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
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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

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BOUNDARIES O F FEDERAL RESERVE DISTRICTS

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BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
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