
124
59
647
343
36
333
1,040
186
316
444
1. 235
425
466
2, 485
85
199
28
20
87
15
315
119
300
3
522
2, 652
3,186
745
169
314
147
16
72
123
221
109
28
72
30
212
46
104
202
55
1
Latest month for which report is available for this institution.
Gold revalued June 4, 1940, at 0.0602 gram fine gold per sucre.
Items for issue and banking departments consolidated.
Included in "Other liabilities."
5
Less than 5C0,000 rupees.
6
No comparable figure available. Gold alone was reported at 501 million yen in M a y 1940.
7
Includes bills discounted, no longer shown separately beginning Mar. 29, 1941.
8
Reduction from previous m o n t h due largely to elimination from this item of notes held b y Bank of Chosen and Bank of Taiwan.
9
Gold revalued Sept. 21, 1940, at 0.4715 gram fine gold per guilder.
2
3
4
JULY 1941
711
Central Banks—Continued
Central bank
(Figures as of last report
date of month)
1941
May
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
Disoounts
Loans
Securities
Other assets
Note circulation
Demand deposits—GovernmentOther
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of
escudos):
Gold*
Other reserves (net)
Non-reserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of Rumania (millions of lei):
Golds
Special exchange accounts
Loans and discounts
Special loans «
Government debt
Other assets
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Apr.
Mar.
1940)i
67
11
182
83
187
111
46
May
60
18
178
62
176
106
37
1, 096
18
23
170
226
265
1, 593
1, 115
9
144
60
208
60
2,802
20, 516
2,802
17, 537
2,802
13, 719
18,
3.
1,
21,
22,
2,
18, 426
3,772
1,629
21,441
20, 045
2.680
23,176 |
2, 537 '
472
17,951 I
22, 220
2, 536
670
773
6,87
854
876
717
63
266
76
1,263
(Mar.)i
186
102
()
599
9
112
53, 818 46,150
31, 758 19, 251
130, 034 112, 533
5,134
11,867
150, 021 126, 474
52, 523 39, 098
24, 933 17, 496
Feb.)1
1, 256
775
991
365
1,031
937
2,720
1,767
867
50,125
691
3
921
496
358
457
1,033
1,349
2,424
1,161
1,030
32, 325
4.869
30,517
632
9,793
17,848
6S, 886
18. 536
8,562
31, 546
6, 999
23, 913
1,001
8.033
13, 603
51, 252
19, 082
14, 761
48, 701
485
3
36.172
8,150
294
1940
1941
Central bank
(Figures as of last report
date of month)
May
South African Reserve Bank—Cont.
Other assets
Note circulation
Deposits
Other liabilities
Bank of Sweden (millions of
kronor):
Gold
_.
Foreign assets (net)
Domestic loans and investmentsOther assets
_.
Note circulation
Demand deposits
Other liabilities
Swiss National Bank (millions of
francs):7
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—Gold
Other
Other liabilities..
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Note circulation
Banking department:
Golds
Notes and coin
Advances to State and to
government bodies
Other loans and discounts._.
Other assets
Deposits
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign exchange
._.
Loans and discounts
Government debt
National defense bills
Other assets
Note circulation
Other sight liabilities
Other liabilities
Bank for International Settlements (thousands of Swiss gold
francs 10) :
Gold in bars
Cash on hand and on current
account with banks
Sight funds at interest
Rediscountable bills and acceptances (at cost)
Time funds at interest
Sundry bills and investments
Other assets..
_
Demand deposits (gold)
Short-term deposits (various
currencies) :
Central banks for own account
Other
Long-term deposits: Special accounts
Other liabilities.
May
Apr.
Mar.
39, 012
22, 538
63, 381
3,912
38, 495
23, 572
59, 537
4,575
24. 695
21, 309
42. 638
5.364
384
780
772
843
1,403
630
746
380
753
816
762
1,422
601
416
432
969
851
1, 467
179
1,021
2,283
1,198
255
26
223
2,133
1,606
245
2,282
1,191
215
30
233
2,146
1,559
245
2, 168
361
185
144
224
2, 246
565
271
110,782
49,189
401, 231
192, 357
18, 001
461, 099
79, 358
96, 753
134, 378
109, 904
60
29, 788
262. 704
196. 221
33. 386
327, 869
78,124
85, 656
140,413
86, 235
106, 700
86, 235
93. 372
71, 235
30, 840
40, 754
91, 540
93, 583
118,818
209,133
21, 454
50,506
9 110.377
116.190
100, 545
197, 982
'Feb.)1
2,790
909
1,686
3,061
7,128
3,465
13, 973
3,510
1,555
2,162
585
1,984
3,073
3,196
3,428
11,755
1,842
832
40, 070
28, 913
41,011
16,16S
46, 086
16, 382
141,251 143, 843
21, 538 21,774
233, 443 211,335
2,396
2,346
35, 555 12,010
33, 877
2,860
33,133
2,316
!28, 909 229, 001
194, 627 194, 263
1
Latest month for which report is available for this institution.
i Gold revalued Mar. 31, 1940, at 0.4978 gram fine gold per guilder
Figures not available.
On October 16, 1940, gold revalued on basis of average cost.
Gold revalued M!ay 19, 1940, at 0.0043 gram fine gold per leu, and again on April 1, 1941, at 0.0047 gram per leu.
Agricultural and urban loans in process of liquidation.
Gold revalued May 31, 1940, at 0.2053 gram fine gold per franc.
Additional foreign gold reserves first reported in July 1940.
Includes
advances to State and to government bodies.
10
3
4
5
8
7
8
9
See BULLETIN for December 1936, p. 1025.
712
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date effective
In effect Sept. 15,
1936.
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 20
Nov 26
Dec. 3
Jan. 28, 1937.
June 15
July 7
Aug. 4
Sept. 3
Nov. 13
May 10, 1938
May 13
May 30
Sept. 28
Oct. 27 .
Nov. 25
Jan. 4, 1939 ..._ .
Apr. 17
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940
Apr. 9
May 17
Mar. 17, 1941
May 29.
In effect June 30,
1941
United
GerKing- France many
dom
2
3
5
3
Belgium
Netherlands
2
3
4
Sweden
Central
bank of—
Rate
June
30
Albania
Argentina
Belgium..
Bohemia and
Moravia
2
Switzerland
2
2
Date
effective
Mar. 21,1940
Mar. 1,1936
Jan. 25,1940
Oct. 1, 1940
Rate
June
30
Central
bank of—
Date
effective
Japan
3.29
Java
3
Latvia
5
Lithuania. _ 6
Mexico
4
Apr.
Jan.
Feb.
July
Jan.
7,1936
14,1937
17,1940
15,1939
2,1941
2
w2
IX
2
4
6
5
4
Bolivia
Nov.
6
British IndiaNov.
3
Bulgaria
Dec.
5
Canada
Mar.
Chile
3-434 Dec.
July
Colombia ._
4
8, 1940
28,1935
1, 1940
11,1935
16, 1936
18,1933
Netherlands
New Zealand
Norway
Peru
Portugal
3
Aug. 29,1939
2
3
5
4
May 27,1940
May 13,1940
Aug. 1,1940
Mar. 31, 1941
Denmark
Ecuador
El Salvador..
Estonia
Finland
16,1940
26, 1938
30,1939
1,1935
3,1934
Rumania
South Africa
Spain
Sweden
Switzerland _
3
3
4
3
IX
Sept. 12,1940
June 2,1941
i Mar. 29,1939
May 29,1941
Nov. 26, 1936
Mar. 17, 1941
Turkey
United Kingdom
U. S. S. R . . .
Yugoslavia.
4
July
2
4
5
Oct. 26,1939
July 1,1936
Feb. 1,1935
3
4
2X
3
3
2K
2X
2
4
3
France
Germany
Greece
Hungary
Italy
4
3
3
2
4
7
3
4
2
18/
Oct.
May
Mar.
Oct.
Dec.
^72 Apr. 9,1940
Jan. 4,1937
6
Oct. 22,1940
3
May 18,1936
1,1938
3
2
1
Not officially confirmed.
NOTE.—Changes since May 31: South Africa—June 5 , down from
3\i to 3 per cent.
3H
3M
IX
2
3
3
2
IX
3
IX
OPEN MARKET RATES
[Per cent per annum]
Month
Bankers'
Treasury
acceptances
bills
3 months 3 months
Bankers'
Day-to-day allowance
money
on deposits
1929—Apr
1930—Apr
1931—Apr
1932—Apr
1933—Apr
1934—Apr
1935—Apr
1936—Apr
1937—Apr
1938—Apr
1939—Apr
1940—Apr
5.21
2.48
2.58
2. 19
.59
.96
.59
.55
.55
.53
1.40
1.03
5.18
2.49
2.57
2.07
.50
.89
.51
.52
.53
.51
1.36
1.03
4.43
2.28
2.17
1.91
.61
.88
.75
.75
. 75
.75
.76
LOO
1940—May
June
July
Aug
Sept
Oct
Nov.
Dec
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.02
1.02
1.02
1.02
1.03
1.02
1.02
1.01
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.03
1.03
1.03
1.03
1.01
1.02
1.01
1.01
1941—Jan...
Feb
Mar
Apr
...
.
1.00
1.00
1.00
1.00
Netherlands
Germany
United Kingdom
3H
1
iy2-i
X
lA
A
A
11
y2
y2
X
X
A
X
y2
X
X
y2
X
X
X
Private
discount
rate
Day-to-day
money
Private
discount
rate
Money
for
1 month
6. 63
4.46
4.65
5.12
3.87
3.87
3.38
3.00
2.90
2.88
2.88
2.38
3.85
1.40
5.67
3.17
5.05
1.76
3.64
2.83
2.55
3.04
2.36
L. 90
5.36
2.52
1.50
1.02
.66
2.07
3.65
1.07
.19
.13
1.11
1.68
5.81
3.08
1.61
.94
1.00
1.85
3.26
1.27
1.00
.50
1.24
2.75
2.38
2.38
2.38
2.31
2.25
2.25
2.25
2.25
L. 98
L. 98
L. 73
L. 77
2. 03
.87
.93
.95
12.20
(2)
(2)
(2)
2.25
2.25
2.25
2.25
i 3.21
(2)
2.83
3.00
2.68
2.75
2.75
2.75
2.25
2.25
2.07
2.75
2.75
2.75
2.25
2.25
1.73
1.68
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
4 1 /2-6 1 /2
3A-5A
3-5
5-7
314-5X
2}/2-b
2H-4H
23^2-5
2H-5
2^-5
2X-5
3-5
3K-5H
33^-53/2
3^-5>£
3H-53^
3H-5H
3^-53/9
3^-5^
3^-5>^
3J/2 53^2
3. 45
2.61
1.06
1. 50
1.50
1.50
1.80
2. 25
1.00
1.00
1.00
1.25
1.41
1.50
1.50
1.50
1.50
1.31
1.25
1.25
1.25
1.25
1.25
1. 25
1
Figures are for period May 1-9, inclusive.
2 No figures available.
NOTE.—For figures for other countries and references to explanation of table see BULLETIN for September 1940, p. 1018.
JULY
1941
713
COMMERCIAL BANKS
United Kingdom
Assets
l
(Figures in millions of
pounds sterling)
Cash
reserves
Liabilities
M o n e y at
Treasury
call and Bills dis- deposit
short
counted receipts 2
notice
Securities
Loans to
ers
Deposits
Other
assets
Demand 3
Total
Time 3
Other
liabilities
963
900
910
924
(4)
216
244
251
231
232
10 London clearing banks
1932—December
1933—December
1934—December
1935—December
1936—December
207
213
216
221
236
127
119
151
159
187
408
311
255
322
316
472
565
594
605
630
778
740
759
784
864
11 London clearing
1935—Dec3mber
1937—December
1933—December
1939—December
_
. _
1940—May
June
July
August
September
October
November. ,__
December
1941—January
February
March
Aoril
244
244
243
274
195
163
160
174
322
300
250
334
257
270
262
273
283
270
285
324
144
166
146
148
144
137
140
159
499
384
415
430
401
373
339
265
279
234
233
293
131
123
132
137
259
210
194
188
208
237
247
231
238
1,983
1,941
1,971
2,091
2,238
991
1,015
1,044
1,140
(4)
banks 5
660
635
635
609
890
984
971
1,015
249
256
263
290
2,315
2,330
2, 254
2,441
1,288
1,284
1,256
1,398
1,012
1,026
997
1, 043
245
252
269
256
25
26
92
183
23)
314
633
636
653
632
697
723
743
771
972
933
910
927
948
948
941
924
2S0
295
271
255
287
284
274
293
2,413
2,469
2,454
2,481
2, 597
2,661
2, 702
2,800
1,382
1,443
1, 465
1,485
1,570
1,635
1,671
1,770
1,031
1,026
989
995
1,027
1,026
1,031
1,030
261
264
264
260
260
254
256
250
341
330
374
461
789
814
821
820
926
915
922
897
269
272
276
274
2,757
2,709
2,764
2,829
1,729
1, 695
1,723
1, 769
1,027
1,013
1,036
1,060
247
243
242
247
Liabilities
Canada
(10 chartered banks. End of month
figures in millions of Canadian dollars)
Other
Cash Security loans
reserves loans and discounts
Security
loans
abroad
and net
due
from
foreign
banks
Securities
Entirely in Canada
Note
circulation
Other
assets
Deposits payable in Canada excluding interbank
deposits
Other
liabilities
Total
Demand
Time
1932—December.
1933—December .
1934—December.
1935-December.
1936—December.
1937—December.
1938-December.
1939—December.
211
197
228
228
240
255
263
292
103
106
103
83
114
76
65
53
1,104
1,036
977
945
791
862
940
1,088
155
134
155
141
161
102
166
132
778
861
967
1,155
1,384
1,411
1,463
1,646
500
482
491
529
554
575
535
612
115
121
124
111
103
96
88
85
1,916
1,920
2,035
2,180
2,303
2,335
2,500
2,774
538
563
628
694
755
752
840
1,033
1,378
1,357
1,407
1,486
1,548
1,583
1,660
1,741
821
775
761
789
837
850
843
963
1940—May
June
July
August
September
October....
November.
December.
300
272
277
291
319
310
313
323
44
39
39
38
37
41
41
40
1,063
1,067
1,053
1,062
1,102
1,138
1,128
1.108
194
184
166
162
178
177
174
159
1,617
1,583
1, 576
1, 569
1,563
1,520
1,513
1,531
528
521
506
489
529
526
514
570
91
93
89
90
2,785
2,706
2,674
2,689
2,800
2,778
2,758
2, 805
1,142
1,098
1,062
1,055
1,145
"., 178
,132
,163
1,643
1,609
1,613
1,634
1,655
1,600
1,626
1,641
854
831
841
845
837
846
1941—January...
February..
March
April
312
293
296
325
36
34
35
31
1,092
1,104
1,115
1,109
164
170
178
189
1,677
1,788
1,766
1,820
522
531
521
544
2, 873
2, 989
2,972
3,064
,205
,302
,270
1, 356
1,668
1,687
1,703
1,708
851
850
858
877
Liabilities
France
(4 large banks. E n d of m o n t h figures
in millions of francs)
Cash
reserves
D u e from Bills discounted
banks
Loans
Other
assets
Deposits
Total
Demand
1932—December..
1933—December..
1934—December..
1935—December..
1936—December..
1937—December..
1938—December..
1939—December..
9,007
5,870
5,836
3,739
3,100
3,403
3,756
4,599
1,766
1,416
1,421
2,484
2,975
4,116
4, 060
3,765
22, 014
19, 848
18, 304
16,141
17, 582
18, 249
21, 435
29, 546
7,850
8,309
8,159
8,025
7,631
7,624
7,592
7,546
1,749
1,827
1,717
1,900
1,957
2,134
1,940
2,440
37, 759
32, 635
30, 943
27, 553
28, 484
30, 348
33, 578
42, 443
36, 491
31, 773
30, 039
1940—January.__
February..
March 6 ,_
4,066
4,293
4, 110
4,080
3,993
3,920
29, 808
30, 810
34, 123
7,756
7,579
7,499
1,745
1,849
1,961
42, 850
43. 737
46, 608
42, 302
43,195
46, 064
27, 955
29, 748
33, 042
41, 872
Time
1, 268
862
904
694
529
600
537
571
548
542
544
Own
acceptances
Other
liabilities
295
273
193
337
473
661
721
844
4,331
4,362
4,301
4,399
4,289
4,517
4,484
4,609
1,034
1,105
3,667
3,753
3,901
1
2
Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month.
Represents six-month loans to the Treasury at \y8 per cent, callable by the banks in emergency under discount at the bank rate.
34 Through December 1937, excludes deposits in offices outside England and Wales which are included in total.
Beginning
1936, figures on this basis available only for all 11 banks—see footnote 5.
8
District Bank included beginning in 1936.
6
No figures available since March 1940.
NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699,
June 1935, pp. 388-390; and October 1933, pp. 641-646.
714
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon b u y i n g rates in N e w York for cable transfers.
Argentina
(peso)
Australia
(pound)
Year or month
Official
1933
1934
1935
1936
1937
1938
1939
1940
_ _
72 801
33. 579
32. 659
33.137
32 959
32. 597
30. 850
29.773
1940—June
July
Aug
Sept
Oct
Nov.
Dec
29.773
29 773
29 773
29. 773
29. 773
29, 773
29 773
1941—Jan
Feb
Mar.
Apr.
May
29. 773
29 773
29. 773
29. 773
29.773
Year or month
Special
Export
Official
23. 704
23. 704
23.704
Dec
Mar.
Apr.
May
4. 0000
4. 0000
4. 0000
5.1678
5.1678
5.1680
5.1680
5.1680
5.1663
5.1665
4. 0000
4. 0000
4. 0000
4. 0000
4. 0000
4. 0000
4. 0000
5.760
6.048
5.476
5.206
5.682
5.845
5.690
322.
322.
322.
322.
322.
80
80
80
80
80
321. 50
321.11
321. 30
320. 70
321.19
6. 0575
6. 0575
6. 0575
6. 0575
6. 0575
5. 0560
5. 0604
5. 0599
5. 0600
5. 0600
30.148
30.140
30.139
30.129
30. 129
90.
90.
90.
90.
90.
909
909
909
909
909
84.801
83. 687
84. 981
87. 651
87. 421
5.1674
5.1663
5.1660
5.1660
5.1660
4.0000
4.0000
4. 0000
4. 0000
4. 0000
5. 391
5.424
5.358
5.190
5.255
Italy
(lira)
Japan
Mexico
(yen)
(peso) (guilder) (pound)
Netherlands
New
Zealand
51. 721
67. 383
67. 715
64.481
55. 045
55. 009
53. 335
53.128
340.
402.
391.
398.
396.
392.
354.
306.
France
(franc)
GerHunmany Greece Hong
(drach- Kong
gary
(reichsma)
(dollar)
(pengo)
mark)
1. 8708
2. 2277
2.1627
2.1903
2.1811
2.1567
1. 9948
1.8710
5.0313
6. 5688
6. 6013
6.1141
4. 0460
2.8781
2. 5103
2. 0827
30. 518
39. 375
40. 258
40. 297
40. 204
40.164
40. 061
40. 021
. 7233
.9402
.9386
.9289
. 9055
.8958
.8153
.6715
29.452
38.716
48.217
31.711
30. 694
30. 457
27. 454
22. 958
22. 360
29.575
29. 602
29. 558
19.779
19. 727
19.238
18. 475
6. 7094
8.5617
8.2471
7. 2916
5. 2607
5. 2605
5.1959
5. 0407
25. 646
29.715
28. 707
29. 022
28.791
28.451
25. 963
23.436
28.103
27. 742
27. 778
27. 760
27. 750
22.122
19. 303
18.546
2.0052
39. 965
39.978
39.951
39. 926
39. 975
39 983
39 982
.6529
.6654
. 6628
. 6602
.6602
22. 388
23.582
22. 510
22. 623
23. 077
23.396
23. 585
17. 591
18.481
19. 370
19. 367
19. 364
19. 505
19. 770
5. 0361
5. 0323
5. 0334
5. 0357
5. 0389
5. 0396
5. 0439
23. 432
23.432
23. 431
23. 435
23.439
23.439
23. 439
18. 365
19.913
19. 988
19.941
20. 331
20. 400
20. 448
288.19
304. 32
318. 25
322. 74
322. 55
322. 82
322. 75
23. 648
24.142
24. 421
24 393
24 285
19.770
19. 770
19. 770
5. 0432
5. 0422
5. 0452
5. 0475
5. 0805
23. 439
23. 439
23. 439
23. 439
23.439
20.
20.
20.
20.
20.
322.
322.
322.
321.
322.
2. 0104
2. 0101
2 0100
2. 0100
2.0100
1941—Jan
Feb.
"4.6666
28. 598
34.094
36. 571
29.751
29. 606
21. 360
11.879
6.000
80. 072
86. 924
86. 865
85. 469
86.318
86. 922
86.563
57.146
56. 987
56. 985
57 011
57 022
Sept.
Oct
Nov.
91.959 7.6787
101 006 10 1452
99. 493 5. 0833
99. 913 5.1240
100. 004 5.1697
99. 419 5.1716
96. 018 5.1727
90. 909 85.141 5.1668
909
909
909
909
909
909
909
1941—Jan
Feb.
Mar.
Apr
May
1940—June
July
Aug.
5.1248
5. 0214
1. 0039
1. 2852
1. 2951
1. 2958
1. 2846
1 2424
1.2111
Export
90.
90.
90.
90.
90.
90.
90.
Oct.
Nov
Dec
14.414
18. 846
18. 882
18. 875
18. 923
18. 860
18.835
5. 8788
6.1983
31.816
37. 879
36. 964
37. 523
37. 326
36 592
33. 279
30.155
Official
30. 106
30. 149
30 132
30. 162
30.170
30.166
30.178
1. 9776
1 9643
1 9691
1.9619
1 9652
1 9482
1 9472
21. 429
. 25. 316
24. 627
24. 974
24. 840
24. 566
23. 226
22. 709
7. 9630
8. 4268
8.2947
8. 5681
8.6437
5. 8438
6. 0027
6. 0562
Free
5. 0329
5. 0259
5 0219
5.0107
5.0153
5.0156
5. 0169
57. 220
57 096
56. 985
56. 985
56. 985
57 000
57 132
_ _
Official
China
(yuan
Shanghai)
6. 0527
6. 0575
6 0575
6. 0574
6.0575
6. 0575
6.0575
1940—June
July
Aug.
Sept..
1933
1934
1935
1936
1937 1938
1939
1940
(rupee)
Chile (peso)
287. 04
303.11
317.02
321. 47
321. 29
321 57
321 50
81. 697
61. 780
56.011
57. 083
56. 726
55. 953
57. 061
57. 085
Year or m o n t h
Free
Bulgaria
(lev)
80
80
80
80
80
80
80
1933
1934
1935
1936
1937
1938 1939
1940
Norway Poland
(krone) (zloty)
Official
17. 900
23. 287
18. 424
16.917
16. 876
16. 894
16. 852
16. 880
Canada (dollar)
British
India
322.
322.
322.
322.
322.
322
322
FinColom- Czecho- Denland
bia
slovakia mark
(mark(peso) (koruna) (krone)
ka)
3.8232
4. 2424
4.1642
4.0078
3.4930
3.4674
3. 4252
Brazil (milreis)
Belgium
(belga)
Free
337. 07
400. 95
388. 86
395. 94
393. 94
389.55
353. 38
305.16
I n cents per unit of foreign currency]
19. 071
22. 500
21. 883
22.189
22. 069
21. 825
20. 346
19. 308
Portugal
(escudo)
Rumania
(leu)
39
39
39.
39
39
South
Africa
(pound)
979
969
960
962
968
Spain
(peseta)
Straits
SweSwitzSettleden
erland
ments
(dollar) (krona) (franc)
60 336
79.956
80. 251
79. 874
79 072
64 370
62. 011
65. 830
36. 789
37. 601
1. 7607
2. 2719
2. 2837
2. 2965
2. 3060
2.3115
2. 2716
2. 2463
65. 830
65. 830
65. 830
65. 830
65. 830
65. 830
65. 830
37. 714
35. 956
34. 939
36. 366
37. 629
38.994
39. 480
2. 2441
2. 2439
2. 2436
2. 2436
2.2436
2. 2409
2. 2407
65.
65.
65.
65.
65.
39.491
39. 649
39.566
40. 065
41.161
2.2397
22. 032
25. 982
25. 271
25. 626
25. 487
25.197
23. 991
23. 802
24. 836
32. 366
32. 497
30.189
22. 938
22. 871
22. 525
22. 676
403.50
423 68
503. 93
490. 18
497. 09
494 40
488 94
443. 54
383. 00
3. 5969
3. 8021
3.8311
3. 9629
3 9841
3. 9849
3. 9915
398. 00
398.00
398. 00
398.00
398.00
398.00
398. 00
9.130
9.130
9.130
9.130
9.130
9.131
9.132
47.114
47.113
47.116
47.102
47.101
47. 100
47.100
23. 804
23. 836
23. 813
23.810
23. 814
23.818
23. 824
22. 461
22. 684
22. 755
22. 784
23.148
23. 202
23. 201
403.
403.
403.
403.
403.
403.
403.
50
50
50
50
50
50
50
360.
380.
397.
403.
403.
403.
403.
3 9986
4 0069
4. 0039
4. 0009
4. 0017
398.
398.
398.
398.
398.
9.130
9.130
9.130
9.130
9.130
47. 089
47. C94
47.106
47.107
47.107
23. 826
23. 829
23. 824
23. 825
23.839
23.
23.
23.
23.
23.
403.
403.
403.
403.
403.
50
50
50
50
50
403. 42
402. 97
403.19
402. 48
403.10
220
217
210
201
203
Yugoslavia
(dinar)
Free
49. 232
59. 005
57. 173
58. 258
57. 973
56. 917
51. 736
46. 979
00
00
00
00
00
Con- Non-controlled
trolled
75
36
55
96
45
Official
10. 719
13.615
13. 678
12.314
6.053
5. 600
10. 630
9.322
.7795
1. 0006
.9277
.7382
.7294
.7325
.7111
.6896
Uruguay
(peso)
United Kingdom
(pound)
414. 98
498. 29
484.66
491. 65
489. 62
484.16
440.17
397. 99
3. 9165
4. 6089
4. 4575
4. 5130
4. 4792
4. 4267
4. 0375
3.7110
504
524
529
538
537
00
46
26
92
91
35
82
38
16
47
88
42
26
56
50
830
830
830
830
830
N O T E . — D e v e l o p m e n t s affecting averages during 1941:
Special export rate for Argentina first reported in addition to official rate on M a r . 27; nominal.
N o rates certified: Chile—May 21-31; Hungary—since M a r . 12; Yugoslavia—since J a n . 28.
Changes in nominal status (noted only if affecting quotations for at least five days a m o n t h ) : none.
For further information concerning t h e bases a n d nominal status of exchange quotations, and concerning suspensions of quotations prior to
1941, see B U L L E T I N for F e b r u a r y 1941, p . 183; F e b r u a r y 1940, p . 178; September 1939, p . 831; M a r c h 1939, p . 236; and M a r c h 1938, p . 244.
JULY 1941
715
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
Canada
United
Kingdom
France
(1926=100)
(1926=100)
(1930=100)
(1913=100)
100
100
U24
695
134
554
500
427
398
125
111
97
93
98
102
104
106
106
107
110
Year or month
1926.
-
.__
1940—May
June
July
August. _
September.October
November. .
December...
1941—January
February
March
April
M^ay
(1913=100)
Italy
(1928=100)
Japan
(October
1900=100)
i 126
144
90
76
65
63
63
62
64
76
72
74
4
88
i 103
i 94
i 92
i 90
i 96
100
102
114
111
115
146
126
110
96
91
90
90
96
111
107
111
143
89
142
143
146
146
148
154
158
159
135
139
141
146
152
156
161
164
162
164
168
167
168
170
78
78
78
77
78
79
80
80
82
82
82
83
83
83
84
84
134
134
140
140
141
143
147
149
110
110
111
111
111
111
111
111
312
308
306
306
308
310
310
312
81
81
82
83
85
85
85
86
87
150
150
151
151
151
111
112
112
313
317
322
324
326
3
(1935=100)
Switzerland
(July 1914
=100)
106
100
88
86
86
88
89
94
109
101
103
137
411
581
653
2 681
Sweden
181
153
161
180
178
186
198
238
251
278
311
87
72
67
67
72
72
75
85
79
75
83
85
75
70
63
62
68
76
89
95
97
Netherlands
(1926-30
=100)
237
86
73
65
66
75
80
81
86
79
77
79
CO 00
1930.
1931
1932
1933
1934
1935
1936
1937.
1938
1939
1940
Germany
(5)
p Preliminary.
i3 Approximate figure, derived from old index (1913=100).
Average based on figures for 8 months; no data available since August 1939, when figure was 674.
8
Average based on figures for 7 months; no data available since July 1939, when figure was 96.
4
Average based on figures for 5 months.
6
No data available since May 1940.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United Kingdom
(1930=100)
United States
(1926=100)
Year or month
Farm
products
1926
Foods
Other
commodities
Foods
Industrial
products
Germany
(1913=100)
France
(1913=100)
Agricul-
IndusIndustrial raw
and semi- trial finished
finished
products products
Farm
and food
Industrial
products
581
793
129
132
130
150
526
542
482
420
393
327
426
562
641
1653
579
464
380
380
361
348
397
598
663
i 707
113
104
91
87
96
102
105
105
106
108
111
113
96
86
75
76
84
86
96
91
193
120
103
89
88
91
92
94
96
94
95
99
150
136
118
113
116
119
121
125
126
120
129
products
tural
products
Provisions
100
100
100
88
65
48
51
65
79
81
86
69
65
68
91
75
61
61
71
84
82
86
74
70
71
85
75
70
71
78
78
80
85
82
81
83
100
89
88
83
85
87
92
102
97
97
133
100
87
85
87
90
90
96
112
104
106
138
Dp.ofvmhfir
68
66
67
66
66
66
68
70
71
70
70
70
72
71
73
74
83
82
82
82
82
84
84
84
128
130
134
136
140
143
143
145
136
136
142
142
142
142
149
150
112
112
112
112
111
110
111
111
98
98
98
99
99
99
99
100
128
129
130
131
131
131
131
131
1941—January
February
March
April
May
72
70
72
74
76
74
74
75
78
80
84
84
85
86
87
145
144
144
144
152
153
154
154
111
111
111
112
113
100
100
100
100
100
132
133
133
133
132
1930
1931
1932
1933
1934
1935
1936
1937
1938 „
1939
1940
_
...
1940—May
June
July
August
September
October
November.
iJ Average based on figures for 8 months.
No data available since August 1939, when figures were 616 and 726 respectively for France, and 92 for Germany.
Sources— See BULLETIN for March 1935, p. 180, and March 1931, p. 159.
716
FEDERAL RESERVE BULLETIN
Price
Movements—Continued
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
Year or
month
United
I Nether- ! SwitzUnited
Ger
KingFrance \
' : lands | erland
States
dom
(Jul y
(1935-39
i om 14 (1W3-14 (1911-13 j(Junel914
(Julyl914
=100)
| =100)
=100)
=100)
- 1 0 0 ) ; ==1(M))
1932
1933
1934
1935
1936
1937
1938
1939
1940
126
120
122
125
130
139
141
141
164
87
84
94
100
101
105
98
95
97 |
1940-May
June
July
August
September
October. __
November
December
1941-January...
February .
March
April
May
97 I
98
97
96
97
96
96
97
98
98
98
101
102
536
491
481
423
470
601 j
702
2 742
116 I
113 !
118 !
120 i
122 !
122 i
122 !
123
128 ,
119
120
124
118
120
127
130
130
4
140
United United
KingFrance
1 States
dom
! (1935-39 (Julyl914 (1930
=100)
1 =100)
= 100)
Year or
month
125
117
115
114
120
130
130
132
146
1932..
1933..
1934..
1935..
1936..
1937..
1938..
1939..
1940..
98
92
96
98
99
103
101
99
100
144
140
141
143
147
154
156
158
184
159
158
168
164
166
169
172
173
129
129
131
133
130
127
126
127
143
145
145
146
149
152
157
158
1940-May
June
July
August
September
October...
November
December
100
100
100
101
180
181
187
185
187
189
192
195
172
171
169
170
127
127
128
129
160
160
161
1941-January...
February .
March
;
April
May
I
101
101
101
102
103
196
197
197
198
200
GerNether- Switzmany
lands
erland
(1913-14 (1911-13 (Junel914
=100)
=100)
=100)
91
87
83
78
86
102
117
3 ]22
121
118
121
123
125
125
126
126
130
141
139
140
136
U32
137
139
140
5
148
138
131
129
128
130
137
137
138
151
130
131
132
133
132
130
130
131
149
148
150
151
151
153
157
159
160
132
132
132
132
163
163
164
p Preliminary.
1 Revised index from M a r c h 1936 (see B U L L E T I N for April 1937, p . 373).
2
Average based on figures for 8 months; no data available since August 1939, when figure was 749.
Average based on two quarterly quotations; no data available since May 1939, when figure was 123.
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
Average based on figures for 5 months.
No data available since May 1940.
Sources.—See BULLETIN for October 1939, p. 943, and April 1937, p. 373.
3
4
5
6
SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks
Bonds
Year or month
United
States
(average
price) i
United
Kingdom
France
(December (1913=100)
1921=100)
Germany
(average
price) 2
Number of issues. _
60
1926
97.6
110.0
57.4
1932
1933 _.
1934
1935
1936 .
1937
1938
1939
1940
69.5
73.4
84.5
88.6
97.5
93.4
78.9
81.6
82.0
113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3
88.6
81.3
82.1
83.5
76.3
75.1
77.3
6 84.9
1940—May
79.4
78.5
81.2
81.5
82.7
83.6
83.9
84.0
116.8
113.4
116.4
117.8
117.9
119. 2
119.9
121.0
100.7
100 8
100.8
100.9
101.0
101.7
101.9
101.4
85.3
84.5
85.3
85.8
86.0
122.2
121.9
122.5
121 7
102.2
102.8
102.8
103 0
June
July
August
September. .
October
November...
December...
1941—January
February
March.
April
M"ay
87
36
2 139
4
67.1
82.5
90.7
5 95.1
95.8
98.7
99.9
99.0
100.7
(1926=100)
Netherlands 3
United
States
United
Kingdom
France
420
278
300
100.0
100.0
100.0
94.8
105.3
113.4
107.8
109.1
3 101.8
105.9
90.9
7
77.9
48.6
63.0
72.4
78.3
111.0
111.8
83.3
89.2
83.6
67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
105.2
99.6
83.3
79.7
77.2
97.4
89.7
8
98. 2
80.7
80.0
79.8
83.0
73.3
76.1
77.5
80.9
81.4
82.1
80.4
80.5
75.9
76.0
8
80.1
74 3
JO O
Germany
Netherlands
(1930=100)
100
100.0
4
50. 3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
46
52
55
55
66
104.2
95 8
89.7
8 95.0
73.1
64.9
63.5
65.6
66.2
68.1
70.2
70.2
112.2
112.6
112.8
115.9
120.8
125.1
127.7
128.0
87.7
94.3
104.1
112.7
116.1
71.8
70.5
69.9
69 7
131.5
133.0
131.1
131 0
120. f>
73 0
1
Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
2 Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at ±y2 per cent. The series prior to
that 3 date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index
beginning
Jan. 1937, Jan.-Mar. 1937=100; average yield in base period was 3.39 per cent.
4
Average May-Dec, only; exchange closed Jan. 1-Apr. 11.
56 Average Apr.-Dec. only—see note 2. Average Jan.-Mar. on old basis was 95.9.
Average based on figures for 8 months; no data available since August 1939, when figures were 82.9 and 94.0 for bonds and common stocks,
respectively.
7
Average
based on figures for 7 months; no data available May-September.
8
Average based on figures for 9 months; no data available May-July.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 668; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
JULY 1941
717
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM,
M. S. SZYMCZAK
Vice Chairman
JOHN K. MCKEE
ERNEST G. DRAPER
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Directory Division of Research and Statistics
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
EDWARD L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
0. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL ADVISORY COUNCIL
FEDERAL OPEN MARKET COMMITTEE
Boston District
New York District
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice
CHESTER C. DAVIS
ERNEST G. DRAPER
M. J. FLEMING
HUGH LEACH
JOHN K. MCKEE
JOHN N. PEYTON
RONALD RANSOM
M. S. SZYMCZAK
Chairman
SPENCER, JR.
WILLIAM F. KURTZ
B. G. HUNTINGTON
ROBERT M. HANES
RYBURN G. CLAY
EDWARD E. BROWN
President
St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District
Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
718
E.
Vice President
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
CHESTER MORRILL,
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
R. G. ROUSE, Manager of System Open Market
CHAS.
GEORGE L. HARRISON
Account
S. E. RAGLAND
LYMAN E. WAKEFIELD
W. DALE CLARK
R. E. HARDING
PAUL S. DICK
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal
Reserve
Bank of—
Chairman and
Federal Reserve
Agent
Deputy Chairman
First Vice President
President
Vice Presidents
Boston
Frederic H. Curtiss
Henry S. Dennison..
R. A. Young..
W. W. Paddock..
William Willett 1
New York
Beardsley Ruml
Edmund E. Day
Allan SprouL.
L. R. Rounds
R. M. Gidney
L. W. Knoke
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
Philadelphia
Thomas B. M c C a b e . . . Warren F. Whittier
Alfred H. Williams
Frank J. Drinnen
W. J.
E. C.
C. A.
C. A.
Cleveland..
Geo. C. Brainard..
R. E. Klages..
M. J. Fleming.
F. J. Zurlinden..
Wm. H. Fletcher
R. B. Hays
W. F. Taylor 2
G. H. Wagner
Richmond
Robt. Lassiter
W. G. Wysor
Hugh Leach..
J. S. Walden, Jr
Atlanta
Frank H. Neely...
J. F. Porter.
W. S. McLarin, Jr..
Malcolm H. Bryan..
J. G. Fry
Geo. H. Keesee *
H. F. Conniff
Chicago
F. J. Lewis
Clifford V. Gregory.
C. S. Young
H. P. Preston
J. H. Dillard
St. Louis
Wm, T. Nardin...
Oscar Johnston
Chester C. D a v i s . .
F. Guy Hitt
O. M. Attebery
C. M. Stewarti
Minneapolis....
W. C. Coffey
Roger B. Shepard...
J. N. Peyton
O. S. Powell
E. W. Swanson 2
Harry I. Ziemer
Kansas City..
R. B. C aid well....
J. J. Thomas..
H. G. Leedy..
J. W. Helm 2
Dallas
J. H. Merritt..
Jay Taylor
R. R. Gilbert..
E. B. Stroud.
R. B. Coleman
W. J. Evans
W. O. Ford i
San Francisco..
R. C. Force.
St. George Holden _
Wm. A. Day..
Ira Clerk..
C. E. Earhart i
W. M. Hale
R. B. West
i Cashier.
2
Davis
Hill
Mcllhenny 2
Sienkiewicz
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.
JULY
1941
Managing Director
R. M. O'Hara
_'
_
. . . . B. J. Lazar
. . . P. A. Brown
_
_
__ ,_ _ _ W. R. Milford
W. T. Clements
P. L. T. Beavers
_.__ __ Geo. S. Vardeman, Jr.
_ Joel B. Fort, Jr.
L. M. Clark
_ __
H. J. Chalfont
A. F. Bailey
C.A. Schacht
W. H. Glasgow
Federal Reserve Bank of —
Managing Director
Minneapolis:
Helena Branch..
R. E. Towle
Kansas City:
Denver Branch
__
Oklahoma City Branch
Omaha Branch
Jos. E. Olson
G. H. Pipkin
L. H. Earhart
Dallas:
El Paso Branch
Houston Branch
San Antonio Branch
__
San Francisco:
Los Angeles Branch . . . _._
Portland Branch
_
Salt Lake City Branch
Seattle Branch
J. L. Hermann
W. D. Gentry
... M. Crump
W. N. Ambrose
D. L. Davis
W. L. Partner
C R. Shaw
719
redetal
Publication*
Copies of the publications and releases listed below may be obtained from the Board of Governors of the
Federal Reserve System, Washington, D. C.
CURRENT RELEASES
DAILY
Foreign Exchange Rates (for previous day).
WEEKLY
Brokers' Balances. Released about the 20th of the
month.
National Summary of Business Conditions. Released about the 18th of the month.
Business Indexes. Released about the 18th of the
month.
Bank Debits—Debits to Deposit Accounts, except
Inter-Bank Accounts. Released between the 6th
and 12th of the month.
Foreign Exchange Rates. Released about the 1st
of the month.
Department Store Sales—Percentage Changes by
Federal Reserve Districts and by Cities. Released about the 22nd of the month.
Department Store Sales—Percentage Changes by
Departments.
Released about the end of the
month.
Monday:
Condition of Reporting Member Banks in Leading Cities.
Bank Debits—Debits to Deposit Accounts, except
Inter-Bank
Accounts.
Tuesday:
Money Rates—Open-Market Rates in New York
City. (Also monthly).
Thursday:
Condition of the Federal Reserve Banks.
Condition of Reporting Member Banks in Central
Reserve Cities. (Also included in statement
of Condition of Reporting Member Banks in
Leading Cities, released on following Monday).
Department Store Sales—Index for United States QUARTERLY
Member Bank Call Report.
and Percentage Changes by Federal Reserve
months after call date.
Districts.
MONTHLY
Released about two
SEMI-ANNUALLY
Federal Reserve "Par List" (Banks upon which
Federal Reserve Bulletin. Released about the 10th
checks will be received by Federal Reserve Banks
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Republic, Ecuador, Guatemala, Haiti, Republic ANNUALLY
List of Stocks Registered on National Securities
of Honduras, Mexico, Newfoundland (includExchanges. Supplements issued quarterly. 25
ing Labrador), Nicaragua, Panama, Paraguay,
cents for list and supplements.
Peru, El Salvador, Uruguay, and Venezuela.
Bank Debits—Debits to Deposit Accounts, except
In all other countries the subscription price is
Inter-Bank Accounts.
Released ordinarily in
$2.60 yearly, or 25 cents per single copy. Group
February.
subscriptions for 10 or more copies, in the United
States, 15 cents per copy per month, or $1.50 for
Annual Report, covering operations for the pre12 months.
ceding calendar year.
BOOKS
Chart Book I, Federal Reserve Charts on Bank
The Federal Reserve System—Its Purposes and
Functions. Obtainable in cloth binding at 50 cents Credit, Money Rates, and Business. New edition,
per copy and in paper cover without charge. 128 completely revised, February 1941. 72 pages of
charts with space for plotting through 1942. 50
pages.
cents per copy; in quantities of 10 or more, 45 cents
Digest of Rulings—to October 1, 1937. Digests per copy.
of Board rulings, opinions of the Attorney General
Chart Book II, Federal Resc;rve Charts on Inand court decisions involving construction of the dustrial Production. October 1940. 224 pages of
Federal Reserve Act, together with compilation charts, with space for plotting through 1946. $1
showing textual changes in the Act. $1.25 per copy. per copy; in quantities of 10 or more, 85 cents per
683 pages.
copy.
720
FEDERAL RESERVE BULLETIN
Federal Reserve Publications
REPRINTS
(From Federal Reserve BULLETIN except as stated otherwise.
Partial
list.)
New Federal Reserve Index of Industrial ProducConstitutionality of Legislation Providing a Unified
Commercial Banking System for the United States. tion. 77 pages. August 1940.
Opinion of the Board's General Counsel. 21 pages.
The Gold Stock. 2 pages, September 1940.
March 1933.
Measurement of Production, by Woodlief Thomas
Supply and Use of Member Bank Reserve Funds.
Explanation of analysis of sources of member bank and Maxwell R. Conklin. 16 pages. September
reserve funds and uses to which such funds are put. 1940.
31 pages. July 1935.
Gold Reserves of Central Banks and Governments.
Member Bank Statistics. A discussion of the sta- 18 pages. September 1940.
tistics compiled and published by the Board covering
Development of Federal Reserve Banking, by
the operations and condition of member banks. 28 M. S. Szymczak. 8 pages. December 1940.
pages. November 1935.
Economic Preparedness for Defense and Post DeSummary of Provisions of State Laws Relating to fense Problems, by Marriner S. Eccles. 8 pages.
Bank Reserves. 33 pages. March 1937.
January 1941.
Analyses of the Banking Structure—As of DecemSpecial Report to the Congress, submitted Deber 31, 1935. Number, deposits, and loans and in- cember 31, 1940. 2 pages. January 1941.
vestments of banks classified by size of bank and
Economic and Monetary Aspects of the Defense
town and by other factors. 33 pages. August 1937.
Program, by John H. Williams. 4 pages. February
Problems of Banking and Bank Supervision. Ex- 1941.
cerpts from the 1938 Annual Report. 33 pages.
Federal Reserve Bank Lending Power not DependThe History of Reserve Requirements for Banks in ent on Member Bank Reserve Balances. 2 pages.
the United States. 20 pages. November 1938.
February 1941.
Money in Circulation. 1 page. February 1941.
Monetary Measures and Objectives. Three statements by the Board on objectives of monetary policy,
Commodity Prices, by Frank Garfield and Clayton
on proposals to maintain prices at fixed levels through
Gehman.
16 pages. March 1941.
monetary action, and on legislative proposals relating to monetary measures and objectives. 8 pages.
Inflation, by E. A. Goldenweiser. 3 pages. April
July 1937, April 1939, and May 1939.
1941.
Financial Problems of Defense, by Marriner S.
Revised Indexes of Factory Employment. Bureau
of Labor Statistics indexes adjusted for seasonal Eccles. 11 pages. Mimeographed release, May 1,
variation by Board of Governors. 32 pages, October 1941.
1938; 10 pages, October 1939.
Gold, Capital Flow and Foreign Trade. A review
The Gold Problem Today, by E. A. Goldenweiser. of international trade and financial developments
4 pages. January 1940.
from the outbreak of war in Europe to May 1941,
statements of the gold and dollar resources and exThe Par Collection System of the Federal Reserve
penditures of the United Kingdom, and the text of
Banks, by George B. Vest. 8 pages. February 1940.
the Lend-Lease Act and Appropriation Act purThe Banks and Idle Money, by Woodlief Thomas. suant thereto. 28 pages. January, February, and
May 1941.
9 pages. March 1940.
Historical Review of Objectives of Federal Reserve
Revised Indexes of Freight-Car Loadings. 5 pages,
Policy, by A. B. Hersey. 11 pages. April 1940.
June 1941.
Cheap Money and The Federal Reserve System, by
Seasonally Adjusted Estimates of Nonagricultural
E. A. Goldenweiser. 5 pages. May 1940.
Employment. 2 pages. June 1941.
Ownership and Utilization of the Monetary Gold
Adjustment for Seasonal Variation, by H. C. Barton,
Stock. 3 pages. May and June 1940.
Jr. Description of method used at the Board in
General Indexes of Business Activity, by Frank adjusting economic data for seasonal variation. 12
pages. June 1941.
Garfield. 8 pages. June 1940.
JULY
1941
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