Full text of Federal Reserve Bulletin : November 1940
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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.