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FEDERAL
RESERVE
BULLETIN
NOVEMBER 1940

Review of the Month—Recent Business and Credit
Developments
Financing the Defense Program
From the Board's Correspondence—Excess Reserves
New Index of United States Government Bond Prices

Agriculture and the Defense Program




BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON

Contents
PAGE

Review of the Month—Recent Business and Credit Developments

1161-1167

Agriculture and the Defense Program, by Chester C. Davis

1168-1170

Financing the Defense Program

1171

From a Legal Standpoint:
Assignment of Claims Against Government

1172

Right of Member Bank and Its Subsidiary Member Banks to Vote in
the Election of a Federal Reserve Bank Director

1172

"Cash on Delivery" Transactions Under Regulation T

1172-1174

Executive Order and Regulations on Transfers of Rumanian Property...

1174

General Rulings and General Licenses Issued by the Secretary of the
Treasury

1175-1176

From the Board's Correspondence—Excess Reserves. . .
Current Events

1177
..

New Index of United States Government Bond Prices . .
Member Bank Earnings, First £alf of 1940

1178

. . .1179-1180
. . . .1181-1182

National Summary of Business Conditions

. . . 1183-1184

Financial, Industrial, Commercial Statistics, United States

1185-1224

(See p. 1185 for list of tables.)

Condition of Insured Commercial Banks in the United States and Possessions,
June 29, 1940 and December 30, 1939
1225
International Financial Statistics (See p. 1227 for list of tables.)
1227-1243
Federal Reserve Publications
1244
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council
1245
Senior Officers of Federal Reserve Banks; Managing Directors of Branches. . .
1246
Map of Federal Reserve Districts

1247

Subscription Price of Bulletin
The FEDERAL RESERVE BULLETIN is issued monthly by the Board of Governors of the Federal Reserve
System and is sent to member banks without charge. The subscription price in the United States, Canada,
Mexico, and insular possessions is $2.00 per year or 20 cents per single copy; elsewhere, $2.60 per year or
25 cents per single copy.







FEDERAL RESERVE BULLETIN
VOL.

26
/2ecent

an

Contract awards by the War and Navy Departments in connection with the defense
program, which in the three
Large defense
months June, July, and August
contracts
had aggregated $2,000,000,000,
rose sharply from the middle of September.
The awarding of contracts was facilitated by
Congressional action on the Second and Third
Supplemental National Defense Appropriation Acts, the Excess Profits Tax bill with
provisions for accelerated depreciation for
tax purposes of plants erected to fulfill defense requirements, and the bill authorizing
the assignment of national defense contracts
as collateral for bank loans. There has also
been developed a bankable contract, which
provides for repayment by the Government
over a five-year period of the cost incident to
the construction of a plant certified as essential to the defense program.
The large volume of contracts awarded in
September and October brought total awards
since last spring to nearly $8,000,000,000. In
addition about $2,000,000,000 have been committed for the estimated cost of additional
equipment needed for naval vessels already
under contract Nearly half of the contracts awarded are for the purchase and construction of ships, about one-sixth for airplanes and equipment, and a slightly smaller
amount for camps, barracks, and other construction. Substantial amounts are also included in contracts let for ordnance and ammunition, for automotive equipment, and for
other supplies and equipment. Expenditures
under many of these contracts will be spread
over several years, but there will be a considerable increase during the next few months.
Actual outlays by the Treasury for all nation-




No. 11

NOVEMBER 1 9 4 0

al defense purposes, including current operations of the Army and Navy, have increased
from an average of $150,000,000 a month last
spring to over $280,000,000 in October.
Receipt of defense orders by manufacturers
and other contractors resulted in a broad
movement to cover reReflection in
quirements for materials.
commodity markets

^,

.

_

Since business firms have
also been feeling the need of increasing their
supplies to meet rising civilian demands, buying has been in large volume and prices of
certain materials, such as lumber, nonferrous
metals, raw wool and hides have advanced
sharply. The large volume of contracts in
September and early October for artillery and
small arms and ammunition, which require
nonferrous metals in large quantity, was an
important influence in the rise in prices and
activity in the nonferrous metal markets.
Large Federal orders have been placed for
uniform fabrics and blankets since June,
and in recent weeks trade buying of men's
wear fabrics for spring has been at a seasonal peak; as a consequence prices of raw
wool, worsted yarns, and fabrics have generally advanced by substantial amounts. The
Federal orders will require consumption before the end of next spring of about a fourth
as much apparel wool as was consumed
for all purposes in 1939. Blanket manufacturers have received awards which probably
equal about half the large poundage of woolen
blankets produced in 1939.
In addition to the large volume of buying
related directly to the defense program, there
has been a further expansion in demand generally. The total volume of new orders received by manufacturers showed a marked

1161

Review of the Month

group is shown on the chart, which also indiates a slight rise in prices of finished industrial products. This rise reflects chiefly
higher prices for new models of automobiles.
Industrial production expanded further
during October and the Board's seasonally
adjusted index rose to an estiFurther rise mated 127, as compared with 125
in
September, 121 for the summer months, and a peak of 126
reached last December. Activity in the steel
industry was sustained at high rate, with
ingot production close to 95 per cent of capaccommodity prices
.
. ity. New orders for steel continued in large
early part of August and volume, according to trade reports, as some
the high of last December, prices of food- decline in foreign buying was offset in the
stuffs, which had also advanced at the end of total by increased orders from domestic conAugust, generally showed little change in Sep- sumers. There was further expansion in
WHOLESALE PRICES OF INDUSTRIAL COMMODITIES
activity in the machinery industries and
automobile production rose considerably to
an unusually high level. Textile production
also continued to increase, reflecting chiefly
s
greater activity at cotton mills, as well as at
;
woolen mills where production was already
at a high level in September. Petroleum production, which had increased in September,
following considerable curtailment during
the summer, rose further in October. Bituminous coal production declined abruptly, following a high rate of output in earlier months,
Federal Reserve classification of Bureau of Labor Statistics' data.
Latest figures shown are estimates for October 1940.
when stocks were accumulated in anticipation
tember and October. Wheat, however, in- of the establishment of minimum prices.
creased further to approximately the price Accompanying the expansion in industrial
at which Federal loans are being made. output, there were further increases in acAmong industrial materials there were some tivity in other lines. On the railroads shipincreases in prices of commodities imported ments of most types of commodities rose
from the Far East—rubber, tin, and silk— further in October, although total carloadings
and important advances in leading domestic showed little change, owing to a sharp decline
materials, such as wool, hides, steel scrap, and in loadings of coal. In the construction innonferrous metals. Prices of bituminou dustry activity increased in September and
coal were advanced, following the establish- October, following placement during the summent of minimum prices at the mine, effective mer of a large volume of contracts, particuOctober 1. There have been increases also larly for defense projects. Employment and
in prices of lumber and certain other semi- income continued to expand; total income
finished commodities including leather, tex- payments to individuals are now at about the
tile yarns, and gray goods. The recent highest level reached since 1930. Distribution
substantial rise in prices of raw and of commodities to consumers was generally
semifinished industrial commodities as
maintained in September and October at

rise in September, according to the Department of Commerce, reaching about the same
level as in September 1939, when buying was
greatly stimulated by the outbreak of war.
Although there was a further substantial
rise in shipments, unfilled orders increased
sharply over the large volume on hand at the
end of August. Manufacturers' inventories
showed no significant increase.
While prices of basic industrial materials
advanced in the first three weeks of October
to a level about halfway beWholesale
tween the low point of the

1954 AVEhAOt-100

RAW AND
:MIFINISHED

FINISHED

1162




FEDERAL RESERVE BULLETIN

Review of the Month

about the levels reached in August. Sales
of new automobiles increased sharply, as new
model cars became available, and sales of both
new and used cars were at an exceptionally
high level for this season of the year.
Commercial loans at member banks in 101
leading cities, which had shown little change
since December, increased
m s e in
.,,
by $305,000,000 between
commercial loans

,

July 31 and October 23. As
shown by the chart the volume of commercial
loans at reporting banks outside New York
is now close to the peak reached in the autumn
of 1937; commercial loans at New York City
banks are about $130,000,000 below that
peak.
Commercial loans usually increase at this
time of year. The increase this year has not
been as large as that which occurred in the
same period last year, when there was a sharp
spurt in commercial lending, accompanying
heavy commodity buying following the outbreak of war. About 40 per cent of the growth
this autumn has been at New York City
banks, where the rise has been much less
than in the same period last year. Other
reporting banks have shown a slightly larger
increase in commercial loans this year than
last, with the largest increases in the Cleveland, Atlanta, and Chicago Reserve districts.
The growth in some of the industrial districts
seems to be greater than might normally be
COMMERCIAL LOANS AT BANKS IN LEADING CITIES
WEDNESDAY

FIGURES

Latest figures October 16; figures not reported on comparable
basis prior to May 12, 1937.
NOVEMBER

1940




expected for this season and probably represents some increased credit demands arising
out of the national defense program and the
increased business activity of recent months.
The large increase in the Cleveland district
may be due to some extent to the concentration in this area of machinery industries,
which have been rapidly expanding output.
Some of the growth resulted from a loan of
$50,000,000 granted by New York and Pittsburgh banks to a single borrower to repay
open-market obligations in September. The
following table shows the amount of commercial loans made by reporting banks in each
district and the increase since July.
COMMERCIAL LOANS AT MEMBER BANKS I N
LEADING CITIES
[In millions of dollars]
October
23, 1940

Total 101 cities
New York City.
100 other cities

101

Increase since July 31
Amount

Per cent

4,746
1,818
2,928

305
120
185

6.9
7.1
6.7

310
128
227

17
12
2

10.3

Cleveland
Richmond
Atlanta
_ _„

298
133
172

31
11
19

Chicago
St. Louis
Minneapolis

629
195
108

30
14
12

12.5

Kansas City
Dallas
San Francisco. __

188
189
351

6
16
15

3.3
9.2
4.5

Federal Reserve district:
Boston
New York i .
Philadelphia

5.8
.9

11.6
9.0

12.4
5.0
7.7

•

i Excluding New York City.

One reason why the increase in commercial
loans has been smaller this year than last is
that there has apparently been no substantial
growth of inventories this year. In the latter
half of 1939 inventories of producers and
distributors showed sharp increases and, generally speaking, the stocks acquired at that
time have not been materially changed. Many
businesses, therefore, have not needed new
borrowing this autumn. Another factor restricting the need for financing thus far this
year is that many corporations have been able
to supply a large part of increased working
capital needs from their own retained earnings or cash holdings.
1163

Review of the Month

Industrial borrowing from banks to finance RATES CHARGED ON N E W COMMERCIAL LOANS AT
SELECTED CITY B A N K S
operations in connection with the defense
[Per cent per annum]
program will be facilitated by recent legisla7 other
11
tion permitting manufacturers to assign
Northern
Southern
Loans made during first half of: New York
and
and
claims under Government contracts as secuCity
Eastern
Western
cities
cities
rity for borrowing, and especially by the contract form, including an assignment proviMaturing in 1 year or less
sion, which has been developed by the Defense
2.13
3.05
3.77
Commission to provide for plant expansion 1939—March
June
_..
3.62
2.15
3.05
September..
3.31
2.04
2.78
under the so-called "plant-option" plan.
December. .
3.32
1.96
2.59
Under this plan the Government makes two 1940—March
2.03
2.67
3.35
June
3.38
2.00
2.49
contracts with a manufacturer, one to cover
September..
3.43
2.14
2.56
the cost of any necessary plant expansion,
Maturing after 1 year
which the Government agrees to repay over
five years, and one to cover purchase of 1939—March
3.02
2.89
3.90
June
4.17
3.43
3.15
product.
September..
2.29
2.12
2.70
December..
3.72
3.35
3.17
Rates charged on new short-term commer- 1940—March
2.72
3.02
2.73
June
3.79
cial loans granted during the first half of
2.94
2.47
September..
2.70
2.52
1.87
September by large banks,
Rates charged on Qi&t report quarterly to the
loans because relatively fewer longer-term
commercial loans
_
-i T_ i. 01 /
Board, averaged about 2y8 loans are made and these are mostly large
per cent in New York City, 21/2 per cent in 7 loans. It is possible that a single large loan
other Northern and Eastern cities, and 3% bearing an extremely low rate because of its
per cent in 11 Southern and Western cities. size may greatly reduce the average rate for
Banks that report these rates make a large a report period. In fact, the extremely low
proportion of the total commercial loans made average for New York City and for the 7
by all banks, but their rates are generally other Northern and Eastern cities this Sepsomewhat lower than those charged by non- tember is due in part to the previously menreporting banks. As shown by the following tioned $50,000,000 loan granted by several
table, average rates on new short-term com- New York and Pittsburgh banks, which carmercial loans charged by reporting banks ried a rate of 1% per cent.
Since the middle of last year it appears that
have not changed materially in the past year.
city
banks have been making a somewhat
The proportions of loans made at different
larger volume of the longerrates in September were generally similar to Volume of
those of a year ago, but the average size of the longer-term loans term loans than during the
first half of 1939. As shown
loans made in the lower rate classes was someby
the
following
table, such loans made at
what smaller this year than last. As a rule
selected banks in the semi-monthly reporting
rates on larger loans are lower than those periods during the past year have generally
charged on smaller loans.
totaled between $30,000,000 and $50,000,000,
Rates charged by city banks on the longer- whereas in the March and June 1939 reportterm commercial loans are also at a low level; ing periods they had amounted to less than
averages shown in the table range from 1% $20,000,000. All of the increase has been at
per cent at New York to 2% per cent in New York City banks. These statements
Southern and Western cities on new loans in are based on reports covering four half-month
September. Average rates reported charged periods in the year, and may not be altogether
on such loans fluctuate much more widely than typical of the entire year.
average rates reported for the shorter-term
1164




FEDERAL RESERVE BULLETIN

Review of the Month

The bulk of the longer-term loans is made
by New York City banks to relatively few
borrowers. Out of a total of $48,100,000 of
such loans granted during the first half of
September, $43,900,000 was in New York
to 31 borrowers, $3,500,000 was in 7 other
Northern and Eastern cities to 117 borrowers,
and about $700,000 in 11 Southern and Western cities to 96 borrowers.

that average turnover has shown little change.
The annual turnover rate of demand deposits
is now about 17 for New York City and about
19 for 100 other leading cities. For the first
time since turnover figures began to be computed in 1919, the turnover rate for New York
City has this year fallen below the rate for
other leading cities.
DEBITS AND TURNOVER OF DEMAND DEPOSITS

1937 x

N E W LONG-TERM COMMERCIAL LOANS MADE BY
SELECTED BANKS IN 19 CITIES 1

Loans made during first half of:

In
thousands
of dollars

1939—March
June
September
December

17,182
16, 716
51, 229
27, 419

1940—March.
June
September

31, 398
46,961
48,053

i Loans with maturity over 1 year.

Number
of
borrowers
178 New York City:
175
1st quarter
251
2nd quarter. __
3rd quarter_._
4th quarter
259
233 100 other leading
244
cities:
1st quarter
2nd quarter. _.
3rd quarter.._
4th quarter._.

Debits
(Billions of dollars)

SINCE

Turnover of deposits
(Annual rate)

1937

1938 1939 1940

1937

1938 1939 1940

54.9
47.6
44.0
46.7

39.3
42.0
38.3
45.3

42.4
41.7
40.6
43.1

41.5
41.7
43.3

32.8
28.1
27.4
29.6

26.0
25.9
22.9
25.5

23.8
21.1
19.4
20.0

18.3
17.2
17.2

54.6
54.4
52.4
53.8

45.0
45.3
44.4
51.5

47.3
49.1
49.4
54.8

52.6
53.3
59.3

22.9
22.4
21.8
22.6

20.1
19.7
18.8
21.1

19.6
19.5
18.7
20.0

19.2
18.6
19.9

Some indication of the supply of idle funds i Excludes interbank and United States Government deposits.
held in banks by business concerns and by
The low rate of turnover in New York,
investors is given by an
Decline in
analysis of the rate of turn- which is considerably below that of the 1920's,
deposit turnover
reflects in part the continued small volume of
over of the growing volume security market activity and in part the acof deposits, especially in city banks. Since cumulation of idle deposits at these banks.
the end of 1936 demand deposits at reporting Many corporations continue to maintain a
banks in 101 leading cities have increased strong cash position, and there is a large
by about one-third, with a rise of nearly 50 volume of unused funds in the hands of potenper cent in New York City and of less than 25 tial investors. Turnover of deposits at banks
per cent in the other cities. Debits to demand outside New York also continues to be lower
deposits, however, which indicate the extent than in the 1920's, but the fluctuations in
to which these deposits are used, have de- debits at these banks seem to reflect, in timing
clined at New York City banks since 1937, as if not in relative amounts, fluctuations in
shown in the table. The volume of debits to production and trade.
demand deposits at banks in 100 other leadCorporate financing increased in October
ing cities declined in 1937 and 1938, but sub- largely as a result of refunding operations.
sequently increased, and in the third quarter
The volume of new issues for
of 1940 were larger than at any time in 1937. Corporate
ftie
month including those for
The table shows that as a result of the con- security issues
refunding and for new capital
tinued small volume of debits and the rise in
demand deposits at New York City banks, was larger than in any other month of the
there has been a decline in the rate of deposit year.
turnover to the lowest point on record. OutCorporate issues for new capital, that is,
side New York the recent growth in debits for plant and equipment and for working
has about matched the growth in deposits so capital, including repayment of short-term
NOVEMBER

1940




1165

Review of the Month
BOND YIELDS
debt, have averaged about $50 millions a
month this year as compared with an average
0
of $30 millions in 1939 and with $100 millions 0
a month in 1936 and 1937. The amount sold
for new capital during October was somewhat
U. S. GOV ERNMENT
smaller than in the immediately preceding
months.
\ ^ —
Manufacturing and mining companies have
CORPOR ATE Aaa
offered a smaller amount of securities for new
capital this year than in other recent years.
As shown by the following table, in which
-~
CORPORATE Boo k,
issues for new capital are classified by broad
industrial groups, their offerings have averaged about $10 millions a month this year as
compared with $16 millions in 1939 and $50
1936
1937
1938
1939 1940
1935
millions a month in the period 1936-1938. Sources;
U. S. Government bonds, Treasury Department; corbdnds, Moody's Investors Service. Weekly average of
Issuers this year, in addition to manufactur- porate
daily figures ; latest are for the week ending October 26.
ing companies, have been principally railroads, public utilities, and finance companies. yields, as shown by Moody's averages for
Railroad issues have been largely equipmeni Baa issues, have been at new lows for this
trust certificates.
year. The largest price advances in September and October, as in June and July, occurred
CORPORATE SECURITY ISSUES FOR N E W CAPITAL BY among railroad issues which had declined
MAJOR INDUSTRIAL GROUPS
more sharply in May than other lower-grade
INVERTED SCALE

PER CENT

PER

CENT

<<

r

•

[Monthly averages or monthly total; in millions of dollars]

1936-1937..
1938
1939
1940 Jan.-Mar...
Apr.-June..
July-Sept..
Oct. (est.)_.

Total

Manufacturing Public
utility
and
mining

101
73
32

12
23
5

37
51
60
40

11
7
20
0)

Railroads
21
1
7
3
10
18
(0

STOCK PRICES
Other

INDEX OF PRICES, 1926 =

21
2
4
16
24
7

0)

i Not available.
Source: Commercial and Financial Chronicle. Includes issues of both
domestic and foreign corporations but excludes issues of corporations
classified in group "investment trusts, trading, holding, etc."

Prices of corporate securities have risen
moderately during the past two months.
High-grade corporate bond
Corporate
prices have been firm, and
security prices

.

,

, ,

yields, as represented by
Moody's averages for Aaa issues shown on
the chart, have been at new record low levels
since the latter part of September.
Prices of lower-grade corporate obligations, especially those of railroads, have advanced since the middle of September and
1166




80

80

60

60

40

40

20

20

1935
1936 1937
1938
1939 1940
Source: Standard Statistics Company, 348 industrials, 40
utilities, 32 railroads. Wednesday figures *
, latest are for
October 23.
FEDERAL RESERVE

BULLETIN

Review of the Month

obligations. Average yields on lower-grade
railroad obligations included in Moody's
averages for Baa issues, reached new lows
for the year in the early part of September
and have subsequently declined to lower
levels, but they are still substantially above
their 1937 lows. Average yields on the lowergrade obligations of public utilities and of
industrials near the end of October were at
the lowest levels for recent years.
Price changes of common stocks since the
early part of September have been irregular,
as shown by the chart, following moderate
advances in the latter part of August. Prices
of equities of railroads and of certain groups
of companies, especially in the durable goods
industries, have shown a tendency to advance
further. Prices of other industrial stocks and
of public utilities near the end of October
were at or below the level of the first week
in September.
Prices of United States Government securities, which had fluctuated with little trend
in July and August, advanced
United States
during September and Octob
^« Toward the end of October the price of the 1960-1965
bonds equaled this year's previous peak. The
yield on this issue declined to a new low of
2.25 per cent, compared with the previous
low of 2.26 per cent reached on June 5, 1939,
and again on April 2, 1940. Yields on 3- to
5-year Treasury notes also declined to about
% of 1 per cent, and new issues of Treasury
bills sold at negative rates.
On September 25 the Treasury announced
an offering of 2 per cent Treasury bonds of
1953-1955 in exchange for Treasury notes

NOVEMBER

1940




maturing in December. Of the $737,000,000
of notes outstanding, $725,000,000 were converted into the new issue. The new bonds,
which were quoted in the market at 101% on
September 25, advanced to about 102% in
October.
Holdings of Government securities at reporting member banks, after reaching a peak
of $12,010,000,000 on August 14, declined by
$230,000,000 through the end of September.
The largest reduction was in holdings of
Treasury bills at New York and Chicago
banks, and there were also scattered declines
in holdings of notes and bonds. Subsequently
reporting member bank holdings increased
by $160,000,000. New York banks added
to their holdings of bills and of guaranteed
obligations. Reporting member bank holdings of notes declined and of bonds increased,
reflecting the Treasury refunding.
During October, when there was a strong
demand for Government securities, the Federal Reserve System sold a total of $101,000,000 from its Open Market Account. Of this
amount $69,000,000 was in Treasury notes
and $32,000,000 in bonds. Net sales from the
Account during rises in the market over the
past year have amounted to $229,000,000.
These sales, together with maturities of
Treasury bills, which were permitted to run
off without replacement, have more than offset the amount of purchases made by the
System during periods of market weakness
in 1937 and in 1939. As a consequence the
amount of Government securities held by the
Federal Reserve Banks is now smaller than
at any time since the autumn of 1933.

1167

•Ogticultuie and the
by
CHESTER C. DAVIS*

\ l X T E E N million young men of America production of the materials of defense. The
** have registered under the Selective Serv- job of turning out new supplies now rests
ice Act to make themselves available for the with American industry to whom the respondefense of our nation. The National Defense sibility has been entrusted. It is my observaAdvisory Commission since its creation four tion that industry has assumed this responand a half months ago has been working with sibility with high patriotism and with a
the military and naval and other government realization that only through total preparedestablishments to organize our material re- ness can we be certain that our free institusources for production to equip these new tions will be preserved.
defense forces. The Congress has appro- The job for agriculture is no different from
priated 15 billion dollars for defense. Of that of any other American group. The prithat sum, about 12 billion dollars will go mary duty of every element in our economic
for new weapons and the added plants and organization is to make its resources and
facilities necessary to produce them in vol- manpower available for defense. That objecume. Eight of those 12 billion dollars have tive must never be obscured and in my judgalready been cleared for that purpose, and ment it has the unconditional support of
new contracts are being awarded each day American farmers.
as our industries organize to meet the urgent Fortunately this crisis found farmers predemand. Events, utterly unpredictable and pared with abundant supplies. We all reincredible a year ago, have etched such a member that in 1917, agriculture was called
pattern over the rest of the world that one upon to increase its production to feed our
hundred and thirty million people are joined army and those of our allies. "Food Will Win
in demanding total preparedness for the the War," was the slogan of that day. Now
United States. The object is insurance of we find domestic food supplies adequate to
our shores against aggression. I am con- take care of our own military and civilian refident that the production facilities of this quirements with plenty left over. After pronation are adequate to the challenge and that viding for our own needs, the United States
our sons who are called into the service will could export 150 million bushels of wheat,
be well equipped to defend this nation if that 400 million bushels of corn, 100 million
necessity should come.
bushels of barley, 350 million pounds of
Each member of the Defense Commission pork, 500 million pounds of lard, 250 million
of seven has a dual responsibility—that pounds of other edible fats and large quanshared with the others for the policies and tities of fresh, dried and canned fruits and
acts of the Commission as a whole, and that vegetables. Its cotton storehouse is full and
attached directly to the division he heads. running over. These surpluses are largely
My direct responsibility at the Defense Com- carried over from previous crops. Present
mission is in the field of agriculture. Before crop prospects indicate that aggregate farm
considering it, I wish to express my con- production for 1940 promises to be the second
fidence in the real accomplishments that have largest on record.
been recorded by our military establishments It is apparent, therefore, that the supplies
in the unspectacular but fundamental task of American farm products are sufficient to
of organizing our industry for the speedy meet any demands that may be anticipated.
* From a radio address by Chester C. Davis, member of the Board The essential task is to maintain the farm
of Governors of the Federal Reserve System and Commissioner plant in such a healthy, productive condition
in charge of the Agricultural Division of the National Defense
Advisory Commission, delivered over the network of the Mutual that supplies of foods and other farm essenBroadcasting System from Station WOL, Washington, D. C,
tials will continue to be sufficient.
October 17, 1940.
Note.—Views expressed in signed articles published in the BULLETIN are those of the writers
and not necessarily those of the Board of Governors of the Federal Reserve System.

1168




FEDERAL RESERVE BULLETIN

Agriculture and the Defense Program

It is obvious that no nation can adequately
defend itself without abundant supplies of
food and fiber. It is equally obvious that
those supplies cannot be maintained unless
the producers are kept in the position to continue efficient production. The objective of
increased farm income and stable prices has
long been a recognized national policy. We
must not retreat from the peace-time objective of balanced farm production, prices and
income now that war clouds cover the sky.
From the standpoint of organization,
American agriculture is better prepared than
most groups to meet whatever the future may
hold. This is due to the national farm program of recent years in which the vast majority of farmers have participated. The
Agricultural Division of the Defense Commission is fortunate in having available the
resources and facilities of the Department of
Agriculture. In every project which we have
undertaken there has been close and active
collaboration with the Department of Agriculture which is charged with the Administration of the action programs.
The Agricultural Division and the Department of Agriculture are giving constant attention to agricultural prices and price relationships. At the present time farm prices,
in general, are low. It is my opinion that a
substantial increase in most of them is desirable. Such an increase, where it is simply a
recovery from abnormally low levels, must not
be considered as either a justification for or
a cause of spiral price advances in other areas.
During the past four months, the Agricultural Division of the Defense Commission has
been concerned with a number of immediate
problems in determining how the resources
of agriculture could be best made available
for defense. Foremost among these considerations is the location of new plants which
are being built to provide the Army and Navy
with munitions and other supplies. Sound
policy requires that, insofar as possible, the
new defense plants be built away from regions of present industrial concentration and
in locations where there is not only an adequate labor supply for the defense emergency
but where the people will not be entirely
separated from their former livelihood.
These individuals can use some of the income
received from employment in new powder
plants or munitions factories to improve their
homes and farms. It will compensate in part
for adjustments they are forced to make beNOVEMBER

1940




cause of curtailed export outlets for farm
products.
War, and the rising effort for national selfsufficiency that preceded it, have greatly
diminished export outlets for many important crops—cotton, tobacco and wheat particularly. Many markets have been entirely
eliminated. Any steps which can be taken,
consistent with the objectives of national defense, to pave the way for industrial employment in areas where these crops are grown
is clearly in the public interest.
One of the first plants located in accordance
with this general pattern is at Radford, Virginia. This plant will manufacture smokeless powder and will employ some five thousand workers. Radford is well inland from
the coast and outside the boundaries of any
established industrial area. The counties
surrounding Radford are densely populated.
Many of the farms are small and the average
income is low. The cash income of a large
proportion of the farms is from $300 to $500
a year. Every reasonable effort is being
made to facilitate the employment of people
who live on these farms in the vicinity of
Radford. This is desirable because the local
farm people need the extra income; the immediate housing problem will be alleviated,
and there will be fewer stranded people if
and when the new plant shuts down.
Not all of the plants which are going up
have been located as favorably in relation to
unemployed labor, including rural labor, as
the smokeless powder plant at Radford. In
some cases it has been necessary to establish
a new plant near an existing factory where
management, engineering talent and some
highly skilled workers are available. This
is particularly true of many of the new aircraft plants. In other cases it is necessary
to locate near the source of raw materials.
Efficiency requires the location of TNT plants,
for example, near steel mills in order that
the partially used sulphuric acid is not wasted.
Wherever possible, however, the defense
commission is recommending that the policy
of decentralization be followed. Plans are
under way, for example, for the location of a
group of plants west of the Mississippi River
and it is my hope that an increasing proportion will be established there and in the South
and Southwest. In spite of the present concentration of aircraft plants along the Coast,
new manufacturing units are being established in Texas and Kansas, and it is probable that before this country secures all the
1169

Agriculture and the Defense

capacity it needs for making airplanes, additional plants will be established in the interior.
In addition to the Radford, Virginia, plant,
construction of another large smokeless powder plant is under way at Charlestown, Indiana. A large TNT and shell and bomb loading plant will be located in a rural area some
40 miles south of Chicago. Preliminary work
will be done within the next few days for the
establishment of another TNT plant located
in Missouri. This plant will provide raw
materials for a large bomb loading plant
which is planned for the vicinity of Burlington, Iowa.
We are also concerned with the probable
peace time value of some of these plants.
For example, one of the major raw materials
is nitrogen—nitrogen in the form of ammonia. Nitrogen is also the most important
plant food purchased by the farmer. As a
part of the defense program, it is necessary
to construct some new plants for the manufacture of ammonia. I am hopeful that one
of these, in line with the policy declared by
Congress, will be authorized for the T.V.A.
where after the war need has passed, it will
be dedicated to the permanent peace time
service of agriculture.
Among other matters with which the Agricultural Division has been concerned, one example of genuine cooperation by the wool
producers may be of interest. The tremendous wool requirements of the military services made it necessary to acquire a strategic
reserve. The British Government has agreed
to store in bond in this country 250 million
pounds of Australian wool. These stocks will
be used only in an emergency when there is
a shortage of domestic wool or normal imports are shut off. During the development
of this plan the Defense Commission was in
constant touch with representatives of wool
growers. While they were naturally concerned with the possible adverse effect of this
plan upon their industry, they were also concerned with how best to serve the program of
national defense. Their suggestions were

1170




Program

valuable and a plan emerged which will meet
the requirements of national defense and
at the same time protect the essential interests
of civilian consumers and the growers.
One problem which we did not fully anticipate has to do with farmers, both tenants and
owners, whose land is purchased for defense
projects. In Germany, I am advised, the
Hitler government had very good reason to
worry over the loss of agricultural land taken
over for military uses. Fortunately, we have
plenty of land here but it is a serious problem
in some cases to create opportunities for
producers whose farms have been purchased
for defense projects. We are undertaking
to develop a procedure that will give them
priority of employment in defense industries.
In addition, we are working with the Farm
Security Administration and other services
in the Department of Agriculture at the task
of relocating those who desire to continue
farming operations.
I can only mention a few of the other
activities of the Agricultural Division. We
are engaged in a nation-wide survey of food
industries to develop plans for whatever direction or control an extreme emergency
might require. We are concerned in the
training programs for youth to make certain
that unemployed rural boys have equal opportunity with other groups to be trained in
defense industries. We are cooperating with
other agencies on problems of economic collaboration in this hemisphere. We are giving
attention to foreign trade possibilities which
involve farm commodities.
These, and other projects which affect
American farmers occupy our continuing attention. But above all considerations is the
immediate objective of organizing our abundant resources to keep war from these shores.
I repeat, American agriculture is already
producing in abundance what the nation requires from it. But beyond that, if sacrifices
are called for, I am confident that American
farmers are ready to make their contribution
for the maintenance of liberty and the ideals
of free men.

FEDERAL RESERVE BULLETIN

inancing

the

J^toa tam

In furtherance of co-operation between the extended. The Director will thus be enabled
National Defense Advisory Commission and to further implement the policy of the Dethe Federal Reserve System, the Board of fense Commission in bringing into fullest
Governors has taken steps to put into effect possible use all available plant facilities and
immediately arrangements whereby the Fed- unused manpower in the small and medium
eral Reserve Banks and their branches will size business sector without disrupting norassist in facilitating the defense program, mal civilian requirements.
particularly in connection with the obtaining In order to decentralize the work of the
of contracts by the smaller business enter- office of the Director of Small Business Acprises and financing by local banks. The Com-tivities, the Defense Commission has obtained
mission made the following announcement on the cooperation of the Federal Reserve SysOctober 25 in regard to the arrangements: tem. The Board of Governors of the Federal
Reserve System will serve as operating agent
HE National Defense Advisory Commis- for
Defense Commission in carrying out
sion announced today that it has designated this the
program.
the request of the Federal
Donald M. Nelson, Coordinator of National Reserve Board, At
a
senior
will be desigDefense Purchases, as Director of Small nated in each Federal officer
Reserve
Bank and
Business Activities to deal with the problems branch to handle all problems relating
to field
and interests of smaller business establish- and technical activities.
ments in relation to the defense program.
It will be the responsibility of the desigThis office has been created in conformity
with the established policy of the Defense nated officers of the Federal Reserve Banks
Commission which holds that smaller busi- to report on the availability of small business
ness occupies a place of vital importance in enterprises in their districts to participate in
the defense program; to familiarize local
the defense program.
The office of the Director of Small Business banks with the procedure to be followed in
Activities will serve, among other things, accepting assignment of government claims
as a clearing house of information for the as security for loans; to encourage local
smaller enterprises, keeping them advised of banks to make loan commitments on condiWar and Navy Department requirements tion that borrowers obtain government conthey may be qualified to fill. The Director tracts; to furnish business enterprises in
will lend his assistance in facilitating financ- their districts with information on the proing required by smaller business to effectuate cedure to be followed relative to obtaining
defense contracts. His office will cooperate defense contracts; and to assist small busiwith local commercial banks in this connec- ness enterprises to obtain necessary financing
tion and will assist in establishing contacts from their local banks. By utilizing the
with Federal Reserve Banks and the Recon- services of the Federal Reserve Banks in their
struction Finance Corporation when local own territories, the smaller business men
banks may be unable to extend required throughout the country will be in a position to
obtain promptly and accurately information
credits.
The Defense Commission believes that the they require to play their part in the defense
Director of Small Business Activities will be program.
The Director of Small Business Activities
in a position to serve as an effective liaison
between War and Navy procurement officers, and the Federal Reserve Board and its reprepotential contractors, subcontractors and sentatives in the Federal Reserve districts
local bankers so that defense contracts may will endeavor to maintain close contact with
be executed simultaneously with provision the procurement officers of the War and
for adequate bank or Reconstruction Finance Navy Department in the various procurement
areas throughout the country.
Corporation financing.
Mr. Nelson and the Board of Governors of
The Director expects to provide a focal
point for primary contractors and potential the Federal Reserve System will call a meetsubcontractors in various parts of the coun- ing in Washington at an early date to discuss
try. It is believed that this function will this program with the Federal Reserve Bank
become increasingly important as the sys- officers and the procurement officers of the
tem of subcontracting becomes more widely Service branches.

T

NOVEMBER

1940




1171

Ttom a JLegal Standpoint
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors and other similar material.
Assignment of Claims Against Government

The President of the United States on October 9,1940, approved an act "To assist in the
national defense program by amending sections 3477 and 3737 of the Revised Statutes
to permit the assignment of claims under public contracts/' This Act, known as Public
No. 811, 76th Congress, is in the form which
received approval by both Houses of Congress
and appeared in the October 1940 Federal
Reserve BULLETIN at page 1045.
Right of Member Bank and Its Subsidiary Member Banks to
Vote in the Election of a Federal Reserve Bank Director

Recently there was presented to the Board
of Governors the question whether, in connection with the election of a Class B director of
a Federal Reserve Bank, a member bank
which controls two other member banks, all
within the same Federal Reserve district,
may participate in the election in addition to
such participation by one of the subsidiary
member banks.
With respect to the election of Class A and
Class B directors of Federal Reserve Banks,
Section 4 of the Federal Reserve Act provides
that "whenever any two or more member
banks within the same Federal Reserve district are affiliated with the same holding company affiliate, participation by such member
banks in any such nomination or election shall
be confined to one of such banks, which may
be designated for the purpose by such holding company affiliate/'
The Board concluded that it was the intent
of the statute that in a situation such as the
one referred to all of the member banks in a
single group controlled by the same interests
should together have but one vote in such an
election; and that this intent of the law is not
affected by the circumstance that one of the
member banks happens to be a holding company affiliate. Accordingly, it is the view of
the Board that, in the circumstances stated
above, any one, but not more than one, of the
1172




three member banks involved, when designated for the purpose in accordance with the
provisions of section 4 of the Federal Reserve
Act, may participate in the election of a Class
B director of the Federal Reserve Bank; and
that therefore if the holding company member bank elects to participate, neither of the
subsidiary banks may do so.
"Cash on Delivery" Transactions Under Regulation T

The Board has recently considered certain
questions involving the special cash account
under section 4 (c) of Regulation T, and especially the provisions of section 4(c) (5) relating to so-called "cash on delivery" or
"C.O.D." transactions. For convenient reference, the relevant portions of section 4(c),
particularly of 4(c) (5) are set out below:
"(c) Special cash account.— (1) In a special
cash account, a creditor may effect for or with any
customer bona fide cash transactions in securities
in which the creditor may—
"(A) purchase any security for, or sell any
security to, any customer, provided funds sufficient for the purpose are already held in the
account or the purchase or sale is in reliance
upon an agreement accepted by the creditor in
good faith that the customer will promptly make
full cash payment for the security and that the
customer does not contemplate selling the security prior to making such payment; . . .
"(2) In case a customer purchases a security
(other than an exempted security) in the special
cash account and does not make full cash payment for the security within 7 days after the date
on which the security is so purchased, the creditor
shall, except as provided in the succeeding subdivisions of this section 4(c), promptly cancel or
otherwise liquidate the transaction or the unsettled portion thereof . . .
" (5) If the creditor, acting in good faith in
accordance with subdivision (1) of this section
4(c), purchases a security for a custonier, or
sells a security to a customer, with the understanding that he is to deliver the security promptly
to the customer, and the full cash payment to be
made promptly by the customer is to be made
against such delivery, the creditor may at his
option treat the transaction as one to which the
period applicable under subdivision (2) of this
section 4(c) is not the 7 days therein specified
FEDERAL RESERVE BULLETIN

From a Legal Standpoint

the customer's agreement, under section 4 (c)
(1)(A), that he "will promptly make full
cash payment". Furthermore, any delay by
the customer may cast doubt on the original
status of the transaction and should be explainable by exceptional circumstances that
justify the delay. Repetition of delays by the
customer would be especially hard to justify.
Such repetition would almost conclusively
label his transactions as unable to qualify as
bonafidecash transactions and would almost
conclusively disqualify them for inclusion in
the special cash account.
These general principles are illustrated by
the specific cases to which the Board has
given consideration.
Broker "failed to receive" security.—A typical example of a case in which the delivery
to the customer is delayed because of conditions in the trade is one in which the broker
has "failed to receive" the security which
the customer has purchased. Assuming that
no evasion of the regulation is involved and
In general.—The problems were ones relat- that the failure to receive the security is an
ing, under section 4 (c) (5), to the time of de- ordinary incident to the usual operation of
livering a security to a customer and obtain- the securities business, section 4 (c) (3)
ing cash payment against the delivery. The would cover the time, not exceeding the 35rulings on the particular cases may be under- day maximum specified in the provision, reastood more readily in the light of certain gen- sonably required for the broker to obtain the
eral principles which apply to section 4(c) security and deliver it to the customer.
and particularly to the C.O.D. transactions Purchasing for delivery security already
sold to customer.—It sometimes happens that
under section 4 (c) (5).
It should be noted at the outset that it is not a dealer will sell a security to a customer althe purpose of section 4(c) (5) to allow addi- though the dealer does not have the security
tional time to customers for making payment. on hand for delivery and expects to purchase
The "prompt delivery" described in section it in the market in order to make delivery
4(c) (5) is delivery which is to be made as to the customer. A special case of this type
soon as the broker or dealer can reasonably is one in which an institutional investor such
make it in view of the mechanics of the se- as an insurance company, trust fund, or the
curities business and the bona fide usages of like, will purchase a block of a particular isthe trade. The provision merely recognizes sue of securities—usually bonds—as a unit,
the fact that in certain circumstances it is an and will request that the entire block of seestablished bona fide practice in the trade to curities be delivered at one time in order to
obtain payment against delivery of the se- avoid unreasonable duplication of clerical or
curity to the customer, and the further fact administrative operations.
that the mechanics of the trade, unrelated to Questions as to the time allowed the dealer
the customer's readiness to pay, may some- to acquire the securities in the market for
times delay such delivery to the customer. delivery to the customer under section 4
The customer should have the necessary (c) (5) are essentially questions of reasonmeans of payment readily available when he ableness, and must necessarily depend on the
purchases a security in the special cash ac- circumstances of the particular case.
count. He should expect to pay for it im- As indicated above, the dealer could not demediately or in any event within the period lay acquiring the securities he did not have
(of not more than a very few days) that is as on hand if such delay was for the purpose of
long as is usually required to carry through giving additional time to the customer. Assilming, however, that no such evasion is inthe ordinary securities transaction.
Such an undertaking is a necessary part of volved and that there is complete good faith,
but 35 days after the date of such purchase or
sale: Provided, however. That the creditor shall
not so treat any purchase by a given customer
if any security has been purchased by such customer at any time during the preceding 90 days
in a special cash account with the creditor, and
then, for any reason whatever, without having
been previously paid for in full by the customer,
the security has been sold in the account or delivered out to any broker or dealer: Provided, That
an appropriate committee of a national securities
exchange, on application of the creditor, may
authorize the creditor to disregard for the purposes of the preceding proviso any given instance
of the type therein described if the committee is
satisfied that both creditor and customer are acting in good faith and that circumstances warrant
such authorization.
"(6) If an appropriate committee of a national
securities exchange is satisfied that the creditor is
acting in good faith in making the application,
that the application relates to a bona fide cash
transaction, and that exceptional circumstances
warrant such action, such committee, on application of the creditor, may (A) extend any period
specified in subdivision (2), (3), (4) or (5) of
this section 4(c) for one or more limited periods
commensurate with the circumstances. . . ."

NOVEMBER

1940




1173

From a Legal Standpoint

the dealer would have a reasonable time for
acquiring the securities and could take into
account the general state of the market, the
effect of forcing a sudden purchase of the
securities, and similar factors. He would not
have to force through a sizeable purchase in
a market that is temporarily thin or disorganized. But on the other hand he should
proceed to acquire and deliver the securities
with all reasonable dispatch.
Unissued securities.—The question was
raised whether section 4(c) (5) applies to
securities which at the time of the transaction are unissued. The answer is that it
does, but that, as in other cases, the broker
should deliver the security and complete the
transaction as soon as he can in view of the
mechanics of the trade. This being the case,
it seems that there would be very few instances in which section 4(c) (5) would, in
practice, authorize any more time for delivering such a security and obtaining payment
therefor than would section 4(c) (3) which,
in the following terms, specifically provides
for most situations involving unissued securities :

that in certain circumstances the sale of a
security held in the special cash account may
serve as payment for a security which has
been purchased in the account even though
the proceeds of sale have not yet been collected.
Although the security had not actually
been sold in the present case, the Board expressed the view that, if the necessary requirements of good faith were met and there
was every reasonable probability that the
called security actually would be paid according to the call for redemption, the same
principle would apply. In such circumstances, therefore, payment for the purchased security may be considered to have
been made for the purposes of section 4(c)
at the time when the called security is deposited with the dealer for the indicated
purpose.
Executive Order and Regulations on Transfers of
Rumanian Property

The Executive Order of April 10, 1940, as
amended, and the Treasury Regulations
issued thereunder providing that transfers of
"(3) If the security when so purchased is an credit, foreign exchange transactions, the exunissued security, the period applicable to the port or earmarking of coin, bullion, or curtransaction under subdivision (2) of this section
4(c) shall be 7 days after the date on which the rency, or other similar operations, by persons
security is made available by the issuer for de- or institutions in the United States which inlivery to purchasers."
volve property of Norway, Denmark, Belgium, Luxembourg, the Netherlands, France,
Securities purchased with proceeds of se- Latvia, Esthonia or Lithuania, or any
curities called for redemption.—Sometimes a national thereof, shall be subject to license
customer wishes to purchase a security and by the Secretary of the Treasury, were
to pay for it with the proceeds of another amended on October 10, 1940, so as to insecurity which the customer holds and which clude property of Rumania, or any national
the issuer has called for redemption. Occa- thereof.
sionally the proceeds of the called security
The texts of the Executive Order and acwill not be available for some time, perhaps companying Regulations and amendments
30 days, and the customer would like to delay thereto, are quoted in full in the May, June,
payment for that time.
July, August, and September 1940 issues of
Such a circumstance would not justify de- the Federal Reserve BULLETIN. The texts of
lay in obtaining payment under section 4(c) the October 10 amendments are as follows:
(5), since the delay would not arise from the
EXECUTIVE ORDER N O . 8565
mechanics of the trade as they affect the
broker or dealer, but merely from the cusAmendment of Executive Order No. 8389 of
April 10,19^0, as Amended
tomer's desire for delay in making payment.
In the particular case presented to the By virtue of the authority vested in me by section
Board, however, the customer deposited the 5(b) of the Act of October 6, 1917 (40 Stat. 411),
as amended, and by virtue of all other authority
called security with the dealer with definite vested
in me, I, FRANKLIN D. ROOSEVELT, PRESIDENT
instructions to deliver it for redemption and of the UNITED
STATES OF AMERICA, do hereby amend
apply the proceeds to payment for the pur- Executive Order No. 8389 of April 40, 1940, as
chased security. This made the situation amended, so as to extend all the provisions thereof
and with respect to, property in which Rumania
similar to that considered in the ruling at to,
or any national thereof has at any time on or since
page 1043 of the December 1938 Federal October 9, 1940, had any interest of any nature whatReserve BULLETIN, which was to the effect soever, direct or indirect; except that, in denning
1174




FEDERAL RESERVE BULLETIN

From a Legal Standpoint

Issued Pursuant Thereto Relating to Transactions
"Rumania" and "national" of Rumania, the date
"October 9, 1940" shall be substituted for the dates
in Foreign Exchange, Etc.
appearing in the definitions of countries and nationals
Inquiry has been made as to whether the followthereof.
ing is prohibited, except under license, by Executive
FRANKLIN D. ROOSEVELT.
Order No. 8389, as amended, and the Regulations
THE WHITE HOUSE,
issued pursuant thereto:
October 10, 1940.
A request or authorization made by or on behalf
Treasury Department, Office of the Secretary,
of a bank or other person within the United States
October 10, 1940
to a bank or other person in a foreign country
other than one of the countries designated in
Amendment to Regulations *
Executive Order No. 8389, as amended, as a result
The Regulations of April 10, 1940, as amended
of which request or authorization such latter bank
(Sections 130.1 to 130.6\ are further amended so as or person makes a payment or transfer of credit
to extend all the provisions thereof to, and with reeither directly or indirectly to one of the foreign
spect to, property in which Rumania or any national
designated in the Executive Order, as
thereof has at any time on or since October 9, 1940, countries
amended, or a national thereof.
had any interest of any nature whatsoever, direct or
indirect; except that reports on Form TFR-100 with
The Treasury Department construes the Executive
respect to all property situated in the United States Order,
as amended, and Regulations as prohibiting
on October 9, 1940, in which Rumania or any national such a transaction
except under license.
thereof has at any time on or since October 9, 1940,
had any interest of any nature whatsoever, direct or
D. W. BELL,
indirect, shall be filed by November 9, 1940.
Acting Secretary of the Treasury.
H . MORGENTHAU, JR.,

Secretary of the Treasury.

Treasury Department, Office of the Secretary,
September 10, 1940
General License No. 33 Under Executive Order No.
General Rulings and General Licenses Issued by the
8389, April 10, 1940, as Amended, and Regulations
Secretary of the Treasury
Issued Pursuant Thereto, Relating to Transactions
Since the publication of certain General in Foreign Exchange, Etc.f
Licenses on page 1046 of the October 1940 A general license is hereby granted authorizing remittances by persons within the United States to
Federal Reserve BULLETIN, the following citizens
of the United States within any of the forGeneral Rulings and General Licenses have eign countries
designated in Executive Order No.
been issued by the Secretary of the Treasury 8389, as amended,
or to citizens of the United States
under authority of the Executive Order of who have departed from any such designated foreign
April 10, 1940, as amended, and Regulations countries and are within any other foreign country,
issued pursuant thereto relating to transac- through any bank, and any such bank is authorized
to effect such remittances, providing the following
tions in foreign exchange, etc.
terms and conditions are complied with:
(1) Such remittances do not exceed $250 per
Treasury Department, Office of the Secretary,
month to any payee and are made only for the
September 18, 1940.
necessary living expenses of the payee and the
payee's family except that one additional sum not
General Ruling No. 7 under Executive Order No.
8389, April 10, 1940, as Amended, and Regulations exceeding $250 may be remitted if such sum will be
Issued Pursuant Thereto, Relating to Transactions
used for the purpose of enabling the payee and the
in Foreign Exchange, Etc.
payee's family to return to the United States;
Such remittances are not made from funds
The provisions of General Ruling No. 5, as supple- in (2)
which a national of any of the foreign counmented by General Ruling No. 6, have been extended
tries designated in Executive Order No. 8389, as
to securities or evidences thereof coming from the
amended, has any interest whatsoever, direct or
Philippine Islands and the Panama Canal Zone into
indirect.
any other part of the United States.
D. W. BELL,
Any bank effecting any such remittance shall satisfy
itself that the foregoing terms and conditions are
Acting Secretary of the Treasury.
complied with.
Banks are authorized to obtain foreign exchange,
Treasury Department, Office of the Secretary,
to the extent necessary, on the same terms and conSeptember 18, 1940.
ditions as those prescribed in General License No. 32
General Ruling No.] 8 under Executive Order No. in order to effect the remittances herein authorized.
8389, April 10, 19 40, as Amended, and Regulations
APPROVED: October 10,1940.
FRANKLIN D. ROOSEVELT.

t Sec. 5 ( b ) , 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; Public
* 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
Resolution No. 69, 76th Congress; 12 U.S.C. 95a; Ex. Order 6560, J a n . 15, 1934; Ex. Order 8389, April 10, 1940 ; Ex. Order
6560, J a n . 15, 1934; Ex. Order 8389, April 10, 1940; Ex.8405, May 10, 1940; Ex. Order 8446, June 17, 1940; Ex. Order
Order 8405, May 10, 1940; Ex. Order 8446, June 17, 1940;8484, July 15, 1940; Ex. Order 8493, July 25, 1940; Regulations,
Ex. Order 8484, July 15, 1940; Ex. Order 8493, July 25, 1940: April 10, 1940, as amended May 10, 1940, June 17, 1940 and
July 15, 1940.
Ex. Order 8565, October 10, 1940.
NOVEMBER 1940




1175

From a Legal Standpoint

Banks through which any such remittances origi- amended, is hereby further amended by substituting
nate shall file promptly separate reports in triplicate the following for subdivision 2 thereof:
" (2) In the event that any money or evidences of
on Form TFR-32 with the appropriate Federal Reindebtedness or evidences of ownership of property
serve Bank indicating therein that the payee is a
are to be removed from such box, such access shall
citizen of the United States. In addition, the bank
be permitted only in the presence of an authorized
ultimately transmitting abroad (by cable or otherrepresentative of a banking institution within the
wise) the payment instructions for any such remitUnited States, which may be the lessor of such box,
tances shall file weekly reports with the appropriwhich receives into its custody immediately upon
ate Federal Reserve Bank setting forth in detail the
removal from such box the money or evidences of
same information required in such reports under
indebtedness or evidences of ownership of property
General License No. 32. This weekly report may be
removed from such box and which holds the same
combined with the weekly report required under
subject to the Executive Order of April 10, 1940,
General License No. 32.
as amended, and the Regulations issued thereunder,
As used in this general license the term "bank"
for the account of the lessee of such box and subject
shall mean any bank or trust company incorporated
to the pr^ nerty interests therein as of the respective
under the laws of the United States or of any state,
dates specified in such Order, as amended, of the
territory or district of the United States, or any priforeign countries designated in such Order, as
vate bank subject to supervision and examination
amended, or anv national thereof;"
under the banking laws of any state, and also any
other banking institution specifically authorized by
D. W. BELL,
the Treasury Department to be treated as a "bank"
Acting Secretary of the Treasury.
for the purpose of this general license or of General
License No. 32.
D. W. BELL,
Treasury Department, Office of the Secretary,
Acting Secretary of the Treasury,
October 10, 1940
General License No. 35 under Executive Order No.
Treasury Department, Office of the Secretary,
8389, April 10, 194-0, as Amended, and Regulations
October 10, 1940
Issued Pursuant Thereto, Relating to Transactions
General License No. 3J+ under Executive Order No. in Foreign Exchange, Etc.*
8389, April 10, 19%0, as Amended, and Regulations A general license is hereby granted authorizing
Issued Pursuant Thereto, Relating to Transactions banking
institutions within the United States to make
in Foreign Exchange, Etc.*
payments from accounts in which Rumania or a nahas a property interest within the
General Licenses Nos. 1, 2, 4, 5, 9, 11 and 12, as tional thereof
of the Executive Order of April 10, 1940,
amended, issued under Executive Order No. 8389 of meaning
amended, and the Regulations issued thereunder,
April 10, 1940, as amended, are hereby further as
checks and drafts drawn or issued prior to October
amended so that as of the date hereof there shall be of
9, 1940, and to accept and pay and debit to such acsubstituted for the words "Norway, Denmark, the counts
drawn prior to October 9, 1940, under
Netherlands, Belgium, Luxembourg, France, Latvia, letters drafts
of credit; provided, that each banking instiEstonia or Lithuania," wherever they appear in such tution making
any payment or debit authorized by
General Licenses, the words "any of the foreign coungeneral license shall file promptly with the aptries designated in Executive Order No. 8389 of April this
propriate Federal Reserve Bank weekly reports show10, 1940, as amended."
General License No. 12, as amended, issued under ing the details of such transactions.
D. W. BELL,
Executive Order No. 8389, of April 10, 1940, as
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; Regulations, April 10, 1940,
as amended May 10, 1940, June 17, 1940, July 15, 1940 and
October 10, 1940.

1176




* 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 ; Regulations, April 10, 1940, as amended
May 10, 1940, June 17, 1940, July 15, 1940, and October 10, 1940.

FEDERAL RESERVE BULLETIN

Ttom the Eoatd*5 G.otte5Y2ondence
I

n^HE character and volume of inquiries addressed to the Board in recent years reflect the public's growing
interest in problems related to money and banking. The inquiries cover a wide range of subjects representing many points of view, and it is believed that some of the Board's replies to the questions raised may
be of interest to the readers of the BULLETIN. Selections for publication are made on the basis of frequency
of inquiry, timeliness, and importance of subject matter.

.XCQ55

rather than hold excess reserves, and until
recent years they were able to find uses for
'In our Current Events course at
practically
the funds they had. Banks
Junior College, we have been interested in a held only asalllarge
reserves as the law restatement in the newspaper saying that the quired, and there were
no excess reserves.
banks have excess reserves of seven billion In recent years however,
bank redollars. We should like to know what excess serves have increased muchmember
faster than opreserves are, where the money comes from, portunities to use them. The supply of funds
and how it might be used to effect a better in the hands of banks has grown rapidly,
distribution of wealth/'
owing principally to a huge inflow of gold
from abroad, and at the same time the demand for funds by acceptable borrowers has
ANSWER
increased much less. Satisfactory loans and
NDER the law banks that are members investments have been relatively scarce. As a
of the Federal Reserve System are re- consequence, member banks at present have
quired to maintain as balances with the Fed- a huge volume of reserves in excess of reeral Reserve Banks a certain proportion of quirements.
the deposits which they have received from
These reserves are not a source of earntheir customers. When these balances are ings to the banks, but they are part of the
larger than what is required by law, then the assets held against the deposits which the
amount over and above legal requirements is banks owe their customers. The banks cannot
called excess reserves. These excess reserves either give them away or use them for specuare available for lending or investing.
lative or unsound undertakings. In effect,
There are about 6,400 banks in the United though not legally, these funds are owned by
States that are members of the Federal Re- depositors, and not by the banks. They can
serve System. On October 30, 1940, balances be lent by the banks to acceptable borrowers,
of these banks at the Reserve Banks totaled who have prospects of ability to repay the
fourteen billion dollars. Of this total about loans, but they are not available for distribuhalf represented what they were required to tion. They cannot be used as the basis for
have and the other half was excess.
a better distribution of wealth, which depends
Banks prefer to lend or invest their avail- on many other factors in the country's ecoable funds and obtain earnings on them nomic organization.
QUESTION

U

NOVEMBER

1940




1177

Revision of Banking Statistics

The Board of Governors of the Federal Reserve System, the Federal Deposit Insurance
Corporation, and the Office of the Comptroller
of the Currency are cooperating in the preparation of a comprehensive revision and
compilation of banking statistics for the
United States. The National Bureau of Economic Research, represented by Professor
James W. Angell, is collaborating in the work.
George W. Blattner, of the staff of the Board
of Governors, has supervision of the project.
The primary purpose of this compilation
is to assemble and publish the best available
data, from the earliest period for which it is
possible to obtain comparable figures down
to date, and with the widest possible coverage. The aim is to show the development of
the entire banking system and to provide a
more reliable basis for the analysis of relationships between general economic activity
and monetary and banking forces. Figures
for the principal types of assets and liabilities
will be compiled for various types of banks
for each State. Attempt will be made to
combine and reconcile the numerous series
now to be found, often on a noncomparable
basis, in the various Federal and State reports.
With respect to national banks there are no
problems as to coverage and the principal
task will be to assemble series of data that
are comparable over long periods. The problem with other banks is much more difficult.
The available figures for these non-national
banks have varied considerably from time to
time and from State to State both as to types
of banking institutions covered and as to
items reported. Available compilations of
totals for all banks in the country are affected
by these inconsistencies.
The Board would be glad to receive any
information concerning studies that are being
made or have been made regarding banking
trends in particular areas or regarding
particular types of banks, whether made
by individuals, statistical agencies, or banking authorities. It would also like to have
any information, however fragmentary, concerning data of the types indicated which
are not already accessible in the published reports of Federal and State banking
authorities. Information on non-national
banks before 1914 will be especially welcome.
1178




Emergency Plant Facilities Contract

There was published in the September
1940 number of the Federal Reserve BULLETIN a statement issued by the National
Defense Advisory Commission regarding the
availability of bank credit for financing the
defense program, based upon a test survey
made by the Federal Reserve System for the
Commission. This statement referred to a
new form of contract developed by the National Defense Advisory Commission, after
consultation with the War and Navy Departments and the Comptroller General, as a
basis for borrowing by defense manufacturers from the banks.
As a result of suggestions made by banks
and others who considered the form of contract, it was modified in some particulars
and copies of a revised draft were furnished
to the Federal Reserve Banks and their
branches in mid-October. Banks and others
who are interested in the matter may obtain
information concerning the form of contract
from any Federal Reserve Bank or branch.
Admissions of State Banks to Membership in the
Federal Reserve System

The following State banks were admitted
to membership in the Federal Reserve System
during the period September 16, 1940, to
October 15, 1940, inclusive.
Indiana
Brazil—The Brazil Trust Company of Brazil,
Indiana
Logansport—The Farmers & Merchants State
Bank
Montpelier—The Bank of Montpelier
Porter—First State Bank of Porter
Iowa
Clear Lake—Clear Lake Bank and Trust Company
Michigan
Dexter—The Dexter Savings Bank
Gaylord—The Gaylord State Savings Bank
River Rouge—River Rouge Savings Bank
Nevada
Pioche—Bank of Pioche, Incorporated
New York
Baldwin—Peoples State Bank of Baldwin
Ohio
Alliance—The Mount Union Bank
South Dakota
Custer—Custer County Bank, Custer City, So.
Dak.
Texas
Marlin—First State Bank of Marlin
FEDERAL RESERVE BULLETIN

A/ew Dndex of} United Stata* (fovetnment £ond
N THE regular table of bond prices in this average term and the average coupon rate
Iindex
issue of the
(page 1206), a new that have prevailed for United States Govof long-term United States Govern- ernment long-term bonds since 1936. In 1931
BULLETIN

ment bond prices has been substituted for the the average coupon rate of the bonds included
series
previously published. This new in- in the average was 3% per cent; after that
dex l of prices is derived from the average date the bonds dropped were high-coupon
yields on long-term Government bonds by bonds and the bonds added were low-coupon
converting these yields to prices on a repre- bonds.
sentative and comparable basis as to maturity
For recent years, therefore, both the price
and coupon rate. Average market yields of level
the price fluctuations of the bond
long-term bonds are currently published in chosenand
represent
considerable accuracy
the BULLETIN. For explanation of these aver- those of the bondswith
actually
outstanding. The
ages, see BULLETIN, December 1938, page
index may also be expected to conform more
1045.
closely to the situation in the next few years
The previous price series was a simple than
would an index based upon coupon
average of the market prices of all outstanding Treasury bonds not due or callable for rates and maturities typical of earlier years.
more than 12 years. This series was useful As a result of this selection the level of the
in showing the average market prices of these price index for the earlier years does not
bonds and changes in market prices over conform to the average of actual prices durshort periods which did not involve differ- ing that period, but the fluctuations in the
ences in the issues included. It was not suit- index may be considered as typical of those
able, however, for longer-term price compari- in actual prices.
sons, owing to the numerous changes in the
The new series does not purport to measure
list of bonds making up the average and to accurately the average level of current price
wide variations in their prices, which reflect quotations in the market, although at the
principally differences in coupon rates. Bonds present time it does measure this level apwere excluded from the average whenever proximately. The index shows the approxitheir term to call date became 12 years or mate trend of prices of a representative bond
less, and new bonds having a term to call date of unchanging coupon and maturity. It proof more than 12 years were included in the vides, therefore, a measure of price changes.
average whenever issued by the Treasury.
chart shows the old and the new series
Bonds removed from the average during this of The
Government
prices. The lowest price
period generally had high coupon rates and for the 10-yearbond
period
was reached by both
consequently sold at high prices, while the
new bonds sold at small premiums above par.
U. S. GOVERNMENT BOND PRICES
Substitutions, therefore, tended to lower the
average, irrespective of market fluctuations.
While these changes broke the continuity of
the price series because of the variations
noted, they caused only negligible breaks in
the yield series, as the yields on new bonds
added or old bonds dropped conformed closely
to the yields of issues included in the average.
The new index of prices is derived from the
average yield of all the bonds included in this
average by calculating the price at which a
bond having a coupon of 2% per cent and
a term of 16 years would sell in order to return the average yield. These are about the
MONTHLY AVERAGES OF DAILY FIGURES

iThis index was compiled by V. B. Grinioff of the Division
of Security Loans and L. M. Piser of the Division of Research
and Statistics.

NOVEMBER

1940




1931

1932

1933

1934

1935

1936

1937

1938

1939

1940

1179

New Index of United States Government Bond Prices

series in January 1932 and the highest price the exclusion from the average of the highin June 1939. In the period between these premium 4*4 per cent bonds of 1947-1952.
dates the new index of prices advanced by
UNITED STATES GOVERNMENT BOND PRICES
about 26 points, while the old index advanced
[Monthly averages of daily figures]
by about 17 points. This difference in measuring the extent of the price increase reflects
1931 1932 1933 1934 1935 1936 1937 1938 1939
principally the cumulation of error arising
94.4 82.6 94.2 90.9 98.3 99.4 103.7 101.3 103.7
from the substitutions made in the old series. Jan
93.2 84.2 93.1 93.0 99.5 99.7 103.8 101.4 104.1
The new index is useful in comparing short- Feb
Mar.... 93.6 86.2 91.8 94.4 99.7 100.5 102.0 101.4 105.4
88.8 9i.8 95.5 100.1 100.9 99.4 101.7 106.0
Apr
term changes in prices in periods when the May.... 93.7
94.9 87.9 93.2 96.6 100.4 101.2 99.9 103.1 107.8
June
95.2
composition of the series is altered. Between July.... 95.0 87.9
94.3 97.1 100.4 101.2 99.9 103.0 108.4
90.0 94.4 97.8 100.8 101.3 100.4 103.0 107.9
September and November 1935, for example, Aug
94.6 91.5 94.3 96.5 99.9 101.8 100.4 103.1 107.2
93.8 91.8 94.5 94.4 98.7 102.0 99.7 102.2 101.3
the new index shows only a negligible change Sept....
89.4 91.7 94.2 95.6 98.7 101.7 99.9 103.5 102.0
Oct
89.4 91.5 91.3 96.0 99.0 102.9 100.5 103.3 103.8
in prices, whereas the old index indicates a Nov
86.1 92.6 90.5 96.7 99.0 103.1 101.0 103.4 105.3
decline of about 3 points, which arose from Dec
[Weekly averages of daily figures]
Week
ended
1934

Index

Week
ended
1935

Index

Week
ended
1936

Index

Jan.

6
13
20
27

91.2
90.2
91.0
91.1

Jan.

5
12
19
26

97.3
98.0
98.3
99.0

Jan.

4
11
18
25

99.4
99.4
99.6
99.4

Feb

3
10
17
24

92 1
92.7
93. 1
93.4

Feb

2
9
16
23

98 8
99.1
99.2
99.7

Feb

3
10
17
24
31

93 1
93^8
94.8
95.0
95.0

Mar

2
9
16
23
30

100 1
100.0
99.6
99.5
99.7

1
8
15
22
29

99 4
99.5
99.7
100.0
100 1

Mar.

7
14
21
28

7
14
21
28

95.1
95.6
95.5
95.7

Apr.

6
13
20
27

100.1
100.1
100.0
100.3

Apr.

May

5
12
19
26

96 1
96.6
96.6
96.6

May

4
11
18
25

June

2
9
16
23
30

Mar

Apr.

—,

j

96 8
96.8
97.2
97.1
97.2

8
15
22
29

Week
ended
1937

Week
ended

Index

1938

105 6
105.7
105.9
105.7

4
11
18
25

104 8
105.3
105.4
105.4

2
9
16
23
30

8
15
22
29

105 9
105.9 Apr. 6
13
105.7
20
106.1
27
106.4

105 6
106.3
106.8
106.8
107.1

g
13
20
27

106 8
107.8
108.2
108.4

Ivtay

4
11
18
25

106 7
106.3
104.2
103.7

3
10
17
24

108 8
108.9
108.1
107.9

June

1
8
22
29

8
15
22
29

107 5
107.7
107.9
107.9
108.2

103 5
103.4
104.5
105.6
105.7

July

6
13
20
27

106.1
106.0
106.1
106.7

108 2
107.8
107.8
106.4

Aug.

12
19
26

Sept.

2
9
16
23
30

3
10
17
24
31

105 6
102.6 Sept. 7
14
101.4
21
100.1
28
100.1

106 8
106.7
106.3
106.7
107 0

Oct.

7
14
21
28

100.4
101.2
102.7
103.1

4
11
18
25

103 0 M
103.1
103.7
104 6

2
q
16
?:3
30

104.9
104.6
105.0
105.7
106.0

103.7
103.0
101.7
100.4

Mar.

5
12
19
?,6

4
11
18
25

100.8
100.9
101.0
101.0

Apr.

3
10
17
24

99.6
99.4
99.6
99.5

Apr.

?,

100 7 M a y 2
100.4
9
16
100.4
23
100.4

May

30

100 9
101.0
101.2
101.4
101.3

1
8
15
22
29

99 4
99.9 May 7
14
99.7
99.7
?)
28
100.0

6
13
20
27

101.2
101.2
101.2
101.0

June

5
12
19
26

100.0
100.0
99.9
99.7

June

103.4
103.3
103.0
102.9

4
11
18
25

101.2
101.3
101.2
101.2

July

99.9
100.1
100.3
100.5
100 9

July

2
9
16
23

102.7
102.9
103.1
103.0
103 0

8
15
22
29

101 3
101.4
101.7
101.8
102 1

3
10
17
24
31

Aug.

7
14
21
28

100.9
100.8
100.4
99 7

Aug.

6
13
20

103.1
103. 3
103.3
103.3

June

16
23

4
11
18
25

Aug.

4
11
18
25

97 5
96.7
96.2
96.2

Aug.

100 8
100.5
100.1
99.5
98 8

Aug.

8
15
22
29

96 2
95.4
94.4
93.8
94.0

3
10
17
24
31

Sept.

7
14
21
28

99.1
99.0
98.2
98.5

Sept.

5
12
19
26

102.2
102.1
101.8
101.7

Sept.

4
11
18
25

99.6
99.4
99.9
100.0

Sept.

3
10
17
24

103.0
102.7
101.8
102.2

Oct.

6
13
20
27

94.6
95.5
96.1
96.2

Oct.

5
12
19
26

98.3
98.6
99.0
99.0

Oct.

3
10
17
24

101.7
101.7
101.7
101.7

Oct.

2
9
16
23

99.9
99.9
99.9
99.7

Oct.

1
8
15
22

102.2
103.4
103.5
103.7

Nov

3
10
17
24

95 9 Nov
95.7
96.0
96.2

2
9
16
23
30

99 0
99. 1 Nov. 7
14
98.8
21
99.0
98 8
28

102. 1 Nov. 6
102.9
13
?0
103.3
103 1
27

100.3
100.1
100.7
100 8

Nov.

5
1?
19
26

103.5
103.5
103 3
103 1

7
14
21
28

99.0
99.0
98.8
99. 1

103. 1 Dec.
103.1
103.1
103.0

100.9
101.2
100.9
100.9

Dec

3
10
17
94
31

103 1
103.5
103.5
103.4
103.5




3
10
17
24

6
13
20
27

July

1180

104 0 Feb
104! 1
104.2
104.2

Mar.

100.7
100.8
100.8
100.8

Dec.

4
11
18
25

100.4
100.4
100.5
100.8

6
13
20
27

96 2
96.6
96.6
97.0
97.0

106.3
106.3
105.7
105.9

5
12
19

July

j

6
13
20
27

103.8 Feb.
103.8
103. 7
103 8

97.5
98.1
98.1
97.6

8
15
22
29

Jan.

6
13
20
27

Q

Dec.

5
12
19
26

4
11
18
25

Index

103.5
103.7
104.0
103.5

Feb.

?,?,

Week
ended
1940

Index

7
14
21
28

100.9 Jan.
101.0
101.3
101.6
101 2
Feb
101. 3
101.2
101.4
101 7
Mar
101.8
101.7
101.3
101.4
Apr.
100.9
100.9
101.2
102.2
102 6
IVIay
103.0
103.1
103.1
103.1

1
8
15

7
14
21
28

Dec

1939

103.5 Jan.
103.8
103.8
103.8
103 7

July

Sept.

Week
ended

2
9
16
23
30

100 0
100.1
100.4
100.4
100.5

Jan.

Index

July

Aug.

Dec.

TVT

Oct.

Dec

5
12
19
26

107.4
106.8
106.4
106.3

107.4
107.4
107.8
108.1
108.2
108.9
108.9
108.9

2
q
16
?3
30
7
14
?1
?H

FEDERAL RESERVE BULLETIN

MemUx Sank Zatnlnyi, Titit J/alfi ofi 1940
EMBER bank profits in the first six also include larger amounts of relatively highM
months of 1940 were somewhat larger yield types of loans. To a lesser extent it rethan in the preceding half-year period but flects larger earnings from other sources than
considerably less than in the first half of
1939. The decrease reflected principally
smaller profits derived from the sale of securities above cost. Both net current earnings
and total current earnings were larger than
in either the first half of 1939 or the first
half of 1938, as shown in the following summary table.

loans and investments, particularly service
charges on deposit accounts. Expenses increased slightly in the latest half-year but
the growth over the first half of 1939 was not
as large as that in total earnings. Net current
earnings in the first half of 1940 were larger
than in the first half of most recent years.
The net profits of $162,270,000 in the first

MEMBER BANK EARNINGS, BY HALF-YEAR PERIODS, JANUARY 1 9 3 5 - J U N E

1940

[Amounts in millions of dollars]
1936

1935

Item
First
halfyear

Interest and discount on loans
Interest and dividends on securities
Service charges on deposit accounts
Other earnings

.

Total earnings
Salaries and wages—total
__
Interest on time and savings deposits._
Other expenses
Total expenses
Net current earnings
Recoveries, profits on securities sold,etc.
Losses and depreciation
Net profits
Cash dividends declared 1
Number of banks 2

-

..

Second
halfyear

First
halfyear

1937

Second
halfyear

First
halfyear

1938

Second
halfyear

First
halfyear

1939

Second
halfyear

First
halfyear

1940

Second
halfyear

First
halfyear

248
238
17
100

250
230
18
105

253
235
19
110

260
252
20
122

268
244
22
118

285
237
23
124

269
224
25
113

274
225
26
119

272
223
27
111

288
221
28
125

290
214
29
116

603

603

617

654

652

669

631

644

633

662

649

166
104
148

168
95
151

172
89
169

180
88
174

181
88
180

191
88
174

187
88
173

193
83
167

190
82
174

198
77
173

195
75
185

418

414

430

442

449

453

448

443

446

448

455

185

189

187

212

203

216

183

201

187

214

194

187
293

189
246

253
216

254
225

158
166

97
172

137
175

142
222

191
187

135
193

143
175

90

132

224

241

195

141

145

121

191

156

162

87

96

95

103

100

101

99

99

104

104

100

6, 410

6,387

6,400

6,376

6,357

6,341

6,338

6,338

6,330

6,362

6,398

1 Includes interest on capital notes and debentures.
At end of period.

2

Notwithstanding a further decrease in in- six months of this year were at an annual rate
terest and dividends on securities—a reflec- of 5.8 per cent on total capital accounts, comtion of lower rates of return—total earnings pared with a similar annual rate of 7.0 per
were in greater volume during the first half cent in the first half of 1939 and 5.4 per cent
of 1940 than in that part of any year since in the first half of 1938. Cash dividends dethe banking holiday except 1937. This is at- clared by member banks in the first half of
tributable primarily to the fact that a some- 1940 were at an annual rate of 8.5 per cent
what larger amount is now being earned on on capital stock, or 3.6 per cent on total capiloans, which have increased in volume and tal accounts.

NOVEMBER

1940




1181

EARNINGS AND EXPENSES OF MEMBER BANKS
NATIONAL AND STATE MEMBER BANKS, BY SEMI-ANNUAL PERIODS, JULY 1, 1939 TO JUNE 30, 1940

(Figures for national banks were compiled by the Comptroller of the Currency from
reports submitted by national banks)
[Amounts in thousands of dollars]
All member banks
Second half
of 1939
Earnings:
Interest and discount on loans
Interest and dividends on securities
Collection charges, commissions, fees, etc
Foreign department.__
Trust department
Service charges on deposit accounts
Rent received
Other current earnings

_..

Total current earnings
Expenses:
Interest on time and savings deposits
Salaries, officers
Salaries and wages, employees (other than officers)
Fees paid to directors and committee members
Interest and discount on borrowed money
Real estate taxes
Other taxes
._
Other current expenses

..

_ .__

Total current expenses
Net current earnings
Recoveries, profits on securities sold, etc.:
Recoveries on loans
_
Recoveries on securities
Profits on securities sold
Allother

_. . .
. _. _ _

Total recoveries, profits on securities sold, etc
Losses and depreciation:
On loans
On securities
On banking house, furniture and fixtures
Allother
Total losses and depreciation
Net profits.
Cash dividends declared:
On preferred stock *
On common stock

_

__ __ _. .._

.._

Total cash dividends 1
Loans 2
Securities 2
Total loans and securities 2
Total deposits 2
Total capital accounts 2 3_.
Number of officers at end of period
Number of employees (full- and part-time) at end of period
Number of banks at end of period.
Annual rates of earnings and of losses on loans:
Interest and discount on loans per $100 of loans . .
Recoveries on loans per $100 of loans _.
_
Losses on loans per $100 of loans
Annual rates of earnings and of losses on securities:
Interest and dividends on securities per $100 of securities
Recoveries on securities per $100 of securities
Profits on securities sold per $100 of securities
Losses on securities per $100 of securities
Annual rates of earnings on total capital accounts:
Net current earnings per $100 of total capital accounts
Net profits per $100 of total capital accounts
Total deposits per $1 of total capital accounts
Loans and securities per $1 of total capital accounts

-

National member banks

First half Second half
of 1940
of 1939

State member banks

First half Second half
of 1939
of 1940

First half
of 1940

288,151
221, 200
16,506
7,480
48,914
27, 656
41,719
11,098

290,051
214,691
16,362
5,701
43, 621
29,153
40, 570
9,481

198,351
146,951
11,435
4,449
16, 593
19,040
26,047
8,301

200, 383
141, 737
11,286
3,486
15,105
20,098
25,853
6,926

89,800
74,249
5,071
3,031
32,321
8,616
15,672
2,797

89,668
72,954
5,076
2,215
28,516
9,055
14,717
2,555

662, 724

649,630

431,167

424,874

231, 557

224,756

76, 970
76 249
121. 506
3,858
86
17 857
24,298
127, 397

74, 737
76,199
119,347
3,711
57
16,876
31,947
132, 371

55, 231
51,068
74,620
2,727
49
11,139
15, 852
79,984

53, 334
50,856
73,194
2,593
33
10, 645
21, 441
83, 432

21, 739
25,181
46, 886
1,131
37
6,718
8,446
47,413

21,403
25, 343
46,153
1,118
6,231
10,506
48,939

448,221

455, 245

290,670

295, 528

157, 551

159, 717

214, 503

194,385

140,497

129, 346

74,006

65,039

30, 630
30,265
62.454
11,983

26, 232
27,151
77,866
11, 753

22, 715
15, 775
40,359
7,888

17, 256
17,610
53, 254
7,657

7,915
14,490
22, 095
4,095

8,976
9,541
24,612
4,096

135,332

143,002

86, 737

95, 777

48, 595

47, 225

60 370
85 425
21,858
25, 700

47,029
79,717
18,071
30,300

35,477
50,276
16, 300
12, 653

29, 606
54 974
12,437
15, 562

24,893
35,149
5,558
13, 047

17,423
24, 743
5,634
14, 738

193, 353

175,117

114, 706

112, 579

78,647

62, 538

24

156,482

162, 270

112, 528

112, 544

43,954

49, 726

6 913
96,590

6,170
93,871

4,718
59, 964

3,762
58,036

2,195
36, 626

2,408
35, 835

103, 503

100,041

64,682

61, 798

38, 821

38, 243

13, 524, 436
19, 681,916

13, 956, 666
20, 228,191

8, 772, 582
12,621,323

9, 072,096
12, 811, 545

4, 751,854
7,060, 593

4,884, 570
7, 416, 646

33, 206, 352

34,184,857

21,393,905

21,883, 641 11,812,447

12,301, 216

47.880, 997
5, 516,137

50,415, 591 30,634,090
5, 563, 729
3, 397,038

32,171, 234
3,431,814

17, 246,907
2,119,099

18, 244,357
2,131,915

34,172
158,137
6,362

35,001
162,299
6,398

25, 617
99, 243
5,187

26,120
102,471
5,164

8,555
58,894
1,175

8,881
59,828
1,234

$4.26
.45
89

$4.16
.38
.67

$4.52
.52
81

$4.42
.38
65

$3.78
.33
1.05

$3.67
.37
.71

2.25
.31
.63
.87

2.12
.27
.77
.79

2.33
.25
.64
.80

2.21
.26
.83
.86

2.10
.41
.63
1.00

1.97
.27
.66
.67

7.78
5.67
8.68
6.02

6.99
5.83
9.06
6.14

8.27
6.63
9.02
6.30

7.54
6.56
9.37
6.38

6.98
4.15
8.14
5.57

6.10
4.66
8.56
5.77

1 Includes interest on capital notes and debentures.
2 For the second half of 1939 these are averages of figures reported on June 30, 1939, October 2, 1939, and December 30, 1939; for the first half of
1940 they are averages of figures reported on December 30, 1939, March 26, 1940, and June 29, 1940.
3 Represents the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies, and
other capital reserves.
Back figures.—See BULLETIN for May 1940, pp. 461 and 465.

1182




FEDERAL RESERVE

BULLETIN

A/ational Summatu

on jSuilne55 L?ondition5

Compiled October 15 and released for publication October 17. Figures shown on charts may differ from
preliminary figures used in text. Later developments are discussed on pages 1161-1167 of this BULLETIN.

OLUME of industrial production increased activity. Lumber production continued to
sharply in September, owing mainly to a rise under the impetus of a growing volume
Vcontinued
rise in output of durable manufac- of demand for defense program purposes.

tured products, and this month a further increase is indicated. Prices of basic industrial materials advanced in September and
the first half of October.
Production
The Board's seasonally adjusted index of
industrial production, which for three months
had been at a level of 121 per cent of the
1935-39 average, advanced to about 125 per
cent in September. In the durable goods
industries increases in output were general.
Steel production rose to 93 per cent of capacity, and in the first half of October the rate
was slightly higher as new orders continued
in large volume both from domestic and
foreign sources. Steel exports amounted to
about 20 per cent of ingot-producing capacity
in August, the latest month for which data
are available, with nearly three-quarters of
these shipments going to the United Kingdom and Canada. Activity in the machinery,
aircraft, and shipbuilding industries advanced further in September following considerable increases in August, and automobile output increased sharply as volume production of new model cars was rapidly attained. Plants producing railroad cars and
locomotives also showed an expansion in

Changes in output of nondurable manufactured goods and minerals in September were
mixed. At wool textile mills activity advanced sharply further to near the peak
reached last autumn, reflecting in part expanding production on Government orders.
At cotton mills, however, activity showed
less than the usual seasonal rise, following
a sharp increase in August, and rayon deliveries declined somewhat owing partly to a
strike at plants of one large producer. Shoe
production also declined in September.
Paper production remained in reduced volume following a high rate of output during
the early summer accompanying some inventory accumulation at that time. Output
of most metals continued large during September. Crude petroleum production, which
had been curtailed sharply during the summer, rose considerably, but coal production,
which for several months had been maintained at high levels, showed a smaller increase than is usual at this season.
Value of new construction work started in
September was lower than in July and August, according to reports of the F. W. Dodge
Corporation and the San Francisco Federal
Reserve Bank. The decline occurred chiefly
INCOME

INDUSTRIAL
POINTS IN TOTAL INDEX

POINTS IN TOTAL INDEX

140

PAYMENTS
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

PRODUCTION

7

7

140

1934

1935

1936

1937

1938

1939

1940

Index of physical volume of production, adjusted for seasonal
variation, 1935-1939 average = 100.
NOVEMBER

1940




1934

1935

1936

1937

1938

1939

1940

United States Department of Commerce estimates of the
amount of income payments to individuals, adjusted for seasonal
variation. By months, January 1934 to September 1940.

1183

National Summary of Business

in contracts for defense projects which had
been large in the previous two months.
Awards for private residential building
showed little change from recent high levels.
Awards for other private work declined
somewhat but continued considerably above
the level of a year ago.
Distribution
In September and the early part of October
department store sales showed somewhat less
than the usual seasonal increase from the exceptionally high level reached in August.
Freight-car loadings rose somewhat more
than seasonally in September, reflecting to
a large extent increased shipments of miscellaneous freight. Loadings of coal, which
have been large in recent months, showed
less than the usual seasonal rise.
Commodity Prices
Prices of most industrial materials, particularly lumber, steel scrap, nonferrous
metals, hides, and wool, continued to advance

Conditions

from the middle of September to the middle
of October, and there were also increases in
some manufactured products, notably cotton
and woolen goods. Wheat prices were higher
while prices of most other foodstuffs showed
little change.
Bank Credit
Commercial loans at reporting member
banks in New York and 100 other leading
cities continued to increase during the four
weeks ending October 9, reflecting in part
seasonal demands. Holdings of United States
Government obligations decreased further
with the result that total loans and investments of these banks showed little change.
United States Government Security Prices
Prices of United States Government securities advanced in the second half of September and the first week in October, rising
close to the high level of the year reached
early last April.
MEMBER BANKS IN 101 LEADING CITIES
BILLIONS OF DOLLARS

BILLIONS OF DOLLARS

WHOLESALE PRICES OF BASIC COMMODITIES
THURSDAY

FIGURES,

1926 = 100

MATERIALS

J
1935

1936

1940

Federal Reserve groupings of Bureau of Labor Statistics data.
Thursday figures, January 4, 1934, to October 24, 1940.

1184




FEDERAL RESERVE BULLETIN

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE

Member bank reserves, Reserve Bank credit, and related items
1187
Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements
1188
Federal Reserve Bank statistics
1189-1193
Reserve position of member banks; deposits in larger and smaller centers. . .
1194
Money in circulation
1195
Gold stock and gold movements; bank suspensions; bank debits
1196
All banks in the United States, number, deposits, loans and investments
1197
Condition of all member banks
1198-1199
Weekly reporting member banks
1200-1203
Commercial paper, bankers' acceptances, and brokers' balances
1204
Money rates and bond yields
1205
Security markets
1206
Treasury
finance
1207-1208
Governmental corporations and credit agencies; Postal Savings System
1209-1210
Business Indexes
1211-1221
Wholesale prices
..
1222
Statistics for Federal Reserve chart book
1223-1224
Crop report
1224
Condition of insured commercial banks in United States and possessions, June
29, 1940 and December 30, 1939
1225

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.

NOVEMBER 1940




1185

MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY

BILLIONS OF DOLLARS

FIGURES

BILLiOf^5 OF DOLLARS

20

20

18

18

16

16

14

14

GOLD STOCK

10

10

MONEY IN CIRCULATION

— TREASURY CASH
RESERVE BANK
CREDIT
1934

1935

TREASURY DEPOSITS
AT F. R. BANKS
1936

1937

1938

1939

1940

14

14

12

12

10

10
MEMBER BANK
RESERVE BALANCES

1934

1935

1936

1937

8

1938

1939

1940

Latest figures for October 23. See page 1187.

1186




FEDERAL RESERVE BULLETIN

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
TJ. S. Government
securities
Date

Bills
discounted

Total

Another
MaMa- Reserve
turing turing Bank
with- after credit i
5
years years

Total

Gold
stock

Treasury
currency
outstanding

Mem ber
bank reserve
Treasbalan
ces
ury deOther
posits Non- FedMoney Treasury
with mem- eral
in cir- cash
FedReber
culaholderal
serve
detion
ings
Reposits acExserve
counts Total cess*
Banks

Monthly averages of
daily figures:
1939—July
August
September
1940—July
August
September

5
5
6
3
3
5

2,527
2,437
2,732
2,450
2,444
2,434

1,697
1,606
1,630
1,202
1,201
1,191

830
831
1,102
1,247
1,244
1,243

37
25
56
63
57
64

2,569
2,467
2,794
2,515
2,505
2,503

16,182
16,390
16,823
20,260
20,718
21,064

2,887
2,900
2,911
3,017
3,028
3,040

7,051
7,098
7,249
7,884
7,967
8,095

2,534
2,344
2,253
2,206
2,277
2,287

780
783
611
391
885
781

695
616
729
1,316
1,451
1,535

257
256
243
261
262
265

10,321
10,659
11,443
13,735
13,408
13,643

4,402
4,607
5,198
6,752
6,407
6,582

End of month figures:
1939—July 3 1 . . . .
Aug. 3 1 —
Sept. 3 0 —
1940—July 3 1 . . . .
Aug. 3 1 —
Sept. 3 0 —

5
5
6
4
4
5

2,488
2,426
2,804
2,448
2,436
2,434

1,658
1,594
1,585
1,202
1,192
1,191

830
832
1,219
1,246
1,244
1,243

-8
15
68
32
75
46

2,486
2,446
2,879
2,484
2,515
2,485

16,238
16,646
16,932
20,463
20, 913
21,244

2,895
2,907
2,919
3,024
3,036
3,044

7,049
7,171
7,293
7,883
8,059
8,151

2,360
2,325
2,244
2,250
2,277
2,290

752
708
545
694
810
756

693
622
753
1,382
1,516
1,581

257
255
240
262
261
268

10,507
10,918
11,655
13,498
13,541
13,727

4,553
4,758
5,352
6,514
6,525
6,655

Wednesday figures:
1939—Dec. 6
Dec. 13
Dec. 2 0 _ . .
Dec. 27___.

8
8
8
8

2,512
2,512
2,496
2,489

1,324
1,324
1,324
1,220

1,189
1,189
1,173
1,270

47
23
140
71

2,568
2,543
2,645
2,568

17,408
17,464
17, 576
17,620

2,949
2,954
2,959
2,963

7,545
7,564
7,679
7,663

2,391
2,398
2,411
2,417

346
753
694
646

785
719
765
678

241
240
253
255

11,617
11,288
11,378
11,493

5,154
4,849
4,900
5,046

1940—Jan. 3
Jan. 10
Jan. 17
Jan. 24
Jan. 31

7
7
7
7
7

2,484
2,477
2,477
2,477
2,477

1,220
1,220
1,220
1,220
1,220

1,265
1,258
1,258
1,258
1,258

73
20
31
30
18

2,564
2,504
2,515
2,514
2,503

17,697
17,747
17,805
17,879
17,931

2,963
2,965
.2,968
*2,969
2,971

7,581
7,463
7,405
7,365
7,376

2,367
2,341
2,361
2,381
2,358

651
655
575
507
549

653
677
678
713
723

251
250
250
249
248

11,721
11,830
12,020
12,148
12,150

5,271
5,377
5,502
5,592
5,559

Feb.
Feb.
Feb.
Feb.

7
14
21
28...-.

7
7
6
7

2,477
2,477
2,477
2,477

1,218
1,215
1,209
1,209

1,259
1,263
1,268
1,268

33
46
40
54

2,518
2,530
2,523
2,537

17,998
18,063
18,108
18,166

2,973
2,977
2,977
2,980

7,403
7,411
7,450
7,439

2,365
2,385
2,358
2,374

632
642
596
561

743
733
716
744

249
249
248
248

12,097
12,151
12,241
12,318

5,523
5,580
5,629
5,689

Mar
Mar.
Mar.
Mar.

6
13.
20.
27.._.

3
3
2
2

2,477
2,477
2,475
2,475

1,209
1,209
1,209
1,209

1,268
1,268
1,266
1,266

35
44
42
32

2,515
2,524
2,520
2,510

18,220
18,282
18,360
18,413

2,984
2,985
2,989
2,990

7,481
7,463
7,484
7,471

2,358
2,362
2,374
2,382

536
526
707
700

731
754
791
808

246
247
256
256

12,367
12,439
12,256
12,294

5,733
5,777
5,594
5,679

Apr.
Apr.
Apr.
Apr.

3
10
17
24

3
2
2
2

2,467
2,467
2,467
2,467

1,205
1,205
1,205
1,205

1,262
1,262
1,262
1,262

42
31
45
32

2,512
2,500
2,514
2,501

18,470
18,523
18,631
18,708

2,991
2,993
2,992
2,997

7,521
7,509
7,536
7,520

2,372
2,353
2,313
2,305

692
590
513
470

737
733
762
773

256
256
257
256

12,395
12,575
12,757
12,883

5,815
5,949
6,048
6,116

May
May
May
May
May

1
8
15
22.
29 . . . .

3
3
3
2
3

2,467
2,467
2,474
2,477
2,477

1,205
1,205
1,205
1,206
1,206

1,262
1,262
1,269
1,271
1,271

30
38
41
41
31

2,500
2,507
2,518
2,520
2,511

18,771
18,835
18,949
19,071
19,162

3,000
3,004
3,004
3,007
3,007

7,570
7,589
7,598
7,613
7,685

2,293
2,309
2,223
2,204
2,200

490
512
425
370
378

793
802
878
935
950

256
256
254
254
253

12,870
12,877
13,094
13,223
13,215

6,107
6,131
6,300
6,373
6,362

June
June
June
June

5
12
19 .
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 3
JulylO....
July 1 7 . - . .
July 2 4 . . . .
July 3 1 . . . .

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

20,063
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

13,737
13, 764
13,863
13,565
13,498

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

Aug.
Aug.
Aug.
Aug.

7
14....
21—
28—

3
3
3
4

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

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

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

22
47
44
35

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

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

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

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

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

923
940
889
813

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

263
262
261
261

13,286 6,325
13,340 6,392
13,419 6,417
13, 516 6,487

Sept. 4
Sept. 1 1 —
Sept. 1 8 —
Sept. 2 5 —

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

13,524
13, 596
13,624
13,703

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

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

6
8
4
4

2,424
2,399
2,384
2,352

1,181
1,075
1,108
1,086

1,243
1,325
1, 276
1,266

53
38
94
32

2,482
2,445
2,481
2,388

21,271
21,349
21,373
21, 428

3,046
3,048
3,052
3,055

8,172
8,199
8,229
8,236

2,294
2,294
2,268
2,232

678
579
463
383

1,587
1,574
1,660
1,600

268
270
271
272

13,800
13,927
14,016
14,148

6,721
6,816
6,869
6,940

i Includes industrial advances and bills bought, shown separately in subsequent tables.
i 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 from Division of Research and Statistics. 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.

NOVEMBER

1940




1187

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
Federal Reserve Bank

Secured by direct and
eligible guaranteed obligations of the U. S.
Rate
Oct.
30

In
effect
beginning-

All other
In
effect
beginning-

Rate
Oct.
30

Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 11,1935
Aug. 27, 1937
Sept. 16, 1939
Sept. 1, 1939
Sept. 21, 1939
Aug. 24, 1937
Sept. 16, 1939
Sept. 16, 1939
Sept. 3, 1937

Boston
New York
PhiladelphiaCleveland
Richmond
Atlanta
Chicago
St. Louis
MinneapolisKansas City__
DallasSan Francisco.

Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
May 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

Advances under Section 10(b) of the
Federal Reserve Act

Rate
Oct.
30

In
effect
beginning-

Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
To banks
Rate
Oct.
30

Sept. 2, 1937
Oct. 10, 1935
Sept. 4, 1937
Oct. 19, 1935
Sept. 10, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 17, 1937

1
1

0)iK

To others

In
effect
beginning—

In
effect
beginning—

Rate
Oct.
30

Apr.
Feb.
Sept
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.

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

29, 1938
8, 1934
1, 1939
11, 1935
19, 1934
23, 1938
16, 1933
23, 1935
8, 1938
16, 1938
16, 1938
19, 1933

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

FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES

FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES

[Per cent per annum]

Rates in effect October 30 on advances and commitments under Section
13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote B]

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

Rate in
effect on
Oct. 30

In effect beginning—

Previous
rate

Oct. 20, 1933

IllldoIIIIIIII!
lllldoIIIIIIII!

Federal Reserve
Bank

i This rate also applies to acceptances bought under repurchase agreements, which agreements are always for a period of 15 days or less.
NOTE.—Minimum buying rates at the Federal Reserve Bank of Boston
New York on prime bankers' acceptances payable in dollars; higher New
York...,
rates may be charged for other classes of bills. The same minimum Philadelphia..
rates apply to purchases, if any, made by other Federal Reserve Banks. Cleveland
Back figures.—See Annual Report for 1937 (table 41).
Richmond
Atlanta
MEMBER BANK RESERVE REQUIREMENTS
Chicago
St. Louis
[Per cent of deposits]
Minneapolis. _
June 21, Aug. 16, Mar. 1, May 1, Apr. 16, Kansas City..
Dallas
193619371938Classes of deposits
19171937San Francisco
and
Aug. 15, Feb. 28, Apr. 30, Apr. 15,
and banks
after
1936
1937
1938
1937

Advances
direct to
industrial
or commercial organizations

4-6
3^-6
M5

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

Advances~to or jn participation withf financing institutions
On portion for
which
institution is
obligated i

On remaining
portion i

3
3
3
(3)3

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

Commitments
to make
advances

K
1-2

A
4

( )4
4-6
3-6
4
3-6
4
4-6
4-5

K-2
1-2
1-2

()
1-2
(*)2

1 The Federal Reserve Banks of Philadelphia, Richmond, Atlanta,
Chicago, Minneapolis, Kansas City, and Dallas may charge same rate
as
charged borrower by financing institution, if lower than rate shown.
22H
K
2
Same as rate charged borrower by financing institution.
15
3
2
One per cent less than rate charged borrower by financing institu12
10K
tion with minimum of three per cent (see note 0* One-half of one per cent less than rate charged borrower by financing
5
institution
with minimum of four per cent (see note 06
Minimum charge one-half of one per cent.
i See footnote to table on p. 1194 for explanation of method of computing net demand deposits.
MAXIMUM RATES ON TIME DEPOSITS
MARGIN REQUIREMENTS1
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q.
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent per annum]
[Per cent of market value]

On net demand
Central reserve city__
Reserve city
Country
On time deposits:
All member banks

22%

Apr. 1, Nov. 1,
19361937
Oct. 31,
and
1937
after
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, 1933 Feb. 1, 1935
to
to
Jan. 31,1935 Dec. 31, 1935

In effect
beginning
Jan. 1, 1936

Savings deposits
|
2K
Postal savings deposits
2K
Other time deposits pay3 55
able in:
6 months or more
90 days to 6 months
i Regulations T and U limit the amount of credit that may be ex1
Less 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 above are the difference between
the market value (100%) and the maximum loan value.
NOTE.—Maximum rates that may be paid by insured nonmember
• Requirement under Regulation T was the margin "customarily banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
required" by the broker.
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.

1188




55

40
50
40

FEDERAL RESERVE BULLETIN

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS

[In thousands of dollars]
Wednesday figures

End of month
1940

1940

Oct. 23

Oct. 16

Oct. 9

Oct. 2

Sept. 25

Sept. 18

Sept.

Sept. 11

1939

August

Sept.

Assets

Gold certificates on hand and due from
U. S. Treasury....
Redemption fund—F. R. notes
Other cash

19,167, 300 19,077, 299 19,032,300 18,953, 303 18,843, 300 18, 756, 298 18, 671, 299 18, 928,300 18,606, 300 14, 671, 720
10,074
11, 284
7,344
11, 381
11, 790
11, 397
11, 789
11, 398
11, 789
11,398
335, 574
326, 661
334,273
319,347
347, 534
340, 820
331, 586
341, 611
327, 977
344, 387
19,512,948 19,415, 244 19, 363,028 19, 293,069 19, 202, 624 19,112,083 19,023, 516 19, 271, 675 19, 959, 309 15,013, 337

Total reserves.
Bills discounted:
For member banks
For nonmember banks, etc..
Total bills discounted
Bills bought:
Payable in foreign currencies..
Industrial advances..
U. S. Government securities, direct
and guaranteed:
Bonds
Notes
Bills..

_

_
_

_
_

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

2,738
78"

3,015
722

3,525

3,737

8,305

8,325

7,410
5""

5,237
410

4,172
410

3,791
300

5,038
200

4,631
410

5,647

4,582

4,091

5,238

5,041

4,276
55

2,925
3,309
6,234
548

8,400

8,375

8,612

8,518

11,972

1, 386,100 1, 397, 700 1, 400,100 1, 318, 600 1,
1,318, 600 1, 318, 600 1, 318, 600 1,319,100 1, 315, 942
965, 800
985,800
999,000 1,105,000 1,115,000 1,115,000 1,115,000 1,115,000 1,116, 500 1, 245, 497
242,370
2, 351, 900 2, 383, 500 2, 399,100 2, 423, 600 2,433, 600 2,433, 600 2, 433, 600 2,433, 600 2, 435, 600 2, 803,809
55, 965
30,007
44, 702
24,860
37, 697
67,123
23, 937
85, 524
48, 461
37, ~~
2, 387, 667 2,481,086

2, 445,492 2, 482, 324 2, 471, 706 2, 494, 764 2, 485,165 2, 485,126 2, 515, 572 2, 878, 528

Liabilities

F. R. notes in actual circulation

5,520,271

5, 508, 424 5, 479, 364 5, 464, 238 5,406, 985 5, 395, 924 5, 393, 924 5, 449, 878 5, 370, 474 4, 719, 776

Deposits:
Member bank—reserve account.__ .4,147, 775 14,015,812 13,!, 927,014 13,800, 205 13, 703,112 13, 624, 419 13,!, 595, 824 13, 726, 906 13,:, 541,244
579,053
761, 686
809,827
462, 610
678,060
792,532
755, 747
790, 361
U. S. Treasurer—general account. _ 383,052
956, 537 1, 054, 790
971,065
1,071,443 1,057, 344 1,056, 401 1,045, 458 1, 011, 324 1,035, 459
Foreign
_
563, 403
545,116
517,853
541, 066
513, 645
513, 309
525,865
Other deposits
_. 528, 776 603,002
16,131, 046 6,138, 768 16,080, 321 16,064, 789 16,020, 613 15, 963, 548 15, 877, 450 16,063, 308 15,867, 252
Total deposits.
Ratio of total reserves to deposit and
F. R. note liabilities combined (per
19.4
90.1
9.6
89.3
cent)
_
;9.6

1, 655,397
544, 548
447,873
304, 969
12, 952, 787

85.0

MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS

[In thousands of dollars]

Bills discounted:
Oct 2
Oct. 9 .
_
Oct 16
Oct 23

...

..

Industrial advances:
Oct 2
Oct 9
Oct 16
Oct 23

...

.

.

U. S. Government securities, direct and guaranteed:
Oct 2
Oct 9
Oct. 16
Oct 23

NOVEMBER

1940




91 days 6 months
to
1 year

1 year 2 years Over
to
to
2 years 5 years 5 years

Within
15 days

16 to 30
days

31 to 60
days

61 to 90
days

to 6
months

5,647
7,985
3,737
3,525

4,113
6,334
1,941
1,166

369
235
180
271

288
391
612
904

677
735
735
728

189
279
252
385

11
11
17
71

8,375
8,400
8,325
8,305

1,382
1,345
1,412
1,316

131
148
196
276

251
255
199
319

407
592
445
490

930
792
796
630

1,294
1,308
1,364
1,367

1,445
1,445
1,407
1,421

2,535
2,515
2,506
2,486

92, 500

110,800
103, 300
99, 800
95, 300

117,300
115, 300
115, 300
115, 300

196,000
194,000
194,000
194,000

664,000
662,000
698, 800
681, 300

Total

2, 423, 600
2, 399,100
2, 383, 500
2, 351, 900

1. 243,000
1,324,500
1, 275, 600
1,266,000

1189

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

Boston

New
York

Assets
Gold certificates on hand and
due from U. S. Treasury:
18,756,298 140,011 9,183, 286
Sept. 18
18,843,300 151,977 9,165, 787
Sept. 25
18,953,303 172,013 9,249,490
Oct. 2
Oct. 9
.___ 19,032,300 169, 758 9, 249, 309
19,077, 299 169,682 9,189, 346
Oct. 16.
19,167,300 193, 565 9,332, 583
Oct. 23
Redemption fund — Federal
Reserve notes:
1,802
1,280
Sept. 18
11,398
11,790
1,672
1,788
Sept. 25
11, 789
1,672
1,788
Oct. 2
11,381
1,606
1,522
Oct. 9
11, 284
1,606
1,522
Oct. 16
10,074
1,538
1,256
Oct. 23
Other cash:
90,414
Sept. 18
344, 387 35, 648
95,390
Sept. 25
347, 534 35, 541
83, 741
Oct. 2
327,977
34, 526
Oct. 9
319, 347 33,019
Oct. 16
326, 661
33,005
83,905
Oct. 23
335, 574 33,491
92, 280
Total reserves:
19,112,083
Sept. 18
, 177,461 9,274,980
19, 202, 624 , 189,190 9, 262,965
Sept. 25
.
Oct. 2
- . . — . . 19, 293,069 , 208, 211 9, 335,019
19, 363,028 ,204, 383 9,339, 714
Oct. 9.—
19,415, 244 ,204, 293 9, 274, 773
Oct. 16
19, 512, 948 ,228, 594 9,426,119
Oct. 23
Bills discounted:
Secured by U. S. Government obligations, direct
and guaranteed:
Sept. 18
861
101
Sept. 25
860
226
Oct. 2_
1,349
714
3,370
Oct. 9
2,744
1,31:
Oct. 16
596
Oct. 23
992
81
Other bills discounted:
Sept. 18
3,230
1,
Sept. 25
-_.
3,722
2,310
Oct. 2
4,298
2,949
Oct. 9
4,615
3,195
Oct. 16
2,425
1,024
Oct. 23
2,533
610
Total bills discounted:
Sept. 18
4,091
2,086
Sept. 25
4,582
2,536
Oct. 2
3,663
5,647
5,939
Oct. 9
7,985
1,620
Oct. 16
3,737
691
3,525
20
Oct. 23
Industrial advances:
8,612
1,098
1,778
Sept. 18
8,664
1,145
1,783
Sept. 25
8,375
1,135
1,781
Oct. 2
8,400
1,120
1,781
Oct. 9
8,325
1,06'Q
1,781
Oct. 16
8,305
1,053
1,781
Oct. 23
U. S. Government securities,
direct and guaranteed:
Bonds:
., 318,600 96,222 403,661
Sept. 18
., 318,600 96,222 403, 661
Sept. 25.
., 318, 600 94,188
399, 763
Oct. 2
., 400,100 100,056
423,467
Oct. 9
,397,700
99,913
422,093
Oct. 16..., 386,100 99,145
417, 262
Oct. 23
Notes:
,115,000
81, 366 341,335
Sept. 18
341,335
., 115,000 81,366
Sept. 25
., 105,000 78, 930 335,004
Oct. 2
302,153
999,00C
71,
391
Oct. 9
297, 703
70,470
985,800
Oct. 16
290,73"
69,082
Oct. 23
965,800
Total U. S. Government
securities, direct and guaranteed:
Sept. 18
2,433, 60C
177, 588 744,996
Sept. 25
2, 433, 60C
177, 588 744,996
Oct. 2
2,423,60C
173,118 734,767
2, 399,10C
Oct. 9
171, 447 725, 620
2, 383, 50C
Oct. 16
170, 383 719, 796
2, 351,90C
707,999
Oct. 23
168,22'

1190




MinSt.
neapChicago Louis
olis

Kansas
City

San
Francisco

Philadelphia

Cleveland

969,284
960,771
963,649
971,735
967,344
959,289

243, 626 196,497 356,669 905,130 454,310 281, 742 399, 223 255,124
, 255,785 503,617349,637 .983,843 4457,723
.
284,155 399,547 261,129
, 262, 544 493,796 351,8762,962,703 461,388 296,660 400,885 265, 556
, 257,907 11,989 355,492 , 941, 244 465,688302,136 410,477 266,253
, 257,359 16,393 357,555 062,2814478,094 295, 532408,432 269,410
~\] 171
393,728 263
, 275,74612,176 J54,568
999,803 479, 720 285,012

071,396
069,329
072,743
130,312
105,871
117,939

519

640
607
607
594
594
582

1,227
1,132
1,132
1,102
1,102
1,070

18,912
18,396
18,607
16,951
18,890
17,561

11,872
12,354
12,263
12,263
12,490
12,685

812
812
706
706
603
29,183
28,053
27,461
26,201
26,995
26,921

Rich- Atmond lanta

1,123 1,111
1,285
1,285
l,r"
894
I.1
854
1,110
21,646 23,500 17, 987
21, 718
16,457
21,059 22,001 17, 284
19,853 18, 763 14,398
21,201 21,534 17,217
20,889 19,643 16,355
1,000
775
774
676
676
585

733
1,454
1,454
1,339
1,339
1,244

383
317
317
296
296
278

456
456
445
348
435

38,548
40,846
36, 375
37, 352
38,298
42, 593

15,924
15,696
14,243
14,169
14,318
14,065

7,326
7,182
6,631
6,463
6,997
7,036

620
556
556

Dallas

33,427
34,932
33, 786
31,032
31,811
32,055

999,460 ,266,272 521,120 375,767 2,944,411 70,617 289, 554 18,755 267,636 106,050
18,499 274,090 105, 393
989, 636 , 278,278"•25,871 367,030 3,026,143 73,736?291, 793 418,499
20,048 278,426 107, 661
991, 922 , 284,37717,082 3 7 0 , 0 93,000,
6 ? , , 532475,
, 948303, 747 420,048
998,642 1, 278,436 532,41 370,784 2,979,935 480,
"1,153 309,044 427,966 279,110 162,446
995,045 279,236 539,590 375,666?!, 101, 918'"
492, 708 302,877 427,860 282,494 138,784
986,813 , 297, 220532,929 371, 777 043,640 494,063
292,483
4"
'" 411,808 276,438
— 151,064

10
30
50
50
99
118

51
65
70
79
11:
122

160
150
136
146
126
127

70
70
40
40
25
60

89
92
82
86
86
93

45
97
83
85
115
153

174
210
245
334
394
787

500
471
364
319
209
180

53
61
78
107

53
67
76
111
149
206

89
92
82
86
86
108

55
127
133
135
214
271

225
275
315
413
506
909

660
621
500
465
335
307

123
131
118
126
111
167

26:
266
265
261
260
260

271
271
270
269
269
267

5
5

275
280
271
270
265
268

215
214
214
214
214
21

460
460
253
253
252
252

636
636
624
623
623
623

48,380
48, 380
50,013
53,161
53,105
52, 740

139, 966
139, 966
148, 750
158,121
157,963
156,886

61,156
61,156
55, 282
58,867
58,875
58, 608

38, 864
38,864
36, 675
39,032
39,024
38,818

62,418
62,418
62,428
66,504
66, 531
66,266

51,459
51,459
50,124
53, 334
53, 317
53,024

110, 570
110, 570
110,020
116,842
116,657
115, 718

114, 345 55,894 40,910
114, 345 55,894 40, 910
110,911 57,073 41,912
100, 251 51, 730 37, 932
51,131 37,457
50,263 36, 748

118,353
118,353
124,654
112, 821
111,41
109,31'

51, 714
51, 714
46,328
42,003
41, 524
40,836

32,863
32, 863
30,735
27, 850
27, 522
27,046

52, 780
52, 780
52,316
47,452
46,924
46,172

43, 513
43, 513
42,003
38,056
37,604
36,946

93,497
93,497
92,198
83,370
82, 278
80,631

249, 572121,994
249; 572 121,994
243,2633 125,177
240, 754 124, 228
239,156 123, 624
235,920 122,400

258,31' 112,87C
258,319 112,87C
273,404 101, 61C
270,942 100,87C
269,374 100,39S
266, 200 ~-)44

71, 727 115,198
71,727 115,198
67,410 114, 744
66,882 113, 956
66, 546 113,455
65,864 112,43S

94,971
94,975
92,127
91,39C
90,921
89, 971

204,067
204,067
202, 218
200,212
198,935
196, 349

129
139
111
114
184

123
133
133
133
141
166

240
50
50
50
40
40

158
162
128
158
173
192

62
72
72
82
82
105

13
18
68
22
22
58

103
167
168
152
142
99

48
62
61
96
92
149

24'
291
26'
269
287
376

185
205
205
215
223
271

253
68
118
7:
6:
98

115
169
170
154
144
101

2,395
2,393
2,364
2,411
2,410
2,408

373
373
371
371
365
355

839
838
822
822
821
820

104, 577
104, 577
110,901
117, 715
117,487
116, 456

135, 227
135,227
132, 352
140, 503
140,242
139,040

66,100
66,100
68,104
72,498
72,493
72,137

88,430
88,430
92,936
83, 991
82, 862
81,145

193,007
193,007
203,837
201, 706
200, 349
197, 60:

5
5
15
15
5:
57

89,290
89, 290
91,925
91,093
90, 562
89,488

5
5

FEDERAL RESERVE BULLETIN

Federal Reserve Banks—Continued
[In thousands of dollars]
Total

Boston

NewYork

Philadelphia

Cleveland

748,860
749,315
740,211
733,340
723,197
710,471

195,649
195,691
206,468
204,386
203,046
200,385

250,130 123,086
250,150 122,900
243; 839 126,117
241, 3401125,122
239, 744 124, 507
236,546 123,318

18
18
18
18
18
18

5
5
5

MinRich- AtSt.
mond lanta Chicago Louis neapolis

Kansas Dallas
City

San
Francisco

Assets—Continued
Total bills and securities:
Sept. 18
Sept. 25.__
Oct. 2
Oct. 9
Oct. 16
Oct. 23
D u e from foreign banks:
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Federal Reserve notes of
other Banks:
Sept. 18
Sept. 25
Oct. 2__._
Oct. 9
Oct. 16._._
Oct. 23
Uncollected items:
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
B a n k premises:
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Other assets:
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Total assets:
Sept. 18
Sept. 25
Oct. 2 —
Oct. 9
Oct. 16
Oct. 23

2,446,303
2,446,846
2,437,622
2,415,485
2, 395, 562
2, 363, 730

178,686
178,733
174,253
172,567
171,443
169,300

47
47
47
47
47
47

89,672
89, 725
92,360
91, 508
90,966
89,849

258,643 112,964
258, 657 112,967
273,750 101,697
271,322 100,961
100;
269, 792 100,490
266, 673 1,557

72,057 115,638
72,134 115,687
67,814 115,273
67,287 114,583
67,025 114,175
66,403 113, 560

204,826
204,834
202,960
200,961
199, 669
197,139

6
6
6
6
6
6

4
4
4
4
4
4

22,412
22,875
22,149
20,573
21, 552
22,233

640
643
933
919
668
682

2,999
2,379
1,854
2,543
2,515
2,352

979
941
94:
1,000
870
1,033

1,787
1,748
1,847
1,455
1,622
1,646

2,542
2,795
2,888
1,727
2,558
2,615

1,777
1,767
1,929
2,394
2,315
1,971

2,817
2,391
2,540
2,219
2,618
2,727

2,029
2,711
1,051
2,040
1,858
2,580

1,238
1,309
1,800
759
651
1,094

1,508
1,951
1,758
1,338
1,657
1,991

851,710
694,970
768,046
689,084
1,071, 624
760,247

77,815
62,32i
76, 764
64, 563
99,893
76,460

201,889
161,373
184,989
155,694
263, 221
177,409

54,606
50,798
56,406
47,303
81,406
54,537

99,430
80,602
94,334
74,220
130,448
86,023

74, 560
72, 285
66,012
63,161
85, 331
71,421

34,235
25, 587
27,897
29,367
44,249
32, 279

121, 598
91, 763
107,099
99,196
152, 288
100,343

45, 277
36, 333
39, 336
40,706
58, 703
42, 745

23,935
22,354
19,937
20, 581
24,059
20, 717

41,310
41,294
41, 257
41,259
41, 257
41,348

2,852
2,852
2,84"
2,847
2,847
2,847

9,768
9,768
9,750
9,750
9,750
9,750

4,497
4,498
4,488
4,488
4,488
4,488

5,450
5,436
5,436
5,436
5,436
5,424

2,494
2,494
2,487
2,488
2,487
2,591

2,005
2,002
2,002
2,002
2,002
2,001

3,345
3,345
3,358
3,358
3,358
3,358

2,394
2,394
2,422
2,423
2,423
2,422

52,713
53, 547
54,679
54,893
53,676
54,189

3,641
3,704
3,698
3,686
3,604
3,651

15, 257
15, 651
15,891
16,04"
15, 586
15, 682

4,264
4,300
4,555
4,574
4,456
4,484

5,897
5,967
5,957
5,957
5,855
5,883

2,992
3,049
3,131
3,143
3,093
3,127

1,877
1,876
1,978
1,971
1,949
1,971

5,303
5,383
5,781
5,789
5,620
5,756

2,277
2,293
2,122
2,136
2,102
2,123

22, 526, 578
22,462, 203
22,616,869
22, 584,369
22,998,962
22, 754, 742

96,092
96,053
92,880
92,108
91,508
90,529

549
415
515
583
520
656

3,547
3,825
4,093
3,596
3,700
2,886

35,725
28,245
32, 529
32,809
43,120
32,661

31,272
25,483
25,844
26,846
40,090
27, 717

51,368
37,826
36,899
34,638
48,816
37,935

1,377
1,377
1,374
1,374
1,374
1,374

3,117
3,11'
3,09;
3,09;
3,09;
3,097

1,127
1,127
1,121
1,121
1,120
1,121

2,884
2,884
2,875
2,875
2,875
2,875

1,584
1,""
1,552
1,548
1,520
1,537

2,364
2,395
2,441
2,440
2,394
2,416

2,538
2,557
2,766
2,770
2,752
2,776

4,719
4,768
4,807
4,823
4,745
4,783

441, 098 10,253, 771 1,259,460 1, 628,970 726,796 505,3353,336,123 635,1,559 389,745 577,108 399,215
•" 1., 245,869 1., 622,185 729,396
396487;
487,989
399, 726
, 437,44610,201, 469
989 3,387,688 630,i,435 390,571 f
3,393,066 622; 577 396; 224 575; 147401,
401553
, 466, 70910,287, 732 1,264,785:1, 635, 794 717, 719 496, 264 1,393,
968 10,257,106 1,260,398 1,606,848 728,058 498,028 3,
T 361,825 628,420
" 400,
,448,968
582;
234
402, 539
1,593
, 482, 75110, 289, 060 1, 289,316 1, 662,345 757, 568517,149
517,1493, 535, 600 658,285397, 506 592, 304 418,485
, 481, 53710, 341,801 1, 251,745 1, 632, 746 736,003 499,8503,422, 503 643,491 383, 608 565, 534399,238

373,398
359, 534
359, 299
409,352
398, 593

Liabilities
Federal Reserve notes in actual circulation
Sept. 18
Sept. 25
Oct. 2
Oct. 9__
Oct. 16
Oct. 23
Deposits:
M e m b e r b a n k —reserve
account:
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
U. S. Treasurer—general
account:
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Foreign:
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16.
Oct. 23
Other deposits:
Sept. 18
.-.
Sept. 25
Oct. 2
Oct. 9
Oct. 1 6 Oct. 23

441,154
440,194
445,038
449,934
449, 980
449, 590

5,395, 924
5,406,985
5,464,238
5,479, 364
5, 508,424
5, 520, 271

440,263
440,800
443, 637
445,368
448,096
449,002

1,441,879
1,443, 235
1,466,079
1,458,801
1, 470, 994
1, 470, 529

372, 742
373,972
374, 741
376, 547
378,036
378,875

494, 545 242,209 173,080 1,161,260
., 161, 200,1,296 .48,644 194,036
497, 576 246,013 173,012
1,162,404 200;1,390 .49,090 193,878
I
498,651 f
250, 752 75, 533 1,171,378 202, 506 .50,944 196, 67f
502,077 253,404 76, 523 1,174,800 203, 729 .51, 671 197, 398
501,838 256, 728 77, 919 1,180, 434 205, 654 51,934 197, 533
505, 211 257, 582 .78, 715 1,183, 734 206, 777 152; 308 197,983

.3,624,419
.3, 703,112
.3,800, 205
13,927,014
.4,015,812
.4,147, 775

797,455
789, 276
815,461
824,209
831, 071

7,188,182
7, 225,194
7,277, 233
7, 350,053
7,322, 900
7,446,887

660, 654
651, 750
670,077
672,486
681, 472
672, 573

871,381 325, 297 226,657 1,851,
264 !10,679
867,498 329,
1,636 !19,338 911,425 !13, 757
880, 357 323,940 :18,467 897,098 111,016
877,091 334, 524 224,
24,388 887,697 115, 787
895, 250 340, 442 228,156 934,661 127,493
895,164 334, 544 224, 704 952,483 129,948

790,361
792, 532
678,060
579,053
462, 610
383,052

46,529
62, 996
51,846
32, 706
24,455
19,639

294,474
277,478
233,485
179, 226
146,919
116,155

47,901
45,169
34,275
32, 311
21, 250
13,884

65,185
72, 315
59,197
45, 925
31,838
34, 277

39,847
34,813
29,220
27,198
26, 571
20,872

30, 704
29,358
31, 973
25, 950
24, 625
22, 328

75,432
83,904
77, 272
59,026

40, 752
40,097
29,470
27,677
26,423
39, 624 21, 777

33,854
33,449
33,384
32,194
25,832
17, 965

36,343
34, 770
30, 767
35,027
30,113
20,884

37, 298
38,294
30,698
32,115
28,930
23,742

42,042
39,889
36,473
49,698
26, 756
31,905

1,035,459
1,011,324
1,045,458
1,056,401
1,057,344
1,071,443

46,355
47, 582
48,961
49, 749
51,192
51, 794

608,840
574,626
588,914
591,079
576, 971
589, 211

65,034
66, 544
69, 702
71,071
73, 400
73, 615

61, 716
63,149
66,146
67,445
69, 655
69,859

28, 535
29,198
30, 584
31,184
32, 206
32, 301

23,227
23, 766
24,894
25,383
26, 214
26,291

79, 634
81,482
85, 350
87,026
89,878
90,141

19,908
20,370
21,337
21, 756
22,469
22, 535

14,600
14,938
15,647
15,955
16,478
16, 526

19,245
19,691
20,626
21,031
21, 721
21, 784

19,908
20,371
21,337
21,757
22,469
22, 535

48,457
49,607
51,960
52,965
54,691
54,851

513,309
513, 645
541,066
517,853
603,002
528, 776

8,095
10, 554
6,984
7,189
7,409
7,653

414.052
407,453
434.053
412, 208
417,684
430, 932

25, 595
25,368
26,852
26, 215

6,525
8,646
8,523
8,037
8,559
8,331

3,298
3,178
3,254
4,179
3,320
3,526

4,926
4,622
4,712
4,835
6,158
3,194

8,150
7,860
8,397
7,676
92,121
8,648

7,606
7,553
7,796
7,r~

3,638 9,263
4,096 11,853
4,235 12, 203
4,332
4,172 4,710
4,075 4,628

2,160
3,052
2,146
2,803

20,001
19,410

25,309

8,723
7,521

85,816
86,421
88,307
89,112
89, 278
89, 965

L59,401 272,999 212, 728
L59,333 272,406 214,985
.64,821 272, 581 223,637
.69,106 278, 594 219,104
.67, 724 285; 564 225, 515
.64, 584 275,909
T
222,038

l', 952

747,722
748,514
745,517
773,975
775, 564
775, 553

21,911
23,825

21, 799
23,007

•Less than $500.
NOVEMBER

1940




1191

Federal Reserve Banks—Continued
[In thousands of dollars]
Total

Boston

Philadelphia

New
York

Cleveland

Rich- Atmond lanta

MinSt. neapChicago Louis
olis

Kansas Dallas
City

San
Francisco

Liabilities— Continued
Deposits— Continued
Total deposits:
Sept. 18
Sept. 25
Oct. 2
Oct. 9 - . .
Oct. 16
Oct. 23
Deferred availability items:
Sept. 18
Sept. 25
Oct. 2 . . .
Oct. 9..
Oct. 16
Oct. 23
Other liabilities, including
accrued dividends:
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Total liabilities:
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23

898,434
910,408
923, 252
913,853
914,127
932,474

8, 505,548
8,484, 751
8,533,685
8, 532, 566
8,464,474
8, 583,185

803,296
670,157
723,391
659,124
986,147
736,357

77,151
60,928
74,532
64,388
95,146
74, 588

181,021
147, 959
162,477
139,876
227, 670
161, 700

3,137
3,653
3,441
3,874
3,658
4,147

367
399
391
414
413
421

835
1,012
874
1,041
1,003
1,180

15,963, 548
16,020,613
16,064, 789
16,080,321
16,138, 768
16,131,046

22,165,905
22,101,408
22, 255,859
22, 222,683
22, 636, 997
22, 391, 821

799,184 1,004,807 396,977 285, 514 2,014,480 378, 945211,493 337,850 272,094
2,084,671 381, 777 211,816 338, 720 276,702
788,831 1,011,608 396,825 277i
>'O46 2,068,117! . 619 218,087 336,177 277,818
800,906 1,014,223 386,998 280,
998,498 397; 085 280, 5562,041,425 373,108 221, 587 343,318 275,779
214, 206 342,108
1,005, 302402, 539 285,153 2,165, 558385,108
r
' 278, 900
T
323, 205 270, 267
785, 381 1,007,631 391, 243 276, 517 2,090,896 381, 781 203,150

858,222
857,420
855,861
900,463
878,810
885, 316

53,905 95,399
49,365 78, 745
55,440 88, 563
71,870
47,966
75,007 120, 780
53, 568 85,364

71,890
70,816
64,244
61, 786
82, 515
71, 307

33, 507
24, 645
27,433
27,658
40, 792
31, 272

114,180
94, 342
107, 336
99,209
143,197
101, 278

44,951
36,873
39,026
40,134
56,081
43, 432

20,144
20,180
17, 709
17,821
21,854
18, 588

34,424
26,465
31,485
30,649
41, 806
33,418

29, 678
24,952
23,785
25,951
38,638
27, 278

47,046
34,887
31,361
31,816
42, 661
34, 564

350
368
434
419
413
427

89
120
104
129
113
141

143
156
154
172
159
180

342
405
349
422
394
470

112
138
130
120
139

139
159
149
162
153
172

129
152
136
145
145
155

132
153
133
165
128
150

206
251
224
271
24g
292

366
355
404
369
420

,416,215 10.129,283 1,226,140 595,101 711,165 492, 244 3, 290, 262 624,288 380,420566,439 387,720 346,628
559,215 388, 228 332,752
, 412,53510,076,957 1,212, 534 , 588,297 713,774 474,897 3,341,822 619,152 381, 245
i,043 , 332,484
, 441,812 10,163;
i, 1151, 231,442 , 601,871 702,098 483,166 3,347,180 611, 289 386,889 564,470 390,
571, 510 391,007 , 382,484
""'
,424,023 '10.132,284 I, 227,000 572,864; 12,404 484,909 3,315,856 617,101 391,241
, 457, 782 \10|164,141 1, 255,8951, 628, 333 741, 895504,023 3,489, 583 646, 388,147 581, 592 406, 944 , 371,699
761 387,660 , 369, 762
456,485 10, 216, 5941, 218, 244 598, 633 720, 273 486J 6843,376,378 632,129 374,218 554,
•"' ""

Capital Accounts
Capital paid in:
Sept. 18
Sept. 25
Oct. 2
Oct. 9 . . .
Oct. 16.
Oct. 23
"
Surplus (section 7):
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Surplus (section 13b):
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16.. .
Oct. 23
Other capital accounts:
Sept. 18
Sept. 2 5 . . . .
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Total liabilities and capital
accounts:
Sept. 18
Sept. 25
Oct. 2
Oct. 9..
Oct. 16
Oct. 23
Commitments to make industrial advances:
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct. 23

1192




137, 637
137,630
137, 632
137, 641
137, 653
137, 638

9,332
9,333
9,333
9,333
9,333
9,333

51,070
51,046
51.051
51.052
51,052
51,057

11,883
11,889
11,884
11,884
11,881
11,881

14,062
14,068
14,066
14,066
14,068
14,075

5,340 4,679
5,339 4,680
5,339 4,679
5,340 4,677
5,338 4,677
5,342 4,677

13,925
13, 927
13,929
13, 937
13, 952
13,961

4,164
4,164
4,164
4,164
4,162
4,162

2,952
2,952
2,952
2,952
2,953
2,957

4,423
4,423
4,423
4,423
4,423
4,423

4,156
4,156
4,157
4,157
4,158
4,162

11,651
11,653
11.655
11.656
11, 656
11, 608

151, 720
151, 720
151, 720
151, 720
151, 720
151, 720

10,405
10,405
10,405
10,405
10,405
10,405

53, 326
53, 326
53, 326
53,326
53, 326
53, 326

14,198
14,198
14,198
14,198
14,198
14,198

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

4,709
4,709
4,709
4,709
4,709
4,709

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, 224
10,224
10,224
10,224
10, 224
10, 224

26, 839
26, 839
26,839
26,839
26,839
26, 839

2,874
2,874
2,874
2,874
2,874
2,874

7,109
7,109
7,109
7,109
7,109
7,109

4,393
4,393
4,393
4,393
4,393
4,393

1,007
1,007
1,007
1,007
1,007
1,007

3,246
3,246
3,246
3,246
3,246
3,246

713
71:
713
713
713
713

1,429
1,429
1,429
1,429
1,429
1,429

538
538
538
538
538
538

1,001
1,001
1,001
1,001
1,001
1,001

1,142
1,142
1,142
1,142
1,142
1,142

1,266

1,266
1,266
1,266

2,121
2,121
2,121
2,121
2,121
2,121

44,477
44, 606
44,819
45,486
45, 753
46, 724

2,272
2,299
2,285
2,333
2,35^
2,440

12,983
13,031
13,131
13,335
13,432
13, 715

2,846
2,855
2,868
2,923
2,949
3,029

4,477
4,490
4,527
4,588
4,614
4,708

1,798
1,790
1,789
1,821
1,84:
1,895

1,974
1,974
1,981
2,004
2,011
2,051

7,683
7,'"
7,704
7,779
7,812
7,911

1,860
1,872
1,877
1,908
1,913
1,953

2,220
2,221
2,230
2,247
2,253
2,280

1,491
1,502
1,499
1,546
1,534
1,595

2,099
2,102
2,113
2,135
2,143
2,176

2,774
2,784
2,815
2,867
2,893
2,971

1*266

,108 399,215 1, 373, 398
123 635, 559 389, 745 577,
22, 526, 578 1,441,098 10,253, 771 1, 259, 460 1,628,970 726, 796 505, 335 3, 336,
630; 390, 571 569,895 399, 726 1, 359, 534
22,462, 203 1,437,446 10,201,469 :,1 245,869 1, 622,185 729, 396 487, 989 3,387, 68810,435
396, 224 575,147 40i; 553 1, 359, 299
622,577577
10;
732 1, 264, 785 1,635, 794 717, 719 496, 264 3, 393,066 !2,
22, 616, 869 1,466, 709 10,287,
!8,420 400, 593 582, 234 402, 5391,409, 352
'" 257,106 1, 260, 398 1,606,848 728,058 498,028 3,361,825 628,420
22, 584, 369 1,448,968 10,
"""1, 398, 593
397, 506 592,304 418,1,485
658,285
285
22, 998,962 1,482, 751 10, 289,060 1, 289, 316 1,662, 345 757, 568 517,149 3, 535, 600 »8,
22, 754, 742 1,481, 537 10, 341,801 1, 251, 745 1, 632, 746 736,003 499,850 3,422, 503 :3,
""491
'"383,608 565, 534 399, 238 1, 396, 686
8,007
8,078
7,583
7,598
7,459
7,422

260
356
336
358
267
263

731
733
728
728
722
722

1,032
1,029
1,041
1,041
1,038
1,038

1,072
1~~~
960
960

651
651
619
61
612
58:

510
510
509
509
509
509

368
368
40'
41'
416
416

144
136
136
136
136
136

3,162
3,144
2,758
2,742
2,731
2,723

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 «.
1936—June 24..
Dec. 30..
1937—Mar. 3 1 June 30__
Sept. 29..
Dec. 29..
1938—Mar. 30..
June 29—
Sept. 28..
Dec. 28..
1939—Jan. 25—
Feb. 21 *.
Mar. 29..
Apr. 2 6 May 3 1 June 2 8 July 26..
Aug. 30..
Sept. 27..
Oct. 25...
N o v . 29..
Dec. 2 7 1M0—Jan. 31...
Feb. 2 8 Mar. 27..
Apr. 2 4 May29_.
June 26..
July 3 1 . .
Aug. 28..
Sept. 2 5 .
Oct. 23 «.

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
9,401
9,418
9,433
9,456
9,476
9,487
9,504
9,512
9,536
9,546
9,556

Amount Number
146, 972
237, 581
293,084
314,471
328,998
333,300
339,509
341,842
350,551
358,936
369, 583
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

71
68
28
12
5
9
10
1

7

19
8
8
5
8

7

14
7
6
5
6
7
2
1
3
2
2
4
7
4
3
2
2
6
1
4

417, 260
418, 257

Approved
Advances Commitbut not
out- 1 ments
outcom- 2
standing standing pleted
(amount) (amount)
(amount)

Applications
approved

Applications under
consideration

Amount Number

Amount

984
1,646
1,993
2,183
2,280
2,323
2,361
2,381
2,406
2,464
2,566
2,617
2,653
2,660
2,671
2,683

49,634
88,778
124,493
133,343
139,829
141, 545
145,758
146,724
150,987
154,918
161,158

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
750

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
199,209

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
2,872

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, 596

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
8,966
8,224
8,725
8,852
8,762
8,582
8,238
8,078
7,422

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
1,872

Repaid,
expired,
or withdrawn by
applicant, etc.
(amount)

Participations
outstanding*
(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

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

» Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of
condition of the Federal Reserve Banks.
23 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.
Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $952,715
October 23, 1940.
*6 Tuesday.
Latest date for which figures are available.

FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve notes:
Issued to F. R. Bank by F..R. agent
Oct. 2
Oct. 9.
Oct. 16
Oct. 23
Held by Federal Reserve Bank:
Oct. 2
Oct. 9
Oct. 16
.
Oct. 23..
In actual circulation;!
Oct. 2 . . . .
Oct. 9
_.
Oct. 16
Oct. 2 3 . . . .
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
Oct. 2
Oct. 9
._.
Oct. 16Oct. 23
Eligible paper:
Oct. 2
Oct. 9
Oct. 16-..
Oct. 23
Total collateral:
Oct. 2
Oct. 9
Oct. 16
Oct. 23

Boston

New
York

Phila- Cleve- Rich
delphia land mond

Atlanta

Chicago

MinSt.
Louis neapolis

KanSan
sas Dallas FranCity
cisco

5, 732,623 458,869 1,539,034 394,138 518,911 263, 546 189,441 1,194,170 212,353 155,752 204,686 97,331 504,392
5, 771, 996464,006 1, 542, 688 394, 967 523, 224 265;»,924I 192,266 J1,204,620 216, 735 156, 532
1205,293 97,042 508,699
192, 626 1, 210, 275216, 551 156,851 204,430 96,113 511,32a
5, 785, 779 462,0441, 545,180 397, 366 524, 346 268,
>; 281 193, 782 1,216,182 "
218,
\ 085 156,995 206,026
5,814,154 468, 210 1, 551, 225 395, 361 529,38:
827 509, 798;
268,385
292, 632
277, 355
293,883

15,232
18, 638
13, 948
19,208

72,955
83,887
74,186
80,696

19,397
18,420
19,330
16,486

20,260
21,147
22, 508
24,171

12, 794
12, 520
11, 946
11, 699

13,908
15, 743
14, 707
15,067

22, 792
29,820
29,841
32,448

9,84' 4,808 8,014
13,006 4,"
7,895
10,897 4,917
11,308 4, " 8,043

9,024 59,354
7,930 58, 765
6,835 61,34a

60,208.

5,464, 238 443,637 1,466,079 374, 741498,651 250, 752 175, 533 1,171,378 202,506 150,944 196,672 88,307 445,038
, 458,801376,547 502,077 253,404 176, 523 1,174,800 203, 729 151, 671197,398 89,112 449,934
5,479,364 445, 368 :lj
1, 180,434205, 654": 151,934197, 533 89,278 449,980
5, 508,424 448,0961,470,994 378,036 501,838 256, 728 177, 919 .
""378,875 505, 211 257,582 178, 715 1,183, 734 ""•,777
206; 152, 308197,983
5, 520, 271449,002 1,470,529
1449,590

5,830, 500 470,000 1, 555,000 400,000521, 500 275,000 195,000 1,210,000 219,000 157, 500 210,000
5,844, 500 470,000 1,555,000 400,000 524, 500 275,000 195,000 1,220,000 219,000 157, 500 210,000
. 1195,000 1, 220,000 219; 000157, 500 210; 000
5; 878; 000 470,0001, 565,000 400,000528,000 290,000
1 490,000 1, 575,000 400,000532,000 290,000 200,000 1,230, 000219,000
T
157,500?210,000
5,930, 500
4,226
6,485
2,195
1,84r

20

5,662
1,197
362

227
218
236
301

70
70
70
85

175
214

98,500 519,000
99, 500 519,000
99,500 524,000
.03,000 524;
24,000

293
387
477
79/

1,000 1, 558,488 :00,227 521,500 275,050 .95, 000 ,210,000 !19,070 157, 598 210,293
5, 834, 726 470,
5,850,985 170,000 560, 662 400,218^24,500 275,050 .95,000 , 220,000 !19,070 .57, 598 210,387
5,880,195 t70,000 ., 566,197400, 236 i28,'000 290,040 195,000 220,000 !19,070 .57,675 210,477
5, 932, 342 t90,020 ., 575, 362:00, 301 532,000 290,065 200;
"1,000 ,230,000 !19,085 57, 714 210, 795

98,500
99,500
99,500
.03,000

19,000
19,000
524,000
524,000

1 Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank.

NOVEMBER

1940




1193

MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS

RESERVE POSITION OF MEMBER BANKS, SEPTEMBER, 1940
[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 banks.. 40,506 33,294 12,123
Central reserve city banks:
New York
15,272 14, 679
814
504
Chicago
- - 3,161 2,807
Reserve city banks:
Boston district
—
New York district
Philadelphia district. Cleveland district
Richmond district
Atlanta district
Chicago district.
fit. Louis district
Minneapolis district...
Kansas City district
Dallas district
San Francisco district.
Total

1,367
242
1,436
1,941
884
794
1,501
902
439
1,092
784
2,461

All
member
banks*

Excess

Held

7,062 13,643

6,582

3,380
664

6,705
1,234

3,324
570

1,246
189
1,204
1,542
646
555
1,040
686
297
697
472
1,977

84
152
225
735
224
178
612
174
87
158
128
1,987

222
41
222
307
124
106
212
129
56
130
89
445

566
70
464
703
222
146
368
240
95
204
137
688

344
29
242
397
98
40
156
111
38
74
48
243

13,842 10, 550

4,746

2,084

3,905

1,821

698
1,035
464
438
364
333
575
253
213
297
351
235

564
1,424
881
714
372
242
777
248
279
161
105
294

112
195
100
88
62
52
108
43
40
44
47
43

232
431
193
170
107
81
237
73
68
69
80
60

120
235
94
81
45
29
129
30
28
26
32
17

5,257

6,060

934

1,800

866

Country banks:
Boston district
. . . 1,001
New York district
1,470
Philadelphia district..
732
Cleveland district
692
Richmond district
619
Atlanta district
553
Chicago district
976
St. Louis district
408
Minneapolis district...
352
Kansas City district
482
Dallas district.
563
San Francisco district381
Total

[Averages of daily figures. In millions of dollars]

8,230

i 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. 1188 for percentages of deposits required to be

Total reserves held:
1939—September
October
November
December
1940—January
February
March
April
May
June
July
August
September
Week ending (Friday)
1940—Sept. 6
Sept. 13
Sept. 20
Sept. 27
Oct. 4
Oct. 11
Oct. 18
Excess reserves:
1939—September
October
_.
November
December
1940—January
February
March
April
_
May
June.
July
August
September
Week ending (Friday)
1940—Sept. 6
Sept. 13
Sept. 20
Sept. 27
Oct. 4..
Oct. 11.
Oct. 18

Central reserve
city banks

Reserve Country
city banks»
banks

New
York

Chicago

11,443
11,862
11,688
11,473
11,985
12, 215
12,362
12,703
13,086
13, 596
13, 735
13,408
13,643

5,866
5,958
5,759
5,623
6,099
6,323
6,428
6,548
6,660
6,941
6,979
6,709
6,705

1,009
1,112
1,115
1,141
940
901
899
972
1,097
1,182
1,168
1,154
1,234

3,009
3,203
3,229
3,141
3,319
3,344
3,368
3,476
3,615
3,716
3,837
3,804
3,905

1,559
1,588
1,585
1,568
1,628
1,646
1,668
1,706
1,714
1,757
1,751
1,740
1,800

13,541
13,592
13,665
13,707
13, 789
13,913
14,013

6,704
6,655
6,706
6,738
6,745
6,803
6,841

1,186
1,209
1,241
1,281
1,266
1,268
1,285

3,873
3,922
3,910
3,902
3,929
3,977
4,021

1,778
1,807
1,808
1,786
1,849
1,866
1,866

5,198
5,490
5,259
5,011
5,464
5,626
5,734
6,003
6,288

2,943
2,974
2,753
2,611
3,045
3,199
3,248
3,312
3,389
3,594
3,588
3,344
3,324

430
518
516
540
342
301
310
388
477
547
522
499
570

1,147
1,295
1,294
1,188
1,350
1,378
1,405
1,494
1,607
1,703
1,803
1,748
1,821

678
704
696
671
727
747
771
809
815
851
839
816

3,337
3,283
3,314
3,354
3,349
3,405
3,435

525
544
575
617
605
606
617

1,802
1,837
1,823
1,816
1,832
1,860
1,885

846
874
873
851
P914
P931

6,752
6,407
6,582

6,510
6,538
6,586
6,637
P6, 700
P6,802

P932

p Preliminary.
i Weekly figures of excess reserves of all member banks and of country
banks are estimates.

DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers Member banks in smaller centers
(places under 15,000)
(places over 15,000)

All member banks
Federal Reserve district

Gross demand

Total
1

_.

Gross demand

Gross demand

Time

Aug.

• Sept.

517
i 1,067
648
1,135
392
329
i 1,062
302
177
202
187
2,169

147
321
262
258
204
170
373
246
207
354
312
133

143
319
254
250
196
168
366
239
197
347
303
127

132
508
458
315
199
92
323
120
189
117
47
106

131
505
457
314
202
91
320
120
189
116
47
105

i 8,187

2,987

2,909

2,606

2,599

Aug.

Sept.

Aug.

2,220
i 1,391
1,906
2,375
1,299
1,177
i 2,104
1,065
584
1,220
1,035
2,709

2,175
i 1, 345
1,887
2,296
1,255
1,162
i 2,063
1,052
566
1,202
1,013
2,662

517
i 1,068
648
1,133
397
328
i 1,066
302
177
202
186
2,174

12,086 *19,085 118, 678

i 8,199

Sept.

Aug.

2,368
16,984
2,168
2,633
. . 1,503
1,347
5,639
1,311
791
1,574
. . 1,346
2,842

2,318
16,826
2,140
2,546
1,451
1,331
5,538
1,291
764
1,549
1,316
2,789

648
2,390
1,106
1,448
596
420
1,893
422
366
319
233
2,281

648
2,368
1,106
1,449
594
420
1,887
422
366
318
234
2,274

40, 506

39,857

12,123

Time

Sept.

Sept.

Aug.

Sept.
Boston
New York....
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Time

Aug.

Excluding central reserve city banks, for which figures for latest month are shown in table above.

1194




FEDERAL RESERVE BULLETIN

KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]

End of month

Total

Gold
certificates

Silver
dollars

Treasury
notes
of 1890

Silver
certificates

Subsidiary
silver
coin

United
States
notes

Minor
coin

Federal Federal
Reserve Reserve
Bank
notes
notes

National
bank
notes

1939—August
September.
October...
November.
December.

7,171
7,293
7,342
7,483
7,598

1,465
1,488
1,485
1,530
L, 564

365
369
373
379
381

157
159
161
163
164

267
269
267
269
272

4,595
4,688
4,739
4,826
4,912

182
180
178
177
175

1940—January...
February. _
March
April
May
June
July
August
September.

7,376
7,455
7,511
7,559
7,710
7,848
7,883
8,059
8.151

,469
,500
,508
1,557
1,590
1,582
1,565
1,605
1,615

372
373
375
377
382
384

163
163
164
166
168
169
172
174
177

265
271
260
248
241
248
249
258
259

4,796
4,839
4,896
4,906
5,025
5,163
5,212
5,334
5,409

173
171
170
168
167
166
164
162
161

394

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]
Total
Coin and small denomination currency *
in circulation
$13
$2
$5
$10
$20
total i Total Coin

Total

1939—August
September..
October
NovemberDecember..

7,171
7,293
7,342
7,483
7,598

5,253
5,329
5,363
5,478
5,553

566
571
577
586
590

521
532
535
545
559

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

7,376
7,455
7,511
7,559
7,710
7,848
7,883
8,059
8,151

5,332
5,397
5,414
5,437
5,519
5,584
5,599
5,748
5,814

579
581
584
588
595
599
604
611
618

526
530
531
534
546
546
544
556
566

End of month

1,004
1,019
970
992
1,009
1,015
1,013
1,044
1,055

Large denomination currency 2
$50

$100

$500

Unassort$1,000 $5,000 $10,000 ed 2

1,681
1,706
1,710
1,752
1,772

1,487
1,507
1,526
1,557
1,576

1,922
1,965
1,981
2,007
2,048

433
440
445
452
460

857
876
884
896
919

180
185
186
188
191

405
413
415
420
425

1,692
1,723
1,731
1,739
1,766
1,791
1,798
1,858
1,876

1,532
1,543
1,546
1,551
1,568
1,599
1,605
1,644
1,663

2,047
2,061
2,101
2,126
2,193
2,264
2,286
2,313
2,340

457
459
460
463
471
485
489
495
503

920
930
941
951
979
1,013
1,025
1,035
1,048

191
191
194
195
202
210
211
213
216

426
427
432
439
464
481
486
493
496

i Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
* Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury 3as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Annual Report for 1937 (table 36).

TREASURY CURRENCY OUTSTANDING
SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY
{Held by Treasury and Federal Reserve Banks and in circulation, In
[By selected banks and financial institutions in New York City.
In millions of dollars]
millions of dollars]

End of month

Total

Silver
dollars
and
silver
bullion i

SubsidUnited
iary Minor States
silver coin notes
coin

1939—August
September.
October
November.
December..

2,907
2,919
2,932
2,947
2,963

1,804
1,814
1,825
1,835
1,845

390
394
399

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

2,971
2,981
2,990
2,999
3,008
3,014
3,024
3,036
3,044

1,855
1,866
1,876
1,886
1,894
1,900
1,909
1,915
1,920

400
401
401
400
402
402
404
409
411

Federal
NaRe- tional
serve bank
Bank notes
notes

1940




1937
1938
1939

_

162
164
166
167

347
347
347
347
347

185
183
181
179
178

1939—September.
October. __
November.
December.

169
170
171
172
173
174
175
178
181

347
347
347
347
347
347
347
347
347

175
173
172
171
169
167
167
164
163

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

i Includes silver held against silver certificates amounting to $1,844,000,000 on Sept. 30, 1940 and $1,724,000,000 on Sept. 30, 1939.

NOVEMBER

Year or month

ShipReceipts
ments to
from
Europe Europe

Net
shipments

21.5
33.1
110.2

47.6
34.4
9.8

100.4

1.8
4.5
6.6

.1
.2
1.3
.3

.7
1.6
3.2
6.3

5.3
4.7
1.4
3.5
1.1
.5

Net
receipt*
26.1
1.$

5.3
4.7
1.4
3.5
1.1
.4
.5

.1

i Less than $50,000.
Back figures.—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, pp. 7-8.

1195

MOVEMENT OF GOLD TO AND FROM UNITED STATES1
[In thousands of dollars]

ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES
[In millions of dollars]
Gold stock at
end of period

Increase
in
total
gold
Inactive stock
account

Period
Total
1934»_
1935...
1936...
1937...
1938...
1939...

8,238
10,125
11,258
12,760
14, 512
17, 644

1938—October
November
December

14,065
14,312
14, 512

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

14,682
14,874
15, 258
15,791
15,957
16,110
16,238
16,646
16,932
17,091
17,358
17, 644

1940—January
February
March
April
May
June
July
August
September
Oct. 1-23?

Net
gain or
loss
(-)
Net
gold through
earimport marking
transactions1

1, 751. ~
5 1,973.
1
6
3; 132.0 3, 574. 2

82.6
.2
-85.9
-200.4
-333.5
-534.4

92.9
110.7
131.6
143.9
148.6
161.7

305.0
247.5
199.6

562.4
177.8
240.5

-110. 2
-7.4
-62.4

13.6
15.5
13.3

170.0
192.7
383.8
532.3
166.2
153.3
128.0
407 6
285.9
159.9
267 1
285.1

156.3
223.3
365.4
605.8
429.4
240.4
278.6
259.9
326.1
69.7
168 0
451.2

14.1
-486

12.4
10.7
11.3
13.3
12.8
10.8
13.3
14.3
15.9
18.7
14.9
13.4

4,202. 5 11,133.9
P
1,887."
2 1''1,739.0

26.5 1,132. 5 11,116.6
1,227.9 1, 502. 5 1, 585. 5

_

287.5 236 4
246.0 201.4
256.0 459.8
336.9 249.9
439.0 435.1
754.2 , 163. 0
499.4 520.0
450.2 351.6
*331. 6 334.1
183.7
241.3

17,931
18,177
18,433
_ 18, 770
_ 19,209
19,963
20,463
20,913
P21, 244
21,428

Domestic
gold
production

107
-114.8
-251. 6
-104.8
-164.0
152.1
2.8
79.5
90.9
-200.8
40.0
37.0
-213. 4
67.2
-36.7
-437.2
-55.1
67.0

13.6
11.4
12.1
13.0
14.1
11.0
16.0
12.3
P12.3

1940
From or to—

September
Imports

Belgium
_•
France
Hungary
Italy..
Netherlands
Norway
15,325
Portugal
39
Spain
Sweden
27i
Switzerland
3,655
United Kingdom....
11,175
U. S. S. R
_
Yugoslavia
217, 635
Canada
545
Mexico.
904
Central America
5, 239
Curacao
17,815
Argentina
1
Bolivia
Brazil
1,139
Chile
2,330
Colombia
233
Ecuador
_.
1
Peru
421
Venezuela
14,605
Australia
523
British India
13,092
Netherlands Indies
China and Hong
2,701
Kong
13, 228
Japan
3,764
Philippine Islands..
7,854
South Africa
794
All other countries *

Jan.-Sept.

August

Exports

Exports

Imports

17,386
68
3,637
10,819
264,338
10, 335
9
35
2,669
946

4,516
186
480
637
6,746
954
6,377

Imports

977
241, 778
11, 873
43, 935
63, 253
33, 405
41, 532
8,650
161,489
90,320
630, 320
16, 745
16, 310
10 2, 056, 660
28, 450
6,580
5,239
17, 858
55
10, 774
8,240
21,178
2,465
7,921
3,790
59, 572
39, 589
20, 583

3,756
3,738
11, 687
1,360

Exports

4,781
4

24,718
74,476
29,405
170, 061
7,994

10 3, 956,195 4,970
13 351,563
Total
334,113
J> Preliminary.
1 Gold held under earmark at Federal Reserve Banks for foreign ac» Figures represent customs valuations which, with some exceptions,
count on September 30, 1940, in millions of dollars: 1,657.6.
2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 are at rate of $35 a fine ounce.
a fine ounce thereafter.
2 Includes all movements of unreported origin or destination.
NOTE.—Figures for domestic production of gold are those published
Back figures.—See table, p. 1229, and Annual Report for 1937 (tables
in table, p. 1229, adjusted to exclude Philippine Islands production re- 31 and 32).
ceived in United States. Adjustment based on annual figures reported
BANK DEBITS
by Director of Mint and monthly imports of gold to U. S. from Philippines. For back figures see Annual Report for 1937 (table 29).
[Debits to deposit accounts, except interbank accounts, at banks in
principal cities.] [In millions of dollars]
BANK SUSPENSIONS1
140
133
Total,
other
New
other
all
Nonmember
Member
lead- reportYork
reportYear and month
banks
banks
ing
City
ing
ing
Total,
centers 1 centers
centers
all
banks
NaInNot
tional State sured2 insured 1929.
47, 504
_
331,938
982,531
28, 547
1935
402, 718 184,006 190,165
461,889 208,936 219, 670
33, 283
1936
Number of banks suspended:
469,463
36,421
197,836 235, 206
1937
8
1
1934
57
48 1938
405, 929
32,406
168, 778 204, 745
34
1935
22
4
8 1939
423,932
34, 252
_
171,382 218, 298
1936
1937
1938
1939

1940—Jan -Sept

.

.

.

44
59
55
42
19

1
4
1
4

40
47
47
25
16

3
6 1939—August
6
September
10
October. _.
3
November.

1,912
3,763
10, 207
1,708 10,156
211 11,721
24,629 6,589
4,796

2
1
3

Deposits of suspended banks3
(in thousands of dollars):
1934
1935
1936
1937
1938
1939

1940—Jan.-Sept

_

_.

36, 937
10,015
11, 306
19, 723
13,012
34,998
5,142

40
5,313
507
7,379
36
1,341

34,985
939
592
480
1,044
2,439
346

1 Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks at
the time of closing (in some instances with the aid of Federal Deposit
Insurance Corporation loans).
*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.
Backfigures.—SeeAnnual Report for 1937 (table 76).

1196




December.

33,314
36, 594
35, 830
34, 666
43,447

13,118
15,138
13, 683
13,041
17, 633

17,496
18, 526
19,029
18, 636
22, 386

2,701
2,930
3,119
2,990
3,428

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

37, 786
32,197
37,769
37, 780
37, 257
35,005
35,947
'32, 844
33,812

14, 739
12,138
15, 201
15, 519
14, 536

19, 978
17, 344
19, 537
19,250
19, 659
18,850
19, 233
18, 314
18, 267

3,069
2,715
3,031
3,010
3,063
3,045
3,103
r
2, 926
2,951

13,110

13, 612
11, 604
12, 594

r
Revised.
1 Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one
in 1928.
2 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. Figures for individual reporting cities and totals by Federal
Reserve districts for recent years are available in mimeographed form.

FEDERAL RESERVE BULLETIN

M l 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 CurJ
rency. For comparative figures of private banks included in thrie figures
" •
"
'
* 1935, see ~Federal
, , ~Reserve BULLETIN
from
June
1934 to ~December
for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.

NUMBER OF BANKS

DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS

Total

Call date

Total

National

[In millions of dollars]

Nonmember
banks

Member banks

Other
Mutual nonState savings membanks
ber
banks

Call date

All
banks

Member banks

Nonmeniber banks

Total

National

State

Mutual Other
savings nonmembanks bcr banks

1929—June 29
Dec. 31

25,110
_ 24,630

8,707
8,522

7,530
7,403

1,177
1,119

611
609

15,792 1929—June 29— 53,852
15,499
Dec. 31— 55,289

32,284
33,865

19,411
20,290

12,873
13,575

8,083
8,016

12,684
12,508

1933—June 30
Dec. 30

14,519
15,011

5,606
6,011

4,897
5,154

576
579

8,337 1933—June 30— 37,998
Dec. 3 0 . . . 38,505
8,421

23,338
23,771

14,772
15, 386

8,566
8,385

0,713
0,708

4,046
6,026

1934—June 30
Dec. 31

_ 15,835
16,039

6,375
6,442

5,417
5,462

709
857
958
980

578
579

8,882 1934—June 30— 41,870
9,018
Dec. 3 1 — 44,770

26,615
28,943

17,097
18,618

0,518
10,434

0,780
0,828

0,475
6,000

1935—June 29
Dec. 31

15,994
_ 15,837

6,410
6,387

5,425
5,386

985
1,001

571
570

9,013 1935—June 29— 45,766
8,880
Dec. 31— 48,964

29,496
32,150

19,031
20,886

10,465
11,273

9,020
0,063

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 1936—June 30— 51,335
8,687
Dec. 31— 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 1937—June 30— 53,287
8,489
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 1938—June 30— 52,185
8,312
Dec. 3 1 — 54,054

34,745
36,211

22,553
23,497

12,193
12,714

10,206
10,366

7,163
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 1939—June 30... 55,992
Dec. 3 0 . . . 58,344
8,123

38,027
39,930

24,534
25,661

13,403
14,269

10,521
10,613

7,444
7,801

1940—Mar. 26
June 29

15,006
14,952

6,377
6,398

5,178
5,164

1,199
1,234

551
551

8,078 1940—Mar. 26.._ 59,017
June 29— 60,582
8,003

40,579
42,039

25,911
26,931

14,667
15,108

310,544
10,631

»7,895
7,912

For footnotes see table below.

For footnotes see table below.

LOANS AND INVESTMENTS
[In millions of dollars]

Member banks

All banks

Nonmember banks
Mutual savings banks

Call date
Total

Loans

Investments

Total

Loans

Investments

Total

Loans

Investments

Other nonmember banks
Total

Loans

Investments

1929—June 29
Dec. 31

58,474
58,417

41,531
41,918

16,943
16,499

35,711
35,934

25,658
26,150

10,052
9,784

9,556
9,463

5,892
5,945

3,664
3,518

13,207
13,020

9,981
9,823

3,227
3,197

1933—June 30
Dec. 30

40,076
40,319

22,203
21,977

17,872
18,342

24,786
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

1934—June 30
Dec. 31

__

42, 502
43,458

21,278
20,473

21,224
22,984

27,175
28,150

12,523
12,028

14,652
16,122

9,904
9,782

5,648
5,491

4,256
4,291

. 5,423
5,526

3,108
2,955

2,315
2,571

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

X937—June 30
Dec. 31

49, 696
48, 566

22, 514
22,198

27,182
26,368

32,739
31,752

14,285
13,958

18,454
17,794

10,180
10,187

5,002
4,996

5,178
5,191

6,778
6,627

3,227
3,244

3,560
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

1939—June 30
Dec 30

49,616
50,885

21,318
22,169

28,299
28,716

32,603
33,941

13,141
13,962

19,462
19,979

10,342
10,314

4,931
4,961

5,411
5,353

6,671
6,630

3,245
3,246

3,426
3,384

1940—Mar. 26__
June 29

51,135
51,335

22,190
22,341

28,945
28,995

34,163
34,451

13,939
13,969

20,224
20,482

310,226
10,188

4,922
4,925

5,304
5,263

3 6,746
6,696

3,329
3,447

3,417
3,250

1938—June 30
Dec. 312

_

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. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank
abstracts.
2 Beginning December 1938 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans
and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among
"Other assets."
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 "Ot
"Other nonmember banks" column.
Back figures.—See Annual Keport for 1937 (tables 48-49).
NOVEMBER

1940




1197

CONDITION OF ALL MEMBER BANKS-iOANS AND INVESTMENTS
[In millions of dollars]
Loans 1

Gall date

Investments *

Loans for
purchasing
Total
Comor
carrying
loans
mersecurities
and
cial Agri- Open
Real Loans Other
inand cul4 Total
estate to loans
vest- Total i in- tur- marTo
ket
loans
banks
ments
dusl paper broktrial*
ers
To
and others3
dealers

U. S. Government obligations

Obligations
of
States Other
and secuGuar- polit- rities
anical
subBills Notes Bonds teed divisions
Direct

Total

Total—All
Member Banks
1929-Dec. 3 1 - 35,934
1933—June 30.. 24,786
1938—June 3O._ 30,721
Sept. 28. 31,627
Dec. 31_. 32,070
1939—Mar. 29.. 32,095
June 30. _ 32,603
Oct. 2«.. 33,075
Dec. 30__ 33,941
1940—Mar. 26 • 34,163
June 29_ 34,451
New York
City''
1929—Dec. 31_. 8,774
1933—June 30.. 7,133
1938—June 30.. 8,013
Sept. 28. 8,355
Dec. 31__ 8,335
1939—Mar. 29.. 8,408
June 30—
Oct. 2 s.- 9,044
Dec. 30.. 9,339
1940—Mar. 26° 9,594
June 29..
City of
Chicago»
1929—Dec. 31.. 1,757
1933—June 30.. 1,287
1938—June 30.. 1,806
Sept. 28. 1,889
Dec. 31.. 1,969
1939—Mar. 29.. 1,965
June 30_. 2,052
Oct. 2 •_. 2,050
Dec. 30_. 2,105
1940—Mar. 26« 2,222
June 29.. 2,205
Reserve City
Banks
1929—Dec. 3 1 . . 12,029
1933—June 30__ 8,492
1938—June 3O._ 11,150
Sept. 28. 11,426
Dec. 31__ 11,654
1939—Mar. 29.. 11,624
June 3O._ 11,756
Oct. 2 •__ 11,880
Dec. 30__ 12,272
1940—Mar. 26 6 12,153
June 29.. 12,160
Country
Banks
1929—Dec. 31__ 13,375
1933—June 30. _ 7,873
1938—June 30__ 9,752
Sept. 28. 9,958
Dec. 31__ 10,113
1939—Mar. 29._ 10,098
June 30— 10,109
Oct. 2 «__ 10,102
Dec. 30.. 10,224
1940—Mar. 26« 10,194
June 29.. 10,257

26,150
12,858
12.938
12,937
13,208
13,047
13,141
13,470
13,962
13.939
13,969

6,683
3,424
3,172
3,146
3,262
3,086
2,988
3,116
3,296
3,211
3,014

1,448
677
525
522
539
545
544
563
569
564

9,084
4,482
4,853
4,870
4,963
4,936
5,004
5,127
5«29
5,305
5,365

4,275
4,388
4,399
4,444
4,480
4,605
4,665
4,768
4,860
4,987

595
492
484
442
427
420

4,737
4,760
4,783

2,463
953
701
713
973
838
731

7,685
3,752
2,614
2,590
775
733
736

3,191
2,372
2,613
2,661
2,716
2,749
2,828

714 11,515 9,784 3,863
520
249
330 4,857 11,928 6,887 1,113 2,049
316 3,653
120 6,397 17,783 12,343
313 3,707
126 6,364 18,689 13,011
286 3,389
125 2,728 18,863 13,222
303 2,604
99 2,671 19,048 13,351
441 2,720
58 2,796 19,462 13,777
19,605 13,811
56 2,888 19,979 14,328
563 2,223
20,224 14,421
42 3,020 20,482 14,722
797 2,-543"

5,386

730

455

790

700 2,957

5,538

736

450

447

3,069

1,456
1,451
1,474

195
364
141
153
138
126
128

1,257
758
556
564
787
668
555

2,145
1,044
717
702
220
209
215

169
157
132
132
121
124
130

322
162
85
95
99
77
41

1,768

120

611

188

133

44

2,091
3,709
4,840
5,209
5,072
5,322
5,700
5,928
425 6,043

103

320

188

137

32

426 6,815

251
61
29
31
43
32

319
340
329

1,112
2,551
3,740
3,987
3,857
4,025
4,483
4,558
4,772
4,972
5,486

166
58
987
638
222 1,358
251 1,342
158 1,142
831
68
168 908

926
1,451
1,560
1,663
2,040
2,284

309
610
1,281
1,367
1,430
1,420
1,507
1,487
1,536
1,658
62 1,602

116
384
981
1,047
1,114
1,100
1,175
1,172
1,203
1,319
1,258

3
206
12
1
59
121
185

19
82
313
310
291
212
234

94
97
535
611
655
660
621

153

176

701

254

161

710

2,944
4,011
6,298
6,556
6,691
6,688
6,751
6,752
6,943
6,848
6,795

1,368
2,483
4,658
4,831
5,018
5,004
4,991
4,998
5,194
5,070
4,947

91
205
69
47
57
100
78

165
681
1,268
1,290
1,224
977
1,014

1,112
1,597
2,603
2,752
2,997
3,105
3,010

4,705 4,439
2,005
2,126 5,364
2,127 5,558
1,149 5,669
1,121 5,618
1,180 5,504
5,437
1,234 5,456
5,334
1,308 5,270

1,267
1,469
2,964
3,146
3,233
3,221
3,127
3,082
3,159
3,060
3,030

2,595
937
1,541
1,499
436
427
440

535
237
361
351
62
57
59

251
109
111
70
70
71

365

17

41

"417

16

23

61

16

1,914
1,889
1,884

168
126
163
156
149
145
138

664
108
95
96
119
115
115

2,775
1,340
998
992
242
228
221

1,538
1,131
1,201
1,217
1,230
1,249
1,284

13

258
99
26
22
20
17
12

3,679
1,678
2,387
1,081
1,066
1,116

2,100

221

155

119

222 1,335

1,168

2,134

176

156

87

210 1,372

1,224

201
35
173
156
138
142
140

291
25
21
21
25
24
22
20

1,048
1,081
1,095
1,151

495

163

1,187

546

174

2,231
1,117
790
784
243
226
229

1,462
1,055
1,269
1,303
1,353
1,363
1,402

224

1,477

208

1,544

3,094
3,725
6,246 2,128
2,298
7,208 2,340
7,783 2,660
7,786 2,831
2,920
3,144
3,107
8,261 3,121

709
834
894
,086
,123
1,157
315 797 2,385 :,275
,286
421 1,092 "27656" ,324

819 3,339
87

31

1,106
1,657
1,770
1,893
1,978
1,870

431 1,972

2,905
2,888

222
478
394
495
517
582
480
662
579
726
634

4,528
3,297
3,296
3,361
3,192
3,142
3,131
3,030
2,959
2,898
2,873

758
680
707
727
698
714
736
708

96
138
159
175
176
171
179
168
170
164
167

122
126
109
108
135
155
172
139
134

87
140
144
141
149
154
147
162
175
177

448
598
732
775
808
823
895
897
890
928
981

1,128

718
743
740
823
889
909
972
963

627
581
878
903
982
1,001
1,025
1,058
1,061
1,076
1,097

2,546
1,549
1,522
1,509
1,453
1,397
1,351
1,297
1,236
1,197
1,144

839 3,052

171
299
715
766
732
585
563

1,393
1,744
2,143
2,317
2,448
2,555
2,554
2,764

579
597
643
725
719

451 1,849

950
866
860
866
856
860
850

1 Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April
1939, pp. 259-264, 332. Beginning June 30,1939, detailed classifications available on June and December dates only.
* Not shown in call reports prior to December 1938, but the total amount of agricultural loans was reported seoarately on some dates, and the
total 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 to 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.
* Includes Treasury certificates of indebtedness through 1934. 1
1
Breakdown of loans and investments not reported separately
7
Central reserve city banks.
Back figures—See Annual Report for 1937 (tables 52-58).

1198




FEDERAL RESERVE

BULLETIN

CONDITION OF A l l MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbanl
Reserves
BalDewith
ances mand
Fed- Cash with
deeral
do- posits
in
Re- vault mestic adserve
banks 1 justed 2
Banks

Interbank
<leposits

Time deposits,
except interbank

IndiDomestic
Individ- States
vidbanks
Certiuals,
uals, States
fied U. S. part- and
and
part- politand
politPostal
Fornerical
Gov- neroffisaveign
ern- ships, lcai
ships, lcai
sub- cers' ment 4 and
sub- ings 4 Debanks
and
Time
cor- divicor- divi- checks
mand
pora- sions
pora- sions etc.s
tions
tions

Bor- C
rowacings counts

rST

Call date

Total—All
Member Banks
2,374
2,235
8,004
8,193
8,694
9,112
10,011
11,617
11,604
12,279
13, 751

827
846

3,517
3,743
4,104
4,582
4,975
5,929
5,915
6,386
7,072

169
232
936
856
884
705
897

1,080

993
909

1,187

751
705

2,289
2,311
2,354
2,459
2,735
3,053
3,' 118
3,336
3,759

627
452

1,263
1,282
1,353
1,367
1,403
1,555
1,578
1,648
1,733

558 2,168 16,647 17,526
405 2,008 12,089 11,830
712 4,084 20,893 19,816
775 3,937 21,596 20,439
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

1,335
1,087
2,314
2,080
2,386
2,467
2,532
2,390
2,321
2,499
2,529

1,681

4,750 5,847
4,358 4,676
6,698 6,900
7,026 7,128
7,168 7,273
7,605 7,677
8,012 8,281
8,676 8,812
8,899 9,030
163 9,562 9,652
119 10, 235 10, 283

128
96
273
196
280
260
288
321
251
219
258

1,180

1,041

68
46
65
70
68
63
61
85
89
84
88

6

179
101
119
91
109
156
112
109
125

122 3,517
788 3,057
83 6,096
70 6,088
61 6,510
68 6,816
59 7,097
51 6 8,243
51 8,507
52 6 8,717
59 8,852

143
806
543
707
790
775
694
675
743
725
711

12,267
7,803
10,874
10,789
10,846
10,940
11,063
11,104
11,215
11,368
11,459

595
300
454
464
462
461
441
418
432
411
410

20
332
123
181
139
135
84
72
74
68
67

1,112

461
367
280
195
272
472
349
178
260
147

671
694
653
652
655
653
683
693
742
732

33
4
32
64
36
53
46
52
43
35
29

18
110

2
6

657
662
538
547
533
790
666
563
558
475

242

1,386
1,455
1,597
1,182
1,565
1,632
1,676
1,503
1,782

42
87
221
204
181
141
197
195
167
133
199

32
16
23
24
29
26
22
27
24
18
17

8
46
86
62
83
83
60
60
80
80
79

332
358
443
439
452
452
471
469
483
482
489

58
1
16
21
9
12
17
21
10
11
15

156
947
122 1,002
300 1,951
322 1,862
321 1,940
342 2,106
318 2,210
323 6 2,485
348 6 2,485
2, 632
364
334 2, 679

5,229
3,764
6,934
7,078
7,214
7,326
7,654
8,017
8,176
8,400
8, 774

5,547
3,708
6,668
6,843
7,034
6,899
7,331
7,803
8,002
7,978
8, 372

423
349
812
711
796
889
917
801
813
942
956

300
108
146
120
170
123
160
158
190
150
147

76
312
266
356
424
420
415
410
435
431
422

4,433
2,941
4,238
4,209
4,233
4, 276
4,320
4,319
4,362
4,386
4,422

371
208
262
233
269
243
233
198
240
214
219

41 1,604
388 1,315
31 2,514
23 2,557
17 2,719
22 2,813
19 6 2,920
14 3,307
14 3,516
12 e 3, 525
18 3,526

321
908
702
203
316 1,806
351 1,786
322 1,956
350 1,963
307 2,117
329 6 2,473
363 2,614
389 3 2,645
328 2,711

5,711
3,054
5,738
5,908
6,224
6,183
6,255
6,677
6,866
6,954
6,969

5,091
2,576
4,863
5,013
5,215
5,087
5,272
5,736
5,896
5,832
5,960

742
555

169
72
126
114
154
114
135
131
172
131
164

39
116
68
108
143
137
136
133
154
147
143

6,390
3,833
5,499
5,488
,5,509
5,557
5,619
5,632
5,677
5,757
5,816

133
86
144
147
147
153
145
148
140
151
147

61
285
52
46
44
46
40
35
35
35
37

6
6

133
203
208
198
235
178
235

237

283

195

957
912

870

1,008

969

L, 128
L, 176
L, 130
L,073
1,090
L, 205
L, 115

3
3
5
5

698
146
331
466
511
629
607

6 142

6 757

«145

6 737

40
22

597
128
291
411
442
553
524

144

134

1,198
1,255
2,514
2,498
2,687
2,731
2,992
6 3,568
3,542
e 3, 629
3,840

1,523
1,585
1,688
1,250
1,666
1,747
1,739
1,544
1,898

13
34
31
32
35
22
26
37
42
25
39

95
89
135
130
132
133
142

6
3

759

703

6
6

1

1

6

670

5
5
3
2
3

179
8
2

1

695

672

19

33
2
6
10
9
10
12
6
3

949

6
6

30
59
113
107
108
108
115

116

117

115

105

405
228
380
398
446
438
439

6
7
22
23
23
25
26

6 515

6 26

6 566

6 29

26

29

6
6

292
16

2

2,029
1,533
1,753
1,764
1,777
1,795
1,812
1,821
1,828
1,833
1,873

367
167
11
11
6
5
5
4
3
2
3

2,258
1,517
1,778
1,801
1,798
1,818
1,828
1,852
1,851
1,875
1,876

71

53
56
44

3
1
2
2
2
2
2
62
2
62
2

2,105
1,582
L, 587
:L, 589
L, 593
L, 592
1,586
L, 587
L. 592
1,601
1, 599

316
204
249
256
257
261
270
270
250
253
260

9
7
7

64
15
32
43
57
64
69

6,709
4,837
5,368
5,410
5,424
5,467
5,496
5,530
5,522
5,562
5,608

41

14

853

879

997

538

7

650

310
259
688
636
658
834
746

571

879
191
11
12
6

1929—Dec. 31
1933—June 30
1938—June 30
Sept. 28
Dec. 31
1939—Mar. 29
June 30
Oct. 2
Dec. 30
1940-Mar. 26
June 29
New York
City 5
1929—Dec. 31
1933—June 30
1938—June 30
Sept. 28
Dec. 31
1939—Mar. 29
June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29
City of
Chicago 5
1929—Dec. 31
1933__j u n e 30
1938—June 30
Sept. 28
Dec. 31
1939—Mar. 29
June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29
Reserve City
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Sept. 28
Dec. 31
1939—Mar. 29
J u n e 30
Oct. 2
Dec. 30
1940—Mar. 26
J u n e 29
Country
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Sept. 28
Dec. 31
1939—Mar. 29
June 30
Oct. 2
Dec. 30
1940—Mar. 26
June 29

1 Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25, 1933,
includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in"Other assets."
2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935,
less 3cash items reported on hand but not in process of collection.
Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec.31,1935.
4
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
8
Central
reserve city banks.
6
Partly estimated
Back figures—See Annual Report for 1937 (tables 52-58).

NOVEMBER

1940




1199

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars.]

Total
loans
and
invest- Total
ments

Date or month

Loans

Investments

Loans for
purchasing
or carrying
securities

U. >3. Governmeni obligations

Commercial,
inOpen
Real Loans Other
dus- marestate
to
Total
trial,
To
ket
loans banks loans
and paper brokers
To
agriand others
culdealtural
ers

Other

Total

Bills

Notes Bonds

Guar- secuan- rities
teed

Total—101 Cities
22,384
23, 555
23, 591
23,787
24,140
24, 233

Aug. 7
Aug. 14
Aug. 21
Aug. 28

24,101
24,121
24,180
24,157

8,322
8,599
8,446
8,494
8,504
8,653
8,492
8,506
8,509
8,509

Sept.
Sept.
Sept.
Sept.

4
11
18
25

24,188
24,294
24,284
24,166

8,566
8,665
8,692
8,689

4,480
4,571
4,578
4,575

294
296
296
295

390
392
404
415

463
460
462
462

1,219
1,220
1,222 .
1,223

35

1,672
1,676
1,685
1,684

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

24, 329
24, 327
24,402
24,489

8,785
8,800
8,877
8,890

4,630
4,672
4,722
4,746

297
299
301
301

446
409
437
420

460
462
458
454

1,220
1,221
1,220
1,223

41
39
39
38

1,691
1,698
1,700
1,708

15, 544
15, 527
15, 525
15, 599

11,862
11,858
11,888
11, 934

628
662
689
702

2,112
1,814
1,811
1,816

6,540
6,796
6,783
6,799

2,582
2,586
2,605
2,617

3,682
3,669
3,637
3, 665

8,393
9,172
9,263
9,400
9,554
9,641

2,869
2,905
2,763
2,778
2,752
2,813

1,620
1,673
1,671
1,710
1,698
1,734

116
108
101
90
83
75

435
433
298
281
269
290

177
160
159
167
164
163

117
120
122
122
124
124

27
40
35
30
30
36

377
371
377
378
384
391

5,524
6,267
6,500
6,622
6,802
6,828

4,301
4,995
5,207
5,285
5,407
5,381

233
242
396
392
334
312

801
950
989

1,035
1,060
1,038

2,162
2,528
2,540
2,570
2,641
2,655

1,105
1,275
1,282
1,288
1,372
1,376

1,22a
1,272
1,293
1,337
1,395
1,447

Aug. 7
Aug. 14.
Aug. 21
Aug. 28

9,527
9,520
9,600
9,568

2,766
2,754
2,751
2,737

1,708
1,703
1,691
1,691

84
82
83
82

275
270
273
259

165
164
166
162

123
124
124
124

30
28
31

381
383
385
388

6,761
6,766
6,849
6,831

5,402
5,404
5,421
5,402

341
329
343
324

1,055
1,061
1,062
1,062

2,637
2,640
2,643
2,644

1,369
1,374
1,373
1,372

1,359
1,362
1,4281,42J>

Sept. 4
Sept. 11
Sept. 18
Sept. 25

9,599
9,678
9,691
9,596
9,687
9,600
9,608
9,651

2,765
2,826
2,833
2,828
2,870
2,846
2,880
2,887

1,691
1,742
1,750
1,753
1,767
1,781
1,800
1,818

77
76
74
74

281
285
295
301

162
163
164
163

124
124
124
123

38
43
36
27

392
393
390
387

6,834
6,852
6,858
6,768

323
330
319
274

79
78
78
79

324
288
307
297

161
163
158
156

120
120
119
119

33
30
30
30

386
386
388
388

6,817
6,754
6,728
6,764

5,398
5,418
5,394
5,314
5,372
5,327
5,346
5,372

292
322
333
335

1,047
1,046
1,045
1,014
1,054

2,655
2,668
2,654
2,645
2,621
2,650
2,634
2,646

1,373
1,374
1,376
1,381
1,405
1,410
1,433
1,442

1,43&
1,434
1,464
1,454
1,445
1,427
1,382
1,392

1939—September
1940—May
June
_-.
July
August...
September

13,991
14,383
14,328
14,387
14, 586
14, 592

5,453
5,694
5,683
5,716
5,752
5,840

2,546
2,724
2,712
2,741
2,758
2,817

200
219
212
205
212
220

133
141
124
118
106
110

334
315
312
306
306
299

1,061
1,071
1,077
1,082
1,090
1,097

11
7

7

8,538
8,689
8,645
8,671
8,834
8,752

6,392
6,465
6,396
6,443
6,587
6,516

217
396
355
385
396
365

1,343

7
9
9

1,168
1,217
1,239
1,257
1,271
1,288

1,004
1,046
1,053
1,045

3,711
3,982
3,917
3,885
3,931
3,900

1,121
1,132
1,120
1,127
1,207
1,206

2,146.
2,224
2,249
2,228.
2,247
2,236.

Aug. 7
Aug. 14
Aug. 21
Aug. 28

14,574
14,601
14,580
14,589

5,726
5,752
5,758
5,772

2,738
2,758
2,764
2,772

207
212
212
217

109
106
104
104

307
305
307
305

1,088
1,089
1,091
1,091

9
11
10
9

1,268
1,271
1,270
1,274

8,848
8,849
8,822
8,817

6,603
6,602
6,573
6,567

397
404
392
388

1,056
1,053
1,054
1,051

3,950
3,940
3,917
3,918

1,200
1,205
1,210
1,210

2,245
2,247
2,249»
2,250*

Sept. 4._
Sept. 11
Sept. 18
Sept. 25

14, 589
14,616
14, 593
14, 570

5,801
5,839
5,859
5,861

2,789
2,829
2,828
2,822

217
220
222
221

109
107
109
114

301
297
298
299

1,095
1,096
1,098
1,100

10
7
9
8

1,280
1,283
1,295
1,297

8,788
8,777
8,734
8,709

6,559
6,546
6,494
6,465

382
380
354
345

1,048
1,045
1,046
1,042

3,918
3,908
3,887
3,883

1,211
1,213
1,207
1,195

2,229
2,231
2,240*
2,244

14, 642
14, 727
14, 794
14,838

5,915
5,954
5,997
6,003

2,863
2,891
2,922
2,928

218
221
223
222

122
121
130
123

299
299
300
298

1,100
1,101
1,101
1,104

8
9
9
8

1,305
1,312
1,312
1,320

8,727
8,773
8,797
8,835

6,490
6,531
6,542
6,562

336
340
356
367

1,058

3,919
4,146
4,149
4,153

1,177
1,176
1,172
1,175

2,237
2,242
2,255
2,27a

1939—September
1940—May
June
July....
August
September

_._

4,166
4,397
4,383
4,451
4,456
4,551

316
327
313
295
295
295

568
574
422
399
375
400

511
475
471
473
470
462

4,446
4,461
4,455
4,463

291
294
295
299

384
376
377
363

472
469
473
467

1,178
1,191
1,199
1,204
1,214
1,221
1,211
1,213
1,215
1,215

38
47
42
37
39
45

1,545
1,588
1,616
1,635
1,655
1,679

14,062
14,956
15,145
15,293
15, 636
15,580

10,693
11,460
11,603
11,728
11,994
11,897

450
638
751
777
730
677

2,144
1,905
1,993
2,081
2,113
2,083

5,873
6,510
6,457
6,455
6,572
6,555

2,226
2,407
2,402
2,415
2,579
2,582

3,36&
3,496
3,542
3,565
3,642
3,68$

39
39
39
40

1,649
1,654
1,655
1,662

15,609
15, 615
15,671
15,648

12,005
12,006
11,994
11,969

738
733
735
712

2,111
2,114
2,116
2,113

6,587
6,580
6,560
6,562

2,569
2,579
2,583
2,582

3,604
3,60&
3,677
3,679

48
50

15, 622
15, 629
15, 592
15,477

11,957
11,964
11,888
11,779

705
710
673
619

2,095
2,091
2,091
2,056

6,573
6,576
6,541
6,528

2,584
2,587
2,583
2,576

3,665
3,6653,704
3,698-

45

New York City
1939—September
1940—May
June
July
August.
September

Oct.
Oct.
Oct.
Oct.

_

2
9
16.
23..

£9

945
946
949

Outside New York
City

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

-

955

869
865
867

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.

1200




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.]

KeBalDeserves
with Cash ances mand
with
deFedin
do- posits
eral vault
mestic adRebanks Justedi
serve
Banks

Interbank
deposits

Time deposits,
excapt interbank

Demand deposits,
except interbank
IndividCertiuals, States
and
fied
part- politS.
and U.
nerGovical
offiernsubcers' ment*
and divicor- sions checks,
etc.
porations

Domestic
indiCapbanks
vidBorital
uals, States
and
acpart- politFor- row- counts
Postal
nereign
ical
savships, subbanks
and divi- ings ' Demand Time
cor- sions
porations

Date or montb

Total 101 Cities
2,951
3,240
3,262
3,214
3,163
3,235

18, 209
19,971
20,524
20,847
20,878
21,011

17, 904
19,460
20,034
20,380
20,319
20, 595

1,331
1,540
1,494
1,455
1,466
1,421

448
481
402
411
360
396

528
560
561
475
506
507

5,016
5,119
5,127
5,141
5,155
5,175

210
192
183
178
182
179

3,113
3,168
3,173
3,201

20,712
20, 789
20,956
21,053

20,101
20,369
20,381
20,424

1,476
1,427
1,478
1,482

343
373
381
344

505
506
506
506

5,150
5,154
5,161
5,156

491 3,171
517 3,226
502 3,296
508 3, 248

20,901
21.079
20,984
21.080

20, 415
20, 738
20,617
20, 610

1,440
1,410
1,413
1,421

393
349
388
452

509
505
508
507

3,307
3,244
3,405
3,317

21,152
21, 238
21, 317
21, 643

20, 741
20, 754
21,277
21,162

1,463
1,430
1,396
1,510

425
402
436
423

508
507
508
507

278
292
224
225
195
222

601
634
647
657

3,300
3,727
3,724
3,717
3,629
3,702

9,643
11,032
11,500
11,600
11, 316
11, 499

477
474
499

11,212
11,264
11,348
11,449

488
505
490

11,418
11,471
11,490
11, 616
11, 646
11, 770
11,845
11, 991

485
511
489
515

504

8,361
8,310
8,258
8,465

126
115
113
111
111
111

732
708
688
676
684
679

3,716 1939—September
3,750 1940—May
3,773
June
3,774
July
3,783
August
3,784
September

183
180
183
183

8,221
8,280
8,252
8,282

112
112
110
110

685
690
679
682

3,782
3,781
3,783
3,787

Aug.
Aug.
Aug.
Aug.

5,174
5,174
5,175
5,178

182
184
178
172

8,395
8,459
8,576
8,429

110
111
111
112

670
671
683
692

3,790
3,783
3,781
3,781

Sept. 4
Sept. 11
Sept. l a
Sept. 25-

5,187
5,178
5,181
5,182

170
173
170
172

8,623

111
111
111
111

678

8,845
8,656

3,793
3,796
3,796
3,798

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

7,447

687

7
14
21
2&

New York City
5,631
6,384
6,622
6,657
6,417
6,421

8,152
9,203
9,524
9,716
9,678
9,673

9,306
9,653
9,770
9,688
9,740

249
267
213
280
278
249

6,394
6,422
6,470

9,634
9,620
9,732
9,727

9,641
9,683
9,723
9,705

264
255
296
295

179
205
221
177

663
667
670
671

3,624
3,630
3,622
3,640

634
624
626

1,495
1,494
1,495
1,495

Aug. 7
Aug. 14
Aug. 21
Aug. 28

6,401
6,391
6,417
6,474

9,672
9,681
9,655
9,685

9,704
9,799
9,728
9,729

263
225
254
252

216
184
210
279

685
681
681

3,654
3,707
3,758
3,687

617
618
630
636

1,495
1,493
1,492
1,491

Sept.
Sept.
Sept.
Sept.

6,466
6,565
6,551
6,678

9,737
9,695

9,759
9,743
9,908
9,894

271
218
301

225
235
246
241

685
679
680
676

3,790
3,753
3,813
3,756

623
636
627
627

1,495
1,497
1,497
1,498

Oct.
Oct.
Oct.
Oct.

657
650
634
622

1,475 1939—September
1,502 1940—May
1,500
June
1,489
July
1,495
August
1,493
September

4
11
18
25

2
9
16
23

Outside
New York Citv
4,012
4,648
4,878
4,943
4,899
5,078

395
417
410
416
420

2,879
3,153
3,179
3,132
3,084
3,154

10,057
10,768
11,000
11,131
11, 200
11,338

9,636
10,154
10,381
10,610
10, 631
10,855

1,082
1,273
1,281
1,175
1,188
1,172

170
189
178
186
165
174

479
516
518
442
471
472

4,415
4,485
4,480
4,484
4,487
4,492

165
166
159
151
142
137

4,147
4,653
4,637
4,593
4,629
4,763

126
115
113
111
111
111

2,241 1939—September
2,248 1940—May
2,273
June
2,285
July
2,288
August
2,291
September

4,832
4,860
4,926
4,979

408
420
410
423

3,034
3,089
3,093
3,123

11,078
11,169
11,224
11,326

10,460
10,686
10, 658
10, 719

1,212
1,172
1,182
1,187

164
168
160
167

470
471
471
471

4,487
4,487
4,491
4,485

146
142
143
140

4,597
4,650
4,630
4,642

112
112
110
110

2,287
2,287
2,288
2,292

Aug.
Aug.
Aug.
Aug.

5,017
5,080
5,073
5,142

407
432
420
424

3,090
3,146
3,214
3,166

11, 229
11, 398
11,329
11,395

10, 711
10,939
10,889
10,881

1,177
1,185
1,159
1,169

177
165
178
173

474
470
473
472

4,488
4,489
4,494
4,497

138
139
138
132

4,741
4,752
4,818
4,742

110
111
111
112

2,295
2,290
2,289
2,290

Sept.
Sept.
Sept.
Sept.

5,180
5,205
5,294
5,313

404
427
409
432

3,225
3,162
3,320
3,237

11,464
11, 501
11, 622
11, 754

10, 982
11,011
11, 369

1,180
1,159
1,178
1,209

200
167
190
182

472
472
473
472

4,502
4,499
4,501
4,506

130
133
131
128

4,833
4,855
5,032
4,900

111
111
111
111

2,298
2,299
2,299
2,300

Oct.
Oct.
Oct.
Oct.

11, 268

7
14
21
28
4
11
18
25

2
9
16
23

1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.

NOVEMBER 1940




1201

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars]

Federal Reserve
district and date
(1940)

Boston (6 cities)
Oct. 2
Oct. 9___
Oct. 16_
Oct. 23
New York (8 cities)*
Oct. 2
Oct. 9_.__
Oct. 16
Oct. 23
Philadelphia (4 cities)
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Cleveland (10 cities)
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Richmond (12 cities)
Oct. 2
._.
Oct. 9
Oct. 16_
Oct. 23
Atlanta (8 cities)
Oct. 2
Oct. 9 . . .
Oct. 16
Oct. 23
Chicago (12 cities)*
Oct. 2
Oct. 9 . .
Oct. 16
Oct. 23
St. Louis (5 cities)
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Minneapolis (8 cities)
Oct. 2.__
Oct. 9.
Oct. 16
Oct. 23
Kansas City (12 cities)
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Dallas (9 cities)
Oct. 2
Oct. 9
Oct. 16
Oct. 23
SanFrancisco (7 cities)
Oct. 2
Oct. 9
Oct. 16
Oct. 23
City of Chicago*

Oct.
Oct.
Oct.
Oct.

2
9
16
23

Total
loans
and
in- Total
vestments

Loans

Investments

Loans for
purchasing
or carrying
securities

U. S. Government obligations

Commercial,
in- Open
Real Loans Other
dus- marestate to
Total
trial, ket
To
loans banks loans
and paper broagrikers
To
culand others
tural
dealers

Total

Bills Notes Bonds

1,195
1,207
1,214
1,206

625
630
635
627

311
316
316
310

12
12
14
12

18
18
18
18

80

10,575
10,488
10,494
10, 533

3,239
3,216
3,249
3,253

1,901
1,915
1,930
1,946

328
292
313
302

211
212
208
206

199
200
198
198

226
226
228
227

23
23
24
23

31
32
31
32

50
50
50
50

108
108
108
108

726
727
727
728

453
456
457
457

33
29
29
29

1,923
1,930
1,937
1,942

475
476
479
478
738
735
736
737

299
298
299

18
16
17
17

24
24
24

179
180
180
181

209
208
207
208

1,185
1,195
1,201
1,205

910
918
924
926

726
733
742
739

284
284
287
289

129
129
132
133

46
46
46
47

81
81
81
81

442
449
455
450

373
381
387
381

646
654
659
668

321
327
333
339

160
164
169
172

33
33
33
33

110
112
112
115

325
327
326
329

215
217
215
216

3
2
2

3,406
3,427
3,450
3,471

993
1,004
1,025
1,032

597
607
623

125
126
126
127

130
131
132
133

2,413
2,423
2,425
2,439

1,871
1,875
1,870
1,878

714
717
726
730

335
339
344
344

186
190
194
195

57
57
57
57

65
64
65
65

379
378
382
386

271
270
272
274

410
414
418
422

201
203
206
210

103
105
107
108

11
11
12
12

76
76
76
79

209
211
212
212

166
169
169
169

695
701
712

314
315
318
320

184
184
187
188

31
30
30
31

65

377
380
383
392

244
247
250
258

543
547
546
554

278
284

184
185
185
189

23
23
23
23

52
53
53
54

265
267
266
270

2,299
2,312
2,309
2,306

982
991
985
977

350
353
352
351

385
385
384

2,220
2,230
2,251
2,275

623
630
643
650

432
441
453
460

18
19
19
19

1,201
1,203
1,206
1,206

80

138
137
138
138

570
577
579
579

445
452
455
456

17
18
20
21

485 7,336
485 7,272
488 7,245
488 7,280

5,734
5,688
5,705
5,728

294
324
335
340

172 1,317
177 1,321
175 , 324
173 ,329
65
64
63
63

,597
,600
,608
,625

39
39
38
38

Other
Guar- secuan- rities
teed

336
341
343
343

53
54
54
54

125
125
124
123

1,114 2,846
986 2,892
987 2,875
990 2,878

1,480
1,486
1,508
1,520

1,602
1,584
1,540
1,552

326
333
335
335

94
94
93
93

273
271
270
271

155
145
145
144

618
636
637
639

136
134
134
134

275
277
277
279

161
112
113
113

147
205
205
205

65
63
66
59

68

41
36
36

105
111
111
112

67

110
110
111
113

250
246
249
249

328
256
257
257

1.021
L'101
1,092
1,100

272
272
272
272

542
548
555
561

10
10
10
10

32
32
33

150
156
158
159

72
72
72
72

108
108
110
112

26
21
20
20

112
120
121
121

28
28
28
28

43
42
43
43

18
20
24
28

64
57
56
56

94
95
93

76
76
75
81

133
133
133
134

206
208
207
211

33
35
36
37

40
36
33
33

85
89
92
95

48
48
46
46

59
59
59
59

974
977
977

2
2
2
2

72
65
65
67

708
718
719
719

192
192
191
192

343
344
347
349

1,244
1,246
1,248
1,261

250
245
247
247

177
135
135
135

713
762
762
775

104
104
104
104

353
354
360
364

• Separatefiguresfor New York City are shown in the immediately preceding table, and for the city of Chicago in this table. Thefiguresfor
the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.

1202




FEDERAL RESERVE BULLETIN

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Reserves
BalDewith Cash ances mand
Fedwith
dein
eral vault
do- posits
mestic adRebanks justed i
serve
Banks

684
690

Time deposits,
except interbank

Interbank
deposits

IndiIndiDomestic
vidvid- States
banks
Certiuals, States
uals,
fied U . S . part- and
and
part- politand
Postal
FornerGov- ner- politoffiical
ical
sav-2
eign
ships, subern- 2 ships, subcers'
ings
banks
and
and
ment
De- Time
divicor- divi- checks
cormand
etc.
pora- sions
pora- sions
tions
tions

719

144
146
144
147

193
178
187
184

1,357
1,363
1,380
1,398

1,313
1,297
1,325
1,322

101
113
120
136

19
17
23
18

12
12
12
12

233
233
231
231

2
2
2
2

1
1
1
1

398
396
401
395

6,655
6,745
6,726
6,844

99
105
99
105

238
225
239
228

10,407
10,441
10,400
10, 592

10,321
10,291
10,465
10,440

462
446
400
476

247
249
265
263

54
53
53
53

1,051
1,045
1,046
1,042

44
44
43
48

7
7
7

3,871
3,832
3,896
3,835

487

20
22
21

228
220
220

1,019
1,016
1,041
1,042

58
60
54

11
8
9

47
47
47

258
258
258

3
3
3

452
449
464

694

7

Borrowings

Capital
accounts

18
18
17
22

1
1
1
1

246
247
247
247

16
16
16

624
637
628
629

2

1,618
1,620
1,620
1,621

9
9
9

5
4
5

215
215
215

16

22

231

1,013
1,017
1,010
1,033

51

9

47

258

3

449

9

4

215

724
716
730
734

47
48
48
50

358
344
363
357

1,460
1,453
1,475
1,494

1,422
1,405
1,470
1,459

119
117
116
114

21
19
22
19

43
43
43
42

718
718
719
720

24
24
23
23

466
457
474
459

37
37
37
37

1
1
1
1

382
382
383
383

213
219
225
219

21
24
22
24

252
250
254
255

13
12
13
12

32
32
32
33

201
201
201
201

3
3
3
3

1
1
1
1

325
331
346
341

5
5
5
5

1

100
98
98
98

13
15
13
15

211
212
216
205

542
551
566
557
417
425
437
425

55
51
49
51

136
143
144
146

547
557
559
557
428
437
428
434

63
62
59
62

5
5
5
5

41
41
41
41

185
185
185
186

2
2
2
2

286
295
311
304

3
3
3
3

1
2
2
2

95
95
95
95

1,606
1,597
1,634
1,662

74
76
74
77

608
602
640
603

2,897
2,904
2,961
3,014

2,724
2,746
2,830
2,836

317
301
319
332

39
36
43
37

130
130
130
130

958
959
961
962

4
4
4
4
16
16
16
16

8
8
8
8

1,321
1,318
1,354
1,313

10
10
10
10

8
8
7
8

405
406
407
407

235
241
253
255

171

502

35

9

36
36

7
7

13

345

175
183

511
517

513

1

13
11
13

177

524

538

38

108
108
109
108

6
7
7
7

127
124
122
116

311
314
316
318

282
287
295
293

319

552

491
498
493

198
204
212

202

11

16

18
16
18

311
337
323

555
570
565

525
548

537

3

2

13
13

188
189

3
3

2
2

8

13

189

3

2

365

1

57
53
53
56

7
6
6
6

1
1
1
1

117
117
117
117

1
1
1
1

166
165
166
162

2
2
2
2

72

10

18

143

543
573
557

67
68
69

9
9
10

18
19
18

12
8
9
11

32
32
32
32

187

3

1

3
3
3

1
1
1

416
439
432

126
126
126
126

8
8
8
8

1
1
1

256
262
276
270

143
143
144

144
139
142
139

11
12
11
12

287
288
308
296

499
493
501
502

483
483
507
494

44
43
41
41

456
477
478
470

23
25
23
25

315
315
336
342

1,179
1 193
1,200
1,212

1,168
1 185
1,220
1,199

80
81
81
84

32
26
25
25

85
85
85
85

1,010
1,005
1,005
1,006

60
63
62
59

1,281
1,274
1,294
1,311

42
42
41

267
272
294

22
21
25

89
89
89

492
492
493

14
14
14

5
5
5

281

1,878
1,888
1,943
1,965

186
180
191

42

1,971
1,978
2,013
2,060

89

494

14

5

191

21

355
371

415

322
332
347
331
1,001
1,001
1,028
1,007

95

1
1

95
95
95

2
1
1
1

6

106

6
6

106
106
106

6

22
22
22
22

61
61
61
62

1
1
1
1

88
89
89
89

18
19
18
18

382"
382
380
380

7
7
6

261
261
260

7

261

Federal Reserve
district and date
(1940)

Boston (6 cities)
Oct. 2
Oct. 9
Oct. 16
Oct. 23
New York (8 cities)*
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Philadelphia (4 cities)
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Cleveland (10 cities)
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Richmond (12 cities)
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Atlanta (8 cities)
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Chicago (12 cities)*
Oct. 2
Oct. 9
Oct. 16
Oct. 23
St. Louis (5 cities)
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Minneapolis (8 cities)
Oct. 2
Ocr. 9
Oct. 16
Oct. 23
Kansas City (12 cities)
Oct. 2
Oct. 9
Oct. 16
Oct. 23
Dallas (9 cities)
Oct. 2
Oct. 9
Oct. 16
Oct. 23
San Francisco (7 cities)
Oct. 2
Oct. 9
Oct. 16
Oct. 23
City of Chicago*
Oct. 2
Oct. 9
Oct. 16
Oct. 23

* See note on preceding page.
^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.

2

NOVEMBER

1940




1203

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding

End of month

Based on

Held by

Commercial
paper
outstand-

Total
outstand-

ing i

ing

Federal Reserve
Banks

Accepting banks

Own
bills

Total

ImFor acports Exports Dollar
count
of
Others
from
exinto
For
Bills
United United change
own ac- foreign
b o u g h t count
correStates States
spondents

1939—June
July
August
September
October
November
December

181
194
201
209
205
214
210

245
236
235
216
221
223
233

191
188
191
177
179
172
175

122
119
128
115
111
103
105

69
69
63
62
67
69
70

1940—January
February
March
April
May
June
July
August
September

219
226
233
239
234
224
232
r
245
251

229
233
230
223
214
206
188
182
177

179
188
184
178
171
166
152
148
142

111
123
121
118
113
112
103
103
100

68
65
S3
61
58
54
49
44
42

(J)
(')
(J)

53
48
44
39
42
51
57

81
75
79
78
85
96
103

45
41
40
40
40
37
39

20

50
45
46
45
43
40
36
34
35

101
95
90
86
78
79
75
80
80

38
44
47
45
47
43
32
24
22

16
15
14
13
12
13

19
18
18
18
16

16

13
11
11

Goods stored in or
shipped between
points in
United
States

Foreign
countries

39
39
40
43
46
50
54

60
61
59
36
32
24
22

51
51
49
46
41
36
35
38
35

23
27
30
33
34
34
32
20
28

r
Revised.
i As reported by dealers; includes some finance company paper sold in open market.
» Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).

CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances

End of month

Credit balances

Debit
Customers' balances in
partners'
debit
investment
balances
and trading
(net) i
accounts

Debit
balances in
firm
investment
and trading
accounts

Customers'
credit balances i
Cash on
hand
and in
banks

Money
borrowed 3

Free

Other
(net)

Other credit balances
In
In
partners'
firm
In
investinvestcapital
ment and ment and accounts
trading trading
(net)
accounts accounts

1,258

75

135

179

930

286

79

24

10

410

1936—June _ _
December
1937_june_
December

1,267
1,395

67
64

164
164

219
249

985
1,048

276
342

86
103

24
30

14
12

420
424

1,489
985

55
34

161
108

214
232

1,217
688

266
278

92

85

25
26

13

10

397
355

774
991

27
32

88
106

215
190

495
754

258
247

89
60

22
22

11
5

298
305

1939—June
August
_ .
September
October
November... __ _ _
December

834
792
856
894
914
906

25
22
20
21
20
16

73
71
64
72
77
78

178
202
217
200
195
207

570
556
520
577
623
637

230
235
305
289
272
266

70

69

21
20
22
21
21
23

6

87
76

11
9
8
7

280
275
283
284
282
277

1940—January
FebruaryMarch
April
May
June
July
August _.
September

886
893
886
910
702
653
642
631
635

15
16
15
15
12
12
12

70
72
78
72
67
58
64
56
57

198
195
186
192
239
223
213
215
218

602
616
615
626
459
376
376
368
370

262
253
247
252
251
267
261
256
268

71
74
70
73
68
62
62
57
56

22
23
21
21
22
22
22
21
20

1938—June
December

_

to to

1935—December

58
67

6

6
7
7
9
6
5

6

5
5

272
271
270
271
274
269
264
260
255

i 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.
* Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed 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 4 taken as representing the actual net capital of the reporting firms.
Back figures.—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69).

1204




FEDERAL RESERVE BULLETIN

COMMERCIAL LOAN RATES

OPEN-MARKET RATES IN NEW YORK CITY
[Per cent per annum]
Prevailing rate i o n -

Year,
month, or
week

Prime Prime
com- bankmercial ers'
paper, accept4 to 6 ances,
months 90
days

AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES

Average rate o n -

Stock Stock
exex- change
change call
time
loan
loans,
re90
newdays
als

[Per cent per annum]

AverU. S. Treasury bills
yield on
3-to-5
year
New
91U.S.
issues day Treasdealofury
ers'
fered
notes
within quoperiod* tation

1937 average...
1938 average...
1939 average...

.95
.81
.69

.43
.44
.44

1.25
1.25
1.25

LOO
LOO
LOO

.447
.053
.022

.28
.07
.05

1.40

1939—Sept
Oct.
Nov
Dec.
1940—Jan.. ._
Feb.
Mar
April_._
May
June
July
Aug
Sept

.69
.69
.63
.66
.56
.56
.66
.66
56
.66
.56
.66
.56

.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44
.44

L.25
L.25
L.25
L.25
L.25
L.25
L.25
L.25
L.25
L.25
L.25
1.25
1.25

LOO
LOO
LOO
LOO
LOO

.102
.028
.018
.012
.001
.004

.14
.05
.05
.04
.01
.02
.02
.02
.06
.10
.05
.04
.05

1.07

H-H

Vn

IK

.04
.02

.45
.45

vl!

IK

Week ending:
Oct. 5 . . .
Oct. 12. _
Oct. 1 9 . .
Oct. 2 6 . .

m

1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00

.003
.042
.071
.009
.019
.021

1.00
1.00
1.00
1.00

1

.83
.59
.77
.64
.51
.47
.46
.42
.45
.65
.76
.57
.68
.48

.02
.02

.43
.41

tal
ities
1934 average
1935 average
1936 average
1937 average
1938 average
1939 average»

„.
__.

Monthly figures
1938—January
February
March
April
May....
June
July
August
September
October.
November
December
1939—January.
February
Quarterly figuresl
1939—March.
June
September
December
1940—March
June
September

New
York
City

3.45
2.93
2.68
2.59
2.53
2.78

2.45

7 other
North- 11 Southern and ern and
Eastern Western
cities
cities

1.72
L.73
L 69
2.07

3.71
3.39
3.04
2.88
2.75
2.87

4.32
3.76
3.40
3.25
3.26
3.51

2.60
2.49
2.48
2.48
2.48
2.56
2.57
2.52
2.53
2.57
2.49
2.60

t. 70
L.70
L.65
L.70
L.70
L.70
L.70
L.67
L.70
L.70
L.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

2.13
2.15
2.04
1.96
2.03
2.00
2.14

3.05
3.05
2.78
2.59
2.67
2.49
2.56

3.77
3.62
3.31
3.32
3.35
3.38
3.43

L76

i Monthly figures are averages of weekly prevailing rates.
» Series comprises 273-day bills to October 15, 1937, bills maturing
about March 16,1938, from October 22, to December 10,1937, and 91-day
i Averages for 1939 and quarterly figures are on revised basis and are
bills thereafter.
therefore not strictly comparable with the earlier series of annual and
» Rate negative.
monthly figures.
Back figures—See Annual Report for 1937 (tables 43 and 44). Figures
Back figures—See November 1939 BULLETIN, pp. 963-969 for descripfor Treasury bills and Treasury notes available on request.
tion and for back figures.

BOND YIELDS1
[Per cent per annum]
Corporate *
U.S.
Treasury 2

Year, month, or week

Number of issues

_

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

.

Week ending:
Oct. 5
Oct. 12
Oct. 19
Oct. 26

__ __

Municipal'

By ratings
Total

Aaa

Aa

By groups

A

Industrial

Baa

Railroad

Public
utility

2-6

15

120

30

30

30

30

40

40

40

2.68
2.56
2.36

3.10
2.91
2.76

3.94
4.19
3.77

3.26
3.19
3.01

3.46
3.56
3.22

4.01
4.22
3.89

5.03
5.80
4.96

3.55
3.60
3.30

4.34
5.21
4.53

3.93
3.87
3.48

2.65
2.60
2 46
2.35
2.30
2.32
2.25
2 25
2.38
2.39
2.28
2.25
2.18

3.29
3.08
2.69
2.56
2.54
2.60
2.58
2.56
2.81
2.85
2.54
2.49
2.44

3.95
3.83
3.70
3.69
3.63
3.60
3.58
3.54
3.65
3.72
3.57
3.55
3.50

3.25
3.15
3.00
2.94
2.88
2.86
2.84
2.82
2.93
2.96
2.88
2.85
2.82

3.49
3.35
3.16
3.14
3.08
3.05
3.04
2.99
3.08
3.10
3.01
3.03
3.01

4.05
3.94
3.78
3.74
3.69
3.68
3.65
3.59
3.65
3.70
3.57
3.55
3.52

5.00
4.88
4.85
4.92
4.86
4.83
4.80
4.74
4.94
5.11
4,80
4.76
4.66

3.57
3.43
3 25
3.21
3.14
3.12
3.09
3 05
3.20
3.25
3.15
3.12
3.10

4.58
4.51
4.44
4.47
4.39
4.37
4.37
4.33
4.46
4.57
4.32
4.30
4.23

3.70
3 57
3 41
3.38
3.35
3.33
3 28
3 24
3.30
3.33
3 23
3.23
3.19

2.14
2.09
2.09
2.09

2.37
2.35
2.33
2.28

3.48
3.47
3.46
3.45

2.79
2.79
2.78
2.78

3.02
3.02
3.01
3.00

3.51
3.49
3.47
3.47

4.59
4.57
4.56
4.54

3.08
3.08
3.05
3.04

4.18
4.16
4.15
4.13

3.18
3.18
3.17
3.17

i Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures,
i Average of yields of all outstanding bonds due or callable after 12 years.
3 Standard Statistics Co.
* Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have each
been reduced from 10 to 4, and the railroad Aaa group from 10 to 5.
Back figures.—See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request.

NOVEMBER

1940




1205

BOND PRICES1
U.S.
Treas- Municury 3 ipal

Year, month, or date

Number of issues
1937 average

1838 average
1839 average

—

1939— September
October
November
December
1940—January
February
March
April
May
June
July
August
September

__

STOCK MARKET
Corporate

2-6

15
110.3
113.7
116.3

93.4
78.9
81.6

101.3
102.0
103.8
105.3
106.0
105.7
106.7
106.7
104.9
104.8
106.3
106.7
107.7

107.1
110.7
117.5
119.9
120.2
119.1
119.7
119.8
115.3
114.6
120.4
121.2
122.3

80.9
82.9
83.0
82.1
82.4
82.2
82.1
82.5
79.4
78.5
81.2
81.5
82.7

Stock prices l

Indus- Rail- Public
trial road utility

Total

100.9
102.5
105.2

3

20
=====
90.1
82.9
86.0
85.0
86.4
87.0
86.8
87.3
87.3
87.3
87.5
85.3
84.7
86.3
86.8
87.8

Volume of
trading»
(in
thousands of
shares)

Year, month, or
date

20
89.6

Number of issues

68.0
59.0
61.6
60.2
68.0
68.2
57.8
57.2
68.2
53.5
52.0
57.1
57.5
59.7

98.6
100.5
101.8
101.6
101.8
101.6
101.8
101.7
99.3
98.7
100.2
100.2
100.6

1937 average
1938 average
1939 average

1,519
1,100
973

136.2
1939—September.
2,595
137.7
October....
1,060
140.7
November.
907
141.4
December.
808
143.0
1940—January.
678
142.9
February..
664
141.8
March
740
142.3
April
1,131
138.2
May
1,651
133.2
June
708
136.9
July
310
137.3
Oct. 2
61.7
108.2
123.6
83.7
88.7
100.6
August
317
139.1
Oct. 9
108.9
124.1 83.3
88.7
60.6
100.5
September.
553
Oct. 16
108.9
124.4
83.4
88.9
100.5
Oct. 2.
108.9
125.2 83.8
100.7
140.6
635
Oct. 23
0.9
Oct. 9
140.5
426
Oct. 16
140.5
569
1 Monthly data are averages of daily figures except for municipal bonds,
Oct. 23
140.1
591
which
are averages of Wednesday figures.
2
Prices derived from yield figures on basis of a 2% per cent, 16 year
bond. For description see this BULLETIN, pp. 1179-1180. Prices expressed
» Standard Statistics Co. Monthly data are averages of Wednesday
in decimals. Weekly data are averages of daily figures for week ending on figures.
Saturday following date shown. Average for September for former series
> Average prices of industrial high-grade preferred stocks, adjusted to a
$78annual dividend basis.
is 106.8.
3
Prices derived from average yields, as computed by Standard StaAverage daily volume of trading in stocks on the New York Stock.
Exchange. Weekly figures are averages for the week ending Saturday.
tistics Co.
Back figures.—See Annual Report for 1937 (table 79). Figures for U. S.
Back figures.—For stock prices, see Annual Report for 1937 (table 79) *
Treasury bonds available on request.
CAPITAL ISSUES
[In millions of dollars]
]For

Total
(new
and
refunding)

Year or
month

1930
1931
1932
1933
1934
1935
1936
1937
1938
1939 - -

7,619
4,038
1,751
1,063
2,160
4,699
6,214
- - 3,937
4,449
5,839

1939—Sept.. _.
Oct
Nov....
Dec
1940—Jan
Feb
Mar....
M^y""".
June
July....
Aug
Sept.___

180
743
218
335
287
451
241
345
250
226
690
281
225

new capital

For refunding

Domestic
Total
(domestic
and
forTotal
eign)

State
and
municipal

Domestic

Total
FedCorporate
(doeral
For- mestic
ageneign > and
Total
cies i
Bonds
forand Stocks
Total
eign)
notes

State
and
municipal

Federal
agencies i

Corporate
Total

Bonds
and Stocks
notes

Foreign *

6,912
3,095
1,197
720
1,386
1,457
1,972
2,138
2,360
2,287

6,004
2,860
1,165
708
1,386
1,409
1,949
2,094
2,325
2,237

1,434
1,235
762
483
803
855
735
712
971
931

87
75
77
64
405
150
22
157
481
924

4,483
1,551
325
161
178
404
1,192
1,225
873
382

2,980
1,239
305
40
144
334
839
817
807
285

1,503
311
20
120
35
69
352
408
67
97

908
235
32
12
0
48
23
44
35
60

706
944
554
343
774
3,242
4,242
1,799
2,089
3,552

527
893
498
283
765
3,216
4,123
1,680
2,061
3,464

53
21
87
37
136
365
382
191
129
195

0
51
93
26
317
987
353
281
665
1,537

474
821
319
219
312
1,864
3,387
1,209
1,267
1,732

451
789
315
187
312
1,782
3,187
856
1,236
1,595

23
32
4
32
0
81
200
352
31
137

179
51
56
60
9
26
119
119
28
88

42
338
89
98
94
104
71
118
122
82
396
129
111

42
338
89
98
94
104
70
118
122
82
396
129
111

16
42
67
68
59
68
34
68
30
70
62
61
43

10
276
0
0
0
1
6
6
3
2
289
0
0

16
20
22
31
35
45
31
54
89
9
45
68
68

14
14
15
21
19
43
16
31
80
8
43
53
64

2
6
6
9
16
3
15
23
10
2
2
15
4

0
0
0
0
0
0
1
0
0
0
0
'1
0

138
404
130
237
193
347
169
227
128
145
294
152
115

138
403
130
237
193
347
169
227
128
145
294
152
112

8
10
13
22
26
114
49
18
20
13
20
13
23

51
235
26
19
29
22
17
17
25
29
48
28
26

79
157
91
196
137
211
104
192
83
102
226
111
62

79
157
88
189
102
196
90
154
83
102
223
107
61

0
(8)
3
7
36
14
14
38
0
(3)
3
4
1

0
2
0
0
0
0
0
0
0
0
0
0
3

r

Revised.
i 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. 8. Department of Commerce. Monthly figures subject
to revision.
Back figures.—See Annual Report for I 937 (table 78).

1206




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
Publicly-offered *

Total
gross
debt

End of month

Treasury a

Pre-

1932—June
1933—June
1934—June.
1935—June
1936—June
1937—June
1938—June
1939—June

19,487
22,539
27,053
28,701
33,779
36,425
37,165
40,440

19,161 •18,816
22,158 •21,782
26,480 •26,006
27,645 26,910

1939—August
September.
October....
November.
December.
1940—January...
FebruaryMarch
April
May
June
July
August
September.

40,891
40,858
41,036
41,305
41,942
42,110
42,365
42, 540
42,658
42,808
42,968
43, 771
43,905
44,073

40,351
40,342
40,526
40,807
41,445
41,601
41,839
41,983
42,117
42,253
42,376
43,186

31,297
33,734
33,463
35,715

753
753
753
753
79
79
79
79

13,460
13,417
15,679
14,019
17,168
19,936
21,846
25,218

35,862
35,886
36,026
36,123
36,826
36,957
37,097
37,127
37,236
37,285
37,223
37,957
43, 317 38, 009
38,045
43,480

79
79
79
79
79
79
79
79
79
79
79
79
79
79

25,218
25,218
25, 218
25,218
26,881

35,800
36,576

Ad- Social
justed
seservice curity

Bonds

Total
interest Total
bearing

26,897
26,908
26,908
26,908
26, 555
27, 226
27,236
27,235

U.S.

62
316
800
1,238
1,868
2,015
2,051
2,092
2,140
2,209
2,473
2,610
2,707
2,818
2,905
2,966
3,008
3,044

Notes

Bills

1,261
4,548
6,653
10,023
11,381
10,617
9,147
7,243

616
954
1,404
2,053
2,354
2,303
1,154
1,308

7,243
7,232
7,232
7,232
6,203
6,203
6,203
6,125
6,125
6,125
6,383
6,384
6,384
6,384

1,307
1,306
1,405
1,454
1,455
1,307
1,308
1,309
1,306
1,304
1,302
1,302
1,303
1,303

All
other*

Matured
debt

839

19
579
1,601
2,511

240
284
356
580
601
560
644
820

66
54
231
169
119
141
142

795
791
791
789
787
785
784
782
780
797
773
771
771

2,722
2,746
2,796
2,981
3,021
3,049
3,152
3,269
3,282
3,363
3,528
3,536
3,622
3,751

915
912
911
809
807
805
803
816
824
829
920
915
913

133
112
109
98
99
114
132
165
150
166
205
198
205
212

105
92
118
156
1,071

Other

266
315
518
825
620
506
447
411
406
404
401
400
398
395
394
392
391
386
383
381

1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System.
2 Includes Liberty bonds.
3 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series
and of certificates to the adjusted service fund.
4
Includes special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account.
s Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation.
«Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000,1933—$2,108,000,000; 1934—$1,517,000,000.

FULLY GUARANTEES OBLIGATIONS, BY AGENCIES1

MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS
JSEPTEMBER 30, 1940

[In millions of dollars]
[In millions of dollars]
Maturing

Bonds

Date maturing
or callable

Total

Bills

Notes

U 8
Sav- Other
ings

1940—n c t
1941 Jan
Anr
July
Oct.
1942
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1958
1959
I960
1961
1963
1965

l-Dec 31
1-Mar 31
1-June 30
1-Sept. 30
1-Dec. 31

-

2 040
677
504
834

204
1,001
_ 1,874
1,214
2,833
1,851
2,795
1,984
1,643
1,391
1,223
2 436
2,904
2,663
755

- - -

1,170
982

2,611
50
919
1,485

1 303

737
677
504
834

204
1,001
1,330
1,214
718

545
173
317
413
498
824

»819

1,941
1,534
2,383
1,487
819

571
1,223
2,436
2,904
2,663
755

1,170
982

2,611
50
919
1,485

Bonds
callable i

End of
month

1934—June..
Dec...
1935—JuneDec. „
1936—JuneDec.-.
545 1937—JuneDec...
834 1938—JuneDec.—

Total

681

ReconFederal Home
ComU.S.
Farm
Owners' struction modity HousMortgage Loan
ing
Finance Credit
Corpora- Corpora- Corpora- Corpora- Authortions
tion
tion
tion
ity
312
980

134

3,063
4,123
4,494
4,718
4,662
4,665
4,645
4,853
4,992

1,226
1,387
1,422
1,422
1,422
1,410
1,410
1,388

1,834
2,647
2,855
3,044
2,988
2,987
2,937
2,937
2,888

1,855 1939—June.. 5,450
2,555
J u l y . . 5,480
1,755
Aug... 5,583
2,359
Sept.. 5,455
1,473
Oct... 5,448
2,246
Nov. _ 5,707
2,278
Dec... 5,703
1,186 1940—Jan... 5,699
Feb.__ 5,673
3,500
Mar. . 5,663
Apr...
5,656
May.. 5,535
681
2,611
5,528
June'982
July.. 5,526
919
Aug... 5,811
Sept. _ 5,809
1,485

1,379
1,379
1,379
1,279
1,279
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269

2,928
2,958
2,858
2,830
2,823
2,817
2,813
2,809
2,783
2,770
2,763
2,641
2,634
2,631
2,626
2,623

235
249
250
252
252
252
255
297
299

206

509

206

820

206

820
820
820
820

206
409
409
409
407
407

1,096
1,096
1,096
1,096
1,096
1,096
1,096
1,096
1,096
1,096
1,097

114
114
114
114
114
114
114

407
407

114
114

407

114
114
114
114
114
114
114

407
407

407
407
696
696

50

i Principal amount of obligations guaranteed as to interest amI principal. Excludes obligations held by U. S. Treasury and reflected in the
public debt. The total includes guaranteed debentures of the Federal
38,045 1,303 6,384 3,044 27,314 27,314 Housing Administrator, amounting to $9,100,000 on September 30, 1940.
Total
* Excludes obligations guaranteed as to interest only. For August 1939
i Excludes U. S. savings bonds. Other bonds in the amount of $2,606,- and subsequent months includes matured bonds not presented for retire000,000 not callable prior to maturity are shown as of date of maturity. ment amounting to $22,000,000 on September 30, 1940.
> Includes unclassified U. S. savings bonds.

NOVEMBER

1940




1207

SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
Ge neral and special accounts
Receipts
Period

Miscella- Social
Inneous
All
come inter- security
other
taxes
nal
taxes
revenue

Fiscal year
ending:
June 1938— 2,640
June 1939... 2,189
June 1940— 2,125

Expenditures ( excl. debt retirements)
AgriculUn- TransInterNatural
em- fers to
Net
est
All
tional Ad- ploy- trust
rereon
dejustment
acother
ceipts ceipts ! debt fense ment
counts
reProlief
etc.i
gram

2,279
2,232
2,345

755
740
838

567
507
617

6,242
5,668
5,925

5,855
5,165
5,386

926
941
1,041

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

Trust Increase or deaccrease during
counts
period
etc.,*
excess
Excess of reof ex- ceipts
pendi- (+) or General
exTotal* tures pendiGross
fund debt
*
baltures
ance 2

7,239 - 1 , 3 8 4
8,707 - 3 , 5 4 2
8,998 - 3 , 612

+306
+890
+137

+740»
-338
+622 +3,275-947 +2, 52$
+763 + 1 , 228-661
+418+524 +1,105-

3 months
ending:
Sept. 1938..
Sept.1939..
Sept. 1940. .

579
409
519

636
715
796

166
182
208

128
140
121

1,509
1,447
1,645

1,400
1,313
1,489

176
185
188

283
331
596

116
169
205

654
497
432

118
149
149

741
948
713

2,087
2,279
2,283

-687
-967
-794

+222
-112
+213

1939—Aug..
Sept..
Oct...
Nov..
Dec...
1940—Jan...
Feb...
Mar.
Apr—
May.
June
July.."
Aug..
Sept-

38
329
38
34
319
45
63
665
48
40
464
50
38
432

217
311
198
191
171
167
154
192
175
179
201
237
346
213

119
27
36
130
29
45
178
30
39
137
32
39
139
29

46
52
50
52
50
57
49
46
42
43

420
719
322
407
569
315
444
934
304
400
784
367
566
711

372
676
279
364
521
315
444
799
304
400
648
331
447
711

18
151
68
12
190
38
19
146
69
10
305
20
20
148

114
108
115
118
125
132
129
143
159
154
153
177
200
219

45
68
97
117
102
119
128
105
78
62
43
54

172
139
145
147
162
157
145
173
173
169
151
151
142
139

18

406
268

774
741
721
648
832
712
668
822
783
647
887
818
706
759

-402
-65
-442
-284
-311
-398
-224
—22
-479
-247
—238
-487
-259
-48

-44
+46

88
41
43
37

76
75

7
10
10
10

285

243
243
272
238
255
284
248
235
302
243
168

•5

10
20
4
114
25
10

Details of trust accounts, etc.

Period

Old-age insurance
trust fund and railroad
retirement account

Unemployment
trust fund

550
639
704

461
516
573

85
120
129

763
838
959

560
395
443

191
442
514

•658
•234

•184
136
10

3 months ending:
Sept. 1938..
Sept. 1939..
Sept. 1940. .

152
181
212

109
139
144

28
31
40

202
225
268

78
96
80

129
122
191

•226
67
13

•135

1939—Aug
Sept
Oct. _.
Nov
Dec
1940—Jan.
Feb
Mar
Apr
May
June
July
Aug
Sept

66
50
53
53
58
10
10
135
20
4
180
56
145
11

51
43
43
43
43

10
10
10
10
10
10
10
11

154
13
54
144
29
79
155
30

129

41
40
24
29
32
58
45
47

29
22
15
•297

•5

12
12

53
145

175

12
13
13
14

46
59
143
67

135

•5

1
148

•19

7
142
•3

28
103
•18

18
81

13
85
•18

45
58
54
57
53
81

•9

•5
•20
•5

2
•3
•6
17
25
(4)
•13

68
•75

•86

5
19
27
11

1
•60

•12

•186

17

166

4
34
34

•41

9
13
16
•12

16
14

131
•73

87
•87
•11
•7
•6
•25

•6
•3
•4

•11

*4
(4)

•34
•17

9
107

•5

•11
•57
•32

45
10

•144
•1

-16

+37
+36
+11
+58
-83
—61
+51
+320
-158

-194

+67
+164
-303
-181
—139
+367
+196
-39

+230
-34
+178+269
+637"
+167
+25fr
+175.
+118
+150
+160
+80$
+135
+16$

All other

ReconCom- United
Total
struction modity States
ExAll
Re- pendiFinance Credit
Hous- other
ceipts
Corpora- Corpora- ing Autures
tion
tion
thority

Fiscal year endino"
ing.
June 1938—
June 1939—
June 1940—

+267

-216
-53
-264
+252
+311

Details of general fund
balance (end of period)

Net expenditures in checking
accounts of Government agencies

In- Other
In- BeneNet
exfit
Revest- pendivest- payreceipts
ments tures
ceipts ments ments

-1

17

25
•6

15

7
•29

16

Increment Seigniorage
on
gold

ing "
balance

414
440
415

327
324
323

2,216
2,838
1,891

142
142
143

446
536
585

1,628
2,160
1,16$

153
159
161

137
131
134

2,978
2,178
2,415

142
142
143

460
554
592

2,376»
1,481
1,680

20
25
28
20
21
24
20
29
32
20
62
120
18
24

15
15
13
14
25
17
2
22

2,231
2,178
1,913
2,166
2,476
2,282
2,350
2,514
2,210
2,030
1,891
2,258
2,454
2,415

142
142
143
143
143
143
143
143

549
554
558
561
565
568
573
577

1,5391,481
1,21$
1,462
1,7681,571
1,634
1,794:
1,48$
1,30$
1,16$
1,527
1,720
1,680

10
17
72
103
15
17

143
143
143
143
143
143

581
584
585
588
590
592

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 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.

1208




FEDERAL RESERVE BULLETIN

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, AUGUST 3 1 , 1940
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]

Reconstruction
Finance
Corporation
and
Public
Works
Administration

Home mortgage and
housing agencies
Home
Owners'
Loan
Corporation

Other
mortgage
agencies

Total

Farm credit agenciev5

Tennessee
United
Other
ValStates Farm
Farm
Comley
Hous- mort- Credit modity
Auing
Adm. Credit Other thorgage
Au- agen- banks Corpoity
thority cies and cor- ration
porations

Insurance Other
Aug.
agen
31,
cies
1940

July
31,
1940

Aug.
31,
1939

Assets
Xoans and preferred stock:
Loans tofinancialinstitutions
Preferred stock, etc.. . _
Loans to railroads
Home and housing mortgage
loans
Farm mortgage loans
Other agricultural loans
All other loans ...
Total loans and preferred
stock
<3ash
U. S. Govt. direct obligations
Obligations of Government credit
agencies:
Fully guaranteed by U. S.
Other *
Accounts and other receivables
Business property
Property neld for sale ...
Other assets
Total assets other than interagency •

202
459
523

194

168
27

1,996

229

63
75

1
30

111

1,633
89
49

312

0)
2,190
122
2

424
30
42

111
32
5

2,534
97
83

387
111
116

14
8
21

304

11
18
4

3

194
375

304
4

569
16

132
8
486

0)

933

9

63
42
414

430
772
552

428
844
492

4
*372

2,336 2,342 2,337
2,534 2,540 2,637
815
693 1,128
1,197 1,185 1,033

408
16
4

8,623 8, 513 8,900
462
566
418
715
740
735

2,534
1
2 449

433
756
553

7
330

64
1
33
25

60
92
2
146

131
131
36
35
519
394
569
567
1,061 1,067
191
184

591

345

747

726

2,410 12,092 12,017

105

141
45
450
531
704
95

0)

1
128

0)1

0)

(5) 10
216
6
96
7

518

277

3,051

653

114
5

1,270
5 978
107

218
8

136

193

8
6

9
3
256

76

5,811 5,526 5,489
1,354 1, 351 1,345
1,234
964 1,052

6

42
2

7
3
400
1

1,845

2,725

1,096

2,626

339

76

134
33

(0
(0

5

Liabilities

Bonds, notes, and debentures:
Guaranteed by United States
Other* ...
Other liabilities (including reserves).
Total liabilities other than
interagency •

696

1,436

2,702

167

119

2,355

227

832

193

14

268

88

8,400 7,842 7,886

Excess of assets over liabilities, excluding interagency transactions..
Privately owned interests

409

23

351
54

158

696
211

426
4

101

398

331

479
139

638

4,010 4,250 4,131
407
391
406

U. S. Government interests

409

23

297

158

485

422

101

398

331

340

638

3,603 3,844 3,739

2

i Less than $500,000.
Includes $95,000,000 loans of Public Works Administration.
34 Includes $307,000,000 loans of Farm Security Administration.
Includes
$230,000,000
loans
of Rural Electrification Administration.
6
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]
Sept. 30, Mar. 31,
1939
1940

Loans tofinancialinstitutions
Loans on preferred stock of banks and insurance companiesPreferred stock, capital notes, and debentures
Loans to railroads (including receivers)
Loans for self-liquidating projects
Loans to industrial and commercial businesses^.
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration
Total loans and investments, other than interagency—
Preferred stock of 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 National Defense Companies
Loans to Farm Security Administration
Total loans and investments..

177,011
33,162
515,157
438, 835
85, 264
125, 753
83, 502
23, 847
124, 476

159, 353
29,840
472,345
467,887
66, 753
130, 704
83,966
4,260
114,066

1, 607, 006 1,529,174
45, 000
146, 498
54, 629
46, 500
8,300

74,000
146,498
59,198
68, 616
8,300

Apr. 30,
1940
155,651
29,749
474,475
471, 747
58, 578
130,466
83, 723
4,235
112, 743

May 31,
1940
154,163
29,685
471,072
466,093
61,273
130, 566
83,740
4,631
111,323

June, 3
1940
150, 468
56, 952
469, 674
475,856
48,105
130, 732
83, 596
4,677
111, 065

July 31,
1940
147,184
56, 924
465,909
506, 623
38, 754
129,955
83, 299
4,788
107,066

Aug. 31, Sept. 30,
1940
145,178
56, 769
458,845
507, 627
42, 262
129,427
83, 223
4,801
110,090

142, 396
56, 627
459, 941
470,039
38,476
133, 521
83, 360
4,746
116, 216

1, 521, 365 1, 512, 546 1, 531,124 1, 540, 502 1, 538, 222 1, 505, 321
74,000
146,498
59,355
70, 385
8,300

74,000
146,498
59,484
71,846
8,300

74,000
146, 498
59,050
73, 863
8,300

74,000
146,498
58, 628
76,470
8,300
1,000
10, 000

74,000
146,498
60,212
78, 976
8,300
2,000
10,000

74,000
146, 498
61,160
81,039
8,300
8,000
10, 000

1, 907, 932 1,885, 786 1,879, 903 1,872, 673 1,892,835 1, 915, 397 1,918, 206 1,894, 318

i Include national defense loans amounting to $4,993,000 on September 30, 1940.

NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220.

NOVEMBER

1940




1209

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-

End of month

1934—December
1936—December...
193ft—December...
1937—December...
1938—December...

Regional
agricultural
Other
credit
cor- financing
Land
porations,
instituBank
Federal
tions,
land banks Commis- production
credit asexcept
sioner
sociations, cooperaand banks
tives
for cooperatives *
1,915,792
2,071,925
2,064,158
2,035,307
1,982,224

1939—September...
October
November...
December...
1940—January
February
March
ApriL
_.
May.._
June
July
August
September __.

, 922, 577
,916,431
,910,336
,904,655
,900,408
,896,507
., 890,432
, 886,272
., 882, 516
1,874,608
1,871,487
1,866,697

616,825
794,726
836, 779
812, 749
752,851

99,675
104,706
129,872
165,194
168,392

55,672
47,162
41,017
40,464
33,545

703,840
699, 274
695,101
690,880
687,191

179,674
169,731
165,368
165,236
161,753
165,106
176,007
185,373
190,961
196,408
199, 238
202,503
197,451

37,645
33,996
33,417
33,354
33,620
34,738
36,326
37,921
38,377
40,033
42,161
42,416
40,901

677,717
673, 696
670,723
668,850
665,073
662, 592
659,017

Loans to cooperatives b y -

Produc- Regional
Emertion credit agriculgency
associa- tural cred- crop and
tions
it corpo- drought
rations
loans

Federal
intermediate
credit
banks

Banks for Agricultural
cooperatives,
Marketincluding ing Act
revolvCentral
ing fund
Bank

148,037

87,102
43,400
25,288
15, 592
11,081

111, 238
172,863
165,369
172,701
171,489

2, 731
1,641
1,813
920

27,851
50,013
69,647
87,633
87,496

54,863
44,433
53,754
30,982
23,723

174,032
162,703
156,526
154,496
153,949
160,003
173,840
186,276
194,662
200,415
203,693
202, 796
194, 558

9,127
8,351
8,042
8,005
7,904
7,926
7,888
7,904
7,845
7,768
7,614
7,416
7,010

175,667
171,819
169,460
168,330
167,957
170,020
176,045
179,801
180,938
181,218
180,824
179, 984
177,906

778
1,493
1,696
1,835
1,756
2,002
1,754
1,603
1,315
897
1,217
763
352

65,160
70,422
73,120
76,252
73,238
71,772
69,311
67,454
63,564
62,177
65, 111
67,473
73,132

21,663
21,582
20,589
20,547
20,427
20,03&
19,763
18,537
18,137
18,200
15,311
14,787
15,739

60,852
94,096
105,212

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
tfcus 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.

FEDERAL HOME LOAN BANK BOARD

POSTAL SAVINGS SYSTEM

LOANS OUTSTANDING, BY INSTITUTIONS

[In millions of dollars]

[Loans in thousands of dollars]
Assets
Home mortgage loans by—

End of month

Federal savings and
loan associations

Home
Owners'
Loan Cor- Number
poration
of associations

1934—December _
1935—December.
1936—December _
1937—December.
1938—December.

2,379,491
2,897,162
2,765,098
2,397,647
2,168,920

1939-May
June
July
August
SeptemberOctober
November.
December.
1940—January
February..
March
April
May
June
July
August
September.

2,091,324
2,080, 512
2,067,844
2,059,792
2,054,865
2,049,421
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

Loansi

639
81, 300
1,023
348,000
586,700
1,212
853, 500
1,328
1,368 1,034,162

Federal
home
loan
bank
loans to
member
institutions »

86, 651
102, 791
145,394
200,092
198,840

End of month

1935—June...
1936—June—
1937—June.. .
1938—June..
1939—June...

Depositors
balances* Total

1,205
1,232
1,268
1,252
1,262

1,236
1,265
1,307
J
,290
^,304

U. S. Government
securities

Cash
reGuarDian- funds
rect teed
Total obli- obli- etc.*
gagations tions
385
777
630
203
967
800
136 1,100
115 1,103
1,157 1,011

147
167
167
167
146

74
95
71
73
78

157,911 1939—September
1,182 1,036
146
1,267 :,307
70
168,962
October
1,182 1,036
146
1,270
,312
75
161, 537
1,182 1,036
November
146
1,274
,317
80
159,470
1,192 1,046
146
December
1,279
,319
74
163,687 1940—January
1,197 1,051
146
1,290 1,331
84
168,654
1,194 1,048
146
February
1,297 1,340
97
168,822
1,200 1,054
146
March.
1,301 1,343
97
181,313
1,214 1,068
146
1,303 1,345
April
87
156,788
1,224 1,078
146
1,299 1,342
74
May
144,515
1,224 1,078
146
1,293 1,337
69
June
137,642
Pl,297
July
133,811
August..
, 297
137,509
September
, 295
157,397
162,222
168,402
v Preliminary.
176,047
1 Outstanding principal, represented by certificates of deposit. Does
not include accrued interest nor outstanding savings stamps.
2 Includes working cash with postmasters, 5-per cent reserve fund and
i Federal Home Loan Bank Board estimates for all Federal savings miscellaneous working funds with the Treasurer of the United States,
and loan associations.
accrued interest on bond investments, and accounts due from late post* Excludes loans to other than member institutions which are negli- masters.
gible in amount.
Back figures.—See BULLETIN for August 1935, p. 502.

1210




1,383
1,386
1,385
1,392
1,394
1,394
1,401
1,410
1,403
1,407
1,413
1,420
1,421
1,430
1,431
1,431
1,434

1,117,228
1,136, 289
1,157,536
1,186, 784
1,206,887
1, 231,685
1,252,559
1,271,161
1,280,200
1,296,464
1,317,975
1,348,072
1,376,700
1,405,100
1,432,100
1,461,867
1,487, 974

FEDERAL RESERVE BULLETIN

BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 3
1923-25=100

Industrial production
(physical volume) 2 *
1935-39=100
Year and
month

Income
payments
(value) 1
1929=100

Employment *

NonagriFactory
culAll
Min- Total Residen- other tural
1923-25=100
Non- erals
tial
1935-39
Dur- dur=100
able able
Manufactures

Total

Factory
payrolls *
1923-25
=100

Depart- Whole- Cost
sale
Freight- ment
of
comcar
store
livmodity ing*
loadsales
ings * (value)* prices* 1935-39
1926
1923-25 1923-25
=100 =100
=100
=100

AdAd- Unad- Ad- Ad- Ad- Ad- Ad- Ad- Unad- Ad- Unad- Unad- Adjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939

100.0
90.8
77 3
60.1
57.1
65.8
71.7
82.7
87.4
80.7
85.4

72
75
58
73
88
82
91
96
95
99
110
91
75
58
69
75
87
103
113
88
108

84
93
53
81
104
95
108
114
107
117
133
99
68
41
54
66
84
108
122
78
108

62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
108

71
83
66
71
98
89
92
99
100
99
107
93
80
66
76
80
86
99
112
97
106

63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72

44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60

79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81

120
115
110
97
86

139
128
114
94

107
104
99
92

115
115
112
109

62
56
52
56

40
37
36
32

81
71
65
76

80

87

107

61

30

87

82
82
84
82
81
81
85
90
95
99
102
100

75

88

103

52

26

73

73

90

98

51

32

66

107.8
101.1
92.4
83.0
83.6
90.7
94.2
100.3
105.3
98.6
101.6

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
89.7
96.8

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
77.9
90.8

84
91
78
85
100
98
103
107
104
104
107
92
74
55
58
62
64
75
78
62
70

87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90

78
94

Unad- Unadjusted justed
138.6
154.4
97.6
96.7
100.6
98.1
103 5
100.0
95 4
96.7
95.3
86.4
73 0
64 8
65.9
74.9
80 0
80.8
86 3
78 6
77.1

124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108 7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4

1937
August
September
October
November. __ _December

89.0
87.3
86.6
84.9
83.7

120
115
107
95

82.3
81.5
81.2
80.1
79.1
78.7
78.7
79.8
80.4
81.7
82.1
83.1

86

87

107.3
107.8
107.1
104.6
102.8

111.7
110.3
107.8
103.7
97.9

112.3
112.3
110.3
104.1
97.4

108.7
104.9
104.9
93.3
84.6

79
78
76
71

93
94
93
91

87.5
87.4
85.4
83.3
81.7

98.3
98.0
98.0
98.3
97.4
97.2
97.2
98.3
99.9
100.1
99.9
100.8

93.0
91.9
90.4
88.2
86.4
85.2
86.0
87.9
89.4
90 2
92.8
94.4

90.6
91.1
90.6
88.5
86.1
84.3
84.7
88.8
92.0
92.4
93.3
94.0

75.3
77.5
77.6
74.9
73.2
71.1
71.1
77 3
81.6
84 2
84.4
87.1

65

90

62

88

80 9
79.8
79.7
78.7
78.1
78 3
78.8
78 1
78.3
77 6
77.5
77.0

98.0
98.4
99.2
99 3
100.1
101.4
101.4
102.3
104.0
105.1
104 6
105.2

94.6
94.3
94.0
93 8
93.3
94.3
95.3
95.9
97.5
101.2
103 4
104.5

92.2
93.6
94.3
94 1
93.0
93.4
93.5
96.3
100.2
103.6
103 8
104.1

67

89

104.3
103.0

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

84

84
82
80
81
86
90

92
95
100

101

72
69

90
88

97
95

46
52

33
37

56
65

67
65
71
77

88
90
95
99

90
92
94
97

51
54
59
66

37
42
49
53

62
64
68
77

81
88

100
100

98
98

78
82

56
57

96
102

96

103

102

96

56

97

104

102

96

57

128

128

98
97
96
93

104
104
104
103

103
102
103
92

86
73
69
67

55
58
55
58

111
85
80
74

90

104

96

63

55

68

60
57
58
58
61
62

64
68

86
83
78
82
83
83

69

86
84
89
89

83 7
86.0
87.6
85 5
85 0
86.5
84.4
89 7
93.8
101 6
101 6
103.7

69
67
66
60

88
87
88
88

62

85

101.9 103.9 101.4
98.3
101.7 102.1 101 4
97 8
102.4 100.4 100.8
98.2
102.4
99.2 99.6
96 3
99 2 99 0
103 4
96 3
104.2 100.2 99.4
97.9
104.4 101.4 99.5
96 5
105.7 103.6 103.6 103.8
P107. 5 »104.8 P107. 2 P109.4

78
73
69
70
72
75
75
76
77

69

100.9
100 9
100.7
100.2

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

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
loj
101
97

90.3
89.7
88.4
88.2
88.6
88.7
89.3
90.5
P91.5

122
116
112
111

97

102
104
104

113
121
124

126

98
99
100
98
99
102
1Q2
103
116
126
126
124

97
101

106
106

105
107

63
67

58
62

105

108

111
115

91

114
119

73

67

133

117

120

114
129

68
68

114

73
76
83
86

67
71
78
76
82

61

101

140

117

135
124
118
113

113
110
106
107

118
114
117
119

75
63
62
64

53
56
57
62

93
68
66
66

119

110

118

64

64

118
120

112

114

74
85
90

65
77
91

82

60

107

67
69
70
77
80
82
78

86
86
89

91
90
95

96

76 9
76.9
76.7
76 2
76.2
75.6
75.4
75 0
79.1
79 4
79 2
79.2

99.1
98.6
100.6
99.6

1940
January
February
March
_ __
April
May
June July
August
September

115

121
121
121
P125

117
113
112
111
116
121
118
120
P129

131
132
135
P145

114
112

69
77

98
P96

92
89
89
89
87

91
91
99
99

79.4
78 7
78.4
78.6
78 4
77.5
77.7
77.4
78.0

99.8

"loo.'s
100.4

p Preliminary.
* Average per working day.
1 Department of Commerce series on value of payments to individuals.
*3 For indexes by groups or industries, see pp. 1212-1215; for description, see pp. 753-771 of BULLETIN for August 1940.
Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see page 1220.
* The unadjusted indexes of employment and payrolls, wholesale commodity prices, and cost of living are compiled by or based on data of the
Bureau of Labor Statistics. For description of seasonally adjusted index of factory employment compiled by the Federal Reserve Board of Governors, see BULLETIN for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 1216-1219 for employment
and payrolls and p. 1222 for prices.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882; for factory employment and payrolls, October 1938, pp. 838-866,
and October 1939, pp. 879-887; for freight-car loadings, June 1937, pp. 524-529; for department store sales, October 1938, p. 918.
NOVEMBER

1940




1211

INDUSTRIAL PRODUCTION, BY INDUSTRIES

(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1940

1939
Industry
Aug.
Industrial

Production—Total

Manufactures—Total
Durable..
Nondurable

121

121

121

P125

114
119
110

122
131
114

121
132
112

122
135
112

P112

Ill

116
124
110

110
113
107

Dec.

104

113

121

124

126

122

116

107
105
108

113
114
111

121
129
115

124
133
117

128
140
117

122
135
113

Feb.

Aug.

Sept.

115

112
112
118
106

Nov.

Mar.

July

May

Oct.

Jan.

June

Apr.

Sept.

P127

Iron and Steel
Pig iron
Steel ingots

111

128

161

161

167

147

118

106

99

118

154

156

158

164

114

129

154

161

118

117

148

166

161

167

146

117

105

97

118

154

157

162

161

169

136

128

163

127

111

156

157

164

Machinery

104

108

115

123

125

127

123

123

123

124

128

133

138

P145

Transportation Equipment
Aircraft..
Automobiles *
Railroad cars
Locomotives
Shipbuilding . .

92
177
84

99
181
92

105
194

102
216

128
239

137
256

137
251

131
263

115
267

116
281

120
315

109
339

104
385

P135

74

91
122

129
156

129
158

120
149

103
125

101
121

87
120

76
126

100
136

121
136

106
111

102
133

83

96
105

Nonferrous Metals and Products
Nonferrous metal smelting *
Copper smelting
Copper deliveries.
Lead shipments
Zinc shipments . . .
Tin deliveries

112
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

.

Textiles and Products . >
Textile fabrics
Cotton consumption
Rayon deliveries
.
Silk deliveries
Wool textiles.
Carpet wool consumption_
Apparel wool consumption
Woolen yarn
Worsted yarn
Woolen and worsted cloth.
Leather and Products
.
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
Manufactured Food Products
Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter
Cheese
Canned and dried milk
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..

97
138

98
142

128

144

117

124

105
107
98

117
128
98

105
104
107

102
170

154

142

132

124

126

135
144
162

129
131
145

130
137
125

127
131
111

127
130
113

159
135

130
146
101

144
154
118

136
144
159

119
131
180

108
107
109

113
112
114

121
121
121

121
122
118

113

116

123

120

112
129
131
126
108

114
126
125
132
110

120
119
117
126
121

121
125
121
138
112

95

110

124

111

114

109
114

113
117

119
122
141

110
109
111

112
110
115

111
110

120

115

113

117
106
106
105
124

115
108
107
107
116

115
109
111
105
112

100
122
148

115
115
117

114
114
113

111
110
112

128

123

113

131
142
141
143
115

125
119
111
136
116

112

124

122

106
96
103
81
118

119

128

125

118

118
119

124
124

120

130
91

146
89

113
120

152
78

125

132

115

105

124

150

151

103

107

118

135

103

103

105

99
105
92
88
107

103
108
105
90
104

111
106
98
105
104
105
105
107

111
118
104
110
120
98
102
110

113
130
97

118
135
103

132
125
115

151
69

103
105
101
98
112

101
107
90
92
108

109
101
107
108
114
97
103
111

110
97
92
110
114
103
102
118

112
102
96
115
120
105
103
123

116
131
101

126
149
104

88
92

93
101

96
99

98
107

87
109

110

110

111

111

96
98

96
98

106
112

98
102

95
104

59

51

57

57

57

120
116

120
118

87
123

88
92

110

107

111

110

109

105
113
109

103
110
103

103
117
102

100
118
103

104
115
100

P128
125

115

119

113
118
120
112
111

110

115

80

117

114

91

100

114

104

107

113

114

97
107

100
109

103
114

109
121

111
124

75

104
104
108
103
105

P121

100

93

101

114
113
115

97
108

112

105

107
103
114

100

98

108

126
141

105
115

108
92
89

111

128
138

108

111
107
99

106

113

127
133
146

105

115
104
105
127

113
127
98

r

104
115
132

112

139
64
77
87
80
78

112

117
116

110
115
137

102
126
168

124
131
113

126
127
154

102
164

130

106

128
135
134

103
156

153

121
108
98

152

133
140
119

101
156

102
149

127
86
113
121
120
105

144

125
131
115

101
150

95
144

129
82

123
213

129

113
189
136

*
109
P148
P142
P227

44
164
93

96

97
68
78

142
58
87
95
82
86

76

90

138
61
79

144
56

130
61

79
88
92

138
57
100
69
113
102

95
108
104

93

112

118

105

104

89

123
118

P114
120
P123

65

P125

P141
P121

89

71

93

85

87

96

102
104
97
99
101

98

'94

06

96
100
86
92
99

92
94
84
92
94

86
86
80
91
85

88
87
91
89
86

90
90
88
91
100

85
88
75
84
99

02
08
82
84
09

111
100
95
109
102
110
102

113
100
95
114
115
109
104
126

112
100
86
112
110
107
115
123

111
100
89
112
113
108
116
118

112
105
97
110

115
98
112
111

110
100
101
112

114
09
00
113

P108
100

102
117
112

105
110
117

105
114
121

104
114
132

105
115
130

110
141
00

121
147
05

01
06

93
95

116

128
124
144
104
88
108
111
98
103
58
112
108
103
107
106
93

129
154
106
86
99

112
96
96
59

114
126
108
103
109
97

76

83

89

106

121
P121

128
156
102
87
97
112

117
131
106
112

112

115

116
132
101
07
08
110

98
09
65
132
108
103
100
107
95

103
102

100
99
84
113
114

113
99
84
131
201

108
103
72
148
154

01
01
44
208
87

110
104
117
100

115
98
127
99

103
101
106
99

106
105
110
06

86
98

78

132
123
111
102
119
99

117
135
101
89
93

126
152
101
01
99

P123

P95

103
93
71

231
126
108
102
113
100

' Revised.
P Preliminary.
12 Revised seasonal adjustment factor, September, 1940: 82. Factors for subsequent months will be revised later.
Includes also lead and zinc production shown under "Minerals."
* Comparable data not available. Revised figures January, 1938 to date will be published in the BULLETIN as soon as possible.

1212




FEDERAL RESERVE BULLETIN

Industrial Production, by Industries (Adjusted for Seasonal Variation)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1940

1939
Industry
Oct.

Mar.

Apr.

May

June

July

Aug.

114
114
133
110
117
153
130
111
112
100
112
116
119
108
112

110
110
135
110
116
151
136
106
109
95
112
109
105
105
111

116
117
140
118
118
164
136
113
114
99
113
115
119
114
115

127
128
149
118
135
175
145
125
131
110
113
125
123
127
125

132
132
159
118
148
186
157
128
128
118
115
135
137
126
128

129
130
153
116
142
178
161
126
130
121
111
'126
131
125
128

123
122
150
118
120
179
148
118
121
114
113
116
122
117

109
98

108
100

106
103

108
101

115
106

120
106

102

110
104

104

119
116
116
111
129
109
139
137
217

117
114
112
119
126
97
137
137
145

116
115
112
119
124
120
123
124
89

118
117
115
121
124
123
118
119

115
114
112
117
120
120
119
120
84

114
113
111
113
118
126
123
123
101

115
112
110
113
122
116
132
131
142

112
108
106
111
113
116
139
137
206

113
109
109
116
98
111
139
136
248

142
139
252

111

112

113

111

109

111

114

116

117

115

P113

126
127
114
115
112

123
125
109
111

119
120
110
112
101

119
120
114
116
104

116
116
117
118
108

115
115
115
115
109

117
116
121
122
112

115
114
126
128
113

106
106
105
106
95

109
110
104
104
102

119
120
109
110
107

Aug.

Sept.

Paper and 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

112
110
109
104
97
133
99
110
114
102
104
111
116
107
118

121
119
121
110
112
141
113
119
120
120
106
118
123
117
129

131
128
136
118
129
156
131
127
129
123
103
133
131
123
142

134
132
137
108
131
157
133
131
134
129
101
132
138
127
144

135
134
147
116
145
176
138
132
140
122
105
132
140
128
138

123
123
138
114
129
160
134
121
127
111
106
119
119
121
120

Printing and Publishing i
Newsprint consumption..
Petroleum and Coal Products..
Petroleum refining
Gasoline
Fuel oil.
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke

105

111
104

118
103

117
101

119
107

110
111
110
108
114
114
104
106
40

112
112
112
110
109
116
116
117
69

120
118
117
116
132
117
133
131
192

120
117
118
112
125
107
140
137
244

Chemicals..

100

106

111

Rubber Products
Rubber consumptionTires and tubes
Pneumatic tires—
Inner tubes

112
112
118
119
108

122
121
125
126
116

128
129
121
122
118

Nov.

Dec.

Jan.

Feb.

Sept.

118

"III

Minerals—Total..

91

114

119

120

114

118

114

117

119

118

118

120

114

P115

Fuels
_
._.
Bituminous coal...
Anthracite—
Crude petroleum..

89
108
115
79

113
114
120
112

117
123
112
116

118
119
97
120

113
106
118

117
119
111
116

112
103
78
118

114
109
84
120

116
120
83
118

115
122
82
116

116
116
113
116

117
121
129
114

112
122
112
108

P114

Metals.
_
Iron ore shipments..

105
108

121
119

128

131
155

124
122

108
100
106
84

107
104
125
111

111
116
130
98

109
127
113
109

112
130
119
116

127
132
147
114
130
121
101

130
143
140
116
133
119
120

134
153
141
117
127
124
113

135
151
144
118
127
124
127

135
153
143
124
123
124
125

134
155
143
117
120
122
114

139
160
150
120
128
125
122

125
164
144
117
123
93

P120
156
132
108
133

ZincGold...
Silver..

P113

v Preliminary.
*• Revised.
i 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.

NOVEMBER

1940




1213

INDUSTRIAL PRODUCTION, BY INDUSTRIES

(Without Seasonal Adjustment)
flndex numbers of the Board of Governors. 1935-39 average = 100]
1939

1940

Industry
Nov.

Dec.

126

124

Aug.

Sept.

Industrial Production—Total

103

116

Manufacture*—Total
Durable
... •
Nondurable

105
99
110

116
111
119

125
131
120

126
136
118

108
113
107

125
126
126

159
154
159

102

106

47
177
29
75
103
126

74
175
62
75
98
132

108
99

100
99

Jan.

Aug.

Sept.

Mar.

Apr.

May

117

113

112

Ill

116

121

118

120

P129

126
139
115

117
128
109

114
121
108

112
121
105

112
119
105

116
125
109

122
134
112

'118
127
110

120
127
114

P130
P143
P119

161
163
161

159
160
159

144
153
143

121
134
120

113
124
112

106
123
104

123
133
122

151
149
151

147
154
147

153
161
152

161
163
161

117

123

127

123

123

126

126

126

129

129

135

P142

103
194
94
99
92
140

118
218
111
112
95
138

152
239
150
132
102
146

136
251
130
133
102
144

138
251
130
151
103
145

142
263
134
158
99
162

139
267
130
141
98
162

130
286
118
137
102
172

129
321
114
124
106
176

94
339
70
118
116
185

60
385
23
129
124
202

J»117
*
89
P135
P139
P220

129
119

147
127

157
135

156
136

151
135
143

128
127
132

154
162
112

142
149

146

129
122
126
118
118
123
143

153
126
130
156
127
138

141

129
124
131
116
113
117
148

139
122
127
133
122
127

96

136
148
102

135
132
137
129
100
125
151

129
133
139

119
126
97

140
129
130
139
101
128
163

114

117

121

111

107

109

114

96

104

109

117

115

125

98
93
109

101

110

120
116
125

113

113

108

108

116
119
110

'110
112
'106

123
'126
119

P132
134
P127

127
137
150
153

137
139
145
148

115
105
119
115
129
107
149

83
60
50
49

114
115
103
102
107
116
96

129
140
131
133
126
119
91

'129
143
145
152
129
117
79

127
136

"133
141

P143

142

126
126
137
133
148
114
127

90
69
70
60

78

130
136
157
162
145
112
110

121
66

124
93

126
118

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.

109
106
105
138
75
109
128
112
102
107
105

116
115
117
146
88
110
124
120
104
119
101

123
121
121
145
99
122
122
126
111
150
114

131
128
128
152
101
130
129
126
113
151
134

97

'100
97
109
127
55
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

112
108
114
140
57
109
101
113
108
120
107

Leather and Products

111
96
100
96
87
121

111
102
107
103
91
116

106
104
105
103
102
107

85
86
85
86
87
85

88
87
85
90
91
88

91
82
82
83
83
96

103
89
93
86
82
112

Manufactured Food Products

127
107
103
140
168
116
119
111
97
98
98
88
92
132

135
136
124
113
129
97
105
101
110
108
115
102
113
142

108
95
95
148

116
92
116
168

120
99
116
161

131
100
95
151

P130

147
169

128
147
148
109
119
102
96
93
'117

114
128
136
102
106
100
92
95
136

104
119
120
112
117
107
102
106
P137

96
114
32
56
91

120
126

112
127
40

108
94
56
317
134

115
109
119
110

118
117
121
108

Iron and Steel

Pig iron
Steel ingots

.

- -

Machinery

.._„

Transportation Equipment
Aircraft
Automobiles
._
Railroad cars
T .IOC-TITI o t i VQ!?

Shipbuilding
Nonferrous Metals and Products1

Nonferrous metal smelting
Copper smelting
Copper deliveries
Lead shipments. —
Zinc shipments.
.
Tin deliveries
.

Lumber and Products

Lumber. ^
Furniture

116

„

Stone, Clay and Glass Products

Cement

_.

_

. _

CJomirinTi ftnd f&Ofl brick

Common brick
Face brick
Glass containers
Polished plate glass

144
117

...

Leather tanning ._
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes

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..

119

126

119

148

105

123

153
121

137
169

116
106

116

116
109
115

96
104

53
109

129

106

101
88
71
66
84
117
111

126
121
125
150
84
118
107
107
105
123
134

••121
•116
'125
148
72
107
105
105
100
101
118

115
rill
123
141
65
102
118
99
97
97
102

101
100
'115
132
66
77
98
80
76
72
71

110
127
60
73
91
63
73

99
104
109
96
95
97

95
102
109
91
94
91

99
102
105
95
99
97

106
104
111
91
96
107

99
91
95
79
91
104

86
86
79
94

117
110
104
85
82
85
97
89
113
120
107
106
105
123

109
100
76
75
68
81

100
101
79
71
51
88
73
97
146

99
99
93
83
68
94

82
131
157
106
100
104
112

107
98
77
73
62
83
72
85
148
193
104
82
103
107

100
97
95
95
85
95
94
120
116
140
93
82
94
98

101
94
98
112
108
107
113
133
111

98

132
154
161
117
135
101
93
95
102

98
99
41
164
123

109
92
54
318
153

103
83
71
182
194

86
81
66
110
123

80
82
77
73
79

105
111
86

107
117
84

69
109

94
95
81
86
103

117
118
118
111

115
125
115
104

112
119
113
102

94
80
102
88

98
86
107
90

98
90
103
96

97
92
99
97

105
97
111
98

138
124

78

187
104
85
113
97

82
107
124
164
95
76
99
98
84

82
77

95

72
68
88

89

124
99
85
95

79
110

85

June

July

Feb.

Oct.

173
123
148
99
92
94
110

68

67
77

100

161

130

89
106
24
100
68

112
102
119

124
104
140
101

112
105
119
101

110
108
116
97

101

70

150

ni9
P116

120
P141
65
P122
P117
P141
*120
P127
P117
PlOO

P106
115
P106

' Revised.
v Preliminary.
i Includes also lead and zinc production shown under "Minerals."
* Comparable data not available. RevisedfiguresJanuary, 1938 to date will be published in the BULLETIN as soon as possible.

1214




FEDERAL RESERVE BULLETIN

Industrial Production, by Industries (Without Seasonal Adjustment)—Continued
Index numbers of the Board of Governors. 1935-39 average = 100]
1939

1940

Industry

Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Newsprint production
Printing paper
Tissue and absorbentpaper
Wrapping paper
.
Paperboard containers

Printing and Publishingl
Newsprint consumption
Petroleum and Coal Products
Petroleum refining
Gasoline _. ..
_ >
Fuel oil
Lubricating oil
Kerosene
Coke _.
Byproduct coke . . _ ._
Beehive coke

Chemicals
Rubber Products
R u b b e r consumption
Tires and tubes.
Pneumatic tires
Inner tubes

.

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
146
104
133
174
144
120
123
110
108
'118
124
122
125

122
121
148
100
120
179
148
117
123
107
110
112
122
116

114
108

119
110

119
107

102
91

105

114
113
109
119
123
125
120
120
100

115
114
111
115
125
123
118
120
76

115
113
111
113
123
126
122
123
76

116
113
112
112
122
113
131
131
116

103
88
113
109
109
109
111
110
135
134

114
110
112
113
97
107
138
136
198

141
139
209

111

113

114

113

110

122
123
110
112
101

117
117
114
116
104

116
116
117
118
108

114

117

114

116

115
115
109

121
122
112

115
114
126
128

1-11
109
107
88
97
133
99
109
115
96
101
107
116
106
119

125
121
119
96
113
141
113
121
128
114
106
117
128
118
142

136
132
137
110
129
159
134
131
137
123
103
135
137
126
154

133
131
137
110
131
157
135
130
134
125
104
131
136
127
141

128
128
143
121
140
167
134
126
125
120
106
131
135
125
126

120
122
139
118
129
161
134
119
122
112
106
119
116
121
114

116
118
137
114
121
158
134
115
115
106
111
119
124
112
110

114
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

98
88

111
105

122
110

119
106

120
109

106
93

109
99

111
107

111
112
114
106
113
110
104
106
32

114
114
116
111
109
114
116
117
57

122
121
120
117
132
117
133
131
198

121
118
119
113
125
111
141
137
269

118
115
114
113
128
111
140
137
253

116
112
108
122
122
102
138
137
170

115
113
109
120
122
121
125
125
120

97

108

116

113

114

111

112
112
118
119
108

124
124
125
126
116

128
129
121
122
118

129
114
115
112

118
119
109
111
98

131

Dec.

Jan.

Feb.

Mar.

Apr.

Minerals—Total

93

121

129

123

111

115

112

110

111

118

Fuels
Bituminous coal.
Anthracite

87
100
85
81

114
118
115
112

121
137
118
115

120
135
99
116

114
117
93
116

120
132
128
114

116
121
86
117

114
104
86
121

113
101
89
121

113
103
90
119

Metals
Iron ore shipments
Copper
Lead
Zinc
Gold
Silver

132
204

160
239

177
270

141
165

93

89

89

87

118
134
119
117

144
114
133
114
100

142
116
135
109
123

144
115
134
103
118

95
14
150
119
131

149
213
141
122
123

109
130

118
120

106
95
114
87

111
101
141
109

109
116
163
100

116
128

130
108

171

Aug.

Sept.

125
111

112

P115

106
106
105
106
95

••109
110
104
104
102

121
123
109
110
107

121

117

P122

100
104
116

111
107
101
114

109
112
83
111

P115
P123
P100
P113

161
288
140
116
118
98
114

179
315
133
112
120
134
113

164
308
135
114
117
101
91

P164
301
136
112
129

5 S £

Paper and Paper Products

July

Oct.

Nov.

May

June

Sept.

Aug.

110

' Revised.
p Preliminary.
i 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.

NOVEMBER

1940




1215

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]
1939

1940

Industry and group
Aug.

Sept.

Oct.

Nov.

Dec,

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

Total
Durable goods
Nondurable goods.

95.9
85.3
105.9

97.5
88.9
105.7

101.2
94.6
107.6

103.4
97.3
109.2

104.5
100.0
108.9

103.9
99.7
107.9

102.1
97.4
106.6

100.4
95.9
104.8

99.2 100.2 101.4
99.2
95.0
95.2
96.2 '97.5
103.3 '103. 0 104.1 '105.1

103.6
101.4
105.7

104.8
104.0
105.6

Iron, Steel, Products
Blast furnaces, steel works. _
Bolts, nuts, washers, rivets .
Cast-iron pipe
Cutlery, edge tools
Forgings
.__
Hardware
Plumbers' supplies
Stamped, enameled ware
Steam, hot-water heating. __
Stoves
Structural, ornamental
Tin cans, tinware
Tools
Wirework

92.5
97
98
73
94
56
78
78
157
79

96.4
101
102
74
97
59
95
80
159
80
86
71
97
87
149

105.9
115
113
77
102
66
99
81
162
84
90
75
103
91
164

110.8
122
118
79
107
70
106
83
166
86
91
76
103
94
171

112.1
124
120
79
109
72
106
85
166
87
93
76
100
96
176

110.4
122
117
75
107
72
104
83
160
86
93
75
101
96
172

107.0
117
113
78
103
71
101
81
161
85
91
75
100
96
162

102.7
110
112
76
101
67
98
81
158
85
91
72
99
93
161

100.8
107
108
75
102
67
97
82
155
85
89
71
98
93
158

101.2
109
105
76
101
66
95
82
153
84
88
71
97
92
156

103.7
115
104
75
102
66
82
83
153
85
91
73
100
92
151

107.3
120
110
76
104
70
84
84
156
87
95
75
100
95
139

111.1
123
116
78
104
73
99
87
169
91
96
78
152

112.9
123
119
81
107
77
102
89
179
93
95
81
96
101
165

Machinery..Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs
Textile machinery
Typewriters

97.3
121
125
88
97
85
146
126
78
119

105.7
125
126
97
108
91
170
145
81
123

110.6
128
127
100
116
95
183
160
85
125

112.9
131
129
103
124
97
191
153
86
125

113.4
133
127
103
133
98
197
144
86
123

113.6
137
128
102
134
98
204
144
85
119

113.3
136
128
102
132
97
209
145
85
115

113.4
133
128
102
134
97
215
153
84
114

113.4
136
128
101
142
96
220
155
82
113

114.9 116.6
136
133
130
130
103
104
152
165
98
97
'237
228
145
144
77
79
116
112

120.0
139
129
107
175
101
247
145
76
119

122.4
141
132
111
181
103
245
138
79
123

110.8 111.1
109.7 109.9 109.9 '108.4 118.7
1,677 2,891
,062 2,075 2,124 2,260 2,445
108
105
102
107
107
106
97
50
52
49
61
60
54
51
33
30
28
28
29
27
31
186
146
148
154
164
148
175

125.3

Transportation Equipment
Aircraft
Automobiles
_
Cars, electric-, steam-railroad
Locomotives.
Shipbuilding
Nonferrous Metals, Products..
Aluminum
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware..
Smelting, refining

85
121

123
127
92
155
129
78
122

88.3
99.5 105.6 101.3
112.
113.1
1,414 1,512 1,605 1,767 1.905 2,050
88
108
102
112
100
111
31
42
53
48
34
57
29
25
28
26
30
28
125
132
139
133
140
128
96.2
157
109
85
95
77
70
75

99.2
152
115
85
91
88
71
77

107.0
166
130
87
92
95
70
83

110.1
172
137

Lumber, Products
Furniture
Lumber, mill work.
Lumber, sawmills. _

66.4
86
60
60

67.4
87
61
61

69.4
89
63
63

Stone, Clay, Glass Products..
Brick, tile, terra cotta...
Cement
Glass
Marble, granite, slate...
Pottery

78.1
57
67
99
50
87

79.0
59
66
100
48

104.6
95.2
76
91
84
129
90
155
80
79
140
72
85
121.4
107
174
117
140
77
121

103.4
93.
78
91
86
129
87
149
75
78
140
70
83
120. 4
106
172
116
136
80
121

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

111.3
170
138
89
96
95
74

111.7
173
137
92
95
95
74
87

107.5
170
i28
91
93
88
71
87

106.6
168
127
91
95
84
70
87

105.9
170
125
90
96
85
70

106.0
173
124

72.2
93
64
66

72.4
93
64

72.0
94
65
65

70.0
91
63

68.1
90
62
61

67.2
90
61
60

67.9
90
60
61

81.9
61
68
106
49
90

85.0
64
70
109
49
93

85.4
65
71
109
50
94

85.8
66
68
111
46
95

103
48

80.0
59
65
105
45
90

79.8
59
68
104
45

106.0
97.7
83
94
91
133
86
151
76
79
148
75
90
120.4
107
171
117
138
80
121

107.5
99.7
85
96
92
132
90
151
75
80
155
77
95
120.4
108
171
117
127
74
123

105.8
96.
84
95
91
131
92
146
68
79
146
74
89
121.6
112
171
117
122
75
123

104.4
95.0
85
94
88
127
91
145
62
80
142
71
85
121.3
110
167
117
120
79
132

102.7
93.1
83
93
83
124
90
145
68
77
134
66
81
120.0
107
169
114
120
83
125

99.1
88.6
78
89
77
123
84
139
65
77
133
65
71
118.8
107
167
113
120
83
122

87.8
79
89
76
121
65
139
60
74
130
65
70
112.4
100
156
111
115
78
122

72
85

80.
61

108.2
177
128
94

0)
114
55
36
188
118.6
197
146
100
93
101
73

110.7
185
132
95
100
81
71

115.7
193
140
98
100
92
70
92

67.5
89
62
60

69.0
90

70.5
90
65
64

78.9
58
66
103
47

79.8 '81.3
60
58
66
67
'105
103
45
47
94
91

81.8

82.8
61
70
109
44
94

96.3
87.7
76
88
76
123
68
134
61
72
127
67
73
111.6
98
158
113
114
72
121

96.8
88.0
70
89
76
119
74
133
65
72
131
64
77
112.4
102
158
113
111
71
116

84
70

68
87
67.4
90
61
60

100.2
91.3
71
91
77
125
85
136
69
76
138
63
85
116.1
105
166
106
120
71
116

107
45
94
101.1
92.6
72
93
79
128
83
138
72
75
147
62
86
116.1
104
164
113
125
73
118

101.7
93.3
75
93
80
129
83
138
69
74
150
62
90
116.2
103
165
112
124

78
118

r
Revised.
i Comparable data not available. Revised figures from January 1938 to date will be published in the BULLETIN as soon as possible.
NOTE.—Figures for September 1940 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.

1216




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]

1939
Industry and group
Aug.

Sept.

Oct.

Nov.

Dec.

Jan.

Feb.

Mar.

Apr.

May

June

July

Aug.

Sept.

97.4
96
87

96.8
95
87

97.4
96
88

99.1
98
88

96.9
96
86

97.3
96
87

95.4
94
85

93.8
93
83

91.9
90
82

87.9
86
81

89.6
88
81

90.9
89
81

89.1
87
82

89.6
88
81

129.7
146
269
96
160
86
79
75
101
105
96

128.1
146
269
95
147
82
82
76
102
131
90

126.9
146
271
95
137
82
80
78
103
107
100

129.6
145
279
97
150
86
77
79
106
105
95

131.4
145
285
97
154
86
79
79
108
118
98

130.7
144
280
95
149
85
80
79
108
162
94

130.8
144
278
96
155
86
80
79
109
102
93

130.3
145
275
96
152
83
80
80
110
102
97

128.8
144
274
97
150
82
79
79
107
98
94

129.1
145
273
98
147
84
81
76
107
99
95

131.9
146
278
97
161
83
80
77
109
102
96

129.0
146
268
96
137
86
79
75
111
99
97

129.9
146
272
96
147
88
78
76
108
106
96

127.1
145
265
96
130
86
79
75
109
110
95

65.2
62
66

64.4
62
65

63.5
62
64

63.1
60
63

64.7
60
65

64.2
62
65

62.7
60
63

64.3
60
65

65.0
59
66

63.2
59
64

65.2
59
66

62.8
58
64

63.0
56
64

63.7
57
65

Paper, Printing
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical p r i n t i n g . . .

112.0
115
107
99
115

112.8
116
109
98
116

115.0
121
114
99
116

115.7
122
115
100
115

116.4
121
115
101
116

115.5
121
114
102
114

114.7
118
113
100
116

114.8
116
113
100
117

114.3
115
112
101
116

115.3
116
115
100
117

115.7
118
116
100
116

116.4
119
117
101
116

116.4
119
117
100
117

115.6
117
117
99
116

Chemicals, Petroleum, and Coal
Products
Petroleum refining
Other t h a n petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap

111.9
122
109.4
119
81
112
93
103
125
254
87

116.4
122
115.2
122
92
112
98
111
123
297
87

119.9
122
119.4
132
98
113
102
109
125
309
87

121.3
123
120.8
137
91
114
104
106
126
310
86

121.9
122
121.8
138
91
116
106
111
126
311
87

121.4
122
121.3
138
92
119
104
105
127
310
86

120.6
122
120.3
138
87
118
108
99
124
3U9
84

120.0
123
119.4
137
84
117
109
102
124
304
81

121.1 ••122.0 '122. 4 '121. 7
122
122
122
123
120.9 '121.9 •'122.3 ••121.4
136
138
138
137
r
97
94
'78
'83
120
122
120
119
127
133
116
120
114
120
109
119
121
122
124
123
312
311
315
308
82
82
83
81

122.2
122
122.2
141
75
117
139
113
126
306
85

121.4
121
121.3
141
61
116
145
109
127
309
81

Rubber Products
R u b b e r boots, shoes
R u b b e r tires, inner tubes
Rubber goods, other

83.6
58
68
138

86.1
58
70
144

91.2
60
74
154

93.0
61
75
159

92.4
61
75
157

90.2
59
74
152

87.9
57
73
145

86.7
57
72
142

83.9
57
70
136

86.9
54
71
148

89.8
55
72
156

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.

83.5
56
69
138

84.2
57
69
140

84.7
56
69
141

• Revised.

TOTAL NONAGRICULTURAL EMPLOYMENT
[Thousands of persons]
Employees in nonagricultural establishments

Total
nonagricultural
employment1

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

__

. __

1938— Sept

Oct.
Nov
Dec.

.

1939—Jan.
Feb...

Mar.
Apr.

May. . .
June

July
Aug.

_
.

Sept
Oct.
Nov
Dec.

.

1940—Jan.

Feb
Mar.
Apr
May
June
July

Aug.

Sept..

.

.

.

Total

Manufacturing

Construction

Mining

Transportation and
public
utilities

Trade

Financial, service, and
miscellaneous

Government

1,806
1,422
1,236
821
755
840
908
1,211
1,148
1,001
1,213 '

3,878
3,647
3,221
2,789
2,647
2,727
2.762
2,944
3,102
2,835
2,904

6,404
6,065
5,530
4,914
4,941
5,476
5,669
5,941
6,233
6,012
6,078

4,147
4,028
3,782
3,471
3,422
3,627
3,771
3,978
4,144
4,059
4,108

3,349
3,379
3,425
3,434
3,408
3,509
3,628
3,805
3,915
3,997
4,077

805
831
837
830

1,140
1,156
1,089
991

2,876
2.905
2,856
2,836

6,011
6,052
6,088
6,450

4,126
4,061
4,021
4,015

4,046
4,041
4,019
4,048

8,901
9,025
9,085
9,072
8,983
9,023
9,033
9,260
9,583
9,862
9,881
9,902

821
819
819
546
653
793
787
807
823
871
881
866

954
946
1,012
1,146
1,270
1,334
1,388
1,415
1,399
1,366
1,249
1,076

2,776
2,787
2,816
2,838
2,867
2,924
2,936
2,946
2,993
3,033
2,988
2,943

5,872
5,843
5,923
5,979
6,008
6,063
5,992
5,988
6,161
6,228
6,263
6,614

3,976
3,984
4,016
4,079
4,133
4,167
4,174
4,169
4,209
4,158
4,115
4,116

3,973
3,984
3,996
4,012
4,047
4,096
4,126
4,125
4,127
4,133
4,127
4,18C

9,691
9,691
9,644
9,548
9,502
9,534
9,544
9,866
10,152

853
854
849
835
845
838
837
839
850

952
903
953
1,089
1,248
1,317
1,379
1,432
1,462

2,887
2,893
2,895
2,916
2,956
2,991
3,018
3,039
3,076

6,001
5,961
6,136
6,061
6,122
6,174
6,078
6,087
6,244

4,066
4,071
4,089
4,148
4,194
4,214
4,213
4,221
4,252

4,129
4,145
4,159
4,177
4,215
4,273
4,344
4,388
4,439

36,710
34,439
31, 515
28, 289
28 474
30,890
32,073
34,170
35,882
33 602
34,614

30,851
28,609
25, 791
22, 706
22, 924
25,135
26, 234
28,125
29, 763
27,468
28,471

10,203
9,087
7,751
6,571
7,036
8,112
8,640
9,350
10, 273
8,731
9,301

1,064
982
847
706
714
844
855
896
949
834
790

34,035
34 109
34,035
34,349
33 401
33, 518
33 809
33,820
34,109
34,544
34, 579
34,856
35,447
35,800
35, 647
35,833

27,891
27, 968
27,898
28, 218

8,887
8,922
8,988
9,048

27, 273
27,388
27, 667
27,672
27,961
28,400
28,436
28, 710
29, 295
29,651
29,504
29,697

34,711
34 651
34,869
34,908
35, 230
35,485
35, 553
36,017
36,627

28, 579
28, 518
28, 725
28,774
29,082
29, 341
29,413
29, 872
33,475

,

NOTE.—Compiled b y the Bureau of Labor Statistics. Figures for September 1940 are preliminary.
i Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments.

NOVEMBER 1940




1217

FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES

(Without Seasonal Adjustment)
[index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100]

Factory payrolls

Factory employment
Industry and group

1939
Aug.

Total

Durable goods
Nondurable goods.

__

92.3

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.
Electrical machinery
.
Engines, turbines, etc.
Foundry, machine-shop productsMachine tools
Radios, phonographs.. . . . .
Textile machinery
Typewriters . . .

Shipbuilding

Furniture
Lumber, millwork

84
140

100.2
99.0
96.5
89.8
110.2 '101.4

June

July

Aug.

99.4
97.0
101.7

99.5
95.6
103.3

103.6
99.5
107.6

107.2
104.8
109.5

_
...

Brick, tile, terra cotta
Cement . .
_. _- _
Glass
Marble, granite, slate.
Pottery

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
Millinery
Shirts, collars

Aug.
89.7
81.5
99.0

101.9
109
106
76
103
67
96
82
156
85
91
71
96
92
161

103.7

106.2

110.7

113.6

114
104
77
101
66
82
83
153
85
93
74
103
92
152

119
109
78
99
68
83
84
152
84
92
76
106
94
136

122
115
80
102
73
96
87
164
90
98
80
108
96
146

123
118
82
107
77
101
89
177
95
101
84
106
100
160

100.3

113.9

115.1

116.1

119.2

123.0

116
127
92
99

140
129
102
149

137
130
103
158

131
130
104
168

131
129
107
175

134
132
112
182

124
119
93
114

78
161

97.2

97
221

136
78

150
77

137
82

118

122

113

94.7

Sept.

101
101
75
97
59
94
80
157
81
92
74
107
86
145

86
156

154
108
83
94
73
69

Stone, Clay, Glass Products _ .

Textiles, Products.—

96.8
114
125
88
97

122

Nonferrous Metals, Products

Lumber, Products

97
97
75
92
56
76
78
153
78
90
72
107
84
116

May

88.0
93
104
68
80
59
80
71
156
68
78
64
115
79
116

96.9

98
235

101
238

103
246

141
79

143
77

157
76

160
78

123
75

111

114

118

123

117

97
229

75.2
97.0 115.0 112.3 '97. 5 102.6
1,414 1,467 2,328 2,519 2,703 2,891
105
70
110
86
99
'82
56
51
32
33
51
51
29
28
31
33
29
28

Transportation Equipment
Aircraft
Automobiles « .
Cars, eleotric-, steam-railroad

Aluminum
Brass, bronze, copper..
Clocks, watches
Jewelry
. __
Lighting equipment
Silverware, plated ware
Smelting, refining

96.3
83.9
108.1

Sept.

1940

1939

1940

122.2

0)

110
53
36

129

158

163

170

181

100.3

105.3

106.6

106.9

113.8

119.9

151
115
86
100
88
71

173
126
90
89
84
70

177
127
91
91
84
68

181
130
90
93
77
63

189
138
95
99
88
69

196
146
101
102
101
73

189

Sept.

May

93.8
87.8
100.5
92.8

June

96.3
97.5
94.9

97.9
100.0
'95.6

97.1

102.8

July

Aug.
103.8
105.0
102.5

109.4
113.1
105.3

104.3

113.5

118.3

116
75
91
78
86
74
166
78
81
68
113
92
141

125
139
76
94
86
107
80
182
85
89
73
122
96
163

128
139
80
101
91
114
81
201
92
98
75
118
104
181

96.5
'96.1
97.1

95
111
63
85
63
114
72
159
71
82
63
117
82
161

103
110
67
92
73
102
73
162
75
84
62
101
90
170

114
111
70
92
74
86
73
163
77
83
65
114
89
161

100.9

122.3

125.1

125.7

131.0

137.7

125
124
98
116

164
134
114
194

158
138
118
211

149
136
118
224

152
136
124
239

156
140
132
248

'112

95
290

96
303

96
308

101
303

105
327

139
73

127
77

134
74

139
73

150
74

122

114

112

117

125

162
76
137

80
182

78.3
99.5 116.6 118.8 '96.4 113.1
1,381 1,362 2,213 2,514 2,635 3,014
112
'81
98
103
111
75
45
43
47
28
27
50
29
31
33
26
27
27
128

135

180

186

193

103.6

105.5

105.8

117.0

128.0

167
123
88
84
75
66

202
134
94
73
72
61

204
141
92
76
70
56

194
146
91
76
64
51

225
161
101
83
77
61

239
178
109
90
91
71
92

88.7

96.5

77

86

87

89

91

93

71

71

84

86

87

89

68.0

68.3

68.2

71.3

73.3

62.9

63.5

63.3

63.6

60.7

68.3

88
62
63

91
62
63

87
61
62

88
62
62

88
63
62

91
64
65

95
67
66

76
50
57

78
50
57

75
48
58

76
49
58

80.8

81.7

82.0

82.9

84.5

85.5

71.6

71.7

74.6

73.4

103.2
93.0
76
87
81

122
94
152
78
77
140
72
86

122.1
110

174
114
131
78
120

104*. 3
93.3
78
89
84
125
90
150
79
78
143
73
82
124.8
111
179
116
133
89
123

63
72
105
49
90

'82.4
64
72

'103
48
87

96.0
87.0

93.7
85.7

76
89
76

70
87
74

71
88
74

123
66

116
71

116
83

107.8
99

104.9
103

134
62
74
127
62
72

112.1
95
163
114
115
75
121

130
63
73
128
60
76

148
112
110
66
115

94.5
88.0

131
66
72
136
61
83

137
103
110
55
111

64
75
107
49
91

99.8
90.4
71
89
77

122
87

65
75
109
47
94

50
68
105
39
74

49
69
112
39
84

51
70
111
36
76

86.5
81.0

77.9
73.9

75.4
72.5

76
91
78

64
75
76

68
79
82

55
75
67

125
86

103
84

108
74

60
78
68

156
62
67
121
56
68

134
50
65
104
49
60

128
51
64
107
46
65

118
120
121
81
102

112
117
96
54
101

95
109
95
47
92

136
70
73
148
63
87

138
73
74
153
64
89

164
110
117
73
117

171
112
121
87
121

116.8
108

50
70
103
41
74

88.1
80.2

102.4
92.6

120.4
108

37

163
111
85
77
58
59

70.0

61
71
104
49
91

,349
230

75

63
71
101
52
86

136.5

212

68.7

62
73
99
53
85

Sept.

162
64
68
117
55
72

98.3
86
133
112
120
67
103

99
46

92.1
80

81.0
65

93
58

76.6
71

74
49
54

'71.1
52
68

'105

34
71

77.7
76.4
54
78
69

95
78

130
54
63
117
47
74

75.6
77

89
100
98
37
88

70.9

82
53
62

87
55
63

76.7

78.9

54
73
116
37
80

87.4
80.9
59
80
73

102
83
144
60
66
129
51
78

94.8
82

129
108
114
65
102

54
77
120
37
85

92.3
84.7
66
85
77
107
77
146
64
68
137
51
82

101.7
82
140
122
119
94
107

' Revised.
Comparable data not available. Revised figures from January 1938 to date will be published in the BULLETIN as soon as possible.

1

1218




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 payrolls

Factory employment
Industry and group

1939
Aug.

1940

Sept.

May

June

July

1940

1939
Aug.

Sept.

Aug.

Sept.

May

June

July

Aug.

Sept.

Leather, Manufactures
Boots, shoes
Leather

100.7
100
86

97.8
97
87

86.8
85
81

86.8
85
80

91.6
91
80

92.0
91
80

90.5
89
80

84.6
83
83

76.6
72
84

63.6
58
77

67.0
63
76

76.4
75
76

77.1
75
77

74.2
72
77

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 —

147.0
147
295
103
289
79
80
89
100
88
99

150.7
148
287
99
304
91
84
82
101
121
91

121.7
145
279
100
100
76
79
84
106
47
95

129.7
147
302
105
141
75
78
92
108
53
98

135.5
147
300
105
180
74
80
92
111
58
101

146.0
147
299
103
265
80
80
91
107
89
98

147.7
147
283
100
270
96
81
81
108
102
96

135.1
135
350
87
251
77
77
74
106
86
81

139.7
139
336
84
264
92
94
69
108
117
86

121.5
138
331
85
90
75
73
70
110
49
80

129.0
141
376
91
117
72
72
78
115
54
89

131.4
142
353
90
147
69
76
78
118
56
91

139.2
140
357
89
251
77
76
78
112
88
85

138.4
141
331
88

66.6
61
67

66.4
61
67

62.2
59
63

64.9
58
66

62.4
56
63

64.4
55
66

65.8
56
67

62 7
67
62

62.9
67
62

60.7
67
60

66.9
67
67

62.3
67
62

62.3
65
62

67

110.9
114
107
98
112

113.2
119
109
98
116

115.0
114
115
99
117

114.5
115
116
97
116

114.7
116
117
99
114

115 2 115.3
118
120
117
117
100
99
114
116

103 7
125
108
83
102

109.3
133
113
86
110

113.1 '112. 3 111.2
127
125
'128
126
124
126
85
88
87
112
'111
106

110.9
131
125
86
106

134
124

109.2
123
105.9
119

118.0 '120. 6 '119.0 '118. 5
123
122
123
123
116.7 '120.4 '118.0 '117. 4
124
136
140
138

119.4
123
118.6
142

119.0
136
113.8
136

124.6 '133.5 133.2 '133.4
135
137
137
137
121.5 '132. 5 '132.0 '132. 4
162
165
169
140

134.8
137
134.0
171

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. _

57

120

110
93
74
122

129
126

300
89

82.6

Rubber boots, shoes. _
Rubber tires, inner tubes
Rubber goods, other

118
118

98
122

255
86

Rubber Products

'64

114
100

304
81

86.0

59
68
133

83 8

60
70
142

54
69
140

'45

116
126

114
133

89
126

80
125

307
306
81
82
83 4 83.5
55
69
138

54
69
138

52

115
140
81
124

308
84
85.8
55
71
143

122.6
123
122.6
143
79

118
148
97
126

312
82
89.7
57
72
153

100

48

124
114

121
109
63
126

86
128

286
107

247
102

91.0

86 3

62
83
135

58
79
127

'57

129
141
118
136

311
98
87.2
54
80
132

'46

126
154
78
136

314
100
86.4
56
78
133

'46

49

125
167

127
172

315
100

318
102

70
132

85.2
51
77
132

71
132

87.8
57
76
142

230
98
82
70

113
115
82
65.8
66

113.1
88
111

138.2
140
137.8
172
75
132
175
86
135
324

107
96.0
60
85
153

' Revised.
NOTE.—Figures for September 1940 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlyingfiguresare
for payroll period ending nearest middle of month.
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES

[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)

Average hours worked per week
Industry group

1939

1940

July

Aug.

Total

36.7

38.0

Durable goods

36.2

38.4

34.2
38.0
35.1
37.4
36.9
35.1
37.1

Iron, Steel, Products
Machinery
__ _
Transportation Equipment— ___
Nonferrous Metals, Products
Lumber, Products—.
Stone, Clay, Glass Products
Nondurable goods.

Textiles, Products
Fabrics
Wearing apparel
Leather, Manufactures
_
Food, ProductsTobacco Manufactures _
Paper, Printing
Chemicals, Petroleum, and Coal
Products
Petroleum refining
_
Other than petroleum refining.
Rubber Products
_
_
c

Corrected.

NOVEMBER

Apr.

May

June

1940

1939
July

Aug.

July

Aug.

Apr.

May

June

July

Aug.
66.7

37.2

37.2

37.5

37.3

38.4

63.7

63.4

66.5

66.9

67.2

66.7

38.2

38.2

38.7

37.9

39.8

70.2

69.9

72.9

73.0

73.2

72.7

72.8

37 0
39.0
38.1
39.0
39.6
37.7

36 0
40.5
38.3
38.6
38.4
36.5

36 6
40.5
36.7
38.8
38.7
37.1

37 6
40.8
38.1
39.0
38.5
36.3

37 2
40.5
36.2
38.6
37.0
35.5

38 8
41.2
39.9
40.1
40.1
37.0

75 9
72.4
88.6
67.2
49.8
64.6

75 7
72.1
88.8
66.8
50.2
64.6

76 4
73.9
90.2
70.0
51.8
66.4

76.7
74.1
90.2
70.1
52.1
66.4

77 4
74.3
90.5
70.2
52.3
66.4

77.7
74.4
89.1
70.1
51.9
66.5

77.7
74.5
89.7
70.3
51.7
66.8

37.8

36.2

36.3

36.4

36.7

37.2

58.7

58.5

60.9

61.5

61.7

61.5

61.3
51.2
48.6
55.8
55.4
61.5
49.2
78.9
77.8
97.7
70.7
77.9

C

35.2
35.9
33.6
37.8
39.9
37.0
37.5

36.1
36.7
35.0
37.7
40.5
36.9
38.1

34.2
34.5
33.6
32.5
39.4
34.7
38.1

33.7
34.3
32.7
30.9
40.1
36.4
38.8

33.5
34.1
32.5
33.2
40. 1
38.1
38.5

33.8
34.8
31.9
35.9
39.9
36.8
38.4

34.9
35.7
33.5
35.8
40.4
36.1
38.2

47.2
46.0
49.6
52.2
61.3
47.6
77.2

48.3
46.0
52.3
52.6
59.6
47.2
76.8

49.5
48.2
51.9
54.3
64.3
49.3
79.3

49.6
48.4
51.8
55.5
64.7
49.7
79.4

49.6
48.4
51.8
55. 3
64.1
50.5
79.7

50.2
48.6
53.4
55.3
'62. 5
'50.2
79.1

37.8
34.7
39.1
36.5

38.4
35.8
39.5
37.0

38.5
36.5
39.2
36.0

38.8
36.2
39.7
36.4

38.5
35.7
39.6
36.4

38.5
35.3
39.7
35.7

38.7
35.8
39.8
36.3

76.6
98.5
67.8
77.2

76.6
97.5
68.0
77.0

74.2
97.4
66.5
77.9

76.0
97.5
68.6
77.8

77.7
98.3
70.2
78.0

78.3
98.6
'70.9
78.5

' Revised.
1940




1219

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.]

Month

January
February .
March
April
May
June
July.__
August
September
October
November

_
_

Year

Nonresidential building

Residential
building

Total

1939

1940

1939

1940

251.7
220.2
300.7
330.0
308.5
288.3
299.9
312.3
323. 2
261.8
299.8
354.1

196.2
200.6
272.2
300.5
328.9
324.7
398.7
414.9

80.2
79.0
125.2
114.4
133.8
111.9
109.3
127.2
129.7
118.3
116.6
88.7

77.4
74.9
121.7
135.4
145.9
135.3
140.4
153.0

3, 550. 5

Factories
1940

1939

12.9
15.4
21.8
23.5
23.2
15.2
49.5
39.6

7.1
9.5

13.0
17.5
13.0
15.8
17.4
10.4
20.7
16.8
18.5
15.3

1,334. 3

Commercial

Educational i

1939

1939

1940
15.9
20.2
23.1
24.0
26.1
33.1
38.9
28.6

17.3
13.5
17.4
21.3
19.5
26.8
22.9
21.1
26.6
22.6
20.4
17.4

174.8

246.9

Other i

1940

31.7
21.8
27.6
21.1
16.4
12.5
19.4
13.8
10.1
9.5
9.7
7.7

Public works
and public
utilities >

1939

6.1
8.1
9.3

17.4
15.3
14.3
16.5
14.4

201.4

28.9
24.7
39.8
34.8
27.8
37.8
28.7
24.6
24.9
23.8
29.2
17.4

1939

1940
17.7
26.9
19.6
24.0
25.6
29.4
34.1
36.6

342.5

1940

86.5
71.6
77.7
121.0
97.9
83.6
102.1
115.3
111.1
70.8
105.5
207.7

66.3
55.2
76.7
76.3
92.8
97.5
119.3
142.8

1, 250. 6

Not strictly comparable with data for earlier years due to changes in classification.

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dcdge Corporation. Value of contracts in millions of dollars.]
Total

January
February
March
April
May
June
July
August _September.
October
November
December
Year

Privately-financed i

Publicly-financed *

1935

1936

1937

1938

1939

1940

1935

1936

1937

1938

1939

1940

1935

1936

1937

1938

1939

100
75
123
124
127
148
159
169
167
201
188
264

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

55
38
68
53
47
64
67
92
97
114
118
196

149
79
96
105
94
116
153
153
116
101

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

45
37
55
71
80
84
93
76
70
87
70
68

66
62
103
130
122
116
141
122
119
125
119
117

130
119
165
195
151
180
191
178
127
124
106
94

75
68
132
123
139
143
142
142
141
154
123
110

104
109
173
170
174
161
163
154
179
170
156
129

1,845 2,675 2,913 3,197 3,551

00 00
toco

Month

1,007 1,334 1,152 1,705 1,708

837

1940
104
119

177
197

217
177
194

220
204

1,341 1,761 1,492 1,842

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.]
1940
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
_
Minneapolis.
Kansas City
Dallas
Total (11 districts)

Number

1939

Sept.

Aug.

26, 700
53,900
23,934
34, 643
34,192
31,323
69,156
25,467
12,028
13, 744
22, 564

23, 711
55, 220
17,951
35, 685
47,363
97, 509
62,485
25,170
12,195
11,410
26, 242

21,288
58,465
18, 907
34, 232
32,058
27,982
65, 709
19,989
8, 923
11,191
24, 483

347, 651

414,941

323, 227

Sept.

Federal Reserve
district

1940
Sept.

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
M inneapolis
Kansas City
Dallas
San Francisco
Total

._

Liabilities
1939

Aug.

Sept.

1940

1939

Sept.

Aug.

Sept.

44
321
75
36
37
43
145
36
20
49
23
147

77
408
62
46
42
53
177
42
18
52
34
117

71
385
74
49
36
45
154
26
22
60
22
99

630
3,918
701
1,049
348
488
1,337
665
240
255
159
1,607

1,082
4,258
680
684
713
424
2,379
638
219
239
384
1,297

1,204
3,484
1,096
781
386
336
1,292
301
105
300
259
1,001

976

1,128

1,043

11, 397

12,997

10,545

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.

1220




FEDERAL RESERVE BULLETIN

MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports 1

Excess of exports

Merchandise imports *

Month /
1940

1937

1938

1939

1940

1936

1937

1938

1939

1940

1936

1937

1938

1939

January
February
March

199
182
195

223
233
257

289
262
275

213
219
268

370
347
351

187
193
199

240
278
307

171
163
173

178
158
190

242
200
217

11
—11
-4

-18
-45
-51

118
99
102

35
61
77

128
147
135

April
May
June

193
201
186

269
290
265

274
257
233

231
249
236

324
325
350

203
192
191

287
285
286

160
148
146

186
202
179

212
211

-10
9
-5

-18
5
-21

115
109
87

45
47
57

112
114
139

180
179
221

268
277
297

228
231
246

230
250
289

317
350
P295

195
193
216

265
246
233

141
166
168

169
176
182

-15
—14
5

3
31
63

87
65
79

61
74
107

85
129
P100

265
226
230

333
315
323

278
252
269

332
292
368

213
196
245

224
223
209

178
176
171

215
235
247

52
30
-15

108
92
115

100
76
98

117
57
121

2,456

3,349

3,094

3,177

2,423

3,084

1,960

2,318

33

265

1,134

859

July .
August
September

. .

October
November
December

_

.

_.

Year

gg g

1936

P195

p Preliminary.
1 Including both domestic and foreign merchandise.
2 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
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

DEPARTMENT STORE SALES AND STOCKS

[Index numbers; 1923-25 average=100]

[Index numbers based on value figures; 1923-25 average=100]

Aug.

Sept.

Month

Adjusted for seasonal variation
77
85

72
78

82
88
45
45
85
82

73
74
38
45
96
77

63

60

75
81
91
74
38
45
100
82
60

75
83
105
80
35
46
96
80
61

76
85
108
74
38
49
96
82
61

77
80
99
79
42
51
106
84
61

85
89
78

Without
Adjusted
seasonal
for seasonal
variation adjustment

Without
Adjusted
seasonal
for seasonal
variation adjustment

71
67
70

99
57
49

66
34
47

149
92
65

134
80
60

75
69
85
73
31
48
170
85
60

77
70
89
110
31
46
182
82
60

78
75
88
89
38
51
178
83
61

1939

1940

1939

1940

1939

1940

1939

January
February
March

88
87
88

92
89
S9

69
69
82

71
71
86

67
68
68

68
71
70

60
65
69

61
68
71

April
May
June

88
85
86

89
87

88
87
83

86
89
87

67
66
67

69
68
67

69
68
64

71
70
64

60
69
97

64
77
105

67
67
68

68
69
70

60
65
71

61
66
72

July
August
September

Without, seasonal adjustment
Total
Coal
Coke
Grain and grain products. __
Livestock
Forest products
Ore
Miscellaneous1
Merchandise

Stocks (end of month)

86
83
94
89
54
56
185
94
64

October
November.
December
Year

_
_
_ _

86
89
91
90
95
96

CO

Sept. May June July

Total
Coal
Coke
_
.
Grain and grain products..
Livestock
_
Forest products
Ore.
Miscellaneous
Merchandise *

Sales i

1940

-OCO

1939

99

99
106
168
90

69
71
68

1940

77
82
64
68

1
Based on daily average sales—with allowance for changes from
month to month in number of Saturdays and in number of Sundays and
holidays. Adjustment for seasonal variation makes allowance in March
and April for the effects upon sales of changes in the date of Easter.
1
In less-than-carload lots.
Back figures.—Department store sales, see BULLETIN for August
NOTE.—For description and back data see pp. 522-529 of BULLETIN
for June 1937. Based on daily average loadings. Basic data compiled 1936, p. 631, and for October 1938, p. 918; department store stocks, see
by Association of American Railroads. Total index compiled by com- BULLETIN for March 1938, p. 232.
bining indexes for classes with weights derived from revenue data of
the Interstate Commerce Commission.

NOVEMBER

1940




1221

WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926=100]
Other commodities
All
commodities

Farm
products

Foods

95.3
86.4
73.0
64.8
65 9
74.9
80 0
80.8
86 3
78.6
77.1

104.9
88.3
64 8
48.2
51 4
65.3
78 8
80.9
86 4
68 5
65.3

99 9
90.5
74 6
61.0
60 5
70.5
83 7
82 1
85 5
73 6
70.4

91.6
85.2
75.0
70.2
71.2
78.4
77 9
79.6
85 3
81.7
81.3

109.1
] 00.0
86.1
72.9
80.9
86.6
89.6
95.4
] 04.6
92.8
95.6

90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76 3
66.7
69.7

83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1

100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4

95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5

1939—August
September
October
November
December

75.0
79.1
79.4
79.2
79.2

61.0
68 7
67.1
67.3
67.6

67.2
75 1
73.3
72.3
71.9

80.1
82.1
83.8
84.0
83.9

92.7
98.5
] 04.6
] 04.0
]L03.7

67.8
71.7
75.5
76.4
78.0

72.6
72.8
73.9
74.1
72.8

93.2
94.8
95.8
96.0
96.0

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

79.4
78 7
78.4
78 6
78.4
77 5
77.7
77 4
78.0

69.1
68 7
67.9
69 4
67 9
66 2
66.5
65 6
66 2

71.7
71 1
70 2
71 6
71 4
70 3
70.3
70 1
71 5

83.9
83 2
82.9
82 5
82.5
82 2
82.3
82 0
82.3

]103.6

77.9
75.4
74.0
72.9
72.9
72.6
72.4
72.3
72.5

72.7
72.4
72.2
71.8
71.7
71.4
71.1
71.1
71.0

77.0
76.9
77.2
77.2
77.7
78 0
77.9
77 7
77.7
77 8
78.1
78.4
78.6

65.2
65.2
65.3
65.6
66.7
67 6
66.8
65 7
65.7
65 5
66.1
66.7
67.0

69.1
69.3
70.1
70.0
71.4
71 6
71.3
71 1
70.8
70 7
71.0
71.0
70.8

82.3
82.2
82.1
82.1
82.2
82 3
82.5
82 5
82.6
82 9
83.1
83.5
83.7

98.1
97.9
97.7
97.0
97.1
97.8
98.6
99.0
99.3
99.9

71.8
71.8
71.7
71.7
71.7
71.8
71.9
72.0
72.1
72.5
72.6
73.5
73.6

71.7
71.6
71.7
71.7
71.7
71.8
71.8
71.9
71.8
72.3
72.3
72.3
72.2

Year, month, or week

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

_

_

.

Total

Week ending—
1940—August 3
August 10

August 17...
August 24
August 31
September 7
September 14 _.
September 21
September 28 _
October 5
October 12
October 19
October 26

Farm

LOO. 3

100.7
101.9

Metals and Metal

Products:

Shoes
Hides and skins ...
Leather
Other leather products

65 1
76.3
64 6

64 4
64.7
67 0

60 8
69.8
65 6

59.3
71.5
63.3

61.7
72.4
63.2

74.5
78 8
62.8
81.0
71 7

72.2
77 4
73.9
70 7^
61 3

73.7
76 2
69.0
72 9
61 3

74.3
75.1
63.2
76.1
60 4

75.1
76.0
60.8
79.0
62.6

101 8 107 9 107 0 107.0 107.0
97.4 81.9 84.6
77.1 84.0
88.3 88.9
92.0 92.4 91.4
99.7 99.7
97.1 100.0 99.7

Products:

Clothing _ .
Cotton goods. _
Hosiery and underwear
Silk» . .

Rayon *
.
Woolen and worsted goods
Other textile products
Fuel and Lighting

.

81.7
70.4
62 8
49 7
2§.O
84.0
69 8

85.3
68.4
61 6
46 1
29.5
83.7
74.0

85.3
68.8
61 5
43 3
29.5
83.9
73 0

85.6
68.6
61.5
43.0
29.5
83 7
71.9

85.6
69.2
61.4
42.8
29.5
84.2
71.6

Material:

Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products..

89.6
90.9
92.8
93.0
93.0

H ?,
re. 6
r7 6
T7.A
17 7

85.6
86.6
87.8
88.4
88.5

73.3
76.6
77.8
77.0
77.4

95.8
95.3
95.5
94.5
94.5
94.7
95.1
94.9
95.4

93.4
93.2
93.3
92.5
92.5
92.4
92.7
93.5
94.6

17 7
•77.5
77 0
76 7
r« 1
77 0
76.7
76 8

87.9
88.0
88.0
88.4
88.5
88.5
88.5
88.5
88.5

77.7
77.3
76.9
77.7
77.7
77.3
77,7
76.7
76.5

94.9
94.9
94.9
94.9
95.0
95.0
95.3
95.3
95.7
95.8
96.4
97.4
97.4

92.8
92.8
93.1
93.4
93.5
94.2
94.4
94.2
94.7
95.1
95.1
95.0
95.6

76.8
76 7
76.5
76 4
76.5
76 8
76 8
76 8
76 7
76.8
76 8
76.9
77.0

90.0
90.0
90.0
90.0
90.0
90.0
90.0
90.0
90.0
90.1
90.0
90.0
90.0

77.4
76.7
76.4
76.4
76.2
76.4
76.3
76.3
76.1
76.4
76.4
76.8
77.0

Subgroups

Sept

Products:

Hides and Leather

!* 7
82.6
r7.o
r6 o

82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74 8

i)4.0
iW 7
ro. 3
»ra 9
-72.1
r5.3

r9.o

»•

re. 8

1940

1939

Sept. June July Aug.

Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats . . .
Other foods

Textile

L02.4
L01.8
L01.8
L01.3
99.2
99.0
96.9
98.3

72 5 77.1 78 1 79.0 79.6
96.2 96.8
96.7 95.7 95.8
104 2 109 6 109 6 109. 6 109.6
77 5 74 2
87 2 87 4 88 2 84 5
49.2 48.9
53.3 50.0 49.5

Sept. June July Aug. Sept.

Products:

Agricultural implements
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating

93.5
94.7
95.5
92.1
84.7
79.3

Building
Materials:
Brick a n d tile _—

92.5
93.6
94 3
94.8
81 2
80.5

91.0 90 2
91.3 90.6
93.7 96.0
84.7 85 ?,
79.3 80.5
L07.3 107 3
90.3 93 0

COTTlGTlt.

LL unber
Pa int and naint materials
Plumbing and heating
Structural steel
Other building materials

Chemicals and Allied

Products:*

Chemicals *
_
l
Drugs and Pharmaceuticals
Fertilizer materials l

Mixed fertilizers i
Oils a n d fats i
Housefurnishing
Goods:

Furnishings.
Ft irniture

_

_ __

Auto tires and tubes..
Cattle feed _ .
Paper and pulp
Other miscellaneous

92.3
93.5
94.8
95.6
79.1
80.5

92.4
93.7
94.9
96.1
80.7
80.5

90.1 90.1
90.6 90.6
96.7 100.3
84.6 84.2
80.5 80.5
107.3 107.3
93.6 93.4

90.2
90.6
104.6
84.1
80.5
107.3
93.5

92.4
93.5
94.6
95.6
80.8
80.5

84.5
78.4
67.2
72.4
54.2

85 1
82.2
67 4
72 8
45.1

84.9
95.9
67.3
72.8
43.0

84.8
96.2
68.0
74.2
39.1

84.8
96.0
68.1
74.2
39.9

91.7
81.3

94 9
81.7

94.8
81.8

94.8
81.8

94.8
81.8

60.5
93.4
81.8
47.7
82.8

58.2
80 0
91 7
46.3

58.8
83.2
93.5
44.2
83.5

58.8
74.5
93.5
41.0
82.8

58.8
75.9
93.2
39.8
82.6

Miscel laneous:

R u b b e r , crudft

Miscellaneous

94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3

1940

1939

Subgroups

Chemi- HouseHides and Textile Fuel and Metals Building cals
and furnishleather products lighting and metal materials allied
products
materials products
products* ing goods

83.7

i Revised series.
• N e w series.
Back figures.—For m o n t h l y a n d a n n u a l indexes of groups, see Annual R e p o r t for 1937 (table 86); for indexes of s u b g r o u p s , see A n n u a l R e p o r t
for 1937 (table 87).

1222




FEDERAL RESERVE BULLETIN

STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES
Chart
book

1940

Sept.
25

WEEKLY FIGURES

Oct.
2

Oct.

Oct.
16

Oct.
23

13.70
7.06
6.64
3.35
.62
1.82
.85

2.45
.1
2.40
21.35
8.20
2.29
.58
13.93
7.11
P6.80
3.40
.61
1.86
P. 93

2.38
21.37
8.23
2.27
.46
14.02
7.15
P6.87
3.44
.62
1.88
P. 93

14
14
14

24.17
15.48
8.69

24.33
15.54
8.79

24.33
15.53
8.80

24.40
15.53
8.88

24.49
15.60

15
15
15
15
15

21.08
5.35
.53
8.54
.69

21.15
5.36
.53
8.73
.68

21.24
5.35
.53
8.72
.69

21.32
5.35
.53
8.96
.68

21.64
5.36
.53
8.77

16
16
16
16

5.31
1.45
1.75
.30

5.37
1.45
1.77
.32

5.33
1.43
1.78
.29

5.35
1.38
1.80
.31

5.37
1.39
1.82
.30

17
17
17

6.47
2.24
2.82

6.49
2.24
2.86

6.53
2.24
2.89

6.54
2.26
2.92

6.56
2.27
2.93

2.47

0)

2.43
21.17
8.09
2.30

.79

2.48

0)

WEEKLY REPORTING
MEMBER BANKS

Total, 101 cities:
Loans and investments.
Investments
.__.
Loans
Adjusted demand
deposits
Time deposits
U. S. Gov't. deposits _>.
Domestic bank balances
Foreign bank balances..
New York City:
U. S. Gov't. obligations.
Other securities...
_
Commercial loans
Brokers' loans
100 cities outside New York:
U. S. Gov't. obligations.
Other securities
Commercial loans..

Averages of daily figures9; per cent
per annum

MONEY RATES AND SECURITY
MARKETS

1.00
.56
.44
.04
.45
2.15
2.81
4.62

1.00
.56
.44
.04
.45
2.14
2.79
4.59

1.00
.56
.44
.02
.45
2.09
2.79
4.57

1.00
.56
.44
.02
.43
2.09
2.78
4.56

1.00
.56
.44
.02
.41
2.09
2.78
4.54

Wednesday figures; in unit indicated

Stock prices, t o t a l 4 .
27, 29
Industrial
27
Railroad
27
Public u t i l i t y . . . 2.
27
Volume of trading (mill,
shares)
29
Brokers' loans (mill, dollars)
29

82
96
28
80

80
93
27
79

81
94
27
80

.65
415

.64
446

.43
409

.57
437

77.7
65.7
70.8
82.6

77.8
65.5
70.7
82.9

78.1
66.1
71.0
83.1

78.4
66.7
71.0
83.5

78.6
67.0
70.8
83.7

38

92.5

92.6

94.2

94.4

94.9

38

96.0

105.2

108.5

114.7

117.1

39

2,670

2,641

2,665

2,687

2,711

39

822.4

806.0

811.9

813.9

837.7

p Preliminary.
• Estimated,
i Less than $5,000,000.
* Averages of daily figures, see footnote 3.
3 Figures are shown under the Wednesday date included in the weekly
period.
* Index numbers, 1926=100.
* Adjusted for seasonal variation, 1935-39=100.

77.7
66.5
70.3
82.3
112.7

77.4
65.6
70.1
82.0
113.0

82.4
121
50.0
»-52. 6

82.4
121
51.0
52.5
17.3
103.6
103.8
76
99

18.2
99.5
96.5
75
91

78.0
66.2
71.5
82.3
Pin. 8
82.2
P125

P55.2
P52.3
P17.5

P107.2
P109. 4
77
99
70

In millions of dollars

Construction contracts awarded:
Total.
Residential
Other
Exports and imports:
Exports (incl. re-exports) ___
General imports
Excess of exports
Income payments:
Total6
Total unadjusted 6
Salaries and wages
Other 5
Cash farm income:
TotaH8
Crops
Livestock and products 8_.
Government payments

41
41
41

347
141
206

371
150
221

P157
P217

49
49
49

317
232
85

350
221
129

P295
P195
PIOO

6,189
5,787
3,940
2,249

P6, 258
P6,446
P3, 988
P2, 270

50
50
50
60

6,107
'6,103
'3,870
*-2,237

51
51
51
51

708
266
407
35

'entral gold reserves:
U n i t e d States
England
France
Netherlands
U . S. G o v ' t . interest-bearing
debt—total
Bonds
Notes
Bills
Special issues

749
304
403
42

P894
P420

P419

In billions of dollars
20.46

20.91

21.24

8
8
8
8

P2.00
.63

P2.00
.62

P2.00
P. 62

20
20
20
20
20

43.19
30.27
6.38
1.30
5.23

43.32
30.32
6.38
1.30
5.31

43.48
30.36
6.38
1.30
5.44

0)

Jan.Mar.
1940

.59
420

33
33
33
33

Sept,

7

QUARTERLY F I G U R E S "

Figures for week3; in unit indicated

BUSINESS CONDITIONS

Wholesale commodity prices: 4
All commodities
Farm products
Foods
Other commodities
Steel plant operations
(per cent of capacity)
Automobile production
(thous. cars)._
Electric power production
(mill. kw. hrs.)
Total freight-car loadings
(thous. cars)

82
96
27
81

Aug.

Index numbers
1928-25=100

OTHER

19
19
19
21
21
21, 25
25
25

July

BUSINESS CONDITIONS

Wholesale commodity prices: 4
United States:
2.39
All commodities
31, 32
0)
Farm products
31
2.35
Foods..
31
21.43
Other commodities
31
8.24
England...
_
32
2.23
France
32
.38
Germany
32
6
14.15 Industrial production _. 8
35
7.21
Durable manufactures
37
Nondurable manufactures 6
37
Minerals «
37
Factory employment
43
Factory payrolls
_
43
Freight-car loadings 5 —
_
45
Department store sales 5__5
47
Department store stocks
47

2.48
.1
2.42
21.27
8.17
2.29
.68
13.80
7.08
P6.70
3.35
.60
1.83
P. 91

Reserve Bank credit—total.
Bills discounted.
_
U. S. Gov't. securities __
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Member bankJbalances
3 6
Required reserves e ._6
Excess reserves—total 2 •
7
New York
City
*
_
7
Chicago 2
7
2
Reserve city banks
7
Country banks 2 •
7

1940

MONTHLY FIGURES

Wednesday figures; in billions of
dollars

RESERVES, GOLD, AND
CURRENCY

F. R. Bank discount
rate, N. Y
C ommercial paper
Bankers' acceptances
U. S. Treasury bills....
U. S. Treasury notes
U. S. Treasury bonds
Corporate Aaa bonds
Corporate Baa bonds

Chart
book
page

0)

Apr.June
1940

JulySept.
1940

In millions of dollars
Domestic corporation security
issues, t o t a l . .
_
New
Refunding
__

28
28
28

563
111
452

581
181
400

530
153

377

Per cent per annum
Customers' rates:
N e w York C i t y . .
7 other N o r t h e r n a n d
E a s t e r n cities
11 Southern a n d W e s t e r n
cities

23

2.03

2.00

2.14

23

2.67

2.49

2.56

23

3.35

3.38

3.43

6
7
8

Points in total index of industrial production.
Three-months moving average adjusted for seasonal variation.
Series revised for the period from January 1936 to November
939, inclusive. Back figures may be obtained from the Division
of 9Research and Statistics.
Banking statistics for call report dates are shown in table
on following page.

NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each.

NOVEMBER

1940




1223

STATISTICS FOR FEDERAL RESERVE CHART BOOK—BANK CALL REPORT SERIES
[In billions of dollars]
1940

1939

1938

1937

Chart
book
page

Oct.
2

Mar.
26

Dec.
30

June
29

Dec.
31

Mar.
7

June
30

Sept.
28

Dec.
31

Mar.
29

June
30

10

56.83

56.78

56.74

57.65

59.12

59.15

61.00 P63. 03 P64.40

P65.

10
10
10

24.05
26 26
5.69

24.13
26.34
5.50

24.39
26 27
5.47

25.10
26.27
5.50

26.01
26.38
5.83

26.01
26.58
5.68

27.32 P29. 10 P30. 05
26.83 P26. 91 P27. 00
6.05 P6.23 P6.50

P30.
P27.

11
11
11
11
11
12
13
13
12
13
13
13
11
12
13

20 39
11.52
5 44
31.75

20.51
11.59
5.62
31.52

20.89
11.56
6 10
30.72

21.60
11.46
6.09
31.63

22.29
11.51
6.51
32.07

22.36
11.62
6.82
32.10

23.59
11.72
7.10
32.60

25.12
11.73
*8. 24
33.08

25.68
11.85
8.51
33.94

17 79
12 37
10.57
1.80
5.42
2.03
3 21
.18

17.98
12.45
10.63
1.83
5.52
2.19
3.15
.18

17 78
12.34
10.22
2.13
5.44
2.i3
3.13
.18

18.86
13.22
10.88
2.34
5.64
2.45
3.01
.18

19.05
13.35
10.69
2.66
5.70
2.55
2.96
.18

19.46
13.78
10.95
2.83
5.69
2.55
2.94
.19

19.61
13.81
10.89
2.92
5.79
2.76

13 96
3.70
95

13.55
3.54
.88

12 94
3.32
70

18 69
13.01
10.71
2.30
5.68
2.30
3.19
.18
12.94
3.30
.71

13.21
2 1.75
.97

13.05
1.57
.84

13.14
1.47
.73

13.47

19.98 * 20.22 20.48
14.42 14.72
14.33
11.31 11.60
11.18
3.12
3.11
3.14
5.80
5.76
5.65
2.90
2.89
2.69
2.70
2.77
• .17
.19
13.94 13.97
13.96
1.12
1.49
.45
.79

2 75
2.55
7 71
7.00
.64
.07

2.67
2.56
7.45
6.75
.61
.10

2.61
2.61
7 01
6.40
.49
.12

2.59
2.66
6.97
6.36
.48
.13

2.78
2.72
2 8.74
2 5.45
.44
.12
3 2.73

.73
2.75
8.73
5.53
.42
.10
2.67

.74
2.83
8.85
5.57
.42
.06
2.80

BANK DEPOSITS AND CURRENCY

Total deposits and currency
__._
Deposits at all banks in U. S:
Demand deposits adjusted _.
_
Time deposits
Currency outside banks

05 P67.09

60 P32. 01
30 P27.45
P6.30 P6.79

M E M B E R BANKS

Demand deposits adjusted
Time deposits—
Interbank balances
Loans and investments . .
_. _
_.
Investments, total
U. S. Government obligations, total
Direct obligations __ __
_. Guaranteed obligations
Other securities, total
.
State and local government securities
Other domestic
Foreign securities
Loans, total
Security loans, total 1 *
Brokers' loans
Loans on securities (excluding brokers'
loans) 2

Real estate loans
Other loans, total 1 * 2
Commercial loans
Open-market paper
Loans to banks8
All other loans

13
12, 13
12
13
13
13

_ _

(6)

(5)
6

( )
(5

(6

27.88
12.07
8.85
34.45

26.46
11.98
* 8. 72
34.16

a5
(((56)))
«(6)

.70
2.96
9.51
6.12
.45
.06
2.89

.67
3.07
9.79
6.27
.45
.04
3.02

p Preliminary.
»In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans"
since that date.
* 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.
3
Not originally plotted in chart book.
* Partly estimated.
6
Detailed breakdown of loans and investments now available on June and December dates only.

OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of October 1, 1940]
[In thousands of units]

Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco

Boston
New York
Philadelphia
Cleveland
Richmond

.

Atlanta...

Chicago
St. Louis . .
Minneapolis
Kansas City
Dallas
San Francisco
Total

Bushels

Bushels

Bushels

Bushels

1939
Bales

Bales

1,341
2,354

1,617
2,493

1 3,429

2 3,345

437
3,631
625

635
3,997
654

7,827
28, 310
51, 372
212,109
141, 280
141, 510
1,132, 703
342,860
285,022
182,105
87,166
6,873

11,817

12, 741

2, 619,137

1939
Bushels

Estimate
Oct. 1,
1940
Bushels

7,058
17, 263
42,034
24, 270
5,506
56, 639
57,927
25, 846
226,488
28, 703
71, 697

7,956
16, 652
47, 857
26,235
6,438
61,135
62, 392
25,149
203,878
26, 999
71,148

84
108
150
115

80
92
173
141

2,044
97
157,053
4,514
75
27, 300

2,260
83
194,785
6,679
97
32,103

2, 352,185

563, 431

555, 839

191, 540

236,493

White potatoes

Tobacco

Estimate
Oct. 1,
1940

Production
1939

Estimate
Oct. 1,
1940

Production

1939

Bushels

Bushels

Tons

Tons

Production

Spring wheat
Produc tion

7,648
25,993
48, 626
148,971
131,818
174,414
915,150
309, 337
255,400
219,307
108,478
7,043

Tame hay

Oats
Federal Reserve district

1939

Estimate
Oct. 1,
1940

Production

. -_

Total

Production

1939

Estimate
Oct. 1,
1940

Estimate
Oct. 1,
1940

Production

Winter wheat

Corn

Cotton
Federal Reserve district

Production

1939

Estimate
Oct. 1,
1940

1939

Estimate
Oct. 1,
1940

Pounds

Pounds

Bushels

Bushels

7,189
26, 957
16,503
43, 759
21,103
14, 594
359, 529
46,847
257,914
76, 924
31,319
34, 577

7,190
27, 957
19,102
54,881
20, 796
15, 256
525,077
61,011
295,420
124,017
37, 658
29,908

3,364
4,428
1,944
5,094
3,708
3,172
17,426
7,643
10,182
5,902
1,430
11,433

3,497
5,795
2,373
5,932
4,022
3,148
20, 472
7,898
10, 670
6,936
1,686
12,075

34,764
2,276
35, 967
126, 363
1,121, 254
205,900
32, 608
282, 074
2,724
4,724

31, 645
2,259
38,146
102, 864
644,936
173, 824
35, 254
232, 727
3,077
4,180

47,632
30,853
21, 638
20, 229
23,205
14,664
46, 211
12,048
44, 752
31,219
3,349
68, 216

55,304
32,412
25,021
19,816
28,028
15,148
43, 522
13,471
51, 543
31, 322
3,763
69, 741

937, 215

1, 218, 273

75, 726

84, 504

1, 848, 654

1, 268, 912

364,016

389,091

1Includes 20,000 bales grown in miscellaneous territory.
* Includes 18,000 bales grown in miscellaneous territory.

1224




FEDERAL RESERVE BULLETIN

CONDITION OF INSURED COMMERCIAL BANKS IN UNITED STATES AND POSSESSIONS,
JUNE 29, 1940 AND DECEMBER 30, 1939
[Amounts in thousands of dollars]
D e c e m b e r 30, 1939

June 29, 1940

Number of banks

_.

All banks

National
banks
members
Federal
Reserve
System

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

13,480

5,164

1,234

7,082

13,535

5,187

1,175

7,173

17,014, 372

9,156, 258

4,812, 512

3,045,602

16,866,021

9,021, 748

4,940,072

2,904, 201

15, 900,885
6, 920,404

9,094,306
3, 787,485

5,627, 299
1,973,147

1,179, 280
1,159, 772

15, 567,480
6, 860, 359

9,057,640
3, 730,947

5,270,515
1,919, 586

1, 239,325
1, 209, 826

39, 835, 661

-22, 038,049

12,412,958

5, 384, 654

39, 293, 860

21, 810,335

12,130,173

5, 353, 352

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

81,104

42, 337

36,854

1,913

109,891

55,843

51,700

2,348

1, 588,028
13, 750, 656
983,888
7, 556, 291
1, 573,048
109, 398
11, 289
99,817

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

795,885
6,493, 792
611,339
4,231,075
1,153, 289
57,872
5,712
42,232

546,871
5,109, 712
229,876
1, 299,090
654,081
42, 287
4,599
35,186

313, 943

195,197
1,789,312
49,978
6,957
1,909
13,136

1, 656, 699
11,603,504
1,067,155
7, 343,873
1,861,058
107, 291
11,620
91, 575

225,940
1,813, 708
53, 688
7,132
1,309
14,157

65, 589,180

36,816,307

21,030,039

7, 742,834

63,146,526

35, 257, 374

20,103, 575

7, 785, 577

15, 957,445

10,439,155

2, 502,454

27,196,842

14,921,445

9, 682, 537

2,592,860

7,848,881

3,610,100

3, 320, 587

14,471,056

7,693, 612

3, 521,497

3, 255,947

2, 264, 461
559, 529

674,381
209, 927

662, 251
60,150

3, 413,160
859,402

2,076,768
584,827

676, 739
209,069

659, 653
65, 506

6, 383,398

3, 781, 843

150,829

10,135,889

6, 282, 298

3, 691, 360

162, 231

Liabilities
Demand deposits of individuals, partnerships, or corporations
28, 899,054
Time deposits of individuals, partnerships,
or corporations.
14, 779, 568
Public funds of states and political subdivisions
3, 601,093
U. S. Gov't. and postal savings deposits . . .
829, 606
Deposits of other banks; cash letters of
credit: certified officers', and travelers'
checks outstanding
10, 316,070
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

13, 844

2,910

513

10,421

13, 609

2,882

359

10, 368

96,114
38,019
76,194
91, 075
242,044

50,639
22,633
41,362
49, 675
166,918

43, 556
13,645
19, 741
32,462
65,420

1,919
1,741
15,091
8,938
9,706

126,107
40,731
69, 859
76, 562
218,939

64,173
23,668
37, 694
40,948
131,676

59, 582
14,300
18, 616
27, 742
77,398

2,352
2,763
13, 549
7,872
9,865

Total liabilities, excluding capital
account

58, 982, 681

33,347,851

18,890, 743

6,744,087

56, 622,156

31,859,991

17,979,199

6, 782,966

2, 892, 233
2, 483, 865
836,841
332, 995
60, 565

1, 530, 849
1, 247, 556
467, 965
187, 958
34,138

826, 444
959, 752
243, 330
101, 642
8,128

534,940
276, 557
125, 556
43, 395
18,299

2,914,004
2,442,853
789, 340
318,432
59, 741

1,529,103
1, 213,857
445, 206
176, 960
32,257

834,126
952, 535
229, 528
99, 653
8,534

550,775
276,461
114.606
41,819>
18, 950

65,589,180

36,816,307

21,030,039

7, 742,834

63,146, 526

35, 257, 374

20,103, 575

7, 785, 577

Capital stock, notes, and debentures
Surplus
Undivided profits
Reserves for contingencies
All other capital accounts
Total liabilities, including capital
account
__

NOVEMBER

1940




1225

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

1228
1229
1229-1230
1230-1234
1235-1238
1239
1239-1240
1241
1242
1243
1243

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.

NOVEMBER 1940




1227

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Argentina

End of month Total i United
States
1936—Dec... .
1937—Dec. „
1938—Dec. . .
1939—Dec...
1940—Jan
Feb....
Mar....
Apr
May...
June
July....
Aug
Sept...

BritBelish
gium Brazil India

Bulgaria

Canada

Chile

Czecho- DenCoslolombia vakia
mark

Egypt

France

Germany

Greece

11,258
12, 760
14,512
17,644

501
469
431
466

632
597
581
609

25
32
32
40

275
274
274
274

20
24
24
24

188
184
192
214

29
30
30
30

19
16
24
21

91
92
83
56

54
53
53
53

55
55
55
55

2,995
2,564
2,430
2,709

27
28
29
/29

26
24
27
28

25,983 17,931
26, 274 18,177
25, 777 18, 433
26,020 18, 770
'26, 269 19, 209
'27,137 19, 963
'27, 616 20, 463
••28,043 20,913
.28, 353 P21, 244

466
472
482
2 403
403
403
403
c
402

/609
/609
/609
/609
/609
4 734
/734
/734
/734

41
42
42
44
45
46
46
/47
/47

274
274
274
274
274
274
274
/274
/274

24
24
24
24
/24
/24
/24
/24
/24

211
213
211
212
35
8
8
8
/8

30
30
30
30
30
30
30
30
/30

23
24
23
23
23
22
18
15
15

56
56
56
56
56
56
56
56
/56

53
53
53
53
53
53
53
53
/53

55
55
55
55
/55
/55
/55
/55
/55

2,709
2,709
2,000
2,000
2,000
/2,000
n, 000
/2,000
n, 000

/29
/29
/29
/29
/29
/29
/29
/29
/29

28
28
28
28
28
28
28
28
/28

Portu- Rumagal
nia

South
Africa

22,716
24,045
25,544
25, 776

End of month

Hungary

P385

Iran
(Persia)

Japan

Italy

NethNew
Mexico erlands
Zealand

Java

Norway

Peru

Poland

1936—Dec,
1937—Dec.
1938—Dec...
1939—Dec,

25
25
37
24

25
25
26
26

208
210
193
144

463
261
164
164

60
79
80
90

46
24
29
32

491
933
998
692

23
23
23
23

98
82
94
94

20
20
20
20

1940—Jan,
Feb....
Mar
Apr
May...
June
July
Aug
Sept

24
24
24
24
24
24
24
24
/24

/26
/26
/26
/26
/26
/26
/26
/26
/26

/144
/144
137
/137
/137
/137
/137
/137
/137

164
164
164
164
164
164
164
164
/164

90
90
90
100
100
98
103
'103

27
23
25
27
28
31
33
30
25

692
692
692
650
646
625
627
624
/624

23
23
23
23
23
23
23
23
/23

84
84
84
/84
/84
/84
/84
/84
/84

20
20
19
20
20
19
/19
/19
/19

Sweden

Switzerland

B.I.S.

Other
countries 6

End of month
1936—Dec.
1937—Dec
1938—Dec.
1939—Dec

240
244
321

657
650
701
549

1940—Jan..
Feb..
Mar.
Apr.
May
June
July.
Aug.
Sept.

258
218
173
179
189
199
173
153
/153

536
527
520
515
501
493
488
490
/490

Turkey

United
Kingdom

ao3
Uruguay

2,584
2,689
2,690
1

/86
/86

/68
/68
/68

Venezuela

Yugoslavia

182
184
141
148

End of
month

/52
/52
/52
/52
/52
/52
/52
/52
/52

137
147
149
154
155
154
'155
155
155

1936—Dec . . .
1937—Dec—

10
10
10
/69

no




68
69
69
69

114
120
133
152

203
189
220
249

/718
/718
'525
/525

69
69
69
69
69
69
69
/69
/69

152
153
153
154
155
155
156
/156
/156

253
268
272
279
298
302
305
308
/308

/525
/525
/525
/525
/525
/525
/525
/525
/525

Government gold reserves l not included
in previous figures

59
52
52
/52

r
c
p Preliminary.
Revised.
Corrected.
/ Figure carried forward from last previous official report, as indicated by last previous
figure without footnote /, except in the case of Germany, Spain, and Venezuela; last official
German report dated June 15, 1939, Spanish figures officially reported on Aug. 1, 1936, and April
30, 1938, and last Venezuelan report is for end of March 1939.
1 Totals do not include Government gold reserves shown in separate section at end of table,
or other central reserves which are unreported or which are too minor to be included. Among
unreported reserves are those of the U. S. S. R., those in the Canadian, Swiss, and Netherlands
stabilization funds, and certain German holdings. Totals may include some figures which are
preliminary or carried forward from previous report dates (see footnote 0.
1 Beginning April 1940, reports on certain Argentine gold reserves no longer available.
a On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control 4Board.
Figure reported in special semi-annual statement of National Bank of Belgium; change
from previous Dec. due largely to inclusion of gold formerly not reported separately.
5 Last official Polish report for July 31, 1939: 84.
«These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian
Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Guatemala, Finland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for csrtain of these
countries have been carried forward from latest report date (see footnote / ) .
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.
1 Correction to BULLETIN for September 1940, pp. 1000 and 1001. Total figures for 1934 should
read: Jan. (old basis)—12,000.4, Jan. (new basis)—20,312.2, Feb.—20,602.8, Mar.—20,809.7, Apr.—
20,906.9, May—21,041.2, June—21,247.3, July—21,383.5, Aug.—21,569.0, Sept.—21,611.9, Oct.—
21,673.4, Nov.—21,735.6, Dec—21,859.6; and for 1935: Jan.—21,971.5, Feb.—22,119.3, Mar.—
22,198.0, Apr.—21,971.2, May—21,588.1, June—21,796.7, July—21,792.2, Aug.—21,878.8, Sept.—
22,052.7, Oct.—21,604.4, Nov.—21,519.8, Dec—21,687.6.

1228

75
83
85
(5)

Spain

United
States

1938—Mar...
J u n e . . """"4" 44"
Sept.
Oct.
Nov.
80
Dec—
1939—Jan. _
Feb.
154
Mar...
Apr.
May..
85
June._
164
Sept..
156
Dec...
145
1940—Mar...
June.-86

United
King- France
dom

3

2 934
1,395

Belgium
93
81

1,489
62
759

1,732

4 103
130
331
381
465
559
455
477

44

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 Figure for Mar. 1937, first date reported.
3 Figure for Sept. 1937.
4
First date reported.

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.

Production reported monthly
Africa
Total

469,257 1

1933..
1933_.
1934..
1935_.
1936_.
1937..
1938..
1939_.

411,208

South
Africa

794,498
823,003
882, 533
971,514
1,041, 576
1,132,856
1, 206,126

696,218
707,288
751,979
833,088
892, 535
957,212
1,019, 569

107,357
106, 990
107, 244
103,675
101,438
104,636
97,605
104,067
P106, 869
P106, 580
P104, 233
P109, 791
P107, 518

91, 520
90,057
90,999
87, 525
85,102

38,494
37,817
38,459
38, 600
38, 534

2,431
2,442
2,452
2,425
2,330

88, 793
81,362
88,075
P90, 325
P89, 824
P87, 515
P93,018
P90, 639

39,777
38, 575
40,162
40,879
41, 742
40,437
41,936
P42, 000

2,384
2,345
2,372
2,454
2,442

1939—August
September..
October
November..
December..
1940—January.._
FebruaryMarch
April
May.......
June
July..
August

North and South America

Belgian United Canada 2
ColomMexico bia
Congo States i
$1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67
227,673 | 13, 335 | 6, 623 | 3,631 | 52,842 | 60,968 | 13,169 | 6,165
$1=15-5/21 grains of gold 9/10 fine,; i. e.t an ounce of fine gold=$3i5
6,148
385,474 22, 578 11,214
89,467 103,224 22,297 10,438
6,549 108,191 104,023 23,135 12,045
366, 795 24,264 12,153
377,090 25,477 13, 625 7,159 126,325 114,971 23,858 11,515
7,386 152, 509 131,181 26,465 13,632
396, 768 28,053 16,295
8,018 168,159 143, 367 29, 591 15,478
410,710 28, 296 20,784
8,470 178,143 165,379 32, 306 18,225
425,649 28, 532 24,670
448, 753 28,009 28, 538 8,759 196, 391 178,303 32, 300 19,951
Rhodesia

P2,415
P2, 450
P2, 450

West
Africa

2,379
2,432
2,479
2,497
2,589
2,663
2,740
2,678
2,747
2,643
P2, 553
P2, 658

731
705
715
686
709
739
728
732
P732
P767
P732
P732
P732

Other
Chile

| 3,009 | 16,873 | 6,91
5,094
8,350
9,251
9,018
9,544
10,290
11,376

28, 568
30, 559
31,240
40,118
46,982
54,264
56,182

11,715
11, 223
11,468
11,663
11,607
11,284
11,008

4,854
6,145
4,397
4,886
5,251

923

4,486
4,411
4,791

891

P4,721
P4, 826
P4, 721
P4, 721
P4,686

860
P860

6,519
2,302
1,832
2,333
1,209

1,735
1,803
1,677
1,873
1,367

777
1,012
1,111
934
1,044

16,972
14,853
3,078
13,317
14,188
1,901
16,217
15,045
1,651
16,408
14,652 4,233
16, 500 15,488
1,356
14,862
15, 795 P2, 555
18,866
15,982 P2, 555
16,052 P15, 982 P2, 555

1,958
1,633
1,717
1,941
1,825
1,715
1,952
2,184

735
1,759
766
1,271
780
P780
P780

16,947
19, 728
21, 785
17, 512
15, 936

15,732
14, 784
15,158
14,875
15, 209

Austra-! British
lia
India

903
925

P490
P560

Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows—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; r 1934, $135,000,000; 1935, $158,000,000; 1936, '$187,000,000; 1937, 185,000,000; 1938, $180,000,000.
p Preliminary.
Revised.
1 Includes Philippine Islands production received in United States.
2 Figures for Canada beginning January 1940 are subject to official revision.
NOTE.—For monthly figures back to January 1929 and for explanation of table 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 1939, p. 106; and 1936, pp. 108-109.

GOLD MOVEMENTS
U N I T E D STATES

[In thousands of dollars at approximately $35 a fine ounce]

Year or
month

1934 i
1935
1936
1937.
1938
1939

Total
net
imports
or net
exports

Net imports from or net exports (—) to:
United
Kingdom

BelFrance gium

Netherlands

Sweden

Switzerland

Canada

Mex- Colom- Philippine Aus- South
ico
bia
Islands tralia Africa

1,131,994 499,870 260,223 8,902 94,348
12,402 86,829 30,270
1, 739,019 315,727 934,243
3 227,185
968 95,171 13,667
1,116,584 174,093 573,671 3,351 71,006
7,511 72, 648 39, 966
1, 585,503 891, 531 -13,710 90,859
6,461
54,452 111,480 38,482
1,973, 569 1,208,728 81,135 15,488 163,049 60,
1,363 76,315 36,472
3, 574,151 1,826,403
3,798 165,122 341, 618 28, 715 86, 987 612, 949 33, 610

278, 636
July
259,921
Aug
326,074
Sept
69, 726
Oct
167,980
Nov
451,172
Dec
1940
236,391
Jan
201,422
Feb.
459,827
Mar
249,851
Apr
435,132
May
1,162,975
June
519,974
July
351, 553
Aug
334,100
Sept. . . . .

177,805
163,738
162,450
10,182
18,556
10,417

45, 554
5,628 15,196
34, 299
22, 640
1
~I,~482 120,837
' 940
2,990
2,990 65,067
8,781 5,113
.
>, 743 5,119 308, 773
31, 526 19,

28

23,906
21,321
35,268
43, 567
62,042
40
128,003 241,603
301, 734
10,819
3,650

974

30,415 16, 601
16,181 32,448
5,991
3, 273 39, 654
9,431
3,671
3,158
3,637

1,208
13,931
28, 907
32,617
11,452
2,138
32
6
27

4,150
3,956
653
1,794
3.445
3,972

52, 716 2,550
46,866 2,006
249,858 2,215
54,967 2,396
281,182 2,331
716, 685 4,182
172, 268 1,891
264, 328 10, 335
545
217, 627

16,944
10,899
11,911
18,397
10, 557
23, 239

British
India

All
other
countries

12,038 1,029
12
76, 820 32,304
15,335 3,498
65
75, 268
21, 513 23^ 280
8
77,892 39, 735
25,427 34,
"~
181 246,464 50,762 2 29,998
4,713
27,880 39,
9,162
401 168, 740 16,159 67, 975
35, 636 74,
4,250 22, 862 165, 605 50,956 3102, 404

2,117
2,116

3,022
2,775
3,947
3,188
2,643
2,646

3
3
2,116
2,111
2,113
2, 130
5,85fi
4,516
2,330

3,360 6,155
1,:"" " 4,241
4,137 7,409
3,376 3,374
2,405 5,177
3,895 6,603
2,830 5,262
3,738 6,746
3,764 14, 605

2,123
2,120
2,102

Japan

5,034
50
5,689
52
5,474
11
8,420
2,142
12, 505 10,449
6,472 9,885

10,938
10,931
16,425
12,497
9,487
20,101

20,297 37,680
18,872
4,919
24, 503 5,797
28, 798 4,710
31,477
4,743
23,091
3,399
3,482
11,6871
7, 854 13, 228

2,760
9, 259
4,065
2,703
10,138
7,592

6,365
4,460
* 8, 541
15,870
16,662
22,812

9,743 31, 698
6,722 31,001
11,813 21,493
3,139 27, 866
4,317 18, 423
2,377 12 25,197
13 23,463
954 H 34, 789
523 69, 946

1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce.
2 Includes $31,830,000 from Argentina.
3 Includes $28,097,000 from China and Hong Kong; $15,719,000 from Italy; $10,953,000 from Norway; $10,077,000 from Chile.
4
Includes $5,157,000 from Hong Kong.
5
Includes $6,363,000 from Italy; $4,087,000 from Hong Kong.
6
Includes $6,414,000 from Norway; $5,586,000 from Italy.
7
Includes
$19,527,000 from Norway; $5,452,000 from Hong Kong.
8
Includes $13,878,000 from Norway; $5,570,000 from U. S. S. R.; $5,566,000 from Italy.
9
Includes $11,760,000 from Italy.
i° Includes $16,108,000 from Italy; $5,984,000 from Hungary.
11 Includes $8,248,000 from Italy.
12 Includes $13,673,000 from Yugoslavia.
13 Includes $6,608,000 from Portugal; $6,307,000 from Brazil.
H Includes $17,386,000 from Portugal; $6,377,000 from Netherlands Indies.
is Includes $17,815,000 from Argentina; $15,325,000 from Portugal; $13,092,000 from Netherlands Indies; $11,175,000 from U. S. S. R.; $5,239,000 from
Curapao.
NOTE.—For gross import and export figures and for additional countries see table on p . 1196.
NOVEMBER

1940




1229

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2 , 1 9 3 5
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 1.—TOTAL CAPITAL MOVEMENT

Increase in foreign banking
funds in U. S.
From Jan. 2, 1935, t h r o u g h -

Total

Central
bank
funds
in N. Y.i

Total

July
July
July
July

Oct.
Oct.
Oct.
Oct.

593.5
849.4
924.6

361.4
431.5
449.1

125.2
316.2
683.2

1,162 0

6.0
12.9
47.5

3, 207. 2
3,045.8
3,452. 9
3, 779. 2
4,134. 7
4, 593. 6

949.8
786.2
1,161. 2
1,432. 7
1.693.0
2,048.3

149.9
125.9
168.0
216.3
256.8
361.8

799.9
660.4
993.2
1, 216. 5
1,436. 2
1,686. 5

434.4
403.3
477.2
478.1
550.5
607.5

618.5
643.1
625.0
610.0
646.7
664.5

1,150.4
1,155. 3
1,125.4
1, 210. 9
1,180. 6
1,199. 3

54.2
57.8
64.1
47.6
63.9
74.0

4,611.6
4, 588 9
4, 591.0
4,613. 4

2,049.7
2,031. 2
2,042. 5
2,066.2

293.6
288.6
801.2

1,742. 9
1, 737. 5
1,753. 9
1,765.0

608.0
607.9
604.5
606.9

678.5
677.1
677.0
678.0

1,199. 3
1,194. 4
1,185.0
1.180.0

76.1
78.4
81.0
82.3

4, 635. 1
4, 662. 7
4,709.8
4,827 9
4,863. 3

2,093. 9
2.139.1
2,182. 2
2, 287. 3
2, 334. 2

327 1
323.2
305.5
352.5
371.6

1,766. 8
1,815. 8
1,876. 7
1,934 9
1,962 6

609.9
622.8
633.0
620.6

680.2
652.8
654.5
656.9
657.8

1,182 2
1,176.5
1,164 9
1,165.1
1,165. 7

82.1
84.5
85.4
85.5
85.0

4,882.3
4,940. 3
4,976. 0
4,955. 4

2,341.5
2, 434. 6
2,412.4

409.0
464.7
510 7
485.1

1,932. 5
1,924. 6
1,923. 9
1, 927. 3

623.5
621 7
612.5
618.4

661.7
668.9
674.4
676.9

1,171. 3
1,181.3
1,173.4
1,164. 4

84 2
79.2
81.1
83.1

4,896. 8
4,872. 8
4,871 2
4,882.0

2,
2,
2,
2,

5
6
6
7

483.6
462 8
441.6
442.9

1,902. 9
1,907. 7
1,919.0
1,941.9

594.6
598.1
601 7
601.0

684.6
685.2
686.7
687.3

1,150 2
1,144.4
1,141.7
1,130. 6

80.9
74.6
80.5
78.5

4,858.6
4,825. 0
4,862 7
4,822 9
4,875. 6

2, 366. 9
2,341. 6
2, 362. 4
2, 329. 3
2,377. 4

494.8
490.3
481.6
433.9
435.9

1.872.0
1,851 3
1,880 8
1,895 3
1,941 5

599 6
597.3
618.8
615 3
622.0

688.7
690.4
693 2
694.3
695.4

1,123 7
1,115.9
1,109. 2
1,107. 1
1,103. 7

79.8
79 9
79.2
76.9
77.1

4,867 6
4,860. 0
4,904. 8
4,893.0

2, 366. 9
2, 366. 6
2, 398 5
2,383. 5

430.9
413.3
441.0
430.0

1,936 1
1,953 3
1,957 5
1,953. 5

626.8
619.7
619 6
612.8

699.0
700.7
711.8
720.1

75.9
76.5
78 1
78.1

_

4, 881 1
4, 920 4
4,922. 6
4, 943. 1
4, 918. 9

2, 321. 8
2,360. 2
2,368. 4
2, 384. 2
2,368. 5

433.5
445.2
435.2
456.1
449.6

1,888. 3
1,915.0
1,933.2
1,928. 2
1, 918. 9

650.4
644.5
636.1
640.1
626.1

725.7
731.7
733.7
736.1
738.0

1,098.9
1,096. 5
1.096. 8
1.098. 5
1,102. 6
1,102. 3
1,100. 6
1.099. 0
1.098.1

80.6
81.7
83 8
83.6
88.2

_

4,912. 3
4, 930. 1
4,902. 8
4, 930. 7

2,363. 4
2, 380. 8
2, 343.1
2, 365. 4

427.8
452.0
409.9
432.9

1,935. 6
1, 928. 7
1, 933. 3
1, 932. 5

623.3
621.5
627.0
627.7

741.0
743.3
745.5
748.7

1.097. 4
1,097. 8
1,099.1
1.102. 0

87.3
86.7
88.1
87.0

4, 906. 5
4, 928. 8
4. 973. 4
4,989. 6

2, 323. 7
2, 348. 0
2, 386. 6
2,409. 6

395. 3
404.3
423.8
431.2

1,928. 4
1,943. 8
1,962. 8
1,978. 4

638.5
633.5
638.7
636.9

752.4
755.2
757.2
758.1

1.103. 4
1,102. 2
1.100. 6
1.097. 8

88.4
89.9
90.2
87.3

5,002. 8
4, 988. 2
5,022. 6
5.064. 9

2,426. 0
2, 407. 7
2, 425. 2
2, 453. 5

426.1
414.4
419.4
409.0

1,999. 9
1,993. 3
2,005. 8
2,044. 5

631.6
634.1
644.9
659.0

761.6
762.4
764.7
767.2

1.094. 8
1.095. 5
1.098. 4
1.096. 9

88.7
88.6
89.4
88.2

5,049. 3
5,058. 2
5.065. 3
5,123. 9
5,076.4

2,449.4
2,453. 7
2, 448.4
2, 500. 3
2,440.2

398.5
404.1
444.5
499.7
487.5

2,050.9
2,049. 7
2,003. 9
2,000. 6
1,952. 7

643.4
647.0
657.3
664.1
684.0

771.1
773.2
774.8
774.9
775.6

1.097.0
1.095. 7
1.096. 8
1,090. 3
1.081. 5

88.5
88.0
94.2
95.1

5,110. 5
5, 076. 9
5,284.4
5, 280. 4

2,
2,
2,
2,

461. 2
427. 9
628.0
617. 7

511.3
511.2
722.9
726.7

1,949. 8
1, 916. 7
1.905.1
1, 891.0

679.1
674.5
681.2
690.0

778.9
780.4
782.1
782.6

1.094.1
1.097. 2
1,094. 6
1,092. 4

97.2
96.9
98.5
97.6

5,
5,
5,
5,
5,

2,
2,
2,
2,
2,

716.
736.
774.
774.
786.

818.3
854.5
864.7
880.6

1, 907.8
1, 918.1
1, 919. 8
1, 909. 9
1,906.1

684.1
692.3
699.4
698.7
714.1

785.7
786.6
788.3
788.6
788.9

1,092.0
1,088. 8
1.084. 8
1.085. 8
1.082. 2

99.5
99.0
100.1

—

.

5 _
12
19
26

_ _ _

_.
_

_ .

4

11

_

18

25

Nov.. 1 „
Nov 8
Nov.. 15.
Nov 22
Nov.. 29
Dec.
Dec.
Dec.
Dec.

6.
13
20
27

1940—Jan.
Jan.
Jan.
Jan.
Jan.

3

Feb
Feb.
Feb.
Feb.

7

10

17 .
24

31
14
21

28..

.

.

.
__
_
__.

Mar. 6
Mar. 13
Mar. 20
Mar.,27
Apr.
Apr.
Apr.
Apr.
Mav
May
May
May
May

_ .

3
10

17
24

I
8

15

_

22
29

June 5
June 12
June 19
June :26
July
July
July
July
July

Inflow in
brokerage
balances

9.8
81 1
243.9

..

Sept,. 6
Sept,.13
Sept,. 20
Sept,. 27

Domestic
securities:
Inflow of
foreign
funds

603.3
930.5
1,168. 5

,

Aug. 2
Aug. 9
Aug.
Aug. 23
Aug. 30.

Foreign
securities:
Return
of U. S.
funds

1,412.5
2,608.4
3,410. 3

1935—Dec. 31.
D
1937—Dec. 29
1938—Mar. 30
June 29 .
Sept. 28
Dec. 28
1939—Mar. 29
June 28

Other

Decrease
in U. S.
banking
funds
abroad

3

10
17
24

31

__

377.
403.
445.
447.
471.

3
5
8
8
9

386.
370.
360.
384.

6
3
3
5
7

316.7
917.4

i Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading
see BULLETIN for April 1939, p. 285.

NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April
1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431.

1230




FEDERAL RESERVE BULLETIN

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES

Total

United
Kingdom

France

Netherlands

Switzerland

1935—Dec. 31. _
1936—Dec. 30. _
1937—Dec. 29._
1938—Dec. 28._

1.412.5
2,608.4
3,410. 3
3, 779.2

554.9
829.3
993.7
1,186.1

210.2
299.5
281.7
339.5

114.5
229.7
311.9
324.6

130.4
335.5
607.5
554.0

36.6
83.1
123.9
140.7

24.0
45.6
22.1
33.0

1939—Oct. 25___
Nov. 29..
Dec. 27._

4,882.0
4.875.6
4,893.0

1,301.4
1,157. 2
1,117.3

430.9
453.1
442.3

446.8
457.8
469.9

686.5
719.1
759.1

159.1
162.9
163.3

1940—Jan. 3 1 . . .
Feb. 28..
Mar. 27..
Apr. 24..
May 29..
June 26...

4,918.9
4,930.7
4,989. 6
5,064.9
5,076.4
5.280. 4

1,029.1
1,006.2
961.6
964.5
975.7
981.6

471.2
468.1
462.9
468.9
494.8

466.1
469.0
466.0
486.4
471.9
463.8

798.3
826.3
855.4
879.8
851.3
868.5

July 3—_
July 10...
July 17. __
July 24. _.
July 31...

5, 377.3
5,403. 5
5,445. 8
5,447.8
5,471.9

1,013.1
998.5
989.1
981.4
962.4

681.4
677.4
674.9
674.7
675.7

459.6
459.8
457.6
457.0
454.1

876.8
879.6
883.1
884.6
884.0

From Jan. 2, 1935,
through-

Germany

Total
Latin
Europe Canada America

Asiai

130.0
228.5
312.2
463.8

1, 200. 6
2.051.3
2, 653.0
3,041. 7

()
150.5
106.3
157.2

70.9
201.2
410.6
389.5

128.3
184.0
224.6
156.8

12.7
21.4
15.9
34.1

48.0
55.8
55.9

710.3
725.3
753.8

3,783.1
3, 731. 2
3,7615

239.0
263.2
229.2

522.2
504.0
505.9

260.2
287.3
299.4

77.5
89.9
96.9

166.3
166.0
167.3
166.9
171:5
170.7

61.7
60.7
68.5
87.7
78.3
63.3

811.2
838.0
863.6
859.5
874.1
866.2

3,803.9
3.834.4
3,845. 2
3,913. 7
3,917. 7
4,078.1

227.8
225.4
232.2
219.4
215.9
217.6

503.9
507.7
527.1
535.2
558.4
565.5

297.3
285.7
315.2
325.7
311.9
342.8

86.1
77.5
69.9
70.8
72.6
76.3

171.4
171.4
173.4
174.8
175.9

66.3
66.2
65.8
65.3
64.5

885.3
886.0
885.0
890.8
899.0

4,153.9
4,138.9
4,129.0
4,128. 6
4,115. 6

230.2
250.1
280.7
282.2
324.5

579.2
581.1
593.9
589.1
581.6

338.4
351.0
359.1
365.4
367.8

75.7
82.4
83.1
82.5
82.3

Italy

Other
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

Germany
-.8

Italy

1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28.

603.3
930.5
1,168. 5
1,432. 7

128.6
163.5
189.3
366.7

129.6
144.2
111.8
158.8

55.7
65.9
76.3
84.4

72.4
109.8
288.4
203.7

2.7
9.6
-9.8

23.0
6.9

1939—Oct. 25
Nov 29
Dec. 27

2,384. 7
2,377 4
2,383. 5

558.5
429.4
396.2

227.8
244.1
231.6

172.0
180.7
190.8

293.8
320.4
352.0

-20.0
-18.4
-22.2

1940—Jan. 31
Feb. 28
Mar. 27
Apr 24
Mav29
June 26

2,368. 5
2,365. 4
2,409. 6
2 453 5
2, 440. 2
2, 617. 7

332.3
304.4
271.2
271.5
282.4
295.2

258.5
256.4
252.9
259 0
287.0
455.3

186.3
186.2
184.6
200.5
184.4
175.4

381.8
397.3
418.0
434.6
399.9
418.6

-20.5
-21.2
-20.5
-21.5
-19.7
-20.1

2, 716. 6
July 3
July 10_ ._. 2, 736. 3
2,774 3
July 17
July 24. .__ 2,774. 5
2, 786. 7
July 31

325.8
310.9
301.8
290.7
270.9

472.7
468.5
465 5
464.2
465.2

170.8
170.9
168.3
167.6
164.4

427.4
430.8
435.0
435.9
435.5

-19.9
-19.5
-17.7
-16.8
-16.0

Total
Latin
Europe Canada America

Asiai

All
other *

3.8

60.7
79.7
109.4
203.0

453.5
588.9
791.7
1,010.6

46.0
86.8
76.3
135.1

33.5
149.3
166.3
134.0

58.8
90.4
126.2
132.7

11.5
15.2
8.0
20.4

12.8
16.7
16.7

428.7
446.9
473.1

1,673.5
1,620.0
1,638.2

209.0
227.4
185.0

258.1
240.0
243.6

186.4
218.5
238.9

67.6
71.4
77.8

24.9
25.7
35.5
54.5
46.2
10.1

522.1
546.6
570.9
562.5
572.4
562.0

1,685.4
1,695. 4
1, 712. 5
1,761.1
1,752. 6
1,896.4

166.8
168.5
173.1
148.5
135.8
143.1

231.2
233.6
251.0
264.6
281.5
289.4

22fi.2
217.4
230.4
236.4
223.6
238.5

58.0
50.4
42.6
42 9
46.6
50.3

11.0
9.3
9.3
8.2
7.0

578.8
579.0
577.8
582.5
587.8

1,966. 6
1,950.0
1,940.0
1,932. 3
1,914.7

159.0
178.8
208.2
210.1
253.8

300.5
300.9
312.8
309.4
299.9

242.2
251.8
257.7
267.6
263.5

48.3
54.9
55.6
55.1
54.8

7.3

.

Other
Europe

TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES

United
Kingdom

France

Netherlands

Switzerland

361.4
431.5
449.1
478.1

208.8
178.0
207.4
204.5

48.1
62.0
65.3
65.5

-.4
-3.3
-4.4

1.6
2.7
2.6
2.6

29.7
66.0
105.1
140.3

13.7
16.3
6.5
13.9

8.8
22.0
26.9
33.0

310.2
343.7
409.3
453.0

-4.6
36.9
-21.7
30.6

20.1
24.9
51.6
66.8

37.3
30.4
18.7
-65.0

-1.6
-4.4
-8.7
-7.2

1939—Oct. 25..
Nov. 29.
Dec. 27.

601.0
622.0
612.8

227. 7
245.6
247.8

70.2
73.3
73.8

9.3
12.0
12.0

4.2
3.4
3.1

170.5
172.7
177.2

15.4
17.8
16.3

31.3
27.8
26.8

528.6
552.6
557.0

45.2
52.7
50.0

54.0
52.0
48.5

-20.0
-26.7
-34.3

-8.7
-8.5
-8.4

1940—Jan. 31..
Feb. 28.
Mar. 27_
Apr. 24.
May 29.
June 26..

626.1
627.7
636.9
659.0
684.0
690.0

236.0
247.4
245.1
255. 4
262.0
259.0

73.5
73.4
72.9
73.0
70.8
72.9

11.4
12.9
9.8
13.1
15.4
15.8

3.0
2.6
1.7
1.6
3.1
4.0

178.9
179.4
180.3
181.0
183.8
183, 4

13.5
11.7
10.0
10.3
8.9
12.3

30.3
30.5
30.4
31.6
35.2
36.6

546.7
557.8
550.2
566.0
579.3
583.9

56.2
52.1
53.6
60.2
69.5
66.7

55.8
56.2
56.5
53.0
52.6
47.4

-32.0
-37.7
-22.8
-20.0
-16.9
-7.4

July 3 . . .
July 10..
July 17..
July 24..
July 31..

684.1
692.3
699.4
698.7
714.1

260.1
261.0
261.0
262.6
263.9

72.6
72.6
73.1
74.2
74.2

16.0
16.1
16.3
16.6
16.8

4.3
4.6
4.8
5.1
5.6

183.9
183.6
183.7
184.2
184.6

13.0
14.2
14.8
15.9
17.6

38.8
39.1
39.5
40.5
43.2

588.6
591.1
593.1
599.0
605.8

61.0
63.1
64.9
64.4
64.9

49.0
49.7
50.2
48.0
49.7

-15.3
-12.5
-9.9
-13.5
-7.2

From Jan. 2, 1935,
through1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.

31.
30.
29.
28.

Total

Germany

Italy

Other
Europe

Total
Latin
Europe Canada America

Asia*

All
other»

-.7

-.2
-.5
.9
1.1
1.0

» Prior to Jan. 3, 1940, thefiguresshown under Asia represent the 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.
NOVEMBER

1940




1231

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]
TABU 5.—FOREIGN SECURITIES, BY COUNTRIES

Net Purchases by Foreigners
United
Kingdom

France

Netherlands

Switzerland

125.2
316.2
583.2
610.0

67.8
116.1
136.8
129.1

6.8
18.2
22.8
26.2

7.4
10.4
21.2
27.3

-1.2
13.7
30.4
37.1

13.3
22.5
26.6
33.1

2.9
9.4
13 5
20.5

46.1
87.9
115.2
165.9

143.1
278. 3
366.4
439.1

-39.7
1.7
10.5
-38.9

12.7
15.7
175.0
166.3

7.9
17.0
24. 5
33.8

6.8
9.7

1939—Oct. 25
Nov 29 _
Dec. 27

687.3
695.4
720.1

124.8
124.3
125.6

41. 1
41.7
42.1

29.4
29.2
29.4

43.3
43.3
44.8

36.4
36.5
36.6

24.9
26.1
27.6

185.0
186.5
188.6

485.0
487 6
494.6

-29.7
-26.7
-11.5

181.1
182.3
183.0

39.8
40.8
42.8

11 1
11.4
11.3

1940—Jan. 31
Feb. 28-_
Mar. 27
Apr. 24
May 29
June 26
July 3
July 10
July 17
July 24
July 31

738.0
748.7
758.1
767.2
775. 6
782.6

126.2
129.0
130.7
131.6
132.4
131.9

42.5
42.6
42.7
42.7
42.8
42.9

29.6
30.2
31.4
31.2
31.0
31.0

46.0
47.7
48.8
49.8
49.0
48.8

36.5
36.4
36.3
36.2
36.2
36.2

27.8
27.9
27.7
27.5
27.8
28.0

190.6
191.7
192.7
194.0
194.5
194.8

499.1
505. 5
510.3
513.1
513. 7
513.5

- 2
1.7
4.0
8.4
12.6
16.0

184.5
185. 6
186.8
188.2
190.6
192.7

43.2
44.2
45.2
45.6
46.2
47.7

11.3
11.6
11.7
12.1
12.4
12.6

785. 7
786.6
788.3
788.6
788.9

131.8
131.8
131.6
131.5
131.4

42.9
42.9
42.9
42.9
42.9

31.0
31.0
31.0
31.0
31.0

48.8
48.7
48.6
48.6
48.6

36.2
36.2
36.2
36.2
36.2

28.0
28.0
28.0
28.0
28.0

194.8
194.7
194.8
194.8
194.9

513. 5
513.3
513.1
513.1
513.2

17.6
18.1
19.2
19.2
18.9

194.3
194.6
195.2
195.4
195.6

47.7
47.9
48.1
48.3
48.5

12.6
12.6
12.6
12.7
12.7

Total
Latin
Europe Canada America

Asia *

From Jan. 2, 1935,
through—
1935—Dec. 31._
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28

Total
.

Germany

Other
Europe

Italy

Latin
Total
Europe Canada America

Asia*

All
other i
1.1
35

TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES

Net Purchases by Foreigners
United
Kingdom

France

Netherlands

Switzer
land

Germany

316.7
917.4
1,162.0
1, 210. 9

149.8
367.7
448.7
472.6

23.4
64.7
70.3
76.5

50.5
157.6
213.8
212.9

55.1
200.2
275.3
301.7

-5.4
-7.5
-17.4
-22.7

-3.3
-4.9
-5.4

12.9
38.5
55.7
66.6

286.2
818.0
1,041.6
1,092. 3

32.6
37.6
27.8

15.5
18.2
23.4

21.4
44.1
54.7
56.4

11.0

1939_Oct. 25
Nov 29
Dec. 27.

1,130. 6
1, 103. 7
1,098.5

369.8
338.2
328.2

72.9
74 9
76.3

227.0
226.2
227.1

329.1
336 3
342.8

-27.6
-28.0
-28.2

-5.4
-4.9
-4.9

59.4
59.1
60.1

1,025.1
1,001.8
1,001.4

5.3
.7
-3.1

27.0
28.6
29.8

59.2
58.7
56.1

13.9
13.8
14 3

1940—Jan. 31
Feb. 28
Mar. 27
Apr. 24
May 29
June 26

1,098 1
1.102 0
1,097. 8
, 096. 9
.081.5
1,092. 4

315 7
306.5
295.6
2S7. 5
281.3
279.0

77 1
76.8
75 7
76 3
75.8
74.7

229.4
230.4
231.2
231.4
230. 7
230.4

349.2
359.7
367.2
372. 6
380. 9
379.3

-28.3
-28.4
-28.7
-28.7
-28.7
-28.7

-4.7
—4.7
-4.9
-4.9
—4.7
12.9

62.4
63.4
64.2
65.7
64.8
64.8

1,000.8
1, 003. 8
1,000. 4
999.9
1,000.0
1,012. 5

-5.9
-7.5
-8.0
-8 0
— 12.4
-19.1

30.6
31.5
31.6
2<1 5
27 3
27.8

58.2
59.8
59.5
61.2
53. 3
58.1

14 6
14.4
14 4
14 3
13.4
13.2

. L, 092. 0
. 088. 8
1,084. 8
1, 085. 8
1,082. 2

278.8
278.4
278.3
280.0
279.5

74.7
74.7
74.8
74.8
74.8

230.4
230.3
230.4
230.4
230.4

378. 3
377.4
377.0
376.8
376.3

-28.7
-28.7
-28.7
-28.7
-28.7

14.3
14.7
13.7
13.1
11.8

64.8
64.8
64.7
64.7
64.8

1,012.6
1,011.6
1,010. 2
1,011.1
1, 008. 9

-19.4
-21.5
-23.3
-22.9
-24.2

27.9
27.8
27.7
27.6
27.7

57.7
57.7
57.1
56.9
56.8

13.2
13.2
13.2
13.1
13.1

From Jan. 2, 1935,
through—

Total

1935—Dec. 31
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28 _

July
July
July
July
July

3 . .
10
17
24
31

Other
Europe

Italy
-.1

2.8

3.7

All
other i
2.6
7.1
9.8

TABLE 7.—BROKERAGE BALANCES,' BY COUNTRIES

From Jan. 2, 1935,
through—

Total

United
Kingdom

France

Netherlands

Switzer
land

Germany

Other
Europe

Italy

1935-Dec. 31
1936-Dec. 30
1937—Dec. 29
1938—Dec. 28

60
12 9
47.5
47.6

10
11.5
13 2

24
10 4
11.5
12 6

5 0
6.8

2.5
9 1
10 8
88

-.2
-.7
(»)
-.2

L
I

1939—Oct. 25
Nov. 29
Dec. 27

78 5
77 1
78 1

20.7
19 6
19.5

19 0
19 0
18 5

90
96
tO 7

16. 1
15 7
16 4

-. 1
(*)
- 2

I

1940-Jan. 31
Feb. 28
Mar. 27
Apr. 24
May 29
June 26

88.2
87 0
87.3
88.2
95 1
97.6

18 9
18 9
19.0
18.5
17.6
16.4

19.6
19 0
18.7
17.9
18.4
18.2

9.4
9.2
9.0
10.2
10.5
11.2

18.3
19. 1
19.7
21.2
18 5
17.8

-.2
-.2
-.2

16.6
16.4
16.4
16.6
16.7

18 5
18.7
18.5
18.5
18.5

11.4
11.4
11.6
11.4
11.5

18 0
18.1
17.7
18.2
18.0

(4)

July
July
July
July
July

3
10
17
24
31

98.9
99.5
99.0
100.1
99.9

O)

1.3
Q

I

'.'I
.1
—. i

-.1
-.1

.

Total
Latin
Europe Canada America

Asia*

All
other i

1.4
.4
5.0
5.3

7.6
22.6
44.0
46.7

-4.5
-7.6
3.5
2.6

10
-t.2
- 5
g

6.0
5.0
5.2

70.9
69.1
70.2

92
9.0
89

2.0
I1
1.1

-5.2
-4.0
-4.0

1.5
18
2.0

5.7
5.8
5.5
5.7
7.1
8.1

71 9
71.9
71.8
73.6
72.1
71.7

10.9
10.5
9.5
10.4
10.3
10.8

1.7
.8
1.2
- 1
6.3
8.4

1.7
2.0
2.9
2.6
5.8
6.0

2.0
1.9
1.8
1.8
.6
.7

8.1
8.3
8.3
8.3
8.3

72.7
72.9
72.5
73.1
72.9

12.0
11.6
11.7
11.5
11.1

7.6
8.1
8.1
8.7
8.8

6.0
6.1
6.0
6.0
6.3

.7
.7
.7
.9
.8

2 9
2.1
.5
-1.0

-.9
.2

1
Prior to Jan. 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under "All
other".
* For explanation see BULLETIN for May 1937, pp. 395-396.
3 Inflow less than $50,000.
* Outflow less than $50,000.

1232




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

301.5
214.5
104.9
169.7
48.9
59.1

923.7
799.4
649.2
71.1
27.0
32.7

Netherlands

Switzerland

Germany

Other
Europe

Italy

Total
Europe

Latin
Canada America

Asia*

All
other i

Reported by Banks in New York City
1929—Deo. 3 1 — . .
1930—Dec. 3 1 . . . . .
1931—Dec. 30
1932—Dec. 28.....
1933—Dec. 27
1934—Nov. 283 _..

2,672. 7
2,335.0
1,303. 5
745.8
392.0
466.7

99.1
122.2
44.6
11.9
8.0
12.7

105.2
222.2
66.0
78.0
11.5
9.7

204.5
161.0
41.1
32.9
17.5
25.8

157.4
111.2
33.2
39.8
11.7
14.3

371.3
281.3
122.2
66.2
31.1
41.7

2,162.8
1,911.7
961.2
469.6
155.7
196.0

241.8
216.8
148.3
98.2
86.1
91.9

188.2
130.8
103.3
121.7
96.7
106.6

49.0
38.2
69.0
43.5
42.7
60.3

31.0
37.5
21.6
12.6
10.9
11.9

Reported by Banks in United States
1934—Dec. 5 »„
1935—Jan. 2 . . .
Dec. 31..

584.8
597.0
1,200. 2

79.6
76.9
205.5

36.1
33.9
163.5

13.5
12.9
68.6

12.1
13.7
86.1

28.4
29.9
29.0

16.8
18.8
26.1

40.6
46.8
107.5

227.1
232.9
686.3

103.3
99.3
145.3

117.4
122.8
156.3

125.1
130.1
188.9

12.0
12.0
23.4

1936—Mar. 25..
June 24._
Sept. 30..
Dec. 3 0 -

1,177. 2
1,426. 2
1,459. 6
1,491.6

186.6
270.6
293.7
235.7

145.8
157.8
163.2
176.3

65.8
102.8
76.8
78.8

86.3
128.3
147.3
123.5

21.6
20.6
19.2
32.0

18.7
25.3
29.2
41.7

118.3
123.1
128.8
126.3

643.1
828.2
858.3
814.3

144.2
160.6
170.7
186.1

189.3
207.4
200.5
263.9

183.1
208.2
210.2
200.2

17.5
21.7
19.8
27.1

1937—Mar. 31_.
June 30—
Sept. 29..
Dec. 29..

1,682. 7
2,173. 6
2,304.8
1, 729. 6

226.9
373.1
385.8
261.5

173.0
206.2
197.3
143.9

60.4
145.0
167.6
89.1

113.1
331.4
425.5
302.1

63.9
40.3
48.7
39.0

36.6
23.0
27.5
25.7

140.8
177.9
223.4
156.0

804.7
1,296. 9
1,475.9
1,017.1

210.0
190.1
219.3
175.6

441.0
448.8
353.8
280.9

204.6
210.4
229.9
236.0

22.6
27.4
25.8
20.0

1938—Mar. 30..
June 2 9 Sept. 28..
Dec. 28..

1, 521.0
1,357. 4
1, 732. 4
2,003. 9

248.1
217.4
308.5
438.8

126.3
102.2
165.6
190.9

48.5
48.6
82.2
08.4

236.7
173.8
191.0
217.4

25.7
27.3
17.6
19.9

14.9
18.2
17.2
22.6

135.7
121.0
232.8
249.9

835.8
709.4
1,015.0
1,237.8

186.4
173.5
190.8
235.2

257.9
261.7
285.0
254.9

219.5
194.4
207.9
243.7

21.3
18.4
33.7
32.4

1939—Jan. 25—
Feb. 22..
Mar. 29..
April 26-.
May 3 1 . .
June 2 8 . .
July 26...
Aug. 30_.
Sept. 2 7 Oct. 25...
Nov. 29..
Dec. 27__.

1,992. 6
2,089.0
2. 264. 2
2, 505. 6
2, 612. 7
2, 619. 5
2, 637. 4
2, 905. 4
2,983. 6
3,010. 9
3,003. 6
3,009. 7

419.2
445.2
473.9
548.9
578.0
607.4
667.5
594.5
656.7
630.6
501.6
468.4

199.9
216.5
219.5
269.0
275.3
284.4
284.2
315.9
295.9
259.9
276.3
263.7

103.4
119.4
143.9
154.9
137.1
146.0
153.8
168.7
186.0
186.0
194.7
204.7

226.8
238.4
247.1
244.2
238.4
240.8
248.8
283.6
299.9
307.4
334.1
365.6

16.8
16.7
18.7
13.9
15.7
15.1
13.8
11.1
7.8
9.6
11.3
7.5

18.4
13.0
14.8
13.1
14.3
12.2
12.8
11.4
17.1
31.6
35.5
35.5

269.1
257.7
314.7
365.3
370.5
366.9
379.6
431.0
446.4
475.6
493.8
620.0

1, 253. 6
1,306. 8
1,432. 7
1,609. 3
1,629. 3
1, 672. 7
1, 660.4
1,806. 2
1,909. 7
1,900. 7
1,847. 2
1,865. 4

205.3
223.2
236.6
267.0
309.4
291.7
293.6
356.2
325.3
309.2
327.6
285.1

250.0
264.6
300.7
330.6
371.7
363.0
375.5
389.8
383.0
379.0
361.0
364.5

247.2
258.5
250.9
251.4
253.8
242. 5
253.6
283.7
299.5
352.4
384.5
404.9

36.4
35.9
43.3
47.3
48.6
49.7
54.4
69.4
66.2
69.6
83.4
89.7

1940—Jan. 31
Feb. 28...
Mar. 27._
Apr. 24._
May 2 9 . .
June 26__.

2, 994. 7
2, 991. 6
3,035. 8
3, 079. 7
3, 06fi. 4
3, 243.9

404.5
376.6
343.4
343.7
3/54. 5
367.3

290.6
288.5
285.0
291.1
319.1
487.4

200.3
200.1
198.5
214.4
198.3
189.3

895.5
411.0
431.6
448.2
413.6
432.2

9.1
8.4
9.1
8.1
9.9
9.6

43.7
44.5
54.3
73.3
65.0
28.9

569.0
593.5
617.8
609.4
619.3
608.9

1,012. 6
1, 922. 6
1,939. 7
1. 9*8. 3
1,979.8
2,123. 6

266.9
268.7
273.2
248.6
236.0
243.3

352.2
354.6
372.0
38.5. 6
402.4
410.3

392.1
383.4
396.4
402. 3
3K9. 6
404.5

70.9
62.4
54.5
54.9
58.6
62.2

July 3 —
July 10—
July 17—
July 24-_
July 31-_

3, 342.8
3,362. 5
3,400. 5
3,400.7
3, 412. 9

397.9
383.1
373.9
362.8
343.0

504.8
500.6
497.7
496.3
497.3

184.7
184.9
182.3
181.5
178.3

441.0
444.5
448.6
449.5
449.2

9.8
10.1
12.0
12.9
13.6

29.8
28.1
28. U
27.0
25.8

625.7
625. 9
624.7
629.4
634.7

2,193.8
2,177. 2
2,167. 2
2,159. 5
2,141. 9

259.2
278.9
308.4
310.2
353.9

421.4
421.8
433.7
430.4
420.8

408.2
417.8
423.7
433.6
429.5

60.3
66.9
67.5
67.0
66.7

Additional Detail Available from January 3 , 1 9 4 0 4

Date
Total

1940—Jan. 3 . _
Jan.31.
Feb. 28.
Mar. 27
Apr. 24.
May 29
June 26.
July 3 . .
July 10..
July 17.
July 24.
July 31.

Belgium

Denmark

Finland

Norway

4 Asiatic countries

6 Latin American countries

5 European countries

Sweden

Total

Argentina

Brazil

Chile

Cuba

Mexico

Panama
and
C. Z.

Total

China

Hong
Kong Japan

Philippine
Islands

407.1 159.2
448.1 166.2
458.8 176.6
482.1 179.2
457.1 184.0
443.3 172.0
434. 4 165.8

28.1
28.7
27.2
29.9
23.8
21.1
19.8

21.4
23.8
23.7
25.2
26.9
29.5
29.5

56.3
67.0
69.4
68.4
67.6
64.1
60.0

142.2
162.4
161.9
179.4
154. 7
156.7
159.4

250.7
259.3
263.7
279.0
292.fi
311.8
316.6

57.7
66.5
68.7
68.1
76.4
83.3
89.0

36.4
31.8
30.0
34.9
36.9
34.8
38.6

26.8
24.4
24.7
23.4
23.7
24.8
30.2

37.0
38.3
38.3
44.3
45.6
49.6
47.1

58.8
62.1
65.2
68.8
67. C
68.6
66.1

34.0
36.2
36.7
39.4
42.5
50.6
45.7

323.9
332.1
325.3
332.9
339. 2
333.9
331.8

165.4
171.9
176.3
177.6
180.2
174.8
178.6

71.4
72.2
68.5
75.4
77.6
79.4
77.5

68.0
58.0
60.8
47.1
48.2
43.5
41.9

29.1
30.0
29.7
32.8
33.3
36.2
33.8

457.0
455.5
452.6
454.8
457.7

19.5
18.6
18.7
18.3
18.4

29.6
29.9
29.2
29.0
29.1

59.0
58.3
57.9
58.1
57.8

187.6
188.1
188.4
193.0
197.5

326.5
325.5
333.9
332.0
321.3

88.7
90.7
97.2
97.0
93.1

39.0
37.8
38.5
38.0
38.0

30.2
30.2
30.8
30.5
29.2

49.7
49.5
50.6
51.8
48.1

65.3
64.0
61.5
6i.O
60.3

53.5
53.3
55.4
53.6
52.7

334.9
339.6
343.7
347.3
333.4

177.7
177.4
176.2
177.9
176.8

78.4
81.5
84.1
84.4
84.3

43.3
43.1
46.7
47.1
34.0

35.6
37.7
36.7
37.9
38.2

161.3
160. 5
158.3
156.5
154.9

i Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under
"All other".
* Last report date on old basis.
3 First report date on new basis.
* The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin
America, and Asia.
NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on August 12, 1936, January 5, 1938, and October 18, 1939 (see BULLETIN for May 1937, p . 425; April 1939,
p. 295; and April 1940, p. 362).
NOVEMBER

1940




1233

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

Other
Europe

Total
Latin
Europe Canada America

Asiai

All
other *

Reported by Banks in New York City
1931—Dec. 30..._.
1932—Dec. 28 . . . .
1933—Dec. 27.....
1934—Nov. 28 * -.

1,103.3
937.9
898.8
827.1

166.2
87.3
192.5
201.3

29.5
62.9
66.9
94.1

20.9
13.0
18.4
15.9

12.6

1934—Dec. 6 « . . .
1936—Jan. 2
Dec. 31

1,137.8
1,139.9
778.6

266.4
296.9
88.1

108.2
80.6
32.5

19.2
18.6
19.0

8.3
8.2
6.6

239.6
231.7
202.0

26.5
27.2
13.6

1936-Mar. 25...
June 24
Sept. 30—
Dec. 30

736.3
691.6
647.9
672.6

82.7
77.3
75.8
114.1

26.5
23.9
81.5
16.8

22.9
21.2
21.5
21.9

5.4
4.5
5.2
5.4

198.6
187.0
160.6
165.1

1937—Mar. 31—
June 30
Sept. 29—
Dec. 29....

693.1
637.7
686.0
655.0

99.7
75.6
75.3
84.8

15.8
13.2
11.1
13.5

17.1
13.7
19.1
23.0

4.9
3.5
4.2
6.6

1938—Mar. 30...
June 29
Sept. 28...
Dec. 28

669.7
760.8
626.9
626.0

120.6
141.4
121.9
87.7

11.4
16.2
11.4
13.3

23.5
25.2
22.6
25.5

1939—Tan. 25___.
Feb. 22_._.
Mar. 29—
April 28...
May 3 1 . . .
June 28—.
July 26....
Aug. 30...
Sept. 27—
Oct. 25....
Nov. 29—
Dec. 27

603.2
669.1
553.6
492.3
604.3
496.6
497.2
483.5
485.7
558.1
537.1
546.3

98.5
82.0
83.0
64.2
65.4
65.4
65.2
66.9
66.0
64.5
46.5
44.4

8.7
12.4
13.8
11.7
10.7
10.7
7.3
8.7

23.8
22.4
20.1
17.9
18.7
19.7
21.7
10.3

1940—Jan. 31.._.
Feb. 28_._.
Mar. 27...
Apr. 2 4 . . .
May 29...
June 26_...

533.0
531.4
622.2
500.0
475.0
469.0

66.2
44.7
47.0
36.7
30.1
33.1

July 3
July 10....
July 17....
July 24....
July31_...

475.0
466.8
459.7
460.4
444.9

32.0
31.2
31.1
29.5
28.2

149.2 I
97.0
83.2
60.2

864.3
713.1
651.0
569.5

68.1
42.2
82.3
64.4

136.5
155.2
159.7
124.4

41.8
24.0
49.7
46.2

2.6
3.5
0.2
2.6

81.3
80.0
71.2

749.5
743.2
433.0

91.2
96.3
100.9

170.7
174.6
164.5

118.1
117.4
80.1

8.3
8.S
10.1

12.6
12.7
11.0
10.9

64.8
57.8
52.0
57.8

413.5
384.4
407.6
392.1

78.7
78.0
49.1
69.4

158.7
144.0
126.6
141.1

74.3
73.9
54.4
67.2

11.2
11.4
10.2
12.9

162.2
143.9
132.0
126.1

13.0
14.8
16.8
20.8

68.1
65.2
62.8
62.9

370.7
319.9
311.3
326.5

71.7
87.8
82.5
118.0

135.3
132.0
107.0
114.4

100.0
83.6
71.7
78.9

16.5
14.6
18.5
17.2

4.8
5.9
4.4
6.4

112.0
102.6
99.1
90.9

18.1
16.1
17.0
13.3

51.0
49.0
46.3
46.7

341.4
356.4
322.7
282.8

93.3
87.6
84.0
65.7

113.5
116.6
94.2
99.2

104.1
126.4
113.6
162.6

17.4
13.8
12.4
15.7

88.6
84.0
81.4
79.4
79.2
77.4
74.7
73.0
67.1
60.7
68.6
63.9

14.4
13.3
16.4
13.5
11.9
9.5

9.6
9.3
6.6
6.6

4.6
4.2
3.6
3.6
3.4
4.5
3.2
2.5
2.9
3.9
4.7
4.9

282.4
266.3
267.1
235.0
220.4
217.0
210.3
218.6

10.9

43.9
48.0
48.8
44.7
41.1
39.9
39.1
44.7
41.6
48.5
62.0
63.0

207.2
183.1
178.7

62.4
49.0
46.3
48.0
49.4
54.0
62.7
44.0
49.7
61.1
43.6
46.3

05.7
98.3
99.5
94.9
111.1
110.3
111.8
104.1
108.5
112.0
114.0
117.5

157.9
140.4
125 7
103.8
110.6
100.8
108.7
103.3
104.0
172.6
179.3
186.9

14.8
15.0
14.9
10.9
12.8
14.8
13.6
13.5
15.4
16.2
17.0
16.9

5.3
5.4
5.8
5.8
7.9
5.9

7.2
5.7
8.9
5.5
3.2
2.8

5.1
6.5
6.3
6.5
5.0
4.0

52.3
61.8
50.8
50.2
47.3
47.8

13.7
15.5
17.3
16.9
18.3
14.9

49.5
49.3
49.4
48.2
44.6
43.2

189.1
177.9
185.6
169.8
156.5
151.8

40.1
44.2
42.7
36.1
26.7
29.6

110.2
109.8
109.5
112.9
113.3
118.6

184.6
190.3
175.4
172.6
169.6
160.0

9.1
9.2
9.1
8.7
9.0
9.0

6.2
6.2
5.6
4.6
4.5

2.6
2.5
2.3
2.1
1.9

3.8
3.5
3.3
2.9
2.5

47.3
47.6
47.5
47.0
46.6

14.2
13.1
12.4
11.3

41.0
40.6
40.3
39.3
36.6

147.2
144.7
142.6
136.8
130.0

35.3
33.2
31.4
31.9
31.3

117.0
116.3
115. 7
117.9
116.3

167.9
165.1
162.5
166.1
159.8

7.7
7.6
7.4
7.7
7.5

467.2
434.9
260.9
178.8

6.2

12.3
8.5

18.7
11.8
16.7
10.7

Reported by Banks in United States

8.7
8.6
5.4
5.0

9.3

12.6
12.2
11.8
9.4

9.6

208.1

Additional Detail Available from January 3,1940 *

5 European countries
Date

Bel- DenTotal gium
mark

6 Latin American countries

Fin- Nor- Sweland way den Total

Brazil

Chile

Cuba Mexico

1940—Jan. 3 . .
Jan. 31.
Feb. 28.
Mar. 27
Apr. 24.
May 29
June 26.

23.4
22.2
20.4
19.7
18.3
14.1
11.3

6.5
7.2
7.4
8.1
8.4
5.1
3.9

3.2
3.7
2.9
2.2
1.4
1.1
.8

1.4
1.2
.8
.8
1.0
1.5
1.5

3.7
4.0
3.9
3.6
2.4
1.7

8.7
6.5
5.4
4.7
3.9
4.2
3.5

76.1
71.5
69.9
70.1
72.9
73.9
78.3

16.8
12.9
12.0
12.2
12.4
16.4
16.7

32.2
31.2
31.8
31.6
34.5
32.1
34.0

9.7
9.6
9.7
9.4
9.6
9.5
9.8

10.5
10.4
11.1
11.2
10.2

July 3 . .
July 10.
July 17.
July 24
July 31_

10.6
10.1

3.4
3.3
3.1
3.1
2.9

.7
.7
.6
.5
.4

1.5
1.5
1.5
1.6
1.6

1.5
1.4
1.4
1.3
1.3

3.4
3.2
3.0
2.9
2.8

77.5
75.6
75.6
77.4
75.6

16.7
16.2
16.4
17.2
16.4

33.7
32.9
32.1
33.5
32.8

9.7
9.7
9.7
9.7

11.4
10.6
11.4
10.8

9.6
9.4
9.1

3.6

Argentina

10.3

4 Asiatic countries

9.8

11.4

9.9

Panama
and
C.Z.

Total China

Hong Japan Philippine
Kong
Islands

5.9
6.5
4.4
4.7
5.0
5.0
5.1

1.0
.9
.9
1.0
1.2
1.1
1.2

152.5
161.9
168.0
165.4
161.7
160.1
148. 5

22.0
22.5
25.4
25.7
24 3
24.5
24.7

1.9
L.6
:J.2
L.5
1.4
1.9
2.5

102.1
111.2
111.2
109.6
108.1
103.2
89.7

26.4
26.6
28.2
28.6
28.0
30.5
31.6

4.8
4.8
4.8
4.7
4.7

1.3
1.4
1.3
1.4
1.5

155.2
152.2
149.2
152.5
145.3

30.2
30.3
30.3
30.0
30.5

1.6
1.4
1.6
1.5
2.7

90.6
87.3
84.6
87.8
78.6

32 7
33.2
32.8
33.3
33.6

i Prior to January 3, 1940, the figures shown under Asia represent the Far East only, the remaining Asiatic countries being included under
"All other".
* Last report date on old basis.
• First report date on new basis.
4
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 August 12, 1936, and October 18, 1939 (see BULLETIN for May 1937, p . 431, and April 1940, p. 363).

1234




FEDERAL RESERVE BULLETIN

CENTRAL BANKS
Assets of
issue dept.

Bank of England
(Figures in millions of
pounds sterling)

Gold*

Other

Assets of banking department
Cash reserves
Coin

1929—Dec. 25 __
1930—Dec. 31 __
1931—Dec. 30._
1932—Dec. 2 8 . .
1933—Dec. 2 7 . .
1934—Dec. 2 6 . .
1935—Dec. 2 5 . .
1936—Dec. 3 0 . .
1937—Dec. 2 9 . .
1938—Dec. 2 8 . .
3

1939— July 26—
Aug. 30..
Sept. 27_.
Oct. 25...
Nov. 29..
Dec. 27..

Notes

145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4

260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0

1.0
.5

246. 4
263.0
3.1
.2
.2
.2

300.0
300.0
580.0
580.0
580.0
580.0

.2
.2
.2
.2
.2
.2
.2
.2
.2

580.0
580.0
580.0
580.0
580.0
630.0
630.0
630.0
630.0

1940—Jan. 31...
Feb. 28..
Mar. 27..
Apr. 24..
May 29..
June 2LJuly 31_.
Aug 2 8 Sept. 25 _

Discounts
and advances

Liabilities of banking department

Securities

Note
circulation

Deposits
Bankers*

Public
8.8
6.6
7.7
8.9

26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7

22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5

84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7

379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7

71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0

22.2

.6
.7
.7
.9
1.1
1.0

35.5
33.5
38.3
53.0
51.6
25.6

8.0
6.4
2.5
4.6
4.5
4.3

128.0
137.8
144.2
127.7
132.1
176.1

510.9
529.5
541.8
527.1
528.7
554.6

.8
1.0
1.1
1.0
1.4
1.5

52.5
49 0
37 1
43 1
23.4
28.1
20.7
20.2
25.5

3.1
2.8
6.1
4.9
2.9
4.7
3.3
3.9
3.5

143.9
149.4
157.2
153.5
171.6
174.6
174.4
172.6
169.7

527.7
531.2
543.1
537.1
556.9
602.2
609.5
610.0
604.8

Domestic bills

For(Figures in millions of francs) Gold 4 eign
exOpen 6
change market

41,668
53, 578

25,942
26,179
21, 111
4,484
1,158

5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422

Special 8

Other

1,379
652
1,797

8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880

12.1
12.1
11.4
15.9

17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0

91.4
90.1
107.1
116.8
103.5
117.3

26.0
31.1
19.8
12.6
27.8
29.7

36.7
39.0
40.5
39.2
40.2
42.0

18.1
18.2
18.3
17.7
17.8
17.9

98.1
99 4
98.0
103.4
94.9
82.7
106.3
118.7
116.0

39.7
45.7
43.1
40.7
36.1
58.0
22.7

44.3
38.9
42.2
40.6
50.5
50.3
52.3
51.8
51.9

18.0 '
18.1
18.2
17.7
17.8
17.9
18.0
18.1
18.1

Deposits
Other
assets

5,603
6,609
8,545
9,196
8,251
8,288
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

Note
circulaGoverntion
ment

Other

Other
liabilities

5,206
5,149

172
127
78
374
472
2,412
930
336
454
174

3,332
3,362
3,401
3,471
3,461
3,805
3,661
3,576
3,581
3,482

14,558
14,452
14,264
14,753
14,458
16,016
16,482
17,100
17,769
16,438

119,748
124, 666
121,391
122, 611
123,239
142,359
144, 562
144,379
149,370
151,322

3,955
3,755
4,573
5,188
5,468
3,304
2,342
2,004
1,953
1,914

16,702
17, 255
17, 570
16,909
16,058
18,038
18,022
14,790
12, 392
14, 751

2,726
2,649
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

35, 673
40, 523
20,550
20,900
32,600

229
465
320
228
2,320

3,444
3,403
3,376
3,411
3,716

15,963
16,917
15,970
15, 666

151, 738
156,150
156,032
156, 285
170,853

1,834
1,203
1,154
1,171
1,046

14,965
17,128
14,262
14,681
25, 782

3,259
3,156
3,014
3,038
2,811

758
756
754
722
722
218
212
85
120
112

8,164
8,074
8,316
9,396
9,734
10,038
10, 565
11,273

2,054
2,165
2,276
2,279
2,275
1,708
1,958
2,007
1,626
2,345

5,733
6,012
4,774
5,009
5,000
15,009
14,830

97,268
97,275
84,614
84, 615
84, 616

111
109
111
112
102

11,861
12, 505
42,645
42,694
44,083

2,235
1,810
1,870
1,781
1,889

8

Loans o n Advances
to
ShortGovterm
Other
ern- 7 Govern- securiment sement
ties
curities

20,627
20, 577
20,577
20, 577
20, 577
20,577
22, 777
25, 473
30, 473
34,673

87,266
92,266
92, 266
92, 266
92, 266
8 97,266
97, 266
97, 266
97, 266
97, 267

1940—Jan. 25...
Feb. 29—
Mar. 28..
Apr. 25—
May 3 0 -

Liabilities

573
715
675
443

1939—Mar. 30..
April 27.
May 25..
June 29- _
July 2 7 . .
Aug. 3 1 Sept. 28..
Oct. 26. _
Nov. 30..
Dec. 28—

8,631

8.8

13.5

17,698
31,909
20, 627

83,017
77,098
82,124
66, 296
60,359
58,933
87, 265

1,328
1,460
911
821

9.9

2,521
2,901
2,730
2,515
2,921
3,211
3,253
3,583
3,781
3,612

1929—Dec. 27._
1930-Dec. 26—
1931 - D e c . 3 0 1932 -Dec. 30__
1933 -Dec. 29._
1934 -Dec. 2 8 1935-Dec. 2 7 1936—Dec. 3 0 1937—Dec. 30—
1938—Dec. 2 9 -

963

Other
liabilities

35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8

Assets
Bank of France

Other

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

» Effective Mar. l, 1939, gold valued at current prices instead of legal parity (see BULLETIN for April 1939, p. 271).
* 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 i^sue 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
By decree of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407), gold revalued on basis of 23.34 milligrams gold 0.900 fine per franc. Increment of about 17,000,000,000 francs supplemented by certain other funds was applied to the full repayment of advances to the Government granted
under authority of the decree of Nov. 12, 1938, in the amount of 20,473,000,000 francs. Gold also revalued in Oct. 1936, July 1937, and Nov. 1938.
For 5further details see BULLETIN for November 1936, pp. 878-880; September 1937, p. 853; and January 1939, p. 29.
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.8 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 W heat 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, March 22,
1938, and April 14, 1938, as modified by Convention of Nov. 12, 1938; Convention of Sept. 29, 1938, approved by decree of Sept. 1, 1939; and Convention8 of Feb. 29, 1940 (see BULLETIN for May 1940, pp. 406-407).
On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Exchange Stabilization Fund to Bank of France; on 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, p p . 81-83.

NOVEMBER

1940




1235

Central Banks—Continued
Assets
Reichsbank
(Figures in millions of
reichsmarks)

Reserves of gold and Bills (and
checks),
foreign exchange
including Security
Total
Treasury
loans
Goldi
bills
reserves

31_.
31..
31..
3130..
31..
31..
31..
31_.
31..

2,687
2,685
1,156
920
396
84
88
72
76
76

1939—Sept. 30.
Oct. 31...
N o v . 30.
Dec. 3 0 1940—Jan. 3 1 . .
Feb. 29..
M a r . 30.
Apr. 30..
May 31..
June 29—
July 31 ._
Aug. 3lP.
Sept. 3UP

1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.

Liabilities

2,283
2,216
984
806
386
79
82
66
71
71

Securities
Eligible
as note
cover

2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244

251
256
245
176
183
146
84
74
60
45

259
445
349
221
106
557

77
77
77
78

10,105
9,358
10,148
11,392

24
35
36
30

1,324
1,440
997
804

77
77
78
78
77
77
78
77
78

11,143
11,825
12,242
12,188
12, 569
12,611
12, 613
12, 891
13, 206

33
37
31
31
31
25
28
(»)
16

374
172
144
221
142
143
114
(*)
50

Other

92
102
161
398
322
319
315
303
286

365
401
367
394
364
363
454
408

Note
circulation

Deposits

656
638
1,065
1,114
735
827
853
765
861
1,621

5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223

755
652
755
540
640
984
1,032
1,012
1,059
1,527

736
822
1,338
1,313
836
1,001
923
953
970
1,091

1,963
2,375
2,257
2,498

10,995
10,820
10, 974
11,798

1,602
1,520
1,574
2,018

1,287
1,312
1,332
1,378

2,487
2,380
2,557
2,651
2,135
2,595
2,377
(2)
()

11,505
11,877
12,176
12,480
12, 594
12,785
12,750
13,026
12,847

,760
,714
,470
,854
1,620

Other
assets

Other
liabili-

1,382
1,422
1,509
1,338
1,253
1,266
1,248
(2)

1,795

p Preliminary.
i Not shown separately on Reichsbank statement after June 15, 1939.
* 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]

National Bank of Albania (thousands of francs):
Gold
_
Foreign assets
Loans and discounts
Other assets
—
Note circulation
Other sight liabilities..
Other liabilities
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange.
Negotiable Government bonds.
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
Government
Other
Foreign exchange sold forwardOther 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
Bank of Belgian Congo (millions of
Belgian francs) :
Gold
Foreign (gold) exchange
Loans and discounts
Other assets
Note circulation
Deposits
T..
Other liabilities.
__..

1940
Sept.

Aug.

1939
July

Sept.

(Mar.)i
7,567
7,567
65,135 52,631
5,106
10,315
7,829
7,993
28,419 26, 247
46, 830 32,372
15, 598 14, 679
1,220
150
223
19
224
1,202
383
173
5
13

1,224
155
242
23
222
1,218
415
157
4
15
60

220
1,163
497

16,081
54,304

16, 082
54,312

16,030
43, 995

6,736
5,323
44,786 52,052
35,167 34, 207
39, 026 35,884
117,157 119,388
61, 619 61, 619

1,869
15, 640
18,060
62, 250
91, 355
51, 025

(Jan.)1
171
5
617
526
421
735
164

532
492
385
643
167

1,224
135
277

171

Central Bank
[Figures as of last report
date of month]

1940
Sept.

National Bank of Belgium (millions
of belgas):
Gold
Other gold and foreign exchange
Discounts
Loans
Other assets
Note circulation
Demand deposits—Treasury . . .
Other
Other liabilities
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities— G o vernment. _
Other
Other assets
Note circulation
Deposits
Other liabilities
__
National Bank of Bulgaria (millions of leva):
Gold
N e t foreign exchange in reserve..
Foreign exchange
Loans and discounts
_.
Government d e b t . . .
Other assets
_
Note circulation
Deposits
Other liabilities
Bank of Canada (thousands of Canadian dollars):
Golds
Sterling and United States exchange
20,336
Canadian Gov't. securities:
2 years or less
412, 359
Over 2 years
120,742
Other assets
43, 356
Note circulation
331, 957
Deposits—Chartered b a n k s .
231, 336
Dominion Gov't
4,441
Other
9,961
Other liabilities
19,098

Aug.

1939
July

Sept.

(June)i
4,329

3,628

2 70
1,170
511
1,036
6,690
14
273
139

942
440
171
553
5,401
4
206
124

(June)i
96,831 91, 738
79, 406 48, 206
229,145 71, 758
423, 713 407, 849
12, 982
7,393
20, 236 72,142
422,171 325, 313
348,805 293,085
91, 338
(Apr.)i
2,006
4
1,800
1,110
3,393
2,030
4,526
3,421
2,396

2,006
705
2,409
3,417
1,386
4,426
3,206
2,291

!25, 675
2,723
430,113
121,189
18, 222
306, 534
215, 539
32,857
3,610
13, 707

5,700

44,448

392, 235 55, 054
123, 598 63, 588
7,234
9,318
291, 676 212, 490
194, 42a 221,127
24,140
8,222 11, 380
12, 389 12, 774

1 Latest month for which report is available for this institution.
2 Foreign exchange only; total gold holdings now included in item "Gold."
3
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July
1940, pp. 677-678).

1236




FEDERAL RESERVE BULLETIN

Central Banks—Continued
Central bank
[Figures as of last report
date of month]

1940
Sept.

Aug.

July

146
158
746
370
23
1,018

146
160
746
371
22
1,028

146
81
754
240

146
116
163

154
104
160

191
54
157

26, 870
11,012
24,859
40, 321
31, 612
55, 237
53, 232
26, 204

30,945
8,566
22, 242
38, 379
31, 925
54,957
51, 766
25,333

37,383
5,544
21,131
37,105
31,018
54,069
46,060
32,052

1,597
712
376
409

1,597
735
86
470

1,659
793
1,895
1,019
4,585
6,438
851
2,661

Sept.

Central Bank of Chile (millions of
Gold
_
_
Discounts for member banks
Loans to government.
Other loans and discounts
Other assets.
Note circulation
DepositsBank
_
_
Other
_
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange.
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bohemia and Moravia (millions of koruny):
Gold
Foreign exchange
_~
Discounts
Loans
Other assets
Note circulation
Demand deposits
Other liabilities
___
National Bank of Denmark (mil
lions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Discounts
_.
Loans—To Government agencies
Other.
Securities
Other assets
_
Note circulation
Deposits
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts.
Other assets
_
Note circulation.
Demand deposits
Other liabilities.
National Bank of Egypt3 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities.
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities.
Other assets
Note circulation
_
Deposits
Other liabilities
Bank of Estonia (thousands of
krooni):
Gold and net foreign exchange
_-_
Loans and discounts
Other assets
Note circulation.
Demand deposits
Other liabilities

12, 594
26,258
42,959
31, 532
54, 923
54,151
30, 656

0)

5,764
1,196

(0

0)
5,443
1,343

0)
117
(June) 2
39
117
9
113
25
101
228
182
175
218
184
156
697
118
169
169
141
May)2
31, 929 39, 318
5,307
68,179 62,056
25,416 21, 746
66,187
36, 032 44, 590
26, 605 17, 649
(Apr.)*
6,544
2,729
8,141

6,545
1,653
8,615

30, 608 30, 207
6,995 9,060
25,489 26, 263
2,392 4,493
18,076 16, 609
9,060 8,715
13, 201 13, 219 13, 208
1,876
2,660 3,901
2,789 2,435 1,261
5,332 5,298 5,100
1,127
1,311
1,361
13, 909 14, 187 14,129
5,323 5,587 6,842
5,327 5,149 3,627

47, 846
57,399
47,437
88, 492
28, 285
35, 905

48, 274
45,048
38,115
"1,461
26, 774
35, 203

Central bank
[Figures as of last report
date of month]
Bank of Finland (millions of markkaa):
Gold
Foreign assets.__
Loans and discounts
Domestic securities
Other assets
.__
Note circulation
Deposits—Treasury
Other
_
Other liabilities
_
Bank of Greece (millions of drachmas):
Gold and foreign exchange (net)..
Loans and discounts..
Government obligations
Other assets
_
_
Note circulation
Deposits.
,
Other liabilities
__
National Bank of Hungary (millions of pengo):
Gold
._
Foreign exchange reserve
Discounts..
Loans—To Treasury
Other
Other assets
__
_
Note circulation
Demand deposits
Certificates of indebtedness
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 fund
Discounts
Loans—To Government
Other
Government bonds
Other assets
Note circulation
Deposits—Government
Other....
Other liabilities
Bank of Java (millions of guilders):
Gold
Foreign bills
_
_
Loans and discounts
Other assets
Note circulation
_
_.
Deposits
Other liabilities
Bank of Latvia (millions of lats):
Gold
__
Foreign exchange reserve
Loans and discounts...
Other assets
_
Note circulation
_
_
Deposits
Other liabilities
Bank of Lithuania (millions, of litu):
Gold
Foreign exchange
Loans and discounts
Other assets...
_.
Note circulation
Deposits
Other liabilities
_

1940
Sept.

Aug.

1939
July
(Oct.
1939)2
1,180
2,085
2,059
328
343
3,378
553
2,064

Sept.

1,181
2,214
1,269
331
274
2,547
132
561
2,028

4,967 4,790 3.126
14, 683 14, 580 13, 651
4,049 4,049 4,207
3,197 3,087 1,993
11,077 10, 603 10, 639
13, 585 13. 556 10, 340
1,996
2,233 2,346
124
50
849
336
44
316
1,200
208
87
226

501
300
752
3
162
2,620
434
3,533
714
109
416

124
57
693
337
47
382
1,158
114
94
275

124
98
627
342
32
331
1,087
148
99
220

444
1,315
496
383
2, 379

444
645
374
751
2,029

259
208
21
2
89
12
479
111

185
136
6
1
63
35
306
120

501
300
618
3
82
2,495
423
3,326
651
93
352

501
300
451
3
140
1,805
397
2,634
544
111
308

151
22
87
129
205
157

129
9
70
92
199
75

72
29
234
45
123
204
52

35
176
47
118
187
51

67
9
183
75
197
94
42

58
9
145
42
170
45

12 Figures not yet available.
Latest month for which report is available for this institution.
3
Items for issue and banking departments consolidated.

NOVEMBER

1940




1237

Central Banks—Continued
Central bank
[Figures as of last report
date of month]
Netherlands Bank (millions of guilders):
Gold
Silver (including subsidiary coin)
Foreign bills
Discounts
_
Loans
Other assets
Note circulation.
Deposits—Government
..
Other
Other liabilities
__
Reserve Bank of New Zealand
(thousands of pounds):
Gold
_
Sterling exchange reserve
Advances to State or State undertakings
__
Investments
Other assets
_
Note circulation.
Demand deposits
Other liabilities
__
__
Bank of Norway (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 3
Special exchange accounts __
Loans and discounts
Special loans 4
Government debt
Other assets
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills..
_
Other bills and loans.Other assets
Note circulation
Deposits
Other liabilities-

1940
Sept.

Aug.

1939
July

Sept.

(Apr.)i
1,160
12
1
10
226
71
1,166
25
228
59
2,802
12,217

2,802
13,027

1,104
7
2
90
249
74
1,142
336

2,802
5,312

25, 226 20,843
2,544 2,544 3,816
380
426
598
20, 066 19, 623 16, 648
22, 330 22,168 14, 710
2,014
2,452 2,233
1

(Mar.)
186
102

112

237
78
384
182
75
126
27
538
21
81

57, 791
15, 833
121,413
8,332
136,108
46, 235
21,025

48,191
22, 781
99, 756
4,953
134, 553
24,429
16, 700

921
356
155
552
1,033
1,628
2,704
938
1,003

920
495
225
415
1,036
1,249
2,374
952
1,013

31, 747
4,344
25,146
881
7,959
12, 824
58,961
15,000
8,939

20, 393
4,762
21, 869
1,382
10,197
13, 700
47, 977
8,933
15, 393

435
)

37, 350
840
1,903
34, 493
23, 664
44, 847
6,076

37, 032
1,435
7,125
3,958
18
33,880 18, 225
21,788 20, 545
50, 325 29, 880
4,192 3,341

1939

1940

Central bank
[Figures as of last report
date of month]
Bank of Sweden (millions of
kronor):
Gold
Foreign assets (net)
Domestic loans and investments.
Other assets
Note circulation
_
Demand deposits
Other liabilitiesSwiss National Bank (millions of
francs):
Golds...
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 department:
Gold
_.
Notes and coin
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 Settlements6 (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

Aug.

July

Sept.

338
685
693
822
1,451
271
817

380
578
727
839
1,430
295
800

786
475
285
535
1,259
'650
173

2,119
548
254
54
272
2,119

2,114
489
248

2,419
285
94
49
684
2,082
802

2,161
752
271
107, 923
39
21, 451
297, 411
195, 692
38, 603
356, 938
78,124
90, 661
135, 394

36,837
3
2,419
205, 985
197,852
28,109
288, 521
64,072
118,612

(June)i
86, 235 86, 235
96, 728 87,296
21, 454
46,034
113,630
119,807
99, 931
200,994

21,003
52, 327
112,004
106,349
88,948
202, 735

2,330 2,286
556
513
1,651
1,855
3,073
3,073
4,598 4,091
3,017 3,117
12, 241 12,179
2,181
1,941
815

1,987
582
2,494
2,400

29,385

3,961
9,108
1,095
1,221

31, 007 16, 523

38, 862 29, 480 27,337
15,400 16, 270 11, 536
143, 673
21, 355
208, 402
2,714
15, 846

145,876
21, 228
209,195
2,303
14,092

176,062
32, 979
226,008
3,027
10,688

21, 530 19,820
2,462 2,456

40,169
3,002

229, 001 229, 001 250, 906
190, 953 189, 990 188, 706

r
Revised.
12 Latest month for which report is available for this institution.
Figures not yet available.
34 Gold revalued May 19, 1940, at 0.0043 gram fine gold per lea.
Agricultural and urban loans in process of liquidation.
* Gold revalued May 31, 1940, at 0.2053 gram fine gold per franc.
e See BULLETIN for December 1936, p. 1025.

1238




FEDERAL RESERVE BULLETIN

MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS

[Per cent per annum]
Central
bank of—

Rate
Oct.

Albania
Argentina
Belgium
Bolivia..
British IndiaBulgaria
Canada
Chile
Colombia
Czechoslovakia
Denmark

Central
bank of—

Date
effective

28

Mar. 21, 1940 Ecuador
Mar. 1, 1936 El Salvador.
Jan. 25, 1940 Estonia
Aug. 9, 1938 Finland
3
Nov. 28, 1935 France
Sept. 16, 1940 Germany
Mar. 11, 1935 Greece
3-43/6 ~Dec,i. 16, 1936 Hungary
July 18, 1933 Italy

3

Rate
Oct.
28

Date
effective
May
Mar.
Oct.
Dec.
Jan.
Apr.
Jan.
Oct.
May
Apr.
Jan.
Feb.

7
3

2

2
3

Japan

Jan. 1, 1936 Java
Oct. 16, 1940 Latvia

Rate
Oct.

Central
bank of—

26, 1938
30, 1939
1, 1935
3, 1934
4, 1939
9, 1940
4, 1937
22, 1940
18, 1936
7, 1936
14, 1937
17, 1940

Date
effective

Central
bank of—

Rate
Oct.
28

Date
effective

July 15, 1939 Turkey
July 1, 1938
Mar. 1, 1937 United KingMexico.
Aug. 29,
i 1939 dom
Netherlands __
Oct. 26, 1939
May 27,
\ 1940 U. S. S. R
New Zealand _
July 1, 1936
May ]13, 1940 Yugoslavia
Norway
Feb. 1, 1935
Aug. 1, 1940
Peru
Portugal
4-4^ Aug. 11, 1937 c
Sept. ]12, 1940
Corrected.
Rumania
May 15,
1 1933 i Not officially confirmed.
South Africa..
'Mar.:
Spain
29,1939 Changes since Sept. 28: Denmark
May 17,
1 1940 Oct. 16, down from 4 ^ to 4 perSweden
Nov.;26, 1936 cent; Hungary-Oct. 22, down from
Switzerland-__
4 to 3 per cent.
Lithuania

OPEN MARKET RATES

[Per cent per annum]
United Kingdom

Month

Netherlands

Hungary

Germany

Prime
Private
Bankers' Treasury
Bankers'
Money
acceptances bills, 3 Day-to-day allowance discount Day-to-day commer- Day-to-day
for
money
cial paper
1 month
rate
3 months months
money
money on deposits

Sweden

Switzerland

Loans3 Private
up to
discount
months
rate

1937—Aug
1938—Aug
1939—Aug

.55
.53
1.58

.52
.51
1.92

.75
.75
1.35

2.88
2.88
2.75

2.85
2.51
2.50

.53
.50
1.53

23^-5
23^-5
23^-5

1.00
1.00
1.00

1939—Dec
1940—Jan
Feb
Mar
Apr
May
June
July
Aug

1.23
1.10
1.04
1.03
1.03
1.03
1.03
1.03
1.03

1.24
1.09
1.02
1.02
1.03
1.02
1.02
1.02
1.02

1.03
1.02
1.00
.99
1.00
1.00
1.00
1.00
1.00

2.63
2.50
2.50
2.50
2.38
2.38
2.38
2.38

2.39
2.03
2.08
2.16
1.90
1.98
1.98
1.73

2.75
2.64
2.50
2.49
2.75
13.21

3-5
3-5
3-5
3-5
3-5

1.25
1.25
1.25
1.25
1.25
1.41
1.50
1.50
1.50

2.83

p Preliminary.

i Figures are for period May 1-9, inclusive; no quotations available May 10-June 30.
NOTE.—For back data,figuresfor other countries, and references to explanation of table see BULLETIN for September 1940, p. 1018.

COMMERCIAL BANKS
Assets
Money at
Treasury
Cash
call and Bills dis- deposit
reserves
short
counted receipts2
notice

United Kingdom *

(Figures in millions of
pounds sterling)

Securities

Loans to
customers

Other
assets

Total

Liabilities
Deposits
Demand 3 Time 3

Other
liabilities

10 London clearing banks
1930—December
1931—December
1932—December
1933—December
1934—December
1935—December
1936—December

208
184
207
213
216
221
236

144
119
127
119
151
159
187

322

244
244
243

195
163
160

322
300
250

660
635
635

890
984
971

1939—August
September
October
November
December

233
268
256
245
274

148
146
159
142
174

279
236
289
353
334

599
603
605
611
609

1940—January
February
March

242
247
249
254
257
270
262
273

154
149
142
153
144
166
146
148

388
353
336
338
409
384
415
430

610
609
611
618
633
636
658
682

285
297
472
565
594
605
630

246
408
311
255
322
316

1,876
1,737
1,983
1,941
1,971
2,091
2,238

992
868
991
1,015
1,044
1,140

847
846
963
900
910
924

254
237
216
244
251
231
232

249
256
263

2,315
2,330
2,254

1,288
1,284
1,256

1,012
1,026
997

245
252
269

990
1,016
1,020
1,000
1,015

270
276
271
242
290

2,245
2,278
2,327
2,345
2,441

1,239
1,272
1,299
1,303
1,398

1,007
1,006
1,028
1,042
1,043

273
266
272
248
256

1,010
1,007
1,014
991
972
983
940
927

267
259
273
260
260
295
271
255

2,410
2,366
2,363
2,354
2,413
2,469
2,454
2,481

1,373
1,347
1,355
1,351
1,382
1,443
1,465
1,486

1,036
1,019
1,008
1,003
1,031
1,026
989
995

261
258
260
261
261
264
264
260

933
905
778
740
759
784
864

240
222
208
237
247
231
238

11 London clearing banks «
1936—December
1937—December
1938—D ecember

•

Apiil
May

June
July
August

26
26

>ank rate.
0

.District ±$anK mcmaea Deginnmg in iydo.
NOTE.—For other back figures and explanation of tables see BULLETIN for October 1933, pp. 639-640.
NOVEMBER 1940




1239

Commercial Banks—Continued
Assets

France
(4 large banks. End of month figures
in millions of francs)

Cash
reserves

Due from Bills disbanks
counted

Liabilities
Deposits
Other
assets

Loans

1930—December.
1931—December.
1932—December.
1933—December.
1934—December.
1935—December.
1936— December.
1937—December.
1938—December.

2,419
11,311
9,007
5,870
5,836
3,739
3,100
3.403
3,756

4,675
2,168
1,766
1,416
1,421
2,484
2,975
4,116
4,060

20,448
18,441
22,014
19,848
18, 304
16,141
17, 582
18, 249
21,435

10,743
9,274
7,850
8,309
8,159
8,025
7,631
7,624
7,592

2,361
2,130
1,749
1,827
1,717
1,900
1,957
2,134
1,940

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

3,604
3. 522
5,148
3,538
3,464
6,357
5,062
4,534
4,171
4.599

3, 519
3,745
3,769
3,857
3,580
3.718
3,862
3,698
3.714
3. 765

23, 945
25,667
25,102
25, 263
25, 717
18, 784
20,888
23,170
25, 649
29,546

6,654
6,414
7,061
6.538
6.850
7,353
7,710
7,809
7,907
7,546

1,310
1,353
1,409
1,472
1,532
1,674
1,735
1,936
2.068
2,440

1940—January.._
February..
March i.._

4,066
4,293
4.110

4,080
ii,993
3,920

29,808
30,810
34, 123

7, 756
7,579
7,499

1,745
1,849
1,961

Cash
(5 large banks. End of month figures
in millions of reichsmarks)
reserves

Due
from
banks

191
173
143
131
115
139
137
148
199
270
179
195
184
175
219
189
237
214

1,483
817
583
471
393
316
269
299
255
295
261
270
285
307
308
271
292

1938—August
September..
October
November..
1939—January
February...
March
April
May
June 3

36,681
38, 245
37, 759
32.635
30,943
27, 553
28,484
30, 348
33, 578
34,793
36, 368
38,120
36, 231
36,650
33,293
34,642
36, 285
38,423
42,443
42,850
43,737
46, 608

35,284
37,023
36,491
31, 773
30,039
26,859
27,955
29, 748
33,042
34,127
35, 700
37,444
35, 547
35, 991
32,668
34,048
35, 675
37,835

7,416
5,377
4,570
3,731
3,331
2,884
2,729
2,628
2,731
2,817
2,743
2,685
2,708
2,798
2,833
2,761
2,772

Securities
482
807
938
860
874
1,027
1,112
1,020
1,098
,097
,183
L, 406
1,178
., 145
,112
,082
,073
,080

41, 872

667
667
676
684
659
626
594
610
588
571

3,697
3,775
3,849
3,951
4,063
4,138
4,190
4,328
4,455
4,609

42, 302
43,195
46,064

548
542
544

938
1,034
1,105

3,667
3, 753
3,901

1,397
1,222
1,268
862
904
694
529
600
537

205
135
103
106
103
83
114
76
65
49
51
53
56
53
48
57
52
54
44
39
39
38

4,357
4,503
4,331
4,362
4,301
4,399
4,289
4,517
4,484

Other
assets
1,127
991
1,003
851
812
844
876
895
893
895
902
901
891
852
829

Deposits
Total

Demand

Time

9,091
6,062
6,161
5,754
5,816
5,376
5,751
6,264

3,857
3,252
2,958
2,624
2,731
2,435
2,661
2,912

5,233
2,810
3,203
3,130
3,085
2,941
3,090
3, 352

6,933
6,915
7,031
7,234

3,219
3,311
3,373
3,531

3,714
3,603
3,658
3,703

7,334
7,377
7,458
7,745
7,981
7,793

3,619
3,576

3,716
3,801
3,765
3,875
3,985
3,999

3,870
3,996
3,793

Credits Other
obtained liabilifrom
ties
banks
1,986
1,328
1,146
661
485
686
579
513
416
424
422
420
414
410
401
398
396
390

1,828
2,341
, 550
,481
,432
,449
,334
1,335
,368
,400
,427
,438
,436
,427
,418
,414
,385
,342

Liabilities

Security
Entirely in Canada
Canada
loans
abroad
(10 chartered banks. End of month
and net SecuriOther
figures in millions of Canadian dollars)
due
ties
Cash Security loans
from
reserves loans and dis- foreign
counts banks
207
201
211
197
228
228
240
255
263
265
279
304
295
292
290
273
265
281
300
272
277
291

Other
liabilities

Liabilities

Bills dis- Loans
counted
2,453
1,431
1,631
1,702
2,037
2,162
2,567
3,205
3,589
3,384
3,620
3,643
3,934
3,888
3,904
4,364
4,537
4,108

Own
acceptances
921
576
295
273
193
337
473
661
721
541
558
519
486
430
455
427
534
631
844

Assets

1930—December—
1931—December...
1932— December....
1933—December...
1934—December....
1935—December....
1936—December...
1937—December....
1938—December—.
1939—August
September...
October
November...
December....
1940—January
February
March
April
May
June
July
August

Time

Demand

Assets

Germany 2

1930—November..
1931—November. .
1932—November..
1933—November..
1934—November..
1935—November..
1936—November..
1937—November..

Total

1,275
1,253
1,104
1,036
977
945
791
862
940
957
1,020
1,083
1,102
1,088

171
146
155
134
155
141
161
102
166

604
694
778
861
967
1,155
1,384
1,411
1,463

245
214
209
157
132

1,507
1,502
1,662
1,665
1,646

1,073
1,104
1,115
1,072
1,063
1,067
1,053
1,062

134
140
166
180
194
184
166
162

1,654
1,638
1,599
1,592
1,617
1,583
1,576
1,569

Other
assets

Note
circulation

Deposits payable in Canada excluding interbank
deposits

Total
602
510
439
432
449
485
507
510
474
461
475
474
475
490
466
476
451
488
475
469
454
440

Demand

133
129
115
121
124
111
103
96
88

2,115
2,058
1,916
1,920
2,035
2,180
2,303
2,335
2,500

88
95
90
89
85

2,524
2,583
2,837
2,809
2,774

689
698
538
563
628
694
755
. 752
840
822
891
1,128
1,074
1,033

82
86
88
84
91
93
89
90

2,755
2,772
2,724
2,743
2,785
2,706
2,674
2,689

1,005
1,113
1,063
1,071
1,142
1,098
1,062
1,055

Time
,426
,360
,378
,357
,407
,486
,548
,583
,660
1,702
,692
,709
1,735
L, 741
,751
1,659
1,661
,672
1,643
., 609
,613
1,634

Other
liabilities

816
752
760
725
718
745
790
785
782
873
862
858
851
842
827
829
836
840
818
814
802
783

i No figures available since March 1940.
* Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large
Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice (see BULLETIN for June 1935, p. 389).
3
No figures available since June 1939.
NOTE.—For other back figures and explanation of tables see BULLETIN for August 1939, p. 699; June 1935, pp. 388-390; and October 1933, p p .

1240




FEDERAL RESERVE BULLETIN

FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Australia
(pound)
Free

Belgium
(belga)

Brazil (milreis) British
India
Official Free (rupee)

Bulgaria
(lev)

72.801
33. 579
32. 659
33.137
„ 32. 959
32. 597
30.850

337.07
400.95
388. 86
395.94
393.94
389. 55
353. 38

17.900
23.287
18. 424
16.917
16.876
16. 894
16. 852

7.9630
8.4268
8. 2947
8. 5681 5. 8788
8. 6437 6.1983
5. 8438
6.0027 5.~l248~

31.816
37.879
36.964
37. 523
37. 326
36. 592
33. 279

1.0039
1.2852
1. 2951
1.2958
1.2846
1. 2424
1.2111

1939—Oct
Nov.
Dec

29. 770
29. 772
29. 773

319. 51
312. 66
313.13

16. 729
16.490
16. 577

6.0575
6.0580
6.0576

5.0503
5.0322
5.0263

30. 296
30.127
30.032

1940—Jan
Feb
Mar
April—
May....
June
July
Aug
Sept

29. 772
29. 773
29. 773
29. 773 322.80
29. 773 322.80
29. 773 322.80
29. 773 322. 80
29. 773 322.80
29. 773 322. 80

315.82
315. 79
299.50
280.90
260.80
287. 04
303.11
317.02
321.47

16.834
16. 859
16.980
16. 891
16. 736

6.0562
6. 0569
6.0574
6.0576
6.0488
6.0527
6.0575
6. 0575
6.0574

5.0132
5. 0237
5.0269
5. 0291
5.0232
5.0329
5.0259
5.0219
5.0107

30.140
30.163
30.179
30.198
30.120
30.106
30.149
30.132
30.162

Year or month

1933..
1934..
1935..
1937
1938—_
1939

Argentina
(peso) Official

Year or month

1934
1935
1936
1937
1938
1939

__-

1939—Oct....
Nov...
Dec—

19. 291
19. 294
19. 297

1940—Jan....
Feb...
Mar...
ApriL.
MayJune..
July..
Aug...
Sept...

19. 304
19. 310
19.311
19.307

Year or month

1933..
1934..
1935..
1936-.
19371938..
1939..

Poland
(zloty)
14. 414
18.846
18.882
18. 875
18. 923
18.860
18.835

434. 39
516. 85
502. 60
509. 68
506. 92
501.30
478.83

Canada (dollar)
Official

90.909
90.909
90.909
90.909
90.909
90. 909
90. 909

FinGerDenEgypt
land France many Greece Hong
mark
(drach- Kong
(franc) (reichs- ma)
(krone) (pound) (mark(dollar)
ka)
mark)
19.071
22. 500
21.883
22.189
22.069
21.825
20. 346

In cents per unit of foreign currency]

Hungary
(pengo)

Free

China
(yuan
ShangOfficial Export hai)
Chile (peso)

Colom- Czechoslovakia
bia
(peso) (koruna)

91.959 7. 6787
101.006 10.1452
99.493 5.0833
99.913 5.1240
100.004 5.1697 4.0000
99.419 5.1716 4.0000
96.018 5.1727 4.0000

28.598
34.094
36. 571
29.751
29.606
21.360
11.879

81.697
61. 780
56.011
57.083
56. 726
55.953
57.061

89.331
87. 755
87. 615

5.1713
5.1714
5.1705

4.0000
4.0000
4.0000

7.638
8.353
7.487

57.151
57.206
57.022

88.018
86. 654
82.883
84. 238
80.970
80.072
86. 924
86.865
85. 469

5.1670
5.1655
5.1650
5.1649
5.1670
5.1678
5.1678
5.1680
5.1680

4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000
4.0000

7.833
7.012
6.409
5.992
5.083
5.760
6.048
5.476
5.206

57. 205
57. 264
57.130
56.990
57.046
57. 220
57.096
56. 985
56. 985

3.8232
4. 2424
4.1642
4.0078
3.4930
3. 4674
3. 4252

Italy
(lira)

Japan
(yen)

New
Mexico Netherlands
Zealand Norway
(peso) (guilder) (pound) (krone)

5.0313 30. 518
6. 5688 39. 375
6. 6013 40. 258
6.1141
4.0460 40. 297
204
2. 8781 40.
40.164
2. 5103 40.061

.7233
.9402
.9386
.9289
.9055
.8958
.8153

29.452
38. 716
48. 217
31.711
30. 694
30. 457
27. 454

22. 360
29. 575
29. 602
29. 558
19. 779
19. 727
19. 238

6. 7094
8. 5617
8.2471
7.2916
5. 2607
5. 2605
5.1959

25. 646
29. 715
28. 707
29.022
28. 791
28. 451
25.963

28.103
27. 742
27. 778
27. 760
27. 750
22.122
19.303

51.721
67. 383
67. 715
64. 481
55.045
55.009
53.335

340.00
402.46
391. 26
398. 92
396.91
392. 35
354.82

21. 429
25 316
24. 627
24. 974
24.840
24. 566
23. 226

1.8943
1.8964
1.8136

2. 2736 40.092
2. 2246 40.127
2. 2269 40.097

.7345
.7244
.7157

25.030
24.491
24. 482

17.602
17.600

5.0465
5.0444
5.0452

23. 510 20.151
23.440 20.497
23.441 18.185

53.115
53.080
53.107

320.81
313. 96
315.03

22. 697
22. 703
22. 701

1.8156

2. 2461
2. 2459
2.1296
1.9980
1. 8516
2. 0052

.7155
.7176
.7007
.6546
.6270
.6529
.6654
.6628
.6602

24.629
24. 572
23. 247
21.834
20.288
22.388
23. 582
22. 510
22. 623

17. 586
17.605
17. 592
17. 586
17. 582
17. 591
18.481
19.370
19. 367

5.0470
5.0467
5.0470
5.0452
5.0426
5. 0361
5.0323
5.0334
5.0357

23. 438
23.438
23. 438
23.438
23.438
23. 432
23.432
23. 431
23. 435

53. 208
53.137
53.101
53.082
53.079

317.09
317.06
300. 72
282.05
261.87
288.19
304.32
318. 25
322. 74

22.
22.
22.
22.

1.8708
2. 2277
2.1627
2.1903
2.1811
2.1567
1.9948

1. 7078
1. 5252
1. 7743
1.8961
1. 9776
1. 9643
1. 9691
1. 9619

Portu- Rumagal
nia
(escudo) (leu)
3.9165
4. 6089
4.4575
4. 5130
4.4792
4.4267
4.0375

1939—Oct...
Nov..
Dec.

3. 6444
3.6067
3.6044

1940—Jan
Feb
Mar
April
May
June
July
Aug
Sept

3. 6228
3.4985
3.4090
3. 2650
3. 5969
3. 8021
3.8311
3. 9629

40.118
40.117
40.114
40.115
40.025
39. 965
39. 978
39. 951
39. 926

South Spain
Africa
[pound) peseta)

16. 663
16. 654
16. 652
16. 656
16. 654
18. 365
19.913
19. 988
19. 941

706
709
712
707

United Kingdom Uruguay (peso)
Straits
(pound)
YugoSwitzer- Turkey
Settle- Sweslavia
den
land
ments
(pound)
Non-con- (dinar)
Con(dollar) (krona) (franc)
Official
Free trolled
trolled

.7795
1.0006
.9277
.7382
.7294
.7325
.7111

414.98
498. 29
484. 66
491. 65
489. 62
484.16
440.17

10.719 49. 232
13. 615 59.005
13. 678 57.173
12.314 58. 258
6.053 57.973
5.600 56.917
10.148 51. 736

22.032
25.982
25. 271
25.626
25.487
25.197
23.991

.7088
.7055

396.12
397.15
397.41

10.148
10.039
9.950

47.017
46. 246
46.102

23. 792 22.433
23. 798 22.428
23. 796 22.422

397.86
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00

9.950
9.950
9.814
9.144
9.130
9.130
9.130
9.130
9.130

46.484
46.483
46. 750
47.136
47.119
47.114
47.113
47.116
47.102

23.806
23.807
23.816
23.691
23. 791
23.804
23. 836
23.813
23. 810

24. 836
32.366
32.497
30.189
22.938
22. 871
22. 525

22.419
22. 418
22.417
22.418
22. 253
22.461
22. 684
22. 755
22. 784

60.440
79.047
80.312
80. 357
80.130
80.109
80.243

403. 50
403. 50
403. 50
403. 50
403. 50
403. 50
403. 50

423.68
503.93
490.18
497.09
494.40
488.94
443. 54

60.336
79.956
80. 251
79.874
79.072
64.370
62.011

36.789

1. 7607
2. 2719
2. 2837
2.2965
2. 3060
2.3115
2.2716

401.05
392.47
393.01

65.830
65.830

39.022
37.063
36.457

2. 2649
2. 2657

396.39
396.34
375.91
352. 59
327. 36
360.16
380.47
397. 88
403. 42

65.830
65.830
65.830
65.830
65.830
65. 830
65. 830
65.830
65. 830

36.360
37.466
38.839
39.090
38. 603
37. 714
35. 956
34. 939
36. 366

2.2595
2.2560
2.2485
2. 2444
2. 2473
2. 2441
2 2439
2. 2436
2. 2436

NOTE.—Developments affecting averages since July 1939 have been as follows: No rates certified for following days: Argentina—Aug. 26-Oct.
16, 1939; Belgium—since May 9, 1940; Brazil—Sept. 1, 1939; Bulgaria—since Aug. 29, 1939; Canada—official rate Mar. 1-21, 1940, first reported in
addition to free rate beginning Mar. 22; Denmark—Aug. 26-31, 1939, and since Apr. 8, 1940; Egypt—since Sept. 1, 1939; Finland—Aug. 26-Sept. 1
and Sept. 3-5,1939; France—since June 15,1940; Hungary—Aug. 26-Nov. 8,1939, and Jan. 27-Feb. 8,1940; Netherlands—since May 9,1940; Norway—
Aug. 26-29,1939, and since April 8,1940; Poland—since Aug. 25, 1939; Rumania—Aug. 26-Nov. 5,1939, and since Jan. 31,1940; Spain—Mar. 30-Apr.
1, 1940; Turkey—Aug. 25-28, and since Sept. 1,1939; United Kingdom—official rate Mar. 1-24, 1940, first reported in addition to free rate beginning
Mar. 25; Uruguay—controlled rate Sept. 1-Nov. 28, and non-controlled rate Oct. 17-Nov. 28,1939; Yugoslavia—Aug. 26-Nov. 5,1939. Official rate
for Australia first reported in addition to free rate beginning Apr. 1, 1940.
Changes in nominal status of quotations since July 1939 noted only if affecting quotations for at least five days a month. Quotations commenced
being nominal as follows: Aug. 1939—Australia; Sept. 1939—British India, Germany, Hong Kong, Japan, South Africa, and Straits Settlements;
Nov. 1939—Yugoslavia; Dec. 1939— Finland; Apr. 1940—Sweden; and June 1940—Italy. Quotations have ceased being nominal as follows: Sept.
1939—Australia; Oct. 1939—South Africa; Nov. 1939—Hong Kong, Japan, and Straits Settlements; Mar. 1940—British India; Apr. 1940—Finland;
M a y 1940—New Zealand; July 1940—Sweden. For further information concerning the bases and nominal status of exchange quotations, and concerning temporary suspensions of quotations prior to the end of July 1939, see BULLETIN for September 1939, p. 831; March 1939, p. 236; and
March 1938, p. 244.
NOVEMBER

1940




1241

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States

Year or month

France

(1926=100)

(1930=100)

(1913=100)

(1913=100)

100

100

» 124

695

134

95
86
73
65
66
75
80
81
86
79

96
87
72
67
67
72
72
75
85
79
76

100
88
86
86
88
89
94
109
101
103

627
554
500
427
398
376
338
411
581
663
>681

137
125
111
97
93
98
102
104
106
106
107

75

72
78
79
80
82

98
106
111
119
122

674

83
83
83
83
82
82
82
83

125
128
129
132
134
'134
140
140

77

_

1939—August
October
November
December

79
79
79
79

1940—January
February
March
April
May
June
July _. .
August
September

79
79
78
79
78
78
78
77
78

P141

Italy

Japan

(1928=100)

(October
1900=100)

Germany

(1926=100)
1926
1929 _ _
.
1930
1931
1932
1933
1934
. .
.
1935
1936
1937
1938
1939

United
Kingdom

Canada

Switzerland
(July 1914
=100)

Netherlands
(1926-30
=100)

237

106

144

220
181
153
161
180
178
186
198
238
251
278

100
90
76
65
63
63
62
64
76
72
74

141
126
110
96
91
90
90
96
111
107
111

107
107
107
107
108

272
288
293
300
314

71
75
81
84
85

107
117
120
123
125

108
108
109
110
110
110
111
111
111

320
317
312
314
312
308
306
306
308

86
88
88
88
89

128
130
132
134
135
139
141
146

95
85
75
70
63
62
68
76
89
95
a 97

r
p Preliminary.
Revised.
* Approximate figure, derived from old index (1913=100).
1
Average based on figures for 8 months for France, 7 months for Italy.
8
No figures available since July 1939, when figure was 96.
4
No figures available since August 1939.

WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United Kingdom
(1930=100)

United States (1926=100)

Year or month
Farm
products

1926
1929
1930
1931
1932
1933
ig34
1935
1936 .
1937
1938
1939

_

_.
._

1939—August
September
October
"DfiPftmbflr

1940—January
Februarv
March
April
May

June
July
August
September

Foods

Other
commodities

Foods

France (1913=100)

Germany

Farm
Indus- AgriculIndusand food
tural
trial
trial
products products products products

Provisions

1913=100)

IndusIndustrial raw
finand semi- trial
ished
finished
products products

100

100

100

581

793

129

132

130

150

105
88
65
48
51
65
79
81
86
69
65

100
91
76
61
61
71
84
82
86
74
70

92
85
76
70
71
78
78
80
85
82
81

100
89
88
83
85
87
92
102
97
98

100
87
85
87
90
90
96
112
104
106

579
526
542
482
420
393
327
426
562
641
1653

669
679
464
380
380
361
348
397
598
663
1707

130
113
104
91
87
96
102
105
105
106
108

125
113
96
86
75
76
84
86
96
91
193

132
120
103
89
88
91
92
94
96
94
95

157
150
136
118
113
116
119
121
125
126
126

61
69
67
67
68

67
75
73
72
72

80
82
84
84
84

90
101
109
114
118

102
108
111
121
124

616

726

109
108
108
108
108

92

95
95
96
97
97

126
126
126
126
127

69
69
68
69
68
66
67
66
66

72
71
70
72
71
70
70
70
72

84
83
83
83
83
82
82
82
82

122
126
124
126
128
130
134
136

127
129
131
135
136
136
142
142

98
98
99
98
98
98
98
99
99

127
127
128
128
128
129
130
131
131

108
108
110
111
112
112
112
112
111

r
Revised.
i Average based on figures for 8 months.
»No figures available since August 1939.

Source*.—See BULLETIN for April 1937, p. 372; March 1937, p. 276; October 1935, p. 678; March 1935, p. 180; and March 1931, p. 159.

1242




FEDERAL RESERVE BULLETIN

Price Mewemeiits—Continued
COST OF LIVING

RETAIL FOOD PRICES

[Index numbers]

[Index numbers]
Ger- NetherUnited United
France many
lands
States > Kingdom (Julyl914
(1913-14 (1911-13
(1935-39 (Julyl914
=100)
=100)
=100)
=100) =100)

Year or
month
1926

_.

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

Switzerland
(Junel914
=100)

137

161

554

146

161

160

1926

126

170

142

168

133

154

611

156

162

156

1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939

123

164

154

168

126
104
87
84
94
100
101
105
98
95

145
131
126
120
122
125
130
139
141
141

614
611
536
491
481
423
470
601
702
«742

146
131
116
113
118
120
122
122
122
123

150
136
119
120
124
118
120
127
130
130

152
141
125
117
115
114
120
130
130
132

1939-August
September
October. __
November
December.

94
98
98

137
138
154

749

125
122
122

124
128
133

131
133
136

97
95

157
157

122
123

136
137

138
138

1940- January...
February..
March
April

95
97
96
96
97
98
97
96
97

157
161
161
158
159
158
168
164
166

124
124
126
127
129
129
131
133

138
140
141
(7)

139
139
140
142
143
145
145
146

May
June
July

August
September

Ger- Nether- SwitzUnited United
lands erland
States i KingFrance many
dom
(1935-39 (Julyl914
(1930 (1913-14 (1911-13 (Junel914
=100)
=100)
=100)
=100)
=100)
=100)

Year or
month

CO

1939- August
September
October _
November
December

158
148
144
140
141
143
147
154
156
158

100
97
91
87
83
78
86
102
117
<122

147
136
121
118
121
123
125
125
126
126

161
151
141
139
140
136
3 132
137
139
140

158
150
138
131
129
128
130
137
137
138

101

155
155
165

(5)

127
126
126

137
139
143

137
138

169
173

126
126

144
146

174
177
179
178
180
181
187
185
187

127
127
129
129
130
131
132
133

146
148
149
149
149

1940-January

100

April
May

June
July

101

August
September

161

119
109
98
92
96
98
99
103
101
99

100

February.
March

162

100

140
142
142
144
145
145
147
148
150
151
151

1 Revised series. Monthly data back to 1935 for retail foods and quarterly data back to 1933 for cost of livinmay b e obtained from the Bureau
of Labor
Statistics.
2
Revised index from March 1936 (see BULLETIN for April 1937, p . 373).
8
Average based on figures for 8 months.
* Average based on two quarterly quotations.
6
No figures available since M a y 1939, when figure was 123.
8
No figures available since August 1939.
* No figures available since March 1940.
Sources—See BULLETIN for October 1939, p . 943, and April 1937, p . 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month

United
States
(average
price) i

United
Kingdom
France
(December (1913=100)
1921=100)

Common stocks
Germany
(average
price)

Number of issues. _

60

1926

97.6

110.0

67.4

98.1
99.3
90.9
69.5
73.4
84.5
88 6
97.5
93.4
78.9
81.6

110.2
111.8
108.4
113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3

85.1
95.8
96.9
88.6
81.3
82.1
83.5
76.3
75.1
77.3
»84.9

81.4
83.3
»83.4
«67.1
82.5
90.7
95.3
95.8
98.7
99.9
99.0

1939—August
September..
October
November
December

81.0
80.9
82.9
83.0
82 1

110.9
106.9
109.5
112.3
112.4

82.9

1940—January
February
March
__
April
M a y . . . „__
June
July.
August
September

82.4
82.2
82.1
82.5
79.4
78 5
81.2
81 5
82.7

117.6
119.9
119.8
119.4
116.8
113.4
116.4
117.8
117.9

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

_

87

36

CO

(1926=100)
Netherlands a

United
States

United
Kingdom

France

Germany

Netherlands
(1930=100)
100

420

278

300

329

100.0

100.0

100.0

100.0

100.0
104.3
104.1
94.8
105.3
113.4
107 8
109.1
101.8
105.9
90.9

190.3
149.8
94.7
48.6
63.0
72.4
78 3
111.0
111 8
83.3
89.2

119.5
102.6
78.9
67.9
78.6
85.7
86 3
97.0
96.3
80.8
75.9

217.6
187.6
132.2
105.2
99.6
83.3
79 7
77.2
97 4
89.7
6 98.2

122.8
100.2
»78.0
»50.3
61.7
71.1
82 9
91.6
102.6
100.1
94.1

99.0
98.9
98 9
99.0
99.0

92.6
79.6
80.3
80.9
77 2

86.3
92.4
95 3
94.2
91 8

75.3
72.0
74 9
76.0
75 7

94.0

93.2
92.8
92 3
94.5
97 8

88.6
92.1
87.7
85.8
84.3

99.1
99.6
99.9
100.2
100.7
100 8
100.8
100 9

77.9
76.7
76.4
74.2

92.7
91.5
91.5
92 9
83 0
73 3
76 1
77 5
80.9

75.7
77.1
77.9
77 4
73 1
64 9
63 5
65 6
66.2

101.0
103.1
106.6
109 3
112.2
112 6
112.8
115 9

85.4
84.7
85.7
83.9

139

8

(7)

100
70
46
62
55
65
66
104
96
90

1
Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co.
»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 January 1937, January-March 1937=100; average yield in base period was 3.39 per cent.
Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months J a n u a r y June;
index for 1932 represents average of months May-December.
4
New index. See note 2.
6
Average based on figures for 8 months
•7 No figures available since August 1939.
No figures available since April 1940.
Sources— See BULLETIN for November 1937, p. J172; July 1937, p . 698; April 1937, p . 373; June 1935, p . 394; and February 1932, p . 121.

NOVEMBER

1940




1243

*Tedetal

Publication*

Copies of the publications and releases listed below may be obtained from Board of Governors of the
Federal Reserve System, Washington, D. C.
CURRENT RELEASES

DAILY

Foreign Exchange Rates (for previous day)
WEEKLY

Monday:
Condition of Reporting Member Banks in 101
Leading Cities
Bank Debits
Tuesday:
Money Rates—Open-Market Rates in New York
City
Wednesday:
Weekly Review of Periodicals
Thursday:
Condition of Federal Reserve Banks
Condition of Reporting Member Banks in New
York City and Chicago (Also a part of statement of Condition of Reporting Member Banks
in 101 Leading Cities released on following
Monday)
Friday:
Department Store Sales

BOOKS AND PAMPHLETS

(Partial List)
THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND
FUNCTIONS. Obtainable in cloth binding at 50 cents

a copy and in paper cover without charge. 128 pages.

A set of FEDERAL RESERVE CHARTS ON BANK
CREDIT, MONEY RATES, AND BUSINESS has been pub-

lished by the Board and is for sale to the public at
50 cents a copy. Data available as of June 14, 1940,
are plotted on the latest edition.
DIGEST OF RULINGS—from 1914 to October 1, 1937.

Digests of rulings of Board; compilation showing
textual changes made in the Federal Reserve Act;
digests of court decisions and opinions of the Attorney General involving a construction of the Federal Reserve Act; and digests of court decisions involving Federal Reserve Banks. Price $1.25 per
copy. 683 pages.
PROBLEMS OF BANKING AND BANK SUPERVISION.

Excerpts from the 1938 Annual Report of the Board
of Governors of the Federal Reserve System. 33
pages.
MONETARY MEASURES AND OBJECTIVES. Three statements by the Board on objectives of monetary policy,
on proposals to maintain prices at fixed levels through
MONTHLY
action, and on legislative proposals relatFederal Reserve Bulletin—released about the 4th monetary
to monetary measures and objectives. 8 pages.
of the month (subscription price $2.00 per ing
annum, single copies 20 cents; outside of the July 1937, April 1939, and May 1939.
THE HISTORY OF RESERVE REQUIREMENTS FOR
United States, Canada, Mexico, and the insular
possessions, annual subscription $2.60, single BANKS IN THE UNITED STATES. Legislation, designation of reserve cities, and changes in the reserve posicopies 25 cents)
Federal Reserve Inter-District Collection System tion of banks. 20 pages. November 1938.
SUPPLY AND USE OF MEMBER BANK RESERVE
(Par List)—including list of State bank members. Semi-annual issues, January-July, and FUNDS. Explanation of analysis of sources of memmonthly supplements—released about 7th of the ber bank reserve funds and uses to which such funds
are put as indicated by Federal Reserve and Treasmonth
National Summary of Business Conditions—re- ury statements. 31 pages. July 1935.
leased about the 16th of the month
ANALYSES OF THE BANKING STRUCTURE—As of
Business Indexes—released about the 16th of the December 31, 1935. Number, deposits, and loans and
month
investments of banks classified by size of bank and
Bank Debits—released between the 6th and 12th town and by other factors. 33 pages.
of the month
THE PAR COLLECTION SYSTEM OF THE FEDERAL
Foreign Exchange Rates—released about the 1st RESERVE
BANKS, by George B. Vest—reprint of
of the month
Money Rates—released about the 3rd of the month article, 8 pages, February 1940.
THE BANKS AND IDLE MONEY, by Woodlief Thomas
—reprint of article, 9 pages, March 1940.
QUARTERLY
MONEY AND THE FEDERAL RESERVE SYSTEM,
Member Bank Call Report (3 or 4 times a year byCHEAP
A. Goldenweiser—reprint of article, 5 pages,
depending upon number of calls for condition MayE.1940.
reports)
OWNERSHIP AND UTILIZATION OF THE MONETARY
List of Stocks Registered on National Securities
Exchanges. Issued annually in February with GOLD STOCK—reprint of article, 3 pages, May and
quarterly supplements (subscription price 25 June 1940.
cents for the List and three supplements; five or
NEW FEDERAL RESERVE INDEX OF INDUSTRIAL PROmore copies on one order, 20 cents per copy; fifty DUCTION—reprint of article, 77 pages, August 1940.
or more copies on one order, 15 cents per copy.)
MEASUREMENT OF PRODUCTION—reprint of article,
16 pages, September 1940.

ANNUALLY

Bank Debits—released ordinarily in February
Annual Report (covers calendar year)
1244




GOLD RESERVES OF CENTRAL BANKS AND GOVERN-

MENTS—reprint of article, 18 pages, September
1940.
FEDERAL RESERVE BULLETIN

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM,

Vice Chairman

M. S. SZYMCZAK
JOHN K. MCKEE

CHESTER C. DAVIS
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 Directory 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
GEORGE L. HARRISON,
CHESTER C. DAVIS
WILLIAM A. DAY
ERNEST G. DRAPER
JOHN K. MCKEE
ROBERT S. PARKER
RONALD RANSOM
GEORGE J. SCHALLER
JOHN S. SINCLAIR
M. S. SZYMCZAK

Boston District
New York District
Philadelphia District

Vice Chairman

Cleveland District
Richmond District
A t l a n t a District
Chicago District

Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel

NOVEMBER 1940




L E O N FRASER
HOWARD A. LOEB

Vice
President
B. G. HUNTINGTON
ROBERT M. HANES
RYBURN G. CLAY
EDWARD E. BROWN

President
St. Louis District
Minneapolis District
K a n s a s City District
Dallas District
San Francisco District

CHESTER MORRILL,

E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
R. G. ROUSE, Manager of System Open Market

T H O M A S M. STEELE

Account

S. E.
JOHN
JOHN
R. E.
PAUL

RAGLAND
CROSBY
EVANS
HARDING
S. DICK

WALTER LICHTENSTEIN, Secretary

1245

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS

Federal
Reserve
Bank of—

Chairman and
Federal Reserve
Agent

Deputy Chairman

Boston..

Frederic H. Curtiss... Henry S. Dennison

New York

Owen D. Young

_ Beardsley Ruml.

Vice Presidents

First Vice President

President

William W. Paddock

Roy A. Young

William Willetti
Ray M. Gidney

Allan Sproul

_ George L. Harrison

Walter S. Logan
Leslie R. Rounds
Robert G. Rouse
John H. Williams
W. John Davis

Frank J. Drinnen

Philadelphia- Thomas B. McCabe.. Alfred H. Williams.... John S. Sinclair

TPrnocfr (~\ "prill

Clarence A. Mcllhenny8

Matthew J. Fleming

Frank J. Zurlinden.

William H. Fletcher
William F. Taylor»
George H. Wagner

William G. Wysor

Hugh Leach...

John S. Walden, Jr

John G. Fry
George H. Keesee»

Frank H. Neely

Joe Frank Porter

_ Robert S. Parker

William S. McLarin, Jr... Malcolm H. Bryan
Harry F. Conniff

Robert E. Wood

Frank J. Lewis

_ George J. Schaller

Howard P. Preston

Cleveland

George C. Brainard... Reynold E. Klages

Richmond

Robert Lassiter

Atlanta
Chicago
St. Louis

__ William T. Nardin.... Oscar G. Johnston

James H. Dillard
William H. Snyder 2
Clifford S. Young
Olin M. Attebery
Clarence M. Stewart 1

William McC. Martin.. F. GuyHitt

Ernest W. Swanson
Harry I. Ziemer 2

John N. Peyton...

Oliver S. Powell

Kansas City___ Robert B. Caldwell... John J. Thomas

George H. Hamilton

Carroll A. Worthington.. James W. Helm 2
Harold G. Leedy

Dallas

Jay Taylor

Robert R. Gilbert

Ethan B. Stroud

St. George Holden

William A. Day

Ira Clerk

Minneapolis

Roger B. Shepard

Walter C. Coffey

James H. Merritt

Robert B. Coleman
Walter 0. Ford 1

San Francisco. _ Raymond C. Force

__._ Cecil E. Earhart 1
William "M" TTnlo

Richard B. West

1 Cashier.

2

Also cashier.

MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS

Federal Reserve Bank of—
New York:
Buffalo Branch
Cleveland:
Cincinnati Branch _
Pittsburgh Branch
Richmond:
Baltimore Branch
Charlotte Branch
Atlanta:
Birmingham Branch
Jacksonville Branch
Nashville Branch
New Orleans Branch ..
Chicago:
Detroit Branch _
St. Louis:
Little Rock Branch
Louisville Branch..
Memphis Branch

1246




Managing Director
Robert M O'Hara
Benedict J. Lazar
Percy A. Brown
__ W. Robert Milford
William T Clements
Paul L. T. Beavers
_ George S. Vardeman, Jr.
Joel B. Fort, Jr.
Lewis M. Clark

Managing Director

Federal Reserve Bank of—
Minneapolis:
Helena Branch
Kansas City:
Denver Branch __ __
Oklahoma City Branch
Omaha Branch
Dallas:
El Paso Branch
Houston Branch.,
San Antonio Branch
San Francisco:
Los Angeles Branch
Portland Branch
_
Salt Lake City Branch
Seattle Branch

Robert E. Towle
Joseph E. Olson
George H. Pipkin
Lloyd H. Earhart
_

Joseph L. Hermann
William D. Gentry
_ Miers Crump
__ »

W. Norman Ambrose
David L. Davis
Winnie L. Partner
Clarence R. Shaw

Arthur F. Bailey
Charles A. Schacht
William H. Glasgow

FEDERAL RESERVE BULLETIN

1
FEDERAL RESERVE DISTRICTS

CO

o




MINN.

MINNEAPOLISj
S.DAK.

IV /

-----

I
rs6-J J11
}

n-n-H
TEXAS

>

BOUNDARIES O F FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
(APPROXIMATE I N THE ST. LOUIS DISTRICT)
FEDERAL RESERVE BANK CfTIES
FEDERAL RESERVE BRANCH CITIES

O

FEDERAL RESERVE BANK AGENCY

This map incorporates recent intra-district transfers of territory described in the Bulletin for August 1940 on page 778.