Full text of Federal Reserve Bulletin : June 1941

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FEDERAL
RESERVE
BULLETIN
JUNE 1941

Review of the Month—Increasing Industrial and Trade
Activity
Adjustment for Seasonal Variation
From the Board's Correspondence—Commercial Banks
Not Permitted to Buy Defense Savings Bonds
Revised Index of Freight-Car Loadings
Financial Problems of Defense




BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON

Contents
PAGE

Review of the Month—Increasing Industrial and Trade Activity
Defense Loans and Commitments of Weekly Reporting Member Banks.
Financial Problems of Defense, by Marriner S. Eccles

495-505
505
506-510

From a Legal Standpoint:
Financial Transactions Under Neutrality Act of 1939
511
Act Authorizing Waiver of Performance and Payment Bonds on Supply
Contracts Under National Defense Program
511-513
General Ruling Issued by Secretary of the Treasury.
513-514
From the Board's Correspondence—Commercial Banks Not Permitted to Buy
Defense Savings Bonds.

515-516

Current Events

517

Adjustment for Seasonal Variation, by H. C. Barton, Jr.

518-528

Revised Index of Freight-Car Loadings

529-533

Seasonally Adjusted Estimates of Nonagricultural Employment.

534-535

National Summary of Business Conditions

536-537

Financial, Industrial, Commercial Statistics, United States (see p. 539 for list of tables) 539-582
International Financial Statistics (see p. 583 for list of tables)

583-599

Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council

600

Senior Officers of Federal Reserve Banks; Managing Directors of Branches
Federal Reserve Publications.

602-603

Map of Federal Reserve Districts
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601

604

iiiiiiiiiEEi'iilU




Federal Reserve Bank of Cleveland
East 6th Street and Superior Avenue, Cleveland, Ohio

FEDERAL RESERVE BULLETIN
VOL.

27

JUNE 1 9 4 1

No. 6

SJndu5ttial and Itade -Qctlvitu
Economic activity increased sharply in
May, following a brief decline in April. Expenditures by the Federal GovernImpact of ment and its agencies in connecdefense
tion with the defense effort conprogram
tinued to increase and the total
of these expenditures and British government
payments for military purposes in this country is now running at a rate of over $1,000,000,000 a month. As more materials were
required for military purposes and as civilian
demand continued to grow, pressure on plant
capacity increased further. Prices of many
commodities, particularly farm products and
goods manufactured from them, rose rapidly.
Increases in prices of a number of commodities, chiefly metals, have been restricted
by governmental action. Supplies of various
important metals are limited and priorities
have been put into effect for some of them.
Widespread expansion in activity and advances in wage rates in many industries, such
as those producing steel, coal, and cotton textiles, have resulted in a rise in income payments during recent months. Dividend disbursements have also increased as profits,
after allowance for higher taxes, have been
above a year ago. Cash farm income in the
first three months of the year was 4 per cent
higher than a year ago and in April was 13
per cent larger.
Trade in wholesale and retail markets was
in large volume during May. There was
heavy buying of cotton textiles, due in part
to increases in cotton prices, and demands for
other textile products, shoes, and paper were
large. Consumer purchases of automobiles
and household equipment were at unusually




high levels, owing mainly to the rise in incomes but also to uncertainty as to future
availability and prices.
Diversion of a considerable tonnage of
ships from regular routes focused attention
again on difficulties in obtaining imports and
on the additional demand that will be placed
on domestic transportation facilities. By the
latter part of May loadings of railroad freight
were more than 860,000 cars weekly and not
far below the capacity of the railroads on the
basis of the facilities now available and the
most efficient operations heretofore achieved.
Additional orders were placed for railroad
equipment to be delivered before the autumn
traffic peak this year, and plans were being
formulated for extensive purchases to increase carrying capacity in 1942 and 1943,
but there were reports of difficulties in obtaining steel needed for this purpose.
In the corporate security markets the inactivity which has prevailed for many months
continued during May. Common stock prices
were somewhat lower than during earlier
months this year and not far above the
lowest level reached in June 1940. United
States Government and high-grade corporate
bonds have fluctuated around a level slightly
below the all time peak reached in December
last year.
During May the Treasury, through authorized agencies, sold about $440,000,000 of
new Defense Savings Bonds to the general
public, other than commercial banks, and allotted about $660,000,000 on cash subscriptions to a public offering of 2% per cent 1517 year bonds for delivery June 2. An additional $790,000,000 of these bonds were ex-

495

Review of the Month

changed for a maturing bond issue. About
$200,000,000 of Government guaranteed obligations of the Home Owners' Loan Corporation were retired out of accumulated cash
balances of the Corporation. Corporate financing increased during the latter part of
May but the total volume for the month, including issues for refunding and for new
capital, was about the same as the average
monthly volume during 1940.
The magnitude of the economic problems
arising from the adjustment of the economy
to a large-scale defense program has become
increasingly evident in recent months. Actual expenditures on the defense program
have been larger than generally expected and
have had a powerful effect on civilian demand.
Various shortages that were discussed last
autumn as possibilities are becoming realities
now. Measures for curtailing civilian purchases are being considered and increasing
attention is being given to programs for expanding output of defense materials. Measures for curtailing consumption include direct limitation of production, as in the case
of automobiles, and other less direct methods
such as the proposed limitation of consumer
demand by further increases in taxes. Some
of the taxes proposed would be selective in
character, designed to restrict consumer purchases of automobiles and various other durable goods using materials required for defense purposes. Regulation of consumer
credit is another step under discussion as
a method of limiting such purchases. The
Treasury's program for sale of Defense Savings Bonds to the general public is designed to
encourage savings and channel the funds into
defense expenditures rather than have them
augment demand for goods during the emergency.
Expenditures by the Federal Government
under the defense program have increased
rapidly since last June. Such
Progress of the of t h e s e expenditures as are

000 in May, compared with $150,000,000 a
year ago and less than $500,000,000 last December. It appears that defense expenditures for the fiscal year ending June 30 will
be close to $6,200,000,000; currently they are
running at a rate of well over $10,000,000,000 a year.
These outlays as reported by the Treasury
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 outlays for
defense purposes by various civil departments and agencies, which are not shown
separately in current reports, and defense
disbursements by the Reconstruction Finance
Corporation, the Export-Import Bank and
other agencies outside the regular Budget.
Nor do they include British government expenditures in this country for military purposes.
Total appropriations and contract authorizations made under the defense effort as a
whole now aggregate more than $40,000,000,000, including British government orders
placed in this country and defense expenditures of other governmental agencies as well
as the items reported in Treasury statements.
This figure includes about $5,000,000,000 for
pay, travel, subsistence, and nonindustrial
items and over $35,000,000,000 for construction and the purchase of armament and munitions. Of this latter amount, about $20,000,000,000 had been placed under contract
or letter of intent by the end of April. Actual cash expenditures for all these programs,
including pay, subsistence, and the like to the
end of April 1941 amounted to about $7,000,000,000 and in recent weeks have been running at a rate of more than $12,000,000,000
a year.
The following summary shows by major
items the distribution of appropriations and
defense program
authorizations and of contract obligations
reported on the daily Treas- made up to April 30, 1941. Some of these
ury statements amounted to about $850,000,496




FEDERAL RESERVE BULLETIN

Review of the Month

figures are provisional and are subject to
revision. Over half of the amount authorized
for purchase of miscellaneous equipment and
supplies and a third of the funds for construction of posts, depots and housing had
been spent by April 30, while expenditures
for airplanes and engines, industrial facilities, ordnance supplies, and ships ranged
from 16 down to 8 per cent of authorizations.
Expenditures for many of these items will
be spread over a period of several years. In
other cases provision has been made only for
actual and estimated needs during this and
the next fiscal year and additional appropriations for subsequent years will be necessary.
In fact consideration is being given to additional needs within the next year. Thus to
complete the defense program and maintain
the Army and Navy will in the course of time
require larger expenditures than are indicated in the table.
NATIONAL DEFENSE PROGRAM X
As OF APRIL 30, 1941
[In millions of dollars]

Items

Airplanes, engines and accessories..
Ordnance supplies and equipment.
Naval vessels....
Industrial facilities
Posts, depots, housing
Merchant vessels
Other supplies and equipment 3
Total
Pay, travel, subsistence, nonindustrial items..
Grand total

rose to 85 per cent of the 1926 average at the
end of May. This was 4 points higher than
in February and 8 points, or 10 per cent,
above the level last summer when defense
activities were at an early stage of development. Price increases since February have
been sharp for most leading commodities
other than metals, for which maximum limits
have been established by the Federal Government. Except for the metals, domestic
basic commodities have shown advances as
large on the average as increases in prices of
imported commodities.
While Federal action has contributed to
stability in prices of some materials, prices
of industrial raw materials and semifinished
goods as a group have shown a sharp rise
since February, as indicated in the accompanying chart. With increases continuing
WHOLESALE PRICES OF INDUSTRIAL COMMODITIES
PER

AUGUST 1939 = 100

CENT

PEP

130

Appropriations and
Contract
authoriza- obligations
tions
8,132
7,754
6,348
3,964
3,123
1,939
3,523

4,172
3,725
4,527
2 2,058
1,711
968
2,465

34, 783
4,988

19, 626

120

110
1

100

A \.

j

RAW AND
MIFINISHE D
i

• " » •

I

IT

/"

J

FINISHED

39, 771

1 Figures compiled by Bureau of Research and Statistics, Office of 80
Production Management. They include British government orders and
programs financed by United States Government agencies outside of the
Budget. Data on contracts awarded for airplanes and accessories for the
Navy are considerably too low, but data are not yet available to indicate Federal Reserve classification of Bureau of Labor Statistics datathe amount of deficiency.
All foodstuffs excluded. May 1941 estimated.
2 Includes letters of intent. In addition there were $930 millions of
privately financed facilities to be built under certificates of necessity
approved
or pending.
3
Includes automotive equipment (except for combat purposes), stock
pile
program, and other equipment and supplies.
4
. Contracts are not recorded against this authorization.
during the month prices for this group of

Wholesale commodity prices advanced considerably from February to the end of May.
There were important increases in both agricultural
commodity prices
and industrial commodities,
and the general index of wholesale prices
JUNE

1941




materials at the end of May were about 8
per cent higher than in February. In recent
weeks price increases have become more widespread, including textile materials, hides and
leather, chemicals, fuels, and building materials. Prices of finished industrial prod497

Review of the Month

ucts have also advanced considerably since
the early part of April.
Retail prices, which earlier had shown relatively little change since the beginning of the
war, have recently increased. The sharpest
advances have been in foods and textile
products. Most other groups of retail prices
have also shown increases and the most pronounced recent advances in wholesale prices,
which may subsequently be reflected in retail
prices, have been in raw materials used in
production of nondurable consumers' goods,
which make up a considerable part of the
cost of living.
An important factor contributing to the
recent rise in prices of agricultural commodities has been actual and prospective Federal
action relating to large-scale purchases of
livestock products and higher loan rates for
major crops during the coming season. Commodity prices generally have been affected by
the continued sharp growth of demand, reflecting the high level of industrial activity
and increased consumer incomes. Buying of
goods has continued to be in excess of the
volume of output in many lines and in some
instances above the rate of ultimate consumption.
Changes in supplies of commodities have
been mixed. Imports of many crude materials have continued to rise sharply and
domestic stocks of these commodities are
mostly larger than at the beginning of the
year. However, with domestic consumption
at a high rate, increased shipping charges in
effect, and prospects of a further reduction
in shipping facilities, prices of many of
these imported commodities have increased
sharply. Visible stocks of domestic commodities have been generally reduced further
this year, but the reductions have been offset
in a limited degree by increases in supplies
held by industrial consumers.
498




Through Federal action, maximum prices
have been established for most nonferrous
metals, steel scrap, and semiFederal action finished and finished iron and
on prices

.

steel mill products, except pig
iron. Shortly after the action setting maximum prices on steel products at first-quarter
levels, agricultural implement manufacturers
and some other steel users were urged, in
view of the action on steel, not to increase
prices of their products. Prices of steel scrap
are below the peak reached at the beginning
of this year and prices of nonferrous metal
scrap, which had risen sharply after prices
of new metals had been stabilized, have been
sharply reduced since the end of March. Tin
prices have also been influenced by Federal
action in connection with the accumulation
of a stockpile in this country. As a result
of this program the United States has become by far the leading world buyer of tin
and the purchase ranges established in an
WHOLESALE PRICES OF BASIC

COMMODITIES
00

PER CE^

.PE

60
50

r

40

/

I

30
20

r'
/

VAS

^\\

110

130

J

I

v TOTAL

120

100

90

-,-L

1

1

,

I

!

,

,

I

160

i

150

. . . .

^

90
160
150

1

f

140

140

i
|

130

130

METALS

v

120

120

\

110

"/^/

/I

110
100

90
1939

1940

1941

Bureau of Labor Statistics index of 28 basic commodities.
Federal Reserve classification of 6 metals and 22 other basic
commodities. Latest figures shown are for Tuesday, May 27.
FEDERAL RESERVE BULLETIN

Review of the Month

agreement with British authorities have ucts have risen sharply and in May were
largely determined the domestic price level about 25 per cent above the prewar level.
An important factor contributing to the
for this commodity.
The effect of Federal action in limiting heavy demand for textiles in recent months
advances in basic metal prices is shown in has been the rise in the price of raw cotton
the accompanying chart. The chart also which advanced one cent in March to 11 cents
shows in contrast the steady, sharp rise in per pound and two cents more in May to
prices of 22 other basic commodities since around 13 cents. This rise reflected prospects
last August. This group includes both do- for a smaller crop and higher loan rates next
mestic and imported commodities—food- season, and also further increases in the alstuffs, textiles, and miscellaneous industrial ready high rate of domestic consumption.
During May legislation was enacted providmaterials.
Further increases in prices of several im- ing for loans on cotton as well as other basic
portant foodstuffs during May reflected the crops at 85 per cent of parity, which indicates
operations of Federal programs as well as rates next season equivalent to about 14.4
sharply rising domestic demand. Purchases cents per pound in the 10 spot markets—or
of hog, dairy, and poultry products by themore if prices paid by farmers should inSurplus Marketing Administration were crease—compared with 9.3 cents this season.
greatly expanded beginning in the middle of With further increases in raw cotton prices
March. Early in April the Department of in prospect, buying of cotton yarns and gray
Agriculture announced that prices of these goods was large and prices advanced so
products would be supported until June 1943 sharply that market conditions became disin order to encourage more production to orderly. On May 26 a Government schedule
meet export demands under the lend-lease went into effect establishing maximum prices
program and also to supply growing domestic for combed yarns made for sale, at a level
demands. Prices will be supported at levels below peak quotations but above average
substantially above those of most recent prices received on current shipments.
years.
Industrial activity generally was at a high
In May Federal action to limit price ad- rate in May and, with further advances in
vances was extended more generally beyond
many lines, the Board's seathe metals. Trading on organized markets, Sharp increase in s o n a u y adjusted index rose
i n
particularly in imported commodities, was industrial activity
to
about
148
per cent of the
surveyed with a view to discouraging exces1935-1939
average
as
compared
with 140 in
sive speculative activity and in several inApril
and
143
in
March.
Output
increased to
stances the commodity exchanges, in coopernew
record
levels
in
the
machinery,
aircraft,
ation with Federal agencies, raised margin
shipbuilding,
chemical,
and
nonferrous
metal
requirements. In the textile industry a Fedindustries.
In
most
other
lines,
such
as
coteral maximum price schedule was issued
ton
and
wool
textiles,
rubber,
paper,
lumber,
for combed cotton yarn made for sale.
Consumer and industrial demands for tex- and cement, activity was sustained near the
tiles have been supplemented since last sum- high rates reached earlier this year.
The temporary decline in the Board's index
mer by large-scale Federal purchases and
in
April reflected the closing of most bitumirecently textile markets have been influenced
nous
coal mines and some automobile plants
by Federal action, chiefly on loan rates. Outduring
negotiations concerning wage rates,
put has advanced to new record levels and
working
conditions, and, in the case of the
order backlogs have continued to rise. WholeFord
Motor
Company, the question of union
sale prices of textile materials and prodrecognition. In general, the curtailment in
JUNE 1941




499

Review of the Month

coal output did not seriously affect other industries because most of them had large
supplies of coal on hand when the mines were
closed. Steel production, however, was reduced in the latter part of April, owing to
shortages of coal and coke, and output
dropped from 100 per cent of capacity to 94
per cent at the month end.
When the bituminous coal mines were reopened at the beginning of May production
rose sharply, reaching a weekly rate of about
11,000,000 tons toward the end of the month.
This was somewhat below the peak level of
output at the end of March before the mines
were shut down. Steel output also increased
in the first half of May and in the latter half
of the month was again at about capacity
operations.
Changes in activity over the past year are
shown for selected industries in the accompanying table. The most pronounced increases
have been in lines most directly stimulated by
the defense program and further marked advances are expected in the aircraft, shipbuilding, machinery, and chemical industries as
additional plants now under construction are
placed in operation and as overtime and extra
shift work are used to a greater extent than
now. In some other lines, notably steel, output currently is at about capacity and additions to capacity now under way are not
extensive. Automobile production will be
curtailed considerably in the model year beginning August 1, 1941, and over the next
year there will probably also be reductions in
output of other products for civilian use.
Steel—New orders for steel declined somewhat during May, according to trade reports,
but continued in excess of shipments, and unfilled orders increased further from the exceptionally high level of the previous month.
The decline in new orders in May was attributed by many trade observers to the
system of inventory control recently instituted by the Office of Production Management. Under the order issued steel suppliers
may make delivery of steel only to customers
500




INDUSTRIAL PRODUCTION
May 1941 compared with May 1940
Index
M a y 1941
(1935-39
=100)

Change
from May
1940
(per cent)

Industrial production
Total
Durable manufactures
Nondurable manufactures..
Minerals

148
176
133
125

+
+
+
+

Rubber products
Chemicals
Silk deliveries
Stone, clay, and glass products..
Lumber and products

833
362
153
200
192
160
143
166
122
189
158
138
70
134
131

Manufactured food products..
Paper and products
Petroleum and coal products..
Alcoholic beverages
Tobacco products
Printing and publishing

122
138
123
108
118
120

+158
+120
+ 76
+ 62
+ 51
+ 47
+ 41
+ 41
+ 39
+ 33
+ 29
+ 21
+ 20
+ 19
+ 17
+ io
+ 9
+ 8
+ 8
+ 7
+ 4

149
154
80
112

+
+
-

Manufactures
Aircraft
Shipbuilding
Wool textiles
Machinery
Nonferrous metals and products..
Cotton consumption..
Automobiles
Iron and steel
Shoes
Rayon deliveries

29
47
21
6

Minerals
Bituminous coal _
Metals
Anthracite
Petroleum

24
14
3
3

NOTE.—Figures for May 1941 are estimates made June 5. Indexes
are adjusted for seasonal variation.

who supply a sworn statement that the steel
to be delivered is for current use and not for
purposes of unnecessary inventory accumulation. Toward the end of May another order
was issued directing iron and steel producers
to give preference to defense orders and
allowing customers unable to obtain satisfactory placement or delivery of orders to
apply for priority ratings.
In the early part of June announcement
was made that the Office of Production Management had informed the Executive Subcommittee of the Iron and Steel Industry
Defense Committee that the government desired to consider a plan to enlarge the annual
capacity of the steel industry by approximately ten million tons of ingots in the shortest possible time. The subcommittee was
FEDERAL RESERVE BULLETIN

Review of the Month

asked to canvass members of the iron and
steel industry to determine which companies
could enlarge their plants, and to report back
to the Office of Production Management at
the earliest convenient date.
The announcement followed closely the
issuance of the second report on the adequacy of the steel industry for national defense, submitted to the President in the latter part of May by Gano Dunn, special consultant to the Office of Production Management. This report stated that prospective
demand for steel for military and civilian
uses and for export would probably exceed
available capacity by more than a million
tons in 1941 and by more than 6 million tons
in 1942.
Estimates of probable demand for steel
were considerably larger than those given in
the first report issued three months ago. Increases were made to allow for further
expansion in civilian consumption as well as
larger military requirements resulting from
the lend-lease program and other developments of national policy. The estimates of
steel requirements for civilian uses did not
provide for all the increase in demand for
steel products that might arise from expanding national income, as some allowance was
made for restrictions already announced or
likely to be imposed on output and consumption of such products.
The anticipated shortages were based on
steel output at an average rate of 1021/2 per
cent of the rated capacity available at the
beginning of each year. In the first five
months of this year, however, output averaged somewhat under 100 per cent; consequently, unless demand is smaller than anticipated, the shortage in 1941 may amount
to several million tons.
Automobile production and sales.—Automobile production declined sharply in the first
half of April, owing to the shutdown of Ford
Motor Company plants, but an agreement
between the company and the workers was
reached about the middle of April and thereJUNE

1941




after output increased rapidly. In May domestic output amounted to about 525,000 cars
and trucks, as compared with 462,000 in
April. The Office of Production Management
has announced that output in the year ending
July 31 will approximate 5,290,000 units; in
the ten months through May about 4,290,000
units were produced, leaving 1,000,000
for the last two months of the season if this
total is to be attained.
Demand for automobiles continued at exceptionally high levels through May. In
April sales of new cars and trucks totaled
557,000 and in May there was probably a
further increase to new record levels. A part
of this large volume of buying has no doubt
been in anticipation of delayed deliveries and
higher prices later, but increased buying
power arising from expanding activity has
probably been the dominant factor. A recent
report by the Chrysler Corporation on its new
car sales in February this year compared with
February 1939 showed that sales to industrial
workers increased 165 per cent over this twoyear period and those to construction workers
rose by 128 per cent, while sales to other buyers as a group increased by less than 100 per
cent. Included in this latter group were agricultural workers who purchased 44 per cent
more cars than two years ago and merchants
and salesmen who bought 29 per cent more.
Sales of used cars have been at record levels
for several months and stocks of both new
and used cars at present probably amount to
less than a month's supply at the current high
rate of sales.
In the year beginning August 1 automobile
manufacturers have agreed to curtail output
to 4,224,000 units, a reduction of about onefifth from the previous year. Also, the General Motors Corporation has announced the
abandonment of plans for any model changes
in the following year. That the reduction in
automobile output will be limited to 20 per
cent is by no means certain, however, owing
to many factors that may restrict supply and
also demand.
501

Review of the Month

Construction activity is at the highest rate
since 1930, reflecting work on a wide variety
of defense projects and a continued
high level of private resiat high level
dential building in the face of
increased costs. Employment in the construction industry was maintained throughout the winter, as the usual seasonal decline,
notably in residential building and highway
work, was offset by the sharp increase in employment on cantonment construction, which
reached a peak in February. The subsequent
rapid decline in activity on this troop housing
program released a considerable number of
workers at the time when the spring rise in
private building was being accompanied by
increased activity on Federally financed construction of shipways, munition and aircraft
factories, and defense housing.
Factory construction is near an all-time
high, owing principally to the large volume
of new plant construction for military purposes. Commitments as of May 1 under the
program for Government financed expansion
of plant and equipment amounted to $2,058
million and, in addition, certificates of necessity had been approved or were pending for
$930 million of privately financed expansion
for production of military equipment. Of
the total of nearly $3,000 million committed
for such facilities, approximately $800 million is for plant construction, as distinguished from equipment. This volume of
work, the bulk of which is scheduled for completion by the end of this year, is larger than
the total of all factory construction in this
country last year. The program is continually being expanded, moreover, and it
appears that the $2,058 million represents
only about two-fifths of the total Government financed construction of manufacturing
facilities that may be completed before the
summer of 1942.
Government financed construction of housing for families of enlisted personnel and
workers in defense industries has increased
in recent months and as of May 17 some
502




11,000 dwelling units were completed and
51,000 more were under construction. This
represents the bulk of the total of about 73,000 units to be built with the $240,000,000 of
Federal funds already made available for
direct construction. An additional 35,000—
38,000 units would be provided by the $150,000,000 recently authorized but not yet appropriated by Congress. In certain communities, housing construction has not kept pace
with the rapid influx of new workers and
rents have increased considerably.
Private residential building has not yet
been curtailed by shortages of materials or
labor, other than of a local or temporary
nature, and the value of such construction in
1941 has been at a level about a fourth higher
than a year ago. The increase in the number
of dwelling units is nearly the same; while
building material costs and wage rates
have increased, the average house is smaller.
Unless there is a drastic curtailment of
private residential building from current
levels, the number of nonfarm dwelling units
to be built this year will be somewhat
above the 1940 total of 466,000 units.
Commercial, educational, and other types
of construction financed by private funds
or by state and local governments, and not
primarily related to defense activity, have
shown little or no change from a year ago.
With shortages of structural steel being reported already on some defense projects,
priorities that would curtail construction of
nondefense projects using structural steel
may be established.
If the proposed additional troop housing
program, with the accompanying large demand for carpenters, is carried out this
summer and autumn when private building
activity ordinarily is at a maximum, there
may be shortages of carpenters. Also, the
number of structural steel workers available
for private work may be reduced, not only
by the large volume of defense plant construction, but also by rising employment in
shipyards.
FEDERAL RESERVE BULLETIN

Review of the Month

The impact of the defense program on
construction has varied by locality as well
as by type of construction. The unusual size
of many of the military projects, such as
cantonments, air training stations, and munition and aircraft factories, and the pressure
for their speedy construction have resulted
in boom conditions in some areas. In many
others there has been little stimulation to
construction, while building costs have increased in response to national conditions.
In private residential building the sharpest
increases over a year ago have been reported
in the Richmond, Chicago, and Kansas City
Federal Reserve districts, resulting in large
part from the effects of the defense program
on areas around Washington and Norfolk,
and on cities like Akron, Indianapolis, South
Bend, and Wichita. There have been less
than average increases in the New York,
Atlanta, Dallas, and San Francisco districts,
where residential building had been at relatively high levels for a year or more. New
York City has experienced little direct
stimulus from defense activities and residential building there is somewhat lower
than a year ago. Declines of a sixth to a
third from last year in private residential
building have been reported for a number
of areas, including Harrisburg, Pa., Wheeling, W. Va., Atlanta, Ga., Miami, Fla., Des
Moines, Iowa, and Lincoln, Nebr.
Total nonagricultural employment has
risen by about 3*4 million persons since May
1940, one of the largest twelveEmployment m o n t h i ncr eases on record, while
agricultural employment has changed only
seasonally. Increases have been more rapid
in manufacturing and construction than
in other lines, which as a group have
been less directly affected by the defense
program. In addition to the 3*4 million increase in nonagricultural employment, there
has been an increase of about 1*4 million persons in the military and naval forces during
the past year, while the number on the rolls of
the Works Projects Administration, the CivilJUNE

1941




ian Conservation Corps, and the National
Youth Administration has declined by about
400,000.
Most of the sharp rise in construction employment occurred on Federal projects. In
the last quarter of 1940 men were employed
in large numbers to build army cantonments,
and recently, after this work had fallen off,
there has been a rapid increase in employment in other public construction, notably
factories and defense housing.
In manufacturing there have been rapid
and fairly regular increases in employment
in industries whose facilities are now being
used largely for defense purposes. Twenty
industries of this sort, which a year ago employed 11 per cent of all factory wage earners,
have increased the number on their payrolls
about 60 per cent, compared with an increase
of 13 per cent in all other industries. In a
number of these other industries, like steel
and automobiles, there have been large gains
in employment, but the rate of gain has been
much less rapid. Increases in the number
of hours worked per week have also been
greatest in lines most directly affected by the
defense program.
The concentration of increases in a relatively narrow sector of the general field of
employment has created shortages of a number of types of skilled workers, particularly
those specialized in aircraft, shipbuilding,
and machine shop work. These shortages
have existed for some time, however, and the
continued rise in employment in these lines
indicates that men are being rapidly trained
to meet the demand.
Wage rates remained fairly stable from
the beginning of the defense program
through February 1941, but average hourly
earnings rose somewhat, reflecting mainly
increased overtime payments in industries
engaged in defense production. Beginning
in March substantial increases in wage rates
occurred in the coal, steel, automobile, and
electrical equipment industries, and there
were smaller increases in aircraft, textiles,
503

Review of the Month

shipbuilding, and a number of other lines.
As a consequence principally of higher
incomes, sales in practically all lines of retail
trade have advanced considExpansion in
erably during the past year,
retail sales
and it appears that currently
they are larger than at any previous time.
Recently the rise in dollar volume has to some
extent reflected price advances, but there
has also been a continued increase in the
physical volume of goods distributed.
Practically all sections of the country have
reported an expansion in retail trade since
the inauguration of the defense program,
with particularly marked increases in shipbuilding centers, in other industrial regions,
and in areas where military or naval bases
have been established or enlarged. For example, department store sales this year have
been 49 per cent greater than last year in
Norfolk and 41 per cent greater in Tacoma.
The table shows comparisons for cities reporting sales increases of 20 per cent or more;
the increase for the country as a whole was
14 per cent. Corresponding data for other
cities are given on page 576.
DEPARTMENT STORE SALES BY CITIES

January-April 1941 compared with January-April 1940
Percentage
increase
Norfolk, Va
Tacoma, Wash
Springfield, Mo

49
41
40

Elmira, N. Y
Louisville, Ky
San Diego, Calif....
Charleston, S. C...

37
34
31
30

Flint, Mich
Phoenix, Ariz
Jacksonville, Fla.._
Akron, Ohio
Lansing, Mich
Seattle, Wash._____

29
28
27
25
25
25

Everett, Wash
Fort Wayne, Ind._.
Bridgeport, Conn.
Buffalo, N. Y
Little Rock, Ark._.
Youngstown, Ohio
Washington, D. C.
Baltimore, Md
Cleveland, Ohio...
Macon, Ga
Syracuse, N. Y

24
24
22
22
22
22
21
20
20
20
20

504




The largest increases in distribution to
consumers have occurred in durable goods
such as automobiles and various types of
household appliances and equipment, including furniture, electric refrigerators, and the
like. Sales of foods and drugs have generally
increased by smaller than average amounts
while increases for items such as apparel
have been greater than for perishables but
less than for durable commodities. This
is indicated in the following table which
shows sales or shipments in the first four
months of 1941 as compared with the corresponding period in 1940. Similar comparisons for the month of May would probably show generally larger increases.
RETAIL TRADE

January-April 1941 compared with January-April 1940

Commodity or line of trade

Percentage
increase

Automobiles (number)
Furniture (value)
Household refrigerators (number shipped) 1
Other electrical appliances *
Vacuum cleaners (number shipped)
Electric ranges (number shipped)

35
20
42
22
22
51

Department stores (value)
Mail order sales (value)
Chain stores
Shoe (value)
Apparel (value)
Variety (value)
Drug (value)
Grocery chains and independents (value).

14
15
19
14
9
9
7

i January-March comparison.

Sales by general merchandise establishments have expanded most in the durable
goods lines, as is indicated in the following
table compiled from data for about 250 large
department stores. In the first four months
of 1941 each of the items included under
homefurnishings increased over the corresponding period in the previous year more
than did sales of any other major group of
merchandise handled by these stores.
The sharp rise in sales of durable consumers' goods has been accompanied and
facilitated by a considerable expansion in consumer credit. According to Department of
Commerce estimates, installment sales in 1940
FEDERAL RESERVE BULLETIN

Review of the Month

amounted to approximately $5,000,000,000, result of the rise in current income, but also
an increase of 20 per cent over 1939, and through larger extensions of credit, which
at the end of 1940 actual indebtedness of con- are reflected in increased consumer debt.
sumers arising out of installment purchases
was estimated to be approximately $3,000,DEPARTMENT STORE SALES BY DEPARTMENTS
000,000. About half of this amount was due
January-April 1941 compared with January-April 1940
on automobile contracts. Since the end of
Per1940 there has been a continued expansion in
centage
Department
increase
the amount of consumer credit outstanding,
reflecting further increases in installment Total sales
12*
urnishings:
purchases of durable commodities. Consumer Homef
Furniture, beds, mattresses, springs
.
17
Domestic floor coverings
,
24
indebtedness on cash loans has been mainDraperies, curtains, upholstery
12
Major appliances (refrigerators, washers, stoves, etc.)
23
tained in recent months at the record level Women's,
girls', and infants' apparel and accessories
10
and boys' wear
11
reached at the end of last year. Thus the Men's
Other
10
amount available for consumer expenditures
* Reports of total sales from a larger number of stores showed an inon commodities has expanded not only as a crease
of 14 per cent.

Jloanl and Commitments ofo Weekly JQepoiting Memltet
Information regarding these loans and
MEMBER banks in leading cities had
Ifl $460,000,000 of defense loans outstand- commitments by Federal Reserve districts
ing as of April 30, 1941, and $630,000,000 is given in tables on page 538.
of commitments for future loans, according Of the $460,000,000 of defense loans outto a survey conducted by the Board of Gov- standing, about 63 per cent was for the purenors of the Federal Reserve System. This pose of financing the production of defense
survey was for the purpose of supplying supplies and materials, and 30 per cent for
information to the Defense Contract Serv- providing plant facilities. The remainder
ice of the Office of Production Management represents loans which serve both purposes.
About 63 per cent of the loans were made
and to the Board as to participation of
to
establishments which had contracted dibanks in the defense effort. Some prelimirectly
to supply the Government with denary figures from this survey have just befense
supplies
and materials; about 21 per
come available and are summarized in the
cent
were
to
establishments
which were subfollowing table:
contractors to those having direct GovernCommitments for
ment contracts; and the remainder repreLoans
future loans
sented mostly loans to establishments workAmount,
Amount,
in thou- Number in thouing in both capacities. The loans made to subNumber sands of
sands of
dollars
dollars
contractors indicate that the spreading of de460,000
2,253
3,627
633,000 fense production to sub-contractors has made
Total
138, 000
1,233
857
For plant facilities
.. _
264,000 substantial progress.
These figures do not
2,282
287, 000
1,315
For defense supplies
310, 000
112
For both
35, 000
81
59, 000 indicate adequately this progress since some
To prime contractors
1,925
291,000
1,429
495, 000
1,372
To sub-contractors_ __ _ _
97,000
591
67,000 sub-contractors do not need financing.
330
To both
233
72, 000
71, 000
About three-fourths of the loans in dollar
To borrowers with assets of:
amounts
were made to borrowers with assets
Under $100,000
464
1,135
16, 000
17,500
$100,000-1,000,000
1,459
104,000
938
147, 000 of $1,000,000 or more, but a large number of
$1,000,000 and over
963
337,000
830
464,000
Unspecified
70
3,000
21
4,500 loans have been made to smaller borrowers.
JUNE 1941




505

rllnancla
MARRINER S. ECCLES *

HE problem of financing defense is not We have no problem insofar as an ample
Tsolely
the responsibility of Government. supply of money is concerned. The volume
The business interests of the country have a
very important role to play. For this reason I appreciate the opportunity, as a public
official having some responsibility for the
conduct of public affairs, to speak on this
subject at this meeting of leading business
executives from all parts of the country.
The financial problems of defense arise
from the unprecedented size of public expenditures, concentrated mainly in the field
of heavy industry, and the necessity for calling forth in the shortest possible time the
maximum amount of defense production
both for ourselves and for those we wish to
aid. The financial problem is not how to provide an adequate supply of money but how
to direct the use to which money and credit
are put in such a way as to further the success of the enterprise and to avoid inflationary consequences. The avoidance of inflation is as essential for the preservation of
our political and economic system as the defense effort itself. I am using the word inflation in the popular sense of disruptive price
rises, whether confined to some segments of
the economy and due to non-monetary causes
or of a general nature and due to excessive
monetary and credit expansion.
We can meet defense needs and supply our
civilian population only to the extent that we
utilize our man power, materials and productive facilities. Defense must come first.
What is left over will determine the extent
to which we can meet civilian requirements.
* An address by Marriner S. Eccles, Chairman of the Board of
Governors of the Federal Reserve System, delivered at the 29th
Annual Meeting of the Chamber of Commerce of the United
States at Washington, D. C, May 1, 1941.

of demand deposits and currency now in
existence approximates $45 billions, or 50
per cent in excess of the peak amount of the
twenties. The present volume could be increased almost indefinitely by further expansion of bank credit in loans to corporations,
to individuals and to the Government.
Merely to increase the supply of money would
not in itself bring about needed production,
but might result in inflationary developments.
Rather, a primary concern of defense financing is to avoid an increase of the means
of payment, that is, of money in the hands
of those who would spend it faster than our
economy could produce goods. This would
result in a rapid bidding up of prices. The
problem in general terms is simple, but in
detailed application it becomes difficult and
complex. In general terms, it means that we
should aim to finance defense entirely out of
taxation and savings, preferably taxation as
full employment and production are attained.
It means priorities in certain fields where
both civilian and defense requirements cannot be immediately supplied out of available
raw materials, existing capacity, or available
skilled labor supply. It means price controls
in cases where demand for essential basic
materials exceeds present supply. It means
a program of taxation that will transfer back
to the Government in the aggregate a substantial portion of the funds spent by Government, thus reducing the funds available
to the public for private expenditure. It
means encouraging a maximum amount of

Note.—Views expressed in signed articles published in the BULLETIN are those of the writers
and not necessarily those of the Board of Governors of the Federal Reserve System.

506




FEDERAL RESERVE BULLETIN

Financial Problems of Defense

savings by all groups and classes of the population. It means avoidance of unneeded expansion of bank credit which adds to the
supply of money and thus of purchasing
power.
It is evident that the general problems of
defense financing, which I have enumerated,
are interrelated and must be dealt with by
a coordinated series of measures. For instance, inflation cannot be dealt with solely
by monetary and credit measures. As a matter of fact, at this stage of our defense effort
such measures are of secondary importance.
Fiscal policy, involving both the type of Government financing and taxation, and direct
controls are far more important at present.
Let us consider briefly some of the more
important aspects of this general summary.
In order to limit the need for price controls and priorities every means possible
should be used to increase the output. This
can be done by expanding the facilities of
production, by increasing the available labor
supply where there is a shortage of certain
skills, by the working of longer hours, by
preventing strikes and unjustified wage and
salary increases, and by utilizing to the fullest possible extent existing plant and facilities wherever they may be. To be sure, this
is a difficult and a complicated task, requiring full information and full cooperation on
the part of Government, industry and labor.
In my opinion, taxation is the most important single means of maintaining stability in
the economy and of preventing either general inflationary or deflationary developments. We must abandon the idea that taxation is merely a means of securing revenue.
The effects of taxation on the economy should
be the primary consideration. For a tax
system to be equitable, ability to pay should
be the guiding principle. For this reason, a
general sales tax, which has been strongly
advocated by some business groups, would
be a great mistake because it would fall heaviest on those least able to pay. Selective sales
taxes which would have the effect of reducJUNE

1941




ing demands for certain products, such as
automobiles, mechanical refrigerators and
other articles that use resources greatly
needed for defense, are justifiable and necessary at this time. Sales taxes on foodstuffs,
clothing and other necessaries are wholly unwarranted, particularly when surpluses exist.
Taxes on such items would tend to diminish
consumption, thus reducing effective demand. This, in turn, may create localized
unemployment as well as idle capacity that
could not be used for defense.
The first source of defense revenue should
be the corporation tax and the excess profits
tax because, in general, corporations are the
greatest beneficiaries, directly and indirectly,
from defense expenditures. In other words,
the surplus accruing from the expanding national income tends to become concentrated
in the first instance in the possession of business corporations. The most certain way to
insure against inflation is for the Government to levy on these earnings and divert the
proceeds directly into the defense program
before they are distributed into the general
income stream through higher wages and
higher dividend payments.
Thus, the most direct way to attack the
inflation problem is through heavy corporate
income and excess profits taxation. If these
surplus funds are not thus collected in the
first instance at the source, but are later distributed through large wage increases and
large dividend payments to the community,
it becomes necessary subsequently for the
Government to abstract excess incomes
through the personal income tax, excise
taxes, and other forms of mass taxation.
The problem is not avoided but only delayed
and made more difficult by failure to tap the
profits at the source.
High taxation of personal incomes and
excise taxation will be necessary in any
event, but the amount needed from these
sources will be reduced by a prior collection
at the points where the profits originate,
namely, in the business units. If excess
507

Financial Problems of Defense

profits are not tapped, they will lead to demands for higher wages. Apart from the
question of equity and the problem of allaying industrial unrest, is the question of going
directly to the source of the increased flow
of income and diverting it into the defense
program before it spreads out into the community and adds private mass purchasing
power on top of the Government's demands
springing from the defense program.
With greatly increased surtax rates, especially in the middle income brackets, and in
the absence of an undistributed profits tax,
there will be a tendency on the part of some
corporations to hold back disbursements of
dividends. This is a further reason for
heavy normal and excess profits taxes on corporations.
In addition, the tax program, to be effective and equitable, should close important
loopholes in the gift and inheritance tax
laws. Similarly, the setting up by corporations of annuity and pension plans which are
charged to expense and provide large benefits to individuals in lieu of increasing salaries and paying bonuses, should not be permitted to become an avenue of tax avoidance.
With reference to the individual income
tax, the normal tax and surtaxes on individual incomes have been moderate, compared
with other countries, except in the very highest income groups. They can and must be
substantially increased. With expanding employment and payrolls resulting from defense
expenditures, it is equitable and necessary
that some of the benefits be recovered by the
Treasury. Exemptions should be reduced,
thereby spreading the base and increasing
the number of income taxpayers. This is a
more direct and equitable way of raising revenue from the lower income groups than by
imposition of certain indirect excise and sales
taxes.
To the extent that wages are increased and
prices are controlled, corporation profits are
less than they would be otherwise, and Federal revenue from this source is accordingly
508




diminished. Under these circumstances, it
is only fair that this loss of revenue be made
up by taxing directly the beneficiaries of the
increased wages.
The tax system should be so designed as to
prevent any group from profiting out of this
great national emergency at the expense of
others. Neither industry nor labor should be
permitted to take advantage of the emergency. Men drawn into the Army and Navy
are called upon to make great personal sacrifices. Neither unity nor morale can be built
upon inequality of treatment of our citizens.
It is perhaps a natural but none the less
false notion that either capital or labor can
make up now for lean years. If they were
to reap great profits and higher wages, they
would be inviting inflated prices and in the
end the added profits and wages would buy
fewer goods. I think it is of great importance that we grasp fully the fact that we as
a nation cannot profit out of world calamity.
We cannot turn our industrial machine
largely to making the things of war rather
than the things of peace and have a higher
standard of living.
We have to start from the first principle—
and I believe that most of us accept it—that
the burdens to be borne and the sacrifices to
be made should be equalized so far as possible. And that principle applies particularly
to taxation. Therefore, those corporations
and individuals who profit most should be the
first to be taxed. They must be the primary
ones from whom the Government recaptures
the proceeds of its expenditures.
I am wholeheartedly in accord with the
objectives of taxation policy recently announced by the Secretary of the Treasury
when he appeared before the Ways and
Means Committee in advocacy of measures
to raise an additional $ 3 ^ billions of revenue. As he stated then, the purpose is to
design our tax program, first, so that we may
pay as we go for a reasonable proportion of
our expenditures; secondly, so that all sections of the people shall bear their fair share
FEDERAL RESERVE BULLETIN

Financial Problems of Defense

of the burden; third, so that our resources
may be mobilized for defense while reducing
the amount of money that the public can
spend for comparatively less important
things; and finally, so that a general rise in
prices may be avoided by keeping the total
volume of monetary purchasing power from
outrunning production.
The Secretary of the Treasury has proposed that we raise at least two-thirds of the
sums necessary for defense out of taxation,
and with that purpose I am likewise heartily
in accord. The rest should, so far as possible, be raised by the sale of Government
securities to the public, thus utilizing existing funds, instead of by the sale of securities
to the commercial banks since the latter
method creates additional bank deposits. As
I have indicated, we need to use existing
funds, which are abundant. Expansion of
bank credit which creates new funds would
only tend towards inflation.
The Treasury's three new types of savings
bonds, together with savings stamps, are being offered to the public beginning today.
They are excellently designed to give all of
our people an opportunity to participate in
the financing of the defense program. They
are designed to attract the smallest savings
of the people as well as those up to $50,000
a year. Apart from that patriotic purpose,
however, they are important in helping to
protect the country against inflation and they
are a store of buying power for the future
when supply can again be matched to demand.
Another very large store of savings which
should also be tapped consists of idle balances in banks held by corporations, by
wealthy individuals, and by trustees as well
as by various public and private bodies.
These funds are frequently not of the type
that can or will go into long-term Government securities, nor can they be attracted
into short-term Government securities now
available because practically no return can
be obtained upon them. I believe many of
JUNE

1941




them would be invested in registered shortterm issues (not available to banks) of two
years' maturity, if such issues were made
available at interest payable semiannually,
of from one-half to one per cent, depending
upon the length of time they are held, and
were redeemable on any interest payment
date on 30 days notice. So far as long-term
rates are concerned, I think they are fair and
that the Government would not be justified
in paying more than two and one-half per
cent for long-term money on fully taxable securities.
To the extent that we pay for defense out
of taxes and through borrowing from savers
rather than from the commercial banks, thus
using existing funds and not creating new
funds, we help protect the country against
the hazards of monetary and credit inflation.
To the extent that people pay taxes or invest
in Government bonds, such as the new savings bonds, these funds will not be available
for the public to bid up prices in the market
place and they will aid in financing defense,
thus avoiding inflationary effects.
This is the time for the public to build up
a backlog of future requirements, especially
of consumers' durable goods, such as automobiles, housing, etc., that now are using some
of the materials needed in defense. Instead
of spending existing funds and mortgaging
future income for these goods, it would be
far better to defer these expenditures until
the time when the Government's defense outlays can be reduced. At such a time the backlog of buying power coming into the market
will be an offset to the reduced Government
expenditures and help to sustain employment
and national income.
We should consider the advisability of providing a method of controlling the volume of
forward buying on installment credit. Further expansion of installment credit at this
time would be an inflationary factor. Installment credit has tended to expand as employment and payrolls expanded and to contract when both were declining. It has thus
509

Financial Problems of Defense

tended to be an unstabilizing influence on the
economy when it might have been made a
stabilizing influence.
I have said that monetary and credit factors are at this time less important than other
factors in the situation. Nevertheless, with
the existing large volume of deposits and the
vast reservoir of excess reserves which could
serve as a basis for doubling the existing volume of deposits, it will probably become necessary at some future time to absorb into
required reserves a portion of the idle funds
held by the banks. This would diminish the
pressure on the banks to find outlets for their
funds in Government securities and would
facilitate the placing of a larger part of the
new issues with nonbanking investors. It
would also make the banks more careful about
avoiding unsound or speculative extensions
of credit and would restrain further growth
in the already abundant volume of bank deposits. Consequently, it would diminish inflationary dangers.
There is one additional matter of importance in connection with defense financing
that should be given consideration. It is the
subject of public expenditures for purposes
other than defense. I do not believe that
agricultural benefits should be curtailed, particularly in those fields where agriculture
does not profit as other groups do from defense expenditures or is adversely affected
as the result of the present international situation ; nor do I believe that we should abandon social efforts on the part of the Government in those cases where the problem is not
adequately met by the improved employment
situation resulting directly or indirectly from
defense expenditures.

510




We are hardly justified in spending billions
to aid other countries and billions more in our
own defense effort if at the same time we
shut our eyes to urgent social needs at home
that must depend upon Government assistance. However, reductions should be made
wherever this can be brought about through
increased efficiency as well as in those fields
of Government activity which utilize men or
materials needed in private enterprise or in
defense.
I have attempted to outline briefly the general public policies which I feel should be
pursued to facilitate the financing of defense
effectively with a minimum of economic dislocation now and after the defense effort has
been completed. The successful carrying out
of such a program as I have discussed—and
it is a program designed to preserve all of the
essentials of our democratic system—depends
primarily upon the understanding of and acceptance by the people of this country, particularly the leaders in business and industry.
We have every reason to succeed. We are
in a much stronger position than any nation
in the world today. We have a vast endowment of natural resources. We have abundant and high-calibre man power. We have
existing and potentially great productive facilities. We can provide, without inflation,
all of the monetary and credit resources we
require.
We will fail only if we are ignorant of the
social and economic problems confronting us
or if through blind self-interest we imagine
that we can make others bear the sacrifices
and burdens which all must share in the
greatest undertaking upon which our nation
has ever embarked.

FEDERAL RESERVE BULLETIN

Ttont a

/legalStandpoint

Administrative interpretations of banking laws, new regulations issued by
the Board of Governors and other similar material.
Financial Transactions Under Neutrality Act of 1939

[PUBLIC LAW 43—77TH CONGRESS]

The President of the United States on
[CHAPTER 81—1ST SESSION]
April 24, 1941, issued a proclamation under
[S. 1059]
authority of section 1 of the Neutrality Act
AN ACT
of 1939 (Pub. Res. No. 54, 76th Cong.), approved November 4, 1939, proclaiming that To expedite the national defense by clarifying the
a state of war exists between Bulgaria, on application of the Act of August 24, 1935 (49 Stat.
the one hand, and Yugoslavia and Greece, on 793), as to the requirement of mandatory performance and payment bonds in connection with supply
the other hand. Section 7 of the Neutrality contracts.
Act of 1939, with respect to financial transactions by persons within the United States Be it enacted by the Senate and House of Repreof the United States of America in Conrelating to countries named in the Presiden- sentatives
assembled, That the Act of August 24, 1935
tial proclamation, is quoted in full on page gress
(49 Stat. 793), may, in the discretion of the Secre1054 of the Federal Reserve BULLETIN for tary of War or the Secretary of the Navy, be waived
with respect to contracts for the manufacturing,
December 1939.
producing, furnishing, construction, alteration, repair, processing, or assembling of vessels, aircraft,
munitions, materiel, or supplies of any kind or nature for the Army or the Navy, regardless of the
The President of the United States on terms of such contracts as to payment or title: ProApril 29, 1941, approved an Act to expedite vided, That as to contracts of a nature which, at
date of the passage of this Act, would have been
the national defense by authorizing the Sec- the
to the provisions of the Act of August 24,
retary of War or the Secretary of the Navy, subject
1935 (49 Stat. 793), the Secretary of War or the
in their discretion, to waive the requirement Secretary of the Navy may require performance and
contained in the Act of August 24, 1935, for payment bonds as provided by said Act.
performance and payment bonds in connec- Approved, April 29, 1941.
Act Authorizing Waiver of Performance and Payment Bonds
on Supply Contracts Under National Defense Program

tion with supply contracts for the manufacCONGRESSIONAL RECORD—SENATE
turing, producing, furnishing, construction,
April 4, 1941, Page 3106
alteration, repair, processing or assembling
of vessels, aircraft, munitions, materiel or STATEMENT WITH RESPECT TO S. 1059
supplies of any kind or nature for the Army
Section la of the act of August 24, 1935 (49 Stat.
or the Navy. The Act of August 24, 1935, 793),
commonly known as the Miller Act, provides
known as the Miller Act, requires in certain that "before
any contract, exceeding $2,000 in
circumstances performance and payment amount, for the construction, alteration, or repair of
bonds in the case of contracts exceeding any public building or public work" is awarded, the
contractors shall furnish a performance bond for the
$2,000.
protection of the United States, in an amount satisThe text of the Act is published below to- factory
to the contracting officer, and a payment
gether with a statement, inserted by Senator bond, for the protection of persons supplying labor
Thomas of Utah in the Congressional Record, and material in the prosecution of the work, with
satisfactory to the contracting officer and in
explaining the purpose of this legislation. sureties
an amount specified in the statute. It is customary
This statement does not refer to the Secre- to
require performance bonds in an amount at least
tary of the Navy but subsequent to its publi- equal to 10 per cent of the contract price. Payment
cation the bill was amended so as also to bonds must by statute be in penal amount equal to
per cent of the cost of the work in contracts below
authorize the Secretary of the Navy to waive 50
$1,000,000; 40 per cent for contracts from $1,000,000
the requirement of performance and payment to
$5,000,000, and in penal amount of at least $2,500,bonds.
000 in larger contracts. From the phraseology,
JUNE

1941




511

From a Legal Standpoint

"public building or public work" of the act, it would
appear that the requirement for these bonds was
intended to relate only to contracts for buildings,
river and harbor improvements, camps, cantonments,
and such other real estate projects, or the alteration
or repair thereof.
In construing the act of August 1, 1892, known as
the Heard Act, the predecessor of the Miller Act, the
Supreme Court of the United States, in 1910, held
that a boat was a public work and that whether a
work is "public" or not does not depend upon its being attached to the soil, but, if it belongs to the representatives of the public, it is a "public work."
Following that reasoning, the Attorney General of
the United States, in 1932, expressed the opinion that
work on a vessel owned by the United States was a
public work within the meaning of the act. Again
in 1936, the Attorney General ruled that contracts
exceeding $2,000 in amount, for the alteration or repair of United States Coast Guard vessels, boats, and
aircraft, since the property belongs to the United
States, were contracts for public work. He further
stated that contracts for the construction of such
craft which provide for the passing of title to the
United States during the progress of the work as
partial payments are made are within the meaning
of the term "any public work." Extending the
analogy, he held the same year that a contract for
making cotton mattresses from materials owned by
the Government was public work.
It was but a step further for the Comptroller General to find that any Army contracts for supplies
which provide for partial payments as the work progresses are contracts for public work, since title
passes to the Government when the first partial payment is made, requiring performance and payment
bonds under the Miller Act. By this reasoning, all
sorts of contracts involving partial payments for
supplying aircraft, machine guns, tanks, clothing,
neckties, shoe laces, and other articles, must be classified as contracts for public works, making it incumbent upon the contractor, no matter what his
financial strength may be, or whether the bonds are
deemed to be necessary for the protection of the
United States, or of laborers and materialmen, to
furnish the performance and payment bonds specified
by the Miller Act. The decisions of the Supreme
Court, the Attorney General, and the Comptroller
General are binding upon the War Department, and
compliance therewith is mandatory. The same
reasoning did not apply to Navy contracts since they
only take a legal lien (under a statute passed in
1911) instead of title when partial payments are
made.
Believing that Congress originally intended that
the Heard Act and later the Miller Act should apply
only to construction contracts, the War Department
has submitted to the Congress a draft of legislation
designed to clarify the meaning and application of
the Miller Act to make it inapplicable to supply
contracts for the Army. The proposed legislation
was embodied in S. 1059, the present bill, as originally
introduced. It was the view of the committee, however, that to center responsibility it would be better
to permit the Secretary of War, in his discretion, to
waive the requirements of the Miller Act as to bonds,
so that the bill was amended and reported in its
present form. The proposed act does not affect construction contracts.
512




NECESSITY FOR SUCH LEGISLATION
The national-defense program, calling for almost
unheard-of quantities of material and equipment for
the men entering the military service by voluntary
enlistment and by induction under the Selective Service Act, the manufacture and construction of aircraft, munitions, tanks, guns, and supplies of every
sort, has taxed the industrial resources of the United
States to such an extent that private capital is unable to finance to completion thousands of supply
contracts, many of them running into forty or fifty
millions of dollars each. Increased facilities must
first be constructed, new machinery purchased, and
countless new employees engaged. The contractor
then finds his resources expended and must seek additional financing of his Government supply contracts
on a scale never before encountered. To meet this
situation the Government has provided for advance
payments, when necessary, at the beginning of the
contract, and partial payments as the work progresses, to simplify private financing.
As a result, however, of the interpretation given
the Miller Act, an inconsistent situation has grown
up. If by the terms of a contract, 100 airplanes are
paid for on completion of the contract, no Miller Act
bond is required. If 100 airplanes are paid for as
each airplane is delivered, no Miller Act bond is required. If the contract is let on a cost-plus-a-fixedfee basis, no Miller Act bond is required. If, however, partial payments are made on a lump-sum contract to help the contractor finance the work in
progress prior to its delivery, Miller Act bonds must
be supplied. This mandatory requirement for performance and payment bonds where partial payments
are made to help finance the work in progress has
resulted in serious difficulties and delays in the financing and progress of the defense program.
The final execution and approval of a number of
large aircraft contracts has been delayed from 2 to 5
months because of the inability of certain companies
to obtain Miller Act bonds.
In some cases as many as 13 or more bonding companies have had to be called upon to provide a single
bond, necessitating sending it from place to place
for signature. In other cases the Government waited
while the surety company made a long financial investigation and extracted the last ounce of security
from the contractor's free assets. In some cases the
contract had to be rewritten on a cost-plus-a-fixed-f ee
basis or with partial payments eliminated so that
bonds could be waived. In one case a contract for
$13,115,138.13 for furnishing 341 airplanes was executed September 14, 1940. It was not possible for
the contractor, a reliable but tremendously expanded
corporation, to furnish the necessary bonds. The
bond requirement was finally removed in February
1941 by eliminating the partial payments provided by
the contract, resulting in a delay of 5 months before
a complete contract could be obtained. With the
elimination of partial payments, financing to a total
of $6,000,000 was needed to finance this contract to
the delivery stage.
In another instance, involving an original contract
and a change order for 3,000 airplanes, at a total
cost of $34,717,082.50, a delay of 6 months occurred
before a legal contract could be finally approved, and
it was necessary to eliminate partial payments by
appropriate change order because no bonds could be
furnished. Such examples might be multiplied many
times.
FEDERAL RESERVE BULLETIN

From a Legal Standpoint

The other side of the picture involves difficulties
that have occurred when bonds have been furnished.
In many instances surety companies, claiming to
be financing institutions within the meaning of the
Assignment of Claims Act of 1940 (Public, No.
811, 76th Cong.), are requiring contractors to give
them assignments of all rights under supply contracts on which bonds are given. If a bank loan
is necessary to enable the contractor to finance
his work and an assignment to the bank is contemplated, the fact that the bonding company claims
a priority hampers bank financing. Although the
Judge Advocate General of the Army has ruled
that bonding companies are not financing institutions within the meaning of the Assignment of
Claims Act of 1940, nevertheless many banks are
reluctant to make defense loans in the face of prospective litigation with a surety company. In this
situation, the Government supply contractor meets
practically insurmountable obstacles in getting private financing.
Other surety companies are demanding from contractors indemnity for the bonds written by them
and are requiring the deposit of collateral security
or the giving of mortgages or other liens on the
contractor's plant and equipment. This practically
strips the contractor of available bankable security
when a loan is necessary to finance operations under
the contract.
The use of partial payments, because of the necessity for giving performance and payment bonds
under the Miller Act, has been practically discontinued by the War Department as a means of
financing Ordnance contracts and some Air Corps
contracts. Frequently, if partial payments are not
used, the contractor must have financing up to 50
or 60 per cent of the amount of his contract prior
to receiving payments from the Government for
articles completed. Banks hesitate to make loans
in such amounts. Advance payments under existing law are authorized only up to 30 per cent of
the amount of the contract. If the Government
makes an advance of 30 per cent, the banks necessarily feel that they are not required to make loans
to take up 50 or 60 per cent, because their claims are
subordinate to the advance payment. These are
practical difficulties experienced in financing contracts for carrying out the defense program.
In endeavoring to solve the difficulties in obtaining
bonds for large Air Corps contracts, reduction in
the penalties of performance bonds to 5 per cent
of the total contract price was attempted by the War
Department. This resulted in refusal by the surety
companies to give performance bonds to small contractors because the business was not considered
sufficiently profitable or attractive. This situation
compelled the Air Corps contracting officers to the
penal amount of the performance bonds at the
dictation of the surety companies.
Surety companies have, in some instances, required agreements from contractors to the effect
that no more contracts will be undertaken until
the ones on which bonds already have been written
are completed. In one case a surety company refused to write additional bonds until an existing contract was completed, with the result that the contractor was too late to bid on pending invitations
and lost the opportunity to undertake additional
defense work. Necessarily,* this resulted in retard-

JUNE

1941




ing and delaying procurement under the nationaldefense program. How many other instances of
this kind actually exist is not known, but they are
constantly being mentioned orally to contracting officers. Written complaints are stated by an Air Corps
report to be relatively few for fear of black list.
The original purpose of the Miller Act was to
protect laborers and materialmen with respect to
Government construction projects, since no mechanics' or materialmen's liens attach because of
Government ownership. Ordinarily lien protection
does not exist and is not needed with respect to
contracts for supplies, as distinguished from construction, between private individuals in the business
world. Necessarily, the producer or manufacturer
must pay his laborers weekly or at least twice
monthly. It is the last claim he fails to pay. The
individual labor claim, therefore, if any, is small
in event of bankruptcy and has a priority there.
There seems to be little logic in requiring payment
bonds for laborers employed by contractors with the
Government, when such laborers are protected by
the Fair Labor Standards Act, the Walsh-Healey
Act, and the Bacon-Davis Act as to wages, hours of
labor, and methods and times of payment.
Likewise, materials usually are sold on a 30- to
60-day basis, cash on delivery, or only after satisfactory assurance of sound credit standing on the
part of the purchaser. Materialmen can protect
themselves and are better protected by adequate
financing of the contractor insuring performance
of the contract than by bonds. With respect to
performance bonds for the protection of the United
States, it may be said that the Government is its
own insurer in other matters, and there is little
likelihood of substantial loss in connection with the
furnishing of supplies payable on the installment
plan, since the payments do not exceed work successfully nearing completion.
The need for legislation such as S. 1059 is considered by the War Department to be urgently needed
at this time in order properly to expedite the national-defense program under the new appropriation
acts. The bill as reported would permit the Secretary of War to require performance and payment
bonds in any case of supply contracts where he
deems them to be necessary. The War Department
requires performance bonds in many cases where
that requirement is not mandatory by law, and S.
1059 as reported would permit the same practice
with respect to the bonds that would be authorized
to be waived thereunder when the interests of the
Goverment so require.
General Ruling Issued by Secretary of the Treasury

The Office of the Secretary of the Treasury
on May 24, 1941, amended General Ruling
No. 4 issued under authority of the Executive
Order of April 10, 1940, as amended, and
Regulations issued pursuant thereto relating to transactions in foreign exchange, etc.
This Ruling was printed in the Federal Reserve BULLETIN for July 1940, at page 650,
and the amended Ruling reads as follows:
513

From a Legal Standpoint
Treasury Department, Office of the Secretary,
May 24, 1941
General Ruling No. U, As Amended, Under Executive
Order No. 8389, As Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, Etc.
Except as specifically provided herein or otherwise,
all definitions appearing in Executive Order No.
6560 of January 15, 1934, as amended by Executive
Order No. 8389 of April 10, 1940, as amended, and
the Regulations issued thereunder, shall apply to
the terms employed in all rulings, licenses, instructions, etc., and, in addition, the following definitions
and rules of interpretation are prescribed:
(1) The term "Order" shall mean Executive
Order No. 8389, as amended.
(2) The term "license" shall mean a license
issued under the Order.
(3) The term "interest" when used with
respect to property shall mean an interest of
any nature whatsoever, direct or indirect.
(4) The term "blocked, country" shall mean
any foreign country designated in the Order.
(5) The term "Netherlands East Indies" shall
mean the following: Java and Madura, Sumatra, Riouw-Lingga archipelago, Banka, Billiton, Celebes, Borneo (West, South and East
Divisions), Timor archipelago, Bali and Lombok, Lesser Sunda Islands and Dutch New
Guinea.
(6) The term "Netherlands West Indies" shall
mean the following: Dutch Guiana, Dutch St.
Martin, Curacao, Bonaire, Aruba, St. Eustatius
and Saba.
(7) Any person licensed as a "generally licensed national" shall, while so licensed, be
regarded as a person within the United States
who is not a national of any blocked country;
provided, however, that the licensing of any
person as a "generally licensed national" shall
not be deemed to suspend in any way the requirements of the Order and Regulations relating to reports, and the production of books,
documents, records, etc. (see sections 10 and
14 of the Order and section 130.4 of the Regulations).
(8) The term "blocked account" shall mean
an account in which any blocked country or national thereof has an interest, with respect to
which account payments, transfers or withdrawals or other dealings may not be made or
effected except pursuant to a license authorizing
such action. The term "blocked account" shall
not be deemed to include free dollar accounts
of the type referred to in General License No.
32, as amended, or the accounts of generally licensed nationals.

514




(9) The term "banking institution" shall have
the meaning prescribed in Section 11D of the
Order.
(10) The term "domestic bank" shall mean
any branch or office within the United States of
any of the following which is not a national of
any blocked country: any bank or trust company
incorporated under the banking laws of the
United States or of any state, territory, or district of the United States, or any private bank
or banker subject to supervision and examination under the banking laws of the United States
or of any state, territory or district of the United
States. The Treasury Department may also
authorize any other banking institution to be
treated as a "domestic bank" for the purpose of
this definition or for the purpose of any license,
ruling, or instruction.
(11) The term "national securities exchange"
shall mean an exchange registered as a national
securities exchange under section 6 of the
Securities Exchange Act of 1934 (48 Stat. 885,
U.S. C, title 15, sec. 78f).
(12) Reference to any general license or general ruling which has been amended shall be
deemed to refer to such license or ruling as
amended.
(13) Any person who by virtue of any definition in the Order is a national of more than one
blocked country shall be deemed to be a national
of each of such blocked countries.
(14) In any case in which a person is a national of two or more blocked countries, a license
with respect to nationals of one of such blocked
countries shall not be deemed to include such
person unless a license of equal or greater scope
is outstanding with respect to nationals of each
other blocked country of which such person is a
national.
(15) The Secretary of the Treasury reserves
the right to exclude from the operation of any
license or from the privileges therein conferred
or to restrict the applicability thereof with
respect to, particular persons, transactions or
property or classes thereof. Such action shall be
binding upon all persons receiving actual notice
thereof, or constructive notice if in any case
notice is filed pursuant to the provisions of
the Federal Register Act (49 Stat. 500, as
amended by 50 Stat. 304; U. S. C, Sup. V,
title 44, sec. 301 et seq).
(16) No license shall be deemed to authorize
any transaction prohibited by reason of the
provisions of any law, proclamation, order or
regulation, other than the Order and Regulations.
D. W. BELL,

Acting Secretary of the Treasury.

FEDERAL RESERVE BULLETIN

*Ttoin the Eoa%d*5 Cottelpondence
Questions of general interest, relating to money and banking, core answered in this section of the

(ZommeiciaL Hank* A/ot J^Qtmltted to fluy
QUESTION

Why are commercial banks not permitted to purchase the new issues of Defense Savings Bonds?
ANSWER

IMITATION of the sale of Defense Savings Bonds to investors other than comLmercial
banks is one of several steps being

taken by the Government to reduce the stimulative effect of large defense expenditures on
private spending and investment. The Government's object is to prevent an excessive
growth in private spending for consumption
and investment that would lead to a rise in
prices and interfere with the defense program.
When banks purchase bonds from the
Treasury there is an increase in the volume
of bank deposits, i.e., in the supply of money
available for spending. When, on the other
hand, individuals purchase bonds, there is
no change in the total supply of funds but
only a shift of existing deposits from one
holder to another. This difference may be
made more apparent by describing the flow
of funds in each case. When banks buy bonds
directly from the Government, the proceeds
are added to the Treasury's deposit balances,
and, as the Treasury draws upon these balances in payment for goods or services, Treasury checks are deposited by the recipients
and are added to their deposit accounts. Purchases of securities by banks from non-bank
holders also result in a growth of the public's
bank deposits. The increase in deposits does
not necessarily occur in the same banks that
buy the bonds, but may be distributed among
a large number of banks. On the other hand,
when individuals or corporations buy bonds
from the Treasury or from one another, they
JUNE

1941




BULLETIN.

Savinc5 £ond*

draw on their existing deposit accounts with
the consequence that the deposits of the
recipients of the funds are increased by
exactly the same amount that the deposits
of the purchasers of the securities are diminished ; there is no change in the total volume
of deposits. When they buy bonds from
banks, the total volume of deposits is reduced.
To the extent that commercial banks add
to their holdings of Government securities,
the Government's expenditures are financed
without drawing upon the public's current
income or its accumulated savings. In these
circumstances the amount of money that the
public (individuals and corporations) receives from the Government in wages, payment for goods, and so on, is larger than the
amount that the public furnishes the Government by payment of taxes and the purchase
of Government obligations.
Since the existing supply of bank deposits
is already much larger than ever before and
is sufficient to finance a considerably increased volume of business, it is better for
the Treasury to borrow funds out of current
income or accumulated savings than to sell
securities to commercial banks, thereby further increasing the supply of money. To be
sure, when individuals purchase Government
bonds by drawing upon deposits that would
otherwise be idle, the immediate economic effect is no different than if banks purchased
the bonds. In both cases the effect is to increase the volume of active deposits. However, when individuals purchase the bonds,
the volume of idle deposits is correspondingly
reduced, whereas when banks increase their
holdings of Government securities, new
deposits are created and the same volume of
idle deposits remains available for spending
or investing.
515

From the Board's

Correspondence

On this point, Daniel W. Bell, Under-Secre- factories. To the extent that these needs
tary of the Treasury, in a recent speech com- can be supplied by the economic system withmented as follows:
out strain there is comparatively little danger
"It is clearly more desirable for the Treasury of widespread price increases. But when
to obtain existing idle balances than to finance money is spent for military purposes, inits defense expenditure by a further expansion comes are increased without a corresponding
of bank deposits, or, in other words, by the expansion in the output of consumers' goods.
creation of new balances. Both, it is true, increase the flow of funds at present, but the ulti- In many crucial lines, output is already at
mate result is quite different. A further expan- capacity levels, both in terms of machines
sion of deposits leaves us with as many if not and available skilled workers. Even in nonmore idle balances to cope with in the future.
A reduction of idle balances, on the other hand, defense industries, output has been increascauses balances to be used at the present time; ing rapidly with a corresponding decrease in
this in turn prevents them from coming into use idle capacity. In the existing situation, therein the future, when an expansion of the flow of
funds may be much less desirable than at pres- fore, there is much danger that a continued
ent. Idle balances are a source of inflationary rapid growth in total spending may lead to
expansion which cannot easily be checked by the substantial price rises in many lines where
usual methods of credit control; hence a pro- additional output is difficult to obtain and may
gram designed to reduce idle balances serves to interfere with the progress of the defense
strengthen our controls over credit expansion
against the day when such controls may have to program.
be used."
Everything possible should be done to prevent
a general rise in prices. Measures can
The defense program is likely to provide
more inducements for spending and investing be taken to increase available supplies of
idle funds than there have been in recent goods by reallocation of resources and by
years. In the past few years there has been supplying new facilities. Direct controls
need for stimulating consumption and in- can be exercised over the prices of particular
vestment, and the Government, by borrowing commodities and services and supplies may
from banks, augmented private funds, but be rationed. Taxes can be raised in order to
under the defense program it may be desir- absorb a greater portion of income. Restricable to curtail some kinds of private consump- tions can be imposed on the extension of
credit to private borrowers. Finally, savings
tion and investment.
At a time when there is an enormous in- can be increased, thereby diminishing the
crease in the demand for many goods and amount of income that is spent, and it is to
services, caused by greatly increased Gov- this end that the Treasury is seeking to enernment expenditures and contracts for fu- courage the purchase of Defense Savings
ture delivery, and when profits are rising, Bonds by individuals. Sales of these bonds
there are likely to be more inducements for to banks would not accomplish this purpose
people to spend their increased income and because such sales would not decrease, but
to borrow money from the banks to build on the contrary would increase, the amount
houses, buy new farm machinery, and enlarge of funds available for private spending.

516




FEDERAL RESERVE BULLETIN

(zuttent
Appointment of President of the Federal Reserve Bank
of Philadelphia

On May 17, 1941, announcement was made
of the resignation of John S. Sinclair as
President of the Federal Reserve Bank of
Philadelphia, effective as of the close of June
30, 1941, and of the appointment of Alfred
H. Williams as President to succeed Mr. Sinclair, effective July 1, 1941. Mr. Williams
has served as a class C director of the Philadelphia Bank since March 3, 1939, and
Deputy Chairman since December 14, 1939.

the Federal Reserve Bank of Atlanta for the
unexpired portion of the three-year term ending December 31, 1943. On the same date
the Board announced the appointment of
Lloyd Noble, President Noble Oil Company,
Ardmore, Oklahoma, as a director of the
Oklahoma City Branch of the Federal Reserve Bank of Kansas City for the unexpired
portion of the three-year term ending December 31, 1942.
Admissions of State Banks to Membership in the
Federal Reserve System

The following State banks were admitted
to membership in the Federal Reserve SysEffective May 15, 1941, W. S. McLarin, tem during the period April 16, 1941, to May
Jr., was appointed President and Malcolm 15, 1941, inclusive.
H. Bryan was appointed First Vice President
of the Federal Reserve Bank of Atlanta, each
Arkansas
for the unexpired portion of the term of five
Arkadelphia—Elk Horn Bank and Trust Comyears ending February 28, 1946. The appany
pointment of Mr. McLarin was to fill the
Camden—The Merchants and Planters Bank
vacancy caused by the death of Robert S.
Indiana
Parker on March 28, 1941, and Mr. Bryan
succeeded Mr. McLarin as First Vice PresiAndrews—The State Bank of Andrews
dent. Mr. McLarin first joined the staff of
Hope—The Hope State Bank
the Atlanta Bank in July 1916 and was
Kansas
appointed First Vice President on October
Burns—Burns State Bank
13, 1939. Mr. Bryan was a member of the
faculty of the University of Georgia for more
Michigan
than ten years prior to his joining the staff
Detroit—Commonwealth
Bank
of the Board of Governors, in December
1936. He went to the Atlanta Bank as Vice
Missouri
President in April 1938.
St. Charles—The Saint Charles Savings Bank
Appointment of President and First Vice President of the
Federal Reserve Bank of Atlanta

Meeting of Federal Advisory Council

The Federal Advisory Council held its second meeting of the year on May 18, 19, and
20.
Appointment of Class C and Branch Directors

On June 4, 1941, announcement was made
by the Board of Governors of the appointment of Walter H. Lloyd, Jr., editor of The
Ohio Farmer, Cleveland, Ohio, as a Class C
director of the Federal Reserve Bank of
Cleveland for the unexpired portion of the
three-year term ending December 31, 1941.
The Board, on May 29,1941, announced the
appointment of Frank D. Jackson, President,
Jackson Grain Company, Tampa, Florida,
as a director of the Jacksonville Branch of
JUNE

1941




New Jersey
Fair Lawn—Fair Lawn-Radburn Trust Company
Wildwood—The Union Bank of Wildwood, N. J.
New York
Waterford—Bank of Waterford
Pennsylvania
Kane—Kane Bank and Trust Company
Mont Alto—The Mont Alto State Bank
Virginia
Chatham—Planters Bank and Trust Company
McKenney—The Bank of Dinwiddie, Incorporated
Wisconsin
Denmark—Denmark State Bank
517

-fldjultment fiat Sea5onal I/ablation
by
H. C. BARTON, JR.

Division of Research and Statistics
HANGES in economic activity reflect the
composite influence of a great many natural, business, and social forces, and an important phase of economic analysis consists
of identifying these forces and determining
their effects on the economy. One group of
forces is related to the season of the year and
consequently brings changes in economic activity at fairly regular annual intervals.
These regularly recurring seasonal changes,
which are reflected in many series of economic data, can be measured quite accurately
and this measurement is useful not only in
appraising the seasonal movements themselves and in making plans for peak loads and
periods of inactivity, but also in adjusting
the data for seasonal variation so as to reveal
more clearly cyclical and other nonseasonal
changes.
Measures of seasonal variation and seasonally adjusted data have been used for over
twenty years at the Board of Governors of
the Federal Reserve System in the analysis
of business and financial developments. At
the present time approximately 250 seasonally adjusted series are published regularly
in the Federal Reserve BULLETIN and nearly
as many more have been compiled for internal use. As this work has been carried on,
continued improvement has been made in the
technique of seasonal adjustment and considerable change has taken place since publication of the last comprehensive article on
the subject by members of the Board's staff.1

C

1
"The Use of Moving Averages in the Measurement of Seasonal
Variations" by Aryness Joy and Woodlief Thomas, Journal of
the American Statistical Association, September 1928.

The present method is distinguished from
others commonly followed chiefly by its
greater flexibility. All methods of seasonal
adjustment are based on averaging procedures, since the object of the computations
is to measure usual or average seasonal movements. In most methods averaging is accomplished by mathematical formulae, and
this involves an implicit assumption that all
values used in the formula should receive
full weight in determining usual seasonal
movements. Averaging procedures used
in the method to be described in this
article, on the other hand, consist largely
of freehand curves which are designed to
afford opportunity for the exercise of judgment on the part of the analyst regarding
qualitative aspects of the data being adjusted. This permits analysis of forces
causing the movements, as well as of the size
of the resulting fluctuations.
Owing to the wide variety of factors that
influence economic data, it is often difficult
to determine the extent to which seasonal
influences underlie changes in a series, and it
seems desirable to make numerous judgments
that cannot be derived mechanically from
changes in the series itself. Other information, concerning movements of related series,
unusual weather conditions, strikes, actions
of regulatory bodies, and the like, can be used
to advantage. In order to bring information
of this sort to bear on the problem of measuring seasonal variation it has been found
desirable to use charts extensively and to base
the method of adjustment on freehand curves

Note.—Views expressed in signed articles published in the BULLETIN are those of the writers
and not necessarily those of the Board of Governors of the Federal Reserve System.

518




FEDERAL RESERVE BULLETIN

Adjustment for Seasonal Variation

which can be adapted to special situations
more readily than mechanically computed
averages.
This method involves a succession of judgments at various steps in the process rather
than a single judgment at the outset as to
the formula to be used and consequently it
requires more time of trained research persons. It is believed, however, that the use
of freehand curves and also of charts, by
permitting the analyst to take into account
unusual movements in the series, makes possible a more accurate measurement of seasonal variation. The additional research required for the process, moreover, provides
the analyst with other useful information
about the series and about related economic
activities.

the net seasonal movements shown by the
combined series. Also shifts in consumer
buying habits or trade practices alter the
seasonal characteristics of the individual
parts that comprise the total series. Sometimes these seasonal influences change
abruptly, with consequent sharp changes in
the seasonal pattern of the data affected.
Recognition of the fact that changes of this
sort are common occurrences led to development of the method of measuring changing
seasonal variation described in the Journal of
the American Statistical Association for
September 1928. Changes in technique since
then have been gradual, but continued refinements have resulted in a method which is
now different from the one used in earlier
years.

Definition of Seasonal Variation

Summary of Steps in Present Method

For most purposes, seasonal variation may
be regarded as changes that recur with some
degree of regularity at annual intervals because of weather conditions, trade practices,
and consumer habits that are linked to calendar dates.
These same influences, it may be noted, are
also responsible for movements that are not
"seasonal" in the sense of the above definition. Warm weather, for example, permitted
an unusually early opening of Great Lakes
ports in 1937 and ore carloadings increased
sharply in April instead of in May. This
large April increase, though clearly related
to weather conditions, was an "erratic"
rather than a "seasonal" movement because
it was an isolated rather than a regularly
recurring event.1
On the other hand, movements need not be
absolutely regular to be regarded as seasonal
in character. In fact, the seasonal characteristics of practically all series change over a
period of years. Most series are composites
covering a number of lines, and when these
lines have different seasonal characteristics,
changes in their relative importance affect

Individual steps in the process of seasonal
adjustment are summarized below. Of these
steps the first five are designed to determine the main nonseasonal movements of
the series,1 the next five to discover and
eliminate the typical differences for each
of the twelve months between the original
data and their main nonseasonal movements,2
and the last five to check and improve the
accuracy of the preceding ten.
A. Determining main nonseasonal movement
1. Plot the unadjusted series on an absolute scale. (See Chart 1.)
2. Compute a twelve-month moving average
for the series. (See Table 1.)
3. Plot the moving average or a former
seasonally adjusted series on Chart 1.
4. Draw a freehand curve through the unadjusted series wherever the moving average appears to depart significantly from
the main nonseasonal movements of the
series.
5. Transcribe the values read from the freehand curve. (See Table 1.)

1
"Main nonseasonal" movements are similar to those described
in the usual terminology of time series analysis as "trend-cycle."
The term "main nonseasonal" is more accurate for present purposes because the freehand curve reflects not only major trendcycle movements but also shorter fluctuations. The curve still
remains fairly smooth, however, and does not reflect brief erratic
1
movements
which are also nonseasonal in character.
For a discussion of techniques that have been developed for
2
the study of all seasonal movements regardless of regularity see
For an adaptation of this method to weekly data see Federal
Horst Mendershausen in Econometrica for July 1937.
Reserve BULLETIN for August 1939, pp. 641-44.

JUNE

1941




519

Adjustment

for Seasonal Variation

B. Determining typical differences
6. Compute ratios of the unadjusted series
to the corresponding values of the freehand curve. (See Table 1.)
7. Plot the above ratios by years for all
January's, then for all February's, and
so on. (See Chart 2.)
8. Average the ratios for each month by
means of a freehand line drawn through
the points on Chart 2.
9. Adjust the points on the freehand lines
so that the sum of their values for all
months of each calendar year will be 1200
or will depart from this total by no more
than an amount that can be accounted
for by some special circumstance affecting the series.
10. Compute a preliminary series adjusted
for seasonal variation by using the values
obtained in step 9 as divisors of the unadjusted series. (See Table 2.)
C. Checking
11. Plot the preliminary adjusted series on
Chart 1 as an indicator of the accuracy
of the freehand curve drawn in step 4.
12. Repeat steps 4 through 10 for all points
where the original freehand curve departs from the general movements of the
preliminary adjusted series.
13. Plot the revised adjusted series on a
calendar or tier chart. (See Chart 3.)
14. Examine the calendar chart for regularly recurring divergences in the figures
for each month from the general movements of the adjusted series.
15. Modify the curves obtained in step 9 so
as to remove divergences found in step 14
that appear to be seasonal in character
and recheck with the calendar chart.

Determining Main Nonseasonal Movements
The first five steps in the process as applied
to the Federal Reserve index of miscellaneous
freight-car loadings are illustrated in Chart
1 and in Table I.1 The twelve-month moving
average, shown in Chart 1, is clearly a rather
unsatisfactory indicator of the main nonseasonal movements of this series particularly at its cyclical peaks and valleys. Departure from the series at these points is due
to the fact that the twelve-month moving
1
Charts shown in this article are about half the size of the
working charts actually used in making seasonal adjustments
and charts 1 and 3 do not have the smaller grid lines actually
used in plotting the points. As in the charts and tables shown
here, basic data are ordinarily expressed as index numbers to
facilitate plotting and computing.

520




TABLE I.—COMPUTATION OF MOVING AVERAGE AND
RATIOS
(Miscellaneous freight-car loadings; 1935-39=100)

Date

1929—January
February...
March
April
May...
June
July
August
September.
October
November.
December..
1930—January
February...
March
April
May..
June
._
July
August
September.
October
November.
December..
1931—January
February...
March
April
May
June
July..:
August
September.
October
November _
December..
1932—January
February...
March
April
May.
June
July
August
September _
October
November.
December..
1933—January
February...
March
April
May
June
July
August
September.
October
November.
December. _
1934—January
February...
March
April
May
June
July
August
September.
October
November.
December..
1935—January
February. _.
March
April
May
June
July
August
September _
October
November .
December..

12
12
Unad- month month
movjusted moving
ing
Series
avertotal
122.5
130.0
147.1
156.0
156.5
162.0
161.7
168.7
181.4
176.0
142.6
114.2
113.6
124.6
133.4
142.3
139.1
138.8
135.6
137.7
146.7
141.0
117.4
93.3
91.0
95.8
104.2
114.6
114.1
112.7
108.6
106.3
106.9
106.4
92.5
75.0
70.2
70.0
70.8
75.7
73.1
73.0
67.9
69.3
81.5
86.8
73.2
58.6
60.4
58.3
59.5
71.2
77.0
86.4
89.4
83.8
90.0
91.4
80.0
73.1
72.6
76.4
84.0
89.7
91.6
93.0

86.0
84.9
91.4
91.8
82.6
72.7
76.1
82.1
87.5
90.2
86.3
87.9
87.7
90.1
101.3
108.2
99.4
88.0

1, 818. 7
1, 809. 8
1, 804. 4
1, 790. 7
1, 777. 0
1, 759. 6
1, 736. 4
1, 710. 3
1, 679. 3
1, 644. 6
1, 609. 6
1, 584. 4
1, 563. 5
1, 540. 9
1, 512.1
1, 482. 9
1, 455. 2
1,430. 2
1, 404.1
1, 377.1
1, 345. 7
1, 305. 9
1, 271. 3
1, 246. 4
1, 228.1
1, 207. 3
1,181. 5
1,148.1
1,109. 2
1, 068. 2
1, 028. 5
987.8
950.8
925.4
905.8
886.5
870.1
860.3
848.6
837.3
832.8
836.7
850.1
871.6
886.1
894.6
899.2
906.0

920.5

932.7
950.8
975.3
993.8
1, 008. 4
1,015.0
1,011.6
1, 012. 7
1, 014.1
1, 014. 5
1,017.1
1, 016. 7
1, 020. 2
1, 025. 9
1, 029. 4
1, 029. 9
1, 024. 6
1, 019. 5
1, 021. 2
1, 026. 4
1, 036. 3
1, 052. 7
1,069. 5
1, 084. 8
1, 092. 2
1, 093. 4
1,102. 2
1,116.0
1,136. 6

151.6
150.8
150.4
149.2
148.1
146.6
144.7
142.5
139.9
137.1
134.1
132.0
130.3
128.4
126.0
123.6
121.3
119.2
117.0
114.8
112.1
108.8
105.9
103.9
102.3
100.6
98.5
95.7
92.4
89.0
85.7
82.3
79.2
77.1
75.5
73.9
72.5
71.7
70.7
69.8
69.4
69.7
70.8
72.6
73.8
74.6
74.9
75.5
76.7
77.7
79.2
81.3
82.8
84.0
84.6
84.3
84.4
84.5
84.5
84.8
84.7
85.0
85.5
85.8
85.8
85.4
85.0
85.1
85.5
86.4.
87.7
89.1
90.4
91.0
91.1
91.9
93.0
94.7

Freehand
curve
151.8
152.0
152.3
152.8
153.0
153.3
153.7
153.7
152.6
148.0
142.0
139.5
138.1
137.0
135.7
134.7
133.9
132.1

118.8
114.2
110.6
108.9
108.3
108.0
107.7
106.2
103.7
99.8
92.2
89.7
88.0
86.5
83.6
80.5
77.3
73.4
70.8
69.0
67.4
68.3
73.3
74.1
70.5
67.7
66.1
65.8
65.7
68.1
74.9
83.0
87.4
85.8
82.9
80.1
79.2
80.2
82.1
84.3
86.2
88.3
89.8
90.0
87.0
84.8
82.6
81.2
81.1
82.3
84.3
85.9
87.1
87.6
87.7
87.9
88.2
89.3
90.3
91.5
92.5

Ratio
unadjusted
series
to freehand
curve
80.7
85.5
96.6
102.1
102.3
105.7
105.2
109.8
118.9
118.9
100. 4
81.9
82.3
90.9
98.3
105.6
103.9
105.1
*104.1
*107. 2
H16.4
*114.1
98.8
81.7
82.3
88.0
96.2
106.1
105.9
106.1
104.7
106.5
115.9
118.6
105.1
86.7
84.0
87.0
91.6
103.1
103.2
105.8
100.7
101.5
111.2
117.1
103.8
86.6
91.4
88.6
90.6
104.6
102.8
104.1
102.3
97.7

108.6
114.1
101. 0 .
91.1
88.4
90.6
97.4
101.6
102.0
103.3
98.9
100.1
110.7
113.1
101.8
88.3
90.3
95.6
100.5
103.0
98.4
100.0
99.4
100.9
112.2
118.3
107.5
93.8

FEDERAL RESERVE BULLETIN

Adjustment
TABLE I.—COMPUTATION

OF MOVING

for Seasonal Variation

AVERAGE

AND

RATIOS—Continued
(Miscellaneous freight-car loadings; 1935-39=100)

Date

1936—January
February. _.
March
April
May
June
July
August
September.
October
November _
December. _
1937—January
February. _.
March
April
May
June
July
August
September.
October
November.
December...
1938—January
February...
March
April
May
June
July
August
September.
October
November..
December...
1939—January
February...
March
April
May...
June._.
July
August
September..
October
November..
December—.
1940—January
February
March
April
May
June
July
August
September
October
November
December
1941—January
February
March
April
May
June
July
August
September
October
November
December

12
12
Unad- month month
movjusted moving
Series
ing
avertotal
83.5
83.3
96.3
104.0
106.9
109.4
110.0
111.7
124.7
127.1
121.2
109.9
101.0
106.5
116.9
121.7
121.4
117.5
116.7
116.3
125.5
119.6
100.9
81.2
77.6
78.0
84.8
82.2
83.5
84.4
86.5
89.2
101.8
107.3
99.6
87.9
85.9
84.4
92.4
94.7
95.7
96.8
96.5
98.9
120.5
127.4
119.7
106.3
97.1
94.0
96.9
100.3
105.1
111.8
107.4
109.7
124.1
131.7
125.3
115. 9
114.8
117. 6
124.
131.5

1,158.1
1,180. 4
1, 202.0
1, 225. 4
1, 244. 3
1, 266.1
1, 288. 0
1, 305. 5
1, 328. 7
1, 349. 3
1, 367. 0
1, 381. 5
1, 389. 6
1, 396. 3
1, 400. 9
1,401.7
1, 394. 2
1, 373. 9
1,345.2
1,321.8
1, 293. 3
1, 261. 2
1, 221. 7
1,183. 8
1,150. 7
1,120. 5
1, 093. 4
1, 069. 7
1,057. 4
1, 056.1
1, 062. 8
f, 071.1
1, 077. 5
1, 085.1
1, 097. 6
1,109. 8
1,122. 2
1,132. 2
1,141.9
1,160. 6
1,180. 7
1, 200. 8
1, 219. 2
1, 230. 4
1, 240. 0
, 244. 5
1/250.1
1, 259. 5
1, 274. 5
1, 285. 4
1,296.2
1, 299. 8
1, 304.1
1, 309. 7
,319.3
1, 337. 0
1, 360. 6
1, 388.1
1,419.3

96.5
98.4
100.2
102.1
103.7
105.5
107.3
108.8
110.7
112.4
113.9
115.1
115.8
116. 4
116.7
116.8
116.2
114.5
112.1
110.2
107.8
105.1
101.8
98.7
95.9
93.4
91.1
89.1
88.1
88.0
88.6
89.3
89.8
90.4
91.5
92.5
93.5
94.4
95.2
96.7
98.4
100.1
101. 6
102.5
103.3
103.7
104.2
105.0
106.2
107.1
108.0
108. 3
108.7
109.1
109.9
111.4
113. 4
115.7
118.3

Freehand
curve

95.0
96.6
99.1
102.5
104.9
107.5
109.7
111.6
113.2
115.0
116.7
117.7
118.6
119.2
119.8
119.9
119.7
118.2
116.7
114.6
110.5
103.8
97.0
92.6
89.0
86.6
84.6
82.2
82.0
83.3
86.5
89.3
91.2
93.7
95.8
96.3
96.0
94.9
94.0
93.6
94.0
95.4
97.2
100.0
108.0
112.6
114.0
114.1
111.5
106.1
100.8
99.7
102.0
104.8
107.6
111.0
113.4
116.6
119.9
122.7
125.9
128.0
129.6
131.0

Ratio
unadjusted
series
to freehand
curve
87.9
86.2
97.2
101.5
101.9
101.8
100.3
100.1
110.2
110.5
103.9
93.4
85.2
89.3
97.6
101.5
101.4
99.4
100.0
101. 5
113.6
115.2
104.0
87.7
87.2
90.1
100.2
100.0
101.8
101.3
100.0
99.9
111.6
114.5
104.0
91.3
89.5
88.9
98.3
101.2
101.8
101.5
99.3
98.9
111.6
113.1
105.0
93.2
87.1
88.6
96.1
100.6
103.0
106.7
109.4
113.0
104.5
94.5
91.2
91.9
96.0
100.4

* For periods in which moving average is satisfactory no freehand
curve values appear and the ratics are to the moving averege.

JUNE 1941




average gives equal weight to all values in
each twelve-month period and can, therefore,
give a good fit only where nonseasonal movements of the data follow a straight line or
change gradually. The movements of the carloadings series are not so sharp as to make
the moving average meaningless, and this
average was a helpful guide in the drawing
of the freehand curve. In some series, however, cyclical movements are so sharp that
computation of the moving average is not
worth while. In series of this sort, for example, many of those relating to construction
and durable goods manufacturing industries,
the freehand curve can be drawn more satisfactorily by inspection of the unadjusted data
and better still by using as a guide a former
adjusted series even though that series is in
need of revision.
It has been said that determination of the
cyclical movements of a series in this way
is a little like the faith of a mystic—conclusive evidence to the recipient of the vision
alone. At any rate it is clear that, since the
accuracy of a freehand curve as first drawn
depends so largely on personal judgment,
such guides as are available should be used
and later adequate impersonal checks should
be made. A previously adjusted series or
a twelve-month moving average is usually
the best readily available guide and their
use will be treated separately in the discussion which follows.
Where the series has already been adjusted
for seasonal variation the initial drawing of
the curve is relatively easy. Even if the previous adjustment is rather poor, a considerable part of the seasonal fluctuations will
have been eliminated and the process consists
mainly in tracing a line through data whose
scatter about the principal nonseasonal movements of the series is largely erratic. If these
adjusted data are so erratic as to make fitting
by inspection difficult they can ba smoothed
with a short-term moving average. In either
case, extreme points that indicate the presence of special nonrecurring events are ex521

Adjustment for Seasonal Variation

eluded as not being a part of the general movements of the series. The line is made to follow the rest of the adjusted data fairly closely
so that for most series there are seldom more
than two or three successive points above or
below. If, however, the curve has repetitive
movements during the same months of successive years, there is reason to suspect that
the "adjusted" data followed have considerable seasonality and this should be taken
into account in drawing the curve. But if investigation shows these recurrent fluctuations
to be due to nonrepetitive influences, such as
a price change in one year, a union agreement
in another, and so on, the freehand curve is
made to follow them.
If the series has not previously been adjusted for seasonal variation, a twelve-month
moving average usually is used as the preliminary guide for drawing the freehand
curve. The merit of a twelve-month moving
average as a base from which to measure
seasonal variation directly, or as a guide for
a freehand curve that is to be similarly used,
lies in the fact that it is itself practically
free from seasonal variation. It also eliminates, however, some nonseasonal movements
that should be included in such a base and
the drawing of a freehand curve is designed
to correct this undesirable smoothing.
One defect of the moving average characteristic of all mathematical smoothing formulae is that the effect of a large erratic
movement in the underlying series is dispersed over a longer period than that in
which it actually occurs. The miscellaneous
freight-car loadings series has no large erratic fluctuations so that the moving average
shown in Chart 1 requires no correction for
this particular characteristic. In many other
series, however, corrections of this sort are
necessary. When a strike, for example,
causes a sharp drop in a series the twelvemonth moving average (if centered say on
the seventh month) is pulled down six
months earlier, when the value for the strikeaffected month is first included, and released,
522




five months later, when the strike month
drops out. Correction consists in breaking
the freehand curve during the period in
which the erratic movement occurs, and in
drawing it in adjacent months at the levels
their figures indicate.
Another weakness of the moving average
is its system of equal weights for each month
which causes it to be too low at the maximum
and too high at the minimum points of major
cyclical moves and which also makes it insensitive to nonseasonal swings that occur
within a shorter period. During the period
of high carloadings in 1936 and 1937 the moving average generally runs below the unadjusted series. Freehand correction in such
a period should raise the curve sufficiently
so that it will follow the unadjusted series
with approximate allowances for seasonal
movements. Similarly, instead of following
the minor inventory cycle that affected loadings during the latter part of 1939 and the
first part of 1940, the moving average cuts
through it with the result that differences
between the series and its moving average
reflect inventory accumulation and decumulation as well as the usual seasonal swing.
Freehand correction is here again largely a
matter of judgment based on an appraisal of
seasonal movements in other years and the
effects of nonseasonal influences in the period
under consideration.
A minor difficulty with the moving average
arises from centering it, as is done in Table 1,
at the seventh month instead of between the
sixth and the seventh. The consequent halfmonth lead in the average makes no difference when the underlying series is moving
horizontally but causes the average to be
slightly low when the series is rising and
slightly high when it is declining. The extent of this bias can be readily determined
and eliminated by correctly centering the
average graphically between the sixth and
seventh months at a few sample points and
drawing the freehand curve at the revised
level. This graphic procedure is less time
FEDERAL RESERVE BULLETIN

CHART I - DETERMINING NONSEASONAL MOVEMENTS

180

180

160 —/Hi

140

120

100

60

40

1929

....

1930

1931

1932

UNADJUSTED SERIES.
TWELVE "MONTH MOVING AVERAGE.
FREEHAND CURVE.
PRELIMINARY ADJUSTED SERIES.
REVISED FREEHAND CURVE.




1933

1934

1935

1936

1937

1938

1939

1940

1941

BASED ON MISCELLANEOUS FREIGHT-CAR LOADINGS
INDEX, 1935-1939 = 100-

CHART 2 - DETERMINING

SEASONAL MOVEMENTS
JULY

JANUARY

NT

95

--

<

90
85

<

—i—

—

I05

{i

Seal

i

•—i
1

y

80

IO

•—

/
i

q- i

—

IOO

—

—

95
FEBRUARY

AUGUST

100

I IO
(1

95

I05

(

90
•i

85

IOO

—

95
MARCH

SEPTEMBER

105

—i

120

i—

100

I 15
<
4

V

ssr •ssa
t

<\ <

95
90

MO

<

(

I05

i

APRIL

OCTOBER

II 0

4

120

i
1

105

it

I 15

i
<

<

100

bU

I IO
I05

95
MAY

NOVEMBER

I IO

I 10

I05

105
i
<

100

IOO

i(

95

95 E

JU ME

DECEMBER

1 10

i
<•

(

<
r

105

^^

100

90

S

L-J
<

r
X

95
1930
•
—
X
«-~—

1932

1934

1936

1938

1940

RATIOS OF UNADJUSTED SERIES TO FREEHAND CURVE.
PRELIMINARY FACTORS (ADJUSTED TO 1200).
RATIOS TO REVISED FREEHAND CURVE (BY INSPECTION).
REVISED FACTORS.
FINAL REVISION OF FACTORS (ON BASIS OF CHART 3).




95

<

1930

H
1932

i

4

85
80
1934

1936

1938

1940

BASED ON MISCELLANEOUS FREIGHT-CAR LOADINGS
INDEX, 1935-1939 = 100.

Adjustment for Seasonal Variation

consuming than centering the moving aver- Determining Typical Differences of Unadjusted Series from Its Main Nonseasonal
age correctly by means of an additional averMovements
aging computation.
In determining the typical differences for
Although it is ordinarily better to use a
each
of the twelve months between the unmoving average as a guide in spite of the
adjusted
series and its main nonseasonal
many corrections needed, a freehand curve
movements,
the first steps are mechanical.
is sometimes drawn entirely from inspection
Ratios
of
the
unadjusted series to correspondof the unadjusted data. The moving average
ing
freehand
curve values are computed (see
is of little assistance in series that are very
Table
1)
and,
as a matter of convenience,
short or in series, like steel production, which
12
expressed
as
percentages.
If seasonal varhave short-time nonseasonal movements
iation
were
constant
for
the
entire period
much larger than their seasonal fluctuations.
covered
by
the
series
it
would
be
unnecessary
In such cases a fairly smooth freehand
to
plot
the
ratios
and
to
inspect
them for
curve is drawn following the main nonchanges
from
year
to
year.
An
arithmetic
seasonal movements of the series as well as
possible. This curve serves as the basis for mean or an average of middle items would
a preliminary adjusted series which is then serve to describe their central tendency for
all periods. But since practically no series
used as guide for a new freehand curve.
do, in fact, show constant seasonal variation,
A question naturally arises at this point the ratios are always plotted, as in Chart
as to why one of the mathematical formulae 2, with the values for the same month shown
that yield smoother and closer fitting curves together for successive years.
than the twelve-month moving average 1 has
not been substituted either as the sole indi- The problem comes in measuring the regucator of nonseasonal movements or as a bet- larly recurring element in the specific fluctuter guide for freehand curves. The reason ations shown by the ratios. Thefirststep in
is that formulae giving significantly better the process (not shown in Chart 2) is to fit
results are laborious to compute and also freehand averages as closely and smoothly
require some freehand correction. Macau- as possible to the ratios. Ordinarily not more
lay's 43-term formula, for example, takes than two or three successive ratios will be
about twice as long to compute as a twelve- above or below the average line, but the direction of the line is not usually changed unless
month moving average and provides no data three or four points would otherwise lie outfor a period of nearly two years at the be- side it.3 In fitting the averages account is
ginning and at the end of the series. It has taken of the fact that the significance of inalready been pointed out, moreover, that dividual ratios varies considerably from a
application of any mathematical formula seasonal standpoint. In some periods, partends to smooth the larger erratic fluctua- ticularly during sharp cyclical moves when
tions, such as those caused by strikes and
series are encountered (e.g., money in circulafloods, making the resulting curve unsatis- tionOccasionally,
and some employment series) in which the absolute amount
of seasonal variation appears to be entirely independent of the
factory as a base from which to measure sea- nonseasonal level of the series rather than roughly proportionate
it as in most series. If this is the case, somewhat more accusonal variation. It is of course possible to to
rate results are obtained by taking absolute differences of the
series from the freehand curve. Results are noticeably better,
edit out such erratic fluctuations from the however, only if the series shows both a large and fairly regular
and substantial changes in level.
series and then fit a curve mathematically, seasonal
For graphic methods of obtaining ratios to freehand curves
and
moving
averages see William A. Spurr in Journal of the
but the process is lengthy and the resulting American Statistical
Association, June 1937 and December 1940.
Closeness
of fit should depend partly on the nature of the
curve also requires revision similar to that underlying data.
For a series like miscellaneous carloadings,
which is a composite of many different commodities, the fit
in steps 11 and 12.
should be close, since changes in the seasonal pattern of the
1

2

3

1

See The Smoothing of Time Series by Frederick R. Macaulay.

JUNE 1941




total may be caused by shifts in the relative importance of
components, even though the pattern of each component remains
fairly stable.

523

Adjustment for Seasonal Variation

seasonal changes are likely to be submerged, differences are smaller or if they fluctuate
there is considerable margin of error in the above and below 1200, the next step is to adfreehand curve base. Even where the free- just the freehand lines through the ratios so
hand curve is entirely accurate, however, that the sum of their values is 1200 in each
each ratio to it includes an element of erratic calendar year or a different total in certain
as well as of seasonal change. Individual years because of a special circumstance afratios which for either reason are far out fecting the series. Freehand lines balanced
of line are given very little weight in theto 1200 (see Chart 2) are the preliminary
averaging process.
seasonal adjustment factors.
Although changes in these freehand averThe purpose of balancing seasonal factors
ages are usually smooth, any abrupt change to 1200 (i.e., to an average of 100) is to make
in the level of the ratios for a given month the proportionate adjustments upward equal
must be investigated and, if it is found to be to those downward so that their application
attributable to a sudden change in some sea- will not materially affect the general level of
sonal influence rather than to the accidental the series. Annual averages of the adjusted
fluctuations of a few points, the freehand series will differ slightly from the correline is drawn to reflect it. Sudden large sponding averages of the unadjusted, howchanges in seasonal pattern are less likely to ever, even with constant factors averaging
occur in series which cover a wide range of exactly 100. Furthermore, for changing
products, no one of which comprises a large seasonal factors some twelve-month periods
part of the total, than in series which refer must be different from 1200 even when calto a single product or to a few distinct classes endar year totals are forced. On theoof products. The miscellaneous freight-car retical grounds, therefore, changing seasonal
loadings series covers hundreds of different factors need only approximate 1200. Howitems and changesi in seasonal pattern of the ever, except in a few cases where the
total have been rather gradual. Most of the accuracy of the factors would have been
changes in seasonal patterns for individual seriously impaired,1 calendar year totals
items have been offsetting or too small for of changing seasonal factors published by
measurement. There was, however, a fairly the Board have been forced to 1200 mainly
sharp change in the total between 1932 and to facilitate checking the numerous tran1933 when summer and fall months declined scriptions that are made of these data. Also,
and winter months rose, reflecting mainly the on theoretical grounds, factors for the year
decline of agricultural products as a part of that is current at the time a series is adjusted
total loadings.
should balance because they are in effect conAfter freehand averages have been drawn stant factors applying to all succeeding years
through the ratios, values on the lines are until the adjustment is revised.
transcribed and the twelve figures for each After tentative seasonal factors have been
calendar year are added. These totals will selected on the basis of the ratio charts and
be in the neighborhood of 1200 if theproperly balanced, they are used as divisors
ratios have been properly averaged and if of the unadjusted data to obtain a prelimithe level of the freehand curve (step 4) is nary adjusted series as shown in Table 2.
accurate. If the sum of these values is quite
A case in point is the automobile employment series during
far from 1200 in the same direction over a 1935. The introduction of new model cars is a clearly discernible
seasonal stimulus to automobile employment which occurred once
period of several years, it is usually the level in the spring of 1935 as in earlier years and again in the fall as
n later years.
Since neither model change was an isolated
of the freehand trend-cycle curve that is in- random
occurrence but rather in one case the last and in the
other the first of a series of regularly recurring events, it seems
accurate, in which case it is revised with cor- proper to regard both of them as seasonal. Consequently the
as a whole required a downward seasonal adjustment; that
responding corrections in the ratios. If the year
is, factors adding to more than 1200.
1

524




FEDERAL RESERVE BULLETIN

Adjustment for Seasonal Variation
TABLE 2.—COMPUTATION OF PRELIMINARY ADJUSTED SERIES
(Miscellaneous freight-car loadings; 1935-39=100)
January

February

March

April

May

June

July

August

tember

October

NoDevember cember

Total

Annual
Average

Unadjusted Series
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941

122.5
113.6
91.0
70.2
60.4
72.6
76.1
83.5
101.0
77.6
85.9
97.1
114.8

130.0
124.6
95.8
70.0
58.3
76 4
82.1
83.3
106.5
78.0
84.4
94 0
117.6

147.1
133.4
104.2
70.8
59.5
84.0
87.5
96.3
116.9
84.8
92.4
96.9
124.4

156.0
142.3
114.6
75.7
71.2
89 7
90.2
104.0
121.7
82.2
94.7
100.3
131.5

156.5
139.1
114.1
73.1
77.0
91.6
86.3
106.9
121.4
83.5
95.7
105.1

162.0
138.8
112.7
73.0
86.4
93.0
87.9
109.4
117.5
84.4
96.8
111.8

161.7
135.6
108.6
67.9
89.4
86 0
87.7
110.0
116.7
86.5
96.5
107.4

168.7
137.7
106.3
69.3
83.8
84.9
90.1
111.7
116.3
89.2
98.9
109.7

181.4
146.7
106.9
81.5
90.0
91.4
101.3
124.7
125.5
101.8
120.5
124.1

176.0
141.0
106.4
86.8
91.4
91.8
108.2
127.1
119.6
107.3
127.4
131.7

142 6
117.4
92.5
73.2
80.0
82 6
99.4
121.2
100.9
99.6
119.7
125.3

114.2
93.3
75.0
58.6
73.1
72 7
88.0
109.9
81.2
87.9
106.3
115.9

1 818 7
1, 563. 5
1, 228.1
870.1
920.5
1 016 7
1, 084.8
1, 288. 0
1, 345. 2
1,062. 8
1, 219. 2
1, 319. 3

116.0
116.0
114.5
112.0
111.0
111.0
111.0
111.0
111.0
111.0
111.0
111.0

116.5
116.5
116.5
116.5
115.0
113.5
113.5
113.5
113.5
113.5
113.5
113.5

100.0
100.0
101.0
102.0
102.0
102.5
103.5
104.0
104.0
104.0
104.0
104.0

82.0
82.0
84.5
87.0
89.0
90.5
92.0
92.5
92.5
92.5
92.5
92.5

1, 200. 0
1, 200.0
1, 200. 0
1,200. 0
1, 200. 0
1, 200.0
1, 200. 0
1, 200. 0
1, 200.0
1, 200. 0
1, 200.0
1, 200. 0

156.4
126.5
93.4
72.8
81.1
82.3
91.3
112.3
113.1
91.7
108.6
111.8

151.1
121.0
91.3
74.5
79.5
80.9
95.3
112. 0
105.4
94.5
112.2
116.0

142.6
117.4
91.6
71.8
78.4
80.6
96.0
116.5
97.0
95.8
115.1
120.5

139.3
113.8
88.8
67.4
82.1
80.3
95.7
118.8
87.8
95.0
114.9
125.3

1,8i4. 7
1, 566.1
1, 231. 5
872.5
917.1
1,016. 6
1,083.9
1, 284. 3
1, 345.7
1, 061.8
1, 216. 3
1, 318. 3

151 6
130.3
102.3
72.5
76.7
84 7
90.4
107.3
112 1
88.6
101.6
109.9

Seasonal Adjustment Factors
81.5
81.5
81.5
83.5
88.5
88.5
88.5
88.5
88.5
88.5
88.5
88.5
88.5

1929.
1930.
1931.
1932.
1933.
1934.
1935.
1936.
1937.
1938.
1939.
1940.
1941.

87.0
87.0
87.0
87.5
88.5
89.5
89.5
89.5
89.5
89.5
89.5
89.5
89.5

95.5
95.5
95.5
95.5
95.5
97.5
98.0
98.0
98.0
98.0
98.0
98.0
98.0

103.0
103.0
103.0
103.0
103.0
102.5
102.0
101.0
101.0
101.0
101.0
101.0
101.0

103.0
103.0
103.0
103.0
102.5
102.0
101.5
101.5
101.5
101.5
101.5
101.5

105.0
105.0
105.0
105.0
104.0
103.0
101.0
101.0
101.0
101.0
101.0
101.0

104.0
104.0
103.5
102.5
101.0
99.5
99.5
99.5
99.5
99.5
99.5
99.5

106.5
106.5
105.0
102.5
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0

Seasonally Adjusted Series
1929.
1930.
1931.
1932.
1933.
1934.
1935.
1936.
1937.
1938.
1939.
1940.
1941.

150.3
139.4
111.7
84.1
68.2
82.0
86.0
94.4
114.1
87.7
97.1
109.7
129.7

149.4
143.2
110.1
80.0
65.9
85.4
91.7
93.1
119.0
87.2
94.3
105.0
131.4

154.0
139.7
109.1
74.1
62.3
86.2
89.3
98.3
119.3
86.5
94.3
98.9
126.9

151.5
138.2
111.3
73.5
69.1
87.5
88.4
103.0
120.5
81.4
93.8
99.3
130.2

151.9
135.0
110.8
71.0
75.1
89.8
85.0
105.3
119.6
82.3
94.3
103.5

154.3
132.2
107.3
69.5
83.1
90.3
87.0
108.3
116.3
83.6
95.8
110.7

155.5
130.4
104.9
66.2
88.5
86.4
88.1
110.6
117.3
86.9
97.0
107.9

158.4
129.3
101.2
67.6
83.8
84.9
90.1
111.7
116.3
89.2
98.9
109.7

151.2
130.5
102.6
72.7
76.4
84.7
90.3
107.0
112.1
88.5
101.4
109.9

Checking the Preliminary Seasonal Adjust- carefully examined to see that it contains no
ment
repetitive movements that are seasonal in

The first step in checking the accuracy of
the preliminary adjustment is to plot the
preliminary adjusted series along with the
unadjusted series and the freehand curve
on Chart 1. Comparison of the adjusted
series with the freehand curve ordinarily
will indicate a number of periods in which
the latter can be made to fit more closely
without undue sacrifice of smoothness.
Revision of the freehand curve on this
basis is similar to the original drawing of a
freehand curve using a former adjusted series
as a guide, and the revised curve should be
JUNE

1941




character. Two sets of movements in the revised freehand curve shown in Chart 2 are
open to suspicion on this account; interruptions of the general downward movement in
the first part of both 1930 and 1931 and yearend bulges in each of the last three years. If
the green dots on Chart 1 are examined carefully, however, it is apparent that the timing
of these moves is in neither case exactly the
same and that their magnitudes are substantially different. Thus, the regularly recurring element in them is smaller than would
appear at first glance. Furthermore, sim525

Adjustment for Seasonal Variation

ilar movements appear in seasonally adjusted
data for the production of manufactured
goods (which comprise about two-thirds of
miscellaneous freight-car loadings) and in
these data seasonal adjustments are computed
separately for a large number of individual
lines. For this reason it would appear that
the repetitive movements in the carloadings
series do not reflect changes in the composition of loadings. Another reason for
thinking that these movements are nonseasonal is that each can be accounted for
on other grounds. The moves in 1938-39
and 1939-40 both reflected the beginning of
periods of inventory liquidation following
periods of rapid rises in manufacturing production, with the move in 1939-40 being of
much the greater magnitude, and the slackening in early 1941 appeared to reflect the fact
that a number of manufacturing lines were
nearing capacity operations.
Revisions made in the freehand curve are
next carried through to obtain a revised preliminary adjusted series. Ordinarily this
process can be accomplished without actually
transcribing the new freehand curve values
or computing the new ratios as was done in
the first instance under steps 5 and 6. The
effects on the original ratios of revisions in
the freehand curve can be determined, after
a little practice, by inspection of differences
between the original and the revised freehand curve, and the revised ratios can then
be plotted directly on Chart 2.
Revised seasonal factors, represented by
the green lines on Chart 2, are selected and
balanced to 1200 in the same manner as before, but the process is easier because the
original factors already balanced to 1200
serve as a guide. In many cases changes
will not be numerous and the preliminary
adjusted index will be revised for only a few
months.
The final stage of checking is begun by
plotting the revised preliminary adjusted
series on a calendar or tier chart (Chart 3).
This chart is examined, reading vertically,
526




to see whether there are months which show
recurring movements that are seasonal in
character.1 It usually is helpful to make a
mechanical preliminary examination in which
a check mark is placed over each month that
is for three or more successive years either
all above or all below an imaginary line
between the two adjacent months. Not all
these points will be recurring interruptions
of the general movement of the series and
even fewer will be seasonal in character, but
this mechanical checking facilitates concentration on the points that may need revision.
In Chart 3 many of the check marks that
would be made in this mechanical way do
not appear. For example, June would be
checked as being low and July as being high
during the first three years shown. These
check marks, and a number of others, were
taken out because (in one or more of the
three years) the points, though high or low
in relation to immediately adjacent months,
still fitted smoothly into the general movement of the series over a somewhat longer
period. The series from April to August
1929 is smoother with June and July at their
present values, for example, than if June
were raised and July lowered as would be
indicated by the first mechanical checking.
There are usually a number of instances in
which such changes are a matter of indifference, and in such borderline cases (for example, June of 1932, 1933, and 1934) the
check marks are left in.
Check marks remaining on the calendar
chart after this elimination process refer to
monthly figures which on their face would
appear to include some seasonal movement.
Even though these movements are recurring,
however, there remains the possibility that
some of them may have been caused by nonseasonal influences. Freight rate increases,
for example, which became effective at the
1
The calendar chart can also be examined to see if there
are groups of months, as well as individual months, which show
similar movements in successive years. If the freehand curve
has been carefully reviewed, however, there should be none and in
any case these broader repetitive movements can ordinarily be
identified more readily from the continuous series plotted in
Chart 1 tha:a from Chart 3.

FEDERAL RESERVE BULLETIN

Adjustment for Seasonal Variation

CHART 3 -

DEC.
/ /
•••

JAN.

FEB.

MAR.

CHECKING THE PRELIMINARY

APR.

MAY

JUN.

REPETITIVE MOVEMENTS.
FINAL REVISIONS IN ADJUSTED SERIES.

SCALES NOT REQUIRED IN READING THIS CHART AND
ARE NOT SHOWN BECAUSE OF OVERLAPPING.

JUNE

1941




JUL.

AUG.

SEP.

OCT.

ADJUSTMENT

NOV.

DEC.

JAN.

BASED ON MISCELLANEOUS FREIGHT-CAR LOADINGS
INDEX, 1935-1939 = 100.

527

Adjustment for Seasonal Variation

end of March 1938 were responsible for the
sharp drop in loadings during April of that
year and for this reason the figure cannot be
regarded as seasonally low, and this group
of check marks should be disregarded.
The final step in the process is to eliminate
as far as possible all recurring movements
that remain in Chart 3 by a final revision of
the seasonal factors shown in Chart 2. Since
the factors must ordinarily continue to balance to 1200 and since changes in them must
continue to be smooth, it is not always possible to make revisions that will eliminate
successive movements at one point without
introducing them at others. Back and forth
checking of the effects of changes on both
charts serves as the basis for decision and
it was found that lowering the factors for
March 1931-33 and raising the corresponding factors for April eliminated most of the
recurring movements in Chart 3 and left
changes in the factors smooth enough to be
consistent with the concept of average seasonal variation. These changes are indicated
by the red lines on Chart 2 and by dotted
lines on Chart 3.
Evaluation of Present Method
The seasonal adjustment process described
in this article requires a higher grade of
work and somewhat more time than most
mechanical methods. In the last comprehen-

528




sive revision of the Board's index of factory
employment 90 individual series averaging
14 years in length were adjusted for seasonal
variation. For each of them about a halfday's work of a professional nature was required in steps 4, 8, 9, 12, 14 and 15 and
about two days of clerical work in the remaining steps. Other kinds of data, such as
construction contracts and many industrial
production series are more erratic and their
adjustments somewhat more time-consuming.
Department stores sales and money in circulation require, in addition to the process
described in this article, special adjustments
for the changing dates of Easter.
Time spent this way, however, yields
more accurate seasonal adjustments than
can be obtained by applying an inflexible
mathematical process, and in addition yields
a knowledge of other characteristics of
the underlying series that is valuable on
its own account. The effect on the series of
nonrecurring "seasonal" forces, of strikes
and floods, of price changes and economic
legislation, are all examined in the process.
Since seasonal adjustment is only a part of
the general problem of series analysis, additional knowledge gained in the process itself
serves the broader purpose for which the
work is done, and greater accuracy obtained
at the beginning facilitates analysis of the
adjusted figures.

FEDERAL RESERVE BULLETIN

d SJndax off *Ttei(jht-&at
REVISED Federal Reserve index of shipments in the summer have become a
freight-car loadings is shown in the ac- smaller part.
Acompanying
The usual procedure for computing seasontable. This index, while broadly

similar to that previously published by the ally adjusted indexes has been modified in the
Board, differs from the earlier index in sev- case of ore loadings for April and May and
eral respects: seasonal adjustments for each for October and November. Loadings of iron
class of freight have been revised for recent ore in these months are very erratic, owing
years; weights for combining individual to differences from year to year in the dates
classes of freight to obtain the total index of opening and closing the navigation season
have been changed for the period since 1931; on the Great Lakes, and, as a result, seasonal
and the base has been shifted from 1923-1925 adjustment by the usual method has been unto 1935-1939. The methods of computing satisfactory. For example, in April, 1937,
daily average carloadings for each month the combination of an early opening of navifrom the weekly data of the Association of gation and a large demand for iron ore raised
American Railroads and of combining them the old seasonally adjusted index for ore to
into the total index remain as described in a peak twice as high as the level of adjacent
the Federal Reserve BULLETIN for June, months. Distortion of this kind is lessened
1937. The procedure followed in adjusting by treating April and May as a single period
individual series for seasonal variation is for seasonal adjustment purposes and treatdescribed in detail in the article beginning ing October and November similarly. A
on page 511 of this BULLETIN.
single index for each of these periods has
Changes in seasonal movements of individ- been computed and assigned to each of the
ual classes of freight, for which revised 1940 two months in the period. In maintaining
factors are shown in the accompanying table, the index currently, preliminary indexes will
had a considerable effect oil the general sea- be computed for April and for October and
sonal pattern of total loadings. The largest these will be revised when the succeeding
changes were for livestock carloadings, the months' figures become available.
peak movement of which in September and
For the period beginning in 1931, weights
October has become more pronounced as a derived from 1935-1939 revenues have been
consequence of a decline in the proportion of used in combining the indexes for eight
hog shipments in total livestock shipments. classes of freight into the total index, while
For miscellaneous carloadings, seasonal vari- prior to 1931 weights based on 1928 revenues
ations in recent years have been less marked were used. For the earlier period the total
than they were during the early 1930's and index was lowered 1 percent to make it conbefore; shipments in the winter months have tinuous with the index for succeeding years,
become a larger part of the annual total while based on 1935-1939 revenue weights. The
two sets of weights are shown in the following table:
FREIGHT-CAR LOADINGS : SEASONAL ADJUSTMENT
FACTORS FOR

1940

Forest
Total i Coal Coke Grain Livestock Products

Ore

Mis- Mercella- chan-

neous

dise
l.c.l.

IMPORTANCE

OF VARIOUS CLASSES OF FREIGHT
TOTAL INDEX, 1935-1939

IN

Per cent of total
Jan.
Feb.._.
Mar. __
Apr
MayJune—
July...
Aug—
Sept. _Oct
Nov. .Dec-

93.4
93.1
95.6
94.0
97.7
98.7
100.6
100.5
111.3
113.4
104.3
94.4

114.0
114.0
103.0
84.0
85.0
84.0
85.0
88.0
105.0
114.0
111.0
113.0

120.0
123.0
104.0
88.0
92.0
90.0
86.0
84.0
98.0
100.0
106.0
109.0

88.0 96.0
84.0 80.0
86.0 79.0
85.0 89.0
86.0 90.0
98.0 78.5
145.0 84.0
122.0 95.0
110.0 132.0
107.0 154.0
98.0 126.0
91.0 96.5

25.0 88.5
90.0
25.0 89.5
96.0
26.0
100.0
97.5
100.0 2 45.0 101.0
104.0 2 135.0 101.5
174.0 101.0
104.0
181.0 99.5
100.5
175.0 100.0
105.0
175.0 111.0
108.0
105.5 2 145. 0 113.5
98.0 2 66.0 104.5
28.0 92.5
89.0

95.5
96.5
100.5
101.0
100.0
99.5
99.5
100.5
105.0
104.0
102.0
96.0

Class of Freight

Grain
Livestock..
__
Coal
Coke
Forest products..
Ore_ — . _
Merchandise 1 c 1
1 Obtained by dividing the unadjusted total index by the adjusted Miscellaneous
index.
Total
2 Seasonal factors for April and May "and for October and November
are combined in computing adjusted indexes—see text.
JUNE

1941




Derived from
1928
revenues
7.1
1.5
21.4
0.8
5.3

Derived from
1935-1939
revenues

9.7
52.0

5.6
1.8
21.3
0.7
5.8
7.6
54.8

100.0

100.0

529

INDEXES OF FREIGHT-CAR LOADINGS BY CLASSES
[Index numbers; 1935-39 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation.]
Total
Year and month

Coal

Coke

Grain
and grain
products

Livestock

Forest
products

Miscellaneous

Ore

Merchandise, 1. c. 1.

UnUnUnUnUnUnUnAd- UnAd- Unad- Ad- ad- Ad- ad- Ad- ad- Ad- ad- Ad- ad- Ad- ad- Ad- adad- justed
justed iusted
justed justed justed justed justed justed justed justed justed justed justed justed justed justed justed

1919
1920
1921
1922
1923
1924
1925..
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
19381939
1940

120
129
110
121
142
139
146
152
147
148
152
131
105
78

159
125
115
149
135
139
156
144
138
143
124
102
84

92
107
111
89
101
109

97
109
109
87
98
111

1919—January
February...
March
April
May
June
July—August
September .
October
November.
December—

115
113
108
113
115
114
131
126
132
126
117
127

108
103
102
104
112
116
134
131
144
141
122
118

152
144
160
155
92
131

149
146
166
177
99
134

123
146
139
125
130
125

111
128
136
127
141
133

1920—January
FebruaryMarch
April
May
June
July
August
September,
October
November.
December..

130
127
132
119
126
128
134
135
132
130
129
128

123
117
125
109
124
131
139
142
146
147
134
118

144
150
160
151
151
157
164
165
159
157
165
173

161
147
147
127
136
152
161
166
165
179
178
177

120
117
134
139
143
162
171
213
208
197
175
156

1921—January
February...
March
April
May
June
July
August
September _
October
November.
December—

109
109
104
108
111
109
110
112
115
121
108
107

103
101
98
100
108
110
112
117
127
136
113

125
124
110
127
140
129
123
122
130
140
120
105

140
122
102
107
126
125
120
123
135
159
130
107

1922—January
February—
March
April
May
June
July
August
September.
October
November .
December—

110
120
124
106
112
116
115
116
126
127
135
139

104
112
118
100
110
118
119
122
139
143
141
129

119
156
168
69
73
78
64
77
135
137
146
152

1923—January
February...
March
April
May
June
July
August
September.
October
November _
December—

139
138
142
149
145
144
144
143
141
140
140
136

130
127
135
138
142
144
147
150
156
157
147
126

143
150
155
168
162
158
158
153
143
139
135
130

530




188
194
157
184
237
233
236
231
216
211
206
150
93
57
70
73

239
218
208
226
246
245
227
222
215
212

112
102
126
135
125
142
127
130
131
139
132
125
112
91
91
91
87
100

161
78
121
178
130
155
170
136
132
157
121
81
56
74
83
85
120
126
68
102
137

179
162
132
123
150

96

95
110
128
128
139
143
143
147
152
130
102
73
77
85
90

15
53
57
71
111
151
58
110
147

107
116
90
100
114

106
101

108
107
101

139
173
65
114
167
120
144
156
135
137
163
119

136
146
151
156
164
165
164
163
164
151
136
113
104
102
100
103
105
95
97
96

112
89
101
110

107
96
114
138
114
101
111
117
115
111
112
110

112
91
100
106
97
87
123
140
139
120
118
110

251
251
234
235
231
217
240
232
235
236
253
249

276
242
207
207
213
196
206
212
259
288
301
265

170
180
176
176
176
189
201
205
208
192
190
196

162
188
180
174
183
198
193
205
212
194
192
176

203
236
177
147
147
142
146
96
148
130
130
143

53
61
55
75
165
239
268
163
261
179
108
47

130
128
148
132
134
146
154
187
204
201
190
165

106
107
106
100
103
111
91
96
105
105

110
102
93
77
87
96
101
115
127
113
103

238
220
232
212
235
223
218
211
209
197
216

261
212
205
187
216
202
187
193
230
241
258
210

199
190
204
200
197
189
196
208
203
193
179
167

189
198
209
198
205
198
188
208
207
195
181
150

154
172
186
168
168
162
156
169
173
201
201
173

40
45
58
69
206
272
285
288
307
274
172
57

124
120
116
112
111
107

129
125
129
130
114
93

113
129
128
128
125
127

113
128
135
133
129
123

119
104
71
69
71
66
57
64
67
81
78
84

128
114
78
66
67
60
51
57
65
83
85

116
113
117
122
128
133
145
141
134
131
106
121

120
107
103
94
109
115
160
169
163
141
111
121

216
214
210
223
207
215
203
209
199
211
193

238
207
186
196
191
194
174
191
219
257
230
210

160
165
157
154
155
155
148
146
154
168
162
164

152
173
161
154
161
163
142
146
156
170
164
148

124
115
78
67
67
65
63
70
62
49
49
65

32
30
24
21
89
109
116
118
109
79
31
21

92
92
90
90
90
90
93
98
101
105
95
94

79
81
87
88
91
94
96
102
113
122
98
82

123
129
130
133
136
137
136
139
141
144
141
143

113
123
133
136
137
137
136
139
148
150
145
138

134
154
157
58
66
75
62
78
141
153
157
157

92
99
105
119
133
139
120
115
131
151
162

102
109
102
112
120
125
105
113
132
161
172

135
155
130
120
142
133
135
131
123
133
141
147

141
147
115
92
119
112
146
157
149
145
153
150

210
217
217
217
226
232
228
228
233
234
238
235

229
209
192
191
208
208
196
210
259
286
283
249

165
157
165
175
189
192
192
185
190
192
204
215

157
164
170
181
196
201
184
185
190
191
204
194

62
60
63
60
60
117
134
144
117
128
128
124

16
16
20
35

92
94
99
105
110
114
116
115
114
113
121
124

79
83
95
103
111
118
120
120
127
132
126
108

144
146
147
150
152
155
152
146
142
139
141
146

132
139
150
153
153
155
152
146
149
145
146
141

160
152
148
141
145
149
153
154
148
153
145
136

167
175
176
200
205
210
208
193
179
151
139
140

181
194
194
200
192
189
187
170
175
151
146
148

133
123
131
138
116
120
122
122
122
125
129
128

138
117
115
108
96
98
127
147
148
139
141
133

234
236
245
251
241
240
255
257
256
248
244
251

250
228
217
221
220
212
222
239
289
302
290
266

236
210
231
238
238
243
247
247
245
242
244
224

224
219
242
249
248
253
237
247
245
239
242
200

155
139
158
165
165
172
173
174
168
166
166
140

126
125
128
132
130
128
126
127
128
127
129
127

108
110
122
130
131
130
130
133
145
148
136
110

147
144
144
148
152
154
154
153
152
154
154
155

135
137
146
151
154
154
154
152
160
160
159
149

245
245
202
172
111
40
36
49
74
229
293
316
295
281
218
136
40

FEDERAL RESERVE BULLETIN

Indexes of Freight-car Loadings, by Classes—Continued
Coal

Total
Year and month

Grain
and grain
products

Coke

Miscellaneous

Ore

Merchandise, 1. c. 1.

263
239
217
211
222
213
214
221
272
294
294
276

224
265
264
247
240
221
205
222
226
230
233
210

123
137
138
136
136
128
119
109
109
110
110
134

32
36
43
76
195
218
210
185
180
156
71
38

126
131
127
126
121
120
124
128
130
134
133
132

107
116
122
124
121
121
127
134
151
155
141
115

155
157
156
155
154
154
152
155
155
157
157
158

142
151
159
159
156
153
151
154
163
163
162
152

244
232
222
229
213
219
224
231
220
235
222
232

261
223
194
202
193
190
195
215
250
301
260
243

232
264
262
252
247
237
220
231
234
228
224
210

142
163
146
166
166
137
136
135
131
147
147
159

37
42
44
107
234
233
239
230
216
181
122
43

134
137
136
137
135
138
139
140
140
139
143
149

112
121
131
136
135
139
142
148
164
161
150
128

161
164
161
162
162
165
163
166
165
165
166
166

149
158
165
164
163
164
162
165
174
172
171
159

132
123
111
106
112
116
161
157
142
148
129
128

222
214
224
222
218
224
228
226
240
220
218
214

238
205
196
195
198
194
198
210
276
286
255
219

228
233
234
235
236
237
233
229
232
230
227
222

215
247
248
246
248
243
225
229
238
234
220
187

145
147
141
123
123
150
159
166
173
177
177
144

36
38
39
56
199
256
278
285
286
247
116
37

143
142
138
138
146
144
144
142
143
146
145
145

118
125
133
137
147
146
149
152
169
171
149
121

166
166
165
165
167
165
165
165
164
165
165
165

154
160
168
167
168
164
164
165
172
172
170
158

125
128
128
131
135
132
123
131
140
136
133
128

126
124
110
105
112
115
136
157
172
154
135
127

213
210
221
220
226
224
219
217
203
213
212
205

228
201
193
196
206
193
189
201
235
279
249
209

223
216
217
214
219
217
221
220
219
213
211
205

209
228
228
222
230
223
214
223
227
217
205
171

146
160
149
149
149
138
138
134
128
118
118
126

35
40
40
90
221
242
242
228
212
175
67
31

144
144
145
145
144
144
144
143
142
141
139
137

118
126
139
144
148
148
149
153
168
164
141
112

165
166
164
163
164
163
164
165
164
163
162
162

153
160
167
166
166
163
164
165
172
171
167
153

140
148
136
128
129
122
116
118
133
135
139
140

139
138
153
139
136
110
129
136
143
140
159
145

139
135
132
112
113
98
153
163
175
154
154
139

222
243
231
207
208
210
198
201
215
204
201
206

232
202
187
189
181
168
181
251
271
235
209

215
214
212
200
209
209
209
210
208
209
220
218

199
225
221
208
219
215
202
215
215
214
213
182

136
128
121
138
136
138
146
165
165
164

31
31
31
39
168
245
239
237
241
217
121
39

144
141
143
143
146
143
148
148
149
149
151
152

117
124
137
143
150
148
154
159
176
175
151
125

165
164
163
162
163
163
164
163
163
164
163
164

154
158
165
165
165
163
163
163
171
171
168
155

158
176
159
152
160
156
156
150
156
154
151
154

137
137
138
124
129
138
138
145
126
121
120
129

134
134
118
102
108
125
185
174
146
127
113
119

201
198
197
205
202
197
201
194
197
197
196
187

215
189
170
191
185
168
169
175
230
261
229
189

205
194
209
216
212
218
215
216
205
199
189
184

185
202
218
225
226
228
208
223
212
204
183
154

153
150
163
183
183
158
162
161
159
157
157
134

34
36
42
113
268
282
291
279
262
212
102
32

150
149
153
152
153
154
156
158
156
152
143
139

122
130
147
156
157
162
162
169
181
176
143
114

163
164
164
166
164
164
165
165
165
165
162
159

152
158
166
168
166
165
165
166
173
172
166
150

139
146
139
134
132
130
131
135
142
144
143
143

130
136
133
126
129
129
133
142
160
162
151
132

145
152
136
118
119
123
120
124
144
139
140
143

162
155
130
99
107
113
115
124
149
153
152
150

145
149
154
140
121
105
101
103
115
123
128
147

156
166
169
140
114
94
91
91
112
123
133
156

127
148
132
136
134
131
129
144
161
170
147
132

131
141
115
106
111
107
133
173
198
190
161
138

1925—January
February. —
March
April
May
June
July
August
September _
October
November.
Decernber—

146
145
141
144
144
145
146
150
145
144
148
153

135
135
134
136
141
143
147
158
164
162
156
139

147
135
122
134
139
140
146
157
137
136
140
137

165
139
118
113
125
126
137
157
143
149
153
145

160
149
145
139
129
131
132
142
154
172
196
204

173
169
157
139
122
118
119
125
151
172
204
216

139
128
122
120
127
125
122
129
124
116
131
141

143
121
105
94
105
104
126
155
152
130
144
147

1926—January
February—
March
April
May
June
July
August
September.
October
November.
December..

147
147
147
149
152
153
155
151
152
155
157
154

134
137
141
140
150
151
157
160
173
176
163
140

134
137
146
157
149
157
161
154
162
163
177
170

150
142
143
132
134
140
146
153
168
181
196
182

211
202
169
159
159
160
163
163
163
165
162
151

228
232
179
157
150
148
147
145
160
165
168
159

130
128
130
134
135
137
152
131
115
131
123
126

1927—January
February...
March
April
May
June
July
August
September _
October
November _
December..

151
153
154
150
149
148
146
147
147
144
141
140

138
143
147
142
148
147
148
156
158
164
144
124

159
165
168
148
143
142
136
143
142
134
126
127

178
174
164
124
129
123
120
140
151
152
140
137

142
137
149
146
142
143
140
136
130
119
117
122

154
159
155
145
135
133
127
123
128
119
119
126

1928—January
February...
March
April
May
June
July
August
September.
October
November.
December..

146
145
147
145
147
144
148
149
150
151
154
152

132
135
140
138
146
144
150
157
172
173
157
135

132
130
133
138
139
136
137
138
141
143
145
136

148
138
129
116
125
117
119
132
150
164
161
148

130
128
131
129
134
132
127
131
136
135
138
135

1929—January
February...
March
April
May
June
July
August
September.
October
November.
December..

153
153
150
152
153
154
155
156
154
150
144
143

138
143
142
147
152
156
159
165
175
171
146
128

151
158
127
140
141
144
141
141
146
139
138
144

169
170
120
117
126
124
123
135
157
161
154
158

147
152
153
154
167
168
172
169
160
154
151
145




Forest
products

Un- Ad- Un- Ad- Un- Ad- Un- Ad- Un- Ad- UnUnAd- UnAd- ! Unadadadadadad- Ad- ad- Ad- ad- usted
ad- listed
usted usted
usted usted usted usted usted usted usted justed usted
usted usted usted usted usted

1924—January
FebruaryMarch
April
May
June
July
August
September _
October
November.
December -

JUNE 1941

Livestock

531

Indexes of Freight-car Loadings, by Classes—Continued
Total
Year and month

Coal

Coke

Grain
and grain
products

Livestock

Forest
products

142
141
136
138
135
133
131
129
126
122
119
117

128
131
129
134
135
134
134
137
142
139
121
105

144
129
115
128
127
127
125
122
118
119
119
115

162
138
109
107
112
108
109
117
127
140
133
127

135
126
121
130
128
129
123
118
113
112
106
105

147
148
126
127
122
120
111
104
108
112
106
114

121
129
127
128
125
128
125
142
122
114
115
120

115
126
111
110
108
119
172
170
137
116
108
105

189
192
192
184
182
181
173
170
171
173
171
172

201
183
164
173
168
153
145
153
201
230
200
174

173
182
180
179
162
153
139
130
130
124
119
121

154
189
188
186
173
160
134
134
136
127
115
101

1931—January
February. ..
March
April
May
June
July
August
September.
October
November.
December..

116
112
112
112
111
108
107
103
97
96
95
92

104
104
106
109
110
108
109
107
109
110
97
83

113
104
107
110
107
105
104
101

127
112
104
92
90
95
105
116
101
98

102
92
95
92
88
75
71
69
67
70
70
70

115
113
99
87
84
69
62
58
64
70
70
77

124
121
122
118
117
110
116
104
97
109
112
95.

114
118
108
106
103
103
159
125
109
109
106
81

172
169
168
165
163
157
159
165
154
156
164
158

182
160
141
155
150
132
133
154
181
207
192
158

119
112
107
102
102
96
91
87
82
77
75
70

1932- - January
February. _.
March
April
May
June
July
August
September.
October
November.
December..

87
84
82
80
74
70
70
72
77
81
78
76

79
80
79
78
72
70
70
•73
86
92
81
72

92
93
94
73
59
54
61
69
90
108
102
104

63
62
71
54
42
40
38
42
50
62
63
67

97
100
91
97
93
79
80
91
97
95

87
98
81
87
82
75
111
109
109
95
82
76

150
147
144
144
132
127
128
126
128
125
121
120

157
137
117
136
121
106
107
121
155
167
141
120

1933—January
February...
March
April
May
June
July
August
September.
October
November.
December..

74
73
68
74
79
88
95
92
87
84
85
85

70
71
65
72
77
87
95
92
9?
95
87

90
101
74
63
65
79
94
102
103
101
102
99

59
60
53
51
54
74
100
102
93
86
83
84

87
80
55
42
50
6986
86
91
85
83
92

78
74
77
101
105
110
130
85
91
84
87
77

122
122
120
127
128
134
132
123
121
121
122
116

127
111
95
119
118
111
111
121
152
163
143
114

1934—January
February...
March
April
May
June
July
August
September.
October
November.
December..

87
91
93
90
93
93
90
89
87
83
84
85

96
94
86
81

109
121
116
81
86
81
79
81
97
97
99
108

87
100
106
87
95
92
68
65
70
70
66
75

103
133
111
73
88
86
58
54
69
69
67
81

86
84
75
80
102
125
111
100
87
78
75

126
126
120
123
126
134
199
225
196
145
132
125

127
109
95
116
116
110
167
229
249
200
154
122

1935—January
February. ..
March
April
May
June..
July
August
September .
October
November.
December..

89
93
92

84
89
90
85
86
91
85
91
102
108
99
92

116
115
108
75
83
101
67
79
93
108
104
111

102
105
77
70
74
74
61
66
84
95
96
112

71
75
76
75
72
73
91
119
119
100
91

107
106
103

106
88
81
92
90
71
73
94
129
152
121
95




Merchandise, 1. c. 1.

Un- Ad- Un- Ad- Un- Ad- Un- Ad- Un- Ad- Un- Ad- Un- Ad- Un- Ad- UnAd
ad- justed ad- justed ad- justed ad- justed ad- justed ad< justed ad- justed ad- justec adjusted justed
justed
justed
justed
just(
justed
justed
justed
justed

1930—January
February...
March
April
May
June
July
August
September.
October
November.
December..

532

Miscellaneous

Ore

141
135
129
128
128
130
123
117
110
101
101
90

31
32
34
55
199
231
231
209
184
138
58
22

139
142
140
137
135
132
131
129
127
122
117
114

114
125
133
142
139
139
136
138
147
141
117

159
159
157
157
154
152
149
149
148
146
144
142

148
154
158
159
155
153
148
149
156
153
148
134

106
114
110
106
109
101
89
89
87
79
73
59

19
21
21
29
63
111
133
129
114
72
24
14

112
109
110
110
111
107
105
101
93
92
92

91
96
104
115
114
113
109
106
107
106
92
75

141
141
140
140
139
138
137
135
132
131
130
127

131
136
140
142
141
139
137
136
139
137
133
121

67
64
63
62
57
52
49
49
55
59
55
51

59
64
64
64
60
55
49
50
59
61
54
43

11
10
10
13
9
14
24
26
23
24
10
7

70
70
71
76
73
73
68
69
82
87
73
59

125
123
118
116
114
109
107
107
108
108
106
106

118
118
118
118
115
110
107
107
113
113
109
101

53
47
48
54
65
81
91
86
78
77

47
46
49
56

7
7
8
12
30
50
96
137
147
106
26
11

60
58
59
71
77

107
104
99
100
104
106
110
107
106
105
104
105

101
100
99
102
105
107
109
108
111
109
106
100

12
12
14
27
84
124
120
105
91
60
20
12

107
105
104
104
103
102
102
101
100
99
100
100

102
101
105
105
104
102
101
101
105
103
101
96

12
13
15
37
98
115
122
122
127
112
50
23

101
102
101
100
99

95
99
101
102
100
100
105
105
103
96

FEDERAL RESERVE BULLETIN

Indexes of Freight-car Loadings, by Classes—Continued
Total
Year and month

Grain
and grain
products

Coke

Coal

101
94
103
104
106
109
110
109
111
116
116

92
97
92
98
102
105
110
110
121
125
120
111

109
128
79
108
106
103
108
110
107
114
118
114

124
149
84
91
90
86
91
96
113
126
130
129

103
108
83
107
115
116
128
130
131
135
143
138

124
138
86
90
106
107
112
109
128
133
148
149

100
98
103
101
102
104
108
95
84
91
103
103

1937—January....
February...
March
April
May
June
July
August
September.
October
November .
December..

112
116
119
119
117
114
115
114
112
106
99
92

104
108
115
113
115
113
116
115
125
120
103

110
112
122
114
110
108
107
108
113
111
101

125
128
129
96
94
91
90
95
119
125
111
110

125
127
142
150
140
137
152
145
137
113
87
72

150
156
147
132
129
125
134
122
134
113
91
78

87
78
70
78
81
83
87
89
95
94
96
96

99
89
73
65
69
69
74
78
99
107
107
109

70
59
58
58
57
58
64
69
77
76
84
82

83
72
60
51
52
52
55
58
75
76

1938—January....
February...
March
April
May
June
July
August
September.
October
November.
December..

82
83
85
88
90
92
95
95
96

82
82
78
81
83
88
90
102
108
100
92

1939—January....
February...
March
April
May
June
July
August
September .
October
November.
December..

98
95
94
87
90
97
99
101
111
114
114
110

90
88
90
83
88
95
99
101
123
129
119
104

94
94
90
60
72
97
105
110
119
118
110

107
108
93
50
61
82
89
97
125
134
122
111

78
85
83
67
81
93
104
122
146
144
143

96
88
73
61
73
80
87
120
146
152
156

1940—January....
February...
March
April
May
June
July
August
September.
October
November .
December..

111
105
100
103
106
111
110
112
112
110
116
119

104
97
96
96
103
109
110
113
125
125
122
112

121
103
100
110
114
119
120
124
114
91
109
107

138
117
103
92
97
100
102
109
120
104
121
121

136
110
108
108
117
145
158
162
147
149
150
153

163
135
112
95
108
131
136
136
144
149
159
167

1941—January.. _
February...
March
April
May
June
July
August
September.
October
November.
December. .

122
124
126
111

113
115
120
108

109
113
128
45

124
129
132
38

145
149
168
137

174
183
175
120




Forest
products

Miscellaneous

Ore

Merchandise, I. c. 1.

UnUnUn- Ad- Un- A d
Un- Ad- Un- Ad- UnAdAdAd- UnAd- UnAdad- justed
adadadad- justed ad- justed
ad- justed ad- justed adjusted justed
justed
justed
justed justed justed justed justed justed justed
justed
justed

1936—January
February...
March
April
May
June
July
August
September .
October
November.
December..

JUNE 1941

Livestock

95
75
85
92
86
85
99
110
137
156
142
108

101
91
97
99
103
107
110
111
108
111
117
123

104
102
102
103
102
102
92
102
102
101
96
100

100
82
80
94
94
80
77
102
132
150
121

112
120
120
118
124
124
133
123
117
107
96
90

107
102
98
94
98
98
97
94
91
96
100

103
82
78
83
90
77
81
89
119
149
127
96

93
87
89
102
156
117
93
91
97
94

94
107
100
93
108
118
108
105
109
113
111

96
96
94
95
87
96
100
99
94
101
114
107

85
82
81
81
75
94
145
120
103
106
112

119
108
108
106
106
107
112
108
99
117
102
103

105
91
93
90
91
105
162
132
109
125
100
94

106
100
103
105
111
119
100
97
118
108
111
108
107
106
109
101

106
100

102
102
113
113

107
113
110
117
117
116
115
109

85
85
84
101
101
102
103
107
118
138
138
121

20
20
21
37
145
178
191
193
206
183
101
31

94
93
99
102
105
108
111
112
112
112
117
119

115
122
118
129
129
134
130
127
112
94
80

152
158
157
220
220
152
151
146
142
104
104
110

37
38
39
140
256
264
279
261
249
160
55
30

114
119
120
120
120
116
117
116
113
105
97

87
86
80
85
86
88
97
102
102
92
87

103
102
100
44
44
49
45
49
56
73
73
113

25
26

87

87
81
86
91
97
100
100
103
116
123
119
103

123
123
113
85
85
85
85
98
116
173
173
142

31
31
29
42
110
149
153
171
204
220
144
40

87
90
91
93
87
96
145
117
117
107
96
87

91
79
75
81
82
75
74
91
129
152
124
92

108
105
103
104
106
108
108
115
122
128
131
133

97
101
103
104
110
112
108
121
132
135
129
119

138
142
140
134
134
134
138
139
145
181
181
164

35
35
36
57
184
233
250
244
254
238
145

90
85
97
96

84
75
74
82

138
133
127
130

124
128
127
130

180
181
192

45
45
50
203

96
117
146
119
130
115
109

101
107
117
122
121
117
117
116
126
120
101
81

106
107
108
107
108
107
106
106
105
103
101
96

100
104
108
109
108
106
105
106
110
108
103

78
78
85

96
97
96
94
94
93
93
95
95
97
96
96

90
93
96
95
94
92
93
95
99
101
98
92

102
107
100

56
32

97
85
86
91
94
96
100
98
107
116
121
115

101
94
96
100
96
91
98
92
104
97
94

94
98
102
102
103
103
105
110
108
108
104

84

75
76
89
86
71
82
88
137
149
119
93

84

104
107
109
110
112
125
127
121
110

99
97
98
101
102
104
104
105
104
104
106
108

83

109
112
115
115

86
84
92
95
96
97
97
99
121
127
120
106

104
111
108
110
112
116
120
125

97
94
97
100
105
112
107
110
124
132
125
116

130
131
128
130

115
118
124
131

110
105

97
97
97
97
96
97
97
97
98
97
99

94
97
96
103
101
101
94
92
93
94
94
94
94
94
96
100
100
98
95

101
100
102

94
98
101
103

533

A/onagiicuLtutal £mployment
I>ea5onallu xidjtilted Ultimate*
Seasonally adjusted estimates of nonagri- rollees in CCC camps, and the military and
cultural employment are shown below by naval forces.
months from 1929 to date and comparable Each of the 63 separate employment series
current figures will be published regularly which comprise the Bureau's unadjusted
in the Federal Reserve BULLETIN. These total was examined for seasonal variation
data, which were derived from estimates of and all those found to have such variation
total nonagricultural employment compiled were adjusted. The adjusted series were
without seasonal adjustment by the Bureau then combined into groups and totals comof Labor Statistics, do not include persons parable with those published by the Bureau
employed on WPA and NYA projects, en- on an unadjusted basis.
TOTAL NONAGRICULTURAL EMPLOYMENT ADJUSTED FOR SEASONAL VARIATION
[Thousands of persons]
Employees in nonagricultural establishments
Total
nonagricultural
employment i

Year and month

1929—Jan
Feb.
Mar
Apr.
May
June
July
Aug
Sept.
Oct
Nov.
Dec
1930—j anFeb
Mar.
Apr
May
June
July
Aug.
Sept.
Oct
Nov.
Dec.
1931—Jan.
Feb...
Mar.
Apr.
May
June
July
Aug.
Sept
Oct.
Nov.
Dec...
1932—Jan.
Feb.
Mar._
Apr.
May.__ .
June
July
Aug.
Sept
Oct.
Nov.
Dec
1933—Jan
Feb
Mar..
Apr.
May
June
July
Aug
Sept.
Oct
Nov.
Dec
1934—Jan.
Feb.
Mar
Apr.
May

_

_ . .

.

_._.

_
..

Total

Manufacturing

36,173
36,169
36, 346
36, 443
36, 519
36, 614
36, 733
36,886
36, 684
36, 538
36, 310
35, 912
35, 551
35, 341
35, 089
34, 951
34, 748
34,448
34,139
33,740
33, 465
33,177
32, 898
32, 637
32,417
32, 235
32, 046
31, 999
31,797
31, 542
31, 302
30, 980
30, 668
30, 322
30, 012
29,898
29, 502
29, 278
28,938
28,483
28, 075
27, 693
27, 333
27, 276
27,444
27, 611
27, 571
27,432
27, 231
27,116
26, 713
26, 932
27,187
27, 761
28,366
29, 010
29, 429
29, 652
29, 704
29, 634

30,329
30, 320
30, 495
30,588
30, 662
30, 754
30, 873
31,024
30, 819
30, 671
30, 442
30, 043
29,689
29,484
29, 233
29, 099
28, 905
28, 613
28, 310
27, 918
27, 649
27, 369
27, 099
26, 847
26,642
26, 470
26, 291
26, 252
26,059
25,813
25, 582
25, 270
24,966
24,629
24, 328
24, 228
23,853
23, 642
23, 315
22,874
22,477
22,109
21, 760
21,713
21, 891
22, 063
22, 033
21,903
21, 718
21, 615
21,219
21,433
21, 671
22, 232
22,819
23,446
23, 842
24, 049
24,082
24,008

10,030
10,098
10,128
10,226
10,243
10,286
10,381
10,415
10,322
10,260
10,082
9,881
9,783
9,657
9,556
9,490
9,379
9,227
8,998
8,818
8,678
8,590
8,462
8,323
8,173
8,094
8,058
8,031
7,993
7,860
7,798
7,687
7,543
7,357
7,228
7,199
7,117
7,072
6,935
6,722
6,517
6,348
6,181
6,209
6,360
6,467
6,490
6,423
6,347
6,351
6,117
6,236
6,512
6,924
7,356
7,661
7,816
7,831
7,694
7,610

29, 778
30, 094
30, 503
30, 703
30,913

24,122
24,420
24, 811
24, 993
25,184

7,649
7,915
8,166
8,293
8,372

Mining

1,046
1,051
1,063
1,066
1,071
1,082
1,071
1,092
1,075
1,060
1,053
1,042
1,029
1,031
999
996
1,000
1,001
1,008
973
958
942
929
921
915
894
889
898
877
854
827
810
812
809
796
786
772
749
749
722
706
679
666
666
671
692
696
696
680
682
671
674
658
666
696
733
765
758
789
782
803
806
824
822
857

Construction

1,877
1,813
1,916
1,899
1,880
1,854
1,829
1,826
1,773
1,723
1,699
1,641
1,536
1,532
1,494
1,504
1,471
1,449
1,434
1,403
1,374
1,341
1,317
1,304
1,333
1,352
1,311
1,346
1,302
1,280
1,244
1,218
1,174
1,139
1,105
1,105
972
925
842
810
793
781
786
787
811
833
840
813
797
776
782
746
728
725
709
690
695
775
877
877
845
828
827
853
846

Transportation and
public
utilities

Trade

Financial
service,
and
miscellaneous

Government

Military
and
naval
forces

3,791
3,804
3,815
3,836
3,863
3,899
3,927
3,945
3,941
3,944
3,900
3,850
3,806
3,767
3,749
3,739
3,729
3,689
3,646
3,615
3,574
3,524
3,470
3,447
3,405
3,367
3,348
3,316
3,275
3,246
3,228
3,180
3,143
3,090
3,047
3,025
2,991
2,946
2,915
2,870
2,828
2,772
2,723
2,678
2,690
2,702
2,694
2,691
2,666
2,642
2,601
2,592
2,583
2,599
2,635
2,658
2,693
2,703
2,697
2,694

6,386
6,355
6, 361
6,344
6,379
6,399
6,422
6,488
6,440
6,424
6,452
6,400
6,307
6,281
6,229
6,172
6,140
6,067
6,080
5,986
5,959
5,898
5,871
5,822
5,777
5,738
5,669
5,654
5,625
5,605
5,541
5,450
5,389
5,358
5,299
5,280
5,193
5,169
5,119
5,027
4,947
4,882
4,817
4,789
4,787
4,795
4,742
4,729
4,687
4,653
4,574
4,703
4,683
4,771
4,857
5,089
5,238
5,310
5,336
5,342

4,125
4,130
4,138
4,139
4,144
4,150
4,161
4,165
4,161
4,158
4,156
4,136
4,122
4,110
4,094
4,082
4,070
4,058
4,029
3,999
3,978
3,954
3,932
3,914
3,897
3,881
3,866
3,848
3,827
3,804
3,778
3,751
3,724
3,696
3,671
3,652
3,619
3,588
3,560
3,526
3,493
3,453
3,412
3,400
3,408
3,415
3,412
3,397
3,384
3,358
3,320
3,325
3,346
3,390
3,424
3,465
3,495
3,514
3,521
3,530

3,074
3,069
3,074
3,078
3,082
3,084
3,082
3,093
3,107
3,102
3,100
3,093
3,106
3,106
3,112
3,116
3,116
3,122
3,115
3,124
3,128
3,120
3,118
3,116
3,142
3,144
3,150
3,159
3,160
3,164
3,166
3,174
3,181
3,180
3,182
3,181
3,189
3,193
3,195
3,197
3,193
3,194
3,175
3,184
3,164
3,159
3,159
3,154
3,157
3,153
3,154
3,157
3,161
3,157
3,142
3,150
3,140
3,158
3,168
3,173

261
261
262
262
263
263
263
263
263
263
263
263
263
263
263
263
263
263
263
263
263
262
262
262
262
261
261
261
260
260
260
259
259
258
257
257
256
255
256
255
254
253
253
253
253
253
252
252
252
252
252
252
251
251
251
252
252
252
253
253

2,705
2,703
2,733
2,742
2,743

5,375
5,399
5,448
5,439
5,492

3,551
3,576
3,608
3,621
3,634

3,194
3,193
3,205
3,223
3,240

254
253
255
257
259

1
Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments
but excludes military and naval forces.

534




FEDERAL RESERVE BULLETIN

Nonagricultural Employment Adjusted for Seasonal Variation—Continued
[Thousands of persons]
Employees in nonagricultural establishments
Total
nonagricultural
employment l

Year and month

1934—June
July
Aug

Sept.
Oct
Nov.
Dec.
1935—jan
Feb.
Mar
Apr.
May _
June - _
July
Aug. _Sept
Oct.
Nov
Dec.
1936—Jan
Feb.
Mar
Apr
MayJune
July
Aug. _
Sept.
Oct.

_______

_

_______
__ __ _

_____

Nov

Dec.
1937—Jan.
Feb.
Mar. .

_

Apr
May

June
July
Aug...
Sept.
Oct
Nov
Dec.
193g__j an
Feb.
Mar
Apr.
May

June
July

__ _

_ ._

._

Aug

Sept.
Oct._
Nov.
__
Dec.___
1939—jan
Feb.
Mar. .
Apr.
May .
June
July
Aug.
Sept.
Oct.
Nov.
Dec
1940—Jan
Feb
Mar.
Apr
_ _
May
June
July...
Aug. — .
Sept.
Oct
Nov
Dec.
1941--Jan
Feb.
Mar.
Apr.

_ _

-

___

_
._

_.

__ __
.

.

Total

30, 903
30,840
30, 776
30,431
30, 731
30, 842
30, 977

25,153
25,076
24,993
24, 632
24, 915
25,007
25.126

31, 288
31,458
31, 543
31,655
31,637
31,653
31, 797
31,969
32,145
32, 356
32, 509
32,642

25, 421
25, 580
25, 650
25, 752
25,721
25, 726
25,858
26,017
26,183
26, 380
26, 524
26,644

32, 768
32, 791
32,962
33, 291
33, 560
33, 730
34,047
34,199
34, 392
34, 537
34,811
35, 079

26, 766
26, 782
26,945
27, 265
27, 527
27,689
27,999
28,144
28,327
28,466
28, 735
28, 993

35,197
35, 383
35, 609
35,658
35,857
35, 860
36,009
36,000
35,870
35, 613
35,144
34, 514

29,105
29,285
29, 506
29, 549
29, 743
29, 742
29, 883
29,870
29,736
29, 480
29,012
28, 381

33,908
33, 698
33,457
33,306
32, 919
32, 785
32, 852
33,058
33,266
33, 427
33, 713
33, 977
34, 032
34,089
34,133
33, 797
34, 074
34, 455
34, 557
34, 678
34, 893
35, 297
35, 538
35, 703

27, 775
27, 566
27, 327
27,176
26, 788
26, 653
26, 719
26, 924
27,131
27, 292
27, 576
27, 839
27, 893
27, 949
27, 992
27, 655
27, 931
28, 311
28,413
28, 534
28, 750
29,154
29, 395
29, 560

35, 507
35,288
35, 233
34, 972
35,139
35,300
35,448
35, 747
35,936
36, 324
36,827
37, 460

29, 364
29,145
29, 090
28, 829
28,996
29,157
29,305
29, 604
29, 793
30,181
30, 684
31,317

37,
37,
37,
37,

31,
31,
31,
31,

571
786
725
716

428
643
582
573

Manufacturing
8,335
8,257
8,187
7,790
8,045
8,068
8,216
8,421
8,518
8,567
8,584
8,527
8,468
8,543
8,638
8,718
8,804
8,900
8,944
8,941
8,844
8,873
9,009
9,137
9,246
9,425
9,511
9,601
9,679
9,849
10,052
10,100
10,206
10, 332
10, 449
10, 525
10,493
10, 579
10, 544
10, 433
10, 247
9,924
9,476
9,075
8,993
8,871
8,696
8,548
8,444
8,512
8,677
8,809
8,885
9,112
9,257
9,264
9,273
9,272
9,267
9,239
9,329
9,421
9,478
9,631
9,951
10,129
10. 226
10,178
10, 035
9,897
9,797
9,798
9,883
9,981
10,160
10, 280
10, 477
10, 698
10, 899
11,021
11,044
11,109
11, 293

Mining

859

872
870

859
857
854

848
851

Construction
838
835
830
823
845
857
835

860
850
855
859
880
852
847
857
853
837
860

863
867
883
908
918
905
911
906
915
934
909
943

867
875
868
885
894
890
907
899
900
913
916
929

985
1,041
1,119
1,174
1,232
1,239
1,247
1,253
1,268
1,269
1,287
1,264

942
944

1,214
1,205
1,180
1,163
1,158
1,148
1,167
1,165
1,154
1,129
1,096
1,022

953
916
942
952
959
970
973
964
946
926
899
885
874
859
827
822
800
789
803
811
819

817
818
813
810
552
656
805
807

826
825
848
860
849

848
845
839

851
854
851
861
862
849
835
833

837
849
846

855
553

1,011
1,009
997
976
955
951
957
971
993
1,042
1,058
1,133
1,164
1,201
1,207
1,215
1,221
1,247
1,245
1,251
1,254
1,252
1,271
1,343
1, 243
1,186
1,177
1,178
1,196
1,203
1,219
1,256
1,318
1 490
1,669
1,974
2,014
2,132
1,933
1,844

Transportation and
public
utilities
2,746
2,743
2,733
2,729
2,716
2,713
2,711
2,739
2,733
2,745
2,734
2,735
2,752
2,768
2,761
2,770
2,785
2,806
2,816
2,836
2,884
2,875
2,909
2,920
2,938
2,957
2,979
2,999
3,010
2,995
3,017
3,036
3,076
3,092
3,124
3,146
3,161
3,166
3,157
3,117
3,087
3,043
2,997
2,944
2,887
2,860
2,822
2,792
2,784
2,788
2,801
2,821
2,836
2,842
2,859
2,861
2,865
2,881
2,880
2,900
2,936
2,940
2,955
2,975
3,001
3,012
3,000
2,999
2,999
2,983
2,972
3,006
3,015
3,036
3,058
3,059
3 053
3,053
3,064
3,077
3,087
3,105
3,142

Trade

5,495
5,479
5,465
5,500
5,504
5,561
5,546
5,576
5,610
5,587
5,633
5,627
5,635
5,663
5,689
5,690
5,747
5,787
5,772
5,802
5,799
5,833
5,882
5,893
5,904
5,960
5,984
6,007
6,027
6,081
6,100
6,140
6,183
6,248
6,183
6,241
6,240
6,271
6,271
6,282
6,282
6,244
6,210
6,125
6,078
6,019
6,103
5,962
5,943
5,959
5,961
5,976
5,982
6,001
6,035
6,025
6,029
6,045
5,968
6,119
6,158
6,168
6,176
6,205
6,229
6,238
6,255
6,193
6,181
6,293
6,132
6,224
6,260
6,256
6,282
6,285
6,289
6,341
6,437
6,298
6,333
6,351
6,468

Financial
service,
and
miscellaneous
3,633
3,637
3,639
3,638
3,652
3,657
3,670
3,689
3,702
3,719
3,727
3,740
3,759
3,779
3,792
3,812
3,825
3,843
3,853
3,875
3,879
3,907
3,929
3,960
3,975
4,003
4,008
4,022
4,032
4,057
4,073
4,092
4,101
4,127
4,140
4,150
4,162
4,151
4,160
4,165
4,160
4,149
4,125
4,102
4,088
4,071
4,068
4,042
4,037
4,031
4,043
4,047
4,053
4,063
4,069
4,083
4,084
4,090
4,081
4,095
4,118
4,120
4,124
4,134
4,147
4,157
4,171
4,163
4,164
4,163
4,152
4,157
4,160
4,161
4,175
4,174
4,181
4,204
4,226
4,233
4,250
4,254
4,255

Government
3,247
3,253
3,269
3,293
3,296
3,297
3,300
3,282
3,290
3,299
3,311
3,315
3,327
3,342
3,384
3,421
3,432
3,442
3,456
3,460
3,460
3,470
3,477
3,491
3,497
3,500
3,510
3,530
3,536
3,550
3,558
3,581
3,570
3,574
3,574
3,581
3,586
3,590
3,603
3,612
3,611
3,610
3,625
3,619
3,626
3,635
3,652
3,662
3,672
3,672
3,682
3,682
3,683
3,681
3,669
3,678
3,684
3,687
3,692
3,701
3,718
3,712
3,724
3,726
3,726
3,728
3,716
3,740
3,735
3,738
3,747
3,761
3,785
3,791
3,811
3,828
3,856
3,886
3,880
3,936
3,951
3,975
4,018

Military
and
naval
forces

259
259
259
259
260
261
261
262
260
259
258
258
262
266
273
278
284
287
287
287
290
296
299
301
301
302
303
306
309
308
311
313
314
318
321
323
324
325
323
323
325
323
327
329
332
332
332
332
332
337
339
339
339
340
341
340
339
345
353
359
368
369
371
376
388
402
422
435
448
457
463
469
479
506
546
634
737
822
884
958
1,139
1,343
1,540

1
Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishment
but excludes military and naval forces.
NOTE: Figures for April 1941 are preliminary.

JUNE 1941




535

A/atlonat Summatu oj% Jsulinell (?ondition5
Compiled May 17 and released for publication May 19. Figures shown on charts may differ from
preliminary figures used in text. Later developments are discussed on pages 495-505 of this BULLETIN.

HOLESALE commodity prices advanced be maintained through July, although there
W
sharply in April and the first half of is usually a considerable decline in this peMay, with the exception principally of metals riod.

for which maximum prices had been established. Industrial production declined in
April, owing to reduced output of coal and
automobiles, but increased rapidly in the first
half of May as operations in these industries
were resumed.
Production
In April the Board's seasonally adjusted
index of industrial production declined to 139
per cent of the 1935-1939 average, a drop of
4 points from March. The decline reflected
chiefly a sharp reduction in output of bituminous coal, as most mines were closed during the entire month. The mines were reopened on April 30 and in the first half of
May coal output increased rapidly.
Automobile production also declined in
April, owing to stoppage of work at plants
of the Ford Motor Company during an industrial dispute. This was settled about the middle of the month and domestic output has
since advanced to a high monthly rate of over
500,000 cars and trucks. Announcement by
the Office of Production Management that
output in the twelve months ending July 31
would approximate 5,290,000 units indicates
that a rate close to that now prevailing should

Steel production was curtailed somewhat
in the latter half of April by shortages of
coal and coke and output declined from a
level of 100 per cent of capacity to 94 per
cent at the month end. Subsequently output increased, reaching 99 per cent by the
middle of May.
In most other lines activity continued to
increase during April and the first half of
May. Machinery production rose further
and activity in the aircraft and shipbuilding
industries continued to expand rapidly. Consumption of nonf errous metals also advanced,
and, as in March, domestic sources of copper
were supplemented by large supplies from
Latin America. Textile production rose further from the high rate prevailing in March.
Consumption of raw cotton in April amounted
to 920,000 bales, a new record level, and
rayon deliveries also rose to a new peak. At
wool textile mills activity was maintained
near the high March rate. Continued advances were reported in the chemical, paper,
and food industries.
Anthracite production declined considerably in April, owing to a delay by dealers in
placing usual spring orders, but increased
in the first half of May. Output of crude

INDUSTRIAL PRODUCTION
WHOLESALE PRICES OF BASIC COMMODITIES
60
160
140

40

X\l

140

J

20
00

y

\

120

">TAI

140

/

120

120

v

100

V

T

100

180

180

80
ODSTUFFS

160
• NONDUR ABLE
MANUFAC FURES

60

s~~

40
"^MANUFAC TURES

\

,

140

140

120

TV

M1NERA L S

—.
1935

100 ^i

*._*/ i
INDUSTRIAL \ .

1936

1937

1938

160

\

/

y

PO
0

yj.

1939

1940

1941

MATERIALS

80

1935

1937

/

v

[

\

V

1938

120

1939

1940

1941

Federal Reserve index of physical volume of production, adjusted
for seasonal variation, 1935-39 average = 100. Subgroups shown Bureau of Labor Statistics' indexes based on 12 foodstuffs and
are expressed in terms of points in the total index. By months, 16 industrial materials, August 1939 = 100. Thursday figures,
January 3, 1935, to May 22, 1941.
January 1935 to April 1941.

536




FEDERAL RESERVE BULLETIN

National Summary of Business Conditions

petroleum showed little change from the
March rate, following some increase from the
reduced level of the winter months. Iron ore
shipments in April amounted to about 7,000,00p tons, an exceptionally large amount for
this time of year, and mine output of nonferrous metals continued at near capacity rates.
Value of construction contract awards in
April declined somewhat from the high
March total, owing principally to a smaller
volume of defense plant contracts, according
to F. W. Dodge Corporation reports. There
was an increase in contracts for publiclyfinanced defense housing, and awards for
private residential building rose by about the
usual seasonal amount.

Bank Credit

Bank loans and investments have shown a
marked rise since last summer, the increase
at reporting banks in 101 leading cities
amounting to $4,000,000,000. In April and
early May holdings of investments by these
banks increased considerably, mostly at New
York City banks, reflecting substantial purchases of newly-issued Reconstruction Finance Corporation notes. Increases in commercial loans in this period were somewhat
smaller than during the preceding two
months.
Excess reserves of member banks were
$5,700,000,000 on May 14. Since January
they have declined by about $1,100,000,000,
owing largely to increases in Treasury deDistribution
posits with the Reserve Banks and in curSales of general merchandise at depart- rency in circulation. The decrease has ocment and variety stores showed about the curred entirely at New York City banks.
usual seasonal rise from March to April,
making allowance for the changing date of
MEMBER BANKS IN 101 LEADING CITIES
Easter. Retail sales of new automobiles,
which had amounted to 526,000 cars and
trucks in March, rose further in April and
sales of used cars were at peak levels.
Freight-car loadings declined sharply in
April, reflecting a reduction in shipments of
coal and coke, but increased in the first half
of May when coal mines were reopened. By
the middle of the month total loadings had
risen to a weekly rate one-fourth higher than
in the corresponding period last year and
about the same as the seasonal peak reached
in the autumn of 1940.
Commodity Prices

Prices of most basic commodities, both
domestic and imported, advanced sharply
further in the first half of May following a
short period of little change during the latter
part of April. Price increases were most
pronounced for agricultural commodities reflecting in part the prospect of legislation
raising Federal loan rates for basic farm
crops. Prices of a number of semimanufactured industrial products, including petroleum products, coke, leather, textile yarns
and fabrics, and building materials, also advanced. Metal prices, now for the most part
subject to Federal control, remained at the
maximum levels established earlier.

JUNE 1941




1935

1936

1937

1938

1939

1940

1941

Wednesday figures, January 2, 1935, to May 21, 1941. Commercial loans, which include industrial and agricultural loans,
represent prior to May 19, 1937, so-called "Other loans" as then
reported.

United States Government Security Prices
Prices of United States Government securities, which had risen sharply from April 9
to April 21, subsequently declined irregularly
through May 15. On that date the 1960-65
bonds were % of
a point lower than on April
21 and about l1/^ points below the all-time
peak reached on December 10, 1940. The
yield on this issue is currently about 2.09 per
cent, compared with 2.03 per cent on December 10.

537

00

DEFENSE LOANS AND COMMITMENTS OF WEEKLY REPORTING MEMBER BANKS AS OF APRIL 30, 1941, BY FEDERAL RESERVE DISTRICTS
[Amounts in thousands of dollars; preliminary figures]
All Federal
Reserve
districts
No.

Amt.

Boston

No.

New York

No.

Philadelphia

No.

Cleveland

Amt. No.

Richmond

No.

Atlanta
No.

Chicago

Amt. No.

Amt.

St. Louis

No.

Minneapolis

Amt. No.

Kansas
City

Amt. No.

Amt.

Dallas

No.

Amt.

San
Francisco
No.

Amt.

Loans
For plant facilities
For defense supplies
For both.

1,233 138, 454
2,"282 286, 739
112 34, 917

64 5,6
278 48, 608
294

49, 128
526 89, 922
16, 786

7,707
10, 681
5,319

87 11,248
212 25,438
11
951

166 11,122
151 7,939
285

9,560
2,425
290

83 10,460
338 63, 566
18 8,194

7,064
7,151
545

1,6
3,673
82

84 3,115
104 3,037
153

121 7,997
97 5,913
33

217 13,699
270 18,386
22 1,985

To prime contractors
To subcontractors
To both

1, 925 291, 221
1,372 96,
330 72,1491

172 28, 095
149 24,100
2, 395

110, 649
205 26,466
66 18, 721

116 15, 529
2,527
5,651

107 17,160
136 9,729
67 10, 748

186 15, 067
114 2, 739
20 1,540

9,705
2,204
366

231 43,013
151 12, 360
57 26, 847

8,936
4,580
1,244

4,481
358
582

3,885
1,425
995

135 10, 479
3,464

250 24, 222
233 6,788
26 3,060

To borrowers with assets of:
Under $100,000
$100,000-1,000,000
$1,000,000 and over
Unspecified

1,135 15, 553
1,459 104,169
963 337, 412
70 2,976

85 1,613
150 14, 499
111
1

3,025
228 15,711
137,100

539
4,032
58 19,136

1,051
143
82 26, 079

1,189

74 6,220

93
97,
180 13, 983
166 67, 260

6,614
7,036
214

70
2,002
3,339
10

822
3,853
1, 518
112

113 1,871
91 8,044
18 4,028

12 1,796

110 1,462
143 8,053
64 9,671
3
160

218 2,038
214 12, 447
72 18,946
639

Total loans

3,627 460,110

347 54, 590

712 155,836

187 23, 707

310 37, 637

320 19, 346

157 12, 275

439 82, 220

175 14,760

56 5,421

193 6,305

222 13, 943

509 34,070

10, 285
3,410

96 22, 361
34 3,212
315

102 22, 313
128 21, 299
11 3,899

4,£~"

Commitments
For plant facilities
For defense supplies
For b o t h

857 264, 111
1, 315 309, 870
81 59,239

30 10, 685
9,353
316

94, 521
371 125,147
16 25, 213

40 12, 233
73 6,348
11 2,973

42 14, 721
121 20,116
2,678

86 11, 433
55 2,381

100 25, 766
25 1, 730

79 23, 557
254 81, 832
20 21,812

64 11, 709
18 4,527
35 11,272
92 23,770
918
"" 1,107

T o prime contractors
T o subcontractors
To both

1, 429 495, 288
591 66,63:
233 71, 3f

14, 067
6,028
259

199, 560
104 20,648
61 24,673

16, 796
29 2,071
2,687

55 13,870
74 6,945
40 16, 700

12,187
1,131
496

21, 306
23 1,370
4,820

206 100,109
110 15,072
37 12,020

88 28, 256
6,873
1,457

42 15,168
384
1,165

9,210
1,538
2,955

464 17,581
938 147, 314
830 463, 802
21 4,523

597
7,173

3,618
150 22,832
300 218, 431

531
3,722
17, 301

1,616
7,:
25, 208
3,583
169 37, 515

1,450
7,878
25 3,936
550

24 2,182
82 19,114
19 6,200

702
131 18, 665
107, 834

40 1,365
68 12,045
52 22, 956
220

134
27 4,457
20 11,976
150

33
52 10,164
" 2,550

44 2,502
72 18, 861
17 4,525

1,895
109 15, 295
72 30, 301
20

13,814

125 27, 496

353 127, 201

16,717

13, 703

133 25, 888

241 47, 511

T o borrowers w i t h assets of:
U n d e r $100,000
$100,000-1,000,000
$1,000,000 and over
Unspecified
Total commitments




2, 253 633, 220

114 20, 354

244,881

124 21, 554

163 36, 586

105 24,239
156 40, 520
25 1,322 66 3,250
327
19 3,741

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.
All member banks—Condition on April 4, 1941

541
542
543-547
548
549
550
551
552-553
554-557
558
559
560
561-562
563-564
565-575
576
577
578-580
581-582

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.

JUNE 1941




539

MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS

WEDNESDAY

FIGURES

BILLIONS OF DOLLARS

24

24
22

20

TREASURY CASH AND DEPOSITS

0

1935

1936

1937

1938

1939

1940

0

1941

10

10
-

-

REQlJIRED RESERV ES

—
-

-

1 EXCESS R F « ; F R \ / F Q

2

-

0
1935

1936

1937

1938

1939

1940

1941

Latest figures for May 21. See page 541.

540




FEDERAL RESERVE BULLETIN

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Bills
dis-

ounted
Total

Maturing
within 5
years

All
other
Ma- Reserve
turing Bank
after
credit *
5
years

Total

Gold
stock

Treasury
currency
outstanding

Money
in circulation

Treasury
cash
holdings

M e m l 3er
b a n k re serve
Treasbalan ces
ury deOther
posits NonFedwith
memeral
Fedber
Reeral
deserve
Reposits
acExserve
counts T o t a l cess
Banks

Monthly averages of
daily figures:
1940—February __
March
April
1941—February _.
March ._ _
April

7
3
2
2
2
2

2,477
2,476
2,467
2,184
2,184
2,184

1,213
1,209
1,205
1,048
1,012
983

1,264
1,267
1,262
1,136
1,172
1,201

62
59
58
67
76
85

2,546
2, 539
2,527
2,254
2,262
2,272

18,061
18, 310
18, 608
22,143
22, 319
22, 441

2,976
2,986
2, 994
3,100
3,105
3,115

7,426
7,488
7,532
8,679
8,835
8,995

2,361
2,362
2,327
2,205
2,202
2,277

600
612
554
548
618
892

732
759
757
1,787
1,767
1, 774

248
252
256
282
285
288

12,215
12, 362
12, 703
13, 996
13,979
13, 600

5,626
5,734
6,003
6,422
6,304
5, 883

End'of month figures:
1940—Feb. 29
Mar. 30
Apr. 30
1941— Feb. 28
Mar. 31
Apr. 30

7
4
3
3
3
2

2,477
2,475
2,467
2,184
2,184
2,184

1,209
1, 209
1,205
1,048
955
1,008

1,268
1,266
1,262
1,136
1,230
1,177

62
50
48
78
56
48

2,547
2,529
2,518
2,265
2,243
2,234

18,177
18,433
18,770
22, 232
22, 367
22, 506

2,981
2,990
2,999
3,102
3,109
3,122

7,455
7,511
7,559
8,781
8,924
9,071

2,372
2,371
2,320
2,187
2,236
2,283

562
702
446
343
1,180
865

740
691
787
1,805
1,721
1,830

247
255
256
281
288
288

12, 328
12,423
12,919
14, 203
13, 371
13, 524

5,692
5,828
6,149
6,534
5,776
5,771

Wednesday figures:
July 3
July 10
July 17
July 14 _ . . .
July 31

2
2
3
4

2,450
2,450
2,450
2,450
2,448

1,202
1,202
1,202
1,202
1,202

1,248
1,248
1,248
1,248
1,246

51
39
49
38
32

2,503
2,491
2,501
2,491
2,484

20,003
20,166
20, 256
20, 367
20, 463

3,014
3,015
3,016
3,020
3,024

7,924
7,884
7,872
7, 854
7,883

2,190
2,191
2,199
2,229
2,250

221
297
278
643
694

1,245
1,274
1,299
1,327
1,382

262
261
261
261
262

13,
13,
13,
13,
13,

737
764
863
565
498

6,812
6,833
6,882
6,570
6,514

Aug.
Aug.
Aug.
Aug.

7
14
21
28

3
3
3
4

2,446
2,446
2,446
2,442

1,202
1,202
1, 202
1,198

1,244
1, 244
1,244
1,244

22
47
44
35

2,471
2,495
2,492
2,480

20, 568
20, 689
20, 800
20,871

3,025
3,027
3,030
3,034

7,929
7,944
7,976
8,006

2, 276
2,281
2,291
2,291

923
940
889
813

1,386
1,444
1,486
1,498

263
262
261
261

13,
13,
13,
13,

296
340
419
516

6, 325
6,392
6,417
6,487

Sept.
Sept.
Sept.
Sept.

4
11
18
25.—

6
5
4
5

2,434
2,434
2,434
2,434

1,191
1,191
1,191
1,191

1,243
1,243
1,243
1,243

51
47
57
34

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,
13,
13,
13,

524
596
624
703

6,494
6,541
6,531
6,645

Oct 2
Oct 9
Oct. 16
Oct. 23
Oct. 30

6
8
4
4
4

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

53
38
94
32
44

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
6,930

Nov.
Nov.
Nov.
Nov.

6
13
20.—
27

4
4
4
4

2,327
2,254
2,231
2,204

1,070
1,044
1,036
1,025

1,258
1,210
1,195
1,180

30
67
67
68

2,362
2,326
2,302
2,276

21,
21,
21,
21,

581
637
716
755

3, 060
3,062
3,066
3,069

8,385
8,395
8,436
8,465

2,221
2,211
2,188
2,182

465
404
310
199

1,681
1,688
1,749
1,685

271
275
276
278

13, 979
14, 052
14,127
14, 292

6, 732
6,795
6,800
6,931

Dec.
Dec.
Dec.
Dec.
Dec.

4
11
18
24
31.—

4
5
4
4
3

2,195
2,184
2,184
2,184
2,184

1,020
1,020
1,048
1,048
1,048

1,176
1,165
1,136
1,136
1,136

67
51
117
149
88

2,266
2,241
2,306
2,336
2,274

21, 827
21, 858
21, 898
21, 930
21, 995

3,074
3,077
3,081
3,082
3,087

8,569
8,625
8,716
8, 817
8, 732

2,204
2,197
2,204
2,213
2,213

255
235
570
481
368

1,708
1,687
1,702
1,711
1,732

278
279
289
289
284

14,154
14,152
13, 804
13, 837
14, 026

6,816
6,785
6,395
6,438
6,615

1941—Jan.
Jan.
Jan.
Jan.

8
15
22..._
29.—

3
4
4
3

2,184
2,184
2,184
2,184

1,048
1,048
1,048
1,048

1,136
1,136
1,136
1,136

50
67
69
41

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

284
283
283
283

14,
14,
14,
14,

284
414
410
347

6,835
6,896
6, 864
6,799

Feb.
Feb.
Feb.
Feb.

5
12—.
19.—
26.,..

2
3
2
3

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
368

1,784
1,837
1,785
1,752

283
283
282
281

13, 842
13, 871
14,021
14,175

6,306
6,331
6,440
6,542

Mar.
Mar.
Mar.
Mar.

5.._.
12...
19...
26...

2
1
1
1

2,184
2,184
2,184
2,184

1,048
1,048
984
984

1,136
1,136
1,201
1,201

51
59
73
35

2,237
2,244
2,259
2,221

22, 237
22, 318
22,335
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

1,772
1,748
1,721
1,788

280
280
289
288

14,136
14. 211
13, 741
13, 633

6,435
6,483
6,106
6,011

Apr.
Apr.
Apr.
Apr.
Apr.

2
9
16
23
30....

1
5
1
2
2

2,184
2,184
2,184
2,184
2,184

955
955
1,008
1,008
1,008

1,230
1,230
1,177
1,177
1,177

59
46
100
53
48

2,244
2,235
2,286
2,239
2,234

22, 384
22,413
22, 421
22, 482
22, 506

3,110
3,113
3,116
3,118
3,122

8,944
8,993
8,989
8,992
9,071

2,251
2,272
2,269
2,299
2,283

1,045
813
534
947
865

1,704
1,740
1,763
1,808
1,830

288
288
289
289
288

13,
13,
13,
13,
13,

506
656
979
506
524

5,941
6,027
6,264
5,760
5,771

May 7
May 14... _
May 2 1 . . . .

1
2
2

2,184
2,184
2,184

1,008
1,008
1,008

1,177
1,177
1,177

43
53
50

2,229
2,239
2,237

22, 525
22, 538
22, 565

3,125
3,129
3,131

9,151
9,155
9,186

2,292
2, 283
2,280

804
762
477

1,905
1,961
1,972

288
287
286

13,440
13, 458
13,732

5,711
5,689
5, 855

1

Includes industrial advances and bills bought, shown separately in subsequent tables.
End of month and Wednesday figures estimated.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article
together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and
for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6, 1937 on maturity
distribution of security holdings will be supplied on request.
2

JUNE 1941




541

FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed obligations of the U. S.

Federal Reserve Bank

Rate
May 31
Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco

In
effect
sginning—
Sept. 1,
Aug. 27,
Sept. 4,
May 11,
Aug. 27,
Sept. 16,
Sept. 1,
Sept. 21,
Aug. 24,
Sept. 16,
Sept. 16,
Sept. 3,

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

To banks

In
Rate
effect
May 31 beginning-

1939
1937
1937
1935
1937
1939
1939
1939
1937
1939
1939
1937

1
1

Sept. 1,
Aug. 27,
Sept. 4,
May 11,
Aug. 27,
Aug. 21,
Aug. 21,
Sept. 2,
Aug. 24,
Sept. 3,
Aug. 31,
Sept. 3,

W2

1939
1937
1937
1935
1937
1937
1937
1937
1937
1937
1937
1937

In
Rate
effect
May 31 beginningSept. 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
May 31 beginning-

1937
1935
1937
1935 0)
1937
1937
1937
1
1
1937
1937
1937
1
1937
1937
W2

Sept. 1, 1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939

Rate
May 31

V/2
V/2
4
2K
4
4
3

In
effect
sginning—
Apr. 29,
Feb. 8,
Sept. 1,
May 11,
Feb. 19,
Apr. 23,
Oct. 16,
Feb. 23,
Oct. 8,
Apr. 16,
Apr. 16,
Oct. 19,

1938
1934
1939
1935
1934
1938
1933
1935
1938
1938
1938
1933

i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES

[Per cent per annum]
Rate in
effect on
May 31

Maturity
1-15 days i___.
16-30 days
31-45 days....
46-60 days
61-90 days....
91-120 days...
121-180 days..

In effect beginning—

Previous
rate

Oct. 20, 1933
.do.
.do.,
.do.,
.do.,
.do..
_do_.

1
1
1
1
1
1

i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks

June 21, Aug. 16, Mar. 1, May 1, Apr. 16,
19381937193719361917and
Aug. 15, Feb. 28, Apr. 30, Apr. 15,
after
1937
1938
1937
1936

On net demand
deposits :i
Central reserve city..
Reserve city
Country _
On time deposits:
All member b a n k s . . .

13
10
7
3

15

10M

&A

22M
17H
12M
5M

* See footnote to table on p. 548 for explanation
puting net demand deposits.

FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect May 31 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnotes 6 and 7]
Advances to or in participation with financing institutions
Advances
Commitdirect to
On porments
industrial
Federal Reserve
tion for
to make
Bank
or comOn
rewhich
advances
mercial ormaining
ganizations instituportion i
tion is
obligated i
Boston.
New York...
Philadelphia.
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.
Kansas City
Dallas
San Francisco

4-6
3^-6
3^-5
4-6
4-6
3-6
2

3-6
4-6
4-6
4-6

3
2-3

2-5

1-2

4-6
3-6

1-2

3-6
3^6
4
4
3-4

3-6
4
4-6
4-5

1-2
( 7 )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.
26
22% lower
2
Same as rate charged borrower by financing institution.
20
3
17^
One
per cent less than rate charged borrower by financing institution.
14
12
4
One per cent less than rate charged borrowerl by financing institution
with
minimum of three per cent (see note ).
6
5
5
One-half of one per cent less than rate charged borrower by financing
institution
with minimum of four per cent (see note i)«
6
of method of comMinimum charge one-fourth of one per cent.
* Minimum charge one-half of one per cent.

MARGIN REQUIREMENTS1
MAXIMUM RATES ON TIME DEPOSITS
Prescribed by Board of Governors of the Federal Reserve System in Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
accordance with Securities Exchange Act of 1934
[Per cent per annum]
[Per cent of market value]
Apr. 1,
1936Oct. 31,
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

Nov. ]
1937
and
after

Nov. 1, 1933 Feb. 1, 1935
to
to
Jan. 31, 1935 Dec. 31, 1935

In effect
beginning
Jan. 1, 1936

Savings deposits
Postal savings deposits
Other time deposits pay3 55
able in:
6 months or more
i 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
3
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
lower maximum rates established by State authority.
on "omnibus" accounts and loans to brokers and dealers.

542




55
(2)

40
50
40

FEDERAL RESERVE

BULLETIN

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS

[In thousands of dollars]
Wednesday figures

End of month
1940

1941
M a y 21

M a y 14

Apr. 30

May 7

Apr. 23

Apr. 16

Apr. 9

Apr.

Mar.

Apr.

Assets

Gold certificates on hand and due from
U. S. Treasury
Redemption fund—F. R. notes
Other cash
Total reserves.
Bills discounted:
For member banks
For nonmember banks, etc..

20, 256, 731 20, 222, 732 20, 202, 772 20,192, 732 20,159, 729 20,124, 731 20, 111, 281 20,192, 732 20,1,102, 282 16, 417,976
11,139
9,639
10, 507
10, 507
9,829
10,144
11,139
10,104
10, 488
9,549
329, 444
381,193
334,198
325,'
324,109
328, 073
329, 444
321, 025
315, 002
315,517
20, 587, 305 20, 560, 949 20, 527, 878 20, 533, 315 20, 504, 434 20, 461, 225 20, 437, 286 20, 533, 315 20, 436, 220
2,197

1,504

1,491

1,504

1,491

1,918

8,154

8,092

8,059

7,549

1,918

2,950

1,694
1,010

1,218

4,966

1,918

1,218

4,966

1,918

2,950

2,704

7,549

7,874

9, 357

Total bills discounted.
Industrial advances. _
U. S. Government securities:
Direct
Bonds
Notes
Guaranteed

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, 328, 295
820, 300 1,128,172
820, 300
820, 300
820, 300
820, 300
820, 300
820, 300
820; 300
820, 300
4,600
10, 253
4,600
4,600
4,600
4,600
4,600
4,600
4,600
4, <

Total U. S. Government securities, direct and guaranteed
Other Reserve Bank credit outstanding

2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2, 466, 720
39,125
47, 854
42, 492
40, 378
45, 208
38, 983
45, 628
93, 359
35, 256
40, 378

Total Reserve Bank credit outstanding...

2,217

7,470

7,491

7,396

2, 233, 945 2, 242, 778 2, 517,906

2, 236, 943 2, 238, 904 2,228,906 2, 233,945 2, 239, 436 2, 286,147 2, 235, 445!

Liabilities

F. R. notes in actual circulation..
Deposits:
Member bank—reserve account...
U. S. Treasurer—general account..
Foreign
Other deposits
Total deposits..
Ratio of total reserves to deposit and
F. R. note liabilities combined (per
cent)

6, 384, 387 6, 359, 671 6, 343, 877 6, 282, 368 6, 217, 967 6,

206,

6,196, 923 6, 282, 368 6,143, 059 4, 941,165

272

2, 918, 586
13, 731, 835 13.
i, 457, 866 13, 439, 698 13, 523, 85: 13, 505, 723 13, 979,130 13, 655, 53, 13, 523, 857 13, 370, <
446, 408
477,144
761, 624
812, 666
865, 436 1,180,082
533,715
946, 798
803, 941
865, 436
367, 239
1, 241, 201 1, 235, 048 1, 226, 555 1, 251,130 1, 272, 37! 1, 243, 299 1, 265, 753 1, 251,130 1,154, 636
420, 200
566, 738
730, 450
725, 782
579, 092
474, 776
535, 630
520,127
678,940
579, 092
16,180, 630 16,180, 320 16,149,134 16, 219, 515 16, 260, 530 16, 276, 271 16, 208, 730 16, 219, 515 16, 272,115 14,152,433

91.2

91.2

91.3

91.3

91.2

91.0

91.3

91.2

88.0

MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]

Bills discounted:
Apr. 30
M a y 7.___
M a y 14
M a y 21
Industrial advances:
Apr. 30
May 7
M a y 14
M a y 21
U. S. Government securities, direct and guaranteed:
Apr. 30
May 7
M a y 14
._ __
M a y 21

JUNE 1941




91 days 6 m o n t h s 1 year
to
to
1 year
2 years

2 years
to
5 years

Within
15 days

16 to 30
days

31 to 60
days

61 to 90
days

to 6
months

1,918
1,491
1,504
2,197

1,425
962
928
1,676

23
47
81
56

95
94
96
90

162
181
162
150

177
190
223
199

36
17
14
26

7,549
8,059
8,092
8,154

981
1,426
1,439
1,522

147
251
266
208

157
169
146
165

139
536
549
550

992
617
623
699

1,172
1,170
1,189
1,163

1,833
1,794
1,787
1,764

2,128
2,096
2,093
2,083

57, 000

127, 800
127, 800
127, 800
127, 800

136, 300
136, 300
136, 300
136, 300

686, 400
686, 400
686, 400
686, 400

Total

2,184,100
2,184,100
2, 184,100
2,184,100

57, 000
57. 000
57 000

Over
5 years

1,176,600
1,176, 600
1,176, 600
1,176,600

543

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]

Total

Boston

New
York

Philadelphia

Cleveland

Rich-

Atlanta

Chicago

St.
Louis

Minneapolis

Kansas
City

Dallas

San
Francisco

Assets
Gold certificates on hand and
due from U. S. Treasury:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
Redemption Fund—Federal
Reserve notes:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
Other cash:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
_..
Total reserves:
Apr. 16
....
Apr. 23
Apr.'3O
May 7
May 14
May 21
Bills discounted:
Secured by U. S. Government obligations, direct
and guaranteed:
Apr. 16
Apr. 23..
Apr. 30
May 7...
May 14
May 21
Other bills discounted:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
Total bills discounted:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
Industrial advances:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14..
_.
May 21
U. S. Government securities,
direct and guaranteed:
Bonds:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
Notes:
Apr. 16
Apr. 23...
Apr. 30...
May 7.
_.
May 14
_
May 21
Total U. S. Government securities, direct and guaranteed:
Apr. 16
Apr. 23.
Apr. 30
May 7—
May 14
...
May 21

544




20,124, 731
20,159, 729
20,192, 732
20, 202, 772
20, 222, 732
20, 256, 731

200,
205,
214,
229,
216,
193,

268
947
645
073
879
049

9,
9,
9,
9,
9,
9,

480,
454,
397,
307,
283,
292,

450 1,152, 061 1, 465, 400 632,097 435, 641 2,978, 258 465, 036 310,101 449, 870 302, 908
111 1,187, 664 1, 439,122 652, 270 431,090 3,022,094 461,156 298,473 453,546 310, 744
561 1,188,; " 1,439,099 651,881 418, 094 3,104,184 466, 810 323, 798 467.', 631301, 68£
296 1,187, 997 1, 452, 240 667,053 432,017 3,109, 369 466, 998 311, 567 470, 260 312, 649
% 459, 513 656, 439 430, 329 3,126, 736 463, 742326, 940 466, 991 316, 375
3""
584 1,' 214, 5031, 467,889 659, 916 422, 478 3,164,850 476, 321 320,197 457,178 308,164

1, 252,
1, 243,
1, 219,
1, 256,
1, 290,
1, 279,

641
512
037
253
870
602

10, 507
10,507
11,139
10,104
10,144
9,549

672
672
608
556
556
470

780
780
1,530
1,315
1,315
997

1,226
1,226
1,132
1,059
1,059
947

1,000
1,000
923
861
861
111

1,559
1,559
l,,""
1,438
1,438

1,067
1,06:
1,025

1,382
1,382
1,296
1, 235
1, 235
1,133

473
473
453
400
440
419

195
195
185
178
178
167

21
215
201
191
191
171

877

1,051
1,051
1, 023
1,004
1,004
972

325, 987
334,198
329, 444
315,002
328, 073
321,025

24, 332
25, 245
24,081
22, 525
22,810
22, 314

79, 709
85, 673
77, 500
80, 554
77, 577
76, 407

26, 584
26,961
26, 738
26, 699
25, 944
24, 538

23, 373
23,203
23, 026
21,311
21, 599
20, 568

18, 424
17, 721
22, 355
18,341
22, 397
19, 507

25,073
24, 297
26, 242
23, 433
27, 607
25, 665

41,398
41, 783
39, 497
38, 940
39, 623
41, 858

16, 808
18,133
17, 665
16, 684
17,012
18, 077

6,738
5,946
6,579
5,360
6,000
5,776

16, 793
15, 736
17, 791
14, 986
17, 991
16, 387

14, 846
15,151
14, 521
14, 849
15,183
15, 704

31, 909
34, 349
33, 449
31, 320
34, 330
34, 224

20,461, 225
20, 504, 434
20, 533, 315
20, 527,878
20, 560, 949
20, 587, 305

225, 272
231, 864
239,334
252,154
240, 245
215,833

736
1,617
'850
854
1,539

30
60
175
25
25
25

482
600
632
641
650
658

9, 560,939 1, 179,871
9, 540, 564 1, 215, 851
9,476, 591 1, 216,177
9,389,165 1, 215, 755
9, 362, 268 1,211,545
9, 369, 988 1, 239,988

489, 773 652,080 461, 781 3,021,038 482, 317 317,034 466,878 318,641 1, 235, 601
463, 325 671, 550 456, 454 3, 065, 259 479, 762 304',
" 1 , 6I1 4 '469,
" " '"•
497 326, 782 1, 278, 912
», 3613,144, 977484, 928 330, 562 485, 623 317, 083 1, 253, 509
463,048 676,122 445;
474, 412 686,
"1,832 456, 449 3,149, 544484', 082 317,105
"" 485,437 328, 366 1 ,288,577
481, 973 680, 274 458, 935 3,167, 594481,194 333,118 485,
i, 173332, 426 1, 326. 204
489, 234 681,113 449, 091 3, 207, 841 494, 817 326,140 473, 736 324,726 1, 314, 798

265
960
480
542
332
413

23
38
62
15
87
32

150
150
50
200
200

139
155
137
156
108
150

30
34
52
49
56
48

44
41
39
3'
35
35

210
85
85
85
85
85

35
35
20
35
705
10
10
10
10
10
10

124
174
189
60
32
27

32
32
32
32
37
32

32
108
108
169
164

142
161
161
150
147
125

124
206
297
168
201
191

174
193
193
182
184
157

45
43
63

348
350
351
391
389
393

71
71
71
71
71
71

276
276
276
276
276
276

228
224
224
222
222
222

1,218
2,217
1,918
1,491
1,504
2,197

30
60
175
25
25
25

404
1,115
617
698
440
563

53
72
114
64
143
80

44
191
189
87
235
235

210
85
85
85
85
85

57
57
57
10
10
10

124
108
107
103

7,470
7,491
7,549
8,059
8,092
8,154

801
801
800
799
802

1,738
1,738
1,729
1,729
1,729
1,729

2,314
2,342
2,385
2,875
2,872
2,940

262
271
260
291
285

847
847
846
844
843

241
241
250
249
248
246

337
339
344
340
351
347

98, 544
98, 544
98, 544
98, 544
98, 544
98, 544

389,312
389,312
389, 312
389, 312
389, 312
389, 312

108,110
108,110
108,110
108,110
108,110
108,110

136, 462
136, 462
136,462
136, 462
136,462
136, 462

75, 859
75, 859
75,859
75,859
75,859
75,859

59, 247
59, 247
59, 247
59, 247
59, 24'
59, 247

156, 506
156,506
156, 506
156, 506
156,506
156, 506

63, 283
63, 283
63, 283
63, r "
63, 283
63, 283

41,178
41,178
41,178
41,178
41,178
41,178

66, 277
66, 277
66, 277
66, 277
66, 277
66, 277

54, 979
54,979
54,979
54,979
54,979
54,979

114,043
114,043
114, 043
114, 043
114, 043
114,043

820, 300
820, 300
820, 300
820, 300
820, 300
820, 300

59, 273
59, 273
59, 273
59,273
59, 273
59, 273

234,163
234,163
234,163
234,163
234,163
234,163

65, 027
65, 027
65, 027
65, 027
65, 027
65,027

82, 079
82, 079
82,079
82,079
82, 079
82,079

45,627
45, 627
45,627
45, 627
45, 627
45, 627

35, 637
35,637
35, 637
35,637
35,637
35, 637

94,136
94,136
94,136
94,136
94,136
94,136

38,062
38,062
38,062
38, 062
38,062
38,062

24, 769
24, 769
24, 769
24, 769
24, 769
24, 769

39,863 33,068
39,863 33,068
39,863 33, 068
33,068
33, 068
39,863 33,068

68, 596
68, 596
68,596

2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100

157,817
157, 817
157,817
157, 817
157,817
157, 817

623, 475
623,475
623, 475
623,475
623, 475
623,475

173,137
173,137
173,137
173,137
173,137
173,137

218, 541 121, 486
218,541 121,486
218, 541 121, 486
218, 541 121, 486
218, 541 121, 486
218, 541 121, 486

94, 884
94,884
94,884
94, 884
94,884
94,884

65,947 106,140 88,047
65,947 106,140 88,047
" "i, 140 88, 047
65, 947 106;
65,947 106,140 88, 047
65, 947 106,140 88,047
65,947 106,140 88, 047

182,639
182, 639
182,639
182, 639
182,639
182, 639

1, 363,800
1, 363,800
1, 363, 800
1,363,800
1,363,800
1, 363, 800

35
35
20
35
705

250,642 101,345
250, 642 101.,345
250, 642 101,345
250, 642 101, 345
250, 642 101,345
250,642 101,345

FEDERAL RESERVE

68, 596

BULLETIN

Federal Reserve Banks—Continued
[In thousands of dollars]
Total

Boston

New
York

Philadelphia

Cleveland

Richmond

lanta Chicago

MinSt.
Louis neapolis

Kansas
City

Dallas

San
Francisco

Assets— Continued
Total bills and securities:
Apr. 16
2.192, 788
158, 652 625, 617 175, 504 218,849 122, 544 95,182 251, 032 101, 345 66, 419 106, 385 88, 392 182, 867
626, 328 175, 551 218, 994 122, 418 95,182 251,105 101, 380 66,503 106,404 88, 402 182,863
158, f Apr. 23
2.193, 808
625, 821 175, 636 219,001 122, 418 95,191 251,094 101, 380 66, 595 106, 404 88, 371 182,863
158,793
Apr. 30
2,193, 567
158, 642 625, 902 176, 076 218, 888 122,417 95,143 251, 089 101,365 66, 506 106,393 88, 368 182, 861
2,193, 650
May 7
625, 64- 176,152 219,06' 122, 415 95,142 251,096 101, 380 66, 53" 106, 395 88, 366 182, 861
158,641
May 14
2.193, 696
625, 767 176,157 219,061 122, 414 95,140 251, 072 102, 050 66, 531 106, 368 88, 386 182, 861
158,644
May 21
2.194, 451
Due from foreign banks:
18
1
1
1
Apr. 16
47
3
6
4
1
18
1
Apr. 23_.
47
6
4
3
1
18
1
Apr. 30
47
6
4
1
18
4'
6
1
4
May 7
1
1
47
6
4
May 14
1
1
47
4
18
May 21
1
Federal Reserve notes of
other banks:
1,758 4,042 3,040
2,238
2,545
Apr. 16..
23, 898
505
3,24'
881 1,486
2,076
1,
1,389 4,829 2,915
2,280
Apr. 23
23,183
720
2,298 2,136
667 1,490
2,645
1,116
1,558 5,647 2,827
2,153
Apr. 30
22, 339
631
2,478 1,536
208 1,134
2,350
1,100
717
1,518 5,786 2,661
1,968
697
2,712 2,571
491 1,659
2,390
May 7
24, 01
543
1,015
1,732
7,060
3,011
2,
364
1,462
533
3,503
960
1,526
2,976
May 14
541
27, 083
1,415
1,836
2,970
2,473
537
3,360 2,546
917 1,590
2,333
May 21
658
27,122
1,233
Uncollected items:
Apr. 16
1,104, 38£
98, 576 291, 71
76, 509 127, 360 106, 484 40, 962 153, 027 54, 917 22,103 38, 444 36, 775 57,514
849, 34:
Apr. 23
84, 801 203, 66
62, 089 101,156 68, 056 33, 289 110,305 45, 267 18, 970 35, 555 39, 254 46,935
847, 56:
204,83i
43, 616 16, 519 36, 01 26, 336 44,050
Apr. 30
80,716
58, 608 101,195 69, 050 35, 337 131,
775,198
019 113,930 46, 838 18, 693 33, 709 27, 799 41, 957
May 7
72, 994 175,15
60, 823 88,812
465 34,
37,
319
075 21, 299 37,
33, 039 49,122
May 14
1,017,150
68, 043 139,780 60,
155,
853
99, 971 239, 571
79,185 33, 769 127, 329 56,
53, 266
50,172 18,939 36,874 32,011
May 21
64, 525 103, 332 71,
84, 659 309, 69i
517
Bank premises:
9,699
4, 55C 2,586 1,981
Apr. 16
2,822
39,96€
2,819
2,995 1,204
4,618
3,023 2,309 1,360
4,53' 2,586 1,979
9,726
2,822
Apr. 23
39, 97'
2,819
3,023 2,309 1,360
2,995 1,204
4,617
4,53' 2,580 1,977
1,196
2,816
Apr. 30
39,9H
9,707
3,018 2,305 1,357
2,815
2,
4,607
4,53' 2, P " 1,977
2,816
May 7
9,707
3,018 2,305 1,357 2,980 1,196
39, 903
2, 815
4,607
4,53' 2,604 1,977
2,816
May 14
3,018 2,305 1,357
9,798
40,067
2,980 1,196
2,81"
4, "
4,525 2,604 1, "
2,816
May 21
3,018 2,305 1,35'
9,798
40, 055
2,980 1,196
2,815
4,664
Other assets:
12,71
4,259
Apr. 16
2,871 1,977
46, 771
3,228
4,002
5,050 2,015 1,432 2,160 1,977
5,
4,331
13, 013
Apr. 23
47,
3,237
4,032
5,140 2,034 1,455 2,192 2,009
5,168 2,914 2,010
4,395
2,948
2,083
2,082
Apr. 30
13,172
2,039
1,504
2,274
4,910
5,248
49, 22£
3, 31
5,258
4,433
May 7
13, 30:
4,119
5,258 2,113 1,510 2,299 2,099
48,85'
3,346
5,323 2,990 2,066
4,512
2,151
2,131
2,104
1,
526
2,35'
May 14
4, 407
3,
085
5,388
50,17:
13, 723
3,400
5,387
4, 566
May 21
4,262
5,497 2,201 1,551 2,354 2,227
3,456
13, 696
50, 512
5,456 3,088 2,158
Total assets:
Apr. 16
1, 535,143
23,869, 087 1,489,055 10, 502, 94£1, 441,
, 994 ,1 847, 381890, 609 604, 92; 3,436,420 645, 449 409, 229 618, 349 447, 588
Apr. 23
23, 658, 325 1, 482,12210, 395, 5931, 463, 2611, 794, 573872, 355 591, 831 3,437,136 632,889 393, 569 618,134 458, 3501, 518, 512
i, 7861,489, 987
Apr. 30
23, 685,967 1,485,607 10, 332, 2981, 461,043 1, 794, 601878, 767 582, 734 3,538,102 635,849r 416^ 74;\ 634, 448 435,"""
May 7
23,609, 544 1, 490, 65110, 215, 2201,462, 400 1, 793,494881, 080 592, "^3,525,557
31
639, 27. 405,662
•"- " 632, 478 448, 3721, 523, 038
May 14
23, 889,163 1, 505, 60810, 253, 3851, 466, 2311, 852, 480 L, 625
3, 586, 458"644,
:, 568424, 79' 636, 326I 457, 7001, 568, 495
May 21
887, 407 585,107 3, 598,123654,092 415,435 623, 903 449, 205 1, 560, 644
23, 885, 57* 1, 465, 94710, 331, 4331, 490, 834 ,823,448
1
Liabilities
Federal Reserve notes in actual circulation:
Apr. 16
Apr. 23
Apr. 30
May 7.
..
May 14
May21
Deposits:
Member bank—reserve
account:
Apr. 16
Apr. 23
Apr. 30
May7
May 14
.
May 21.
U. S. Treasurer—general
account:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
Foreign:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
Other deposits:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21

6, 206, 272
6, 217, 967
6, 282, 368
6, 343, 877
6, 359, 67
6, 384, 387

13, 979,130
13, 505, 723
13, 523,857
13, 439, 698
13, 457,
13, 731, 835

430, 669
430, 861
434,168
437, 716
439,843
441,121

571, 635 298, 329 205, 2301, 330, 497234, 850 163,
215,025 99, 589
574, 686 295,119 204, 459 1, 342, 925234, 763 164, 519 214, 766 99, 502
580,120 296, 958 ""1,734
208, 1, 357, 291237, 966 165, 446 217, 226101, 546
588, 233 297, 952 210, 926 1, 373,112238, 722 167, 8201218,783 102, 678
\ 240 209, 863 1, 379, 231239, 090 167, 698 218,186 101, 292
589, 477 300,
239,913 168, 006 218, 574101, 445
592, 705 299,176 209, 602 1, 385, 599~"),

510, 653
509, 300
514, 681
524, 382
523, 759
524, 893

779, 206 7,172, 852 771, 904
762, 083 6, 787, 475 781, 445
775, 371 6, 713, 452 787, 493
6, 632,844 777, 907
749, 485 6, 567, 209 767, 946
740,113 6, 837, 675 784,180

983, 228 410,83- 288, 709 1, 738, 798 1,347 164, 575 294,922 250, 591
1,832 145, 653 2 9 4 , 448
••- 240,995
947,830 423,103 278,87 r 1, 755, 019 279,
i,587 153,171 292,403 240, 539
959, 802 418,465 261, 820 1, 845, 419 279,
,366
029
949, 627 439, 424"274,
1,
810,
519
281
160,
203
295,
029 246, 677
:, 951
973, 41 433, 864 281, 368:, 836, 518278,194 178,014 294, 702 254, 729
494 244,151
973, 769 430, 532276,848 1, 849, 443291, 007 171,3761289,494

835,164
808,965
796, 335
808, 783
842, 423
843, 247

505, 762
507, 345
512,330
517, 745
520, 077
524. 331

1, 640, 338
1, 639, 722
1,655, 902
1, 665, 808
1, 670, 915
1, 679,022

533, 715
946, 798
865, 436
803, 941
761, 624
477,144

16, 909
40, 700
28, 704
41, 800
41,167
22, 686

211,194
489, 210
439,934
380, 639
361,934
115, 744

32, 646
53, 490
43, 851
42, 503
50, 77:
43, 08:

39, 567
61,168
41, 507
53,375
47, 409
31,188

15, 975
28, 568
39, 24'
23, 411
23, 318
26, 900

1, 243, 299
1, 272, 379
1, 251,130
1, 226, 555
1, 235, 048
1,241,201

58, 778
57, 486
56, 469
54, 775
55, 065
57,

728,890
754, 586
749,188
714, 230
715, 284
703,104

77,126
77, 919
75, 403
77, 452
78,
81, 327

34,190
34, 541
33,426
34, 33,
34, 871
36, 052

520,12'
535, 630
579, 092
678, 940
725, 782
730,450

8,048
7,740
7,782
16, 974
17,381
14, 726

367,
413,132
460,152
541,i
594, 463
582,119

24, 910
24, 231
24, 948
29, 308
23, 654
35, 970

73,151
73, 902
71, 516
73, 460
74, 608
77,135
26, 697
7,558
8,008
7,281
6,372
15, 734

9,499
7,893
7,848
9,288
8,354
8,721

26, 924 66, 444
28, 500 72, 480
31, 266 60,860
26, 460 75, 640
22, 204 55,132
75, 621
18,003
27,829
95, 414
28,115
96, 394
27, 207 93, 282
27,94r
95, 817
28,383
97, 314
29, 345 100, 611
5,729
6,376
6,218
5,613
6,401
5,824

17,154
12, 508
4,929
6,373
4,926
4,690

22, 577
29, 923
29,714
27, 735
26, 031
26, 990

27, 21
33, 385
47, 449
26, 663
23, 638
24,102

27, 249
28, 789
49, 409
41, 702
43, 586
35, 760

24, 494
39,170
30, 318
34, 337
30, 070
33, 241

22, 519
41, 415
23,177
29, 676
36, 363
23,827

23, 854
24, 099
23, 320
23, 954
24, 329
25,153

17, 493
17, 672
17,102
17, 567
17,841
18, 445

23,058
23, 295
22, 543
23,156
23, 518
24, 314

23,058
23, 295
22, 543
23,156
23, 518
24,314

60, 458
61,075
59,131
60, 706
61,654
63, 753

10, 577
8,422
10, 448
9,556
9,788
9,626

7,223
6,484
6,725
7,005
9,009
7,300

8,744
8,395
8,747
8,997
8,782

3,8
3,533
3,474
3,541
3,495

29,715
29, 025
29, 754
33,816
32,896
33, 463

* Less t h a n $500.

JUNE 1941




545

Federal Reserve

Banks—Continued

[In thousands of dollars]

Total

Boston

New
York

Philadelphia

Cleveland

906, 586
937, 085
931,695
927,170
921, 035
944, 559

, 122, 643470, 498 349,191
, 090, 458494,105 341, 866
326, 511
,080,833
, 083, 743506, 458 334, 971
,101,803 500, 407 338, 356
, 097, 826102,205 330,020

Rich- Atmond lanta

MinSt. neapChicago Louis
olis

Kansas Dallas
City

San
Francisco

Liabilities—Continued
Total deposits:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
Deferred availability items:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
_
May 21
Other liabilities, including
accrued dividends:
Apr. 16
Apr. 23
Apr. 30
May 7
.__
May 14
May 21
___
Total liabilities:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
__
May 21

6, 276, 271
6, 260, 530
6, 219, 515
6,149,134
6,180, 320
6,180, 630

862, 941
868, 009
868,326
875, 917
863, 098
835,173

1,011,076
803, 760
807, 230
739, 989
971, 989
943, 641

94, 217
80, 666
78, 822
70,866
96, 292
80, 280

252, 273
181, 842
184,129
150, 344
213, 682
283, 879

4,116
4,571
5,156
4,893
5,504
5,117

525
478
509
510
526
541

1,119
1, 285
1, 20^
1,380
1, 563
1,521

23, 497, 735
23, 286, 828
23, 314,
23, 237, 893
23, 517, 484
23, 513, 775

463,
456,
459,
465,
479,
440,

445
498
987
038
993
325

8, 480, 901
8, 444, 403
8,362,726
8, 269, 369
8, 238, 89.0
8, 238, 642

69, 921 118, 327 L05, 510 36,827
60, 433 94, 620 66, 826 31,804
59, 502 98, 859 66, 570 33, 788
62, 618 86, 674 60, 388 32, 652
70, 255 126, 289 77, 653 36, 537
70,192
98,051 69, 702 31, 748
336
383
1,184
401
609
453

421
457
419
490
559
505

352
375
357
383
413
391

106
129
122
189
150
144

, 917, 810145, 355 216, 508 353, 973 302, 009
, 936, 401142, 276 203,194 354, 927 307, 326
,004,490 143,069 224,447 373,102 296,933
, 988, 349142, 611 211, 438 368, 483 307, 644
, 993, 890138, 342 228, 502 370, 803 311,858
,030, 365 152, 776 221, 223 358, 350 305, 201

947, 856
940, 480
908, 397
932, 981
973,336
964, 290

140,186
109, 787
128,175
115, 890
165, 064
133, 969

567
509
580
649
559

53,
43,
42,
46,
55,
49,

412
979
942
050
214
486

19,217
16, 024
17, 017
16, 550
18, 731
16, 355

38, 002
37, 058
32, 718
33, 799
35, 896
35, 563

34, 429
39, 931
25, 719
26, 448
32, 930
30, 944

48, 755
40, 790
38, 989
37,710
43, 446
43, 472

128
151
142
164
185
174

13'
157
150
168
184
166

139
144
152
162
196
173

150
174
162
179
195
185

215
271
243
287
275
301

i,177 1, 507, 479
10, 374, 6311. 407, 5121, 813, 026 74, 689 591, 354 I1, 388, 981633, 745 399, 557 607,139 436,
1,933 1, 490, 841
10, 267, 2521, 428, 7621, 760, 221856, 425 578, 258 3, 389, 680621,169 383, 894 606, 895 446,
10, 203, 9641, 426, 5491, 760, 231862, 871 569,155 3, 490, 465624,119 407,060 623,198 424,,360 1, 462, 310
7 3!
.,949 1,495, 360
10, 086, 9011,427,905 1, 759,140 865,181 578, 738
547 395, 976 621,, 227 436,
1, 477,931
10,125, 050 1, 431, 7421, 818,128 8' 13 584, 906 3, 538, 834632, 831 415,115 625, 081 446, 275 ,
L 540, 816
10, 203, 0681, 456, 3251, 789, 087871, 474 571, 514 3, 550, 492 :2, 349 405, 750612, 660 437, 775 1,~ 532, 956

Capital Accounts
Capital paid in:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14_ ..__
May 21
Surplus (section 7):
Apr. 16
Apr. 23
Apr. 30.. _
May 7
May 14. ..
May 21
Surplus (section 13b):
Apr. 16.. Apr. 23
Apr. 30
May 7.
May 14
May 21
Other capital accounts:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
May 21
Total liabilities and capital
accounts:
Apr. 16
Apr. 23
Apr. 30
May 7
May 14
_ . _
May 21
Commitments to make industrial advances:
Apr. 16
Apr. 23-_ .
Apr. 30
May 7
May 14
May 21

546




140, 010
140, 057
140, 240
140, 254
140, 272
140, 279

9,350
9,352
9,351
9,354
9,354
9, 353

51, 591
51, 592
51, 594
51, 593
51, 593
51, 586

11,891
11, 901
11,901
11, 906
11, 905
11, 905

14, 477
14, 478
14,478
14, 478
14, 478
14,477

5,428
5,428
5,428
5,428
5,433
5,439

4,796
4,798
4,798
4,800
4,802
4,802

14, 724
14, 731
14, 908
14, 910
14,917
14, 924

4,267
4,277
4,281
4,281
4,288
4,290

3,005
3,006
3,006
3,006
3,002
3,002

4,506
4,508
4,508
4,511
4,513
4,513

4,264
4,269
4,270
4,270
4,270
4,270

11,711
11,717
11,717
11,717
11,717
11,718

157, 065
157, 065
157, 065
157, 065
157, 065
157, 065

10, 906
10,906
10, 906
10, 906
10, 906
10, 906

56, 44'
56, 447
56, 44'
56, 44'
56, 447
56, 44^

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
5,247
5,24'
5,247
5,247
5,247

5,725
5,725
5,725
5,725
5,725
5,725

22, 824
22, 824
22, 824
22, 824
22, 824
22, 824

4,925
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

26, 78,
26, 78;
26, 78i
26, 78,
26, 78,
26, 78;

2,874
2,874
2,874
2,874
2,874
2,874

7,070
7,070
7,07f
7,070
7,070
7,070

4,393
4,393
4,393
4,393
4,393
4,393

1,007
1,007

3,244
3,244
3,244
3,244
3,244
3,244

713
713
713
713
713
713

1,429
1,429
1,429
1,429
1,429
1,429

533
533
533
533
533
533

1,000
1,000
1,000
1,000
1,000
1,000

1,138
1,138
1,138
1,138
1,138
1,138

1,263
1,263
1,263
1,263
1,263
1,263

2,121
2,121
2,121
2,121
2,121
2,121

47, 492
47, 590
47, 608
47, 547
47, 557
47, 674

2,480
2,492
2,489
2, 479
2,481
2,489

13, 206
13, 232
13, 223
13, 209
13, 225
13, 262

3, 054
3, 061
3, 056
3, 052
3,04'
3, 06:

2,001
2,011
1,977
1,980
1,!""
2,003

2,337
2,33'
2,343
2,341
2,344
2,353

8,462
8,472
8,476
8,463
8,454
8,454

1,979
1,985
1,991
1,989
1,991
1, 995

2,515
2,517
2,527
2,528
2,528
2.531

1,953
I,1"
1,991

1, 910
1,911
1,919
1,916
1,918
1,923

3,047
3,048
3,054
3,055
3,056
3,064

i,oo:
1,007
1,007
1,007

4,548
4,544
4,562
4,546
4, 544
4,554

l'981
1,979

23, 869, 08: 1, 489, 05; 10, 502, 9451, 441, 9941, 847, 381890, 609 604,925 3, 436, 420 645, 449 409, 229 618, 349 447,,588
23, 658, 325 1, 482,122 10, 395, 5931, 463, 2611, 794, 573872, 355 591,831 3, 437,136 632, 889 393, 569 618,134 458, 350
23, 685, 96: 1. 485, 60710, 332, 2981, 461, 0431, 794, 601878, 767 582, 734 3,538,102 1135, 849 416, 745 634, 448 435,
23,609, 544 1,490, 651 10, 215, 2201, 462, 4001,793,494 881,080 592, 317 3, 525, 557 639, 275 405,662 632, 478 448, 372
23, 889,163 1, 505, 60810, 253, 3851, 466, 2311, 852, 480S94, 625 598, 490 :,3,586, 458 644, 568 424, 797 636, 326 457, 700
33, 885, 578 I, 465, 947L0, 331, 4331, 490, 834", 823, 448S87, 407 585,107 3, 598,123 554, 092 415, 435 623, 903 449, 205
8, 508
8,461
8,464
10, 822
10, 945
11,080

ni
174
174
173
172
17

1,426
1,411
1,411
1,636
1,636
1,634

323
300
285
2,281
2,284
2,281

1, 655
889
1,654
889
1,656
1,668
983
1,671 1,053
1,695 1,101

275
275
308
322
322
346

26

FEDERAL RESERVE

535,143
518, 512
489, 987
523,038
568, 495
560, 644
3,659
3,653
3,641
3,663
3,700
3,740

BULLETIN

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]

Date (last Wednesday of
each month)

Applications
received

Number
1934—Dec. 26..
1935—June 26_.
Dec. 31 *.
1936—June 24_.
Dec. 30..
1937—Mar. 31_.
June 30Sept. 29.
Dec. 29__
1938—Mar. 30.
June 29..
Sept. 28.
Dec. 28_.
1939—Mar. 29.
June 28. _
Sept. 27.
Dec. 27..
1940—Jan. 3 1 . .
Feb. 28..
Mar. 27.
Apr. 24..
May 29.
June 26..
July 31..
Aug. 28..
Sept. 25.
Oct. 30..
Nov. 27.4
Dec. 3 1
1941—Jan. 29
Feb. 26..
Mar. 26.
Apr. 30..
May 215_

4,386
6,325
7,437
8,006
8,247
8,344
8,430
8,474
8,534
8,708
8,976
9,102
9,188
9,249
9,308
9,366
9,418
9,433
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
9,780

Applications under
consideration

Amount Number

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
105

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
3^037

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
449, 293

Approved
Advances Commitments
but not
outoutcomstandingi standing
pleted 2
(amount) (amount) (amount)

Amount
49, 634
88,778
124,493
133,343
139,829
141, 545
145, 758
146, 724
150, 987
154,918
161,158
168, 380
175,013
177, 895
179,778
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
229, 864

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
9,667

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
11,080

Participations
outstanding*
(amount)
1,296
4,533
8,778
7,599
7,208
6,767
7,275
7,304
7,238
7,825
8,426
9,032
12, 722
12,471
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
11,852

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
11, 573

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.
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 $1,260,828, 4May 21, 1941.
5
Tuesday.
Latest date for which figures are available.

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve Notes:
Issued to F. R. Bank by F. R. agent
Apr. 30
May 7
May 14
May 21
Held by Federal Reserve Bank:
Apr. 30
May 7
May 14
May 21
In actual circulation ;i
Apr. 30
May 7
May 14
May 21
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
Apr. 30
May 7 _
May 14 _. __
May 21
Eligible paper:
Apr. 30
May 7
May 14
May 21
Total collateral:
Apr. 30
May 7
May 14
May 21
1

6, 574, 463
6, 643, 710
6, 682, 910
6, 701, 917
292, 095
299,833
323, 239
317,530
6,
6,
6,
6,

Boston

531,
535,
541,
546,

72,
85,
83,
79,

230
511
495
919

Atlanta

20, 015
18, 349
19, 936
20, 065

22, 595
20,610
24, 918
22, 780

15,
15,
17,
17,

056
350
668
980

17, 981
18, 838
21, 743
22, 061

MinSt.
Louis neapolis

Chicago

Kansas
City

387, 89' 251, 233 170,187 225,
406, 89! !, 095172, 535 226.
414, 29' 253, 830 173, 391 226,
417, 599 254!
:,275 173, 329 226,
30, 606
33, 781
35, 066
32,000

13, 267
13, 373
14,740
14, 362

4, 741
4,715
5,693
5,323

San
Dallas Francisco

940 112,216
668 111,973
826 112,075
573 112,513

572,101
578, 508
582, 664
586, 286

8,714 10, 670 57, 420
7, 885 9,295 54,126
8, 640 10, 783 58, 905
7,999 11, 068 61, 393

,681
330 1, 655, 902 434,168580,120 296, 958 208, 7341, 357, 291 237, 966 165, 446 217, 226
101,
102, 678 524, 382
745 1, 665, 808 437, 716 588, 233 297, 952
210, 926 1, 373,112 238, 722 167, 820 218, 783
1, 379, 231 239, 090 167, 698 218,186101, 292 523, 759
077 1,670,915 439,843 589,
""" 477 300, 240 209,
331 1, 679, 022 441,121592, 705 299,176 209, 6021, 385, 599 239, 913 168, 006 218, 574
101, 445 524, 893

6, 675, 000 550, 000 1, 740, 000
6, 741, 000550, 000 1, 765, 000
6, 810, 000 550, 000 1, 765, 000
6, 823, 500 550,000 1, 775, 000
1,512
1,238
1,098
1,784

Phila- Cleve- Richdelphia land mond

130 1, 728,132 454,183 602, 715 312, 014 226,
715 1,
745 1, 751, 319 456, 065608, 843 313, 302 229, 7641,
'29 1, 754, 410 459, 779 614, 395 317, 908 231
606 1,
72f
911 1, 758, 941461,186 615, 485 317,156 231, 6631,

18, 800
18, 000
21,652
22, 580

282, 368 512,
343, 877517,
359, 671 520,
384, 387 524,

New
York

175
25
25
25

6, 676, 512 550,175 1,
6, 742, 238 550, 025 1,
6,811,1""" 550, 025 1,
6, 825, 284 550, 025 1,

617
698
440
563

460, 000 604,000 325,
000 235, 000 1, 400. 000 259, 000171, 000 230, 000 117, 000 584, 000
460,000 611, 000 325, 000 235, 000,420,
1, 420, 000 259, 000 174, 0001,000
230,118, 000 594, 000
118, 000 594, 000
470, 000 615, 000 350, 000 235, """
' 000 269, 000 174, 000 230, 000
1, 440,
118,000 594,000
470, 000 618, 500 350, 000 235, 1, 440, 000 269, 000 174, 000 230, 000
114
64
144
81

740, 617460,114 604,000 325, 085
765, 698460,064 611,000 325,085
085
765,440 470; 144 615,
i, 000
085
775, 563470, 081 618, 500

35
20
35
705
235, 000 1,
235, 000 1,
235, 000 1,
235, 000 1,

400,
420,
440,
440,

297
168
188
183

178
181
142

000 1,035 171, 297
000259, 020 174, 168
74,188
000 269, 035 174,
000269, 705 174,183

230,189
230,178
230,181
230,142

117, 000
118, 000
118, 000
118, 000

584,
594,
594,
594,

000
000
000
000

Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank.

JUNE

1941




547

MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS

RESERVE POSITION OF MEMBER BANKS, APRIL, 1941
[Averages of daily figures. In millions of dollars]

Oross
Net
dedeTime
mand mand
dededeposits
posits posits i

Classes of banks
and districts

All member banks _. 44, 739 36, 720 12, 453
Central reserve city banks:
New York
16, 861 16,108
835
3,222 2,840
500
Chicago
Reserve city banks:
Boston district _
New York district
Philadelphia district..
Cleveland district
Richmond district
Atlanta district..
Chicago district
St. Louis district
Minneapolis district...
Kansas City district...
Dallas district . . .
San Francisco district.
Total

Reserves with
Federal Reserve
Banks
Required

All
member
banksi

Excess

Held

7,718 13, 600

5,883

3,706
671

6,518
966

2, 812
295

1,283
207
1,373
1,737
717
644
1,234
809
331
766
547
2,204

82
145
229
737
232
181
670
182
85
160
136
2,058

229
43
252
341
137
122
249
151
62
142
102
489

525
59
577
761
280
166
449
197
87
217
149
737

296
16
325
420
143
45
199
46
25
75
47
248

15, 463 11,852

4,898

2,319

4,204

1,885

790
1,177
511
483
409
405
679
284
233
308
387
253

567
1,453
887
732
387
249
831
254
286
162
108
304

123
214
106
95
68
61
123
47
42
45
52
45

244
435
196
182
122
114
238
78
70
75
93
66

121
221
90
88
54
53
115
31
28
30
41
20

5,920

6,220

1,021

1,912

891

1,402
258
1,628
2,191
990
948
1,722
1, 072
443
1,168
892
2,749

Country banks:
Boston district
1, 097
New York district
1,614
Philadelphia district..
767
Cleveland district
766
Richmond district
729
Atlanta district
704
Chicago district __.
1,110
St. Louis district
461
Minneapolis district...
366
Kansas City district...
512
Dallas district
650
San Francisco district.
418
Total

[Averages of daily figures. In millions of dollars]

9,193

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. 542 for percentages of deposits required to be
held as reserves.

Total reserves held:
1940—April.
May
June
July
August
September
October
November
December
1941—January
February
March
April
Week endin? (Friday).
1941—Mar. 28
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9
May 16....
Excess reserves:
1940—April
May
June
July....
August
September
October
November
December
1941—January
February
March
April
Week ending (Friday):
1941—Mar. 28.
Apr. 4
Apr. 11
Apr. 18
Apr. 25
May 2
May 9...
May 16

Central reserve
city banks

Reserve Country
city banks
»
banks

New
York

Chicago

12. 703
13,086
13, 596
13, 735
13,408
13, 643
14,043
14,131
14.049
14, 339
13, 996
13, 979
13, 600

6,548
6,660
6,941
6,979
6,709
6,705
6,889
6,975
6,997
7,135
6,807
6,924
6, 518

972
1,097
1, 182
1,168
1,154
1,234
1,279
1,218
1,142
1,051
1,033
931
966

3,476
3,615
3,716
3,837
3,804
3,905
4,024
4,080
4,096
4,240
4,258
4,197
4,204

1,706
1,714
1,757
1,751
1,740
1,800
1,851
1,858
1, 815
1,913
1,898
1,928
1,912

13, 661
13, 556
13, 643
13,738
13. 503
13,556
13, 483
13,539

6,750
6,740
6,666
6,604
6,342
6, 245
6,133
6,128

887
845
879
974
1,036
1,118
1,131
1,135

4,123
4,080
4,185
4,240
4,220
4, 252
4,246
4, 300

1,901
1,891
1,913
1,919
1,904
1,941
1,973
1,976

6,752
6,407
6,582
6,864
6,830
6,646
6, 832
6, 422
6. 304
5, 883

3,312
3,389
3,594
3,588
3,344
3,324
3,465
3,493
3, 443
3,505
3,166
3,203
2,812

477
547
522
499
570
610
546
476
381
347
2^2
295

1,494
1,607
1,703
1,803
1,748
1,821
1,888
1,895
1,887
2,016
2,004
1.923
1,885

815
851
839
816
866
902
897
840
930
906
927
891

6,014
5,944
5.965
5,999
5, 754
5,797
5,733
P5, 757

3,051
3, 030
2,961
2.889
2,637
2, 548
2. 450
2, 439

214
225
220
291
347
423
432
425

1,852
1,809
1,886
1,920
1, 893
1,914
1,910
1,948

881
898
899
877
912
942
P945

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]
Member banks in larger centers Member banks in smaller centers
(places under 15,000)
(places over 15,000)

All member banks
Federal Reserve district

Boston. _
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

..

Total

Gross demand

Time

Gross demand

Gross demand

Time

Apr.

Mar.

Apr.

Mar.

Apr.

Mar.

Apr.

2,499
18, 733
2 395
2,957
1,719
1 652
6,054
1 533
809
1,679
1 542
3,167

2, 516
18, 784
2,301
2,878
1,692
1,623
6,035
1 479
828
1,652
1,529
3,046

649
2,433
1,117
1,469
619
430
2,001
436
371
322
244
2,361

648
2,423
1,114
1,461
616
427
1,984
428
371
321
244
2,358

2,364
U, 553
2,125
2,670
1,504
1,487
12, 423
1, 265
635
1,332
1,187
3,040

2,382
il, 521
2,036
2,594
1,481
1,460
12, 386
1,218
654
1,307
1,172
2,922

il, 099
655
1,132
421
347
il, 169
314
200
211
197
2,260

il, 092

44,739

44, 364

12, 453

12, 396

121,584 121,134

i 8, 534

528

Mar.

Apr.

Mar.

Time
Apr.

Mar.

2,257

135
319
270
287
214
165
409
269
174
347
355
127

133
316
265
284
210
163
402
261
174
345
357
125

121
499
462
338
197
83
331
122
170
111
47
101

120
494
461
336
198
83
330
120
170
111
47
101

i 8, 483

3,072

3,034

2,584

2,572

528
653

1,125
418
344

U, 149
308
201
210
197

i Excluding central reserve city banks, for which figures for latest month are shown in table above.

548




FEDERAL RESERVE BULLETIN

KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]

Total

End of month

1940—March
April
_...
Mav
June
July
-.
August
September . __ ._ . . . . . .
October
November
December
1941—January
February
March
\pril

...

Gold

7,511

--

__

Silver
dollars

certificates

Treasury
notes
of 1890

Silver

certificates

Subsidiary
silver
coin

Minor
coin

United

States
notes

Federal Federal
Reserve Reserve
Bank
notes
notes

National
bank
notes

7, 559
7,710
7,848
7,883
8,059
8,151
8,300
8,522
8,732

68
68
67
67
66
66
66
65
65
65

45
45
46
46
46
47
48
48
49
50

1,508
1,557
1,590
1,582
1,565
1,605
1,615
1,620
1,658
1,667

1
1
1
1
1
1
1
1
1
1

375
377
382
384
386
389
394
400
407
412

164
166
168
169
172
174
177
180
183
185

260
248
241
248
249
258
259
264
275
290

4,896
4,906
5,025
5,163
5,212
5,334
5,409
5,541
5,705
5,883

23
23
23
22
22
22
22
22
21
21

170
168
167
165
164
162
161
160
159
157

8, 593
8,781
8,924
9 071

64
64
64
63

50
50
51
51

1,595
1,635
1,651
1,654

1
1
1
1

403
406
413
418

183
184
186
189

278
278
277
274

5,842
5,985
6,106
6,247

21
21
21
21

156
155
154
153

Back figures.—See Annual Report for 1937 (table 35).
PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve Banks.

Coin and small denomination currency

Total
in cir-

E n d of m o n t h

tion i

Total

Coin

$1 3

1940—March
April
M ay
June
July
August _ _ . .
September
October.
November
December

7,511
7,559
7, 710
7,848
7,883
8,059
8,151
8,300
8,522
8,732

5,414
5,437
5,519
5,584
5,599
5,748
5,814
5, 911
6,098
6,247

584
588
595
599
604
611
618
627
639
648

531
534
546
546
544
556
566
575
591
610

1941—January
February
M arch
April

8,593
8,781
8,924
9,071

6,094
6,243
6,342
6,430

635
641
650
658

577
582
590
595

. _

In millions of dollars]

Large denomination

2

$5

$10

$20

Total

33
34
35
35
35
36
36
36
38
39

989
992
1,009
1,015
1,013
1,044
1,055
1,068
1,107
1,129

1,731
1,739
1,766
1,791
1,798
1,858
1,876
1,908
1,977
2,021

1,546
1,551
1, 568
1,599
1,605
1,644
1, 663
1,696
1,748
1,800

2,101
2,126
2,193
2,264
2,286
2,313
2,340
2,392
2,426
2,489

460
463
471
485
489
495
503
512
523
538

37
38
38
39

1,091
1,116
1,132
1,135

1,973
2,041
2,074
2,112

1,781
1,826
1.858
1,892

2,502
2, 541
2,583
2,642

540
551
560
573

$2

$100

$50

currency

Unassorted 2

$500

$1,000

941
951
979
1,013
1,025
1,035
1,048
1,071
1,089
1,112

194
195
202
210
211
213
216
223
225
227

432
439
464
481
486
493
496
508
512
523

24
30
26
26
26
26
25
25
26
30

49
48
50
50
49
51
52
52
51
60

4
4
1
2

1,126
1,144
1,163
1,197

230
232
238
241

530
535
543
550

24
24
24
25

52
55
56
56

4
4
1
2

$5,000 $10,000

9

2
3
3
3
4

1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury 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

Held by Treasury and Federal Reserve Banks and in circulation. In
millions of dollars]

[By selected banks and financial institutions in New York City.
In millions of dollars]

End of month

1940—March
April

Total

Silver
dollars
and
silver
bullion *

FedSubNasid- Minor United eral
Re- tional
iary
States serve
bank
coin
silver
notes Bank notes
coin
notes

May.__
June
Julv.
August
September.
October
November.
December..

2,990
2,999
3,008
3,014
3,024
3,036
3,044
3,059
3,072
3,087

1,876
1,886
1,894
1,900
1,909
1,915
1,920
1,931
1,937
1,945

401
400
402
402
404
409
411
415
419
425

171
172
173
174
175
178
181
183
187
189

347
347
347
347
347
347
347
347
347
347

23
23
23
23
23
23
22
22
22
22

172
171
169
167
167
164
163
162
160
159

1941—January
February...
March
April _ . . .

3,097
3,102
3,109
3,122

1,953
1,959
1,965
1,971

427
428
429
434

191
192
193
194

347
347
347
347

22
21
21
21

158
156
155
154

i Includes silver held against silver certificates amounting to $1,895,000,000 on Apr. 30, 1941 and $1,818,000,000 on Apr 30, 1940.

ShipReceipts
ments to
from
Europe Europe

Year or month

1937
1938
1939
1940...
1940—April.—
May

21 5
33.1
110.2
17.7
„

3.5
1.1
.5
.6
.3
.1
.1
.1

_

June
July
August
September
October
November
December
1941—January
February
March
April

__

.2

47 6
34.4
9 8
.7

Net
shipments

Net
receipts
26 1
1.3

100 4
17 0

0-)
.1
.1

3 5
1 i
4
.5
3

(l)
.1
.2
.1

.1

.1
.1

1

0)

.1

.1
.1
1

(i)

_.

.1

(j)

i Less than $50,000.

Back figures—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, pp. 7-8.

J U N E 1941




549

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]

Period

Gold
stock
at end
of period

8,238

19341
1935
1936
1937
1938
1939
1940

10,125
2 11, 258
2 12, 760
14,512
17,644
21,995

Increase
in total
gold
stock

4, 202. 5
1, 887. 2
1,132. 5
1, 502 5
1,751.5
3,132. 0
4,351.2

Net
gold
import

Net
gain or
loss (—)
through
earmarking
transactions

1941

Domestic gold
production

Imports
92.9
.
110 7 France
131.6 Portugal.
143 9 Sweden
148.6 Switzerland
161.7 United Kingdom.. _
168.1 U. S. S. R. . .

82.6
2
-85.9
—200 4
-333. 5
-534.4
—644 7

1,133. 9
1 739 0
1,116. 6
1 585 5
1,973 6
3, 574. 2
4 744. 5

Mexico

1939—November
December __

17,358
17, 644

267.1
285.1

168.0
451.2

90.9
-200.8

14.9 Central America
13.4 West
Indies and

1940—January _.
February
March
April
Mav
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—Januarv ..
February ___
March
April

22,116
22, 232
22, 367
22, 506
22, 573

121.7
115.4
135.4
138 5
66.8

234.2
108.6
118.6
172 0
34.1

—52.8
-46.2
.2
3
—10 5
3 -3.8

13.5
12.6
12.0
P12 4

M a y 1-28?_.

April

From or to—

March

Exports

Jan.-Apr.

Exports

Imports

Imports

21
21
20, 218
1 147
902

67
Bermuda
39
Argentina. . . . . . . .
2
Bolivia
Brazil
683
Chile
2,934
Colombia
Ecuador
347
Peru
1,280
320
Venezuela
79
British Guiana
4,720
Australia
379
New Zealand
British Oceania
288
British India
103
Netherlands Indies
China and Hong
Kong
. ...
2,146
313
Japan
3,587
Philippine Islands
132, 255
South Africa.. . .
163
All other countries _.-

817
2

2

95, 621
866
852
65
16

1
65
1,746
899
2,094
11, 236
244, 252
3,975
3,759

Exports

13

2

269
60
47
7
2,555
8, 345
1 044
3, 227
1,364
404
28, 855
1.132
1,318
4 501
425

257
2,232
196
219
413
104
6,262
127
243
103
3 046
3, 985
2,788
335

1

2,981
9 444
13, 529
284, 875
1,014

1

P1 Preliminary.
2 118, 569
171, 994
3 633, 424
15
Total
Figures based o n rate of $20.67 a fine ounce in January 1934 and $35
a fine ounce therea fter.
1
2 Includes gold in the Inactive Account amounting to $27,000,000 on
Figures represent customs valuations which, with some exceptions,
December
31, 1936, and $1,228,000,000 on December 31, 1937.
are at rate of $35 a fine ounce.
3
Gold held under earmark at Federal Reserve Banks for foreign acBack figures.—See table, p. 585 and Annual Report for 1937 (tables
count, in millions of dollars: April 30—1,916.9; May 28—1, 920. 8.
31 and 32).
NOTE.—Figures for domestic production of gold are those published
in table, p. 585 adjusted to exclude Philippine Islands production received in United States. Adjustment based on annual figures reported
by Director of Mint and monthly imports of gold to U. S. from Philippines. For back figures see Annual Report for 1937 (table 29).
BANK DEBITS
Debits to deposit accounts, except interbank accounts.
BANK SUSPENSIONS1
[In millions of dollars]
Total,
all
banks

Member
banks
National

N u m b e r of b a n k s suspended:
1934
1935
_-.
1936
1937
1938
1939
1940
1941—Jan.-April

Deposits of suspended banks3
(in thousands of dollars):
1934
1935
1936
1937
1938
1939
.
1940
1941—Jan.-April

Nonmember
banks

InNot
State sured 2 insured

8
22
40
47
47
25
18
3

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

1,912
3,763
10,207
1,708 10,156
211 11,721
24, 629 6,589
5,341
503

1929
1936...
1937
48 1938
8 1939
3 1940
6
6
10
3

34, 985
939
592
480
1,044
2,439
346

1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks at
the time of closing (in some instances with the aid of Federal Deposit
Insurance Corporation loans).
* Federal deposit insurance became operative January 1, 1934.
3 Deposits of member banks and insured nonmember banks suspended
are as of dates of suspension, and deposits of noninsured nonmember
banks are based on the latest data available at the time the suspensions
were reported.
Back figures.—See Annual Report for 1937 (table 76).

550




Year and month

-

1940—March
April
May
June
July
August
September
October...
November
December.
1941—January...
February..
March
April

Total,
all
reporting
centers

New
York
City

982,531
461,889
469, 463
405, 929
423, 932
445, 864

603,089
208,936
197,836
168, 778
171, 382
171, 582

331,938
219, 670
235, 206
204,745
218, 298
236, 952

47, 504
33,283
36, 421
32,406
34,252
37, 330

37, 769
37, 780
37,257
35,005
35, 959
32, 844
33, 812
39, 695
39, 088
46, 673
41,133
35, 783
44, 558
42, 237

15, 201
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

19, 537
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

3,031
3,010
3,063
3,045
3,103
2,926
2,951
3,378
3,317
3,721
3, 488
3,057
3, 570
3,505

140

133

other
other
leadreporting
ing
centers i centers 2

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 indi*
vidual 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.

NUMBER OF BANKS

DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS

Total

Call date

[In millions of dollars]

Nonmember
banks

Member baiaks

Total

National

State

Nonmeniber

Member banks

Other
Mutual nonsavings member
banks
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 3 0 . . . 37,998
Dec. 3 0 . . . 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. 3 0 . . . 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 2 9 . . . 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

6,528

5,138

1,390

1941—Apr. 4 4 _._

46,179

29, 467

16, 712

1941—Apr. 44

For footnotes see table bel ow.

3

7,895
7,912
8,356

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

Investments

Mutual savings banks

Total

Loans

Investments

Other nonmember banks

Total

Loans

Investments

58,474
58,417

41, 531
41,918

16,943
16,499

35,711
35,934

25,658
26,150

10,052
9,784

9,556
9,463

5,892
5,945

3,664
3,518

13,207
13,020

9,981
9,823

3,227
3,197

1933—June 30
Dec. 30

40,076
40,319

22,203
21, 977

17,872
18, 342

24,786
25, 220

12,858
12,833

11,928
12,386

10,044
9,985

5,941
5,906

4,103
4,079

5,246
5,115

3,404
3,238

1,841
1,877

1936—June 30
Dec. 31

48,458
49, 524

20, 679
21,449

27,778
28,075

32, 259
33,000

12, 542
13,360

19,717
19,640

9,961
10,060

5,105
5,027

4,856
5,034

6,238
6,464

3,032
3,062

3,206
3,402

1937—June 30
Dec. 31

49,696
48, 566

22, 514
22,198

27,182
26,368

32, 739
31, 752

14, 285
13, 958

18,454
17, 794

10,180
10,187

5,002
4,996

5,178
5,191

6,778
6,627

3,227
3,244

3,550
3,383

1938—June 30
Dec. 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

1940—Mar. 26
June 29
Dec 31

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

3 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

38, 983

15, 878

23,104

1929—June 29
Dec. 31

.

1941—Apr. 44_
1

Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date. Prior to June 1940 the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few
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" not available.
Back figures—See Annual Report for 1937 (tables 48-49).

JUNE 1941




551

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans!

Call date

Total
loans
and
invest- Total
ments

Commercial Agriand cul- Open
in- tur- market
duspaper
trial*

26,150
12,858
12, 938
13, 208
13,141
13. 470
13, 962
13,939
13, 969
15.321
15, 878

583
595
492
442
420

Investments i

Loans for
purchasing
or carrying
securities
To
brokers
To
and others 3
dealers

TJ. S. Government obligations

Obligations

of
States Other
secuand rities
Guar- politanical
subBills Notes Bonds teed divisions

Direct

Real Loans Other
estate to loans
4 Total
loans banks
Total

Total—All
Member Banks
1929—Dec. 3 L . 35,934
1933—June 3O._ 24,786
1938—June 30._ 30. 721
Dec. 3 1 , . 32,070
1939—June 30. _ 32,603
Oct. 2 8__ 33,075
Dec. 30__ 33,941
1940—Mar. 26 6 34,163
June 29. 34.451
Dec. 31 37,126
1941—Apr. 46.._ 38, 983
New York
City1'
1929—Dec. 31_. 8,774
1933-June 30.. 7,133
1938—June 30. _ 8,013
Dec. 31__
1939—June 30.
Oct. 2 e . 9,044
Dec. 30 . 9,339
1940—Mar. 26 6 9,594
June 29_. 9.829
Dec. 31 10. 910
1941—Apr. 46... 11,696
City of
Chicago'
1929—Dec. 31__ 1,757
1933-June 30.. 1,287
1938-June 30__ 1,806
Dec. 31._ 1,969
1939—June 30 _ 2,052
Oct. 2«__ 2,050
Dec. 30^ 2,105
1940 - M a r . 26« 2,222
June 29
2. 205
Dec. 31
2,377
1941—Apr. 46.._ 2, 649
Reserve City
Banks
1929 De3 31 12,029
1933 -J une 30
8,492
1938—June 30.. 11,150
Dec. 3 1 . . 11, 654
1939—June 30,_ 11,756
Oct. 2« 11, 880
Dec. 30 . 12, 272
1940-Mar. 26» 12,153
June 29., 12.160
Dec. 31 13.013
1941—Apr. 46... 13, 494
Country
Banks
1929—Dec. 31. _ 13, 375
1933—June 30.. 7,873
1938—June 30.. 9,752
Dec. 31__ 10,113
1939—June 30.. 10,109
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

3,424
3,172
3,262
2,988
3,116
3,296
3,211
3.014
3, 384
3,502

1,448
677
525
539
544
563
569
564
603
696
780

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,
4,444
4,605
4,665
4,768
4,860
4,987
5,309
5,431

4,737
4,783
5,386

2,463
953
701
973
731

7,685
3,752
2,614
775
736

3,191
2,372
2,613
2,716
2,828

330
120
125
58

2,957

56

455

790

700

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

120

611

103
100

320
465

251
61
29
43
39

533
251
109
70
71

730

1,801
2,025

319
329
17

365

169
157
132
121
130

322
162
85
99
41

188

133

44

188
190

137
130

66

11,515
4,857
6,397
2,728
2,796

1,914
1,884
2,100

221

2,134
2,436

1,048
1,095
1,151
1,187
1, 267

495

258
99
26
20
12

448
598
732
808
895
897
890
928
981
984
1,034

1,128
930

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

153

176

701

254
297

161
145

710
752

2,944
4,011
6,298
6,691
6,751
6,752
6,943
6,848
6,795
7.081
7,328

1,368
2,483
4,658
5,018
4,991
4,998
5,194
5,070
4,947
5, 204
5,440

91
205

165
681
1,268
1,224
1,014

1,112
1,597
2,603
2,997
3,010

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

3,679
1,678
2,369
1,081
1,116

210 1.372
207 1,436

1,224
1,307

224

718
740
889
909
819 3,339 972
963
839 3,052 969
771 3,281 1,049
1,047

94
97
535
655
621

87
115

20

96
138
159
176
179
168
170
164
167
186
177

19
82
313
291
234

156
153

174
187

96
87
140
141
154
147
162
175
177
188
226

3
206
12
59
185

1,168

163

122
109
135
155
172
139
134
112
125

116
384
981
1,114
1,175
1,172
1,203
1,319
1, 258
1,307
1,466

1,335

45

758
680
707
698
736
708
693
686
695
788

309
610
1,281
1,430
1,507
1,487
1, 536
1,658
1,602
1.681
1,869

119

1,462
1,055
1,269
1,353
229 1,402

222
478
394
517
480
662
579
726
634
695
771

535
237
361
62
59

155

2,231
1,117
790
243

166
987
926
1, 358 1,451
709
158 1,142 1,663
894
908 2,284 1,123
168
1,157
315 797 2,385 1,275
1,286
421 1,092 2,650 1,324
207 1,245 2,977 1,615
1,620
58
638

664
108
95
119
115

291
25
21
25
22

4,528
3,297
3,296
3,192
3,131
3,030
2,959
2,898
2,873
2,970
2,911

1,112
2,551
3,740
3,857
4,483
4,558
4,772
4,972
5,486
6,044
6,625

168
126
163
149
138

201
35
173
138
140

1,393
1,744
2,143
2,448
2,554
2,764
2,692
2,905
2.888
3.013
3,206

520
2,049
3,653
3,389
2,720

2,091
3,709
4,840
5,072
5,700
5,928
425 6,043
6,383
426 6.815
443 7,527
8,194

2,595
937
1,541
436
440

13

1,538
1,131
1,201
1,230
1,284

3,094
3,725
6,246 2,128
7,208 2,340
7,786 2,831
2,920
3,144
563 2,223
3.107
797 2,543 8,261 3,121
652 2,594 9,091 3, 486
3,487

249
1,113
316
286
441

12,343
13,222
13,777
13,811
14,328
14.421
14, 722
15,823
16, 988

417
476

2,775
1,340
998
242
221

3,863

9,784
11,928
17, 783
18.863
19, 462
19, 605
2,888 19, 979
20, 224
3,020 20.482
3,230 21,805
23,104

4,705
2,005
2,126
1,149
1,180

1,477

1,234

208 1, 544
201 1,644

1,308
1,397

63
87
103

31

171
299
715
732
563

1,106
1,657
1,893
1,870

431

1,972

451
433

2,081

579
597
683
699
725
719
695
710
694

856
860
850
855

1
Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April
1939, pp. 259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only.
2 Not shown in call reports prior to December 1938, but the total amount of agricultural loans was reported separately on some dates, and the
total3 amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May, 1937.
Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks
and 4to brokers and dealers.
This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures.
5
Includes Treasury certificates of indebtedness through 1934.
6
Breakdown
of loans and investments not reported separately.
7
Central reserve city banks.
Back figures.—Bee Annual Report for 1937 (tables 52-58).

552




FEDERAL RESERVE

BULLETIN

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposii s,
except interbank

Interbank

Time deposits,
except interbank

ieposits

Reserves
BalIndiDeIndiDomestic
with
ances mand vid- States Certivid- States
banks
Fed- Cash with
uals,
uals,
deand
fied
and
doeral
in
posits partpartU.
S.
and
Postal
vault mestic1 ad- 9 ner- polit- offiGov- ner- politReForical
ical
savbanks justed- ships,
ern-4 ships, subserve
eign
cers'
4
suband
ings
Banks
and
ment
Deb
diviTime a n k s
divi- checks
corcormand
pora- sions etc.3
pora- sions
tions
tions

Borrowings

Capital

Call date

accounts

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 2,168 16, 647 17,526
405 2,008 12,089 11,830
712 4,084 20, 893 19,816
746 4,240 22, 293 21,119
712 4,674 23, 587 22,448
774 «5,304 25,118 23, 983
841 5,506 25, 681 24, 604
862 «5,634 26,461 24, 965
789 5,751 27, 877 26, 397
991 6,185 30, 429 29, 576
837 6 6, 340 31, 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 3,517
788 3,057
83 6,096
61 6,510
59 7,097
51 s 8, 243
51 8,507
52 3 8, 717
59 8,852
56 9, 581
54 6 9, 873

95
89
135
132
142
6

142

144
6 145

134
135
6

137

698
146
331
511
607
8 757
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
5,562
5,608
5,698
5,754

1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29
Dec. 31
1941—Apr. 4

New York
City*
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

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
6 109 8,676 8,812
125 8,899 9,030
6
163 9,562 9,652
119 10,235 10, 283
122 11,062 11,357
6
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

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

332
358
443
452
471
469
483
482
489
496
486

58
1
16
9
17
21
10
11
15
8
10

2
6

156
947 5,229
122 1,002 3,764
300 1,951 6,934
321 1,940 7,214
318 2,210 7,654
323 "2,485 8,017
348 2,485 8,176
364 6 2, 632 8,400
334 2,679 8,774
39fi 2,741 9, 581
361 6 2, 859 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

371
208
262
269
233
198
240
214
219
226
202

133
203
208
235
235
6
237
283
6
195
242
319
6
283

40
22

1,198
1,255
2,514
2,687
2,992
6
3, 573
3,542
«3, 629
3,840
4 032
6
4, 021

1
6

1

19

3
3
5
5
* 5
4

310
259
688
658
746
6
853
879
6
997
949
997
6
1,151

41
388
31
17
19
14
14
12
18
19
19

1,604
1,315
2,514
2,719
2,920
6
3, 307
3,516
6
3, 525
3,526
3,919
6
4, 023

30
59
113
108
115

597
128
291
442
524
6
670
695
6
672
650
646
6
577

179
8

33
2
6
9
12
e 14
9

41

316
204
249
257
270
270
250
253
260
270
270

292
16

2,029
1,533
1.753
1,777

6

1

7

7
8

6

116

6

115

6

108

117
105
106

64
15
32
57
69
6 71
53
6
56
44
51
M9

2,105
1,582
1, 587
1,' 593
1,58b
1,587
1,592
1,601
1, 599
1,615
1,623

1,821
1,828
1,833
1,873
1,904
1,917

1929—Dec. 31
1933—June 30
1 9 3 8 _ j u n e 30
Dec. 31
1939—June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29
Dec. 31
1941—Apr. 4
City of
Chicago 5
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 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
June 29
Dec. 31
1941—Apr. 4

Country
Banks
627
452
1,263
1,353
1,403
1,555
1,578
1,648
1,733
1,857
1,894

321
203
316
322
307
329
363
389
328
452
372

908
702
1,806
1,956
2,117
8
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
1,128
1,130
1,073
1,090
1,205
1,115
1,184
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

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
6 566
538
633
6
677

6
7
22
23
26
6 27

26
6 29

29
29
6

29

3
1
2
2
2
62
2
62
2
2
6
2

367
167
11
6
5
4
3
2
3
3
3

2,258
1,517
1,778
1,798
1,828
1,852
1,851
1,875
1, 876
1,909
1,943

1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29
Dec. 31
1941—Apr. 4

1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933,
includes
time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
2
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935,
less 3cash items reported on hand but not in process of collection.
Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31,1935.
4
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
5
Central reserve city banks.
6
Partly estimated.
Back figures—See Annual Report for 1937 (tables 52-58).

JUNE 1941




553

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—101 Cities
1940—April
December
1941—January
February
March
April

Total
loans
and
invest- Total
ments

Commercial,
inOpen
dusmartrial,
ket
and paper
agricultural

Investments

Loans for
purchasing
or carrying
securities

U. S. Government obligations

Real Loans Other
estate
to
Total
To
loans banks loans
brokers
To
and others
dealers

Total

Bills

Notes Bonds

Other
secuGuar- rities
anteed

26, 793
27, 270

8,646 4,414
9,309 4,993
9, 295 5,051
9,408 5,186
9,698 5,374
9,849 5,506

335
303
310
317
335
351

624
534
471
440
503
482

460
458
455
450

1,182
1,229
1,229
1,231
1,227
1,230

1,569
1,747
1,738
1,741
1,766
1,789

14, 843
16,079
16,366
16.908
17,095
17, 421

11,339
12,438
12,689
13,138
13,299
13, 628

575
734
705
729
896
847

1,839
2,019
2,188
2,565
2,452
2,185

6,527
6,951
7,048
7,085
7,190
7,701

2,398
2,734
2.748
2, 759
2.761
2,895

3,504
3,641
3,677
3,770
3,796
3,793

23,489
25, 388
25, 661
26,316

26,450

9,495

5,227

319

478

455

1,232

1,748

16, 955 13,100

727

2,555

7,052

2,766

3,855

Mar.
Mar.
Mar.
Mar.

5
12
19
26,

26, 668
26, 744
26, 843
26,918

9,592
9,689
9,714
9,798

5,287
5,374
5, 414
5,420

323
332
340
343

502
498
471
542

455
458
455
453

1,229
1,229
1,226
1,226

1,757
1,759
1,771
1,777

17,076
17,055
17,129
17,120

13, 232
13, 285
13, 343
13,334

909
970
864

2,554
2,545
2,347
2,360

7,064
7,065
7,271
7,359

2,774
2,766
2,755
2,751

3,844
3,770
3,786
3,786

Apr.
Apr.
Apr.
Apr.
Apr.

2
9
16
23
30

26, 952
27,138
27,163
27, 546
27, 550

9,828
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
1,786
1,789
1,793
1,799

17,124
17, 292
17,292
17,715
17, 680

13,331
13, 477
13,494
13,911

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 7
M a y 14
M a y 21

27, 601
27, 742
27, 798

9,892
9,953
10, 046

5,568
5,604
5,639

356
359
360

444
445
455

442
443
447

1,234
1,237
1,237

1,812
1, 825
1,868

17, 709 14, 021
17, 789 14, 089
17, 752 13, 991

931
961
975

2,208
2,220
2,217

7,771
7,771
7,780

3,111
3,137
3,019

3,688
3,700
3,761

New York City
1940—April
December
1941—January
February
March
April

9,108
1.0,165
10, 350
10,712
10,916
11, 263

2,965
3,074
3,049
3,063
3,209
3,229

1,686
1,901
1,926
1,983
2,058
2,090

111
90

482
381
331
300
357
341

160
168
169
166
165
163

119
115
113
112
111
112

4,838
5,755
5,913
6,183
6,237
6,578

170
285
170
149
227
351

1,082
1,239
1,498
1,471
1,374

2,527
2,824
2,923
2,947
2,961
3,185

1,253
1, 564
1,581
1,589
1, 578
1,668

1,305
1,336
1,388
1,466
1,470
1,456

1,525

1941—Feb. 26

366
393
393
389
393
395

6,143
7,091
7,301
7,649

7,707
8,034

13, 927

10, 776

3,100

1,989

332

166

111

390

7,676

6,151

158

1,516

2,888

1,589

Mar.
Mar.
Mar.
Mar.

5
12
19
26

10,843
10,892
10,908
11, 022

3,159
3,223
3,204
3,250

2,022
2,075
2,070
2,064

348
354
336
391

165
166
165
165

111
111
111
112

393
392
393
393

7,684
7,669
7,704
7,772

6,168
6,219
6,253
6,309

147
211
270
278

1,523
1,522
1,429
1,411

2,901
2,903
2,991
3,050

1,597 1, 516
1, 583 "., 450
1,563
,451
1,570 ,463

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

11, 530
11,616
11,635

3,244
3,251
3,321

2,123
2,127
2,149

317
318
332

160
160
163

114
114
113

406
409
443

8,286
8,365
8,314

6,911
6,983
6,879

459
500
486

1,434
1,451
1,454

3,211
3,212
3,206

1,807 1,375
1,820 1,382
1, 733 1, 435

Outside New York
City
1940—April
December
1941—January
February
March
April

14, 381
15,223
15,311
15, 604
15, 877
16, 007

5,681
6,235
6,246
6, 345
6,489
6,620

2,728
3,092
3,125
3,203
3,316
3,416

224
213
217
227
239
255

142
153
140
140
146
141

314
295
291
292
290
287

1,063
1,114
1,116
1,119
1,116
1,118

1,203
1,354
1,345
1,352
1,373
1,394

8,700
9,065
9,259
9,388
9,387

6,501
6, 683
6,776
6,955
7,062
7,050

405
449
535
580

951
937
949
1,067
981
811

4,000
4,127
4,125
4,138
4,229
4,516

1,145
1,170
1,167
1,170
1,183
1, 227

2,199
2,305
2,289
2,304
2,326
2,337

1941—Feb. 26

569

1,039

4,164

1,177

2,330

1,031
1,023
918
949

4,163
4,162
4,280
4,309

1,177
1,183
1,192
1,181

2,328
2,320
2,335
2, 323

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

774
769
763

4,560
4,559
4,574

1,304
1,317
1,286

2,313
2,318
2,326

1941—Feb. 26

May 7
M a y 14___.
M a y 21

101
97
97

15, 674

3,238

230

1,358

9,279

6,949

Mar.
Mar.
Mar.
Mar.

5
12
19
26

15, 825
15,852
15, 935
15, 896

6,433 3,265
6, 466 3,299
6,510 3,344
6,548 3,356

232
236
239
246

154
144
135
151

290
292
290

1,118
1,118
1,115
1,114

1,364
1,367
1,378
1,384

9,392
9,386
9,425

7,064
7,066
7,090
7,025

Apr.
Apr.
Apr.
Apr.
Apr.

2
9
16
23
30

15, 899
16, 006
16, 008
16,090
16, 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

May 7
M a y 14
M a y 21

16, 071
16,126
16,163

6,648
6,702
6,725

3,445
3,477
3,490

261
268
271

127
127
123

282
283
284

1,120
1,123
1,124

1,406
1,416
1,425

9,423
9,424
9,438

7,110
7,106
7,112

1,121

13

700
586
492
550
533
469
432
472
461
489

,467
,477
,458
,455
1,421

N O T E . — F o r description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For
back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67)

and corresponding tables in previous Annual Reports.

554




FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars.)
Demand deposits,
except interbank
Reserves
with Cash
Fedin
eral vault
Reserve
Bank?

IndiIndiDomestic
vidvidbanks
uals, State* Certiuals, States
and
and
fied
partpart- politu.
s.
PostaJ
Forner- polit- and
nerical
Gov- ships,
saveign
offiships, ical
subings
»
ernbanks
subcers'
and
and
De2
diviment
divichecks
Time
corcormand
etc
pora- sions
pora- sions
tions
tions

19, 058 1,403
22,098 1, 505
22, 303 1,537
22, 511 1,673
22, 826 1, 657
1,769

1,039
9,005
9,180
9, 077

Total 101 Cities
3,735 1940—April
3,824
December
3,824 1941—January
3,834
February
3.833
March
3,847
April

179

9,137

116

626

3,836 1941— Feb. 26

174
175
172
171

9,208
9,236
9,161
9,115

114
115
117
116

644
649
649
636

3,842
3,832
3,827
3,831

Mar.
Mar.
Mar.
Mar.

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

Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30

395
397

5,255
5,247
5,242

183
186
182

9, 047
9, 067
9, 053

114
115
116

661
661
658

3, 862
3,861
3,862

May 7
May 14
May 21

663
616
594
574
589
585

New York City
1,496 1940—April
1, 507
December
1, 502 1941—January
1,507
February
1,507
March
1,511
April

5,147
5,189
5,244
5, 262
5,282
5, 275

186
210
190
193
173
172

1,820

554

332

5, 273

1,692
1,585
1,624
1,725

435
465
554
503

333
328
330
322

5,295
5,285
5,275
5,271

1,747
1,709
1,688
1,797
1,903

527
442
475
497
514

3,437 23,616 22, 804 1,845
3,484 23, 846 23. 378 1,847
3,530 24, 265 23, 642 1,839

397
412
520

12, 003

530

3,473 23,431 22,812

11,910
11,976
11, 533
11, 438

509
527
505
517

3,427
3,472
3,490
3,480

23,362
23, 487
23,186
23, 259

22, 811
23, 155
22, 690
22, 647

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
23,085
23,173

11,124
11,125
11,433

532
554
535

19,515
22, 299
22, 757
23,092
23, 324
23,515

Date or month

725
674
653
630
645
645

561
433
318
331
328
390

3,229
3.361
3,404
3,381
3,468
3,472

Bor- Capital
rowacings counts

117
113
117
117
115
114

461
560
482
484
489
491

465
556
530
520
515
510

6,259
6,683
6,809
6, 514
6,622
6,202

Interbank
deposits

DeBalances mand
with
deposits
domestic ad- J
barks justed

11, 824
12,109
11,765
11,714
11,371

10, 661

Time deposits,
except interbank

8,295

5
12
19
26

9,154
10,489
10,602
'0,758
11.054
11, 064

246
326
330
345
313
307

282
340
287
290
294
282

677
690
707
717
719

3, 640
3,825
3,929
3, 839
3,928
3, 862

6,729

102 10, 985 10,931

440

340

711

3, 907

6,756
6,755
6,532
6,446

99
101
124
157

11,007
11,038
10,880
11,001

11,095
11,111
10, 968
11, 042

330
308
300
316

251
283
340
303

719
720
715
714

3,947
3, 963
3,919
3, 885

587
592
594
581

1,510
1, 506
1, 505
1,506

Mar. 5
Mar. 12
Mar. 19
Mar. 26

6,472
6, 315
6.354
5,981
5,888

157
120
116
97
88

11, 026
10, 994
10, 941
11,026
10, 946

11,100
10, 995
11,092
11,056
11,079

289
276
272
311
386

304
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

Apr.
Apr.
Apr.
Apr.
Apr.

10, 843 10. 821
10, 905 11,016
11,181 11, 281

333
342
370

206
213
226

705
701

3, 831
3,815
3,833

597
596
596

1,518
1,517
1, 519

May 7
May 14
May 21

9,904
11,609
11,701
11,753
11,772
11,883

1,157
1,179
1,207
1,328
1,344
1,462

179
220
195
194
195
209

3,371 12,446 11,881

1,380

87

85
93
120
116

5,800
5, 745
6, 001

4, 402
5, 141
5.300
5,251
5. 092
.5, 169

387
460
443
436
432
428

5, 274

3,134
3,276
3,319
3, 288
3,348
3,356

9,087
10,351
10,578
10,765
10, 982
10, 987

10, 428
11, 948
12,179
12,327
12,342
12, 528

516
404
299
317
314
372

4,486
4,512
4,554
4,555
4,565
4,556

159
167
148
144
141
145

4,655
4,984
5,110
5,166
5,252
5,215

1,506 1941—Feb. 26

117
113
117
117
115
114

2
9
16
23
30

Outside
New York City
2,239 1940—April
2,317
December
2,322 1941—January
2,327
February
2,326
March
2,336
April
2,330 1941—Feb. 26

316

4,562

141

5,230

5,154
5,221
5,001
4, 992

427
442
424
433

3,328
3, 371
3,366
3,323

12, 355
12, 449
12, 306
12, 258

11,716 1,362
12, 044 1,277
11,722 1,324
11,605 1,409

184
182
214
200

319
314
316
309

4,576
4,565
4,560
4,557

142
142
141
140

5,261
5,273
5,242
5,230

114
115
117
116

2,332
2,326
2,322
2,325

Mar.
Mar.
Mar.
Mar.

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

11,418
11,721
12,153
12, 029
12,094

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
2,334
2,337
2,339
2,340

Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30

5,324
5, 380
5, 432

446
465
450

3,351 12,773 11,983 1, 512
3, 395 12, 941 12, 362 1, 505
3,425 13, 084 12, 361 1,469

191

375
377
378

4,550
4,546
4,544

157
160
156

5,216
5,252
5,220

114
115
116

2,344
2,344
2,343

May 7
May 14
May 21

1,458
1,433
1,416
1,486
1,517

5
12
19
26

iJ 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.

JUNE

1941




555

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollarsl

Federal Reserve
district and date
(1941)

Boston (6 cities)
Apr. 30
May 7
... . _
May 14
May 21
New York (8 cities) *
Apr. 30
Mav 7
May 14
May 21
Philadelphia (4 cities)
Apr. 30
.May 7
May 14
May 21

Total
loans
and
investments

Commercial,
inOpen
marTotal dustrial,
ket
and paper
agricultural

Loans

Investments

Loans for
purchasing
or carrying
securities

U. k 3. Government obligations

Real Loans Other
estate
to
To
loans banks loans
brokers
To
and others
dealers

Total

Bills

Notes Bonds

Guar- secuan- rities
teed

1,331
1,331
1,342
1,342

701
706
717
722

366
366
375
380

78
79
81
81

11
13
12
12

16
16
16
16

81
81
81
81

4
4
4
4

145
147
148
148

630
625
625
620

495
493
493
488

41
40
40
34

38
37
37
38

345
345
346
346

71
71
70
70

135
132
132
132

12,454
12, 465
12, 549
12, 581

3, 623
3,633
3, 644
3,714

2,245
2.263
2,269
2,292

111
108
105
103

335
322
323
336

207
207
207
210

194
195
195
194

32
29
32
32

499
509
513
547

8,831
8,832
8,905
8,867

7,262
7,311
7,379
7,282

437
459
500
486

1, 455
1,475
1,492
1,497

3,469
3,476
3,468
3,467

1,901
1,901
1,919
1,832

1,569
1,521
1,526
1,585

1,283
1 288
1,296
1,294

507
512
522
524

267
271
275
276

36
37
39
40

22
24
25
25

30
29
30
29

50
49
50
50

102
102
103
104

776
776
774
770

499
501
500
498

27
28
25
25

383
385
387
388

89
88
88
85

277
275
274
272

2,098
2,111
2,119
2,117

835
841
848
849

382
387
390
392

10
11
12
12

16
16
17
16

20
19
19
20

181
181
182
182

225
226
227
226

1,263
1,270
1,271
1,268

994
1,002
1,003
1, 000

8
8
8
7

152
153
153
153

681
688
689
687

153
153
153
153

269
268
268
268

716
718
719
717

309
310
310
309

148
149
149
148

11
11
11
12

3
3
3
3

14
14
13
13

48
48
48
48

85
85
86
85

407
408
409
408

337
339
340
339

1
1
1
1

51
51
52
51

223
225
225
225

62
62
62
62

70
69
69
69

710
711
710
704

373
373
373
371

196
196
192
193

5
5
5
4

6
6
6
6

11
11
11
11

36
36
36
36

118
118
122
119

337
338
337
333

221
222
221
217

4
5
5
5

47
47
46
45

108
108
108
106

62
62
62
61

116
116
116
116

3. 881
3 915
3,937
3,957

1,209
1 210
1,227
1,243

770
779
797
803

46
46
45
46

44
36
36
35

68
67
67
67

132
132
132
133

149
150
150
159

2,672
2 705
2,710
2,714

2,055
2 095
2,094
2,097

258
301
288
315

231
227
226
220

1, 231
1 233
1,234
1,242

335
334
346
320

617
610
616
617

854
855
861
868

389
389
391
391

224
224
224
222

17
18
18
19

5
5
4

11
11
11
13

60
60
60
60

71
71
72
73

465
466
470
477

350
351
355
361

58
58
62
68

37
37
37
37

184
185
185
185

71
71
71
71

115
115
115
116

426
419
417
421

210
206
205
207

103
100
99
101

3
3
3
3

1
1
1
1

6
6
7
6

13
13
13
14

84
83
82
82

216
213
212
214

174
171
171
173

2
1
1

19
19
19
19

117
115
116
117

36
36
36
36

42
42
41
41

754
752
755
756

351
350
353
353

211
209
210
209

22
22
23
23

4
4
4
4

10
10
10
10

32
32
32
32

72
73
74
75

403
402
402
403

271
271
271
270

25
24
24
23

46
47
47
46

102
101
100
102

98
99
100
99

132
131
131
133

602
600
599
599

316
315
315
313

214
214
213
211

2
2
2
2

3
3
3
3

12
12
12
12

24
24
24
23

61
60
61
62

286
285
284
286

224
223
222
225

33
32
31
34

34
34
34
34

114
114
114
114

43
43
43
43

62
62
62
61

2,441
2,436
2,438
2,442

1,047
1,047
1,048
1,050

406
410
411
412

13
14
15
15

15
11
10
10

40
40
40
40

384
383
384
384

188
188
187
188

1 394
1,389
1,390
1,392

1 045
1,042
1,040
1,041

2
2
2
1

53
53
52
52

796
796
799
801

194
191
187
187

349
347
350
351

2,542
2, 577
2,595
2,615

771
767
780
795

556
560
573
580

25
25
24
25

39
31
31
30

54
54
54
54

21
21
21
21

76
76
77
85

1 771
1,810
1,815
1,820

1 361
1,402
1,402
1,406

257
300
287
314

125
122
124
125

836
838
837
838

143
142
154
129

410
408
413
414

Cleveland (10 cities)

Apr. 30
May 7
May 14
May 21
Richmond (12 cities)
Apr. 30 .
May 7
Mav 14
May 21
Atlanta (8 cities)
Apr 30
May 7
May 14
May 21

Other

Total

1
1
1
1

1
1
1
2

Chicago (12 cities)*

Apr. 30
May 7
May 14
May 21
St. Louis (5 cities)
Apr. 30
May 7 _
May 14
May 21
Minneapolis (8 cities)
Apr. 30
May 7 ..
May 14
May 21
Kansas City (12 cities)
Apr. 30
May 7
May 14
May 21
Dallas (9 cities)
Apr. 30
May 7
Mayl4_.
May 21
San Francisco (7 cities)
Apr. 30
May 7
May 14
May 21

1
1

1
1
1
1

City of Chicago*

Apr. 30
May 7
May 14
May 21

* 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.

556




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
Reserves
with
Federal
Reserve
Banks

Cash
in
vault

643
631
616
611

147
149
149
150

196
195
195
189

6, 066
5,997
5,934
6, 205

104
109
112
108

228
224
230
238

BalDeances mand
with
dedoposits
mestic adbanks justed i

States
and
political
subdivisions

Certified
and
officers'
ihecks,
etc.

Interbank
deposits

Domestic
banks
States
and
polit- Postal
Forical
eign
savsubbanks
ings
DediviTime
mand
sions

U.S.
Government 2

Borrowings

Capital
ac3ounts

Federal Reserve
district and date
(1941)

Boston (6 cities)

600
593
580
597

23
24
24
24 i

785
772
794
805

111
102
99
96

23
20
23
22

12
12
12
12

229
229
229
229

11,733 1,681
11,655 11,411
11, 739 1,628
12, 040 11, 895

610
582
595
558

320
224
232
345

30
32
31
33

1,075
1,064
1,060
1,056

3, 895
3,919
3,895
3,911

597
597

1,640
1,642
1,642
1,644

1,456
1,441
1,433
1,425

1,411
1,392
1,400
1,391

388
390
393
393

249
249
250
246

April 30
May 7
May 14
May 21
New York (8 cities)*
April 30
May 7
May 14
May 21
Philadelphia

207
208
209

1,210
1,211
1,200
1,222

1,158
1,133
1,148
1,155

132
140
136
140

13
9
9
12

13
13
13
13

260
261
261
259

458
454
460
455

6
6
6
6

218
219
219
219

52
52
56
52

361
378
402

1,693
1,679
1,708
1,745

1,677
1,639
1,707
1,730

128
116
120
119

23
24
22
20

34
34
34
39

724
723
722
722

483
480
500

2
1
1
1

390
390
391
391

292
308
303
304

25
25
27
25

290
289
290
287

617
627
629
630

598
603
619
610

68

12
9
12
12

26
27
27
27

205
205
205
205

361
367
366
362

101
102
99
102

158
169
177
178

15
15
16
16

262
259
261
274

485
487
501
510

463
463
483
478

83
81
83
90

6
5

34
35
36
35

187
187
186
187

366
372
368
367

97
97

1,535
1,496
1,520
1, 529

75
80
86
82

602
624
624
628

3, 243
3, 206
3,258
3,314

3, 053
3,005
3,105
3,112

371
356
357
378

123
123
123
118

993
992
991

1,330
1, 387
1,391
1.364

420
421
421
421

200
200
198
211

13
14
15
14

187
185
185
191

556
546
553
554

560
553
570
560

12
13
14
14

190
190
189
189

410
417
415
440

97
97
96
96

87
100
115
113

79
148
139
136

253
324
330
331

219
283
296
303

1
1
1
1

113
112
113
112

170
180
179
176

61
61
61
61

209
213
212
208

315
313
329
325

591
588
604
595

566
562
587
580

9
10
9

141
141
141
141

451
454
458
459

108
109
109
108

146
153
162
154

301
305
310
31

546
549
561
562

522
523
549
542

62
61
59
57

128
128
127
127

286
292
294
291

90
90
90
91

487
492
514
518

340
326
334
335

1,329
1,303
1,330
1,337

1,265
1,237
1,286
1,286

140
141
137
142

1,024
1,023
1,023
1,023

331
335
348
347

384
385
386
386

1,136
1,122
1,144
1,146

26:
285
276
283

2,135
2,124
2,158
2,207

2,073
2,044
2,107
2,116

181
177
183
198

491
490

999
1, 052
1,053
1,035

268
269
268
268

(4 cities)

April 30
May 7
May 14
May 21
Cleveland (10 cities)

April 30
May 7
May 14
May 21

Richmond

April 30
May 7
May 14
May 21

Atlanta

(12 cities)

(8 cities)

April 30
May 7
May 14
May 21

Chicago (12 cities)*

April 30
May 7
May 14
May 21
St. Louis (5 cities)
April 30
May 7
May 14
May 21
Minneapolis (8 cities)
April 30
May 7
May 14
May 21
Kansas City (12 cities)
April 30
May 7
May 14
May 21
Dallas (9 cities)

April 30
May 7
May 14
May 21

San Francisco

April 30
May 7
May 14
May 21

(7 cities)

City of Chicago*

April 30
May 7
May 14
May 21

*1 See note on preceding page.
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.

JUNE

1941




557

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding

End of month

Held by

Commercial
paper
outstand-

Total
outstand-

ing i

ing

Federal Reserve
Banks

Accepting banks

Total

Own
bills

Based on

ImFor acports Exports Dollar
count
of
from
Others
exinto
For foreign
Bills
United United change
ac- correbought own
States
States
count spondents

Goods stored in or
shipped between
points in
United
States

Foreign
countries

1940—January „
February
March
April
May.
June
July
August
September
October
November
December

_ _

219
226
233
239
234
224
232
245
251
252
232
218

229
233
230
223
214
206
188
182
177
187
197
209

179
188
184
178
171
166
152
148
142
149
159
167

111
123
121
118
113
112
103
103
100
96
99
100

68
65
63
61
58
54
49
44
42
53
60
67

50
45
46
45
43
40
36
34
35
38
38
42

101
95
90
86
78
79
75
80
80
91
98
109

38
44
47
45
47
43
32
24
22
20
20
18

16
15
14
13
12
13
13
11
11
11
9
10

51
51
49
46
41
36
35
38
35
37
41
44

23
27
30
33
34
34
32
29
28
28
29
27

1941 January
February
March
April _

__ _ _

232
241
263
275

213
212
217
220

168
164
170
170

103
99
107
105

65
65
63
66

45
48
47
49

115
119
120
126

16
18
24
25

11
7
8
7

44
42
41
38

26
26
25
23

1

As reported by dealers; includes some finance company paper sold in open market.
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

Debit
Customers' balances in
partners'
debit
investment
balances
and trading
(net) i
accounts

End of m o n t h

Credit balances

Debit
balances in
firm
investment
and trading
accounts

Customers'
credit balances 1
Cash on
hand
and in
banks

Money
borrowed 2

Free

Other
(net)

Other credit balances
In
In
partners'
firm
In
investinvestcapital
ment and ment and accounts
trading
trading
(net)
accounts accounts

1935—December

1,258

75

135

179

930

286

79

24

10

410

1936 —June

1,267
1,395

67
64

164
164

219
249

985
1,048

276
342

86
103

24
30

14
12

420
424

1937—june

1,489
985

55
34

161
108

214
232

1,217
688

266
278

92
85

25
26

13
10

397
355

774
991

27
32

88
106

215
190

495
754

258
247

89
60

22
22

11
5

298
305

834
906

25
16

73
78

178
207

570
637

230
266

70
69

21
23

6
7

280
277

910
702
653
642
631
635
653
666
677

15
12
12
12
12
12
12
12
12

72
67
58
64
56
57
70
64
99

192
239
223
213
215
218
203
214
204

626
459
376
376
368
370
381
383
427

252
251
267
261
256
268
269
280
281

73
68
62
62
57
56
58
59
54

21
22
22
22
21
20
20
20
22

9
6
5
6
5
5
5
4
5

271
274
269
264
260
255
253
253
247

661
634
633
606

11
11
9
10

73
78
81
86

207
199
199
199

399
375
387
368

275
267
268
265

54
53
56
60

22
22
21
20

6
6
6
8

238
237
231
227

December

December
1938—June

December

1939—June

December

__ _

1940—April
May

June
July
August
September __.
October
November
December
1941—January __
February
March
ApriL_

__
_

__ _

.
_ _

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 thesefiguressee "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).

558




FEDERAL RESERVE BULLETIN

COMMERCIAL LOAN RATES

OPEN-MARKET RATES IN NEW YORK CITY

[Per cent per annum]
Prevailing rat 31 on—

Year,
month, or
week

AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES

Average rate on—

Prime Stock Stock
exPrime bankexcomers' change change
mercial acceptcall
time
paper, ances, loans,
loan
4 to 6
re90
90
months days
newdays
als

.44
.44
.44

1.25
1.25
1.25

1.00
1.00
1.00

.053
.023
.014

.07
.05
.04

.83
.59
.50

1940—April
May

.56
.56
.56
.56
.56
.56
56
.56
.56
.56
.56
.56
.56

.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44

1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25

1.00
1.00
1.00
1.00
1.00
1.00
1 00
1.00
1.00
1.00
1.00
1.00
1.00

.003
.042
.071
.009
.019
.021

.02
.06
.10
.05
.04
.05

.45
.65
.76
.57
.58
.48

.003

. 02

. 43

.034
.089
.092

.02
.02
.02
.04
.11
.10

IX

1.00
1.00
1.00
1.00
1.00
1.00

.097
.097
.096
.069
.070
.069

Mar

April
Week ending:
Apr. 19__
Apr. 26__
May 3—
May 10May 17_ _
May 24_.

7

/l8

Vie
7

/l6

Via

7
7

A«

/i«

IX
IX

IX
IX
IX

New
York
City

tax-

.81
.59
.56

1941—Jan.
Feb.

Total
19 cities

exempt 1934 average1 _
New
U.S.
issues Deal- Treas1935 average11.
ofers'
1936 average1 ury
fered
quo1937 average1within tation notes
1938 average 1939 average..
period
1940 average.-

1938 average...
1939 average ___
1940 average..-

June
July
Aug
Sept
Oct.
Nov
Dec.

[Per cent per annum]

Average
U. S. Treas- yield
of
ury 91-day
3-to-5
bills 2
year

(3)

($)
(3)

. 35
' 55
.50
.52

.11

.55
.51
.49
.47
.44
.41

.12 .

.12
.12
.10
.10

7 other
Northern and
Eastern
cities

11 Southern and
Western
cities

3.45
2 93
2^68
2.59
2.53
2.78
2.63

2.45
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

1

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.
Backfigures—SeeNovember 1939 BULLETIN, pp. 963-969 for descrip8
Rate negative.
tion and for back figures.
Backfigures.—SeeAnnual Report for 1937 (tables 43 and 44). Figures
for Treasury bills and Treasury notes available on request
BOND YIELDS'

[Per cent per annum]
Corporate 4

Year, month, or week

Number of issues..

U. S.
Treasury 2

Municipal 3

By ratings
Total

Industrial

Baa

Aa

Aaa

By groups
Public
Railutility
road
40

30

30

30

30

40

1938 average..
1939 average,.
1940 average..

2.56
2.36
2.21

2.91
2.76
2.50

4.19
3.77
3.55

3.19
3.01
2.84

3.56
3.22
3.02

4.22
3.89
3.57

5.80
4.96
4.75

3.50
3.30
3.10

5.21
4.53
4.30

3.87
3.48
3.25

1940—April
May
June
July
August
September..
October
November..
December..
1941—January...
February...
March
April

2.25
2.38
2.39
2.28
2.25
2.18
2.10
1.97
1.89
1.99
2.10
2.01
1.96

2.56
2.81
2.85
2.54
2.49
2.44
2.32
2.18
2.07
2.16
2.27
2.28
2.20

3.54
3.65
3.72
3.57
3.55
3.50
3.46
3.40
3.36
3.36
3.40
3.39
3.39

2.82
2.93
2.96
2.88
2.85
2.82
2.79
2.75
2.71
2.75
2.78
2.80
2.82

2.99
3.08
3.10
3.01
3.03
3.01
3.01
2.96
2.92
2.95
3.00
3.01
3.04

3.59
3.65
3.70
3.57
3.55
3.52
3.48
3.40
3.36
3.36
3.38
3.37
3.38

4.74
4.94
5.11
4.80
4.76
4.66
4.56
4.48
4.45
4.38
4.42
4.38
4.33

3.05
3.20
3.25
3.15
3.12
3.10
3.06
2.98
2.93
3.96
3.00
3.02
3.06

4.33
4.46
4.57
4.32
4.30
4.23
4.15
4.07
4.03
3.96
4.00
3.98
3.96

3.24
3.30
3.33
3.23
3.23
3.19
3.18
3.14
3.13
3.17
3.19
3.17
3.16

Week ending:
May 3___
May 10_May 17May 24_.

1.91
1.92
1.93
1.94

2.18
2.17
2.14
2.12

3.38
3.37
3.36
3.37

2.81
2.81
2.82
2.82

3.01
3.00
2.99
2.99

3.36
3.34
3.34
3.34

4.32
4.31
4.31
4.32

3.04
3.02
3.02
3.02

3.95
3.94
3.94
3.95

3.14
3.14
3.13
3.13

2-6

1 Monthly and weekly data are averages of dailyfigures,except for municipal bonds, which are based on Wednesday figures.
23 Average of yields of all outstanding partially tax-exempt Government bonds due or callable in more than 12 years.
4 Standard 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 XJ. S. Treasury bonds available on request.

JUNE

1941




559

BOND PRICES1
U. S.
TreasMunicury 2
ipal 3

Year, month, or date

Number of issues

__

STOCK MARKET
Corporate 3

Total

Stock pricesl

Indus- Rail- Public
trial road utility

2-6

15

60

20

20

1938 average
1939 average -

102.5
105.2
107.2

113.7
116.3
121.2

78.9
81.6
82.0

82.9
86.0
87.5

58.6
58.0
57.9

1940—April _
May...
June
July
August.
September
October
November
December
1941—January
February
March
April

106.7
104.9
104.8
106.3
106.7
107.7
108.8
110.7
111.8
110.4
108.8
110.1
110.8

119.8
115.3
114.6
120.4
121.2
122.3
124.6
127.3
129.3
127.7
125.6
125. 4
126.8

82.5
79.4
78.5
81.2
81.5
82.7
83.6
83.9
84.0
85.3
84.5
85.3
85.8

87.5
85.3
84.7
86.3
86.8
87.8
89.2
90.3
90.2
90.5
89.9
90.2
90.2

58.2
53.5
52.0
57.1
57.5
59.7
61.0
60.9
61.1
64.3
62.7
64.3
65.9

111.5
111.4
111.2
111.1

127 2
127.4
128.0
128.4

86.0
86.4
86.1
86.0

90.2
90.3
90.0
90.0

66 7
67.6
67.0
66.7

.

Apr. 30
M a y 7__
M a v 14
M a y 21 _

Year, month, or
date

Preferred 2

20

95.3
100.9 Number of issues..
100.6
1938 average _ _
101.7 1939 average
99.3 1940 average
98.7
100.2 1940—April
100.2
May
100.6
June
100.6
July
100.5
August
100.7
September...
101.2
October
100.9
November
101.3
December . . .
101.1 1941—January
February
101 0
March
101.3
April
101.3
101.3
Apr 30
May 7
M a y 14
M a y 21
bonds,

Volume of
trad-3
Common (index, 1926=100)
ing
(in
thouIndus- Rail- Public sands of
trial
road utility shares)
Total

20

420

348

32

40

135.6
141. 2
140.1

83
89
84

99
105
97

26
28
27

73
85
82

1,104
977
767

142 3
138.2
133 2
136.9
137 3
139.1
140 4
141.9
143.9
145.4
143.0
142 1
141 8

93

109

29

88

81
75
80
80
81
80
79
78
78
75
75

1,131
1,651
708
310
317
553
599
1,044
814
564
444
440

141.2
141.1
141.2
140.7

97
85
87
89
94
95
96
94
94
88
88

25
23
24
25
27
27
28
26
28
26
27

74

86

27

71

495

72
73
73
74

84
85
86
86

27
27
27
26

68
68
68
68

396
574
391
382

83
73
76
78
81
81
82
80
81
76
76

1
Monthly data are averages
of daily figures except for municipal
which
are averages of Wr ednesday figures.
8
Prices derived from average of yields of all outstanding partially
i 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.
2 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.
3
Prices derived from average yields, as computed by Standard Sta- Exchange. Weekly figures are averages for the week ending Saturday.
Backfigures.—Forstock prices, see Annual Report for 1937 (table 79).
tistics Co..
Backfigures.—SeeAnnual Report for 1937 (table 79). For U. S. Treasury bonds see November 1940 BULLETIN.

CAPITAL ISSUES
[In millions of dollars]
For refunding

For new capital

Year or
month

1931.
1932 .
1933
1934.
1935
1936
1937.
1938.
1939
1940. ..,___
1940— A.pr
May
June
July....
Aug
Sept.___
Oct
Nov
Dec
1941—Jan
Feb
Mar
Apr

Total
(new
and
re-.
funding)

4,038 3,095
1,751 1,197
720
1,063
2,160 1,386
4,699 1,457
6,214 1,972
3,937 2,138
4,449 2,360
5, 842 2,289
r
4, 762 n, 944
345
251
227
691
282

r226
711
440
606
417
337
407
921

Domestic

Domestic
Total
(domestic
and
forTotal
eign)

118
122
83
397
130
114
257
263
190
95
77
182
745

State
and

mu-

nicipal

1,235

Federal
agencies i

Corporate
Total

Bonds
and Stocks
notes

Foreign 2

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
873
383
724

305
40
144
334
839
817
807
287
589

311
20
120
35
69
352
408
67
97
135

235
32
12
0
48
23
44
35
50
r
2

118
122
83
397
129
114
257
263
190
95
77
182
745

58
30
71
62
61
46
98
53
129
40
37
86
60

6
3
2
289
0
0
112
42
0
2
8
9
645

54
89
10
46
68
68
47
169
61
53
32
86
39

31
80
8
44
53
64
21
166
45
51
25
55
29

23
10
2
2
15
4
26
3
16
2
6
31
10

0
0
0
0
1
0
0
0
0
0
0
0

2,860
1,165
708

1,192
1,225

(3)

Total
(domestic
and
Total
foreign)

State
and
municipal

Federal
agencies i

51
93
26
317
987
353
281
665

944
554
343
774

893
498
283
765

3,242
4,242
1,799
2,089
3,553
r
2, 818

3,216
4,123
1,680
2,061
3,465
2,818

21
87
37
136
365
382
191
129
195
478

227
129
144
294
153

227
129
144
294
153
113
453
177
416
322
2^0
221
176

18
20
14
20
14
24
80
25
73
23
26
93
40

••113
453
177
416
322
260
225
176

Corporate
Total

Bonds
and Stocks
notes

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

17
25
29
48
28
26
28
59
14
31
17
11
28

192
84
101
226
111
62
345
92
328
268
217
117
108

1,537

Foreign 2

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
r
0

154
84
101
223
107
61
332
66
286
265
200
85
108

38
0
(3)
3
4
1
14
26
43
3
17
32
0

0
0
0
0
0
r(J
0
0
0
0
0
4
0

856

r
1

Revised.
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.
• Less than $500,000.
Sovrce.—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).

560




FEDERAL RESERVE B U L L E T I N

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT OBLIGATIONS
[On.basis of daily statements of United States Treasury. In millions of dollars]
Noninterestbearing

Interest-bearing
Public issue s

End of month

Total
gross
debt

19,487
22, 539
27, 053
28 701
— 33,779
36,425
37,165
40,440

1940—Mar
Apr
M a y _.
June
July.....
Aug
Sept

Oct.
Nov
Dec

1941—Jan.
Feb...
Mar
Apr

42, 510
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

19,161
22,158
26,480
27 645
32, 989
35,800
36,576
39, 886
41,983
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

Nonmarketable
issues

Marketable issues 1

Total
interest
bearing

|

Total
ury
bills

Treasury
notes

Postal
AdTreas- Savings U. S. justed
ury 2
and
Savings
bonds prewar bonds bonds
bonds

18, 852
621, 835
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

62
316
800
1,238
1,868

37,513
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

1,309
1,306
1,304
1,302
1,30,5
1,303
1, 303
1,307
1,308
1,310
1,307
1,306
1,604
1,603

6,125
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

26, 908
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

196
196
196
196
196
196
196
196
196
196
196
196
196
196

2,707
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

Treas-

1932—June
1933—June
1934—June
1935—June
1936-June
1937—June
1938—June
1939—June

Special issues

6

Total

945
389
319
283

309
323
396
633
626
1, 558
2,676
3,770

268
267
265
261
258
256
254
252
251
249
248
247
245
244

4,471
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

Social
AdAll 5
sejusted other
curity 3 service 4

Matured
debt

Other

19
579
1,601
2,511

105
92
118
156
126
538
549
556

203
231
278
478
480
441
526
703

60
66
54
231
169
119
141
142

266
315
518
825
620
506
448
411

3,269
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

516
515
515
536
515
515
517
517
516
516
517
518
518
529

686
699
707
712
803
797
796
808
808
806
842
841
840
824

165
150
166
205
198
205
212
197
187
189
181
180
220
186

392
391
38S
386
386
383
381
38C
379
377
376
374
372
372

1
2
3
4

Including amounts held by Government agencies and trust funds which aggregated $2,074,000,000 on April 30, 1941.
Including Liberty bonds.
Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account.
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.
6
Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000
MATURITIES OF PUBLIC ISSUES OF DIRECT OBLIGATIONS,
April 30, 1941

FULLY GUARANTEED OBLIGATIONS, BY AGENCIES >

[In millions of dollars]

[In millions of dollars]
Maturing

Date maturing or
callable

Total

1,126
1941—Before July 1
July 1-Sept. 3 0 . ... 1,336
204
Oct. 1-Dec. 31
426
1942—Jan. 1-Mar. 31
Apr. 1-June 30
575
July 1-Dec. 31
1,395
1943__
1.849
1944
3.607
1945
1,848
1946
2,791
1947
1,980
1948...
_.
1, 634
1949.
2,704
1950
1,666
1951
_
1952
. „
2,454
2,932
1953
1954
3,709
1955. .
1,515
1956...
. 1,170
1958
982
1959
1960
2,611
1961. .
50
919
1963
1, 485
1965

Total

40, 967

Treasury
Treas- Treasbonds
ury
ury Treascall-1
bills notes ury Others able
Bonds

1,102
501

204
426
575
1,395
1,849
1,249

(3)
(3)

1,941
1,519
2,370
1,487
819
1,687
1,223
2,436
2,904
3,687
1,480
1,170

417
330
422
493
815
1,017
442
18
27
22
35

982
2,611

834

3,361
2,278 1940—Feb.__
1,186
Mar. _
3, 500
Apr...
1,024
May_.
725
June—
681
July..
2,611
Aug...
982
Sept.919
Oct.._
1, 485

4,087

29, 554

1 Treasury bonds in the amount of $2,527,000,000 not callable prior to
maturity
are shown as of date of maturity.
2
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.
3 Less than $500,000.

JUNE 1941




Nov.
Dec...

1941—Jan.. .
Feb. .

919
1,485
5,721 29, 554

1935—June..

Dec._.
1936—June..
Dec.
1937 June..
Dec.
1,855
2,555 1938—June1,755
Dec.__
2,344 1939—June. _
1,460
Dec...

50

1,603

Total

1934—June..
681
Dec... 3,063

24
834

End of
month

Mar. .
Apr...

ComU. S.
ReconHome
Federal
Owners' struction modity
HousFarm
ing
Finance
Credit
Mortgage Loan
Corpora- Corpora- Corpora- Corpora- Authortion 2
ity
tion
tion
tion

4,123
4,494
4,718
4,662
4,665
4,645
4,853
4,992
5,450
5,703

312
980
1,226
1,387
1,422
1,422
1,422
1,410
1,410
1,388
1,379
1,269

134
1,834
2,647
2,855
3,044
2,988
2,987
2,937
2,937
2,888
2,928
2,813

235
249
250
252
252
252
255
297
299
509
820
1,096

206
206
206
407

114
114

5,673
5,663
5,656
5,535
5,528
5,526
5,812
5,808
5,810
5,919
5,916
5,915
5, 914
5,916
6, 560

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

2,783
2,770
2,763
2,641
2,634
2,631
2,627
2, 623
2,621
2,618
2,615
2, 614
2,613
2,611
2,609

1,096
1,096
1,096
1,096
1,096
1,096
1,096
1,007
1,097
1,097
1,097
1,097
1,097
1,097
1,741

407
407
407
407
407
407
696
696
696
696
696
696
696
696
696

114
114
114
114
114
114
114
114
114
226
226
226
226
226
226

1
Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the
public debt. The total includes guaranteed debentures of the Federal
Housing
Administrator, amounting to $17,000,000 on April 30, 1941.
2
Excludes obligations guaranteed as to interest only. For August 1939
and subsequent months includes matured bonds not presented for retirement amounting to $10,000,000 on April 30, 1941.

561

SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollarsj
General and special accounts
Receipts
Period

Mis

cellaIn- neous Social All
come inter- security
other
taxes
nal
taxes
revenue

AgriculInterNatural
Total Net
est
tional
Adrereon
dejustceipts ceipts 1 debt
fense ment
Program

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

10 months
ending:
Apr. 1939— 1,789
Apr. 1940— 1,621
Apr. 1941— 2,490

1,853
1,965
2,448

591
669
735

426
486
111

4,659
4,741
6,450

4,262
4,338
5,938

658
726
760

192
175
179
201
237
346
213
237
252
231
210
204
273
244

30
39
137
32
39
139
29
38
138
34
47
193
34
43

46
42
43
88
41
43
37
47
46
46
52
172
52
240

934
304
400
784
367
566
711
365
485
741
372
674

799
304
400
649
331
447
711
333
362
740
340
541

1,567

1,566

146
69
10
305
20
20
148
73
11
219
25
21
150
73

1940—Mar..
Apr..
MayJune
July.
Aug..
Sept.
Oct...
Nov..

Dec. _
1941—Jan..
Feb..
Mar..
Apr..

665
48
40
464
50
38
432
44
49
429
63
104
1,208
75

Trust Increase or decrease during
accounts
period

Expenditures (excl. debt retirements)

602

565

Un- Transem- fers to
ploy- trust
All
ment
acother
re- counts
lief
etc 1

etc.,2
excess
of receipts

Excess
of expendi- (+)or
exTotal* tures penditures

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

1,252
4,404

608
916
897

2,191
1,599
1, 460

182
204
235

2,522 7,117 - 2 , 856
2,768 7,465 - 3 , 1 2 7
2,286 10, 041 - 4 , 1 0 4

+785
+280
+375

+535 +4, 263

143
159
154
153
177
200
219
287
376
473
572
593
746
761

105
78
62
43
54
76
75
103
108
110
103
96
102
71

173
173
169
151
151
142
139
145
138
155
146
138
159
148

956

362
787

255
284
248
235
302
243
168
261
164
215
247
209
232
244

20
4
114
25
10
20
18
20
10
18

822
783
647
887
818
706
759
869
817

1,172
1,111
1,075
1,399
1,315

Details of trust accounts, etc.
Old-age insurance
trust fund and railroad
retirement account

Unemployment
trust fund

-22
-479
-247
—237
-487
-259
-48
— 536
-455
—432
-771
-534

+167
-750

ReconCom- United
In- Other struction modity States
In- BeneNet
fit
ReAll
exvestvest- payCredit
HousFinance
receipts ments ments ceipts ments pendi- Corpora- Corpora- ing Au- other
tion
thority
tures
tion

461
516
573

85
120
129

763
838
959

560
395
443

191
442
514

10 months ending:
Apr. 1939
Apr. 1940
Apr. 1941

504
520
638

393
398
419

98
104
151

669
768
896

300
373
407

1940—Mar
Apr
May
June
July
Aug
Sept
Oct.
Nov
Dec.
1941—Jan
Feb.
Mar
Apr

135
20
4
179
56
145
11
32
143
1
42
152
11
46

135
•5

11
12
12
12
13
13
14
15
15
15
15
16
17
17

30
53
145
46
59
143
67
107
145
51
78
149
28
69

•18
18
81
•11
13
85
•18
31
113
11
29
113
•10
40

""175"
•5
1
148
*5
*5
151
•10
*5
160
•10

*9

*184

•658
•234

136
10

1
*60
17

369
402
494

*575
*245

141
*35
17

*82
39
63

*174

47
45
58
54
57
53
81
84
31
33
41
43
37
35

2
*3
*6
17
25
(*)
•13
•10
59
15
16
160
64

•4
•4
(*)
45
10

17
•34
•17
•5
25
•6
15
51

*89

*406

•144

•1
21
24
17
12
7
37
33

-628

+164

-83
—62

-303
-181
— 139

+51
+320

+367
+196

-158
—24

+216

-39
—495
-103

—209

+ 2 , 218

+175
+118
+ 150
+160
+803
+135
+168
+64
+136
+752
+852

+111
+97
+213
-324
+1,014 + 1 , 083
+403
-290
+58
+15

-3
-236

All other

Period

550
639
703

+11
+58

+828 +2, 898

Details of general fund
balance (end of period;

Net expenditures in checking
accounts of Government agencies

Fiscal year ending:
June 1938.._
June 1939...
June 1940..-

General
Gross
fund debts
balance 2

•103
8
32
*8
25
24

Total
ExReceipts penditures

InWorking
ment Seigniorage balon
gold
ance

414
440
415

327
324
323

2,216
2,838
1,891

142
142
143

446
536
585

1,628
2,160
1,163

*257

350
332
416

267
234
370

3,044
2,210
2,425

142
143
143

522
581
603

2,380
1,486
1,679

•29
9
107
•11
•57
•32
16
*13
*50
21
*43
•30
*56
•12

29
32
20
62
120
18
24
29
18
35
38
33
46
57

22
10
17
72
103
15
17
17
6
25
50
42
49
48

2,514
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

143
143
143
143
143
143
143
143
143
143
143
143
143
143

577
581
584
585
588
590
592
595
596
597
599
601
602
603

1,794
1,486
1,303
1,163
1,527
1,720
1,680
1,183
1,078
1,188
1, 283
957
1,970
1,679

•12

*186
166

70

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.
4 Less than $500,000.
* Excess of credits.
NOTE.—For explanation of table see BULLETIN for October, 1940, p. 1052.

562




FEDERAL RESERVE BULLETIN

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MARCH 3 1 , 1941
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Reconstruction NaFinance tional
CorpoDeration
fense
CorPublic poraWorks
Admin- tions
istration

Home mortgage and
housing agencies

Home
Owners'
Loan
Corporation

Total

F a r m credit agencies

TennesInsee surOther
ValComance Other
Farm
ley agenmodity
Credit
Credit Other AuAdm.
cies
thorCorpobanks
ity
and cor- ration

Other United F a r m
mort- Hous- mortgage
gage
ing
agenagenAucies
cies thority

March 31

1941

1940

porations

Assets
Loans and preferred stock:
Loans to financial institutions..
Preferred stock, etc
Loans to railroads
Home and housing mortgage
loans
Farm mortgage loans. _ _
Other agricultural loans
All other loans
Total loans and preferred
stock
<3ash
. .
.. _
U. S. Govt. direct obligations .._ .
Obligations of Government credit
agencies:
Fully 5guaranteed by U. S...
Other
Accounts and other receivables
Business property..
Property held for sale
_
Other assets
__ .__ __. .
Total assets
other than interagency 6
_ ._ ^

206
437
498

183

146
24

1 914

259

0)

62

1
25

409
706
523

394
786
517

4
M53

2,406
2, 475
776
1,386

2,377
2,568
1,131
1,140

57

233
2,475

0)

M49

275

190
3 483

367
58
97

275
2

673
17

8

70
6
620

30

6
366

1
4
726

0)

1,591

2 097
246

4
50

428
104
42

233
10
6

2 475
119
87

12

0)

4

0)

0)

132

2,691

16

116

6
3
340

7
0)
0)
594

10
9
4

5
3
212
6
84
8

8

23
Q)
43
1,724

306

2
127

0)

0)
(1)

2, 994

567

226

1, 270
5 979

214

8,681 8,914
620
504
756
765

66
1
38

109
92
1

0)

11

261

124
20
551
602
1, 245
310

380

780

968

12,909 12,116

8

16
1

11

5,916 5,664
1 390 1 323

103

21

380

484
17
4

57
34
470

974

130
45
417
555
629
157

Liabilities
Bonds, notes, and debentures:
Guaranteed by United States
Other 5
Other liabilities (including reserves)
..
Total liabilities
other than
interagency 6

1,097

2,611
176

696

360

1

69

36

6

123

7

114

221

8

274

171

1, 391 1,065

1,457

1

2,680

212

232

2,372

221

810

221

16

292

182

8, 696 8,052

^Excess of assets over liabilities, excluding interagency transactions.
Privately owned interests

267

130

11

382
58

147

623
220

347
4

163

504

364

488
139

786

4,213 4, 064
421
401

U. S. Government interests

267

130

11

324

147

403

342

163

504

364

349

786

3,792 3,663

2

i Less t h a n $500,000.
Includes $92,000,000 loans of Public Works Administration.
3 Includes $415,000,000 loans of F a r m Security Administration.
Includes $268,000,000 loans of Rural Electrification Administration.
5 Excludes Federal land bank bonds held b y Federal F a r m Mortgage Corporation.
6
Includes, however, investments in securities of agencies (other t h a n mentioned in footnote 5) and deposits of agencies with Reconstruction
Finance Corporation.
N O T E . — F o r explanation of table, see BULLETIN for October 1938, p . 882.
4

RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding. In thousands of dollars]
Apr. 30,
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 1
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration

155, 651
29,749
474, 475
471,747
58, 571
130,466
83, 723
4, 235
112, 743

Oct. 31,
1940
141, 935
56, 578
460, 218
469, 769
47, 096
130, 944
83, 409
4,855
115, 930

Nov. 30, Dec. 31, Jan. 31, Feb. 28, Mar. 31, Apr. 30,
1941
1941
1941
1941
1940
1940
167,153
56, 470
454, 941
472, 596
35, 597
131,
83, 507
115', 224

171, 583
52, 947
452, 380
473, 881
35, 797
128, 561
83, 460
4,862
115, 699

166, 278
49, 991
447, 374
481, 961
36, 669
127, 204
83, 231
4, 731
114,075

162,197
48, 797
442, 226r
481, 97
34, 742
127, 984
5,128
113,338

Total loans and investments, other than interagency___ 1, 521, 365 1, 510, 735 1, 521, 857 1, 519,170 1, 511, 515
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
59,355
70, 385
8,300

1,879,903

74,000
146, 498
62, 806
84, 559
8,300
24, 277
21,000

99, 000
146, 498
64,115
87, 077
8,300
33, 387
23,000

99, 000
146, 498
67,110
90, 380
8,300
44, 503
28,000

174, 000
152,'
68,042
93, 491
63,106
17,671

157,920

48, 512
436,756
486,877
35, 208
131,794
83,161
5,138
113,153

154,107
48, 501
433, 832
486,938
36, 281
134, 684
75, 859
5,281
112,862

1,498, 518 1, 488, 346
174, 000
157, <
67, 992
95, 641
8, 300
83, 392
32, 671
124, 741

174,000
1 6 4 , - •'"

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

1, 932,175 1, 983, 234 2,002, 961 2,088, 622: 2,243,522 2,319,120 2, 382,669

i Include national defense loans amounting to $21,160,000 on April 30, 1941.
NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.

JUNE 1941




563

FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS

[In thousands of dollars]

F a r m mortgage loans
by-

Regional
agricultural
Other
credit cor- financing
Land
porations,
instituFederal
Bank
production
tions,
land banks Commiscredit asexcept
sioner
sociations, cooperaand banks
tives
for cooperatives 1

End of month

1934—December
1935—December
1936—December
1937—December
1938—December
1939—December
1940—April
May
June
_.
July
August _
September
October
November
December
1941—January

Federal intermediate
credit bank loans to
and discounts for—

_
...

February
March
April

Loans to cooperatives b y -

Produc- Regional
Emertion credit agriculgency
associa- tural cred- crop and
tions
it corpo- drought
rations
loans

Federal
intermediate
credit
banks

Banks for Agriculcoopertural
atives,
Marketincluding ing Act
Central
revolvBank
ing fund

1,915,792
2, 071, 925
2,064,158
2,035, 307
1, 982, 224
1, 904, 855

616,825
794, 726
836, 779
812, 749
752,851
690,880

99, 675
104,706
129, 872
165,194
168, 392
165, 236

55, 672
47,162
41,017
40,464
33, 545
33, 354

60,852
94, 096
105, 212
138,169
148,037
154,496

87,102
43,400
25, 288
15, 592
11,081
8,005

111, 238
172, 863
165, 369
172, 701
171, 489
168,330

33,969
2,731
1,641
1,813
920
1,835

27,851
50,013
69, 647
87, 633
87,496
76,252

54,863
44, 433
53, 754
30,982
23, 723
20, 547

1,886, 272
1, 882, 516
1, 880, 408
1, 874, 608
1,871,487
1, 866, 697
1, 861, 739
1, 855, 945
1,851,218
1, 844,465
1, 842,003
1, 835, 504
1, 829, 993

673, 696
670, 723
668, 850
665,073
662, 592
659,017
655,403
651, 600
648, 296
644,885
643, 269
639, 683
636, 791

185, 373
190, 961
196, 408
199, 238
202, 503
197,451
190, 773
188,463
186, 933
186,127
191, 782
203,113
211, 572

37, 921
38,377
40, 033
42,161
42, 416
40, 901
34,882
33, 738
34,102
34, 762
35, 804
37,120
39, 070

186, 276
194,662
200,415
203, 693
202, 796
194, 558
180, 219
173,331
172,312
174, 034
181, 985
195, 296
207, 086

7,904
7,845
7,768
7,614
7,416
7,010
6.202
5,991
5,885
5,836
5,675
5,691
5,983

179, 801
180,938
181, 218
180,824
179, 984
177, 906
172, 993
170, 092
168,438
167, 463
169,439
174, 838
178, 519

1,603
1,315
897
1,217
763
352
431
1,228
1,490
1,242
1,267
1,332
1,156

67,454
63, 564
62,177
65, 111
67,473
73,132
79,156
77, 325
74,741
75,166
73,944
70, 231
68, 057

18,537
18,137
18,200
15,311
14,787
15, 739
16, 724
17, 022
16, 461
16, 036
16,165
15, 967
15, 769

i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of
the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are
thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit
is extended.

POSTAL SAVINGS SYSTEIV1

FEDERAL HOME LOAN BANK BOARD

[In millions of dollars]

LOANS OUTSTANDING, BY INSTITUTIONS

[Loans in thousands of dollars

Assets

Home mortgage loans by—

Home

End of month

Owners'
L o a n Corporation

1934—December
1935 December
i QQR

December

1937 December
1Q38

December

1939—December

.

_- .-_

1940—January
Februarv
March
April
May
June
July
August
September
October
November
December
1941—January
February
Miarch
April

.

Federal savings and
loan associations
Number
of associations

Loans l

Federal
home
loan
bank
loans to
member
institutions 2

2, 379,491
2, 897,162
2, 765,098
2, 397, 647
2,168, 920
2, 038,186

639
81,300
348,000
1,023
1,212
586,700
853, 500
1,328
1,368 1, 034,162
1,410 1, 271,161

86, 651
102, 791
145, 394
200,092
198,840
181, 313

2,031, 341
2,026, 614
2, 021, 951
2,020, 572
2, 017, 395
2,012,760
2, 004, 737
1,996,443
1, 987, 611
1, 980, 704
1, 968, 816
1,956, 268
1, 942, 427

1,403
1,407
1,413
1,420
1,421
1,430
1,431
1,431
1,434
1,440
1,443
1,445
1,446

1, 280, 200
1,296,464
1, 317, 975
1, 348,072
1, 376, 700
1,405,100
1, 432,100
1, 461, 867
1,487, 974
1, 515, 392
1, 533, 246
1, 546, 270
1, 564,168

156, 788
144,515
137, 642
133, 811
137, 509
157,397
162,222
168,402
176,047
181, 526
185, 547
201,492
170,849

E n d of month

1935—June
1936—June ._
1937—June
1938—June
1939—June
1940—April
May

.

_

Depositors
balances1 Total

1,205
1,232
1,268
1,252
1,262

1, 236
1 265
1,307
1,290
1,304

1,303
1,299

1,345
1,342
1,337
1,339
1,340
1,339
1,338
1,341
1,348

June
1,293
July _
1,297
August.
1,297
September
1,295
October
1,296
November
1,298
1,304
December.
1941—January
1,314
February
P1,316
March
._ n,320
April.
P1,317

U. S. Government
securities
Cash
in depository Total
banks

630
800
933
936
1,011

147
167
167
167
146

74
95
71
73
78

1,214 1,068
1,224 1,078
1,224 1,078
1 224 1 078
1,224 1,078
1,224 1,078
1,224 1,078
1,078
1 224 1 078

146
146
146
146
146
146
146
146
146

87
74
69
73
75
74
75
80
88

385
777
203
967
136 1,100
115 1,103
68 1,157
44
43
43
42
41
40
38
37
36

Cash
reDi- Guar- serve
rect
an- funds2
obli- teed
etc.
ga- oblitions gations

p Preliminary.
i Outstanding principal, represented by certificates of deposit Does
not include accrued interest nor outstanding savings stamps.
2
Includes working cash with postmasters, 5-per cent reserve fund and
i Federal Home Loan Bank Board estimates for all Federal savings miscellaneous working funds with the Treasurer of the United States,
and
loan
associations.
accrued
interest on bond investments, and accounts due from late post2
Excludes loans to other than member institutions which are negli- masters.
gible in amount.
Back figures—See BULLETIN for August 1935, p. 503.

564




1, 913, 862
1, 899, 856

1,450 1, 600, 482
1,452 1, 628, 421

145, 959
141,828

FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
'he terms "adjusted' ' and ' 'unadjusted" refer to adjustment of m o n t h l y figures for seasonal variation]

r

Construction
contracts
awarded (value) 3
1923-25=100

industrial production
(physical volume) 2 *
1935-39=100

Year and
month

Income
payments
(value) i
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

Nondurable

Minerals

Total

Residential

All

other

Employment *

Nonagriculturals
1935-39
=100

D e p a r t - WholeFacCost
Freight- m e n t
sale
tory
of
car
store
compayloadmodity livsales
rolls 4
7
ing*
6
ings
*
prices
*
(value) *
1923-25
1935-39 1923-25
1926 1935-39
Factory
=100
=100
=100
=100
=100
1923-25=100

Ad- Unad- UnadAdAdAdAdAd- Unad- AdAdAdjusted 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

Unadjusted

Unadjusted

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

124 5
143 2
127 7
119 7
121 9
122.2
125 4
126 4
124 0
122 6
122. 5
119 4
108.7
97 6
92 4
95.7
98 1
99 1
102.7
100 8
99 4
100 1
100.9

1938
March
April

May

June _

July
August
September
October
November
December

._ _

81.2
80 1
79.1
78.7
78.7
79.8
80.4
81.7
82.1
83.1

84
82
80
81
86
90
92
95
100
101

84
82
81
81
85
90
95
99
102
100

72
69
67
65
71
77
81
88
96
97

90
88
88
90
95
99
100
100
103
104

97
95
90
92
94
97
98
98
102
102

46
52
51
54
59
66
78
82
96
96

33
37
37
42
49
53
56
57
56
57

56
65
62
64
68
77
96
102
128
128

98.8
98.4
97.2
96.8
97.0
97.6
98.2
98.7
99.6
100. 3

91.0
89 0
87 3
86.3
87 2
89.3
91.0
92 0
94.8
96.7

91.2
89 3
87 0
85.4
85 9
90.2
93.6
94 2
95.3
96.2

77.8
75 2
73 6
71.6
71 7
77.9
82 ^
85 0
85.3
88.1

86
82
83
85
88
90
92
95
95
96

86
83
80
82
83
83
85
86
87
88

79.7
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
10,1
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
102
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
65
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
P97.9

140
141
143

134
138
143

170
172
170

122
123
127
P131
e 133

118
118
125

103
99
94

84
76
74

117
118
109

115. 5 120.7
117.8 126.9
119.9 131.2
P122 3 P134. 4

122
124
126
111
135

101
103
103
104

80.8
80.6
81.5
83.2
e
85. 0

100.9
100.7
100.2

1939
January

February
March _
April
May

June
July

August
September
October
November
December
1940
January
February
March
April
May,. _
June
July
August
September
October
November
December _ _
1941
JanuaryFebruary
March
April . .

P140

e

148

P167

e

e 150
fi

176

PIOI

•125

111.0 118.3
111.6 118. 6
111.4 119.4
P117 P i l l . 4 P121.7

P106

99.1
98.6
100.6
99.6

99.8
100.5
100.4
100.2
100.1
100. 7
100. 8
100.8
101.2
102.2

LAO

r

p Preliminary.
* Average per working day.
Revised.
« Estimated.
1 Department of Commerce series on value of payments to individuals.
23 For indexes by groups or industries, see pp. 566-569; for description, see pp. 753-771 of BULLETIN for August 1940.
Based on F. W. podge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 574.
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. 570-573 for employment
and 5payrolls and p. 577 for prices.
Excludes military and naval forces.
6
For sales comparisons by cities and by departments see p. 576 of this BULLETIN.
7
Revised series. For descriptive material and back figures see pages 529-533 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.

JUNE 1941




565

INDUSTRIAL PRODUCTION, BY INDUSTRIES

(Adjtisted for Seasonal Variation)
[Index numbers of the Board of Governors. L935-39 average = 100]
1941

1940

Industry
Mar.

Industrial Production—Total..
Ufanufactures—Total

113

Apr.
Ill

May

June

July

Aug.

Sept.

115

121

121

121

125

110
113
107

114
119
110

122

Durable
Nondurable

112
118
107

Iron and Steel
Pig ironSteel ingots

..

106
118
105

99
117
97

118
127
118

Machinery..

_ _

Dec.

r

Jan.
r

Feb.

Mar.

Apr.

140

141

143

135
154
120

142
165
124

143
170
122

145
172
123

146
170
127

P147

164
167
164

165
169
165

166
173
165

181
-182
181

174
186
173

168
178
167

168
170
169

P160

122
135
112

127
146
112

154
148
154

156
157
156

158
162
157

131

Nov.

132
150
116

121
132

114

Oct.
129
r

133

P131

162
PIQO

123

123

124

128

133

138

145

146

153

163

173

rl76

181

P!92

Transportation Equipment
Aircraft
Automobiles .
Railroad cars
__ ._ ._
Locomotives
Shipbuilding

132
299
120
149
101
156

117
306
103
125
103
156

117
323
101
121
102
164

122
364
106
111
102
170

111
394
87
119
113
189

107
455
76
127
123
213

138
517
109
148
140
220

157
544
130
148
160
227

162
584
133
166
168
226

168
624
134
177
174
261

188
686
149
207
204
289

199
-727
159
188
218
316

188
751
144
168
239
323

P165
#815
110

Nonferrous Metals and Products] . . .
Nonferrous metal smelting
Copper smelting
Zinc smelting
Copper deliveries
Lead shipments
_.
Zinc shipments
Tin deliveries

132
131
137
130
125
100
117
148

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

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

185
142
141
155
218
140
146

186
139
136
155
211
139
142

Lumber and Products

111
110
112

110
109
111

112
110
115

111
110
113

107
104
115

114

121
121
121

123
124
122

127
128
125

132
133
128

137
139
132

135
139
129

128
125
132

P124

120
117
106
106
105
124
105

115
115
108
107
107
116
96

113
115
1C9
111
105
112
91

112
113
118
120
112
111
80

115
110
117
117
118
117
100

119
115
129
130
125
114
114

124

130
140
135
136
132
114
113

no

154

125
131
124
146
116
118

126
133
126
126
127
115
111

155
147
147
148
119
117

181

158
183

150
156

P142
139'

123
137

131
138

139
135

135
142

100
97
108
139
64
77
87
80
78
75
71

100
97
107
137
61
79
97
68
78
76
76

104
100
109
142
58
87
95
82
86
90
83

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
U2
122
157
134

144
140
147
158
71
152
131
177
139
170
154

PISS
P149

94
92
94
84
92
95

87
86
86
80
91
87

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
82
112

108
102
113
86
86
113

107
102
115
88
79
110

1C8

114

103
112
92
87
112

113
119
112
97
115

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

112
100
86
112
111
107
115
123
128
156
102
87
97
112

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

118
104
116
122
127
108
114
136
127
152
101
98
106
118

rl!7
69
136
117
121
106
117
128
133
159
106
102
110
116

rl21
104
122
125
131
110
118
139
134
165
107
97
109
120

ni7

rll9

98
124
128

105
107
126

121
105
122
126

P122

99
90
109
104
104
114
132
119
141
99
91
96
115

rllO
100
86
114
114
105
115
130
121
147
95
92
95
109

119
123
139
114
121
110
86
112
117

118
124
131
126
145
109
94
112

118
131
126
134
159
110
91
HI
120

119
138
136
126
143
110
96
108
P\22

Alcoholic Beverages..

97
99
67
121
108

104
102
78
132
123

100
99
84
114
114

113
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

104
100
80
132
130

107
102
82
140
137

103
100
107
95

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

114
108
121
101

113
111
118
101

116
110

117
109
127
97

120
117
127
101

Lumber
Furniture
Stone, Clay and Glass Products
Cement
_. _
Common and face brick
Common brick
Face brick
Glass containers
Polished plate glass

.

Textiles and Products .
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries.
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen yarn
Worsted yarn
_ .
Woolen and worsted cloth.
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
.

Malt liquor.
Whiskey
.
Other distilled spirits
Rectified spirits
Tobacco Products .
Cigars
Cigarettes
Manufactured tobacco and snuff..
r
1

113
115

r

119
106
81
132

131

125
96

P!72
P276

#343
P186
P\41

137
160
211
140'
143
P129'
#139"

lffr
P171
J?73

165
148
182'
149
177
173
P115

117
110
^128
P129

Revised.
P Preliminary.
Includes also lead production shown under "Minerals."

566




FEDERAL RESERVE BULLETIN

Industrial Production, by Industries (Adjusted for Seasonal Variation)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1941

1940

Industry
May

June

July

110
110
135
110
116
151
136
106
109
95
112
109
105
105
111

116
117
140
118
118
164
136
113
114
99
113
115
119
114
115

127
128
149
118
135
175
145
125
131
110
113
125
123
127
125

132
132
159
118
148
186
157
128
128
118
115
135
137
126
128

130
130
153
117
142
179
151
126
130
121
111
126
131
126
128

124
123
150
119
120
179
148
118
121
114
113
117
121
117

120
118
150
117
114
185
145
113
118
107
111
111
125
107

122
121
148
118
124
184
140
117
123
110
112
114
124
110

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
153
122
129
193
144
124
134
110
115
123
125
119

Printing and Publishing i
Newsprint consumption

106
103

108
101

115
106

120
106

114
102

110
104

108
104

109
104

110
106

112
107

111
103

114
105

Petroleum and Coal Products
P e t r o l e u m refining
Gasoline
F u e l oil
L u b r i c a t i n g oil
Kerosene
Coke
B y p r o d u c t coke
Beehive coke

118
117
115
121
124
123
118
119

115
114
112
117
120
120
119
120

m
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

118
109
109
116
98
111
139
136
248

lie
112
113
113
102
121
142
139
252

116
112
111
115
109
123
144
141
251

118
114
112
116
115
123
146
143
265

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

Chemicals

109

111

in

116

118

••121
'118
*-119
109

'119
120
114
115
109

122
122
121
122
112

117

119

117

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

Rubber products*

Rubber consumption
Tires and tubes2
Pneumatic tires
Inner tubes2
Minerals—Total

m

Fuels

Bituminous coal
Anthracite
Crude petroleum

Metals
I r o n ore s h i p m e n t s
Copper
Lead
Zinc.
Gold
Silver

_
..

109
84
120

116
120
83
118

151
141
117
124
124
113

135
149
144
118
123
123
127

116
126
••127
113

Nov. Dec,

131
132
160
119
137
199
153
128
138
114
115
126
130
124
116
106
123
118
120
121
105
113
150
144
347

Apr.

143
114

P116
106

133
134
72

123

117

115

114

116

109
109
106
108
95

rll5
116
105
106
102

4

133
116
118
107

147
117
118
115

143
123
124
121

rl58
156
128
128
127

r

125
109
110
107

rl26
128
109
110
103

r

r

Oct.

Feb. Mar.

Apr.

Paper and Paper Products

Aug. Sept.

Jan.

Mar.

r

H4

155
158
134
135
132

158
161
131
131
130

120

113

116

113

118

119

118

118

125

PIOI

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

114
117
98
114

113
114
102
113

121
149
102
112

P22
P71
P112

135
152
143
124
119
124
125

184.
155
143
117
118
122
114

139
159
150
120
129
125
122

124
159
144
117
125
93

127
155
132
108
131
107
109

137
163
140
119
131
125
113

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

m

v85

355
151

r

Revised.
P Preliminary.
1 I n c l u d e s also p r i n t i n g p a p e r p r o d u c t i o n s h o w n u n d e r " P a p e r . "
2 Revised figures 1940, r u b b e r p r o d u c t s J a n . 124; F e b . 124; r u b b e r c o n s u m p t i o n J a n . 126; F e b . 125; tires a n d t u b e s F e b . 115; inner t u b e s J a n . 99.
N O T E : — F o r description a n d b a c k figures see B U L L E T I N for A u g u s t 1940, pages 753 to 771 a n d 825 to 882.

JUNE 1941




567

INDUSTRIAL PRODUCTION, BY INDUSTRIES

(Without Seasonal Adjustment)
llndex n u m b e r s of the Board of Governors.

1935-39 average = 100)

1940

1941

Industry

Mar.

Apr.

Industrial Production—Total _

112

112

116

121

Manufactures—Total

112
121
105

112
120
r
106

116
125
109

122
134
112

113
124
112

106
123
104

123
133
122

151
150
151

126

126

126

Durable
Nondurable
Iron and Steel
Pig iron

_

.

_

_ ,

_ .

Steel ingots
Machinery
Transportation
Equipment
Aircraft
_
Automobiles
Railroad cars
Locomotives
Shipbuilding

Copper smelting
Zinc smelting
Copper deliveries
Lead shipments
Zinc shipments . __

m m

.
_

Nonferrous Metals and Products1
Nonferrous metal smelting
_

_.

. _ __

__
_ . _

Tin deliveries
Lumber and Products
Lumber
Furniture
. ._
Stone, Clay and Glass Products
_ .
Cement
Common and face brick
Common brick
Face brick
Glass containers
Polished plate glass

Textiles and Products
Textile fabrics..

Cotton consumption
Rayon deliveries
Silk deliveries

Wool textiles. __
Carpet wool consumption
Apparel wool consumption
Woolen yarn
Worsted yarn

_

Woolen and worsted cloth

Leather and Products

Leather tanning

C a t t l e hide leathers
Calf and k i p leathers
Goat and kid leathers
Shoes

Manufactured Food Products
W h e a t 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
Alcoholic

.. _
_

Beverages

Malt liquor.

__

Whiskey
Other distilled spirits
Rectified s p i r i t s . . .

__
.

Tobacco Products
Cigars

Cigarettes _ .
Manufactured tobacco and snuff

May

Aug.

Sept.

Oct.

118

120

129

118
127
'111

120
128
114

130
144
119

147
154
147

153
161
152

161
164
161

129

129

135

131
371
114
124
106
176

96
394
70
117
116
185

63
455
23
130
124
202

June

July

Nov.

Dec.

Jan.

Feb.

Mar.

134

135

135

rl34

138

143

Pi 42

136
155
121

'138
158
121

139
162
121

137
161
118

142
167
122

148
175
126

P150
pin

I64
169
163

166
173
165

172
*173
172

170
177
170

172
176
172

181
178
181

170
P171

142

149

153

164

168

rl76

185

P196

120
501
89
135
137
213

167
544
142
141
152
229

184
590
161
153
163
219

183
624
152
172
186
263

186
672
151
176
204
280

199
r727
161
rl81
222
307

202
751
160
178
234
336

P191
P815

Apr.

*>129
•pill

299
134
158
99
162

306
130
141
98
162

132
329
118
137
102
172

184
133
137
137
129
100
120
151

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
127
127
133
133
122
130

154
131
129
143
156
127
140

167
138
138
147
173
133
145

172
137
139
147
181
141
149

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

P194

107
104
113

109
109
108

in

116
119
110

111
112
107

128
126
118

182
134
127

182
132
133

126
i23
130

121
114
133

116
113
123

119
115
129

123
118
133

P128

117
108

101
88
71
66
84
117
111

m
115
103
102
107
116
96

129
140
131
134
126
119
91

129
143
146
153
129
117
79

127
136
147
149
140
121
66

133
141
150
153
142
124
93

139
150
161
162
161
118
118

142
154
154
160
140
119
127

186
145
147
149
141
115
129

125
124
125
120
133
111
141

110
100

112
102

125
117

P142
139

110
144

120
131

130
141

135
142

101
100
115
132
66
77
98
80
76
72
71

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
136
142
154
79
146
131
163
135
160
150

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

P150
P146

100
92
95
79
91
106

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
103
116
87
79
106

117
112
rl24
'97
r91
121

121
112
120
105
96
r
128

100
97
95
95
86
95
94
120
116
140
93
82
94
98

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

181
100
95
144
168
114
128
136
102
106
100
92
95
136

ns3
115
102
'116
123
104
119
120
112
117
107
101
107
140

126
113
113
r
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
r
79
68
87
82
96
159
212
107
92
104
115

104
99
103
'83

rl04
104
105
••91

107
102
135
106

pill
103

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
1£3
119
135
102
95
105
P107

H

95
83
79
103

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
77
96
181
207

93
81
98
105
140

87
84
104
73
92

94
90
106
79
113

100
96
98
86
124

108
111
91
84
121

97
92
99
97

105
97
111
98

112
102
119
101

124
104
140
101

112
105
119
101

110
108
116
97

118
117
121
108

120
127
118
115

115
123
114
105

98
83
108
89

108
90
119
98

108
96
118
95

110
100
119
99

113
111
118
100

r

139
P194
P262
P357
P147

145
164
221
143
145

?125
P135

160
P158
P73

152
139
171
140
166
1.56
P\19

123

p\\\

P128

• Revised.
v Preliminary.
1
Includes also lead production shown under "Minerals."

568




FEDERAL RESERVE

BULLETIN

Industrial Production, by Industries (Without Seasonal Adjustment)—Continued
flndex n u m b e r s of t h e B o a r d of G o v e r n o r s . 1935-39 average = 100'
1941

1940

Industry
Mar. Apr. M a y
Paper and Paper

in

Products

Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper...
...
Paperboard
Fine paper
_ ...
Newsprint production
Printing paper. .
__ _
Tissue and absorbent paper
Wrapping paper
Paperboard containers

Printing

and Publishing

1

Newsprint consumption
Petroleum and Coal Products
Petroleum refining
Gasoline . .
Fuel oil
Lubricating oil Kerosene
Coke Byproduct coke _
Beehive coke

. . . ._

Chemicals
_.

_ ._
.

._

Metals
Iron ore shipments
Copper
Lead.__
Zinc
Gold
Silver

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar. A p r .

119
120
144
132
122
164
138
116
116
108
113
119
121
115
115

127
128
150
131
135
175
145
124
128
114
114
127
122
124
123

130
131
157
120
147
184
154
127
128
116
116
132
135
123
127

124
123
147
104
133
175
144
120
123
110
108
118
124
122
125

123
121
148
101
120
179
148
117
123
107
110
113
121
116

124
120
147
102
115
185
145
116
125
102
111
110
131
108

127
124
150
110
124
188
143
120
130
110
112
115
129
113

124
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

137
137
164
127
141
203
156
133
144
122
115
131
131
126

111
107

114
108

119
110

119
107

103
88

102
91

108
105

US
111

112
111

112
109

109
98

115
104

121
110

P122
113

114
113
109
119
123
125
120
120
100

115
114
111
115
125
123
118
120
76

115
113
111
113
123
126
122
123
76

116
113
112
112
122
113
131
131
116

US
109
109
109
111
110
135
134
171

in

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
118
104
115
154
145
434

vl 20

110
112
114
97
107
138
136
198

in

113

110

110

112

116

120

120

122

n26

140
117
118
115

145
148
123
124
121

132
134
65

128

vlSS

155
158
134
135
132

157
160

113

115

116

v96

117
130
114
111

118
134
112
112

121
143
105
114

118
119
109

122
121
122
112

126
127
113

109
106
108
95

116
105
1C6
102

128
109
110
107

128
1C9
110
103

110

111

118

118

121

117

124

122

119

114

114
104
86
121

US
100
89
121

US
102
90
119

111
100
104
116

111
106
101
114

109
111
83
111

115
124
100
114

112
110
97
114

115
128
96
111

116
127
112
111

87

95
14
150
119
127
109
130

148
213
141
122
119
117
120

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

147
162
147
114
135
146
135

102

91

98

90

146
118
139
141
133

145
116
140
112
118

155
116
145
122
137

151
116
147
103
132

144
115
130
103
118

114

r

123
r

'185
137
116
118
107

rll7

146

151
153
128
128
127

121
r

rll8
119
114
115
109

._ 1 2 1

Minerals—Total _.
Fuels
Bituminous coal
Anthracite
Crude petroleum

July

114
138
118
119
154
139
110
113
102
112
114
106
108
113

US

Rubber Products2
Rubber consumption
Tires and tubes2. ._ _
Pneumatic tires
Inner tubes2

June

131
131
130

P86
P76

P114
P151
211
157
152

r
1
2

Revised.
v Preliminary.
Includes also printing paper production shown under "Paper."
Revised figures 1940, rubber products Jan. 128; Feb. 122; year 123; rubber consumption Jan. 130; Feb. 122; year 124; tires and tubes Feb. 115;
inner tubes Jan. 99.
NOTE:—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882

REVISED INDEXES

Employment and Payrolls at Aluminum Factories
A d j u s t e d to C e n s u s of M a n u f a c t u r e s t h r o u g h 1939
[1923-1925 average=100]
Employment
W i t h o u t seasonal adjustmen t 1

Adjusted for seasonal variation

1939

1940

1935

1936

1937

1938

1939

1940

1935

1936

1937

1938

1939

115
120
122
124
126
125
126
127
130

133
131
134
133
134
139
145
145
143
147
149
151

155
156
155
157
159
160
164
165
163
128
153
145

133
128
125
121
121
116
118
123
128
130
131
134

136
141
145
149
149
149
153
157
154
165
172
177

179
178
176
177
180
183
190
199
202
207
214
218

113
121
125
126
126
124
123
125
129
133

131
132
136
134
134
139
142
142
142
149
151
151

152
157
158
158
159
159
160
162
162
130
156
145

131
128
127
123
121
116
115
121
127
132
133
134

134
141
148
151
149
148
150
154
153
168
175
177

177
178
180
178
180
182
187
195
201
210
218
218

87
98
102
103
102
98
92
101
106
114
115
115

112
115
119
117
117
120
122
127
125
139
145
147

147
157
166
166
173
168
165
174
168
144
162
143

124
125
130
120
118
108
109
124
136
144
144
144

160
163
1E9
161
149
165
171
192
198
206

201
204
206
208
210
212
201
233
248
260
270
277

126

140

155

126

154

192

103

125

161

127

168

227

133

io co

1938

•ji CO

1937

Avg
1

1

1936

1O CO

Apr.
May
June._ .
July
Aug.
Sept.. .
Oct.
Nov.
Dec

Without seasonal adjustmen

1935

to to

Jan.
Feb.
Mar. _

Payrolls

1940

C o m p i l e d b y B u r e a u of L a b o r Statistics.

JUNE 1941




569

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
Mar.

May

June

July

Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Mar.

Apr.

101.2

103.7

107.3

111.1

112.9

116.1

118.9

122.4

r

124. 8

125.5

126.2

128.3

110
112
76
101
67
98
81
158
85
91
72
99
93
161

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

127
128
89
110
83
109
94
190
100
100
86
103

130
135
89
110
88
113
97
196
103
108
91
104

-106

-111

-116

189

201

207

133
139
88
110
90
113
99
193
106
113
96
<109
121
206

133
145
92
108
94
114
98
200
106
106
100
112
126
208

133
151
92
110
96
116
100
202
107
106
100
113
128
208

136
152
93
112
100
116
101
203
110
107
101
109
133
203

113.3
136
128

113.4
133
128

113.4
136
128

114-9
136
130

116.6
133
130

120.0
139
129

122.5
141
132

126.6
143
132

130.9
140
134

136.0
143
137

144-2
140
140

148.1
126
146

154.9

102
134

101
142

104
165

107
175

111
181

97
215

97
228

103
247

107
257

110
265

142
242

97
209

101
247

126
219

137

98
237

116
195

120
212

96
220

103
152

145
85

153
84

155
82

144
79

145
77

145
76

138
79

134
81

142
83

150
86

115

114

113

112

116

119

123

126

128

130

102 7 100.8

_

_

Machinery
_. _.
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc..
Foundry, machine-shop products.
Machine tools . . _ .
Radios, phonographs
Textile machinery. _
Typewriters.
Transportation Equipment..
Aircraft
_.
Automobiles
Cars, electric-, steam-railroad
Locomotives
Shipbuilding
Nonferrous Metals,
Products
Aluminum1*
Brass, bronze, copper..
Clocks, watches
Jewelry
Lighting equipment .
Silverware, plated ware... _ . .
Smelting, refining .

102
132

114
275

141.2
147
137
131
••238
118
286
155
89
131

-239
120
-296
-165

169
150
147
244

124
304

127
315

92

178
95

110

134

189
98
138

112.5 111.2 111.6 111.8 110.7 120.9 130.2 140.2 143.7 144-9 150.4 152.7 153. 9 157.2
2, 356 2,426 2,598 2.829 3,115 3,479 3,881 4,243 4,447 4, 731 5,089 P5, 398 5,509 5,815
124
123
107
116
126
97
125
123
106
102
123
123
107
105
51
31
175

50
33
186

55
36
187

108.2

110.7

115.7

118.6

122.3

183
128
94
99
86
68

190
132
95
100
81
71

199
140
98
99
92
70

202
147
100
94
100
72

207
153
101
96
103
74

54
27
148

52
28
154

49
29
164

106.6

105.9

106.0

176
127
91
95
84
70

177
125
90
96
85
70

180
124
92
96
84
70

60
28
148

58
39
195

67
46
220

75
52
244

126.3

129.4

214
162
101
98
105
75

218
168
102
101
106
76

64
42
204

71
55
262

70
56
268

68
59
280

133.3

135.1

136.1

138.1

229
173
107
102
110
77

224
176
109
105
112
79

219
179
112
107
110
79

100

101

222
180
116
111
112
81
102

87

86

86

87

89

92

92

94

94

96

98

Lumber, Products
Furniture
Lumber, millwork
. . . . .
Lumber, sawmills . .

68 1

67.2

67.9

67.4

67.5

73.6

75.2

90
61
60

90
60
61

90
61
60

91
68
64

93
71
66

96
72
67

76.3

90
62
61

90
63
62

70.6

71.3

89
62
60

69.0

Stone, Clay, Glass Products
Brick, tile, terra cotta
Cement..
Glass
Marble, granite, slatePottery .

80 0

79.8

78.9

79.8

81.3

81.8

83.0

88.4

90. 4

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

Feb.

104.0 102.8 102.8 103. 9 105.1 107.4 108.9 111.4 114.2 116.6 '118. 3 118.6 119.4 121.7
97.7
99.0 100.4 104.3 107.4 111.2 114.6 117.6 121.1 122.1 123 0 125.8
98.6
97.9
109.2 107.6 107.4 108.5 109.6 110.2 110.3 111.5 113.8 115.7 115.6 115.2 116.0 117.8

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..

Apr.

59
65
105
45
90

59
68
104
45
89

58
66
103
47
88

58
67
103
47
91

99.1
88 6

96.6
87.8

96.3
87.7

96.8
88.0

78

79

76

70

89
77
123
84
139
65
77
133

89
76
121
65
139
60
74
130

65
65
70
71
118 8 112.4
100
107
167

156

113
120

111
115

83
122

78
122

98
71
65

94. 6

93.0

92.3

74-2
101
69
65

93.0

61
70
109
46
94

61
72
112
46
96

65
74
117
45
100

68
76
117
46
105

75
75
120
46
108

74
76
116
47
108

71
75
118
46
108

100.2
91.3

105.3
97.7

107.2
98.7

107.3
98.8

107.1
99.1

107 6 109.7
100.4 103.2

101.1
92.6

101.9
93.5

102.6
95.2

71

72

75

79

91
77
125
85

93
79
128
83

67
73
111.6
98

64
77
112.5
102

63
85
116.1
105

62
86
116.1
104

158

166

158

98
72
67

60
69
107
45
94

89
76
119
74
133
65
72
131

84.7

74 0

97
74
68

60
66
105
45
94

88
76
123
68
134
61
72
127

91
65
64

75.5

136
69
76
138

138
72
75
147

164

113
114

113
111

106
120

112
125

72
121

71
116

71
116

73
118

94
81
129
84

95
82
129
80

61
90
116.5
104

138
69
74
151

165

82

82

64
98
121.9
115

63
98
122.1
114

64
98
120.6
111

66
102
119.4
111

69
109
119.6
114

170

166

166

164

160

113
118

114
119

114
119

82
125

78
124

78
125

65
99
118.0
109

164

168

112
122

78
119

74
117

114
118
68
117

86
103
97
139
80
141
72
79
140

101
94
136
83

63
93
114.8
102

112
126

83

100
93
134
82

99
90
132
85

141
71
76
151

84

99
92
132
82

97
87
129
84

140
70
75
153

85

72
75
120
45
109

144
74
77
149

114
116
69
122

144
69
81
144

114
116
76
131

142
69
78
141

142
68
78
143

r
Revised.
NOTE.—Figures for April 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.
* Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p . 166.
1
Index revised January 1935 to date. For back figures see p. 569 of this BULLETIN.

•570




FEDERAL RESERVE BULLETIN

Factory Employment (Adjusted)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average—100]
1940

1941

Industry and group
Mar.
Leather, Manufactures
Boots, shoes
Leather
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane
Tobacco Manufactures
Tobacco, snuff
Cigars, cigarettes

A u g . Sept.

Oct. N o v . Dec. Jan. Feb. M a r .
91.1
90
82

89.6
88
81

90.9
89
81

87
82

81

129.1
145
273
98
147
84
81
76
107
99
95

131.9
146
278
97
161
83
80
77
109
102

129.0
146
268
96
137
86
79
75
111
99
97

129.8
146
272
96
146
88
79
76
108
106
93

126. i
144
265
96
130
86
79
75
109
110
91

65.0
59
66

63.2
59
64

59

58
64

63.0
56
64

63.7
57
65

111
116
113
100
117

Ilk- 8
115
112
101
116

115.3
116
115
100
117

115.7
118
116
100
116

116.5
119
117
101
116

116.4
119
117
100
117

115.7
117
117
100
116

116.1
117
115
102
116

120.0
123
119.4
137
84
117
109
102
124
304
81

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

122.2
122
122.2
141
75
117
139
113
126
306
85

121.7
121
121.8
141
62
116
145
107
127
309

86.7
56
72
142

83.9
57
70
136

83.5
56
69
138

84.2
57
69
140

817

87.0
54
71
149

54
73
155

130.3
145
275
96
152
83
80
80
110
102
97

144
274
97
150
82
79
79
107
98
94

129.9
144
271

93.
92
84

93.3
91
85

93
85
135.6
144

Apr
95.7
93
90

92

101
157
91
78
81
121
145
97

'138.3
143
281
98
149
89
78
80
112
r
240
92

'130. 9
145
279
99
144
88
77
81
111
'143

181.6
146
278
102
139
91
78
80
113
118
97

4
57
66

57
68

54
66

64 0
54
65

64.7
54

116. 8
120
116
101
118

117.3
122
116
102
117

117.1
123
116
103
116

117.3
122
117
101
117

118.6
125
119
103
117

119.8
129
120
104
117

122.
121
123. 5
143
92
114
141
107
125
310

124.1
120
124.9
147
101
113
144
107
127
311
82

125.8
120
126.4
151
102
113
147
103
128
314
87

126.5
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

181. £
121
133.9
162
111
122
*

91.6
57
74
157

93.6
60
75
160

96.8
64
77
167

99.0 100.4
67
69
7 8 I 79
171 I 174

102.1
69
80
177

78
79
110
100
95

144
281
102
152
90
78
81
114
102
95
55
65

148
277
105
140
91
79
83
115
102

and Coal

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.

July

87.9
86
81

64.3

Paper, Printing
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing

r

91.9
90
82

83

Food, Products

Chemicals, Petroleum,
Products

Apr. M a y June

111
135
325
91
104.0
72
83
176

* Data not available.
TOTAL NONAGRICULTURAL EMPLOYMENT
[Thousands of persons]

Year and month

1929—average..
1930—average..
1931—average..
1932—average..
1933—average..
1934—average..
1935—average..
1936—average..
1937—average..
1938—avei age..
1939—average..
1940—average.
1940—Jan
Feb
Mar
Apr
May
June
July.....
Aug
Sept
Oct
Nov
Dec
1941—Jan
Feb
Mar
Apr

Total
nonagricultural
employ- Total *2
ment * 12
36,448
34,177
31, 256
28, 035
28, 222
30, 632
31, 898
33, 868
35, 561
33, 362
34, 624
35, 756
34, 751
34, 656
34, 852
34, 882
35,163
35, 425
35, 454
35, 902
36, 528
36, 867
36, 986
37, 608
36, 621
36, 928
37, 227
37, 617

30, 589
28, 346
25, 531
22, 452
22, 672
24,877
25, 965
27,824
29, 442
27, 229
28, 480
29, 613
28,608
28, 513
28, 709
28, 739
29,020
29, 282
29,311
29, 759
30, 385
30, 724
30, 843
31, 465
30, 478
30, 785
31, 084
31, 474

Employees in nonagricultural establishments
Manufacturing*

Mining

10, 273
8,827
9,544
10,170
9,974
9,974
9,926
9,832
9,776
9,824
9,832
10,163
10, 479
10,668
10, 735
10,856

1,064
982
847
706
714
844
855
896
949
834
791
847
853
854
849
835
845
838
837
839
846
856
853
855

10, 797
10, 982
11,152
11, 342

852
854
864
547

10,203
9,087
7,751
6,571
7,036
8,112
8,641
9,350

Construction
1,806
1,422
1,236
821
755
840
908
1,211
1,148
1,001
1,241
1,337
1,012
939
991
1,118
1,249
1,321
1,378
1,443
1,511
1,654
1,709
1,720
1,623
1,678
1,631
1,760

Transportation and
public
utilities

Trade

3,878
3,647
3,221
2,789
2,647
2,727
2,762
2,944
3,102
2,835
2,934
3,024

6,404
6,065
5,530
4,914
4,941
5,476
5,669
5,941
6,233
6,012
6,144
6,266

2,935
2,941
2,940
2,956
3,000
3,032
3,059
3,081
3,120
3,121
3,065
3,039
3,012
3,028
3,056
3,122

6,062
6,026
6,201
6,122
6,197
6,254
6,159
6,168
6,321
6,362
6,433
6,165
6,173
6,259
6,457

Finan:ial, service, and
miscellaneous
4,147
4,028
3,782
3,471
3,422
3,627
3,771
3,978
4,144
4,059
4, 119
4,173
4,078
4,084
4,100
4,160
4,202
4,214
4,218
4,226
4,255
4,187
4,167
4,180
4,142
4,164
4,187
4,262

Government 2
3,087
3, 117
3, 166
3,180
3,156
3,251
3,359
3,504
3,593
3,662
3,708
3,797
3,694
3,695
3,702
3,716
3,751
3,799
3,828
3,839
3,853
3,876
3,881
3,931
3,887
3,906
3,935
3,984

Military
and
naval
forces

262
263
260
25»
252
258
269
301
322
335
369
573
435
450
457
461
464
474
516
549
634
733
822
958
1,145
1,343
1,532

r
Revised.
* Revised from January 1937 to date owing to adjustment of manufacturing employment to Census of Manufactures through 1939.
Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments.
Excludes military and naval forces.
NOTE.—Compiled by Bureau of Labor Statistics. Figures for April 1941 are preliminary. For seasonally adjusted data and back figures see-pp. 534-535 of this BULLETIN.
1
2

JUNE

1941




571

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES

(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937.* 1923-25 a\ erage=100]
Factory payrolls

Factory employment

Mar.
Total*
Durable goods*
Nondurable goods*

Apr.

Dec.

103.5

101.7

121.6

112
112
75
103
68
99
82
161
85
90
70
94
95
163

108
109
75
104
67
98
82
160
85
91
70
95
94
162

130
135
87
110
'89
113
97
196
103
104
90
99
117
207

Machinery
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools..
Radios, phonographs
Textile machinery
Typewriters
...

113.1

US. 6

136.1

144
128
102
135

141
129
102
140

143
135
126
212

Nonferrous Metals,
Products
Aluminum 1 *
.
Brass, bronze, copper
Clocks, w a t c h e s . . _ _
Jewelry
Lighting equipment
Silverware, plated ware. _. _ .
Smelting, refining

Stone, Clay, Glass Products
Brick, tile, terra cotta
Cement
.
Glass „
Marble, granite, slate
Pottery...
Textiles, Products
Fabrics... . . .
Carpets, rugs
Cotton goods. _
Cotton small wares
Dyeing, finishing textiles
Hats, fur-felt
Hosiery
Knitted outerwear
Knitted underwear
Knitted cloth
Silk, rayon goods __ _
Woolen, worsted goods
Wearing apparel
Clothing, men's
Clothing, women's
Corsets, allied garments
Men's furnishings
Millinery
._
Shirts, collars

Mar.

Apr.

. .

97
211

97
216

114
276

122
86
115

128
85
114

159
86
132

_.

..
_. .

_.

125. 0 127.2 129.5

Jan.

94.9

132.9

121.5

121.6

163.0

167.5

168
134
114
176

166
134
113
183

171
148
158
306

96
282

95
287

127
394

181
152
163
332

129
'415

164
91
147

145
98
141

143.5

147.7

150
136
129
224

144
140
136
237

133
146
142
247

117
286

120
297

124
307

127
317

149
96
134

159
99
138

110
82
111

142
178
97
114
120
128
93
225
105
100
86
113
137
242

130.8

180
151
147
256

138
153
93
114
100
118
101
209
110
110
99
105
134
207

Feb.

Mar.

Apr.

97.9 122.4 120.7 126.9 131.2 134.4
98.4 131.6 132. 0 139.3 144.5 149.7
97.3 112.1 108.1 112.9 116.3 117.4

155.3

139.8

145
93
109

Dec.

99
114
62
94
75
104
72
164
76
82
61
101
91
175

135
151
91
113
97
117
101
206
107
104
97
107
130
210

148
89
131

96.5

Apr.

102
117
60
91
77
105
71
164
75
80
60
100
93
180

133
146
89
109
95
115
99
201
106
99
96
104
126
208

131
139
88
108
91
113
98
190
103
95
94
102
121
206

99.8
98.7
101.0

131

123

114

112

129

130

57
28

66
46

69
49

69
53

131

61
28
151

153

221

240

256

71
56
272

107.1

105.6

131.2

131.1

134-7

136.9

138. 0 104.8

180
129
91
92
86
70

178
126
89
90
86
71

218
168
106
104
110
79

225
172
106
96
108
75

225
176
109
102
111
78

223
181
112
104
112
80

224
182
115
104
113
82

87

86

97

98

100

101

66.8

66.9

73.7

71.3

72.0

72. 7

101
73.8

86
61
60

97
65

94
70
63

96
70
63

97
70
64

97
69
65

77.7
54

80.5
58

88.7
65

85.9
65

87.0
64

89.8
65

93.7
71

89
61
60

.

122.2

Mar.

116
80
112

140
171
93
107
124
130
91
214
105
87
89
116
141
238

151.2

136. 9 141.1
149
199
99
118
138
138
100
240
112
103
97
124
161
256

165
205
103
119
140
139
98
241
118
110
103
120
166
241

176.9

186.2

196.6

174
166
176
345

162
179
186
376

250
191
192
367

146
105
122

157
110
159

165
113
175

145
193
97
111
130
135
96
233
110
94
94
117
153
253

136
450

144
463

149
471

r
118.5 116.9 149.2 rl52. 6 157. 0 161.0 164.7 125.9 124.3 169. 2 176. 2 rl90. 7 197.0 190. 9
2,379 r% 474 4,684 5,038 5,344 5,564 5,931 2,344 '2, 415 '5, 370 5,920 % 441 >,678 ~, 243

Transportation Equipment
Aircraft
Automobiles
._. . .
Cars, electric-, steam-railroad
Locomotives
.. _
Shipbuilding

._

Feb.

104.4 103.2 116.2 115.5 117.8 119.9 122.3
99.1
98.7 117.6 118.3 121.0 123 7 1273
109.5 107.5 114.8 112.7 114.7 116.3 117.6

"

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
_.
.. .

Lumber, Products
Furniture
Lumber, millwork
Lumber, sawmills

Jan.

1941

1940

1941

1940

Industry and group

59
106
43
93

102.9
90.7
80
92
81
128
87
140
65
79
135
66
71

126.6
112
181
116
124
97
126

72
117
45
106

128

65
114
39
105

72
60

290

58
26

169

169

288

365

387

71
72

146.0 r 151.2

155. 0 156. 0

277
219
120
97
102
87

281
220
115
82
99
71

257
237
129
94
105
82

85

84

78
47
53

61.4

103
71.5

102

61.0

74
48
55

93
60
60

84
58
59

68.3
42

72.2
45

85.7
57

54
113
30
85

82
101
92
135
82
143
66
77
140
65
100

111.6
102.7

111.9
103. 6

131
64
67

82
101
90
134
84
146
71
77
148
65
101

110.1
101.7

87
105
101
144
81
142
72
82
141
68
104

67
83
76
109
69
146
53
72
107
52
57

118.6

117.2

116.8

124.2

127.0

126.0

105.7

104
168
115
118
87
125

108
164
113
123
61
122

110
162
112
108
75
119

114
173
115
119
89
125

116
178
118
123
91
128

118
172
118
122
88
128

88
142
120
117
103
113

86
104
98
142
85
144
68
80
146
67
103

147

66
64

149.6

107. C 106. 4
100.4
99.7

84
103
95
140
84
143
68
78
142
67
103

163

^67
61
338

208
133
92
72
74
63

75
122
45
113

80
91
79
125
65
140
60

159

64
55
308

103.1

69
120
43
111

98.8
88.3

148

62
50

52
26

206
137
95
75
74
60

66
116
42
108

68
105
46
93

145

121

89.5
78.5

64
114
34
85

72
138
33
102

81.4
75.2

68
81
73
105
39
144
47
69
101
50
53

88.7
72
119
120
101
74
111

97.6
95.6

76
98
92
121
82
160
62
74
130
54
96

95.6
86
126
123
133
42
115

285

-224
125
89
105
77

262
235
138
93
105
85
107

68.1

71.2

106
72.8

90
58
62

94
58
63

95
60
67

79.6
55

82.1
55

85.3
56

91.5
64

61
131
27
96

95.1
93.1

75
97
93
120
80
149
56
73
125
53
94

93.2
87
120
116
103
55
104

105

75.8

62
136
30
100

66
141
31
104

76
143
35
111

103.9
'98. 5

107.0
101.1

106.5
103.8

108.0

112.2

105. 2

97
143
127
124
76
117

100
148
133
129
85
121

98
131
131
124
75
124

79
102
101
129
89
156
60
77
129
56
100

83
105
105
133
88
161
61
82
133
58
100

81
113
107
135
66
155
65
84
131
60
101

i
r

Revised.
* Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166.
1 Index revised January 1935 to date. For back figures see p. 569 of this BULLETIN.

572




FEDERAL RESERVE BULLETIN

Factory Employment and Payrolls—Continued
(Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
Factory employment
Industry and group

Leather, Manufactures
Boots, shoes
Leather

Apr.

1940

1941

1940
Mar.

Factory payrolls

Dec.
90.6

Jan.
93.4
91

Feb.

Mar.

Tobacco Manufactures
Tobacco, snuff
Cigars, cigarettes

118.
143
262
90
88
82
79
70
107
40
96
61
64

Mar.
80.3

95

97

84

Food, Products
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Icecream
Slaughtering, meat packing
Sugar, beet
Sugar refining, cane

Apr.

90
119.7 130.5 '181. 4 '119.1
143
143
144
141
255
268
'261
256
'91
94
96
92
103
103
85
91
101
86
77
87
78
78
77
77
75
'70
68
68
104
125
116
111
235
103
'53
44
94
94
65.6
57

59
64

58
61

57
65

120.4
145
264
96
80
89
77
71
111
46
96
54
64

1941
Dec.

Apr.

Jan.

Feb.

Mar.

70.7

78.5

83.3

91.5

96.1

67
78

73
90

80
87

89
92

94
94

91
95
125.2
141
330
90
87
85
75
70
116
50
97

132.4 rl80.2

119.6

122.5

138

138
295
81
76
89
73
60
114
57
73

140
313
85
76
94
73
63
114
48
92

123. 7 117.1
146
134
271
300
102
78
76
96
86
77
73
78
60
79
112
111
45
46
97

117.7

63.2
54
64

58.1
67
57

58.7

67.4

59.3

61.7

62.7

64
58

70
67

67
58

64
61

64
62

134
312
81
83
74
72
63
110
48
77

'300

84
93

'104

73
61
137
263
85

135
289
80
79
'87
72
59
120
'96
70

Paper, Printing
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing

1114
114
113
100
117

113.8
113
112
100
117

119.5
125
116
105
120

116.7
118
116
104
115

117. i
119
117
103
116

118.1
123
119
102
117

119.4
127
120
103
117

110.0
122
115

109.7

120.8 115.4

117.1

120.4

121
115
87
111

145
129
98
116

136
133
93
110

145
136
95
112

Chemicals, Petroleum, and Coal
Products
Petroleum refining
Other than petroleum
Chemicals
Cottonseed, oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap

122.8
121
123.1
136
'90
119
108
152
124
309 •
83

123.4
121
123.9
135
79
119
114
175
124
306
81

125.8
120
127.2
150
129
116
149
95
126
315
85

186. 0
119
127. 7!
152
114
116
150
104
126
314

127.8
119
129.
155
112
119
159
113
129
311
90

ISO. 7
120
133.4
159
99
121
161
141
133
312
91

133.7
121
136. 8
161
91
122
*
177
137
318
91

132. 5
136
131.5
159
81
131
129
113
131
316
100

133. 4 1U.8

Rubber Products
Rubber boots, shoes
Rubber tires, inner tubes
Rubber goods, other

87.2
56
72
144

84.7
56
70
140

97.5
67
77
167

noo. 7

108.9
69
80
179 I

105.1
71
83
181

56
79
138

68
78
169

68
79
175

Apr.

132
128
95
108

137

139

142.1
132

132.3

145. 8

145.2 '148.0

160
69
131
133
136
132
311
98

86.5
55
78
133

188
129
131
199
81
139
334
106

111.1
81
96
174

188
111
131
203
86
137
336
108

rl44- %
132
194
105

'136

209
93
142
328
113

mi.6 nu. 3
79
98
174

79

'100
185

148.2
133

152.7

202
94
138
207
117
147
333
115

119.5
81
103
195

58.1
62
58
121.3
150
139
94
113
154.8
142
158.8
205
85
138
173
158
338
116
121.5
81
106
193

' Revised.
* Data not available.
NOTE.— Figures for April 1941 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for
payroll period ending nearest middle of month.
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly esirnings (cents per hour)

Average hours worked per week

Industry group

1940

Feb.

Mar.

Feb.

Mar.

Nov.

Dec.

Jan.

Feb.

Mar.

39.8

39.0

40.0

40.4

66.8

66.5

67.8

68.3

68.9

69.2

69.7

41.2

40.6

41.6

42.0

72.6

72.8

74-4

74.9

75.8

76.2

76.8

39.6
42.0
40.4
41.4
38.9
37.1

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
39.7
37.2

41.0
44.9
42.3
42.1
39.6
37.2

76.4
73.7
89.6
69.6
51.3
66.2

76.3
73.9
90.0
69.7
51.5
66.4

78.1
75.2
90.2
72.7
52.6
67.1

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
53.6
68.3

79.5
77.8
92.1
74.8
54.1
68.9

36.9

37.1

38.4

37.3

38.3

38.8

60.8

61.0

61.3

61.7

62.0

62.1

62.4

35 1
35.1
35.2
35.6
39.8
34.5
38.0

35.5
36.8
33.0
33. 0
39.3
37.2
38.4

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
39.7

50 5
48.4
54.4
53.7
63.9
49.1
78.3

50.5
48.2
54.3
54.1
64.1
49.0
78.9

50.4
48.7
53.9
55.5
63.2
48.6
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
80.5

38 4
36.2
39.2
'35. 8

38.8
35.7
39.8
37.9

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

75 6
97. 5
68.1
77.8

74.6
97.1
67.0
77.9

76.5
97.6
69.6
78.1

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

Mar.

Nov.

Dec.

Totul

37.3

37.5

38.6

Durable goods _

37.9

38.3

40.2

36.5
40.1
37.6
38.4
38.0
35.3

36.1
40.7
38.4
38.9
38.4
35.7

36.8
35 1
35.7
34.0
36.7
39.4
32.8
37.8
38.4
35.9
39.2
35.3

Nondurable goods
Textiles, Products
Fabrics
_
Wearing apparel
_
Leather, ManufacturesJ
Food, Products
Tobacco Manufactures
Paper, Printing
Chemicals, Petroleum, and Coal
Products
Petroleum refining
Other than petroleum refining.
Rubber Products
_ __
r
1

1941

Jan.

Feb.

Iron, Steel, Products
_
Machinery
Transportation Equipment. _ _
Nonferrous Metals, Products
Lumber, Products __ _ _ _
Stone, Clay, Glass Products

1940

1941

Revised.
Beginning with October 1940 figures are not comparable because of expansion in reporting sample.

JUNE 1941




573

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Nonresidential building
Residential
building

Total

Month

January
February
March
April
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

4 004 0

Factories

Commercial

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

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

1941

1940

55.9
37.8
121.8
66.2

Educational i
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
147 2

318.3

Other i
1940

11.6
7.9
10.4
11.2

Public works
and public
utilities l
1940

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

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

75.1
63.9
130.6
96.9

1,112 4

386.7

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

January
February
March
April

._ __

May

June
July

August
September
October
November
December
Year
1

1936

1937

1938

1939

1940

1941

1936

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

149
79
96
105
94
116
153
153
116
101
89
82

1937
112
69
66
74
93
137
131
104
80
78
93
115

1938

1939

1940

1941

1936

1937

1938

1939

1940

118
51
95
89
144
108
98
171
160
203
179
279

148
111
128
160
135
128
137
158
144
92
144
225

93
82
95
103
112
147
205
195
144
175
195
258

111
66
226

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

104
174
254

1,341 1,761 1,492 1,842 2,202

1,334 1,152 1,705 1,708 1,802

2,675 2,913 3,197 3,551 4,004

1941

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.]
Number
Federal Reserve district
April

March

April

Boston
New York
Philadelphia

30,383
51, 203
22,048

27, 015
44,862
29, 593

19,155
48, 962
17, 575

Cleveland
Richmond
Atlanta

38, 682
47, 873
42,203

35, 049
57,017
27,371

31, 241
31, 625
30,608

Chicago,
St. Louis
Minneapolis

71, 266
34,380
11,813

132, 391
81,108
8,053

61, 094
16,169
9,416

Kansas City
Dallas.
Total (11 districts)

10, 312
46, 512

15, 670
21, 774

14, 505
20,154

406,675

479,

903

300,

504

Federal Reserve
district

Boston...
New York.
Philadelphia
Cleveland
Richmond
Atlanta
Chicago..St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total-

1941

_

Liabilities
1940

Apr.

Mar.

Apr.

103
407
56
61
42
45
150
36
24
44
22
159

108
456
78
81
35
44
146
48
15
49
30
121

1,149

1,211

1941

1940

Apr.

Mar.

106
440
99
46
48
70
201
38
19
55
23
146

1,213
5,795
667
881
281
958
1,971
185
302
194
196
1,184

1,246
4,466
1,164
1,003
547
439
1,410
800
206
455
366
1,342

1,391
6,320
1,466
497
348
829
2,215
438
272
422
215
1,834

1,291

13,827

13, 444

16, 247

Apr.

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.

574




FEDERAL RESERVE BULLETIN

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1

Excess of exports

Merchandise imports»

Month
1938

1939

1940

1941

223
233
257

289
262
275

213
219
268

370
347
351

325
303
357

April
May
June

269
290
265

274
257
233

231
249
236

July
August..
September.__

268
277
297

228
231
246

333
315
323

_. 3,349

1937

January
February
March

_
._

October. __
November
December

.

.
__

Year

Jan.-Mar. _ ._ . ___

712

1937

1939

1941

1940

1938

1939

1940

1941

1937

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

323
324
350

287
285
286

160
148
146

186
202
179

212
211
211

— 18
5
— 21

115
109
87

45
47
57

111
112
138

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

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
60

3,094

3,177

4,021

3,084

1,960

2,318

2,625

265

1,134

859

1,396

826

699

1,068

826

507

527

659

-113

319

173

409

986

730

1938

97
70
89

256

p Preliminary.
iJ Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Bureau of Foreign and Domestic Commerce.
Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p 18.

FREIGHT-CAR LOADINGS, BY CLASSES

REVENUE, EXPENSES AND INCOME OF CLASS I

[Index numbers; 1923-25 average=100]

RAILROADS1
[Millions of dollars]

ForLive- est
Coke Grain stock
prod- Ore
ucts

Mis- Mercel- chanlane- dise
ous l.c.l.

Total

Coal

1940—Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec

69
70
72
75
75
76
77
77
83
84

66
75
78
81
83
85
80
65
76
74

70
73
73
91
105
108
99
97
104
99

75
79
74
74
80
74
79
81
78
77

39
37
38
38
35
38
42
45
43
40

43
43
45
45
46
49
51
55
56
59

105
102
96
100
96
96
106
117
192
134

77
74
77
82
80
82
84
89
94
97

60
59
60
60
61
61
61
62
62
63

1941—Jan
Feb
Mar
Apr

86
86
87
79

75
75
86
31

96
89
109
93

76
71
80
82

36
38
38
37

60
56
53
54

149
138
146
361

102
104
99
97

65

Total
railway
operating
revenues

Total
railway
expenses

Net
railway
operating
income

Net
income

SEASONALLY
ADJUSTED

SEASONALLY
ADJUSTED*

1940—Feb
Mar....
Apr
May
June_-_
July....
Aug
Sept.—
Oct
63
Nov
65
Dec
64

UNADJUSTED

1941—Jan
Feb._._
Mar

1940—Mar.____
Apr
May
June
July
Aug
Sept....
Oct
Nov...
Dec

67
67
71
75
77
78
86
86
84
77

70
63
67
69
70
75
83
72
83
83

73
62
70
85
89
88
94
97
104
108

69
70
66
73
110
89
89
81
73
66

31
34
34
31
31
38
54
63
52
39

44
44
47
48
46
51
56
57
55
50

26
42
134
170
182
178
185
173
105
33

74
76
80
85
82
83
94
100
95
88

60
60
60
60
60
61
64
64
63
61

1941—Jan
Feb
Mar
Apr

78
79
83
74

86
89
91
26

113
119
114
78

68
65
74
73

35
31
31
34

53
54
54
55

33
33
36
148

87
89
95
100

65

49
39

9

39
51

-1
11
19
13
16
25
8
25
43

360
356
365
377
363
379
401

290
290
289
290
300
303
308
309
311
312
316

389
402
417

316
319
334

73
84
83

32
43

314
327

281
290
288
296
297
309
315
308
327
304
303

33
37

-11
-5
-9
4
7
16
22
31
43
31
51

339
329

328
342

60
54
57
67
52
67
85

i

UNADJUSTED

1940—Feb
Mar..__
Apr
May
June___
July....
Aug.._.
Sept....
Oct
60
Nov
62
Dec
64

321
343
345
366
381
383
414
375
382

34
47
47
57
66
74
87
71
79

20
62
315
1941—Jan
377
58
15
300
358
Feb....
81
336
416
Mar
NOTE.—For description and back data for revised indexes on a 1935-1939 average base, see pp. 529-533 of this BULLETIN. Based on daily average loadings.
Basic data compiled by Association of American Railroads. Total index com•Derived from Interstate Commerce Commission data.
piled by combining indexes for classes with weights derived from revenue data
1
Excludes switching and terminal companies.
of the Interstate Commerce Commission.
NOTE.—Descriptive material and back figures may be obtained from the Division rf Research and Statistics.

JUNE 1941




575

DEPARTMENT STORE STATISTICS
MONTHLY INDEXES OF SALES AND STOCKS

SALES BY DEPARTMENTS

Index numbers based on value figures; 1923-25 average=100

Percentage change from corresponding periods of preceding year
Four
Seasonally adjusted
Unadjusted
April
months
Department
1941
1938 1939 1940 1941 1938 1939 1940 1941
1941
NET SALES—entire store
+12*
Main Store
+12
+21
90
70
88
92 101
69
71
79
+23
Basement
Store
+11
88
88
90
103
70
69
71
81

SALES
Jan.
Feb.

Mar

93 Women's, girls', and infants' apparel and ac106
cessories
Alain store l
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
Nov
Dec
Women's underwear, slips, negligees. _
Infants' wear
I
85
94
Year
90
Women's and children's shoes
Furs2
STOCKS
Basement
60
61
64 Men's and boys' wear
71
67
68
71
63
Jan.
73
65
68
70
71
67
70
Feb._._ _
68
Main store i
74
69
71
75
70
70
71
Mar.
68
Men's clothing
74
69
71
69
71
76
Apr
67
69
Men's furnishings, hats, caps
69
68
70
66
68
71
May
Boys'2 clothing and furnishings
64
68
67
67
65
64
June _Basement
60
67
68
61
July
67
61
Homefurnishings
Aug.
67
67
69
65
65
66
Main store *
70
67
68
71
73
Sept
70
Furniture, beds, mattresses, springs.._
74
67
69
Oct.
77
79
71
Domestic floor coverings
Nov. __
72
82
67
78
83
71
Draperies, curtains, upholstery
64
66
62
66
Dec
71
68
Major appliances (refrigerators, washers, stoves, etc.)
Year
68
68
69
Domestics, blankets, comforters, linens, towels
Back figures.—Department store sales, see BULLETIN for August 1936,
Basement {including
domestics, blankets,
p. 631, for October 1938, p. 918, and for January 1941, p. 65; department
linens, towels)2
store stocks, see BULLETIN for March 1938, p. 232.
Piece goods (dress and coat yard goods, all
materials)
WEEKLY INDEX OF SALES
Main store
Weeks ending on dates shown. 1935-1939 average=100
Basement
1938
1939
1940
1941
Shoes (basement only)
86
83
80
82
83
83
85
86
87
88

Apr.
M a y _. ._
June
July
Aug. _
Sept.
Oct. .

Apr.

May

9
16

97
115

23

93

30
7
14
21
28

92
107
87
89
91

88
88
87
86
87
88
90
92
93
95

Apr.

89
89
89
91
92
98
97
94
100
101

8
15
22
29
May 6
13

118
92
93
98
104
106

20
27

94
97

103
104

Apr.

6
13
20
27
May 4
11
18
25___

77
86
80
79
58
65
91
92
99
156

82
88
87
83
60
69
97
99
106
168

112
97
99
98
108
114
99
; 97

86
86
89
87
64
77
105
101
114
179

Apr.

5
12
19
26
May 3
10
17
24

+26
+21 +25 +15
+ 8
+15
+32
+15
+56
+17
+22
+14
+13
+ 7
+15
+36
+12
+37
+20
+11
+28
+36
+26 +88 +14
+ 7
+25
+17
+87
+28
+12
+16 +n +17
+24
+13
+12
+ 6
+23
+25

+10
+10

+12
+11
+12
+ 8
+17
+17

+17

+ 8

+16

+1

- 1
- /
+ 2
+36
+ 9
* Based on reports from 254 stores. Reports of total sales from a larger
number of stores, including many stores not reporting sales by departments, showed an increase of 24 per cent for April and 14 per cent for
the first four months of 1941, as indicated in the table below.
1 Group totals for main store include sales in departments not shown
separately.
2 Group totals for basement are not strictly comparable with those
shown for main store owing chiefly to inclusion in basement of fewer
departments and somewhat different types of merchandise.

131
136
117
114
124
128
110
117

SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES

Percentage change from corresponding periods of preceding year

+ 9
+ 7
+ 8
+ 6
+ 3
+ 7
+19

+U

+ 5
+17
+ 4
+11
+21
+26
+45

+11
+22 Richmond
+12 Washington
+12 Baltimore
+19 Winston-Salem
C.
+22 Charleston^.
Lynchburg
+37 Norfolk
+ 4 Richmond
+ 8 Charleston
+13 Huntington
+12
+20 Atlanta

United States.__.
New Haven
Portland
Boston
Springfield
Providence
New York
Bridgeport
Newark
Albany
Binghamton..
Buffalo
Elmira
Niagara Falls.
New York and
Brooklyn
Poughkeepsie _
Rochester
Syracuse

+24
+26
+18
+23
+21
+32
+18
+21
+43
+25
+19
+30
+27
+37
+28

'- 6

+18
+25
+18
+29

+ 2
+ 2
+12
+17

Philadelphia

+31,
+38
+33
+35
+33
+29
+37

Boston

Trenton
Lancaster
Philadelphia._
Reading
Wilkes-Barre..
York

Cleveland

Akron
Cincinnati

r_l_

+ 2
+ 3
+ 7
-+10
+ 9
+ 9

+18
+11
+12
+10
+16
+16

+16
+17
+11
+16
+18
+13
+18

+80 +H +17
+40 +22 +25
+24 + 6 +14

Apr. Mar. Four
1941 1941 mos.
1941

Apr. Mar. Four
1941 1941 mos.
1941

Apr. Mar. Four
1941 1941 mos.
1941
Cleveland (cont'd)
Cleveland
Columbus
Toledo
Youngstown.__
Erie
Pittsburgh
Wheeling

Birmingham ___
Montgomery __„
Jacksonville
Tampa
Atlanta
Macon
Baton Rouge.__
New Orleans...
Jackson
Chattanooga . . .
Knoxville
Nashville

+32
+33
+20
+32
+31
+25
+44

+18
+ 1
+14
+28
+15
+11

+35
+35
+33
+26
+46
+38
+60
+37
+39
+40

+10
+12
+11

+27
+28
+21
+43
+22
+26
+55
+27
+28
+31
+31
+30
+30

- 4

+16
- 2
+40
+ 5
•+10
+ 5
+ 6
- 3
+17
+15
+3
i

- 9

+
+
+
+
+

2
5
6
7
8

Chicago

+20 Chicago
+12 Peoria
+13 Fort Wayne. _.
+22 Indianapolis..
+18 Des Moines...
+13 Sioux City
+18 Detroit
Flint
+20 Grand Rapids
Lansing
+21
+20 Milwaukee
+10
+30 St. Louis
+12 Fort Smith....
+49 Little Rock._.
+16 Quincy
+18 Evansyille
+19 Louisville
St. Louis
Springfield
Memphis

+18
+14
+ 7
+27 Minneapolis
+19
+12 Kansas City
+20 Denver
+13 Hutchinson...
+10 Topeka
+15 Wichita
+17 Kansas C i t y . .
+17 St. Joseph
+19 Omaha
i

r

+20
+14
+18
+40
+29
+10
+13
+20
+31
+21
+39
+21
+25
+23
+31
+21
+20
+41
+21
+28
+28

+11
+ 4
+ 2
+18
+10
+ 8
+ 5
+20
+37
+12
+29
+17
+ 9
- 5
+9
- 1
+ 1
+30
+ 7
+39
+ 2

+U
+U

+10
+28
+23
+22
+16
+13

+

+ 5
+ 1
+ 2
+ 7
- 4
+13

City
+13 Kansas
(cont'd.)
+ 7 Okla.
+11 Tulsa City
+24
+17 Dallas
+ 5 Shreveport
+ 7 Dallas
+19 Fort Worth....
+29 Houston
+12 San Antonio...
+25 San Francisco
+16 Phoenix
+16 Bakersfield
Fresno
+ 9 Long
Beach
+22 Los Angeles
+10 Oakland and
+ 9
Berkeley
+34 Sacramento
+11 San Diego
+40 San Francisco..
+16 San Jose
Santa Rosa
+ 8 Boise
and
Nampa
+10 Portland
+ 9 Salt Lake City
+13
+12 Everett
+11 Seattle
Spokane
+11 Tacoma
Walla Walla..
Yakima

Four
Apr. Mar. mos.
1941
1941
+10
+12
+21
+15
+17
+27
+21
+23
+21
+33
+ 6.
+ 9
+30
+19

+ |

+11
+6
+ 4
- 2
+ 4
+ 1
o

+17
+ 8
+ 2
- 6
- 4

+ 7
+ 7
+ 2

+13
+14

+/*

+ 9
+ 9
+13
+10
+18
+13
+28
- 1
+ 3
+16
+12
+ 7
+ 6
+31
+11

+12 - 2
+37 +25
+21 + 6
+ 5 - 7 - 1
+ 4
+ 2
+ 5
+10
+21 +11 +13
+16 + 5 +12
+32 +41 +24
+37 +24 +25
+24 +13 +15
+47 +45 +41
+ 4
- 3
+ 8 -12

Revised

576




FEDERAL RESERVE BULLETIN

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926=100]
Other commodities
All
commodities

Farm
products

Foods

95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6

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
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8

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
66.3
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
72.1
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
74.8
77.3

1940—March
April__May
June
July
August
September
October...
November
December

78.4
78.6
78 4
77.5
77.7
77.4
78.0
78.7
79.6
80.0

67.9
69.4
67.9
66.2
66.5
65.6
66.2
66.4
68.2
69.7

70.2
71.6
71.4
70.3
70.3
70. 1
71.5
71.1
72.5
73.5

82.9
82.5
82.5
82.2
82.3
82.0
82.3
83.5
84.1
84.1

101.8
101.8
101.3
99.2
99.0
96.9
98.3
100.4
102.3
102.3

74.0
72.9
72 9
72.6
72.4
72.3
72.5
73.6
74.5
74.8

72 2
71.8
71 7
71.4
71.1
71.1
71.0
71.6
71.9
71.7

95.5
94.5
94 5
94.7
95.1
94 9
95.4
97.3
97.6
•97.6

93.3
92.5
92 5
92.4
92.5
93.3
95.6
97.8
98.9
99.3

77.0
76.8
76.7
76.1
77.0
76.7
76.8
76 9
77,5
77.7

88.0
88.4
88.5
88.5
88.5
88.5
88.5
88.6
88.6
88.9

76.9
77.7
77.7
77.3
77.7
76.7
76.5
76.9
77.5
77.3

1941—January
February
March
April

80.8
80.6
81.5
83.2

71.6
70.3
71.6
74.4

73.7
73.5
75.2
77.9

84.3
84.4
84.9
85.9

102.4
101.6
102.6
103.9

75.2
76.4
78 4
81.0

72.1
72.1
72 0
72.9

97.7
97.6
97 7
97.9

99.6
99.3
99.5
100.1

78.6
78.5
79.8
81.8

89.0
89.1
89.5
90.4

77.1
76.9
77.6
78.6

Week ending—
1941—March 1
March 8. _
March 15
March 22.
March 29
April 5_ .
April 12
April 19
April 26
May 3
May 10
May 17May 24

80.5
80.6
80.9
81.6
82.0
82.2
82 9
83.0
83.0
83.2
84.0
84.6
85.0

70.4
70.5
70.9
72.3
73.2
72.7
74.9
75.0
74.3
74.4
75.1
76.3
77.3

73.1
73.4
74.3
75.6
76.4
76.7
77.5
77.8
78.1
78.0
79.0
79.7
79.5

84.7
84.8
84.9
85.1
85.4
85.8
85.9
86.0
86.1
86.4
86.9
87.3
87.7

102.1
102.5
102.8
103.3
103.5
103.9
103.9
104.3
104.7
105.0
105.3
106.1
106. 9

76.3
76.6
77.2
78.2
79.2
80.1
80 4
80.5
80.7
80.9
81.4
82.4
82.9

72.6
72.6
72.6
72.5
72.6
73.2
73 4
73.3
73.5
74.2
74.9
75.6
76.2

98.0
97.9
97.8
97.8
97.9
97.8
97 8
97.8
97.9
97.9
97.9
98.1
98.2

99.5
99.5
99.4
99.5
99.7
99.8
99.9
100.0
100.1
100.3
100.3
100.3
100.5

78 6
78.7
79.2
80,0
80.6
80 9
81.7
8? ?,
82.6
82.8
S3 1
83.7
84.2

90.7
90.8
90.8
90.9
91.2
91.5
91.5
91.6
91.6
91.9
92.3
92.3
92.5

76.7
76.8
77.0
77.5
77.8
78.0
78.1
78.4
78.4
78.5
79.0
79.4
79.7

Year, month, or week

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938 _
1939
1940

_

ChemiHides and Textile Fuel and Metals Building cals and Houseleather products lighting and metal materials
allied
furnishproducts
materials products
products ing goods

Total

1941

1940

Subgroups
Jan.

Feb.

Mar. Apr.

83.0
65.3

64.5
82.4
64.2

67.8
82.5
65.6

70.9
86.2
67.8

77 X 80.2
83. I 74.8
65. 1 59.6
DO
O
71
63 ?, 64.5

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

Api

Farm Products:
Grains..
. . .
__
Livestock and poultry
Other farm products.
Foods:
Dairy products
.
Cereal products
__ _ _
Fruits and vegetables
Meats
Other foods
_
Hides and Leather Products:
Shoes
Hides and skins.
_. _ _
Leather .
Other leather product s .
Textile Products:
Clothing .
Cotton goods
Hosiery and underwear
Silk .
Rayon
Woolen and worsted £roods
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
_
Electricity
Gas
_. .
Petroleum products

1941

1940

Subgroups

Miscellaneous

77. ?, 67.6

68.4

67. I

108 ?, 107.4 107.4 107.4 107.8

94 1

99.1

100.0

99.7

93. ?, 94.4

84.7
70.. 2
61. 7
45.4
83.1
74.1
77.4
96.4
109.6
76.0
82.0
50.4

94.8 99.1 104. 7
94.5 94.8 95.6
99.7 100.5 100.5

86.6 87.2 87.7 88.7
75.8 77.5 81.1 86.8
59.9 60.3 60.4 61.1
42.5 43.3 47.7 48.3
29.5 29.5 29.5 29.5
89.2 91.2 93.2 93.3
74.8 76.8 80.1 89.3
81.1 81.1 81.0 80.9
100.4 100.3 100.3 100.0
113.8 113.8 113.8 113.8
77.5
50.0

77.6
50.0

77.0
49.9

51.9

Apr.
Metals and Metal Products:
Agricultural implements
Farm machinerv
Iron and steel
-_ .
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materiali
Brick and tile
Cement
Lumber 1
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
Chemicals and Allied Product s:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishins-s
Fur niture
Miscellc. neons:
Auto tires and tubes
Cattle feed
Paper and puln
Rubber, crude
Other miscellaneous

Jan.

93.5 99, 7
94.7 94.0
94.3 95.7
94.8 100,3
79.2 83.6
80.9 80.5

Feb. Mar. Apr.

92.8 92.7
94.0 93.9
95.5 95.7
99.8 99.8
84.0 , 84.3
82.2 82.8

92.3
93.5
95.9
100.1
84.3
83.0

90.2 91.3 91.4 91.5 91.7
90.3 90.8 90.8 90.8 91.0
96.7 118.4 117.2 116.7 116.7
86 7 86.7 86.6 87.4 88.7
80.9 80.5 82.2 82.8 83.0
07 3 107.3 107.3 107.3 107.3
92.3 94.9 94.9 95.2 95.9
85 0
81.8
70.7
73 8
46.8

85.6
96.5
70.7
75 2
46.2

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

94.5
81 9

95.2
82 6

95.3
82.6

95.8
82.9

97.1
83.4

58.0
00.1
89.5
39.4
85.1

58.2
89.1
93.1
41.0
82.8

58.2
81.2
93.3
42.2
82.9

58.4
82.7
93.5
45.6
83.4

58.8
85.2
94.5
47.6
84.3

i Revised series.
Back figures.—F'or monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report
for 1937 (table 87).

JUNE 1941




577

STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES
Revised Edition of Chart Book *
Chart
book
page

Apr.
23

WEEKLY FIGURES 1

Apr.
30

May
7

May
14

May
21

In billions of dollars

Feb.

Mar.

Apr

RESERVES AND CURRENCY

Reserve Bank credit, totaL
3
U. S. Gov't. securities,
by maturities, totaL.
5
Within 5 yrs
5
After5yrs
5
Gold stock
3
Treasury currency
3
Money in circulation
3,11
Treasury cash holdings
3
Treasury deposits
3
Nonmember deposits
_
3
Member bank reserves
3
Excess reserves—total •
9
New York City
9
Chicago....
9
Reserve city banks
9
Country banks •
9

2.24

2.23

2.23

2.24

2.24

2.18
1.01
1.18
22.48
3.12
8.99
2.30
.95
1.81
13.51
5.75
2.64
.35
1.89
.88

2.18
1.01
1.18
22.51
3.12
9.07
2.28
.87
1.83
13.52
5.80
2.55
.42
1.91
.91

2.18
1.01
1.18
22.53
3.13
9.15
2.29
.80
1.91
13.44
5.73
2.45
.43
1.91
.94

2.18
1.01
1.18
22.54
3.13
9.16
2.28
.76
1.96
13.46
^5.76
2.44
.43
1.95
P. 95

2.18
1.01
1.18
22.57
3.13
9.19
2.28
.48
1.97
13.73
P5.92
2.58
.44
1.97
P. 93

MEMBER BANKS

16

27. 55

27.55

27.60

27.74

16

9.02

9.04

9.16

9.18

9.17

16
16

23.76
5.44

23.71
5.45

23.62
5.44

23.85
5.44

24.27
5.43

17
17
17

2.09
.32
6.80

2.11
.33
6.86

2.12
.32
6.91

2.13
.32
6.98

2.15
.33
6.88

17
17

3.42
7.11

3.42
7.07

3.45
7.11

3.48
7.11

3.49
7.11

MONEY RATES, ETC.

27.80

Reserve Bank credit, total
IT. S. Gov't. securities
Bills discounted
old stock
Money in circulation
Treasury cash
Treasury deposits
Reserve balances
Required reserves
Excess reserves
Money in circulation, total.-.
Coins and bills under $50_.
Bills of $50 and over

2.25
2.18

2.26
2.18

22.14
8.68
2.21

22.32
8.84
2.20

10
10
10

14.00
7.57
6.42
8.78
6.24
2.54

13.98
7.68
6.30
8.92
6.34
2.58

2.27
2.18
(6)
22.44
9.00
2.28
.89
13.60
7.72
5.88
9.07
6.43
2.64

19
19
19
19
19
19

45.54
31.88
6.81
1.31
5.53
5.91

46.58
33. 57
5.72
1.60
5.68
5.92

46. 67
33.64
5.72
1.60
5.71
6.56

2, 7
7
7
2
2
2
2
2, 8

097
.51
1.91
2.82
4.34

.096
.49
1.91
2.81
4.32

.069
.47
1.92
2.81
4.31

.070
.44
1.93
2.82
4.31

In unit indicated

.62

Per cent per annum

MONEY RATES, ETC.

F. R. Bank discount
rate, N. Y
23
Treasury bills (new
issues) 2 _
23
Treasury notes 34
23
Treasury bonds
29
Commercial paper
25
Corporate Aaa bonds
25,29
Corporate Baa bonds
29

1.00
0.034
.55
2.10
.56
2.78
4.42

1.00
0.089
.50
2.01
.56
2.80
4 38

1.00
0.092
.52
1.96
.56
2.82
4.33

In unit indicated

Stock prices (1926=100):
Total
.41
Industrial
1.94
Railroad
2.82
Public utility
4.32 Volume of trading (mill. shares):
Brokers'balances(mill. dollars):
Credit extended customers
Money borrowed
Customers' free credit
balances

31
31
31
31

72.4
84.0
26.7
69.8

71.9
83.6
26.7
68.2

73.0
85.4
27.4
67.6

73.1
85.6
26.6
67.7

73.5
86.3
26.4

31

.45

.40

.57

.39

.38

83.0
74.3
86.1

83.2
74.4
86.4

84.0
75.1
86.9

84.6
76.3
87.3

85.0
77.3
87.7

136.8
140.4

137.7
141.0

141.7
147.2

143.6
149.5

143.6
149.8

134.0

135.2

137.6

139.2

138.9

96.0

94.3

96.8

99.2

99.9

108.2

130.6

132.4

127.3

133.6

721.7
349.1

794. 3
358.9

837.1
356.1

861.3
368.4

866.0
369.3

2,750

2,734

2,792

2,800

2,838

BUSINESS CONDITIONS

Wholesale prices:
All commodities (1926= 100):
Total
35
Farm products
35
Others
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.)
46
Department store sales
(1935-39=100)
46
F.H.A. home mortgages,
new constr. (thous.)
47

.55

TREASURY FINANCE

U. S. Government debt:
Direct obligations, total..
Bonds..
_.
Notes
Bills
Special issues
Guaranteed obligations...

Per cent per annum

Treasury bills (new issues) 2
21
Treasury notes 3
21
Treasury bonds *
21, 29
Corporate Aaa bonds
29
Corporate Baa bonds.
29

Stock prices (1926=100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill,
shares)

1941

In billions of dollar*

MONTHLY FIGURES

RESERVES AND CURRENCY

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

Chart
book
page

114

124

128

110

11

6.21

5.93

5.91

5.94

6.2

31
31
31
31
31

75.9
87.9
26.4
74.6
.44

76.0
88.2
26.6
74.5
.44

73.8
85.6
26 9
71.2
.50

33
33

634
375

633
387

606
368

33

267

268

BUSINESS CONDITIONS

Wholesale prices:
All commodities (1926=100):
Total
35,65
Farm products..
Others
_.
Industrial commodities
(Aug. 1939=100):
Total
Finished
Raw and semifinished
Cost of living (1935-39=100):
All items
Rent
Clothing
Food

0.6
.0.3
14. 4

81.5
71.6
84.9

83. 2
74.4
85.9

105.2
103.3
109.4

105.9
103.6
110.9

107.3
104.7
112.6

100.8
105.1
100.4
97.9

101.2
105.1
102.1
98.4

102.2
105.4
102.3
100.6

e

Estimated, P Preliminary. ^Revised.
1 Figures for other than Wednesday dates are shown under the
Wednesday included in the weekly period.
2 Tax-exempt bills prior to March 1941; taxable bills thereafter.
34 Tax-exempt issues only.
Partially tax-exempt issues only.
5
Other than farm products and foods.
« Less than $5,000,000.
* Current figures are for the revised edition of the Chart Book
announced on page 212 of the March 1941 BULLETIN. Copies
of this chart book can be obtained at a price of 50 cents each.

NOTE.—Estimates for May for the following items are shown on p. 565; all commodities, industrial production, durable manufactures, non
durable manufactures, minerals, freight-car loadings, department store sales.

578




FEDERAL RESERVE BULLETIN

Statistics for Federal Reserve Chart Book—Current Series—Continued
Revised Edition of Chart Book *
Chart
book

MONTHLY FIGURES (cont.)
BUSINESS CONDITIONS

Chart
book
Feb.

Mar.

Apr
MONTHLY FIGURES (cont.)

In unit indicated

(cont.)

INTERNATIONAL

12

Industrial production:
Total (1935-39=100)
41,42
Durable manufactures
41
Iron and steel..
__
42
Machinery, etc.
42
Other durable
42
Nondurable manufactures
41
Textiles and leather
42
Paper and printing
42
Foods, liquors, and tobacco..
42
Other nondurable—
42
Minerals
41, 42
New orders, shipments, and
inventories (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

141
65.2
18.4
30.9
15.9
57.8
17.6
11.3
16.5
12.4
18.0

P140
143
64 5 P63. 2
18 5 P17.6
30 7 P30. 5
15 3 P15. 1
59.4 P 6 1 . 3
18 8 P20.0
11 6 Pll.6
16 6 P16.8
12 4 P12. 9
P15. 3
19.0

189
277
295
286
159
189
121
131
111

194
285
304
277
165
198
122
132
112

P187
P260

..

51, 53
51, 53

117.8
126. 9

119.9
131.2

51

69.2

69.7

51

40.0

40.4

57
57
57
57
59
59

86
15.8
49.6
21.0
103
73

87
18.0
47.0
21.7
103
74

Wholesale prices:
Canada
Germany...
Japan
Sweden
Switzerland
United Kingdom

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

P302

29.77
84.98
23.44
23.21
403.19

29.77
87.65
23.44
23.20
402. 48

1941
Jan.

Feb

In billions of dollars

3
4

79
6.5
46.1
26.4
104
74

154
23
132
107
24

137
26
111
92
19

143
29
115
101
14

49
49
49

407
141
267

384
137
247

P402
P139
P263

50
50
50
50

36.93
11.84
6.17
3.91

37.23 P37. 62
12.02 PII. 89
6.26
P6. 46
3.94 *3. 98

50
50

3.03
1.68

54
54
54

6,654
4,327
2,327

Increase in U. S. gold stock: 4
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

55
55
55
55

632
173
377

681
197
413
71

61
61
61

303
234
70

357
268
89

12
76

14.97

15.09

15.21

6.24
4.21
1.92
4.36
4.37

6.26
4.25
1.91
4.46
4.38

6.15
4.12
1.93
4.53
4.52

3.78
.38

3.84
.40
3.44

3.72
.38
3.34

3.39

1941
JulySept.

C ash income and outgo of U. S.Treas.:
Cash income
__
Cash outgo
Excess of cash outgo
Domestic corporation security issues,
total
New
Refunding

Oct.Dec

Jan.Mar.

In billions of dollars

QUARTERLY FIGURES s

6,702 P6, 695
4,358 P4, 371
2,344 P2, 324
P709
P182
P488
P39

29.77
83.69
23.44
23.22
402. 97

Dec.

P122.
P134.

P3.
PI.

85.2
85.9
86.6
83.0
83.1
133.9
136. 0
130.3
133. 5
116.6
118. 2
121.0
121. 8 121.8
In cents per unit of
foreign currency

1940

47
47
47
47
47

3.06
1.63

Apr

1926=100

In millions of dollars
Residential contracts awarded :i
Total
Public
Private, total
1- and 2-family dwellings
Other
Construction contracts awarded: 3
Total
_
Residential....
._
Other
Nonagricultural employment
(mill, persons):
Total*
Manufacturing and mining 6
Trade
Government
Transportation and public utilities...
Construction
Income payments;i
Total
Salaries and wages
Other
Cash farm income:
Total
Crops
_.
Livestock and products
Gov't payments
__
_
Exports and imports:
Exports
Imports
Excess of exports

Mar.

FINANCE

P269
P172
P204
P124
P134
P112

1923-25=100
Factory employment
Factory payrolls.
Average hourly earnings
(cents per hour)
Average hours worked
(hours per week)
Freight-car loadings;i J
Total....
Coal
Miscellaneous
All other
Department store sales *
Department store stocks l

Feb.

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

.77
.17
.60

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

p Preliminary.
i Adjusted for seasonal variation.
In points in total index.
Three months moving average, adjusted for seasonal variation.
* Cumulated from January 31, 1934.
5
Banking statistics for call report dates and figures on ownership of
U.6 S. Government obligations are shown in table on the following page.
Series revised from January 1937 to date. See table on p. 571 of this
1
3

BULLETIN.

* Current figures are for the revised edition of the Chart Book announced on page 212 of the March 1941 BULLETIN. Copies of this Chart
Book can be obtained at a price of 50 cents each.

JUNE

1941




579

STATISTICS FOR FEiERAL RESERVE CHART BOOK—BANK CALL REPORT SERIES
[In billions of dollars]
Chart
Book
Page

1941

1940

1939

1938

Dec.
31

Apr.
4

June
30

Sept.
28

Dec.
31

Mar.
29

June
30

Oct.
2

Dec.
30

Mar.
26

June
29

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 »70. 75 P72. 57
31.96 »-34.94 P36.20
27.47 '27. 74 P27. 94
6.70
P 7.78
51.34 5419
22.34 23.74
29.00 30.45

17.78

18.69

18.86

19.05

19.46

19.61

19.98

20.22

20.48

21.81

23.10

11.31
3.11
2.91

11.60
3.12
2.89
2.70

12.34
3.49
3.01
2.80

13. 50
3.49
2.96

ALL BANKS IN THE U. S.

Total deposits and currency
Demand deposits adjusted
Time deposits
.
Currency outside banks...
Loans and investments, total
Loans
Investments

.

._ _

12
12
12
12
13
13
13

M E M B E R BANKS

Investments, total 2
XJ. S. Government obligations:
Direct
_
Guaranteed
State and local government obligations
Other domestic securities
Foreign securities
Loans, total*
.
Commercial loans (incl. open-market paper)
Street loans (Brokers' loans)
Other loans on securities 5
__
Real estate loans
All other loans 2 8

14
14

14
14

.

14

15
15
15
15

10.22
2 13
2.14
3 13
18

10.71
2 30
2.30
3 19
18

10.88
2.34
2.45
3 01
.18

10.69
2.66
2.56
2.96
.18

10.95
2.83
2.55
2.94
.19

10.89
2.92
2.76
(3)

11.18
3.14
2.69
2.77
.19
13.96
6.57
.61
.88
2.96
2.94

12.94
7.01
.53
2.79
2 61

12.94 13.21 13.05
6.97 44 5.89 5.96
.79
.67
.53
.90
2.77 4 .96
2 66
2.72
2.75
2.85
2.77

13.14
5.99
.56
.91
2.83
2.85

41.43

43.89

45.34

47.07

2 12
2 68
2.56
14.00
2 71
5.20
12.10

2 20
3.16
2.56
15.04
2.91
8 5.50
812. 50

2 14
3.77
2.55
15.67
3.07
5.80
12.30

2.34
4.23
2.48
16.27
3.13
8
6.10
8
12. 50

13.47

(3)

(3)

13.94
$
(3)

.17

.17

13.97
6.72
.32
.80
3.07
3.06

15.32
7.52
.47
.83
3.23
3.27

47.87

50.36

(3)
(3)

15.88
(3)
(3)
(3)

HOLDINGS OF U. S. G O V E R N M E N T OBLIGATIONS
D I R E C T AND G U A R A N T E E D 3

Total outstanding s 7
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

2.33
2.27
4.78
5.37
2.47
2.18
16.52 17.73
3.14
3.25
6.10 8 6.50
12.50 8 13.00

p Preliminary. r Revised.
i Includes also semi-annual figures on ownership of U. S. Government obligations.
«3 Series not shown in Chart Book.
Figures available for June and December dates only.
4
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.
6
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.
6
Includes loans to banks and other loans under new classification beginning December 31, 1938.
7
Total
direct and guaranteed obligations outstanding, as shown for page 19 of chart book.
8
Partly estimated.

580




FEDERAL RESERVE

BULLETIN

ALL MEMBER BANKS—CONDITION ON APRIL 4, 1941
BY CLASSES OF BANKS
[Amounts in thousands of dollars]

All
member
banks

All
national
member
banks

15,878, 348
13, 501,298
3,486, 598
3, 205, 694

10,402,899
8, 465, 549
2,113,125
2,143, 641

5,475,449
5,035, 749
1,373,473
1,062,053

2,499, 059
411, 599
38, 982, 596
13, 531, 403
837,055

1, 631, 560
209,432
24, 966,206
7,620,089
604, 713

6, 235, 245
111, 876
51
1, 796,066
918,872
219, 227

Central reserve city
member banks 1
Chicago

Reserve
city
member
banks J

3, 502,095
5,004, 946
1,620, 413
770,675

779,914
1,341, 539
124,946
225, 594

6,165,150
4, 393, 264
1,046, 765
1,033,902

5, 431,189
2, 761, 549
694,474
1,175, 523

867,499
202,167
14, 016, 390
5, 911, 314
232,342

651, 850
145, 783
11, 695, 762
6, 715, 464
84,976

150, 949
26, 229
2, 649,171
814,925
19, 729

705, 237
149, 299
13, 493, 617
4,106, 816
360,844

991,023
90, 288
11,144,046
1,894,198
371, 506

4, 771, 574

1, 463, 671

152,419

278, 782

2,823,016

2,981,028

84, 690

6,072
51
587,988
203,291
22,896

3,737

37,234

64,833

1,140, 833
597,036
103,062

27,186
51
655, 233
321, 836
116,165

136,873
19,561
3,372

792, 392
321, 328
80, 910

278, 813
374, 692
112,049

111, 982
81,011
116, 274
146, 328

62, 439
45, 705
68,039
49,018

49, 543
35, 306
48, 235
97,310

10,771
54, 222
44,676
46,623

741
1,892
10,157
6,464

79, 217
21,483
43, 243
35, 226

21,253
3,414
18,198
58,015

63, 087, 986

40,113, 404

22, 974, 582

19, 625, 211

3, 945, 404

22,195, 326

17,322,045

All State
member
banks

New York

Country
member
banks

Assets
Loans (including overdrafts)
United States Government direct obligations
Obligations guaranteed by United States Government...
Obligations of States and political subdivisions
Other bonds, notes, and debentures, including obligations
of Government corporations
and agencies not guaranteed by United States2
Corporate stocks (including Federal Reserve Bank stock).
Total loans and investments
Reserve with Federal Reserve Banks
Cash in vault
Demand balances with banks in United States (except
private banks and American branches of foreign banks) _.
Other balances with banks in United States and foreign
countries
.
Due from own foreign branches
Cash items in process of collection
Bank premises owned and furniture and fixtures
Other real estate owned
Investments and other assets indirectly representing bank
premises or other real estate
Customers' liability on acceptances
Income accrued but not yet collected
Other assets
Total assets..
Liabilities
Demand deposits—Total
Individuals, partnerships, and
corporations
United States Government 3
States and political subdivisions
Banks in United States and foreign countries2
Certified and officers' checks, cash letters of credit
and travelers' checks, etc
Time deposits—Total
Individuals, partnerships,
and corporations2
Postal savings3
States and political subdivisions
Banks in United States and foreign countries2
Total deposits
Due to own foreign branches
Bills payable, rediscounts, and other liabilities for borrowed money
Acceptances outstanding
Dividends declared but not yet payable
Income collected but not yet earned
Expenses accrued and unpaid
Other liabilities
Total liabilities.

44,393,324 27,733,201 16, 660,123 16, 856, 065
29, 752,260 18,045,405 11, 706,855 11, 629,036
523,133
429,495
93,638
28,646
2,957, 252 2, 206, 517
750, 735
302, 006
10, 498, 201 6, 645,996 3,852, 205 4, 594, 401
662,478
405, 788
256, 690
301, 976
12, 430, 507 8, 483,209 3,947,298
848, 499
11, 837, 267 8,021,376
3,815,891
806, 277
54,422
40,800
13,622
392,143
317,839
74, 304
38,131
146, 675
103,194
4,091
43,481
56, 823, 831 36, 216, 410 20, 607, 421 17, 704,564
138,465
175, 211
172, 376
36, 746
2,586
93, 457
7,838
73,116
94, 800
63,493

2,430
52,340
7,026
51, 285
59, 683
21, 715

3,157, 620 15,271, 058
1,685, 373 9, 552, 336
107, 724
272, 786
180, 677 1, 206, 041
1,157, 578 4,069,159

9,108,581
6,885, 515
113,977
1,268, 528
677,063

26, 268
500,414
485,614
4,500
10, 300

170,736
163,498
4, 871, 562 6,210,032
4, 539, 563 6,005, 813
18, 639
31,283
202, 021
141, 691
111,339
31, 245
3, 658, 034 20,142, 620 15,318, 613
2,835

156
41,117
812
21, 831
35,117
41,778

62, 399
227
10,061
18,398
34, 515

2, 074
825
2,170
10, 873
1,004

1
25, 570
5,528
38, 398
43, 778
19,229

2,585
3,414
1,258
22,487
21, 751
8,745

3, 674, 980

20, 277, 959

15,378, 853

785, 664
726,452
257, 671
147, 580

921, 747
636, 729
274,897
109,819

57,334,332

0,549,354

20, 784, 978

18, 002, 540

2, 357,134
2, 294, 271
757, 605
344, 644

1, 523,139
1,316, 796
490, 901
233, 214

833, 995
977,475
266,704
111, 430

548,023
827, 250
196, 768
50,630

Capital Accounts
Capital
Surplus
Undivided profits
Reserves for contingencies and other capital accounts2..
Total capital accounts
Total liabilities and capital accounts
N e t d e m a n d deposits subject t o reserve
D e m a n d deposits—adjusted 4
N u m b e r of b a n k s

101,
103,
28,
36,

700
840
269
615

5, 753, 654

3, 564, 050

2,189, 604

1, 622, 671

270, 424

1, 917, 367

1, 943,192

63,087, 986

40,113, 404

22,974,582

19, 625,211

3, 945, 404

22,195, 326

17,322, ©45

36, 380,607
31, 575, 924
6,528

21,835, 795
19, 516,877
5,138

14, 544,812
12,059, 047
1,390

16,115, 658
11,645,030

2, 743. 096
1, 755, 445
13

11, 658,959
10,136, 721
346

5, 862,894
8, 038, 728
6,133

1
Excluding member banks in outlying sections of some cities authorized to carry lower reserves.
2 This is a combination of two or more items shown separately on June and December call dates.
*4 United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
Demand deposits other than interbank and United States Government, less cash items reported as in process of collection.

JUNE 1941




581

ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, MARCH 4, 1936, TO APRIL 4, 1941
[Amounts in thousands of dollars]
1936
March 4

1937
M a r c h 31

1938
March 7

1939
M a r c h 29

1940
M a r c h 26

1940
Dec. 31

1941
April 4

Assets
Loans (including overdrafts) !
United States Government direct obligations
Obligations guaranteed by United States Government._.
Obligations of States and political subdivisions
Other bonds, notes, and debentures, including obligations of Government corporations and agencies not
guaranteed by United States i 2
Corporate stocks (including Federal
Reserve Bank stock)
Total loans and investments 1
Reserve with Federal Reserve Banks
Cash in vault
Demand balances with banks in United States (except
private banks and American branches of foreign banks) _
Other balances
with banks in United States and foreign
countries 2
Due from own foreign branches
Cash items in process of collection
Bank premises owned and furniture and fixtures
Other real estate owned
Investments and other assets indirectly
representing
bank premises or other real estate x
Customers' liability on acceptances
Income accrued but not yet collected
Other assets
Total assets..

12,098, 516 13, 699, 294 13, 546, 245 13,047, 275 13, 939, 408 15, 320, 598
10, 564, 400 10, 856, 351 10, 625, 221 10, % 0 , 610 11,313,710 12,337, 408
1, 879, 722 1, 861, 336 1, 826, 966 2, 060,145 3,107, 056 3, 485, 638
2, 270,099 2, 350,032 2, 208, 781 2, 554,651 2,904, 862 3,012 693

15, 878, 348
13, 501, 298
3, 486, 598
3, 205, 694

2, 971, 585 3, 215, 554 2, 768,800 2, 687, 973 2,464,916
2, 553,197
545,156
503, 666
542, 436
454, 331
433,105
416, 533
30,287, 988 32,525,003 31, 521,169 32, 094,985 34,163, 057 37,126, 067
5, 784, 077 6, 613, 340 7, 248, 811 9,112, 434 12, 279,162 13, 991, 733
662, 310
603, 541
623, 518
776, 978
862,162
991,146

2,499,059
411, 599
38, 982, 596
13, 531, 403
837, 055

3, 813, 065

3, 312, 519

3, 461, 582

4, 280, 654

5, 499, 427

6, 084, 424

6, 235, 245

213, 532
3,000
1, 718, 306
998, 653
371,344

185, 494
3,787
1,973, 621
981, 712
368, 868

181, 263
2,326
1,406, 710
971,875
341, 875

168,179
3,551
1,481,467
941, 876
314, 835

157, 902
3,400
1, 561, 722
922, 049
271, 712

112,192
2,182
2, 783,960
914, 425
228, 243

111,876
51
1, 796, 066
918, 872
219, 227

167, 534
252, 460

202,067
226, 756

146, 451
106,764
105, 397
111, 097

132,005
97, 936
105, 442
177, 061

111,146
83, 052
105, 026
124, 082

134,473
252, 212 <

111,982
81, 011

116, 274
146, 328

44, 233, 477 47, 055, 477 46,125, 837 49, 644, 668 56, 233, 037 62, 657, 678

63, 087, 986

28, 021, 554 29, 950,160 28, 652, 321 32, 051, 080 38,197, 036 44,110, 412
17, 927, 045 20, 084, 779 19,116, 334 20, 845, 004 24, 965,017 29, 576, 064
599,587
414, 722
752,141
774, 701
616,118
725, 496
2,173, 455 2, 564, 303 2, 236, 537 2, 466, 695 2, 498, 759 2, 723, 660
6, 542,170 6, 209, 707 5, 980, 911 7, 431,195 9, 449, 292 10, 281, 272

44, 393,324
29, 752, 260
523,133
2, 957, 252
10, 498, 201

779, 297
676, 649
566, 398
533,485
913, 298
558, 472
10, 451, 894 11,164, 318 11, 594,357 11, 615, 416 11,980, 466 12, 319,198
9, 783, 716 10, 639,144 10, 845,173 10, 939, 547 11, 367, 680 11,686,808
89, 588
167,114
97, 371
68, 276
55, 987
51, 924
512,129
343, 873
268, 739
461,156
435,075
411, 210
147, 467
159, 064
157,191
141, 328
146, 437
149, 652
38, 473, 448 41,114, 478 40,246, 678 43, 666, 496 50,177, 502 56, 429, 610
84,142
129, 332
70, 831
182,067
151,175
142, 555

662, 478
12, 430, 507
11,837,267
54, 422
392,143
146, 675
56, 823, 831
175, 211

Liabilities
Demand deposits—Total
Individuals, partnerships, and corporations
United States Government 3
States and political subdivisions
Banks in United States and foreign countries 2
Certified and officers' checks, cash letters of credit
and travelers' checks, etc
Time deposits—Total
Individuals, partnerships, and corporations 2
Postal savings 3
States and political subdivisions
Banks in United States and foreign countries 3
Total deposits
Due to own foreign branches
Bills payable, rediscounts, and other liabilities for borrowed money
Acceptances outstanding
Dividends declared but not yet payable 4
Income collected but not yet earned
Expenses accrued and unpaid
Other liabilities
Total liabilities

24, 269
183, 582
16, 830

23,613
226, 089
33, 216

32,866
145, 231
17, 762

282, 292

249, 264

202,121

7,455
120, 768
30, 951
48,168
92, 205
60, 381

3,282
97, 461
38, 953
67,666
77, 946
63,177

2,586
93, 457
7,838
73,116
94,800
63, 493

39, 051, 252 41, 730, 802 40, 773, 990 44,177, 599 56, 671, 361 56, 960,162

57, 334, 332

2,247
108, 670
30, 500
60,492
88, 916
60, 479

Capital Accounts
Capital
Surplus
Undivided profits 4
Reserves for contingencies and other capital accounts »__.
Total capital accounts
Total liabilities and capital accounts
Net demand deposits subject to reserve
Demand deposits—adjusted 5
Number of banks

2, 621, 711
1, 721, 348
493,141
346, 025

2, 454, 266
1, 952, 805
580, 907
336, 697

2, 427,058
2, 020, 279
611, 508
293, 002

2, 394,184
2, 096,664
670,798
305, 423

2, 348, 205
2,179, 505
714, 549
319, 417

2, 356, 258
2, 279, 621
721,444
340,193

5,182, 225

5, 324, 675

5, 351, 847

5, 467, 069

5,561, 676

2, 357,134
2, 294, 271
757,605
344, 644

5, 697, 516

5, 753, 654

44, 233, 477 47, 055, 477 46,125, 837 49, 644, 668 56,233, 037 62, 657, 678

63, 087,986

22, 498, 578 24,668, 338 23, 789,968 26, 301,964 31,159, 647 35, 261, 636
19,161, 491 21, 352,110 20, 512, 559 22, 363, 717 26, 460, 526 30, 429, 062
6,367
6,377
6,335
6,331
6,486
6,377

36, 380, 607
31, 575, 924
6,528

1
Figures of loans and investments beginning December 31, 1938 are not entirely comparable with prior call dates because investments and
other assets (principally loans) indirectly representing bank premises and other real estate are now reported separately. Such investments and
other1 assets amounted to $94,569,000 and $49,939,000, respectively, on December 31, 1938.
This is a combination of two or more items shown separately on June and December call dates.
3
United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
* Reserves for dividends payable in common stock, $5,544,000 on December 31,1938, were formerly published as part of undivided profits. Reserves for undeclared cash dividends on capital stock and for accrued interest on capital notes and debentures, $10,691,000 on December 31, 1938,
were formerly reported in combination with dividends declared but not yet payable. Beginning December 31,1938 these two reserves are included
in "Other
capital accounts."
5
Demand deposits other than interbank and United States Government, less cash items reported as in process of collection.

582




FEDERAL RESERVE

BULLETIN

INTERNATIONAL FINANCIAL STATISTICS
PAGE

Gold reserves of central banks and governments
Gold production
Gold movements
International capital transactions of the United States
Central banks
Money rates in foreign countries
Commercial banks
Foreign exchange rates.
Price movements:
Wholesale prices
Retail food prices and cost of living
Security prices

584
585
585
586-590
591-594
595
596
597
598
599
599

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.

JUNE 1941




583

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month

Argentina

United
States

1936—Dec...
1937— Dec.._
19138—Dec...
1939—Dec—

11, 258
12,760
14, 512
17, 644

501
469
431
466

1940—AprMay _
Jane..
July...
Aug...
Sept...
Oct.-.
Nov...
Dec...
1941—Jan....
Feb...
Mar...
Apr...

18, 770
19, 209
19, 963
20, 463
20, 913
21,244
21, 506
21,801
21, 995
22,116
22, 232
22, 367
22, 506

2 403
403
403
403
402
385
359
353
353
353
353
353

End of month

Iran
Hungary (Persia)

1936—Dec...
1927—Dec—
1938— Dec—.
1939—Dec—
1940—Apr...
May..
June..

Belgium
632
597
581
609

734
734

Italy

Sweden

Switzerland

Japan

Canada

274
274
274
274
274
274
274
274
274
274
274

212
35

2,000
2,000

Java

Neth- New
Mexico erlands Zealand

i 137

164
164
164
164
164
164
164
164
164
164
164

100
100
98
103
103
109
109
129
140
152
171
178

650
625
625
627
624
634
629
621
617
616
614

240
244
321
308

657
650
701
549

2,584
2,689
2,690
«1

1940—AprMay..
June..
July..
Aug..
Sept...
Oct....

179
189
199
173
153
152
150
157
160
165
171
172

515
501
493
488
490
490
500
501
502
520
524
527

1
1
1
1
1
1
1
1
1
1
1
1
1

Egypt France
2,995
2,564
2,430
2,709

491
933
998
692

United
Kingdom

Co- CzechoDenslolombia vakia
mark

188
184
192
214

60
79
80
90

Turkey

Chile

275
274
274
274

261
164
164

1936—Dec—
1937—Dec—
1938—Dec—
1939—Dec...

Nov...
Dec...
1§41—Jan....
Feb...
Mar...
Apr...

Bulgaria

210
193
144

July...
Aug. _.
Sept...
Oct....
Nov...
Dec...
1941—Jan....
Feb...
Mar...
Apr...

End of month

Brazil

British
India

Uruguay

Venezuela

Yugoslavia

Norway

B.I.S.

Other
countries 7

142
143
144
144
145
145
145
145
145
145
145
145
145

1
Figures relate to last official report dates for the respective countries, as follows: Germany
—June 15,1939; Italy—late in Mar. 1940; Norway—Mar. 30,1940; Poland—July 31, 1939; Venezuela—end
of Mar. 1939.
2
Beginning April 1940, reports on certain Argentine gold reserves no longer available.
8
On May 1,1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control 4Board. Gold reported since that time is gold held by Minister of Finance.
Change from previous December due largely to inclusion of gold formerly not reported.
6
Figures shown for December 1936 and December 1937 are those officially reported on Aug.
1. 1936,
and Apr. 30, 1938, respectively.
6
Beginning
Mar. 29, 1941, gold reserves no longer reported separately.
7
These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian
Congo, Bolivia, China, Danzig through Aug. 31,1939, Ecuador, El Salvador, Estonia, Finland,
Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain
of these
countries have been carried forward from last previous official report.
8
Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange
Equalization Account during 1939.
8
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.

68

Greece

26
24
27

28
28
28
28
28
28
28
28
28
28

South
Poland Portu- Ruma- Africa
75
83
85
184

183
185
142
149
68
68
»90
88
87

Peru

Germany

114
120
133
152

189
220
249

154
155
155
156
156
156
157
157
158
158
158

279
298
302
305
308
314
328
351
367
376
388
401

Spain
5 718
5 525

Government gold reserves * not included
in previous figures
End of
month
1935—June- _
1936—June...
1937—June—
1937—Dec
1938—Mar.
June. _
Sept.
Oct.Dec...
1939—Mar.. _
May__
June—
Sept.
Dec—.
1040—Mar. . .
June. .
Sept. .
Dec-

United United
France
States Kingdom
(2)
59
169

4

103
103
115
81

3 934
1,395
1,489

44

62
759

80
154

Belgium

1,732

5

103
331
559
477

85
164
156
145
86
105
48

44
17
17
17
17

1
Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K— Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2
Reported as nil.
8
Figure for end of March 1937, first date reported.
* Figure for end of September 1937.
5
First date reported. For complete monthly
series through May 1939, see BULLETIN for
February 1941, p. 170.
NOTE.—For details regarding special gold
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.

584




FEDERAL RESERVE

BULLETIN

GOLD PRODUCTION
Outside U. S. S. R.

[In thousands of dollars]

Year or month

Estimated
world
production
outside
U.S.S.R.i

Production reported monthly
Africa
Total

South
Africa

Rhodesia

North and South America
Belgian United Canada4 Mexico Colombia
Congo2 States 3

West
Africa

Other
Chile

Austra- British
lia
India 5
30,559
31, 240
40,118
46,982
54,264
56,182
55, 878

$1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$35

823,003
707, 288
882, 533
751, 979
971,514
833,088
1,041, 576
892, 535
1,136, 360
957, 212
1, 212, 796 p1,019, 665
1, 235, 060 l, 085, 432

1934_.
1935..
1936..
1937..
1938-.
1939..
1940..
1940—February.March
April
__
May..
June
July
August
September..
October
November..
December..

97, 580
103, 950
106, 890
106,400
104, 335
110,285
109,795
106, 960
115,045
109, 725
109, 445

1941—JanuaryFebruary..
March

107, 975

81, 345
88, 059
90,190
89, 014
86, 776
92, 381
92, 272
89, 388
97, 518
92, 237
91, 567
*>90, 364
266
^88,451

P85,

366, 795
377,090
396,768
410, 710
425, 649
448, 753
491, 628

24. 264
25, 477
28,053
28, 296
28, 532
28,009
29. 155

38, 575
40,163
40,879
41,742
40,437
41, 936
41,989
40, 958
42, 362
41, 620
41,188

2,345
2.372
2,454
2,442
2,437
2,459
2,498
2,450
2,477
2,404
2, 433

42, 335 /2, 433
39, 608 /2. 433
42, 075 /2, 433

12,153 6,549
13, 625 7,159
16, 295 7.386
20, 784 8,018
24,670 8,470
28, 564 8,759
32,163 •28, 862
2,663
2,740
2,678
2,747
2,643
2, 590
2,725
2, 652
2,709
2,687
2;668

108,191
126, 325
152, 509
168,159
178,143
196, 391
206, 994

104,023
114,971
131,181
143,367
165, 379
178,303
185, 602

23,135
23,858
26, 465
29,591
32, 306
32, 300
30,878

18, 225
19, 951
22,117

8,350
9,251
9,018
9,544
10, 290
11,376
11,999

13, 300
16, 201
16,391
16, 483
14,845
18, 849
16,035
17,065
21, 744
19, 692
19,434

14,188
15,045
14,652
15,488
15, 795
15, 982
16,318
15,416
16, 360
15, 750
15, 755

1,901
1,651
4, 233
1,356
2,562
3,010
4,027
2,596
2, 337
1,905
2,221

1,633
1,717
1,941
1,825
1,715
1,952
2,184
2,016
1,789
1,713
1,675

735
1,759
766
1,271
780
850
1,243
673
1,121
929
879

4,411
4,791
4,581
4,786
4,688
4, 263
4,693
4,616
5,638
4,592
4,333

2,137
1,844
fl, 844

/879
/879
/879

H, 333
/4, 333
/4, 333

728
732
755

16,646
15,199
2,945
15, 408 14, 446 /2, 945
16, 023 /14, 446 /2, 945

2,618
2, 566
669

P2,

12,045
11,515
13, 632
15, 478

11,223
11,468
11,663
11,607
11,284
11,078
10,157

5

860
875
875
490
560
945
980
945
980

840
805
/805

Gold production in U. S. S. JR.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
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.
/1 Figure carried forward from last previous figure without footnote /.
Annual figures through 1939 are estimates of U. S. Mint. Annual figure for 1940 and monthly figures are based on reports of American Bureau
of Metal
Statistics. Since these reports are given in thousands of fine ounces, the dollar figures are accurate only within a margin of error of $17,500.
2
Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months
of the
year.
3
Includes Philippine Islands production received in United States.
4
Figures for Canada beginning January 1940 are subject to official revision.
5
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For monthly figures back to January 1929 and for explanation of table and sources see BULLETIN for March 1939, p. 227; February 1939,
p. 151; June 1938, pp. 539-540; and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), 9ee
Annual Report of Director of Mint for 1940. p. 101, and 1936. pp. 108-109.

GOLD MOVEMENTS
UNITED STATES
llr i thousands of dollars at approximately $35 a fine ounce]
Year or
month

Total
net
imports
or net
exports

1940
249, 851
Apr..
435,132
May
1,162, 975
June
519, 974
July
Aug.__ ... 351, 553
334,100
Sept
Oct.... _ 325, 964
330,107
Nov
137,176
Dec
Jan
Feb
Mar
Apr

United
Kingdom

Netherlands

BelFrance gium

Sweden

Switzerland

1,131,994
499,870 260, 223 8,902 94,348
12, 402
1, 739,019
3 227, 185
315, 727 934, 243
968
1,116, 584
174,093 573, 671 3,351 71, 006
7, 511
6,461
1, 585, 503
891, 531 -13,710 90,859
6 54, 452
1,973, 569 1, 208, 728 81,135 15,488 163, 049 60,146 1,363
3, 574,151 1, 826, 403
3,798 165,122 341, 618 28, 71ft 86, 987
4, 744, 472
977 63,260 161, 489 90, 320 2,
633. 083 241, 778

1934 i
1935
1936
1937
1938
1939
1940

1941

Net imports from or net exports (—) to:

_

Jan.-Apr.

43, 567
40
62,042
128, 003 241, 603
301, 734
10, 819
3,650
1,738
936
99

234, 242
108, 609
118, 567
171,992

37
1,218
817
21

1

633,409

2,094

1

3

3,273 39, 654 32, 617
9,431
11, 452
3,671
2,138
32
3,158
6
3,637
27

7

1,746

1,746

563
337

899

Canada

Mexico

Colombia

Philip- Auspine
Islands tralia

16, 944
10, 89<J
11,911
18,397
10, 557
23, 239
23, 999

12,038
15, 335
21,513
25, 427
27,880
35, 636
38, 627

2,396
2,331
4,182
1,891
10, 335
545
538
545
347

2,111
2,113
2,130
5,856
4,516
2,330

3,376
2,405
3,895
2,830
3,738
3,764
2,673
3,283
3,268

876 1,147
529
814
619
866
216 1,147

3,168
11
2,232
2,934

244, 240 3,975

8,345

86, 829 30, 270
95,171 13, 667
72, 648 39, 966
111, 480 38, 482
76, 315 36, 472
612, 949 33, 610
622, 330 29, $m
54,967
281,182
716, 685
172, 268
264, 328
217, 627
222, 726
262, 718
80,389
46,
81,
95,
20,

2,814

South
Africa

1,029
3,46«
23, 28C
34, 713
39,162
74, 250 22,
103, 777 184,
3,374
5, 177
6, 603
5,262
6,746
14, 605
14, 770
14, 441
14, 994

12
65
8
181
401
862
756

28,798
31, 477
23.091
3,482
11, 687
7,854
6,704
6,240
1,751

3,185 11,136 149, 735
96
2,772 6, 738
2,788
3,984 6,262
4,720 132, 255
3,587
13, 528 28, 855 2S4,875

British
India

Japan
4
246, 4(54
168,740
165, 605
111,739

All
other
countries

76,820 32,304
75,268 46,089
77, 802 39, 735
50,762 29,998
16,159 * 67,975
50,056 * 102,404
49,980 * 388,488

4,710
4,743
3,399

3,139
4,317
2,377

13,228
11, 81f
12,186
13, 262

954
523
784
2,170
7,446

6,085

4,501

27,866
18, 423
25,197
23, 463
34, 789
69,946
64, 208
27,580
12,805
6 062
15.093
2,951
6,800

3,046
313
9,444

4,501

5

30, 906

i 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.
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.
* 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. B,.,
$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile,
$10,775,000 from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.
5
|Includes $11,236,000 from U. S. S. R., and $12,781,000 from other Latin America.
NOTE.—For gross import and export figures and for additional countries see table on p. 550

JUNE 1941




585

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, t h r o u g h -

Total

Central
bank
funds
in N. Y. i

Total

Other

Decrease
in U. S.
banking
funds
abroad

Foreign
securities:
Return
of U. S.
funds

Domestic
securities:
Inflow of
foreign
funds

Inflow in
brokerage
balances

1935—Dec. (Jan. 1, 1936).
1936—Dec. 30
1937—Dec. 29

1,412.5
2, 608. 4
3,410. 3

603.3
930.5
1,168. 5

81.1
243.9

593.5
849.4
924.6

361.4
431.5
449.1

125.2
316.2
583.2

316.7
917.4
1,162.0

6.0
12.9
47.5

1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939).

3,207. 2
3,045. 8
3, 472. 0
3,844. 5

949. 8
786.2
1,180. 2
1,425. 4

149.9
125.9
187.0
238.5

799.9
660.4
993.2
1,186. 9

434.4
403.3
477.2
510.1

618.5
643.1
625.0
641.8

1,150. 4
1,155. 3
1,125.4
1, 219. 7

54.2
57.8
64.1
47.6

1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940).

4,197. 6
4, 659. 2
5,035. 3
5,021. 2

1, 747. 6
2,111.8
2, 479. 5
2, 430. 8

311.4
425.3
552.1
542.5

1,436. 2
1, 686. 5
1,927. 3
1,888. 3

550.5
607.5
618.4
650.4

646.7
664.5
676.9
725.7

1,188.9
1, 201. 4
1,177. 3
1,133. 7

63.9
74.0
83.1
80.6

1940—Mar. 6—
Mar. 13_.
Mar. 20..
Mar. 27..
Apr. 3 . . .

5,040. 8
5,060. 6
5,105. 2
5,121.1
5,133. 5

2,437. 6
2,461. 6
2, 500. 2
2, 522. 8
2, 539.0

509.2
517.8
537.4
544.4
539.1

1, 928. 4
1,943.8
1,962. 8
1, 978. 4
1,999. 9

638.5
633.5
638.7
636.9
631.6

752.4
755.2
757.2
758.1
761.6

1,123.8
1,120. 4
1,118.9
1,116.0
1,112. 5

88.4
89.9
90.2
87.3
88.7

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

May
May
May
May

8—
15..
22..
29..

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

June 5—
June 12_.
June 19..
June 26..
July 3._.

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
2.830.1

623.2
623.4
834.9
838.7
922.3

1.949. 8
1,916. 7
1, 905.1
1,891.0
1, 907. 8

679.1
674.5
681.2
690.0
684.1

778.9
780.3
782.1
782.5
785.7

lf 113. 6
1,116. 6
1.114.0
1,101.9
1,091. 4

97.2
96.9
98.5
97.6
98.9

July 10..
July 17..
July 24..
July 31..

5,511.0
5, 546. 7
5, 548. 6
5, 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

99.5
99.0
100.1
99.9

Aug. 7...
Aug. 14..
Aug. 21_.
Aug. 28.Sept. 4...

5, 665. 2
5, 738. 9
5, 751. 0
5, 752. 0

2, 941. 2
2, 984.9
3,022. 5
3.034.2
3, 040. 7

2 945.0
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

1,083.3
1.072. 5
1.073. 5
1,069. 9
1,070.0
1,055.3
1,052. 7
1.048.1
1,047.1

99.6
99.1
99.1
99.9
100.5

Sept. 11Sept. 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

100.6
100.8
101.6

Oct.
Oct.
Oct.
Oct.

5,
5,
5,
5,

3,108.
3,086.
3,118.
3,112.

5
3
7
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

1, 040. 3
1, 034. 3
1,025.6
1, 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

1,018.2
1,017.8
1,012. 6
1,003. 6

100.0
99.4
101.4
100.0

99.3
100.2
101.3
100.9

916_
23_
30_

Nov. 6...
Nov. 13..
Nov. 20_.
Nov. 27_.

825. 6
796.4
805.1
794. 0

Dec.
Dec.
Dec.
Dec.
1941—Jan.

4—
11..
18..
25_.
1...

5, 838.
5, 797.
5, 847.
5, 824.
5,825.

7
2
9
0
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

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

1,198. 8
1, 301. 3
1, 303. 3
1, 288. 2

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

979.6
974.0
969.7

Feb.
Feb.
Feb.
Feb.

5...
12_.
19..
26-

5,
5,
5,
5,

3,170. 9
3,152. 4
3,103. 6
3, 098. 2

1,
1,
1,
1,

1,901.9
1, 897. 4
1, 874. 9
1, 854. 7

763.1
754.6
764.6
776.1

809.4
810. 9
811.9
813.2

965.7
963.5
961.1
958.4

806.1
777. 3
737. 7
743.1

269.
255.
228.
243.

0
0
8
4

101.3
101.7
99.8
97.0
95.9
96.5
97.2

i 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.

3 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.

586




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

Switzerland

Germany

Italy

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

5,177. 8
1940—Apr. (May 1).
5,208 2
May 29
5,490. 2
June (July 3)
_ .
5, 572. 8
July 31
5, 752. 0
Aug (Sept 4)
Sept. (Oct. 2)
_. 5,805. 5
5, 794.0
Oct 30
5, 860.0
Nov. 27
5, 825. 4
Dec. (Jan. 1, 1941)
1941—Jan 29
- - 5, 847. 4

946.2
975.7
1,013.1
962.4
1,005. 4
1,004. 2
994.4
1,007. 2
969.6
1, 024. 6

461.5
494.8
681.4
675.7
693.8
683.0
679.9
675.9
670.3
667.4

482.4
471.9
459.6
454.1
459.7
457.9
456.9
450.8
455.6
451.5

881.8
851.3
876.8
884.0
908.4
884.4
896.7
895.8
911.5
890.5

168.1
171.5
171.4
175.9
173.1
176.3
173.9
173.8
175. 9
175.3

85.5
78.3
66.3
64.5
64.5
84.6
75.9
70.3
55.4
49.3

1,001.9
974.8
947.5
954.8

667.7
668.0
668.0
667.7

450.5
452.8
451.7
451. 0

893.2
889.5
885.2
879.2

176.0
176.3
177.7
176.4

47.7
47.6
47.3
47.5

From Jan. 2, 1935,
through—
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)

Feb
Feb.
Feb.
Feb

5
12
19
26

- __

5,
5,
5,
5,

806.1
777. 3
737. 7
743.1

Canada

Latin
America

Asia i

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
2€1.2
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

866.0
874.1
885.3
899.0
917.8
934.0
930.0
925.5
922.7
906.9

3,891. 6
3,917. 7
4,153. 9
4,115.6
4, 222.8
4, 224.4
4. 207. 6
t, 199. 2
1,161.0
1,165. 5

226.5
215.8
230.1
324. 5
369.4
387.3
384.4
415.5
411.7
416.5

539.2
558.4
579.2
581.6
597.9
603.8
601.0
606.5
606.8
611.2

448.7
443 7
451.3
468.8
484.7
506.5
515 4
557.9
555.7
558 1

71.7
72 6
75.7
82.3
77.2
83.6
85 6
80 9
90.2
96 1

903.6
898.4
898.0
905.0

1,140. 6
i, 107. 3
i. 075. 4
4, 081. 6

413.4
413.7
411.5
410.5

617.3
599.5
600.3
597.5

542 9
560.8
552.5
554.2

92 0
96 1
98.0
99.3

Can-

Latin
America

Asiai

Other
Total
Europe Europe

All
other *

TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES

From Jan. 2, 1935,
through—

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

Italy
7.3
23.0
6.9
1.7
19.7

60.7
79.7
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

52.5
46.2
11.0
7.0
7.3
5.8
.6
.1

1, 742. 7
1, 752. 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

155.2
135.8
159.0
253.8
295.8
310.6
307.9
335.0
334.1
343.4

269.0
281.5
300.5
299.9
311.4
317.5
325.1
332.7
326.4
336.1

351.6
335.9
355.7
376.8
361.7
401.8
410.3
456.0
444.4
459.7

43.6
46.6
48.3
54.8
50.7
55.1
56.8
53.2
61.3
67.7

1, 978. 4
1, 948. 7
1, 916. 8
1, 924.1

338.1
340.2
335.6
334.6

341.9
323.2
319.2
314.2

448.6
472.6
462.4
453.9

63.9
67.8
69.6
71.3

Total
Other
Europe Europe

Canada

Latin
America

Asia 1

All
other J

Other
Total
Europe Europe

1935—Dec. (Jan. 1, 1936).
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)

603.3
930.5
1,168. 5
1, 425. 4
2,430. 8

128.6
163.5
189.3
364.0
376.1

129.6
144.2
111.8
155.3
256.1

55.7
65.9
76.3
87.9
190.9

72.4
109.8
288.4
205.1
362.7

2.7
9.6
-11.8
-20.1

1940—Apr. (May 1)
May29__
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29

2, 562.1
2, 552. 5
2,830.1
2, 900. 0
3,040. 7
3,092. 8
3,112. 5
3,194. 0
3,152. 5
3, 210. 6

254.4
282.4
325.8
270.9
313.6
314.3
306.6
325.0
293.3
349.7

254.6
287.0
472.7
465.2
483.1
471.4
468.7
465.5
458.0
455.1

199.1
184.4
170.8
164.4
168.8
166.3
165.1
158.9
160.3
156.1

433.9
399.9
427.4
435.5
462.7
445.9
476.3
479.9
494.7
482.3

-21.2
-19.7
-19.9
-16.0
-19.1
-16.5
-20.6
-21.6
-22.9
-24.2

-2! 8

569.2
572.4
578.8
587.8
604.8
620.6
615.6
609.4
603.7
587. 5

3,170. 9
3,152. 4
3,103. 6
3, 098. 2

323.8
300.0
271.8
279.2

455.2
455. 2
455.2
455.0

155.1
157.3
156.2
155.4

487.0
484.1
481.8
475.8

-23.8
-23.6
-22.4
-22.7

-3.0
-3.1
-3.3
-3.3

584.1
578.7
577.5
584.6

Feb.
Feb.
Feb.
Feb.

5
12
19
26

Q

All
other J

TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, 1SY COUNTRIES

From Jan. 2, 1935,
through—

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

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

8.8
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

-1.6
-4.4
—8 7
-7.0
-.8

1.7
3.1

181.8
183.8
183.9
184.6
185.2
185.6
187.2
188.2
191.6
192.4

10.0
8.9
13.0
17.6
23.1
24.5
24.0
25.0
25.3
25.5

31.2
35.2
38.8
43.2
44.9
45.0
46.5
47.8
49.8
48.7

561.0
579.3
588.6
605.8
620.8
626.6
628.9
629.8
634.7
634.8

59.2
69.5
61.0
64.9
65.1
65.4
63.9
66.5
60.3
62.6

51.6
52.6
49.0
49.7
53.6
52.9
42.9
40.1
43.2
40.1

-28.4
— 16.9
-15.3
-7.2
34.0
26.9
27.7
26.4
34.8
20.2

-.1
—.5

192.7
192.8
193.1
193.0

25.4
25.4
25.4
25.5

48.6
48.4
49.0
48.8

638.9
635.7
637.4
636.3

64.6
62.9
64.2
65.4

41.4
43.2
48.6
50.9

16.2
10.6
12.3
21.6

2.0

1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)

361.4
431.5
449.1
510.1
650.4

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

1940—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

643.4
684.0
684.1
714.1
773.1
773.6
765.7
764.0
775.1
759.9

255.4
262.0
260.1
263.9
269.5
271.9
272.5
270.7
269.2
269.2

70.3
70.8
72.6
74.2
74.6
75.3
75.0
74.4
74.6
75.4

10.7
15.4
16.0
16.8
17.4
17.6
17.6
17.5
17.7
17.8

763.1
754.6
764.6
776.1

273.0
269.9
271.0
271.4

75.5
75.7
75.6
75.6

17.8
17.8
17.7
17.8

Feb.
Feb.
Feb.
Feb.

5„
12
19
26

- -. _

4.3
5.6

6.1
6.5
6.1
6.2
6.5
5.9
5.9

5.6
5.5
4.2

Italy

.8
1.0
A

2.1
2.2

1.2
2.1
2.0
2.1
2.2
1.9

1 Prior to Jan. 3, 1940, thefiguresunder Asia represent Far East only, the remaining Asiatic countries being included under "All other".
*Inflow less than $50,000.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For backfiguresand description of the statistics, see BULLETIN for April
1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431.

JUNE

1941




587

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—

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

Italy

Total
Other
Europe Europe

Canada

Latin
America

Asia*

All
other i

(Jan 1,1936)
30
- 29
_
(Jan. 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

6.8
18.2
22.8
26.1
42.1

7.4
10.4
21.2
27.3
29.4

-1.2
13.7
30.4
36.1
45.0

13.3
22.5
26.6
33.5
36.6

2.9
9.4
13.5
22.0
27.6

46.1
87.9
115.2
167.8
189.0

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—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

771.1
775.5
785.7
788.9
790.5
793.2
794.6
798.4
804.1
808.5

132.0
132.4
131.8
131.4
131.0
130.5
130. 2
129.9
128.9
129.1

42.8
42.8
42.9
42.9
43.0
43.0
42.9
42.9
43.4
43.5

31.1
31.0
31.0
31.0
31.0
31.0
31.0
31.0
31.0
31.0

50.0
49.0
48.8
48.6
47.8
47.4
46.3
46.0
46.0
46.1

36.2
36.2
36.2
36.2
36.0
36.1
36.5
36.5
36.5
36.5

27.7
27.8
28.0
28.0
28.1
28.1
28.1
28.1
28.1
28.1

194.0
194.5
194.8
194.9
195.4
195.9
196.0
196.1
196.4
197.2

513.8
513.7
513.5
513.2
512.3
512.0
511.0
510.6
510.3
511.6

10.2
12.5
17.5
18.9
19.5
20.7
21.3
23.5
25.0
25.8

189.4
190.6
194.3
195.6
196.7
197.6
198.6
199.8
202.3
203.5

45.6
46.2
47.7
48.5
49.1
50.1
50.5
51.2
53.0
54.2

12 1
12.4
12.6
12.7
12.9
12.9
13.1
13.3
13.5
13.5

809.4
810.9
811.9
813 2

129.1
129.1
129.3
129.5

43.6
43.6
43.6
43.6

31.0
31.0
31.0
31.0

46.0
46.1
45.9
45.8

36.5
36.5
36.5
36.5

28.1
28.1
28.1
28.1

197.6
197.9
197.9
198.1

511.9
512.3
512. 5
512.6

25.6
26.2
26.4
26.4

203.9
204.0
204.2
204.5

54.5
54.7
55.0
55.9

13.5
13.6
13.8
13.8

Other
Total
Europe Europe

Canada

Latin
America

Asia*

1935—Dec
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.

Feb.
Feb.
Feb.
Feb

5
12
19
26

TABLE «.—DOMESTIC SECURITIES. BY COUNTRIES

Net Purchases by Foreigners
From Jan. 2, 1935,
through—

Total

United
Kingdom

France

Netherlands

Switzerland

Germany

Italy

All
otherl

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
304.1
344.7

-5.4
-7.5
-17.4
-22.8
-28.2

-.1
-3.3
—4.9
-5.5
-4.9

12.9
38.5
55.7
56.6
60.4

286.2
818.0
1,041. 6
1,094.1
1,004. 4

2.8
32.6
37.6
25.7
-2.6

3.7
15.5
18.2
23.7
30.1

21.4
44.1
54.7
65.2
87.6

2.6
7.1
9.8
11.1
14.3

1940—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

1,112.8
1,101.0
1,091.4
1,069. 9
1,047.1
1,044. 3
1,020. 6
1,003. 6
992.8
969.7

286.1
281.3
278.8
279.5
275.0
271.1
268.0
264.4
261.2
259.5

76.2
75.8
74.7
74.8
74.7
74.5
74.1
74.1
74.4
74.2

231.4
230.7
230.4
230.4
230.6
230.7
230.6
230.9
233.2
233.3

375.0
380.9
378.3
376.3
372.9
365.4
349.6
346.8
348.1
340 2

-28.7
-28.7
-28.7
-28.7
-28.8
-28.8
-29. 1
-29.1
-29.1
-29.2

-4.9
-4.7
14.3
11.8

65.7
64.8
64.8
64.8
64.6
64.5
64.5
64.6
64.9
64.6

1,000.6
1,000. 0
1,012. 6
1,008. 9
994.9
1,003. 5
980.9
9P8. 7
955.4
941.0

-8.5
-12.4
-19.4
-24.2
-21.9
-20.7
-19.0
-20.3
-18.4
-25.7

29.5
27.3
27.9
27.7
26.8
26.6
26.2
25.1
25.6
24.7

76.9
72.7
57.2
44.5
33.9
22.0
20.0
17.5
17.6
17.7

14.2
13.4
13.2
13.1
13.4
12.8
12.6
12 6
12.6
12.0

965.7
963.5
961.1
958.4

259.0
258.8
258.5
257.7

74.1
74.2
74.2
74.2

233.0
233.1
233.2
233.2

339.5
339.2
337.8
338.9

-29.2
-29.2
-29.2
-30.2

64.4
64.5
64.6
64.5

937.9
937.5
936.0
935.3

-25.4
-25.8
-25.9
-26.9

24.4
23.2
22.6
21.8

17.1
17.0
16.9
16.8

11.6
11.6
11.5
11.4

Total
Other
Europe Europe

Canada

Latin
America

Asia*

1.0
-4.2
-.5
-.9
1.6

2.9
2.1
.5
-1.5
-3.4

-.3
6.3
7.6
8.8
9.4
S.I
8.3
8.8
9.2
6.8

3.0
5.8
6.0
6.3
6.0
5.8
6.8
6.7
6.0
6.3

5.6
5.7
5.7
6.1

6.5
6.0
6.0
6.1

Feb.
Feb.
Feb.
Feb

5
12..
19
26

5.9

26.2
23.1
17.0
2.7
— 1.6
3.0

-3.0
-3.0
-3.0

TABLE 7.—BROKERAGE BALANCES,3 BY COUNTRIES

From Jan. 2, 1935,
through—

Netherlands

Switzerland

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

100.5
101.6
100.7
100.0
100.9
98.8

()
4.0
11.5
13.4
19.4
18.3
17.6
16.6
16.7
16.3
16.3
17.1
17.2
17.0
17.1

17.6
18.4
18.5
18.5
18.6
18.8
19.1
18.9
19.9
19.2

10.1
10.5
11.4
11.5
11.9
12.3
12.5
12.5
13.4
13.3

21.3
18.5
18.0
18.0
18.8
19.2
18.3
16.9
16.2
15.9

97.0
95.9
96.5
97.2

17.0
17.0
16.9
17.0

19.3
19.3
19.4
19.3

13.5
13.5
13.5
13.5

14.8
14.5
14.1
14.4

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

1940—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

88.3
95. 1

Feb. 5
Feb.12
Feb. 19
Feb. 26

United
Kingdom

France

Total

Germany

-.1

()
|
-.2
-.2
-.2
-.2
-.2

Italy

1.4
.4
5.0
5.2
5.0

7.6
22.6
44.0
47.9
71.6

5.9
7.1
8.1
8.3
8.0
8.1
7.3
7.6
7.9
8.9

73.5
72.1
72.7
72.9
73.6
74.7
74.4
73.1
74.3
74.4

3.5
1.8
8.7
10.4
10.3
12.0
11.1
10.9
11.2
10.2
10.7
10.7
10.4

8.9

73.5
73.1
72.8
73. 3

10.5
10.2
11.1
10.9

All
other i
-.9

2.1
1.8
.6
.7
.7
1.0
.7
.7
1.0
.9
.9

1

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 M a y 1937, p p . 395-396.
«Inflow less than $50,000.
« Outflow less than $50,000.

588




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

Netherlands

Switzerland

923.7 1 99.1
799.4
122.2
549.2
44.6
72.2
13.8
8.3
24.9
32.7
12.7

105. 2
222.2
66.0
82.2
11.9

France

Germany-

Italy

Other
Total
Europe Europe

Latin
America

Asia*

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. §

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 3_

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

9.7

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

Reported by Banks in United States
1934—Dec. 5 3
Dec. (Jan. 2, 1935)
1935—Dec. (Jan. 1, 1936)
1936— Dec. 30
1937—Dec. 29

584.8
597.0
1, 200. 2
1,491.6
1, 729.6

79.6
76.9
205.5
235.7
261.5

36.1
33.9
163.5
176.3
143.9

13.5
12.9
68.6
78.8
89.1

12.1
13.7
86.1
123.5
302.1

28.4
29.9
29.0
32.0
39.0

16.8
18.8
26.1
41.7
25.7

40.6
46.8
107.5
126.3
156.0

227.1
232.9
686.3
814.3
1,017.1

103.3
99.3
145.3
186.1
175.6

117.4
122.8
156.3
263.9
280.9

125.1
130.1
188.9
200.2
236.0

12.0
12.0
23.4
27.1
20.0

1938—Mar. 30___
June 29
Sept. 28
Dec. (Jan. 4, 1939)

1, 521.0
1,357.4
1,751. 4
1,996. 6

248.1
217.4
308.5
436.1

126 3
102.2
165.6
187.4

48.5
48.6
82.2
101.8

236.7
173.8
191.0
218.8

25.7
27.3
17.6
17.8

14.9
18.2
17.2
20.4

135.7
121.9
232.8
255.5

835.8
709.4
1,015.0
1, 237. 8

186.4
173.5
190.8
201.8

257.9
261.7
285.0
248.5

219.5
194.4
226.9
274.3

21.3
18.4
33.7
34.1

1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)

2, 318.8
2,683.0
3,050. 7
3,057.0

473.9
607.4
656.7
448.2

219.5
284.4
295.9
288.2

143.9
146.0
186.0
204.9

247.1
240.8
299.9
376.3

18.7
15.1

14.8
12.2
17.1
38.5

314.7
366.9
446.4
516.9

1,432. 7
L, 672. 7
L, 909. 7
L, 882.6

236.6
291.7
325.3
274.6

300.7
363.0
383.0
336.0

305.5
306.0
366.5
491.4

43.3
49.7
66.2
72.5

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

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

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

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

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

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

9.1
8.4
8.4
8.5
9.9
9.8

9.1
8.0
6.7
5.5

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

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

L, 912.6
L, 922.6
L, 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

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

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

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

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

3, 797.1
3, 778. 6
3, 729. 8
3, 724. 4

395.9
372.1
343.9
351.4

487.3
487.3
487.3
487.1

169.1
171.3
170.1
169.4

500.6
497.8
495.5
489.5

5.9
6.0
7.2
7.0

15.8
15.7
15.4
15.5

631.0
625.6
624.4
631.5

2, 205.6
2,175.9
2,144.0
2,151.3

438.2
440.3
435.7
434.8

462.9
444.2
440.1
435.1

614.6
638.5
628.4
619.9

75.9
79.8
81.6
83.3

Feb.
Feb.
Feb.
Feb.

5...
12..
19..
26_.

7.8
9.5

13.6
10.5
13.2

Additional Detail Available from January 3,1940 4

Date

PanAr- Braama Total China Hong Japan PhilipBel- Den- Fin- Nor- Swe- Total genpine
Chile Cuba MexTotal gium
and
Kong
ico
mark land way den
zil
Islands
tina
C.Z.

1940—Jan. 3
Jan.31
Feb. 28 .
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. fJan. 1, 1941).
1941—Jan. 29
Feb.
Feb.
Feb.
Feb.

4 Asiatic countries

6 Latin American countries

5 European countries

5
12
19
26

407.1
448.1
458.8
475.1
460.2
443.3
457.0
457.7
466.7
470.3
469.0
466.2
462.7
450.5

159.2
166.2
176.6
184.3
183.7
172.0
161.3
154.9
150.9
147.9
145.7
145.7
144. 8
143.2

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

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

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

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

250 7
259.3
263.7
275.4
297.1
311.8
326.5
321.3
332.2
338.8
348.2
353. 8
341.7
342.5

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

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

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

37.0
38.3
38.3
43.2
46.4
49.6
49.7
48.1
51.1
48.7
48.4
46.4
47.9
48.6

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

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

432.9
434.7
439.2
455.1
461.3
446.2
448.4
446.6
408.3
431.6
432.5
475.2
454.5
464.3

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

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

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

29.1
30.0
29.7
32.0
32. C
36.2
35.6
38.2
38.7
45.2
45.2
45.1
45.6
46.3

444.4
441.2
438.5
437.9

143.1
141.6
138.9
140.7

16.8
17.5
17.8
17.0

13.2
13.1
13.0
12.3

47.0
46.6
46.7
46.2

224.4
222.5
222.1
221.6

351.3
326.9
322.5
319.6

121.6
102.3
101.8
103.3

47.2
44.8
38.6
35.1

26.4
25.9
26.7
25.3

48.6
48.5
46.8
47.3

51.0
51.5
53.3
52.6

56.5
54.0
55.3
55.9

459.9
481.8
474.2
464.4

209.3
224.6
221.7
217.5

93.8
94.7
95.3
97.5

109.4
116.1
109.8
103.4

47,5
46.4
47.3
46.0

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.
3 First report date on new basis.
« The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin
America, and Asia.
NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, Jan. 5, 1938, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 425; April 1939, p. 295; and
April 1940, p. 362).
2

JUNE 1941




589

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES

[Outstanding amounts in millions of dollars]
TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES

Total

Date

United
Kingdom

France

Netherlands

Switzerland

Germany

Canada

Latin
America

Asia'

864.3
719.0
652.3
569.5

58.1
43.9
34.7
84.4

136.5
158.2
159.2
124.4

41.8
24.8
54.6
46.2

2.6
3.5
6. 3
2.6

Other
Total
Europe Europe

Italy

All
otheri

Reported by Banks in New 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

29.5
67.6
65.0
94.1

20.9
14.2
18.1
15.9

12.6
6.4

12.5
8.5

467.2
433.7
258.1
178.8

18.7
11.5
16.8
10.7

149.2
96.1
83.9
60.2

Reported by Banks in United States
1934—Dec. 5 3
Dec. (Jan. 2, 1935)
1935—Dec. (Jan. 1,1936)
1936—Dec. 30
1937—Dec. 29

1,137. 8
1,139. 9
778.6
672.6
655.0

266.4
296.9
88.1
114.1
84.8

108.2
80.5
32.5
16.8
13.5

19.2
18.6
19.0
21.9
23.0

8.3
8.2
6.6
5.4
5.5

239.6
231.7
202.0
165.1
126.1

26.5
27.2
13.5
10.9
20.8

81.3
80.0
71.2
57.8
52.9

749.5
743.2
433.0
392.1
326.5

91.2
96.3
100.9
59.4
118.0

170.7
174.6
154.5
141.1
114.4

118.1
117.4
80.1
67.2
78.9

8.3
8.5
10.1
12.9
17.2

1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)

669.7
700.8
626.9
594.0

120.6
141.4
121.9
86.0

11.4
16.2
11.4
10.3

23.5
25.2
22.6
24.2

4.8
5.9
4.4
5.5

112.0
102.6
99.1
89.4

18.1
16.1
17.0
13.5

51.0
49.0
46.3
45.9

341.4
356.4
322.7
274.9

93.3
87.6
84.0
60.4

113.5
116.6
94.2
99.1

104.1
126.4
113.6
144.1

17.4
13.8
12.4
15.5

1939— Mar. 2 9 . . . .
June 28
Sept. 27
Dec. (Jan. 3, 19iO)

553.6
496.6
485.7
508.7

83.0
55.4
66.0
39.9

13.8
10.7

20.1
19.7

3.6
4.5
2.9
5.2

81.4
77.4
67.1
53.4

16.4

9.6
5.7

12.2
11.8

48.8
39.9
41.6
51.4

267.1
217.0
208.1
172.2

46.3
54.0
49.7
39.7

99.5
110.3
108.5
113.3

125.7
100.5
104.0
174.1

14.9
14.8
15.4
9.3

1940—Jan. 31
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29

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

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

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

7.2
5.7
6.7
8.0
3.2
2.6
1.9
1.2
1.1
1.0
1.1
.9
.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

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

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

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

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

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

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

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

9.1
9.2
8.9
8.6
9.0
7.7
7.5
8.9
6.4
6.3
7.3
6.4
6.5

396.0
404.5
394.5
383.0

19.1
22.2
21.2
20.7

3.2
3.0
3.1
3.1

.8
.8
.9
.8

2.2
2.5
2.5
3.8

38.4
38.4
38.1
38.2

1.8
1.8
1.8
1.7

31.2
31.3
30.8
31.0

96.9
100.1
98.4
99.4

31.7
33.3
32.0
30.8

124.5
122.7
117.4
115.1

136.4
142.0
140.4
131.0

6.5
6.3
6.3

Feb.
Feb.
Feb.
Feb.

5
12
19
26

8.7
4.9

9.5

Additienal Detail Available from January 3,1940 *

6 Latin American countries

5 European countries
Date

PanAr- Braama Total China
Bel- Den- Fin- Nor- Swe- Total genChile Cuba MexTotal gium
and
mark land way den
zil
ico
tina
C.Z.

1940—Jan. 3
Jan.31. .
Feb. 28
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941).
1941—Jan. 29
Feb.
Feb.
Feb.
Feb.

4 Asiatic countries

5
12
19
26

Hong Japan Philippine
Kong
Islands

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

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

3.7
2.9
2.2
1.4
1.1
.7
.4
.3
.3
.3
.3
.3
.3

1.2
.8
.8
1.0
1.5
1.5
1.6
1.7
1.7
1.9
1.9
1.8
1.9

8.7
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

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

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

32.2
31.2
31.8
33.0
34.4
3? 1
33.7
32.8
31.3
30.8
40.2
39.0
33.1
34.0

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

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

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

.9
.9
1.1
1.2
1.1
1.3
1.5
1.7
1.9
1.7
1.9
2.1
2.1

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
117.9

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

1.9

3.7
4.0
4.0
3.4
2.4
1.5
1.3
1.2
1.2
1.1
1.0
.9
.8

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

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

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

5.5
5.7
5.6

1.3
1.4
1.4

.3
.3
.3

1.9
1.9
1.9

.8
.8
.8

1.2
1.3
1.3

.3

1.9

.8

1.2

33.6
30.8
25.9
24.4

15.4
14.7
14.9
14.3

11.2
11.4
11.0
11.3

2.3 120.3
2.3 126.7
2.3 123.6
2.4 114.2

23.8
23.4
23.8
23.5

.8
.9
.9

1.5

10.1
10.7
10.0
10.0

6.1
6.5
6.4

5.6

78.7
76.4
70.5
68.3

74.0
80.2
77.5
68.3

21.7
22.2
21.3
21.5

6.5

3.2

1.4

3.6

9.7

5.9

5.9

1.0

.9

1
2
3
4

Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
Last report date on old basis.
First report date on new basis.
The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings 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).

590




FEDERAL RESERVE BULLETIN

CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)

Assets of
issue dept.
Other
assets 2

Gold*

Assets of banking department
Cash reserves
Coin

1929—Dec. 25_.
1930—Dec. 31...
1931—Dec. 30..
1932—Dec. 28_.
1933—Dec. 27...
1934—Dec. 26..
1935—Dec. 25..
1936—Dec. 30__
1937—Dec. 29..
1938—Dec. 28..
1939—Dec. 27. _

145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4

260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0

Notes

1.0
.5
.6

1.0

1940—Apr. 24..
May 29_.
June 26..
July 31__
Aug. 28_.
Sept. 25..
Oct. 30..
Nov. 27..
Dec. 25_.

580.0
580.0
630.0
630.0
630.0
630.0
630.0
630.0
630.0

1.0
1.4
1.5

1941—Jan. 29...
Feb. 26...
Mar. 26..
Apr. 30P_.

630.0
630.0
630.0
5
680. 0

1.0
1.4
1.1
1.4

.5
1.0

Discounts
and advances

Liabilities of banking department

Securities

Note
circulation 3

Deposits
Bankers'

Public

26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6

22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
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

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

6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7

35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0

17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9

43.1
23.4
28.1
20.7
20.2
25.5
38.7
36.9
13.3

4.9
2.9
4.7
3.3
3.9
3.5
3.0
6.9
4.0

153.5
171.6
174.6
174.4
172.6
169.7
153.3
161.2
199.1

537.1
556.9
602.2
609.5
610.0
604.8
591.6
593.3
616.9

103.4
94.9
82.7
106.3
118.7
116.0
108.0
110.8
135.7

40.7
36.1
58.0
22.7
8.8
13.5
18.3
27.1
12.5

40.6
50.5
50.3
52.3
51.8
51.9
51.5
50.3
51.2

17.7
17.8
17.9
18.0
18.1
18.1
17.7
17.8
17.9

31.0
27.0
18.8
56.9

3. 8
3.7
45.3
28.3

175.4
175.4
145.8
133.7

599.2
603.2
611.5
623.4

107.9
121.7
118.6
131.8

32.4
14.6
22.0
13.6

53.0
53.0
52.3
57.2

18.0
18.1
18.1
17.7

379.6

Liabilities

Assets
Domestic bills
Bank of France
(Figures in millions of francs)

Gold 6

Foreign
exOpen
change market ;

Advances
to
Govern- 7
ment

Special 7

Other

5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422

1,379
652
1,797

8,624
8,429
7,
3,438
4,739
3,971
,712
8,465
10,066
7,880

17, 698
31,909
20, 627

1929—Dec. 27.
1930—Dec. 261931—Dec. 30.
1932—Dec. 30.
1933—Dec. 291934—Dec. 281935—Dec. 271936—Dec. 301937—Dec. 301938—Dec. 29-

41, 668
53, 578
68,863
83,017
77,098
82,124
66, 296
60, 359
58,933
87, 265

1939—May 25.
June 29_
July 27.
Aug. 31_
Sept. 28.
Oct. 26.
Nov. 30.
Dec. 28-

92,266
92, 266
92, 266
> 97, 266
97, 266
97, 266
97, 266
97, 267

754
722
722
218
212
85
120
112

8,164
8,074
8,316
9, 396
9,734
10,038
10, 565
11,273

2,276
2,279
2,275
1,708
1,958
2,007
1,626
2,345

4,774
5,009
5,000
15,009
14,830
8,298
5,206
5,149

1940—Jan. 25..
Feb. 29.
Mar. 28.
Apr. 25May 30_
June 10.

97, 268
97, 275
'84,614
84, 615
84,616
84,616

111
109
111
112
102
108

11,861
12, 505
42, 645
42, 694
44, 083
44,173

2,235
1,810
1,870
1,781
1,889
1,518

5,011
4,630
5,005
5,769
14,473
11,885

25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821

Other

Other
liabilities

Deposits

Loans on—
ShortOther
term
Govern- securiment seties
curities

Other
assets

Note
circula- Governtion
ment

573
715
675
443

2,521
2,901
2,730
2,515
2,921
3,211
3,253
3,583
3,781
3,612

7,879
8,344
7,277
14, 442 110,935

20, 577
20, 577
20, 577
20, 577
22, 777
25, 473
30, 473
34, 673

78
374
472
2,412
930
336
454
174

3,401
3,471
3,461
3,805
3,661
3,576
3,581
3,482

35, 673
40, 523
20, 550
20,900
32,600
36,250

229
465
320
228
2,320
2,534

3,444
3,403
3,376
3,411
3,716
3,822

Other
liabiliOther

68, 571
76,436
85, 725
85,028
82, 613
83, 412
81,150
89, 342

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

14,264
14,753
14,458
16,016
16, 482
17,100
17, 769
16, 438

121, 391
122, 611
123, 239
142, 359
144, 562
144, 379
149,370
151, 322

4,573
5,188
5,468
3,304
2,342
2,004
1,953
1,914

17, 570
16,909
16,058
18, 038
18, 022
14,790
12, 392
14,751

3,020
2,816
2,781
2,708
2,926
3,006
3,346
2,925

15, 963
16, 917
15, 970
15, 666
16, 694
18,865

151, 738
156,150
156, 032
156, 285
170,853
174, 469

1,834
1,203
1,154
1,171
1,046
1,049

14, 965
17,128
14,262
14, 681
25, 782
25, 405

3,259
3,156
3,014
3,038
2,811
2,848

5,603
8,545
9,196
8,251

p Preliminary.
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.
6
Fiduciary issue increased by £50,000,000 on April 30, 1941.
6
Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939,
p. 29;
September 1937, p. 853; and November 1936, pp. 878-880.
7
For explanation of these items through June 10, 1940, see BULLETIN for July 1940, p. 732. In the period since June 10, the Bank has made
further advances to the Government under the following Conventions with the Treasury: Convention of June 12 authorized 25,000,000,000 francs
for general purposes; Convention of Aug. 25 authorized 50,000,000,000 francs to meet the costs of the German army of occupation; Conventions of
Oct. 29 and Dec. 12, 1940, and of Jan. 20 and Mar. 22, 1941, increased the authorized advances for meeting occupation costs to 65,000,000,000, 73,000,000,000, 85,000,000,000, and 100,000,000,000 francs, respectively. Total authorizations now outstanding, including those issued prior to June 10,
amount to 170,000,000,000 francs.
s
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.
NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83.
1
2
3

JUNE

1941




591

Central Banks—Continued
Assets
Reichsbank
(Figures in millions of
reichsmarks)

1929—Dec. 31_.
1930—Dec. 31.
1931—Dec. 31.
1932—Dec. 31 _.
1933—Dec. 30_.
1934—Dec. 31..
1935—Dec. 31.
1936—Dec. 31 _
1937—Dec. 31.
1938—Dec. 31.
1939—Dec. 30.

Liabilities

Reserves of gold and Bills (and
foreign exchange
checks),
including Security
loans
Total
Treasury
Gold*
reserves
bills
2,687
2,685
1,156
920

2,283
2,216
386
79
82
66
71
71

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

Securities
Eligible
as note
cover

Other
Other

assets

Note
circulation

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

822
1,338
1,313
836
1,001
923
953
970
1,091
1,378

1940—Apr. 30_.
May 31.
June 29..
July 31 _
Aug. 31.
Sept. 30.
Oct. 31..
Nov. 30.
Dec. 31..

78
77
77
78
77
78
78
78
78

12,188
12, 569
12,611
12, 613
12, 891
13, 206
13, 069
13, 532
15,419

31
31
25
28
31
16
31
26
38

221
142
143
114
56
50
56
51
32

364
363
454
408
419
422
425
427
357

2,651
2,135
2,595
2,377
2,448
2,184
2,240
2,223
2,066

12, 480
12, 594
12, 785
12, 750
13, 026
12, 847
12,937
13,198
14,033

1,714
1,470
1,854
1,620
1,608
1,795
1,610
1,706
2,561

1,338
1,253
1,266
1,248
1,287
1,314
1,352
1,433
1,396

1941—Jan. 3 1 Feb. 28..
Mar. 31.
Apr. 30?

77
77
78
78

14,503
15, 284
15, 367
15, 644

28
34
23
32

28
24
32
22

349
351
352

1,834
1,445
1,672
()

13, 694
13, 976
14,188
14, 689

1,726
1,935
2,127
2,006

1,399
1,305
1,210
(2)

» Preliminary.
1 Not shown separately on Reichsbank statement after June 15, 1939.
2 Figures not yet available.
NOTE.—For explanation of above table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-8:

Central Bank
(Figures as of last report
date of month)
National Bank of Albania (thousands of francs):
Gold
Foreign assets
Loans and discounts
Other assets.
Note circulation
Other sight liabilities
Other liabilities
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Negotiable Government bonds
Rediscounted paper
Other assets
__
Note circulation
Deposits—Member bank
Government
Other
Foreign exchange sold forward
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds) :
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash..
London balances
Loans and discounts
Securities
Deposits
Note circulation
National Bank of Belgium (millions
of belgas):
Gold
Foreign exchange
Credits to State and public bodies

1941
Apr.

Mar.

1940
Feb.

1,071
291
296
f4
46
205
1,223
486
131
3
6
60

1,071
277
310
36
239
1, 235
446
184
2
7
61

17,705
46, 645

17, 705
49, 809

4,932
3,090
55, 573 64,903
22, 360 24, 288
45, 947 40, 256
119,062 126, 032
63,119 62, 369
(Jan.)i
4,331
354
1,842

Apr.

1941

Central Bank
(Figures as of last report
date of month)

Apr.

Mar.

National Bank of Belgium—Cont.
(Mar.)i
Credits to private economy
7,567
Due from Bank of Issue, Brussels
65,135
Other assets
10, 315
Note circulation
7,829
Demand deposits
28,419
Other liabilities
46, 830 National Bank of Bohemia and Mo15, 598
ravia (millions
of koruny):
Gold 4
Foreign exchange
1,224
Discounts __ _
178
Loans
198
Other assets
Note circulation
195
Demand deposits .
1,176
Other liabilities
434 Central Bank of Bolivia (thousands
107
of bolivianos):
7
Gold at home and abroad
18
Foreign exchange
53
Loans and discounts
Securities—GovernmentOther
Other assets
16,082
Note circulation
45, 300
Deposits
Other liabilities
3,151 National Bank of Bulgaria (mil44, 886
lions of leva):
34,835
Gold
38, 203
Net foreign exchange in reserve
114, 294
Foreign exchange
52, 525
Loans and discounts
Government debt
Other assets .
2 4, 614
Note circulation
Deposits
3
139
Other liabilities

1940
Apr.

Feb.
(Jan.)i
237
392
499
7,222
280
153
(Dec.
1940)1
1,447
785
24
(5)
6,453
1,560
(6)
(Sept.
1940)i
99,445
72, 596
229, 345
430,388
13,640
20,671
441, 316
340, 594
84,176
(Oct.
1940)i
2,006
4
1,472
2,749
3,373
2,756
6,262
3,119
2,980

3

1,060
373
5,880
183
124
1,596
739
362
535
7,480
5,522
1,335
3,856

95, 265
112, 860
145,138
430, 628
13, 316
127,997
401, 306
354, 741
169,159
2,006
4
1,800
1,110
3,393
2,030
4,526
3,421
2,396

1 Latest month for which report is available for this institution.
2 Includes foreign exchange.
a In figures for Apr. 1940, credits to public bodies other than the State itself are included in "Credits to private economy"
• Gold revalued Sept. 28, 1940, at 0.0358 gram fine gold per koruny.
* Figures not yet available.

592




FEDERAL RESERVE BULLETIN

Central Banks—Continued
Central Bank
(Figures as of last report
date of month)
Bank of Canada (thousands of Canadian dollars):
Gold*
Sterling and United States exchange
—
_
Canadian Gov't. securities:
2 years or less
Over 2 years
Other assets
_
_ _
Note circulation
Deposits—Chartered banks
Dominion Gov't
Other
Other liabilities
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
Deposfts
Other liabilities
Central Bank of Ecuador (thousands of eucres):
Golds
Foreign exchange (net).._
Loans and discounts
Other assets
Note circulation _
Demand deposits..
Other liabilities
National Bank of Egypt4 (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

1941
Apr.

Mar.

1940

Feb.

Apr.

225, 773
133, 994

69, 493

49, 532

42, 695

372, 484
118,151
12, 813
372, 597
228, 857
18, 248
3,770
13, 971

411,142
114, 489
16, 974
365, 323
207, 994
17, 052
8,311
13, 417

457, 368
122, 426
24, 783
352,946
213, 073
57, 649
7,058
23, 384

101, 507
107, 574
12,054
221,192
213, 912
32,165
8,295
14,037

147
204
742
486
74
1,172

147
182
742
471
78
1,145

146
101
750
363
52
1,009

173
86
221

213
58
202

148
90
164

31, 451
15, 852
18,774
58, 704
35, 988
61, 416
59, 831
39, 521

32,070
16, 603
21, 420
57, 320
34, 036
59, 900
61, 740
39,809

40,186
3,306
21,128
38. 538
29, 869
53,485
52, 973
26, 570

105
28
485
9
20
41
160
610
707
557
196

109
20
474
10
17
48
165
585
703
526
198

117
9

(Dec.

1940)2
60, 935
18,146
59,132
20, 966
77, 895
53, 042
28, 241

38
107
422
188
118
707
154
138
30, 726
65,151
24, 664
61, 977
30, 704
27,859
6,544
2,729
8,141
30,608
6,995
25, 489
2, 392
18, 076
9,060

13, 242
3, 637
1,400
6,536
1,420
15,404
4 576
6, 255

13, 244
2,430
2,071
6,699
1,446
15, 000
4,669
6,221

13, 222
5,556
1,232
4,810
1,221
15, 560
6,661
3,821

Central Bank
(Figures as of last report
date of month)
Bank of Estonia (thousands of
krooni):
Gold and net foreign exchange
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Finland (millions of
markkaa):
Gold
Foreign exchange
Loans and discounts
Note circulation
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 Trpasurv
Other
Other assets
Note circulation
Demand deposits
Consolidated foreign credits of 1931
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Gov't securities
Rupee coin
_
Note circulation
Banking department:
Notes of issue department
Balances abroad
Treasury bills discounted
Loans to Government
Investments
Other assets
Deposits
Other liabilities
Bank of Japan (millions'of yen):
Cash, bullion, andforeignaccounts
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):
Gold 9
Foreign bills. _ .
Loans and discounts
Other assets
Note circulation
Deposits ._ __
Other liabilities . . _
Bank of Latvia (millions of lats):
Gold
Foreign exchange reserve.
Loans and discounts
Other assets
Note circulation
Deposits
Other liabilities

1941

Apr.

Mar.

1940
Feb.

Apr.

(July
1940)2
47,846
57, 399
47,437
88, 492
28, 285
35,905

45,179
48, 252
30,818
64, 690
29, 204
30, 356
(Dec.)2
604
1,177
5,275
5,551

593
300
3
652
3, 572
489
4,197
938
121
352
336
IS
89
119
216
310
37

16,873
15, 307
4,049
3,404
17,039
20,182
2,412

4,225
13, 366
4,105
2,465
9,861
12, 480
1,820

124
32
691
611
52
316
1,344
165
51
265

124
63
539
343
18
327
976
120
318

444
1,405
496
324
2,495

444
1,165
384
534
2,396

175
672
71
15
786
146

130
244
3
1
84
16
361
116

300
3
8 508
3,793

(7)
300
3
8 645
2,726

3,900
1,179
102
459

3,405
699
115
392

322
17
88
123
213
300
37
(July
1940)2
72
29
234
45
123
204
52

147
20
70
119
206
123
27
71
27
220
46
107
194
64

1
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).
2 Latest month for which report is available for this institution.
* Gold revalued June 4, 1940, at 0.0602 gram fine gold per sucre.
4
Items for issue and banking departments consolidated.
5
Included in "Other liabilities."
•7 Less than 500,000 rupees.
No
comparable figures available. Gold alone was reported at 501 million yen in Apr. 1940 and Feb. 1941.
1
Includes bills discounted, no longer shown separately beginning Mar. 29, 1941.
» Gold revalued Sept. 21, 1940, at 0.4715 gram fine gold per guilder.

JUNE 1941




593

Central Banks—Continued
Central bank
(Figures as of last report
date of month)
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 2
Silver (including subsidiary coin)
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway (millions of
kroner):
Gold
Foreign assets
Total domestic credits and
securities...
Discounts
Loans
Securities
Other assets
Note circulation
Demand deposits—Government,
Other
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of
escudos):
Gold 4 . .
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

1940
Apr.

Mar.

Feb.
(Aug.
1940)i
67
11
182
83
187
111
46
1,097
19
23
67
249
236
1,508
123
60

Apr.

57
15
168
62
171
93
37
1,160
12
1
10
226
71
1,166
25
228
59

2,802 2,802 2,802 2,802
20, 516 17, 537 16, 647 13, 848
18,670 18, 426 26,148 22, 778
3,773 3,772 3,778 2,958
377
1,687 1,629 1,432
21,854 21,441 21, 382 17,945
22 876 20, 045 26,835 22,351
2,717 2,680 2,589 2,467
(Mar.)i
186
102
435

()

599
9
112

(
48, 557
27, 498
129, 959
10, 355
143,144
50,437
22, 787
(Jan.)i
1, 252
791
827
408
1,031
1,072
2, 754
1,633

47, 419
22, 209
107, 427
5,119
122, 012
43, 242
16, 920
921
563
287
439
1,033
1,290
2,320
1,209
1,003

32, 262
7,028
29, 715
671
9,783
15, 906
66, 976
18,247
10,142

21,029
6,903
22, 520
1,024
10, 036
15, 785
49, 844
10,004
17,445

48, 701 47,110
603
485
3
3

33, 822
8,200
214

1941

Central bank
(Figures as of last report
date of month)

Apr.

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 investments.
Other assets
Note circulation..
Demand deposits
Other liabilities
Swiss National Bank (millions of
francs) :
Gold 7
__.
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 8department:
Gold
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 Settlements10 (thousands of Swiss gold
francs ):
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

Mar.

1940
Feb

Apr.

38, 495 39, 287 22, 575
23, 572 23, 784 18, 922
59, 537 58, 861 41, 874
4,575 4,359 4,015
380
753
816
762
1,422
601
690

376
747
824
744
1, 425
545
720

395
453
881
821
1,537
375
638

2,282
1,191
215
30
233
2,146
1,559
245

2,267
1,131
118
33
255
2,129
1,423
252

2,124
259
270
82
657
2,031
720
642

109,170 109, 497
36
37, 846 28, 499
382, 469 259, 399
192, 357 196,153
18,121 41,919
425, 599 316, 869
79, 357 78,124
101, 593 100, 281
133, 414 140, 228
(Nov.
1940)1
86,235

86,235
97, 709 94, 417
52, 745 21,454
43, 607 48, 503
40,738
97, 807
90, 577
106, 355
219,122

9

109,060
119,488
100, 816
197, 689

2,790 2,069
870
909
1,802
1,686
3,061
3,073
7,128
2,261
3,465
3,402
13, 973 10, 764
1,777
3,510
935
1,555

40, 072 28, 215
48, 573 33, 465
15,102 16, 852
142, 007
22,387
236, 825
2,310
35, 570

162, 415
21, 963
195, 075
2,434
12, 588

45, 510 21, 863
2,925
2,868
229,001 229, 644
194, 327 193, 398

1 Latest month for which report is available for this institution.
2 Gold revalued Mar. 31, 1940, at 0.4978 gram fine gold per guilder.
s
Figures not available
*5 On October 16, 1940, gold revalued on basis of average cost.
Gold revalued May 19,1940, at 0.0043 gram fine gold per leu.
• Agricultural and urban loans in process of liquidation.
78 Gold revalued May 31, 1940, at 0.2053 gram fine gold per franc.
Additional foreign gold reserves first reported in July 1940.
9
Includes advances to State and to government bodies.
10
See BULLETIN for December 1936, p. 1025.

594




FEDERAL RESERVE BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
United
GerKing- France many
dom

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 May 31,
1941

2

3
5
3

Belgium

Netherlands

2

3

4

2

Switzerland

Sweden

VA Bolivia
British India
Bulgaria
Canada
Chile.
Colombia

2

4
6
5
4

Albania
Argentina
Belgium
Bohemia and
Moravia

2

2XA

Central
bank of—

Rate
May
31

Date
effective

Rate
May
31

Central
bank of—

Mar. 21,1940 Japan
Mar. 1,1936 Java
Jan. 25,1940 Latvia
Lithuania..
33^ Oct. 1, 1940 Mexico

2

2

Nov. 8,1940
Nov. 28,1935
Dec.
1, 1940
Mar. 11,1935
3-4H Dec. 16, 1936
4 July 18,1933
6
3
5

Netherlands
New Zealand.
Norway
Peru
Portugal

Date
effective

3.29
3
5
6
4

Apr.
Jan.
Feb.
July
Jan.

7,1936
14,1937
17,1940
15,1939
2,1941

3

Aug. 29,1939

2
3
5
4

May 27,1940
May 13,1940
Aug. 1,1940
Mar. 31, 1941

Oct. 16,1940
May 26,1938
Mar. 30,1939
Oct. 1,1935
Dec. 3,1934

Rumania
3
South Africa
Spain.
_. 4
Sweden
3
Switzerland

Sept. 12,1940
May 15,1933
i Mar. 29,1939
May 29,1941
Nov. 26,1936

Mar.
Apr.
Jan.
Oct.
May

Turkey
United Kingdom
U. S. S. R._.
Yugoslavia.

3
4

Denmark
Ecuador
El Salvador-.
Estonia
Finland

3
3

VA
2

2

4
3

France
Germany
Greece... . . .
Hungary ..
Italy

4
3

3
2

4
7
3
4

6
3

2

17, 1941
9,1940
4,1937
22,1940
18,1936

3
2

3K

2

3

July

2
4
5

Oct. 26,1939
July 1,1936
Feb. 1,1935

1,1938

i Not officially confirmed.
NOTE.—Changes since Apr. 30: Sweden—May 29, down from 3 ^ to
3 per cent.

3K
3

2

4

3

OPEN MARKET RATES
[Per cent per annum]

Month

Bankers'
Treasury
acceptances
bills
3 months 3 months

1929—Mar
1930—Mar.
1931—Mar
1932—Mar
1933—Mar.
1934—Mar
1935—Mar
1936—Mar
1937—Mar. .
1938—Mar
1939—Mar
1940-Mar
1940—Apr
May
June
July
Aug
Sept
Oct
Nov..,
Dec

.
_-

1941—Jan
Feb
Mar.

Bankers'
Day-to-day allowance
money
on deposits

5.33
2.78
2.60
2.59
.62
.95
.57
.56
.55
.53
.63
1.03

5.30
2.55
2.56
2.28
.46
.84
.50
.52
.51
.50
.70
1.02

4.51
3.20
2.20
2.40
.64
.88
.72
.75
.75
.75
.75
.99

1.03
1.03
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
1.00

1.03
1.03
1.03

1.01
1.02
1.01

1.00
1.00
1.00

Netherlands

Germany

United Kingdom

3H

VA-llA
3-1H

v%
Vi
Vi
Vi
X

A
A
A
A

X
X

X

A

%
A

l

Vi

l

i

l

A
A

X

X

A
X
A

Private
discount
rate

Day-to-day
money

Private
discount
rate

Money
for
1 month

Sweden

Switzerland

Loans
up to 3
months

Private
discount
rate

6.31
5.12
4.76
6.10
3.87
3.87
3.38
3.00
3.00
2.88
2.88
2.50

6.97
5.57
5.00
7.76
4.97
4.89
3.94
2.99
3.10
2.86
2.70
2. 16

4.64
2.50
1.09
1.22
.64
1.24
.60
1.11
.19
.13
.29
1.35

5.05
2.61
1.04
1.06
1.11
1.07
1.00
1.68
1.00
.50
.50
2.49

iH-VA

2.38
2.38
2.38
2.38
2.31
2.25
2.25
2.25
2.25

1.90
1.98
1.98
1.73
1.77
2.03
1.87
1.93
1.95

1.68
i 2.20
(22)
(2)
()
2.25
2.25
2.25
2.25

2.75
3.21
(2)
2.83
3.00
2.68
2.75
2.75
2.75

3-5
3^-5^
3H-5H
3^-53^

2.25
2.25

1.73
1.68

2.25
2.25
2.07

2.75
2.75
2.75

4-6
3-5
5-7
3H-5H

2^-5

2y2-±y2
2^-5
234-5
2K-5
23^-5
3-5

VA-5V2
ZXA~5XA

33^-53^
3^-5^
3^-5^
3>^-5^

3.39
2.60
.99
1.50
1.50
1.50
1.50
2.26
1.00
1.00
1.00
1.25
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
Figures are for period May 1-9, inclusive.
a No figures available.
NOTE.—For figures for other countries and references to explanation of table see BULLETIN for September 1940, p. 1018.

JUNE 1941




595

COMMERCIAL BANKS
United Kingdom l
(Figures in millions of
pounds sterling)

Assets
Money at
Treasury
Cash
call and Bills disshort
reserves
counted receipts 2
notice

Liabilities
Securities

Loans to
ers

Deposits

Other
assets

Total

1 (Demand 3 Time

3

Other
liabilities

10^ London clearing banks
1932—December _
1933—December
1934—December
1935—December
1936—December

_ .. .
. _. _

207
213
216
221
236

127
119
151
159
187

408
311
255
322
316

472
565
594
605
630

778
740
759
784
864

208
237
247
231
238

1,983
1,941
1,971
2,091
2,238

991
1,015
1,044
1,140

963
900
910
924

216
244
251
231
232

2,315
2,330
2,254
2,441

1,288
1,284
1,256
1,398

1,012
1,026

245
252
269

2,354
2, 413
2,469
2,454
2,481
2,597
2,661
2,702
2,800

1,351
1,382
1,443
1,465
1,486
1,570
1,635
1,671
1,770

1,027
1,026
1,031
1,030

2,757
2,709
2,764

1,729
1,696
1,728

1,027
1,013
1,036

11 London clearing banks 5
1936 December
1937— D ecember
1933—December
1939—December

244
244
243

195
163
160

274

174

322
300
250

1940—April
May
June
July
August
-_---_
September
October
November
December .

254

153

338

257
270
262
273
288
270
285

144
166
146
148
144
137
140

409
384
415
430
401
373
339

324

159

1941—January
February
March.

279

131

284
288

128
132

210
194

.

660
635
635

890
984
971

609

1, 015

290

618

991

260

26
26
92
180
236

633
636
658
682
697
723
743

972
983
940
927
948
948
941

295
271
255
287

265

314

771

924

293

269

341

789

926

269

330
374

814
821

915
922

272
276

334

249
256
263

274

Assets

_.

_ ._

1940—May
June
July
August
September
October
November
December
1941—January
February
March
__
April

_ _ ._

211
197
228
228
240
255
263
292

103
106
103
83
114
76
65
53

300
272
277
291
319
310
313

44
39
39
38
37
41
41

323

40

312
293
296

36
34
35

325

31

1,104
1,036
977
945
791
862
940

1,088

Cash
reserves

155
134
155
141
161
102
166
132

1,063
1,067
1,053
1,062
1,102
1,138
1,128
1,108

194
184
166
162
178
177
174

1,092
1,104
1,115
1,109

164
170
178

Due from Bills disbanks
counted

1,003
1,031
1,026
989
995

256
261
261
264
264
260
260
254
256

250
247
243
242

159

189

Other
assets r

778
861
967

1,155
1,384
1,411
1,463
1,646
1,617
1,583
1,576
1,569
1,563
1,520
1,513
1,531
1,677
1,788
1,766
1,820

Note
circulation

500
482
491
529
554
575
535

15
24
11
03
96
88
85

Deposits payable in Canada excluding interbank
deposits

Total

1,916
1,920
2,035
2,180
2,303
2,335
2,500
2,774

528
521
506
489
ftW
526
514

91
93
89
90
88
88
88

570

80

2,785
2,706
2,674
2,689
2,800
2,778
2,758
2,805

522
531

79
80
80
79

2,873
2,989
2,972
3,064

544

Demand

Time

Other
liabilities'-

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

1,142
1,098
1,062
1,055
1,145
1,178
1,132
1,163

1,643
1,609
1,613
1,634
1,655
1,600
1,626
1,641

870
866
854
831
841
845
837

1,205
1,302
1,270
1,356

1,668
1,687
1,703
1,708

851
850
858

538
563
628
694
755
752
840

846

877

Liabilities

Assets
(4 large banks. End of month figures
in millions of francs)

1,043

Liabilities

Security
Entirely in Canada
loans
Canada
abroad
and net Securi(10 chartered banks. End of month
Other
due
ties
figures in millions of Canadain dollars)
from
Cash Security loans
reserves loans and dis- foreign
counts
banks
1932—December
1933—December
1934—December
1935—December
1936—December
1937—December
1938—December
1939—December

997

Loans

Other
assets

Deposits
Total

Demand

r

rime

Own
acceptances

Other
liabilities

1932—December _
1933—D ecember
1934—December
1935—December __ _
1936—December
1937—December
1938—December...
1939—D ecember

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

1J17
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
26,859
27, 955
29, 748
33,042
41,872

1,268
862
904
694
529
600
537
571

295
273
193
337
473
661
721
844

4,331
4,362
4,301
4,399
4,289
4,517
4,484
4,609

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

548
542
544

938
1,034
1,105

3,667
3,753
3,901

1,749

r Revised to include inter-bank note holdings and amounts due to foreign banks, two items omitted from both sides of balance sheet in figures
previously published (see explanation of previous procedure in BULLETIN for October 1933, pp. 645-646).
1 Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month.
23 Represents six-month loans to the Treasury at \y% per cent, callable by the banks in emergency under discount at the bank rate.
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.
*6 District Bank included beginning in 1936.
No figures available since March 1940.
NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699;
June 1935, pp. 388-390; and October 1933, pp. 641-646.

596




FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)

Australia
(pound)

Year or month
Official

Special
Export

16. 736

6. 0488
6. 0527
6. 0575
6. 0575
6. 0574
6. 0575
6. 0575
6. 0575

5.
5.
5.
5.
5.
5.
5.
5.

0232
0329
0259
0219
0107
0153
0156
0169

30.120
30.106
30.149
30.132
30.162
30.170
30.166
30.178

90.
90.
90.
90.
90.
90.
90.
90.

6. 0575
6.0575
6. 0575
6. 0575

5. 0560
5. 0604
5. 0599
5.0600

30.148
30.140
30.139
30.129

322.80

29 773
29.773
29. 773
29. 773
29. 773
29. 773
29, 773
29. 773

322.
322.
322.
322
322.
322.
322.
322.

80
80
80
80
80
80
80
80

260. 80
287. 04
303.11
317. 02
321.47
321. 29
321. 57
321. 50

322. 80
322. 80
322.80
322. 80

321. 50
321.11
321. 30
320. 70

1933
I934__
1935
1936
1937
1938
1939 .
1940

_

Official

Export

4.0000
4. 0000
4.0000
4.0000

970
072
924
865
469
318
922
563

5.1670
5.1678
5.1678
5.1680
5.1680
5.1680
5.1663
5.1665

4. 0000
4.0000
4.0000
4. 0000
4.0000
4. 0000
4. 0000
4. 0000

5.083
5.760
6.048
5.476
5.206
5.682
5.845
5.690

90. 909
90.909
90. 909
90.909

84.801
83. 687
84. 981
87. 651

5.1674
5.1663
5.1660
5.1660

4.0000
4.0000
4.0000
4. 0000

5. 391
5.424
5.358
5.190

Ger- Greece Hong
FinColom- Czecho- DenHunFrance many (drach- Kong
land
bia
slovakia mark
gary
(reichs(mark(franc)
(peso) (koruna) (krone)
ma)
(dollar) (pengo)
mark)
ka)

Italy
(lira)

Japan
(yen)

New
NetherMexico lands
Zealand
(peso) (guilder) (pound)

81.
61.
56.
57.
56.
55.
57.
57.

773
773
773
773

697
780
011
083
726
953
061
085

23. 704
23. 704

3.8232
4. 2424
4.1642
4. 0078
3. 4930
3.4674
3.4252

19. 071
22. 500
21. 883
22.189
22. 069
21.825
20.346
19. 308

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

360
575
602
558
779
727
238
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

51. 721
67.383
67. 715
64. 481
55. 045
55.009
53. 335
53.128

340.00
402. 46
391. 26
398. 92
396. 91
392. 35
354. 82
306. 38

.6270
.6529
.6654
.6628
.6602
.6602

20. 288
22. 388
23. 582
22. 510
22. 623
23. 077
23.396
23. 585

17.
17.
18.
19.
19.
19.
19.
19.

582
591
481
370
367
364
505
770

5.
5.
5.
5.
5.
5.
5.
5.

0426
0361
0323
0334
0357
0389
0396
0439

23. 438
23. 432
23. 432
23. 431
23.435
23. 439
23. 439
23.439

16.
18.
19.
19.
19.
20.
20.
20.

654
365
913
988
941
331
400
448

53.079

261. 87
288.19
304. 32
318. 25
322. 74
322. 55
322.82
322. 75

23.648
24.142
24. 421
24. 393

19. 770
19. 770
19.770

5. 0432
5. 0422
5. 0452
5.0475

23. 439
23. 439
23. 439
23.439

20.
20.
20.
20.

504
524
529
538

2
2.
2.
2.

0104
0101
0100
0100

39 979
39.969
39.960
39.962

14. 414
18. 846
18. 882
18. 875
18.923
18. 860
18. 835

025
965
978
951
926
975
983
982

Portugal
(escudo)

Straits S w e Ruma- South
SwitzAfrica Spain Settlenia
den
erland
ments
(leu) (pound) (peseta) (dollar) (krona) (franc)

3. 9165
4. 6089
4. 4575
4. 5130
4. 4792
4. 4267
4. 0375
3.7110

.7795
1. 0006
.9277
.7382
.7294
.7325
.7111
.6896

1940— M a y
June
July... _
Aug.
Sept.
Oct
Nov.
Dec

3
3.
3.
3
3.
3.
3
3.

1941—Jan.
Feb.
Mar. .
Apr. .

3 9986
4 0069
4.0039
4. 0009

2650
5969
8021
8311
9629
9841
9849
9915

414.98
498. 29
484. 66
491. 65
489. 62
484.16
440.17
397. 99

10. 719
13. 615
13.678
12. 314
6.053
5.600
10. 630
9.322

49.232
59. 005
57.173
58. 258
57. 973
56. 917
51. 736
46. 979

22. 032
25. 982
25. 271
25. 626
25. 487
25.197
23. 991
23. 802

24. 836
32. 366
32. 497
30.189
22. 938
22. 871
22. 525
22. 676

00
00
00
00
00
00
00
00

9.130
9.130
9.130
9.130
9.130
9.130
9.131
9.132

47.119
47.114
47.113
47.116
47.102
47.101
47.100
47.100

23.
23.
23.
23.
23.
23.
23.
23.

791
804
836
813
810
814
818
824

22. 253
22. 461
22. 684
22. 755
22. 784
23.148
23. 202
23. 201

398. 00
398. 00
398. 00
398.00

9.130
9.130
9.130
9.130

47. 089
47. 094
47.106
47.107

23.826
23. 829
23. 824
23. 825

23. 220
23.217
23. 210
23. 201

398.
398.
398.
398.
398.
398.
398.
398.

80.
80.
86.
86.
85.
86.
86.
86.

22.
29.
29.
29.
19.
19.
19.
18.

1941—Jan..
Feb.
Mar.
Apr

21. 429
25. 316
24. 627
24. 974
24.840
24. 566
23. 226
22 709

909
909
909
909
909
909
909
909

29.452
38. 716
48. 217
31.711
30. 694
30. 457
27. 454
22. 958

40.
39.
39.
39.
39.
39.
39
39.

Norway Poland
(krone) (zloty)

91.959
101 006
99.493
99. 913
100. 004
99. 419
96. 018
90. 909 85.141

.7233
.9402
.9386
.9289
. 9055
.8958
.8153
.6715

8961 1. 8516
9776 2. 0052
9643
9691
9619
9652
9482
9472

57.146
56. 987
56. 985
57.011

1.0039
1 2852
1. 2951
1. 2958
1. 2846
1. 2424
1.2111

30. 518
39.375
40. 258
40. 297
40. 204
40.164
40. 061
40. 021

1.
1.
1
1.
1
1.
1
1.

1933
1934
1935.... _
1936
1937
1938
1939
.
1940

Free

28. 598
34.094
36. 571
29. 751
29. 606
21. 360
11.879
6.000

1940—May...
57. 046
J u n e . . . _ _ _ 57. 220
July.
57.096
Aug
56. 985
56 985
Sept.
Oct.._
56.985
Nov.
57 000
57.132
Dec

Year or month

Official

China
(yuan
Shanghai)

7. 6787
10 1452
5. 0833
5.1240
5.1697
5.1716
5.1727
5.1668

29.
29.
29.
29.

Year or month

Free

7.9630
31.816
8. 4268
37 879
8. 2947
36. 964
8.5681 ~5.~8788~ 37. 523
8.6437 6.1983 37. 326
5.8438
36. 592
6. 0027 5.1248 33. 279
6.0562 5. 0214 30.155

1940—May

Feb.
Mar.
Apr

Official

Chile (peso)

Bulgaria
(lev)

17.900
23. 287
18. 424
16.917
16. 876
16. 894
16. 852
16. 880

337. 07
400. 95
388. 86
395. 94
393. 94
389. 55
353. 38
305.16

1941_jan

British
India
(rupee)

Free

72. 801
33 579
32. 659
33.137
32. 959
32. 597
30. 850
29. 773

June _

Canada (dollar)

Brazil (milreis)
Belgium
(belga)

Official

1933
1934
1935 .
1936
1937
1938
1939
1940

July
Aug.
Sept
Oct
Nov..
Dec

In cents per unit of foreign currency]

United Kingdom
(pound)
Official

Free

322.
322.
322.
321.

Uruguay
(peso)
Con- Non-controlled trolled

75
36
55
96

Yugoslavia
(dinar)

423. 68
503. 93
490.18
497. 09
494. 40
488. 94
443. 54
383. 00

60. 336
79. 956
80. 251
79. 874
79. 072
64. 370
62. 011
65.830

36.789
37. 601

1.7607
2.2719
2. 2837
2. 2965
2.3060
2.3115
2. 2716
2. 2463

403. 50
403. 50
403. 50
403. 50
403. 50
403.50
403.50
403. 50

327. 36
360.16
380. 47
397.88
403. 42
403. 26
403. 56
403. 50

65. 830
65. 830
65.830
65. 830
65. 830
65.830
65.830
65.830

38.603
37. 714
35.956
34. 939
36. 366
37. 629
38. 994
39. 480

2.
2.
2.
2.
2.
2.
2.
2.

403.
403.
403.
403.

403. 42
402. 97
403.19
402. 48

65. 830
65.830
65.830
65.830

39.491
39. 649
39. 566
40.065

2. 2397

50
50
50
50

2473
2441
2439
2436
2436
2436
2409
2407

NOTE.—Developments affecting averages during 1941:
Special export rate for Argentina first reported in addition to official rate on Mar. 27; nominal.
No rates certified: Hungary—since Mar. 12; Yugoslavia—since Jan. 28.
Changes in nominal status (noted only if affecting quotations for at least five days a month): none.
For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to
1941, see BULLETIN for February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244.
JUNE 1941




597

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States

Year or month

United
Kingdom

Canada

France

Germany

(1926=100)

(1926=100)

(1930 =100)

(1913=100)

(1913=100)

1926

100

100

i 124

695

134

1930
1931
1932
1933.
1934
1935
1936
1937
1938..
1939.
1940

86
73
65
66
75
80
81
77
79

87
72
67
67
72
72
75
85
79
75
83

100
88
86
86
88
89
94
109
101
103
137

554
500
427
398
376
338
411
581
653
2 681

125
111
97
93
98
102
104
106
106
107
110

1940— April
May

79
78
78
78
77
78
79
80
80

83
82
82
82
83
83
83
84
84

132
134
134
140
140
141
143
147
149

81
81
82
83

85
85

150
150
151
151

June
July

August __
September .
October
November...
December
1941—January
February

March

April

87

Italy
(1928=100)

Japan
(October
1900=100)

85
75
70
63
62
68
76
89
95
3 97

110

no
no
in
in
in
in
in
in

in

Netherlands

Sweden

(1926-30
=100)

(1935=100)

237

106

i 126

144

181
153
161
180
178
186
198
238
251
278
311

90
76
65
63
63
62
64
76
72
74

i 103
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

314
312
308
306
306
308
310
310
312

88
89

141
142
143
146
146
148
154
158
159

134
135
139
141
146
152
156
161
164

162
164
168

167
168
170

313
317
322
324

112
112

Switzerland
(July 1914
=100)

i Approximate figure, derived from old index (1913=100).
*8 Average based on figures for 8 months; no data available since August 1939, when figure was 674.
Average based on figures for 7 months; no data available since July 1939, when figure was 96.
4
Average based on figures for 5 months.
5
No data available since May 1940.
Sources— See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United Stab

United Kingdom

(1926=100)

(1930=100)

Germany

France
(1913=100)

(1913=100)

Year or m o n t h
Farm
products

_ _

1940—April
May

June

Farm
and food
products

Industrial
products

581

793

129

132

130

150

526
542
482
420
393
327
426
562
641
i 653

579
464
380
380
361
348
397
598
663
» 707

113
104
91
87
96
102
105
105
106
108
111

113
96
86
75
76
84
86
96
91
i 93

120
103
89
88
91
92
94
96
94
95
99

150
136
118
113
116
119
121
125
126
126
129

Agricultural
products

Provisions

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

69
68
66
67
66
66
66
68
70

72
71
70
70
70
72
71
73
74

83
83
82
82
82
82
84
84
84

126
128
130
134

111
112
112
112
112
111
110
111
111

98
98
98
98
99
99
99
99
100

128
128
129
130

143
145

135
136
136
142
142
142
142
149
150

72
70
72
74

74
74
75
78

84
84
85
86

145
144
144

152
153
154

111
111
111
112

100
100
100
100

132

cococr

1941—January
February. __
March
April
_ _

IndusIndustrial raw
and semi- trial finished
finished
products products

Industrial
products

100

COO CC

July
August
September
October
November
December

Foods

:o co

_

Other
commodities

CO CO CO
CO CO CO

1926
1930
1931
1932 .
1933
1934
1935
1936
1937
1938
1939
1940_.

Foods

1
2

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.

598




FEDERAL RESERVE BULLETIN

Price Movements—Continued
RETAIL FOOD PRICES

COST OF LIVING

[Index numbers]
Year or
month
1932
1933
1934
1935
1936
1937
1938
1939
1940

[Index numbers]

U n i t e d UK ni i n t g e - d F r a n c e
GerStates
many
( 1 9 3 5 - 3 9 ( J ud l oy ml 9 1 4 ( J = u 1l 0y l0 9) 1 4 ( 1 9 1 3 - 1 4
=100)
=100)
=100)
87

.
.

536

126

84
94
100
101

491
481
423
470

120
122
125
130

Nether- Switzlands
erland
(1911-13 (Junel914
=100)
=100)

116

119

113
118
120
122

125

120
124
118
120

117
115
114
120

127
130
130

130
130
132
146

105
98
95
97

139
141
141
164

1940-April
May.__
June
July___
August
September
October __
November
December

96
97
98
97
96

158
159
158
168
164

97
96

127
129
129
131
133

166
169

130
127

149
152

96
97

172
173

126
127

157
158

1941-January___
February.
March
April _

98

172

127
127

160

601
702

2742

171
169

98
98

122
122
123
128

4

140

142
143
145
145
146

160
161

101

U n i t e d UK n i i n t ge - d F r a n c e
States
( 1 9 3 5 - 3 9 ( J ud l oy lm 9 1 4 = ( 11 09 30 0)
=100)
= 100)

Year or
month
1932
1933
1934
1935
1936
1937
1938
1939
1940

98

144

91

121

87
83
78
86

118
121
123
125

103
101
99
100

140
141
143
147

154
156
158
184

102
117

125
126
126
130

92
96
98
99

1940-April
May
June
July
August
September
October
November
December

101

166

1941-January
February.
March
April

Nether- SwitzGererland
lands
many
(1913-14 (1911-13 (Junel914
=100)
=100)
=100)

3 122

100

187
189

132
130

100
101

192
195

130
131

101

196

132

197
197

102

198

5

137
139
140

148
149
149
(6)

129
130
131
132
133

178
180
181
187
185

101
101

141

139
140
136
U32

138

131
129
128
130
137
137
138
151
147
148
150
151
151
153
157
159
160
163
163
164

132
132

1
s
3
4
4
6

Revised index from March 1936(seeBULLETIN forApril 1937,p.373).
A v e r a g e b a s e d o n f i g u r e s f o r 8m o n t h s ; n o d a t a a v a i l a b l e s i n c e A u g u s t 1 9 3 9 ,w h e n f i g u r e w a s 7 4 9 .
A v e r a g e b a s e d o n t w o q u a r t e r l yq u o t a t i o n s ; n o d a t a a v a i l a b l e s i n c eM a y 1 9 3 9 , w h e n f i g u r e w a s 1 2 3 .
A v e r a g e b a s e d o n f i g u r e s f o r 3m o n t h s ; n o d a t a a v a i l a b l e s i n c e M a r c h 1 9 4 0 , w h e n f i g u r e w a s 1 4 1 .
Average based on figures for5 months.
No dataavailablesinceMay1940.
Sources.—See BULLETIN for October 1939, p. 943, and April 1937, p. 373.

SECURITY PRICES
[Index numbers except as otherwise specified]
Common stocks

Bonds
Year or month

United
States
(average
price) i

United
Kingdom
France
(December ( 1 9 1 3 = 1 0 0 )
1921=100)

Number of issues..

60

1926

97.6

110.0

57 4

1932_
1933
1934
1935. .
1936_
1937
1938
1939
1940

69.5
73.4
84.5
88.6
97.5
93.4
78.9
81.6
82.0

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—April
M a y _. _
June
July
August
September. _
October
November. .
December

82.5
79.4
78.5
81.2
81.5
82.7
83.6
83.9
84.0

1941—January..
February
March
April

85.3
84.5
85.3
85.8

.

87

36

Germany
(average
price) 2
2 139

Nether-3
lands
8

(1926=100)
United
States

United
Kingdom

420

278

300

100 0

100 0

100.0
105.2
99.6
83.3
79.7
77.2
97.4
89.7
6 98.2

109.3
112 2
112.6
112.8
115.9
120.8
125.1
127.7
128.0

83.9

71.8
70 5
69.9

131.5
133.0
131.1

67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8

119.4
116.8
113.4
116.4
117.8
117.9
119.2
119.9
121.0

100.2
100 7
100 8
100 8
100.9
101 0
101.7
101.9
101.4

74.2

92.9
83 0
73 3
76 1
77.5
80 9
81.4
82.1
80.4

122.2
121.9
122.5

102.2
102 8
102.8

80.5
75 9
76.0
73.8

80.1

100

100.0

77.4
73 1
64.9
63 5
65.6
66 2
68.1
70.2
70.2

48.6
63.0
72.4
78.3
111.0
111.8
83.3
89.2
83.6

80.7
80.0
79.8

Netherlands
(1930=100)

46
52
55
55
66
104.2
95.8
89.7
8 95.0

94.8
105.3
113.4
107.8
109.1
3 101.8
105.9
90.9
7
77. 9
(7)

Germany

50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6

67.1
82.5
90.7
5 95.1
95.8
98.7
99.9
99.0
100.7

4

France

4

(8)

87.7
94 3
104 1
112.7
116.1
120.0

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 Ay2 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.
5
Average
Apr.-Dec. only—see note 2. Average Jan.-Mar. on old basis was 95.9.
6
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. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.

JUNE 1941




599

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
LlSTON 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 Director, Division of Research and
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations

Statistics

C. E. CAGLE, Assistant Chief, Division of Examinations
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

EDWARD

FEBERAL 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

E.

SPENCER, JR.

Vice President
WILLIAM F. KURTZ

Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District

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

CHESTER MORRILL,

E. A. GOLDENWEISER, Economist
H. WILLIAMS, Associate Economist
R. G. ROUSE, Manager of System Open Market

CHAS.

GEORGE L. HARRISON

S. E. RAGLAND
LYMAN E. WAKEFIELD
W. DALE CLARK
R. E. HARDING
PAUL S. DICK

JOHN

600




Account

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
Henry S. Dennison
Edmund E. Day

President

First Vice President

Vice Presidents

R. A. Young..
Allan SprouL.

W. W. Paddock..
L. R. Rounds

William Willetti
R. M. Gidney
L. W. Knoke
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams

John S. Sinclair .

Frank J. Drinnen

W. J. Davis
E. C. Hill
C. A. Mcllhenny *
C. A. Sienkiewicz

R. E. Klages

M. J. Fleming.

F. J. Zurlinden..

Wm. H. Fletcher
R. B. Hays
W. F. Taylor 2
G. H. Wagner

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. Davis..

F. Guy Hitt

Minneapolis _

W. C. Coffey..

Roger B. Shepard...

J. N. Peyton

0. S. Powell..

Kansas City___
Dallas

R. B. CaldwelL.
J. H. Merritt.__.

J. J. Thomas..
Jay Taylor

R. R. Gilbert..

H. G. Leedy.
E. B. Stroud.

O. M. Attebery
C M . Stewart J
E. W. Swanson
Harry I. Ziemer *
J. W. Helm 2
R. B. Coleman
W. J. Evans
W. O. Ford i

San Francisco..

R. C. Force.

St. George Holden

Wm. A. Day

Ira Clerk

Boston
New York.

Frederic H. Cnrtiss
Beardsley Ruml

Philadelphia

Thomas B. McCabe... Alfred H. Williams

Cleveland-

Geo. C. Brainard

Richmond

i Cashier.

2

C. E. Earhart»
W. M. Hale
R. B. West

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

JUNE 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

J. L. Hermann
W. D. Gentry
M. Crump

San Francisco:
Los Angeles Branch
Portland Branch
Salt Lake City Branch
Seattle Branch

W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw

601

redetal

1^uUlcation5

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
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.

DAILY

Foreign Exchange Rates (for previous day).
WEEKLY

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
of the month. The subscription price is $2.00 per
for collection and credit). Released in January
annum, or 20 cents per single copy, in the United
and July, with monthly supplements about the
States (including insular possessions), Canada,
7th of the month.
Chile, Colombia, Costa Rica, Cuba, Dominican
Republic, Ecuador, Guatemala, Haiti, Republic ANNUALLY
of Honduras, Mexico, Newfoundland (includList of Stocks Registered on National Securities
ing Labrador), Nicaragua, Panama, Paraguay,
Exchanges. Supplements issued quarterly. 25
Peru, El Salvador, Uruguay, and Venezuela.
cents for list and supplements.
In all other countries the subscription price is
Bank Debits—Debits to Deposit Accounts, except
$2.60 yearly, or 25 cents per single copy. Group
Inter-Bank Accounts. Released ordinarily in
subscriptions for 10 or more copies, in the United
February.
States, 15 cents per copy per month, or $1.50 for
Annual Report, covering operations for the pre12 months.
ceding calendar year.
BOOKS

The Federal Reserve System—Its Purposes and
Chart Book I, Federal Reserve Charts on Bank
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 Reserve 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.
602




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.
Special Report to the Congress, submitted DeAnalyses of the Banking Structure—As of December 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.
February 1941.
the United States. 20 pages. November 1938.
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.

JUNE

1941




603

FEDERAL RESERVE DISTRICTS

mmmm

BOUNDARIES O F FEDERAL RESERVE DISTRICTS

. _ —

BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
(APPROXIMATE I N THE ST. LOUIS DISTRICT)

®

FEDERAL RESERVE BANK CJTIES

•

FEDERAL RESERVE BRANCH CITIES

O

FEDERAL RESERVE BANK AGENCY