Full text of Federal Reserve Bulletin : May 1941
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FEDERAL RESERVE BULLETIN MAY 1941 Review of the Month—Gold, Capital Flow, and Foreign Trade in 1941 From the Board's Correspondence—Federal Reserve Bank Organization Lend-Lease Act Member Bank Earnings Statistics of All Banks in United States BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Contents PAGE Review of the Month—Gold, Capital Flow, and Foreign Trade in 1941 383-395 From a Legal Standpoint: An Act Relating to Foreign Accounts in Federal Reserve Banks and Insured Banks Lend-Lease Act and Appropriation Act Pursuant Thereto 396 397 Member Bank Director Serving Investment Trust Actively Engaged in Issuing Its Own Shares 399 Affiliate Relationships Where Stock is Pledged to Secure Loans 399 Financial Transactions Under Neutrality Act of 1939 400 Executive Order and Regulations on Transfers of Property of Greece. 400 General Licenses Issued by the Secretary of the Treasury 400 From the Board's Correspondence—Federal Reserve Bank Organization 402-404 Staff Purchases of Defense Savings Bonds 405-408 Current Events 409 British Mobilization of United States Dollar Securities. 410-411 Member Bank Earnings in 1940 (see pp. 467-472 for tables in detail) National Summary of Business Conditions 412 413-414 Financial, Industrial, Commercial Statistics, United States (see p. 415 for list of tables) 415 International Financial Statistics (see p. 473 for list of tables) 473 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 490 Senior Officers of Federal Reserve Banks; Managing Directors of Branches Federal Reserve Publications. . 492-493 Map of Federal Reserve Districts. Subscription Price of Bulletin THE FEDERAL RESERVE BULLETIN is issued monthly by the Board of Governors of the Federal Reserve System. It is sent to member banks without charge. The subscription price in the United States and its possessions, Canada, Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay, Peru, El Salvador, Uruguay, and Venezuela, is $2.00 per annum, or 20 cents per copy; elsewhere, $2.60 per annum or 25 cents per copy. Group subscriptions for 10 or more copies, in the United States, 15 cents per copy per month, or $1.50 for 12 months. 491 494 Federal Reserve Bank of Philadelphia 925 Chestnut Street, Philadelphia, Pennsylvania FEDERAL RESERVE BULLETIN VOL. MAY 1 9 4 1 27 No. 5 (fold, Capital T/ow, and Toielyn ~Ttada in 1941 The year 1941 has brought further shifts in the international position of the United States. The great movement of gold that had been in progress since the Munich crisis in 1938 has been cut down to substantially the level of new gold production; capital which had been flowing to this country in many forms, some of which escaped the regular reports, is now tending outward mainly as a consequence of official loans to foreign countries and British liquidation of American assets; the Lend-Lease Act has completely altered the basis on which future war materials will be supplied to England; and the shipping situation has become a major factor in the flow of foreign trade. The shift in the American position is largely the counterpart of the developing problems of the British Empire. The first Czechoslovak crisis in the summer of 1938 started an unprecedented flow of gold to the United States Sharply diminished _ a flow which continued gold inflow on an extraordinary scale until January of this year. As the table shows, this movement followed a period of ten months of little activity in gold. From the autumn of 1937, when the business recession and fears abroad of possible dollar devaluation led to pressure on the dollar and some sale of gold by the Stabilization Fund to foreigners, through July 1938, when the Czechoslovak crisis was beginning to loom, there was only a minor gold movement. Thereafter, however, the inflow mounted rapidly, and during the two and a half years through January 1941 foreigners sold $8,800,000,000 of the metal to the United States. During the same period foreign gold production amounted to less than $3,500,000,000. The magnitude of the drain upon foreign reserves is apparent from the gap between these two figures. While dishoarding by private holders appears to have played some part, most of the gap represented gold lost to the central reserves of England, France, Holland, Switzerland, Sweden, and other countries under pressure of capital outflow or war necessities. The intensity of the movement was greatest in the phase that began with the German campaign against the Low Countries and France in the spring of 1940. FOREIGN GOLD ACQUIRED BY THE UNITED STATES OCTOBER 1 9 3 7 - A P R I L 1941 [Approximate figures in millions of dollars] Period Business recession in United States: October 1937-July 1938 Pre-war crises abroad: August 1938-August 1939 War period: September 1939-April 1940 May 1940-January 1941 February-April 1941 Net amount for period Weekly average 33 1 3,579 63 1,992 3,191 343 57 81 27 NOTE.—Foreign gold acquired represents increase in combined Trea*-ury and Stabilization Fund holdings (using Fund data, as published by the Treasury, for report dates nearest beginning and end of period) less domestic gold production. For 1941, however, for which no Stabilization Fund figures have yet been published, net acquisitions represent net gold imports plus net release of gold from foreign earmark. The broader effects of this last phase, however, were to block off or exhaust those foreign reserves from which theflowhad mainly come. The spread of German control on the Continent was accompanied by extension of the British blockade and the freezing in the United States of the funds of the invaded countries. These countries held the greater 383 Review of the Month part of the gold reserves of the Continent. After the freezing orders their reserves could be sold in this country only under Treasury license; and in any case there was little occasion for nations subject to the British blockade to use gold for the purchase of goods that could not be shipped. Hence European countries holding some $6,000,000,000 of gold reserves largely dropped out as sellers of gold to the United States. Most of the gold that reached the United States after the French collapse came from the British Empire. It reflected the rapid draining of the gold reserves of the United Kingdom, now that the scope of the war was increased and French resources were no longer available. At their peak in March 1938 United Kingdom gold reserves had been more than $4,000,000,000; at the outbreak of the war they were down to $2,000,000,000; today they are virtually exhausted. The drain was mainly attributable before the war to capital outflow, and during the war to that and other factors which were discussed in the BULLETIN for January 1941 and presented in detail in the February BULLETIN, pages 100101. While some of the remaining British countries hold gold reserves of their own, their balances of dollar payments, with the possible exception of the Canadian, are not such as to require them to use their holdings. There seems little reason to anticipate material additions to the gold stock of the United States from the reserves of these other British countries. With Continental Europe blockaded and the available gold reserves of the British Empire close to exhaustion, the Prospective possibilities of further gold movement £ transfers of existing gold reserves to the United States appear to lie largely in Russia, the Far East, and Latin America. But many of the commodities which Japan and the U. S. S. R. have been obtaining via the Pacific can no longer be spared from the American defense program, and consequently the need for shipping gold 384 in payment is less pressing. In fact one Far Eastern country, the Netherlands East Indies, has been adding to its gold reserves during the past year. American purchases of tin and rubber have contributed to the favorable East Indian balance of payments. In Latin America the chief reserves are held by Argentina, which has gold in addition to the $350,000,000 shown separately by its central bank. Its holdings are larger than the combined reserves of the remaining Latin American countries. For a period in 1940 Argentina drew actively upon its gold to meet an unfavorable balance of dollar payments; but the pressure was alleviated by measures taken last fall to curtail imports, by increased sales of wool and other Argentine commodities to the United States in connection with our defense program, and by some transfer of foreign capital from the United States to Argentina apparently to avoid an anticipated spread of freezing regulations here. Developments of this character and the fact that assistance recently offered by the Stabilization Fund and the ExportImport Bank, amounting to $110,000,000, will be available in the future, diminish considerably the likelihood of further sales of Argentine gold to this country. Official credits are also being extended to other Latin American countries. In this connection the statement of the loans and commitments of the Export-Import Bank given on page 386 is illuminating. None of these other Latin American countries has in fact shipped substantial amounts from its gold reserves during 1940 despite the difficulties created for them by war conditions. They have met the difficulties in other ways; and the financial assistance now being extended by the United States strengthens their international position. Considerations such as these suggest that the extraordinary gold movement of recent years is at an end and that, until the disposition of the great gold holdings of the European Continent is finally determined, acquisiFEDERAL RESERVE BULLETIN Review of the Month tions of foreign gold by the United States direct investments have been liquidated. Ofwill be largely limited to current gold pro- ferings of United States Steel Corporation and Pennsylvania Railroad Company shares duction abroad. In 1940 the British Empire (and the Bel- during March in an aggregate amount of gian Congo, which now sells its gold to the about $17,000,000 were the most noteworthy British) produced about $850,000,000 of gold; ransactions in market securities. They repLatin America produced nearly $100,000,000. resented, however, but a portion of the steady Perhaps most of this $950,000,000, which stream of sales. By April 1 the British had may be closer to $1,000,000,000 in 1941, will ompletely liquidated their holdings of 112 come to the United States in the course of a :ommon stocks, 31 preferred stocks, and 22 year. Some of the producing countries, how- bond issues. British holdings are largely ever, have made a practice of adding part of oncentrated in common stocks and 60 per their gold output to their own reserves, so ent of requisitioned common stock issues that it is not at all certain that the entire had been sold by that date. Later in the $1,000,000,000 will find its way here. It is month the British Treasury mobilized aneven less certain that Japanese and Russian other group of U. S. dollar securities, listed production, which is unreported but which in detail on pages 410-411 of the BULLETIN. may amount to $250,000,000, will be sold to A beginning was also made on direct investments. On March 16 it was announced this country. Since January 1941, when liquidation of the that a syndicate of investment banking firms United Kingdom's reserves was virtually had purchased from the British Government completed, the United States has been acquir- the bulk of the outstanding shares of the ing foreign gold at the rate of about $1,400,- American Viscose Company, hitherto a sub000,000 a year, which is very little above the sidiary of the British rayon firm of Courtaulds Ltd., and perhaps the most valuable annual rate of foreign gold production. As the gold inflow has fallen away to the single holding among British direct investlevel of new gold production, the capital ments here. The British Government removement has shifted to- ceived from the syndicate a down payment Shift in capital flow w a M ^ o u t f l o w j n p a r t of $40,000,000 less certain adjustments, and the new capital situation reflects the same the right to a further distribution from the proceeds in excess of that amount received factors as the new gold situation. The spread of German control on the Con- by the syndicate from the eventual resale of tinent of Europe has checked capital as well the shares to the public. In an announcement as gold exports from that area and the Amer- accompanying this transaction, the British ican freezing regulations have further dis- representative, Sir Edward Peacock, stated couraged transfers to the United States from that negotiations were proceeding for the sale the nations to which they apply. In fact fear of further British direct investments here, of a general dollar freezing regulation ap- especially those in industrial properties. Liquidation has also been reported of a pears to have led in 1941 to some withdrawal of foreign funds already here—notably those part of the British investment in plants of American suppliers who have received capiin Swiss names. Similarly, the exhaustion of available Brit- tal assistance from the British Government ish reserves, which is the immediate occasion during the war period. The total amount of the diminished gold movement, has forced of such capital assistance was estimated at the British into heavy sales of their American $150,000,000 in the British figures for Govinvestments in order to continue making ernment expenditures on war orders in this dollar payments. Both market securities and country to the end of 1940, and at $171,000,MAY 1941 385 Review of the Month 000 as of March 14 in testimony before the House Appropriations Committee. On March 15 it was announced by the Federal Loan Administrator that the Defense Plant Corporation had arranged to acquire Britishowned properties in this category valued at $46,000,000, and that further acquisitions might be undertaken. A new procedure was followed on April 16 when the Reconstruction Finance Corporation announced that, with the participation of the Guaranty Trust Company, it had extended a ten-year 4 per cent loan of $40,000,000 to the Brown and Williamson Tobacco Corporation of Louisville, Kentucky, a wholly owned subsidiary of the British-American Tobacco Company, second largest tobacco company in the United Kingdom. Of the loan, $15,000,000 was to be used to refund notes of the American company held by the Guaranty Trust Company. The remaining $25,000,000 was to be transferred by the American company to the British parent organization to extinguish various intercompany claims and to pay for certain properties transferred by the British company to its American subsidiary. The common stock of Brown and Williamson, now representing the entire British interest in the enlarged American company, was to be pledged as security for the loan. The net result is that the British company has realized $25,000,000 from its American properties by pledging its equity interest in Brown and Williamson as collateral. It is expected that the loan will be repaid out of EXPORT-IMPORT BANK LOANS,* DECEMBER 31, 1 9 3 5 - M A R C H 31, 1941 [In thousands of dollars] March 31, 1941 Country of borrower Latin America: Argentina Brazil Chile _ Colombia Costa Rica _ _ Cuba Dominioati Republic Ecuador Haiti Mexico ______ Nicaragua Panama Paraguay Peru Uruguay Venezuela Commitments to make additional loans _ _ - 2,875 3,300 2,405 10, 000 7,500 3,417 Total (16 countries) Other countries: Canada China C zechoslo vakia Denmark Finland Hungary Iceland.. _ Iran Italy Norway Poland Portugal _ Spain _______ Total (13 countries) Unclassified loans to U. S. exporters GRAND TOTAL 62, 420 51, 392 14,637 2,100 5,539 15, 300 3,275 1,150 1,610 ______ Loans outstanding at end of— Loans outstanding 105 13, 545 3,926 7,678 61 1940 1939 105 13, 621 2,890 5,825 4 16,395 485 38 1937 925 630 1936 1,320 1,493 25 30 3,890 121 1,625 1,140 1,485 15 3,435 130 1,080 965 1,206 1,905 136 50 165 472 890 1935 508 28 1,064 4,062 73 50 125 183 130 12 24 186,922 33, 815 29, 406 19,134 3,697 2,234 1,673 4.112 40, 500 80, 820 54, 697 24,991 11, 823 75 13, 700 112 15 15, 700 46 49 23,005 18, 219 560 564 466 1,176 10, 000 11,954 1,000 410 143 3,185 9,773 _ 1938 331 73, 968 206 3,307 744 11, 200 215 3,307 862 12, 481 3,348 246 4,281 9 31 13 47 53 56 99 119,843 90, 345 36,194 12, 420 15,072 15, 830 148 5,067 12, 530 11,281 9,915 10, 085 65 70 11 265, 957 166,188 131,032 65, 243 26, 201 17,371 17, 573 4,271 * Defined as loans made by Export-Import Bank from its own resources plus loans made by cooperating banks under "take-out" commitment by Export-Import Bank. Of $166,188,000 outstanding on March 31, 1941, direct loans constituted $111,121,000 and other loans $55,066,000. 386 FEDERAL RESERVE BULLETIN Review of the Month the earnings of the American properties, United States. Some of the proceeds of these which will then return to full British control. operations, however, are still on deposit here The Export-Import Bank was also active and it is too early to determine whether the during the first quarter of 1941. Its loans, net capital movement in all its forms has which largely fall outside the regular weekly turned outward. There may still be some statistics of capital movements, rose by $35,- undisclosed capital flight to this country. But there can be no question that the tend000,000, bringing the total outstanding on March 31, 1941 to $166,000,000. The table on ency toward capital outflow has been greatly the preceding page shows that so far China strengthened by the nature of recent transhas been the chief beneficiary and Finland actions. As the funds that have accumulated next. But from the standpoint of commit- and that will accumulate from such transacments to make additional loans, Latin Amer- tions come to be spent in full, and as the ica bulks far larger than China and Europe Lend-Lease Act begins to cover exports on combined, and the commitments to lend to an expanding scale, a basic change should be Denmark, Norway, and Hungary are nominal discernible. This country which has for many now that the dollar funds of those countries years been receiving gold far in excess of its are frozen. The significance of the rapidly merchandise export surplus, because of the expanding lending activities of the Export- persistent capital inflow, may find the situaImport Bank in the Latin American field has tion sharply reversed. The dominant factor in the months ahead will be the operation of been noted in an earlier section. Further official aid to China was announced the Lend-Lease Act approved on March 11, on April 25 in the form of a stabilization 1941. The texts of this Act and of the subagreement between the United States and sequent measure appropriating $7,000,000,China providing for the purchase of Chinese 000 for carrying out its purposes are given yuan by the United States Stabilization Fund in full on pages 397-399. to an amount of $50,000,000 in United States A special type of capital export by the funds. This sum, together with $20,000,000 United States results from the obligations to be contributed by Chinese Government assumed by foreign Act and banks, will constitute the dollar resources of Lend-Lease countries under the British dollar resources a Chinese stabilization fund, the objective of Lend-Lease Act. This which will be to stabilize the relationship Act empowers the President to authorize the between the dollar and the yuan. At the same heads of Government departments or agentime, an Anglo-Chinese agreement was an- cies to "sell, transfer title to, exchange, lease, nounced whereby the British Treasury has lend, or otherwise dispose of" any defense undertaken to make £5,000,000 available to article to "the government of any country the Chinese Government for the purpose of whose defense the President deems vital to stabilizing the yuan in terms of pounds ster- the defense of the United States." These deling. The stabilization operations in both fense articles, defined in the Act in the broaddollars and pounds will be managed by a five- est terms, may be manufactured or otherwise man board which China is creating, on which procured by heads of Government departthe United States Treasury and the British ments or agencies so authorized by the PresiTreasury will each have a representative. dent, after Congressional appropriations or Stabilization Fund operations, Export-Im- contract authorizations. To an amount of port Bank credits, the special transactions of $1,300,000,000, they may be taken from exthe Reconstruction Finance Corporation, and isting Government property or be procured British liquidation of American assets all with funds previously appropriated. point toward an outflow of capital from the The value of defense articles acquired by MAY 1941 387 Review of the Month foreign governments under the Act is to be determined by the head of the department or agency concerned or especially designated. The terms and conditions under which a foreign government receives such aid shall be "those which the President deems satisfactory/' Repayment of the obligations incurred may be effected inter alia in kind or property, or by conferring on the United States any other direct or indirect benefit which the President deems satisfactory. While the President has indicated that other countries will also receive assistance from the outset, the primary objective of the Act is to finance the supply of war materials to the United Kingdom. The immediate occasion for the introduction of the Lend-Lease bill was the threatened suspension of British Government orders in this country due to the approaching exhaustion of unencumbered British gold and dollar resources. This position was revealed in the British statement of their resources and commitments at the end of 1940 which was. submitted to Congress by the Secretary of the Treasury. The passage of the Lend-Lease Act, however, has not removed the Sterling Area's pressing need for United States dollars. British official statements have made it clear that they are still seeking to acquire dollars through increased merchandise exports to the United States and liquidation of British investments here. While the Act relieves the British of the necessity of paying cash for articles supplied to them under its provisions, the gold and dollar resources of the Sterling Area (broadly speaking the British Empire excluding Canada) will still be called upon for payments to this country on British Government orders outstanding when the Act was passed, on other orders to be placed here by the Sterling Area for goods not eventually covered by the administration of the Act, and on various service items such as shipping costs and the servicing of dollar bonds issued by Sterling Area countries. Furthermore, the Sterling Area must con388 tinue making large gold and dollar payments to countries other than the United States. In the BULLETIN for February 1941, page 101, there appeared a tabulation of the gold and dollar receipts and expenditures anticipated by the British authorities during 1941, covering all categories except payments on British Government orders placed after the end of 1940. This statement indicated a net drain on the gold and dollar resources of the Sterling Area during 1941 of $1,464 millions, of which $867 million consisted of anticipated net payments to countries other than the United States. Furthermore, the British authorities estimated that the resources available at the end of 1940 to meet this drain amounted to only $1,811 millions, consisting of $295 millions in gold and official dollar balances, $616 millions in market securities, and $900 millions in direct and miscellaneous investments. The British Treasury's estimate of the drain on British resources during 1941 was necessarily tentative. As was pointed out at the time, it made no allowance for such payments as might be required on new Government orders placed during the year. According to testimony before the House Appropriations Committee, disbursements by the British Purchasing Commission during the ten weeks of 1941 preceding the LendLease Act, amounted to $382 million. To finance the heavy flow of disbursements the British Treasury sought to expedite sales of securities and investments, in which its dollar resources were largely concentrated by the end of 1940. Gold payments to Canada, in partial settlement of war purchases, were stopped. These payments to Canada had amounted in the first sixteen months of the war to $225 million, according to the Dollar resources British figures. For 1941, of Canada they were estimated by the British Treasury at $620 million, constituting the bulk of the $867 million of net gold and dollar payments that it was estimated FEDERAL RESERVE BULLETIN Review of the Month would have to be made to countries other than the United States. But on March 25, 1941, the Prime Minister, Mr. Mackenzie King, informed the Canadian House of Commons that no gold payments had been received from the United Kingdom since early last December. At the same time the Prime Minister estimated that the United Kingdom's purchases in Canada in the fiscal year beginning April 1 would be 1,500 million Canadian dollars, equivalent to $1,350 million in U. S. funds. This would be more than double the rate for the first sixteen months of the war when British gold payments to Canada were sufficient to cover the greater part of Canada's net purchases in the United States. In the new fiscal year, with British gold payments interrupted and with the rapidly expanding British orders necessitating increased Canadian purchases of supplies in the United States, Canada faced the possibility of heavy drafts on its gold and U. S. dollar resources. In the table on page 9 of the January issue of the BULLETIN, Canadian gold and dollar assets in the United States at the outbreak of war were estimated at $1,570 million. The largest element in this figure, however, was securities and investments, which present a special marketing problem. Only $570 million was in the form of gold and short-term dollar balances—i.e., in immediately usable form. Such drafts upon its resources as Canada has made in the conduct of the war have come mainly out of these liquid assets. Nor is the entire amount of balances available for Government use. When last spring balances of private holders were requisitioned by the Government, it was deemed necessary to leave a portion in private hands for the conduct of essential business; and of the total liquid funds now remaining it is understood that a substantial amount, although in Canadian names, is held for non-residents of Canada. The joint statement released on April 21 by President Roosevelt and Prime Minister Mackenzie King made it clear that this situaMAY 1941 tion would be relieved. It envisages increased purchases by the United States of Canadian munitions, strategic materials, aluminum, and ships, which will reduce Canada's deficit in merchandise trade with this country. Such purchases are expected to amount to $200$300 million. It also establishes the principle that component parts imported from this country by Canada for use in equipment and munitions produced on British orders will be furnished to the United Kingdom for delivery in Canada under the administration of the Lend-Lease Act. The Lend-Lease Act will not only bring assistance to those who may be short of dollar resources for needed war Le d j T"H?8e A c t supplies, but the way in and U. S. exports J ^^ which it is administered will largely determine the development of American merchandise exports. The first effects of the arrangement are discernible in the over-all figures for exports in March which rose sharply to the highest level since January 1940 partly as a result of initial shipments of Lend-Lease defense materials. FOREIGN TRADE OF THE UNITED STATES MILLIONS OF DOLLARS Source: Department of Commerce, general imports and exports, including re-exports. Latest month, March. In the months preceding passage of the Act, as the chart shows, there was some tendency for American exports to decline. A shift was under way in the character of 389 Review of the Month British buying. During the summer the British had taken over a large amount of over-age defense weapons which the United States Government could spare from existing stocks. They also made heavy purchases of steel ingots and semi-finished steel and machine tools. The tooling-up process has now apparently been carried far enough in England so that the need for machine tools and EXPORTS OF U. S. MERCHANDISE TO UNITED KINGDOM MILLIONS OF DOLLARS MILLIONS DOLl A A 20 TOTAL / 00 A V V \ \ 80 1 SUBSIDIARY / 60 \ 40 / V /\, / 20 OF \ / / MATERIALS A / J / \ / \ / PRIMARY / ^ ^ \ WAR MATERIALS A '" "\ ^_ 0 WAR A \\ 1 1939 I*"/ all carbon steel products on which work was not in process. On the other hand, there can be no question that the British demand forfinishedwar equipment is almost unlimited. But in the absence of further transfers from existing Government stocks or increase in British allotments, war equipment cannot be purchased faster than American industry can produce it. As the accompanying chart indicates, the export of arms and munitions to the United Kingdom did in fact fall to lower levels after the transfer of over-age material in the summer of 1940. The chart, however, shows shipments of primary war materials only through January 1941. Comparable statistics for subsequent months have not been published; but exports of aircraft from the United States rose sharply in March, when the Lend-Lease Act became effective. EXPORTS OF U. S. MERCHANDISE TO THE BRITISH EMPIRE » .•-... OTHER INDUSTRIAL • • / , . / "••• ——1 AGRICULTURAL ••-, 1941 Source: Department of Commerce. Primary war materials consist of aircraft and parts, firearms and ammunition, and explosives. Subsidiary war materials consist of metals and manufactures, metal-working machinery (largely machine tools), automotive vehicles and equipment, merchant vessels, petroleum and products, and industrial chemicals. Latest month, February, except for primary war materials and other industrial. steel in the earlier stages of production has relaxed somewhat; or else other needs are more important from the standpoint of shipping space. This country's exports of machine tools to the United Kingdom, which had risen sharply from $5,000,000 in June 1940 to more than $19,000,000 each in October, November and December, fell after the turn of the year to half that level in February. Exports of raw and semi-finished steel have 1939 fallen persistently since August, and it was Source: Department of Commerce. Other Empire represents British India, British Malaya, Australia, New Zealand, Hong reported early in April that the British Iron Kong, Union of South Africa, and Gold Coast. Latest month and Steel Corporation, an affiliate of the Brit- February. ish Purchasing Commission, had asked AmerExports to Canada and other British counican mills to suspend for two months, or until tries, as is shown on the second chart on this further notice, production and shipments of page, have increased during the war by what 1940 390 1941 FEDERAL RESERVE BULLETIN Review of the Month are relatively substantial amounts. But the chart shows that nevertheless the United Kingdom has accounted for most of the increase of American exports to the British Empire during this period. Exports to countries other than the British Empire have been seriously reduced by the growing scope of the licensing system affecting exports of materials required for domestic defense production. The system of export control in the United States has grown steadily since it was put into effect on July 2, 1940, until, according to a statement of the Administrator of Export Control on March 27, about 50 per cent of the exports of the United States were being shipped under licenses at that time. The original executive order of July 2, 1940, invoked the license requirements for arms, ammunition and implements of war, as defined in proclamations under the Neutrality Act of 1937, along with a number of machine tools and chemicals, and certain strategic and critical materials and metals of limited significance in export trade. Gradually as the vast material requirements of the expanding defense program became clearer, additions were made to the list. Petroleum products, iron and steel scrap, a wide number of finished and semi-finished iron and steel products, nonferrous metals, hides and skins, industrial chemicals, fats and oils, etc., have been brought under the control. The Administration of Export Control rejected applications for licenses covering goods to the value of $150,000,000 in the eight months from the establishment of the control to the end of February 1941. A somewhat broader perspective on the export movement during the war is given in the table on this page. It shows the extent to which British purchases have grown since the fall of France—largely replacing the loss of Continental markets; and it shows the commodities on which the British demand has been concentrated. It is this British demand, recently checked MAY 1941 WARTIME EXPORTS OF U. S. MERCHANDISE [In millions of dollars] Monthly average July 1940F e b m a r y 1941 Commodity or group All British Other coun- Em- countries tries pire* Change from period September 1939June 1940 All countries British Empire* Other countries -79 317 193 123 -10 +68 Industrial materials. __ 290 Iron and steel Aircraft and parts. Metal - working machinery j Firearms and ammunition j Wood and paper __J Explosives Machinery, except metal-working-. Chemicals Commercial vehicles Merchant vessels... Passenger cars Non-ferrous metals Textiles Petroleum and products Allother 180 110 +29 +82 Total exports +16, +12; +9 + 3: + II - 2 3 3 -53 +22 +22 +15 +5 +3 + + + + 3 3 3 1 - 1 o +4 o -11 Agricultural products. Cotton Fruits and vegetables Tobacco Allother -10 - 3 - 3 1 1 7 2 - 9 4 +2 +6 -27 - 9 -18 - - 3 1 2 - -26 4 2 n 2 2 6 Source: Department of Commerce. * United Kingdom, Canada, British India, Union of South Africa, Gold Coast, Australia, New Zealand, and Hong Kong; February 1941 figures for aircraft and parts, firearms and ammunition, and explosives refer to the entire British Empire. for the reasons discussed above, that the Lend-Lease Act is mainly designed to meet. It comes at a time when an expanded American plant is beginning to attain production, and the decision as to what commodities shall be exported, and to whom, will affect a rapidly growing export potential. An appropriation of $7,000,000,000 has been made to carry out the purposes of the Act for the period up to June 30, 1943. Not all of this appropriation, however, will be reflected in merchandise exports of the United States, since conLend-Lease Act siderable sums have been alappropriations , , j , ,, > » located to the procurement of plant and equipment for the manufacture of defense articles, the testing and repair of such articles for foreign countries, and ad391 Review of the Month ministrative costs. As indicated in the following table, in which the headings under the Appropriation Act have been rearranged and abbreviated, the portion of the $7,000,000,000 to be reflected in merchandise exports is tentatively set at about $6,000,000,000. FUNDS APPROPRIATED UNDER LEND-LEASE ACT a (In millions of dollars) 1) To be spent for goods Aircraft and equipment 2,054 Agricultural and industrial articles . . 1,350 Guns, ammunition and supplies 1,343 629 Ships and supplies Tanks and automotive equipment .... 362 Miscellaneous military 260 equipment Total 5,998 2) To be spent for services Testing and repair of de200 fense articles 10 Administrative expenses Other necessary services 40 and expenses Total 250 3) Capital expenditure Plant and equipment for the production of de752 fense articles Grand total 7,000 1 For actual text of the Appropriation Act, including provisions for altering the distribution of the funds among the various categories, see pp. 398-399 in this BULLETIN. It was brought out in hearings before the Subcommittee of the Committee on Appropriations of the House of Representatives that the full appropriation of $7,000,000,000 would probably be contracted for in the 15month period to the end of June 1942. By way of comparison it may be noted that total exports of the United States to the United Kingdom and China in the 15 months ended February 1941, including exports of types which might not be expected to be covered under the terms of the Lend-Lease Act, amounted to $1,356,000,000 of which $1,254,000,000 went to the United Kingdom. Early in April allocations from the $7,000,000,000 appropriation were announced for 392 $2,080,000,000. On April 1 the President announced that contracts had been authorized for the manufacture of new material and equipment under all categories of defense articles covered by the law. These contracts called for an expenditure of $1,080,000,000. On April 4 it was stated that $500,000,000 had been allocated from the funds available under the appropriation for the construction of 212 cargo vessels, 56 ship ways, and facilities for repairing damaged merchant vessels. Slightly more than half of the ships, it was disclosed, would be of the emergency, standardized low-cost type, while the remainder would consist of larger and faster vessels of the C-types which have been constructed in this country under the long-range shipbuilding program of the United States Maritime Commission. Deliveries of the vessels, it is expected, will begin on January 1, 1942. An additional $500,000,000 was allocated for the transfer to foreign countries of existing military supplies and foodstuffs, under the provision of the Lend-Lease Act which limits to $1,300,000,000 the value of defense articles covered by previous appropriations. Few details have so far been announced regarding the exact nature of the articles to be exported under the Lend-Lease program, except in connection with the ship-building program already mentioned. The Secretary of Agriculture has stated that the first inquiries for farm products from England have been for cheese, evaporated milk, dried milk, eggs, pork, lard and vegetable fats, and he further indicated that the probable top limit of British food requirements from this country in the fifteen months to the end of June 1942 is $500,000,000. On April 17, the Maritime Commission announced that it had acquired four cargo vessels of the latest type which were to be transferred to British flags under the provisions of the program. Later in the month, the Secretary of the Navy made known that 20 torpedo boats recently completed in the United States were being turned over to the United Kingdom. FEDERAL RESERVE BULLETIN Review of the Month These are the initial steps that have been made public. It is apparent that as the entire Lend-Lease program comes into effect with regard to countries which the United States desires to support and as export control is applied to other countries on a growing list of commodities, American export trade will be determined to an ever greater degree by specific decisions of the Government. The table on this page shows the change in the character of imports by commodities in the first three months of 1941 over similar periods in 1940 and 1939. Crude rubber imports, which reached an all-time high in December 1940, have continued near the level of that month and far in excess of value amounts in earlier years. In February 1941, imports of wool reached their highest volume since 1923. Among other strategic and critical materials, imports of manganese, chrome PRINCIPAL IMPORTS INTO UNITED STATES and other ferro-alloys rose in the first quar[In millions of dollars] ter of 1941 over the level of the previous 3 months ending M a r c h year, but shipments of sisal, manila, kapok Commodity or group* and other textile fibers receded. Raw silk 1940 1941 1939 purchases reacted somewhat in volume, and Total i m p o r t s . 513 dropped sharply in value because of the weakCrude materials 296 244 162 ness of silk prices in Japan. Rubber __ _. Wool Among the semi-manufactured goods, imSilk Sisal, manila, kapok, and other texports of tin and nickel and nickel alloys extile fibers Oilseeds panded in line with increased demands for Manganese, chrome, and other ferro-alloying ores 9 defense production and the stock-pile proAllother 104 Crude foodstuffs 78 74 gram for tin. Semi-manufactured goods Coffee All other previously purchased largely from Europe Manufactured foodstuffs and beverages. 70 69 62 Meat products declined in value—especially wood pulp, ferFish and shellfish (canned, etc.) Cane sugar tilizers and industrial chemicals. Allother Semi-manufactures 147 143 110 Shipments of cane sugar and coffee rose Nickel and nickel alloys Tin among the foodstuffs, partly in response to Copper Wood pulp higher prices and partly in anticipation of Inedible expressed oils Allother future stringency in shipping space. In cane 102 87 100 Finished manufactures Newsprint sugar, especially, the demand for shipping Burlap Allother space to carry strategic and critical materials Source: D e p a r t m e n t of Commerce. Imports for consumption; latest from the Far East may divert to other uses figures preliminary. tonnage normally assigned to bring back Government action has also been a factor sugar from the Philippines. The transportation of equipment and matein the import trade, although the defense rials from the United States to the United program as a whole has Kingdom under the provisions of Merchandise imports ^ m m e effect t h a n Shipping t h e L e n d . L e a s e A c t f a n d t h e n e c e s _ direct Government buying for stock-piles. Crude materials have risen sharply in im- sity to import larger amounts of important portance. On a value basis they were 43 per raw materials from abroad to meet the decent of all imports in the six months from mands of the expanded program of producOctober 1940 to March 1941, as against 36 tion for national defense in this country, per cent in the same period a year earlier, raise the problem of shipping capacity in an and 32 per cent during the corresponding acute form. At the outbreak of the war, months in 1936-37 when the value of imports shipping facilities and lines were rearranged reached its highest level of the last decade. because of the provisions of the Neutrality MAY 1941 393 Review of the Month Act of the United States forbidding vessels under the American flag to enter waters in declared belligerent areas. In addition, a certain number of British vessels was requisitioned by the armed forces of the Empire to transport men and military supplies. After the original adjustment to the war, which involved a considerable rise in freight and charter rates, the shipping position remained relatively stable until the spring of 1940. The spread of the war, the increased rate of vessel losses through air and naval action, the extension of trade routes because of the closing of the Mediterranean to the greater part of British and neutral shipping, and the immobilization of large numbers of previously neutral ships following the German occupation of a number of European countries have reduced the world's carrying capacity since that time. New ship construction and the reconditioning of previously laid-up American tonnage have been unable to keep pace with the loss of tonnage for commercial cargoes, especially since the large-scale diversion of British shipping in the fall and winter of 1940 to military and naval uses in the Middle East, and the intensification of the German attacks on ships plying Atlantic routes in March 1941. In recent months the problem of obtaining adequate shipping capacity has assumed major proportions. Time charter rates which had risen from $1.25-1.85 per ton per month in July 1939, prior to the outbreak of war, to $3.75-5.00 in December 1940, increased further to $9.00-11.00 in April 1941. During the World War, similar charter rates rose to more than $13.50 a ton. Steps taken by the British to meet their supply problem have been far-reaching and varied. Official allocations of shipping space, which were initiated early in the war and extended as British ships were requisitioned and placed under the control of a Ministry of Shipping, have been altered both as to routes and as to cargoes. Many British ships plying the Latin American routes and those of the 394 Far East and Oceania have been diverted to military tasks or the shorter North Atlantic run. As early as the autumn of 1940, bananas bought by the British Ministry of Food in Jamaica were destroyed because of lack of shipping space to transport them to the United Kingdom. At the turn of the year, Lord Woolton, the Minister of Food, stated that he was forced to reduce food rations, especially of meat, because of the need for refrigerator ships in other occupations. British shipping on the North Atlantic run has been increased by diversions from other routes, by purchases of previously laid-up vessels from the United States Maritime Commission, and by the transfer of ships of American registry under the Lend-Lease program. In addition, the British Purchasing Commission in the United States has placed orders for 60 low-cost merchant ships of a standardized emergency type and, as was noted earlier, $500,000,000 has been allocated under the Lend-Lease Act to build 212 additional ships. Available shipping space for the increased import requirements of the United States itself has been reduced. The withdrawal of foreign shipping has not been offset by expansion of the American merchant fleet, although various measures to expand the fleet have been taken. Almost 500,000 gross tons of freighters and combination passenger and freight ships exceeding 2,000 gross tons in size were completed in American shipyards between the middle of 1939 and the end of March 1941. Another 1,200,000 gross tons of such ships were reconditioned and put into service during the same period, and vessels aggregating 340,000 tons were transferred from coastwise to foreign runs. These three sources add to over 2,000,000 tons. But as a result of transfers to foreign registries and Army and Navy requisitions, the American merchant fleet in ships of this type engaged in foreign trade increased by only 512,000 tons—i.e., FEDERAL RESERVE BULLETIN Review of the Month from 1,734,000 on June 30, 1939, to 2,246,000 on March 31, 1941. Meanwhile there was an extensive decline in foreign shipping engaged in United States trade as a consequence of diversions to other routes or of immobilization of such vessels. The total net registered tons of shipping of all nationalities clearing United States ports direct for foreign destinations other than Canadian ports on the Great Lakes fell from 5,477,000 tons in July 1939 to 3,424,000 tons in February 1941, the latest month for which figures are available. Fortunately this reduction in clearances does not necessarily mean a proportional reduction of tons of merchandise exported, since up to a point economies can be achieved through loading more nearly to full capacity. In order to ensure the availability of necessary imported industrial materials for defense purposes, the Office of Production Management has informed the Bureau of Emergency Shipping of the Maritime Commission of those materials which, in its estimation, should be given preference in the allocation of shipping space. The Maritime Commission has not instituted a formal system of priorities but is receiving full cooperation from ship operators in making the maximum use of available cargo space. On April 30 the President sent the following letter to Admiral Land, chairman of the Maritime Commission: My dear Admiral: As part of the defense effort to which this country is committed I wish you at the earliest possible moment to secure the service of at least 2,000,000 tons of merchant shipping which now exists and plan the operation thereof in such a manner as will make their cargo space immediately effective in accomplishing our objective of all out aid to the Democracies. I realize fully that to get cargo and refrigerated ships and tankers diverted from their existing or proposed routes of travel will cause not only great MAY 1941 inconvenience but the loss of trade and sacrifices by the consuming public. But vital war materials are piling up at the ports or delayed at the factories. We must supply those ships and at once. I am sure the owners of our ships will gladly cooperate in this essential enterprise. This program falls naturally into two parts. First, to arrange for the utilization in routes to the combat zone of foreign ships or ships which are to be transferred to foreign registry, and, secondly, to reallocate our own flag ships, including those which will be completed in the next few months, in such a way as to make every cargo directly or indirectly useful to our defense efforts and the winning by the Democracies of the battle now being waged in the Atlantic. As I indicated to you, I believe that you should assign a special person who will give his full time to the carrying out of this directive. I have been pleased to hear of the progress you have made with the ship building program but I cannot stress too strongly the urgent necessity of keeping all of the existing shipyards in continuous operation. Every possible means should be immediately explored to increase the number of employees at work, to further develop the training program and to speed up the building of the additional shipbuilding ways already authorized. I know from long experience of the great capacity of our shipbuilders and of the skill of the workers who build the ships, but our merchant fleet must be expanded faster than we had planned so that ships and more ships will be available to carry the food and the munitions of war to the Democracies of the world. Very sincerely yours, FRANKLIN D. ROOSEVELT. This new measure is aimed directly at the twofold problem of maintaining the flow of supplies to the United Kingdom and of arranging for the shipment of raw materials vital to defense production in the United States. It contemplates diversion of shipping from existing routes and the assignment of available cargo space with a view to expediting the program of aid to the democracies. As measures of this sort develop they will play an increasing role in the determination of American foreign trade. 395 rtont a J-eaaL Standpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material tified to the Secretary of State the name of a person as having authority to receive, control, or dispose of such property; and (3) the authority of such perThere is published below the text of an son to act with respect to such property is accepted Act bearing the above title which was ap- and recognized by the Secretary of State and so by the Secretary of State to the Federal proved by the President on April 7, 1941. certified Reserve bank, the payment, transfer, delivery, or The first section amends section 14 (e) of the other disposal of such property by such Federal ReFederal Reserve Act so as to make it clear serve bank to or upon the order of such person shall that Federal Reserve Banks may open and be conclusively presumed to be lawful and shall constitute a complete discharge and release of any liamaintain banking accounts for foreign banks bility the Federal Reserve bank for or with respect or bankers or for foreign governments with- to suchof property. out having to establish accounts with such "Whenever (1) any insured bank has received any foreign banks, bankers or governments or to property from or for the account of a foreign state is recognized by the Government of the United appoint them as the correspondents or agents which States, or from or for the account of a central bank of the Federal Reserve Banks. The second of any such foreign state, and holds such property section amends section 25 (b) of the Federal in the name of such foreign state or such central Reserve Act so as to provide a procedure bank; (2) a representative of such foreign state who recognized by the Secretary of State as being the whereby Federal Reserve Banks and insured is accredited representative of such foreign state to the banks may safely make payments of amounts Government of the United States has certified to the due to foreign governments or foreign cen- Secretary of State the name of a person as having tral banks in cases where there may be dif- authority to receive, control, or dispose of such propand (3) the authority of such person to act with ferences of opinion as to who is entitled to erty; respect to such property is accepted and recognized receive such payments. by the Secretary of State, and so certified by the Secretary of State to such insured bank, the payment, [PUBLIC LAW 31—77TH CONGRESS] transfer, delivery, or other disposal of such property [CHAPTER 43—1ST SESSION] by such bank to or upon the order of such person shall be conclusively presumed to be lawful and shall con[S. 390] stitute a complete discharge and release of any liaAN ACT of such bank for or with respect to such propRelating to foreign accounts in Federal Reserve bility erty. Any suit or other legal proceeding against any banks and insured banks. insured bank or any officer, director, or employee Be it enacted by the Senate and House of Represen- thereof, arising out of the receipt, possession, or distatives of the United States of America in Congress position of any such property shall be deemed to arise assembled, That subsection (e) of section 14 of the under the laws of the United States and the district Federal Reserve Act, as amended, is amended by in- courts of the United States shall have exclusive jurisserting before the period at the end of the first sen- diction thereof, regardless of the amount involved; tence thereof the following: ", or for foreign banks and any such bank or any officer, director, or emor bankers, or for fc*r<*Agn states as defined in section ployee thereof which is a defendant in any such suit 25 (b) of this Act". may, at any time before trial thereof, remove such SEC. 2. Section 25 (b) of the Federal Reserve Act, suit from a State court into the district court of the as amended, is amended by adding at the end thereof United States for the proper district by following the following new paragraphs: the procedure for the removal of causes otherwise "Whenever (1) any Federal Reserve bank has re- provided by law. ceived any property from or for the account of a "Nothing in this section shall be deemed to repeal foreign state which is recognized by the Government or to modify in any manner any of the provisions of of the United States, or from or for the account of a the Gold Reserve Act of 1934 (ch. 6, 48 Stat. 337), central bank of any such foreign state, and holds such as amended, the Silver Purchase Act of 1934 (ch. 674, property in the name of such foreign state or such 48 Stat. 1178), as amended, or subdivision (b) of seccentral bank; (2) a representative of such foreign tion 5 of the Act of October 6, 1917 (40 Stat. 411), state who is recognized by the Secretary of State as as amended, or any actions, regulations, rules, orders, being the accredited representative of such foreign or proclamations taken, promulgated, made, or issued state to the Government of the United States has cer- pursuant to any of such statutes. In any case in An Act Relating to Foreign Accounts in Federal Reserve Banks and Insured Banks 396 FEDERAL RESERVE BULLETIN From a Legal Standpoint which a license to act with respect to any property referred to in this section is required under any of said statutes, regulations, rules, orders, or proclamations, notification to the Secretary of State by the proper Government officer or agency of the issuance of an appropriate license or that appropriate licenses will be issued on application shall be a prerequisite to any action by the Secretary of State pursuant to this section, and the action of the Secretary of State shall relate only to such property as is included in such notification. Each such notification shall include the terms and conditions of such license or licenses and a description of the property to which they relate. "For the purposes of this section, (1) the term 'property' includes gold, silver, currency, credits, deposits, securities, choses in action, and any other form of property, the proceeds thereof, and any right, title, or interest therein; (2) the term 'foreign state' includes any foreign government or any department, district, province, county, possession, or other similar governmental organization or subdivision of a foreign government, and any agency or instrumentality of any such foreign government or of any such organization or subdivision; (3) the term 'central bank' includes any foreign bank or banker authorized to perform any one or more of the functions of a central bank; (4) the term 'person' includes any individual, or any corporation, partnership, association, or other similar organization; and (5) the term 'insured bank' shall have the meaning given to it in section 12B of this Act." Approved, April 7, 1941. Lend-Lease Act and Appropriation Act Pursuant Thereto The President on March 11, 1941, approved an Act to further promote the defense of the United States, commonly referred to as the Lend-Lease Act, and on March 27, 1941, approved an Act providing appropriations to carry out the provisions of the Lend-Lease Act. The texts of these Acts are printed below, and a discussion of this legislation will be found under the "Review of the Month" in this issue of the Federal Reserve BULLETIN. [PUBLIC LAW 11—77TH CONGRESS] [CHAPTER 11—1ST SESSION] [H. R. 1776] AN ACT Further to promote the defense of the United States, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That this Act may be cited as "An Act to Promote the Defense of the United States". SEC. 2. As used in this Act— (a) The term "defense article" means— (1) Any weapon, munition, aircraft, vessel, or boat; (2) Any machinery, facility, tool, material, or supply necessary for the manufacture, production, processing, repair, servicing, or operation of any article described in this subsection; (3) Any component material or part of or equipment for any article described in this subsection ; MAY 1941 (4) Any agricultural, industrial or other commodity or article for defense. Such term "defense article" includes any article described in this subsection: Manufactured or procured pursuant to section 3, or to which the United States or any foreign government has or hereafter acquires title, possession, or control. (b) The term "defense information" means any plan, specification, design, prototype, or information pertaining to any defense article. SEC. 3. (a) Notwithstanding the provisions of any other law, the President may, from time to time, when he deems it in the interest of national defense, authorize the Secretary of War, the Secretary of the Navy, or the head of any other department or agency of the Government— (1) To manufacture in arsenals, factories, and shipyards under their jurisdiction, or otherwise procure, to the extent to which funds are made available therefor, or contracts are authorized from time to time by the Congress, or both, any defense article for the government of any country whose defense the President deems vital to the defense of the United States. (2) To sell, transfer title to, exchange, lease, lend, or otherwise dispose of, to any such government any defense article, but no defense article not manufactured or procured under paragraph (1) shall in any way be disposed of under this paragraph, except after consultation with the Chief of Staff of the Army or the Chief of Naval Operations of the Navy, or both. The value of defense articles disposed of in any way under authority of this paragraph, and procured from funds heretofore appropriated, shall not exceed $1,300,000,000. The value of such defense articles shall be determined by the head of the department or agency concerned or such other department, agency or officer as shall be designated in the manner provided in the rules and regulations issued hereunder. Defense articles procured from funds hereafter appropriated to any department or agency of the Government, other than from funds authorized to be appropriated under this Act, shall not be disposed of in any way under authority of this paragraph except to the extent hereafter authorized by the Congress in the Acts appropriating such funds or otherwise. (3) To test, inspect, prove, repair, outfit, recondition, or otherwise to place in good working order, to the extent to which funds are made available therefor, or contracts are authorized from time to time by the Congress, or both, any defense article for any such government, or to procure any or all such services by private contract. (4) To communicate to any such government any defense information, pertaining to any defense article furnished to such government under paragraph (2) of this subsection. (5) To release for export any defense article disposed of in any way under this subsection to any such government. (b) The terms and conditions upon which any such foreign government receives any aid authorized under subsection (a) shall be those which the President deems satisfactory, and the benefit to the United States may be payment or repayment in kind or property, or any other direct or indirect benefit which the President deems satisfactory. (c) After June 30, 1943, or after the passage of a concurrent resolution by the two Houses before June 397 From a Legal 30, 1943, which declares that the powers conferred by or pursuant to subsection (a) are no longer necessary to promote the defense of the United States, neither the President nor the head of any department or agency shall exercise any of the powers conferred by or pursuant to subsection (a) ; except that until July 1, 1946, any of such powers may be exercised to the extent necessary to carry out a contract or agreement with such a foreign government made before July 1, 1943, or before the passage of such concurrent resolution, whichever is the earlier. (d) Nothing in this Act shall be construed to authorize or to permit the authorization of convoying vessels by naval vessels of the United States. (e) Nothing in this Act shall be construed to authorize or to permit the authorization of the entry of any American vessel into a combat area in violation of section 3 of the Neutrality Act of 1939. SEC. 4. All contracts or agreements made for the disposition of any defense article or defense information pursuant to section 3 shall contain a clause by which the foreign government undertakes that it will not, without the consent of the President, transfer title to or possession of such defense article or defense information by gift, sale, or otherwise, or permit its use by anyone not an officer, employee, or agent of such foreign government. SEC. 5. (a) The Secretary of War, the Secretary of the Navy, or the head of any other department or agency of the Government involved shall, when any such defense article or defense information is exported, immediately inform the department or agency designated by the President to administer section 6 of the Act of July 2, 1940 (54 Stat. 714), of the quantities, character, value, terms of disposition, and destination of the article and information so exported. (b) The President from time to time, but not less frequently than once every ninety days, shall transmit to the Congress a report of operations under this Act except such information as he deems incompatible with the public interest to disclose. Reports provided for under this subsection shall be transmitted to the Secretary of the Senate or the Clerk of the House of Representatives, as the case may be, if the Senate or the House of Representatives, as the case may be, is not in session. SEC. 6. (a) There is hereby authorized to be appropriated from time to time, out of any money in the Treasury not otherwise appropriated, such amounts as may be necessary to carry out the provisions and accomplish the purposes of this Act. (b) All money and all property which is converted into money received under section 3 from any government shall, with the approval of the Director of the Budget, revert to the respective appropriation or appropriations out of which funds were expended with respect to the defense article or defense information for which such consideration is received, and shall be available for expenditure for the purpose for which such expended funds were appropriated by law, during the fiscal year in which such funds are received and the ensuing fiscal year; but in no event shall any funds so received be available for expenditure after June 30, 1946. SEC. 7. The Secretary of War, the Secretary of the Navy, and the head of the department or agency shall in all contracts or agreements for the disposition of any defense article or defense information fully protect the rights of all citizens of the United States who have patent rights in and to any such article or information which is hereby authorized to 398 Standpoint be disposed of and the payments collected for royalties on such patents shall be paid to the owners and holders of such patents. SEC. 8. The Secretaries of War and of the Navy are hereby authorized to purchase or otherwise acquire arms, ammunition, and implements of war produced within the jurisdiction of any country to which section 3 is applicable, whenever the President deems such purchase or acquisition to be necessary in the interests of the defense of the United States. SEC. 9. The President may, from time to time, promulgate such rules and regulations as may be necessary and proper to carry out any of the provisions of this Act; and he may exercise any power or authority conferred on him by this Act through such department, agency, or officer as he shall direct. SEC. 10. Nothing in this Act shall be construed to change existing law relating to the use of the land and naval forces of the United States, except insofar as such use relates to the manufacture, procurement, and repair of defense articles, the communication of information and other noncombatant purposes enumerated in this Act. SEC. 11. If any provision of this Act or the application of such provision to any circumstance shall be held invalid, the validity of the remainder of the Act and the applicability of such provision to other circumstances shall not be affected thereby. Approved, March 11, 1941. [PUBLIC LAW 23—77TH CONGRESS] [CHAPTER 30—1ST SESSION] [H. R. 4050] AN ACT Making supplemental appropriations for the national defense to provide aid to the government of any country whose defense the President deems vital to the defense of the United States, and for other purposes. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, That to enable the President, through such departments or agencies of the Government as he may designate, to carry out the provisions of An Act to Promote the Defense of the United States, approved March 11, 1941, and for each and every purpose incident to or necessary therefor, there is hereby appropriated, out of any money in the Treasury not otherwise appropriated, the following sums for the following respective purposes, namely: (a) For the procurement, by manufacture or otherwise, of defense articles for the government of any country whose defense the President deems vital to the defense of the United States, including services and expenses in connection therewith, as follows: (1) Ordnance and ordnance stores, supplies, spare parts, and materials, including armor and ammunition and components thereof, $1,343,000,000. (2) Aircraft and aeronautical material, including engines, spare parts, and accessories, $2,054,000,000. (3) Tanks, armored cars, automobiles, trucks, and other automotive vehicles, spare parts, and accessories, $362,000,000. (4) Vessels, ships, boats, and other watercraft, and equipage, supplies, materials, spare parts, and accessories, $629,000,000. (5) Miscellaneous military equipment, supplies, and materials, $260,000,000. (6) Facilities and equipment, for the manufacture FEDERAL RESERVE BULLETIN From a Legal Standpoint or production of defense articles, by construction or acquisition, including the acquisition of land, and the maintenance and operation of such facilities and equipment, $752,000,000. (7) Agricultural, industrial, and other commodities and articles, $1,350,000,000. (b) For testing, inspecting, proving, repairing, outfitting, reconditioning, or otherwise placing in good working order any defense articles for the government of any country whose defense the President deems vital to the defense of the United States, including services and expenses in connection therewith, $200,000,000. (c) Not to exceed 20 per centum of any of the foregoing eight appropriations may be transferred by the President to any other such appropriation, but no appropriation shall be increased by more than 30 per centum. (d) For necessary services and expenses for carrying out the purposes of such Act not specified or included in the foregoing, $40,000,000. (e) For administrative expenses, $10,000,000. (f) In all, $7,000,000,000, to remain available until June 30, 1943. SEC. 2. If any defense article procured from an appropriation made before March 11, 1941, is disposed of, under such Act of March 11, 1941, by any department or agency to the government of any country whose defense the President deemed vital to the defense of the United States, the President may transfer, from the appropriations made by this Act to the appropriate appropriation of such department or agency, an amount equivalent to the value (as computed for the purposes of the $1,300,000,000 limitation contained in section 3 (a) (2) of such Act of March 11, 1941) of the defense article so disposed of, but not to exceed in the aggregate $1,300,000,000. SEC. 3. Any defense article procured from an appropriation made by this Act shall be retained by or transferred to and for the use of such department or agency of the United States as the President may determine, in lieu of being disposed of to a foreign government, whenever in the judgment of the President the defense of the United States will be best served thereby. SEC. 4. No part of any appropriation contained in this Act shall be used to pay the salary or wages of any person who advocates, or who is a member of an organization that advocates, the overthrow of the Government of the United States by force or violence: Provided, That for the purposes hereof an affidavit shall be considered prima facie evidence that the person making the affidavit does not advocate, and is not a member of an organization that advocates, the overthrow of the Government of the United States by force or violence: Provided further, That any person who advocates, or who is a member of an organization that advocates, the overthrow of the Government of the United States by force or violence and accepts employment the salary or wages for which are paid from any appropriation in this Act shall be guilty of a felony and, upon conviction, shall be fined not more than $1,000 or imprisoned for not more than one year, or both: Provided further, That the above penalty clause shall be in addition to, and not in substitution for, any other provisions of existing law. SEC. 5. This Act may be cited as the "Defense Aid Supplemental Appropriation Act, 1941." Approved, March 27, 1941, 10:50 a. m., E. S. T. MAY 1941 Member Bank Director Serving Investment Trust Actively Engaged in Issuing Its Own Shares Section 32 of the Banking Act of 1933 makes it unlawful, among other things, for a director of a member bank to be a director of a corporation "primarily engaged" in the. issue or distribution of stocks, bonds, or other similar securities. The Board was recently requested to decide whether a director of a member bank might serve as a director of an investment trust, the specific question being whether the investment trust was so actively engaged in issuing its own shares as to come within the terms of the statute. The information which was submitted in connection with the inquiry showed that the number of its shares issued by the investment trust during each of the preceding few years was a substantial percentage of the shares outstanding, and in harmony with its previous rulings in similar cases the Board concluded that, even though the shares were sold to the public through independent organizations with the result that the investment trust did not derive any direct profit from such sales, the investment trust was actively engaged in the issue and distribution of its shares and consequently that the interlocking directorate was prohibited by section 32. Affiliate Relationships Where Stock Is Pledged to Secure Loans The Board recently considered certain questions with respect to the existence of affiliate relationships under the provisions of section 2(b) of the Banking Act of 1933 where corporate stock is pledged with member banks to secure loans made by such banks. The Board concluded that where more than 50 per cent of the stock of a corporation is taken as security for a loan and the bank has the right under a collateral agreement to have the stock transferred to its name and vote it, an affiliate relationship exists, but if the right of the bank to vote the stock cannot be exercised prior to default by the borrower, an affiliate relationship would not exist under the collateral agreement prior to such default. The Board further concluded that where the Reconstruction Finance Corporation, through an agreement with the bank with respect to participation in the loan, has the right to have the stock transferred to such Corporation and vote it, an affiliate relation399 From a Legal Standpoint ship does not exist under the collateral agreement. With respect to this conclusion, the Board stated that it would necessarily follow that if in similar circumstances a Federal Reserve Bank, under an agreement with respect to participation in the loan pursuant to section 13b of the Federal Reserve Act, has the right to have the stock transferred to such Federal Reserve Bank and vote it, an affiliate relationship also would not exist. Financial Transactions Under Neutrality Act of 1939 The President of the United States on April 10, 1941, issued a proclamation under authority of section 1 of the Neutrality Act of 1939 (Pub. Res. No. 54, 76th Cong.), approved November 4, 1939, proclaiming that a state of war exists between Germany and Italy, on the one hand, and Yugoslavia, on the other hand; and on April 15, 1941, issued a proclamation proclaiming that a state of war exists between Hungary and Yugoslavia. Section 7 of the Neutrality Act of 1939, with respect to financial transactions by persons within the United States relating to countries named in the Presidential proclamations, is quoted in full on page 1054 of the Federal Reserve BULLETIN for December 1939. Executive Order and Regulations on Transfers of Property of Greece EXECUTIVE ORDER N O . 8746 Amendment of Executive Order No. 8389 of April 10, 191+0, as Amended By virtue of the authority vested in me by section 5(b) of the Act of October 6, 1917 (40 Stat. 411), as amended, and by virtue of all other authority vested in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT of the UNITED STATES OF AMERICA, do hereby amend Execu- tive Order No. 8389 of April 10, 1940, as amended, so as to extend all the provisions thereof to, and with respect to, property in which Greece or any national thereof has at any time on or since April 28, 1941, had any interest of any nature whatsoever, direct or indirect; except that, in denning "Greece" and "national" of Greece, the date "April 28, 1941" shall be substituted for the dates appearing in the definitions of countries and nationals thereof. FRANKLIN D. ROOSEVELT THE WHITE HOUSE, April 28, 19Ul Treasury Department, Office of the Secretary, April 28, 1941 Amendment to Regulations * The Regulations of April 10, 1940, as amended (Sections 130.1 to 130.6), are further amended so as to extend all the provisions thereof to, and with respect to, property in which Greece or any national thereof has at any time on or since April 28, 1941, had any interest of any nature whatsoever, direct or indirect; except that reports on TFR-100 with respect to all property situated in the United States on April 28, 1941, in which Greece or any national thereof has at any time on or since April 28, 1941, had any interest of any nature whatsoever, direct or indirect, shall be filed by May 28, 1941. The Executive Order of April 10, 1940, as H . MORGENTHAU, JR., amended, and the Treasury Regulations isSecretary of the Treasury. sued thereunder providing that transfers of credit, foreign exchange transactions, the ex- APPROVED: April 28,1941. FRANKLIN D. ROOSEVELT. port or earmarking of coin, bullion, or currency, or other similar operations, by persons or institutions in the United States which General Licenses Issued by the Secretary of the Treasury involve property of Norway, Denmark, BelSince the publication of certain General gium, Luxembourg, the Netherlands, France, Licenses on page 296 of the April 1941 FedLatvia, Estonia, Lithuania, Rumania, Bul- eral Reserve BULLETIN, the following Gengaria, Hungary, or Yugoslavia, or any na- eral Licenses have been issued by the Office tional thereof, shall be subject to license by of the Secretary of the Treasury under authe Secretary of the Treasury, were amended thority of the Executive Order of April 10r on April 28, 1941, so as to include property 1940, as amended, and Regulations issued of Greece, or any national thereof. pursuant thereto, relating to transactions in The texts of the Executive Orders and ac- foreign exchange, etc. companying Regulations and amendments thereto, are quoted in full in the May, June, •Sections 130.1 to 130.6:—Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress ; 12 July, August, September, and November U.S.C. 95a: Ex. Order 6560, Jan. 15, 1934 ; Ex. Order 8389, April 10, 1940; Ex. Order 8405, May 10, 1940 ; Ex. Order 8446, June 17, 1940, and in the April 1941 issues of the Fed- 1940; Ex. Order 8484, July 15, 1940; Ex. Order 8493, July 25, eral Reserve BULLETIN. The texts of the 1940; Ex. Order 8565, October 10, 1940 ; Ex. Order 8701, March 4, 1941 ; Ex. Order 8711, March 13, 1941 ; Ex. Order 8721, March 24, April 28 amendments are as follows: 1941; Ex. Order 8746, April 28, 1941. 400 FEDERAL RESERVE BULLETIN From a Legal Standpoint Treasury Department, Office of the Secretary, Treasury Department, Office of the Secretary, April 28, 1941 April 28, 1941 General License No. 40 Under Executive Order No. General License No. 41 Under Executive Order No. 8389, April 10, 1940, as Amended, and Regulations 8389, April 10, 1940, as Amended, and Regulations Issued Pursuant Thereto, Relating to Transactions Issued Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.* in Foreign Exchange, Etc.* (1) A general license is hereby granted licensing A general license is hereby granted authorizing the Bank of Athens Trust Company and the Hellenic banking institutions within the United States to Bank Trust Company as generally licensed nationals. make payments from accounts in which Greece or a (2) As used in this general license: national thereof has a property interest within the Any person licensed as a "generally licensed na- meaning of the Executive Order of April 10, 1940, tional" shall, while so licensed, be regarded as a per- as amended, and the Regulations issued thereunder son within the United States who is not a national of of checks and drafts drawn or issued prior to April any foreign country designated in the Order; Pro- 28, 1941, and to accept and pay and debit to such vided, however, that the foregoing shall not be deemed accounts drafts drawn prior to April 28, 1941, under to suspend in any way the requirements of the Order letters of credit; provided, that each banking instiand Regulations relating to reports, and the produc- tution making any payment or debit authorized by tion of books, documents, records, etc. (see sections 10 this general license shall file promptly with the apand 14 of the Order and section 130.4 of the Regula- propriate Federal Reserve Bank weekly reports showing the details of such transactions. This license tions) . shall expire at the close of business on May 28, 1941. D. W. BELL, Acting Secretary of the Treasury. D. W. BELL, Acting Secretary of the Treasury. * Sec. 5 ( b ) , 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress ; 12 U.S.C. 95a ; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405, May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order 8484, July 15, 1940; Ex. Order 8493, July 25, 1940 ; Ex. Order 8565, October 10, 1940; Ex. Order 8701, March 4, 1941 ; Ex. Order 8711, March 13, 1941 ; Ex. Order 8721, March 24, 1941 ; Ex. Order 8746, April 28, 1941 ; Regulations, April 10, 1940, as amended May 10, 1940, June 17, 1940, July 15, 1940, October 10, 1940, March 4, 1941, March 13, 1941, March 24, 1941, and April 28, 1941. MAY 1941 * Sec. 5 ( b ) , 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public Resolution No. 69, 76th Congress ; 12 U.S.C. 95a; Ex. Order 6560, Jan. 15, 1934; Ex. Order 8389, April 10, 1940; Ex. Order 8405, May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order 8484, July 15, 1940 ; Ex. Order 8493, July 25, 1940; Ex. Order 8565, October 10, 1940; Ex. Order 8701, March 4, 1941 ; Ex. Order 8711, March 13, 1941 ; Ex. Order 8721, March 24, 1941 ; Ex. Order 8746, April 28, 1941 ; Regulations, April 10, 1940, as amended May 10, 1940, June 17, 1940, July 15, 1940, October 10, 1940, March 4, 1941, March 13, 1941, March 24, 1941, and April 28, 1941. 401 7tom the Coltelpondence Questions of general interest, relating to money and banking, wre answered in this section of the BULLETIN. /2 e3etue Hank ties, and the department handling the checks (sorting, listing, and forwarding them) is called the check collection department. It is one of the largest and most important departments of work at every Reserve Bank. ANSWER Noncash Collection HE twelve Federal Reserve Banks vary The noncash collection department handles considerably in size—the largest having a promissory notes, bills, and bond coupons staff of about 2500 and the smallest about 400. which are due for payment. These items are There is also variation in the relative impor- sent to the Reserve Banks by member banks tance and volume of certain types of work. for collection and credit. Noncash collection The Federal Reserve Bank of New York, for is an important department of work at every example, being situated in a world financial Reserve Bank. center, has a large volume of transactions Cash peculiar to it and not characteristic of inland This is the department which handles curcenters in regions mainly agricultural. Moreover, under the law and in accordance with a rency paid to member banks and received policy of decentralization, the several Federal from them. Its work corresponds to that Reserve Banks are responsible for their own done by paying and receiving tellers in comoperations. It follows that the internal organ- mercial banks, except that the Reserve Bank ization of no two Reserve Banks is identical. deals primarily with member banks and relaReserve Bank functions, however, are au- tively little with the public. The work of the thorized by law for all the Reserve Banks, cash department includes the counting and they are coordinated by the Board of Gover- verification of paper currency and coin, and nors in Washington, and they are uniform separation of that which isfitfor circulation in essentials. Accordingly, it is possible to from that which is unfit. The department present a composite description of Reserve is a relatively large and important one at Bank organization. The departments of work every Reserve Bank. described in the ensuing paragraphs may be Securities differently organized and designated from The securities department holds securities Bank to Bank, but all, with the exceptions in safekeeping for out-of-town member banks noted, are provided for. and handles purchases and sales of securiCheck Collection ties for the account of member banks. To The check collection department handles some extent, this work is carried on at all checks and other cash items that are in tran- Reserve Banks. Formerly each Federal Reserve Bank pursit, usually from one member bank to another. For example, checks drawn on a New York chased its own portfolio of investment securibank and deposited in a San Francisco bank ties independently of other Reserve Banks may be collected through Reserve Bank facili- and handled its own sales. These transactions QUESTION Can you give me some idea of the actual operations of a Federal Reserve Bank—how it is organized and what it does? Are all the Federal Reserve Banks alike? T 402 FEDERAL RESERVE BULLETIN From the Board's Correspondence are now wholly directed for all twelve Banks Foreign Property Control by the Federal Open Market Committee and Foreign property control has been occaare effected by the Federal Reserve Bank of sioned by the action of the Government in New York, which executes transactions for freezing property in the United States bethe System open market account. longing to certain governments and their "nationals" whose countries have been inDiscount and Credit vaded since the spring of 1940. The transfer, This department handles the lending opera- sale, or other use of this property, which intions of the Reserve Bank. Its operations cludes mainly earmarked gold, bank balances, include advances to and discounts for mem- and securities, are subject to license by the ber banks and also for the other classes of Treasury, and the Reserve Banks act as borrowers to whom the Reserve Banks are agents for the Treasury in their respective authorized to extend credit. Its work entails districts. The work of this department emthe analysis of credit applications, and the braces the receipt and review of applications maintenance of credit files and records. for licenses and the composition and issuance Every Reserve Bank has this department of of licenses in approved cases. Approximately work but in recent years the volume has been one-half of the applications are granted or relatively small, because there has been little otherwise finally disposed of by the Reserve demand for Reserve Bank credit. Banks pursuant to authority delegated to them by the Treasury, and the remainder are Accounting transmitted to the Treasury with recommenThe accounting department keeps the books dations as to action to be taken thereon. of the Reserve Bank. These include princi- Every Reserve Bank performs this work, but pally the general ledger of the Reserve Bank, the Federal Reserve Bank of New York has the reserve accounts of member banks, and had such a large volume as to require the the checking accounts of the United States organization of a special department. Treasury. This department also makes teleForeign graphic transfers of funds for member banks. Every Reserve Bank has such a department. Most of the Reserve Banks handle little foreign business and have no regularly orFiscal Agency ganized foreign department. The Federal As fiscal agent of the United States, each Reserve Bank of New York, however, has a Reserve Bank announces new issues of obli- large volume of work in this field. Its forgations by the United States Treasury, re- eign department handles a variety of transacceives subscriptions for such obligations, re- tions for foreign accounts, including the earceives payment on behalf of the Treasury, marking of gold. At the end of 1940, the total and delivers the obligations to their pur- foreign balances were $1,130,000,000, and chasers. It also handles the redemption and gold held under earmark for foreign accounts exchange of Government securities. At every amounted to $1,800,000,000. The foreign acReserve Bank, the fiscal agency department counts are usually participated in by other is one of the largest and most important. Its Reserve Banks. Many of the activities of the duties also include considerable work for the foreign department of the New York Reserve Reconstruction Finance Corporation, the Bank are devoted to operations conducted as Commodity Credit Corporation, and other fiscal agent of the United States, such as, the Government departments and agencies. In purchase and sale of gold, the purchase of the year 1940, the twelve Reserve Banks silver, and execution of transactions for the handled for the Treasury and other Govern- Stabilization Fund. In addition, rates of exment departments and agencies over four mil- change for various foreign currencies are lion separate bonds and other Government ob- certified to the Secretary of the Treasury for ligations, worth altogether nearly $22 billion. customs purposes, and information is supplied With the increased financing made necessary to the Board of Governors and the Treasury for national defense purposes, particularly about conditions in the foreign exchange in connection with the sale of Defense Sav- market. Each Reserve Bank, whether it has ings Bonds, the volume of work handled by a regularly organized foreign department the Reserve Banks for the Treasury has been or not, reports the movement of foreign funds indicated by information submitted by banks greatly increasing. MAY 1941 403 From the Board's Correspondence and bankers, securities dealers, and exporters of condition, and reports of earnings and dividends, keeps informed of the general and importers in its district. condition of all member banks. National Defense Bank Relations The Defense Contract Service, a unit of Besides the daily routine transactions with the Office of Production Management, is now their member banks, the Reserve Banks establishing offices at each Federal Reserve maintain by personal visits for the Bank and branch. This service will have in purpose ofcontacts seeing that Federal Reserve serveach Federal Reserve Bank and branch a Co- ices are known and availed of by member ordinator ; and under each Coordinator there banks, that Federal Reserve procedures are will be a Manager and a technical staff with understood, that the Reserve is fully inengineering and industrial experience. The formed of conditions in theBank field, and that task of these officers and their staffs is to help problems arising in transactions between the bring together primary contractors and sub- Reserve Bank and its member banks are satiscontractors able and willing to assist in the factorily solved. Every Reserve Bank carries defense program. They inform individual firms of the sort of supplies for which the on this type of work. Government is requesting bids and furnish Research technical advice in submitting bids and closEach Reserve Bank has a research departing contracts; they also notify the Government and publishes a monthly review of busiment's purchasing agents of the various firms that may be in a position to manufacture and ness conditions. The research department acts in the capacity of economic advisor to provide supplies of specific sorts. the of directors and officers of the Each Reserve Bank and branch also has a Bankboard and provides the Board of Governors Federal Reserve Defense Contract Officer, with regional information. It follows both whose duty is to advise banks and contractors on financial problems connected with their banking and business developments, mainly participation in the defense program. The within the boundaries of the Reserve Bank's Defense Contract Officers have at their dis- district but also in the United States generposal full use of the staffs of the discount and ally. The research department of the Federal credit departments of the Reserve Banks and Reserve Bank of New York has a foreign dibranches and the cooperation of the com- vision which analyzes financial and economic mercial and savings banks on which the Fed- developments in other countries and their eral Reserve System's contact with the small bearing on conditions in the United States. business of the country ultimately depends. Legal In order to assist defense producers in obtainEvery Federal Reserve Bank has legal ing the bank credit required, the Defense work, but not all have organized legal departContract Officer is instrumental in establishing contacts between prospective borrowers ments. Some have their legal work transand such local banks or other lending agen- acted by Counsel retained for the purpose. cies, including the Federal Reserve Banks Auditing and the Reconstruction Finance Corporation, Each Federal Reserve Bank has an auditas may be needed to supplement credit obing department responsible to the board of tainable from the borrowers' regular banking directors and to the President. This departconnections. ment has functions and responsibilities corresponding to those of the auditing departBank Examination ment of a large commercial bank. Each Reserve Bank has a department Service which conducts bank examinations and perAll Reserve Banks have departments in forms other supervisory work, including the initial handling of applications of State charge of personnel matters, building mainbanks for membership in the Federal Re- tenance, telegraph, mail, the protection of serve System, and of national banks for trust money, securities, and other assets, and the powers. The department, through analysis numerous service functions incident to the and review of reports of examination, reports activity of a large office organization. 404 FEDERAL RESERVE BULLETIN N order to facilitate the purchase of Defense Savings Bonds by members of its Istaff, the Board of Governors has approved a voluntary payroll deduction plan whereby members of the staff who wish to do so may pay for bonds by regular deduction from their salaries. The plan is sponsored by the Reserve Board Club, an organization of the Board's employees, and is based largely upon a similar plan which the American Telephone and Telegraph Company has used for several years to facilitate the purchase of United States Savings Bonds by its employees. Under the Board's plan, the employee authorizes a deduction from his salary each pay day of an amount in multiple of 25 cents, but not less than 75 cents. The minimum deduction of 75 cents provides for purchase of one $25 bond in twelve and a half months. The employee may authorize as large deductions as his salary and the regulations of the Treasury permit. The plan, which becomes effective May 1, was announced in a letter of April 16 addressed to employees by Chester Morrill, Secretary of the Board. The letter and the description of the plan referred to therein are as follows: April 16, 1941 To the Employees of the Board of Governors of the Federal Reserve System: The Secretary of the Treasury recently announced that the Government desires to utilize, so far as possible, the savings of individuals, particularly those of small savers, in financing the defense program. The Secretary made it clear that, although the Treasury desired to place an increasing amount of Treasury obligations in the hands of small investors, the purchase of such obligations should be on a strictly voluntary basis. The Board has assured the Secretary of the Treasury of the Federal Reserve System's desire to cooperate to the fullest extent in furthering the Treasury's program for the financing of national defense. In canvassing all possible ways in which it might be of assistance, it occurred to the Board that it could render a service to its own employees and to the Treasury in this undertaking by making available facilities within its own organization for the convenient purchase of savings bonds and stamps. Descriptive literature issued by the Treasury Department, with which most of you are familiar, explains the investment characteristics of United States Savings Bonds. Such literature may be obtained, MAY 1941 however, from the Board's Fiscal Agent upon request. This pamphlet, therefore, is largely limited to a description of a Voluntary Pay Roll Deduction Plan which the Board is now offering to its employees for purchase of Defense Savings Bonds (United States Savings Bonds—Series E). Effective May 1, 1941, any employee may authorize pay roll deductions under this Plan. When an amount sufficient to purchase the bond desired has been accumulated to the credit of an employee, the Board will arrange for the purchase and delivery thereof to the employee. Also effective May 1, 1941, any employee of the Board may purchase defense savings stamps from the Board's Fiscal Agent on a cash basis at any time during office hours. CHESTER MORRILL, Secretary. VOLUNTARY PAY ROLL DEDUCTION PLAN FOR PURCHASE OF DEFENSE SAVINGS BONDS (United States Savings Bonds—Series E) May 1, 1941 I. General To provide a means by which employees may set aside regularly a part of their earnings for the purchase of Defense Savings Bonds (United States Savings Bonds—Series E) the Board has established, and will administer under the terms and conditions hereinafter set forth, a Pay Roll Deduction Plan. Defense Savings Bonds are issued by, and are direct obligations of, the United States Government. They are issued in denominations of $25, $50, $100, $500 and $1,000, which are their maturity values. They mature in ten years from date of issue and cost— $ 18.75 for the $ 25 Bond 37.50 for the 50 Bond 75.00 for the 100 Bond 375.00 for the 500 Bond 750.00 for the 1,000 Bond These bonds can be registered only in: (1) the name of one individual, or (2) of two individuals as co-owners, or (3) of one individual and one individual as beneficiary. In the event an employee desires to purchase bonds to be registered in his or her own name jointly with the name of another individual as co-owner, both names, separated by the word "or", shall be written on the "Name" line of the Pay Roll Deduction Authorization, Form F. R. 549 (see specimen on page 408). Illustration: Mr. John L. Jones or Mrs. Mary C. Jones 405 Staff Purchases of Defense Savings Bonds If an employee desires to name a beneficiary he or she should write his or her own name, followed by the words "payable on death to" and the beneficiary's name on the "Name" line, on Form F. R. 549 (see page 408). Illustration: Mr. John L. Jones, payable on death to Miss Helen R. Jones It is permissible under the law authorizing these bonds that $5,000 (but not more than $5,000) maturity value, issued during any one calendar year (January 1 to December 31) may be held by any one person. Descriptive literature in regard to these bonds may be obtained from the Board's Fiscal Agent, the United States Treasury Department, or any United States Post Office. The difference between the cost price and the maturity value represents annual interest accruing at the rate of 2.9% compounded semiannually, when bond is held to maturity. These bonds may, however, be redeemed at any time after 60 days from issue date at the redemption value fixed by the Treasury Department. Their cash redemption values are greater than their cost after they have been held for more than one year. A table of redemption values and approximate investment yields to the beginning of each semiannual period appears on page 408. The principal features of the Plan are: 1. Authorization to the Board by employees of periodic deductions from their salaries for the purchase of bonds in specified denominations. The deductions will continue until the authorization is cancelled or changed. 2. Deductions will be set up in special accounts on the Board's records. No interest will be paid upon such funds while in the Board's custody but they will be applied to the purchase of a Defense Savings Bond as promptly as possible after sufficient funds have accumulated. 3. Upon accumulation of the required amount, the Board will arrange to purchase a bond and have it registered in the name (or names) as requested in the Pay Roll Deduction Authorization. Bonds so purchased will be delivered by the Treasury Department or its agencies direct to the employee. II. Pay Roll Deduction Authorization Any employee may participate in the Plan by executing a Pay Roll Deduction Authorization, Form F. R. 549 (see specimen on page 408), specifying in addition to information regarding name of employee, position, division, etc.— 1. The denomination of the bonds to be purchased and the amount to be deducted each pay roll period. 2. The name of the person (or persons) in which the bonds should be registered and the address to which the bonds should be delivered. 406 III. Schedule of Deductions from Salaries The minimum semimonthly deduction is seventyfive cents. Larger deductions should be in multiples of twenty-five cents. Employees have the privilege of subscribing for bonds of any denomination offered. The deduction authorized and the denomination of the bond subscribed for will determine the period for accumulating the purchase price as well as the period during which no interest is earned on the savings. Deductions made at the minimum rate of seventy-five cents semimonthly will purchase a $25 bond (cost $18.75) in twelve and one-half months. IV. Pay Roll Deductions and Interruptions Therein Pay roll deduction authorizations should be forwarded so as to reach the Accounting Section of the Secretary's Office at least ten days prior to the close of the pay roll period in which the first deduction is to be made. Deductions will be made from salary in each pay roll period when the amount of pay is sufficient after making other deductions authorized or required. If any pay. roll period deductions cannot be made in full because the pay due is insufficient, the deductions under this Plan for that pay roll period will be suspended. Deductions, in the amount authorized, will be resumed in the following pay roll periods. V. Changes in Pay Roll Deduction Authorizations An employee who desires to cancel his Pay Roll Deduction authorization may do so by filling in the lower portion of a Pay Roll Deduction Authorization form, and unless otherwise directed by the employee, any amount to the credit of the employee's account will be refunded. Where an employee desires to increase or decrease the amount to be deducted each pay roll period, he should fill in the upper portion of a Pay Roll Deduction Authorization form for the new amount and cancel the old authorization by filling in the lower portion of the same form. Authority to cancel or change a prior authorization should be forwarded so as to reach the Accounting Section of the Secretary's Office at least ten days before the effective date. When an employee leaves the service of the Board the Pay Roll Deduction Authorization will be automatically cancelled and any amount to the credit of the employee's account will be refunded. In the case of death of an employee the Pay Roll Deduction Authorization will be automatically cancelled and any amount to the credit of the employee's account will be refunded. FEDERAL RESERVE BULLETIN Staff Purchases of Defense Savings Bonds bond (in person or by registered mail) to the Board's Fiscal Agent, together with a signed statement covering the correction to be made. This will permit the bond to be returned for correction to the point where it was originated. In order to insure accuracy in the issuance of bonds, it is essential that employees advise the Accounting Section of the Secretary's Office promptly of any changes in the name (or names) in which bonds are to be registered and of changes in address. This should be done by using a Pay Roll Deduction Authorization form, marked "Change in Registration Information". VII. Purchase and Delivery of Bonds All matters relating to the bonds after their reEach month the Board will arrange to purchase ceipt in form acceptable to the employee should be bonds for those employees whose deductions permit handled directly by the owner with the Treasury of a purchase of a bond in the denomination author- Department or its agencies. ized and to have such bonds registered in the name (or names) requested in the Pay Roll Deduction VIII. Information Relating to Amount Accumulated Authorization. Bonds so purchased will be delivered Upon request the Accounting Section of the Secreby the Treasury Department or its agencies to the tary's Office will advise an employee of the amount employee by registered mail to the address shown on accumulated in his account for the purchase of Dethe authorization form. fense Savings Bonds, but periodic statements showThe Board's Fiscal Agent will notify the employee ing amounts deducted and placed to the credit of at the time the Board makes remittance to the Treas- employees will not be issued. ury or its agencies to purchase a bond. If the bond is not received within two weeks, the Fiscal Agent IX. Responsibility should be notified in order that proper follow-up may The Board assumes no responsibility in respect be made. of the bonds purchased under this Plan after they As soon as possible after a bond is delivered the have been purchased and delivered to employees. employee should verify that the denomination is correct, that the name (or names) and address are X. Termination of Plan duly and correctly inscribed on the face of the bond, The Plan is subject to discontinuance at the disand that the bond is duly dated as of the first day of cretion of the Board. the month in which the remittance from the Board CHESTER MORRILL, has been received by the Treasury or its agencies. Secretary. The date of remittance will be shown in the notification by the Board's Fiscal Agent to the employee, See following page for Form F. R. 549 mentioned in the preceding paragraph. referred to above and for Treasury DepartIn case of error, the employee should return the ment table of redemption values. VI. Handling of Deductions Prior to Purchase of Bonds The pay roll deductions will be set up on the Board's books in an account to be designated as "Employees' subscriptions to Defense Savings Bonds". Such funds will be used by the Board only for the purchase of Defense Savings Bonds on behalf of employees and for refunds, in accordance with the provisions of this Plan. As no interest is earned on these funds, no interest will be paid thereon while the purchase price of a bond is being accumulated. MAY 1941 407 Form F. R. 549 (Surname) (Given Name) (Middle Name or Initial) (Position) (Division) (EMPLOYEE WILL PLEASE PRINT ABOVE INFORMATION) PAY ROLL DEDUCTION AUTHORIZATION FOR PURCHASE OF DEFENSE SAVINGS BONDS BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM: I hereby request the Board to deduct from my salary each semimonthly pay roll period the amount of $ , effective with the pay roll period ending , and, each time the required amount has accumulated to my credit, to purchase and have delivered to me a Defense Savings Bond having a maturity value of $ It is understood that no interest is to be paid by the Board on any accumulated deductions. Please have bonds registered in the name (or names) of and mailed to: CO-OWNER OR BENEFICIARY The purchaser of a bond, if an individual, may designate one individual co-owner or beneficiary—but not both. If either is named, the Given name, Middle name, or initial and Surname must be given and the address noted. (See Section I of the "Plan" and descriptive literature issued by the United States Treasury Department regarding registration for personal purchase, for ownership by two persons and for naming beneficiary.) Name < Mrs. • M.T. * ) (Show Given name, Middle name or initial and Surname) Address : (Number and Street) (City or Town) Address of Co-owner or Beneficiary if different from above ^ ^ ^ . . ^ . . ^ ^ — — (State) — _ _ CANCELLATION OF PREVIOUS AUTHORIZATION I hereby request the Board to cancel my authorization to deduct from my salary each semimonthly pay roll period the amount of $ , effective with the pay roll period ending Any amount to the credit of my account which is insufficient to purchase a bond of the denomination specified in the pay roll deduction authorization cancelled shall be (check one) : • Refunded, or • Applied to credit of the account established in accordance with the new pay roll deduction authorization, above. Dated 19 (Signature of Employee) This authorization is made in accordance with the terms and conditions of the Pay Roll Deduction Plan for purchase of Defense Savings Bonds, the receipt of a copy of which I hereby acknowledge, and is to remain in effect until cancelled by me in writing. TABLE OF REDEMPTION VALUES OF DEFENSE SAVINGS BONDS (UNITED STATES SAVINGS BONDS—SERIES E), AND APPROXIMATE INVESTMENT YIELD TO THE BEGINNING OF EACH SEMIANNUAL PERIOD SHOWN AS RATE PER CENT PER ANNUM COMPOUNDED SEMIANNUALLY $25. 00 $18. 75 Maturity Value. Issue Price Period after issue date First Year 1 to V/i years._ V/i to 2 years,. 2 to V/i years.. iy<i to 3 years.. 3 to V/i years.. "3^2 to 4 years.. 4 to 4 ^ years.. 4Yi to 5x years.. 5 to b /2 years.. Wi to 6 years.. 6 to 6H years.. 6 ^ to 7 years.. 7 to lYi years.. IVi to 8 years.. 8 to S}4 years._ Wi to 9 years.. 9l to 9}4 }4 years., y § A to 10 years, t 10 At Maturity $18. 75 18.87 19.00 19.12 19.25 19.50 19.75 20.00 20.25 20. 50 20.75 21.00 21.50 22.00 22.50 23.00 23.50 24.00 24.50 25.00 $1, 900. 00 Approximate $750. 00 investment yield to beginning of each halfRedemption values during each period year period $50. 00 $37. 50 $100. 00 $75. 00 $500. 00 $375. 00 $37. 50 37.75 38.00 38.25 38.50 39.00 39.50 40.00 40.50 41.00 41.50 42.00 43.00 44.00 45.00 46.00 47.00 48.00 49.00 50.00 $75. 00 75.50 76.00 76.50 77.00 78.00 79.00 80.00 81.00 82.00 83.00 84.00 86.00 88.00 90.00 92.00 94.00 96.00 98.00 100. 00 $375. 00 377. 50 380.00 382. 50 385. 00 390.00 395. 00 400. 00 405.00 410. 00 415. 00 420. 00 430.00 440. 00 450. 00 460.00 470. 00 480. 00 490.00 500. 00 $750. 00 755.00 760.00 765. 00 770. 00 780.00 790.00 800.00 810. 00 820.00 830. 00 840.00 860.00 880.00 900.00 920.00 940.00 960. 00 980. 00 1, 000. 00 None .99% 1. 06% 1. 31% 1.49% 1. 62% 1. 72% 1. 79% 1. 85% 1. 90% 2.12% 2. 30% 2. 45% 2. 57% 2.67% 2. 76% 2. 84% 2. 90% Source.—Treasury Department Circular No. 653, dated April 15, 1941. 408 FEDERAL RESERVE BULLETIN Appointment of Presidents and First Vice Presidents of Federal Reserve Banks Appointment of Branch Director The Federal Reserve Bank of Kansas City on April 3, 1941, appointed D. M. Tyler of Dewey, Oklahoma, First Vice President of the Dewey Portland Cement Company, a director of the Oklahoma City Branch of the Federal Reserve Bank of Kansas City for the unexpired portion of the term ending December 31, 1943. The Board of Governors has approved the appointment by the respective boards of directors of the Federal Reserve Banks of the following Presidents and First Vice Presidents of the Banks each for the term of five years beginning March 1, 1941. These appointments were made by the boards of diAdmissions of State Banks to Membership in the rectors and approved by the Board of GoverFederal Reserve System nors pursuant to the provisions of paragraph The following State banks were admitted 4 of section 4 of the Federal Reserve Act as to membership in the Federal Reserve System amended: during the period March 16, 1941, to April 15, 1941, inclusive. First Vice Federal President Reserve Bank R. A. Young Boston New York . . Allan Sproul John S. Sinclair Philadelphia. M. J. Fleming Cleveland Hugh Leach. Richmond *Robert S. Parker Atlanta C. S. Young. Chicago **Chester C. Davis St. Louis J. N. Peyton. Minneapolis. Kansas City. R. R. Gilbert. Dallas San Francisco Wm. A. Day President W. W. Paddock L. R. Rounds Frank J. Drinnen F. J. Zurlinden J. S. Walden, Jr. W.S.McLarin,Jr. H. P. Preston F. Guy Hitt O. S. Powell H. G. Leedy E. B. Stroud Ira Clerk * Died March 28, 1941. ** Assumed his duties April 16, 1941. Meeting of Chairmen of the Federal Reserve Banks A meeting of the Chairmen of the Federal Reserve Banks, which was attended by all of the Chairmen and members of the Board of Governors, was held on April 26, 1941. Death of Class A Director Ford Seale, President of The Citizens National Bank of Denison, Texas, who had served as a Class A director of the Federal Reserve Bank of Dallas since January 1, 1939, died on April 10, 1941. Death of Branch Director Samuel W. Hayes, senior member of the law firm of Hayes, Richardson, Shartel, Gilliland and Jordan, Oklahoma City, Oklahoma, who had served as a director of the Oklahoma City Branch of the Federal Reserve Bank of Kansas City since his appointment by the Reserve Bank for the term beginning January 1, 1938, died on March 14, 1941. MAY 1941 Indiana Fowler—Fowler State Bank Lafayette—Lafayette Savings Bank Garrett— The Garrett State Bank Missouri Fair Play—Citizens State Bank of Fair Play New Jersey Mount Holly—The Farmers' Trust Company Summit—Citizens Trust Company of Summit,. New Jersey New York Auburn—Auburn Trust Company Glen Cove—Glen Cove Trust Company Huntington—Bank of Huntington and Trust Company Schenectady—The Citizens' Trust Company of Schenectady, N. Y. Ohio Ashville—The Ashville Banking Company Pemberville—The Citizens Savings Bank Company Polk—The Polk State Bank Texas Fredericksburg—Security State Bank Wisconsin Beloit—Beloit Savings Bank DeForest—DeForest-Morrisonville Bank Milwaukee—The Commonwealth Mutual Savings Bank Milwaukee—Teutonia Avenue State Bank 409 Utittih Mobilisation ofi United J?tate5 Voltat SecutitieA N April 20 the British Treasury issued an order requisitioning a further list of OAmerican securities and foreign dollar bonds held by United Kingdom residents. Four previous lists of requisitioned1 securities have appeared in the BULLETIN. The present order requires United Kingdom residents to transfer to the Bank of England as agent for the British Treasury their holdings of the securities listed below, including 69 common stocks, 56 preferred stocks, 27 bonds of private American corporations, and 5 dollar bond issues of the Belgian and Cuban Governments. Payment for the requisitioned securities will be made by the Bank of England on June 3 in the sterling equivalent (at the official buying rate for dollars of $4.03V2 to the pound) of the closing market prices for the securities in New York on April 19. Common Stocks Aluminum Company of America Amerada Corporation American Chain and Cable Company, Inc. American Light and Traction Company American Locomotive Company American News Company, Inc. American Power and Light Company Armstrong Cork Company Babcock and Wileox Company Baltimore and Ohio Railroad Company Bank of the Manhattan Company Barnsdall Oil Company Bendix Aviation Corporation Briggs Manufacturing Company Cities Service Company Cleveland Graphite Bronze Company Collins and Aikman Corporation Columbia Gas and Electric Corporation Detroit Steel Products Company Electric Bond and Share Company Electric Storage Battery Company Firestone Tire and Rubber Company First Boston Corporation Food Machinery Corporation General American Investors Company, Inc. Goodyear Tire and Rubber Company Grant (W. T.) Company Great American Insurance Company Gulf Oil Corporation Homestake Mining Company Illinois Central Railroad Company International Paper and Power Company Lerner Stores Corporation Libbey-Owens-Ford Glass Company Lorillard (P.) Company MeGraw Electric Company Marlin-Rockwell Corporation of Delaware Marlin-Rockwell Corporation of New York Mead Johnson and Company Melville Shoe Corporation Monsanto Chemical Company National Biscuit Company National Malleable and Steel Castings Company National Power and Light Company New York Air Brake Company Ohio Oil Company Pacific American Fisheries, Inc. Paraffine Companies, Inc. Pennroad Corporation Phelps Dodge Corporation Pittsburgh Plate Glass Company St. Regis Paper Company Shell Union Oil Corporation Simmons Company Skelly Oil Company Southern Railway Company Standard Brands, Inc. Standard Oil Company of Indiana Stone and Webster, Inc. Sylvania Industrial Corporation Union Bag and Paper Corporation United Gas Improvement Company United States Pipe and Foundry Company United States Playing Card Company Vanadium Corporation of America Vick Chemical Company Wolverine Tube Company Wrigley (Wm.), Jr. Company Youngstown Sheet and Tube Company Preferred Stocks Allied Stores Corporation, 5% cumulative preferred stock American Cities Power and Light Corporation, $2.75 cumulative Class A stock American and Foreign Power Company, Inc., $7 cumulative preferred stock American Power and Light Company, $5 preferred stock American Public Service Company, 7% cumulative preferred stock American Sugar Refining Company, 7% cumulative preferred stock American Water Works and Electric Company, Inc., $6 first preferred stock Arkansas Power and Light Company, $7 cumulative preferred stock Arkansas Power and Light Company, $6 cumulative preferred stock Central Illinois Public Service Company, $6 cumulative preferred stock Cities Service Company, $8 cumulative preferred stock Commonwealth and Southern Corporation, $6 cumulative preferred stock Continental Baking Company of Delaware, 8% cumulative preferred stock Continental Baking Corporation of Maryland, 8% preferred stock Crucible Steel Company of America, 5% convertible preferred stock Crucible Steel Company of America, 7% cumulative preferred stock Eastman Kodak Company, 6% cumulative preferred stock Electric Power and Light Corporation, $6 cumulative preferred stock Engineers Public Service Company, $6 cumulative preferred stock 1 See BULLETIN for February 1941, pp. 101-102; January 1941, Federal Water Service Corporation, $6 cumulative preferred stock p. 25 ; May 1940, pp. 408-409 ; and March 1940, pp. 206-207. 410 FEDERAL RESERVE BULLETIN British Mobilisation of United States Dollar Securities Gamewell Company, $6 cumulative convertible pre- West Penn Electric Company, 7% cumulative preferred stock ferred stock General Realty and Utilities Corporation, $6 pre- West Texas Utilities Company, $6 cumulative preferred stock ferred stock General Shareholdings Corporation, $6 cumulative Wheeling Steel Corporation, $5 cumulative convertible prior preferred stock convertible preferred stock Gillette Safety Razor Company, $5 cumulative convertible preference stock Bonds Gimbel Brothers, Inc., $6 cumulative preferred stock Goodrich (B. F.) Company, $5 cumulative preferred Alleghany Corporation, 5% Collateral Convertible Gold Bonds due 1944 stock Jersey Central Power and Light Company, 7% Alleghany Corporation, 5% Collateral Convertible Gold Bonds due 1949 cumulative preferred stock Kentucky Utilities Company, 6% cumulative pre- American and Foreign Power Company, Inc., 5% Gold Debentures due 2030 ferred stock Liggett and Myers Tobacco Company, 7% cumulative Associated Electric Company, 41/£% Gold Bonds due 1953 preferred stock Maytag Company, $3 cumulative preference stock Associated Electric Company, 5% Gold Bonds due 1961 Minnesota Power and Light Company, 7% cumulative Belgium, External 6% Bonds due 1955 preferred stock Minnesota Power and Light Company, $6 cumulative Belgium, External 7% Bonds due 1955 preferred stock Cities Service Power and Light Company, 5M*% DeNational City Lines, Inc., $3 cumulative convertible bentures due 1952 Cuba, External 41/2% Bonds due 1949 preferred stock New England Public Service Company, $7 cumulative Cuba, External 5% Bonds due 1944 Cuba, External 5V2% Bonds due 1953 preferred stock North American Company, 5 % % cumulative pre- Erie Railroad Company, First Consolidated Prior ferred stock Lien Gold Bonds due 1996 (bearer and registered) Northern States Power Company (Delaware), 7% Erie Railroad Company, Consolidated General Lien Gold Bonds due 1996 (bearer and registered) cumulative preferred stock Oxford Paper Company, $5 cumulative preference International Telephone and Telegraph Corporation, 4V2% Gold Debentures due 1952. stock, first series Pere Marquette Railway Company, 5% cumulative International Telephone and Telegraph Corporation, 5% Gold Debentures due 1955 prior preference stock Philadelphia Company, $6 cumulative preference Interstate Power Company, First Mortgage 5% Gold Bonds due 1957 stock Pittsburgh, Fort Wayne, and Chicago Railway Com- Mississippi River Power Company, First Mortgage 5% Bonds due 1951 pany, 7% preferred stock Pure Oil Company, 6% cumulative preferred stock Missouri Pacific Railroad Company, First and Refunding Mortgage 5% Gold Bonds: Series A due Remington Rand, Inc., $4.50 cumulative preferred 1965, Series F due 1977, Series G due 1978, Series stoek H due 1980, and Series I due 1981 (including cerRepublic Steel Corporation, 6% cumulative contificates of deposit) vertible preferred stock Revere Copper and Brass, Inc., 7% cumulative pre- Missouri Public Service Corporation, First Mortgage 5% Bonds, Series A due 1960 (bearer and regisferred stock tered) Selected Industries, Inc., $5.50 cumulative prior stock Southern California Edison Company, Ltd., 6% Southern Railway Company, First Mortgage Consolidated 5% Gold Bonds due 1994 (bearer and cumulative preferred stock registered) Southern California Edison Company, Ltd., Southern Railway Company, Development and Gencumulative preferred stock eral Mortgage 4%, 6%, and 6%% Gold Bonds. Southern Railway Company, 5% non-cumulative Series A due 1956 preferred stock Southwestern Light and Power Company, $6 cumu Standard Gas and Electric Company, 6% Gold Notes due 1948 lative preferred stock Tide Water Associated Oil Company, $4.50 cumu Standard Gas and Electric Company, 6% Convertible Gold Notes due 1948 lative convertible preferred stock Tri-Continental Corporation, $6 cumulative pre Standard Gas and Electric Company, 6% Gold Debentures due 1951 ferred stock Utah Power and Light Company, $7 cumulative pre- Standard Oil Company of New Jersey, 3% Debentures due 1961 ferred stock Utility Equities Corporation, $5.50 cumulative con Standard Power and Light Corporation. 6°fc Gold Debentures due 1957 vertible priority stock MAY 1941 Aiemlret Sank £ MI in 1940 EMBER bank earnings and profits in 1940 were about the same as in 1939. As shown in the table at the bottom of this page, larger gross earnings were almost entirely offset by larger expenses, and net current earnings were practically unchanged. Somewhat smaller charge-offs and losses on loans and securities were offset by smaller profits on securities sold. The rate of net profits on total capital accounts in 1940, at 6.2 per cent, was only slightly lower than in the previous year but appreciably higher than in 1938. Continuing the trend of the past few years, the proportion of total earnings accounted for by interest on loans increased in 1940 and the proportion of earnings from securities declined, but compared with pre-depression years income from loans is still small and income from securities large in relation to total earnings. Except for the further growth in service charges, little change was shown in the other items of income. Salaries and wages paid to both officers and employees rose further in 1940, reflecting in part an increase in the number of officers and employees, and were larger than in any other year since 1931. Interest payments on deposits continued their long-term decline and in 1940 were at a rate of less than 1*4 Per cent on aggregate time deposits. Real estate taxes were practically unchanged; "other taxes", which include income taxes, increased appreciably; and unitemized expenses were also larger than in other recent years. Owing t;o the similarity of movement in total earnings and total expenses, net current earnings continued stable at their $400,000,000 level. Net profits were also stable at about $350,000,000, and there were no very large changes in the items comprising recoveries, security profits, charge-offs, etc. Dividends in 1940, as in 1939, totaled slightly more than half of net current earnings and about threefifths of net profits. They amounted to 8.9 per cent of capital stock and 3.8 per cent of total capital accounts. Revision in form of publication.—Detailed figures of member bank earnings and related items, together with selected ratios, are presented on pages 467-472 of this BULLETIN in a somewhat different form from that followed in previous years. Data for member banks, by reserve classification—both in total and by Federal Reserve districts—have been added, and additional information concerning asset holdings has been included. Halfyear figures and detailed comparisons with preceding-year figures have been omitted, since most of them are available elsewhere or may be derived. A series of 27 selected ratios has been substituted for the other ratios formerly published, many of which had lost much of their analytical value in recent years. MEMBER BANK EARNINGS, CALENDAR YEARS, 1927-1940 [Amounts in millions of dollars] Item 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 Earnings—total _ _ _ _ __ _ _. 2,014 1,254 I n t e r e s t a n d discount on loans Interest a n d d i v i d e n d s on securi458 ties • _ _ - - _ _ Service charges on deposit accounts 0) 301 All other earnings 2,194 1,374 2,399 1,563 2,158 1,349 1,841 1,073 1,554 851 1,237 604 1,244 540 1,207 498 1,271 513 1,321 553 1,274 544 1,296 560 1,323 595 498 473 472 363 336 480 (l) 288 458 321 245 0) 426 21 186 474 28 202 467 36 205 487 39 231 481 45 243 448 51 232 444 54 237 431 59 238 1,516 420 406 82 226 110 273 1,614 440 439 75 235 114 310 1,684 464 445 68 246 112 348 1,604 452 451 73 225 113 290 1,335 413 387 53 141 86 256 1,143 357 302 35 98 67 285 859 306 232 13 43 58 207 849 327 227 3 12 62 216 833 334 196 3 9 64 226 872 352 175 2 7 81 255 902 372 174 2 5 86 263 890 380 171 (2) (2) 82 257 895 388 159 (2) (2) 85 262 921 400 147 (2) (2) 100 273 -_ __ 498 580 715 554 506 410 378 394 374 399 419 384 401 402 Recoveries, profits on securities, etc.__ Losses and depreciation __ 158 209 141 217 137 295 118 365 127 620 113 125 376 858 508 442 256 338 279 778 254 873 327 380 303 356 -255 -356 465 337 199 201 6,376 6,341 Expenses—total Salaries and wages Interest on time deposits 2 Interest on interbank deposits Int. on dem. deps. (excl. interbank) Taxes - All other expenses ___ _ . Net current earnings Net profits Cash dividends declared 3 Number of banks 4 . _ - _. __ _ 0) 0) 447 504 557 307 12 299 318 387 367 335 9,034 8,837 8,522 8,052 7,246 245 6,816 150 6,011 -225 173 6,442 538 212 187 6,387 398 265 198 6,338 347 349 207 210 6,362 6,486 1 Included in "all other earnings." 3 includes interest on capital notes and debentures. 2 4 Beginning with 1938 "interest on time deposits" comprises all At end of year, interest on deposits except interest (if any) on demand deposits. NOTE.—The amounts in this table are rounded to the nearest million and consequently do not balance exactly. For more detail, see page 467 of this BULLETIN (1940 figures) and page 465 of the May 1940 BULLETIN (1927-1939 figures). 412 FEDERAL RESERVE BULLETIN A/atlonat ^ummatu o-k £u5ine&5 (Condition5 Compiled April 17 and released for publication April 19. Figures shown on charts may differ from preliminary figures used in text. activity increased further in at the current rate of sales. Output of lumMarch but declined somewhat in the first ber, which had been sustained at unusually IhalfNDUSTRIAL of April owing to temporary reductions high levels during the winter months, rose in output of bituminous coal and automobiles. Wholesale prices of many commodities advanced considerably and the Government took steps to limit price advances of some additional industrial materials. Production Volume of industrial output continued to increase in March and the Board's seasonally adjusted index rose from 141 to 143 per cent of the 1935-39 average. Activity increased further in most durable goods industries, particularly in those producing machinery, aircraft, ships, and armament. Steel production increased to about 100 per cent of rated capacity. Automobile production, which usually increases considerably in March, showed little change from the high rate reached in February. In the first half of April output was reduced considerably owing to a shutdown at plants of the Ford Motor Company during an industrial dispute which was settled about the middle of the month. Retail sales of new and used cars advanced to new peak levels in March and dealer's stocks at the beginning of April amounted to about a month's supply less than seasonally; Activity in the textile and shoe industries increased further in March. Cotton consumption rose to a record level of 854,000 bales and there was also an increase in rayon deliveries. At wool textile mills activity was sustained at the peak rate reached in February, not showing the usual large seasonal decline, and in the chemical and rubber industries further advances were reported. Bituminous coal production rose considerably, while output of crude petroleum was maintained in March at about the rate that had prevailed in the four preceding months. In the first half of April coal production declined sharply, however, as most mines were closed pending conclusion of contract negotiations between mine operators and the miners' union. Production of nonferrous metals continued in large volume in March and deliveries of refined copper showed a sharp rise as domestic production was supplemented by supplies received from South America. Construction contract awards rose sharply in March and were larger than in any month since the middle of 1930, according to the F. W. Dodge Corporation data. The rise was INDUSTRIAL PRODUCTION 1 140 130 100 150 j 140 1 / " J 110 PRICES 160 i 1 120 WHOLESALE ! 130 120 110 \ 100 j 90 90 1 j 50 50 1938 1941 1935 1936 1937 1938 1939 1940 1941 Bureau of Labor Statistics' indexes, 1926 = 100. "Other" inFederal Reserve index of physical volume of production, adjusted for seasonal variation, 1935-39 average = 100. By months, cludes commodities other than farm products and foods. By weeks, January 5, 1935, to week ending April 19, 1941. January 1935 to March 1941. MAY 1941 413 National Summary of Business Conditions Informal action was taken by the Government to discourage price increases of some additional industrial materials and maximum price schedules were established for steel, bituminous coal, secondary and scrap aluminum and zinc, and iron and steel scrap. Sharp reductions in prices of some kinds of nonferrous metal scrap resulted. Announcement of an expanded Federal purchase program for hog, dairy, and poultry products Distribution was followed by price increases for these and In March distribution of commodities to related products. consumers was sustained at the high level reached in February. Sales at mail-order Bank Credit houses and department stores increased seasonally and variety store sales showed more Total loans and investments at reporting member banks in 101 cities increased during than the usual seasonal rise. Freight-car loadings increased by about March and the first two weeks of April. the usual seasonal amount. Loadings of coal Commercial loans continued to rise substanand grain rose considerably, while shipments tially, and holdings of United States Governof miscellaneous freight, which in previous ment securities increased further, reflecting months had risen steadily, on a seasonally purchases of new Treasury offerings. adjusted basis, showed a smaller increase than is usual at this time of year. United States Government Security Prices Prices of United States Government secuCommodity Prices rities declined irregularly from March 15 to Prices of basic commodities continued to April 9 but subsequently rose slightly. The advance sharply from the middle of March 1960-65 bonds showed a net loss of about to the middle of April. There were sub- % of 1 point on April 15, following a rise of stantial increases in prices of domestic food- about 3^4 points in the previous month. The stuffs and further advances in burlap, cotton, yield on this issue on April 15 was 2.14 per rubber, and lead. Increases were also re- cent, compared with 2.03 per cent at the allported in wholesale prices of a number of time peak in prices on December 10, and 2.30 manufactured products and the general index per cent at the recent low in prices on Februof the Bureau of Labor Statistics rose two ary 15. points to 83 per cent of the 1926 average. chiefly in awards for publicly-financed work, which had been reduced considerably in January and February, and in private nonresidential projects, particularly factory construction. Awards for private residential building, which had been unusually large during the winter months, showed less than the customary seasonal rise in March. MEMBER BANKS IN 101 LEADING CITIES DEPARTMENT STORE SALES AND STOCKS IILLIONS OF DOLLARS 1935 1935 1936 1937 1938 1939 1940 1936 1937 1938 1939 1940 1941 1941 Wednesday figures, January 2, 1935, to April 16, 1941. ComFederal Reserve indexes of value of sales and stocks, adjusted mercial loans, which include industrial and agricultural loans, represent prior to May 19, 1937, so-called "Other loans" as then for seasonal variation, 1923T25 average = 100. By months, Janreported. uary 1935 to March 1941. 414 FEDERAL RESERVE BULLETIN FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve Bank credit, and related items. Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements. . . Federal Reserve Bank statistics. . Reserve position of member banks; deposits in larger and smaller centers. Money in circulation. Gold stock and gold movements; bank suspensions; bank debits. All banks in the United States, number, deposits, loans and investments. Condition of all member banks. Weekly reporting member banks. Commercial paper, bankers' acceptances, and brokers' balances. Money rates and bond yields. . Security markets. Treasury finance Governmental corporations and credit agencies; Postal Savings System Business Indexes. . Department store statistics. Wholesale prices Statistics for Federal Reserve chart book. Changes in number of banks and branches in the United States Condition of insured commercial banks in United States and Possessions, December 31, 1940 and June 29, 1940. Group banking December 31, 1940. Number, branches, and deposits, by States Statistics of all banks in the United States Member bank earnings, 1940. 417 418 419-423 424 425 426 427 428-429 430-433 434 435 436 437-438 439-440 441-451 452 453 454-456 457 458 459-461 462-466 467-472 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve Banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury, or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Current figures compiled by the Board are generally released prior to publication in the BULLETIN and press statements will be sent without charge to those wishing them. For a list of current releases see FEDERAL RESERVE PUBLICATIONS at the back of this BULLETIN. MAY 1941 415 MEMBER BANK RESERVES AND RELATED ITEMS WEDNESDAY BILLIONS OF DOLLARS FIGURES BILLIONS OF DOLLARS 24 24 22 20 18 16 14 12 MEMBER BANK RESERVE BALANCES 10 10 2 0 1935 1936 1937 1938 1939 1940 1941 Latest figures for April 23. See page 417. 416 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 Total All other Ma- Reserve Maturing turing Bank with- after credit * 5 in 5 years years Total Gold stock Treasury currency outstanding Money in circulation Treasury cash holdings M e m :>er b a n k reserve Treasbalan ces ury deOther posits NonFedwith memeral Fedber Reeral deserve Reposits acExserve counts Total cess Banks Monthly averages of daily figures: 1940—January.... February._ March 1941—January February _. March 7 7 3 3 2 2 2,479 2,477 2,476 2,184 2,184 2,184 1, 220 1,213 1,209 1,048 1,048 1,012 1,259 1,264 1,267 1,136 1,136 1,172 56 62 59 85 67 76 2,542 2,546 2,539 2,272 2,254 2,262 17,804 18,061 18, 310 22,063 22,143 22, 319 2,966 2,976 2,986 3,092 3,100 3,105 7,443 7,426 7,488 8,591 8,679 8,835 2,361 2,361 2,362 2,193 2,205 2,202 584 600 612 265 548 618 689 732 759 1,755 1,787 1,767 250 248 252 283 282 285 11,985 12,215 12, 362 14, 339 13, 996 13,979 5,464 5,626 5,734 6,832 6,422 6,304 End of month figures: 1940—Jan. 31 Feb. 29 Mar. 30 1941—Jan. 31 Feb. 28 Mar. 31 7 7 4 2 3 3 2,477 2,477 2,475 2,184 2,184 2,184 1,220 1,209 1,209 1,048 1,048 955 1,258 1,268 1,266 1,136 1,136 1,230 18 62 50 64 78 56 2,503 2,547 2,529 2,250 2,265 2,243 17,931 18,177 18,433 22,116 22, 232 22, 367 2,970 2,981 2,990 3,097 3,102 3,109 7,376 7,455 7,511 8,593 8,781 8,924 2,359 2,372 2,371 2,193 2,187 2,236 549 562 702 688 343 1,180 723 740 691 1,777 1,805 1,721 248 247 255 282 281 288 12,150 12,328 12,423 13,930 14, 203 13, 371 5,559 5,692 5,828 6,380 6,534 5,776 Wednesday figures: June 5 June 12 June 19 June 26 3 2 2 2 2,477 2,477 2,473 2,473 1,206 1,206 1,206 1,206 1,271 1,271 1,267 1,267 50 43 63 36 2,530 2,523 2,539 2,511 19, 281 19, 427 19, 769 19,871 3,008 3,009 3,011 3,012 7,718 7,717 7,741 7,780 2,205 2,200 2,204 2,186 308 265 298 301 949 1,014 1,098 1,139 252 253 266 266 13, 387 13, 510 13,712 13, 723 6,533 6,607 6,767 6,801 July July July July July 3 10 17 14 _.__ 31 2 2 2 3 4 2,450 2,450 2,450 2,450 2,448 1,202 1,202 1,202 1,202 1,202 1,248 1,248 1,248 1,248 1,246 51 39 49 38 32 2,503 2,491 2,501 2,491 2,484 20,003 20,166 20, 256 20, 367 20, 463 3,014 3,015 3,016 3,020 3,024 7,924 7,884 7,872 7,854 7,883 2,190 2,191 2,199 2,229 2,250 221 297 278 643 694 1,245 1,274 1,299 1,327 1,382 262 261 261 261 262 13, 13, 13, 13, 13, 737 764 863 565 498 6,812 6,833 6,882 6,570 6,514 Aug. Aug. Aug. Aug. 7 14-.._ 21 28 3 3 3 4 2,446 2,446 2,446 2,442 1,202 1,202 1,202 1,198 1,244 1, 244 1,244 1,244 22 47 44 35 2,471 2,495 2,492 2,480 20, 20, 20, 20, 568 689 800 871 3,025 3,027 3,030 3,034 7,929 7,944 7,976 8,006 2,276 2,281 2,291 2,291 923 940 889 813 1,386 1,444 1,486 1,498 263 262 261 261 13, 296 13, 340 13,419 13, 516 6,325 6,392 6,417 6,487 Sept. 4 Sept 1 1 . — Sept. 1 8 . — Sept. 25 6 5 4 5 2,434 2,434 2,434 2,434 1,191 1,191 1, 191 1,191 1,243 1,243 1.243 1,243 51 47 57 34 2,490 2,485 2,495 2,472 20,944 20, 981 21,093 21,166 3,036 3,038 3,040 3,041 8,092 8,080 8,084 8,090 2,292 2,287 2,311 2,298 791 762 790 793 1,510 1,520 1,549 1,525 261 260 270 270 13, 13, 13, 13, 524 596 624 703 6,494 6,541 6,531 6,645 Oct. Oct Oct. Oct. Oct. 6 8 4 4 4 2,424 2,399 2,384 2,352 2,333 1,181 1,075 1,108 1,086 1,074 1,243 1,325 1,276 1,266 1,259 53 38 94 32 44 2,482 2,445 2,481 2,388 2,381 21,271 21,349 21, 373 21,428 21, 499 3,046 3,048 3,052 3,055 3,056 8,172 8,199 8,229 8,236 8,265 2,294 2,294 2,268 2, 232 2,187 678 579 463 383 376 1,587 1,574 1,660 1,600 1,569 268 270 271 272 272 13, 800 13, 927 14,016 14,148 14,177 6,721 6,816 6,869 6,940 6,930 2 9 16 23 30 Nov. Nov. Nov. Nov. 6 13.— 20 27..__ 4 4 4 4 2,327 2,254 2,231 2,204 1,070 1,044 1,036 1,025 1,258 1,210 1,195 1,180 30 67 67 68 2,362 2,326 2,302 2,276 21, 21, 21, 21, 581 637 716 755 3,060 3,062 3,066 3,069 8,385 8,395 8,436 8,465 2,221 2,211 2,188 2,182 465 404 310 199 1,681 1,688 1,749 1,685 271 275 276 278 13, 979 14.052 14,127 14, 292 6,732 6,795 6,800 6,931 Dec. Dec. Dec. Dec. Dec. 4 11 18 24 31 4 5 4 4 3 2,195 2,184 2,184 2,184 2,184 1,020 1,020 1,048 1,048 1,048 1,176 1,165 1,136 1,136 1,136 67 51 117 149 88 2,266 2,241 2,306 2,336 2,274 21, 827 21, 858 21, 898 21,930 21, 995 3,074 3,077 3,081 3,082 3,087 8,569 8,625 8,716 8,817 8,732 2,204 2,197 2,204 2,213 2,213 255 235 570 481 368 1,708 1,687 1, 702 1,711 1,732 278 279 289 289 284 14,154 14,152 13, 804 13, 837 14, 026 6,816 6,785 6,395 6,438 6,615 1941—Jan. 8 Jan.15 Jan. 22 Jan. 29 3 4 4 3 2,184 2,184 2,184 2,184 1,048 1,048 1,048 1,048 1,136 1,136 1,136 1,136 50 67 69 41 2,237 2,254 2,256 2,228 22, 034 22, 066 22, 089 22,110 3,034 3,092 3,095 3,097 8,628 8,542 8,541 8,548 2,203 2,195 2,196 2,200 220 237 261 258 1,740 1,742 1,750 1,799 284 283 283 283 14, 284 14,414 14,410 14,347 6,835 6,896 6,864 6,799 5 12 19 26 2 3 2 3 2,184 2, 184 2,184 2,184 1,048 1,048 1,048 1,048 1,136 1,136 1,136 1,136 31 74 49 36 2,217 2,260 2,235 2,223 22, 122 22,130 22,140 22, 179 3,099 3,100 3,102 3,101 8,627 8, 665 8,668 8,725 2,212 2,212 2, 222 2,204 692 622 479 368 1,784 1,837 1,785 1,752 283 283 282 281 13,842 13,871 14. 021 14,175 6,306 6,331 6,440 6,542 Mar. 5 Mar. 1 2 . . . . Mar. 19 Mar. 26 2 1 1 1 2,184 2,184 2,184 2,184 1,048 1,048 984 984 1,136 1,136 1,201 1,201 51 59 73 35 2,237 2,244 2,259 2,221 22, 237 22,318 22,335 23, 359 3,103 3,106 3,104 3,108 8,805 8,811 8,826 8,842 2,192 2,196 2,208 2,230 391 421 913 906 1,772 1,748 1,721 1,788 280 280 289 288 14,136 14.211 13,741 13, 633 6, 435 6,483 6,106 6,011 Apr. Apr. Apr. Apr. 1 5 1 2 2,184 2,184 2,184 2,184 955 955 1,008 1,008 1.230 1,230 1,177 1,177 59 46 100 53 2,244 2,235 2,286 2,239 22, 22, 22, 22, 3,110 3,113 3,116 3,118 8,944 8,993 8,989 8,992 2, 251 2,272 2,269 2,299 1,045 813 534 947 1,704 1,740 1,763 1,808 288 288 289 289 13, 506 13,656 13, 979 13, 506 5,941 6,027 6,264 5,760 Feb. Feb. Feb. Feb. 2 9 16 23 384 413 421 482 1 Includes industrial advances and bills bought, shown separately in subsequent tables. 2 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. MAY 1941 417 FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Rediscounts and advances under sections 13 and 13a of the Federal Reserve Act except last paragraph of Section 13 Secured by direct and eligible guaranteed obligations of the U. S. Federal Reserve Bank Rate May 1 Boston New York Philadelphia,. Cleveland Richmond Atlanta Chicago St. Louis Minneapolis.. Kansas City.. Dallas San Francisco 1 ii 1 In effect beginning- All other Rate May 1 Sept. 1, 1939 Aug. 27, 1937 Sept. 4, 1937 May 11, Aug. 27, Sept. 16, Sept. 1, Sept. 21, Aug. 24, Sept. 16, Sept. 16, Sept. 3, Advances secured by direct obligations of the United States (last paragraph of Section 13 of the Federal Reserve Act) Advances under Section 10 (b) of the Federal Reserve Act To banks In effect beginningSept. 1, 1939 Aug. 27, 1937 Sept. 4, 1937 M a y 11, 1935 Aug. 27, 1937 Aug. 21, 1937 Aug. 21, 1937 Sept. 2, 1937 Aug. 24, 1937 Sept. 3, 1937 Aug. 31, 1937 Sept. 3, 1937 1935 1937 1939 1939 1939 1937 1939 1939 1937 Rate May 1 In effect beginning2, Oct. 10, Sept. 4, Oct. 19, Sept. 10, Aug. 21, Aug. 21, Sept. 2, Aug. 24, Sept. 3, Aug. 31, Sept. 17, In effect beginning- Rate May 1 1937 1935 1937 1935 1937 1937 1937 1937 1937 1937 1937 1937 To others Sept. 1, Aug. 25, Sept. 1, Sept. 1, Sept. 1, Sept. 16, Sept. 1, Sept. 16, Sept. 1, Sept. 16, Sept. 16, Sept. 1, 1 o> k W2 1 1 1 In Rate effect May 1 beginning- 1939 1939 1939 1939 1939 1939 1939 1939 1939 1939 1939 1939 Apr. 29, 1938 Feb. 8, 1934 Sept. 1, 1939 May 11, 1935 Feb. 19, 1934 Apr. 23, 1938 Oct. 16, 1933 Feb. 23, 1935 Oct. 8, 1938 Apr. 16, 1938 Apr. 16, 1938 Oct. 19, 1933 1 Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent. Back figures—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES [Per cent per annum] Rate in effect on May 1 Maturity 1-15 days 1... 16-30 days... 31-45 days... 46-60 days... 61-90 days... 91-120 days.. 121-180 days. 1 In effect beginning— Previous rate Oct. 20, 1933 ...do ...do ...do ...do ...do. ...do 1 1 1 1 1 1 1 This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less. NOTE.—Minimum buying rates at the Federal Reserve Bank of New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum rates apply to purchases, if any, made by other Federal Reserve Banks. Back figures—See Annual Report for 1937 (table 41). MEMBER BANK RESERVE REQUIREMENTS [Per cent of deposits] Classes of deposits and banks June 21, Aug. 16, Mar. 1, May 1, Apr. 16, 19371917193619371938Aug. 15, Feb. 28, Apr. 30, Apr. 15, and 1937 1938 1936 1937 after FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES Rates in effect May 1 on advances and commitments under Section 13b of the Federal Reserve Act [Per cent per annum except as indicated by footnotes » and 7] Advances direct to industrial or commercial organizations Federal Reserve Bank Boston New York Philadelphia Cleveland.. Richmond Atlanta Chicago St. Louis Minneapolis Kansas City.. Dallas San Francisco _ _. On portion for which institution is obligated i On remaining portion * 4-6 3 2-3 2-5 33^5 4-6 4-6 3-6 3-6 4-6 3-6 3^6 4 4 3-4 3-6 4 4-6 4-5 2 _ Advances to or in participation with financing institutions 3-6 4-6 4-6 4-6 Commitments to make advances 1-2 1-2 1-2 1-2 ( 7 )2 1 The Federal Reserve Banks of New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas may charge same rate as charged borrower by financing institution, if lower than rate shown. 2 Same as rate charged borrower by financing institution. 3 One per cent less than rate charged borrower by financing institution. 173^ 4 12 One per cent less than rate charged borrower by financing institution with minimum of three per cent (see note 05 One-half of one per cent less than rate charged borrower by financing institution with minimum of four per cent (see note *)• 6 Minimum charge one-fourth of one per cent. 1 See footnote to table on p. 424 for explanation of method of com7 Minimum charge one-half of one per cent. puting net demand deposits. On net demand deposits:1 Central reserve city.. Reserve city Country On time deposits: All member banks... MAXIMUM RATES ON TIME DEPOSITS MARGIN REQUIREMENTS1 Prescribed by Board of Governors of the Federal Reserve System in Maximum rates that may be paid by member banks as established by the Board of Governors under provisions of Regulation Q accordance with Securities Exchange Act of 1934 [Per cent per annum] [Per cent of market value] Apr. 1, 1936Oct. 31, 1937 For extensions of credit by brokers and dealers on listed securities, under Regulation T For short sales, under Regulation T For loans by banks on stocks, under Regulation U Nov. 1, 1937 and after Nov. 1, 1933 Feb. 1, 1935 In effect to to beginning Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936 Savings deposits Postal savings deposits Other time deposits pay55 able in: 6 months or more _. 90 days to 6 months 1 Regulations T and U limit the amount of credit that may be exLess than 90 days tended 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. NOTE.—Maximum rates that may be paid by insured nonmember 2 Requirement under Regulation T was the margin "customarily banks as established by the Federal Deposit Insurance Corporation, required" by the broker. effective February 1, 1936, are the same as those in effect for member 3 banks. In some States the maximum rates established by the Board Regulation U became effective May 1, 1936. NOTE.—Regulations T and U also provide special margin requirements and the Federal Deposit Insurance Corporation are superseded by lower maximum rates established by State authority. on "omnibus" accounts and loans to brokers and dealers. 418 55 (2) 3 40 50 40 FEDERAL RESERVE BULLETIN PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1941 Apr. 23 Apr. 16 Apr. ! 1940 Apr. 2 M a r . 26 Mar. 19 Mar. Mar. 12 Feb. Mar. Assets Gold certificates on hand and due from U. S. Treasury __. 20,159, 729 20,124, 731 20, 111, 281 20,101,279 20,102,279 20,103,281 20,103, 279 20,102, 282 20, 020, 282 16, 067, 621 10, 507 10, 507 10,488 10,488 10, 570 10, 914 10,914 9,829 10,244 8,239 Redemption fund—F. R. notes 334,198 325,987 323,880 341,056 332,163 315, 517 327,660 324,109 335,765 375,025 Other cash Total reserves. 20, 504, 43420,461, 225 20, 437,286 20,435, 647 20, 453, 905 20, 446, 358 20, 441,853 20, 436,220 20, 366,16,450,885 291 Bills discounted: For member banks For nonmember banks, etc.. Total bills discounted. Industrial advances U. S. Government securities: direct Bonds Notes Guaranteed 2,217 1,218 4,966 1,041 2,217 1,218 4,966 1, 041 7,491 7,470 7,396 7,820 1,171 1,352 2,950 2,762 2,688 1,010 1,171 1,352 2,950 2,762 3,698 7,874 7,894 7,957 10, 350 1,359, 200 1, 359, 200 1, 359, 2C0 1, 359,200 1, 330, 200 1, 330, 200 1, 280,000 1, 359, 200 1, 280,000 1, 331, 295 820, 300 820, 300 820, 300 820, 300 849, 300 899, 500 899, 500 1,132,172 820, 300 849, 300 4,600 4,600 4,600 4,600 4,600 4,600 4,600 4,600 4,600 11, 803 Total U. S. Government securi2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,475, 270 ties, direct and guaranteed Other Reserve Bank credit outstanding 45, 628 47,854 70,174 93, 359 50, 623 38,983 27, 395 65, 423 39,811 50,961 Total Reserve Bank credit outstanding.. 2, 239, 436 2, 286,147 2, 235, 445 2,243,922 2, 220, 750 2, 258, 588 2, 243,956 2, 242, 778 2, 264,864 2, 529,129 Liabilities F. R. notes in actual circulation. 6,217,967 6, 206, 272 6,196,923 6,159, 227 6,079, 444 6, 063, 061 6, 047, 336 6,143, 059 6, 022, 032 4,930,814 Deposits: Member bank—reserve account... 13, 505, 723 13,979,130 13, 655, 535 13,!, 505,824 13, 632, 769 13,I, 740, 639 14, 1,659 14,203,074 12, 422, 522 t, 210, 842 13, 370, U. S. Treasurer—general account.. 946,798 533, 715 912,814 421, 423 1,180, 082 702, 219 812,666 1, 044,871 343, 383 906, 276 Foreign 1, 272, 37 1, 243, 299 1, 265, 753 1,148, 403 1,168,152 1,174, 707 1,163,143 1,154, 636 1,164, 353 362, 383 Other deposits 535, 630 328,180 520,127 555, 458 546, 721 474, 776 585, 202 566, 738 619, 609 640,172 Total deposits. 16, 260,530 16, 276, 271 16, 208, 730 16, 254, 556 16, 326,806 16, 374,881 16, 380, 610 16, 272,115 16, 350, 982 13,815, 304 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent) 91.2 91.0 91.2 91.2 91.1 91.1 91.3 91.2 91.0 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Bills discounted: Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Industrial advances: M a r . 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 U. S. Government securities, direct and guaranteed: Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 MAY 1941 6 months 1 year 31 to 60 61 to 90 91todays to to 6 days days 1 year months 2 years Within 15 days 16 to 30 days 1,298 1,041 4,966 1,218 2,217 779 4,700 832 1,766 58 79 30 71 56 71 67 82 53 58 61 151 151 106 97 72 65 146 15 5 4 24 42 7,957 7,820 7,396 7,470 7,491 1,198 1,186 860 961 961 273 295 200 173 161 143 113 117 131 139 123 168 139 149 137 836 1,006 1,018 976 970 1,279 1,139 1,143 1,108 1,155 58, 300 57,000 57, 000 57, 000 57, 000 57, 000 Total 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 127,800 127, 800 127,800 127, 800 127, 800 2 years to 5 years 1,827 1,788 1,806 1,835 1,834 2,278 2,125 2,113 2,137 2,134 107,000 136, 300 136, 300 136,300 136, 300 633, 400 633,400 633,400 686,400 686, 40u Over 5 years 1,200,600 1, 229, 600 1, 229, 600 1,176, 600 1,176, 600 STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston New York Philadelphia Cleveland Richmond Atlanta Chicago MinSt. Louis neapolis Kansas City Dallas San Francisco Assets Gold certificates on hand and due from U . S . Treasury: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Redemption Fund:—Federal Reserve notes: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Other cash: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Total reserves: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Bills discounted: Secured by U . S . Government obligations, direct and guaranteed: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Other bills discounted: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Total bills discounted: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Industrial advances: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 U.S. Government securities, direct and guaranteed: Bonds: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Notes: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Total U. S. Government securities, direct and guaranteed: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16. Apr. 23 420 20,103,281 1,259,166 20,102, 279 1, 242, 741 9,646, 515 20,101, 279 1,250, 490 9, 777, 544 20, 111, 281 1, 219, 653 9, 563, 990 20,124, 731 1, 200, 268 9, 480, 450 20,159, 729 1, 205, 94" 9, 454, 111 1,134, 475 1,154, 089 1,176, 311 1,178, 627 1,152,061 1,187, 664 1, 421, 543607, 491 423, 288 2, 883, 77' 437, 762 317, 434,131 314,871 1,200,397 ' " 446, 220 323, 557 442,180 311, 395 1,198,688 1,399, 422 615, 443 437,970 2, 884, 059 1, 418, 946611, 586 432, 306 2,724,017'433,916 322, 903 445,808 308, 771 1,198,681 1,418, ~~ 628, 304 437, 68:2,886, 013 457,150 320, 046 451,217 ,217 307, 682 1, 242, 029 1,465, 400 632, 097 435, ,641 2,978, 258 465,i, 036310,101 449,870 302,908 1, 252, 641 1, 439,122 652, 270 431,090 3,022, 094 461,156 298, 473 453, 546 310, 744 1, 243, 512 10, 914 10, 570 10, 488 10, 488 10, 507 10, 507 840 781 73' 737 672 672 1,519 1,270 1,064 1,064 780 780 491 403 1,323 1,323 1,226 1,226 678 606 532 532 1,000 1,000 1,389 1,718 1,339 1,339 1,559 1,559 1,250 1,214 1,112 1,112 1,06' 1,067 1,635 1,54' 1,473 1,473 1,382 1,382 332,163 341,056 323, 880 315, 51" 325,98' 334,198 24, 47J 25, 086 24,146 24, 258 24, 332 25, 245 82, 040 89,769 81,129 85, 295 79, 709 85, 673 27,437 28, 588 28, 596 26, 638 26, 584 26, 961 22, 822 22, 426 21, 279 20, 422 23,373 23, 203 18, 434 16, 003 17, 785 15, 424 18, 424 17, 721 23, 928 22, 270 22, 220 20, 211 25,073 24, 297 46, 576 48, 456 44, 220 43, 004 41, 398 41, 783 20,446, 358 1,284, 481 9,751,957 20, 453, 905 1, 268, 608 9, 737, 554 20,435,64" 1, 275, 373 9, 859, 737 20, 437, 286 1,244, 648 9, 650, 349 ~~ 20, 461, 225 1, 225, 272 9,560, 939 20, 504, 434 1, 231,864 9, 540, 564 1,162,403 1,183,080 1, 206, 230 1, 206, 588 1,179,871 1, 215,851 526 510 491 491 473 473 233 225 205 205 195 195 279 263 236 236 215 215 15, 968 16, 656 14, 66: 14, 974 16, 808 18,133 7,067 7,436 6,644 5,876 6,738 5,946 18, 280 17, 216 17, 928 15, 552 16, 793 15, 736 933 922 887 13,590 14, 577 13, 578 14, 766 14,846 15,151 1,141 1,111 1,078 1,078 1,051 1,051 31, 546 32, 573 31,688 29, 097 31, 909 34, 349 1,445, 043 627,314 448,466 2,931,985 454, 256 325, 285 452,690 329, 394 1, 233, 084 1, 422, 454"633,164 "" '"' '461,4542, 934,062463, 386 331, 218 459, 659 326, 894 1, 232, 372 1, 440, 75'630, 710 455, 638 2, 769, 710449,074 329, 752 463, 972 323, 247 1, 231, 447 1, 439, 837'645; i, 067459, 010 2, 930,490472, 615 326,127 467,,005 323, 346 1, 272, 204 " 878 318, 641 1, 285, 601 1, 489, 773652,080 461, 781 3,021,038 482, 31 317,034'466, 1,463, 325 671, 550 456, 454 1,065, 259479, 762 304, 614 469, 497 326, 782 1,278,912 3; 35 33 43 35 210 85 808 882 612 4,587 736 1,617 380 605 250 4,225 265 960 136 22 27 18 23 38 363 416 429 379 482 600 104 140 11' 139 155 21 16 14 12 30 34 49 49 49 46 44 41 139 139 139 119 124 174 42 32 32 32 32 32 11 10 10 10 10 10 40 31 20 141 169 137 135 142 161 183 201 169 167 174 193 10 33 23 69 79 47 4: 47 1,171 1, 298 1,041 4,966 1,218 2,217 85 85 30 60 459 709 390 4,342 404 1,115 157 38 41 30 53 72 49 49 49 46 44 191 43 35 210 85 11 10 10 57 57 57 53 124 179 170 159 119 124 206 7,894 7,95: 7,820 7,396 7,470 7,491 910 908 905 905 805 801 1,752 1,752 1,743 1,738 1,738 1,738 2,276 2,282 2,280 2,264 2,314 2,342 212 211 199 217 264 262 756 755 755 754 848 847 350 350 249 246 241 241 355 353 345 346 337 339 361 446 446 350 348 350 72 72 72 72 71 71 27 277 27 276 276 276 571 549 549 228 228 224 110, 285 110, 285 114, 043 114,043 114,043 114, 043 180, 456 180,456 182, 639 182, 639 182, 639 182, 639 1, 334,: 1, 334, 800 1, 363, 800 1, 363,800 1, 363, 800 1, 363,800 96,855 96, 855 98, 544 98,544 98, 544 98, 544 386, 550 386, 550 389,312 389, 312 389, 312 389, 312 106, 854 106, 854 108,110 108,110 108,110 108,110 131, 580 131, 580 136, 462 136, 462 136, 462 136, 462 73, 323 73, 323 75, 859 75, 859 75, 859 75, 859 55, 681 55, 681 59, 247 59, 247 59. 247 59, 247 149, 675 149, 675 156, 506 156, 506 156, 506 156, 506 63, 032 63,032 63, 283 63, 283 63, 283 63, 283 40, 857 40,857 41,178 41,178 41,178 41,178 67,i 67, 039 66, 277 66, 277 66, 277 66, 277 849, 300 849, 300 820, 300 820, 300 820, 300 820, 300 61, 626 61,626 59, 273 59, 273 59, 273 59, 273 245, 953 245,953 234,163 234,163 234,163 234,163 67, 988 67,988 65, 027 65, 027 65,027 65, 027 83, 723 83, 723 82, 079 82, 079 82,079 82,079 46, 653 46, 653 45, 627 45, 627 45, 627 45, 627 35, 428 35, 428 35, 637 35, 637 35, 637 35, 637 95, 235 95, 235 94,136 94,136 94,136 94,136 40,106 40,106 38, 062 38, 062 38,062 38,062 25, 995 25, 995 24, 769 24, 769 24, 769 24, 769 42, 656 42, 656 39,863 39,863 39, 863 39, 863 53,069 53, 069 54, 979 54, 979 54, 979 54, 979 33, 766 33, 766 33,068 33, 068 33,068 33, 068 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 158,481 158,481 157,817 157, 817 157, 817 157, 817 632, 503 632, 503 623,475 623, 475 623, 475 623, 475 174, 842 174, 842 173,137 173,137 173,137 173,137 215, 303 215, 303 218, 541 218, 541 218, 541 218, 541 19,976 19,976 .21, 486 21,486 21,486 21, 486 91,109 91,109 94,884 94,884 94, 884 94, 884 244, 910 244,910 250, 642 250,642 250, 642 250, 642 03,138 03,138 01, 345 .01, 345 01, 345 01, 345 66, 852 66,852 .09,695 65, 947 •06,140 65,947 LO6, 140 65, 947 L06,140 65, 947 L06,140 •,835 86,835 88, 047 88,047 88, 047 88,047 FEDERAL RESERVE 70,171 70,171 68, 596 68, 596 BULLETIN Federal Reserve Banks—Continued [In thousands of dollars] Total Boston At- hicago St. Louis Minneapolis Kansas Mty Dallas San Francisco 20, 767 20,764 22, 284 22, 275 22, 544 22, 418 91,470 91,469 95,143 95,187 95,182 95,182 245,363 245, 341 251.049 251.050 251,032 251,105 03,140 03,140 01, 345 01, 345 01, 345 01, 380 »7,392 67,468 66, 552 66,416 66,419 66, 503 39, 950 39, 968 36, 381 36, 379 36,385 36,404 ,112 57,122 88,357 38, 346 38, 392 58,402 181,027 181, 005 183,188 182, 867 182,867 182, 863 4 4 4 4 4 4 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 4 4 4 4 A 4 1,468 1,248 1,488 1,225 1,758 1,389 3,657 3,151 3,406 3,633 4,042 4,829 3,104 3,162 4,122 3,162 3,040 2,915 3,101 2,482 2,694 3,393 3,244 2,298 2,330 1,400 2,235 1,457 2,545 2,136 1,515 1,778 2,001 1,716 1, 1,490 519 572 641 788 598 698 2,099 2,393 2,075 1,397 2,076 2,645 New York Philadelphia Cleveland Richmond 634, 714 634, 964 625,608 629, 555 625, 617 626,328 177, 275 177,162 175,458 175,431 175, 504 175, 551 215, 564 215, 563 218,789 218,804 218,849 218,994 18 18 18 18 18 18 5 5 5 5 5 5 1,737 1,820 1,701 1,812 2,238 2,280 1,047 1,024 1,030 1,093 1,485 1,116 Assets—Continued Total bills and securities: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Due from foreign banks: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 federal Reserve notes of other banks: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Uncollected items: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Bank premises: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Other assets: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Total assets: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 ,193,165 2,193, 355 2,192, 961 2,196,462 2.192, 788 2.193, 808 159, 391 159, 389 158, 807 158,807 158, 652 158,678 47 47 47 47 47 47 1 1 1 1 1 1 21, 513 20, 089 21, 956 20, 594 23,898 23,183 454 502 408 455 505 720 984,149 772, 538 813, 701 744, 711 1,104,388 849,341 91, 328 71, 798 76,994 72,168 98, 576 84,801 228, 685 188, 848 195,124 175, 766 291, 717 203, 664 64,839 59, 295 58,113 50, 073 76, 509 62, 089 116,196 91, 286 96,449 83,401 127, 360 101,156 94, 632 61, 782 62, 716 67, 334 .06, 484 68,056 47,656 33, 384 33,433 30, 791 40,962 33, 289 142, 924 106, 456 121,184 106, 841 153, 027 110, 305 47, 581 40, 577 43, 370 42,157 54, 917 45, 267 19,935 18,094 18, 770 17, 654 22,103 18, 970 37, 026 31,838 34, 968 34, 796 38, 444 35, 555 34,954 27,011 27,387 26, 527 36, 775 39, 254 58, 393 42,169 45,193 37, 203 57, 514 46, 935 39,926 39,902 39, 828 39, 963 39, 966 39, 977 2,824 2,824 2,819 2,819 2,819 2,819 9,66' 9,667 9,649 9,699 9,699 9,726 4,556 4,556 4,545 4,617 4,618 4,61" 4,562 4,550 4,550 4,550 4,550 4,537 2,578 2,578 2,572 2,585 2,586 2,586 1,980 1, """ 1,980 1,981 1,979 3,029 3,031 3,023 3,023 3,023 3,023 2,311 2,310 2,309 2,309 2,309 2,309 1, 1,362 1,360 1,360 1,360 1,360 3,011 3,011 2,995 2, ' 2,995 2,995 1,211 1,211 1,204 1,204 1,204 1,204 2,831 2,822 2,822 2,822 2,822 2,822 46, 20c 46, 791 47, 285 48, 326 46,77 47, 53 3,169 3,187 3,23 3,26: 3,228 3,23: 12, 704 12,994 12,846 13, 088 12, 71 13, 01c 4,085 4,094 4,06: 4,606 4,00: 4,03: 4,946 5,010 5,142 5,224 5,08' 5,168 2,819 2,895 2,892 2,951 2,87: 2,91' 1,960 1,910 2,046 2,005 1,977 2,010 4, 4,933 5,136 5,12r 5,05C 5,140 2,004 2,028 2,029 2,056 2,015 2,034 1,421 1,436 1,436 1,463 1,432 1,455 2,171 2,203 2,195 2,213 2,160 2,192 1,901 1,929 1,991 1,"" 1,977 2,009 4,133 4,172 4,280 4,354 4,259 4,331 23, 731, 36: 23, 526,62^ 23, 551,42i 23, 487,38i 23, 869,08^ 23, 658,32i 541, 65C 506,31: 517, 63, 482,16: 489, 055 482,122 .0, 639,48: .0, 585,86, 10, 704,68: 0,480, 28' .0, 502,94i .0, 395, 59; 414, 211 429, 211 449,44: 442, 41, 441,994 ,787,782 ,740, , 767,17S , 753, Oil , 847,38: , 794, 572 6,063, 06 6, 079, 44< 6,159, 22: 6,196,92! 6, 206, 27: 6, 217,96' 492,16; 493, 87J 501,48: 504, 701 505, 76: 507, Ml 1,603, 27: 1, 631,181 1, 633,28f 1, 640, 33£ 1,639, 722 421, 44: 423, 39J 427,12: 431, 481 430, 66! 430, 86 558, 75£ 562, 581 565, Oil 573, 22C 571, Q3t 574, 68i 292, 73' 292,8 296, 55! 296, 494 298, 321 295,11 201, 200, 205, 206, 205, 204, 29: 50! 39; 64: 23C 45£ , 301,021 , 304, 84i ,317,63: , 326, 54' 1, 330, 49' 1, 342, 92; 228,19C 229, 32£ 232,81' 233,41 234, 85C 234, 762 60, 21 60,69 62,422 .64,01 211, 892 210, 829 214, 602 214,434 215,025 164, 51! 214, 766 98,62: 493, 468 97,945 494,246 .01, 774 503,188 .00, 290 512, 400 99, 58! 510, 653 99, 50: 509, 300 13, 740,631 13, 632, 76' 13, 505, 13, 655, 53 13, 979,131 13, 505, 72: 815, 832 797,104 779, 79c 773, 65! 779, 20( 762,08! 7, 300,19; 7, 215, OK 7, 247, 44£ 7, 099,98C 7,172, 852 6, 787, 4r 721,801 738, 33: 754, 45 778, 9' 771, 90. 781, 44, 928, 553 906,00C 919,18( 936,07i 983, 22! 947, 386, 76: 381, 571 380,17; 396, 28! 410, 83. 423,10 268,8 277, 30* 275, 33/ 277, 07' 288, 70! 278,87, 53,09 1, 585, 58; 1, 447, 09; 1, 610, 00< 1, 738, 79! 1, 755, 01< 257, 260, 244, 277, 288, 279, 74; 46: 56! 56: 34' 83: 169, 23* 286, 45£ 289, 46£ 163,11 286, 75: 165,90C 296, "" 164, 571 294,922 145, 65! 294,448 237, 37! 237, 048 238,80S 241,81 250,59 240, 99J 784,686 776,171 769,100 801, 533 835,164 808,965 912, 8L 906, 27( 1, 044, 87: 812, 661 533, 7: 946, 7S 55, 07' 54, 30: 76,18! 42, 93. 16, 90' 40, 7 329, 20! 314, 971 455, 76! 71,42! 71, 84; 74,08! 46, 50( 32,64 53, 49i 69, 7457, 95: 74, 29: 46,22' 39, 56: 61,16: 27,92 34,93 29,10 26,62 15,97 28,56 29, 044 36, 979 32, 66! 30, 68 26,9228,50 158, 139, 116, 99, 66, 72, 56; 54: 8026i 4448i 31, 05. 36, 00J 34, 771 22, 55: 22, 57 29,92 34, 582 27, 48f 40, 5U 33,81 42, 70< 34, 67! 34,63c 28, 73J 27, 21' 27, 24! 33,38 28, 78! 45, 826 44,831 36,60! 35, 338 24, 494 39,170 32,885 40, 573 37,192 32, 869 22, 519 41, 415 1,174, 7i 1,168, U 1,148, 4C 1,265, 71 1,243,29! 1, 272, 37! 57, 89! 58, 31' 56,00 58, 95 58, 77 57,48 668,01 656, 6(X 634,44: 745,1" 728, 8 754, 58' 75,971 76, 72: 77, 521 78,1 77,121 77,91! 72, 05 72, 76< 73, 5274,11: 73,15 73,90 33,6' 34, 01 34, 36 34, 63 34,191 34, 54 27,41: 27, 68! 27,97: 28,19J 27, 82! 28, Hi 93, 94, 91 95,90 96, 66 95, 41 96, 39 23, 49i 23, 72J 23, 97i 24,16' 23,85' 24,09! 17, 23 17, 40 17, 58: 17, 72: 17,49; 17, 22, 71: 22,93' 23,1 23, 36 23,05! 23, 29, 59, 552 60,140 60, 769 61, 276 60, 458 61,075 546, 619, 555, 474, 520, 535, 5,68: 9,14: 4,26( 6,15 8,04! 7,7' 420, 711 484, 72! 435, 76! 352, 83 367, 96. 413,13 23, 75 20,98 21, 76 12,13' 14, 82: 7,545 9,60 26, 69' 7,55J 5,20! 6,948,422 7,922 9,49S 7,89: 5,45: 6,051 5,80: 5,95,72! 6,3 r 14, 32! 17, 351 12, 61: 12,88' 17,15. 12,50 10, 10, 79C 9,383 9,3310, 57' 8,42: 7,00 ] 7,1: 3,89: 4,2& 4,451 3,9H 3,861 3,86i 29,473 28, 582 31, 269 29,952 29, 715 29,025 151, 769 >94,642 124, 336 3, 361 124, 582 >92, 364 343,847 92,13" 390,609 304, 92S 572, 35f 591,83 331, 298 ill, 623 ,296, 311 312, 842 , 152,802300, 363 , 299, 928321, 94C , 436, 420345,449 , 437,136332,88S 482 557 155 463 881 667 =15,877 306, 364 :55,092 :20,135 308,458 444, 740 tl8, 025 312, 513 442, 828 L13, 483 il5,105 442,192 ,09,229 .18, 349 447, 588 3,569 .18,134 158, 350 481,571 464, 937 469, 009 500, 851 535,143 518, 512 Liabilities Federal Reserve notes in actual circulation: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Deposits: Member bank—reserve account: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 U. S. Treasurer—general account: Mar. 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Foreign: Mar. 19.. Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Other deposits: Mar. 19 Mar. 26 Apr. 2 Apr. 9. . . . . . Apr. 16 Apr. 23 72 60! it " 12 62 1, 608 • • 211,19- 21,59 24, 91i 24,23 5,71' 6,28c 7,222 6,484 22,71: 22, 93 23,17 23,36 23,05i 23,29i 8,388,80: 8,44< 8,32! 8,74< 8,39; * Less than $500. MAY 1941 421 Federal Reserve Banks—Continued [In thousands of dollars] Total Total deposits: M a r . 19 ... M a r . 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Deferred availability items: M a r . 19 M a r . 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Other liabilities, including accrued dividends: M a r . 19 M a r . 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Total liabilities: M a r . 19 Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Capital 16,374,881 16, 326,806 16,254,556 16,208,730 16,276,271 16,260,530 Boston New York 934,484 8, 718,121 8, 671, 326 916,246 8,773, 427 881,704 8, 564, 266 862,941 8,480,901 868,009 8,444,403 918,773 745,190 762,787 705,775 1,011,076 803,760 88,979 67,493 73, 866 69, 701 94, 217 3,688 4,087 3,775 4,752 4,116 4,571 412 452 441 452 525 478 188,972 176,965 170,849 153, 303 252, 273 181, 842 1,030 983 1,161 1,119 1,285 Philadelphia 892,964 907,889 927,830 925,220 906,586 937,085 65,033 63,101 59,693 50,402 69,921 60,433 315 363 321 336 383 Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas , 082, 485 453, 569 330,800 , 1, 849, 965 322,993 228,057 345,037 309,810 , 051, 550 457, 462 348 348, 020 020 I, 837, 394 ""' 330,990 233,725 355; "i, 021 309,099 , 074, 544 452,069 341, 780 1,672,411 312, 703 229,124 353, 055 303;1,037 ,066,016 r ~ 472 341,926 1,818,827 333, 615 224, 538 357, 089 304, 427 498 349,191 1,917,810 345,355 216, 508 353,973 302,009 ,122,643 1, 090,458 494^ 105 3 4 1 ,866 " " 1,,936,401 342, ' ^276 203,194 354,927 307,326 111,877 89, 223 91, 292 57, 708 92,909 59,711 79, 061 65,605 118, 327 105, 510 94,620 66, 826 406 434 411 479 421 457 332 368 340 366 352 375 San Francisco 906, 596 905, 466 898,330 925, 630 947,856 940,480 48,817 31,085 31, 528 29, 875 36,827 31, 804 132,497 106,186 114,927 106, 647 140,186 109, 787 48, 621 40,690 43,019 43,056 53, 412 43, 979 17, 844 15,907 16,670 15,104 19, 217 16,024 38,080 31, 220 33, 495 32, 205 38,002 37,058 35,120 26,131 26, 468 25, 906 34,429 39, 931 53, 710 37, 412 39, 652 34,910 48, 755 40, 790 157 172 96 125 106 129 420 493 432 505 488 567 133 139 121 149 128 151 120 140 135 153 137 157 120 144 138 133 139 144 133 156 140 159 150 174 180 196 217 244 215 271 1, 453, 954 23,360,403 1, 516,038 10, 511,324 1, 379, 753 1,753, 526 835, 858 581,066 3,283, 902 599, 937 406, 232 595,129 443, 684 ' " 682 10,457,648 1,394,748 1, 705,857 808,425579, T 782 3, 248,913 601,144 410, 463 597, 214 433, 331 1, 437, 320 23,155, 527 ' ,480, . . 1 > 4 1 4 9 6 5 1., 732, 909 808, 679 578, 797 3,105, 407 588, 660 408, 352 601, 290 431, 419 1, 441, 387 23,180,345 , 492, 040 10, 576, .440 1,718, 718,776 776827, 937 578; 567 3, 252, 523 610, 235 403,810 603, 861 "i, 352,015 :,1,407, 931 1, 23,116,180 , 456, 559 lOi 430, 782 1, 473,184 i, 374,6311, 407, 512 1,813,026 874, 689 591, 354 3, 388, 981633, 633 745 399, 557 607,139 436; 1771, 507,479 23,497,73? , 463,445 10, 23,286,828 ,456,498 10, 267,252 1,428, 762 1, 760, 221 856,425 ;578, 258 3, 389,680 621,169:383,894 606,895 446, 933 1,490, 841 Accounts Capital paid in: M a r . 19 139,717 M a r . 26 139,795 Apr. 2 139,809 Apr. 9 139,875 Apr. 16 140,010 Apr. 23 140,05: Surplus (section 7): M a r . 19 157,065 M a r . 26 157,065 Apr. 2 157,065 Apr. 9 157,065 Apr. 16 157,065 Apr. 23 157,065 Surplus (section 13b): M a r . 19 26,785 M a r . 26 26,785 Apr. 2 26,785 Apr. 9 26,785 Apr. 16 26,785 Apr. 23 26,785 Other capital accounts: M a r . 19 47,391 M a r . 26 47,455 Apr. 2 47,421 Apr. 9 47,484 Apr. 16 47,492 Apr. 23 47,590 Total liabilities and capital accounts: Mar. 19 23,731,361 M a r . 26 23,526,627 Apr. 2 23,551,425 Apr. 9 23,487,389 Apr. 16 23,869, " ' " Apr. 23 23,658,325 C o m m i t m e n t s to make industrial advances: Mar. 19 7,288 Mar. 26 7,315 Apr. 2 _• 7,260 Apr. 9 8,446 Apr. 16 8,508 Apr. 23 8,461 422 9,350 9,350 9,350 9,350 9,350 9,352 51, 538 51, 573 51, 570 51, 573 51,591 51, 592 11,886 11,891 11,891 11, 891 11,891 11,901 14, 381 14, 381 14, 384 14, 387 14.477 14.478 5,425 5,428 5,428 5,428 5,428 5,428 4,795 4,796 4,796 4,796 4,796 4,798 14,678 14, 680 14, 682 14, 695 14, 724 14, 731 4,255 4,259 4,266 4,266 4,267 4,277 2,977 3,005 3,005 3,005 3,005 3,006 4,504 4,504 4,504 4,506 4,506 4,508 4,263 4,263 4,263 4,263 4,264 V" 11, 665 11, 665 11,670 11,715 11,711 11, 717 10,906 10,906 10, 906 10, 906 10, 906 10,906 56, 447 56, 447 56,447 56, 447 56, 447 56,447 15,144 15,144 15,144 15,144 15,144 15,144 14, 323 14, 323 14, 323 14, 323 14, 323 14, 323 5,247 5,247 5,247 5,247 5,247 5,247 5,725 5,725 5,725 5,725 5,725 5,725 22, 824 22, 824 22, 824 22,824 22, 824 22,824 4,925 4,925 4,925 4,925 4,925 4,925 3,152 3,152 3,152 3,152 3,152 3,152 3,613 3,613 3,613 3,613 3,613 3,613 3,974 3,974 3,974 3,974 3,974 3,974 10, 785 10, 785 10, 785 10, 785 10,785 10,785 2,874 2,874 2,874 2,874 2,874 2,874 7,070 7,070 7,070 7,070 7,070 7,070 4,393 4, .— 4,393 4,393 4,393 4,393 1,007 1,007 1,007 1,007 1,007 1,007 3,244 3,244 3,244 3,244 3,244 3,244 713 713 713 713 713 713 1,429 1,429 1,429 1,429 1,429 1,429 533 533 533 533 533 533 1,000 1,000 1,000 1,000 1,000 1,000 1,138 1,138 1,138 1,138 1,138 1,138 1,263 1,263 1,263 1,263 1,263 1,263 2,121 2,121 2,121 2,121 2,121 2,121 2,482 2,499 2,465 2,472 2,480 2,492 13,103 13,127 13,156 13,182 13, 206 13, 232 3,034 3,040 3,049 3,054 3,054 3,061 4,546 4,547 4,556 4,552 4,548 4,544 1,995 1,992 1,984 1,991 2,001 2,011 2,343 2,345 2,333 2,336 2,337 2,337 8,465 8,465 8,460 8,457 8,462 8,472 1,973 1,981 1,979 1,981 1,979 1,985 2,516 2,515 2,516 2,516 2,515 2,517 1,' I, 1 1, 1,987 1,953 lr~~ ,909 ,909 ,910 ,910 ,911 3,046 3,046 3,046 3,046 3,047 3,048 1, 541, 65010,639, 4821, 414, 2101, 787, 783851, 769 594,642 3, 331, 298 611, 623 415,877 606, 364 455,092 1,481, 571 1, 506, 31110, 585, 8651, 429, 2161, 740,115 824,336 593,3613,296,311 842 420; 135 608; 458 444, 7401, 464, 937 1, 517,635 10, 704, 6831,449, 4421, 767,179 824, 582 592, 364 3,152, 802 " •" •" 612, 513 442, 828 1, 469, 009 1,482,161 10, 480, 2871, 442, 4131, 753,045 843,847 592,137 3, 299, 928 62lj 940 413; 483 615; 105 442; 192 :,1500, 851 1,489,055 10, 502, 9451, 441, 994 i; 847, 381 535,143 890, 609 604, 925 3,436,420 645,449 409, 229 618, 349 447, 588,1. 1, 482,122 10, 395, 5931,463,261 ^ i4,"" 1, 518,512 573 S72, 355 591, 831 3, 437,136 632,889 393, 569 618,134 458, 350 178 178 176 176 175 174 1,582 1,582 1,560 1,500 1,426 1,411 398 362 34' 353 323 300 1,738 1,683 1,673 1,662 1,65£ 1,654 701 801 801 803 890 889 177 176 176 176 27 275 2,429 2,444 2,438 3,671 3,659 3,653 FEDERAL RESERVE BULLETIN INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Date (last Wednesday of each month) Applications received Number 1934—Dec. 26.. 1935—June 26. Dec. 31 f 1936—June 24.. Dec. 30.. 1937—Mar. 31. June 30.. Sept. 29. Dec. 29.. 1938—Mar. 30. June 29.. Sept. 28. Dec. 28.. 1939— Jan. 25... Feb. 214 Mar. 29. Apr. 26.. May 31.. June 28.. July 26.. Aug. 30_. Sept. 27. Oct. 25.. Nov. 29. Dec. 27.. 1940—Jan. 31. _ Feb. 28.. Mar. 27. Apr. 24_. May 29.. June 26.. July 31.. Aug. 28.. Sept. 25. Oct. 3O._ Nov. 27.. Dec. 31 4 . 1941—Jan. 29. Feb. 26.. Mar. 26. Apr. 23 5 . 4,386 6,325 7,437 8,006 8,247 8,344 8,430 8,474 8,534 8,708 8,976 9,102 9,188 9,203 9,221 9,249 9,270 9,296 9,308 9,330 9,355 9,366 9,388 9,401 9,418 9,433 9,456 9,476 9,487 9,504 9,512 9,536 9,546 9,556 9,573 9,581 9,609 9,633 9,659 9,682 9,705 Applications under consideration Amount Number 146,972 237, 581 293,084 314, 471 328,998 333, 300 339, 509 341,842 350, 551 358, 936 369,853 378,974 387,490 389,176 389, 554 392, 230 394,055 394,970 395,499 399,780 401, 228 402, 305 402,944 404,226 405, 225 406,097 407,392 410,192 411,628 413,178 413, 646 415, 599 416,454 417, 260 420,837 421,139 431, 236 435,474 442,712 448, 506 443, 598 Approved Advances Commitbut not out- 1 ments outcom- 3 standing standing pleted (amount) (amount) (amount) Applications approved Amount Number 2,955 11, 349 2,823 1,880 1,245 1,322 1,263 800 550 1,299 476 146 247 999 964 344 495 400 255 760 532 370 70 92 41 76 32 199 118 45 33 76 444 10 740 650 222 1,929 600 823 35 1,646 1,993 2,183 2,280 2,323 2,361 2,381 2,406 2,464 2,566 2,617 2,653 2,660 2,671 2,683 2,697 2,713 2,721 2,730 2,743 2,752 2,763 2,772 2,781 2,793 2,805 2,814 2,825 2,832 2,838 2,853 2,856 2,865 2,875 2,883 2,908 2,923 2,945 2,959 2,978 Amount 49, 634 88, 778 124,493 133, 343 139,829 141, 545 145, 758 146, 724 150,987 154,918 161,158 168, 380 175, 013 175, 651 175, 902 177,895 178,639 179,332 179,778 183,354 184,152 185, 234 186,034 187,257 188,222 188,879 190,055 192, 665 194,096 195,404 195,739 197,439 197,906 198, 966 201, 750 202,041 212, 510 214,800 223, 226 228, 732 224,496 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 16, 811 16, 474 15, 798 15,817 15,305 15, 255 15,384 14,667 14,454 14,545 14, 051 13,683 12,860 12,997 12,723 12,001 11, 242 10,988 10,907 10,779 10, 778 10,484 9,893 9,152 9,483 9,451 9,526 9,096 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 13,004 12,907 12, 647 11, 749 11, 530 11,175 11,476 11,009 10,517 10,156 9,643 9,220 8,376 8,224 8,725 8,852 8,762 8,582 8,238 8,078 7,351 7,106 5,226 5,207 5,066 7,315 8,461 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 1,293 1,105 1,975 2,134 2,496 2,067 733 1,220 1,938 1,764 2,548 2,659 2,504 1,454 2,471 2,264 2,474 2,195 1,991 2,095 2,315 4,260 4,056 13,954 12, 325 20,424 19,986 12,474 Repaid, Particiexpired, pations or withdrawn by out3 standing applicant, etc. (amount) (amount) 5,558 24,900 44,025 61,425 77,910 85,210 97, 663 102, 588 107, 384 111,193 117, 555 122,447 128,839 132,009 133,001 135,004 136,696 137,922 139, 281 142,943 144,812 146,156 148,037 149,911 151,679 154,629 155,574 158,110 159,950 161,491 162, 612 164,949 165,865 167,046 169, 746 171, 394 177, 792 179,021 179, 569 180,989 182,913 1,296 4,533 8,778 7,599 7,208 6,767 7,275 7,304 7,238 7,825 8,426 9,032 12, 722 12, 534 12, 415 12,471 12, 243 12, 079 12,000 12, 818 12, 444 12,169 11,532 11,104 10, 981 10, 510 11,064 11,137 11,156 11, 345 11,182 11,010 10,929 10, 749 9,909 9,592 6,386 8,764 8,716 10,916 11.552 1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of Federal Reserve Banks. 2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant. 3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $1,134, 769, April 23, 1941. 4 Tuesday. s Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total Boston New York Phila- Cleve- Richdelphia land mond Atlanta Chicago MinSt. Louis neapolis Kansas City San Dallas Francisco Federal Reserve Notes: Issued to F. R. Bank by F. R. agent Mar. 26. 6, 387, 733 513, 635 1,684,122 442, 508 585, 586305,207 224, 314 1, 338,118 241, 899 165, i,401 219,923 110, 361 556, 659 Apr. 2 6,444,451 524,911 1, 701, 563 444,604 604584,439 584,439310,081 1, 347,947 245, 513166, 736 221,518 109, Apr. 9 6,486,643 523, 51 1,711,480 447,868 592, 516 311, 225 1,357,603 247, 785 168,186 223,;,086 086 110,859 567,', 137 ,145 i, 513, 752528, 258 1, 723, 684 450, 846 593, 286 168,741 223, 247 110, Apr. 16 313,799 224,419 1, 357, 709 248, 584 6, 538, 248526,468 1, 724,021 451,183598, 297 314,61' 226; 809 1, 374, 772249,892 169, 487 223,430 109,166 570,106 Apr. 23 Held by Federal Reserve Bank: 308, 289 19, 762 75,795 19,113 23, 005 12, 320 23,809 33, 278 12, 574 4,710 9,094 12,416 62, 413 Mar. 26 285, 224 23, 424 70,382 17, 483 19, 394 13, 522 17,462 30, 310 12, 696 4,313 6,916 7,664 61,658 Apr. 2 289, 720 18, 815 78,195 16, 385 19, 296 14, 731 18, 740 31, 059 14, 370 4,171 8,652 10, 569 54,737 Apr. 9 307, 480 22,496 83, 346 20,177 21, 651 15,470 19,189 27, 212 13, 734 5,046 8,222 10, 445 60,492 Apr. 16 9,664 60, 806 320,281 19,123 84, 299 20, 322 23, 611 19, 498 22,350 31,847 15,129 4,'"" Apr. 23 In actual circulation:1 6, 079, 444 493,873 1, 608, 327423,395 562, 581 292,88' 200, 505 304,840 229,325 160, 691 210,829 97, 945 494, 246 Mar. 26 _ . 6,159, 227 501,487 1, 631,181 427,121 565,04! 296', 559 205, 393 317,637 232,817 162,423 ' " 602 101, 1 . 774 , . 214,602 Apr. 2 503,188 6,196, 923 504, 702 1,633, 285 431,483 573, 220 296, 494 206,641 326, 544 233,415 164,015 214,434 100, 290 512, 400 Apr. 9 . . . . . , 653 I, C 99, 589 510, "" 163,695 163, 695"215, 329 205,230 330, 497 234,850 Apr. 16 . 6, 206, 272 505, 762 1, 640, 338430, 669 571, 63. 6, 217, 96: 507, 345 1, 639, 722 "1,861 430, 574,686 295,119 204,459 342,925 234, 763 164, 519 214, 766 99, 502 509, 300 Apr. 23 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: 6, 504, 000530,000 1, 700,000 450,000 588, , 000 325, ,000 230,000 1, 350, 0C0 249, 000 167,000 225, 000 116, 000 574, 000 Mar. 26 6, 534,000 530,000 1,720,000 450,000,588,000 325, 000 230,000 1, 360,000 249,000 167,000 225,000 116, 000 574, 000 Apr. 2 . 6, 581, 000530, 000 1, 730,000 450,000593, 000 325,000 230,000 1, 380, 000 249, 000 169, 000 225,000 116, 000 584,000 Apr. 9 , 6, 636, 000550, 000 1, 740,000 460,000596, 000 325,000 230,000 1, 380, 000 259, 000 171,000 225,000 116, 000 584,000 Apr. 16.. . 6, 659,000 550,000 1, 740,000 460,000599,000 325, 000 230,000 1, 400,000 259, 000 171,000 225, 000 116, 000 584, 000 Apr. 23 Eligible paper: Mar. 26 1,138 170 188 709 33 Apr. 2 _ 85 884 159 166 390 43 Apr. 9 85 4,775 119 164 4,342 35 Apr. 16 30 991 210 124 170 404 Apr. 23 85 60 1,742 206 189 1,095 35 Total collateral: 6, 505,138 530,000 700, 709 450, 038 588, 000 325, 033 230, 000 1,350, 000 1,000 Mar. 26 249, 167,170 225,188 116, 000 574, 000 Apr. 2 ">, 534,884 530,085 720, 390 450, 041 588,000 325,043 230, 000 1, 360, 000 249,000 167,159 225,166 116, 000 574, 000 r i, 585, 775530, 085 734, 342 450, 030 593, 000 325, 035 230, 000 1, 380, 249,000 169,119 22^164 116,000 584, 000 Apr. 9 000 Apr. 16 i, 636, 991 .50, 030 740,404 460, 053 596,000 325, 210 230,000 1, 380,000259,000 171,124 225,170 116,000 584,000 i, 660, 742550,060 741,095 460,072 599, 000 325, 085 230, 000 1, 400, 000 2 5 9 , 0 3 5 171, • " •206 " ' 225,189 116, 000 584,000 Apr. 23 1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank. 1941 Digitized forMAY FRASER 423 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS RESERVE POSITION OF MEMBER BANKS, MARCH, 1941 [Averages of daily figures. In millions of dollars] Classes of banks and districts Reserves with Federal Reserve Banks Gross Net dedeTime mand mand dededeposits posits posits i Required All member b a n k s . . 44, 364 36, 418 12, 396 Central reserve city banks: New York. 837 16 948 16,172 Chicago 505 3,247 2,874 Reserve city banks: Beston district New York district Philadelphia district.. Cleveland district Richmond district Atlanta district Chicago district._ St. Louis district Minneapolis district... Kansas City districtDallas district San Francisco district. Total All member 1 banks Excess Held 7,675 13,979 6,304 3,721 679 6,924 931 3,203 252 1,302 199 1,298 1,696 743 646 1,206 770 340 748 543 2,108 82 144 229 740 231 180 658 176 86 159 136 2,055 232 42 239 334 142 122 244 144 64 139 102 472 571 59 532 766 271 166 461 196 101 215 151 707 339 17 293 432 129 44 217 53 38 76 49 235 15,152 11, 600 4,875 2,274 4,197 1,923 765 1,148 492 457 400 391 663 275 228 312 392 248 566 1,442 885 721 386 248 822 252 286 162 108 303 120 210 103 91 67 59 121 46 42 45 52 45 252 451 193 181 120 110 244 77 70 72 93 66 132 241 89 90 53 51 123 31 29 27 41 21 5,772 6,180 1,002 1,928 927 1,439 253 1,546 2,142 975 943 1,697 1,031 460 1,147 880 2,639 Country banks: Boston district 1 076 New York district.... 1,584 Philadelphia district.. 755 Cleveland district 736 Richmond district 716 Atlanta district 681 Chicago district 1,091 St. Louis district 449 Minneapolis district... 368 Kansas City d i s t r i c t 505 Dallas district 649 407 San Francisco districtTotal [Averages of daily figures. In millions of dollars] 9,017 Total reserves held: 1940—March April May June July. August September October November December 1941—January February March Week endine (Friday) 1941—Feb. 28 '.. Mar. 7 Mar. 14 Mar. 21 Mar. 28 Apr. 4 Apr. 11 Apr. 18 Excess reserves: 1940—March April May.. June July August... September October November December 1941—January February March Week ending (Friday) 1941—Feb. 28 Mar. 7 Mar. 14 Mar. 21 .... Mar. 28 Apr. 4 Apr. 11 Apr. 18 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. 418 for percentages of deposits required to be held as reserves. Central reserve city banks Reserve Country city banks * banks New York Chicago 13, 996 13, 979 6,428 6,548 6,660 6,941 6,979 6,709 6,705 6,889 6,975 6,997 7,135 6,807 6,924 899 972 1,097 1,182 1,168 1,154 1,234 1,279 1,218 1,142 1,051 1,033 931 4,096 4,240 4,258 4,197 , 706 , 714 , 757 ,751 ,740 , 800' ,851 1, 858* 1,815 1,913 1,898. 1, 928 14,152 14, 210 14, 264 13, 946 13, 661 13, 556 13, 643 13,738 6,961 7,044 7,096 6,886 6,750 6,740 6,666 6,604 1,020 982 948 920 887 845 879 974 4,255 4,237 4,282 4,194 4,123 4,080 4,185 4,240 1,916 1,947" 1,938 1,9451,901 1,891 1, 913 1,919* 5,734 6,003 6,752 6,407 6,582 6,864 6,830 6, 646 6,832 6,422 6,304 3,248 3,312 3,389 3,594 3,588 3,344 3,324 3,465 3,493 3,443 3,505 3,166 3,203 310 388 477 547 522 499 570 610 546 476 381 347 252 1,405 1,494 1,607 1,703 1,803 1,748 1,821 1,888 1,895 1,887 2,016 2,004 1,923 771 809 815 851 839 816 866 902 6,522 6,528 6,541 6,269 6,014 5,944 5.965 *6, 004 3,282 3,313 3,346 3,179 3,051 3,030 2,961 2,889 331 295 258 233 214 225 220 291 1,989 1,974 1,999 1,914 1,852 1,809 1,886 1,920 12,362 12, 703 13,086 13, 596 13, 735 13,408 13, 643 14,043 14,131 14,049 14,339 3,368 3,476 3,615 3,716 3,837 3,804 3,905 4,024 930 906 927' 921 947 938. 943898881 898P904- p Preliminary. i Weekly figures of excess reserves of all member banks and of country banks are estimates. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] i Federal Reserve district Boston. _ New York Philadelphia Cleveland _. _ Richmond Atlanta _.. Chicago St. Louis Minneapolis Kansas City . Dallas San Francisco Total Member banks in larger centers Member banks in smaller centers (places under 15,000) (places over 15,000) 111 member bank 3 Gross demand Time Mar. Feb. 2,462 18,440 2,253 2,846 1,661 1,576 6,018 1,493 831 1,641 1,534 3,072 648 2,423 1,114 1,461 616 427 1,984 428 371 321 244 2,358 647 2,426 1,113 1,466 611 427 1,980 427 373 321 241 2,347 43, 827 12, 396 12, 378 Mar. Feb. 2,516 18, 784 2,301 2,878 1,692 1,623 6 035 1,479 828 1, 652 1, 529 3,046 44, 364 Gross demand Time Gross demand Time Feb. Mar. Feb. Mar. Feb. 2,382 i 1, 521 2,036 2,594 1,481 1,460 i 2, 386 1,218 654 1,307 1,172 2,922 2,326 i 1, 563 1,989 2,566 1,453 1,416 i 2, 347 1,233 655 1,296 1,169 2,949 528 i 1, 092 653 1,125 418 344 i 1,149 308 201 210 197 2,257 i 1, 091 653 1,129 415 344 i 1,142 307 202 209 195 2,248 133 316 265 284 210 163 402 261 174 345 357 125 135 315 264 280 208 160 394 260 176 346 364 123 120 494 461 336 198 83 330 120 170 111 47 101 120 494 460' 336 196 82 330 120 171 112 47 99* 121,134 120, 963 i 8, 483 i 8, 462 3,034 3,026 2,572 2,567 526 Mar. Feb. Mar. i Excluding central reserve city banks, for which figures for latest month are shown in table above. 424 FEDERAL RESERVE BULLETIN: KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] E n d of m o n t h Gold certificates Silver dollars 7,455 7,511 7 559 7,710 7 848 7,883 8,059 8,151 8,300 8,522 8,732 68 68 68 67 67 66 66 66 65 65 65 45 45 45 46 46 46 47 48 48 49 50 8,593 8 781 8,924 64 64 64 50 50 51 Total 1940—February. March April May June July August September October November December 1941—January February March .. . Federal United Federal Reserve States Reserve Bank notes notes notes National bank notes Treasury notes of 1890 Subsidiary silver coin 1,500 1,508 1 557 1,590 1 582 1,565 1,605 1,615 1,620 1,658 1,667 1 1 1 1 1 1 1 1 1 1 1 373 375 377 382 384 386 389 394 400 407 412 163 164 166 168 169 172 174 177 180 183 185 271 260 248 241 248 249 258 259 264 275 290 4,839 4,896 4,906 5,025 5,163 5,212 5,334 5,409 5,541 5,705 5,883 23 23 23 23 22 22 22 22 22 21 21 171 170 168 167 165 164 162 161 160 159 157 1,595 1 635 1,651 1 1 1 403 406 413 183 184 186 278 278 277 5,842 5,985 6,106 21 21 21 156 155 154 Silver certificates Minor coin Back figures.—See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve Banks. In millions of dollars] E n d of m o n t h 1940—February March April May June July August September October November December 1941—January. February March Total in circulation totali Total Coin 7,455 7,511 7,559 7,710 7,848 7,883 8,059 8,151 8,300 8,522 8,732 5,397 5,414 5,437 5,519 5,584 5,599 5,748 5,814 5,911 6,098 6,247 581 584 588 595 599 604 611 618 627 639 648 530 531 534 546 546 544 556 566 575 591 610 8,593 8,781 8,924 6,094 6,243 6,342 635 641 650 577 582 590 Coin and small denomination currency 2 $13 Large denomination currency Unassorted « $5 $10 $20 Total 34 33 34 35 35 35 36 36 36 38 39 986 989 992 1,009 1,015 1,013 1,044 1,055 1,068 1,107 1,129 1,723 1,731 1,739 1,766 1,791 1,798 1,858 1,876 1,908 1,977 2,021 1,543 1,546 1,551 1,568 1,599 1,605 1,644 1,663 1,696 1,748 1,800 2,061 2,101 2,126 2,193 2,264 2,286 2,313 2,340 2,392 2,426 2,489 459 460 463 471 485 489 495 503 512 523 538 930 941 951 979 1,013 1,025 1,035 1,048 1,071 1,089 1,112 191 194 195 202 210 211 213 216 223 225 227 427 432 439 464 481 486 493 496 508 512 523 20 24 30 26 26 26 26 25 25 26 30 34 49 48 50 50 49 51 52 52 51 60 4 4 4 1 2 2 2 3 3 3 4 37 38 38 1,091 1,116 1,132 1,973 2,041 2,074 1,781 1,826 1,858 2,502 2,541 2,583 540 551 560 1,126 1,144 1,163 230 232 238 530 535 543 24 24 24 52 55 56 4 4 1 $2 $50 $100 $500 $1,000 $5,000 $10,000 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks. 2 Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury 3as destroyed. Paper currency only; $1 silver coins reported under coin. Back figures—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SH1PMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY f Held by Treasury and Federal Reserve Banks and in (jirculation. In [By selected banks and financial institutions in New York City. millions of dollars] In millions of dollars] End of month Total 1940—February. _. 2,981 Silver dollars Subsidand iary silver silver bulcoin lion i Federal Minor United Recoin States serve notes Bank notes National bank notes 2,990 2,999 3,008 3,014 3,024 3,036 3,044 3,059 3,072 3,087 1,866 1,876 1,886 1,894 ,900 L,909 L, 915 L, 920 1,931 ,937 .945 401 401 400 402 402 404 409 411 415 419 425 170 171 172 173 174 175 178 181 183 187 189 347 347 347 347 347 347 347 347 347 347 347 24 23 23 23 23 23 23 22 22 22 22 173 172 171 169 167 167 164 163 162 160 159 1941—January 3,097 F e b r u a r y . . . 3,102 March . 3,109 1,953 1,959 1,965 427 428 429 191 192 193 347 347 347 22 21 21 158 156 155 March April May... June July.. August SeptemberOctober November _ December.. 1937 1938 1939. 1940 _ _ „ 1940—March April . . _. May June July August September October November... December 1941—January February _ March i Includes silver held against silver certificates a m o u n t i n g to $1,890,€00,000 on M a r . 31 , 1941 a n d $1,772,000,000 on M a r . 31, 1940. MAY 1941 ShipReceipts ments to from Europe Europe Year or month 21 5 33.1 110.2 17.7 47.6 34.4 9.8 .7 1.4 3.5 1.1 .5 .6 .3 .1 .1 .1 (i) Net shipments 26 1 1.3 100.4 17.0 0) .1 .1 0) (1) 1.4 3.5 1.1 .4 .5 .3 .1 .1 .2 .1 .2 .1 .1 0) 0) Net receipts .1 .1 .1 .1 C1) i Less than $50,000. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. 425 MOVEMENT OF GOLD TO AND FROM UNITED STATES1 ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES [In millions of dollars] Period Gold stock at end of period Increase in total gold stock Net gain or loss (—) through earmarking transactions Net gold import [In thousands of dollars] Domestic gold production Imports 8,238 10,125 2 11, 258 2 12, 760 14, 512 17, 644 21, 995 4, 202. 5 1,887. 2 1,132. 5 1, 502. 5 1, 751. 5 3,132.0 4, 351. 2 1,133. 9 1,739.0 1,116. 6 1, 585. 5 1, 973. 6 3, 574. 2 4, 744. 5 82.6 .2 -85.9 -200. 4 -333. 5 -534.4 —644. 7 92.9 110.7 131.6 143.9 148.6 161.7 168.1 1939—October.... November. December _ 17,091 17, 358 17, 644 159.9 267.1 285.1 69.7 168.0 451.2 79.5 90.9 -200.8 18.7 14.9 13.4 1940—January... February. _ March April May June July August September. October November. December _ 17,931 18,177 18, 433 18, 770 19,209 19, 963 20, 463 20, 913 21, 244 21, 506 21,801 21, 995 287.5 246.0 256.0 336.9 439.0 754.2 499.4 450.2 331.6 261.1 295.2 194.0 236.4 201.4 459.8 249.9 435.1 1,163. 0 520.0 351.6 334.1 326.0 330.1 137.2 40.0 37.0 -213. 4 67.2 -36.7 -437. 2 -55.1 67.0 36.6 -117.9 -39.5 7.4 13.6 11.4 12.0 13.0 14.1 10.9 16.0 12.3 13.3 19.0 16.4 16.1 1941—January February.. March Apr. 1-23? _ 22,116 22, 232 22, 367 22.482 121.7 115.4 135.4 115.2 234.2 108.6 118.6 161.6 -52.8 -46.2 3.2 3 1.1 13.5 12.6 19341 1935. 1936. 1937. 1938. 1939. 1940. France Portugal Sweden Switzerland United Kingdom U. S. S. R Canada Mexico Central America West Indies and Bermuda Argentina Bolivia Brazil Chile Colombia Ecuador Peru Venezuela.., British Guiana Australia New Zealand British Oceania British India Netherlands Indies... China and Hong Kong Japan Philippine Islands South Africa All other c o u n t r i e s . . . February March From or to— Exports Imports Exports 30 817 95, 621 866 852 337 1,218 11,236 81, 534 814 789 65 16 73 5 1 3 257 2,232 196 219 413 104 6,262 127 243 1,148 11 233 557 313 74 6,738 187 310 103 3,046 3,985 2,788 335 2,772 96 135 Jan.-Mar. Exports Imports 1 65 1,746 899 2,072 11, 236 224,034 2, 2,857 10 202 21 44 7 1,873 5,411 697 1.948 1,044 325 24,136 752 1,030 4,501 322 2 9,131 9,943 152, 620 851 p Preliminary. 108, 615 461, 430 13 118, 569 1 Total Figures based on rate of $20.67 a fine ounce in J a n u a r y 1934 and $35 a fine ounce thereafter. 2 1 Includes gold in t h e Inactive Account amounting to $27,000,000 on Figures represent customs valuations which, w i t h some exceptions, December 31, 1936, and $1,228,000,000 on December 31, 1937. are at rate of $35 a fine ounce. 3 Gold held under earmark at Federal Reserve Banks for foreign acBack figures.—See table, p . 475, and Annual Report for 1937 (tables count, in millions of dollars: M a r c h 31-1,906.4; April 2 3 - 1905. 3. 31 and 32). N O T E . — F i g u r e s for domestic production of gold are those published in table, p . 475 adjusted to exclude Philippine Islands production received in United States. Adjustment based on annual figures reported b y Director of M i n t and m o n t h l y imports of gold to U. S. from Philippines. For back figures see A n n u a l Report for 1937 (table 29). BANK DEBITS Debits to deposit accounts, except interbank accounts. [In millions of dollars] 1 BANK SUSPENSIONS Total, all banks Member banks National Number of banks suspended: 1934.__ 1935 1936 1937 ._ 1938 1939 1940 1941—Jan.-Mar Deposits of suspended b a n k s (in thousands of dollars): 3 1934 1935 1936 1937 ... 1938 _ 1939_ 1940 1941—Jan.-Mar ___ Nonmember banks InNot State sured '' insured 8 22 40 47 47 25 18 3 36,937 10,015 11,306 19, 723 13,012 34, 998 5,943 1,235 40 5,313 507 7,379 36 1,341 256 732 1929 1936 1937 1938 1939 1940 48 8 3 6 6 1940—February.. 10 March 3 April 1,912 34, 985 939 3,763 592 10,207 1,708 10,156 480 211 11, 721 1,044 24, 629 6,589 2,439 5,341 346 503 i Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not include banks whose deposit liabilities were assumed by other banks at the time of closing (in some instances with the aid of Federal Deposit Insurance Corporation loans). *3 Federal deposit insurance became operative January 1, 1934. Deposits of member banks and insured nonmember banks suspended are as of dates of suspension, and deposits of noninsured nonmember banks are based on the latest data available at the time the suspensions were reported. Back figures—See Annual Report for 1937 (table 76). 426 Year and month May June July August September October November December. 1941—January... February.. March Total, all reporting centers New York City 140 other leading centers J 982, 531 461,889 469,463 405,929 423,932 445,864 603,089 208,936 197,836 168, 778 171,382 171, 582 331,938 219,670 235, 206 204, 745 218, 298 236, 952 47, 504 33, 283 36,421 32,406 34,252 37, 330 32,197 37, 769 37, 780 37,257 35,005 35,959 32,844 33,812 39, 695 39,088 46, 673 41,133 35, 783 44, 558 12,138 15, 201 15, 519 14, 536 13,110 13,612 11,604 12, 594 14,952 14,952 18, 626 15,147 13, 268 17, 402 17,344 19, 537 19, 250 19, 659 18, 850 19, 244 18, 314 18, 267 21,365 20,819 24, 327 22,498 19, 457 23, 586 2,715 3,031 3,010 3,063 3,045 3,103 2,926 2,951 3,378 3,317 3,721 3,488 3, 057 3,570 133 other reporting centers2 1 Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one in 21928. Centers (other than the 141 centers) for which bank debits are currently reported. The number has changed very little since 1934 and has numbered 133 since 1936. Back figures.—For corresponding monthly totals for 1928-1937 see Annual Report for 1937 (Table 71), which also gives a definition of bank debits. Monthly figures for individual reporting centers with totals by Federal Reserve districts for recent years, and annual figures for individual reporting centers with totals by Federal Reserve districts for the years 1919-3939, are available and will be furnished upon request. FEDERAL RESERVE BULLETIN ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1 NUMBER OF BANKS Total Call date Total National [I n millions of dollars] Nonmember banks Member banks Member banks Other Mutual nonState savings member banks All banks Call date Mutual banks savings banks Other nonmember banks 12,873 13, 575 8,983 8,916 12, 584 12,508 Total National State 53,852 55, 289 32,284 33,865 19,411 20,290 banks Nonmeniber 1929—June 29 Dec. 31 25,110 24,630 8,707 8,522 7,530 7,403 1,177 1,119 611 609 15,792 15,499 1933—June 30 Dec. 30 14,519 15,011 5,606 6,011 4,897 5,154 709 857 576 579 8,337 8,421 1933—June 30___ 37,998 Dec. 3 0 . . . 38, 505 23,338 23, 771 14,772 15, 386 8,566 8,385 9,713 9,708 4,946 5,026 1935—June 29 Dec. 31 15,994 15,837 6,410 6,387 5,425 5,386 985 1,001 571 570 9,013 8,880 1935—June 2 9 . . . 45, 766 Dec. 3 1 . . . 48, 964 29,496 32,159 19,031 20,886 10,465 11,273 9,920 9,963 6,350 6,842 1936—June 30 Dec. 31 15, 752 15,628 6,400 6,376 5,368 5,325 1,032 1,051 566 565 8,786 8,687 1936—June 30.. 51, 335 Dec. 3 1 . . . 53, 701 34,098 35,893 21, 986 23,107 12,112 12, 786 10,060 10,143 7,178 7,666 1937—June 30 Dec. 31 15, 527 15, 393 6,357 6,341 5,293 5,260 1,064 1,081 564 563 8,606 8,489 1937—June 3 0 . . . 53, 287 Dec. 3 1 . . . 52,440 35,440 34,810 22, 926 22, 655 12, 514 12,155 10, 213 10, 257 7,635 7,373 1938—June 30 Dec. 31 15,287 15, 206 6,338 6,338 5,242 5,224 1,096 1,114 563 556 8,386 8,312 1938—June 3 0 . . . 52,195 Dec. 3 1 . . . 54,054 34, 745 36, 211 22, 553 23,497 12,193 12, 714 10, 296 10,365 7,153 7,478 1939—June 30 Dec. 30 15,082 15,037 6,330 6,362 5,203 5,187 1,127 1,175 553 552 8,199 8,123 1939—June 3 0 . . . 55, 992 Dec. 30... 58,344 38,027 39,930 24, 534 25, 661 13,493 14,269 10, 521 10,613 7,444 7,801 1940—Mar. 26 J u n e 29 Dec. 31 15,006 14,953 14,895 6,377 6,398 6,486 5,178 5,164 5,144 1,199 1,234 1,342 551 551 551 8,078 8,004 7,858 1940—Mar. 26... 59, 017 June 29. _. 60, 582 Dec. 3 1 - 65,021 40, 579 42,039 46,007 25, 911 26,931 29, 214 14, 667 15,108 16, 793 310, 544 10,631 10, 658 3 7,895 7,912 8,356 For footnotes see table below. 1929—June 29_._ Dec. 31. _. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] Call date Total Loans Nonmember banks Member banks All banks Investments Total Loans Investments Mutual savings banks Total Loans Investments Other nonmember banks Total Loans Investments 58,474 58,417 41,531 41,918 16,943 16,499 35,711 35,934 25,658 26,150 10,052 9,784 9,556 9,463 5,892 5,945 3,664 3,518 13,207 13,020 9,981 9,823 3,227 3,197 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 1935—June 29 Dec. 31 44,416 45,717 20,272 20,329 24,145 25, 388 28,785 29,985 11,928 12,175 16,857 17,810 9,852 9,804 5,341 5,210 4,511 4,594 5,779 5,927 3,003 2,944 2,777 2,983 1936—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 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 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 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 51,135 51, 335 54,188 22,190 22,341 23, 741 28, 945 28, 995 30,448 34,163 34,451 37,126 13,939 13,969 15, 321 20,224 20,482 21,805 3 10, 226 10,188 10, 248 4,922 4,926 4,959 5,304 5,262 5,289 3 6,746 6,696 6,815 3,329 3,445 3,461 3,417 3,251 3,353 1929—June 29 Dec. 31 1933—June 30 Dec. 30 1937—June 30 Dec. 31 . ... _ 1938—June 30 Dec. 312 1939—June 30 Dec. 30 _ 1940—Mar. 26 June 29 Dec. 31 - .. _ 1 Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. Prior to June 1940 the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank abstracts, 2 Prior to December 1938 thefiguresinclude loans and investments indirectly representing bank premises or other real estate, now classified in condition reports among "Other assets." The amounts of such loans and investments in December 1938 were approximately $50,000,000 and $100,000,000, respectively. 3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on December 30, 1939) which, prior to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column. Backfigures.—SeeAnnual Report for 1937 (tables 48-49). MAY 1941 427 CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans i Call date Total loans and investments Investments i Loans for purchasing Comor carrying mersecurities cial Agri- Open Keal Loans Other and cul- marestate to loans 4 Total Total i To in- tur- ket loans banks dusal* paper brokers trial' To and others 3 deal- TJ. S. Government obligations Obligations of Direct States Other secuand rities Guar- political anTotal subBills Notes Bonds teed divisions Total—All Member Banks 1929—Dec. 31 35,934 1933—June 30. 24,786 1938—June 30. . 30.721 Dec. 3 1 _ 32,070 1939—June 30.- 32,603 Oct. 2«_. 33,075 Dec. 30__ 33, 941 1940—Mar. 26 • 34,163 J u n e 29. 34,451 Dec. 31 37,126 1941—Apr. 4 P . . 38, 975 New York City7 26,150 12,858 1929—Dec. 31_. 8,774 1933—June 30__ 7,133 1938—June 30. _ 8,013 Dec. 31__ 8,335 1939— Tune 30.. 8,688 Oct. 2« . 9,044 Dec. 30 . 9,339 1940—Mar. 26 • 9,594 June 29. _ 9.829 Dec. 31 10. 910 1941—Apr. 4 P . . 11, 696 City of Chicago' 1929—Dec. 31 1,757 1933—June 30.. 1,287 1938—June 30.. 1,806 Dec. 31__ 1.969 1939—Tune 30 _ 2,052 Oct. 2«__ 2,050 Dec. 30.. 2,105 1940—Mar 26« 2,222 June 29. 2.205 2. 377 Deo. 31 1941—Apr. 4 P._ 2,649 Reserve City Banks 6,683 3,424 3,172 3,262 2,988 3,116 3,296 3,211 3.014 3.384 3,500 1929—Dec. 31 12,029 1933—June 30. _ 8,492 1938—June 30. 11,150 Dec 3 1 . . 11,654 1939—June 30.. 11, 756 Oct. 2 • 11,880 Dec. 30 12, 272 1940—Mar. 26 • 12,153 June 29. 12,160 13.013 Dec. 31 1941—Apr. 4 P . . 13, 497 Country Banks 1929— Dec. 31__ 13,375 1933—June 3O._ 7,873 1938—June 30.. 9,752 Dec. 31__ 10,113 1939—June 30 10,109 Oct. 2 •__ 10,102 Dec. 30__ 10, 224 1940-Mar. 26 • 10,194 June 29.. 10, 257 Dec. 31 10,826 1941—Apr. 4 P . . 11,133 9,084 4,482 4,853 4,963 5,004 5,127 5,329 5,305 5,365 5,931 6,165 583 595 492 442 420 2,463 953 701 973 731 455 790 700 2,957 450 456 447 642 668 3.069 652 3,228 1,257 759 556 787 555 2,145 1,044 1,456 1,474 195 364 141 138 128 1,768 120 611 1.801 2,025 103 100 320 465 12.938 13, 208 4,737 13,141 4,783 13, 470 13, 962 5,386 13.939 13.969 5,538 15.321 6,204 15,871 1,448 677 525 539 544 563 569 564 603 696 780 4,275 4,388 4,444 4,605 4,665 4,768 4,860 4,987 5,309 5,426 730 251 61 29 43 319 7,685 3,752 2,614 775 736 3,191 2,372 2,613 2,716 2,828 249 520 714 11,515 9,784 330 4,857 11,928 6,887 1,113 2,049 316 3,653 120 6,397 17,783 12,343 286 125 2,728 18.863 13,222 322 162 85 215 2,595 937 1,541 436 440 188 133 44 425 188 190 137 130 426 443 535 237 361 62 59 251 109 70 71 365 417 476 1,914 1,884 168 126 163 149 138 664 108 95 119 115 2,775 1,340 998 242 221 1,538 1,131 1,201 1,230 1,284 258 3,679 1,678 2,369 1,081 1,116 155 119 222 1,335 1,168 2.134 2,436 156 153 87 115 210 1,372 207 1,436 1,224 1,307 1,048 1,095 201 35 173 138 140 291 25 21 25 22 1,462 1,055 1,269 1,353 229 1,402 4,705 2,005 2,126 1,149 1,180 163 20 224 1,477 1,234 208 1,544 201 1,644 1,308 1,397 2,100 1,151 1,187 1,267 221 495 174 187 2,231 1,117 790 243 1,393 1,744 2,143 2,448 2,554 2,764 2,905 2.888 3.013 3,201 4,528 3,297 3,296 3,192 3,131 3,030 2,959 2,898 2,873 2,970 2,915 889 926 1,451 709 1,663 894 2,284 1,123 1,157 315 797 2,385 1,275 1,286 421 1,092 2,650 1,324 207 1,245 2,977 1,615 222 478 394 517 480 662 579 728 634 695 769 758 680 707 698 736 708 693 686 695 788 799 96 87 140 141 154 147 162 175 177 188 226 96 138 159 176 179 168 170 164 167 186 177 448 598 732 808 895 897 890 928 981 984 1,036 1,128 930 908 866 866 856 860 850 868 893 855 627 581 878 982 1,025 1,058 1,061 1,076 1,097 1,146 1,171 2,546 1,549 1,522 1,453 1,351 1,297 1,236 1,197 1,144 1,102 1,083 13,777 13,811 14,328 14.421 14, 722 15,823 16, 988 441 2,720 2,091 3,709 4,840 5,072 5,700 5,928 6,043 6,383 6.815 7,527 8,195 1,112 2,551 3,740 3,857 4,483 4,558 4,772 4,972 5,486 6,044 6,627 166 58 638 987 222 1,358 158 1,142 309 610 1,281 1,430 1,507 1,487 1,536 1,658 1,602 1.681 1,869 116 384 981 1,114 1,175 1,172 1,203 1,319 1,258 1,307 1,466 2,944 4,011 6,298 6,691 6,751 6,752 6,943 6,848 6.795 7,081 7,332 2,483 4,658 5,018 4,991 4,998 5,194 5,070 4,947 5, 204 5,441 2,796 19,462 19,605 2,888 19,979 20,224 3,020 20.482 3,230 21,805 23,104 169 157 132 121 130 717 220 3,094 3,725 6,246 2,128 7,208 2,340 7,786 2,831 2,920 8,398 3,144 3,107 8,261 3,121 9,091 3,486 4,4 5,364 5,669 5,504 5,437 5,456 5,334 5,270 5,517 5,707 1,267 1,469 2,964 3,233 3,127 3,082 3,159 3,060 3,030 3,269 3,454 2,223 797 2,543 652 2,594 206 12 59 185 313 291 234 94 97 535 655 621 153 176 701 254 297 161 145 710 752 165 681 1,268 1,224 78 1,014 1,112 1,597 2,603 2,997 3,010 91 205 63 87 103 819 3,339 122 109 135 155 172 139 134 112 718 740 889 909 972 839 771 3,052 3,281 1,049 171 299 715 732 563 999 1,106 1,657 1,893 1,870 431 1,972 451 433 1,849 2,081 579 597 725 719 695 710 total3 amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May, 1937. Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and 4to brokers and dealers. This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures. 5 Includes Treasury certificates of indebtedness through 1934. 6 Breakdown of loans and investments not reported separately. 7 Central reserve city banks. Finck figures.—See Annual Report for 1937 (tables 52-58). p Preliminary. 428 FEDERAL RESERVE BULLETIN CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Interbank deposits Time deposits, except interbank Demand deposits, except interbank Reserves BalDomestic IndiIndiDeances mand vid- State Certi vidbanks with de- uals, uals, States tied in eral do- posits part- and U. S. part- and Posta ForRe- vault mesti ner- polit- and Gov- ner- politadoffiical cers' sav-4 eign serve ern- ships subbanks justed ships sub- checks ings Banks Debanks and ment and mand Time cor- divicor- divi3 pora- sions etc. pora- sions tions tions with Fed- Cash Bor- Capital rowacings counts Call d a t e Total—All Member Banks 2,374 2,235 8,004 8,694 9,112 10, Oil 11,617 11,604 12,279 13. 751 13, 992 558 2,168 16,647 17, 526 405 2,008 12,089 11,830 712 4,084 20,893 19, 816 746 4,240 22, 293 21,119 777 4,403 22, 364 20,845 712 4,674 23, 587 22,448 774 6 5,304 25,118 23,983 841 5,506 25, 681 24,604 862 6 5,634 26,461 24,965 789 5,751 27,877 26. 397 991 6,185 30,429 29, 576 827 846 3,617 4,104 4,582 4,975 5,929 5,915 6,386 7.072 7,057 68 46 65 68 63 61 85 89 84 88 102 169 232 936 884 705 897 1,080 993 909 1,187 1,051 13 34 31 35 22 26 37 42 25 39 42 751 705 2,289 2,354 2,459 2,735 3,053 3,118 3,336 3, 759 4,027 156 122 300 321 342 318 323 348 364 334 396 122 3,517 788 3,057 83 6,096 61 6,510 68 6,816 59 7,097 51 6 8,243 51 8,507 52 6 8,717 59 8,852 56 9,581 95 89 135 132 133 142 e 142 144 6 145 134 135 698 146 331 511 629 607 6 757 759 8 737 1,198 1,255 2,514 2,687 2,731 2,992 6 3, 573 3,542 6 3, 629 3,840 4,032 40 22 1,335 1,087 2,314 2,386 2,467 2,532 2,390 2,321 2,499 2, 529 2,724 1,681 657 662 547 533 790 666 563 558 475 913 143 806 543 790 775 694 675 743 725 711 616 12,267 7,803 10,874 10,846 10, 940 11,063 11,104 11, 215 11, 368 11,459 11,687 595 300 454 462 461 441 418 432 411 410 435 179 4,750 5,847 101 4,358 4,676 119 6,698 6,900 109 7,168 7,273 156 7,605 7,677 112 8,012 8,281 109 8,676 8,812 125 8,899 9,030 163 9,562 9,652 119 10, 235 10, 283 122 11,062 11,357 128 96 273 280 260 288 321 251 219 258 370 1,180 461 367 195 272 472 349 178 260 147 471 20 332 123 139 135 84 72 74 68 67 48 1,112 671 694 652 655 653 683 693 742 732 768 33 4 32 36 53 46 52 43 35 29 51 18 110 133 203 208 235 178 235 237 283 195 242 319 957 912 1,523 1,688 1,250 1,666 1,747 1,739 1,544 1,898 1,941 1,041 870 1,386 1,597 1,182 1,565 1,632 1,676 1,503 1,782 1,905 42 87 221 181 141 197 195 167 133 199 174 32 16 23 29 26 22 27 24 18 17 27 8 46 86 83 83 60 60 80 80 79 90 332 358 443 452 452 471 469 483 482 489 496 58 1 16 9 12 17 21 10 11 15 8 2 6 947 1,002 1,951 1,940 2,106 2,210 2,485 2,485 2,632 2,679 2,741 5,229 3,764 6,934 7,214 7,326 7,654 8,017 8,176 8,400 8,774 9,581 5,547 3,708 6,668 7,034 6,899 7,331 7,803 8,002 7,978 8,372 9,468 423 349 812 796 889 917 801 813 942 956 995 300 108 146 170 123 160 158 190 150 147 228 76 312 266 424 420 415 410 435 431 422 327 4,433 2,941 4,238 4,233 4,276 4,320 4,319 4,362 4,386 4,422 4,506 371 208 262 269 243 233 198 240 214 219 226 8 8 8 6 1 1 6,709 4,837 5,368 5,424 5,467 5,496 5,530 5,522 5,562 5,608 5,698 597 128 291 442 553 524 670 695 672 650 646 179 8 2,105 1,582 1,587 1,593 1,592 1,586 1,587 1,592 1,601 1,599 1,615 703 706 6 8 879 191 11 6 7 5 5 3 2 3 3 6 1 19 33 2 6 9 10 12 6 14 9 e7 7 8 41 3 3 5 5 5 310 259 688 658 834 746 6 853 879 6 997 949 997 316 204 249 257 261 270 270 250 253 260 270 41 388 31 17 22 19 14 14 12 18 19 1,604 1,315 2,514 2,719 2,813 2,920 3,307 3,516 3,525 3,526 3,919 30 59 113 108 108 115 8 116 117 8 115 105 106 64 15 32 57 64 69 71 53 56 44 51 292 16 2,029 1,533 1. 753 1,777 1,795 1,812 1,821 1,828 1,833 1. 873 1,904 6 8 2 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—Mar. 29 J u n e 30 Oct. 2 Dec. 30 1940—Mar. 26 J u n e 29 Dec. 31 New York City & 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—Mar. 29 J u n e 30 Oct. 2 Dec. 30 1940—Mar. 26 J u n e 29 Dec. 31 City of Chicago 5 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—Mar. 29 J u n e 30 Oct. 2 Dec. 30 1940—Mar. 26 J u n e 29 Dec. 31 Reserve City Banks 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—Mar. 29 J u n e 30 Oct. 2 Dec. 30 1940—Mar. 26 J u n e 29 Dec. 31 Country Banks 627 452 1,263 1,353 1,367 L, 403 1,555 ,578 ,648 ,733 1,857 321 203 316 322 350 307 329 363 389 328 452 908 702 1,806 1,956 1,963 2,117 2,473 2,614 2,645 2,711 3,002 5,711 3,054 5,738 6,224 6,183 6,255 6,677 6,866 6,954 6,969 7,845 5,091 2,576 4,863 5,215 5,087 5,272 5,736 5,896 5,832 5,960 6,846 742 555 1,008 1,128 1,176 1,130 1,073 1,090 1,205 1,115 1,184 169 72 126 154 114 135 131 172 131 164 187 39 116 68 143 137 136 133 154 147 143 151 6,390 3,833 5,499 5,509 5,557 5,619 5,632 5,677 5,757 5,816 5,917 133 86 144 147 153 145 148 140 151 147 150 61 285 52 44 46 40 35 35 35 37 33 405 228 380 446 438 439 6 509 571 6 566 538 633 6 7 22 23 25 26 6 27 26 8 29 29 29 3 1 2 2 2 2 8 2 2 62 2 2 367 167 11 6 5 5 4 3 2 3 3 2,258 1,517 1,778 1,798 1,818 1,828 1,852 1,851 1,875 1,876 1,909 1929—Dec. 31 1933—June 30 1938—June 30 Dec. 31 1939—Mar. 29 J u n e 30 Oct. 2 Dec. 30 1940—Mar. 26 J u n e 29 Dec. 31 1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets." 2 Demand deposits other than interbank and U.S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1936, less 3cash items reported on hand but not in process of collection. Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Deo. 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. Backfigures.—SeeAnnual Report for 1937 (tables 52-58). MAY 1941 429 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 Total loans and investments Date or month Total Loans for purchasing or carrying securities Commercial, industrial, and agricultural Open market paper To brokers and dealers U. S. Government obligations Real Loans estate to loans banks Other loans 476 456 463 460 458 455 1,186 1,226 1,229 1,229 1,231 1,227 51 37 40 36 35 38 Total Notes Other secuGuar- rities Bonds anteed Total Bills 1,551 14,776 1,722 15, 779 1,747 16,079 1,738 16, 366 1,741 16, 908 1,766 17,095 11, 288 12,192 12,438 12, 689 13,138 13, 299 627 768 734 705 729 896 1,776 1,850 2,019 2,188 2,565 2,452 6,501 6,872 6,951 7,048 7,085 7,190 2,384 2,702 2,734 2,748 2,759 2,761 3,488 3,587 3,641 3,677 3,770 3,796 To others Total—101 Cities 1940—March November December. __ 1941—January February. __ March _ 23, 380 24,862 25, 388 25, 661 26,316 26, 793 8,604 9,083 9,309 9, 295 9,408 9,698 4,371 4,885 4,993 5,051 5,186 5,374 335 301 303 310 317 335 634 456 534 471 440 503 1941—Jan. 29 25,676 9,308 5,076 314 458 459 1,229 35 1,737 16, 368 12,694 685 2,214 7,051 2,744 3,674 26,184 26, 248 _ . 26, 381 26,450 9,337 9,377 9,423 9,495 5,124 5,173 5,220 5,227 313 317 320 319 440 424 418 478 461 459 458 455 1,230 1,231 1,230 1,232 35 34 36 36 1,734 16,847 1,739 16, 871 1,741 16,958 1,748 16, 955 13,124 13,147 13,180 13,100 732 720 737 727 2,563 2,568 2,572 2,555 7,083 7,094 7,111 7,052 2,746 2,765 2,760 2,766 3,723 3,724 3,778 3,855 Feb. Feb. Feb. Feb. 5 12 19 26 Mar. Mar. Mar. Mar. 5 12 _. 19 26 26, 26, 26, 26, 668 744 843 918 9, 592 9,689 9,714 9,798 5,287 5,374 5,414 5,420 323 332 340 343 502 498 471 542 455 458 455 453 1,229 1,229 1,226 1,226 39 39 37 37 1,757 17,076 1,759 17,055 1,771 17,129 1,777 17,120 13, 232 13, 285 13,343 13, 334 840 909 970 864 2,554 2,545 2,347 2,360 7,064 7,065 7,271 7,359 2,774 2,766 2,755 2,751 3,844 3,770 3,786 3,786 Apr. Apr. Apr. Apr. 2 9 16 23 26, 952 27,138 27,163 27, 546 9,828 9,846 9,871 9,831 5,465 5,494 5,530 5,509 347 347 350 355 504 497 485 461 454 455 449 445 1,228 1,228 1,229 1,231 52 39 39 37 1,778 1,786 1,789 1,793 17,124 17, 292 17, 292 17,715 13,331 13, 477 13, 494 13,911 742 868 878 878 2,183 2,181 2,179 2,191 7,653 7,677 7,682 7,741 2,753 2,751 2,755 3,101 3,793 3,815 3,798 3,804 1940—March November December. _ 1941—January.. _ February March 9,000 9,813 1.0,165 10, 350 10,712 10,916 2,964 2,960 3,074 3,049 3,063 3,209 1,676 1,860 1,901 1,926 1,983 115 80 90 93 90 96 485 327 381 331 300 357 160 159 168 169 166 165 114 117 115 113 112 111 45 27 26 24 23 29 369 390 393 393 389 393 6,036 6,853 7,091 7,301 7,649 4,715 5,548 5,755 5,913 6,183 6,237 182 345 285 170 149 227 789 959 1,082 1,239 1,498 1,471 2,495 2,720 2,824 2,923 2,947 2,961 1,249 1,524 1,564 1,581 1,589 1,578 1,321 1,305 1,336 1,388 1,466 1,470 1941-Jan. 29. . 10, 394 3,054 91 321 168 113 24 394 Feb. Feb Feb. Feb. 5 12 19... 26 . . 10, 664 10, 690 10,719 10, 776 3,042 3,046 3,063 3,100 1, 963 1,980 2,002 1,989 90 91 90 89 297 287 282 332 167 166 167 166 112 112 111 111 23 22 23 23 390 388 388 390 Mar. Mar. Mar. Mar. 5 12 19 26 10, 10, 10, 11, 843 892 908 022 3,159 3,223 3,204 3,250 2,022 2,075 2,070 2,064 91 96 101 97 348 354 336 391 165 166 165 165 111 111 111 112 29 29 28 28 Apr. Apr. Apr. Apr. 2 9 ._ 16 23 . „ 11,053 11,132 11,155 11, 456 3,252 3,225 3,226 3,202 2,073 2,084 2,095 2,088 97 96 93 94 370 344 337 323 165 165 164 162 111 112 111 112 1940—March November December. _ 1941—January February March 14, 380 15,049 15,223 15,311 15,604 15, 877 5,640 6,123 6, 235 6,246 6, 345 6,489 2,695 3,025 3,092 3,125 3,203 3,316 220 221 213 217 227 239 149 129 153 140 140 146 316 297 295 291 292 290 1941-Jan. 29 New York City 2,058 1,943 7,707 5,949 175 1,263 2,934 1,577 1,391 7,622 7,644 7,656 7,676 6,183 6,204 6,195 6,151 149 147 143 158 1.487 1,492 1,496 1,516 2,964 2,972 2,966 2,888 1,583 1,593 1,590 1,589 1,439 1,440 1,461 1,525 393 392 393 393 7,684 7,669 7,704 7,772 6,168 6,219 6,253 6,309 147 211 270 278 ,523 1,522 1,429 I. 411 2,901 2,903 2,991 3,050 1,597 1,583 1,563 1,570 1,516 1,450 1,451 1,463 42 30 30 28 394 394 396 395 7,801 7,907 7,929 8,254 6,334 6,430 6,471 6,799 250 318 345 409 1,340 1,359 1,366 1,390 3,168 3,173 3,174 3,207 1,576 1,580 1,586 1,793 1,467 1,477 1,458 1,455 1,072 1,109 1,114 1,116 1,119 1,116 6 10 14 12 12 9 1,182 1,332 1,354 1,345 1,352 1,373 8,740 8,926 8,988 9,065 9, 259 9,388 6,573 6,644 6, 683 6,776 6,955 7,062 445 423 449 535 580 669 987 891 937 949 1,067 981 4,006 4,152 4,127 4,125 4,138 4,229 1,135 1,178 1,170 1,167 1,170 1,183 2,167 2,282 2,305 2,289 2, 304 2,326 7,340 Outside New York City 15,282 6,254 3,133 223 137 291 1,116 11 1,343 9,028 6,745 510 951 4,117 1,167 2,283 Feb. Feb. Feb. Feb. 5 12 . . . 19 26. . . 15, 520 15,558 15, 662 15,674 6,295 6,331 6, 360 6,395 3,161 3,193 3.218 3,238 223 226 230 230 143 137 136 146 294 293 291 289 1,118 1,119 1,119 1,121 12 12 13 13 1,344 1,351 1,353 1,358 9,225 9,227 9,302 9,279 6,941 6,943 6,985 6,949 583 573 594 569 1,076 1,076 1,076 1,039 4,119 4,122 4,145 4,164 1,163 1,172 1,170 1,177 2,284 2,284 2,317 2,330 Mar. Mar. Mar. Mar. 5 .. 12 19 26 15,825 15,852 15, 935 15, 896 6,433 6,466 6,510 6,548 3, 265 3, 299 3,344 3,356 232 236 239 246 154 144 135 151 290 292 290 288 1,118 1,118 1,115 1,114 10 10 9 9 1,364 1,367 1,378 1,384 9,392 9,386 9,425 9,348 7,064 7,066 7,090 7,025 693 698 700 586 1,031 1,023 918 949 4,163 4,162 4,280 4,309 1,177 1,183 1,192 1,181 2,328 2,320 2,335 2,323 Apr. Apr. Apr. Apr. 2 9 _ 16 23 15,899 16, 006 16, 008 16, 090 6, 576 6,621 6,645 6,629 3,392 3,410 3,435 3,421 250 251 257 261 134 153 148 138 289 290 285 283 1,117 1,116 1,118 1,119 10 9 9 9 1,384 1,392 1,393 1,398 9,323 9,385 9,363 9,461 6,997 7,047 7,023 7,112 492 550 533 469 843 822 813 801 4,485 4,504 4,508 4,534 1,177 1,171 1,169 1,308 2,326 2,338 2,340 2,349 NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding tables in previous Annual Reports. 430 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE RESERVES AND LIABILITIES [Monthly data are averages of Wednesday figures. In millions of dollars.] Interbank deposits Time deposits, except interbank Demand deposits, except interbank Reserves IndiIndiDomestic Bal Dewith Cash ances mand vid- States Certivid- States banks Feduals, deuals, with fied and and in eral U. S partdo- posits part- polit- and ForPosta: Re- vault mestic adGov- ner- politneroffiical eign ical savserve ern-1 ships, subbanks justed ships, subcers' banks ings Bank: ment and Deand cor- divimand Time cor- divi- checks etc. pora- sions pora- sions tions tions Bor- Capital rowacings count; Date or month Total 101 Cities 3,184 3,347 3,361 3,404 3,381 3,468 8,809 9,039 9,005 9,180 124 112 113 117 117 115 736 665 674 653 630 645 3,721 1940—March November 3,821 December 3,824 3,824 1941—January 3,834 February 3,833 March 185 8,959 117 650 3,823 1941—Jan. 29 200 197 194 179 8,924 8,925 9,033 9,137 116 117 118 116 645 625 624 626 3,832 3,833 3,834 3,836 Feb. Feb. Feb. Feb. 174 175 172 171 9,208 9,236 9,161 9,115 114 115 117 116 644 649 649 636 3,842 3,832 3,827 3,831 Mar. 5 Mar. 12 Mar. 19 Mar. 26 171 171 168 168 9,228 9,054 9,265 8,910 115 114 113 113 633 644 653 653 3,839 3,844 3,847 3,850 Apr. 2 Apr. 9 Apr. 16 Apr. 23 672 609 616 594 574 589 1,490 1,506 1,507 1,502 1,507 1,507 L940—March November December 941—January February March 589 1,502 .941—Jan. 29 587 569 569 571 1,507 1,507 1,507 1,506 Feb. Feb. Feb. Feb. 587 592 594 581 1,510 1,506 1,505 1,506 Mar. 5 Mar. 12 Mar. 19 Mar. 26 577 583 593 592 1,510 1,510 1,510 1,511 Apr. 2 Apr. 9 Apr. 16 Apr. 23 18,945 21, 569 22,098 22, 303 22, 511 22, 826 1,371 1,576 1,505 1,537 1,673 1,657 440 501 560 482 484 489 560 507 433 318 331 328 5,133 5,187 5,189 5,244 5,262 5,282 527 3,352 22, 932 22, 401 1,579 484 214 510 522 518 530 3,314 3,351 3, 388 3,473 22, 798 22,981 23,157 23, 431 22,158 22,456 22, 617 22,812 1,605 1,648 1,619 1,820 460 440 483 554 330 331 331 332 11,910 11, 976 11, 533 11, 438 509 527 505 517 3,427 3,472 3,490 3,480 23, 362 23, 487 23,186 23, 259 22,811 23,155 22, 690 22, 647 1,692 1, 585 1,624 1,725 435 465 554 503 11,315 11, 428 ll.i 11, 235 491 521 501 522 3,588 3,439 3,548 3,400 23, 093 23,430 23, 577 23, 762 22, 518 22, 716 23, 245 23, 085 1,747 1,709 1,688 1,797 527 442 475 497 96 83 85 85 93 120 8,979 10,022 10, 351 10, 578 10,765 10, 982 10,096 10,489 10, 602 10,758 11,054 210 338 326 330 345 313 276 314 340 287 290 294 6,734 10, 632 10, 671 350 294 3,871 6,395 6,395 6,535 6,729 10, 603 10, 691 10,780 10, 985 10, 581 10, 687 10,835 10, 931 318 324 300 440 272 264 283 340 700 702 713 711 3,820 3,801 3,830 3,907 11,007 11,095 330 308 300 316 251 283 340 303 719 720 715 714 276 272 311 304 251 265 287 713 727 721 716 3,947 3,963 3,919 3,885 3,934 3,836 3,947 3,772 10, 394 11,955 11, 824 12,109 11, 765 11,714 468 531 556 530 520 515 12, 111 11,611 11, 640 11,804 12, 003 19, 344 21,890 22, 299 22, 757 23,092 23, 324 193 192 210 190 193 173 5,240 5,251 5,254 5,270 5,273 333 328 330 322 5,295 5,285 5,275 5,271 390 389 5,269 5,286 5,280 5,274 8,144 5 12 19 26 New York City 6,153 6,694 6,683 6,809 6,514 6,622 6,756 6, 755 6,532 6,446 101 11,038 11,111 124 10,880 10, 968 157 11,001 11, 042 157 11,026 11,100 120 10, 994 10, 995 116 10, 941 11,092 97 11, 026 11,056 6,472 6,315 6, 354 5,981 658 674 677 690 707 717 3,529 3,843 3,825 3,929 3,839 3,928 5 12 19 26 Outside New York City 4,241 5,261 5,141 5,300 5,251 5,092 440 460 443 436 432 3,088 3,264 3,276 3,319 3,288 3,348 10, 365 11,868 11,948 12,179 12, 327 .2, 342 9,833 11,473 11, 609 11, 701 11, 753 11, 772 1,161 1,238 1,179 1,207 1,328 1,344 164 187 220 195 194 195 516 472 404 299 317 314 4,475 4,513 4,512 4,554 4,555 4,565 163 149 167 148 144 141 4,615 4,966 4,984 5,110 5,166 5,252 123 112 113 117 117 115 2,231 2,315 2,317 2,322 2,327 2,326 .940—March November December 941—January February March 2,321 941—Jan. 29 5,377 440 3,264 .2, 300 11, 730 1,229 190 200 4,547 143 5,088 5,216 5,245 5,269 5,274 426 438 436 443 3, 230 3,260 3,295 3,371 2,195 2, 290 2, 377 .2, 446 11, 577 11, 769 1,782 .1, 881 1,287 1,324 1,319 1,380 188 176 200 214 316 317 317 316 4,551 4,552 4,557 4,562 149 145 141 141 5,104 5,124 5,203 5,230 116 117 118 116 2,325 2,326 2,327 2,330 Feb. Feb. Feb. Feb. 5,154 5,221 5,001 4,992 427 442 424 433 3,328 12, 355 11,716 3,371 2, 449 2,044 3,366 2, 306 .1,722 3,323 2, 258 1, 605 1,362 1,277 1,324 1,409 184 182 214 200 319 314 316 309 4,576 4,565 4,560 4,557 142 142 141 140 5,261 5,273 5,242 5,230 114 115 117 116 2,332 2,326 2,322 2,325 Mar. 5 Mar. 12 Mar. 19 Mar. 26 4,843 5,113 5,314 5,254 412 437 420 3,431 .2, 067 1,418 3,319 2, 436 1, 721 3,432 2, 636 .2,153 3,303 .2, 736 .2, 029 1,458 1,433 1,416 1,486 223 191 210 210 377 372 371 371 4,556 4,559 4,559 4,558 140 140 143 143 5,294 5,218 5,318 5,138 115 114 113 113 2,329 2,334 2,337 2,339 Apr. 2 Apr. 9 Apr. 16 Apr. 23 5 12 19 26 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. MAY 1941 431 WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Federal Reserve district and date (1941) Boston (6 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 New York (8 cities)* Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Philadelphia (4 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Cleveland (10 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Richmond (12 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Atlanta (8 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Chicago (12 cities)* Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 St. Louis (5 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Minneapolis (8 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Kansas City (12 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Dallas (9 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 San Francisco (7 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 City of Chicago* Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Total loans and inTotal vestments Commercial, inOpen dus- martrial, ket and paper agricultural Loans Investments Loans for purchasing or carrying securities U. S. Government obligations Eeal Loans Other estate to To loans banks loans brokers To and others dealers Total Notes Bonds Bills 477 481 482 482 496 42 40 42 42 41 43 40 40 39 39 337 347 345 347 345 55 54 55 54 71 133 134 137 136 136 6,731 6,829 6,865 7,204 278 250 318 345 409 1,469 1,381 1,400 1,407 1,432 3,286 3,436 3,441 3,439 3,472 1,658 1,664 1,670 1,674 1,891 1,612 1,617 1,626 1,607 1,604 1,293 1,297 1,310 1,315 1,328 691 697 348 350 357 361 72 73 74 76 78 16 14 13 15 12 17 16 18 16 16 81 81 81 81 81 145 143 144 144 145 610 615 619 618 632 11, 930 11, 980 12, 063 12,080 12, 393 3,627 3,632 3,608 3,608 3,585 2,196 2,207 2,220 2,230 2,224 109 109 109 106 107 397 376 350 342 328 212 212 212 211 209 191 191 192 191 192 494 495 495 8,303 8,348 8,455 8,472 1,244 1,262 1,270 1,275 1,281 492 495 499 504 505 252 255 258 263 262 35 35 35 37 37 25 25 25 25 25 29 30 30 28 28 50 50 50 50 50 101 100 101 101 103 752 767 771 771 776 477 494 498 497 500 28 28 28 363 381 389 387 384 2,050 2,062 2,072 2,088 2,102 824 829 835 843 840 371 375 380 384 11 11 11 12 12 16 15 15 19 16 20 20 20 20 20 180 180 180 180 225 227 228 227 227 1,226 1,233 1,237 1,245 1,262 953 961 964 971 159 147 153 153 153 649 771 764 733 724 722 307 306 305 308 307 146 146 146 148 146 11 11 11 11 11 5 3 3 14 14 14 14 14 83 84 83 84 85 464 458 428 416 415 394 389 358 346 345 1 1 115 93 66 62 52 704 702 706 703 710 378 376 376 376 373 198 5 5 5 5 5 35 36 36 36 36 119 118 118 117 117 326 326 330 327 337 210 210 214 211 220 4 4 6 5 5 56 50 51 3,957 3,889 3,957 3,954 3,915 1,178 1,186 1,209 1,212 1,206 738 755 756 768 764 131 131 132 132 132 147 148 148 149 149 2,779 2,703 2,748 2,742 2,709 2,159 2,087 2,131 2,124 2,090 418 332 365 352 284 281 252 255 255 253 841 836 851 848 856 389 389 391 390 389 227 227 227 226 224 60 60 60 70 70 72 71 71 452 447 460 458 467 337 331 344 341 350 59 52 58 58 58 430 434 447 440 456 218 220 221 220 222 116 118 118 117 117 12 12 12 12 13 212 214 226 220 234 170 172 180 175 185 735 738 743 744 754 591 598 594 591 597 353 355 353 354 352 213 214 213 213 212 32 32 31 32 32 80 79 80 80 82 72 72 72 73 72 382 383 390 390 402 319 321 321 318 316 219 219 219 217 214 24 24 24 24 24 59 59 60 59 60 272 277 273 273 281 2,372 2,390 2,392 2,401 2,432 1,030 1,037 1,037 1,041 1,040 396 401 402 404 405 382 383 382 383 383 2,656 2,570 2,636 2,629 2,574 754 756 777 773 768 537 549 548 554 551 20 20 20 20 21 683 199 197 45 46 46 47 12 11 11 11 11 48 Other Guar- secuan- rities teed Total 275 273 273 274 276 671 675 134 134 135 139 153 273 272 273 274 273 225 241 237 228 230 54 55 55 55 62 70 69 70 70 70 54 54 53 53 116 116 116 116 117 1,160 1,203 1,211 1,217 1,219 300 300 300 300 334 620 616 617 618 619 41 37 37 37 37 171 177 184 184 184 66 65 65 62 71 115 116 116 117 117 2 2 12 8 14 21 20 20 19 19 115 118 116 116 116 32 32 .32 32 36 42 42 46 45 49 252 253 259 259 269 20 20 27 27 25 52 47 48 47 46 103 103 104 103 83 83 81 81 95 130 130 131 131 133 210 214 211 211 220 29 30 31 31 31 37 36 33 34 34 104 109 110 110 112 40 39 37 36 43 62 63 62 62 61 1,342 183 I 1,353 185 1,355 186 1,360 185 1, 392 1,004 1,008 1,007 1,012 1,043 1 1 1 1 2 58 52 50 50 51 756 767 769 774 794 188 187 187 196 338 345 348 348 349 1,902 1,814 1,859 1,856 1,806 1,492 1,409 1,453 1,446 1,395 417 331 364 351 283 160 133 136 136 136 789 820 827 833 833 126 125 126 126 143 410 405 406 410 411 102 104 105 107 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. 432 FEDERAL RESERVE BULLETIN WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Reserves BalDewith Cash ances mand Fedwith dein eral vault doposits Remestic adserve banks justed i Banks Interbank deposits Time deposits, except interbank Demand deposits, except interbank IndiIndiDomestic vidbanks vid- States uals, States Certiuals, fied and part- and part- politU.S. ForPostal ner- polit- and Gov- nereign ical savoffiships, ical ern- 2 ships, subbanks subcers' and and Dement divicor- divi- checks mand Time cor- sions pora- sions etc. porations tions 670 651 645 648 635 148 147 149 148 149 199 196 190 199 190 1,442 1,434 1,434 1,437 1,445 1,395 1,391 1,385 1,411 1,398 99 101 97 98 104 22 22 21 24 22 232 231 230 230 230 389 402 6,619 6,640 6,492 6, 536 6,164 105 99 107 102 105 308 302 262 268 235 11, 739 11, 767 11, 758 11,714 11,814 11,626 11,686 11, 590 11,708 11,666 495 488 467 459 514 325 323 269 283 311 1,075 1,074 1,088 1,082 1,076 562 581 602 589 603 24 23 24 23 23 205 216 199 209 214 1,142 1,188 1,203 1,190 1,222 1,117 1,128 1,117 1,131 1,136 103 136 148 145 158 12 13 11 11 13 10 13 13 13 13 743 757 772 804 768 50 49 51 49 50 375 379 375 382 367 1,611 1, 633 1,648 1,686 1,678 1,604 1,614 1,607 1.681 i;657 108 114 115 113 109 20 21 21 26 24 259 257 271 282 296 28 25 27 25 247 258 281 296 291 606 598 604 605 583 579 590 605 601 65 66 65 66 73 12 11 11 18 11 171 170 168 172 166 250 256, 262 268 263 483 476 480 484 490 453 453 458 476 465 87 83 81 81 85 5 6 5 5 1,295 1,160 1,318 1,438 1,460 607 2,975 2,749 3,014 3,132 3,185 2, 768 2,549 2,813 2,967 2,981 543 537 549 555 558 126 126 112 108 216 214 210 Bor- Capital rowacings counts 20 20 22 22 22 248 248 248 249 249 3,961 4,013 3,913 4,026 3,848 582 578 584 595 593 1,630 1,634 1,635 1,635 1,635 257 257 257 258 258 452 452 449 462 454 5 5 6 5 6 216 217 217 217 217 24 29 33 34 34 725 724 725 724 723 477 484 484 497 472 1 1 1 1 1 387 389 389 390 390 21 26 26 27 26 27 34 35 34 35 203 204 205 204 205 362 364 368 380 364 100 101 100 102 103 185 186 187 187 187 373 376 380 383 371 97 96 97 96 382 376 363 359 377 108 136 126 123 123 993 992 993 994 1,450 1,501 1,400 1,410 1,339 416 417 417 417 418 538 541 550 570 563 52 51 51 50 50 10 12 12 12 13 189 189 189 189 189 410 410 413 419 411 327 324 328 318 297 286 286 290 286 264 65 64 62 60 59 1 1 1 1 1 114 114 114 114 113 176 175 174 171 168 61 61 61 61 61 315 313 315 334 320 591 582 591 597 596 558 556 564 586 579 85 81 81 83 141 141 142 142 142 438 441 449 459 455 107 107 108 108 108 145 149 149 159 152 302 294 306 322 315 546 542 546 556 549 517 513 517 542 531 59 65 64 59 58 128 127 127 128 128 281 284 289 299 299 90 90 90 472 474 492 515 494 342 358 352 359 333 1,254 1,263 1,275 1,303 1,300 1,202 1,222 1,235 1,282 1,244 121 118 115 117 127 1,029 1,030 1,029 1,028 1,029 337 340 346 357 343 384 384 385 385 385 897 782 936 1,037 1,082 255 312 262 267 264 1,875 1,660 1,937 2,034 1,804 1,595 1,862 1,990 2,011 180 178 172 174 180 493 492 492 492 1,123 1,169 1,071 1,077 1,016 265 266 266 266 266 607 598 204 222 190 196 188 180 163 195 205 200 111 105 108 106 87 25 2,088 65 83 108 398 *1 See note on preceding page. Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. MAY 1941 Federal Reserve district and date (1941) Boston (6 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 New York (8 cities)* Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Philadelphia (4 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Cleveland (10 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Richmond (12 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Atlanta (8 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Chicago (12 cities)* Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 5*. Louis (5 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Minneapolis (8 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Kansas City (12 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 Dallas (9 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 San Francisco (7 cities) Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 City of Chicago* Mar. 26 Apr. 2 Apr. 9 Apr. 16 Apr. 23 433 COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding End of month Based on Held b y Commercial paper outstand- Total outstand- ing i ing Federal Reserve Banks Accepting banks Total Own bills ImFor acports Exports Dollar count of from Others exinto For Bills United U n i t e d change ac- foreign correbought own States States count spondents Goods stored in or shipped between points in United States Foreign countries 1939—December 210 233 175 105 70 57 103 39 16 54 22 1940—January February March April May.. . _ __. June July. . August September October November December 219 226 233 239 234 224 232 245 251 252 232 218 229 233 230 223 214 206 188 182 177 187 197 209 179 188 184 178 171 166 152 148 142 149 159 167 111 123 121 118 113 112 103 103 100 96 99 100 68 65 63 61 58 54 49 44 42 53 60 67 50 45 46 45 43 40 36 34 35 38 38 42 101 95 90 86 78 79 75 80 80 91 98 109 38 44 47 45 47 43 32 24 22 20 20 18 If 15 14 13 12 13 13 11 11 11 9 10 51 51 49 46 41 36 35 38 35 37 41 44 23 27 30 33 34 34 32 29 28 28 29 27 1941—Januarv February March 232 241 263 213 212 217 168 164 170 103 99 107 65 65 63 45 48 47 115 119 120 16 18 24 11 7 8 44 42 41 26 26 25 _ 1 As reported by dealers; includes some finance company paper sold in open market. Back figures.—Bee Annual Eeport for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances End of month Debit Customers' balances in partners' debit investment balances and trading (net) i accounts Credit balances Debit balances in firm investment and trading accounts Customers' credit balances i Cash on hand and in banks Money borrowed 2 Free Other (net) Other credit balances In In partners' firm In investinvestcapital ment and ment and accounts trading trading (net) accounts accounts 1935—D ecember 1,258 75 135 179 930 286 79 24 10 410 1936—June "DficflTnhpr 1,267 1,395 67 64 164 164 219 249 985 1,048 276 342 86 103 24 30 14 12 420 424 1937—June.— December 1,489 985 65 34 161 108 214 232 1,217 688 266 278 92 85 25 26 13 10 397 355 1938—June December 774 991 27 32 88 106 215 190 495 754 258 247 89 60 22 22 11 6 298 305 1939—June December 834 906 25 16 73 78 178 207 570 637 230 266 70 69 21 23 6 280 277 1940—March April May June July August September October November December . _ 886 910 702 653 642 631 635 653 666 677 15 15 12 12 12 12 12 12 12 12 78 72 67 58 64 56 57 70 64 99 186 192 239 223 213 215 218 203 214 204 615 626 459 376 376 368 370 381 383 427 247 252 251 267 261 256 268 269 280 281 70 73 68 62 62 57 56 58 59 54 21 21 22 22 22 21 20 20 20 22 9 6 5 6 5 5 5 4 5 270 271 274 269 264 260 255 253 253 247 1941—January February March 661 634 633 11 11 9 73 78 81 207 199 199 399 375 387 275 267 268 54 53 56 22 22 21 6 6 6 238 237 231 7 7 * Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of firms' own partners. 2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Eeport for 1937 (table 69) 434 FEDERAL RESERVE BULLETIN COMMERCIAL LOAN RATES OPEN-MARKET RATES IN NEW YORK CITY [Per cent per annum] Prevailing rate1 on— Year, month, or week Prime Stock exbankers' change accept- time ances, loans, 90 90 months days days Prime commercial paper, 4 to 6 AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Average r a t e on— Stock exchange call loan [Per cent per a n n u m ] Average U. S. Treas- yield of ury 91-day 3-to-5 bills 2 year 1938 average... 1939 average . . . 1940 aver age. __ .81 .59 .56 .44 .44 .44 1.25 1.25 1.25 1.00 1.00 1.00 .053 .023 .014 .07 .05 .04 .83 .59 .50 1940—Mar April .56 .56 .56 .56 .56 .56 .56 .56 .56 .56 .56 .56 .56 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 .44 1.25 1.25 1.25 1.25 1.00 1.00 1.00 1.00 i.00 1.00 1.00 1.00 1.00 1.00 1.00 1 00 1.00 (3) .003 .042 .071 .009 .019 .021 (3) .003 (3) 034 .089 .02 .02 .06 .10 .05 .04 .05 .02 .02 .02 .02 .04 .11 .42 .45 .65 .76 .57 58 .48 .43 .34 .35 .43 . 55 .50 \Vi 1M IM Vr-% Vie Vie Vie Vie Vie Vie 1.00 1.00 1.00 1.00 1.00 1.00 .065 .055 .079 .093 .097 .097 .11 .08 .08 .10 .11 .12 .49 .50 .52 .54 .55 .51 July Aug. Sept Oct Nov Dec 1941—Jan Feb. . Mar Week ending: Mar. 22_. Mar.29_. Apr.5.__ Apr. 12.. Apr. 19.. Apr. 26.. .25 L.25 L.25 L.25 L.25 L.25 L.25 L. 25 .25 1m 34 New York City tax- exempt New U.S. issues Deal- Treasreofers' new- fered ury als within quo- notes tation period May June Total 19 cities (3) 1934 1935 1936 1937 1938 1939 1940 average average average average average average i average J Monthly figures 1938—January February March... April May June July August September October November December. 1939—January February Quarterly figures i 1939—March June September December 1940—March. June September December 1941—March... _. 7 other South North- 11 ern and ern and Western Eastern cities cities 3.45 2.93 2.68 2.59 2.53 2.78 2.63 2.45 1.76 1.72 1.73 1.69 2.07 2.04 3.71 3.39 3.04 2. 88 2.75 2.87 2.56 4.32 3.76 3.40 3.25 3.26 3.51 3.38 2.60 2.49 2.48 2.48 2.48 2.56 2.57 2.52 2.53 2.57 2.49 2.60 1.70 1.70 1.65 1.70 1.70 1.70 1.70 1.67 1.70 1.70 1.70 1.70 2.92 2.65 2.64 2.60 2.64 2.78 2.78 2.71 2.74 2.90 2.68 2.95 3.28 3.21 3.28 3.25 3.20 3.31 3.35 3.28 3.26 3.21 3.20 3.23 2.64 2.52 1.73 1.70 2.97 2.69 3.32 3.26 2.95 2.91 2.68 2.59 2.65 2.59 2.68 2.59 2.58 2.13 2.15 2.04 1.96 2.03 2.00 2.14 2.00 2.06 3.05 3.05 2.78 2.59 2.67 2.49 2.56 2.53 2.53 3.77 3.62 3.31 3.32 3.35 3.38 3.43 3.36 3.25 1 Monthly figures are averages of weekly prevailing rates. 2 Tax-exempt bills prior to March 1941; taxable bills thereafter. 3 Rate negative. i Averages for 1939 and 1940 and quarterly figures are on revised basis Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures and are therefore not strictly comparable with the earlier series of annual and monthly figures. for Treasury bills and Treasury notes available on request Back figures—See November 1939 BULLETIN, pp. 963-969 for description and for back figures. BOND YIELDS * [Per cent per annum] Corporate 4 Year, month, or week U.S. Treasury 2 Municipal 3 Number of issues. By rating Total Aaa Industrial Aa By groups Public Railutility road 30 30 40 40 40 1938 average 1939 average 1940 average 2.56 2.36 2.21 2.91 2.76 2.50 4.19 3.77 3.55 3.19 3.01 2.84 3.56 3.22 3.02 4.22 3.89 3.57 5.80 4.96 4.75 3.50 3.30 3.10 5.21 4.53 4.30 3.87 3.48 3.25 1940—March April May June. July August September. October November. December.. 1941—January __. February.. March 2.25 2.25 2.38 2.39 2.28 2.25 2.18 2.10 1.97 1.89 1.99 2.10 2.01 2.58 2.56 2.81 2.85 2.54 2.49 2.44 2.32 2.18 2.07 2.16 2.27 2.28 3.58 3.54 3.65 3.72 3.57 3.55 3.50 3.46 3.40 3.36 3.36 3.40 3.39 2.84 2.82 2.93 2.96 2.88 2.85 2.82 2.79 2.75 2.71 2.75 2.78 2.80 3.04 2.99 3.08 3.10 3.01 3.03 3.01 3.01 2.96 2.92 2.95 3.00 3.01 3.65 3.59 3.65 3.70 3.57 3.55 3.52 3.48 3.40 3.36 336 3.38 3.37 4.80 4.74 4.94 5.11 4.80 4.76 4.66 4.56 4.48 4.45 4.38 4.42 4.38 3.09 3.05 3.20 3.25 3.15 3.12 3.10 3.06 2.98 2.93 3.96 3.00 3.02 4.37 4.33 4.46 4.57 4.32 4.30 4.23 4.15 4.07 4.03 3.96 4.00 3.98 3.29 3.24 3.30 3.33 3.23 3.23 3.19 3.18 3.14 3.13 3.17 3.19 3.17 Week ending: Mar. 29___. Apr. 5 Apr. 12 Apr. 19 Apr. 26 2.00 2.00 2.01 1.97 1.91 2.22 2.23 2.22 2.21 2.18 3.40 3.39 3.40 3.41 3.39 2.83 2.82 2.82 2.83 2.82 3.04 3.05 3.04 3.05 3.02 3.38 3.38 3.38 3.39 3.37 4.35 4.33 4.34 4.35 4.34 3.05 3.06 3.06 3.07 3.05 3.97 3.95 3.96 3.97 3.97 3.18 3.17 3.17 3.17 3.15 120 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding partially tax-exempt Government bonds due or callable in more than 12 years. 3 Standard Statistics Co. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have each been reduced from 10 to 3 issues, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively. Back figures.—See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request. MAY 1941 435 BOND PRICES' Year, month, or date U.S. Treas- Municury * ipal 3 Number of issues. 1938 average 1939 average 1940 average STOCK MARKET Corporate 3 Stock prices i Indus- Rail- Public trial road utility Total 2-6 15 60 20 20 102.5 105.2 107.2 113.7 116.3 121.2 78.9 81.6 82.0 82.9 86.0 87.5 58.6 58.0 57.9 Year, month, or date 20 Volume of tradCommon (index, 1926=100) ings Pre(in ferred * thouIndus- Rail- Public sands of trial road utility shares) Total 95.3 100.9 Number of issues. _ 32 20 348 420 40 100.6 135.6 99 1,104 1938 average 1940—March 106.7 82.1 119.7 87.3 57.2 101.8 1939 average 141.2 105 977 106.7 82.5 April 119.8 87.5 58.2 101.7 1940 average 140.1 97 767 104.9 79.4 May 115.3 85.3 53.5 99.3 104.8 78.5 June 114.6 84.7 52.0 98.7 1940—March 108 141.8 740 106.3 81.2 July 120.4 86.3 57.1 100.2 April 109 142.3 1,131 106.7 81.5 August 121.2 86.8 57.5 100.2 May 97 138.2 1,651 107.7 82.7 September. 122.3 87.8 59.7 100.6 85 June --. 133.2 708 108.8 83.6 124.6 89.2 61.0 October 100.6 87 136. 9 July 310 110.7 83.9 127.3 90.3 60.9 November. 100.5 89 137.3 August 317 111.8 84.0 129.3 90.2 61.1 December.. 100.7 94 September. _. 139.1 553 110.4 85.3 127.7 90.5 64.3 101.2 1941—January 95 October _ 140.4 599 108.8 84.5 125. 6 89.9 62.7 100.9 February... 96 November... 141.9 1,044 110.1 85.3 125.4 90.2 64.3 101.3 March 94 December... 143.9 814 94 145.4 564 1941—January 88 110.2 126.5 143.0 Mar. 2 6 . . . . 85.8 101.5 90.3 65.5 444 February 88 110.2 126.3 142.1 Apr. 2 86.2 90.5 66.5 101.5 March 440 110. 1 126.5 Apr. 9 85.4 90.2 64.8 101.1 110.7 126.6 85.4 Apr. 1 6 . . . . 90.2 65.0 88 101.0 142.2 Mar. 26 473 111.5 127.2 85.8 Apr. 23 90.0 66.3 89 142.7 101.0 590 Apr. 2 86 142.0 530 Apr. 9 85 141.6 457 Apr. 16 84 141.4 446 Apr. 23 i Monthly data are averages of daily figures except for municipal bonds, which are averages of Wednesday figures. * Prices derived from average of yields of all outstanding partially 1 Standard Statistics Co. Monthly data are averages of Wednesday tax-exempt Government bonds due or callable in more than 12 years on basis of a lyi per cent, 16 year bond. For description see November figures. 2 Average prices of industrial high-grade preferred stocks, adjusted to a 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals. Weekly data are averages of daily figures for week ending on Saturday following $73annual dividend basis. Average daily volume of trading in stocks on the New York Stock date shown. 3 Prices derived from average yields, as computed by Standard Sta- Exchange. Weekly figures are averages for the week ending Saturday tistics-Co.. Back figures.—For stock prices, see Annual Report for 1937 (table 79). Back figures.—See Annual Report for 1937 (table 79). For U. S. Treasury bonds see November 1940 BULLETIN. CAPITAL ISSUES [In millions of dollars] ]For Year or month Total (new and refunding) 1931. 4,038 1932 1,751 1,063 1933.. 1934 2,160 1935 4,699 1936.. _. _. 6,214 1937 3,937 4,449 1938 5,842 1939 4,764 1940. 1940—Mar... . Apr May.... June July.... Aug Sept.... Oct Nov Dec 1941—Jan Feb Mar.___ 242 345 251 227 691 282 229 711 440 606 417 ••337 407 For refunding new capital Domestic Domestic Total (domestic State and foreign) Total 3,095 1,197 2,860 1,165 720 708 and municipal 1,235 1,386 1,457 1,972 2,138 2,360 2,289 1,943 1,386 1,409 1,949 2,094 2,325 2,239 1,942 762 483 803 855 735 712 971 931 757 71 118 122 83 397 130 114 257 263 190 95 77 182 71 118 122 83 397 129 114 257 263 190 95 77 182 35 58 30 71 62 61 46 98 53 129 40 37 86 Federal agencies i Corporate Total Bonds and Stocks notes Foreign 8 75 77 64 405 150 22 157 481 924 461 1,551 1,239 325 161 178 404 873 383 724 305 40 144 334 839 817 807 287 589 311 20 120 35 69 352 408 67 97 135 235 32 12 0 48 23 44 35 50 1 6 6 3 2 289 0 0 112 42 0 2 8 9 31 54 89 10 46 68 68 47 169 61 53 32 86 16 31 80 8 44 53 64 21 166 45 51 25 55 15 23 10 2 2 15 4 26 3 16 2 6 31 1 0 0 0 0 1 0 0 0 0 0 0 0 1,192 1,225 Total (domestic and Total foreign) 944 554 343 774 893 498 283 765 3,242 4,242 1,799 2,089 3,553 2,821 3,216 4,123 1,680 2,061 3,465 2,818 171 227 129 144 294 153 116 453 177 416 322 171 227 129 144 294 153 113 453 177 416 322 '260 '260 225 221 State and municipal 21 87 37 136 365 382 191 129 195 478 49 18 20 14 20 14 24 80 25 73 23 '26 93 Federal agencies i 51 93 26 317 987 353 281 665 1,537 344 18 17 25 29 48 28 26 28 59 14 31 17 11 Corporate Total 821 319 219 312 789 315 187 312 1,864 3,387 1,209 1,267 1,733 1,996 1,782 3,187 104 192 84 101 226 111 62 345 92 328 268 90 154 84 101 223 107 61 332 66 286 265 '217 '200 117 For- Bonds and Stocks notes 856 1,236 1,596 1,804 85 eign 2 32 4 32 0 81 200 352 31 137 193 51 56 60 9 26 119 119 28 88 3 14 38 0 8 3 4 1 14 26 43 3 17 32 0 0 0 0 0 0 3 0 0 0 0 0 4 (V r Revised. ' Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. * Includes issues of noncontiguous U. S. Territories and Possessions. * Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle- for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures—See Annual Report for 1937 (table 78). 436 FEDERAL RESERVE BULLETIN UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Noninterestbearing Interest-bearing Special issues Public issues End of m o n t h Total gross debt interest bearing Nonmarketable issues Marketable issues ' Total Total Treasury bills Postal AdTreas- Treas- Savings U . S . justed ury 2 and Savings ury notes bonds prewar bonds bonds bonds 19,487 1932—June 22,539 1933—June 27,053 1934—June 28, 701 1935—June 33, 779 1936—June 1937—June.... 36,425 1938—June 37,165 40,440 1939—June 19,161 22,158 26,480 27, 645 32, 989 35,800 36, 576 39,886 618,852 621,835 626,084 27,012 32, 363 34, 242 33,900 36,116 616 954 1,404 2,053 2,354 2,303 1,154 1,308 1,261 4,548 6,653 10,023 11, 381 10,617 9,147 7,243 13,460 13,417 15, 679 14,019 17,168 19,936 21,846 25, 218 790 806 831 855 200 198 197 196 1,238 1,868 42,540 42, 658 42,808 42,968 43, 771 43,905 44,073 44,137 44,273 45,025 _ . 45,877 46, 090 47,173 41,983 42,117 42, 253 42, 376 43,186 43, 317 43,480 43, 560 43, 707 44,458 45, 320 45, 535 46, 581 37, 513 37, 620 37,668 37, 602 38, 333 38, 383 38, 417 38,459 38,498 39,089 39,895 40,002 40, 898 1,309 1,306 1,304 1,302 1,30^ 1,303 1, 303 1,307 1,308 1,310 1,307 1,306 1,604 6,125 6,125 6,125 6,383 6,384 6,384 6, 384 5,660 5,660 6,178 6,813 6,813 5,722 26,908 26,908 26, 908 26, 555 27, 226 27, 236 27, 235 27,960 27, 960 27,960 27,960 27, 960 29, 532 196 196 196 196 196 196 196 196 196 196 196 196 196 2,707 2,818 2.869 2,905 2,966 3,008 3,044 3,084 3,123 3,195 3,371 3,480 3,599 1940—Mar Apr May June July Aug Sept Oct. Nov Dec 1941—Jan. Feb Mar 62 316 800 Total 945 389 319 283 309 323 396 633 626 1,558 2,676 3,770 268 267 265 261 258 256 254 252 251 249 248 247 245 4,471 4,496 4,585 4,775 4,853 4,934 5,063 5,102 5,209 5,370 5,426 5,534 5,683 Social AdAll 5 sejusted curity 3 service 4 other Matured debt Other 19 579 1,601 2,511 105 92 118 156 126 538 549 556 203 231 278 478 480 441 526 703 60 66 54 231 169 119 141 142 266 315 518 825 620 506 448 411 3,269 3, 282 3,363 3, 528 3,536 3,622 3,751 3,777 3,885 4,047 4,066 4,174 4,324 516 515 515 536 515 515 517 517 516 516 517 518 518 686 699 707 712 803 797 796 808 808 806 842 841 840 165 150 166 205 198 205 212 197 187 189 181 180 220 392 391 389 386 386 383 381 38C 379 377 376 374 372 1 2 3 4 Including amounts held by Government agencies and trust funds which aggregated $2,044,000,000 on March 31, 1941. Including Liberty bonds. Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account. Including special issues of bonds and of notes to Government life insurance fund, certificates to adjusted service fund, and notes to National Service life insurance fund. 5 Including special issues to Government employees' retirement funds, to Postal Savings System, to Federal Deposit Insurance Corporation, and to Federal Savings and Loan Insurance Corporation. 6 Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000. MATURITIES OF PUBLIC ISSUES OF DIRECT OBLIGATIONS March 3 1 , 1941 FULLY GUARANTEED OBLIGATIONS, BY AGENCIES' [In millions of dollars] [In millions of dollars] Maturing Date maturing or callable Total 1,629 835 204 426 1941—Before July 1 July 1-Sept. 30____ Oct. 1-Dec. 31 1942—Jan. 1-Mar. 31 Apr. 1-June 30 _. July 1-Dec. 31 1943 1944 1945 1946 1947 _._ 1948 1949 1950 1951 1952 1953.. 1954 1955 1956 1958 1959 1960 1961. 1963 1965 Total Treasury Treas- Treasbonds ury ury Treascallbills notes ury Other* able^ Bonds 1,604 834 204 426 575 1,395 1,849 3,608 1,849 2,792 1,981 1,636 2,707 1,609 2,454 2,932 3,687 1,515 1,170 575 1,395 1,849 1,249 982 2,611 50 919 1,485 40,898 25 (3) 834 (3) 1,941 1,519 2,370 1,487 819 1,686 1,223 2,436 2,904 3,665 1,480 1,170 (3) (3) (3) 418 330 423 494 817 1,020 386 18 27 22 35 982 2 611 1,485 919 1,485 1,604 5, 722 29, 532 4,040 1941 1934—June. '*• Dec 1935—June Dec... 1936—JuneDec.1937—June. . Dec. 1938—June.. Dec. 1939—JuneDec... 681 3,063 4,123 4,494 4,718 4,662 4,665 4,645 4,853 4,992 5,450 5,703 312 980 1,226 1,387 1,422 1,422 1,422 1,410 1,410 1,388 1,379 1,269 134 1,834 2,647 2,855 3,044 2,988 2,987 2,937 2,937 2,888 2,928 2,813 235 249 250 252 252 252 255 297 299 509 820 1,096 206 206 206 407 114 114 Oct... Nov. _ Dec... 1941 J a n . . . Feb... Mar. _ 5,699 5,673 5,663 5,656 5,535 5,528 5,526 5,812 5,808 5,810 5,919 5,916 5,915 5,914 5,916 1,269 1,269 1,269 1,269 1,269 1,269 1,269 1,269 1,269 1,269 1,269 1,269 1, 269 1,269 1,269 2,809 2,783 2,770 2,763 2,641 2,634 2,631 2,627 2,623 2,621 2,618 2,615 2,614 2,613 2,611 1,096 1,096 1,096 1,096 1,096 1,096 1,096 1,096 1,007 1,097 1,097 1,097 1,097 1,097 1,097 407 407 407 407 407 407 407 696 696 696 696 696 696 696 696 114 114 114 114 114 114 114 114 114 114 226 226 226 226 226 29, 532 i Treasury bonds in the amount of $2,527,000,000 not callable prior to maturity are shown as of date of maturity. J Includes Postal Savings, pre-war, U . S . Savings bonds, and adjusted service bonds of 1945. U. S. Savings and adjusted service bonds are redeemable at option of their holders. 3 Less than $500,000. MAY U.S. ComReconstruction modity Housing Credit Finance Corpora- Corpora- Authortion ity tion Total 1,855 2,555 1,755 2,344 1,460 3,361 2,278 1940—Jan... 1,186 Feb... 3,500 Mar. _ 1,002 Apr... 725 May 681 June.. 2,611 July.. 982 Aug... 919 Sept.. 50 Home Federal Owners' Farm Loan Mortgage Corpora- Corporation 2 tion End of month i Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the public debt. The total includes guaranteed debentures of the Federal Housing Administrator, amounting to $16,000,000 on March 31, 1941. 2 Excludes obligations guaranteed as to interest only. For August 1939 and subsequent months includes matured bonds not presented for retirement amounting to $11,000,000 on March 31, 1941. 437 SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Agricultural Adjustment Program Un- Transem- fers to ploy- trust All ment acother re- counts lief etc.* Trust Increase} or deaccrease during counts period etc.,2 excess Excess of reof ex- ceipts pendi- (+) or Genexeral Total* tures pendiGross fund debts baltures ance * 1,028 1,163 1,559 362 787 1,020 1,914 2,595 1,919 220 182 208 2,789 3,040 3,251 7,239 - 1 , 3 8 4 8,707 - 3 , 5 4 2 8,998 - 3 , 6 1 1 +306 +890 +136 592 657 686 860 1,093 3,642 510 837 827 1,990 1,426 1,312 182 184 216 2,253 2,484 2,042 6, 387 - 2 , 339 6,682 - 2 , 648 8,726 - 3 , 354 +692 +1,174 +2, 820 - 3 2 5 +2,100 +223 -27 +824 +4, 205 38 19 146 69 10 305 20 20 148 73 11 219 25 21 150 132 129 143 159 154 153 177 200 219 287 376 473 572 592 745 119 128 105 78 62 43 54 76 75 103 108 110 103 96 102 157 145 173 173 169 151 151 142 139 145 138 155 146 138 159 *5 10 272 238 255 284 248 235 302 243 168 261 164 215 247 209 233 Receipts Expenditures (excl. debt retirements) Mis cella- Social neous secur- All interity other nal taxes revenue Total i oiai TSJot IN e i Inter- National est rere- 1 on deceipts ceipts debt fense fiscal year ending: June 1938... 2,640 June 1939... 2,189 June 1940... 2,125 2,279 2,232 2,345 755 740 838 567 507 617 6,242 5,668 5,925 5,855 5,165 5,387 1,041 9 months ending: Mar. 1939 __ 1,749 Mar. 1940 __ 1,574 Mar. 1941. _ 2,415 1,697 1,790 2,204 561 630 692 383 444 537 4,390 4.437 5,848 4,048 4,034 5,372 1940—Jan. . 45 63 Feb.. 665 Mar.. 48 Apr.. 40 May_ 464 June 50 July. 38 Aug.. 432 Sept. 44 Oct. 49 Nov.. Dec. _ 429 1941—Jan.." 63 104 Feb.. Mar.. 1,208 167 154 192 175 179 201 237 346 213 237 25? 231 210 204 273 45 178 30 39 137 32 39 139 29 38 138 34 47 193 34 57 49 46 42 43 88 41 43 37 47 46 46 52 172 52 315 444 934 304 400 784 367 566 711 365 485 741 372 674 1, 567 315 444 799 304 400 649 331 447 711 333 362 740 340 541 Period T _ income taxes 926 941 1,566 20 4 114 25 10 20 18 20 10 712 668 822 783 647 887 818 706 759 869 817 1,172 1,111 1,075 1,399 Period Net expenditures in checking accounts of Government agencies Unemployment trust fund +167 +37 +36 +11 +58 -83 —62 +51 +320 -158 —24 +216 209 +15 -3 -236 -194 +67 +164 -303 -181 — 139 +367 +196 -39 —495 -103 +111 +97 -324 +1,014 +167 +256 +175 +118 +150 +160 +803 +135 +168 +64 +136 +752 +852 +213 +1, 083 Details of general fund balance (end of period) Details of trust accounts, etc. Old-age insurance trust fund and railroad retirement account -398 -224 -22 -479 -247 —237 -487 -259 -48 — 536 -455 —432 -771 -534 -338 +740 +622 +3,275 -947 +2,528 Com- United ReconIn- Other modity States In- BeneNet ex- struction All Refit vest- pendiHousCredit Finance vest- payreceipts ments tures Corpora- Corpora- ing Au- other ceipts ments ments thority tion tion All other ExReceipts penditures Total Increment on gold Seigniorage Working balance Fiscal year ending: June 1938... June 1939... June 1940... 550 639 703 461 516 573 85 120 129 763 838 959 560 395 443 191 442 514 *9 •658 •234 •184 136 10 1 *60 17 *12 *186 166 414 440 415 327 324 323 2,216 2,838 1,891 142 142 143 446 536 585 1,628 9 months ending: Mar. 1939 Mar. 1940 Mar. 1941 449 500 593 343 403 429 88 93 133 635 715 827 313 355 367 328 357 459 *516 *242 317 136 •30 •17 *88 73 40 *139 61 *245 323 301 359 252 224 322 3,389 2,514 2,715 142 143 143 515 577 602 2,732 1,794 1,970 1940—Jan Feb Mar Apr May June July Aug Sept Oct Nov Dec. 1941—Jan Feb Mar 10 10 135 20 4 179 56 145 11 32 143 1 42 152 11 10 10 11 12 12 12 13 13 14 15 15 15 15 16 17 79 155 30 53 145 46 59 143 67 107 145 51 78 149 28 28 103 *18 18 81 •11 13 85 •18 31 113 11 29 113 •10 58 45 47 45 58 54 57 53 81 84 31 33 41 43 37 •20 *5 2 *3 *6 17 25 *6 •3 *4 •4 (4) 45 10 •144 •1 21 24 17 12 7 37 14 *11 17 •34 •17 •5 25 •6 15 51 •103 8 32 *8 25 •25 7 •29 9 107 •11 •57 •32 16 *13 *50 21 *43 *30 •56 24 20 29 32 20 62 120 18 24 29 18 35 38 33 46 17 2 22 10 17 72 103 15 17 17 6 25 50 42 49 2,282 2,350 2,514 2,210 2,030 1,891 2,258 2,454 2,415 1,920 1,817 1,928 2.025 1,701 2,715 143 143 143 143 143 143 143 143 143 143 143 143 143 143 143 568 573 577 581 584 585 588 590 592 595 596 597 599 601 602 1,571 1,634 1,794 1,486 1,303 1,163 ,527 1,720 1,680 1,183 1,078 1,188 1, 283 957 1,970 135 *5 175 •5 1 148 *5 *5 151 •10 *5 160 •13 •10 59 15 16 160 64 2,160 1,163 1 Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures, and from transfers to trust accounts. 2 Details given in lower section of table. 3 For details, see preceding page. « Less than $500,000. * Excess of credits. NOTE.—For explanation of table see BULLETIN for October, 1940, p. 1052. 438 FEDERAL RESERVE BULLETIN GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, FEBRUARY 28, 1941 [Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars Reconstruction NaFinance Corpo- tional ration Defense and CorPublic poraWorks Admin- tions istration H o m e mortgage and housing agencies Home Other Owners' mortLoan gage Corpo- agenration cies Total Tennessee InFebruary 28 Val- surComley ance Other modity Au- agenCredit Other thor- cies Corpoity F a r m credit agencies United States Housing Authority Other Farm • Farm mortCredit gage Adm. agenbanks cies and cor- porations 1941 ration 1940 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 183 157 24 1,929 255 211 442 493 0) 62 1 25 425 711 518 405 791 509 4 M44 2,395 2,485 727 1,352 2,365 2,580 1,120 1,118 57 211 2,485 2444 Total loans and preferred stock.. 241 185 3 463 358 56 92 241 3 648 27 7 46 7 608 29 6 361 0) 2,112 222 1, 591 4 50 Cash U. S. Govt. direct obligations Obligations of Government credit agencies: Fully 5guaranteed by U. S Other Accounts and other receivables Business property . Property held for sale _ Other assets 296 436 92 41 211 24 5 2,485 106 83 2 128 52 214 6 86 9 12 8 20 12 43 4 82 1 0) 1,720 95 2,690 0) Total assets other than interagency 6 7 3 345 7 0)1 0) 589 0) 0) 0) 10 12 4 2,991 557 226 1,270 5 982 204 8,614 8,888 595 494 736 765 67 1 38 11 111 95 1 197 127 22 524 600 1,206 251 375 777 899 12,676 12, 078 8 13 4 11 5,914 5,675 1,386 1 321 105 i 4 25 369 475 16 4 57 37 461 905 709 0) 130 43 415 552 644 148 Liabilities Bonds, notes, and debentures: Guaranteed by United States . Other 5 . Other liabilities (including reserves) Total liabilities other than interagency 6__ 1,097 2,613 (l) 176 696 335 1 64 35 6 121 7 112 220 7 273 111 1,292 1,057 1,432 1 2,677 211 232 2,373 212 808 220 15 290 122 8,592 8,053 Excess of assets over liabilities, excluding interagency transactions. Privately owned interests 289 93 13 378 57 137 619 217 346 4 97 489 359 487 139 776 4,084 4,025 418 400 U. S. Government interests 289 93 13 321 137 401 341 97 489 359 348 776 3,666 3,625 1 Less than $500,000. 2 includes $92,000,000 loans of Public Works Administration. 3 Includes $395,000,000 loans of Farm Security Administration. *5 Includes $261,000,000 loans of Rural Electrification Administration. Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. 6 Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction Finance Corporation. NOTE.—For explanation of table, see BULLETIN for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] M a r . 31, 1940 Loans to financial institutions._ Loans on preferred stock of banks and insurance companies.. Preferred stock, capital notes, and debentures Loans to railroads (including receivers) Loans for self-liquidating projects... Loans to industrial and commercial businesses 1 Loans to drainage, levee, and irrigation districts Other loans Securities purchased from Public Works Administration 159, 353 29,840 472, 345 467, 887 66,753 130,704 83, 966 4,260 114, ( Sept. 30, 1940 142, 396 56, 627 459,941 470,039 38, 476 131,126 83, 360 4,746 116, 216 Oct. 31, 1940 141, 935 56, 578 460, 218 469, 769 47,096 130,944 83, 409 4,855 115, 930 Nov. 30, 1940 167,153 56, 470 454, 941 472, 596 35, 597 131, 484 83, 507 115, 224 Dec. 31, 1940 171, 583 52, 947 452, 380 473,881 35, 797 128, 561 83, 460 4,862 115, 699 J a n . 31, 1941 166, 278 49, 991 447, 374 481,961 127, 204 83, 231 4,731 114,075 Feb. 28, 1941 162,197 48, 797 442, 226 481, 977 34, 742 127, 984 82,897 5,128 113, 338 M a r . 31, 1941 157,920 48, 512 436, 756 486, 877 35, 208 131, 794 83,161 5,138 113,153 Total loans and investments, other than interagency.-. 1, 529,174 1, 502, 926 1, 510, 735 1, 521,857 1, 519,170 1, 511, 515 1, 499, 287 1,498, 518Preferred stock of, and loans to Export-Import bank Loans to Rural Electrification Administration.. Capital stock of, and loans to R. F. C. Mortgage Co Capital stock of, and loans to Fed. Natl. Mtge. Assn Loans to Tennessee Valley Authority Capital stock of, and loans to National Defense Companies. Loans to Farm Security Administration Capital stock of Federal Home Loan banks Total loans and investments.. 74,000 146,498 59,198 8,300 74,000 146, 498 61,160 81, 039 8,300 10, 395 10,000 74,000 146, 498 62,806 84, 559 8,300 24, 277 21,000 99,000 146,498 64,115 87,077 8,300 33, 387 23,000 99,000 146, 498 67,110 90, 380 8,300 44, 503 28,000 174,000 152,498 68,042 93,491 8,300 63,106 17, 671 1,885, 786 1,894,318 1, 932,175 1,983,234 2,002,961 2,088,622 174,000 157, 498 67,992 95, 641 8,300 83, 392 32, 671 124, 741 174,000 164,49869,412 8,300 121,205 59, 771 124, 741 2,243,522 2, 319,120 1 Include national defense loans amounting to $16,755,000 on March 31, 1941. NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. MAY 1941 439 FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Federal intermediate credit bank loans to and discounts for— Farm mortgage loans by- Loans to cooperatives b y - Regional agriProduc- Regional Emercultural Other tion credit agriculgency credit cor- financing associa- tural cred- crop and porations, institutions it corpodrought Land Federal tions, rations loans Bank production land b a n k s Commiscredit asexcept sioner sociations, cooperaand banks tives End of month Federal intermediate credit banks Banks for cooperatives, including Central Bank Agricultural Marketing Act revolv- ing fund for cooperatives i 1934—December 1935—December 1936—December 1937—December 1938—December... 1939—December 1,915, 792 2,071,925 2,064,158 2,035, 307 1, 982, 224 1,904 355 616,825 794, 726 836, 779 812, 749 752,851 690, 880 99,675 104, 706 129, 872 165,194 168, 392 165, 236 55,672 47,162 41,017 40,464 33, 545 33, 354 60,852 94,096 105,212 138,169 148,037 154,496 87,102 43,400 25,288 15,592 11,081 8,005 111,238 172,863 165,369 172, 701 171,489 168, 330 33,969 2,731 1,641 1,813 920 1,835 27, 851 50,013 69,647 87, 633 87,496 76,252 54,863 44,433 53, 754 30, 982 23, 723 20, 547 1940—March April May June July August September October November December 1941—January February March 1,890,432 1, 886, 272 3.882.516 L, 880,408 I, 874, 608 L,871, 487 L, 866, 697 L, 861, 739 1,855, 945 1,851, 218 L, 844,465 I, 842,003 L, 835, 504 677, 717 673, 696 670, 723 668,850 665,073 662, 592 659,017 650,403 651, 600 648, 296 644,885 643, 269 639,683 176,007 185, 373 190, 961 196,408 199, 238 202, 503 197,451 190, 773 188,463 186, 933 186,127 191, 782 203,113 36, 326 37, 921 38,377 40,033 42,161 42,416 40,901 34,882 33, 738 34,102 34, 762 35, 804 37,120 173,840 186, 276 194,662 200,415 203, 693 202, 796 194,558 180,219 173,331 172, 312 174,034 181,985 195, 296 7,888 7,904 7,845 7,768 7,614 7,416 7,010 6,202 5,991 5,885 5,836 5,675 5,691 176,045 179, 801 180,938 181,218 180,824 179,984 177, 906 172,993 170,092 168, 438 167,463 169, 439 174, 838 1,754 1,603 1,315 897 1,217 763 352 431 1,228 1,490 1,242 1,267 1,332 69, 311 67,454 63, 564 62,177 65, 111 67,473 73,132 79,156 77,325 74, 741 75,166 73,944 70, 231 19, 763 18, 537 18,137 18,200 15,311 14,787 15, 739 16, 724 17,022 16,461 16,036 16,165 15, 967 _ __ i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. POSTAL SAVINGS SYSTEM FEDERAL HOME LOAN BANK BOARD [In millions of dollars] LOANS OUTSTANDING, BY INSTITUTIONS [Loans in thousands of dollars] Assets Home mortgage loans by— Federal savings and loan associations End of month 1934—December.. 1935— December. _ 1936— December „ 1937—December— 1938—December. . 1939—No vember.. December. . 1940—January February.. _ March April May June July August September.. October November.. December^ . 1941—January Home Owners' Loan Cor- Number poration of associations 2, 379,491 2, 897,162 2, 765,098 2, 397, 647 2,168, 920 Loansi 639 81,300 1,023 348,000 1,212 586, 700 1,328 853, 500 1,368 1,034,162 Federal home loan bank loans to member institutions 2 86, 651 102, 791 145, 394 200,092 198,840 End of month 1935—June.. 1936—June.. 1937—June.. 1938—June.. 1939—June.. Depositors balances1 Total 1,205 1,232 1,268 1,252 1,262 1,236 1,265 1,307 1,290 1,304 U. S. Government securities Cash Cash rein deDi- Guar- serve posian- funds rect tory Total obli- teed etc.* banks obligations gations 385 777 630 203 967 800 136 1,100 933 115 1,103 936 1,157 1,011 147 167 167 167 146 74 95 71 73 78 1,200 1,054 146 1,343 1,301 97 168,822 1940—March 1,214 1,068 146 1,345 April. 1,303 87 181,313 1,224 1,078 146 1,342 1,299 74 156, 788 May 1,224 1,078 146 1,337 1,293 69 144, 515 June 1,224 1,078 146 1,339 1,297 73 137, 642 July 1,224 1,078 146 1,340 1,297 75 133, 811 August 1,224 1,078 146 1,339 1,295 74 137, 509 September 1,224 1,078 146 1, 338 1,296 75 157, 397 October 1,224 1,078 146 1,341 1,298 80 162, 222 November 1,224 1,078 146 1,348 1,304 168,402 December P1,314 176,047 1941—January 181, 526 February Pl,316 185, 547 March 320 201, 492 170, 849 February... 156, 899 v Preliminary. March 1 Outstanding principal, represented by certificates of deposit. Does 145, 959 not include accrued interest nor outstanding savings stamps. 2 Includes working cash with postmasters, 5-per cent reserve fund and 1 Federal Home Loan Bank Board estimates for all Federal savings miscellaneous working funds with the Treasurer of the United States, and loan associations. accrued interest on bond investments, and accounts due from late post2 Excludes loans to other than member institutions which are negli- masters. gible in amount. Back figures.—See BULLETIN for August 1935, p . 503. 440 2,043, 288 2, 038,186 2,031, 341 2,026, 614 2,021, 951 2, 020, 572 2,017,395 2, 012, 760 2,004, 737 1, 996,443 1, 987, 611 1, 980, 704 1, 968, 816 1,956,268 1, 942,427 1, 929, 346 1, 913, 862 1,401 1,410 1,403 1,407 1,413 1,420 1,421 1,430 1,431 1,431 1,434 1,440 1,443 1,445 1,446 1,447 1,450 1, 252, 559 1,271,161 1, 280, 200 1, 296,464 ,317,975 , 348,072 , 376, 700 , 405,100 ,432,100 , 461, 867 ,487,974 , 515, 392 1,533,246 ,546,270 ,564,168 ,578,543 1, 600, 482 FEDERAL RESERVE BULLETIN BUSINESS INDEXES [The terms " a d j u s t e d " and "unadjusted" refer to adjustment of monthly figures for seasonal variation] Construction contracts awarded (value) 1923-25=100 Industrial production (physical volume) 2 * 1935-39=100 Income payments (value)1 929=100 Year and month Manufactures Total Durable Adjusted 1919 1920 1921 1922 1923 1924 1925 1926 1927 1928 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 ResiMinerals Total denNontial durable 3 Employment * NonagriculAll other tural 5 1935-39 =100 Depart- WholeFacCost Freightment sale tory of compaylivloadsales modity i n g * rolls * (value)*" p r i c e s 4 1923-25 i n g s * 1935-39 1923-25 1923-25 1926 Factory —100 =100 =100 1923-25=100 —100 —100 AdAdAdAdAd- Unad- Ad- Unad- U n a d Ad- Unad- Adusted justed justed usted usted justed justed usted justed usted justed justed 100.0 90.8 77.3 60.1 57.1 65.8 71.7 82.7 87.5 80.7 85.4 90.5 72 75 58 73 88 82 91 96 95 99 110 91 75 58 69 75 87 103 113 88 108 122 84 93 53 81 104 95 108 114 107 117 133 99 68 41 54 66 84 108 122 78 108 135 62 60 57 67 72 69 76 79 83 85 93 84 79 70 79 81 90 100 106 95 108 113 71 83 66 71 98 89 92 99 100 99 107 93 80 66 76 80 86 99 112 97 106 117 63 63 56 79 84 94 122 129 129 135 117 92 63 28 25 32 37 55 59 64 72 81 44 30 44 68 81 95 124 121 117 126 87 50 37 13 11 12 21 37 41 45 60 72 79 90 65 88 86 94 120 135 139 142 142 125 84 40 37 48 50 70 74 80 81 89 107.6 100.9 92.3 82.8 83.3 90.5 94.2 100.0 105.0 98.5 102.3 105.6 Adjusted Adjusted 106.7 107.1 82.0 90.7 103.8 96.4 99.8 101.7 99.5 99.7 106.0 92.4 78.1 66.3 73.4 85.7 91.3 99.0 108.6 90.9 99.9 107.5 98.0 117.2 75.6 81.2 102.9 96.0 101.1 104.2 102 4 103.5 110.4 89.4 67.8 46.7 50.1 64.5 74.1 85.8 102.5 78.5 92.2 105.4 84 91 78 85 100 98 103 107 104 104 107 92 74 55 58 62 64 75 78 62 70 76 78 94 87 88 98 99 103 106 107 108 111 102 92 69 67 75 79 88 92 85 90 94 Unad* justed Unadjusted 138 154 97 96 100 98 103 100 95 96 95 86 73 64 65 74 80 80 86 78 77 78 124 143 197 11Q 121 122 6 4 6 7 6 1 5 0 4 7 3 4 0 8 9 9 0 8 3 6 1 6 *) 2 7 7 9 2 19^ d. 126 4 194 fi 199 R 122 5 119 4 108 7 97 6 92 4 95 7 98 1 99 1 102 7 100 8 99 4 100 1 1938 February.March April. May June July August September October November December. _ 81.5 81.2 80.1 79.1 78.7 78.7 79.8 80.4 81.7 82.1 83.1 84 84 82 80 81 86 90 92 95 100 101 82 84 82 81 81 85 90 95 99 102 100 73 72 69 67 65 71 77 81 88 96 97 90 90 88 88 90 95 99 100 100 103 104 98 97 95 90 92 94 97 98 98 102 102 51 46 52 51 54 59 66 78 82 96 96 32 33 37 37 42 49 53 56 57 56 67 66 56 65 62 64 68 77 96 102 128 128 97.7 97.8 98.1 97.3 97.1 97.1 98.2 99.9 100.1 100.0 100.9 92.4 91.0 89.0 87.3 86.3 87.2 89.3 91.0 92.0 94.8 96.7 91.6 91.2 89.3 87.0 85.4 85.9 90.2 93.6 94.2 95.3 96.2 77.7 77.8 75.2 73.6 71.6 71.7 77.9 82.3 85.0 85.3 88.1 62 60 57 58 58 61 62 64 68 69 69 88 86 83 80 82 83 83 85 86 87 88 79 8 79 7 78 7 78.1 78 3 78.8 78.1 78 3 77.6 77 5 77.0 83.4 83.7 84.6 83.1 83.8 84.1 83.6 85.2 86.1 88.0 88.5 90.0 102 101 101 97 97 102 104 104 113 121 124 126 98 99 100 98 99 102 102 103 116 126 126 124 98 98 96 93 90 97 101 106 115 129 133 140 104 104 104 103 104 106 106 108 111 115 117 117 103 102 103 92 96 105 107 92 114 119 120 115 86 73 69 67 63 63 67 73 73 76 83 86 55 68 55 58 55 58 62 67 68 68 61 60 111 85 80 74 68 67 71 78 76 82 101 107 98.4 98.8 99.7 99.9 100.7 102.1 102.2 103.0 104.9 105.8 105.4 106.1 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 69 67 66 60 62 67 69 70 77 80 82 78 88 88 88 88 87 86 87 88 90 92 93 95 76 9 76.9 76 7 76 2 76 2 75 6 75.4 75 0 79.1 79.4 79.2 79.2 90.3 89.7 88.4 88.2 88.6 88.7 89.3 90 5 91.7 92.5 93.6 95.8 122 116 113 111 115 121 121 121 125 129 132 138 117 113 112 112 116 121 118 120 129 134 135 135 135 124 118 113 119 131 132 135 146 150 154 113 110 106 107 110 114 112 112 112 116 rl20 '124 118 114 117 119 117 118 120 113 116 113 118 119 75 63 62 64 64 74 85 90 93 95 111 115 53 56 57 62 64 69 77 82 82 85 87 90 93 68 66 66 65 77 91 98 101 103 130 136 102.6 102.3 102.9 103.0 103.8 104.6 104.7 106.0 107.9 108 9 109.2 111.1 107.6 105.8 104.0 102.8 102.8 103.9 105.1 107.4 108.9 111.4 114. 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 78 73 69 70 72 75 75 76 77 77 83 84 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. fl 80.0 103 99 94 84 76 74 117 108.1 118.2 115.4 120.7 118 109.1 118.5 117.8 126.9 109 P109. 9 P119.3 P119.9 P131.0 86 86 87 101 103 103 e 103 100 9 100 9 100 7 166 2 1939 January February__ March April May _. June July August. _September October __ November December 1940 January February March April May. June July AugustSeptember October November _ . December _ _ 1941 January February . March___ Aprile ••165 '96.8 97.3 139 141 133 138 170 172 121 123 118 118 P97. 8 P143 P143 P170 P126 P I 24 •138 •139 "166 •128 • 99 80.8 80.6 81.5 e 83.0 99 1 98 6 100 ft 99.6 99 8 100 5 100.4 100 2 100.1 100 7 100.7 100.8 101.2 r p Preliminary. * Average per working d a y . Revised. • Estimated 1 D e p a r t m e n t of Commerce series on value of p a y m e n t s to individuals. » For indexes b y groups or industries, see p p . 442-445; for description, see p p . 753-771 of B U L L E T I N for August 1940. 3 Based on F . W . Dodge Corporation data; for description, see p . 358 of B U L L E T I N for J u l y 1931; b y groups, see p . 450 * T h e unadjusted indexes of employment a n d payrolls, wholesale commodity prices, a n d cost of living are compiled by or based on data of t h e Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled b y t h e Federal Reserve Board of Governors, see BULLETIN for October 1938, p p . 835-837, a n d for October 1939, p . 878. For indexes b y groups or industries see pp. 446-449 for e m p l o y m e n t and payrolls and p . 453 for prices. 5 Excludes military a n d naval forces. Revised from J a n u a r y 1937 to date. 6 For sales comparisons b y cities a n d b y d e p a r t m e n t s see p . 452 of this B U L L E T I N . Back figures in B U L L E T I N . — F o r industrial production, August 1940, p p . 825-882; for factory employment and payrolls, October 1938, p p . 838-865, October 1939, p p . 879-887, a n d F e b r u a r y 1941, p . 166; for freight-car loadings, J u n e 1937, p p . 524-529; for d e p a r t m e n t store sales, October 1938, p . 918, a n d J a n u a r y 1941, p . 65. MAY 1941 441 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Gove rnors. 1935-39 average = 100] 1941 1940 Industry Feb. Industrial Production—Total... Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Mar. 116 113 Ill 115 121 121 121 125 129 132 138 139 141 P143 112 118 106 110 113 107 114 119 110 122 131 114 121 132 112 122 135 112 127 146 112 131 150 116 135 154 '120 142 -124 143 170 121 145 172 123 P146 Durable Nondurable 116 124 110 ^126 Iron and Steel Pig iron Steel ingots 118 136 117 106 118 105 99 117 97 118 127 118 154 148 154 156 157 156 158 162 157 164 167 164 165 169 165 166 173 165 181 182 181 174 186 173 168 178 167 170 ^169 Machinery 123 123 123 124 128 133 138 145 146 rl53 163 173 177 P182 Transportation Equipment Aircraft Automobiles Railroad cars . ._ Locomotives Shipbuilding 138 283 129 158 101 150 132 299 120 149 101 156 117 306 103 125 103 156 117 323 101 121 102 164 122 364 106 111 102 170 111 394 87 119 113 189 107 455 76 127 123 213 138 517 109 148 140 220 157 544 130 148 160 227 162 584 133 166 168 226 168 624 134 177 174 261 188 686 149 207 204 289 199 728 159 187 218 316 P187 P751 P166 P241 P319 Nonferrous Metals and Products Nonferrous metal smelting 1 Copper smelting Zinc smelting._ _ ._ Copper deliveries Lead shipments.. Zinc shipments Tin deliveries 142 130 131 135 145 102 122 168 132 131 137 130 125 100 117 148 124 129 131 133 111 104 112 132 127 131 130 135 113 110 113 137 130 128 131 130 115 119 124 141 138 138 140 141 119 127 135 146 146 134 135 140 134 128 141 153 130 126 148 154 126 143 164 134 130 147 170 127 144 169 133 132 146 179 131 142 177 137 138 147 203 136 143 181 136 134 150 212 136 142 185 142 141 155 218 140 146 186 139 136 155 211 139 142 Lumber and Products Lumber Furniture 114 111 110 112 110 109 111 112 110 115 111 110 113 107 104 115 114 113 115 121 121 121 123 124 122 127 128 125 132 133 128 137 139 132 135 139 129 P128 114 113 Stone, Clay and Glass Products Cement Common and facp briok Common brick Face brick Glass containers. _ _._ Polished plate glass 113 106 96 103 81 118 112 120 117 106 106 105 124 105 115 115 108 107 107 116 96 113 115 1C9 111 105 112 91 112 113 118 120 112 111 80 115 110 117 117 118 117 100 119 115 129 130 125 114 114 124 125 131 124 146 116 118 126 133 126 126 127 115 111 130 140 135 136 132 114 113 140 155 147 147 148 119 117 154 181 158 183 PI SO 123 137 131 138 139 135 Textiles and Products Textile fabrics Cotton consumption Rayon deliveries Silk deliveries Wool textiles Carpet wool consumptionApparel wool consumption Woolen yarn Worsted yarn Woolen and worsted cloth. 108 105 115 143 64 93 108 92 89 93 89 100 97 108 139 64 77 87 80 78 75 71 100 97 107 137 61 79 97 68 78 76 76 104 100 109 142 58 87 95 82 86 90 83 107 103 114 144 56 89 79 88 92 93 89 113 108 121 137 57 100 69 113 102 112 105 113 111 124 127 61 106 95 108 104 118 104 116 113 120 120 65 123 109 137 120 136 122 123 121 126 129 71 132 125 152 124 150 126 134 131 135 146 77 142 128 160 131 154 144 140 136 145 156 74 142 141 158 135 146 142 134 130 138 157 69 134 125 152 124 146 134 135 131 142 150 67 136 131 152 122 157 134 144 Leather and Products Leather tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Shoes 99 96 100 86 93 101 94 92 94 84 92 95 87 86 86 80 91 87 88 88 87 91 89 88 96 90 90 88 91 101 94 85 88 75 84 101 97 92 98 83 83 101 95 90 95 82 83 99 97 93 100 85 81 100 107 100 110 92 82 112 108 102 113 86 86 113 107 102 115 88 79 110 108 103 112 92 87 112 PIIO 113 100 95 115 116 109 104 126 129 154 106 86 99 112 112 100 86 112 111 107 115 123 128 156 102 87 97 112 111 100 89 112 113 108 116 118 117 131 106 86 98 112 111 105 97 106 104 102 117 112 117 135 101 89 93 112 115 98 112 111 112 105 110 117 126 152 101 91 99 115 110 100 101 113 116 105 114 121 116 132 101 97 98 110 114 109 100 86 109 117 104 116 111 116 99 136 109 120 104 122 112 115 98 124 116 118 105 107 114 P120 105 115 130 121 147 95 92 95 109 108 114 136 127 152 101 98 106 118 106 117 128 133 159 106 102 110 116 110 118 139 134 165 107 97 109 120 119 123 139 114 121 110 86 112 116 118 124 131 126 145 109 94 112 118 118 131 126 134 159 110 91 111 P120 97 96 61 114 126 97 99 67 121 108 104 100 99 84 114 114 113 99 84 131 201 108 103 72 148 154 91 91 44 208 87 103 93 71 231 126 103 100 80 118 134 96 94 77 86 131 101 104 85 85 105 105 105 78 112 126 108 106 81 132 131 104 102 78 132 123 106 103 109 97 103 100 107 95 111 102 119 99 110 104 117 100 115 98 127 99 103 101 106 99 106 105 110 96 108 102 113 100 115 105 120 112 113 103 119 106 114 108 121 101 113 111 118 101 116 110 125 96 117 109 127 97 fifanufactures—Total . _. Manufactured Food Products Wheat flour.. Cane sugar meltings Manufactured dairy products Ice cream Butter Cheese Canned and dried milk Meat packing... Pork and lard Beef Veal Lamb and mutton Other manufactured foods __ _. .. Alcoholic Beverages _ Malt liquor._ Whiskey Other distilled spirits Rectified spirits Tobacco Products Cigars . ._ Cigarettes . . . . . .. Manufactured tobacco and snuff.. r 1 99 90 109 104 104 114 132 119 141 99 91 96 115 r P168 144 125 P134 156 140 147 158 71 151 131 174 139 170 154 115 105 122 113 100 80 132 130 Revised. P Preliminary. Includes also lead production shown under "Minerals." 442 FEDERAL RESERVE BULLETIN Industrial Production, by Industries (Adjusted for Seasonal Variation)—Continued [Index numbers of the Board of Governors. 1935-39 average = 100] 1940 Industry 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.. _. Paperboard containers Printing and Publishing l Newsprint consumption Petroleum and Coal Products Petroleum refining Gasoline Fuel oil Lubricating oil Kerosene Coke Byproduct coke Beehive coke Chemicals Rubber Products Rubber consumption Tires and tubes Pneumatic tires Inner tubes Minerals—Total Feb. Mar. Apr. m 110 110 135 110 116 151 136 106 109 95 112 109 105 105 111 116 117 140 118 118 164 136 113 114 99 113 115 119 114 115 127 128 149 118 135 175 145 125 131 110 113 125 123 127 125 106 103 108 101 115 106 116 115 112 119 124 120 123 124 89 118 117 115 121 124 123 118 119 80 115 114 112 117 120 120 119 120 in 111 109 111 114 133 110 117 153 130 111 112 100 112 116 119 108 112 108 100 119 120 114 116 104 116 116 117 118 108 114 Fuels Bituminous coal Anthracite Crude petroleum 112 104 78 118 Metals Iron ore shipments Copper Lead Zinc . .. Gold". Silver ISO 142 140 116 130 118 120 June 132 132 159 118 148 186 157 128 128 118 115 135 137 126 128 July Aug. Sept. Oct. Nov. Dec. Jan. Feb. 130 153 117 142 179 151 126 130 121 111 126 131 126 128 123 150 119 120 179 148 118 121 114 113 117 121 117 118 150 117 114 185 145 113 118 107 111 111 125 107 121 148 118 124 184 140 117 123 110 112 114 124 110 125 124 150 123 113 186 143 120 132 114 109 114 120 114 ISO 131 159 119 142 200 148 127 143 114 109 117 131 120 129 152 116 128 190 144 125 138 110 113 119 127 120 128 128 153 119 129 191 144 124 134 110 115 123 125 119 in 110 104 108 104 109 104 110 106 112 107 111 103 in 113 109 109 116 98 111 139 136 248 116 112 113 113 102 121 142 139 252 116 112 111 115 109 123 144 141 251 118 114 112 116 115 123 146 143 265 120 116 115 120 107 130 147 142 305 121 117 117 120 112 120 148 143 314 121 117 118 122 104 123 148 144 295 115 in 116 118 121 126 127 118 120 107 140 118 118 115 138 140 123 124 122 150 152 128 128 130 113 111 113 118 126 123 123 101 115 112 110 113 122 116 132 131 142 102 112 108 106 111 113 116 139 137 206 in 116 117 105 Mar 138 115 106 P122 150 144 347 151 153 135 135 133 115 115 115 115 109 117 116 121 122 112 115 114 126 128 113 106 106 104 106 95 109 110 106 106 102 119 120 111 112 107 120 122 109 110 103 119 117 118 120 113 116 113 rll9 118 118 P124 in 109 98 91 115 113 115 105 113 in 113 114 102 113 P102 P110 109 84 120 116 120 83 118 151 141 117 124 124 113 135 149 144 118 123 123 127 in May m 120 82 116 135 152 143 124 119 124 125 116 116 113 116 117 121 129 114 112 121 112 108 134 155 143 117 118 122 114 139 159 150 120 129 125 122 1U 159 144 117 125 93 119 105 114 127 155 132 108 131 107 109 ns7 163 140 119 131 125 113 113 112 94 115 nsi 192 141 107 134 127 136 186 142 112 135 141 132 117 98 114 U 188 148 116 137 120 119 • 151 189 151 118 142 133 133 P151 191 148 118 140 r Revised. P Preliminary. Includes also printing paper production shown under "Paper." NOTE:—For description and back figures see BULLETIN for August 1940, pages 753 to 771 and 825 to 882. 1 MAY 1941 443 INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) llndex numbers of the Board of Governors. 1935-39 average = 1001 1941 1940 Industry Feb. Mar. Apr. M a y Durable Nondurable Iron and Steel Pig iron Steel ingots __ _ Tobacco Products Cigars __ _ _ _ _ _ Cigarettes Manufactured tobacco and snuff r 1 Mar. 116 121 118 120 129 134 135 135 133 138 P143 118 -- - -- 122 134 112 130 144 119 136 155 121 137 158 121 139 162 121 137 161 -118 142 167 122 P148 P175 110 120 128 114 121 134 120 113 124 112 106 123 104 123 133 122 151 150 151 147 154 147 153 161 152 161 164 161 I64 169 163 166 173 165 172 168 172 170 177 170 172 176 172 P181 123 126 126 126 129 129 135 142 149 153 164 168 177 P186 139 283 130 151 103 145 144 299 134 158 99 162 141 306 130 141 98 162 132 329 118 137 102 172 131 371 114 124 106 176 96 394 70 117 116 185 63 455 23 130 124 202 120 501 89 135 137 213 167 544 142 141 152 229 184 590 161 153 163 219 183 624 152 172 186 263 186 672 151 176 204 280 199 728 161 180 222 307 P202 P751 139 130 130 138 139 101 125 163 134 133 137 137 129 100 120 151 129 135 139 137 116 106 114 141 129 131 132 135 116 109 113 146 130 127 131 128 116 113 118 148 131 126 126 133 118 118 125 143 141 127 127 133 133 122 130 154 131 129 143 156 127 140 167 138 138 147 173 133 145 172 137 139 147 181 141 149 172 138 135 152 188 141 149 176 137 133 153 200 138 149 181 142 140 158 209 138 149 190 142 136 163 219 140 145 101 96 113 107 104 113 109 109 108 114 116 119 110 111 112 107 123 126 118 132 134 127 132 132 133 126 i23 130 121 114 133 116 113 123 119 115 129 P124 117 108 83 60 50 49 53 109 106 101 88 71 66 84 117 111 114 129 140 131 134 126 119 91 129 143 146 153 129 117 79 127 136 147 149 140 121 66 133 141 150 153 142 124 93 139 150 161 162 161 118 118 142 154 154 160 140 119 127 136 145 147 149 141 115 129 125 124 125 120 133 111 141 110 100 112 102 P125 115 103 102 107 116 96 110 144 120 131 130 141 115 111 123 141 65 102 118 99 97 97 102 101 100 115 132 66 77 98 80 76 72 71 97 95 110 127 60 73 91 63 73 72 68 100 97 109 127 55 85 91 82 86 90 80 101 98 108 131 51 88 77 88 92 93 88 105 101 109 134 51 98 67 108 102 107 102 111 108 114 137 57 109 101 113 108 120 107 118 115 120 138 65 120 111 137 119 130 116 126 124 129 144 77 129 124 145 121 150 121 137 134 139 151 87 140 126 162 129 154 143 140 136 142 -154 79 146 131 163 135 160 150 143 -140 152 148 68 149 143 165 134 163 153 147 W8 -105 -112 92 96 109 100 -92 95 79 91 106 89 -87 86 79 94 91 86 86 85 86 88 86 88 -88 -86 90 91 89 91 -83 82 83 83 98 104 89 93 87 81 114 102 89 94 81 84 111 98 93 101 82 80 102 98 101 114 87 79 96 99 104 115 88 87 95 104 117 112 125 98 90 121 P117 103 116 87 79 106 99 99 93 84 69 94 82 107 124 154 95 76 99 98 100 97 95 95 86 95 94 120 116 140 93 82 94 98 101 94 98 112 108 107 113 133 HI 124 99 85 95 98 107 95 95 143 142 132 154 161 117 135 101 93 95 102 116 92 116 168 179 147 169 173 123 148 99 92 94 110 120 99 116 164 195 128 147 148 109 119 102 96 93 117 131 100 95 144 168 114 128 136 102 106 100 92 95 136 132 115 102 111 126 113 113 88 116 103 112 75 115 100 98 73 103 99 103 76 103 104 105 84 PW6 104 119 120 112 117 107 101 107 140 95 107 109 127 143 110 108 113 132 84 89 90 151 191 111 104 107 117 87 82 96 159 212 107 92 104 115 95 89 106 133 157 110 83 118 103 101 96 112 122 145 98 83 112 103 84 106 111 86 79 110 107 117 84 68 100 120 126 67 77 161 112 127 40 70 130 89 106 24 100 68 108 94 56 317 134 108 82 76 314 174 104 77 96 181 207 93 81 98 105 140 87 84 104 73 92 94 82 79 69 109 94 95 83 79 103 90 106 79 113 100 96 98 86 124 98 90 103 96 97 92 99 97 105 97 111 98 112 102 119 101 124 104 140 101 112 105 119 101 110 108 116 97 118 H7 121 108 120 127 118 115 115 123 114 105 98 83 108 89 108 90 119 98 108 96 118 95 110 100 119 99 ._ _ _ - _ Manufactured Food Products _____ Wheat flour Cane sugar meltings Manufactured dairy products Ice cream Butter. Cheese Canned and dried milk _ Meat packing Pork and lard - . Beef Veal Lamb and mutton _ _ __ Other manufactured foods Malt liquor Whiskey . Other distilled spirits Rectified spirits Feb. 116 125 109 r Leather and Products Leather tanning Cattle hide leathers Calf and kip leathers Goat and kid leathers Shoes _ Jan. 112 120 105 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 Alcoholic Beverages Dec. 112 - _ Nov. 112 121 105 Lumber and Products Lumber Furniture Stone, Clay and Glass Products Cement Common and face brick Common brick Face brick Glass containers _ Polished plate glass Oct. 112 __ Nonferrous Metals and Products1 Nonferrous metal smelting Copper smelting Zinc smelting Copper deliveries _ Lead shipments Zinc shipments _ Tin deliveries Sept. 114 121 108 - Transportation Equipment Aircraft Automobiles Railroad cars Locomotives Shipbuilding Aug. 113 - - Machinery July _ _ Industrial Production—Total Manufactures—Total June _ 127 133 144 72 136 119 149 125 150 142 178 P181 160 »176 P237 P332 118 P135 117 143 156 150 74 152 146 176 135 163 154 127 102 135 96 105 107 124 120 143 100 86 107 P106 Revised. P Preliminary. Includes also lead production shown under "Minerals." 444 FEDERAL RESERVE BULLETIN Industrial Production, by Industries (Without Seasonal Adjustment)—Continued rindex numbers of tha Board of Governors. 1935-39 average = ]00] 1941 1940 Industry Feb. Mar. 116 118 137 114 121 158 134 115 115 106 111 119 124 112 110 m Printing and Publishing 1 109 99 Petroleum and Coal Products 116 113 109 120 122 121 125 125 120 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 Paperboard containers Newsprint consumption Petroleum refining Gasoline Fuel oil Lubricating oil Kerosene Coke _ Byproduct coke _- _. Beehive coke Nov. Dec. Jan. Feb. Mar. Apr. May June July 114 138 118 119 154 139 110 113 102 112 114 106 108 113 119 120 144 132 122 164 138 116 116 108 113 119 121 115 115 127 128 150 131 135 175 145 124 128 114 114 127 122 124 123 130 131 157 120 147 184 154 127 128 116 116 132 135 123 127 124 123 147 104 133 175 144 120 123 110 108 118 124 122 125 123 121 148 101 120 179 148 117 123 107 110 113 121 116 124 120 147 102 115 185 145 116 125 102 111 110 131 108 127 124 150 110 124 188 143 120 130 110 112 115 129 113 124 124 151 126 113 186 144 120 132 110 112 113 119 114 123 124 154 124 138 190 144 120 127 112 110 116 126 116 128 127 153 121 128 191 144 123 132 111 113 119 123 120 133 132 158 124 133 197 148 129 138 118 113 126 130 124 111 107 114 108 119 110 119 107 103 88 102 91 108 105 113 111 112 111 112 109 109 98 115 104 116 114 111 115 125 123 118 120 76 115 113 111 113 123 126 122 123 76 116 113 112 112 122 113 131 131 116 113 109 109 109 111 110 135 134 171 114 110 112 114 97 107 138 136 198 118 114 116 114 102 119 141 139 209 118 114 114 116 109 123 144 141 259 119 115 113 117 115 126 147 143 292 119 115 112 122 106 131 149 142 357 120 115 113 123 108 126 150 143 367 120 115 114 124 103 124 152 145 398 P118 P127 m 113 109 119 123 125 120 120 100 Aug. Sept. Oct. 144 115 110 154 145 434 Chemicals 111 113 114 113 110 110 112 116 120 120 122 121 123 Rubber Products 117 117 114 116 104 116 116 117 118 108 114 115 114 126 128 113 106 106 104 106 95 109 110 106 106 102 122 123 111 112 107 120 122 109 110 103 129 131 118 120 107 131 133 118 118 115 142 147 114 115 115 109 117 116 121 122 112 144 123 124 122 149 128 128 130 151 153 135 135 133 112 110 111 118 118 121 117 124 122 119 114 113 115 P116 116 121 86 117 114 104 86 121 113 100 89 121 113 102 90 119 111 100 104 116 111 106 101 114 109 111 83 111 115 124 100 114 112 110 97 114 115 128 96 111 116 127 112 111 117 130 114 111 118 134 112 112 P119 P143 89 87 161 288 140 116 116 97 114 179 315 133 112 121 134 113 164 308 135 114 118 100 91 171 301 136 112 127 121 107 184 294 146 117 131 156 115 147 162 147 114 135 146 135 91 98 v93 144 115 130 103 118 148 213 141 122 119 117 120 102 142 116 132 109 123 95 14 150 119 127 109 130 145 116 140 112 118 '155 116 '145 122 137 151 116 147 Rubber consumption Tires and tubes Pneumatic tires Inner tubes Minerals—Total _. .. Fuels. _. Bituminous coal Anthracite. _ _ __ Crude petroleum Metals Iron ore shipments Copper ._ Lead Zinc Gold Silver _ 146 118 139 141 133 r P105 Pill r Revised. P Preliminary. 1 Includes also printing paper production shown under "Paper." NOTE:—For description and backfiguressee BULLETIN for August 1940, pages 753 to 771 and 825 to 882. MAY 1941 445 FACTORY EMPLOYMENT, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937 * 1923-25 average=100] 1941 1940 Industry and group Feb. 107.0 Iron, Steel, Products Blast furnaces, steel works. Bolts, nuts, washers, rivets Cast-iron pipe . Cutlery, edge tools Forgings Hardware Plumbers' supplies Stamped, enameled ware... ._ Steam, hot-water heating Stoves _ __ _ Structural, ornamental Tin cans, tinware Tools . Wirework Machinery Agricultural implements _ . Cash registers, etc 117 . 102.7 110 May 100.8 101.2 107 109 112 76 108 75 103 71 101 81 161 85 91 75 100 96 162 101 67 98 81 158 85 91 72 99 93 161 113.6 137 128 102 134 113 78 Engines, turbines, etc 98 Foundry, machine-shop products. 204 Machine tools 144 Radios, phonographs 85 Textile machinery Typewriters __ __ _ 119 June July Aug. Sept. Nov. Oct. Feb. Mar. nu. 2 121.1 115.6 118.5 122.1 115.2 119.3 122.8 116.0 122.4 '124. 7 125.5 126.2 133 108 94 114 98 200 106 106 100 112 126 208 133 151 92 110 96 116 100 202 107 107 100 113 128 208 144.2 147.8 140 140 137 238 121 146 141 240 Dec. 103.7 107.3 111.1 112.9 116.1 118.9 115 120 123 123 125 127 105 76 104 75 110 76 102 67 97 82 155 85 89 71 98 93 158 101 66 95 82 153 84 88 71 97 92 156 102 66 82 83 153 85 91 73 100 92 151 104 70 84 84 157 113.3 113.4 113.4 136 128 102 132 133 128 102 134 136 128 101 142 116 78 119 81 121 84 130 128 89 135 89 110 88 113 97 196 103 108 91 104 115 207 Jan. 133 139 88 95 75 100 95 139 104 74 98 87 169 91 96 78 98 98 152 107 77 102 89 179 92 95 81 96 101 170 109 81 105 90 188 97 98 84 99 105 189 110 83 109 94 190 100 100 86 103 110 201 114.9 116.6 120.0 122.5 126.6 130.9 '136. 0 '141.2 136 130 103 152 133 130 104 165 139 129 107 175 141 132 111 181 143 132 116 195 140 134 120 212 87 97 209 97 215 96 220 97 228 98 237 145 85 153 84 155 82 144 79 145 77 115 114 113 112 116 110 90 113 99 192 106 113 96 110 121 206 143 137 126 219 147 137 131 237 145 92 101 247 103 247 107 257 110 265 114 275 118 286 120 298 124 307 138 79 134 81 142 83 150 86 155 89 164 92 119 123 126 128 130 131 110 176 95 134 145 76 _. 112.1 112.5 111.2 111.6 111.8 110.7 120.9 130.2 140.2 143.7 144-9 150.4 152.7 154.1 2,326 2,356 2,426 2,598 2,829 3,115 3,479 3,881 4,243 4,447 4,731 5,089 5,399 5,505 Transportation Equipment Aircraft Automobiles Cars, electric-, steam-railroad Locomotives _ _ Shipbuilding 107 61 30 Nonferrous Metals, Products Aluminum Brass, bronze, copper Clocks, watches Jewelry Lighting equipment Silverware, plated ware Smelting, refining Stone, Clay, Glass Products Brick, tile, terra cotta _. Cement Glass Marble, granite, slate _ ._ Pottery Apr. 105.8 104.0 102.8 102.8 103.9 105.1 107.4 108.9 111.4 114.2 116.6 100.2 98.6 97.7 97.9 99.0 100.4 104.3 107.4 111.2 114.6 117.6 111.1 109.2 107.6 107.4 108.5 109.6 110.2 110.3 111.5 113.8 115.7 Total* Durable goods* Nondurable goods* Lumber, Products Furniture Lumber, mill work Lumber, sawmills Mar: . _ _ __ Textiles, Products _ Fabrics Carpets, rugs __ _ Cotton goods Cotton small wares . Dyeing, finishing textiles Hats, fur-felt _ . Hosiery Knitted outerwear Knitted underwear Knitted cloth Silk, rayon goods Woolen, worsted goods ._ . Wearing apparel Clothing, men's Clothing, women's __ Corsets, allied garments Men's furnishings _ _ Millinery Shirts, collars 107 60 28 106 54 27 105 52 28 102 49 29 97 51 31 107 50 33 116 55 36 125 58 39 126 64 42 123 67 46 123 75 52 123 71 55 244 262 146 148 148 154 164 175 186 187 195 204 220 107.5 106.6 105.9 106.0 110.7 118.6 122.3 126.3 170 128 91 93 88 71 168 127 91 95 84 70 173 124 92 96 84 70 177 128 94 99 86 68 185 132 95 100 81 71 115.7 170 125 90 96 85 70 108.2 193 140 98 99 92 70 196 147 100 94 100 72 200 153 101 96 103 74 207 162 101 98 105 75 129.4 rl33.3 87 87 86 86 87 89 92 92 94 70 0 68 1 67 2 67.5 71 3 90 62 90 60 89 62 69.0 91 63 67 4 90 61 70.6 90 61 67 9 90 63 91 65 91 68 93 71 96 72 63 61 60 61 60 60 62 64 64 66 67 80.8 80.0 79.8 78.9 79.8 81.3 81.8 83.0 84.7 88.4 90.4 61 66 103 48 93 102.7 93 1 83 93 59 65 105 45 90 99.1 88.6 78 89 59 68 104 45 89 96.6 87.8 79 89 58 66 103 47 88 96.3 87.7 76 88 58 67 103 47 91 96.8 88.0 70 89 135.1 135.7 209 168 102 101 106 76 216 173 107 102 110 77 211 176 109 105 112 79 94 96 98 100 204 179 111 107 110 79 100 73.6 75 2 76.3 75.5 73.7 97 74 98 72 68 67 98 71 65 93.0 92.3 '94- 6 60 66 105 45 94 60 69 107 45 94 61 70 109 46 94 61 72 112 46 96 65 74 117 45 100 68 76 117 46 105 75 75 120 46 108 74 76 116 47 108 71 75 118 45 108 100.2 91.3 71 91 101.1 92.6 72 93 101.9 93.5 75 94 102.6 95.2 79 95 105.3 97.7 82 97 107.2 98.7 82 99 107.3 98.8 85 99 107.1 99.1 84 100 107.7 100.4 77 125 85 136 69 76 138 63 85 79 128 83 138 72 75 147 62 86 81 129 84 138 69 74 151 61 90 82 129 80 140 70 75 153 63 93 87 129 84 141 71 76 151 65 99 90 132 85 144 74 77 149 64 98 92 132 82 144 69 81 144 63 98 93 134 82 142 69 78 141 64 98 83 100 94 136 83 143 68 79 144 66 102 122.1 120.6 119.4 83 124 90 145 68 77 134 66 81 77 123 84 139 65 77 133 65 71 76 121 65 139 60 74 130 65 70 118.8 112.4 111.6 112.5 116.1 116.1 116.5 114.8 118.0 121.9 107 169 114 107 167 113 100 156 111 98 158 113 102 158 113 105 166 106 104 164 112 104 165 112 102 164 112 109 168 114 115 170 114 120 83 115 78 111 71 120 71 125 73 118 68 116 69 116 76 116 118 126 78 122 74 116 117 117 122 131 120.0 120 83 125 122 122 76 123 68 134 61 72 127 67 73 114 72 121 76 119 74 133 65 72 131 64 77 123 70 56 269 119 114 166 114 111 166 113 118 82 125 110 164 114 118 79 124 r Revised. NOTE.—Figures for March 1941 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and for October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month. * Indexes for total, durable goods, and nondurable goods adjusted to Census of Manufactures through 1939. For back figures see BULLETIN or February 1941, p. 166. 446 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 Industry and group Leather, Manufactures Boots, shoes Leather Food, Products Baking Beverages Butter Canning, preserving Confectionery Flour Ice cream Slaughtering, meat packing Sugar, beet Sugar refining, cane Tobacco Manufactures Tobacco, snuff Cigars, cigarettes Paper, Printing.-Boxes, paper Paper, pulp Book, job printing Newspaper, periodical printing Chemicals, Petroleum, and Coal Products Petroleum refining Other than petroleum Chemicals Cottonseed oil, cake, meal Druggists' preparations Explosives Fertilizers Paints, varnishes Rayon, allied products Soap Rubber Products Rubber boots, shoes.._ Rubber tires, inner tubes Rubber goods, other Feb. Mar. Apr. May June 1941 July Aug. Sept. Oct. Nov. Dec. Jan. Mar. Feb. 95.5 93.8 91.9 87.9 89.6 90.9 89.1 89.9 91.1 93.8 94 85 93 83 90 82 94.3 93.3 86 81 88 81 89 81 87 82 88 81 90 82 92 84 93 85 93.2 91 85 94.3 91 86 92 88 130.7 131.5 145 279 99 144 88 77 81 11 133 90 146 277 102 139 90 78 80 114 108 97 130.8 130.3 128.8 129.1 131.9 129.0 129.8 126.9 129.9 144 278 96 155 86 80 79 109 102 93 145 275 96 152 83 80 80 110 102 97 144 274 97 150 82 79 79 107 98 94 145 273 98 147 84 81 76 107 99 95 146 278 97 161 83 80 77 109 102 96 146 268 96 137 86 79 75 111 99 97 146 272 96 146 88 79 76 108 106 93 144 265 96 130 86 79 75 109 110 91 144 271 96 152 86 78 79 110 100 95 62.7 132.4 144 281 102 152 90 78 81 114 102 95 135.6 rlSS. 0 144 284 101 157 91 78 81 121 145 97 143 281 98 149 89 78 80 112 r 231 92 65.0 63 V 65.2 62.8 63.0 63.7 63.3 63.4 64.7 60 63 613 60 65 59 66 59 64 59 66 66.3 58 64 56 64 57 65 57 64 57 66 57 68 64 9 54 66 63 9 55 65 114.7 114.8 114.3 115.3 115.7 116.5 116.4 115.7 116.1 116.8 r 117.S '117.1 117.3 118 113 100 116 116 113 100 117 115 112 101 116 116 115 100 117 118 116 100 116 119 117 101 116 119 117 100 117 117 117 100 116 117 115 102 116 122 116 102 117 118.6 120 116 101 118 123 116 103 116 122 117 101 117 125 119 103 117 120.6 120.0 121.1 122.0 122.4 121.7 122.2 121.7 122.9 124.1 127.4 128.2 123 122 122 123 122 122 121 121 120 nu. 3 '126.5 122 120 121 120.3 119.4 120.9 121.9 122.3 121. 5 122.2 121.8 123.5 124.9 138 87 118 108 99 124 309 84 87.9 57 73 145 137 84 117 109 102 124 304 81 86.7 56 72 142 136 97 119 116 109 123 312 81 83.9 57 70 136 137 94 122 120 119 121 311 82 83.5 56 69 138 138 83 120 127 120 122 315 82 138 78 119 133 114 124 308 83 84.2 57 69 140 84.7 56 69 141 141 75 117 139 113 126 306 85 87.0 54 71 149 141 62 116 145 107 127 309 86 89.7 54 73 155 143 92 114 141 107 125 310 86 147 101 113 144 107 127 311 82 91.6 57 74 157 120 93.6 60 75 160 120 126.4 128.1 151 102 113 147 103 128 314 87 96.8 64 77 167 154 102 116 151 104 130 310 88 99.0 67 78 171 54 65 129.1 130.0 157 100 117 162 103 130 306 90 161 93 119 163 95 134 307 89 100.6 102.2 69 79 174 69 80 176 'Revised. TOTAL NONAGRICULTURAL EMPLOYMENT [Thousands of persons] Year and month 1929—average. 1930—average. 1931—average. 1932—average. 1933—average. 1934—average. 1935—average. 1936—average. 1937—average. 1938—average. 1939—average. 1940—average. 1939—Apr May June July.... Aug Sept.... Oct Nov Dec 1940—Jan Feb..... Mar Apr May.... June July.... Aug Sept.._. Oct Nov Dec 1941—Jan Feb Mar..... Total nonagriculemployment * 12 Total *2 36,448 34,177 31, 256 28,035 28, 222 30, 632 ••31,898 33,868 35, 561 33, 362 34, 624 35, 756 33,817 34,113 34, 590 34, 594 34,882 35, 510 35, 832 35, 701 35,928 34, 751 34,656 34,852 34,882 35,163 35, 425 35, 454 35, 902 36, 528 36,867 36,986 37, 608 36, 621 36, 928 37, 218 30, 589 28, 346 25, 531 22, 452 22, 672 24,877 25, 965 27,824 29, 442 27, 229 28, 480 29,613 27, 674 27,970 28, 447 28, 451 28,739 29,367 29,689 29, 558 29, 785 28, 608 28, 513 28, 709 28, 739 29,020 29, 282 29, 311 29, 759 30, 385 30, 724 30,843 31,465 30, 478 30, 785 31, 075 Manufactur- Mining ing* 10,203 9,087 7,751 6,571 7,036 8,112 8,641 9,350 10, 273 8,827 9,544 10,170 9, 290 9,212 9,259 9,279 9,515 9,857 10,152 10,169 10,195 9,974 9,974 9,926 9,832 9,776 9,824 9,832 10,163 10, 479 10,668 10, 735 10,856 10, 797 10, 982 11,147 1,064 982 847 706 714 844 855 896 949 834 791 847 546 653 793 787 807 823 871 881 866 853 854 849 835 845 838 837 839 846 856 853 855 852 854 862 Construction 1,806 1,422 1,236 821 755 840 908 1,211 1,148 1,001 1,241 1,337 1,157 1,280 1,375 1,413 1,440 1,440 1,389 1,310 1,178 1,012 939 991 1,118 1,249 1,321 1,378 1,443 1,511 1,654 1,709 1,720 1,623 1,678 1,650 Transportation and public utilities 3,878 3,647 3,221 2,789 2,647 2,727 2,762 2,944 3,102 2,835 2,934 3,024 2,866 2,895 2,953 2,963 2,977 3,035 3,068 3,023 2,976 2,935 2,941 2,940 2,956 3,000 3,032 3,059 3,081 3,120 3,121 3,065 3,039 3,012 3,028 3,054 Trade 6,404 6,065 5,530 4,914 4,941 5,476 5,669 5,941 6,233 6,012 6,144 6,266 6,058 6,092 6,153 6,073 6,065 6,241 6,302 6,329 6,687 6,062 6,026 6,201 6,122 6,197 6,254 6,159 6,168 6,321 6,362 6,433 6,884 6,165 6,173 6,242 Financial, service, and miscellaneous 4,147 4,028 3,782 3,471 3,422 3,627 3,771 3,978 4,144 4,059 4,119 4,173 4,096 4,146 4,182 4,186 4,183 4,220 4,160 4,121 4,125 4,078 4,084 4,100 4,160 4,202 4,214 4,218 4,226 4,255 4,187 4,167 4,180 4,142 4,164 4,184 Government 2 3,087 3,117 3,166 3,180 3,156 3,251 3,359 3,504 3,593 3,662 3,708 3,797 3,661 3,692 3,732 3,750 3,752 3,751 3,747 3,725 3,758 3,694 3,695 3,702 3,716 3,751 3,799 3,828 3,839 3,853 3,876 3,881 3,931 3,887 3,906 3,936 Military and naval forces 262 263 260 254 252 258 269 301 322 335 369 573 351 355 364 376 373 376 386 402 422 435 450 457 461 464 474 516 549 634 733 822 884 958 1,145 1,343 r Revised. NOTE.—Compiled b y Bureau of Labor Statistics. Figures for March 1941 are preliminary. * Revised from January 1937 to date owing to adjustment of manufacturing employment to census of manufactures through 1939. 1 Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments. 2 Excludes military and naval forces. MAY 1941 447 FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Bureau of Labor Statistics; adjustecI to Census of Manufactures through 1937.* 1923-25 average=100] Factory payrolls Factory employment Industry and group 1940 Feb. Total* Durable goods* Nondurable goods* Iron Steel, Products Blast furnaces, steel works Bolts, nuts, washers, rivets Cast-iron pipe Cutlery, edge tools ___ Forgings Hardware _. Plumbers' supplies Stamped, enameled ware . Steam, hot-water heating Stoves Structural, ornamental Tin cans, tinware Tools . ... Wirework . . ._ Machinery Mar. Nov. _. Furniture Lumber, millwork Lumber, sawmills. Stone, Clay, Glass Products Brick, tile, terra cotta Cement Glass Marble, granite, slate Pottery Textiles, Products Fabrics Carpets, rugs.. . Cotton goods Cotton small wares Dyeing,finishingtextiles Hats, fur-felt Hosiery _ _ Knitted outerwear.. . . . Knitted underwear Knitted cloth Silk, rayon goods Woolen, worsted goods Wearing apparel . . . Clothing, men's Clothing, women's.. . . Corsets, allied garments Men's furnishings Millinerv . . Shirts, collars _ _ Jan. Feb. Mar. Feb. Mar. Nov. Dec. Jan. Feb. Mar. 105.0 99.2 110.5 104.4 99.1 109.5 114 7 116 2 '115 4 115.5 117.6 118.3 113.9 '114. 8 112.7 117 8 121.0 114.7 119.9 123.5 116.4 99.3 97.8 101.0 99.8 98.7 101.0 116.4 125.1 106.6 122.4 131.6 112.1 120.7 131.9 108.0 126.9 139.4 112.9 131.0 144.2 116.3 106.7 117 114 76 104 72 101 82 161 84 86 72 93 96 162 103.5 112 112 75 103 68 99 82 161 85 90 70 '94 95 163 119.3 127 128 86 112 83 109 94 190 102 106 87 100 112 204 '121. 6 '122.2 130 131 135 139 87 88 110 108 '89 91 113 113 97 98 196 189 103 103 104 95 90 '94 99 102 117 121 207 206 125.0 133 146 89 109 95 115 99 201 106 99 96 104 126 208 127.1 135 151 90 112 97 117 101 206 107 105 97 107 130 210 100.9 110 126 68 91 84 101 71 162 76 75 60 93 96 175 96.5 102 117 60 91 77 105 71 164 75 80 60 100 93 180 125.8 135 162 89 108 106 122 88 209 106 101 79 104 124 235 '132.9 142 178 97 114 120 128 93 '225 105 100 86 113 136 242 130.7 140 171 93 107 124 130 91 213 105 87 89 117 140 238 136.9 145 193 97 111 130 135 96 233 110 94 94 118 152 253 141.1 149 200 100 117 137 138 99 241 112 104 97 124 160 256 113.1 113.1 131.2 '136 1 '139. 8 143 150 135 136 126 129 212 223 114 117 276 286 159 148 86 89 132 131 143.5 147.4 119.3 164 131 112 172 94 271 113 81 110 121.5 168 134 114 176 96 282 110 82 111 149.3 160 144 145 275 115 355 156 80 166 '163. 0 167.5 181 171 152 148 163 158 331 306 129 127 394 414 145 164 98 91 141 147 176.9 174 166 176 345 136 450 146 105 122 185.8 155 179 186 375 144 465 156 110 159 141 144 137 Agricultural implements 128 134 128 Cash registers, etc. 102 102 121 Electrical machinery 133 135 201 Engines, turbines, etc 97 110 Foundry, machine-shop products. 98 211 205 266 Machine tools 122 126 159 Radios, phonographs 86 86 83 Textile machinery 115 131 Typewriters . 118 Transportation Equipment _ ._ 116.1 118.5 146.0 2,303 2,379 4,402 Aircraft 113 114 130 Automobiles 61 59 62 Cars, electric-, steam-railroad 29 28 42 Locomotives 151 143 204 Shipbuilding.. _ 107.2 107.1 129.9 Nonferrous Metals, Products 171 171 210 Aluminum 129 128 162 Brass, bronze, copper 91 91 107 Clocks, watches 92 91 111 Jewelry 88 86 110 Lighting equipment 71 70 80 Silverware, plated ware 95 87 87 Smelting, refining Lumber, Products. Dec. 1941 1940 1941 144 140 136 236 120 300 144 93 109 149.2 '152.6 157.0 4,684 5,038 5,345 129 128 130 66 69 69 46 49 53 221 240 256 128 146 141 245 124 310 148 96 134 161.2 131 72 56 273 120.1 125.9 166.1 169.2 '176.1 ,920 2,184 2,344 5,013 ,356 151 148 119 123 145 54 64 54 62 58 44 55 27 26 50 169 239 308 150 288 131.2 '131.1 213 209 168 172 106 106 104 '96 '110 108 79 75 97 98 134.7 212 176 109 102 111 78 100 136.5 209 180 111 104 112 80 100 103.4 195 136 95 69 71 59 86 IO4.8 196 137 95 75 74 60 85 141.7 259 202 122 94 100 83 96 190.6 195.6 ,452 6,661 159 161 64 66 64 61 365 338 '149. 6 '146. 0 264 266 219 '220 120 115 82 97 102 99 71 87 103 102 151.8 271 226 125 89 105 77 104 155.2 239 239 129 94 105 82 105 66.7 89 61 59 66.8 89 61 60 74-4 97 71 66 73.7 97 72 65 71.3 94 70 63 72.0 96 70 63 72.4 97 70 63 60.0 77 47 52 61.0 78 47 53 70.9 90 58 61 71.5 93 60 60 68.1 84 58 59 71.2 90 58 62 73.1 94 58 63 75.5 53 55 103 43 93 77.7 54 59 106 43 93 88.9 66 74 117 46 102 88.7 65 72 117 45 106 '85.9 65 65 114 39 105 87.0 64 66 116 42 108 89.8 65 69 120 43 111 65.3 40 48 108 29 84 68.3 42 54 113 30 85 82.2 54 73 131 32 96 '85.7 57 72 138 33 102 '79.6 55 61 131 27 '96 82.1 55 62 136 30 100 85.2 56 66 141 31 104 105 5 95.5 82 96 85 130 92 145 68 77 135 69 85 123.7 110 176 116 121 90 125 102 9 90 7 80 92 81 128 87 140 65 79 135 66 71 126.6 112 181 116 124 97 126 105.5 98 7 82 98 87 132 82 145 73 77 150 65 99 116.? 105 165 113 128 61 121 107.0 100 4 82 101 90 134 84 146 71 77 148 65 101 117.2 108 164 113 123 61 122 106. 4 99 7 82 101 92 135 82 143 66 77 140 65 100 116.8 110 162 112 108 75 119 110.1 101 7 84 103 95 140 84 143 68 78 142 67 103 124.2 114 173 115 119 89 125 111.6 102 7 86 104 98 142 85 144 68 81 146 67 103 127.0 116 178 118 123 91 128 91.3 84 2 71 87 75 109 84 151 57 69 108 54 72 99.8 86 134 118 113 77 108 89.5 78 5 67 83 76 109 69 146 53 72 107 52 57 105.7 88 142 120 117 103 113 92.3 90 9 73 92 87 114 73 160 64 73 130 52 89 89.5 76 120 121 140 41 113 95.1 93 1 75 97 93 120 80 149 56 73 125 53 94 93.2 87 120 116 103 55 104 103.9 98.6 79 102 101 129 89 157 60 77 129 56 100 108.0 97 143 127 124 76 117 107.0 101.2 83 105 104 133 87 161 61 82 134 58 100 112.0 99 148 134 129 84 121 97.6 95 6 76 98 92 121 82 160 62 74 130 54 96 95.6 86 126 123 133 42 115 ' Revised. * Indexes for total, durable goods, and nondurable goods adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166. 448 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 1940 Feb. Leather, Manufactures Boots, shoes Leather 98. 2 118., 142 254 89 92 84 79 67 109 38 92 118., 143 262 90 r 88 82 79 70 107 40 61.7 62 63.6 61 64 Paper, Printing Boxes, paper Paper, pulp Book, job printing Newspaper, periodical printing 111 115 113 101 115 Chemicals, Petroleum, and Coal Products Petroleum refining Other than petroleum Chemicals Cottonseed, oil, cake, meal Druggists' preparations Explosives Fertilizers Paints, varnishes Rayon, allied products Soap Rubber Products Rubber boots, shoes Rubber tires, inner tubes Rubber goods, other Food, Products Baking Beverages Butter Canning, preserving Confectionery Flour Ice cream Slaughtering, meat packing Sugar, beet Sugar refining, cane Tobacco Manufactures Tobacco, snuff Cigars, cigarettes 1941 M a r . Nov. Dec. 99.3 98 87 Factory payrolls 87.0 90.6 F e b . Mar. 65.6 57 67 58 61 63.7 57 65 114-4 114 113 100 117 118.5 r119. 5 126 125 116 116 103 105 119 120 118 116 104 115 121.0 121 121.1 136 98 119 106 109 123 313 122.8 121 123.1 136 r 90 119 108 152 124 309 83 125.6 121 126.7 148 133 116 147 92 126 315 85 88.0 57 73 145 87.2 56 72 144 61 75 163 1941 M a r . Nov. Dec, 78 80 118.9 143 255 92 85 86 77 68 111 49 89 56 68 Feb. 93.4 91 86 121.2 141 256 92 91 87 77 68 116 100 r Revised. NOTE.—Figures for March 1941 are preliminary. payroll period ending nearest middle of month. 132.5 146 144 263 260 99 96 123 103 102 101 79 78 71 69 116 125 277 '235 94 94 Jan. 1940 78.5 73 63 90 83 128., 138 138 302 299 82 84 101 93 100 103 72 73 61 61 119 137 288 '263 84 85 Jan. F e b . Mar. 87 92 94 94 120.0 135 119.4 138 294 81 76 89 73 60 114 50 73 122.6 140 313 85 76 93 73 63 115 42 95 61.7 64 61 62.6 64 j 62 115.5 132 284 76 78 81 74 57 111 44 77 117.1 134 300 78 76 77 73 60 112 45 79 54 64 54.0 69 52 58.1 67 57 117.2 119 117 103 116 118.2 123 119 102 117 108. i 119 117 87 108 110.0 122 115 115.4 144 124 90 112 125.8 me. o 120 127.2 119 127. 7 150 152 129 114 116 116 149 150 95 104 126 126 315 314 85 127. < 119 129.! 155 112 119 159 113 129 311 90 130.7 120 133.3 159 99 121 161 142 133 312 91 131.4 134 130.4 160 89 130 128 84 128 321 100 132.5 136 131.5 159 81 131 129 113 131 316 100 97.5 67 77 167 100., 68 79 175 103.0 69 80 179 88.4 53 81 135 88.3 56 79 138 139.7 44 144.1 4 133 132 139 132 141.7 145.8 147.8 145.2 194 182 188 188 129 105 129 111 131 133 131 131 187 209 199 '203 93 77 81 86 142 136 139 137 328 331 334 336 113 100 106 108 102.0 111.1 111.0 114.9 79 66 81 79 90 99 97 96 163 185 174 174 78 169 120.5 145 264 77 71 112 42 67 67.4 70 67 145 129 79 '86 72 59 120 '89 70 59. 67 58 '115. 132 128 95 108 117.1 120.4 136 146 133 136 93 95 110 112 148.1 133 152.6 202 93 135 207 118 148 333 115 119.3 81 102 194 Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES [Compiled by the Bureau of Labor Statistics] Average hours worked per week Jan. Feb. Oct. Total 37.4 37.3 Durable goods 38.1 37.9 Iron, Steel, Products Machinery Transportation Equipment Nonferrous Metals, Products Lumber, Products Stone, Clay, Glass Products Nondurable goods 37.6 40.4 37.4 39.2 36.9 35.1 36.5 40.1 37.6 38.4 38.0 35.3 36.9 36.8 34.8 36.0 32.5 37.2 39.6 33.3 38.1 35.1 35.7 34.0 36.7 39.4 32.8 37.8 35.9 37.3 33.4 34.3 40.0 37.6 38.7 38.4 35.5 39.4 36.6 38.4 35.9 39.2 35.3 39.3 36.4 40.2 38.0 Textiles, Products Fabrics Wearing apparel Leather, Manufactures 1 Food, Products Tobacco M anufactures Paper, Printing Chemicals, Petroleum, and Coal Products Petrol eum refining Other than petroleum refining Rubber Products 1941 1940 Industry group Average hourly earnings (cents per hour) Nov. Dec. Jan. Feb Jan. Feb. Oct. Nov. Dec. Jan. Feb 39.3 38.6 39.8 39.0 41.0 40.2 41.2 40.6 40 0 66.3 66.3 67.3 67.8 68.3 68.9 69.2 41.6 72.7 72.6 73.9 74.4 74.9 75.8 39.9 42.4 41.6 42.0 40.7 38.1 39.6 42.0 40.4 41.4 38.9 37.1 41.0 43.6 40.2 42.7 39.5 38.2 39.8 43.2 40.4 41.4 38.9 36.5 40.7 44.2 42.1 42.1 39.7 37.2 76.2 76.6 73.5 89.4 70.1 51.2 66.4 76.4 73.7 77.8 74.9 89.8 71.2 52.4 67.1 78.1 75.2 90.2 72.7 52.6 67.1 78.0 76.1 90.0 73.8 52.8 68.0 78.6 76.8 91.1 74.1 52.9 68.4 79.1 77.1 91.6 73.9 53.6 37.1 38.4 37.3 38.3 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 36.7 37.9 34.4 37.3 39.0 35.7 38.6 60.9 61.3 61.7 62.0 62.1 36.7 38.3 35.7 39.1 39.5 35.4 39.1 49.9 48.1 53.4 53.4 64.1 49.6 78.3 50.5 48.4 54.4 53.7 63.9 49.1 78.3 50.9 48.7 55.2 55.3 61.0 48.4 79.2 50.4 48.7 53.9 55.5 63.2 48.6 79.3 50.7 48.8 54.4 55.2 64.1 49.0 79.9 51.2 49.2 55.2 55.5 64.9 49.8 79.6 50.7 49.2 55.5 56.4 65.1 49.5 80.3 38.8 35.7 39.8 37.9 39.6 37.3 40.4 39.7 38.9 35.7 39.9 39.2 38.8 35.7 39.8 39.5 75.6 97.4 68.0 77.6 75.6 97.5 68.1 77.7 75.7 97.2 68.7 77.4 76.5 97.6 69.6 78.1 76.6 96.8 70.1 78.4 76.9 97.0 70.4 78.0 77.0 97.0 70.7 78.5 1 Beginning with October 1940 figures are not comparable because of expansion in reporting sample. MAY 1941 449 CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Nonresidential building Residential building Total Month January February. M^arch April M!ay June July August SeDternber October November December Year 1 1940 1941 1940 1941 196.2 200.6 272 2 300 5 328 9 324 7 398 7 414 9 347 7 383 1 380 3 456 2 305.2 270.4 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 1941 1940 12.9 15.4 21 8 23 5 23 2 15 2 49 5 39 6 38 0 47 1 79.0 77 3 1940 26.9 20.9 15.9 20.2 23.1 24 0 26.1 33.1 38 9 28.6 27 1 29 4 24.9 27 1 55.9 37.8 Other i Educational * 1941 1940 442.4 1, 596. 9 4,004.0 Commercial Factories 1941 6.1 8.1 9.3 17 4 15.3 14.3 16 5 14.4 9 8 18.6 8.5 8.9 1940 11.6 7.9 147.2 318.3 Public works and public utilities * 17.7 26.9 19,6 24 0 25.6 29.4 34.1 36.6 26 4 41.2 35.9 69.3 1941 1940 24.2 23.5 386.7 1941 66.3 55.2 76 7 76 3 92 8 97.5 119 3 142 8 94 0 98.2 79.1 114 3 75.1 63.9 1,112.4 Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars. Total Public ownership i P r i v a t e ownership i Month __ May June July August September October November December _. Year 1937 1938 1939 1940 1941 1936 1937 1938 1939 1940 1941 1936 1937 1938 1939 1940 215 140 199 235 216 233 295 275 234 226 208 200 243 188 231 270 244 318 322 281 207 202 198 209 192 119 227 222 283 251 240 313 301 358 302 389 252 220 301 330 308 288 300 312 323 262 300 354 196 201 272 301 329 325 399 415 348 383 380 456 305 270 480 149 79 96 105 94 116 153 153 116 101 89 82 112 69 66 74 93 137 131 104 80 78 93 115 118 51 95 99 144 108 98 171 160 203 179 279 148 111 128 160 135 128 137 158 144 92 144 225 93 82 95 103 112 147 205 195 144 175 195 258 111 96 226 66 130 122 116 141 122 119 125 119 117 130 119 165 195 151 180 191 178 127 124 106 94 75 68 132 123 139 143 142 142 141 154 123 110 104 109 173 170 174 161 163 154 179 170 156 129 104 119 177 197 217 177 194 220 204 209 186 198 1,334 1,152 1,705 1,708 1,802 1,341 1,761 1,492 1,842 2,202 2,675 2,913 3,197 3,551 4,004 CM CO CO O January. __ February March _ April 1936 1941 194 174 254 i Back figures.—See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the [Figures reported by Dun & Bradstreet. Amounts in thousands of dollars.] F. W. Dodge Corporation. Value of contracts in thousands of dollars.] 1941 Number 1940 Liabilities Federal Reserve district Mar. Feb. Mar. Boston New York Philadelphia. 26, 525 45, 352 29, 593 20, 227 39, 474 10, 871 22, 296 55,104 16,170 ClevelandRichmond . Atlanta 34, 754 57,017 27,026 27, 994 33, 323 34,815 28,004 31, 542 24, 225 Chicago St. Louis Minneapolis.. 131,178 82,616 8,053 43, 283 21,894 5,038 43, 462 20,095 5,473 Kansas City. Dallas 15,628 22,161 9,873 23, 581 11, 862 13, 945 479,903 270,373 272,178 Total (11 districts). Federal Reserve district 1941 Mar. Boston New York. Philadelphia Cleveland _ _ _ Richmond.-Atlanta.- _ Chicago St Louis Minneapolis Kansas City Dallas San Francisco Total- _- 1940 Feb. Mar. 1941 1940 Mar. Feb. Mar. 108 456 78 81 35 44 146 48 15 49 30 121 96 399 89 67 47 40 120 42 12 43 33 141 97 399 76 78 44 55 180 27 22 58 22 139 1,246 4,466 1,164 1,003 547 439 1,410 800 206 455 366 1,342 939 4,006 1,567 1,168 901 331 1,789 497 96 487 415 1,287 895 3,383 734 1,432 500 680 1,535 130 504 466 167 1,255 1,211 1,129 1,197 13, 444 13,483 11, 681 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. 450 FEDERAL RESERVE BULLETIN MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise imports 2 Merchandise exports * Excess of exports Month April May June .. July August _ September _ _._ _ Year Jan.-Mar. 223 233 257 289 262 275 213 219 268 370 347 351 269 290 265 274 257 233 231 249 236 268 277 297 228 231 246 230 333 315 323 278 252 269 3,349 3,094 3,177 712 826 699 292 368 1941 1937 325 303 P358 1938 1939 1940 1941 1937 1938 1939 1940 229 234 P268 -18 -45 -51 118 99 102 35 61 77 128 147 134 1941 240 278 307 171 163 173 178 158 190 242 200 217 323 324 350 287 285 286 160 148 146 186 202 179 212 211 211 -18 5 —21 115 109 87 45 47 57 317 351 295 265 246 233 141 166 168 169 176 182 232 221 195 a 87 65 79 61 74 107 84 130 101 344 328 322 224 223 209 178 176 171 215 235 247 207 224 253 92 115 100 76 98 117 57 121 137 104 69 3,084 1,960 2,318 2,625 265 1,134 859 1,396 826 507 527 659 -113 319 173 409 r i, 021 1,068 P986 C October November 1940 to to COO ._ . . 1939 CO CO January February March 1938 w O 1937 P730 r 97 70 111 112 138 P256 p1 Preliminary. r Revised. Including both domestic and foreign merchandise. 2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Bureau of Foreign and Domestic Commerce. Back figures—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18. FREIGHT-CAR LOADINGS, BY CLASSES REVENUE, EXPENSES AND INCOME OF CLASS I RAILROADS l [Index numbers; 1923-25 average=100] [Millions of dollars] ForLive- est stock prod- Ore ucts Mis- Mercel- chanlane- dise ous I.C.I. Total Coal Coke Grain 73 69 70 72 75 75 76 77 77 83 84 68 66 75 78 81 83 85 80 65 76 74 65 70 73 73 91 105 108 99 97 104 99 75 75 79 74 74 80 74 79 81 78 77 40 39 37 38 38 35 38 42 45 43 40 44 43 43 45 45 46 49 51 55 56 59 107 105 102 96 100 96 96 106 117 192 134 83 77 74 77 82 80 82 84 89 94 97 86 86 87 75 75 86 96 89 109 76 71 80 36 38 38 60 56 53 149 138 146 1940—Feb Mar Apr May June July Aug Sept Oct Nov Dec 68 67 67 71 75 77 78 86 86 84 77 80 70 63 67 69 70 75 83 72 83 83 88 73 62 70 85 89 88 94 97 104 108 69 69 70 66 73 110 89 89 81 73 66 33 31 34 34 31 31 38 54 63 52 39 43 44 44 47 48 46 51 56 57 55 50 1941—Jan Feb Mar 78 79 83 86 89 91 113 119 114 68 65 74 35 31 31 53 54 Total railway operating revenues Total railway expenses Net railway operating income Net income SEASONALLY ADJUSTED 1940—Feb Mar Apr May June July Aug Sept Oct Nov Dec _ 1941—Jan Feb Mar 61 60 59 60 60 61 61 61 62 62 63 102 104 99 1940—Jan. _.. Feb.... Mar Apr May___ June July..._ Aug Sept..._ Oct 63 Nov 65 Dec 64 358 339 329 328 342 360 356 365 377 363 379 401 301 290 290 289 290 300 303 308 309 311 312 316 57 49 39 39 51 60 54 57 67 52 67 85 17 9 -1 -1 11 19 13 16 25 8 25 43 1941—Jan Feb 389 402 316 319 73 84 32 43 26 26 42 134 170 182 178 185 173 105 33 71 74 76 80 85 82 83 94 100 95 88 59 UNADJUSTED 60 60 1940—Jan. _._ 60 Feb.__. 60 Mar 60 Apr 61 May___ 64 June 64 J uly— 63 Aug.... 61 33 33 36 87 89 95 346 314 327 321 343 345 366 381 383 414 375 382 300 281 290 288 296 297 309 315 308 327 304 303 46 33 37 34 47 47 57 66 74 87 71 4 -11 -5 -9 4 7 16 22 31 43 31 51 UNADJUSTED 54 SEASONALLY ADJUSTED* 60 62 64 Sept.— Oct Nov Dec 79 62 20 1941—Jan 315 377 15 300 Feb._._ 358 58 NOTE.—For description and back data see pp. 522-529 of BULLETIN for June 1937. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for classes *Derived from Interstate Commerce Commission data. with weights derived from revenue data of the Interstate Commerce Commission. 1 Excludes switching and terminal companies. NOTE.—Descriptive material and back figures may be obtained from the Division of Research and Statistics. MAY 1941 451 DEPARTMENT STORE STATISTICS SALES BY DEPARTMENTS MONTHLY INDEXES OF SALES AND STOCKS Percentage change from corresponding periods of preceding year Index numbers based on value figures; 1923-25 average=100 Seasonally adjusted 1938 1939 1940 1941 1938 Unadjusted 1939 1940 NET SALES—entire store Main Store Basement Store Women's, girls', and infants' apparel and accessories Main store i Women's and misses' coats and suits. _. Women's and misses' dresses Blouses, skirts, sportswear, sweaters, knit apparel Juniors' and girls' wear Aprons, housedresses, uniforms Women's underwear, slips, negligees,. Infants' wear 85 90 94 Year Women's and children's shoes Furs STOCKS Basement2 64 Men's and boys' wear 68 60 61 71 67 63 71 Jan 70 68 71 65 70 73 67 68 Feb. Main store i 69 75 70 68 70 74 71 71 Mar. Men's clothing 69 67 69 71 71 69 Apr Men's furnishings, hats, caps 66 68 71 70 69 May __ . _ 68 Boys'2 clothing and furnishings 64 64 67 65 68 67 June Basement 60 68 61 61 67 67 July Homefurnishings 69 67 65 66 Aug. 65 67 Main store i 70 70 67 68 71 73 Sept Furniture, beds, mattresses, springs... 74 77 67 69 71 79 Oct Domestic floor coverings 72 82 71 78 67 83 Nov Draperies, curtains, upholstery 64 66 71 62 66 68 Dec Major appliances (refrigerators, washers, stoves, etc.) 68 68 69 Year Domestics, blankets, comforters, linr ens, towels Revised. Basement (including domestics, blankets, Back figures.—Department store sales, see BULLETIN for August 1936, linens, towels)2 p. 631, for October 1938, p . 918, and for January 1941, p . 65; department store stocks, see BULLETIN for March 1938, p . 232. Piece goods (dress and coat yard goods, all materials) WEEKLY NDEX OF SALES Main store Weeks ending on dates shown. 1935-1939 averag e=100 Basement Shoes (basement only) 1941 1940 1939 1938 + V + 8 + 4 SALES 90 88 86 83 80 82 83 83 85 86 87 88 Jan Feb. Mar. Apr May June July Aug Sept Oct Nov Dec Mar. 5 12 19 26 Apr. 2 9 16 23 30 85 88 90 99 103 — 97 115 93 92 Mar. 4 11 18 25 Apr. 1 8 15 22 29 88 88 88 88 87 86 87 88 90 92 93 95 92 90 89 89 89 91 92 98 97 94 100 101 90 89 93 102 110 118 92 93 98 101 103 103 Mar. 2 9 16 23 30 Apr. 6 13 20 27 70 70 77 86 80 79 58 65 91 92 99 156 69 69 82 88 87 83 60 69 97 99 106 168 95 98 99 113 88 112 97 99 98 71 71 86 86 89 87 64 77 105 101 114 179 Mar. 1 8 15 22 29 Apr. 5 12 19 26 79 '81 93 101 97 105 111 117 131 136 117 114 Three months 1941 March 1941 Department 1941 + 8* + 8 + 6 + 2 +12 + 4 +17 + 3 +13 - + 3 +11 + 4 + 7 + 1 +21 1 +15 + 6 + 3 - 5 +32 - 3 +8 - 4 -16 +25 +42 +18 + 9 z +29 +28 0 - 7 +18 +29 +15 +41 +21 +30 +19 + 5 + 5 + 4 + 2 + 2 0 +19 +19 +35 + 7 + 7 +10 -12 0i + 5 - 3 * Based on reports from 250 stores. Reports of total sales from a larger number of stores, including many stores not reporting sales by departments, showed an increase of 9 per cent for March and 10 per cent for the first three months of 1941, as indicated in the table below. 1 Group totals for main store include sales in departments not shown separately. 2 Group totals for basement are not strictly comparable with those shown for main store owing chiefly to inclusion in basement of fewer departments and somewhat different types of merchandise. SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES Percentage change from corresponding periods of preceding year ! i Three:; Mar.! Feb. mos. li !1941' 1941 ! 1941 IThree;! iMar.l Feb. j mos. !| | 19411 1941 1941 !| Threes JMar., Feb. j mos. i 1941 ! 1941 j 1941 I Three Mar.i Feb. i mos. 119411 1941 1941 ! '' I ; I I Chicago +lf + 9 +10 \Kansas City United S t a t e s . . . + 9^+10 +10 Cleveland (cont'd) j +18! +14 ; +14 !j Chicago , + 4:r + 4 + 4 1 (cont'd.) Cleveland Boston j + 71 +18 \ + 9 I ! + 1; +14 I + 4 >\ Peoria + 2 + 9 ; + 8 j Okla. City Columbus New Haven ! + 8! +11 i + 9 i +11! +11 i +14 +14| + 7 I +10 !! Fort Wayne..—' +18: +15 j +18 I Tulsa Toledo Portland { + 6: +15 j + 7 I + 6i + 7 | +13 Youngstown... +28i +19 ! +18 i! Indianapolis._-i +10; +12 i +12 Boston + 3: +17 : + 5 ! + 4\1 +10 I + 8 +15j +13 , +14 !| Des Moines____i + 81 + 4 + 5 [Dallas Erie Springfield ! + 7! +19 +10 | — 2 +15 !! + 7 +11; +10 i + 9 II Sioux City ! + 5: + 4 | + 4 I Shreveport Pittsburgh Providence | +19j +21 +15 ! + 4! + 6 + 6 \ Wheeling + 9; +12 !i + 9 II Detroit +20; +19 ! +19 ! Dallas I || Flint 1 +37; +27 ! +28 i Fort Worth.-..' + li + 2 , + 8 New York j + 5\ +10 + 7 I - 2i +16 i + 6 +10\ +14 , +14 \\: Grand Rapids..' +12; + 9 + 9 ! Houston Bridgeport ! +17, +19 +15 Richmond +12 + 1 5 ! + 1 5 !1 Lansing +29 + 2 3 j +19 j San Antonio...; +17i +12 ! +16 Washington Newark ! + 4i +13 + 6 +11! + 1 6 !! +13 I Milwaukee +17 +10 + 1 3 Albany I +11! +12 + 8 Baltimore \San Francisco ! + 8\ + 7 \ + 9 Winston-Salem - 4j +12 + 5 [I : Binghamton..-! +2l! +20 +16 1 + 2- +13 j + 9 Charleston^. C. +16' + 2 8 + 2 3 :St. Louis + 9\ +10 +12 I Phoenix Buffalo j +26i +15 +19 - 2 + 6 + 3 lij Fort Smith - 5 + 7 + 4 ! Bakersfield - 6! + 2 ! - 3 Lynchburg Elmira ! +45i +42 +37 j - 4: + 3 i + 1 +40| +44 ! +45 ; Little Rock..__ + 9 +18 ! +19 j Fresno Norfolk Niagara Falls..! - 4i + 4 - 1 1 + 7i +10 ! +12 - 1 +10 ! + 6 j Long Beach Richmond | + 5| + 9 j + 9 !i Quincy New York and j j + 7|: + 3 ; + 7 Charleston ! + 9! +16 +12 !i Evansville + 1 + 2 + 4 I Los Angeles Brooklyn j + 21 + 7 +5 Oakland and j i ! + 6| +15 ! +10 |i Louisville +30 +30 +31 Poughkeepsie-.l + 21 +22 • + 7 ; Huntingdon ! . i! St. Louis + 7 + 3 +7 Berkeley \ + 2; + 2 !! + 3 Rouchester j +12 +10 + 9 , +39 +63 ; +48 Sacramento j + 5-r+ 8 \ + 8 !;i Springfield | - 2; + 4 + 3 Syracuse I +17| +18 ' +16 Atlanta Birmingham.__ I + 6>+ 7 ; +10 | Memphis : + 2 +13 +11 San Diego j +25J +33 i +28 Montgomery___j - 3] + 5 , + 2 : I • I San Francisco..i + 6; + 4 ' + 8 Philadelphia j + 7r+18 + 9 +17| +22 +21 Minneapolis + 6 + 4 ' + 5 San Jose \- t 0 - 3 Trenton j + 2!»-+13 + 7 ! Jacksonville ! ! +lo\r+U +18 ! i . ! Tampa Boise and Lancaster j + 3 r— 1 +3 +6 + 8 i + 9 Atlanta ! + 3! + 4 . + 8 Kansas City Nampa i! - 9j1 - 2 , — 3 Philadelphia.._! + 7 +14 + 9 - li +17 ! + 8 ii Denver + 8 +10 + 8 Portland +11 + 9 ! +11 Reading ! +11./+19 \ +13 Macon Baton Rouge.._! - 9! +10 ' + 7 ;l Hutchinson- —• + 5 +13 + 6 Salt Lake CityJ + 5? +12 I +11 Wilkes-Barre.-J + 9<r+ 7 + 6 New Orleans _._| + 2; +11 + 4 Topeka + 1 +16 + 8 Everett | +41! : +20 York i + 9>+16 +11 + 5i +11 + 8 Wichita + 2 + 7,+ 6 Jackson Seattle { +24; +18 +20 + 6 +13 +11 Kansas City..-' + 7 + 7 + 9 Spokane i +13! +13 I +12 Cleveland +14\ +13 +12 Chattanooga ___ 1 -4 Tacoma ! +45! +31 ! +39 Akron ! +22| +18 +19 Knoxville \ + 7 + 1 1 +12 St. Joseph +13 - 2 + 6 Nashville ; + 8: +14 i +15 Omaha Cincinnati + 6 ! +11 +10 Yakima j —12! + 8 — 1 r Revised 452 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 All commodities Farm products Foods 90.5 74.6 61.0 60.5 70.5 83.7 82. 1 85.5 73.6 70.4 71.3 91.6 85.2 75.0 70.2 71.2 78.4 77.9 79.6 85.3 81.7 81.3 83.0 ChemiHides and Textile Fuel and Metals Building cals and Houseleather products lighting and metal materials allied furnishproducts materials products products ing goods Total 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 95.3 86.4 73.0 64.8 65.9 74.9 80.0 80.8 86.3 78.6 77.1 78.6 104.9 88.3 64.8 48.2 51.4 65.3 78.8 80.9 86.4 68.5 65.3 67.7 1940—February... March April May June July August September.. October November.. December... 78.7 78.4 68.7 67.9 7fi fi AQ A 78.4 77.5 77.7 77.4 78.0 78.7 79.6 80.0 67.9 66.2 66.5 65.6 66.2 66.4 68.2 69.7 71.1 70.2 71.6 71.4 70.3 70.3 70.1 71.5 71.1 72.5 73.5 1941—January February March 80.8 80.6 81.5 71.6 70.3 71.6 Week ending— 1941—February 1.. February 8.. February 15 February 22. March 1 March 8 March 15 March 22-._ March 29.... April 5 April 12 April 19 April 26 80.6 80.5 80.5 80.4 80.5 80.6 80.9 81.6 82.0 82.2 82.9 83.0 83.0 71.7 70.7 70.5 70.2 70.4 70.5 70.9 72.3 73.2 72.7 74.9 75.0 74.3 89.6 95.4 104.6 92.8 95.6 100.8 90.4 80.3 66.3 54.9 64.8 72.9 70.9 71.5 76.3 66.7 69.7 73.8 83.0 78.5 67.5 70.3 66.3 73.3 73.5 76.2 77.6 76.5 73.1 71.7 100.5 92.1 84.5 80.2 79.8 86.9 86.4 87.0 95.7 95.7 94.4 95.8 95.4 89.9 79.2 71.4 77.0 86.2 85.3 86.7 95.2 90.3 90.5 94.0 88.7 79.3 73.9 72. 1 75.3 79.0 78.7 82.6 77.0 76.0 77.0 94.3 92.7 84.9 75.1 75.8 81.5 80.6 81.7 89.7 86.8 86.3 88.5 82.6 77.7 69.8 64.4 62.5 69.7 68.3 70.5 77.8 73.3 74.8 77.3 83.2 82.9 82.5 82.5 82.2 82.3 82.0 82.3 83.5 84.1 84.1 102.4 101.8 101.8 101.3 99.2 99.0 96.9 98.3 100.4 102.3 102.3 75.4 74.0 72.9 72.9 72.6 72.4 72.3 72.5 73.6 74.5 74.8 72.4 72.2 71.8 71.7 71.4 71.1 71.1 71.0 71.6 71.9 71.7 95.3 95.5 94.5 94.5 94.7 95.1 94.9 95.4 97.3 97.6 97.6 93.2 93.3 92.5 92.5 92.4 92.5 93.3 95.6 97.8 98.9 99.3 77.5 77.0 76.8 76.7 76.1 77.0 76.7 76.8 76.9 77.5 77.7 88.0 88.0 88.4 88.5 88.5 88.5 88.5 88.5 88.6 88.6 88.9 77.3 76.9 77.7 77.7 77.3 77.7 76.7 76.5 76.9 77.5 77.3 73.7 73.5 75.2 84.3 84.4 84.9 102.4 101.6 102.6 75.2 76.4 78.4 72.1 72.1 72.0 97.7 97.6 97.7 99.3 99.5 78.6 78.5 79.8 89.0 89.1 89.5 77.1 76.9 77.6 73.7 73.2 73.3 73.2 73.1 73.4 74.3 75.6 76.4 76.7 77.5 77.8 78.1 84.5 84.6 84.6 84.5 84.7 84.8 84.9 85.1 85.4 85.8 85. 9 86.0 86.1 102.6 102.2 101.9 101.9 102.1 102.5 102.8 103.3 103.5 103.9 103.9 104.3 104.7 75.2 75.4 75.6 75.6 76.3 76.6 77.2 78.2 79.2 80.1 80.4 80.5 80.7 72.6 72.9 72.7 72.7 72.6 72.6 72.6 72.5 72.6 73.2 73.4 73.3 73.5 97.8 97.8 97.9 97.9 98.0 97.9 97.8 97.8 97.9 97.8 97.8 97.8 97.9 99.5 99.4 99.4 99.3 99.5 99.5 99.4 99.5 99.7 99.8 99.9 100.0 100.1 78.8 78.6 78.7 78.5 78.6 78.7 79.2 80.0 80.6 80.9 81.7 82.2 82.6 90.4 90.6 90.2 90.2 90.7 90.8 90.8 90.9 91.2 91.5 91.5 91.6 91.6 76.8 76.8 76.7 76.7 76.7 76.8 77.0 77.5 77.8 78.0 78 J 78.4 78.4 109.1 100.0 86.1 72.9 1941 Subgroups Farm Products: Grains Livestock and poultry Other farm products Foods: Dairy products Cereal products Fruits and vegetables Meats Other foods Hides and Leather Products: Shoes.. Hides and skins.. Leather Other leather products Textile Products: Clothing Cotton goods Hosiery and underwear Silk Rayon Woolen and worsted goods Other textile products Fuel and Lighting Materials: Anthracite Bituminous coal Coke Electricity Gas Petroleum products Miscellaneous Mar. Dec. Jan. Feb. Mar, 73.4 67.1 66.3 67.0 72.7 68.1 67.6 83.0 65.3 64.5 82.4 64.2 67.8 82.5 65.6 78.6 82.4 58.7 69.2 63.0 84.2 74.3 61.2 77.0 67.0 80.2 74.8 59.6 83.2 64.5 79.7 73.8 59.4 83.6 64.2 80.3 75.2 60.7 83.7 108.4 107.2 107.4 107.4 107.4 94.3 99.3 99.1 94.8 99.1 93.5 94.1 94.4 94.5 94.8 100.0 99.7 99.7 99.7 100.5 85.1 85.5 86.6 87.2 87.7 71.8 74.9 75.8 77.5 81.1 62.2 60.7 59.9 60.3 60.4 49.9 42.5 42.5 43.3 47.7 29.5 29.5 29.5 29.5 29.5 84.5 89.0 89.2 91.2 93.2 74.9 74 6 74.8 76.8 80.1 79.2 80.9 81.1 81.1 81.0 97.3 100.4 100.4 100.3 100.3 109.6 113. 6 113.8 113.8 113.8 77.1 80.4 78.2 50.4 49.5 50.0 50.0 49.9 Subgroups Metals and Metal Products: Agricultural implements Farm machinery Iron and steel__ Motor vehicles Nonferrous metals Plumbing and heating Building Materials: Brick and tile Cement Lumber J Paint and paint materials Plumbing and heating Structural steel Other building materials... Chemicals and Allied Products: Chemicals Drugs and Pharmaceuticals Fertilizer materials Mixed fertilizers Oils and fats Housefurnishing Goods: Furnishings Furniture Miscellaneous: Auto tires and tubes Cattle feed Paper and pulp Rubber, crude Other miscellaneous 1940 1941 Mar. Dec Jan. Feb. Mar. 93.4 92.6 92.7 94.7 93.9 94.0 96.4 95.4 95.7 94.8 100.3 100.3 79.7 83.4 83.6 81.0 80.5 80.5 92.8 94.0 95.5 99.8 84.0 82.2 92.7 93.9 95.7 99.8 84.3 82.8 90.4 91.1 91.3 91.4 91.5 91.2 90.9 90.8 90.8 90.8 97.4 118. 8 118.4 117.2 116.7 87.2 85.4 i. 7 86.6 87.4 81.0 80.5 1.5 82.2 82.8 107.3 107.3 107.3 107.3 107. 3 92.7 94.5 94.9 94.9 95.2 85.1 81.4 70.6 73.9 47.8 85.4 96.2 70.0 74.3 42.4 85.6 96.5 70.7 75.2 46.2 85.7 96.9 70.4 73.8 46.8 85.9 97.2 70.4 73.7 55.7 94.2 81.5 95.1 82.2 58.3 90.1 93.1 42.7 82.8 95.2 82.6 95.3 82.6 95.8 82.9 58.2 89.1 93.1 41.0 82.8 58.2 81.2 93.3 42.2 82.9 58.4 82.7 93.5 45.6 83.4 55.6 95.2 89.0 38.3 85.8 1 Revised series. Back figures.—For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937 (table 87). MAY 1941 453 STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES Revised Edition of Chart Book * Chart book page 1941 Mar. 26 WEEKLY FIGURES i Apr. 2 Apr. 9 Apr. 16 Apr. 23 In billions of dollars Jan. Feb. Mar RESERVES AND CURRENCY Reserve Bank credit, total. 3 U. S. Gov't. securities, by maturities, total. _ 5 Within 5 yrs 5 After5yrs 5 Gold stock 3 Treasury currency 3 Money in circulation 3,11 Treasury cash holdings 3 Treasury deposits 3 Nonmember deposits 3 Member bank reservese 3 Excess reserves—total 9 New York City 9 Chicago .._9 Reserve city banks 9 Country banks«__ 9 2.22 2.24 2.24 2.29 2.18 .98 1.20 22.36 3.11 8.84 2.23 .91 1.79 13.63 6.01 3.05 .21 1.85 .90 2.18 .95 1.23 22.38 3.11 8.94 2.25 1.05 1.70 13.51 5.94 3.03 .22 1.81 .88 2.18 .95 1.23 22.41 3.11 8.99 2.27 .81 1.74 13.66 5.96 2.96 .22 1.89 .90 2.18 1.01 1.18 22.42 3.12 8.99 2.27 .53 1.76 13.98 *>6.00 2.89 .29 1.92 P. 90 2.24 Reserve Bank credit, total U. S. Gov't. securities Bills discounted Gold stock Money in circulation.. Treasury cash Treasury deposits Reserve balances Required reserves 1.81 Excess reserves 13.51 Money in circulation, total _._ Coins and bills under $50__ *>5. 77 Bills of $50 and over 2.64 2.18 1.01 1.18 22.48 3.12 8.99 2.30 .95 .35 1.89 P. 89 MEMBER BANKS 16 26.92 26.95 27.14 27.16 16 9.23 9.34 9.17 9.38 9.02 16 16 23. 26 5.44 23. 09 5.44 23.43 5.46 23.58 5.45 23.76 5.44 17 17 17 2.06 .39 6.31 2.07 .37 6.33 2.08 .34 6.43 2.10 .34 6.47 2.09 .32 17 17 3.36 7.03 3.39 7.00 3.41 7.05 3.44 7.02 3.42 7.11 MONEY RATES, ETC. 27.55 2, 7 7 7 2 2 2 2 2, 8 8 8 10 10 10 .055 .50 2.00 2.83 4.35 .079 .52 2.00 2.82 4.33 .093 .54 2.01 2.82 4.34 2.25 2.18 22.06 8.59 2.19 22.14 8.68 2.21 14.34 7.51 6.83 8.59 6.09 2.50 14.00 7.57 6.42 8.78 6.24 2.54 2.26 2.18 (6) 22.32 8.84 2.20 .62 13.98 7.68 6.30 8.92 6.34 2.58 45.32 31.78 6.81 1.31 5.43 5.91 45.54 31.88 6.81 1.31 5.53 5.91 46.58 33. 57 5.72 1.60 5.68 5.92 .26 .55 19 19 19 19 19 19 Per cent per annum MONEY RATES, ETC. F. R. Bank discount rate, N . Y 23 Treasury bills (new issues) 2.. 23 Treasury notes 34 23 Treasury bonds 29 Commercial paper 25 Corporate Aaa bonds 25, 29 Corporate Baa bonds 29 1.00 («) .43 1.99 .56 2.75 4.38 c 1.00 0.089 .50 2.01 .56 2.80 4.38 1.00 0. 034 .55 2.10 .56 2.78 4.42 In unit indicated .097 .55 1.97 2.83 4.35 .097 .51 1.91 2.82 4.34 In unit indicated 73.6 85.4 26.6 71.3 72.4 84.0 26.7 31 31 31 31 76.0 88.1 27.1 74.1 76.4 88.8 27.5 73.8 74.5 86.3 26.8 72.7 31 .47 .59 .53 82.0 73.2 85.4 82.2 72.7 85.8 82.9 74.9 85.9 83.0 75.0 86.0 83.0 74.3 86.1 133.7 132.7 135.4 135.6 137.4 139.9 138.5 141.3 137.4 140.4 134.4 135.0 135.4 136.2 135.0 99.8 99.2 99.3 98.3 96.0 .46 BUSINESS CONDITIONS Wholesale prices: All commodities (1926= 100) : Total 35 F arm pro ducts 35 Others ._ 35 Basic commodities (Aug. 1939=100), total 36 12 foodstuffs. 36 16 industrial materials 36 Steel production (per cent of capacity) . . . 44 Automobile production (thous. cars) 44 Freight-car loadings (thous. cars): Total 45 Miscellaneous 45 Electric power production (mill. kw. hrs.) 46 Department store sales (1935-39=100). 46 F.H.A. home mortgages, new constr. (thous.) 47 2.27 2.18 TREASURY FINANCE U. S. Government debt: Direct obligations, total _ _ Bonds Notes Bills Special issues.._ Guaranteed obligations __. Per cent per annum Treasury bills (new issues) 2 21 Treasury notes 34 21 Treasury bonds 21, 29 Corporate Aaa bonds 29 Corporate Baa bonds 29 Stock prices (1926=100): Total Industrial.... ._ Railroad Public utility Volume of trading (mill, shares) 1941 In billions of dollars MONTHLY FIGURES RESERVES AND CURRENCY Total, 101 cities: Loans and investments Balances due to domestic banks Adjusted demand deposits Time deposits New York City: C ommercial loans Brokers' loans.. __ U. S. Gov't. obligations 100 cities outside New York: Commercial loans U. S. Gov't. obligations Chart book page 124.2 116.3 99.3 99.9 108.2 792.1 344.5 683.4 348.3 679.8 347.4 708.7 344.8 721.7 349.1 2,802 2,779 2,721 2,702 2,750 117 131 136 117 114 5.89 5.91 5.56 5.76 6.21 Stock prices (1926=100): Total Industrial. Railroad Public utility Volume of trading (mill. shares): Brokers'balances (mill, dollars): Credit extended customers Money borrowed Customers' free credit balances 31 31 31 31 31 80.5 93.7 27.7 78.0 .56 75.9 87.9 26.4 74.6 .44 76.0 88.2 26.6 74.5 .44 33 33 661 399 634 375 387 33 275 267 71. e 80.6 70.3 84.4 81.5 71.6 84.9 105.1 103.1 109.4 105.2 103.3 109.4 105.9 103.5 110, 9 100.7 105.0 100.2 97.8 100.8 105.1 99.9 97.9 101.2 105.1 102.1 98.4 BUSINESS CONDITIONS Wholesale prices: All commodities (1926=100): Total 35, 65 Farm products 35 Others 35 Industrial commodities (Aug. 1939=100): Total** 37 Finished 37 Raw and semifinished 37 Cost of living (1935-39=100): All items 39 Rent. 39 Clothing.... 39 Food 39 e Estimated, P Preliminary. » Negative. c Corrected. 1 Figures for other than Wednesday dates are shown under the Wednesday included in the weekly period. 23 Tax-exempt bills prior to March 1941; taxable bills thereafter. Tax-exempt issues only. 4 Partially tax-exempt issues only. 5 Other than farm products and foods. 6 Less than $5,000,000. * Current figures are for the revised edition of the Chart Book announced on page 212 of the March 1941 BULLETIN. Copies of this chart book can be obtained at a price of 50 cents each. ** Figures for the following months in 1940 were incorrectly plotted in chart book: October, 104.0; November, 104.6; December, 104.9. NOTE.—Estimates for April for the following items are shown on p. 441; all commodities, industrial production, durable manufactures, nondurable manufactures, minerals, freight-car loadings, department store sales. 454 FEDERAL RESERVE BULLETIN Statistics for Federal Reserve Chart Book—Current Series—Continued Revised Edition of Chart Book * Chart book page 1941 Jan. MONTHLY F I G U R E S (cont.) Feb. In unit indicated BUSINESS CONDITIONS (cont.) Jan. Feb. Mar. 84. 6 82. 9 132. 2 128. 7 115 6 120. 6 85.2 83.0 133.9 130.3 85.9 83.1 136. 0 MONTHLY FIGURES (cont.) INTERNATIONAL nNANCE Industrial production:i 2 Total (1935-39^100) 41, 42 Durable manufactures 41 Iron and steel 42 Machinery, etc. 42 Other durable 42 Nondurable manufactures 41 Textiles and leather 42 Paper and printing 42 Foods, liquors, and tobacco.. 42 Other nondurable 42 Minerals 41, 42 New orders, shipments, and inventories (Jan. 1939—100): New orders, total 43 Durable, total 43 Iron and steel 43 Machinery.. 43 Shipments, total 43 Durable 43 Inventories, total 43 Durable.... 43 Nondurable 43 139 64.6 19.1 29.8 15.7 56.8 17.5 11.2 15.9 12.2 17.9 176 246 256 244 148 175 121 130 111 141 65.2 18.4 30.8 15.9 57.6 17.6 11.3 16.3 12.4 18.0 189 277 295 286 159 189 121 131 111 P18.5 *»30. 8 P15.3 P59.1 P18.7 Pll.6 *16.5 P12.4 P18.9 P201 P305 51, 53 51, 53 __ 115.4 120.7 117.8 126.9 51 68.9 69.2 51 39.0 40.0 57 57 57 57 59 59 86.0 15.8 48.4 21.8 101 86.4 15.8 49.6 21.0 103 71 73 Wholesale prices: Canada . Germany... _ Japan... Sweden Switzerland United Kingdom Foreign exchange rates: Argentina (peso) Canada (dollar) Japan (yen) Switzerland (franc) United Kingdom (pound) 65 65 65 65 65 65 67 67 66 66 67 P119.9 P131.0 86.7 18.0 47.0 21.7 103 74 157 12 145 117 28 154 23 132 107 24 137 26 111 92 19 49 49 49 421 155 265 407 141 384 137 247 50 50 50 50 36. 62 11.65 6. 17 3.89 36.93 11.84 6.17 3.91 *>37. 22 P12.01 P6. 24 P3. 94 50 50 3.01 1.62 3.03 1.68 PS.05 PI.65 54 54 54 6,620 4,275 2,345 6,654 4,327 2,327 P6, 689 P4,345 P2, 344 55 55 55 55 754 231 436 87 377 P 4 0 8 82 P71 61 61 61 325 229 97 303 P 3 5 8 234 70 632 173 29.77 83.69 23.44 23.22 402. 97 29.77 84.98 23.44 23.21 403.19 1941 Nov. Dec. Jan. In billions of dollars 47 47 47 47 47 267 29.77 84.80 23.44 23.22 403. 42 1940 Increase in U. S. gold stock:4 Total 63 Net capital inflow: Total 62, 63 Inflow of foreign capital 62 Return of domestic capital.. 62 Merchandise export surplus 63 Other factors 63 Short-term foreign assets and liabilities of banks; Liabilities to foreigners 64 Foreign assets 64 Net foreign liabilities 64 P209 14. 78 14. 97 15. 09 6.27 4.26 1.91 4.30 4.21 6.24 4.21 1.92 4.36 4.37 6.26 4.25 1.91 4.46 4.38 3.82 .40 3.43 3.78 .38 3.39 3.84 .40 3.44 1941 1940 JulySept. In millions of dollars Residential contracts awarded:1 Total Public _ Private, total 1- and 2-family dwellings Other Construction contracts awarded:3 Total Residential _ Other Nonagricultural employment (mill, persons): TotaP Manufacturing and mining 6 Trade Government Transportation and public utilities Construction Income payments: 1 Total . Salaries and wages Other Cash farm income: Total Crops Livestock and products Gov't payments __ Exports and imports: Exports _ Imports Excess of exports 121.6 In cents per unit of foreign currency P295 P290 P16S P198 P122 P131 P112 \0 ®r—i(\f) •0~&Q'—i UU Factory employment Factory payrolls Average hourly earnings (cents per hour) Average hours worked (hours per week) Freight-car loadings :i 2 Total . Coal Miscellaneous. __ All other Department store sales ! Department store stocks i Chart book page Mar. Jan.Mar. In billions of dollars QUARTERLY FIGURES 5 Cash income and outgo of U.S.Treas.: Cash income Cash outgo Excess of cash outgo Domestic corporation security issues, • total New Refunding Oct.Dec. 18 18 18 1.93 2.51 .58 1.90 '3 17 l.27 2.84 3.89 1.04 32 32 32 .58 .18 .40 1.04 28 77 .77 .17 .60 r Per cent per annum Bank rates on customers' loans: Total, 19 cities _ New York City 7 other Northern and Eastern cities 11 Southern and Western cities _. 25 27 2.68 2.14 2.59 2.00 2.58 2.06 27 27 2.56 3.43 2.53 3.36 2.53 3.25 p1 Preliminary. ^Revised. Adjusted for seasonal variation. 2 In points in total index. »4 Three months moving average, adjusted for seasonal variation. Cumulated from January 31, 1934. 5 Banking statistics for call report dates and figures on ownership of U. S. Government obligations are shown in table on the following page. Series revised from January 1937 to date. See table on p. 447 of this BULLETIN. * Current figures are for the revised edition of the Chart Book announced on page 212 of the March 1941 BULLETIN. Copies of this Chart Book can be obtained at a price of 50 cents each. MAY 1941 455 STATISTICS FOR FEDERAL RESERVE CHART BOOK—BANK CALL REPORT SERIES [In billions of dollars] Chart Book Page Mar. 7 1939 1938 1940 June 30 Sept. 28 Dec. 31 Mar. 29 June 30 Oct. 2 Dec. 30 Mar. 26 June 29 Dec. 31 56.74 24.39 26.27 5.47 47 30 21.05 26.24 57.65 25.10 26.27 5.50 48 24 21.04 27.21 59.12 26.01 26.38 5.83 48.87 21.30 27.57 59.11 26.04 26.56 5.63 48.93 21.15 27.78 60.95 27.35 26.80 6.01 49.62 21.32 28.30 62.87 29.09 26.81 6.19 49.95 21.63 28.32 64.10 29.79 27.06 6.40 50.88 22.17 28.71 64.88 30.54 27.28 6.23 51.14 22.19 28.95 66.96 31.96 27.47 6.70 51.34 22.34 29.00 r 19 98 20 22 20 48 21.81 11.18 3.14 2.69 2.77 .19 13.96 6.57 .61 .88 2.96 2.94 11.60 3.12 2.89 2.70 .17 13.97 6.72 .32 .80 3.07 3.06 12.34 3.49 3.01 2.80 .17 15.32 7.52 .47 ALL BANKS IN THE U. S. Total deposits and currency Demand deposits adjusted Time deposits . . . _Currency outside banks Loans and investments, total Loans Investments ._ . . 12 12 12 12 13 13 13 56.78 24.13 26.34 5.50 48 24 21.71 26.54 70. 78 '34.96 '27. 75 P7. 32 54.19 23.74 30.45 M E M B E R BANKS Investments, totftl 2 U. S. Government obligations: Direct Guaranteed State and local government obligations.. Other domestic securities Foreign securities _ _ Loans, total 2 Commercial loans (incl. open-market paper) Street loans (Brokers' loans) Other loans on securities 6 . _. Real estate loans __ All other loans 2 6 17 98 17 78 18 69 18 86 19 05 19 46 19 61 14 14 14 14 14 15 15 15 15 10.63 1 83 2.19 3.15 .18 13.55 7.45 .68 2.87 2.56 10.22 2 13 2.14 3.13 .18 12.94 7.01 .53 2.79 2.61 10.71 2 30 2.30 3.19 .18 12.94 6.97 .53 2.77 2.66 10.88 2.34 2.45 3.01 .18 13.21 4 5. 89 4 .79 4 .96 2.72 2.85 10.69 2.66 2.56 2.96 .18 13.05 5.96 .67 .90 2.75 2.77 10.95 2.83 2.55 2.94 .19 13.14 5.99 .56 .91 2.83 2.85 10.89 2.92 2.76 13.47 11.31 3.11 2.91 13.94 i .83 3.23 3.27 HOLDINGS OF U. S. GOVERNMENT OBLIGATIONS DIRECT AND GUARANTEED 3 Total outstanding 2 7 U. S. Government agencies and trust funds: Public issues Special issues _. Federal Reserve Banks Commercial banks __ . . Mutual savings banks Insurance companies Other investors 20 20 20 20 20 20 20 41 43 43 89 45 34 47 07 47.87 50.36 2 12 2.68 2 56 14 00 2.71 5 20 12.10 2 20 3.16 2 56 15.04 2.91 8 5. 50 8 12. 50 2.14 3.77 2 55 15.67 3.07 5 80 12.30 2 34 4.23 2 48 16.27 3.13 8 6 10 8 12. 50 2.33 4.78 2 47 16.52 3.14 6.10 12.50 2.27 5.37 2.18 17.73 3.25 8 6.50 8 13.00 P Preliminary. r Revised. i Includes also semi-annual figures on ownership of U. S. Government obligations, s Series not shown in Chart Book. 3 Figures available for June and December dates only. * Figures are reported on somewhat different basis beginning December 31,1938. For detailed explanation of the changes and for estimates on old basis as of December 31, 1938, see BULLETIN for April 1939, page 332. 6 Includes since December 31, 1938, only loans made for the purpose of purchasing or carrying securities; loans on securities made for other purposes are included in commercial loans and in all other loans. 8 Includes loans to banks and other loans under new classification beginning December 31, 1938. 7 Total direct and guaranteed obligations outstanding, as shown for page 19 of chart book. 8 Partly estimated. 456 FEDERAL RESERVE BULLETIN CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES [Figures for 1941 are preliminary] Member banks Nonmember banks Other than mutual savings and private banks Total National State Insured Number of Banks (Head Offices) December December December December December December December December M a r c h 31, 31, 1933 31,1934. 31, 1935. _ 31, 1936 _. 31, 1937 31, 1938— _ 31, 1939 31, 1940 1941___ . . . Number of Branches D e c e m b e r 31, 1933 D e c e m b e r 31, 1934. D e c e m b e r 31, 1935 D e c e m b e r 31, 1936 _ D e c e m b e r 31, 1937 D e c e m b e r 31, 1938 D e c e m b e r 31, 1939 D e c e m b e r 31, 1940 M a r c h 31, 1941, total I n head-office cities. _____ O u t s i d e head-office cities _ ._ Not insured Mutual 2 8, 541 7,693 1,108 7,728 1,046 1,004 7,588 7,449 960 7,316 917 7,171 887 '6,951 ••851 6,902 839 15,029 16,063 15,869 15,667 15, 387 15,194 15,034 »14, 895 14,871 5,154 5,462 5,386 5,325 5,260 5,224 5,187 5,144 5,137 857 980 1,001 1,051 1,081 1,114 1,175 1,342 1,388 2,911 3,133 3,284 3,399 3,540 3,580 3,629 3,666 3,674 1,121 1,243 1,329 1,398 1,485 1,499 1,518 1,539 1,564 960 981 952 981 994 992 1,002 1,002 985 828 848 891 908 927 940 941 1,719 1,955 686 878 756 229 '14,895 5,144 1,342 + 11 Private» savings 579 579 570 565 563 555 551 551 3 550 98 241 138 134 74 68 63 56 4 55 42 39 37 41 44 44 44 125 126 128 128 128 135 132 135 3 134 5 fi 5 5 5 5 6 6 46 158 783 6 38 112 22 1 5 '6,951 ••851 551 + 2 + 6 + 3 - - - 27c)0 778 5 Analysis of Bank Changes, Jan. 1 - Mar. 31, 1941 Number of banks on December 31, 1940 Increases in number of banks: Primary organizations (new banks) . . . 6 . __. Decreases in number of banks: Suspensions Voluntary liquidations 7 Consolidations, absorptions, etc Inter-class bank changes: Conversions— State into national National into State Federal Reserve membership— 8 Admissions of State banks Withdrawals of State banks Federal deposit insurance—9 Admissions of State banks Withdrawals of State banks A - 12 19 1 2 6 + 3 - Net increase or decrease in number of banks __ _. - 1 - 1 - 1 + 3 + 50 - - + 1 + 7 — 7 - 1 50 7 + 46 - 14,871 5,137 1,388 6,902 839 550 55 3,666 1,539 1,002 940 44 135 - + 12 + 3 + 7 + 1 + 1 + 4 + 2 7 1 1 4 - .. 5 3 Q 3 _. Number of banks on March 31, 1941 ___ 3 5 8 24 - 49 12 - 1 Analysis of Branch Changes, Jan. 1 - Mar. 31, 1941 Number of branches on December 31, 1940 _ _ Increases in number of branches: De novo branches Banks converted into branches _ . Decreases in number of branches: Branches discontinued Inter-class branch changes: From State to national From nonmember to State member. _ _ Net increase or decrease in number of branches. Number of branches on March 31, 1941 + 19 __ + 8 + 25 3,674 1,564 - 19 + 1 - 1 - 1 17 + 1 985 941 44 1 134 6 1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 2 Federal deposit insurance did not become operative until January 1, 1934. 3 Number of banks comprises 53 insured and 497 uninsured; number of branches comprises 31 insured and 103 uninsured. The figures beginning with 1939 exclude one bank with 4 branches which theretofore was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks." 4 Number of banks comprises 1 insured and 54 uninsured; all branches were uninsured. 5 Separate figures not available for branches of insured and not insured banks. •7 Exclusive of new banks organized to succeed operating banks. Exclusive of liquidations incident to the succession, conversion and absorption of banks. • Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership. • Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit Insurance Corporation membership. Back figures—See Annual Report for 1939 (table 16) and BULLETIN for February 1939, p. 110. r Revised, MAY 1941 457 CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS, DECEMBER 3 1 , 1940 AND JUNE 29, 1940 [Amounts in thousands of dollars] J u n e 29, 1940 December 31, 1940 All banks National banks members Federal Reserve System 13, 438 Number of banks 5,144 State banks members Federal Reserve System Banks not members Federal Reserve System All b a n k s National banks members Federal Reserve System State banks members Federal Reserve System Banks not members Federal Reserve System 1,342 6.952 13, 480 .5,164 1,234 7,082 Assets Loans, discounts, and overdrafts (including rediscounts) United States Government obligations, direct and fully guaranteed Other bonds, stocks and securities Total loans and securities Customers' liability on account of acceptances Total bank premises, furniture and fixtures, and other real estate Reserve with Federal Reserve Banks Coin and currency Balances with other banks Cash items in process of collection Income accrued but not yet collected Prepaid expenses Other assets Total assets 18, 397, 775 10, 004, 346 5, 316, 252 3, 077,177 17,014,372 9,156, 258 4, 812, 512 3, 045, 602 17, 063, 906 7, 099, 422 9, 735, 316 3, 908, 252 6, 087, 730 2, 074,171 1, 240, 860 1,116,999 15, 900, 885 6, 920, 404 9, 094, 306 3, 787, 485 5, 627, 299 1, 973,147 1,179, 280 1,159, 772 42, 561,103 23, 647, 914 13, 478,153 5, 435, 036 39, 835, 661 22, 038, 049 81,104 42, 337 36, 854 1,913 280, 341 780, 533 7, 837, 068 575, 329 4, 464, 736 979, 872 58, 511 5,432 34, 440 507, 717 5, 913, 588 213, 362 1, 302, 243 543,198 43, 930 3,948 52, 241 299, 778 12, 412, S 83, 640 47,148 35, 904 1, 534,155 13, 991, 733 1, 235, 272 8, 216,151 2, 847, 322 111, 579 11, 021 128, 049 763, 365 712, 561 4, 735, 455 1, 663, 795 60, 238 5,252 37, 922 490, 449 6, 004, 819 278, 585 1, 461,161 1,120,165 44, 788 4,330 78, 760 244,126 2, 019, 535 63, 362 6,553 1,439 11, 367 1, 588, 028 13, 750, 656 983, 888 7, 556, 291 1, 573, 048 109, 398 11, 289 99, 817 39, 660, 564 22,997,114 8,062, 347 65, 589,180 36, 816, 307 21, 030, C 17,913,896 70, 720, 025 7, 5, 384, 654 195,197 1, 789, 312 49, 978 6,957 1,909 13,136 7, 742, 834 Liabilities Demand deposits of individuals, partnerships, or corporations 32, 400,651 Time deposits of individuals, partnerships, or corporations 15, 002, 262 Public funds of states and political subdivisions 3, 820, 675 U. S. Govt. and postal savings deposits___ 735, 467 Deposits of other banks; cash letters of credit; certified officers', and travelers' checks outstanding 11, 510, 548 Bills payable, rediscounts, and other liabilities for borrowing money Acceptances executed by or for account of reporting banks and outstanding Dividends declared but not yet payable Income collected but not yet earned Expenses accrued and unpaid Other liabilities Total liabilities, account excluding 458 2, 824, 587 28, 899, 054 15, 957, 445 10, 439,155 2, 502, 454 3, 760, 049 3, 315,454 14, 779, 568 7, 848, 881 3, 610,100 3, 320, 587 2, 352, 995 501,825 805, 740 170, 280 661, 940 63, 362 3, 601, 093 829, 606 2, 264, 461 559,529 674, 381 209, 927 662, 251 60,150 7, 091, 798 4, 244,100 174, 650 10, 316, 070 6, 383, 398 3, 781, 843 150, 829 513 10, 421 556 645 741 462 420 1,919 1,741 15, 091 8,938 9,706 11, 481 3,127 155 8,199 13, 844 98, 056 41, 863 84,133 86, 863 254, 573 54, 483 24, 561 46, 380 48, 030 168, 464 42,978 14, 392 21, 286 29, 916 76, 780 595 2,910 16, 467 8,917 9,329 96,114 38, 019 76,194 91, 075 242, 044 50, 639 22, 633 41, 362 49, 675 166, 918 64, 046, 572 36,132, 318 20, 827, 844 7, 086, 410 58, 982,681 33, 347,851 18,890, 743 2,872, 070 2, 563,293 838,132 336, 776 63,182 1, 523, 437 1, 307, 038 467, 711 194, 729 35, 331 832, 821 972, 583 253, 733 101,110 9,023 515, 812 283, 672 116, 688 40,937 2, 892, 233 2,483,865 836, 841 332,995 60, 565 1, 530, 849 1, 247, 556 467, 955 187, 958 34,138 826, 444 959, 752 243, 330 101, 642 8,128 534, 940 276, 557 125, 556 43,395 18, 299 70, 720, 025 39, 660, 564 8, 062, 347 65, 589,180 36, 816, 307 21, 030, 039 7, 742, 834 capital Capital stock, notes, and debentures Surplus Undivided profits Reserves for contingencies All other capital accounts Total liabilities, including account 11, 662,168 7, 926, 759 capital 22, 997,114 2,910 43, 13, 19, 32, 65, 6, 744, C FEDERAL RESERVE BULLETIN GROUP BANKS1—NUMBER AND DEPOSITS OF BANKS IN 38 GROUPS, AND NUMBER OF BRANCHES OF GROUP BANKS, DECEMBER 31, 1940 N u m b e r of banks in groups State and geographic division 2 National banks Total New England Maine New Hampshire Massachusetts Rhode Island State member banks N u m b e r of branches of group banks Nonmember banks of group banks operating branches Outside head-office city In headoffice city Total Headoffice county Contiguous counties Noncontiguous counties 7 3 14 3 82 4 56 20 3 3 1 3 1 3 1 10 1 64 14 52 4 12 5 2 3 35 6 29 18 11 7 15 10 5 19 12 92 78 14 68 58 10 17 13 4 6 6 1 1 32 17 1 14 27 13 1 13 3 3 2 1 5 1 1 3 30 13 3 14 25 11 4 2 2 145 90 5 7 27 11 5 85 49 4 2 17 9 4 4 2 56 39 1 3 10 2 1 6 2 26 6 6 6 4 20 South Atlantic _ West Virginia South Carolina GeorgiaFlorida 39 4 1 18 16 25 2 1 9 13 2 12 1 2 12 3 9 1 8 3 1 1 3 9 1 2 2 7 East South Central 17 6 11 13 3 10 3 3 1 2 1 1 12 8 4 12 8 4 7 7 3 3 1 1 3 3 36 23 1 1 2 6 3 19 13 5 3 1 12 7 Idaho Wyoming Arizona Utah Nevada Pacific Washington, Oregon California 31 13 6 12 17 6 3 8 406 240 31 3 4 21 3 16 8 4 11 1 68 27 41 East North Central __ Ohio Michigan Wisconsin West North Central _ __ _ _ Middle Atlantic New York Pennsylvania Minnesota Iowa Missouri .._ North Dakota South Dakota . _ Nebraska Kentucky Tennessee West South Central Texas Mountain Montana Total United States. 1 3 2 1 2 1 1 44 1 Deposits of group banks (in thousands of dollars) 3 1 1 14 2 7 11 2 7 11 1, 309,231 11, 501 10, 377 1,154, 343 133, 010 1, 893,132 585, 793 1, 307, 339 468, 131, 5, 331, 004 283 312 409 860, 646, 64, 29, 37, 40, 41, 522 944 274 679 254 394 977 416, 639 7,086 28, 429 202, 751 178, 373 159, 945 65, 559 94, 386 165, 412 165,412 5 33 1 13 1 1 2 1 1 2 1 3 8 9 14 7 3 4 7 2 1 4 572 10 40 522 122 60 859 3 11 17 3 10 3 260,266 85,290 30, 077 1,877 23, 720 81,151 38,151 1 1 1 1 1 1 3 4 65 7 58 7 1 1 5 78 7 4 67 422 2 28 392 2,072, 51, 133, 1, 888, 238 52 105 464 7, 606,144 4 993 091 028 874 1 The statistics include all groups of three or more banks controlled by (1) a "holding company affiliate" as defined in section 2(c) of the Banking Act of 1933 as amended; (2) a holding company which would be a "holding company affiliate" if the Reconstruction Finance Corporation did not own preferred stock in the subsidiary banks; and (3) what is regarded generally as a bank group even though there is technically no "holding company affiliate" as denned in section 2(c) of the Banking Act of 1933. For further discussion of group banking and for back figures, see Federal Reserve BULLETIN for February 1938, pp. 92-101, June 1938, p. 450, June 1939, p. 480, and May 1940, p. 457. 2 Only those States are listed in which one or more group banks were reported. In some groups all of the banks were not in the same sam State. 3 I l d d in i the th group figures fi f comparatively t i l large l b k which h i h dominate d i t the th group rather th th bidi b k Included are a few banks than bi being subsidiary banks. - IfIf th the figures of these banks were eliminated, the aggregate amount of deposits involved would be decreased by approximately $2,200,000,000. MAY 1941 459 BANKS AND BRANCHES—NUMBER OF BANKS IN OPERATION AND NUMBER OPERATING BRANCHES OR ADDITIONAL OFFICES, DECEMBER 31, 1939 AND 1940 Number of banks maintaining branches or additional offices * Number of banks, December 31,1940 Total number of banks, Dec. Total 31, 1939 State memNational ber banks banks Nonmember banks, other than mutual savings and private Insured New England Maine. New Hampshire. _ Vermont Massachusetts Rhode IslandConnecticut..- . 922 916 Mutual Prisavvate ings banks Non- banks insured Dec. 31, 1939, total 3 120 61 29 2 6 134 17 3 32 38 2 42 1,341 428 225 688 269 129 55 85 513 162 72 279 31 10 8 13 165 134 24 7 23 882 242 441 121 1,625 311 70 6 11 3 319 101 107 84 390 35 205 100 107 82 390 35 202 37 52 41 125 12 52 Middle Atlantic - ._ 2,377 New York __ _ _. 885 390 New Jersey Pennsylvania 1,102 2,342 870 385 1,087 East North Central.... 3,093 Ohio . 704 511 Indiana 848 Illinois Michigan 452 Wisconsin 578 3,057 696 506 840 443 572 124 337 76 103 3,391 681 647 633 167 165 423 675 1,588 South Atlantic 46 Delaware 189 Maryland .. 22 Dist. of Columbia 315 Virginia 181 West Virginia 228 North Carolina. _. 151 South Carolina 285 Georgia 171 Florida 3,354 677 647 625 160 164 417 664 775 West North Central Minnesota Iowa Missouri North Dakota.. South Dakota Nebraska Kansas December 31, 1940 43 5 1 60 82 144 34 193 9 8 1 6 10 27 290 405 201 418 13 16 22 13 1,965 435 438 431 105 100 213 243 419 1,583 45 187 22 314 181 228 150 283 173 188 103 85 45 40 133 181 462 15 63 9 130 77 44 21 51 52 125 4 10 6 46 21 10 5 18 5 897 23 99 7 136 75 166 87 197 107 84 1 3 1 134 East South Central 412 Kentucky _. 300 Tennessee 217 Alabama 205 Mississippi 1,129 408 297 217 207 255 95 71 65 24 42 17 6 17 2 767 259 211 127 170 West South Central.._ 1,595 217 Arkansas 145 Louisiana 393 Oklahoma 840 Texas 1,587 216 145 390 836 733 50 29 208 446 105 7 8 11 79 21 45 65 23 14 25 32 61 44 10 1 57 214 356 32 43 8 192 9 72 4 28 10 14 2 1 6 10 1 1 1 15 228 127 52 49 236 134 53 49 67 31 17 19 77 43 22 12 41 19 11 11 28 13 207 39 207 39 27 8 6 142 15 3 42 34 16 47 81 44 82 10 3 11 4 21 74 2 1 149 155 8 2 3 15 1 40 2 117 14 14 121 2 117 14 20 3 11 4 1 5 1 141 6 111 6 2 1 3 65 37 9 8 11 59 13 19 3 24 61 13 20 3 25 10 4 47 8 15 674 150 107 161 256 75 9 1 10 55 42 14 28 42 14 28 8 1 7 1 1 33 13 20 9 21 23 11 1 11 1 6 7 5 1 1 4 4 5 5 4 5 2 2 2 2 47 9 4 34 47 9 5 33 17 6 2 9 9 1 8 20 2 3 15 1 1,019 1,040 200 170 560 24 87 25 9 9 15 5 183 44 22 23 46 13 12 59 12 60 5 13 2 20 5 27 Pacific Washington Oregon California 446 143 75 228 438 139 73 226 167 43 26 98 37 14 6 17 193 73 37 83 37 6 3 28 4 3 1 Total United States... 15,034 14, 895 5,144 1,342 6,951 851 551 7 1 3 2 56 3 4 2 1 4 1 3 1 1 3 2 3 1 1 32 22 2 8 8 36 17 9 1 14 16 4 2 3 5 6 2 1 1 25 4 148 8 27 11 39 1 44 6 10 2 1 31 47 40 3 146 7 27 11 40 1 43 6 10 1 210 42 18 26 78 22 2 21 4 1 14 2 12 489 111 50 58 146 41 6 30 3 1 2 18 3 3 22 3 9 67 12 7 2 488 111 51 58 145 41 11 Insured MuPritual savvate ings banks Non- banks insured 2 ^Mountain M^ontana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada 11 Na- State tional membanks ber banks 23 3 9 67 12 7 4 1 1 Total Nonmember banks, other than mutual savings and private 23 3 6 4 4 2 1 1 97 4 16 2 29 1 38 3 3 1 3 3 1 2 1 1 1 24 5 2 3 1 81 5 i See following page for footnotes. 460 FEDERAL RESERVE BULLETIN BANKS AND BRANCHES—NUMBER OF BRANCHES OR ADDITIONAL OFFICES, DECEMBER 3 1 , 1939 AND 1940 Number of branches or additional offices * Location of branches or ad offices, December 31, IS 4 0 i December 31, 1940 Dec. 31, 1939, total Total National banks State member banks Nonmember banks, other than mutual savings Mutual savings P r i v a t e and private banks Insured 83 53 24 26 23 5 1 37 19 1 10 17 1 2 491 400 57 34 105 60 27 18 287 59 3 21 149 40 15 289 60 3 21 148 40 17 81 4 1 2 61 8 5 Middle Atlantic New York New Jersey __ Pennsylvania 924 692 119 113 929 698 122 109 258 184 34 40 195 113 15 215 23 43 5 61 6 41 108 East North Central Ohio Indiana Illinois Michigan Wisconsin 522 169 65 531 173 67 162 126 162 129 56 14 West North Central Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas 219 6 159 223 6 156 28 6 20 32 2 21 38 2 South Atlantic Delaware Maryland District of Columbia Virginia _ _ W^est Virginia North Carolina South Carolina Georgia Florida 385 13 94 30 72 1 126 22 25 2 390 14 96 30 72 1 127 22 25 3 83 139 28 49 20 42 _ East South Central Kentucky Tennessee Alabama Mississippi __ _ West South Central Arkansas Louisiana Oklahoma Texas Mountain Montana Idaho Wyoming Colorado New Mexico Arizona Utah _ Nevada Pacific Washington. _ Oregon California __ _ Total United States In headoffice county office city Noninsured New England Maine New Hampshire Vermont M assachusetts Rhode Island __ Connecticut 115 37 8 banks Outside head-office city In head- 3 13 32 14 5 49 25 3 8 3 4 6 826 644 89 93 78 34 31 13 21 17 1 3 4 3 1 286 123 25 201 46 42 33 4 11 4 1 120 18 25 88 6 23 11 186 9 8 6 144 59 12 147 9 120 36 10 14 10 13 1 11 95 4 19 101 6 18 64 32 1 34 1 3 1 13 6 56 3 4 1 29 15 41 21 17 3 54 6 19 5 24 24 2 6 4 12 24 2 1 1 10 8 48 2 1 9 33 2 1 70 52 4 14 5 2 3 1 1 143 5 94 30 113 19 6 21 18 20 2 In In connoncontiguous tiguous counties counties 3 2 206 10 27 2 49 1 110 3 3 1 5 130 4 53 30 21 10 17 15 79 3 43 11 8 18 16 8 1 5 143 29 51 20 43 57 19 18 19 1 13 2 10 1 68 15 53 69 15 54 29 1 28 1 39 14 25 23 1 23 38 10 28 6 4 2 86 92 61 13 18 3 18 35 36 32 37 22 13 2 3 12 22 6 26 12 10 7 26 12 10 21 8 10 1 1 1 4 7 2 2 2 12 5 4 1 6 4 3 999 82 66 851 1,000 85 67 848 827 82 64 681 127 1 256 15 11 230 88 5 4 79 146 27 6 113 510 38 46 426 3,629 3,666 1,539 1,716 810 474 666 17 1 16 2 8 3 11 1 2 73 8 23 42 7 5 4 1 126 45 2 3 40 1,002 940 44 1 135 6 6 i I 9 8 7 i Some State laws make a distinction between "branches" and certain other types of "additional offices." The table, however, covers all branches or additional offices within the meaning of Section 5155 U.S.R.S. which defines the term "branch" as "any branch bank, branch office, branch agency, additional office, or any branch place of business . . . at which deposits are received, or checks paid, or money lent." The table does not include "seasonal agencies" which are only in operation at certain periods of the year. Back figures—See BULLETIN for May 1940, pp. 458 and 459. MAY 1941 461 ALL BANKS IN THE UNITED STATES ALL BANKS '—PRINCIPAL ASSETS AND LIABILITIES, BY DISTRICTS [Figures of nonmember banks are for dates indicated or nearest available dates. Amounts in millions of dollars] Loans and investments Total Federal Reserve district Dec. 31, 1940 All banks:i Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco.-- __. Total 5,652 5,602 5,604 20, 964 19, 631 19, 297 3,467 3,406 3,439 3,756 3,620 3,642 2,133 2,021 2,019 1,580 1,430 1,436 6,211 5,861 5,645 1,694 1,575 1, 606 1,175 1,112 1,117 1,499 1,413 1,411 1,167 1,051 1,059 4,891 4,615 4,610 Dec. June 31, 1940 29, 1940 2,693 8,238 1,341 1,609 1,080 896 2,403 892 609 814 666 2,499 2,678 7,777 1,302 1,527 1,012 777 2,264 815 544 731 577 2,337 Dec. 30, 1939 Dec. 31, 1940 June 29, 1940 Dec. 30, 1939 Dec. 31, 1940 June 29, 1940 Dec. 30, 1939 2,654 2,959 2,924 2,951 6,466 6, 253 6,122 8,038 12, 726 11,854 11,259 24, 378 22, 424 20, 957 1,261 2,125 2,103 2,178 4,170 3,973 3,994 1, 471 2,146 2,094 2,171 4,682 4,347 4,264 1,009 1,060 2,726 2,529 2,473 959 1,054 653 659 1,974 1,826 1,772 777 683 2,060 3,808 3,597 3,585 8,009 7,504 7,166 1,874 760 817 802 789 2,026 1,857 568 591 1,422 1,341 1,336 526 566 681 693 1,833 1,745 1,736 718 685 474 1,454 576 483 1,602 1,464 501 2,313 2,392 2,278 2,296 5,733 5,319 5,197 Dec. June 31, 1940 29, 19402 869 1,196 909 1,225 1,055 1,047 1,506 2,450 1,285 1,837 949 567 869 1,201 912 L,230 ,059 050 2,460 ,512 L, 288 851 952 571 Dec. 30, 19392 875 1,214 922 1,239 1,059 1,049 2,468 1,518 1,301 1,861 953 575 944 2,647 2,459 2,362 7,514 16, 389 14, 603 13, 329 1,396 2,951 2,791 2,775 1,762 3,814 3,497 3,403 699 1,833 1,676 1,592 549 1 521 1 416 1,368 3,089 6,522 6,047 5,724 603 1 427 1 299 1 302 430 1,014 952 949 1,373 593 1,455 1,389 425 1 405 1 275 1 244 1,975 5,030 4,635 4,509 350 765 651 658 431 316 856 415 460 739 568 277 350 759 651 650 419 316 817 401 462 735 557 281 353 768 652 639 410 315 804 392 467 736 544 282 37,126 34, 451 33, 941 15, 321 13, 969 13, 962 21, 805 20, 482 19, 979 46, 007 42, 039 39,930 6,486 6,398 6,362 1,972 1,924 1,923 13, 467 12, 261 11,847 2,399 2,342 2,342 2,989 2,859 2,868 1,431 1,328 1,321 1 261 1 122 1 138 5,120 4,735 4,558 1 227 1 123 1 159 831 787 778 1,205 1,131 1,136 922 1 026 908 4,200 3,941 3,941 Total ___ . Total 1 Dec. 30, 1939 Number of banks Deposits, exclusive of interbank deposits 54,188 51, 335 50,885 23,741 22, 341 22,169 30, 448 28, 995 28, 716 65. 021 60, 582 58, 344 14,895 14, 955 15,034 Member banks: Boston _ New York Philadelphia ClevelandRichmond Atlanta Chicago St. Louis Minneapolis Kansas City. _„ Dallas San Francisco. Nonmember banks: Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco. _ June 29, 1940 Investments Loans 1,032 4,477 1,020 1,237 722 687 1,768 622 417 629 580 2,130 999 4,058 985 1,162 657 578 1,604 545 365 548 490 1,978 979 4,333 945 1,106 622 589 1,469 556 357 543 496 1,967 940 8,990 1,379 1,752 708 574 3,352 604 413 576 446 2,071 925 8,203 1,357 1,697 671 544 3,131 578 412 583 419 1,963 3,682 7,450 1, 097 774 698 298 1,087 447 331 276 137 668 1,661 3,761 321 372 357 209 636 270 192 185 87 369 1,679 3,720 317 365 354 199 660 270 178 184 87 359 1,675 3, 705 315 365 337 188 590 261 169 175 80 346 2,019 3,736 746 395 345 109 456 198 153 109 55 322 1,999 3,650 746 396 339 110 466 182 156 98 55 315 2,007 3,745 782 409 361 110 497 186 161 101 58 322 3,760 7,627 1,219 861 881 404 1,443 572 386 363 210 688 519 431 258 567 624 731 1,594 1,091 825 1,098 381 290 519 442 261 580 640 734 1,643 1,111 826 1,116 395 290 522 446 270 600 649 734 1,664 1,126 834 1,125 409 293 17, 062 16, 884 16, 944 8,420 8,372 8,207 8,642 8,512 8,738 19,014 18, 543 18, 414 8,409 8,557 8,672 3,680 7,497 1,068 767 703 319 1,091 468 344 294 142 691 3,678 7,370 1,064 761 693 308 1,126 452 334 282 143 674 3,818 7,989 1,220 868 893 453 1,487 599 409 378 197 704 3,794 7,821 1,182 850 853 409 1,457 559 389 357 189 685 2 Comprises all national banks in the continental United States and all nonnational banks described in footnote 1 on page 465. See footnote 2 on page 465. 462 FEDERAL RESERVE BULLETIN All Banks in the United States—Continued ALL BANKS -PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Figures for nonmember banks are for dates indicated or nearest available dates. Amounts in thousands of dollars] Loans State New England: Maine New Hampshire Vermont M assachusetts Rhode Island C onnecticut Middle Atlantic: New York New Jersey Pennsylvania East North Central: Ohio.... Indiana Illinois Michigan Wisconsin West North Central: Minnesota. Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia Virginia West Virginia North Carolina South Carolina Georgia Florida. East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho.. Wyoming Colorado New Mexico Arizona Utah Nevada Pacific: Washington Oregon. California Total Dec. 31, 1940 June 29, 1940 Dec. 30, 1939 Dec. 31, 1940 June 29, 1940 N u m b e r of banks Deposits, exclusive of interb a n k deposits Investments Dec. 30, 1939 Dec. 31, 1940 June 29, 1940 Dec. 30, 1939 Dec. 31, 1940 111,386 112,311 109, 557 183, 780 181, 829 188, 913 337, 271 335, 239 324, 254 110, 224 108, 904 103, 958 154, 308 152,968 279,599 277, 575 166,450 285,008 95, 046 62, 215 63,618 93,765 86,803 167,873 173, 484 169,986 ., 759, 3291, 749,443 1, 746,841 1,819, 309 1, 804, 299 1,801,151 4, 056, 384 3, 944, 900 3,843,396 186, 625 182, 473 175, 359 259,350 254,420 276,025 514, 894 489, 246 490, 673 581,109 578, 393 575, 563 612, 403 587, 775 576,805 1, 448, 451 1, 356,001 1, 339,468 100 107 82 390 35 202 June 29, 19402 100 107 82 390 35 202 Dec. 30, 19392 101 107 84 390 35 205 885 874 ', 491, 5567, 059, 509 7, 341, 21011, 760,165 10, 933,186 10, i, 270, 69122,168, 482 20, 353, 088 18,888,835 870 390 385 386 717,100 689,135 664,486 983,177 942, 234 1, 006, 626 2,254,074 2,108,339 2,106,185 ., 629, 6371, 580, 553 1, 533,187 2,962, 510 2, 922, 750 3,026,413 5,288,365 5,049,462 5,013,460 1,087 1,091 1,102 ., 001,161 937, 748 335, 796 318, 696 ., 158,973 1, 053, 636 500,037 457, 071 310, 331 292,023 895, 306 971,866 950, 892 997, 857 2,661,175 2,448, 585 2,413,627 296, 220 380, 330 377, 739 389,087 957, 523 902, 852 884, 681 970, 573 2,233,968 2,119, 650 2, 083, 569 4, 238, 400 4,028, 917 3,836, 772 420, 829 795, 922 717, 851 713,144 1, 780,077 1, 587, 655 1,495,029 431,333 439,676 278,913 903, 563 417,176 944,800 696 506 840 443 572 507 842 449 575 704 511 848 452 578 399, 722 333, 836 530, 392 47.165 52, 037 144,360 190, 468 374, 324 359, 366 489, 506 28, 504 47,128 125, 399 164, 232 355, 294 299,421 480,056 35, 069 43, 372 126, 919 159,167 390, 627 189, 327 594, 837 24, 219 30, 254 107, 460 124,974 392,112 183, 878 561, 516 24, 919 30, 546 107,991 124, 781 404, 912 917,180 875, 304 865, 844 190,858 666, 744 639,765 613, 090 594, 787 1, 224, 420 1,144, 774 1,146, 826 26, 637 82, 617 70,145 73, 662 30, 997 102, 241 93, 643 94, 756 109, 569 288,366 265, 778 270, 226 128, 207 396,855 373, 511 370,174 677 647 625 160 164 417 664 677 649 627 160 165 421 671 681 647 633 167 165 423 675 81,464 233,123 128, 221 333, 723 140, 223 205, 318 70.166 266,011 139, 305 79, 516 222, 907 121, 397 315,619 137, 010 187, 257 57, 619 231, 524 105, 322 78,157 211,917 112,470 302, 614 132, 966 172,864 55, 768 221,056 109,466 119, 209 491,403 136, 389 170,124 81,453 157, 715 38, 391 122, 473 156, 364 113,142 458,443 134, 951 169,850 79, 551 149, 620 37,405 115, 277 157,915 108,642 492, 945 134,137 176, 081 80, 641 156,825 39,688 119,023 152,005 274.858 908, 567 380, 560 603,155 302,117 418, 436 177, 986 445,895 408, 480 238,663 862, 511 349, 675 296,826 376, 582 144, 545 406,116 376, 761 242,270 839,420 329,114 548, 560 281,826 382,876 153, 537 403, 524 348, 769 45 187 22 314 181 228 150 283 173 46 189 22 314 182 228 151 285 173 46 189 22 315 181 228 151 285 171 237 962 271* 192 136,883 74, 59" 219,933 243, 513 127,114 69, 235 224,416 256,921 124, 572 67,081 147,181 160, 667 103, 877 69,953 145, 200 136,182 99,817 70, 416 140, 992 141,976 99, 201 69, 341 450, 493 501,335 327, 466 204,966 413, 854 460, 617 289,951 188,138 422,904 450,645 287, 357 196, 615 297 217 207 409 297 218 206 412 300 217 205 70, 797 186, 450 166, 291 603, 373 67, 534 154, 678 156, 593 518, 211 64,142 167,298 151,059 520, 238 56, 591 182, 525 143, 533 457, 525 55, 025 184,169 132, 384 429, 19 165, 458 171,020 55,076 189.859 453, 209 434, 041 433, 252 382, 221 139, 655 391, 649 389,413 438, 393 1, 439, 537 1, 317, 399 1, 294, 921 216 145 390 836 219 145 391 839 217 145 393 840 48, i 40, 373 27,027 104,437 23,103 39, 752 69, 834 15, 573 36, 344 34, 815 28, 282 91, 320 24, 584 34, 294 64, 357 14, 487 39,138 33,839 25, 696 91,928 21, 587 36, 733 61, 860 13,006 53,709 37, 627 18,007 90,075 19, 329 27, 502 48,302 16, 843 53, 575 39,915 17, 080 98, 956 19, 514 138,109 99, 318 64,236 293,108 63, 203 89, 511 142,187 39, 992 111 50 58 146 41 12 112 50 58 146 41 12 59 11 111 51 58 145 41 12 142 74 227 143 75 228 48,189 14,612 55, 089 40,035 17, 418 105, 359 19, 714 27,123 50, 518 15, 314 149, 056 106, 268 70,813 315,710 66,118 97, 464 154, 083 46, 239 135,156 97, 441 62, 209 294, 484 60,148 90, 901 140, 845 42, 232 247, 712 211,706 228, 246 219, 380 217, 622 547, 240 525,473 107,917 297, 319 106, 751 100, 407 142, 591 130, 259 141, 043 334,913 311,480 , 984, 794 1,862,112 1, 861, 550 1, 897,898 1, 806, 303 1,811,511 4, 407,240 4,110, f " 4, 022, 903 73 226 23, 740, 607 22, 340, 746 22,168, 558 30,447, 836 28, 994, 677 28, 716, 237 65, 021, 466 60, 582, 397 58, 343,14,895 767 14,955 15,034 1 Comprises all national banks in the Continental United States and all nonnational banks described in footnote 1 on p. 465 See footnote 2 on page 465. 2 MAY 1941 463 All Banks in the United States—Continued NATIONAL MEMBER BANKS—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loans Deposits, exclusive of interbank deposits Investments State Dec. 31, 1940 New England: Maine New Hampshire Vermont M assachusetts Rhode Island Connecticut Middle Atlantic: New York New Jersey Pennsylvania East North Central: Ohio Indiana Illinois Michigan Wisconsin West North Central: Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia. Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada PacificWashington Oregon California Total 464 June 29, 1940 Dec. 30, 1939 Dec. 31, 1940 June 29, 1940 Dec. 30, 1939 Dec. 31, 1940 June 29, 1940 Dec. 30, 1939 Number of banks Dec. June Dec. 31, 30, 29, 1940 1940 1939 55, 240 116, 564 116, 650 112,079 73,886 68, 477 68, 058 30,046 59, 745 57, 515 56,910 22, 219 445, 818 1, 336, 987 1, 253,112 1,176, 633 116,1""" 98, 475 99, 535 37,879 117, 313 340, 974 302, 417 298, 511 41 125 12 52 3' 52 41 125 12 52 38 52 42 125 12 53 1, 643, 367 1, 493, 607 1, 559, 483 3, 685, 581 3, 348, 523 3, 068,201 6,367,036 5, 617,816 5,014,978 272, 248 259, 960 244, 811 400, 335 379, 841 405, 630 924, 478 846, 456 853,386 850, 742 832, 308 800, 294. 1, 449, 254 1, 438,977 1,494,116 2, 652, 504 2, 545, 580 2, 459, 258 428 225 688 429 225 690 437 226 693 40,991 34,179 29, 519 553, 062 46, 310 103,530 41,187 32, 859 28, 788 524, 388 46,062 100,627 39,985 32,056 26,462 519, 798 43, 722 98.189 57,' 29, 234 19, 934 418, 973 33,179 136, 355 55, 814 27,894 19, 906 421,116 32, 660 128, 506 392, 881 146, 966 842, 588 207,426 118,182 365, 412 138,824 745, 220 186,093 109,260 339, 340 425,119 414,95' 439,916 1,106,173 1,021,010 1,008, 762 128, 728 232,181 223,125 231, 232 495,054 466, 766 448, 584 679, 623 1, 650, 740 1, 573, 22" 1, 536, 376 3, 021, 458 2, 864, 376 2, 690, 372 172,067 420, 678 409,145 936, 281 827, 482 765, 703 107,325 499, 260 484, 430 466, 422 267, 544 256, 213 264,659 242 124 33' 76 103 244 125 329 82 103 244 125 327 82 105 265, 942 95, 316 219,801 26, 897 30, 502 104, 96, 419 241,935 108,317 198, 725 17,809 27, 690 87, 856 77, 703 234, 895 85, 287 193,996 21, 459 25, 542 90, 614 76, 207 272,114 84, 783 255,177 16,676 18, 517 90, 203 76, 613 271, 610 78, 971 243,245 17,959 19,143 90,822 77, 085 281,170 81,:""" 245, 390 18, 873 20,123 92, 514 79, 953 623, 863 211, 739 511, 365 51,179 59,846 211,992 223, 620 591,635 208, 061 480,173 46, 252 55, 762 197, 649 206, 376 589,574 200, 040 473, 208 48,448 57, 317 201, 767 210,180 188 103 85 45 40 133 181 188 106 85 47 41 135 182 191 108 86 50 41 135 182 8,599 71, 518 60,059 178, 821 70,426 52, 323 49, 806 168, 271 98, 770 68,994 56, 584 168, 439 69,022 47,005 38, 845 137, 549 71, 306 8,399 66, 638 51, 608 163, 583 67.190 41,060 31, 001 136, 354 74,914 7,728 215, 758 81, 589 108,971 48, 892 26,071 19,980 89, 627 125, 741 7,296 181,717 82, 049 108,824 19,204 335, 260 212, 764 357,105 164, 761 115,108 114,646 274, 497 296, 609 18,994 311,802 192, 712 333,875 160, 612 100, 223 92,187 258, 713 273,980 18, 758 295, f 180,686 326, 883 154,134 100,825 79, 258 256, 037 253, 715 15 63 9 130 77 44 21 51 52 15 63 26, 760 19,179 85, 357 126, 442 8,754 207, 565 81, 270 114, 693 47, 576 28, 214 18,108 89, 542 122,135 15 63 9 130 77 42 20 52 52 112, 708 192, 949 95, 219 22, 652 100, 958 167, 770 86,183 20, 890 104,886 185, 734 88, 616 20, 324 90,170 128, 616 74,882 23,153 87,808 105,957 69,845 23, 341 80,952 112,007 68, 967 23, 609 226,895 352,123 202, 579 324,907 203, 247 64,163 212,742 318,318 199,711 65, 270 95 71 6; 24 95 71 66 24 95 71 37, 769 127, 017 141, 322 506, 935 35, 013 99, 056 132, 277 429,607 34, 853 113, 463 129,172 442,032 33, 383 134, 511 125, 447 399, 731 32, 649 132, 053 116, 270 376, 632 91,953 103,848 93,311 33,495 280, 296 271,077 129, 038 289,183 335, 269 122,869 333, 269 328, 706 383, 705 1, 223, 616 1,128, 25" 1,100, 045 50 29 208 446 50 29 209 446 49 29 211 445 22, 613 19, 872 17, 792 80, 289 17, 619 29,022 26, 14,158 16, 17,129 18, 547 69,393 18, 687 24, 307 24, 858 13,132 18, 348 16, 348 17,030 70, f 16, 350 27, 424 23, 665 11, 782 30, 751 19,147 14, 647 73,797 16,104 18, 220 22, 633 15, 640 31, 233 20, 474 13, 976 82, 412 16,221 16, 980 23, 248 13, 407 42 18 26 78 22 43 18 26 78 22 13 6 13 6 43 18 26 78 22 5 13 43 26 98 44 27 99 32,018 18,898 14, 039 87, 590 16, 253 17,122 23, 799 14,052 68, 264 84,196 56, 299 49, 391 252,168 51,098 67, 283 42, 679 76, 502 51, 249 43, 796 235, 513 47, 33r 62,930 60,190 38, 962 49, 341 45,014 234,444 49, 390 62,439 60, 111 36, 767 168, 307 156, 664 162, 594 153, 088 153, 627 462, 715 406,486 387,156 187,129 94, 355 93, 514 83, 901 129, 548 117,-'"" 124,154 300, 460 279, 792 255,485 l,377,r~~ 1,288, 550 1, 299,627 1,299,092 1, 224, 245 1, 237,435 3,122, 777 2,898,145 2,846, 738 43 21 52 52 45 27 100 10, 004, 346 9,156, 258 9,021, 74813, 643, 56812, 881, 79112, 788, 587 29,213,656 26,931,139 25,660, 722 5,144 5,164 5,187 FEDERAL RESERVE BULLETIN All Banks in the United States—Continued STATE BANKS1—PRINCIPAL ASSETS AND LIABILITIES, BY STATES [Amounts in thousands of dollars] Loans Deposits, exclusive of interbank deposits Investments State Dec. 31, 1940 New England: Maine New Hampshire Vermont Massachusetts Rhode Island Connecticut Middle Atlantic: New York New Jersey Pennsylvania East North Central: Ohio Indiana Illinois Michigan Wisconsin West North Central: Minnesota Iowa Missouri North Dakota South Dakota Nebraska Kansas South Atlantic: Delaware Maryland District of Columbia-. Virginia West Virginia North Carolina South Carolina Georgia Florida East South Central: Kentucky Tennessee Alabama Mississippi West South Central: Arkansas Louisiana Oklahoma Texas Mountain: Montana Idaho Wyoming Colorado New Mexico Arizona Utah Nevada Pacific: Washington Oregon California Total J u n e 29, 1940 Dec. 30, 1939 Dec. 31, 1940 J u n e 29, 1940 Dec. 30, 1939 Dec. 31, 1940 June 29, 1940 Number of banks June Dec. Dec. 30, Dec. 31 30 29 1939 1940 19402 19392 70, 395 71,124 69, 572 126,113 126,015 133, 673 220, 707 218, 589 212,175 3 76, 045 76, 045 125, 074 4 136, 404 3 211,122 i 71,902 3 125, 074 211,122 4 209, 517 65, 527 64,977 42, 281 43, 712 112, 471 110, 963 60, 341 45, 878 113, 739 , 206,267 1, 225,055 1, 227, 043 1, 400,336 1,383,183 1, 355, 333 2, 719, 397 2, 691, 788 2, 666, 763 140, 315 221, 760 238,146 136, 411 226,171 131, 637 398, 826 390, 771 391,138 459, 269 459, 492 1,107, 477 1, 053, 584 1, 040, 957 477, 579 477, 766 476, 048 477, 374 3 55 41 265 23 150 63 55 41 265 23 150 63 4 55 42 265 23 152 , 848,189 5, 565, 902 5, 781, 727 8, 074, 584 7, 584, 663 7, 202, 490 15, 801, 446 14, 735, 272 13,873, 85' 442 444,852 429,175 160 582, 842 562,393 600,996 1,329,596 1,261,883 1,252,799 419, 675 778,895 748, 245 399 732, 893 1, 513, 256 1,483, 773 1,532,297 2,635,861 2,503,882 2,554,202 445 161 401 448 164 409 454 382 503 367 455 382 513 367 472 460 386 521 370 473 608, 280 188, 830 316, 385 292, 611 192,149 572, 179, 308, 270, 182, 336 872 416 978 763 555, 167, 290, 248, 171, 966 492 950 762 588 546, 747 148,149 583, 228 308, 956 163, 7"" 535, 935 154, 614 546, 423 297,173 160, 963 557, 941 1, 555, 002 1, 427, 575 1, 404, 865 157, 855 462, 469 436, 086 436, 097 547,193 1, 216, 942 1,164, 541 1,146,400 303, 999 843, 796 760,173 729, 326 175, 017 445, 540 413 412 419,133 118, 513 104, 544 s 339, 660 7,543 11, 737 17, 257 48, 361 120, 502 104, 907 318, 271 6,960 11,''"" 17,169 47, 696 123, 742 293, 317 109, 570 455, 005 349, 397 s 713, 055 7,764 31, 438 10,874 42, 395 17, 055 76, 374 48, 254 173, 235 283,669 431, 704 664, 601 23, 893 37,881 68,129 163, 798 276, 270 413, 050 544 673, 618 5 540 25, 214 115 37, 439 124 68,459 284 163, 331 483 489 543 542 113 124 286 490 539 547 117 124 288 493 111,481 275, 645 54,800 61,153 32, 561 131, 644 18, 411 32, 846 30, 623 105,846 276,726 52, 902 61, 026 32, 982 122,860 18, 226 29,920 31, 473 99, 888 285,380 52, 867 61, 388 33, 065 128, 611 21, 580 29,481 29,870 255, 654 573, 307 167, 796 246, 050 137, 356 303, 328 63, 340 171, 398 111,871 219, 669 550, 709 156, 963 228, 733 136, 214 276, 359 52,358 147,403 102, 781 223, 512 543, 773 148,428 221, 677 127,692 282, 051 74, 279 147, 487 95, 054 30 124 13 184 104 184 129 232 121 31 126 13 184 104 185 130 233 121 31 126 13 185 104 186 131 233 119 011 051 995 800 57, 392 30, 225 29, 972 47, 075 223, 598 149, 212 98, 779 136, 702 211, 275 135, 710 86, 704 123,975 210,162 132, 327 87, 646 131, 345 313 226 152 183 314 226 152 182 317 229 151 181 86, 011 164, 026 58, 380 215, 921 73, 505 153, 745 54,144 189,142 77, 709 162,175 53, 515 194, 876 166 116 182 390 169 116 182 393 168 116 182 395 64, 860 49, 969 21, 422 63, 542 15, 020 28, 785 86, 800 3,560 58, 654 46,192 18,413 58, 971 12,813 27,971 80,655 3,270 59,120 49,977 19, 222 58, 664 13,813 27, 072 82, 076 3,225 133,7 238, 520 s 310, 591 20, 268 21, 535 39, 482 94, 049 132, 389 251, 049 290, 781 10, 695 19, 438 37, 543 86, 529 120, 399 214,134 286, 060 13, 610 17, 830 36, 305 82, 960 72, 865 161, 605 68,162 154, 902 69, 797 152, 995 20, 360 70, 709 153, 913 64, 813 147,180 67,! 140, 252 18,774 93, 975 34, 016 69, 145, 60, 139, 65, 131, 24, 84, 34, 97, 740 40, 535 63 758 279 86f 031 776 804 767 702 55! 125, 78, 41, 51, 254 243 664 945 118, 75, 40, 48, 975 743 931 345 119, 530 71,187 35, 956 46, 757 33, 59, 24, 96, 028 433 969 438 32, 55, 24, 88, 521 622 316 604 29, 289 53, 835 21,"" 78, 206 23, 208 48,014 18,086 57, 794 22, 376 52,116 52, 387 60, 040 29, 969 30, 234 45, 732 21, 581 51, 361 16, 786 54, 688 26, 083 20, 501 9,235 24,148 5,484 10, 730 43, 056 1,415 19, 445 17, 686 9,735 21, 927 5,897 9,987 39, 499 1,355 20, 790 17, 491 8,666 21, 029 5,237 9,309 38,195 1,224 22,958 18.480 3,360 16, 278 3,225 9,282 25, 1,203 22, 342 19,441 3,104 16, 544 3,293 9,418 24,941 1, 205 23, 071 21,137 3,379 17, 769 3,461 10, 001 26, 719 1,262 60, 583 13, 562 606, 985 57, 992 13, 237 573, 562 55, 04: 16, 506 561, 923 65, 652 13, 043 598, 806 66, 292 12, 772 582, 058 57, 32, 28, 46, 16,114 63, 995 145, 468 140, 754 138,317 41, 834 16, i 34, 453 31, 688 574, 076 1, 284,463 1, 211,943 1,176,165 33 32 67 19 46 5 47 128 47 128 13,736,261 13,184,488 13,146,810 16, 804, 268 16,112, 886 15,927, 650 35,807, 810 33, 651,258 32, 683, 045 9,751 48 128 9,847 1 Comprises all State commercial banks, trust companies, mutual and stock savings banks, cash depositories (in South Carolina), and such private banks and industrial banks as are included in abstracts issued by State banking departments. 3 Minor revisions have been made in the number of State banks in a few States, principally to exclude banks which had ceased active banking operations or newly organized banks which had not commenced active operations. 3 June 29, 1940. * June 30, 1939. 5 November 12, 1940. MAY 1941 465 All Banks in the United States—Continued PRIVATE BANKS —PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in the table on page 465 covering "State Banks." Amounts in thousands of dollars] Loans Deposits, exclusive of interbank deposits Investments Number of banks State Dec. 31 1940 Connecticut: District No. 1 District No. 2 Indiana: District No. 7 District No. 8 Iowa Kansas _ _, New Jersey (Dist. No. 2) New York Ohio _ Pennsylvania: District No. 3 District No. 4 South Carolina Total - J u n e 29 1940 Dec. 30 1939 Dec. 31 1940 J u n e 29 1940 Dec. 30 1939 Dec. 31 1940 J u n e 29 1940 Dec. 30 1939 Dec31 Jun29 Dec30 1940 1940 1939 251 96 287 112 293 108 158 72 162 69 197 69 424 388 398 330 400 331 2 1 2 1 3 1 1,782 95 1,791 85 986 55 999 54 1,063 55 38 4,371 154 4,170 154 14 1 15 37,833 2,158 12 77, 751 586 2 12 66,349 584 11 498,617 590 1 8 93,802 3,113 2 6 83,145 3,042 4,055 162 356 2 5 498,968 3,012 14 1 2 10 38,667 2,183 1,575 92 171 3 15 55,859 2,108 1 1 7 13 1 1 8 13 14 1 1 1 1 9 13 3,621 1,291 764 4,059 1,419 674 5,308 1,302 564 8,383 1,152 60 7,066 1,128 54 46,858 1,049 65 12,702 2,939 777 11,632 2,789 580 68,291 2,716 606 11 4 1 11 4 1 14 4 1 48, 762 48,433 67, 398 89,215 76, 479 548, 612 118, 679 106, 248 578,904 56 57 63 MUTUAL SAVINGS BANKS — PRINCIPAL ASSETS AND LIABILITIES BY STATES [Figures in this table are also included in table on page 465 covering "State Banks." Amounts in thousands of dollars] Loans Deposits, exclusive of interbank deposits Investments Number of banks State Dec. 31 19401 California Connecticut: District No. 1 District No. 2 Delaware Indiana: District District No No. 78 __ Maine Maryland M assachusetts Minnesota New Hampshire New Jersey: District No. 2__ _ _ District No. 3 New York Ohio Oregon Pennsylvania: District No. 3 District No. 4 Rhode Island Vermont Washington Wisconsin: District No. 7 District No. 9 Total . _ J u n e 29 1940 (2) Dec. 30 19391 Dec. 31 19401 (2) 36, 411 259,183 82,805 12, 939 J u n e 29 1940 284,172 73, 598 33, 768 278, 759 74,756 32,411 Dec. 30 19391 Dec. 31 19401 (2) 59,210 275, 528 77, 606 30,945 J u n e 29 1940 D e c . 30 19391 Dec31 Jun29 Dec30 1940' 1940 19391 89, 683 1 (*) 255,894 84, 758 12, 858 257, 709 83, 287 12, 863 563, 812 168, 363 40,020 58 14 2 58 14 2 58 14 2 5,945 4,809 28,020 38, 320 986,279 17, 709 66, 925 3,642 6,172 4,328 11, 852 11, 545 6,583 3,783 11, 790 4,484 2,182 4,642 2,389 2,727 8,298 8,390 8,207 28, 735 29, 466 94,603 94,201 99, 284 129, 673 129, 453 128,104 34, 322 166,140 168, 786 38,011 168,149 227, 787 228,013 225,814 990,012 1,003,696 1,152,159 1,151,319 1,122,093 2,151, 554 2,161, 553 2,146,862 14,663 48,417 48, 615 50, 567 68,000 66,941 16,010 67, 247 128, 049 194,186 63, 239 117, 427 117, 427 194,186 66,925 193, 389 3 1 32 12 192 1 43 3 1 32 12 192 1 43 3 1 32 12 192 1 43 161,894 161,453 120, 220 120, 407 122,176 171,496 309, 307 313, 527 319, 024 7,622 4,634 4,466 7,823 4,483 13, 743 13,819 7,408 13, 777 3, 066,856 3,042,676 3,035, 583 2, 423,180 2, 404,197 2, 433, 874 5, 687, 786 5, 670,370 5, 599,150 61, 710 124,072 53, 645 61,097 63, 236 125,495 122, 215 56, 516 50, 778 969 1,824 1,099 2,142 1,358 587 2,753 2,774 2,483 22 2 134 3 1 22 2 134 3 1 22 2 134 3 1 576,048 173,034 42, 779 569,214 171, 356 41, 526 75, 786 11,894 57, 527 30,945 28, 263 75, 508 11,189 54, 298 31,113 27, 602 75,324 11, 571 51, 390 28, 715 26, 764 431,927 41, 748 112, 450 21, 523 45, 777 434,302 41, 670 108, 425 22, 544 45,155 426, 348 42, 996 120,647 24,296 42, 387 563, 077 57,118 178, 634 57,339 74, 665 553, 098 56,923 178,988 57, 411 73, 075 547,193 55,660 177, 506 57,150 70,880 6 1 9 8 3 6 1 9 8 3 6 1 9 8 3 2,107 112 2,128 103 2,179 100 2,296 39 2,259 42 2,174 39 4,789 146 4,678 138 4,559 133 3 1 3 1 3 1 5, 289,150 5, 261, 527 5, 353,052 10, 658,097 10, 631, 219 10, 612,818 551 551 552 4, 958, 519 4, 926, 475 4,961,062 1 Figures in the December columns for New Hampshire are as of the end of June 1939 and 1940, respectively. 2 Beginning with the March 1940 call this bank is no longer classified as a mutual savings bank. It is howeve r included in thefigurescovering "All State banks" and "all banks" as in the past. 466 FEDERAL RESERVE BULLETIN MEMBER BANK EARNINGS, 1940 All Member Banks, by Classes [Amounts in thousands of dollars] All national All member b a n k s member banks Item 1937 1938 1939 All Central reserve Reserve city member banks city State member member banks banks New York Chicago Country member banks 1940 Year 1940 Earnings—total Interest and discount on loans Interest and dividends on securities. Collection charges, comm's, fees, etc. Foreign department Trust department Service charges on deposit accounts _. Rent received Other current earnings. Expenses—total. Salaries—officers Salaries and wages—others Directors' and comm. members' fees Interest on time deposits Interest on borrowed money Real estate taxes Other taxes Other current expenses 1,321, 265 1,274,354 1,295,856 1,323,049 552, 563 543, 705 560, 460 595,411 480,810 444,145 431, 233 448,136 32, 451 31,999 30, 441 33, 292 11,829 11, 784 11,347 10,076 96, 302 91,009 92, 320 89,631 45,023 54,441 59, 262 50, 553 83, 274 82,998 81, 318 83, 976 19,013 19,020 18,866 17,836 902, 415 142,818 229, 327 6,925 176,186 576 34,162 52, 031 260, 390 890,036 146,491 233,415 7,234 171,046 287 34, 601 47, 691 249, 271 894, 755 150,144 237, 788 7,538 159,094 165 34,875 50, 555 254, 596 921,021 155, 466 244, 834 7,690 147, 470 124 34, 475 65,927 265,035 486,294 226, 525 155, 000 12, 824 2,584 31,473 22, 045 29,903 5,940 514, 739 269, 960 147,139 13,151 357 16, 735 28, 726 33,803 4,868 978 3,612 13, 203 340,646 49,145 99, 210 1,612 54,832 19 11, 857 28,013 95, 958 368,027 74, 313 73, 244 5,120 83, 775 96 14, 736 23, 679 93, 064 862, 353 410, 354 283, 394 23, 059 7,055 32,678 40, 708 51, 730 13, 375 460, 696 185, 057 147, 839 10, 23r 4,292 59,642 18, 554 29, 588 5,491 259, 536 81,921 99, 555 5,328 8,108 35, 386 7,672 13, 712 7,854 62, 480 17, 005 29, 539 lr~" 597,918 103, 799 150,824 5,349 105,120 76 21, 776 44,195 166, 779 323,103 51,667 94, 010 2,341 42, 350 48 12, 699 21, 732 98, 256 170, 440 26,087 59, 207 883 3,917 9 6,904 10,623 62, 810 41, 908 5,921 13,173 75 4,946 8,726 819 3,900 204 0) Net current earnings 418,850 384,318 401,101 402,028 264,435 137,593 89, 096 20,572 145, 648 146, 712 Recoveries, profits on securities, etc 256,168 75, 503 50, 326 98,950 31, 389 279,211 44, 928 53,926 152, 577 27, 780 54, 617 56,103 189, 741 26, 094 302,750 55, 294 63,819 159,141 24,496 198,030 36, 729 40,982 105,005 15, 314 104, 720 18, 565 22,837 54,136 9,182 74,177 14, 466 14, ^" 41, 246 3,667 24,490 5,210 4,429 12, 560 2,291 107, 929 15, 506 25, 735 57,880 96,154 20,112 18,857 47, 455 9,730 Losses and depreciation—total 338, 458 104, 788 147, 958 48, 844 398,065 121,903 181, 982 42,097 52, 083 380,179 108,137 179, 566 37,983 54,493 355,669 90,408 163,958 45,473 55,830 221,776 58,165 107,904 28, 282 27, 425 133, 893 32, 243 56,054 17,191 28, 405 80, 438 18, 440 44, 259 10,865 6,874 13,134 2,834 6,661 828 2,811 118, 511 31, 266 52, 896 15, 367 18, 982 143,586 37,868 60,142 18,413 27,163 Net profits 336,560 265,464 347,477 349,109 240,689 108, 420 82, 835 31,928 135,066 99,280 Cash dividends declared—total 201,001 17,937 183, 064 198,285 14,460 183,825 207,026 13,679 193, 347 210,480 12, 728 197, 752 132,996 8,117 124,879 77, 484 4,611 72,873 69,974 895 69,079 12,582 22 12, 560 73,299 5,349 67, 950 54,625 6,462 48,163 Loans Securities Real estate assets Cash assets 13,825,000 18, 678, 000 1, 337, 000 13, 249, 000 13, 317,000 18; \ 221, 000 1, 330, 000 14;:, 197,000 Total assets 47,490,000 47,407,000 52,129,000 58, 025, 000 36, 852, 000 21,173,000 17, 798,000 3, 728,000 20,390,000 16,108, 000 Time deposits Total deposits Total capital accounts 11, 256,000 11, 529,000 11,685, 000 12,055, 000 8,296,000 3,759,000 503, 000 4, 772, 000 6, 002, 000 779,000 41, 582, 000 41, 505, 000 46,135, 000 51,919, 000 33, 075, 000 18, 844, 000 15, 884, 000 3, 454,000 18,407, 000 14,174,000 5,327,000 5,385,000 5,488,000 5,597,000 3,456,000 2,141,000 1,602,000 258, 000 1,860, 000 1,878,000 Recoveries on loans Recoveries on securities Profits on securities sold All other On loans. On securities.. On banking house and equipment. _. Allother On preferred stock2 On common stock Number of officers Number of employees Number of banks 13,, 366, 000 14.:, 298, 000 I, 305, 000 4,992, 000 3, 226, 000 608,000 5, 482, 19,I, 391, 000 20^I, 623, 000 13, 020,000 7,603,000 6,692,000 1, 619, 000 6, 917, 504, 1, 384, 000 1, 303, 000 783, 000 25,000, 520,000 242, 000 17,674, 000 2l! :, 484,000 13, 592, 000 7, 892,000 7, 521,000 1, 458,000 7, 387, 32, 728 155,139 33,176 154, 039 34,172 158,137 6,341 6,338 6,362 35, 369 163, 783 26,109 103,676 9,260 60,107 2,350 33, 780 542 7,651 5,144 1,342 36 13 000 4, 981, 000 000 5, 394, 000 532, 000 000 000 5,118,000 8,010 64,428 24,467 57, 924 6,089 1 None, or less than $500. 2 Includes interest on capital notes and debentures. NOTE.—The figures of assets, deposits, and capital accounts are averages of the amounts reported for each call date in the current year and the final call date in the preceding year. The number of officers and employees and number of banks are as of the end of the current year. Real estate assets are comprised of banking house and equipment, other real estate owned, and (beginning with December 1938) items indirectly representing bank premises or other real estate. Cash assets are comprised of cash, balances with other banks (including reserve balances), and cash items in process of collection. Total capital accounts are comprised of the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and other capital reserves. MAY 1941 467 Member Bank Earnings, 1940—Continued All Member Banks, by Federal Reserve Districts [Amounts in thousands of dollars] Federal Reserve district Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis M i n n e - Kansas apolis City Dallas San Fran- Earnings—total Interest and discount on loans Interest and dividends on securities Collection charges, comm's, fees, etc. Foreign department Trust department Service charges on deposit accounts Rent received Other current earnings 81,666 38,365 22,997 869 738 7,223 4,196 5,613 1,665 368,536 133,193 134,084 6,878 8,236 39,714 14,335 23,121 8,975 105,835 43,038 41,291 997 338 9,905 2,710 6,853 703 121,904 52,722 45,138 1,784 236 7,700 4,906 8,124 1,294 59,734 32,023 16,519 1,481 36 2,973 2,882 3,343 477 55,858 29,542 14,196 2,640 139 2,070 2,785 4,138 348 163,255 62,785 63,058 5,726 549 11,276 8,771 9,762 1,328 48,039 23,765 15,676 1,938 36 1,375 1,929 2,312 1,008 36,324 17,293 10,667 3,210 35 1,078 1,590 1,741 710 53,933 29,545 12,987 1,359 10 1,562 3,868 4,039 563 48,376 29,142 10,077 1,258 18 672 2,836 4,004 369 179,589 103,998 44,543 5,152 976 6,772 8,454 8,268 1,426 Expenses—total Salaries—officers Salaries and wages—others Directors' and comm. members' tees Interest on time deposits Interest on borrowed money Real estate taxes Other taxes Other current expenses 56,581 10,201 14,815 721 8,694 7 2,556 3,481 16,106 251,765 39,729 77,641 1,875 21,444 17 11,547 13,538 85,974 69,763 10,940 16,708 1,152 14,325 11 2,709 5,368 18,550 85,441 12,375 20,555 663 18,742 3 2,635 8,927 21,541 42,253 7,726 9,598 469 9,174 3 1,136 3,449 10,698 38,876 6,966 9,019 357 6,034 10 1,817 3,076 11,597 116,146 19,146 31,694 701 20,450 20 2,950 8,026 33,159 33,237 6,539 7,736 337 5,633 18 1,266 2,629 9,079 26,439 5,692 5,715 306 4,685 3 780 1,865 7,393 37,550 9,133 8,443 346 4,043 20 1,163 2,968 11,434 33,700 8,147 7,335 316 2,816 9 2,494 2,802 9,781 129,270 18,872 35,575 447 31,430 3 3,422 9,798 29,723 Net current earnings 25,085 116,771 36,072 36,463 17,481 16,982 47,109 14,802 9,885 16,383 14,676 50,319 Recoveries, profits on securities, etc. Recoveries on loans Recoveries on securities Profits on securities sold All other 16,186 3,845 3,203 7,587 1,551 103,102 19,097 19,640 58,076 6,289 20,647 1,945 4,036 13,108 1,558 26,732 3.910 6,891 13,741 2,190 14,241 2,127 6,391 5,036 687 9,854 1,444 2,327 5,427 656 50,231 8,819 10,545 25,491 5,376 9,290 1,385 2,101 4,736 1,068 8,081 2,664 2,085 2,207 1,125 11,441 3,133 3,443 3,745 1,120 7,123 2,541 906 2,850 826 25,822 4,384 2,251 17,137 2,050 Losses and depreciation—total On loans On securities On banking house and equipment All other 23,394 6,518 9,826 3,065 3,985 131,419 32,349 63,742 15,026 20,302 40,139 11,927 17,871 3,448 6,893 29,511 5,369 15,845 4,395 3,902 14,114 2,492 8,526 1,842 1,254 11,609 2,855 4,200 2,152 2,402 34,273 6,353 18,820 3,797 5,303 12,525 1,935 6,394 1,309 2,887 7,672 1,642 4,094 1,321 615 10,709 3,150 4,333 2,121 1,105 7,649 2,936 2,054 1,776 883 32,655 12,882 8,253 5,221 Net profits 17,877 88,454 16,580 33,684 17,608 15,227 63,067 11,567 10,294 17,115 14,150 43,486 Cash dividends declared—total On preferred stock2 On common stock 12,658 592 12,066 79,711 3,412 76,299 17,314 894 16,420 13,882 1,489 12,393 8,128 483 7,645 6,907 660 6,247 22,326 1,555 20,771 6,457 376 6,081 4,247 467 3,780 7,314 270 7,044 7,381 353 7,028 24,155 2,177 21,978 Loans Securities Real estate assets.. Cash assets 1,000,000 4,280,000 975,000 1,162,000 934,000 8,113,000 1,373,000 1,741,000 87,000 397,000 160,000 135,000 1,256,000 8,518,000 1,254,000 1,549,000 660,000 692,000 65,000 857,000 606,000 1,592,000 561,000 3,195,000 60,000 97,000 780,000 3,008,000 567,000 599,000 38,000 726,000 376,000 420,000 25,000 448,000 565,000 586,000 33,000 877,000 Total assets,. 3,298,000 21,479,000 3,786,000 4,600,000 2,281,000 2,019,000 7,921,000 1,935,000 1,274,000 2,065,000 1,791,000 5,576,000 Time deposits Total deposits Total capital accounts. 645,000 2,341,000 1,107,000 1,439,000 583,000 418,000 1,881,000 423,000 369,000 318,000 236,000 2,296,000 2,877,000 19,145,000 3,279,000 4,011,000 2,051,000 1,821,000 7,287,000 1,755,000 1,146,000 1,869,000 1,613,000 5,064,000 393,000 2,007,000 485,000 569,000 221,000 190,000 607,000 172,000 118,000 190,000 172,000 473,000 Number of officers Number of employeesNumber of banks-. 2,046 10,253 5,805 47,023 2,768 11,424 3,002 13,487 2,048 7,228 1,746 7,201 4,305 21,359 1,923 6,141 350 765 651 658 431 316 856 415 1,831 4,501 46( 512,000 2,003,000 430,000 1,979,000 46,000 159,000 800,000 1,411,000 2,974 6,611 2,542 5,673 4,379 22,882 739 568 277 For footnotes see page 467. 468 FEDERAL RESERVE BULLETIN Member Bank Earnings, 191+0—Continued Reserve City Member Banks,* by Federal Reserve Districts [Amounts in thousands of dollars] Federal Reserve district Boston New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minne- Kansas City apolis Dallas San Fran- 29,684 13,002 7,927 365 642 3,762 1,110 1,653 1,223 12,975 5,434 4,080 181 50 504 730 1,834 162 42,657 13,262 18,786 356 319 6,796 941 1,964 233 25,102 28,038 1,072 194 6,301 2,419 4,597 903 24,473 10,073 9,131 510 32 1,805 1,093 1,655 174 27,205 13,987 6,756 1,274 50 1,392 1,171 2,444 131 43,590 17,423 16,267 1,861 242 998 3,844 2,379 576 24,374 10,557 9,069 1,014 36 1,100r 68. 1,14' 769 12,372 5,562 3,787 1,131 32 884 367 548 61 26,436 12,808 7,372 324 9 1,323 1,616 2,575 409 21,957 151,945 12,295 87,020 4,938 38,849 384 4,352 14 964 6,066 542 7,077 995 6,459 2,648 1,158 141 Expenses—total Salaries—officers Salaries and wages—others Directors' and comm. members' fees Interest on time deposits Interest on borrowed money Real estate taxes Other taxes Other current expenses 18,202 3,361 6,079 118 820 9,706 1,153 2,684 48 1,722 26,842 3,842 8,901 209 1,773 47,292 5,612 13,549 176 7,707 17,401 2,935 4,772 151 2,607 18,567 2,728 4,797 139 2,172 801 2,431 8,885 1,529 5,618 13,101 519 1,621 4,796 823 2,953 18,840 3,255 5,270 105 1,370 8 600 1,555 6,677 15,549 109,475 2,775 14,821 3,941 31,376 283 80 1,309 26,671 739 237 3,123 16,786 2,826 4,860 102 2,000 10 725 1,255 5,008 9,059 1,378 2,845 33 819 759 1,137 5,928 32,927 4,459 10,136 168 5,862 1 817 1,862 9,622 Net current earnings 11,482 3,269 15,815 21,334 7,072 8,638 10,663 7,588 7,596 6,408 42,470 4,689 1,071 709 2,479 430 2,736 292 143 2,195 106 9,144 1,166 1,175 6,113 690 18,311 2,187 4,970 9,687 1,467 538 5,744 3,078 263 4,754 85: 1,189 2,411 297 14,396 1,282 4,067 7,404 1,643 5,695 659 1,360 3,136 540 3,921 1,237 1,002 875 807 7,828 1,452 2,982 2,763 631 3,930 1,114 566 1,962 288 22,902 3,651 1,828 15,777 1,646 7,803 2,140 3,223 792 1,648 7,997 3,203 3,565 602 627 13,576 4,872 5,460 1,088 2,156 16,599 2,822 9,054 2,402 2,321 8,413 526 6,834 709 344 6,015 1,537 1,496 1,208 1,774 9,115 1,071 5,984 1,042 1,018 946 4,446 481 2,215 2,444 475 1,307 568 94 6,348 1,124 3,472 1,086 666 3,619 1,117 1,166 971 365 28,494 11,433 6,889 4,418 5,754 Net profits 8,368 -1,992 11,383 23,046 7,377 15,944 5,195 4,790 9,076 6,719 36,878 Cash dividends declared—total 2 6,857 36 6,821 1,265 167 1,098 9,597 111 9,486 9,255 910 8,345 3,987 180 3,807 3,607 43" 3,170 4,744 881 3,863 3,857 119 3,738 1,881 257 1,624 3,174 145 3,029 3,546 192 3,354 21,529 1,914 19,615 447,000 340,000 31,000 724,000 126,000 162,000 25,000 119,000 Earnings—total Interest and discount on loans Interest and dividends on securities Collection charges,comm's, fees,etc. Foreign department Trust department Service charges on deposit accounts Rent received Other current earnings Recoveries, profits on securities, etc. Recoveries on loans Recoveries on securities Profits on securities sold All other Losses and depreciation—total On On On All loans securities banking house and equipment. other On preferred stock On common stock Loans Securities Real estate assets,. Cash assets 0) C1) 386,000 669,000 667,000 1,171,000 79,000 61,000 746,000 1,082,000 0) 904 1,731 252,000 338,000 443,000 426,000 300,000 894,000 32,000 32,000 29,000 462,000 420,000 898,000 1,312 1,361 4,771 2,944 8,382 24,998 327,000 166,000 328,000 279,000 1,721,000 373,000 172,000 391,000 246,000 1,777,000 20,000 10,000 19,000 29,000 138,000 474,000 224,000 598,000 459,000 1,180,000 Total assets.. 1,556,000 434,000 1,878,000 3,012,000 1,175,000 1,099,000 2,272,000 1,198,000 Time deposits Total deposits Total capital accounts.. 85,000 1,364,000 174,000 154,000 230,000 '34,000 217,000 179,000 612,000 176,000 88,000 159,000 130,000 2,009,000 388,000 1,675,000 2,631,000 1,074,000 999,000 2,100,000 1,099,000 519,000 1,229,000 925,000 4,401,000 45,000 187,000 366,000 96,000 93,000 165,000 93,000 48,000 107,000 85,000 400,000 Number of officers Number of employees. 434 4,017 Number of banks.. 175 1,837 431 5,556 23 679 7,971 434 3,344 440 3,679 717 6,587 437 3,552 63 24j 574,000 1,340,000 1,015,000 4,838,000 187 1.922 535 3,694 427 2,573 36 * Not including central reserve city banks. For other footnotes see page 467. MAY 1941 469 Member Bank Earnings, 19UO—Continued Country Member Banks, by Federal Reserve Districts [Amounts in thousands of dollars] Federal Reserve district Item B.oston New York Phila- Clevedelphia land Richmond St. Atlanta Chicago Louis Minne- Kansas Dallas apolis City San Francisco 275 1,247 1,165 23,952 11,731 6,880 2,079 3 194 1,223 1,193 27,497 16,737 5,615 1,035 1 239 2,252 1,464 154 26,419 16,847 5,139 874 4 130 1,841 1,356 228 27,644 16,978 5,694 800 12 706 1,377 1,809 268 16,451 3,713 2,876 235 3,633 8 541 1,374 4,071 17,380 4,314 2,870 273 3,866 3 572 1,042 4,440 18,710 5,878 3,173 241 2,673 12 563 1,413 4,757 18,151 5,372 3,394 236 1,507 9 1,182 1,441 5,010 19,795 4,051 4,199 164 4,759 3 478 1,416 4,725 Earnings—total Interest and discount on loans Interest and dividends on securities Collection charges, comm's,fees,etc. Foreign department Trust department Service charges on deposit accounts Rent received Other current earnings 51,982 25,363 15,070 504 96 3,461 3,086 3,960 442 96,025 45,838 30,449 1,369 78 3,824 5,933 7,575 959 63,178 29,776 22,505 641 19 3,109 1,769 4,889 470 53,278 27,620 17,100 712 42 1,399 2,487 3,527 391 35,261 21,950 7,388 971 4 1,168 1,789 1,688 303 28,653 15,555 7,440 1,366 89 678 1,614 1,694 217 57,185 28,357 17,252 1,876 9 1,552 4,108 3,483 548 23,665 13,208 6,607 924 Expenses—total Salaries—officers Salaries and wages—others Directors' and comm.members' fees Interest on time deposits Interest on borrowed money Real estate taxes Other taxes 0 ther current expenses 38,379 6,840 8,736 603 7,874 7 1,797 2,344 10,178 71,619 12,489 15,750 944 15,805 8 3,904 2,678 20,041 42,921 7,098 7,807 943 12,552 11 1,908 2,937 9,665 38,149 6,763 7,006 48" 11,035 3 1,106 3,309 8,440 24,852 4,791 4,826 318 6,567 3 617 1,828 5,902 20,309 4,238 4,222 218 3,862 10 913 1,345 5,501 41,311 8,766 8,385 458 9,642 19 1,155 2,552 10,334 Net current earnings 13,603 24,406 20,257 15,129 10,409 8,344 15,874 7,214 6,572 8,787 8,268 7,849 Recoveries, profits on securities, etc. Recoveries on loans Recoveries on securities Profits on securities sold Allother 11,497 2,774 2,494 5,108 1,121 26,189 4,339 4,699 14,635 2,516 11,503 779 2,861 6,995 8,421 1,723 1,921 4,054 723 4,618 1,589 64' 1,958 424 5,100 587 1,138 3,016 359 11,345 2,327 2,049 5,527 1,442 3,595 726 741 1,600 528 4,160 1,427 1,083 1,332 318 3,613 1,681 461 982 3,193 1,427 340 888 538 2,920 733 423 1,360 404 Losses and depreciation—total On loans On securities On banking house and equipment Allother 15,591 4,378 6,603 2,273 2,33' 42,984 10,706 15,918 3,559 12,801 26,563 7,05i 12,411 2,360 4,737 12,912 2,547 6,791 1,993 1,581 5,701 1,966 1,692 1,133 910 5,594 1,318 2,704 944 628 12,024 2,448 6,175 1,927 1,474 4,437 989 1,948 828 672 5,228 1,167 2,78' 753 521 4,361 2,026 861 1,035 439 4,030 1,819 888 805 518 4,161 1,449 1,364 803 545 Net profits 9,509 7,611 5,197 10,638 9,326 7,850 15,195 6,372 5,504 8,039 7,431 6,608 Cash dividends declared—total On preferred stock2 On common stock 5,801 556 5,245 8,472 2,350 6,122 7,717 783 6,934 4,627 579 4,048 4,141 303 3,838 3,300 223 3,077 5,000 652 4,348 2,600 257 2,343 2,366 210 2,156 4,140 125 4,015 3,835 161 3,674 2,626 263 2,363 Loans Securities Real estate assets Cash assets 554,000 927,000 589,000 493,000 408,000 268,000 541,000 240,000 210,000 237,000 233,000 283,000 594,000 1,259,000 706,000 570,000 267,000 261,000 682,000 226,000 248,000 195,000 184,000 202,000 57,000 130,000 100,000 56,000 34,000 28,000 43,000 18,000 15,000 14,000 17,000 21,000 532,000 878,000 508,000 466,000 395,000 360,000 653,000 252,000 224,000 278,000 341,000 231,000 Total assets.. 1,742,000 3,247,000 1,907,000 1,588,000 1,106,000 920,000 1,922,000 737,000 699,000 725,000 776,000 739,000 Time deposits Total deposits Total capital accounts 560,000 1,409,000 877,000 705,000 366,000 239,000 767,000 246,000 281,000 160,000 106,000 287,000 1,513,000 2,873,000 1,604,000 1,380,000 977,000 821,000 1,733,000 656,000 627,000 640,000 688,000 662,000 218,000 361,000 297,000 204,000 125,000 96,000 184,000 79,000 70,000 83,000 86,000 73,000 Number of officers Number of employees Number of banks 1,612 6,236 3,280 11,406 339 718 2,337 5,868 2,323 5,516 1,614 3,884 1,306 3,522 3,046 7,121 1, 2,589 624 397 295 780 391 1,644 2,579 2,439 2,917 2,115 3,100 1,265 3,186 688 532 246 For footnotes see page 467. 470 FEDERAL RESERVE BULLETIN Member Bank Earnings, 19UO—Continued Selected Ratios, All Member Banks, by Classes and Federal Reserve Districts [Ratios computed from aggregates, expressed as percentages] All member banks All national member banks Item 1937 1938 1939 All State member banks 1940 Central reserve city member banks New York Chicago Reserve city member banks Country member banks Year 1940 Ratios to total earnings: Interest and discount on loans Interest and dividends on securities All other current earnings Total current earnings Salaries and wages Interest on time deposits All other current expenses. _. Total current expenses Ratios to total capital accounts: Net current earnings Net profits Cash dividends declared Ratios to total assets: Total current earnings Total current expenses Net current earnings Net profits Ratios to loans: Interest and discount on loans Recoveries on loans Losses on loans Ratios to securities: Interest and dividends on securities Recoveries on securities Profits on securities sold Losses on securities Other ratios: Interest on time deposits to time deposits Time deposits to total deposits Total capital accounts to loans, securities, and real estate assets.__ Loans to total assets Securities to total assets 41.8 36.4 21.8 100.0 42.7 35.2 22.1 100.0 43.3 34.3 22.4 100.0 45.0 32.6 22.4 100.0 47.6 32.9 19.5 100.0 40.2 32.1 27.7 100.0 31.6 38.4 30.0 100.0 27.2 47.3 25.5 100.0 46.6 31.9 21.5 100.0 52.4 28.6 19.0 100.0 28.2 13.3 26.8 68.3 29.8 13.4 26.6 29.9 12.3 26.8 69.0 30. 3 11.1 28.2 29.5 12.2 27.6 69.3 31.6 32.9 30.6 9.2 1.5 7.9 29.3 70.1 31.3 65.7 28.6 67.1 30.5 11.3 28.2 70.0 28.7 16.3 26.5 71.5 7.9 6.3 3.8 7.1 4.9 3.7 7.3 6.3 3.8 7.2 6.2 3.8 7.7 7.0 3.8 6.4 5.1 3.6 5.6 5.2 4.4 12.4 4.9 7.8 7.3 3.9 7.8 5.3 2.9 2.8 1.9 .9 .7 2.7 1.9 2.5 1.7 .8 .7 2.3 1.6 .7 2.3 1.6 .7 .7 2.2 1.5 .7 .5 1.5 1.0 .5 .5 1.7 1.1 .6 .9 2.4 1.7 .7 .7 3.2 2.3 .9 4.0 .5 4.1 .3 4.2 .4 4.2 .4 .6 4.4 .4 .6 3.7 .4 .6 2.5 .4 .6 2.8 .9 .5 4.1 .3 .6 5.4 .4 2.6 .3 .5 2.5 .3 2.3 .3 1.0 2.1 .3 2.2 .3 .8 .8 1.9 .3 .7 .7 1.5 .2 .6 .7 1.8 .3 .8 .4 2.2 .4 .8 .8 2.7 .3 .9 1.4 25.3 1.2 23.2 1.3 1.1 1.1 19.9 .5 4.9 1.0 25.1 14.6 25.9 1.4 42.3 16.1 25.6 37.2 15.5 24.6 35.5 15.0 25.2 35.3 16.3 23.6 35.9 15.8 18.1 37.6 11.5 16.3 43.4 14.4 26.9 33.9 17.2 30.9 33.5 1.0 1.6 27.1 15.7 29.1 39.3 1.5 27.8 16.4 28.1 38.4 8.0 1.1 All member banks, by Federal Reserve districts Item Boston Ratios to total earnings: Interest and discount on loans Interest and dividends on securities All other current earnings Total current earnings Salaries and wages Interest on time deposits All other current expenses Total current expenses Ratios to total capital accounts: Net current earnings Net profits Cash dividends declared Ratios to total assets: Total current earnings Total current expenses Net current earnings Net profits Ratios to loans: Interest and discount on loans Recoveries on loans Losses on loans Ratios to securities: Interest and dividends on securities Recoveries on securities Profits on securities sold Losses on securities Other ratios: Interest on time deposits to time deposits Time deposits to total deposits Total capital accounts to loans, securities, and real estate assets. _ Loans to total assets Securities to total assets New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas San Francisco 47.0 28.2 24.8 100.0 36.1 36.4 27.5 100.0 40.7 39.0 20.3 100.0 43.2 37.0 19.8 100.0 53.6 27.7 18.7 100.0 52.9 25.4 21.7 100.0 38.5 38.6 22.9 100.0 49.5 32.6 17.9 100.0 47.6 29.4 23.0 100.0 54.8 24.1 21.1 100.0 60.2 20.8 19.0 100.0 57.9 24.8 17.3 100.0 30.6 10.6 28.1 69.3 31.8 5.8 30.7 68.3 26.1 13.5 26.3 65.9 27.0 15.4 27.7 70.1 29.0 15.4 26.3 70.7 28.6 10.8 30.2 69.6 31.1 12.5 27.5 71.1 29.7 11.7 27.8 69.2 32.6 7.5 29.5 69.6 32.0 5.8 31.9 69.7 30.3 17.5 24.2 72.0 6.4 4.5 3.2 5.8 4.4 4.0 7.4 3.4 3.6 6.4 5.9 2.4 8.0 3.7 8.0 3.6 7.8 10.4 3.7 6.7 3.8 31.4 12.9 28.5 72.8 8.3 8.7 3.6 8.6 9.0 3.8 8.5 8.2 4.3 10.6 9.2 5.1 2.5 1.7 .8 .5 1.7 1.2 .5 .4 2.8 1.8 1.0 .4 2.7 1.9 .8 .7 2.6 1.9 .7 2.8 1.9 .9 2.1 1.5 2.5 1.7 2.9 2.1 2.6 1.8 .8 2.7 1.9 3.2 2.3 .9 .8 3.1 .4 4.4 .2 1.2 4.5 .3 .5 4.9 .3 .4 4.9 .2 .5 4.2 .2 .3 4.6 .7 .4 5.2 .6 5.7 .5 5.2 .2 .6 1.7 .2 .7 3.0 .3 1.0 1.3 2.6 .4 .8 .9 2.4 .9 .7 1.2 2.5 .4 1.0 .7 2.0 .3 2.6 .4 .8 1.1 2.5 .5 .5 1.0 2.2 .6 .6 .7 2.3 .2 .7 .5 2.3 .1 .9 .4 1.3 22.4 .9 12.2 1.3 33.7 1.3 35.9 1.4 22.9 1.3 32.2 19.3 25.8 36.3 18.7 25.3 37.8 14.3 29.3 31.0 14.4 29.5 33.0 1.3 17.0 16.0 27.4 28.4 1.2 14.6 15.7 19.9 37.8 1.1 25.8 12.4 20.1 40.3 1.3 24.1 19.4 30.3 28.3 1.6 28.4 15.6 28.9 30.3 1.4 45.3 11.4 35.9 35.5 2.5 .3 1.1 15.5 30.0 27.8 17.4 28.6 24.0 NOTE.—The ratios in these tables were computed from the dollar aggregates shown in preceding tables. Many of these ratios vary substantially from the averages of individual bank ratios such as those published in the June 1940 BULLETIN, pages 588-601, in which each bank's figures— regardless of size or amount—are weighted equally and in general have an equally important influence on the result. In the ratios based on aggregates, presented here, the experience of those banks in each group whose figures are largest have a much greater influence than that of the many banks with smaller figures. (For example, the 100 largest member banks have total earnings which, combined, are approximately equal to those of all the other member banks, numbering nearly 6,400.) Ratios based on aggregates show combined results for the banking system as a whole and, broadly speaking, are the more significant for purposes of general analyses of credit and monetary problems, while averages of individual ratios are useful primarily to those interested in studying the financial results of operations of individual banks. MAY 1941 471 Member Bank Earnings, 191+0—Continued Selected Ratios, Reserve City Member Banks* and Country Member Banks, by Federal Reserve Districts [Ratios computed from aggregates, expressed as percentages] Reserve city member banks, * by Federal Reserve districts Item Ratios to total earnings: Interest and discount on loans Interest and dividends on securities All other current earnings Total current earnings Salaries and wages Interest on time deposits All other current expenses Total current expenses Ratios to total capital accounts: Net current earnings Net profits Cash dividends declared Ratios to total assets: Total current earnings Total current expenses Net current earnings Net profits Ratios to loans: Interest and discount on loans Recoveries on loans Losses on loans Ratios to securities: Interest and dividends on securities Recoveries on securities Profits on securities sold Losses on securities Other ratios: Interest on time deposits to time deposits Time deposits to total deposits Total capital accounts to loans, securities, and real estate assets-_ Loans to total assets Securities to total assets I New York Philadelphia Cleveland Richmond Atlanta Chicago St. Louis Minneapolis Kansas City Dallas 43.8 26.7 29.5 100.0 41.9 31.4 26.7 100.0 31.1 44.0 24.9 100.0 36.6 40.8 22.6 100.0 41.2 37.3 21.5 100.0 51.4 24.8 23.8 100.0 40.0 37.3 22.7 100.0 43.3 37.2 19.5 100.0 45.0 30.6 24.4 100.0 48.4 27.9 23.7 100.0 56.0 22.5 21.5 100.0 57.3 25.6 17.1 100.0 31.8 2.7 26.8 61.3 29.5 13.3 32.0 74.8 29.8 4.2 28.9 62.9 27.9 11.2 29.8 68.9 31.5 10.7 28.9 71.1 27.7 7.9 32.6 68.2 33.5 13.4 28.6 75.5 31.5 8.2 29.2 34.1 6.6 32.5 73.2 32.2 5.2 71.3 30.6 6.0 34.2 70.8 30.4 17.5 24.1 72.0 6.4 4.8 3.9 7.3 -4.4 2.8 6.1 5.1 5.8 6.3 2.5 7.4 9.3 7.9 3.9 6.5 9.7 2. 9 8.2 5.6 4.1 6.9 10.0 7.1 8.5 3.0 7.5 7.9 4.2 10.6 9.2 5.4 1.9 1.2 3.0 2.2 2.3 1.4 .9 .6 2.3 1.6 .7 .8 2.1 1.5 2.5 1.7 1.9 1.4 .5 .7 2.0 1.4 .6 .4 2.2 1.6 .6 2.0 1.4 .6 2.2 1.5 3.1 2.2 2.9 .2 .5 4.3 .2 2.5 3.4 .3 1.3 3.8 .3 .4 4.0 .2 .2 4.1 .3 .5 3.2 .2 .3 3.4 3.9 .4 .3 4.4 .4 .4 5.1 .2 2.3 2.5 .1 1.4 2.2 2.8 .2 2.4 .4 2.1 1.3 .7 1.6 2.3 .4 .8 .5 1.8 .5 2.4 .4 .8 1.2 2.2 .6 .5 .8 1.9 .8 .7 2.0 .2 .8 .5 2.2 .1 1.2 20.2 1.2 17.9 1.0 29.1 1.1 16.0 .9 17.0 12.9 1.0 14.1 1.3 45.6 13.5 21.4 36.3 13.9 30.8 27.3 12.1 19.5 39.3 12.9 27.3 31.1 13.8 28.9 30.0 14.5 24.5 29.2 15.3 27.5 24.2 11.0 35.6 36.7 Boston 1.0 6.2 21.3 28.7 21.9 1.1 39.7 13.7 14.4 29.0 37.3 16.8 20.6 35.5 19.1 22.2 38.9 .3 33.9 San Francisco .4 Country member banks, by Federal Reserve districts Item New York Philadelphia Cleveland Richmond 48.8 29.0 22.2 100.0 47.7 31.7 20.6 100.0 47.1 35.7 17.2 100.0 51.8 32.1 16.1 100.0 62.2 21.0 16.8 100.0 30.0 15.1 28.7 73.8 29.4 16.5 28.7 74.6 23.6 19.9 24.5 68.0 25.8 20.7 25.1 71.6 6.2 4.4 2.7 6.8 2.1 2.3 6.8 1.7 2.6 3.0 2.2 .8 .5 3.0 2.2 .8 .2 .5 Chicago St. Louis Minneapolis Kansas City Dallas 54.3 26.0 19.7 100.0 49.6 30.2 20.2 100.0 55.8 27.9 16.3 100.0 49.0 28.7 22.3 100.0 60.9 20.4 18.7 100.0 63.8 19.5 16.7 100.0 61.4 20.6 18.0 100.0 27.3 18.6 24.6 70.5 29.5 13.5 27.9 70.9 30.0 16.9 25.4 72.3 27.8 15.4 26.3 69.5 30.0 16.2 26.4 72.6 32.9 33.2 9.7 5.7 25.4 68.0 29.8 68.7 29.8 17.2 24.6 71.6 7.4 5.2 2.3 8.3 7.5 3.3 8.7 8.2 3.4 8.6 8.0 2.7 9.1 8.1 3.3 9.4 7.9 3.4 10.6 9.7 5.0 9.6 8.6 4.5 10.8 9.1 3.6 3.3 2.2 1.1 .3 3.4 2.4 1.0 3.2 2.3 .9 .8 3.1 2.2 .9 .9 3.0 2.2 .8 .8 3.2 2.2 1.0 .9 3.4 2.5 .9 .8 3.8 2.6 1.2 1.1 3.4 2.3 1.1 1.0 3.8 2.7 1.1 4.9 .5 1.2 5.1 .1 1.2 5.6 .3 .5 5.4 .4 .5 5.8 .2 .5 5.2 .4 .5 5.5 .3 .4 5.6 .7 .6 7.1 .7 .9 7.2 .6 .8 6.0 .3 .5 1.1 2.4 .4 1.2 1.3 3.2 .4 1.0 1.8 3.0 .3 .7 1.2 2.8 .2 .7 .6 2.9 .4 1.2 1.0 2.5 .3 .8 .9 2.9 .3 .7 .9 2.8 .4 .5 1.1 2.9 .2 .5 .4 2.8 .2 .5 .5 2.8 .2 .7 .7 1.4 37.0 1.1 1.4 1.6 1.8 1.6 1.3 1.5 1.4 1.7 1.4 49.0 54.7 51.1 37.5 29.1 44.3 37.5 44.3 25.0 15.4 1.7 43.4 18.1 31.8 34.1 15.6 28.6 38.8 21.3 30.9 37.0 18.2 31.0 35.9 17.6 36.9 24.1 17.2 29.1 28.4 14.5 28.1 35.5 16.3 32.6 30.7 14.8 30.0 35.5 18.6 32.7 26.9 19.9 30.0 23.7 14.4 38.3 27.3 Boston Ratios to total earnings: Interest and discount on loans Interest and dividends on securities All other current earnings Total current earnings Salaries and wages Interest on time deposits All other current expenses Total current expenses Ratios to total capital accounts: Net current earnings Net profits Cash dividends declared Ratios to total assets: Total current earnings Total current expenses Net current earnings Net profits Ratios to loans: Interest and discount on loans Beeoveries on loans Losses on loans {Ratios to securities: Interest and dividends on securities Recoveries on securities 3?r©ftts on securities sold Losses on securities Other ratios: Interest on time deposits to time deposits Time deposits to total deposits Total capital accounts to loans, securities, and real estate assets, _ Loans to total assets Securities to total assets 2.5 .4 .7 Atlanta San Francisco * Not including central reserve city banks. 472 FEDERAL RESERVE BULLETIN INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments. Gold production Gold movements International capital transactions of the United States. Central banks Money rates in foreign countries. Commercial banks Foreign exchange rates. Price movements: Wholesale prices Retail food prices and cost of living. Security prices 474 475 475 476-480 481-484 485 486 487 488 489 489 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve Banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Daily and monthly press releases giving daily and monthly average foreign exchange rates will be sent without charge to those wishing them. Other data on the following pages are not regularly released prior to publication. MAY 1941 473 GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] End of month Argentina United States 1936—Dec— 1937—Dec... 1938—Dec. 1939—Dec.- 11,258 12, 760 14, 512 17, 644 501 469 431 466 1940—Mar... Apr... May.. June _. July... Aug. _. Sept... Oct.... Nov... Dec... 1941—Jan.... Feb... Mar... 18, 433 18, 770 19, 209 19,963 20,463 20, 913 21, 244 21,506 21, 801 21,995 22,116 22, 232 22, 367 482 2 403 403 403 403 402 385 369 353 353 353 353 353 End of month Hung- Iran ary (Persia) Belgium Brazil 632 597 581 4 4 734 734 Italy Japan British India Bulgaria Canada 274 274 274 274 274 274 274 274 274 274 211 212 35 2,000 2,000 2,000 Java Neth- New Mexico erlands Zealand 491 933 998 692 1940—Mar... Apr... May.. June _. July.. Aug... Sept... Oct.__. 137 164 164 164 164 164 164 164 164 164 164 164 164 90 100 100 98 103 103 109 109 129 140 152 171 692 650 625 625 627 624 634 629 621 617 616 Switzerland Turkey 1936—Dec 1937—Dec— 1938—Dec... 1939—Dec... 240 244 321 657 650 701 549 2,584 2, 1940—Mar... Apr... May.. June _. July... Aug... Sept... Oct.... Nov... Dec... 1941—Jan.... Feb... Mar... 173 179 189 199 173 153 152 150 157 160 165 171 520 515 501 493 488 490 490 500 501 502 520 524 1 1 1 1 1 1 1 1 1 1 1 1 Uruguay Venezuela Yugoslavia Norway P92 B.I.S. Other countries 7 144 145 145 145 145 145 145 145 145 r p Preliminary. Revised. * Figure for June 15, 1939, last date reported. * Beginning April 1940, reports on certain Argentine gold reserves no longer available. 3 On May 1,1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control 4Board. Gold reported since that time is gold held by Minister of Finance. Figure reported in special semi-annual statement of National Bank of Belgium; change from previous December due largely to inclusion of gold formerly not reported. B Figures shown for December 1936 and December 1937 are those officially reported on Aug. 1, 1936, and Apr. 30, 1938, respectively. 8 Figure for July 31,1939, last date reported. * These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian Congo, Bolivia, China, Danzig through Aug. 31,1939, Ecuador, El Salvador, Estonia, Finland, Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain of these countries have been carried forward from last previous official report. s Gold holdings of Bank of England reduced to nominal amount by gold transfers to British Exchange Equalization Account during 1939. » Figure for end of March 1939. last date reported. w Increase due to inclusion of additional foreign gold reserves not previously reported. NOTE.—For description of table and back figures see BULLETIN for September 1940, pp. 925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported figures through April 1940 appear on p. 926 in that issue. 474 27 26 24 27 28 28 28 28 Ruma- South Poland Portunia gal Africa P91 136 142 143 144 86 Peru 69 183 185 142 149 81 Greece 28 28 28 28 28 60 79 80 90 Sweden GerEgypt France many 2,995 2,564 2, 430 2,709 463 261 164 164 End of month Czecho- Denslovakia mark 188 184 192 214 208 210 193 144 United Kingdom Colombia 275 274 274 274 1936—Dec... 1937—Dec... 1938—Dec... 1939—Dec... Nov... Dec... 1941—Jan.... Feb... Mar... Chile 114 120 133 152 203 189 220 249 153 154 155 155 156 156 156 157 157 158 158 272 279 298 302 305 308 314 328 351 367 376 Spain 5 718 5 525 Government gold reserves J not included in previous figures E n d of month 1935—June. . . 1936—June— 1937—June— 1937—Dec. 1938—Mar... June. . Sept. Oct. Dec— 1939—Mar... May June... Sept.__ Dec... 1940—Mar.. . June... Sept._. Dec— United United France States Kingdom (2) 59 169 4 103 103 115 81 3 934 1,395 1,489 62 44 759 80 154 Belgium 1,732 5 103 331 559 477 85 164 156 145 86 105 48 44 17 17 17 17 1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund (Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization Fund and Rentes Fund; Belgium—Treasury. 2 Reported as nil. 3 Figure for end of March 1937, first date reported. * Figure for end of September 1937. 5 First date reported. For complete monthly series through May 1939, see BULLETIN for February 1941, p. 170. NOTE.—For details regarding special gold transfers in 1939-40 between the British E. E. A. and the Bank of England, and between the French E. S. F. and the Bank of France, see BULLETIN for September 1940, p. 926. FEDERAL RESERVE BULLETIN GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollars] Year or month Estimated world production outside U.S.S.R.i Production reported monthly Africa Total 1929.. 1930.. 1931. 1932. 1933. 382, 532 401,088 426,424 458,102 469,257 352, 237 365, 258 386,293 413,459 411, 208 1933.. 1934.. 1935.. 1936.. 1937.. 1938.. 1939.. 1940.. 794,498 823,003 882, 533 971, 514 1,041, 576 1,136, 360 I , 212, 796 1, 285, 060 696, 218 707, 288 751,979 833,088 892, 535 957, 212 1,019, 665 I, 092, 349 1940—February... March. April May June July. August September.. October November.. December.. 81, 345 88,059 97, 580 103,950 106, 890 106,400 104, 335 110, 285 109, 795 106,960 115, 045 109,725 109, 445 $1=25-8/10 215, 242 221, 526 224,863 238,931 227, 673 $1=15-5/21 385,474 366.795 377^090 396,768 410,710 425,649 448,753 491,628 2,345 2,372 2,454 2,442 2,437 2,459 2,498 2,450 2,477 2,404 2,433 P93, 072 P91,915 P87, 950 42, 335 /2, 433 39, 608 /2,433 P93, P93, 777 P90,893 P99, 023 P93,742 North and South America West Africa Belgian United ColomCongo States 2 Canada' Mexico bia Other Austra- British lia India Chile grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.6T 2,390 45, 651 2,823 683 4,297 39,862 13,463 11, 607 428 11,476 4,995 2,699 47, 248 43,454 13,813 3, 281 442 11,193 5,524 3,224 49, 527 55,687 12,866 4,016 788 12,000 5,992 3,642 50,626 62,933 12,070 5,132 13,335 6,623 3,631 52,842 60,968 13,169 6,165 3,009 grains of gold 9/10 fine; i. e., an ounce of fine gold=$35 5,094 22,578 11,214 6,148 89,467 103,224 22,297 10,438 8,350 24,264 12,153 6,549 108,191 104,023 23,135 12,045 9,251 25,477 13,625 7,159 126,325 114,971 23,858 11,515 28,053 16,295 7,386 152,509 131,181 26,465 13, 632 9,018 9,544 28,296 20,784 8,018 168,159 143,367 29,591 15,478 28,532 24,670 8,470 178,143 165,379 32,306 18, 225 10, 290 28,009 28,564 8,759 196,391 178,303 32,300 19, 951 11, 376 29.155 32.163 *>15,779 206,994 185,602 30,878 22,117 11,999 38, 575 40,163 40,879 41, 742 40,437 41,936 41, 989 40,958 42,362 41, 620 41,188 P90, 940 P90, 554 1941—January... February.. Rhodesia South Africa 8,712 9,553 12,134 14,563 16,873 7,508 6,785 6,815 6,782 6,919 30, 559 31,240 40,118 46,982 54,264 56,182 55,878 11,715 11, 223 11,468 11,663 11,607 11, 284 11,078 •10,157 728 732 Pl, 505 PI, 540 Pl,505 p\, 505 Pl, 505 p\, 505 p 1,505 v\ 505 pl, 505 13, 300 16, 201 16, 391 16,483 14, 845 18, 849 16,035 17,065 21, 744 19, 692 19,434 14,188 15,045 14,652 15,488 15, 795 15,982 16, 318 15,416 16, 360 15, 750 15, 755 1,901 1,651 4,233 1,356 2,562 3,010 4,027 2,596 2,337 1,905 2,221 1,633 1,717 1,941 1,825 1,715 1,952 2,184 2,016 1,789 1,713 1,675 735 1,759 766 1,271 780 850 1,243 673 1,121 929 879 4,411 4,791 4,581 4,786 4,688 4,263 4,693 4,616 5,638 4,592 4,333 /2, 668 fpl, 505 /2, 668 fl, 505 16,646 15,408 15,199 /15,199 P2, 940 p2,940 2,137 /2,137 /879 /879 /4,333 /4, 333 2,663 2,740 2,678 2,747 2,643 2,590 2,725 2,652 2,709 2,687 2,668 868 P875 P875 P490 P560 P945 P980 P945 P840 /P840 Gold production in U. S. S. E.: 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—at $20.67 per fine ounce: 1929, $15,000,000; 1930, $31,000,000; 1931, $34,000,000; 1932, $40,000,000; 1933, $56,000,000; at $85 per fine ounce: 1933, $95,000,000; 1934, $135,000,000; 1935, $158,000,000; 1936, $187,000,000; 1937, $185,000,000; 1938, $180,000,000. r Revised. p Preliminary—Monthly figures thus footnoted under individual countries are those reported by the American Bureau of Metal Statistics, adopted for use in the table pending receipt of the usual direct reports to the Board; these figures are not directly comparable with the preceding series (for description of sources of direct reports, see references cited in note below). / Figure carried forward from last previous figure without footnote f. 1 Annual figures through 1939 are estimates of U. S. Mint. Annual figure for 1940 and monthly figures are based on reports of American Bureau of Metal Statistics. Since these reports are given in thousands of fine ounces, the dollar figures are accurate only within a margin of error of $17,500. 2 Includes Philippine Islands production received in United States. 3 Figures for Canada beginning January 1940 are subject to official revision. NOTE.—For monthly figures back to January 1929 and for explanation of table and sources see BULLETIN for March 1939, p. 227; February 1939, p. 151; June 1938, pp. 539-540; and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1940, p. 101, and 1936, pp. 108-109. GOLD MOVEMENTS UNITED STATES [In thousands of dollars at approximately $35 a fine ounce] Year or month Total net imports or net exports (-) Net imports from or net exports (—) to: United Kingdom France Netherlands Belgium Swe- Switzerden land Canada Mex- Colom- PhilipAuspine ico bia Islands tralia 1934 1 1935 1936 1937 1938 1939 1940 86,829 30, 270 12,402 1,131,994 499,870 260, 223 8,902 94,348 3 227,185 95,171 13, 667 968 1, 739,019 315, 727 934, 243 2 7,511 72,648 39, 966 1,116, 584 174,093 573, 671 3,351 71,006 6,461 6 54, 452 111, 480 38,482 1, 585, 503 891, 531 -13,710 90, 859 76,315 36, 472 1, 973, 569 1, 208, 728 81,135 15, 488 163,049 60,146 1,363 3,798 165,122 341, 618 28, 715 86,987 612,949 33, 610 3, 574,151 1, 826, 403 977 63, 260 161, 489 90, 320 2, 622, 330 29, 880 4, 744, 472 633, 083 241, 778 1940 Feb Mar.... Apr May June... July Aug Sept. Oct Nov Dec 201, 422 459, 827 249,851 435,132 1,162, 975 519, 974 351, 553 334,100 325, 964 330,107 137,176 21, 321 35, 268 43, 567 62,042 128,003 241, 301, 734 10, 819 3,650 1,738 936 99 40 35 40 603 974 2 16,944 10,899 11,911 18, 397 10, 557 23, 239 23,999 12,038 15, 335 21, 513 25, 427 27, 880 35, 636 38, 627 2,006 2,215 2,396 2,331 4,182 1,891 10, 335 545 538 545 347 3 2,116 2,111 2,113 2,130 5,856 4,516 2,330 2,814 1,896 4,137 3,376 2,405 3,895 2,830 3,738 3,764 2,673 3,283 3,268 563 337 46,876 1,147 81, 529 814 95, 619 866 3,168 11 2,232 899 224, 024 2,828 5,411 16,181 32, 448 13,932 282 65,991 28, 907 3,273 39, 654 32, 617 9,431 11,452 3,671 2,138 32 3,158 6 3,637 27 1941 Jan ._ Feb Mar 234, 242 108, 609 118, 567 37 1,218 817 1,746 Jan.-Mar. 461, 418 2,072 1,746 46,866 249, 858 54,967 281,182 716, 685 172, 268 264,328 217, 627 222, 726 262, 718 80, 389 South Africa 12 1,029 65 3,498 8 23, 280 181 34,713 401 39,162 74, 250 22, 862 103, 777 184, 756 4,241 7,409 3,374 5,177 6,603 5,262 6,746 14, 605 14, 770 14,441 14,994 British India Japan 4 246, 464 168, 740 165, 605 111, 739 All other countries 76,820 32,304 75, 268 46, 989 77,892 39, 735 50,762 2 29,998 16,159 3 67,975 50,956 102,404 49,989 4 388,468 4,919 5,797 4,710 4,743 3,399 6,722 11, 813 3,139 4,317 2,377 13, 228 11,815 12,186 13, 262 954 523 784 2,170 7,446 3,185 11,136 149, 735 2,772 6,738 96 3,984 6,262 2,788 6,085 4,501 3,046 6,062 15,093 2,951 9,942 24,136 152, 620 9,131 4,501 524,106 18, 872 24, 503 28, 798 31, 477 23,091 3,482 11, 687 7,854 6,704 6,240 1,751 31,001 21, 493 27,866 18, 423 25,197 23,463 34, 789 69, 946 64, 208 27, 580 12,805 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 23 Includes $31,830,000 from Argentina. Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other countries. * Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. 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 $11,236,000 from U. S. S. R. NOTE.—For gross import and export figures and for additional countries see table on p. 426. MAY 1941 475 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 i Increase in foreign banking funds in U. S. Total From Jan. 2, 1935, through— Total Central bank funds in N.Y.i Other Decrease in U. S. banking funds abroad Foreign securities: Return of U. S. funds Domestic securities: Inflow of foreign funds Inflow in brokerage balances 1935—Dec. (Jan. 1, 1936)..__ 1936—Dec. 30 _ 1937—Dec. 29 1,412. 5 2, 608. 4 3,410. 3 603.3 930.5 1,168.5 81.1 243.9 593.5 849.4 924.6 361.4 431.5 449.1 125.2 316.2 583.2 316.7 917.4 1,162.0 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) 3,207. 2 3,045.8 3,472. 0 3,844. 5 4,197.6 4, 659. 2 5, 035. 3 5,021. 2 949.8 786.2 1,180. 2 1,425. 4 1,747. 6 2,111.8 2,479. 5 2, 430. 8 149.9 125.9 187.0 238.5 311.4 425.3 552.1 542.5 799.9 660.4 993.2 1,186. 9 1,436. 2 1,686. 5 1,927. 3 1,888. 3 434.4 403.3 477.2 510.1 550.5 607.5 618.4 650.4 618.5 643.1 625.0 641.8 646.7 664.5 676.9 725.7 1,150.4 1,155. 3 1,125. 4 1, 219. 7 1,188. 9 1, 201. 4 1,177. 3 1,133. 7 54.2 57.8 64.1 47.6 63.9 74.0 83.1 80.6 5,036. 6 5,047.1 5,041. 5 5,067. 8 2,463. 0 2,473. 0 2,457.1 2, 479. 3 627.4 544.3 523.9 646.8 1.935. 6 L, 928. 7 L, 933.3 L, 932. 5 623.3 621.5 627.0 627.7 741.0 743.3 745.5 748.7 1,122.1 1,122. 6 1,123. 8 1,125.1 87.3 86.7 88.1 87.0 _ 5,040.8 5,060. 6 5,105. 2 5,121.1 5,133. 5 2,437.6 2,461. 6 2, 500. 2 2, 522 8 2, 539.0 609.2 617.8 537.4 544.4 539.1 L, 928.4 L, 943.8 L, 962. 8 L, 978. 4 L 999.9 638.5 633.5 638.7 636.9 631.6 752.4 755.2 757.2 758.1 761.6 1,123.8 1,120. 4 1,118. 9 1,116. 0 1,112. 5 88.4 89.9 90.2 87.3 88.7 Apr. 10 . . Apr. 17 Apr 24 May 1 5,118.1 5,152.1 5,194.1 5,177. 8 2, 2, 2, 2, 521. 7 538. 9 566. 9 562.1 528.5 633.1 522.4 611.2 1,993. 3 2,005. 8 2,044. 5 2,050.9 634.1 644.9 659.0 643.4 762.4 764.7 767.2 771.1 1,111.3 1,114. 2 1,112. 7 1,112. 8 88.6 89.4 88.2 88.3 5,186. 2 5,193. 2 5, 254.6 5, 208. 2 2, 566.1 2,560 6 2,612. 7 2, 552. 5 516.4 556.7 612.1 699.8 2,049. 7 2,003. 9 2,000. 6 1, 952. 7 647.0 657.3 664.1 684.0 773.1 774.7 774.9 775.5 1,111.6 1,112 6 1,108. 8 1,101.0 88.5 88 0 94.2 95.1 5, 241. 8 5, 208. 4 5, 415. 8 5, 401. 7 5,490. 2 2, 573.0 2, 640. 0 2, 740. 0 2,729. 7 2,830.1 623.2 623.4 834.9 838.7 922.3 1,949. 8 1,916. 7 1, 905.1 1,891. 0 1,907. 8 679.1 674.5 681.2 690.0 684.1 778.9 780.3 782.1 782.5 785.7 1,113. 6 1,116. 6 1,114. 0 1,101. 9 1,091. 4 97.2 96 9 98.5 97.6 98.9 5, 5, 5, 5, 511. 0 546. 7 548. 6 572. 8 2,849. 5 2,887. 5 2,887. 7 2,900. 0 931.4 967.8 977.8 993.8 1, 918.1 1,919. 8 1, 909. 9 1, 906.1 692.3 699.4 698.7 714.1 786.5 788.2 788.6 788.9 1,083. 3 1,072. 5 1,073. 5 1,069. 9 99.5 99.0 100.1 99.9 5, 665. 2 5, 698. 8 5, 738. 9 5, 751. 0 5, 752. 0 2, 941. 2 2,984. 9 3,022. 5 3,034. 2 3, 040. 7 2 945. 0 996.3 1,018. 5 1,047. 9 1,054. 7 « 1, 996. 2 1,988. 6 2,004. 0 1,986. 3 1,986. 0 764.8 769.2 774.0 778.3 773.1 789.7 790.3 790.6 790.6 790.5 1,070.0 1,055. 3 1,052. 7 1,048.1 1,047.1 99.6 99.1 99.1 99.9 100.5 5, 722. 7 5, 807. 1 5, 788. 5 5, 805. 5 3,014 1 3, 087. 2 3,062. 6 3,092. 8 1,012.8 1,107. 7 1,087.0 1,112. 3 2,001.3 1, 979. 5 1,975. 5 1,980. 5 768.4 773.2 782.0 773.6 791.0 791.3 791.7 793.2 1,049. 4 1,054. 8 1,051.4 1,044. 3 99.9 100.6 100.8 101.6 _ _ . _ _ 1940—Feb. 7 Feb. 14 Feb 21 Feb. 28 Mar. 6 Mar 13 Mar. 20 Mar 27 Apr. 3 May May May May June 5 June 12 June 19 June 26 July 3 July July July July _ _ _ _ _ _ 8 _____ 15 22 . 29 _ _ _ _ _ _ _ 10 17 24 31 _ Aug. 7 Aug. 14 Aug. 21 Aug. 28 Sept. 4 . _ Sept 11 Sept. 18 _ Sept. 25 Oct. 2 9.8 6.0 Oct. 9 Oct. 16 Oct. 23 Oct. 30___ _ _ _ _ 5, 825. 6 5, 796. 4 5, 805.1 5, 794. 0 3,108. 5 3,086. 3 3,118. 7 3,112. 5 1,133. 6 1,129.9 1,140.1 1,158. 9 1, 975.0 1,956.4 1, 978. 6 1, 953. 6 781.8 780.9 765.6 765.7 793.6 794.0 794.0 794.6 1, 040. 3 1,034.3 1,025. 6 1, 020. 6 101.3 100.9 101.2 100.7 Nov. 6 Nov. 13 Nov. 20 __ Nov. 27 ._ 5,813. 0 5, 806. 7 5,863. 8 5, 860. 0 3,137. 0 3,141. 9 3,199. 3 3,194. 0 1,190. 7 1,195. 5 1, 248. 7 1, 231. 6 1,946. 3 1, 946. 4 1, 950. 6 1, 962. 5 762.3 751.5 752.3 764.0 795.5 796.0 798.1 798.4 1,018. 2 1,017.8 1,012.6 1,003. 6 100.0 99.4 101.4 100.0 5, 838. 7 5, 797. 2 5, 847. 9 5, 824.0 5, 825. 4 3,177.1 3,141. 0 3,177.1 3,154. 8 3,152. 5 1, 209.1 1,186. 3 1, 209. 7 1,182. 4 1, 200. 8 1,967. 9 1, 954.8 1, 967. 3 1, 972. 4 1, 951. 7 763.0 757.6 771.1 771.6 775.1 800.4 801.6 803.1 803.1 804.1 998.6 997.7 996.4 993.2 992.8 99.6 99.3 100.2 101.3 100.9 5,813. 7 5,912.1 5, 888. 8 5,847. 4 3,146.1 3, 251.8 3, 249. 9 3, 210. 6 1,198. 8 1, 301. 3 1, 303. 3 1, 288. 2 1,947. 3 1,950. 6 1, 946. 6 1, 922. 4 775.8 772.2 757.1 759.9 804.9 806.8 808.0 808.5 985.6 979.6 974.0 969.7 101.3 101.7 99.8 98.8 Dec. Dec. Dec. Dec. 1941—Jan. 4 11 18 25 1 Jan. Jan. Jan Jan. 8 15 22 29 _ . _ _ 1 Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading see BULLETIN for April 1939, p . 285. 2 In the week ending August 7, a foreign central bank account amounting to $55,000,000 was changed to a foreign private account. NOTE.—Statistics reported b y banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, p p . 284-296; April 1938, pp. 267-277; and M a y 1937, p p . 394-431. 476 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 Canada Latin America Asia 1 1,200. 6 2,051. 3 2,653.0 3,054. 2 3, 790.1 () 150.5 106.3 155.3 229.4 70.9 201.2 410.6 384.6 483.4 128.3 184.0 224.6 214.2 431.0 12.7 21.4 15.9 36.2 87.4 865.7 866.0 874.1 885.3 899.0 917.8 934.0 930.0 925.5 922.7 3,894. 7 3,891. 6 3,917. 7 4,153. 9 4,115. 6 4, 222.8 4,224.4 4, 207. 6 4,199. 2 4,161.0 213.3 226.5 215.8 230.1 324.5 369.4 387.3 384.4 415.5 411.7 520.7 539.2 558.4 579.2 581.6 597.9 603.8 601.0 606.5 606.8 434.7 448.7 443.7 451.3 468.8 484.7 506.5 515.4 557.9 555.7 70.1 71.7 72.6 75.7 82.3 77.2 83.6 85.6 80.9 90.2 920.1 914.8 4,149. 2 4, 254. 7 4, 224. 3 4,165. 5 405.4 404.2 408.2 416.5 611. 6 611.3 602.6 611.2 557.3 552.6 557.8 558.1 90.3 89.3 95. 9 96.1 Canada Latin America Asia i Total United Kingdom France Netherlands Switzerland Germany Italy 1935—Dec. (Jan. 1, 1936) 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) 1939—Dec. (Jan. 3, 1940) 1, 412. 5 2, 608.4 3,410. 3 3,844. 5 5,021. 2 554.9 829.3 993.7 1,183. 8 1,101.3 210.2 299.5 281.7 339.6 468.7 114.5 229.7 311.9 328.6 470.3 130.4 335.5 607.5 557.5 773.0 36.6 83.1 123.9 140. 5 165.9 24.0 45.6 22.1 32.2 58.0 130.0 228.5 312.2 472.0 752.9 1940—Mar. (Apr. 3) Apr. (May 1). May 29 June (July 3) July 31 Aug. (Sept. 4) Sept. (Oct. 2) Oct. 30 _ Nov. 27 Dec. (Jan. 1, 1941) 5,133. 5 __ 5,177. 8 5, 208. 2 5,490. 2 5, 572. 8 5,752.0 5, 805. 5 5,794.0 5,860.0 5, 825. 4 982.4 946.2 975.7 1,013.1 962.4 1,005. 4 1,004. 2 994.4 1,007. 2 969.6 461.5 494.8 681.4 675.7 693.8 683.0 679.9 675.9 670.3 469.5 482.4 471.9 459.6 454.1 459.7 457.9 456.9 450.8 455.6 857.8 881.8 851.3 876.8 884.0 908.4 884.4 896.7 895.8 911.5 167.5 168.1 171.5 171.4 175.9 173.1 176.3 173.9 173.8 175.9 85.5 78.3 66.3 64.5 64.5 84.6 75.9 70.3 55.4 5,813. 7 5, 912.1 5, 888. 8 5, 847. 4 959.1 1, 069. 8 1, 052.1 1, 024. 6 671.3 672.8 669.7 667.4 452.8 452.1 451. 6 451.5 914.6 916.1 914.5 890.5 176.1 176.0 175.6 175.3 55.1 53.1 51.9 49.3 From Jan. 2, 1935, through— 1941—Jan. 8 Jan.15 Jan. 22 Jan. 29 Total Other Europe Europe All other i TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From Jan. 2, 1935, through— Total United Kingdom France Netherlands Switzerland Total Other Europe Europe All other « Germany Italy 7.3 23.0 6.9 1.7 19.7 60.7 79.7 109.4 208.6 470.0 453.5 588.9 791.7 1,010. 7 1, 655.4 76.3 101.6 174.5 33.5 149.3 166.3 127.6 215.1 58.8 90.4 126.2 163.3 325.4 11.5 15.2 8.0 22.2 60.5 1935—Dec. (Jan. 1, 1936). 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) 1939—Dec. (Jan. 3, 1940) 603.3 930.5 1,168. 5 1,425.4 2,430. 8 128.6 163.5 189.3 364.0 376.1 129.6 144.2 111.8 155.3 256.1 55.7 65.9 76.3 87.9 190.9 72.4 109.8 288.4 205.1 362.7 -11.8 -20.1 1940—Mar. (Apr. 3) Apr. (May 1) May 29 June (July 3) July 31 Aug. (Sept. 4) Sept. (Oct. 2) Oct. 30. Nov. 27 Dec. (Jan. 1, 1941) 2, 539.0 2, 562.1 2, 552. 5 2, 830.1 2,900.0 3.040.7 3,092. 8 3,112. 5 3.194.0 3,152. 5 289.1 254.4 282.4 325.8 270.9 313.6 314.3 306.6 325.0 293.3 258.6 254: 6 287.0 472.7 465.2 483.1 471.4 468.7 465.5 458.0 185.7 199.1 184.4 170.8 164.4 168.8 166.3 165.1 158.9 160.3 418.5 433.9 399.9 427.4 435.5 462.7 445.9 476.3 479.9 494.7 -21.2 -21.2 -19.7 -19.9 -16.0 -19.1 -16. 5 -20.6 -21.6 -22.9 50.5 52.5 46.2 11.0 7.0 7.3 5.8 .6 .1 571.8 569.2 572.4 578.8 587.8 604.8 620.6 615.6 609.4 603.7 1, 753.1 1,742. 7 1, 752. 6 1,966. 6 1,914. 7 2,021. 2 2,007.8 2,012.4 2,017.1 1,986. 3 150.0 155.2 135.8 159.0 253.8 295.8 310.6 307.9 335.0 334.1 244.5 269.0 281.5 300.5 299.9 311.4 317.5 325.1 332.7 326.4 349.3 351.6 335.9 355.7 376.8 361.7 401.8 410.3 456.0 444.4 42.2 43.6 46.6 48.3 54.8 50.7 55.1 56.8 53.2 61.3 1941—Jan. 8 Jan.15 Jan. 22 Jan. 29 3.146.1 3.251.8 3, 249.9 3, 210. 6 280.4 390.3 374.9 349.7 458.8 459.9 457.1 455.1 157.0 156.1 156.2 156.1 498.6 502.1 501.6 482.3 -23. 2 -23.2 -23.7 -24.2 —.5 -1.6 -1.6 -2.8 601. 4 597.1 590.4 587.5 1,972. 6 2, 080. 6 2, 054. 9 2, 003. 7 332.3 335.6 337.2 343.4 332.0 331.4 327.7 336.1 448.0 443.8 463.0 459.7 61.3 60.3 67.0 67.7 Canada Latin America Asia 1 TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From Jan. 2, 1935, through— Total United Kingdom France Netherlands Switzerland Germany Italy Other Total Europe Europe 1935—Dec. (Jan. 1, 1936) 1936—Dec. 30 . . _ 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) 1939—Dec. (Jan. 3, 1940) 361.4 431.5 449.1 510.1 650.4 208.8 178.0 207.4 206.2 252.2 48.1 62.0 65.3 68.4 73.8 -.4 -3.3 -4.4 -5.6 12.9 1.6 2.7 2.6 2.6 2.9 29.7 66.0 105.1 141.7 177.8 13.7 16.3 6.5 13.7 15.5 8.8 22.0 26.9 33.8 28.4 310.2 343.7 409.3 460.9 563.5 -4.6 36.9 -21.7 35.9 56.5 20.1 24.9 51.6 66.8 52.6 37.3 30.4 18.7 -46.5 -21.5 1940—Mar. (Apr. 3) .__ Apr. (May 1) May 29 June (July 3) July 31 Aug. (Sept. 4) Sept. (Oct. 2) Oct. 30. Nov. 27 Dec. (Jan. 1, 1941) 631.6 643 4 684.0 684.1 714.1 773.1 773.6 765.7 764.0 775.1 252.4 255.4 262.0 260.1 263.9 269.5 271.9 272.5 270.7 269.2 73.8 70.3 70.8 72.6 74.2 74.6 75.3 75.0 74.4 74.6 11.9 10 7 15.4 16.0 16.8 17.4 17.6 17.6 17.5 17.7 1.9 17 4.3 5.6 6.1 6.5 6.1 181.1 181.8 183.8 183.9 184.6 185.2 185.6 187.2 188.2 191.6 10.3 10 0 13.0 17.6 23.1 24.5 24.0 25.0 25.3 31.2 31.2 35.2 38.8 43.2 44.9 45.0 46.5 47.8 49.8 562.6 561.0 579.3 588.6 605.8 620.8 626.6 628.9 629.8 634.7 54.1 59.2 69.5 61.0 64.9 65.1 65.4 63.9 66.5 60.3 55.3 51.6 52.6 49.0 49.7 53.6 52.9 42.9 40.1 43.2 -40.0 -28.4 -16.9 -15.3 -7.2 34.0 26.9 27.7 26.4 34.8 1941—Jan. 8 Jan 15 Jan. 22 Jan. 29 775.8 772 2 757.1 759.9 272.1 272 9 271.0 269.2 74.7 75.2 75.5 75.4 17.8 17 8 17.8 17.8 6.5 6 0 192.1 192 1 192.2 192.4 25.0 25 3 25.1 25.5 48.9 48.0 48.4 48.7 637.2 637.3 635.8 634.8 61.4 58.6 61.7 62.6 42.3 42.3 40.1 40.1 32.6 31.8 17.5 20.2 3.1 6.2 6.5 5.7 5.9 8.9 All other l -1.6 -4.4 -8.7 -7.0 -.8 I -.5 .8 1.0 A 2.1 2.2 1.2 2.1 2.3 2.2 2.0 2.0 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 Inflow less than $50,000. NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For backfiguresand description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. MAY 1941 477 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1335—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From Jan. 2, 1935, through— Total United Kingdom France Netherlands Switzerland Germany Italy Total Other Europe Europe Canada Latin America Asia 1 All other i 1 l 1935—Dec (Jan 1, 1936) 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) 1939—Dec. (Jan. 3, 1940) 125.2 316.2 583.2 641.8 725.7 67 8 116.1 136.8 127.7 125.5 18.2 22.8 26.1 42.1 7 4 10.4 21.2 27.3 29.4 —1 2 13 7 30.4 36.1 45.0 13 3 22.5 26.6 33.5 36.6 46 1 87.9 115.2 167.8 189.0 143.1 278.3 366.4 440.6 495.2 —39.7 13.5 22.0 27.6 10.5 -9.7 -7.6 12 7 15.7 175.0 167.4 184.0 7 9 17.0 24.5 33.8 42.8 6.8 9.7 11.3 1940—Mar. (Apr. 3) . Apr (May 1) May 29 June (July 3) July 31 Aug. (Sept. 4) Sept. (Oct 2) Oct. 30 Nov. 27 Dec. (Jan. 1, 1941) 761.6 771 1 775.5 785.7 788.9 790.5 793 2 794.6 798.4 804.1 130.9 132.0 132.4 131.8 131.4 131.0 130.5 130.2 129.9 128.9 42.6 42 8 42.8 42.9 42.9 43.0 43.0 42.9 42.9 43.4 31.3 31.1 31.0 31.0 31.0 31.0 31.0 31.0 31.0 31.0 49.0 50.0 49.0 48.8 48.6 47.8 47.4 46.3 46.0 46.0 36.3 36.2 36.2 36.2 36.2 36.0 36 1 36.5 36.5 36.5 27.6 27.7 27.8 28.0 28.0 28.1 28.1 28.1 28.1 28.1 192.9 194.0 194.5 194.8 194.9 195.4 195.9 196.0 196.1 196.4 510.8 513.8 513.7 513.5 513.2 512.3 512.0 511.0 510.6 510.3 6.4 10.2 12.5 17.5 18.9 19.5 20.7 21.3 23.5 25.0 187.5 189.4 190.6 194.3 195.6 196.7 197.6 198.6 199.8 202.3 45.3 45.6 46.2 47.7 48.5 49.1 50.1 50.5 51.2 53.0 11.8 12.1 12.4 12.6 12.7 12.9 12.9 13.1 13.3 13.5 1941—Jan. 8 Jan.15 Jan. 22 Jan. 29 804.9 806.8 808.0 808.5 129.0 129.0 129.2 129.1 43.5 43.5 43.5 43.5 31.0 31.0 31.0 31.0 46.0 46.2 46.3 46.1 36.5 36.5 36.5 36.5 28.1 28.1 28.1 28.1 196.8 196.9 197.0 197.2 510.9 511.2 511.6 511.6 24.7 25.5 25.9 25.8 202.6 203.1 203.3 203.5 53.3 53.5 53.8 54.2 13.4 13.4 13.5 13.5 6.8 2 9 9.4 1.7 3.5 TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From Jan. 2,1935, through— Total United Kingdom France Netherlands Switzerland Germany Italy Other Europe Total Europe Canada Latin America Asia* All other i 1935—Dec. (Jan. 1, 1936) 1936—Dec. 30 1937—Dec 29 1938—Dec. (Jan. 4, 1939) 1939—Dec. (Jan. 3, 1940) 316.7 917.4 1,162. 0 1, 219. 7 1,133. 7 149.8 367.7 448.7 472.6 328.1 23.4 64.7 70.3 76.9 76.6 50.5 157.6 213.8 212.1 227.7 55.1 200.2 275.3 304.1 344.7 -5.4 -7.5 -17.4 -22.8 -28.2 -3^3 -4.9 -5.5 -4.9 12.9 38.5 55.7 56.6 60.4 286.2 818.0 1,041.6 1, 094.1 1,004. 4 2.8 32.6 37.6 25.7 -2.6 3.7 15.5 18.2 23.7 30.1 21.4 44.1 54.7 65.2 87.6 2.6 7.1 9.8 11.1 14.3 1940—Mar. (Apr. 3). Apr (May 1) May 29 June (July 3) _ _ July 31 Aug. (Sept. 4) Sept. (Oct. 2) Oct. 30 . . Nov. 27 Dec. (Jan. 1, 1941) 1,112.5 1,112.8 1,101. 0 1,091.4 1,069. 9 1,047.1 1,044. 3 1,020. 6 1,003. 6 992.8 291.2 286.1 281.3 278.8 279.5 275.0 271.1 268.0 264.4 261.2 75.9 76.2 75.8 74.7 74.8 74.7 74 5 74.1 74 1 74.4 231.5 231.4 230 7 230.4 230 4 230.6 230 7 230.6 230 9 233.2 368.1 375.0 380 9 378.3 376 3 372.9 365 4 349.6 346. 8 348.1 -28.7 -28.7 -28.7 -28.7 -28.7 -28.8 -28 8 29.1 —29.1 -29.1 -4.9 -4.9 —4.7 14.3 11.8 5.9 26 2 23.1 17 0 2.7 64.5 65.7 64.8 64.8 64.8 64.6 64.5 64.5 64.6 64.9 997.5 1,000. 6 1,000. 0 1,012. 6 1,008. 9 994.9 1,003. 5 980.9 968.7 955.4 -8.3 -8.5 -12.4 -19.4 -24.2 -21.9 -20.7 -19.0 -20.3 -18.4 32.1 29.5 27.3 27.9 27.7 26.8 26.6 26.2 25.1 25.6 76.8 76.9 72.7 57.2 44.5 33.9 22.0 20.0 17.5 17.6 14.4 14.2 13.4 13.2 13.1 13.4 12.8 12.6 12.6 12.6 985.6 979.6 974.0 969.7 260.7 260.5 260.0 259.5 74.3 74.3 74 3 74.2 233.2 233.2 233 3 233.3 347.3 345.3 344 3 340.2 -29.1 -29.1 —29.2 -29.2 2.2 1.1 .1 -1.6 64.8 64.8 64.7 64.6 953.4 950.2 947.4 941.0 -23.4 -25.9 -27.1 -25.7 25.5 25.3 23.8 24.7 17.3 17.5 17.6 17.7 12.6 12.5 12.4 12.0 Total Other Europe Europe Canada Latin America Asia 1 All other i ( 1941—Jan. 8 Jan. 15 Jan 22 Jan.29 _ _ TABLE 7.—BROKERAGE BALANCES,2 BY COUNTRIES From Jan. 2, 1935, through- Total 1935—Dec. (Jan. 1, 1936) 1936—Dec. 30 1937—Dec. 29 1938—Dec. (Jan. 4, 1939) 1939—Dec. (Jan. 3, 1940) 6.0 12.9 47.5 47.6 1940—Mar. (Apr. 3) Apr. (May 1) May 29 June (July 3) July 31 Aug. (Sept. 4) Sept. (Oct. 2) Oct. 30 Nov. 27 Dec. (Jan. 1, 1941) 88.7 88.3 95.1 1941—Jan. 8 Jan. 15 Jan. 22 Jan. 29 100.5 101.6 100.7 100.0 100.9 101.3 101.7 99.8 United NethKing- France erdom lands Switzerland () 4.0 11.5 13.4 19.4 18.7 18.3 17.6 16.6 16.7 16.3 16.3 17.1 17.2 17.0 2.4 10.4 11.5 12.9 20.1 5.0 6.8 9.3 2.5 9.1 10.8 9.6 17.8 17.4 17.6 18.4 18.5 18.5 18.6 18.8 19.1 18.9 19.9 9.0 10.1 10.5 11.4 11.5 11.9 12.3 12.5 12.5 13.4 20.2 21.3 18.5 18.0 18.0 18.8 19.2 18.3 16.9 16.2 16.9 17.1 17.1 17.1 20.0 19.9 19.3 19.2 13.8 14.0 13.3 13.3 16.3 16.5 16.6 15.9 Germany -.2 n () -.2 () 0) -!i -.2 -.2 -.2 o -.2 -.2 -.2 2 Italy 1.4 .4 5.0 5.2 5.0 7.6 22.6 44.0 47.9 71.6 -4.5 -7.6 3.5 1.8 8.7 1.0 -4.2 -.5 1.6 2.9 2.1 .5 -1.5 -3.4 5.4 5.9 7.1 8.1 8.3 8.0 8.1 7.3 7.6 7.9 70.8 73.5 72.1 72.7 72.9 73.6 74.7 74.4 73.1 74.3 11.1 10.4 10.3 12.0 11. 1 10.9 11.2 10.2 10.7 10.7 1.2 -.3 6.3 7.6 8.8 9.4 9.1 8.3 8.8 9.2 3.3 3.0 5.8 6.0 6.3 6.0 5.8 6.8 6.7 6.0 .3 2.1 2.2 1.8 .6 .7 .8 .6 .7 1.0 .7 .7 8.1 7.9 8.5 75.1 75.3 74.7 74.4 10.4 10.4 10.6 10.4 9.0 9.2 7.7 6.1 5.9 5.9 6.3 1.0 .9 Q i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". a For explanation see BULLETIN for May 1937, pp. 395-396. »Inflow less than $60,000. * Outflow less than $50,000. 478 FEDERAL RESERVE BULLETIN INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Date Total United Kingdom France Netherlands Switzerland 301.5 214.5 104.9 171.0 48.3 59.1 923.7 799.4 549.2 72.2 24.9 32.7 99.1 122.2 44.6 13.8 8.3 12.7 105.2 222.2 66.0 82.2 11.9 9.7 Germany Italy Other Total Europe Europe Canada Latin America Asia* 241.8 216.8 148.3 89.3 88.7 91.9 188.2 130.8 103.3 117.8 96.4 106.6 49.0 38.2 69.0 44.4 43.1 60.3 31.0 37.5 21.6 13.1 10.4 11.9 All other i Reported by Banks in New York City 1929—Dec. 31 _ 1930—Dec. 31 1931—Dec. 30 1932—Dec. (Jan. 4, 1933) 1933—Dec. (Jan. 3, 1934) 1934—Nov. 28 2 2, 672. 7 2,335.0 1,303. 5 733.8 388.2 466.7 204.5 161.0 41.1 30.2 16.3 25.8 157.4 111.2 33.2 36.6 9.9 14.3 371.3 281.3 122.2 63.1 30.1 41.7 2,162.8 1,911.7 961.2 469.1 149.7 196.0 Reported by Banks in United States 1934—Dec. 5 3 Dec. (Jan. 2, 1935). 1935—Dec. (Jan. 1, 1936) 1936—Dec. 30 1937—Dec. 29 584.8 597.0 1,200. 2 1,491. 6 1, 729. 6 79.6 76.9 205.5 235.7 261.5 36.1 33.9 163.5 176.3 143.9 13.5 12.9 68.6 78.8 89.1 12.1 13.7 86.1 123.5 302.1 28.4 29.9 29.0 32.0 39.0 16.8 18.8 26.1 41.7 25.7 40.6 46.8 107.5 126.3 156.0 227.1 232.9 686.3 814.3 1,017.1 103.3 99.3 145.3 186.1 175.6 117.4 122.8 156.3 263.9 280.9 125.1 130.1 188.9 200.2 236.0 12.0 12.0 23.4 27.1 20.0 1938—Mar. 30 June 29 Sept. 28 Dec. (Jan. 4, 1939) 1, 521.0 1,357.4 1, 751.4 1,996. 6 248.1 217 A 308.5 436.1 126.3 102.2 165.6 187.4 48.5 48.6 82.2 101.8 236.7 173.8 191.0 218.8 25.7 27.3 17.6 17.8 14.9 18.2 17.2 20.4 135.7 121.9 232.8 255.5 835.8 709.4 1,015.0 1, 237. 8 186.4 173.5 190.8 201.8 257.9 261.7 285.0 248.5 219.5 194.4 226.9 274.3 21.3 18.4 33.7 34.1 1939—Mar. 29. June 28 Sept. 27 Dec. (Jan. 3, 1940) 2,318.8 2, 683. 0 3,050. 7 3,057.0 473.9 607.4 656.7 448.2 219.5 284.4 295.9 288.2 143.9 146.0 186.0 204.9 247.1 240.8 299.9 376.3 18.7 15.1 14.8 12.2 17.1 38.5 314.7 366.9 446.4 516.9 1,432. 7 1, 672. 7 1,909. 7 1,882. 6 236.6 291.7 325.3 274.6 300.7 363.0 383.0 336.0 305.5 306.0 366.5 491.4 43.3 49.7 66.2 72.5 1940—Jan. 31 Feb. 28 Mar. (Apr. 3). Apr. (May 1) May 29 June (July 3) July 31 _._ Aug. (Sept. 4) Sept. (Oct. 2) Oct. 30 Nov. 27 Dec. (Jan. 1, 1941) 3,097.4 3,105. 5 3,165. 2 3,188. 3 3,178. 7 3,456. 3 3, 526. 2 3,666.9 3, 719. 0 3,738. 7 3,820. 3 3, 778. 7 404.5 376.6 361.3 326.6 354.5 397.9 343.0 385.7 386.4 378.8 397.2 365.5 290.6 288.5 290.7 286.7 319.1 504.8 497.3 515.2 503.5 500.8 497.6 490.1 200.3 200.1 199.7 213.1 198.3 184.7 178.3 182.7 180.3 179.1 172.8 174.3 395.5 411.0 432.2 447.6 413.6 441.0 449.2 476.4 459.6 490.0 493.5 508.4 9.1 8.4 8.4 8.5 9.9 9.8 9.1 8.0 6.7 43.7 44.5 69.3 71.3 65.0 29.8 25.8 26.1 24.6 19.4 18.9 17.9 569.0 593.5 618.7 616.1 619.3 625.7 634.7 651.7 667.5 662.5 656.3 650.6 1,912. 6 1,922.6 1, 980. 3 1,969.9 1,979. 8 2,193. 8 2,141.9 2,248.4 2,235.0 2, 239. 6 2, 244.3 2, 213. 5 266.9 268.7 250.1 255.3 236.0 259.2 353.9 395.9 410.7 408.1 435.2 434.3 352.2 354.6 365.5 389.9 402.4 421.4 420.8 432.3 438.4 446.0 453.6 447.3 494.8 497.3 515.2 517.6 501.9 521.7 542.8 527.6 567.7 576.3 622.0 610.3 70.9 62.4 54.1 55.6 58.6 60.3 66.7 62.7 67.1 68.7 65.1 73.3 1941—Jan. 8... Jan. 15.. Jan. 22.. Jan. 29.. 3, 772. 3 3,878. 0 3, 876.1 3, 836. 8 352.5 462.4 447.1 421.9 490.9 492.0 489.2 487.2 171.0 170.1 170.1 170.0 512.3 515.8 515.3 496.0 6.4 6.4 6.0 5.5 18.3 17.2 17.1 16.0 648.3 644.0 637.3 634.4 2,199. 7 2, 307. 8 2, 282.1 2, 230. 9 432.4 435.8 437.3 443.6 453.0 452.3 448.6 457.0 614.0 609.8 629.0 625.7 73.2 72.3 79.0 79.6 7.8 9.5 13.6 10.5 13.2 Additional Detail Available from January 3,1940 4 4 Asiatic countries 6 Latin American countries 5 European countries PanAr- Braama Total China Hong Japan PhilipBel- Den- Fin- Nor- Swe- Total genpine Chile Cuba MexTotal gium Kong and ico zil mark land way den Islands tina C.Z. Date 1940—Jan. 3 Jan. 31. Feb. 28 Mar. (Apr. 3) Apr. (May 1) May 29 June (July 3) July 31 Aug. (Sept. 4) Sept. (Oct. 2) Oct. 30 Nov. 27 . Dec. (Jan. 1, 1941). 407.1 448.1 458.8 475.1 460.2 443.3 457.0 457.7 466.7 470.3 469.0 466.2 462.7 159.2 166.2 176.6 184.3 183.7 172.0 161.3 154.9 150.9 147.9 145.7 145.7 144.8 28.1 28.7 27.2 28.7 23.0 21.1 19.5 18.4 17.2 16.8 16.2 16.1 17.3 21.4 23.8 23.7 25.0 27.2 29.5 29.6 29.1 26.3 29.1 24.3 22.0 16.5 56.3 67.0 69.4 68.4 67.5 64.1 59.0 57.8 54.3 51.2 51.3 50.1 48.7 142.2 162.4 161.9 168.6 158.9 156.7 187.6 197.5 218.0 225.3 231.5 232.4 235.4 250.7 259.3 263.7 275.4 297.1 311.8 326.5 321.3 332.2 338.8 348.2 353.8 341.7 57.7 66.5 68.7 63.5 80.6 83.3 88.7 93.1 103.9 110.1 112.7 115.1 115.4 36.4 31.8 30.0 35.3 35.0 34.8 39.0 38.0 31.4 33.4 39.7 44.1 36.2 26.8 24.4 24.7 24.7 23.4 24.8 30.2 29.2 27.8 26.1 25.0 26.9 28.5 37.0 38.3 38.3 43.2 46.4 49.6 49.7 48.1 51.1 48.7 48.4 46.4 47.9 58.8 62.1 65.2 68.4 67.2 68.6 65.3 60.3 58.5 63.2 64.4 62.6 55.0 34.0 36.2 36.7 40.2 44.5 50.6 53.5 52.7 59.6 57.3 57.9 58.6 58.7 432.9 434.7 439.2 455.1 461.3 446.2 448.4 446.6 408.3 431.6 432.5 475.2 454.5 167.0 173.8 178.9 178.5 184.1 178.8 181.8 181.6 184.7 192.7 195.1 218.6 207.5 71.4 72.2 68.5 75.2 81.1 79.4 78.4 84.3 87.6 87.0 89.4 92.2 91.1 165.4 158.7 162.1 169.4 164.1 151.8 152.6 142.6 97.4 106.8 102.8 119.3 110.3 29.1 30.0 29.7 32.0 32.0 36.2 35.6 38.2 38.7 45.2 45.2 45.1 45.6 1941—Jan. 8 Jan.15 . Jan. 22 Jan. 29 454.5 452.2 447.0 450.5 143.9 143.8 141.6 143.2 17.0 16.7 17.2 17.1 15.8 15.1 14.2 14.1 48.4 48.1 47.8 48.3 229 3 228.5 226.2 227.7 344.9 343.5 338.8 342.5 116.3 116.2 115.9 118.2 37.7 38.9 41.4 45.4 29.2 29.4 27.3 26.1 47.9 48.3 50.4 48.6 54.0 52.4 51.8 49.3 59.8 58.3 52.1 54.8 458.3 455.7 470.4 464.3 208.1 209.0 209.2 210.5 92.6 92.3 92.9 93.4 113.3 111.8 124.8 114.1 44.4 42.7 43.5 46.3 . . 1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". 2 Last report date on old basis. 34 First report date on new basis. Thefiguresin this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, Jan. 5, 1938, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 425; April 1939, p. 295; and April 1940, p. 362). MAY 1941 479 INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Date Total United Kingdom France Netherlands Switzerland Germany Italy Canada Latin America Asia 1 864.3 719.0 652.3 569.5 58.1 43.9 34.7 84.4 136.5 158.2 159.2 124.4 41.8 24.8 54.6 46.2 2.6 3.5 6.3 2.6 Other Total Europe Europe All other i Reported by Banks in New York City 1931—Dec. 30 1932—Dec. (Jan. 4, 1933) 1933-Dec. (Jan. 3, 1934) 1934—Nov. 282 1,103. 3 949.4 907.1 827.1 166.2 89.4 197.9 201.3 29.5 67.6 65.0 94.1 20.9 14.2 18.1 15.9 12.6 6.4 12.5 8.5 467.2 433.7 258.1 178.8 18.7 11.5 16.8 10.7 149.2 96.1 83.9 60.2 Reported by Banks in United States 1934—Dec. 5 K Dec. (Jan. 2, 1935) 1935—Dec. (Jan. 1,1936) 1936—Dec. 30 1937—Dec. 29 1,137.8 1,139.9 778.6 672.6 655.0 266.4 296.9 88.1 114.1 84.8 108.2 80.5 32.5 16.8 13.5 19.2 18.6 19.0 21.9 23.0 8.3 8.2 6.6 5.4 5.5 239.6 231.7 202.0 165.1 126.1 26.5 27.2 13.5 10.9 20.8 81.3 80.0 71.2 57.8 52.9 749.5 743.2 433.0 392.1 326.5 91.2 96.3 100.9 59.4 118.0 170.7 174.6 154.5 141.1 114.4 118.1 117.4 80.1 67.2 78.9 8.3 8.5 10.1 12.9 17.2 1938—Mar. 30 June 29 Sept. 28 Dec. (Jan. 4, 1939) 669.7 700.8 626.9 594.0 120.6 141.4 121.9 86.0 11.4 16.2 11.4 10.3 23.5 25.2 22.6 24.2 4.8 5.9 4.4 5.5 112.0 102.6 99.1 89.4 18.1 16.1 17.0 13.5 51.0 49.0 46.3 45.9 341.4 356.4 322.7 274.9 93.3 87.6 84.0 60.4 113.5 116.6 94.2 99.1 104.1 126.4 113.6 144.1 17.4 13.8 12.4 15.5 1939—Mar. 29 June 28 Sept. 27 Dec. (Jan. 3, 1940) 553.6 496.6 485.7 508.7 83.0 55.4 66.0 39.9 13.8 10.7 20.1 19.7 3.6 4.5 2.9 5.2 81.4 77.4 67.1 53.4 16.4 9.6 5.7 48.8 39.9 41.6 51.4 267.1 217.0 ' 208.1 172.2 46.3 54.0 49.7 39.7 99.5 110.3 108.5 113.3 125.7 100.5 104.0 174.1 14.9 14.8 15.4 9.3 533.0 531.4 527.5 515.7 475.0 475.0 444.9 386.0 385.5 393.4 395.1 384.0 56.2 44.7 39.7 36.8 30.1 32.0 28.2 22.6 20.2 19.6 21.4 23.0 5.3 5.4 4.9 8.4 7.9 6.2 4.5 4.2 3.5 3.7 4.3 4.2 7.2 5.7 6.7 8.0 3.2 2.6 1.9 1.2 1.1 1.0 1.1 .9 5.1 5.5 6.2 6.4 5.0 3.8 2.5 1.9 1.5 1.9 1.9 1.5 52.3 51.8 50.1 49.4 47.3 47.3 46.6 46.0 45.6 44.0 43.0 39.6 13.7 15.5 16.9 17.2 18.3 14.2 189.1 177.9 173.2 174.7 156.5 147.2 130.0 115.0 109.4 106.8 106.0 101.0 40.1 44.2 42.2 37.1 26.7 35.3 31.3 31.2 30.8 32.4 29.7 36.0 110.2 109.8 110.7 114.3 113.3 117.0 116.3 112.3 113.1 123.1 125.9 122.7 184.6 190.3 192.6 181.0 169.5 167.9 159.8 118.6 125.7 124.9 126.2 117.8 9.1 9.2 9.6 4.1 2.8 3.3 2.2 2.0 49.5 49.3 48.6 48.6 44.6 41.0 36.6 34.9 34.8 33.3 32.0 29.9 383.3 386.9 402.0 399.2 20.0 19.2 21.1 23.0 4.0 3.5 3.3 3.4 .8 .8 .8 .8 1.6 2.1 2.3 2.1 39.1 39.1 39.0 38.8 2.2 1.9 2.1 1.7 30.9 31.8 31.4 31.1 98.6 98.4 99.9 100.9 34.9 37.7 34.6 33.6 123.6 123.7 125.8 125.8 120.0 120.8 135.1 132.4 6.2 6.3 6.5 6.5 Ian. 31 Feb. 28 Mar. (Apr. 3) Apr. (May 1) ..._ May 29.. June (July 3) July 31. Aug. (Sept. 4) Sept. (Oct. 2) Oct. 30 Nov. 27 Dec. (Jan. 1, 1941) 1941—Jan. 8 Jan. 15 Jan. 22 Jan. 29 8.7 4.9 9.5 12.2 11.8 9.0 7.7 7.5 8.9 6.4 6.3 7.3 6.4 Additional Detail Available from January 3,1940 * 5 European countries Date 4 Asiatic countries 6 Latin American countries PanPhilipAr- BraMex- ama Bel- Den- Fin- Nor- Swe- Total genpine Chile Cuba ico and Total China Hong Total gium Kong Japan Islands den mark land tina zil C.Z. 1940—Jan. 3 Jan. 31 Feb. 28 Mar. (Apr. 3) Apr. (May 1) May 29 June (July 3) July 31 Aug. (Sept. 4) Sept. (Oct. 2) Oct. 30 Nov. 27 Dec. (Jan. 1, 1941) 1941—Jan. 8 Jan.15 Jan. 22 Jan. 29__. 1.4 1.2 23.4 22.2 20.4 19.4 17.6 14.1 10.6 9.1 7.7 7.5 7.6 6.1 5.5 6.5 7.2 7.4 7.9 8.1 5.1 3.4 2.9 1.6 1.7 2.2 2.1 1.5 3.2 3.7 2.9 2.2 1.4 1.1 .7 .4 .3 .3 .3 .3 .3 1.0 1.5 1.5 1.6 1.7 1.7 1.9 1.9 1.8 5.6 5.5 5.7 5.6 1.5 1.5 1.5 1.4 .3 .3 .3 .3 1.8 1.8 1.8 1.9 3.6 3.7 4.0 4.0 3.4 2.4 1.5 1.3 1.2 1.2 1.1 1.0 8.7 6.5 5.4 4.5 3.7 4.2 3.4 2.8 2.9 2. 2.1 .8 1.0 76.1 71.5 69.9 71.4 73.9 73.9 77.5 75.6 72.1 72.5 81.4 82.9 78.4 32.2 31.2 31.8 33.0 34.4 32.1 33.7 32.8 31.3 30.8 40.2 39.0 33.1 9.7 9.6 9.7 9.4 9.7 9.5 9.7 10.3 9.6 10.0 10. 11.7 13.4 10.5 10.4 11.1 10.7 11.2 9.8 11.4 9.9 9.9 10.6 10.9 11.5 11.7 5.9 6.5 4.4 4.7 5.0 5.0 4.8 4.7 4.5 4.5 4.6 5.3 6.1 1.1 1.1 1.2 1.2 33.6 78.6 78.7 11.5 33.4 79.7 11.4 34.3 80.0 11.1 34.0 13.5 14.4 14.4 14.9 11.6 11.5 11.8 11.8 6.2 6.0 5.9 6.1 16.8 12.9 12.0 12.5 12.4 16.4 16.7 16.4 15.1 14.8 13.2 13.5 .1 .2 .1 .3 .5 ..7 1.9 1.7 1.9 2.1 152.5 161.9 168.0 182.6 169.8 160.1 155.2 145.3 102.3 109.8 110.7 113.9 103.8 22.0 22.5 25.4 26.1 23.9 24.5 30.2 30.5 24.0 24.2 24.2 24.0 23.7 1 1.6 3.2 1.7 1.8 1.9 1.6 2.7 3.8 4.3 3.0 1.5 1.7 102.1 111.2 111.2 125.9 115.6 103.2 90.6 78.6 45.0 53.2 58.0 62.8 55.8 26.4 26.6 28.2 28.9 28.5 30.5 32.7 33.6 29.5 28.2 25.4 25.6 22.6 2.0 2.0 2.0 2.1 106.1 106.0 120.2 117.9 23.3 24.1 24.1 24.2 1.2 1.2 1.1 1.1 60.1 59.7 74.6 71.8 21.6 21.0 20.5 20.7 1.0 i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other". a% Last report date on old basis. First report date on new basis. * The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings Other Europe, Latin America, and Asia. NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363). 480 FEDERAL RESERVE BULLETIN CENTRAL BANKS Assets of issue dept. Bank of England (Figures in millions of pounds sterling) Goldi 145.8 147.6 120.7 119.8 190. 7 192.3 200.1 313.7 326.4 326.4 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_. 3.2 1940—Mar. 27_. Apr. 24.. May 29._ June 26.. July 31.,. Aug. 28.. Sept. 25.. Oct. 30.. Nov. 27.. Dec. 25.. .2 .2 1941—Jan. 29... Feb. 26_. M a r . 2QP. Other assets 2 Assets of banking department Cash reserves Coin 260.0 260.0 275.0 275.0 260.0 260.0 260.0 200.0 220.0 230.0 580.0 Notes 1.0 .5 580.0 580.0 580.0 630.0 630.0 630.0 630.0 630.0 630.0 630.0 1.1 1.0 1.4 1.5 630.0 630.0 630. 0 1.0 1.4 1.1 .5 1.0 Discounts and advances Liabilities of banking department Securities Note circulation Deposits Bankers' Public 22.3 49.0 27.3 18.5 16.8 7.6 8.5 17.5 9.2 28.5 4.3 84.9 104.7 133.0 120.1 101.4 98.2 94.7 155.6 135.5 90.7 176.1 379.6 368.8 364.2 371.2 392.0 405.2 424.5 467.4 505.3 504.7 554.6 71.0 132.4 126.4 102.4 101.2 89.1 72.1 150.6 120.6 101.0 117.3 6.6 7.7 8.9 22.2 9.9 12.1 12.1 11.4 15.9 29.7 35.8 36.2 40.3 33.8 36.5 36.4 37.1 39.2 36.6 36.8 42.0 17.9 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 18.0 17.9 37.1 43.1 23.4 28.1 20.7 20.2 25.5 38.7 36.9 13.3 6.1 4.9 2.9 4.7 3.3 3.9 3.5 3.0 6.9 4.0 157.2 153. 5 171.6 174.6 174.4 172.6 169.7 153.3 161.2 199.1 543.1 537.1 556. 9 602.2 609.5 610.0 604.8 591.6 593.3 616.9 98.0 103.4 94.9 82.7 106.3 118.7 116.0 108.0 110.8 135.7 43.1 40.7 36.1 58.0 22.7 8.8 13.5 18.3 27.1 12.5 42.2 40.6 50.5 50.3 52.3 51.8 51.9 51.5 50.3 51.2 18.2 17.7 17.8 17.9 18.0 18.1 18.1 17.7 17.8 17.9 31.0 27.0 18.8 3.8 3.7 45.3 175.4 175.4 145.8 599.2 603.2 611.5 107.9 121.7 118.6 32.4 14.6 22.0 53.0 53.0 52.3 18.0 18.1 18.1 Domestic bills For(Figures in millions of francs) eign exOpen Gold * change market f 25, 942 26,179 21,111 4,484 1,158 963 1, 328 1,460 911 821 5,612 5,304 7,157 6,802 6,122 5,837 5,800 5,640 5,580 7,422 92, 266 92, 266 92,266 8 97, 266 97, 266 97, 266 97, 266 97, 267 754 722 722 218 212 85 120 112 8,164 8,074 8,316 9,396 9, 734 10,038 10,565 11,273 1,379 652 1,797 2,276 2,279 2,275 1,708 1,958 2,007 1,626 2,345 97, 268 97, 275 84, 614 84, 615 84, 616 84,616 111 109 111 112 102 108 11, 861 12, 505 42, 645 42, 694 44,083 44,173 2,235 1,810 1,870 1,781 1,889 1,518 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- 41,668 53, 578 68, 863 83, 017 77, 098 82,124 66,296 60, 359 1939—May 25_. June 29.. July 27... Aug. 31_. Sept. 28.. Oct. 26... Nov. 30.. Dec. 28__ 1940—Jan. 25— Feb. 29_. Mar. 28.. Apr. 25-. May 30.. June 10— cial« 87, 265 8 Other 26.3 38.8 31.6 23.6 58.7 47.1 35.5 46.3 41.1 51.7 25.6 Liabilities Assets Bank of France Other liabili- Other Loans o n Advances to ShortOther term Govern- 7 Govern- securities ment sement curities Deposits Other assets Note circula- Governtion ment Other Other liabilities 573 715 675 443 4,774 5,009 5,000 15,009 14,830 8,298 5,206 5,149 17, 698 31, 909 20, 627 20, 577 20, 577 20, 577 20, 577 22, 777 25,473 30,473 34, 673 2,521 2,901 2,730 2,515 2,921 3,211 3,253 3,583 3,781 3,612 374 472 2,412 930 336 454 174 3,401 3,471 3,461 3,805 3,661 3,576 3,581 3,482 14,264 14,753 14,458 16,016 16,482 17,100 17, 769 16,438 121, 391 122, 611 123, 239 142,359 144, 562 144,379 149,370 151, 322 4,573 5,188 5,468 3,304 2,342 2,004 1,953 1,914 17, 570 16, 909 16,058 18,038 18,022 14, 790 12, 392 14,751 3,020 2,816 2,781 2,708 2,926 3,006 3,346 2,925 5,011 4,630 5,005 5, 769 14,473 11,885 35, 673 40,523 20, 550 20,900 32, 600 36, 250 229 465 320 228 2,320 2,534 3,444 3,403 3,376 3,411 3,716 3,822 15, 963 16,917 15, 970 15, 666 16, 694 18, 865 151, 738 156,150 156,032 156,285 170,853 174,469 1,834 1,203 1,154 1,171 1,046 1,049 14,965 17,128 14,262 14, 681 25,782 25, 405 3,259 3,156 3,014 3,038 2,811 2,848 8,624 8,429 7,389 3,438 4,739 3,971 ,712 8,465 10,066 7,880 5,603 6,609 8,545 9,196 8,251 7,879 8,344 7,277 14,442 68, 571 76, 436 85, 725 85,028 82, 613 83,412 81,150 89, 342 93,837 110,935 11, 737 12, 624 5,898 2,311 2,322 3,718 2,862 2,089 3,461 5,061 7,850 11,698 22,183 20,072 13, 414 15, 359 8,716 13, 655 19,326 25, 595 1,812 2,241 1,989 2,041 1,940 1,907 2,113 2,557 3,160 2,718 I p Preliminary. 1 Effective Mar. 1, 1939, gold valued at current prices instead of legal parity (see BULLETIN for April 1939, p. 271). 2 Securities and silver coin held as cover for fiduciary issue, which has been fixed at £630,000,000 since June 12, 1940; for information concerning previous status of fiduciary issue see BULLETIN for November 1939, p. 1024, and April 1939, p. 339. 3 On Jan. 6,1939, £200,000,000 of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1,1939, about £5,500,000 (at current price) transferred from Exchange Account to Bank; on July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank; on Sept. 6, 1939, £279,000,000 transferred from Bank to Exchange Account. 4 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. 5 Negotiable bills of Caisse Autonome, bills bought under authority of decree of June 17, 1938 (see BULLETIN for August 1938, p. 650) and, from Mar.6 28,1940, 30,000,000,000 francs of negotiable Treasury bills received in return for gold transferred to Exchange Stabilization Fund on Mar. 7,1940. Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for October 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for October 1936, p. 788). 7 Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, Mar. 22, 1938, and Apr. 14, 1938, as modified by Convention of Nov. 12, 1938; Convention of Sept. 29,1938, approved by decree of Sept. 1, 1939; andiCqnvention of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407). In the period since June 10, 1940, further Conventions have authorized additional advances as follows: Convention of June 12 authorized 25,000,000,000 francs for general purposes; Convention of Aug. 25 authorized 50,000,000,000 francs to meet the costs of the German army of occupation; Conventions of Oct. 29 and Dec. 12,1940, and of Jan. 20 and Mar. 22, 1941, increased the authorized advances for meeting occupation costs to 65,000,000,000, 73,000,000,000, 85,000,000,000, and 100,000,000,000 francs, respectively. Total authorizations now outstanding, including those issued prior to June 10, amount to 170,000,000,000 francs. 8 In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Exchange Stabilization Fund to Bank of France; in week ending Mar. 7, 1940, 30,000,000,000 francs of gold transferred from Bank of France to Stabilization Fund. NOTE.—For further explanation of table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83. MAY 1941 481 Central Banks—Continued Assets Reichsbank (Figures in millions of reichmarks) 1929—Dec. 1030—T)ec 1931—Dec 1932—Dec 1933—Dec 1934—Dec 1935—Dec 1936—Dec 1937—Dec. 193g—Dec 1939—Dec 1940 31 31 31 31 30 31 31 31 31 31 30 M a r 30 Apr 30 M a y 31 J u n e 29 J u l y 31 Aug 31 Sept 30 Oct 31 N o v 30 Dec 31 Liabilities Reserves of gold and Bills (and foreign exchange checks), including Security loans Total Treasury Goldi reserves bills 2,283 2,216 984 806 386 79 82 66 71 71 2,687 2,685 1,156 920 396 84 88 ---- 72 - 76 76 78 78 78 77 77 78 77 78 78 - - 1941—j a n 3i F e b 28P M a r 31P 78 78 77 77 78 - 2,848 2,572 4,242 2,806 3,226 4,066 4,552 5,510 6,131 8,244 11, 392 251 256 245176 183 146 84 74 60 45 30 12, 242 12,188 12, 569 12,611 12, 613 12,891 13, 206 13, 069 13, 532 15, 419 14, 503 15, 284 15, 367 Securities Eligible as note cover Other Other assets Note circulation Deposits Other liabilities 259 445 349 221 106 557 804 92 102 161 398 322 319 315 303 286 298 393 656 638 1,065 1,114 735 827 853 765 861 1,621 2,498 5,044 4,778 4,776 3,560 3,645 3,901 4,285 4,980 5,493 8,223 11, 798 755 652 755 540 640 984 1,032 1,012 1,059 1,527 2,018 736 822 1 338 1,313 836 1,001 923 953 970 1,091 1,378 31 31 31 25 28 31 16 31 26 38 144 221 142 143 114 56 50 56 51 32 394 364 363 454 408 419 422 425 427 357 2,557 2,651 2,135 2, 595 2,377 2,448 2,184 2,240 2,223 2,066 12,176 12,480 12, 594 12, 785 12, 750 13,026 12,847 12, 937 13,198 14,033 1,760 1,714 1,470 1,854 1,620 1,608 1,795 1,610 1,706 2,561 1,509 1,338 1,253 1,266 1,248 1,287 1,314 1,352 1,433 1,396 28 36 23 28 24 32 349 1,834 13, 694 13, 976 14,188 1,726 1,935 2,127 1,399 (2) (2) (2) p Preliminary. 1 Not shown separately on Reichsbank statement after June 15, 1939. 2 Figures not yet available. NOTE.—For explanation of above table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83. Central Bank (Figures as of last report date of month) 1941 Mar. Feb. 1940 Jan. National Bank of Albania (thousands of francs): Gold Foreign assets Loans and discounts Other assets Note circulation Other sight liabilities Other liabilities Mar. 7,567 65,135 10, 315 7,829 28,419 46, 830 15, 598 Central Bank of the Argentine Republic (millions of pesos): Gold reported separately Other gold and foreign exchange. Negotiable Government bonds Rediscounted paper Other assets. _ Note circulation Deposits—Member bank Government.. _ _ _ Other Foreign exchange sold forward Other liabilities Commonwealth Bank of Australia (thousands of pounds): Issue department: Gold and English sterling Securities . Banking department: Coin, bullion, and cash London balances Loans and discounts Securities Deposits Note circulation National Bank of Belgium (millions of belgas): Gold Foreign exchange - ... Discounts *. 1,071 271 332 15 237 1,213 496 147 2 55 17, 705 49, 809 17, 705 49, 810 3,911 4,932 64, 903 59, 217 24, 288 27,130 40, 256 42, 076 126, 032 122, 592 62,369 62,369 1940) i 4,331 236 682 1,224 179 244 194 1,180 477 110 3 16 56 1941 Central Bank (Figures as of last report date of month) Mar. National Bank of Belgium—Cont. Loans _ Other assets Note circulation Demand deposits—Treasury Other Other liabilities National Bank of Bohemia and Moravia (millions of koruny): Gold 4 Foreign exchange. _ Discounts Loans. . Other assets Note circulation Demand deposits Other liabilities Central Bank of Bolivia (thousands of bolivianos): Gold at home and abroad Foreign exchange Loans and discounts Securities—Government Other Other assets 16, 082 Note circulation 46, 795 Deposits Other liabilities . 2,704 National Bank of Bulgaria (mil39, 612 lions of leva): 35, 560 Gold 37, 558 Net foreign exchange in reserve 107, 623 Foreign exchange 54, 025 Loans and discounts Government debt Other assets. . 2 4, 472 Note circulation Deposits 1,041 Other liabilities Feb. 1940 Jan. ?(Dec. 1940) i 41 6,896 4 (Dec. 1940)i 1,447 785 24 6,453 1,560 (Sept. 1940)i 99, 445 72, 596 229, 345 430, 388 13,640 20, 671 441, 316 340 594 84,176 (Oct. 1940)i 2,006 4 1,472 2,749 3,373 2,756 6,262 3,119 2,980 Mar. 62 506 5,770 1 187 124 1,602 736 358 584 7,274 5,568 1,359 3,627 95, 91, 142, 429, 10, 59, 385, 352, 91, 434 925 956 407 292 851 436 469 961 2,006 4 2,245 888 3,393 1,555 3,917 3,871 2,303 p Preliminary. 1 Latest month for which report is available for this institution. 2 Includes foreign exchange. 34 Figures not yet available. Gold revalued Sept. 28, 1940, at 0.0358 gram fine gold per koruny. 482 FEDERAL RESERVE BULLETIN Central Banks—Continued Central Bank (Figures as of last report date of month) 1941 Mar. Bank of Canada (thousands of Canadian dollars) : Goldi Sterling and United States exchange Canadian Gov't. securities: 11,142 2 years or less 14,489 Over 2 years 16, 974 Other assets 365, 323 Note circulation 207,994 Deposits—Chartered banks 17,052 Dominion Gov't 8,311 Other Other liabilities 13,417 Central Bank of Chile (millions of pesos) : Gold Discounts for member banks Loans to government Other loans and discounts Other assets Note circulation DepositsBank Other Other liabilities Bank of the Republic of Colombia (thousands of pesos): Gold 31,451 Foreign exchange 15, 852 Loans and discounts 18,774 Government loans and securities. 58, 704 Other assets 35,988 Note circulation 61,416 Deposits 59,831 Other liabilities 39, 521 National Bank of Denmark (millions of kroner): Gold Foreign exchange Clearing accounts (net) Discounts Loans—To Government agencies Other Securities Other assets Note circulation _. Deposfts Other liabilities Central Bank of Ecuador (thousands of sucres): Golds Foreign exchange (net) Loans and discounts Other assets Note circulation Demand deposits Other liabilities National Bank of Egypt* (thousands of pounds): Gold Foreign exchange Loans and discounts British, Egyptian, and other Government securities Other assets Note circulation D eposits—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 Feb. Jan Mar. 225, 772 49,532 31,796 60,719 :57, 368 22, 426 24, 783 152,946 !13, 073 57,649 7,058 23, 384 :39, 501 32, 762 20, 686 543, 503 225, 556 26,821 8,624 20, 241 93, 361 04, 664 9,512 221,163 202, 324 48,025 10, 580 11,935 147 182 742 471 78 1,145 147 192 742 415 56 1,128 146 83 750 358 43 213 58 202 181 45 199 165 68 159 32,070 16,603 21,420 57, 320 34,036 59, 900 61, 740 34, 322 16, 325 22, 404 53, 779 32, 816 58, 708 56, 487 44,450 40,192 4,569 18,615 37,908 32,928 113 12 437 10 17 55 154 552 703 457 190 (Nov. 1940) 2 60,400 19,718 63,463 27, 256 76, 339 50,954 43, 544 (Apr. 1940)2 6,544 2,729 8,141 52, 576 50,945 30, 691 117 7 30 98 324 191 98 609 121 135 35,642 59, 557 19, 907 62, 828 30, 941 21, 337 6,544 2,643 9,024 30,608 29, 342 6,995 6,962 25, 489 24,981 2,392 2,341 18, 076 18,008 9,060 9,186 13, 239 13, 228 1,269 5,r~2,480 1,546 6,766 1,370 1,171 14, 466 16, 268 4,338 6,463 6,320 3,876 Central Bank (Figures as of last report date of month) Bank of Estonia (thousands of krooni): Gold and net foreign exchange Loans and discounts Other assets Note circulation Demand deposits Other liabilities Bank of Finland (millions of markkaa): Gold Foreign Exchange Loans and Discounts Note Circulation Bank of Greece (millions of drachmas): Gold and foreign exchange (net)_. Loans and discounts Government obligations Other assets Note circulation Deposits Other liabilities National Bank of Hungary (millions of pengo): Gold Foreign exchange reserve Discounts Loans—To Treasury Other Other assets Note circulation Demand deposits Consolidated foreign credits of 1931 Other liabilities Reserve Bank of India (millions of rupees): Issue department: Gold at home and abroad Sterling securities Indian Gov't. securities.__ Rupee coin Note circulation Banking department: Notes of issue department _ Balances abroad Treasury bills discounted— Loans to Government Investments Other assets Deposits Other liabilities Bank of Japan (millions of yen): Gold Special foreign exchange f u n d Discounts Loans—To Government Other Government bonds Other assets Note circulation Deposits—Government Other Other liabilities Bank of Java (millions of guilders): Gold e Foreign bills Loans and discounts Other assets Note circulation Deposits Other liabilities Bank of Latvia (millions of lats): Gold Foreign exchange reserve Loans and discounts Other assets Note circulation Deposits Other liabilities 1941 Mar. 1940 Feb. Jan, (July 1940) 2 47, 846 57, 399 47, 437 88, 492 28, 285 35, 905 (Dec. 1940) 2 604 1,177 5,275 5,551 Mar. 45, 257 50, 383 32, 313 64,703 33, 771 29,480 604 1,089 5,748 4,743 10, 291 3,830 18,413 13,111 4,049 4,159 3,275 2,083 16,175 9,010 17, 226 12,194 2,627 1,980 124 32 691 611 52 316 1,344 165 51 265 124 36 692 573 50 373 1,345 187 (5) 315 (Dec. 1940)2 444 1,315 496 297 2,412 139 572 1 67 13 658 134 501 300 448 3 60 3,793 536 3,900 1,179 102 459 322 17 88 123 213 300 37 501 300 377 3 61 3,837 543 4,107 1,010 118 386 18 126 117 210 301 37 (July) 2 (1940) 72 29 234 45 123 204 52 124 67 565 313 16 308 961 113 (5) 319 444 1,135 384 559 2,386 137 285 12 78 13 408 116 501 300 544 3 220 2,482 442 3,311 711 149 320 133 22 65 117 199 109 29 211 45 110 186 60 1 On M a y 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July 1940, pp. 677-678). 23 Latest month for which report is available for this institution. Gold revalued June 4, 1940, at 0.0602 gram fine gold per sucre. 4 Items for issue and banking departments consolidated. 5 Included in "Other liabilities." 6 Gold revalued Sept. 21, 1940, at 0.4715 gram fine gold per guilder. MAY 1941 483 Central Banks—Continued Central bank (Figures as of last report date of month) Bank of Lithuania (millions of litu): Gold.. Foreign exchange Loans and discounts Other assets Note circulation Deposits _ Other liabilities _ Netherlands Bank (millions of guilders) : Gold 2 Silver (including subsidiary coin) Foreign bills Discounts Loans Other assets Note circulation Deposits—Government Other _ Other liabilities. _ Reserve Bank of New Zealand (thousands of pounds): Gold Sterling exchange reserve Advances to State or State undertakings... Investments Other assets Note circulation Demand deposits Other liabilities Bank of Norway (millions of kroner): Gold Foreign assets Total domestic credits and securities Discounts Loans Securities Other assets._ _ __ Note circulation Demand deposits—GovernmentOther _. Other liabilities Central Reserve Bank of Peru (thousands of soles): Gold and foreign exchange Discounts.— Government loans Other assets Note circulation Deposits Other liabilities Bank of Portugal (millions of escudos): Gold Other reserves (net) Non-reserve exchange Loans and discounts Government debt Other assets Note circulation Other sight liabilities Other liabilities National Bank of Rumania (millions of lei): Gold ^ Special exchange accounts Loans and discounts Special loans 5 Government debt Other assets Note circulation Demand deposits Other liabilities South African Reserve Bank (thousands of pounds) : Gold Foreign bills Other bills and loans 1940 Mar. Feb. Jan. (Aug. i 1940) 67 11 182 83 187 111 46 1,099 20 15 223 206 194 1,536 163 Mar. 53 12 163 63 168 88 36 1,014 10 1 9 271 80 1,100 8 225 52 2,802 16, 647 2,802 13, 359 2,802 13, 034 26,148 3,778 1,432 21,382 26, 835 2,589 26, 931 3,771 1,163 21, 825 23, 650 2,551 22,105 3,146 455 18, 379 20, 785 2,378 102 435 112 (Dec. 1940)i 49, 910 22, 760 130,148 12, 310 142, 740 46, 823 25, 565 (Dec. 1940)i 1,239 633 785 442 1,033 1,156 2,903 1,318 1,068 47,110 603 3 50, 053 21,132 106,116 5,067 124, 498 40, 757 17,113 921 566 274 435 1,033 1,276 2,358 1,121 1,026 32, 204 6,927 28, 406 730 9,785 15,631 64, 863 17,643 11,177 20, 964 45, 582 475 2,603 32,980 8,205 347 6,641 22, 553 1,057 10,026 15,131 49, 848 9,508 17,015 1941 Central bank (Figures as of last report date of month) Mar. South African Reserve Bank—Cont. Other assets.. _. Note circulation. Deposits _ Other liabilities __.. Bank of Sweden (millions of kronor): Gold Foreign assets (net). __. Domestic loans and investments. Other assets _ Note circulation Demand deposits Other liabilities Swiss National Bank (millions of francs): Gold« _ Foreign exchange Discounts._ Loans Other assets Note circulation.. Other sight liabilities _. Other liabilities Central Bank of the Republic of Turkey (thousands of pounds): Gold Foreign Exchange—Free In clearing accounts Loans and discounts _ Securities.. Other assets Note circulation Deposits—Gold Other Other liabilities. __ Bank of the Republic of Uruguay (thousands of pesos): Issue department: Gold and silver. Note circulation. Banking 7department: Gold Notes and coin Advances to State and to government bodies Other loans and discounts._. Other assets Deposits Other liabilities National Bank of the Kingdom of Yugoslavia (millions of dinars): Gold Foreign exchange Loans and discounts Government debt National defense bills Other assets Note circulation Other sight liabilities.. Other liabilities Bank for International Settlements 9 (thousands of Swiss gold francs ): Gold in bars Cash on hand and on current account with banks Sight funds at interest Rediscountable bills and acceptances (at cost) Time funds at interest Sundry bills and investments Other assets Demand deposits (gold) Short-term deposits (various currencies): Central banks for own account Other Long-term deposits: Special accounts Other liabilities 1940 Feb. 39, 287 23, 784 58,861 4,359 Jan Mar. 35, 581 22, 596 23, 674 20,319 55, 076 38, 811 5,491 4,998 376 747 824 744 1,425 545 720 364 769 850 740 1,417 602 704 382 505 738 577 1,342 223 637 2,267 1,131 118 33 255 2,129 1,423 252 2,251 1,076 165 31 256 2,130 1,400 249 2,145 310 156 79 662 2,013 697 642 109,170 110,458 12 29,125 29, 983 382,070 252, 465 192, 431 199,032 28, 428 29, 600 418, 599 312, 542 79, 357 78,124 113,063 87, 302 130, 204 143, 582 (Nov. 1940)i 86, 235 97,709 86, 235 96,360 52, 745 21,454 43, 607 45, 753 40, 738 97,807 90, 577 106, 355 219,122 '109,824 129, 767 99,061 207, 737 2,791 809 1,749 3,061 7,070 3,054 13,717 4,004 812 2,046 873 1,815 3,073 1,916 3,473 10,400 1,874 922 40, 072 41,087 30, 564 48, 573 15,102 45, 303 15,188 34, 820 16, 258 161,923 17, 371 206, 639 2,357 12, 947 142,007 142, 706 22, 387 23, 844 236, 825 235, 213 2,319 2,310 35, 570 33, 875 45, 510 :6, 570 31,995 2,949 2, 785 2,868 229, 001 229,001 229, 575 194, 327 193, 266 192, 630 1 Latest month for which report is available for this institution. 2 Gold revalued Mar. 31, 1940, at 0.4978 gram fine gold per guilder. 3 Figures not available. *5 Gold revalued May 19,1940, at 0.0043 gram fine gold per leu. Agricultural and urban loans in process of liquidation. • Gold revalued May 31,1940, at 0.2053 gram fine gold per franc. 78 Additional foreign gold reserves first reported in July 1940. Includes advances to State and to government bodies. 9 See BULLETIN for December 1936, p. 1025. 484 FEDERAL RESERVE BULLETIN MONEY RATES IN FOREIGN COUNTRIES DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— United GerKing- France many dom Date effective In effect Sept. 15, 1936.. ._.. Sept. 25 Oct. 2 Oct. 9 Oct. 16 Oct. 20 Nov 26 Dec. 3 Jan. 28, 1937 . . June 15 July 7 Aug. 4 Sept. 3 Nov. 13 May 10, 1938 May 13 May 30 Sept 28 Oct. 27 Nov 25 Jan. 4, 1939 Apr. 17 May 11 July 6 Aug. 24 Aug 29 Sept. 28 Oct. 26. Dec. 15 Jan. 25, 1940 Apr 9 May 17 Mar. 17, 1941 . . In effect Apr. 30, 1941 2 3 5 3 2 Belgium Netherlands 2 3 4 Swe- Switzerden land m Central bank of— Albania Argentina Belgium Bohemia and Moravia 2 Rate Apr. 30 Central bank of— Rate Apr. 30 Japan Java. _Latvia. Lithuania.. Mexico 3.29 3 5 6 4 Apr. Jan. Feb. July Jan. Nov. 8,1940 Nov. 28,1935 Dec. 1, 1940 Mar. 11,1935 Dec. 16, 1936 July 18,1933 Netherlands New Zealand Norway Peru Portugal 3 Aug. 29,1939 2 3 5 4 May 27,1940 May 13,1940 Aug. 1,1940 Mar. 31, 1941 Rumania. __ South Africa Spain Sweden Switzerland _ Date effective Mar. 21,1940 3K Mar. 1,1936 2 Jan. 25,1940 3K Oct. 1, 1940 Date effective 7,1936 14,1937 17,1940 15,1939 2,1941 2 2K IK Bolivia British India Bulgaria Canada Chile . Colombia 2 4 6 5 4 3 5 2K 3-4^ 3 4 2K 3 3 2K 2 2 Denmark Ecuador El Salvador.. Estonia. Finland 4 7 3 4K Oct. May Mar. Oct. Dec. 16,1940 26,1938 30,1939 1,1935 3,1934 France.. Germany Greece.. Hungary Italy 1H 3K 6 3 4K Mar. Apr. Jan. Oct. May 17, 1941 Turkey 9,1940 United King4,1937 dom 22,1940 U. S. S. R . . . 18,1936 Yugoslavia. 4 3 4 3 3 2 3 2 z 3K 2 3 Sept. 12, 1940 May 15,1933 i Mar. 29,1939 May 17,1940 Nov. 26,1936 4 July 2 4 5 Oct. 26,1939 July 1,1936 Feb. 1,1935 1,1938 c 1 Corrected. Not officially confirmed. NOTE.—Changes since Mar. 31: None. 3K 2 3 3K 4 3K IK 3K OPEN MARKET RATES [Per cent per annum] Germany United Kingdom Month 1929—Feb 1930—Feb 1931—Feb 1932—Feb.. _ 1933—Feb 1934—Feb 1935— Feb. .._ 1936—Feb 1937—Feb 1938—Feb 1939— Feb 1940—Feb 1940-Mar Apr May June July. Aug Sept Oct Nov Dec Bankers' Treasury acceptances bills 3 months 3 months „ . _ _ _ 1941—Jan Feb Bankers' Day-to-day allowance money on deposits 5.05 3.82 2.56 4.63 .83 .95 .38 .55 .55 .53 .53 1.04 4.96 3.72 2.37 4.08 .78 .86 .28 .53 .53 .50 .51 1.02 4.33 3.76 2.29 3.84 .73 .88 .63 .75 .75 .75 .75 1.00 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.03 1.02 1.03 1.02 1.02 1.02 1.02 1.03 1.02 1.02 1.01 .99 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 l 1.03 1.03 1.01 1.02 1.00 1.00 K K 2K-3K 3-2K 1 4-3 I K K K K K i % K K K K Private discount rate Netherlands Day-to-day money Private discount rate Money for 1 month 5. 80 5.53 4.88 6.67 3.87 3.87 3.41 3.00 3.00 2.88 2.88 2.50 6.33 6.01 5.49 7.81 4.86 4.78 3.83 2.77 2.47 2.73 2.53 2.08 4.39 2.80 1.12 1.87 .37 .78 .58 1.19 .28 .13 .13 1.58 4.78 2.94 1.05 1.69 1.00 1.00 1.00 1.63 1.00 .50 .50 2.50 2.50 2.38 2.38 2.38 2.38 2.31 2.25 2.25 2.25 2.25 ' 2.16 1.90 1.98 1.98 1.73 1.77 2.03 1.87 1.93 1.95 1.35 1.68 12.20 (22) (2) () 2.25 2.25 2.25 2.25 2.49 2.75 13.21 (2) 2.83 3.00 2.68 2.75 2.75 2.75 2.25 2.25 2.75 2.75 Sweden Switzerland Loans up to 3 months Private discount rate 4K-6K 4K-6 3-5 5K-7K 3K-5K 2H-5 2K-4K 2K-5 2K-5 2K-5 2K-5 3-5 3-5 3-5 3K-5K 3K-5K VA-VA 3K-5K 3K-5K 3K-5K 3K-5K SH-^A J. 31 2.71 LOO L 52 L. 50 1.50 L. 50 2.37 L. 18 LOO LOO L25 L25 1.25 1.41 L. 50 1.50 1.50 1.50 1.31 1.25 1.25 1.25 1.25 1 Figures are for period May 1-9, inclusive. a No figures available. M NOTE.—For figures for other countries and references to explanation of table see BULLETIN for September 1940, p. 1018. MAY 1941 485 COMMERCIAL BANKS Assets Money at Treasury Cash call and Bills dis- deposit short reserves counted receipts2 notice United Kingdom * (Figures in millions of pounds sterling) Liabilities Securities Loans to ers Deposits Other assets Total 1 Demand 3 Times Other liabilities 10 London clearing banks 1Q^2 207 "December 1933—December 1934—December i QQ/; December 1936—December. 213 216 221 236 127 119 151 159 187 472 565 594 605 630 408 311 255 322 316 778 740 759 784 864 208 237 247 231 238 1,983 1,941 1,971 2,091 2,238 991 1,015 1,044 1,140 (4) 963 900 910 924 (4) 216 244 251 231 232 11 London clearing banks s 1Q^?6 December i QQS December 1937—December 1939—December.. 1940 March April May June July August _ September October November December _. _ _ 1941—January February 244 244 243 274 195 163 160 174 322 300 250 334 660 635 635 609 890 984 971 1,015 249 256 263 290 2,315 2,330 2,254 2,441 1,288 1,284 1,256 1,398 1,012 1,026 997 1,043 245 252 269 256 249 254 257 270 262 273 288 270 285 324 142 153 144 166 146 148 144 137 140 159 336 338 409 384 415 430 401 373 339 265 26 26 92 180 236 314 611 618 633 636 658 682 697 723 743 771 1,014 991 972 983 940 927 948 948 941 924 273 260 260 ?,95 271 255 287 284 274 293 2,363 2,354 2,413 2,469 2,454 2,481 2,597 2,661 2,702 2,800 1,355 1,351 1,382 1,443 1,465 1,486 1,570 1,635 1,671 1,770 1,008 1,003 1,031 1,026 989 995 1,027 1,026 1,031 1,030 260 261 261 264 264 260 260 254 256 250 279 284 131 128 269 210 341 330 789 814 926 915 269 272 2,757 2,709 1,729 1,696 1,027 1,013 247 243 Assets Liabilities Security Entirely in Canada loans Canada abroad and net Securi(10 chartered banks. End of month due Other ties figures in millions of Canadism dollars) from Cash Security loans reserves loans and dis- foreign counts banks 1932—December 1933—December 1934—December 1935 December 1936—December 1937 December 193g—December 1939—December Note circulation Other assets 211 197 228 228 240 255 263 292 103 106 103 83 114 76 65 53 1,104 1,036 977 945 791 862 940 1,088 155 134 155 141 161 102 166 132 778 861 967 1,155 1,384 1,411 1,463 1,646 439 432 449 485 507 510 474 490 1940—April May June July August September October November December 281 300 272 277 291 319 310 313 323 54 44 39 39 38 37 41 41 40 1,072 1,063 1,067 1,053 1,062 1,102 1,138 1,128 1,108 180 194 184 166 162 178 177 174 159 1,592 1,617 1,583 1,576 1,569 1,563 1,520 1,513 1,531 1941—January February March 312 293 296 36 34 35 1,092 1,104 1,115 164 170 178 1,677 1,788 1,766 _ . _. Deposits payable in Canada excluding interbank deposits Total 1932—D ecember 1933—December 1934—December 1935—D ecember 1936—D ecember 1937—D ecember 193g—D ecember 1939—December 1940—January February March • __ _ ___ __ Due from Bills disCash banks counted reserves Time 15 21 24 11 03 96 88 85 1,916 1,920 2,035 2,180 2,303 2,335 2,500 2,774 538 563 628 694 755 752 840 1,033 1,378 1,357 1,407 1,486 1,548 1,583 1,660 1,741 760 725 718 745 790 785 782 842 488 475 469 454 440 474 467 457 511 84 91 93 89 90 88 88 88 80 2,743 2,785 2,706 2,674 2,689 2,800 2,778 2,758 2,805 1,071 1,142 1,098 1,062 1,055 1,145 1,178 1,132 1,163 1,672 1,643 1,609 1,613 1,634 1,655 1,600 1,626 1,641 840 818 814 802 783 786 786 781 788 465 478 463 79 80 80 2,873 2,989 2,972 1,205 1,302 1,270 1,668 1,687 1,703 794 798 800 • - Assets (4 large banks. End of month figures in millions of francs) Demand - Other liabilities Liabilities Loans Other assets Deposits Total Demand r rime Own acceptances Other liabilities 9,007 5,870 5,836 3,739 3,100 3,403 3,756 4,599 1,766 1,416 1,421 2,484 2,975 4,116 4,060 3,765 22,014 19, 848 18, 304 16,141 17, 582 18, 249 21, 435 29, 546 7,850 8,309 8,159 8,025 7,631 7,624 7,592 7,546 1,749 1,827 1,717 1,900 1,957 2,134 1,940 2,440 37 ,759 32 ,635 3(1,943 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 4,066 4,293 4,110 4,080 3,993 3,920 29, 808 30, 810 34,123 7,756 7,579 7,499 1,745 1,849 1,961 42, 850 43, 737 46,608 42, 302 43,195 46,064 548 542 544 938 1,034 1,105 3,667 3,753 3,901 12 Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month. Represents six-month loans to the Treasury at V/% per cent, callable by the banks in emergency under discount at the bank rate, s Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. < Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5. 5 District Bank included beginning in 1936. e No figures available since March 1940. NOTE —For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, pp. 641-646. 486 FEDERAL RESERVE BULLETIN FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. Argentina (peso) Australia (pound) Year or month Official Special Export In cents per unit of foreign currency] Canada (dollar) Brazil (milreis) Belgium (belga) British India (rupee) Official Free 17.900 23 287 18. 424 16.917 16. 876 16 894 16. 852 16. 880 7.9630 8 4268 8. 2947 8 5681 8.6437 5 8438 6. 0027 6. 0562 5 8788 6.1983 5.1248 5.0214 31.816 37 879 36. 964 37 523 37. 326 36 592 33. 279 30.155 16. 891 16 736 6. 0576 6 0488 6. 0527 6. 0575 6.0575 6. 0574 6.0575 6. 0575 6. 0575 5. 5 5. 5. 5. 5. 5. 5 5. 0291 0232 0329 0259 0219 0107 0153 0156 0169 30.198 30 120 30.106 30.149 30.132 30.162 30.170 30 166 30.178 90.909 90 909 90. 909 90. 909 90. 909 90. 909 90. 909 90 909 90. 909 6. 0575 6. 0575 6. 0575 5. 0560 5. 0604 5. 0599 30.148 30.140 30.139 1933 1934 1935 1936 . . . 1937 1938 . . 1939 1940 72.801 33 579 32 659 33 137 32. 959 32 597 30. 850 29 773 322. 80 337. 07 400 95 388. 86 395 94 393. 94 389 55 353. 38 305.16 1940—Apr May June... July Aug. Sept.... Oct Nov. Dec... 29 773 29 773 29. 773 29. 773 29 773 29. 773 29.773 29, 773 29.773 322. 80 322 80 322. 80 322. 80 322.80 322. 80 322. 80 322 80 322. 80 280. 90 260 80 287. 04 303.11 317. 02 321. 47 321. 29 321. 57 321. 50 29. 773 29. 773 29. 773 322.80 322. 80 322.80 321. 50 321.11 321. 30 Official Chile (peso) Bulgaria (lev) Official Free Free Official Export China (yuan Shanghai) 7.6787 10 1452 5 0833 5.1240 5.1697 5 1716 5.1727 5.1668 4.0000 4.0000 4.0000 4. 0000 28. 598 34 094 36. 571 29. 751 29. 606 21. 360 11.879 6.000 84. 238 80.970 80. 072 86. 924 86.865 85. 469 86.318 86. 922 86. 563 5.1649 5.1670 5.1678 5.1678 5.1680 5.1680 5.1680 5.1663 5.1665 4.0000 4.0000 4.0000 4.0000 4. 0000 4.0000 4.0000 4.0000 4.0000 5.992 5.083 5.760 6.048 5.476 5.206 5.682 5.845 5.690 90. 909 90.909 90. 909 84.801 83.687 84. 981 5.1674 5.1663 5.1660 4.0000 4.0000 4.0000 5. 391 5.424 5.358 GerFinColom- Czecho- DenHunland France many Greece Hong bia slovakia mark (markgary (reichs- (drach- Kong (franc) (peso) (koruna) (krone) (dollar) (pengo) ma) ka) mark) Italy (lira) Japan (yen) NetherNew Mexico lands Zealand (peso) (guilder) (pound) 1933 1934 1935 1936 1937 1938 1939 1940 81. 697 61. 780 56.011 57. 083 56. 726 55. 953 57. 061 57 085 1940—Apr May _ 56. 990 57. 046 57. 220 57 096 56 985 56. 985 56 985 57. 000 57.132 1941—Jan.... Feb Mar Year or month June July Aug. Sept Oct.. Nov. _ __ Dec 1941—Jan.... Feb. Mar. . Year or month 1933 1934 1935 . 1936 1937 . 1938 1939 . 1940 . 1940—Apr May June July Aug. Sept. Oct Nov. Dec. _ 23. 704 3.8232 4. 2424 4.1642 4. 0078 3. 4930 3. 4674 3. 4252 21 25. 24 24. 24 24. 23 22 429 316 627 974 840 566 226 709 22. 707 1941—Jan. Feb. Mar 0039 2852 2951 2958 2846 2424 2111 90. 91. 959 101 006 99. 493 99. 913 100.004 99. 419 96. 018 909 85.141 19. 071 22. 500 21. 883 22.189 22.069 21. 825 20. 346 19. 308 1.8708 2. 2277 2.1627 2.1903 2.1811 2.1567 1. 9948 1. 8710 5.0313 6. 5688 6.6013 6.1141 4. 0460 2.8781 2. 5103 2. 0827 30. 518 39.375 40. 258 40. 297 40. 204 40.164 40. 061 40.021 .7233 .9402 .9386 .9289 .9055 .8958 .8153 .6715 29.452 38.716 48. 217 31.711 30. 694 30. 457 27. 454 22. 958 22. 360 29. 575 29. 602 29. 558 19. 779 19. 727 19. 238 18.475 6.7094 8. 5617 8. 2471 7. 2916 5. 2607 5. 2605 5.1959 5. 0407 25.646 29.715 28. 707 29.022 28. 791 28. 451 25. 963 23. 436 28.103 27.742 27. 778 27. 760 27. 750 22.122 19. 303 18.546 51.721 67.383 67. 715 64. 481 55. 045 55.009 53. 335 53.128 340.00 402.46 391. 26 398.92 396. 91 392. 35 354. 82 306. 38 19. 307 1. 7743 1 8961 1. 9776 1 9643 1 9691 1. 9619 1 9652 1.9482 1. 9472 1. 9980 40.115 1 8516 40 025 2. 0052 39. 965 39. 978 39. 951 39. 926 39. 975 39. 983 39. 982 .6546 .6270 .6529 .6654 .6628 .6602 .6602 21. 20 22. 23. 22 22. 23 23. 23. 834 288 388 582 510 623 077 396 585 17. 586 17 582 17.591 18.481 19. 370 19. 367 19. 364 19. 505 19. 770 5.0452 5 0426 5. 0361 5. 0323 5 0334 5.0357 5 0389 5. 0396 5. 0439 23.438 23. 438 23.432 23. 432 23. 431 23.435 23. 439 23.439 23.439 16. 16. 18. 19. 19. 19. 20. 20. 20. 53.082 53.079 282. 05 261.87 288.19 304. 32 318. 25 322. 74 322. 55 322. 82 322. 75 2. 0104 2 0101 2.0100 39. 979 39. 969 39. 960 23. 648 24.142 24. 421 19. 770 19. 770 19.770 5. 0432 5. 0422 5. 0452 23. 439 23. 439 23. 439 20.504 20. 524 20. 529 57.146 56 987 56. 985 Norway Poland (krone) (zloty) 1. 1 1. 1 1. 1 1 Portugal (escudo) Straits Ruma- South SwitSettle- Swenia Africa Spain ments den zerland (leu) (pound) (peseta) (dollar) (krona) (franc) 14 414 3 9165 .7795 18. 846 4. 6089 1. 0006 18 882 4. 4575 .9277 .7382 18. 875 4. 5130 .7294 18 923 4. 4792 .7325 18.860 4. 4267 .7111 18 835 4. 0375 .6896 3. 7110 414.98 498. 29 484.66 491. 65 489. 62 484.16 440.17 397. 99 10 719 13. 615 13 678 12. 314 6 053 5.600 10 630 9.322 3. 4090 3. 2650 3.5969 3 8021 3.8311 3. 9629 3 9841 3 9849 3. 9915 398. 00 398.00 398.00 398. 00 398.00 398. 00 398.00 398. 00 398. 00 9.144 9 130 9.130 9.130 9 130 9.130 9.130 9 131 9.132 3. 9986 4. 0069 4 0039 398. 00 398. 00 398. 00 9.130 9.130 9.130 United Kingdom (pound) Official Con- Non-controlled trolled Yugoslavia (dinar) 50 36. 789 37. 601 1. 7607 2. 2719 2. 2837 2. 2965 2. 3060 2.3115 2. 2716 2. 2463 50 50 50 50 50 50 50 50 50 352. 59 327.36 360.16 380.47 397.88 403. 42 403. 26 403. 56 403. 50 65. 830 65. 830 65. 830 65.830 65. 830 65. 830 65. 830 65.830 65. 830 39. 090 38. 603 37. 714 35.956 34.939 36. 366 37. 629 38. 994 39. 480 2. 2. 2. 2. 2. 2. 2. 2. 2. 403 50 403. 50 403. 50 403. 42 402.97 403.19 65.830 65.830 65. 830 39. 491 39. 649 39. 566 2. 2397 47.136 47.119 47.114 47.113 47.116 47.102 47.101 47 100 47.100 23. 691 22. 418 23. 791 22. 253 23. 804 22. 461 23. 836 22. 684 23.813 22. 755 23. 810 22. 784 23.814 23.148 23 818 23 202 23. 824 23. 201 403. 403 403. 403. 403 403. 403. 403 403. 47. 089 47. 094 47.106 23. 826 23. 829 23. 824 23. 220 23. 217 23. 210 Uruguay (peso) 60 336 79. 956 80 251 79 874 79. 072 64 370 62. 011 65.830 403. 232 005 173 258 973 917 736 979 322. 75 322. 36 322. 55 423. 68 503. 93 490.18 497 09 494. 40 488 94 443. 54 383. 00 22 032 24.836 25. 982 32. 366 25 271 32. 497 25. 626 30.189 25. 487 22. 938 25.197 22. 871 23. 991 22. 525 23. 802 22. 676 49 59. 57 58. 57. 56. 51. 46. Free 656 654 365 913 988 941 331 400 448 2444 2473 2441 2439 2436 2436 2436 2409 2407 NOTE.—Developments affecting averages during 1941: Special export rate for Argentina first reported in addition to official rate on Mar. 27; nominal. No rates certified: Hungary—since Mar. 12; Yugoslavia—since Jan. 28. Changes in nominal status (noted only if affecting quotations for at least five days a month): none. For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to 1941, see BULLETIN for February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244. MAY 1941 487 PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] United States Year or month (1926=100) (1926=100) (1930=100) 1926. 1930 1931 1932 1933. 1934 1935 1936. _ 1937 1938. 1939 1940 United Kingdom Canada _. Germany France (1913=100) (1913=100) (1928=100) 100 100 i 124 695 134 86 73 65 66 75 80 81 86 79 77 79 87 72 67 67 72 72 75 85 79 75 83 100 88 86 86 88 89 94 109 101 103 137 554 500 427 398 376 338 411 581 653 2 681 125 111 97 93 98 102 104 106 106 107 110 1940—March April May June July August September _ October November December. __ 78 83 129 79 83 132 78 79 80 83 83 84 141 143 147 80 84 149 1941—January February. _ March 81 81 82 85 85 86 150 150 151 82 82 82 83 78 78 78 77 Italy 134 134 140 140 Japan (October 1900=100) Netherlands (1926-30 =100) Switzerland (July 1914 =100) Sweden (1935=100) 237 106 i 126 144 181 153 161 180 178 186 198 238 251 278 311 90 76 65 63 63 62 64 76 72 74 4 88 i 103 194 i 92 190 i 96 100 102 114 111 115 146 126 110 109 312 88 140 no 110 314 88 89 141 132 134 135 139 141 146 152 156 161 164 85 75 70 63 62 68 76 89 95 3 97 312 308 306 306 110 in in in in in in 90 90 96 111 107 111 143 142 143 146 146 308 310 310 148 154 158 313 317 322 162 164 312 in 112 112 96 91 159 167 12 Approximate figure, derived from old index (1913=100). Average based on figures for 8 months; no data available since August 1939, when figure was 674. 3 Average based on figures for 7 months; no data available since July 1939, when figure was 96. 4 Average based on figures for 5 months. 5 No data available since May 1940. Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] Farm products 1926 1930 . _ 1931 1932 _ 1933 1934 1935 1936 1937 1938 1939 1940 . Foods Other commodities 100 100 100 88 91 85 65 48 51 65 79 81 86 69 65 75 61 61 71 84 82 86 74 75 70 71 78 78 80 85 82 81 68 1940—March April May June July August September October November December 68 69 68 1941—January February March 72 66 67 66 66 66 68 70 70 72 70 71 Foods 100 89 88 83 85 87 92 102 97 97 Farm Indus- AgriculIndustural trial and food trial products products products products 100 87 85 87 90 90 96 112 104 106 Industrial raw Indusfinand semi- trial ished finished products products 581 793 129 132 130 150 526 579 113 113 120 150 542 482 420 393 327 426 562 641 464 380 380 361 348 397 598 663 104 91 87 96 102 105 105 106 108 96 86 75 76 84 86 96 91 193 (2) 103 89 88 91 92 94 96 94 136 118 113 116 119 121 125 126 126 129 i 653 1707 (2) (2) 111 83 133 138 70 72 71 70 70 70 72 71 73 74 83 83 83 124 126 128 131 135 136 110 111 112 82 82 130 134 136 142 112 112 82 82 136 140 142 142 112 111 84 143 142 110 149 150 111 111 74 74 75 84 143 145 145 152 111 84 85 144 144 153 111 111 84 84 Provisions 95 99 99 98 98 98 98 99 99 99 99 100 100 100 100 128 128 128 129 130 131 131 131 coco >-* >-» Year or month Germany (1913=100) France (1913=100) w to United Kingdom (1930=100) United States (1926=100) 133 133 1 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. 2 488 FEDERAL RESERVE BULLETIN Price Movements—Continued COST OF LIVING [Index numbers] RETAIL FOOD PRICES [Index numbers] United I ^ n i t e d Year or month 1932 1933 1934 1935 1936 1937 1938. 1939 1940 France Nether- Switzlands erland (1911-13 (Junel914 =100) =100) ^J" =100) jPggg" 87 ! 84 94 100 101 105 I 98 95 97 ' .. .. 126 120 122 125 130 139 141 141 164 536 491 481 423 470 601 702 2 742 1940-March April May June... July August September October November December 96 96 97 98 97 i 96 I 97 i 96 96 97 161 158 159 158 168 164 166 169 172 173 1941-January. __ February _ March 98 98 i 98 172 171 169 3 4 5 6 7 Average Average Average N o data No ddata Sources ; 1 116 113 118 120 122 122 122 123 119 125 120 124 118 120 117 115 114 120 127 130 130 130 130 132 128 ^ 140 146 1932 1933 1934 1935 1936 1937 1938 1939 1940 126 141 140 142 1940-March April 127 129 129 131 133 130 143 145 145 146 149 127 152 157 126 127 158 160 127 1 : United United King- France States dom (1930 (1935-39 (Julyl914 =100) =100) = 100) Year or month 98 92 96 98 99 103 101 99 100 100 May June July August September October November December 101 100 100 100 101 1941-January . February March 101 101 101 144 140 141 143 i 147 154 156 158 Ger- Nether- Switzlands erland many (1913-14 (1911-13 (Junel914 =100) =100) =100) 91 87 83 78 86 102 117 3 122 121 141 118 121 123 125 139 140 136 U32 125 126 126 137 139 140 137 137 138 148 151 5 184 130 179 178 180 181 187 185 187 189 192 195 129 129 149 149 130 131 132 149 196 197 197 138 131 129 128 130 145 147 148 150 151 133 132 151 153 130 130 157 159 131 160 132 163 163 p. 373). August 1939, when figure was 749. based on two quarterly quotat ince M a y 1939, when figure was 123. based on figures for 3 months. based on figures for 5 months. available since March 1940. available since since iviay M a y 1940. avanauie iy4U. See B U L L E T I N f O t b -See BULLETIN for October 1939, p . 943, and April 1937, p. 373. SECURITY PRICES [Index numbers except as otherwise specified] Common stocks Bonds Year or month United States (average price) i United Kingdom France (December (1913=100) 1921=100) NT umber of issues.. 60 1926 97.6 110.0 57.4 69.5 73.4 84.5 88.6 97.5 93.4 78.9 81.6 82.0 113.2 119.7 127.5 129.9 131.2 124.6 121.3 112.3 118.3 88.6 81.3 82.1 83.5 76.3 75.1 77.3 6 84. 9 82.1 82.5 79.4 78.5 81.2 81.5 82.7 83.6 83.9 84.0 85.3 84.5 85.3 1932 1933 1934 1935 1936 1937 1938 1939 1940 __ 1940—March April May June July.. August September. _ October November... December.. February March 87 36 Germany (average2 price) 2 139 Netherlands 3 8 (1926=100) United States United Kingdom France Germany 420 278 300 100 0 100 0 100.0 100.0 105.2 99.6 83.3 79.7 77.2 97.4 89.7 6 98. 2 4 50.3 61.7 71.1 82.9 91.6 102.6 100.1 94.1 114.6 100 4 67.1 82.5 90.7 5 95.1 95.8 98.7 99.9 99.0 100.7 94.8 105.3 113.4 107.8 109.1 3 101. 8 105.9 90.9 48.6 63.0 72.4 78.3 111.0 111.8 83.3 89.2 83.6 67.9 78.6 85.7 86.3 97.0 96.3 80.8 75.9 70.8 119.8 119.4 116.8 113.4 116.4 117.8 117.9 119.2 119.9 121.0 99 9 100.2 100.7 100 8 100 8 100 9 101.0 101.7 101.9 101 4 76 4 74.2 91 5 92.9 83.0 73 3 76.1 77 5 80.9 81.4 82.1 80 4 77 9 77.4 73.1 64 9 63.5 65 6 66.2 68.1 70.2 70.2 106.6 109.3 112.2 112 6 112.8 115 9 120.8 125.1 127.7 128.0 122.2 121.9 122.5 102 2 102 8 80 5 75 9 76.0 71 8 70.5 69.9 131 5 133.0 80.7 80.0 79 8 Netherlands (1930=100) 46 52 55 55 66 104 96 90 85 7 83.9 94.3 104.1 112 7 116 1 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 43^ per cent. The series prior to that 3 date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent. Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index beginning Jan. 1937, Jan.-Mar. 1937=100; average yield in base period was 3.39 per cent. 4 Average May-Dec, only; exchange closed Jan. 1-Apr. 11. 5 Average Apr.-Dec. only—see note 2. Average Jan.-Mar. on old basis was 95.9. 6 Average based on figures for 8 months; no data available since August 1939, when figures were 82.9 and 94.0 for bonds and common stocks, respectively. 7 No data available May-September. 8 No data available May-August. 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. MAY 1941 489 BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, M. S. SZYMCZAK Vice Chairman JOHN K. MCKEE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THURSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary FRED A. NELSON, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRUDER WINGFIELD, Assistant General Counsel E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Director, Division of Research and LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations Statistics C. E. CAGLE, Assistant Chief, Division of Examinations L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans 0. E. FOULK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent EDWARD FEDERAL ADVISORY COUNCIL FEDERAL OPEN MARKET COMMITTEE MARRINER S. ECCLES, Chairman Boston District CHAS. ALLAN SPROUL, Vice CHESTER C. DAVIS ERNEST G. DRAPER M. J. FLEMING HUGH LEACH JOHN K. MCKEE JOHN N. PEYTON RONALD RANSOM M. S. SZYMCZAK New York District GEORGE L. HARRISON Philadelphia District Cleveland District Richmond District Atlanta District Chicago District WILLIAM F. KURTZ Chairman SPENCER, JR. Vice President B. G. HUNTINGTON ROBERT M. HANES RYBURN G. CLAY EDWARD E. BROWN President St. Louis District Minneapolis District Kansas City District Dallas District San Francisco District Secretary S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel CHESTER MORRILL, E. A. GOLDENWEISER, Economist H. WILLIAMS, Associate Economist R. G. ROUSE, Manager of System Open Market E. S. E. RAGLAND LYMAN E. WAKEFIELD W. DALE CLARK R. E. HARDING PAUL S. DICK JOHN 490 Account WALTER LICHTENSTEIN, Secretary FEDERAL RESERVE BULLETIN CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Chairman and Federal Reserve Agent Deputy Chairman President Henry S. Dennison.. Edmund E. Day First Vice President Vice Presidents R. A. Young_ Allan SprouL. W. W. Paddock.. L. R. Rounds John S. Sinclair. Frank J. Drinnen R. E. Klages M. J. Fleming F. J. Zurlinden Wm. H. Fletcher R. B. Hays W. F. Taylor 2 G. H. Wagner Robt. Lassiter W. G. Wysor. Hugh Leach. J. S. Walden, Jr.... Atlanta Frank H. Neely J. F. Porter. Chicago F. J. Lewis Clifford V. Gregory. C. S. Young H. P. Preston J. G. Fry Geo. H. Keesee * Malcolm H. Bryan H. F. Conniff J. H. Dillard St. Louis Wm. T. Nardin Oscar Johnston Chester C. Davis. F. Guy Hitt Minneapolis. __ W. C. Coney Roger B. Shepard... J. N. Peyton 0. S. Powell.. Kansas City... Dallas.. R. B. Caldwell J. H. Merritt__._ J. J. Thomas.. Jay Taylor R. R. Gilbert.. H. G. Leedy. E. B. Stroud. San Francisco.. R. C. Force. St. George Holden Wm. A. Day.. Ira Clerk.. Boston New York_ Frederic H. Curtiss. Beardsley Ruml Philadelphia Thomas B. McCabe... Alfred H. Williams Cleveland- Geo. C. Brainard Richmond W. S. McLarin, Jr.. i Cashier. 2 William Willetti R. M. Gidney L. W. Knoke Walter S. Logan J. M. Rice Robert G. Rouse John H. Williams W. J. Davis E. C. Hill C. A. Mcllhenny 2 C. A. Sienkiewicz O. M. Attebery C M . Stewart i E. W. Swanson 2 Harry I. Ziemer J. W. Helm 2 R. B. Coleman W. J. Evans W. O. Ford i C. E. Earhart * W. M. Hale R. B. West Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— New York: Buffalo Branch Cleveland: Cincinnati Branch __ _ Pittsburgh Branch Richmond: Baltimore Branch _ __ _ Charlotte Branch . . . _ Atlanta: Birmingham Branch Jacksonville Branch _ Nashville Branch _ New Orleans Branch... Chicago: Detroit Branch . _. . St. Louis: Little Rock Branch Louisville Branch _ Memphis Branch... MAY 1941 Managing Director R. M. O'Hara B. J. Lazar P. A. Brown W. R. Milford W. T. Clements P. L. T. Beavers Geo. S. Vardeman, Jr. Joel B. Fort, Jr. L. M. Clark H. J. Chalfont A. F. Bailey C.A. Schacht W. H. Glasgow Federal Reserve Bank of — Managing Director Minneapolis: Helena Branch... _ __ _ R. E. Towle Kansas City: Denver Branch _ Oklahoma City Branch Omaha Branch Jos. E. Olson G. H. Pipkin L. H. Earhart Dallas: El Paso Branch Houston Branch San Antonio Branch J. L. Hermann W. D. Gentry M. Crump San Francisco: Los Angeles Branch Portland Branch Salt Lake City Branch Seattle Branch W. N. Ambrose D. L. Davis W. L. Partner C. R. Shaw 491 *Tedetal Publication* Copies of the publications and releases listed below may be obtained from the Board of Governors of the Federal Reserve System, Washington, D. C. CURRENT RELEASES DAILY Foreign Exchange Rates (for previous day). WEEKLY Brokers' Balances. Released about the 20th of the month. National Summary of Business Conditions. Released about the 18th of the month. Business Indexes. Released about the 18th of the month. Bank Debits—Debits to Deposit Accounts, except Inter-Bank Accounts. Released between the 6th and 12th of the month. Foreign Exchange Rates. Released about the 1st of the month. Department Store Sales—Percentage Changes by Federal Reserve Districts and by Cities. Released about the 22nd of the month. Department Store Sales—Percentage Changes by Departments. Released about the end of the month. Monday: Condition of Reporting Member Banks in Leading Cities. Bank Debits—Debits to Deposit Accounts, except Inter-Bank Accounts. Tuesday: Money Rates—Open-Market Rates in New York City. (Also monthly). Thursday: Condition of the Federal Reserve Banks. Condition of Reporting Member Banks in Central Reserve Cities. (Also included in statement of Condition of Reporting Member Banks in Leading Cities, released on following Monday). Department Store Sales—Index for United States QUARTERLY Member Bank Call Report. and Percentage Changes by Federal Reserve months after call date. Districts. MONTHLY Released about two SEMI-ANNUALLY Federal Reserve "Par List" (Banks upon which Federal Reserve Bulletin. Released about the 10th checks will be received by Federal Reserve Banks of the month. The subscription price is $2.00 per for collection and credit). Released in January annum, or 20 cents per single copy, in the United and July, with monthly supplements about the States (including insular possessions), Canada, 7th of the month. Chile, Colombia, Costa Rica, Cuba, Dominican Republic, Ecuador, Guatemala, Haiti, Republic ANNUALLY of Honduras, Mexico, Newfoundland (includList of Stocks Registered on National Securities ing Labrador), Nicaragua, Panama, Paraguay, Exchanges. Supplements issued quarterly. 25 Peru, El Salvador, Uruguay, and Venezuela. cents for list and supplements. In all other countries the subscription price is Bank Debits—Debits to Deposit Accounts, except $2.60 yearly, or 25 cents per single copy. Group Inter-Bank Accounts. Released ordinarily in subscriptions for 10 or more copies, in the United February. States, 15 cents per copy per month, or $1.50 for Annual Report, covering operations for the pre12 months. ceding calendar year. BOOKS Chart Book I, Federal Reserve Charts on Bank The Federal Reserve System—Its Purposes and Functions. Obtainable in cloth binding at 50 cents Credit, Money Rates, and Business. New edition, per copy and in paper cover without charge. 128 completely revised, February 1941. 72 pages of charts with space for plotting through 1942. 50 pages. cents per copy; in quantities of 10 or more, 45 cents Digest of Rulings—to October 1, 1937. Digests per copy. of Board rulings, opinions of the Attorney General Chart Book II, Federal Reserve Charts on Inand court decisions involving construction of the dustrial Production. October 1940. 224 pages of Federal Reserve Act, together with compilation charts, with space for plotting through 1946. $1 showing textual changes in the Act. $1.25 per copy. per copy; in quantities of 10 or more, 85 cents per 683 pages. copy. 492 FEDERAL RESERVE BULLETIN Federal Reserve Publications REPRINTS (From Federal Reserve BULLETIN except as stated otherwise. Partial list.) Historical Review of Objectives of Federal Reserve Constitutionality of Legislation Providing a Unified Commercial Banking System for the United States. Policy, by A. B. Hersey. 11 pages. April 1940. Opinion of the Board's General Counsel. 21 pages. Cheap Money and The Federal Reserve System, by March 1933. E. A. Goldenweiser. 5 pages. May 1940. Supply and Use of Member Bank Reserve Funds. Ownership and Utilization of the Monetary Gold Explanation of analysis of sources of member bank reserve funds and uses to which such funds are put. Stock. 3 pages. May and June 1940. 31 pages. July 1935. General Indexes of Business Activity, by Frank Member Bank Statistics. A discussion of the sta- Garfield. 8 pages. June 1940. tistics compiled and published by the Board covering New Federal Reserve Index of Industrial Producthe operations and condition of member banks. 28 tion. 77 pages. August 1940. pages. November 1935. Summary of Provisions of State Laws Relating to Bank Reserves. 33 pages. March 1937. The Gold Stock. 2 pages, September 1940. Measurement of Production, by Woodlief Thomas Analyses of the Banking Structure—As of Decem- and Maxwell R. Conklin. 16 pages. September ber 31, 1935. Number, deposits, and loans and in- 1940. vestments of banks classified by size of bank and Gold Reserves of Central Banks and Governments. town and by other factors. 33 pages. August 1937. 18 pages. September 1940. Problems of Banking and Bank Supervision. ExDevelopment of Federal Reserve Banking, by cerpts from the 1938 Annual Report. 33 pages. M. S. Szymczak. 8 pages. December 1940. The History of Reserve Requirements for Banks in Economic Preparedness for Defense and Post Dethe United States. 20 pages. November 1938. fense Problems, by Marriner S. Eccles. 8 pages. Monetary Measures and Objectives. Three state- January 1941. ments by the Board on objectives of monetary policy, Special Report to the Congress, submitted Deon proposals to maintain prices at fixed levels through monetary action, and on legislative proposals relat- cember 31, 1940. 2 pages. January 1941. ing to monetary measures and objectives. 8 pages. Economic and Monetary Aspects of the Defense July 1937, April 1939, and May 1939. Program, by John H. Williams. 4 pages. February Revised Indexes of Factory Employment. Bureau 1941. of Labor Statistics indexes adjusted for seasonal Federal Reserve Bank Lending Power not Dependvariation by Board of Governors. 32 pages, October ent on Member Bank Reserve Balances. 2 pages. 1938; 10 pages, October 1939. February 1941. The Gold Problem Today, by E. A. Goldenweiser. Money in Circulation. 1 page. February 1941. 4 pages.. January 1940. Commodity Prices, by Frank Garfield and Clayton The Par Collection System of the Federal Reserve Banks, by George B. Vest. 8 pages. February 1940. Gehman. 16 pages. March 1941. Inflation, by E. A. Goldenweiser. The Banks and Idle Money, by Woodlief Thomas. 9 pages. March 1940. 1941. MAY 1941 3 pages. April 493 FEDERAL RESERVE DISTRICTS N. DAK. ) S I MINN. I MINNEAPOLIS ( S.DAK. ! KANSAS KANS. OKLA. OklahomaCity \) L.. n H HMMM BOUNDARIES O F FEDERAL RESERVE DISTRICTS - — - BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES (APPROXIMATE I N THE ST. LOUIS DISTRICT) <g FEDERAL RESERVE BANK CITIES • FEDERAL RESERVE BRANCH CITIES O FEDERAL RESERVE BANK AGENCY DALLAS® TEXAS '> ARK Little Rock/