Full text of Federal Reserve Bulletin : March 1942
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FEDERAL RESERVE
BULLETIN
MARCH 1942
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
: CONTENTS =
PAGE
Review of the Month
195-101
From a Legal Standpoint:
Reserves—Amendment to Regulation D
101
Consumer Credit—Amendment No. 3 to Regulation W and Interpretations of
Regulation W
101-1.07
Holding Company Affiliates
107
Advances on Government Obligations
2.07
Neutrality Act
2.08
Trading with the Enemy
108-109
Foreign Funds Control
109-110
How Shall We Pay for the War?
By Marriner S. Eccles
111-113
New Statistics on Quarterly Earnings and Dividends of Large Corporations
114-117
New Statistics on Corporate Security Issues
117-119
Annual Report of the Bank of Canada
110-111
Current Events
111
National Summary of Business Conditions
113-114
Financial, Industrial, Commercial Statistics, U. S. (See p. 115 for list of tables).. 115-170
International Financial Statistics (See p. 171 for list of tables)
171-187
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory
Council
188
Senior Officers of Federal Reserve Banks; Managing Directors of Branches
189
Map of Federal Reserve Districts
190
Federal Reserve Publications (see inside of back cover)
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FEDERAL RESERVE BULLETIN
March 1942
VOLUME 2.8
NUMBER 3
COMMODITY SUPPLIES AND PRICES
Since early in December, the economic
situation in this country has been influenced
predominately by changes incident to the
mobilization of resources for the effective
prosecution of the war. It has become apparent that the physical task of supplying
goods needed for the war will require not
only an expansion in total output but also
widespread curtailment in supplies available for other purposes. Output of military products has been sharply increased.
Steps have been taken to reduce production—in some cases amounting to complete
curtailment—of civilian goods that use
materials, labor, or plant capacity needed
for war production. On the other hand,
civilian demand for goods has continued to
increase in response to a rapid expansion of
income, which has been only partly offset
by higher taxes and increased savings.
Consequently, prices in wholesale and retail markets have advanced sharply. The
principal advances have been in prices of
agricultural commodities and their major
manufactured products—foods and textiles.
The number of commodities subject to price
controls on the part of the Federal Government has been extended and at the end of
January the Emergency Price Control Act
was passed providing more effective means
of enforcement.
Production generally has continued to
increase as a result of the rise in output
MARCH
of military goods. In lines such as mining,
lumbering, and food processing, in which
declines are expected at this season of the
year, reductions in activity have been
smaller than usual. Automobile production for civilian use, which had been
restricted since August, has been stopped
altogether, and the facilities of this industry are being converted so far as possible
for the manufacture of armaments. The
mechanical refrigerator industry has been
ordered to shut down for conversion after
April 30 and the radio manufacturing industry has been notified that it, too, must
shift to armament production within a few
months. Various other industries engaged
in the manufacture of goods for civilian use,
and especially those dependent on imports,
have had supplies of raw materials curtailed considerably and consequently have
reduced output of their finished products.
The net result of these changes has been
a further moderate rise in total industrial
production. The Board's seasonally adjusted production index rose from 167 in
December to an estimated 173 in February.
This compares with an index of 140 at the
beginning of 1941 and of 116 in May 1940.
Activity on the railroads and in the construction industry has been maintained at a
high level for this season of the year.
National income paid out to individuals in
January was at an annual rate, on a season-
REVIEW OF THE MONTH
ally adjusted basis, of about ioo billion
dollars, as compared with 8z billion a year
ago, and further increases appeared certain.
There have likewise been marked changes
in the distribution of commodities. Rapid
shifts in output and supplies of various
products, combined with larger incomes
and uncertainties arising from announcements that more drastic shifts might be
expected, have led to widespread anticipatory buying of most nonperishable commodities that were available for distribution. Retail sales declined much less than
is usual after the active Christmas season,
and for the month of January, as a whole,
sales at department stores and in many other
lines of trade were at record levels, making
allowance for usual seasonal changes. The
retail buying wave diminished somewhat in
February, but sales in that month remained
at a high level. Orders received by manufacturers have also increased sharply since
last autumn, and in nearly all lines the
value of manufacturers' inventories has
continued to increase, reflecting in part
increases in price.
Employment showed a decline in January,
resulting mainly from the operation of the
usual seasonal influences in agriculture,
trade, and some industrial lines. In manufacturing as a whole the decline was somewhat less than seasonal as employment in
the durable goods industries, which include most of the important war industries,
increased, while the number employed in
the nondurable goods industries declined
somewhat more than is usual at this time
of year. Hours of work meanwhile were
lengthened in numerous industries and
factory payrolls increased from December
to January. In February there was an important reduction in employment at automobile factories, owing to the shutdown
of plants for conversion to war production;
196
the decline, however, was less than had
been expected earlier, as increased production of trucks and replacement parts for all
types of automobiles helped to maintain
employment. Conversion operations were
also under way in a number of other industries but it appears that in the aggregate
employment did not decline in February,
and that as industry becomes more fully
adapted to war production employment
will increase substantially.
RECENT PRICE CHANGES
Further rapid advances in commodity
prices since early December have increased
the general wholesale price level to about
30 per cent, and the cost of living to about
15 per cent above the low point in August
I
939' before the outbreak of war in Europe.
Most of the increases have occurred since
March 1941 and have reflected the increasing disparity between available supplies
and the growing volume of demand. DiCOMMODITY
PRICES
Bureau of Labor Statistics data; cost of living for the fifteenth of
the month with monthly figures prior to September 1940 and the latest
figure, February 15, estimated by Federal Reserve. Wholesale price
indexes are weekly with latest data for week ending February 21.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
WHOLESALE PRICES or 28 BASIC COMMODITIES
Weekly Averages
Weekending
Per cent rise
to Feb. 21,
1942 from
Feb.
21,
1942
Dec.
6,
1941
Dec.
6,
1941
Aug.
26,
1939
.86
.82
1.23
.77
.73
1.16
12
12
6
91
82
84
.35
.34
12.63 m 11.73
9.71 m 8.75
12.40
10.73
3
8
11
16
46
176
131
89
12.96
12.37
29
5
98
38
cts. per lb.
cts. per lb.
cts. per lb.
S.9QP1 9.13
-3
14.21 m 14.07
1
7
3.74 m 3.50 m
101
57
31
Hides
Rubber
cts. per lb.
cts. per lb.
lS.SCP1 15.50™
22.50™ 22.50™
0
0
48
34
Burlap
Cotton
Print cloth
Silk
Wool tops
cts. per yd.
cts. per lb.
cts. per yd.
dol. per lb.
dol. per lb.
11.00 m ii. so01
19.36
17.09
8.69 m 8.22 m
3.08 m 3.08 m
1.30
1.29
A
13
6
0
1
99
115
83
17
83
Copper
Lead
,
Tin
Zinc
Steel scrap (2 markets)...
cts. per lb.
cts. per lb.
dol. per lb.
cts. per lb.
dol. per ton
12.00™ 1 2 . OO111
0
6.35 m 5.70™ 11
0
.52 m
.52 m
0
8.25 m 8.25 m
0
19.17 m 19.17m
14
30
6
74
23
FOODSTUFFS
Barley
Corn
Wheat, winter
dol. per bu.
dol. per bu.
dol. per bu.
Butter.
Cottonseed oil
Tallow
Lard
dol.
cts.
cts.
cts.
Hogs
Steers
per
per
per
per
lb.
lb.
lb.
lb.
dol. per cwt.
dol. per cwt.
Cocoa beans
Coffee
Sugar, raw
INDUSTRIAL MATERIALS
Flaxseed
Rosin
Shellac
dol. per bu.
dol. per cwt.
cts. per lb.
10.05
11.78
2.36
1.86
3.18
2.84
32.50 m 31.80
27
12
2
51
81
232
m
Maximum price ceilings. In addition on February 21 ceilings
were in effect for lard and wool tops above their market prices.
rect Federal price controls have increased
in scope but thus far have been inadequate
to prevent sharp advances in the cost of
living.
Partly in anticipation of these developments, prices of basic commodities had
earlier shown a large rise, as indicated in
the chart. From the middle of January to
the latter part of February of this year,
however, prices of basic commodities
showed little further increase, largely
as a result of an extension of Federal
price ceilings.
Of the z8 commodities included in the
Bureau of Labor Statistics* basic commodity index, maximum prices have been
issued for seven additional commodities
since early in December, as shown in the
accompanying table. This brought the
MARCH
1941
total number on which ceilings were in
effect to 19 commodities. On the other
hand, in this period original ceiling levels
were increased for a number of basic commodities, and the remaining nine uncontrolled items in the index, which are mostly
farm products, showed an average rise of 13
per cent.
Since United States* entry into the war,
the broad index of 900 wholesale prices has
increased by 5 per cent, which is as large a
rise as that shown by the index of 2.8 basic
commodities. The extent of Federal control over wholesale prices of this larger
number of commodities is much more
limited than for the 2.8 basic commodities,
but changes in the average level of all
wholesale prices are usually much smaller
than for basic commodities. The number
of price ceilings was more than doubled between December 6 and February xo, reaching a total of 100.
The general index in the latter part of
February reached 97 per cent of the 19x6
level—about 2.0 per cent higher than a year
ago. Wholesale price changes since the
beginning of the war in August 1939 and
since the entry of the United States are
shown for major groups of the index in
the table on the next page.
INDUSTRIAL
COMMODITIES
Wholesale prices of industrial commodities have generally shown much smaller
advances since the outbreak of war in 1939
than prices of agricultural commodities,
although demand for industrial products
has increased more sharply. Output of
industrial products has increased considerably more than agricultural production,
and Federal action was taken early to limit
advances in prices of industrial commodities—particularly selected raw and semi-
REVIEW OF THE MONTH
finished materials. Meanwhile, advances
in farm prices, which have generally been
below official standards of parity relative
to other prices, have generally been encouraged by continued restrictions on
plantings of major crops under the Federal
agricultural program, and by increased
crop loan rates and substantial purchases in
the market of various products for shipment abroad.
Increases since August 1939 in wholesale
prices recorded by the index for the various
major industrial groups are, nonetheless,
substantial with the exceptions, as shown
in the table, of prices of fuels and metals.
WHOLESALE PRICE CHANGES
Index
numbers
1926 = 100
Feb. 21,
1942
All commodities
ucts in consuming markets have generally
remained at the ceiling levels established
in January. The largest price increases
among industrial products other than foods
since August 1939 have been in textile
products and in chemicals and drugs, and
these groups have also shown marked rises
since last December.
WHOLESALE PRICES OF 900
PER CENT
PER CENT
60
j
r
50
/
FARM
/
PFWDUCTS /
140
130
Per cent increase to
Feb. 21, 1942 from
Dec. 6,
1941
COMMODITIES
AUGUST 1939= 100
Aug. 26,
1939
96.5
5
29
101.9
94.8
94.8
12
7
1
67
42
18
116.1
93.7
78.5
103.6
109.7
96.9
104.1
89.1
1
3
-1
0
2
8
2
2
25
39
7
11
22
31
20
22
97.2
97.1
8
3
47
22
TEXTILE
j / A N D LEATHER PRODUCTS
/\y
>A
110
\ .
^
100
Farm products
Foods
Other
. .
Hides and leather
Textile products
Fuel and lighting
Metal and metals products..
Building materials
Chemicals and drugs
Housefurnishing goods
Miscellaneous
Raw materials
Manufactured goods
Source of data: Bureau of Labor Statistics.
The relatively small rise for metals reflects
chiefly prompt Federal action to restrict
increases, as well as the difficulty of measuring price changes in this field. The smallest increase for any major group is 7 per
cent for fuel and lighting materials, reflecting increases in prices of coal and
petroleum products, offset in part by
decreases in average prices paid for electricity and gas since 1939. The decline
shown for the fuel group since December
reflects chiefly decreases in prices of petroleum products at the Gulf Coast as a result
of the changed shipping situation along the
Atlantic Coast. Prices of petroleum prod198
90
90
130
130
120
ALL
GTHZ.R/
110
-•^
* *" .
..../METALS
|
,„.
/
FUELS
90
1939
1940
1941
1942
Bureau of Labor Statistics data. Federal Reserve classification
for food, textile and leather products group, which includes cattlefeed and textile furnishings in addition to major B.L.S. groups, and all
other group—composed chiefly of building materials, chemicals and
drugs, rubber, tires, paper and other miscellaneous commodities.
Duplicated items excluded. February 1942 estimated.
As shown in the accompanying chart,
there have been large increases in prices in
recent years for goods that are manufactured
from farm products, as well as for farm
products themselves. The food and textile
groups both advanced about 40 per cent
from August 1939 to February 1942., and
prices of hides and leather products, as a
group, increased 1.^ per cent in this period.
The smaller rise for the latter group has
reflected partly the early action establishFEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
brought an advance in prices of livestock
products, which carried the index of prices
of all farm products in March 1941 to 17
THE RISE IN FARM PRODUCTS
per cent above the pre-war period. Since
Market prices of farm products showed a that time prices of most farm products have
total increase of about 65 per cent from risen rapidly except for a short, partlyAugust 1939 to February 1942., three- seasonal, decline in livestock prices in the
fourths of this rise occurring in the past autumn of 1941.
year, as shown in the accompanying chart.
Numerous factors have influenced this
The total increase was three times as large sharp rise in prices, including actions by
as for wholesale prices of all other com- Federal authorities partly for the purpose
modities in the Bureau of Labor Statistics' of stimulating increased production and
wholesale price index, and this rapid in- partly to restore previous relationships
crease was a considerable factor in changes between prices received and those paid by
in the general price level and the cost of farmers. In September 1941, the average
living.
of prices received by farmers reached 100
Since early in December prices of farm per cent of parity in terms of relationship to
products as a group have risen considerably prices paid, as computed by the Department
further. The sharpest increase has been in of Agriculture. At that time prices rehog prices, which reached the highest ceived for major individual products ranged
point in many years, and double the rela- from 50 per cent of parity for hay to 145
tively low level prevailing in the summer per cent for wool. Prices of crops averaged
of 1939. Slaughter supplies of both hogs about 90 per cent of parity and livestock
and cattle in December and January were products about n o per cent.
about 40 per cent larger than three years
Reviewing the course of agricultural
ago, but Government purchases of pork prices during the past year, it would appear
products for export were large and domestic that some of the advances have encouraged
demand was sharply higher.
needed increases in production of particuIn the summer of 1939, prices of farm lar products, and that the general rise in
products were relatively low compared farm prices has raised incomes of farmers to
with other recent years, reflecting chiefly a substantially higher level. During the
the accumulation of more ample supplies 1941 marketing season cash farm income,
following the severe droughts of 1934 and including Government payments, was about
1936. With the oubreak of the European a third larger than in 1939, and the Departwar in September, prices showed sharp ment of Agriculture estimates that this
advances, largely of a speculative nature. year's income may be two-thirds larger
In subsequent months there was some re- than in 1939 and the largest since 1919, the
cession, but the rise in consumer demand, previous high. Meanwhile, farm wage
accompanying increased industrial activity, rates rose about one-third from March 1941
resulted in the maintenance of the general to January i94x and there was an increase
average of prices of farm products in 1940 of xo per cent in prices paid by farmers for
at about 10 per cent higher than in August commodities used in living and production.
1939. In the autumn and winter of 1940 The commodities showing the most rapid
further increases in consumer incomes increases were feedstuff's and goods manu-
ing Federal maximum prices for domestic
hides last summer.
MARCH
1942.
199
REVIEW OF THE MONTH
factured from farm products, notably foods
and clothing.
COST OF LIVING
The cost of living for wage earners and
lower-salaried workers in urban centers
advanced about i | per cent from December
15 to January 15 and at that time was 11
per cent above the level of March 1941.
According to preliminary indications, liv30ST OF LIVING
<
I93S- 39 AVERAGE • 100
CE NT
PER
PCH
120
120
110
—y
TOTAL
100
no
100
—"1
90
90
120
120
' •
-A
110
100
CENT
>A
*«•
110
CL 0THIN6
100
o
^
90
120
90
120
110
110
RENT
100
H0USEFURNISH1N6S
100
90
90
120
120
no
110
MISCELLAN EOUS
100
KX)
90
FUEL. ICE.
ELECTRICITY
1
1
90
developments discussed above; in addition,
there have been sharp increases in prices of
furniture and of various types of household
supplies.
Currently incomes available for spending
are increasing and civilian buying is being
steadily restricted to fewer commodities,
and as a consequence there is strong upward
pressure on prices. At the same time controls over prices are being extended somewhat. For such tires and new automobiles
as are to be available maximum prices have
been fixed at retail, and since December 7 a
number of price schedules have been established for finished consumers' goods at the
wholesale level. Altogether the finished
goods on which prices have been fixed
represent in retail value about 10 per cent
of the total cost of living in the 1935-39
period. Many of these schedules, however, were for items, such as new radios,
refrigerators, and automobiles, that currently or in the near future will not be
available for sale to most civilians because
their output has been sharply curtailed or
prohibited by Federal order. In addition
to the price schedules for finished consumers' goods, ceilings have been fixed for
hides, wool, and some other raw materials
used in the production of consumers' goods.
Bureau of Labor Statistics data for the fifteenth of the month;
selected dates March 1935-July 1936, quarterly, through September
1940, and monthly October 1940-January 1942.
PRICE LEGISLATION
ing costs have advanced further since the
middle of January.
The rise in the cost of living has been
general but, as the chart shows, has been
much more marked for foods, clothing, and
housefurnishings than for other items.
These three groups have shown increases
of between 15 and xo per cent during the
past year. To a large extent these increases have been influenced by advances in
prices of farm products, resulting from
The Emergency Price Control Act of
194Z, which has been under consideration
by Congress since last summer, became a
law on January 30. The passage of this
Act now provides the Government with
more effective means of enforcing price controls than existed last year. The problems
requiring effective action have also increased in magnitude since that time. The
Act provides for broad control of commodity prices, of marketing margins, and
xoo
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
of rents in defense areas in order to stabilize
prices, to protect defense expenditures
against dissipation by excessive prices, to
safeguard persons and institutions having
fixed incomes against undue impairment of
their real incomes, to secure adequate
production of commodities and facilities,
and to prevent a post-emergency collapse
of values.
The Act provides that in establishing any
maximum price, due consideration should
be given to prices prevailing between October i and October 15, 1941. Provision
is made for adjusting maximum prices to
allow for changes in the cost of production
and distribution and for certain other conditions. Maximum prices for agricultural
commodities may not be established below the highest of any of the following
prices, as determined by the Secretary of
Agriculture: (1) n o per cent of parity or
the comparable price; (V) the market price
on October 1, 1941; (3) the market price
on December 15, 1941; (4) the average
price during the period July 1, 1919 to
June 30, 192.9. It is also provided that
maximum prices of commodities processed
in whole or substantial part from any
agricultural commodity should not be
below a price which will return to the
agricultural producer a price equal to the
highest of the prices enumerated above.
Prices for agricultural commodities may
not befixedwithout approval of the Secretary of Agriculture. The Act authorizes
the purchase, sale and use of commodities
in order to obtain maximum necessary
production and also the granting of sub-
MARCH
1942.
sidy payments to domestic producers for
the same purpose.
Wage rate controls as such are not established by the Act, but "those departments
and agencies of the Government dealing
with wages" are directed "within the
limits of their authority and jurisdiction to
work toward a stabilization of prices, fair
and equitable wages, and cost of
production/*
According to the terms of the Act the
formal price schedules issued during the past
year by the Office of Price Administration,
approximately 100 in number, remain in
effect as maximum price regulations. A
summary of the kinds of schedules currently in effect is presented in the accompanying table which also shows that about
half the total number of these schedules
was issued in the two months following
the United States' entry into the war. In
the period since the early part of February,
when the control administration has been
undergoing adjustment to the new legislation, few additional schedules have been
issued.
NUMBER OF FEDERAL MAXIMUM WHOLESALE PRICE
SCHEDULES IN EFFECT
Total.
Farm products (wool)
Foods (mostly imported)
Hides and leather products....
Textile products (cotton 5)....
Fuels (petroleum and coke)
Metals and metal products*...
Building materials (lumber 6).
Chemicals and drugs
Housefurnishing goods
Miscellaneous (rubber 4)*
Feb. 20,
1942
Dec. 6,
1941
100
44
1
8
2
11
5
29
8
19
0
1
1
8
2
15
5
8
1
3
7
10
* Retail prices of tires and new automobiles also covered.
Grouping by Federal Reserve from press releases of Office of Price
Administration following approximately Bureau of Labor Statistics'
groups of wholesale prices in the index of 900 commodities—about 40
schedules cover items not included in the index.
2.OI
FROM A LEGAL STANDPOINT
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
Reserves
Amendment to Regulation D
The Board of Governors on February 2.1, 1942.,
amended Regulation D, effective with the reserve computation period beginning February 2.8,
194X5 so as to provide that deficiencies in reserves
of member banks in all central reserve and reserve cities shall be computed on a weekly basis.
Prior to this change deficiencies in reserve balances of member banks in cities where Federal
Reserve Banks or branches thereof are located
and in a few other reserve cities were computed
on the basis of average daily net deposit balances covering semiweekly periods whereas such
computations of deficiencies of member banks in
other reserve cities were made on a weekly basis.
This change places all banks in such cities on
the same basis in this respect and has been made
for the convenience of member banks in these
cities in adjusting their reserve positions.
Country banks, i.e., those located outside of
central reserve or reserve cities, will continue as
heretofore to compute reserves on a semimonthly
basis.
The text of the amendments is as follows:
1. Subsection (a) of section 3 of Regulation D
is amended to read as follows:
" ( a ) Computation of deficiencies.
"(1) Deficiencies in reserve balances of
member banks in central reserve cities and in
reserve cities shall be computed on the basis
of average daily net deposit balances covering
weekly periods. Deficiencies in reserve balances of other member banks shall be com2.O2.
puted on the basis of average daily net deposit
balances covering semimonthly periods. 8
"(2.) In computing such deficiencies the
required reserve balance of each member bank
at the close of business each day shall be based
upon its net deposit balances at the opening
of business on the same day; and the weekly
and semimonthly periods referred to in paragraph (1) hereof shall end at the close of
business on days to be fixed by the Federal
Reserve Banks with the approval of the Board
of Governors of the Federal Reserve System."
z. Section 4 of Regulation D is amended to
read as follows:
"SECTION 4.
LOANS AND DIVIDENDS WHILE
RESERVES ARE DEFICIENT
"It is unlawful for any member bank the reserves of which are deficient to make any new
loans or pay any dividends unless and until the
total reserves required by law are fully restored,
and the payment of penalties for deficiencies in
reserves does not exempt member banks from
this prohibition of law. As provided in section 3 of this regulation, penalties for deficiencies in reserves are computed on the basis of the
average reserve balances for weekly or semimonthly periods; but this prohibition of law
applies whenever the reserves are deficient for
one day or more, regardless of whether or not
the average reserve balances for the weekly or
semimonthly period are deficient."
" 8 Deficiencies in reserve balances of member banks in outlying
sections of central reserve and reserve cities which have been authorized
by the Board of Governors of the Federal Reserve System, under the
provisions of subsection (a) of section 2 of this regulation, to maintain
seven percent reserves against demand deposits, will also be computed
on the basis of average daily net deposit balances covering semimonthly periods."
FEDERAL RESERVE BULLETIN
FROM A LEGAL STANDPOINT
Consumer Credit
Amendment to Regulation W
The Board has issued Amendment No. 3 to
Regulation W, effective, except in one particular, on March 2.3, 1942.. There follows a summary of the principal changes, together with
the text of the amendment.
The standard maturity is reduced from 18 to
15 months for all credits subject to the regulation, except credits for modernization, plumbing, furnaces, water heaters, water pumps, and
pianos, all of which may still be for 18 months.
The down payments are increased from 2.0 per
cent to 33;H$ per cent on refrigerators, washing
machines, ironers, vacuum cleaners, electric
dishwashers, room unit air conditioners, sewing
machines, radios and phonographs, and musical
instruments. On home air conditioning systems and attic ventilating fans, the down payments are increased from 15 per cent to 3 3 ^ per
cent, and on furnaces, water heaters, water
pumps, and plumbing, from 15 per cent to 2.0
per cent.
The following articles are added to the list,
with 33^3 per cent down payment required:
bicycles, lawn mowers, silverware, and photographic equipment; The following are added
to the list, with 2.0 per cent down payment
required: clocks, watches, and floor coverings.
Persons who become subject to the regulation
on and after March 13 because of the addition
of articles to the list are given until June 1 to
register. Prior to June 1 they are granted a
general license.
After April 1 the credit value of a used automobile, instead of being based solely upon the
purchase price, is to be based upon the purchase
price or the average retail value as stated in such
automobile appraisal guides as may be designated by the Board, whichever is lower.
Amendment No. 3 to Regulation W
Regulation W is hereby amended in the following respects, and these changes shall become
MARCH
1941
effective March 2.3, 1942., except that the change
in Part 3(b) of the Supplement shall not become
effective until April 1, 1942..
1. Section 3(b) is amended to read as follows:
(b) General License.—Whenever this regulation is amended so that any person who was
not formerly subject to section 3(a) becomes
subject thereto, such person is hereby granted
a general license; but such general license shall
terminate at the end of the second full calendar
month after the month in which the amendment becomes effective unless such person has
registered, in the manner provided in section
3CO, before such termination. Any person
whose license is not suspended may become
licensed by registering in the manner provided
in section 3CO*
2.. Section 4CO is amended by adding the following new paragraph at the end thereof:
The Registrant may disregard the requirements of this section 4CO in the case of any
article listed in Group A, B, C or D on which
the down payment required by section 4Ca)
would be $1.00 or less, or in the case of any
article included in Group E of which the bona
fide cash purchase price, as defined in the
Supplement, does not exceed $10.00.
3. Section 5Cd) is amended by changing the
words "On and after January 1, 1941, no Registrant" at the beginning of the section to "No
Registrant", and by striking out the next to
last sentence of the section.
4. Section 6Ce) is amended so that clause CO
thereof will read as follows:
CO t 0 finance the purchase of aircraft for
use in any activity in respect of which a
preference rating of A-10 or higher is in force
for deliveries of civil aircraft;
5. Section 6Q) is stricken out and the following new provision is substituted therefor:
FROM A LEGAL STANDPOINT
(j) Any extension of instalment loan credit
made by the Disaster Loan Corporation.
6. Thefirstsentence of section 6(k) is amended
to read as follows, and the number (2.) in the
second sentence of the section is changed to (3):
Any extension of instalment loan credit
which is made to a person engaged in agriculture, or to a cooperative association of such
persons, provided that the extension of instalment loan credit (1) is made by the Land Bank
Commissioner on behalf of the Federal Farm
Mortgage Corporation and is found, pursuant
to regulations issued by the Commissioner, to
be necessary to maintain or increase production of essential agricultural commodities, or
(X) is approved by the Farm Security Administrator, or his authorized agent, as being
necessary for the rehabilitation of a needy
farm family, or (3) is for general agricultural
purposes and is not for the purpose of purchasing any listed article and not secured by any
listed article purchased within 45 days before
the extension of credit.
7. The following footnote is added to section
8(a), and the footnote reference4 is inserted after
the word "credit" immediately before the proviso of the section:
4
If there should be any arrearage which
does not arise out of any prearrangement or
plan to evade this regulation, the arrearage
may be divided equally among and added to
the remaining payments scheduled for the
liquidation of the credit to which such arrearage relates. This applies to any renewal,
revision or consolidation effected in accordance with any provision of Section 8.
intervals, the consolidated obligation may
combine payments that would otherwise have
fallen due at different times within any
monthly period, but the first of such combined
payments shall fall due within one month
after such consolidation; or
9. Section 8(d) is amended by striking out the
last sentence thereof.
10. Section $(d) is amended by adding the
following new paragraph at the end thereof:
Whenever this regulation is amended to add
any article to the listed articles specified in
the Supplement, the amendment shall not
apply with respect to the carrying out of any
valid contract made prior to the effective
date of the amendment; but any renewal, revision or consolidation of any such obligation
shall be subject to the requirements of section 8, and for the purposes of section 8(a)
the terms of repayment "permitted in the first
instance" for such an obligation shall be
deemed to be those applicable to such an
extension of credit under such amendment.
11. The part of section 10 after the heading
is amended to read as follows:
This regulation became effective in its original form September 1,1941; Amendment No. 1
became effective September 2.0, 1941; Amendment No. 2. became effective December 1,1941;
and Amendment No. 3 shall become effective
March ZT,, 1942., except that the change made
in Part 3 of the Supplement by Amendment
No. 3 shall not become effective until April 1,
I942-
8. Option 1 in section 8(b) is amended to read
ix. The Supplement is amended to read as
as follows:
follows:
Option 1. The terms of the consolidated
obligation shall be such as would have been
necessary to meet the requirements of this
regulation if the several obligations had not
been consolidated: Provided, That, in order to
schedule payments at approximately equal
Z04
SUPPLEMENT TO REGULATION W
Part 1. Listed Articles, Maximum Maturities, and Maximum Credit Values—For the
purposes of the regulation the following
maximum maturities and maximum credit values shall apply to the following list of articles:
FEDERAL RESERVE BULLETIN
FROM A LEGAL STANDPOINT
Maximum
Credit
Maximum Value in per
Articles of Consumers' Durable Goods
Maturity cent of Basis
{Whether New or Used')
in Months
Price
Group A
i. Automobiles (passenger cars designed for the purpose of transporting less than 10 passengers,
including taxicabs)
15
2.. Motorcycles (two or three-wheel
motor vehicles, including motor bicycles)
15
(See Part 3
of this Supplement)
Group B
1. Aircraft (including gliders)
15
2.. Power driven boats, and motors
designed for use therein, other
than boats or motors designed
specifically for commercial use. 15
3. Outboard boat motors
15
*4. Bicycles
15
Group C
1. Mechanical refrigerators of less
than 12. cubic feet rated capacity
2.. Washing machines designed for
household use
3. Ironers designed for household
use
4. Suction cleaners designed for
household use
5. Cooking stoves and ranges designed for household use
6. Heating stoves and space heaters
designed for household use....
7. Electric dishwashers designed for
household use
8. Room-unit air conditioners
9. Sewing machines designed for
household use
10. Radio receiving sets, phonographs, or combinations
11. Musical instruments composed
principally of metals
*iz. Lawn mowers, mower-type edgers and trimmers (whether or
not power-driven)
*i3. Silverware (flatware and hollow
ware, whether solid or plated).
*i4. Clocks, electric or other, designed
for household or personal use,
•and watches
15
15
15
66%
15
15
80
15
80
15
15
1942.
*i5. Motion picture cameras, projectors, and lenses, designed for
film gauges less than 35 mm.;
still cameras, projectors, lenses
and shutters, and enlargers. . . . 15
66%
Group D
1. Household furnaces and heating
units for furnaces (including oil
burners, gas conversion burners, and stokers)
-L. Water heaters designed for household use
3. Water pumps designed for household use
4. Plumbing and sanitary fixtures
designed for household use....
5. Home air conditioning systems. .
6. Attic ventilating fans
7. New household furniture (including ice refrigerators, bed
springs, and mattresses but excluding floor coverings, wall
coverings, draperies, and bed
coverings)1
8. Pianos and household electric
organs
*9- Floor coverings (including fabric
and linoleum type rugs, carpets,
mats, and other floor covering
materials, whether or not designed to be affixed to the floor)
18
80
18
80
18
80
18
15
15
80
66%
66%
15
90
18
90
15
80
Group E
1. Materials and services (other than
materials, whether or not designed for household use,
which are of the kinds listed in
Group C or D) in connection
with repairs, alterations, or
improvements upon urban, suburban or rural real property in
connection with existing structures (other than a structure,
or a distinct part thereof,
which, as so repaired, altered
or improved, is designed ex-
15
15
15
15
15
66%
15
80
• Added by Amendment No. 3, effective March 23, 1942.
MARCH
Maximum
Credit
Maximum Value in per
Articles of Consumers* Durable Goods Maturity
cent of Basis
{Whether New or Used")
in Months
Price
clusively for non-residential use),
provided t h e deferred balance
does n o t exceed $1,000
1
18
N o limitation
An article is not new if it has been used by a consumer.
xo5
FROM A LEGAL STANDPOINT
Part 2. Basis Price of Listed Articles Other
Than Those in Group A.—The basis price of anylisted article, other than an automobile or other
article listed in Group A, shall be the bona fide
cash purchase price of the article and accessories
purchased minus the amount of any allowance
made by the seller for any article traded in by
the purchaser (including as such a trade-in anything which the seller buys or arranges to have
bought from the purchaser at or about the time
of the purchase of the listed article).
Part 3. Maximum Credit Value of Automobles and Motorcycles.—For the purpose of
the regulation:
(a) The maximum credit value of a new automobile or a new or used motorcycle shall be
66% per cent of the bonafidecash purchase price.
(F) f The maximum credit value of a used
automobile shall be 66% per cent of whichever
is the lower of the following two figures:
( i ) the bonafidecash purchase price; or
(z) the "appraisal guide value" plus any applicable sales taxes.
"Appraisal guide value" means the estimated
average retail value as stated in such edition of
any regularly published automobile appraisal
guide as the Board may designate for this purpose for use in the territory in which such used
automobile is sold. Information as to the guide
or guides designated for any given territory may
be obtained from any Federal Reserve Bank or
branch.
Part 4. Cash Purchase Price.—For the purposes of the Supplement:
Qa) The bona fide cash purchase price of an
article includes that of any accessories, and it
also includes any applicable sales taxes and any
bonafidedelivery and installation charges; and
(T) In the case of any article or accessory for
which the Federal price authorities have prescribed a maximum retail price, the maximum
credit value shall in no event exceed that resulting from a bonafidecash purchase price equal to
t This provision is effective on and after April 1, 1942. Prior to
that date the maximum credit value of a used automobile shall be 66%
per cent of the bona fide cash purchase price.
2.06
the total of such maximum retail price and any
applicable sales taxes not included therein.
Part 5. Instalment Loan Credit Subject to
Section 5(b) of the Regulation —The maximum
maturity of any extension of instalment loan
credit of $1,500 or less subject to section 5(b) of
the Regulation shall be 15 months.
Interpretations of Regulation W
Since the publication of the February 1942.
Federal Reserve BULLETIN, the Board of Governors of the Federal Reserve System has issued
the following interpretations of Regulation W
relating to consumer credit:
STATEMENT OF TRANSACTION—
STATEMENT OF BORROWER
Interpretation No. 12j of Regulation W
Section 5(0) (1) requires that a copy of the
statement of the transaction be given to the
obligor. The Board has been asked whether a
copy of the statement should be given to each
of the parties to a note which is made by several
co-makers, some of whom are accommodation
makers.
The Board replied that a copy of the statement need be given only to the party who receives the proceeds of the loan.
Similarly, the Statement of the Borrower required by section 5(d) need be obtained only
from the party who receives the proceeds of
the loan.
REGISTRATION STATEMENT—EXEMPT LOANS
Interpretation No. 126 of Regulation W
Under section 3(a) of Regulation W, every
person "engaged in the business of making extensions of instalment sale credit or instalment
loan credit***" must file a simple registration
statement.
Since section 6 of the regulation exempts certain transactions from the requirements of sections 4 and 5, questions have been received as to
whether a person must register if the only kinds
FEDERAL RESERVE BULLETIN
FROM A LEGAL STANDPOINT
of "instalment sale credit" or "instalment loan
credit" he extends are those covered by section 6.
The answer is that he must. The exemption,
as indicated above, is only from sections 4 and 5,
and it does not affect section 3. Furthermore,
the credits described in section 6 are closely
related to the general purposes of the regulation
—in fact, many of them are exempted only on
certain important conditions that are similar in
many respects to those stated in sections 4
and 5.
FIRST LIEN ON REAL ESTATE—PRIOR LIEN FOR
TAXES PAST DUE
Interpretation No. izj of Regulation W
Interpretation W-X5 of Regulation W stated
that a first mortgage may be considered a "first
lien" within the meaning of section 6(a) of
Regulation W, even though a prior lien for
"current taxes not due and payable" exists
under State law.
Although the facts involved in that interpretation related only to current taxes not due and
payable, the board has recently considered other
questions regarding property taxes on mortgaged real estate under the regulation, and the
Board is of the opinion that a first mortgage is a
"first lien" within the meaning of section 6(a)
regardless of the status of any property taxes on
the property, whether the taxes are current or
past due.
Holding Company Affiliates
Relationship Based on Number of Shares
Voted at Preceding Election of Directors
of Banks
Section 2.(c) of the Banking Act of 1933 defines
the term "holding company affiliate", in part,
as including any corporation, business trust,
association, or other similar organization which
owns or controls, directly or indirectly, "more
than 50 per centum of the number of shares
voted for the election of directors of any one
bank at the preceding election."
MARCH
1941
The Board recently has had occasion to give
careful consideration to these statutory provisions, and has ruled that an organization is a
holding company affiliate of a member bank if
the number of shares owned or controlled by
the organization is equal to more than 50 per
centum of the number voted at the preceding
election of directors of the bank, regardless of
whether the shares so owned or controlled were
or were not voted.
Advances on Government Obligations
The Board of Governors of the Federal Reserve
System has ruled that Federal Reserve Banks
may make advances both to member banks and
to nonmember banks on their promissory notes
secured by direct obligations of the United
States for periods not exceeding 90 days.
Although the eighth paragraph of section 13
of the Federal Reserve Act appears to limit the
maturity of advances to member banks on the
security of Government obligations to fifteen
days, the last paragraph of section 13 authorizes
Federal Reserve Banks to make advances for
periods not exceeding 90 days "to any individual, partnership or corporation" on the
promissory note of such individual, partnership
or corporation secured by direct obligations of
the United States.
The Board has ruled that the term "corporation" includes incorporated banks whether or
not members of the Federal Reserve System and
that therefore advances under the last paragraph
of section 13 may be made to member and nonmember banks as well as to individuals, partnerships and other corporations.
The law provides that such advances shall
bear interest at rates fixed from time to time by
the Federal Reserve Bank, subject to the review
and determination of the Board of Governors
of the Federal Reserve System. The rate in
effect on March 1 for advances of this kind was
1 per cent at 7 of the Federal Reserve Banks and
1^2 per cent at the remaining Federal Reserve
Banks.
Z07
FROM A LEGAL STANDPOINT
Neutrality Act
Suspension of Provisions Relating to
Financial Transactions
There is set forth below the text of a Joint
Resolution by Congress approved February xi9
i94i suspending when the United States is at
war the operation of section 7 of the Neutrality
Act of 1939 (Pub. Res. No. 54, 76th Cong.),
relating to financial transactions by any person
within the United States involving obligations
of any nations which the President has by
proclamation declared to be at war. The text
of section 7 of the Neutrality Act of 1939 was
published at page 1054 of the December 1939
Federal Reserve BULLETIN.
[PUBLIC LAW
[S. J. Res. 133]
JOINT RESOLUTION
Amending section 7 of the Neutrality Act of 1939
Resolved by the Senate and House of Representatives of the United States of America in Congress
assembled, That section 7 of the Neutrality Act
of 1939 (Public Resolution Numbered 54,
Seventy-sixth Congress) is amended by adding
at the end thereof the following new paragraph:
" ( 0 This section shall not be operative when
the United States is at war."
Approved, February 2.1, 194.x.
Trading with the Enemy
Delegation of Authority to Secretary
of the Treasury
On February ix, 1942., the President issued the
following Order delegating certain authority to
the Secretary of the Treasury:
Memorandum to the Secretary of the Treasury:
All power and authority conferred upon me by Sections
3 (a) and 5OO of the Trading with the Enemy Act, as
FRANKLIN D. ROOSEVELT
THE WHITE HOUSE,
February 11, 1942..
Regulations Establishing Vested Property
Claims Committee
In order to provide for the orderly determination of claims to property vested in the Secretary of the Treasury pursuant to section 301 of
the Act of December 18, 1941, known as the
"First War Powers Act, 1941", the Treasury
Department on February 16,1942., issued Regulations providing for the establishment of the
Vested Property Claims Committee empowered
to hear claims with respect to sequestered property. The text of the Regulations is as follows:
459—77TH CONGRESS]
[CHAPTER 104—XD SESSION]
K>8
amended, are hereby delegated to the Secretary of the
Treasury.
Treasury Department, Office of the Secretary,
February 16, 1941
Regulations Relating to Property Vested in the Secretary of the
Treasury Pursuant to Section f(F) of the Trading with
the Enemy Act, as Amended*
Section 141.1 Authority for regulations. These regulations
are prescribed and issued by virtue of the authority vested in
the Secretary of the Treasury by the President pursuant to
section 5(b) of the Trading with the enemy Act, as amended
by section 301 of the First War Powers Act, 1941.
Section 141.1 Receipt and disposition of claims. The following procedure is hereby established for the receipt and
disposition of claims to property vested in the Secretary of
the Treasury pursuant to section 5OO of the Trading with
the enemy Act, as amended by section 301 of the First War
Powers Act, 1941:
(a) Claims to property vested in the Secretary of the
Treasury pursuant to section 5OO of the Trading with the
enemy Act, as amended, shall be filed with the Secretary of
the Treasury on Form TFVP-i in sextuplicate. Such claims
shall be filed within such time, after the vesting in the Secretary of the Treasury of the property to which they relate,
as the Secretary shall prescribe. Form TFVP-i may be obtained from the Secretary of the Treasury, Washington, D. C.
The original of each claim shall be executed under oath before
an officer authorized to administer oaths, or if executed outside of the United States, before a diplomatic or consular
officer of the United States.
(b) There shall be a committee to be known as the Vested
Property Claims Committee, to be composed of three members designated by the Secretary of the Treasury. The mem• P a r t 141;—Sec. 5(b), 40 Stat. 415 and 966; Sec, 2, 48 Stat. 1;
54 Stat. 179 ; Public No. 354,77th Congress.
FEDERAL RESERVE BULLETIN
FROM A LEGAL STANDPOINT
bers of the Committee shall designate one of their number to
be Chairman. The Committee is empowered to hear claims
respecting property vested in the Secretary of the Treasury
pursuant to section 5(b) of the Trading with the enemy Act,
as amended, in accordance with rules and procedures to be
formulated by the Committee. The Committee shall have
all powers necessary to carry out its functions, including the
power to call witnesses and to compel the production of books
of accounts, records, contracts, memoranda, and other papers,
(c) The Secretary of the Treasury shall transmit to the
Committee claims relating to property vested in the Secretary
of the Treasury pursuant to section 5OO of the Trading with
the enemy Act, as amended.
(d) Appropriate notice of hearing shall be given by the
Committee at least 10 days before the time set for the hearing.
This requirement of notice may be waived by any claimant.
(e) Claimants and the Secretary of the Treasury shall be
entitled to representation by counsel, or otherwise, before
the Committee.
(f) The Committee shall have a seal which shall be affixed
to all exemplifications of the records and such other documents, orders, or notices as the Committee may determine.
(g) A complete record, including a transcript of the
testimony, shall be made of any hearing before the Committee. The Committee shall transmit the record, including its
findings and recommendations, to the Secretary of the
Treasury.
(h) The Secretary of the Treasury, after the examination
of the record, will issue a decision and will give appropriate
notice of the decision rendered. The Secretary of the Treasury will take appropriate action to effectuate any decision
so rendered.
By direction of the President:
H. MORGENTHAU, J R .
Secretary of the Treasury
Foreign Funds Control
General License and Public Circulars Issued
by the Secretary of the Treasury
Since the publication of a certain General
Ruling, General Licenses and Public Circulars
on pages 110-113 of the February 1942. Federal
Reserve BULLETIN, the following General License and Public Circulars have been issued by
the Office of the Secretary of the Treasury under
the authority of the Executive Order of April 10,
1940, as amended, and the Regulations issued
pursuant thereto relating to transactions in
foreign exchange, etc.:
Treasury Department, Office of the Secretary,
January 30, 1941
Amendment of General License No. 83 under Executive Order
No. 8389, April 10, 1940, as Amended, and Regulations Issued
MARCH
1941
Pursuant Thereto,
Exchange, Etc*
Relating
to
Transactions
in
Foreign
The last paragraph of General License No. 83 is amended
to read as follows:
"This license shall expire at the close of business on
February 15, 1942.."
E. H. FOLEY, JR.
Acting Secretary of the Treasury
Treasury Department, Office of the Secretary,
•> February 3, 1941
PUBLIC CIRCULAR N O . 14
Under Executive Order No. 8389, April 10, 1940, as Amended,
and Regulations Issued Pursuant Thereto, Relating to
Transactions in Foreign Exchange, Etc\
(1) No license or other authorization now outstanding o r
hereafter issued, unless expressly referring to this publi c
circular, shall be deemed to authorize any blocked country or
any national thereof to purchase, directly or indirectly,
securities of any one issue of a corporation ii the securities so
purchased together with the aggregate of all other securities
held directly or indirectly by such blocked country or national constitute more than one per cent of the outstanding
securities of that issue. Banking institutions shall not
effect any such purchases if they have reasonable cause to
believe that the terms hereof are being violated.
(x) Monthly reports on Form TFR-4 are hereby required
to be filed with respect to the purchase or sale of securities
for any blocked account and, unless expressly referring to this
public circular, no license or other authorization shall be
deemed to suspend the requirement of filing this report.
Such report shall be filed with the appropriate Federal Reserve Bank by the banking institution with which such
blocked account is held and shall be filed on or before the
15 th day of the month following the calendar month with
respect to which the report is filed. No report need be filed
for any calendar month during which the total purchases and
the total sales for any blocked account are each less than
$5,000. This reporting requirement shall be deemed to be
in lieu of that required under any license now outstanding or
hereafter issued so far as such license requires the filing of
reports with respect to the purchase or sale of securities for
any blocked account.
(3) Banking institutions shall have a reasonable period of
time, but not to exceed 15 days from the date hereof, in which
to adjust their records for the purpose of complying with the
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179 J
Public No. 354, 77th Congress; 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.
t Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
Public No. 354, 77th Congress; 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.
FROM A LEGAL STANDPOINT
provisions of paragraph ( i ) hereof; provided, however, that
a special report shall be filed with respect to any case in
which the one per cent limitation contained in paragraph ( i )
was exceeded as a consequence of records being in the process
of adjustment. Such report shall be filed with the appropriate Federal Reserve Bank within 30 days of the date
hereof and shall expressly refer to paragraph (3) of this
Public Circular.
E . H . FOLEY, JR.
E. H. FOLEY, JR.
Acting Secretary of the Treasury
Acting Secretary of the Treasury
Treasury Department, Office of the Secretary,
February 7, 1942.
PUBLIC CIRCULAR N O . 4B
Under Executive Order No. 8389, April 10, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to
Transactions in foreign Exchange, etc.*
This 17 page Circular, containing instructions for the
preparation of reports on Form TFR-300, Series K, by certain
nationals of the Philippine Islands of all foreign-owned
property subject to the jurisdiction of the United States, is
published on pages 847-855 of the Federal Register for February 10, 1942.. Copies may be obtained from any Federal
Reserve Bank, the Governor of any territory or possession of
the United States, or the Secretary of the Treasury, Washington, D. C.
Treasury Department, Office of the Secretary
February 18, 1941
PUBLIC CIRCULAR N O . 15
Under Executive Order No. 8389, April 10, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to
Transactions in Foreign Exchange, Etc.*
General Licenses Nos. 49, 50, 51, and 70 are amended by
deleting the text of the paragraph numbered " ( 4 ) " m General License No. 49 and the texts of the paragraphs numbered " ( 5 ) " m General Licenses Nos. 50, 52., and 70 and by
substituting the following in each of such paragraphs for the
matter so deleted:
"A report on Form TFR-149 shall be filed promptly in
duplicate with the appropriate Federal Reserve Bank by
any banking institution within the United States:
(a) through which any remittance in excess of $5,000
originates; or
(b) which issues, confirms, or advises any letter of
credit involving an amount in excess of $5,000; or
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
Public No. 354, 77th Congress; 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.
ZIO
(c) which debits any blocked account in an amount
in excess of $5,000 for any single item
under the authority of this general license.
"Banking institutions within the United States shall
also file monthly reports on Form TFER-i with the appropriate Federal Reserve Bank indicating the total of all
debits and, separately, the total of all credits effected
pursuant to the provisions of this general license.''
Treasury Department, Office of the Secretary
February 18, 1942.
PUBLIC CIRCULAR N O . 16
Under Executive Order No. 8389, April 10, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to
Transactions in Foreign Exchange, Etc.*
(1) Attention is directed to the fact that pursuant to the
Order the provisions thereof have been automatically extended to all of British Malaya to the same extent as the
provisions of the Order apply to any other blocked country.
(2.) For the purpose of administering the Order and complying with the provisions thereof, British Malaya shall be
deemed to be a foreign country separately designated in the
Order and specifically named in section 3 thereof. The
definition of the term "national" as applied to British Malaya
shall be that specified in paragraph E of section 5 of the
Order.
(3) General License No. 13 is hereby amended by the
deletion of the word "Singapore" from subdivisions (a) and
(b) of paragraph (1) thereof.
(4) Attention is directed to the fact that, by reason of
temporary control and occupation by the military, naval,
and police forces and other authority of Japan, British Malaya is no longer included within the generally licensed
trade area as defined in General License No. 53.
(5) No transaction shall be deemed to require a license
solely because it involves property in which a blocked country or national thereof had an interest which was extinguished prior to the date of the extension of the Order to such
country.
(6) As used herein, the term "British Malaya" shall be
deemed to include the Straits Settlements and the Malay
States, both federated and unfederated.
E. H. FOLEY, JR.
Acting Secretary of the Treasury
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat. 179;
Public No. 354, 77th Congress; 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.
FEDERAL RESERVE BULLETIN
MOW SHALL WE PAY FOR THE WAR?
by
MARRINER S. ECCLES*
I am much more concerned about winning
this war than I am about financing it.
The problem offinancingthe war would be
comparatively simple if all of us on the
civilian front understood as clearly as do
our armed forces on the fighting front that
our very survival as a nation is at stake.
Then the farmers would not be contending
for higher prices, labor for increased wages,
and business for continued higli profits.
We would be willing to cut our civilian
expenditures to the bone in order to save
every dollar that we can. We would
readily accept much higher taxes and turn
our savings over to the Government by
purchasing Defense Bonds. Too many of
our people are still spending all of their
incomes and even going further into debt
to buy more things. The war can never
be won—much less inflation avoided—
unless we awaken to the grim realities of
the life and death struggle in which we are
engaged.
The problem of winning this war is a
physical, not a financial, one. It is a
question of effectively using our man power,
raw materials and productive capacity.
Half of our national effort must be devoted
to the war. Only what is left over after
the maximum war effort is made will be
available for civilian use.
In order to finance the war without
inflation, civilian buying must be reduced
to fit the diminishing supply of goods and
* Mr. Eccles, Chairman of the Board of Governors of the Federal
Reserve System, made this address on a broadcast program originating
in Town Hall, New York City, February 12, 1942.
MARCH 1941
services available for civilian consumption.
We are rapidly approaching a national
income of approximately n o billion dollars.
About half of that must go for war purposes, leaving the other half for civilian
use. The fifty-odd billions which the
Government requires must be collected
from the public in the form of taxes and
borrowings. In other words, upwards of
50 billions of civilian dollars must be
drawn into the war effort and not left to
compete in the market place for the shrinking supply of civilian goods. Otherwise,
the rising tide of national income would
rapidly bid up prices and precipitate a
ruinous inflation.
This entails making—not just talking
about—sacrifices. So far, our standard
of living is at the highest peak of all time.
It must be drastically reduced in order to
make the supreme effort that alone will
assure victory. The time to make the
supreme effort is now. The time to reduce
our individual expenditures is now, not
after inflation has taken hold. The time
for business to accept smaller profits, the
time for labor to forego wage increases
and for farmers to forego price advances is
now. This is the time when we must all
contribute our utmost to the common
effort and not squabble among ourselves to
see who can get the most out of it.
Of the more than fifty billions which
must be drawn into the war chest in the
next fiscal year, it is proposed to collect
about half in taxes, the other half from the
sale of Defense Bonds and other Govern-
HOW SHALL WE PAY FOR THE
WAR
ment securities. As for the borrowing, it of the Government's enormous expendishould come from current incomes of tures . They are the logical primary sources
individuals and corporations, thus diverting to which we must turn to recapture funds
to war needs funds that otherwise would that otherwise tend to go into the spending
tend to bid up prices of civilian goods. stream. There is no proposal to end the
To the extent that the public fails to divert profit motive, even in wartime. Yet even
a sufficient amount of current income into that sacrifice would not be too great a price
the purchase of Government securities, the to pay to preserve our industries so that
Government will be obliged to borrow from when peace comes they will have something
the banking system. This process creates left with which to make a profit. Unless
additional funds, and since it adds nothing existing corporation taxes are sharply
to the supply of goods, it makes for increased, corporations will have left over
inflation.
after paying 1942. taxes about 3 billion
As to taxes, the present program calls dollars more than they had in 1939. As
for an increase of 9 billion dollars in the against this, the war is putting many
next fiscal year over the amount provided concerns out of business. Others that have
for under present law. These taxes cannot been prosperous in peace will be barely
be collected by shifting the load to any one able to survive. Those that are earning
group or class, but only by the widest large or even moderate profits should be
distribution among all groups of taxpayers, willing to pay substantially higher taxes
except those whose incomes are no more in this crisis. Until this is done we cannot
than enough to maintain health and morale. expect labor to abate its demands for an
No matter what our financing program increased share in these profits.
may be, it can be defeated through demands
It is of equal importance that the base
for increased wages, prices and profits.
of the individual income tax be widened by
The hard fact is that the more we produce reducing personal exemptions so that the
for war, the less we can produce for civilian income tax will reach down to the subneeds. Only a limited and a diminishing sistence level. From this level, rates must
volume of goods will be available for the be greatly increased all the way up.
public to purchase. You may be able to
In order that some of the income taxes
increase the dollars in your pay envelope may be collected at the source and before
but this will not add to the goods that are the funds have gone into the spending
offered for sale. We are only fooling stream, a withholding tax is necessary.
ourselves by exchanging more dollars for The amount paid in withholding taxes can
the same or a smaller amount of goods. be made deductible from the amount due
That process is known as inflation and later in income taxes. Glaring loopholes
spells ultimate ruin.
in our tax structure which have been widely
As for the 9 billion dollars of additional used as a means of tax avoidance must be
taxes that must be collected in the coming closed. We must apply selective excise
fiscal year, we must turn first to the cor- taxes on an increasing number of articles,
porations whose taxes, especially excess thereby curtailing private consumption of
profits taxes, will have to be steeply critical raw materials.
increased. They are the primary recipients
The measures I have indicated would do
2.12.
FEDERAL RESERVE BULLETIN
HOW SHALL WE PAY FOR THE WAR
away with the necessity for a general sales
tax, which reaches into the pockets of
those below subsistence level. A sales
tax hits the poor harder than the rich
because the poor need all their income to
buy the necessities of life. A general sales
tax would immediately increase prices and
the cost of living. It would precipitate
.widespread demands for higher wages to
offset the added costs of living. That is the
inflation spiral.
The sacrifices involved in the program I
have outlined for the individual and
corporate taxpayer are, in fact, no sacrifices
at all compared to what we are asking of
MARCH
1941
our armed forces on the battle fronts.
They are getting no profits for their
patriotism. They are risking or giving
not their dollars but their lives. They
are not on a forty-hour-a-week basis.
There is no time and a half for overtime
behind the guns in the Philippines, on the
high seas, or anywhere else. When those
of us on the home front wake up to the fact
that we are fighting for our very lives, we
will stop talking about the profits, the
wages, the prices we can get out of the
war. Only then will we really begin to
fight. And just one thing is going to win
this war—and that is fighting.
2,13
NEW STATISTICS ON QUARTERLY EARNINGS
AND DIVIDENDS OF LARGE CORPORATIONS
group of 152. companies are included in the more
detailed figures for 6x9 companies.
Net profits are before dividends and after all
charges, including depreciation, interest, special
reserves charged as expense, and all taxes. It has
not been possible to include a series on earnings
before Federal income and excess profits taxes
because quarterly data on tax reserves are available for only a relatively small number of industrial companies. Aggregate dollar dividends
are reported quarterly by only a few companies;
INDUSTRIAL CORPORATIONS
for most of the 152. companies in the table they
In the upper half of the table appear quarterly have been computed for each class of stock on
data on earnings and dividends of large in- the basis of the dividends per share and the
dustrial corporations, as compiled from pub- number of shares outstanding.
lished reports. Two sets of data are included:
The sample of 62.9 corporations, for which
one covers quarterly profits of 619 companies, quarterly net profits are shown by industrial
.given in total and for 11 industrial groups, and groups, covers all industrial companies which
the other shows quarterly profits and dividends have published quarterly profits figures regularly
on preferred and on common stock of 152. com- for at least the period 1939 to date, except subpanies. For each series identical companies sidiary companies whose earnings are included
have been included throughout the reporting in the consolidated reports of other companies
period. The earnings figures for the smaller in the sample. The 62.9 companies include 351
In this issue of the BULLETIN there is published
for the first time a table on quarterly earnings and dividends of large corporations. This
table, which appears on page 2.48 and will
hereafter be regularly published in the BULLETIN,
shows data for industrial, railroad, electric
power, and telephone companies, beginning
with the first quarter of the calendar year 1939.
Retrospective annual data back through 192.9
are shown below.
TABLE 1
ANNUAL PROFITS AND DIVIDENDS OF INDUSTRIAL CORPORATIONS
1929-1939
[In millions of dollars]
Profits and dividends
Net pronts.l by industrial groups
Year
Number of companies
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
Total
Iron
and
steel
Other
transMaAutoportachin- mobiles
tion
ery
equipment
Nonferrous
metals
and
products
oa
Other Foods,
produra- beverages
ducing
ble
and to- and regoods bacco
fining
Industrial
chemicals
Other
MiscelnonNet
laneous
durable services profits
goods
Dividends
Preferred
Common
488
36
57
12
54
50
56
40
36
25
66
56
152
152
152
2,146
1,235
415
-130
351
617
1,005
1,543
1,693
774
1,349
386
175
-17
-159
-62
-17
52
152
233
—8
140
203
131
43
-29
6
45
83
131
176
71
108
346
167
88
-42
81
89
203
322
256
101
222
140
58
3
-42
0
27
61
93
108
9
84
105
45
8
-15
27
53
69
98
123
63
91
100
47
8
-29
0
16
40
68
71
28
59
181
169
141
102
110
118
120
140
125
137
140
198
112
-55
28
16
54
84
134
188
104
92
175
126
98
53
87
105
136
182
192
110
184
154
121
75
23
59
70
84
117
118
78
121
156
86
22
-19
28
58
72
105
102
80
107
1,379
815
339
-26
259
389
639
1,007
1,086
499
847
107
105
100
79
48
54
62
129
129
87
90
712
685
548
278
233
291
362
670
732
391
564
1
Annual data are tabulated on the basis of the yearly accounting periods covered by published annual reports. Figures shown in the table
include reports for fiscal years ending within the period July 1 of the current year through June 30 of the following year. For about 10 per
cent of the companies, the fiscal years end in months other than December.
2.14
FEDERAL RESERVE BULLETIN
QUARTERLY EARNINGS AND DIVIDENDS OF CORPORATIONS
companies engaged primarily in the production
of durable goods, classified into six subgroups;
xo4 companies engaged primarily in the production of nondurable goods, classified into four
subgroups; and a group of 74 companies engaged
in various service activities such as trade,
restaurants, amusements, and water and air
transportation. Companies have been classified
on the basis of their predominant prewar activity. To a considerable extent, total profits of
the group of 62.9 corporations represent large and
very large companies in the durable goods industries. The sample includes no representation
of small companies, that is, with total assets
under $150,000, and very limited representation
of companies with assets between $2.50,000 and
$5,000,000; also it includes no companies in
some important nondurable goods industries
such as meat packing, sugar refining, and rubber.
The 555 manufacturing and mining companies
in the sample accounted for about 40 per cent
of the net income of all United States manufacturing and mining corporations in 1939.
As stated above, complete quarterly data for
the 62.9 companies are available only for the
period 1939 to date. Table 1 shows the annual
reported profits for each year from 1919 through
1939 of 488 of these companies. Companies
which made important acquisitions of other
companies during the period have been included
whenever it was possible to include earnings of
predecessor companies. Of the 141 companies
excluded from the annual table, some were not
in existence in 192,9 and others did not publish
earnings reports for all years (companies in
receivership with no published annual earnings
data for one or more years and companies whose
stocks were privately held during the early
years of the period). No annual figures have
been compiled on earnings before Federal income, undistributed profits, and excess profits
taxes. Table 1 also shows annual profits and
dividends for the period 19x9-1939 for the group
of 152. companies for which dividends have been
compiled.
PUBLIC UTILITY CORPORATIONS
In the lower half of the new table on page Z48
are presented available quarterly figures for the
MARCH
1942.
larger operating companies in each of three
public utility industries—railroad, electric
power, and telephone. These series do not
necessarily reflect earning trends for the smaller
companies in these industries, nor for those
holding companies which receive their main
income from investments in affilated companies.
In general, the objective has been to show for
each group the operating revenue, net income,
and dividends. Operating revenue reflects the
general level of operations in the industry,
exclusive of income from investments, while
net income is the amount left after deduction
of operating expenses and all charges, including
interest and taxes. Comparison of operating
revenue with net income provides an overall
picture of the effect of changes in total expenses
and charges.
Figures for railroads are as published by the
Interstate Commerce Commission for all Class
I line-haul railroads. This group of about 132.
railroads, each of which has annual operating
revenue of at least $1,000,000, comprises about
96 per cent of all operating revenue in the railroad industry. The figures do not cover switching and terminal, lessor, or proprietary companies.
Two additional income series are shown: (1)
Net income is shown before Federal income and
excess profits taxes; for some purposes, quarterby-quarter comparisons on the basis of this
series may be desirable because of the irregularity of quarterly appropriations for Federal
taxes in recent years. (2.) Net income is shown
for those Class I roads which were currently
in trusteeship or receivership, designated for
brevity as 4 'insolvent." This series is included
because for many years an important part of
the railroad industry has been operated under
trusteeship or receivership. Separate data on
the operating revenue of insolvent roads are
not reported currently, but for the full years
1939 and 1940 it amounted to 2.3 per cent of the
Class I total. The usefulness of income data
for insolvent roads is limited by the fact that the
number of companies included varies from year
to year.
Table 2. provides retrospective annual data for
railroads back through 192.9. Net income data
"5
QUARTERLY EARNINGS AND DIVIDENDS OF CORPORATIONS
on insolvent roads are not available prior to
1939; the table includes figures on total bond
interest for all Class I roads and unpaid interest
of insolvent roads as a rough indication of the
changing proportion over this period of roads
in receivership or trusteeship.
TABLE 2
ANNUAL EARNINGS, INTEREST AND DIVIDENDS OF CLASS I
RAILROADS, 1929-1940
[In million s of dollars]
Bond interest
Year
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
Operating
revenue
6,280
5,281
4,188
3,127
3,095
3,272
3,452
4,053
4,166
3,565
3,995
4,297
Income
before
Net
Unpaid income income
2
by inTotal
tax 1
charges solvent
roads
489
498
502
502
500
472
470
450
448
436
427
415
6
4
10
16
53
59
93
104
98
124
109
105
986
564
145
-127
7
-3
26
195
130
-105
126
251
897
524
135
-139
-6
-17
8
165
98
-124
93
191
Dividends
490
507
330
94
96
133
126
170
168
83
126
159
1
After all charges and taxes except Federal income, undistributed
profits,
and excess profits taxes.
2
After all charges and taxes and before dividends.
Statistics on the electric power industry cover
2.8 of the larger operating companies in the
industry. They include all companies which
have published quarterly statements since 1939
and which met during the years 193 5-1939
certain criteria as to size and as to proportion
of income derived from non-electric operations
and investments in affiliates. The extent to
which this sample of 2.8 companies represents
the electric power industry may be indicated
by some comparisons with the total of all Class
A and B companies—that is, with all private
electric power companies having annual revenues of at least $2.50,000. For the years 1939
and 1940 the sample covers 2.6 per cent each of
the total operating revenue, the net income, and
the dividends for Class A and B companies.
The quarterly data cover the same items as
for railroads, except that no information is
shown for insolvent companies. Figures on
net income before Federal income and excess
profits taxes include estimates of appropriations
for Federal taxes for some of the companies,
both in the quarterly series for 1939 and 1940,
zi6
and in the annual series for the years 1934-1936.
Both the quarterly and the annual income tax
figures of some companies have been affected by
large credits taken in connection with the
calling of outstanding bond issues at a premium,
as well as by changes in Federal income taxes.
Quarterly figures on dividends of these electric
power companies cover all the preferred dividends but only about half of the common dividends paid by companies in the sample. This
arises from the fact that, for many of the
companies, virtually no common stock is held
by the public and no published information is
available as to whether common dividends are
declared quarterly or annually; only the annual
totals are available. Consequently, the sum
of the quarterly figures in this table will regularly be less than the totals shown for the year.
As in the case of the industrial companies,
quarterly dividends are usually computed on the
basis of dividends per share and number of
shares of stock outstanding.
Table 3 provides retrospective annual data
for the x8 companies back to 192.9. During
this period, several of the companies made
important acquisitions of properties; where back
figures to 19x9 are available for the acquired
properties, these have been included. For Z3
of the 2.8 companies, the figures for operating
revenue, net income, and dividends for the
TABLE 3
ANNUAL EARNINGS AND DIVIDENDS OF ELECTRIC POWER
AND TELEPHONE COMPANIES 1929-1940
[In millions of dollars]
28 electric power companies
Year
1929.. . .
1930
1931
1932
1933
1934 .
1935
1936
1937
1938
1939
1940
Oper- Income
Net
ating before
inreve- income
2
tax 1 come
nue
4
4
4
4
4
3
585
596
590
556
540
562
588
630
672
657
692
735
3
130
136
150
161
148
160
177
3
3
3
175
173
163
144
124
116
124
136
141
127
138
143
72 telephone companies
Oper-
Divi- ating
dends revenue
3
106
133
145
137
116
109
109
111
117
113
116
118
1,133
1,167
1,137
1,011
933
944
997
1,076
1,138
1,140
1,198
1,270
Net Diviincome1 dends
206
193
198
152
139
136
157
196
192
176
201
205
118
146
184
199
194
193
193
181
179
190
181
169
1
After all charges and taxes except Federal income, undistributed
profits,
and excess profits taxes.
2
After all charges and taxes and before dividends.
3
Partly
estimated.
4
Not available.
FEDERAL RESERVE BULLETIN
QUARTERLY EARNINGS AND DIVIDENDS OF CORPORATIONS
years 1930-1940 are as published by the
Securities and Exchange Commission in Financial Statistics for Electric and Gas Subsidiaries of
Registered Public Utility Holding Companies, The
remaining figures have been compiled from
published statements available in other
sources.
For the telephone industry quarterly data are
shown for 33 large companies which report
monthly to the Federal Communications Commission. This group includes all companies
which in 1939 had operating revenues of at
least $1,000,000 and comprises about 95 per cent
of the entire telephone industry. In the case
of dividends, annual totals are as compiled by
the Federal Communications Commission, while
the current quarterly figures shown in the table
have been compiled from published sources for
a somewhat smaller group of companies. For
this reason, quarterly figures will regularly not
add to the annual totals.
The retrospective annual figures for telephone
companies shown in Table 3 represent 72 Class A
companies for which the Commission has published comparable figures back to 192.9 in Statistics of the Communications Industry for 1939* In
recent years these companies have received about
96 per cent of total operating revenue of the
industry.
In interpreting the net income and dividend
figures, it should be noted that both series are
adjusted to exclude dividends received by the
principal holding company in the group, the
American Telephone and Telegraph Company.
This exclusion is made in order that the figures
shall reflect primarily operating characteristics
of the industry, and in order to eliminate duplication involved in intercorporate dividends in
the Bell System.
NEW STATISTICS ON CORPORATE
SECURITY ISSUES
In this issue of the BULLETIN there is published
for the first time a table giving statistics on
corporate security issues based on information
now published regularly by the Securities and
Exchange Commission. This table, which appears on page 247 and will hereafter be regularly published in the BULLETIN, shows annual
data beginning 1934 and monthly data beginning
June 1940 on corporate issues sold for cash in the
United States. Figures are shown for estimated
gross proceeds, estimated net proceeds, and
proposed uses of net proceeds—for new money,
for retirement of securities, for repayment of
other indebtedness, and for other purposes.
These data are shown for all issuers and for four
main groups of issuers: railroads, public utilities, industrial companies, and other. Back
monthly data from January 1934 for the total
MARCH
1942
of all issuers, classified as to uses of funds, are
given in the table on page 219.
The new series include corporate flotations in
the United States irrespective of whether the
issues are publicly or privately placed and regardless of whether they are registered under
the Securities Act of 1933. In general, the data
cover issues over $100,000 in amount and, in the
case of debt issues, of a maturity of one year
and over, that are reported as offered for cash
in the financial press, in documents filed with
the Commission, or other available sources.
Omitted are some issues which do not appear
in the financial press (largely securities sold
through continuous offering, such as issues of
open-end investment companies), intercorporate
transactions, and parts of issues known to have
been sold outside the United States.
NEW STATISTICS ON CORPORATE SECURITY ISSUES
Statistics on the proposed uses of net proceeds
are shown in more detail for the total of all
issuers than for each of the four main groups of
issuers.
Under "new money" appear the
amounts for working capital and for plant and
equipment (including amounts to reimburse
corporate treasuries for capital expenditures).
"Retirement of securities" is broken down into
funded debt and preferred stock. "Repayment
of other debt" is shown separately for all
issuers; for the four main groups of issuers it
is combined with "other purposes" which
includes miscellaneous uses of funds.
The main groups of issuers include the following types of companies: The public utility
group is composed of electric light and power,
gas, water, telephone and telegraph, and street
railway companies. The industrial group includes companies engaged in such activities as
manufacturing and mining, merchandising, construction, service industries, motor transportation, pipe lines, steam shipping, aviation, and
radio. In the "other" group are finance and
investment, real estate, and issues of Government corporations and agencies which are not
guaranteed.
The table, regularly published in the BULLETIN
for a number of years, showing statistics on
capital issues, as compiled by the Commercial
and Financial Chronicle and the United States
Department of Commerce, will be continued
under the title "New Security Issues." This
table gives figures for domestic issuers, including
State and local governments, Federal agencies,
and domestic corporations, and for foreign
issuers; for each group of issuers offerings are
classified as for refunding or for new capital.
Data on corporate issues by industrial groups
published by the Chronicle are not shown in the
BULLETIN.
Figures for corporate issues appearing in the
two tables to be published in the BULLETIN do
not show the same totals. The discrepancies
are accounted for by differences in coverage
and in tabulation procedure. Some of the more
important of these differences are the following:
The Securities and Exchange Commission estizi8
mates include foreign corporate issues offered
in the United States and issues of Federal agencies which are not guaranteed, whereas the
Chronicle series of corporate issues covers only
those of domestic corporations, excluding Federally owned corporations. The Securities and
Exchange Commission figures, on the other
hand, exclude intercorporate transactions, parts
of issues sold abroad, and private sales of notes
to commercial banks where such banks are the
sole purchasers, whereas some transactions of
these sorts may be included in the Chronicle
figures. Differences in the monthly totals may
result also from the inclusion of a particular
issue in different months in the two series. In
regard to tabulation procedure it should be
noted that the Securities and Exchange estimates
of gross proceeds are derived by multiplying
principal amounts or number of units by the
offering price while the Chronicle figures of
amount offered represent the par amount offered
in the case of bonds, notes, or preferred stocks
of a stated par value, and the number of units
multiplied by the offering price in the case of
preferred stocks of no par value or all classes of
common stocks.
Classification of amounts offered as to purpose
is substantially different in the two tabulations.
In the Chronicle series, amounts for refunding
include the main part but not necessarily all of
the amount of securities retired as a result of new
offerings, and amounts for new capital include
all purposes other than refunding such as new
money, retirement of securities other than by
refunding, and repayment of bank loans. The
proposed uses of funds are more completely
analyzed by the Securities and Exchange Commission and the detailed classification of uses
in this series provides a more accurate picture
of the principal changes in capital structure of
corporations effected through new security
issues. It should be noted, however, that
statistics on the proposed uses of new security
issues afford only a part of the information
needed to understand how a corporation finances
its operations.
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES, BY MONTHS, JANUARY 1934-JUNE 1940
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dellars]
Proposed uses of net proceec
Is
Estimated
gross
proceeds
Month
Estimated
net
proceeds
N e w money
Total
....
....
Sept.
Oct
Nov.
Dec
1935—Jan
Feb.
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1936—Jan
Feb
Mar
Apr.
May
June
July
Aug
Sept
Oct
Nov
Dec
1937—Jan.
Feb
Mar
Apr
May
June
July
t
Aug
Sept
Oct
Nov
Dec
193a—Tan
Feb
Mar
Apr
May
June
Tulv
Auff.
Sept
Oct.
Nov
Dec
1939—r a n
Feb.
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec.
. ..
1940—Jan
Feb
Mar
Apr
May
June
MARCH
1941
Working
capital
4
2
2
6
1
5
1
1
17
1
7
5
72
183
87
12
13
24
59
49
16
1
6
4
71
180
85
12
13
24
58
46
1
3
2
3
2
15
19
48
31
115
162
156
406
530
168
248
273
266
295
48
31
112
158
151
400
515
161
242
266
258
287
16
2
1
19
18
14
30
18
26
11
23
65
309
147
516
880
258
610
319
259
241
381
246
615
295
142
502
857
252
595
309
253
234
366
237
597
262
352
302
174
190
389
229
82
155
133
53
52
48
156
38
74
94
326
183
307
209
382
110
398
179
301
204
372
108
392
21
163
111
229
46
365
199
383
107
200
87
266
20
159
106
223
45
358
194
376
106
198
83
259
155
267
103
315
141
145
151
261
100
308
137
142
Total
Bonds and
notes
12
12
12
1
3
61
178
52
4
6
2
36
8
3
61
178
52
4
6
2
36
8
16
16
9
18
23
14
1
1
10
10
4
30
2
9
3
5
42
13
28
111
132
115
386
481
118
207
198
223
181
13
28
111
132
115
386
470
112
179
179
219
177
49
9
33
72
20
97
36
126
69
86
88
173
39
4
14
52
10
58
7
8
38
32
35
83
10
4
19
20
10
39
29
119
31
54
53
90
232
125
444
758
231
442
260
103
162
267
139
413
255
343
292
166
184
378
224
79
150
129
52
50
60
107
87
115
63
190
140
40
104
53
51
38
38
61
65
93
39
63
93
15
33
32
19
24
22
46
21
22
24
126
47
25
72
21
32
14
46
154
38
73
92
44
37
11
8
56
165
123
61
117
24
24
110
39
23
6
7
15
107
118
30
84
12
18
45
4
15
5
1
41
57
5
32
33
12
6
65
4
16
51
75
18
19
29
29
6
29
17
32
18
20
24
47
26
20
3
2
39
4
16
8
12
20
1
27
9
27
7
14
11
25
15
16
to to
1934—Jan.
Feb
Mar
Apr
May
June
July
Aug
Plant and
equipment
Retirement of securities
1
1
2
2
2
2
3
18
2
1
9
8
10
1
Preferred
stock
Repayment
of other
debt
Other
purposes
8
31
1
20
18
1
1
3
1
19
7
16
2
10
6
27
20
3
4
4
25
9
55
12
40
1
229
109
428
741
156
422
230
89
160
240
138
406
3
16
16
18
75
19
29
13
3
27
1
7
13
8
13
19
168
223
192
42
120
172
43
37
40
59
1
9
99
197
181
36
100
130
39
37
30
59
1
9
69
26
12
6
20
41
4
2
108
1
108
1
62
25
116
43
203
81
284
72
259
62
24
115
18
182
71
283
54
248
14
13
71
2
11
16
8
4
2
7
5
14
132
48
143
26
333
145
340
96
151
58
223
14
97
48
141
22
333
138
337
96
151
55
219
11
6
13
22
11
4
112
206
70
191
104
115
108
195
58
164
104
115
10
1
24
20
11
1
18
10
36
2
4
7
3
2
4
4
11
12
27
54
11
21
1
2
6
5
i
12
7
1
2
2
2
2
11
4
6
21
8
5
2
1
9
40
2
5
18
6
6
9
7
8
1
1
1
8
26
3
10
40
14
37
5
63
12
22
1
1
1
2
2
9
2
5
1
2
S
1
5
18
2
3
16
8
1
1
3
5
2
1
1
3
16
35
4
69
7
6
4
1
2
1
1
2
1
ANNUAL REPORT OF THE BANK OF CANADA
The Annual Report of the Bank of Canada for the
year ig 41 was submitted to the Canadian Minister of
Finance, the Honorable J. L. Ilsley, on February 9,
1942, by Mr. Graham F. Towers, Governor of the
Bank. Excerpts from the Report are given herewith1:
The major changes which took place in our
various asset and liability accounts during the
course of the year are indicated in the following
table, which shows the effect of these changes
on* the cash reserves of the chartered banks.
[Millions of Canadian dollars!
Calendar year 1941
Changes Changes
producing producing
decrease increase
in
in
chartered chartered
banks'
banks'
cash
cash
Increase in Sterling and U. S. Dollars
Increase in Dominion and Provincial Government Securities
Increase in Other Assets
Increase in Rest Fund
Increase in Active Note Circulation
Increase in Dominion Government Deposits....
Decrease in Other Deposits
Increase in All Other Liabilities
Deduct
Increase in Chartered Banks' Cash Reserves ..
162.4
1.9
118.0
64.1
3.5
187.5
32.7
21.1
3.5"
219.7
187.5
32.2
NOTES IN CIRCULATION
The Bank of Canada note issue as at December
31 last was $495,956,z3i, up $136,007,111 from
the preceding year. Of the total amount of our
notes outstanding, 116.3 million dollars were in
the tills of the chartered banks, and 379.7
million dollars in the hands of the public. Including chartered bank notes in public hands,
total active note circulation on December 31,
1941, was 450.3 million dollars. The increase
on the year was approximately 109 million
dollars, somewhat larger than the 95 million
dollars rise in active circulation during 1940.
In a country such as Canada, where the great
majority of payments are made by cheques
drawn on bank accounts, the volume of notes
in active circulation is a matter of secondary
1 The full Report contains, in addition, notes on personnel matters,
the profit and loss accounts of the Bank for the year, and other items
in the year-end balance sheet. Summary figures from this balance
are shown on page 280 of this issue of the BULLETIN. For previous
reports, see BULLETIN for May 1939, Tune 1938, April 1937, and April
1936.
2.XO
interest from a monetary point of view. When
additional notes are required by the public, they
are obtained by withdrawals from the public's
accounts with the chartered banks. Thus the
volume of active circulation at any given time
is determined by the requirements of the people,
rather than by any action on the part of the
banking authorities.
It is, of course, true that an increase in the
active circulation of Bank of Canada notes would
have the effect of decreasing the chartered
banks' cash reserves if offsetting action were not
taken by the Bank of Canada. It has been the
policy of the Bank to take such action.
RESERVES
It will be observed that the account in our
statement entitled "Sterling and U. S. A.
Dollars" stood at $ioo,86i,i56 on December 31
last. These exchange holdings were made up
almost entirely of sterling which had been purchased from the Foreign Exchange Control
Board, and which the Board had contracted to
repurchase for future delivery. By selling
sterling to the Bank of Canada on a temporary
basis, the Board obtained Canadian dollars to
assist it in financing its operations. Transactions of this character took place on a substantial
scale in the early part of 1941, reaching a peak of
2.95 million dollars on June Z5. Subsequent
to the receipt of the proceeds of the First Victory
Loan, the Government made advances to the
Foreign Exchange Control Board which enabled
the Board to repurchase all sterling previously
sold to the Bank of Canada. In August, the
Board again found it necessary to sell sterling to
the Bank, and continued to do so through the
remaining months of the year.
When the Bank buys foreign exchange from
the Foreign Exchange Control Board, the transactions have the effect of increasing the cash
reserves of the chartered banks. This effect was
largely offset during 1941 through our sales of
securities in the market and by an increase in
Dominion Government balances carried with
the Bank of Canada. Between January 1 and
June Z5, when our foreign exchange holdings
increased by Z56 million dollars, our security
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE BANK OF CANADA
holdings were reduced by 35 million dollars, and
deposits by the Dominion Government increased
zi8 million dollars. A similar movement occurred in the latter months of the year, when
an increase in foreign exchange holdings of xoo
million dollars between August 13 and December
31 was offset, in part, by a reduction in our
security holdings amounting to 41 million
dollars, and by an increase of 54 million dollars
in the Government deposit.
The reverse operation takes place when the
Bank sells foreign exchange. Thus, a reduction
in our sterling-U. S. A. dollar holdings of i^4
million dollars between June 15 and June 30
was accompanied by an increase of 103 million
dollars in our portfolio of Dominion and Provincial Government securities, while at the
same time the Dominion Government's balance
with us declined by 177 million dollars.
INVESTMENTS
Our holdings of Dominion and Provincial
Government securities on December 31 last
were $608,471,866, representing an increase of
$31,708,704 for the year. The substantial increase shown in our investments of a maturity
longer than two years, and the decrease in our
short term category, was due in the main to
conversion of the Bank's holdings of a Dominion
Government issue, which matured on October
16, into a new issue of 3-year 1)^ per cent Notes.
On the basis of the Wednesday figures published in our weekly statement, our total investments averaged 158 million dollars more in
1941 than in 1940.
BANK RATE
Bank Rate has remained unchanged throughout the year at 1^/2 per cent. Some credit
facilities were required by banks subsequent to
the issuance of the First Victory Loan, but the
total amounts involved were relatively small,
and advances were liquidated by the middle of
November.
SECURITY MARKETS
The event of the year in security markets was
the sale of the First Victory Loan. This Loan—
the first war-time financing of major importance
—was marketed by a country-wide organization,
under the direction of the Victory Loan ComMARCH
1941
mittee. The degree to which the Loan received
public support can be measured by the total
of cash subscriptions, namely, 730 million
dollars, and—even more significantly—by the
participation of no less than 968,000 subscribers.
Our estimate of net new bond issues during
1941 is shown in the appended table. As a
result of war requirements, the Dominion
Government's net borrowing from the Canadian
public reached an unprecedented level. On the
other hand, provincial governments, as a whole,
effected a net reduction in their bonded debt, and
the net retirement of municipal and corporate
obligations which has been taking place in
recent years continued on a somewhat expanded
scale.
In spite of the large increase in the over-all
volume of new money raised in the Canadian
market, high-grade bond prices rose perceptibly
during the year. The average price of two
typical long term Dominion Government issues
increased from about 9 9 ^ in January 1941 to
about 100^6 in January 1942., representing a
decline in yield of about one-tenth of one per
cent. In the United States and the United
Kingdom, over this period, government
securities of similar maturity showed little
net change.
[ESTIMATED NET NEW BOND ISSUES OR RETIREMENTS*
[Par values in millions of Canadian dollars]
1
Calendar
Year
1936
1937
1938
1939
1940
1941
1936
1937
1938
1939
1940
1941
.
Total*
. .
. .
Dominion
andC.N.R.
Provinces
Payable in Canadj1 only
374
II
125
66
182
1
25
82
60
182
91
222
53
74
434
75
497
6
692
1 732
Payable at road, only 01 optionally
205
39
27
24
125
14
11
21
77
195
96
29
187
15
153
203
259
34
Private
Corporations
183
75
31
95
12
34
139
87
45
128
19
22
* The table includes War Savings Certificates, but takes no account
of Treasury Bills, or the following short-term Dominion Government
issues which were sold to banks:
200 million dollars of 2% 2-year notes sold October 16, 1939, and
refunded at maturity into \\% 3-year notes;
250 million dollars of 1% 1-year notes issued to the Bank of Canada
in connection with the Foreign Exchange Acquisition Order of April
30,1940, and refunded at maturity by a similar issue;
250 million dollars of 1|% notes sold January 2 and February 1,
1941 and due July 2, 1943.
Available information concerning issues and retirements by municipalities and religious institutions was not sufficiently comprehensive
to justify including such classifications of bonds in the table. However,
the net reduction of total municipal bonded debt less sinking funds
has been (in millions of dollars) approximately 25, 30, 37, 27 and 43
respectively, in the years 1°37 to 1941.
CURRENT EVENTS
Meeting of Federal Advisory Council
The Federal Advisory Council met in Washington on February 15-16. The annual organization meeting was held on February 15, at
which Edward E. Brown, President of the First
National Bank of Chicago, was reelected as
President of the Council, and George L. Harrison, President of the New York Life Insurance
Company, as Vice President. Walter Lichtenstein was reappointed as Secretary. The Council
met with the Board of Governors of the Federal
Reserve System on February 16.
ing the period January 16, 1942., to February 15,
inclusive.
Illinois
Abingdon—Abingdon Bank and Trust Company
Indiana
Peru- -The Peru Trust Company
Michigan
Niles—State Bank of Niles
Meeting of the Presidents* Conference
The Presidents of the Federal Reserve Banks
met in Washington on February 2.-3, and on
February 3 a meeting of the Presidents with the
Board of Governors was held.
New York
Dundee—Dundee State Bank
East Syracuse—Bank of East Syracuse
Ohio
Montpelier—The Farmers and Merchants' State
and Savings Bank
Admissions of State Banks to Membership in the
Federal Reserve System
The following State banks were admitted to
membership in the Federal Reserve System dur-
XXL
Virginia
Rocky Mount—Bankers Trust Company
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Compiled February 21 and released for -publication immediately.
Figures shown on
charts may differ from preliminary figures used in text. Later developments
are discussed on pages ipj to 201 of this BULLETIN.
Industrial activity rose further in January and
the first half of February, reflecting continued
sharp advances in output of military products.
Retail trade was unusually active and prices,
particularly of unregulated commodities, advanced.
PRODUCTION
Volume of industrial production increased in
January, although usually there is some decline
at this season, and the Board's adjusted index
rose further to 170 per cent of the 1935-39 average. Continued rapid increases in activity were
reported in the machinery and armament industries and production of chemicals likewise rose
sharply. Activity
at cotton textile mills
reached a new high level, following some decline
in December. In the meatpacking industry,
where activity had risen to record levels in December, there was a further advance in January
and output of most other manufactured food
products was maintained in large volume for
this time of year.
Production of steel and nonferrous metals
continued near capacity in January and lumber
production, which usually declines at this sea-
son, was sustained. In the automobile industry output of passenger cars and light trucks
continued at about the December rate; in February, however, production of cars and trucks for
civilian use was halted and the plants were shut
down for conversion to armament production.
Coal production increased in January, following
a decline in December when demand was curtailed somewhat by unusually warm weather,
and output of crude petroleum was maintained
at record levels.
Value of construction contracts awarded in
January was some two-fifths below the level of
the last quarter of 1941, according to figures of
the F. W. Dodge Corporation. Declines were
reported in all classes of construction; the decrease in residential building being usual at this
season.
Total awards in January were slightly larger
than last year, but public projects accounted for
a much larger proportion of the total than a
year ago.
DISTRIBUTION
In January retail trade was stimulated considerably by widespread anticipatory buying of
DEPARTMENT STORE SALES AND STOCKS
INDUSTRIAL PRODUCTION
200
50
150
40
140
40
130
180
160
(
/
140
I vV
120
100
/
r
10
J
^
90
\
1942
100
90
80
80
y^
\ ^
70
1940
^ HAi
SALES
Federal Reserve monthly index of physical volume of production,
adjusted for seasonal variation, 1935-39 average = 100. Latest figures shown are for January 1942.
120
no
00
\
MARCH
20
STOfiKS
70
*
"
60
60
50
50
I936
I937
I938
I939"
I940
I94I
1942
Federal Reserve monthly indexes of value of sales and stocks, adjusted for seasonal variation, 1923-25 average = 100. Latest figures
shown are for January 1942.
i2
-3
NATIONAL SUMMARY OF BUSINESS CONDITIONS
many products resulting from announcements
that distribution of new tires and tubes, new
automobiles, and sugar would henceforth be
rationed and that the amount of materials available for use in various other goods would be
restricted. Sales at department stores, variety
stores, and general merchandise stores declined
much less than is usual after the Christmas season, while sales of tires and tubes were restricted
to essential uses and sales of automobiles ceased
pending the establishment of a rationing system.
In the first half of February department store
sales decreased somewhat from the high level
reached in mid-January.
Total carloadings of revenue freight, which
usually decline in January, showed little change
this year and the Board's seasonally adjusted
index advanced from 137 to 140 per cent of the
1935-39 average. Loadings of grain and forest
products rose to unusually high levels for this
time of year and coal shipments also increased,
following a decline in December. Shipments of
miscellaneous freight, which include most manufactured products, declined less than seasonally.
its terms. About one-half of these schedules
were issued following the United States' entry
into the war. In this period, price controls
were extended to a number of finished consumers*
goods and covered mainly items for which output for civilian use had been sharply curtailed
or. prohibited by Federal order. Retail prices
of foods and textile products, which are not
subject to direct control, showed exceptionally
large increases from December 15 to January 15
and, according to preliminary indications, have
continued to advance since that time.
COMMODITY PRICES
UNITED STATES GOVERNMENT SECURITY PRICES
Prices of commodities and services continued
to advance sharply in January and the first half
of February. The Emergency Price Control Act
of 1942. became a law on January 30 and former
Federal maximum price schedules—approximately 100 in number—remained in effect under
Prices of United States Government bonds
declined somewhat in the first half of February,
following little change during the previous
month, while prices of short-term securities,
which had risen in January, were steady.
BANK CREDIT
Since the beginning of the year loans and
investments at banks in leading cities have increased, reflecting purchases of Government securities by city banks outside New York and
increases in commercial loans by banks in New
York. Demand deposits and currency in circulation have risen sharply. Member bank reserves have shown little change in recent weeks,
and excess reserves have continued close to 3^
billion dollars.
MEMBER BANKS IN 101 LEADING CITIES
COST OF LIVING
BILLIONS OF DOLLARS
30
130
120
120
110
no
r
U. S. G0VT OBLIGATIONS
ALL/ ITEMS
00
90
r^i—
1
....
130
120
90
CLOTHING
NO
RENT
1
130
L
120
1
of
TOTAL LOAN
>
^
•
r-4
110
•
100
100
FOOD P ^ " /
90
J
100
C0MMERCIAL LOANS
y
•
90
•
80
1937
I
80
1938
1939
1940
1941
1942
1936
Bureau of Labor Statistics' indexes, 1935-39 average = 100. Fifteenth of month figures. Last month in each calendar quarter
through September 1940, monthly thereafter. Latest figures shown
are for January 1942.
Wednesday figures. Commercial loans, which include industrial
and agricultural loans, represent prior to May 19,1937 so-called "Other
loans" as then reported. Latest figures shown are for February 18,1942.
FEDERAL RESERVE BULLETIN
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
117
Federal Reserve Bank discount rates; rates on time deposits, reserve
requirements, margin requirements
118
Federal Reserve Bank statistics
119-133
Reserve position of member banks; deposits in larger and smaller
centers
134
Money in circulation
135
Gold stock and gold movements; bank suspensions; bank debits
All banks in the United States, number, deposits, loans and investments
136
137
Condition of all member banks
138-2.39
Weekly reporting member banks
140-143
Commercial paper, bankers' acceptances, and brokers' balances
144
Money rates and bond yields
145
Security markets
146-147
Corporate profits
148
Treasury
finance
149-153
Governmental corporations and credit agencies; Postal Savings
System
Business indexes
154
15 5-165
Department store statistics
166
Wholesale prices
167
Current statistics for Federal Reserve chart book
168-170
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 ©f material collected by other
agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government
credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned;
data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS
and from Annual Reports of the Board of Governors for 1937 and earlier years. Current figures compiled by the Board are generally released prior to publication in the BULLETIN and press statements will
be sent without charge to those wishing them.
MARCH 1941
2.2.5
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY
BILLIONS OF DOLLARS
FIGURES
24
24
MEMBER BANK
RESERVE BALANCES
MONEY IN CIRCULATION
TREASURY CASH AND DEPOSITS
RESERVE BANK CREDIT
I
NONMEMBER DEPOSITS
1936
1937
1938
1939
1940
1941
1942
10
10
A.
8
8
REQU RED RESERVE
-
6
6
\
^y/ EXCESS RESERVES
J
1936
1937
1938
1939
1940
1941
1942
Latest figures for February 18. See page 227.
2.2.6
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
TreasTreasury deury
posits
Treascur- Money
with
ury
cir- cash
rency inculaFedouteral
holdtion
standReings
ing
serve
Banks
Nonmember
deposits
Other
Federal
Reserve
accounts
Member
bank reserve
balances
Total
Ex-
Monthy averages of
daily figures:
1940—Nov
Dec
1941—Jan
1941—Nov..
Dec...
1942—Jan...
2,261
2,188
2,184
2,184
2,219
2,251
1,045
1,038
1,084
908
915
867
1,215
1,149
1,136
1,277
1,304
1,384
79
113
85
121
180
148
2,344
2,305
2,272
2,311
2,404
2,402
21,662
21,890
22,063
22,786
22,759
22,741
3,065
3,079
3,092
3,225
3,239
3,252
8,415
8,688
8,591
10,496
10,985
11,105
2,194
2,201
2,193
2,194
2,189
2,209
348
338
265
669
592
467
1,710
1,715
1,755
1,774
1,531
1,389
275
283
283
290
292
291
14,131
14,049
14,339
12,900
12,812
12,936
6,830
6,646
6,832
3,611
3,390
3,446
End of month figures:
1940—Nov 30
Dec. 31
1941—Jan. 31
1941—Nov. 29 . . . .
Dec. 31
1942—Jan. 31
2,199
2,184
2,184
2,184
2,254
2,243
1,023
1,048
1,048
908
917
821
1,177
1,136
1,136
1,277
1,337
1,421
101
88
64
122
104
123
2,304
2,274
2,250
2,312
2,361
2,369
21,801
21,995
22,116
22,785
22,737
22,747
3,072
3,087
3,097
3,231
3,247
3,259
8,522
8,732
8,593
10,640
11,160
11,175
2,187
2,213
2,193
2,188
2,215
2,196
250
368
688
429
867
361
1,726
1,732
1,777
1,644
1,360
1,428
277
284
282
288
291
289
14,215
14,026
13,930
13,140
12,450
12,927
6,849
6,615
6,380
3,828
3,085
3,347
Wednesday figures:
1941—Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
2,184
2,184
2,184
2,184
2,184
955
955
1,008
1,008
1,008
1,230
1,230
1,177
1,177
1,177
59
46
100
53
2,244
2,235
2,286
2,239
2,234
22,384
22,413
22,421
22,482
22,506
3,110
3,113
3,116
3,118
3,122
8,944
8,993
8,989
8,992
9,071
2,251
2,272
2,269
2,299
2,283
1,045
813
534
947
865
1,704
1,740
1,763
1^830
288
288
289
289
288
13,506
13,656
13,979
13,506
13,524
5,941
6,027
6,264
5,760
5,771
2,184
2,184
2,184
2,184
1,008
1,008
1,008
1,008
1,177
1,177
1,177
1,177
43
53
50
43
2,229
2,239
2,237
2,231
22,525
22,538
22,565
22,573
3,125
3,129
3,131
3,133
9,151
9,155
9,186
9,294
2,292
2,283
2,280
2,221
804
762
477
462
1,905
1,961
1,972
1,926
288
287
286
286
13,440
13,458
13,732
13,749
5,711
5,689
5,855
5,824
2,184
2,184
2,184
2,184
951
951
951
951
1,234
1,234
1,234
1,234
54
63
55
63
2,240
2,249
2,241
2,249
22,579
22,593
22,612
22,620
3,136
3,138
3,142
3,148
9,394
9,393
9,433
9,490
2,229
2,240
2,258
2,275
993
941
1,024
1,081
1,852
1,809
1,855
1,891
285
285
295
295
13,201
13,312
13,131
12,985
5,407
5,488
5,314
5,145
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
5,265
5,124
5,336
5,181
5,155
May
May
May
May
7
14
21
28
July
July
July
July
July
2...
9...
16..
23..
30..
3
5
2
2,184
2,184
2,184
2,184
2,184
288
13,125
12,971
13,223
13,117
13,097
Aug.
Aug.
Aug.
Aug.
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
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
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
2,265
2,313
2,291
2,250
22,761
22,772
22,778
22,786
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
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
6
4
5
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
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
2,390
2,383
2,339
22,742
22,740
22,750
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
4
3
3
2,243
2,243
2,250
821
821
821
1,421
1,421
1,429
70
86
151
2,316
2,331
2,404
22,738
22,741
22,712
3,259
3,263
3,264
11,231
11,319
11,339
2,201
2,194
2,181
376
319
264
1,367
1,310
1,251
289
288
288
12,849
12,905
13,058
3,326
3,357
3,460
Sept.
Sept.
Sept.
Sept.
3...
10..
17.
24..
3
3
1
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.
MARCH
1941
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Rediscounts and advances under Sections 13 and
13a of the Federal Reserve Act except last
paragraph of Section 13
Secured by direct and
eligible guaranteed obligations of the U. S.
Federal Reserve Bank
Rate
Mar. 2
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco....
134
In effect
beginning—
Sept. 1,
Aug. 27,
Sept. 4,
M a y 11,
Aug. 27,
Sept. 16,
Sept. 1,
Sept. 21,
Aug. 24,
Sept. 16,
Sept. 16,
Sept. 3,
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
Advances under Section 10(b) of the
Federal Reserve Act
All other
Rate
Mar. 2
In effect
beginning—
Sept.
Aug.
Sept.
May
Aug.
Aug.
Feb.
Sept.
Aug.
Sept.
Aug.
Sept.
1939
1937
1937
1935
1937
1939
1939
1939
1937
1939
1939
1937
To banks
Rate
Mar. 2
1, 1939
27, 1937
4, 1937
11, 1935
27, 1937
21, 1937
28, 1942
2, 1937
24, 1937
3, 1937
31, 1937
3, 1937
In effect
beginningSept. 2,
Oct. 10,
Sept. 4,
Oct. 19,
Sept. 10,
Aug. 21,
Aug. 21,
Sept. 2,
Aug. 24,
Sept. 3,
Aug. 31,
Sept. 17,
To others
In effect
beginning—
Rate
Mar. 2
1937
1935
1937
1935 C 1 ) :
1937
1937
1937
1937
1937
1937
1937
1937
Sept.
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
In effect
beginning-
Rate
Mar. 2
Apr.
Feb.
Sept.
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
1, 1939
25, 1939
1, 1939
1, 1939
1, 1939
16, 1939
1, 1939
16, 1939
1, 1939
16, 1939
16, 1939
1, 1939
29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933
1
Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to U. S. Govt. securities' repurchase agreements are as follows:
New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Back figures.See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK MINIMUM BUYING RATES ON
BANKERS' ACCEPTANCES
[Per cent per annum]
Rate on
Mar. 2
Maturity
1
1-15 days ....
16-30 days....
31-45 days....
46-60 days....
61-90 days....
91-120 days...
121-180 days.
In effect beginning—
Previous
rate
Oct. 20, 1933
do
do
do
do
do
do
1
1
1
1
1
1
1H
MEMBER B A N K RESERVE REQUIREMENTS
[Per cent of deposits]
On net demand
deposits.
Central reserve city...
Reserve city
Country
On time deposits:
All member banks
Aug. 16, Mar. 1, M a y l , Apr. 16,
1938193619371937Oct. 31,
Feb. 28, Apr. 30, Apr. 15,
19382
1941
1937
1937
[In effect Mar. 2. Per cent per annum except as indicated by footnote6]
Federal Reserve
Bank
1
This rate also applies to acceptances bought under repurchase agre
ments, which agreements are always for a period of 15 days or less.
Classes of deposits
and banks
FEDERAL RESERVE BANK RATES ON INDUSTRIAL
ADVANCES AND COMMITMENTS
Effective
Nov. 21,
1941
Advances to or in participation with financAdvances
ing institutions
direct to
industrial
or comportion
mercial or- Onwhich
On reinganizations for
iining1
stitution is
1
irtion
portion
obligated
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
3
2-3
334-6
4-6
33^-6
3*3-5
4-6
4-6
3-6
3-6
4-6
4-6
4-6
ft
1
4
4-6
( )3
Commitments
to make
advances
34
1-2
34-2
H-l
1-2
1-2
H-2
34
3-6
3-6
3 4
4
3-4
3-6
4
4-6
4-5
(6)1
1-2
(•)1
34-2
1
15
$?£
12H
26
20
14
12
26
20
14
6
5
6
1
See footnote to table on p. 234 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.
MARGIN REQUIREMENTS*
[Per cent of market value]
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
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
55
3
55
T2.S
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
Nov.l
1937
[Per cent per annum]
and
Nov. 1, 1933Jan.31,1935
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.
The Fed. Res. Banks of New York, Philadelphia, Cleveland, Richmond,
Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, and Dallas may
charge same rate 2as charged borrower by financing institution, if lower
than
rate shown. Same as rate charged borrower by financing institution.
4
One per cent less than rate charged borrower by financing institution.
One per cent less than rate charged borrower by financing institution
with
minimum of three per cent (see note *).
5
One^half of one per cent less than rate charged x borrower by financing
institution
with minimum of four per cent (see note ).
6
Minimum charge one-fourth of one per cent.
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
3^
2H
2H
2H
2H
1
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]
End of month
Wednesday figures
1942
Feb. 18
Feb. 11
Feb. 4
Jan. 28
Assets
Gold certificates on hand and
20,503,515 20,529,518 20, 521,517 20, 522,i
due from U. S. Treasury
13,019
12,737
Redemption fund—F. R. notes.
11,660
12,195
352,419
Other cash
342,320
371,455
350,171
Total reserves
Jan. 21
Jan. 14
Jan. 7
Dec. 31
Jan.
1941
Dec.
Jan.
1,523,
3,488,015 20,490,017 20,490,015 20,1,522,014 20, 490,015 19,904,782
13,668
11,162
13,668
8,392
13,669
13,436
13,437
369,320
260,678
260,678 371,814
296,423
353,083
337,653
20,868,953 20,884,575 20,883,348 20,905,666 20,889,535 20,839,104 20,800,109 20,764,361 20,902,496 20,764,361 20,284,988
Bills discounted:
For member banks
For nonmember banks, etc.
3,144
3,092
3,738
3,945
3,203
3,582
4,120
2,955
3,646
2,955
2,318
Total bills discounted ...
3,144
3,092
3,738
3,945
3,203
3,582
4,120
2,955
3,646
2,955
2,318
8,877
9,001
9,024
9,421
9,512
9,619
9,504
8,968
9,504
7,864
Industrial advances
U. S. Government securities:
Direct
Bonds
Notes
Bills
Guaranteed
1,553,960 1,546,555 1,546,555 1,546,555 1,548,005 1,462,205 1,462,205 1,462,205 1,546,555 1,462,205 1,280,000
692,500
777,300
777,300
692,500
777,300
692,500
692,5C0
692,500
692,500
777,300 899,500
10,370
10,370
10,370
6,000
10,370
4,600
4,600
4,600
3,600
3,600
4,600
3,600
3,600
4,600
3,600
3,600
Total U. S. Government
securities, direct and
guaranteed
2,250,060 2,242,655 2,242,655 2,242,655 2,250,105 2,254,475 2,254,475 2,254,475 2,242,655 2,254,475 2,184,100
Other Reserve Bank credit outstanding
113,782
82,963
122,815
93,842
142,088
61,072
118,261
76,866
120,522
93,842
55,648
Total Reserve Bank
credit outstanding
2,403,845 2,331.49C 2,316,466 2,338,587 2,383,251 2,390,384 2,386,475 2,360,776 2,369,051 2,360,776 2,249,930
Liabilities
F. R. notes in actual circulation . 8,438,100 8,422,164 8,351,642 8,230,125 8,198,916 8,170,584 8,178,757 8,192,169 8,302,935 8,192,169 5,883,685
Deposits:
Member
bank — reserve
account
13,057,722 12,905,279 12,848,808 13,074,608 13,145,468 12,991,582 12,716,754 12,450,333 12,926,838 12,450,333 13,929,840
U. S. Treasurer—general
302,149
284,180 418,609
663,254
account
263,522
318,516
376,245
867,493
360,595
688,446
867,493
754,816
787,364
716,060
729,779
774,062
Foreign
626,097
680, 744 682,406
710,465
774,062 1,206,115
640,156
588,184
586,170
663,125
656,951
Other deposits
625,385
628,823
684,551
717,078 586,170
571,219
Total deposits
14,572,726 14,533,362 14,592,010 14,755,942 14,816,378 14,805,163 14,755,556 14,678,058 14,714,976 14,678,058 16,395,620
Ratio of total reserves to deposit
and F. R. note liabilities combined (per cent)
90.7
91.0
91.0
90.9
90.8
90.7
90.8
90.7
90.8
90.8
91.0
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
Total
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
91 days
to 6
months
6 months
to
lyear
lyear
to
2 years
2 years
to
5 years
Bills discounted:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
3,945
3,738
3,092
3,144
3,173
3,079
2,463
2,526
23
24
16
52
73
153
176
270
427
308
274
140
203
126
136
132
46
48
27
24
Industrial Advances:
Jan. 28
Feb 4
Feb. 11
Feb. 18
9,024
9 001
8,877
8,553
2,680
2 673
2,495
2,399
405
399
407
343
149
203
153
178
418
342
392
205
1,059
1,467
1,475
1,556
1,418
1,010
1,035
962
1,544
1,561
1,578
1,573
1,351
1 346
1,342
1,337
97,000
97,000
97,000
97,000
247,200
247,200
247,200
247,200
477,000
477,000
477,000
477,000
U. S. Government Securities, Direct
and Guaranteed:
Jan 28
Feb. 4
Feb. 11
Feb. 18
MARCH 1941
2,242,655
2,242,655
2,242,655
2,250,060
Over
5 years
1,421,455
1,421,455
1,421,455
1,428,860
2.XO.
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
New
York
Philadelphia
20,522,016 191,462
20,521,51" 207,914
20,529,518 205,874
20,503,515 ,206,051
,230,364
,196,099
,157,210
,132,032
,163, 384 1,650,015
,178,861 1,636,799
1,188,"722" 1,626,569
1,150, 8471 ,639,936
12,195
11,660
12,737
13,019
3,914
3,865
3,820
3,786
1,199
991
814
1,670
579
509
443
395
652
593
543
499
371,455
350,171
342,320
352,419
32,493
34,707
38,516
37,140
74,010
67,890
66,952
68,406
28,466
27,757
25,858
27,939
33,730
30,201
30,977
28,049
Total
Assets
Gold certificates on hand
and due from U. S.
Treasury:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Redemption Fund—Federal
Reserve notes:
Jan. 28
Feb. 4
Feb. 11
,
Feb. 18
,
Other cash:
Jan. 28
Feb. 4
Feb. 11...
Feb. 18
.„.„.„.„..
,
Total reserves:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Bills discounted:
Secured by U. S. Government obligations, direct
and guaranteed:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Other bills discounted:
Jan. 28
Feb. 4
Feb. 11
Feb.18
Boston
20,905,666
20,883,348
20,884,575
20,868,953
3,088
3,006
2,377
2,432
,227,869 8, 305,
,246,486 8, 264,
,248,1,210 8, 224,
,246,.,977 8, 202,
325
925
200
312
573
980
976
108
1 ,192,
1 ,207,
1,215,
1 ,179,
1,495
1,120
1,216
1,199
Cleveland
Richmond
Atlanta Chicago
768,650
784,088
800,627
794,774
534, 1113 ,480,520
554,226 3,417,628
558,816 3,415,862
554,8813 ,478,785
San
Francisco
St.
Louis
Minne- Kansas
City
apolis
Dallas
628,314
629,217
630,358
626,181
367,145
370,192
370,516
365,012
540,823
553,874
567,713
545,477
381,037 1,586,191
392, 659
— 1,599,960
392,845 1,614,406
379,"996 1,629,543
244
714
686
663
800
728
1,667
1,614
566
549
535
523
359
351
344
338
688
674
661
651
520
510
501
494
1,186
1,164
1,144
1,128
26,549
23,734
22,784
23,456
60,630
57,786
55,513
58,074
22,563
21,201
19,496
21,008
6,828
6,241
6,315
6,426
15,974
14,917
15,190
15,155
16,308
14,380
14,190
12,716
35,806
31,763
30,166
33,282
429 1 ,684,397 788,236 560,904 3,541,950
1271 ,667,593 804,694 578,674 3,476,142
023 1,658,089 818,569 582,286 3,473,042
1811 ,668,484 816,800 579,000 3!,538,473
651,443
650,967
650,389
647,712
374,332
376,784
377,175
371,776
557,485
569,465
583,564
561,283
946
761
751
631
150
1,488
1,012
1,579
1,258
18,098
19,594
16,363
20,768
20
12
25
125
857
732
715
712
397,865 1,623,183
407,549 1,632,887
407,536 1,645,716
393,206 1,663,953
30
40
25
45
60
90
50
117
127
112
133
60
90
50
247
246
246
246
122
121
120
120
547
442
403
357
Total bills discounted:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
3,945
3,738
3,092
3,14
325
925
200
312
1,016
811
801
728
245
95
112
207
20
Industrial advances:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
9,024
9,001
8,877
8,553
1,488
1,492
1,302
1,198
3,614
3,562
3,582
3,412
277
245
281
279
760
760
760
757
519
510
512
501
301
379
379
370
122,391
122,391
122,391
122,996
153,313
153,313
153,313
154,050
92,705
92,705
92,705
93,113
65,939
65,939
65,939
66,253
188,649
188,649
188,649
189,502
73,232
73,232
73,232
73,573
46,804
46,804
46,804
47,029
70,866
70,866
70,866
71,218
60,405
60,405
60,405
60,692
133,930
133,930
133,930
134,557
191,137
191,137
191,137
191,168
54,67
54,677
54,67"
54,686
68,490
68,490
68,490
68,491
41,415
41,415
41,415
41,398
29,456
29,456
29,456
29,456
84,276
84,276
84,276
84,254
32,714
32,714
32,714
32,711
20,907
20,907
20,907
20,910
31,656
31,656
31,656
31,663
26,986
26,986
26,986
26,983
59,830
59,830
59,830
59,825
165,020 618,994
165,020 618,994
165,020 618,994
165,560 621,140
177,068
177,068
177,068
177,682
221,803
221,803
221,803
222,541
134,120 95,395
134,120 95,395
134,120 95,395
134,511 95,709
272,925
272,925
272,925
273,756
105,946
105,946
105,946
106,284!
67,711
67,711
67,711
67,939
102,522
102,522
102,522
102,881
87,391
87,391
87,391
87,675
193,760
193,760
193,760
194,382
U. S. Government securities, direct and guaranteed:
Bonds:
Jan.28
Feb. 4
Feb. 11
Feb. 18
Notes:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Total U . S . Government securities, direct and guaranteed:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
2.30
1,550,15,
1,550,15.
1,550,155
1,557,560
692,50C
692,50C
692,50C
692,50C
2,242,65J
2,242,65;
2,242,65!
2,250,06C
114,064 427,857
114,064 427,857
114,064 427,857
114,605 429,917
50,956
50,956
50,956
50,955
12
632
517
448
402
514
501
508
483
FEDERAL RESERVE BULLETIN
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minne- Kansas
Dallas
apolis
City
San
Francisco
Ass ets—Con tinued
Total bills and securities:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
2,255,624
2,255,394
2,254,624
2,261,757
166,833
167,437
166,522
167,070
621,586
621,211
621,337
623,466
181,698
181,441
181,451
181,822
222,325
222,143
222,196
223,027
134,900
134,880
134,880
135,268
95,926
95,905
95,90"
96,210
273,226
273,304
273,304
274,126
105,946
105,949
105,951
106,290
68,308
68,295
68,302
68,505
103,239
103,124
103,055
103,367
87,755
87,764
87,749
88,054
193,882
193,941
193,970
194,552
31,903
32,779
27,920
25,717
750
570
776
725
2,512
3,655
2,600
2,978
1,237
1,234
1,257
1,435
2,183
1,722
2,181
1,779
9,908
8,898
6,480
3,424
3,415
3,526
4,491
3,217
2,723
3,21"
2,701
2,779
2,477
2,259
1,939
2,602
687
1,11
254
692
2,013
2,393
1,564
1,513
783
867
711
852
3,215
3,319
2,966
3,721
994,637
1,008,459
938,444
1,170,713
96,277
92,599
84,707
108,454
221,699
243,916
205,731
266,313
78,614
67,782
66,839
83,420
126,094
112,993
122,528
147,807
77,726
82,961
76,487
89,573
40,781
43,009
43,119
41,890
142,368
158,300
142,318
190,998
45,577
43,530
43,873
49,030
23,519
22,779
21,512
24,894
38,768 33,567
39,255 37,846
37,500 37,294
55,786 43,206
69,647
63,489
56,536
69,342
Bank premises:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
40,75"
40,710
40,718
40,719
2,778
2,773
2,773
2,773
10,507
10,489
10,489
10,489
4,855
4,855
4,855
4,855
4,429
4,429
4,429
4,430
3,008
3,008
3,016
3,016
1,945
1,945
1,945
1,945
2,965
2,965
2,965
2,965
2,153
2,150
2,150
2,150
1,338
1,336
1,336
1,336
2,874
2,867
2,867
2,867
1,141
1,133
1,133
1,133
2,766
2,760
2,760
2,760
Other assets:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
46,186
47,1448,456
48,829
3,206
3,263
3,433
3,383
12,745
12,772
13,292
13,315
3,598
3,710
3,791
3,800
4,999
5,131
5,222
5,282
2,961
2,981
3,067
3,""
1,886
1,944
1,970
2,010
5,274
5,425
5,599
5,649
2,038
2,094
2,120
2,144
1,403
1,464
1,465
1,477
2,029
2,101
2,129
2,156
1,751
1,803
1,826
1,909
4,296
4,456
4,542
4,618
704,859 3,968,512
725,005 3,919,359
~~ ',7201,899,935
3!
724,274 4,014,996
809,635
806,950
806,423
809,929
469,587
471,777
470,044
468,680
706,409
719,206
730,680
726,973
522,863 1,896,993
536,963 1,900,856
536,250 1,906,494
528,361 1,938,950
Due from foreign banks:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Federal Reserve notes of
other banks:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Uncollected items:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Total assets:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
24,274,822 1,497, 716 9 ,174,640 1,462,
!,436 2,044,431 1,016,741
24,267,881 1,513,131 9,,157,041 1,466,154 2,014,015 ',037,424
1
014 649 1,042,501
24,194,784 1,506,424 9;,078,443 1,473,
24,416,735 1,529,385 9,,118,687 1,454,518 2,050,813 1,051,169
Liabilities
Federal Reserve notes in
actuardrculation:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
8,230,125
8,351,642
8,422,164
8,438,100
672, 727 2,,110 131
685, 443 2,129,443
689,291 2,149,835
693,250
"~ 2 ,149,418
578,561
584,830
595,629
595,536
784,768
791,188
801,226
804,512
421,724
433,753
433,281
433,997
278,338 1,738,033
287,816 1,757,951
286,703 1,775,727
289,118 1,779,749
323,899
329,832
330,765
331,746
210,486
213,144
214,486
215,422
265,694
271,254
271,221
272,800
133,456
138,354
136,887
137,391
Deposits:
Member bank—reserve
account:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
..,
13,074,608
12,848,808
12,905,279
13,057,722
636,350 51,912,889
634, 529 51,826,045
637,343 51,817,834
642,668 51,825,246
656,226 1 ,007,697
664,046 970,410
654,784 958,978
644,720 978,917
450,495
453,055
470,592
467,284
326,i, 846 1,904,247
335,960 1 ,821,247
342,502 1,817,872
3 3 6i,656
, " 1',934,195
377,561
364,359
373,127
374,156
184,463
174,153
185,904
183,411
344,005
346,228
360,218
355,969
301,427 972,402
303,860 954,916
310,570 975,555
307,873 ,006,627
712,308
728,634
737,113
735,161
U. S. Treasurergeneral account:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
302,149
376,245
318,516
263,522
25,413
32,287
27,825
20,737
49,223
54,979
52,901
66,800
21,377
24,235
34,899
21,509
20,361
31,449
27,820
23,587
18,469
19,244
12,703
15,677
17,353
20,352
20,315
19,120
42,952
53,961
40,231
15,187
13,479
20,813
14,102
14,709
18,778
29,602
16,076
14,568
27,253
29,126
28,578
16,532
21,929
24,263
20,911
10,747
25,562
35,934
22,155
24,349
Foreign:
Jan.
Feb.
Feb.
Feb.
716,060
682,406
680,744
626,097
27,529
26,896
26,145
24,863
282,156
267,991
267,080
245,286
67,845
64,693
64,693
59,417]
65,017
61,997
61,997
56,942
31,095
29,651
29,651
27,233
24,735
23,586
23,586
21,662
86,219
82,214
82,214
75,510
21,201
20,217
20,217
18,568j
15,548
14,825
14,825
13,616
20,495
19,543
19,543
17,949
20,495
19,543
19,543
17,949
53,725
51,250
51,250
47,102
28
4
11
18
I
MARCH 1941
2-3 1
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
New
York
Boston
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minne- Kansas Dallas
apolis City
San
Francisco
Liabilities—Continued
Deposits—Continued:
Other deposits:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
663,125
684,551
628,823
625,385
Total deposits:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
14,755,942
14,592,010
14,533,362
14,572,726
Deferred availability items:
911,721
Jan. 28
Feb. 4
947,434
861,625
Feb. 11
Feb. 18
1,028,672
Oth,er liabilities, including
accrued dividends:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Total liabilities:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
2,852
2,653
3,421
3,082
22,371 504,829
21,870 522,286
19,798 482,945
21,642 483,841
25,265
19,717
19,520
18,075
17,527
17,248
16,629
22,571
5,797
5,483
5,466
3,586
711,663 6,749,097 770,713 1,110,602
715,582 6,671,301 772,69111,081,104
711,111:6,620,760 773,89611,065,424
709,910 6,621,173 743,721 1,082,017
505,856
507,433
518,412
513,780
5,410
3,358
3,351
2,865
16,587
17,542
14,404
10,938
11,646
11,260
10,513
11,049
1,448
1,959
2,60:
7,623
374,344 2,036,9281 428,828
383,256 1,967,479 422,931
389,754 1,943,387 421,850
380,303 2,029,568 418,371
230,435
229,840
227,318
222,644
393,201
396,856
410,941
398,07:
3,510
10,057
3,070
4,676
2,35(
4,51:
2,34'
2,05
46,379
49,259
48,176
36,462
346,20' 1,098,068
352,178 1,091,359
353,373 1,097,136
338,626 1,114,540
87,262
86,041
79,902
100,103
185,969
226,980
178,354
218,635
78,558
74,026
68,986
80,656
114,086
106,787
112,993
129,295
72,657
79,752
74,305
86,895
38,275
40,055
39,366
40,938
144,710
145,143
131,850
156,830
44,952
42,243
41,842
47,877
18,862
18,983
18,402
20,800
36,016
39,597
36,990
44,611
31,559
34,809
34,337
40,664
58,815
53,018
44,298
61,368
384
420
470
469
607
487
648
608
182
197
302
215
328
274
344
337
322
310
327
317
169
15:
175
196
361
302
487
374
73
76
106
80
119
108
127
110
105
94
123
106
132
114
134
148
70
119
178
122
691,126 3,920,032
711,279 ,870,875
715,998 ,851,451
710,555 ,966,521
797,752
795,082
794,563
798,074
459,902
462,075
460,333
458,976
695,016
707,801
719,275
715,590
511,354
525,455
524,731
516,829
,869,261
,873,130
,878,725
,911,191
I
23,900,640
23,893,739
23,820,572
24,042,580
, 472,036 9,045,80411,428,0142,009,784 1,000,559
,487,486 9,028,211 1,431,744 1,979,353 1,021,248
1,026,325
,480,774 8,949,597
,503,732 8,989,834 11420,128 2,016,161 1,034,989
Capital accounts
Capital paid in:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
142,902
142,923
143,040
143,056
9.4C5
9,403
9,403
9,405
52,205
52,215
52,222
52,223
11,852
11,849
11,854
11,840
14,755
14,752
14,758
14,754
5,739
5,744
5,745
5,745
4,925
4,925
4,925
4,928
15,717
15,722
15,741
15,744
4,449
4,449
4,451
4,453
3,021
3,025
3,037
3,038
4,621
4,626
4,629
4,634
4,374
4,374
4,387
4,404
11,839
11,839
11,888
11,888
Surplus
Jan.
Feb.
Feb.
Feb.
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):
Jan. 28
Feb. 4
Feb. 11
Feb. 18
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:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
46,997
46,936
46,889
46,816
2,452
2,419
2,424
2,425
12,910
12,894
12,903
12,909
3,006
2,997
2,990
2,986
4,539
4,557
4,551
4,545
1,963
1,952
1,951
1,955
2,370
2,363
2,359
2,353
8,409
8,408
8,389
8,377
1,938
1,923
1,913
1,906
2,512
2,525
2,522
2,514
2,022
2,029
2,026
1,999
1,896
1,895
1,893
1,889
2,980
2,974
2,968
2,958
Total liabilities and capital
accounts:
Jan. 28
24,274,822 ,497,716 9,174,640 1,462,436 2,044,431
Feb. 4
24,267,881 ,513,1319,157,041 1,466,
,014,015
24,194,784 ,506,424 9,078,443 1,473,221 2,014,649
Feb. 11
24,416,735 ,529,385 9,118,687 1,454,""
Feb. 18
518 2,,050,813
,016,741
,037,424
,042,501
,051,169
704,859
725,005
729,720
724,274
,968,512
,919,359
,899,935
,014,996
809,635
806,950
806,423
809,929
469,587
471,777
470,044
468,680
706,409
719,206
730,680
726,973
522,863 ,896,993
536,963 900,856
536,250 ,906,494
528,361 ,938,950
859
857
1,471
1,455
1,698
1,667
1,664
1,644
1,874
1,774
1,774
1,934
1,140
1,100
1,100
1,130
1,500
1,500
1,500
1,500
2,783
2,824
2,804
2,791
(section 7):
28
4
11
18
Commitments to make
industrial advances:
Jan. 28
Feb. 4
:
Feb. 11
Feb. 18
14,272
14,132
14,690
14,987
166
149
135
132
389
373
366
365
2,765
2,808
2,781
2,944
1,073
1,055
1,072
1,069
FEDERAL RESERVE BULLETIN
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Applications
approved
Applications imder
consideration
Applications
received
Date (last Wednesday of
each month)
Number
Amount
Number
4,386
6,325
7,437
8,006
8,247
8,344
8,430
8,474
8,534
8,708
8,976
9,102
9,188
9,249
9,308
9,366
9,418
9,476
9,512
9,556
9,609
9,633
9,659
9,682
9,719
9,793
9,817
9,855
9,891
9,912
9,950
9,974
10,007
10,035
10,051
146,972
237,581
293,084
314,471
328,998
333,300
339,509
341,842
350,551
358,936
369,853
378,974
387,490
392,230
395,499
402,305
405, 225
410,192
413,646
417,260
431,236
435,474
442,712
448,506
444,985
455,868
458, 092
471,035
481,255
498, 017
504,144
506,320
510,443
512,449
523,424
71
68
1934—Dec. 26
1935—June 26
Dec. 31*
1936—June 24
Dec. 30
1937—Mar. 31
June 30
Sept. 29
Dec. 29
1938—Mar. 30
June 29
Sept. 28
Dec. 28
1939—Mar. 29
June 28
Sept. 27
Dec. 27
1940—Mar. 27
June 26
Sept. 25.. :
Dec. 314
1941—Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 28
Tune 2 5 . .
July 3C
Aug. 27. .
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1942—Jan. 28
Feb. 185.
Amount
Number
2,955
11,349
2,823
1,880
1,245
1,322
1,263
800
984
1,646
1,993
2,183
2,280
2,323
2,361
2,381
2,406
2,464
2,566
2,617
2,653
2,683
2,721
2,752
2,781
2,814
2,838
2,865
2,908
2,923
2,945
2,959
2,987
3,046
3,067
3,096
3,120
3,132
3,161
3,179
3,202
3,224
3,233
28
12
5
9
10
7
550
1,299
19
8
8
5
14
5
2
2
476
146
247
344
255
370
41
199
33
10
222
7
2
1
2
4
1
1,929
600
823
35
1,725
35
145
70
2,220
5
375
150
135
140
3
2
5
2
3
2
3
1
3
4
4
4
Approved
Advances Commitments outbut not
outstanding 1 standing completed 2
(amount)
Amount (amount) (amount)
49,634
88,778
124,493
133,343
139,829
141,545
145,758
146,724
150,987
154,918
161,158
168,380
175,013
177,895
179,778
185,234
188,222
192,665
195,739
198,966
212,510
214,000
223,226
228,732
225,849
234,714
238,505
248,867
258,154
267,606
274,739
276,499
279,860
281,617
291,357
13,589
27,518
32,493
30,484
25,526
23,059
23,019
21,415
20,216
19,371
18,444
17,567
17,345
15,798
15,255
14,454
13,683
12,723
10,988
10,778
9,152
9,483
9,451
9,526
9,157
9,639
10,549
10,761
10,359
9,808
10,612
10,836
10,337
9,752
9,278
8,225
20,579
27,649
24,454
20,959
18,611
16,331
14,880
12,780
13,110
13,649
13,597
14,161
12,647
11,175
10,517
9,220
8,224
8,762
8,078
5,226
5,207
5,066
7,315
8,464
12,342
13,072
11,697
12,928
13,551
13,238
14,735
14,597
14,272
14,987
20,966
11,248
11,548
9,381
8,226
7,898
1,470
537
3,369
3,419
3,084
5,737
1,946
1,975
2,067
1,938
2,659
2,471
2,195
2,315
13,954
12,325
20,424
19,986
13,035
14,134
8,090
11,626
11,520
10,251
12,317
9,774
8,294
7,612
14,563
Repaid,
expired,
or withdrawn by
applicant,
etc.
(amount)
Participations
outstanding 3
(amount)
5,558
24,900
44,025
61,425
77,9*0
85,210
97,663
102,588
107,384
111,193
117,555
122,447
128,839
135,004
139,281
146,156
151,679
158,110
162,612
167,046
177,792
179,021
179,569
180,989
183,646
186, 062
192,783
202,287
208,279
216,258
219,598
221,421
227,032
230,593
232,615
1,296
4,533
8,778
7,599
7,208
6,767
7,275
7,304
7,238
7,825
8,426
9,032
12,722
12,471
12,000
12,169
10,981
11,137
11,182
10,749
6,386
8,764
8,716
10,916
11,547
12,537
14,011
12,496
15,068
17,738
18,974
19,733
19,600
19,388
19,914
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 $685,000, Feb.
18, 1942.
4 Tuesday.
5 Latest date for which figures are available.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve Notes:
Issued to F. R. Bank by F. R.
agent:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Held by Federal Reserve
Bank:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
In actual circulation:1
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Collateral held by agent as security for notes issued to bank:
Gold certificates on hand and
due from U. S. Treasury:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Eligible paper:
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Total collateral:
Jan. 28
Feb. 4......
Feb. 11
Feb. 18
1
8,671,848
8,739,078
8,812,972
8,860,234
Boston
New
York
Phila- Clevedelphia land
699,417 2!, 228,240 603,700
705,815 2,244,025 605,876
712,335 2.,250,042 615,153
,260,518 618,757
723,
Richmond Atlanta Chicago
St.
Louis
Minne- Kansas
apolis
City Dallas
San
Francisco
820,217
824,413
835,406
836,544
461,378
466,897
469,578
471,859
304, 385
305,625
308,471
308,
1,782,181
1,794,720
,812,649
,820,231
344,896
344,355
348,080
348,014
216,613
219,093
220,258
221,218
276,037
279,196
279,955
281,582
149,201
150,725
151,138
151,054
785,583
798,338
809,907
817,645
25,139
21,046
19,524
23,221
35,449
33,225
34,180
32,032
39,654
33,144
36,297
37,862
26,047
17,809
21,768
19,874
44,148
36,769
36,922
40,482
20,997
14,523
17,315
16,268
6,127
5,949
5,772
5,796
10,343
7,942
8,734
8,782
15,745
12,371
14,251
13,663
73,275
69,704
72,794
82,484
,230,125
,351,642
,422,164
,438,100
672, 727 2,110,131 578,561
685,443 2,
:, 129,443 584,830
689,291 2,149,835 595,629
693'-1,250 2,,149,418 595,536
784,768
791,188
801,226
804,512
421,724
433,753
433,281
433,997
278,1,338 1,738,033
287,816 1,757,951
286,703 1',775,727
289, ,118 1,779,749
323,899
329,832
330,765
331,746
210,486
213,144
214,486
215,422
265,694
271,254
271,221
272,800
133,456
138,354
136,887
137,391
712,308
728,634
737,113
735,161
,800,500
,860,500
,952,000
,992,000
720,000 2,240,000
720,'
),000 2 250,000
720,
1,000 2 270,000
740,'
1,000 2 280,000
825,000
825,000
840,000
840,000
475,000
485,000
485,000
485,000
310,1,000 1 ,800,000
310,000 1,820,000
315,000 1,840,000
315,000 1',840,000
360,000
360,000
360,000
360,000
217,000
222,000
222,000
222,000
280,000
280,000
285,000
285,000
154,500
154,500
156,000
156,000
804,000
819,000
819,000
829,000
108
83
83
83
623
505
436
390
217,108
222,083
222,083
222,083
280,623
280,505
285,436
285,390
154,500
154,500
156,000
156,000
804,000
819,000
819,000
829,000
441,723
387,436
390,808
422,134
3,497
3,394
2,717
2,692
,803,997
,863,894
,954,717
,994,692
26,690
20,372
23,044
30,570
118,109
114,582
100,207
111,100
615,000
615,000
640,000
640,000
1,495
1,120
1,247
1,229
946
761
751
678
720, 325 2,241,495
720, 925 2,251,120
720, 200 2,271,247
740', 312 2,281,229
615,946
615,761
640,751
640,678
325
925
200
312
825,000
825,000
840,00G
840,000
475,000
485,000
485,000
485,000
310, 000
310, 000
315,
315, 000
1,800,000
1,820,000
,840,000
1,840,000
360,000
360,000
360,000
360,000
Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing banks.
MARCH 1942
2-33
RESERVE P O S I T I O N OF MEMBER BANKS, JANUARY, 1942
MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS
[Averages of daily figures. In millions of dollars]
[Averages of daily figures. In millions of dollars]
Classes of banks
and districts
Gross
demand
deposits
Net
deTime
mand
dedeposits
posits 1
Reserves with
Federal Reserve
Banks
Required
All member banks
48,769 40,301 12,330
Central reserve city banks:
820
New York
16,666 15,831
468
Chicago
3,633 3,201
Excess
Held
9,490 12,936
3,446
4,165
860
5,248
1,085
1,083
225
Reserve city banks:
Boston district
New York district
Philadelphia district
1,420
303
1,683
1,266
245
1,423
79
146
172
258
58
295
380
71
448
122
13
153
Cleveland district
Richmond district
Atlanta district
2,403
1,153
1,087
1,977
901
780
710
234
175
438
194
167
736
302
205
298
108
38
Chicago district
St. Louis district
Minneapolis district
1,988
1,242
514
1,465
953
405
693
171
81
335
201
86
507
271
103
173
70
17
Kansas City district
1,330
Dallas district
1,027
San Francisco district . . . 3,286
928
679
2,707
150
128
2,078
195
143
666
259
192
892
64
48
226
17,437 13,731
4,817
3,035
4,365
1,330
1,243
1,942
900
941
1,504
660
550
1,476
860
165
299
144
262
470
220
97
171
76
934
902
834
633
557
510
736
395
255
133
102
87
234
155
128
101
54
41
1,339
599
441
866
374
294
848
258
280
172
68
58
286
104
83
114
36
25
613
775
512
387
483
329
157
103
307
64
74
65
91
116
89
27
42
24
11,033
7,540
6,225
1,429
2,238
809
Total
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 d i s t r i c t . . .
Total
Ail
member
banks 1
Total reserves held:
1941—January
February
March
April
May
June
July
August
September
October
November
December
1942—January
Week ending (Friday):
1942—Jan. 9
Jan.16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Excess reserves:
1941—January
February
March
April
May
June
July
August
September
October
November
December
1942—January
Week ending (Friday):
1942—Jan. 9
Jan.16
Jan. 23
Jan. 30
Feb. 6
Feb. 13
Central reserve
city banks
Reserve
city
banks
Country
banks1
New
York
Chicago
14, 339
13, 996
13, 979
13, 600
13, 650
13, 201
13, 120
13, 004
13, 184
13, 097
12, 900
12, 812
12, 936
7, 135
6, 807
6, 924
6, 518
6, 243
5, 958
5, 875
5, 600
5, 554
5, 314
5, 053
5, 142
5, 248
1, 051
1 033
931
966
1 144
1 144
1 120
1 140
1 218
1 243
1 210
1 143
1 085
4, 240
4, 258
4, 197
4, 204
4, 298
4, 184
4, 198
4, 287
4, 335
4, 391
4, 424
4, 317
4, 365
1,913
1,898
1,928
1,912
1,965
1,914
1,927
1,978
2,076
2,149
2,213
2,210
2,238
12, 701
12, 967
13, 139
13, 058
12, 897
12 916
5, 160
5 183
5 332
5 340
5 291
5 309
1,029
1 ,115
1 130
1 090
1,044
1 ,034
4 261
4 401
4 432
4, 430
4 366
4 378
2,252
2,269
2,246
2,198
2,196
2,195
6 832
6 422
6 304
5 883
5 831
5 351
5 193
5 017
5 116
5 001
3 ,611
3 ,390
3 •446
3 505
3 166
203
2 812
2 514
2 ,238
2 ,150
1 ,898
1 ,834
1 ,626
945
989
1 ,083
381
347
252
295
434
424
388
403
478
512
367
295
225
2 016
2 004
1 923
1 885
1 949
1 820
1 ,789
1 ,824
1 ,836
1 ,845
1 ,456
1 ,303
1 ,330
930
906
„ 927
891
933
870
866
892
968
1,017
844
804
809
3 ,304
3 494
3 ,595
3 ,489
,351
,347
1 ,026
1 ,029
1 ,143
1 ,147
1,111
- 1 ,118
199
260
251
208
169
162
1 ,257
1 ,366
1 ,383
1 ,365
1 ,303
1 ,300
822
839
817
769
P
767
^767
v
Preliminary.
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. 228 for percentages of deposits required to be held
as reserves.
DEPOSITS OF MEMBER BANKS I N LARGER A N D 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
Gross demand
Time
Jan.
Dec.
Jan.
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City..
Dallas
San Francisco
2,663
18,911
2,583
3,337
2,055
1,921
6,959
1,841
956
1,943
1,801
3,798
2,640
18,800
2,608
3,353
2,062
1,871
6,844
1,791
963
1,919
1,803
3,759
629
2,442
1,032
1,445
629
430
2,008
429
361
307
232
2,385
Total...
48,769
48,411
12,330
1
Gross demand
Dec.
Jan.
637
2,455
1,081
1,464
632
436
2,054
434
364
313
237
2,388
12,493
J
Dec.
Member banks in smaller centers
(places under 15,000)
Time
Gross demand
Jan.
Dec.
Jan.
Time
Dec.
Jan.
Dec.
2,504
il,852
2,249
2,981
1,782
1,723
12,827
1,480
743
1,523
1,379
3,636
2,480
U,776
2,275
3,001
1,786
1,680
12,741
1,443
748
1,504
1,379
3,592
511
il,106
576
1,098
424
346
11,202
302
195
199
186
2,281
517
!1,117
622
1,115
425
350
11,219
305
196
203
190
2,282
159
393
335
356
272
198
500
361
213
420
422
163
160
384
333
351
276
190
482
348
215
414
425
167
118
517
455
347
205
84
339
126
167
108
46
105
119
520
459
349
207
86
342
128
167
110
47
105
24,679
124,405
18,424
!8,541
3,791
3,746
2,618
2,641
Excluding central reserve city banks, for which figures for latest month are shown in table above.
FEDERAL RESERVE BULLETIN
KINDS OF MONEY I N CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of month
Total
Gold
certificates
Silver
dollars
Treasury
notes
of 1890
Silver
certificates
Subsidiary
silver
coin
Minor
coin
United
States
notes
Federal
Reserve
notes
Federal
Reserve
Bank
notes
National
bank
notes
1940—December.
8,732
65
50
1,667
412
185
290
5,883
21
157
1941—January...
February..
March
April
May
Tune
July
August....
September
October...
November.
December.
8,593
8,781
8,924
9,071
9,357
9,612
9,732
9,995
10,163
10,364
10,640
11,160
64
64
64
63
63
63
63
62
62
62
61
61
50
50
51
51
52
53
54
55
56
57
59
60
1,595
1,635
1,651
1,654
1,697
1,714
1,691
1,723
1,724
1,715
1,737
1,733
403
406
413
418
426
434
438
445
455
463
474
481
183
184
186
189
191
194
196
199
202
205
208
209
278
278
277
274
286
300
307
313
314
317
321
313
5,842
5,985
6,106
6,247
6,468
6,684
6,813
7,027
7,181
7,378
7,615
8,138
21
21
21
21
20
20
20
20
20
20
20
19
156
155
154
153
152
150
149
148
147
146
145
144
1942—January...
11,175
61
61
1,657
471
206
302
8,253
19
143
Back figures.—See Annual Report for 1937 (table 35).
PAPER CURRENCY, BY DENOMINATIONS, AND COIN I N CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of month
1940—December
Total
in circula-1
tion
Total
Coin
$13
$2
$5
$10
$20
Coin and small denomination currency2
Large denomination currency2
Total
$50
$100
$500
$1,000 $5,000 $10,000
Unassorted 2
8,732
6,247
648
610
39
1,129
2,021
1,800
2,489
538
1,112
227
523
30
60
4
1941—January
February
March
April
May
June
July
August
September....
October
November
December
8,593
8,781
8,924
9,071
9,357
9,612
9,732
9,995
10,163
10,364
10,640
11,160
6,094
6,243
6,342
6,430
6,683
6,890
6,992
7,237
7,378
7,537
7,769
8,120
635
641
650
658
669
681
688
700
713
725
738
751
577
582
590
595
615
625
626
641
658
663
675
695
37
38
38
39
40
41
40
42
42
41
43
44
1,091
1,116
1,132
1,135
1,176
1,207
1,215
1,257
1,270
1,287
1,318
1,355
1,973
2,041
2,074
2,112
2,211
2,289
2,334
2,430
2,469
2,527
2,610
2,731
1,781
1,826
1,858
1,892
1,972
2,047
2,090
2,169
2,227
2,293
2,383
2,545
2,502
2,541
2,583
2,642
2,675
2,725
2,742
2,760
2,787
2,830
2,874
3,044
540
551
560
573
587
607
615
630
645
658
674
724
1,126
1,144
1,163
1,197
1,218
1,244
1,257
1,274
1,293
1,316
1,343
1,433
230
232
238
241
242
244
244
244
243
245
248
261
530
535
543
550
546
548
544
543
537
539
538
556
24
24
24
25
24
24
24
24
24
25
24
24
52
55
56
56
57
57
58
46
46
47
47
46
4
4
1
2
2
2
3
3
3
3
4
4
1942—January
11,175
8,053
738
656
42
1,309
2,713
2,595
3,126
745
1,481
265
566
24
46
4
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 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.
Back figures.—See Annual 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
FedSilver
dollars Subsidi- Minor United eral
Reand
ary
serve
coin States
silver silver
notes Bank
bul-1
coin
notes
lion
National
bank
notes
1940—December.. 3,087
1,945
425
189
347
22
159
1941—January....
February...
March
April
May
June
July
August
September.
October
November
December ..
3,097
3,102
3,109
3,122
3,134
3,149
3,166
3,181
3,198
3,219
3,231
3,247
1,953
1,959
1,965
1,971
1,977
1,983
1,991
1,998
2,006
2,013
2,017
2,023
427
428
429
434
440
447
455
462
469
482
489
497
191
192
193
194
196
199
202
204
207
210
212
347
347
347
347
347
347
347
347
347
347
347
215
347
22
21
21
21
21
21
20
20
20
20
20
20
158
156
155
154
153
152
151
150
149
148
146
146
1942—January
3,259
2,029
501
218
347
20
144
1
Includes silver held against silver certificates amounting to $1,953,000,000 on Jan. 31, 1942 and $1,871,000,000 on Jan. 31, 1941.
MARCH
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
ShipReceipts
ments to
from
Europe
Europe
21.5
33.1
110.2
17.7
1937
1938
1939
1940
1941
.3
1941 February
March
April
May
June
July
August
Net
shipments
47.6
34.4
9.8
.7
.5
26.1
1.3
100.3
17.0
.2
.1
P-)
.1
C1)
C1)
.1
§(*)
C1)
c1)
r)
/i\
/i\
October
November
.2
.2
1942—January
Net
receipts
.2
.1
.1
1
Less than $50,000.
Back figures.—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, pp. 7-8.
2-35
MOVEMENT OF GOLD TO AND FROM UNITED STATES1
[In thousands of dollars]
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
1941
Period
19342
1935
1936
1937
1938
1939
1940
1941
Gold
stock
at end
of period
Increase
in gold
stock
Earmarked
DomesNet gold gold: de- tic gold
crease
import
producor intion1
crease (—)
8,238
10,125
11,258
3
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)
82.6
.2
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
92.9
110.7
131.6
143.9
148.6
161.7
170.2
167.8
1940—August
September...
October
November....
December
20,913
21,244
21,506
21,801
21,995
450.2
331.6
261.1
295.2
194.0
351.6
334.1
326.0
330.1
137.2
67.0
36.6
-117.9
-39.5
7.4
12.5
13.5
19.2
16.6
16.3
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
50.4
(4)
-52.8
-46.2
.2
-10.5
-3.8
4.0
-27.7
-31.2
-46.8
-32.2
-60.9
-99.7
1942—January
22,747
10.6
3
6
(4)
r
13.6
r
12.7
r
12.1
r
12.9
r
12.7
r
14.5
r
13.7
r
12.5
r
17.9
r
15.8
r
18.1
11.4
-38.5
r
Revised.
1 Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on page 273, 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 2,253.9 million dollars on January 31, 1942.
NOTE.—For back figures 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
Philippine Islands
South Africa
All other countries
Total
Imports
Exports 3
55
5,550
16 074
1,020
960
121
5,615
24 921
6,336
939
c
66
10
10
77
18
g
5
441
2,110
218
436
227
91
5,980
156
314
37,178
292,703
4,255
3,143
200
140
8
40,444
Exports 3
814
177
94
22
7 627
22,211
2,822
8,441
4 212
986
63,779
2,364
3,583
8,954
855
3,697
323
2,107
253
583
608
75
6,151
77
652
2,327
25
1,832
40
473
Imports
1
378
1,747
899
3,616
31,459
391,714
15,526
9,987
34
24
50,382
Jan.-Nov.
Oct.
Exports 3
3
929,545
63
c
Corrected.
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.
Back figures.—See table, p . 273, and Annual Report for 1937 (tables 31
and 32).
BANK SUSPENSIONS 1
Total,
all
banks
Number of banks suspended:
1934
1935
1936
1937
1938
1939
1940
1941
1942—January
Deposits of suspended banks
(in thousands of dollars): 3
1934
1935
1936
1937
1938
1939
1940
1941
1942—January
Member
banks
National
1
4
1
4
1
4
1
4
36,937
10,015
11,306
19,723
13,012
34,998
5,943
3,726
176
State
Insured 2
1,708
211
24,629
1,912
3,763
10,207
10,156
11,721
6,589
5,341
503
176
34, 985
939
592
480
1, 044
2, 439
346
79
1
Represents banks which, during the periods shown, closed temporarily
or permanently on account of financial difficulties; does not include banks
whose deposit liabilities were assumed by other banks a t the time of closing
(in some instances with the aid of Federal Deposit Insurance Corporation
2
Federal deposit insurance became operative January 1, 1934.
Deposits of member banks and insured nonmember banks suspended are
as of dates of suspension, and deposits of noninsured nonmember banks
are based on the latest data available a t the time the suspensions were
reported.
Back figures.—See Annual Report for 1937 (table 76).
3
136
Debits to deposit accounts except interbank accounts
[In millions of dollars]
Not
insured
48
8
3
6
6
10
3
1
2
1
3
40
507
7,379
36
1,341
256
3,144
BANK DEBITS
Nonmember
banks
Year and month
1929
1936
1937
1938
1939
1940
1941
1940—December
1941—January
February
March
April
May
June
July
August
September
October
November
December
1942—January
Total,
all
reporting
centers
New
York
City
140
other
centers1
133
other
reporting
centers2
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
46,673
41,133
35,783
44,558
42,237
43,665
45,942
44,808
42,856
43,870
50,875
45,081
56,589
48,610
18,626
15.147
13,268
17,402
15,657
16,124
17,282
16,288
15,079
15,654
19.148
16,077
20,598
17,247
24,327
22,498
19,457
23,586
.23,074
23,795
24,853
24,660
24,033
24,310
' 27,315
25,075
31,118
27,014
3,721
3,488
3,057
3,570
3,505
3,746
3,807
3,861
3,745
3,907
4,411
3,930
4,873
4,349
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 DEPOSITS 1
NUMBER OF BANKS
[In millions of dollars]
Call date
Member banks 2
Nonmember
banks
National
Other
Mutual nonsavings membanks
ber
banks
Total
Total
State
1929—June 2 9 . . . .
Dec. 3 1 . . . .
25,110
24,630
8,707
8,522
7,530
7,403
1,177
1,119
611
609
15,792
15,499
1933—June 30
Dec. 3 0 . . . .
1936—June 3 0 . . . .
Dec. 31
1937—June 30
Dec. 31
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—Apr. 4
June 30
Sept. 24
Dec. 31P
14,519
15,011
5,606
6,011
4,897
5,154
576
579
8,337
8,421
15,752
15,628
6,400
6,376
5,368
5,325
709
857
1,032
1,051
566
565
8,786
8,687
15,527
15,393
6,357
6,341
5,293
5,260
1,064
1,081
564
563
8,606
8,489
15,287
15,206
6,338
6,338
5,242
5,224
1,096
1,114
563
556
8,386
8,312
15,082
15,037
6,330
6,362
5,203
5,187
1,127
1,175
553
552
8,199
8,123
14,953
14,895
6,398
6,486
5,164
5,144
1,234
1,342
551
551
8,004
7,858
14,871
14,855
14,852
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
7,793
7,752
7,710
Member banks 2
Nonmember
banks
Total
National
State
Other
Mutual nonsavings member
banks
banks
All
banks
Call date
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..
37,998
38,505
23,338
23,771
14,772
15,386
8,566
8,385
9,713
9,708
4,946
5,026
1936—June 30..
Dec. 31..
51,335
53,701
34,098
35,893
21,986
23,107
12,112
12,786
10,060
10,143
7,178
7,666
June 30
1937—June
Dec. 31
53,287
52,440
35,440
34,810
22,926
22,655
12,514
12,155
10,213
.10,257
7,635
7,373
1938—June 30..
Dec. 31..
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..
52,195
54,054
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..
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..
65,211
67,172
68,449
46,179
48,076
49,160
29,467
30,684
31,500
16,712
17,392
17,660
8,347
8,456
8,646
For footnotes see table below.
10,684
10,641
10,643
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
Nonmember banks
Member banks2
All banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
Total
Loans
Investments
1929—June 29
Dec. 31
58,474
58,417
41,531
41,918
16,943
16,499
35,711
35,934
25,658
26,150
10,052
9,784
9,556
9,463
5,892
5,945
3,664
3,518
13,207
13,020
9,981
9,823
3,227
3,197
1933—June 30
Dec. 30
40,076
40,319
22,203
21,977
17,872
18,342
24,786
25,220
12,858
12,833
11,928
12,386
10,044
9,985
5,941
5,906
4,103
4,079
5,246
5,115
3,404
3,238
1,841
1,877
1936—June 30
Dec. 31
48,458
49,524
20,679
21,449
27,778
28,075
32,259
33,000
12,542
13,360
19,717
19,640
9,961
10,060
5,105
5,027
4,856
5,034
6,238
6,464
3,032
3,062
3,206
3,402
1937—June 30
Dec. 31
49,696
48,566
22,514
22,198
27,182
26,368
32,739
31,752
14,285
13,958
18,454
17,794
10,180
10,187
5,002
4,996
5,178
5,191
6,778
6,627
3,227
3,244
3,550
3,383
1938—June 30
Dec. 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
36,696
6,815 ,
3,445
3,461
3,251
3,353
1941—Apr. 4
June 30
Sept. 24
Dec. 31 p
56,147
57,945
59,305
24,322
25,312
26,196
31,825
32,633
33,109
38,983
40,659
41,943
43,557
15,878
16,729
17,546
18,064
23,104
23,930
24,397
25,493
10,276
10,314
10,357
4,954
4,955
4,958
5,322
5,360
5,399
6,889
6,972
7,005
3,490
3,628
3,692
3,399
3,344
3,313
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
3
toM;
rately 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).
MARCH
1942
2-37
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Call date
1
Investments 1
Loans for
purchasing
or carrying
securities
Total
loans
and
investments
Total 1
35,934
24,786
30,721
32,070
32,603
33,941
34,451
37,126
40,659
41,943
43,557
26,150
12,858
12,938
13,208
13,141
13,962
13,969
15,321
16,729
17,546
18,064
8,774
7,133
8,013
8,335
8,688
9,339
9,829
10,910
12,493
12,930
12,894
6,683
3,424
3,172
3,262
2,988
3,296
3,014
3,384
3,778
3,939
4,071
1,757
1,287
1,806
1,969
2,052
2,105
2,205
2,377
2,707
2,573
2,760
1,448
12,029
8,492
11,150
11,654
11,756
12,272
12,160
13,013
14,013
14,588
15,349
9,084
4,482
4,853
4,963
5,004
5,329
5,365
5,931
6,498
6,861
7,103
13,375
7,873
9,752
10,113
10,109
10,224
10,257
10,826
11,446
11,852
12,554
8,936
4,275
4,388
4,444
4,605
4,768
4,987
5,309
5,607
5,828
5,936
U. S. Government obligations
Commer- Agri- Open
Real Loans Other
cial
cul- mar4 Total
estate to
To
and
ket
tur2
loans
banks loans
induspaper brok- To
al
ers othtrial 2
3
and
deal- ers
ers
Obligations
of
States Other
and
Guar- politi- securities
Total
ancal
Bills 5 Notes Bonds teed subdivisions
Direct
Total—All
Member Banks
1929—Dec. 31
1933—June 3 0 . . . . .
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Sept. 246 .
Dec. 3 1 P : . . .
New York
City7
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Sept 246
Dec.'31 p ..."
City of
Chicago1
1929—Dec. 31
1933—June 30
1938 Tune 30
Dec. 31
1939—Tune 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Sept. 246...
Dec. 31P.'.'.'.
Reserve City
Banks
1929—Dec. 31
I973 Tune 30
1938—June 30
Dec. 31
1939—June 3 0 . . . . .
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Sept. 246
Dec. 31P.'.'.'.
Country
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Sept. 246.
Dec.31*\...
X7vU
l/OO
J U£.i\*
j
Ullv
\J\J * • •
\J\? • • •
•
•
>
•
677
525
539
544
569
603
*696
846
918
954
!!!"!".
4,737
4,783
5,386
5,538
6,204
7,270
1,456
1,474
1,768
1,801
2,025
2,405
712
788
730
736
865
738
1,914
1,884
2,100
2,134
2,436
2,879
1,377
714
330
120
125
58
56
42
43
44
11,515
4,857
6,397
2,728
2,796
2,888
3,020
3,230
3,565
9,784
11,928
17,783
18,863
19,462
19,979
20,482
21,805
23,930
24,397
25,493
195
364
141
138
128
120
103
100
97
1,257 2,145
759 1,044
2,091
3,709
4,840
5,072
5,700
6,043
6,815
7,527
8,715
8,991
8,823
1,112
2,551
3,740
3,857
4,483
4,772
5,486
6,044
7,268
7,331
7,265
58
638
222
158
168
315
421
207
577
1,092
1,245
1,526
1,451
1,663
2,284
2,385
2,650
2,977
3,415
309
610
116
384
981
3
206
12
59
185
153
254
297
417
19
82
313
291
234
176
161
145
125
94
97
535
655
621
701
710
752
803
165
681
819
839
771
606
1,112
1,597
2,603
2,997
3,010
3,339
3,052
3,281
3,858
171
299
715
732
563
431
451
433
374
1,106
1,657
1,893
1,870
1,972
1,849
2,081
2,404
169
157
132
121
130
133
137
130
129
322
162
85
99
41
44
32
25
33
2,595
717
220
215
188
188
190
186
251
61
29
43
39
41
23
42
36
533
251
109
70
71
66
61
54
55
21
30
10
12
12
13
16
19
20
88
30
17
19
6
8
5
5
19
69
15
16
15
17
16
17
21
535
237
361
62
59
60
62
84
101
207
234
221
176
263
175
168
126
163
149
138
155
156
153
202
664
108
95
119
115
119
87
115
100
201
35
173
138
140
163
174
187
216
291
25
21
25
22
20
17
21
5
5
7
6
6
3
...«.«.
...«....
1,048
1,095
1,151
1,187
1,267
2,463 7,685 3,191
953 3,752 2,372
701 2,614 2,613
973
775 2,716
736 2,828
731
790
700 2,957
447
668 3,069
642
652 3,228
575
635 3,365
556
787
555
611
320
465
422
^#
........ ...«. .*.
319
329
365
417
476
609
583
595
492
442
420
455
450
456
537
483
531
495
546
590
555
......
937
1,541
436
440
425
426
443
503
520
3,094
3,863
249
6,887 1,113 2,049 3,725
316 3,653 6,246 2,i28
12,343
13,222
286 3,389 7,208 2,340
441 2,720
13,777
7,786 2,831
563 2,223 8,398 3,144
14,328
797 2,543 8,261 3,121
14,722
652 2,594 9,091 3,486
15,823
18,078 1,127 2,631 10,481 3,839
18,338
4,243
19,529
,281
,430
,507
,536
1,602
,681
,861
.655
1,806
1,114
1,175
1,203
1,258
1,307
1,483
1,304
1,430
2,775 1,538
1,340 1,131
998 1,201
242 1,230
221 1,284
222 1,335
210 1,372
207 1,436
198 1,477
258
99
26
20
12
9
6
15
9
3,679
1,678
2.369
L,081
L, 116
1,168
1,224
L,307
1,457
2,944
4,011
6,298
6,691
6,751
6,943
6,795
7,081
7,515
7,727
8,246
1,368
2,483
4,658
5,018
4,991
5,194
4,947
5,204
5,700
5,914
6,467
91
205
69
57
78
63
87
103
73
2,231 1,462
1,117 1,055
790 1,269
243 1,353
229 1,402
224 1,477
208 1,544
201 1,644
195 1,739
17
45
38
9
4,705
2,005
2.126
1,149
1,180
1,234
1,308
1,397
1,504
4,439
3,598
5,364
5,669
5,504
5,456
5,270
5,517
5,839
6,024
6,618
1,267
1,469
2,964
3,233
3,127
3,159
3,030
3,269
3,627
3,789
4,367
97
64
13
11
11
31
36
45
60
5
5
4
3
3
3
166
987
1,358
1,142
908
797
1,268
1,224
1,014
889
926
709
894
1,123
1,275
1,324
1,615
1,751
1,920
122
109
135
172
134
112
138
159
7i8
740
889
972
969
,049
,162
1,246
999
579
597
683
725
695
710
788
919
1,393
1,744
2,143
2,448
2,554
2,692
2,888
3,013
2,984
3,161
3,089
4,528
3,297
3,296
3,192
3,131
2,959
2,873
2,970
2,867
2,899
2,875
222
478
394
517
480
579
634
695
651
819
729
758
680
707
698
736
693
695
788
796
841
830
96
87
140
141
154
162
177
188
190
175
182
96
138
159
176
179
170
167
186
188
176
193
448
598
732
808
895
890
981
984
979
975
957
1,128
627
581
878
982
2,546
1,549
1,522
1,453
1,351
1,236
1,144
1,102
1,047
1,044
1,030
1,025
1,061
1,097
1,146
1,165
1,191
1,221
930
908
866
866
860
868
893
836
838
821
f1 Preliminary.
Classifications indicated were revised as of Dec. 31, 1938; for explanation see BULLETIN for January, 1939, p p . 22-23, and BULLETIN for April, 1939,
pp. 2259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only.
N o t shown in call reports prior to December, 1938, but the total amount of agricultural loans was reported separately on some dates, and the total
amount
of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May, 1937.
3
Figures in this column prior to Dec. 31, 1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and
to brokers
and dealers.
4
This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures.
5
Includes Treasury certificates of indebtedness through 1934.
6
Breakdown of loans and investments not reported separately.
7
Central reserve city banks.
Back figures—See Annual Report for 1937 (tables 52-58).
FEDERAL RESERVE BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
serves
with
Federal
Reserve
Time deposits,
except interbank
Demand deposits
except interbank
ReCash
in
vault
Banks
Balances
with
domestic
banks 1
Demand
Indideviduals States
posits partnerand
adships, politica
justed 2 and cor- subdivisions
porations
Interbank
deposits
CertiIndi- States
fied
viduals and
U.S. partner
and
Gov- ships, polit- Postal
offi• s a v -4
ern-4 and cor ical
cers' ment
subdi- ings
checks
pora- visions
3
etc.
tions
Bor- Capital
Domestic
banks
Foreign
Demand
Time
rowings
accounts
Call date
banks
Total—All
Member Banks
2,374
2,235
8,004
8,694
10,011
11,604
13,751
13.992
12,959
13,246
558
405
712
746
712
841
789
991
999
1,061
2,168
2,008
4,084
4,240
4,674
5,506
5,751
6,185
6,293
66,562
16,647
12,089
20,893
22,293
23,587
25,681
27,877
30,429
32,678
33,822
17,526
11,830
19,816
21,119
22,448
24,604
26,397
29,576
31,429
32,149
1,335
1,087
2,314
2,386
2,532
2,321
2,529
2,724
2,940
3,090
1,681
657
662
547
790
563
475
913
738
730
143
806
543
790
694
743
711
616
619
781
12,267
7,803
10,874
10,846
11,063
11,215
11,459
11,687
11,898
11,980
595
300
454
462
441
432
410
435
397
382
122
788
83
61
59
51
59
56
55
50
3,517
3,057
6,096
6,510
7,097
8,507
8,852
9,581
9,610
6
10,176
95
89
135
132
142
144
134
135
138
6
140
698
146
331
511
607
759
703
706
688
6
628
879
191
11
6
5
3
3
3
3
13
6,709
4,837
5,368
5,424
5,496
5,522
5,608
5,698
5,800
5,852
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Sept. 24
Dec. 31
New York
City*
827
846
3,517
4,104
4,975
5,915
7,072
7,057
5,857
5,534
68
46
65
68
61
89
88
102
136
96
179
101
119
109
112
125
119
122
131
6
114
4,750
4,358
6,698
7,168
8,012
8,899
10,235
11,062
11,619
11,506
5,847
4,676
6,900
7,273
8,281
9,030
10,283
11,357
11,895
11,595
128
96
273
280
288
251
258
370
319
300
1,180
169
232
936
884
897
993
1,187
1,051
1,062
1^278
13
34
31
35
26
42
39
42
41
39
133
203
208
235
235
283
242
319
262
6
271
957
912
1,523
1,688
1,666
1,739
1,898
1,941
2,205
2^228
1,041
870
1,386
1,597
1,565
1,676
1,782
1,905
2,109
2,112
42
87
221
181
197
167
199
174
213
228
32
16
23
29
22
24
751
705
2,289
2,354
2,735
3,118
3,759
4,027
4,125
4,359
156
122
300
321
318
348
334
396
385
425
947
1,002
1,951
1,940
2,210
2,485
2,679
2,741
2,793
6
2,885
5,229
3,764
6,934
7,214
7,654
8,176
8,774
9,581
10,480
11,060
5,547
3,708
6,668
7,034
7,331
8,002
8,372
9,468
10,142
10,637
627
452
1,263
1,353
1,403
1,578
1,733
'.L,857
1.914
2,075
321
203
316
322
307
363
328
452
437
501
908
702
1,806
1,956
2,117
2,614
2,711
3,002
3,106
6
3.293
5,711
3,054
5,738
6,224
6,255
6,866
6,969
7,845
8,374
9,028
5,091
2,576
4,863
5,215
5,272
5,896
5,960
6,846
7,282
7,805
1,198
1,255
2,514
2,687
2,992
3,542
3,840
4,032
3,948
6
4,040
40
22
310
259
688
658
746
879
949
997
1,010
6
l,081
1Q
20
332
123
139
84
74
67
48
32
135
1,112
671
694
652
653
693
732
768
778
810
33
4
32
36
46
43
29
51
27
29
332
358
443
452
471
483
489
496
480
469
58
2
1
16
9
6
27
33
29
8
46
86
83
60
80
79
90
95
95
423
349
812
796
917
813
956
995
1,139
1,221
300
108
146
170
160
190
147
228
209
190
76
4,433
2,941
4,238
4,233
4,320
4,362
4,422
4,506
4,590
4,591
371
312
266
424
415
435
422
327
341
383
208
262
269
233
240
219
226
211
186
41
388
31
17
19
14
18
19
19
19
1,604
1,315
2,514
2,719
2,920
3,516
3,526
3,919
4,000
6
4,324
30
59
113
108
115
117
105
106
108
6
108
742
555
1,008
1,128
1,130
1,090
1,115
1,184
1,269
1,341
169
72
126
154
135
172
164
187
190
169
39
116
68
143
136
154
143
151
151
168
6,390
3,833
5,499
5,509
5,619
5,677
5,816
5,917
6,049
6,110
133
86
144
147
145
140
147
150
143
145
61
285
52
44
40
35
37
33
31
30
405
228
380
446
439
571
538
633
652
6
732
22
23
26
26
29
29
30
6
32
461
367
195
472
178
147
471
306
342
17
17
10
15
8
17
22
18
110
3
5
5
5
1
597
128
291
442
524
695
650
646
623
6
563
33
179
8
2,105
1,582
1,587
1,593
1,586
1,592
1,599
1,615
1,625
1,635
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Sept. 24
Dec. 31
City of
Chicago*
41
316
204
249
257
270
250
260
270
279
279
292
16
2,029
1,533
1,753
1,777
1,812
1,828
1,873
1,904
1,940
1,948
367
167
11
6
5
3
3
3
3
3
2,258
1,517
1,778
1,798
1,828
1,851
1,876
1,909
1,956
1,990
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941 Tune 30
Sept. 24
Dec. 31
Reserve City
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Sept. 24
Dec. 31
Country
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—June 29
Dec. 31
1941—June 30
Sept. 24
Dec. 31
*"io"
2
6
9
12
9
......
6
7
7
8
g
64
15
32
57
69
53
44
51
55
6
55
3
1
2
2
2
2
2
2
2
6
2
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, in
eludes 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 items reported on hand but not in process of collection.
3
Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31, 1935.
4
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
5
Central reserve city banks.
6
Partly estimated.
Back figures.—See Annual Report for 1937 (tables 52-58).
MARCH
1942
2-39
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Investments
Loans
Loans for
purchasing
or carrying
securities
U.S. Government obligations
Commercial,
industrial,
and
agricultural
Open
market
paper
9,295
10,937
11,152
11,277
11,371
5,051
6,321
6,525
6,610
6,709
310
395
412
425
429
471
536
521
542
542
460
437
432
431
425
1,229
1,258
1,260
1,259
1,259
36
42
39
39
41
30,229
11,271
6,737
425
483
408
1,251
29,693
11,266
6,602
427
536
428
1,259
3
10
17
24
31
29,691
29,891
30,306
30,293
30,085
11,259
11,357
11,429
11,442
11,370
6,593
6,675
6,769
6,784
6,722
428
425
433
434
423
548
550
544
532
535
427
430
425
422
422
1942—Jan. 7
Jan. 14
Jan.21
Jan.28
30,132
30,233
30,211
30,342
11,322
11,308
11,199
11,255
6,722
6,728
6,721
6,778
422
426
427
424
521
518
444
448
Feb. 4
Feb. 11
Feb. 18
30,354
30,452
30,532
11,242
11,322
11,369
6,787
6,862
6,889
424
421
425
New York City
1941—January
September
October
November
December
10,350
12,222
12,266
12,189
12,220
3,049
3,655
3,726
3,780
3,796
1,926
2,426
2,523
2,552
2,577
1942—January..
12,212
3,761
1941—Nov. 26..
12,151
3,768
Dec.
Dec.
Dec.
Dec.
Dec.
3..
10.
17.
24.
31.
12,132
12,220
12,314
12,275
12,159
1942—Jan. 7..
Tan. 14.
Jan. 21.
Jan. 28..
Total
loans
and
investments
Total
Total—101 Cities
1941—January
September
October
November
December
25,661
29,171
29,368
29,621
30,053
1942—January
1941—Nov. 26
Date or month
Real Loans Other
estate
to
To
loans
loans banks
brokers
To
and others
dealers
Total
Total
Bills
12,689
14,467
14,457
14,667
15,021
705
903
811
874
956
GuarNotes Bonds anteed
2,188
2,287
2,251
2,552
2,540
7,048
7,958
8,065
8.316
8,575
2,748
3,319
3,330
2,925
2,950
Other
securities
1,738
1,948
1,963
1,971
1,966
16,366
18,234
18,216
18,344
18,682
43
1,924
18,958
15,285
1,098
2,456
8,891
2,840
3,673
39
1,975
18,427
14,735
950
2,526
8,338
2,921
3,692
L,256
L.262
1,258
L.261
1,259
38
43
45
43
35
1,969
1,972
1,955
1,966
1,974
18,432
18,534
18,877
18,851
18,715
14,782
14,883
15,219
15,173
15,049
990
971
976
959
883
2,528
2,566
2,540
2,531
2,535
8,342
8,395
8,750
8,723
8,667
2,922
2,951
2,953
2,960
2,964
3,650
3,651
3,658
3,678
3,666
412
407
406
409
1,255
1,252
1,248
1,248
50
48
36
37
1,940
1,929
1,917
1,911
18,810
18,925
19,012
19,087
15,145
15,259
15,339
15,398
957
1,047
1,147
1,240
2,535
2,530
2,396
2,362
8,687
8,704
9,087
9,087
2,966
2,978
2,709
2,709
3,665
3,666
3,673
3,689
425
450
460
410
404
408
1,248
1,250
1,251
35
32
35
1,913
1,903
1,901
19,112
19,130
19,163
15,430
15,433
15,449
1,266
1,274
1,240
2,345
2,333
2,327
9,109
9,110
9,163
2,710
2,716
2,719
3,682
3,697
3,714
93
77
79
84
87
331
396
376
392
379
169
159
152
153
151
113
108
107
106
104
24
33
30
32
36
393
456
459
461
462
7,301
8,567
8,540
8,409
8,424
5,913
7,021
7,001
6,955
6,976
170
495
442
414
365
1,239
1,447
1,418
1,602
1,564
2,923
3,221
3,265
3,336
3,425
1,581
1,858
1,876
1,603
1,622
1,388
1,546
1,539
1,454
1,448
2,600
81
335
146
102
39
458
8,451
6,984
408
1,517
3,516
1,543
1,467
2,545
86
384
153
104
31
465
8,383
6,918
410
1,572
3,339
1,597
1,465
3,772
3,799
3,816
3,819
3,772
2,542
2,566
2,601
2,605
2,573
87
87
88
87
85
391
388
379
373
364
153
152
150
148
150
104
103
104
104
104
32
37
39
39
31
463
466
455
463
465
8,360
8,421
8,498
8,456
8,387
6,920
6,981
7,055
7,001
6,924
404
408
371
335
309
1,571
1,570
1,568
1,557
1,554
3,340
3,378
3,496
3,478
3,433
1,605
1,625
1,620
1,631
1,628
1,440
1,440
1,443
1,455
1,463
12,225
12,269
12,161
12,192
3,778
3,784
3,725
3,755
2,578
2,593
2,599
2,629
84
82
80
79
362
360
307
310
146
145
145
146
104
102
102
102
45
44
32
33
459
458
460
456
8,447
8,485
8,436
8,437
6,983
7,016
6,972
6,966
365
384
414
468
1,551
1,550
1,498
1,468
3,442
3,454
3,600
3,569
1,625
1,628
1,460
1,461
1.464
1,469
1.464
1,471
Feb. 4...
Feb. 11..
Feb. 18..
12,137
12,203
12,258
3,755
3,829
3,856
2,645
2,700
2,710
81
78
78
290
317
332
149
148
149
102
103
103
33
30
32
455
453
452
8,382
8,374
8,402
6,932
6,916
6,942
433
420
400
1,452
1,444
1,445
3,580
3,577
3,612
1,467
1,475
1,485
1,450
1,458
1,460
Outside New York
City
1941—January
September
October
November....
December
15,311
16,949
17,102
17,432
17,833
6,246
7,282
7,426
7,497
7,575
3,125
3,895
4,002
4,058
4,132
217
318
333
341
342
140
140
145
150
163
291
278
280
278
274
1,116
1,150
1,153
1,153
1,155
12
9
9
1,345
1,492
1,504
1,510
1,504
9,065
9,667
9,676
9,935
10,258
6,776
7,446
7,456
7,712
8,045
535
408
369
460
591
949
840
833
950
976
4,125
4,737
4,800
4,980
5,150
1,167
1,461
1,454
1,322
1,328
2,289
2,221
2,220
2,223
2,213
Dec.
Dec.
Dec.
Dec.
Dec.
7
5
3,677
3,767
3,759
3,677
3,661
1942—January
18,017
7,510
4,137
344
148
262
1,149
4
1,466
10,507
8,301
690
939
5,375
1,297
2,206
1941—Nov. 26
17,542
7,498
4,057
341
152
275
1,155
8
1,510
10,044
7,817
540
954
4,999
1,324
2,227
3...
10..
17..
24..
31..
17,559
17,671
17,992
18,018
17,926
7,487
7,558
7,613
7,623
7,598
4,051
4,109
4,168
4,179
4,149
341
338
345
347
338
157
162
165
159
171
274
278
275
274
272
1,152
1,159
1,154
1,157
1,155
6
6
6
4
4
1,506
1,506
1.500
1,503
1,509
10,072
10,113
10,379
10,395
10,328
7,862
7,902
8,164
8,172
8,125
586
563
605
624
574
957
996
972
974
981
5,002
5,017
5,254
5,245
5,234
1,317
1,326
1,333
1,329
1,336
2,210
2,211
2,215
2,223
2,203
1942—Jan. 7...
Jan. 14..
Jan. 21..
Jan. 28..
17,907
17,964
18,050
18,150
7,544
7,524
7,474
7,500
4,144
4,135
4,122
4,149
338
344
347
345
159
158
137
138
266
262
261
263
1,151
1,150
1,146
1,146
5
4
4
4
1,481 10,363
1,471 10,440
1,457 10,576
1,455 | 10,650
8,162
8,243
8,367
8,432
592
663
733
772
984
980
898
894
5.245
5,250
5,487
5,518
1,341
1,350
1,249
1,248
2,201
2,197
2.209
2,218
Feb. 4...
Feb. 11..
Feb. 18..
18,217
18,249
18,274
7,487
7,493
7,513
4,142
4,162
4,179
343
343
347
135
133
128
261
256
259
1,146
1,147
1,148
2
2
3
1,458
1,450
1,449
8,498
8,517
8,507
833
854
840
893
889
882
5,529
5,533
5,551
1,243
1,241
1,234
2,232
2,239
2,254
"Dec.
Dec.
Dec.
Dec.
Dec.
10,730
10,756
10,761
NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, andluuL^Liin
BULLETIN ffor
< 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 Rep
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
serves
with
Federal
Reserve
Banks
Cash
in
vault
BalDeances
mand
with
dedo-,
posits
mestic
ad- 1
banks justed
12,109
10,742
10,597
10,273
10,171
530
556
555
564
574
3,404
3,575
3,543
3,328
3,313
10,324
558
10,534
574
10,575
10,603
9,972
9,880
9,825
Interbank
deposits
Time deposits,
except interbank
Individuals,
partnerships,
and
corporations
States Certiand
fied
politand
ical
offisubcers'
divi- checks
sions
etc.
U.S.
Government 2
Individuals,
partnerships,
and
corporations
22,757
24,404
24,391
24,168
24,142
22,303
23,890
24,021
23,890
23,997
1,537
1,829
1,863
1,822
1,715
482
493
563
581
599
318
596
510
705
1,165
5,244
5,271
5,280
5,290
5,188
190
156
156
153
182
3,313
24,307
23,942
1,701
558
1,518
5,089
3,335
24,452
23,979
1,822
534
777
5,275
554
595
600
564
555
o,344
3,288
3,389
3,288
3,255
24,324
24,682
24,060
23,994
23,650
23,814
24,241
24,059
23,878
23,993
1,780
1,726
1,690
1,658
1,721
560
569
595
545
727
826
774
L,345
1,403
1,475
10,053
10,285
10,507
10,452
568
571
539
552
3,190
3,364
3,366
3,329
23,884
24,169
24,426
24,747
23,384
24,046
24,132
24,206
1,651
1,620
1,712
1,820
520
563
535
613
10,229
10,268
10,394
531
548
532
3,282
3,250
3,321
24,457
24,731
24,961
23,883
24,275
24,619
1,826
1,810
1,758
6,809
5,285
5,039
4,776
4,890
87
86
82
85
83
85
88
90
91
91
10,578
10,888
10,600
10,310
10,245
10,602
10,983
10,782
10,491
10,458
4,991
80
93
10,300
5,006
84
89
10,511
5,021
4,981
4,816
4,788
4,843
79
91
99
89
81
89
88
92
93
92
4,862
4,878
5,118
5,106
82
83
76
79
5,007
5,007
4,978
States
and
polit- Postal
ical
savsubings 2
divisions
Domestic
banks,
Foreign
banks
Borrowings
Capital
accounts
2
1
1
4
2
3,824
3,885
3,895
3,915
3,921
Total 101 Cities
1941—January
September
October
November
December
Date or month
Demand
Time
24
21
21
21
23
9,039
9,402
9,485
9,178
9,090
117
114
112
110
109
182
21
9,060
101
645
1
3,917
1942—January
151
22
9,139
111
660
4
3,918
1941—Nov. 26
5,232
5,209
5,177
5,149
5,172
155
192
194
195
173
23
23
23
23
23
9,294
9,173
9,120
8,928
8,934
111
111
109
108
106
655
658
659
671
656
3
2
2
2
1
3,927
3,924
3,926
3,916
3,913
1,492
1,580
1,547
1,451
5,130
5,097
5,072
5,058
186
181
179
181
22
23
23
20
8,938
9,174
9,137
8,988
106
100
99
100
650
646
642
640
1
1
3,922
3,916
3,912
3,920
1942—Jan. 7
Jan. 14
490
455
495
L,464
1,469
1,237
5,025
5,007
5,003
186
187
185
20
20
20
9,066
8,918
9,148
99
98
96
626
630
638
3,925
3,927
3,926
Feb. 4
Feb. 11
Feb. 18
330
299
306
313
288
287
264
314
325
316
19
111
197
342
626
690
738
739
742
713
42
24
25
24
23
3,929
3,883
3,878
3,650
3,587
594
561
574
586
597
1,502
1,519
1,521
1,530
1,534
New York City
1941—January
September
October
November
December
10,428
254
313
811
* 714
23
3,465
581
1,533
1942—January
10,503
368
287
357
738
23
3,611
598
1,530
1941—Nov. 26
10,370
10,524
10,127
10,164
10,040
10,419
10,628
10,338
10,354
10", 549
308
295
275
265
299
286
301
313
288
393
404
378
739
777
831
724
714
712
708
708
22
23
23
22
22
3,706
3,648
3,621
3,474
3,486
591
598
597
606
593
1,537
1,533
1,535
1,529
1 535
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
93
96
90
92
10,165
10,172
10,361
10,500
10,216
10,403
10,524
10,570
256
210
240
311
279
310
290
374
842
853
819
728
724
715
706
709
22
21
24
25
3,428
3,507
3,476
3,449
588
583
577
577
1,534
1,533
1,533
1,533
1942—Jan. 7
Jan. 14
Jan. 21
Jan. 28
75
83
75
87
82
83
10,306
10,474
10,535
10,434
10,599
10,730
267
256
224
259
239
262
751
765
595
706
697
697
27
27
28
3,508
3,397
3,496
563
566
573
1,539
1,539
1,539
Feb. 4
Feb. 11
Feb. 18
5,300
5,457
5,558
5,497
5,281
443
470
473
479
486
3,319
3,487
3,453
3,237
3,222
12,179
13,516
13,791
13,858
13,897
11,701
12,907
13,239
13,399
13,539
1,207
1,530
1,557
1,509
1,427
195
229
249
256
283
299
485
313
363
539
4,554
4,533
4,541
4,548
4,475
148
132
131
129
159
24
21
21
21
23
5,110
5,519
5,607
5,528
5,503
117
114
112
110
109
59
63
61
61
63
5,333
478
3,220
14,007
13,514
1,447
245
707
4,375
159
21
5,595
101
5,528
490
3,246
13,941
13,476
1,454
247
420
4,537
128
22
5,528
111
5,554
5,622
5,156
5,092
4,982
475
504
501
475
474
3,255
3,200
3,297
3,195
3,163
13,954
14,158
13,933
13,830
13,610
13,395
13,613
13,721
13,524
13,444
1,472
1,431
1,415
1,393
1,422
274
268
282
257
334
422
396
606
626
644
4,508
4,495
4,465
4,441
4,464
133
169
171
173
151
23
23
23
23
23
5,588
5,525
5,499
5,454
5,448
5,191
5,407
5,389
5,346
486
488
463
473
3,097
3,268
3,276
3,237
13,719
13,997
14,065
14,247
13,168
13,643
13,608
13,636
1,395
1,410
1,472
1,509
241
253
245
239
650
727
728
723
4,406
4,382
4,366
4,349
164
160
155
156
22
23
23
20
5,222
5,261
5,416
456
465
457
3,195
3,168
3,238
14,151
14,257
14,426
13,449
13,676
13,889
1,559
1,554
1,534
231
216
233
713
704
642
4,319
4,310
4,306
159
160
157
20
20
20
1
2
653
624
635
647
660
Dec.
Dec.
Dec.
Dec.
Dec.
3
10
17
24
31
Jan. 21
Jan. 28
2
1
1
4
2
2,322
2,366
2,374
2,385
2,387
Outside
New York City
1941—January
September
October
November
December
64
1
2,384
1942—January
62
4
2,388
1941—Nov. 26
111
111
109
108
106
64
60
62
65
63
3
2
2
2
1
2,390
2,391
2,391
2,387
2,378
Dec. 3
Dec. 10
Dec. 17
Dec. 24
Dec. 31
5,510
5,667
5,661
5,539
106
100
99
100
62
63
65
63
1
1
1
1
2,388
2,383
2,379
2,387
5,558
5,521
5,652
99
98
96
63
64
65
1
1
1
2,386
2,388
2,387
1942—Jan. 7
Jan.14
Jan. 21
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Demand deposits ofcher than interbank and U. S. Government, less cash item:; reported as in process of collection.
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
MARCH 1941
2.41
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]
Investments
Loans
Federal Reserve
district and date
(1942)
Boston (6 cities)
Jan.28
Feb. 4
Feb. 11
Feb. 18
New York (8 cities)*
Jan. 28
Feb. 4
Feb. 11
Feb.18
Philadelphia (4 cities)
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Cleveland (10 cities)
Jan. 28
Feb. 4
Feb. 11...
Feb. 18
Richmond (12 cities)
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Atlanta (8 cities)
Jan.28
Feb. 4
Feb. 11
Feb. 18
Chicago (12 cities)*
Jan. 28
Feb.4
Feb. 11
Feb. 18
St. Louis (5 cities)
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Minneapolis (8 cities)
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Kansas City (12 cities)
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Dallas (9 cities)
Jan. 28
Feb. 4
Feb. 11
Feb. 18
San Francisco (7 cities)
Jan. 28
Feb. 4
Feb. 11
Feb. 18
City of Chicago*
Jan. 28
Feb. 4
Feb. 11
Feb. 18
„.„..
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
Open
market
paper
Loans for
purchasing
or carrying
securities
To
brokers
and
dealers
U. S. Government obligations
Real
estate
loans
Loans
Other
to
banks loans
Total
Total
Bills
Notes Bonds
To
others
Guaranteed
Other
securities
145
144
144
145
722
727
732
738
600
600
604
608
50
50
53
58
42
40
40
41
453
456
457
455
55
54
54
54
122
127
128
130
560
558
556
555
9,098
9,069
9,061
9,109
7,483
7,475
7,460
7,496
495
485
473
463
1,535
1,520
1,512
1,512
3,897
3,908
3,905
3,940
1,556
1,562
1,570
1,581
1,615
1,594
1,601
1,613
49
49
49
49
110
111
110
110
863
864
862
861
597
595
595
594
22
18
20
19
27
26
26
26
444
447
446
446
104
104
103
103
266
269
267
267
17
17
17
17
184
184
184
184
202
204
203
204
1,481
1,492
1,504
1,511
1,209
1,220
1,230
1,236
19
20
30
37
181
185
184
184
838
845
846
851
171
170
170
164
272
272
274
275
12
12
11
12
52
52
52
52
85
85
84
578
572
572
569
513
508
506
504
8
9
9
9
78
75
75
75
326
321
320
319
101
103
102
101
34
34
34
34
125
124
124
125
416
414
418
415
306
305
308
305
31
30
34
31
51
51
51
45
161
161
161
167
63
63
62
62
110
109
110
110
57
57
56
57
145
145
145
146
170
170
167
165
2,966
2,982
2,987
2,964
2,400
2,409
2,414
2,390
447
457
463
436
238
237
236
235
1,424
1,423
1,423
1,425
291
292
292
294
566
573
573
574
4
4
11
11
10
10
59
59
59
59
76
76
75
76
482
483
485
480
370
371
373
368
17
16
16
11
44
43
44
42
244
255
256
258
65
57
57
57
112
112
112
112
2
2
2
2
1
2
1
1
6
6
6
6
16
16
16
16
95
96
96
95
241
264
263
261
199
224
222
220
11
35
33
31
15
15
15
15
143
144
144
144
30
30
30
30
42
40
41
41
303
302
300
302
29
29
30
30
3
3
3
3
10
10
9
10
33
33
33
33
86
87
87
86
397
396
398
399
276
275
277
278
19
18
18
19
42
42
42
42
137
137
138
138
78
78
79
79
121
121
121
121
360
360
360
363
254
255
255
256
2
2
2
3
4
4
4
4
13
13
13
13
22
22
22
22
65
64
64
65
321
324
324
326
260
260
260
263
35
34
33
34
41
42
41
42
145
145
147
148
39
39
39
39
61
64
64
63
2,662
2,663
2,659
2,664
1,140
1,138
1,135
1,134
489
489
489
491
25
23
21
19
10
9
9
9
36
35
35
36
388
388
388
388
192
194
193
191
1,522
1,525
1,524
1,530
1,185
1,188
1,184
1,187
86
94
92
92
68
69
67
68
875
867
867
872
156
158
158
155
337
337
340
343
2,917
2,917
2,911
2,878
939
934
935
935
725
724
730
732
17
16
15
15
42
40
37
36
50
49
49
50
24
24
24
23
81
81
80
79
1,978
1,983
1,976
1,943
1,604
1,606
1,600
1,567
430
434
430
396
141
141
139
139
926
925
925
926
107
106
106
106
374
377
376
376
1,505
1,510
1,520
1,533
783
783
788
795
428
430
431
434
107
107
108
112
12
11
14
12
15
15
14
14
76
76
77
77
13,265
13,234
13,304
13,381
4,167
4,165
4,243
4,272
2,787
2,802
2,860
2,873
93
95
92
92
315
295
322
337
189
192
192
192
190
190
191
191
1,420
1,419
1,417
1,416
557
555
555
555
293
292
295
295
43
42
42
42
27
27
26
26
35
34
33
33
2,359
2,366
2,382
2,392
878
874
878
881
426
421
426
428
32
33
33
33
16
15
15
15
915
911
910
909
337
339
338
340
166
168
169
169
18
19
19
20
4
3
3
3
834
828
832
831
418
414
414
416
235
233
233
234
4,387
4,400
4,407
4,382
1,421
1,418
1,420
1,418
961
959
968
970
42
41
41
40
46
46
43
40
940
943
943
942
458
460
458
462
284
286
286
288
23
23
23
24
513
536
534
530
272
272
271
269
152
150
150
149
861
860
860
863
464
464
462
464
681
684
684
689
6
6
6
6
33
33
30
32
* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table.
York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.
-
65
64
66
65
Thle figures for the New
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollars]
Reserves
with
Federal
Reserve
Banks
Cash
in
vault
DeBalmand
ances
dewith
posits
doadmestic
banks justed1
Individuals,
partnerships,
and
corporations
Interbank
deposits
Time deposits,
except interbank
Demand deposits,
except interbank
States Certified
and
U.S.
and
politGovoffiical
erncers'
sub2
divi- checks ment
etc.
Individuals,
partnerships,
and
corporations
States
and
political
subdivisions
Domestic
banks
Foreign
banks
Postal
mand
Borrowings
Capital
accounts
Time
21
21
23
21
251
251
251
251
11
12
11
10
578
564
567
574
1,658
1,664
1,664
1,664
433
438
423
429
7
7
7
7
6
6
6
6
217
217
217
217
16
21
21
22
512
512
510
511
32
31
31
31
2
1
1
2
396
396
396
395
198
198
198
197
2
2
2
2
390
395
395
398
6
6
6
5
60
61
61
47
185
185
184
184
3
3
3
4
416
421
421
425
3
3
3
3
2
2
2
2
99
99
99
99
48
46
44
52
246
237
228
220
955
951
950
949
4
3
3
3
1,458
1,458
1,445
1,490
9
9
9
9
9
10
9
10
430
431
432
432
64
64
63
64
10
9
7
7
24
22
22
17
182
182
181
181
3
3
3
3
510
512
507
514
1
1
1
1
100
100
100
100
337
333
342
337
67
64
61
59
8
7
107
107
107
107
198
198
198
201
3
3
3
3
64
64
64
64
6
6
6
6
112
111
111
111
493
493
497
502
140
140
135
135
180
181
176
178
1,506
1,520
1,522
1,531
1,477
1,479
1,488
1,504
101
102
102
100
25
25
28
25
16
16
16
14
219
217
216
216
1
1
1
1
349
343
346
360
5,305
5,203
5,195
5,205
106
101
109
101
240
230
232
221
11,431
11,242
11,409
11,514
11,274
11,126
11,287
11,436
566
540
549
527
398
281
258
283
764
787
801
628
1,065
1,061
1,051
1,050
32
34
34
35
3,527
3,589
3,475
3,574
458
466
457
447
25
25
26
26
207
199
184
196
1,274
1,275
,269
,273
1,263
1,261
1,268
1,281
84
89
86
78
16
16
13
16
30
30
29
21
197
190
187
187
2
2
2
2
789
756
741
759
59
57
56
58
338
340
338
345
,891
,878
,881
.,922.
1,886
1,855
1,895
1,929
105
107
111
109
35
32
29
30
57
54
53
47
704
691
689
279
284
300
297
30
27
29
29}
237
238
237
233
717
713
731
730
694
688
706
707
72
77
76
76
13
14
15
15
45
44
44
36
197
206
206
200
18
17
18
18
250
249
253
255
560
554
564
568
536
530
538
555
91
96
102
99
7
6
5
8
1,533
1,455
1,454
1,554
86
85
88
83
617
630
614
626
3,555
3,518
3,534
3,579
3,359
3,294
3,356
3,400
391
403
381
377
270
260
267
268
15
14
15
14
223
219
222
[221
641
630
647
642
645
630
655
654
108
89
85
87
375
367
374
366
102
102
102
102
7
1
2
2
2
246
248
261
257
17
15
17
15
316
307
305
337
669
652
669
679
643
631
649
665
96
95
96
97
11
11
11
11
29
29
29
28
133
133
133
133
505
511
508
528
185
188
192
189
16
14
15
14
298
295
301
315
624
619
636
636
595
589
605
623
74
78
78
68
12
13
11
12
35
37
35
34
122
121
121
121
323
330
325
340
1
1
1
1
92
92
92
92
583
565
582
602
32
29
32
31
315
305
303
307
1,504
1,489
1,495
1,521
1,497
1,467
1,486
1,528
109
111
105
104
30
30
27
29
144
145
149
143
991
989
990
990
367
359
365
378
20
20
20
21
399
398
399
399
1,070
1,039
1,030
1,142
41
41
41
40
278
276
271
271
2,290
2,274
2,271
2,313
2,208
2,161
2,198
2,243
205
219
205
200
24
24
23
25
202
191
186
182
467
466
466
465
1,079
1,074
1,063
1.103
8
9
9
9
280
282
282
282
114
105
116
114
108
108
108
103
Federal Reserve
district and date
(1942)
Boston (6 cities)
Jan. 28
Feb. 4
Feb. 11
Feb. 18
New York (8 cities)*
Jan. 28
Feb. 4
Feb. 11
Feb.18
Philadelphia (4 cities)
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Cleveland (10 cities)
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Richmond (12 cities)
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Atlanta { ? cities)
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Chicago (12 cities)*
Jan 28
Feb. 4
Feb. 11
Feb. 18
St. Louis (5 cities)
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Minneapolis (8 cities)
Jan. 28
Feb. 4
Feb. 11
Feb. 18
Kansas City (12 cities)
Jan. 28
Feb. 4
Feb.11
Feb. 18
Dallas (9 cities)
Jan.28
Feb. 4
Feb. 11
Feb. 18
San Francisco (7 cities)
Jan. 28
Feb. 4
Feb.11
Feb. 18
City of Chicago*
Jan.28
Feb. 4
Feb.11
Feb. 18
* 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.
MARCH
1942
M3
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
Held by
Commercial
paper
Total
out- 1
outstanding standing
End of month
Based on
Accepting banks
Total
Own
bills
Bills
bought
Others
2
Imports
into
United
States
Exports
from
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1940—October
November
December
252
232
218
187
197
209
149
159
167
96
99
100
53
60
67
38
38
42
91
98
109
20
20
18
11
9
10
37
41
44
28
29
27
1941—January
February
March
April
May
June
July
August
September
October
November
December
1942—January
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
170
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
8
44
42
41
38
41
43
47
49
45
48
26
26
25
23
22
20
16
11
9
11
12
11
381
197
154
103
52
43
116
51
11
3
3
3
3
4
4
5
4
1
2
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks.
Backfigures.—See Annual Report for 1937 (table 70).
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Credit balances
Debit balances
End of month
Debit
Debit
Customers' balances in balances in
partners'
firm
debit
investment investment
balances
and trading and trading
(net) 1
accounts
accounts
Cash on
hand
and in
banks
Customers'
credit balances1
Money
borrowed 2
Free
Other
(net)
Other credit balances
In partners' In firm
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
193(5—june
December.. . .
1 267
1,395
67
64
164
164
219
249
1,048
276
342
86
103
24
30
14
12
420
424
1937—June
December
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
774
991
27
32
88
106
215
190
495
754
258
247
89
60
22
22
11
298
305
1939—June
December .
834
25
73
230
1940—j une
December
653
677
1941—January
February
March...
April
661
634
633
606
622
616
628
628
633
628
625
600
547
1938—June
December
..
May
June
July
August
September
October
November . ...
December
1942—January
906
5
266
70
69
21
6
637
23
223
376
267
62
22
204
427
281
54
22
5
5
73
78
207
199
399
375
275
267
54
53
22
22
6
6
81
86
102
89
87
160
83
102
100
86
199
199
185
186
189
189
196
186
195
211
387
368
403
395
388
460
396
414
409
368
268
265
262
255
266
262
260
255
264
289
56
60
61
65
70
72
78
74
72
63
21
20
17
6
16
16
16
15
8
17
5
238
237
231
227
223
222
221
221
219
217
217
213
219
308
274
72
18
6
209
178
78
207
12
58
12
99
11
11
9
10
10
11
10
10
10
9
9
8
8
74
16
985
570
17
17
280
217
8
7
7
8
7
8
7
269
247
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 2partners.
Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).
FEDERAL RESERVE BULLETIN
OPEN-MARKET RATES IN NEW YORK CITY
[Per cent per annum]
Prevailing1
rate o n Year,
month, or
week
Prime
commercial
paper,
4 to 6
months
Average
rate on—
Prime Stock
exU.S.
bank- change
Treasers
ury
call
accept- loan
3ances,
month
re90
newbills3
days
als*
1.00
1.00
1.00
1.00
.023
.014
.103
1939 average
1940 average
1941 average
.59
.56
.54
.44
.44
.44
1940—Dec
.56
.44
1941—Jan
Feb
Mar
April
May
June
July
Aug
Sept
Oct
Nov
Dec
.56
.56
.56
.56
.56
.56
.50
.50
.50
.50
.50
.56
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
LOO
LOO
LOO
LOO
LOO
LOO
LOO
LOO
LOO
LOO
1942-Jan
.56
.44
LOO
.034
.089
.092
.082
.089
.097
.108
.055
.049
.242
.298
.214
%
%
LOO
LOO
LOO
.00
.220
.250
.263
.266
Week ending:
Jan. 31
Feb. 7
Feb. 14
Feb. 21
%
%
(4)
(4)
1.00
LOO
Average yield
on 3-to-5 year
U. S.
Treasury
notes
Tax
exempt
Taxable
.59
.50
.46
.35
.43
.55
.50
.52
.44
.38
.37
.33
.34
.41
.57
.64
.76
.81
.84
.81
.72
.68
.67
.62
.62
.72
.90
1.02
.47
.96
.46
.45
.43
.43
.92
.93
.93
.94
.76
.65
i Monthly figures are averages of weekly prevailing rates.
1
The average rate on 90-day stock exchange time loans was 1.25 per
cent during the entire period.
3
New issues offered within period. Tax-exempt bills prior to March 1941;
taxable bills thereafter.
4
Rate negative.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
for Treasury bills and Treasury notes available on request.
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
1934 average 1 .
1935 average 1 .
1936
1937
1938
erage 1 .
1939
erage..
1940 a1 erage.
1941 ; rerage.
Monthly figures1
1938—June
July
August
September
October
November
December
1939—January
February
Quarterly figures
1939—March
June
September
December
1940—March
June
September
December
-March
1941June
September
December
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
2.07
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
2.56
2.57
2.52
2.53
2.57
2.49
2.60
2.64
2.52
1.70
1.70
1.67
1.70
1.70
1.70
1.70
1.73
1.70
2.78
2.78
2.71
2.74
2.90
2.68
2.95
2.97
2.69
3.31
3.35
3.28
3.26
3.21 i
3.20'
3.23
3,32
2.95
2.91
2.68
2.59
2.65
2.59
2.68
2.59
2.58
2.55
2.60
2.41
2.13
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
3.77
3.62
3.31
3.32
3.35
3.38
3.43
3.36
3.25
3.23
3.29
2.99
3.26
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
BOND YIELDS 1
[Per cent per annum]
Corporate (Moody 's)E
Year, month, or week
U. S.
Government2
Municipal3
Highgrade
corporate 4
By ratings
Aaa
Number of issues
By groups
Total
Aa
A
Baa
Industrial
Railroad
Public
utility
2-6
15
5
120
30
30
30
30
40
40
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—January
February
March
April
May
June
July
August
September
October
November
December
1.99
2.10
2_nt
1.97
2.16
2.27
2.28
2.20
2.14
2.08
2.03
2.00
1.99
1.91
1.90
2.25
2.57
2.71
2.73
2.76
2.75
2.70
2.66
2.65
2.64
2.61
2.57
2.68
3.36
3.40
3.39
3.39
3.37
3.34
3.30
3.29
3.30
3.27
3.26
3.35
2.75
2.78
2.80
2.82
2.81
2.77
2.74
2.74
2.75
2.73
2.72
2.80
2.95
3.00
3.01
3.04
2.99
2.95
2.90
2.90
2.91
2.87
2.86
2.95
3.36
3.38
3.37
3.38
3.34
3.31
3.26
3.24
3.24
3.21
3.19
3.27
4.38
4.42
4.38
4.33
4.32
4.31
4.28
4.27
4.30
4.28
4.28
4.38
2.96
3.00
3.02
3.06
3.02
2.96
2.90
2.90
2.88
2.85
2.85
2.94
3.96
4.00
3.98
3.96
3.95
3.95
3.92
3.92
3.95
3.93
3.91
3.99
3.17
3.19
3.17
3.16
3.13
3.10
3.07
3.06
3.07
3.05
3.04
3.12
2.01
2.33
2.76
3.35
2.83
2.96
3.30
4.29
2.97
3.93
3.13
2.04
2.05
2.09
2.12
2.37
2.49
2.51
2.63
2.80
2.79
2.78
2.80
3.34
3.35
3.35
3.36
2.84
2.84
2.84
2.85
2.96
2.97
2.97
2.98
3.29
3.29
3.28
3.29
4.27
4.28
4.29
4.30
2.97
2.97
2.97
2.98
3.92
3.93
3.93
3.95
3.14
3.14
3.13
3.14
1942—January
Week ending:
Jan. 31
Feb 7
Feb. 14
Feb. 21
L96
L92
L91
L90
L94
L94
L88
.85
„.........
. . .
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. Treasurv 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.
MARCH 1941
2-45
SECURITY MARKETS1
Stock prices 6
Bond prices
Corporate 4
Year, month, or week
U. S.
Government 2
Preferred5
Total
Industrial
Railroad
Public
utility
15
15
50
10
20
20
15
15
402
354
20
28
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
95
88
99
96
977
767
80
80
75
71
71
81
629
110.4
108.8
110.1
110.8
111.4
111.5
111.7
111.1
111.1
112.0
112.4
110.7
127.8
125.6
125.4
126.8
128.2
129.5
130.4
131.0
131.2
133.0
133.4
125.9
117.7
116.7
116.9
116.8
117.0
117.7
118.7
118.5
118.1
118.8
119.2
117.5
99.2
97.5
98.4
99.5
99.3
99.2
99.9
99.6
98.0
99.2
99.4
97 4
103.0
101.7
102.2
103.1
102.4
103.3
104.8
104.9
105.1
105.3
105.9
105.0
89.0
87.1
88.4
89.5
89.4
87.9
87.8
86.8
84.5
85.0
84.9
82.4
105.6
103.8
104.6
106.0
106.2
106.3
107.1
107.3
107.2
107.2
107.4
104.7
17.9
17.5
19.3
20.7
21.0
21.6
23.9
24.9
24.4
25.1
24.8
21.9
177.9
172.9
171.5
170.8
168.9
168.9
173.1
174.3
173.4
172.1
170.5
168.7
85
80
85
79
80
91
87
564
444
80
78
73
70
71
71
„.
110.1
124.4
117.5
99.2
106.7
86.9
104.1
24.1
166.3
.„
,
109.7
109.5
108.9
108.5
123.5
121.2
120.9
118.6
117.3
117.3
117.3
117.1
100.2
100.5
99.6
99.1
107.7
107.8
107.0
106.3
88.2
88.2
87.2
87.4
104.7
105.5
104.6
103.7
25.7
25.4
24.9
25.8
166.3
165.9
165.5
164.7
. .
August
September
October
November
December
. . . „.
DePublic faulted
utility
Railroad
116.3
121.2
129.0
June
July
Week ending:
Jan. 31
Feb. 7
Feb. 14
Feb. 21
Total
Industrial
2-6
1939 average
1940 average
1942—January
Medium and lower-grade
Highgrade
105.2
107.2
111.0
Number of issues
1941—January
February
March
April
May
Municipal 3
Volume
of trading 7
(in thousands of
shares)
Common (index, 1935-39 = 100)
77
77
77
440
495
420
463
757
473
599
557
792
87
83
79
82
82
81
81
79
80
84
84
85
82
79
71
71
74
74
73
70
68
74
61
75
66
1,542
73
74
69
66
565
72
73
70
74
71
71
67
67
66
66
64
64
488
426
442
369
80
83
83
84
80
77
72
69
74
71
70
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 1940JBULLETIN, 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.
8
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 refunding
For new capital
Year or month
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1941__j an
Feb.
Mar
Apr
May
June
July
Aug
Sept.
Oct
Nov.
Dec
1942—Jan.
Total
(new Total
and
(doremestic
fund- and
ing)
for- Total
eign)
1,751
1,063
2,160
4,699
6,214
3,937
4,449
5,842
4,804
r
5,506
1,197
720
1,386
1,457
1,972
2,138
2,360
2,289
1,956
2,826
1,165
708
1,386
1,409
1,949
2,094
2,325
2,239
1,954
2,825
421
95
95
362
406
920
406
881
612
471
273
299
238
216
92
182
745
107
519
296
360
65
132
333
Domestic
State
and
municipal
Federal
agen-1
cies
Domestic
Total
Corporate
eign2
Bonds
Total and Stocks
(domestic
and
Total
foreign)
notes
762
77
64
483
803
405
855
150
735
22
712
157
971
481
924
931
461
757
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
40
2
53
51
37
86
60
37
59
40
33
31
29
21
42
8
9
645
5
370
212
20
47
87
39
64
90
44
327
34
103
89
59
40
56
29
61
121
92
182
745
107
519
296
360
65
132
110
121
182
182
83
11
87
32
12
"48"
23
44
35
50
2
1
State
and
municipal
Federal
agen-1
cies
Corporate
eign2
Bonds
Total and Stocks
notes
554
343
774
3,242
4,242
1,799
2,089
3,553
2,848
2,679
498
283
765
3,216
4,123
1,680
2,061
3,465
2,848
2,675
87
37
136
365
382
191
129
195
478
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
2
325
325
23
31
269
3
270
223
175
299
362
316
110
209
167
127
95
270
219
175
299
362
316
110
209
167
127
95
26
93
40
74
26
14
11
20
35
53
18
17
11
28
28
223
216
25
27
35
32
25
227
115
107
197
113
86
74
161
97
42
52
210
84
107
162
108
76
73
156
96
29
50
17
32
30
324
22
50
83
46
6
31
10
3
14
13
4
12
54
6
13
271
32
55
151
151
35
34
83
82
1
77
315
4
187
32
312 . . . . . .
1,782
3 187
200
352
856
31
1 236
1,596
137
193
1 834
1,419
126
56
60
9
26
119
119
28
88
4
4
35
5
11
2
6
1
13
2
r
Revised.
* Table formerly shown under "Capital Issues."
1
Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
2
Includes issues of noncontiguous U. S. Territories and Possessions.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to
revision.
Back figures.—See Annual Report for 1937 (table 78).
2.46
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUES!
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Year or month
Estimated
gross
proceeds 2
Estimated
net
proceeds3
New money.
Plant and
equipment
Total
1934
1935
1936
1937
1938
1939
1940
1941
530
57
515
2,698
4,781
2,374
2,324
2,177
2,786
2,524
2,629
4,637
2,303
2,279
2,128
2,723
2,480
1940—June . .
July
August
September
October
November.
December
145
278
142
272
173
108
373
148
578
169
106
366
145
1941—January
February .
March
April
May
June
July
August
September
October
November
December
270
151
265
148
263
142
259
229
114
404
170
224
137
125
408
172
227
140
128
797
639
20
55
16
48
1,046
567
268
145
265
234
117
779
325
604
32
111
380
574
504
170
424
243
858
Retirement of securities
Working
capital,
362
26
131
478
472
275
155
180
2,121
3,349
158
4
6
115
212
115
209
103
57
316
73
367
101
55
312
59
318
210
103
184
101
179
111
188
132
60
171
90
188
127
58
32
35
39
25
158
16
9
6
41
48
29
44
25
67
27
66
80
40
55
18
51
69
31
4
5
12
9
15
11
10
17
11
26
20
17
35
168
20
64
60
34
Preferred
stock
362
2,193
3,575
1,106
1,254
1,708
1,927
1,528
48
43
45
65
193
185
31
91
80
51
Bonds and
notes
Total
1,167
1,650
1,798
1,448
200
137
118
38
54
23
49
39
7
26
19
102
53
6
3
16
5
2
6
6
1
2
2
2
2
5
15
50
26
2
8
21
2
1
2
1
1
15
2
2
6
15
2
4
16
10
5
2
198
135
117
37
44
Other
purposes
84
170
154
111
239
69
174
71
226
190
87
59
128
80
916
Repayment
of
other debt
2
2
1
1
10
1
4
5
0
5
0
17
14
2
11
19
3
PROPOSED .USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars]
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
1940 Tune
JulyAugust
September
October
November
1941—Tanuarv
March.
May
Tulv
September
October
December
Industrial
Public utility
Railroad
Other
Retire- All
Total
Retire- All Total
Total
Retire- All
Total
Retire- All
net
net
New ment of other
New ment of other
net
net
New ment of other
New ment of other
pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur- 4 pro- money securi- pur-4
ties poses ceeds
poses ceeds
ties
poses ceeds
ties
poses
ties
ceeds
172
120
774
338
54
182
319
361
139
228
24
85
115
253
120
54
558
110
30
97
186
108
7
2
5
15
39
15
14
21
57
11
46
27
12
10
16
22
12
32
71
8
2
27
21
3
45
58
45
51
23
24
42
25
1
28
23
24
1
2
3
4
7
21
1
28
11
2
31
31
10
77
1
18
14
4
5
50
5
2
130
1,250
1,987
751
1,208
1,246
1,180
1,306
104
127
43
11
30
63
89
180
43
245
309
77
1,190
1,897
611
943
1,157
922
972
42
30
27
50
86
47
13
25
5
98
27
16
100
26
58
213
18
365
11
9
1
144
47
202
16
219
122
37
184
71
15
1
46
17
6
9
7
142
6
11
45
3
105
36
136
53
7
144
110
35
4
33
316
102
80
56
51
138
-v 97
26
173
96
67
10
36
62
774
25
74
1,280
1,079
831
584
961
439
616
469
188
167
715
211
2
1
2
1
2
1
2
30
114
85
35
105
37
171
13
12
17
22
19
4
26
2
108
20
71
66
6
7
17
7
15
20
54
59
24
74
9
18
17
48
29
2
1
4
1
2
1
12
69
61
71
38
17
34
550
761
373
226
353
738
402
103
11
s
97
66
8
84
32
141
98
13
37
56
50
28
35
27
6
12
24
15
2
150
80
90
136
43
56
4
2
5
2
1
4
5
16
3
3
13
10
14
1
14
18
6
151
485
597
135
185
115
263
98
131
81
218
112
106
9
78
24
1
15
2
1
2
64
19
1
1
1
39
12
2
20
1
4
1
1
3
5
6
1
44
8
9
399
359
13
56
101
81
19
4
20
10
24
5
104
47
27
1
14
24
7
1
4
1
15
1
4
5
i1
1
10
4
3
*
34
4
3
2
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 this BULLETIN.
MARCH
1942.
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE CORPORATIONS
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
profits 1
Preferred
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,181
146
278
322
115
158
197
223
242
8
102
173
8
119
133
155
70
88
112
151
148
166
98
112
173
186
194
205
134
160
192
122
132
156
847
1,028
1,152
90
CO
92
564
669
709
1939—1
2
3
4
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
1940—1
2
3
4
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
40
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
562
86
84
81
71
44
48
46
59
79
73
60
8
53
56
56
8
39
36
38
42
23
28
30
31
36
43
44
43
29
42
56
46
49
53
52
51
44
48
49
51
29
36
46
45
286
297
284
285
22
23
23
24
153
165
170
221
Number of companies
1939
1940
1941
Quarterly
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Year or quarter
Operating
revenue
Income
before
income
tax4
Telephone2
Electric power
Railroad^
Net in come1
Insolvent
All roads
roads6
Dividends
Operating
revenue
Income
before
income
tax 4
.
Net
i
income1
Dividends 5
Operating
revenue
Net
income1
Dividends 6
28
28
28
28
33
33
33
3,995
4 297
5,347
126
251
672
93
191
502
—100
—71
24
126
159
186
692
735
802
160
177
199
138
143
140
116
118
1,179
1,250
1,382
198
202
196
178
167
898
906
1,058
1,133
—37
—43
69
140
—43
—47
58
127
(7)
(7)
(7)
4
21
23
21
61
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
1940—1
2
3
4
986
1,010
L, 130
L.171
—4
14
92
149
-13
1
71
133
—27
—32
—13
4
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
1941—1
2
3
4*
,152
272
,468
,454
94
144
268
167
69
101
190
142
—4
2
25
1
22
36
31
97
201
191
196
214
59
48
46
46
43
33
25
39
18
24
18
19
330
345
347
359
48
50
46
51
16
15
15
20
Number of companies....
1939
1940
1941
1939_1
2
3
4
.
.
.
.
Quarterly
1
" N e t profits" and " n e t income" refer to income after all charges and taxes, and before dividends.
Class I line-haul railroads.
N e t 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.
5
Quarterly dividend data are not available for all companies in the group a n d , therefore, do not add to t h e yearly totals shown.
6 Includes roads in receivership or trusteeship a t beginning of the year.
1 N o t available.
8 Automobiles and other transportation equipment combined: fourth quarter, 1941, $120,000,000; year, 1941, $497,000,000. Separate figures for these
two subgroups are not yet available.
• F o u r t h quarter partly estimated.
.
,
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 d a t a and back figures, see pages
2
3
214 to 217 of this B U L L E T I N .
Z48
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 issues 1
Total
gross
debt
End of month
Total
interest
bearing
debt
Total
6
18,852
6
21,834
6
Treas- Treasury
ury
notes
bills
1932— une
1933— une
1934— une
1935— une
1936— une
1937- une
1938— une
1939— une
1940—. u n e . . . . . .
19,487
22,539
27,053
28,701
33,779
36,425
37,165
40,440
42,968
19,161
22,158
26,480
27,645
32,989
35,800
36,576
39,886
42,376
1941— ran
7
eb
]tfar
45,877
46,090
47,173
47,231
47,721
48,961
49,513
50,921
51,346
53,584
55,040
57,938
60,012
45,320 36,276 1,307
45,535 36,275 1,306
46,581 37,054 1,604
46,673 37,075 1,603
47,160 37,075 1,603
48,387 37,713 1,603
48,965 37,713 1,603
50,371 37,667 1,604
50,791 37,368 1,305
53,040 38,869 1,404
54,536 39,677 1,703
57,451 41,562 2,002
59,531 42,271 2,101
y
] tfay
une
uly
Uig
c ept
C)ct
Jov
I )ec
1942-J an
26,084
26,950
31,102
33,054
32,344
33,965
34,436
616
954
1,404
2,053
2,354
2,303
1,154
1,308
1,302
1,261
4,548
6,653
10,023
11,381
10,617
9,147
7,243
6,383
Nonmarketable public issues
Postal
Treas- savings
ury 2 and
Total 3
bonds prewar
bonds
AdU . S . Treas- justed
ury
savservtax
ings
ice
bonds notes bonds
13,460
13,417
15,679
14,019
17,168
19,936
21,846
25,218
26,555
790
806
831
855
200
198
197
196
196
62
1,261
1,188
1,556
2,151
3,166
62
316
800
1,238
1,868
2,905
6,813 27,960
6,813 27,960
5,722 29,532
5,721 29,554
5,721 29,554
5,698 30,215
5,698 30,215
5,698 30,169
5,698 30,169
5,509 31,759
6,012 31,765
5,997 33,367
5,591 34,383
196
196
196
196
196
196
196
196
196
196
196
196
196
3,619
3,727
3,844
3,891
4,251
4,555
4,929
6,234
6,765
7,507
8,052
8,907
10,196
3,371
3,480
3,599
3,647
4,008
4,314
4,649
4,908
5,132
5,394
5,620
6,140
7,198
1,037
1,343
1,818
2,136
2,471
2,697
Special issues
Total
Social
security 4
Noninterest
bearing debt
Other 5
Matured
Other
60
66
54
231
169
119
141
142
205
266
315
518
825
620
506
447
411
386
181
180
220
186
190
205
180
184
190
179
141
125
120
376
374
372
372
370
369
368
367
365
364
363
362
360
945
389
319
283
261
309
323
396
633
626
1,558
2,676
3,770
4,775
19
579
1,601
2,511
3,528
309
323
396
633
607
979
1,075
L,258
1,247
248
247
245
244
243
241
239
237
236
235
234
233
232
5,426
5,534
5,683
5,707
5,834
6,120
6,324
6,470
6,658
6,664
6,806
6,982
7,063
4,066
4,174
4,324
4,354
4,485
4,728
4,811
4,941
5,126
5,196
5,344
5,559
5,609
L.359
,359
: ,359
1,353
1,349
1,392
\ ,512
1,528
1,532
1,468
1,463
1,423
1,454
1
Including amounts held by Government agencies and trust funds which aggregated $2,267,000,000 on Dec. 31, 1941, and $2,270,000,000 (preliminary)
on Jan. 31, 1942. These amounts exclude holdings by production credit associations and joint stock land banks.
2
Including Liberty bonds.
3
Beginning with July 1941 includes depositary bonds not shown separately which amounted to $69,000,000 on Jan. 31.
4
Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account.
5
Including special issues to Government life insurance fund, adjusted service fund, national service life insurance fund, Government employees' retirement
funds, Postal Savings System, Federal Deposit Insurance Corporation, and Federal Savings and Loan Insurance Corporation.
6
Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000.
SECURITIES FULLY GUARANTEED BY UNITED STATES GOVERNMENT, BY ISSUING AGENCIES*
[In millions of dollars]
Interest-bearing
Total
amount
outstanding 2
End of month
Total
Federal
Farm
Mortgage
Corporation
Home
Owners'
Loan
Corporation
Reconstruction
Finance
Corporation
Commodity
Credit
Corporation
U.S.
Housing
Authority
Federal
Housing
Administration
Noninterest
bearing
matured
debt 2
1934—June
December
681
3,063
312
980
134
1,834
235
249
1935__june
December
4,123
4,494
1,226
1,387
2,647
2,855
250
252
1936—June
December
4,718
4,662
1,422
1,422
3,044
2,988
252
252
1937__j une
December
4,665
4,645
1,422
1,410
2,987
2,937
255
297
4,853
4,992
1,410
1,388
2,937
2,888
299
509
206
206
5,704
5,450
5,621
1,379
1,269
2,928
2,731
820
1,096
206
407
114
114
5,529
5,917
5,498
5,901
1,269
1,269
2,603
2,600
1,096
1,097
407
696
114
226
3
4
8
13
.5,914
5,916
6 560
6,371
6,370
6 939
6,937
6,937
6 938
6,324
6,324
5,901
5,905
6 550
6,359
6,360
6,930
6,928
6,929
6,930
6,316
6,317
1,269
1,269
1,269
1,269
1,269
1 269
1,269
1,269
1 269
1,269
1,269
2,600
2,600
2,600
2,409
2,409
2,409
2,409
2,409
2,409
2,409
2,409
1,097
1,097
1,741
1,741
1,741
2,101
2,101
2,101
2,101
1,802
1,802
696
696
226
226
13
16
13
11
696
696
696
907
905
905
905
701
701
226
226
226
226
226
226
226
114
114
17
17
10
12
11
10
9
9
8
8
5,687
5,680
937
2,409
1,492
701
114
1938—June
December
^
1939—June
1940—jUne
December
1941—February
March
April
May
June
July
August
.
September
October
November
December
1942—January
1
(3)
•
1
1
17
17
17
18
18
21
21
27
83
31
15
7
7
Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the public
debt.
t.
c.
2
3
Figures on matured debt were not published prior to September 1939.
Less than $500,000.
MARCH
1941
249
MATURITIES OF PUBLIC MARKETABLE SECURITIES OF U. S. GOVERNMENT, DIRECT A N D FULLY
GUARANTEED, JANUARY 3 1 , 1942
[In millions of dollars]
Direct securities maturing
Maturing or callable
Total
Within 1 year
1 to 5 years
5 to 10 years
10 to 20 years
Over 20 years
....
Total
1942—Before Apr. 1
Apr. 1-June 30
July 1-Sept. 30
Oct. 1-Dec. 31
1943.
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1958
1959
I960
1961
1963
1964
1965
1967
1972
1
2
3
Treasury
bills
595
4,996
2,696
8,486
8,622
17,394
5,073
2,101
42,271
2,101
5,591
1,671
451
342
232
1,651
451
1,396
1,849
3,191
2,038
2,384
1,489
821
1,689
2,243
2,454
2,932
3,709
2 048
1,170
1,449
982
2,611
50
919
. . .
,
. .
Treasury
notes
Fully guaranteed securities maturing
TreasBonds
ury
bonds
due
or 1
Pre-war callable
Treasand
ury
Postal
Savings
3
Total
2
"'8^509"
13,330
9,875
2,669
603
2,586
1,590
779
95
'""835'
34,383
5,653
937
20
7
7
•"342
276
320
"3,'460"
8,598
17,252
5,073
34,383
( )
30
23
142
196
232
1,396
1,849
1,249
503
1^941
1,519
2,370
1,487
819
1,687
2,236
2,436
2,904
3,687
2,013
1,170
1,449
982
2,611
"919
(!)
( 33 )
()
16
14
2
2
2
7
18
27
22
35
1,855
2,555
1,755
2,344
1,460
3,361
3,290
1,186
4,033
1,024
725
681
2,611
2,431
919
596
896
701
114
1,478
4,174
1,492
701
114
5,653
95
2,409
7
1,151
320
276
320
""875'
324
571
289
"iii"
"412"
614
2,394
1,167
755
835
779
779
1 485
50
1,485
95
2,669
2^669
2,669
875
755
779
755
835
ation
7
614
1,561
412
95
1,485
„
Federal Home
Farm Owners'
MortLoan
gage CorporCorpor- ation
ation
Total
fully
guarReconanteed
ComstrucU. S.
securimodity
tion
ties
Credit Housing
Finance
Corpor- Author- due or 1
Corpority
callable
ation
Securities not callable prior to maturity are shown as of date of maturity.
Excluding debentures of Federal Housing Administration, which amounted to $27,000,000 on January 31.
Less than $500,000.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT A N D FULLY GUARANTEED
[In millions of dollars]
Held by Federal
agenci es and
trust funds
End of month
1932—June...
1933—June. . .
1934—June...
1935—June...
loiai
interestbearing
securities
19,161
22,158
27,161
31,768
Special
issues
309
323
396
633
Public
issues
261
366
1,055
1,365
Privately held1
Other investors2
Held
Federal
Reserve
Banks
1,784
1,998
2,432
2,433
Total
Member
banks
16,807
19,471
23,278
27,337
5,628
6,887
9,413
11,429
Other
commercial
banks
590
590
890
1,290
Mutual
savings
banks
680
720
970
1,540
1936—June
1,600
37,707
626
2,430
32,948
2,050
1,703
13,671
December.
632
1,820
2,430
33,480
13,545
1,710
2,330
38,362
1937—June
1,558
2,036
2,526
12,689
1,870
34,345
2,390
40,465
December.
2,227
2,049
2,564
34,513
12,371
1,790
2,450*
41,353
1938—June
2,676
2,123
2,564
34,065
1,700
2,690
12,343
41,428
December.
3,156
2,198
2,564
35,973
13,222
1,850
2,880
43,891
1939—June
3,770
2,138
2,551
36,877
13,777
1,920
3,040
45,336
December..
4,231
2,323
2,484
38,029
14,328
1,970
3,100
47,067
8
1940—June
4,775
2,292
2,466
38,341
3,110
14,722
1,830
47,874
8
December.,
5,370
2,250
2,184
40,556
15,823
1,940
3,220
50,360
8
1941—June
6,120
2,360
2,184
44,083
18,078
3,430
2,020
54,747
r3
r
p
Dec
6,982
2,546
2,254
*>3,700
51,986
^19,529
2,300
63,768
ember.
v
Preliminary. r Revised.
1 Estimated figures for other commercial banks and mutual savings banks have been rounded to nearest 10 millions and
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.
z5o
Insurance
companies2
Marketable
issues 2
Nonmarketable
issues
800
1,000
1,500
2,600
9,100
10,300
10,500
10,400
100
3,900
4,500
5,000
5,200
5,500
5,800
5,900
6,300
6,500
6,800
6,900
*>7,9OO
10,500
10,500
11,300
11,500
10,400
10,600
10,300
10,100
9,300
9,600
9,400
p
9,900
1,200
900
1,100
1,200
1,400
1,600
1,900
2,200
2,900
3,200
4,300
p
8,6Q0
estimated figures for insurance
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts
Expenditures (excl. debt retirements)
Receipts
Period
Trust
accounts
etc.,2
Excess excess
of re- of receipts ceipts
Miscella- Social
In- neous securAll
come interity
other
nal
taxes
taxes
revenue
Increase or decrease during
period
Total Net
rereceipts ceipts1
Inter- Naest
tional
dedebt fense
Agricultural
Adjustment
Program
GenUn- Transto
(+)or (+)or eral
em- fers
All
trust
fund
exexpenployother Totall ditures pendi- bal- 2
acment counts
tures ance
()
relief etc. 1
926
941
1,041
1,111
1,029
1,206
1,657
6,080
362
787
1,002
877
1,914
2,595
1,919
1,741
220
182
226
325
2,788 7,239
2,996 8,707
3,153 8,998
2,577 12,711
516 2,336
557 10,315
25
569
21
584
150
748
73
763
12
837
339
812
25
960
9 1,124
169 1,320
75 1,527
15 1,437
232 1,847
590
452
95
87
90
61
27
22
44
27
32
58
72
113
1,016
759
225
294
1,570 6,252
1,733 .4,111
146
138
159
148
145
135
132
106
108
109
95
115
26
29
23
28
12
10
169
14
6
45
10
9
Gross
debt*
Fiscal year ending:
2,640
2,189
2,125
3,470
2,279
2,232
2,345
2,967
755
740
838
932
567
507
617
900
6,242
5,668
5,925
8,269
7 months ending:
Jan. 1941
1,103
Jan. 1942
1,957
1,726
2,270
464
581
3,607 3,264
5,193 4,744
63
104
1,208
75
63
916
84
59
780
68
66
767
210
204
273
244
254
265
268
269
261
314
436
353
47
193
34
43
165
32
48
173
37
49
181
41
313
384
52
172
52
240
58
64
56
54
58
57
47
53
133
369
53
59
June
June
June
June
1938
1939
1940
1941
1941—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1942—Jan
5,855
5,165
5,387
7,607
372
674
1,567
602
541
1,277
456
554
1,136
489
730
1,214
340
541
1,566
565
394
1,276
413
397
1,135
445
564
1,212
614
578
32
251
217
229
242
108
211
268
250
238
269
229
226
106
2,101
-338
+622
-947
+742
+134 +2,909
+317+11,050
+852
+97
+15
+213
-324
- 2 3 6 +1,014 +1,083
+403
+58
-290
-264
+490
-521
-259
+729 +1,241
+599
-34
+551
—2
+274 +1,408
-293
-607
+425
-225
+376 +2,238
-484
- 3 2 2 +1,456
- 2 , 9 8 7 +212
—9,367 -1,366
-771
-534
+167
-750
-747
-252
-1,185
-1,133
-739
-1,637
-1,294
-1,329
2,628
—2,050 - 6 3 3
- 3 2 8 +1,241
—610
InBenefit
re- vestpayceipts ments ments
Net
In-
550
639
703
844
461
516
573
637
85
120
129
186
7 months ending:
Jan. 1941
Jan. 1942
429
560
274
383
1941—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
42
152
11
46
148
58
89
157
1
75
166
3
68
Re-
Commodity
Credit
Corporation
+2,898
+2,073
All other
Period
ReconOther strucIntion
exvest- pendi- Finance
ments tures Corporation
+740
+3,275
+2,528
+5,994
Details of general fund
balance (end of period)
Net expenditures in checking
accounts of Government
agencies
Unemployment
trust fund
+306
+890
+136
-148
1,111
1,075
1,399
1,315
1,141
1,528
1,598
1,529
1,874
2,083
1,858
2,542
Details of trust accounts, etc.
Old-age insurance
trust fund and railroad
retirement account
-1,384
-3,542
-3,611
-5,103
United
States All
Housing Au- other
thority
ExReceipts penditures
Total
crement
on
gold
Seigniorage
Working
bal-
Fiscal year ending:
1942—Jan....
1
1,114
560
395
443
563
191
442
514
555
*9
*658
*234
80
*184
136
10
58
1
*60
17
121
*12
*186
174
*41
414
440
458
674
327
324
358
622
2,216
2,838
1,891
2,633
142
142
143
143
446
536
585
605
1,628
2,160
1,163
1,885
101
132
650
684
264
498
379
192
94
1,082
*60
62
23
174
*167
162
357
489
316
413
2,025
2,950
143
143
599
616
1,283
2,191
*10
*5
160
*10
*6
224
24
*16
185
11
*21
189
15
16
17
17
17
17
18
18
18
19
19
20
78
29
113
*10
40
137
19
60
146
59
168
26
41
43
37
35
30
31
29
25
24
20
21
29
16
160
64
*406
82
87
*280
166
98
277
334
142
12
149
28
69
167
51
82
176
24
74
192
60
33
57
*16
*221
34
13
*17
221
28
32
*8
25
24
31
27
*22
10
9
20
109
11
*43
*30
*56
*12
241
*18
*11
*42
*27
*8
*5
*41
46
42
58
67
55
96
162
54
53
63
45
54
58
50
62
58
44
93
138
46
51
56
41
42
2,025
1,701
2,715
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
143
143
143
599
601
602
603
604
605
607
610
611
613
614
615
1,283
957
1,970
1,679
1,157
1,885
1,848
2,120
1,511
1,885
1,562
2,802
11
20
75
39
44
346
2
37
295
57
40
2,950
143
616
2,191
763
838
959
7
37
Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments to the
Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from
transfers
to trust accounts.
2
Details given in lower section of table.
3
For details, see page 249.
* For social security investments, excess of redemptions; for net expenditures in checking accounts, excess of receipts.
NOTE.—For explanation of table see BULLETIN for October, 1940, pp. 1052-1054.
MARCH 1941
GOVERNMENTAL CORPORATIONS A N D CREDIT AGENCIES
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned.
Dec.
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
m
Accounts and other receivables
Business property
Property held for sale
Other assets
Total assets other than interagency 2
Liabilities
Bonds, notes, and debentures:
Fully guaranteed by U. S
Other 1
Other liabilities
Total liabilities other than interagency 2 ....
Excess of assets over liabilities, excluding interagency transactions
U. S. Govt. interests
Privately owned interests
In millions of dollars]
1941
1940
Jan.
Oct.
Nov.
Dec.
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
123
128
127
124
126
125
123
123
120
122
127
115
18
22
21
21
20
22
20
18
26
17
17
17
552
555
598
491
524
551
810
549
707
671
759
751
600
636
689
593
599
602
608
698
623
653
664
671
1,141 1,190 1,206 1,245 1,297 1,392 1,497 1,567 1,625 1,710 1,805 1,879
592
423
214
251
310
563
701
211
338
359
517
435
12,500 12,645 12,676 12,909 13,282 13,108 13,277 13,853 13,882 14,076 14,452 14,580
115
46
574
714
1,891
773
14,660
485
736
516
2,390
2,500
757
1,298
8,682
533
701
445
729
523
2,424
2,481
728
1,309
8,639
580
723
Feb.
425
711
518
2,395
2,485
727
1,352
8,614
595
736
Mar.
Apr.
May
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
409
706
523
2,406
2,475
776
1,386
8,681
620
756
June
41
698
505
2,445
2,448
779
1,511
8,804
376
802
July
Aug.
Sept.
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
49'
2,427
2,411
71
1,738
8,864
52."
846
5,917
1,395
1,214
8,526
5,915
1,389
1,294
8,599
5,914
1,386
1,292
8,592
5,916
1,390
1,391
8,696
6,560
1,385
1,432
9,377
6,371
1,434
1,492
9,297
6,370 6,939 6,937 6,937 6,938
1,443
1,442
1,445
1,416
1,434
1,604
1,761
1,741
1,952
1,859
9,417 10,142 10,123 10,231 10,306
3,974
3,559
415
4,046
3,629
417
4,084
3,6661
418
4,213
3,792
421
3,906
3,484
422
3,811
3,3881
4231
3,860
3,436
424
3,711
3,286
425
3,845
3,418
427
3,759
3,333
426
3
6,324
1,393
1,974
9,690
6,324
1,392
2,049
9,765
4,146 4,889
3,718 4,459
428
430
4,895
4,464
431
1
Excluding Federal land bank borfds held by Federal Farm Mortgage Corporation.
2
Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconstruction Finance
Corporation.
3
Exeluding amount due to Commodity Credit Corporation from Surplus Marketing Administration for lend-lease purchases. Beginning with December 1941, the amount was classified as an interagency asset.
PRINCIPAL ASSETS A N D LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, DECEMBER 31,1941
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Assets
Total
loans
and
preferred
stock
Cash
U.S.
Govt.
direct
securities
Guaranteed
securities
Liabilities
Accounts
and
other
receivables
Business
property
Bonds, notes, and
debentures
Property
held for
Guarsale
anteed by
Other
United
States
Reconstruction Finance Corporation
National defense corporations
Home mortgage and housing agencies:
Home Owners' Loan Corporation
Federal home loan banks
RFC Mortgage Company
Federal National Mortgage Association
United States Housing Authority
Farm credit agencies:
Federal Farm Mortgage Corporation
Federal land banks
Federal intermediate credit banks
Banks for cooperatives
Production credit corporations
Regional agricultural credit corporations
Commodity Credit Corporation
Farm Credit Administration
Farm Security Administration
Insurance agencies:
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation
Federal Savings and Loan Insurance Corporation.
Federal Housing Administration..
Export-Import Bank of Washington
Tennessee Valley Authority
U. S. Maritime Commission
Rural Electrification Administration
Public Works Administration
Other
Total
1
2
1,833
52
10
(1)
1,952
219
72
207
367
237
24
9
7
597
1,764
235
113
81
6
233
250
467
20
48
18
17
2
167
36
30
16
49
139
30
323
86
90
9,167
1
51
46
703
1,802
3
288
2,416
el
1
1
127
9
54
31
49
54
C)
i
'
3"'
5
1
2
4
4
49
169
3
x2
C1)
2
25
34
91
452
24
39
13
496
6
884
101
115
13
38
6
33
48
7
22
7
16
574
1,269
2
953
236
<*)
6
i"
'•
31
85
114
C1)
2
18
2
16
1
15
(1)
"
il) *
749
701
1
29
22
10
447
54
67
714
2
8
1
1,891
6,324
13
1,392
Less than $500,000.
Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation.
2-5 2.
FEDERAL RESERVE
BULLETIN
RECONSTRUCTION FINANCE CORPORATION LOANS A N D INVESTMENTS
[Amounts outstanding at end of month. In millions of dollars]
1942
1941
Feb.
Jan.
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
Total loans and investments, other than
interagency
Preferred stock of, and loans to Export-Import
Bank
Loans to Rural Electrification Administration
Capital stock of, and loans to R F C Mortgage
Company
Capital stock of, and loans to Federal National
Mortgage Association
Loans to Tennessee Valley Authority
Capital stock of, and loans to national defense
companies*
Loans to Farm Security Administration
Capital stock of Federal Home Loan Banks
Total loans and investments
1
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
166
162
158
154
149
145
139
134
131
127
124
118
106
50
447
482
37
49
442
482
35
49
437
487
35
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
9
119
11
117
17
115
21
114
61
113
65
111
70
109
83
5
83
5
83
5
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
HI
106
345
72
5
114
113
113
113
111
122
120
117
117
117
116
114
114
1,512
1,499
1,499
1,488
1,503
1,511
1,538
1,613
1,640
1,798
1,772
1,833
1,815
174
152
174
157
174
164
174
168
174
175
174
182
174
190
174
195
174
202
174
207
174
211
174
214
174
211
68
68
69
71
71
73
75
76
77
80
79
79
81
93
8
96
8
99
8
99
8
101
8
102
8
103
8
105
8
107
8
109
8
111
8
112
o
114
8
63
18
83
33
125
121
60
125
168
81
125
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
2,089
2,244
2,319
2,383
2,473
2,573
2,630
2,772
2,962
3,254
3,325
3,400
3,428
Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, and Defense Supplies Corporation.
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In millions of dollars]
E n d of year or month
Total
Total
Federal
land
banks
Loans t o cooperatives
Short-term credit
Farm mortgage loans
Land
Bank
Commissioner
Total 1
Federal
intermediate
credit
banks 2
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—January
February
March
April
May
Tune
July
August
September
October
November
December .
2,964
2,970
2,976
2,982
2,988
2,988
2,986
2,975
2,954
2,924
2,906
2,891
2,489
2,485
2,475
2,467
2,458
2,448
2,437
2,426
2,411
2,395
2,380
2,361
1.844
1,842
1,836
1,830
1,824
1,818
1,811
,804
,795
.786
1,776
1,764
645
643
640
637
634
630
626
622
616
610
604
597
382
393
413
431
440
450
453
450
431
410
398
397
35
36
37
39
40
42
44
45
43
39
38
39
174
182
195
207
215
221
224
221
208
194
187
188
167
169
175
179
179
179
179
177
174
170
167
165
92
91
88
85
90
90
96
99
111
119
128
133
75
74
70
68
74
74
80
83
94
101
109
113
16
16
16
16
16
16
16
16
16
16
17
17
2,873
2,343
1,753
590
400
40
191
165
130
m
16
....
1942—January
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,
nr\t\ nr\r\ :_ *r\->£. »* £. nr\r\ nnn :_ < n i i
»i i r\r\n r\i\r\ :_ m ? o »o r\r\n f\f\r\ i~ m i n ~~A (~^m <tz f\nr\ f»nn_*Q f\nn nnft clr*r*a 1O3Q
i for cooperatives,
^ ^ t
^
^
oncerned.
o
^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.
MARCH
1942
2-53
FEDERAL HOME MORTGAGE A N D HOUSING AGENCIES
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In millions of dollars]
End of month
1933—June
Dec
1934—June
Dec
1935—June
Dec
1936—June
Dec
1937—June
Dec
1938—June
Dec
1939—June
Dec...
1940—June
Dec
1941—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1942—Jan
Home
Owners'
Loan
Corporation
Federal
Home
Loan
Banks 1
Federal
savings
and
loan
associations 2
RFC
Mortgage
Company
POSTAL SAVINGS SYSTEM
[In millions of dollars]
Assets
Federal
United
NaStates
tional
HousMorting
gage
AuAssoci- thority
ation
End of month
1934—June
Dec
1935—June
Dec
1936—June
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
1,136
1,271
1,405
1,546
6
18
36
49
68
41
54
57
57
60
67
38
80
125
147
163
181
10
13
32
68
123
87
186
1,929
1,914
1,900
1,885
1,870
1,855
1,841
1,825
1,809
1,794
1,777
157
146
142
145
170
168
173
178
184
187
219
1,579
1,600
,628
1,658
,688
,718
,751
,775
,803
,816
.825
68
69
70
70
65
67
69
70
73
72
72
187
190
190
192
194
196
198
200
203
205
207
211
233
266
288
316
296
306
332
328
329
367
1,758
206
(3)
74
210
389
1
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
by3 the Federal Home Loan Bank Board.
Not available.
Year or month
Total
T
1934
1935
1936
1937
1938
1939
1940
1941
.
..
1941—Jan.
Feb.
Mar.
Apr.
May
June
July
Aug
Sept
Oct.
Nov. .
Dec
30
320
557
495
694
954
1,026
1,186
30
224
246
60
160
208
251
262
102
84
84
75
89
105
105
91
107
125
107
112
20
19
17
11
22
26
20
18
31
34
24
18
New
small
home
construction
(TUe
13
25
26
21
2
1
2
2
3
3
1
2
2
1
2
79
61
62
60
65
75
82
70
73
85
77
13
3
2
1
*
*
*
*
2
2
*
*
1
1
2
4
5
Direct
Dec
1937—June
Dec
1938—June
Dec
1939—June
Dec
1940—June
Dec
453
597
777
853
967
,058
,100
,097
,103
,132
,157
,192
,224
,224
418
467
630
706
800
891
933
930
'936
965
,011
,046
,078
,078
76
100
74
98
95
93
71
80
73
73
78
74
69
1941—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1,318
1,320
1,317
1,310
1,304
1,307
1,309
1,311
1,317
1,323
1,314
1,361
1,364
1,362
1,359
1,356
1,359
1,365
1,366
1,377
1,388
1,396
33
31
30
30
30
29
28
28
27
27
26
,245
,259
,259
,254
,251
,251
,250
,250
,250
1,250
1,274
,098
,113
,113
,108
,104
,104
,104
,104
,104
1,104
1,128
83
74
73
75
75
80
86
89
100
111
95
1942—Jan
p
l,309
* 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 I N S T I T U T I O N S 1
[In millions of dollars]
End of month
1936—Dec
1937—Dec
1938—Mar
*
2
Total
Cash
reserve
Guar- funds,
etc.2
695
540
385
287
203
145
136
130
115
86
68
53
43
36
ComTotal mercial
banks
ID
2*'"
2
11
48
51
13
13
U. S. Government
securities
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
Morton DeHome gages
rental
fense
mortand
housgages group
ing
(Title housing (Title
ID
(Title
VI)
94"
309
424
473
669
736
877
Cash
in depository
banks
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
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATION!
[In millions of dollars]
Property
improvement
Depositors
balancesJ Total
June
Sept
Dec
1939—Mar
June
Sept
Dec
1940—Mar
June
Sept
Dec
1941—Mar
June
Sept
Dec
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
r
228
430
472
509
565
634
699
759
824
r
902
971
1,026
1,093
1,162
r
l,246
1,318
1,400
1,462
Savings Insur- Fedand
eral
ance
3
loan
com- agen- Other
ings associ- panies cies2
banks ations
Mutual
sav-
8
27
26
28
32
38
44
50
57
71
90
100
r
lll
130
146
157
171
189
56
110
119
127
137
149
159
167
178
192
201
208
216
224
230
237
246
254
41
118
146
165
187
212
241
271
302
r
342
r
392
432
480
542
606
668
722
789
5
32
42
44
56
77
114
137
148
153
171
182
190
201
210
r
22O
225
234
27
53
51
60
72
r
90
92
94
113
133
r
124
127
141
150
r
160
154
178
179
r
1
Revised.
Gross amount of mortgages held, does not include terminated mortgages and cases in transit to or being audited at the Federal Housing
7
2
87
16
111
1942—Jan
Administration.
2
The RFC Mortgage Company, the Federal National Mortgage Associar
tion, the Federal Deposit Insurance Corporation, and the United States
Revised.
1
Corporation.
Figures represent gross insurance written during the period and do not Housing
8
Including mortgage companies, finance companies, industrial banks,
take account of principal repayments on previously insured loans.
endowed institutions, private and State benefit funds, etc.
* Less than $500,000.
88
*
2-54
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Year and
month
Income
payments
(value)1
1935-39
= 100
Construction
contracts
awarded (value)3
1923-25 = 100
Industrial production
(physical volume)2 *
1935-39 = 100
Manufactures
Total
Durable
Nondurable
Minerals
ResiTotal dential
All
other
Employment4
Nonagricultural 5
1935-39
= 100
DepartFac- Freight- ment Wholesale
tory
store
car
of
com- Cost
sales modity
loadliving4
(val- 6 prices4 1935-39
ings*
1923-25 1935-39 ue)*
= 100
Factory
100 = 100 1923-25 =1926
100
1923-25 = 100
100
Ad- Unad- AdAdAdAdAdAd- Unad- Unad- AdAdAdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
1939
January
February. .
March
April
May
June
July
August....
September.
October
November..
December..
1940
January
February. .
March
April
May
June
July
August....
September.
October
November..
December..
1941
January
February..
March
April
May
June
July
August
September.
October....
November..
December..
122.3
110.9
94.3
73.2
69.5
80.2
87.2
101.2
107.2
105.5
112.5
132.9
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
8t
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
107.1
100.3
91.6
82.2
82.9
90.1
93.8
99.8
105.0
98.6
102.8
106.4
115.6
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
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
75.6
81.2
102.9
96.0
101.1
104.2
102.4
103.5
110.4
89.4
67.8
46.7
Adjusted
Unadjusted
Unadjusted
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
110
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
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
101.3
101.9
103.0
101.8
103.6
104.8
104.6
106.5
107.8
109.1
109.9
111.2
101
101
101
97
98
103
105
106
114
121
124
125
97
99
100
98
99
102
102
106
119
126
126
122
97
97
96
93
93
99
102
108
118
129
134
138
104
104
104
103
104
106
106
108
111
115
117
117
103
101
104
91
97
104
107
92
114
119
120
114
86
73
69
67
63
63
67
73
73
76
83
86
55
58
55
58
55
58
62
67
68
68
61
60
111
85
80
74
68
67
71
78
76
82
101
107
100.8
101.0
101.2
100.5
101.1
102.2
102.6
103.0
103.7
105.0
105.7
106.3
96.8
96.8
96.7
96.6
96.3
97.3
98.4
99.0
100.8
104.8
107.0
108.2
94.5
96.1
97.0
96.9
95.9
96.4
96.6
99.5
103.7
107.3
107.5
107.8
84.7
87.1
88.8
86.8
86.3
87.9
85.8
91.2
95.4
103.2
103.2
105.4
98
95
94
87
90
97
99
101
111
114
114
110
87
86
87
88
90
92
93
95
76.9
76.9
76.7
76.2
76.2
75.6
75.4
75.0
79.1
79.4
79.2
79.2
110.6
110.1
108.8
109.1
110.1
110.2
111.7
113.3
114.6
115.8
116.6
119.0
122
116
113
112
116
122
122
124
127
130
134
139
117
113
112
112
117
121
120
124
132
136
136
136
134
124
118
116
123
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
122.4
111
105
100
103
106
111
110
112
112
110
116
119
92
90
89
89
89
91
92
98
97
94
100
101
79.4
78.7
78.4
78.6
78.4
77.5
77.7
77.4
78.0
78.7
79.6
80.0
100.4
100.2
100.1
100.7
121.3
123.1
124.0
125.1
128.6
131.5
133.1
136.7
139.1
140.9
143.0
148.3
140
144
147
144
154
159
160
160
161
163
166
167
135
140
144
144
155
160
159
162
167
167
167
163
171
176
180
180
190
195
199
199
203
207
209
214
123
126
128
131
135
139
138
139
137
138
143
141
119
118
125
95
126
132
131
132
131
130
131
130
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
111.8 118.3 115.5 120.7
112.5 118.6 117.8 126.8
112.3 119.4 119.9 131.2
112.5 122.0 122.6 134.7
114.0 124.9 124.9 144.1
115.4 128.7 127.9 152.2
117.1 133.3 130.6 152.7
117.7 133.3 133.1 158.1
117.5 132.3 135.2 162.6
118.0 r 132.8 135.4 167.0
119.2 134.4 134.8 165.4
120.0 134.9 134.3 170.2
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
1942
January..
February
99.1
98.6
i66i6
99.8
100.5
111.9
r
e
Revised.
Estimated. * Department of Commerce series on value of payments to individuals.
J2 Preliminary.
Average per working da .
For indexes by groups or industries, see pp . 256-259, for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771.
3
B d
F W Dd C t i
d t f description see p 358 of BULLETIN for July 1931; by groups see p 264.
for prices.
5
Excludes military a
Back figures in BULL
October 1938, pp. 838-866, uctoDer ly^y, pp. s/yfor freight-car loadings, June 1941, pp. 529-533.
MARCH
1942.
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1940
1942
1941
Industry
Dec.
1
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
166
161
p
173
174
p
Industrial Production—Total
139
140
144
147
144
154
159
160
160
161
163
Manufactures—Total1
142
144
148
151
153
160
164
165
166
166
169
164
124
171
123
176
126
180
128
180
131
190
135
195
139
199
138
199
139
203
137
207
138
209
143
214
141
174
179
179
184
181
184
184
185
185
192
191
191
196
191
173
181
166
283
177
186
172
291
176
187
171
300
178
193
177
305
170
193
172
340
175
196
174
355
179
196
173
359
181
197
174
365
182
198
172
382
185
207
179
405
184
206
178
410
184
207
176
425
190
212
181
432
189
208
174
445
Machinery
164
168
177
185
194
206
214
216
224
227
231
229
241
p
Transportation Equipment^ . . . .
177
190
203
207
196
228
243
255
241
245
269
280
275
p
635
685
741
768
818
876
930
997
1,113
1,204
1,290
1,340
Durable1
Nondurable
Iron and Steel .
Pig iron
Steel
...
Open hearth and Bessemer
Electric
Aircraft.
Automobile bodies, parts, and assembly
Automobile factory sales...
Railroad cars
Locomotives
Shipbuilding (private yards)
125
129
172
175
263
134
144
178
189
282
143
152
182
204
307
142
143
178
216
335
124
122
196
237
353
152
151
218
256
381
Nonferrous Metals and Products
162
167
173
179
183
189
3
137
135
152
190
158
146
115
137
133
153
201
161
149
119
142
140
158
209
165
148
130
142
136
163
219
172
146
143
147
145
164
221
186
147
147
132
137
135
128
133
128
139
132
139
129
125
132
140
154
158
150
Lumber and Products
Lumber
Furniture
Stone, Clay and Glass Products
Cement
Common and face brick
Common brick.
Face brick
Glass containers
Polished plate glass
Textiles and Products
..,..„...
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries
Wool textiles
Carpet wool consumption....
Apparel wool consumption...
Woolen yarn
Worsted yarn. ..
Woolen and worsted cloth
Leather and Products ..
Leather tanning ..
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
141
93
236
306
485
168
154
233
307
467
134
74
249
319
560
146
110
278
335
634
r
142
123
264
338
r
645
r
171
179
P
223
142
p
252
306
*
p
120
85
*
*
*
*
p
124
p
75
*
*
r
r
r
189
r
r
r
190
192
148
144
170
r
233
205
144
147
144
136
170
r
229
210
144
141
142
131
173
r
244
200
142
155
145
135
175
r
231
199
143
161
145
135
175
r
233
209
146
166
147
137
177
r
217
*
143
153
150
139
180
r
226
*
147
155
151
141
182
230
132
132
135
141
140
136
135
135
138
P144
128
139
122
152
125
155
131
161
134
152
129
149
129
146
128
148
132
149
p
142
141
150
151
154
156
158
161
166
p
191
186
192
192
185
p
195
141
184
235
*
152
146
171
140
191
155
147
147
148
119
117
181
183
156
139
134
138
143
148
154
159
164
123
137
131
138
139
135
135
142
148
142
155
152
154
146
158
133
163
120
168
102
168
105
165
67
140
138
143
146
150
157
156
155
154
151
150
156
154
p
135
142
156
74
145
131
163
132
157
149
133
144
156
69
136
119
149
125
150
142
140
152
148
67
149
143
165
134
163
153
143
156
150
71
152
146
179
135
163
154
146
160
158
74
152
139
171
140
166
156
152
164
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
r
200
156
184
170
145
155
178
*
176
146
215
159
196
182
P152
169
p
180
* r
109
107
108
114
114
123
130
129
121
120
r
125
r
134
127
P124
102
113
86
86
113
102
115
88
79
110
103
112
92
87
112
113
119
112
r
98
115
109
118
97
r97
117
118
129
99
105
126
121
131
98
113
136
124
136
93
116
132
123
140
103
97
120
124
135
101
115
117
129
138
107
121
r
123
133
r
145
106
r
123
r
134
122
134
89
116
130
121
117
120
121
123
123
127
126
132
129
131
140
136
p
104
122
125
131
110
118
138
98
124
131
138
119
123
136
105
107
127
132
118
124
129
105
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
111
130
101
112
133
103
139
137
109
*
140
108
*
^139
109
145
183
108
148
197
105
163
224
104
176
240
106
172
229
o to to
Nonferrous metal smelting
Copper smelting
Zinc smelting
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
161
148
233
280
428
r
118
131
124
250
65
160
p
125
139
r
p
Revised.
Preliminary.
*1 Included in total and group indexes but not available for publication separately.
Includes manufacturing in Government arsenals and quartermaster depots not available for publication separately
z56
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries {Adjusted for Seasonal Variation)—Continued
IIndex numbers of the Board of Governors.
1935-39 average == 100]
1940
1941
1942
Industry
Dec.
Jan
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
134
165
107
97
109
120
114
121
110
86
112
117
126
145
109
94
112
119
134
159
110
91
111
120
126
143
110
96
108
122
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
128
96
113
P140
101
105
108
104
107
114
122
130
128
131
129
109
116
105
85
85
106
105
78
112
126
106
81
132
131
100
80
132
130
102
82
140
137
106
90
129
170
107
94
154
206
115
108
206
190
110
93
206
219
118
94
262
170
127
107
178
138
110
81
139
120
123
91
121
102
243
114
113
116
117
120
119
118
114
118
121
128
132
129
132
108
121
101
111
118
101
110
125
96
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
130
129
128
132
134
142
145
146
147
144
146
r
153
155
131
159
119
142
200
148
127
143
114
109
117
131
120
129
153119
128
190
144
126
138
110
113
119
132
120
128
153
122
129
193
144
124
134
110
115
123
125
119
133
160
119
137
199
153
129
138
114
115
126
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
C
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
159
183
141
167
r
220
176
156
167
160
110
161
153
140
162
111
129
153
221
169
160
186
157
106
145
152
147
r
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
L a m b and mutton
Other manufactured foods
Alcoholic Beverages
Malt liquor
Whiskey ...
Other distilled spirits
Rectified spirits
Tobacco Products
Cigars
Cigarettes
Manufactured tobacco and snuff
Paper and Paper Products1
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
. .
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper...
Wrapping paper
Printing and Publishing2
175
107
p
114
116
118
122
128
127
129
125
127
136
130
107
103
105
106
106
107
106
106
109
105
105
111
115
Petroleum and Coal Products
120
122
122
123
121
125
127
128
130
132
133
135
138
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosine
Coke
.
Byproduct coke
Beehive coke
116
115
120
107
130
149
143
378
117
117
120
112
120
150
143
367
117
118
122
104
123
152
145
398
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
133
134
129
137
123
153
145
410
135
139
130
132
126
158
151
404
Chemicals
121
123
124
125
133
136
144
146
145
146
148
Rubber Products
144
141
153
155
158
162
192
153
130
131
134
149
*
152
*
147
117
118
115
143
123
124
121
156
128
128
127
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
118
119
118
125
95
126
132
131
132
131
130
131
130
114
114
113
121
86
121
129
127
129
128
127
128
127
p
115
108
114
117
98
114
114
102
113
149
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
P89
P
132
147
148
148
148
149
152
151
r
151
148
r
145
145
146
147
p
186
145
116
123
129
129
187
148
116
125
132
128
189
153
116
126
126
126
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
181
151
119
134
130
108
200
152
127
130
116
106
199
157
122
134
Newsprint consumption
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
112
r
r
125
104
^454
p
157
*
35
35
34
p
131
128
148
200
162
r
p
c
Revised.
Preliminary.
Corrected.
*1 Included in total and group indexes but not available for publication separately.
Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported.
2
Includes also printing paper production shown under "Paper."
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.
MARCH 1941
2-57
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors.
1935-39 average == 100]
1942
1941
Annual
Industry
1940
Industrial Production—
Total1
123
1
134
Manufactures—Total ........
1
Durable
Nondurable
.„.,
.»..». . . . . . .
138
113
Iron and Steel. ..„«-..,...»,,...»
147
Pig iron
.
Steel
Open hearth and Bessemer
Electric
151
151
143
212
135
Machinery
Transportation
V156
,»
2
Equipment
Dec.
Jan.
167
163
PI 65
173
170
p
Sept.
160
159
162
167
167
165
164
167
172
173
197
138
199
142
206
145
210
143
209
143
211
137
P216
P
137
Mar.
Apr.
May
June
135
140
144
144
155
139
144
149
153
160
198
138
r
r
171
122
178
126
182
130
186
179
179
184
181
184
184
185
185
192
191
191
196
191
180
198
175
364
177
186
172
291
176
187
171
300
178
193
177
305
170
193
172
340
175
196
174
355
179
196
173
359
181
197
174
365
182
198
172
382
185
207
179
405
184*
206
178
410
184
207
176
425
190
212
181
432
189
208
174
445
209
168
177
185
194
206
214
216
224
227
231
229
241
P252
229
221
245
269
280
275
P306
1,113
1,204
1,290
1,340
120
47
236
306
485
134
74
249
319
560
146
110
r
278
335
634
193
116
116
141
122
190
685
140
126
*
*
138
151
178
189
282
207
741
148
161
182
204
307
214
768
150
160
178
216
335
229
206
244
876
818
930
152
164
218
256
381
136
139
196
237
353
997
135
134
233
307
467
161
164
233
280
428
142
123
264
,338
r
*
*
120
85
*
*
P124
Products...
137
p
166
173
179
184
189
r
185
r
Nonferrous metal smelting"...
Copper smelting
:.
Zinc smelting
Copper deliveries
Lead shipments .
Zinc shipments
Tin consumption
132
134
139
143
123
129
111
P145
137
170
224
145
149
137
133
153
200
166
149
114
142
140
158
209
165
148
130
142
136
163
219
172
146
146
147
145
164
221
186
147
151
148
144
170
r
233
205
144
153
144
136
170
r
229
210
144
148
141
131
173
r
244
200
142
154
145
135
175
r
231
199
143
159
145
135
175
r
233
209
146
159
147
137
177
r
217
*
143
151
151
139
180
r
226
*
147
155
116
134
116
119
123
130
134
140
144
151
148
145
115
117
129
145
113
123
115
129
118
133
128
135
130
143
135
150
142
149
148
157
144
156
138
159
121
P152
no
112
125
142
164
172
166
172
174
176
167
154
100
102
117
139
163
174
177
181
184
185
171
153
151
110
144
120
131
130
141
135
142
159
142
163
149
160
96
172
109
166
120
173
117
170
120
154
80
151
138
143
147
150
157
155
155
154
151
150
156
154
140
152
148
68
149
143
156
150
74
152
146
160
158
73
152
152
164
169
66
165
150
160
173
66
163
150
162
173
69
157
148
160
170
50
166
145
156
168
32
169
143
161
172
10
164
148
167
179
15
166
145
155
178
*
133
Nonferrous Metals and
Lumber and Products
Lumber
Furniture
Stone, Clay and Glass
Products....
Cement
Common and face brick
Common brick
Face brick
Glass containers . .
Polished plate glass
Textiles and Products
122
121
122
121
116
109
p
191
r
r
r
187
191
192
r
185
r
192
v
134
128
P123
124
154
113
155
P\\2
r
131
111
120
138
65
106
158
166
160
133
144
154
72
136
102
138
119
143
146
139
148
149
126
148
142
133
110
103
112
183
149
175
149
125
150
165
134
163
179
135
163
171
140
166
196
153
178
190
151
178
177
153
174
181
162
179
205
163
185
199
157
185
170
182
123
115
135
151
101
r
119
115
124
137
91
118
109
Manufactured
Food Products
W h e a t flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter
Cheese
Canned and dried m i l k . .
\52
141
184
235
*
152
p
Textile fabrics
Cotton consumption . .
Rayon deliveries.
Silk deliveries
Wool textiles
Carpet wool consumption
Apparel
wool consumption
Woolen yarn
Worsted yarn
Woolen a n d worstec
cloth
Leather tanning
Cattle hide leathers
Calf and kip l e a t h e r s . . . .
Goat and kid leathers
Shoes
*
152
141
182
230
*
146
165
190
114
. „
*
P194
„
Leather and Products
172
166
118
*
419
Nov.
Aug.
Feb.
192
135
145
Aircraft
Automobile bodies, parts, and
assembly
Automobile factory sales
;
Railroad cars
»
Locomotives
Shipbuilding (private yards) ;
Oct.
July
Jan.
137
68
p
160
p
169
180
*
176
r
146
215
159
196
200
156
184
**
105
162
142
153
154
156
167
165
160
166
169
164
97
121
104
117
122
118
120
119
125
129
128
127
93
97
86
88
100
118
129
99
106
122
103
116
87
79
106
112
125
97
91
121
112
121
105
r97
128
110
118
96
99
123
115
126
94
103
124
118
125
100
113
119
120
127
102
115
128
120
133
108
95
135
123
- 134
99
116
131
129
139
103
120
r
125
114
P128
104
104
107
112
119
128
137
152
158
142
139
129
P124
101
101
114
114
108
116
124
104
99
103
84
69
95
89
103
104
105
92
78
101
96
110
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
132
110
109
106
107
114
94
104
*
90
109
108
150
168
95
139
158
83
124
156
82
123
166
85
124
174
P129
113
137
156
r
r
P121
r
Revised. v Preliminary.
* Included in total and group indexes but not available for publication separately.
1
Includes manufacturing in Government arsenals and quartermaster depots not available for publication separately.
2
Includes shipbuilding in Government yards not available for publication separately.
3
Includes also lead production shown under "Minerals."
FEDERAL
RESERVE
BULLETIN
Industrial Production, by Industries {Without Seasonal Adjustment)—Continued
Index numbers of the Board of Governors. 1935-39 average == 10011
1942
1941
Annual
Industry
1941
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
125
148 •
103
82
114
113
129
143
118
97
108
129
133
157
110
83
118
103
122
145
98
83
112
103
122
143
100
86
107
105
119
135
102
95
105
107
132
147
120
101
111
111
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
101
116
87
94
100
108
120
129
131
122
137
137
118
106
99
73
129
126
111
88
163
148
84
104
73
92
90
106
79
113
96
98
86
124
111
91
84
122
124
90
137
75
149
128
51
99
171
120
91
165
142
59
97
160
359
180
104
102
472
180
90
101
292
190
96
104
150
135
77
„. 109
120
108
108
no
113
121
128
123
122
132
133
134
no
126
112
131
90
119
96
118
100
119
111
118
108
133
113
144
111
138
113
136
120
146
135
141
137
143
107
121
104
146
96
1940
Jan.
Manufactured Food Products—
Continued
Meat packing
Pork and lard.
Beef .
Veal
Lamb and mutton
Other manufactured foods
Alcoholic Beverages
Malt liquor
Whiskey..
Other distilled spirits
Rectified spirits
Tobacco Products...
Cigars
Cigarettes
Manufactured tobacco and
snuff
Paper and Paper Products^
Paper and pulp
Pulp ..
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Newsprint production
Printing paper
Tissue and absorbent
paper
Wrapping paper
103
115
77
75
173
214
138
93
118
P123
100
99
98
95
99
100
100
99
99
105
83
123
141
126
131
136
137
141
143
139
146
149
151
r
152
146
122
147
117
127
175
143
119
124
110
112
118
145
167
125
144
207
160
142
154
134
112
140
128
154
124
128
192
144
124
132
111
113
119
133
159
127
133
199
148
129
138
118
113
126
137
164
128
141
203
156
133
144
122
115
132
140
165
136
139
199
159
136
146
126
114
136
145
165
133
141
203
155
142
155
130
115
140
147
173
124
150
214
167
143
154
131
115
146
143
159
109
141
199
155
140
154
128
109
140
151
168
112
142
210
163
148
167
144
107
145
155
173
121
145
214
169
152
167
147
110
150
159
184
144
167
r
220
178
155
167
155
113
160
138
134
128
120
130
134
126
135
130
136
136
143
137
135
133
136
138
145
143
151
140
153
172
134
148
210
164
151
166
154
107
144
146
143
168
123
116
150
170
109
151
215
164
147
163
139
110
145
143
138
121
124
126
127
116
121
125
131
r
138
131
P122
110
113
111
107
92
96
106
112
117
117
99
119
120
126
128
129
131
134
135
136
137
132
134
130
129
121
153
145
437
134
135
130
137
126
153
145
410
134
136
132
131
127
158
151
404
P454
153
151
153
P156
124
96
106
107
107
Printing and Publishing2
111
124
109
Newsprint consumption
103
107
98
116
128
120
113
112
116
115
119
135
133
189
125
126
124
124
117
151
144
394
115
113
123
108
126
150
143
367
120
115
114
123
103
124
152
145
398
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
Chemicals
114
139
122
124
129
136
135
138
139
142
148
Rubber Products
123
145
151
155
157
162
192
153
130
131
134
124
114
115
106
148
123
124
121
153
128
128
127
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
35
35
34
117 P123
114 p125
113
114
U7
96
127
131
130
134
137
138
135
124
P125
117
118
121
87
118
123
121
125
129
131
130
129
114
101
116
126
106
120
130
114
111
134
112
112
143
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
138
94
129
134
P148
95
93
92
149
181
181
184
187
182
180
161
95
PQ2
158
142
116
118
120
197
153
118
130
U5
155
116
126
r
113
129
151
116
125
r
112
131
210
156
121
133
r
107
130
323
159
117
127
r
114
121
326
152
116
136
116
123
344
147
110
125
r
116
122
335
152
116
131
126
126
311
152
120
135
131
281
156
119
134
r
152
107
231
157
128
130
132
106
159
124
134
158
115
104
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosine
Coke
...
Beehive coke
..
Rubber consumption
Tires and tubes
Inner tubes
Minerals—Total
Fuels
Bituminous coal
Crude petroleum
Metals
Iron ore shiDinents
Copper
Lead
ZinC
Gold
Silver
r
p
117
120
120
117
116
125
r
126
129
r
r
117
r
r
P1U
Revised.
Preliminary.
* Included in total and group indexes but not available for publication separately.
1 Includes also paperboard container production which has been carried torward on the basis of seasonal changes since July 1940 when figures were
last reported.
2 Includes also printing paper production shown under "Paper."
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.
MARCH
1942
FACTORY EMPLOYMENT, BY INDUSTRIES
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937.
1923-25 average == 100]
1942
1941
1940
Industry and group
Dec.
Totals
Durable jioodsl
Nondurable goods*
Jan.
Feb.
Mar.
124.8
133
139
88
110
125.5
133
145
92
108
126.2
133
151
92
111
88
113
90
113
94
114
96
116
Machinery
Agricultural implements
Cash registers, etc.
Electrical machinery
Engines, turbines, etc.
Foundry and machine-shop products.
Machine tools
Radios and phonographs
Textile machinery
Typewriters .
Lumber and Products
Furniture
Lumber, millwork
Lumber, sawmills
June
July
Aug.
Sept
Nov.
Oct.
1
116.6 118.3 118.6 119.4 122.0 124.9 128.7 133.3 133.3 132.3 132.8 134.4
117.6 121.1 122.1 123.0 126.3 129.5 134.0 140.7 141.5 141.3 r 142.3 r 143.7
115.7 115.6 115.2 115.9 118.0 120.5 123.7 126.3 125.5 123.8 123.8 125.6
122.4
130
135
89
110
Nonferrous Metals and Products
Aluminum!
Brass, bronze, and copper . . .
Clocks and watches
Jewelry
Lighting equipment
Silverware and plated ware
Smelting and refining
May
7
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
Transportation Equipment
Aircraft
Automobiles
Cars, electric- and steam-railroad
Locomotives
Shipbuilding
Apr.
132.0
140
160
94
117
136.0
145
166
95
122
139.1
149
169
95
130
140.2
150
173
94
130
139.7
149
172
97
128
100
115
102
116
105
118
112
105
112
116
113
117
128.3
136
153
93
114
Dec.
Jan.
134.9
144.4
125.9
135.7
139.8
150
172
99
138.2
148
170
98
129
138.3
148
169
101
130
139.5
149
170
100
134
115
115
114
113
116
114
100
231
125
109
106
132
r
98
225
125
105
107
127
98
225
123
104
107
138
98
220
125
108
107
141
147.2
124.8
136
119
110
96
219
126
109
99
194
106
113
96
109
98
201
106
106
100
112
100
203
107
106
100
113
102
214
111
110
103
122
102
220
114
114
104
129
102
228
123
121
105
131
103
231
126
115
107
132
116
207
121
206
126
208
101
204
109
107
101
113
128
208
133
203
135
207
139
214
142
218
146
198
147
214
145
203
146
202
148
199
152
182
136.0
143
137
126
218
114
275
150
86
130
141.2
147
137
131
237
118
286
155
89
131
144.2
140
140
137
239
120
296
165
92
110
148.1
126
146
142
243
124
304
178
95
134
155.8
158
151
147
245
129
315
189
98
138
161.6
166
150
153
259
134
326
197
101
143
167.3
170
163
159
275
139
337
184
104
150
173.0
175
168
164
294
143
349
191
107
155
177.7
182
170
168
315
146
366
187
108
157
177.8
181
173
168
323
147
355
183
110
158
179.3
180
175
168
348
148
360
179
110
160
181.2
172
177
169
371
149
365
194
109
159
183.6
167
178
*
*
150
«
109
207
159
187.3
146.6 150.4 152.9 154.1 158.7 164.6 174.2 196.1 193.1 195.2 204.5 r208.9
6,522 7,160 7,897 8,779 9,453 9,794
4,731 5,089 5,398 5,509 5,813 6,121
128
123
132
149
139
' 128
129
127
123
124
124
125
74
70
89
98
71
81
75
87
100
100
70
67
51
58
52
49
44
61
70
67
73
74
77
54
262
341
533
268
244
398
440
490
301
220
387
285
205.1
*
111
*
*
*
211.6
142.3
242
192
110
106
114
82
99
143.7
*
108
113
110
83
100
146.6
*
98
196
103
108
91
104
r
r
108
147
160
177
*
153
221
109
156
*
99
*
*
*
129.4
218
168
102
101
106
76
96
133.3
229
173
107
102
110
77
98
135.1
224
176
109
105
112
79
100
136.2
220
179
111
107
110
79
101
138.9
229
181
115
111
112
81
101
140.7
234
182
118
113
112
82
102
144.1
230
190
121
115
115
84
102
147.8
240
193
125
120
118
94
103
147.9
246
195
121
119
118
87
105
144.8
247
194
110
110
119
85
103
75.2
96
72
67
76.3
97
74
68
75.5
98
72
67
74.0
98
71
65
74.2
101
70
65
74.6
104
69
64
75.9
106
71
65
78.9
108
75
68
78.4
107
76
68
77.3
103
75
68
r
76.4
101
76
67
76.9
104
75
67
78.1
105
75
68
79.5
107
75
70
143.1
240
191
114
105
119
84
100
*
113
115
112
82
102
Stone, Clay and Glass Products
Brick, tile, and terra cotta
Cement
Glass
».
Marble, granite, and slate
Pottery
90,
68
76
117
46
105
94.6
75
75
120
46
108
92.9
74
76
116
47
108
92.3
71
75
118
46
108
92.3
70
74
121
45
109
92.1
69
73
122
45
109
93.7
69
74
124
44
116
98.6
73
77
131
43
126
98.4
74
78
130
42
123
98.7
74
79
130
43
122
98.9
73
79
131
45
121
100.9
76
r
82
133
45
121
101.6
77
85
132
45
121
104.8
80
88
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
107.
98.
82
99
90
132
85
144
74
77
149
64
98
121.9
115
170
107.3
98.8
85
99
92
132
83
144
69
81
144
63
98
122.0
114
166
107.1
99.1
84
100
93
134
83
142
69
78
141
64
98
120.5
111
166
107.6
100.4
83
101
94
136
83
142
68
78
143
66
102
119.3
110
164
109.8
103.3
86
103
97
138
80
141
71
79
141
69
109
119.8
114
159
112.9
105.9
89
106
103
141
83
144
76
81
155
74
109
124.0
122
161
116.1
109.0
90
111
107
144
86
146
81
79
163
75
110
127.0
124
170
120.0
111.1
89
113
110
149
86
149
85
90
162
72
112
135.0
124
193
117.1
109.6
91
115
110
143
79
144
83
88
161
67
108
128.8
120
176
114.7
107.2
91
112
110
140
77
135
78
88
158
61
112
126.6
119
171
r
112.9
r
r
113.3
r
113.2
104.4
90
110
109
133
76
133
81
86
147
60
107
128.2
128
169
111.6
103.6
84
110
104
131
73
129
78
91
148
59
106
124.9
122
114
116
114
116
113
118
114
118
114
119
116
121
119
124
119
137
122
137
Leather and Manufactures
Boots and shoes
Leather
69
122
76
131
82
126
78
125
78
128
73
131
94.3
93
93.3
91
93.2
91
94.3
92
95.5
93
96.8
94
85
85
86
88
90
90
68
133
75
135
101.0
98
100.2
97
95
97
79
135
r
123
134
77
134
105.4
90
111
108
135
78
133
77
87
147
60
109
124.7
120
165
r
112
r
127
75
131
97.9
94
98.0
94
99.6
96
96
98
97
105.1
90
r
lll
109
130
78
132
78
87
147
61
110
r
126.8
125
167
r
122
115
113
121
68
132
68
135
104.2
101
103.1
100
98
97
136
47
123
161
111
115
70
145
99.0
96
96
r
Revised.
* Included in total and group indexes but not available for publication separately.
i 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 January 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.
z6o
FEDERAL
RESERVE
BULLETIN
Factory Employment {Adjusted)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
1940
1941
1942
Industry and group
Nov.
Dec.
Jan.
146.8
152
311
r
106
200
96
78
83
127
98
98
147.2
152
316
106
187
95
79
83
133
141
101
147.9
152
311
108
182
95
80
83
139
157
97
64.1
54
65
65.0
54
66
66.3
56
68
67.9
55
70
124.4 124.9
138
141
128
128
108
105
117
117
124.8
139
129
107
116
126.0
140
129
107
120
124.9
142
130
106
116
'145.9
129
150.1
181
95
141
*
115
144
323
94
"147.0
129
'151.5
184
93
144
*
118
144
320
94
148.0
129
152.6
187
93
146
*
115
144
320
95
149.6
130
154.5
189
91
151
120
144
311
93
111.6 110.1
78
75
86
87
196 r189
110.3
80
r
86
187
110.1
78
85
190
100.8
73
76
177
Trade*
Financial,
service,
and miscellaneous
Government2
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
135.6
144
285
101
157
91
78
81
121
145
97
133.3
143
281
98
149
89
78
80
112
240
92
131.0
145
279
99
144
88
77
81
111
144
89
131.3
146
278
102
139
91
78
79
113
111
97
132.5
148
277
105
140
92
79
82
114
97
103
135.0
149
287
107
147
89
78
79
119
99
102
137.3
151
286
105
156
90
80
78
121
93
101.
138.4
149
289
102
161
97
79
78
123
89
94
140.9
152
298
104
169
100
77
79
124
76
93
138.6
151
r
295
102
155
91
79
78
125
98
103
140.7
152
303
102
164
90
78
83
126
91
103
64.7
57
66
66.3
57
64.9
54
66
64.0
54
65.0
54
66
65.8
54
67
65.8
53
68
65.7
53
67
64.4
53
65
62.0
54
63
Paper and Printing
Boxes, paper
Paper and pulp
Book and job printing
Newspaper and periodical printing
117.3
122
116
102
117
117.1
123
116
103
116
117.2
122
117
101
116
118.5
125
119
103
117
119.8
129
120
104
117
121.2
132
123
104
117
122.9
139
125
104
117
124.8
142
126
108
117
125.1
143
128
106
118
Chemicals, Petroleum, and Coal Products,
125.3
120
126.6
151
102
113
*
103
128
314
87
126.8
120
128.5
154
102
116
128.1
120
130.0
157
100
118
133.6
121
136.6
163
110
104
130
310
103
130
306
90
129.0
121
131.1
161
94
119
*
95
134
308
89
112
135
324
91
136.9
123
140.4
168
106
129
*
118
136
330
93
140.7
125
144.7
172
107
132
*
124
140
337
94
143.0
127
146.9
173
109
136
*
129
145
326
98
99.0
67
78
171
100.4
69
79
174
102.0
69
80
177
103.9
74
82
176
106.1
78
83
179
111.7
82
86
192
113.0
82
87
194
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
Petroleum refining
Other than petroleum refining
Chemicals
Cottonseed oil, cake and meal
Druggists' preparations
Explosives
Fertilizers
Paints and varnishes
Rayon and allied products .,
Soap
96.8
64
77
167
Rubber Products
Rubber boots and shoes
Rubber tires and inner tubes
Rubber goods, other
r
Revised.
66
r
145.2
127
149.6
179
101
138
*
124
148
328
99
113.3
79
87
200
r
r
144.7
127
l48.
180
88
141
124
145
324
96
r
* Included in total and group indexes but not available separately.
TOTAL NONAGRICULTURAL EMPLOYMENT
[Thousands of persons]
Total
non-agricultural
employment 1 2
Year and month
Employees in nonagricultural establishments
TransporTotal 2
Manufacturing*
Mining
Construc- tation and
public
tion
utilities
Military
and naval
forces
SEASONALLY ADJUSTED
1941—January
February
March
April
May
June
July
.
August
September
October
November
December
.
1942—January
38,097
38,314
38,263
38,329
38,824
39,296
39,903
40,100
40,013
r
40,191
r
40,604
40,893
31,954
32,171
32,120
32,186
32,681
33,153
33,760
33,957
33,870
r
34,048
r
34,461
34,750
11,297
11 335
11,413
11,636
11,886
12,221
12,605
12,614
12,545
r
12,598
r
12,736
12,788
849
846
855
572
877
889
914
923
908
892
892
892
2,014
2,132
1,933
1,859
1,698
1,644
1,668
1,666
1,683
1,776
1,924
2,156
3,077
3,087
3,105
3,133
3,192
3,220
3,264
3,302
3,303
3,292
3,310
3,322
6,630
6,662
6,677
6,803
6,781
6,865
6,944
7,027
6,968
6,989
7,043
7,006
4,151
4,158
4,162
4,166
4,188
4,204
4,242
4,246
4,241
4,251
4,266
4,274
3,936
3,951
3,975
4,017
4,059
4,110
4,123
4,179
4,222
4,250
4,290
4,312
958
1,145
1,343
1,546
1,662
1,740
1,857
1,944
1,992
2,014
40,879
34,736
12,850
875
2,130
3,333
6,886
4,275
4,387
t
37,142
37 448
37,761
38,228
38 902
39,475
39,908
40,292
40,710
r
40,783
r
40,756
41,073
30,999
31 305
31,618
32,085
32 759
33,332
33,765
34,149
34,567
r
34,640
r
34,613
34,930
11,075
11 273
11,457
11,684
11 886
12,154
12,391
12,595
12,777
r
12,8O5
r
12,763
12,739
852
854
864
564
869
876
888
900
906
915
911
908
1,623
1,678
1,631
1,775
1,782
1,816
1,895
1,921
1,936
1,960
1,961
1,874
3,012
3,028
3,056
3,113
3,185
3,239
3,290
3,326
3,367
3,365
3,322
3,296
6,487
6,491
6,578
6,792
6,753
6,861
6,837
6,897
7,008
7,070
7,146
7,499
4,063
4,075
4,097
4,174
4,235
4,260
4,300
4,300
4,325
4,256
4,229
4,227
3,887
3,906
3,935
3,983
4,049
4,126
4,164
4,210
4,248
4,269
4,281
4,387
958
1,145
1,343
1,546
1,662
1,740
1,857
1,944
1,992
2,014
39,838
33,695
12,594
878
1,713
3,262
6,737
4,181
4,330
t
UNADJUSTED
1941—January
February
March
April
Mav
June
July
..
...».
August
September
October
November
December
. .
. .
1942—January
r
* Adjusted to Census of Manufactures through 1939.
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 January 1942 are preliminary. Back figures, adjusted for seasonal
variation, may be obtained from the Division of Research and Statistics.
MARCH
1942.
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
Annual
1940
Total*
„ -..
Durable goods1
....„.-..
Nondurable goods1.......«. - .
1941
107.5 127.7
104.3 134.0
110.6 121.6
1941
Jan.
Oct.
1942
Nov. Dec.
115.5 135.4 134.8 134.3 132.5
118.3 144.0 144.6 144.3 143.8
112.7 1 2 7 . 3 r 125.4 124.7 121.7
109.5
119.0
115.6
79.2
105.0
73.5
98.8
86.2
168.2
90.0
94.5
77.6
99.4
99.0
168.2
134.0
142.6
161.2
94.8
121.9
105.7
114.3
100.0
216.2
116.7
109.5
103.6
125.3
137.9
206.6
122.3
131
139
88
108
91
113
98
191
103
95
94
102
121
206
139.4
148
170
98
132
114
115
r99
227
128
114
109
130
146
205
138.8
148
169
98
1>33
r
115
113
98
225
125
110
108
135
147
204
Machinery
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry and machine-shop products.
Machine tools
Radios and phonographs
Textile machinery
Typewriters
119.5
137.4
130.2
108.0
164.1
101.3
233.3
144.3
82.0
119.9
165.8
163.0
160.5
139.7
150
136
129
222
117
286
148
89
131
180.1
170
175
169
340
148
181.4
168
177
169
353
149
367
218
109
162
Transportation Equipment
Aircraft..
Automobiles
Cars, electric- and steam-railroad..
Locomotives
Shipbuilding
Nonferrous Metals and Products..
Aluminum*
,
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..
122.2
,217.7
111.3
56.4
32.6
172.2
114.1
192.0
139.2
95.5
96.8
92.6
71.9
89.8
141.4
114.1
110.4
114.0
82.9
101.2
70.0 76.4
91.2 102.7
64.3 73.3
62.7 66.6
Stone, Clay and Glass Products .
Brick, tile and terra cotta .
Cement
Glass
Marble, granite and slate ..
Pottery
,.„..
82.8 96.2
61.2 72.9
68.9 77.2
108.0 125.6
46.0 44.4
94.1 115.9
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
101.2 112.6
104.8
77.6
88.2
92. 107.6
81.0 103.2
125.7 137.9
81.1 80.9
139. 140.3
67.2
75.
140.4
64.7
84.1
116.6
105.0
164.3
112.6
118.9
75.
120.
76.3
83.5
150.7
65.8
106.9
125.0
119.2
168.4
116.9
123.5
75.2
131.4
Jan.
r
Iron and Steel and Products
Blast furnaces, steel works, etc
,
Bolts, nuts, washers and r i v e t s . . . .
Cast-iron pipe
Cutlery and edge t o o l s . . . . . . . . . . . .
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...
137.3
*
184.4
102.7
146.2
179.3
»
127.3
Factory payrolls
362
218
109
161
152.& 203.2 r210.
,038 >,170 9,696
130
129
129
97
97
69
77
75
46
533
240
495
r
r
131.1 147.4
244
225
193
17.2
118
106
121
96
123
108
87
75
101
79.1
107
77
r
70
r
1940
1941
Jan.
120.7
132.0
108.1
159.9
170.3
230.6
109.7
138.2
159.4
141.8
103.5
267.1
134.9
114.4
111.9
153.7
179.5
263.9
130.8
140
171
93
107
124
130
92
214
105
87
89
115
141
238
183.6 185.1 131.8 223.5
164
167
160.3 214.2
176
176
137.1 205.3
124.8
221.1
152
150
102.2 170.3
311.3
*
*
137.9 210.8
210
219
79.2 126.9
110
109
127.3 197.6
156
162
208.7 211.1 132.0 231.6
,399.7
*
*
121.1 161.1
103
116
51.1
32.9
200.4
167.5
181
152
163
330
129
415
145
98
141
138.5
149
170
98
134
118
114
97
220
124
104
106
134
150
199
137.0
149
172
98
133
120
110
95
215
122
92
105
137
152
182
109.
118.6
131.7
74.4
96.9
87.9
106.8
79.5
181.3
84.7
86.9
69.1
107.3
102.0
187.2
171.2
r
81.9
106.7
66.3
69.5
68.1
84
58
59
95.5 74.9 97.2
49.6 68.1
69
66.2 82.6
78
117.6 152.7
129
33.5 34.3
39
85.5 116.4
120
110.7 87.0 112.8
104.7
82.3 110.5
81
66.1 88.4
112
84.7 120.4
104
76.8 116.1
134
106.1 133.0
73
70.0 82.1
128
145.5 157.1
75
56.1 70.9
86
68.2 87.9
144
118.3 143.5
60
51.3 60.5
108
74.0 114.6
119.
91.0 110.4
118
78.6 105.0
156
121.0 136.8
110
116.2 136.5
107
112.8 136.4
69
62.2 60.2
131
105.2 135.1
79.6
55
61
131
27
96
141.9
104.8
116.3
90.7
113.7
Oct.
Nov. Dec.
r
167.0 r165.4
r
191.4 r 190.3
r
139.6 137.4
r
173.4 r171.9
181
183
256
253
119
118
158
161
182
180
152
148
r
r
113
106
296
288
158
150
129
115
127
116
r
172
166
202
205
277
280
255.7
232
233
245
616
195
596
262
142
233
255.3
224
223
242
676
191
599
r
268
141
236
r
176.3 282.0 287.8
920 12,296 13,183
176
177
148
112
115
64
106
103
53
829
803
308
r
r
146.0 185.9 181.9
368
359
281
261
268
220
155
161
115
116
122
82
124
136
99
102
103
71
121
120
102
146.0 145.5
246
192
116
113
120
116
120
114
87
86
100
101
144.3 117.3
227.3
160.6
112
101.8
108
81.3
110
80.5
80
66.0
102
89.2
76.6 74.3 65.4
103
107
81.0
71
74
51.5
64
65
57.9
1942
1941
105.4 148.8
107.8 167.8
102.7 127.6
77.9
108
76
66
r
85.9 102.0 101.5 99.7
78
65
76
74
r
82
65
82
81
132
114
133
132
47
39
46
44
124
105
124
122
r
r
106. r114.9 r 113.4 113.4
106.4 106.1 106.1
99.
91
90
90
82
r
r
112
112
112
101
109
109
109
92
135
133
135
135
78
76
83
76
135
135
143
135
83
80
66
77
88
88
86
77
151
146
146
140
62
61
65
61
110
111
100
109
129.0 124.8 123.2
116.
123
121
109
121
173
163
162
164
r
112
113
112
122
r
133
120
108
130
60
75
77
61
135
119
137
137
71.3
94
70
63
Annual
95.0
93.1
75
97
93
120
82
149
56
73
125
53
94
93.1
87
120
116
103
55
104
r
170.2 173.2
195.9 203.9
141.3 138.7
175.0
185
260
120
165
196
153
110
298
161
112
120
174
211
267
174.8
185
268
120
164
209
150
100
292
170
94
122
179
215
263
271.3 282.9
219
229
239
251
203
150
235
211
*
275
153
224
290.0 327.8
*
156
148
193.1 196.5
151
121
123
101
124
r
86.4 85.8
119
121
72
71
68
70
r
109.5 106.1 106.8
73
76
73
r
93
91
89
174
169
r
172
38
35
r
r
35
132
129
131
r
r
122.4 118.2 122.1
r
120.2 r118.9 123.6
94
94
95
136
135
140
128
128
129
136
132
141
75
76
82
161
160
164
80
77
74
99
97
98
148
140
144
r
62
61
62
127
125
134
r
r
119.2 109.6 111.7
113
109
112
145
126
133
r
r
144
150
138
167
157
133
40
60
40
156
157
153
92.3
121
75
78
Jan.
154
104
121
87
124
81.1
111
66
66
100.4
64
85
171
29
120
119.1
121.3
81
142
124
141
81
153
73
99
143
62
127
107.4
107
128
139
118
50
140
r
Revised.
* Included in total and group indexes but not available for publication separately.
i Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166.
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
Annual
Factory payrolls
1941
1942
Jan.
Oct.
Nov.
74.6
70.9
80.3
97.1
92.2
105.1
83.3
80
100.5
93
r
106.7
100
107.7
101
87
116
118
122
120
135.1 126.8
149
137.4
283
320.0
83.3
100
126.2
111
84.3
92
79
74.5
70
66.3
144
115.9
68
111.0
92
81.4
144.4
149.7
360.4
94.8
165.8
99.6
80.4
71.6
136.2
114.2
91.4
120.2
135
157.7
160
351
97
157.1
158
359
96
346
96
173
126
83
67
154
308
90
129
123
89
67
169
255
98
183
71
90
Jan.
Oct.
Nov.
Dec.
92.1
90.5
82.8
98.0
95.1
93.0
93.4
91
96.7
92
99.2
95
99.1
96
86
98.5
95
97
98
98
96
Food and Kindred Products.. — - . - . „ . . . , . .T. 130.1
144.7
Baking
.
. — „.„.....
274.8
97.1
Butter
. . « . „. „.
146.2
Canning and preserving
,
86.0
Confectionery
79.2
Flour
Ice cream
77.7
Slaughtering and meat packing .
110.2
Sugar beet
109.9
94.7
Sugar refining, cane . ,..»
137.8
149.4
291.7
103.4
160.8
92.3
78.2
80.1
120.6
106.9
98.0
121.4
141
152.4
155
145.7
154
256
92
303
102
91
87
218
106
80
78
126
245
103
Leather
..
...-.«.-..,..,.....
Tobacco Manufactures
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
Soap
.»../.
Rubber Products
...-,......
Rubber boots and shoes
Rubber tires and inner tubes
Rubber goods, other
77
68
116
103
88
104
162
110
79
73
130
265
97
289
101
123
106
79
71
138
228
99
Jan.
289
80
79
87
72
59
120
96
70
r
162.9
158
382
67.3
68.4
58
54
55
61
69
70
69
63
61.8
67.0
61.1
68.3
67.6
68.2
59.3
67
58
75.6
71
76
115.8
118.1
115.0
100.7
116.2
122.2
134.6
123.9
104.9
117.1
116.6
118
116
104
115
126.5
147
128
108
118
126.7
147
129
108
118
128.3
145
129
110
122
124.4
137
130
107
116
112.6
129.9
122.2
88.9
110.2
128.2
168.1
152.0
98.3
113.6
115.4
132
128
95
108
135.9
195
165
103
115
122.1
121.7
122.2
140.5
88.7
117.1
126.5
108.2
124.8
309.9
83.8
139.0
124.8
142.4
171.7
98.2
13 9
113.1
139.5
321.2
93.5
126.3
119
128.1
152
114
116
164
104
126
148.6 H48.5
129
129
153.4 r 153.2
183
185
135
123
146
148
*
101
104
143
144
148.6
129
153.2
186
117
149
*
106
142
148.9
129
153.7
187
102
151
*
120
141
315
91
135.3
136.4
134.9
168.2
83.7
129.6
154.3
89.7
133.5
320.3
101.6
172.1
153.0
178.1
231.8
96.7
157.9
*
107.7
164.1
360.9
127.8
142.1
132
145.2
188
111
131
205
86
137
194.3
168
202.4
261
r
143
r
184
*
103
174
88.4
57.4
72.0
148.5
107.8
75.8
83.9
185.3
100.6 92.7
74
59.0
76
82.6
175
145.0
130.4
94.7
110.1
213.2
314
r
r
r
62.2
57
56
325
323
321
86
98
97
92
98.8
68
78
169
111.6
80
86
193
111.5
82
r
86
190
110.8
81
85
190
r
97
65.0
54.2
66.3
67.4
97.0
88
244
122
88
71
.151
229
94
63.9
58.2
64.5
1'
60.8
291
r
140.7
152
Jan.
1941
1941
Leather and Manufactures
1942
1941
Annual
1940
1940
r
r
336
386
108
142
111.6
79
98
174
138.1
107
112
234
77.1
72
Dec.
154.2
156
122
106
90
65
76.7
71.1
74
73
78
77
71
r
137.5
194
167
105
116
144.1
193
170
110
129
136.2
179
172
104
113
r
195.6
168
204.2
265
r
131
r
188
*
99
172
r
385
139
200.9
174
209.2
273
126
184
106*
176
203.3
172
213.0
280
106
183
*118
173
391
392
134
133
141.0
110
118
229
138.0
109
110
239
134.9
97
115
219
r
r
Revised.
* Included in total and group indexe: but not available separately.
NOTE.—Figures for January 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 hours worked per week
Industry and group
.
......«...«.
Durable goods
Iron and Steel and r Products
Machinery
Transportation Equipment
Nonferrous Metals and Products
Lumber and 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
Revised.
MARCH 1941
1941
1940
Aug.
Sept.
Oct.
Nov.
Dec.
Dec.
Aug.
Sept.
Oct.
Nov.
38.6
39.8
41.0
40.9
41.1
40.3
41.2
67 8
68.3
74.5
75.8
77.0
78.1
78.7
40.2
41.2
42.6
42.3
42.9
41.8
42.8
74.4
74.9
83.0
84.3
85.3
86.5
87.1
39.6
42.0
40.4
41.4
38.9
37.1
41.0
43.6
40.2
42.7
39.5
38.2
41.4
45.1
41.8
43.0
41.8
38.5
40.7
45.1
41.7
43.1
41.1
38.2
41.5
45.4
43.0
42.7
41.5
39.2
40.9
44.6
41.4
41.6
39.5
37.8
41.4
46.3
42.2
43.4
39.7
38.6
78.1
75.2
90 2
72.7
52.6
67.1
78.0
76.1
90.0
73.8
52.8
68.0
87.1
84.4
98.8
80.8
58.8
72.1
87.5
85.0
100.3
82.1
59.0
73.6
87.7
86.1
101.9
82.2
59.8
74.4
88.6
86.8
104.2
83.1
60.2
74.9
89.4
87.9
103.5
84.8
60.2
75.3
Nov.
Total
Average hourly earnings (cents per hour)
1941
1940
Dec.
Nov.
Dec.
37.1
38.4
39.4
39.5
39.1
38.6
39.4
61.3
61.7
65.8
66.8
68.0
68.8
69.5
35.5
36.8
33.0
33.0
39.3
37.2
38.4
36.7
37.9
34.3
36.5
40.6
38.1
39.3
38.1
38.9
36.4
39.2
41.0
37.2
40.1
38.3
39.1
36.7
38.0
41.6
38.3
40.1
37.6
38.8
35.4
r
37.7
40.9
38.7
40.3
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
50.4
48.7
53.9
55.5
63.2
48.6
79.3
50.7
48.8
54.4
55.2
64.1
49.0
79.9
55.4
53.3
59.6
61.5
65.8
52.0
82.4
56.9
55.1
60.2
63.0
65.7
52.5
83.0
58.1
56.6
r
61.1
r
63.5
67.9
52.7
r
83.4
57.9
56.7
r
60.4
r
64.4
69.5
53.2
r
84.1
58.3
57.1
60.9
64.9
70.3
53.0
85.5
38.8
35.7
39.8
37.9
39.6
37.3
40.4
39.7
40.0
38.0
40.6
39.4
39.9
37.2
40.7
38.5
40.2
36.9
41.2
39.1
40.0
36.6
40.9
39.3
40.5
37.9
41.2
38.8
76.5
96.6
69.6
78.1
76.6
96.8
70.1
78.4
83.7
102.5
78.0
86.1
84.5
108.3
77.6
85.9
r
r
r
87.5
111.1
r
80.6
r
87.6
88.1
110.9
81.5
88.0
86.1
109.7
r
79.4
86.5
C O N S T R U C T I O N C O N T R A C T S A W A R D E D , BY T Y P E S O F C O N S T R U C T I O N
[Figures for 37 States east of the Rocky Mountains, as reported by the F . W. Dodge Corporation. Value of contracts in millions of dollars.]
Residential
building
Total
Month
January
February
March
April
May
June
July
August
September
October
November
December
1941
1940
1941
196.2
200.6
272.2
300.5
328.9
324.7
398.7
414.9
347.7
383.1
380.3
456.2
305.2
270.4
479.9
406.7
548.7
539.1
577.4
760.2
623.3
606.3
458.6
431.6
77.4
74.9
121.7
135.4
145.9
135.3
140.4
153.0
152.4
148.5
152.8
159.3
111.3
116.5
147.9
166.5
201.3
205.6
205.0
231.5
175.7
171.8
116.5
104.3
4,004.0 6,007.5 1,596.9 1,953.8
Year
1
1940
Nonresidential building
Factories
1941
1940
Commercial
Educational
1940
1940
1941
Other
1941
55.9
37.8
121.8
66.2
81.1
102.3
109.8
135.7
113.5
118.6
122.7
116.1
15.9
20.2
23.1
24.0
26.1
33.1
38.9
28.6
27.1
29.4
24.9
27.1
26.9
20.9
33.1
36.2
50.8
35.7
37.2
69.8
51.9
48.6
29.3
30.7
6.1
8.1
9.3
17.4
15.3
14.3
16.5
14.4
9.8
18.6
442.4 1,181.5
318.3
471.2
147.2
12.9
15.4
21.8
23.5
23.2
15.2
49.5
39.6
38.0
47.1
79.0
77.3
1
11.6
7.9
10.4
11.2
17.1
13.5
19.1
11.7
8.2
13.9
73
8.5
8.9
1940
8.8
17.7
26.9
19.6
24.0
25.6
29.4
34.1
36.6
26.4
41.2
35.9
69.3
140.9
386.7
Public works
and p ublic
utili ties 1
1
1940
1941
66.3
55.2
76.7
76.3
92.8
97.5
119.3
142.8
94.0
98.2
79.1
114.3
75.1
63.9
130.6
96.9
144.9
133.0
151.7
242.0
229.3
165.0
149.2
156.3
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
522.1 1,112.4 1,738.0
Not strictly comparable with data for earlier years due to changes in classification.
C O N S T R U C T I O N C O N T R A C T S AWARDED, BY O W N E R S H I P
[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 ownership 1
Total
Private ownership 1
Month
January
February
March
April
May
June
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
192
119
227
252
220
301
196
201
272
305
270
480
317
112
69
66
118
51
95
148
111
128
93
82
95
198
103
112
184
267
130
119
165
75
68
132
104
109
173
104
119
177
181
166
211
119
160
135
124
105
269
195
151
123
139
170
174
197
217
223
281
128
137
158
144
92
144
225
147
205
195
144
175
195
314
348
520
403
371
298
288
180
191
178
127
124
106
94
143
142
142
141
154
123
110
161
163
154
179
170
156
129
177
194
220
204
209
186
198
225
229
240
220
235
161
144
270
244
222
283
330
308
301
329
407
549
74
93
99
144
318
322
281
207
202
198
209
251
240
313
301
358
302
288
300
312
323
262
300
325
399
415
348
383
380
354
456
539
577
760
623
606
459
432
137
131
104
80
78
93
115
108
98
171
160
203
179
279
389
258
1,152 1,705 1,708 1,802 3,492
2,913 3,197 3,551 4,004 6,007
Year
1,761 1,492 1,842 2,202 2,515
l Bach figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available.
C O N S T R U C T I O N 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.]
1942
Number
Federal Reserve
district
1941
Federal Reserve district
Jan.
Dec.
Jan.
Boston
New York
Philadelphia
18,461
42,860
19,058
42,981
63,205
33,366
28,555
45,770
18,440
Cleveland
Richmond
Atlanta
34,020
52,030
34,609
34,206
64,541
56,486
29,475
42,567
29,038
Chicago
St. Louis
Minneapolis
57,951
25,177
2,472
47,779
35,153
5,412
51,459
21,367
6,492
6,999
23,209
18,620
29,877
11,274
20,768
316,846
431,626
305,205
Kansas City
Dallas
.
.
Total (11 districts)
r
Revised.
2.64
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
Liabilities
1942
1941
1942
Jan.
Dec.
76
348
55
52
37
49
145
32
21
40
10
97
67
343
65
44
28
32
114
25
21
42
19
98
962
898
1941
Jan.
Dec.
Jan.
90
442
81
53
45
40
135
33
17
48
41
99
713
3,897
340
722
311
618
896
375
238
420
117
1,269
2,116
4,289
613
434
151
328
2,852
224
292
447
213
1,510
890
4,379
539
1,333
371
303
1,886
458
282
344
272
831
1,124
9,916
13,469
11,888
Jan.
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 IMPORTS
[In millions of dollars]
Merchandise exports1
Merchandise imports2
Exc<;ss of exports
Month
1938
1937
1939
1940
1941
1937
1938
1939
1940
1941
1937
1938
1939
1940
1941
325
303
357
240
278
307
178
158
190
242
200
217
229
234
268
— 18
-45
-51
118
99
102
35
61
77
128
147
134
96
69
89
186
202
179
212
211
211
287
297
280
-18
5
-21
115
109
87
45
47
57
111
112
138
100
88
50
289
262
275
213
219
268
....
223
233
257
269
290
265
370
347
351
274
257
233
231
249
236
323
324
350
387
385
330
287
285
286
171
163
173
160
148
146
July
....
August
September
268
277
297
228
231
246
230
250
289
317
351
295
265
246
233
141
166
168
169
176
182
232
221
195
278
283
263
3
31
63
87
65
79
61
74
107
84
130
101
86
178
162
October
November
December .
333
315
323
278
252
269
332
292
368
344
328
322
364
460
425
3666
492
P652
224
223
209
178
176
171
215
235
247
207
224
253
108
92
115
100
76
98
117
57
121
137
104
69
3362
211
3,349
3,094
3,177
4,021
*>5,144
3,084
1,960
2,318
2,625
304
281
344
*>3,346
265
1,134
859
1,396
Pi,798
January
February
March
April
May
June
Year
p
immediate consumption and that entered for storage in bonded warehouses,
rt statistics of an unusually large volume of shipments actually exported
rted 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
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[Index numbers; 1935-39 average = 100]
[In millions of dollars]
ForMis- Mercel- chanLive- est
Tota! Coal Coke Grain stock prod- Ore lane- dise
ous l.c.l.
ucts
Total
railway
operating
revenues
Total
railway
expenses
Net
railway
operating
income
1940—Nov..
Dec.
379
401
311
316
68
85
25
43
1941—Jan
Feb.. . .
Mar..*.
Apr.. ..
May. ..
June...
July....
Aug . . .
Sept....
Oct
Nov....
Dec
389
402
417
382
439
474
471
485
464
453
476
486
316
319
334
323
346
363
370
377
379
403
403
410
73
84
83
59
93
110
100
108
85
49
73
76
32
43
41
17
50
68
58
65
42
11
33
1940—Nov..
Dec.
375
304
303
72
79
31
51
1941—Jan...
Feb..
Mar..
Apr..
May.
June.
July..
Aug..
Sept..
Oct..
Nov..
Dec...
377
358
416
375
442
455
485
494
489
518
457
480
315
300
336
322
354
362
379
382
385
424
388
399
62
58
81
53
89
93
106
111
104
94
69
81
20
15
35
7
43
53
64
66
59
54
29
m Net
income
ANNUAL
109
130
1940
1941
111
123
137
168
101
112
114
147
183
110
136
96
100 SEASONALLY ADJUSTED*
SEASONALLY
ADJUSTED
107
153
96
133
165
125
99
1941—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
122
124
126
112
135
139
138
139
130
127
135
137
109
113
128
45
138
156
150
158
133
121
121
111
145
149
168
137
182
189
200
199
176
165
159
167
102
102
113
113
124
126
112
103
111
97
118
124
138
133
93
127
93
130
93
130
91
136
88
149
83
152
84
138
84
140
95
' 93 146
145
101
180
181
192
266
266
152
156
155
149
204
204
246
130
131
128
130
136
139
140
141
135
133
144
149
99
101
100
102
102
102
100
99
97
97
99
100
1942—Jan
140
119
153
142
156
186
152
97
1940—Dec
99
UNADJUSTED
1940— Dec
121
167
87
1941—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
124
129
132
38
117
131
127
139
140
138
135
125
174
183
175
120
167
170
172
167
172
165
168
182
90
85
97
96
107
123
163
125
122
104
115
113
84
75
74
82
82
69
70
80
111
146
117
97
124
128
127
130
135
141
149
160
149
147
143
129
45
45
50
203
276
265
283
271
261
232
199
69
115
118
124
131
138
141
139
141
150
151
150
138
1942—Jan
136
184
125
95
140
46
134
116
UNADJUSTED
p
Preliminary.
* Derived from Interstate Commerce Commission data.
NOTE.—Descriptive material and back figures may be obtained
with weights derived from revenue data of the Interstate Commerce Commission. from the Division of Research and Statistics.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes
MARCH
1942.
DEPARTMENT STORE STATISTICS
MONTHLY INDEXES OF SALES AND STOCKS
Index numbers based on value figures; 1923-25 average = 100
Sea sonally adjusted
SALES BY DEPARTMENTS
Percentage change from corresponding period of preceding year
Unadjusted
1939
1940
1941
1942
1939
1940
1941
1942
88
88
88
88
87
86
87
88
90
92
93
95
92
90
89
89
89
91
92
98
97
94
100
101
101
103
103
104
105
104
115
134
116
105
116
111
138
69
69
82
88
87
83
60
69
97
99
106
168
71
71
86
86
89
87
64
77
105
101
114
179
79
82
93
106
105
100
79
106
125
112
133
197
108
90
94
110
82
87
60
65
69
69
68
64
60
65
97
95
92
77
82
64
61
68
71
71
70
64
61
66
73
79
83
66
64
70
75
76
76
73
73
84
95
108
110
86
68
69
83
SALES
Jan.
Feb
Mar.
Apr. . .
May
June
July
Aug.
Sept
Oct
Nov
Dec
Year
STOCKS
Jan...
Feb
Mar. . .
May
June....*
July
.
Sept
Oct
Dec. .
71
73
74
74
74
77
68
71
70
69
68
67
68
69
70
71
72
71
67
68
68
67
66
67
67
67
68
69
71
68
p
93
71
Year
p
83
WEEKLY I N D E X OF SALES
Weeks ending on dates shown. 1935-39 average = 100
Jan. 7
14
21
28
Feb. 4
11
18
25
. 79
. 83
. 80
. 82
. 86
6
13
20
76
27
. 79 Feb. 3
. 80
10
. 80
17
. 78
24
Tan.
83
79
86
. 80
. 82
. 82
Tan.
Feb
4
11
18
25
1
8
15
22
+15
+15
+13
Main store
Women's and misses' coats and suits..
Women's and misses' dresses
Blouses, skirts, sportswear, sweaters,
knit apparel
Juniors' and girls' wear
Aprons, housedresses, uniforms...
Vomen's
negligees..
Won
" underwear, slips,
..
..
Infants' wear
Women's and children's shoes
Furs
Basement2
Men's fand boys'
wear
Main store1
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings..
Basement2
+18
+10
. 85 Jan. 3 . . . . .107
. 99
10.... .130
90
1 7 . . . .131
89.
24.... 119
: 94
3 1 . . . . .121
. 95 Feb. 7 . . . . .114
. 97
14.... .116
. 88
2 1 . . . . .110
+13
+13
+18
+16
+14
+14
+17
+12
+10
+13
+12.
+13
+15
+11
+H
Main store
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves, etc.)
Domestics, blankets, comforters, linens, towels
Basement (including
domestics, blankets,
linens, towels)2
Piece goods (dress and coat yard goods,
all materials)
Main store
Basement
+23
+23
+16
+10
'+21
+22
'+31
+23
+20
+10
+9
+11
r
+8
Shoes (basement only).
1942
1941
NET SALES—entire store
Main Store
Basement Store
Women's, girls', and infants' apparel and
Home furnishings
1
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.
1940
Year
1941
accessories1
p
1939
January
1942*
Department
* Data not yet available.
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 AND BY CITIES
Percentage change from corresponding period of preceding year
Jan. Dec. Year
1942 1941 1941
United States..
Boston
New Haven
Portland
Boston
Springfield
Providence
New York
Bridgeport
Newark
Albany
,
Binghamton....
Buffalo
Ehnira
Niagara Falls..
New York City
Poughkeepsie...
Rochester
Syracuse
Philadelphia
Trenton
Lancaster
Philadelphia....
Reading
Wilkes-Barre...
York
Cleveland
Akron
Cincinnati
Cleveland
Columbus
Toledo
r
Revised.
+38
+42
+34
+56
+39
+49
+43
+35
+42
+37
+41
+52
+51
+56
+59
+31
+47
+40
+46
+45
+48
+52
+43
+60
+42
+62
+49
+60
+42
+49
+44
+46
+15
+14
+15
+28
+8
+19
+17
+10
+17
+11
+12
+18
+20
+35
r
+33
+7
+15
+16
+20
r
+17
'+15
r
+24
+15
+21
+19
+21
+17
+21
+13
+20
+14
+15
+17
+16
+16
+22
+12
+20
+18
+13
+25
+12
+14.
+24
+24
+34
r
+20
+10
+14
+16
+21
+16
+15
+19
+16
+18
+17
+17
+20
+28
+16
+22
+16
+17
Jan. Dec. Year
1942 1941 1941
Jan. Dec. Year
1942 1941 1941
Cleveland (cont'd)
+44
Youngstown
+56
Erie
+50
Pittsburgh
+54
Wheeling
+46
Richmond
+53
Washington
+44
Baltimore
Winston-Salem... +30
Charleston, S. C. +67
+39
Lynchburg
+56
Norfolk
+37
Richmond
Charleston,W.Va. +39
+42
Huntington
+27
Atlanta
+57
Birmingham
+40
Montgomery
+23
Jacksonville
+27
Tampa
+23
Atlanta
+38
Macon
Baton Rouge
*
New Orleans
+32
Jackson
+52
Chattanooga
+47
Knoxville
+47
Nashville
+28
Chicago
+38
Chicago
+33
Peoria.:
+33
Fort Wayne
+60
+16
+24
+13
+17
+18
+17
+19
+8
+27
+15
+28
+14
+18
+13
+16
+35
+15
+16
+14
+13
+24
+ 15
+14
+23
+26
+18
+13
+14
+10
+14
+28
+23
+26
+16
+23
+20
+20
+20
+12
+35
+15
+38
+14
+22
+19
+18
+26
+15
+25
+20
+17
+25
+14
+16
+22
+23
+20
+19
+16
+10
+14
+27
Chicago (cont'd)
Indianapolis
Des Monies
Sioux City
Detroit
Flint
Grand Rapids..
Lansing
Milwaukee
,
5/. Louis
Fort Smith
Little Rock
Quincy
Evansville
Louisville
St. Louis
Springfield
Memphis
Minneapolis
Kansas City
Denver
Hutchinson
Topeka
Wichita
Joplin
Kansas City....
St. Joseph
Omaha
Oklahoma City,
Tulsa
Dallas
Shreveport
+40
+39
+22
+45
+14
+48
+43
+40
+39
+57
+24
+47
+46
+28
+43
+30
+38
+31
+37
+33
+40
+30
+50
*
+45
+43
+39
+19
+43
+29
+44
+18
+22
+13
+14
-2
+13
+11
+18
+20
+36
+18
+19
+16
+15
+20
+26
+23
+15
+17
+14
+16
+8
+30
+40
+14
+7
+22
+15
+26
+17
+23
Tan. Dec. Year
1942 1941
Dallas (cont'd)
+19 +12 +16
Dallas
+19
Fort Worth
+13
+44 +18 +19
Houston.. ;
+11
+34 +17 +16
San Antonio
+21
+36 +23 +24
+16 San Francisco
+32 +15 +18
Phoenix
+15
+46 +28 +29
Bakersfield
+22
+21 +4 +6
Fresno
+21
+27 +9 +11
Long Beach
+21
+50 +30 +31
Los Angeles
+20
+27 +12 +16
Oakland and
+24
+41 +14 +14
Berkeley
+14
Sacramento
+14
+32 +14 +14
San Diego.
+31
+44 +21 +32
San Francisco
+17
+16 - 3 +11
San Jose
+33
+26 +4 +6
Santa Rosa
+21
+35 +14 +13
Stockton
+11
+27 +16 +11
Vallejo and Napa +71 +37 +41
+15
+16
Boise and
+45 +23 +14
+16
Nampa
+10
Portland
+38 +29 +23
+23
Salt Lake City.. +43 +20 +19
+25
Bellingham
+41 +23 +15
+15
Everett
+33 +24 +2i
+8
Seattle
+59 +28 +30
+14
Spokane
+28 +15 +16
+15
Tacoma
+35 +20 +32
+17
Walla Walla
+34 +13 +4
+18
Yakima
+21 +18 +9
+21
* Not available.
FEDERAL RESERVE
BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926 =100]
Other commodities
Year, month, or week
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
All
commodities
Farm
products
Foods
Total
4
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
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70-4
ChemiHides am Textile Fuel and Metals Building cals and Housefurnishlighting and metal
leather
allied
ing goods
products products materials products materials products
Miscelaneous
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
108.3
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 •
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
94 .3
92 .7
84 .9
75.1
75.8
81 .5
8C .6
81 .7
89 .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
1940—December .... -;
80.0
69 7
7: <;
84.1
102.3
74.8
71.7
97.6
99.3
77.7
88.9
77.3
1941—January
February
March
April
May
June
July
August
. .
September
October
November
December
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 ^
71 6
74 /\
76 4
82 1
85. 8
87. /|
91. 0
73-7
7'( 5
7 ?
7" Q
7<; 5
81 1
84 7
90-5
102.4
101.6
102.6
103.9
106.4
107.8
109.4
110.2
111.3
112.6
114.1
114.8
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
90.0
90-6
94. 7
84.3
84.4
84.9
85.9
87.4
88.6
89.7
90.8
91.6
93.4
93.5
93.7
91 .4
93 .1
94 .4
95 4
97
99 •>
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
1942—January
96.0
100. 8
93 .7
94.6
114.9
93.6
78.2
103.5
109.3
96.0
102.4
89.3
91.2
91.6
91.7
92.3
92.2
92.3
92.2
93.1
94.0
93.8
94.3
95.0
95.6
95.5
95.9
95.7
96.2
96.5
88. 1
87
88
88
80
80
89
88
93.0
93.1
93.1
93.6
93.6
93.7
93.7
93.8
93.9
93.9
94.1
94.3
94.4
94.5
94.7
94.5
94.9
94.8
113.2
114.1
114.1
114.1
114.9
115.4
115.4
115.4
115.5
115.6
115.7
115.7
115.6
115.7 i
115.7
115.8
116.1
116.1
90.3
90.3
90.4
90.5
90.4
90.6
90.7
91.0
91.4
91.5
91.6
92.4
92.6
92.7
93.6
93.5
93.6
93.7
79.9
79.9
79.7
79.6
79.4
79.4
79.2
79.0
79.0
79.0
79.0
78.9
78.9
78.9
78.8
78.4
78.7
78.5
102.2
102.2
102.2
103.4
103.4
103.3
103.3
103.4
103.4
103.4
103.4
103.5
103.5
103.6
103.6
103.6
103.6
103.6
107.0
107.3
107.1
107.1
107.4 .
107.4
107.4
107.8
107.5
108.1
108.3
108.9
109.1
109.5
109.6
109.4
109.8
109.7
89.6
89.8
89.8
89.5
89.5
89.7
89.7
91.5
91.7
91.7
95.1
95.3
95.6
96.5
96.7
96.6
96.9
96.9
99.9
100.0
85.5
85.5
85.9
87.2
87.1
87.1
87.2
87.5
87.5
87.4
87.5
87.7
87.9
88.1
88.4
88.2
89.0
89.1
„ „. m .„ „..
Week ending
1941—October 25 . . ; . . .
November 8
November 15
November 22..
November 29
December 6
December 13
December 20
December 27
1942—January 3
January 10
January 17
January 24
January 31
February 7
February 14
February 21
. .
104
88
64
48
51
65
78
80
86
68
65
67
82
Q
3
8
?
4
3
Q
/[
3
7
71 3
87
8<J
Q
89 .3
80
89. 6
90 7
90. 3
91 1
90. 8
9? 8
96. 0
PS •>
2
8
6
2
7
90.4
91-6
91 2
91 .9
9? •>
94 .1
93 6
93 .9
7
94 .0
94 .8
96. 9
98. 8
100.8
100.3
101.3
100.1
100. 7
101. ?
Annual
1941
86 .3
88.5
90.4
100 1
101 6
101 7
101 .9
101 9
102 3
102 3
102 3
102 .5
102 4
102 .7
102 7
102 .9
102 9
104 .0
104 1
1941
Annual
1942
1942
Subgroups
Subgroups
1940
Farm Products:
Grains
Livestock and poultry ...
Other farm products
Foods:
Dairy products
, m
Cereal products
«
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather.
Other leather products...
Textile Products:
Clothing
Cotton g o o d s . . .
....
Hosiery and underwear...
Silk
. . . .
Rayon
Woolen and worsted goods
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coice
Electricity
Gas . .
Petroleum products
86.8
1941
f>8 0
59.2
56.1
76.9
91.6
77.8
77 6
87.3
80.7
67.5
90.4
78.9
78 3
53.1
73.3
S3 S
107.6
91.9
02.5
39.9
35 2
71.4
fO 1
£6.8
?Q S
85.7
74.5
113.5
108.4
97.9
104.7
92 6
94.2
63.1
29.5
96.6
90.7
78 Q 82.7
97 6 104.3
100.2 119-3
74 S
K? 0
57.0
50.0
Jan.
Dec
Jan.
Metals and Metal Products:
91.0
95.9
67 6
Agricultural implements .
81 n 97.'
Farm machinery
105.7
65 .3
93.'
Iron and steel
98.4
Motor vehicles
. .„ .
80-2
95.
Nonferrous metals
96.0
74 8
89.
91.1
Plumbing and heating
59 .6
73.
78.3 Building Materials:
101.6
Brick and tile
95;
64
89. I
Cement..
91.0
Lumber
107 .4 120. 7 121.1
Paint and paint inaterials..
99 .1 115. 7 115.3
Plumbing and he ating
94 4 101. 3 101 4
Structural steel
99 .7 112. I 113.3
Other building materials...
Chemicals and Allied Products:
86 6
98 1 101.1
Chemicals
75.8 107. 5 110.5
Drugs and Pharmaceuticals
9 67. ft 69.0
Fertilizer materials
42 s
Mixed fertilizers
?9 s
Oils and fats
30.3
30.3
89 .2 102. 7 103.0 Housefurn ishing Goods:
74 .8
Furnis hings
96. 2 97.5
„.-. — .
Furnit ure
.. „ « „.«.
81 1 85.
85 3 Miscellane
100 4 108. ft 108.4
Auto tires and tubes
8 122. 7 122 2
Cattle feed
m
72 S
Paper and pulp
77 «>
Rubber, crude
50 .0
59.8
59.5
Other miscellanec)US
1940
1941
93.5
92.5
93 7 94 5
96.4
95.1
96 7 103 3
81 3
84 4
84.8
80.4
90 5
90 8
102.9
85.7
80.4
107 3
93.3
93 7
92 0
122.5
91.4
84.8
107 3
98.3
85 1
88.9
69.4
73 8
44.3
87 2
105.1
73 5
76 0
77 6
94.7
81.8
99.9
88.4
61 0
101 2
98.2
46 1
87.8
57 8
87 8
91.7
41 5
84.1
Jan.
Dec.
Jan.
92.7
96. 4
96.7
94.0
97 8
97 s
97.0
95.7
97. 0
100.3 112. 4 112 4
83 6 84
85 4
89. <
80.5
93.6
91 3 96 7 96 9
90 8 93 /\ 93 4
118.4 129. 4 131.6
96. 5
86.7
99.1
80.5
89. 1 93.6
107 3 107 3 107 3
94.9 102. 5 103.1
95 3
85 6
88
96.5 123! 3 126.3
78.6
70 7
77
75 2
81 2
81 8
46 2 101 0 106 4
95.2
82.6
105. 6
96. 6
107.2
97.4
58 2
89 1
93 1
41 0
82.8
102 *
67
124 A
71 0
135 2
102 8
46 3
92.5
46
92. 4
Back figures.—'F rf monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937
(table 87).
MARCH
1941
x6 7
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK *
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
Jan.
28
Jan.
21
Feb.
18
Feb. Feb.
4
11
MONTHLY FIGURES
In billions of dollars
WEEKLY FIGURES i
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
17
17
17
17
17
2.38
2.34
2.32
2.33
1941
Nov.
1942
Dec,
Jan.
In billions of dollars
RESERVES AND CURRENCY
RESERVES AND CURRENCY
Reserve Bank credit, total
3
U. S. Gov't securities, by maturities, total
5
Within 1 yr
5
Within 5 yrs
5
After 5 yrs
,.
5
Gold stock
3
Treasury currency
..„
3
Money in circulation
3, 11
Treasury cash holdings
,....
3
Treasury deposits
3
Nonmember deposits
,.
3
Member bank reserves6
,.
3
Excess reserves—total
9
New York City
,.
9
Chicago
„..
9
Reserve city banks
9
Country banks*
...«
9
Chart
book
page
2.40
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
2.25 2.24 2.24 2.24 2.25
.10
.10
.10
.10
.10
.82
.82
.82
.82
.83
1.43
1.42
1.42
1.42 1.42
22.75 22.74 22.74 22.74 22.71
3.26 3.26 3.26 3.26 3.26
11.08 11.10 11.23 11.32 11.34
2.20 2.20 2.20 2.19 2.18
.26
.32
.38
.30
.28
1.39 1.38 1.37 1.31 1.25
13.15 13.08 12.85 12.91 13.06
TREASURY FINANCE
3.59 3.49 P3.35 P3.35 P3.43 U. S. Government debt:
1.14 1.15 1.11 1.12 1.09
Direct obligations, total
.22
.16
.17
.25
.21
Bonds
1.38 1.37 1.30 1.30 1.32
Notes
P.77
.82
.77
Bills
Special issues
Guaranteed obligations
30.53
30.35
30.45
30.21 30.34
9.24 9.09 9.17 9.02 9.24
MONEY RATES, ETC.
24.43 24.75 24.46 24.73 24.96
5.25 5.24 5.21 5.20 5.19 F. R. Bank discount
rate, N . Y
2.63 2.65 2.70 2.71 Treasury bills 2(new issues)
2.60
.33 Treasury notes 3
.29
.32
.31
.31
6.97 6.97 6.93 6.92 6.94 U. S. Gov't bonds
Commercial paper
4.18 Corporate Aaa bonds
4.12 4.15 4.14
Corporate
Baa bonds
„
8.51
8.50
8.37
8.52
2,7
7
7
2
2
2
2
2, 8
8
8
10
10
10
19
19
19
19
19
19
2.31
2.18
2.40
2.22
22.79
10.50
2.19
22.76
10.99
2.19
12.90
9.29
3.61
10.64
7.77
2.87
12.81
9.42
3.39
11.16
8.12
3.04
2.40
2.25
(7)
22.74
11.10
2.21
.47
12.94
9.49
3.45
11.17
8.05
3.13
54.54
37.88
8.151.70
6.81
6.32
57.45
40.00
8.47
2.00
6.98
6.32
59.53
42.08
8.29
2.10
7.06
5.69
.01
.67
.01
.59
Per cent per annum
23
• 23
23
29
25
25, 29
29
1.00
0.242
0.57
1.85
.50
2.72
4.28
1 .00
0. 298
0 .64
1 .97
.56
2 .80
4 .38
1.00
0.214
0.47
2.01
.56
2.83
4.29
In unit indicated
Per cent per annum
MONEY RATES, ETC.
Treasury bills 2(new issues)
Treasury notes 3
U. S. Gov't bonds
Corporate Aaa bonds
Corporate Baa bonds
21
21
21, 29
29
29
.231
.46
2.01
2.83
4.28
.220
0.46
2.04
2.84
4.27
250
0 .45
2 .05
2 .84
4 .28
.263
0. 43
2. 09
2. 84
4. 29
In unit indicated
Stock prices
(1935-39 = 100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
z68
31
31
31
31
31
77.4
78.6
68.4
74.5
.79
71.8
73.8
61.0
66.2
1.54
33
33
625
409
600
368
33
264
72.6
74.3
69.0
66.1
.57
547
308
274
BUSINESS CONDITIONS
31
31
31
31
31
71.6
73.2
68.8
65.0
.49
72.4
74.0
70.7
65.6
.49
72.6
74.0
71.0
66.0
.43
69.6
71.0
67.0
64.0
.44
BUSINESS CONDITIONS
Wholesale prices:
All commodities (1926=100):
Total
Farm products
Other 4
Basic commodities
(Aug. 1939 = 100), total
12 foodstuffs
16 industrial materials
Steel production
(per cent of capacity)5
Automobile production (thous. cars)6..
Freight-car loadings (thous. cars):
Total
Miscellaneous
Electric power production (mill. kw.
hrs.)
Department store sales (1935-39 = 100)
F.H.A. home mortgages, new constr.
(thous.)
.266
0.43
2.12
2.85
4.30
Stock prices
(1935-39 = 100):
Total
.:
Industrial
Railroad
Public utility
Volume of trading (mill, shares)...
Brokers' balances (mill, dollars):
Credit extended customers....
Money borrowed
Customers'
free
credit
balances
35
35
35
95.5 95.9 95.7 96.2
100.3 101.3 100.1 100.7
94.5 94.7 94.5 94.9
36
36
36
164.2 164.8 165.3 165.2
180.3 181.4 182.2 182.1
153.0 153.2 153.5 153.4
44
44
95.0
79.9
94.6
73.3
95.0
37.1
95.5
29.8
45
45
817.8 815.6 784.1 782.7
370.4 372.4 352.9 351.9
46
46
3,440 3,468 3,475 3,422
119
121
114
116
47
4.75
6.45
6.65
7.66
68.5 Wholesale prices:
All commodities (1926 = 100):
69.5
Totals
35, 65
92.5
93.6 96.0
67.4
Farm 4 products
35
90.6
94.7 100.8
64.1
Other
..
35
93.5
94.6
93.7
m
.37
Industrial commodities
(Aug. 1939 = 100):
Total
37
117.9
118.5 p120.5
Finished
37
114.4
114.4 |pP115.9
Raw and semifinished
37
125.1
126.6 129.4
96.5
101.9 Cost of living (1935-39 = 100):
110.5
All items
39
110.2
111.9
94.8
r
Rent
39
108.2 108.4
107.8
r
Clothing
39
114.8 115.7
113.8
165.2
Food
39
113.1 116.2
113.1
182.1
153.3
p
* Estimated.
Preliminary.
1
96.2
Figures for other than Wednesday dates are shown under the
Wednesday included in the weekly period.
2 Tax-exempt issues only.
3
774.6
Partially tax-exempt issues only.
4
347.3
Other than farm products and foods.
56 Revised figures based on capacity as of Jan. 1, 1942.
3,424
Publication of figures stopped after last date shown.
110
7Less than $5,000,000.
8 Estimate for February is shown on page 255.
7.68
* Copies of this Chart Book may be obtained at a price of 50 cents
each.
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Continued
Chart
book
page
M O N T H L Y F I G U R E S (cont.)
BUSINESS CONDITIONS (cont.)
1942
1941
Nov.
I Dec.
Jan
42
41
42
42
42
41
42
42
42
42
42
166
r
79.3
21.0
42.1
r
16.1
r
67.2
20.5
r
13.6
19.0
14.1
19.9
167
81.3
21.6
43.2
16.5
66.0
20.2
13.2
18.6
14.0
19.7
43
43
43
43
43
43
43
43
43
212
265
178
203
242
168
153
170
137
232
332
167
207
252
168
159
176
144
57
57
57
57
135
25.8
78.8
30.2
137
23.5
81.7
31.8
P84.7
21.0
P46.2
P17.6
P66.8
P20.8
P12.8
P19.0
134.8
165.4
51,
51,
134.3
170.2
78. 1
78. 7
40. 3
116
95
41. 2
Ill
92
Nov.
Wholesale prices:
Canada
Germany
Japan
Sweden
Switzerland
United Kingdom
Dec.
1942
Jan.
1926 = 100
INTERNATIONAL FINANCE
65
65
65
65
65
65
94.0
93.6
125.3
125.8
In cents per unit of
foreign currency
Foreign exchange rates:
Argentina (peso)
Canada (dollar)
Japan (yen)5
Switzerland (franc)6
United Kingdom ( p o u n d ) . . . « . . _ _
67
67
66
66
67
29.77
88.60
29.77
87.39
29.77
87.83
403.42
403.50
403.50
1941
Sept.
140.
25.3
83.0
31.7
1923-25 = 100
Factory employment
„.....,.:
Factory payrolls
Average hourly earnings
(cents per hour)
Average hours worked
(hours per week)
Department store sales! 3
Department store stocks!
1941
M O N T H L Y F I G U R E S (cont.)
In unit indicated
1 2
Industrial production:
Total (1935-39 = 100)
41,
Durable manufactures
Iron and steel
Machinery, etc
Other durable
Nondurable manufactures
Textiles and leather
Paper and printing
Foods, liquors, and tobacco . . .
Other nondurable
Minerals
41,
New orders, shipments, and
inventories:
New orders, total (Jan. 1939 =100).
Durable
Nondurable
Shipments, total (Jan. 1939 = 100).
Durable
Nondurable
Inventories, total (1939 = 100) . . . .
Durable
Nondurable
Freight-car loadings:! 2
Total (1935-39 = 100)3
Coal
Miscellaneous
All other
Chart
book
page
^132.5
^173.2
138
P93
Oct.
Nov.
In billions of dollars
Increase in U. S. gold stock:?
Total
,....
Net capital inflow:
Total
62,
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
N e t due to foreigners
«-.««.„
63
15.74
15 .78
15.76
63
62
62
63
63
5.92
3.83
1.99
5.28
4.54
5 .91
3 .83
1 .99
5 .64
4 .22
5.79
3.69
1.99
5.86
4.12
64
64
64
3.77
.35
3.41
3 .77
.36
3 .40
3.63
.36
3.27
1941
In millions of dollars
Residential contracts awarded: 1
Total
Public
Private, total
1- and 2-family dwellings
Other
Construction contracts awarded: 4
Total
Residential
Other
Nonagricultural employment 1
(mill, persons):
Total
Manufacturing and mining
Trade
Government
Transportation and utilities
Construction
Income payments: 1
Total
Salaries and wages
Other
Cash farm income:
Total
Crops
Livestock and products
Gov't payments
Exports and imports:
Exports
Imports
Excess of exports
Apr.47
47
47
47
47
126
18
108
105
3
131
21
110
102
9
137
25
112
101
11
49
49
49
564
136
428
504
127
378
H33
p
125
p
309
50
50
50
50
50
50
40.60
13.63
7.04
4.29
3.31
1.92
54
54
54
8,024 8,321
5,275 5,470
2,749 2,851
55
55
55
55
1,301
611
622
68
1,235
500
651
84
61
61
61
492
281
211
P652
?344
^308
40.89
13.68 p 13.73
7.01
4.31 H.39
3.32 p3.33
2.16
^1,097
P346
June
18
18
18
2.62
4.46
1.84
2.55
5.31'
2.76
32
32
32
.61
.19
.42
.73
.41
.32
2.86
7.19
4.33
.44
.25
.19
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
p
1
2
3
4
5
6
7
MARCH 1941
Oct.Dec.
In billions of dollars
QUARTERLY FIGURES
Cash income and outgo of U. S. Treas.:
Cash income
Cash outgo
Excess of cash outgo
Domestic corporation security issues:
Total
New
Refunding
JulySept.
25
27
2.55
1.95
2 60
1.98
2.41
1.88
27
27
2.58
3.23
2 62
3 29
2.45
2.99
Preliminary. r Revised.
Adjusted for seasonal variation.
In points in total index.
Estimate for February is shown on p . 255.
Three-month moving average, adjusted for seasonal variation.
No rate certified since July 25, 1941.
No rate certified since June 14, 1941.
Cumulated from Jan. 31, 1934.
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Continued
[In billions of dollars]
Chart
book
page
1939
1940
Oct.
2
Mar.
29
June
30
59.11
26.04
26.56
5.63
48.93
21.15
27.78
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
1941
Dec.
30
Mar.
26
June
Dec.
31
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
Apr.
June
30
Sept.
24
Dec.
31
CALL R E P O R T F I G U R E S
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
72.43 74.15 p 76.09
36.10 37.32 pp 38.65
27.90 27.88 27.93
7.78
8.20 PS. 56
56.15 57.95 59.31
24.32 25.31 26.20
31.83 32.63 33.11
C1)
19.05
19.46
19.61
19.98 20.22
20.48
21.81 23.10
23.93
14
14
14
14
14
(*)
15
15
15
15
1
10.69
2.66
2.56
2.96
.18
13.05
5.96
.67
.90
2.75
2.77
10.95
2.83
2.55
2.94
.19
13.14
5.99
.56
.91
2.83
2.85
10.89
2.92
2.76
11.18 11.31
3.14 3.11
2.69 2.91
2.7'
2
.19
13.96 13.94
6.57
(2
.61
()
.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
(2
.17
()
15.32 15.88
7.52
.47
.83
3.23
3.27
14.24
3.84
2.98
2.72
.15
16.73
8.55
.42
.79
3.37
3.61
'18.06*
C)
$
13.47
2
8
8
(0 )
8
3.06
(?)
i
24.40
'25.49
p
3.09
SEMI-ANNUAL F I G U R E S
OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS
Total direct and guaranteed obligations outstanding...
Amount held by:
U. S. Government agencies and trust funds:
Public issues
Special issues
Federal Reserve Banks
Commercial banks
Mutual savings banks
Insurance companies
Other investors
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
2.32
4.23
2.48
16.30
3.10
46.30
412.30
2.29
4.77
2.47
16.55
3.11
6.50
12.20
2.25
5.37
2.18
17.76
3.22
46.80
412.80
2.36
6.12
2.18
20.10
3.43
6.90
13.70
2.55
6.98
2.25
'21.80
*>3.7O
*>7.90
'18.50
p
Preliminary.
3
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. 4 Partly estimated.
Z70
FEDERAI RESERVE BUULETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments
272
Gold production
273
Gold movements
273
International capital transactions of the United States
274-278
Central banks
2.79-2.82.
Money rates in foreign countries
283
Commercial banks
284
Foreign exchange rates
285
Price movements:
Wholesale prices
286
Retail food prices and cost of living
287
Security prices
287
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 ix, 1934. Back figures may in most cases be obtained from earlier BULLETINS and from
Annual Reports of the Board of Governors for 1937 and earlier years. Daily and monthly press releases
giving daily and monthly average foreign exchange rates will be sent without charge to tnose wishing
them. Other data on the following pages are not regularly released prior to publication.
MARCH 1942
2.71
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Chile
Colombia
"zechoSlo-
Denmark
Egypt
France
Germany
Greece
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
27
28
29
29
26
24
27
28
28
30
30
30
30
30
30
30
30
30
30
30
18
18
17
16
18
18
17
17
17
17
16
18
59
59
59
59
61
49
48
48
48
47
45
45
44
44
52
52
52
52
52
52
52
52
2,000
2,000
2,000
2,000
2,000
2,000
2,000
United
States
Argentina
Belgium
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—Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov. .
Dec...
1942—Jan...
22,232
22, 367
22, 506
22,575
22, 624
22, 675
22,719
22, 761
22,800
22,785
22,737
22,747
353
353
353
353
353
353
352
352
354
354
734
734
55
56
57
58
62
63
65
66
68
69
70
274
274
274
274
274
274
274
274
274
24
24
24
24
Japan
Java
Mexico
463
261
164
164
164
60
79
80
90
140
46
24
29
32
47
491
933
998
692
617
23
23
23
23
23
164
171
178
174
174
173
173
193
201
200
52
54
56
58
59
60
59
57
54
52
47
42
614
614
572
572
573
573
573
573
23
23
23
23
23
23
23
23
23
23
End of month
End of month
Hungary
Iran
Persia) Italy
1936—Dec...
1937—Dec...
1938—Dec...
1939—Dec...
1940—Dec...
25
25
37
24
24
25
25
26
26
26
1941—Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov. .
Dec...
1942—Jan...
24
24
24
24
24
24
24
24
24
26
26
End of month
208
210
193
144
1137
Brazil British
India
6
235
Sweden
Bulgaria
188
184
192
214
47
Nether- New
lands Zealand
Norway
Peru
98
82
94
94
20
21
20
20
20
Other
coun-7
tries
Uruguay
Venezuela
Yugoslavia
B.I.S.
2,584
2,689
2,690
«1
77
74
69
68
90
59
52
52
52
<»29
48
51
57
59
82
11
5
14
7
12
183
185
142
149
145
97
100
105
108
108
108
108
106
102
37
40
40
40
40
40
41
41
41
41
41
49
83
13
13
12
9
10
9
9
9
10
10
145
145
145
145
144
144
144
146
146
146
146
146
26
29
29
29
1941—Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1942—Jan
171
172
174
180
192
189
191
191
192
196
524
527
528
530
528
533
525
543
560
602
87
89
95
96
96
95
93
1
Figures relate to last official report dates for the respective countries, as follows: Germany
—June
15, 1939; Italy—late in Mar. 1940; Norway—Mar. 30,1940; Poland—July 31, 1939.
2
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, respectively.
Congo,
Guater____.,
,
,
,
.
.
. . .
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.
7.-J-L
South
Africa
68
69
69
69
59
114
120
133
152
158
203
189
220
249
367
59
158
158
171
172
175
178
178
179
388
401
413
418
427
431
436
450
422
400
Spain
5
5
718
525
Government gold reserves1 not included
in previous figures
United
End of month United King- France2 Belgium
States
dom
1937—June ...
169
Dec
1938—Mar....
June.. . " 4 4 "
Sept.
Dec. . . .
80
1939—Mar. ...
154
May....
June...
85
Sept....
164
156
Dec
145
1940—Mar. ...
86
June...
105
Sept....
48
Dec. . . .
88
1941—Mar. ...
89
June...
24
Sept....
3 934
4 1,395
1,489
•«
United
Kingdom
657
650
701
549
502
85
Rumania
T-lOO
Turkey
240
244
321
308
160
75
83
20
20
21
20
20
20
20
21
Switzerland
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
Poland Portugal
28
28
759
i,732
331
559
477
44
17
17
17
17
1 Reported a t 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
B U L L E T I N for
February 1941,
p. 170.
3 Figure for end of Mar. 1937, first date reported.
4 Figure for end of Sept. 1937.
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
Estimated
world
Year or month production
outside 1
U.S.S.R.
Total
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
North and South America
Africa
Other
RhoBritish
iX_« T c t t " ! _ _ » I Canada^] Mexico | <*«.- | Chi!eI| Nicara- Austra-1
desia
lia I India 7
South
Africa
?2 = /5jfi grains of gold £$ ./me; i.e., aw o«wce of fine gold = $35
1934
1935
1936
1937
1938
1939
1940
1941
823,003
882,533
971,514
1,041,576
1,136,360
1,208,705
1,279,455
r
90,890
r
84,490
r
89,944
r
88,966
r
88,525
P
S9,308
P
106,015
100,450
106,365
105,525
105,140
105,875
109,970
r
108,535
109,935
H U ,265
-Jan...
Feb...
Mar..
Apr...
May..
June.
July..
Aug..
Sept..
Oct...
Nov..
Dec.
1941-
24,264
12,153
25,477
13,625
28,053
16,295
28,296 20,784
28,532
24,670
28,009
28,564
29,155
32,163
^27,947 *»31,383
708,453
752,847
833,895
893,384
958,770
1,020,297
1,094,264
2*1,086,262
2,326
2,237
2,318
2,355
2,355
2,353
2,319
2,329
2,312
/2,348
' P 2,348
'^2,348
93,165
^92,043
P
93,442
P
94,690
p
92,109
^88,691
104,023
114,971
131,181
143,367
165,379
178,303
185,890
P186,279
6,549
7,159
7,386
8,018
8,470
8,759
3
8,862
2,618
2,566
2,696
2
2,580
2,615
{2,615
'2,615
{2,615
'2,615
'2,615
{2,615
'2,615
23,135 12,045
23,858 11,515
26,465 13,632
29,591 15,478
32,306 18,225
29,426 19,951
30,878 22,117
'29,046 P22,938
8,350
9,251
9,018
9,544
10,290
11,376
11,999
P
9,343
15,199
2,945
2,137
14,446 2,670
1,844
15,629 2,702
1,891
15,384 2,491
2,071
15,721
1,448
1,872
15,890 2,845
1,777
15,983
2,485 2,072
16,353
1,739
2,579
15,578
1,984
1,984
16,141 ?2,299
2,098
15,499 '^2,299
1,726
^14,456 '^2,299 '1,726
784
695
1,313
896
528
1,023
628
860
504
703
'703
'703
1,166
868
807
848
1,557
3,506
5,429
p
5, 712
30,559
31,240
40,118
46,982
54,264
56,182
55,878
50964
11,223
11,468
11,663
11,607
11,284
11,078
10,157
9,940
591
4,544
474
3,812
492
4,040
553 4,133
485
4,136
445 3,939
4,185
'445
4,376
'445
4,271
'445
5,357
'445
^4,086
'445
'445 '?4,086
840
805
840
805
700
840
875
875
805
840
840
875
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production
as follows: 1934,
135 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
P
r
Preliminary.
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 April 1941, figures are for Gold Coast only.
3
Beginning May 1940, monthlyfiguresno longer reported. Annualfigurefor 1940 estimated at three times production for first four months of the year.
* 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.
J6 Figures for Canada beginning January 1941 are subject to official revision.
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
7 Beginning May 1940,figuresare those reported by American Bureau of Metal Statistics.
NOTE.—For monthlyfiguresback to January 1929 and for explanation of table and sources see BULLETIN for March 1939, p. 227; February 1939, p. 151;
June 1938, pp. 539-540; and April 1933, pp. 233-235. For annualfiguresof world production back to 1873 (including Russia-U. S. S. R.), see Annual Report
of Director of Mint for 1940, p. 101, and 1936, pp. 108-109.
GOLD MOVEMENTS
__________
Year or
month
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
^
Total
net
imports
United
Kingdom
France
Belgium
Netherlands
260,223
934,243
573,671
-13,710
81,135
3,798
241,778
8, 902 94,348
3 227,185
3, 351 71,006
90, 859
6,461
15, 488 163,049
165, 122 341,618
977 63,260
SwitzColom- PhilipAuspine
erland Canada Mexico bia
Islands tralia
Sweden
South
Africa
Japan
British
India
All
other
countries
N e t imports from or net exports (—) t o :
1934 1 ....
1935
1936
1937
1938
1939
1940
Nov
Dec
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 1 ,208,728
3,574,151 1,826,403
633,083
4,744,472
12, 402
968
2 7, 511
6 54, 452
60, 146 1, 363
28, 715 86, 987
161, 489 90, 320 2,
86,829
95,171
72,648
111,480
76,315
612,949
622,330
30,
13
39,
38,
36,
33,
29,
270
667
966
482
472
610
880
16,
10,
11,
18,
10,
23,
23,
944
899
911
397
557
239
999
12
15
21
25
27
35
38
1, 029
038
3SS
3 498
513 23, 280
427 34, 713
880 39, 162
636 74, 250 22,
627 103, 777 184,
4 76 820
12
65
75 768
8
77 892
181 246,464 50 762
401 168 740 16 159
862 165 605 50 956
756 111 739 49, 989
1940
330,107
137,176
936
99
234,242
108,609
118,567
171,992
37
1,218
817
21
7
1941
1
1, 746
563
14, 441
14, 994
6 ?40
1, 7S1
262,718
80,389
347
7, 814
283
268
46,876
81 529
95,619
20,216
1, 147
811
866
1, 147
3, 168
11
2, 232
2, 934
3, 185
9 772
3, 984
3, 587
11, 136 149, 735
96
6, 738
2, 788
6, 262
4, 720 132, 261
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
1? 186
?
n
7, 446
6, 085
32,304
46,989
39,735
29,998
2
67,975
3
102,404
4
388,468
170
4, 501
3, 046
313
27,580
12,805
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
9
474
54?
79
250
SS
121
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
1
3,594
69
88
137
3,694
200
40
131
1,995
"2,327"
3,589
5,009
3,811
59,011
5
11,045
5 9,366
6
9,041
Differs from official customhouse figures in which imports and exports for J a n u a r y 1934 are valued a t approximately $20.67 a fine ounce.
Includes $31,830,000 from Argentina.
3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from I t a l y , $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 I t a l y , $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 D e p a r t m e n t of Commerce suspended publication of export statistics by country of destination.
7 Beginning December 4, 1941, the D e p a r t m e n t of Commerce suspended publication of gold import and export s t a t i s t i c s .
2
N O T E . — F o r gross import and export figures and for additional countries see table on p . 236.
MARCH
1941
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 1.—TOTAL CAPITAL MOVEMENT
Increase in foreign banking
funds in U. S.
From Jan. 2, 1935, through-
Total
Total
Central
bank funds1
in N. Y.
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)
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
949.8
786.2
1,180.2
1,425.4
1,747.6
2,111.8
2,479.5
2,430.8
2,539.0
2,830.1
3,092.8
149.9
125.9
187.0
238.5
311.4
425.3
552.1
542.5
539.1
922.3
1,112.3
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
434.4
403.3
477.2
510.1
550.5
607.5
618.4
650.4
631.6
684.1
773.6
618.5
643.1
625.0
641.8
646.7
664.5
676.9
725.7
761.6
785.6
793.1
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
54.2
57.8
64.1
47.6
63.9
74.0
83.1
80.6
88.7
98.9
101.6
Dec.
Dec.
Dec.
Dec.
1941—Jan.
4
11
18
25
1
5,758.0
5,718.2
5,763.7
5,733.0
5,727.6
3,177.8
3,146.5
3,182.1
3,160.9
3,159.0
1,209.1
1,186.3
1,209.7
1,182.4
1,200.8
1,968.7
1,960.2
1,972.4
1,978.5
1,958.3
763.0
757.6
771.1
771.6
775.1
800.2
801.3
802.9
802.8
803.8
917.4
913.5
907.5
896.3
888.7
99.6
99.3
100.2
101.3
100.9
Jan.
Jan.
Jan.
Jan.
8
15
22
29
5,704.0
5,781.3
5,747.5
5,694.5
3,152.9
3,257.6
3,255.2
3,215.9
1,198.8
1,301.3
1,303.3
1,288.2
1,954.1
1,956.4
1,951.9
1,927.7
775.8
772.2
757.1
759.9
804.6
806.4
807.6
808.1
869.4
843.3
827.8
811.9
101.3
101.7
99.8
Feb.
Feb.
Feb.
Feb.
5
12
19
26
5,644.3
5,609.9
5,563.8
5,564.5
3,175.9
3,156.9
3,108.1
3,102.6
1,269.0
1,255.0
1,228.8
1,243.4
1,906.9
1,901.8
1,879.4
1,859.2
763.1
754.6
764.6
776.1
809.0
810.5
811.5
812.7
799.3
792.1
783.1
775.8
97.0
95.9
96.5
97.2
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 A
814.0
814.1
814.8
815.8
812.7
757.3
741.9
726.9
714.7
701.8
96.6
96.9
98.4
95.8
95.9
Apr.
Apr.
Apr.
Apr.
9
16
23
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
7 66 A
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
7
14
21
28
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
July
July
July
9
16
23
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
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
5,429.2
5,428.7
5,382.3
5,381.0
5,374.3
3,074.3
3,062.2
3,020.7
3,015.5
3,006.6
1,266.7
1,262.8
1,208.4
1,195.2
1,192.2
1,807.5
1,799.4
1,812.3
1,820.3
1,814.4
785.5
796.1
792 A
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
8
15
22
29
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dec. 3
1
Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading
see BULLETIN for April 1939, p. 285.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939,
pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-131.
2-74
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935-Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
Total
United
Kingdom
France
1,412.5
2,608.4
3,410.3
3,844.5
5,021.2
5,727.6
554.9
829.3
993.7
1,183.8
1,101.3
865.2
210.2
299.5
281.7
339.6
468.7
670.3
114.5
229.7
311.9
328.6
470.3
455.6
1941—-Mar. (Apr. 2)
Apr. 30
May 2 8 . . .
June (July 2)
July 30
Aug. (Sept. 3)
Sept. (Oct. 1)
Oct. 29
5,526.5
5,652.5
5,635.8
5,575.4
5,506.9
5,478.3
5,510.3
5,503.2
716.7
789.4
760.6
696.1
650.1
636.9
694.0
726.0
665.4
668.6
670.2
670.5
669.5
662.8
654.7
651.9
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dec. 3
5,429.2
5,428.7
5,382.3
5,381.0
5,374.3
703.2
690.1
681.0
675.4
699.3
652.5
650.4
648.0
645.3
643.5
From Jan. 2, 1935,
through—
1935—Dec. (Jan.
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1, 1936)....
4, 1939)....
3, 1940)....
1, 1941)....
Nether- Switzerlands
land
Germany-
Italy
Other
Europe
Total
Europe
130.4
335.5
607.5
557.5
773.0
911.5
36.6
83.1
123.9
140.5
165.9
175.9
24.0
45.6
22.1
32.2
58.0
55.4
130.0
228.5
312.2
472.0
752.9
922.7
1,200.6
2,051.3
2,653.0
3,054.2
3,790.1
4,056.6
()
150.5
106.3
155.3
229.4
411.7
70.9
201.2
410.6
384.6
483.4
606.8
128.3
184.0
224.6
214.2
431.0
562.3
12.7
21.4
15.9
36.2
87.4
90.2
471.0
463.3
457.5
456.7
457.0
452.7
451.0
451.4
883.6
872.4
881.2
886.6
874.7
875.3
836.3
816.1
177.1
177.8
177.6
177.6
178.5
179.0
178.8
178.5
47.4
47.0
47.3
47.0
46.6
49.9
50.1
50.3
898.1
899.2
884.7
883.6
882.3
881.7
935.1
927.0
3,859.3
3,917.7
3,879.1
3,818.2
3,758.6
3,738.4
3,799.8
3,801.3
394.9
410.7
403.8
400.4
406.9
415.4
407.6
390.2
623.7
639.1
650.4
659.5
640.9
630.3
606.0
600.6
547.0
568.0
583.6
579.7
579.4
563.6
580.1
587.0
101.7
117.0
119.0
117.6
121.0
130.6
116.7
124.1
451.4
449.7448.9
458.3
459.9
798.5
800.0
780.5
781.3
763.5
178.9
178.9
178.8
179.0
179.0
50.3
50.3
50.4
50.6
50.6
912.2
906.0
911.5
904.9
909.2
3,747.0
3,725.3
3,699.1
3,694.8
3,705.0
381.4
380.5
374.5
383.2
374.7
602.7
596.0
590.5
592.3
592.8
572.0
595.3
586.6
580.1
571.1
126.1
131.5
131.6
130.5
130.7
Latin
Canada America
Asia1
All
other 1
Latin
Canada America Asia1
All
other 1
TABLE 3.—FOREIGN BANKING FUNDS I N UNITED STATES, BY COUNTRIES
From Jan. 2, 1935,
through—
Total
United
Kingdom
SwitzerFrance Netherlands
land
Germany
Italy
Other
Europe
Total
Europe
603.3
930.5
1,168.5
1,425.4
2,430.8
3,159.0
128.6
163.5
189.3
364.0
376.1
293.3
129.6
144.2
111.8
155.3
256.1
458.0
55.7
65.9
76.3
87.9
190.9
160.3
72.4
109.8
288.4
205.1
362.7
494.7
2.7
9.6
-11.8
-20.1
-22.9
7.3
23.0
6.9
1.7
19.7
-.9
60.7
79.7
109.4
208.6
470.0
603.7
453.5
588.9
791.7
1,010.7
1,655.4
1,986.3
46.0
86.8
76.3
101.6
174.5
334.1
33.5
149.3
166.3
127.6
215.1
326.4
58.8
90.4
126.2
163.3
325.4
450.9
11.5
15.2
8.0
22.2
60.5
61.3
1941—Mar. (Apr. 2)
Apr. 30
May 28
June (July 2)
July 30
Aug. (Sept. 3)
Sept. (Oct. 1)
Oct. 29
3,148.8
3,257.3
3,266.4
3,193.3
3,141.4
3,113.2
3,139.5
3,138.3
297.3
382.8
389.9
334.4
297.7
287.0
345.0
383.1
452.8
455.6
456.1
451.0
447.6
440.1
432.0
429.0
173.4
165.8
159.8
157.3
157.5
152.8
150.0
150.3
484.2
475.4
493.5
500.5
488.5
485.3
443.9
421.5
-24.0
-23.9
-24.2
-24.0
-23.4
-22.8
-23.1
-23.1
-3.5
-3.8
-4.1
-4.4
-4.3
-1.6
-3.6
-3.7
576.9
576.7
560.6
559.6
557.3
556.1
608.5
598.9
1,957.1
2,028.7
2,031.7
1,974.4
1,920.8
1,896.8
1,952.7
1,956.0
321.4
333.9
312.0
317.8
324.5
336.1
338.3
326.3
349.3
358.0
367.2
371.9
353.7
345.7
318.2
314.8
446.9
446.9
462.5
433.7
442.3
425.3
437.9
443.3
74.1
89.9
93.0
95.5
100.0
109.4
92.4
98.0
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dec. 3
3,074.3
3,062.2
3,020.7
3,015.5
3,006.6
360.7
347.0
340.4
335.9
359.2
429.5
427.1
424.8
422.4
420.3
150.4
148.5
147.5
156.9
158.6
403.5
404.8
384.2
384.8
367.1
-23.0
-23.0
-23.1
-22.9
-22.9
-3.5
-3.5
-3.5
-3.3
-3.2
583.4
577.0
582.2
575.5
578.9
1,901.0
1,877.9
1,852.5
1,849.5
1,857.9
319.7
317.3
313.1
312.0
301.2
324.9
314.7
311.7
318.2
319.6
429.2
447.5
438.9
431.6
424.0
99.6
104.7
104.6
104.3
103.9
Asia1
All
other 1
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
(Jan.
30
29
(Jan.
(Jan.
(Jan.
1, 1936)
4, 1939)
3, 1940)
1, 1941)
TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES
From Jan. 2, 1935,
through—
1935—Dec. (Jan.
1936—T)ec 30
I937—j)ec 29
1938—Dec. (Jan.
1939—Dec. (Jan.
1940—Dec. (Jan.
1, 1936)
4, 1939)
3, 1940)
1, 1941)
1941—Mar (Apr 2)
Apr 30
May 28
Tune fTulv 2)
July 30
Auff (SeDt 3)
Sept. (Oct. 1)
Oct. 29
....
..,
Nov. 5
Nov. 12
Nov 19
Nov. 26
Dec 3
Total
United
Kingdom
361.4
431.5
449.1
510.1
650.4
775.1
208.8
178.0
207.4
206.2
252.2
269.2
48.1
62.0
65.3
68.4
73.8
74.6
-.4
—3.3
—4.4
-5.6
12.9
17.7
767.4
798.9
794.9
818.6
803.5
805.6
805.3
797.7
268.2
269.6
267.4
268.6
265.3
268.8
269.8
265.2
76.0
75.9
76.4
76.6
76.8
76.8
76.9
76.9
785.5
796.1
792.4
795.8
795.2
265.3
266.6
265.6
265.5
266.3
76.9
77.1
76.9
76.9
76.9
SwitzerFrance Netherlands
land
Germany
Italy
Other
Europe
Total
Europe
1.6
2.7
2.6
2.6
2.9
6.5
29.7
66.0
105.1
141.7
177.8
191.6
13.7
16.3
6.5
13.7
15.5
25.3
8.8
22.0
26.9
33.8
28.4
49.8
310.2
343.7
409.3
460.9
563.5
634.7
-4.6
36.9
—21.7
35.9
56.5
60.3
20.1
24.9
51.6
66.8
52.6
43.2
37.3
30.4
18.7
-46.5
-21.5
34.8
-1.6
-4.4
—8 7
-7.0
-.8
2.1
17.8
17.7
17.8
17.8
17.9
17.8
17.9
17.8
5.0
5.3
5.2
5.2
5.2
5.4
5.5
195.0
195.7
195.9
195.7
196.0
195.9
195.9
195.7
25.6
25.5
25.5
25.6
25.1
25.7
25.7
26.0
49.7
50.7
51.4
51.2
51.7
51.8
51.4
53.0
637.2
640.4
639.5
640.8
638.0
642.2
642.9
640.1
65.3
71.3
68.3
68.5
71.3
68.7
64.6
61.1
44.4
47.7
49.8
52.1
49.2
44.1
43.0
39.9
19.2
38.7
37.6
57.7
46.7
52.6
56.9
58.1
1.3
_ 3g
-.4
— 1.7
— 1.9
-2.0
—1.4
17.8
17.8
17.8
17.7
17.5
5.5
5.5
5.5
5.2
5.5
195.9
195.9
195.9
195.9
195.9
25.8
25.8
25.8
25.8
25.8
53.1
52.9
53.3
53.2
53.7
640.3
641.6
640.7
640.1
641.5
59.1
60.4
60.7
69.6
69.6
30.3
33.1
29.9
25.1
23.5
57.0
62.0
62 A
62.8
61.6
-1.2
-1.1
— .9
-1.8
-1.1
5.3
. Latin
Canada America
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
Inflow less than $50,000.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939,
pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431.
2
MARCH 194Z
2-75
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
N E T CAPITAL MOVEMENT T O THE UNITED STATES SINCE JANUARY 2, 1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2, 1935,
through—
Total
United
Kingdom
1935—Dec. (Jan. 1, 1936)
1936—Dec 30
1937—Dec. 29
.
1938—Dec (Jan 4 1939)
1939—Dec ( j a n # 3^ 1940)
1940—Dec. (Jan. 1, 1941)...,...
125.2
316.2
583.2
641.8
725.7
803.8
67.8
116.1
136.8
127.7
125.5
128.6
18.2
22.8
26.1
42.1
43.4
10.4
21.2
27.3
29.4
31.0
-1.2
13.7
30.4
36.1
45.0
46.0
13.3
22.5
26.6
33.5
36.6
36.5
1941—Mar. (Apr. 2)
,
Apr 30
..,«.....
May 28
.„.„.„...
June (July 2)
-.«.
July 30
„.„.„..,.
Aug. (Sept. 3)
«.
Sept. (Oct. 1 ) . . . . . . . . . . . .
Oct. 29
812.7
815.7
835.4
834.1
838.9
841.7
841.1
845.2
128.3
127.8
127.7
127.2
127.7
127.7
127.3
127.7
43.7
43.8
43.8
49.1
50.8
51.2
51.2
51.3
31.0
31.0
31.0
31.0
31.2
31.2
31.2
31.2
45.2
45.2
44.8
44.7
44.5
44.5
44.4
44.3
846.9
847.6
846.7
847.7
851.0
127.7
127.5
127.5
127.7
127.7
51.3
51.3
51.3
51.3
51.4
31.2
31.2
31.3
31.4
31.5
44.3
44.3
44.3
44.4
44.4
Nov
Nov.
Nov.
Nov.
5
12
19
26
.
Dec. 3
6.8
7.4
Latin
America
Asia 1
10.5
-9.7
-7.6
25.0
12.7
15.7
175.0
167.4
184.0
202.3
17 0
24.5
33 8
42.8
53.0
11.3
13.5
511.8
511.5
511.4
516.2
518.5
519.2
519.0
519.9
26.5
25.9
42.7
37.0
36.8
37.0
32.8
33.0
203.0
206.0
208.1
210.5
212.3
214.0
214.6
215.3
57.6
58.2
59.0
60.1
60.8
60.6
60.7
60.9
13.9
14.2
14.2
10.4
10.5
10.9
14.1
16.0
520.0
520.1
520.3
520.7
521.0
33.2
32.9
31.1
31.2
33.9
216.5
217.3
217.8
218.1
218.6
61.0
61.0
61.1
61.2
61.1
16.2
16.3
16.4
16.5
16.4
Latin
America
Asia 1
All
other 1
Other
Europe
Total
Europe
Canada
46.1
87.9
115.2
167.8
189.0
196.4
143.1
278.3
366.4
440.6
495.2
510.0
-39.7
13.5
22.0
27.6
28.1
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
28.1
28.1
28.1
28.
28.1
28.
28.
28.
198.9
199.1
199.5
199.6
199.8
200.0
200.3
200.9
36:5
36.5
36.5
36.5
36.5
?,8
28.
28.
201.1
201.2
201.3
201.3
201.4
Switzer- Germany
France Netherlands
land
Italy
2.9
9.4
28.1
28.1
1.7
7.9
All
other 1
1.1
3.5
6.8
9.7
TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2, 1935,
through—
Total
United
Kingdom
Switzer- Germany
France Netherlands
land
Italy
Other
Europe
Total
Europe
Canada
316.7
1935—Dec. (Jan. 1, 1936)
917.4
1936—Dec. 30
1937—Dec 29
. . . . 1,162.0
1,219.7
1938—Dec. (Jan. 4, 1939)
1,133.7
1939—Dec. (Jan. 3, 1940)
888.7
1940—Dec. (Jan. 1, 1941)
149.8
367.7
448.7
472.6
328.1
157.1
23.4
64.7
70.3
76.9
76.6
74.4
50.5
157.6
213.8
212.1
227.7
233.2
55.1
2C0.2
275.3
304.1
344.7
348.1
-5.4
-7.5
— 17.4
-22.8
-28.2
-29.1
— .1
-3.3
—4.9
-5.5
-4.9
2.7
12.9
38.5
55.7
56.6
60.4
64.9
286.2
818.0
1,041.6
1,094.1
1,004.4
851.3
2.8
32.6
37.6
25.7
-2.6
-18.4
3.7
15.5
18.2
23.7
30.1
25.6
21.4
44.1
54 7
65.2
87.6
17.6
2.6
7 1
98
11.1
14.3
12.6
701.8
682.4
641.6
631.2
623.6
616.5
623.5
621.3
6.2
-7.5
-41.0
-50.5
—56.6
-63.0
-64.7
—66.6
74.2
74.3
74.5
74.6
74.8
75.1
75.3
75.2
234.9
234.8
234.7
236.1
235.8
236.0
236.5
236.7
334.7
332.1
324.1
321.7
322.2
326.0
328.9
331.0
-30.3
-30.3
—30.4
-30.4
-30.4
-30.4
-30.4
—30.3
-3.0
-3.0
-2.5
-2.5
—2.4
-2.4
-.3
-.2
64.8
64.9
64.8
64.8
64.5
65.3
66.6
65.9
681.5
665.3
624.2
613.8
607.9
6C6.6
611.9
611.8
-28.9
-31.8
-31.3
-34.4
—37.8
—40.0
-41.8
—44.0
20.9
20.6
19.5
19.3
19.2
20.8
23.9
24.5
16.9
17.0
17.9
21.1
22 9
17.8
18.0
18 2
11.3
11.3
11.3
11.4
11 4
11.4
11.5
10 8
621.6
622.1
621.7
621.3
620.5
-67.0
-67.6
-68.9
-70.0
-70.3
75.3
75.3
75.2
74.9
74.9
236.7
236.7
236.7
236.7
236.7
331.1
331.4
332.8
333.0
332.8
-30.3
-30.3
—30.3
—30.3
-30.3
-.2
66.6
66.5
66.6
66.8
66.9
612.2
611.9
611.8
610.9
610.4
—44.5
—44.0
—44.4
—43.9
-44.3
24.9
25.2
25.6
25.6
25.9
18 2
18 1
17 9
17 8
17.6
10 8
10 8
10 8
10 8
10.9
All
other 1
1941—Mar. (Apr. 2).....,.,. „. „.
Apr. 30
May 28
,....„...
June (July 2)
«...
J U ly 30
.„
Aue (SeDt 3)
Sept. (Oct. 1)...,
Oct. 29
„,
Nov. 5
Nov 12
Nov. 19
Nov 26
Dec 3
-..
.....
,
•.„...
— .2
-.2
— .2
-.2
TABLE 7.—BROKERAGE BALANCES, 2 BY COUNTRIES
From Jan. 2, 1935,
through—
Total
United
Kingdom
1935—Dec. (Jan. 1, 1936).,
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939).
1939—Dec. (Jan. 3, 1940).
1940—Dec. (Jan. 1, 1941).
6.0
12.9
47.5
47.6
80.6
100.9
()
4.0
11.5
1941—Mar. (Apr. 2)..
Apr. 30
May 28
June (July 2)..
July 30
Aug. (Sept. 3).
Sept. (Oct. 1)..
Oct. 29
Nov. 5...
Nov. 12..
Nov. 19.,
Nov. 26..
Dec. 3 . . .
1
2
3
4
Switzer- Germany
France Netherlands
land
Italy
Other
Europe
Total
Europe
Canada
Latin
America
Asia1
1.3
— .9
5.0
6.8
9.3
13.4
2.5
9.1
10.8
9.6
17.8
16.2
-.2
13.4
19.4
17.0
2.4
10.4
11.5
12.9
20.1
19.9
"<*)
-.2
-.1
-.2
.1
.3
.1
.2
.1
.2
1.4
.4
5.0
5.2
5.0
7.9
7.6
22.6
44.0
47.9
71.6
74.3
-4.5
-7.6
3.5
1.8
8.7
10.7
1.0
-4.2
-.5
-.9
1.6
9.2
2.9
2.1
.5
-1.5
-3.4
6.0
95.9
98.2
97.5
98.2
99.5
101.2
100.9
100.6
16.7
16.7
16.6
16.4
16.0
16.4
16.6
16.6
18.7
19.0
19.4
19.2
19.6
19.6
19.3
19.5
13.9
14.0
14.3
14.5
14.7
15.0
15.5
15.3
14.5
14.3
13.6
14.5
14.2
14.2
13.8
13.8
-.2
-.2
-.2
-.2
-.2
-.2
-.2
-.2
.2
.2
.2
.2
.2
.2
.2
.2
7.9
7.8
8.4
8.4
9.0
8.5
8.3
8.3
71.7
71.8
72.3
73.1
73.4
73.7
73.4
73.5
10.6
11.4
12.0
11.6
12.1
13.6
13.7
13.8
6.1
7.0
5.8
5.7
6.5
5.8
6.3
6.1
6.4
7.2
6.7
7.1
6.7
7.4
6.7
6.6
100.9
100.8
100.8
100.7
101.0
16.6
16.5
16.4
16.3
16.4
19.5
19.6
19.9
19.9
19.9
15.3
15.5
15.6
15.6
15.7
14.0
14.0
13.7
13.9
13.9
-.2
-.2
-.2
-.2
-.2
.2
.2
.2
.2
.2
8.2
8.3
8.2
8.0
8.3
73.5
73.9
73.8
73.6
74.1
13.9
13.8
14.0
14.2
14.3
6.1
5.8
5.5
5.4
5.2
6.7
6.6
6.7
6.7
6.8
— .9
8
.3
2.1
.7
1.1
.8
.8
.7
.7
.7
.7
.7
.7
.7
.7
Prior to Jan. 3,1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
For explanation see BULLETIN for May 1937, pp. 395-396.
Inflow less than $50,000.
Outflow less, than $50,000.
z76
FEDERAL RESERVE BULLETIN
I N T E R N A T I O N A L CAPITAL TRANSACTIONS OF THE U N I T E D STATES
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[Outstanding amounts in millions of dollars]
TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES
Total
United
Kingdom
1929—Dec. 31
1930—Dec. 31
1931—Dec. 30
1932—Dec. (Jan. 4, 1933)
1933—Dec. (Jan.
3, 1934)
1934—Nov. 282
2,672.7 I
2,335.0
1,303.5
733.8
388.2
301.5
214.5
104.9
171.0
48.3
59.1
923.7
799.4
549.2
72.2
24.9
32.7
99.1
122.2
44.6
13.8
1934—Dec. 53
Dec. (Jan. 2, 1935)
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29...
1938—Dec. (Jan. 4, 1939)
584.8 1 79.6
597.0
76.9
1,200.2
205.5
1,491.6
235.7
1,729.6
261.5
1,996.6
436.1
36.1
33.9
163.5
176.3
143.9
187.4
13.5
12.9
68.6
78.8
89.1
101.8
12.1
13.7
86.1
123.5
302.1
218.8
28.4
29.9
29.0
32.0
39.0
17.8
16.8
18.8
26.1
41.7
25.7
20.4
40.6
46.8
107.5
126.3
156.0
255.5
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
2,318.8
2,683.0
3,050.7
3,057.0
3,165.2
3,456.3
3,719.0
473.9
607.4
656.7
448.2
361.3
397.9
386.4
219.5
284.4
295.9
288.2
290.7
504.8
503.5
143.9
146.0
186.0
204.9
199.7
184.7
180.3
247.1
240.8
299.9
376.3
432.2
441.0
459.6
18.7
15.1
13.2
14.8
12.2
17.1
38.5
69.3
29.8
24.6
1940—Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
May 28
June (July 2)
July 30
,
...
Aug. (Sept. 3)
Sept. (Oct. 1)
Oct. 29
.
-..,.
3,820.3
3,785.2
3,842.1
3,728.8
3,775.0
3,883.5
3,892.6
3,819.5
3,767.6
3,739.4
3,765.7
3,764.5
397.2
365.5
421.9
351.4
369.4
454.9
462.0
406.6
369.8
359.1
417.1
455.2
497.6
490.1
487.2
487.1
484.9
487.7
488.2
483.1
479.7
472.2
464.1
461.1
172.8
174.3
170.0
169.4
187.3
179.7
173.7
171.2
171.5
166.7
164.0
164.3
493.5
508.4
496.0
489.5
497.8
489.1
507.2
514.2
502.2
499.0
457.5
435.2
8.0
6.7
5.5
7.0
5.6
5.7
5.5
5.7
6.2
6.8
6.6
6.6
3,700.5
3,688.4
3,646.9
3,641.7
3,632.8
432.9
419.2
412.5
408.1
431.3
461.6
459.2
456.9
454.5
452.4
164.3
162.4
161.5
170.9
172.5
417.2
418.4
397.8
398.5
380.7
6.6
6.6
6.6
6.8
6.8
Date
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dec. 3
466.7 |
„«.„.,...
„.„.„......
,..,
...
„.,
SwitzFrance Netherlands erland
8.3
12.7
Germany
Italy
Other
Europe
Total
Europe
Reported by Banks in New York City
371.3
204.5
157.4
2,162.8
281.3
161.0
111.2
1,911.7
122.2
41.1
33.2
961.2
63.1
30.2
36.6
469.1
30.1
9.9
16.3
149.7
41.7
9.7
25.8
14.3
196.0
Reported by Banks in United States
Asia1
All
other 1
241.8
216.8
148.3
89.3
88.7
91.9
188.2
130.8
103.3
117.8
96.4
106.6
49.0
38.2
69.0
44.4
43.1
60.3
31.0
37.5
21.6
13.1
10.4
11.9
227.1
232.9
686.3
814.3
1,017.1
1,237.8
103.3
99.3
145.3
186.1
175.6
201.8
117.4
122.8
156.3
263.9
280.9
248.5
125.1
130.1
188.9
200.2
236.0
274.3
12.0
12.0
23.4
27.1
20.0
34.1
314.7
366.9
446.4
516.9
618.7
625.7
667.5
1,432.7
1,672.7
1,909.7
1,882.6
1,980.3
2,193.8
2,235.0
236.6
291.7
325.3
274.6
250.1
259.2
410.7
300.7
363.0
383.0
336.0
365.5
421.4
438.4
305.5
306.0
366.5
491.4
515.2
521.7
567.7
43.3
49.7
66.2
72.5
54.1
60.3
67.1
18.9
17.9
16.0
15.5
15.3
15.0
14.7
14.4
14.4
17.1
15.1
15.1
656.3
650.6
634.4
631.5
623.8
623.6
607.5
606.5
604.2
603.0
655.4
645.8
2,244.3
2,213.5
2,230.9
2,151.3
2,184.3
2,255.9
2,258.9
2,201.6
2,148.0
2,124.0
2,179.9
2,183.2
435.2
434.3
443.6
434.8
421.5
434.0
412.2
417.9
424.7
436.2
438.4
426.4
453.6
447.3
457.0
435.1
470.2
478.9
488.1
492.8
474.6
466.6
439.2
435.7
622.0
616.9
631.0
624.4
612.9
612.9
628.5
599.7
608.3
591.2
603.8
609.2
65.1
73.3
79.6
83.3
86.1
101.8
104.9
107.5
112.0
121.4
104.4
110.0
15.2
15.3
15.3
15.5
15.6
630.3
623.9
629.1
622.4
625.8
2,128.1
2,105.1
2,079.7
2,076.7
2,085.1
419.8
417.5
413.2
412.1
401.4
445.8
435.6
432.6
439.1
440.5
595.2
613.5
604.8
597.6
590.0
111.6
116.7
116.6
116.3
115.8
105.2
222.2
66.0
82.2
11.9
7.8
9.5
8.4
9.8
Latin
Canada America
Additional Detail Available from January 3, 19404
5 European countries
Date
Norway
ArSwe- Total genden
tina
475.1 184.3 28.7
457.0 161.3 19.5
470.3 147.9 16.8
25.0
29.6
29.1
68.4
59.0
51.2
168.6 275.4 63.5 35.3
187.6 326.5 88.7 '39.0
225.3 338.8 110.1 33.4
24.7
30.2
26.1
43.2
49.7
48.7
68.4
65.3
63.2
40.2
53.5
57.3
455.1 178.5
448.4 181.8
431.6 192.7
145.7
144.8
143.2
140.7
135.4
134.1
125.1
125.5
123.4
121.2
120.9
119.8
16.1
17.3
17.1
17.0
16.4
16.1
15.2
15.9
17.8
18.0
18.8
18.7
22.0
16.5
14.1
12.3
10.6
12.5
10.3
5.4
5.5
6.1
5.9
5.9
50.1
48.7
48.3
46.2
45.0
44.8
44.2
43.7
43.2
42.2
66.1
65.5
232.4
235.4
227.7
221.6
222.2
225.6
231.5
235.2
235.5
236.6
240.2
239.7
353.8
341.7
342.5
319.6
348.6
349.1
355.8
364.2
353.6
348.0
326.8
323.5
115.1
115.4
118.2
103.3
104.5
103.4
107.1
119.4
118.6
104.9
98.8
93.5
36.2
45.4
35.1
44.0
50.6
52.4
53.4
46.6
47.3
37.5
37.5
26.9
28.5
26.1
25.3
30.5
28.8
29.4
29.4
28.0
27.7
26.0
30.1
46.4
47.9
48.6
47.3
51.5
55.6
60.6
60.1
66.4
73.3
74.0
73.8
62.6
55.0
49.3
52.6
53.5
48.6
48.8
42.6
42.3
42.0
41.4
41.2
58.6
58.7
54.8
55.9
64.5
62.1
57.5
59.4
51.7
52.9
49.1
47.4
475.2
454.5
464.3
464.4
447.9
420.5
418.8
393.4
381.1
365.0
355.1
345.2
218.6 92.2
45.1
207.5 91.1 110.3 45.6
210.5 93.4 114.1 46.3
217.5 97.5 103.4 46.0
216.7 94.5 90.8 45.9
187.0 92.8 92.5 48.2
176.5 95.9 94.9 51.5
164.4 101.3 79.2 48.5
159.9 102.3 76.3 42.6
161.7 86.6 76.8 39.8
151.6 90.0 75.4 38.1
145.6 88.8 75.1 35.6
«... 448.5 120.1
...... 444.2 119.8
444.2 119.5
440.6 119.5
437.0 119.8
18.5
18.5
18.5
18.5
18.3
5.9
5.6
5.6
5.5
5.5
65.5
65.4
65.4
65.3
65.0
238.4
234.9
235.1
231.8
228.5
330.3
320.4
316.3
320.4
322.0
91.2
92.3
87.4
87.4
87.9
45.0
39.8
42.8
43.3
41.3
32.0
30.2
29.4
29.7
30.2
74.0
73.5
74.1
73.5
74.0
38.0
38.9
39.9
39.9
41.4
50.0
45.7
42.7
46.6
47.2
346.7
342.7
336.6
333.2
333.1
146.2
142.5
139.4
136.1
133.6
1940—Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb.26
Mar. (Apr. 2)
April 30
May 28
June (July 2)
July 30
Aug. (Sept. 3)
Sept. (Oct. 1)
Oct. 29
,..„
:
PhilipPanpine
Hong
ama
and Total ^hina Kong Japan Islands
C. Z.
Bel- Den- FinTotal gium
mark land
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Nov. 5
Nov. 12
Nov. 19
Nov. 26
Dec. 3
4 Asiatic countries
6 Latin American countries
466.
462.
450.
437.
429.
433.
426.
425.
425.
424.
451.
449.
:
Bra- Chile Cuba Mexzil
ico
75.2 169.4 32.0
78.4 152.6 35.6
87.0 106.8 45.2
88.4
89.6
90.0
91.3
92.0
76.8
74.1
71.9
71.8
71.5
35.3
36.5
35.3
34.0
36.1
1
2
3
4
Prior to Jan. 3,1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
Last report date on old basis.
First report date on new basis.
The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin America, and Asia.
NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of
reporting banks which occurred on Aug. 12, 1936, Jan. 5, 1938, Oct. 18,1939, and May 7,1941 (see BULLETIN for May 1937, p. 425; April 1939, p. 295; April
1-940, p. 362; and September 1941, p. 947).
MARCH
1941
2-77
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[Outstanding amounts in millions of dollars]
TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES
Date
United
Kingdom
Total
France
Nether- Switzlands erland
Germany
Italy
1,103.3 I 166.2
89.4
949.4
197.9
907.1
827.1 I 201.3
29 .5
67 .6
65 .0
94 .1
20 .9
14 .2
18 .1
15 .9
1934—Dec. 53
Dec. (Jan. 2, 1935)
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1,137.8
1,139.9
778.6
672.6
655.0
594.0
266.4
296.9
88.1
114.1
84.8
86.0
108.2
80.5
32.5
16.8
13.5
10.3
19.2
18.6
19.0
21.9
23.0
24.2
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
553.6
496.6
485.7
508.7
527.5
475.0
385.5
83.0
55.4
66.0
39.9
39.7
32.0
20.2
13.8
10.7
20.1
19.7
3.6
4.5
2.9
5.2
6.2
3.8
1.5
81.4
77.4
67.1
53.4
50.1
47.3
45.6
16.4
1940—Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
May 28
June (July 2)
July 30
Aug. (Sept. 3)
Sept. (Oct. 1)
Oct. 29
395.1
384.0
399.2
383.0
391.7
360.2
364.2
340.5
355.6
353.5
353.8
361.4
21.4
23.0
23.0
20.7
24.0
22.6
24.7
23.5
26.9
23.4
22.4
26.9
4.3
4.2
3.4
3.1
2.8
2.8
2.4
2.1
2.0
1.9
1.9
1.8
1.1
.9
.8
.8
.8
.9
.9
.8
43.0
39.6
38.8
38.2
36.1
35.5
35.3
35.5
35.2
35.3
35.3
35.5
2.2
2.0
1.7
1.7
.8
1.9
1.5
2.1
3.8
3.1
2.7
2.9
2.9
2.9
2.8
2.7
2.6
373.6
363.0
366.7
363.3
363.9
26.8
25.6
26.6
26.7
25.9
1.8
1.7
1.8
1.8
1.8
.8
.8
.8
1.0
1.1
2.6
2.6
2.6
2.8
2.6
35.3
35.3
35.3
35.3
35.3
Nov. 5
Nov. 12
Nov 19
Nov. 26
Dec. 3
Total
Europe
Reported by Banks in New York City
18. 7
12.6
467. 2
149.2
11. 5
6.4
433. 7
96.1
16. g
258. 1
83.9
12.5
10. 7
8.5
178. 8
60.2
Reported by Banks in United States
8.3
239.6
81.3
26.5
8.2
231.7
27.2
80.0
6.6
202.0
13.5
71.2
5.4
165.1
10.9
57.8
5.5
126.1
20.8
52.9
5.5
89.4
13.5
45.9
1931—Dec. 30
1932—Dec. (Jan. 4, 1933)
1933—Dec. (Jan.
3, 1934)
1934—Nov. 282
8.7
4.9
4.9
6.2
3.5
Other
Europe
9.6
5.7
6.7
2.6
1.1
.7
.8
.7
Latin
Canada America
Asia1
All
other1
864.3
719.0
652.3
569.5
58.1
43.9
34.7
84.4
136. 5
158. 2
159. 2
124. 4
41.8
24.8
54.6
46.2
2.6
3.5
6.3
2.6
749.5
743.2
433.0
392.1
326.5
274.9
91.2
96.3
100.9
59.4
118.0
60.4
170.7
174.6
154.5
141.1
114.4
99.1
118.1
117.4
80.1
67.2
78.9
144.1
8.3
8.5
10.1
12.9
17.2
15.5
48.8
39.9
41.6
51.4
48.6
41.0
34.8
267.1
217.0
208.1
172.2
173.2
147.2
109.4
46.3
54.0
49.7
39.7
42.2
35.3
30.8
99.5
110.3
108.5
113.3
110.7
117.0
113.1
125.7
100.5
104.0
174.1
192.6
167.9
125.7
14.9
14.8
15.4
9.3
8.9
7.7
6.4
.7
L.7
L.7
.6
1.1
~5
L.5
L.3
32.0
29.9
31.1
31.0
30.1
29.1
28.4
28.6
28.1
28.0
28.4
26.7
106.0
101.0
100.9
99.4
98.6
95.3
96.3
95.0
97.8
93.6
92.9
95.7
29.7
36.0
33.6
30.8
30.9
25.0
27.9
27.8
24.9
27.6
31.7
35.2
125.9
122.7
125.8
115.1
121.6
118.3
116.2
113.9
116.8
121.9
123.0
126.1
126.2
117.8
132.4
131.0
133.4
113.9
115.0
94.9
105.9
100.0
95.7
94.5
7.3
6.4
6.5
6.6
7.2
7.7
8.8
8.9
10.2
10.4
10.5
9.9
.5
.5
.5
.5
.5
26.7
26.8
26.5
26.6
26.1
95.5
94.2
95.1
95.6
94.2
37.2
35.8
35.6
26.7
26.7
135.6
132.9
136.0
140.9
142.4
95.6
90.6
90.5
89.8
91.0
9.7
9.6
9.4
10.3
9.6
9.5
12.2
11.8
16.9
14.2
2.8
Additional Detail Available from January 3, 19404
5 European countries
Date
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
1940—Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr 30
May 28
June (July 2)
July 30
Aug. (Sept. 3)
Sept. (Oct. 1)
Oct. 29
Nov. 5
Nov 12
Nov. 19
Nov 26
Dec. 3
4 Asiatic countries
6 Latin American countries
Bel- Den- Fin- NorTotal gium
mark land way
ArSwe- Total genden
tina
PanPhilipBra- Chile Cuba Mex- ama Total China Hong Japan pine
Iszil
ico and
Kong
C. Z.
lands
19.4
10.6
7.5
7.9
3.4
1.7
2.2
.7
.3
.8
1.5
1.7
4.0
1.5
1.2
4.5
3.4
2.7
71.4
77.5
72.5
12.5
16.7
14.8
33.0
33.7
30.8
9.4
9.7
10.0
10.7
11.4
10.6
4.7
4.8
4.5
1.1
1.3
1.9
182.6 26.1
155.2 30.2
109.8 24.2
1.7 125.9
1.6 90.6
4.3 53.2
28.9
32.7
28.2
6.1
5.5
5.6
5.6
4.8
4.4
4.2
4.4
4.4
4.3
4.2
4.1
2.1
1.5
1.4
1.5
1.3
1.3
1.0
1.1
1.1
1.1
1.1
1.0
.3
.3
.3
.3
.1
.1
1.0
.9
.8
.8
(?)
(5)
(*)
(5)
1.9
1.8
1.9
1.9
1.9
1.9
1.9
2.0
2.0
2.0
2.0
2.0
.6
.6
.6
.6
.5
.5
.8
1.0
1.2
1.2
.9
.6
.6
.6
.6
.6
.6
.6
82.9
78.4
80.0
68.3
71.1
69.0
67.4
69.5
72.4
73.3
71.1
73.2
13.5
11.9
11.1
10.0
10.4
10.8
12.7
12.6
13.8
14.3
15.6
14.4
39.0
33.1
34.0
24.4
30.0
28.1
24.1
25.4
27.3
27.8
24.4
25.3
11.7
13.4
14.9
14.3
12.2
12.0
12.2
13.2
13.5
12.7
13.5
15.1
11.5
11.7
11.8
11.3
10.7
10.3
9.7
9.8
10.0
9.5
9.1
8.9
5.3
6.1
6.1
5.9
5.4
5.4
6.0
5.9
5.6
6.8
6.5
7.3
1.9
2.1
2.1
2.4
2.5
2.5
2.7
2.7
2.3
2.2
1.9
2.2
113.9
103.8
117.9
114.2
115.2
97.0
98.0
78.2
90.6
84.6
81.2
80.0
24.0
23.7
24.2
23.5
26.5
26.1
29.2
31.1
34.1
30.7
29.4
29.2
1.5
1.7
1.1
.9
.9
1.0
2.7
2.7
3.0
3.4
3.1
2.9
62.8
55.8
71.8
68.3
67.3
46.9
41.1
17.3
27.1
22.5
21.5
20.4
25.6
22.6
20 7
21.5
20.4
23 0
25.0
27.1
26.4
28.0
27.3
27.5
4.3
4.3
4.3
4.2
4.0
1.1
1.1
1.1
1.1
1.1
(5)
(«)
(5)
(*)
(6)
1.9
1.9
1.9
1.9
1.9
.5
.5
.5
.5
.5
.8
.8
.8
.7
.6
81.9
80.3
81.4
85.7
86.9
14.2
14.9
14.6
16.0
15.9
34.4
33.5
34.4
35.7
37.9
15.2
13.8
14.5
14.9
14.7
9.1
8.9
9.0
9.8
9.2
7.0
7.0
6.7
7.0
6.8
2.2
2.2
2.2
2.2
2.4
81.2
75.3
76.2
75.7
77.0
29.0
26.8
26.9.
26.9
27.0
2.9
2.9
3.5
3.0
3.1
22.5
20.0
19.9
19.8
20.0
26.9
25.6
25 9
26.1
27.0
.7
.7
1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
Last report date on old basis.
First report date on new basis.
The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings Other Europe, Latin America, 6and Asia.
Less than $50,000.
NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of
reporting banks which occurred on Aug. 12, 1936, and Oct. 18, 1939 (see BULLETIN for May 1937, p . 431, and April 1940, p . 363).
2
3
4
178
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Assets of
issue dept.
Bank of England
(Figures in millions of
pounds sterling)
Gold1
1929—Dec. 25.
1930—Dec. 31.
1931—Dec. 30.
1932—Dec. 28.
1933—Dec. 27.
1934—Dec. 26.
1935—Dec. 25.
1936—Dec. 30.
1937—Dec. 29.
1938—Dec. 28.
1939—Dec. 27.
1940—Dec. 25.
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
.2
.2
1941—Feb. 26.
Mar. 26.
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
.2
.2
1942—Jan. 28 P
Liabilities of banking department
Assets of banking department
Other
assets 2
Coin
Notes
Discounts
and advances
.2
.6
.6
.8
1.0
.5
.6
.6
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
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
630.0
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
630.0
630.0
680.0
680.0
680.0
680.0
680.0
5
730.0
730.0
730.0
5
780.0
1.4
1.1
1.5
1.6
1.7
1.7
1.8
1.6
1.3
.6
.3
27.0
18.8
56.9
50.7
41.3
21.8
15.5
58.8
36.9
20.2
28.5
3.7
45.3
28.3
11.4
6.9
6.5
6.4
4.6
4.5
4.0
6.4
175.4
145.8
133.7
149.4
156.2
181.7
183.9
149.8
163.3
192.3
267.8
603.2
611.5
623.4
629.5
639.0
658.4
664.7
671.4
693.3
710.0
751.7
121.7
118.6
131.8
110.9
112.5
132.1
125.7
133.9
117.0
136.4
219.9
14.6
22.0
13.6
32.3
25.3
11.3
14.9
10.6
13.7
9.8
11.2
53.0
52.3
57.2
52.1
50.4
50.5
49.1
52.2
57.7
53.1
54.1
18.1
18.1
17.7
17.8
17.8
17.9
18.0
18.1
17.7
17.8
17.9
37.8
8.2
184.5
742.4
145.5
10.2
57.4
17.9
5
5
780.0
Assets
Bank of France
(Figures in millions
of francs)
Liabilities
Advances to
Government
Domestic bills
Gold
6
Foreign
exchange
7
Open
market 7 Special
Other
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
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
10 97,267
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
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
1940—Jan. 25
Feb. 29
Mar. 28
Apr. 25
May 30
June 10 U
Aug. 29 1.1 ...
Sept. 26 ....
Oct. 3 1 "1 1
Nov. 2811 ....
Dec. 26
97,268
97,275
10 84,614
84,615
84,616
84,616
84,616
84,616
84,616
84,616
84,616
111
109
111
112
102
108
2,235
1,810
1,870
1,781
1,889
1,518
5,011
4,630
5,005
5,769
14,473
11,885
1941—July 31
Aug. 28
Dec. 31^
84,598
84,598
84,598
p
(12)
(12)
(12)
(12)
(12)
(12)
(12)
(12)
42
37
37
12
661
40,776
40,720
( 12)
(12) •
<!?
(12)
3,646
-6,419
6,139
(12)
For occupation
costs8
Other 7
117,715
117,555
142,507
Note
circulation
Grovernment
C.A.R.9
Other
Other
liabilities
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
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
35,673
40,523
20,550
20,900
32,600
36,250
64,195
69,340
65,250
61,200
63,900
19,636
20,785
19,666
19,305
22,729
25,221
151,738
156,150
156,032
156,285
170,853
174,469
198,578
205,439
213,131
214,176
218,383
1,834
1,203
1,154
1,171
1,046
1,049
995
990
1,097
748
984
14,965
17,128
14,262
14,681
25,782
25,405
28,226
25,700
25,075
24,941
27,202
3,259
3,156
3,014
3,038
2,811
2,84&
69,500
67,700
23,179
22,605
21,826
242,000
244,099
270,144
1,318
1,341
17,698
31,909
20,627
34,673
27,200
39,200
56,806
64,397
72,317
Deposits
Other
assets
(12)
(12)
(12)
12
h
(12)
' '27,'i6o"
34,930
38,932
39,107
41,400
60,612
60,193
61,500
33,978
29,179
(12)
(>
(12)
( 12 >
3,586
3,741
3,763
(12)
(12)
Preliminary.
Thpug* 1 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. and Apr. 30, Aug. 30, and Dec. 3, 1941.
Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939, p. 29;
September
1937, p ; 853; and November 1936, pp. 878-880.
7
For explanation of this item, see BULLETIN for July 1940, p. 732.
8
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25,1940, through Dec. 31, 1941, advances of 150 000 million
francs were authorized to meet the costs of the German army of occupation.
Central Administration of the Reichskreditkassen.
io 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*
m
in week
ending Mar. 7, 1940, 30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
1
J12 Figures taken from annual report of Bank for 1940.
Figure not available.
NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83.
MARCH
1941
I79
Central Banks—Continued
Liabilities
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and
foreign exchange
Total
reserves
1929—Dec. 31
1930—Dec. 31
1931—Dec. 31
1932—Dec. 31
1933—Dec. 30
1934—Dec. 31 . .
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Dec. 30
1940—Dec. 31
1941—Jan. 31
Feb. 28
Mar. 31
Apr. 30 .
May 31
June 30
July 31
Aug. 30
Sept. 30
Oct. 31 p
Nov. 22?
Gold
2,283
2 216
2,687
2 685
1,156
984
806
386
920
396
79
82
66
71
84
88
72
76
76
.
71
78
78
(1)
77
77
78
78
78
78
78
77
77
77
77
Bills (and
checks),
including
Treasury
bills
Securities
Security
loans
2,848
2 572
4 242
2,806
3 226
4,066
4,552
5,510
6 131
8,244
11,392
15,419
251
256
245
176
183
14,503
15,284
15,367
15 644
15,918
16,258
16,754
17,306
18,016
18,456
17,669
28
34
23
146
84
74
60
45
30
38
32
23
Eligible
as note
cover
259
Other
92
102
161
398
322
Other
assets
656
638
1 065
1,114
735
445
349
221
106
557
804
32
319
315
303
286
298
393
357
827
853
765
861
1,621
2,498
2,066
28
24
32
349
351
352
1,834
1,445
1,672
1 548
1 922
2,336
2 302
2,343
2,260
(2)
20
27
25
25
26
45
12
16
24
20
22
18
488
438
15
55
(2)
416
359
384
383
(2)
Note
circulation
Deposits
Other
liabilities
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
984
1,032
1,012
1,059
1,527
2,018
2,561
1,001
923
953
970
1,091
1,378
" 1,396
13,694
13,976
14,188
14 689
15,210
15,565
16,031
16,502
16,918
17,432
16,645
1,726
1,935
2,127
2,006
2,012
2,373
2,243
2,326
2,511
2,470
2,399
1.399
1,305
1,210
1,117
1,174
L,215
L,259
1,323
L357
' (2)
736
822
652
1,338
1,313
755
540
640
836
p
1
2
Preliminary.
Gold not shown separately on Reichsbank statement after June 15, 1939.
Figure not yet available.
NOTE.—For explanation of above table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83.
C e n t r a l Bank
(Figures as of last report
date of month)
Central Bank of t h e Argentine R e public (millions of pesos):
Gold reported separately
,.
Other gold and foreign exchange...
Negotiable Government b o n d s . . . . 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 c a s h . . . . .„ «
London balances
Loans and discounts
,
Securities
Deposits.
Note circulation
National Bank of Belgium (millions
of belgas):
Gold
,
™Foreign exchange
„
Credits to State and public bodies.
Credits to private economy
,
Due from Bank of Issue, Brussels.
Other assets
Note circulation
Demand deposits
Other liabilities
1941
1942
Jan.
Dec.
Nov.
Jan
1,075
456
364
209
1,281
502
207
26
7
81
19,955
58,740
3,865
32,851
'20,980
66,934
114,649
75,364
(Mar.)l
4,331
543
2,186
125
373
491
7,596
296
157
Central B a n k
(Figures as of last report
date of month)
1941
1942
Jan.
Dec.
National Bank of Bohemia and Moravia (millions of koruny):
1,071
Gold
271
Foreign exchange
332
Discounts
15
Loans
237
Other assets
1,213
Note circulation
496
Demand deposits
147
Other liabilities
2 Central Bank of Bolivia (thousands
7
of bolivianos):
55
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
17,705
Other assets
49,810
Note circulation
Deposits
3,911
Other liabilities
59,217
27,130 National Bank of Bulgaria (millions
of leva):
42\076
Gold
„
122,592
Net foreign exchange in reserve
62,369
Foreign exchange
Loans and discounts
Government debt
„
Other assets
4,331
;
Note circulation
354
Deposits
1,842
Other liabilities
237
392 Bank of Canada (thousands of Canadian dollars):
499
Gold 4
,
7,222
Sterling and United States ex280
change
153
299,104 200,861
Nov.
Jan
(June):
1,503
788
660
(2)
(3)
7,101
2,091
(3)
(Apr.)l
104,959
42,607
224,182
440,344
8,513
202,454
508,348
422,463
92,248
1,459
786
16
()
6,662
1,374
(3)
102,433
136,695
223,089
430,457
7,648
67,866
471,087
414,139
82,961
(May)l
2,006
40
5,807
905
2,593
3,684
8,610
3,522
2,902
2,414
2,158
3,353
2,762
6,444
3,347
2,906
113,828
31,796
2,006
4
1
2
3
4
Latest month for which report is available for this institution.
Less than 500,000.
Figure not available.
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).
FEDERAL RESERVE BULLETIN
Central Banks—Continued
Central Bank
(Figures as of last report
date of month)
Jan.
Bank of Canada—Cont.
Canadian Gov't. securities:
2 years or less
,
Over 2 years
Other assets
,
Note circulation
Deposits—Chartered banks..
Dominion Gov't..
Other
Other liabilities
Central Bank of Chile (millions of
pesos):
Gold
Discounts for member banks
«,
Loans to Government
«.
Other loans and discounts
->
Other assets
Note circulation
Deposits—Bank
«
Other
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Denmark (millions
of kroner):
Gold
Foreign exchange
Clearing accounts (net)
.,
Discounts
Loans—To Government agencies...
Other
Securities
Other assets
Note circulation
Deposits
Other liabilities
Central Bank of Ecuador (thousands
of sucres):
Gold
1941
1942
245,735
203,796
14,926
479,052
200,593
46,600
18,667
18,650
31,863
9,786
41,109
54,244
31,487
70,853
52,354
45,282
Dec.
Jan,
391,783
216,688
33,529
495,956
232,031
73,848
5,970
35,057
428,664
228,459
20,309
462,996
247,154
53,180
7,220
20,711
439,501
132,762
20,686
343,503
225,556
26,821
8,624
20,241
148
374
733
612
83
1,449
168
141
192
147
227
738
512
136
1,233
196
102
229
147
192
742
415
56
1,128
181
45
199
28,256 29,102 34,322
10,903 10,449 16,325
46,855 42,621 22,404
54,593 54,586 53,779
31,335 34,612 32,816
74,441 68,009 58,708
50,394 53,786 56,487
47,107 49,574 44,450
(Oct.)1
98
32
758
9
16
26
180
857
792
980
204
113
12
437
10
17
55
154
552
703
457
190
(July)1
68,453 62,023
12,175 15,399
73,117 55,532
27,585 22,490
95,556 75,046
42,260 49,443
43,514 30,955
r.
Foreign exchange (net)
.,.
Loans and discounts
,.
Other assets
.r.
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 2 (thousands
of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other Government securities
Other assets
,
Note circulation
,
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities....
Other assets
.»
Note circulation...,.-.-....
Deposits
«.
Other liabilities. « . . « - . „
Nov.
(Sept.)1
6,241
2,722
4,778
6,241
1,252
5,618
84,664 61,284
7,660 6,752
45,945 36,250
10,166 4,306
36,385 29,877
13,568 10,714
13,233
4,538
1,572
7,080
1,630
19,447
4,848
3,759
13,246
1,616
1,307
6,801
1,801
16,976
4,140
3,655
13,239
1,269
2,480
6,766
1,370
14,466
4,338
6,320
Central Bank
(Figures as of last report
date of month)
Bank of Finland (millions of markkaa):
Gold
.......,....,„
Foreign assets
.,-....*.....
Loans and discounts . . . . . . . . . . . . . .
Domestic securities ...™.......„..»
Other assets
................
Note circulation
,
Deposits
Other liabilities
Bank of Greece (millions of drachmas)
Gold and foreign exchange (net)...
Loans and discounts
Government obligations
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Hungary (millions
of pengo):
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 Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad
Sterling securities
Indian Gov't. securities
Rupee coin...
Note circulation
Banking department:
Notes of issue department.....
Balances abroad
Treasury bills discounted
Loans to Government
,.
Other assets
Deposits
Other liabilities
Bank of Japan (millions of yen):
Cash, bullion, and foreign accounts.
Special foreign exchange fund
Advances—To Government
Other?
Government bonds
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Bank of Java (millions of guilders):
Gold......
Foreign bills
—
Loans and discounts
Other assets.
Note circulation
Deposits
Other liabilities
Netherlands Bank (millions of guilders):
Gold..._
..#
m
Silver (including subsidiary coin)..
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
1942
Jan.
1941
Dec.
Nov.
(May) 1
556
1,182
5,610
414
2,212
5,659
796
3,520
(Mar.)1
18,465
16,585
3,947
3,589
19,371
20,908
2,306
Jan.
604
1,521
5,423
367
1,179
5,268
745
3,080
10,291
18,413
4,049
3,275
16,175
17,226
2,627
(Oct.)1
100
18
1,029
801
140
35
398
1,941
337
26
217
50
373
1,345
187
(4)
315
[Oct.)1
444
1,557
685
388
2,935
444
1,355
496
310
2,450
124
36
692
573
139
754
2
155
670
98
868
125
Sept.)1
572
300
2
517
4,118
561
4,484
877
321
389
86
771
141
5
6518
300
3
438
3,837
6 526
4,107
1,010
118
386
286
18
126
117
210
301
444
21
119
119
311
355
36
t
Sept.)1
1,023
8
590
68
176
277
1,894
l,099>
20»
15
223
206
194
1,536
190
58
163
58
1
Latest month for which report is available for this institution.
Items for issue and banking departments consolidated.
Gold revalued in week ending Sept. 30, 1941, at 0.2175 gram fine gold per pengo, an increase in gold value of the pengo of approximately 24 per cent,
4
Included in "Other liabilities".
6 Less than 500,000 rupees.
6 Figure for "Cash, bullion, and foreign accounts" on this date excludes foreign accounts, which are presumably included in figure for "Other assets".
7 Includes bills discounted, no longer shown separately beginning Mar. 29, 1941.
2
3
MARCH 1941
z8i
Central Banks—Continued
Central bank
(Figures as of last report
date of month)
Reserve Bank of New Zealand (thousands of pounds):
Gold
Sterling exchange reserve
Advances to State or State undertakings
Investments
Other assets
Note circulation
Demand deposits
Other liabilities
Bank of Norway (millions of kroner):
Gold
Foreign assets
Total domestic credits and securities ..
Discounts
Loans
Securities
Other assets
Note circulation
Demand deposits—Government
Other
Other liabilities
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Discounts
Government loans
. Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of
escudos):
Gold3
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): 4
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
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
_«...„....
1
2
3
4
5
1942
Jan.
1941
Dec.
Nov.
Jan.
2,802
11,045
22,587
3,842
1,666
22,294
17,076
2,571
(Oct.)1
55,142 48,557
15,822 27,498
183,222 129,959
8,135 10,355
181,191 143,144
58,282 50,437
22,848 22,787
(Sept.) 1
1,309
1,332
1,919
351
1,031
875
3,501
2,617
698
1,252
791
827
408
1,031
1,072
2,754
1,633
994
(Sept.)1
33,715
17,667
31,102
574
9,628
37,532
89,691
28,281
12,246
32,204
6,927
28,406
730
9,785
15,631
64,863
17,643
11,177
48,533
19,604
2
40,650
28,488
76,321
t 3,980
45,582
475
2,603
35,581
23,674
55,076
5,491
433
875
859
919
1,551
842
692
364
769
850
740
1,417
602
704
1942
Central bank
(Figures as of last report
date of month)
Jan.
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
Bank of the Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
Note circulation
,
Banking department:
Gold
Notes and coin
Advances to State and to
government bodies..
)ther loans and discounts
Other
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 (millions of dinars) :
Gold
Foreign exchange
Loans and discounts
Government debt
National defense bills
Other assets
Note circulation
Other sight liabilities
Other liabilities
Bank for International Settlements
(thousands of Swiss gold francs 5 ):
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
m
Long-term deposits: Special accounts
Other liabilities
1941
Dec.
Nov.
Jan.
2,606
937
135
230
2,212
1,405
290
2,251
1,076
197
256
2,130
1,400
249
(Aug.) 1
115,679
48,359
444,880
190,822
28,096
498,066
79,358
113,375
137,038
109,170
29,125
382,070
192,431
28,428
418,599
79,357
113,063
130,204
(Oct.)1
86,235 86,235
107,621 104,054
74,449
30,136
63,659
37,537
24,178 38,476
91,601 93,908
130,627 75,659
119,626 114,107
231,365 195,131
149,031 124,311 124,304
17,791 38,903 34,862
35,230 36,230 38,997
13,918 9,422 7,479
114,990 95,695 94,067
56,338 60,738 63,943
34,102 42,663 37,339
10,540 9,770 10,292
(Feb.)1
2,790
909
1,686
3,061
7,128
3,465
13,973
3,510
1,555
2,791
809
1,749
3,061
7,070
3,054
13,717
4,004
812
31,959
41,087
40,950
15,626
45,303
15,188
142,162 142,706
21,004 23,844
223,364 235,213
107
2,319
26,241 33,875
21,734
4,277
46,570
2,949
229,001 229,001
193,918 193,266
Latest month for which report is available for this institution.
Figure not available.
Valued at average cost.
Gold revalued Apr. 1, 1941, at 0.0047 gram fine gold per leu.
See BULLETIN for December 1936, p. 1025.
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 Feb. 28,
1942
United
GerKing- France many
dom
2
h
Belgium
2
4
Netherlands
Sweden
2K
3
2K
Switzerland
2
IK
2
4
6
5
4
3
Albania
Argentina
Belgium
Bohemia and
Moravia....
2
Date
effective
4
Rate
Feb.
28
Central
bank of—
Date
effective
1, 1940
3.29
Japan
3
Java
5
Latvia
Lithuania. .. 6
4
Mexico
Apr.
Jan.
Feb.
July
Jan.
8, 1940
28, 1935
1, 1940
11, 1935
16, 1936
18, 1933
Netherlands 2K
New Zealand
Norway
5
Peru
Portugal.... 4
July
May
Aug.
Mar.
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.
July
Oct.
May
17, 1941
9, 1940
14, 1941
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
Mar. 21, 1940
Mar. 1, 1936
Jan. 25, 1940
Oct.
Nov.
6
Bolivia
Nov.
3
British India..
Dec.
Bulgaria
5
Mar.
Canada
Chile
3-4K Dec.
July
4
Colombia
2
2K
Rate
Feb.
28
Central
bank of—
7,
14,
17,
15,
2,
1936
1937
1940
1939
1941
June 27, 1941
26,
13,
1,
31,
1941
1940
1940
1941
3
3
2K
2K
4
4
7
3
Denmark
Ecuador
El Salvador..,
Estonia
Finland
4
3
2K
4
Sept. 12, 1940
June 2, 1941
IMar. 29, 1939
May 29, 1941
Nov. 26, 1936
3
3
2
France
Germany
Greece
Hungary
Italy
3
2
• • « '
sy2
5
3
1, 1938
3
"2K"
2
2
IK
2K
3
IK
1 Not officially confirmed.
NOTE.—Changes since Jan. 31: none.
OPEN MARKET RATES
I Per cent per annum]
United Kingdom
Month
Bankers'
acceptances
3 months
Treasury
bills
3 months
4.76
2.30
5.85
4.75
2.34
5.60
1.04
1.15
.47
Bankers'
Day-to-day allowance
money
on deposits
4.23
1.60
4.27
.81
1929—Dec
1930—Dec
1931—Dec
1932—Dec
1933—Dec
1934—Dec
1935—Dec
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
1.02
1.06
.57
.71
.83
.75
.96
1.23
1.03
.75
.93
1.24
1.01
.70
.75
.78
.75
.80
1.03
1.00
1941—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.01
1.02
1.01
1.01
1.00
1.00
1.00
1.00
1.01
1.00
1.00
1.01
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.03
c
.68
.84
.77
Germany
Netherlands
1941
Switzerland
Loans
up to 3
months
Private
discount
rate
Private
discount
rate
Day-to-day
money
Private
discount
rate
Money
for
1 month
6.98
4.82
7.33
°3.88
C
3.88
3.50
3.00
3.00
2.88
2.88
2.63
2.25
8.14
5.54
8.45
4.91
4.97
4.28
3.15
3.05
2.96
2.86
2.39
1.95
3.52
1.39
1.57
.37
.52
.13
.13
2.25
2.25
3.87
1.86
1.59
1.00
1.00
1.00
3.08
1.48
.50
.50
2.75
2.75
3.15
1.18
1.75
1.50
1.50
1.50
2.50
1.25
1.00
1.00
1.25
1.25
2.25
2.25
2.25
2.25
2.25
2.13
2.13
2.13
2.13
1.73
1.68
1.83
1.67
1.78
1.93
1.63
2.25
2.25
2.07
2.06
1.93
1.88
1.88
1.88
1.88
2.75
2.75
2.75
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
.60
3.20
.76
Corrected.
NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018.
MARCH
Sweden
COMMERCIAL BANKS
(Figures in millions of
pounds sterling)
Liabilities
Assets
United Kingdom 1
Money at
Loans to
Cash
call and Bills dis- Treasury
deposit 2 Securities customers
short
counted receipts
reserves
notice
Other
assets
Deposits
Total
Demand3
1,983
1,941
1,971
2,091
2,238
991
1 015
1,044
1,140
(4)
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
778
740
759
784
864
472
565
594
605
630
408
311
255
322
316
208
237
247
231
238
963
900
910
924
(4)
216
244
251
231
232
11 London clearing banks 5
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
244
244
243
274
324
195
163
160
174
159
322
300
250
334
265
1941—February.,
March. . ..
April
May
284
288
298
293
311
306
316
330
328
332
366
128
132
137
128
143
139
140
134
132
127
141
210
194
188
173
193
275
266
315
270
246
171
June
July
August
September.
October...
November.
December.
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
330
374
461
469
482
476
469
531
596
651
758
814
821
820
848
880
902
935
939
986
999
999
915
922
897
889
874
866
850
839
837
825
(
272
276
274
273
311
267
264
269
273
280
2,709
2,764
2,829
2,824
2,946
2,991
2,997
3,115
3,176
3,208
3,329
1,696
1,728
1,769
1,789
1,870
1,898
1,909
1,991
2,023
2,054
1,013
1,036
1,060
1,035
1,075
1,093
1,088
1,123
1,153
1,154
243
242
247
249
248
240
242
243
246
250
Assets
Canada
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Security
loans
abroad
Other
and net Securities
loans
due from
and dis- foreign
counts
banks
Entirely in Canada
Cash
reserves
Security
loans
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.
1937—December.
1938—December.
1939—December.
1940—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
1941—February..
March.. ..
April
May
June
July
August. . .
September
October...
November.
December.
293
296
325
321
288
314
299
308
325
342
356
34
35
31
29
33
34
35
36
37
36
32
1,104
1,115
1,109
1,132
1,292
1,279
1,255
1,237
1,233
1,218
1,169
170
178
189
183
191
188
190
197
199
182
168
(4 large banks. End of month
figures in millions of francs)
I
Other
assets
Note
circulation
(6)
• 778
861
967
1,155
1,384
1,411
1,463
1,646
1,531
500
482
491
529
554
575
535
612
570
115
121
124
111
103
96
88
85
80
1,788
1,766
1,820
1,812
1,688
1,681
1,698
1,696
1,643
1,690
1,759
531
521
544
537
575
559
553
579
594
593
653
80
80
79
80
80
80
81
79
80
76
71
Deposits payable in Canada
excluding interbank deposits
(
Other
liabilities
Total
Demand
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
2,989
2,972
3,064
3,045
3,075
3,068
3,031
3,037
3,012
3,041
3,105
1,302
1,270
1,356
1,350
1,608
1,579
1,509
1,482
1,420
1,402
1,436
1,687
1,703
1,708
1,695
1,467
1,489
1,522
1,555
1,592
1,639
1,669
850
858
877
889
913
907
919
938
939
944
962
Assets
France
(6)
Liabilities
Time
Liabilities
Cash
reserves
Due from
banks
Bills discounted
Loans
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.
1937—December.
1938—December.
1939—December.
9,007
5,870
5,836
3,739
3,100
3,403
3,756
4,599
1,766
1,416
1,421
2,484
2,975
4,116
4,060
3,765
22,014
19,848
18,304
16,141
17,582
18,249
21,435
29,546
7,850
8,309
8,159
8,025
7,631
7,624
7,592
7,546
1,749
1,827
1,717
1,900
1,957
2,134
1,940
2,440
1940—January..
February.
March7...
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
Other
assets
Deposits
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
938
1,034
1,105
3,667
3,753
3,901
Total
544
1
Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by
individual
banks for days, varying from bank to bank, toward the end of the month.
2
Represent
six-month loans to the Treasury at If per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.
3
Through
December 1937, excludes deposits in offices outside England and Wales which are included in total.
4
Beginning
1936,
figures on this basis available only for all 11 banks—see footnote 5.
5
District Bank included beginning in 1936.
6 Figure not available.
7 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, D. 699: Tune 1935
pp. 388-390; and October 1933, pp. 641-646.
184
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency]
Argentina
(peso)
Year or month
Official
Special
Export
Australia
(pound)
Official
Free
Belgium
(belga)
1934
1935
1936
1937
1938
1939
1940
1941.... „.
33.579
32.659
33.137
32.959
32.597
30.850
29.773
„ - . 29.773
400.95 23.287
388.86 18.424
395.94 16.917
393.94 16.876
389.55 16.894
353.38 16.852
"1322.86' 305.16 116.880
322.80 321.27
123.704
1941—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
May
June
July
Aug
Sept.
Oct
Nov.
Dec
1942—Jan.
. .
61.780
56.011
57.083
56.726
55.953
57.061
57.085
, . 57.004
.
. .
„
1941—Feb.is s:...
Mar
Apr
May
June
July
Sept
Oct
Nov
Dec
1942—Jan
Year or month
321.11
321.30
320.70
321.19
321.25
321.31
321.28
321.33
321.37
321.43
321.50
321.50
Official
8.4268
8.2947
8.5681
8.6437
5.8438
6.0027
6.0562
6.0575
6.0575
6.0575
6.0575
6.0575
6.0575
6.0575
6.0575
6.0575
6.0575
6.0575
6.0576
6.0580
Free
British
India
(rupee)
5.1248
5.0214
5.0705
37.879
36.964
37.523
37.326
36.592
33.279
30.155
30.137
5.0604
5.0599
5.0600
5.0600
5.0598
5.0616
5.0646
5.0616
5.0803
5.0896
5.1331
5.1331
30.140
30 139
30.129
30 129
30.129
30 128
30.130
30 137
30.151
30.151
30.130
30.123
X
5.8788
6.1983
Buigaria
(lev)
4.2424
4.1642
4.0078
3.4930
3.4674
13.4252
22.500 2.2277 6.5688
21.883 2.1627 6.6013
22.189 2.1903 6.1141
22.069 2.1811 4.0460
21.825 2.1567 2.8781
20.346 1.9948 2.5103
119.308 ^.8710 12.0827
39.375
40.258
40.297
40.204
40.164
40.061
40.021
139.968
2.0101
2.0100
2.0100
2.0100
2.0098
39.969
39.960
39.962
39.968
39.970
56.987
56.985
57.011
57.022
56.982
56.981
56.982
56.982
56.980
56.993
56.987
56.987
Norway Poland
(krone) (zloty)
1934
25.316
24.627
1935
24.974
1936
1937
24.840
24.566
1938
23.226
1939
122.709
1940
1941 - —•._ — — —
1941—Feb.; ; ; ; : : ; . . . .
Mar
Apr
May
June
July
Ausr.
....
Sept
Oct
Nov
Dec
1942—Jan
18.846
18.882
18.875
18.923
18.860
118.835
.9402
.9386
.9289
.9055
.8958
.8153
1.6715
4.0069
4.0039
4.0009
4.0017
4.0026
1.0006
.9277
.7382
.7294
.7325
.7111
1.6896
Official
Free
196! 909
90.909
101.006
99.493
99 913
100.004
99.419
96.018
85.141
87.345
11.2111
(lira)
Japan
(yen)
29.715
28.707
29.022
28.791
28.451
25.963
23.436
123.439
24.142
24.421
24.393
24.285
24.372
24.524
25.110
25.099
25.088
25.088
25.043
19.770
19.770
5.0422
5.0452
5.0475
5.0805
5.2621
23.439
23.439
23.439
23.439
23.439
23.439
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
1
23.829
32.366
32.497
30.189
22.938
22.871
22.525
22.676
x
23.210
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
9.130
9.130
9.130
47.094
47.106
47.107
47.107
47.138
47.160
47.160
47.160
47.160
47.160
47.160
47.007
23.829
23.824
23.825
23.839
23.836
23.217
23.210
23.201
23.203
23.206
United Kingdom
(pound)
China
(yuan
ShangExport hai)
10.1452
5.0833
5.1240
5.1697 14.0000
5.1716 4.0000
5.1727 4.0000
5.1668 4.0000
X
5.1664 ^.OOOO
Italy
8.5617
8.2471
7.2916
5.2607
5.2605
5.1959
5.0407
15.0703
13.615
13.678
12.314
6.053
5.600
10.630
9.322
*9.130
Official
83 687 5.1663
5 1660
84 981
5.1660
87.651
5.1660
87 421
88.183
88 271
88.961
89 134
88.781
88.604
87.395
87.833 ...........
29.575
29.602
29.558
19.779
19.727
19.238
18.475
119.770
498.29
484.66
491.65
489.62
484.16
440.17
397.99
398.00
Chile (peso)
90 909
90 909
90 909
90 909
90.909
90 909
90.909
90 909
90.909
90.909
90.909
90.909
38.716
48.217
31.711
30.694
30.457
27.454
22.958
124.592
Straits
Portu- Ruma- South Spain SettleSweden Switznia Africa
gal
erland
ments
(escudo) (leu) (pound) (peseta) (dollar) (krona) (franc)
4.6089
4.4575
4.5130
4.4792
4.4267
4.0375
3.7110
14.0023
Canada (dollar)
1.2852
1 2951
1 2958
1 2846
1.2424
FinGerHong HunColom- Czecho- Denland France many Greece
bia slovakia mark
Kong
gary
(reichs- (drach(franc)
(peso) (koruna) (krone) (mark(dollar)
(pengo)
ma)
ka)
mark)
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
Brazil milreis)
4.0000
4 0000
4.0000
4.0000
34.094
36.571
29.751
29.606
21.360
11.879
6.000
5.424
5 358
5.190
5.255
5.336
5 243
N e t h - 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
20.524
20.529
20.538
20.537
20.533
20.542
20.538
20.542
20 567
20.544
20.560
20.564
322.36
322.55
321.96
322.45
322.51
322.57
322.54
322.60
322 63
322.71
322.78
322.78
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 *2 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
402.97
403.19
402.48
403.10
403.16
403.23
403.18
403.27
403.29
403.42
403.50
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
39 649
39 566
40 065
41 161
42.706
43.789
43 745
43.836
45.796
48.125
52.783
52.571
* Average of daily rates for that part of the year during which quotations were available.
NOTE.—Developments affecting averages during 1941:
Special export rate for Argentina first reported in addition to official rate on Mar. 27; nominal.
No rates certified: Yugoslavian—since Jan. 28; Hungary—since Mar. 12: Chile—since May 20; Finland, Germany, Italy, Portugal, Spain,
Sweden, and Switzerland—since June 14; China and Japan—since July 25; Hong Kong—since Dec. 24.
Changes in nominal status (noted only if affecting quotations for at least five days a month): Quotations ceased being nominal, October 1941—
Mexico.
For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to 1941,
see BULLETIN for February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244.
MARCH
1942.
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
Year or month
Canada
United
Kingdom
France
(1926=100) (1926=100) (1930=100) (1913=100)
1926
100
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
. . .
1941—January
February
March
April
May
June
July
August
September
October
November
December
....
86
73
65
66
75
80
81
86
79
77
79
87
87
72
67
67
72
72
75
85
79
75
83
90
100
88
86
86
88
89
94
109
101
103
137
153
81
81
82
83
85
85
85
86
87
89
150
150
151
151
151
87
89
90
91
152
153
90
92
92
93
92
93
94
1942—January .
1124
100
Italy
(1913=100)
(1928=100)
Japan
(October
1900=100)
134
695
554
500
427
398
376
338
411
581
653
2
681
Netherlands
(1926-30
=100)
237
125
111
97
93
98
102
104
106
106
107
110
153
154
94
94
94
Germany
3
85
75
70
63
62
68
76
89
95
181
153
161
180
178
186
198
238
251
278
311
97
Sweden
(1935=100)
106
1
90
76
65
63
63
62
64
76
72
1
4A 7 4
88
Switzerland
(July 1914
=100)
126
144
103
1 94
11 92
90
1
96
100
102
114
111
115
146
126
110
96
91
90
90
96
111
107
111
143
111
112
112
112
112
313
317
322
324
326
162
165
169
170
171
167
168
170
175
181
112
112
331
329
113
113
330
330
173
173
184
188
174
175
337
155
155
156
189
191
176
96
p
1
2
3
4
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.
Average based on figures for 7 months; no data available since July 1939, when figure was 96.
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.
WHOLESALE PRICES-GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United Kingdom
(1930=100)
United States
(1926=100)
Year or month
Industrial
products
Farm
products
Foods
Other
commodities
1926
100
100
100
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
100
89
88
83
85
87
92
102
97
97
133
146
100
87
85
87
90
90
96
112
104
106
138
156
72
74
84
70
72
74
76
82
74
75
84
85
145
78
. . .
. .
. . «
1941—January
February
March
April
May
June
July
August
September
October
December
1942—January
„...... „.....
,....
Foods
Germany
(1913=100)
France
(1913=100)
IndusFarm
trial
and food
products products
i
Agricultural
products
Provisions
IndusIndustrial raw
finand semi- trial
ished
finished products
products
581
793
129
132
130
150
526
542
482
420
393
327
426
562
641
579
464
380
380
361
348
397
598
663
t
1
113
104
91
87
96
102
105
105
106
108
113
96
86
75
76
84
86
96
120
103
89
88
91
92
94
96
94
95
150
136
118
113
116
119
121
125
126
126
99
129
707
(2)
111
I91
(2)
152
111
153
154
111
111
100
132
144
144
100
100
133
133
86
80
83
144
154
112
87
89
144
145
133
155
156
100
113
114
100
100
132
132
86
85
90
87
91
90
87
90
89
91
92
93
146
157
114
146
147
148
157
158
158
114
113
100
91
95
89
91
94
94
149
151
158
158
101
94
95
100
101
132
132
132
1
2
Average based on figures for 8 months.
No data available since August 1939, when figures were 616 and 726 respectively for France, and 92 for Germany.
Sources.—See BULLETIN for March 1935, p. 180, and March 1931, p. 159.
zS6
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—January. .
February
March
April
May
June
July
August
September.
October
November
December.
1942—January...
COST OF LIVING
[Index numbers]
United
King- France Ger- Nether, Switzm a n y lands erland
dom
(July
(June
United
States
(1935-39
=100)
(1913-14 (1911-13 1914
=100) =100) =100)
(July
1914
=100)
1914
=100)
87
84
94
100
101
105
126
120
122
125
130
139
536
491
481
423
470
601
116
113
118
120
122
122
98
95
141
141
702
122
123
128
2
742
4
119
120
124
118
120
127
125
117
115
114
120
130
130
130
130
132
146
97
106
164
168
98
98
172
171
127
127
160
160
98
101
102
106
107
108
169
170
171
170
167
167
128
129
130
131
134
133
128
161
167
172
178
179
180
181
111
112
166
165
113
113
116
165
165
140
Year or month
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941.
United
States
(1935-39
=100)
. .
....
1941-January
February
March
April
May
June ..
July
August
September...
October
November.
December.
1942-January
United
King- France Ger- Nether- Switzm a n y lands erland
dom
(1930
(June
(1913-14 (1911-13 1914
=100) =100) =100)
(July
1914
=100)
=100)
98
92
96
98
99
103
144
140
141
143
147
154
91
87
83
78
86
102
121
118
121
123
125
125
101
99
156
158
117
126
126
130
100
105
184
199
3
122
141
139
140
136
132
137
1
5
138
131
129
128
130
137
139
140
137
138
151
148
101
101
196
197
132
132
163
163
101
102
103
105
105
106
197
198
200
200
199
199
132
132
133
134
136
136
133
164
169
171
175
177
178
110
111
112
200
201
p
108
109
199
199
178
^182
200
1
Revised index from March 1936 (see BULLETIN for April 1937, p . 373).
2 Average based on figures for 8 months; no data available since August 1939, when figure was 749.
3
Average
based on two quarterly quotations; no data available since May 1939, when figure was 123.
4
Average based on figures for 3 months; no data available since March 1940, when figure was 141.
5
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for October 1939, p . 943, and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States
(derived
price) 1
United
Kingdom
(December
1921=100)
France
(1913=100)
Common stocks
Germany
(average2
price)
2
139
Number of issues
15
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
117.7
116.7
116.9
116.8
117.0
117.7
118.7
118 5
118.1
118 8
119 2
117.5
117.5
122.2
121.9
122.5
121.7
122.7
122.9
124.7
124 5
125.9
125 5
125 7
125.5
100.5
98.4
102.2
102.8
102.8
103.0
103.2
103.3
103.1
103.1
103.1
1
1941—January
February
March
April
May
Tune
Tulv
SeDtember
October
December
1942—January
87
36
6
Netherlands3
8
(1926=100)
United
States
(1935-39
=100)
402
United
Kingdom
278
France
Germany
100.0
100.0
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
83.3
79.7
77.2
97.4
89.7
98.3
80.1
74.3
73.2
78.5
82.1
85.0
80.1
80.3
77.9
77.1
79.5
83.2
83.2
83.6
80.4
77.4
71.8
72.6
71.8
70.5
69.9
69.7
70.4
70.7
72.5
73.8
75.1
74.8
76.0
74.8
228.3 '
269.5
274.6
(1930=100)
4
300 "
105.6
Netherlands
100
100.0
5
50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
131.5
133.0
131.1
131.0
133.2
138.1
142.6
144 0
146.4
46
52
55
55
66
104 2
95.8
89.7
8
95.0
120.0
113.4
115.1
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 corponate bonds
>r the
for
t 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 th
date 3is not comparable to the present series, principally because the 169 bonds
then included in the calculation bore interest at 6 per cent.
1
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 beginni.
ning
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 do\
down
to 287.
so/.
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.
MARCH
1941
z8 7
OF THE FEDERAL RESERVE SYSTEM
MARRINER
S. ECCLES, Chairman
M. S. SZYMCZAK
RONALD RANSOM,
JOHN K. M C K E E
LAWRENCE CLAYTON,
ELLIOTT THURSTON,
Vice Chairman
ERNEST G. DRAPER
Assistant to the Chairman
Special Assistant to the Chairman
DIVISION OF EXAMINATIONS
SECRETARY'S OFFICE
CHESTER MORRILL, Secretary
LISTON P, BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
LEO H. PAULGER, Chief
R. F. LEONARD, Assistant Chief
C. E. CAGLE, Assistant Chief
DIVISION OF BANK OPERATIONS
COUNSEL'S OFFICE
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
DIVISION OF RESEARCH AND STATISTICS
EDWARD L. SMEAD, Chief
J. R. VAN FOSSEN, Assistant Chief
J. E. HORBETT, Assistant Chief
DIVISION OF SECURITY LOANS
CARL E. PARRY, Chief
FISCAL AGENT
0. 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
FEDERAL
ADVISORY COUNCIL
CHAS, E. SPENCER, J R . , BOSTON DISTRICT
ALLAN SPROUL, Vice Chairman
C. S. YOUNG
ERNEST G. DRAPER
ALFRED H. WILLIAMS
R. R. GILBERT
JOHN K. M C K E E
H. G. LEEDY
RONALD RANSOM
M. S. SZYMCZAK
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,
Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
CHESTER MORRILL,
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open
Account
ST. LOUIS DISTRICT
LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT
Market
W. DALE CLARK,
KANSAS CITY DISTRICT
NATHAN ADAMS,
DALLAS DISTRICT
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN, Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal
Reserve
Bank of
Chairman and
Federal Reserve
Agent
Deputy Chairman
President
First Vice President
A. M. Creighton. . . . Henry S. Dennison... R. A. Young
Boston
New York.... Beardsley Ruml
Edmund E. Day
Allan Sproul
Vice Presidents
W. W. Paddock
William Wiilett1
L. R. Rounds
R. M. Gidney
T W Vnr\\rr
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
Philadelphia..
Thomas B. McCabe.. Warren F. Whittier.. Alfred H. Williams.. Frank J. Drinnen .. . W. J. Davis
F C Hill
C. A. Mcllhenny 2
C. A. Sienkiewicz
Cleveland
Geo. C. Brainard.... R. E. Klages
M. J. Fleming
F. J. Zurlinden
R. B. Hays
W. F. Taylor 2
G. H. Wagner
•
Robt. Lassiter
Richmond
C. W. Arnold
W. G. Wysor
Hugh Leach
J. S. Waldenjr
J. G. Fry
R. W. Mercer
W. S. McLarin, Jr... Malcolm H. Bryan. H. F. Conniff
L. M. Clark
Atlanta
Frank H. Neely
J. F. Porter
Chicago
F. J. Lewis
Simeon E. Leland.... C. S. Young
St. Louis
Wm. T. Nardin
Oscar Johnston
Minneapolis... W. C. Coffey
H. P. Preston
Chester C. Davis.... F. Guy Hitt
Roger B. Shepard.. .. J. N. Peyton
O. S. Powell
Allan M. Black*
J. H. Dillard
A. J. Mulroney
O. M. Attebery
C. M. Stewart 1
A. W. Mills1
Harry I. Ziemer
Kansas City... R. B. Caldwell.
lay Taylor
Dallas
San Francisco. Henry F. Grady
Robert L. Mehornay.. H. G. Leedy
J.B.Cozzo
R. R. Gilbert
St. George Holden... Wm. A. Day
Henry O. Koppang. J. W. Helm2
D. W. Woolley
E. B. Stroud
R. B. Coleman
W. J. Evans
W. O. Ford 1
Ira Clerk
C. E. Earhart 1
W AA W ^ I P
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
MARCH
1941
Managing Director
R. B. Wiltse
B. J. Lazar
P. A. Brown
W. R. Milford
W. T. Clements
P. L. T. Beavers
Geo. 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. Towle
Kansas City:
Denver Branch
Oklahoma City Branch
Omaha Branch
Jos. E. Olson
G. H. Pipkin
L. H. Earhart
Dallas:
El Paso Branch
Houston Branch
San Antonio Branch
J. L. Hermann
W. D. Gentry
M. Crump
San Francisco:
Los Angeles Branch
Portland Branch
Salt Lake City Branch
Seattle Branch
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
189
FEDERAL RESERVE DISTRICTS
j L . - DALLAS®
aso-1 J 1 1
•
H
. _ - .
@
•
O
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
(APPROXIMATE IN THE ST. LOUIS DISTRICT)
FEDERAL RESERVE SANK CITIES
FEDERAL RESERVE BRANCH CITIES
FEDERAL RE5ERVE BANK AGENCY
@FedFRASER