Full text of Federal Reserve Bulletin : June 1942
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ERAL RESERVE
BULLETIN
JUNE 1942
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
PAGE
Review of the Month—Bank Credit and War Finance
From a Legal Standpoint:
52.5—531
'
Consumer Credit:
Interpretations of Regulation W
532-
Reserves :
Deductions for Social Security Taxes as Deposits
532.-533
War Financing:
Military, Naval and Maritime # Commission appropriation
533~534
Limitations on National Bank Loans
534
Foreign Funds Control:
General Rulings, Public Circular, and Public Interpretation issued by
the Secretary of the Treasury.
534—536
Amortization of Debt for Nonproductive Purposes
537
Correspondence—Why Repayment of Debts is Anti-Inflationary
538
British White Paper
539~549
Current Events
550
Member Bank Earnings in 1941
551
National Summary of Business Conditions
552.-553
Financial, Industrial, Commercial Statistics, U. S. (See p. 555 for list of tables) . . . . 555-607
International Financial Statistics (See p. 609 for list of tables)
609-62.1
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory
Council
6x2.
Senior Officers of Federal Reserve Banks; Managing Directors of Branches
6x3
Map of Federal Reserve Districts
Federal Reserve Publications (jee inside of back cover)
6x4
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FEDERAL RESERVE BULLETIN
June
VOLUME 2.8
NUMBER 6
BANK CREDIT AND WAR FINANCE
The monthly volume of war expenditures
by the Government has approximately
doubled since last December, and is still
increasing. In view of the extraordinary
volume of financing necessitated by the war
program, the Treasury has adopted some
new methods of issuing and distributing
Government obligations.
Policies followed by the Treasury in its
borrowing program are formulated with a
view to raising the necessary funds to as
large an extent as possible by selling securities to investors other than commercial
banks. The purpose of this policy is twofold : First, to divert a portion of the public's growing income from the purchase of
commodities and property to helping in the
war effort, and, second, to reduce as much
as possible the expansion of the already
large volume of bank deposits. The active
promotion of the sale of non-negotiable
savings bonds and of tax notes has been an
important part of this program during the
past year. Promotion of sales of marketable and of restricted issues of securities in
large amounts to institutional and other
large non-banking investors is another
aspect of the program. It is recognized
nevertheless that a considerable amount of
new securities will have to be sold to commercial banks, and an increasing volume of
securities of the types best adapted to the
requirements of banks of deposit have been
issued.
JUNE 1942.
ESTABLISHMENT OF VICTORY FUND
COMMITTEES
In order to promote the sale of Government securities to large investors, committees are being established in each
Federal Reserve district. The president of
the local Federal Reserve Bank is chairman
of the district committee, which is composed of commercial bankers, investment
bankers, and securities dealers. The district committee may appoint an executive
committee and a number of ^regional subcommittees. This organization is designed
to promote sales of Government securities
other than savings bonds and will not in
any way duplicate the work that is now
being done in that field. The Secretary of
the Treasury will be chairman of a committee of Reserve Bank presidents, and the
chairman of the Board of Governors of the
Federal Reserve System will serve as liaison
officer between the Treasury and the
Reserve Banks.
TREASURY RECEIPTS AND EXPENDITURES
War expenditures of the Government
totaled 3.6 billion dollars in May, compared with 1.8 billion last December and
1 billion last July. For the entire fiscal
year ending June 30, 1941, the Budget
Director on April 2.4 estimated war expenditures at x6.o billion dollars, compared with
6.3 billion spent for national defense in the
previous fiscal year. Other expenditures
REVIEW OF THE MONTH
for the current fiscal year were estimated at
6.6 billion dollars—a slight increase over
last year. In addition it was estimated
that the Treasury would spend about 3
billion on account of various Government
corporations. Net receipts were estimated
at 12..7 billion dollars for this fiscal year,
compared with 7.6 billion for the previous
year. The public direct debt was expected
to show an increase of 2.3 billion dollars for
the fiscal year to a total of 71 billion at the
end of June. The amount of securities
guaranteed by the Government is being
reduced somewhat this year.
For the next fiscal year war expenditures
were estimated by the Budget Director at
67 billion dollars, not including additional
expenditures of Government corporations.
With a small decrease in other expenditures
and with an expected substantial increase
in tax receipts, reflecting both larger incomes and higher tax rates, it was estimated
that the public debt would show a further
increase of about 54 billion dollars to a
total of about 1Z5 billion by the end of
June 1943.
RECENT TREASURY FINANCING
In January and February of this year the
Treasury sold two issues of intermediateterm bonds, refunding a billion dollars of
direct and guaranteed issues and raising
about 1.5 billion dollars of cash. In April
it sold 1.5 billion of 6-month certificates
of indebtedness. About half of these issues
were purchased by commercial banks. In
May various types of securities were offered
for the purpose of reaching a broader
market.
In the May financing the most important
departure from previous methods was the
offering of i\ per cent i96z-67 registered
bonds. These bonds were not made available for purchase by commercial banks for
their own account for a period of ten years
after the issuance of the securities. The
bonds are not transferable for 60 days from
date of issue. The amount of the offering
was not specifically limited, and subscriptions were allotted in full as received. Investors were able to purchase at par their
full demands for these bonds. The offering
remained open from its announcement on
May 4 through May 14, and subscriptions
totaled 880 million dollars. The largest
purchasers of the issue were life insurance
companies.
Another offering in May was a 2. per cent
bond of September 1949-51, which is a
maturity attractive to commercial banks.
For this offering rules limiting the amounts
of individual subscriptions were suspended,
except that all subscriptions up to $10,000
were allotted in full. The issue was so
priced as to offer little profit on prompt
sales of the securities by subscribers. Consequently, the amount of subscriptions by
those buying to sell immediately was much
smaller than had been the case with other
recent issues. This development enabled
investors to obtain a larger part of their
requirements for this issue. Subscriptions
to the issue totaled 3.3 billion dollars and
a total of 1.3 billion of bonds was issued.
A third feature of the May financing consisted of an increase from 150 million dollars
to X5o million in the weekly offering of
Treasury bills. This marked a further step
in the program of increasing the outstanding amount of short securities, which
started in April with the issuance of 1.5
billion dollars of 6-month certificates of
indebtedness. The increase in short securities outstanding helps to provide banks
and others with a medium of liquid investment. It facilitates the smooth functioning of the money market.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
On May ^ the Treasury offered a i \ per
cent four and one-half year note in exchange for 1,150 million dollars of guaranteed securities. This was an issue attractive to commercial banks, which held the
bulk of the securities to be refunded. The
Treasury also announced in May that
beginning on July 1 the maximum annual
limit on individual subscriptions to Series
F and G war savings bonds would be increased from $50,000 to $100,000, cost
price.
FEDERAL RESERVE BUYING RATE ON
TREASURY BILLS
In connection with changes made in
Treasury financing methods, the Federal
Open Market Committee on April 30 directed the twelve Federal Reserve Banks to
purchase for the System Open Market Account all Treasury bills offered at a rate of
f of 1 per cent per annum. Prevailing rates
on current issues of Treasury bills had risen
from about 0.2.0 per cent in March to 0.34
per cent the last week of April; in May they
averaged 0.36 per cent.
In recent years the principal holders of
Treasury bills have been large city banks.
The increase in the amount outstanding and
the rise in the rate should result in a
broadened distribution of these bills to
smaller banks and to corporate and other
investors, and thus give more fluidity to
the short-term market. On the other
hand, the establishment of a firm buying
rate of f of 1 per cent at the Federal Reserve
Banks will prevent a rise of the bill rate
above that level.
Application of this instrument of policy
—an established Reserve Bank buying rate
on Treasury bills—will facilitate adjustment of the money market to changing
conditions. Member banks may readily
offset losses of reserves by selling bills to
JUNE 1942.
the Reserve Banks or by refraining from
replacing maturing bills. Banks may utilize surplus reserve funds to purchase new
issues of bills and be assured of a buyer for
these bills if their reserve position should
change. Thus Treasury bills may serve as
a medium for investment of the banks'
liquid funds, which in the past under
different market conditions went largely
into Street loans.
OPEN-MARKET OPERATIONS
Federal Reserve open-market operations
in recent months have been largely for the
purpose of aiding in the maintenance of
orderly conditions in the market at a time
when the Treasury was offering a large
volume of new Government securities.
These operations were occasioned in part
by the fact that some individual banks,
particularly in New York City, have found
themselves with smaller reserves than they
wanted and have obtained additional reserves by reducing their security holdings.
Also, at times of new Treasury offerings
there has been some pressure on the market
resulting from sales of outstanding issues
with maturities close to those of the new
issues. Federal Reserve open-market operations have diminished the effect of these
temporary influences and have given greater
stability to the market.
During the decline in Government security prices last December holdings in the
System Open Market Account were increased by jo million, dollars. This was
followed by a small decrease in holdings in
January, a small increase in February, and
another small decline in March. In April
and May holdings in the Account increased
substantially. Around the middle of April
the Account began to purchase Treasury
bills for the dual purpose of maintaining
greater stability in the rate and of making
5x7
REVIEW
OF THE
MONTH
funds available to individual banks which at 1.94 per cent, the lowest level since early
needed to strengthen their reserve position. December.
This program was supplemented by the
Yields on short-term securities, however,
establishment of the buying rate on Treas- have firmed in recent months. The rate
ury bills. At the end of May the System on new issues of Treasury bills, as preAccount held about 160 million dollars of viously shown, rose in May to 0.36 per cent.
bills. Purchases during April and May The yield on 3- to 5-year taxable notes
were larger than this amount, but were averaged 1.03 per cent in May compared
offset in part by the maturing of bills with 0.93 in February and March. Since
previously purchased. The Account also last September, as shown on the chart,
purchased and sold in response to a market short-term yields have increased by about
demand a small amount of Treasury cer- f of 1 per cent, while yields on long securitificates of indebtedness. At the end of ties rose slightly until February and have
May certificate holdings totaled about 30 since declined.
million dollars.
YIELDS ON GOVERNMENT SECURITIES
In addition to these purchases of shortterm securities the System Account's holdings of taxable bonds increased by about
60 million dollars in April and May. Most
of these purchases were made around the
time of the May financing for the purpose
of steadying the market. Recently each financing has been accompanied by a
temporary decline in quotations with a
small volume of activity. In the May
financing the System Account relieved the
market of part of the offerings that were
Weekly averages of daily yields on Treasury notes and partially
being made at that time and thereby facili- mtax-exempt
Treasury bonds due or callable after 12 years, and average
discount on new issues of Treasury bills (tax-exempt through February
tated the financing program.
1941 and taxable thereafter) offered within week. Latest figures shown
3 - 5 YR. TREASURY NOTES -
are for week ending May 23, 1942.
GOVERNMENT SECURITY MARKET
Yields on long-term Government securities at current market prices have held relatively steady in recent months. The yield
on long taxable bonds averaged 2..^^ per
cent in May compared with z.34 per cent
in April and i-39 per cent in February.
Partially tax-exempt bonds have shown
somewhat wider fluctuations reflecting uncertainty as to the tax status of these
issues. Yields on long-term partially taxexempt bonds, which averaged 1.98 per
cent in April, compared with 1.09 per cent
for February, in the last week of May were
5 z8
DISTRIBUTION OF GOVERNMENT
SECURITIES
The interest-bearing direct and guaranteed debt of the Federal Government
increased by about 19 billion dollars during
the first eleven months of the current fiscal
year, compared with an increase of 7 billion
for the entire fiscal year ended on June 30,
1941. Savings bonds increased by more
than 5 billion dollars in the eleven months
and tax anticipation notes by over 3 billion; marketable issues of Treasury direct
obligations showed an increase of almost 10
billion, while the amount of guaranteed
obligations outstanding declined by threeFEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
quarters of a billion. An additional 1.4
billion of special issues was sold to Social
Security and other Government trust funds.
From the first of July to the end of November 1941 sales of savings bonds aver*aged less than 300 million dollars a month.
Sales rose to 500 million dollars in December and to 1,100 million in January, when
many investors purchased their full annual
maximum. They declined to 700 million
in February and to 500 million in March
and in April. With an intensified campaign in May, however, sales exceeded the
quota of 600 million dollars that had been
established by the Treasury for that month.
The quota is 800 million dollars for June
and one billion dollars for each subsequent
month.
For the eleven months since last June, in
which the total amount of marketable
direct and guaranteed debt (i.e. securities
other than savings bonds, tax notes, and
special issues) increased by about 9 billion
dollars, it is estimated that the commercial
banks of the country added somewhat more
than 4.5 billion to their holdings of Government securities. More than half of the
increase in bank holdings occurred in the
past five months, that is in 1942.. In the
eleven-month period commercial banks
acquired about half of the increase in
marketable issues and a quarter of the
total increase in the debt.
In the nine months from June 30 to March
31, the latest date for which figures are
available, insurance companies increased
their holdings by i.x billion dollars, and
reports indicate that they may have bought
as much as half a billion of the new Treasury i\ per cent bonds of 196Z-67 sold in
May. Holdings by mutual savings banks
increased by 300 million in the last six
months of 1941, but have shown little
further change since the beginning of 1942..
JUNE
Federal Reserve Banks have added about
300 million dollars to their Government
security holdings since last June, and
various Government accounts have purchased some 300 million of marketable
issues, in addition to special issues. It
appears that investors other than banks and
other agencies and institutions for which
figures are available have acquired 10 billion dollars or more of additional Government securities since last June, including
about 5 billion of savings bonds and 3
billion of tax-anticipation notes. This
amounts to more than half of the increase
in the total interest-bearing debt.
GROWTH IN BANK INVESTMENTS
Reflecting heavy bank purchases of Government securities, total loans and investments of reporting member banks in 101
leading cities increased by 1.6 billion dollars
in the first five months of i94x. As shown
on the accompanying chart, there was a
growth of x.i billion in Government holdings, partly offset by a decline in loans.
Recent increases have occurred principally
at times of Treasury offerings of new issues.
MEMBER BANKS IN 101 LEADING CITIES
.IONS OF DOLLARS
BILLIONS OF DOLL/
2 L
1936
1937 '
1938
1939
1940
1941
1942
Commercial loans include industrial and agricultural loans; classification changed May 19, 1937. Latest figures are for May 20, 1942.
Holdings of Treasury bonds at reporting
banks increased by 1.6 billion dollars and
REVIEW OF THE MONTH
bills and certificates rose by more than a
billion, while holdings of Treasury notes
and of guaranteed obligations declined,
reflecting retirement of maturing and called
issues. Reporting banks in New York City
showed an increase of about 700 million
dollars in their holdings of Government
securities, and those in Chicago reported a
growth of 170 million. Banks in other
leading cities accounted for more than half
of the total increase. At country banks
holdings of Government obligations increased by 370 million in the period from
December 31, 1941 to April 4, 1942., the
latest date for which figures are available.
DECLINE IN BANK LOANS
Total loans of country banks, few of which
are included among the weekly reporting
banks, showed a decline of 150 million
dollars in the period from December 31
to April 4, following a sustained increase
since 1938.
FURTHER GROWTH IN BANK DEPOSITS
During 1941 the growth in bank deposits
and in the amount of currency in circulation has continued. It is estimated that
member bank demand deposits, other than
interbank deposits, have increased by
about 1 billion dollars since the first of the
year, while time deposits have decreased
by about 400 million. In the same period
the amount of currency in circulation outside banks has shown a further increase of
over 1 billion dollars. This growth in the
supply of funds in the hands of the public
has reflected the continued expansion in
bank holdings of Government securities.
The growth in bank deposits has been country-wide, with the largest increases in the
east central industrial districts. The smallest increases have occurred in the districts
west of the Mississippi River.
Following a sustained rapid increase over
the preceding two years, loans at reporting
member banks in mid-March reached a
peak of 11.4 billion dollars, the highest
point since 1932.. This increase was concentrated heavily in commercial loans at
banks in New York City and other northeastern centers, where much of defense
borrowing activity has been centered. In
the period from March 18 to the latter
part of May total loans of reporting banks
RESERVE POSITION OF MEMBER BANKS
declined by nearly 500 million dollars;
As a result of the growth in bank deposits
almost all of the decrease was in commercial, industrial, and agricultural loans, and the consequent increase in required
which declined by about 1.1.0 million in reserves of member banks, together with a
New York and by 150 million at other continued rise of money in circulation,
cities. Some of the decline reflected pay- excess reserves of member banks have dement of loans from the proceeds of new clined further since the beginning of the
security issues, and, in addition to retire- war. Required reserves increased by about
ment of commercial loans, there were 500 million dollars from December to the
large repayments of grain loans made by end of May and the increase in curbanks under purchase agreements with the rency in circulation has recently exceeded
Commodity Credit Corporation. Figures zoo million a month. Since early in April
reported as "other loans" have shown a Reserve System purchases of Government
gradual decline since last November; these securities, accounting for an increase of
figures include consumer instalment loans, about Z50 million dollars in the System
which fully account for the decline shown. Account, have offset in part the effect
53°
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
on reserves of the increase in currency.
Wide fluctuations in Treasury balances,
resulting from large expenditures and irregular receipts from taxes and sales of
new securities, have caused similar variations in the total amount of bank reserves.
Treasury transactions have also been an
important factor influencing the distribuT
tion of reserves among individual banks and
groups of banks.
Until the middle of April weekly average
excess reserves of all member banks, as
shown in the chart, did not fall below the
EXCESS RESERVES OF MEMBER BANKS
BILLIONS OF DOLLARS
1938
WEEKLY AVERAGES OF DAILY FIGURES
1939
1940
1941
BILLIONS OF DOLLARS
1942
Figures for all member banks and country banks are partiallyestimated; those for May are preliminary. Latest figures are for week
ending May 22, 1942.
JUNE 1942.
level of about 3 billion dollars reached at
the end of December, and the distribution
of excess reserves among the various classes
of member banks showed little variation.
After the early part of April, however,
there was a pronounced decline in total
excess reserves, with most of the decrease
taking place at banks in New York City
and Chicago. In the last week of May excess reserves of all member banks amounted
to about 2_,6oo million dollars; those of
New York City banks were close to 500
million and those in Chicago were a little
more than 100 million.
In April and May, when excess reserves
at New York banks were decreasing, these
banks were increasing their holdings of
Government securities. Their total reserve balances declined, while required
reserves increased somewhat, owing to a
growth in United States Government deposits. Other deposits at New York City
banks have declined since early April, and
are generally smaller than they were during
most of last year. The establishment of a
bill buying rate by the Reserve Banks and
the flexible open-market operations of the
System provide a mechanism whereby
individual member banks may readily
obtain additional reserves when the need
arises.
531
FROM A LEGAL STANDPOINT
Administrative interpretations of banking laws> new regulations issued by
the Board of Governors, and other similar material.
Consumer Credit
Interpretations of Regulation W
Since the publication of the May Federal
Reserve BULLETIN the Board of Governors has
issued the following interpretations of Regulation W:
SINGLE-PAYMENT LOANS
Interpretation No. WR-i
Regulation W as revised effective May 6,
1941 places no restriction on renewals or revisions of a single-payment loan originally made
prior to May 6, 1942..
LOANS
As explained in WR-i, a single-payment loan
made before May 6 may be renewed more than
once. Furthermore, the borrower may pay a
portion of the loan at the time of any such
renewal, or the loan may be put on an instalment
basis without regard to the requirements of
section 6 (b) or any other provision of the
Regulation. It is to be noted, however, that
the absence from Regulation W of restrictive
provisions with respect to such renewals or
conversions is not intended to encourage them,
but must be considered in the light of the joint
statement made for the press on May 7 by the
Comptroller of the Currency, the Board of
Directors of the Federal Deposit Insurance
Corporation, and the Board of Governors of the
Federal Reserve System. This joint statement
is published elsewhere in this issue of the
previous indebtedness with the same lender or
another lender. On the other hand, if the
obligor on a $1,000 note borrows another $800
from the same lender as a separate transaction
evidenced by a separate note, the new $800 loan
is subject to the Regulation.
If instead of renewing or revising a single' payment loan made prior to May 6, the obligor
makes one loan (of $1,500 or less) part of which
is to be used to pay off the old single-payment
loan and part of which represents new money,
only the part of the new loan representing new
money is subject to the requirements of the
Regulation. However, in any such case it
would ordinarily be better practice for the lending institution to keep the credits separate and
not to combine them in a single obligation since
otherwise it might be difficult for the lending
institution and for the examiners to be sure that
there was no violation of the Regulation.
A renewal or revision of a loan which was
originally more than $1,500 is not subject to
the Regulation even though the balance at the
time of the renewal or revision is less than
$1,500.
CHARGE ACCOUNTS
The sale of a listed article in a charge account
with an agreement, arrangement or understanding that the credit will later be converted
into an instalment contract violates sections
5 (a) and 11 (a) of Regulation W.
Reserves
Deductions for Social Security Taxes as
Deposits
A loan of over $I,JOO is not subject to the Regulation whether the loan is single-payment or
The Board has been asked for a ruling as
instalment, whether made before or after May 6, orto whether amounts deducted by a member
whether all or part is to be used to pay off a bank from its employees' salaries for Social
BULLETIN.
532-
FEDERAL RESERVE BULLETIN
FROM A LEGAL STANDPOINT
Security taxes should properly be shown as
deposits or as other liabilities, and whether
amounts accrued by the bank for payment of
its taxes under the Social Security Act and under
State unemployment tax laws should be carried
as deposits.
It appears that under the Social Security Act
the tax imposed upon employees is required to
be collected by the employer by deducting the
amount of such tax from the wages as and when
paid and that every employer so required to
deduct the tax is expressly made liable for the
payment of such tax. In the present case, therefore, the bank deducts the amount of the tax
from the salary of the employee and is then
itself legally liable for the payment of such tax.
In these circumstances it is the view of the
Board that amounts so required to be deducted
from employees' salaries and to be paid by the
bank under the Social Security Act are not to
be regarded as deposits for reserve purposes
but should be shown in condition reports as
"Other liabilities."
With respect to amounts accrued by the bank
for the purpose of meeting taxes imposed upon
it under the Social Security Act or under State
unemployment tax laws, it is the Board's
opinion that such amounts likewise should not
properly be classified as deposits but should be
shown by the bank as "Other liabilities" in
the account "Interest, taxes, and other expenses
accrued and unpaid."
War Financing
Military, Naval and Maritime Commission
Appropriations
Under date of April x8, 1942., the President
signed an Act of Congress entitled "SixthSupplemental National Defense Appropriations
Act, 1942-/' Title I of which, relating to appropriations for the War Department, is prefaced by the following provision:
"For additional amounts for appropriations
for the Military Establishment, fiscal year
1942., which, together with the unexpended
balances remaining under all appropriations
for the Military Establishment for the
JUNE
1941
fiscal years 1940 and 1941, shall be supplemental to, merged with, and become a part
of, the appropriations under the respective
heads in the Military Appropriation Act,
. 1942., as amended by Acts supplemental
thereto, including the objects and subject to
the limitations and conditions specified under
said heads, respectively, in those Acts, except as otherwise provided herein; and such
appropriations heretofore and herein made
shall remain available until June 30, 1943,
for the purposes of such appropriations and
for carrying out the provisions of Executive
Order Numbered 9112. of March 2.6, 1942.,
including obligations chargeable against appropriations for the Military Establishment
for the respective purposes of said appropriations for the fiscal years 1940 and 1941, as
follows:"
Title II of this Act, relating to appropriations
for the Navy Department, contains in section
2.02. thereof the following provision:
' 'The appropriations of the Navy Department
for the fiscal years i94x and 1943 shall be
available to carry out the provisions of Executive Order Numbered 91 iz of March 2.6,
1941."
Because of its interest in this connection,
there is quoted below a statement made on the
floor of the House of Representatives on April
xi, 1942., by Mr. Clarence Cannon who was
Chairman of the Conference Committee which
considered this Act.
"On March 2.6, 1942., the President issued
Executive Order 9112., which authorizes the
War and Navy Departments and the Maritime
Commission to enter into contracts with any
Federal Reserve Bank, the R.F.C., or other
financing institutions for the purpose of
financing any contractor or subcontractor or
others engaged in any business or operation
which is deemed by War or Navy or Maritime
Commission to be in the interest of the prosecution of the war. This order is designed
principally to give assistance to small business in financing its participation in war
contracts. Provision has now been made
in the bill so that the appropriations for the
War and Navy Departments shall be available
to carry out, without question, the intentions
of the Executive Order. In my judgment, it
533
FROM A LEGAL STANDPOINT
was not necessary to include this special
provision in the bill, but, since the Senate
added the amendments, we see no harm in
including them."
In this connection, the "Independent Offices
Appropriation Act, 1943" which is being considered by Congress but has not been enacted
into law, contains a provision relating to appropriations for the United States Maritime
Commission which would increase the Construction Fund established by the "Merchant
Marine Act, 1936." The proposed provision
reads in part as follows:
which will arise in applying the general rule
stated herein. For instance, with respect to
loans secured by real estate, it might be necessary, in order to comply with the provisions
of section 2.4 of the Federal Reserve Act,
that the entire loan be covered by a commitment, or that the interest of the War Department, Navy Department or Maritime Commission in the real estate security be subordinate to that of the bank. Such problems can
be dealt with more effectively after the exact
procedure for handling loans under this
program has been established."
Foreign Funds Control
General Rulings, Public Circular and
Public Interpretation Issued by the
Secretary of the Treasury
Since the publication of the May Federal
Reserve
BULLETIN the following General RulLimitations on National Bank Loans
ings, Public Circular and Public Interpretation
In connection with operations under Execurelating to transactions in foreign exchange,
tive Order No. 9112. dated March 16, 194X,
etc., have been issued by the Office of the Secrewhich was published at page Z99 of the April
tary of the Treasury under the authority of the
1942. Federal Reserve BULLETIN, the Board of
Executive Order of April 10, 1940, as amended,
Governors requested the Comptroller of the
and the Regulations issued pursuant thereto:
Currency to consider the question of limitations
on loans made by national banks which would
Treasury Department, Office of the Secretary
be guaranteed by the War or Navy Departments
April 2-1, 1942.
or Maritime Commission. In reply the CompGENERAL RULING N O . 12.
troller, under date of April 9, 1942., addressed a Under Executive Order No. 8389, as Amended, Sections 3(0) and
letter to the Board in which it was stated:
sOO °f *he Trading with the Enemy Act, as Amended by the
First War Powers Act, 1941, Relating to Foreign Funds
"It is the position of this office that naControl
tional banks may participate in this program
by extending credit to contractors, sub-con(1) Unless licensed or otherwise authorized by the Secretractors, or other persons, without limitation tary of the Treasury, (a) any transfer after the effective
upon amount, provided that a commitment date of the Order is null and void to the extent that it is
is secured obligating the War Department, the (or was) a transfer of any property in a blocked account at
Navy Department or the Maritime Commis- the time of such transfer; and (b) no transfer after the effecsion to take over within ten days after de- tive date of Order shall be the basis for the assertion or
mand, that portion of each such extension recognition of any right, remedy, power, or privilege with
of credit which otherwise would exceed the respect to, or interest in, any property while in a blocked
limitations specified
in section 5x00 of Rev. account (irrespective of whether such property was in a
Stat. of 1873, a s amended (U.S.C. title 12., blocked account at the time of such transfer).
sec. 84), and section 2.4 of the Federal Reserve QL) Unless licensed or otherwise authorized by the SecreAct, as amended (U.S.C. title ii, sec. 371). tary of the Treasury, no transfer before the effective date
That portion of each extension of credit of Order shall be the basis for the assertion or recognition
which is not covered by a commitment must of any right, remedy, power, or privilege with respect to,
comply with the statutory requirements or interest in, any property while in a blocked account
which would be applicable to a similar loan unless the person with whom such blocked account is held
unrelated to this program.
or maintained had written notice of the transfer or by any
"We have not attempted, in this letter, to written evidence had recognized such transfer prior to the
deal with the numerous particular problems effective date of the Order.
"That the said construction fund shall be
available for carrying out the provisions of
Executive Order Numbered 9112. of March 2.6,
194x1"
534
FEDERAL RESERVE BULLETIN
FROM A LEGAL STANDPOINT
(3) Unless otherwise provided, an appropriate license or
other authorization issued by the Secretary of the Treasury
before, during or after a transfer shall validate such transfer
or render it enforceable to the same extent as it would be
valid or enforceable but for the provisions of section j(b)
of the Trading with the enemy Act, as amended, and Order,
regulations, instructions and rulings issued thereunder.
(4) Any transfer affected by the Order and/or this general
ruling and involved in, or arising out of, any action or proceeding in any Court within the United States shall be, so
far as affected by the Order and/or this general ruling, valid
and enforceable for the purpose of determining for the parties
to the action or proceeding the rights and liabilities therein
litigated; provided, however, that no attachment, judgment,
decree, lien, execution, garnishment,' or other judicial process
shall confer or create a greater right, power or privilege
with respect to, or interest in, any property in a blocked
account than the owner of such property could create or
confer by voluntary act prior to the issuance of an appropriate license.
(5) For the purposes of this general ruling:
(a) the term "transfer" shall mean any actual or
purported act or transaction, whether or not evidenced
by writing, and whether or not done or performed
within the United States, the purpose, intent, or effect
of which is to create, surrender, release, transfer, or
alter, directly or indirectly, any right, remedy, power,
privilege, or interest with respect to any property and
without limitation upon the foregoing shall include
the making, execution, or delivery of any assignment,
power, conveyance, check, declaration, deed, deed of
trust, power of attorney, power of appointment, bill of
sale, mortgage, receipt, agreement, contract, certificate,
gift, sale, affidavit, or statement; the appointment of
any agent, trustee, or other fiduciary; the creation or
transfer of any lien; the issuance, docketing, filing, or
the levy of or under any judgment, decree, attachment,
execution, or other judicial or administrative process
or order, or the service of any garnishment; the acquisition of any interest of any nature whatsoever by reason
of a judgment or decree of any foreign country; the fulfillment of any condition, or the exercise of any power
of appointment, power of attorney, or other power;
provided, however, that the term "transfer" shall not
be deemed to include transfers by operation of law.
(b) the term "property" includes gold, silver, bullion,
currency, coin, credit, securities (as that term is defined
in section i ( i ) of the Securities Act of 1933, as amended),
bills of exchange, notes, drafts, acceptances, checks,
letters of credit, book credits, debts, claims, contracts,
negotiable documents of title, mortgages, liens, annuities, insurance policies, options and futures in commodities, and evidences of any of the foregoing. The
term "property" shall not, except to the extent indicated, be deemed to include chattels or real property.
(c) the term "blocked account" shall refer to a
JUNE 1941
blocked account (including safe deposit box) of a
party to the transfer and shall have the meaning prescribed in General Ruling No. 4 except that it shall not
be deemed to include an account not treated as a blocked
account, by the person with whom such account is
held or maintained.
(d) the term "effective date of the Order" shall have
the meaning prescribed in General Ruling No. 4 except
that "the effective date of the Order" as applied to
any person whose name appears on the Proclaimed List
of Certain Blocked Nationals shall be the date upon
which the name of such person first appeared on such
list.
(e) the term "transfer by operation of law" shall be
deemed only to mean any transfer of any dower, curtesy,
community property, or other interest of any nature
whatsoever, provided that such transfer arises solely
as a consequence of the existence or change of marital
status; any transfer to any person by intestate succession; any transfer to any person as administrator,
executor, or other fiduciary by reason of any testamentary disposition; any transfer to any person as
administrator, executor, or fiduciary by reason of judicial appointment or approval in connection with any
testamentary disposition or intestate succession; and
any transfer pursuant to (i) Netherlands Royal Decree
of May 14, 1940, and (ii) Norwegian Provisional
Decree of April zz, 1940, concerning the monetary
system, etc.
(6) Nothing contained in this general ruling shall be
deemed to affect in any way criminal liability for violation
of the Order, or the regulations, rulings, circulars or instructions issued thereunder, or in connection therewith,
or to otherwise modify any provision thereof.
By direction of the President:
H . MORGENTHAU, J R .
Secretary of the Treasury.
Treasury Department, Office of the Secretary
May 19, 1942.
GENERAL RULING N O . 5
As Amended, under Executive Order No. 8389, April 10, 1940,
as Amended, and Peculations Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, etc., and Section
sGO °f tbe Trading with the Enemy Act, as Amended, by the
First War Powers Act
General Ruling No. 5 is amended by adding the following
paragraph at the end thereof:
"United States and foreign currency imported or
otherwise brought into the United States on and after
May 19, 1942-, shall be deemed to be 'securities or evidences thereof for the purposes of this general ruling.''
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
535
FROM A LEGAL STANDPOINT
Treasury Department, Office of the Secretary
May 2.2., 1942.
GENERAL RULING N O . 13
Under Executive Order No. 8389, as Amended, Sections $(a) and
sQ>) °f fbe Trading with the Enemy Act, as Amended by the
First War Powers Act, 1941, Relating to Foreign Funds
Control
(1) This general ruling relates to the procedure to be
followed in connection with the filing of applications for
the unblocking of accounts or other property in which applications it is alleged that no person having an interest in the
property involved is a national of a blocked country.
(2.) Any interested party is entitled to file such an application. Such application shall be filed in the manner provided in section 130.3 of the Regulations, and shall contain
full information in support of the administrative action
requested. The application for administrative action may
be filed on Form TFU-i or on Form TFE-i (even though the
request for administrative action is not a request for a
license), and any documents or other data as may be relevant
to the application should be attached to and made a part
of the application.
(3) The applicant is entitled to be heard on the application. If the applicant desires to be heard on the application,
either before or after the Treasury Department has taken
action on such application, he should so notify the Treasury Department. Such notice should contain an appropriate reference to the application involved and the names
of the parties desiring to be heard with respect to the application.
E. H. FOLEY, J R . ,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary
Foreign Funds Control
May 8, 1942.
PUBLIC CIRCULAR N O . 5A
Under Executive Order No. 8389, April 10, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to
Foreign Funds Control*
Reference is made to General Ruling No. 11. In view of
this general ruling, it will be the policy of the Treasury
Department to deny applications for licenses to effect the
following transactions if they involve trade or communication with an enemy national:
(1) The filing and prosecution in enemy territory of
all patent, petty patent, design, or copyright applications and the payment of fees in respect thereof; or
the payment of any fees, including maintenance fees,
on patents, petty patents, designs, or copyrights in
enemy territory.
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1, 54 Stat. 179;
Public No. 354, 77th Congress, 55 Stat. 838; Ex. Order 8389, April 10,
1940, as amended by Ex. Order 8785, June 14, 1941, Ex. Order 8832,
July 26, 1941, Ex. Order 8963, December 9, 1941, and'Ex. Order 8998,
December 26, 1941; Regulations, April 10, 1940, as amended June 14,
1941, and July 26, 1941.
536
(2.) The filing and prosecution of patent applications,
design applications, and applications for copyright,
and the payment of any fees in connection therewith,
in the United States on behalf of enemy nationals, except
in cases in which approval of an application to file or
prosecute a patent, design, or copyright application is
requested by the Alien Property Custodian.
Attention is directed to the fact that none of the foregoing
transactions are authorized by General License No. 72., or
by any other license which does not refer expressly to General
Ruling No. 11, if they involve any trade or communication
with an enemy national. The transmission or receipt after
March 18, 1942., of papers or documents relating to patents,
patent applications, etc., directly or indirectly to or from
an "enemy national" are included within the meaning of
"trade or communication with an enemy national."
General License No. 72., of course, continues to be in effect with respect to the filing and prosecution of patent
applications in the United States and other transactions
authorized therein, in cases wliich do not involve trade or
communication (after March 18, 1942.) with an enemy
national.
E. H. FOLEY, JR.
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary
Foreign Funds Control
April i i , 1942.
PUBLIC INTERPRETATION N O . 4
Under Executive Order No. 8389, April JO, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to
Foreign Funds Control
Subject: Requirement of Treasury License for Communication with an Enemy National Outside the
United States
Inquiry has been made as to whether a license from the
Treasury Department is necessary in order for a person within
the United States to communicate with an enemy national
outside the United States in relation to, or as a part of, a
commercial or financial transaction.
Such communications require licenses from the Treasury
Department, which may be applied for on Form TFE-i in
the usual manner. Communications which relate to, or
are a part of, a commercial or financial transaction include?
among others, notices of stockholders' meetings, proxies*
powers of attorney, authorizations to transfer funds, patent
applications, trademark and copyright registrations, financial statements, accounts of sale, and any instructions which
are an integral part of a business, financial, trade, or commercial transaction. However, it is to be noted that it is
the policy of the Treasury Department not to license such
transactions except under very unusual circumstances, such
as where the transaction would further the war effort.
J. W. PEHLE
Assistant to the Secretary.
FEDERAL RESERVE BULLETIN
JOINT ANNOUNCEMENT OF THE FEDERAL BANK SUPERVISORY AGENCIES REGARDING AMORTIZATION OF
DEBT FOR NONPRODUCTIVE PURPOSES
In accordance with that part of the
President's Special Message to Congress of
April 2.7 which urged the paying off of
debts as a restraint upon rising living costs,
the Comptroller of the Currency, the
Board of Directors of the Federal Deposit
Insurance Corporation, and the Board of
Governors of the Federal Reserve System
have issued the following joint statement
with respect to the procedure to be followed
by their respective organizations to encourage the reduction of individual debt
through amortization of bank loans:
"One of the greatest advances in banking
practices during recent years has been the
wide acceptance of the principle of amortization of debts. This principle is incorporated in Regulation W, issued by the
Board of Governors of the Federal Reserve
System, which relates to consumer credit
and applies to certain types' of bank loans.
"In the exercise of their supervisory
responsibilities, the Comptroller of the
Currency, the Board of Directors of the
Federal Deposit Insurance Corporation, and
the Board of Governors of the Federal
Reserve System.urge that the principle of
amortization be extended to other loans
JUNE
1941
which are not subject to the provisions of
Regulation W, particularly to the volume
of single-payment loans to individuals for
nonproductive purposes presently outstanding.
"The examiners for the respective agencies are being instructed to pay particular
attention in the course of their examinations to individual debt to determine
whether it is being reduced and to the
circumstances which may be preventing
its reduction or preventing it being put on
an amortization basis. The examiners are
likewise being instructed to include in
their reports of examination comments as
to the extent to which the bank has cooperated in the program for reduction of
personal indebtedness incurred for nonproductive purposes, and as to the results
achieved.
"In order to provide a measure of the
volume of personal loans, banks will be
asked from time to time to report information as to the amounts of single-payment
personal loans on their books in addition to
information now being reported as to
instalment paper."
537
CORRESPONDENCE
Why Repayment of Debts is Anti-Inflationary
QUESTION: In point seven of his antiinflation program the President advocates
the repayment of debts, mortgages, and
other obligations in order to relieve pressure upon prices and to supply funds for
the purchase of war bonds. But since the
lending capacity of creditors is increased
by the liquidation of outstanding debt, will
there not be a resulting creation of new
loans offsetting the beneficial effects of the
initial debt liquidation?
In other words, the amount of debt outstanding has been limited by the willingness and ability of consumers to incur debts
rather than by the amount of funds available to those who financed them. If consumers now repay their debts, most of their
creditors will either repay the debts that
they owe, mostly to commercial banks, or
will have idle funds available for investment. In present circumstances it is likely
ANSWER: No, not under existing con- that most of these funds will be used to buy
U. S. Government obligations of one kind
ditions. Most of the debts owed by 4
or another. The repayment of debts,
consumers are to banks, specialized contherefore, in addition to improving the
sumer financing agencies (including some financial position of the debtors, will have
Government credit agencies), insurance the double advantage from the public point
companies, building and loan associations, of view of absorbing income that might
stores, and other lenders and sellers of otherwise be used to bid up prices of congoods. In general, all of these creditors in sumers' goods, many of which are available
recent years have had ample funds, so that only in limited and diminishing amounts,
consumers could borrow or buy on credit and of placing additional funds in the hands
to the full extent that they could comply of institutions which are likely to invest
with conditions imposed by the lenders. them in Government bonds.
538
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
There is given below the text of a British
Government White Paper (Cmd. 6347) presented
to Parliament on April 14 last by the Financial
Secretary to the British Treasury under the title:
4
'An Analysis of the Sources of War Finance and
an Estimate of the National Income and Expenditure in 1938, 1940, and 1941*'. The publication of such a document in connection with
the annual budget speech in Parliament by the
Chancellor of the Exchequer was initiated last
year. In his budget speech on April 14, the
Chancellor referred to the earlier White Paper
as "a widely appreciated innovation" and*
presented the second paper in the series as one
which, though differently arranged, *'contained some new material and was even fuller
in its analysis of public finance and national
income and output than the one issued last
year." 1
The first White Paper in this series consisted
PREFACE
The statistical material presented in Cmd.
62.611 (April 1941) for the years 1938 and 1940,
has been revised in the light of further study
and more detailed information which has become available. There are some significant
revisions of individual items, but apart from
changes of definition, the main totals are not
much altered. The tables, which now cover
the calendar year 1941 as well as 1938 and 1940,
have also been rearranged in the interests of a
more logical analysis, and additional material
has been added. Much of the material given in
Part 1 of Cmd. 62.61 is now incorporated in the
main tables. The- results of more comprehensive enquiries covering overseas disinvest1
For the text of the White Paper issued last year (Cmd. 6261), see
BULLETIN for July 1941, pages 633-638,
JUNE
1941
of two sections, one prepared by the Treasury
and the other by the Central Statistical Office.
The present document was prepared entirely in
the Central Statistical Office "with the collaboration of the Treasury". Whereas the
figures presented in the Treasury's section of the
earlier Paper relate to "war years", the first of
which commenced September 1, 1939, the material in the present Paper is given for calendar
years, with supplementary data for years ending
on the quarterly dates during 1941. For this
and other reasons, including numerous changes
in the character of the items in the tables, the
estimates in the present document are not fully
comparable with those in the earlier one. It is
stated in the preface to the present White Paper
that the data relating to overseas disinvestment
and to expenditure on consumption are subject
to revision on the basis of further studies still
in course of preparation.
ment and expenditure on consumption are,
unfortunately, not available in time to be included below, and the figures for these items
are given subject to this reserve. Any subsequent modification in either of these totals will
require a corresponding change in the total of
domestic disinvestment.
In Table I, item 8 (domestic investment) is the
balancing figure obtained by difference, and not
(except in 1938) by direct estimation. In Table
II, item 14 (net personal savings) is the balancing figure. Tables III and IV are mainly based
on actual figures taken from the Public Accounts
etc., apart from items repeated from Tables I
and II.
The tables have been prepared in the Central
Statistical Office with the collaboration of the
Treasury.
539
BRITISH WHITE PAPER ON WAR FINANCE
A. THE SOURCES OF WAR FINANCE
[In millions of pounds]
Calen- Calen- Budget
dar year dar year forecast
1941 1942-43
1940
5,286
2775
3,822
1,832
4,511
2,402
1,321
1,990
2,109
176
220
1,145
1,770
36
249
1,109
1,521
823
1,028
286
493
*3,333
759
Expenditure requiring domestic finance
Less Central government revenue
2,574
h.253
Less Extra-budgetary funds and local
authority surpluses'* .
Less Compensation received in respect
of
war risks and war damage claims4
Less Savings and undistributed profits, including reserves against taxation
Residue (Table I, item 8) from sources
indicated below.
J
4,620
798
Central government expenditure
Less Overseas disinvestment
1
1
2
3
Adjusted for appropriations-in-aid, etc.
Including Canadian contribution of 225 million pounds.
Excluding the Exchange Equalisation Account, changes in which
are 4already included in overseas disinvestment.
See the explanation of this item under footnote 1 below.
The residue has been provided from the following sources:—
(a) Sales to public authorities of fixed capital
assets (such as * sites, buildings, and
stocks of goods) previously owned
privately;
(V) Sinking funds and depreciation funds of
firms and institutions;
(V) Net depletion of stocks and working
capital (apart from sales under (a)
above) carried by private finance, measured by the reduction in their value as
reckoned in the calculation of the year's
profit;
Less
Qf) New investment financed out of privatelyowned funds;
(e) Replacements and renewals charged on
depreciation funds;
(f) Replacements of war losses actually carried out (including new ships in private
ownership and stocks of commodities
lost and replaced within the year).1
No sufficient data are available for a statistical
analysis of the components of this residue. In
1941 the greater part of the reserve stocks of
food and raw materials was held under governlThis deduction must be made because credit has been taken in
the table above for the whole of compensation received in respect of
war risks and war damage claims, whether or not it has been applied to
replacement.
54°
ment finance (their cost being included in
budgetary expenditure). They are, therefore,
not included in (c) above; and it is known that,
so far from being depleted,, they were substantially increased. Thus the depletion of stocks
of goods in (Y), the value of which cannot be
closely calculated, mainly affected finished
products and non-necessary materials.
Since sinking funds and depreciation funds are
usually reckoned as being of the order of 475
million pounds annually, which is about the
same as the size of the residue in 1941, it follows that the other items in the above list of
sources have about balanced out in that year,
sales of fixed capital assets to the government
and depletion of stocks under (V) and (V) being
approximately equal to gross investment under
.00,(0, and (ft.
Since the amount of the residue has been obtained by difference, any errors in the other
items in the table have been absorbed into it.
If, for example, further enquiry should show
that the amount of overseas disinvestment or
the amount of expenditure on consumption has
to be revised, which may be the case, then the
residue will be revised by the same amount.
B. PROPORTION OF RESOURCES ABSORBED BY GOVERNMENT EXPENDITURE
This can be calculated on various principles
giving widely different results, particularly
according to the treatment of payments by the
government otherwise than on goods and
services. The following is one method of
answering the question:—
1941
(Million £)
(1) Total government expenditure (central and local),
exclusive of lend-lease aid, at market prices
Less
(2) Government expenditure otherwise than on goods and
services (items 24 + 28 + 32 of Table IV)
(3) Government expenditure on goods and services at
market prices
(4) Personal expenditure on consumption at market prices
Plus
(5) Subsidies
Less
(6) Indirect taxes on consumption
(7) Adjusted personal expenditure on consumption
(8) Sum of (3) + (7)
FEDERAL RESERVE
5,107
925
4,182
4,550
139
826
3,863
8,045
BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
The government proportion of the total, ((3)
as a percentage of (8)), is 51 per cent for 1941,
compared with 44 per cent for 1940.
The figure 8,045 million pounds is not a
measure of the national income but is the net
national income at market prices -plus net disinvestment less the excess of indirect taxes on
consumption over subsidies. The above proportion (51 per cent) is also applicable to income currently produced, as distinct from total
resources, if we assume that disinvestment (both
overseas and domestic) is spread evenly between
government and non-government expenditure,
in which case the inclusion or exclusion of this
item makes no difference to .the proportion.
Since no data are available for checking the
degree of correctness of this assumption, it
seems best to state the use of government resources as a proportion of the total use of resources.
If the figure of total government expenditure
were used, in place of government expenditure on
goods and services, a higher proportion for
government expenditure as a percentage of
total expenditure would, of course, result.
The proportion, 51 per cent, relates to the
average of the year 1941, and is, therefore, nine
months out of date as at April 1, 1942..
any means the whole of consumption expenditure. No satisfactory index of prices adjusted
in the above sense is at present available.
Moreover, there has been a great change since
1938 in the relative importance of different
articles of consumption, and the rise in prices in
1940 and 1941 is not so substantial if articles
are weighted according to the volume of their
consumption in those years as if they are
weighted appropriately to 1938. The measure
of the reduction in the volume of consumption
in 1941, compared with 1938, cannot be estimated more precisely than that it probably
lies within the limits of 15 and 2.0 per cent according to the system of weighting which is
adopted.
D. PERSONAL SAVINGS*
fin millions of pounds]
1938
1940
1941
Gross personal savings, including provision
for accrued taxation 1
Death duties etc.
233
90
640
85
909
94
NTet personal savings after provision for
death duties, etc.
Accrued taxation^...
143
18
555
82
815
150
Net personal savings after provision for
accrued taxation
125
473
665
1
I.e. excluding undistributed profits of businesses and institutions,
except that the savings of farmers and the savings of non-profit-making
bodies are included.
2
I.e. excess of liabilities for direct taxes on personal incomes accrued during the year over payments of such taxes during theyear.
C. PERSONAL EXPENDITURE1
[In millions of poundsl
The above estimates of personal savings have
been obtained indirectly by deducting direct
Personal expenditure on consumption a t
estimates of personal consumption and taxes
4,041
4,424
4,550
market prices
70
Add Subsidies
15
139
met out of personal incomes from direct esti4,494
4,056
4,689
mates of personal incomes. An attempt has
472
Deduct Indirect taxes on consumption.
623
826
been
made to check the results by comparing
Personal consumption thus adjusted
3,584
3,871
3,863
them with direct evidence of the value of
Including the expenditure on consumption of charities and other
non-profit-making bodies, as well as of individuals, but excluding the
personal savings. This suggests that the above
expenditure of firms, companies, and institutions which are chargeable
estimates of net personal savings are not overestimates—it would be easier on such evidence
It is necessary to estimate the percentage in- to justify a higher than a lower total. On the
crease in prices similarly adjusted in order to other hand, a more exact estimate, not yet
obtain a measure of the reduction in the volume available, of expenditure on consumption in the
of personal consumption. Index numbers of the last six months of 1941 is likely to increase,
cost of living or other indices of market prices rather than to decrease, that figure. Thus, on
are not suitable to measure this increase, since balance and taking all the evidence into account,
they include some, but not nearly all, indirect there is no sufficient reason for increasing the
taxation, exclude subsidies and do not cover by figures given above.
1938
1940
1941
1
JUNE 1941
541
BRITISH WHITE PAPER ON WAR FINANCE
E. PROPORTION OF THE NATIONAL
INCOME DEVOTED TO TAXATION
[In millions of pounds]
1938
1940
1941
(1) National income (item 5 of Table I ) . . .
4,595
5,585
6,338
(2) Direct taxes, War Damage Act contributions and premiums, etc
(3) Indirect taxes, rates, war risks insurance premiums, etc., less subsidies...
(4) Excess of tax liabilities over payments.
534
768
1,215
630
30
850
213
1,103
239
(5) Total tax liabilities, i.e. sum of (2) +
(3)+(4)
1,194
1,831
2,557
(6) Total tax liabilities as a percentage
of national income
26
33
40
This table shows the proportion of the national income devoted to direct and indirect
taxation, rates, compulsory contributions to
social insurance and war risks insurance
schemes, and contributions and premiums (almost the whole of which are compulsory)
under the War Damage Act, abated by the
amount of subsidies. The figures in line (4)
relate not only to taxes falling on personal incomes, but also to those which fall on other
incomes, e.g. National Defence Contribution and
Excess Profits Tax.
F. DISTRIBUTION OF PERSONAL INCOMES IN THE FINANCIAL YEAR 1940-41 BY
RANGES OF GROSS INCOME SHOWING THE EFFECTS OF CHANGES
IN INCOME TAX AND SURTAX, 1938-41
Range of Gross Income
Aggregate Net Income with Income Tax
and Surtax at—
Aggregate Gross
Income 1940-41
1938-39 rates
1940-41 rates
1941-42 rates
Proportion of Gross Income retained with
Income Tax and Surtax at—
1938-39 rates I 1940-41 rates I 1941-42 rates
(In millions of pounds)
Under 250
250-500
500-1,000
1,000-2,000
2,000-10,000...
10,000 and over.
Total of above..
3,344
1,038
477
320
367
176
15,722
b
°
3,301
946
391
230
206
50
3,242
883
358
203
174
39
99.6
96.3
89.7
83.1
70.6
50.0
98.7
91.1
82.0
71.9
56.1
28.4
96.9
£5.1
75.1
63.4
47.4
22.2
5,370
5,124
4,899
93.8
89.5
85.6
dieS estimated a t W million
This table gives an estimate of the amount of
personal income in different ranges of gross income. As in the case of income tax assessment,
the income of a husband and wife are reckoned
as one income. The aggregate net income with
income tax and surtax at 1940 rates is the amount
of income retained1 in the financial year 1940-41.
The figures in the corresponding columns headed
1938-39 and 1941-42 do not relate to the incomes
1
(Per cent)
3,329
1,000
428
266
259
88
Pounds, making a total of 5,786 million pounds (see item
of those years, but to the income which would
have remained after tax in 1940-41, if the taxation of 1938-39 or of 1941-42. had been in force
in that year. Transfer payments other than
National Debt interest and interest accrued on
National Savings Certificates (items 4 to 7
of Table II) have been included in the incomes
below 250 pounds.
After setting aside all current liability for these taxes.
FEDERAL RESERVE BULLETIN
BRITISH W H I T E PAPER O N W A R F I N A N C E
TABLE I
ESTIMATES OF NET NATIONAL INCOME AND EXPENDITURE IN 1938, 1940, AND 1941
[In millions of pounds]
1941: Year e n d i n g 1938
1. Rent of land and buildings
2. Profits and interest
3. Salaries, and the pay and allowances (in cash and kind) of officers in H.M.
Forces and Auxiliary Services
4. Wages, and the pay and allowances (in cash and kind) of other ranks in
H.M. Forces and Auxiliary Services
373
1,351
5. Net national income
1,081
1,790
1940
383
1,542
1,176
Mar. 31
June 30
Sept. 30
381
1,591
379
1,632
379
1,677
Dec. 31
379
1,722
1,188
1,200
1,210
2,643
2,773
2,893
5,803
5,984
3,021
6,338
1,216
4,595
2,484
5,585
6. Personal expenditure on consumption at market prices
7. Expenditure at home and abroad, by public authorities, on goods and
services at market prices
8. Private ndt investment at home and war losses made good
9. Private and government net investment abroad
10. Subsidies
4,041
4,424
4,440
4,485
4,550
3,056
3,506
(-380)
-846
3,830
(-443)
-931
124
4,182
(-493)
-798
139
11. Indirect taxes and rates specifically on consumption.
12. Other indirect taxes, rates, etc
13. War risks insurance premiums
-472
-173
-623
-173
-124
-682
—176
-157
-714
-177
-190
-826
-178
-238
14. Net national expenditure
4,595
5,585
5,803
5,984
NOTES
i. As in item i of Table A of Cmd. 62.61, this item represents the income from the ownership of lands, houses, etc.,
after allowance has been made for maintenance and repair.
In contrast to Cmd. 62.61, it includes incomes from these
sources below the effective income tax exemption limit and
such incomes received by non-profit-making bodies, e.g.
charities, colleges, etc. These incomes were included in
item 2. of Table A of Cmd. 62.61, which covered the whole of
small property incomes and of the investment income of
non-profit-making bodies, irrespective of their sources.
^. ^.s in item 2. of Table A of Cmd. 62.61, aggregate profits
here are net, i.e. after current business losses have been deducted. Also, as before, this item excludes interest on the
national debt (which appears as a transfer payment in item
1 of Table II below) and income due to foreigners, but
includes miscellaneous government income (such as trading
profits, investment income, and certain receipts from abroad).
In contrast to Cmd. 62.61, in which item 2. of Table A included all incomes from property below the income tax
exemption limit or received by non-profit-making bodies,
only that part of such incomes appears here which takes the
form of profits or interest (see note 1 above). On the other
hand, incomes below the income tax exemption limit belonging to persons working on their own account which were
included in Cmd. 62.61 in "other income" (item 5 of Table A)
are now included in this item. Another important change
from the procedure adopted in Cmd. 62.61 is that no deduction from earnings is now made for sums used to write down
stocks which, though unchanged in quantity, have fallen
in value. The previous procedure was inconvenient, inasmuch as under it stocks were written down when they had
fallen in value, but not written up when they had risen in
value. A further purpose of this adjustment which affects
the value of investment in stocks is explained in the note to
item 8 below. Sums so deducted in 1938 are estimated at
JUNE 1942.
833
406
-55
15
(-286)
-759
70
6,159
6,338
135 million pounds, so that, relative to the corresponding
item (2. of Table A) of Cmd. 6161, this item is increased on
this account in 1938 by 135 million pounds. No other year
is affected by the change since this adjustment is only required in times of falling prices.
3. In contrast to item 3 of Table A of Cmd. 62.61, this
item includes: (a) the untaxed allowances whether in
money or in kind (food, clothing and lodging, etc.) received
by officers in H.M. Forces and Auxiliary Services, previously
included in item 4 of Table A; (f) the whole of the earnings
of. shop assistants, a part of which was previously included
in item 4 of Table A; (c) small salaries below the income
tax exemption limit previously included in item 5 of Table A.
4. As in Cmd. 62.61, an allowance for income received in
kind (food, clothing and lodging, etc.) by, e.g. other ranks
in H.M. Forces and Auxiliary Services and domestic servants,
has been added to their cash income and allowances. The
estimate of personal expenditure on consumption at market
prices (item 6) includes a similar allowance. This item
differs in definition from item 4 of Table A of Cmd. 62.61 by
the exclusion of that part of the earnings of shop assistants
which was previously included here, and is now included in
item 3.
5. This item is the sum of items 1 to 4 and is an estimate
of the incomes received by factors of production in, or only
temporarily absent from, the United Kingdom in the course
of producing the current output of goods and services of
all kinds. These incomes are, of course, "before tax" since
all taxes, direct and indirect, falling on these incomes whether
paid directly by individuals (including non-profit-making
institutions), or through businesses or public authorities^
will be paid out by them. The item is "net" in the sense
that the sums shown in items 1 and 2. exclude that part of
gross receipts which is set aside in the calculation of net
profit for the maintenance and repair or replacement of all
543
BRITISH WHITE PAPER ON WAR FINANCE
existing capital equipment (such as houses, machinery, or
Further, investment in stocks is now defined as the value of
stocks) which is being currently worn out or used up.
the change in stocks rather than the change in their value
6. This item shows, as did the corresponding item (7 of
with the result that the estimate of investment in stocks in
Table A) of Cmd. 62.61, the money value of all consumption
1938 is now increased by 135 million pounds as compared
goods and services either bought by individuals and nonwith the estimate in Cmd. 62.61. This means that investprofit-making bodies or received by them as income in kind.
ment in stocks is now valued on the same basis as investment
The figures shown here are therefore at prices which include in fixed capital.
indirect taxes, rates, etc., and war risks insurance premiums
It has been impossible to make a direct estimate of the
which appear in the market price of these goods and services.
constituents of this item for the war years. The figures in
They exclude costs which, being met by government subparentheses have been obtained by subtracting the sum of
sidies, do not enter into market prices.
items 6, 7, 9, 10, 11, 12., and 13 from item 5 and are therefore
7. This item excludes expenditure by public authorities
dependent on the accuracy of these estimates.
which does not arise from a direct demand for goods and
9. This item is an estimate of the net increase (or, when
services. Thus it excludes (i) transfer payments, (ii) claims
negative, decrease) in the foreign assets of the United Kingpaid in respect of war losses, (iii) loan repayments, payments
dom and is equal to the United Kingdom balance of payments
to sinking funds, etc., (iv) subsidies, and (v) Post Office
on current account. Any liability incurred as a result of
expenditure and the expenditure of local authorities on
Lend-Lease assistance is not taken into account in this item
housing and trading services. The treatment of class (v)
just as the value of the goods and services received in this
may be illustrated by the case of the Post Office. As in
way are not included in item 7 above. It is subject to
Cmd. 62.61, (V) Post Office new capital expenditure is inrevision in the light of further investigations now in progress.
cluded in net investment at home (item 8), (£) personal
10. This item is restricted to the following classes of
expenditure on postal services appears in personal expenditure
payments made by the central government to meet the costs
on consumption (item 6), and (c) business expenditure on
of goods and services bought by the public: (i) agricultural
these services is included as a cost of production in the price
subsidies such as the beet sugar subsidy, milk subsidy, wheat
of the other goods and services enumerated in items 6, 7,
deficiency payments, and grants in respect of fertilizers,
and 8.
grassland ploughing, and field drainage, (ii) losses incurred
This item differs from item 8 of Table A of Cmd. 62.61 in
on the commercial accounts of the Ministry of Food and
that the latter included subsidies, now shown separately
the Ministry of War Transport, and (iii) a subsidy to coal
in item 10.
paid by the Mines Department. This item is included here
Lend-Lease assistance is entirely excluded from this item.
since it represents payments in respect of costs not appearing
Thus in so far as goods are now received under Lend-Lease
in the market value of goods and services.
this series is not a consistent measure of the value of the
11. This and the two items following require to be detotal amount of goods and services currently at the disposal
ducted from the sum of items 6 to 9 (which equals trje net
of public authorities, since it includes overseas resources
national income at market prices) since they appear in
obtained by borrowing or disinvestment, but not those
market prices but do not appear in any of items 1 to 4. The
obtained under Lend-Lease provisions.
item includes (i) customs and excise duties, (ii) duties on
8. This item is composed of (a) gross expenditure on
privately owned motor vehicles, (iii) local rates on dwelling
fixed capital and its upkeep, i.e. new investment, and replace- houses, etc.
ment and repairs (whether normal or resulting from war
12.. This item includes (i) compulsory contributions of
damage) actually made good, provided that it is financed
employers to social insurance, (ii) motor vehicle duties not
privately or forms part of the capital expenditure of the included above, (iii) stamp duties other than those on the
Post Office or the housing and trading services of local
transfer of property, and (iv) local rates not included above.
authorities, minus (b~) sinking funds and depreciation allow13. This item shows the premiums paid under the Comances which have been set aside in the calculation of profits
modity and Marine War Risks Insurance Schemes, but not
in item 2., minus (c) receipts from the sale to public authorities contributions and premiums under the War Damage Act,
of existing privately-owned capital assets, such as land,
which are treated like direct taxes (see item 11, Table II).
buildings, or stocks, plus (d) the increase in stocks, excludItems 11 to 13 are equivalent to item 9 of Table A of
ing ( 0 below, held under private finance (as valued for the
Cmd. 62.61 with the exception that the latter included only
calculation of profits in item 2.), plus (*) stocks replaced to
the excess of premiums received over claims paid out under
make good war losses, plus (/) expenses connected with the
these schemes, the balances having been included in item 10
investment of savings, such as certain legal costs and stamp
of Table A of Cmd. 62.61 (see note on item 8 above), while
duties incurred in the transfer of property, which do not
item
13 includes the whole of the premiums received.
enter into the market value of other goods and services.
14. This item is the sum of items 6 to 13 and is an estimate
This item differs from item 10 of Table A of Cmd. 62.61 in
of expenditure on the factors of production in, or only
that it excludes net investment abroad (now shown separately
temporarily absent from, the United Kingdom. It is therein item 9) and that there is not deducted from it sums paid
fore by definition equal to item 5.
out in respect of war losses—see note on item 13 below.
544
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
TABLE II
ESTIMATES OF PERSONAL INCOMES, EXPENDITURE, AND SAVINGS IN 1938, 1940, AND 1941
[In millions of pounds]
1941: Year e n d i n g 1938
1. Rent of land and buildings, profits and interest (including National
Debt
interest and interest accrued on National Savings Certificates1) received
by persons
_
;
2. Salaries, and the pay and allowances (in cash and kind), of officers in H.M.
Forces and Auxiliary Services
3. Wages, and the pay and allowances (in cash and kind), of other ranks in
H.M. Forces and Auxiliary Services
4. Pension payments
5. Payments in respect of unemployment and the relief of poverty
6. Health payments
7. Other transfer payments
8. Personal incomes before deduction of direct taxes, etc
M a r . 31
J u n e 30
Sept. 30
D e c . 31
1,706
1,500
1,673
1,692
1,702
1,702
1,081
1,176
1,188
1,200
1,210
1,216
1,790
132
110
35
2,484
150
63
35
15
2,643
160
50
33
20
2,773
170
41
33
27
2,893
176
35
32
30
3,021
177
28
32
27
4,648
5,596
5,786
5,946
6,078
6,207
9. Personal expenditure on consumption at cost of production
10. Excess of indirect taxes and rates specifically on consumption over subsidies
11. Direct tax payments other than death duties, etc., and War Damage Act
contributions and premiums met out of personal incomes
12. Death duties and stamps on the transfer of property
13. Excess of direct tax liabilities on personal incomes over payments
14. Net personal savings after setting aside the excess of direct tax liabilities
over payments
3,584
457
3,871
553
3,856
584
3,895
590
3,863
657
3,863
687
374
90
18
532
85
82
586
86
80
640
87
105
687
91
147
748
94
150
(125)
(473)
(594)
(629)
(633)
(665)
15. Personal expenditure on consumption, savings, and direct taxes, etc.. .
4,648
6,078
6,207
265
273
National Debt interest and interest accrued on National Savings Certificates..
NOTES
1. This item is composed of items i and 2. of Table I plus
National Debt interest and accrued interest on National
Savings Certificates less undistributed profits before tax less
liabilities for National Defence Contribution and Excess
Profits Tax less War Damage Act contributions and premiums
paid by businesses less miscellaneous income from public
property, etc. (see item 12. of Table IV).
2. and 3. The same as items 3 and 4 respectively of Table I.
4. This item is composed of non-contributory and contributory old age pensions, other contributory pensions,
supplementary pensions, and cash payments in respect of
war pensions and service grants.
5. This item is composed of unemployment insurance
benefits, unemployment allowances, and outdoor relief paid
by local authorities.
6. Cash benefits under the National Health Insurance
Scheme.
7. Certain transfer payments, e.g. billeting allowances,
arising out of the war.
The sum of 4 to 7 plus the National Debt interest and
interest accrued on National Savings Certificates (included
in item 1 above) is equal to the total of transfer payments
shown in item ~p- of Table IV.
8. This item is the sum of items 1 to 7 and shows the
total of disposable money incomes received by persons (including non-profit-making bodies). It differs from the
corresponding item (17 of Table B) of Cmd. 62.61 in two
main respects. First, it is before tax; that is to say, items
11 and 13 of this table would have to be deducted from it
before the two items were comparable as regards the treatment of taxation. Second, it includes the investment income
JUNE 1942.
5,596
5,786
5,946
243
244
254
of non-profit-making bodies which is here regarded as
accruing to the personal section of the community.
9. This item is equal to item 6 of Table I less item 10
of Table II.
10. Numerically equal to item 11 of Table I less item 10
of Table I.
11. This item includes payments of (i) income tax (other
than that paid by businesses in respect of undistributed
profits), (ii) surtax, (iii) employees' contributions to social
insurance, and (iv) War Damage Act contributions and
premiums met out of personal incomes.
12.. Excluded from item 15 and included in 2.5 of Table B
of Cmd. 62.61.
13. This item shows the excess of the liability for direct
taxes accruing on current incomes at current rates of taxation
over current direct tax payments. It relates particularly
to income tax and surtax, since in these cases liabilities in
respect of current incomes (payable in the future) differ
considerably from current payments at times when money
incomes or rates of taxation are changing.
14. This item represents the excess of personal money
incomes over outgoings for consumption and liability for
taxes, compulsory contributions, etc., including death
duties. It has been obtained throughout by subtracting
the sum of items 9 to 13 from item 8; it therefore depends on
the accuracy of those items.
15. This item is the sum of items 9 to 14, which show the
various ways in which personal money incomes are disposed
of. Current incomes may be either Qa) spent on consumption, (fi) paid away in taxes and the like, (c) set temporarily
aside against increased liabilities to tax, or (jf) added to
past savings. Since this list is exhaustive the item is by
definition equal to item 8.
545
BRITISH WHITE PAPER ON WAR FINANCE
TABLE III
CENTRAL GOVERNMENT EXPENDITURE A N D THE SOURCES FROM WHICH I T WAS FINANCED I N 1938, 1940,
A N D 1941
[In millions of pounds]
1941: Year e n d i n g 1938
1940
Mar. 31
June 30
Sept. 30
Dec. 31
1,875
1. Central government revenue
885
1,253
1,397
1,529
1,688
2. Net personal savings including provision for accrued taxes
3. Undistributed profits after payment of taxes and War Damage Act contributions and premiums but including provision for accrued taxes
4. Surplus on extra-budgetary funds
5. Local authority surplus
.
..
6. Compensation received in respect of claims under the Marine and Commodity War Risks Insurance Schemes and the War Damage Act
143
555
674
734
780
815
313
21
4
268
140
36
270
181
42
260
170
47
247
180
51
213
166
54
36
71
135
202
249
286
759
380
846
443
931
497
844
493
798
2,464
7. Private net investment (or plus disinvestment) at home and war losses
made good
8. Private and government net investment (or plus disinvestment) abroad
9. Central government deficit
-406
55
130
2,080
1,015
3,333
11. Central government revenue
885
1,253
12.
13.
14.
15.
-1
' -2'
24
9
5
45
9
7
50
10
57
10
64
8
9
258
515
566
497
291
31
73
87
10
10
10
10
10
-11
4
-12
-17
1
-17
3
-17
5
-17
13
253
543
621
561
395
247
62
10
119
168
180
552
50
160
182
190
684
50
197
204
203
865
50
208
207
186
990
100
214
213
174
1,021
150
130
338
147
430
121
519
239
476
279
473
17
10. Central government expenditure
Unemployment Fund
National Health Funds
Local Loans Fund
Other extra-budgetary receipts including war risks insurance and certain
War Damage Act receipts, Exchange Equalisation Account and reduction
in Exchequer balance
16. Reconstruction Finance Corporation loan.
17. Receipts from capital transactions included in miscellaneous revenue, and
appropriations in aid arising from capital transactions
Less
18. Sinking funds
19. Other expenditure (net)
20. Finance through government agencies
21.
22.
23.
24.
25.
26.
Post Office and Trustee Savings Banks
National Savings Certificates including increase in accrued interest
Defense Bonds
Other public issues (net)
Increase in fiduciary issue. .
Increase in Treasury bills held outside government departments and Bank
Ways and Means
27. Bankers' deposit receipts
28. Tax reserve certificates
-199
2,720
2,801
2,788
4,249
4,489
4,663
1,529
1,6
1,875
29. Public borrowing at home
-123
1,537
1,843
2,159
2,406
2,541
30. Central government expenditure
1,015
3,333
3,861
4,249
4,489
4,663
NOTES
i. This item, the sum of items 1,5, and 9 of Table IV, is
composed of total ordinary revenue plus receipts from classes,
which may be appropriated in aid of Votes, corresponding
to gifts, taxes, and income from property less receipts from
the Post Office Fund, which is treated as an extra-budgetary
fund, less Post Office Vote of Credit expenditure (since the
Post Office is treated as part of the private section of the
economy; see note to item 7 of Table I) less receipts from
546
capital transactions included in miscellaneous revenue,
which are properly regarded as a part of the finance of the
deficit, less transfers between public authorities included in
miscellaneous revenue less departmental receipts in excess of
those appropriated in aid of Votes since these appear in
miscellaneous revenue and also, so far as they are relevant,
in receipts from classes, which may be appropriated in aid
of Votes, corresponding to gifts, taxes, and income from
property.
FEDERAL RESERVE BULLETIN
BRITISH WHITE PAPER ON WAR FINANCE
2.. The sum of items 13 and 14 of Table II.
3. This item represents the undistributed profits of businesses after payment of taxes and compulsory contributions.
The excess of current liabilities over payments of National
Defence Contribution and Excess Profits Tax and any sums
used to write down the value of stocks, which, though
unchanged in value, have fallen in price (see note to item 2.
to Table I), have not been deducted.
4. Item 14 of Table IV with its sign changed. The
current account of extra-budgetary funds as a whole has
shown an excess of income over expenditure.
5. Item 15 of Table IV with its sign changed, See note
to item 4 above.
6. Item 2.8 of Table IV. The whole of the compensation
received by claimants appears here as available to finance
the deficit, since allowance is made for outgoings on war
losses made good in item 7 below.
insurance and the War Damage Act, and the reduction in
Exchequer balance.
17. These items are included here since they appear in
central government expenditure but not in revenue.
19. This item includes net issues under various Acts,
e.g. North Atlantic Shipping Act, 1934, Tithe Act, 1936,
Anglo-Turkish (Armaments Credit) Agreement Act, 1938,
Overseas Trade Guarantees Act, 19392.0. The sum of items 12. to 19 and represents the total of
sums used to finance the central government deficit which is
received from government funds and similar sources as
opposed to loans from the public.
xi. The increase in investments from the net deposits in
the Post Office Savings Bank and Trustee Savings Bank.
2.2. and 2.3. The net receipts after deduction of repayments-
2.4. Receipts from public issues, e.g. National War Bonds
and Savings Bonds, and Other Debt (net) less securities
7 and 8. Items 8 and 9 respectively of Table I.
redeemed and excluding purchases of government securities
9. The sum of items 1 to 8, which show the economic (war or pre-war issues) by public departments.
sources from which the central government deficit is financed,
2.6. The increase in bills held by the market or by Empire
and is the same as item 13 of Table IV.
Funds and in Bank Ways and Means Advances.
10. The sum of items 1 and 9 of this table and the same as
zj. Receipts less repayments.
item 37 of Table IV.
19. The sum of items 2.1 to 28, showing the amount of
12., 13 and 14. Net increase in these funds available for public borrowing at home. The sum of item 2.0 and this
item shows the financial sources from which the central
loan to the Exchequer.
government deficit is financed, and is equal to item 9.
15. The net increase in government securities held by
other extra-budgetary funds including the Exchange
30. The sum of items 11, xo, and 19 and the same as
Equalisation Account, certain receipts in respect of war risks item 10.
JUNE 1942.
547
BRITISH WHITE PAPER ON WAR FINANCE
TABLE IV
THE INCOME, DEFICIT, AND EXPENDITURE OF PUBLIC AUTHORITIES IN 1938, 1940, AND 1941
[In millions of pounds]
1941: Year e n d i n g 1938
Direct taxes, War Damage Act contributions,
1. Central government
2. Extra-budgetary funds
3. Local authorities
4.
Mar. 31
June 30
Sept.30
Dec. 31
etc.
Total....;
Indirect taxes, rates, war risks insurance
5. Central government. .
..
.
6. Extra-budgetary funds
7. Local authorities
1940
premiums,
480
54
708
60
791
63
895
66
976
98
1,115
100
534
768
854
961
1,074
1,215
382
54
209
516
181
223
575
218
222
606
254
221
677
282
220
719
304
219
etc.
645
920
1,015
1,081
1,179
1,242
Miscellaneous income from public property, trading, etc.
9. Central government
10 Extra-budgetary funds
11. Local authorities
23
14
26
29
20
27
31
15
26
28
15
26
35
14
27
41
14
27
12.
63
76
72
69
76
82
130
-21
-4
2,080
-140
-36
2,464
-181
-42
2,720
-170
-47
2,801
-180
-51
2,788
-166
-54
105
1,904
2,241
2,503
2,570
2,568
1,015
101
231
3,333
121
214
3,861
115
206
4,249
165
200
4,489
214
196
4,663
252
192
1,347
3,668
4,182
4,614
4,899
5,107
15
70
98
124
128
139
15
70
98
124
128
139
36
71
135
202
249
36
71
135
202
249
342
134
23
372
115
19
382
108
17
403
107
15
420
104
14
425
99
13
499
506
507
525
538
537
625
2,861
195
3,317
189
3,645
185
3,849
182
4,003
208
833
3,056
3,506
3,830
4,031
4,182
37. Central government
38. Extra-budgetary funds
39. Local authorities
1 015
101
231
3 333
121
214
3 861
115
206
4,249
165
200
4,489
214
196
4,663
252
192
40.
1,347
3,668
4,182
4,614
4,899
5,107
8.
Total
Total
Deficit
13. Central government
14 Extra-budgetary funds
15 Local authorities
16
.
.
•
Total
Income plus deficit
17 Central government
..
18 Extra-budgetary funds
19 Local authorities
20.
.
.
.
..
Total
Subsidies
21 Central government
.
.
. .
23. Local authorities
24.
Total
Payments in respect of claims under the Marine and Commodity War Risks
Insurance Schemes and the War Damage Act
25 Central government
26 Extra-budgetary funds
27. Local authorities
28
I
Total
Transfer
payments
29 Central government
30 Extra-budgetary funds
31. Local authorities
32
Total
•.
Expenditure on goods and services
33 Central government
34 E x t r a - b u d g e t a r y funds
. . . .
35. Local authorities
36.
Total
Total
NOTES
This table is a combined statement of the income, deficit
and expenditure of public authorities in the United Kingdom.
179
expenditure
Total
548
}
Transfers between one authority and another, such as
Exchequer grants to local authorities, are omitted. Expenditure on goods and services for, say, local authorities is
obtained by subtracting the sum of items 2.3, Z7, and 31 from
FEDERAL RESERVE BULLETIN
BRITISH W H I T E PAPER O N W A R
item 19. The figure obtained, item 23, represents the income,
other than any that may be received from the central government and extra-budgetary funds, -plus the net borrowing of
local authorities, less their expenditure on transfer payments
(their expenditure on the other excepted categories being
nil). Expenditure by local authorities from Exchequer
grants is thus attributed to the central government and not
to local authorities.
Expenditure on goods and services is here net in the sense
that it is after deduction of goods and services sold by
public authorities to the general public, which are included
either in personal expenditure on consumption or in private
investment at home.
1. This item is composed of direct taxes such as income
tax, surtax, other Inland Revenue duties, National Defence
Contribution, and Excess Piofits Tax; War Damage Act
contributions and premiums paid into miscellaneous revenue,
i.e. an amount equal to the current value of claims paid; and
certain appropriations-in-aid or receipts appearing in miscellaneous revenue which correspond to gifts (e.g. sundry
contributions towards the cost of the war) or direct taxes.
2.. This item is composed of employees' contributions to
social insurance and War Damage Act receipts in excess of
those appearing in miscellaneous revenue.
5. This item is composed of customs and excise duties,
motor vehicle duties, stamp duties other than those on the
transfer of property, and appropriations-in-aid corresponding
to indirect taxes.
6. Employers' contributions to social insurance and
premium payments under the Marine and Commodity War
Risks Insurance schemes.
7. This item represents local rates with the exception of
water rates, which are treated as current receipts from trading
9. Post Office net receipt, receipt from Crown Lands and
from Sundry Loans, certain items appearing in miscellaneous
revenue, such as contributions towards the cost of the war
received from colonial governments and peoples, and certain
appropriations-in-aid such as receipts under the Railway
Agreement.
JUNE 1942.
FINANCE
10. Mainly interest received in respect of securities held
by the funds.
11. An estimate of the profits from trading services and
corporation estates treated in such a way that (i) central
government grants to local authority trading services, but
not transfers from rate fund accounts in aid of deficiencies,
and (ii) contributions from local authority trading services
to the rate fund account, are included.
13. The excess of central government expenditure over
revenue. The sources from which this deficit has been
financed have been set out in Table III.
14. This item shows the decumulation in funds such as
the Unemployment and National Health Insurance Funds,
of Commodity and Marine War Risks Insurance Schemes'
monies, and in numerous accounts held by the National
Debt Commissioners, etc.
15. In ascertaining this item capital expenditure on
housing and trading services is excluded and appears in
private net investment (item 8 of Table I). Subject to this,
the item is a net figure representing the excess of capital
expenditure over savings represented by debt repayments,
undistributed profits of trading undertakings, etc.
17. The sum of items 1, 5, 9, and 13; items 18 and 19
obtained similarly.
n . This item has been fully described in the note to
item 10 of Table I.
25 and 2.6. The value of claims paid under the Marine and
Commodity War Risks Insurance Schemes and the War
Damage Act.
29. This item includes (i) National Debt interest, (ii)
interest accrued on National Savings Certificates, (iii) contributory and non-contributory old age pensions, (iv) cash
payments in respect of war pensions and service grants, (v)
supplementary pensions, (vi) unemployment allowances,
(vii) billeting allowances.
30. This item consists of Unemployment and National
Health Insurance benefits and contributory pensions.
31. This item consists of public assistance (out-relief)
in money and kind.
549
CURRENT EVENTS
Reduction in Reserve Bank Discount Rates
During March and April discount rates on
loans to member banks secured by Government
securities or by eligible paper were lowered at a
number of Federal Reserve Banks to one per
cent, a level that is now uniform for all Reserve Banks. Rates on advances to non-member
banks secured by Government direct obligations
were similarly lowered to a uniform one per
cent. From September 1939 to February 2.8,
1941 five of the Reserve Banks had in effect a
rate of one per cent on advances secured by
Government obligations and a rate of 1^ per
cent on other eligible paper (under Sections
13 and 13a of the Federal Reserve Act). At
five other Reserve Banks rates of i j per cent
had been in effect on both types of paper. The
rate on advances to member banks secured by
other types of acceptable assets (made under
Section 10b of the Act) was lowered in March
to 13^ per cent by the Federal Reserve Bank of
St. Louis. At other Reserve Banks tr*is rate
remains at z per cent.
Federal Reserve Meetings in Washington
The Federal Open Market Committee held
its second meeting of the year on May 8, 1942.,
and a meeting of the Conference of Presidents
of the Federal Reserve Banks with the Board
was held on the same date.
The second meeting of the Federal Advisory
Council during the current year was held in
Washington on May 17 and 18 and the Board of
Governors met with the Council on May 18.
Annual Report for 1941
* The Annual Report of the Board of Governors
for 1941 was presented to Congress on May z8,
194Z. Copies may be obtained from the Board
of Governors upon request.
550
Admission of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System during the period April 16, 1942., to May 15,
1942., inclusive.
Arkansas
Magnolia—Citizens Bank
California
Lakewood Village—Peoples Bank
Colorado
Hotchkiss—The First State Bank of Hotchkiss,
Colorado
Florida
Miami—American Bank and Trust Company
Indiana
Howe—The State Bank of Lima
Milan—The State Bank of Milan
Minnesota
Austin—Austin State Bank
Northfield—State Bank of Northfield
New York
New York—J. P. Morgan & Co. Incorporated
Texas
Houston—University State Bank
(A newly organized bank which was admitted
to membership on March 9, 1942., but did
not open for business until April 2.0, 194Z)
Virginia
Norfolk—Merchants and Planters Bank
Wisconsin
Oakfield—Bank of Oakfield
FEDERAL RESERVE BULLETIN
MEMBER BANK EARNINGS IN 1941
Member bank earnings and profits in 1941
were higher than in 1940. As shown in the
table at the bottom of this page, larger gross
earnings were only partially offset by larger
expenses, and net current earnings increased
2.7 million dollars or nearly 7 per cent. Chargeoffs and losses on loans and securities were
smaller than in any year since 1919; they exceeded profits on securities sold by a smaller
amount than in 1940, with the result that net
profits increased 41 million dollars or nearly
i i per cent. The rate of net profits on total
capital accounts in 1941, at 6.7 per cent, was
higher than in other recent years.
Continuing the trend of the past few years,
the proportion of total earnings accounted for
by interest on loans increased in 1941 and the
proportion of earnings from securities declined,
although the amount of earnings from securities increased for the first time since 1936. As
compared with predepression years income from
loans is still small and income from securities
large in relation to total earnings. Except for
the further growth in service charges, little
change was shown in the other items of income.
Salaries and wages paid to both officers and
employees rose further in 1941, reflecting an
increase in the number of officers and employees,
and were larger than in any other year since
1930. Interest payments on deposits continued
their long-time decline and in 1941 were at a rate
of about 13/g per cent on aggregate time deposits.
Real estate taxes declined somewhat, and "other
taxes," which include income taxes, increased
appreciably; unitemized expenses were also
larger than in other recent years.
Net current earnings, at 4x9 million dollars,
were larger than in any year since 1931, while
net profits, at 390 million, were exceeded only
once—in 1936—in the past 12. years. Although
losses and depreciation have exceeded recoveries,
profits on securities, etc., in most of the recent
years, the margin has narrowed with the result
that a greater proportion of net current earnings
has been carried through to net profits. Dividends in 1941 were slightly more than in 1940
but declined in relation to net current earnings
and net profits. Dividends amounted to 3.6 per
cent of total capital accounts and to 8.9 per
cent of capital stock.
Detailed figures of member bank earnings and
related items, together with selected ratios,
will appear in the July Bulletin. Data will be
shown for the various reserve classes of member
banks—both in total and by Federal Reserve
districts—including information concerning
asset holdings and a series of selected ratios.
IMEMBER BANK EARNINGS, CALENDAR "ifEARS, 1928-1941
[Amounts in millions of dollars
Item
F a m i n e s total
Interest and discount on loans
Tntprpsfr and dividends on securities
Service charges on deposit accounts
Salaries and wases
Tnterest on time deposits
Tntprp^t on interbank, deoosits
Tnt on dem deus (excl interbank)
Taxes
All other expenses
1931
1932
1933
2,194 2,399 2,158
1,374 1,563 1,349
498
473
1472
1,841
1,073
480
336
288
1,554
851
458
l
()
245
1928
i
i1)
321
•
. •••
1929
363
1930
t)
1934
1935
1936
1,237 1,244
604
540
426
474
21
28
186
202
1,207
498
467
36
205
1,271 1,321 1,274 1,296 1,323 1,417
553
513
544
560
595
665
481
487
448
444
431
445
39
45
51
54
59
65
231
243
232
237
238
242
833
334
196
3
9
64
226
872
352
175
2
7
81
255
902
372
174
2
5
86
263
890
380
171
895
388
159
82
257
1,614 1,684 1,604 1,335 1,143
357
464
440
452
413
302
445
451
387
439
35
73
75
53
68
98
246
225
141
235
112
67
86
113
114
285
290
348
256
310
859
306
232
13
43
58
207
849
327
227
3
12
62
216
19371
1938
1939
1940
1941
921
400
147
988
426
140
85
262
100
273
129
293
(p
580
715
554
506
410
378
394
374
399
419
384
401
402
429
141
217
137
295
118
365
127
620
113
125
858
254
873
376
538
508
442
256
338
279
398
327
380
303
356
278
318
-356
-225
212
465
337
265
347
349
390
150
173
187
199
201
198
207
210
211
778
"N^t TVTOfitS
Gash dividends declared 3
504
557
307
12
318
387
367
335
-255
245
8,837 8,522 8,052 7,246 6,816 6,011
6,442 6,387 6,376 6,341
6,338 6,362 6,486 6,619
1 Included in "all other earnings."
Beginning with 1938 "interest on time deposits" comprises all interest on deposits except interest (if any) on demand deposits.
Includes interest on capital notes and debentures.
At end of year.
NOTE.—The amounts in this table are rounded to the nearest million and consequently do not balance' exactly. Details will be shown in July
BULLETIN; for prior figures see pages 467-472 of the May 1941 BULLETIN and page 465 of the May 1940 BULLETIN.
2
3
4
JUNE 1942.
551
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled May 21 and released for publication May 23. Figures shown on
charts may differ from preliminary figures used in text.
hand, output of many products for civilian use
such as automobiles, tires and tubes, wool
textiles, electrical appliances, alcoholic beverages, petroleum, and petroleum products has
been sharply reduced either by direct order or
by shortages of material or transportation
facilities. In the month of April crude petroPRODUCTION
leum and petroleum products were the principal
Expansion of industrial production in April commodities showing a decline in output. Outwas reflected in an advance in the Board's put of furniture, cotton and rayon textiles,
seasonally adjusted index from 172. to 174 per manufactured foods, paper products, and tocent of the 1935-39 average. This increase bacco products has been maintained in large
followed upon a period of relative stability volume.
during the first quarter of the year, when, growValue of construction contracts awarded in
ing war production was offset by decreased April, as reported by the F. W. Dodge Corporacivilian output.
tion, was almost one-fifth below the high March
total, reflecting a decline in publicly financed
INDUSTRIAL PRODUCTION
construction.
Residential contracts decreased
£00
by one-fourth and for the month were at about
180
the same level as last year. Awards for nonresidential building increased slightly, mainly
160
because of a 40 per cent increase in awards for
factory
construction, practically all publicly
140
/
financed.
/
120
In the first four months of 1942., total awards
/
were about one-fourth greater than in the cor\
00
responding period last year; public awards more
v/
\
than doubled, while those for private projects
80
80
were down by about two-fifths. Public awards
1942
in this period made up over 70 per cent of the
Federal Reserve monthly index of physical volume of production
total, compared with about 40 per cent last
adjusted for seasonal variation, 1935-39 average = 100. Latest figures
shown are for April 1942.
year.
Since the beginning of the year total volume
DISTRIBUTION
of industrial output has shown little change
Retail sales declined somewhat in April, folbut there have been marked differences among
lowing
a considerable amount of anticipatory
individual industries. In general, output of
buying
during the first quarter of this year*
machinery, chemicals, and armament of all
At
department
stores, dollar sales in April
kinds has continued to expand at a rapid rate.
were
about
10
per
cent below the first quarter
There have also been substantial increases in
average,
making
allowance
for usual seasonal
output of electric steel, nonferrous metals, glass
variations,
but
were
5
per
cent
above the level
containers, wood pulp, and coal. On the other
Industrial activity increased in April and the
first half of May, reflecting continued advances
in armament production. Following an increase in buying during the first quarter, retail
trade declined somewhat. Wholesale commodity prices advanced further.
v J
IV
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
prevailing during the latter part of 1941. Dur- allowed for coal, ferromanganese, tires, petroing the first half of May sales showed a further leum products, and a few other items.
Wholesale prices of most farm products and
decrease and were around 6 per cent larger than
a year ago in contrast with price increases basic foods, which are exempt from direct
amounting on the average to about 2.0 per cent control, showed little change in this period,
following sharp increases earlier in the year.
over the year period.
Total freight-car loadings increased sharply
BANK CREDIT
in April, owing chiefly to larger shipments of
coal and forest products and to a sharp rise in
During the five weeks ending May xo Federal
iron ore loadings as the Great Lakes shipping Reserve Bank holdings of Government securities
season got under way. Shipments of merchan- increased by about zoo million dollars, while
dise in less than carload lots, which had begun currency in circulation rose by 2.60 million.
to decline in March, were reduced sharply Member bank deposits increased during the
further in April, reflecting Government action period and required reserves showed a corto increase the average load per car in order to responding growth. The net result was a
effect fuller utilization of railroad equipment. decline of 300 million in excess reserves. Holdings of United States securities at banks in
COMMODITY PRICES
leading cities increased further, while commerBeginning on May 11, wholesale prices of cial loans declined. Liquidation of loans was
most commodities were limited to the highest concentrated at banks in New York City and
levels reached during March, according to the in the Kansas City district.
general maximum price regulation issued April
2.8. Effective May 18, retail prices of most UNITED STATES GOVERNMENT SECURITY PRICES
commodities were likewise limited. Retail
Prices of U. S. Government bonds declined
prices of related services will be limited begin- in the last half of April, but steadied in the first
ning July 1.
half of May. Rates on current Treasury bill
About 30 new maximum price schedules for issues rose from about o.xo per cent in March
industrial products were issued from the middle to 0.36 per cent in May. The Federal Open
of April to the middle of May. Most of these Market Committee announced on April 30
covered wholesale prices of items previously that Federal Reserve Banks stood ready to
subject to informal or temporary controls. purchase all Treasury bills offered at 0.375 per
Upward adjustments in maximum prices were cent.
MEMBER BANK RESERVES AND RELATED ITEMS
MONEY RATES IN NEW YORK
CITY
BILLIONS OF DOLLARS
FACTORS SUPPLYING RESERVE FUNDS
24
GOLD ST D C K ^ — • * — " -
22
/
20
18
Jz
16
14
4
TREASURY CURRENCY
„„_—.«-.
2
• RESERV E BANK CREDI
0
1940
1941
1942
1940
1941
1942
1936
Wednesday figures. Latest figures shown are for May 20,1942.
JUNE
1942.
1937
1938
1939
1940
1941
1942
Weekly averages of daily yields on Treasury notes and bonds and
average discount on new issues of Treasury bills offered within weekLatest figures shown are for week ending May 23, 1942.
553
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
557
Federal Reserve Bank discount rates; rates on time deposits, reserve
requirements, margin requirements
558
Federal Reserve Bank statistics
559-563
Reserve position of member banks; deposits in larger and smaller
centers
564
Money in circulation
565
Gold stock and gold movements; bank suspensions; bank debits
566
All banks in the United States, number, deposits, loans and investments
'.
567
Condition of all member banks
,
568-569
Weekly reporting member banks
57°~573
Commercial paper, bankers' acceptances, and brokers' balances
574
Money rates and bond yields
575
Security markets
576-577
Corporate profits
578
Treasury
finance
%
579~58i
Governmental corporations and credit agencies; Postal Savings
System
582.-584
Business indexes
585-595
Department store statistics
596
Wholesale prices
597
Current statistics for Federal Reserve chart book
598-600
Changes in number of banks and branches in the United States. . . .
601
Condition of insured commercial banks in United States and Possessions, December 31, 1941 and June 30, 1941
602.
Group banking December 31, 1941. Number, branches, and deposits,
by states
603-605
All member banks—Condition on Selected Call Dates, March 31,
1937, to April 4, 1942.
606-607
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 gola stock, money in circulation, Treasury finance, and operations of Government
credit agencies are obtained principally from statements of the Treasury, or or 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.
JUNE 1942.
555
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY
BILLIONS OF DOLLARS
FIGURES
BILLIONS OF DOLLARS
24
24
MEMBER BANK
RESERVE BALANCES
TREASURY CASH AND DEPOSITS
1936
1937
1938
1939
1940
1941
1942
Latest figures for May 20. See page 557.
556
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Bills
discounted
Date
Total
All 1
MaMaturing turing other
with- after
in 5
5
years years
Total
Gold
stock
Treasury deTreasposits Nonury
Treaswith
cur- Money
memury
cirFedrency inculaber
cash
eral
outde :
holdtion
Restandposits
ings
serve
ing
Banks
Member
bank reserve
balances
Other
Federal
Reserve
accounts
Total
Monthly averages of
daily figures:
1941—Feb
Mar
Apr
1942—Feb
Mar
Apr
2,184
2,184
2,184
2,249
2,252
2,275
1,048
1,012
983
821
821
850
1,136
1,172
1,201
1,428
1,431
1,425
67
76
85
136
134
150
2,254 22,143
2,262 22,.319
2,272 22,441
2,389 22,729
2,393 22,696
2,432 22,679
3,100
3,105
3,115
3,263
3,272
3,281
8,679
8,835
8,995
11,328
11,507
11,645
2,205
2,202
2,277
2,189
2,172
2,178
548
618
892
377
244
197
1,787
1,767
1,774
1,292
1,318
1,428
282
285
288
288
291
295
13,996
13,979
13,600
12,908
12,827
12,649
6,422
6,304
5,883
3,309
3,147
2,951
End of month figures:
1941—Feb. 28
Mar. 31
Apr. 30
1942—Feb. 28
Mar. 31
Apr. 30
2,184
2,184
2,184
2,262
2,244
2,357
1,048
955
1,008
821
821
913
1,136
1,230
1,177
1,441
1,423
1,444
78
56
48
144
102
105
2,265
2,243
2,234
2,412
2,355
2,468
22,232
22,367
22,506
22,705
22,687
22,691
3,102
3,109
3,122
3,268
3,277
3,289
8,781
8,924
9,071
11,485
11,566
11,767
2,187
2,236
2,283
2,172
2,190
2,182
343
1,180
865
567
289
201
1,805
1,721
1,830
1,255
1,405
1,345
281
14,203
13,371
13,524
12,619
12,575
12,658
6,534
5,776
5,771
2,969
3,073
2,791
3
3
2
3
5
2,184
2,184
2,184
2,184
2,184
951
951
951
951
951
1,234
1,234
1,234
1,234
1,234
86
61
108
61
56
2,273
2,249
2,294
2,248
2,245
22,627
22,640
22,655
22,664
22,673
3,150
3,152
3,157
3,161
3,163
9,704
9,695
9,645
9,634
9,697
2,276
2,291
2,309
2,320
2,330
837
1,039
849
954
921
1,820
1,756
1,792
1,759
1,748
289
289
288
13,125
12,971
13,223
13,117
13,097
5,265
5,124
5,336
5,181
5,155
6...
13..
20..
27..
5
10
8
10
2,184
2,184
2,184
2.184
951
951
951
951
1,234
1,234
1,234
1,234
41
53
80
87
2,231
2,247
2,272
2,281
22,682
22,703
22,710
22,716
3,169
3,172
3,178
3,178
9,795
9,792
9,840
9,899
2,345
2,361
2,377
2,378
839
919
785
772
1,865
1,816
1,835
1,843
287
287
285
285
12,951
12,948
13,037
12,998
5,018
5,027
5,058
4,994
Sept. 3...
Sept. 10..
Sept. 17.
Sept. 24..
12
14
11
12
2,184
2,184
2,184
2,184
951
951
951
951
1,234
1,234
1,234
1,234
45
58
121
83
2,241
2,255
2,316
2,279
22,722
22,733
22,741
22,749
3,180
3,185
3,188
3,194
10,034
10,036
10,046
10,070
2,400
2,397
2,408
2,350
708
456
334
379
1,834
1,843
1,836
1,856
284
283
293
293
12,884
13,158
13,328
13,273
4,857
5,111
5,249
5,202
Oct. 1...
Oct. 8...
Oct. 15...
Oct. 22...
Oct. 29...
11
11
8
4
5
2,184
2,184
2,184
2,184
2,184
951
951
951
908
908
1,234
1,234
1,234
1,277
1,277
49
70
121
103
61
2,244 22,761
2,265 22,772
2,313 22,778
2,291 22,786
2,250 22,796
3,196
3,203
3,207
3,214
3,219
10,183
10,237
10,283
10,278
10,307
2,259
2,241
2,222
2,195
2,209
'309
304
259
977
915
1,918
1,877
1,920
1,800
1,910
292
291
292
292
292
13,240
13,290
13,321
12,749
12,632
5,193
5,209
5,234
4,655
4,602
Nov. 5...
Nov. 12..
Nov. 19..
Nov. 26..
6
6
5
6
2,184
2,184
2,184
2,184
908
908
908
908
1,277
1,277
1,277
1,277
57
72
118
94
2,247
2,263
2,307
2,284
22,788
22,793
22,778
22,781
3,221
3,222
3,228
3,230
10,421
10,472
10,535
10,567
2,195
2,213
2,184
2,195
933
807
598
440
1,821
1,790
1,764
1,678
291
290
290
288
12,594
12,707
12,942
13,126
3,409
3,540
3,692
3,799
Dec.
Dec.
Dec.
Dec.
Dec.
3...
10..
17..
24..
31..
6
4
5
7
3
2,184
2,196
2,240
2,243
2,254
908
918
917
917
917
1,277
1,278
1,322
1,326
1,337
100
85
188
249
104
2,289
2,286
2,433
2,499
2,361
22,770
22,774
22,747
22,750
22,737
3,233
3,236
3,238
3,244
3,247
10,717
10,834
11,023
11,224
11,160
2,180
2,185
2,193
2,195
2,215
321
157
925
908
867
1,609
1,614
1,483
1,422
1,360
288
287
297
297
291
13,178
13,219
12,497
12,447
12,450
3,860
3,842
3,085
3,056
3,085
1942—Jan. 7...
Jan.14 .
Jan- 21 .
Jan. 28..
4
4
3
4
2,254
2,254
2,250
2,243
917
917
827
821
1,337
1,337
1,423
1,421
128
133
130
92
2,386 22,742
2,390 22,740
2,383 22,750
2,339 22,744
3,248
3,252
3,255
3,256
11,109
11,062
11,077
11,097
2,220
2,224
2,204
2,196
663
419
284
302
1,376
1,395
1,387
1,379
291
291
291
290
12,717
12,992
13,145
13,075
3,385
3,561
3,584
3,479
Feb.
Feb.
Feb.
Feb.
4
3
3
2,243
2,243
2,250
2,262
821
821
821
821
1,421
1,421
1,429
1,441
70
86
151
125
2,316
2,331
2,404
2,392
22,738
22,741
22,712
22,715
3,259
3,263
3,264
3,266
11,231
11,319
11,339
11,422
2,201
2,194
2,181
2,189
376
319
264
798
1,367
1,310
1,251
1,154
289
288
288
288
12,849
12,905
13,058
12,521
3,326
3,357
3,460
2,878
Mar. 4 . .
Mar. 11.
Mar. 18.
Mar. 25.
2,262
2,253
2,249
2,244
821
821
821
821
1,441
1,432
1,428
1,423
134
88
96
76
2,402 22,705
2,347 22,709
2,351 22,686
2,326 22,684
3,269
3,271
3,273
3,274
11,518
11,520
11,474
11,462
2,180
2,176
2,168
2,175
287
60
59
472
1,270
1,317
1,373
1,352
286
286
297
296
12,835
12,968
12,939
12,527
3,208
3,266
3,161
2,847
Apr.
Apr.
Apr.
Apr.
Apr.
1...
8...
15..
22..
29..
2,244
2,243
2,254
2,296
2,350
821
821
831
870
910
1,423
1,422
1,423
1,426
1,440
86
134
152
100
86
2,339
2,384
2,415
2,400
2,443
22,672
22,675
22,678
22,686
22,689
3,277
3,279
3,280
3,284
3,286
11,593
11,610
11,624
11,642
11,723
2,187
2,177
2,166
2,189
2,186
362
190
301
243
128
1,354
1,350
1,485
1,531
1,421
295
295
295
296
297
12,496
12,715
12,502
12,470
12,662
2,999
3,169
2,886
2,752
2,815
May 6...
May 13..
May 20..
2,436
2,484
2,445
958
1,006
967
1,478
1,478
1,478
128
119
128
2,572
2,612
2,578
22,703
22,706
22,709
3,291
3,294
3,299
11,845
11,861
11,888
2,193
2,191
2,188
376
158
304
1,413
1,440
1,427
295
295
293
12,444
12,667
12,486
2,691
2,925
2,565
Wednesday figures:
1941—July 2
July 9
July 16
July 23
July 30
Aug.
Aug.
Aug.
Aug.
4...
11..
18..
25..
287
290
295
*2 Includes industrial advances 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.
JUNE 1941.
557
FEDERAL RESERVE BANK DISCOUNT RATES
[In effect June 6, 1942. Per cent per annum.]
Advances to individuals, partnerships, or corporations other than member banks secured
by direct obligations of the U. S. (maturities
not exceeding 90 days—last par. Sec. 13)
Discounts for and advances to member banks
Federal Reserve Bank
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City..
Dallas. . . . . . .
San Francisco.
Advances secured by
direct obligations of
the U. S. (maturities
not exceeding 90 days
—last par. Sec. 13)1
Discounts of and advances secured by eli- Other secured advances
gible paper (maturities [maturities not exceednot exceeding 90 days ing 4 mos.—Sec. 10(b)]
—Sec. 13 and 13a)2
To nonmember banks
Rate
Rate
Rate
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept.
Apr.
Effective
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
16, 1939
1, 1939
16, 1939
28, 1942
16, 1939
16, 1939
4, 1942
Sept. 1, 1939
Aug. 27,1937
Mar. 21,1942
Apr. 11, 1942
Mar. 14,1942
Mar. 21,1942
Feb. 28, 1942
Mar. 14,1942
Mar. 28,1942
Apr. 11, 1942
Mar. 21,1942
Apr. 4, 1942
Rate
Effective
To others
Effective
Rate
Sept. 1, 1939
Aug. 25, 1939
Mar. 21, 1942
Apr. 11, 1942
Mar. 14, 1942
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Mar. 28, 1942
Sept. 16, 1939
Sept. 16, 1939
Apr. 4, 1942
Sept. 2, 1937
Oct. 10, 1935
Sept. 4, 1937
Oct. 19, 1935
Sept. 10, 1937
Aug. 21, 1937
Aug. 21, 1937
Mar. 14, 1942
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 17, 1937
Effective
Apr. 29,
Feb. 8,
Sept. 1,
M a y 11,
Feb. 19,
Apr. 23,
Oct. 16,
Mar. 14,
Oct. 8,
Apr. 16,
Apr. 16,
Oct. 19,
1938
1934
1939
1935
1934
1938
1933
1942
1938
1938
1938
1933
J1 Rates shown also apply to advances with maturities not exceeding 15 days secured by fully guaranteed obligations of the F.F.M.C. or the H.O.L.C.
Discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding six months and nine months, respectively.
Rates shown also apply to advances with maturities not exceeding 15 days secured by obligations of Federal Intermediate Credit Banks maturing within
six months.
FEDERAL RESERVE BANK MINIMUM BUYING RATES ON
BANKERS' ACCEPTANCES
[Per cent per annum]
Rate on
June 6
Maturity
1-15 days 1
16-30 days
31-45 days
46-60 days
61-90 days
In effect beginning—
Previous
rate
To Industrial or
Commercial
Businesses
Oct. 20, 1933
do
do
do
do
do
do
91-120 days....
121-180 days...
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES A N D COMMITMENTS UNDER SECTION 13b
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
[In effect June 6. Per cent per annum]
Federal Reserve
Bank
1
This rate also applies to acceptances bought under repurchase agreeents, which agreements are always for a period of 15 days or less.
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
Aug. 16, Mar. 1, Mayl, Apr. 16,
1938193719361937Feb. 28, Apr. 30, Apr. 15,
Oct. 31,
19382
1937
1937
1941
On net demand
deposits.
Central reserve city...
Reserve city
Country
On time deposits:
All member banks
26
20
14
22^
12
Effective
Nov. 21,
1941
26
20
14
MARGIN REQUIREMENTS*
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U....
Apr. 1,
1936Oct. 31,
1937
3
55
Nov. 1,
1937
and
after
40
50
40
1
Reg. T and U limit the amount of credit that may be extended on a
security by prescribing a maximum loan value, which is a 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.
2
Requirement under Reg. T was the margin "customarily required"
by the broker. 3 Reg. U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and loans to brokers and dealers.
558
Discounts or
Purchases
On
On
On comOn
portion
mitments
advances1 commitments for which On remaining
institu- portion
tion is
obligated
Boston
New York....
Philadelphia.
Cleveland
234-5
Richmond.
Atlanta....
Chicago....
St. Louis...
23^-5
234-5
2^-5
234-5
Minneapolis
Kansas City
Dallas
San Francisco
234-5
2H-5
2K5
34-iM
34-iM
5
1
See footnote to table on p. 564 for explanation of method of computing
net2 demand deposits.
Percentages in this column are double the basic statutory requirements,
which were in effect June 21,1917-Aug. 15,1936.
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
To Financing Institutions
* Including loans made in participation with financing institutions.
jj Rate charged borrower less commitment rate.
* Rate charged borrower.
4
May charge same rate as charged borrower by financing institution, if
lower.
5
Financing institution is charged }/i per cent onundisbursed portion of
loan under commitment.
MAXIMUM RATES O N TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum ]
Nov. 1,1933Jan.31,1935
Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or more
In 90 days to 6 months.
In less than 90 days
Feb. 1,1935Dec. 31,1935
Effective
Jan. 1,1936
234
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F. D. I. C , effective February 1, 1936, are the
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located.
FEDERAL RESERVE
BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
End of month
1942
May 20
May 13
May 6
Apr. 29
1941
1942
Apr. 22
Apr. 15
Apr. 8
Apr. 1
Apr.
Apr.
Mar.
Assets
Gold certificates on hand and
due from U. S. Treasury
20,508,409 20,512,410 20,494,41 20,488,41( 20,478,41; 20,494,40! 0,473,911 20,466,913 20,495,411 20,481,915 20,192,732
13,959
14,87
15,20:
12,946
Redemption fund—F. R. notes.
15,202
15,56:
13,18!
12,947
14,018
14,551
11,139
299,609
Other cash
297,61.
318,90C
322,049
298,772
331,65:
332,721
325,868
329,444
327,908
314,130
Total reserves
20,822,383 20,825,978 20,806,895 20,822,511 20,825,629 20,840,319 20,815,83 20,801,908 20,824,092 20,820,730 20,533,315
Bills discounted:
For member banks
For nonmember banks, etc..
5,248
l
7,924
1
6,990
3,890
9,261
6,847
1
9,049
7,024
5,850
1
5,248
8,307
7,924
6,991
3,891
9,262
6,848
9,050
7,025
1,851
10,712
10,287
9,950
9,997
9,731
9,551
9,636
8,744
9,948
1,802
Total bills discounted
Industrial advances
U. S. Government securities:
Direct
Bonds
Notes
Certificates
Bills
Guaranteed
8,307
1
1,918
1,603,302 1,603,302 1,603,302 1,564,990 1,551,006 1,547,906 1,547,136 1,548,136 1,569,124 1,548,136 1,359,200
692,500
692,500
692,500
692,500
692,500
692,500
820,300
692,500
692,500
692,500
692,500
20,700
15,650
37,400
89,002
91,302
'48,'418 ' "9,775
129,759
116,oor
147,584
3,600
3,600
3,600
3,600
3,600
4,600
3,600
3,600
3,600
3,600
3,600
Total U. S. Government
securities, direct and
guaranteed
Other Reserve Bank credit outstanding
2,444,811 2,484,386 2,436,104 2,350,092 2,295,524 2,253,781 2,243,236 2,244,236 2,356,526 2,244,236 2,184,100
Total Reserve Bank
credit outstanding
2,578,094 2,612,079 2,572,098 2,443,047 2,399,595 2,414,512 2,383,725 2,338,971 2,468,295 2,354,898 2,233,945
117,323
109,099
118,120
75,967
90,449
141,918
124,005
94,796
76,941
93,009
40,378
Liabilities
F. R. notes in actual circulation . 8,916,287 8,905,348 8,876,906 8,781,735 8,714,386 8,699,285 8,674,317 8,655,870 8,821,063 8,634,683 6,282,368
Deposits:
Member
bank — reserve
account
U. S. Treasurer—general
account
Foreign
Other deposits
2,486,014 2,667,232 .2,443,884 12,662,385 12,469,577 2,501,972 2,715,446 2,496,135 .2,657,628 12,574,520 .3,523,857
304,007
949,894
476,757
375,970
955,031
458,097
128,384
892,929
527,650
242,777
915,500
615,582
300,952
926,259
558,486
190,478
722,650
627,760
362,308
747,947
606,242
200,908
958,995
386,471
289,193
865,436
776,301 1,251,130
628,236
579,092
L4,216,672 .4,265,869 4,232,982 .4,211,348 .4,243,436 4,287,669 4,256,334 .4,212,632 4,204,002 .4,268,250 .6,219,515
Total deposits
Ratio of total reserves to deposit
and F . R. note liabilities combined (per cent)
1
158,251
936,452
.503,934
90.0
89.9
90.0
90.6
90.7
90.7
90.8
91.0
90.4
90.9
91.3
Less than $500.
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Bills discounted:
Apr. 29
May 6
May 13
May 20
Industrial advances:
Apr. 29
May 6
May 13
May 20
U. S. Government securities, direct
and guaranteed:
Apr. 29
May 6
May 13
May 20
JUNE
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
6 months
to
lyear
1 year
to
2 years
2 years
to
5 years
6,991
7,924
8,307
5,248
6,070
7,302
7,822
4,882
414
288
219
127
104
95
60
129
344
187
141
94
9,997
9,950
10,287
10,712
4,074
4,136
4,758
5,572
748
1,000
685
399
506
242
241
256
598
703
654
1,025
604
510
531
894
840
863
780
1,423
1,446
1,446
1,444
1,156
1,084
1,081
1,076
2,350,092
2,436,104
2,484,386
2,444,811
19,600
30,925
10,130
5,100
30
20,756
13,221
15,521
20,756
22,868
54,961
75,781
90,123
76,005
87,020
86,900
109,350
81,850
70,100
70,100
70,100
70,100
317,800
317,800
317,800
317,800
367,100
367,100
367,100
367,100
171
Over
5 years
1,439,890
1,478,202
1,478,202
1,478,202
559
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Assets
Gold certificates on hand
and due from U. S.
Treasury:
Apr. 29
May 6
May 13
May 20.
20,488 ,41
20,494 ,41
20,512 ,41
20,508 ,409
1,164 ,414
1,169 ,118
1,170 ,269
1,139 ,632
7 ,962 ,125
7 ,867 ,920
7 ,910 ,146
7 ,947 ,407
1,212 ,445
1,224 ,961
1,223 ,803
1,230 ,542
1,627,324
1,606,761
1,624,245
1,634,301
Redemption Fund—F. R.
Notes:
Apr. 29
May 6
May 13
May 2 0 . . .
15 ,20
14,87
13 9S9
15 202
3 ,306
3 ,230
3 188
3 ,123
1,755
1,450
1 ?S7
994
768
675
617
545
7? 191
70 647
7?
73 844
18
16 760
15 888
15 019
Other cash:
Apr. 29
May 6
May 13
May 20
318
297
299
298
Total reserves:
Apr. 29
May 6
May 13
May 20....
20,822
20,806
20,825
20,822
Bills discounted:
Secured by U. S. Government obligations, direct
and guaranteed:
Apr. 2 9 . . . . . .
May 6.
May 13
May 20
Other bills discounted:
Apr. 29....
May 6.
May 13.
May 20
Total bills discounted:
Apr. 29
May 6
May 13
May 20
Industrial advances:
Apr. 29
May 6
May 13
May 20...
U. S. Government securities, direct and guaranteed:
Bonds:
Apr. 29
May 6
May 13
May 20
Notes:
Apr.
May
May
May
29
6
13
20
Certificates:
Apr 29
May 6
May 13
May 20
Bills:
Apr.
May
May
May
29
6
13
20
. . . .
. . . .
560
900
613
609
772
26
25
25
25
S11 1,193
895 1,197
978 1,198
383 1,168
6, 556
7,
7 46?
4, 96 S
?64
318
418
504
984 8 036
666 940
87 S 983
259 8, 022
071
017
S?8
245
210
64 S
600
S1S
3 SO
3 576
s 736
3s S39
Atlanta
Chicago
St.
Louis
835,655
829,180
830,281
831,914
570 ,641
587 ,614
602 ,460
596 ,832
3,606 ,446
3,548 ,475
3,494 ,236
3,455 ,480
623,952
628,222
628,379
642,275
545
480
434
1,369
1,289
1,722
1,317
1,931
352
314
?87
249
904
805
1,622
349
332
321
300
28,091
28,182
25,627
25,779
16,021
13,286
14,697
13,277
908
S19
064
655
58 168
53 9S6
52
51 021
16 647
14,472
14 840
13,620
444
896
308
106
1,655,960
1,635,423
1,650,306
1,661,449
852,965
844,188
846,295
847,122
S18
236
494
123
640,948
643,026
643,540
656,195
540
810
1 037
79?
49
,231
1,241
740
1,246
589 901
604,447
619,811
614 736
3,665
3,603
3,547
3,508
Dallas
San
Francisco
346 ,209
389 ,403
370 ,100
366 ,906
553 ,342
621 ,228
595 ,050
591 ,899
394 ,778
402 ,684
403 ,617
385 ,658
1 ,591 ,079
1,618 ,845
1 ,659 ,824
1,685 ,563
252
24'
506
492
226
458
397
377
367
348
4 ,778
4 ,751
4 727
4 ,037
6 836
6 071
S06
11 048
11 561
11 ,343
989
12 347
12 663
13 245
31 958
29 507
30 922
32 ,228
vo
6 237
3S3
395
376
373
?97
717
607
369
175
435
103
SSO
61
SSO
30
29
679
6, 06 S
18
16
17
17
Kansas
City
Minnea
polis
2 176
84 S
?83
091
7, 9?4
8 307
?48
Richmond
?J 176
566
632
607
603
444
768
094
700
408
415
416
399
164 6^7 815
408 1,653 103
647 695 473
251 ,721 828
25
35
60
60
14
14
27
?7
?7
?7
244
14
15
35
15
35
?3?
6
6
5?
6?
87
87
252
?46
15
41
21
41
3 SO
S39
S40
810
1, 037
79?
9, 997
9, 950
10, ?87
10, 71?
901
99?
1,
1, 225
1, 091
1 088
1, 087
1 070
4, 943
4, 96?
5, 019
5, 382
193
193
192
194
680
655
654
651
897
899
906
954
320
312
312
,317
8
8
8
593
462
508
543
66
66
66
66
212
71?
211
211
101
101
97
96
1,568, S90
1,606, 907
1,606, 90?
1,606, 90?
118, 074
120, 41?
120,
120, 359
SO?
250
439 160
436, 783
124, 167
127, 404
127, 511
127, 422
159,361
163,340
163,387
163,348
95,960
97,111
96,479
96,996
68, 77.4
69, 378
69, 105
69, 327
194, 960
198, 944
198, 531
198, 869
75,708
76,580
76,062
76,487
47, 923
48, 562
48, 280
48, 509
67, 179
68, 226
67, 911
68, 168
61, 404
62, 433
62, 182
62, 388
135,
138, 262
138, 174
138, 246
692, 500
692, SOO
692, 500
692, SOO
52,
51, 891
51, 768
51, 869
185,642
188 004
257
?34
54,817
54, 904
54, 952
54,914
70,355
70,391
70,411
70,395
42,364
41,851
41,578
41,800
30, 120
29, 898
29, 781
29,878
86, 072
85, 735
85, 556
85, 702
33,422
33,005
32,781
32,962
21, 157
20, 927
20,806
20, 907
29,658
29, 402
29, 265
29, 376
27, 109
26, 907
26, 799
26, 885
59, 657
59, 585
59, 546
59, 578
20, 700
37, 400
15, 650
1, SS1
2, 796
1, 177
5 6?0
10 721
4, 254
1, 641
2, 968
1, 241
2,104
3,803
1,591
1,251
2,245
945
894
1, 608
675
2, 563
4, 621
1, 937
986
1,770
745
626
1, 124
472
879
1, 581
664
804
1, 447
608
1, 781
3, 216
1, 346
89, 007
116, 00?
147, 584
129, 759
6, 700
8, 693
11, 037
9, 719
23, 859
31 493
40, 334
35, 271
7, 045
9, 197
11, 711
10, 289
9,042
11,792
15,006
13,191
5,445
7,010
8,861
7,832
3, 871
5, 008
6, 347
5, 598
11, 062
14, 362
18, 234
16, 059
4,296
5,528
6,986
6,176
2, 719
3, 506
4, 434
3, 917
3, 812
4, 925
6, 237
5, 505
3, 484
4, 507
5, 711
5, 038
7, 667
9, 981
12, 691
11, 164
64 S
600
4?0,
436,
189,
188,
61
49
30
29
175
FEDERAL RESERVE BULLETIN
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minne
apolis
Kansa
City
71 ,790
10(1 ,64
103 ,43
104 09
A ssets—Continued
Total U. S. Government
securities, direct and
guaranteed:
Apr. 29 ...
May 6
May 13...
May 20
2,350 ,09
2,436 ,10
2,484
2,444 81
176 ,00
182 ,54
185 ,71
183 110
630 ,00
661 ,36
678 ,07
664 54
18e ,0?
193 ,14
197 , 14
193 86
23? ,75
247 ,62
252 ,60
248 i 5?
143 ,76
147 ,22
149 ,16
147 ,57
102
105,17
106.84
105 ,478
292 , 0 0
113 4?
116,09
301 , 6 0
306 04 117-599
302.567 116 ,370
73 , 6 2
74 ,644
73,80
Total bills and securities:
Apr. 29
May 6
May 13
May 20
2,367 ,08
2,453 ,97
2,502 ,98
2,460,77
178 ,01
184 184
187 ,543
184 ,694
634 ,77
668 570
686 ,345
669 ,15
191 , 51
198 ,01
203 ,19
200 ,04
239 ,01
247 ,869
252 ,829
248 ,748
144 ,440
147 ,878
149 ,817
148 ,224
103
106 ,077
107 ,747
106 ,432
292 ,414
301 , 0 1 6
307 , 2 5 4
302 ,879
113 ,4?6
116 ,107
117 ,607
116 ,553
75 ,152
74 ,348
2
2
6
(
6
6
j
,3 640
3 ?78
3 ?60
3
3
3
3
Due from foreign banks:
Apr. 29
May 6
May 13
May 20
4
4
4
4
Federal Reserve notes of
other banks:
Apr. 29....
May 6
,
May 13 .
May 20
Uncollected items:
Apr. 29
May 6
May 13
May 20
Bank premises:
Apr. 29
May 6
May 13
May 20
24 49
25 605
27
25 955
.
,
„...«...
681
600
675
76?
2
2
2
2
056
480
700
000
1 ,4?8
1 47?
1 ,74
1 730
1 590
2 ??5
1 666
1 80'
3
3
3
3
701
460
851
077
235
221
271
261
048
413
580
4??
69 8?0
75 560
78 ,668
74 403
138 037
118 601
154,904
133-88.3
80
83
103
92
?00
830
156
015
44
48
48
46
380
078
299
778
151
162
186
170
1 024 0?9
1,015 177
1,179 954
1,131 839
102
99
114
117
?74
571
742
4?6
581
560
56?
563
2
2
2
2
759
759
759
759
40
40
40
40
Other assets:
Apr. 29 .. ... . . .
May 6
May 13
May 20
Total assets:
Apr. 29
May 6
May 13 .
.,
May 20
Liabilities
Federal Reserve notes in
actual circulation:
Apr. 29
May 6
May 13
May 20 ,
18
18
18
18
46
46 53?
47 899
48 416
3 077
3 180
3 740
3, 300
24 324,079
24,388, 794
24 624 696
24,529, 974
1 480 790
1,487, 963
1 507, 837
1,477, ?03
635
60,3
965
55?
6? 5
796
366
013
10f452
10 434
10 434
10 434
4
4
4
4
874
8?4
8?4
874
4
4
4
4
401
401
401
401
3
3
3
3
047
055
055
056
1
1
1
1
064
064
064
064
7
2
2
2
951
051
953
318
607
4
3
3
3
3?0
63?
873
786
5
5
5
5
086
?45
.340
445
2
2
.3
3
044
934
036
074
1
1
1
1
848
874
017
066
5
5
5
5
341
449
581
1,503 36? 2,044
l,526 f 257 2,013
,532 571 2,069
,530 90,3 2,055
000
768
450
733
12
12
13
13
16,3
15?
8,932, 536
8,855, 408
8,967, 867
8,979, 3??
9.5,3
1 6??
2 851
50?
3 ?08
74,568 100 76
74, 0 8 3 103 , 560
48?
.5,54
1 573
711
?4 150
?5 776
403
734
24 113
?5 453
2
?
2
2
138
140
140
140
,087 407 743 408 ,121 400
,085 ,365 766 08? ,079,957
783 018 ,053 610
,109
,096 570 775 138 ,994 149
805, 063
814 086
871,
83? 806
01 00
94 ,65
06 13
04 ,019
202 452
209 ,609
213 627
210 334
09 •16
202 568
209 751
213 ,745
210 ,471
95
96 ,596
95 ,365
4
4
4
1
1
881
960
77,3
105 ,147
103 ,866
San
Francisco
1
45
47
53
5?
1 047
7 001
078
7 06,5
103 ,71
Dallas
1
1
1
1
3?0
3?0
1
1
1
1
584
?66
846
088
40 479
43,679
45 657
50 106
574
566
708
34
35
38
40
3 816
96?
2 810
3 197
?93
160
474
888
56
51
60
65
0?9
741
741
741
741
844
592
818
,370
,370
7 855
840
7 840
849
2
1
1 113
1 113
1 11,3
2
2
2
2
1, 346
1, .30,5
1, 408
1, 445
1 880
1 919
1, 9.53
1, 995
1, 751
1 706
1, 87.3
1 8,34
4 383
4 500
4 587
4, 631
17?
854
18?
655
714,003
786,042
764, 547
76.3 605
538, 419
540 117
555,
539, 160
,898, ?49
,924, 905
, 979*952
,008, 690
767 146,582
181 148, 003
157 148, ?60
361 148,539
776,306
794, 130
796 009
797, 992
455,
498,
480,
476,
8,781, 735
8 876 006
8,905 348
8,916, 287
702, 334 ,238, 768
708 794 250, 846
710,125 ,257, 78?
679, 708 ,273, 833
619,342
624 046
628, 808
633, 860
836, 37?
845, 558
849,702
853, 048
462, 675
470,0.37
473, 103
473, 990
374, 384
333, 779
334, 037
335, 232
,823 750
,838, 8?7
,844, 474
,855, 579
048 784
,344, 01?
347, 761 225 131 ?88,
348, 775 225 676 ?88
349,794 225, 351 289,
Deposits:
Member bank—reserve
account:
Apr. 29
May 6
.
May 13
May 20
,
2,662, 385
2,443, 884
2 667 939
2,486,014
611, 164
599, (0 5
609 315
618, 003
,528, 544
,311, 643
,481, 016
,443, 606
679, 064
668, 801
698, 480
689, 411
942, 318
920, 007
921, 011
918, ,379
455, 667
460, 116
467, 019
456, 814
331 8,50
336, 086
358, 64?
330, 78,3
,977, .367
,912, 638
,846, 50?
,776, 948
366,824
36.3, ,300
371, 16,3
370,961
U. S. Treasurer—general
account:
Apr. 29
May 6
May 13
May 20
128 384
375, 970
158,
304, 007
16,
24, 552
19, 83?
18, 206
6, 50?
142, 320
21, 857
58, 458
14, 800
35, 003
5, 590
21, 234
2, 340
12, 806
1,
16, 931
1, 007
14, 476
9, 464
20, 742
3, 075
11, 480
6, 030
14, 476
20,751
53, 745
48, 756
54, 088
6,215
12, 833
977
18, 293
15, 501
11 711
14, 179
570
17, 370
17, 407
14, 084
17, 434
20, 948
0 98?
7, 370
18, 48?.
14, 936
4, 769
45, 946
Foreign:
Apr. 29
May 6 . . . .
May 13
May 20
892, 929
955, 031
936, 452
949, 894
22, 167
26, 474
23, 994
24, 292
472, 846
499, 414
492, 705
498, 434
66, 433
71, 638
70, 070
71, 308
63, 664
68, 653
67, 151
68, 337
30, 448
32, 834
32, 115
32, 683
24, 220
26, 118
25, 547
25, 998
84, 425
91, 040
89, 048
90, 621
20, 760
22, 387
21, 897
22, 284
15, 224
16, 417
16, 058
16, 342
20, 068
21, 641
21, 167
21, 541
20, 068
21, 641
21, 167
21, 541
52, 606
56, 774
55, 533
56, 513
308,906 946, 619
310, 007 957, .397
187 565 387, 050 3?4, 6?0 ,013, 841
18.3, 98.5 378, 402 300, 674
999,248
164, 818 349, 249
707, 768 399,931
14, 704
* Less than $500.
JUNE 1941
561
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Liabilities—Continued
Deposits—Continued:
Other:
Apr. 29
May 6
May 13
May 20
Total deposits:
Apr. 29.
May<
tfay 6.
May 13..
May 20..
Deferred
Apr.
May
May
May
527,65C
458,091
503,93'
476,757
14,211,348
14,232,982
14,265,869
14,216,672
availability items
29
948,109
6
897,104
13
1,070,902
20
1,014,563
Other liabilities, including
accrued dividends:
Apr. 29
:...
May 6
May 13
May 20
Total liabilities:
Apr. 29
May 6
May 13
May 20
Capital accounts
Capital paid in:
Apr. 29
May6
May 13
May 20
7,041
4,992
5,720
5,563
23,948,233
24,011,984
24,247,839
24,153,085
Boston
15,334
17,442
13,672
11,089
New
York
355,364
320,349
350,746
348,290
664,962 6,363,346
668,093 6,273,726
666,813 6,346,324
672,490 6,348,
— i , 788
Philadelphia
11,322
17,114
14,364
9,75r
Cleveland
Richmond
40,218
24,639
52,662
41,289
42,116
11,380
11,135
8,305
771,718 ,048,549
792,556 1,026,195
788,513 1,042,115
791,710 1,044,886
529,233
518,806
519,733
518,544
Atlanta Chicago
3,553
3,867
2,558
2,867
St.
Louis
Minne- Kansas Dallas
apolis
City
3,418
3,007
4,120
3,356
12,066
10,882
10,465
10,012
8,382
8,473
8,805
7,320
6,548
8,900
3,634
5,727
362, 698 2 , 085,961
378,451 2,060,430
392,777 1,988,516
383, 124 1,925,013
405,865
409,492
410,497
421,550
203,128
242,659
224,139
221,826
382,444
447,842
425,248
419,754
2,654
3,849
2,47'
2,453
San
Francisco
26,675
28,195
29,299
26,292
349,062 1,044,382
357,430 1,057,302
358,252 1,102,942
340,988 1,127,999
87,220
84,845
104,511
98,40:
198,599
199,170
231,795
224,758
76,678
73,870
80,209
70,411
123,828
106,711
142,246
122,417
77,690
79,842
99,567
87,277
42,387
40,735
42,149
42,734
162,980
131,520
171,346
164,326
43,127
44,741
50,419
49,495
20,061
21,119
20,409
19,535
35,168
38,331
39,451
42,844
30,938
30,900
36,882
37,810
49,433
45,320
51,912
54,554
544
559
641
832
1,385
1,342
1,538
1,500
1,126
374
525
401
564
492
564
555
1.49J
396
425
404
259
249
271
265
624
531
628
579
178
19:
184
155
175
168
180
169
181
194
198
176
241
190
222
22:
269
300
344
305
,455,060 8,802,098 1,468,864 2,009,313
,462,221 8,725, 084 1,491,
,978,956
,482,090 8,837, 439 1,498,055 2,i, 034,627
,451, 432 8\ 8 4 81,879 1 ,496,382 2,i, 020,906
,071,093
,069,081
,092,918
,080,215
729,•,728 4;,072,815
753,,207 4,031,308
769,•,234 4;,004,964
761,355 3,945,497
794,082
802,191
809,325
820,994
445,412
489,077
470,404
466,881
702,555
774,548
753,060
752,135
526,823 1,870,390
537,513 1,897,052
543,616 1,952,107
527,559 1,980,850
144,625
144,621
144,643
144,674
9,413
9,413
9,413
9,425
53,441
53,447
53,447
53,447
11,812
11,812
11,812
11,812
14,788
14,787
14,794
14,794
5,815
5,815
5,815
5,815
4,949
4,949
4,959
4,959
15,880
15,864
15,865
15,866
4,469
4,470
4,470
4,479
3,043
3,046
3,048
3,054
4,661
4,662
4,664
4,664
4,428
4,428
4,428
4,428
11,926
11,928
11,928
11,931
157,502
157,502
157,502
157,502
10,949
10,949
10,949
10,949
56,651
56,651
56,651
56,651
15,171
15,171
15,171
15,171
14,346
14,346
14,346
14,346
5,236
5,236
5,236
5,236
5,725
5,725
5,725
5,725
22,925
22,925
22,925
22,925
4,966
4,966
4,966
4,966
3,152
3,152
3,152
3,152
3,613
3,613
3,613
3,613
3,976
3,976
3,976
3,976
10,792
10,792
10,792
10,792
Surplus (section 13b):
Apr. 29
"May6
May 13
May 20
26,781
26,781
26,781
26,781
2,874
2,874
2,874
2,874
7,070
7,070
7,070
7,070
4,393
4,393
4,393
4,393
1,007
1,007
1,007
1,007
3,244
3,244
3,244
3,244
713
713
713
713
1,429
1,429
1,429
1,429
530
530
530
530
1,000
1,000
1,000
1,000
1,137
1,137
1,137
1,137
1,263
1,263
1,263
1,263
2,121
2,121
2,121
2,121
Other capital accounts:
Apr. 29
May 6
May 13
May 20
47,838
47,906
47,931
47,932
2,494
2,506
2,511
2,523
13,276
13,246
13,260
13,275
3,122
3,135
3,140
3,145
4,636
4,672
4,676
4,680
2,019
1,989
1,999
2,010
2,383
2,388
2,387
2,386
8,441
8,431
8,436
8,432
1,916
1,929
1,930
1,927
2,565
2,579
2,578
2,568
2,037
2,082
2,073
2,056
1,929
1,937
1,937
1,934
3,020
3,012
3,004
2,996
Total liabilities and capital
accounts:
24,324,979 .,480,790 ,932,536 ,503,362 2,044,090
Apr. 29
May 6
24,388,794 .,487,963 ,855,498 ,526,257 2,013,768
May 13
24,624,696 1,507,837 ,967,867 ,532,571 2,069,450
May 20
2 4 , 5 2 9974
, - ' 1,477,203 ,979,322 ,530,903 2,055,733
,087,407
,085,365
,109,212
,096,520
743,498
766,982
783,018
775,138
,121,490
,079,957
,053,619
,994,149
805,963
814,086
821,221
832,896
455,172
498,854
480,182
476,655
714,003
786,042
764,547
763,605
538,419
549,117
555,220
539,160
,898,249
,924,905
,979,952
,008,690
1,643
1,642
1,742
1,913
1,210
1,286
1,266
1,263
2,034
2,034
2,034
2,034
1,425
1,450
2,195
2,162
Surplus (section 7):
Apr. 29
May 6
May 13
May 20
Commitments to make
industrial advances:
Apr. 29
May 6
May 13
May 20
11,673
11,703
13,707
13,718
321
221
1,306
1,306
412
409
408
462
1,272
1,306
1,270
865
1,124
1,148
1,144
1,371
97
97
196
216
2,135
2,110
2,146
2,126
FEDERAL RESERVE BULLETIN
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Applications
received
Applications under
consideration
Applications
approved
Date (last Wednesday of
each month)
Number
Amount
Number
Amount
Number
Advances CommitApproved
outments outbut not
standing 1 standing completed 2
(amount)
(amount)
(amount)
Amount
Repaid,
expired,
or withdrawn by
applicant,
etc.
(amount)
Participations
outstanding3
(amount)
5,558
1,296
1934—Dec. 26.
20,966
4,386
13,589
8,225
2,955
984
49,634
146,972
71
24,900
4,533
1935—June 26
11,248
27,518
6,325
11,349
20,579
88,778
237,581
1,646
68
Dec. 314
8,778
11,548
124,493
44,025
32,493
27,649
2,823
1,993
293,084
28
7,437
1936—June 24
7,599
30,484
1,880
61,425
24,454
9,381
8,006
133,343
314,471
2,183
12
5
Dec. 30
77,910
7,208
8,247
25,526
8,226
1,245
139,829
20,959
2,280
328,998
1937—Mar. 31
85,210
7,898
8,344
6,767
23,059
18,611
1,322
2,323
141,545
333,300
9
June 30
97,663
1,470
8,430
7,275
23,019
16,331
1,263
145,758
10
2,361
339,509
Sept. 29
102,588
537
8,474
146,724
1
7,304
21,415
14,880
800
2,381
341,842
150,987
7
107,384
Dec. 29
3,369
8,534
7,238
20,216
12,780
550
2,406
350,551
1938—Mar. 30
154,918
19
111,193
3,419
8,708
7,825
19,371
13,110
1,299
2,464
358,936
161,158
8
June 2 9 . . . .
117,555
3,084
8,976
8,426
18,444
13,649
476
2,566
369,853
168,380
8
Sept. 28
122,447
5,737
5,102
9,032
17,567
13,597
146
2,617
378,974
Dec. 28
12,722
14,161
1,946
128,839
9,188
247
387,490
17,345
2,653
175,013
5
1939—Mar. 29
135,004
12,647
344
12,471
1,975
9,249
2,683
15,798
177,895
392,230
14
June 28
139,281
12,000
2,067
9,308
255
2,721 • 179,778
15,255
11,175
395,499
5
Sept. 27
2
12,169
14,454
370
146,156
10,517
1,938
9,366
2,752
185,234
402,305
Dec. 27
2,659
41
151,679
10,981
9,418
188,222
13,683
9,220
2,781
405,225
2
7
1940—Mar. 27
199
410,192
158,110
11,137
12,723
9,476
2,814
192,665
8,224
2,471
June 26..
11,182
9,512
162,612
2,195
33
10,988
8,762
2,838
195,739
413,646
2
1
Sept. 25
10,749
10
167,046
2,315
9,556
417,260
10,778
8,078
2,865
198,966
Dec. 314
6,386
13,954
222
177,792
9,609
212,510
9,152
5,226
2,908
431,236
2
1941—Jan. 29
8,764
1,929
179,021
9,483
5,207
12,325
9,633
2,923
214,800
435,474
4
Feb. 26
8,716
20,424
600
179,569
9,659
223,226
442,712
1
9,451
5,066
2,945
Mar. 26
180,989
10,916
19,986
9,682
823
228,732
9,526
2,959
448,506
7,315
3
Apr. 30.,.
183,646
11,547
8,464
13,035
9,719
35
225,849
2
444,985
9,157
2,987
May 28
186,062
12,537
9,639
14,134
1,725
234,714
12,342
9,793
3,046
455,868
5
June 2 5 . . . .
14,011
8,090
35
192,783
10,549
13,072
9,817
238,505
458,092
2
3,067
July 30
3
471,035
12,496
145
248,867
202,287
10,761
11,697
11,626
9,855
3,096
Aug. 27.
70
15,068
11,520
9,891
208,279
10,359
12,928
3,120
258,154
481,255
2
Sept. 24
3
216,258
17,738
9,912
2,220
498, 017
9,808
13,551
10,251
3,132
267,606
Oct. 29
18,974
10,612
504,144
1
219,598
13,238
9,950
3,161
274,739
12,317
5
Nov. 26
3
19,733
10,836
14,735
3,179
276,499
506,320
221,421
9,774
9,974
375
4
Dec. 31
14,597
3,202
279,860
19,600
10,337
8,294
150
510,443
227,032
10,007
4
1942—Jan. 28.
14,272
3,224
281,617
7,612
135
19,388
9,752
512,449
230,593
10,035
1
14,921
3,241
292,905
15,751
600
Feb. 25
19,924
9,227
525,432
233,082
10,056
1
14,364
3,261
297,945
17,698
300
19,086
Mar. 25
9,312
530,556
237,485
10 081
424
250,105
22,710
Apr. 29..
4
10,699
11,673
18,473
3,300
313,660
10,129
546,600
23,384
22,480
400
2
558,821
253,801
May 27
11,464
3,337
325,507
10,171
14,378
1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition
of Federal Reserve Banks.
2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.
3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $1,182,000, May
27, 1942.
4 Tuesday.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve Notes:
Issued to F.R. Banks by F.R.
agent:
Apr. 29
9,233,377
9,283,661
May 6
9,348,588
May 13
9,366,127
May 20
Held by Federal Reserve
Bank:
451,642
Apr. 29
406,755
May 6
May 13
..... 443,240
449,840
May 20
In actual circulation :1
8,781,735
Apr. 29
,876,906
May 6
8,905,348
May 13
8,916,287
May 20
Collateral held by agent as security for notes issued to bank:
Gold certificates on hand and
due from U. S. Treasury:
9,352,000
Apr. 29
9,381,500
May 6
9,451,000
May 13
9,498,000
May 20
Eligible paper:
Apr. 29
,
6,653
May 6
7,582
May 13
7,410
May 20
4,943
Total collateral:
Apr. 29
9,358,653
May 6
9,389,082
May 13
9,458,410
May 20
9,502,943
1
Phila- Clevedelphia land
Richmond Atlanta Chicago
St.
Louis
Minne- Kansas Dallas
City
apolis
San
Francisco
727, 623 2 ,353,776
734, 887 2,363,194
735, 887 21,381,106
702,771 2,391,924
642,502
644,771
654,316
657,479
869,957
876,605
883,573
886,895
505,530
507,342
513,732
513,666
362,275
365,827
366,138
373,581
226,722
229,428
230,733
231,380
294,361
298,952
298,198
299,043
161,646
163,305
163,111
165,570
850,542
862,042
871,650
877,031
115,008
112,348
123,324
118,091
23,160
19,825
25,508
23,619
33,585
31,047
33,871
33,847
42,855
37,305
40,539
39,676
69,113
44,703
50,125
50,308
17,363
18,066
17,913
23,787
4,674
4,297
5,057
6,029
9,599
10,771
10,041
9,682
15,064
14.-312
14,851
17,031
74,236
67,912
74,741
79,039
702, 334 2,238,768
708, 724 2:, 250,846
710,125 2,257,782
679, 708 ",273,833
2
619,342
624,946
628,808
633,860
836,372
845,558
8*19,702
853,048
462,675
470,037
473,193
473,990
324,384 1,823,250
333,772 1,838,827
334,037 1,844,474
335,232 1,855,579
344,912
347,761
348,225
349,794
222,048
225,131
225,676
225,351
284,762
288,181
288,157
289,361
146,582
148,993
148,260
148,539
776,306
794,130
796,909
797,992
740,000 2,,360,000
740,000 2,370,000
740,000 2,390,000
740,000 2,400,000
665,000
665,000
665,000
665,000
875,000
880,000
885,000
890,000
525,000
525,000
525,000
525,000
350,000 1,900,000
360,000 1,900,000
360,000 ',920,000
1
370,000 1,920,000
370,000
370,000
380,000
390,000
227,000
230,000
233,000
233,000
300,000
300,000
300,000
300,000
166,000
167,500
169,000
171,000
874,000
874,000
884,000
894,000
3,676
6,065
6,286
3,539
540
810
1,037
792
2,175
52
62
87
87
740, 210 2,363,676
740,645 2,376,065
740,000 2,396,286
740,350 2,403,539
665,540
665,810
666,037
665,792
229,175
230,000
233,000
233,000
300,052
300,062
300,087
300,087
166,000
167,500
169,000
171,000
874,000
874,000
884,000
894,000
Boston
25,289
26,163
25,762
23,063
210
645
350
New
York
346,080 1,892,363
353,778 1,883,530
355,545 1,894,599
360,900 1,905,887
21,696
20,006
21,508
25,668
175
875,000
880,000
885,000
890,000
525,000
525,000
525,000
525,000
350,000 1,900,000
360,000 1,900,000
360,000 1,920,000
370, 000 1,920,000
370,000
370,000
380,000
390,175
Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing bank.
JUNE
1942.
563
MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS
[Averages of daily figures. In millions of dollars]
RESERVE P O S I T I O N OF MEMBER BANKS, APRIL, 1942
[Averages of daily figures. In millions of dollars]
Classes of banks
and districts
Gross Net
Time
dededemand mand
de
de." , posits
posits posits
Reserves with
Federal Reserve
Banks
Required
Excess
Held
All member banks
49,621 41,411 12,091 9,698
Central reserve city banks:
New York
16,868 16,098
777 4,232
Chicago
.
3,694 3,269
455 877
5,028
1,140
795
262
1,460
309
1,738
1,318
259
1,483
78
141
148
268
60
305
374
74
464
106
14
158
Cleveland district
Richmond district
Atlanta district
2,486
1,160
1,118
2,041
925
805
682
232
170
449
199
171
682
310
204
233
111
33
Chicago district
St. Louis district
Minneapolis district
2,133
1,258
509
1,623
973
394
693
167
79
366
205
83
501
259
93
135
' 55
9
Kansas City district
Dallas district
San Francisco district ...
1,342
1,034
3,308
942
690
2,726
147
127
2,040
197
146
668
258
190
883
61
44
216
17,855 14,178
Country banks:
Boston district
New York district
Philadelphia district
Cleveland district
Richmond district
Atlanta district
Chicago district
St. Louis district
Minneapolis district
Kansas City district
Dallas district
San Francisco district...
Total
Total reserves held:
1941—April
May
June
July
August
September
October
November
December
1942—January
February
March
April
Week ending (Friday):
1942—Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
May 8
May 15
Excess reserves:
1941—April
May..
June
July
August
September
October
November.....
December
1942—January
February
March
April
Week ending (Friday):
1942—Apr. 3
Apr. 10
Apr. 17
Apr. 24
May 1
May 8
May 15
12,649 2,951
Reserve city banks:
Boston district
New York district
Philadelphia district
Total
All
member 1
banks
4,293 1,175
4,706 3,118
1,257
1,972
903
979
1,589
671
545
1,461
837
170
310
144
247
445
210
77
135
66
963
919
879
676
583
543
728
394
254
138
105
91
228
150
141
89
45
50
1,373
602
431
935
387
293
843
255
277
181
70
58
276
103
82
94
• 33
24
618
770
519
384
493
333
155
100
302
63
75
65
94
119
95
30
44
30
11,204
7,866
6,153 1,470
2,188
718
Central reserve
city banks
±ceserve
city
banks
banks 1
1,144
1,144
1,120
1,140
1,218
1,243
1,210
L,143
1,085
1,086
1,157
1,140
4,204
4,298
4,184
4,198
4,287
4,335
4,391
4,424
4,317
4,365
4,356
4,279
4,293
1,912
1,965
1,914
1,927
1,978
2,076
2,149
2,213
2,210
2,238
2,199
2,204
2,188
5,123
5,159
5,037
4,888
4,945
4,816
4,884
1,156
1,116
1,127
1,150
L, 183
1,121
L,079
4,119
4,277
4,328
4,278
4,325
4,284
4,333
2,157
2,199
2,236
2,174
2,193
2,261
2,286
5,883
5,831
5,351
5,193
5,017
5,116
5,001
3,611
3,390
3,446
3,309
3,147
2,951
2,812
2,514
2,238
2,150
1,898
1,834
1,626
962
795
295
434
424
388
403
478
512
367
295
225
204
255
262
1,885
1,949
1,820
L,789
1,824
1,836
1,845
1,456
1,303
L.330
L,279
L.190
1,175
891
933
870
866
892
968
1,017
844
804
809
755
740
718
3,005
3,122
3,026
2,760
2,830
2,731
2,815
936
939
813
673
649
536
597
303
250
242
260
294
256
219
1,070
1,196
1,201
1,132
1,174
1,163
1,197
696
738
770
695
713
777
802
New
York
Chicago
13,600
13,650
13,201
13,120
13,004
13,184
13,097
12,900
12,812
12,936
12,908
12,827
12,649
6,518
6,243
5,958
5,875
5,600
5,554
5,314
5,053
5,142
5,248
5,266
5,188
5,028
12,555
12,750
12,728
12,491
12,646
12,483
12,583
966
945
989
1,083
1,071
Coun-
1
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
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 . 558 for percentages of deposits required to he held
as reserves.
DEPOSITS OF MEMBER BANKS I N LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers
(places over 15,000)
All member banks
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Kansas City
Dallas .
San Francisco
,. *-.
. .
Total
1
Gross demand
Mar.
Apr.
2,717
19,149
2,641
3,450
2,078
1,997
7,200
1,860
940
1,960
1,803
3,826
2,681
19,148
2,589
3,424
2,074
1,984
7,233
1,839
955
1,944
1,804
3,789
2,379
985
1,410
626
424
1,991
422
357
303
228
2,343
2,380
997
1,410
624
423
1,980
422
356
302
227
2,354
49,621
49,464
12,091
12,097
623
Time
Gross demand
Time
Apr.
Apr.
Mar.
2,558
h,987
1,499
728
1,537
1,386
3,667
2,525
h.914
2,249
3,063
1,798
1,776
J
2,955
1,484
741
1,527
1,388
3,631
25,236
^5,052
Mar.
621
2^303
3,086
1,804
1,789
X
Member banks in smaller centers
(places under 15,000)
Apr.
1
506
l,097
539
1,067
422
340
1
'298
190
196
185
2,239
1
8,276
Gross demand
Mar.
1
504
l,083
550
1,066
420
340
Apr.
158
Mar.
156
Time
Apr.
117
Mar.
117
297
191
196
177
2,251
389
338
364
275
207
519
362
212
423
417
159
401
339
362
275
208
519
355
214
417
416
159
504
446
343
204
84
339
124
166
107
43
104
510
447
344
204
84
337
125
165
107
50
103
8,259
3,823
3,820
2,583
2,593
Excluding central reserve city banks, for which figures for latest month are shown in table above.
564
FEDERAL RESERVE BULLETIN
KINDS OF MONEY I N CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of month
1941—March....:;
April
May
June
July
September
October
November
1942—January ,
February
March
April......
Gold
certificates
Silver
dollars
8,924
9,071
9,357
9,612
9,732
9,995
10,163
10,364
10,640
11,160
64
63
63
63
63
62
62
62
61
51
51
52
53
54
55
56
57
59
61
60
11,175
61
61
61
60
60
61
62
64
Total
:
11,485
11,566
11,767
,,
Silver
certificates
Treasury
notes
of 1890
Subsidiary
silver
coin
Minor
coin
United
States
notes
Federal
Reserve
notes
Federal
Reserve
Bank
notes
National
bank
notes
1,651
1,654
1,697
1,714
1,691
1,723
1,724
1
413
418
426
434
438
445
455
463
474
186
189
191
194
196
199
202
205
208
481
6,106
6,247
6,468
6,684
6,813
7,027
7,181
7,378
7,615
8,138
21
21
20
20
20
20
20
20
20
209
277
274
286
300
307
313
314
317
321
154
153
152
150
149
148
147
146
145
144
471
206
302
19
475
482
488
206
208
209
309
307
309
8,253
8,514
8,587
8,769
1
1
1
i
1,715
1,737
1,733
1
1,657
1,695
1,697
j
1,707
313
19
143
143
142
141
19
19
19
Back figures.—See Annual Report for 1937 (table 35).
PAPER CURRENCY, BY DENOMINATIONS, A N D COIN I N CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circula-1
tion
Total
Coin
$1 3
$2
1941—March
April
May
June
July
August
September.
October....
November .
December..
8,924
9,071
9,357
9,612
9,732
9,995
10,163
10,364
10,640
11,160
6,342
6,430
6,683
6,890
6,992
7,237
7,378
7,537
7,769
8,120
650
658
669
681
688
700
713
725
738
751
590
595
615
625
626
641
658
663
675
695
1942—January
February..
March
April
11,175
11,485
11,566
11,767
8,053
8,326
8,396
8,560
738
743
752
757
656
668
673
680
End Of month
Coin and small denomination currency2
Large denomination currency^
$10
$20
Total
$50
$100
$500
38
39
40
41
40
42
42
41
43
44
2,074
2,112
2,211
2,289
2,334
2,430
2,469
2,527
2,610
2,731
1,858
1,892
1,972
2,047
2,090
2,169
2,227
2,293
2,383
2,545
2,583
2,642
2,675
2,725
2,742
2,760
2,787
2,830
2,874
3,044
560
573
5«7
607
615
630
645
658
674
724
,163
,197
,218
,244
,257
,274
,293
,316
,343
,433
238
241
242
244
244
244
243
245
248
261
543
550
546
548
544
543
537
539
538
556
24
25
24
24
24
24
24
25
24
24
56
56
57
57
58
46
46
47
47
46
42
42
42
43
2,713
2,825
2,834
2,898
2,595
2,704
2,744
2,820
3,126
3,163
3,174
3,204
745
767
779
792
,481
,511
1,528
1,549
265
266
268
268
566
565
561
558
24
21
9
9
46
33
29
29
$5
$1,000 $5,000 $10,000
Unassorted 2
1
2
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held,1 in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as
destroyed.
3
Paper currency only; $1 silver coins reported under coin.
Backfigures.—SeeAnnual Report for 1937 (table 36).
TREASURY CURRENCY O U T S T A N D I N G
[Held by Treasury and Federal Reserve Banks and in circulation, In
millions of dollars]
End of month
Total
Silver
dollars
and
silver
bul-1
lion
1941—March
April
May
t! J
June
July
August
September.
October
November
December..
3,109
3,122
3,134
3,149
3,166
3,181
3,198
3,219
3,231
3,247
1,965
1,971
1,977
1,983
1,991
1,998
2,006
2,013
2/017
2,023
429
434
440
447
455
462
469
482
489
497
193
194
196
199
202
204
207
210
212
215
347
347
347
347
347
347
347
347
347
347
21
21
21
21
20
20
20
20
20
20
155
154
153
152
151
150
149
148
146
146
1942—January
February...
March
April
3,259
3,268
3,277
3,289
2,029
2,033
2,038
2,044
501
505
509
514
218
220
221
222
347
347
347
347
20
20
19
19
144
144
143
142
FedSubsidi- Minor United eral
Reary
States serve
silver coin
notes Bank
coin
notes
National
bank
notes
1
Includes silver held against silver certificates amounting to $1,965,000,000 on Apr. 30,1942 and $1,895,000,000 on Apr. 30,1941.
JUNE 1941
SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER
CURRENCY
[By selected banks and financial institutions in New York City.
In millions of dollars ]
Year or month
1937.,
1938..
1939..
1940..
1941..
ShipReceipts
ments to
from
Europe
Europe
21.5
33.1
110.2
17.7
. .3
Net
shipments
100.3
17.0
Net
receipts
26.1
1.3
1941—May
June
July
August
September...
October
November...
December
1942—January...
February..
Mar-ch
April
i Less than $50,000.
Back figures.—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, pp. 7-8.
565
MOVEMENT OF GOLD TO AND FROM UNITED STATES 1
[In thousands of dollars]
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
Increase
in gold
stock
8,238
10,125
12,760
14,512
17,644
21,995
22,737
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
(4)
1941—January
February
March
April
May
June
July
August
September...
October
November
December
22,116
22,232
22,367
22,506
22,575
22,624
22,675
22,719
22,761
22,800
22,785
22,737
121.7
115.4
135.4
138.5
69.1
49.2
50.5
44.7
41.5
38.8
—14.4
-48.8
234.2
108.6
118.6
172.0
34.8
30.7
37.0
37.0
65.7
40.4
1942—January
February
March
April
22,747
22,705
22,687
22,691
10.6
-42.4
-17.3
3.3
Period
19342
1935
1936
1937
1938
1939
1940
1941
. .
3
11,258
3
1941
Earmarked
DomesNet gold gold: de- tic gold
crease
import
producor intion 1
crease (—)
Gold
stock
at end
of period
92.9
110.7
131.6
143.9
148.6
161.7
170.2
167.8
82.6
.2
-85.9
—200.4
-333.5
-534.4
-644.7
-407.7
a*
8(4)
-52.8
-46.2
.2
-10.5
-3.8
4.0
-27.7
-31.2*
-46.8
-32.2
-60.9
-99.7
13.6
12.7
12.1
12.9
12.7
14.5
13.7
12.5
17.9
15.8
18.1
11.4
-38.5
-109.3
-65.5
6
—20.1
14.7
10.0
11.0
11.1
1 Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on page 611, adjusted to exclude Philippine Islands production received in United States.
2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a
fine ounce thereafter.
3 Includes gold in the Inactive Account amounting to 27 million dollars
on Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
4 Beginning December 4, 1941, the Department of Commerce suspended
publication of gold import and export statistics.
6 Gold held under earmark at Federal Reserve Banks for foreign account
amounted to 2,448.7 million dollars on April 30,1942.
NOTE.—For back figures through 1937, see Annual Report for 1937
(table 29).
From or to—
Nov.2
Imports
France
Portugal
Sweden
Switzerland
United Kingdom
U. S. S. R
Canada
Mexico
Central America
West Indies and Bermuda
Argentina
Bolivia
Brazil
Chile
Colombia
Ecuador
Peru
Venezuela
British Guiana
Australia
New Zealand
British Oceania
British India
Netherlands Indies
China and Hong Kong.
Japan
Philippine Islands
South Africa
All other countries
Total.
Exports 3
Imports
24
34
121
5,615
24,921
16,074
Exports 3
55
5,550
6,336
1,020
960
77
18
8
5
441
2,110
218
436
227
91
5,980
156
314
66
10
10
939
Jan .-Nov.
Oct.
323
2,107
253
583
608
75
6,151
77
652
2,327
25
Imports
Exports 3
1
378
1,747
899
3,616
31,459j
391,714!
15,526
9,987
814
177
94
22
7,627
1,832
40
473
3,143
200
140
22,211
2,822
8,441
4,212
986
63,779
2,364
3,583
8,954
855
3,697
9,444
37,178
292,703
4,255
50,382
40,444
929,545
63
1 Figures represent customs valuations which, with some exceptions,
are at rate of $35 a fine ounce.
2 Beginning December 4, 1941, the Department of Commerce suspended
publication of gold import and export statistics.
3 Beginning May 1941, the Department of Commerce suspended publication of export statistics by country of destination.
NOTE.—For back figures for selected countries beginning in 1934, see
table on p. 611.
B A N K SUSPENSIONS 1
Total,
all
banks
Member
banks
National
State
Insured 2
Not
insured
Number of banks suspended:
1934
1935
1936
1937
1938
1939
1940
1941
1942—Jan.-Apr
Deposits of suspended banks3
(in thousands of dollars):
1934
1935,
1936
1937
1938
1939
1940
1941
1942—Jan.-Apr
1
Year and month
1929
1936
1937
1938
1939
1940
1941
36,937
10,015
11,306
19,723
13,012
34,998
5,943
3,726
316
40
5,313
507
7,379
36
1,341
256
3,144
1,912
3,763
1,708
211
24,629
10,207
10,156
11,721
6,589
5,341
503
34,985
939
592
480
1,044
2,439
346
79
316
Represents banks which, during the periods shown, closed temporarily
or permanently on account of financial difficulties; does not include banks
whose deposit liabilities were assumed by other banks at the time of closing
(in some instances with the aid of Federal Deposit Insurance Corporation
loans).
2
Federal deposit insurance became operative January 1, 1934.
3
Deposits of member banks and insured nonmember banks suspended are
as of dates of suspension, and deposits of noninsured nonmember banks
are based on the latest data available at the time the suspensions were
reported.
Back figures—See Annual Report for 1937 (table 76).
566
BANK DEBITS
Debits to deposit accounts except interbank accounts
[In millions of dollars]
Nonmember
banks
1941—March
April
May
June
July
August
September.
October....
November..
December..
January..
1942!—February.
March
April
Total,
all
reporting
centers
New
York
City
133
140
other
other 1 reporting
centers
centers 2
982,531
461,889
469,463
405,929
423,932
445,863
537,398
603,089
208,936
197,836
168,778
171,382
171,582
197,724
331,938
219,670
235,206
204,745
218,298
236,952
293,775
47, 504
33, 283
36, 421
32, 406
34, 252
37, 329
45, 899
44,558
42,237
43,665
45,942
44,808
42,856
43,870
50,875
45,081
56,589
48,610
41,550
49,175
46,620
17,402
15,657
16,124
17,282
16,288
15,079
15,654
19,148
16,077
20,598
17,247
14,242
17,056
16,023
23,586
23,074
23,795
24,853
24,660
24,033
24,310
27,315
25,075
31,118
27,014
23,531
27,751
26,438
3, 570
3, 505
3, 746
3, 807
3, 861
3, 745
3, 907
4, 411
3, 930
4 873
4, 349
3 777
4 368
4 158
1
National series, for which bank debit figures are available beginning
with
1919.
2
Except that 1929 figure is for 128 centers only.
Back figures.—Annual report for 1937, page 157. Annual totals, beginning with 1919, by Federal Reserve districts and for individual centers, are
available for distribution and will be furnished upon request.
FEDERAL RESERVE
BULLETIN
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such
private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935,
private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of
private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p . 883, and July 1936, p. 535.
Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available.
DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1
[In millions of dollars]
NUMBER OB BANKS
Nonmember
banks
Member banks 2
National
State
Mutual
savings
banks
Other
nonmember
banks
Call date
Total
Total
Call date
Nonmember
banks
Member banks 2
All
banks
Total
National
State
Mutual
savings
banks
Other
nonmember
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 29
Dec. 31
53,852
55,289
32,284
33,865
19,411
20,290
12,873
13,575
8,983
8,916
12,584
12,508
1933—June 30
Dec. 30
14,519
15,011
5,606
6,011
4,897
5,154
709
857
576
579
8,337
8,421
1933—June 30
Dec. 30
37,998
38,505
23,338
23,771
14,772
15,386
8,566
8,385
9,713
9,708
4,946
5,026
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 30
Dec. 31
52,195
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 30
Dec. 30
55,992
58,344
38,027
39,930
24,534
25,661
13,493
14,269
10,521
10,613
7,444
7,801
1940—June 29
Dec. 31
14,953
14,895
6,398
6,486
5,164
5,144
1,234
1,342
551
551
8,004
7,858
1940—June 29
Dec. 31
60,582
65,021
42,039
46,007
26,931
29,214
15,108 310,631
16,793 10,658
37,912
8,356
1941—Apr. 4
June 30
Sept. 24
Dec. 31
14,871
14,855
14,852
14,825
6,528
6,556
6,596
6,619
5,138
5,130
5,125
5,117
1,390
1,426
1,471
1,502
550
547
546
545
7,793
7,752
7,710
7,661
1941—Apr. 4
June 30
Sept. 24
Dec. 31
65,211
67,172
68,449
70,792
46,179
48,076
49,160
51,192
29,467
30,684
31,500
32,672
16,712
17,392
17,660
18,520
6,629
5,109
1,520
50,604
32,533
18,071
1942—Apr. 4
1942—April 4
10,684
10,641
10,643
10,525
8,347
8,456
8,646
9,075
For footnotes see table below.
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
Member banks2
All banks
Nonmember banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
1929—June 29
Dec. 31
58,474
58,417
41,531
41,918
16,943
16,499
35,711
35,934
25,658
26,150
10,052
9,784
9,556
9,463
5,892
5,945
3,664
3,518
13,207
13,020
9,981
9,823
3,227
3,197
1933—June 30
Dec. 30
40,076
40,319
22,203
21,977
17,872
18,342
24,786
25r220
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
1938—June 30
Dec. 314
47,381
48,929
21,130
21,354
26,252
27,575
30,721
32,070
12,938
13,208
17,783
18,863
10,196
10,255
4,961
4,930
5,235
5,325
6,465
6,604
3,231
3,217
3,234
3,387
1939—June 30
Dec. 30..
49,616
50,885
21,318
22,169
28,299
28,716
32,603
33,941
13,141
13,962
19,462
19,979
10,342
10,314
4,931
4,961
5,411
5,353
6,671
6,630
3,245
3,246
3,425
3,384
1940—June 29
Dec. 31
51,335
54,188
22,341
23,741
28,995
30,448
34,451
37,126
13,969
15,321
20,482
21,805
310,188
10,248
4,926
4,959
5,262
5,289
3 6,696
6,815
3,445
3,461
3,251
3,353
24,322
25,312
26,187
26,616
31,825
32,633
33,109
34,483
38,983
40,659
41,943
43,521
15,878
16,729
17,546
18,021
23,104
23,930
24,397
25,500
10,276
10,314
10,348
10,372
4,954
4,955
4,949
4.903
5,322
5,360
5,399
5,470
6,889
6,972
7,005
7,205
3,490
3,628
3,692
3,692
3,399
3,344
3,313
3,513
44,287
17,834
26,453
1941—Apr. 4
June 30
Sept. 24
Dec. 31
r
,.
56,147
57,945
59,296
61,098
1942—Apr. 4
r
r
r
Revised.
1 Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that
date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank
abstracts.
2
Includes, subsequent to April 4, 1941, two mutual savings banks in Wisconsin and one in Indiana.
3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, prior
to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column.
4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000, respectively.
Back figures.—See Annual Report for 1937 (tables 48-49).
JUNE 1941
567
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Call date
Total—All
Member Banks
1929—Dec. 31
1933—June 30 .
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—Apr. 46 ...
June 30....
Sept. 246 ...
Dec. 3 1 . . . . .
1942—Apr. 46......
New York
City7
1929—Dec. 31
1933—June 30.. ..
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—Apr. 46 . .
June 30
Sept. 246
Dec. 31
1942—Apr. 46
City of
Chicago7
1929—Dec. 31
1933—June 30
1939—June 30
Dec. 30
1940—June 29.
Dec. 31
1941—Apr 4 6
June 30
Sept. 246...
Dec. 31
1942—Apr 46
Reserve City
Banks
1929—Dec. 31 .
1933—June 30
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—Apr. 46
June 30
Sept. 246
Dec. 31
1942—Apr. 46
Country
Banks
1929—Dec. 31
1933—June 30
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—Apr. 4 6 .
June 30
Sept. 246....
Dec. 31
1942—Apr. 46
Total
loans
and
invest- Total 1
ments
35,934
24,786
32,603
33,941
34,451
37,126
38 983
40,659
41 943
43,521
44,287
26,150
12 858
13,141
13,962
13,969
15,321
15 878
16,729
17 546
18,021
17,834
8 774
7,133
8,688
9,339
9,829
10,910
11 696
12,493
12 930
12,896
13 123
6 683
3,424
2,988
3,296
3,014
3,384
3 502
3,778
3 939
4,072
4 173
1,757
1,287
2,052
2,105
2 205
2,377
2 649
2,707
2,573
2,760
2 806
1,448
677
544
569
603
696
780
12 029
8,492
11,756
12,272
12,160
13,013
13,494
14,013
14 588
15,347
15,605
9,084
4,482
5,004
5,329
5,365
5,931
6,165
6,498
6,861
7,105
6,989
13,375
7,873
10,109
10,224
10,257
10,826
11,144
11,446
11,852
12,518
12,753
8,936
4,275
4,605
4,768
4,987
5,309
5,431
5,607
5,828
5,890
5,749
1
Investments 1
U. S . Government obligations
Loans for
purchasing
or carrying
securities
Commer- Agri- Open
Real Loans Other
cial
cul- mar4 Total
estate to loans
To
and
turket
banks
loans
2
indusal paper brok- To
ers othtrial 2
3
and
deal- ers
ers
583
595
4,783
5,386
5,538
6,204
788
730
736
865 •
420
455
450
456
2,463 7,685
953 3,752
731 736
700
790
668
447
642 652
3,191
2,372
2,828
2,957
3,069
3,228
7,270
738
537
575
635
3,365
44
8,064
972
607
594
598
3,494
39
195
364
128
120
103
100
555
611
320
465
2,145
1,044
215
188
188
190
157
130
133
137
130
322
162
5
7
6
6
1 257
759
169
1,474
1,768
1,801
2,025
2,405
3
97
422
186
129
33
2,716
8
91
412
169
123
32
19
251
533
21
i9
88
30
329
365
417
30
12
13
16
9,784
11,928
19,462
19,979
20,482
21,805
23,104
3,565 23,930
24,397
3,653 25,500
26,453
714 11,515
4,857
58 2,796
56 2,888
42 3,020
43 3,230
330
41
44
32
25
2,595
2,091
3,709
5,700
6,043
6,815
7,527
8,194
503 8,715
8,991
522 8,823
8,950
937
440
425
426
443
535
1,368
2,483
4,991
5,194
4,947
5,204
5,440
5,700
5,914
6,467
6,832
4,439
3,598
5,504
5,456
5,270
5,517
5,713
1,504 5,839
6,024
ii528" 6,628
7,004
1,267
1,469
3,127
3,159
3,030
3,269
3,456
3,627
3,789
4,377
4,746
42
54
19
84
609
5
21
36
55
20
ioi
954
923
711
6
21
48
52
22
1
168
234
221
176
263
126
138
155
156
153
2,775 1,538
108 1,340 1,131
115 221 1,284
119
222 1,335
87
210 1,372
115 207 1,436
258
1,884
2,100
2,134
2,436
2,879
175
202
100
198
1,477
9
1,457
3,206
300
250
114
194
1,527
4
1,508
1,095
1,151
1,187
1,267
531
495
546
590
201
35
140
163
174
187
291 2,231 1,462
25 1,117 1,055
22
229 1,402
20
224 1,477
17
208 1,544
21 201 1,644
45
38
5
4
3
3
4,705
2,005
1,180
1,234
1,308
1,397
195 1,739
3
664
1,377
555
216
17
i,43i'
'659*
245'
"26'
"m
1*823*
99
12
9
6
15
116
2,944
4,011
6,751
6,943
6,795
7,081
7,328
7,515
7,727
8,243
8,616
5
846
918
6
8
309
1,112
2,551
4,483
4,772
5,486
6,044
6,625
7,268
7,331
7,265
7,381
384
1,175
1,203
1,258
1,307
1,466
1,483
1,304
1,430
1,490
476
251
71
66
61
520
3,863
3,094
249
6,887 1,113 2,049 3,725
441 2,720 7,786
13,777
563 2,223 8,398
14,328
797 2,543 8,261
14,722
652 2,594 9,091
15,823
16,988
18,078 i,127 2,631 i6,48i
18,338
19,539
971 3,007 ii,729
20,449
610
1,507
1,536
1,602
1,681
1,869
1,861
1,655
1,806
1,883
237
59
60
62
69
15
17
16
17
61
39
41
23
Obligations
of
States Other
and
Guar- politi- securities
Total
ancal
Bills 5 Notes Bonds teed subdivisions
Direct
95
3,6791,678
1,116
1,168
1,224
1,307
58
638
166
987
908
168
797
315
421 1,092
1,245
207
577 1,526
311
3
206
185
153
254
1,623
19
82
234
176
161
2,831
3,144
3,121
3,486
3,487
3,839
4,243
3,832
3,471
1,393
1,744
2,554
2,692
2,888
3,013
3,206
2,984
3,161
3,090
3,173
1,123
1,275
1,324
1,615
1,620
3,415 1,751
1,920
3,652 1,679
1,515
222
478
480
579
634
695
771
651
819
729
773
889
926
2,284
2,385
2,650
2,977
758
680
736
693
695
788
798
796
841
830
796
135
172
134
112
125
87
154
162
177
188
226
96
138
179
170
167
186
177
190
175
188
176
94
97
621
701
710
4,528
3,297
3,131
2,959
2,873
2,970
2,911
2,867
2,899
2,871
2,831
96
297
145
752
417
125
803
138
159
256
153
903
119
108
182
207
91
165
448
73
606
295
751
1,112
1,597
889
3,010
972
3,339
3,052
969
3,281 1,049
1,047
3,858 1,162
1,246
4,248 1,173
1,051
598
895
890
981
984
1,034
979
975
956
941
1,128
930
866
860
868
893
855
836
838
820
844
97
64
11
31
36
45
171
299
563
431
451
433
999
1,106
1,870
1,972
1,849
2,081
60
374
2,404
iio'
"481'
2i926'
627
581
1,025
1,061
1,097
1,146
1,176
1,165
1,191
1,222
1,253
2,546
,549
1,351
1,236
1,144
1,102
,081
1,047
1,044
L,028
005
681
205
78 1,014
819
63
839
87
771
103
683
725
695
710
694
788
919
861
797
193
187
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.
to brokers
and dealers.
4
This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures.
5
Includes Treasury certificates of indebtedness through 1934.
Jj7 Breakdown of loans and investments not reported separately.
Central reserve city banks.
Backfigures—SeeAnnual Report for 1937 (tables 52-58).
568
FEDERAL RESERVE BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
,
ReCall date
Cash
in
vault
with
Federal
Re-
serve
Banks
Total—All
Member Banks
1929—Dec. 31
1933—June 30
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—Apr. 4
June 30
Sept. 24
Dec. 31
1942—Apr. 4
New York
City5
1929—Dec. 31
1933—June 30
1939—June 30
Dec. 30
1940—j u n e 29
Dec. 31
1941—Apr. 4
June 30
Sept. 24
Dec. 31
1942—Apr. 4
' City of
Chicago*
1929—Dec. 31
1 9 3 3 _ j u n e 30
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—Apr. 4
June 30
Sept. 24
Dec. 31
1942—Apr. 4
2,374
2,235
10,011
11,604
13,751
13,992
13,531
12.959
13.246
12,396
12,725
558
405
712
841
789
991
837
999
1,061
1,087
827
846
4,975
5,915
7,072
7,057
6,715
5,857
5,534
5,105
5,236
169
232
897
993
1,187
1,051
815
1,062
1,278
1,021
1,088
Reserve City
Banks
1929—Dec. 31
1933—June 30
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—Apr. 4
June 30
Sept. 24
Dec. 31
1942—Apr. 4
2,735
3,118
3,759
4,027
4,107
4,125
4,359
4,060
4,221
' Country
Banks
1929—Dec. 31
1933—June 30
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—Apr. 4
June 30
Sept. 24
Dec. 31
1942—Apr. 4
1,403
1,578
1,733
1,857
1,894
1,914
2,075
2,210
2,180
751
705
627
452
884
68
46
61
89
88
102
85
136
96
93
81
13
34
26
42
39
42
20
41
39
43
27
Balances
with
Demand
deIndiposits viduals, States
doad- 2 partner- and
bankS justed ships, political
and cor- subdipora- visions
tions
Individuals, States
U S partnerand
Gov- ships, polit- Postal
sav-4
ern^ and cor- ical
cers'
pora- visions ings
checks
tions
etc.3
16,647
12,089
23,587
25,681
27,877
30,429
31,576
32,678
33,822
33,754
34,670
17,526
11,830
22,448
24,604
26,397
29,576
29,752
31,429
32,149
33,061
32,602
1,335
1,087
2,532
2,321
2,529
2,724
2,957
2,940
3,090
3,066
3,285
179
101
112
125
119
122
4,750
4,358
8,012
8,899
10,235
11,062
11,645
11,619
11,506
10,761
11,335
5,847
4,676
8,281
9,030
10,283
11,357
11,629
11,895
11,595
11,282
11,235
128
96
288
251
258
370
302
319
300
319
296
1,180
461
472
178
147
471
302
306
342
450
154
957
912
1,041
42
87
197
167
199
174
181
213
228
233
203
423
349
917
813
956
995
6
154
131
114
6
141
192
133
203
235
283
242
319
6
283
6
6
262
271
298
285
156
122
318
348
334
396
361
385
425
425
348
1,002
2,210
2,485
2,679
2,741
6
2,859
2,793
6
2,885
2,590
6
2,705
321
203
307
363
328
452
372
437
501
526
429
2,117
2,614
2,711
3,002
6
3,044
3,106
6
3.293
3,216
6
3,093
947
908
702
870
1,666
1,739
1,898
1,941
1.755
2,205
2,228
2,215
1,919
1,565
1,676
1,782
1,905
1,685
2,109
2,112
2,152
1,886
5,229
3,764
7,654
8,176
8,774
9,581
10,137
10,480
11,060
11,117
11,689
5,547
3,708
7,331
8,002
8,372
9,468
9,552
10,142
10,637
11,127
11,105
1,206
1,139
1,221
1,144
1,313
5,711
3,054
6,255
6,866
6,969
7,845
8,039
8,374
9.028
9,661
9,726
5,091
2,576
5,272
5,896
5,960
6,846
6,886
7,282
7,805
8,500
8,376
1,130
1,090
1,115
1,184
1,269
1,269
1,341
1,370
1,473
742
555
1,681
12,267
7,803
11,063
11,215
11,459
11,687
11,837
11,898
11,980
11,878
11,520
595
300
441
432
410
435
392
397
382
418
395
122
788
59
51
59
56
54
55
50
50
49
20
332
84
74
67
48
29
32
135
866
967
1,112
33
4
46
43
29
51
38
27
29
29
25
18
110
32
16
22
24
17
27
26
33
29
34
31
8
46
60
80
79
90
108
95
95
127
296
332
358
471
483
489
496
486
480
469
476
455
58
1
17
10
15
g
10
17
22
2
<5
300
108
160
190
147
228
171
209
190
286
202
76
312
415
435
422
327
273
341
383
491
633
4,433
2,941
4,320
4,362
4,422
4,506
4,540
4,590
4,591
4,542
4,366
371
208
233
240
219
226
202
211
186
243
224
169
72
135
172
164
187
163
190
169
239
202
39
116
136
154
143
151
114
151
168
225
269
6,390
3,833
5,619
5,677
5,816
5,917
6,006
6,049
6,110
6,082
5,948
133
86
145
140
147
150
142
143
145
146
145
657
790
563
475
913
662
738
730
143
806
694
743
711
616
523
619
781
1,009 1,709
589 2,164
671
653
693
732
768
806
778
810
778
751
Demand
Time
3,517
3,057
7,097
8,507
8,852
9,581
6
9,873
9,610
6
10,176
9,714
6
9,650
95
89
142
144
134
135
6
137
6
6
138
Capital
accounts
879
191
5
3
3
3
3
3
13
4
14
6,709
4,837
5,496
5,522
5,608
5,698
5,754
5,800
5,852
5,886
5,930
597
128
524
695
650
646
6
577
623
179
8
563
"io"
2,105
1,582
1,586
1,592
1,599
1,615
1,623
1,625
L,635
1,648
1,655
641
790
612
576
" "I"
292
16
103
690
6
2,029
1,533
1,812
1,828
1,873
1,904
1,917
1,940
1,948
1,967
1,981
6
7
26
26
29
29
6
29
30
6
32
30
6
28
3
1
2
2
2
2
6
2
2
6
2
2
6
2
367
167
5
3
3
3
3
3
3
4
4
2,258
1,517
L.828
1,851
L,876
1,909
1,943
L,956
1,990
1,982
2,005
405
228
439
571
538
633
779
6
64
15
69
53
44
51
649
*6 5 5
55
55
6
54
61
285
40
35
37
33
31
31
30
31
30
6
6
316
204
270
250
260
270
270
279
279
288
289
30
59
115
117
105
106
652
678
41
1,604
1,315
2,920
3,516
3,526
3,919
6
4 023
4,000
6
4,324
4,302
6
4,235
677
688
6
41
388
19
14
18
19
19
19
19
20
18
732
635
118 •
33
2
12
9
7
8
67
8
6
8
8
69
1,151
1,010
6
l,081
1,027
6
1,253
6
6
628
133
19
6
698
146
607
759
703
706
6
40
1,198
22
1,255
2,992
3,542 . . . . . . .
3,840
4,032
6
4,021
3,948
6
4,040
6 3,595
3,383
6
Foreign
banks
140
310
259
746
879
949
997
3
5
5
4
5*
Borrowings
Domestic
banks
Certified
2,168
2,008
4,674
5,506
5,751
6,185
6
6,340
6,293
6
6,562
6,246
6
6,276
6
Interbank
deposits
Time deposits,
except interbank
Demand deposits,
e;xcept interbank
6
108
6
108
108
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
cash 3items 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.
*6 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
Central reserve city banks.
6
Partly estimated.
Back figures.—See Annual Report for 1937 (tables 52-58).
JUNE
194Z
569
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS A N D INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans
D a t e or month
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
Open
market
paper
Investments
U. S. Government obligations
Loans for
purchasing
or carrying
securities
Real
estate
loans
To
brokers
and
dealers
To
others
Loans
to
banks
Other
loans
Total
Total
Bills
Certificate
of in- Notes
debtedness
Bonds
Guaranteed
Other
securities
•
Total—101 Cities
1941—April
December...
27,270
30,053
9,849
11,371
5,506
6,709
351
429
482
542
450
425
1,230
1,259
41
41
1,789
1,966
17,421 13,628
18,682 15,021
847
956
2,185
2,540
7,701
8,575
2,895
2,950
3,793
3,661
1942—January....
February
March
April
30,229
30,570
30,941
31,095
11,271
11,331
11,408
11,288
6,737
6,860
6,976
6,905
425
423
426
418
483
451
435
434
408
408
409
402
1,251
1,250
1,246
1,244
43
35
28
28
1,924
1,904
1,888
1,857
18,958
19,239
19,533
19,807
15,285
15,542
15,803
16,090
1,098
1,247
1,107
1,000
2,456
2,335
2,348
2,360
8,891
9,243
9,637
9,684
2,840
2,717
2,711
2,681
3,673
3,697
3,730
3,717
1942—Feb. 25
30,943
11,392
6,902
422
471
410
1,250
37
1,900
19,551 15,855 1,206
2,337
9,589
2,723
3,696
2,337
2,346
2,352
2,357
9,615
9,631
9,639
9,662
2,723
2,720
2,701
2,702
3,670
3,688
3,826
3,735
365
Mar
Mar.
Mar.
Mar.
4
11
18
25
30,918
31;034
31,031
30,781
11,374
11,411
11,446
11,402
6,902
6,959
7,035
7,008
429
424
424
426
460
455
417
408
410
410
408
407
1,248
1,246
1,246
1,245
32
29
27
27
1,893
1,888
1,889
1,881
19,544
19,623
19,585
19,379
15,874 1,199
15,935 1,238
15,759 1,067
15,644
923
Apr
Apr!
Apr.
Apr.
Apr.
1
8......
15
22
29
30,494
30,883
31,502
31,393
31,205
11,394
11,381
11,332
11,242
11,094
7,003
6,975
6,948
6,874
6,726
424
422
419
415
409
408
449
438
433
441
407
400
408
400
395
1,245
1,244
1,244
1,244
1,246
29
27
25
30
30
1,878
1,864
1,850
1,846
1,847
19,100
19,502
20,170
20,151
20,111
15,389
15,776
16,446
16,435
16,405
680
1,045
1,113
1,103
1,058
606'
609
611
2,354
2,365
2,364
2,361
2,356
9,671
9,670
9,681
9,695
9,705
2,684
2,696
2,682
2,667
2,675
3,711
3,726
3,724
3,716
3,706
31,135
31,222
31,888
11,008
11,001
11,012
6,649
6,669
6,613
407
412
400
456
433
502
393
395
415
1,245
1,244
1,246
25
24
24
1,833
1,824
1,812
20,127 16,471 1,068
20,221 16,576 1,150
20,876 17,210 1,236
676
676
687
2,352
2,348
2,350
9,696
9,736
10,276
2,679
2,666
2,661
3,656
3,645
3,666
New York City
1941—April
December...
11,263
12,220
3,229
3,796
2,090
2,577
96
87
341
379
163
151
112
104
32
36
395
462
8,034
8,424
6,578
6,976
351
365
1,374
1,564
3,185
3,425
1,668
1,622
1,456
1,448
1942—January....
February
March
April
12,212
12,267
12,471
12,592
3,761
3,83
3,89
3,85
2,600
2,697
2,775
2,733
81
79
79
79
335
317
308
316
146
149
148
147
102
103
103
103
39
32
26
26
458
453
454
447
8,45
8,43
8,578
8,74
6,984
6,981
7,097
7,273
408
413
334
347
1,517
1,447
1,457
1,461
3,516
3,642
3,821
3,846
1,543
1,479
1,485
1,457
1,467
1,456
1,481
1,468
1942—Feb. 25
12,470
3,87
2,734
79
329
150
103
33
450
8,592
7,137
400
1,448
3,800
1,489
1,455
29
26
25
25
455
454
452
452
8 595
8^592
8,602
8^522
7,157
7,152
7,046
7,031
388
401
289
256
1 449
1,453
1,462
1,465
3,825
3,809
3,817
3,831
1,495
1,489
1,478
1,479
1 438
1,440
1,556
1,491
May 6
May 13
May 20
162*
Mar.
Mar.
Mar.
Mar.
4 . . .
11
18
25
„
12,471
12,505
12,503
12,404
3,87
3,91
3,90
3,88
2,734
2,774
2,804
2,788
80
79
77
80
327
328
292
286
•MO
149
148
148
103
103
103
103
Apr.
Apr
Apr.
Apr.
Apr.
1. . . . . .
8 ....
15
22
29
12,402
12,524
12,749
12,707
12,581
3,89
3,91
3,88
3,84
3,72
2,793
2,787
2,755
2,719
2,610
81
80
77
78
76
291
332
321
320
316
147
145
154
148
142
103
103
103
103
104
27
23
23
28
28
453
448
447
444
445
8,507
8,606
8,869
8,867
8,860
7,033
7,122
7,396
7,405
7,411
259
341
378 " 2 6 9 '
387 267
371 273
1,462
1,467
1,466
1,458
1,452
3,845
3,844
3,834
3,848
3,862
1,467
1,470
1,449
1,445
1,453
1,474
1,484
1,473
1,462
1,449
May 6
May 1 3 . . . . . .
May 20
12,568
12,587
12,848
3,73
3,72
3,77
2,614
2,625
2,595
81
82
76
336
316
386
141
143
1 SR
104
103
103
23
22
21
439
437
434
8,830
8,859
9,075
7,447
7,478
7,678
335
344
383
1,445
1,437
1,427
3,881
3,913
4,107
1,451
1,444
1,436
1,383
1,381
1,397
Outside
New York City
1941—April
December...
16,007
17,833
6,62
7,57
3,416
4,132
255
342
141
163
287
274
1,118
1,155
9
5
1,394
1,504
9,387
10,258
7,050
8,045
496
591
811
976
4,516
5,150
1,227
1,328
2,337
2,213
1942—January
February.,.5
March
April
18,017
18,303
18,470
18,503
7,51
7,50
7,51
7,43
4,137
4,163
4,201
4,172
344
344
347
339
148
134
127
118
262
259
261
255
1,149
1,147
1,143
1,141
4
3
2
2
1,466
1,451
1,434
1,410
10,507
10,802
10,955
11,066
8,301
8,561
8,706
8,817
690
834
773
653
939
888
891
899
5,375
5,601
5,816
5,838
1,297
1,238
1,226
1^224
2,206
2,241
2,249
2,249
1942—Feb. 25
18,473
7,51
4,168
343
142
260
1,147
4
1,450
10,959
8,718
806
•
335
340
325
203
889
5,789
1,234
2,241
Mar.
Mar.
Mar.
Mar.
4
11
18
25
18,447
18,529
18,528
18,377
7,49
7,49
7,54
7,52
4,168
4,185
4,231
4,220
349
345
347
346
133
127
125
122
262
261
260
259
1,145
1,143
1,143
1,142
3
3
2
2
1,438
1,434
1,437
1,429
10,949
11,031
10,983
10,857
8,717
8,783
8,713
8,613
811
837
778
667
888
893
890
892
5,790
5,822
5,822
5,831
1,228
1,231
1,223
1,223
2,232
2,248
2,270
2,244
Apr.
Apr.
Apr.
Apr.
Apr.
1
8
15
22
29
18,092
18,359
18,753
18,686
18,624
7,49
.7,46
7,45
7,40
7,37
4,210
4,188
4,193
4,155
4,116
343
342
342
337
333
117
117
117
113
125
260
255
254
252
253
1,142
1,141
1,141
1,141
1,142
2
4
2
2
2
1,425
1,416
1,403
1,402
1,402
10,593
10,896
11,301
11,284
11,251
8,356
8,654
9,050
9,030
8,994
421
704
735 "337*
716 342
687 338
892
898
898
903
904
5,826
5,826
5,847
5,847
5,843
1,217
1,226
1,233
1,222
1,222
2,237
2,242
2,251
2,254
2,257
May 6
May 13
May 20
18,567
18,635
19,040
7,270
7,273
7,239
4,035
4,044,
4,018
326
330
324
120
117
116
252
252
257
1,141
1,141
1,143
2
2
3
1,394
1,387
1,378
11,297
11,362
11,801
9,024
9,098
9,532
733
806
853
907
911
923
5,815
5,823
6,169
1,228
1,222
1,225
2,273
2,264
2,269
341
336
362
NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back 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.
FEDERAL RESERVE
BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES A N D LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits
except interbank
Date or month
Reserves
with
Cash
Fedin
eral
vault
Reserve
Banks
Balances
with
domestic
banks
Demand
deposits
adjusted 1
Time deposits,
except interbank
Individuals,
partnerships,
and
corporations
States Certiand
fied
U.S.
politand
Govical
offiernsubcers'
4
ment'
divi- checks
sions
etc.
Individuals,
partnerships,
and
corporations
States
and
polit- Postal
savical
ings^
subdivisions
Interbank
deposits
Domestic
banks
Foreign
banks
Demand
Time
Borrowings
Capital Bank
deacbits 3
counts
Total 101 Cities
1941—April
December
11,371
10,171
510
574
3,472
3,313
23,515
24,142
22,947
23,997
1,769
1,715
491
599
390
1,165
5,275
5,188
172
182
25
23
9,077
9,090
114
109
645
660
3
2
3,847 8,689
3,921 10,820
1942—January
February
March
April
10,324
10,223
10,195
9,936
558
540
530
514
3,313
3,280
3,283
3,277
24,307
24,714
24,882
24,845
23,942
24,343
24,400
24,304
1,701
1,799
1,813
1,963
558
552
538
533
1,518
1,460
1,815
1,810
5,089
5,010
4,976
4,942
182
185
170
173
21
20
20
20
9,060
9,017
8,846
8,739
101
97
93
91
645
637
635
639
1
1
1
5
3,917
3,927
3,932
3,935
9,114
8,713
9,679
9,166
Feb. 25
10,001
547
3,267
24,712
24,595
1,804
766
1,671
5,005
180
20
8,937
96
653
1
3,929
8,380
Mar. 4
Mar. 11
Mar. 18
Mar. 25
10,233
10,301
10,287
9,957
526
556
523
515
3,260
3,263
3,312
3.30Q
24,815
25,129
25,010
24,574
24,313
24,777
24,577
23,933
1,773
1,768
1,835
1,876
493
529
630
501
1,784
1,792
1,835
1,850
5,006
4,977
4,964
4,957
179
173
162
165
20
20
20
20
8,933
8,851
8,911
8,690
93
93
92
93
627
640
636
637
1
1
1
1
3,939 10,041
3,930 8,724
3,930 10,571
3,931 9,382
Apr. 1
Apr. 8
Apr. 15
Apr. 22
Apr. 29
9,951
10,049
9,884
9,896
9,902
491
520
502
519
535
3,367
3,265
3,323
3,214
3,217
24,197
24,799
24,725
25,145
25,358
23,673
24,093
24,590
24,526
24,636
1,916
1,888
1,920
1,995
2,096
593
471
578
480
544
1,869
1,720
2,174
1,780
1,506
4,953
4,945
4,945
4,940
4,929
164
169
170
172
189
20
20
20
20
20
8,792
8,781
8,880
8,643
8,597
93
92
91
90
90
639
630
632
643
652
6
3
5
6
8
3,937 10,201
3,936 7,962
3,937 9,212
3,936 9,083
3,929 9,373
May 6
May 13
May 20
9,646
9,794
9,709
516
541
485
3,248
3,369
3,297
24,854
25,241
25,395
23,997
24,752
24,752
2,102
2,061
2,080
550
466
526
1,393
1,292
l,834
4,927
4,920
4,918
197
193
192
20
20
20
8,802
8,908
8,687
90
88
86
660
660
659
4
2
3
3,947 10,640
3,948 8,587
3,947 10,161
New York City
1941—April
December
6,202
4,890
82
88
116
91
10,987
10,245
11,064
10,458
307
288
282
316
18
626
719
713
27
23
3,862
3,587
585
597
1,511
1,534
3,681
4,466
1942—January
February
March
April
4,991
4,955
4,879
4,682
80
78
76
78
93
84
109
111
10,300
10,430
10,559
10,519
10,428
10,627
10,727
10,687
254
249
241
282
313
320
276
281
811
736
872
940
714
699
690
680
23
28
21
20
3,465
3,461
3,338
3,250
581
572
573
573
1,533
1,538
1,539
1,541
3,699
3,466
3,863
3,557
Feb. 25
4,826
80
84
10,404
10,745
250
521
833
695
28
3,441
587
1,537
3,371
Mar.
Mar.
Mar.
Mar.
4
11
18
25
4,884
4,922
4,924
4,786
74
79
75
77
83
89
107
160
10,517
10,633
10,578
10,509
10,668
10,858
10,804
10,576
201
196
295
271
260
304
270
269
857
860
879
890
698
691
685
684
27
20
19
20
3,373
3,342
3,382
3,257
567
577
575
574
1,542
1,539
1,538
1,538
3,910
3,696
4,232
3,612
Apr. 1
Apr 8
Apr. 15
Apr. 22
Apr 29
4,871
4 775
4,627
4,565
4,574
73
78
75
78
85
194
105
89
84
82
10 612
10 637
10,284
10,490
10 571
10,792
10 694
10,641
10,608
10 702
286
271
278
277
300
331
240
324
239
271
907
832
1,180
931
848
685
683
680
680
670
20
20
20
20
20
3 255
3 260
3 311
3,231
3 193
576
566
567
576
581
1,541
1 542
1,541
1,542
1 537
3 935
3 052
3 670
3,415
3 715
May 6
May 13
May 20
4,401
4,551
4,515
79
82
77
80
81
77
10,169
10,332
10,429
10,225
10,494
10,553
292
283
321
302
236
293
959
925
1,155
664
660
652
20
20
21
3,230
3,271
3,165
591
591
590
2
1
1,547
1,546
1,547
4,507
3,239
4,108
Outside
New York City
1941—April
December
5,169
5,281
428
486
3,356
3,222
12,528
13,897
11,883
13,539
1,462
1,427
209
283
372
539
4,556
4,475
145
159
25
23
5,215
5,503
114
109
60
63
3
2
2,336
2,387
5,008
6,354
1942—January
February
March
April
5,333
5,268
5,316
5,254
478
462
454
436
3,220
3,196
3,174
3,166
14,007
14,284
14,323
14,326
13,514
13,716
13,673
13,617
1,447
1,550
1,572
1,681
245
232
262
252
707
724
943
870
4,375
4,311
4,286
4,262
159
157
149
153
21
20
20
20
5,595
5,556
•5,508
5,489
101
97
93
91
64
65
62
66
1
1
1
4
2,384
2,389
2,393
2,394
5,415
5,247
5,816
5,609
'
r
r
r
1
5
Feb. 25
5,175
467
3,183
14,308
13,850
1,554
245
838
4,310
152
20
5,496
96
66
1
2,392
5,009
Mar.
Mar.
Mar.
Mar.
4
11
18
25
5,349
5,379
5,363
5,171
452
477
448
438
3,177
3,174
3,205
3,140
14,298
14,496
14,432
14,065
13,645
13,919
13,773
13,357
1,572
1,572
1,540
1,605
233
225
360
232
927
932
956
960
4,308
4,286
4,279
4,273
152
153
143
145
20
20
20
20
5,560
5,509
5,529
5,433
93
93
92
93
60
63
61
63
1
1
1
1
2,397
2,391
2,392
2,393
6,131
5,028
6,339
5,770
Apr.
Apr.
Apr.
Apr.
Apr.
1
8
15
22
29
5,080
5,274
5,257
5,331
5,328
418
442
427
441
450
3,173
3,160
3,234
3,130
3,135
13,585
14,162
14,441
14,655
14,787
12,881
13,399
13,949
13,918
13,934
1,630
1,617
1,642
1.718
1,796
262
231
254
241
273
962
888
994
849
658
4,268
4,262
4,265
4,260
4,259
144
149
150
152
169
20
' 20
20
20
20
5,537
5,521
5,569
5,412
5,404
93
92
91
90
90
63
64
65
67
71
6
3
5
1
8
2,396
2,394
2,396
2,394
2,392
6,266
4,910
5,542
5,668
5,658
May 6
May 13
May 20
5,245
5,243
5,194
437
459
408
3,168
3,288
3,220
14,685
14,909
14,966
13,772
14,258
14,199
1,810
1,778
l,759
248
230
233
434
367
679
4,263
4,260
4,266
177
173
171
20
20
20
5,572
5,637.
5,522
90
88
86
69
69
69
2
2
2
2,400
2,402
2,400
6,133
5,348
6,053
r
r
r
r
Revised.
1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
3 Debits to demand deposit accounts except interbank and U. S. Government accounts, during week; for description and back figures see pages 450 and
503 of the May BULLETIN.
JUNE
194Z
571
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS A N D INVESTMENTS
[In millions of dollars]
Federal Reserve
district and date
(1942)
Boston (6 cities)
Apr. 29
May 6
May 13
May 20
New York (8 cities)*
Apr. 29
May 6
May 13
May 20
Philadelphia (4 cities)
Apr. 29
May 6
May 13
May 20
Cleveland (10 cities)
Apr. 29
May 6
May 13
May 20
Richmond (12 cities)
Apr. 29
May 6
May 13
May 20
Atlanta (8 cities)
Apr. 29
May 6
May 13
May 20
Chicago (12 cities)*
Apr. 29
May 6
SMay 13
May 20
St. Louis (5 cities)
Apr. 29
May 6
May 13 . . . .
May 20
Minneapolis (8 cities)
Apr. 29
May 6
. .
May 13
May 20
Kansas City (12 cities)
Apr. 29
May 6
May 13
May 20
Dallas (9 cities)
Apr. 29
May 6
May 13
May 20
San Francisco (7 cities)
Apr. 29
May 6
May 13
May 20
City of Chicago*
Apr 29
May 6
May 13
May 20
. . .
Total
loans
and
investments
Com-
Total
cial,
industrial,
and
agricultural
Open
market
paper
Loans
Investments
Loans for
purchasing
or carrying
securities
U . S. Government obligations
To
brokers
and
dealers
Real Loans
to
estate
loans banks
Other
loans^
Total
Total
To
others
CertiOther
ficate
secuG u a r - rities
of
Bills
in- Notes Bonds anteed
debtedness
1,628
1,626
1,638
1,671
804
798
796
799
447
447
445
450
113
110
110
109
13
12
11
12
14
14
14
14
76
75
76
76
1
1
1
1
140
139
139
137
824
828
842
872
687
691
702
730
59
62
75
78
38
40
40
42
47
•47
47
49
488
487
485
506
55
55
55
55
137
137
140
142
13,714
13,715
13,727
14,001
4,116
4,134
4,123
4,167
2,767
2,772
2,782
2,752
84
89
90
83
320
340
320
390
184
183
185
201
192
192
191
192
28
23
22
21
541
535
533
528
9,598
9,581
9,604
9,834
8,000
8,035
8,049
8,254
429
399
395
415
285
344
349
334
1,521
1,515
1", 508
1,498
4,215
4,230
4,264
4,482
1,550
1,547
1,533
1,525
1,598
1,546
1,555
1,580
1,434
1,423
1,426
1,444
554
543
546
545
302
295
298
298
38
36
37
36
29
26
26
26
32
32
32
32
49
49
49
49
104
105
104
104
880
880
880
899
622
621
621
640
14
15
15
18
15
14
14
14
25
25
25
25
476
475
475
492
92
92
92
91
258
259
259
259
2,484
2,484
2,470
2,520
880
883
881
875
430
434
434
433
34
32
32
31
17
16
14
14
16
17
17
16
182
183
183
183
201
201
201
197
1,604
1,601
1,589
1,645
1,325
1,322
1,310
1,365
33
35
32
38
41
41
38
57
210
207
206
206
884
882
879
911
157
157
155
153
279
279
279
280
930
934
933
943
331
332
333
329
163
162
162
162
19
20
20
20
3
4
4
3
11
12
12
11
53
53
53
53
82
81
82
80
599
602
600
614
533
534
532
546
6
8
10
ii
12
12
12
12
75
75
76
75
342
341
337
351
98
98
97
97
66
68
68
68
868
866
865
874
396
394
392
386
222
222
222
219
8
7
7
7
5
5
5
5
8
8
8
8
31
31
31
31
121
120
118
115
472
472
473
488
361
362
363
377
45
47
48
45
19
19
18
18
49
49
51
52
188
186
184
200
60
61
62
62
111
110
110
111
4,413
4,443
4,481
4,658
1,381
1,374
1,385
1,381
942
935
946
939
37
36
39
39
32
33
32
33
57
56
56
57
146
146
146
146
167
168
166
167
3,032
3,069
3,096
3,277
2,418
2,454
2,499
2,690
289
318
362
405
121
124
123
127
220
222
222
223
1,481
1 482
1,484
1,627
307
308
308
308
614
615
597
587
974
976
994
993
431
427
429
421
259
256
259
253
24
23
23
22
4
4
4
3
10
10
10
10
59
59
59
59
75
75
74
74
543
549
565
572
429
434
450
456
50
56
73
68
14
14
14
14
43
42
42
42
267
. 266
266
276
55
56
55
56
114
115
115
116
506
489
492
504
262
250
248
247
144
136
135
135
3
3
3
2
2
1
1
1
5
5
5
6
16
16
16
16
92
89
88
87
244
239
244
257
205
199
205
218
5
6
10
9
9
9
10
14
14
14
15
150
148
148
155
27
28
28
28
39
40
39
39
884
840
851
873
448
392
388
387
290
237
232
229
4
3
4
3
9
9
9
9
33
33
33
35
82
79
79
79
436
448
463
486
313
325
340
363
28
30
36
43
13
15
17
17
43
48
52
54
149
147
149
163
80
85
86
86
123
123
123
123
702
689
691
704
350
342
344
344
250
243
245
240
3
3
3
3
3
3
3
3
13
12
12
16
22
22
22
22
59
59
59
60
352
347
347
360
288
282
283
296
38
35
36
37
14
14
14
13
42
41
41
42
156
154
154
166
38
38
38
38
64
65
64
64
2,668
2,650
2,654
2,703
1,141
1,139
1,136
1,131
510
510
•509
503
16
17
17
16
9
9
9
9
36
35
35
35
387
386
385
384
183
182
181
184
1,527
1,511
1,518
L,572
1,224
1,212
1,222
1,275
62
63
62
68
30
30
28
29
67
67
64
69
909
898
911
947
156
154
157
162
303
299
296
297
2,805
2,828
2,858
3,007
897
891
900
895
700
693
702
692
13
13
15
16
28
29
28
30
50
49
49
51
23
23
24
24
83
84
82
82
1,908
1,937
L 958
2,112
1,508
1,539
1,579
1,745
239
267
304
346
75
78
78
80
134
950
134
950
134
953
135 1,073
110
110
110
111
400
398
379
367
30 <
31
31
32
1
1
1
1
1
* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table.
New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.
572-
The figures for the
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
J Federal Reserve
( district and date
(1942)
Boston (6 cities)
Apr. 29
May 6
May 13
May 20
New York (8 cities)*
Apr. 29
May 6
May 13
May 20
Philadelphia (4 cities)
Apr. 29
May 6
May 13
May 20
Cleveland (10 cities)
Apr. 29
May 6
May 13
May 20
Richmond (12 cities)
Apr. 29
May 6
May 13
May 20
Atlanta (8 cities)
Apr. 29
May 6
May 13
May 20
Chicago (12 cities)*
Apr. 29
May 6
May 13
May 20
St. Louis (5 cities)
Apr. 29
May 6
May 13
,
May 20
Minneapolis (8 cities)
Apr. 29
May 6
May 13
May 20
Kansas City(12 cities)
Apr. 29
May 6
May 13
May 20
Dallas (9 cities)
Apr.
May
May
May
29
6
13
20............
ReDeIndiserves
Balwith Cash ances mand viduals,
Feddewith
in
eral vault
posits partdoRemestic ad- 1 nerserve
banks justed ships,
and
Banks
corporations
Time deposits,
except interbank
States Certified
and
polit- and U.S.
Govoffiical
ern-4
cers' ment
subdivi- checks
sions etc.
Individuals,
partnerships,
and
corporations
Interbank
deposits
Domestic
banks
States
Bor- CapBank
row- ital
and
deb-3
acFor- ings counts
polit- Postal
its •
ical
eign
Sav
• 2
subbanks
Dedivimand Time
sions
216
215
214
214
1
1
1
1
335
345
352
330
23
24
24
22
253
253
25'
254
545
631
542
585
986
951
1,194
1,020
1,015
1,011
1,004
33
33
33
38
3,268
3,307
3,347
3,241
582
592
592
591
1,663
1,673
1,67:
1,673
4,001
4,855
3,524
4,487
16
14
13
17
31
14
14
28
170
170
169
169
2
2
2
2
404
404
418
405
7
6
6
6
21
219
219
219
453
478
390
414
123
119
126
120
46
39
30
33
46
20
17
29
678
678
677
677
20
20
20
19
502
509
506
499
2
2
1
2
397
398
399
399
752
740
644
717
724
718
744
738
92
91
92
94
15
17
16
13
32
21
19
33
198
198
198
199
2
2
2
2
383
389
398
384
99
103
104
104
291
325
292
331
591
593
614
604
568
564
594
583
100
100
100
98
7
7
7
6
41
24
25
45
185
*186
185
186
3
4
3
4
433
434
432
. 422
100
100
100
100
254
287
261
303
638
602
620
604
3,750
3,693
3,724
r
3,735
3,467
3,384
3,503
3,496
483
487
470
r
454
68
58
46
45
228
152
108
r
259
937
937
937
938
2
2
2
1,408
1,454
1,454
1,398
436 1,475
438 1,673
438 1,425
204
191
187
187
662
647
663
652
668
661
682
659
60
59
59
59
9
10
11
41
24
19
34
181
181
181
177
475
491
502
505
101
102
100
100
261
286
265
308
99
128
113
113
71
124
139
124
304
353
363
364
266
312
325
324
68
71
70
71
7
10
6
6
21
18
14
15
105
105
105
105
186
210
210
203
65
65
65
65
198
199
157
168
249
278
272
263
306
359
376
364
683
670
694
689
647
645
679
670
99
98
93
99
11
10
11
11
29
24
19
22
133
133
133
135
1
1
1
1
507
561
564
566
113
113
113
113
284
298
258
310
190
189
201
192
290
292
302
305
649
635
651
641
617
613
646
629
71
66
61
59
10
11
10
12
37
31
29
45
118
118
118
118
11
10
11
10
314
321
331
332
1
1
1
1
94
94
94
94
237
246
226
274
308
312
331
334
1,514
1,492
1,543
1,556
1,473
1,468
1,544
1,544
127
124
123
123
37
28
27
30
84
51
49
95
988
991
992
996
111
119
115
110
382
377
394
402
22
21
22
22
391
389
390
390
622
622
603
672
318
315
314
327
2,402
2,385
2,367
2,388
2,281
2,225
2,269
2,281
236
268
256
243
41
31
23
21
174
112
64
202
459
459
459
459
1,039
1,083
1,084
1,037
9
9
9
9
472
457
456
475
119
118
120
86
155
171
174
162
1,557
1,553
1,564
1,586
1,515
1,497
1,529
1,536
119
117
114
115
27
26
27
25
4,769
4,587
4,738
4,725
112
106
110
104
206
198
214
201
11,512
11,111
11,290
11,390
11,416
10,916
11,204
11,266
578
582
569
609
292
321
263
317
487
490
502
496
26
26
27
26
185
188
192
191
1,351
1,362
1,370
1,380
1,267
1,253
1,279
1,278
176
188
184
179
716
693
699
694
57
57
60
57
374
345
353
344
2,021
1,987
1,996
2,025
2,008
1,966
2,023
2,029
294
290
294
291
33
30
32
30
236
230
242
242
764
758
769
773
198
198
212
206
20
19
21
19
244
236
239
239
1,610
1,533
1,460
1,407
77
75
80
78
258
254
261
264
15
15
16
15
San Francisco (7 cities)
560
Apr. 29
549
May 6
586
May 13
583
May 20.^
City of Chicago*
1,192
Apr. 29
1,141
May 6
M a y 13...,.., ,... 1,045
995
M a y 20.... „.,...
1,592
284
894
285 1,080
285
905
284
986
r
Revised.
* See note on preceding page.
1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2 U. S. Treasurers' time deposits, open account, are combined with postal savings (time) deposits.
d
Debits to demand deposit accounts except interbank and U. S. Government accounts, during week; for description and back figures see pages 450
and 503 of the May
BULLETIN.
JUNE
573
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Commercial
paper
outstanding 1
End of month
1941—January
February
March
April
. .» .
Mav
June
July
August
September
October
November
December
Based on
Held by
Accepting banks
Total
outstanding
Total
Own
bills
Bills
bought
Others
2
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stc red in or
shipped jetween
poin tsin
United
States
Foreign
countries
26
26
25
23
22
20
16"
11
9
11
12
11
11
13
16
14
232
241
263
275
295
299
330
354
371
378
387
375
213
212
217
220
215
213
210
197
177
185
194
194
168
164
170
17©
164
161
161
148
131
138
144
146
103
99
107
105
105
101
106
100
85
90
93
92
65
65
63
66
60
59
55
47
46
47
51
54
45
48
47
49
51
52
49
50
46
47
50
49
115
119
120
126
125
123
121
114
105
109
116
116
16
18
24
25
24
24
22
21
13
12
14
15
11
7
3
3
3
3
4
4
5
4
44
42
41
38
41
43
47
49
45
48
48
48
381
388
384
373
197
190
183
177
154
144
146
139
103
92
89
86
52
53
57
53
43
46
37
38
116
112
103
97
17
18
17
17
3
2
2
1
51
44
45
48
1942—January
February
March
April
7
8
1
As reported by dealers; includes some finance company paper sold in open market.
2
None held by Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 70).
CUSTOMERS' D E B I T BALANCES, M O N E Y B O R R O W E D , . A N D P R I N C I P A L RELATED ITEMS OF S T O C K E X C H A N G E
FIRMS C A R R Y I N G M A R G I N A C C O U N T S
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
* Debit
Debit m
Customers' balances in balances in
debit
firm
partners'
balances
investment investment
(net) 1
and trading and trading
accounts
accounts
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed 2
Free
Other credit balances
Other
(net)
In partners'
Infirm
investment investment
and trading and trading
accounts,
accounts
In capital
accounts
(net)
1936—June
December
1,267
1,395
67
64
164
164
219
249
985
1,048
276
342
86
103
24
30
14
12
1937—June
December
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
420
424
397
355
1938—June
December
774
991
27
32
88
106
215
190
495
754
89
60
22
22
11
5
298
305
1939—June
December
834
906
25
16
73
78
178
207
570
637
258
247
230
266
70
69
21
23
6
280
277
1940—June
December
653
677
12
12
58
99
223
204
376
427
267
281
22
22
1941—April
May
June
July
August
September
October......
November
December
606
622
616
628
628
633
628
625
600
10
10
11
10
10
10
9
9
8
86
102
89
87
160
83
102
100
86
199
185
186
189
189
196
186
195
211
368
403
395
388
460
396
414
409
368
265
262
255
266
262
260
255
264
289
62
54
F60
1942—January
February
March
April
547
534
531
515
8
8
74
74
70
68
219
203
195
195
308
307
306
300
274
262
249
247
61
65
70
72
78
74
72
63
20
17
17
17
16
16
16
15
17
72
66
67
61
18
18
16
16
7
5
5
8
7
7
8
7
269
247
227
223
222
221
221
219
217
217
213
209
206
201
196
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms'
own partners.
2
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains t h a t 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).
574
FEDERAL RESERVE BULLETIN
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annumj
OPEN-MARKET MONEY RATES I N NEW Y O R K CITY
[Per cent per annum]
Year,
month, or
week
1940 average
1941 average
1941—April
May
June
July
Aug.
Sept
Oct
Nov.
Dec
1942—Jan
Feb
Mar
April
Week ending:
May 2
May 9
May 16
May 23
Yield
on U. S. Yield
Stock
Prime
Treas3-toPrime bankexu. s.
cer- on
5 year
comchange Treas- ury
ers'
tificates taxable
mercial acceptcall
ury
of in- U. S.
paper, ances,
loan
4 to 6
remonth debted- Treas3
ury
newmonthsl daysl
bills
(due
als'
Nov 1, notes
1942)
.59
.56
.54
.44
.44
.44
1.00
.56
.56
.56
.50
.50
.50
.50
.50
.56
.44
.44
44
.44
.44
.44
.44
44
.44
LOO
LOO
LOO
LOO
.00
LOO
.00
LOO
LOO
.56
63
.63
.63
.44
44
.44
.44
LOO
00
LOO
.299
X
%
X
%
.00
LOO
.00
LOO
0.358
0.368
0.365
0.365
.00
LOO
1 00
.023
.014
.103
.092
.082
.76
.81
.72
.68
.67
.62
.62
.72
.90
089
.097
.108
.055
.049
.242
.298
.214
1.02
.96
93
.93
.98
250
212
.47
.50
.49
.49
1.02
1.04
1.04
1.04
1 Monthly figures are averages of weekly prevailing rates.
2
The average rate on 90-day stock exchange time loans was 1.25 per
cent
during the entire period.
3
Rate on new issues offered within period. Tax-exempt bills prior to
March 1941; taxable bills thereafter.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
or Treasury bills and Treasury notes available on request.
1934 average 11
1935 average 1
1936 average 1
1937 average 1
1938 average
1939 average
1940 average
1941 average
Monthly figures1
1938—September
October
November
December
1939—January
February
Quarterly figures
1939—March
June
September
December
1940—March
June
September
December
1941—March
June
September
December
1942—March
Total
19 cities
New
York
City
7 other
Northern and
Eastern
cities
11 Southern and
Western
cities
3.45
2.93
2.68
2.59
2.53
2.78
2.63
2.54
2.45
1.76
1.72
1.73
1.69
2.Q7
2.04
1.97
3.71
3.39
3.04
2.88
2.75
2.87
2.56
2.55
4.32
3.76
3.40
3.25
3.26
3.51
3.38
3.19
2.53
2.57
2.49
2.60
2.64
2.52
1.70
2.74
2.90
2.68
2.95
2.97
2.69
3.26
3.21
3.20
3.23
3.32
3.26
2.95
2.91
2.68
2.59
2.65
2.59
2.68
2.59
2.58
2.55
2.60
2.41
2.48
2.13
2.15
2.04
1.96
2.03
2.00
2.14
2.00
2.06
1.95
1.98
1.88
3.05
3.05
2.78
2.59
2.67
2.49
2.56
2.53
2.53
2.58
2.62
2.45
2.48
3.77
3.62
3.31
3.32
3.35
3.38
3.43
3.36
3.25
3.23
3.29
2.99
3.20
L70
L70
L70
L73
1.70
L85
1
Prior to March 1939 figures were reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures —See November 1939 BULLETIN, pp. 963-969 for description
and for back figures.
B O N D YIELDS 1
[Per cent per annum]
Corporate (Moody's)5
Year, month, or week
U. S.
Government 2
Municipal 3
Highgrade
corporate 4
By ratings
Aaa
Number of issues.,
By groups
Total
2-6
Aa
Baa
Industrial
Railroad
Public
utility
30
30
30
30
40
1939 average...
1940 average...
1941 average...
2.36
2.21
1.95
2.76
2.50
2.10
2.92
2.77
2.67
3.77
3.55
3.34
3.01
2.84
2.77
3.22
3.02
2.94
3.89
3.57
3.30
4.96
4.75
4.33
3.30
3.10
2.95
4.53
4.30
3.95
3.48
3.25
3.11
1941—April
May
June
July
August
September....
October
November
December
1.96
1.92
1.91
1.90
1.94
1.94
1.88
1.85
1.97
2.20
2.14
2.08
2.03
2.00
1.99
1.91
1.90
2.25
2.76
2.75
2.70
2.66
2.65
2.64
2.61
2.57
2.68
3.39
3.37
3.34
3.30
3.29
3.30
3.27
3.26
3.35
2.82
2.81
2.77
2.74
2.74
2.75
2.73
2.72
2.80
3.04
2.99
2.95
2.90
2.90
2.91
2.87
2.86
2.95
3.38
3.34
3.31
3.26
3.24
3.24
3.21
3.19
3.27
4.33
4.32
4.31
4.28
4.27
4.30
4.28
4.28
4.38
3.06
3.02
2.96
2.90
2.90
2.88
2.85
2.85
2.94
3.96
3.95
3.95
3.92
3.92
3.95
3.93
3.91
3.99
3.16
3.13
3.10
3.07
3.06
3.07
3.05
3.04
3.12
1942—January...
February..
March
April
2.01
2.09
2.00
1.98
2.33
2.55
2.58
2.44
2.76
2.80
2.80
2.77
3.35
3.35
3.37
3.34
2.83
2.85
2.86
2.83
2.96
2.98
3.00
2.98
3.30
3.29
3.32
3.30
4.29
4.29
4.30
4.26
2.97
2.98
3.00
2.96
3.93
3.94
3.94
3.95
3.13
3.15
3.17
3.13
Week ending:
May 2. .
May 9. .
May 16.
May 23.
2.00
1.98
1.99
1.96
2.46
2.46
2.45
2.45
2.77
2.76
2.76
2.76
3.36
3.35
3.36
3.36
2.84
2.84
2.85
2.85
3.00
3.00
3.00
3.00
3.31
3.31
3.31
3.31
4.28
4.26
4.27
4.28
2.97
2.97
2.97
2.98
3.97
3.96
3.97
3.98
3.14
3.13
3.13
3.13
1
2
3
4
5
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
Average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years.
Standard and Poor's Corporation.
U. S. Treasury Department.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from 10 to 4 and 10 to 3 issues respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively.
Back figures.—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pages
21-24. Figures for U. S. Government bonds available on request.
JUNE 1942.
575
SECURITY MARKETS1
Stock prices6
Bond prices
Corporate4
Year, month, or week
U.S.
Government2
Municipal 3
Medium and lower-grade
Highgrade
t
Total
Industrial
Volume
of trading?
(in thousands of
Public
shares)
utility
Common (index , 1935-39 = 100)
DePublic faulted
utility
Railroad
Pre
"
ferredK5
Total
Industrial
Railroad
Number of issues...... „....
2-6
15
15
50
10
20
20
15
15
402
354
20
28
1939 average . . . . . . . .„... .„
1940 average. .. „.... „......
1941 average
...... .„..
105.2
107.2
111.0
116.3
121.2
129.0
113.8
115.9
117.8
89.5
94.8
98.9
91.2
97.3
103.9
78.1
83.8
86.9
99.3
103.5
106.1
13.8
14.0
21.9
167.5
169.2
171.9
94
88
80
95
88
80
75
71
71
99
96
81
977
767
629
1941—April
May
126.8
128.2
129.5
130.4
131.0
131.2
133.0
133.4
125.9
116.8
117.0
117.7
118.7
118.5
118.1
118.8
119.2
117.5
99.5
99.3
99.2
99.9
99.6
98.0
99.2
99.4
97.4
103.1
102.4
103.3
104.8
104.9
105.1
105.3
105.9
105.0
89.5
89.4
87.9
87.8
86.8
84.5
85.0
84.9
82.4
106.0
106.2
106.3
107.1
107.3
107.2
107.2
107.4
104.7
20.7
21.0
21.6
23.9
24.9
24.4
25.1
24.8
21.9
170.8
168.9
168.9
173.1
174.3
173.4
172.1
170.5
168.7
78
77
77
71
83
495
80
84
84
71
71
79
82
83
83
80
84
85
420
463
757
473
599
October
November
December....... .„ „..
110.8
111.4
111.5
111.7
111.1
111.1
112.0
112.4
110.7
1942—January.......... „.....
February
..
March
„..,...
April
,....„. ...
110.1
108.9
110.2
110.5
124.4
120.1
119.7
122.1
117.5
117.1
116.7
117.8
99.2
99.6
98.8
99.3
106.7
106.9
106.1
107.1
86.9
87.7
88.6
88.4
104.1
104.4
101.8
102.3
24.1
25.6
27.6
26.7
166.3
165.1
159.8
154.8
Week ending:
May 2
May 9
May 16
May 23
110.2
110.5
110.4
110.8
121.8
121.8
122.0
122.0
117.7
117.8
117.8
177.7
99.3
99.2
99.0
98.8
107.2
107.2
107.5
107.5
88.4
88.3
87.6
86.5
102.4
102.1
101.9
102.3
27.0
27.0
26.6
26.0
152.5
153.5
155.6
157.7
.
June
July
August
,.„
... .
77
74
74
82
81
73
81
82
79
74
70
68
61
79
75
66
557
792
1,542
73
70
66
63
74
71
67
65
69
68
65
61
66
65
61
57
565
404
363
336
61
63
63
63
62
64
64
64
60
61
60
59
53
56
56
58
323
308
284
388
80
77 •
72
1
2
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on basis
of a 32% per cent, 16 year bond. For description see November 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals.
Prices derived from average yields, as computed by Standard and Poor's Corporation.
4
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
5
Prices
derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
6
Standard and Poor's Corporation.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—For United States Government bonds, see November, 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79).
NEW SECURITY ISSUES
[In millions of dollars]
For new capital
Total
(new Total
Year or month
For refunding
Domestic
and
(doState
remestic
and
fund- and
ing)
for- Total municieign)
(doCorporate
State
F or
. 2 mestic
and
and
muTotal
forBonds
nicieign)
Total and Stocks
pal
notes
Federal
agen-1
cies
762
77
64
483
405
803
150
855
22
735
157
712
481
971
924
931
751 461
516 1,272
325
161
178
404
1,192
1,225
873
383
736
1,037
305
40
144
334
839
817
807
287
601
869
20
120
35
69
352
408
67
97
135
168
pal
Federal
agen-1
cies
1,751
1,063
2,160
4,699
6,214
3,937
4,449
5,842
4,803
5,506
1,197
720
1,386
1,457
1,972
2,138
2,360
2,289
1,951
2,826
1,165
708
1,386
1,409
1,949
2,094
2,325
2,239
1,948
2,825
1941—April
May
June
July
August
September .
October
November .
December..
920
745
745
60
645
39
29
406
881
612
471
273
299
238
216
107
519
296
360
65
132
111
121
107
519
296
360
65
132
110
121
37
59
40
33
31
29
21
42
5
370
212
61
20
64
90
44
327
34
103
89
59
1942—January
February...
March.......
April
333
178
182
122
182
122
83
30
104
158
104
158
22
51
11
37
87
55
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
x
.
„
. „.
, ,
19:
262
Domestic
Total
9
10
73
97
32
12
'"48"
23
44
35
50
2
1
Corporate
eign 2
Bonds
Total and Stocks
notes
554
343
774
3,242
4,242
1,799
2,089
3,553
2,852
2,679
498
283
765
3,216
4,123
1,680
2,061
3,465
2,852
2,675
87
37
136
365
382
191
129
195
482
433
93
26
317
987
353
281
665
1,537
344
698
319
219
312
1,864
3,387
1,209
1,267
1,733
2,026
1,545
315
187
312
1,782
3 187
856
1,236
1,596
1,834
1,419
10
175
175
40
28
107
299
362
316
110
209
167
127
95
299
362
316
110
209
167
127
95
74
26
14
11
20
35
53
18
28
223
216
25
27
35
32
25
197
113
86
74
161
97
42
52
162
108
76
73
156
96
29
50
35
5
30
324
22
50
83
46
3
14
13
4
12
54
6
13
107
32
36
55
19
151.
57
34
27
83
19
82
19
1
18
6
151
57
35
11
56
91
27
5
21
81
39
19
39
19
77
88
104
88
104
4
32
'"si"
200
352
31
137
193
126
56
60
9
26
119
119
28
88
4
11
2
6
13
2
1
2
Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
Includes issues of noncontiguous U. S. Territories and Possessions.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to
revision.
Backfigures—-SeeAnnual Report for 1937 (table 78).
576
FEDERAL RESERVE
BULLETIN
NEW CORPORATE SECURITY ISSUESi
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated
gross
proceeds 2
Estimated
net
proceeds 3
New money
Retirement of securities
Total
Plant and
equipment
Working
capital
Total
Bonds and
notes
Preferred
stock
Repayment
of
other debt
Other
purposes
530
2,698
4,781
2,374
2,324
2,177
2,786
2,524
515
2,629
4,637
2,303
2,279
2,128
2,723
2,480
57
243
858
1,046
779
325
604
797
32
111
380
574
504
170
424
639
26
131
478
472
275
155
180
158
362
2,193
3,575
1,106
1,254
1,708
1,927
1,528
362
2,121
3,349
916
1,167
1,650
1,798
1,448
226
190
87
59
128
80
84
170
154
111
239
69
174
102
26
19
S3
1940—August
September
October
November
173
108
373
148
578
169
106
366
145
567
48
43
45
65
193
32
35
39
25
158
16
9
6
41
35
103
57
316
73
367
101
55
312
59
318
2
2
5
15
50
16
5
2
6
6
2
1
2
1
1
1941—January
February
.
March
April
May*
June
July
August
September
October
November . ...
December
270
151
268
145
265
234
117
408
172
265
148
263
142
259
229
114
404
170
48
29
67
27
66
80
40
185
31
44
25
55
18
51
69
31
168
20
4
5
12
9
15
11
10
17
11
210
103
179
111
188
132
60
200
137
184
101
171
90
188
127
58
198
135
26
2
8
6
15
1
15
2
227
140
224
137
91
80
64
60
118
38
125
51
17
54
117
37
128
34
26
20
1942—January
February
March
April
164
78
161
71
40
38
34
33
5
80
23
80
12
39
70
35
15
4
55
46
12
41
12
1934
1935
1936
1937
1938
1939
1940
1941
76
100
118
102
121
44
71
2
4
16
10
14
2
11
21
5
2
2
2
1
1
10
v
11
23
49
39
2
1
4
5
5
19
ii"
5
3
17
9
2
ii
15
36
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
.
Retire- All Total
Total
Retire- All
Retire- All
Total
Total
Retire- All
net
New ment of other
net
New ment of other
net
New ment of other
net
New ment of other
pro- money securi- purpro- money securi- purpro- money securi- pur- 4 pro- money securi4
ties poses* ceeds
ties
ties
poses ceeds
poses*
poses ceeds
ceeds
ties
172
21
120
774
57
139
54
558
338
54
182
319
361
228
24
85
115
253
110
30
97
186
108
120
1940—August .
September
October
November
December
39
14
11
11
46
27
12
10
16
22
12
2
31
1941—January
February
March
April
32
71
8
27
21
3
5
50
5
2
May
June
July
August
September
October
November
December
1942—January
February
March
April
Other
Industrial
Public utility
Railroad
2
45
58
45
51
1
7
31
10
77
1
18
14
4
130
11
,250
,987
30
63
751
89
180
43
245
309
1,208
L,246
L,180
1.306
77
1,190
1,897
42
611
943
922
972
50
86
47
13
25
2
1,157
62
774
1,280
1,079
831
584
961
715
85
34
2
74
439
151
550
761
150
80
485
597
81
218
131
19
399
359
4
20
616
469
188
167
211
373
226
353
738
402
90
136
43
56
103
135
185
115
263
98
112
106
9
78
24
13
56
101
81
47
10
24
5
104
27
66
2
2
1
25
17
16
58
213
18
365
26
11
9
1
144
47
202
16
219
1
2
1
2
35
105
37
171
22
19
4
26
8
84
32
141
5
2
1
4
1
2
64
19
1
1
39
12
122
37
184
15
1
46
2
108
20
71
6
7
17
98
13
37
5
16
71
144
110
33
316
102
80
56
51
17
6
105
36
136
2
20
1
4
1
1
3
61
20
28
13
7
142
6
11
45
3
26
173
96
67
10
36
5
6
1
44
8
9
1
1
1
10
4
3
1
1
43
9
53
138
97
23
24
42
25
1
28
23
24
7
21
1
28
10
4
10
4
107
34
18
25
80
10
6
6
48
11
8
11
40
35
4
30
27
2
1
4
1
2
1
12
9
66
69
54
59
24
74
71
38
7
15
9
18
17
48
29
17
43
38
43
11
46
107
25
59
5«
50
35
27
6
12
^24
15
•••'i4'"
6
12
3
3
10
14
1
14
18
6
i3
1
24
7
1
4
1
15
1
4
5
34
4
3
2
15
36
1
2
3
4
Estimates of new issues sold for cash in the United States. Current figures subject to revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of notation, i.e., compensation to underwriters, agents, etc., and expenses.
Includes repayment of other debt and other purposes.
Source: Securities and Exchange Commission. For description of data and back figures, see pp. 217-219 of the March 1942 BULLETIN.
JUNE 1942.
577
QUARTERLY EARNINGS A N D DIVIDENDS OF LARGE C O R P O R A T I O N S
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits, 1 by industrial groups
Year or quarter
Total
Iron
and
steel
Machinery
Other
transportation
equipment
Automobiles
Nonferrous
metals
and
products
Other
durable
goods
Foods,
beverages
and
tobacco
Oil
prod,
and
refining
Other
nondurable
goods
Industrial
chemicals
Miscellaneous
services
Dividends
Net,
profits1
Preferred
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
r
2,169
146
278
r
325
115
158
193
223
242
r
274
102
173
227
119
133
r
153
70
" 88
r
113
151
148
r
159
98
112
174
186
194
207
134
160
187
122
132
r
159
847
1,028
r
l,144
90
90
92
564
669
r
7O7
284
311
320
550
13
14
35
85
20
25
26
44
64
61
12
86
23
21
20
39
25
22
30
42
8
16
23
23
31
36
44
41
14
21
26
37
36
40
45
66
28
29
32
45
24
27
29
42
173
185
167
321
21
22
21
26
114
119
125
207
422
412
396
588
47
51
79
101
33
39
34
52
69
53
17
103
41
36
33
63
33
29
30
40
14
21
25
28
34
38
33
43
34
30
25
24
46
45
52
51
41
41
39
39
29
30
29
44
246
230
211
342
21
21
22
25
136
158
158
217
1941—1
2
3 .
4
510
549
560
r
550
86
84
81
r
72
44
48
46
55
79
73
60
r
61
53
56
56
62
39
36
38
r
40
23
28
30
r
32
36
43
44
r
37
29
42
56
r
46
49
53
52
52
44
48
49
r
46
29
36
46
r
48
286
297
284
r
277
22
23
23
24
1942—1
r
r
38
r
60
r
r
r
r
39
r
r
r
Number of.companies
1939
1940 . . . .
1941
1939_1
2
3
4
Quarterly
1940—1
2
3
4
. .
423
r
65
r
34
35
20
32
35
r
38
28
206
r
21
r
150
165
170
221
134
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroads
Year or quarter
Operating
revenue
Income
before
income
Net income1
Insolvent
All roads
roads«
33
33
33
1,179
1,250
1,382
198
202
196
178
167
172
175
166
167
184
46
37
34
43
39
32
30
36
19
19
19
22
287
295
295
303
46
50
50
52
21
20
16
15
20
27
25
88
187
176
177
194
48
42
41
47
41
34
31
37
19
19
19
20
304
310
310
326
52
52
46
53
16
16
15
10
—4
2
25
1
22
36
31
97
201
191
196
211
59
48
46
r
50
43
33
25
34
18
24
18
19
330
345
347
359
48
50
46
51
16
15
16
20
12
24
216
•64
33
18
369
52
18
4
—13
'
1
71
130
—27
-32
—13
4
1,152
1 272
1,468
1,454
94
144
267
167
69
101
190
142
1,483
178
95
986
1,010
1,130
1,171
1941—1
2
3
4
Dividends 6
28
—4
14
92
147
1940—1
2
3
4
.Net
income 1
116
118
115
21
23
21
61
—37
—43
69
140
Operating
revenue
28
—43
-47
58
127
898
906
1,058
1,133
Dividends 5
137
152
133
692
735
799
93
189
502
Net
income 1
28
28
126
159
186
126
249
672
Income
before
income
tax4
159
177
r
202
•
-100
—71
24
3,995
4 297
5,347
1939—1
2
3
4
Operating
revenue
Dividends
Number of companies
1939
1940
1941
Telephone 8
Electric power
r
Quarterly
. .
1942—1
r
Revised.
•
"Net profits" and "net income" refer to income after all charges and taxes, and before dividends.
Class I line-haul railroads.
3
Net income and dividend figures exclude dividends received by the American Telephone and Telegraph Company.
4
After all charges and taxes except Federal income and excess profits taxes.
6
for all companies in the group and, therefore, do not add to the yearly totals shown.
Quarterly dividend data are not• available
i
6 Includes roads in receivership or trusteeship at beginning of the year.
7 N o t available.
Sources: Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of data and back figures, see pages
1
2
214 to 217 of the March 1942 BULLETIN.
578
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Marketable public issues1
Total
gross
debt
Total
interestbearing
debt
Total2
37,165
39,427
40,440
41,942
42,968
45,025
36,576
38,899
39,886
41,445
42,376
44,458
32,344
34,004
33,965
34,735
34,436
35,645
1,154
1,306
1,308
1,455
1,302
1,310
9,147
8,496
7,243
6,203
6,383
6,178
1941—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
' 47,231
47,721
48,961
49,513
50,921
51,346
53,584
55,040
57,938
46,673
47,160
48,387
48,965
50,371
50,791
53,040
54,536
57,451
37,'075
37,075
37,713
37,713
37,667
37,368
38,869
39,677
41,562
1,603
1,603
1,603
1,603
1,604
1,305
1,404
1,703
2,002
1942—Jan
Feb
Mar
Apr
60,012
62,381
62,419
64,961
59,531
61,895
61,940
64,496
42,271
43,700
43,329
45,137
2,101
2,002
1,652
1,953
End of month
1938—June..
Dec
1939—June
Dec
1940—June
Dec
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
indebtedbonds
bills
notes
ness
*i,5O7
u. s.
Treasury
tax notes
Special
issues
Noninterest
bearing
debt
Total 2
savings
bonds
21,846
24,005
25,218
26,881
26,555
27,960
1,556
1,739
2,151
2,480
3,166
3,444
1,238
1,442
1,868
2,209
2,905
3,195
2,676
3,156
3,770
4,231
4,775
5,370
589
528
554
497
591
566
5,721
5,721
5,698
5,698
5,698
5,698
5,509
6,012
5,997
29,554
29,554
30,215
30,215
30,169
30,169
31,759
31,765
33,367
3,891
4,251
4,555
4,929
6,234
6,765
7,507
8,052
8,907
3,647
4,008
4,314
4,649
4,908
5,132
5,394
5,620
6,140
5,707
5,834
6,120
6,324
6,470
6,658
6,664
6,806
6,982
557
561
574
548
550
556
544
504
487
5,591
5,591
5,571
5,571
34,383
35,912
35,910
35,910
10,196
11,004
11,278
12,002
7,198
7,893
8,436
8,951
7,063
7,190
7,333
7,358
481
486
480
465
i,O37 *
1,343
1,818
2,136
2,471
2,697
2,807
' 2,536
2,744
1
Including amounts held by Government agencies and trust funds which aggregated $2,354,000,000 on March 31, and $2,355,000,000 (preliminary) on
April
30, 1942.
2
Total marketable public issues includes Postal savings and pre-war bonds, and total nonmarketable public issues includes adjusted service and
depositary bonds not shown separately.
SECURITIES FULLY GUARANTEED BY UNITED STATES
GOVERNMENT, BY ISSUING AGENCIES*
[In millions of dollars]
SALES OF UNITED STATES SAVINGS BONDS
[In millions of dollars]
Interest-bearing
Month
End of month
Fed- Home ReconTotal
struc- Comeral
amount
tion modity
Farm Ownouters'
Credit Other
FiMortstandLoan nance CorTotal
ing2
Cor-
S£
poration
Corporation
poration
,410
,388
,379
,269
,269
,269
2,937
2,888
2,928
2,731
2,603
2,600
299
509
820
1,096
1,096
1,097
206
206
206
407
407
696
1
1
117
118
122
239
,269
,269
,269
,269
,269
1,269
L, 269
,269
1,269
2,600
2,409
2,409
2,409
2,409
2,409
2,409
2,409
2,409
1,741
1,741
1,741
2,101
2,101
2,101
2,101
1,802
1,802
696
696
696
907
905
905
905
701
701
243
243
244
243
243
244
244
135
136
937
937
930
930
2,409
2,409
2,409
2,409
1,492
1,492
1,492
1,492
701
701
701
701
134
135
135
135
poration
1938—June
Dec.
1939—June
Dec
1940—June
Dec
4,853
4,992
5,450
"5," 704' 5,621
5,529 5,498
5,917 5,901
1941—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
6,560
6,371
6,370
6,939
6,937
6,937
6,338
6,324
6,324
6,550
6,359
6,360
6,930
6,928
6,929
6,930
6,316
6,317
1942—Jan
Feb
Mar
Apr
5,703
5,697
5,690
5,688
5,673
5,673
5,666
5,666
]
Amount
outstanding
at end of
month 1
Funds received from sales during
month
series2
Series
E
Series
F
Series
G
1941—May
June
July
August
September.
October....
November..
December..
4,008
4,314
4,649
4,908
5,132
5,394
5,620
6,140
370
315
342
266
232
271
234
529
101
103
145
118
105
123
110
341
38
29
27
20
18
23
19
33
211
183
170
128
109
125
105
154
1942—January...
February.,
March....
April
7,198
7,893
8,436
8,951
1,061
667
398
338
327
78
52
41
40
316
253
179
164
703
558
531
1
At current redemption values except Series G, which is stated at par.
Difference between "Funds received" and month to month changes in
"Amounts outstanding" represents the difference between accrued increases
in redemption values and redemptions of bonds during the month.
2
Includes figures for series A-D not shown separately; these series have
not been issued since April 1941.
1
Excluding obligations held by U. S. Treasury and reflected in the public
debt.
2
Figures on matured debt were not published prior to September 1939.
JUNE
579
MATURITIES OF PUBLIC MARKETABLE SECURITIES OF U. S. GOVERNMENT, DIRECT AND FULLY
GUARANTEED, APRIL 30, 1942
[In millions of dollars]
Fully guaranteed securities maturing
Direct securities maturing
Maturing or callable
Treasury
bills
Treasury
notes
4,101
8,420
8 623
18,872
5,120
33,460
640
4,930
45,137
3
Total
Within 1 year
1 to 5 years
5 to 10 years
10 to 20 years
Over 20 years
Total
1942—Before July 1
July 1-Sept. 30
Oct. 1-Dec. 31
1943—Jan. 1-Mar. 31
Apr. l - J u n e 3 0 . . . . . . . . .
July 1-Dec. 31
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1958
1959
1960
1961
1963
1964
1965
1967
1972
. .
.
TreasBonds
ury
bonds
due
or 1
Pre-war callable
Treasand
Postal
ury
Savings
3,'460
8,599
18,730
5,120
35,910
(4)
30
23
142
3,460
5,571
1,503
450
1,507
342
232
(*)
66
629
700
66
629
700
(*)
1,849
3,191
2,038
2,384
1,489
821
1,689
2,244
2,454
2,932
3,709
3,526
1,170
1,449
982
2,611
50
919
1,849
1,249
503
1,503
792
1,739
i; 941
1,519
2,370
1,487
819
1,687
2,238
2,436
2,904
3,687
3,491
1,170
1 449
982
2,611
196
Hi16
14
2
2
2
7
18
27
22
35
Total
2
Federal Home
Farm
Mort- Owners'
Loan
gage
Corpor- Corporation
ation
8^509
14,333
10,352
2,716
596
2,586
1,590
779
95
835
35,910
5,645
930
454
1,401
2,555
1,755
2,344
1,460
3,361
3,292
1,186
4,011
2,524
725
681
2,611
2,431
919
Total
fully
guarRecon- Comanteed
struc- modity U.S.
securition
Credit Housing
ties
Finance CorporAuthordue
or
Corpor- ation
ity
callable1
ation
596
896
701
114
1,471
4,174
1,492
701
114
5,645
"'"'875'
755
779
95'
2,409
276
320
276
320
289
324
324
875
'412
289
324
289
114
"412 "
2,394
1,167
755
755
835
571
'320
835
779
779
1 485
50
919
95
1,485
1 485
2,716
«•
95
2,716
7 71ft
1
2
3
Securities not callable prior to maturity are shown as of date of maturity.
Excluding debentures of Federal Housing Administration, which amounted to $21,000,000 on April 30.
.. Including certificates of indebtedness which amounted to $1,507,000,000 on April 30.
4 Less than $500 000.
OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Privately held1
Held by Federal
agencies and
trust funds
End of month
. Total
interestbearing
securities
Other investors2
Held
Special
issues
Public
issues
261
Federal
Reserve
Banks
Total
Member
banks
Other
commercial
banks
Mutual
savings
banks
Insurance
companies
Marketable
issues2
Nonmarketable
1932—June
1933—June
1934—-June
1935—June
19,161
22,158
27,161
31,768
309
323
396
633
366
1,055
1,365
1,784
1,998
2,432
2,433
16,807
19,471
23,278
27,337
5,628
6,887
9,413
11,429
590
590
890
1,290
680
720
970
1,540
800
1,000
1,500
2,600
9,100
10,300
10,500
10,400
100
1936—June......
December,
1937—June
December,
1938—June
December
1939—June
December
1940—June
December
1941—June
December
37,707
38,362
40,465
41,353
41,428
43,891
45,336
47,067
47,874
50,360
54,747
63,768
626
632
1,558
2,227
2,676
3,156
3,770
4,231
4,775
5,370
6,120
6,982
1,703
1,820
2,036
2,049
2,123
2,198
2,138
2,323
8
2,292
3
2,250
3
2,360
3
2,547
2,430
2,430
2,526
2,564
2,564
2,564
2,551
2,484
2,466
2,184
2,184
2,254
32,948
33,480
34,345
34,513
34,065
35,973
36,877
38,029
38,341
40,556
44,083
51,985
13,671
13,545
12,689
12,371
12,343
13,222
13,777
14,328
14,722
15,823
18,078
19,539
1,600
1,710
1,870
1,790
1,700
1,850
1,920
1,970
1,830
1,940
2,020
2,250
2,050
2,330
2,390
2,450
2,690
2,880
3,040
3,100
3,110
3,220
3,430
3,700
3,900
4,500
5,000
5,200
5,500
5,800
5,900
6,300
6,500
6,800
6,900
7,900
10,500
10,500
11,300
11,500
10,400
10,600
10,300
10,100
9,300
9,600
9,400
10,000
1,200
900
1,100
1,200
1,400
1,600
1,900
2,200
2,900
3,200
4,300
8,600
1 Estimated figures for other commercial banks and mutual savings banks have been rounded to nearest 10 millions and estimated figures for insurance
companies and other investors have been rounded to nearest 100 millions.
2 Holdings of insurance companies included with "Other investors" prior to 1932.
3 Excluding holdings of production credit associations and joint stock land banks.
NOTE.—For end of June figures 1916-1931, see BULLETIN for July, 1941, p. 664.
58O
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts
Receipts
Period
Trust
accounts
etc. ,2
Excess excess
of re- of receipts ceipts
Expenditures (excl. debt retirements)
Miscella- Social
In- neous securAll
come inter- ity
other
taxes
nal
taxes
revenue
Increase or decrease during
period
Agricultural
Adjustment
Program
GenUn- Transto
(+)or (+)or eral
em- fers
All
trust
exfund
expenployother To tall ditures pendi- bal- 2
acment counts
tures ance
()
relief etc. 1
()
1,206
1,657
6,301
787
1,002
877
2,595
1,919
1,694
182
226
325
2,996 8,707
3,153 8,998
2,403 12,711
+890
+136
-148
+622 +3,275
-947 +2,528
+742 +5,994
760 4,612
851 18,578
828
696
1,421
1,039
304
374
2,116 10,041 —4,104 +375
2,376 23,913 -14,169 -1,613
+535 +4,263
+218 +16,000
NaTotal Net Interest
tional
reredeceipts ceipts: debt fense
Gross
debts
Fiscal year ending:
June 1939. „, 2,189
June 1940..,, 2,125
June 1941..., 3,470
10 months end
ing:
Apr. 1941. .....,.
Apr. 1942.......
2,232
2,345
2,967
740
838
932
507
617
900
2,490 2,448
5,658 3,279
735
930
4543
43
165
32
48
173
37
49
181
41
240
58
64
56
54
58
57
47
53
602
541
1,277
456
554
1,136
489
730
1,214
565
394
1,276
413
397
1,135
445
564
1,212
73
12
339
25
9
169
75
15
232
782
857
832
966
1,129
1,327
1,534
1,446
1,847
61
27
22
44
27
32
58
72
113
144
142
131
132
106
108
109
95
115
28
12
10
169
14
6
45
10
9
227
92
194
262
245
230
262
220
226
1,315
1,141
1,528
1,598
1,529
1,874
2,083
1,858
2,542
-750
-747
-252
-1,185
-1,133
-739
-1,637
-1,294
-1,329
+403 -290
-264 -521
-259 +729
+599
-34
- 2 +274
-293 -607
-225 +376
-484 -322
-328+1,241
53
257
49
43
59
58
52
49
614
937
3,548
732
578
758
3,547
695
32
12
205
77
2,101
2,201
2,797
3,231
106
97
81
66
94
92
96
91
42
9
22
48
254
217
220
241
2,628
2,629
3,421
3,753
-2,050
-1,871
+126
-3,058
-633
+114
-234
-126
75
1941—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
63
916
84
59
780
68
66
767
244
254
265
268
269
261
314
436
353
1942—Jan
Feb
Mar
Apr
133
283
3,083
335
369
340
364
305
777
5,668
5,925
8,269
5,165
5,387
7,607
6,450 5,938
10,410 9,744
941
1,041
1,111
Details of trust accounts, etc.
+58
+490
+1,241
+551
+1,408
+425
+2,238
+1,456
+2,898
—610 +2,073
+612 +2,369
-69
+39
-642 +2,542
General fund of the Treasury (end of period)
Social Security
accounts
Period
-3,542
-3,611
-5,103
All other
Net expenditures
in checking accounts of
Net Invest- ExGovernRe- Invest- Exrependiment
ceipts ments pendiceipts ments tures agencies
tures
Balance in general fund
Assets
Deposits
in
Total Federal
Reserve
banks
Total
Deliabiliposits
IncreWorkin
Other ties Total ment Seign- ing
special assets
on
iorage bardeposigold
taries
Fiscal year ending
1,477
1,662
1,958
911
1,016
1,200
561
643
741
*768
*33
218
440
458
674
115
98
138
209
260
484
3,087
2,038
2,812
1,022
254
1,024
776
805
661
1,288
979
1,127
248
147
179
2,838
1,891
2,633
142
143
143
536
585
605
2,160
1,163
1,885
10 months ending:
Apr. 1941... 1,534
Apr. 1942... 1,769
827
1,212
645
509
*274
1,778
524
695
91
139
394
439
2,599
3,216
550
1,579
1,139
1,115
173
365
2,425
2,851
143
143
603
618
1,679
2,089
550
543
661
680
833
797
784
947
1,756
1,139
1,067
1,127
1,193
,229
,138
,069
,054
,094
173
175
179
208
185
195
210
225
256
2,425
1,904
2,633
2,599
2,873
2,266
2,641
2,319
,3,560
143
143
143
143
143
143
143
143
143
603
604
605
607
610
611
613
614
615
1,679
1,157
1,885
1,848
2,120
1,511
1,885
1,562
2,802
1,750
2,054
2,231
1,579
,090
,064
,101
,115
282
305
365
365
2,950
3,562
3,493
2,851
143
143
143
143
616
617
618
618
2,191
2,802
2,732
2,089
June 1939
June 1940
June 1941
1941—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec...™,...
115
315
109
171
334
25
149
359
63
30
131
243
84
130
185
70
148
215
52
48
48
46
44
43
39
40
49
•361
411
80
•534
169
93
272
659
140
67
55
96
162
54
53
63
45
54
47
105
1
4
3
1
**5
46
44
46
33
45
47
53
41
47
2,599
2,079
2,812
2,807
3,057
2,461
2,852
2,544
3,816
910
522
910
470
1,024
934
995
526
998
543
966
1942—Jan
Feb
„.
Mar
Apr........,.
144
383
31
112
50
177
139
15
64
59
67
59
681
35
75
189
57
50
84
73
9
5
9
9
30
44
59
39
3,232
3,867
3,857
3,216
391
748
525
522
r
1
Revised.
Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments to the
Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust Jund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from
transfers
to trust accounts.
2
Details given in lower section of table.
3
For
details, see page 577.
4
Less than $500,000.
* Excess of receipts.
** Excess of redemptions.
NOTE.—For explanation of table see BULLETIN for October, 1940, pp. 1052-1054.
JUNE
1942.
581
G O V E R N M E N T A L C O R P O R A T I O N S A N D CREDIT AGENCIES
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned.
In millions of dollars]
1941
Assets
Loans and preferred stock:
Loans to financial institutions
Preferred stock, etc
Loans to railroads
Home and housing mortgage loans..
Farm mortgage loans
Other agricultural loans
All other loans
Total loans and preferred stock.
Cash
U. S. Govt. direct securities
,
Securities of Government corporations and credit
agencies:
Fully guaranteed by U. S
Other 1
Accounts and other receivables
Business property
Property held for sale
Other assets
Total assets other than interagency*..
Liabilities
Bonds, notes, and debentures:
Fully guaranteed by U. S
Other 1
Other liabilities
Total liabilities other than interagency2
Excess of assets over liabilities, excluding interagency transactions
U. S. Govt. interests
Privately owned interests
Mar.
Apr.
May
409
706
523
2,406
2,475
776
1,386
8,681
620
756
400
703
523
2,427
2,467
867
1,409
8,796
771
771
397
702
505
2,436
2,458
830
1,472
8,800
464
780
July
Aug.
Sept.
Oct.
Nov.
408
693
497
2,413
2,437
754
1,553
8,756
771
824
407
669
497
2,413
2,426
726
1,690
8,826
594
844
409
666
497
2,427
2,411
717
1,738
8,864
523
846
409
665
484
2,413
2,396
709
1,957
9,033
489
895
408
664
483
2,401
2,380
732
1,933
9,001
502
906
434
680
498
2,424
2,361
773
1,996
9,167
496
884
404
675
497
2,430
2,343
780
1,934
9,063
560
915
396
663
498
2,380
2,332
785
2,004
9,059
582
947
388
658
500
2,392
2,311
789
2,026
9,065
621
950
123
123
123
126
125
122
120
124
115
18
21
18
20
17
26
20
17
17
555
598
600
641
651
725
551
549
672
636
664
608
653
689
698
602
623
671
1,497
1,625 1,710
1,805
1,879
1,245 1,297 1,392
1,567
423
517
592
701
310
338
359
435
563
12,909 13,282 13,108 13,277 13,797 13,810 13,989 14,368 14,470
115
46
574
714
1,891
773
112
112
53
52
600
604
782
751
1,964 2,017
1,073
110
54
632
792
2,262
1,265
14,660 14,908 15,224
15,750
6,324
1,392
2,049
9,765
5,705
1,402
2,111
9,219
5,697
1,396
2,325
9,418
5,690
1,433
2,497
9,620
4,895
5,689 5,806
431
5,256 5,372
434
432
6,130
5,694
435
5,916
1,390
1,391
6,560
1,385
1,432
8,696
9,377
4,213
3,792
421
3,906
3,484
422
June
1942
417
698
505
2,445
2,448
779
1,511
8,804
376
802
6,370
1,443
1,604
6,939
1,442
1,761
6,937
1,445
1,741
9,297
6,937 6,938
1,434 1,416
1,859 1,952
9,417 10,142 10,123 10,231 10,306
3,811
3,388
423
3,860
3,436
424
3,655
3,230
425
3,687
3,261
426
6,371
1,434
1,492
3,758
3,331
427
4,062
3,633
428
Dec.
6,324
1,393
1,974
9,690
4,779
4,349
430
Jan.
Feb.
Mar.
1
2
Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation.
Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconstruction Finance
Corporation.
PRINCIPAL ASSETS A N D LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, MARCH 3 1 , 1 9 4 2
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Liabilities
Assets
Total
loans
and
preferred
stock
Reconstruction Finance Corporation
National defense corporations
Home mortgage and housing agencies:
Home Owners' Loan Corporation
Federal Home Loan Banks
RFC Mortcrase ComDanv
Federal National Mortgage Association
United States Housing Authority
Farm credit agencies:
Federal Farm Mortgage Corporation
Federal land banks
Federal intermediate credit banks
Banks for cooperatives
Production credit corporations
Regional agricultural credit corporations
Commodity Credit Corporation
Farm Credit Administration
Farm Security Administration
Cash
1,859
56
3
(1)
1,891
192
75
213
379
311
60
17
7
580
1,731
267
106
82
4
218
258
436
22
55
28
21
1
19
2
10
2
181
44
33
12
1
Rural Electrification Administration
Other
t
Total
1
2
'
28
334
89
84
9,065
8
13
3
17
5
13
14
621
490
23
41
C1)
(1)
3
5
1
2
4
4
8
1
50
166
2
t2
Property
held for
Guarsale
anteed by
United
States
46
1,224
1,492
280
2,415
100
110
18
35
9
35
49
7
23
7
19
632
Other
C1)
102
1
1
127
6 "
85
114
8
49
947
2947
278
C1)
...
C1)
7
950
Business
property
30
52
55
54
Accounts
and
other
receivables
32
47
137
Guaranteed
securities
C)
Insurance agencies:
Federal Deposit Insurance Corporation
Federal Savings and Loan Insurance Corporation
Federal Housing Administration
Export-Import Bank of Washington
Tennessee Valley Authority
U.S.
Govt.
direct
securities
Bonds, notes, and
debentures
9
1
612
C1)
29
701
1
10
21
(I)1
482
87
68
792
2
8
2
2,262
5,690
11
1,433
Less than $500,000.
Excludes Federal land bank bonds in the amount of $745,000,000 held by Federal Farm Mortgage Corporation.
FEDERAL RESERVE BULLETIN
RECONSTRUCTION FINANCE C O R P O R A T I O N LOANS AND INVESTMENTS
[Amounts outstanding at end of month. In millions of dollars]
1942
1941
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:
For national defense
Other
.
Loan to Great Britain
Loans to drainage, levee, and irrigation districts..
Other loans
Securities purchased from Public Works Administration
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
154
149
145
139
134
131
127
124
118
106
49
434
487
36
48
432
470
37
48
429
470
37
48
425
462
81
48
410
461
81
48
407
461
81
48
405
448
81
48
404
448
51
48
401
462
51
44
398
462
53
21
114
61
113
65
111
70
109
76
5
74
5
79
5
79
5
71
108
100
77
5
82
106
125
77
5
93
100
299
74
5
101
103
299
74
5
106
110
345
73
5
111
106
345
72
5
113
111
122
120
117
117
117
116
114
114
1,503
1,511
1,538
1,613
1,640
1,798
1,772
1,833
1,815
174
175
174
182
174
190
174
195
174
202
174
207
174
211
174
214
174
211
Total loans and investments, other than
interagency
1,488
Preferred stock of, and loans to Export-Import
Bank
174
Loans to Rural Electrification Administration'....
168
Capital stock of, and loans to RFC Mortgage
Company
71
Capital stock of, and loans to Federal National
Mortgage Association
99
8
Loans to Tennessee Valley Authority
Capital stock of, and loans to national defense
companies*
168
Loans to Farm Security Administration
81
Capital stock of Federal Home Loan Banks
125
Total loans and investments
1
2,383
Jan.
De
Feb.
Mar.
Apr.
105
105
44
388
465
55
44
381
466
56
119
104
385
72
5
127
102
385
72
5
134
98
381
71
5
111
110
109
1.859
1,850
174
218
174
221
107
44
393
462
54
1 857
174
215
71
73
75
76
77
80
79
79
81
82
82
85
101
8
102
8
103
8
105
8
107
8
109
8
111
8
112
8
114
8
115
8
119
8
120
8
219
97
125
282
116
125
327
89
125
380
96
125
527
101
125
643
110
125
727
117
125
721
133
125
785
114
125
916
145
125
1.105
179
125
1,303
199
125
2,473
2,573
2,630
2,772
2,962
3,254
3,325
3,400
3,428
3,638
3.869
4,085
Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, and Defense Supplies Corporation.
FARM CREDIT A D M I N I S T R A T I O N
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In millions of dollars]
Farm mortgage loans
End of year or month
Total
Federal
land
banks
Land
Bank
Commissioner
rotal
Loans to cooperatives
Short-term credit
Total
1
Federal
intermediate
credit
banks2
Production
credit
associations
Emergency
crop and
drought
relief
loans
Total 3
Banks
for
cooperatives
Agricultural
Marketing Act
revolving fund
1934...
1935
1936...
1937
1938
1939
1940
2,964
3,321
3,363
3,335
3,211
3,058
2,973
2,533
2,867
2,901
2,848
2,735
2,596
2,500
1,916
2,072
2,064
2,035
1,982
1,905
1,851
617
795
837
813
753
691
648
315
358
337
367
364
364
381
56
47
41
40
34
33
34
61
94
105
138
148
154
172
111
173
165
173
171
168
168
117
97
125
120
112
99
93
28
50
70
88
87
76
75
55
44
54
31
24
21
16
1941—March
April
May
June
July
August
September
October...
November.
December.
2,976
2,982
2,988
2,988
2,986
2,975
2,954
2,924
2,906
2,891
2,475
2,467
2,458
2,448
2,437
2,426
2,411
2,395
2,380
2,361
1,836
1,830
1,824
1,818
1,811
1,804
1,795
1,786
1,776
1,764
640
637
634
630
626
622
616
610
604
597
413
431
440
450
453
450
431
410
398
397
37
39
40
42
44
45
43
39
38
39
195
207
215
221
224
221
208
194
187
188
175
179
179
179
179
177
174
170
167
165
88
85
90
90
96
99
111
119
128
133
70
68
74
74
80
83
94
101
109
113
16
16
16
16
16
16
16
16
17
17
1942—January...
February..
March . . . .
April
2,873
2,878
2,876
2,887
2,343
2,332
2,311
2,296
1,753
1,746
1,731
1,721
590
586
580
575
400
417
440
470
40
41
43
44
191
203
219
245
165
169
174
177
130
129
125
121
111
110
106
102
16
17
16
16
1
Including loans of regional agricultural credit corporations (not shown in the breakdown) amounting to $87,000,000 in 1934, $43,000,000 in 1935,
$25,000,000 in 1936, $16,000,000 in 1937, $11,000,000 in 1938, $8,000,000 in 1939, and from $4,000,000-$8,000,000 since 1939.
2 Exclusive of loans to and discounts for other Farm Credit Administration agencies amounting to a total of $258,000,000 in April 1942.
3 Including loans of Federal intermediate credit banks to cooperatives (not shown in the breakdown) amounting to $34,000,000 in 1934, $3,000,000
in 1935, and a negligible amount since 1935.
JUNE 1941
583
FEDERAL HOME MORTGAGE A N D H O U S I N G AGENCIES
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In millions of dollars]
End of month
Home
FedOwners'
eral
Loan
Home
CorpoLoan 1
ration Banks
Federal
RFC
savings Mortgage
and
Comloan
associ- 2 pany
ations
FedUnited
eral
States
National Housing
MortAugage#
Associ- thority
ation
132
1,217
2,379
2,658
2,897
2,945
2,765
2,556
2,398
2,265
2,169
2,081
2,038
2,013
1,956
47
85
85
87
79
103
119
145
167
200
196
199
169
181
157
201
81
186
348
474
587
742
854
948
1,034
: ,136
,271
,405
,546
6
18
36
49
68
41
54
57
57
60
67
38
80
125
147
163
181
10
13
32
68
123
87
186
1941—Apr
May..
June
July
Aug
Sept
Oct
Nov
Dec
1,900
1,885
1,870
1,855
1,841
1,825
1,809
1,794
1,777
142
145
170
168
173
178
184
187
219
,628
,658
1,688
L.718
,751
,775
L.803
1.816
L,825
70
70
65
67
69
70
73
72
72
190
192
194
196
198
200
203
205
207
266
288
316
296
306
332
328
329
367
1942-Jan
Feb
Mar
Apr
1,758
1,742
1,724
1,709
206
197
192
185
1,825
1,830
L.837
1,846
74
75
75
77
210
211
214
215
389
352
r
379
371
1933—June
Dec
1934—June
Dec
1935—June
Dec
1936—June
Dec
1937—June
Dec
1938—June
Dec..
1939—June
Dec
1940—June
Dec
.„.
„
r
1
Revised.
Loans and discounts to member institutions of the Federal Home Loan
Bank
System.
2
Federal Home Loan Bank Board estimates for all Federal savings and
loan associations which are private institutions chartered and supervised
by the Federal Home Loan Bank Board.
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION*
[In millions of dollars]
Year or month
Total
Property
improvement
(Title
I)
1934
_ „. .
1935
1936
1937
1938
1939 . . . . . .
1940
,.„...
1941
1941—Apr
May
July
Aug
Sept
Oct.
Nov
Dec.
1942—Jan
Feb.
Mar.
Apr
30
320
557
495
694
954
30
224
246
60
160
208
1,026
1,186
251
262
75
89
11
22
13
25
Morton DeHome gages
rental
fense
mortand
gages group housing
(Title housing (Title
II)
(Title
VI)
II)
94
309
424
473
669
736
877
2
1
•
105
91
107
125
20
18
31
34
107
24
1
112
18
2
60
65
75
82
70
73
85
77
88
111
16
2
87
93
93
83
12
10
13
26
2
2
11
48
51
26
21
2
*
3
3
1
2
2
105
. ..
New
small
home
construction
(Title
I)
1
2
2
13
13
*
•
*
*
2
2
13
*
*
1
1
2
4
5
POSTAL SAVINGS SYSTEM
[In millions of dollars!
Assets
End of month
Depositors
balances] Total
Cash
in de-
U. S. Government
securities
tory
banks Total
1934—June.. .
Dec.. ..
1935—June. . .
Dec.. ..
1936—June. . .
Dec.. ..
1937—June. . .
Dec.. ..
1938—June. . .
Dec.. ..
1939—June. . .
Dec.. ..
1940—June. . .
Dec.. ..
1,198
1,207
1,205
1,201
1,232
1,260
1,268
1,270
1,252
1,252
1,262
1,279
1,293
1,304
1,225
1,237
1,236
1,237
1,265
1,296
1,307
1,308
1,290
1,291
1,304
1,319
1,337
1,348
695
540
385
287
203
145
136
130
115
86
68
53
43
36
453
597
777
853
967
,058
,100
,097
,103
,132
,157
,192
,224
,224
1941—Apr.. .
May..
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec. .
1,317
1,310
1,304
1,307
1,309
1,311
1,317
1,323
1,314
1,362
1,359
1,356
1,359
1,365
1,366
1,377
1,388
1,396
30
30
30
29
28
28
27
27
26
1942—Jan....
Feb....
Mar...
Apr...
1,310
1,307
l,305
*>l,306
1,421
1,444
25
25
p
Direct
418
467
Cash
reserve
Guar- funds,
anetc. 2
teed
706
800
891
933
930
936
965
1,011
1,046
1,078
1,078
35
130
147
147
167
167
167
167
167
167
146
146
146
146
76
100
74
98
95
93
71
80
73
73
78
74
69
,259
,254
,251
,251
,250
,250
,250
,250
,274
1,113
1,108
1,104
1,104
1,104
1,104
1,104
1,104
1,128
146
146
146
146
146
146
146
146
146
73
75
75
80
86
89
100
111
95
,274
,274
1,128
1,128
146
146
122
145
630
^Preliminary.
1
Outstanding principal, represented by certificates of deposit. Does not
include
accrued interest nor outstanding savings stamps.
2
Includes working cash with postmasters, 5-per cent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late
postmasters.
Back figures.—See BULLETIN for August 1935, pp. 501-502.
INSURED FHA HOME MORTGAGES (TITLE II) HELD
IN
PORTFOLIO BY CLASSES OF INSTITUTIONS 1
[In millions of dollars]
End of month
1936—Dec
-.„.„.
1937—Dec
«.„.
1938—Mar
.„„.„.
June.. . „. _ „..
Sept..™ — . .
Dec
„„.
1939—Mar
June
«.„.
Sept
Dec
1940—Mar
June
Sept
Dec.
1941—Mar
June
Sept.
Dec.
1942—Mar
Total
365
771
856
933
1,049
1,199
1,349
1,478
1,622
1,793
1,949
2,075
2,232
2,409
2,598
2,755
2,942
3,107
3,307
Commercial
banks
228
430
472
509
565
634
699
759
824
902
971
1,026
1,093
1,162
1,246
1,318
1,400
1,465
1,549
Mu- Savings Insur- Fedtual
and
ance eral Other3
savloan com- agenings associ- panies c i e s 2
banks ations
8
27
26
28
32
38
44
50
57
71
90
100
111
130
146
157
171
186
201
56
110
119
127
137
149
159
167
178
192
201
208
216
224
230
237
246
254
264
41
118
146
165
187
212
241
271
302
342
392
432
480
542
606
668
722
789
856
5
27
32
42
44
56
53
51
60
72
90
92
94
113
133
124
127
141
150
160
154
178
179
200
77
114
137
148
153
171
182
190
201
210
220
225
234
237
7
8
12
11
1
Gross amount of mortgages held, does not include terminated mortgages and cases in transit to or being audited at the Federal Housing
Administration.
2
The RFC Mortgage Company, the Federal National Mortgage Associa1 Figures represent gross insurance written during the period and do not tion, the Federal Deposit Insurance Corporation, and the United States
Housing
Corporation.
take account of principal repayments on previously insured loans.
8
Including mortgage companies, finance companies, industrial banks,
* Less than $500,000.
endowed institutions, private and State benefit funds, etc.
584
71
68
55
1
1
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms " a d j u s t e d " and " u n a d j u s t e d " refer to adjustment of monthly figures for seasonal variation]
Year and
month
Income
payments
(value) 1
1935-39
= 100
Adjusted
1919
1920
1921
1922 .
1923
1924
1925
1926. .
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
Manufactures
Total
Adjusted
,...
. ..
Construction
contracts
awarded (value) 3
1923-25 = 100
Industrial production
(physical volume) 2 *
1935-39 = 100
122.9
109.1
92.3
70.6
68.9
78.7
87.1
101.3
107.7
98.5
105.5
113.8
137.0
Employment 4
Minerals
Total
Residential
All
other
Nonagricultural5
1935-39
= 100
Adjusted
Durable
Nondurable
UnadAdjusted justed
Adjusted
Adjusted
Adjusted
Adjusted
Adjusted
DepartWholeFreight- ment
sale
store
car
comsales
loadmodity
4
(valings*
rolls
prices 4
6
1923-25 1935-39 ue)*
1926
= 100 = 100 1923-25
= 100
= 100
Factory
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
108
123
156
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
138
193
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
108
113
135
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
122
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
89
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
l6o.3
91.6
82.2
82.9
90.1
93.8
99.8
105.0
98.6
102.8
106.4
115.6
Factory
1923-25 = 100
Ad- Unad- UnadAdjusted justed justed justed
107.1
Cost of
living 4
1935-39
= 100
Adjusted
Unadjusted
Unadjusted
78
94
87
88
98
99
103
106
107
108
111
10292
69
67
75
79
88
92
85
90
94
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
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
127.7
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
148.8
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
no
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
1939
April
May
June.
July
August
September. . .
October
November
December
101.4
103.7
105.1
104.8
106.1
107.3
109.3
109.9
111.3
97
98
103
105
106
114
121
124
125
98
99
102
102
106
119
' 126
126
122
93
93
99
102
108
118
130
134
138
103
104
106
106
108
111
115
117
117
91
97
104
107
92
114
119
120
114
67
63
63
67
73
73
76
83
86
58
55
58
62
67
68
68
61
60
74
68
67
71
78
76
82
101
107
100.5
101.1
102.2
102.6
103.0
103.7
105.0
105.7
106.3
96.6
96.3
97.3
98.4
99.0
100.8
104.8
107.0
108.2
96.9
95.9
96.4
96.6
99.5
103.7
107.3
107.5
107.8
86.8
86.3
87.9
85.8
91.2
95.4
103.2
103.2
105.4
87
90
97
99
101
111
114
114
110
88
87
86
87
88
90
92
93
95
76.2
76.2
75,6
75.4
75.0
79.1
79.4
79.2
79.2
110.7
110.7
110.3
110.6
112.0
112.1
112.8
113.9
115.5
117.2
117.7
121.3
122
116
113
112
116
122
122
124
127
131
134
139
117
113
112
112
117
121
120
124
132
136
136
136
134
123
118
116
124
133
136
143
151
155
157
164
113
110
107
107
110
114
113
112
112
117
120
124
118
114
117
119
117
119
119
114
117
113
118
118
75
63
62
64
64
74
85
90
93
95
111
115
53
56
57
62
64
69
77
82
82
85
87
90
93
68
66
66
65
77
91
98
101
103
130
136
105.6
104.9
104.7
104.0
104.5
105.0
105.4
106.3
106.9
108.1
109.7
111.5
107.6
105.8
104.0
102.8
102.8
103.9
105.1
107.4
108.9
111.4
114.2
116.6
105.0
105.0
104.4
103.2
102.5
103.1
103.2
107.4
111.4
113.8
114.7
116.2
99.8
99.3
99.8
97.9
97.8
99.5
98.2
105.5
111.6
116.2
116.4
122 A
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
100.5
123.4
125.4
127.2
129.4
133.6
137.0
138.9
141.1
143.1
145.4
146.5
154.7
140
144 •
147
144
154
159
160
161
161
163
166
167
135
140
144
144
155
160
159
162
167
168
167
164
171
176
180
180
190
195
199
199
203
207
208
215
123
126
128
131
135
139
138
139
137
139
144
141
119
118
125
95
126
132
131
132
131
130
131
131
103
99
94
103
101
117
139
152
161
145
138
123
84
76
74
80
88
101
115
112
105
87
74
69
117
118
109
121
111
129
158
184
206
192
189
167
111.8
112.5
112.3
112.5
114.0
115.4
117.1
117.7
117.5
118.0
119.2
120.1
118.3
118.6
119.4
122.0
124.9
128.7
133.3
133.3
132.3
132.8
134.4
134.9
115.5
117.8
119.9
122.6
124.9
127.9
130.6
133.1
135.2
135.4
134.8
134.2
120.7
126.8
131.2
134.7
144.1
152.2
152.7
158.1
162.6
167.0
165.4
169.9
122
124
126
112
135
139
138
139
130
127
135
137
101
103
103
104
105
104
115
134
116
105
116
111
80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
92.4
92.5
93.6
100.8
100.8
101.2
102.2
102.9
104.6
105.3
106.2
108.1
109.3
110.2
110.5
171
172
171
P
173
165
167
168
222
226
229
P
233
143
142
139
P
138
131
129
127
p
130
118
128
125
82
100
95
147
151
149
120.1
120.1
120.2
^120 0
135.7 1 3 2 . 5 1 7 3 . 5
135.1 1 3 3 . 8 1 7 8 . 3
134.7 135.0 p 182.9
P
140
139
136
143
138
126
124
117
96.0
96.7
97.6
98.8
*99.0
112.0
112.9
114.3
115.1
98.6
99.6
1940
January
February....
March ....
May
June
July
August......
September. . .
October
November .T..
December
99.8
100.4
100.2
100.1
100.7
1941
January
February....
March
....
April
May
June..
July
August
....
September. . .
October
November
December....
1942
January
February
March
April
May..,
155.7
156.9
158.6
161 7
135 0 2*135 7
186 "4
f Preliminary. * Average per working day.
Revised. * Estimated. * Department of Commerce series on value of payments to individuals
Revised
vised for the period from JJanuary
a n u a r y 1929 to date.
date.
2
F
id
b groups or iindustries,
d i
For
indexes
by
industrie
For
see p p . 58
586-589, for description, see BULLETIN for September 1941, p p . 878-881, and for August 1940, p p . 753-771.
3
Based
W. D
Dodge
Corporation
B
d on F . W
d
C
t i n d a t a ; for description, see p . 358 of BULLETIN for July
y 1931; by groups, see p . 594.
59.
4
T h e unadjusted
indexes of employ
j
p y m e n t and payrolls, wholesale commodity prices, and
d cost
cost of
of living
living are
are compiled
compiled by
by or
or based
based on
on data
data of
of tthe Bureau
ea
of Labor
abor S
Statistics.
t a t
Forr description of sseasonally
e a s o n a y adjusted index of factory employment compiled
ild b
by th
the F
Federal
d l R
Reserve Board
Bd
off Governors,
G
see B
BULLETIN
for
f October
Ob
1938, p p . 835-837,
5837 and
d ffor O
October
t b
1939
1939, p . 878
878. FFor iindexes
d s by
by groups or iindustries
d i
see p p . 590593
590-593 ffor employment
l
t
and
d payrolls
ll and
d p . 597
597
for prices.
6
6
Excludes military and naval forces.
For sales comparisons by cities and by departments see p . 596 of this BULLETIN.
Back figures in BULLETIN.—For industrial production, August 1940, p p . 825-882 and Sept. 1941, p p . 933-937; for factory employment and payrolls
October 1938, p p . 838-866, October 1939, p p . 879-887, and February 1941, p . 166; for department store sales, October 1938, p . 918, and J a n u a r y 1941, p . 65;
for freight-car loadings, J u n e 1941, p p . 529-533.
JUNE 1942.
585
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
L941
1942
Industry
Industrial Production—Total
,
Manufactures—Total
,...,...,
Durable
Nondurable1
,
Iron and Steel
Pig iron
Steel
Open hearth and Bessemer
Electric
Machinery
Government Arsenals
Transportation
and Quartermaster
Equipment..
Metals and Products
..
Nonferrous metal smelting
Copper smelting
Zinc smelting
Lead production
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
Lumber and Products
Lumber
Furniture
Stone
Clay, and Glass
Products
Cement
Unglazed brick
Glass containers**
Polished plate glass
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries.
Silk deliveries
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products
* Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
.
Butter..
Cheese
Canned and dried milk
May
June July
147
144
154
159
160
151
153
160
164
165
180
128
180
190
131
135
195
184
181
178
192
177
300
170
192
Sept.
Oct.
Nov.
161
161
163
166
167
166
167
169
172
174
139
199
138
199
139
203
137
207
139
208
144
215
141
183
184
185
185
192
191
191
175
195
172
333
174
347
179
195
173
355
181
196
173
358
182
197
172
375
185
206
179
399
184
206
178
407
184
206
176
417
185
194
206
214
216
224
227
231
207
196
228
243
255
241
245
O1Q
930
161
148
233
280
997
168
154
233
307
1 113
141
93
236
306
Aug.
r
Dec. Jan.
Feb. Mar.
Apr.
171
172
171
P173
179
180
179
P180
222
143
226
142
229
139
P233
196
191
193
198
P198
190
211
181
422
189
208
174
445
189
210
176
444
194
216
180
473
217
179
483
229
241
248
255
265
P271
269
275
278
304
313
327
P346
1 204 1 290
134
146
74
no
249
278
319
335
142
123
264
338
120
118
105
105
r
Depots
Automobile bodies, parts, and assembly
Automobile factory sales
Railroad cars
Locomotives
Shipbuilding
Private yards
Government yards
Nonferrous
. .
Mar. Apr.
:
...
142
143
178
216
124
122
196
237
876
152
151
218
256
335
353
381
428
467
485
560
634
645
179
183
189
186
192
189
192
185
190
193
194
190
184
P182
142
136
163
118
219
172
146
143
147
145
164
119
221
186
147
147
148
144
170
115
233
205
144
147
144
136
170
117
229
210
144
141
142
131
173
114
244
200
142
155
145
135
175
116
231
199
143
161
145
135
175
120
233
209
145
166
147
137
177
119
217
150
139
179
127
226
151
141
182
122
230
153
140
184
131
235
157
141
189
140
224
157
147
184
134
208
161
155
185
132
195
143
153
147
155
145
171
152
151
148
145
128
2
2
2
2
2
<
132
132
135
141
140
136
135
135
138
143
144
134
P134
125
132
128
139
122
152
125
155
131
161
134
152
129
149
129
146
128
148
132
149
138
153
143
146
128
145
P
149
141
143
149
151
154
157
/5c?
162
167
199
189
171
P156
156
136
138
135
139
130
135
142
134
128
148
142
138
133
155
152
143
136
154
146
148
146
159
133
154
144
165
120
159
145
167
102
164
153
169
105
191
152
165
67
249
160
184
65
236
152
178
49
188
161
187
41
176
43
146
150
157
156
155
154
151
150
156
154
158
156
152
P151
143
156
150
71
152
146
179
135
163
154
146
161
158
74
152
139
171
140
166
156
153
165
169
71
165
148
196
153
178
167
151
160
173
73
163
149
190
151
178
165
151
162
173
77
157
126
177
153
174
160
149
160
170
56
166
148
181
162
179
166
145
156
168
34
169
142
205
163
185
169
143
161
172
10
164
133
199
157
185
164
148
167
179
15
166
133
200
156
184
170
146
155
179
148
169
180
r
147
174
r
174
143
169
175
177
178
164
209
159
195
182
161
78
202
163
173
183
r
115
115
124
132
130
122
120
125
134
128
127
r
r
130
148
86
119
125
r
127
r
139
93
r
120
117
126
139
96
117
r
116
124
P141
P137
P13S
r
113
120
112
97
117
109
119
97
96
119
119
130
99
105
128
122
133
98
112
138
125
137
93
116
134
124
141
103
97
121
125
136
101
115
118
129
138
107
121
123
134
145'
108
123
134
123
135
89
117
131
r
121
123
123
127
126
132
130
134
141
137
P140
105
122
125
129
118
131
124
110
123
135
144
119
138
135
110
119
129
134
117
134
139
.107
129
124
130
111
121
132
103
102
126
129
113
128
141
98
129
127
124
109
134
165
99
101
112
146
153
108
148
197
103
139
146
143
105
163
224
109
in
139
142
109
145
183
155
156
104
176
240
r
108
p\ss
r
106
172
234
148
70
195
159
143
166
153
r
79
191
r
165
r
148
r
172
r
121
127
121
P125
110
101
98
153
^150
P149
108
192
198
110
195
187
p
r
107
182
220
r
r
Revised. /Preliminary.
* Included in total and group indexes but not available for publication separately.
Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately.
Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automobile bodies, parts,
and 3assembly series, which is more representative of production by the automobile industry.
Glass containers: Feb. 1941, 130 revised.
1
2
586
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries {Adjusted for Seasonal Variation)—Continued
[Index numbers of the Board af Governors. 1935-39 average = 109J
1942
1941
Industry
Mar. Apr.
Manufactured Food Products—Continued
Meat packing
Pork and lard ...
Beef
.
Veal
L a m b and mutton
Other manufactured foods
134
159
110
91
111
120
Alcoholic Beverages
104
Malt liquor
Whiskey
Other distilled spirits
Rectified spirits
Tobacco Products . .
...
Paper and Paper Products1
July
Aug.
Sept.
Oct.
Nov.
132
147
120
97
109
122
124
134
120
91
101
129
125
132
123
96
110
128
134
149
124
94
105
135
126
139
118
101
99
132
133
148
123
108
103
135
135
148
124
114
111
144
142
161
127
98
117
137
148
165
138
96
113
140
141
151
139
96
113
144
144
161
132
98
128
138
108
114
122
130
128
131
129
109
116
139
133
116
109
106 .107
90
95
129 153
171 207
115
108
206
190
110
93
206
219
118
94
262
170
127
107
178
138
110
81
139
120
123
91
121
102
120
77
250
243
128
74
75
241
117
62
44
201
114
63
53
153
117
120
119
118
114
118
121
128
132
129
132
130
125
127
109
127
97
117
127
101
109
131
100
106
131
97
106
123
97
109
129
96
104
137
99
112
144
104
115
149
106
139
136
95
129
144
99
126
144
93
121
137
94
120
140
97
132
134
142
145
146
147
144
146
153
155
r
162
179
129
153
225
171
160
186
157
106
145
152
147
r
r
149
150
161
181
135
153
r
221
r 177
158
175
151
107
151
r
166
147
155
180
131
154
r
224
r
173
r
151
163
144
110
146
r
168
142
156
190
138
155
239
181
151
162
149
106
140
164
148
130
128
125
121
•115
104
103
103
139
135
131
126
133
134
129
137
123
153
145
410
135
139
130
132
126
160
151
474
131
134
123
133
120
161
152
472
126
125
128
131
128
161
152
493
120
117
124
131
113
160
r
151
477
149
152
161
161
133
161
119
137
r
203
153
129
138
114
115
r
127
133
124
136
161
121
135
199
156
132
143
115
114
131
132
129
145
162
120
141
203
155
142
158
127
114
138
137
139
149
175
121
151
216
170
145
154
134
114
149
144
140
150
167
122
149
203
163
148
162
140
112
149
142
138
152
172
128
151
215
164
149
161
147
113
150
143
139
149
170
129
140
210
163
145
158
152
107
146
130
136
150
172
130
145
210
166
147
158
147
110
149
140
138
r
117
118
122
128
127
129
125
127
136
106
106
107
106
106
109
105
105
111
Petroleum and Coal Products
123
121
125
127
128
130
132
133
135
Petroleum refining .
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
118
120
121
105
113
154
145
434
119
120
120
118
117
133
134
69
122
124
119
118
115
148
141
386
123
123
122
134
104
154
145
435
124
123
124
133
108
154
146
429
126
126
127
132
116
154
146
453
128
130
124
130
119
152
144
425
129
131
129
129
121
153
145
437
Printing and Publishing*, 3
Newsprint consumption
142
156
134
96
119
126
143
110
96
108
122
r
160
C
Paper and pulp
Pulp3
Groundwood pulp3
Soda pulp
Sulphate pulp3
Sulphite pulp3
Paper
Paperboard
Fine paper
Newsprint production
Printing paper3
Tissue and absorbent paper3
Wrapping paper
Apr.
103
82
140
146
100
80
132
131
Cigars
Cigarettes
Manufactured tobacco and snuff
May June
Dec. Jan. Feb. Mar.
r
185
141
167
225
178
156
167
160
110
161
153
140
r
154
r
r
r
154
98
p
106
160
150
502
p
Chemicals
125
133
136
144
146
145
146
148
Rubber Products
155
158
162
192
153
130
131
134
158
134
135
132
161
131
132
130
164
144
144
145
196
152
151
155
156
126
126
125
132
117
118
110
134
108
108
103
137
103
104
94
103
104
102
67
67
64
33
32
33
28
28
27
26
26
27
125
95
126
132
131
132
131
130
131
131
131
129
127
P130
121
86
121
129
127
129
128
127
128
127
128
125
122
p
148
102
112
22
71
113
149
80
114
153
126
120
146
137
119
147
162
119
139
127
124
127
116
128
125
97
132
124
89
132
129
89
132
120
110
128
146
113
114
148
149
152
151
151
148
146
146
147
153
150
152
154
p
191
148
118
125
127
127
199
152
119
133
121
129
195
159
115
127
132
122
198
155
117
136
126
128
205
156
114
125
121
124
202
155
116
131
114
129
192
154
120
135
114
116
182
151
119
134
130
108
204
152
127
131
116
106
209
157
122
138
125
105
211
161
131
138
113
.105
212
158
140
146
118
101
215
162
134
P217
164
132
Rubber consumption
Tires and tubes
Pneumatic tires....
Inner tubes
Minerals—Total
Fuels
Bituminous coal
Anthracite
Crude petroleum
Metals
Iron ore shipments
Copper
Lead
Zinc
Gold
»
Silver
156
r
165
126
p
iu
155
r
p
c
Revised
Preliminary.
Corrected.
* Included in total and group indexes but not available for publication separately.
J2 Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported.
Includes also printing paper production shown under "Paper."
3 Revised figures 1941: Pulp Jan. 154, Feb. 154; Groundwood pulp Jan. 120; Sulphate pulp Jan. 195, Feb. 196; Sulphite pulp Feb. 143; Printing paper
Jan. 120, Feb. 122; Tissue and absorbent paper Jan. 131; Printing and publishing Jan. 112, Feb. 113.
NOTE.—For description and back figures see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882.
JUNE
1941
587
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
1941
Industry
Mar.
Industrial
Production—Total.
Manufactures—Total
Durable
Nondurable1
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb. Mar.
Apr.
144
144
155
160
159
162
167
168
167
164
165
167
168
mi
149
153
160
165
164
167
172
173
173
171
172
174
177
P180
178
126
181
130
192
134
198
138
196
138
199
142
206
145
210
143
209
144
212
138
215
137
220
138
226
137
P233
183
184
185
185
192
191
191
196
191
193
198
178
192
177
300
170
192
172
333
175
195
474
347
179
195
173
355
181
196
173
358
182
197
172
375
185
206
179
399
184
206
178
407
184
206
176
417
190
211
181
422
189
208
174
445
189
210
176
444
194
216
180
473
217
179
483
185
194
206
214
216
224
227
231
229
241
248
255
265
P271
214
206
229
244
229
221
245
269
275
278
304
313
327
P346
768
150
160
178
216
818
136
139
196
237
876
152
164
218
256
930
161
164
233
280
997
135
134
233
307
1,113
120
47
236
306
1,204
134
74
249
319
1,290
146
110
278
335
1,340
142
123
264
338
120
2
118
2
105
105
335
353
381
428
467
485
560
634
645
Nonferrous Metals and Products..
179
184
191
187
185
190
192
193
190
185
*183
Nonferrous metal smelting...
Copper smelting
Zinc smelting
Lead production
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
142
136
163
116
219
172
146
146
147
145
164
121
221
186
147
151
148
144
170
117
233
205
144
153
144
136
170
116
229
210
144
148
141
131
173
110
244
200
142
154
145
135
175
116
231
199
143
159
• 145
135
175
120
233
209
145
159
147
137
177
119
217
151
139
179
128
226
152
141
182
124
230
153
140
184
131
235
157
141
189
140
224
156
147
184
131
208
162
155
185
135
195
143
151
147
155
145
165
152
151
148
145
123
130
134
140
144
151
148
145
134
128
122
128
129
P133
118
133
128
135
130
143
135
150
142
149
148
157
144
156
138
159
124
154
113
155
112
142
118
146
120
125
140
161
171
165
174
175
169
147
138
132
Iron and
Steel...
Pig iron
Steel
Open hearth and Bessemer.
Electric
Machinery
184
Government Arsenals and Quartermaster Depots.
Transportation Equipment
Aircraft
Automobile bodies, parts, and assembly
Automobile factory sales
Railroad cars
Locomotives
Shipbuilding
Private yards
Government yards
Lumber and
Products..
Lumber...
Furniture.
189
147
Stone, Clay and Glass Products..
r
175
r
142
Cement
Unglazed brick
Glass containers
Polished plate glass
Textiles and Products.
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries
Wool textiles
Carpet wool consumption..
Apparel wool consumption.
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
Manufactured Food Products.
Wheat flour
Cane sugar meltings
Manufactured dairy products.
Ice cream
Butter
Cheese
»
.
Canned and dried m i l k . . . .
117
92
130
141
139
126
135
142
163
145
r
158
142
174
165
163
149
177
168
r
161
96
181
175
r
174
109
184
177
r
168
120
185
170
r
172
117
171
166
170
120
153
137
r
153
80
137
97
165
68
147
150
157
155
155
154
151
150
156
154
158
r
146
161
158
73
152
139
171
140
166
156
152
165
169
66
165
148
196
153
178
167
150
160
173
66
'163
149
190
151
178
165
150
162
173
69
157
126
177
153
174
160
148
160
170
50
166
148
181
162
179
166
145
156
168
32
169
142
205
163
185
169
143
161
172
10
164
133
199
157
185
164
148
167
179
15
166
133
200
156
184
170
146
155
179
148
169
180
178
164
209
159
195
182
161
78
202
163
173
183
r
123
119
122
120
126
130
129
127
123
116
113
121
105
96
130
110
119
96
99
125
116
127
94
103
126
118
126
100
112
122
120
128
102
115
130
120
134
108
95
137
124
135
99
116
132
129
140
103
120
125
135
151
102
119
116
125
137
91
119
110
107
112
119
128
137
152
159
143
139
130
102
135
105
99
105
107
121
103
135
134
138
118
133
152
100
117
175
182
151
177
200
101
132
188
208
155
186
195
102
117
181
216
137
165
172
99
136
167
200
120
151
169
114
132
142
153
108
150
168
110
109
115
110
95
139
158
107
114
99
86
83
124
165
104
*
98
81
82
123
166
13l
149
84
119
120
i76
*>155
161
43
176
43
152
P151
143
169
175
147
174
174
177
mo
153
r 79
191
165
r
148
r
172
148
70
195
159
143
166
131
128
P129
138
r
155
98
r
125
126
126
140
91
116
129
130
r
r
124
r
141
156
143
156
150
74
152
146
179
135
163
154
r
r
p
Revised.
Preliminary.
* Included in total and group indexes but not available for publication separately.
Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry.
1
132
83
164
47
r
V121
109
85
124
178
r
109
92
142
187
r
r
98
92
96
157
194
109
189
211
Figures not available for publication separately.
2
Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automobile bodies, parts,
and assembly series which is more representative of production by the automobile industry.
588
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries {Without Seasonal Adjustment)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
1941
Industry
Mar. Apr. May
June July
Aug.
Sept.
Oct.
Nov. Dec. Jan.
Feb. Mar.
Apr.
Manufactured Food Products—Continued
Meat packing
Pork and lard..
Beef
Veal
L a m b and mutton
Other manufactured foods
....
Alcoholic Beverages
r
...
97
99
86
124
121
130
118
92
96
123
119
119
125
95
104
137
116
112
126
95
104
159
119
111
132
111
111
170
134
139
134
119
109
151
152
178
130
116
108
146
165
208
127
93
111
131
173
214
138
93
118
123
135
151
125
84
113
125
131
145
120
93
124
121
134
148
125
95
115
P123
130
131
122
137
137
118
106
112
117
113
113
112
77
29
191
124
69
32
136
110
120
124
90
77
150
137
76
90
165
142
59
97
160
128
51
99
171
120
75
359
180
104
102
472
180
90
101
292
190
96
104
150
135
96
102
163
177
109
96
45
207
r
113
121
128
123
122
132
133
134
no
126
121
117
119
111
118
100
108
133
100
113
144
99
111
138
99
113
136
96
120
146
107
135
141
106
137
143
105
107
121
83
104
146
96
109
136
92
111
127
96
114
130
96
136
137
141
143
139
146
149
151
152
146
110
Paper and Paper Products1
Paper and pulp
Pulp3
Groundwood pulp
Soda pulp
Sulphate pulp3 .
Sulphite pulp3
Paper3
Paperboard
Fine paper..
Newsprint production
Printing paper3
Tissue and absorbent paper3
Wrapping paper
132
147
120
101
111
111
100
119
. .. 99
,
Cigars
Cigarettes
Manufactured tobacco and snuff
119
135
102
95
105
107
112
91
84
130
100
Malt liquor
Whiskey
Other distilled spirits.
"Rectified spirits
Tobacco Products
122
143
100
86
107
105
140
165
136
139
199
159
136
146
126
114
136
135
130
145
165
133
141
203
155
142
155
130
115
140
136
136
121
124
110
113
119
r
153
155
154 159
174 183
134 140
148 153
214 223
166 r 177
151 155
166 168
154 152
107 107
144 151
146 161
143 147
r
160
186
137
158
r
230
179
r
156
167
154
108
151
r
175
147
161
194
148
160
244
185
156
168
159
106
145
166
151
147
173
124
150
214
167
143
154
131
115
146
143
137
143
159
109
141
199
155
140
154
128
109
140
135
133
150
170
109
151
215
164
147
163
139
110
145
143
138
151
168
112
142
210
163
148
167
144
107
145
136
138
155
173
121
145
214
169
152
167
147
110
151
145
143
126
127
116
121
125
131
138
131
125
126
126
P125
111
107
92
96
106
112
117
ill
99
102
107
105
120
126
128
129
131
134
135
136
138
132
129
122
114
114
118
104
115
154
145
434
119
118
117
122
119
133
134
69
122
124
119
122
115
148
141
386
124
126
121
134
102
154
145
435
125
127
122
131
103
154
146
429
128
130
124
131
111
154
146
453
131
134
125
130
117
152
144
425
132
134
130
129
121
153
145
437
134
135
130
137
126
153
145
410
134
136
132
131
127
160
151
474
128
129
127
129
126
161
152
472
124
121
129
129
C
129
161
152
493
116
112
122
130
115
r
l60
r
151
476
Chemicals
129
136
135
138
139
142
148
153
151
153
155
r
Rubber Products
155
157
162
192
153
130
131
134
158
134
135
132
160
131
132
130
164
144
144
145
196
152
151
155
156
126
126
125
132
117
118
110
134
108
108
103
137
103
104
94
103
104
102
67
67
64
116
96
127
131
130
134
137
138
135
123
120
87
118
123
121
125
129
131
130
129
142
105
114
18
76
116
126
88
118
132
116
120
128
107
119
135
120
122
144
122
124
142
123
127
143
99
128
92
149
181
181
184
187
182
181
161
151
116
125
112
131
210
156
121
133
107
130
323
159
117
127
114
121
326
152
116
136
116
123
344
147
110
125
116
122
335
152
116
131
126
126
311
152
120
135
131
117
281
156
119
134
152
107
231
157
128
131
132
106
137
r
165
128
141
r
2O7
156
133
144
122
115
132
134
.... 126
Printing and Publishing2
Newsprint consumption
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke . .
Byproduct coke
Beehive coke
....
...
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
Minerals—Total
Fuels
Bituminous coal
Anthracite
Crude petroleum
„...
Metals
Iron ore shipments
Copper
Lead
Zinc
Gold
Silver
.
159
186
144
167
225
179
155
167
155
113
160
151
140
151
r
r
33
32
33
165
28
28
27
26
26
r
^105
160
150
502
P168
27
123
118
P125
131
130
122
P120
138
94
129
144
104
129
141
121
127
140
116
115
p
98
91
159
124
138
130
105
123
161
157
109
158
131
138
107
106
r
92
160
140
146
106
103
150
2*109
98
P157
23
165
131
236
169
135
r
p
Revised.
Preliminary. c Corrected.
•1 Included in total and group indexes but not available for publication separately.
Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last
reported.
2
Includes also printing paper production shown under "Paper."
3 Revised figures 1941: Pulp Jan. 155; Sulphate pulp Jan. 197, Feb. 201; Sulphite pulp Feb. 147; Paper Feb. 128; Printing paper Jan. 120; Tissue and
absorbent paper Jan. 127.
NOTE.—For description and back figures, see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882.
JUNE
1941
589
FACTORY EMPLOYMENT, BY INDUSTRIES
{Adjusted for Seasonal Variation)
1923-25 average - 1001
[Index numbers of the Board of Governors ; adjusted to Census of Manufactures through 1937.
1942
1941
Industry and group
Mar.
Apr.
119.4 122.0
May
June
July
Aug.
Sept
Oct.
Nov!
Mar.
Apr.
134.9 135. 7 l35.1 134.7
144.3 146.7 146.8 146.9
126.0 125.2 123.8 123.1
135.0
147.7
123.0
139.0 r136.4 134.7
149
150
167
170
100
98
133
136
122
119
94
99
r
92
96
208
217
124
127
|
100
109
112
108
141
147
153
151
169
184
134.0
150
169
99
126
190.8 / 4.4
197.1
126.3
118.0
124.9 128.7 133.3 133.3 132.3 132.8 134.4
129.5 134.0 140.7 141.5 141.3 142.3 143.7
120.5 123.7 126.3 125.5 123.8 123.8 125.6
Iron and Steel and Products
Blast furnaces, steel works, etc
Bolts, nuts, washers, and rivets
Cast-iron pipe
Cutlery and edge tools
Forgings
. .
Hardware
Plumbers' supplies
Stamped and enameled ware
Steam and hot-water heating
Stoves
Structural and ornamental metal work.
Tin cans and tinware
Tools
Wirework
126.2
133
151
92
111
96
116
100
203
107
106
100
113
128
208
128.3
136
153
93
114
100
115
101
204
109
107
101
113
133
203
132.0
140
160
94
117
102
116
102
214
111
110
103
122
135
207
136.0
145
166
95
122
105
118
102
220
114
114
104
129
139
214
139.1
149
169
95
130
112
105
102
228
123
121
105
131
142
218
140.2
150
173
94
130
112
116
103
231
126
115
107
132
'146
198
139.7
149
172
97
128
113
117
100
231
125
109
106
132
147
214
138.2
148
170
98
129
115
115
98
225
125
105
107
127
145
203
138.3
148
169
101
130
115
113
98
225
123
104
107
138
146
201
138.9
149
170
100
134
117
106
98
220
125
108
107
141
148
199
Machinery
Agricultural implements
Cash registers, etc
148.1
155.8
161.6
167.3
173.0
177.7
177.8
179.3
181.2
183.4
126
158
166
170
181
180
172
150
153
259
134
326
197
101
143
175
182
151
147
245
129
315
189
98
138
167
178
Engines, turbines, etc
Foundry and machine-shop products..
Machine tools
Radios and phonographs
Textile machinery
Typewriters .
74.0
98
...
Stone, Clay and Glass Products
Brick, tile, and terra cotta
Cement
Glass
Marble, granite, and slate
Pottery
Textiles and Products
Fabrics
Carpets and rugs
Cotton goods
Cotton small wares
Dyeing and finishing textiles
Hats, fur-felt
Hosiery
Knitted outerwear
...
Knitted underwear
Knitted cloth
Silk and rayon goods
Woolen and worsted goods
Wearing apparel
Clothing, men's
Clothing, women's
Corsets and allied garments
Men's furnishings
Millinery
Shirts and collars
Leather and Manufactures
Boots and shoes
Leather
163
159
275
139
337
184
104
150
168
164
294
143
349
191
107
155
170
168
315
146
366
187
108
157
173
168
323
147
355
183
110
158
175
168
348
148
360
179
110
160
177
168
371
149
365
194
109
159
154.1 158.7 164.6 174.2 196.1 193.1 195.2 204.5 208.9
5,509 5,813 6,121 6,522 7,160 7,897 8,779 9,453 9,794
128
129
139
149
132
128
127
125
123
81
74
98
87
89
70
100
100
70
70
61
58
73
67
52
77
74
54
533
440
490
398
387
341
301
268
285
136.2 138.9 140.7 144.1 147.8 147.9 144.8 143.1 142.2
234
247
246
230
244
240
240
229
220
194
191
195
190
182
192
193
181
179
110
121
114
125
121
118
115
110
111
119
110
120
111
105
115
113
106
107
119
119
118
118
115
112
112
114
110
87
94
81
82
79
85
84
84
82
103
100
105
102
102
99
103
101
101
Transportation Equipment
Aircraft
Automobiles
Cars, electric- and steam-railroad
Locomotives
Shipbuilding
Nonferrous Metals and Products
Aluminum.1
Brass, bronze, and copper
Clocks and watches
Jewelry
Lighting equipment
Silverware and plated ware
Smelting and refining
Lumber and Products
Furniture .
Lumber, millwork
Lumber, sawmills
146
142
243
124
304
178
95
134
104
75.9
78.9
78.4
107
106
108
71
65
75
68
76
68
92.1
93.7
98.6
98.4
69
73
69
74
73
74
78
70
65
69
64
92.3
92.3
71
75
70
74
77.3
r
187.1
161
176
153
150
155
1 7
2 0
109
159
109
109
107
152
157
159
4
205.4 210.1 214.6 217.9
220
235
111
96
84
*
*
•
143.4
108
112
106
83
100
r
147.0
146.8
r
r
77.9
79.2
105
106
75
70
98.7
98.9
100.9
101.6
r
74
79
73
79
76
82
77
85
78.1
75
68
r
110
112.
110
114
100
102
82
78
103.1 103
76.9
104
75
67
75
68
167
206
76.4
101
76
67
103
161
178
105.0
r
81
88
104
73
68
1
100.1
78
87
127
90
82
201
122
88
115
114
154
154
156
169
160
251
109
126
224.8
*
80
*
146.9
143.6
111
109
97
111
107
95
66
81
77
101
75.3
103
103
74 2
101
72
65
71
64
96.9
94.6
75
83
71
79
125
40
118
46
108
121
45
109
122
45
109
124
44
116
77
131
43
126
107.6
100.4
83
101
109.8
103.3
86
103
112.9
105.9
89
106
116.1
109.0
90
111
120.0
111.1
89
113
117.1
109.6
91
115
114.7
107.2
91
112
112.9
105.4
90
112
113.3
105.1
90
111
r
113.2 r112.0 110.0 109.4
104.4 1 0 4 . 1 102.2 102.7
81
85
75
90
110
110
110
110
103
107
110
110
110
108
109
135
78
133
77
87
147
60
109
124.7
120
165
130
78
132
78
87
147
61
110
126.9
125
167
109
106
140
123
112
122
115
112
116
127
75
131
113
111
77
113
68
135
115
72
145
113
78
133
111
74
129
111
70
129
97
136
83
142
68
78
143
66
102
119.3
110
164
138
80
141
71
79
141
69
109
119.8
114
159
114
114
118
78
125
...
101
74.6
71
65
94
^.
74.2
Feb.
r
r
123.0
115.9
Totali
Durable goodsl
Nondurable goodsl
Jan.
Dec.
94.3
92
88
119
78
128
95.5
93
90
141
83
144
76
81
155
74
109
124.0
122
161
116
121
73
131
96.8
94
90
144
86
146
81
79
163
75
110
127.0
124
170
149
86
149
85
90
162
72
112
135.0
124
193
130
42
123
130
43
122
131
45
121
133
45
121
132
45
121
143
79
144
83
88
161
67
108
128.8
120
176
119
122
124
68
133
137
75
135
137
79
135
101.0
98
95
100.2
97
97
119
97.9
94
96
77
135
78
88
158
61
112
126.6
119
171
134
134
98.0
94
98
99.6
96
97
121
68
132
104.2
101
98
135
48
125
126
43
121
106
131
133
131
71
73
76
130
132
133
79
81
78
86
90
86
149
149
147
59
59
60
99
107
107
128.2 1 2 5 . 1 122.8
118
123
128
162
161
169
103.1
100
97
98.8
95
96
96.3
92
95
124
41
116
106
132
70
127
79
86
151
61
103
120.0
118
156
97.4
93
96
115
110.7
104.8
70
112
108
134
67
124
82
85
154
63
109
119.3
119
153
97.8
94
95
r
Revised.
* Included in total and group indexes but not available for publication separately.
l Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166, and for June 1941, p. 569.
NOTE.—Figures for April 1942 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.
59°
FEDERAL RESERVE BULLETIN
Factory Employment {Adjusted)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
1941
1942
Industry and group
Mar.
Food and Kindred Products
Baking
Beverages
Butter
Canning and preserving
Confectionery
Flour
Ice cream
Slaughtering and meat packing .
Sugar, beet
Sugar refining, cane
Tobacco Manufactures. . . .
Tobacco and snuff
Cigars and cigarettes .
Paper and Printing
Boxes, paper.
Paper and pulp .
Book and job printing
Newspaper and periodical printing . . .
Chemicals, Petroleum, and Coal Products....
Petroleum refining
Other than petroleum refining
Chemicals
-,
Cottonseed oil, cake and meal
Druggists' preparations
Explosives
Fertilizers
Paints and varnishes
Rayon and allied products
Soap
Rubber Products
Rubber boots and shoes
Rubber tires and inner tubes
Rubber goods, other
r
Apr.
June
May
Aug.
July
Sept.
Nov.
Oct.
Dec.
Jan.
r
131.3
132.5
135.0
137.3
138.4
140.9
138.8 140.7
147.0
147.5
146
278
102
139
91
78
79
113
111
97
148
111
105
140
92
79
82
114
97
103
149
287
107
147
89
78
79
119
99
102
151
286
105
156
90
80
78
121
93
101
149
289
102
161
97
79
78
123
89
94
152
298
104
169
100
77
79
124
76
93
151
295
102
157
91
79
78
125
98
103
152
311
106
201
96
152
316
106
188
95
79
83
133
141
101
152
303
102
164
90
78
83
126
91
103
78
83
127
98
98
Feb.
148.4
r
310
105
189
92
80
82
138
115
90
183
94
80
82
139
168
97
304
109
168
93
79
81
137
107
93
64.0
65.0
65.8
65.8
65.7
64.4
62.0
64.1
65.0
66.5
69.2
66.7
66.1
54
66
54
67
53
68
53
67
53
66
54
63
54
65
54
66
56
68
54
71
53
69
52
68
118.5
119.8
121.2
122.9
124.8
125.1
124.4 124.9
124.8
125.9
125.2
123.4 122.4
125
119
103
117
129
120
104
117
132
123
104
117
139
125
104
117
142
126
108
117
143
128
106
118
141
128
105
117
139
129
107
116
140
129
107
120
142
130
107
116
139
130
103
129.0
121
131.1
161
94
119
r
r
137.5
133.7
r
121
136..8
163
110
122
r
123
141.1
168
106
129
r
141.5
r
125
145.6
r
r
146.3
143.9
r
172
107
132
127
r
148.0
127
150.9
179
101
138
173
109
136
r
145.7 r147.1
r
127
129
150.3 r151.7
180
88
141
181
95
141
115
144
323
94
95
134
308
89
112
135
324
91
118
136
330
93
124
140
337
94
129
145
326
98
124
148
328
99
124
145
324
96
102.0
103.9
106.1
111.7
113.0
113.3
111.6 110.1
69
80
177
74
82
176
78
83
179
82
86
192
82
87
194
79
87
200
75
87
196
r
148.2
r
149.2
128
129
152.9
154.1
184
93
144
78
86
189
r
187
93
146
118
144
320
94
115
144
320
95
110.1
109.6
80
86
187
115
r
67
121.4
133
130
100
114
136
130
101
115
'154.4 155.6
130
131
r
156.9
r
r
160.2
r
190
192
93
152
78
85
189
65.6
53
1
151.5
r
142.2
151
306
112
151
93
79
82
137
102
94
147.5 144.3
152
152
153
310
106
54
65
138
128
108
117
Apr.
Mar.
94
152
r
119
139
142
r
145
313
94
308
92
99.8
73
75
175
155.5
132
161.1
194
93
156
*
96
137
317
92
132
161.3
194
89
153
HI
141
309
91
98.7 98.1
75
76
74
74
170
173
93.5
75
73
154
Revised. * Included in total and group indexes but not available separately.
TOTAL NONAGRICULTURAL EMPLOYMENT
[Thousands of persons]
Year and month
Total
non-agricultural
employment 1 2
Employees in nonagricultural establishments
Total
2
Manufacturing*
Mining
TransporConstruc- tation and
public
tion
utilities
Trade*
Financial,
service,
and miscellaneous
Government 2
4,166
4,188
4,204
4,242
4,246
4,241
4,251
4,266
4,274
4,017
4,059
4,110
4,123
4,179
4,222
4,250
4,290
4,312
4,273
4,265
4,262
4,258
4,461
4,558
4,669
.4,769
4,174
4,235
4,260
4,300
4,300
4,325
4,256
4,229
4,227
3,983
4,049
4,126
4,164
4,210
4,248
4,269
4,281
4,387
4,179
4,181
4,195
4,264
r
4,405
r
Military
and naval
forces
SEASONALLY ADJUSTED
1941—April.
May
June
July.....
August
September
October
November
December
1942—January
February
March
April
38,329
38,824
39,296
39,903
40,101
40,016
40,192
40,603
40,905
32,186
32,681
33,153
33,760
33,958
33,873
34,049
34,460
34,762
11,636
11,886
12,221
12,605
12,615
12,548
12,599
12,735
12,789
r
40,906
r
r
34,763
r
r
12,863
r
40,910
40,937
40,882
34,767
34,794
34,739
572
877
889
914
923
908
892
892
892
r
1,859
1,698
1,644
1,668
1,666
1,683
1,776
1,924
2,156
3,133
3,192
3,220
3,264
3,302
3,303
3,292
3,310
3,322
6,803
6,781
6,865
6,944
7,027
6,968
6,989
7,043
7,017
12,826
12,818
12,847
852
851
879
2,064
2,091
2,057
1,956
r
3,322
r
3,313
3,325
3,361
6,907
6,862
6,812
6,669
564
869
1,775
1,782
3,113
3,185
3,239
3,290
3,326
3,367
3,365
3,322
3,296
6,792
6,753
6,861
6,837
6,897
7,008
7,070
7,146
7,511
873
r
1,546
1,662
1,740
1,857
1,944
1,992
2,014
r
+
4.
UNADJUSTED
1941—April
May
June
July
August
September
October
November
December
1942—January
February
March
April
38,228
38,902
39,475
39,908
40,292
40,710
40,783
40,756
41,080
32,085
32,759
33,332
33,765
34,149
34,567
34,640
34,613
34,937
11,684
11,886
12,154
12,391
12,595
12,777
12,805
12,763
12,734
r
39,877
r
r
33,734
r
r
12,606
r
39,994
40,392
40,773
33,851
34,249
34,630
12,724
12,845
.12,897
876
888
900
906
915
911
908
876
860
860
860
1,816
1,895
1,921
1,936
1,960
1,961
1,874
1,660
1,645
1,738
1,875
r
3,252
r
3,249
3,277
3,344
r
6,756
6,686
6,711
6,658
r
4,506
4,623
4,732
1,546
1,662
1,740
1,857
1,944
1,992
2,014
+
+
* Adjusted to Census of Manufactures through 1939. r Revised,
t1 Not available for publication.
Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments.
2
Excludes military and naval forces.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for April 1942 are preliminary. Back figures, adjusted for seasonal
variation, may be obtained from the Division of Research and Statistics.
JUNE 1942.
591
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average = 100]
Factory employment
Industry and group
Mar.
Total
. ~.
Durable goods1
Nondurable goods1
Iron and Steel and Products
Blast furnaces, steel works, etc
Bolts, nuts, washers, and rivets
Cast-iron pipe
Cutlery and edge tools
.,
Forgings
.,.
Hardware
Plumb ers' supplies
Stamped and enameled ware
Steam and hot-water heating
Stoves
Structural and ornamental metal work .
Tin cans and tinware
Tools
Wirework
,
Machinery
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry and machine-shop products..
Machine tools
Radios and phonographs
Textile machinery
Typewriters
Transportation Equipment
Aircraft
Automobiles
Cars, electric- and steam-railroad
Locomotives
Shipbuilding
Nonferrous Metals
and Products
Aluminum 1
Brass, bronze, and copper
Clocks and watches
Jewelry
Lighting equipment
Silverware and plated ware
Smelting and refining
Lumber and Products
Furniture
Lumber, millwork
Lumber, sawmills
1942
1941
1
,
nm-..........
Stone, Clay and Glass Products
Brick, tile, and terra cotta
Cement
Glass
;
Marble, granite, and slate
Pottery
Textiles and Products
Fabrics
Carpets and rugs
Cotton goods
Cotton small wares
Dyeing and finishing textiles
Hats, fur-felt
Hosiery
Knitted outerwear
Knitted underwear
Knitted cloth
,..,
Silk and rayon goods
Woolen and worsted goods
Wearing apparel
Clothing, men's
Clothing, women's
Corsets and allied garments
Men's furnishings
Millinery
Shirts and collars
Jan.
Dec.
Apr.
119.9 122.6 134.2
123.7 127.7 144.2
116.3 117.8 124.8
r
Mar.
Apr.
138.0
136.3
149
170
98
134
118
106
97
220
124
104
106
134
150
199
149
170
97
133
121
99
95
213
122
92
106
137
151
184
147.7
156.2
183.4
133
169
167
176
m.o
r
164
175
141.2
150.9
174.2
173.7
149
199
99
123
138
138
101
241
112
103
97
122
161
256
164
212
104
125
141
136
98
243
117
111
103
127
166
243
185
260
120
165
196
138
110
298
161
112
121
174
211
264
185
261
117
171
209
133
169
151
171
99
129
127
91
82
207
122
90
114
110
155
157
242
193
274
127
181
222
137
102
309
173
105
140
150
234
235
189.7
194.0
197.7
186.2
197.4
269.6
284.2
294.8
166
178
169
177
166
170
162
230
191
192
372
152
472
164
219
239
229
250
241
260
307.8 313.9
179
186
376
144
462
157
123
94
107
131
153
155
157
161
207
210
110
110 ,
211
110
126
161.2 166.3
5,564 5,929
132
132
74
71
52
55
272
295
208.9
210.2
*
215.6
*
224.1
137.0
224
181
111
138.7
231
183
114
145.3
*
104
112
80
101
104
113
82
100
72.6
73.8
97
70
64
98
70
65
89.7
93.0
65
69
120
43
111
111.6
102.7
86
104
98
142
85
144
68
80
146
67
103
127.0
116
178
118
123
91
128
69
74
122
45
113
112.1
103.7
113
110
86
101
r
144.9
*
r
r
111
107
100
79
103
86
146.4
•
147.9
*
110
111
106
99
78
101
r
r
107
r
100
r
78
103
74.1
H4.3
102
71
102
71
64
99.7
64
r
r
r
68
76
126
39
95.6
70
78
128
40
121
74
81
132
44
122
93.9
r
121
113.0 '111.1 '113.0
106.2 r 105.1 r 104.9
r
86
146
61
111
126.2
123.2
82
112
106
134
90
112
109
135
76
135
77
121
163
113
120
60
135
r
73
131
75
85
144
60
109
r
119.7
r
118
156
110
107
71
131
r
147
89
r
76.6
107
74
65
87
105
101
143
81
142
71
83
142
69
104
118
172
118
122
88
131
151
100
182.9 186.4
217.3 223.8
144.3 144.4
135.2
152
116
r
Apr.
150
169
98
136
125
95
89
212
123
92
110
116
155
161
209
110
157
115
169.9 173.5 178.3
195.4 r 204.3 210.7
141.3 1 3 9 . 0 1 4 2
Mar.
135.7
150
r
Feb.
r
149
169
97
134
123
94,
r
93
209
219
109
162
r
r
135.9
r
r
Jan.
Dec.
132.5 133.8 135.0 135.7 131.2 134.7
145.1 147.4 149.3 144.6 149.9
r
123.0 123.2 122.7 116.3 117.7
137
155
93
117
100
117
101
210
109
109
99
110
133
207
99
138
Apr.
122.1
129.4
96
134
Mar.
r
143.3
r
135
151
91
113
97
117
101
207
107
103
97
107
130
210
151
147
257
130
317
159
Feb.
1942
1941
r
127.2
146
142
248
124
307
149
Factory payrolls
81
113
109
137
r
72
130
79
86
150
62
104
r
126.4
r
122
168
117
114
84
133
74.0
101
71
64
94.3
68
78
126
39
120
113.5
105.0
77
112
175
233.4 197.2 191.6
*
6.678 7,134
S5
163
147
66
74
61
68
365
395
143.6 155.5 157.2
258
290
*
238
235
110
129
134
100
96
• 66
102
94
106
82
106
94
106
82
107
219
227
234
291
156
213
296
156
171
336.9
349.9 380.5
135
132
202.9
209.1 206.2
154
160
114
109
96
128
329.3
154
71
65
95.4
85.2
91.1
106.6
113
111
138
72
129
80
88
153
62
103
127.7
125.6
123
166
115
114
78
132
112.2
99
148
133
129
85
122
199.3
149
rioi
r
115
r
127
87
106.2
r
r
105
r
110
r
91
129
81.7
86.0
111
66
r
67
68
n
89
r
r
85.8
72
82
113
107
135
66
155
64
84
133
60
102
98
132
133
124
76
127
r
150
120
121
107.0
104.1
153
226 •
148
75.7
83
105
105
133
90
161
61
82
133
58
100
r
290.6
95
59
66
107.0
101.1
249
250
279
154
222
72.8
113.0
105.2
250
261
211
115
101
124
62
76
144
35
111
r
300
169
103
134
165
224
191
282
131
174
232
133
94
306
173
104
146
144
238
237
277
94
58
63
56
66
141
31
105
168
105
181.0 180.0
203
98
70
79
126
40
120
294
94
125
181
218
265
193.3
r
r
100
191
270
125
179
216
132
286
150
235
73.7
71
114
112
138
68
125
82
89
155
63
104
124
170
117
115
86
133
110
159
r
r
178.3
r
98.0
65
84
171
35
131
r
122.1
123.7
r
161
30
119
95
140
129
141
83
164
74
98
144
62
134
111.6
111
133
138
133
40
153
r
107.8
108
128
136
119
51
141
87.9
116
68
73
102.2
103.6 104.2
67
85
166
30
136
119.7 H26.9
122.0
123.7
r
83
142
129
142
80
153
73
99
143
62
130
166
109
112
80
128
116
r
68
72
r
r
86.7
133
r
85
145
143
149
r
81
157
79
102
157
66
122
r
125.4
r
117
159
157
140
76
149
69
89
165
31
137
114
70
75
70
90
164
33
134
129.2 128.6
124.8 126.6
81
146
148
152
73
154
83
107
164
68
123
76
149
153
157
62
149
86
110
170
123
163
160
141
83
152
121
151
157
137
66
160
71
127
130.1 124.5
r
Revised.
* Included in total and group indexes but not available for publication separately.
Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166.
1
592.
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 and Manufactures
Boots and shoes
Leather
1942
1941
Mar.
,
Food and Kindred Products
Baking
Beverages
Butter
Canning and preserving.
Confectionery
Flour
Ice cream
Slaughtering and meat packing
Sugar, beet
Sugar refining, cane
120.3
145
80
89
77
70
111
43
96
Tobacco Manufactures
Tobacco and snuff . . .
Cigars and cigarettes
77
78
110
44
103
289
103
300
109
313
85
97
92
79
72
134
42
92
104
87
78
76
94
73
62
114
46
92
331
90
118.1
123
119
102
117
119.4
127
120
103
117
128.3
145
129
110
122
124.7
137
130
108
115
Chemicals, Petroleum, and Coal Products...
Petroleum refining
Other than petroleum refining
Chemicals
Cottonseed oil, cake and meal
Druggists' preparations
131.6
120
134.6
91
Rubber Products
Rubber boots and shoes
Rubber tires and inner tubes
Rubber goods, other
121.0
131
130
99
115
120.3
145
136
95
112
121.2
151
139
94
112
158.2 157.0
132
131
164.8 163.1
149.1
133
154.0
193
94
156
193
76
156
202
93
138
208
84
138
272
126
185
166
141
313
153
139
310
117
147
333
177
158
342
92
93
92
115
116
106
176
391
133
98.9
75
74
98.9
75
74
94.3
74
73
119.5
80
103
122.3 136.9
84
110
106
109
127.4
97
103
195
195
218
222
r
r
160.8
r
106
142
321
92
92
102.8
69
80
105.0 110.3
81
72
85
82
179
181
189
r
119
141
316
154.7
130
189
92
99.6
74
75
174
105
155
r
r
123.3 121.9
134
135
130 • 130
101
105
115
115
r
179
137
318
67
169
255
98
128
104
91
67
163
r
57
79
58.9
62
59
r
156.2
r
141
133
312
122
105
90
65
182
r
80
91
130
123
89
153
141
313
r
174
172
158
76.8
74
r
77
72.6
73
72
112
110
150.6 152.8
161
161
356
98
348
94
117 1 115 0
150.7
160
r
62.7
64
62
r
104
152
154.7
158
Apr.
124
64.2
52
66
r
187
108
S
Mar.
122
65.4
52
67
65.5
55
67
r
150.9
129
78
133
46
94
r
358
96
88
86
76
69
115
48
93
113.2
119
122
284
98
r
r
101
100
95
282
98
r
Paper and Printing
Boxes, paper
Paper and pulp
Book and job printing
Newspaper and periodical printing...
Fertilizers
Paints and varnishes
Rayon and allied products
Soap
89
94
125.2 157.2
141
158
63.4
55
64
186
117
149
94
Feb.
107.3
92.3 106 7
96.1
122.4
140
112
90
80
69
138
43
89
Jan
Dec.
131.6 132.7
150
150
67.5
57
69
162
91
122
97
95
Apr.
133.5
150
63.5
54
65
159
100
121
99
98
Mar.
r
63.3
54
64
135.9 T149.7
129
121
139.6 r 154.7
101.9 100.3
97
112
92
79
70
144
72
93
124
106
79
71
138
228
99
97
86
Apr.
r
135.4
150
289
101
272
102
1942 i
1941
Mar.
97
96
98
123.6 141.0
152
147
264
96
100.2
95
95
96
90
Feb.
98.9
99.2
98.0
98.
97
Jan..
Dec.
Apr.
89
Factory payrolls
. 72.3
70
72
122
378
103
398
108
110
109
87
69
160
56
86
119
103
86
74
160
62
93
70.6
70
71
73.2
73
73
133.1
173
172
96
114
r
136.6
179
172
105
113
r
135.2
177
174
100
r
113
134.8
176
176
98
114
r
r
205.0
171
r
r
r
215.5
r
r
222.4
r
218.9 220.6
180
178
231 1 233.8
144.1
193
170
110
129
158.5 r203.0
142
174
163.4 r 212.0
134
236
278
212.0
178
279
120
173
392
288
98
200
293
82
207
176
179
394
177
177
388
135
137
137
127.4
96
102
132.3 129.7
92
99
106
104
110
193
107
187
r
155
177
391
229
228
r
Revised.
* Included in total and group indexes but not available separately.
NOTE.—Figures for April 1942 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 earnings (cents per hour)
Average hours worked per \sreek
Industry and group
1942
1941
1942
1941
Feb.
Mar.
Dec.
Jan.
Feb.
Mar.
Feb.
Nov.
Dec.
Jan.
Feb.
..
40.0
40.4
40.3
41.2
41.5
42.2
42.5
69.2
69.7
78.1
78.7
80.1
80.3
80.9
Durable goods
41.6
42.0
41.8
42.8
43.7
44.4
44.7
76.2
76.8
86.5
87.1
88.9
89.3
89.9
40.7
44.2
42.1
41.8
39.4
37.2
41 0
44.9
42 3
42.1
39.7
37.2
40.9
44.6
41.4
41.6
39.5
37.8
41.4
46.3
42.2
43.4
39.7
r
38.5
41.3
47.1
46.0
43.8
38.9
r
37.2
42.1
47.3
46.2
43.8
40.5
r
38.8
42.6
47.9
46.6
44.1
40.5
39.0
79.1
77.2
91.7
74.0
53.4
68.5
79.5
77.8
92.0
74.8
54.1
68.9
88.6
86.8
104.2
83.1
60.2
74.9
89.4
87.9
103.5
84.8
60.2
75.3.
90.4
89.9
106.9
86.5
60.7
75.1
90.9
90.6
105.9
87.2
61.3
75.9
91.6
91.4
105.0
88.4
62.0
76.2
38.3
38.8
38.6
39.4
39.1
39.7
39.8
62.1
62.4
68.8
69.5
70.1
H0.1
70.6
37 A
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
37.1
38.4
34.4
36.4
40.2
38.5
40.4
38.1
39.6
35.1
38.7
40.7
39.1
41.0
37.7
39.3
34.4
38.8
40.8
37.9
40.1
38.9
40.1
36.6
39.9
r
40.5
37.0
40.0
39.1
40.1
37.4
40.0
40.7
36.6
40.1
51.5
49.2
56.1
56.4
65.1
49.5
80.3
51.7
49.4
56.1
57.2
65.5
49.7
80.7
57.9
56.7
60.4
64.4
69.5
53.2
84.1
58.3
57.1
60.9
64.9
70.3
53.0
85.5
58.9
57.4
62.0
64.9
71.8
54.9
85.2
59.2
57.4
62.9
65.8
r
71.8
54.4
85.4
59.6
57.6
63.3
66.3
72.3
53.7
86.2
38.8
35.6
39.8
39.3
39.1
36.0
40. T
39.7
40.0
36.6
40.9
39.3
40.5
38.0
41.2
38.8
40.2
37.3
40.9
39.3
40.6
38.8
41.1
39.7
40.7
38.7
41.3
40.6
77.0
97.0
70.7
79.2
76.6
96.7
70.5
79.9
87.5
110.9
80.6
87.0
88.1
110.6
81.5
87.5
88.6
110.7
82.2
88.7
88.1
110.4
81.9
88.2
88.9
110.4
83.0
89.4
Total
#i
Iron and Steel and Products
Machinery
Transportation Equipment
Nonferrous Metals and Products
Lumber and Products..
• . .
Stone, Clay and Glass Products.
Nondurable goods
Textiles and Products. . „ . , ,. .
Fabrics
Wearing apparel. . . .
....
Leather and Manufactures
Food and Kindred Products
Tobacco Manufactures .
Paper and Printing
Chemicals, Petroleum, and
. . . .
Coal
Products
Petroleum refining
Other than petroleum refining
Rubber Products
r
Nov.
Mar.
Mar.
Revised.
JUNE
1941
593
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.]
January
r ebruary
March
April
May
June
July
August
September
October
November
December
Commercial
Factories
. .
Year
1
Nonresidential building
Residential
building
Total
Month
1941
1942
1941
1942
1941
1942
305.2
270.4
479.9
406.7
548.7
539.1
577.4
760.2
623.3
606.3
458.6
431.6
316.8
433.6
610.8
498.7
111.3
116.5
147.9
166.5
201.3
205.6
205.0
231.5
175.7
171.8
116.5
104.3
102.8
168.0
219.3
162.1
55.9
37.8
121.8
66.2
81.1
102.3
109.8
135.7
113.5
118.6
. 122.7
116.1
75.4
84.5
112.7
145.1
26.9
20.9
33.1
36.2
50.8
35.7
37.2
69.8
51.9
48.6
29.3
30.7
1,181.5
1,953.8
6,007.5
1941
Educational
1942
1941
1942
11.6
7.9
10.4
11.2
17.1
13.5
19.1
11.7
8.2
13.9
7.3
8.8
17.7
21.8
36.8
30.9
471.2
1
9.1
9.2
10.7
12.4
140.9
Other
1941
24.2
23.5
36.1
29.7
53.5
49.0
54.5
69.4
44.7
88.5
33.6
15.3
Public works
and public
utilities 1
1
1942
1941
21.6
54.2
71.6
46.5
75.1
63.9
130.6
96.9
144.9
133.0
151.7
242.0
229.3
165.0
149.2
156.3
1942
90.9
95.9
159.7
101.7
::::::::
1,738.0
522.1
Not strictly comparable with data for earlier years due to changes in classification.
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Public ownership1
Total
Private ownership 1
Month
January
February
March
April
May
I une
July
August
September
October
November
December
1937
1938
1939
1940
1941
1942
1937
1938
1939
1940
1941
1942
1937
1938
1939
1940
1941
1942
243
188
231
270
244
318
322
281
207
202
198
209
192
119
227
222
283
251
240
313
301
358
302
389
252
220
301
330
308
288
300
312
323
262
300
354
196
201
272
301
329
325
399
415
348
383
380
456
305
270
480
407
549
539
577
760
623
606
459
432
317
434
611
112
69
66
74
93
137
131
104
80
78
93
115
118
51
95
99
144
108
98
171
160
203
179
279
148
111
128
160
135
128
137
158
144
92
144
225
93
82
95
103
112
147
205
195
144
175
195
258
124
105
269
184
267
314
348
520
403
371
298
288
198
310
473
130
119
165
195
151
180
191
178
127
124
106
94
75
68
132
123
139
143
142
142
141
154
123
110
104
109
173
170
174
161
163
154
179
170
156
129
104
119
177
197
217
177
194
220
204
209
186
198
181
166
211
223
281
225
229
240
220
235
161
144
119
123
138
1,152
1,705
1,708
1,761
1,492
1,842
•.
2,913 3,197 3,551 4,004 6,007
Year
1,802 3,492
2,202 2,515
1 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 reported, by Dun & Bradstreet. Amounts in thousands of dollars.]
[Figures for 37 States east of the Rocky Mountains, as reported by the F.
W. Dodge Corporation. Value of contracts in thousands of dollars.]
1941
1942
Number
Federal Reserve
district
1942
Liabilities
1941
1941
1942
Federal Reserve district
Apr.
39,795
29,320
30,783
31,410
50,176
22,048
>.
50,532
90,984
36,570
48,519
130,782
41,072
37,371
48,098
44,240
....
58,285
39,681
5,708
140,677
65,351
5,181
71,749
34,532
11,505
10,528
18,687
32,385
46,934
10,312
45,234
498,742
610,799
.
„
St. Louis
Kansas City
Dallas
.
..
.
Total (11 districts)
594
406,675
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta...
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco.......
Total
Mar.
Apr.
Mar.
Apr.
83
350
44
37
19
38
149
28
10
46
31
103
80
381
70
58
39
45
157
39
17
59
13
90
103
407
56
61
42
45
150
36
24
44
22
159
622
3,732
496
461
113
458
1,145
172
85
461
252
1,285
935
4,420
501
818
307
469
2,279
482
94
636
133
937
1,213
5,795
667
881
281
958
1,971
185
302
194
196
1,184
938
1,048
1,149
9,282
12,011
13,827
Apr.
Apr.
49,414
100,130
38,223
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Mar.
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.
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND I M P O R T S
[In millions of dollars]
Merchandise exports1
Merchandise imports2
Excess of exports
Month
January
February
March
...
April
May
June
1938
1939
1940
1941
1942
1938
1939
1940
1941
1942
1938
1939
1940
1941
1942
289
262
275
213
219
268
370
347
351
325
303
357
P479
P479
171
163
173
178
158
190
242
200
217
229
234
268
P254
P254
P272
118
99
102
35
61
77
128
147
134
96
69
89
P226
P225
P336
274
257
233
231
249
236
323
324
350
387
385
330
p
160
148
146
186
202
179
212
211
211
287
297
280
P234
115
109
87
45
47
57
111
112
138
100
88
50
682
P
448
Tulv
August
September
. ...
228
231
246
230
250
289
317
351
295
365
460
425
141
166
168
169
176
182
232
221
195
278
283
262
87
65
79
61
74
107
84
130
101
87
178
162
October
November
December
. .
278
252
269
332
292
368
344
328
322
3666
492
652
178
176
171
215
235
247
207
224
253
304
281
344
100
76
98
117
57
121
137
104
69
3362
211
308
1,101
930
1,391
1,372
667
713
871
434
217
520
354 PI,235
Jan -Apr
P2.249
1,018 PI,014
P Preliminary.
1
Including both domestic and foreign merchandise.
2
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
3
Figure overstated due to inclusion in October export statistics of an unusually large volume of shipments actually exported in earlier months.
Source.—Department of Commerce.
Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers; 1935-39 average = 100]
ForLive- est
Total Coal Coke Grain stock prod- Ore
ucts
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
Miseellaneous
Merchandise
l.c.l.
SEASONALLY
ADJUSTED
Total
railway
operating
revenues
Total
railway
expenses
402
417
382
439
474
471
485
464
453
476
486
319
334
323
346
363
370
377
379
403
403
410
495
519
542
1941—March
April
May
June
July
August
September..
October
November..
December...
1942—January
February...
March
Net
railway
operating
income
m Net
income
SEASONALLY ADJUSTED*
1941—March
April
May
June
July
August
September....
October
November
December....
126
112
135
139
138
139
130
127
135
137
128
45
138
156
150
158
133
121
121
111
168
137
182
189
200
199
176
165
159
167
113
113
124
126
112
103
111
97
118
124
93
93
91
88
83
84
84
95
93
101
127
130
130
136
149
152
138
140
146
145
192
266
266
152
156
155
149
204
204
246
128
130
136
139
140
141
135
133
144
149
1942—January
February
March
April
140
139
136
143
119
116
122
160
153
150
168
200
142
131
119
117
99
95
97'
101
156
159
149
159
186
187
282
267
152
151
143
141
100 1941—February
March
102
April
102
May
102
June
100
July
99
August
97
September
97
October
99
November
100
December
97 1942—January
100
»ruary.
Febru
92
March....
12i
108
131
136
138
140
145
144
141
128
132
38
117
131
127
139
140
138
135
125
175
120
167
170
172
167
172
165
168
182
97
96
107
123
163
125
122
104
115
113
74
82
82
69
70
80
111
146
117
97
127
130
135
141
149
160
149
147
143
129
50
203
276
265
283
271
261
232
199
69
125
131
138
141
139
141
150
151
150
138
101
103
102
101
99
99
102
101
101
96
129
129
129
136
136
132
125
135
184
184
175
176
125
110
102
100
95
76
77
90
140
153
149
159
46
47
73
218
134
135
139
142
93
96
92
81
r
83
83
59
93
110
100
108
85
49
73
76
43
41
17
50
68
r
57
65
42
r
10
33
37
413
420
445
82
99
96
40
58
416
375
442
455
485
494
489
518
457
480
336
322
354
362
379
382
385
424
388
399
81
53
89
93
106
111
104
94
69
81
35
7
43
53
64
66
59
54
29
55
481
462
540
412
396
448
69
66
92
26
24
P47
UNADJUSTED
UNADJUSTED
1941—March
April
May
June
July
August
September..
October....
November..
December..
1942—January
February....
March
April
r
r
r
P Preliminary.
Rev ised.
* Derived from Interstate Commerce Commission data.
Revised.
NOTE.—Descriptive material and back figures may be obtained
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for from the Division of Research and Statistics.
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes
with weights derived from revenue data of the Interstate Commerce Commission.
r
JUNE 1942.
595
DEPARTMENT STORE STATISTICS
SALES BY DEPARTMENTS
MONTHLY INDEXES OF SALES AND STOCKS
[Index numbers based on value figures; 1923-25 average = 100.]
Unadjusted
Seasonally adjusted
1940
1941
1942
1939
1940
1941
1942
88
88
88
88
92
90
89
89
101
103
103
104
138
126
124
69
69
82
88
71
71
86
86
79
82
93
106
108
99
87
86
87
88
90
92
93
95
89
91
92
98
97
94
100
101
105
104
115
134
116
105
116
111
87
83
60
69
97
99
106
168
89
87
64
77
105
101
114
179
105
100
79
106
125
112
133
197
90
94
110
60
65
69
69
68
64
60
61
68
71
71
70
64
61
64
70
75
76
76
73
73
66
84
1939
SALES
January
February
March
April..
May
Tune.
July
August
September
October
November
December
117
Year
STOCKS
January
.
February
March
April
May
Tune
July
August
September
October
November
December
.
[Percentage change from corresponding period of preceding year.]
67
68
68
67
66
67
67
68
71
70
69
68
67
68
71
73
74
74
74
77
82
67
69
87
65
70
71
72
92
97
95
71
77
82
73
79
83
95
108
110
71
92
64
66
86
68
69
83
68
69
71
68
93
102
108
nn
I
Year
118
115
83
97
111
P121
Preliminary.
Back figures.—Department store sales, see BULLETIN for August 1936,
p 631, for October 1938, p . 918, and for January 1941, p . 65; department
store stocks, see BULLETIN for March 1938, p . 232.
Apr.
15
22
29
6
13
20
27
June 3
May
. 92 Apr 13
. 93
20....
. 98
27....
.104 Mav 4 . . . .
. 106
11....
. 94
18....
. 97
25....
. 99 June 1 . . . .
.. 99
.. 98
..108
..114
.. 99
.. 97
.. 90
Apr
12
May
19....
26....
3....
10....
17....
24....
31....
Main store
Women's and misses' coats and s u i t s . . .
Women's and misses' dresses
Blouses, skirts, sportswear, sweaters,
knit apparel
Juniors' and girls' wear
Aprons, housedresses, uniforms.
Women's underwear, slips, negligees
Infants' wear
Women's and children's shoes
Furs
Basement2
r.
+9
+23
+23
+24
+8
+8
+22
+22
+10
+11
+19
+3
+41
+6
+23
2
+9
+14
+12
+28
+23
+12
+24
+27
+22
+6
-6
+6
+7
+2
Men's, and boys'
wear
1
Main store
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Basement?
1942
0
+49
+21
+26
—2
+8
.,
-10
Main store
Furniture, beds, mattresses, springs...
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves, etc.)
Domestics, blankets, comforters, linens, towels
.x.
Basement (including
domestics,
blankets,
linens, towels)2
,
+15
+18
+16
+8
+20
+20
+11
+21
+18
+35
+24
Shoes (basement only)
+29
+23
+22
+27
+12
Piece goods (dress and coat yard goods,
all materials)
+23
+32
+33
+21
+25
+36
+36
+32
+1
+35
+34
+39
+17
1942
1941
97
NET SALES—entire store
Main Store
Basement Store
Women's, girls', and infants' apparel and
accessories1
Main store
Basement
W E E K L Y I N D E X O F SALES
[Weeks ending on dates shown. 1935-39 average = 100.]
1940
April 1942*
Home furnishings
1
p
1939
Department
136
..117
..114
..124
..128
..110
..117
..109
Apr. 1 1 . . . . 1?0
1 8 . . . . .135
2 5 . . . . .129
May
2 . . . . .134
9 . . . .136
1 6 . . . .115
2 3 . . . . .114
30 . . .
* Based on reports from 265 stores. Reports of total sales from a larger
number of stores, including many stores not reporting sales b y departments, showed an increase of 9 per cent for April and 22 per cent for
four
months of 1942, 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.
SALES BY FEDERAL RESERVE DISTRICTS A N D BY CITIES
[Percentage change from corresponding period of preceding year.]
Apr. Mar. Four
1942 1942 mos.
1942
United States..
Boston
New Haven
Portland
Boston
Springfield
Providence
New York
Bridgeport
Newark
Albany
Binghamton
Buffalo
Elmira
Niagara Falls..
New York City
Poughkeepsie...
Rochester
Syracuse
Philadelphia
Trenton
Lancaster
Philadelphia....
Reading
Wilkes-Barre...
York
Cleveland
Akron
Cincinnati
Cleveland
Columbus ......
Toledo....;.....
r
+9
+8
+14
+15
+6
+15
+18
+5
—9
-2
+15
+9
+33
+4
+8
+7
+1
+4
+8
+6
+3
+8
+17
+10
+10
+8
+13
+25
+27
+23
+36
+25
+49
+14
r
+22
+30
r
+24
+19
+35
+31
+39
r
+48
+20
+24
+20
+28
+31
+21
+32
+33
+25
+36
+24
+30
+34
+27
+39
+24
+26
Cleveland (cont'd)
Youngstown
Erie
Pittsburgh
Wheeling
Richmond
Washington
Baltimore
Winston-Salem...
Charleston, S. C,
+12 Lynchburg
+23 Norfolk
+30 Richmond
+30 Charleston,W.Va
+45 Huntington
+18 Atlanta
+20 Birmingham
+20 Montgomery
+21 Jacksonville
+25 Miami
+19 Tampa
+30 Atlanta
+26 Macon
+26 Baton Rouge
+24 New Orleans
+25 Jackson
+25 Chattanooga
.
+33 Knoxville
+22 Nashville
+30 Chicago
+22 Chicago
+25 Peoria
Apr. Mar. Four
1942 1942 mos.
1942
+3
+17
+7
+3
+13
+21
+11
+28
+30
+5
c
+13
+35
+29
+26
+35
+38
+40
+18
+54
+30
+44
+26
+20
+19
r
+8 r+18
+27 +35
+10r +18
+
—6
+10
+6
+20
+16
+1
+16
+12
+1
+9
+6
0
+18
-6
'+19
+11
+26
+29
+25
+21
+23
+34
+17
+22
+20
+17
Apr. Mar. Four
mos.
1942
1942
Chicago (cont'd)
Fort Wayne..;.
+17
+33 Indianapolis...
+23 Des Moines....
Sioux City
+21
+29 Detroit
+35 Flint
Grand Rapids..
+31
Lansing
+8
Milwaukee
+31
+21 St. Louis
Fort Smith
+41
+20
Little R o c k . . . .
+13
Quincy
+14
Evansville
+15 Louisville
+39
St. Louis
+18
Springfield
+14
Memphis
- 8 Minneapolis
+17 Kansas City
--10
--24
--11
--22
--20
+26
+26
+13
+21
+18
+16
Denver
Hutchinson
Topeka
Wichita
Joplin
Kansas C i t y . . .
St. Joseph
Omaha
Oklahoma City
Tulsa
+13 +41 +34
+9 +28 +25
+3 +16 +15
- 2 +12 +10
+ 2 0 +24 +28
—5
+8
+2
+14
+5
+33
+16
0
+1
-3
+6
-9
+12
+6
+10
+14
-9
-2
+24
+12
+8
-5
+11
+7
+27
—4
+14
+9
+30
+26
+52
+28
+20
+16
+17
+30
-3
+29
+16
+18
+16
+3
+7
+39
+42
+25
+13
+14
+8
+27
-2
+17
+14
+28
+22
+44
+23
+18
+16
+13
+24
+3
+25
+17
+19
+18
XI
+36
+31
+22
+12
+20
+9
+31
Four
Apr. M a r . mos.
1942
Dallas
Shreveport
Dallas
Fort Worth
Houston
San Antonio
San Francisco
Phoenix
Bakersfield
Fresno
Long Beach
Los Angeles
Oakland and
Berkeley
Sacramento
San Diego
San Francisco
San Jose
Santa Rosa
Stockton
Vallejo and Napa
Boise and
Nampa
Portland
Salt Lake City..
Bellingham
Everett
Seattle
Spokane
Tacoma
Walla Walla....
Yakima
"
+7 .+15 +15
+11 +23 +22
+14 +9
+7 +15 +18
+7 +18 +16
+24 +18 +24
+17 +26 +25
+23 +32 +33
- 3 +7 +9
+2 +14 +14
+36 +48 +45
+7 +18 +17
+34
+19
+29
+15
+18
+11
+42
+47
+36
+29
+44
+26
+19
+38
+39
+66
+37
+28
+39
+19
+22
.+28
+36
+61
+21
+27
+31
+12
+7
+28
+4
+9
+9
+27
+38
+29
+21
+8
+34
+13
+21
+19
+15
+28
+35
+33
+23
+17
+40
+13
+22
+20
+7
Revised.
596
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
m
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
92.4
92.5
93.6
71.6
70.3
71.6
74.4
76.4
82.1
85.8
87.4
91.0
90.0
90.6
94.7
73.7
73.5
75.2
77.9
79.5
83.1
84.7
87.2
89.5
88.9
89.3
90.5
84.3
84.4
84.9
85.9
87.4
88.6
89.7
90.8
91.6
93.4
93.5
93.7
L02.4
February
March
April
May
June
July
August
September
October
November
December . . . .
96.0
96.7
97.6
98.8
100.8
101.3
102.8
104.5
93.7
94.6
96.1
98.7
95.7
96.2
96.5
96.8
96.9
97.1
97.2
97.4
97.9
98.1
98.3
98.6
98.7
98.6
100.1
100.7
101.9
102.0
101.5
102.3
103.1
103.4
104.2
104.6
105.2
104.8
104.8
104.0
104.3
104. 3
93.7
94.0
94.8
95.5
95.8
95.8
95.5
95.9
97.2
97.0
98.6
99.6
99.9
99.3
98.2
99.1
Year, month, or week
1929
1930 .
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
. . .
,
...
1942—January.. .„.,..
February
March
A April
Week ending
1942—February 7 . . .
February 14
February 21
February 28
March 7..,
March 14.
March 21
March 2 8 . . . .
April 4
April 11
April 18
April 25
May 2
May 9
May 16 . . .
May 23
:..
*98.7
Total
Miscellaneous
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.6
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
101.6
L02.6
L03.9
L06.4
L07.8
L09.4
L10.2
111.3
L12.6
L14.1
L14.8
75.2
76.4
78.4
81.0
83.0
84.5
86.2
88.3
89.7
90.9
91.1
91.8
72.1
72.1
72.0
72.9
75.6
77.9
78.5
79.0
79.2
79.6
78.8
78.4
97.7
97.6
97.7
97.9
98.1
98.3
98.5
98.6
98.6
103.1
103.3
103.3
99.6
99.3
99.5
100.1
100.4
101.0
103.1
105.5
106.4
107.3
107.5
107.8
78.6
78.5
79.8
81.8
83.6
83.8
85.2
86.0
87.4
89.7
89.8
91.3
89.0
89.1
89.5
90.4
91.4
93.1
94.4
95.4
97.2
99.5
100.6
101.1
77.1
76.9
77.6
78.6
79.6
80.6
82.0
83.7
85.1
86.4
87.3
87.6
94.6
94.9
95.2
95.7
L14.9
L15.3
116.7
L19.2
93.6
95.2
96.6
97.7
78.2
78.0
77.7
77.7
103.5
103.6
103.8
104.6
109.3
110.1
110.5
110.2
96.0
97.0
97.1
97.1
102.4
102.5
102.6
102.8
89.3
89.3
89.7
90.3
94.5
94.9
94.8
95.0
95.1
95.2
95.3
95.3
95.6
95.6
95.5
95.6
95.6
95.8
P
95.9
L15.8
L16.1
L16.1
L16.3
L16.4
116.4
L16.6
L17.6
L18.1
L19.8
119.8
L19.8
L20.0
120.2
L19.8
119.2
93.5
93.6
93.7
94.9
95.1
95.9
95.9
95.9
97.0
97.1
97.0
97.0
97.2
97.3
97.3
97.2
78.4
78.7
78.5
78.4
78.5
78.2
78.2
78.1
78.3
77.9
78.1
78.5
78.6
78.7
78.8
78.9
103.6
103.6
103.6
103.7
103.7
103.7
103.7
103.7
103.8
103.9
103.9
103.9
103.9
103.9
109.4
109.8
109.7
109.9
109.9
110.2
110.4
110.6
110.5
110.5
108.8
108.8
108.7
110.0
110.1
110.0
96.6
96.9
96.9
97.1
97.1
97.
97.1
97.1
97.1
97.
97.
97.
97.
97..
97.
97.3
102.9
104.0
104.1
104.1
104.1
104.1
104.1
104.1
104.3
104.3
104.4
104.4
104.6
104.6
104.6
104 6
88.2
89.0
89.1
89.1
89.2
89.4
89.7
89.7
89.6
89.7
89.6
90.0
89.6
89.9
90.2
90.2
L09.1
LOO.O
86.1
72.9
80.9
86.6
89.6
95.4
L04.6
92.8
95.6
LOO. 8
L08.3
*>104.0
i
1942
1941
1942
1941
Subgroups
Subgroups
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables ..
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather.
Other|leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon
Woolen and worsted good s
Other textile products...
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products
ChemiHousecals and furnishallied
ing goods
products
Fuel and Metals
Hides and
Building
Textile
lighting and metal materials
leather
products products materials products
Apr.
Jan.
Feb.
Mar.
Apr.
70.9
86.2
67.8
95.9
105.7
98.4
105 .3
9) .4
93 8
113.8
97.9
91.5
118.3
99.0
81.0
76.8
63.8
85.6
73.9
96.0
91.1
78.3
101.6
91.0
0
91 1
85.2
104I- 0
89-4
94.3
Q0 6
87 7
109
89 1
94.1
90.2
97.7
112.8
90.4
107.8
104 7
95.6
100.5
121.1
115.3
101.4
113.3
8
11 •
101 4
L5
124
116.6
101 s
113 6
126.7
123.5
101.3
115.2
88.7
86.8
61 1
101.1
110 5
69 0
10
3
4
6-
106 6
112 6
69 8
107.8
113.8
70.6
29.5
93.3
89.3
30.3
103.0
97.5
30.3
104L-.3
98\A
30 •^
108 7
98 2
30.3
111.0
98.5
80.9
100 0
113 8
69 2
78 1
51.9
85.3
108.4
122 2
8<
W
.3
4
1? r 1
85 2
108 4
122 1
83.7
108.2
122.1
77.0
5i .9
77 1
58.3
58.4
76 4
59.5
Qt
n:
m
6
f
Metals and Metal Products:
Agricultural implements...
Farm machinery
Iron and steel..
Motor vehicles..
Nonferrous metaIs
Plumbing and heatiner
Building Materials:
Brick and tile...
Cement
Lumb er
Paint and Daint materials..
Plumbing and heatine. .
Structural steel.
Other building materials...
Chemicals and Allied Products:
Chemicals
Drugs and Dharmaceuticals
Fertilizer materials
Mixed- fertilizers
Oils and fats. . .
Housefurn ishing Goods:
Furni shings
Furni ture
Miscellant ous:
Auto tires and tubes
Cattle feed.
Paper and pulp.
Rubb 5r. crude..
Other miscellaneous
Apr.
Jan.
Feb.
Mar.
Apr.
92.3
93.5
95.9
100.1
84.3
83.0
96.7
97.8
97.0
112.4
85.4
93.6
96.9
98.0
97.0
112.4
85.6
97.9
96 9
98 .0
97 .1
112 .7
85 6
98.2
96.9
98.0
112.8
85.6
98.5
91.7
91.0
116.7
88.7
83.0
107.3
95.9
96.9
93.4
131.6
99.1
93.6
107.3
103.1
97.0
93.4
132.7
99.9
97.9
107.3
103.5
97 1
93 6
133 1
100 8
98
107 3
103 .8
98.0
94.1
131.8
100.6
98.5
107.3
103.8
86.4
97.5
71.0
73.2
69.3
95.3
126.3
78.6
81.8
106.4
96.3
126.5
79.3
82.7
108.2
96 4
126.5
79 S
8? 8
108 8
96.4
126.7
79.2
82.8
108.8
97.1
83.4
107.2
97.4
107.4
97.4
107 7
97 4
108.0
97.5
71.0
58.8
85.2 ] 135.2
94.5 102.8
47.6
46.3
84.3
92.5
71.0
132.8
102.9
46.3
92.9
71
137
10?
46
93
0
7
9
3
3
72.5
140.4
102.9
46.3
93.4
Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937
(table 87).
v
Preliminary.
JUNE
1942.
597
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK *
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page
1942
Apr. Apr. May May May
22
29
6
13
20
MONTHLY FIGURES
In billions of dollars
WEEKLY FIGURES i
3
2.40
2.44
2.57
2.61
5
5
5
5
3
3
3, 11
3
3
3
3
9
9
9
9
9
2.30
2.35
2.43
2.48
.18
.87
.23
.91
.27
.96
.32
1.01
1.43 1.44 f.48 1.48
22.69 22.69 22.70 22.71
3.28 3.29 3.29 3.29
11.64 11.72 11.85 11.86
2.19 2.19 2.19 2.19
.24
.13
.38
.16
1.53 1.42 1.41 1.44
12.47 12.66 12.44 12.67
2.76 2.83 2.73 ^2.81
.67
.26
.65
.29
.54
.26
.60
.22
1.13
1.17
1.16
1.20
.69
.71
.78
.80
MEMBER BANKS
Total, 101 cities:
Loans and investments
Balances due to domestic banks....
Demand deposits adjusted
Time deposits
New York City:
Commercial loans
Brokers' loans
U. S. Gov't obligations
100 cities outside New York:
Commercial loans
U. S. Gov't obligations
16
16
16
16
31.39 31.21 31.14 31.22
8.73 8.69 8.89 9.00
25.15 25.36 24.85 25.24
5.12 5.12 5.13 5.12
17
17
17
2.72
.32
.32
.34
.32
7.41
7.41
7.45
7.48
17
17
4.16
9.03
4.12
8.99
4.04
9.02
4.04
9.10
2.61
2.61
1942
Feb.
Mar.
Apr.
In billions of dollars
RESERVES AND CURRENCY
RESERVES AND CURRENCY
Reserve Bank credit, total
U. S. Gov't securities, by maturities, total
Within 1 yr
Within 5 yrs
After 5 yrs
Gold stock
Treasury currency
Money in circulation
Treasury cash holdings
Treasury deposits.
Nonmember deposits
Member bank reserves
Excess reserves—total*
New York City
Chicago
Reserve city banks
Country banks*
Chart
book
page
2.63
Reserve Bank credit, total
U. S. Gov't securities
Bills discounted
Gold 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
2.44
.28
.97
1.48
22.71
3.30
11.89
2.19
.30
1.43
12.49
TREASURY FINANCE
P2.58 U. S. Government debt:
.53
Direct obligations, total
.13
Bonds
1.15
Notes
P. 77
Bills
Special issues.
Guaranteed obligations
31.89
8.77
MONEY RATES, ETC.
25.40
5.11 F. R. Bank discount
rate, N. Y
Treasury bills (new issues)
2.60
2
.39 Treasury notes (taxable)
U. S. Gov't bonds3
7.68
Commercial paper
4.02 Corporate Aaa bonds
9.53 Corporate Baa bonds
2.39
2.25
2, 7
7
7
2
2
2
2
2, 8
8
8
10
10
10
22.73
11.33
2.19
22.70
11.51
2.17
12.91
9.60
3.31
11.48
8.33
3.16
12.83
9.68
3.15
11.57
8.40
3.17
2.43
2.28
.01
22.68
11.65
2.18
.20
12.65
9.70
2.95
11.77
8.56
3.20
19
19
19
19
19
19
61.89
44.31
8.40
2.00
7.19
5.67
61.94
44.85
8.11
1.65
7.33
5.67
64.50
45.36
8.31
7
3.46
7.36
5.67
(6)
.38
2.39
2.25
.01
.24
Per cent per annum
23
23
23
29
25
25, 29
29
1.00
0.250
0.93
2.09
1.00
0.212
0.93
2.00
2.85
4.29
2.86
4.30
.63
1.00
0.299
0.98
1.98
.63
2.83
4.26
.63
In unit indicated
Per cent per annum
MONEY RATES, ETC.
Treasury bills (new issues)
Treasury notes (taxable) 2 ,
U. S. Gov't bonds3
Corporate Aaa bonds
Corporate Baa bonds
Stock prices
(1935-39 - 100):
Total...
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
21
21
21, 29
29
29
31
31
31
31
31
BUSINESS CONDITIONS
31
31
31
31
31
69.9
71.0
68.4
64.5
.40
66.0
67.2
65.0
60.5
.36
63.3
64.8
61.1
56.5
.34
33
33
534
307
531
306
515
300
33
262
249
247
BUSINESS CONDITIONS
Wholesale prices:
All commodities (1926=100):
Total
35
Farm 4products
35
Other
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)5.,
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
598
Stock prices
(1935-39=100):
Total
0.335! 0 .358 0.368 0 365 0.365
Industrial
1.00 1 .02 1.04 1 04 1.04
Railroad
1.98 2 .00 1.98 1 99 1.96
Public utility
2.83 2 .84 2.84 2.85 2.85 Volume of trading (mill, shares)...
4.26
4 .28 4.26 4 27 4.28
Brokers' balances (mill, dollars):
Credit extended customers....
Money borrowed
In unit indicated
Customers'
free
credit
balances
63.0 Wholesale prices:
All commodities (1926 = 100):
64.4
Totals
35, 65
96.7
98.8
59.4
97.6
Farm products
35
101.3
104.5
57.6
102.8
Other*
35
94.9
.39
95.7
95.2
Industrial commodities
(Aug. 1939 = 100):
Total
37
121.8
120.6
121.1
Finished
37
116.0
117.2
116.4
Raw and semifinished
37
129.9
130.5
131.1
98.6
.7 98.6 ^98.5 P98.7
104.8 104.8 104.0 p104.3 104.8 Cost of living (1935-39 = 100):
All items....
39
112.9
115.1
114.3
95.6 95.6 95.8 95.9 P95.9
Rent
39
108.6
109.1
108.9
Clothing
39
119.0
126.9
123.6
167.0 166.7 167.4 167.2 166.9
Food
39
116.8
119.6
118.6
186.2 186.0 187.0 187.1 187.3
153.7 153.4 153.9 153.5 152.9
e
Estimated. p Preliminary. r Revised.
97.6 98.9 98.6 99.6 99.2
1 Figures for other than Wednesday dates are shown under the
Wednesday included in the weekly period.
2 No tax-exempt Treasury notes of 3- to 5-year maturity outstanding
861.4 858.9 839.3 839.1837.7 after March'15. Figures shown are for taxable Treasury notes of sim382.4 383.2 374.4 378.2 378.3 ilar maturity. For back figures see table on open-market rates in New
York City on page 575.
3,273 3,305 3,365 3,357 3,380
3 Partially tax-exempt issues only.
114
129
134
136
115
4 Other than farm products and foods.
5 Data no longer published.
6.74 5.65 6.16 4.84 3.59
67 Less than $5,000,000.
Including certificates of indebtedness.
8 Estimate for May is shown on page 597.
* Copies of this Chart Book may be obtained at a price of 50 cents
each.
60.8
62.4
60.1
53.1
.32
.52
62.7
64.2
60.3
56.3
62.5
63.8
61.1
56.4
.31
62.5
64.0
60.0
56.2
.28
FEDERAL RESERVE
BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
Chart
book
page
Feb.
MONTHLY FIGURES (cont.)
Mar.
Apr.
In unit indicated
BUSINESS CONDITIONS (cont.)
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:
New orders, total (Jan. 1939 =100).
43
Durable
43
Nondurable
43
Shipments, total (1939 = 100)*....
43
Durable
43
Nondurable
43
Inventories, total (1939 = 100) . . . .
43
Durable
43
Nondurable 2
43
Freight-car loadings:!
Total (1935-39 - 100)
57
Coal
57
Miscellaneous
57
All other
57
172
171
r
85.7
21.2
47.1
17.4
r
66.7
r
20.3
12.7
19.5
r
14.2
19.6
87.0
21.7
49.0
16.2
65.1
19.8
12.5
18.6
14.1
19.3
147
274
427
176
199
235
171
166
183
150
139
136
292
463
182
199
232
173
163
181
24.7
83.0
31.4
*>173
P88.3
P21.7
P50.9
P15.7
^64.8
*19.7
P12.3
^18.6
*14.1
^19.8
P293
P449
*>193
P199
P237
P168
P168
*>188
P150
143
34.1
77.1
31.5
25.9
78.4
32.0
1923-25 = 100
Factory employment
Factory payrolls.
Average hourly earnings
(cents per hour)
Average hours worked
(hours per week)
Department store sales1
Department store stocksi
133 .8
178 .3
135.0
182.9
51
80 .3
80.9
51
59
59
42 .2
126
102
42.5
124
108
51, 53
51, 53
Chart
book
page
*135.7
^186.4
117
1942
Feb.
Wholesale prices:
Canada
Germany
Japan
Sweden*
Switzerland^
United Kingdom
T
:
J U N E 1942.
47
47
47
47
47
197
84
113
101
13
206
115
91
83
9
143
51
92
85
7
49
49
49
525
184
342
512
174
338
479
143
336
50
50
50
50
50
50
r
40.91 40.94
13.68 13.67
6.86 6.81
r
4.56 4.67
3.31 3.33
2.09 2.06
*>40.88
*13.73
H.67
P4.7T
P3.36
PI. 96
r
8,878 9,052
"6,004 6,128
"2,874 2,924
54
54
54
8,783
5,911
2,872
55
55
55
55
889
260
550
79
901
260
641
P973
P263
P710
61
61
61
P479
P254
P225
P609
P272
P336
P682
P234
^448
Apr.
1926 = 100
INTERNATIONAL FINANCE
65
65
65
65
65
65
95.1
94.6
p
145
p
4
U2 2
,127.9
p
146 2 i>147 g
128.2 *>128.8
In cents per unit of
foreign currency
Foreign exchange rates:
Argentina (peso)
Canada (dollar)
Japan (yen)?
Switzerland (franc)8
United Kingdom (pound)
,.. „. .„
67
67
66
66
67
29.77
88.42
29.77
87.67
29.77
87.17
403.50
403.48
403.50
1942
1941
Jan.
Dec.
Feb.
In billions of dollars
Increase in U. S.'gold stocks
Total
."
Net capital inflow:
Total
Inflow of foreign capital
Return of domestic capital
Merchandise export surplus.
Other factors
Short-term foreign liabilities and
assets of banks:
Due to foreigners
Due from foreigners . . . .
Net due to foreigners.
63
15 71
15 73
15 68
62, 63
62
62
63
63
5 64
3.55
1.99
6.17
3.91
5.57
3.47
2.00
P6.39
P
3.76
5 48
3.37
2.01
p
6.84
P
3.36
3.48
.37
3.12
3.40
.36
3.04
3.30
.35
2.95
64
64
64
1942
1941
In millions of dollars
Residential contracts awarded: 1
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
Trade
Government
Transportation and utilities
Construction
Income payments:!
Total
Salaries and wages
Other
Cash farm income:
Total
Crops
Livestock and products
Gov't payments
Exports and imports 'A
Exports
Imports
Excess of exports
Mar.
MONTHLY FIGURES (cont.)
Sept.
QUARTERLY FIGURES
Cash income and outgo of U. S. Treas.:
Cash income
Cash outgo
Excess of cash outgo
Domestic corporation security issues:
Total
New
Refunding......
Oct.Dec.
JanMar.
In billions of dollars
18
18
18
2.55
5.31
2.76
2.86
7.19
4.33
5.55
9.04
3.49
32
.73
.44
.36
32
32
41
.32
.25
.19
.22
.14
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
2.60
1.98
2.41
1,88
2.48
1.85
27
27
2.62
3.29
2.45
2.99
2.48
3.20
P Preliminary. r Revised.
* Series revised for the period from January 1939-February 1942 and
base changed to 1939 average = 100. Back figures may be obtained upon
request.
* Adjusted for seasonal variation.
2
In points in total index.
3
Three-month moving average, adjusted for seasonal variation.
4
Back figures for J a n . 1942: exports, *>479; imports, ^254; excess of exports, p 226.
6 Back figures for 1941: July 137.4, Nov. 141.4, Dec. 142.2; 1942: Jan. 143.8.
6 Back figures for 1941: Nov. 137.2, Dec. 138.0.
7 No rate certified since July 25, 1941.
8 No rate certified since June 14, 1941.
» Cumulated from Jan. 31, 1934.
599
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
[In billions of dollars]
Chart
book
1940
1939
June
30
Oct.
2
Dec.
30
Mar.
26
June
64.10
29.79
27.06
6.40
50.89
22.17
28.72
64.88
30.54
27.28
6.23
51.14
22.19
28.95
66.96
31.96
27.47
6.70
51.34
22.34
29.00
70.75
34.94
27.74
7.32
54.19
23.74
30.45
29
1942
1941
Dec.
31
Dec.
31
Apr.
4
Apr.
June
30
Sept.
24
72.43
36.10
27.90
7.78
56.15
24.32
31.83
74.15
37.32
27.88
8.20
57.95
25.31
32.63
76.09
38.68
27.90
8.56
59.30
26.19
33.11
78.25
39.00
27.73
9.62
61.10
26.62
34.48
^79.98
P39.95
?27.24
CALL REPORT FIGURES
ALL BANKS IN THE U. S.
Total deposits and currency
Demand deposits adjusted
Time deposits
Currency outside banks
Loans and investments, total
Loans
..«
Investments.....,. ....,
,
™..
:
..,...,
MEMBER BANKS
Investments, total
U. S. Government obligations:
Direct
Guaranteed
State and local government obligations
Other domestic securities
Foreign securities
Loans, total.
Commercial loans (incl. open-market paper)
Street loans (brokers' loans)
Other security loans 3
Real estate loans
All other loans
12
12
12
12
13
13
13
60.95 .62.87
27.35 29.09
26.80 26.81
6.19
6.01
49.62 49.95
21.32 21.63
28.30 28.32
C1)
19.46
19.98 20.22
20.48
21.81 23.10
23.93
24.40
25.50
26.45
14
14
14
14
14
1
11.18 11.31
3.14 3.11
2.69 2.91
2.77
.19
13.96
6.57
.61 13.94
.88
2.96
2.94
11.60
3.12
2.89
2.70
.17
13.97
6.72
.32
.80
3.07
12.34 13.50
3.49 3.49
3.01 3.21
2.80
.17
15.32
7.52
.47 15.88
.83
3.23
3.27
14.24
3.84
2.98
2.72
.15
16.73
8.55
.42
.79
3.37
3.61
14.09
4.24
3.16
15.71
3.83
3.09
2.73
.14
18.02
9.64
.41
.78
3.49
3.69
16.98
3.47
3.17
C)
10.95
2.83
2.55
2.94
.19
13.14
5.99
.56
.91
2.83
2.85
C1)
45.34
47.07
47.87
50.36
54.75
63.77
20
20
20
20
20
20
20
2 14
3 77
2 55
15 70
3 04
5 90
12.20
2.48
16.30
3.10
6.30
12.30
2.32
4.23
2.29
4.77
2.47
16.55
3.11
6.50
12.20
2.25
5.37
2.18
17.76
3.22
6.80
12.80
2.36
6.12
2.18
20.10
3.43
6.90
13.70
2.55
6.98
2.25
21.80
3.70
7.90
18.60|
C)
15
15
15
15
1
19.61
8
?8
SEMI-ANNUAL F I G U R E S
OWNERSHIP or U. S. GOVERNMENT OBLIGATIONS
Total direct and guaranteed obligations outstanding
Amount held by:
U. S. Government agencies and trust funds:
Public issues
Special issues
Federal Reserve Banks
Commercial banks
,
Mutual savings banks
..„
Insurance companies
...
Other investors
p
8
,.
3.06
8
I
(J)
(*)
"I
§
HO. 38
()
17.83
(2)
8
Preliminary. 1 Series not shown in Chart Book. 2 Figures available for June and December dates only.
Includes only loans made for the purpose of purchasing or carrying securities.
6OO
FEDERAL RESERVE BULLETIN
CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES
[Figures for 1942 are preliminary]
Nonmember banks
Member banks
Total
National
State
Other than mutual
savings and
private banks
Insured
Mutual
Private*
Not
insured
m
Number of Banks (Head Offices)
December 31, 1933
December 31, 1934
December 31, 1935
December 31, 1936
December 31, 1937
December 31 1938
December 31, 1939
December 31, 1940
December 31, 1941
March 31, 1942 m » .
..
.
.........
15,029
16,063
15,869
15,667
15,387
15,194
15,034
14,895
r
14,825
14,798
5 154
5,462
5 386
5,325
5 260
5,224
5 187
5,144
5 117
5,109
2,911
3 133
3,284
3 399
3,540
3 580
3,629
3 666
r
3,699
3,706
1,121
1 243
1,329
1 398
1,485
1 499
1,518
1 539
r
l,565
1,568
1 726
1,980
14,825
857
980
1 001
1,051
1 081
1,114
1 175
1,342
31 502
3
1,519
2 8 341
1,108
7,693
1 046
7 728
1,004
7,588
960
7 449
917
7,316
7 171
887
6,951
851
r
800
6 809
789
6,785
Number of Branches
December 31, 1933
December 31, 1934. . .
December 31, 1935
December 31, 1936
December 31, 1937
December 31, 1938
December 31, 1939
December 31, 1940
December 31 1941
March 31, 1942, total
In head-office cities
Outside head-office cities
27 00
579
579
570
565
563
555
551
551
545
4
545
960
981
952
981
994 '
992
1,002
1,002
1,015
1,012
828
848
891
908
927
940
932
939
42
39
37
41
44
44
46
46
125
126
128
128
128
135
132
135
135
4135
685
883
780
232
136
803
11
35
113
22
5,117
1,502
6,809
800
4-7
4-2
6 77ft
98
241
138
134
74
68
63
56
5
52
51
5
5
5
5
5
5
6
4
1
5
Analysis of Bank Changes*Jan. 1-Mar. 31,1942
Nnrnhfir o f h a n k s o n D p r p m h p r 3 1 , 1041
Increases in number of banks:
Primary organizations (new banks)
Reopenings of suspended banks..
Unclassified
4-9
+1
-j-1
Decreases in number of banks:
Suspensions
Voluntary liquidations^
Consolidations, absorptions, etc. .
Inter-class bank changes:
Conversions—
Private into nonmember
Federal Reserve membership—9
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance—io
Admissions of State banks
Withdrawals of State banks
.
...
—2
— 18
-18
4-1
—3
-5
-1
—2
—6
-10
+19
—19
...
Net increase or decrease in number of banks
Number of banks on March 31, 1942
-1
. .
52
+1
—9
-2
4-1
.-...
545
—1
+1
4-3
—3
-27
-8
+17
-24
-11
14,798
5,109
1,519
6,785
789
545
51
3,699
1,565
1,015
932
46
135
6
+12
+6
+6
+1
+1
-11
-4
-4
-3
+7
+3
-3
+7
3,706
1,568
46
135
6
-1
Analysis of Branch Changes, Jan. 1-Mar. 31, 1942
Number of branches on December 31, 1941
Increases in number of branches:
De novo branches
Banks converted into branches
Decreases in number of branches:
Branches discontinued
Net increase or decrease in number of branches
Number of branches on March 31, 1942
1,012
+6
' +4
939
r
Revised.
1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a)
of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and,
accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years.
23 Federal deposit insurance did not become operative until January 1, 1934.
Includes three mutual savings banks.
4 Number of banks comprises 49 insured and 496 uninsured; number of branches comprises 32 insured and 103 uninsured. The'figures beginning with
1939 exclude one bank with 4 branches which theretofore was classified as an insured mutual savings bank but is now included with "Nonmember banks
other than mutual savi js and private banks."
•»
6 Number of banks jmprises 1 insured and 50 uninsured; all branches were5 uninsured.
6 Separate figures not available for branches of insured and not insured banks.
7 Exclusive of new banks organized to succeed operating banks.
8 Exclusive of liquidations incident to the succession, conversion and absorption of banks.
9 Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership.
10
Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not»affect Federal Deposit Insurance
Corporation membership.
Backfigures.—SeeAnnual Report for 1941 (tables 16 and 17).
JUNE 1942.
601
CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, DEC. 31, 1941 AND JUNE 30, 1941
[Amounts in thousands of dollars]
Dec. 31, 1941
All banks
National
banks
members
Federal
Reserve
System
Assets
Loans, discounts, and overdrafts (including rediscounts). 21,261,521 11,725,496
United States Government obligations, direct and fully
guaranteed
21,047,112 12,038,981
Other bonds, stocks, and securities
6,984,917 3,806,377
Total loans and securities.
Customers' liability on account of acceptances
Total bank premises, furniture and fixtures, and other
real estate
Reserve with Federal Reserve Banks
Coin and currency
Balances with other banks
Cash items in process of collection
,
Income accrued but not yet collected
Prepaid expenses
Other assets
,
Total assets..
Liabilities
Demand deposits
of individuals, partnerships, and
p
ti
corporations
Time deposits of individuals, partnerships, and
corporations
ti
Public funds of states and political subdivisions
U. S. Govt. and postal savings deposits
Deposits of other banks; cash letters of credit; certified
officers, and travelers' checks outstanding, etc
Bills payable, rediscounts, and other liabilities for borrowing money
'
Acceptances executed by or for account of reporting banks
and outstanding
Dividends declared but not yet payable
Income collected but not yet earned
Expenses accrued and unpaid
Other liabilities
Total liabilities, excluding capital accounts
Capital stock, notes, and debentures.
Surplus
Undivided profits
Reserves for contingencies
All other capital accounts
Total liabilities, including capital accounts.
Number of banks
June 30, 1941
State
banks
members
Federal
Reserve
System
Banks
not
members
Federal
Reserve
System
All banks
National
banks
members
Federal
Reserve
System
State
banks
members
- Federal
Reserve
System
Banks
not
members
Federal
Reserve
System
6,292,052
3,243,973 19,913,169 10,896,985
5,828,971
3,187,213
7,498,100
2,152,760
1,510,031 19,370,714 11,110,780
1,025,780 6,907,899 3,810,723
6,965,555
2,039,282
1,294,379
1,057,894
5,779,784 46,191,782 25,818,488 14,833,808
5,539,486
49,293,550 27,570,854 15,942,912
73,089
40,112
32,315
662
79,424
49,905
430,559
395,664
358,735
585,107
453,163
117,200
11,469
108,218
724,603
7,399,238
779,420
4,738,675
2,060,017
64,145
5,174
50,789
463,981
4,996,426
307,218
1,517,211
1,322,547
46,441
4,895
44,936
241,975
1,49*6,069
12,958,527
1,242,618
8,308,583
2,488,529
111,83"
11,046
95,697
749,543
7,451,783
702,589
4,829,776
1,512,266
61,224
5,180
47,190
272,097
2,329,221
70,599
6,614
1,400
12,493
28,814
705
482,377
264,149
5,506,744
296,764 ' " 243 ,'265
1,471,418 2,007,389
916,519
59,744
44,178
6,435
4,104
1,762
35,754
12,753
76,826,754 43,433,027 24,678,882
8,714,845 72,984,112 41,227,944 23,620,480
8,135,688
36,547,288 20,445,710 12,615,554
3,486,024 34,330,943 19,166,544 12,262,174
2,902,225
15,151,204
4,169,641
1,821,250
7,934,750
2,583,135
1,124,790
3,935,295
900,645
635,012
3,281,159 15,207,488
685,861 4,009,655
61,448
730,726
8,012,413
2,521,811
531,420
3,877,869
815,975
141,98:
3,317,206
671,869
57,324
11,731,190
7,370,011
4,164,478
196,701 11,337,836
7,041,033
4,132,552
164,251
10,107
3,778
534
5,795
10,675
2,005
87,021
40,567
94,062
108,835
223,192
47,531
23,459
52,594
62,497
144,293
38,827
14,443
23,779
36,310
69,025
663
2,665
17,689
10,028
9,874
94,387
38,833
98,246
101,861
250,356
59,307
23,318
55,623
56,138
168,605
69,984,357 39,792,548 22,433,902
2,848,686
2,686,250
895,882
350,162
61,417
1,511,994
1,386,051
498,624
210,177
33,633
850,091
1,007,545
276,466
102,280
8,598
76,826,754 43,433,027 24,678,882
13,427
5,117
7,788
34,353
13,834
24,072
36,290
71,429
727
1,681
18,551
9,433
10,322
7,757,907 66,211,006 37,638,217 21,411,412
7,161,377
2,858,363
2,603,32'
898,317
349,646
63,453
839,255
984,517
270,170
105,772
9,354
499,525
285,290
130,073
40,968
18,455
1,714,845 72,984,112 41,227,944 23,620,480
,135,688
486,601
292,654
120,792
37,705
19,186
6,811
13,423
1,519,583
1,333,520
498,074
202,906
35,644
5,130
1
1,423
6,870
1
Excludes 3 mutual savings banks members of the Federal Reserve System; figures, therefore, differ from those published in the Member Bank Call
Report.
6ox
FEDERAL RESERVE BULLETIN
GROUP BANKS*—NUMBER AND 1DEPOSITS OF BANKS IN 37 GROUPS, AND NUMBER OF BRANCHES OF GROUP BANKS,
DECEMBER 31, 1941
Number of banks in groups
State and geographic
division2
Total
National
banks
State
member
banks
Number of branches of group banks
Nonmember
banks
31
3
4
21
3
16
8
4
11
1
7
3
7
1
3
1
Middle Atlantic
New York
Pennsylvania
67
26
41
34
5
29
12
7
5
East North Central
32
26
18
13
14
13
21
14
7
4
4
144
90
4
85
49
4
2
New England
Maine
New Hampshire
Massachusetts
Rhode Island
Ohio .
Wisconsin
West North Central
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
South Atlantic
West Virginia
South Carolina
Georgia
Florida
..
..
.
...
••
••
East South Central
Kentucky
Tennessee
West South Central
Texas
Mountain
Montana
Idaho
Wvominjr
Arizona
Utah
Nevada
Pacific
Washington
Oregon
California
.
. .
Total United States
1
4
2 >
2
Total
In headoffice
city
Headoffice
county
Contiguous
counties
83
4
57
65
53
93
79
14
69
59
10
2
1
1
19
12
7
4
1
3
27
25
13
11
14
14
55
39
6
2
26
6
6
6
3
10
2
1
4
20
13
1
2
13
3
10
1
1
4
9
1
2
3
7
2
1
1
12
8
4
12
8
4
17
9
• 4
40
4
1
19
16
25
2
1
9
13
2
1
1
9
3
17
6
11
13
3
10
3
3
1
7
7
3
3
37
23
1
1
2
6
4
20
13
1
1
1
4
3
3
3
13
7
1
3
2
1
30
13
7
10
15
6
4
5
1
405
237
1
Deposits
of group
banks (in
thousands3
Noncon- of dollars)
tiguous
counties
Outside head-office city
14
3
10
1
7
27
11
5
1
Number
of group
banks
operating
branches
1
14
4
20
3
12
5
3
1
3
2
3
17
13
4
2
2
6
6
1
1
2
7
11
2
7
11
1 998,387
635,300
1,363,087
509,182
152,296
356,886
954,541
698,938
75,561
37,151
45,465
47,427
49,999
489,597
8,505
32,025
250,952
198,115
199,449
77,925
121,524
4
3
7
1
1
5
1
3
4
77
7
4
66
201,217
201,217
296,048
96,983
34,669
1,928
25,606
94,654
42,208
413
2
28
383
2,215,099
61,258
170,257
1,983,584
50
104
455
8,175,281
5
33
1
13
3
1
1
2
2
1
2
1
8
9
1
1
1
14
7
3
4
7
2
1
4
554
10
40
504
57
7
50
120
59
841
232
3
1,311,761
11 992
11,530
1,145,834
142,405
2
11
17
3
10
The statistics include all groups of three or more banks controlled by (1) a 'jholding company affiliate" asjlefined in section 2(c) of the Banking Act
pp. 92-101,
June 1938, p. 450, Tune 1939, p. 480, May 1940, p. 457, and May 1941, p. 459.
2
Only those States are listed in which one or more group banks were reported. In some groups all of the banks were not in the same State.
3
Included in the group figures are a few comparatively large banks which dominate the group rather than being subsidiary banks. If the figures of
these banks were eliminated, the aggregate amount of deposits involved would be decreased by approximately $2,200,000,000.
JUNE
1941
603
BANKS AND BRANCHES-NUMBER OF BANKS IN OPERATION AND NUMBER OPERATING BRANCHES OR ADDITIONAL
OFFICES, DECEMBER 31, 1940 AND 1941
December 31, 1941
Total
number of
banks,
Dec.
Total
31,
1940
State
National
banks
State
member
banks
Nonmember
banks, other
than mutual
savings and
private
Insured
New England
r..
916
100
107
82
390
35
202
315
35
52
40
124
12
52
45
5
1
2,342
870
385
1,087
E a s t N o r t h Central
Ohio
Indiana
Illinois
Michigan
Wisconsin
3,057
696
506
840
443
572
West N o r t h C e n t r a l
Minnesota
Iowa
Missouri
North Dakota
South Dakota
....
910
98
107
81
387
35
202
Mutual
savings
banks
29
2
8
355
32
43
8
191
9
72
2,321 1,331
422
857
224
382
685
1,082
318
158
67
93
456
128
58
270
31
10
9
12
165
134
24
7
3,036
694
504
830
440
568
880
242
124
338
78
98
503
• 2 137
77
96
146
3 47
1,555
294
272
382
197
410
63
6
13
14
19
11
8
3
3
3,354
677
647
625
160
164
417
664
3,337
677
647
617
160
162
418
656
768
186
103
84
45
37
133
180
214
21
51
400
33
58
41
10
1
57
200
1
1
23
14
29
1,953
436
435
416
105
101
214
246
1,583
Delaware
45
187
Maryland
• •. • •
22
District of C o l u m b i a . . . .
314
Virginia
181
West Virginia
228
North Carolina
150
South Carolina
283
Georgia
.........
173
Florida
....... .«,..«,.
1,588
44
186
22
314
180
228
151
290
173
463
14
63
9
130
77
44
22
51
53
140
4
11
8
54
24
11
5
18
5
892
23
98
5
130
74
165
87
203
107
79
1
3
13
2
11
1,129
408
297
217
207
1,125
404
297
218
206
255
95
70
66
24
43
18
7
16
2
774
259
211
129
175
1,587
216
145
390
836
1,588
217
146
390
835
730
50
29
207
444
114
9
8
11
86
489
111
50
58
146
41
12
60
490
112
50
58
144
42
12
60
12
210
41
19
26
78
22
5
13
6
438
430
137
73
220
..
.
New York
.
Kentucky.
Tennessee
Alabama
Mississippi
West S o u t h Central
Arkansas
Louisiana
Oklahoma
Texas . . . «*... . .
Montana . .
Idaho
Wyoming .
Colorado
New Mexico
Arizona
... «- >. <•
Nevada
• «»<»•••»«••
Utah
Pacific.
.
.......
Washington
Oregon
California
Total United States
Total
National
banks
State
member
banks
Nonmember
banks, other
than mutual
savings and
private
117
23
3
7
65
12
7
30
3
1
2
18
3
3
21
4
14
2
1
9
1
1
20
5
236
134
53
49
240
136
53
51
69
31
17
21
82
46
23
13
37
17
10
10
1
27
12
15*
207
39
42
210
38'
43
28
8
6
33
16
3
144
14
33
4
44
82
46
83
11
3
10
4
22
75
3
1
155
2
117
163
2
119
8
2
149
6
114
5
14
20
2
17
23
2
16
19
1
148
8
27
11
39
1
44
6
10
2
149
8
27
11
39
22
25
3
6
5
4
96
4
16
1
29
3
3
5
6
46
6
10
2
3
2
3
3
1
3
39
3
3
1
1
53
32
9
7
5
61
13
20
3
25
62
13
21
3
25
11
3
5
2
1
4
2
1
1
47
8
15
675
149
108
163
255
69
9
1
9
50
42
14
28
42
14
28
8
1
1
88
25
9
9
15
5
2
21
2
182
10
23
23
12
11
1
7
7
6
1
5
4
5
2
5
4
5
2
2
2
2
165
43
26
96
37
14
6
17
191
74
37
80
34
4
3
27
3
2
1
47
9
5
33
48
10
6
32
17
6
2
9
14,895 14,825 5,117
1,502
6,809
800
545
1,040
1,054
205
11
139
73
226
76
46
21
23
44
14
5
26
3
3
MuPritual
sav- vate
ings banks
Non- banks
insured
121
23
3
9
67
12
7
South Atlantic
East South Central
Dec.
31,
1940,
total
Insured
61
9
8
1
6
10
27
New Jersey
Pennsylvania
Private
banks
Noninsured
131
17
3
32
37
2
40
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
.. •
Middle A t l a n t i c
Number of banksmaintaining branches or additional offices1
Number of banks, December 3 L, 1941
-
3
""2"
1
1
5
8
36
18
8
1
1
4"
2
7
25
10
......
11
4
1
5
1
1
30
2
1
1
24
1
1
47
40
3
4
4
1
3
1
1
3
1
2
1
1
24
1
33
13
20
7
1
1
52
5
2
3
8
21
1
•••y
2
4
15
1
174
563
26
1
1
1
81
5
See following page for footnotes.
604
FEDERAL RESERVE BULLETIN
BANKS AND BRANCHES -NUMBER OF BRANCHES OR ADDITIONAL OFFICES>, DECEMBER 31 , 1940 AND 1941
Number of branches or addition*d o f f i c e s 1
Location of branches or additional
offices, December 31,4941!
December 31,1941
State
Dec. 31,
1940
total
Total
N a tional
b a n k s
State
m e m b e r
b a n k s
N o n m e m b e r
banks, other t h a n
m u t u a l savings
a n d private
Insured
New England
Maine
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
289
60
3
21
148
40
17
289
61
3
18
150
40
17
Middle Atlantic
New York
New Jersey
Pennsylvania
929
698
122
109
937
701
124
112
East North Central
531
173
67
O h i
I n d
Illi
M i c
Wis
o
i a n a
nois
h i g a n
consin
West North Central
M i
T o
•M i
N o
S o
N e
K a
n n e s o t a
w a
ssouri
r t h D a k o t a
u t h D a k o t a
b r a s k a
n s a s
South Atlantic
D e l a w a r e
M a r y l a n d
District of C o l u m b i a
Virginia
W e s t Virginia
N o r t h Carolina
S o u t h Carolina
Georgia
Florida
East South Central
K e n t u c k y
Tennessee
A l a b a m a
Mississippi
West South Central
A
L
O
T
r k a n s a s
ouisiana
k l a h o m a
e x a s
Mountain
M o n t a n a
I d a h o
W v o m i n g
Colorado
N e w M e x i c o
Arizona
U t a h
N e v a d a
.
.
...
Pacific
W a s h i n g t o n
O r e g o n
California
. .
Total United States
...
24
5
1
50
22
38
19
1
18
1
2
256
180
34
42
503
408
60
35
102
58
26
18
539
169
68
122
37
8
206
110
15
201
22
44
9
162
129
169
133
63
14
75
6
23
112
223
6
156
231
6
157
28
6
21
38
2
24
42
2
390
14
96
3072
1
127
22
25
3
391
14
95
30
70
131
24
25
2
20
16
143
29
51
20
43
145
29
52
20
44
59
19
20
19
1
85
10
17
15
7
In
headoffice
c o u n t y
5
826
642
90
94
85
39
32
14
22
17
1
4
3
1
290
120
25
203
36
5
10
44
43
8
1
127
18
24
92
8
23
10
196
7
s
12
151
6
23
22
1
114
19
6
5
2
70
52
4
14
3
I
1
151
60
36
13
10
14
1
11
132
4
53
30
21
91
102
6
18
66
4
18
30
13
6
10
3
11
34
1
3
1
57
3
4
1
30
17
7
43
21
19
3
55
6
19
5
25
24
2
6
4
12
23
40
14
26
23
23
39
10
29
6
4
2
2
1
1
3
18
35
36
3
12
22
1
1
1
4
7
2
2
2
12
5
4
1
6
4
3
257
17
11
229
92
5
5
82
146
27
6
113
510
38
46
426
827
480
666
4
10
1
5
112
3
3
1
2
12
2
9
1
74
8
23
5
17
1
16
1
1
43
70
15
55
29
1
28
92
92
74
18
37
37
35
2
7
26
12
10
7
26
12
10
21
8
10
1,000
85
67
848
1,005
87
68
850
830
83
64
683
3,666
3,699
7
5
4
125
1,015
3
121
204
10
27
1
47
126
1
3
7
3
4
6
81
3
42
12
8
1
In
n o n c o n tiguous
counties
11
33
14
""io "
8
1
1
144
5
2
1
In contiguous
counties
49
26
3
69
15
54
1,565
47
2
1
9
32
2
1
In
headoffice
city
93
30
7
20
2
Private
banks
N o n insured
86
28
82
4
1
2
62
8
5
Outside head-office city
M u t u a l
savings
b a n k s
47
2
4
41
1
932
46
1
1
1
135
6
1,726
17
6
8
8
7
* Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches or
additional offices within the meaning of Section 5155 U.S.R.S. which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business . . . at which deposits are received, or checks paid, or money lent." The table does not include "seasonal
agencies"
which are only in operation at certain periods of the year.
2
Includes 1 mutual savings bank.
3
Includes 2 mutual savings banks.
Back figures.—See BULLETIN for May 1941, pp. 460 and 461.
JUNE
1941
605
ALL MEMBER BANKS—CONDITION ON SELECTED CALL DATES, MARCH 31, 1937, TO APRIL 4, 1942
[Amounts in thousands of dollars]
ASSETS
1937
March 31
13,699,294
Loans (including overdrafts)1
10,856,351
United States Government direct obligations
1,861,336
Obligations guaranteed by United States Government
2,350,032
Obligations of States and political subdivisions. #- •
Other bonds, notes, and debentures, including obligations of
Government corporations and agencies not guaranteed by
United States 1 2
3,215,554
Corporate stocks (including Federal
Reserve Bank stock) —
542,436
Total loans and investments 1
32,525,003
Reserve with Federal Reserve Banks
6,613,340
Cash in vault
662,310
Demand balances with banks in United States (except private
banks and American branches of foreign banks)
3,312,519
Other balances
with banks in United States and foreign
countries2. . .
185,494
3,787
Due from own foreign branches
1,973,621
Cash items in process of collection
Bank premises owned and furniture and fixtures
981,712
Other real estate owned
368,868
Investments and other assets 1 indirectly representing bank
premises or other real estate
Customers' liability on acceptances
202,067
Income accrued but not yet collected
1
226,756
Other assets
'
Total assets.
47,055,477
LIABILITIES
Demand deposits—Total
Individuals, partnerships, and corporations
United States Government3
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 payable4
Income collected but not yet earned
Expenses accrued and unpaid
Other liabilities
Total liabilities...
1938
March 7
1939
March 29
1940
March 26
1941
April 4
1941
Dec. 31
1942
April 4
13,546,245
10,625,221
1,826,966
2,208,781
13,047,275
10,690,610
2,660,145
2,554,651
13,939,408
11,313,710
3,107,056
2,904,862
15,878,348
13,501,298
3,486,598
3,205,694
18,020,904
15,706,687
3,832,035
3,089,606
17,833,654
16,978,062
3,470,761
3,172,920
2,768,800
545,156
31,521,169
7,248,811
603,541
2,687,973
454,331
32,094,985
9,112,434
776,978
2,464,916
433,105
34,163,057
12,279,162
862,162
2,499,059
411,599
38,982,596
13,531,403
837,055
2,479,083
392,244
43,520,559
12,396,344
1,086,752
2,447,781
383,384
44,286,562
12,725,262
884,262
3,461,582
4,280,654
5,499,427
6,235,245
6,147,354
6,184,254
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
111,876
51
1,796,066
918,872
219,227
109,653
4,215
3,382,586
911,213
179,139.
97,667
4,958
1,805,684
913,094
169,950
146,451
106,764
105,397
111,097
132,005
97,936
105,442
177,061
111,982
81,011
116,274
146,328
98,449
72,427
110,586
101,579
98,170
62,101
126,656
99,709
46,125,837
49,644,668
56,233,037
63,087,986
68,120,856
67,458,329
28,652,321
19,116,334
752,141
2.236,537
5,980,911
32,051,080
20,845,004
774,701
2,466,695
7,431,195
44,393,324
29,752,260
523,133
2,957,252
10,498,201
48,925,916
32,601,796
2,164,463
3,285,267
10,285,818
566,398
11,594,357
10,845,173
89,588
512,129
147,467
40,246,678
129,332
533,485
11,615,416
10,939,547
68,276
461,156
146,437
43,666,496
151,175
662,478
12,430,507
11,837,267
54,422
392,143
146,675
56,823,831
175,211
588,572
12,086,687
11,520,256
48,553
394,640
123,238
61,012,603
156,202
32,866
145,231
17,762
7,455
120,768
30,951
48", 168
92,205
60,381
2,247
108,670
30,500
60,492
88,916
60,479
2,586
93,457
7,838
73,116
94,800
63,493
14,152
73,729
7,593
71,233
119,599
73,660
134.473
252,212
r
L
249,264
202,121
41,730.802
40,773,990
44,177,599
50,671,361
57,334,332
62,234,492
61,528,771
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
2,357,134
2,294,271
757,605
344,644
2,362,185
2,394,336
775,145
354,698
2,361,187
2,406,873
802,177
359,321
5,324,675
47,055,477
5,351,847
46,125,837
5,467,069
49,644,668
5,561,676
56,233,037
5,753,654
63,087,986
5,886,364
68,120,856
5,929,558
67,458,329
24,668,338
21,352,110
6,367
23,789,968
20,512,559
6,335
26,301,964
22,363,717
6,331
36,380,607
31,575,924
6,528
39,707,549
33,753,582
6,619
40,943,231
34,669.951
6,629
CAPITAL ACCOUNTS
Capital
Surplus
Undivided profits4
Reserves for contingencies and other capital accounts2
Total capital accounts
Total liabilities and capital accounts.
Net demand deposits subject
to reserve.
Demand deposits-adjusted5
Number of banks
«
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 other assets amounted
to $94,569,000,
and $49,939,000 respectively, on December 31, 1938.
2
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.
4
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 declarea but not yet payable. Beginning December 31, 1938 these two reserves are included in "Other capital accounts."
6
Demand deposits other than interbank and United States Government, less cash items reported as in process of collection.
606
FEDERAL RESERVE BULLETIN
ALL MEMBER BANKS-CONDITION O N APRIL 4, 1942 BY CLASSES OF BANKS
[Amounts in thousands of dollars]
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
Corporate stocks (including Federal Reserve Bank stock)
Total loans and investments
national All State
All member Allmember
member
banks
banks
banks
LIABILITIES
Demand deposits—Total
Individuals, partnerships, 2and corporations
United States Government
States and political subdivisions
Ranks in United States and foreign countries
Certified and officers' checks, ca«h letters of credit and
travelers' checks, etc
Time deposits—Total
Individuals, partnerships,
and corporations
Postal savings2
States and political subdivisions
Banks in United States and foreign countries
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 ..
New York
Chicago
Reserve
city member banks1
Country
member
banks*
17,833,654
16,978,062
3,470,761
3,172,920
11,545,467
10,624,133
2,110,745
2.077,660
6,288,187
6,353,929
1,360,016
1,095,260
4,173,296
5,865,546
1,514,986
772,854
922,512
1,381,407
108,326
206,601
6,989,103
5,781,489
1,050,628
940,535
5,748,743
3,949,620
796,821
1,252,930
2,447,781
383,384
1,560,056
197,686
28,115,747
7,753,030
625,262
887,725
185,698
16,170,815
4,972,232
259,000
658,264
137,934
13,122,880
5,235,791
80,586
163,446
23,287
2,805,579
1,088,166
707,077
136,527
15,605,359
4,221,100
347,838
918,994
85,636
12,752,744
2,180,205
4,668,237
1,516,017
189,865
75,151
4,907
1,259,477
590,168
76,906
22,516
51
546,207
322,926
93,044
6,731
51
349,330
198,932
20,642
4,282
200,977
18,831
1,431
30,066
4,907
930,717
325,622
64,748
56,588
324,660
369,709
83,129
53,445
34,939
73,705
52,634
44,725
27,162
52,951
47,075
10,195
32,300
49,078
18,545
660
2,265
9,901
6,260
65,765
23,807
47,593
31,897
21,550
3,729
20,084
43,007
67,458,329
43,383,608
24,074,721
19,314,926
4,446,425
24,375,060
19,321,918
48,925,916
32,601,796
2,164,463
3,285,267
10,285,818
31,238,066
20,250,637
1,435,399
2,401,425
6,755,561
17,687,850
12,351,159
729,064
883,842
3,530,257
16,604,581
11,234,580
966,910
296,437
3,953,012
3,678,437
1,886,416
296,113
203,381
1,261,966
17,541,379
11,105,233
632,622
1,312,521
4,288,751
11,101,519
8,375,567
268,818
1,472,928
782,089
588,572
12,086,687
11,520,256
48,553
394,640
123,238
61,012,603
156,202
395,044
8,136,027
7,690,269
34,894
325,161
85,703
39,374,093
124,727
193,528
3,950,660
3,829,987
13,659
69,479
37,535
21,638,510
31,475
153,642
30,561
455,191
454,991
24,764
5,502
17,386,076
156,202
4,i33,628
202,252
4,698,677
4,365,829
18,259
224,225
90,364
22,240,056
202,117
6,151,324
5,948,207
30,294
145,451
27,372
17,252,843
14,152
73,729
7,593
71,233
119,599
73,660
12,270
41,266
6,741
.48,492
74,686
37,621
1,882
32,463
852
22,741
44,913
36,039
4,300
38,758
231
11,121
28,630
34,682
2,543
858
2,554
12,770
5,185
5,570
28,602 ;
5,215
35,787
54,159
24,718
4,282
3,826
1,289
21,771
24,040
9,075
61,528,771
39,719,896
21,808,875
17,660,000
4,157,538
22,394,107
17,317,126
2,361,187
2,406,873
802,177
359,321
1,508,095
1,393,462
514,454
247,701
853,092
1,013,411
287,723
111,620
548,052
840,632
219,128
47,114
101,400
120,690
28,576
38,221
789,965
769,403
263,023
158,562
921,770
676,148
291,450
115,424
5,929,558
67,458,329
3,663,712
43,383,608
2,265,846
24,074,721
1,654,926
19,314,926
288,887
4,446,425
1,980,953
24,375,060
2,004,792
19,321,918
25,313,779
21,787,629
5,109
15,629,452
12,882,322
1,520
16,065,386
11,335,329
36
3,197,349
1,919,381
13
13,936,809
11,689,289
352
7,743,687
9,725,952
44,286,562
12,725,262
Reserve with Federal Reserve Banks
884,262
Cash in vault.
Demand balances with banks in United States (except private
banks and American branches of foreign banks)
6,184,254
Other balances with banks in United States and foreign countries
97,667
Due from own foreign branches
4,958
Cash items in process of collection
1,805,684
Bank premises owned and furniture and fixtures
913,094
Other real estate owned.
169,950
Investments and other assets indirectly representing bank
premises or other real estate
98,170
Customers' liability on acceptances
62,101
Income accrued but not yet collected
126,656
Other assets
.......
99,709
Total assets
Central reserve city
member banks1
781,495
751,229
26,569
281,504
200
2,675,641
429,269
3,037,244
CAPITAL ACCOUNTS
Capital
Surplus
Undivided profits.
.
;
Reserves for contingencies and other capital accounts.
Total capital accounts
Total liabilities and capital accounts..
Net demand deposits subject
to reserve..
Demand deposits-adjusted3
Number of banks
6,228
located.
2
United States Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
8
Demand deposits other than interbank and United States Government, less cash items reported as in process of collection.
JUNE 1942.
607
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments
610
Gold production
611
Gold movements
611
Net capital movements to United States since January i , 1935...
6n
Central banks
613-616
Money rates in foreign countries
617
Commercial banks
618
1
Foreign exchange rates
619
Price movements:
Wholesale prices
62.0
Retail food prices and cost of living
6x1
Security prices
6zi
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. Backfiguresmay in most cases be obtained from earlier BULLETINS and from
Annual Reports of the Board of Governors for 1937 and earlier years.
JUNE 1941
609
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
Argentina
Belgium
Brazil
1936—Dec..
1937—Dec..
1938—Dec..
1939—Dec..
1940—Dec..
11,258
12,760
14,512
17,644
21,995
501
469
431
466
2
353
632
597
581
609
3 734
25
32
32
40
51
275
274
274
274
274
20
24
24
24
24
1941—May.
June.
July.
Aug..
Sept.
Oct..
Nov.
Dec..
1942—Jan..
Feb..
Mar.
Apr..
22, 575
22,624
22, 675
22,719
22,761
22,800
22,785
22,737
22,747
22,705
22,687
22,691
353
353
353
352
352
354
354
354
354
354
734
734
734
734
734
734
734
734
734
734
58
62
63
65
66
68
69
70
274
274
274
274
274
274
274
274
274
274
24
24
24
24
24
24
24
24
End of month
End of month
Hungary
land
1936—Dec...
1937—Dec...
1938—Dec...
1939—Dec...
1940—Dec...
240
244
321
308
160
657
650
701
549
502
26
29
29
29
1941—May
June
July
Aug
Sept
Oct
Nov
Dec
1942—Jan
Feb
Mar
Apr
180
192
189
191
191
192
196
223
225
251
277
530
528
533
525
543
560
602
665
702
764
784
796
96
96
95
93
92
End of month
r
1
92
92
89
29
30
30
30
30
19
16
24
21
17
91
92
83
56
58
54
53
53
53
52
55
55
55
55
52
2,995
2,564
2,430
2,709
2,000
30
30
30
30
30
30
30
30
30
30
30
16
18
18
17
17
17
17
16
18
17
15
16
59
61
61
61
61
61
61
61
48
47
45
45
44
44
44
44
44
44
52
52
52
52
52
52
52
52
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
98
82
94
94
20
21
20
20
174
173
173
193
201
200
228
235
216
58
59
60
59
57
54
52
47
42
28
30
31
572
573
573
573
573
573
574
575
575
575
23
23
23
23
23
23
23
23
23
23
23
Uruguay
Venezuela
Yugoslavia
B.I.S.
2,584
2,689
2,690
81
1
77
74
69
68
90
59
52
52
52
9 29
48
51
57
59
82
11
5
14
7
12
183
185
142
153
145
1
1
1
1
1
1
1
1
1
1
1
1
108
108
108
108
106
102
101
40
40
40
41
41
41
41
41
49
52
52
56
183
9
10
9
9
9
10
10
12
12
145
144
144
144
146
146
146
146
146
146
146
146
United
Kingdom
Turkey
Sweden
Egypt
23
23
23
23
23
6.164
26
26
26
26
Denmark
491
933
998
692
617
60
79
80
90
140
24
24
24
24
24
24
24
24
24
24
7
5
5
6
Czechoslovakia
46
24
29
32
47
463
261
164
164
164
1941—May..
June..
July..
Aug...
Sept..
Oct...
Nov. ,
Dec.
1942—Jan...
6
7
11
6
6
8
5
Colombia
Peru
208
210
193
144
U37
25
25
26
26
26
188
184
192
214
Chile
Norway
Japan
25
25
37
24
24
Bulgaria Canada
New
Mexico STetherlands Zealand
Iran
Persia) Italy
1936—Dec...
1937—Dec...
1938—Dec...
1939—Dec...
1940—Dec...
Feb...
MarApr..,
British
India
Java
Revised.
Figures relate to last official report dates for the respective countries, as follows: GermanyJune 15, 1939; Greece—Mar. 31, 1941; Italy—late in Mar. 1940; Norway—Mar. 30, 1940; PolandJuly2 31, 1939; Yugoslavia—Feb. 28, 1941.
Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available.
3 Change from previous December due largely to inclusion of gold formerly not reported.
4 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control 5Board. Gold reported since that time is gold held by Minister of Finance.
Figures for Dec. 1936 and Dec. 1937 are those officially reported on Aug. 1, 1936, and Apr. 30
1938,6 respectively.
Figure for Feb. 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
1 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.
9 Beginning Dec 1940, figures refer to gold reserves of new Central Bank only.
NOTE.—For description of table and back figures see BULLETIN for September 1940, 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.
6lO
Germany
Greece
27
28
29
129
26
24
27
28
28
128
Ruma- South
Poland Portunia
gal
Africa
75
83
t
85
20
20
20
20
21
21
21
22
21
21
21
Other
coun-7
tries
France
68
69
69
69
59
114
120
133
152
158
203
189
220
249
367
59
59
59
59
59
59
59
59
59
59
172
175
178
178
179
180
181
182
182
418
427
431
436
450
422
400
366
363
380
397
Spain
5
5
718
525
Government gold reserves1 not included
in previous figures
United
End of month United King- Frances BelStates dom
gium
1937—June ...
Dec
1938—Mar....
169
Dec. ...
1939—Mar. ...
May....
June...
Sept....
Dec
1940—Mar. ...
June...
Sept....
Dec. ...
1941—Mar. ...
June...
Sept....
Dec
80
154
June.. . " \ " 4 4 "
115
81
3 934
4 1,395
1,489
4 759
1,732
85
331
559
477
""62"
44
17
164
156
145
86
105
48
88
89
24
25
17
17
17
1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2 For complete monthly series from Oct. 1938May
1939,
see
BULLETIN for
February
1941,
p. 170.
3 Figure for end of Mar. 1937, first date reported.
4 Figure for end of September.
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.
FEDERAL RESERVE
BULLETIN
GOLD PRODUCTION
Year or month
1934
,.„.„..:..
1935
,....„..,..
1936
„„.«.«..
1937
,..,.„.„..
1938.....„„.„.„..
1939
„„.«.„..
1940
„„.«.„..
1941
...„.„.„.
Estimated
world
production
outside 1
U.S.S.R.
Total
708,453
823,003
752,847
882,533
833,895
971,514
893,384
1,041,576
958,770
1,136,360
1,208,705 1,020,297
1,279,455 1,094,264
r
l,287,790 2*1,088,194
1941—Apr
May
Tune
July
Aug
Sept.
Oct
Nov........
Dec
1942—Jan
Feb
Mar
105,525
105,140
105,875
109,970
108,535
109,935
111,265
107,940
r
105,035
105,175
^92,330
r
89,195
r
88,750
r
89,581
93,597
92,443
93,863
^94,919
^91,599
P88.834
2*89,429
*>77,658
2>83,328
South
Africa
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
41,357
42,716
41,186
43,093
42,458
42,135
43,061
41,807
42,436
42,556
39,651
42,618
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
Africa
North and South America
West Belgian United Canada* Mexico ColomRhoChile
desia
Africa Congo2 States3
bia
$1 = 1H\
24,264
25,477
28,053
28,296
28,532
28,009
29,155
^27,808
grains of gold ft fine; i.e.y an ounce rf fine gol d = $35
2,355
2,355
2,353
2,319
2,329
2,312
£2,348
*>2,243
P2.313
P
2,313
2*2,208
•^2,208
72,800
2,800
2,800
2,800
2,800
2,765
2,590
2,590
2,590
2,695
2,625
2,625
12,153
13,625
16,295
20,784
24,670
28,564
32,163
32,414
6,549
7,159
7,386
8,018
8,470
8,759
2 8,862
108,191
126,325
152,509
168,159
178,143
196,391
210,109
208,443
104,023
114,971
131,181
143,367
165,379
178,303
185,890
186,568
23,135
23,858
26,465
29,591
32,306
29,426
30,878
27,969
12,045
11,515
13,632
15,478
18,225
19,951
22,117
22,961
8,350
9,251
9,018
9,544
10,290
11,376
11,999
9,259
15,384
16,340
2,491
2,071
15,721
15,948
1,448
1,872
15,890
16,395
2,845
1,777
15,983
18,463
2,485
2,072
16,353
17,413
2,579
1,739
15,578
20,807
1,984
1,984
16,141
18,781
2,300
2,098
15,499
19,740
1,688
1,726
14,746
16,700
1,832
1,749
14,198
14,982
3,790
2,075
13,147 / 2 . 4 6 0
10,034
1,573
10,959 .215,050 ^2,4601 '1,573
896
528
1,023
628
860
504
703
701
622
P692
*>622
/»622
Other
Nicara- Austra-1 British
gua5
lia | IndiaS
1,166 30,559
868 31,240
807 40,118
848 46,982
1,557 54,264
3,506 56,182
5,429 55,878
7,525 2*51,039
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
r
563
r
525
r
4,133
4,136
3,939
533
4,185
693
4,376
661
4,271
717
5,357
699
4,047
718
770 P4.200
772 /4.515
647 *>3,430
663 P3.675
805
700
840
875
875
805
840
840
875
840
1,260
875
v ; changes
ating annual
.,v*v*v,~~** v.^ *.%,*«, ..w. * - ~ * , *~~ m i n i o n flOllnrS! WAS. l.SX m i l l i o n : m:<h 1X7 m i l l i o n - 1U.-47 1XS m i I linn* 1Q^8 1SO m i I linn
2* Preliminary. r Revised.
^1 Figure carried forward.
Annual figures through 1940 are estimates of U. S. Mint. Monthly figures are based on estimates of American Bureau of Metal Statistics given
in thousands of fine ounces.
2 Beginning 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. Monthly figures for 1941 represent estimates of American Bureau of Metal
Statistics revised by deducting from each monthly figure $73,585 so that aggregate for 1941 is equal to preliminary annual estimate compiled by Bureau
of Mint in cooperation with Bureau of Mines.
4 Figures for Canada beginning January 1941 are subject to official revision.
5 Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
6 Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
7 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; June 1938, p. 540; and April 1933, pp. 233-235. For annual
figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1941, pp. 103-104, and 1936, pp. 108-109.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Year or
month
Total
net
imports
United
Kingdom
France
Belgium
Netherlands
SwitzColom- PhilipAuspine
erland Canada Mexico bia
Islands tralia
Sweden
South
Africa
Japan
British
India
All
other
countries
Net imports from or net exports (—) t o :
19341
1935
1936
1937
1938
1939
1940
1940
Nov
Dec
1941
Jan......
Feb
Mar
Apr
1,131,994 499,870
1,739,019 315,727
1,116,584 174,093
1,585,503 891,531
1,973,569
569 1,208,728
3,574,151 1,826,403
4,744,472 633,083
I 330,107
137,176
936
99
234,242
108,609
118,567
171,992
37
1,218
817
21
2
6
60,146
28,715
161,489
1,746
86,829 30,270
95,171 13,667
72,648 39,966
111,480 38,482
76,315 36,472
612,949 33,610
1,320 2,!, 622,330 29,880
563
337
16,944 12,038
1,029
12
10,899 15,335
3,498
65
11,911 21,513 23,280
8
18,397 25,427 34,713
181
401
10,557 .27,880 39,162
23,239 35,636 74,250 22,862
23,999 38,627 103,777 184,756
246,464
168,740
165,605
111,739
32,304
46,989
39,735
29,998
2
67,975
3
102,404
4
27,580
12,805
262,718
80,389
545
347
2,814
3,283
3,268
14,441
14,994
6,240
1,751
12,186
13,262
46,876
81,529
95,619
20,216
1,147
814
866
1,147
3,168
11
2,232
2,934
3,185
2,772
3,984
3,587
11,136 149,735
6,738
96
6,262
2,788
4,720 132,261
3,046
313
3,384
2,114
4,972
5,098
3,107
3,143
1,832
4,194
4,593
5,199
6,742
2,064
6,151
5,980
6,085
388,468
4,501
5
6,062
15,093
2,951
6,793
Gross imports from: 6
May
June
July
Aug
Sept
Oct
Nov .7
34,830
30,712
37,041
36,973
65,702
40,440
50,374
2
474
542
79
?S0
55
121
1
1
16,309
17,521
19,228
10,845
42,563
16,074
24,921
969
800
1,088
843
495
1,020
6,336
2,794
7
2,128
2,230
2,488
2,107
2,110
3,594
69
88
137
3,694
200
40
131
1,995
2,327
3,589
5,009
3,811
5
9,011
5
ll,045
6 9,366
6
9,041
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $31,830,000 from Argentina.
3 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.
4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.,
$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000
from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.
5 Includes imports from U. S. S. R. as follows: Feb.—$11,236,000, Aug.—$3,407,000, Sept.—$5,652,000, Oct.—$5,550,000, Nov.—$5,615,000.
6 Beginning May 1941, the Department of Commerce suspended publication of export statistics by country of destination.
7 Beginning December 4, 1941, the Department of Commerce suspended publication of gold import and export statistics.
NOTE.—For gross import and export figures and for additional countries see table on p. 566.
JUNE
1942.
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
Increase in foreign banking
funds in U. S.
From Jan. 2, 1935, through-
Total
Total
Central
bank funds
in N. Y. 1
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Dec. (Jan. 1, 1936) .
1936—Dec. 30
1937—Dec. 29
1,412.5
2,608.4
3,410.3
603.3
930.5
1,168.5
9.8
81.1
243.9
593.5
849.4
924.6
361.4
431.5
449.1
125.2
316.2
583.2
316.7
917.4
1,162.0
6.0
12.9
47.5
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)
1939—Mar. 29
June 28
Sept. 27
:.
Dec. (Jan. 3, 1940).
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1, 1941)..
3,207.2
3,045.8
3,472.0
3,844.5
4,197.6
4,659.2
5,035.3
5,021.2
5,115.9
5,440.7
5,748.1
5,727.6
949.8
786.?
1,180.2
1,425.4
1,747.6
2,111.8
2,479.5
2,430.8
2,539.0
2,830.1
3,092.8
3,159.0
149.9
125.9
187.0
238.5
311.4
425.3
552.1
542.5
539.1
922.3
1,112.3
1,200.8
799.9
660.4
993.2
1,186.9
1,436.2
1,686.5
1,927.3
1,888.3
1,999.9
1,907.8
1,980.5
1,958.3
434.4
403.3
477.2
510.1
550.5
607.5
618.4
650.4
631.6
684.1
773.6
775.1
618.5
643.1
625.0
641.8
646.7
664.5
676.9
725.7
761.6
785.6
793.1
803.8
1,150.4
1,155.3
1,125.4
1,219.7
1,188.9
1,201.4
1,177.3
1,133.7
1,095.0
1,042.1
987.0
888.7
54.2
57.8
64.1
47.6
63.9
74.0
83.1
80.6
88.7
98.9
101.6
100.9
1941—Mar. 5 . . .
Mar. 12. *
Mar. 19...
Mar. 26...
Apr. 2
5,560.8
5,592.9
5,598.8
5,567.0
5,526.5
3,128.1
3,188.0
3,202.4
3,185.2
3,148.8
1,249.6
1,300.1
1,346.2
1,325.6
1,307.7
1,878.5
1,887.9
1,856.2
1,859.6
1,841.0
764.9
752.1
756.2
755.4
767.4
814.0
814.1
814.8
815.8
812.7
757.3
741.9
726.9
714.7
701.8
Apr. 9....
Apr. 16...
Apr. 23...
Apr. 30...
5,647.5
5,678.3
5,666.3
5,652.5
3,273.6
3,299.2
3,279.2
3,257.3
1,416.6
1,434.7
1,424.0
1,406.4
1,857.0
1,864.5
1,855.2
1,850.9
766.4
772.4
785.0
798.9
815.6
816.2
816.7
815.7
694.7
691.9
686.8
682.4
, 97.1
98.7
98.5
98.2
May
May
May
May
5,639.1
5,602.2
5,627.8
5,635.8
3,243.5
3,224.2
3,252.0
3,266.4
1,400.4
1,414.8
1,421.2
1,417.5
1,843.1
1,809.4
1,830.9
1,848.9
791.6
792.4
794.6
794.9
832.9
833.5
834.5
835.4
673.8
655.2
649.6
641.6
97.2
96.8
97.0
97.5
June 4 .
June 11..
June 18..
June 25.
July 2....
5,608.9
5,602.7
5,627.8
5,620.7
5,575.4
3,235.2
3,226.9
3,249.3
3,240.9
3,193.3
1,418.6
1,401.3
1,407.9
1,410.3
• 1,375.1
1,816.6
1,825.6
1,841.4
1,830.7
1,818.2
803.6
811.6
815.7
817.8
818.6
836.3
832.6
831.6
833.1
834.1
637.1
634.4
634.4
632.4
631.2
96.8
97.2
96.7
96.5
98.2
July 9 . . .
July 16...
July 23...
July 30..
5,584.6
5,561.8
5,534.0
5,506.9
3,194.6
3,171.5
3,153.6
3,141.4
1,366.2
1,362.8
1,342.7
1,320.3
1,828.4
1,808.7
1,810.9
1,821.1
826.2
826.2
819.4
803.5
835.5
837.8
838.3
838.9
630.0
628.2
624.8
623.6
98.3
98.2
97.9
99.5
Aug. 6...
Aug. 13..
Aug. 20..
Aug. 27..
Sept. 3...
5,556.1
5,535.8
5,521.2
5,467.2
5,478.3
3,185.5
3,166.9
3,156.2
3,105.5
3,113.2
1,378.9
1,369.7
1,374.2
1,318.1
1,313.3
1,806.6
1,797.3
1,782.0
1,787.4
1,799.9
807.3
805.7
803.7
801.8
805.6
839.7
841.0
842.0
841.4
841.7
624.8
623.1
619.7
617.3
616.5
98.8
99.1
99.6
101.0
101.2
Sept. 10..
Sept. 17..
Sept. 24..
Oct. 1...
5,448.3
5,397.3
5,422.7
5,510.3
3,073.2
3,022.1
3,050.9
3,139.5
1,292.0
1,262.4
1,255.2
1,321.7
1,781.1
1,759.7
1,795.6
1,817.7
814.9
814.8
810.1
805.3
842.0
841.8
839.8
841.1
617.0
618.2
622.1
623.5
101.2
100.5
99.9
100.9
Oct.
Oct.
Oct.
Oct.
5,494.3
5,478.1
5,460.2
5,503.2
3,123.0
3,108.0
3,091.1
3,138.3
1,309.3
1,337.2
1,291.6
1,334.1
1,813.7
, 1,770.8
1,799.5
1,804.2
804.6
802.1
803.4
797.7
841.7
843.3
843.2
845.2
623.9
623.2
621.2
621.3
101.1
101.5
101.3
100.6
Nov. 5...
Nov. 12..
Nov. 19..
Nov. 26..
Dec. 3.. .
5,429.2
5,429.7
5,383.3
5,384.0
5,379.3
3,074.3
3,063.2
3,021.7
3,018.5
3,011.6
1,266.7
1,262.8
1,208.4
1,195.2
1,192.2
1,807.5
1,800.4
1,813.3
1,823.3
1,819.4
785.5
796.1
792.4
795.8
795.2
846.9
847.6
846.7
847.7
851.0
621.6
622.1
621.7
621.3
620.5
100.9
100.8
100.8
100.7
101.0
Dec. 10. .
Dec. 17..
Dec. 24. .
Dec. 31..
5,358.4
5,290.9
5,266.8
5,230.7
2,989.1
2,919.4
2,894.9
2,856.2
1,154.1
1,102.2
1,075.5
1,053.7
1,835.0
1,817.3
1,819.4
1,802.6
796.6
795.4
792.6
791.3
852.7
853.6
854.5
855.5
620.4
622.5
624.6
626.7
99.6
100.1
100.1
100.9
1942—-Jan. 7...
Jan. 14..
Jan. 21..
Jan. 28..
5,225.3
5,199.1
5,178.5
5,163.7
2,841.7
2,816.9
2,787.7
2,771.6
1,052.6
1,012.3
980.3
977.6
1,789.1
1,804.6
1,807.4
1,793.9
798.5
796.5
803.0
801.6
856.2
856.7
857.8
857.5
627.6
627.0
627.9
631.0
ioi.4
Feb. 4...
Feb. 11..
Feb. 18..
Feb. 25..
5,098.2
5,081.6
5,035.7
5,069.0
2,703.5
2,687.5
2,646.2
2,675.5
936.7
926.4
866.1
879.4
1,766.8
1,761.1
1,780.2
1,796.0
803.5
802.9
806.8
809.2
858.8
859.1
855.9
856.2
630.2
630.0
624.5
626.2
102.1
102.2
102.4
102.0
1
7.....
14 ..
21....
28....
8...
15...
22..
29...
96.6 "
96.9
98.4
95.8
95.9
102.0
102.0
102.0
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.
pp. 394-431.
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Bank of England
(Figures in millions of
pounds sterling)
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
25.
31.
30.
28.
27.
26.
25.
30.
29.
28.
27.
25.
Assets of
issue dept.
Gold1
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
.2
.2
Assets of banking department
Other
assets2
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5
630.0
5
Liabilities of banking department
Coin
Notes
Discounts
and advances
.2
.6
.6
.8
1.0
.5
.6
.6
1.0
.9
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
Cash reserves
Securities
Note
circulation 3
Deposits
Bankers'
Public
Other
Other
liabilities
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
1941—Apr. 30.
May 28.
June 25.
July 30.
Aug. 27.
Sept. 24
Oct. 29.
Nov. 26.
Dec. 31.
.2
.2
.2
.2
.2
.2
.2
.2
.2
680.0
680.0
680.0
680.0
680.0
5
730.0
730.0
730.0
5 780.0
.5
.6
.7
.7
.8
.6
.3
.6
.3
56.9
50.7
41.3
21.8
15.5
58.8
36.9
20.2
28.5
28.3
11.4
6.9
6.5
6.4
4.6
4.5
4.0
6.4
133.7
149.4
156.2
181.7
183.9
149.8
163.3
192.3
267.8
623.4
629.5
639.0
658.4
664.7
671.4
693.3
710.0
751.7
131.8
110.9
112.5
132.1
125.7
133.9
117.0
136.4
219.9
13.6
32.3
25.3
11.3
14.9
10.6
13.7
9.8
11.2
57.2
52.1
50.4
50.5
49.1
52.2
57.7
53.1
54.1
17.7
17.8
17.8
17.9
18.0
18.1
17.7
17.8
17.9
1942—Jan. 28.
Feb. 25
Mar. 25.
Apr. 29.
.2
.2
.2
.2
780.0
780.0
780.0
8
830.0
.4
.3
.4
.7
37.8
30.7
25.2
59.1
8.2
4.2
5.1
7.5
184.5
182.8
204.8
138.4
742.4
749.6
755.1
771.2
145.5
136.8
156.8
122.6
10.2
11.5
9.3
14.0
57.4
51.7
51.4
51.4
17.9
18.0
18.1
17.7
Liabilities
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold
Sterling
md United
States
dollars
Dominion and provincial government
securities
Deposits
Other
assets
Note
circulation7
Other
liabilities
Chartered
banks
Dominion
government
Other
Shortterm6
Other
4.2
9.1
14.9
28.4
64.3
38.4
30.9
61.3
82.3
144.6
181.9
448.4
83.4
99.0
91.6
40.9
49.9
127.3
8.6
8.2
21.7
5.2
5.5
12.4
99.7
135.7
165.3
175.3
232.8
359.9
181.6
187.0
196.0
200.6
217.0
217.7
17.9
18.8
11.1
16.7
46.3
10.9
2.1
3.5
3.1
17.9
9.5
7.7
13.4
14.4
9.3
13.3
28.5
1941—Apr. 30. ..
May 31...
June 30...
July 31. ..
Aug. 30...
Sept. 30. .
Oct. 31.. .
Nov. 29...
Dec. 31...
134.0
216.3
.5
.5
40.6
109.3
42.5
113.8
200.9
372.5
375.5
501.5
522.3
519.7
516.4
462.2
428.7
391.8
118.2
126.5
142.9
138.0
141.4
146.3
234.7
228.5
216.7
12.8
9.9
28.9
14.9
21.3
19.9
29.6
20.3
33.5
372.6
379.4
393.4
404.7
422.2
435.3
448.9
463.0
496.0
228.9
239.8
200.3
216.3
212.9
207.5
231.8
247.2
232.0
18.2
88.6
54.5
33.3
60.7
124.6
60.3
53.2
73.8
3.8.
5.4
10.6
4.7
10.0
6.4
2.4
7.2
6.0
14.0
15.0
15.0
16.7
17.2
18.2
25.7
20.7
35.1
1942—Jan. 31
Feb. 28....
Mar. 31....
Apr. 30....
299.1
377.0
276.3
209.5
245.7
209.5
386.6
413.1
203.8
204.6
209.4
223.5
14.9
17.6
19.7
19.1
479.1
493.2
508.9
516.7
200.6
236.8
241.9
214.7
46.6
49.4
118.8
104.5
18.7
11.1
6.1
7.3
18.7
18.2
16.3
22.0
1935—Dec. 31.
1936—Dec. 31.
1937—Dec. 31.
1938—Dec. 31.
1939—Dec. 30.
1940—Dec. 31.
180.5
179.4
179.8
185.9
225.7
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when
it was
officially set at 168 shillings per fine ounce.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes
issued less amounts held in banking department.
4
On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about
5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account
to Bank;
on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50 million pounds on June 12,1940. Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22, 1942.
6 Securities maturing in two years or less.
7 Includes notes held by the chartered banks, which constitute an important part of their reserves.
8 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).
NOTE.—For further explanation of table for Bank of England see BULLETIN for February 1931, pp. 81-83. The headings in the table for the Bank of
Canada correspond to the items in that Bank's statements, except that the headings "Other assets" and"Other liabilities" include certain small asset
and liability items shown separately in the statements.
JUNE 1941
613
Central Banks—Continued
Assets
Bank of France
(Figures in millions
of francs)
1929—Dec. 27
1930—Dec. 26
1931—Dec. 30
1932—Dec. 30
1933—Dec. 29
1934—Dec. 28
1935—Dec. 27
1936—Dec. 30
1937—Dec. 30
1938—Dec. 29
1939—Dec. 28
Advances to
Government
Domestic bills
Gold
...
6
1940—June 10 6
Aug. 29
Sept. 266
Oct. 316
Nov. 28 6
Dec. 26 6
Liabilities
1
Foreign
exchange
Open
market 2
Special 2
Other
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
97,267
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
1,379
652
1,797
2,345
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
84,616
84,616
84,616
84,616
84,616
84,616
108
(7)
44,173
1,518
11,885
{
V
42
1941—July 31
Aug. 28
Sept. 25
Oct. 30
Nov. 21p
Dec. 31
84,598
84,598
84,598
84,598
84,598
84,598
37
37
37
37
37
38
1942—Jan. 29
Mar. 26.
84,598
84,598
38
38
1
(I)
(J)
661
3,646
43,194
40,776
40,720
For occupation
costs 3
27,200
39,200
56,806
64,397
72,317
42%
12
4,517
42,071
42,314
16
16
4,855
4,433
149,562
156,386
41,138
Other 2
17,698
31,909
20,627
34,673
117,715
117,555
123,578
129,518
129,568
142,507
6,419
6,139
(7)
7,849
Deposits
Other
assets
36,250
64,195
69,340
65,250
61,200
63,900
69,500
67,700
64,700
60,500
68,900
69,500
64,700
67,000
Note
circulation
Government
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
25,221
174,469
198,578
205,439
213,131
214,176
218,383
1,049
995
990
1,097
748
984
1
23,179
22,605
21,826
C.A.R.4
27,200
34,930
38,932
39,107.
41,400
1,318
1,?341
22,121
242,000
244,099
248,993
255,684
260,772
270,144
1,517
60,612
60,193
59,714
60,932
61,073
64,580
20,138
20,056
273,281
282,848
1,350
852
59,649
56,396
23,555
1,272
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and
foreign exchange
Total
reserves
1929—Dec. 3 1 . .
1930—Dec. 3 1 . .
1931—Dec. 3 1 . .
1932—Dec. 3 1 . .
1933—Dec. 30..
1934—Dec. 3 1 . .
1935—Dec. 3 1 . .
1936—Dec. 3 1 . .
1937—Dec. 3 1 . .
1938—Dec. 3 1 . .
1939—Dec. 30..
1940—Dec. 3 1 . .
2,687
2,685
1,156
920
396
84
88
72
1941—Feb. 28. .
Mar. 3 1 . .
Apr. 30..
May 31. .
June 30..
July 3 1 . .
Aug. 30..
Sept. 30.
Oct. 3 1 p .
Nov. 29 p
Dec. 3 1 p .
p
1942—Jan. 3 1 .
Gold
2,283
2,216
984
Bills (and
checks),
including
Treasury
bills
Eligible
as note
cover
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
25,405
28,226
25,700
25,075
24,941
27,202
2,848
33,978
29,179
3,741
3,7?63
25,999
(7)
25,272
3,309
27,797
30,251
3,900
4,493
3,586
3,894
Note
circulation
Deposits
Other
liabilities
Other
Other
assets
92
102
161
398
322
319
315
303
286
298
393
357
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
1,445
1,672
1,548
1,922
2,336
2,302
2,343
2,260
(7)
13,976
14,188
14,689
15,210
15,565
16,031
16,502
16,918
17,432
17,793
19,324
1,935
2,127
2,006
2,012
2,373
2,243
2,326
2,511
2,470
2,493
3,649
1,305
1,210
1,117
1,174
1,215
1,259
1,323
1,357
(7)
18,987
2,417
259
445
349
221
106
557
804
32
77
78
78
78
78
78
77
77
77
77
77
15,284
15,367
15,644
15,918
16,258
16,754
17,306
18,016
18,456
18,899
21,656
34
23
32
23
20
27
25
25
26
24
32
24
32
22
18
45
12
16
24
20
58
107
351
352
488
438
416
359
384
383
(7)
77
20,884
151
288
76
76
78
78
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
Securities
Security
loans
251
256
245
176
183
146
84
74
60
45
30
38
79
82
66
71
71
Other
Liabilities
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
806
386
Other
liabilities
(V
(7)
<V
8
p
Preliminary.
1
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.
2
For explanation of this item, see BULLETIN for July 1940, p . 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25,1940, through Mar. 26, 1942, advances of 160,000 million
francs were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
6
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;
in week ending Mar. 7,1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
Figures taken from annual report of Bank for 1940.
7
Figure not available.
8 Gold not shown separately on Reichsbank statement after June 15,1939.
NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p . 463.
614
FEDERAL RESERVE BULLETIN
Central Banks—Continued
Central Bank
(Figures as of last report
date of month)
Apr.
Central Bank of t h e Argentine R e - '
public (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
1
c
1
Apr.
Feb.
Mar.
Central Bank
(Figures as of last report
date of month)
217
1,075
496
376
1,071
302
333
219
33
211
1,440
580
1,412
612
1,231
497
57
17
3
86
42
14
1
86
152
4
6
60
21,954
68,953
17,705
49,125
24,954
75 684
4 116
26 217
35 269
100 613
120 891
92,364
2,969
3,812
31,648 57,253
35,400 22,397
101,676 42,484
162,783 116,670
85,614 65 619
Apr.
Mar.
1,513
1,465
777
840
767
445
12,827
9,416
2,843
3,698
(Sept.
1941)3
217,168
426,368
213,282
435,719
9,186
38,869
568,122
620,402
152,068
148
324
28,288
28,213
31,124
58,245
32,528
75,695
59,021
43,682
148
303
733
9 660
7,442
1,642
3,254
104,959
213,348
224,182
440,344
8,513
C
31,714
508,348
422,463
92,248
C
147
224
742
733
802
71
1 555
188
128
207
1,449
199
106
200
1 212
206
73
235
26,611
20,506
35,017
55,953
32,418
75,682
50,660
44,163
29,236
14,862
40,517
54,126
32,842
72,796
52,909
45,878
29,973
21,771
18,303
58,498
36,019
62,272
63,091
39,202
Qan.)3
98
105
28
808
24
479
15
27
111
19
41
156
705
65
7
496
118
Feb.
(Jan.)3
868
798
1,109
Other assets
Note circulation
Deposits
....
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
. ..
Other liabilities
National Bank of Egypt5 (thousands of pounds):
Gold
Loans and discounts
British, Egyptian, and other Government securities
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities..
Other assets
Note circulation
Deposits
....
Other liabilities
Bank of Finland (millions of markkaa):
Gold
Foreign assets
Loans and discounts
..
Domestic securities
Other assets
Note circulation
Deposits.
Other liabilities
Bank of Greece 1
National Bank of H u n g a r y (millions
of pengo):
Golds
.
. . .
Foreign exchange reserve
Discounts
.
Loans—To Treasury
To foreign countries
Other
Other assets
Note circulation
Demand deposits
Consolidated foreign credits of 1931.
Other liabilities
Reserve B a n k of India (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Gov't. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department....
Balances abroad
Treasury bills discounted
Loans to Government
Other assets
Deposits
Other liabilities
B a n k of J a p a n 1
1941
1942
National Bank of Denmark—Cont.
1 075
517
373
National Bank of Belgium
National Bank of Bohemia and Moravia (millions of koruny):
Gold
Foreign exchange
Discounts
Loans
Other assets
Note circulation
Demand deposits
Other liabilities
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discountsSecurities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
N a t i o n a l B a n k of Bulgaria 1
C e n t r a l B a n k of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
Deposits—Bank
Other
Other liabilities
B a n k of t h e Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets
Note circulation
Deposits
Other liabilities
N a t i o n a l B a n k of D e n m a r k (millions
of kroner):
Gold
Foreign exchange
,
Clearing accounts (net). .
Discounts
Loans——To Government agencies
Other
Securities
1941
1942
Apr.
641
719
563
192
(Nov.
1941)3
71,276
25,648
84,505
25,670
107,574
57,372
42,154
(Dec.
1941)3
6,241
6,177
6,633
65,674
15,805
59,678
23,976
76,988
55,668
32,476
95,132
5,204
50,659
18,279
38,244
12,203
13,254
12,891
753
7,027
2,238
23,119
8,472
4,571
13,241
10,713
1,451
7,170
2,423
23,194
7,580
4,224
(May
1941)3
556
1,182
5,610
414
2,212
5,659
796
13,233
3,921
1,397
6,178
1,494
15,073
4,891
6,259
604
1,234
5 531
400
1,849
5 798
572
3,520
3,248
(Jan.)3
100
19
1,033
124
28
844
790
240
37
732
39
370
1,982
419
389
1,681
182
51
242
444
2,736
415
295
3,797
444
1,088
913
361
2,671
93
330
135
287
204
150
591
441
9
110
94
487
347
Corrected.
For last available reports from the central banks of Belgium (March 1941), Bulgaria (May 1941), Greece (March 1941), and Japan (September 1941),
see BULLETIN
for March 1942, pp. 280-281.
2
Less than 500,000 koruny.
3
Latest
month
for which report is available for this institution.
4
Figure not available.
5 Items for issue and banking departments consolidated.
6 Gold revalued in week ending September 30, 1941, at 0.2175 gram fine gold per pengo, an increase in gold value of the pengS of approximately 24
per cent.
JUNE
1941
Central Banks—Continued
Central Bank
(Figures as of last report
date of month)
1942
Apr.
Mar.
Feb. Apr.
(Jan.)1
Bank of Java (millions of guilders):
Gold
Foreign bills
Loans and discounts
Other assets
Note circulation
Deposits
„
Other liabilities
„.
Bank of Mexico (thousands of pesos):
Metallic reserve2
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
..,..„..
Note circulation
Demand liabilities
Other liabilities
Netherlands Bankl (millions of guilders) :
Gold
Silver (including subsidiary coin)..
Foreign bills
Discounts
,
Loans
,
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Reserve Bank of New Zealand (thousands of pounds):
Gold.
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway*
Central Reserve Bank of Peru (thou-
1941
407
24
171
140
339
336
37
327
17
98
102
222
286
37
205,831 199,291 195,641 170,614
550,058
115,340
54,781
563,073
260,251
102,686
532,420 517,489 488,504
114,080 98,607 52,219
50,793 68,082 64,773
554,458 546,252 439,663
242,708 236,317 242,798
99,417 97,251 93,649
(Jan.)l
1,026
8
1,012
4
2,094
1,022
17
23
217
211
357
1,614
251
<*)
" 170
62
154
Apr.
South African Reserve Bank—Cont.
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,
Foreign exchange
Loans and discounts
Other assets
Note circulation..
Other sight liabilities
Other liabilities
Central Bank of the Republic of
Turkey (thousands of pounds):
Gold
Foreign clearing accounts
Loans and discounts
Securities
Other assets
Note circulation
Deposits—Gold
Other
Other liabilities
2,802
18,344
2,802
19,499
2,802 Bank of ithe Republic of Uruguay
20,516
(thousands of pesos):
30,642
4,153
1,067
24,132
30,106
2,770
32,389
4,151
1,267
23,456
33,876
2,775
18,670
3,773
1,687
21,854
22,876
2,717
sands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of
56,488 49,671
31,984 31,519
188,314 133,845
5,246 12,630
211,541 155,478
51,540 46,047
18,951 26,140
(Nov.
1941)1
1,338
1,271
1,022
1,432
1,114
2J"
366
340
1,031
1,031
875
935
3,033
3,911
1,944
3,192
702
798
(Oct.
1941)
33,881 32,279
3,061
18,133
32,182 29,167
619
565
9,703
9,629
38,684 24,235
92,244 71,448
28,215 16,967
12,617 10,648
escudos):
Golds
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):
Gold
Special exchange accounts
Loans and discounts
Special loans (in liquidation)
Government debt
Other assets.
Note circulation
Demand-deposits
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
1942
Central Bank
(Figures as of last report
date of month)
48,231
447
33
62,254
46,112
366
25
60,354
50,125
691
3
39,012
Issue department:
Gold and silver
Note circulation
Banking department:
Gold
Notes and coin
Advances to State and to
government bodies
Other loans and discounts....
Other assets
Deposits
Other liabilities
Central Bank of Venezuela (thousands of bolivares):
Gold
Foreign exchange (net).
Credits to national banks
Other assets
Note circulation—
Central Bank
National banks
Deposits
Other liabilities
National Bank of the Kingdom of
Yugoslavia^
Bank for International Settlements
(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
3,443
129
4 223
2,241
1,535
Mar.
Feb.Apr.
28,916
71,040
11,009
29,769
72,128
4,961
22,538
63,381
3,912
610
632
918
955
1,649
1,043
423
553
693
895
874
1,598
942
476
384
780
772
843
1,403
630
746
3,307
263
140
223
2,238
2,213
1,467
1,442
279
(Nov. t
1941)1
115,404
55,815
474,471
191,570
25,916
511,484
79,358
110,021
162,312
2,283
1,198
281
223
2,133
1,606
245
3,394
183
4 146
119,003
43,327
411,273
192,353
16,552
487,518
79,358
83,231
132,402
(Nov.
1941)1
86,235 86,235
107,592 106,479
72,924
34,082
77,992
28,311
25,150 41,021
93,210 90,135
129,770 100,797
119,987 124,983
235,149 213,275
170,677 158,317 158,317
17,925 23,621 18,491
35,230 35,230 35,230
13,473 15,590 14,510
141,155 138,924 138,071
50,298 51,978 54,394
39,811 32,875 25,851
6,041
8,232
8,982
38,404
36,575
33,727
15,937
27,448
15,610
140,219 141,438
21,084 21,241
225,952 230,917
142
2,355
29,085 32,050
16,326
5,818
16,072
3,044
229,001 229,001
195,235 195,417
1
Latest month for which report is available for this institution.
Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other dlemand liabilities.
Less than 50,000.
4
Figure
rigure not available.
5
For last available reports from the central banks of Norway (March 1940) and Yugoslavia (February 1941), see BULLETIN for March 1942, p. 282.
6
Valued
at avgiagv
average vuot.
cost.
v aiuvu at
7
D b 1936, p. 1025.
7 S
See B
BULLETIN f
for December
2
3
616
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date effective
In effect Oct. 2,
1936
Oct. 9
Oct. 16
Oct. 20
Nov. 26
Dec. 3..
. .
Jan. 28, 1937
June 15
July 7
Aug. 4 .
Sept. 3
Nov. 13
May 10, 1938
May 13
May 30
Sept. 28
Oct. 27
Nov. 25
Jan. 4, 1939
Apr. 17
. . .
May 11
July 6
Aug. 24
Aug. 29
Sept. 28
Oct. 26
Dec. 15
Jan. 25, 1940
Apr. 9
May 17
Mar. 17, 1941
May 29
June 27
In effect May 31,
1942
United
GerKing- France many
dom
2
Belgium
4
2
Netherlands
1
Sweden
2H
3
Switzerland
2
2H
Central
bank of—
Rate
May
31
Albania
Argentina
Belgium .
Bohemia and
Moravia
Date
effective
Central
bank of—
Rate
May
31
Mar. 21, 1940
Mar. 1, 1936
Jan. 25, 1940
3.29
3
5
6
4
Apr.
Jan.
Feb.
July
Jan.
5
4
July
May
Aug.
Mar.
Date
effective
Oct.
1, 1940
Japan..
Java
Latvia
Lithuania...
Mexico
Nov.
Nov.
Dec.
Mar.
Dec.
July
8, 1940
28, 1935
1, 1940
11, 1935
16, 1936
18, 1933
Netherlands
New Zealand
Norway
Peru
Portugal
Oct.
May
Mar.
Oct.
Dec.
16, 1940
26, 1938
30, 1939
1, 1935
3, 1934
Rumania....
South Africa
Spain
Sweden
Switzerland.
3
3
4
3
Mar.
Apr.
Mar.
Oct.
May
17, 1941
9,1940
1, 1942
22, 1940
18, 1936
Turkey
United Kingdom
U. S. S. R...
Yugoslavia.
4
July
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
7,
14,
17,
15,
2,
1936
1937
1940
1939
1941
2
4
6
5
h
Bolivia
British India..
Bulgaria
Canada
Chile
Colombia.....
4
3
3
2H
2y2
4
Denmark
Ecuador
El Salvador...
Estonia
Finland
4
3
2H
4
6
3
5
4
7
3
4
2
6
3
2
June 27, 1941
26,
13,
1,
31,
1941
1940
1940
1941
Sept. 12, 1940
June 2, 1941
IMar. 29, 1939
May 29, 1941
Nov. 26, 1936
3
3
2
3M
3H
i«
1, 1938
"3
3H
2
France
Germany
Greece
Hungary
Italy
3 •
2
2
2H
1 Not officially confirmed.
NOTE.—Changes Mar. 1-31 (corrected): Greece—Mar. 1, up from 5 to 6
per cent. Changes since Apr. 30: none.
3
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Month
Bankers'
acceptances
3 months
Treasury
bills
3 months
1929—Ma:
1930—Mai
1931—Mai
1932—Mai
1933—Ma
1934—Mai
1935—Ma
1936—Mai
1937—Mai
1938—Mai
1939—Ma:
1940—Ma:
1941—Ma:
5.33
2.78
2.60
2.59
.62
.95
.57
.56
.55
.53
.63
1.03
1.03
5.30
2.55
2.56
2.28
.46
.84
.50
.52
.51
.50
.70
1.02
1.01
4.51
3.20
2.20
2.40
1941—Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1942-—Jan.
Feb
Mar
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.01
1.00
1.00
1.00
1.00
1.01
1.00
1.00
1.01
1.01
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.03
1.04
1.04
1.03
Germany
Bankers'
Day-to-day allowance
money
on deposits
.64
.88
.72
.75
.75
.75
.75
.99
1.00
3-1)
Private
discount
rate
Day-to-day
money
6.31
5.12
4.76
6.10
C
3.88
C
3.88
3.38
3.00
3.00
2.88
2.88
2.50
2.25
6.97
5.57
5.00
7.76
4.97
4.89
3.94
2.99
3.10
2.86
2.70
2.16
1.83
2.25
2.25
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
1.67
1.78
1.93
1.63
1.73
1.94
1.76
1.75
1.98
1.92
Netherlands
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
Private
discount
rate
Money
for
1 month
4.64
1.11
.19
.13
.29
1.35
2.07
5.05
2.61
1.04
1.06
1.11
1.07
1.00
1.68
1.00
.50
.50
2.49
2.75
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
2.06
1.93
1.88
1.88
1.88
1.88
2.75
2.36
2.25
2.25
2.25
2.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
2.50
1.09
1.22
.64
1.24
.60
c
Corrected.
NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018.
JUNE
1941
617
COMMERCIAL BANKS
Liabilities
Assets
United Kingdom 1
(Figures in millions of
pounds sterling)
Cash
reserves
Money a t
Treasury
call and Bills dis- deposit
short
counted
receipts 2
notice
Loans to
Securities customers
Deposits
Other
assets
Total I! 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
472
565
594
605
630
408
311
255
322
316
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
11 London clearing banks 5
1935—December
19 37 December
1938—December
1939—December
1940—December
....
1941—April
May
June
July
August
October
November
December
1942—Januarv
February
March
.
....
244
244
243
274
324
195
163
160
174
159
322
300
250
334
265
298
293
311
306
316
330
328
332
366
330
318
347
137
128
143
139
140
134
132
127
141
118
122
137
188
173
193
275
266
315
270
246
171
157
112
163
314
660
635
635
609
771
890
984
971
1,015
924
249
256
263
290
293
2,315
2,330
2,254
2,441
2,800
1,288
1,284
1,256
1,398
1,770
1,012
1,026
997
1,043
1,030
245
252
269
256
250
461
469
482
476
469
531
596
651
758
739
646
476
820
848
880
902
935
939
986
999
999
1, 008
1, 017
1 050
897
889
874
866
850
839
837
825
823
532
540
i553
274
273
311
267
264
269
273
280
324
28?]
27.
291L
2,829
2,824
2,946
2,991
2,997
3,115
3,176
3,208
3,329
3,22 I
3,08 5
3.07 2
1,769
1,789
1,870
1,898
1,909
1,991
2,023
2,054
2,168
2,088
2,003
2,012
1,060
1,035
1,075
1,093
1,088
1,123
1,153
1,154
1,161
1,134
1,082
1,060
247
249
248
240
242
243
246
250
253
249
243
244
Liabilities
Assets
Canada
Entirely in Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Cash
reserves
Security
loans
Other
loans
and discounts
Security
loans
abroad
and net Securities
due from
foreign
banks
Other
assets
Note
circulation
Deposits payable iri Canada
excluding interbank deposits
Total
Demand
Other
liabilities
Time
1932—December
1933—December
1934—December
1935—December
1936—December
1937—December
193g—December
1939—December
211
197
228
228
240
255
263
292
323
103
106
103
83
114
76
65
53
40
1,104
1,036
977
945
791
862
940
1,088
1,108
155
134
155
141
161
102
166
132
159
778
861
967
,155
,384
,411
,463
,646
,531
500
482
491
529
554
575
535
612
570
115
121
124
111
103
96
88
85
80
1,916
1,920
2,035
2,180
2,303
2,335
2,500
2,774
2*805
538
563
628
694
755
752
840
1,033
1,163
1 378
1,357
1,407
1,486
1,548
1,583
1,660
1,741
1,641
821
775
761
789
837
850
843
963
846
1941—April
325
321
288
314
299
308
325
342
356
296
324
348
31
29
33
34
35
36
37
36
32
31
30
34
1,109
1,132
1,292
1,279
1,255
1,237
1,233
1,218
1,169
1,128
1,135
1,300
189
183
191
188
190
197
199
182
168
158
164
166
,820
,812
,688
,681
,698
,696
,643
,690
,759
,916
,960
,881
544
537
575
559
553
579
594
593
653
585
595
624
79
80
80
80
81
79
80
76
71
71
72
71
3,064
3,045
3,075
3,068
3,031
3,037
3,012
3,041
3,105
3,096
3,181
3,305
1,356
1,350
1,608
1,579
1,509
1,482
1,420
1,402
1,436
1,376
1,517
x 1,755
1,708
1,695
1,467
1,489
1,522
1,555
1,592
1,639
1,669
1,720
1,664
1,550
877
889
913
907
919
938
939
944
962
945
955
976
May
June
July
August
September
October
November .
December
1942—January
February
March
....
Assets
France
(4 large banks. End of m o n t h
figures in millions of francs)
1932—December
1933—December
1934—December
1935—December
1936—December
1937—December
1938—December
1939_December
. ..
1940—January
February
March6
Liabilities
Cash
reserves
Due from
banks
Bills discounted
Loans
9,007
5,870
5,836
3,739
3,100
3,403
3,756
4,599
1,766
1,416
1,421
2,484
2,975
4,116
4,060
3,765
22,014
19,848
18,304
16,141
17,582
18,249
21,435
29,546
7,850
8,309
8 159
8,025
7,631
7,624
7., 592
7,546
1,749
1,827
1 717
1,900
1,957
2 134
1,940
2,440
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
Deposits
Other
assets
'
Own
acceptances
Other
liabilities
Demand
Time
37,759
32,635
30 943
27,553
28,484
30 348
33,578
42,443
36,491
31,773
30 039
26,859
27,955
29 748
33,042
41,872
1,268
862
904
694
529
600
537
571
295
273
193
337
473
661
721
844
4 331
4,362
4 301
4,399
4,289
4 517
4,484
4,609
42,850
43,737
46,608
42,302
43,195
46,064
548
542
544
938
1,034
1,105
3,667
3,753
3,901
Total
1
Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures,' representing aggregates of figures reported byN
individual banks for days, varying from bank to bank, toward the end of the month.
I Represent six-month loans to the Treasury at \\ per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.
6
Through December 1937, excludes deposits in offices outside England and Wales which are included in total.
*5 Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5.
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.
618
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Year or month
Official
Special
Export
1934
1935
1936
1937
1938
1939
1940
1941
33.579
32.659
33.137
32 959
32.597
30.850
29.773
29.773
m. 704*
1941—May
June
July
Aug
Sept
Oct.
Nov
Dec
1942—Jan
Feb
Mar.
Apr
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
.
.
61.780
56.011
57.083
56.726
55.953
57.061
57.085
...... 57.004
....
1941—May
June
July
Aug.
Sept
Oct.
Nov
Dec
1942—Jan.
. .
Feb
Mar.
Apr
Official
. .
4.2424
4.1642
4.0078
3.4930
3.4674
13.4252
Free
Belgium
(belga)
Brazil (milreis)
Official
Free
British
India
(rupee)
1322.80
322.80
400.95 23.287
388.86 18.424
395.94 16.917
393.94 16.876
389.55 16.894
353.38 16.852
305.16 116.880
321.27
8.4268
8.2947
8.5681 15.8788
8.6437 6.1983
5.8438
6.0027 5.1248
6.0562 5.0214
6.0575 5.0705
37.879
36.964
37.523
37.326
36.592
33.279
30.155
30.137
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
321.19
321.25
321.31
321.28
321.33
321.37
321.43
321.50
321.50
321.50
321.50
321.50
6.0575
6.0575
6.0575
6.0575
6.0575
6.0575
6.0575
6.0576
6.0580
6.0580
6.0580
6.0580
30.129
30.129
30.128
30.130
30.137
30.151
30.151
30.130
30.123
30.122
30.122
30.122
C o l o m - Czecho- D e n bia slovakia mark
(peso) (koruna) (krone)
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
Australia
(pound)
22.500
21.883
22.189
22.069
21.825
20.346
119.308
Bulgaria
(lev)
1.2852
1.2951
1.2958
1.2846
1.2424
11.2111
... „
1941—May
June
July
„
25.316
24.627
24.974
24.840
24.566
23.226
122.709
18.846
18.882
18.875
18.923
18.860
118.835
4.6089
4.4575
4.5130
4.4792
4.4267
4.0375
3.7110
14.0023
4.0017
4.0026
. .
Aug
Sept.
Oct
Nov
Dec
1942—Jan.
Feb
Mar
Apr
Free
196!909
90.909
101.006
99.493
99.913
100.004
99.419
96.018
85.141
87.345
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
87.421
88.183
88.271
88.961
89.134
88.781
88.604
87.395
87.833
88.418
87.666
87.173
Italy
(pengo)
(lira)
Japan
(yen)
2.2277 6.5688 39.375
2.1627 6.6013 40.258
2.1903 6.1141 40.297
2.1811 4.0460 40.204
2.1567 2.8781 40.164
1.9948 2.5103 40.061
1.8710 12.0827 40.021
139.968
12.0101
29.575
29.602
29.558
19.779
19.727
19.238
18.475
119.770
8.5617
8.2471
7.2916
5.2607
5.2605
5.1959
5.0407
15.0703
29.715
28.707
29.022
28.791
28.451
25.963
23.436
123.439
5.0805
5.2621
23.439
23.439
23.439
.9402
.9386
.9289
.9055
.8958
.8153
1.6715
39.968
39.970
38.716
48.217
31.711
30.694
30.457
27.454
22.958
124.592
24.285
24.372
24.524
25.110
25.099
25.088
25.088
25.043
(dollar)
1934
1935
1936
1937
1938
1939
1940
1941
Official
Hungary
Ruma- South Spain Straits
Settle- Sweden SwitzNorway P o l a n d Portunia Africa
gal
erland
(krone) (zloty) (escudo) (leu) (pound) (peseta) ments (krona) (franc)
Year or month
Canada (dollar)
FinGerland France many Greece Hong
Kong
(mark- (franc) (reichs- (drachma)
(dollar)
mark)
ka)
2.0100
2.0098
57.022
56.982
56.981
56.982
56.982
56.980
56.993
56.987
56.987
56 997
57.001
57.049
5.0600
5.0598
5.0616
5.0646
5.0616
5.0803
5.0896
5.1331
5.1331
5.1369
5.1369
5.1384
I n cents per unit of foreign currency]
1.0006
.9277
.7382
.7294
.7325
.7111
1.6896
498.29
484.66
491.65
489.62
484.16
440.17
397.99
398.00
13.615
13.678
12.314
6.053
5.600
10.630
9.322
19.130
59.005
57.173
58.258
57.973
56.917
51.736
46.979
47.133
25.982
25.271
25.626
25.487
25.197
23.991
23.802
123.829
32.366
32.497
30.189
22.938
22.871
22.525
22.676
123.210
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
9.130
9.130
47.107
47.138
47.160
47.160
47.160
47.160
47.160
47.160
47.007
46.710
23.839
23.836
23.203
23.206
United Kingdom
(pound)
C h i l e (peso)
Official
(yuan
ShangExport hai)
10.1452
5.0833
5.1240
5.1697 14!6660
5.1716 4.0000
5.1727 4.0000
5.1668 4.0000
15.1664 H.OOOO
5.1660
China
34.094
36.571
29.751
29.606
21.360
11.879
6.000
15.313
4.0000
5.255
5.336
5.243
Neth-
New
Mexico erlands Zea(peso) (guild- land
(pound)
er)
27.742 67.383
27.778 67.715
27.760 64.481
27.750 55.045
22.122 55.009
19.303 53.335
18.546 153.128
20.538
402.46
391.26
398.92
396.91
392.35
354.82
306.38
322.54
20.537
20.533
20.542
20 538
20.542
20 567
20.544
20 560
20.564
20 562
20.571
20.574
322.45
322.51
322.57
322.54
322.60
322.63
322.71
322.78
322.78
322.78
322.78
322.79
Uruguay
(peso)
Yugoslavia
Non- (dinar)
controlled
Official
Free
Controlled
1403'. 50"
403.50
503.93
490.18
497.09
494.40
488.94
443.54
383.00
403.18
79.956
2.2719
80.251
2.2837
79.874
2.2965
79.072
2.3060
64.370
2.3115
62.011 136.789 2.2716
65.830 37.601 2.2463
65.830 43.380 12.2397
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.10
403.16
403.23
403.18
403.27
403.29
403.42
403.50
403.50
403.50
403.48
403.50
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
41.161
42.706
43.789
43.745
43.836
45.796
48.125
52.783
52.571
52.785
52.717
52.735
1
Average of daily rates for that part of the year during which quotations were available.
NOTE.—Developments affecting averages during 1942:
No rates certified: Straits Settlements—since February 14.
Changes in nominal status' (noted only if affecting quotations for at least five days a m o n t h ) : none.
For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to 1942,
see BULLETIN for March 1942, p . 285; February 1941, p . 183; February 1940, p . 178; September 1939, p . 831; March 1939, p . 236; and March 1938, p . 244.
JUNE 1942.
619
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
United
States
(1926=100)
100
100
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
86
73
65
66
75
80
81
86
79
77
79
87
87
72
June
July
August
September
October
November
December
1942—January . . . . . . . . .
February.......
March
April
1
67
67
72
72
75
85
79
75
83
90
83
85
87
89
90
92
92
93
94
96
97
98
99
87
89
90
91
92
93
94
94
94
94
95
95
France
Germany
(1913=100)
(1913=100)
124
695
134
100
88
86
86
88
89
94
109
101
103
137
153
554
500
427
398
376
338
411
581
653
681
125
111
97
93
98
102
104
106
106
107
110
(1930=100)
(1926=100)
1926
1941—April
May
United
Kingdom
Canada
2
Japan
(October
1900=100)
Italy
(1928=100)
85
75
70
63
62
68
76
89
95
99
(1926-30
=100)
Switzerland
(1935=1 00)
(July 1914
=100)
237
106
1
181
153
161
180
178
186
198
238
251
278
311
329
90
76
65
63
63
62
64
76
72
1
3
74
88
324
326
331
329
330
330
337
340
347
112
112
112
112
113
113
151
151
152
153
153
154
155
155
156
156
159
159
P160
Sweden
Netherlands
126
144
103
1 94
l 92
l 90
l 96
100
102
114
111
115
146
172
126
110
96
91
90
90
96
111
107
111
143
184
170
171
173
173
174
175
176
178
179
181
P183
p
184
P186
175
181
184
188
189
191
193
198
199
202
P205
J Preliminary.
Approximate figure, derived from old index (1913=100).
Average based on figures for 8 months; no data available since August 1939, when figure was 674.
3 Average based on figures for 5 months; no data available since May 1940, when figure was 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
1
2
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
Year or month
Other
commodities
Farm
products
Germany
(1913=100)
United Kingdom
(1930=100)
Canada
1926=100)
(1926=100)
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
Industrial
products
IndusIndusAgricul- ' trial raw trial
fintural
and semi- ished
products finished products
products
Farm
products
Foods
1926
100
100
100
100
100
100
129
130
150
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
88
65
48
51
65
79
81
86
69
65
68
82
91
75
61
61
71
84
82
86
74
70
71
83
85
75
70
71
78
78
80
85
82
81
83
89
82
56
48
51
59
64
69
87
74
64
67
71
82
62
55
57
64
66
71
84
73
67
75
82
87
75
70
70
73
73
74
81
78
75
82
89
100
89
88
83
85
87
92
102
97
97
133
146
100
87
85
87
90
90
96
112
104
106
138
156
113
104
91
87
96
102
105
105
106
108
111
120
103
89
88
91
92
94
96
94
95
99
150
136
118
113
116
119
121
125
126
126
129
74
76
82
86
87
91
90
91
95
101
101
103
105
78
80
83
85
87
90
89
89
91
94
95
96
99
86
87
89
90
91
92
93
94
94
95
95
95
96
70
70
79
81
82
82
83
85
85
85
86
87
88
88
85
87
89
90
91
92
93
93
92
92
92
92
144
144
145
146
146
147
148
149
151
152
157
158
P160
154
155
156
157
157
158
158
158
158
159
159
159
112
113
114
114
114
113
100
100
100
100
100
101
133
132
132
132
132
132
*
1941—April
May
June
July...
August
September
October
November
December
1942—January
February
March
April
71
72
72
73
74
74
75
77
78
79
Foods
v
Preliminary.
Sources.—See BULLETIN for May 1942, p . 451; March 1935, p . 180; and March 1931, p. 159.
62.O
FEDERAL RESERVE BULLETIN
Price Movements—Continued
RETAIL FOOD PRICES
[Index numbers]
Year or month
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
*
1941—April
May
June
July
. .
August
September.
October . . .
November.
December.
1942—January ...
February..
March
April
United
States
Canada
(1935-39 (1935-39
=100)
=100)
COST OF LIVING
[Index numbers]
United
King- Ger- Nether, Switzdom m a n y lands erland
(June
(July
1914
=100
(1913-14 (1911-13 1914
=100) =100) =100)
87
84
94
100
101
105
98
95
97
106
86
85
93
95
98
103
104
101
106
116
126
120
122
125
130
139
141
141
164
168
116
113
118
120
122
122
122
123
128
101
102
110
110
170
171
129
130
106
107
108
111
112
113
117
121
123
123
170
167
167
166 '
165
113
113
125
124
165
165
116
117
122
123
163
163
119
120
124
162
160
PI 24
119
120
124
118
120
127
130
130
2
140
131
134
133
128
Year or month
125
117
115
114
120
130
130
132
146
175
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
167
172
1941-April
178
179
180
181
185
188
189
191
United
States
Can-
ad ai
(1935-39 (1935-39
=100)
=100)
98
92
96
98
99
103
101
99
100
105
May
June
July
August
September...
October...
November.
December. .
1942-January
February.
March
April
102
103
United
King- Ger- Nether- Switzdom m a n y lands erland
(June
(July
1914
=100)
(1913-14 (1911-13 1914
=100) =100) =100)
99
94
96
96
98
101
102
102
106
112
144
140
141
143
147
154
156
158
184
199
121
118
121
123
125
125
126
126
130
109
109
198
200
132
133
105
105
106
108
109
111
112
114
115
116
110
111
116
116
112
113
115
116
114
115
116
1
141
139
140
136
138
131
129
128
130
137
137
138
151
174
132
137
139
140
3148
169
171
134
136
136
133
200
199
199
199
199
175
177
178
182
184
184
200
201
200
200
p
186
188
200
199
p
1
Preliminary.
Revised index from March 1936 (see BULLETIN for April 1937, p . 373).
23 Average based on figures for 3 months; no data available since March 1940, when figure was 141.
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for May 1942, p . 451; October 1939, p. 943; and April 1937, p . 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
United
Kingdom
France
States
(derived
price)1
(December
1921=100)
(1913=100)
15
87
36
Number of issues
Common stocks
Germany
(average2
price)
2
139
Netherlands3
8
(1926=100)
United
States
(1935-39
=100)
United
Kingdom
France
278
300
4
105.6
100.0
100.0
100.0
402
1926
90.1
110.0
57.4
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
84.4
91.2
98.2
105.5
109.5
110.2
111.1
113.8
115.9
117.8
113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3
123.8
88.6
81.3
82.1
83.5
76.3
75.1
77.3
83.9
84.7
67.1
82.5
90.7
6
95.1
95.8
98.7
99.9
99.0
100.7
94.8
105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
7
77.9
51.2
67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
105.2
99.6
S3.3
79.7
77.2
97.4
89.7
98.3
116.8
117.0
117.7
118.7
118.5
118.1
118.8
119.2
117.5
117.5
117.1
116.7
117.8
121.7
122.7
122.9
124.7
124.5
125.9
125.5
125.7
125.5
126.8
126.5
127.1
100.5
98.4
103.0
103.2
103.3
103.1
103.1
103.1
78.5
82.1
77.9
77.1
79.5
83.2
83.2
83.6
80.4
77.4
71.8
72.6
69.9
66.0
63.3
69.7
70.4
70.7
72.5
73.8
75.1
74.8
76.0
74.8
76.0
73.0
72.2
269.5
274.6
1
1941—April
May
June
July
August
September
October
November
December
1942—January
February
March
April
5
Netherlands
Germany
5
50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
131.0
133.2
138.1
142.6
144.0
146.4
(1930=100)
100
46
52
55
55
66
104.2
95.8
89.7
8
95.0
126.5
121.6
1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for
both2 series. Source: Standard and Poor's Corporation.
Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4}£ per cent. The series prior to' that
date 3is 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. 4 1937, Jan.-Mar. 1937 = 100; average yield in base period was 3.39 per cent.
This number, originally 329, has declined as the number of securities eligible for inclusion in the index has diminished. In May 1941, it was down
to 287.
5
Average May-Dec, only; exchange closed Jan. 1-Apr. 11.
6
Average Apr.-Dec. only—see note 2. Average Jan.-Mar. on old basis was 95.9.
7
Average based on figures for 7 months; no data available May-September.
8
Average based on figures for 9 months; no data available May-July.
' Sources.—See BULLETIN for November 1937, p . 1172; July 1937, p . 698; April 1937, p. 373; June 1935, p . 394; and February 1932, p. 121.
JUNE 1942
CHAIRMEN, D E P U T Y CHAIRMEN, A N D SENIOR OFFICERS OF FEDERAL RESERVE B A N K S
Federal
Reserve
Bank of
Boston
Chairman and
Federal Reserve
Agent
A. M. Creighton
Deputy Chairman
President
Henry S. Dennison... W. W. Paddock
Vice Presidents
First Vice President
William Willett
K. K. Carrick
F
Cr T-Jn1<-
Carl B. Pitman1
New York.... Bcardslcy Ruml
Edmund E. Day
Allan Sproul
L. R. Rounds
R. M. Gidney
L W Knoke
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. William*
Philadelphia.. Thomas B. McCabc.. Warren F. Whitticr.. Alfred H. Williams.. Frank J. Drinncn . . . W. J. Davis
E C Hill
C. A. Mcllhenny 1
C. A. Sienkicwica
Cleveland
Gco. C. Brainard
R. E. Klagcs
M. J. Fleming
F. J. Zurlindcn
C. W. Arnold
R. B. Hays
W. F. Taylor2
G. H. Wagner
Richmond
Robt. Lassiter
W. G. Wysor
Hugh Leach
J.S. Waldcn,Jr
J. G. Fry
R. W. Mercer
Atlanta
Frank H. Nccly
J. F. Porter
W. S. McLarinJr... Malcolm H. Bryan. H. F. Conniff
L. M. Clark
Chicago
F. J. Lewis
Simeon E. Leland
C. S. Young
St. Louis
Wm. T. Nardin
Oscar Johnston
Chester C. Davis.... F. Guy Hitt
O. M. Attebery
C. M. Stewart
A. W. Mills 1
F W ^wan«nn
Harry I. Ziemer
H. P. Preston
Allan M. Black1
J. H. Dillard
Charles B. Dunn
A. J. Mulroney
Alfred T. Sihlcr
Minneapolis... W. C. Coffcy
Roger B. Shepard.... J. N. Peyton
O. S. Powell
Kansas City... R. B. Caldwcll
Robert L. Mehornay.. H. G. Lccdy
Henry O. Koppang. J. W. Helm*
D. W. Woolley
J. B.Co»o
E. B. Stroud
R. B. Coleman
W. J. Evans
W. O. Ford1
Ira Clerk
C. E. Earhart1
Dallas
Jay Taylor
San Francisco. Henry F. Grady
R. R. Gilbert
St. George Holden... Wm. A. Day
R. B. West
1
Cashier.
2
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
Managing Director
R B Wiltse
B. J. Lazar
P. A. Brown
W. R. Milford
W. T. Clements
P. L. T. Beavers
Gco. S. Vardeman, Jr.
Joel B. Fort, Jr.
E. P. Paris
H. J. Chalfont
A. F. Bailey
C. A. Schacht
W. H. Glasgow
Federal Reserve Bank of—
Managing Director
Minneapolis:
Helena Branch
R. E. Towlc
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
FEDERAL RESERVE BULLETIN
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MAKRINER S. ECCLES, Chairman
RONALD RANSOM,
M. S. SZYMCZAK
JOHN K. M C K E E
Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON,
Special Assistant to the Chairman
SECRETARY'S OFFICE
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
DIVISION OF EXAMINATIONS
LEO H. PAULGER, Chief
R. F. LEONARD, Assistant Chief
C. E. CAGLE, Assistant Chief
DIVISION OF BANK OPERATIONS
COUNSEL'S OFFICE
EDWARD L. SMEAD, Chief
J. R. VAN FOSSEN, Assistant Chief
J. E. HORBETT, Assistant Chief
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel DIVISION OF SECURITY LOANS
CARL E. PARRY, Chief
DIVISION OF RESEARCH AND STATISTICS
FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
E. A. GOLDENWEISER, Director
WOODLIEF THOMAS, Assistant Director
WALTER R. STARK, Assistant Director
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
ERNEST G. DRAPER
R. M. EVANS
R. R. GILBERT
H. G. LEEDY
JOHN K. M C K E E
RONALD RANSOM
M. S. SZYMCZAK
ALFRED H. WILLIAMS
C. S. YOUNG
CHESTER MORRILL, Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, JR., BOSTON DISTRICT
GEORGE L. HARRISON, N E W YORK DISTRICT
Vice President
WILLIAM F. KURTZ,
PHILADELPHIA DISTRICT
B . G. HUNTINGTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
H. LANE YOUNG,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
S. E. RAGLAND,
ST. LOUIS DISTRICT
LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT
J. P. DREIBELBIS, Assistant General Counsel
W. DALE CLARK,
KANSAS CITY DISTRICT
E. A. GOLDENWEISER, Economist
NATHAN ADAMS,
DALLAS DISTRICT
JOHN H. WILLIAMS, Associate Economist
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
G. ROUSE, Manager of System Open Market
Account
ROBERT
JUNE 1942.
WALTER LICHTENSTEIN, Secretary
6x3
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
—
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^L
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
<§)
FEDERAL RESERVE BANK CITIES
•
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY
JUNE
WARD OF GOVERNORS OF THL FEDERAL RESERVE
I,
1942
SrSTEM
@FedFRASER