Full text of Federal Reserve Bulletin : November 1941
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FEDERAL
RESERVE
BULLETIN
NOVEMBER 1941
Review of the Month—Treasury Finance and Banking
Developments
Amendment of Consumer Credit Regulation
Consumer Credit—Amendment to, and Interpretations of,
Regulation W
Economic Aspects of Federal, State, and Local Taxation
Annual Report of the Bank for International Settlements
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
Contents
PAGE
Review of the Month—Treasury Finance and Banking Developments.
1077-1083
Amendment of Consumer Credit Regulation.
1084-1086
Industrial Production, By Selected Groups, Expressed as Points in the Total
Index (See pp. 1187-1189 for tables)
1086
From a Legal Standpoint:
Inactive Executive Officer Serving as Director and Member of Discount
Committee
1087
Consumer Credit—Amendment to, and Interpretations of, Regulation W
1087-1094
Foreign Funds Control—General Licenses Issued by the Secretary of the
Treasury
1094-1097
Economic Aspects of Federal, State, and Local Taxation, by Marriner S. Eccles 1098-1103
From the Board's Correspondence—Proposal to Tax Bank Deposits; Extent to
which Reserve Banks Can Finance Defense Expenditures.
1104-1105
Current Events .
1105
Member Bank Earnings, First Half of 1941 (See p. use for table) .
1106
Annual Report of the Bank for International Settlements.
1107-1139
National Summary of Business Conditions.
1140-1141
Financial, Industrial, Commercial Statistics, U. S. (See p. ius for list of tables)
1143-1189
International Financial Statistics (See p. 1190 for list of tables).
1190-1206
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council
1207
Senior Officers of Federal Reserve Banks; Managing Directors of Branches
Federal Reserve Publications .
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1208
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i
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FEDERAL RESERVE BULLETIN
VOL.
27
NOVEMBER 1 9 4 1
llealtitij
11
finance and Hanking *Pe\/eLopmentl.
Acceleration of the defense effort in recent
months has resulted in a rapid rise in Government disbursements, and estimates of expenditures for the current fiscal year have been
enlarged. The Government's objective has
been to meet the increased outlays by methods
that would contribute as little as possible to
inflationary trends. With this in mind a tax
bill was enacted that is expected to raise an
additional 3.5 billion dollars a year. In so far
as the Government must resort to borrowing
it has announced a policy of issuing obligations that will be purchased largely by investors other than commercial banks. This is for
the reason that bank purchases of securities
create new deposits available for consumer
expenditures, while purchases by other investors tap previously existing funds instead
of creating new ones. Two new instruments introduced for this purpose are defense
savings bonds and tax anticipation notes.
Tax receipts and proceeds from the sale of
defense bonds and tax-anticipation notes, together with a reduction in the working balance, were sufficient to meet the larger part
of the Treasury's requirements from July to
the middle of October. In the latter part of
October, however, the Treasury made a large
public offering of long-term bonds which
brought in about 1.3 billion dollars. Toward
the end of the month its offerings of Treasury
bills were increased from 100 million dollars
to 150 million dollars a week.
Curtailment of offerings of open-market
securities by the Treasury was reflected from
July to the middle of October in stability of
Government security holdings by commercial
banks. In the latter part of October, however,
banks' holdings increased owing to purchases
of the new Treasury bond offering. Bank
loans have continued to increase at a rapid
rate. Bank reserves, which had declined since
No.
early this year principally on account of an
increase in currency in circulation, were reduced further in the latter part of October as
a result of cash payments by banks to the
Treasury for the new bond issue. Excess reserves were also reduced on November 1 by
the coming into effect of an increase of about
1.2 billion dollars in reserve requirements in
accordance with the action announced by the
Board of Governors on September 23. As a
result of these developments excess reserves
of member banks, which at their peak a year
ago amounted to nearly 7 billion dollars, were
by November 1 reduced to 3.5 billion dollars.
At their present level excess reserves are
lower than at any time since March 1939 but
are still larger than they ever were prior to
that date.
Appropriations and authorizations for defense have increased from about 20 billion
dollars at the end of OcProgress of
tober 1940 to about 60 bildefense program
,.
, ,,
..
,
lion dollars at the present
time. These figures are those covered by the
regular budget and include outlays for the
War and Navy Departments, lend-lease aid,
defense housing, and defense activities of civil
departments and agencies. They exclude expenditures to be financed by the Reconstruction Finance Corporation as well as British
Government orders in this country for military purposes placed prior to the beginning
of lend-lease aid. Including these two items,
the total program exceeds 67 billion dollars.
Expansion in the program has been reflected in marked increases in actual cash outlays for defense purposes. Last January the
Budget Bureau estimated that defense expenditures for the fiscal year beginning in July,
1941, would amount to 11 billion dollars. In
June the estimate was raised to nearly 16
billion dollars and again on October 5 to 18
1077
Review of the Month
billion dollars. Monthly defense expenditures to 12.0 billion dollars, which would leave a
from the budget, as shown in the chart, in- deficit for the fiscal year of 12.6 billion dolcreased from about 300 million dollars in lars. The following table gives a summary of
October 1940, to 800 million dollars in June Treasury receipts and expenditures during
of this year, and further to about 1,500 mil- the first four months of the current fiscal
lion dollars in October. On the basis of year and the preceding year, with the new
estimates for the full fiscal year 1942 comNATIONAL DEFENSE EXPENDITURES
pared with actual results in 1941. The increase in defense expenditures during the
current fiscal year is estimated at 11.7 billion
dollars. The actual increase in the first four
months of the fiscal year was 4 billion dollars.
Non-defense expenditures have been somewhat below the level of a year ago.
TREASURY
RECEIPTS AND EXPENDITURES
[In millions of dollars]
July-October
/
1940
200
1941
Budget accounts on basis of daily Treasury Statements.
the latest budget estimates, expenditures for
the rest of this fiscal year will average about
1,650 million dollars a month. Defense expenditures by certain Government corporations, such as the Reconstruction Finance
Corporation and its subsidiary defense companies, not included in the budget, have also
increased in the past year. Recently the
Reconstruction Finance Corporation made
loans to the British Government for payments
on war orders placed in this country prior
to the lend-lease legislation. By the end of
October out of the total defense program of
67 billion dollars for all purposes about 15
billion dollars had been spent.
Revised estimates of Treasury receipts and
expenditures for the current fiscal year which
ends next June, issued by
the Bureau of the Budget
on October 5, increased estimates of total expenditures by 2.4 billion
dollars to 24.6 billion dollars. Estimated net
receipts were increased by 2.6 billion dollars
1078
Fiscal years
1940
1941
1941
918
2,234
4,931
2,153
6,255
6,456
18,000
6,581
Total
Net budget receipts
3,152
1,822
7,084
2,390
12, 711
7,607
24, 581
•11,998
Excess of budget expenditures
Trust accounts, etc., excess of receipts (—) or expenditures ( + ) . .
Change in general fund balance
1,330
4,694
5,103
12,583
-189
+29
-80
Increase in gross direct debt
1,170
4,623
+148
+742
5,994
Budget expenditures:
National defense
Other.
...-
+8
1942 (est.)
Budget receipts are estimated to increase
by 4.4 billion dollars during the current fiscal
year over last year. Through October, the
actual increase over the same period last year
was about 600 million dollars, the largest part
of which was in income tax receipts, reflecting both increased taxes imposed by the revenue acts of 1940 and the higher level of
income in the calendar year 1940, as compared with 1939. Large increases in receipts
during the current year will occur in the period January to June 1942, when income tax
collections will be based on incomes for the
calendar year 1941 and will also reflect the
increases in taxes provided in the Revenue
Act of 1941.
The deficit in budget accounts during the
first four months of the current fiscal year
amounted to 4.7 billion dollars. Except for
a small amount of net receipts in accounts
FEDERAL RESERVE BULLETIN
Review of the Month
outside the regular budget, these require- cent on net income in excess of that amount.
ments were met by an increase in the public It differs in its effect from an equivalent indebt. On the basis of current estimates, re- crease in the normal tax because it applies
quirements in budget accounts for the rest also to income from partially tax-exempt
of this fiscal year will amount to about 8 securities.
No change is made in the general framebillion dollars.
work
of the excess profits tax under which
On September 20 the President signed the
corporations
have the option of calculating
Revenue Act of 1941. The estimated addithe
"normal
profits"
credit from which extional yield resulting from this
e e
e
le isl
cess
profits
are
measured
with reference
Act <rf i94i
g ation, on a full-year basis,
is shown in the following table. either to base period earnings or to invested
Because of the lag in the payment of income capital. The rate of return allowed on statutaxes and the fact that increased excise taxes tory invested capital is lowered from its
will be in effect only for three-fourths of the present level of 8 per cent to 7 per cent with
fiscal year, it has been estimated that only respect to invested capital in excess of 5 milabout 2 billion dollars of the full amount of lion dollars. A substantial increase in excess
3.5 billion dollars will be collected in the fiscal profits tax revenues, partly offset by a smaller
decline in normal corporation tax, is obyear 1942.
Taxes on the incomes of corporations and tained by reversing the sequence in which
individuals, on estates, and gifts, the capital corporation income tax and excess profits
stock tax and many excise taxes are increased tax liabilities are determined. Under preand new taxes are imposed. The 10 per cent viously existing law, corporation normal tax
defense tax imposed by the Revenue Act of was computed first and was allowed as a
1940 is integrated into the regular rate deduction both in computing "normal profits"
and current profits subject to excess profits
structures.
Corporatiofi taxes.—A surtax on corporate tax. Under the Revenue Act of 1941, excess
incomes is imposed at the rate of 6 per cent profits tax liability is computed first, and
on the first $25,000 of net income and 7 per normal and surtax are not allowed as deductions. Excess profits taxes, however, are
ESTIMATED ADDITIONAL YIELD OF THE REVENUE ACT allowed as a deduction in determining income
OF 1941, As COMPARED WITH PREVIOUSLY
for normal and surtax purposes. For corpoEXISTING LAW *
rations choosing the invested capital method,
[In millions of dollars]
it is provided that, with certain restrictions,
Increase or
decrease (—) 125 per cent of equity capital invested after
December 31, 1940, shall be counted in detertncome taxes:
Corporation:
mining
invested capital. The exemption from
N o r m a l tax_
__
_
______
-493. 3
Surtax
763.1 excess profits tax of excess profits derived
Excess profits tax
_
__ _
_ _
1,112. 3
from the mining of certain strategic metals
Total corporation income taxes
_ _
1, 382.1
Individual
__ _
1,144. 6 in the United States is terminated.
The
Total income taxes
2, 526. 7 rates of tax are increased by 10 percentage
Miscellaneous internal revenue:
Capital stock tax
22.3 points in each bracket and now range from
Estate tax _ . .. _
141.6
Gift tax
..__
_ .
16.0 35 per cent on the first $20,000 of excess
Excise and miscellaneous taxes
846 8
profits to 60 per cent on that part of excess
Total miscellaneous internal revenue - 1,026. 7
profits over $500,000.
Total additional revenue.
3, 553. 4
Individual income taxes.—Personal exempTreasury Department, Division of Research and Statistics. All
estimates show full year effects. Estimates for corporation and individ- tions under the individual income tax are
ual income taxes are based on levels of income estimated for calendar
year 1941; all other estimates are based on income levels estimated for reduced from $2,000 to $1,500 for heads of
fiscal year 1942.
families and from $800 to $750 for single
Excluding $47.5 million non-recurring floor-stock taxes.
2
2
1
2
NOVEMBER
1941
1079
Review of the Month
individuals. Rates of surtax are raised; and sons, and the use of automobiles and boats.
surtax is imposed on all income in excess of This list includes a number of articles using
personal exemption and credit for depend- scarce resources needed for defense producents, instead of exempting, as heretofore, tion.
the first $4,000 of such income. An optional
As shown in the following table, the insimplified method of determining income terest-bearing direct debt of the Government
taxes is provided for persons whose gross
increased by 4.7 billion dollars
income does not exceed $3,000 and is derived puWifdebl d u r i n £ t h e first f o u r months of
wholly from specified sources; and the credit
the current fiscal year. Of this
for one dependent is disallowed in cases amount about 2.9 billion dollars is represented
where the taxpayer's status as head of family by sales of savings bonds and new tax notes.
is occasioned solely by the existence of one
INTEREST-BEARING DIRECT AND GUARANTEED
or more such dependents.
SECURITIES
[In millions of dollars]
The taxes on foreign income recipients and
the rates of the tax withheld at source on payAmounts
outstanding
Change
ments to them are increased. The existing
since
June
30
authorization to conclude treaties reducing
June 30, October
1941
31, 1941
these rates with contiguous countries is extended to cover all countries of the Western Direct obligations:
+1, 544
Treasury bonds
30, 215
31, 759
Hemisphere. It is provided that taxpayers
-189
Treasury notes - _ _
5,698
5,509
-199
1,603
Treasury
bills
1,404
owning non-interest bearing obligations, such
196
196
Postal savings and pre-war bonds..
as non-interest bearing defense bonds, issued
+1,156
Marketable issues—total
37,713
38,869
at a discount and redeemable for fixed
+1,080
4,314
U. S. savings bonds...
5,394
+1,818
Tax anticipation notes
1,818
amounts increasing at stated intervals may
+61
Depositary bonds
61
-6
Adjusted service bonds
241
235
report such increments of value as income on
+4,110
Public
issues—total.
_._
.
.
.
.
42,
267
46,
377
an accrual basis even though they report
+544
Special issues
6,120
6,664
other income on a cash basis. Certain sim+4,653
Total direct obligations
48, 387
53, 040
plifications in income tax accounting are in- Guaranteed obligations
+570
6, 360
6,930
troduced with respect to short-term obligations issued on a discount basis by the Fed- The open-market direct debt increased by 1.2
eral, State, or local governments.
billion dollars, reflecting the sale for cash in
Excise and miscellaneous taxes.—Existing October of 1.3 billion dollars of long Treasury
taxes are increased or new taxes are imposed bonds and the sale of an additional 100 million
on automobiles, trucks, buses, and their parts, dollars of these bonds to Government agencies
refrigerators, business and store machines, and trust funds, offset in part by the net recommercial washing machines, electric, gas, demption of 200 million dollars of Treasury
and oil appliances, radios, phonographs, rec- bills. In addition, 200 million dollars of
ords, and musical instruments, photographic maturing notes were exchanged for the new
apparatus, optical equipment, electric signs, bonds. Special issues to Government agencies
light bulbs and tubes; on tires and tubes and and trust funds increased by 500 million dolother rubber articles; on safe deposit boxes, lars. The guaranteed debt showed an insporting goods, luggage, toilet preparations, crease of about 600 million dollars.
Acceleration in the rate of sale of savings
furs, matches, playing cards, and jewelry; on
distilled spirits and wines; on admissions, bonds is indicated by the fact that for the
cabarets, roof-gardens, club dues, coin oper- six-month period May to October of this year
ated amusement and gaming devices, bowling sales of defense savings bonds totaled 1.8 bilalleys, and billiard and pool tables; on com- lion dollars compared with net sales of 1
munications and the transportation of per- billion dollars of the former savings bonds in
1080
FEDERAL RESERVE BULLETIN
Review of the Month
issued in relatively large amount, immediately
rose to a substantial premium and closed the
month at IO314.
The outstanding amount of Treasury bills
declined by 200 million dollars during the
past four months. In September, 300 million dollars of maturing bills were not replaced. Beginning with the week of October
22, however, an additional weekly amount
of 50 million dollars of bills was sold.
The amount of guaranteed debt increased
by 600 million dollars in July. At this time,
the Treasury refunded 400 million dollars of
maturing notes of the Reconstruction Finance
SALES OF DEFENSE SAVINGS BONDS AND TAX NOTES
Corporation and the Commodity Credit CorMAY-OCTOBER 1941
[Issue price. In millions of dollars]
poration. In addition, cash was raised to
finance these organizations.
Defense savings bonds
Tax anticipation notes
During October the Treasury announced
Series F
Series
Series
Total
Total Series
that
in order to reduce the number of financE
and G
A
B
ing operations in the market on behalf of
350
May
101
249
the Government and to simplify the financ315
212
103
June
342
197
145
July
266
148
August _
118
1,037
18
1,019 ing program, it is contemplated that all
232
127
306
September
105
8
298
475
271
148
October
123
7
468 of the Government-guaranteed issues now
694
Total
1,775
1,081
1,818
1,785 outstanding in the hands of the public will
33
eventually be converted into Treasury issues.
Receipts from the sales of the new tax The needs of the Government corporations
notes, which began on August 1, amounted and agencies will be supplied directly by the
to 1.8 billion dollars through the end of Oc- Treasury rather than by the sale of guartober. Only about 2 per cent of these were anteed securities. As a consequence of this
Series A notes, which are designed for the program, the market will ultimately be dealrelatively small taxpayer and the use of which ing with but one class of Government obligafor tax purposes is limited to $1,200 principal tion. In this connection, on October 23 a new
amount for any one taxpayer in any one cal- issue of 1 per cent March 1946 Treasury
endar year. The Series B notes, which yield notes, dated November 1, was offered in exa lower investment return, are designed for change for the 300 million dollars of Reconthe large taxpayer, and the amount which struction Finance Corporation notes and 204
may be purchased by any one taxpayer is million dollars of Commodity Credit Corporalimited only by the amount of his tax liability. tion notes maturing in November. The 112
In October, the Treasury sold a new issue million dollars of United States Housing Auof 1.6 billion dollars of 21/2 per cent 1967-1972 thority notes maturing on November 1 were
Treasury bonds. Cash subscriptions totaled paid off in cash.
10.4 billion dollars, of which 12i/2 per cent,
As shown by the chart, prices of Govor 1.3 billion dollars, were allotted. In addi- ernment securities are at a high level.
tion, 100 million dollars of the new bonds
After reaching all-time highs
Government
were sold to Government investment ac- security
around
the first of August,
market
counts, and about 200 million dollars were exboth partially tax-exempt and
changed for December 1941 notes. The new taxable bonds fluctuated within a relatively
issue, although of long term and low rate and narrow range until the latter part of October
the full fiscal year 1940. As shown in the
following table the larger part of the sales of
defense savings bonds has been in Series F
and G bonds. These bonds may be purchased
by investors other than commercial banks in
an amount of not more than $50,000 issue
price, in any one calendar year for the two
issues combined. Sales of the Series E bonds,
which may be purchased only by individuals
in an amount not in excess of $5,000 maturity
value in any one calendar year, have ranged
between 100 million dollars and 150 million
dollars a month.
NOVEMBER
1941
1081
Review of the Month
when the long-term partially tax-exempt
bonds advanced to successive new high levels.
The yield on the partially tax-exempt bonds
of 1960-65 declined to a new low of 1.95 per
cent. The yield on the taxable bonds of 195658 declined slightly to the previous record
low of 2.09 per cent. Yields on notes have
risen somewhat since reaching new low levels
YIELDS ON GOVERNMENT SECURITIES
TERM BONDS
3-5 YR.
rREASURY N O T E S TAX EXEMPT
v
A
1.00
3-e; YR TDFACIIDV MOTCC
TAXABLE
A-v. -
\
TREA.5URY BILLS
A N E W
1939
ISSUES.*
1940
1941
Weekly averages of daily yields of 3- to 5-year tax-exempt
Treasury notes, 3- to 5-year taxable Treasury notes, and partially
tax-exempt Treasury bonds due or callable after 12 years, and
average discount on new issues of 91-day Treasury bills (taxexempt through February 1941, and taxable thereafter) offered
within week. For weeks ending January 7, 1939 to October
25, 1941.
early in September. At the end of October,
the yield on 3-to-5 year tax-exempt notes was
0.45 per cent compared with 0.31 per cent
early in September. The yield on taxable
notes rose from 0.58 per cent to 0.77 per
cent.
After increasing rapidly for several months,
holdings of United States Government securities by city banks showed little
Bank holdings change in August and declined
2 i S u ™ e n t somewhat during September
and the early part of October,
principally as a result of a reduction during
September of 300 million dollars in the
amount of Treasury bills outstanding. In
the third week of October, however, reporting
banks increased their Government security
holdings by 275 million dollars. Treasury
bond holdings were increased by 325 million
dollars in this week, as a result of purchases
1082
of the new issue of long-term bonds sold by
the Treasury on October 20. Since the middle
of last year, a period during which borrowing
by the Treasury was increased by defense
needs, holdings of Government direct and
guaranteed securities at reporting member
banks in leading cities have grown by over 3
billion dollars, or 26 per cent, and reached
a new high level of 14.7 billion dollars.
At country banks holdings of United States
Government direct and guaranteed obligations increased by 160 million dollars in the
third quarter of the year, according to preliminary figures from the September 24 call
report. These holdings have steadily risen
since the middle of last year by an aggregate
of 760 million dollars, or about 25 per cent.
The sharp rise in commercial loans, which
began in the summer of 1940 when producers
first began to receive large def e n s e orders
> continued into
October. Since August of last
year the increase has been almost uninterrupted and has amounted to 840 million dollars at New York City banks and to 1,260
million dollars at reporting banks in other
leading cities. In both cases the rise has
amounted to about 50 per cent. Larger defense orders, as well as increased production
in other lines, have required more financing
of producers and distributors of goods and a
large part of the needs of the medium-size
and small firms is being supplied by commercial banks.
Loans of banks outside leading cities have
also been increasing. According to preliminary figures just made available in the member bank call report for September 24, loans
of country banks rose by 215 million dollars
in the third quarter of the year. Since the
middle of 1940, loans of these banks have
increased by more than 800 million dollars,
or by about 17 per cent.
Bank deposits have increased further as
the consequence of the expansion of bank
loans and investments and of further gold
imports. The effect of these factors in increasing the amount of bank deposits has
FEDERAL RESERVE BULLETIN
Review of the Month
been partially offset by large withdrawals of
currency into circulation and, in the third
week of October, by a sharp
buil in
d g up of Treasury deposits at the Federal Reserve
Banks. Consequently adjusted demand deposits at city banks have shown little net
change since last July.
In New York City, demand deposits have
declined since July. At banks in other leading cities they have continued to increase,
owing partly to the fact that commercial
funds have been moving away from New
York City to other parts of the country.
This movement of funds out of New York has
also been reflected in a further growth of
bank deposits at country banks and in a rise
in balances held by these banks with their
city correspondents—principally outside New
York. In addition to this outward movement
of commercial funds, from New York City,
institutional and individual investors, who
hold large balances in New York money
market banks, have drawn on their deposits
to purchase Government securities, and this
may account for some of the decline in deposits at New York banks.
Excess reserves of member banks, which
declined by about 2 billion dollars from
January to August, increased
Decline in
excess reserves slightly in September but
showed a sharp decrease in
the latter part of October. At the close of
the month they amounted to about 4.6 billion.
The net decline of 2.3 billion dollars since
the peak reached last January was largely
due to increases of 1.8 billion dollars in money
in circulation and of 600 million dollars in
required reserves. Practically all of the decline occurred at New York City banks.
Changes in member bank reserves and the
factors affecting them in recent years are
shown in the chart on page 1142 of this
increase in the reserve requirement percentages, which was announced by the Board on
September 23, became effective. The new requirements and those previously in force
are shown in the table on page 1145 of this
BULLETIN. The new requirements are approximately one-seventh higher than those
which had been in effect since April 16, 1938.
The estimated effect of the increase in requirements on the reserve position of the
various classes of member banks is shown
by the following table. By far the largest
CHANGES IN RESERVE POSITION OF MEMBER BANKS BY
CLASSES OF BANKS, NOVEMBER 1, 1941
[In millions of dollars]
Required
reserves
Old
basis
New
basis
3,630
730
2,570
1,130
4,110
840
2,950
1,330
480
110
380
200
920
330
1, 450
790
8,060
9,230
1,170
3,490
Central reserve city banks:
New York
Chicago
e
Reserve city banks
Country banks 6
All member banks
c
Increase Excess
in
reserve reserves
(new
require- basis)
ments
e
Estimated.
amount of the increase in requirements, and
the resulting decline in excess reserves, was
at city banks. As shown by the table, 480
million dollars of the decline in excess reserves was at central reserve city banks in
New York; 110 million dollars at Chicago
central reserve city banks; 380 million dollars at banks in the 59 reserve cities; and
about 200 million dollars at country banks.
After the increase in reserve requirements
became effective on November 1, total excess
reserves were about 3.5 billion dollars. This
year, therefore, the entire growth in excess
reserves during 1939 and 1940 has been absorbed. The amount of excess reserves remaining, however, is larger than during any
period prior to the spring of 1939 and could
provide the basis for a further growth of as
BULLETIN.
On November 1 excess reserves were fur- much as 40 per cent in the present volume of
ther reduced by 1.2 billion dollars, when the loans and investments of commercial banks.
NOVEMBER
1941
1083
(zon5umet
jQaauLation
HE Board of Governors of the Federal take the article as security.
TReserve
System has adopted Amendment closes this loophole.
No. 2 to Regulation W, dealing with consumer
credit. This amendment, which is effective
December 1, 1941 and is mainly of an administrative and technical nature, is printed on
page 1087.
One change made by the amendment is
that instalment loans of $1500 or less for
tine 'purpose of purchasing articles listed in
the Supplement, but not secured by them, are
to be subject to the same rules as have been
in effect for instalment loans secured by
listed articles recently purchased. The
amendment also makes the 18-month maximum maturity apply to all miscellaneous instalment loans of $1500 or less, instead of
$1000 or less, as previously provided. In
addition the amendment includes a provision
for an optional method of treating additions
to outstanding credits, exemptions of certain
business loans and certain real estate loans,
a provision permitting irregular payments
by farmers, and a number of minor technical
changes.
Purpose Loans
A loan of $1500 or less which is for the
purpose of purchasing a listed article is to
be limited to the maximum credit value of
the article (66% per cent of the basis price
in the case of an automobile), even though
the loan is not secured by the listed article
purchased. Under the regulation as originally issued an instalment credit sale by a
retailer was limited to this maximum credit
value and a loan secured by a listed article
recently purchased was similarly limited.
However, this left a loophole since a lender
could advance an amount equal to the full
value of an article so long as he did not
1084
The amendment
The figure $1500 was chosen because one
of the purposes of the regulation is to dampen
consumer demand for the listed articles, including automobiles, and the delivered price
of most automobiles, with the increased
excise tax, is now more than $1000, whereas
at the time the regulation was issued a majority of the automobiles sold for less than
$1000.
For modernization loans, however, the
figure was left at $1000. In view of the curtailment of new building resulting from priorities and other governmental regulations, it
seemed undesirable to impose any further restrictions on the financing of repairs and improvements to old properties, particularly
since, in some of the communities affected,
much of the material and labor entering into
such work are not scarce or needed in the
defense program.
Non-Purpose (Miscellaneous) Loans
The scope of the regulation with respect
to non-purpose loans (loans not secured by,
and not for the purpose of purchasing,
listed articles) is to be enlarged. Loans of
$1500 or less, instead of $1000 or less, are to
be subject to the 18-month maximum maturity. A primary reason why non-purpose
loans have been subject to the regulation is
that, in existing circumstances, the purpose
of the loan cannot always be definitely determined and the loan may actually be to finance
or refinance purchases of listed articles—as
in cases, for example, where there has been a
previous combination of a number of loans,
a refunding, or a temporary use of other
funds of the borrower. Consequently, when
FEDERAL RESERVE BULLETIN
Amendment of Consumer Credit Regulation
$1500 was selected as the figure for purpose
Business Loans
loans, it was considered appropriate to raise An instalment loan to the owner of a busithe figure for non-purpose loans to the same ness enterprise for the purpose of financing
level.
it, and not for the purpose of purchasing a
listed article, is to be exempted. The ExecuAdditions to Outstanding Credits
tive Order and the regulation were designed
If a lender who holds an instalment obli- to curtail the demand for consumer credit—
gation advances additional money to the cus- not business credit. In the original regulatomer or if a retailer who is carrying an tion it was not found possible to differentiate
outstanding instalment account sells an addi- between consumer loans and business loans
tional article to the customer, the lender or except in so far as that was done by making
retailer is given the option of treating the old the regulation apply only to miscellaneous
and the new credits separately, or of consoli- instalment loans of $1000 or less. However,
dating the two into a new credit with uniform since the amendment provided for the deterpayments. The payments on this new credit mination of the purpose of loans, whether seshall be as large as those called for under the cured by the articles or not, it became posold credit and even larger if this should be sible to make a specific exemption for businecessary to pay out the consolidated credit ness loans. *
within 15 months. As originally issued, the
regulation did not give this option, but pro"Farmer Plans"
vided that, after November 1, when a new
credit was extended to the same customer In the case of farmers, any schedule of paythe old and new credits should be treated ments is to be permitted, provided the reseparately in applying the regulation. This quired down payment is made and not less
rule would have interfered with the practice than half the balance is to be paid within half
of many lenders and retailers who have been the maximum maturity. Although the reguaccustomed to consolidating the two credits lation when originally issued made some prointo a new credit with uniform instalments vision for persons with seasonal incomes, the
throughout and would, in some cases, have provision was found to be inadequate for
imposed a number of mechanical difficulties. farmers whose annual cash income may come
The option now offered provides, without an in two or three main payments. The proviundue liberalization of the regulation, a sion for irregular payments, safeguarded by
means by which the lenders and retailers the requirement that half be paid in half the
maximum maturity, was considered necesmay permit uniform instalments.
sary in order not to penalize farmers as comAn unqualified option to consolidate the old pared with other instalment purchasers.
and new credits and treat them as one new
credit with a maturity of 18 months would
Small Down Payments
have had the effect of permitting the lender
Retailers are not required to obtain a down
or retailer to lengthen the term of the old
credit. For this reason and also in order to payment if it would be $2 or less. Under the
help prevent the consolidation procedure from original regulation, the retailer was required
operating in favor of one dealer or retailer as to obtain the prescribed down payment even
against another or in favor of one class of if it was only a few cents. This was a nuicreditors as against another, the instalment sance both to the retailer and his customer
payments are required to be not less than and had virtually no effect upon the total volthey were under the old credit and the ma- ume of consumer credit. A further reason for
the exemption was that it would eliminate
turity is limited to 15 months.
NOVEMBER
1941
1085
Amendment of Consumer Credit Regulation
the down payment requirement on many sales ment credit to buy more than they need—
of low-priced articles which are usually pur- since the monthly payments would be $5
chased by persons with very small incomes. whether the purchase be as small as $10 or
as large as $90.
Minimum Monthly Payments
Real Estate Loans
The provision in the original regulation reCredit to finance or refinance the construcquiring that instalments be not less than $5
per month, which was to have become effec- tion or purchase of an entire residential
tive January 1, 1942, was eliminated. This structure or other entire structure is to be
was done because the provision would have exempted. The regulation as originally isoperated as a hardship on persons of very sued exempted loans secured by first mortsmall means, out of all proportion to its effect gages on improved real estate, but failed to
upon the total volume of consumer credit, exempt a number of construction and financand because it would have tended, in some ing loans secured by junior mortgages. This
instances, to influence purchasers on instal- has now been remedied.
Dndu5ttial Production, by Selected y toup 5, £xptei5ed a5
Point* in the Total SJndax
Tables giving seasonally adjusted figures
for the Board's series on output of durable manufactures, nondurable manufactures,
minerals, and eight subgroupings of manufactures, all expressed as points in the total
index of industrial production, appear on
pages 1187 to 1189 of this BULLETIN. These
data serve a purpose not served by group indexes expressed in terms of their own 19351939 averages as 100. They show not only
the relative movements of the groups but also
1086
the broad composition of the industrial structure in each month and the extent to which
each grouping shown is responsible for
changes in the total index. Figures for durable manufactures, nondurable manufactures,
and minerals are shown from January 1919
to date and those for the other series from
1935 to date. These are the data on which
the industrial production charts in Federal
Reserve Chart Book I are based.
FEDERAL RESERVE BULLETIN
Ttom a JLeg al Standpoint
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
Inactive Executive Officer Serving as Director and
Member of Discount Committee
The Board has been requested to render an
opinion on the question whether an officer of
a member bank, who is also serving as a director and as a member of the discount committee of the bank, is to be regarded as an executive officer within the meaning of the Board's
Regulation 0, as amended effective July 1,
1939, notwithstanding the adoption of a resolution by the board of directors providing
that he is not authorized to participate in its
operating management.
The Board of Governors has considered this
question in the light of the definition of the
term "executive officer" in its Regulation 0,
the views expressed by Federal Reserve
Banks and others who have considered this
matter, and the authority of the Board to
define the term "executive officer." The
Board has concluded that an officer of a member bank, who is also serving as a director and
as a member of the discount committee and
with respect to whom a resolution as described above has been adopted by the board
of directors, is to be considered an executive
officer within the meaning of Regulation 0
except in a case where a provision of the bylaws of the bank or a resolution of the board
of directors requires the service in rotation
of every director as a member of the discount
committee and the directors do in fact serve
as members of the committee in accordance
with such by-law or resolution.
CONSUMER CREDIT
Amendment to Regulation W
Effective December 1, 1941, the Board of
Governors issued Amendment No. 2 to Regulation W dealing with instalment credit,
which amends the regulation in several particulars. There follows a nontechnical summary of the changes made by the amendNOVEMBER
1941
ment, together with the text of Amendment
No. 2:
Instalment loans of $1,500 or less (instead
of $1,000 as previously) are made subject
to the 18-month maturity limit (except
modernization loans, where the figure remains $1,000).
Instalment loans of $1,500 or less for the
purpose of purchasing listed articles are made
subject to the same limit on amount as now
applies to instalment loans secured by listed
articles.
In connection with all instalment loans of
$1,500 or less and all instalment loans secured by listed articles, the lender is required
after January 1, 1942, to obtain a signed
statement from the borrower as to the purpose of the loan.
Down payments of $2 or less are no longer
required; and the $5 minimum on monthly
instalments (which was to become effective
January 1, 1942) is eliminated.
Instalment loans to make down payments
on listed articles are prohibited.
In addition to first mortgages, which are
already exempt, credit extended to finance
or refinance the construction or purchase of
an entire building is exempt.
Instalment loans for business purposes are
exempt (except in connection with the purchase of listed articles).
In connection with additions to outstanding credits, the lender or seller is given an
option: (1) the old credit and the addition
may be treated separately in applying the
regulation, or (2) the consolidated credit
may have a maturity of 15 months, with
monthly instalments at least as large as
under the old credit.
For farmers, any schedule of payments is
permitted, if the down payment and maturity
requirements of the regulation are complied
with, and if one-half of the balance is to be
paid within the first half of the maximum
maturity.
1087
From a Legal Standpoint
All these amendments are effective December 1, 1941; and the effective date of sections
8(a), (b), (c), and (d) is postponed from
November 1 to December 1, 1941.
Amendment No. 2 to Regulation W
Effective December 1, 1941, Regulation W
is amended in the following respects:
SECTION 2(e)
In section 2 (e) the figure $1,000 is changed
to $1,500.
SECTION 4(e)
Section 4(e) is stricken out and a new section 4(e), which reads as follows, is substituted :
(e) Small Down Payments.—In any case in which
the down payment required by section 4 (a) would
be $2.00 or less, the Registrant may disregard such
requirement.
SECTION 5
Section 5 is changed to read as follows:
SECTION 5. INSTALMENT LOAN CREDIT
Except as otherwise permitted by section 6, any
extension of instalment loan credit shall comply with
the following requirements:
(a) Loans Secured by or to Purchase Listed
Articles.—If the extension of instalment loan credit
is secured, or according to any oral or written agreement of the parties is to become secured, by any
listed article which has been purchased within 45
days prior to, or is to be purchased at any time
after, such extension of instalment loan credit; or
if the extension of instalment loan credit, even though
not so secured, is in a principal amount of $1,500
or less and the Registrant knows or has reason to
know that the proceeds are to be used to purchase
any listed article:
(1) The principal amount lent to the obligor
(excluding any interest or finance charges, and
the cost of any insurance) shall not exceed the
maximum credit value of the listed article specified
in the Supplement; and, in determining such
maximum credit value, the Registrant may accept
in good faith a written statement signed by the
obligor setting forth the bona fide cash purchase
price of the article and of any accessories and of
any services, except insurance, rendered in connection with the acquisition thereof, which statement so accepted shall, for purposes of this regulation be deemed to be correct; and
(2) The maturity shall not exceed that specified
for the listed article in the Supplement, and such
maximum maturity shall be calculated from the
date of purchase of such listed article or from the
date of such extension of instalment loan credit,
whichever is earlier.
(b) Miscellaneous Loans of $1,500 or Less.—If
the extension of instalment loan credit is not subject
to section 5(a) but is in a principal amount of
$1,500 or less, the maximum maturity shall not
exceed that specified in the Supplement for extensions
1088
of instalment loan credit subject to this section 5(b).
(c) General Requirements.—Whether subject to
section 5 (a) or section 5(b), the extension of instalment loan credit shall comply with the following
additional requirements:
(1) The extension of instalment loan credit shall
be evidenced by a written instrument or record, and
there shall be incorporated therein or attached
thereto a written statement, of which a copy shall
be given to the obligor as promptly as circumstances will permit, and which shall set forth the
terms of payment and, if the loan is subject to
section 5(a), the bona fide cash purchase price
used for determining the maximum credit value
of the listed article involved;
(2) Except as permitted by section 5(c) (3),
the total of the principal and any interest or
finance charges shall be payable in instalments
which shall be substantially equal in amount or
be so arranged that no instalment is substantially
greater in amount than any preceding instalment;
and
(3) Instalments shall be payable at approximately equal intervals not exceeding one month,
except that, when appropriate in order to facilitate repayment in accordance with the seasonal
nature of the obligor's main source of income or
to encourage off-seasonal purchases of seasonal
goods, the payment schedule may reduce or omit
payments over any period or periods totaling not
more than 4 months during the life of such extension of credit if the schedule increases the scheduled payments in such manner as to meet the
other requirements of this section 5.
(d) Statement of the Borrower.—On and after
January 1, 1942, no Registrant shall make any extension of instalment loan credit (except under the
provisions of section 8(a)) unless, at or before the
execution of the loan contract, he shall have obtained
and accepted in good faith a signed Statement of the
Borrower as to the purposes of the loan in form
prescribed by the Board. No obligor shall willfully
make any material misstatement or omission in such
Statement. The Registrant, acting in good faith,
may rely upon the facts set out by the obligor in
such Statement and, when the Registrant is so
acting, such facts shall be deemed to be correct
for the purposes of the Registrant. Until January
1, 1942 (after which date a Statement of the Borrower must be obtained) the Registrant, in ascertaining the purposes of the loan or the maximum
credit value of any listed article, may, in good faith,
accept and rely upon a written statement in any
form signed by the obligor and such statement shall,
for the purposes of this regulation, be deemed to be
correct. In case the Registrant accepts in good
faith a written statement signed by the obligor
that any listed article which secures an extension
of instalment loan credit has not been purchased
within 45 days prior to such extension of credit,
such statement shall, for the purposes of this regulation, be deemed to be correct.
(e) Credit Subject to Section 5(a) Only in Part.—
In case an extension of instalment loan credit consists only in part of an extension of credit subject to
section 5 (a), the amount and terms of such extension
of credit shall be such as would result if the credit
were divided and each part treated in good faith as
if it stood alone.
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
A loan or part thereof which is secured by a listed
article only because of an "overlap agreement,"
"spreader clause," or other form of general over-all
lien or only because the Registrant is prevented by
a State law or regulation from having in effect
more than one contract of loan from the same borrower at the same time, but which otherwise would
not be subject to section 5(a), shall not be deemed
to be so secured within the meaning of such section.
(/) Loans to Make Down Payments Prohibited.—
An extension of instalment loan credit does not
comply with the requirements of this regulation if
the Registrant making such extension knows or has
reason to know that any part of the proceeds thereof
is to be used to make a down payment on the purchase
price of any listed article: Provided, That if the
Registrant accepts in good faith a written statement
signed by the obligor that no part of the proceeds
is to be so used, such statement shall, for the purposes of this regulation, be deemed to be correct.
SECTION 6 (a)
Section 6 (a) is changed to read as follows:
(a) Any extension of credit which is secured by a
bona fide first lien on improved real estate duly
recorded or which is for the purpose of financing or
refinancing the construction or purchase of an entire
residential building or other entire structure.
SECTION 6(1)
A new subsection reading as follows is
added at the end of section 6:
(1) Any extension of instalment loan credit which
is made to a person whose income is derived principally from the operation of a business enterprise
of which such person is the owner or proprietor,
provided the extension of credit is for the purpose
of financing such business enterprise and is not for
the purpose of purchasing any listed article or
secured by any listed article purchased within 45
days before the extension of credit.
SECTIONS 8(a), 8(b), 8(c) AND 8(d)
The effective date of sections 8(a), 8(b),
8(c) and 8(d) has been postponed from
November 1, 1941, to December 1, 1941, and
they have been changed to read as follows:
(a) Renewals or Revisions.—If any obligation or
claim evidencing any extension of instalment sale
credit or instalment loan credit is renewed or revised
by a Registrant, the extension of instalment credit
does not comply with the requirements of this regulation if such renewal or revision has the effect of
changing the terms of repayment to terms which
this regulation would not have permitted in the first
instance for such credit; Provided, That nothing in
this regulation shall be construed to prevent any
Registrant from making any renewal or revision,
or taking any action that it shall deem necessary
in good faith (1) with respect to any obligation of
any member of the armed forces of the United
States incurred prior to his induction into such
service, or (2) for the Registrant's own protection
in connection with any obligation which is in default
and is the subject of bona fide collection effort by
the Registrant.
NOVEMBER
1941
(6) Additions to Outstanding Credit Held byRegistrant.—An extension of instalment sale credit
or instalment loan credit does not comply with the
requirements of this regulation if it is consolidated
with any obligation or obligations held by the Registrant evidencing any prior extension or extensions
of instalment credit to the same obligor, unless the
additional extension of credit complies with the
maximum credit value limitations applicable thereto
(if any) and, in addition, the consolidated obligation
complies with one of the following options:
Option 1. The terms of the consolidated obligation shall be such as would have been necessary to meet the requirements of this regulation
if the two obligations had not been consolidated;
or
Option 2. The consolidated obligation shall
provide for a rate of payment, throughout its
term, which is (A) at least as large per month
as the rate of payment or payments on the outstanding obligation or obligations being consolidated would have been for the month commencing on the date of consolidation, and (B)
is larger to whatever extent may be necessary
in order to repay the consolidated obligation
within 15 months.
(c) Credit to Retire Obligations Held Elsewhere.—
Any extension of instalment loan credit, the proceeds
of which a Registrant knows or has reason to know
will be used in whole or in part to retire any extension of instalment credit not held by such Registrant,
shall be subje-ct to the provisions of this regulation
to the same extent as if the obligation being retired
were held by the Registrant.
(d) Statement of Necessity to Prevent Undue
Hardship.—Notwithstanding the provisions of sections 8(a), 8(b) and 8(c), if a Registrant accepts
in good faith a statement of necessity as provided
in the following paragraph, the renewed, revised or
consolidated obligation may provide for a schedule
of repayment as though it were a new extension of
instalment loan credit subject to section 5(b), even
though such action results in the reduction of the
rate of repayment thereon.
The requirements of a statement of necessity will
be complied with only if the Registrant accepts in
good faith a written statement in form and content
prescribed by the Board and signed by the obligor
that the contemplated renewal, revision or other
action is necessary in order to avoid undue hardship
upon the obligor or his dependents resulting from
contingencies that were unforeseen by him at the
time of obtaining the original extension of instalment
credit or which were beyond his control, which statement also sets forth briefly the principal facts and
circumstances with respect to such contingencies and
specifically states that the renewal, revision, or other
action is not pursuant to a preconceived plan or an
intention to evade or circumvent the requirements
of this regulation. Until the Board has prescribed
the form and content of the statement of necessity
the Registrant may in good faith accept a written
statement in any form, provided such statement
otherwise conforms to the requirements of this section.
SECTION 9(f)
Old section 9(f), which is superseded by
language in the amended section 5(e), is
1089
From a Legal Standpoint
stricken out and a new section 9(f), which of transaction, as long as the statement contains the required information. When the
reads as follows, has been substituted:
(/) "Farmer Plans".—When appropriate for the ontract is in the form of a lease agreement,
purpose of facilitating repayment in accordance with such terminology as is applicable to a lease,
the seasonal nature of the obligor's main source of giving the corresponding information, may
income, an extension of instalment credit which is be used.
made to a person who is engaged in agriculture and
3. The bona fide cash purchase price of a
derives income principally therefrom may be payable in any amounts and at any intervals, notwith- particular article and accessories, including
standing sections 4(c), 4(d) and 5(c) : Provided, relevant taxes, may be shown as a total withThat (1) the extension of credit complies with the out being itemized into various parts. Alapplicable provisions concerning the amount and though section 4(f) (2) requires itemization
maximum maturity of the credit and (2) at least
one-half of the credit is to be repaid within the first of (1) the article, (2) the accessories and
half of the applicable maximum maturity.
(3) the services referred to in the section,
the items themselves may be itemized without
SECTION 10
stating the portion of the total purchase price
Section 10 is changed to read as follows: that relates to each. Accessories which are
standard equipment for the article need not
SECTION 1 0 .
EFFECTIVE DATE OF REGULATION
be
individually itemized, and a group of accesThis regulation shall become effective September
1, 1941, except that sections 8(a), 8(b), 8(c) and sories which are sold as a single group by the
8(d) and the amendments made by Amendment No. manufacturer may be shown in the statement
2 shall not become effective until December 1, 1941. as a unit.
4. The itemization for a new automobile
SUPPLEMENT, PART 4
follows this same rule, and need not show
In Part 4 of the Supplement, the figure separately the matters referred to in parapt,000 is changed to $1,500.
graphs 1 through 4 of Part 3 (a) of the
Supplement. As indicated above, however,
Interpretations of Regulation W
the accessories should be indicated, and so
The Board of Governors of the Federal should the relevant services.
5. In the case of an extension of instalment
Reserve System has issued the following
interpretations of Regulation W relating to sale credit subject to section 4 of the regulation, item 2 under section 4(f) requires that
Consumer Credit:
the statement of transaction show the bona
Statement of Transaction—Form and Contents
fide cash purchase price of the article—the
price at which the seller would sell the article
Interpretation No. 84 of Regulation W
for full cash payment—even though the sale
The Board has received several questions will be made at a "time price" which includes
regarding the application of sections 4(f) carrying charges.
and 5(c) (1) of Regulation W, which become
6. The information referred to in each of
effective October 1, 1941, and relate to the the seven paragraphs of section 4(f) must
"statement of transaction" required in con- be set forth, and it is not sufficient that an
nection with extension of instalment sale item of information may be obtained by
credit or instalment loan credit. The answers mathematical derivation from other informaare given below:
tion in the statement. However, if the in1. It is not necessary that all of the infor- terest or finance charge is no.t included in the
mation required by section 4(f) or 5(c) (1) face amount of the obligation but is an addibe included on a single sheet of paper, but tional amount calculated pursuant to an
if parts of the information appear on two arithmetic formula plainly set forth in the
or more sheets it is necessary that these statement, paragraphs 5 and 6 do not require
sheets be attached together, and that copies this amount to be shown in dollars and cents
of all of them be given to the obligor together. oi- to be included in the statement of the
The statement referred to in these sections, time balance.
and the copy required to be given the cus7. In any case in which a State law or
tomer, need not be identical in form.
local regulation requires that sales taxes be
2. It is not necessary that the particular shown separately or requires in any other
terminology used in the regulation ("bona respect more detail than that required by
fide cash purchase price," "def erred balance," Regulation W, the regulation does not proand "time balance") be used in the statement hibit such further itemizing.
1090
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
Heating Stoves—Gas Heaters Suspended From Ceiling
Interpretation No. 85 of Regulation W
The classification "Heating stoves and
space heaters designed for household use"
does not include gas heating units designed
to be suspended from the ceiling and operated
with a fan circulator.
Mechanical Refrigerators—Series of Small Cabinets
Interpretation No. 86 of Regulation W
The classification "mechanical refrigerators" includes certain refrigerating systems
consisting of (1) one or more cabinets of
which each has less than 12 cubic feet rated
capacity, and (2) a separate mechanical refrigeration unit servicing these cabinets.
This is true even, though the aggregate capacity of the cabinets included in the system
may be 12 cubic feet or more.
Automatic Gas Systems
Interpretation No. 87 of Regulation W
Butane, propane, or similar automatic gas
systems or containers are included in Group
E of the Supplement.
included in items 1 and 2, a charge which is
reasonably related to the value of such services may be included in item 4. Likewise,
where the contract of sale includes any additional services connected with the delivery of
the car, such as greasing the car for a certain period or providing antifreeze, a reasonable charge for such services may be included
in item 4. On the other hand there may not
be included in item 4 a charge which the
dealer may make for "advertising" or for
"warehousing," nor any other charges which
the dealer may make except bona fide charges
for services which are actually rendered by
the seller to the purchaser and are not" included in items 1 and 2.
Water Heaters Under 85 Gallons Capacity
Interpretation No. 89 of Regulation W
The classification "water heaters designed
for household use" includes all water heaters
with a storage tank capacity of 85 gallons or
less.
Cooking Stoves—Commercial Use Only—Continuous Heating
Surface—Deep-Fat Fryer
Interpretation No. 90 of Regulation W
"Charges for Delivery"
Interpretation No. 88 of Regulation W
Part 3 (a) of the Supplement to Regulation
W provides that the maximum credit value
of a new automobile shall be 66% per cent of
the purchase price but that such maximum
credit value shall in no event exceed 66% per
cent of the sum of items numbered 1 through
4 as set forth under part 3(a). In this connection, the Board has received several questions as to the amounts which may be included under that portion of item 4 which
permits the inclusion of "Any bona fide
charges for delivery . . . not included in the
foregoing items."
In general this provision permits only the
inclusion of bona fide charges for services
which are actually rendered by the seller in
connection with the delivery of a new automobile and which are not included in the
manufacturer's retail quotation (item 1) or
in transportation charges (item 2). For
example, charges for such services as lubricating, cleaning, polishing, or otherwise conditioning the car may not be included under
item 4 if these services are included in item
1 or 2; but in case any such services are not
NOVEMBER
1941
The classification "cooking stoves and
ranges with less than seven heating surfaces"
does not include cooking and baking equipment that is clearly designed for commercial
use and not suitable for use in households,
even though havmg less than seven heating
surfaces. A cooking stove or range or oven,
which is designed for commercial use in restaurants and hotels, and which has a single
or continuous heating surface or heating unit,
is not included. A deep-fat fryer designed for
such use is not included.
Group E—"In Connection With Existing Structures"
Interpretation No. 91 of Regulation W
Question has been received as to whether
materials and services for building a new
garage are included in Group E if the garage
is on improved real estate upon which other
buildings are located but is itself a separate
new structure. For purposes of Regulation
W, materials and services in such circumstances are not considered to be "in connection with existing structures" but are considered to be for new structures, and hence
not included in Group E.
1091
From a Legal Standpoint
to the requirements of Regulation W and
$550 on a single-payment basis not subject to
the regulation.
A 24-month note for $650 secured by a sec- This is a single transaction and may not
ond mortgage on a house is not subject to be divided by the Registrant in this manner.
Regulation W if it is given by the purchaser
to the seller as part of the purchase price of
-Balloon" Note at End of 12 Months
the house; and the note may be discounted by
a bank under section 3(a)(2)(B). This
Interpretation No. 95 of Regulation W
would be true even if plumbing fixtures and
Questions have been received as to whether
other listed articles had been incorporated
a
certain plan of repayment meets the rein the house, because for the purposes of
Regulation W the sale would be regarded as quirements of Regulation W regarding 18
the sale of a house and not as the sale of months' maximum maturity and equal
monthly payments for instalment loan
plumbing fixtures.
credit.
There is provision for 11 equal
Similarly, the fact that a $1500 instalment
loan is secured by a second mortgage on a monthly payments, and a larger twelfth payhouse that was purchased within 45 days ment at the end of the twelfth month for the
and which at the time of purchase contained remainder. However, there is an express
plumbing fixtures or other listed articles pre- agreement between the parties that when the
viously installed, would not cause the loan to twelfth payment falls due, unless the borbe subject to section 5 (a) as a loan secured rower has defaulted on an earlier payment
by a "listed article which has been purchased or unless there is a material impairment of
within 45 days." The recent purchase is con- his credit, only a portion of the twelfth paysidered to be the purchase of a house rather ment will actually be paid and the remaining
than the purchase of a listed article, and the portion will be refinanced into six equal
case would not be altered by the fact that the monthly payments in such manner that the
seller of the house might have purchased and net result will be eighteen substantially equal
installed the listed article only shortly before monthly payments.
Such an arrangement complies with the
he sold the house and within 45 days prior
to the loan. On the other hand, section 5 (a) specified requirements of the regulation.
would apply if the mortgagor had .owned the
house for some time and had purchased and
"Bona Fide Cash Purchase Price"
installed the listed articles within 45 days
Interpretation No. 96 of Regulation W
prior to the loan, since in such a case the
mortgagor's recent purchase would be a pur- The phrase "bona fide cash purchase price"
chase of a listed article rather than the pur- in section 5 (a) (1) and section 5(c) (1)
chase of a house.
means the bona fide cash purchase price of
the article and accessories purchased, includAir Conditioner—Portable Units
ing any sales taxes thereon and any bona fide
delivery and installation charges.
Interpretation No. 93 of Regulation W
Second Mortgage—Sale Credit—Loan Credit
Interpretation No. 92 of Regulation W
The classification "room-unit air conditioners" includes portable units of one horsepower or less.
Repairs and Alterations—Effect of Down Payment in
Section 6 (b)
Interpretation No. 97 of Regulation W
A Registrant makes an extension of instalment sale credit arising out of the sale of materials and services (including certain Group
In the case of a home improvement that D articles) in connection with repairs, alterais carried out as a single job totaling $995, of tions or improvements upon urban, suburban
which $550 is for a furnace and other Group or rural real property in connection with an
D items while $445 is for Group E items, the existing structure. The bona fide cash purquestion has been asked whether a Registrant chase price of all the materials and services
financing the entire job may divide the financ-is $1500 and the bonafidecash purchase price
ing into $445 on an instalment basis subject of the Group D articles is $700. The purTwo Notes Covering One Repair Job
Interpretation No. 94 of Regulation W
1092
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
Statement of Transaction to be Furnished Promptly
chaser makes a cash payment of $150 and
remains indebted to the seller in the amount
Interpretation No. 100 of Regulation W
of $1350. Is the transaction exempt under
The Board has been asked whether the folsection 6(b) of the regulation?
The exemption in 6 (b) does not apply since lowing procedure complies with section 4(f)
the $700 purchase price of the Group D of Regulation W.
The seller gives no statement of the transarticles is more than 50 per cent of the overaction to the purchaser but authorizes the
all deferred balance of $1350.
finance company which discounts the obligation to furnish the statement to the purchaser
Repairs and Alterations—One Job, Two Notes
in its normal course of business, with the
result that the purchaser receives the stateInterpretation No. 98 of Regulation W
ment approximately two weeks after the obFacts similar to W-97, but the bona fide ligation is discounted by the finance comcash purchase price of all the materials and pany.
The Board replied that this procedure does
services is $3000 and the bona fide cash purchase price of the Group D articles is $1400. not comply with the requirements of section
The purchaser does not make any down-pay- 4(f).
ment and remains indebted in the full amount
of $3000. Inasmuch as $2500 is the maxiInstalment Sale Contract May be Rescinded
mum amount of a loan which may be insured
Interpretation No. 101 of Regulation W
by the Federal Housing Administration under
Title I of the National Housing Act, the
Regulation W does not prohibit the resciscustomer's obligation totaling $3000 is di- sion of an instalment sale contract by agreevided into two parts, one in the amount of ment of the parties at any time if the seller
$2500 which is insured by the Federal Hous- refunds all amounts received and the puring Administration, and the other in the chaser returns the article; as, for example,
amount of $500 which is not insured. The where the article is found to be defective and
$1400 of Group D items exceeds 50 per cent the seller is unable to replace it. However, ifof the $2500 but is less than 50 per cent of the purchaser returns the article several
the $3000. Is the transaction exempt under months after the date of sale on the ground
section 6(b)?
that it is defective and if the seller does not
Since the $3000 represents a single trans- replace the article but instead agrees with the
action and is divided into two parts merely purchaser to rescind the sale and sell the
for convenient treatment under the National purchaser another article of the same kind
Housing Act, it is permissible to treat the or a similar article of a higher price, these
$3000 as a unit, and hence as an exempt facts may indicate that the rescission was
transaction under Section 6(b).
merely a formality used for the purpose of
evading the Regulation and that the transaction should have been treated as a trade-in
Payments Slightly Less Than Amount Required
as described in W-71.
Interpretation No. 99 of Regulation W
The Board was recently asked whether the
phrase "maximum credit value in per cent of
basis price" in the Supplement to Regulation
W should be interpreted literally or whether
down payments which are short a reasonable
amount are permissible.
The Board replied that the "maximum
credit value" provided in the Supplement is
a figure which should be calculated mathematically and not be arrived at by approximation, and therefore the Regulation does not
authorize an extension of credit which is even
a few cents in excess of the maximum provided by the Regulation.
NOVEMBER
1941
Single Payment Credit Changed to Instalment Basis
Interpretation No. 102 of Regulation W
A Registrant sells a listed article under a
bona fide agreement that the purchase price
will be paid in a single payment 60 days after
the date of purchase. By reason of a change
in circumstances and not in pursuance of any
previous agreement or arrangement, at about
the time the payment is to be made the purchaser asks that the purchase be changed to
an instalment basis. Is it necessary to get
a down payment? From what date must the
maximum maturity be calculated?
1093
From a Legal Standpoint
Since the sale was made under a bona fide on the part of the sale represented by the
agreement and there were no evasive side unlisted article which he would have given,
agreements between the parties, it is not in a similar combination sale, in the absence
necessary under the present terms of the of the Regulation.
regulation to get a down payment, and the
maximum maturity is 18 months from the
FOREIGN FUNDS CONTROL
date on which the credit is changed to an
instalment basis.
General Licenses Issued by the Secretary of the Treasury
Air Conditioners—Capacity—Circulating Fans
Interpretation No. 103 of Regulation W
Since the publication of certain General
Licenses on pages 987-989 of the October
1941 Federal Reserve BULLETIN, the following General Licenses have been issued by the
Office of the Secretary of the Treasury under
the authority of the Executive Order of April
10, 1940, as amended, and Regulations issued
pursuant thereto relating to transactions in
foreign exchange, etc.:
The classification "Home air conditioning
systems" includes air cooling units that have
a rated capacity of 5 tons or less of refrigeration and that are designed for use with a
central air circulating system. The classification does not include circulating fans unless they are incorporated in the unit. The
classification of such a unit is not affected Treasury Department, Office of the Secretary,
October 9, 1941
by the character of building in which it is
to be used.
General License No. 1A, Under Executive Order No.
Plumbing Fixtures—Water Softeners
Interpretation No. 104 of Regulation W
The classification "Plumbing and sanitary
fixtures designed for household use" includes
water softeners having a rated capacity of
120,000 grains or less of hardness removal
between regenerations.
Listed and Unlisted Articles Sold Together
Interpretation No. 105 of Regulation W
8389, April 10, 19J+0, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, etc.*
A general license is hereby granted authorizing
transactions ordinarily incident to the transfer of
securities from a blocked account in the name of any
person to a blocked account in the same name in a
domestic bank, provided both of the following terms
and conditions are complied with:
(1) Such securities shall not be transferred from
any blocked account in a domestic bank; and
(2) Such securities shall not be transferred from
any other blocked account if such transfer represents,
directly or indirectly, a transfer of the interest of a
blocked country or national thereof to any other
country or person.
Section 4(g) of Regulation W provides
that where a listed and an unlisted article are
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
sold at the same time, the permissible terms
shall be determined by dividing the transaction into two parts, so that the sale of the Treasury Department, Office of the Secretary,
October 9, 1941
listed article will comply with Regulation W
and the sale of the unlisted article will be on General License No. 2, as Amended, under Executive
terms which the seller would have granted Order No. 8389, April 10, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to
on that sale if standing alone.
Some sellers have established their own Transactions in Foreign Exchange, etc.*
minimum down payment or minimum peri- General License No. 2 is amended to read as folodic payment requirements in connection lows:
with instalment sales, but when two or more (1) A general license is hereby granted:
(a) Authorizing any banking institution within
articles are sold at the same time these reUnited States to debit any blocked account with
quirements apply to the total. The Board the
such banking institution (or with another office
has been asked whether section 4 (g) requires within
United States of such banking institusuch a seller to apply his minimum payment tion) inthepayment
or reimbursement for normal
requirements to the sale of the unlisted ar- service charges owed to such banking institution
ticle as though the listed article had not been by the owner of such blocked account;
sold to the' customer. The Board replied that * Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
the Regulation does not require him to do 179: Ex. Order 8389, April 10, 1940, as amended by Ex. Order
8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulaso, but permits him to give the same terms tions,
April 10, 1940, as amended June 14, 1941, and July 26, 1941.
1094
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
(b) Authorizing any banking institution within
the United States to make book entries against any
foreign currency account maintained by it with a
banking institution in any blocked country for the
purpose of responding to debits to such account for
normal service charges in connection therewith.
(2) Any banking institution within the United
States which during any quarterly period makes any
entries to any account in an aggregate amount in
excess of $25 under the authority of this general
license shall file promptly with the appropriate Federal Reserve Bank a report showing the name of such
account and the aggregate amount of the entries to
such account under the authority of this general
license during such quarterly period.
(3) As used in this general license, the term "normal service charges" shall include charges in payment
or reimbursement for interest due; cable, telegraph,
or telephone charges; postage costs; custody fees;
small adjustment charges to correct bookkeeping
errors; and, but not by way of limitation, minimum
balance charges, account carrying charges, notary
and protest fees, and charges for reference books,
photostats, credit reports, transcripts of statements,
registered mail insurance, stationery and supplies,
checkbooks, and other similar items.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
(b) the active management and control of such
partnership is vested in partners within the United
States who are not nationals of any blocked country (or are licensed as generally licensed
nationals) ;
(c) since prior to June 17, 1940, no partner in
such partnership has been a national of any blocked
country other than China.
(2) This general license shall not be deemed to
license as a generally licensed national any partnership which is a national of any blocked country other
than China.
(3) All partnerships licensed herein as generally
licensed nationals shall file with the appropriate Federal Reserve Bank within thirty days after the date
hereof a report in triplicate setting forth: (a) the
name and address of the partnership; (b) the name,
address and nationality of each partner; and (c) a
statement that the partnership is licensed as a generally licensed national under this general license. Any
partnership not complying with this requirement is
not authorized to engage in any transaction under
this general license.
(4) Reports on Form TFR-300 are not required to
be filed with respect to the property interests of any
partnership licensed herein as a generally licensed
national.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary,
Treasury Department, Office of the Secretary,
October 9, 1941
October 9, 1941
Amendment of General License No. 53, under Executive Order No. 8389, April 10, 191*0, as Amended,General License No. 71*, under Executive Order No.
8389, April 10, 191*0, as Amended, and Regulations
and Regulations Issued Pursuant Thereto, Relating
Issued Pursuant Thereto, Relating to Transactions
to Transactions in Foreign Exchange, etc.*
in Foreign Exchange, etc.*
The definition of the term "generally licensed trade
(1) A general-license is hereby granted authorizarea" appearing in section (3) (a) of General License
No. 53 is hereby amended in the following respects: ing payments and transfers of credit from blocked
accounts in domestic banks for the necessary personal
(a) The word "and" is deleted in item (vii) ;
expenses within the United States of any citizen of
(b) A semi-colon is substituted for the period in the United States who is within any foreign country,
item (viii) ; and
and for the personal expenses within the United
(c) The following items are added to the end States of the family of such citizen, provided that the
thereof:
following terms and conditions are complied with :
(ix) Syria and Lebanon; and
(a) Such payments and transfers are made only
(x) (1) French Equatorial Africa, including
from blocked accounts in the name of, or in which
the Cameroons; (2) New Caledonia; (3)
the beneficial interest is held by, such citizen or
Tahiti; (4) the French Establishments
his family;
in India.
(b) The total of all such payments and transfers
E. H. FOLEY, JR.,
made under this general license does not exceed
Acting Secretary of the Treasury.
$500 in any one calendar month for any such citizen or his family.
Treasury Department, Office of the Secretary,
October 9, 1941
(2) This general license shall not be deemed to
General License No. 73, under Executive Order No. authorize any payment or transfer of credit which
8389, April 10, 191*0, as Amended, and Regulationscould not be effected without a license if such citizen
Issued Pursuant Thereto, Relating to Transactions were a generally licensed national.
(3) Domestic banks making any such payment or
in Foreign Exchange, etc.*
transfer shall satisfy themselves that the foregoing
(1) A general license is hereby granted licensing terms and conditions are complied with and shall file
as a generally licensed national any partnership promptly with the appropriate Federal Reserve Bank
which is a national of China and which meets all of separate monthly reports in triplicate on Form TFRthe following conditions:
111 respecting the transactions for the account of
(a) the partnership has been continuously en- each such citizen.
E. H. FOLEY, JR.,
gaged in business within the continental United
Acting Secretary of the Treasury.
States since prior to June 17, 1940;
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
179; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order
8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regula- 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941.
NOVEMBER 1941
1095
From a Legal Standpoint
Treasury Department, Office of the Secretary,
October 23, 1941
mately transmitting abroad the payment instructions
for such remittance, then such bank shall execute
both Sections A and B of such report. No report
General License No. 32, as Amended, Under Executive on Form TFR-132 shall be deemed to have been
Order No. 8389, April 10, 19%0, as Amended, and filed in compliance with this general license unless
Regulations Issued Pursuant Thereto, Relating to both Sections A and B thereof have been duly executed as herein prescribed.
Transactions in Foreign Exchange, etc*
(4) As used in this general license the term
General License No. 32 is amended to read as "household" shall mean:
follows:
(a) those individuals sharing a common dwelling
as a family; or
(1) A general license is hereby granted authoriz(b) any individual not sharing a common dwelling remittances by any individual through any
ing with others as a family.
domestic bank to any individual who is a national
E. H. FOLEY, JR.,
of a blocked country and who is within any foreign
Acting Secretary of the Treasury.
country, and any domestic bank is authorized to
effect such remittances, provided the following terms
Treasury Department, Office of the Secretary,
and conditions are complied with:
October 23, 1941
(a) Such remittances are made only for the
necessary living expenses of the payee and his General License No. 33, as Amended, Under Executive
household and do not exceed $100 in any one calenOrder No. 8389, April 10, 194,0, as Amended, and
dar month to any one household, except that addiRegulations Issued Pursuant Thereto, Relating to
tional sums not exceeding $25 in any one calendar
Transactions in Foreign Exchange, etc.*
month may be remitted for each member of the
General License No. 33 is amended to read as
payee's household in addition to the payee, provided that in no case shall a sum in excess of $200 follows:
per calendar month be remitted to any one house(1) A general license is hereby granted authorizhold;
ing remittances by any individual through any domes(b) Such remittances are not made from a tic
bank to any individual who is a citizen of the
blocked account other than from an account in a United
within any foreign country and any
banking institution within the United States in domesticStates
bank is authorized to effect such remitthe name of, or in which the beneficial interest is tances, provided
the following terms and conditions
held by, the payee or members of his household; are complied with:
(c) If the payee is within any blocked country,
(a) Such remittances do not exceed $500 in any
the remittance may be effected only:
one calendar month to any payee and his house(i) By the payment of the dollar amount of
hold and are made only for the necessary living
the remittance to a domestic bank for credit to
and traveling expenses of the payee and his
a blocked account in the name of a banking household,
except that an additional sum not exinstitution within such country; or
ceeding $1000 may be remitted once to such payee
(ii) By the acquisition of foreign exchange
if such sum will be used for the purpose of enabfrom a person in the United States having a
ling the payee or his household to return to the
license specifically authorizing the sale of such
United States;
exchange.
(b) Such remittances are not made from a
(d) If the payee is within any foreign country
blocked account other than from an account in a
other than a blocked country the remittance may
banking institution within the United States in
be effected in the same manner that such remitthe name of, or in which the beneficial interest is
tance would be effected if the payee were not a
held by, the payee or members of his household.
national of a blocked country.
(2) Remittances herein authorized shall be effected
(2) All individuals making such remittances and
to the terms and conditions of (c) or (d),
all domestic banks effecting such remittances shall pursuant
as the case may be, under (1) of General License No.
satisfy themselves that the foregoing terms and con- 32.
If remittances cannot be effected pursuant to
ditions are complied with.
(c) under (1) of General License No. 32, domestic
(3) Domestic banks through which any such re- banks
authorized to effect such remittances in
mittances originate shall execute promptly Section .A any of are
the following three ways:
of Form TFR-132 in triplicate with respect to each
such remittance. When so executed, such copies of
(a) By establishing or maintaining free dollar
accounts;
Form TFR-132 shall be forwarded promptly to the
domestic bank ultimately transmitting abroad (by
(b) By payment of the dollar amount of the
cable or otherwise) the payment instructions for
remittance to a domestic bank for credit to a
such remittance and the latter bank shall, upon the
blocked account in the name of a banking institureceipt thereof, execute Section B of such copies of
tion within any blocked country; or
Form TFR-132 and promptly file such executed re(c) By payment of the dollar amount of the
port in triplicate with the appropriate Federal Reremittance to a domestic bank for credit to the
serve Bank. If the domestic bank through which
dollar account of a banking institution which is
any such remittance originates is also the bank ultinot a national of any blocked country.
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
•Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
179; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order
8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regula- 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941. tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941.
1096
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
Regulations Issued Pursuant Thereto, Relating to
Transactions in Foreign Exchange, etc.*
General License No. 9 is amended to read as
follows:
(1) A general license is hereby granted authorizing the bona fide purchase and sale of commodity
futures contracts and of evidences of ownership of
actual commodities on an exchange or board of
trade within the United States by banking institutions within the United States, for the account of
nationals of any blocked country, pursuant to the
instructions of such nationals, and necessary transE. H. FOLEY, JR.,
fers or other dealings in evidences of ownership of
Acting Secretary of the Treasury,
commodities, transfers of credit and payments between accounts in banking institutions within the
Treasury Department, Office of the Secretary,
United States as required in connection with such
October 23, 1941
purchases or sales or because of fluctuations in the
market value of the commodities covered by such
General License No. 72, as Amended, Under Executive contracts or evidences of ownership, provided that:
Order No. 8389, April 10, 19J>0, as Amended, and
(a) No such purchase shall be made except for
Regulations Issued Pursuant Thereto, Relating to
the purpose of covering a short position taken
Transactions in Foreign Exchange, etc.*
prior to October 25, 1941, in the account of the
national for whom the purchase is made;
Paragraph (2) of General License No. 72 is hereby
(b) No such sale shall be made except for the
amended in the following respects:
purpose of liquidating a long position taken prior
to October 25, 1941, in the account of the national
(a) The following sentences are deleted:
for whom the sale is made; and
"Domestic banks are authorized to effect the
(c) In the case of either purchase or sale the
payments referred to in (c) and to establish
net proceeds of the transaction are credited to a
and maintain free dollar accounts if necesblocked account in the name of the national for
sary, and only to the extent necessary, to
whose account the transaction was effected and in
effect such payments. Domestic banks are
the banking institution within the United States
not authorized to establish or maintain free
which maintains the account for which the transdollar accounts in cases where such payments
action was effected.
may be effected in the manner prescribed in
(a) or (b) of General License No. 32, as
(2) Each banking institution engaging in any
amended."
transaction herein authorized is required to file
(b) The following sentence is substituted for the promptly with the appropriate Federal Reserve
sentences deleted by paragraph (a) of this Bank monthly reports showing the details of each
such transaction, including a description of the
amendment:
commodity futures contracts or evidences of owner"Domestic banks shall effect the payments ship of actual commodities purchased or sold, the
referred to in (c) pursuant to the terms and dates of the purchases or sales, the persons for
conditions of paragraph (2) of General Li- whose account the purchases or sales were made,
cense No. 33."
the price at which each purchase was made, the
E. H. FOLEY, JR.,
name of the exchange or board of trade on which
Acting Secretary of the Treasury.
each such transaction was effected, and the net
market position in the commodity in question of
the national for whose account the transaction was
Treasury Department, Office of the Secretary,
effected before such transaction and after such
October 24, 1941
transaction.
E. H. FOLEY, JR.,
General License No. 9, as Amended, Under Executive
Acting Secretary of the Treasury.
Order No. 8389, April 10, 19 UO, as Amended, and
(3) All individuals making such remittances and
all domestic banks effecting such remittances shall
satisfy themselves that the foregoing terms and
conditions are complied with.
(4) With respect to each remittance made pursuant to this general license, reports on Form TFR132 shall be executed and filed in the manner and
form and under the conditions prescribed in General
License No. 32.
(5) As used in this general license the term
"household" shall be deemed to have the meaning
prescribed in General License No. 32.
• S e c . 5 ( b ) , 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
*Sec. 5 ( b ) , 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
179; Ex. Order 8389, April 10, 1940, as amended by Ex. Order 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order
8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regula- 8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regulations, April 10. 1940. as amended June 14, 1941, and July 26, 1941. tions, April 10, 1940. as amended June 14, 1941, and July 26, 1941.
NOVEMBER
1941
1097
ofi Tectetai,
conomic
, and JLocaL taxation
by
MARRINER S. ECCLES
:
T has not been my privilege heretofore to course, easy to state, but difficult to apply.
IWhile
speak before an audience of tax authorities. Our people—business men, labor, farmers—
I cannot hope to add to your technical are still thinking mainly in terms of the
enlightenment, I am venturing to outline to
you some of the broader national aspects of
taxation in relation to fiscal and monetary
action that, in my judgment, are of the greatest importance to this country now and in
the future. In what I have to say I am, of
course, speaking only for myself.
For a long time I have been interested in
making fiscal policy play its proper part in a
broad program for maintaining that orderly
economic progress that ought to go step by
step with the steady growth in our human,
resources and in our technical knowledge.
Except during major wars, our State and
local governments have until recently been
much more important from the financial point
of view than the Federal Government. Although Federal revenues and expenditures
have greatly expanded during the past decade,
it is only since the beginning of the defense
program that Federal expenditures have begun to exceed aggregate State and local expenditures. It is only in the current fiscal
year that Federal taxes will exceed aggregate
State and local taxes. No one who is interested in a more intelligently planned fiscal
policy for the nation as a whole can fail to
take account of the financial problems of our
State and local units of government, and of
the vast complex of taxing jurisdictions numbering more than 175,000.
The principles that should govern present
policy are simple. If we are to attain the
broad objectives of our present national
policy, expenditures for defense must absorb
an increasingly large proportion of our national income. This general policy is, of
* An address by Marriner S. Eccles, Chairman of the Board of
Governors of the Federal Reserve System, before the luncheon
meeting of the National Tax Association at the University of
Minnesota, October 14, 1941.
profits they hope to make rather than of the
sacrifices which will be required of all groups
of our population. As yet our standard of
living has not suffered and relatively few
dislocations have resulted. In some localities
where there have been sudden large increases
in population due to the expansion in defense
industry, the strain of providing adequate
public services is severe, but in general State
and local revenues are exceeding budgetary
expectations and relief rolls are diminishing.
The temptation is strong to expand Government services and get rid of unpopular taxes.
Sound public policy requires that both of
these temptations be resisted. Public works
not directly connected with defense, no matter how meritorious on general grounds,
should be postponed until after the emergency
has passed and we can once more afford to
devote our men and materials to raising the
standard of living of our citizens. I cannot
agree with the superficially logical view that
State and local taxes should be reduced in
order to make it easier for taxpayers to bear
the burden of increased Federal taxes. It is
natural for taxpayers to attempt to avoid a
reduction in their standard of living, but
taxes will not serve the essential purpose of
helping to divert resources to defense production unless consumer expenditures are
sharply reduced.
State and local government should decrease
expenditures. They should not reduce existing tax rates and they should devote surplus
revenue to the repayment of debt. This would
be anti-inflationary, in harmony with governmental policy. In commenting upon the regulation recently issued by the Board of Goyernors to dampen consumer instalment credit,
I emphasized the importance of the repayment of debt by individuals:
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.
1098
FEDERAL RESERVE BULLETIN
Economic Aspects of Federal, State, and Local Taxation
terprises, and the obligations of State and
local governments. As the loans and investments grew, the volume of interest, dividends,
rents and amortization payments also grew.
Debt payments had to be maintained both in
times when prices for the produce of debtor
areas were high and markets were large and
in times when prices were low and markets
were restricted.
Repayment of debt by State and local govern- In general, the creditor areas are also centers of manufacturing that must look for a
ments is equally important at this time.
Looking ahead, however, to the post-de- market not only to their own citizens but to
fense period, the problems that we will then the country as a whole. The maintenance of
be facing will be the same in their essential economic balance in the country as a whole
nature as those that confronted us during the requires that citizens of debtor areas have
30's and for which we succeeded in finding enough money income both to maintain inonly a partial solution until the beginning terest, amortization and other payments on
of large-scale expenditures under the defense their obligations to investors in the creditor
program. They are the problems of poverty areas and to maintain at a high level their
in the midst of plenty; of the capacity to purchases of the output of the factories of the
produce outrunning the power to purchase creditor areas. They must maintain their
and consume; of millions of able-bodied and standing both as good credit risks and as
skilled workers without employment; of idle good customers. This healthy state of naplants and factories. Yet, if we have the tional economic balance is continually being
will, we know the way to meet those prob- upset by forces that are entirely outside the
lems. We have before our eyes a conclusive control of the States or of the individual
demonstration of the way in which vigorous businessman and the individual worker. The
and determined action by Government can result is recurrent periods of breakdown and
transform a situation of general overabund- distress, bankruptcy in debtor areas, idle
ance to a situation of general scarcity within factories in creditor areas and widespread
unemployment and hardship in the country
the space of a few months.
The general problem of finding a market as a whole. There is no essential difference
for the products of farms and mines and between this situation and that resulting
factories that is large enough and stable from international debts. Both are, in esenough to provide steady employment for all sence, exchange problems. By tariffs, quotas,
who wish to work is one that confronts all exchange restrictions, or even by resort to
the industrial countries of the modern world. more punitive steps of a military or economic
In the United States this problem is com- nature, including expropriation, nations atplicated by the great size of our country and tempt to redress the situation. The Federal
the diversity of our economic activities. In Government alone can remedy this condition
those parts of the country that were settled among the States—and taxation is one of the
earliest, wealth has accumulated and from most effective means. Through that medium
the very beginning of our economic history funds which the creditor areas drain out of
accumulated wealth in these areas has sought debtor areas through interest, dividends and
and found an outlet for investment in the rents, as well as payments on debt, can be
development of the resources of the frontier kept flowing back to sustain employment, to
regions that were one by one opened up to keep mines and factories in the debtor areas
settlement. Year after year this process operating and continuing to yield returns to
continued. The result has been a vast aggre- the creditor areas. I realize that the creditor
gation of obligations which the citizens of States complain about paying more in taxes
areas that offered opportunity for investment in proportion to what they get back from
owed to citizens of areas that had capital the Federal Government than do the debtor
seeking investment. These obligations took States. But that is a short-sighted attitude
various forms: mortgages on urban residen- which fails to comprehend that in no other
tial and business properties and on farms, way can the debtor areas continue to yield
the securities, both stocks and bonds, of returns to the creditor areas. I recognize
mines, public utilities, and other business en- also that the Federal form of government
"When incomes are at high levels, that is the
time when people should reduce their debts or get
out of debt. Our people cannot spend their increased incomes and go into debt for more and
more things today without precipitating a price
inflation that would recoil ruinously upon all of
us. . . . By deferring civilian demand at this
time, we can help avoid inflation, we can aid in
defense, and we can store up a backlog of buying
power that will help offset a post-defense slump."
NOVEMBER
1941
1099
Economic Aspects of Federal, State, and Local Taxation
does not adapt itself easily to a centralized
and coordinated attack upon problems that
must be dealt with as national problems if
they are to be dealt with at all.
The problem of maintaining the standing of
our citizens as both good credit risks and good
customers is basically one of maintaining the
national income at levels which represent
the fullest possible utilization of our labor
supply and other economic resources. Debts
which can be easily carried and paid off when
the national income is stable or steadily
growing become insupportable when income
falls. Defaults and bankruptcies used to be
the accepted methods of dealing with these
difficulties. But such methods are crude and
unsatisfactory both in terms of economic
values and human values. During the depression we developed better methods by
attacking the problem from both ends, by
seeking to restore incomes and by adjusting
debts of farmers and home owners through
the Farm Credit Administration and the
Home Owners' Loan Corporation.
In the future, the most important safeguard against the danger of a relapse into
the intolerable conditions of the early 30's
will be a long-run plan for public investment,
adapted to the differing needs and conditions
of our different geographical areas. So far as
possible, this should take the form of productive public works and expenditures not only
to improve the basic conditions which are
responsible for keeping the standards of living in some of our States lower than in others,
but also to raise the standard of living particularly in the lower income groups wherever they may be. Productive public investment, which should be noncompetitive with
private enterprise, means not only roads,
public buildings, subsidized housing, bridges,
dams and irrigation projects; it also means
better education and a higher level of public
health and nutrition. The fact that so many
of our young men called up for military
service were shown on medical examination
to be physically unfit is a shameful revelation
of our neglect, as a democracy, to deal with
national health and nutrition problems.
We will also need to extend and to make
more uniform as between citizens living in
different States the system of social security
benefits. This mechanism is ideally suited
to use as an anti-inflationary measure in
times like the present and an anti-deflationary
measure in periods such as we may have when
the defense effort is over. This is the time
1100
to build up a reserve by increasing the taxes
both for old age and unemployment, decreasing the taxes and drawing on the reserve as
unemployment develops. And to insure that
increased current revenues will be followed
by an appropriate flow of outpayments when
they are needed to combat the deflationary
forces of the post-defense period, the old-age
insurance system should be converted from
its present contributory basis to a system
that frankly recognizes and meets the national
obligation to provide a minimum of support
for all of our needy aged. We should give
everyone reaching the age of 65 a minimum
of 30 dollars a month, regardless of the
amount of his contribution to the system.
Variations in payments to meet local conditions should be made possible by Federal
grants matching additional payments made
by the States up to 10 dollars a month, thus
enabling maximum payments of 50 dollars
a month. The Federal Government should
recapture, by means of the income tax, payments of this type in excess of amounts
needed by the aged to bring their total income up to a level representing a minimum
standard of comfort. Such a revision would
do away with the present complicated set of
rules governing benefits; it would completely
remove the cost of old-age pensions from the
budgets of our less wealthy States; and it
would make the support of the aged a national
responsibility, as it should be. I also think
it essential to nationalize the unemployment
insurance program extending the coverage
to all workers and increasing the benefits
both as to amount and time, increasing the
rates and providing that employees contribute 50 per cent of the tax.
If we are to be sucessful in the objective
of creating a high and steadily increasing
demand for the products of industry after
the defense period, we must adopt a progressive tax system bearing heavily upon
savings concentrated in creditor areas and
lightly upon the great mass of families of
the low income groups. This means that
we must get rid of, or at least check the
growth of the sort of taxes to which our
States have unfortunately been forced to
resort more and more in recent years. I am
referring to the general sales taxes and the
taxes on gasoline, tobacco, and other articles
of mass consumption. These have taken on
increasing importance in State tax structures
in recent years as a consequence of the
inadequacy of the general property tax and
FEDERAL RESERVE BULLETIN
Economic Aspects of Federal, State, and Local Taxation
the pressure to find funds to finance relief
and other welfare expenditures. Although
these taxes were enacted with the commendable motive of preserving the solvency and
credit standing of our State and local governments, they had an unfortunate effect upon
the level of activity in the economy as a
whole and were among the factors that made
national recovery slow and incomplete until
the beginning of the defense program. Their
effectiveness as revenue producers is largely
attributable to the fact that the Federal Government continued on a deficit basis throughout almost the whole of this period and
thereby provided the stimulus for expansion
of the consumer expenditures upon which
these taxes were levied.
If we are to make progressive taxes the
major element of our national tax structure,
however, it will not be possible to continue
the present system of having both the States
and the Federal Government levy taxes on
corporate and individual incomes and transfers at death. Increases in the rates of these
taxes sufficient to make them contribute a
major share of total governmental revenues
over the long run would so intensify the
existing difficulties that some change in the
present chaotic system would be unavoidable.
Citizens and corporations in some jurisdictions are lightly taxed because of a fixed
policy in their States to compete for the
domicile of corporations and persons of
wealth. In other States they are heavily
taxed because their States have taken the
leadership in the use of progressive taxes.
It has long been recognized that uniformity
and equity can be attained only by making the
total tax levied on income and on gifts and
bequests a matter for Federal control. This
might be done along the lines suggested to
you by Mayor LaGuardia at your conference
last year, by the device of allowing a limited
tax credit against Federal taxes for State
taxes of similar type. We have already
adopted this device for purposes of the Federal estate tax and the Federal unemployment compensation tax and we have seen
that it does give a powerful incentive to the
several States to enact and collect a tax of
a particular type, when they are led to do so
by the knowledge that the revenue will go
to the Federal Government unless they take
appropriate action. However, while this
device creates a presumption that a State will
levy taxes only up to the amount of the Federal tax credit allowed, it does not guarantee
NOVEMBER
1941
the taxpayer against the possibility that a
State government, hard pressed for revenue,
may not go considerably beyond this limit
and it does not eliminate the possibility that
the same income or the same transfer of
property at death will be taxed by more than
one State. In the end the only thoroughgoing cure for these difficulties lies in a drastic reallocation of taxing powers between the
States and the Federal Government. Such
an allocation would involve restricting the
right to levy taxes on income, gifts, and bequests wholly to the Federal Government
with redistribution of a share of the revenue
from these sources to the States. I know
how controversial this subject is but I think
we will have to face, quite frankly, the implication that State revenues will tend to
consist more and more of taxes shared with
the Federal Government and of grants from
the Federal Government, which already make
up about 14 per cent of State revenues. The
real question is how to retain the valuable
elements of local initiative, local control over
governmental services and adaptation of
services to the differing needs and conditions
of differing areas. We have had enough
experience with Federal grants and with
Federal direct expenditure programs during
the depression to know that this problem is
not insoluble. We should continue to follow
the broad policy that has grown out of these
activities of leaving responsibility for initiative as to the type of activity to be undertaken in the hands of State and local government, to leave, wherever possible, the detailed
administration in their hands and to provide
for Federal supervision only to the extent
necessary to insure that funds are wisely,
prudently and honestly used. In a program
of the magnitude and novelty that characterized Federal spending for recovery, it is not
surprising that there were mistakes but the
failures as well as the successes of this period
of experiment provide a valuable basis for
the wise planning of the future.
I have outlined in a general way some of
the main considerations that I think should
apply in shaping taxation policy to the needs
of the defense and post-defense periods. Let
me add, however, that all I have said is based
upon my profound conviction that we must
make democracy function more effectively
in the future than in the past—and that this
can be done by democratic processes and
methods, primarily by use of the Government's broad functional powers of control.
1101
Economic Aspects of Federal, State, and Local Taxation
Fiscal and monetary action, properly used, expansion of the nation across the face of
can go far towards correcting the basic causes this continent. But I deny that in a day when
of economic breakdown. These over-all, func- capital is over-abundant in relation to the outtional powers—of which taxation is the most lets for its private investment it is still wise
potent single instrument—need to be supple- public policy to encourage its accumulation in
mented by some direct controls at all times, stagnant pools. Rather I have favored durparticularly in a time like the present when ing the decade of the 30's tax policies that
we have acute shortages of strategic ma- tended to maintain the flow of purchasing
terials. However, the more wisely and effec- power in the economy by forcing idle funds
tively over-all controls are applied, the less back into the circulation stream. That is a
will be the area in which there will be need departure from the older orthodoxy, to be
sure, but it involves no loss of fundamental
for direct measures.
In the past, we have been slow, often too liberties. It is no threat to democratic instislow, to recognize changed conditions and to tutions. Rather, it is absolutely essential for
adapt our system to them. We have too often their preservation. Similarly, I have favored
tolerated poverty while we failed to recognize the appropriate accompanying monetary polithat the proper function of the democratic cies. Thus during the depression, I favored
system is dynamic, not static. Too often making the supply of money abundant and
what we have thought of as our rights were interest rates low in order to create an antiwrongs for great numbers of our fellow citi- deflationary climate which would be favorzens. We can—we must preserve our Con- able for recovery provided positive action
stitutional guarantees—freedom of enter- were taken at the same time in thefiscalfield.
prise and initiative, subject only to such limi- By the same reasoning, I favor such anti-intations and restraints as are necessary to pro- flationary fiscal and monetary policies as are
tect the public interest. But we must recog- possible at this time, when the economy has
nize that the right to work must be coupled moved rapidly towards full production and
with the opportunity to work. Freedom of employment, under the stimulus of large despeech, freedom to worship as we will, free- fense expenditures.
dom of the press, all of our cherished liberties
In the day of capital scarcity, in the day
are of cold comfort to the destitute. There is when the gold standard prevailed for most of
no reason, except willful blindness, why we the world, even though it was never the uncannot make our system function far better managed mechanism pictured by its most arthan it ever has before by guaranteeing that dent champions, there may have been logic
no willing, able-bodied worker shall lack for in relegating taxation to the role of revenue
employment and that the aged shall not be in only, and in putting some reliance upon the
abject want.
interest rate as a regulator of economic exI grow impatient—for events move swiftly cesses. But the late 20's disabused our minds
in the world today—with those in your field of the notion that a high interest rate could
and mine who say that fiscal and monetary curb speculation. The early 30's should have
policies suitable for the past are necessarily taught us that a negative fiscal policy was
appropriate today. It is surprising how both economically and politically untenable.
many who should know better, who should The later 30's should have demonstrated to us
have learned from the experience of the past convincingly that a more positive policy, even
decade, still hold that taxation should be though halting and hampered by widespread
based exclusively on considerations of the resistance, can have the most powerful effect
need for raising revenue, without regard for in economic restoration. And the present
the social and economic necessities that only period is giving us irrefutable proof of the
the tax instrument can be adapted to meet, degree to which a vastly expanded, positive
if intelligently used by Government.
policy called forth by national peril rather
I recognize fully that in the day when we than by deliberate choice, can swiftly transhad a scarcity of capital, when new capital form the economy from underemployment to
accumulations more or less automatically boom conditions. Unhappily, the boom conflowed into new production, it was wise public ditions are largely concentrated in the induspolicy to have taxation contribute so far as trial sectors of the economy in the production
possible to capital formation. All that we of the things of war instead of the things of
could amass at home and billions more that peace that improve our standards of living.
we borrowed from abroad went into the rapid The logic of having taxation play a passive,
1102
FEDERAL RESERVE BULLETIN
Economic Aspects of Federal, State, and Local Taxation
neutral role in times past, and of having
monetary policy responsive to international
gold movements, rather than subject to national direction and control, is no longer valid
in the world of today. Rather, the respective
spheres of fiscal and monetary policy are reversed. Fiscal policy has assumed the greatest importance as a democratic instrument of
economic action, while monetary policy assumes a secondary place. Both must be coordinated by deliberate action.
Even a cursory review of the economic history of the last dozen years indicates not only
that democratic nations must and can without sacrifice of any fundamental principles
use the functional Government controls of
fiscal and monetary action, but that no other
rational choice is open to those who profess
to be in favor of preserving our institutions.
The question is no longer whether such functional powers should be turned deliberately
to helping us solve our economic problems,
but whether we can so organize and coordinate our democratic processes, that the necessary flexibility and administrative discretion
will be afforded to achieve the best results.
I am aware of the difficulties. They are inherent in established legislative processes,
and the division of powers. They are present,
particularly, in the relationship between the
Federal Government and the States.
We have not made much progress towards
simplification so far, but the time has come
when we can no longer continue to tolerate
this chaos. For the fact is that with the increasing assumption by modern governments
of social and economic responsibilities, in the
light of the increasingly important role that
governments play in affecting economic conditions, what may have been an endurable
conflict in the highly important fields of taxation is now too serious, too much of a limi-
NOVEMBER
1941
tation upon necessary democratic action, to
ignore.
It is not necessary, before this audience, to
stress the point that there can be no consistency or continuity of national economic
policy, it can have no adequate flexibility, if
it must be exercised in conflict rather than in
harmony with the States. Manifestly if the
Federal Government is to be effective in using
its powers to dampen inflationary tendencies,
State policies must, on the whole, be aimed in
the same direction. In the post-defense era,
Federal action to offset a slump will be ineffective to the extent that the States are not
prepared to act in concert with Government
policy.
In brief, monetary policy should be the
servant, not the master, in the economy. We
should rely heavily upon fiscal policy, its
timing and application, as a stabilizing factor
and as a motivating force without which
monetary policy alone is ineffective. We
should utilize and coordinate these over-all
instruments of public policy, not only because
of their demonstrated effectiveness, but because they are the only logical alternatives to
a no longer possible laissez faire, on the one
hand, and a regimented, policed economy, of
fascist character, on the other. There is no
reason why we cannot learn to use them more
intelligently in the future than we have in the
past, recognizing always that these and other
functional controls are at best supplemental
to the main driving force of private enterprise. There is no reason why democratic
processes cannot be adapted, and every reason why they should be adapted to using
these instruments of economic influence to
the fullest, not only in the defense period
but in the future when the economic problems of a world at peace will ironically be
even more difficult to deal with than the economic problems of a world at war.
1103
rtont the Jsoatd 5 6.otte5y2ondence
Questions of general interest, relating to money and banking, are answered in this section of the BULLETIN.
to I ax flank
QUESTION
Would it not be feasible to impose a Federal tax
on the deposit of funds in bank checking accounts?
Such a tax, of one or two cents per hundred dollars,
could be charged to depositors accounts monthly and
remitted by the banks to the Treasury. The virtue
of this tax is that it would be relatively inexpensive
to administer, easy to collect and would yield a substantial revenue without delay.
ANSWER
HE tax proposal which you outline has
the advantage of administrative simplicity, which is of great importance at a
time when tax laws are becoming increasingly difficult to understand and to administer.
In our opinion, however, your proposal is
not in accord with one of the fundamental
principles of taxation in a democracy, namely,
that taxes should be imposed in accordance
with ability to pay. Under your proposal
deposit holders would be taxed on the number
of dollars deposited by them. A small business man, for instance, who earns a moderate
income may have a very active deposit ac-
T
count which reflects the whole volume of his
business transactions rather than his net
profits. His deposit tax might exceed that
of an individual who is much better off but
whose only deposits consist of salary or dividend checks. An equitable tax would bear
more heavily on the latter than on the former.
If the tax is passed on in the form of
increased prices of the commodities produced
or services rendered by the taxpayers, it becomes similar to a general tax on commodities. Such a tax is undesirable because it
bears on everyone in proportion to his consumption, a result that is not consistent with
the principle that the well-to-do should contribute a larger share of their income than
those in less comfortable circumstances.
An additional technical consideration is
the probability that some depositors could
easily evade the tax by making payments in
currency and by means of re-endorsed checks
passing from person to person without being
deposited.
£xtant to Which. JQcletve Hank* (lan 7lnance
QUESTION
To what extent can the Federal Reserve Banks
finance defense expenditures of producers or of the
Government?
ANSWER
HE Federal Reserve Banks are authorTbanks,
ized to make short-term loans to member
and by furnishing member banks with
additional funds the Reserve Banks can
1104
£xpenctitut<25
assist them in financing defense activities.
However, at the present time member banks
altogether have several billion dollars of excess reserves, and few of them have occasion
to apply to the Reserve Banks for loans.
Under the terms of Section 13 (b) of the
Federal Reserve Act Federal Reserve Banks
may make advances with maturities of not
more than five years for the purpose of proFEDERAL RESERVE BULLETIN
From the Board's Correspondence
viding established commercial and industrial
businesses with working capital. Such advances may be made to or in participation
with member banks and other financing institutions and, in exceptional circumstances,
direct to industrial concerns when they are
unable to obtain the requisite financial assistance from the usual sources on a reasonable basis.
The Federal Reserve Banks are not authorized to extend credit direct to the Govern-
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, 1941, to
October 15, 1941, inclusive.
District of Columbia
Washington—The Munsey Trust Company
Indiana
Bremen—Bremen State Bank
Parker—The Parker Banking Company
NOVEMBER 1941
ment. However, they may buy in the open
market without regard to maturities direct
obligations of the Government and obligations of Government agencies fully guaranteed as to principal and interest by the United
States. Open market purchases of Government securities by the Federal Reserve Banks
are undertaken with the view of influencing
the availability or the cost to member banks
of reserve funds and are thus governed by
their effect on the general credit situation.
Missouri
St. Charles—The Union Savings Bank of St.
Charles
New York
Rensselaer—Rensselaer County Bank and Trust
Company
Rye—Rye Trust Company
Williamson—The State Bank of Williamson
Ohio
Ada—The Liberty Bank
West Virginia
Wardensville—The Capon Valley Bank
1105
Aiamlrct Sank £atnin$tf Titlt 4/alft of} 1941
OTAL earnings of member banks were any half-year period since the banking holiTinlarger
in the first six months of 1941 than day, while recoveries, profits on securities
any half-year period since the banking sold, etc. were less than in any half-year
holiday, but since expenses also were larger period since 1934 except the second half of
there was no substantial increase in net cur- 1937, when profits on securities sold were
rent earnings. As shown in the following relatively small. Although losses and depretable, net profits (after recoveries, charge- ciation have exceeded recoveries, profits on
off s, etc.) totaled more than in any other half- securities sold, etc. in most of the recent
year period since the end of 1936; they were periods, the margin has narrowed since 1939
at an annual rate of 6.9 per cent on total with the result that a greater proportion of
capital accounts, as compared with similar net current earnings has been carried
annual rates of 5.8 per cent in the first half through to net profits.
Notwithstanding the increase in net profits,
of 1940, 7.0 per cent in the first half of 1939,
cash dividends declared in the first half of
and 5.4 per cent in the first half of 1938.
The amount of interest and discount on the current year were substantially less than
loans has increased in each of the past four in the previous six months; they were at an
half-year periods; this is attributable to the annual rate of 8.6 per cent on capital stock
larger volume of loans, as the average rate of and 3.5 per cent on total capital accounts,
income on loans has declined slightly. In- approximately the same as in the first half of
terest and dividends on securities have been 1940.
For detail figures of earnings, expenses,
relatively stable since the beginning of 1940,
etc.,
in the first half of 1941 and the second
at a somewhat lower level than in previous
half
of 1940, turn to page 1186 of this
years, reflecting lower rates of return.
BULLETIN.
Losses and depreciation were less than in
MEMBER BANK EARNINGS, BY HALF-YEAR PERIODS, JANUARY 1936—JUNE 1941
[Amounts in millions of dollars!
1936
Item
First
halfyear
1937
Second
halfyear
First
halfyear
1938
Second
halfyear
First
halfyear
1939
Second
halfyear
First
halfyear
1941
Second
half-
year
First
halfyear
Second
halfyear
First
halfyear
Earnings—total
617
253
235
19
110
654
260
252
20
122
652
268
244
22
118
669
285
237
23
124
631
269
224
25
113
644
274
225
26
119
633
272
223
27
111
662
288
221
28
125
649
290
214
29
116
674
305
217
30
122
681
318
215
32
116
Expenses—total
430
172
89
169
442
180
88
174
449
181
88
180
453
191
88
174
448
187
443
193
83
167
446
190
82
174
448
198
77
173
455
195
75
185
466
205
73
188
475
204
71
200
Net current earnings
187
212
203
216
183
201
187
214
194
Recoveries, profits on securities, sold, etc.
Losses and depreciation
253
216
254
225
158
166
97
172
137
175
142
222
191
135
193
143
175
159
180
129
137
224
241
195
141
145
121
156
162
187
198
95
103
100
101
99
99
104
100
110
101
31,825 31,980 32,589 32,728 33,527 33,176 34,386 34,172 35,002 35,369
147,823 149,422 155,466 155,139 154,564 154,039 156,710 158,137 162,307 163,783
36,085
173,231
Interest and discount on loans
Interest and dividends on securities..
Service charges on deposit accounts..
All other earnings
...
Salaries and wages
Interest on time deposits
All other expenses
Net profits
Cash dividends declared1
N u m b e r of o f f i c e r
N u m b e r of employees
N u m b e r of banks 2
1
2
6,400
6,376
6,357
6,341
6,338
6,338
187
191
104
6,330
6,362
6,398
206
6,556
Includes interest on capital notes and debentures.
At end of period.
1106
FEDERAL RESERVE BULLETIN
-@nnual JQepott <yk the Hank
Untet national J>ettUment5
The Eleventh Annual Report of the Bank
for International Settlements, covering the
year ending March SI, 19hi, was presented
by Mr. Thomas H. McKittrick, President of
the Bank, at its annual general meeting at
Basle on June 9, 194.1. Selections from the
Report, with a minimum of textual changes,
are given herewith:
EXCHANGE RATES, FOREIGN TRADE,
AND PRICE MOVEMENTS
Exchange rates.—The main characteristic
of foreign exchange conditions in 1940 was
a further extension of official regulations,
generally combined with detailed supervision
of foreign trade. Steps were taken to stop
leakages in the existing exchange controls;
the remaining markets for "free rates" became narrower as foreign payments—commercial and others—were forced into official
channels. Alterations in exchange values
were the result not so much of market forces
as of deliberate official action, often undertaken in connection with commercial negotiations. In the Danubian and Balkan regions
the lack of uniformity in the quotations of
different currencies, the result of a complicated system of premiums and varying provisions for surrender of foreign exchange,
was largely eliminated. In areas occupied by
Germany rates 'of exchange were fixed more
or less in conformity with the official quotations previously in force. In the United Kingdom and other countries of the British Empire the exchange regulations were reinforced
and further agreements concluded with foreign exchange centres; as a result the quotation of free sterling, which in May 1940 had
fallen 20 per cent below the official rate, recovered in the autumn the ground which had
been lost.
NOTE: About one-fourth of the material given in the full Report is republished here. The complete Report, available in English, includes in addition an Introduction and a Conclusion, chapters on "Production and Movements of Gold" and "International
Capital Movements", and a chapter recording the current activities of the Bank. In making selections from the other chapters,
emphasis has been given to material relating to developments in
Continental Europe. The Report also deals broadly with economic
and financial developments in the United States, Latin America,
and the Far East. For earlier Reports, see BULLETIN for October 1940, September 1939, June 1938, etc.
NOVEMBER
1941
Among developments outside Europe interest attaches to the immobilisation in the
United States of the assets of a number of
European countries which were occupied in
the course of the war or otherwise changed
their political status. Fear of an extension
of these measures provoked fairly extensive
capital movements: dollars" to "the value of
some 850 million Swiss francs were, for instance, sold by private investors to the Swiss
National Bank between the middle of June
1940 and the end of March 1941. In Latin
American countries export difficulties continue to limit the normal supply of foreign exchange and have necessitated stricter control
measures. In a few instances (Bolivia, Peru,
Venezuela) they have led to further depreciation. The exchange position of the Argentine,
Brazil, and Mexico has been strengthened
by a considerable influx of money from
abroad, partly refugee funds and partly
capital for new investments, while a number of Latin American countries were assisted by credits obtained from the ExportImport Bank and the Exchange Stabilization Fund in the United States. Finally,
in the Far East the continuation of hostilities has subjected the exchanges to further strain: in the autumn of 1940 a strict
control was imposed on the exchange of
goods and the transfer of money between
the different countries forming the yen area
(Japan, Manchukuo, and North China) ;
in December 1940 a new central bank was
established in Nanking with its own currency, competing in Shanghai and other
areas with the Chungking yuan (the currency of the Chiang Kai-Chek Government) ; the latter, after a depreciation of 25
per cent in the first four months of 1940, remained relatively stable up to the end of the
year. Between the Yokohama Specie Bank
and the Bank of Java an agreement, valid for
one year but terminable at three months
notice, came into force on January 1,1941, under which these banks make advances in their
own currency to ensure prompt payments
to exporters, any balance being settled from
time to time by payments in U. S. dollars. In
1107
Annual Report of the Bank for International
several European clearing agreements provisions have also been included for advances
by central banks to avoid delay in payments
through the clearings—examples of the increased importance of official intervention
under conditions which exclude resort to the
ordinary sources of banking credit.
The present preponderance of the Reichsmark in the currency structure of the European continent is due to the increased relative
importance of the German market for the
trade of many countries after the cutting-off
of their overseas commercial relations. In
the area within the German barrier more
than one-half of the foreign trade is with
Germany and practically all payments are
made through clearings. Steps have been
taken in Berlin to facilitate transactions by
a development towards a multilateral clearing system. In this connection the arrangements entered into with countries in the
Danubian and Balkan regions are of particular interest.
Especially after 1933 the intensification of
trade relations with countries in central and
south-eastern Europe became an objective of
German commercial policy, partly because
these countries could deliver agricultural arid
other primary products in exchange for industrial articles and partly because trade
with these areas could presumably be maintained even in the event of a war. Since the
world-wide depression made it difficult for the
Danubian and Balkan countries to sell their
agricultural products in western Europe,
these countries were naturally interested in
the possibilities of exporting at comparatively
remunerative prices to the German market.
In their clearing agreements with Germany
the old par rates of exchange were at first
applied. It was soon found that exports to
Germany tended to exceed imports, leaving
the countries from time to time with a credit
balance which in some instances affected the
rates of the Reichsmark quoted in the free
market. Since the Danubian and Balkan
countries were in need of free "devisen" to
pay for their imports of overseas raw materials (textiles, colonial products, etc.) and
to meet the service of their foreign debts,
they allowed premiums on the purchase and
sale of free exchange in order to stimulate
exports payable in such exchange. In that
way the rates applied to such currencies as
dollars, sterling, and Swiss francs did not correspond to the rates applied to the Reichs1108
Settlements
mark ; and between the different countries in
the Danubian and Balkan regions a variety
of clearing rates were in force, with cross
rates that did not harmonise.
After the war had started in 1939 a series
of developments set in which affected the exchange situation. Trade with most of the socalled free-exchange countries became gradually more difficult; commodity prices were
rising in the Danubian and Balkan regions;
the harvest in 1940 was generally a poor one
and, for other reasons also, exports to Germany tended to decline. On the other hand,
imports from Germany were badly needed;
within a short time the clearing balances
began to move in favour of Germany. By
negotiations which were pursued in the latter
half of 1940 new arrangements affecting the
exchange rates were entered into between
Germany, on the one hand, and Bulgaria,
Greece, Hungary, Roumania, and Yugoslavia
individually, on the other. The valuation of
the Reichsmark is now at a uniform level in
relation to the gold (or dollar) value of the
various currencies in the Danubian and Balkan regions.
In the areas occupied by Germany measures
have been taken to determine the rate of the
respective currencies in relation to the official
quotation of the Reichsmark. In March 1939,
when the rate between the Czecho-Slovak
crown and the Reichsmark was fixed at 10
koruny = 1 Reichsmark (instead of the
previous quotation of 11.62 koruny = 1
Reichsmark), it was decided to allow the
crown to retain the old rates in relation to
other foreign currencies (on the basis of
11.73 koruny = 1 Reichsmark) in order not
to hamper exports from the -Protectorate of
Bohemia and Moravia. This meant, for instance, that the dollar continued to be quoted
at 29.25 koruny, instead of 25 koruny, as
would have been the case if the dollar rate
were calculated via the Reichsmark. After
eighteen months, however, this disparity was
ended upon the abolition of the customs
frontier between Germany and the Protectorate as from October 1, 1940: in relation
to other currencies than the Reichsmark the
exchange value of the Protectorate currency
was raised by 17 per cent.
In the territories of Poland which were
incorporated into Germany, as also in the
Governor-Generalship, the rate of conversion
between the Reichsmark and the zloty was
fixed at 1 Reichsmark = 2 zloty. On April
FEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
Settlements
management of the Reichskreditkassen was
authorised to issue Reichskreditkassenscheine
in denominations of 50, 20, 5, 2, and 1 Reichsmark as well as 50 Reichspf ennige and coins
of 10 and 5 Reichspf ennige against cover
chiefly in the form of loans to the Reich, for
which a maximum of 3 milliard Reichsmark
was fixed. Total issues do not seem to have
exceeded 1.7 milliard Reichsmark and it was
semi-officially stated in January 1941 that
the circulation of Reichskreditkassenscheine
had declined by one-half since the autumn
of 1940. The issue of coins has not been of
any practical importance.
While Reichskreditkassenscheine were issued to the German troops in Norway and
Denmark and these notes were given the
quality of legal tender, no Reichskreditkassen
were actually opened in these two countries
since in them the credit systems continued
to function with only slight interruption,
and early arrangements were made with the
central banks for Reichskreditkassenscheine
RATE IN NATIONAL CURRENCY FOR 1 REICHSMARK
already issued to be exchanged and for the
occupying authorities to be supplied with
Rates for
Rates of
Rates of
the necessary means of payment against
Country
May 9, 1940 Reiehskredit- April 1,1941
Berlin T.T. kassenscheine Berlin T.T. crediting of Reichsmark to the accounts of
these countries with the Reichsbank.
Norway (crowns)
1.76
i 1.67
1.76
In Holland, Belgium, and France Reichs2.07
2.07
i 2.00
Denmark (crowns)
0.75 kreditkassen were opened in May 1940 by
0.75
0.67
Holland (florins)
2 0.75
2.50 the German authorities, but in each of these
2.39
2.00
Belgium (belgas)
8 2.50
countries arrangements were soon made to
*
10.
00
9.57
8.00
provide the German troops with the national
Luxemburg (Luxemburg frani
MO.OO
20.00
17.84
20.00
currency. In Holland the Reichskreditkassen
France (French francs)
were
closed by the middle of July, with the
Rates first fixed; afterwards the rates were adapted to the official
rates in Berlin.
exception
of the office in Amsterdam, which
Altered to this rate on July 17, 1940, and slightly readjusted on April
was retained for the task of liquidation and
23, 1941.
Rates altered on July 22, 1940, to the rate of conversion fixed in the liaison.
In Belgium the conditions were
German-Belgian payments agreement of July 10, 1940.
Last rate quoted on March 5, 1941.
more complicated since in May 1940 the direcAltered to this rate on July 22, 1940, in accordance with new Belgian
tion of National Bank of Belgium had moved
rate.
abroad; a new Bank of Issue was established,
To provide the German troops with means which came into being on July 15, 1940.
of payment the method of issuing Reichsmark Since, however, the direction of the National
notes called Reichskreditkassenscheine was Bank at that time returned to Brussels, it
again employed in Norway, Denmark, Hol- was decided that the new Bank of Issue should
land, Belgium, Luxemburg, and France. employ the administration and the notes of
Reichskreditkassenscheine became the cash the National Bank. The Reichskreditkassen
of the German troops abroad, and their im- were maintained as credit institutions for the
port or use in Germany itself was forbidden. German military administration but the issue
In fact, the employment of Reichskredit- of new Reichskreditkassenscheine was on a
kassenscheine as an ad hoc currency made very limited scale. In France the activity
it possible to avoid the issue of Reichsmark of the Reichskreditkassen was likewise renotes, which would at least temporarily have stricted upon the conclusion of an agreement
swollen the note circulation of the Reichs- with the Bank of France after the armistice
bank. Under a decree of May 3, modified of June 22, 1940.
by a decree of May 15, 1940, the central
In Holland exchange restrictions had been
8, 1940, the "Reichskreditkassen", opened
at the time of the occupation to provide means
of payment for the German troops and emergency currency and credit facilities, were
closed and a new Bank of Issue for the Governor-Generalship with its head office in
Cracow began operations, the old notes of
the Bank Polski being exchanged for the
notes of the new bank at par. The offices
of the Reichskreditkassen were taken over
as branches of the new bank; the Reichskreditkassenscheine (the amount of which
did not exceed 45 million Reichsmark) were
withdrawn and replaced by zloty (or by
Reichsbank notes in the incorporated territories). German currency is no longer legal
tender in the Governor-Generalship, which
is connected with the German monetary system through a clearing arrangement.
The rates fixed for the territories occupied
by Germany in the spring and summer of
1940 may be seen from the following table:
1
2
3
4
6
NOVEMBER
1941
1109
Annual Report of the Bank for International
introduced on May 10, 1940, and on June 24,
1940, a comprehensive system of exchange
control was imposed according to the German
model. Private holdings of gold and foreign
exchange were to be offered to the Nederlandsche Bank, which by the end of November 1940 had acquired 38 million florins in
gold from private hoards. In relation to
Germany the exchange restrictions were
gradually made less rigid. From November
1, 1940, permission was given to transfer
freely an amount of 5,000 Reichsmark per
month per person; in the early months of 1941
increased capital transfers were permitted
but a special tax of 70 per cent on immediate
repatriations of capital was imposed to check
a too voluminous inward movement of funds.
Then, from April 1,1941, full freedom of payments was established between Holland and
Germany, including the right to bring notes
and other means of payment from one country
to the other. The Dutch-German clearing
ceased to operate as far as payments between
the two countries were concerned but remained in force with regard to payments between Holland and third countries. The rate
of 100 florins = 132.70 Reichsmark was made
applicable also to notes and coins, which are
exchangeable at the offices of the central
banks and a number of other institutions.
The freedom from restrictions extends to the
transfer of capital, but the "blocked mark
tax" which had been imposed by the Dutch
Government on repatriations of capital investments in Germany was maintained,
though with certain alleviations. This tax,
which is intended to compensate for the gain
accruing to individual owners from the return of capital invested in Germany and to
prevent a sudden and wholesale liquidation
of such investments, was fixed at 60 per cent
for transfers up to the end of 1941, declining
thereafter.
In Belgium a clearing arrangement of July
10, 1940, replaced the previous payments
agreement between Belgium and Germany.
The new Bank of Issue, which acts as payments institution, has obtained from the Belgian Ministry of Finance a guarantee to the
amount of 1,000 million Belgian francs in
order to be in a position to pay promptly
clearing claims of Belgian exporters to Germany.
In France the following rates govern the
exchange value of the French franc:
(i) In relation to Germany the rate of 5
1110
Settlements
Reichsmark = 100 French francs (1 Reichmark = 20 French francs) was originally
fixed by the occupying authorities as the rate
for the Reichskreditkassenscheine; it was
afterwards maintained in the clearing arrangement concluded in the middle of November 1940 between the Reich (including
Bohemia and Moravia), on the one hand, and
the occupied and unoccupied parts of France
as well as the French colonies, protectorates,
and mandated territories, on the other.
(ii) After the armistice the agreements
concluded in September 1939, by which the
rate of 176.625 French francs = 1 pound sterling was to be maintained with sterling,
lapsed, but the corresponding rate of 43.80
French francs = 1 dollar, was maintained.
This dollar rate corresponds to the former
rates of 17.51 French francs for the Reichsmark and about 10.15 French francs for the
Swiss franc.
(iii) In the clearing agreement concluded
between France and Switzerland on October
23, 1940, however, the rate to be applied to
all commercial payments was rounded off to
10 French francs = 1 Swiss franc. For reasons of convenience, this rate was subsequently adopted by the French Exchange
Office for all transactions (commercial and
non-commercial) which are made neither in
dollars nor in Reichsmark nor via the Reichsmark. These rates correspond theoretically
(no arbitrage being possible) to a rate of
43.11 French francs for the dollar and 17.25
French francs for the Reichsmark.
(iv) In addition, there is a "free rate"
quoted outside France (in Zurich at the present time) for bank transfers on "foreign accounts" opened with French banks in the
name of persons residing abroad.
(v) Another rate, subject to considerable
fluctuation, is quoted for French bank-notes,
as in the case of other countries which have
prohibited or limited the reimportation of
their notes. It is not permissible to take
more than 1,000 French francs into France
on each journey.
In actual practice the situation is, however,
less complicated than might appear from the
different rates indicated above. Commercial
transactions take place either against or via
the Reichsmark at the rate of 20 French
francs = 1 Reichsmark or against the Swiss
franc at the rate of 10 French francs = 1
Swiss franc (corresponding to 17.25 French
francs = 1 Reichsmark).
FEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
The clearing arrangements entered into by
the Governor-Generalship of Poland, Norway, Holland, and Belgium provide for payments through accounts kept at the German
Clearing Institute (Verrechnungskasse) in
Berlin; and these provisions apply both to the
clearings between these four countries in
their relations with each other and to the
clearings between any one of them and other
countries in Europe. In fact the German
Clearing Institute enters as creditor and
debtor in relation to the clearing institutes of
the countries concerned. The centralisation
of the accounts for these four countries makes
it possible to arrange more easily for a settlement of balances on a multilateral basis. In
practice permission must be obtained for a
surplus balance on one account to be utilised
for payments on some other account and,
generally, the total of the amount which any
one of these countries can utilise, is fixed in
advance for a certain period, usually in connection with commercial agreements.
Between other countries in Europe than
the four just mentioned direct clearings are
in force without, as a rule, any provisions for
settlement of balances in relation to third
countries. Since, however, Germany holds a
predominant position in the trade of the continent of Europe, the accounts with Germany
may afford the possibility of arranging for
settlements between a surplus on one account
and a deficit on another; or Germany may,
within limits, allow a surplus in Reichsmark
to be utilised for payments to third countries
(as in the German-Bulgarian clearing). In
the bilateral arrangements which are being
negotiated increased attention is given to the
possibilities of settlement in relation to third
parties.
The official rate of the lira, which had
been reduced in September 1939 by about 4
per cent from 5.2625 to 5.05 dollars = 100
lire, has been maintained at the latter rate
except for a temporary deviation to 5.032 dollars in the middle of 1940, but at the end
of May 1941 it was raised again to 5.2625 dollars. This raising of the lira rate on the
dollar was followed by corresponding adjustments in the rates of a number of other currencies (including the Reichsmark, the Swiss
franc, and the Swedish krona), the result
being a greater uniformity in the system of
rates and cross rates in relation to the
lira and thus also in the continental exchange
relations generally.
NOVEMBER
1941
Settlements
The exchange restrictions which had been
introduced in Sweden during February 1940
were at first designed mainly to control capital movements but, as conditions turned
more difficult in the spring, they were also
used as a means of import control. Later
in the year, when the exchange market became easier, it was possible somewhat to
soften the restrictions. While in the first
four months of 1940 the combined holdings of gold and foreign exchange of the
Riksbank and the commercial banks fell by
about 320 million Swedish kronor (mainly
because of payments for excess imports), the
movement for the remainder of the year was
in the opposite direction, the combined holdings rising by about 120 million Swedish
kronor. In this latter period from May to
December 1940 the Riksbank acquired 255
million Swedish kronor of foreign exchange
while the commercial banks reduced their
holdings by 133 million Swedish kronor. This
reduction, which was most marked in the late
autumn, would seem to have been due" to fears
that sales of Swedish assets in the United
States would be made subject to licence and
possibly also that the Swedish krona would
be raised in value in relation to the dollar.
During the year there was, however, very
little change in the quotations for any of the
leading currencies.
The year 1940 in Switzerland was characterised by unusually strong movements on the
foreign exchange market. During the first
five and a half months the National Bank, together with the Exchange Equalisation Fund,
furnished the market with dollars to an
equivalent of nearly 500 million Swiss francs.
In the main these dollars were required to
pay for a heavy excess of imports and to supply the means of payment for future imports,
but in part they served to meet withdrawals
of funds owned by foreigners and, as the
political situation became more unfavourable,
to provide for the acquisition of dollar holdings on private account.
In the middle of June, when France opened
negotiations with Germany for an armistice,
funds suddenly began to return to the Swiss
market and the inward movement continued
almost without interruption up to the end of
the year, by which time the National Bank
had added nearly 650 million Swiss francs to
its foreign exchange holdings. At first this
movement was due principally to the sale of
dollars by commercial and industrial firms
1111
Annual Report of the Bank for International
Settlements
which no longer needed that currency for and whenever the francs paid for the gold
payments abroad since imports from overseas were to be used for settlement of commercial
countries had been largely cut off. Towards and other operations useful to the country.
Foreign trade.—No statistics have been
the end of the year there was another and
more important reason for the massive re- published regarding the foreign trade of Gerpatriation of funds, viz., the fear that Swiss many since the war began. In a speech made
assets in the United States would be placed by a Director of the German Reichsbank and
under the regime of licences by the American published in December 1940 it was, however,
Government. In the first quarter of 1941 dol- explained that at the beginning of the war
lar funds still continued to be liquidated, the there was naturally a sharp decline in the
National Bapk acquiring the countervalue of foreign turnover, since more than one-half
of Germany's pre-war imports came from
about 200 million Swiss francs.
When it had to provide dollars for the overseas countries and from England and
market in the spring of 1940, the National France. But, thanks to an intensification of
Bank, in agreement with the Federal De- trade with European countries, the volume
partment for Finance and Customs, asked of German foreign trade was gradually
the banks on May 10, 1940, to limit their brought back to the pre-war level as regards
supplies of foreign exchange for industry both exports and imports. Germany's forand trade to the amounts needed for pay- eign trade balance at the beginning of the
ments of imports and foreign services, and war was at first active; later on, heavy Gerin particular to abstain from the sale of man purchases in all the accessible European
exchange for foreign investments. Thus an countries led to an import surplus, although
informal arrangement took the place of of- the German economy was able to maintain
ficial restrictions. When later on in the year a considerable production for export in addithe National Bank had to acquire large tion to its work for the armed forces. In
amounts of dollars, it adopted the policy of the latter half of 1940 German imports from
demanding information as to the origin of the Holland, Belgium, and France rose considerforeign exchange offered to it. The Bank was ably, substantial stocks of raw materials
not interested in receiving unstable foreign which these countries had accumulated being
funds and it was anxious to prevent blocked partly transferred to Germany. The imdollars from being liquidated through the provement in Germany's trade position was
Swiss market but it accepted all the exchange helped by the well-maintained foreign trade
resulting from Swiss exports or representing of the Protectorate of Bohemia and Moravia,
repatriation of funds in Swiss ownership. which entered into a customs union with
Notwithstanding the large increase in the Na- Germany as from October 1, 1940.
tional Bank's exchange holdings the arrange- Just before the war 65 per cent of Germent limiting the outflow of funds was main- many's exports went to Continental Europe,
tained in order to keep the country's capital from which Germany took 55 per cent of her
imports. Trade with the U. S. S. R. was
at the service of the Swiss economy.
In the first five and a half months of the negligible (V2 per cent of the total turnover).
year the dollar rate remained unchanged at Besides the recovery of the Russian trade in
4.45% Swiss francs = 1 dollar. In response 1940, a notable increase occurred in trade
to the subsequent inflow of funds the rate with Italy. Increased coal deliveries to Italy
gradually went to 4.30% Swiss francs, where should be specially mentioned. Of the 12 to
it was held from October 1940 to April 1941 13 million tons of coal annually imported
except for some minor fluctuations in the last into Italy about 65 per cent was obtained in
two months of 1940. The improvement in the 1937 from Germany (principally by sea via
dollar value of the Swiss franc affected the Hamburg) and 16 per cent from the United
quotations of other currencies also; the rate Kingdom. In 1940 British shipments were
fixed in the Swiss-German clearing was re- wholly replaced by deliveries from Germany.
duced in October 1940 from 175.44 to 173.01 In February 1941 an agreement was conSwiss francs = 100 Reichsmarks. On the cluded between Germany and Italy providing
other hand, the National Bank has kept its for an exchange of goods to the value of 1
purchase price of gold unaltered at 4,869.8 milliard Reichsmark annually; at the same
Swiss francs per kilogram and has bought time it was agreed that for the duration of
gold at that price from foreign central banks the war all deliveries of military importance
1112
FEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
should be continued without regard to equilibrium in the balance of payments or the position of the clearing accounts.
In Italy also, regular publication of foreign
trade returns has been discontinued since the
beginning of the war, but the global figures
for 1940 have been disclosed. According to
these figures imports increased by some 2.9
milliard to 12.9 milliard lire, about 30 per
cent, this being the highest level reached
since 1931 (except for the year 1937, when
the necessity of replenishing stocks after the
Abyssinian campaign swelled imports to a
record figure of 13.6 milliard lire). Exports
in 1940 amounted to 9.2 milliard lire, compared with 8-5 milliard in the previous year,
thus increasing by 9 per cent. In the whole
period 1931-40 the highest exports were attained in 1931 with a figure of 10 milliard
lire, i. e., before the great depression had
made its full effects felt in Italy. The passive trade balance rose from 1.5 milliard in
1939 to 3.7 milliard lire in 1940, which is below the previous record of 5.7 milliard in
1937. It is officially stated that the deficit
in the trade balance was largely due to the
payment of higher prices for imported goods
and to the necessity of accumulating stocks.
It is added that in the balance of payments
the deficit on merchandise account was
largely offset by certain active items, such
as shipping freights (during the first five
months of the year), and by a reduction in
certain passive items, such as the service of
Italian foreign loans, the transfer of which
has been suspended since June 1940.
Although the overseas trade of Italy came
practically to a standstill upon her entry into
the war, the loss thus sustained was partly
counterbalanced by an increase in the traffic
with Continental Europe, particularly with
Germany, Switzerland, Sweden, and Spain.
During the last seven months of 1940 Germany took 41 per cent of Italy's exports,
providing some 47 per cent of her imports.
Apart from the obstacles caused by warfare and blockade, the decline in the trade of
south-eastern Europe shown by the trade returns for 1940 was due to bad harvests in
most of the countries and also to measures
taken by the governments to retain essential
commodities for home consumption. In the
approach to the problems of foreign trade a
great change has occurred: while up to the
end of August 1939 the aim of the commercial policy was to achieve a "favourable trade
NOVEMBER
1941
Settlements
balance", the attitude thereafter may be indicated by the formula: "imports precede exports". Instead of import restrictions of
various kinds, export quotas and export
prohibitions have been imposed and the accumulation of free "devisen" is no longer regarded as a major objective.
In the early months of 1940 attempts were
still made to import raw materials from overseas markets. Traffic in the Mediterranean
was, however, much hampered from the very
beginning of hostilities in Europe; it became
extremely difficult after the entry of Italy
into the war and well-nigh impossible after
the outbreak of the Italo-Greek war. Among
the raw materials which threatened to become particularly scarce textile fibres were
of the greatest importance, the Danubian and
Balkan countries having developed their own
textile industries. A substitute for imported
cotton was found to some extent in unexpectedly large deliveries of "Ersatz-Fiber"
from Germany and Italy. Mention should
also be made of the increase in the local
growth of cotton in Bulgaria, Greece, and
Turkey.
The authorities in Switzerland no longer
publish details regarding the composition of
foreign trade or its distribution among different countries, but the global figures of
values and quantities of imports and exports
give some indication of the general tendencies. In the development of foreign trade
since the war began it is possible to distinguish two different phases. From September
1939 to the spring of 1940 successful efforts
were made to increase imports in order to accumulate stocks, especially of raw materials.
Then came a sudden decline in the summer of
1940, and, although there was a certain recovery in the autumn, the quantities then imported were only about two-thirds of the normal volume—indicating reduced imports of
raw materials. As a result of the general rise
in import prices the reduction in the value
of imports by 2 per cent for the year as a
while corresponds to a setback of 30 per cent
in volume.
The export trade shows a somewhat different development. From September 1939
to the summer of 1940 there was a certain reduction in the weight of goods exported
(partly because of export prohibitions in
Switzerland and partly because many foreign
countries prohibited the import of Swiss
products of a luxury character), but prices
1113
Annual Report of the Bank for International
Settlements
were higher, so that in value exports still could no longer be imported from overseas
showed an increase. From the third quarter countries. In judging the value of the forof 1940 a notable advance occurred in the eign trade figures it must be borne in mind
volume of exports—an indication of a change that during 1940 export prices rose by an
in the structure of the export trade. Nor- average of 27 per cent and import prices by
mally, Swiss exports consist of highly manu- 62 per cent.
factured products. While in some of these The foreign trade of Holland in the first
lines exports declined, an important new quarter of 1940 was characterised by a large
category was added: export of goods for gen- import surplus. No statistics are available
eral consumption, such as cattle and dairy for the month of April, but in the ten months
products, which are heavier in weight in rela- May 1940 to February 1941 trade was mainly
tion to their value.
with Germany.
In the three Scandinavian countries imports were exceptionally high up to the spring
FOREIGN TRADE OF HOLLAND
of 1940, when the extension of the war to
[In millions of florins]
Norway and Denmark radically changed their
foreign trade position. Normally about 40
With Germany
Total
per pent of total Swedish exports consisted
Period
Ex- Im- Bal- Ex- Im- Balof timber, wood-pulp, and paper, of which
ports ports ance ports ports ance
more than three-quarters was sold to the
British and extra-European markets, now no Jan -Mar 1940
-45
217
32
408 -191
77
419
575 -156
303
317
+14
longer accessible. New trade agreements May 1940-Feb. 1941
were concluded with a number of countries
in Europe as well as with the U. S. S. R.; Imports from Germany increased from Ocwhile in 1936-38 the Continent of Europe ac- tober
probably in connection with incounted for 53 per cent of both Swedish im- creased1940,
supplies
raw materials for Dutch
ports and exports, in the twelve months May industries, which of
1940 to April 1941 it provided 83 per cent German orders. early in 1941 received large
of the imports and took 91 per cent of the
During the first four months of 1940 the
exports.
imports of the Belgium-Luxemburg Union
amounted to 8,395 million and the exports to
FOREIGN TRADE OF THE NORTHERN COUNTRIES IN
5,887 million Belgian francs, leaving an im1939 AND 1940
port
surplus of 2,508 million. The follow[In millions of national currency units]
ing table shows the foreign trade with Germany up to September 1940.
Trade
Imports
Country
Exports
balance
Denmark:
1939...
1940...
Finland:
1939...
1940...
Norway:
1939...
1940...
Sweden:
1939...
1940...
1,740
1,374
1,578
1,508
-162
+134
7,573
5,180
7,710
2,980
+137
-2,200
1,366
945
612
-559
-333
2,499
1,999
1,889
1,338
-610
-661
In Norway also the volume of imports and
exports fell heavily after the events in the
spring of 1940, although measures were taken
to increase German purchases of forestry
products, fish, and minerals. Denmark, for
the first time since 1914, had an export surplus in 1940, due to large exports to Germany
not only from current production but also
from the stocks of cattle, pigs, and poultry
which had to be reduced when feeding stuffs
1114
BELGIUM-LUXEMBURG TRADE WITH
MAY-OCTOBER 1940
GERMANY
In millions of Belgian francs!
Month
1940—May
June
July
August
September.
Imports
661
72
159
141
215
Exports
1,057
8
31
184
136
For the last quarter of the year no figures
of foreign trade have been published, but the
customs receipts for that quarter indicate
that trade recovered somewhat from the low
level of only 10 per cent of normal which
obtained in the summer and early autumn of
1940.
Price movements.—In the United Kingdom
the initial advance of prices in the months
FEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
Settlements
HI
immediately following the outbreak of war system designed to ensure that shortages do
slowed down in 1940.
not lead to increases in prices.
The price control in Germany, which since
the beginning of the war has applied also
PRICE MOVEMENTS IN THE UNITED KINGDOM
to wages, was further extended in 1940. By
[August 1939=100]
decree of November 6, 1940, it was made
Index
Aug. 1939 Dec. 1939 Dec. 1940 Mar. 1941 compulsory to reduce prices in cases where,
for instance, more efficient technical methods
Wholesale prices*
124
154 or a lowering in quality led to a rise in profits.
151
Retail food prices..
113
125
122
Cost of living
112
126
127 In exceptional cases permission may be given
to firms to surrender part of their profits in* Board of Trade Index.
stead of lowering prices. In addition to the
"price stop" and "wage stop" already in
Apart from the impact of the heavy budget force, a "profit stop" was thus introduced.
deficit and price developments on the world
In Italy, by ministerial decree of March 12,
markets (where relatively slight increases 1941, the "price stop" instituted in June 1940
have occurred), the main factors influencing was prolonged for the duration of the war.
British prices of imported commodities have Provision was made for prices to remain at
been the lowering of the exchange value of the level prevailing on June 30, 1940, and for
the pound by 14 per cent in September 1939, the prolongation of current contracts rehigher costs of transport, changes in the garding remuneration for work, insurance,
sources of supply, and the Government's buy- rents (with certain restrictions), lighting,
ing policy. This applies also to purchases of etc. Although the official publication of price
home-produced commodities, the prices of indexes has not been resumed, it is known
which have been influenced by increased that a rise in prices of certain commodities
costs, since rates of wages as well as prices has taken place, especially as a result of the
of materials, equipment, and transport have higher cost of imports.
risen, while net profits have rather shown
a tendency to fall. Nominal wage rates rose
PRICE MOVEMENTS IN EUROPE
by 14 per cent between August 1939 and De[August 1939=100]
cember 1940. Retail food prices, which rose
by 25 per cent in the same period, have been
Cost of living
Wholesale prices
fixed more and more by the Government, in
Country
some cases by means of subsidies designed
Dec. 1940 Mar. 1941 Dec. 1940 Mar. 1941
to keep down the advance in the cost of living.
121
135
119
135
Germany has continued to apply a system Bulgaria
139
136
178
172
132
124
of comprehensive price control by which the Denmark
Finland
123
increase in wholesale prices and in the cost Greece
115
117
131
127
Hungary _.
134
160
130
150
of living has been kept within narrow limits. Norway
111
114
145
Portugal
Spain
Sweden
Switzerland
Turkey
Yugoslavia..
PRICE MOVEMENTS IN GERMANY
[August 1939=100]
Index
HI
Wholesale prices
Retail food prices _. . .
Cost of living
Aug. 1939 Dec. 1939 Dec. 1940 Mar. 1941
100.5
98.3
99.3
103.5
101.4
102 7
104.3
102.5
103.8
The increase in prices has been mainly in
finished industrial products (especially textiles, shoes, furniture, and rubber articles),
whereas agricultural prices showed practically no change. Strict rationing of the consumption of essential commodities and allocation of supplies of materials by official
agencies are integral parts of the distributive
NOVEMBER
1941
130
144
153
152
159
188
* 203
134
119
117
120
149
128
120
* 124
* 155
* February 1941.
In other continental European countries
for which price statistics are available, the
rise in wholesale prices amounted to at least
30 per cent from the outbreak of the war to
March 1941.
The increase was highest in Yugoslavia,
where it exceeded 100 per cent; then came
Denmark with more than 75 per cent, Norway, and Switzerland with around 60 per
cent, Sweden with more than 50 per cent,
Bulgaria 35 per cent, and Hungary just over
30 per cent. The cost of living has risen less
1115
Annual Report of the Bank for International
Cost of Living in certain countries
Index figures Jan.-June 1939 = 100
165
B.R.I.M.
1939
1941
steeply—often by only one-half of the rise in
wholesale prices.
In general, adjustment to the German price
level has been an important factor in price
movements on the Continent of Europe since
the outbreak of war. In the years 1929-33
prices and wages in Germany were reduced
by 35 and 20 per cent respectively, i.e., to a
greater extent than in other European countries, but the depreciation of the currencies
of these other countries while the Reichsmark
was maintained at par made the German price
level, when calculated at official rates of exchange, higher than elsewhere. By the beginning of 1939 the resulting divergence of
wholesale prices amounted to fully 30 per
cent; in relation to France it was even greater
on account of the far-reaching depreciation
of the French franc in 1938. In order to
maintain equilibrium in her balance of payments notwithstanding the considerable price
discrepancy, Germany imposed a comprehensive system of foreign trade control under
which imports were restricted and subsidies
1116
Settlements
granted to German exporters to enable them
to compete on foreign markets.
The outbreak of the war and the virtual
isolation of the Continent of Europe from
the rest of the world strengthened Germany's
trade position within the European area.
Germany was able to abolish the export subsidies and to attract to herself goods which
had previously been exported to the British
Isles or extra-European countries. The result was that Germany's price level became
one of the dominating influences in price developments on the Continent. This has been
the case especially in relation to the Protectorate of Bohemia and Moravia and to Holland, consequent upon the abolition of exchange restrictions between them and Germany (and for the Protectorate customs
duties as well) ; and the same forces have
been at work also vis-a-vis other countries
on the Continent of Europe. By the increases
in prices and wages which have occurred since
the outbreak of the war a considerable adjustment to the German level has no doubt
already been effected, but in some cases discrepancies still remain, which, at the prevailing rates of exchange, are in no way
negligible.
Apart from influences emanating from the
foreign trade position, price movements in
the various countries have been subject to
a number of domestic influences, among which
the increased cost of production of substitutes, poor crops in 1940, and higher prices
paid to encourage an extension of farming,
as well as the mounting budget deficits, have
been the most important. Systems of price
control are everywhere in force, and increased powers have been given to price controllers in 1940. Wage control is still an
exception to the rule, but in no country can
the government remain indifferent to important changes in wage rates. It is generally admitted that a rise in the cost of
living should not be fully compensated by a
rise in wages; when the higher living costs
reflect an increased scarcity of consumption
goods it is physically impossible to compensate everybody; and when indirect taxation
is increased part of the purpose is often to
restrict the volume of consumers' purchases,
while full compensation would mean freedom
from the particular tax increase. The compensation which has in fact been granted to
wage-earners in different countries has been
limited in general to about one-half of the
FEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
Settlements
rise in the cost of living, with special allowances in favor of larger families. Rationing
makes it possible, as a rule, to ensure a more
equitable distribution of available supplies
than would be the result of competitive bidding in a free market and also to prevent
shortages from resulting in exaggerated price
rises. It has been the tendency everywhere
to rely more upon direct intervention in the
price system through rationing and control
than upon credit restriction.
twenty-one European bank rates were lowered during 1940, the most important consideration in each case being to enable the governments to borrow at lpwer cost.
In Germany the technique of war financing
was perfected in peacetime and, whereas
other countries were forced to improvise new
methods, at least in the first months of the
war, the change in Germany was rather one
of degree and the transition a smooth one.
The total revenue of the Reich from taxation
and borrowing rose considerably on the outGOVERNMENT FINANCE, MONEY AND CAPITAL break of war and at the end of 1940 was more
than double that of the last quarter of 1938.
MARKETS, AND THE STOCK EXCHANGES
The financial year runs from April to March
Government finance, money and capital and the following table gives figures for the
markets.—Government financing dominated past three years.
the money and capital markets throughout
the world in 1940, not only in the belligerent REICH RECEIPTS FROM TAXATION AND BORROWING
[In millions of Reichsmark]
countries but in neutral states and occupied
territories also. Only in rare instances were
Percentother factors important, as for example the
Borrowage of
TaxaTotal total
Quarter
tion
ing
from
financing of clearing claims in Denmark and
taxation
Slovakia and the repatriation of dollar balances to Switzerland. Budget deficits caused 1939 April-June
5,221
8, 959
3, 738
58.3
6,179
11,253
5, 074
54.9
July-September
by the war were financed in the first months
6, 335
12,437
6,102
,50.9
October-December
by both Germany and England almost wholly 1940 January-March _ .
5,840
11, 999
6,159
48.7
at short-term, but more recently large long- 1940 April-June.- _._ ._
8,134
14, 201
6, 067
42.7
16, 926
9,575
7, 351
43.4
July-September
and middle-term loans have been placed, so
16, 806
6,987
9,819
41.6
October-December
that in both cases government borrowing in 1941 January-March
17,125
6,816
39.8
.10, 309
the six months to March 1941 was about- Financial years 1938-39
62. 0
17, 691
10, 838
28, 529
1939-40
23, 575
21, 073
44, 648
52.8
half at long- and half at short-term. In
1940-41
27, 221
37,837
65, 058
41.8
Italy considerable conversion and consolidation issues have been made to reduce the
floating debt, swollen through the budget This table does not show all budgetary redeficits of recent years. In most other Euro- ceipts although it covers over 90 per cent of
pean countries budget deficits due to arma- internal budget revenue. The war contribument expenditure, occupation costs or efforts tion of the local authorities to the central
at reconstruction have been financed largely government, due to economies of adminisat short-term, in some cases through a con- tration up to one-half, gave a further 1.25 milsiderable expansion of bank (including cen- liard Reichsmark in 1940-41 and, with net
tral bank) credit.
receipts from public enterprises, etc., made
The war has not put a stop to the era of up some 3-4 milliard in addition to the tax
cheap money except in temporary and iso- revenue shown in the table.
lated cases. Long-term rates of interest have Of the total budgetary receipts, amounting
fallen over the year in the United States and to, say, 68-69 milliard Reichsmark in 1940in Germany, England, and some other Euro- 41, less than one-fifth was needed to cover
pean countries, including territories occupied civil expenditure, the balance being devoted
by Germany after the campaign in the spring to the war effort. Besides this internal budget
and summer of 1940. In Sweden the official revenue, contributions are received from the
discount rate was raised by V2 per cent in occupied territories in the shape of occupaMay 1940, this being the only increase of tion costs, which for France, for instance,
bank rate in the world during the year (if were at the rate of 7,300 million Reichsmark
the readjustment of bank rate in the Pro- annually: the returns of the Bank of France
tectorate of Bohemia and Moravia to the show, however, that up to the end of 1940
German level be omitted) ; eight out of less than half had been effectively utilised.
NOVEMBER
1941
1117
Annual Report of the Bank for International
Settlements
Official estimates of revenue for the financial liard Reichsmark in 1940 against only 22
year 1941-42 give the income from taxation milliard in the middle of 1939, 2 milliard of
at 30 milliard, administration receipts at 5 the increase being due to the inclusion of
milliard and the war contribution of the Ostmark and Sudeten banks in the 1940 figlocal authorities at 1.4 milliard Reichsmark. ures. A further feature was the small amount
The addition of the "Matrikular" contribu- taken by direct advances from the Reichstion of the Protectorate and the occupation bank (included in the Bank's return under
costs from occupied territories raises the "Sundry assets", which also comprise the ditotal current revenue (apart from borrow- rect advances to the Reichspost and Reichsbahn).
ing) above 40 milliard.
Some forms of taxation receipts and cusGERMAN REICHSBANK RETURN
toms revenue may be expected to fall off in
[In millions of Reichsmark]
wartime but other tax income has increased
to take their place. Since the outbreak of
Liabilities
Assets
war a 50 per cent supplement has been added
to income tax and war increases have been
End of quarter
Bills
Note
DeSecuri- Sundry circulaand
posits,
made to taxes on beer, wines, and tobacco.
ties
assets
tion
cheques
etc.
Official statements have been issued to the
effect that no new taxes and no further in- 1939 December.
2,018
11,392
1,197
2,033
11, 798
creases in the rates of present taxation are 1940 March
1,822
537
12,176
1,760
12, 242
to be made in 1941 and that no "war loans"
597
1,863
12, 785
1,854
June
12,611
472
12,847
1,795
1,797
September.
13,
206
are to be publicly offered on the open market.
14, 033
2,561
1,726
December.
15,419
Actually wartime borrowing has been ef- 1941 March
14,188
2,127
1,246
385
15,367
fected "noiselessly" through the intermediary
of banks and other institutions.
The total public debt of the Reich (exclud- Actually the "working credit" of the goving tax certificates) rose, according to the ernment was reduced on balance during 1940
published statements, from 19 milliard Reichs- by 205 million Reichsmark to 580 million,
mark at the end of March 1938 to 34 milliard while the item "securities" fell as Government
at the outbreak of war and 86 milliard at bonds were sold on the stock exchange. On
the end of March 1941 (of which 38 milliard the other hand, the volume of "bills and
Reichsmark was at short-term). In the cal- cheques," mostly Treasury bills and thus
endar year 1938 huge market issues were representing indirect Government borrowing,
made and long-term financing preponderated. rose by 4 milliard Reichsmark on the year.
Short-term issues, particularly Treasury bills, The rise of the note circulation in 1940 is
became more important in 1939, especially if largely accounted for by the territorial exaccount be taken of the six-month tax cer- pansion and by the slower circulation of
tificates (one-half of the total).
money and the maintenance of higher cash
Large issues of Treasury bills were made reserves. Treasury bills issued by the Govin 1940 but the volume of long- and middle- ernment during the year 1940 amounted to
term loans also grew, so that receipts from 17.4 milliard (raising the total in circulation
borrowing of 20 milliard Reichsmark in the to 30.7 milliard). Some 13.4 milliard Treaslast six months of the financial year 1940-41 ury bills were thus placed outside the Reichswere divided almost equally between long- and bank, mostly with the other banks, which exshort-term issues. Classified under long- perienced a remarkable increase of deposits
term "market" loans in 1940 are the new is- during 1940 parallel to the rise of Treasury
sues of 4 per cent Treasury certificates, the bills and securities.
earlier tranches of which were of only 5 Besides the acquisition of Treasury bills,
years' while later tranches were up to 20 an important factor during the year was the
years' maturity. A remarkable feature of extension of the banks' business to incorthe year was the large amounts invested in porated and occupied territories. Deposits
government bonds by savings banks, insur- with the five Berlin Grossbanken grew by
ance companies, and similar institutions (the one-third in 1940 and with the four special
so-called "liquidity loans") reflecting the banks by over one-half. It has been estiaccumulation of small savings. Deposits in mated that the deposits with all reporting
savings banks alone passed the level of 33 mil- banks at the end of 1940 were about 33-35
1118
FEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
Settlements
GERMAN B A N K S ' BALANCE-SHEET ITEMS
GERMAN MARKET RATES
[In millions of Reichsmark]
[In percentages]
Assets
Liabilities
Issue
End of year
Bills Treas- Securi- Adand
ury
ties
vances
cheques bills
A. Five big
1938,._.
Berlin Banks 1939....
1940....
2,243
2,137
2,282
1,229
2,563
3,793
B. Four special 1938
Banks
1939....
1940....
1,471
985
1,504
3,071
4,701
C. Total nine
Banks
3, 714
3,122
3,786
1,978
5,634
8,494
1938....
1939.. _.
1940.. .
Deposits
etc.
768
3,223
3,416
2,715
7,627
8,803
11, 699
532
455
416
475
640
3,296
5,103
7,846
1,300
943
2,128
3,639
3, 891
3, 355
10, 923
13,906
19, 545
At out- Beginbreak ning of
of war
Share yields
"Liquidity loans" and longer-term Treasury
certificates. .
_ . .
17-18 months' Treasury bills
"Block bills" of 360 days
. ._
6-7 months'Treasury bills
Private discount rate
1941
Reduction
5.20
3.80
1.40
4.50
i 3.75
3.56
2 3.25
2.75
3.50
3.00
2.75
2.50
2.25
1.00
0.75
0.81
0.75
0.50
1 12-13 months' bills.
2 4-5 months' bills.
the first issue at 99 of 4 per cents (for five
years) in March 1940 gave a yield of 4.33
1941 it was
milliard Reichsmark against 21 milliard in per cent, while early in January
July 1939, when the last monthly return was possible to make a 31/2 P^r cent issue (for 15
published, an increase of 12-14 milliard, years) at 98% with a yield of 3.63 per cent.
mostly against Treasury bills. In the same The Reichsbank increased its holding of
period the total Treasury-bill issue rose by securities by 100 million Reichsmark between
23 milliard Reichsmark, of which about 7 March 7 and the end of April 1940 but was
milliard was placed with the Reichsbank and able to sell in later months, and by the end of
16 milliard with banks and other market in- the year its total holding was very low (under
stitutions. Significant as a sign of the 390 million).
liquidity of the economy as a whole and of The most important event from a financial
the change of structure of the banks is the point of view in the Protectorate of Bohemia
fall of advances in 1940.
and Moravia was the customs and monetary
Each of the three big Berlin banks with a "Anschluss" with Germany on October 1,
network of branches throughout the coun- 1940, by which the Protectorate came within
try increased its capital during the year to the German system of customs and foreign
keep pace with the increase of total liabili- exchange restrictions. During the year the
ties. The capital and reserves of all German market was under the influence of increasing
reporting banks amounted to 2.5 milliard liquidity due chiefly to the surplus of exports,
Reichsmark with 21 milliard deposits in July for the most part to the Reich (while clear1939 against 4.5 milliard with 11.5 milliard ings with other countries were also made
deposits in 1913. The problem of raising capi- through Berlin in Reichsmark). The easy
tal resources when profits are tending to fall conditions are illustrated in the National
with the narrowing margin of interest rates Bank's return by the almost complete disapis similar to that in the United States—and, pearance of internal credit business at the
as in that country, emphasises the importance end of the year, the rise of "other sight liaof building up reserves. In both cases the bilities" and the increased circulation of
solvency of the banks and the protection of "Bons de caisse", issued since the second half
depositors are assured rather by the high of 1938 to mop up surplus funds on the marlevel of the banks' first-class liquid assets ket.
In order to fall into line with the Reichsthan by the volume of nominal capital.
The Reichsbank reduced its discount rate bank, the National Bank's official rate of
to zy% per cent on April 9, 1940, from 4 perdiscount was raised from 3 to %y% per cent
cent, at which it had stood since September on October 1, 1940, while other rates in the
1932. The extent of the reduction of inter- country were similarly adjusted. During
est rates in Germany since the beginning of the year the regulations governing the Nathe war may be seen from the following table. tional Bank were modified to exclude from
The liquidity of the economy is reflected the primary cover provisions those Protecalso in the long-term market. Perhaps the torate notes issued against German currency
most striking illustration of this is found in and other claims in Reichsmark, including
the terms of issue of Treasury certificates; Reich Treasury bills and certificates which
NOVEMBER
1941
1119
Annual Report of the Bank for International
Settlements
month. The extent of the Italian effort may
be realised by comparison of these figures
with the national income, which was estiLiabilities
Assets
mated for 1939 at 125 milliard lire.
The aggregate deficit of 82 milliard lire in
End of month
Gold
In"Sun- Note Other
sight "Bons
and for- ternal
the
six financial years 1934-35 to 1939-40
de
circudry
eign ex- credit assets',' lation liabili- caisse"
has been covered by borrowing at long- and
ties
change
middle-term and at short-term in about equal
3,942 3,550
6,950
656
395 proportions. The floating debt expanded in
1938 December
1,045
2,402
1,896
6,345
1,054
525
1939 December
*3,791
2,494
710
5,976
969
931 the six years by about 40 milliard lire, of
1940 September
5,345
2,232
24
6,453
1, 560
1.002
December
7,816
2,234
250 8,444
7,007
2, 051
1,320 which some 8-9 milliard was on account of
1941 March
the current advances of the Cassa Depositi e
* 2,831 million koruny of this amount are shown in the balance sheet Prestiti and of other official institutions, 16-17
to be claims on Germany on account of Reichsmark note and coin holdmilliard lire was issued as one-year Treasury
ings (636 million) or other floating assets (2,195 million).
bills and the remainder, say 15 milliard, was
the Bank was also authorised to discount or covered by other Treasury resources and the
extension of central bank credit. No depurchase.
The Italian budget has shown a deficit since tailed statistics of the public debt have been
the year ending June 30,1931 (financial year published since June 1935, when the total
1930-31), but it was only from the time of internal debt was 105 milliard lire, of which
the Abyssinian campaign (beginning October 12 milliard was floating debt. At the end of
1935) that "exceptional", military expendi- June 1940, the total debt was estimated at
ture took a prominent part in the budget about 170 milliard, of which 40-45 milliard
outlay. Recent closed budget figures have would be at short term.
The note circulation, which fell from 18
been as follows:
milliard lire at the time of the stabilisation
of the currency in 1927 to under 13 milliard
ITALIAN BUDGET ACCOUNTS
in the middle of 1935 (before the Abyssinian
[In billions of lire]
campaign), rose above 24 milliard by the end
of
1939. In the two years up to the end of
"Exceptional"
Total
1939,
8 milliard lire was advanced by the Bank
Year
Revexpendi- Deficit expendiof Italy direct to the Government, there being
ture
ture
enue
a corresponding increase of the Bank's total
Four years' average
sight liabilities. In the first nine months of
1930-31 to 1933-34
19.0
22.6
3.6
18.8
20.8
2.0
1934-35
1.0 war about ten per cent of the total borrowing
20.4
33.1
12.7
1935-36..
11.1 of 50 milliard lire (three-quarters of the esti16.2
17.5
24.7
40.9
1936-37
. .
11.2
9.0 mated deficit of 65 milliard) was from the
38.6
1937-38
27.5
12.3
6.5
1938-39
.
27.6
39.9
28.0
32.4
60.4
1939-40
21.9 central bank. On this basis the note circu1940-41 2
65.0
31.0
96.0
lation in March 1941 was estimated at a
minimum of 30 milliard (the advances to the
1 Included in total expenditure (column two).
Government being some 15 milliard).
Estimates of the Ministry of Finance.
In the countries occupied by Germany after
Expenditure rose, prior to the present war, the campaign in the spring and early sumfor a number of reasons, of which the most mer of 1940 certain similarities in the line
important were the costs of the Abyssinian of development may be traced. Emergency
campaign, the empire development schemes, government financing (generally involving
the Spanish war, the union with Albania, and drawing on the central bank) to cover the
the policy of autarky and rearmament. In suddenly increased outlay, partial moratoria,
spite of a 50 per cent increase of revenue restrictions on the withdrawal of bank deover the five years from 1934-35, the heavy posits, and closing of stock exchanges were
"exceptional" expenditure in the year 1939-40 followed by the use of German means of pay(which includes the first three weeks of active ment (Reichskreditkassenscheine) by the adwarfare) raised the deficit to a record figure. vancing German troops. With the occupation
Expenditure for the financial year 1940-41 completed, German commissioners were apwas estimated at 96 milliard lire and the pointed to the central banks and the Kassendeficit at 65 milliard, say 5% milliard a scheine were kept in use until arrangements
NATIONAL BANK OF BOHEMIA AND MORAVIA
[In millions of koruny]
l
2
1120
FEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
Settlements
the 1,000 million new central-bank credit
thus created, 400 million has been utilised
to repay credit previously granted, 100 million has gone into circulation and nearly 500
million has piled up on sight account at the
National Bank. The liquidity indicated by
higher cash holdings and the repayment of
debts is also reflected in the returns of the
private banks.
In May 1940 the Government created a 100
million kroner fund to guarantee, up to 50
per cent, advances made by the banks for the
financing of industrial enterprises, but total
advances nevertheless continue to fall. With
deposits and cash rising and credit being repaid, the banks have employed part of their
increased resources in the bond market (taking up securities sold by the National Bank
to curb the expansion of its assets). Over
the year bond prices have risen by 10 per
cent and the National Bank has twice reduced
its discount rate, from 5*/^ to 4X/% per cent in
May and to 4 per cent in October 1940 (while
parallel reductions have been made by the
commercial banks on deposits and credit
DAN MARKS NATIONALBANK RETURN
items). It is noteworthy that savings-bank
[In millions of kroner]
deposits have not recovered. For the whole
year
1940 they remained below the level of
Change
March
March
Item
1939. Some small loans have been issued by
1941
on year
1940
the Government but insufficient to put a check
Assets
Clearing assets _ . . _ .
+498 to the expansion of central-bank credit.
498
+514
561
Sundry debtors
47
The situation in Norway is more difficult
414
-404
All other assets .
818
Total of balance sheet.
+608 to illustrate owing to the absence of the cen865
1,473
tral-bank return, the last to be published
Liabilities Note circulation .
+98
609
707
Sight deposits . . .
75
554
+479 being that of March 30, 1940. This return
All other liabilities
181
212
+31 showed the increase of tension, the note circulation having risen to 600 million kroner
1 Including the gold reserves and internal credit items.
compared with 480 million, the average for
Including current accounts.
1939. This tension grew in April, there being
Danish exporters through the clearing are a run on bank deposits met by an increase of
paid directly and the foreign claims taken rediscounting at the central bank. From
over by the National Bank. A large surplus April 16 a moratorium was declared until
of exports of agricultural products to Ger- May 9. In that month a change took place:
many has led to a piling-up of clearing claims the Oslo bank's discount rate was reduced on
against which imports have not been made. May 11 from 4 ^ to 3 per cent, with parallel
In March 1941 there were net foreign ex- reductions in the interest rates of the comchange and clearing assets of 513 million mercial and savings banks. The easing of
kroner against all countries, compared with the situation was due to the relaxation of
a net debt of 36 million a year before. The tension with the ending of the campaign and
item "Sundry debtors," which includes the to the further extension of central-bank
claims on the Reichskreditkassen for Kassen- credit to the Government. The note circulascheine redeemed by the National Bank and tion continued to rise and was estimated at
also the financing of the occupation costs, has about 1,000 million kroner at the end of the
grown in a similar measure. Together the year, while the published returns of the comtwo items have risen by over 1,000 million mercial banks show a swelling of their cash
kroner during the year to March 1941. Of resources.
had been made for payments in local currencies by the German authorities; the banks
were fully opened, moratoria were lifted and
the stock exchanges gradually resumed activity. The local currencies were closed to
outside influences by exchange restrictions
and rates were fixed with the Reichsmark as
well as with other currencies. Taxes began
to flow in again and government financing
became more normal but generally some central-bank credit continued tofinancethe clearings with Germany and to cover occupation
costs; thus note circulations and commercial
banks' cash reserves rose, bank deposits expanded, the markets increased in liquidity,
and interest rates fell.
Denmark and Norway were occupied by
Germany in April, Belgium and Holland in
May, and the north and west of France in
June 1940. The principal causes for the
changes in the credit situation in Denmark
since April 1940 are best shown by a table
giving the main alterations in the return of
the central bank.
J
2
2
NOVEMBER
1941
1121
Annual Report of the Bank for International
Settlements
NEDERLANDSCHE BANK RETURN
[In millions of florins]
NORWEGIAN COMMERCIAL AND SAVINGS BANKS
(Aggregate Figures)
[In millions of kroner]
Deposits
End of month
Sight* Other Total
1938 December..
1939 December __
1940 March
December..
1941 March
146
157
209
554
667
2,834
2,740
2,768
2,636
2,719
2,980
2,897
2,977
3,190
3,386
Cash
SeReredisLoans curities serves2 counts i
1,680
1,825
1,871
1,579
1,475
1,021
922
915
1,001
1,063
100
81
71
441
668
1
19
47
1
1 Commercial banks only.
2 Including balances at central bank.
The strain up to April 1940 and the complete change-over since the occupation are
illustrated by the reduction of rediscounts
and the huge increase of the banks' cash
reserves. This increase of bank cash, accompanied by the repayment of loans and a rise
in sight deposits at the commercial banks,
must originate in the creation of centralbank credit, directly or indirectly, for account
of the Government. "Other deposits", which
more directly reflect changes in genuine savings, have on the contrary fallen.
The costs of mobilisation and other extraordinary expenditure in Holland caused an
expansion of the floating debt (to the Nederlandsche Bank and the market) to its highest
point of 630 million florins early in March
1940. In February a 300 million 4 per cent
40-year loan was issued and in March 132
million was received as the Government's
share in the book profits on revaluation of
the gold reserve. Thus, in April the floating
debt to the market was reduced below 400
million florins; the Government was out of
debt to the Nederlandsche Bank and, in fact,
had a credit balance in account.
Hostilities with Germany commenced on
May 10, whereupon restrictions on the withdrawal of bank deposits were imposed. The
campaign was short and the Nederlandsche
Bank published its weekly returns as usual,
except that of May 13,1940. The last return
before the conflict showed no particular signs
of tension: a comparison of this with later
returns is given below.
In the two weeks to May 20, 1940, the call
on the central bank was considerable; the
Government drew 38 million florins (withdrawing its deposit and taking a loan) and
private customers (mostly the banks) 111
million (from deposits and credit granted),
while 102 million went into circulation as
1122
1941
1940
Item
Assets:
Sundry accounts
.
Foreign bills
Loan to the Government 1
May
6
May
20
End
Dec.
End
Mar.
(-23)
21
1
15
123
15
261
212
23
175
Total (three items)
Gold 2 . .
Domestic credit 3 .
Other assets
(-2)
1,160
37
1,115
399
1,102
410
1,096
228
65
302
60
211
71
221
71
Total of balance sheet.
1,474
1,514
1.783
1,798
1,159
232
1,261
193
1,552
175
1,593
60
61
57
Liabilities:
Notes . . . .
Private accounts
Other liabilities
._
21
144
60
1
Net, i. e. direct advances plus Treasury bills placed with the Bank
less credit on current account.
2
Mostly
abroad.
3
Excluding credit to Government.
notes. The tension soon abated, private
credit was repaid and on June 11 the restrictions on the withdrawal of bank deposits
(which had already been relaxed on May 23)
were completely lifted.
Since the occupation, however, the monetary situation has been dominated by the excess of official financing over receipts, reflected in the considerable rise of three asset
items in the balance sheet of the Nederlandsche Bank (shown at the top of the
table). From May 20 to the end of December 1940 the aggregate increase of 362 million florins has its counterpart in a rise of
291 million in the note circulation and a net
repayment of 73 million private domestic
credit. The two items "Sundry accounts"
and "Foreign bills" consist largely of the
Reichsmark claims of the Nederlandsche
Bank. Besides financing the clearing balance
and the occupation costs, the Government has
other extraordinary expenditure for wardamage compensation and unemployment
relief, financed by short-term borrowing on
Treasury bills and from the Nederlandsche
Bank, as reflected in the item "Loan to the
Government" in the table. In Holland, unlike
Denmark and Norway, the extension of central-bank credit has led to an almost parallel
expansion of the note circulation.
Besides borrowing from the central bank,
the Government has placed a large volume
of Treasury bills on the market. These have
been largely taken up by the banks, whose
holdings have increased. Withdrawals of
FEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
Settlements
deposits from the banks in the first months ments and to constitute cash reserves, but
of the year were met by a reduction of the it was necessary to decree a partial restricTreasury-bill holding, in May below 150 mil- tion on the withdrawal of bank deposits (as
lion florins. From May 1940 to March 1941 on postal cheque accounts) from May 13 and
deposits have risen by over 50 per cent while to postpone bill protests, etc. The armistice
private credit has been repaid and the Treas- came into force on May 28. On June 27 the
ury-bill portfolio, having increased to more new Bank of Issue in Brussels was founded
than three times its earlier volume, amounts with a capital of 150 million Belgian francs
(20 per cent paid up) subscribed by the Belto more than two-thirds of total deposits.
In January 1941 a comprehensive tax re- gian commercial banks, but on July 7 the
form was undertaken and it is estimated that direction of the National Bank returned from
revenue from this source may be increased by abroad, where it had temporarily been
50 per cent from the 800 million florins in operating, and in August the partial bank
1940 to, say, 1,200 million in 1941. Govern- moratorium was lifted.
ment expenditure, however, is estimated, on
The weekly return of the National Bank
the basis of recent borrowing, to be running was suspended from May 8 to December 26,
at some 1,500-1,700 million florins a year 1940, inclusive, the Bank of Issue published
above ordinary revenue. Ordinary expendi- no statistics before its balance sheet of Deture is estimated at 900-1,000 million florins a cember 31, 1940, and the circulation of
year, public works and reconstruction at 200 Reichskreditkassenscheine was undisclosed.
million, and the costs of occupation and ex- The National Bank has, however, published
penditure for the German civil administration half-yearly balance sheets for June 25 and
at 1,200 million. In addition, certain German December 25, 1940 (and weekly returns from
orders to Dutch industry necessitate interim January 2, 1941, are available for both the
financing by the Dutch Treasury. In Jan- National Bank and the Bank of Issue). The
uary 1941 a 500 million 4 per cent ten-year following table summarises and combines the
loan was issued at par for the consolidation statistics of the National Bank and the Bank
of the floating debt.
of Issue:
The discount rate of the Nederlandsche
Bank has remained unchanged at 3 per cent BELGIUM—COMBINED SITUATION OF NATIONAL BANK
AND BANK OF ISSUE *
since August 29, 1939, in spite of the extreme
pressure (and bank moratorium) in the
[In billions of Belgian francs]
spring of 1940 and the comparative ease of
the market at the end of the year.
Liabilities
Assets
The outbreak of the European war in SepGovernment
tember 1939 came as a shock to the money Year and
ForDebt
Credit Note Curmonth
eign
to
rent
and capital markets in Belgium, weakened
Gold* exprivate circu- acearlier in the year by an exchange crisis in
change Short- Long- econ- lation counts
term term
omy
the spring and bank failures in the autumn
(following the Mendelssohn crash in Amster- 1939 D e c e m b e r . 21.1
2.2
27.9
3.7
0.9
1.0
dam) : the 4 per cent unified rente fell from 1940 J u n e
21.6
0.9
4.7
33.5
1.4
0.3
5.9
1.3
2.6
1.3
34.8
3.8
9.4
December - 21.7
around 85 in August to under 70 in Novem- 1941 M a r c h
1.2
2.1
21.7
0.7
37.9
5.6
10.7
ber 1939. In the first months of 1940 there
were signs of returning confidence—the uni- * Government debt statistics on last day of month. Other figures from
Bank balance sheets on 25th of month up to June 1940; for
fied rente rose to 80, and from January to National
December 1940 and March 1941 the combined returns of the National
and Bank of Issue for January 2 and March 27, 1941.
March over 2,000 million Belgian francs of Bank
1 Including the so-called "valeurs-or" etc. On June 25, 1940, only
Belgian francs and on December 25,1940, 8,190,000 Belgian francs
the Government floating debt was taken up by 155,000
of the total gold holding was in Belgium, the remainder being held
the market (thus relieving the National abroad.
2 Including for December 1940 and March 1941 two new items "Credits
Bank).
in foreign exchange" and "Foreign money and notes" and also the
accounts
of the Reichskreditkassen.
Hostilities between Belgium and Germany
commenced on May 10, 1940, whereupon the
notes of the National Bank were made inconMay and June 1940 were the critical
vertible and a credit of 5 milliard Belgian months and "credit to the private economy"
francs was opened for the Government. The probably reached its highest point about the
commercial banks borrowed freely from the end of June. In round figures, the huge inNational Bank, to meet customers' require- crease of 5.6 milliard Belgian francs in the
2
NOVEMBER
1941
1123
Annual Report of the Bank for International
note circulation in the first half of 1940 was
due principally to 2.2 milliard direct Government borrowing and 2.6 milliard other demands for credit (mostly by the banks). In
the following months the tension was relaxed
but in the second six months of 1940 as a
whole there was a net rise of over 1 milliard
Belgian francs in the note issue, accompanied
by a further expansion of Government borrowing from the National Bank by some 4
milliard, while the "foreign exchange" holding of the two banks rose by 3.5 milliard.
On January 2, 1941, this item combines 956
million "foreign credits", 1,915 million "foreign notes and coin" and 1,015 million on the
two accounts of the Reichskreditkassen: the
balance sheet of the Bank of Issue indicates
that the foreign claims were predominantly
in Reichsmark (and doubtless represent, to
a large extent, the withdrawal of Reichskreditkassenscheine and the accumulation of
clearing claims). At the end of August 1940
the Ministry of Finance gave a guarantee of
1 milliard Belgian francs to the Bank of Issue
to cover possible losses due to the Bank's paying out amounts owing to Belgian exporters
but remaining untransferred in Reichsmark
on the clearing account in Berlin. In the
first three months of 1941 the expansion of
the note issue was accelerated, rising by 3.1
milliard Belgian francs compared with 6.9
milliard during the whole year 1940.
The extension of official credit produced
considerable liquidity in the economy of the
country, and central-bank credit to the private economy declined rapidly from June
1940 to a very low level in 1941, while the
commercial banks replenished their cash reserves. These conditions are also reflected
in the returns of these banks.
Deposits, after an increase at the beginning
of the year, declined to their lowest at the
end of June. The run on deposits was met
and a high reserve of cash constituted by rediscounting bills (the bill holding falling by
1.5 milliard Belgian francs, i. e. 40 per cent,
in the three months) and by further borrowing of 2.5 milliard from official sources. The
situation had entirely changed by September,
and from June 1940 to March 1941 deposits
expanded by nearly 6 milliard Belgian francs,
parallel to the Treasury-bill holding included
in the bill portfolio. The discounting of commercial bills doubtless declined and advances
to the public have been reduced from the expanded figures of June 1940. In the second
1124
Settlements
half of 1940, there was also an appreciable
increase in the volume of postal cheque accounts (about 800 million) but savings-bank
deposits have tended to decline (by slightly
over 1 milliard on the year).
Although conditions on the market changed
fundamentally during the year, the National
Bank maintained its discount rate unaltered
at 2 per cent from January
25, 1940 (when
it was reduced by V2 Pe^ cent). Out of the
total borrowings of 12.7 milliard Belgian
francs during the year 11.3 milliard were at
short-term (of which 5.7 milliard were placed
directly with the National Bank). Taxation
receipts, which fell heavily in the second and
third quarters of the year but recovered to
the normal figures in the fourth quarter, provided 40 per cent of the Government's income
for the year as a whole. Estimates of budget
expenditure have been raised from the 13.8
milliard Belgian francs in 1940 (which was
in fact greatly exceeded) to 16.2 milliard in
1941 (excluding occupation costs).
The year 1940 in France may be roughly
divided into three periods, the first extending
to early May, the second to about the end of
July and the third comprising the last five
months of the year. These periods may be
illustrated by the figures in the following
table:
BANK OF FRANCE RETURN
[In billions of French francs]
1939
Item
Gold
Private credit 2
Public credit—
Old advances
"War" advances 3
Occupation costs._
Note circulation
._
Current accountsTreasury5 4
Private
-_.
Reichskreditkassen - _
Dec.
28
1940
May
9
June
10
End
July i
Dec.
26
97
17
85
19
85
29
85
29
85
17
30
14
10
22
10
36
10
58
10
64
72
151
159
174
197
218
2
15
1
14
1
25
1
31
1
25
41
1 August 1.
2
Bills discounted, 30-day and other advances and bills purchased
on3 the market.
Authorised by the decree of September 1, 1939, and by the Conventions
of February 29 and June 9, 1940.
4
Treasury and the Caisse Autonome d'Amortissement.
s Including other sight liabilities.
The first period was one of comparative
calm. The expansion of 8 milliard French
francs in the note circulation was due to the
increase in "war" advances to the state. By
the revaluation of the gold holding in FebFEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
ruary 1940, at the rate which had actually
been in force since September 1939, it was
possible, on the one hand, to wipe out 20 milliard French francs of the pre-war advances
and, on the other, to transfer 30 milliard of
gold to the Exchange Stabilisation Fund, to
serve for war purchases abroad. Hence the
reduction of "old advances" by 20 milliard
and the net decline of 12 millard in the gold
holding.
The second period covers the phase of
active campaigning and the disturbed period
during the summer. In the month to June 10
there was an expansion of 10 milliard French
francs in private credit and 14 milliard for
the Government, accompanied by an increase
of 15 milliard in the note circulation. No
weekly return was published from June 10
but weekly figures from August 1 have been
given in the Bank's annual report and more
detailed explanations have been added by the
Minister of Finance and the Governor of the
Bank of France. At the General Meeting of
the Bank in March 1941 the latter said that
the bill portfolio, 6 milliard French francs
on May 9, reached its highest point of about
18 milliard in the first days of July and that
the total expansion of private credit in a few
weeks amounted to 14 milliard. The Bank of
France made every effort to avoid a general
moratorium. The banks were helped by a
system of overdrafts against the deposit of
Treasury bills (to eliminate continuous handling of securities) while commercial bills
were discounted even if they carried the signature of debtors resident in occupied territory. To permit the Treasury to cover its immediate needs while tax collections were practically interrupted, the Treasury concluded
an agreement with the Bank of France on
June 9,1940, by which the maximum of "war"
advances was raised to 70 milliard French
francs. This maximum was never exceeded
despite heavy drawings in June and July.
The effect of the demand on the Bank's credit
was a rise in the note circulation to 198 milliard early in August (an increase of nearly
40 milliard, some 25 per cent in three
months).
The third period was characterised by efforts to put the internal financial position
and the banking system in order and also by
the appearance of a new factor: the payment
of the costs of occupation fixed at 400 million
French francs a day from June 25.
Once the local financial administration
NOVEMBER
1941
Settlements
could take up its work, collection of taxes
began again. Deposits returned to the postal
cheque accounts and the sayings banks, and
the net issues of Treasury bills rose to an average of 6 milliard French francs per month.
Despite large exceptional expenditure the
resort of the Treasury to the Bank of France
to meet internal needs slowed down and
later on ceased. At the same time the exceptional advances by the Bank to the market
began to be reimbursed from the month of
August, but at that time the first payments
of occupation costs had to be met and the
series of agreements between the Bank of
France and the Treasury gave the latter
special advances for that purpose. The first
of these agreements was signed on August 25
and the amount of 27.2 milliard French
francs, representing the amount of occupation costs for the period since June 25, was
debited to the account of new advances "for
occupation costs" and a similar sum credited to the current account of the Reichskreditkassen. Altogether this account had
been credited with 77,144 million French
francs by the end of the year, 72,317 million
being debited to the special advances account
and the balance temporarily to the Government's "war" advances account. Of the total
77 milliard odd, 41,400 million French francs
(54 per cent) remained unspent on the account of the Reichskreditkassen at the end
of the year; 24 milliard had been drawn to
cover various payments while 12 milliard
was utilised to redeem Reichskreditkassenscheine previously issued by the occupying authorities (the amount remaining in circulation in France being unknown).
Central bank credit granted to the private
economy of the country decreased in the
second half of the year to a figure slightly
less than at the end of 1939, owing partly to
the liquidity of the market and partly to the
low level of business activity. As a consequence, the rise in the note circulation slowed
down. After having reached nearly 40 milliard French francs in May, June, and July,
the increase rather exceeded 20 milliard during the last five months of the year and, according to a statement by the Minister of
Finance, it was only 11 milliard during the
first four months of 1941, bringing the note
circulation to 232 milliard French francs at
the end of April.
With the armistice the great part of the
military expenditure ceased: nevertheless,
1125
Annual Report of the Bank for International
besides ordinary administrative expenses and
debt service, there was considerable emergency expenditure on immediate reconstruction (bridges, etc.), on behalf of refugees
and other relief in the face of the drying-up
of ordinary income (although no tax returns
were published, taxation revenue doubtless
fell off in the spring and summer as in Belgium and Holland). The budget deficit,
which towards the end of 1940 was estimated
at about 5 milliard French francs a month,
was largely met by the issue of Treasury bills,
which explains the cessation of the Treasury's
resort to the Bank of France except for payment of the occupation costs.
For 1941 a budget has been established
which does not comprise the occupation costs
(146 milliard French francs covered solely by
the Treasury) nor the expenditure of the
Caisse Autonome d'Amortissement (9 milliard covered by the resources allocated to
the "Caisse"). The budget estimates are as
follows:
Billions of
French francs
Ordinary expenditure
Public debt . .
...
18.0
Annuities, pensions, etc.
14.5
Administrative expenditure. 64.5
Total
97.0
Extraordinary expenditure
Liquidation of expenditure
resulting from the hostilities
..
.
29.0
Public works, etc..
8.6
Total
37.6
Ordinary receipts are estimated at 68.2
milliard French francs. They cover about
two-thirds of ordinary expenditure and
nearly one-half of the total budget expenditure.
The considerable issue of Treasury bills is
reflected in the balance sheets of the three
large banks, Credit Lyonnais, Societe Generale and Comptoir National d'Escompte).
After considerable withdrawals in the
second quarter of 1940 (reflected by the borrowing of the banks at the Bank of France) a
reflux of deposits took place at great intensity
in the period from July to September (when
stocks were largely sold out), according to the
1126
Settlements
FRANCE—RETURNS OF THREE BIG COMMERCIAL BANKS
[In billions of French francs]
Assets
Year and month
Cash
Bills
Liabilities
Advances
and
overdrafts
Deposits
1939 December .
4.5
27.2
7.9
1940 March
June*.
September
December
4.0
31.7
8.2
43.5
5.8
6.2
36.7
43.8
9.7
8.4
1941 March..
5.7
50.0
8.3
52.1
58.5
63.6
39.4
* Not published.
annual report of the Societe Generate. The
increase of deposits continued until the end
of the year and into 1941. Although cash reserves were strengthened (partly owing, no
doubt, to the prohibition of transfer from the
occupied to the unoccupied area) and there
was some private borrowing in the form of
advances and overdrafts in the middle of
1940, the characteristic of the returns is the
parallel rise of deposits and bills. As the
circulation of commercial bills (and acceptances) has fallen with the decrease of business activity, the holding of Treasury bills
must have risen by at least 20 milliard French
francs during the year 1940 (an amount fully
equal to the increase of deposits).
In the middle of March 1941, the Bank of
France reduced its bank rate and the rate for
30-day advances against Government paper
of not more than two years' maturity, from 2
to 1% per cent. This decrease of % per cent
was followed by a similar reduction in the
rates for National Defence Bills and for the
various classes of Treasury bills. An improvement of 414 per cent Government bonds
to par in April 1941 opened up the possibility of a large conversion operation, covering some 11.5 milliard French francs of public debt issued through the Credit National.
In spite of great differences Of economic
structure, of monetary conditions and of
political experiences in 1940, certain broad
similarities in the developments may be perceived in the countries of south-eastern Europe. Generally these countries lack organised money and capital markets according to
western standards, the rate of savings is low
and the use of bank notes is more widespread
than cheques and bank deposits. Unbalanced
budgets, due largely to increased military
and other extraordinary expenditure (such
FEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
Settlements
as the financing of clearing claims) has been pengo of its own notes against the equivacovered from market borrowing only with lent of Roumanian notes withdrawn from indifficulty, if at all. Recourse by the govern- corporated territory (some 5,120 million lei)
ments to central-bank credit has thus been which are also shown in the outstanding cirfrequent and, in some cases, on a consider- culation of the National Bank of Roumania.
able scale, with corresponding increases in Sweden and Switzerland have much in
the note circulation (and in bank reserves common at the present time. Neutral in the
with the central bank). Owing to differences war of 1914-18, the two countries, although
of accounting, it is not always easy to say not involved in the present war, have spent
exactly to what extent the recent expansions considerable sums upon defence. Both counin note issues are due directly or indirectly tries enjoy a similarly high national income
to Government borrowing from the central and standard of living and have great finanbanks, but this is doubtless the predominant cial strength. A good idea of the centralinfluence in most cases. In some instances bank and market developments may be obwithdrawals of deposits from the commercial tained from the accompanying charts.
and savings banks have led to considerable Both Sweden and Switzerland lost gold
calls on the central banks for rediscounts and and foreign exchange almost continuously
loans, but these phases have generally been from 1938 until the spring of 1940, when the
temporary, continued Government expendi- trend was reversed: the efflux was proporture restoring liquidity to the economy. The tionately much more considerable for Sweden,
following table gives the volume of note cir- especially from the outbreak of war, whereas
culations since 1938, with 1929 and the sub- the reflux to Switzerland was far greater.
sequent lowest depression point to form a Internal credit conditions in Sweden were
background against which the magnitude of seriously affected at the time of the Finnishthe recent expansions may be judged.
Russian war and the Riksbank intervened to
meet Treasury requirements (in particular
for payments abroad) and to assist the comSOUTH-EASTERN EUROPE—NOTE CIRCULATIONS OF
mercial banks subjected to a rapid withCENTRAL BANKS
drawal of deposits. In Switzerland the cash
[In millions of national currency units]
reserves of the banks were large and borrowing at the National Bank was not conHunRouSloEnd of year or
BulYugoGreece
month
gary
mania vakia slavia siderable (although it must not be forgotten
garia
that the profits on gold revaluations of 475
5,193
501 21,144
1929
3,609
5,818
4,003
353 19, 605
Lowest 1930-34 i____ 2,449
4,327 million Swiss francs were distributed be7,239
863 34, 902
2,800
6,921
1938
9,454
975 48, 800
4,245
1,392
9,698 tween the Confederation and the Cantons in
1939
15,
369
1,387
64, 349
6,518
13, 834 May 1940).
1940
1,657
In both countries the situation
7,800 H8,116 3 1, 369 68, 886
March 1941
1,568 2 14, 339
eased in the second half of the year, but the
Percentage increase:
(of which
42
32
54
19
43 note circulation in Switzerland
In year 1940
63
84
61
133
100 perhaps
In 2 years 1939-40
112
400-500
million
Swiss
francs is
204
81
177
138
In 11 years 1929-40
196
hoarded abroad) continued to expand.
The greater pressure on internal credit
1 Lowest end-of-year figure, i. e. Roumania 1930, Greece 1931, Hungary
1932, Yugoslavia 1933, and Bulgaria 1934.
Last return received: Greece, March 15, and Yugoslavia, March 22, conditions in Sweden is also shown by the
1941.
rapid reaction of the Riksbank, which
raised
By the end of May 1941 the note issue had risen to 1,734 million
x
pengo, of which 491 million pengo had been issued in incorporated its rediscount rate three times by /2 per cent
territories in exchange for the notes of the former central banks: 85 million
pengo against Czecho-Slovakian koruny, 215 million against Roumanian to reach 3 ^ per cent in the middle of May
lei, and 191 million against Yugoslavian dinars.
1940 (two reductions of V2 per cent bringing
the rate back to 2i/2 per cent at the end of
In all these countries the note circulation May 1941). In Switzerland bank rate (which
in 1940 was well above the 1929 figure, gen- has a great influence on mortgage rates in the
erally two to three times higher (and three to country) remained unchanged throughout
four times greater than the depression lows). the period at the very low level of IV2 per
In all cases the expansion from the end of cent. The margin between short-term and
1938 has been rapid, accelerating in 1940. long-term rates was much narrower in
Territorial changes have caused some dupli- Sweden than in Switzerland: the yield on
cations, e. g., the National Bank of Hungary, Government securities, which in Sweden was
on December 31, 1940, had issued 171 million barely over 2 per cent until the spring of
2
3
NOVEMBER
1941
1127
Annual Report of the Bank for International
Settlements
1939, had risen to 414 per cent in April 1940; kronor per annum, of which over one-half
in Switzerland the rise in the yield was more is to be covered by borrowing, issues of Govmoderate, e from
something over 3 per cent ernment bonds brought in 1,000 million durto 4^/2 P r c e n t on May 10, 1940, when the ing the year 1940, the most important being
stock exchanges were temporarily closed. the 4 per cent 5-year Defence bonds, of which
In both cases the yields of long-term Govern- 800 million Swedish kronor were issued,
ment securities fell below 4 per cent before while 340 million new Treasury bills were
the end of the year.
placed, largely with the banks. In SwitzerChanging conditions on the money and land, where preparations for defence were
capital markets naturally influenced the Gov- started in the years before the war, current
ernments' borrowing policy to cover defence expenditure on defence works and mobilisaexpenditure. In Sweden, where defence ex- tion is at the yearly rate of nearly 1,000 milpenditure runs at about 1,800 million Swedish lion Swiss francs, mostly met by loans: during the year 350 million was obtained from
10-year bond issues (225 million at 13!/2-4
per
cent in March and 125 million at S /^ per
Swiss National Bank Return
cent
in November 1940), 290 million Swiss
in millions of Swiss francs
francs
from two issues of 3 to 4-year Treas3600
ury bills at 3%-3% per cent, 112 million from
3.6 per cent tax certificates (to anticipate
receipts from the national defence "sacrifice"
levy), while 250 million Swiss francs from
the profits on the revaluation of the National
Bank's gold holding in May 1940 were applied towards the amortisation of military
expenditure.
As for the experience in the United KingSveriges Riksbank Return
in millions of Swedish Kronor
2200
2000
1800
.Gold and Foreign Exchange
(revalued >
1600
1400
1200
1000
800
600
400
200
B.R.U7S.
1938
1128
1939
194-0
194-1
1938
1939
194-0
0
194-1
FEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
dom, the following table shows the development of the budget and public debt quarterly
over the last three financial years.
Revenue from taxation has risen particularly from the middle of 1940, owing to a
larger yield of old taxes (notably income tax
and certain consumption taxes) and the imposition of new ones (notably the excess
profits duty, the national defence contributions and the purchase tax) ; and in the financial year 1940-41 it was one-third above the
year 1939-40. But expenditure has risen
more steeply as the war effort intensified and
in 1940-41 was over double the previous year.
The budget estimates for 1941-42 show still
higher figures, revenue rising by nearly 380
million pounds sterling to a total of 1,786
million. The estimate of expenditure is put
at 4,200 million but this figure excludes the
value of supplies obtained in the United
States. The Chancellor of the Exchequer explained that the figure comparable with the
actual expenditure of 3,867 million pounds
sterling in 1940-41 would be "far beyond"
5,000 million for 1941-42.
The first long-term borrowing for defence
was the 80 million pounds sterling 3 per cent
National Defence loan 1954-58 issued in June
1938. In 1939 the Government bond market
was weak and the bulk of the deficit financing
was made through an expansion of the Treas-
Settlements
ury-bill issue. The accompanying chart of
quotations of 3V2 per cent War loan shows
the recovery of the market from the latter
part of 1939, the weakness of May and June
1940 (when the revised "minimum" price
was nearly reached) and the subsequent rise
to new high levels with returning confidence,
when the opportunity was taken to float a
number of long-term loans.
In the financial year 1939-40, 75 per cent
of the budget deficit was covered by shortterm borrowing and in 1940-41 only 54 per
cent of a deficit more than three times as
great. Long-term borrowing grew in importance as the war continued. A new issue
of National savings certificates and a "savings campaign" produced an increase of
Savings certificates at the rate of over 14
million pounds sterling a month during the
fiscal year 1940-41; 3 per cent Defence bonds
were placed "on tap" in November 1939 and
the issue continued throughout the period;
a 3 per cent War loan for 300 million was
floated in March 1940; 2% per cent National
War bonds were placed "on tap" in June 1940
and produced 440 million during the year, a
further issue being made in January 1941.
In thefinancialyear 1940-41 as a whole nearly
1,200 million pounds sterling new money was
raised at long-term, compared with 200 million in 1939-40.
UNITED KINGDOM—PUBLIC FINANCES
[In millions of pounds sterling]
Budget Accounts (cash basis)
Year and month
Taxation
1938 April-June
July-Sept
_.
Expen-2
diture
Deficit
Public debt increases or decreases (—) x
Long-and
middleterm debt
Floating
debt
13
64
1)
93
( - S)
104
(-116)
Oct.-Dec
1939 J a n . - M a r c h
132
174
184
437
235
238
284
103
64
100
(+139)*
1939 April-June
July-Sept
Oct.-Dec
1940 J a n . - M a r c h
144
194
206
505
296
347
542
625
152
153
336
120
(
)
( - *)
1940 April-June
July-Sept
Oct.-Dec
1941 J a n . - M a r c h
188
264
299
656
695
915
1,098
1,159
507
651
798
503
339
184
310
326
(-46)
173
474
490
192
927
1,049
1,409
1,055
1,810
3,867
128
761
2,458
59
200
1,159
78
569
1,329
Financial years 1938-39.
1939-40
1940-41
(-
(-17)
41
163
156
160
299
Total
Other
items (3)
106
61
103
(-185)
(-
3)
((-
3)
6)
154
158
340
117
(~
(-
*)
5)
+ 3
512
658
800
518
(~ 4)
+ 3
( - 5)
( - 7)
(- »)
(-15)
137
769
2,488
(- 9)
(- 8)
(SO)
1 Nominal amounts. Movements as calculated from the annual national debt returns in March and from quarterly estimates.
2
Excluding sinking fund.
3
Other items producing agreement between the quarterly deficit and nominal movements of public debt, e. g. sinking fund, movements of
Treasury
cash balance, difference between nominal amount of loans issued and cash receipts, etc.
4
Surplus.
NOVEMBER
1941
1129
Annual Report of the Bank for International
Settlements
for cash (sterling), the Government raising
the money by increasing its borrowing.
Doubtless one reason for the large increase
of long-term lending to the Government in
1940-41 was the fact that previous owners of
dollar securities mobilised during the year
reinvested the proceeds, directly or indirectly,
in Government (sterling) securities. The
Chancellor of the Exchequer, in his budget speech in April 1941, said that, in round
figures, Governmentw aexpenditures
in the first
18 months of war s 4,650 million pounds
sterling, of which 2,000 million was met by
taxation, 1,000 million from overseas resources, and the balance of 1,650 million by
90
borrowing.
An interesting innovation in 1940 was the
invitation to the banks to make direct sixmonth deposits with the Treasury. 430
85 J F M A M J J A S O N O J F M A M J J A S O N O J f M A H J J A S O N D
million pounds sterling deposits bearing in1939
19*0
1941
terest at 1% per cent were outstanding at
the end of March 1941.
Thefinancingof the
The balance of the budget deficit, some budget deficit was the outstanding influence
1,300 million pounds sterling, was covered on the banking system during the year, as
by an increase in the floating debt by this the following table shows:
amount to 2,800 million on March 31, 1941.
LONDON CLEARING BANKS' RETURNS
The Treasury bill issue increased by 780
[In millions of pounds sterling]
million to 2,210 million on March 31, 1941,
having doubled since the beginning of the
Liabiliwar. Although the importance of the diviAssets
ties
sion of Treasury bills into those sold by
"tender" (to the market) and those "on tap" Year and month Cash
Treasreserves Bills u r y de(to official and semi-official investors) has
InvestAdDeposit
and
disments
posits
money counted
rediminished, it is not without significance that
at call
ceipts
tap bills have increased by 760 million pounds
sterling on the year to March 1941 compared 1939 December i
444
334
1,002
609
2,441
390
336
611
2,363
1,006
with a rise of only 110 million in the bills 1940 JMarch
636
2,469
436
384
une
962
issued by tender. Some of these tap bills September
697
2,597
432
401
91
937
771
2,800
December i
483
265
313
906
were probably held by the Unemployment
194
2 374
2,764
420
821
908
Fund, by Government insurance schemes and 1941 March
similar bodies but, in so far as they are held
by Government offices as an employment for 1 December figures are given for the 31st of the month. Other returns
on varying dates in the month.
surplus balances, the debt is due by one Gov- are2 Part
of the total of 430 million pounds sterling outstanding at the
ernment department (the Treasury) to end of March 1941 was held by other than clearing banks.
another and not to the public. Tap bills have
also been issued to the Exchange Equalisation
On the year to December 1940 deposits
Account against the disposal of the gold held have risen by 359 million pounds sterling,
by the Account for foreign payments. In that is by 15 per cent, part of which, however,
this way the budget deficit has been covered is due to the longer time taken for the colby the utilisation of existing monetary re- lection of cheques, owing to the physical inserves. The case is somewhat different with convenience under which the London market
regard to mobilised dollar securities; here a operated, particularly in the second half of
reserve'of the country as a whole has been the year. Bank credit granted to private,
used, not a reserve belonging to the Govern- industrial, and commercial customers dement itself. The dollar securities were bought creased : advances fell by 96 million while the
by the Government from the original owners number of commercial bills discounted doubtGreat Britain - Quotation of
1130
War Loan
FEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
less declined (over nine-tenths of the bills
in circulation being Treasury bills). More
bank credit has been granted to Government
contractors but less in other directions, particularly for the financing of foreign trade,
now largely in Government hands. Credit
granted directly or indirectly to the Government grew considerably. Treasury deposit
receipts and bills discounted (including
Treasury bills) together were 244 million
pounds sterling higher on the year, while
"investments" (including Government securities) rose by 62 million. These figures
should be related to the increase, in 1940, of
1,091 million in the floating debt and 996
million in the long-term Government debt.
The clearing banks appear to have taken
rather over 300 million pounds sterling of
Government issues exceeding 2,000 million,
say 15 per cent.
The expansion of clearing-bank deposits
in 1940 was accompanied by a rise of the
banks' cash reserves at the Bank of England
by 20 million pounds sterling to 136 million.
The Bank of England's return was also affected by the increase of the note circulation
by 60 million to nearly 620 million, almost
the whole increase taking place in the first
seven months of the year.
Money market conditions have continued
very easy. Bank rate, which was raised for
a few weeks on the outbreak of war, has remained since October 26, 1939, at 2 per cent,
while the discount rate on Treasury bills,
which dominates the market, was steady in
1940 at a shade over 1 per cent, falling in
March 1941 to under 1 per cent for the first
time during the war. While the weight of
money does notfindan expression in the Treasury-bill rate, which, for technical reasons, is
stereotyped, it affects the volume of applications, which has been as high as 160 million
pounds sterling for 65 million bills offered
by tender. Long-term rates are best expressed by the yield of representative Government securities. The quotation of the 3!/2
per cent War loan (a funded issue redeemable at the option of the Treasury only after
1952), which was 95 at the beginning of the
year, giving a flat yield of 3.7 per cent, rose
above par in April and, after a setback in
June, gradually strengthened to 105 in March
1941, with a flat yield of 3.3 per cent. Shorterterm issues and loans with fixed maturity
dates gave lower yields and 2 ^ per cent
National War bonds of 5-7 years, for examNOVEMBER
1941
Settlements
ple, have been on tap at par since June 1940.
In February 1941 the legal maximum at
which the Government might borrow money
was lowered from 5 to 3 per cent, a measure
taken in order to indicate that the authorities
were determined to borrow at low rates all
through the war.
Stock exchanges.—The outbreak of the
war and the military events of 1940 have not
left the stock exchanges unaffected, though
in this field the divergence between the tendencies in different countries has been remarkable. Valuations of capital assets, which in
normal times largely reflect movements in
current profits and interest rates, tend under
present conditions to be based on more or
less uncertain anticipations as to developments in the years to come.
Almost all the stock exchanges displayed a
weak tendency in the first five months of
1940; on May 10 the bourses were closed in
Brussels, Amsterdam, and Zurich, and on
June 10 in Paris. Zurich was the first to
reopen, on July 8; Amsterdam came later in
July and Brussels in August, while Paris
opened for bond dealing in October but remained closed for shares until March 1941.
There was a mild setback in Berlin in June
(reported to be due to the prospect of a short
war), while in London the slump which had
begun in March continued into July. All the
exchanges show rises of varying degree in
the second half of the year. In the spring of
1941 the share indexes for New York and
four of the European exchanges (London,
Zurich, Amsterdam, and Stockholm) were
grouped around 75 to 90 per cent of the
average for the year 1938. The indexes for
Berlin, Milan, Lyons, and Brussels were
grouped around 150 to 180 per cent of the
1938 level—about twice as high as the former group.
The most spectacular rise took place in
Brussels, where the share index more than
doubled during the year 1940. The bourse
was shut on May 10 and remained closed
until August 21, when the bond market was
opened, and from September 3 shares were
gradually introduced. Various precautions
were taken, particularly the prohibition of
forward markets, the placing of all dealing
upon a cash basis and the fixing of "just
quotations" some 15 per cent above those
ruling before the closing in May. But further
rises had to be allowed and by February 1941
the "Amens" Index was 100 per cent higher
1131
Annual Report of the Bank for International
than in May. The President of the Stock
Exchange Commission issued an order in
the middle of March 1941 prohibiting increases of quotations by more than 1 per
cent a day. About two weeks later a rise
of 2 per cent daily was permitted.
The Paris bourse was shut on June 10,
1940 (four days before the entry of German
troops) and, except for an unsuccessful trial
during a few days at the end of July, not
opened again until October 14. On the reopening, quotations were confined to rentes
and other Government paper and to industrial
bonds; there remained no official market for
shares in the occupied zone until the reintroduction of shares in Paris on March 19,
1941.
With Paris closed or restricted in scope,
the importance of the provincial markets in
the unoccupied zone increased, especially in
Marseilles and Lyons. The Lyons bourse had
been opened on August 27 for both bonds and
shares and, after some initial weakness, a bull
movement set in, with particular attention
paid to shares of electrical and chemical
works in the unoccupied zone (less subject to
raw-material difficulties than some others),
as also of industries directly or indirectly
having colonial or foreign interests. A number of shares doubled in price during the bull
movement. By March 1941 the yield of many
shares was down to about 1 or 2 per cent.
Rentes were also strong but, owing to the
impossibility of arbitrage, considerable differences of quotations developed between
Paris and the provincial markets. The rise in
rentes was checked at the end of the year
but was resumed in the new year, when yields
were reduced to about 4!/2 per cent.
Besides the regulation of technical questions as to cash payments and prior delivery
of securities, special measures were taken,
to enter into force on the opening of the Paris
share market in March 1941, for the purpose
of checking an exaggerated rise in share
values and suppressing illegitimate markets:
shares were to be delivered only in registered
form (or deposited with a bank or stockbroker), single daily quotations were fixed
and fluctuations beyond 5 per cent in one
day were not permitted, etc. Foreign securities and the securities of French companies
operating abroad might not be quoted in
Paris (though dealt in at Lyons). The immediate result of these measures was a sharp
contraction in the turnover.
1132
Settlements
The Amsterdam bourse, after a weak trend
in the first months of the year, was shut on
May 10, 1940, and reopened gradually from
July 15 onwards, at first for Government
bonds and, after the establishment of rates
in unofficial dealing, for shares with official
quotations. The opening was firm and in the
following months all securities previously
quoted were listed for dealings, including
American shares (generally Dutch certificates) and German bonds and shares.
Some Dutch shares, especially those of companies with foreign interests, showed extraordinary rises from the low levels to which
they had previously fallen. The abolition of
exchange regulations between Holland and
Germany on April 1, 1941, opened the Amsterdam market to German purchasers without restriction and a considerable rise in
quotations ensued.
At the end of 1940 the share index was
some 50 per cent above the closing figure in
May but still somewhat below the 1938
average. American shares were quoted well
above the New York parities, partly, but by
no means wholly, for the reason that dividends were included in the price, owing to
the impossibility of transfer. From May 1,
1941, the official quotation of American share
certificates was suspended.
The Swiss bourses started the year weak
and after a rather sharp decline were closed
from May 10, 1940, at the wish of the National Bank, while outside dealings between
banks were restricted. On July 1 unofficial
dealings on the exchanges were permitted experimentally and on July 8 the official opening
was made. Share trading was resumed, free
of restrictions, while minimum prices, 5 per
cent under those of May 9, were introduced
for Government bonds. But the bond market
was firm and the share market quiet; the
share index finished the year 1940 about 10
per cent below the end of 1939 but showed a
sustained rise in the first months of 1941.
Of the stock exchanges that remained open
throughout 1940, those of Milan and London
showed the most considerable fluctuations,
Milan, however, ending nearly 20 per cent
higher and London over 20 per cent lower on
the year. Milan quotations rose sharply on
the outbreak of war in September 1939 and,
after some hesitation in November, upon the
introduction of the capital tax, finished the
year strongly. In the first months of 1940
a setback was experienced, due in part to a
FEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
Settlements
new tax on stock exchange profits, and ac- culated average yield for all shares dealt in
centuated in May through the imminence of (some 450-470 issues including about 50 nonItaly's entry into the war and fears of a mora- dividend-paying) fell below 5 per cent in
torium and of the closing of the exchanges. December 1939, below 4i/2 per cent in March
With the beginning of hostilities, the upward 1940, and below 4 per cent in September
movement once more gained ground, carry- 1940; early in 1941 it was 3% per cent.
ing the index in December 1940 to a new high,
In all cases where stock exchanges have
but temporary, peak. A sharp reaction was been reopened after an abrupt close, special
caused by the imposition of special taxes and measures have been taken regarding uncomrestrictions on dividends, but when these pleted forward contracts, outstanding loans
were relaxed in March 1941, the December on securities, and similar technical matters,
peak was again exceeded. In March 1941 in order to facilitate dealings. In addition to
the yield on most shares was reckoned at the factors which tend indirectly to weigh on
about 3 per cent compared with over 5 per share quotations (war damage, heavy direct
cent on Government bonds.
taxation, limitation of dividends, etc.) govThe London stock market was buoyant ernments or stock-exchange authorities have
from the outbreak of war up to March 1940, found it necessary to take measures to check
when a landslide started which, by the end unwarranted price rises and the development
of June, had carried the index down by more of black markets. Generally, stock exchanges
than 30 per cent. From this point a slow have been reopened first for bonds and later
but steady recovery raised quotations, so for share dealing, introduced by degrees—in
that at the end of January 1941 one-third of Paris only after five months. Other measthe loss had been regained. London share ures may be summarised as follows:
prices remained depressed, however, by the
(a) dealings only for cash and no forward
weight of direct taxation (in addition to inmarkets (general) ;
come tax at 42 V2 per cent, a 100 per cent ex(b)
verbal warnings, official or semi-officess profits duty was imposed in 1940), while,
cial, against exaggerated rises of quoin some cases, difficulties of valuation have
tations (in several instances) ;
made cautious quotations desirable.
(c)
the fixing of minimum prices (Oslo) ;
Between the outbreak of the war and the
(d) fixing of maximum price rises for any
end of 1940 the index of share quotations on
single day (Brussels and Prague) ;
the Berlin bourse rose by 40 per cent. Tak(e) fixing of maximum quotations (the
ing advantage of the strong markets, the
"price-stop" in Vienna) ;
Prussian State Bank (Seehandlung), which
(f) fixing of one quotation a day (Paris) ;
had the trusteeship of the shares accepted by
(g) prohibition on dealing outside the
the Reich in payment of the tax on Jews in
stock exchange at prices higher than
November 1938, continued its sales, and at
the official quotation (Prague) ;
the end of 1940 there remained only a very
(h) prohibition of publication of unsatsmall unsold balance. In view of market conisfied "bid" prices (Brussels and
ditions it was decided to reintroduce the soPrague);
called "speculation tax" (really an income
(i)
prohibition
of use of securities as coltax on profits realised on the sale of shares
lateral for stock exchange loans
within one year of purchase), which had been
(Brussels and Paris) ;
in abeyance for two years.
(j) making all shares transferred nominaTwo reasons for the rise in share quotative and thus prohibiting dealing in
tions in Germany may be mentioned: the fall
bearer securities (Paris).
of long-term interest rates and the narrowness of the share market in the face of an inIt is interesting to note that in the northcreased demand. The rate of interest on ern countries minimum prices were intronew issues of Reich loans was reduced from duced for both bonds and shares and that in
4i/2 per cent at the end of 1939 to 3^2 per Switzerland a minimum for Government
cent early in 1941, the yields falling accord- bonds only was fixed (somewhat on the lines
ingly. The average yield on all Reich loans of the policy adopted in England on the outoutstanding was, of course, somewhat higher. break of war).
With the market strong, the decline of share As stock markets decline, so bond markets
yields was more rapid. The officially cal- gain in importance, not only relatively but
NOVEMBER
1941
1133
Annual Report of the Bank for International
Settlements
usually in absolute volume and in turnover ing of stock exchanges or in other ways. The
also. The growing significance of the bond events of 1940 showed how every effort was
markets, especially for government obliga- made to avoid moratoria and how bond martions, is a result of the more active part kets were kept open or rapidly reopened, even
played by governments in the economy of cer- in the midst of catastrophe.
tain countries in recent years and by all gov- It is an ironical fact of the present times
ernments in time of war. But the increase that the destruction of national wealth
of the public debt is often offset to a greater through warfare is facilitated by the creation
or lesser extent by the repayment of private of more "liquid claims", in the form of Govindebtedness. This shift from private to ernment bonds, to the aggregate wealth that
public indebtedness (on the stock exchange remains. In England, the compulsory insurfrom shares to bonds and in the banks from ance against war damage has been introduced
advances to "investments") is accentuated not only to ensure an equitable distribution
in wartime, when, indeed, the growth of the of sacrifice but also to preserve the complex
public debt may well outrun the decline of structure of debts and claims which has been
private indebtedness. The growth of the erected. The volume of Government indomestic public debt in England has produced debtedness is everywhere growing both abin the London stock exchange a bias towards solutely and in relation to the national
bonds which is expressed in the fact that the wealth, and important problems will call for
2,000 million pounds sterling 3 ^ per cent solution in the post-war period when workWar loan is the real "market leader" (in con- ing capital and other funds invested temtrast to the New York "market leaders", porarily in Government securities are wanted
which are still thought of as the stocks of for their normal purposes.
outstanding corporations).
CENTRAL BANKING DEVELOPMENTS
The growth of Government debts in recent
years has a striking parallel in the growth in
Many important factors relating to central
importance of small sayings invested through banking activity during the year have already
savings banks, life assurance companies, so- been mentioned earlier in this Report, especial insurance funds, and similar institutions, cially in the sections on exchange rates and
which, having their liabilities expressed in on government finance, money, and capital
fixed monetary sums, prefer to invest in bonds markets. At the beginning of the war, or
with a fixed nominal amount and maturity shortly afterwards, nearly all European cendate. This is true of the United States, Eng- tral-bank statutes were modified to give
land, Germany, and certain other countries, greater elasticity for direct lending to the
and is well illustrated by statistics recently governments and to allow the release of gold
published in Germany showing that over half and foreign exchange for foreign payments
the bonds outstanding in Germany are held without a contraction of the note circulation
by institutions, against about one-tenth be- or of bankers' cash, and further steps in this
fore the war of 1914-18.
direction were taken in 1940. The advent of
Government securities, long and short, are war, indeed, brought.an expansion of cenbecoming the preponderating investment of tral-bank credit in most European countries
commercial and savings banks, of life assur- for the needs of the Government and, at times
ance companies, and social funds almost of emergency, to cover withdrawals of dethroughout the world. Another aspect of the posits by the public from the other banks.
relative decline of business and other private The growing liquidity of the markets as a
borrowing is the profound change in the result of Government spending occasioned
structural form of the total indebtedness, considerable repayments of private credit
particularly in relation to the underlying previously granted by both the central and
assets. In other words, there is a change the commercial banks, but note circulations
from the more or less illiquid private loan, continued to rise, in some cases with inbank advance, or direct mortgage to the com- creased rapidity.
paratively liquid Treasury bill or "shiftable" Modifications were made in the laws and
obligation (i. e. saleable on a regular market). statutes governing the activity of central
Governments cannot for long allow "liquid
to allow further direct lending to the
claims", especially in the form of Government banks
Government
in France and Algeria, in Bulsecurities, to become illiquid through the clos- garia, Turkey,
Greece, and Roumania dur1134
FEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
Settlements
ing 1940. By two Conventions of February of the Bank to draw up temporary rules re29 and June 9, 1940, the amount of provi- garding these operations so long as the "exsional advances granted by the Bank of ceptional circumstances" obtained.
France to the Government was raised to As regards gold reserves new laws were
70 milliard French francs, a limit which passed in 1940 and revaluations were made
was nearly attained early in October but n France (February), Holland (March),
which has not been exceeded. On August Roumania (April), and Switzerland (May),
25, 1940, a special advance was granted by in each case the book profit going largely, if
the Bank of France to the Government to not wholly, to the Government to cover decover occupation costs, the total of permis- fence and other expenditure. In the Protecsible advances on this account being succes- torate of Bohemia and Moravia the gold
sively raised to 108 milliard in May 1941. price was lowered when the exchange was
The Bank of Algeria was authorised by a adjusted upwards to the Reichsmark at the
law of December 31, 1940, to place at the dis- end of September: the gold reserve of the
posal of the French Government a further National Bank was written down in value,
advance of 1 milliard French francs and an special measures being taken to deal with the
advance of 50 million to the Government of book loss of 207 million koruny. A change
Algeria, the legal maximum of the note cir- was made in the law governing the Sveriges
culation being raised at the same time from Riksbank, which had previously limited the
5 to 7 milliard.
holding of the Bank eligible as primary
Further resources for Government credit gold
reserve
to the gold held in Sweden, plus gold
were given in Bulgaria by a law of March held abroad
in transport up to 15 per cent
9: the National Bank had previously been of the total or
reserve.
By a royal ordinance
authorised to place an amount not exceeding of January 31, 1940, the
gold reserve of the
20 per cent of its paid-up capital and reserves
now constitutes all gold and bullion
in Government or Government-guaranteed Bank
held by Sveriges Riksbank, wherever its locasecurities. The new law authorised the Bank tion.
Further, while the gold reserve remains
in addition to invest a sum not exceeding 140
in
the
books at par value, market value has
per cent of its paid-up capital and reserves in
Treasury bonds maturing in, at most, seven been taken for the calculation of cover reyears, issued to foreign firms in payment of quirements since that time.
Government supplies. A law of May 30 au- Modifications of laws and statutes have
thorised the Turkish Treasury to contract also been made during the year with regard
extraordinary advances from the central bank to the internal administration of the central
to the extent of 250 million Turkish pounds. banks in Roumania (March 29), Yugoslavia
The legal limit for the temporary advances (September 14), France (November 24), and
of the Bank of Greece to the Greek Govern- the French colonial banks in Indo-China,
ment was raised from 400 million drachma Madagascar, and French West Africa, as
to 1,000 million by a law of October 18, 1940. well as the Bank of Algeria.
The most interesting of these changes were
In Roumania, by a decision of the Council
of Ministers dated March 29, 1940, the Na- those affecting the Bank of France. The retional Bank's powers were widened as re- form of 1936 maintained the principle of the
gards the granting of credit to agriculturists Bank's fundamental statutes of 1808 that the
as well as to the Government. The limit on direction of the affairs of the Bank should be
the discount of agricultural bills up to nine exercised by a governor appointed by the
months' maturity, previously fixed at 40 per state and assisted by two deputy governors.
cent of the bill portfolio, was removed. But that reform replaced the fifteen regents
Further, the discounting of Treasury bills by of the Bank (elected by the two hundred
private persons had been limited to 20 per largest shareholders) by a General Council
cent of the Bank's capital, and advances or of twenty members, of which only two were
overdrafts on Government or publicly-guar- elected by the shareholders, nine representanteed securities to 30 per cent of the bill ing economic and social interests (six chosen
portfolio, while the purchase of Government by the Government) and nine the collective
or Government-guaranteed securities was interests of the nation, chosen from amongst
limited to the total of the capital and reserves. the highest officials. The new law of NovemThe new law authorised the General Council ber 24, 1940, allows this organisation to conNOVEMBER
1941
1135
Annual Report of the Bank for International
Settlements
tinue but reduces the number of councillors
(a) Temporary legal and other arrangefrom twenty to eleven: three chosen by the
ments were made regarding the removal
shareholders, four by the Government from
of offices and administration in times of
among representatives of commerce, indus- emergency, and in some instances actual
try, and agriculture, three persons with of- removals took place.
ficial positions (the Director of the Caisse
(b) Numerous exchanges of bank-notes
des Depots et Consignations, the Governor
and other means of payment have been
of the Credit Foncier, and the Director-Gen- made in attached and occupied territories,
eral of the Credit National), while one coun- generally involving changes of bookkeepcillor is chosen from the personnel of the ing into the new currency. In the occupied
Bank. Thus, although the number of coun- territories arrangements have been concluded, making the national currency availcillors is reduced, the shareholders are better
able to the occupying authorities and prorepresented and there are no longer any
viding for the withdrawal of previously
officials representing the various services of
issued Reichskreditkassenscheine. These
the Government. Similar administrative reforms were made at the same time to the central banks work with the supervision of
a German Commissioner appointed by the
Credit Foncier and the Credit National, in
both cases only the highest executive being occupying authorities.
(c) Foreign exchange regulations have
the representative of the state.
generally been made watertight and in
Three European central banks suspended
operations in 1940 when the Baltic States many cases adapted to the German model.
In Roumania the premiums given for gold
were attached to the U. S. S. R. and the rouble
currency introduced. A new Bank of Issue produced in the country and sold to the
National Bank have been changed. As
in Brussels was constituted on June 27, 1940,
by a decree of the German Military Com- European gold reserves are now mostly
mander for Belgium and Northern France. held outside Europe and foreign exchange
reserves in sterling and dollars are largely
The Bank, which is a joint-stock company
under Belgian law, has a capital of 150 mil- unavailable, the importance of the Reichslion Belgian francs (subscribed by the Bel- mark holding has considerably increased
gian commercial banks). The Bank's statutes for certain central banks, not only in volume but in turnover.
follow the general line of central-bank law
(d) Numerous new bilateral clearing
modified by the conditions of its creation.
The Bank is authorised to issue notes ex- and payments agreements, either through
pressed in Belgian francs which, if issued, the central bank or through an associated
would be legal tender; but, as already men- institution, have been made during the
tioned earlier in this Report, no bank-notes year. Of particular practical importance
has been the mobilisation of clearing "Spithave been issued—the Issue Bank having bezen"
through central-bank credit.
come in practice the banking department of
(e) Mobilisations of foreign securities
the National Bank, entrusted particularly
with relations with the occupying authorities, have taken place, as also the registration
the management of the clearings and the ac- and management of enemy property and,
counts of the Reichskreditkassen, while the in occupied territories, the property of the
postal cheque accounts have also been trans- enemies of the occupying authorities (as
ferred to it. The creation of a new central well as the restitution of the property of
the occupying authorities or their nationals
reserve bank in China has been mentioned
previously placed under supervision).
previously in this Report.
(f) Small notes have been issued in some
Though actual changes in the laws and
cases
to supplement the coinage, while
statutes governing central banks have not
and bronze coins have been withbeen numerous during the past year, meas- nickel
drawn
(involving the disappearance of the
ures taken affecting central banks directly
well-known French "sou").
or indirectly in an administrative or other
capacity have far exceeded the experience of
The Reichsbank in particular has been
recent years. It is only necessary to men- called upon for numerous administrative and
tion some of the tasks carried out by central other tasks. The Reichskreditkassen, which
banks to indicate the wide field covered.
closely followed the German army in the
1136
FEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
field, were manned by Reichsbank personnel
(although the institutions were, of course,
completely separate) and the management of
the circulation of Reichskreditkassenscheine
and their withdrawal were thus supervised
by Reichsbank staff. Reichsbank notes,
which had previously been issued in the Saar
(February 1935), Austria (March 1938),
the Sudeten territory (October 1938), Memel
(March 1939), Danzig (September 1939),
and the incorporated territories of Poland
(November 1939), were issued during 1940
in Eupen, Malmedy, and Moresnet (June),
and in Alsace, Lorraine, and Luxemburg
(August). Not only were Reichsbank notes
introduced in these cases but bookkeeping
and other accounts were changed over into
Reichsmark.
One feature of central bank balance sheets
has been common to all countries—the increase of the note circulation, particularly
during the past two years. The accompanying chart gives end-of-year index figures for
eleven European and three overseas countries. Certain European countries have been
omitted from the statistics for lack of recent
data, e. g., Italy, Spain, and Norway, and
others owing to the incomparability of the
data, e. g., Czecho-Slovakia. A warning must
be uttered regarding too close a comparison.
Changes in gold values have been considerable but the movement of prices, particularly
retail prices and wages, in the countries concerned is probably the most realistic criterion,
and it should be remembered that for nearly
all of the countries shown in the chart retail
prices were, on the average of 1940, below
the level of 1929 (the important exception
being Japan with a 40 per cent increase).
The fact that only the note circulation of
the central bank has been used for the indexes, except for the United States where all
"money in circulation" has been taken, does
not invalidate the chart; generally the increase of the circulation of coin is not disproportionate to the rise in the issue of notes.
The main reasons for the increase of note
circulations over the last few years were
mentioned in the last Annual Report. Higher
amounts paid as wages and spent on consumption goods, larger amounts carried as
cash by the individual or held as reserves by
commercial banks and other institutions, and
an increase of hoarding, affected perhaps by
the low rates paid on deposits, are among
the most important general factors. Special
NOVEMBER
1941
Settlements
influences were operative in some cases: the
increase of foreign hoarding of Swiss notes
from 1931 onwards, the rise in the price of
gold in South Africa from 1932 and, for Germany, the increase of territory, especially the
incorporation of Austria and the Sudeten
areas in 1938, should be mentioned. The acceleration of the increase in the volume of
notes in circulation in the last two years is in
European countries to be associated with the
war: in part a result of the direct or indirect
1929 1930 1931 1932 1933 1934- 1935 1936 1937 1938 1939
Index of
NOTE CIRCULATION
in National Currencies
On base 1929 = 100
End of year figures
1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940
8.R.I.447.
1137
Annual Report of the Bank for International
financing of the Government by the central
bank, in part a reflection of a higher demand
for liquidity by the public. The lower velocity
in the agricultural sector of the economy
(which has had its income position improved
in many countries) must, however, be taken
into account. Moreover, it is probable that
mobilisation increases the need of actual
cash. For these and other reasons the rise
in note circulation is generally higher than
the increase in "money incomes" and cannot
in itself be taken as the measure of an inflationary expansion. Almost without exception
note circulations have risen since 1929 more
than deposits held at commercial banks, while
"the other sight liabilities" of the central
banks (especially the reserve balances of
commercial banks) have shown highly varying movements.
The following table shows the relationship between the note circulation of the
central bank, the total of "other sight liabilities", and the total deposits and current accounts with the commercial banks for the
years 1929 and 1940, and the percentage increase over the eleven years in the United
States and in three European countries. For
the United Kingdom there is a remarkable
stability in the relationships, each of the
three items having risen over the eleven
years by about one-half, the total of the
clearing banks' deposits remaining between
414 and 5 times as great as the note circulation. For the other countries important
changes in the relationship are noticeable.
For the United States the money in circulation has nearly doubled, rising rather faster
than total deposits with the member banks.
For this country, however, the most remark-
Settlements
able change has been the increase in the
"other sight liabilities," particularly the reserve balances of the member banks. The
cash basis thus exists for a considerable expansion of member-bank deposits through
the purchase of securities or other credit operations. This relative increase of the cash
reserves of commercial banks is a feature of
developments in a number of countries other
than those shpwn in the table, e. g. Finland,
Holland, Belgium, Denmark, etc. and appears
to show for these countries the tendency for
superfluous central-bank credit to return via
the commercial banks and to be held, at least
for the time being, as surplus deposits rather
than as notes.
In Germany also, the "other sight liabilities" at the Reichsbank have risen rather
more than the note circulation and, as in
the other countries mentioned, this is an indication of the liquidity of the market. The
apparent relative fall in the volume of commercial bank deposits compared with the
note issue must be read in the light of the
large volume of foreign deposits in 1929
which had been withdrawn before 1940. The
French situation is remarkable in that deposits with the three big banks fell from half
of the volume of the note circulation in 1929
to about one-quarter in 1940, when the deposits of all the banks in the country would
certainly have amounted to considerably less
than the total note issue.
To obtain a complete picture it would naturally be desirable to trace the changes in
the relationships shown in the tables through
the years and to consider other factors such
as the volume of savings deposits. But the
table brings out the fact, which is confirmed
CENTRAL BANK NOTE CIRCULATIONS AND RELATED
FACTORS
[End-of-year figures]
1929
1940
1940
as percentage
Millions of dollars of 1929
Central Bank:
Note circulation
Total "other sight liabilities".
Commercial Banks:
Total deposits and current
accounts
Germany
France
U. S. A.
4,578
2,414
8,732
16,126
191
668
33, 865
46,007
136
1929
1940
1940
as percentage
Millions of francs
of 1929
1940
as percentage
of 1929
Millions of
Reichsmark
218, 383
1 28,187
318
144
5,044
755
2 32, 682 2 58, 448
179
21, 753
68, 571
19, 587
1940
1929
3
United Kingdom
1929
1940
Millions of
pounds sterling
1940
as percentage
of 1929
14, 033
2,561
278
339
380
160
616
251
162
157
34,000
156
1,889
2,800
148
1 Without Reichskreditkassen accounts.
Three large banks: Credit Lyonnais, Comptoir National, and Socie'te1 Ge'ne'rale.
Estimated 33-35,000 million Reichsmark.
2
3
1138
FEDERAL RESERVE BULLETIN
Annual Report of the Bank for International
by calculations for other countries, that generally the rise of note circulations has been
more rapid than the increase in the volume
of bank deposits in recent years, even in
countries such as the United States, where
the cheque habit is well developed.
In time of war the central banks, as the
ultimate source of liquidity, are naturally exposed to heavy strain. In this connection it
is pertinent to point out that both in the
United Kingdom and in Germany direct borrowing from the central bank has been on a
very small scale and utilised only to even
out temporary irregularities of receipts and
expenditures. In the calendar year 1940 the
published statistics show the direct advance
of the Bank of England to the Treasury at
its highest point of 50 million pounds sterling
in December, compared with an average note
circulation of 580 million and total budget
expenditure of 3,300 million: similarly, the
working credit granted by the Reichsbank
to the German Government touched 685 million Reichsmark in June compared with an
average note circulation of 12,200 million
NOVEMBER
1941
Settlements
and total receipts from taxation and borrowing of 60,000 million. In both cases direct
advances from the central bank did not exceed 2 per cent of annual budget expenditure.
Indirect government borrowing and other
influences are, however, also of importance
and, in the end, the currency system will
only escape comparatively unscathed where
internal war financing is effected from current taxation, and through the borrowing of
genuine savings. No doubt, dangerous developments are scarcely concealed in many
countries and, if they are not arrested, the
task of setting right currency troubles when
the war is over will be far from easy. In
wartime it is inevitable that central banks,
as indeed all other institutions, must come
largely under government control and participate to their utmost in the effort of their
countries. But their principal contribution
even then should be to uphold fundamental
principles, the non-observance of which
would not only render post-war reconstruction and adaptation more difficult but might
also impair the war effort itself.
1139
/rational Su.mm.atu o"k Bu5lnc55 (condition*
Compiled October 17 and released for publication October 20. Figures shown on charts may differ from
preliminary figures used in text.
NDUSTRIAL activity continued at a high seasonally in September, following the
rate in September and the first half of Oc- changeover to new models, and, according
Itober.
Further advances in the output of to preliminary estimates, output in Septem-
defense products were accompanied by curtailment in some lines of civilian goods, particularly automobiles, rubber, and silk. Prices
of industrial products increased further but
agricultural prices declined after the middle
of September, and on October 16 dropped
sharply in response to international developments.
Production
Industrial output increased by about the
usual seasonal amount in September and the
Board's adjusted index remained at 160 per
cent of the 1935-1939 average, the same as
in July and August. Continued increases in
activity were reported in the machinery, aircraft, and shipbuilding industries. At steel
mills activity in September and the first half
of October was maintained at about 97 per
cent of capacity. Output and deliveries of
nonferrous metals likewise remained at about
capacity levels, while lumber production declined somewhat from the high August rate.
Automobile production increased less than
INDUSTRIAL PRODUCTION
ber was considerably below the maximum
quota that had been authorized by the Government.
In the textile industry activity declined
somewhat in September, reflecting mainly a
further sharp reduction at silk mills. Activity at wool mills rose to a new high level,
while at cotton mills there was little change
from a rate slightly below the peak reached
last May. Shoe production continued in
large volume, and output of manufactured
food products was maintained near the peak
August level. Output of chemicals likewise
continued at earlier high rates, but at rubber
plants activity was considerably below the
level of last summer owing to curtailment
programs ordered by the Government.
Coal production, which during the summer
months had been unusually large, increased
less than seasonally in September, owing in
part to temporary work stoppages at some
bituminous and anthracite mines. Crude
petroleum production advanced to record
levels in September and the first half of OcWHOLESALE PRICES OF BASIC COMMODITIES
1935
1936
1937
1938
1939
1940
1941
Federal Reserve index of physical volume of production, adBureau of Labor Statistics' indexes based on 12 foodstuffs and
justed for seasonal variation, 1935-1939 average = 100. By months, 16 industrial materials, August 1939 = 100. Thursday figures,
January 1935 to September 1941.
January 3, 1935 to October 23, 1941.
1140
FEDERAL RESERVE BULLETIN
National Summary of Business Conditions
tober, and output of metals and shipments department stores declined from the peak
of iron ore down the Lakes continued at reached in late September when there were
about capacity.
considerable consumer purchases, particuValue of construction contract awards de- larly of articles subject to higher taxes on
clined in September, according to figures of October 1.
the F. W. Dodge Corporation, reflecting
Loadings of revenue freight in September
chiefly decreases in awards for public proj- increased less than seasonally, particularly
ects which had been exceptionally large in those of miscellaneous freight, which have
August. Awards for private residential been high in recent months, and loadings of
building also declined, while contracts for coal, which were curtailed during part of the
other private work increased somewhat month by work stoppages at some mines.
further. Total awards in September, as in Shipments of forest products declined conAugust, were 80 per cent larger than in the siderably from the high August level.
corresponding period last year. This higher
Commodity Prices
level reflected mainly a greater amount of
public construction, which was nearly three
Prices of industrial products continued to
times as large as a year ago, compared with advance in September and the first half of
an increase of about 10 per cent for private October and Federal price ceilings were anconstruction.
nounced for additional commodities, includOn October 9, the Supply Priorities and ing leading types of lumber, coke, wastepaper,
Allocations Board announced that, effective paperboard, acetic acid, alcohols, and carded
immediately, no public or private construc- cotton yarns. In some cases these ceilings
tion projects which use critical materials were below previously existing market quocould be started during the emergency unless tations. Price advances were permitted,
these projects were either necessary for di- however, for some other commodities under
rect national defense or essential to the Federal control. Prices of cotton and of
health and safety of the nation.
foodstuffs increased further in the first half
of September, but subsequently declined, owDistribution
ing partly to seasonal influences. On ThursDistribution of general merchandise day, October 16, prices of these commodities
showed less than the customary seasonal rise dropped sharply.
in September, following an unusually large
Bank Credit
volume of sales in August. During the past
Commercial loans at member banks conthree months sales have been larger than in
the corresponding period of any previous tinued to rise during September and the first
year. In the first half of October sales at half of October, reflecting in part defense
demands. Increases were substantial both
in New York and in other leading cities.
DEPARTMENT STORE SALES AND STOCKS
Holdings of United States Government obligations decreased, mainly at banks in leading cities outside of New York. Excess reserves of member banks showed little change
in this period.
United States Government Security Market
Following a slight decline in the first half
of September, prices of long-term Treasury
partially tax-exempt bonds increased during
the latter half of September and in the first
part of October. The yield on the 2% per
cent bonds of 1960-1965 reached a new record
low
of 2.01 per cent in October. Prices of
1940
1935
!936
taxable bonds moved within a relatively narFederal Reserve indexes of value of sales and stocks, adjusted row range during the period with yields
for seasonal variation, 1923-1925 average = 100. By months, Janslightly above previous low levels.
uary 1935 to September 1941.
1937
NOVEMBER 1941
1938
1939
1141
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY
BILLIONS OF DOLLARS
FIGURES
BILLIONS OF DOLLARS
24
24
MEMBER BANK
RESERVE BALANCES
TREASURY CASH AND DEPOSITS .
1935
1936
1937
1938
1939
1940
1941
10
10
-
-
REQlJ1RED RESERV ES
^ ~
f
-
ryf
2
f
,
\r
I
-
EXCESS RESERVES
2
fm*T
0
0
1935
1936
1937
1938
Latest figures for October 22.
1939
See page 1144.
1940
1941
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
1144
Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements
1145
Federal Reserve Bank statistics
1146-1150
Reserve position of member banks; deposits in larger and smaller centers.
1151
Money in circulation
1152
Gold stock and gold movements; bank suspensions; bank debits
1153
All banks in the United States, number, deposits, loans and investments.
1154
Condition of all member banks.
1155-1156
Weekly reporting member banks
1157-1160
Commercial paper, bankers' acceptances, and brokers' balances.
1161
Money rates and bond yields.
1162
Security markets
1163
Treasury finance
...
1164-1166
Governmental corporations and credit agencies; Postal Savings System
1167-1169
Business indexes
1170-1180
Department store statistics
1181
Wholesale prices
1182
Current statistics for Federal Reserve chart book
1183-1185
October crop report, by Federal Reserve districts
1185
Member bank earnings.
1186
Industrial Production—Major divisions and selected groupings expressed as
points in total index
1187-1189
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 1941
1143
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
TJ. S. Government
securities
Member
bank reserve
Treasbalances
Other
ury deposits Non- FedMoney Treasmemeral
ury
with
in cir- cash
ber
ReFedculadeserve
holderal
tion
posits acings
ReExcounts Total cess 1
serve
Banks
Total
Maturing
within 5
years
All
other
Ma- Reserve Total
turing Bank
after credit
5
years
2,450
2,444
2,434
2,184
2,184
2,184
1,202
1,201
1,191
951
951
951
1,247
1,244
1,243
1,234
1,234
1,234
63
57
64
111
92
101
2,515
2,505
2,503
2,298
2,284
2,297
20,260
20,718
21,064
22,651
22,700
22,740
3,017
3,028
3,040
3,156
3.173
3,188
7,884
7,967
8,095
9,670
9,839
10,061
2,206
2,277
2,287
2,303
2,360
2,379
391
885
781
949
829
476
1,316
1,451
1,535
1,774
1,839
1,836
261
262
265
289
286
13, 735
13,408
13,643
13,120
13. 004
13,184
6,752
6,407
6,582
5,193
5.017
5,116
2,448
2,436
2,434
2,184
2,184
2,184
1,202
1,192
1,191
951
951
951
1,246
1,244
1,243
1,234
1,234
1,234
32
76
46
104
80
2,484
2,515
2,485
2,293
2,275
2,264
20,463
20,913
21, 244
22,675
22, 719
22, 761
3,024
3,036
3,044
3,166
3,181
3,198
7,883
8,059
8,151
9,732
9.995
10,163
2,250
2,277
2,290
2,334
2,376
2,281
694
810
756
877
906
423
1,382
1,516
1,581
1,752
1,821
1,838
262
261
269
287
284
292
13,498
13, 541
13, 727
13,151
12, 794
13, 227
6,514
6,525
6,655
5, 215
4.796
5,169
1940—Dec. 4
Dec. 11
Dec. 18
Dec. 24
Dec, 31
2,195
2,184
2,184
2,184
2,184
1,020
1,020
1,048
1,048
1,048
1,176
1,165
1,136
1,136
1,136
67
51
117
149
88
2,266
2,241
2,306
2,336
2,274
21,827
21, 858
21,898
21,930
21,995
3,074
3,077
3,081
3,082
3,087
8,569
8,625
8,716
8,817
8,732
2,204
2.197
2,204
2,213
2,213
255
235
570
481
368
1,708
1,687
1.702
1,711
1,732
278
279
284
14.154
14,152
13, 804
13,837
14,026
6,816
6,785
6,395
6,438
6,615
1941—Jan. 8
Jan. 15
Jan. 22
Jan. 29
2,184
2,184
2,184
2,184
1,048
1,048
1,048
1,048
1,136
1,136
1,136
1,136
50
67
69
41
2,237
2,254
2,256
2,228
22,034
22,066
22,089
22,110
3,034
3,092
3,095
3,097
8,542
8,541
8,548
2,203
2,195
2,196
2,200
220
237
261
258
1,740
1,742
1,750
1,799
284
283
283
283
14, 284
14, 414
14, 410
14, 347
6,835
6,896
6,864
6,799
31
74
49
36
2,217
2,260
2,235
2,223
22,122
22,130
22,140
22,179
3,099
3,100
3,102
3,101
8,627
8,665
8,725
2,212
2,212
2,222
2,204
692
622
479
368
1, 784
1,837
1,785
1,752
283
283
282
281
13,842
13, 871
14,021
14,175
6,306
6,331
6,440
6,542
2,237
2,244
2,259
2,221
22, 237
22,318
22,335
22,359
3,103
3,106
3,104
3,108
8,805
8,811
8,826
8,842
2,192
2,196
2,208
2,230
391
421
913
906
1,772
1,748
1,721
1,788
280
280
289
14,136
14, 211
13, 741
13, 633
6,435
6,483
6,106
6,011
2,244
2,235
2,286
2,239
2,234
22,384
22,413
22,421
22,482
22,506
3,110
3,113
3,116
3,118
3,122
8,944
8,993
2,251
2,272
2,269
2,299
2,283
1,045
813
534
947
1,704
1,740
1,763
1,808
1,830
13,506
13,656
13,979
289 13, 506
13,524
5,941
6.027
6,264
5.760
5,771
2,292
Date
Bills
discounted
Monthly averages of
daily figures:
1940—July
Aug
Sept
1941—July.
Aug
Sept
End of month figures:
1940—July 31
Aug. 31
Sept. 30
1941—July 31
Aug. 30
Sept. 30
12
Gold
stock
Treasury
currency
outstanding
Wednesday figures:
Feb.
Feb.
Feb.
Feb.
5
12
19
26_.__.
2,184
2,184
2,184
2,184
1,048
1,048
1,048
1,048
1,136
1,136
1,136
1,136
Mar.
Mar.
Mar.
Mar.
5
12....
19...
26...
2,184
2,184
2,184
2,184
1,048
1,048
984
984
1,136
1,136
1,201
1,201
Apr.
Apr.
Apr.
Apr.
Apr.
2
9
16..__
23....
30....
2,184
2,184
2,184
2,184
2,184
955
955
1,008
1,008
1,008
1,230
1,230
1,177
1,177
1,177
73
35
59
46
100
53
48
May
May
May
May
7
14
21
28-_._
2,184
2,184
2,184
2,184
1,008
1,008
1,008
1,008
1,177
1,177
1,177
1,177
43
53
50
43
2,229
2,239
2,237
2,231
22, 525
22,538
22, 565
22, 573
3,125
3,129
3,131
3,133
9,151
9,155
9,186
9,294
2,280
2,221
804
762
477
462
1,905
1,961
1,972
1,926
288
287
13,440
13,458
13, 732
13,749
5,711
5,689
5,855
5,824
June
June
June
June
4
11
18
25
2,184
2,184
2,184
2,184
951
951
951
951
1,234
1,234
1,234
1,234
54
63
55
63
2,240
2,249
2,241
2,249
22,579
22, 593
22, 612
22,620
3,136
3,138
3,142
3,148
9,394
9,393
9,433
9,490
2,229
2,240
2, 258
2,275
941
1,024
1,081
1,852
1,809
1,855
1,891
285
285
295
295
13,201
13, 312
13,131
12,985
5,407
5,488
5.314
5,145
July
July
July
July
July
2
9
16
23....
30....
2,184
2,184
2,184
2,184
2,184
951
951
951
951
951
1,234
1,234
1,234
1,234
1,234
61
108
61
56
2,273
2,249
2,294
2,248
2,245
22, 627
22,640
22,655
22,664
22,673
3,150
3,152
3,157
3,161
3,163
9,704
9,695
9,645
9,634
9,697
2,276
2,291
2,309
2,320
2,330
1,039
849
954
921
1,820
1,756
1,792
1,759
1,748
289
289
288
13,125 5,265
12,971 5,124
13, 223 5,336
13,117 5,181
13,097 5,155
Aug. 6
Aug. 13—.
Aug. 20....
Aug. 27....
2,184
2,184
2,184
2,184
951
951
951
951
1,234
1,234
1,234
1,234
Sept. 3
Sept. 10....
Sept. 17...Sept. 24-...
2,184
2,184
2,184
2,184
951
951
951
951
Oct.
Oct.
Oct.
Oct.
2,184
2,184
2,184
2,184
951
951
951
908
1
8
15
22....
8,992
9,071
2,231
2,247
2,272
2,281
22,682
22,703
22,710
22,716
3,169
3,172
3,178
3,178
9,795
9,792
9,840
2,345
2,361
2,377
2,378
839
919
785
772
1,865
1,816
1,835
1,843
287
287
285
285
12,951
12,948
13,037
12,998
1,234
1,234
1,234
1,234
41
53
80
87
45
58
121
83
2,241
2, 255
2,316
2,279
22, 722
22, 733
22, 741
22, 749
3,180
3,185
3,188
3,194
10,034
10, 036
10,046
10, 070
2,400
2,397
2,408
2,350
708
456
334
379
1,834
1,843
1,836
1,856
284
283
293
293
4, 857
5,111
13, 328 5,249
13,273 5,202
1,234
1,234
1,234
1,277
49
70
121
103
2,244
2,265
2,313
2,291
22, 761
22, 772
22, 778
22, 786
3,196
3,203
3,207
3,214
10,183
10, 237
10, 283
10, 278
2,259
2,241
2,222
2,195
309
304
259
977
1,918
1,877
1,920
292
291
292
292
13, 240
13, 290
13, 321
12, 749
5,018
5,027
5,058
4,994
12,884
13,158
5,193
5,209
5,234
4,655
1
Includes industrial advances and bills bought, shown separately in subsequent tables.
2 End of month and Wednesday figures estimated.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article
together with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and
for excess reserves in BULLETIN for August 1935, pp. 499-500. Back figures for end of month and Wednesday dates since January 6,1937 on maturity
distribution of security holdings will be supplied on request.
1144
FEDERAL RESERVE BULLETIN
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Secured by direct and
eligible guaranteed obligations of the U. S.
Federal Reserve Bank
Rate
Nov. 1
In
effect
beginning-
All other
To banks
In
effect
beginning-
Rate
Nov. 1
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
Philadelphia.....
Cleveland
Richmond
Atlanta
Chicago
Bt. Louis
M inneapol is
Kansas City
Dallas
San Francisco __.
Advances secured by direct obligations
of the United States (last paragraph of
Section 13 of the Federal Reserve Act)
Advances under Section 10 (b) of the
Federal Reserve Act
Sept. 1,
Aug. 27,
Sept. 4,
M a y 11,
Aug. 27,
Aug. 21,
Aug. 21,
Sept. 2,
Aug. 24,
Sept. 3,
Aug. 31,
Sept. 3,
1939
1937
1937
1935
1937
1937
1937
1937
1937
1937
1937
1937
Rate
Nov. 1
In
effect
beginningSept. 2,
Oct. 10,
Sept. 4,
Oct. 19,
Sept. 10,
Aug. 21,
Aug. 21,
Sept. 2,
Aug. 24,
Sept. 3,
Aug. 31,
Sept. 17,
Rate
Nov. 1
To others
In
effect
beginning—
In
Rate
effect
Nov. 1 beginning—
Sept. 1,1939
Aug. 25, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 1, 1939
Sept. 16, 1939
Sept. 16, 1939
Sept. 1, 1939
1937
1935
1937
1935
1937
1937
1937
1937
1937
1937
1937
1937
Apr. 29,
Feb. 8,
Sept. 1,
May 11,
Feb. 19,
Apr. 23,
Oct. 16,
Feb. 23,
Oct. 8,
Apr. 16,
Apr. 16,
Oct. 19,
1938
1934
1939
1935
1934
1938
1933
1935
1938
1938
1938
1933
1
Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Rate in
effect on
Nov. 1
Maturity
In effect beginning—
Previous
rate
Oct. 20, 1933
._..do
.do.
_do_.
_do_.
.do..
_do_.
1-15 days i___.
16-30 days
31-45 days
46-60 days
61-90 d a y s . . . .
91-120 d a y s . . .
121-180 days..
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
New York on prime bankers' acceptances payable in dollars; higher
rates may be charged for ftther classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures.—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
Aug. 16, Mar. 1, M a y 1,
193719361937Feb. 28, Apr. 30, Apr. 15,
1937
1938 2
1937
Apr. 16,
1938Oct. 31,
1941
Effective
Nov. 1.
1941 2
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect Nov. 1 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote8]
Advances to or in participation with financAdvances
ing institutions
direct to
Commitindustrial
Federal Reserve
On porments
Bank
or comtion for
to make
On remercial orwhich
advances
maining
ganizations instituportion i
tion is
obligated i
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta....
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
_.
4-6
3
2-3
4-6
4-6
3-6
4
3-6
3-6
4-6
4-6
4-6
3-6
4
4
3-4
2-5
1-3
4-6
3-6
<")
3-6
4
4-6
4-5
1-2
1-2
34-2
i The Federal Reserve Banks of New York, Philadelphia, Cleveland,
On net demand
Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City,
deposits:i
and Dallas may charge same rate as charged borrower by financing
22«4
Central reserve city,.
26
26
22M
institution, if lower than rate shown.
Reserve city .
_
15
20
20
17^
*3 Same as rate charged borrower by financing institution.
WH
12
Country
14
14
12H
One per cent less than rate charged borrower by financing institution.
4
On time deposits:
One per cent less than rate charged borrower by financing institu5
All member b a n k s . . .
6
4H
6 tion with minimum of three per cent (see note l).
5
One-half of one per cent less than rate charged borrower by financing
1
See footnote to table on p. 1151 for explanation of method of cominstitution with minimum of four per cent (see note l).
puting net, demand deposits.
•
Minimum charge one-fourth of one per cent.
2
Percentages in this column are double the statutory requirements,
which were in effect June 21, 1917-Aug. 15, 1936.
MARGIN REQUIREMENTSl
Prescribed by Board of Governors of the Federal Reserve System in
accordance with Securities Exchange Act of 1934
[Per cent of market value]
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
_.For short sales, under Regulation T
For loans by banks on stocks, under Regulation U_.
Apr. 1,
1936Oct. 31,
1937
Nov. 1,
1937
55
(J)
»55
40
60
40
1941
Nov. 1, 1933 Feb. 1, 1935
to
to
Jan. 31, 1935 Dec. 31, 1935
and
after
* Regulations T and U limit the amount of credit that may be ex
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown in this table are the difference between the market value (100%) and the maximum loan value.
1
Requirement under Regulation T was the margin "customarily
required" by the broker.
» Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements
on "omnibus" accounts and loans to brokers and dealers.
NOVEMBER
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
In effect
beginning
Jan. 1, 1936
Savings deposits
Postal savings deposits
Other time deposits payable in:
6 months or more.
90 days to 6 months
Less than 90 days
NOTE.—Maximum rates that may be paid by insured nonmember
banks as established by the Federal Deposit Insurance Corporation,
effective February 1, 1936, are the same as those in effect for member
banks. Under Regulation Q the rate payable by a member bank may
not in any event exceed the maximum rate payable by State banks or
trust companies on like deposits under the laws of the State in which
the member bank is located.
1145
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month
Wednesday figures
Oct. 22
Oct. 15
Oct. 8
Oct. 1
1940
1941
1941
Sept. 24
Sept. 17
Sept. 10
Sept.
Sept. 3
Sept.
Aug
Assets
Gold certificates on hand
and due from U. S. Treas20, 560,029 20, 525,032 20, 501,030 20,466,031 20,362,029 20,297,032 20, 297,032 20, 299,032 20, 446,030 20, 299,030 18, 928,300
ury
Redemption fund—F. R.
11,789
15,146
14,729
16,386
14,729
15,743
16,386
15,146
13,289
14,153
14,010
notes
331, 586
256,847
262,666
250,885
252,404
269,462
267,065
235,953
267, 533
243,391
250,498
Other cash
Total reserves _
Bills discounted:
For member banks
For nonmember banks,
etc
20,840,851 20,789,683 20,758,431 20,733,164 20,647, 234 20, 580,483 20, 576,084 20, 550,131 20,711,644 20,571,023 19,271, 675
3,545
7,762
10, 771
10,869
11,317
10,684
13,405
12, 219
10, 768
10,814
200
200
200
200
200
200
200
200
410
10,884
13,605
12,419
10,968
11,014
5,041
9,701
9,681
8,918
9,801
8,604
Total bills discounted.
3,545
7,762
10,971
11,069
11,517
Industrial advances
U.S. Government securities:
Direct
Bonds
Notes
Guaranteed
9,570
9,273
9,087
8,902
8,964
4,631
1,402,200 1,359,200 1, 359,200 1, 359,200 1,359,200 1, 359,200 1, 359, 200 1, 359, 200 1, 359,200 1, 359, 200 1,312,000
820,300 1,115,000
820,300
777,300
820,300
820,300
820,300
820,300
820,300
820,300
820,300
6,600
4,600
4,600
4,600
4,600
4,600
4,600
4,600
4,600
4,600
4,600
Total U. S. Government securities, direct and guaranteed.
Other Reserve Bank credit
outstanding
2,184,100 2,184,100 2,184,000 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,433, 600
Total Reserve Bank
credit outstanding...
2,290, 582 2,312,905 2,264,835 2, 243, 709 2,278,750 2, 315,676 2,255, 234 2, 241,078 2, 264,466 2, 275,270 2, 485,126
93,367
111, 770
60,677
74,169
47,828
111, 796
34,878
60,480
70,355
37,881
Liabilities
F. R. notes in actual circulation
7, 352,047 7, 350,851 7,299,505 7,255,733 7,164,250 7,147,456 7,129,940 7,117,836 7, 233,999 7,079, 505 5,449,878
Deposits:
Member bank—reserve
account
12,748, 587 13, 321,390 13, 290, 448 13,240,448 13, 273,084 13, 327,926 13,158, 335 12,884, 323 13, 227, 293 12, 794, 227 13, 726,906
U. S. Treasurer—general
755,747
account
422,880
906,190
977,178
258,814
708,465
308,748
455,691
378,956
333,762
304,023
Foreign
1,140,505 1,188,259 1,165,164 1,184,983 1, 111, 359 1,126,450 1,143,825 1,152,015 1,114,080 1,136,350 1,054,790
525,865
Other deposits
724,333
684,477
659,405
731,908
744,984
681,726
711,401
733, 445
709,232
698,933
Total deposits..
Ratio of total reserves to deposit and F. R. note liabilities combined
(per
cent)
15, 525,675 15, 500,371 15, 471,036 15,467, 624 15, 508,383 15,497,370 15,456, 784 15,426, 529 15,488, 586 15, 521,244 16,063, 308
91.1
91.0
91.2
91.2
91.1
91.1
90.9
91.2
91.2
91.0
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollarsl
Bills discounted:
Oct. 1 . . . . .
Oct. 8
Oct. 15
Oct. 22
Industrial advances:
Oct. 1
Oct. 8
Oct. 15
Oct. 22
.
U. S. Government securities, direct and guaranteed:
Oct. 1
Oct. 8
Oct. 15
Oct. 22 -
1146
91 days 6 months lyear
to
to
to 6
1 year
2 years
months
2 years
to
5 years
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
11,069
10,971
7,762
3, 545
8,339
8,923
6,215
1,753
1,111
761
669
156
1,214
997
536
522
250
143
139
360
150
142
191
706
5
5
12
48
8,902
9,087
9,273
9,570
2,549
2,575
2,569
2,816
312
321
332
390
170
167
187
421
438
569
649
423
878
902
896
877
1,484
1,488
1,495
1,572
1,680
1,678
1,698
1,636
1,391
1,387
1,447
1,435
43,000
43,000
43,000
84,800
84,800
84,800
84,800
66,200
66, 200
66, 200
66, 200
208,200
208, 200
208,200
208,200
548,300
548, 300
548, 300
548,300
Total
2,184,100
2,184,100
2,184,100
2,184,100
Over
5 years
1, 233,600
1, 233,600
1, 233,600
1,276,600
FEDERAL RESERVE BULLETIN
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates on hand
and due from TJ. S.
Treasury:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Redemption Fund—Federal Reserve notes:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Other cash:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Total reserves:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Bills discounted:
Secured by U. S. Government obligations,
direct and guaranteed:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Other bills discounted:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Total bills discounted :
Sept, 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Industrial advances:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
U. S. Government securities, direct and guaranteed:
Bonds:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Notes:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Total U. S. Government
securities, direct
and
guaranteed:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
NOVEMBER
1941
20, 297,032
20,362,029
20.466,031
20, 501,030
20.525,032
20,560,029
Boston
New
York
Philadelphia
Cleveland
165,291 8,466, 882 1., 285,
i, 122 ,562,934
1
186,757 8,482, 408 1,288,142 1, 567,634
172,081 , 6,641
. 1,269,
,619, 585
197,660 8,429,686 1,280,429 1,615,632
202,609
1,294,225 1,647,605
240, 767 I) 495,112 1, 293, 518".,
1 663,678
16, 386
15,743
14,729
14,010
14,153
13, 289
4,!
4,853
4,757
4,721
4,677
4,634
1,773
1,658
1,299
1,170
1,009
852
1,015
968
821
765
695
629
920
871
729
679
620
560
267,065
269,462
252,404
243, 391
250,498
267, 531
27, 219
27, 588
27,435
26, 340
25, 610
26, 382
60,042
64,416
54,707
55, 771
50,136
57,147
17, 531
16,407
17, 223
16,394
17, 292
17,466
17,425
22,388
17,041
18, 214
15,678
19,553
20, 580,483
20,647, 234
20, 733,164
20, 758,431
20, 789,683
20, 840, 851
1,197, 393
1, 219,198
1, 204, 273
1, 228, 721
1, 232, 896
1, 271, 783
1,610
1,920
1
1,591
1
1,351
150
150
1,240
1,415
1,155
1,125
925
595
8
155
163
108
58
58
100
100
100
100
100
200
19
19
19
19
200
200
8,130
8,481
8,450
8,477
5,209
25
56
56
56
56
37
52
9,370
9,896
9,605
9,602
6,134
27
174
182
127
58
58
156
156
156
156
137
252
3,698
3,669
3,623
3,623
3,609
3,573
255
247
219
213
222
211
9,274
9,597
9,409
9,380
6,275
2,194
8, 528,697 1, 303,668 1, 581, 279
8, 548,482 1, 305, 5171, 590,893
8, 542,647 1, 287, 9581, 637, 355
8,486, 627 1, 297, 5881, 634, 525
8,437, 422 1,312,212 1, 663, 903
8, 553, 1111,311,613 1, 683, 791
10, 884
11,517
11,069
10, 971
7,762
3,545
8,896
8,964
8,902
9,087
9, 273
9,570
1,436
1,667
1,667
1,661
1,655
1,895
1,183
1,083
1,081
1,086
1,086
1,096
363, 800
363, 800
363,800
363, 800
363,800
406, 800
99, 286
99, 286
105, 744
105, 744
105, 744
109,078
384,113
384,113
353, 624
353, 624
353, 624
364, 773
107, 301
107, 301
107, 412
107, 412
107, 412
110,798
820, 300
820,300
820, 300
820, 300
820, 300
777, 300
59, 719
59,719
63, 604
63, 604
63, 604
60, 270
231,036
231,036
212, 697
212, 697
212, 697
201, 548
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
2,184,100
159,005
159,005
159,005
159, 005
159,005
169, 348
615,149
615,149
615,149
615,149
615,149
566,321
350
350
Rich-
San
AtSt. Min- Kansas Dallas Franlanta Chicago Louis neapcisco
olis City
735, 905 495, 286 3,428, 338 550,443 340,
687 480, 557 330,684 1,454, 903
" • 1,436,838
743, 755 499,933 3,459,700 549,414
"'" 334,198 483,462 329, 788
028 550,915 342, 388 488,781 352, 038 1,440, 569
747,653 497,438 3,498,'""
055 356,464 1,458, 537
779,620 506,105 3,458, 242 569,779 347,821 501,"""
790,663 514,241 3,427, 227 573,860 346', 979 506,176 356,153 1, 479,017
772, 653 508,355 3, 341,043 573,368 345, 861 500,676 359,657 1,465,341
1,775
1,477
1,566
1,263
1,884
1,491
464
442
374
350
321
292
1,218
1,175
1,011
959
896
837
902
893
861
848
835
822
552
548
534
526
520
514
478
470
445
433
422
410
731
725
708
687
679
671
1,675
1,663
1,624
1,609
1,595
1,577
29, 907
11,755
10, 240 27, 721
8,732 26,246
9,703 24, 542
10, 445 24,808
27,968
11, 503
1, 486, 485
753,050 516,936 3, 467, 813 562, 360 346,662 492, 970 343,170
758,221 519,040 3, 500,629 561 882 340,105 496, 292 340, 753 ,1466, 222
764, 704 515, 544"i,3,536,453 566,844 347, 345 500,124 361,478 1, 468,439
791, 895 522, 3293,495,112 584,132 353!1,262 512, 698 366;
"», 8541, 484, 688
809,474 534,196 3, 463,921 592, 257 352, 484518, 221 367, 277 1, 505,420
9, 558 527, 3553, 379, 798 59lj 918 351, 209 513,
,998 371,831 1,494,886
15.370
12,989
15,485
11,012
16, 927
15,414
21,186
18,665
17, 732
15,874
19,634
18, 708
38, 257
39, 754
37,414
35,911
35, 798
37, 918
11,015
11,575
15,068
13, 505
17, 562
17, 728
5,423
5,359
4,423
4,915
4,985
4,834
11,935
12, 360
10, 898
11,210
11, 623
12, 912
50
10
10
20
20
30
140
89
127
142
124
51
54
159
109
6
162
165
242
241
266
1, 295
617
577
522
522
512
53
192
142
172
175
262
261
296
1,435
687
744
719
646
573
566
65
15
15
15
33
53
81
96
96
298
298
294
294
284
283
143
143
143
138
138
137
33
15
15
15
15
56
56
27
36
42
42
24
24
24
49
25
25
810
803
801
801
793
792
161
160
174
176
265
271
349
332
342
336
332
336
200
300
400
141, 895
141, 895
134, 809
134, 809
134,809
139,060
74, 720
74, 720
84, 293
84, 293
84, 293
86,951
57, 484
57, 484
58, 227
58, 227
58, 227
60, 063
166, 999
166, 999
186, 227
186, 227
186, 227
192,099
65,!
65, 886
69, 382
69, 382
69, 382
71, 570
38, 477
38,477
40, 590
40, 590
40, 590
41, 870
66,2
58, 653
58, 653
58, 653
60,502
53, 594
53, 594
47, 800
47, 800
47, 800
49, 307
107, 765
107, 765
117,039
117,039
117,039
120, 729
64, 541
64, 541
64,605
64, 605
64, 605
61, 219
85, 348
85, 348
81,084
81,1
81,084
76,833
44, 943
44, 943
50,703
50, 703
50,703
48, 045
34, 577
34, 577
35,022
35, 022
35,022
33,186
100, 446
100,446
112,012
112,012
112,012
106,141
39, 630
39, 630
41, 731
41, 731
41,731
39, 544
23,144
23,144
24, 414
24, 414
24, 414
23,134
39,864
39,864
35, 279
35, 279
35,279
33, 430
32, 235
32, 235
28,752
28,752
28, 752
27, 244
64, 817
64,817
70, 397
70, 397
70,397
66, 706
171,842
171,842
171, 842
171,842
171, 842
172,01
227, 243
227, 243
227, 243
227, 243
227, 243
215,893
119,663
119, 663
119, 663
119, 663
119,663
134,996
92,061
92,061
92,061
92, 061
92, 061
93, 249
267, 445 105, 516
267, 445 105,516
267, 445 105, 516
267, 445 105, 516
267, 445 105, 516
298, 240 Hi, 114
61, 621 106,144
61, 621 106,144
61, 621 106,144
61,621 106,144
61, 621 106,144
65, 004 93,932
85, 829
85, 829
85, 829
85, 829
85,829
76, 551
172,582
172,582
172, 582
172, 582
172,582
187, 435
64
64
114
130
482
466
462
463
493
480
1147
Federal Reserve
Banks—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St.
Louis
Minneapolis
105,708
105, f ~
111,119
111,319
111,413
111, 528
62,192
62,176
65, 530
65, 531
65, 611
65, 614
KanSan
sas Dallas FranCity
cisco
Assets—Continued
Total bills and securities:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
D u e from foreign banks:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Federal Reserve notes of
other banks:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Uncollected items:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Bank premises:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Other assets:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Total assets:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Liabilities
Federal Reserve notes in
actual circulation:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Deposits:
Member bank—reserve
account:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
U. S. Treasurer—general account:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Foreign:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Other deposits:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
2, 203,:
2, 204, 581
2,204,071
2, 204,158
2, 201,135
2,197,215
160,441
160, 672
171,015
171,009
171,353
171,593
625, 702
626,128
577,007
577,009
573, 541
568,037
175, 567
175, 685
175,822
175, 767
175,684
175,648
227, 654
227, 646
216,268
216, 262
216, 252
216,356
120, 519
120, 512
135, 806
135, 806
135, 789
135, 788
92, 278
92, 277
93, 450
93, 461
93, 556
93, 562
47
47
47
47
47
47
3
3
3
3
3
3
18
18
18
18
18
18
5
5
5
5
5
5
4
4
4
4
4
4
2
2
2
2
2
2
2
2
2
2
2
41,900
39,422
37, 718
38, 717
40, 674
38, 271
1,625
1,202
1,106
1,110
1,076
1,248
3,974
2,959
2,750
2,937
5,234
2,708
1,405
1,417
1,428
1,445
1,132
1,483
1,
1,914
2,189
1,
2,588
2,219
14, 575
14,235
14,633
15, 011
13,822
13, 754
2,334
3,319
1,915
2,659
2,906
2,706
267,818
267,801
298,605
298, 624
298, 596
298, 601
106, 397
106; 415
94,290
94,289
94, 324
95, 463
1
1
1
1
1
1
86, 814
86,871
77, 565
77, 492
77, 409
77, 400
172, 790
172,740
187, 594
187, 589
187, 607
187,625
1
1
1
1
1
1
4
4
4
4
4
4
2,304
2,406
2,273
2,167
2,219
2,633
1,048
1,825
1,065
1,029
861
905
4,374
3,611
3,557
3,250
4,000
3,405
857
625
531
876
1,305
964
4,805
3,375
3,472
3,418
2,947
3,779
164,100 108,616 51, 571 198,266 70, 523
116, 901 83, 959 38, 567 137,087 47, 414
134, 642 86, 718 43,613 145, 554 44, 775
103, 362 79, 469 41, 554 123, 470 46, 793
172,852 112, 248 58,135 226,019 61,952
127,001
86,118 45,101 156, 436 47,439
30,848
26, 421
24,178
26,974
30,174
27, 759
49, 581
46, 635
47,020
39, 214
55,170
48,415
44,348
36,861
36,108
32, 366
52, 308
40, 392
77, 561
58, 111
64,047
55,096
77,845
70, 760
1,348
1,348
1,345
1, 345
1,345
1,345
2,916
2,916
2,900
2,900
2,900
2,900
1,166
1,166
1,158
1,158
1,158
1,158
2,791
2,785
2,785
2,785
2,785
2,785
2,613
2,534
2,799
2,946
2,584
2,467
293,696
210, 684
255, 999
198,787
363, 747
251, 515
83,497
62,182
70,775
59,490
92, 567
69,053
10, 262
10,401
10, 404
10,404
10, 404
10, 548
4,856
4,856
4,845
2,851
2,916
3,198
3,236
3,139
3,186
11, 262
11,694
11,311
11,475
11, 385
11, 370
3,571
3,600
3,604
3,661
3,569
3,637
4,
4,854
4, 765
4,851
4,734
4,766
7,147,456
7,164, 250
7, 255, 733
7, 299, 505
7,350,851
7, 352,047
593, 288
595,142
601, 472
605, 566
612,139
611,152
1,859, 559
1,859, 748
1,878, 309
1,877,469
1, 895,191
1,888, 986
499, 550
500, 994
503, 779
505, 567
509, 321
509,459
682, 867
686, 852
691, 566
696,136
695,903
13, 327, 926
13, 273, 084
13,240,448
13, 290, 448
13,321,390
12, 748, 587
676, 430
683, 052
686, 675
696,612
709,449
666,095
6,138, 594
6,098, 591
5, 989,464
5, 994,116
5,979,074
5, 757, 623
801, 763 974, 332
804, 086 969, 579
786,399 985, 432
801,080 976,769
800,162 1,009,139
767, 547 967,050
333, 762
378,956
308, 748
304,023
258.814
977,178
25,406
30,756
18, 391
29, 294
9, 853
95, 626
56, 765
82,255
54,120
53, 853
29,273
413,929
24, 098
32,262
29, 302
19,065
21, 552
65,032
15, 788
24,074
38. 827
31, 545
23, 505
90, 253
28, 260
18.473
20, 582
17.474
19, 329
35, 764
15,810
23,894
17,186
11,031
20, 289
33, 729
35,429
42,060
35,759
43, f "
33,788
70, 425
33,416
28,048
24, 530
21, 706
23,187
32, 259
23,010
21,327
20,396
18, 836
17,915
38, 741
24, 993
27.821
24,123
20, 962
25, 858
28.822
24, 681
20,762
14, 781
17,121
17,750
31,674
26,106
27,224
10, 751
19,480
16, 515
40,924
1,126,450
1,111,359
1,184, 983
1,165,164
1,188, 259
1,140, 505
52,048
52, 471
50, 761
50, 675
52,951
51,795
440,395
434, 402
510,632
458,727
458, 833
442, 664
107,320
105,712
105, 561
111, 007
114,514
109, 361
101, 78S
100, 263
100,120
105, 285
108, 611
103, 723
47, 575
46,862
46, 795
49, 209
50,764
48,479
38, 724
38,144
38,089
40,054
41,319
39,460
132,767
130,778
130,591
137,329
141,667
135,291
33,192
32, 694
32, 648
34, 332
35,411
33,823
24,341
23,976
23,942
25,177
25, 972
24,803
32,085
31, 605
31,559
33,188
34, 236
32, 695
32,085
31, 605
31, 559
33,
34, 236
32, 695
84,130
82, 847
82,726
86, 993
89, 739
85, 716
709,232
744, 984
733,445
711,401
731,908
659, 405
6,404
7,313
8,182
5,556
11,153
7,492
595, 809
624,012
610,877
596, 746
582, 909
543, 289
16,450
14, 265
14, 751
13, 648
21,181
12, 960
27, 510
28, 623
28, 730
28, 623
38, 396
30,984
6,096
7, 401
7,012
6,323
7,422
6,890
7,890
9,422
8, 286
8,370
8,179
7,790
4,995
5,073
6,020
5,368
11, 347
4,792
8,602
10,212
9,400
10, 258
8,608
5,830
6,315
6,740
6,687
9,451
6,493
2,611
5,942
4,754
730
702
1,538
919
1,240
1,262
26, 509
27, 314
26, 343
25, 975
27,088
26, 207
1, 296, 599
956, 918
1,058,511
896,730
1, 433, 599
1,072,061
40, 662
40, 781
40,732
40, 754
40, 840
40,983
42, 369
43, 221
44, 406
44,944
44,118
44,417
24, 205, 940
23, 932, 204
24,118, 649
23, 983, 781
24, 550, 096
24, 233, 845
123,992
92,096
105,082
90,155
130, 582
102,072
2,796
2,796
2,791
2,791
2,791
2,791
4^867
4,867
4,488
4,476
4,476
4,476
4,476
4,463
2,784
2,784
2,791
2,791
2,878
2,892
1,963
1,962
1,959
1,959
1,959
2,997
2,997
2,991
2,991
2,991
2,991
2,295
2,294
2,287
2,287
2,286
2,285
3,762
4,902 1,933 1,232 2,016 1,667
3,816
2,035 1,710
4, r ~ 1,973 1,251
4,168
1,353 1,863 1,589
2,118
5,639 2,132 1,355 1,889 1,551
4,234
5,738 2,067 1,323 1,845 1,555
4,127
5,640
4,141
1,350 1,853 1,581
5,640
1, 489,101 9,473,611 I, 572, 5691,984, 341 1,002,116 666,
1,124 443, 330 658, 255 478, 0231,748,198
i, 8573,944,415 745,
1,478, 883 9, 410, 3661, 553, 2621,946, 688 982,311 656.
'21,628 433,126 657, 905 467. 1, 707,053
""" 978 3,916,017 7:
1, 487,468 9, 400,1361, 544,4371, 999,6991,007, 573 658,362 3,992.047 729,417 440,816 549,755 478,430 1,730,509
1,497,025 9, 287, 2571, 542, 8231, 965, 3491,027,917 663,
!, 8433, 928, 887 748, 831449,496 354, 241 480, 2981, 737,814
1, 541, 840 9, 401, 7511, 590,0362, 064,809 1
,077,105 692,596
!, 5963, ', 757772,195 451, 798 676, 461 501,0131, 780, 735
1, 552, 676 9, 397, 3071, 566,3062,038,600 1, 031,042672, 549 3, 845,939 757, 902 448,182 666,035 493, 327 1, 763,980
*2, 570
2,598
2,919
2,943
2,892
1,773
1,811
1,879
1,1
1,842
1,865
270,120 182, 327 237,410 113,421
360, 629 235,762 1,515,496 270,
363, 393 236,679 ,518, 673 274,451 182, 501 237, 719 114,849
375, 661 243,004 1, 529, 757281, 670 184,471 241, 311 121, 373
382, 357 247,185 1, 535, 280 286, 186,493 242, 528 123,003
390,164 246,942 ,543,760 288, 742 186, 380 242, 332 122, 373
388,100 246, 796 1, 550, 355289, 657 187, 722 242, 679 122, 345
599,006
597, 234
608,074
616,023
617, 371
618,893
324, 313 171, 702 300,633 252,677
439,687 304.,464 2,024,
',164 167, 514 299,065 254, 664
814 2,024,640 319,
455.318
458,699 296,f, 5112,063, 343 324,541 174, 354 292,065 261, 282
\ 034 178,953 304,170 260,672
480,165 305,039 2,036,486 339,
.,508 308,906 263,090
483, 452 308. 819 2,001, 325 346,028 176,
', 469 304, 974 253,788
r 695 157,
452. 421 286, 252 1 891, 370 334,
918,826
898,597
921,683
917, 352
935,438
909,303
3'284
2,638
* Less than $500.
1148
FEDERAL RESERVE BULLETIN
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Liabilities—Continued
Total deposits:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Deferred availability items:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Other liabilities, including
accrued dividends:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Total liabilities:
Sept. 17
Sept. 24
Oct. 1
.
Oct. 8
Oct. 15
Oct. 22
15, 497, 370
15, 508, 383
15,467, 624
15,471,036
15, 500, 371
15, 525, 675
Boston
New
York
Philadelphia
760,288
773, 592
764,009
782,137
783,406
821,008
7, 231, 563
7, 239, 260
7,165,093
7,103,442
7,050,089
7,157, 505
1,184, 850 109,523
882, 796 84.138
1, 018,920 95,903
836,100
83.139
1, 321, 876 120,276
978, 741 94, 507
252,859
181, 549
227, 077
176,496
326,437
220,806
88,563
61,114
69,897
57, 671
88, 534
67,069
408
401
493
597
426
405
912
1,068
972
1,129
1,293
1,233
299
350
268
3,473
3,950
3,692
4,307
4,186
4,
Cleveland
949,631 1,119,418
'., 122, 539
956,"'"
325 1.
936, 013 1,, 153,109
944, 800 1,142,222
957,409 1,179,651
954, 900 1, 192,010
391
Richmond
At- Chicago
lanta
Minneapolis
Kansas Dallas
City
San
Francisco
521,618 366, 888 2,197, 696 399,319 224,883360, 322 310,173 1,055, 571
219,132 364,433 307,733 1,035,982
528,054 370, 274 2, 202, 551388,
' 5081219,132
533, 088 360,072 2, 235,713391,931
391,931 225,432 352, 501 309,160 1,041,503
364,494
2,
222,839
404,472
553,171
:,472 229,653 362,106 311,900 1,049,800
560, 967
"~ 378,306 2,188,127 414,890
284319
316, 316 1,068, 780
:,890 229,846 372,12Q
__.
543, 554 367, 2312,101, 878 409, 385 227, 506
149,147 103,510 50,448 183,165
106, 359 74,451 36, 238 146,657
124,846
82,466 41,519 178,495
96,595
75, 894 38, 381 122,606
154,079 109,484 53, 274 219, 703
115,713
82,879 44, 709 145,473
397
348
423
403
429
St.
Louis
325
370
356
395
380
393
106
128
118
133
126
162
348
431
361
437
423
478
63,687
46,649
43,813
45,871
56, 568
46, 841
21,666
21,094
23, 506
25, 751
23,120
49,i
44,279
44, 503
38,144
50,405
42, 765
42, 808
33, 763
36, 271
33, 753
50,701
39, 879
65,750
45,933
53,036
44,044
66, 664
54,980
123
140
139
148
137
144
120
130
131
154
142
143
146
155
138
145
159
160
139
158
151
171
160
160
184
222
217
272
249
290
23, 833,149 1,463, 507 9, 344, 893 ,1 538,043 1,949,816 986,082 653, 2043, 896, 705733, 249 433, 639 646,959 466,541 1,720, 511
23, 559, 379 1,453,273 9, 281, 625 ,518,
1
783 1,912,162 966; 268 643, 319 3, 868, 312 748 423,429 646, 586 456,503 1, 679, 371
23,745,969 1, 461, 877 9, 271, 4511, 509,957 1,965,155 991, 571 644, 713 3, 944, 326709,
717, 553 431,128
638, 453 466, 9551, 702,830
23,610,948 1,471,439 9,158, 536 1,508,341 1,930,
1,011,817 650,193 3, 881,162 736, 959 439, 806642, 923 468,827 1, 710,139
24,177, 284 1, 516, 247 9, 273,010 1
,555, 552
" "1,030,269
1,,060,
,995 678,948 3,952,013 760, 337 442,119 665,180
, , 489, 5501, 753, 064
2,
23, 860, 851 1, 527,072 9, 268, 530 ,1 531, 8192, 004, 055 1, 014, 926 658, 8981,798,184
3,
746,027 438,491 654, 733 481,803 1, 736, 313
Capital Accounts
Capital paid in:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Surplus (section 7):
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Surplus (section 13b):
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Other capital accounts:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Total liabilities and capital
accounts:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Commitments to make industrial advances:
Sept. 17
Sept. 24
Oct. 1
Oct. 8
-.
Oct. 15
Oct. 22
NOVEMBER
1941
141,045
141,013
141,043
141,155
141,173
141, 248
9,361
9,361
9,362
9,361
9,361
9,362
51, 724
51, 725
51, 734
51, 759
51, 772
51, 772
11,908
11, 860
11, 860
11, 859
11,859
11, 860
14, 599
14, 599
14, 600
14, 601
14,600
14, 603
5,542
5,548
5, 549
5,639
5,639
5,639
4,843
4,847
4,848
4,848
4,!
4,848
15,087
15,091
15,098
15.094
15.095
15,097
4,367
4,368
157,065
157,065
157,065
157,065
157,065
10,'
10,906
10, 906
10,906
10, 906
10,906
56, 447
56,447
56, 447
56,447
56, 447
56,447
15,144
15,144
15,144
15,144
15,144
15,144
14, 323
14, 323
14, 323
14, 323
14, 323
14, 323
5,247
5.247
5. 247
5. 247
5.247
5,247
5,725
5,725
5,725
5,725
5,725
5,725
22, 824
22, 824
22, 824
22, 824
22, 824
22,824
26, 785
26, 785
26, 785
26, 785
26, 785
26,785
2,874
2,874
2,874
2,874
2,874
2,874
7,070
7,070
7,070
7,070
7,070
7,070
4,393
4,393
4,393
4,393
4,393
4,393
1,007
1,007
1,007
1,007
1,007
1,007
3,244
3,244
3,244
3,244
3,244
3,244
713
713
713
713
713
713
47, 896
47,962
47, 78^
47,828
47,789
47, 896
2,453
2,469
2,449
2,445
2,452
2,462
13,477
13,499
13,434
13, 445
13, 452
13,'
3,081
3,082
3,083
3,086
3,088
3,090
4,596
4,597
4,614
4,612
4,610
4,612
2,001
2,004
1,962
1,970
1,980
1,986
2,372
2,374
2,363
2,364
2,361
2, 365
157, " " •
4^368
4,368
4,376
3,004
3,004
3,006
3,007
3,011
3,011
4,550
4,550
4,551
4.552
4,552
4,553
4,296
4,296
4,296
4.296
4,296
4,356
11, 764
11,764
11,771
11.771
11,771
11,771
4,925
4,925
4,925
4,925
4,925
4,925
3,152
3,152
3,152
3,152
3,152
3,152
3,613
3,613
3,613
3,613
3,613
3,613
3,974
3,974
3,974
3,974
3,974
3,974
10, 785
10, 785
10, 785
10,785
10,785
10, 785
1,429
1,429
1,429
1,429
1,429
1,429
533
533
533
533
533
533
1,000
1,000
1,000
1,000
1,000
1,000
1,138
1,138
1,138
1,138
1,138
1,138
1,263
1,263
1,263
1,263
1,263
1,263
2,121
2,121
2,121
2,121
2,121
2,121
8,370
8,361
8,370
8,378
8,396
8,405
2,050
2,054
2,038
2,046
2,032
2,041
2,535
2,541
2,530
2,531
2,516
2,528
1,995
2,018
2,000
2,015
1,978
I, 1 ""
1,949
1,951
1,942
1,938
1,930
1,931
3,017
3,012
3,002
2,998
2,994
2,990
24, 205,940 1,489,101 9, 473, 6111, 572, 569 1,984,341 1,002,116 666, 8573, 944, 415 745,124 443, 330 658,255 478,
,023 1, 748,198
23, 932, 204 1, 478,883 9, 410, 3661, 553, 262 1,946, 688 982, 311
656, 978 ~i,
3, 916,017721, 628 433,126 657,905 467,987 1,707,053
24,118,649 1, 487,468 9,400,136 1, 544,437 1, 999,699 1,007,573 658, 362 3,
i, 992,047729,417 440,816 649, 755 478,430 1, 730, 509
4,241 480, 298 1,737, 814
23,983,781 1,497,025 9, 287, 2571, 542, 823 1, 965, 349 1,027,917
663, 843 3,
i, 928,887748,831 449,496 654,
24, 550, 096 1, 541, 840 9,401, 751 1, 590,036 2,064, 809 1,077,105 692, 596:,3,999, 757 772,195 451, 79876,461
6: 501,013 1, 780, 735
24, 233,845 1, 552, 676 9,397, 307 1, 566, 306 2, 038,600 1,031,042 672, 549;,3,845,
845,939 757,902
448,182 666, 035 493^
., 32' 1, 763,980
11, 487
12, 586
12, 709
13, 673
13,580
13, 574
1,061
810
810
553
516
516
514
515
507
463
2,094
2,122
2,196
2,254
2, 265
2,270
1,242
1,190
1,229
1,224
1,244
1,228
741
742
788
860
851
1,226
1,044
1,044
1,044
1,041
1,041
1,041
669
635
692
1,600
1,600
1,600
659
659
559
559
37
1,501
1,501
1,501
1,501
1,501
3,327
3,315
3,225
3,161
3,155
3,082
1149
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Date Oast Wednesday of
each month)
Applications
received
Number
1934—Dec. 26_.
1935—June 26_.
Dec. 31 4.
1936—June 24..
Dec. 30._
1937—Mar. 31..
June 30__
Sept. 29..
Dec. 29_.
1938-Mar. 30_.
June 29 _
Sept. 28.
Dec. 28_.
1939—Mar. 29.
June 28
Sept. 27.
Dec. 27_.
1940—Jan. 31..
Feb. 28 .
Mar. 27.
Apr. 24_.
May 29..
June 26..
July 31..
Aug. 28_.
Sept. 25.
Oct. 30..
Nov. 27.
Dec. 31 *.
1941—Jan. 29
Feb. 26..
Mar. 26.
Apr. 30..
May 28_.
June 25 .
July 30._
Aug. 27_.
Sept. 24.
Oct. 225.
4,386
6,325
7,437
8,006
8,247
8,344
8,430
8,474
8,534
8,708
8,976
9,102
9,188
9,249
9,308
9,366
9,418
9,433
9,456
9,476
9,487
9,504
9,512
9,536
9,546
9,556
9,573
9,581
9,609
9, 633
9,659
9,682
9,719
9,793
9,817
9,855
9,891
9,912
9,940
Amount
Applications under
consideration
Number
146,972
237, 581
293,084
314,471
333, 300
339, 509
341,842
350, 551
358, 936
369, 853
378,974
387,490
392, 230
395,499
402,305
405, 225
406,097
407, 392
410,192
411,628
413,178
413, 646
415, 599
416, 454
417,260
420,837
421,139
431, 236
435, 474
442,712
448,506
444,985
455,868
458,092
471,035
481, 255
498,017
503,172
Applications
approved
Amount
Number
2,955
11, 349
2,823
1,880
1,245
1,322
1,263
800
550
1,299
476
146
247
344
255
370
41
76
32
199
118
45
33
76
444
10
740
650
222
1,929
600
823
35
1,725
35
145
70
2,220
11,856
984
1,646
1,993
2,183
2,280
2,323
2,361
2,381
2,406
2,464
2,566
2,617
2,653
2,683
2,721
2,752
2,781
2,793
2,805
2,814
2,825
2,832
2,838
2,853
2,856
2,865
2,875
2,883
2,908
2,923
2,945
2,959
2,987
3,046
3,067
3,096
3,120
3,132
3,151
Approved
Advances Commitbut not
ments
outcomoutstanding^ standing
pleted
«
(amount) (amount) (amount)
Amount
49,634
88,778
124,493
133,343
139, 829
141, 545
145, 758
146,724
150,987
154,918
161,158
168, 380
175,013
177,895
179, 778
185,234
188, 222
188,879
190,055
192, 665
194,096
195,404
195, 739
197,439
197, 906
201, 750
202,041
212, 510
214,800
223,226
228, 732
225,849
234, 714
238, 505
258,154
267, 606
273, 760
13,589
27, 518
32,493
30,484
25, 526
23,059
23,019
21,415
20,216
19, 371
18,444
17, 567
17,345
15, 798
15, 255
14,454
13, 683
12, 860
12,997
12, 723
12,001
11, 242
10,988
10,907
10, 779
10, 778
10,484
9,893
9,152
9,483
9,451
9,526
9,157
9,639
10, 549
10, 761
10,359
9,808
10, 411
20,966
11,248
11, 548
9,381
8,226
7,898
1,470
537
3,369
3,419
3,084
5,737
1,946
1,975
2,067
1,938
2,659
2,504
1,454
2,471
2,264
2,474
2,195
1,991
2,095
2,315
4,260
4,056
13,954
12, 325
20,424
19,986
13, 035
14,134
8,090
11, 626
11, 520
10, 251
11,840
8,225
20, 579
27, 649
24,454
20,959
18,611
16, 331
14,880
12, 780
13,110
13,649
13, 597
14,161
12,647
11,175
10, 517
9,220
8,376
8,966
8,224
8,725
8, 852
8,762
8,582
8,238
8,078
7,351
7,106
5,226
5,207
5,066
7,315
8,464
12, 342
13,072
11, 697
12,928
13, 551
13, 574
Repaid,
expired,
or withdrawn by
applicant, etc.
(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
135,004
139, 281
146,156
151,679
154,629
155, 574
158,110
159. 950
161,491
162, 612
164,949
165,865
167,046
169,746
171, 394
177,792
179,021
179, 569
180,989
183, 646
186,062
192, 783
202, 287
208,279
216, 258
218, 886
Participations
outstanding 3
(amount)
1
1,296
4,533
8,778
7,599
7,208
6,767
7,275
7,304
7,238
7,825
8,426
9,032
12, 722
12,471
12,000
12,169
10,981
10, 510
11,064
11,137
11,156
11, 345
11,182
11,010
10,929
10, 749
9,909
9,592
6,386
8,764
8,716
10,916
11, 547
12, 537
14,011
12, 496
15,068
17, 738
19,049
1
Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of
condition of Federal Reserve Banks.
2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.
3 Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $676,000, Oct. 22, 1941.
5
* 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. 1
Oct. 8
Oct. 15
Oct. 22
Held by Federal Reserve Bank:
Oct. 1
Oct. 8
Oct. 15
Oct. 22
In actual circulation: *
Oct. 1
Oct. 8
Oct. 15..
Oct. 22
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from U. S. Treasury:
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Eligible paper:
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Total collateral:
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Boston
605, 730 331,835
678,873 342, 505
709,349 339,128
, 734,850348,895
349,997
379,368
358,498
382,803
30, 363
36,939
26,989
37,743
New
York
Phila- Cleve- Richdelphia land mond
960, 654 125, 793
.976,801 530,516
983, 066 ""1,007
, 978,184534,426
82, 345
99,332
87, 875
89,198
22,014
24,949
18,686
24,967
Atlanta
MinSt.
Louis neapolis
Chicago
12,915
263,178 561,981 299,195
15,938 104,231 269,568 , 573,743304,911
'22, 663 HI, 363 269,159 577, 215 12, 678
'27,381 L15, 584269,934 , 581, 30010,058
26,063
24, 372
26, 527
31, 478
24, 235
21,874
21,199
27,484
20,174
22,383
22, 217
23,138
32, 224
38,463
33, 455
30,945
17, 525
18,443
23,936
20,401
, 255,733601, 472 1, 878, 309503, 779 686, 852375, 661 243,004 1, 529, 757281, 670
,299, 505 605,566 1,877,469 505', 567 mi, 566 382^ 247,185 1, 535,280286, 468
, 350, 851612,139 1,895,191 509,321
i
696,136
"""
390| 164246,942 1, 543, 760288,742
, 352,04' 611,152 1,
509, 459 695,903 ;,100 246, 796 1, 550, 355289, 657
739,000
796,000
836,000
886,000
9,999
9,940
6,946
2,563
748,99S
805,94f
842,94i
888, 562
89,951 249,088
.91, 737 252,917
.92, 402 252, 796
.93,052 252, 862
33, 393
.35,195
34, 439
.35,166
377,851
380,811
386, 433
388,008
5,480 7,777 12,020
5,244 10, 389 12,192
6,022 10, 464 12, 066
5,330 10,183 12, 821
69, 777
64, 788
69, 062
69,115
.84, 471
.86, 49r
.86, 380
.87,722
655,000 1,970,000 540,000 715,000 425,000 270,000 1, 580,000309,000 192,000
655,000 1,980,000 540,000 720,000 425,000 275,000 1,600,000 319,000 192,000
655,000 1,990,000 540,000 725,000 425,000 275,000 1, 600,000329,000 197, 000
655,000 1,990,000 540,000 730,000 450,000 275,000 1, 620,000329,000 197,000
350
350
9,520
9,517
6,134
620
163
108
58
58
1
655,000 1,979, 520 540,163 715,000 425,000 270,000 1, 580,000 309,000
655,000 1.989, 517 540,108 720,000 425,000 275,000 1,600,000 319,000
655, 350 1, 996,134 540,058 725,000 425,000 275,000 1,600,000 329, 000
655, 350 1.990, 620 540,058 730,00C 450,00C 275,00C 1,620,000 329,014
KanSan
sas Dallas FranCity
cisco
241,
242,
242,
242,
f"
311
528
332
679
'•
255,000
255,000
255,000
255,000
60
60
110
126
256
255
294
1,395
192,060
192,060
197,110
197,126
255,256
255, 255
255,294
256, 395
121, 373 608,074
123, C
',371
122, 373 617,!
122, 345 618, 893
139, 000
141, 000
141,000
141, 000
689,000
694,000
704, 000
704, 000
139,000
141,000
141,000
141,000
689,000
694,000
704,000
704,000
i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank.
1150
FEDERAL RESERVE BULLETIN
RESERVE POSITION OF MEMBER BANKS, SEPTEMBER, 1941
MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS
[Averages of daily figures. In millions of dollars]
Classes of banks
and districts
Gross
de-
Net
de-
mand mand
dedeposits posits i
Time
deposits
Reserve city banks:
1,427
Boston district
289
New York district
Philadelphia district.. 1,702
1,280
226
1,445
Reserves with
Federal Reserve
Banks
Required
All member banks. 47, 299 38, 801 12, 545
Central reserve city banks:
16, 867 16,163
New York
847
3, 552 3 146
Chicago.- .
489
81
149
229
[Averages of daily figures. In millions of dollars]
228
47
264
Total reserves held:
1940—September
October
November
1 834
December
478
1Q41 Januarv
5,116
5,554
1 218
February
416
70
578
2,370
1,101
1,012
1,877
841
701
735
239
180
365
159
132
750
305
195
384
146
63
Chicago district
St. Louis district
Minneapolis district..
1, 885
1,118
507
1,357
853
375
701
174
83
273
158
70
473
239
98
201
81
28
Kansas City district.. 1,274
951
Dallas district
San Francisco district. 3,051
850
602
2,477
156
132
2,042
156
112
536
225
157
830
68
45
294
16,687 12, 883
4,902
2,500
4,335
1,836
Country banks:
Boston district
New York district
Philadelphia district.
1,193
1,823
870
863
1,312
575
569
1,491
886
132
232
113
248
478
218
116
246
105
872
826
726
557
459
438
743
395
254
104
75
65
209
145
107
105
71
42
Chicago district
St. Louis district
Minneapolis district...
1,231
527
410
765
324
256
857
259
281
135
52
45
265
86
73
131
35
29
Kansas City district...
Dallas district
San Francisco district
572
668
474
351
417
292
161
105
306
50
55
50
95
74
27
39
23
0,192
6,608
6, 307
1,108
2, 076
Cleveland district...
Richmond district
Atlanta district
Total
March
April
188
23
313
Cleveland district
Richmond district
Atlanta district.. _
Total
Central reserve
city banks
Reserve
Country
banks 1
New
York
Chicago
banks
banks >
13, 643
14,043
14,131
14 049
14 339
13, 996
13, 979
13, 600
13, 650
13, 201
13,120
13, 004
13,184
6,705
6,889
6,975
6,997
7 135
6,807
6,924
6,518
6,243
5,958
5,875
5,600
5,554
1,234
1,279
1,218
1,142
1 051
1,033
931
966
1,144
1,144
1,120
1,140
1,218
3,905
4,024
4,080
4,096
4 240
4,258
4,197
4,204
4,298
4,184
4,198
4,287
4,335
1,800
1,851
1,858
1,815
1 913
1,898
1,928
1,912
1,965
1,914
1,927
1,978
2,076
12, 844
13,136
13, 328
13, 269
13, 256
13, 299
13 337
5,462
5,563
5, 602
5, 568
5,474
5,413
5, 414
1,122
1,169
1,239
1,265
1,310
1,307
1 251
4,236
4,326
4,382
4,357
4,364
4, 413
4,464
2,023
2,078
2,105
2,079
2,107
2,166
2,208
6, 582
6,864
6, 830
6,646
6 832
6,422
6,304
5,883
5,831
5,351
5,193
5,017
5,116
3,324
3,465
3,493
3,443
3 505
3. 166
3. 203
2,812
2,514
2,238
2,150
1,898
1,834
570
610
546
476
381
347
252
295
434
424
388
403
478
1,821
1,888
1,895
1,887
2,016
2,004
1,923
1,885
1,949
1,820
1,789
1, 824
1, 836
902
897
840
930
906
927
891
933
870
866
892
968
4,820
5,066
5,236
5 200
P5,194
pc 230
P5, 240
1, 749
1,832
1,876
1 857
1,772
1 720
1, 709
386
431
494
525
572
571
523
1, 763
1,831
1,870
1,850
1,853
1 884
1,912
922
973
996
968
P996
P\ 055
"1,096
Excess
Held
8,068 13,184
3,719
740
All
mem-
May
June
July
August
September
Week ending (Friday):
1941—Sept. 5
Sept. 12
Sept. 1 9 —
Sept. 26
Oct. 3
Oct. 10
Oct 17
Excess reserves:
1940—September
October
November
December...
1941—January
February... _
March
April
May
June
July
August
._
September
Week ending (Friday):
1941—Sept. 5
Sept. 12
Sept. 19....
SeDt 26
Oct. 3
968
Oct. 17
CAA
i Gross demand deposits minus demand balances with domestic banks
p Preliminary
(except private banks and American branches of foreign banks) and
i Weekly figures of excess reserves of all member banks and of country
cash items in process of collection.
banks are estimates.
NOTE.—See table on p. 1145 for percentages of deposits required to be
held as reserves.
DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
\l\ member bank s
Federal Reserve district
Boston . . . . . _
New York
Philadelphia
Cleveland .
Richmond
Atlanta.
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Ban Francisco
Total
Gross demand
Time
Member banks in larger centers
(places over 15,000)
Member banks in smaller centers
(places under 15,000)
Gross demand
Gross demand
Sept.
Aug.
Time
Sept.
Aug.
Aug.
Sept.
Aug.
2,426
1,651
2,224
2,867
1.602
1, 521
2, 628
1. 295
701
1,419
1,220
3,271
527
i 1,123
650
1,131
430
349
1 1,217
307
197
207
191
2, 245
527
i 1,111
653
1,131
427
348
11,213
306
197
206
193
2,241
163
377
318
331
249
167
456
312
194
390
357
150
158
371
304
317
232
162
441
292
184
375
348
139
123
518
466
347
204
85
341
127
167
110
47
103
122
514
464
345
202
84
339
126
167
111
46
102
23, 415 122, 825
i 8. 571
i 8, 550
3,465
3,322
2,638
2, 624
Sept.
Aug.
Sept.
Aug.
Sept.
2, 620
18, 979
2, 572
3,243
1,927
1,737
6,668
1 646
918
1 846
1.619
3, 524
2,584
18,777
2.528
3,184
1, 834
1,683
6,596
1. 587
885
1, 794
1,567
3,410
650
2,488
1,116
1,478
634
433
2,047
434
364
317
238
2,348
649
2,473
1,117
1,476
629
432
2,044
431
363
317
239
2,343
2.457
i 1, 735
2,254
2, 912
1,678
1, 571
i 2, 660
1,334
723
1,456
1,261
3,375
47, 299
46, 430
12, 545
12, 513
1
Time
1
1
i Excluding central reserve city banks, for which figures for latest month are shown in table above.
NOVEMBER
1941
1151
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
End of month
1940—August
September
October
November
December
._. . .
_
1941—January
February
March
April
May
June
July
August... __
September..
Gold
certificates
Total
.
_
. . ._
...
. _.
_
Silver
dollars
Silver
certificates
Treasury
notes
of 1890
Subsidiary
silver
coin
United
Minor
coin
States
notes
Federal Federal
Reserve Reserve
Bank
notes
notes
National
bank
notes
8,059
8,151
8,300
8,522
8,732
66
66
65
65
65
47
48
48
49
50
1,605
1,615
1,620
1,658
1,667
1
1
1
1
1
389
394
400
407
412
174
177
180
183
185
258
259
264
275
290
5,334
5,409
5,541
5,705
5,883
22
22
22
21
21
162
161
160
159
157
8,593
8,781
8,924
9,071
9,357
9,612
9,732
9,995
10,163
64
64
64
63
63
63
63
62
62
50
50
51
51
52
53
54
55
56
1,595
1,635
1,651
1,654
1,697
1,714
1,691
1,723
1,724
1
1
1
1
1
1
1
1
1
403
406
413
418
426
434
438
445
455
183
184
186
189
191
194
196
199
202
278
278
277
274
286
300
307
313
314
5,842
5,985
6,106
6,247
6,468
6,684
6,813
7,027
7,181
21
21
21
21
20
20
20
20
20
156
155
154
153
152
150
149
148
147
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]
End of month
1940—August..
September
October
November
December
1941—January
February _.
March
April
May
June
July
An gust. __
September.
Total
in circulation i
Total
Coin
8,059
8,151
8 300
8,522
8,732
5,748
5,814
5,911
6,098
6,247
611
618
627
639
648
556
566
575
591
610
8,593
8,781
8,924
9,071
9, 357
9,612
9,732
9, 995
10,163
6,094
6,243
6,342
6.430
6,683
6,890
6,992
7, 237
7,378
635
641
650
577
582
590
595
615
625
626
641
658
Coin and small denomination currency
$13
658
669
681
688
700
713
2
Large denomination currency 2
ed 2
$5
$10
$20
Total
36
36
36
38
39
1.044
, 055
I 0G8
107
I, 129
1,858
1,876
1 908
1.977
2,021
1,644
1.663
I 696
748
1,800
2,313
2,340
2,392
2,426
2,489
495
503
512
523
538
37
38
38
39
40
41
40
42
42
,091
,116
132
.135
. 176
L, 207
,215
.257
270
1,973
2,041
2.074
2. 112
2,211
2.289
2, 334
2,430
2,469
,781
826
858
1,892
L972
2,047
2,090
2.169
2,227
2,502
2,541
2.583
2.642
2, 675
2,725
2,742
2.760
2,787
540
551
560
573
587
607
615
630
645
$2
Unassort-
$50
$100
$500
$1,000
1,035
1,048
1 071
1,089
1,112
213
216
223
225
227
493
496
508
512
523
26
25
25
26
30
51
52
52
51
60
2
3
3
3
4
1,126
1,144
1,163
1,197
1,218
1,244
1,257
1,274
1,293
230
232
238
241
242
244
244
244
243
530
535
543
550
546
548
544
543
537
24
24
24
25
24
24
24
24
24
52
55
56
56
57
57
58
46
46
4
4
1
2
2
2
3
3
3
$5,000 $10,000
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
2
Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury 3as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures—See Annual Report for 1937 (table 36).
TREASURY CURRENCY OUTSTANDING
[Held by Treasury and Federal Reserve Banks and in circulation, In
millions of dollars]
End of month
Total
Subsid- Minor United
iary
coin States
notes
silver
coin
1940—August
September.
October
November
December.
409
411
415
419
425
178
181
183
187
189
347
347
347
347
347
1941—January
February...
March
April
May
June
July...
August
September.
427
428
429
434
440
447
455
462
469
191
192
193
194
196
199
202
204
207
347
347
347
347
347
347
347
347
347
National
bank
notes
Year or month
1937..
1938..
1939. .
1940..
164
163
162 1940—September..
160
October
159
N"ovember__
December..
158
156 1941—January
155
February...
154
March
153
April
152
May
151
June
July
l.r,0
August
149
September.
1
Includes silver held against silver certificates amounting to $1,929,000,000 on Sept. 30, 1941 and $1,844,000,000 on Sept. 30, 1940.
1152
SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY
[By selected banks and financial institutions in New York City.
In millions of dollars]
ShipReceipts
ments to
from
Europe
Europe
Net
shipments
21.5
33.1
110.2
17.7
47.6
34.4
9.8
.7
100.3
17.0
.1
,1
.1
C1)
Net
receipts
26.1
1.3
.'2
.1
.1
.1
.1
.1
.1
0)
0)
0)
0)
0)
0)
(0
0)
1 Less than $50,000.
Back figures.—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, pp. 7-8
FEDERAL RESERVE BULLETIN
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
Period
19342
1935
1936
1937
1938
1939
1940
8,238
10,125
11, 258
3 12, 760
14, 512
17, 644
21,995
3
Increase
in
gold
stock
4,202. 5
1, 887. 2
1,132. 5
1, 502. 5
1, 751. 5
3,132.0
4, 351. 2
EarDomesmarked
gold: de- tic gold
produc-l
crease
tion
or increase (—)
Net
gold
import
1,133.9
1, 739.0
1,116. 6
1, 585. 5
1, 973. 6
3, 574. 2
4, 744. 5
92.9
110.7
131.6
143.9
148.6
161.7
170.2
82.6
.2
-85.9
-200.4
-333. 5
-534. 4
—644. 7
1940—May
June
July
August
September.
October
November.
December.
19,
19,
20,
20,
21,
21,
21,
21,
209
963
463
913
244
506
801
995
439.0
754.2
499.4
450.2
331.6
261.1
295.2
194.0
435.1
1,163.0
520.0
351.6
334.1
326.0
330.1
137.2
-36.7
-437. 2
-55.1
67.0
36.6
-117.9
-39.5
7.4
14.2
11.1
16.2
12.5
13.5
19.2
16.6
16 3
1941—January...
February.
March
April
May
June
July
August
September
Oct. 1-29P..
22,116
22,232
22, 367
22, 506
22, 575
22, 624
22, 675
22, 719
22, 761
22,796
121.7
115.4
135.4
138.5
69.1
49.2
50.5
44.7
41.5
35.3
234.2
108.6
118.6
172.0
34.8
30.7
37.0
37.0
65.7
35.7
-52.8
-46.2
.2
-10.5
-3.8
4.0
-27.7
3
1
.2
4
-46. 8
4
-23.1
13.5
12.6
12.0
12.8
12.6
14.4
13.6
12.4
P14.4
1941
Sept.
From or to—
Imports
France
Portugal
Sweden..
Switzerland
United Kingdom
U. S. S. R
Canada
•___
Mexico
Central America
West Indies and Bermuda
.
Argentina
Bolivia
Brazil
Chile....
Colombia
Fcuador
Peru
Venezuela
British Guiana
Australia...
New Zealand
British Oceania _
British India
Netherlands Indies...
China
and
Hong
Kong
Japan
Philippine I s l a n d s . . .
South Africa
All other countries
Aug.
Exports 2
Exports 2
Imports
30
109
250
5,652
42, 563
495
911
10, 845
843
903
79
3,407
103
20
1
124
10
1,338
2,488
477
1,634
392
67
2,064
405
209
2,230
228
319
448
70
6,742
354
3,107
3,694
16
5,098
137
1,947
Jan.-Sept.
Imports
Exports2
1
321
1,747
899
3,440
20,295
350,719
8,170
8,088
671
150
77
17
6,862
17,993
2, 352
7,422
3,377
820
51,647
2,131
2,61
6,628
829
3,697
9,444
32, 203
292, 462
3,642
p1 Preliminary.
Figures are those for United States published in table on p. 1192.
adjusted to exclude Philippine Islands production received in United
Total..
65,707
838, 71!
States.
2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35
a fine
ounce thereafter.
1
3
Figures represent customs valuations which, with some exceptions,
Includes gold in the Inactive Account amounting to $27,000,000 on
are2 at rate of $35 a fine ounce.
Dec.
31, 1936, and $1,228,000,000 on Dec. 31, 1937.
4
Beginning May 1941, the Department of Commerce suspended
Gold held under earmark at Federal Reserve Banks for foreign acpublication of export statistics by country of destination.
count, in millions of dollars: September 30—2,022.5; October 29—2,045.6.
Back
figures—See table, p. 1192, and Annual Report for 1937 (tables
NOTE.—For back figures see Annual Report for 1937 (table 29).
31 and 32).
BANK DEBITS
Debits to deposit accounts except interbank accounts
[In millions of dollars]
BANK SUSPENSIONS1
Total,
banks
Number of banks suspended:
1934
1935
1936
1937
1938
1939
1940
1941—Jan.-Sept.
Deposits of suspended banks3
(in thousands of dollars):
1934
1935
1936
1937
1938
1939
1940
1941—Jan -Sept
Member
banks
National
57
34
44
1
4
1
59
55
4
1
4?
??
4
1
5
2
36 937
10j 015
11 306
19 7?3
13 01?
34 <W8
f; 943
2 436
40
5,313
507
7,379
36
1,341
256
1,933
Nonmember
banks
Year and month
InNot
State sured 2 insured
8
??,
40
2
1
3
47
47
?5
18
3
1
3
10
1 708 10
211 11
?4 629 6
5
91?
763
207
156
721
589
341
503
1929,.
1936_.
1937_
48 1938_.
8 1939..
3 1940..
6
6
10
3
1940—August
September _
October
November.
December..
1941—January
February. _.
March
34,985
April
939
May
592
June
_
480
July
1,044
August
2,439
September _.
346
1 Represents banks which, auring the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed b y other banks at
the time of closing (in some instances with the aid of Federal Deposit
Insurance Corporation loans).
23 Federal deposit insurance became operative January 1, 1934.
Deposits of member banks and insured nonmember banks suspended
are as of dates of suspension, and deposits of noninsured nonmember
banks are based on the latest data available at the time the suspensions
were reported.
Back figures—See Annual Report for 1937 (table 76).
NOVEMBER
1941
Total,
all
reporting
centers
New
York
City
140
133
other
other
leadcenters
ing
centers i
982, 531
461, 889
469,463
405, 929
423,932
445, 863
603,089
197,836
168, 778
171,382
171, 582
331,938
219,670
235,206
204, 745
218, 298
236,952
47, 504
33, 283
36,421
32,406
34,252
37, 329
32,844
33, 812
39, 695
39,088
46, 673
41, 133
35, 783
44. 558
42, 237
43, 665
45. 942
44, 808
42, 856
43, 870
11, 604
12, 594
14,952
14,952
18, 626
15,147
13, 268
17, 402
15, 657
16,124
17, 282
16, 288
15, 079
15, 654
18,314
18, 267
21, 365
20,819
24, 327
22,498
19, 457
23, 586
23, 074
23, 795
24, 853
24, 660
24, 033
24, 310
2,926
2,951
3,378
3,317
3,721
3,488
3,057
3,570
3,505
3,746
3,807
3,861
3. 745
3,907
1
National series, for which bank debit figures are available beginning
with
1919.
2
Except that 1929 figure is for 128 centers only.
Back figures.—Annual report for 1937, page 157. Annual totals, beginning with 1919, by Federal Reserve districts and for individual centers
are available for distribution and will be furnished upon request.
1153
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for
December 1935, p . 883, and July 1936, p . 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.
DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1
NUMBER OF BANKS
Call date
Total
Total
National
[In millions of dollars]
Nonmember
banks
Member banks
Member banks
Other
Mutual nonState savings membanks
ber
Call date
All
banks
banks
Nonmem ber banks
Total
National
State
Mutual
Other
savings nonmembanks ber 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
Dec. 3 1 . - . 55,289
15,499
32,284
33,865
19,411
20,290
12,873
13, 575
8,983
8,916
12, 584
12, 508
1933—June 30
Dec. 30
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
9,713
9,708
4,946
5,026
1936—June 30
Dec. 31
15, 752
15, 628
6,400
6,376
5,368
5,325
709
857
1,032
1,051
566
565
51, 335
8,786 1936—June 30.
Dec. 3 1 . . . 53, 701
8,687
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
Dec. 31.-- 52, 440
8,489
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... 52,195
8,312
Dec. 3 1 — 54,054
34, 745
36, 211
22, 553
23,497
12,193
12, 714
10, 296
10, 365
1939—June 30
Dec. 30
15,082
15,037
6.330
6,362
1,127
1,175
553
552
8,199
8,123
1939—June 30. __ 55, 992
Dec. 3 0 . . . 58, 344
38,027
39,930
24, 534
25, 661
13, 493
14, 269
10, 521
10, 613
1940—Mar. 26
June 29.
Dec. 31
15,006
14,953
14,895
6,377
6,398
6,486
5,203
5,187
5,178
5,164
5,144
7,153
7,478
7,444
7.801
1,199
1,234
1,342
551
551
551
8,078 1940—Mar. 26... 59,017
June 29.. 60, 582
8.004
7,858
Dec. 31 — 65,021
40,579
42,039
46,007
25,911
26, 931
29, 214
14, 667 3 10, 544
15,108
10,631
16, 793
10, 658
1941—Apr. 4
June 30
14,871
14, 855
6,528
6, 556
5,138
5,130
1,390
1, 426
550
7,793 1941—Apr. 4 . . . 65.211 46,179
7,752
June 30. __ 67,172 4 48,076
4
4
29, 467 16, 712
30, 684 4 17,392
10, 684
10, 641
3
7,895
7,912
8,356
8,347
8,456
For footnotes see table below.
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
Member banks
All banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Nonmember banks
Mutual savings banks
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
1936—June 30
Dec. 31
48,458
49, 524
20,679
21,449
27, 778
28,075
32, 259
33,000
12, 542
13,360
19,717
19, 640
9,961
10,060
5,105
5,027
4,856
5,034
6,238
6,464
3,032
3,062
3,206
3,402
1937—June 30
Dec. 31
49,696
48, 566
22, 514
22,198
27,182
26,368
32, 739
31,752
14, 285
13,958
18, 454
17, 794
10,180
10,187
5,002
4,996
5,178
5,191
6,778
6,627
3,227
3,244
3,550
3,383
1938—June 30 2
Dec. 31
47, 381
48,929
21,130
21, 354
26, 252
27, 575
30,721
32,070
12,938
13, 208
17, 783
18,863
10,196
10,255
4,961
4,930
5,235
5,325
6,465
6,604
3,231
3,217
3,234
3,387
1939—June 30
Dec. 30
49, 616
50,885
21, 318
22,169
28, 299
28, 716
32, 603
33, 941
13,141
13,962
19, 462
19, 979
10, 342
10,314
4,931
4,961
5,411
5,353
6,671
6,630
3,245
3,246
3,425
3,384
51,135
51, 335
54,188
22,190
22, 341
23, 741
28,945
28, 995
30,448
34,163
34,451
37,126
13,939
13,969
15, 321
20,224 3 10,226
10,188
20, 482
10, 248
21, 805
4,922
4,926
4,959
5,304
5,262
5,289
3 6,746
6,696
6,815
3,329
3,445
3,461
3,417
3,251
3,353
56,147
57, 945
24, 322
25, 312
31,825
32, 633
23,104
23, 930
4,954
4,955
5,322
5,360
6,889
6,972
3,490
3,628
3,399
3,344
1940—Mar. 26
June 29
Dec. 31.
_
1941—Apr. 4 „
June 30
4
38,983
40,659
4
15, 878
16, 729
4
10, 276
10, 314
1
Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few
State8 bank abstracts.
Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now classified in
condition reports among "Other assets." The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000,
respectively.
3
One bank (with deposits, excluding interbank deposits, of $90,000 000 and total loans and investments of $96,000,000 on Dec. 30, 1939)
which, prior to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember banks" column.
4
Includes two mutual savings banks in Wisconsin and one in Indiana, all admitted to membership since the preceding call date, Apr. 4, 1941.
Back figures—See Annual Report for 1937 (tables 48-49)
1154
FEDERAL RESERVE BULLETIN
CONDITION OF ALL MEMBER BANKS-LOANS AND INVESTMENTS
[In millions of dollars]
Loans 1
Call date
Investments 1
Loans for
purchasing
Total
Comor
carrying
loans
mersecurities
and
cial Agri- Open
Real Loans Other
inculestate to loans
vest- Total i and
in- tur- marTo
* Total
ket
loans
ments
banks
dusal? paper broktrial*
To
and others8
deal-
TJ. S. Government obligations
Total
Obligations
of
Direct
States Other
secuand rities
Guar- politanical
Bills Notes Bonds teed subdivisions
Total—All
Member Banks
1929—Dec. 31_. 35,934
1933—June 30__ 24, 786
1938—June 30_. 30, 721
Dec. 31__ 32,070
1939—June 3O._ 32,603
Dec. 30__ 33,941
1940—June 29.. 34,45i
Dec. 31— 37,126
1941—Apr. 4<L__ 38,983
J u n e 3 0 - 40,659
Sept. 24? 41,939
New York
City*
1929—Dec. 31_. 8,774
1933-June 30._ 7,133
1938—June 30.. 8,013
Dec. 31— 8,335
1939—June 3 0 Dec. 30_.
1940—June 29. 9,829
Dec.31_. 10,910
1941—Apr. 4«-._ 11,696
June 30.. 12,493
Sept. 24P. 12,929
26,150
12,858
12,938
13,208
13,141
13,962
13,969
15,321
15,878
16,729
17,540
6,683
3,424
3,172
3,262
2,988
3,296
3,014
3,502
3,778
3,937
7,685
3,752
2,614
775
736
700
668
652
3,191
2,372
2,613
2,716
2,828
2,957
3,069
3,228
714 11, 515
330 4,857
120 6,397
125 2,728
58 2,796
56
42 3,020
43 3,230
9,784
11, 928
17, 783
18.863
19,462
19,979
20,482
21,805
23,104
44 3,565 23,930
24, 399
492
442
420
455
450
456
2,463
953
701
973
731
790
447
642
537
575
1,456
1,474
1,768
1,801
2,025
195
364
141
138
128
120
103
100
1,257
759
556
787
655
611
320
465
2,145
1,044
717
220
215
188
188
190
169
157
132
121
130
133
137
130
322
162
85
99
41
44
32
25
2,405
97
422
186
129
33
251
61
633
251
109
70
71
66
61
54
4,737
4,783
5,386
5,538
6,204
7,270
738
635 3,365
520 3,094
249
6,887 ,113 2,049 3,725
12,343
316 3,653 6,246
13,222
286 3,389 7,208
13, 777 441 2,720 7,786
563 2,223
14,328
797 2,543 8,261
14,722
652 2,594 9,091
15,823
16,988
18,078 1,127 2,631 10,481
"" 339
2,128
2,340
2,831
3,144
3,121
3,486
3,487
3,839
1,393
1,744
2,143
2,448
2,554
2,692
2,888
3,013
3,206
2,984
3,164
4,528
3,297
3,296
3,192
3,131
2,959
2,873
2,970
2,911
2,867
2,896
889
926
1,451
709
1,663 894
2,284 1,123
1,275
2,650 ,324
2,977 ,615
,620
3,415 ,751
222
478
394
617
480
579
634
695
771
651
819
758
680
707
698
736
693
695
788
798
796
841
2,091
3,709
4,840
5,072
5,700
6,043
6,815
7,527
8,194
8.715
503
8,991
1,112
2,551
3,740
3,857
4,483
4,772
5,486
6,044
6,625
7,268
7,331
309
610
1,281
1,430
1,507
1,536
1,602
1,681
1,869
101 1,861
1,655
116
384
981
1,114
1,175
"., 203
,258
,307
466
,483
1,304
3
206
12
59
185
153
254
297
19
82
313
291
234
176
161
145
94
97
535
655
621
701
710
752
417
125
803
2,944
4,011
6,298
6,691
6.751
6, 943
6,795
7,081
7,328
7,515
7,730
1,368
2,483
4,658
5,018
4,991
5,194
4,947
5,204
5,440
5,700
5,917
165
91
205 681
69 1,268
57 1,224
78 1,014
63 819
87 839
103 771
4,439
3,598
5,364
5,669
5,504
5.456
5,270
5,517
5,713
5,839
6,023
1,267
1,469
2,964
171
299
715
732
563
431
45i
433
2, 595
937
1,541
436
440
425
426
443
222
158
168
315
421
207
166
987
1,358
1,142
908
797
1,092
1,245
577 1,526
City of
Chicago 7
1929—Dec. 31_. 1,757
1933—June 30. _ 1,287
1938—June 30. _ 1,806
Dec. 31__ 1,969
1939—June 30._ 2,052
Dec. 30_. 2,105
1940—June 29_ 2,205
Dec.31_. 2,377
1941—Apr. 46-_. 2,649
June 30.. 2,707
Sept. 24*. 2,573
Reserve City
Banks
1929—Dec. 31_. 12,029
1933-June 3O._ 8,492
1938—June 30__ 11,150
Dec. 31__ 11,654
1939—June 30_ 11, 756
Dec. 30— 12,272
1940-June 29. 12,160
Dec.31__ 13,013
1941—Apr. 48— 13, 494
June 30.. 14,013
Sept. 24P. 14, 591
Country
Banks
1929—Dec. 31__ 13, 375
1933—June 3O._ 7,873
1938—June 30. 9,752
Dec. 31__ 10,113
1939—June 30._ 10.109
Dec. 30__ 10,224
1940—June 2 9 - 10, 257
Dec.31__ 10, 826
1941—Apr.:46.._ 11,144
June 30_.. 11,446
Sept.24p. 11,846
1,448
677
625
539
644
780
846
918
9,084
4,482
4,853
4,963
5.004
5,329
5,365
5,931
6,165
6,498
6,861
8,936
4,275
4,—
4,444
4,605
4,768
4,987
5,309
5,431
5,607
5,823
319
329
417
476
42
55
609
21
1,914
1,884
2,100
2,134
2,436
168
126
163
149
138
155
156
153
664
108
95
119
115
119
87
115
202
100
2,879
175
1,048
1,095
1,151
1,187
1,267
1,377
555
2,775
1,340
998
242
221
222
210
207
30
20
1,538
1,131
1,201
1,230
1,284
1,335
1,372
1,436
258
99
26
20
12
3,679
1,678
2,369
1,081
1,116
1,168
1,224
15 1,307
198 1,477
201
35
173
138
140
163
174
187
291
25
21
25
22
20
17
21
2,231
1,117
790
243
229
224
208
201
1,462
1,055
1,269
1,353
1,402
1,477
1,544
1,644
216
17
195
1,739
535
237
361
62
59
60
62
84
1,457
45
4,705
2,005
2,126
1,149
1,180
1.234
i;308
1,397
1,504
3,127
3,159
3,030
3,269
3,456
3,627
3,788
73
122
109
135
172
134
112
125
138
87
140
141
154
162
177
188
226
190
175
1,112
1,597
2,603 718
2,997 740
3,010 889
3,339 972
3,052 969
3,281 1,049
1,047
3,858 1,162
448
698
732
808
895
890
981
984
1,034
979
96
138
159
176
179
170
167
186
177
1,128
930
908
893
855
834
1,106
1,657
1,893
1,870
1,972
1,849
2,081
374 2,404
579
697
683
725
695
710
694
788
627
581
878
982
1,025
1,061
1,097
1,146
1,176
1,165
1,189
2,546
1,549
1,522
1,453
1.351
1,236
1,144
1,102
1,081
1,047
1,045
v1 Preliminary.
Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April,
1939,2 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 separately on some dates, and the
total3 amount of "Commercial, industrial and agricultural paper" has been reported by weekly reporting banks since May 1937.
Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks
and 4to brokers and dealers.
This
is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures.
5
Includes Treasury certificates of indebtedness through 1934.
6
Breakdown
of loans and investments not reported separately.
7
Central reserve city banks.
Back figures—See Annual Report for 1937 (tables 52-58).
NOVEMBER
1941
1155
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars!
Demand deposits,
i except interbank
Interbank
Time deposits,
except inter*)ank
deposits
ReBalIndiDe- Indiserves
Domestic
ances mand vid- States Certivid- States
with
banks
uals,
deuals,
Fed- Cash with
and
11(3 U
in
do- posits part- politU. 8. part- and Postal
eral
and
Gov- ner- politForRe- vault mesticJ ad- 2 nerinnl
IVttl
savern- ships, icai
eign
b a n k s justed ships,
inol
serve
sub- cers' ment* and
subings
*
and
banks
DeBanks
divi- checks
corcor- divimand Time
etc.*
pora- sions
pora- sions
tions
tions
Borrowings
Capital
accounts
Call date
Total—All
Member Banks
558 2,168 16,647
405 2,008 12,089
712 4,084 20,893
746 4,240 22, 293
712 4,674 23, 587
841 5,506 25, 681
862 «5, 634 26,461
789 5,751 27,877
991 6,185 30, 429
837 «6, 340 31, 576
999 6,293 32,678
17,526
11,830
19,816
21,119
22,448
24, 604
24,965
26. 397
29, 576
29, 752
31, 429
1,335
1,087
2,314
2,386
2,532
2,321
2,499
2,529
2,724
2, 957
2,940
1,681
657
662
547
790
563
558
475
913
662
738
143
806
543
790
694
743
725
711
616
523
619
12,267
7,803
10,874
10,846
11,063
11,216
11, 368
11,459
11, 687
11,837
11,898
595
300
454
462
441
432
411
410
435
392
397
827
846
3,517
4,104
4,975
5,915
6,386
7,072
7,057
6,715
5, 857
68
46
65
68
61
89
84
88
102
85
136
179
101
119
109
112
125
«163
119
122
e 154
131
4,750
4,358
6,698
7,168
8,012
8,899
9,562
i0, 235
11,062
11,645
11,619
5,847
4,676
6,900
7,273
8.281
9,030
9,652
10, 283
11,357
11,629
11,895
128
96
273
280
288
251
219
258
370
302
319
1,180
461
367
195
472
178
260
147
471
302
306
20
332
123
139
84
74
68
67
48
29
32
1,112
671
694
652
653
693
742
732
768
806
778
33
4
32
36
46
43
35
29
51
38
27
18
110
169
232
936
884
897
993
909
1,187
1,051
815
1,062
13
34
31
35
26
42
25
89
42
20
41
133
203
208
235
235
283
6 195
242
319
6 283
262
957
912
1,523
1,688
1,666
1,739
1,544
1,898
1,941
1, 755
2,205
1,041
870
1,386
1,597
1,565
1,676
1,503
1,782
1,905
1, 685
2,109
42
87
221
181
197
167
133
199
174
181
213
32
16
23
29
22
24
18
17
27
26
33
8
46
86
83
60
80
80
79
90
108
95
332
358
443
452
471
483
482
489
496
4*6
480
58
1
16
9
17
10
11
15
8
10
17
2
6
751
705
2,289
2,354
2,735
3,118
3, 336
3,759
4,027
4,107
4,125
156
947 5,229 5,547
122 1,002 3,764 3,708
300 1,951 6,934 6,668
321 1,940 7,214 7,034
318 2,210 7,654 7,331
348 2,485 8,176 8,002
364 «2,632 8,400 7,978
334 2,679 8,774 8,372
396 2,741 9, 581 9,468
361 fi 2, 859 10,137 9, 552
385 2,793 10, 480 10,142
423
349
812
796
917
813
942
956
995
1,206
1,139
300
108
146
170
160
190
150
147
228
171
209
76
312
266
424
415
435
431
422
327
273
341
4,433
2,941
4,238
4,233
4,320
4,362
4,386
4,422
4,506
4,540
4,590
627
452
1,263
1,353
1,403
1,578
1,648
1,733
1,857
1,894
1,914
321
908
203
702
316 1,806
322 1,956
307 2,117
363 2,614
389 «2, 645
328 2,711
452 3,002
372 8 3, 044
437 3,106
742
555
1,008
1,128
1,130
1,090
1,205
1,115
1,184
1,269
1,269
169
72
126
154
135
172
131
164
187
163
190
39
116
68
143
136
154
147
143
151
114
151
6,390
3,833
5,499
5,509
5,619
5,677
5,757
5,816
5,917
6,006
6,049
2,374
2, 235
8,004
8.694
10,011
11, 604
12, 279
13, 751
13, 992
13, 531
12, 959
122 3,517
788 3,057
83 6,096
61 6,510
59 7,097
51 8,507
52 6 8,717
59 8,852
56 9,581
54 6 9. 873
55 9,610
6
6,709
4,837
5,368
5,424
5,496
5,622
5,562
5,608
5,698
5, 754
5,800
1929—Deo 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—Mar. 26
June 29
Dec. 31
1941—Apr. 4
June 30
New York
6
179
8
577
2.105
1,582
1,587
1,593
,586
I, 592
1,601
1,599
.615
1,623
623
(\9X
1929-Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940— Mar. 28
June 29
Dec. 31
1941—Apr. 4
June 30
City of
Chicago '
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—Mar. 26
June 29
Dec. 31
1941—Apr. 4
June 30
Reserve City
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—Mar. 26
June 29
Dec. 31
1941—Apr. 4
June 30
Country
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—Mar. 26
June 29
Dec. 31
1941—Apr. 4
June 30
698
146
331
511
607
759
145
»737
134
135
6
879
191
11
6
5
3
2
3
3
3
3
95
89
135
132
142
144
137
6
703
706
635
138
688
40
22
597
128
291
442
524
695
City
5,711
3,054
5,738
6,224
6, 255
6,866
6,954
6,969
7,845
8,039
8,374
5,091
2,576
4,863
5,215
5,272
5,896
5,832
5,960
6,846
6,886
7,282
1,198
1,255
2,614
2,687
2,992
3,542
6
3, 629
3,840
4,032
6
4,021
3,948
1
8
1
6
6
672
650
646
33
2
6
9
12
9
19
3
5
5
5
4
5
310
259
688
658
746
879
6
997
949
997
8
1,151
1,010
371
208
262
269
233
240
214
219
226
202
211
41
388
31
17
19
14
12
18
19
19
19
1,604
1,315
2,514
2,719
2,920
3,516
6
3, 525
3,526
3,919
6
4, 023
4,000
30
59
113
108
115
117
64
15
32
57
69
53
115
6 56
133
86
144
147
145
140
151
147
150
142
143
61
285
52
44
40
35
35
37
33
31
31
405
228
380
446
439
571
6 566
538
633
6 677
652
41
316
204
249
257
270
250
253
260
270
270
279
292
16
2,029
1,533
1,753
1,777
1,812
1,828
1,833
1,873
1,904
1.917
1,940
367
167
11
6
5
3
2
3
3
3
3
2,258
1,517
1,778
1,798
1,828
1,851
1,875
1,876
1,909
1,943
1,956
67
6
6
6
7
8
7
8
105
106
44
51
108
6 49
108
55
6
3
1
2
2
2
2
7
22
23
26
26
«29
29
29
6
29
30
62
2
2
62
2
i 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."
» Demand deposits other than interbank and U . S . Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935,
less cash items reported on hand but not in process of collection.
»Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31,1935.
*6 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
Central reserve city banks.
8
Partly estimated.
Back figures.—See Annual Report for 1937 (tables 52-58).
1156
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars.]
Investments
Loans
Date or month
Total
loans
and
investments
Total
Total—101 Cities
1940—September
1941—May
June.
July
August
September
24, 233
27. 764
28,157
28,560
28.942
29,171
1941—July 30
28, 771 10, 572
Commercial,
Open
inmardusket
trial,
and paper
agricultural
8,653 4,551
10,029 5.621
10,252 5,772
10, 501 5, 975
10, 6^1 6,149
10,937 6,321
6,047
Loans for
purchasing
or carrying
securities
U. S. Government obligations
Real Loans Other
estate
to
Total
To
loans
banks loans
brokers
To
and others
dealers
Total
Bills
Notes Bonds
Other
Guar- secuan- rities
teed
2,582
3.072
3,034
3,216
3. 312
3,319
3,683
3,711
3,652
3, 569
3,703
3,767
295
360
370
381
400
395
400
479
483
496
453
536
462
446
447
445
438
437
1,221
1.237
1,243
1,249
1,253
1,258
1,679
1,847
1,897
1, 915
1,927
1,948
15, 580 1,897
17,735 4,024
17, 905 14, 253
18,059 4,490
18, 281 14, 578
18, 234 14, 467
677
949
1,033
1,079
1,069
903
2,083 6,555
2 214 7, 789
2,234 7,952
2,249 7,946
2,266 7, 931
2,287 7,958
388
478
439
1,253
1,924 18,199 14, 588
1,074
2,253
7,952
3,309
3,611
1,919
1, 925
1,930
1,932
18,164 14,553
18,211 14,559
18,337 14, 593
18., 410
1,075
1,059
1,064
1,079
2,253
2,256
2.276
2,279
7,920
7,932
7,939
7,934
3, 305
3,312
3,314
3,316
3,611
3,652
3,744
3,802
28, 761
28,874
29.025
29,107
10, 597
10,663
10, 688
10, 697
6,087
6,146
6,180
6,183
397
399
404
400
462
457
444
448
439
440
437
437
1,254
1,254
1, 252
1,254
29, 238
29, 230
29. 098
29,120
10, 903
10, 975
10,917
10, 954
6,222
6,310
6,362
6,389
397
397
394
393
607
588
469
481
436
437
437
437
1,256
1, 258
1,260
1,258
1,940
1.942
1, 955
1,956
18, 335
18, 255
18,181
18,166
14, 567
14, 496
14, 408
14, 397
1,019
936
844
814
2,283
2,284
2,287
2,294
7,949
7,963
7, 957
7,962
3, 316
3,313
3,320
3,327
3,768
3, 759
3. 773
3,769
29,125
29,132
29, 385
29,618
11,024
11,076
11,244
11,212
6,447
6,501
6,568
6,556
397
403
419
423
494
493
551
535
428
427
439
433
1,257
1,256
1,258
1,262
1,962
1,956
1,966
1,966
18,101
18,056
18,141
18,406
14, 301
14, 307
14,378
14, 653
785
815
842
817
2,280
2, 250
2,255
2,222
7,917
7,920
7,946
8,271
3,319
3,322
3, 335
3,343
3,800
3,749
3,763
3,753
New York City
1940—September
1941—May
June
July
August
September
1,641
11,635
11,794
11,926
12,082
12,222
2,813
3,314
3,412
3,496
3, 534
3,655
1,734
2,141
2,213
2,291
2,367
2,426
290
349
349
357
326
396
163
161
161
164
161
159
124
114
114
112
110
108
391
426
451
451
452
456
6,828
8.321
8,382
8,430
8,548
8,567
5,381
6,929
7,003
7,080
7,082
7,021
312
487
582
605
602
495
1,038
1,449
1,456
1,442
1.438
1,447
2,655
3,219
3,242
3,232
3. 188
3,221
1,376 1,447
1,774 1,392
1,723
,379
1,801
,350
1. 854 ,466
1,858 ,546
1941—July 30
11,983
3,505
2,318
339
162
112
453
8,478
7,087
591
1,434
3,216
1,846
,391
12, 001
12.041
12,127
12,157
3, 512 2,337
3,545 2,372
3,540 2,385
3,537 2,375
332
328
317
325
161
161
160
160
112
111
109
109
451
452
453
453
8,489
8,496
8,587
8,620
7,097
7,074
7,091
7,066
625
582
609
590
1,432
1,433
1,445
1,443
3,195
3,200
3,183
3,176
1,845
1,859
1,854
1,857
,392
,422
,496
,554
12. 270
12, 259
12,152
12, 208
3,695
3,709
3,600
3,616
2,393
2,428
2, 435
2,450
462
445
336
342
159
159
159
159
110
109
108
107
457
458
454
453
8,575 7,031
8.550 7,009
8, 552 7,004
8,592 7,040
548
503
460
468
1,442
1,443
1,450
1,453
3,187
3,211
3,237
3,249
1,854
1,852
1, 857
1,870
,544
,541
,548
,552
Oct. 1...
Oct. 8._.
Oct. 15_.
Oct. 22..
12,237
12,188
12, 309
12, 326
3,654
3,686
3,783
3,755
2,482
2,515
2,547
2,544
354
356
400
378
151
150
154
153
107
107
106
106
458
456
459
461
8,583
8,502
8,526
8,571
7.002
6,968
6,985
7,045
479
474
449
423
1,437
1,402
1,412
1,408
3,224
3,223
3,243
3,324
1,862
1,869
1,881
1,890
,581
,534
,541
1,526
Outside New York
City
1940—September
1941—May
June
July
August
September
14, 592
16,129
16, 363
16.634
16. 860
16,949
5,840
6,715
6,840
7,005
7,127
7,282
2,817
3, 480
3. 559
3,684
3.782
3,895
220
268
276
291
315
318
110
130
134
139
127
140
299
285
286
281
277
278
1,097
1,123
1,129
1,137
1,143
1,150
1,288
1, 421
1,446
1,464
1. 475
1,492
8,752
9,414
9.523
9,629
9, 733
9,667
6,516
7.095
7,250
7,410
7,496
7,446
365
462
451
474
467
408
1,045
765
778
807
828
840
3,900
4,570
4,710
4,714
4,743
4,737
1,206
1,298
1,311
1,415
1,458
1,461
2,236
2,319
2,273
2,219
2.237
2,221
Aug.
Aug.
Aug.
Aug.
6...
13..
20..
27..
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
Aug.
Aug.
Aug.
Aug.
3-_.
10..
17-.
24_.
1--.
8...
15_.
22-
6___
13..
20..
27..
Sept.
Sept.
Sept.
Sept.
3...
10..
17..
24..
1941—July 30
Aug.
Aug.
Aug.
Aug.
6...
13..
20__
27..
Sept.
Sept.
Sept.
Sept.
Oct.
Oct.
Oct.
Oct.
3...
10..
17..
24..
1-.
8-..
15.
22.
16, 788
7,067
3,729
299
139
1,141
1,471
9,721
7,501
483
819
4,736
1,463
2,220
16,760
16, 833
16, 898
16,950
7,085
7,118
7,148
7,160
3,750
3,774
3, 795
3,808
309
311
320
319
130
129
127
123
278
279
277
277
1,142
1,143
1,143
1,145
1,468
1, 473
1,477
1,479
9,675
9,715
9,750
9,790
7,456
7,485
7,502
7,542
450
477
455
489
821
823
831
836
4, 725
4,732
4, 756
4,758
1,460
1,453
1,460
1,459
2,219
2,230
2,248
2,248
16, 968
16, 971
16.946
16,912
7,208
7,266
7.317
7,338
3,829
3.882
3,927
3,939
318
320
318
319
145
143
133
139
277
278
278
278
1,146
1,149
1,152
1,151
1,483
1.484
1,501
1,503
9,760 7,536
9. 705 7,487
9,629 7,404
9,574 7,357
471
433
384
346
841
841
837
841
4,762
4, 752
4.720
4,713
1,462
1,461
1,463
1,457
2,224
2,218
2,225
2,217
3,965
3,986
4,021
7, 457 4,012
325
331
336
339
140
137
151
157
277
277
285
280
1,150
1,149
1,152
1.156
1,504
1,500
1,507
1,505
9,518
9,554
9,615
9,835
7,299
7,339
7,393
7,608
306
341
393
394
843
848
843
814
4,693
4,697
4,703
4,947
1,457
1,453
1,454
1,453
2,219
2,215
2,222
2,227
,
,944
17,076
17, 292
7,370
7,390
7,461
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.
NOVEMBER 1941
1157
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures.
Demand deposits,
except interbank
Reserves
with
Federal
Reserve
Banks
Cash
in
vault
11,499
11,294
10,925
10, 823
10,646
10, 742
504
546
585
564
547
556
3,235
3,495
3,479
3,498
3,476
3,575
10,835
561
3,481 24,
BalDeances manc
with
dedoposits
mesti
adbanks justed
21,011
24,010
23, 969
24, 211
24, 343
24, 404
IndividCerti
uals, States fied
and
partand
politneroffiical
ships,
cers'
suband
check
divicoretc.
pora- sions
tions
20, 595
23, 356
23, 509
23,884
23,789
23, 890
1,421
1,853
1,741
1,615
1,798
1,829
In millions of dollars.
Time deposits,
except interbank
U. S.
Government 2
Individuals,
partnerships,
and
corporations
396
461
518
526
467
493
507
394
456
467
530
596
5,175
5,246
5,233
5,254
5,274
5, 271
[nterbank
deposits
Domestic
banks
States
and
polit- Posta
ical
savsubings 2
Dedivimand Time
sions
179
183
175
163
158
156
24
26
26
26
22
21
8,465
9,069
9,059
9,078
9,075
9,402
111
115
114
113
111
114
Foreign
banks
679
660
663
659
639
624
029
1,750
523
470
5,260
158
26
8,965
23, 546
23, 927
23, 897
23, 787
1,735
1,736
1,825
1,894
455
471
464
479
502
520
533
565
5,273
5,276
5,276
5,271
157
157
158
159
25
25
20
20
8,981
9,109
9,106
9,103
110
112
112
112
649
648
631
629
544 24,
113
537
556
536
559
3,410
3,539
3,495
3,462
24, 217
24, 245
24,455
24, 453
10, 534
10, 725
10,879
10, 830
543
573
551
559
3,502
3,530
3,676
3,592
24, 349 23, 719
24, 503 23, 948
24, 375 24,040
24, 390 23, 853
1,876
1,843
1,785
1,811
475
494
478
525
591
590
596
608
5,268
5,273
5,273
5,270
156
156
155
159
21
21
21
21
9,240
9,336
9,592
9,440
115
113
115
112
626
630
613
626
10, 792
10,804
10,816
10, 358
537
558
550
562
3,596
3,523
3,645
3,504
24,277
24,400
24,640
24, 382
23, 894
23, 788
24,772
23, 989
1,906
1,857
1,823
1,840
656
503
568
569
580
442
276
598
5,267
5,285
5,278
5,283
160
157
156
154
21
21
21
21
9,557
9,496
9,782
9,347
112
113
111
111
624
633
632
645
6,421
5 897
5 667
5,586
5,316
5 285
84
89
123
107
88
86
249
353
291
247
299
299
222
231
305
297
251
264
35
19
19
18
62
111
683
700
699
722
740
738
42
26
22
21
24
24
9,673 9,740
11, 055 11,108
10, 986 11,086
1,022 1,183
0,910 0,995
0,888 0,983
2
1
1
2
1
659
10,662
10, 594
10, 696
10,633
81
99
97
88
87
88
Borrowings
Capital
accounts
Date or month
Total 101 Cities
3,784 1940—SeDtpmbpr
3,862 1941—May
3,873
June
3,873
July
3,883
August
3,885
September
1
3,869 1941—July 30
I
3,882
3,884
3,883
3,883
Aug.
Aug.
Aug.
Aug.
3,889
3,886
3,881
3,885
Sept. 3
Sept. 10
Sept. 17
Sept. 24
3,888
3,892
3,897
3,902
Oct. 1
Oct. 8
Oct. 15
Oct. 22
[
1
1
1
2
3,702
3 844
3,860
3,846
3,797
3,883
625
597
600
596
577
561
1,493
1 517
1 519
1 510
1,518
1 519
6
13
20
27
New York City
940—September
941 M a v
July
August
September
5 589
95
84
1,100
1,251
277
298
16
735
22
3,827
597
1 508
5 360
5,263
5 339
5,302
88
90
85
90
82
85
88
93
0,906
0,788
0,979
0,965
0,958
0,997
1,047
0,977
252
247
338
360
242
265
248
248
39
54
66
89
740
740
740
739
23
23
24
25
3 778
3,821
3,799
3,791
587
586
568
568
1 518
1,519
1 518
1 516
Aug.
Aug
Aug
Aug.
6
13
20
27
5,257
5,300
5 315
5,267
88
91
84
84
84
88
93
87
0 978
0,977
0,781
0,816
1,005
1,077
0,937
0,913
330
309
273
282
245
281
229
302
107
107
109
121
738
739
739
736
24
26
23
23
3 814
3,855
3,959
3,904
566
566
551
563
1 520
1,519
1 518
1,518
Sept.
Sept
Sept.
Sept
3
10
17
24
5,161
5 157
5,138
4 985
80
82
81
81
90
87
91
93
0,672
0,701
0,706
0,564
0,865
0,784
1,071
0,735
342
317
289
277
398
284
286
321
129
120
124
283
736
747
738
735
24
24
25
25
3,976
3,882
3,975
3,812
563
570
572
587
1,520
1 522
1 522
1 523
Oct. 1
Oct 8
Oct 15
Oct 22
5,078
5,397
5,258
5,237
5,330
5,457
420
457
462
457
459
470
3,154
3,396
3,382
3,410
3,389
3,487
1,338
2,955
2,983
3,189
3,433
3,516
0,855
2,248
2,423
2,701
2,794
2,907
1,172
1,500
1,450
1,368
1,499
1,530
174
230
213
229
216
229
472
375
437
449
468
485
Outside
New York City
940—September
941—May
June
July
August
September
5,246
466
3,397
3,444
2,778
1,473
225
941—July 30
5,302
5,331
5,357
5,331
449
466
451
469
3,328
3,454
3,407
3,369
3,311
3,457
3,476
3,488
2,588
2,930
2,850
2,810
1,483
1,489
1,487
1,534
213
206
216
231
5,277
5,425
5,564
5,563
455
482
467
475
3,418
3,442
3,583
3,505
3,371
3,526
3,594
3,574
2,714
2,871
3,103
2,940
1,546
1,534
1,512
1,529
5,631
5,647
5,678
5,373
457
476
469
481
3,506
3,436
3,554
3,411
3,605
3,699
3,934
3,818
3,029
3,004
3,701
3,254
1,564
1, 540
1,534
1,563
4,492
4,546
4,534
4,532
4,534
4,533
137
157
153
142
134
132
24
26
26
26
22
21
454
4,525
136
463
466
467
476
4,533
4,536
4,536
4,532
134
134
134
134
230
213
249
223
484
483
487
487
4,530
4,534
4,534
4,534
258
219
282
248
451
322
152
315
4,531
4,538
4,540
4,548
941
Tulv SO
4,763
5,225
5,199
5,232
5,278
5,519
Ill
115
114
113
111
114
54
63
63
63
62
63
2
1
1
2
1
2,291
2, 345
2,354
2,363
2,365
2,366
26
5,138
113
62
1
2,361
25
25
20
20
5,203
5,288
5,307
5,312
110
112
112
112
62
62
63
61
1
4
1
1
2,364
2,365
2,365
2,367
Aug.
Aug.
Aug.
Aug.
6
13
20
27
132
130
132
136
21
21
21
21
5,426
5,481
5,633
5,536
115
113
115
112
60
64
62
63
1
1
1
1
2,369
2,367
2,363
2,367
Sept.
Sept.
Sept.
Sept.
3
10
17
24
136
133
131
129
21
21
21
21
5,581
5,614
5,807
5,535
112
113
111
111
61
63
60
58
1
1
1
2
2,368
2,370
2,375
2,379
Oct.
Oct.
Oct.
Oct.
1
8
15
22
Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
TJ. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
1158
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars.]
Loans
Federal Reserve
district and date
(1941)
Total
loans
and
Total
investments
Boston (6 cities)
Oct. 1
1,440
Oct. 8
1,464
1,462
Oct. 15
1,472
Oct. 22
New York (8 cities)*
Oct. 1
13, 223
Oct. 8
13,166
Oct. 15
13, 284
Oct. 22
13, 330
Philadelphia (4 cities)
Oct. 1
1,345
Oct. 8
1,351
1,351
Oct. 15
1,364
Oct. 22
Cleveland (10 cities)
2,242
Oct. 1
2,244
Oct. 8
Oct. 15
2, 252
Oct. 22
2,272
Richmond (12 cities)
Oct. 1
839
Oct. 8
843
Oct. 15
851
Oct. 22
865
Atlanta (8 cities)
Oct. 1
741
Oct. 8
746
Oct. 15
766
Oct. 22
Chicago (12 cities) *
Oct. 1
3,898
Oct. 8
3,906
3,962
Oct. 15
4,052
Oct. 22
St. Louis (5 cities)
Oct. 1
901
Oct. 8
909
914
Oct. 15
916
Oct. 22
Minneapolis (8 cities)
Oct. 1
483
Oct. 8
486
Oct. 15
490
Oct. 22
Kansas City (12 cities)
Oct. 1
823
Oct. 8
830
Oct. 15
846
Oct. 22
852
Dallas (9 cities)
644
Oct. 1
652
Oct. 8
661
Oct. 15
Oct. 22
San Francisco (7 cities)
2,546
Oct. 1
2,535
Oct. 8
2,546
Oct. 15
2,566
Oct. 22
City of Chicago*
2,520
Oct. 1
2,526
Oct. 8
2, 576
Oct. 15
2,640
Oct. 22
779
778
Investments
Loans for
purchasing
Comor carrying
mercial,
securities
Open
Real Loans Other
inmarestate
dusto
Total
ket
To
loans banks loans
trial,
and paper brokers
agriTo
and others
cultural
dealers
427
427
425
421
16
16
16
16
U. S. Government obligations
Total
Bills
Other
Guar- secuNotes Bonds an- rities
teed
151
153
150
148
661
681
678
694
536
558
557
572
13
35
33
40
42
41
40
40
409
412
414
422
70
70
70
125
123
121
122
1,989
1,995
2,006
2,016
1,721
1,673
1,679
1,667
2,678
2,709
2,702
89
91
103
105
358
360
404
382
196
195
200
198
193
193
192
193
564
561
564
566
9,147
9,058
9,078
9,155
7,426
7,385
7,399
7,488
494
483
456
428
1,480
1,445
1,454
1,450
3,463
3,462
3,483
3,594
567
568
568
570
304
304
303
43
42
43
44
27
27
26
32
32
32
31
51
51
51
51
111
112
112
113
778
783
783
794
512
515
515
526
1
1
1
1
29
29
29
29
385
388
389
400
870
866
870
865
417
418
416
413
23
24
24
25
19
19
20
19
185
185
186
186
210
204
205
205
1,372
1,378
1,382
1,407
1,106
1,114
1,115
1,142
181
181
178
176
734
736
741
764
183
184
183
186
266
264
267
265
328
327
333
331
159
158
161
161
14
14
14
15
13
13
15
13
50
50
50
51
443
449
451
468
79
80
88
511
516
518
534
256
257
257
276
107
108
107
107
67
67
390
398
415
408
200
206
214
211
11
12
14
12
38
127
129
134
134
351
348
351
361
235
233
237
247
44
44
44
42
117
117
116
129
67
66
71
70
116
115
114
114
1,404
1,401
1,407
1,413
919
923
922
918
61
60
62
62
142
142
142
143
178
175
178
178
2,494
2,505
2,555
2,639
1,947
1,958
1,996
2,076
189
197
234
227
218
223
227
212
1,179
1,178
1,177
1,277
361
360
358
360
547
547
559
563
451
458
464
462
268
274
283
283
12
12
12
12
61
60
60
82
82
81
450
451
450
454
339
340
338
341
5
5
5
4
36
37
36
36
218
218
217
221
80
111
111
112
113
255
256
259
261
135
134
136
139
15
15
15
15
228
230
231
237
187
188
190
195
21
23
23
17
122
121
124
136
35
41
42
41
42
430
432
438
443
264
266
270
274
33
33
33
33
393
398
408
260
263
277
44
42
41
42
109
112
112
114
100
101
100
133
135
131
129
344
349
357
357
235
238
242
244
23
24
24
24
300
303
304
305
239
241
242
243
34
33
32
32
117
117
117
122
49
48
49
61
62
62
62
1,130
1,130
1,143
1,149
474
475
486
487
387
386
388
389
197 1,403
72
72
71
1,417
1,071
1,063
1,061
1,075
808
802
799
816
178
177
178
177
345
342
342
342
922
922
924
928
679
684
680
677
22
22
22
22
1,598
1,604
1,652
1,712
1,246
1, 251
1,291
1,347
116
116
119
117
782
781
783
848
160
158
156
156
352
353
361
365
4,076
4,108
4,206
4,175
2,646
1,416
1,405
196
233
226
266
268
268
268
* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for
the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.
NOVEMBER
1941
1159
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
ReBalDeserves
with Cash ances mand
with
in
deFederal vault do- posits
mestic ad- 1
Rebanks justed
serve
Banks
546
549
152
152
207
202
562
523
152
154
5,377
5,369
5,358
5,187
103
108
581
25
235
594
589
574
26
25
27
789
774
809
765
313
325
1,480
1,508
1,533
1,515
Interbank
deposits
Time deposits,
except interbank
IndiIndiDomestic
vid- States Certivid- States
banks
uals,
fied U. S. uals, and
and
part- polit- and
Gov- part- polit- Postal
Fornerical
offiernnerical
eign
savships, subcers' ment 2 ships, sub- ings 2 Debanks
and
divi- checks
and
divimand Time
cor- sions etc.
cor- sions
poraporations
tions
1,459
1,440
1,501
1,439
232
200
234 11,567 11,565
275 11, 590 11,468
294 11,615 11,795
260 11,450 11,419
101
123
27
25
11
8
228
223
131
146
575
544
31
28
421
304
4
8
147
133
520
307
131
513
1
1
1
1
1
1
1
1
416
370
26
26
7
7
564
571
7
7
4,063
3,968
4.086
3,898
13
13
27
13
573
399
396
21
23
19
20
Borrowings
1
1
1
1
Capital
accounts
250
250
345
297
223
228
1,101
1,113
1,104
1,102
1,186
1,183
1,227
1,217
142
16
18
492
13
6
142
136
136
12
11
18
254
2
222
228
229
1,243
1,258
1,248
1,267
218
13
7
21
254
254
254
2
2
2
490
507
475
13
13
13
5
5
5
218
218
218
54
55
55
57
414
401
421
404
1,789
1,788
1,840
1,828
1,777
1,746
1,853
1,797
129
130
130
134
32
27
34
33
46
33
18
27
725
726
727
728
20
20
20
20
557
544
564
536
36
36
35
35
1
1
1
1
394
394
395
395
26
28
273
277
671
692
283
287
699
698
671
684
193
196
197
185
15
18
17
18
269
265
257
260
1,727
1,700
1,652
1,555
81
83
635
620
83
83
233
243
250
241
105
107
27
13
251
252
1,646
1,647
1,647
1,649
588
68
65
14
13
33
22
209
209
3
3
2
2
421
434
6
6
714
680
64
72
19
16
11
26
102
101
209
209
3
3
2
2
4~0
435
6
5
103
103
534
537
558
536
518
524
566
531
87
87
80
81
6
5
13
6
47
34
15
37
188
189
189
190
4
3
3
3
3
3
3
3
375
392
401
394
3
3
3
4
628
615
3,372
3,380
3,410
3,397
3,150
3,145
3,288
3,214
420
399
54
43
403
401
124
96
33
94
975
976
25
25
3
3
3
3
1,449
1,435
1,482
1,410
9
9
65
52
14
16
15
16
202
202
219
207
598
600
623
619
627
630
673
651
44
45
44
44
11
10
13
10
20
16
11
18
187
188
188
188
2
2
2
2
455
474
482
464
1
1
1
1
114
115
113
98
7
8
8
8
126
129
130
111
362
366
368
354
327
334
346
331
73
64
61
59
8
8
7
7
1
1
1
1
111
111
111
111
1
1
1
1
196
200
201
189
2
3
2
2
208
217
222
18
19
18
319
310
317
633
641
656
624
626
668
90
83
84
12
12
14
16
14
10
140
140
140
2
2
2
1
1
1
477
479
494
219
19
300
652
645
87
11
12
140
2
1
481
6.
6
6
6
164
14
301
35
8
1
296
287
296
292
17
124
594
609
598
65
15
14
15
571
165
167
159
593
25
13
20
124
124
125
8
8
8
547
557
571
545
28
30
31
29
331
333
340
339
1,435
1,448
1,481
1,468
1,419
1,432
1,527
1,476
112
108
108
108
38
30
35
28
82
47
22
37
1,025
1,027
1,027
1,029
65
63
61
59
377
384
403
387
1,318
1,305
1,237
1,178
41
41
42
41
283
277
281
281
2,229
2,239
2,243
2,247
2,118
2,118
2,211
2,160
233
223
226
22Q
32
24
32
28
95
80
25
73
473
473
473
474
22
22
22
22
1,032
1,075
1,111
1,051
326
307
27
29
576
614
589
62
62
59
14
19
15
977
979
25
25
4
4
4
4
1
1
1
9
9
300
316
308
23
23
23
23
1
1
2
2
98
99
99
99
9
9
427
427
9
8
427
428
98
99
99
99
1
1
1
1
63
63
64
64
110
110
110
1
110
91
1
1
1
1
92
92
93
20
21
21
19
391
392
392
392
8
279
279
279
279
7
8
7
Federal Reserve
district and date
(1941)
Boston (6 cities)
Oct. 1
Oct. 8
Oct. 15
Oct. 22
New York (8 cities)*
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Philadelphia U cities)
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Cleveland (10 cities)
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Richmond (12 cities)
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Atlanta (8 cities)
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Chicago (12 cities)*
Oct. 1
Oct. 8
Oct. 15
Oct. 22
St. Louis (5 cities)
Oct. 1
Oct. 8
Oct. 15
Oct. 22
Minneapolis (8 cities)
Oct. 1
Oct. 8
Oct 15
Oct. 22
Kansas City (12 cities)
Oct. I
Oct. 8
Oct. 15
Oct. 22
Dallas (9 cities)
Oct. 1
Oct 8
Oct. 15
Oct. 22
San Francisco (7 cities)
Oct 1
Oct. 8
Oct. 15
Oct 22
City of Chicago
Oct. 1
Oct 8
Oct 15
Oct. 22
* See note on preceding page.
12 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.
1160
FEDERAL RESERVE BULLETIN
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
Total
standing i
Accepting banks
standing
Total
1940—June
July
.
August
September
October.
November
December
1941—January
February _
March
April
May
June
...
.
_-. .
_
July
.
August... _
September
___
_ - _ - _ -
Based on
Held b y
Commercial
paper
Own
bills
Imports
ports E xfrom
Dollar
Others* into United
exUnited
Bills
change
States
bought
States
Goods stored in or
shipped between
points in
United
States
Foreign
countries
224
232
245
251
252
232
218
206
188
182
177
187
197
209
166
152
148
142
149
159
167
112
103
103
100
96
99
100
54
49
44
42
53
60
67
40
36
34
35
38
38
42
79
75
80
80
91
98
109
43
32
24
22
20
20
18
13
13
11
11
11
9
10
36
35
38
35
37
41
44
34
32
29
28
28
29
27
232
241
263
275
295
299
330
354
371
213
212
217
220
215
213
210
197
177
168
164
170
170
164
161
161
148
131
103
99
107
105
105
101
106
100
85
65
65
63
66
60
59
55
47
46
45
48
47
49
51
52
49
50
46
115
119
120
126
125
123
121
114
105
16
18
24
25
24
24
22
21
13
11
7
8
7
3
3
3
3
4
44
42
41
38
41
43
47
49
45
26
26
25
23
22
20
16
11
9
5
As
2
reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks.
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
fMerober firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of m o n t h
Customers'
debit
balances
(net) i
Credit balances
Debit
balances in
partners'
investment
and trading
accounts
Debit
balances in
firm
investment
and trading
accounts
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed a
Free
Other
(net)
Other credit balances
In
In
partners'
firm
In
investinvestcapital
ment and ment and accounts
trading
trading
(net)
accounts accounts
1935—December
1,258
75
135
179
930
286
79
24
10
410
1936—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
1937—June
December
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
1938—June
December
774
991
27
32
88
106
215
190
495
754
258
247
89
60
22
22
11
5
298
305
1939—June
December
834
906
25
16
73
78
178
207
570
637
230
266
70
69
21
23
6
7
280
277
1940—June
September
October
November
December
653
635
653
666
677
12
12
12
12
12
58
57
70
64
99
223
218
203
214
204
376
370
381
383
427
267
268
269
280
281
62
56
58
59
54
22
20
20
20
22
5
5
5
4
5
269
255
253
253
247
3941—January
February
March
April .__
Mav
June
July
August
September
661
634
633
606
622
616
628
628
633
11
11
9
10
10
11
10
10
10
73
78
81
86
102
89
87
160
83
207
199
199
199
185
186
189
189
196
399
375
387
368
403
395
388
460
396
275
267
268
265
262
255
266
262
260
54
53
56
60
61
65
70
72
78
22
22
21
20
17
17
17
16
16
6
6
6
8
7
7
8
7
8
238
237
231
227
223
222
221
221
219
1
Excluding balances with reporting firms (1) of member firms of New York Stock Exchange and other national securities exchanges and (2) of
firms' own partners.
2 Includes money borrowed from banks and also from other lenders (not including member firms of national securities exchanges).
NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method
by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column
is not to be taken as representing the actual net capital of the reporting firms.
Back figures—See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report or 1Q37 (table 69).
NOVEMBER
1941
1161
COMMERCIAL LOAN RATES
OPEN-MARKET RATES IN NEW YORK CITY
[Per cent per annum]
Prevailing
rate1
Year,
month, or
week
Average yield
on 3-to-5 year
U. S.
Average
on-
rate on-
Stock
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
Treasury
notes
U. S. Treasury 91-day
bills s
exPrime
com- bank- change
call
New
mercial ers'
Taxpaper, accept- loan issues Dealexreofers' empt
4 to 6 ances,
90
new- fered quomonths
als 2 within tation
days
Prime
[Per cent per annum]
Total
19 cities
1934 average 1
1935 average 1
1936 average 1
1937 average 1
1938 average 1 ..
1939 average
1940 a v e r a g e . . .
3.71
3.39
3.04
2.88
2.75
2.87
2.56
4.32
3.76
3.40
3.25
3.26
3.51
3.38
1938—June
July
August
September
October
November
December
2.56
2.57
2.52
2.53
2.57
2.49
2.60
1.70
1.70
1.67
1.70
1.70
1.70
1.70
2.78
2.78
2.71
2.74
2.90
2.68
2.95
3.31
3.35
3.28
3.26
3.21
3.20
3.23
1939—January
February
Quarterly figures
1939—March..__
June
September
December
2.64
2.52
1.73
1.70
2.97
2.69
3.32
3.26
2.95
2.91
2.68
2.59
2.13
2.15
2.04
1.96
3.05
3.05
2.78
2.59
3.77
3.62
3.31
3.32
1940—March
June
September
.66
December
2.65
2.59
2.68
2.59
2.03
2.00
2.14
2.00
2.67
2.49
2.56
2.53
3.35
3.38
3.43
3.36
1941—March
June
September
2.58
2.55
2.60
2.06
1.95
1.98
2.53
2.58
2.62
3.25
3.23
3.29
._.
_.
Monthly figures*
1941—Jan
Feb
Mar.
April
May
June . .
July
Aug
Sept
Week ending:
Oct. 4
Oct. 11.__
Oct. 18. __
Oct. 2 5 . . .
.44
.44
.44
1.00
1.00
1.00
.053
.023
.014
.07
.05
.04
.83
.59
.50
.56
.56
.56
.56
.44
.44
.44
.44
1.00
1.00
1.00
1.00
.021
.05
.02
.02
.02
.48
.43
.34
.35
.65
.56
.56
.56
.56
.56
.56
.50
.50
.50
.44
.44
.44
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
(4)
.034
.089
.092
.082
.089
.097
.108
.055
.02
.04
.11
.10
.11
.12
.12
.13
.10
.43
.55
.50
.52
.44
.38
.37
.33
.34
.76
.81
.84
.81
.72
.68
.67
.62
.62
Vie
Vie
Vie
Vie
1.00
1.00
1.00
1.00
.002
.001
.024
.067
.11
.07
.06
.06
.38
.39
.41
.41
.69
.72
.73
(4)
11 Southern and
Western
cities
2.45
1.76
1.72
1.73
1.69
2.07
2.04
.81
.59
.56
.003
7 other
Northern and
Eastern
cities
3.45
2.93
2.68
2.59
2.53
2.78
2.63
Taxable
period
1938 average
1939 average
1940 average
1940—Sept.
Oct
Nov
Dec.
New
York
City
1 Monthly figures are averages of weekly prevailing rates.
2
The average rate on 90-day stock exchange time loans was 1.25 per 1 Prior to March 1939 figures were reported monthly on a basis not
cent
during the entire period.
strictly comparable with the current quarterly series.
3
Tax-exempt bills prior to March 1941; taxable bills thereafter.
4
Back figures—See November 1939 BULLETIN, pp. 963-969 for descripRate negative.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures tion and for back figures.
for Treasury bills and Treasury notes available on request.
BOND YIELDS'
[Per cent per annum]
Corporate (Moody's)5
Year, month, or week
U.S.
Government 2
Municipal s
Highgrade
corporate4
By groups
By ratings
Total
Aaa
Number of issues.
2-6
Baa
Industrial
Railroad
Public
utility
120
30
30
30
1938 average
1939 average
1940 average
2.56
2.36
2.21
2.91
2.76
2.50
3.12
2.92
2.77
4.19
3.77
3.55
3.19
3.01
2.84
3.56
3.22
3.02
4.22
3.89
3.57
5.80
4.96
4.75
3.50
3.30
3.10
5.21
4.53
4.30
3.87
3.48
3.25
1940—September.
October
November.
December..
1941—January
February..
March
April
May
June
July
August
2.18
2.10
1.97
1.89
1.99
2.10
2.01
1.96
1.92
1.91
1.90
1.94
1.94
2.44
2.32
2.18
2.07
2.16
2.27
2.28
2.20
2.14
2.08
2.03
2.00
1.99
2.71
2.70
2.65
2.59
2.57
2.71
2.73
2.76
2.75
2.70
2.66
2.65
2.64
3.50
3.46
3.40
3.36
3.36
3.40
3.39
3.39
3.37
3.34
3.30
3 29
3.30
2.82
2.79
2.75
2.71
2.75
2.78
2.80
2.82
2.81
2.77
2.74
2.74
2.75
3.01
3.01
2.96
2.92
2.95
3.00
3.01
3.04
2 99
2.'95
2.90
2.90
2.91
3.52
3.48
3.40
3.36
3.36
3.38
3.37
3.38
3.34
3.31
3.26
3.24
3.24
4.66
4.56
4.48
4.45
4.38
4.42
4.38
4.33
4.32
4.31
4.28
4.27
4.30
3.10
3.06
2.98
2.93
2.96
3.00
3.02
3.06
3.02
2.96
2.90
2.90
2.88
4.23
4.15
4.07
4.03
3.96
4.00
3.98
3.96
3.95
3.95
3.92
3.92
3.95
3.19
3.18
3.14
3.13
3.17
3.19
3.17
3.16
3.13
3.10
3.07
3.06
3.07
September-
40
40
Week ending:
1.92
1.96
2.63
3.29
2.74
3.23
2.87
4.31
3.95
1.90
Oct. 4
1.92
2.62
3.28
2.73
3.21
4.27
2.85
3.93
1.90
3.28
Oct. 1 1 . . . .
1.90
2.60
2.73
3.21
2.88
4.28
3.93
2.85
3.28
Oct. 18
1.87
1.90
2.61
3.21
2.73
4.28
3.92
2.88
2.85
Oct. 25
1
Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
2 Average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years.
34 Standard and Poor's Corporation.
U. S. Treasury Department.
s Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups
been reduced from 10 to 4 and 10 to 3 issues respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively.
Back figures.-—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July
pages 21-24. Figures for U. S. Government bonds available on request.
1162
FEDERAL RESERVE
3.06
3.05
3.05
3.06
have
1941,
BULLETIN
SECURITY MARKETS1
Stock prices 6
Bond prices
Corporate 4
Year, month, or
week
U.S.
Gov- Municernipal 3 Highment 2
grade
Number of issues.
Medium and lower-grade
Total
Industrial
Railroad
Preferred l
Defaulted
Public
utility
10
2-6
Volume of
trad-7
ing
(in
thouPublic sands of
utility shares)
Common (index, 1935-39—100)
Industrial
Total
15
402
Railroad
28
354
1938 average.
1939 average
1940 average
102.5
105.2
107.2
113.7
116.3
121.2
111.1
113.8
115.9
83.4
89.5
94.8
86.7
91.2
97.3
72.2
78.1
83.8
91.6
99.3
103. 5
15.1
13.8
14.0
161.4
167.5
169.2
1,104
977
767
1940—September.
October
November.
December,.
1941—January
February..
March
April
May
June
July
August
September
107.7
108.8
110.7
111.8
110.4
108.8
110.1
110.8
111.4
111.5
111.7
111.1
111.1
122.3
124.6
127.3
129.3
127.8
125.6
125.4
126.8
128. 2
96.3
97.7
98.5
98.1
99.2
97.5
98.4
99.5
99.3
99.2
18.O
98.3
101.1
103.0
102. 8
103.0
101.7
102.2
103.1
102.4
103.3
104.8
104.9
105.1
85.1
86.4
86.8
86.2
89.0
87.1
88.4
129. 5
130. 4
131.0
131.2
116.5
117.2
118.0
117.7
117. 7
116.7
116.9
116.8
117.0
117.7
118.7
118.5
118.1
89.5
89.4
87.9
87.8
86.8
84.5
105. 3
105.9
105. 9
105. 3
105. 6
103. 8
104.6
106. 0
106. 2
106. 3
107.1
107.3
107.2
14.5
15.0
15.3
16.4
17.9
17.5
19.3
20.7
21.0
21.6
23.9
24.9
24.4
168.6
170.8
171.6
176.2
177.9
172.9
171.5
170.8
168.9
168.9
173.1
174.3
173.4
553
599
1,044
814
564
444
440
495
420
463
757
473
599
Week ending:
Oct. 4
Oct. 11
Oct. 18
Oct. 25
111.4
111.7
111.7
112.1
131.9
132.8
133.3
133.3
118.6
118.7
118.8
118.9
99.1
99.4
98.9
99.1
105.3
105.5
105.3
105.3
84.6
85.3
84.5
85.0
107.3
107.3
106. 8
107.2
24.7
25.2
24.8
25.3
172.4
172.4
172.4
172.0
84
431
548
620
594
r
1
Revised.
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
2 Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years
on basis
of a 2% per cent, 16 year bond. For description see November 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals.
3
Prices derived from average yields, as computed by Standard and Poor's Corporation.
4
New
series beginning with 1937 as published by Standard and Poor's Corporation. Prices derived from averages of median yields.
5
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
e Revised series, as published by Standard and Poor's Corporation. Figures for preferred stocks have been revised beginning with February
1928; the common stock indexes have been converted from a 1926 to a 1935-39 base, and substitutions have been made in the list of stocks. Figures
on number
of issues relate to stocks in indexes at the present time.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—For United States Government bonds, see November, 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79).
CAPITAL ISSUES
[In millions of dollars!
For new capital
Year or
month
1931
1932
1933
1934
1935.
1936
1937
1938
1939
1940
. .
.
1940— Sept....
Oct
Nov.—
Dec
1941—Jan
Feb
Mar....
Apr
May...
June..
July.—
Aug
Sept....
Total
(new
and
refunding)
4,038
1,751
1,063
2,160
4,699
6,214
3,937
4,449
5,842
4,804
229
711
442
613
421
347
406
920
406
881
612
471
273
For refunding
Domestic
Total
(domestic
State
and
foreign)
and
Total
3,095 ' 2, 860
1,197 1,165
municipal
1,235
720
708
1,386
1, 457
1,972
2,138
2,360
2,289
1,956
1,386
1,409
1,949
2,094
2,325
2,239
1,954
762
483
803
855
735
712
971
931
757
114
258
264
191
95
77
182
745
107
519
296
360
65
114
258
264
191
95
77
182
745
107
519
296
360
65
46
98
53
129
40
37
86
60
37
59
40
33
31
Federal
agencies i
Domestic
Corporate
Foreign 2
Total
Bonds
and Stocks
notes
75
77
64
405
150
22
157
481
924
461
1,551
1,239
325
161
178
404
873
383
736
305
40
144
334
839
817
807
287
601
311
20
120
35
69
352
408
67
97
135
235
32
12
0
48
23
44
35
50
2
0
112
42
0
2
8
9
645
5
370
212
0
0
68
48
169
62
53
32
87
39
64
90
44
327
34
64
22
166
46
51
25
56
29
61
77
30
324
22
4
26
3
16
2
6
31
10
3
14
13
4
12
0
0
0
0
0
0
0
1,192
1,225
(3)
0
(s)
(3)
0
0
Total
(domestic
and
forTotal
eign)
State
and
municipal
944
554
343
774
893
498
283
765
3,242
4,242
1,799
2,089
3,553
2,848
3,216
4,123
1,680
2,061
3,465
2,848
21
87
37
136
365
382
191
129
195
478
116
453
178
422
325
270
223
175
299
362
316
110
209
116
453
178
422
325
270
219
175
299
362
316
110
209
24
80
25
73
23
26
93
40
74
26
14
11
20
Federal
agencies i
51
93
26
317
987
353
281
665
Corporate
Total
Bonds
and Stocks
notes
1, 236
1,596
1,834
32
4
32
0
81
200
352
31
137
193
51
56
60
9
26
119
119
28
88
0
64
332
68
292
269
210
84
107
162
108
76
73
156
1
14
26
43
3
17
32
0
35
5
11
2
6
0
0
0
0
0
0
4
0
0
0
0
0
0
821
319
219
312
789
315
187
312
1,782
3,187
344
1,864
3,387
1,209
1,267
1,733
2,026
26
28
59
14
31
17
11
28
28
223
216
25
27
66
345
94
335
271
227
115
107
197
113
86
74
161
1,537
Foreign 2
856
1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
23 Includes issues of noncontiguous U. S. Territories and Possessions.
Less than $500,000.
Source—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject
to revision.
Back figures—See Annual Report for 1937 (table 78).
NOVEMBER 1941
1163
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Marketable public issues x
End of
month
Total
gross
debt
Total
interest
bearing
debt-
Total
Treasury
bills
Nonmarketable public issues
Special issues
Postal
U . S . Treas- AdTreas- Treas- savings
savury justed
ury
and
Total 3
ury
Total
ings
tax service
notes bonds 2 prewar
bonds
notes
bonds
bonds
1932—June.-_
1933—June.-1934—June.-1935—June--1936—June__1937—June--1938—June.-1939—June-_ _
1940—June.--
19,487
22, 539
27,053
28, 701
33,779
36, 425
37,165
40, 440
42, 968
19,161 6 18,852
22,158 6 21,834
26, 480 e 26,084
27, 645 26, 950
31,102
32,989
35, 800 33,054
32, 344
36, 576
33, 965
39,886
42, 376 34,436
616
954
1,404
2,053
2,354
2,303
1,154
1,308
1,302
1,261
4,548
6,653
10,023
11,381
10, 617
9,147
7,243
6,383
13,460
13, 417
15, 679
14,019
17,168
19,936
21, 846
25, 218
26, 555
790
806
831
855
200
198
197
196
196
62
1,261
1,188
1,556
2,151
3,166
62
316
800
1,238
1,868
2,905
1940—Sept. _Oct
Nov.—
Dec.--.
1941—Jan
Feb.__.
Mar—
Apr..__
May.-.
June_-_
July.._
Aug.—
Sept.--
44, 073
44,137
44, 273
45, 025
45, 877
46, 090
47,173
47, 231
47, 721
48, 961
49, 513
50,921
51, 346
43, 480
43, 560
43, 707
44,458
45, 320
45, 535
46, 581
46, 673
47,160
48,387
48, 965
50, 371
50, 791
35,119
35,123
35,124
35, 645
36, 276
36, 275
37,054
37,075
37,075
37,713
37, 713
37, 667
37, 368
1,303
1,307
1,308
1,310
1,307
1,306
1,604
1,603
1, 603
1,603
1,603
1,604
1,305
6,384
5,660
5,660
6,178
6,813
6,813
5,722
5,721
5,721
5,698
5.698
5,698
5, 698
27, 235
27,960
27, 960
27, 960
27, 960
27, 960
29,532
29,554
29, 554
30, 215
30,215
30,169
30,169
196
196
196
196
196
196
196
196
196
196
196
196
196
3,298
3,336
3,374
3,444
3,619
3,727
3,844
3,891
4,251
4, 555
4,929
6,234
6,765
3,044
3,084
3,123
3,195
3,371
3,480
3,599
3,647
4,008
4,314
4,649
4,908
5,132
1,037
1,343
945
389
319
283
261
309
323
396
633
626
1,558
2,676
3,770
4,775
254
252
251
249
248
247
245
244
243
241
239
237
236
5,063
5,102
5,209
5,370
5,426
5,534
5,683
5,707
5,834
6,120
6,324
6,470
6,658
Noninterest
bearing debt
Social
Masecur-4 Other5 tured
Other
ity
19
579
1,601
2,511
3,528
309
323
396
633
607
979
1,075
1,258
1,247
60
66
54
231
169
119
141
142
205
266
315
518
825
620
506
447
411
386
3,751
3,777
3,885
4,047
4,066
4,174
4,324
4,354
4,485
4,728
4,811
4,941
5,126
1,312
1,325
1,324
1,322
1,359
1,359
1,359
1, 353
1,349
1,392
1,512
1,528
1,532
212
197
187
189
181
180
220
186
190
205
180
184
190
381
380
379
377
376
374
372
372
370
369
368
367
365
1 Including amounts held b y Government agencies and trust funds which aggregated $2,103,000,000 on Aug. 31, and $2,105,000,000 (preliminary)
on Sept. 30, 1941. These amounts exclude holdings b y production credit associations and joint stock land banks.
2
Including Liberty bonds.
3
Beginning with J u l y 1941 includes depositary bonds not shown separately which amounted to $54,000,000 on Sept. 30.
4
Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account.
5
Including special issues to Government life insurance fund, adjusted service fund, national service life insurance fund, Government employees'
retirement funds, Postal Savings System, Federal Deposit Insurance Corporation, and Federal Savings and Loan Insurance Corporation.
« Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000.
SECURITIES FULLY GUARANTEED BY UNITED STATES GOVERNMENT, BY ISSUING AGENCIES1
[In millions of dollars]
Tnterest-bearing
End of month
Total
amount
outstanding
Total
ReconFederal
ComHome
U. S. Federal
Farm
Owners' struction modity Housing
Housing
Finance Credit
Mortgage Loan
AdminAuthorCorporaCorpora- CorporaCorporaistration
ity
tion
tion
tion
tion
Noninterest
bearing
matured
debts
134
681
235
312
1934—June
3,063
1,834
249
980
December..
4,123
2,647
250
1,226
1935—June
4,494
252
2,855
1,387
December _.
4,718
3,044
252
1,422
1936—June
4,662
252
2,988
1,422
December..
4,665
1,422
2,987
255
1937—June
4,645
1,410
2,937
297
December..
1
4,853
1,410
2, 937
299
206
1938—June
1
4,992
509
206
2,888
1,388
December..
5, 450
114
2,928
206
3
820
1,379
1939—June
5,621
114
5,704
1,096
407
4
2,731
1,269
83
December,.
5,498
1,269
5,529
1,096
407
8
2,603
31
1940—June
5,787
2, 602
1,269
5,808
696
114
9
1,097
21
1940—September..
5,
790
2,602
5,810
1,269
696
114
1,097
12
19
October
5,901
2,600
5,919
1,269
696
226
1,097
13
18
November..
5,901
2,600
5,917
1,269
696
226
1,097
13
15
December..
5,901
2,600
5,915
1,269
696
226
1,097
12
14
1941—January
5,901
2,600
5,914
1,269
696
226
1,097
13
13
February...
2,600
5,916
1,
269
696
226
5,
905
1,097
16
11
March
2,600
6.560
1, 269
696
226
6, 550
1,741
17
10
April
2,409
6, 371
1,269
696
226
6,359
1,741
17
12
May
2,409
6,370
1,269
696
226
6,360
1,741
17
11
June
2,409
6,939
1,269
907
226
6,930
2,101
17
10
July.. __..__ .
2, 409
6,937
1,269
905
226
6,928
2,101
17
9
August
2,409
6,937
1,269
905
226
6,929
2,101
18
8
September..
1 Principal amount of obligations guaranteed as to interest and principal. Excludes obligations held by U. S. Treasury and reflected in the
public debt.
2 Figures on matured debt were not published prior to September 1939.
3 Less than $500,000.
1164
FEDERAL RESERVE BULLETIN
MATURITIES OF PUBLIC MARKETABLE SECURITIES OF U. S. GOVERNMENT, DIRECT AND FULLY GUARANTEED, SEPTEMBER 30,1941
[In millions of dollars]
Direct securities maturing
Fully guaranteed securities maturing
Treasury
bonds
due or Total 2
callable*
Bonds
Maturing or
callable
Treasury
notes
Total
fully
guarFederal Home
ReconComanteed
Farm
struc- modity
U. S.
Owners'
securi
Morttion
Credit Housing
Loan
ties
gage
Finance CorporAuthor- due
or
Corpor- CorporCorpority
ation
ation
callable^
ation
ation
Total
Treasury
bills
1941— Oct. l - D e c . 3 1 . . .
1,509
1,305
616
300
1942—Jan. 1-Mar.31___
Apr. 1-June 30. „
July 1-Sept. 30
Oct. 1-Dec. 3 1 . . .
426
426
(3)
310
310
650
342
232
342
232
(3)
276
320
276
320
1,151
320
1,396
1,849
3,191
1,535
2,384
1,489
821
1,689
1,230
2, 454
2,932
3.709
1,515
1,170
1,449
982
2,611
50
919
1,396
1,849
1,249
1943
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1958
1959
1960
1961
1963
1964
1965
Treasury
Pre-war
and
Postal
Savings
204
1,941
1,519
2,370
1,487
819
1,687
1,223
2, 436
2,904
3,687
1,480
1,170
1,449
982
2,611
(33)
()
(3)
16
14
2
2
2
7
18
27
22
35
1,855
2,555
1,755
2,344
1,460
3,361
2,278
1,186
3,500
1,024
725
681
2,611
2,431
919
614
1,561
412
324
571
289
2,101
886
1,216
875
1,095
340
835
835
204
112
616
114
614
2,394
1,167
905
226
6,911
204
701
112
114
2,417
4,494
412
755
779
779
1,485
50
919
95
95
30,169
6,911
1,269
8,509
10,667
10,993
1,202
2,906
1,930
779
95
1,485
1,485
Total...
37, 368
1, 305
5,698
Within 1 year
1 to 5 years
5 to 10 years_.
10 to 20 years
Over 20 years
2,278
8,202
7,613
16, 871
2,404
1,305
973
4,726
30,169
3,460
7,585
16, 719
2,404
196
(3)
17
28
152
2,409
875
755
779
1,175
95
1 Securities not callable prior to maturity are shown as of date of maturity.
2 Excluding debentures of Federal Housing Administration, which amounted to $18,000,000 on September 30.
a Less than $500,000.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Held b y Federal
agencies and
trust 1unds
End of
month
Total
interestbearing
securities
Privately held i
Held
Other investors2
by
Special
issues
1930—June
1931 June
1932—June
IQQQ—June
1934—June
1935—June
15,922
16,520
19,161
22,158
27,161
31,768
764
291
309
323
396
633
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
December
1941—June
37, 707
38,362
40,465
41,353
41,428
43, 891
45, 336
47,067
47,874
50, 360
54, 747
626
632
1,558
2,227
2,676
3,156
3,770
4,231
4,775
5,370
6,120
Public
issues
Federal
Reserve
Banks
Total
Member
banks
Other
commercial
banks
366
1,055
1,365
1,784
1,998
2,432
2,433
14,359
15,417
16,807
19, 471
23, 278
27, 337
4,061
5,343
5,628
6,887
9,413
11, 429
590
890
1,290
1,703
1,820
2,036
2,049
2,123
2,198
2,138
2,323
3 2, 292
3 2, 250
3 2, 360
2,430
2,430
2,526
2,564
2,564
2,564
2,551
2,484
2,466
2,184
2,184
32,948
33,480
34, 345
34, 513
34,065
35, 973
36, 877
38,029
38, 341
40, 556
44,083
13,671
13, 545
12,689
12, 371
12, 343
13, 222
13, 777
14,328
14, 722
15,823
18, 078
1,600
1,710
1,870
1,790
1,700
1,850
1,920
1,970
1,830
1,940
••2,020
208
144
261
591
668
920
670
590
Mutual
savings
banks
Insurance
companies 2
u. s.
Marketable
issues 2
720
970
1,540
800
1,000
1,500
2,600
8,900
8,800
9,100
10, 300
10,500
10,400
2,050
2,330
2,390
2,450
2,690
2,880
3,040
3,100
3,110
3,220
r
3, 430
3,900
4,500
5,000
5,200
5,200
5,600
5,800
6,000
6,100
6,500
6,600
10,500
10,500
11,300
11, 500
10,700
10,800
10,400
10,400
9,700
9,900
9,700
520
650
680
Savings
and
adjusted
service
bonds
100
1,200
900
1,100
1,200
1,400
1,600
1,900
2,200
2,900
3,200
4,300
r
Revised.
i Estimated figures for other commercial banks and mutual savings banks have been rounded to nearest 10 millions and estimated figures for
insurance companies and other investors have been rounded to nearest 100 millions.
*3 Holdings of insurance companies included with "Other investors" prior to 1932.
Excluding holdings of production credit associations and joint stock land banks.
NOTE.—For end of June figures 1916-1929, see BULLETIN for July 1941, p. 664.
NOVEMBER
1941
1165
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts
]Receipt
Period
Expenditures (excl. debt retirements)
Miscella- Social
In- neous securAll
come interother
ity
taxes
nal
taxes
revenue
National
Total Net Interest
derereon
fense
ceipts ceipts* debt
Agricultural
Adjustment
Program
Trust
accounts
etc.,2
Excess excess
of re- of receipts ceipts
Lncrease or decrease during
period
expenditures
(-)
Gross
debt 3
Un- Transem- fers to All
(+)or
ploy- trust other
expenTotal* ditures
acment
re- counts
lief
etc.i
(+)or
General
fund
balance 2
*
Fiscal year
ending:
June 1938—
June 1939—_
June 1940...
June 1941.._
2,640
2,189
2,125
3,470
2,279
2,232
2,345
2,967
755
740
838
932
567
507
617
900
6,242
5,668
5,925
8,269
5,\355
5, L65
5,387
7,607
1, ()41
3 months
ending:
Sept. 1940-.
Sept. 1941..
519
922
796
798
208
258
121
167
1,645
2,145
1 L189
] 88
)44
203
-
rn
]L48
333
73
11
219
25
21
L50
73
12
339
25
9
L69
1940—Sept. _ 432
44
Oct...
49
Nov..
429
Dec.
63
1941—Jan.. _
104
Feb..
Mar.. 1,208
75
Apr..
63
May
916
June
84
July .
59
Aug.780
Sept..
29
213
237
252
231
210
204
273
244
254
265
268
269
261
37
47
46
46
52
172
52
240
58
64
56
54
58
38
138
34
47
193
34
43
165
32
48
173
37
711
365
485
741
372
674
1,567
602
541
1,277
456
554
1,136
)26
<HI
Lll
562-
r40
;340
541
i
566
565
; 394
276
113
397
1, L35
1,029
1,206
1,657
6,080
362
787
1,002
- 877
1,914
2,595
1,919
1,741
621
3,404
-192
103
432
346
r 161
225
297
379
470
569
584
748
763
837
812
960
1,124
1,320
-70
103
108
110
103
96
102
71
39
32
-44
-27
32
139
145
138
155
146
138
159
148
145
135
132
106
109
-15
2,788 7
2,996 8
3,153 8
2,577 12,
220
182
r226
r 325
189
20
18
20
10
18
r 169
-14
6
239
707
998
711
-1,384
- 3 , 542
-3,611
-5,103
+306
+890
+136
-148
-338
+740
+622 +3,275
- 9 4 7 +2, 528
+742 +5, 994
688
756
2 283
5 001
-794
-3,057
+213
+304
+524 +1,105
- 3 6 8 +2, 385
162
251
162
218
251
217
229
242
108
211
268
250
238
759
869
817
1, 172
1 111
1, 075
1, 399
1 315
1 141
1 528
1 598
1 529
1 874
-158
-24
-39
-495
-103
-48
-536
-455
-432
-771
-534
+167
-750
-747
-252
-1,185
-1,133
-739
Details of trust accounts, etc.
Old-age insurance
trust fund and railroad
retirement account
ReconCom- United
In- Bene- • p
In- Other struction modity States
Net
A 11
All
exvestCredit
Housrevest- payFinance
rtcceipts ments ments ceipts ments pendi- Corpora- Corpora- ing Au- other
tures
tion
tion
thority
i344
516
573
337
3 months ending:
Sept. 1941
1940
Sept.
<212
<248
1940—Sept.
Oct
Nov
Dec
1941—Jan.
Feb
Mar
Apr.
May
June
July
Aug
Sept
11
32
L43
1
42
] 52
11
46
] 48
58
89
]L57
1
-
550
339
ro3
+15
-3
-236
+403
-264
-259
+599
-2
293
+111
+97
-324
+1, 014
-290
—521
+729
-34
+274
-607
All other
Period
Fiscal year ending:
June 1938. __
June 1939___
June 1940. __
June 1941...
-209
+168
+64
+136
+752
+852
+213
+1,083
+58
+490
+1, 241
+551
+1, 408
+425
Details of general fund
balance (end of period)
Net expenditures in checking
accounts of Government agencies
Unemployment
trust fund
+216
Exceipts penditures
Total
Inw orKcreing
ment Seigniorage balon
gold
ance
85
120
129
186
r63
I338
<J59
1, L14
560
395
443
563
191
442
514
555
*9
*658
*234
80
*184
136
10
58
1
*60
17
121
•12
*186
-174
r*41
414
440
-458
-674
327
324
-358
-622
2,216
2,838
1,891
2,633
142
142
143
143
446
536
585
605
1,628
2,160
1,163
1,885
L44
L92
40
54
268
282
80
206
191
78
13
•16
435
*173
34
*2
-*68
*79
-196
269
-164
235
2,415
2,266
143
143
592
611
1,680
1,511
L48
*5
*5
L51
40
*5
L60
40
*6
\224
24
46
L85
14
15
15
15
15
16
17
17
17
17
18
18
18
67
L07
L45
51
78
L49
28
69
L67
51
82
176
24
18
31
1 13
11
29
113
* 10
40
137
19
60
146
81
84
31
33
41
43
37
35
30
31
29
25
24
*13
*10
59
15
16
160
64
*406
82
87
*280
166
98
•1
21
24
17
12
7
37
33
57
•16
*221
34
13
15
-18
*13
*50
21
*43
*30
*56
42
241
48
41
*42
*27
-37
29
18
35
38
33
46
57
43
86
-162
-54
53
-28
17
6
25
50
42
49
48
32
83
-138
-46
51
2,415
1 920
1,817
1,928
2,025
1,701
2,715
2,425
1,904
2,633
2,599
2,873
2,266
143
143
143
143
143
143
143
143
143
143
143
143
143
592
595
596
597
599
601
602
603
604
605
607
610
611
1,680
1,183
1,078
1,188
1 283
t161
•
;
:
*103
8
32
25
24
31
27
*22
10
9
957
1,970
1,679
1,157
1,885
1,848
2,120
1,511
r
Revised for change in classification of commodity stamp transactions of Surplus Marketing Administration. Figures for 1939 and October
1940-June 1941 have not yet been revised because of lack of adequate data.
1 Beginning with July 1,1940, net receipts represent total receipts less net social security employment taxes, which under the 1939 amendments
to the Social Security Act are appropriated directly to the Federal old-age and survivors insurance trust fund. To make the figures for earlier
periods comparable, transfers to this trust fund, formerly shown under expenditures, have been deducted from total receipts, from total expenditures,
and from transfers to trust accounts.
2
Details given in lower section of table.
3
For details, see page 1164
* For social security investments, excess of redemptions; for net expenditures in checking accounts, excess of receipts.
NOTE.—For explanation of table see BULLETIN for October, 1940, pp. 1052-1054.
1166
FEDERAL RESERVE BULLETIN
GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
1941
1940
Aug.
Assets
Loans and preferred stock:
Loans to financial institutions
Preferred stock, etc..
Loans to railroads
Home and housing mortgage
loans
___
Farm mortgage loans
Other agricultural loans
All other loans
Total loans and preferred
stock _ _ .
Cash.
U. S. Govt. direct securities
Securities of Government corporations and credit agencies:
Fully guaranteed by U. S.__.
Other i
Accounts and other receivables . .
Business property
Property held for sale
Other assets
._
. ..
Total assets 2other than interagency
Liabilities
Bonds, notes, and debentures:
Fully guaranteed by U. S..__
Other i .
Other liabilities
_
Total liabilities2 other than
interagency . _
Excess of assets over liabilities,
excluding interagency transactions
_.
U. S. Govt. interests
Privately owned interests_.
Sept.
Nov.
Oct.
Dec.
Jan.
Feb.
Mar.
May
Apr.
June
July
Aug.
433
756
553
437
757
513
441
757
512
469
739
515
485
736
516
445
729
523
425
711
518
409
706
523
400
703
523
397
702
505
417
698
505
408
693
497
407
669
497
2,336
2,534
815
1,197
2,348
2,526
802
1,200
2,387
2,517
785
1,214
2,387
2,508
772
1,291
2,390
2,500
757
1,298
2,424
2, 481
728
1,309
2,395
2,485
727
1,352
2,406
2,475
776
1,386
2,427
2,467
867
1,409
2,436
2,458
830
1,472
2,445
2,448
779
1,511
2,413
2,437
754
1,553
2,413
2,426
726
1,690
8,623
566
715
8,583
572
693
8,613
521
704
8,680
549
699
8,682
8,639
580
723
8,614
595
736
8,681
620
756
8,796
771
771
8,800
464
780
8,804
533
701
376
802
8,756
771
824
8,826
594
844
131
36
519
569
1,061
191
131
36
512
570
1,081
193
130
30
521
597
1,094
188
128
24
513
601
1,113
210
128
22
491
593
1,141
211
127
21
552
599
1,190
214
127
22
524
600
1,206
251
124
20
551
602
1,245
310
126
21
555
608
1,297
338
125
17
549
623
1,392
359
123
18
598
636
1,497
423
123
17
707
653
1,567
435
123
18
671
664
1,625
517
12,410
12, 371
12, 398
12, 518
12, 500
12,645
12,676
12,909
13,282
13,108
13, 277
13, 853
13, 882
5,811
1,354
1,234
5,809
1,356
1,238
5,808
1,354
1,243
5,919
1,422
1,237
5,917
1,395
1,214
5,915
1,389
1,294
5,914
1,386
1,292
5,916
1,390
1,391
6,560
1,385
1,432
6,371
1,434
1,492
6,370
1,443
1,604
6,939
1,442
1,761
6,937
1,445
1,741
8,400
8,403
8,406
8,579
8,526
8,599
8,592
8,696
9,377
9,297
9,417
10,142
10,123
4,010
3,968
3,558
410
3,992
3,939
3,526
413
3,974
4,046
4,084
3,666
418
3,906
3,484
422
3,811
3,388
423
3, 711
3,286
425
3,759
3,629
417
4,213
3,792
421
3,860
3,559
415
3,603
407
3,580
412
3,436
424
3, 333
426
12 Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation.
Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconstruction
Finance Corporation.
PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, AUGUST 3 1 , 1941
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Assets
Total
loans
and
preferred
stock
Reconstruction Finance Corporation.
National defense corporations
Home mortgage and housing agencies:
Home Owners' Loan Corporation
Federal home loan banks
. _
RFC Mortgage Company
Federal National Mortgage Association
United States Housing Authority
Farm credit agencies:
Federal Farm Mortgage Corporation _ . . .
Federal land banks
Federal intermediate credit banks
Banks for cooperatives
Production credit corporations
.
Regional agricultural credit corporations
Commodity Credit Corporation
Farm Credit Administration
__
Farm Security Administration
Insurance agencies:
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation _._ _
Federal Savings and Loan Insurance Corporation
Federal Housing Administration
Export-Import Bank of Washington
Tennessee Valley Authority
XJ S Maritime Commission
Rural Electrification Administration
Public Works Administration
Other
Total
1,613
2
2,015
173
69
198
306
622
1,804
261
83
62
7
178
261
469
52
144
Cash
123
U. S.
Govt.
direct
obligations
Liabilities
Bonds, notes, and
debentures
Guaran- Accounts
and
teed
GuarBusiness Property
other
for anteed
obligaby
property held
receivsale
tions
United
ables
States
23
44
51
0)
159
49
53
0)
20
22
54
23
17
0)
6
1
2
4
3
11
0)
6
117
36
23
47
8
53
175
2
1
0)
1
168
15
17
14
45
367
2,102
3
308
2,417
7
1
1
0)
0)
(0
0) 6
0)
4
30
8
19
1
16
1
20
0)
448
25
32
31
303
82
94
14
6
8,826
594
844
103
0)
3
29
41
8
20
6
0)
671
76
85
10
66
1,269
0)
37
2 975
247
0)
0)
786
906
1
37
15
123
0)
226
127
0)
Other
27
1
10
17
65
664
2
8
403
47
1
1,625
15
6,937
1, 445
1 Less than $500,000.
2 Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation.
NOVEMBER
1941
1167
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding at end of month. In millions of dollars]
1940
1941
Jan.
Mar.
Apr.
May
June
July
Aug.
162
158
154
149
145
139
134
131
49
442
482
35
49
437
487
35
49
434
487
36
48
432
470
37
48
429
470
37
48
425
462
81
48
410
461
81
48
407
461
81
9
119
11
117
17
115
21
114
61
113
65
111
70
109
71
108
100
82
106
125
83
5
83
5
83
5
83
5
76
5
74
5
79
5
79
5
77
5
77
5
115
116
114
113
113
113
111
122
120
117
117
1,511
1,522
1,519
1,512
1,499
1,499
1,488
1,503
1,511
1,538
1,613
1,640
74
146
74
146
99
146
99
146
174
152
174
157
174
164
174
168
174
175
174
182
174
190
174
195
174
202
61
63
64
67
68
68
69
71
71
73
75
76
77
81
8
85
8
87
8
90
8
93
8
96
8
99
8
99
8
101
8
102
8
103
8
105
8
107
8
10
10
24
21
33
23
45
28
63
18
83
33
125
121
60
125
168
81
125
219
97
125
282
116
125
327
89
125
380
96
125
527
101
125
_ 1,894
1,932
1,983
2,003
2,089
2,244
2,319
2,383
2,473
2,573
2,630
2,772
2,962
Sept.
Oct.
Nov.
142
142
167
172
166
57
460
470
38
57
460
470
47
56
455
473
36
53
452
474
36
50
447
482
37
3
129
3
128
6
126
7
121
83
5
83
5
84
5
116
116
Total loans and investments, other
than interagency
_ _ 1,503
Loans to financial institutions
Loans on preferred stock of banks and insurance companies ._
__
__
Preferred stock, capital notes, and debentures.
Loans to railroads (including receivers) _ _
Loans for self-liquidating projects.. _ _
Loans to industrial and commercial businesses:
For national defense
Other
Loan to Great Britain
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration
Preferred stock of, and loans to Export-Import Bank
Loans to Rural Electrification Administration
Capital stock of, and loans to RFC Mortgage
Company
Capital stock of, and loans to Federal National Mortgage Association.
Loans to Tennessee Valley Authority
Capital stock1 of, and loans to national defense
companies
Loans to Farm Security Administration
Capital stock of Federal Home Loan Banks. _
Total loans and investments
Dec.
Feb.
Sept.
Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, and Defense Supplies Corporation.
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In millions of dollars]
Farm mortgage loans
End of year or month
Total
Total
Federal
land
banks
Loans to cooperatives
Short-term credit
Land
Bank
Commissioner
Total i
Federal
intermediate
credit2
banks
Emergency
Produccrop and
tion
drought
credit
relief
associaloans
tions
Total 3
Banks
for
cooperatives
Agricultural
Marketing Act
revolving fund
1934
1935
1936
1937
1938
1939
2,964
3,321
3,363
3,335
3,211
3,058
2,533
2.867
2,901
2,848
2,785
2,596
1,916
2,072
2,064
2,035
,982
,905
617
795
837
813
753
315
358
337
367
364
364
61
94
105
138
148
154
111
173
165
173
171
168
117
97
125
120
112
99
55
44
54
31
24
21
1940—September.
October
November.
December.
1941—JanuaryFebruary .
March
April
May
June
July
August
September.
3,035
3. 008
2,986
2,973
2,526
2,517
2,508
2,500
,867
,862
,856
,851
659
655
652
648
420
394
383
381
195
180
173
172
178
173
170
168
89
96
96
93
16
17
17
16
2.964
2.970
2,976
2,982
2,988
2,988
2,986
2.975
2,954
2,489
2, 485
2,475
2,467
2,458
2,448
2,437
2,426
2,411
,844
,842
,836
,830
,824
,818
,811
,804
,795
645
643
640
637
634
630
626
622
616
382
393
413
431
440
450
453
450
431
174
182
195
207
215
221
224
221
208
167
169
175
179
179
179
179
177
174
92
91
88
85
90
90
96
99
111
16
16
16
16
16
16
16
16
16
1 Including loans of regional agricultural credit corporations (not shown in the breakdown) amounting to $87,000,000 in 1934, $43,000,000 in 1935,
$25,000,000 in 1936, $16,000,000 in 1937, $11,000,000 in 1938, $8,000,000 in 1939, and from $6,000,000-$8,000,000 since 1939.
2 Exclusive of loans to and discounts for regional agricultural credit, corporations, production credit associations, and banks for cooperatives,
amounting
to a total of $225,000,000 in September 1941. These loans and discounts are included in the columns for the institutions concerned.
3
Including loans of Federal intermediate credit banks to cooperatives (not shown in the breakdown) amounting to $34,000,000 in 1934, $3,000,000
in 1935, and a negligible amount since 1935.
1168
FEDERAL RESERVE BULLETIN
FEDERAL HOME MORTGAGE AND HOUSING AGENCIES
POSTAL SAVINGS SYSTEM
[In millions of dollars]
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In millions of dollars]
End of
month
Home
Owners'
Loan
Corporation
FedFederal
eral
savings
Home
and
Loan
loan
assoBanks i
ciations 2
Assets
RFC
Mortgage
Company
Federal
National
Mortgage
Association
1933—June _
Dec.-.
1934—June. _
Dec
1935—June.Dec
1936—June „
Dec
1937—June.__
Dec
1938—June.. .
Dec
1939—June..
Dec
1940—June__ _
132
1,217
2,379
2,658
2,897
2,945
2,765
2,556
2,398
2,265
2,169
2,081
2,038
2,013
47
85
85
87
79
103
119
145
167
200
196
199
169
181
157
81
186
348
475
587
742
854
948
1,034
1,136
1,271
1. 405
36
49
68
41
54
57
57
60
38
80
125
147
163
1940— Sept.—
Oct. ..
Nov
Dec
1,988
1,981
1,969
1,956
176
182
186
201
L,488
1,515
L, 533
1,546
61
63
65
67
1941—Jan
Feb.___
Mar..._
Apr
May June —
July....
Aug
Sept.—
1,942
1,929
1,914
1,900
1,885
1,870
1,855
1,841
1,825
171
157
146
142
145
170
168
173
178
1,564
L, 579
L,600
1,628
L,658
fi88
1,718
1,751
68
68
69
70
70
65
67
69
70
U. S. Government
securities
United
States
Housing
Authority
End of month
10
13
32
68
123
87
1934—June
December
1935—June
December
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1940—June
171
175
178
181
129
168
176
186
185
187
190
190
192
194
196
198
200
228
211
233
266
288
316
296
306
332
6
18
Depositors
balances1 Total
1,198
1,207
1.205
Cash
in depository
banks
Cash
re-
Di- Guar- serve
rect
anfunds,
Total obli- teed etc2
gaoblitions
gations
1J201
1,232
1,260
1,268
1,270
1,252
1,252
1,262
1,279
1,293
1,225
1,237
1,236
1,237
1,265
1,296
1,307
1,308
1,290
1,291
1,304
1,319
1,337
695
540
385
287
203
145
136
130
115
86
68
53
43
453
597
777
853
967
1,058
1,100
1,097
1,103
1,132
1,157
1,192
1,224
418
467
630
706
800
891
933
930
936
965
1,011
1,046
1,078
35
130
147
147
167
167
167
167
167
167
146
146
146
76
100
74
98
95
93
71
80
73
73
78
74
69
1940—September
October
November
December
1,295
1,296
1,298
1,304
1,339
1,338
1,341
1,348
40
38
37
36
1,224
1,224
1,224
1,224
1,078
1,078
1,078
1,078
146
146
146
146
74
75
80
88
1941—January
February
March
April
May
June
July
August
September
1,314
1,318
1,320
1,317
1,310
1,304
1,307
PI, 309
?1, 311
1, 356
1,361
1,364
1,362
1,359
1,356
1,359
34
33
31
30
30
30
29
1, 239
1,245
1,259
1, 259
1,254
1,251
1,251
1,093
1,098
1,113
1,113
1,108
1,104
1,104
146
146
146
146
146
146
146
84
83
74
73
75
75
80
1
Loans and discounts to member institutions of the Federal Home p Preliminary,
i Outstanding principal, represented by certificates of deposit. Does
Loan
Bank System.
2
Federal Home Loan Bank Board estimates for all Federal savings not2 include accrued interest nor outstanding savings stamps.
Includes working cash with postmasters, 5-per cent reserve fund and
&nd loan associations which are private institutions chartered and
supervised by the Federal Home Loan Bank Board.
miscellaneous working funds with the Treasurer of the United States,
3 Not available.
accrued interest on bond investments, and accounts due from late post-
masters.
Back figures.—See BULLETIN for August 1935, pp. 501-502.
LOANS INSURED BY FEDERAL HOUSING ADMINISTRATIONl
INSURED FHA HOME MORTGAGES (TITLE II) HELD IN
PORTFOLIO BY CLASSES OF INSTITUTIONS1
[In millions of dollars]
[In millions of dollars]
Year or
month
1934
1935
1936
1937
1938
1939
1940
Total
Property
improvement
(Title
I)
New
small
home
construction
(Title
I)
Home
mortgages
(Title
ID
Mortgages on
rental
and
group
housing
(Title
ID
94
309
424
473
669
736
2
2
11
48
51
13
2
1
*
1
3
2
1
30
320
557
495
694
954
1,026
30
224
246
60
160
208
251
1940— Sept...
Oct
Nov.—
107
112
99
104
33
29
28
24
3
2
2
68
80
69
78
1941—Jan
Feb..._
Mar.—
Apr
May—
June..July —
Aug.___
Sept.—
102
84
84
75
89
105
105
91
107
20
20
17
12
22
27
20
18
31
2
1
2
1
1
3
3
2
2
79
61
62
60
65
75
82
70
73
13
25
26
Defense
housing
(Title
VI)
End of
month
ComTotal mercial
banks
365
1936—Dec
771
1937—Dec
856
1938—Mar
933
June__. _
1,049
Sept
1,199
Dec
1,349
1939—Mar
June _ - _ 1,478
1,622
Sept
1,793
Dec
1,949
1940—Mar
June _ _ . 2,075
2,232
Sept
2,409
Dec
1,598
1941—Mar
2,755
June
2,942
Sept
228
431
472
509
565
634
699
759
824
903
971
1,026
1,093
1,162
1,247
1,318
1,381
Mutual
savings
banks
8
27
26
28
32
38
44
50
57
71
90
100
112
130
146
157
190
Savings
and
loan
associations
56
110
119
127
137
149
159
167
178
192
201
208
216
224
230
237
246
Insurance
companies
41
118
146
165
187
212
241
271
302
341
393
432
480
542
606
668
722
Federal
agencies 2
Other3
5
32
42
44
56
77
114
137
148
153
171
182
190
201
210
221
225
27
53
51
60
72
89
92
94
113
133
123
127
141
150
159
154
178
1
Gross amount of mortgages held, does not include terminated mortgages and cases in transit to or being audited at the Federal Housing
Administration.
2
The RFC Mortgage Company, the Federal National Mortgage
Association,
and the United States Housing Corporation.
3
Including mortgage companies,financecompanies industrial banks,
i Figures represent gross insurance written during the period and do endowed
institutions,
private and State benefit funds, etc.
not take account of principal repayments on previously insured loans.
* Less than $500,000.
NOVEMBER
1941
1
1
1169
BUSINESS INDEXES
[The terms "adjusted ' and ' 'unadjusted" refer to adjustment of m o n t h l y figures for i5 easonal variation |
Construction
contracts
awarded (value)
1923-25=100
[ndustrial production
2
(physical volume)
1935-39=100
Income
payments
(value) 1
1935-39
=100
Year and
month
Adjusted
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
122.3
110.9
94.3
73.2
69.5
80 2
87.2
101.2
107.2
98.9
105.5
112.5
3
Manufactures
Employment *
Non-
agriculMin- Total ResiAll
den- other tural 5
erals
tial
1935-39
Dur- Non= 100
able durable
Total
Adjusted
*
Depart- Whole- Cost
FacFreight- ment
sale
tory
of
paycomlivloadsales 6 modity ing
rolls *
4
i
n
g
s
*
(value)
*
1923-25
prices * 1938-39
1935-39 1923-25
Factory
= 100
1926
-100
=
100
=
100
1923-25=100
= 100
Ad- Unad- UnadUnad- Ad- Ad- Ad- Ad- Ad- AdAdAdjusted justed justed justed justed Justed justed justed justed justed justed justed
84
93
63
62
60
67
67
72
69
76
79
83
85
71
83
66
71
72
75
58
73
88
82
90
96
95
99
110
91
75
68
69
75
87
103
113
89
108
123
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
138
93
84
79
70
79
81
90
100
106
95
108
113
98
89
92
100
100
99
107
93
80
'67
76
80
86
99
112
97
106
117
63
63
66
79
84
94
122
129
129
135
44
30
44
68
81
95
124
121
117
126
79
90
65
88
86
94
120
135
139
142
117
92
63
28
25
87
80
37
13
11
142
125
84
40
37
32
12
48
37
65
69
64
21
37
41
45
60
70
74
80
72
60
81
81
72
89
69
49
68
66
78
82
96
96
63
66
67
86
87
77
96
102
128
128
65
111
85
80
74
68
67
71
107.6
100.9
92.3
82.8
83.3
90.5
94.2
100.0
105.0
98.5
102.3
105.6
Adjusted
106.7
107.1
82.0
90.7
103.8
96.4
99.8
101.7
99.5
99.7
106.0
92.4
78.1
66.3
73.4
85.7
91.3
99.0
108.6
90.9
99.9
107.5
98.0
117.2
75.6
81.2
102.9
96.0
101.1
104.2
102.4
103.5
110.4
89.4
67.8
46.7
60.1
64.6
74.1
86.8
102.5
78.5
92.2
105.4
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
Unadjusted
Unadjusted
138 6
124 8
143 9
127 7
•I K A A
97 6
Qfi 7
100 6
98 1
11Q
>f
191
Q
95.3
86 4
73.0
64.8
65 9
122 2
ini A
19fi 4
194 n
199 A
122.8
119 4
108.7
97.6
92 4
ifjQ e
100 0
QK A
Qfi
7
74 Q
QK 7
80.0
80 8
86.3
78 6
77 1
78.6
98.1
99 1
102.7
100 8
99 4
100.2
100 7
1938
July
_
August
September
October
November
December
_
97.2
98.1
99.1
100.2
100.7
101.4
86
90
93
96
100
101
84
91
97
100
102
99
71
78
83
89
96
97
95
99
100
100
103
104
94
97
'97
'99
102
102
101.3
101.9
103.0
101.8
103.6
104.8
104.6
106.5
107.8
109.1
109.9
111.2
101
101
101
'97
98
103
105
106
114
121
124
125
97
99
100
98
99
102
102
106
119
126
126
122
97
97
96
93
93
99
102
108
118
129
134
138
104
104
104^
103
104
106
106
108
111
115
117
117
103
101
104
'91
'97
104
107
92
114
119
120
114
86
73
69
67
63
63
67
73
73
76
83
86
58
55
58
55
68
62
67
68
68
61
60
110. 6
110.1
108.8
109.1
110.1
110.2
111.7
113.3
114.6
115.8
116.6
119.0
122
116
113
112
116
122
122
124
127
130
134
139
117
113
112
112
117
121
120
124
132
135
136
136
134
124
118
116
123
133
136
143
151
155
157
164
113
110
107
107
110
114
113
112
112
116
120
124
118
114
117
119
117
119
119
114
116
113
118
118
75
63
62
64
64
74
85
90
93
95
111
115
53
56
57
62
64
69
77
82
82
85
87
90
121.3
123.0
123.7
124.5
128.4
131.0
133. 3
134.8
P136. 9
140
144
147
144
154
159
160
160
135
139
144
144
155
160
159
162
171
176
180
180
190
195
199
199
123
126
127
131
135
139
138
139
119
118
125
'95
126
'132
131
131
103
99
94
103
101
117
139
152
P138
P130
84
76
74
80
88
101
115
112
P101
«163
el67
97.0
97.6
98.2
98.7
99.6
100.3
87.2
89.3
91.0
92.0
94.8
96.7
85.9
90 2
93.6
94.2
95.3
96.2
71.7
77.9
82.3
85.0
85.3
88.1
88
90
92
95
95
96
83
83
85
86
87
88
78
78
78
77
77
77
78
76
82
101
107
100.5
100.7
100.8
99.8
100.6
101.7
102.0
102.4
103.0
104.2
104.9
105.4
96.8
96.8
96.7
96.6
96.3
97.3
98.4
99.0
100.8
104.8
107.0
108.2
94.5
96.1
97.0
96.9
95.9
96.4
96.6
99.5
103.7
107.3
107.5
107.8
84.7
87.1
88.8
86.8
86.3
87.9
85.8
91.2
95.4
103.2
103.2
105.4
98
95
94
87
90
97
99
101
111
114
114
110
88
88
88
88
87
86
87
88
90
92
93
95
76 9
76 9
76 7
76 2
76 2
75 6
75 4
75 0
79 1
79 4
79 2
79.2
93
68
66
66
65
77
91
98
101
103
130
136
104.9
104.2
104.0
103.3
103.8
104.2
104.7
105.6
106.1
107.3
108.8
110.6
107.6
105.8
104.0
102.8
102.8
103.9
105.1
107.4
108.9
111.4
114.2
116.6
105.0
105.0
104.4
103.2
102.5
103.1
103.2
107.4
111.4
113.8
114.7
116.2
99.8
99.3
99.8
97.9
97.8
99.5
98.2
105.5
111.6
116.2
116.4
122.4
111
105
100
103
106
111
110
112
112
110
116
119
92
90
89
89
89
91
92
98
97
94
100
101
79 4
78 7
78 4
78 6
78 4
77 5
77 7
77 4
78.0
78 7
79.6
80.0
115.5 120.7
117.8 126.8
119.9 131.2
122.6 134.7
124.9 144.1
127.8 152.1
130. 5 152. 6
132.8 157.8
P135. 6 P163. 0
122
124
126
112
135
139
138
139
130
el27
101
103
103
104
105
104
115
134
116
105
80.8
80.6
81.5
83.2
84.9
87 1
88.8
90.3
91.8
^92. 0
8
1
3
6
5
0
100 2
1939
January
February
March
April
May
June
July
August
September
October
November
December
99 1
98 6
100 6
09.6
1940
January
February
March
April
,
May
June
July
August
September _
October
November
December
99 8
100 8
100.4
100 2
100.1
100.7
1941
January
February
March
April.
May
June
July
August
September
October e
.
el29
117 111.0 118.3
118 111.6 118.6
109 111.4 119.4
121 111.5 122.0
111 112.9 124.9
129 114.2 128.7
158 116.0 133.3
184 116.4 133.0
P207 P116.2 P132. 5
100 8
100.8
101 2
102.2
102.9
104 6
105. 3
106. 2
108.1
r
e
p1 Preliminary.
* Average per working day.
Revised.
Estimated.
Department of Commerce series on value of payments to individuals.
2 For indexes by groups or industries, see pp. 1171-1174; for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940,
pp. 753-771.
34 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 1179.
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. 1175-1178 for employment5 and payrolls and p. 1182 for prices.
Excludes military and naval forces.
6
For sales comparisons by cities and by departments see p. 1181 of this BULLETIN.
Back figures in BULLETIN.—For industrial production, August 1940, pp. 825-882 and Sept. 1941, pp. 933-937; for factory employment and payrolls,
October 1938, pp. 838-866, October 1939, pp. 879-887, and February 1941, p. 166; for department store sales, October 1938, p. 918, and January 1941,
p. 65; for freight-car loadings, June 1941 pp. 529-533.
FEDERAL RESERVE BULLETIN
1170
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasoned Variation)
[Index n u m b e r s of t h e B o a r d of G o v e r n o r s . ] 935-39 average = 100]
•
1940
1941
Industry
Aug.
Sept.
124
126
143
112
Oct.
Nov.
127
130
134
139
129
151
112
134
155
116
137
157
120
142
164
124
163
162
166
159
219
169
167
175
164
247
172
169
178
167
259
171
173
177
164
263
174
Machinery.
138
145
149
Transportation Equipment2..
Aircraft
Automobile bodies, parts, and
assembly
..
Automobile factory sales
Railroad cars
Locomotives _
Shipbuilding (private yards)
U9
460
159
508
165
552
121
71
127
123
213
121
110
148
140
220
Nonferrous
137
132
133
140
134
128
139
117
Production—Totall..
Industrial
Manufactures—Total*
1
Durable
Nondurable
Iron and Steel
Pig iron
Steel
_
..
Open h e a r t h a n d Bessemer ___
Electric
Metals and
Products
Nonferrous metal smelting^ _ _
Copper smelting
Zinc smelting
Copper deliveries
Lead shipments
Zinc shipments .
Tin consumption
Lumber and Products..
Lumber _
Furniture
..
_
Stone, Clay and Glass
Products
Cement__
Common and face brick
Common brink"
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
Manufactured
Food
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
.
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 snuflL _
Dec.
Jan.
May
Aug.
Sept.
June
July
154
159
160
160
P162
159
190
135
164
195
139
165
199
138
165
199
139
P167
P204
P138
175
196
174
355
184
179
196
173
359
185
181
197
174
365
185
182
198
172
382
192
185
207
179
405
194
206
214
216
223
197
818
228
872
243
926
257
1,003
240
1,123
142
143
178
234
335
124
122
196
266
352
152
151
218
280
380
161
148
235
308
425
171
154
••233
342
'467
139
93
236
355
484
173
142
140
.158
209
165
148
130
179
142
136
163
219
172
146
143
183
147
145
164
221
186
147
147
189
148
144
170
231
205
144
147
184
144
136
170
222
210
144
141
'188
142
131
173
234
'200
142
155
186
145
135
175
221
196
143
161
137
139
132
135
139
129
128
125
132
132
128
139
132
122
151
135
125
155
W
131
161
140
134
153
P137
P128
P154
140
155
147
147
148
119
117
154
150
156
142
139
141
134
150
138
151
143
154
148
P156
181
158
183
123
137
131
138
139
135
135
142
148
142
155
152
154
146
158
133
135
132
139
146
77
140
128
160
131
152
140
140
138
133
144
156
69
136
119
149
125
150
142
143
140
152
148
67
149
143
165
134
163
153
146
135
142
156
74
145
131
163
132
157
149
143
156
150
71
152
146
179
135
163
154
150
146
160
158
74
152
139
171
140
166
156
157
152
164
169
71
165
148
196
153
178
167
156
151
160
173
73
1G3
149
190
151
178
165
155
151
162
173
P152
P146
157
126
177
153
174
160
154
149
160
170
56
166
148
181
162
179
166
97
93
100
85
81
100
107
100
110
92
82
112
109
102
113
86
86
113
107
102
115
88
79
110
108
103
112
92
87
112
114
113
119
112
97
115
114
109
118
97
96
117
123
118
129
99
105
126
130
121
131
98
113
136
'129
124
136
'93
»116
rl32
121
123
140
103
96
119
P119
110
100
86
'116
114
rlO7
"121
133
121
147
95
92
95
109
118
104
116
122
128
108
114
135
127
152
101
98
106
118
117
99
136
117
122
106
117
126
133
159
106
102
110
116
121
104
122
125
131
110
118
138
134
165
107
97
109
120
117
98
124
131
138
119
123
136
114
121
110
86
112
117
120
105
107
127
132
118
124
129
126
145
109
94
112
119
121
105
122
125
129
118
131
124
134
159
110
91
111
120
123
110
123
135
144
119
138
135
126
143
110
96
108
122
124
110
119
134
127
107
129
130
126
103
102
133
133
98
129
136
P134
P140
117
134
139
132
147
120
97
109
122
111
121
132
124
134
120
91
101
129
113
128
141
125
132
123
96
110
128
109
134
165
134
149
124
94
105
135
109
145
183
126
139
118
101
99
P137
92
91
44
215
87
no4
96
94
77
86
131
101
104
85
85
105
105
105
78
112
126
108
106
81
132
131
104
100
80
132
130
107
102
82
140
137
114
m
71
••232
126
103
100
80
118
134
107
94
154
206
130
115
108
206
190
128
110
93
206
219
131
118
94
262
170
106
105
110
96
108
102
113
100
115
105
120
112
113
103
119
106
114
108
121
101
113
111
118
101
116
110
125
96
117
109
127
97
120
117
127
101
119
109
131
100
118
106
131
97
114
106
123
97
118
109
129
96
121
104
137
99
Feb.
Mar.
Apr.
140
144
147
144
144
171
123
148
176
126
151
180
127
153
180
131
179
177
186
172
291
179
176
187
171
300
184
178
193
177
305
181
170
193
172
340
184
173
181
166
283
152
164
168
177
185
171
600
177
635
190
685
203
741
207
768
125
130
148
160
227
125
134
166
168
226
125
129
172
186
263
134
144
178
204
282
143
152
182
222
307
143
132
129
148
154
126
141
113
149
133
130
147
170
132
142
109
155
135
135
147
179
145
144
112
162
137
135
152
190
158
146
115
167
137
133
153
201
161
149
119
114
113
115
121
121
121
123
124
122
127
128
125
132
133
128
119
115
129
130
125
114
114
124
125
131
124
146
116
118
126
133
126
126
127
115
111
130
140
135
136
132
114
113
113
111
124
127
61
106
95
108
104
117
105
rll5
113
rll9
120
65
123
109
137
120
135
122
123
121
126
129
71
132
125
152
124
149
127
97
92
98
83
83
101
95
90
95
82
83
99
114
99
90
110
104
105
115
132
119
141
99
91
96
115
106
90
129
170
r77
P228
P252
PI,
212
P132
74
P256
?>370
P557
P187
P145
P135
175
P225
146
154
163
120
156
P168
P34
P173
P157
P215
P163
P182
P171
P116
99
r
1
2
Revised.
P Preliminary.
Includes manufacturing in Government arsenals and quartermaster depots not available for publication separately.
Includes shipbuilding in Government yards not available for publication separately.
3
Includes also lead production shown under "Minerals."
NOVEMBER 1941
1171
Industrial Production, by Industries (Adjusted for Seasoned Variation)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1941
1940
Industry
134
136
161
121
135
199
156
132
143
115
114
131
132
129
142
145
162
120
141
203
155
142
158
127
114
138
137
139
145
149
175
121
151
216
170
145
154
134
114
149
144
140
147
152
167
122
149
203
163
150
170
140
112
149
142
138
147
152
172
128
151
215
164
148
161
147
113
149
140
139
111
103
114
105
116
106
118
106
122
107
128
106
106
129
109
122
117
117
120
112
120
150
143
367
122
117
118
122
104
123
152
145
398
128
121
120
121
105
113
154
145
434
120
120
118
117
133
134
69
125
122
124
119
118
115
148
141
386
127
123
123
122
134
104
154
145
435
128
124
123
124
133
108
154
146
429
130
126
126
127
132
116
154
146
453
122
123
123
132
135
143
141
143
123
124
121
158
156
128
128
127
155
158
134
135
132
158
161
131
132
130
162
164
144
144
145
192
196
152
151
155
119
118
125
'126
'132
113
114
102
113
121
149
102
112
148
189
153
116
126
125
126
148
191
148
118
125
126
Dec.
Paper and Paper Products1
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
__
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
124
123
150
119
120
179
148
118
121
114
113
117
121
117
120
118
150
117
114
185
145
113
118
107
111
111
125
107
122
121
148
118
124
184
140
117
123
110
112
114
124
110
125
124
150
123
113
186
143
120
132
114
109
114
120
114
180
131
159
119
142
200
148
127
143
114
109
117
131
120
129
129
153
119
128
190
144
126
138
110
113
119
132
120
Printing and Publishing 2
Newsprint consumption
110
104
108
104
109
104
110
106
112
107
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
_
CokeByproduct cokeBeehive coke
__ __ __
118
109
109
116
98
111
140
137
263
116
112
113
113
102
121
143
139
267
Chemicals
115
114
116
112
111
115
109
123
145
141
266
116
118
114
112
116
115
123
147
143
281
118
120
116
115
120
107
130
149
143
378
121
Rubber products
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
115
116
105
106
102
124
125
109
110
107
126
128
109
110
103
182
133
116
118
107
144
147
117
118
115
113
118
r
118
Aug.
132
133
160
119
137
199
153
129
138
114
115
126
133
124
Nov.
114
July
128
128
153
122
129
193
144
124
134
110
115
123
125
119
Oct.
r
May
Apr.
Sept.
Minerals—Total
Feb.
Mar.
Jan.
Aug.
r
Fuels
Bituminous coal
Anthracite
Crude petroleum
112
121
115
108
115
119
108
114
109
98
94
115
118
112
97
115
113
115
108
113
114
117
98
114
Metals
Iron ore shipments
Copper
Lead3
Zinc 3
Gold
Silver 3
159
139
114
117
108
106
n27
155
137
112
120
108
103
163
141
117
118
120
120
148
192
143
113
120
131
127
186
145
116
123
129
129
187
148
116
125
131
12S
r
r
95
June
86
22
71
113
121
149
80
114
129
153
126
120
200
152
119
133
120
129
197
159
115
127
131
122
200
155
117
136
125
128
Sept.
158
P127
105
P426
145
153
156
126
127
125
130
132
117
118
110
131
131
P130
127
146
137
119
129
147
162
119
P135
P127
P125
r
r
15l
207
156
114
125
120
124
144
203
155
116
131
131
134
108
108
103
P143
203
154
P137
r
1
Revised.
PPreliminary.
Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last
reported.
2 Includes also printing paper production shown under "Paper."
3
Revised series. Back figures may be obtained from Division of Research and Statistics.
NOTE.—For description and back figures see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and
825-882.
1172
FEDERAL RESERVE
BULLETIN
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
llndex numbers of the Board of Governors. 1935-39 average = 100]
1940
1941
Industry
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb
Mar.
Apr.
May
June
July
Aug.
Sept.
Industrial Production—TotallManufactures—Total*
124
132
'135
136
136
135
144
144
155
160
159
162
P!68
125
139
114
133
150
119
138
159
121
139
161
131
140
164
139
166
118
144
171
149
178
136
153
183
139
160
193
134
165
198
138
164
197
138
167
198
143
P173
Iron and Steel
Pig iron
Steel
Open hearth and Bessemer . . .
Electric
158
161
161
154
212
166
164
171
161
242
171
169
176
165
257
172
173
178
166
265
174
173
181
166
283
179
177
186
172
291
179
176
187
171
300
184
178
193
177
305
181
170
193
172
340
184
175
196
174
355
184
179
196
173
359
185
181
197
174
365
185
182
198
172
382
Machinery
135
194
214
216
Durable 1
Nondurable
P146
185
207
179
405
149
152
164
177
185
179
552
185
600
188
635
214
685
207
741
818
872
1,003
221
1,123
91
23
130
124
202
154.
508
119
89
135
137
213
142
142
141
152
229
143
161
153
163
219
138
152
172
186
263
138
151
178
204
282
148
161
182
222
307
150
160
178
234
335
136
139
196
266
352
152
164
218
280
380
161
164
235
308
425
136
134
'233
342
'467
118
47
236
355
484
Nonferrous Metals and Products3
Nonferrous metal smelting
Copper smelting
Zinc smelting
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
133
127
127
133
133
122
128
115
143
131
129
143
156
127
138
108
152
138
138
147
173
138
143
108
158
137
139
147
181
155
147
112
138
135
152
188
165
147
112
166
137
133
153
200
166
149
114
173
142
140
158
209
165
148
130
179
142
136
163
219
172
146
146
184
147
145
164
221
186
147
151
190
148
144
170
231
205
144
153
185
144
136
170
222
210
144
148
188
141
131
173
234
'200
142
154
145
135
175
221
196
143
159
Lumber and Products
123
126
118
134
127
132
133
126
123
130
121
114
133
116
113
123
119
115
129
123
118
133
130
128
135
134
130
142
140
135
150
144
142
149
152
148
158
P162
110
100
112
102
125
117
142
139
164
163
172
174
166
177
172
181
184
110
144
120
131
130
141
135
142
159
142
163
149
160
172
109
166
120
138
133
144
154
72
136
119
149
125
150
142
143
140
152
148
68
149
143
165
134
163
153
147
143
156
150
74
152
146
179
135
163
154
150
146
160
158
73
152
139
171
140
166
156
157
152
164
169
66
165
148
196
153
178
167
155
150
160
173
66
163
149
190
151
178
165
155
150
162
173
'69
157
126
177
153
174
160
154
148
160
170
50
166
148
181
162
179
166
P152
P146
104
103
116
87
79
106
117
112
125
97
91
121
122
112
121
105
96
128
118
110
118
96
99
123
120
115
126
94
103
124
119
118
125
100
113
119
'125
'120
'127
'102
'115
'128
128
119
133
108
94
135
104
104
105
92
78
101
96
110
122
145
98
83
112
103
107
102
135
105
99
105
107
121
122
143
100
86
107
105
112
103
135
134
138
118
133
152
119
135
102
95
105
107
120
100
117
182
129
101
132
199
138
102
117
193
153
99
136
183
87
82
95
159
212
107
92
104
115
104
99
103
84
69
95
89
103
133
157
110
83
118
103
151
177
200
132
147
120
101
111
111
155
186
195
121
130
118
92
96
122
137
165
172
119
119
125
95
104
137
120
151
169
116
112
126
95
104
159
108
150
168
119
111
132
111
111
176
94
90
106
79
113
100
108
111
91
84
122
120
124
90
77
149
129
137
75
91
165
131
142
59
97
160
128
51
105
140
87
84
104
73
92
137
120
75
359
180
108
108
90
119
108
96
118
95
110
100
119
113
111
118
100
121
108
133
100
128
113
144
123
111
138
113
136
132
120
146
107
Transportation Equipment2
Aircraft
Automobile bodies, parts, and
assembly
Automobile factory sales
Railroad cars
Locomotives
Shipbuilding (private yards)
Lumber
Furniture
460
Stone, Clay and Glass Products
Cement
Common and face brick
Common brick
Face brick
Glass containers
Polished plate glass
133
141
150
153
142
124
93
139
150
161
162
161
118
118
142
154
154
160
140
119
127
136
145
147
149
141
115
129
125
124
125
120
133
111
141
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.
111
108
114
137
57
109
101
113
108
120
107
118
115
'119
138
65
120
111
137
119
130
116
126
124
129
144
77
129
124
145
121
149
122
137
134
139
151
87
139
126
162
129
152
139
140
136
142
154
79
145
131
163
132
157
149
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
104
89
93
87
81
114
102
89
94
81
84
111
93
101
82
80
102
101
114
87
79
104
115
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
131
100
95
145
169
116
130
136
102
106
100
92
95
136
115
102
'118
124
106
125
123
112
117
107
101
107
140
113
113
96
92
95
107
108
127
143
110
108
113
132
116
103
112
80
73
84
89
88
151
191
111
104
107
117
115
100
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified spirits
90
106
24
103
68
'109
'95
'57
'318
134
108
82
76
314
174
104
77
96
181
207
Tobacco Products
Cigars
Cigarettes
Manufactured tobacco and snuff.
110
108
116
97
118
117
121
108
127
118
115
115
123
114
105
124
W
P228
P1,212
P186
PU5
175
P225
146
4
156
P173
*>157
P215
^163
P182
P163
114
P143
' Revised.
* Preliminary.
Includes manufacturing in Government arsenals and quartermaster depots not available for publication separately.
23 Includes shipbuilding in Government yards not available for publication separately.
Includes also lead production shown under "Minerals."
1
NOVEMBER
1941
1173
Industrial Production, by Industries (Without Seasonal Adjustment)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1940
Industry
Paper and Paper Products1
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
Printing and Publishing 2
Newsprint consumption _
Petroleum and Coal Products.
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
Oct.
1941
Aug.
Sept.
Nov.
121
148
101
120
179
148
117
123
107
110
113
121
116
124
120
147
102
115
185
145
116
125
102
111
110
131
108
127
124
150
110
124
188
143
120
130
110
112
115
129
113
102
91
108
105
113
111
124
151
126
113
186
144
120
132
110
112
113
119
114
112
111
m
no
118
114
116
114
102
119
142
139
222
118
114
114
116
109
123
145
141
274
119
115
113
117
115
126
148
143
309
119
115
112
122
106
131
149
143
378
m
Dec.
124
154
124
138
190
144
120
127
112
110
116
126
116
112
109
Jan.
126
128
154
124
128
192
144
124
132
111
113
119
128
120
109
115
113
123
108
126
150
143
367
Feb.
Mar.
Apr.
May
131
133
159
127
133
199
148
129
138
118
113
126
130
124
137
164
128
141
203
156
133
144
122
115
132
134
126
137
140
165
136
139
199
159
136
146
126
114
136
135
130
W
115
104
110
12k
113
120
115
114
'123
103
124
152
145
398
119
114
114
"118
104
115
154
145
434
rl20
119
118
"117
122
119
133
134
69
122
124
"119
122
115
148
141
124
126
"121
134
102
154
145
435
155
158
134
135
132
167
160
131
132
130
162
164
144
144
145
192
196
152
151
155
145
165
133
141
203
155
142
155
130
115
140
136
136
June
147
173
124
150
214
167
143
154
131
115
146
143
137
127
107
July
Aug.
4
146
150
170
109
151
215
164
147
163
138
110
145
140
138
'145
160
109
141
199
155
142
161
127
109
'140
'135
133
me
120
96
125
127
122
131
103
154
146
429
131
128
130
124
131
111
154
146
453
'189
142
153
156
126
127
125
130
132
117
118
110
Sept
167
106
Chemicals..
112
114
97
107
139
137
210
112
116
120
120
122
Rubber Products
Rubber consumption _
Tires and tubes
Pneumatic tires—.
Inner tubes
115
116
105
106
102
128
109
110
107
126
128
109
110
103
185
138
116
118
107
187
140
117
118
115
146
148
123
124
121
151
153
128
128
127
122
119
116
96
127
130
134
P136
109
111
85
111
116
124
103
114
112
110
99
114
115
128
98
111
116
127
115
111
117
130
114
111
118
134
112
112
121
143
105
114
87
18
76
116
118
126
88
118
123
132
116
120
121
128
107
119
125
135
120
122
P129
178
294
146
117
118
141
119
'146
162
147
114
120
148
128
U
145
116
125
125
129
155
116
126
112
129
151
116
125
111
131
181
323
159
117
127
113
121
rl81
326
152
116
136
116
123
344
147
110
125
115
122
182
335
152
116
131
P177
146
118
123
133
129
210
156
121
133
106
130
4
135
114
111
118
104
r!72
301
136
112
116
126
104
Minerals—Total _
Fuels
Bituminous coal_.
Anthracite
Crude petroleum..
Metals
Iron ore shipments..
Copper
Lead 3
Zinc
Golds
Silvers
r
123
'95
131
134
108
108
103
P140
P122
P125
311
153
P137
" Revised.
v Preliminary.
1
Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures
were2 last reported.
Includes also printing paper production shown under "Paper."
3
Revised series. Back figures may be obtained from Division of Research and Statistics.
NOTE.—For description and back figures, see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and
825-882.
1174
FEDERAL RESERVE BULLETIN
FACTORY EMPLOYMENT, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index n u m b e r s of the Board of Governors; adjusted to Census of Manufactures through 1937
1940
1923-25 average=100
1941
I n d u s t r y and group
Mar.
June
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
__
107.4
104.3
110.2
108.9
107.4
110.3
111.4
111.2
111.5
114.2
114.6
113.8
116.6
117.6
115.7
118.3 118.6 119.4 122.0 124 9 128 7 133.3 133.0 132.5
121.1 122.1 123.0 126.3 129.5 134.0 '140. 8 141.1 141.4
115.6 115.2 115.9 118.0 120.5 -123.7 126.1 125.3 124.0
Iron, Steel, Products
Blast furnaces, steel works._.
Bolts, nuts, washers, rivets
Cast-iron pipe
Cutlery, edge tools
_
Forgings
Hardware
Plumbers' supplies
Stamped, enameled ware
Steam, hot-water heating . . .
Stoves
Structural, ornamentalTin cans, tinware
Tools
Wirework
.
111.1
123
116
78
104
74
98
87
169
91
96
78
98
98
152
112.9
123
119
81
107
77
102
89
179
92
95
81
96
101
170
116.1
125
121
84
109
81
105
90
188
97
98
84
99
106
189
118.9
127
128
89
110
83
109
94
190
100
100
86
103
111
201
122.4
130
135
89
110
88
113
98
196
103
108
91
104
116
207
124.8
133
139
88
110
90
113
99
194
106
113
96
109
121
206
125.5
133
145
92
108
94
114
98
201
106
106
100
112
126
208
126.2
133
151
92
110
96
116
100
202
107
106
100
113
128
208
128.3
136
153
93
114
100
115
101
204
109
107
101
113
133
203
132.0
140
160
94
117
102
116
102
214
111
110
103
122
Machinery
Agricultural implements
120.0
139
129
107
176
101
247
145
76
119
122.6
141
132
111
182
103
247
138
79
123
126.6
143
132
116
197
107
257
134
81
126
ISO. 9
140
134
120
211
110
265
142
83
128
136.0
143
137
126
218
114
275
150
86
130
141.2
147
137
131
237
118
286
155
89
131
144.2
148.1
126
146
142
243
124
304
178
95
134
155.8
158
151
147
245
129
315
189
98
138
161.6
166
150
153
259
134
326
197
101
143
Total*
Durable goods*
Nondurable goods*
Cash registers, etc
Electrical machinery
Engines, turbines, etc.
Foundry, machine-shop products.
Machine tools
Radios, phonographs _ _
Textile machinery
Typewriters
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
Lumber,
Products
Furniture
Lumber, mill work
_
L u m b e r , sawmills
Stone, Clay, Glass Products
Brick, tile, terra cotta
Cement
Glass
Marble, granite, slate
Pottery
Textiles, Products
Fabrics
_ .
Carpets, rugs___ _
Cotton goods
Cotton small wares
Dyeing, finishing textiles
H a t s , fur-felt
Hosiery
Knitted outerwear
K n i t t e d underwear
Knitted cloth
Silk, rayon goods .
Woolen, worsted goods..
Wearing apparel . .
Clothing, men's
__
Clothing, women's
Corsets, allied garments
M e n ' s furnishings
Millinery _ _
Shirts, collars. .
Feb.
140
140
137
239
120
296
165
92
110
Apr.
May
207
136.0
145
166
95
122
118
102
220
114
114
104
129
214
'167.3
170
163
159
275
rl39
337
184
104
150
July
Aug.
Sept.
'139.0
149
169
95
130
111
r
105
102
228
123
121
105
131
142
218
140.3
150
173
94
130
111
116
103
232
126
115
106
132
146
202
139.9
149
172
97
130
113
114
100
233
125
109
104
131
146
229
'173.0
175
168
164
293
176.6
182
170
168
314
144
366
187
108
157
176.7
180
174
168
323
145
356
183
111
158
349
191
107
155
120.9
ISO. 2 140.2
14S. 9 145.6 150.4
152 9 154.1 '158 9 '164.8 '174. 6 '196 6 192 2 197.1
3,479 3,881 4,243 4,447 4,731 5,089 5 398 5 509 5 813 6 121 6 538 7 208 7 960 8,830
r
116
107
127
124
125
130
123
123
125
128
132
149
137
123
r
55
50
64
58
67
75
98
74
87
71
70
70
81
33
36
42
39
46
52
81
64
79
55
67
75
56
59
187
186
204
195
244
220
441
'302
262
'342
397
268
'286
••387
115.7
199
140
98
99
92
70
92
118.6
202
147
100
94
100
72
92
122.3
207
153
101
96
103
74
94
126. S
214
162
101
98
105
75
94
129.4
218
168
102
101
106
76
96
1SS.S
229
173
107
102
110
77
98
135.1
224
176
109
105
112
79
100
136.2
220
179
111
107
110
79
101
138.9
229
181
115
111
112
81
101
140.7
234
182
118
113
112
82
102
144.1
230
190
121
115
116
84
102
148.3
238
193
125
120
123
94
103
148.1
244
195
121
118
122
87
105
144.6
240
195
105
109
121
86
103
69.0
90
63
62
70.6
91
65
64
71.S
91
68
64
73.6
93
71
66
75 2
96
72
67
76.3
97
74
68
75 5
98
72
67
74 0
98
71
65
74 2
101
70
65
74 6
104
69
64
75 9
106
71
65
'78 9
108
75
68
78 4
107
76
68
77 7
103
75
68
81.8
60
69
107
45
94
83.0
61
70
109
46
94
84.7
61
72
112
46
96
88.4
65
74
117
45
100
90 4
68
76
117
46
105
94.6
75
75
120
46
108
92 9
74
76
116
47
108
92 3
71
75
118
46
108
92 3
70
74
121
45
109
92 1
69
73
122
45
109
93 7
69
74
124
44
116
98 6
73
76
131
43
126
98 4
74
77
130
41
123
98. 4
74
79
129
42
121
101.1
92.6
72
93
79
128
83
138
72
75
147
62
86
116.1
104
164
112
125
73
118
101.9
93.5
75
94
81
129
84
138
69
74
151
61
90
116.5
104
165
112
126
78
119
102.6
95.2
79
95
82
129
80
140
70
75
153
63
93
114.8
102
164
112
122
74
117
105. S
97.7
82
97
87
129
84
141
71
76
151
65
99
118.0
109
168
114
118
68
117
107.2
98.7
82
99
90
132
85
144
74
77
149
64
98
121.9
115
170
114
116
69
122
107. S
98 8
85
99
92
132
83
144
69
81
144
63
98
122.0
114
166
114
116
76
131
107.1
99 1
84
100
93
134
83
142
69
78
141
64
98
120.5
111
166
113
118
82
126
107.6
100 4
83
101
94
136
83
142
68
78
143
66
102
119.3
110
164
114
118
78
125
109.8
103 3
86
103
97
138
80
141
71
79
141
69
109
119.8
114
159
114
119
78
128
112.9
105 9
89
106
103
141
83
144
76
81
155
74
109
124.0
122
161
116
121
73
131
116.1
109 0
90
111
107
144
86
146
81
79
163
75
110
127.0
124
170
119
124
68
133
120.1
111 1
89
113
110
149
86
149
85
90
162
72
112
135.1
124
194
119
138
75
135
117.1
109 6
91
115
110
143
79
144
83
88
160
67
108
129.0
120
176
122
138
79
135
114.9
107 4
91
113
108
141
77
135
78
88
157
61
111
127.0
119
171
124
135
76
134
' Revised.
* Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for F e b r u a r y 1941, p. 166, and for June 1941, p. 569.
NOTE.—Figures for September 1941 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and for
October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of m o n t h .
NOVEMBER
1941
1175
Factory Employment (Adjusted)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
1940
Industry and group
Aug.
Leather, Manufactures
Boots, shoes
Leather
_
_ __
Food, Products
_
Baking
Beverages
Butter
.
_
Canning, preserving _
_
Confectionery
Flour
Ice cream
Slaughtering, meat packing
Sugar, beet ._
__
Sugar refining, cane
_ .
Tobacco Manufactures
Tobacco, snuff
Cigars, cigarettes ___
_ „
Paper, Printing
Boxes, paper
Paper, pulp
__
__
Book, job printing
Newspaper, periodical printing
Chemicals, Petroleum,
Products
and Coal
Petroleum refining
Other than petroleum
Chemicals
__
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap
Rubber
Products
Rubber boots, shoes
Rubber tires, inner tubes
Rubber goods, other
_ _
__ _
_ _
Oct.
Sept.
1941
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
June
May
89.1
87
82
89.9
88
81
91.1
90
82
93.8
92
84
94.3
93.3
91
85
93.2
91
86
94.3
93
85
92
88
95.5
93
90
96.8
94
90
129.8
146
272
96
146
88
79
76
108
106
93
126.9
144
265
96
130
86
79
75
109
110
91
129.9
144
271
96
152
86
78
79
110
100
95
132.4
144
281
102
152
90
78
81
114
102
95
135.6
144
285
101
157
91
78
81
121
145
97
13S.3
143
281
98
149
89
78
80
112
240
92
131.0
145
279
99
144
88
77
81
111
144
89
131.3
146
278
102
139
91
78
79
113
111
97
132.5
148
277
105
140
92
79
82
114
97
103
135.0
149
287
107
147
89
78
79
119
99
102
63.0
56
64
63.7
57
65
63.3
57
64
63.4
55
65
64.7
57
66.3
57
68
64.9
54
66
64.O
54
65
65.0
54
66
65.8
54
67
65.8
53
68
116.4
115.7
117
117
100
116
116.1
117
115
102
116
116.8
120
116
101
118
117.3
119
117
100
117
117.1
123
116
103
116
117.2
122
117
101
116
118.5
125
119
103
117
119.8
129
120
104
117
121.2
132
123
104
117
122.9
139
125
104
117
122.2
122
122.2
141
75
117
121.7
121
121.8
141
62
116"
'122. 8
121
'123.3
143
92
114
120
124.9
.47
101
113
120
'126.6
151
102
113
0)
0)
0)
63
122
116
102
117
(0
(0
'126. 8 '128.1
120
120
'128.5 '130.0
154
157
102
100
116
118
0)
0)
Aug.
Sept.
100.2
97
97
97.9
94
96
98.6
94
98
'137. 3 '137.2
151
149
'286
289
105
103
156
160
90
97
80
79
'78
78
121
119
89
93
'101
'94
'139. 9
152
298
104
169
100
77
80
119
76
93
139.2
151
293
102
170
91
79
79
121
89
98
65.7
53
67
64.4
53
66
61.6
54
63
124.8
142
126
108
117
125.1
143
128
108
118
124.2
141
129
104
117
'129. 0 '133. 6 '136. 9 '140. 7 '142. 9
121
121
123
125
127
'131.1 136.6 '140. 4 '144.7 '146.8
161
163
168
172
173
94
110
106
107
109
122
119
129
135
132
145.0
127
149.3
179
101
137
144-3
127
148.5
180
88
142
124
148
328
99
122
146
324
96
113.3
79
87
200
112.3
77
87
196
0)
0)
101.0
98
95
July
0)
0)
113
126
306
85
107
127
309
86
107
125
310
86
107
127
311
82
103
128
314
87
104
130
310
88
103
130
306
90
95
134
308
89
112
135
324
91
118
136
330
93
87.0
54
71
149
89.7
54
73
155
91.6
57
74
157
93.6
60
75
160
96.8
64
77
167
99.0
67
78
171
100.4
69
79
174
102.0
69
80
177
103.9
74
82
176
106.1
78
83
179
'124
140
337
94
111.7
82
86
192
0)
'129
145
326
98
113.0
82
87
194
C1)
0)
1 Data not available.
• Revised.
TOTAL NONAGRICULTURAL EMPLOYMENT
[Thousands of persons]
Total
nonagricultural
employ-2
ment *
Year and month
Employees in nonagricultural establishments3
A/Tili
Total 2
Manufacturing*
Mining
Construction
Transportation and
public
utilities
Trade
Financial, service, and
miscellaneous
tary
and
Government 2
naval
forces
SEASONALLY ADJUSTED
1940— S e ptember
October
..
November
__
December
1941—January
_
February
March . _
.
April
May
_
- . June
July
August
_ _ _ _ _ _ __.
September.
_
...
UNADJUSTED
35,936
36, 324
36,827
37, 460
37, 571
37, 787
37, 724
37, 772
38, 243
38. 680
39, 273
39.425
39, 354
29, 793
30,181
30, 684
31,317
31, 428
31, 644
31, 581
31, 629
32,100
32, 537
33,130
33, 282
33, 211
10, 280
10, 477
10, 698
10, 899
11, 021
11,045
11,108
11,316
11, 545
11,843
12, 211
12,188
12,144
849
835
833
837
849
846
855
572
877
889
914
923
908
1,318
1,490
1,669
1,974
2,014
2,132
1,933
1,859
1,698
1,644
1,668
1,666
1,701
3,059
3,053
3, 053
3,064
3,077
3,087
3,105
3,133
3,192
3,220
3,264
3,302
3,301
6,285
6,289
6,341
6,437
6,298
6,333
6,351
6,474
6,449
6,536
6,614
6,685
6,620
4,174
4,181
4,204
4,226
4,233
4,250
4,254
4,258
4,280
4,295
4,336
4,339
4,334
3,828
3,856
3,886
3,880
3,936
3, 951
3,975
4,017
4,059
4.110
4,123
4,179
4,203
634
737
822
884
958
1,139
1,343
1,554
1,679
1,758
1,821
1,934
1,992
1940—September.
October
November
December.
1941—January
February
March __
April
May
June.
July
August _
September
36, 528
36, 867
36, 986
37, 608
36,621
36,928
37, 227
37, 676
38, 321
38.860
39, 281
39, 626
40,065
30, 385
30, 724
30,843
31, 465
30, 478
30, 785
31, 084
31, 533
32,178
32, 717
33,138
33, 483
33, 922
10,479
10, 668
10, 735
10, 856
10, 797
10, 982
11,152
11, 370
11, 545
11,777
11,995
12,168
12, 386
846
856
853
855
852
854
864
564
869
876
888
900
906
1,511
1,654
1,709
1,720
1,623
1,678
1,631
1,775
1,782
1,816
1,895
1,921
1,957
3,120
3,121
3,065
3,039
3,012
3,028
3,056
3,113
3,185
3,239
3,290
3,326
3,365
6,321
6,362
6,433
6,884
6,165
6,173
6,259
6,463
6,421
6, 530
6,512
6,564
6,659
4, 255
4,187
4,167
4,180
4,142
4,164
4,187
4,265
4,327
4,353
4,394
4,394
4,420
3,853
3,876
3,881
3,931
3,887
3,906
3,935
3,983
4,049
4,126
4,164
4,210
4,229
634
733
822
884
958
1,145
1,343
1,546
1,662
1,740
1,857
1,944
1,992
.
__
_ __
. .-
_- _
* Adjusted to Census of Manufactures through 1939.
Includes self-employed persons, casual workers, and domestic servants not included in total of employees in nonagricultural establishments.
Excludes military and naval forces.
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for September 1941 are preliminary. For back figures, adjusted for seasonal variation, see pp. 534-535 of the BULLETIN for June 1941.
1
3
1176
FEDERAL RESERVE
BULLETIN
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
Factory employment
Industry and group
1940
Factory payrolls
1941
Aug.
Sept.
May
107.4
111.4
108.2
1114
124.9 r127. 9 '130. 5 132.8
102.4
112.2
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
110.7
122
115
80
102
73
96
87
164
90
98
80
108
96
146
Machinery
.
Agricultural implements
Cash registers, etc.
Electrical machinery
Engines, turbines, etc
Foundry, machine-shop products.
Machine tools
Radios, phonographs
Textile machinery...
Typewriters. _
119.2
131
129
107
176
101
238
157
76
118
Total*
Durable goods*
Nondurable goods*
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
June
July
Aug.
June
July
Aug.
Sept.
144.1 '252. 2 '152. 6
163.1 '173. 9 172.3
122.9 '127.9 '130. 7
157.8
177.1
136.2
163.0
'166. 3
182
224
112
135
157
'124
102
272
138
122
112
171
'174
272
172.1
183
241
112
148
169
154
107
289
148
128
124
185
183
252
171.0
178
226
117
150
173
155
105
294
156
128
120
188
201
296
241.3
228
223
240
541
182
553
234
136
222
246.2
231
230
242
565
184
585
257
141
233
Sept.
Aug.
Sept.
May
135.1
'121.1
'137.7
123.7
138.4
127 5
135 6
142.3
129.2
105.5
131.3
118.8
106.5
1014
111.6
115.1
107. 7
113.6
123
118
82
107
77
101
89
177
94
101
83
105
100
165
132.9
141
161
94
119
102
117
102
218
112
113
102
121
135
213
136.1
144
166
97
120
'105
118
102
220
114
116
106
132
139
216
137.7
147
167
98
124
'108
'104
102
222
119
117
107
139
140
213
139.9
149
171
96
127
111
113
103
225
125
117
110
145
143
194
140.8
149
171
98
130
113
113
99
229
128
116
108
145
144
222
113.6
125
139
76
93
86
107
82
183
85
89
73
122
96
163
118.0
128
139
79
101
92
114
83
201
91
97
75
117
104
189
160.9
173
234
110
134
'153
142
105
265
129
119
114
146
172
277
123.1
134
132
111
183
103
248
160
78
123
162.5
171
151
154
272
135
327
174
101
144
167.7
172
163
159
286
'139
339
181
104
148
'172.8
171
168
164
298
143
346
189
106
153
175.5
172
170
167
314
144
352
202
108
156
177.5
171
174
169
325
145
357
213
109
158
131.1
152
136
124
240
101
303
150
74
125
138.0
156
140
131
251
105
332
162
76
137
217.2
229
196
215
444
166
507
192
124
190
168.6
180
248
115
139
'163
150
106
279
138
125
120
163
181
285
'229. 9 '282.9
233
228
216
214
224
232
485
'504
'178
'177
529
535
200
219
131
133
208
217
183.5
140.0
105.0 127.0 '172. 0 r178.1 '179.5
171.4 192.8 115.6 141.4 '817.1 '240. 4 '229. 3 224.1 256.2
3,479 3,764 6,305 6,734 7,280 7,960 8,565 3,727 4,212 7,745 8,212 9,078 10, 462 11, 268
163
135
96
86
127
109
126
171
188
'158
112
137
134
125
47
102
'85
51
'85
'93
'89
89
95
91
94
54
80
50
33
109
68
80
91
33
105
76
79
80
103
36
37
65
211
'434
'506
705
'339
614
181
227
'375
388
444
'583
188
'311
166.7
322
247
143
98
110
91
112
174.6
321
262
148
101
117
94
117
174.1
320
264
138
105
118
87
117
182.0
343
274
146
113
122
94
118
I84.O
346
272
134
120
139
105
118
71 2
87
55
64
78 0
103
62
66
84 0
110
67
71
r
85 5
110
68
74
92 5
116
75
81
91 2
118
74
78
76.9
54
73
116
37
81
79.7
54
77
121
38
87
97.8
69
85
150
39
114
100.2
72
90
154
35
118
'98.9
'73
91
147
35
115
104.1
77
94
155
36
124
105.4.
77
93
161
36
125
87.4
80.9
59
80
73
102
83
144
60
66
129
51
78
94.9
82
130
109
114
65
102
92 6
84.8
65
85
77
107
77
147
64
68
138
51
82
102.5
83
142
123
120
94
108
110. 3 111.4 113.6
109.3 111.6 113.3
90
90
90
120
123
117
114
116
121
134
133
134
77
86
91
158
158
160
75
75
72
91
83
85
'154
'154
149
64
64
63
117
117
113
105.9 104.1 107. 3
107
109
101
119
128
132
139
132
137
131
'138
130
43
40
51
136
131
131
119.5
114. 5
94
126
124
133
90
155
77
91
157
64
119
121.9
114
155
140
145
75
141
123.4
117.8
97
130
125
136
81
151
81
96
156
61
129
127.0
115
164
149
155
84
147
113.8
195
138
95
99
88
69
91
119.8
201
147
101
103
100
73
92
139.9
234
184
116
104
112
83
102
141.9
228
190
117
107
114
84
102
143.5
234
190
118
112
116
83
103
145.7
239
193
118
118
116
85
104
146.0
239
195
107
119
121
87
103
71 3
91
64
65
73 4
95
67
66
74 7
100
70
66
76 9
104
73
67
r
79 5
106
76
70
81 0
108
78
71
80 8
108
77
71
£8 3
82
53
62
Stone, Clay, Glass Products
Brick, tile, terra cotta...
Cement
Glass
Marble, granite, slate
Pottery
84 5
64
75
107
49
91
85 8
65
75
109
49
94
95 6
73
78
124
'47
113
97.1
75
79
126
46
114
99 6
78
82
128
45
117
101 3
79
83
130
44
119
101 5
79
84
130
45
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 .
99.7
90.4
71
89
77
122
87
136
70
73
148
63
87
116.7
107
164
109
117
73
117
102.6
92.8
76
92
79
125
86
139
73
74
154
64
89
120.7
108
171
112
123
87
122
112.5
105.1
89
106
103
141
81
143
77
82
155
69
107
124.2
119
165
118
122
76
132
112.6
106.2
90
109
104
139
83
143
79
79
160
69
108
121.9
120
159
118
122
63
132
113.2
107.0
89
109
105
139
84
143
81
86
'159
69
109
122.3
122
160
115
126
58
129
115.5
106.9
91
110
107
136
82
142
81
86
161
68
109
129.8
123
176
119
129
80
134
115.6
106.4
91
111
106
136
79
136
83
88
161
63
110
131.6
124
178
124
132
85
137
Lumber, Products
Furniture
Lumber, mill work. _
Lumber, sawmills
1941
1940
117.0 128.0
233
248
161
178
101
109
91
83
77
" 90
61
70
89
92
r
Revised.
* Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166.
NOVEMBER
1941
1177
Factory Employment and Payrolls—Continued
[Index n u m b e r s of t h e B u r e a u of L a b o r Statistics; adjusted to C e n s u s of M a n u f a c t u r e s t h r o u g h 1937.
Factory employment
Industry and group
Sept.
Aug.
Leather, Manufactures..
Boots, shoes
Leather
Baking
Beverages
Butter
Canning, preserving
Confectionery
Flour
Ice cream
Slaughtering, meat packing.
Sugar, beet
Sugar refining, cane
Tobacco Manufactures..
Tobacco, snuff
Cigars, cigarettes.
145.7
147
299
103
264
80
80
91
107
89
96
147.
147
283
100
269
96
81
81
108
102
92
65.8
56
67
64.4
55
Paper, Printing..
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing.
Chemicals, Petroleum,
Products
90.8
90
92.0
91
Food, Products
May
95.5
93
90
149
293
110
100
81
77
87
117
47
103
53
66
June
101.0
'135. 2
152
310
114
136
80
78
'93
120
48
103
56
73
152
Sept.
May
101.1
98
95
99.5
96
97
77.0
75
77
74.6
72
77
158.2
153
328
111
304
91
78
96
118
64
95
165.3
154
314
106
352
102
81
85
119
82
139.0
140
358
89
248
77
76
78
112
88
83
138.5
141
332
88
232
98
81
70
113
116
78
134. 7
148
362
97
91
84
75
75
133
54
65.9
67
66
67.1
67
67
99
June
July
97.2
92
107
99
109
Aug.
102.0
96
114
'152. 5
153
••421
104
213
85
82
85
139
57
165.2
155
430
105
321
101
81
84
143
68
100
172.9
157
399
99
395
115
93
77
147
90
97
70.1
67
70
69.8
68
70
70.0
68
70
70.2
69
70
r
H4- 4
154
391
105
134
86
79
83
138
57
102
121.6
135
125
102
117
123.0
139
126
105
115
128.1
142
128
106
115
124.7
145
129
104
117
110.9
131
125
86
106
113.4
134
124
124.9
159
146
96
114
128.6
170
158
95
114
'128. 6
174
157
130.9
182
163
99
110
138. 9
127
141.
176
63
129
141.8
128
145.2
180
71
134
134.4
137
133.
169
49
127
138.1
139
137.8
171
78
133
'172. 4
157
177. 2
233
62
150
175.9
157
181.7
240
60
163
179.2
159
185.4
247
65
165
0)
0)
85'
136
328
107
0)
0)
71
132
318
102
0)
94
178
362
129
'90
173
91
171
368
130
87.
57
76
142
95.7
60
85
153
'164.9
146
170. 7
222
66
143
0)
127
170
356
126
128.7
88
111
207
r
127
141
324
92
93
145
327
93
91
146
324
'96
90
145
329
97
106.
75
83
182
110.7
78
86
190
111.4
79
87
189
111. 8
79
87
193
112.1
80
87
193
0)
0)
(0
Sept.
104.7
101
109
65
62
146.1
128
150.5
182
115
144
0)
109
144
327
98
0)
Aug.
63.5
54
65
123. 0 '135.
rl36. 8
123
125
122
123.1 ••138. 6 139. 6
143
167
172
72
66
81
125
127
118
85.9
55
71
144
Rubber Products
R u b b e r boots, shoes
R u b b e r tires, inner t u b e s .
R u b b e r goods, other
Sept.
65.8
52
119.4
123
118.6
142
52
114
0)
81
124
308
84
96
126
312
Aug.
1941
65..
52
67
116..
120
117
100
116
0)
44
150
324
112
210
83
80
96
119
52
1940
65.5
52
67
115.2
118
117
100
114
120. 8
130
123
103
118
July
95
94
and Coal
Petroleum refining
Other than petroleum
Chemicals
Cottonseed, oil, cake, meal..
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap
Factory payrolls
1941
1940
1923-25 average=100]
14L2
98
122
225
l
' Revised.
Data not available.
NOTE.— Figures for September 1941 are preliminary. Back data may be obtained from the Bureau of Labor Statistics.
are for payroll period ending nearest middled month.
369
133
r
135. 6
94
118
214
138.9
102
117
228
188
163
186. 4
168
192.0
250
117
176
0)
111
170
369
133
135.9
105
110
231
Underlying figures
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hours worked per week
Industry and group
Average h o u r l y earnings
1941
1940
cents per hour)
1941
1940
July
Aug.
Apr.
May
June
July
Aug.
July
Aug.
Apr.
May
June
July
Aug.
Total
37.3
38.4
40.0
40.8
41.3
40.3
41.0
66.7
66.8
70.8
72.6
73.8
74.4
74.5
Durable goods__ __
37.9
39.7
41.5
42.5
43.1
41.5
42.6
72.7
73.1
78.5
80.6
82.2
82.6
83.0
37.2
40.5
36.2
38.6
37.0
35.5
38.8
41.2
39.9
40.1
39.4
37.0
40.8
44.5
39.7
42.0
40.2
38.0
41.5
45.4
42.4
42.8
40.1
38.5
42.0
45.6
43.8
43.1
40.9
38.6
39.9
44.6
41.2
42.0
39.9
37.4
41.4
45.1
41.9
43.0
41.8
38.5
11.1
74.4
89.1
70.1
51.9
66.5
77.7
74.5
89.7
70.3
52.6
66.8
84.1
78.9
92.3
74.9
54.7
69.5
85.8
81.8
94.5
77.0
55.6
71.0
86.3
83.2
97.6
79.4
57.0
71.7
86.2
83.6
98.8
80.3
57.7
72.0
87.1
84.4
99.0
80.8
58.8
72.1
36.7
37.2
38.4
38.9
39. 4
39.0
39.4
61.5
61.3
62.9
64.I
65.0
65.7
65.8
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
37.3
38.3
35.3
38.0
39.6
33.2
39.6
37.9
38.8
36.2
37.5
40.3
36.9
40.0
38.1
39.1
36.0
38.7
41.0
37.6
40.1
37.4
38.5
35.4
38.7
41.1
37.3
39.6
38.1
38.9
36.4
39.2
41.3
37.2
40.1
50.2
48.6
53.4
55.3
62.5
50.2
79.1
51.2
48.6
55.8
55.4
61.5
49.2
78.9
52 A
50.9
55.3
57.9
65.5
50.6
80.5
53.0
52.0
55.0
59.0
67.0
50.9
81.1
53.4
52.2
55.9
59.9
67.2
51.7
82.6
55.0
53.4
58.2
60.9
66.1
52.3
82.5
55.4
53.3
59.6
61.5
65.8
52.0
82.4
38.5
35.3
39.7
35.7
38.7
35.8
39.8
36.3
39.9
37.0
40.7
39.4
39.8
37.0
40.7
40.3
40.5
38.2
41.2
41.4
40.0
37.4
40.8
39.2
40.0
38.0
40.6
39.4
78.3
98.6
70.9
78.5
77.8
97.7
70.7
77.9
77.3
99.5
70.7
80.4
80.6
100.8
74.4
81.6
82.4
102.0
76.1
83.6
83.8
103.0
77.7
84.5
83.7
102.5
78.0
86.1
Iron, Steel, Products _
Machinerv _
Transportation Equipment
Nonferrous Metals, Products
Lumber, Products Stone, Clay, Glass Products
Nondurable
goods
Textiles, Products -_
Fabrics .
Wearing apparel
Leather, Manufactures 1
Food, P r o d u c t s _ _ _ _ _ _ _ _ _ Tobacco Manufactures
Paper, Printing
Chemicals, Petroleum, and Coal
Products
Petroleum refining
_
Other than petroleum refiningRubber Products
' Revised.
Beginning with October 1940 figures are not comparable because of expansion in reporting sample.
1
1178
FEDERAL RESERVE BULLETIN
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Nonresidential building
Residential
building
Total
Month
Commercial
Factories
January
February
1940
1941
1940
1941
196.2
200.6
272.2
300.5
328 9
324.7
398.7
414.9
347.7
383.1
380 3
456.2
305.2
270.4
479.9
406.7
548.7
539.1
577.4
760.2
77.4
74.9
121.7
135.4
145 9
135.3
140.4
153.0
152.4
148.5
152 8
159.3
111.3
116.5
147.9
166.5
201 3
205.6
205.0
231.5
_
March
April...
May
June _July
August
September
October
November
December
_
Year
4,004 0
1, 596. 9
1941
1940
1941
1940
55.9
37.8
121.8
66.2
81 1
102.3
109.8
135.7
12.9
15.4
21.8
23.5
23 2
15.2
49.5
39.6
38.0
47 1
79 0
77 3
1941
1940
26.9
20.9
33.1
36.2
50.8
35.7
37.2
69.8
15.9
20.2
23.1
24.0
26 1
33.1
38.9
28.6
27.1
29.4
24 9
27 1
442.4
Educational
l
11.6
7.9
10.4
11.2
17.1
13.5
19.1
11.7
6.1
8.1
9.3
17.4
15 3
14.3
16.5
14.4
9.8
18.6
8 5
8.9
147.2
318.3
Public works
and public
utilities 1
Other i
1940
17.7
26.9
19.6
24.0
25 6
29.4
34.1
36.6
26.4
41.2
35 9
69.3
1941
1940
24.2
23.5
36.1
29.7
53.5
49.0
54.5
69.4
66.3
55.2
76.7
76.3
92.8
97.5
119.3
142.8
94.0
98.2
79.1
114.3
1941
75.1
63.9
130.6
96.9
144.9
133.0
151.7
242.0
1,112.4
386.7
i Not strictly comparable with data for earlier years due to changes in classification.
CONSTRUCTION CONTRACTS AWARDED, BY OWNERSHIP
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Total
Private ownership i
Public ownership i
Month
January
February
March
April . .
May
June
July
August
September
October
November
December...
Year
1936
1937
1938
1939
1940
1941
1936
1937
1938
1939
1940
1941
1936
1937
1938
1939
1940
215
140
199
235
216
233
295
275
234
226
208
200
243
188
231
270
244
318
322
281
207
202
198
209
192
119
227
222
283
251
240
313
301
358
302
389
252
220
301
330
308
288
300
312
323
262
300
354
196
201
272
301
329
325
399
415
348
383
380
456
305
270
480
407
549
539
577
760
623
149
79
96
105
94
116
153
153
116
101
89
82
112
69
66
74
93
137
131
104
80
78
93
115
118
51
95
99
144
108
98
171
160
203
179
279
148
111
128
160
135
128
137
158
144
92
144
225
93
82
95
103
112
147
205
195
144
175
195
258
111
96
226
169
255
302
346
509
400
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
104
119
177
197
217
177
194
220
204
209
186
198
1,152
1,705
1,708
1,802
1,761
1,492
1,842
2,202
2,675 2,913 3,197 3,551 4,004
1,334
1,341
1941
194
174
254
238
294
237
231
251
223
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.]
Number
1940
Liabilitie 3
Federal Reserve district
Sept.
Boston
New York
Philadelphia
Chicago
fit. Louis
Minneapolis
...
Kansas City
Dallas
Total (11 districts)
r
Revised.
NOVEMBER
r
Sept.
41, 779
'76, 321
26, 437
26, 700
53,900
23, 934
46, 865
77, 738
115, 995
'52, 589
••146, 093
••102, 851
34, 643
34,192
31, 323
61,107
99, 462
10, 030
'"118,723
'62, 782
13, 597
69,156
25, 467
12, 028
25, 462
93, 599
13, 744
22, 564
31, 284
57, 862
37, 932
Cleveland
Richmond
Atlanta
Aug.
38, 756
46, 261
623, 292
r
760,
233
347, 651
Federal Reserve
district
1941
Sept.
1940
Aug.
Sept.
1941
1940
Sept.
Aug.
Sept.
Boston
_ «.
New York
Philadelphia
Cleveland
Richmond
Atlanta
_ _
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
65
245
54
41
25
30
90
27
19
35
11
93
60
357
68
47
32
42
136
23
15
42
20
112
44
321
75
36
37
43
145
36
20
49
23
147
722
3,406
383
490
367
632
931
284
1,076
277
121
704
786
3,214
1,445
750
377
317
2,090
183
75
217
210
1,470
630
3,918
701
1,049
348
488
1,337
665
240
255
159
1,607
Total
735
954
976
9,393
11,134
11, 397
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.
1941
1179
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Excess of exports
Merchandise imports 2
Mercha ndise exports i
Month
1937
January
February
March
1938
1939
1940
1941
1937
1938
1939
1941
1940
1937
1940
1939
1938
1941
_. _
223
233
257
289
262
275
213
219
268
370
347
351
325
303
357
240
278
307
171
163
173
178
158
190
242
200
217
229
234
268
-18
-45
-51
118
99
102
35
61
77
128
147
134
'96
'69
89
. _
269
290
265
274
257
233
231
249
236
323
324
350
387
385
330
287
285
286
160
148
146
186
202
179
212
211
211
287
297
280
—18
5
-21
115
109
87
45
47
57
111
112
138
100
88
50
268
277
297
228
231
246
230
250
289
317
351
295
359
265
246
233
141
166
168
169
176
182
232
221
195
278
P283
3
31
63
87
65
79
61
74
107
84
130
101
81
P455
333
315
323
278
252
269
332
292
368
344
328
322
224
223
209
178
176
171
215
235
247
207
224
253
108
92
115
100
76
98
117
57
121
137
104
69
Year
3,349
3,094
3,177
4,021
3,084
1,960
2,318
2,625
265
1,134
859
1,396
Jan.-Aug
2,082
2,049
1,896
2,732
2,194
1,267
1,439
1,747
-113
782
457
985
April
May
June.
.
...
July
August
September.
October
November
December
._ _
P2,
900
P2,
154
P746
p Preliminary.
' Revised.
1 Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Source.—Department of Commerce.
Backfigures.—SeeBULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
1
FREIGHT-CAR LOADINGS, BY CLASSES
REVENUES, EXPENSES, AND INCOME
OF CLASS 1
RAILROADS 1
[Index numbers; 1935-39 average=100]
[Millions of dollars]
Total
Coal
Forest
Coke Grain Livestock prod- Ore
ucts
Mis- Mercel- chanlane- dise
ous I.C.I.
SEASONALLY
ADJUSTED
Total
railway
c>perating
revenues
112
112
110
116
119
124
114
91
109
107 •
162
147
149
150
153
96
'107
100
98
96
96
98
99
98
96
115
122
128
131
133
139
145
181
181
164
110
112
116
120
125
95
95
96
97
99
1941—Jan
Feb
Mar
Apr
May
June . . .
July.—
Aug
Sept
122
124
126
112
135
139
138
139
130
109
113
128
45
138
156
150
158
133
145
149
168
137
182
189
200
199
176
102
102
113
113
124
126
112
103
111
88
93
93
93
91
88
83
84
84
138
133
127
130
130
136
149
152
138
180
181
192
266
266
152
156
155
149
130
131
128
130
136
139
140
141
135
99
101
100
102
102
102
100
99
97
1940-Aug
Sept
Oct
Nov
Dec
113
125
125
122
112
109
120
104
121
121
136
144
149
159
167
117
117
107
96
87
91
129
152
124
92
120
132
135
129
119
244
254
238
145
46
110
124
132
125
116
96
100
100
98
95
UNADJUSTED
1941—Jan
Feb
Mar.....
Apr
May
June .-_
July
Aug
Sept
113
115
120
108
131
136
138
140
145
124
129
132
38
117
131
127
139
140
174
183
175
120
167
170
172
167
172
90
85
97
96
107
123
163
125
122
84
75
74
82
82
69
70
80
111
124
128
127
130
135
141
149
160
149
45
45
50
203
276
265
283
271
261
115
118
124
131
138
141
139
141
150
103
102
101
99
99
102
1941—Jan
Feb._.
Mar....
Apr. ___
May...
June...
July—
Aug
1180
Net
income
1940—July....
Aug....
Sept....
Oct
Nov
Dec
356
365
377
363
379
401
302
'305
309
311
312
316
54
'60
67
52
67
85
13
16
25
8
25
43
1941—Jan
Feb....
Mar. . .
Apr....
May__.
June...
July—.
Aug
389
402
417
382
439
474
471
485
316
319
334
323
346
363
370
374
73
84
83
59
93
110
100
111
32
43
41
'18
50
68
58
366
308
315
308
327
304
303
58
'67
74
87
71
79
'17
22
31
43
31
51
315
300
336
322
354
362
379
382
62
58
81
53
89
93
106
111
20
15
35
1940—July—_
Aug
Sept—
Oct
94
Nov....
98
Dec
101
' Revised.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
June 1941. Based on daily average loadings. Basic data compiled by Association of American Railroads. Total index compiled by combining indexes for
classes with weights derived from revenue data of the Interstate Commerce
Commission.
. / A ^_/v> A-I.O \>O
Net
railway
operating
income
SEASONALLY
ADJUSTED*
1940—Aug
Sept
Oct
Nov
Dec
UNADJUSTED
Total
railway
'382
383
414
375
382
377
358
416
375
442
455
485
494
7
43
53
64
P67
r
p Preliminary.
Revised.
*1 Derived from Interstate Commerce Commission data.
Excludes switching and terminal companies.
NOTE.—Descriptive material and back figures m ly be obtained from the Division of Research and Statistics.
FEDERAL RESERVE BULLETIN
DEPARTMENT STORE STATISTICS
MONTHLY INDEXES OF SALES AND STOCKS
Index numbers based on value figures; 1923-25 average=100
Seasonally adjusted
1939
1938
1940
SALES BY DEPARTMENTS
Percentage change from corresponding period of preceding year
Unadjusted
1941
1938
1939
1940
1941
September
1941
Department
NET SALES—entire store
Main Store
79
Basement Store
81
93 Women's, girls', and infants' apparel and accessories
106
105
Main store i_
Women's and misses' coats and suits
100
Women's and misses' dresses
79
Blouses, skirts, sportswear, sweaters,
106
knit apparel
125
Juniors' and girls' wear
Aprons, housedresses, uniforms
Women's underwear, slips, negligees..
Infants' wear
90
94
85
Women's and children's shoes
Year..
Furs
_
Basement2
60
64 Men's and boys' wear
67
68
71
63
61
71
Jan...
Feb...
70
68
71
73
67
65
68
70
Main store 1
Mar..
70
68
70
74
71
69
71
75
Men's clothing
Apr...
69
67
69
74
71
69
71
76
Men's furnishings, hats, caps
May..
69
66
68
74
71
68
70
76
Boys' clothing and furnishings
June..
68
67
67
77
65
64
64
73
Basement2
July..
67
67
68
82
61
60
61
73
Homefurnishings
Aug...
67
67
69
87
65
65
66
84
Main store l
Sept..
67
68
70
92
70
71
73
95
Furniture, beds, mattresses, s p r i n g s Oct...
67
69
71
74
77
79
Domestic floor coverings
Nov..
67
71
72
78
82
83
Draperies,
curtains, upholstery
Dec...
66
68
71
62
64
66
Major appliances (refrigerators, washers,
stoves,
etc.)
Year..
Domestics, blankets, comforters, linens, towels
Back figures.—Department store sales, see BULLETIN for August 1936,
Basement (including domestics, blankets,
p. 631, for October 1938, p. 918, and for January 1941, p. 65; department
linens, towels)!
store stocks, see BULLETIN for March 1938, p. 232.
Piece goods (dress and coat yard goods, all
materials)
WEEKLY INDEX OF SALES
Main store
Weeks ending on dates shown. 1935-39 average=100
Basement
Jan
Feb...
Mar...
Apr...
May..
June..
July..
Aug...
Sept..
Oct...
Nov...
Dec...
90
88
86
83
80
82
83
83
85
86
87
88
88
88
88
88
87
86
87
88
90
92
93
95
92
90
89
89
89
91
92
98
97
94
100
101
101
103
103
104
105
104
115
134
116
70
70
77
86
80
79
58
65
91
92
99
156
1938
1939
1940
Sept. 3____105
10__._ 94
17
111
24
104
Oct.
8
112
15
103
22____105
Sept. 2 108
9
98
23™ .107
30
120
Oct. 7
123
14
112
21
116
Aug. 31 118
Sept. 7..--109
14
123
21
117
28
120
Oct.
5
125
12 ...115
19
123
69
69
82
88
87
83
60
69
97
99
106
168
71
71
86
86
89
87
64
77
105
101
114
179
Shoes (basement only)
1941
Aug. 30
Sept. 6
13
20
27
4
Oct.
11
18
152
122
133
131
148
169
130
131
Nine
months
1941
+17*
+18
+14
+
+25
+18
+32
+23
+16
+27 +16
+56
+14
+11
+19
+21
+19
+19
+14
+20
+15
+24
+16
+18
+12
+14
+45
+107
+18
+U
+13
+16
+H
+18 +17 +16
+11
+19
+14
+14
+10
+n
+24
+28
+25 +28 +25 +n
+26
+27
+15
+24
+51
+40
+26
+24
+H
+20
+18
+18
+17
+10
+
+
+
+
7
7
9
8
* Based on reports from 244 stores. Reports of total sales from a larger
number of stores, including many stores not reporting sales by departments, showed an increase of 24 per cent for September and 19 per
cent for the first nine months of 1941, as indicated in the table below.
1 Group totals for main store include sales in departments not shown
separately.
2 Group totals for basement are not strictly comparable with those
shown for main store owing chiefly to inclusion in basement of fewer
departments and somewhat different types of merchandise.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
Percentage change from corresponding period of preceding year
Sept. Aug. Nine
1941 1941 mos.
1941
Sept. Aug. Nine
1941 1941 mos.
1941
United States.—
Boston
New Haven
Portland
Boston
Springfield
Providence
+24
+26
+21
+32
+27
+25
+30
+32
+31
+32
+29
+28
+37
+30
+19 Cleveland (cont'd)
+19 Cleveland
+17 Columbus
+19 Toledo
+15 Youngstown...
+21 Erie
+20 Pittsburgh
New York
Bridgeport
Newark
Albany
Binghamton...
Buffalo
Elmira
Niagara Falls. _
New York City
Poughkeepsie..
Rochester
Syracuse
+20 r+29
+42 +43
+20 +29
+17 +29
+31 +43
+11 +45
+30 +60
+31 +37
+21 r+25
+18 +23
+21 +30
+24 +41
+16
+29 Richmond
+15 Washington
Baltimore
+16 Winston-Salem
+24 Charleston, S.C.
+24 Lynchburg
+34 Norfolk
+15
+14 Richmond
Charleston
+15 Huntington
+16
+23
Philadelphia
Trenton
Lancaster
Philadelphia.
Reading.
Wilkes-Barre.
York
Cleveland
Akron
Cincinnati. __
r
Wheeling
Atlanta
Birmingham...
Montgomery...
Jacksonville
Tampa
Atlanta
Macon
Baton Rouge...
New Orleans...
Jackson
+27 +41 +23 Chattanooga...
+41 +59 +33 Knoxville
+20 +36 +18 Nashville
+21
+20
+37
+22
+21
+24
+21
+32
+31
+28
+32
+31
+39
+4
+18
+18
+16
+19
+21
+16
+17
+33
+26
+16
+35
+34
+23
+29
+43
+32
+32
+36
+50
+37
+53
+25
+18
+18
+28
+27
+18
+25
+19
+17
+20
+20
+34
+19
+31
+20
+10
+27
+34
+32
+36
+21
+67
+25
+46
+20
+4'
+48
+22
+22
+22
+15
+37
+16
+44
+17
+24
+22
+21
+28
+18
+24
+6
+22
+36
+22
+29
+26
+20
+21
+16
+34
+37
+30
+41
+45
+30
+48
+33
+33
+38
+41
+38
+34
+23
+15
+31
+23
+19
+25
+17
+19
+21
+22
+21
+21
Sept. Aug. Nine
1941 1941 mos.
1941
Chicago
Chicago
Peoria
Fort Wayne
Indianapolis . . .
Des Moines
Sioux City
Detroit
Flint
Grand Rapids._
Lansing
Milwaukee
St. Louis
Fort Smith
Little Rock
Quincy
Evansville
Louisville
St. Louis
Springfield
Memphis
Minneapolis
Kansas City
Denver
Hutchinson
Topeka
Wichita
Joplin
Kansas C i t y . . .
St. Joseph
Omaha
Oklahoma City
Tulsa
+25
+22
+22
+32
+22
+22
+37
+29
+10
+25
+27
+28
+21
+16
+28
+29
+13
+33
+24
+32
+24
+22
+26
+30
+33
+16
+3'
+29
+28
+14
+30
+23
+21
+18
+31
+43
+36
+19
+16
+42
+30
+31
+45
+31
+36
+30
+50
+24
+29
+57
+30
+51
+36
+26
+32
+29
+20
+42
+36
+21
+14
+27
+22
+24
+18 Dallas
+11 Shreveport
+15 Dallas
+28 Fort W o r t h . . . .
+20 Houston
+12 San Antonio._.
+14
+25 San Francisco
+26 Phoenix
+17 Bakersfield
+30 Fresno
Beach
+21 Long
Angeles
+21 Los
Oakland
and
+16
Berkeley
+27 Sacramento
+15 San Diego
+15 San Francisco..
+37 San Jose
+17 Santa Rosa
+41 Stockton
+21 VallejoandNapa
+12 Boise and
+17
Nampa
+18 Portland
+19 Salt Lake City.
+13 Bellingham
+23 Everett
+22 Seattle
+17 Spokane
+11
+14 Tacoma
Walla Walla „ .
+18 Yakima
+15
Nine
Sept. Aug. mos.
1941
1941
+22
+28
+27
+30
+9
+29
+35
+39
+38
+31
+34
+38
+19
+18
+19
+20
+16
+27
+29
+45
+13
+22
+34
+24
+34
+61
+27
+32
+57
+31
+20
+30
+6
+11
+29
+18
+30
+25
+33
+28
+18
+21
+22
+39
+31
+28
+40
+22
+20
+30
+27
+13
+13
+37
+16
+6
+11
+8
+43
+27
+31
+29
+42
+28
+48
+33
+40
+16
+25
+31
+42
+33
+37
+49
+45
+34
+54
+24
+37
+11
+20
+19
+15
+27
+31
+19
+40
+5
+8
Revised.
NOVEMBER
1941
1181
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
78.6
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
f)9.9
30.5
74.6
f>l,0
f>0.5
70.5
*3.7
S2.1
W. 5
73.6
70.4
71.3
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
109.1
100.0
86.1
72.9
80.9
86.6
89.6
95.4
104.6
92.8
95.6
100.8
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
1940—JulyAugust _
September
October
November
December
77.7
77.4
78.0
78.7
79.6
80.0
66.5
65.6
66.2
66.4
68.2
69.7
70.3
70.1
71,5
71.1
72.5
73.5
82.3
82.0
82.3
83.5
84.1
84.1
99.0
96.9
98.3
100.4
102.3
102.3
72.4
72.3
72.5
73.6
74.5
74.8
71.1
71.1
71.0
71.6
71.9
71.7
95.1
94.9
95.4
97.3
97.6
97.6
92.5
93.3
95.6
97.8
98.9
99.3
77.0
76.7
76.8
76.9
77.5
77.7
88.5
88.5
88.5
88.6
88.6
88.9
77.7
76.7
76.5
76.9
77.5
77.3
1941—January
February
March
April
May.
June
July
August
September
._._
80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
71.6
70.3
71.6
74.4
76.4
82.1
85.8
87.4
91.0
73.7
73.5
75 2
77.9
79.5
83. 1
84.7
87.2
89.5
84.3
84.4
84.9
85.9
87.4
88.6
89.7
90.8
91.6
102.4
101.6
102.6
103.9
106.4
107.8
109.4
110.2
111.3
75.2
76.4
78.4
81.0
83.0
84.5
86.2
88.3
89.7
72.1
72.1
72.0
72.9
75.6
77.9
78.5
79.0
79.3
97.7
97.6
97.7
97.9
98.1
98.3
98.5
98.6
98.6
99.6
99.3
99.5
100.1
100.4
101.0
103.1
105. 5
106.4
78.6
78.5
79.8
81.8
83.6
83.8
85.2
86.0
87.4
89.0
89.1
89.5
90.4
91.4
93.1
94.4
95.4
97.2
77.1
76. &
77.6
78.6
79.6
80.6
82.0
83.7
85.1
Week ending—
1941-July 5
July 12
July 19
July 26
August 2
August 9
August 16
August 23
Aueust 30
..
SeDtember 6
September 13 ___
September 20
September 27
October 4
October 11
October 18
October 25
87.7
88.1
88.3
88.8
89.2
89.6
89.6
90.0
90.6
91.0
91.6
91.5
91.2
91.6
91.6
91.7
91.2
84.1
85.0
85.4
86.7
87.2
87.8
86.4
86.7
88.6
89.1
91.6
91.2
89.9
90.3
90.5
89.8
88.1
84.1
84.1
83.8
84 6
85. 5
86.2
86.7
87.0
88.2
88,6
89.1
88 5
87.6
89.7
89.2
88.4
87.5
89.2
89.5
89.7
90.0
90.2
90.6
90.7
90.9
91.1
91.4
91.6
91.8
92.0
92.1
92.3
93.1
93.0
108.8
109.3
109.6
109.7
109.7
109.9
110.2
110.8
110.9
111.2
111.4
111.7
112.3
112.4
112.6
113.2
113.2
84.1
84.3
85.0
86.4
86.6
87.1
87.4
87.3
87.6
88.3
88.7
89.2
89.6
89.9
90.1
90.2
90.3
79.0
79.1
79.3
79.4
79.4
79.6
79.5
79.8
79.8
79.9
80.0
80.0
80.1
80.1
79.9
80.0
79.9
98.4
98.6
98.6
98.6
98.6
98.6
98.7
98.6
98.7
98.7
98.7
98.7
98.7
98.7
98.6
102.2
102.2
101.7
102.4
102.6
102.7
103.3
104.2
104.8
105.2
105.7
106.0
105.9
106.2
»106. 6
106.6
107.1
106.9
107.0
84.6
85.1
85.0
85.0
85.5
85.7
85.9
85.9
85.8
86.0
87.3
87.8
88.1
89.7
89.8
89.7
89.6
94.3
95.3
95.4
95.5
95.8
95.9
96.4
96.8
96.9
97.1
97.9
98.0
98.3
98.5
99.7
99.9
99.9
81.2
81.3
81.7
81.8
82.3
83.0
83.1
83 6
84.1
84.5
84.9
85.0
85.1
85.0
85.9
85.5
85.5
Year, month, or week
1929
1930
1931
_
1932
1933
1934
1935
1936
1937
1938
1939....
1940
__
Total
ChemiHides and Textile Fuel and Metals Building cals and Houseleather products lighting and metal materials allied
furnishproducts
products ing goods
materials products
1940
1941
1940
Sept. June July
Sept. June July Aug. Sept.
Products:
Grains
Livestock and Doultrv
Other farm nroduots
61.7
72.4
63.2
75.9
93 0
76.6
76.3
98.9
79.9
79.6 85 3
99.0 101.1
82.0 86.0
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
75.1
76.0
60.8
79.0
62.6
84.3
79.8
73.0
90 K
79.5
87.7
80.3
69.4
93.8
81.6
90.3
81.5
70.3
97.5
84.4
93.3
85 8
70.7
99 4
86.5
107.0 111.7 114.7 116.1
84.0 112.4 112.5 112.2
88.9 97 9 98.1 98.5
99.7 102.1 102.7 103.7
117,1
112.1
100 0
106 3
Foods'
Hides and Leather Products:
Shoes
TTides arid skins
Leather
Other leather products
Textile
Products:
Clothing
Cotton goods
Bfosierv and underwear
Silk
Rayon
Woolen and worsted goods...
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas
Petroleum products.
1941
Subgroups
Subgroups
Farm
Miscellaneous
85.6
69.2
61 4
42.8
29.5
84.2
71.6
91.6
94.6
61 9
51.2
29.5
94.6
94.1
93.9
96.1
62 9
51.4
29.5
96.5
98.0
95.1
101.5
63 8
52.0
29.5
98.2
96.8
96.1
104.2
64.4
79.6 81 0 82.2 83.3
96.8 103.7 104.9 106.3
109 6 122.2 122 2 122 2
73.5 67.2
84 8 81 0 80 8 78 3
48.9 59.9 60.9 61.4
84 5
107.2
122.2
29.8
101.4
95.1
61.7
Metals and Metal
Products:
Agricultural implements
Farm machinery
Iron and steel
Motor vehicles
_ ,_ _ _
Nonferrous metals
Plumbing and heating
_
Building Materials:
Brick and tile.
Cement
Lu mber*
__
. _
Pa int and paint materials
Plumbing and heating
Structural steel
Other building materials
Chemicals and Allied Products:
Chemicals _
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing
Goods:
Furnishings..
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Rubber, crude
Other miscel aneous
Aaig. Sept.
92.4 92.4 92.5 92.9 93.4
93.7 93.5 93.5 93,9 94.4
94.9 96.5 96.8 96 9 96.9
96.1 100.3 100.4 100.4 100.4
80.7 84.5 84.7 84.4 84.4
80.5 83.1 83.2 86.8 87.1
90.2 92.5 94.2 95.1
90.6 91.9 92.1 92 1
07.1 117. 6 122.3 127.5
84.1 90.3 91.6 93.3
80.5 83.1 83.2 86 8
07.3 107.3 107.3 107,3
93.5 96.9 98.4 99.9
95.7
92.2
129.1
94.7
87.1
107.3
100.2
84.8
96.0
68.1
74.2
39.9
87.2 87.3 87.5 88.2
99.9 100.0 100.1 104.4
69.9 74.0 75.3 76.673.8 77.0 77.1 77.1
80.6 83.7 87 3 91.3
94.8
81.8
99.0
87.0
_. 58.8
75.9
93.2
39.8
82.6
99.7 : 00 7 102.1
88.9 89.9 92.2
58.8 58.8 60,8 60.8
88.9 104.2 ] 08.8 126.2
98.0 98.8 ] 00 7 101.7
45.6 46.0 47.8 47.1
87.4 88.9 89.8 91.0
r
1
Revised.
Revised series.
Back figures.—FOT monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report
for 1937 (table 87).
1182
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
1941
Sept.
24
WEEKLY FIGURES i
Oct.
1
Oct.
Oct.
15
Oct.
22
page
In billions of dollars
3
5
5
5
5
3
3
3, 11
3
3
3
3
9
9
9
9
9
2.28
2.24
2.27
2.31
2.29
2.18
2.18
2.18
2.18
.19
.95
.19
.95
.19
.95
.19
.95
1.23
22.75
3.19
10.07
2.35
1.23
22.76
3.20
10.18
2.26
1.23
22.77
3.20
10.24
2.24
1.23
22.78
3.21
10.28
2.22
2.18
.15
.91
1.28
22.79
3.21
10.28
2.20
.98
1.80
12.75
.38
.31
.30
.26
1.86
13.27
5.20
1.86
1.92
13.24
P5. 19
1.77
1.88
13.29
P5. 22
1.72
1.92
13.32
P5.23
1.71
.52
.57
.57
.52
1. 85
99
1.88
Pl.04
PI.08
H.%7
1.62
.46
1.80
P. 99
29.62
1.85
.97
P.
1.91
16
29.12
29.13
29.13
29.39
16
9.55
9.67
9.61
9.89
9.46
16
16
24.39
5.43
24.28
5.43
24. 40
5.44
24.64
5.44
24.38
5.44
17
17
17
2.45
2.48
2.52
2.55
.34
.35
.36
.40
7.04
7.00
6.97
6.99
2. 54
.38
7.05
17
17
3.94
7.36
3.97
7.30
3.99
7.34
4.02
7.39
4.01
7.61
MONEY RATES, ETC.
.062
0.38
1.94
2.75
4.33
.002
0.38
1.92
2.74
4.31
.001
0.39
1.90
2.73
4.27
.024
0.41
1.90
2.73
4.28
.067
0.41
1.87
2.73
4.28
In unit indicated
31
31
31
31
83.4
84.8
71.4
80.7
82.7
84.0
71.4
80.1
81.4
82.5
71.2
79.5
79.6
80.6
70.1
78.4
79.5
80.6
69.5
77.6
31
.62
.43
.55
.62
.59
BUSINESS CONDITIONS
Wholesale prices:
All commodities (1926= 100):
Total
35
Farm products
35
Other 4
35
Basic commodities
(Aug. 1939=100), total
36
12 foodstuffs
36
16 industrial
materials
36
Steel production
(per cent of capacity) ___
44
Automobile production
(thous. cars)
44
Freight-car loadings (thous. cars):
Total
45
Miscellaneous
45
Electric power production
(mill. kw. hrs.)
46
Department store sales
(1935-1939=100)
46
F.H.A. home mortgages,
new constr. (thous.)
47
NOVEMBER
1941
Reserve Bank credit, t o t a l . . .
U. S. Gov't securities
Bills discounted
Gold stock
Money in circulation
Treasury cash
Treasury deposits
Reserve balances
Required reserves
Excess reserves
Money in circulation, total...
Coins and bills under $50..
Bills of $50 and over
2, 7
7
7
2
2
2
2
2, 8
8
8
10
10
10
Sept.
91.2
89.9
92.0
91.6
90.3
92.1
91.6
90.5
92.3
91.7
89.8
93.1
91.2
88.1
93.0
155.6
170.4
155. 9
171.1
154.2
165.6
149.6
156.7
152.2
162.5
145.2
145.2
146.0
144.3
144.8
96.8
96.9
98.1
98.4
97.8
'77.0
76.8
79.1
85.6
91.9
919.5
399.7
917.5
396.9
903.9
392.6
922.9
407.5
913.6
405.6
3,233
3,290
3, 315
3,273
148
169
130
131
130
4.86
4.20
4.47
3.78
4.16
2.30
2.18
5
2.30
2.18
2.28
2.18
.95
.83
13.12
7.93
5.19
9.73
6.99
2.74
13.00
7.99
5.02
10.00
7.24
2. 76
.01
22.74
10.06
2.38
.48
13.18
8.07
5.12
10.16
7.38
2.79
48.97
35.34
5.70
1.60
6.32
6.93
50.37
35.56
6.74
1.60
6.47
6.93
50.79
35.79
7.04
1.30
6.66
6.93
()
22.65
9.67
2.30
.01
22.70
9.84
2.36
TREASURY FINANCE
U. S. Government debt:
Direct obligations, total __
Bonds
Notes
Bills
Special issues
Guaranteed obligations.„
19
19
19
19
19
19
MONEY RATES, ETC.
Per cent per annum
F. R. Bank discount
rate, N. Y
23
Treasury bills (new issues) _ _
23
Treasury notes 2
23
U. S. Gov't bonds 3
29
Commercial paper
_
25
Corporate Aaa bonds
25, 29
Corporate Baa bonds
29
Per cent per annum
Treasury bills (new issues)
21
Treasury notes 2 _
21
U. S. Gov't bonds 3
21, 29
Corporate Aaa bonds
29
Corporate Baa bonds
29
Stock prices
(1935-1939=100):
Total
Industrial
Railroad
.
Public utility
Volume of trading (mill,
shares)
Aug.
RESERVES AND CURRENCY
MEMBER BANKS
Total, 101 cities:
Loans and investments
Balances due to
domestic banks
Demand deposits adjusted..
Time deposits.
New York City:
Commercial loans
Brokers' loans
U. S. Gov't obligations
100 cities outside New York:
Commercial loans
U. S. Gov't obligations
July
In billions of dollars
MONTHLY FIGURES
RESERVES AND CURRENCY
Reserve Bank credit, total.
U. S. Gov't securities,
by maturities, total._
Within 1 yr
Within 5 yrs
After 5 yrs
Gold stock
Treasury currency
Money in circulation
Treasury cash holdings
Treasury deposits
Nonmember deposits
Member bank reserves
Excess reserves—total •
New York City
Chicago
Reserve city banks
Country banks •
1941
Chart
book
Stock prices
(1935-1939=100):
Total**
Industrial
Railroad
Public utility
Volume of trading (mill.
shares)
Brokers' balances (mill, dollars) :
Credit extended customers
Money borrowed
Customers' free credit
balances
1.00
0.097
0.37
1.90
.50
2.74
4.28
1.00
0.108
0.33
1.94
50
0
74
4.27
1.00
0.055
0.34
1.94
.50
2.75
4.30
In unit indicated
31
31
31
31
83.2
84.2
73.8
81.8
83.2
84.3
74.4
81.0
83.6
84.8
72.6
81.3
31
.76
.47
.60
33
33
628
388
628
460
633
396
33
266
262
260
88.8
85.8
89.7
90.3
87.4
90.8
91.8
91.0
91.6
113.0
109.1
120.8
114.4
110.2
122.9
115.6
110.9
125.0
105.3
106.1
104.8
106.7
••106. 2
106. 3
'106. 9
108.0
108.1
106. 8
110. 8
110.8
BUSINESS CONDITIONS
Wholesale prices:
All commodities (1926=100):
Totals
35,65
Farm products
35
Other 4.
35
Industrial commodities
(Aug. 1939=100):
Total
37
Finished
37
Raw and semifinished
37
Cost of living (1935-39=100):
All items
39
Rent...
39
Clothing...
39
Food
39
e
Estimated, P Preliminary. r Revised.
1 Figures for other than Wednesday dates are shown under the
Wednesday
included in the weekly period.
2
Tax-exempt issues only.
3 Partially tax-exempt issues only.
* Other than farm products and foods,
s Less than $5,000,000.
e Estimate for October is shown on page 1170.
* Current figures are for the revised edition of the Chart Book announced on p. 864 of the September BULLETIN. Copies of this
Chart Book can be obtained at a price of 50 cents each.
** Incorrect figures were plotted for the following months: May
1939, 88.4; July 1940, 80.8.
1183
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*—Continued
Chart
book
M O N T H L Y F I G U R E S (cont.)
1941
July
Aug.
In unit indicated
3
Industrial production :i
Total (1935-39=100)
41, 42
Durable manufactures
41
Iron and steel
42
Machinery, etc.
42
Other durable
42
Nondurable manufactures
41
Textiles and leather
42
Paper and printing
42
Foods, liquors, and tobacco..
42
Other nondurable
_._
42
Minerals
41, 42
New orders, shipments, and
inventories (Jan. 1939=100):
New orders, total
_
43
Durable
43
Nondurable
__
43
Shipments, total
43
Durable
43
Nondurable
43
Inventories, total
__
43
Durable
'_
43
Nondurable
43
Freight-car loadings ;i 2
Total (1935-39 = 100)3
57
Coal
57
Miscellaneous
57
All other
57
160
75.6
20.4
39.2
16.0
'64.7
20.4
12.8
17.6
14.0
19.9
160
75.3
20.3
38.9
16.0
65.0
20.0
12.9
18.3
13.7
19.9
P162
P77. 4
P21. 1
P40. 3
P16.0
P64. 9
P19.8
P12.7
P18.6
P13.7
P19.7
212
295
159
185
222
151
131
141
121
196
257
157
188
216
164
134
146
122
P198
P254
P163
P203
P231
P178
P137
P150
P124
138
31.9
76.8
29.1
139
33.5
77.2
28.7
130
28.4
74.2
27.9
1923-25=100
51, 53
51, 53
r
130. 5
152. 6
132. 8
157. 8
51
74. 4
74. 5
51
59
59
40. 3
115
82
41. 0
134
87
MONTHLY FIGURES (cont.)
Aug.
Sept.
1926=100
135.6
163.0
Wholesale prices:
Canada
Germany
Japan
Sweden
Switzerland
United Kingdom
65
65
65
65
65
65
224
82
142
126
17
175
60
116
103
13
570
212
358
622
206
416
P653
P186
39.27
13.13
6.61
4.12
3.26
1.67
39.43
13.11
6.69
4.18
3.30
1.67
P39.35
P13. 05
P6. 62
P4. 20
P3.30
PI.70
7,479
5,119
2,360
7, 564
5,169
2,395
P7, 681
P5, 197
P2, 484
1,121
571
530
20
359
278
81
P455
P2S3
P173
91. 8
139. 4
P131. 5
123. 6
Foreign exchange rates:
Argentina (peso)
Canada (dollar)
Japan (yen) •
Switzerland (franc) 7
United Kingdom (pound).
_
67
67
66
66
67
P1,325
701
139.
4
124. 5
29. 77
88.27
23. 44
29.77
29.77
89.13
403. 23
403.18
1941
403. 27
May
June
July
In billions of dollars
Increase in U. S. gold stocks
Total
63
Net capital inflow:
Total
62, 63
Inflow of foreign capital
62
Return of domestic capital..
62
Merchandise export surplus
63
Other factors
_*__.
63
Short-term foreign liabilities and
assets of banks:
Due to foreigners
64
Due from foreigners
64
Net due to foreigners
64
15.55
15. 60
15.65
6.05
3.97
1.98
4.81
4.70
5.99
3.89
2.00
4.86
4.76
5.92
3.83
1.99
4.94
4.80
3.89
.36
3.53
3.82
34
3.48
3.77
.36
3.41
116
92
191
53
139
124
15
904
340
549
15
91.1
P83.6
139.0
137.4
130.2
123.6
In cents per unit of
foreign currency
1941
Jan.Mar.
In millions of dollars
Residential contracts awarded;i
Total
47
Public
47
Private, total
""__"!
47
1- and 2-family dwellings
47
Other
'_"_[
47
Construction contracts awarded: 4
Total
49
Residential
49
Other
49
Nonagricultural employment *
(mill, persons):
Total
50
Manufacturing and mining.
50
Trade
.'/-'."'.
50
Government
_
. 5 0
Transportation and utilities"" " "
50
Construction
50
Income payments: 1
Total
54
Salaries and wages
54
Other
"__._"_
54
Cash farm income:
Total
55
Crops
55
Livestock and products
55
Gov't payments
55
Exports and imports:
Exports
61
Imports.
61
Excess of exports
61
1184
July
INTERNATIONAL FINANCE
BUSINESS CONDITIONS (cont.)
Factory employment
Factory payrolls
Average hourly earnings
(cents per hour)
Average hours worked
(hours per week)
Department store sales 3
Department store stocks 1
Chart
book
page
Sept.
Apr.June
JulySept.
In billions of dollars
QUARTERLY FIGURES
Cash income and outgo of U.S.Treas.:
Cash income
Cash outgo
Excess of cash outgo
Domestic corporation security issues:
Total
New_____
Refunding
18
18
18
2 84
3.89
1.05
2.62
4.46
1.84
2.55
5.31
2.76
32
32
32
.78
.61
.19
.42
.73
.41
.32
.17
.61
Per cent per annum
Bank rates on customers' loans:
Total, 19 cities
New York City
7 other Northern and Eastern
cities
11 Southern and Western cities __
25
27
2.58
2.06
2. 55
1.95
2.60
1.98
27
27
2.53
3.25
2.58
3.23
2.62
3.29
p Preliminary. r Revised.
12 Adjusted for seasonal variation.
In points in total index.
3
Estimate for October is shown on p. 1170.
4
Three-month moving average, adjusted for seasonal variation.
« Cumulated from Jan. 31, 1934.
• No rate certified since July 25, 1941.
^ No rate certified since June 14, 1941.
* Current figures are for the revised edition of the Chart Book announced on p. 864 of the September BULLETIN. Copies of this Chart
Book can be obtained at a price of 50 cents each.
FEDERAL RESERVE
BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*—Continued
[In billions of dollars]
1939
1938
Chart
book
page
1941
1940
Dec.
31
Mar.
29
June
30
Oct.
2
Dec.
30
Mar.
26
June
29
Dec.
31
June
30
59.12
26.01
26 38
5.83
48.87
21.30
27.57
59.11
26.04
26.56
5.63
48.93
21.15
27.78
60.95
27.35
26.80
6.01
49.62
21.32
28.30
62.87
29.09
26.81
6.19
49 95
21.63
28.32
64.10
29.79
27.06
6.40
50 88
22.17
28.71
64.88
30.54
27.28
6.23
51.14
22.19
28.95
66.96
31.96
27.47
6.70
51.34
22.34
29.00
70.75
34.94
27.74
7.32
54.19
23.74
30.45
72.43
36.10
27.90
7.78
56.15
24.32
31.83
74.15
37.32
27.88
8.20
57.94
25.31
32.63
18.86
19.05
19.46
19.61
19.98
20.22
20.48
21.81
23 10
23.93 P24. 42
10.88
2.34
2.45
3 01
.18
13.21
3 5.89
3 .79
3 .96
2.72
2 85
10.69
2.66
2.56
2.96
.18
13.05
5.96
.67
.90
2.75
2.77
10.95
2.83
2.55
2.94
.19
13.14
5.99
.56
.91
2.83
2.85
10.89
2.92
2.76
(2)
11.18
3.14
2.69
2.77
.19
13.96
6.57
61
.88
2.96
2 94
11.31
3. 11
2.91
(2)
11.60
3.12
2.89
2.70
.17
13.97
6.72
.32
.80
3.07
3.06
12.34
3.49
3.01
2.80
.17
15.32
7.52
.47
.83
3.23
3.27
13.50
3.49
3.21
(2)
14.24
3.84
2.98 P3. 16
2.72
.15
(2)
16.73 P]7. 54
8.55
.42
(*)
.79
(2)
3.37
(2)
3.61
(2)
Apr.
4
Sept.
24
CALL REPORT FIGURES
ALL BANKS IN THE U. S.
12
Total deposits and currency
Demand deposits adjusted
Time deposits
Currency outside banks
Loans and investments, total
Loans
Investments
12
12
12
13
13
13
M E M B E R BANKS
Investments, total 1
U. S. Government obligations:
Direct
Guaranteed
State and local government obligations
Other domestic securities
Foreign securities
Loans, total * _. . _
Commercial loans (incl. open-market paper)
Street loans (Brokers'
loans)
Other security loans4
Real estate loans5
All other loans '
14
14
14
14
14
15
15
15
15
13.47
(23)
()
to
13.94
(22)
()
15.88
(22)
()
SEMI-ANNUAL FIGURES
OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS
Total direct and guaranteed obligations outstanding 1
Amount held by: _
__„
U.S. Government agencies and trust funds:
Public issues
Special issues
Federal Reserve Banks
Commercial banks
VTutual savings banks
[nsurance companies
Other investors
20
20
20
20
20
20
20
43.89
45.34
47.07
47.87
50.36
54.75
2.20
3.16
2 56
15.07
2.88
6
5.60
H2. 40
2.14
3.77
2.55
15 70
3.04
5.80
12.30
2.32
4 23
2.48
16 30
3 10
6
6.00
6
12. 60
2.29
4.77
2.47
16.55
3 11
6.10
12.60
2.25
5.37
2.18
17.76
3 22
6
6. 50
6
13.10
2.36
6.12
2.18
r
20 10
3 43
6 6.60
6
14 00
p3 Preliminary. r Revised. l Series not shown in Chart Book. 2 Figures available for June and December dates only.
Figures are reported on somewhat different basis beginning December 31,1938. For detailed explanation of the changes and for estimates on
old basis
as of December 31, 1938, see BULLETIN for April 1939, page 332.
4
Includes since December 31,1938, only loans made for the purpose of purchasing or carrying securities; loans on securities made for other purposes
are
included in commercial loans and in all other loans.
5
Includes loans to banks and other loans under new classification beginning December 31, 1938. « Partly estimated.
* Current figures are for the revised edition of the Chart Book announced on p. 864 of the September BULLETIN. Copies of this chart book can
be obtained at a price of 50 cents each.
OCTOBER CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of October 1, 1941]
[In thousands of units]
Corn
Cotton
Federal Reserve district
Boston
New York
Philadelphia _
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City__ . _
_
Dallas.
San Francisco _
__
Production
1940
Estimate
Oct. 1,
1941
Bales
Bales
1,730
2,304
953
1,991
i 3, 277
2 3, 554
666
3,869
720
589
3,315
659
Bushels
7,366
25, 393
47, 863
160, 404
135, 014
178, 019
965, 662
326,128
265, 502
225, 245
105, 113
7,491
12, 566
11,061
2, 449, 200
_ __
_
..___.
Total
Boston
New York
Philadelphia Cleveland
Richmond
Atlanta
Chicago
St. Louis .
Minneapolis
Kansas City
Dallas
San Francisco
Production
1940
._
___
Total
_.
Estimate
Oct. 1,
1941
Bushels
7,047
31, 264
19, 499
57, 472
21, 064
15, 205
525, 658
60,057
302, 514
127, 627
40, 507
27, 714
Bushels
6,863
26, 979
19,647
61, 774
23,152
19,584
465, 436
60, 600
251,869
132, 999
39,314
30, 626
1, 235, 628
1,138, 843
1 Includes 18,000 bales grown in miscellaneous territory.
2
Includes 19,000 bales grown in miscellaneous territory.
N O V E M B E R 1941
Estimate
Oct. 1,
1941
Production
1940
Estimate
Oct. 1,
1941
Bushels
Bushels
Bushels
7,758
29, 017
50, 490
199,112
131, 752
182, 430
1, 021, 503
341, 318
286, 786
281, 758
85, 292
8,286
8,786
16, 901
47,351
26, 663
6,508
63, 298
62, 531
24,756
232, 606
29, 957
69,794
7,327
16, 580
55,298
27, 251
6,955
61, 072
52,978
36, 576
281, 793
36,105
103,031
2, 625, 502
589,151
684, 966
Tobacco
Tame hay
O its
Federal Reserve district
Production
1940
Winter wheat
Production
1940
Estimate
Oct. 1,
1941
Production
1940
Tons
Tons
Pounds
Estimate
Oct. 1,
1941
Spring wheat
Production
1940
Estimate
Oct. 1,
1941
Bushels
88
92
Bushels
68
90
158
77
150
59
1,921
77
187, 516
6,522
105
30,991
1,776
38
241,101
7,403
148
25, 395
227, 547
276,228
White potatoes
Production
1940
Estimate
Oct. 1,
1941
3,485
5,858
2,359
5,978
4,099
3,259
21, 291
8,210
10, 550
7,302
1, 781
12,140
3,152
4,432
2,080
5,207
3,865
3,391
19,743
8,234
12, 062
8,856
1,771
12. 940
32, 923
1,983
49,590
123,150
743, 939
178, 516
36, 785
277, 570
3,034
4,476
Pounds
35,021
2,353
52, 245
106, 042
645, 658
139,571
31,897
234, 630
2,689
4,290
Bushels
54, 600
32,153
24, 843
20,132
28,489
15, 337
41,618
13,817
52, 330
35, 334
3,949
75,120
Bushels
55,114
32,041
23,856
19, 874
21,952
15,005
42, 042
13,017
43,966
31,022
6,877
69, 767
86, 312
85, 733
1, 451, 966
1, 254, 396
397, 722
374, 533
1185
MEMBER BANK EARNINGS
NATIONAL AND STATE MEMBER BANKS, BY HALF-YEAR PERIODS, JULY 1, 1940—JUNE 30, 1941
[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
Item
National member banks
First
Second
Second
alf of 1940 half of 1941 half of 1940
State member banks
First
alf of 1941
Second
alf of 1940
First
alf of 1941
Earnings—total
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
673,538
305, 350
216, 595
16,966
5,644
48, 703
30, 095
40, 766
9,419
680, 733
318,468
215,024
17,885
4,636
43, 829
31, 704
40, 702
8,485
437, 479
209,971
141,657
11,773
3,569
17, 573
20, 610
25, 877
6,449
445, 519
219, 717
141, 416
12,373
3,000
15, 233
21, 704
26,014
6,062
236, 059
95,379
74,938
5,193
2, 075
31,130
9,485
14,889
2,970
235, 214
98,751
73, 608
5,512
1,636
28, 596
10,000
14, 688
2,423
Expenses—total
Salaries—officers
Salaries and wages—others
rectors' and committee members' fees,.
terest on time deposits
terest on borrowed money
eal estate taxes
ther taxes
her current expenses
465, 836
79, 259
125, 471
3,985
72, 738
69
17, 640
34, 033
132, 641
474, 416
78,978
124,909
3,858
70, 564
44
16,077
40, 692
139, 294
302, 390
52,943
77,630
2,756
51, 786
43
11,131
22,754
83, 347
307, 957
52, 394
77, 252
2,653
50, 245
27
10, 096
27, 220
88, 070
163, 446
26, 316
47,841
1,229
20,952
26
6,509
11, 279
49, 294
166, 459
26, 584
47, 657
1,205
20, 319
17
5, 981
13,472
51, 224
207,702
206,317
135, 089
137, 562
72, 613
68, 755
159,599
29,093
36,428
81, 426
12, 652
129,017
24,985
30,458
62,182
11, 392
102,253
19, 473
23,372
51, 751
7,657
86, 009
18, 314
22, 506
38, 623
6,566
57, 346
9,620
13, 056
29, 675
4,995
43, 008
6,671
7,952
23, 559
4,826
Losses and depreciation—total
On loans
On securities
On banking house and equipment.
Allother
180, 364
43, 380
84,153
27, 412
25, 419
136, 779
35, 973
61,634
19, 666
19, 506
109,197
28, 559
52, 930
15, 845
11, 863
91,106
23, 216
44,071
14, 502
9,317
71,167
14, 821
31, 223
11, 567
13, 556
45, 673
12, 757
17, 563
5,164
10,189
Net profits
186, 937
198,555
128,145
132, 465
58, 792
66, 090
Cash dividends declared- totaL
On preferred stock i__
On common stock
110, 446
6,566
103, 880
100, 993
6,291
94, 702
71,198
4,355
66, 843
63,143
4,002
59,141
39,248
2,211
37, 037
37, 850
2,289
35, 561
current earnings..
ecoveries, profits on securities, etc.—totalRecoveries on loans
Recoveries on securities
Profits on securities sold
Allother
Loans 2 2
Securities
Real estate 2assets 2_.
Cash assets
14, 644, 684 15,976,109 9, 580, 302 10, 434, 743
21,143,852 22, 946, 428 13, 262, 679 14, 376,126
1, 271, 032 1, 245, 348
771,949
758, 482
22,896, 425 22, 798,888 14, 477, 865 14, 605, 679
Total assets 2-.
60,252,011
2
2
Time deposits
Total deposits
Total capital accounts 2
Number of officers at end of period
Number of employees at end of periodNumber of banks at end of period
Ratios to total capital accounts:4
Net current earnings
Net profits
Cash dividends declared-__
Ratios to loans:4
Interest and discount on loans_.
Recoveries on loans
Losses on loans
Ratios to securities:4
Interest and dividends on securities
Recoveries on securities
Profits on securities sold
Losses on securities
Other ratios:
Interest on time deposits to time deposits 4
Time deposits to total deposits
Total capital accounts to loans, securities, and real estate assets.
Loans to total assets
Securities to total assets
5, 064, 382
7, 881,173
499,083
8,418, 560
5, 541, 366
8, 570, 302
486, 866
8,193, 209
63, 534,245 38,238, 435 40, 333,971 22,013, 576
23,200,274
12,194, 459 12,415,031
8, 376, 892 8, 464, 601 3, 817, 567
54, 079, 364 57, 254,984 34, 400, 493 36, 425, 635 19, 678,871
5, 652, 634 5, 750, 280 3,498, 351 3, 560, 674 2,154, 283
3, 950,430
20,829, 349
2,189, 606
35,369
163, 783
36,085
173,231
26,109
103,676
26, 494
110,152
9,260
60,107
9,591
63,079
6,486
6,556
5,144
5,130
1,342
1,426
7.3
6.6
3.9
7.2
6.9
3.5
7.7
75
4.'l
7. 7
7.4
3.5
6.7
5.5
3.6
6.3
6.0
3.5
4.2
.4
.6
4.0
4.4
4.2
3.8
3.6
.2
.5
2.0
1.9
!8
.8
.5
.5
.8
.6
1.2
22.5
15.3
24.3
35.1
1.1
21.7
14.3
25.1
36.1
1.2
24.4
14.8
25.1
34.7
1.2
23.2
13.9
25.9
35.6
_ t
.5
!6
2.]
.6
2.0
1.9
" r
1.1
19.4
16.0
23.0
35.8
1.7
.2
.5
.4
1.0
19.0
15.0
23.9
36.9
1
Includes interest on capital notes and debentures.
2 For the second half of 1940 these are averages of figures reported on June 29,1940 and Dec. 31, 1940; for the first half of 1941 they are averages
of figures
reported on Dec. 31,1940, Apr. 4,1941, and June 30, 1941.
3
Represents the aggregate book value of capital stock, capital notes and debentures, surplus, undivided profits, reserves for contingencies,
and 4other capital reserves.
Annual basis.
Back Figures.—See BULLETIN for November 1940, pp. 1181 and 1182.
1186
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—MAJOR DIVISIONS EXPRESSED AS POINTS IN TOTAL INDEX
COMPILED WITH 1923 WEIGHTS, 1919-1929
[Adjusted for seasonal variation, 1935-39 average for total index=100]
Industrial
production
Year and month
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
.
.
.
1 g 19—January
February
March
April
May
June
July
August _
September
October
November.
December
_
1921—January
February
March
April .
May
June
July.. .
August
September
October
November
December.. . .
1923—January
February .
March
April
May
June
July .
August
September
October
November
December
NOVEMBER
31.7
30.6
29.1
34 3
37.0
35.6
39 3
40.9
42.8
43 8
47.6
71
30.9
30.5
28 6
27.2
25.1
28 5
30.9
32.7
29.1
27.7
29.2
29 0
28.6
27.5
27 3
29.5
31.4
32 2
33.1
33.0
34.1
34.4
35.0
34 3
82
81
76
78
78
76
77
74
72
66
62
82
33.8
34.6
33.9
30 3
32.1
33 8
33.1
34.3
33 6
32.1
28.7
26 7
35.6
34.8
34.3
33.7
33.9
32 2
30.8
29.9
28 9
27.0
24.2
22 4
58
57
55
55
57
56
56
58
58
61
61
22.4
20.8
18 3
17.3
17.6
16 5
15.6
17.3
17.4
19.4
19 8
19.0
24.1
25.3
26 6
27.8
28.6
29 7
30.4
30.6
31.1
31.7
31 6
31.5
86
20.1
21.7
23.8
27.1
28 7
30 3
30.8
27.3
28.6
31.5
32 4
33.9
31.9
31.8
32.2
31.4
33 1
34 4
34.4
35.3
35.4
36.1
37 8
38.0
85
86
89
91
92
91
90
88
87
86
86
84
34.1
34.3
35.7
36.7
37.7
37.4
37.2
36.3
36.2
35.7
35 6
35.3
36.6
37.3
38.3
38.4
38.8
38.3
37.3
36.7
36.3
35.7
35 7
35.2
77
75
74
74
74
_..
1922—January.
February
March
April
May
June
July
August
September
October.
November
December..
29.1
32 2
18.5
28 0
36.0
33.0
37 2
39.6
37.3
40 5
46.0
67
67
72
75
.
1920—January
February
March..
April
May
June
July
August
September
October
November
December
72
75
58
73
88
82
90
96
95
99
110
68
66
_.
.
.
_ .
.
.
61
63
65
69
67
70
74
.
._ _ .
__ . . _
.
1941
NonDurable
durable
manu- manufactures factures
74
72
76
80
84
Minerals
Year snd month
10.8 1924—January
12.5
February
__
March
10.0
10 7
April
May.
.
__
14.8
13.5
June
13.9
July
15.1
August
_
15.1
September
14.9
October
16.2
November
December
11.1
__
9.8 1925—January
94
February
10.0
March
. . .
10.4
April
_
10 7
May
11.4
June . .
. . .
July
_
11.1
12 0
August
September
.
_
12.3
8.9
October
10 8
November
December
..
12.1
11.9 1926—January
.
_.
February
12.2
11 5
March
April . .
11.9
May
12 5
12.4
June
July
12.8
August
11 9
12.8
September
13.2
October.
13 3
November
December
11.5
10.9 1927—January
February
10 1
March
10.2
April
10.4
May
99
9.5
June
July
9.7
August
9.4
September
10.0
October
96
November. __
9.7
December
10.9
12.0 1928—January
February
12.9
M arch
7.5
April
76
May
8 3
June
. ....
8.0
July
8.8
August
11.5
September
12.7
October
13 3
November
14.1
December
14.0
14.1 1929—January
February
14.6
March
15.6
April
15.2
May
15.2
15.5
June
15.4
July
14.1
August
14.8
September
14 8
October
November
13.8
December
Industrial
production
NonDurdurable
able
manu- manufactures factures
Minerals
86
88
86
83
80
76
75
78
81
82
84
86
35.6
36.8
36.1
34.7
31.8
29.6
28.8
30.5
31.6
32.2
32.8
34.7
35.9
35.9
35.9
35.5
34.9
33.7
33.4
34.2
35.5
36.6
37.5
38.1
14.3
14.9
14.0
13.0
13.0
13.0
13.0
12.8
13.7
13.6
13.4
13.7
89
89
95
36.5
36.4
36.6
36.3
36.1
36.2
36.6
35.2
36.4
39.2
40.5
41.4
38.4
38.9
38.8
39.1
38.9
38.4
39.4
39.4
38.9
39.4
40.2
40.7
14.2
13.8
13.5
14.2
14.6
14.5
14.7
15.0
13.0
12.9
13.2
13.0
93
93
95
94
94
95
95
96
98
98
97
97
39.5
39.4
39.4
39.2
39.3
39.7
39.8
40.1
40.4
39.9
39.2
38.4
40.7
40.5
40.3
40.1
39.7
40.2
40.2
41.0
42.0
42.0
41.8
42.1
12.8
13.4
14.8
14.9
14 5
15.0
15.2
15 3
15.5
15.8
16 4
16.4
96
97
99
96
97
96
95
95
94
92
92
93
38.1
38 7
38.9
38.5
38.5
37.5
36.8
36.8
36.0
35 0
34.9
36.1
42.1
42 2
42.6
42.6
43 1
44.0
44.0
43.5
43.0
42 5
42.5
42.3
16.0
16 3
17.1
15.0
15 2
14.9
14.3
15.1
14.7
14 5
14.4
14.2
94
95
96
95
103
105
107
37.6
38.2
38.3
38 7
38 8
39.8
40.7
41.6
42.1
43 1
43.9
45.2
42.3
42.8
42.6
42 3
43 2
43.2
43.4
44.2
44.3
44 9
45. 7
46.4
14.3
14.2
14.9
14 5
14 9
14.5
14.5
15.0
15.1
15 5
15.9
15.5
108
108
108
110
112
113
114
114
112
110
105
100
45. 5
44.9
45.9
46.5
47.3
48.6
49.1
43. 7
47.1
45 6
42.3
38.6
46.4
46.5
46.8
47.3
48.2
48.6
48.5
48.5
48.5
48 5
47.0
45.7
16.3
16.6
15.6
16.3
16.2
16.1
16.5
16.4
16.7
16 3
15.6
16.0
89
90
90
89
91
90
88
92
94
97
98
99
101
101
1187
Industrial Production—Major Divisions Expressed as Points in Total Index—Continued
COMPILED WITH 1937 WEIGHTS, 1929-1941
[Adjusted for seasonal variation, 1935-39 average for total index=100]
NonInDurdustrial
able
durable
produc- manu- manution
factures factures
Year and month
Minerals
Year and month
-_
110
91
75
58
69
75
87
103
113
89
108
123
50.2
37 3
25.6
15 6
20.3
24.7
31.6
41.0
46.2
29 6
41.2
52.2
43.4
39.4
37.2
32 6
37.1
38.2
42.3
47.1
49.9
44 3
50.7
53.0
16.3 1935—January
14 1
February
12.1
March
10 1
April
11 6
May
12.1
June
13.1
July15.1
August
17.0
September
14 7
October
16.2
November
17.8
December
February
March
__
__
April
May
June _
July
August
September
October
November
December. . . . . . .
108
108
108
110
112
113
115
114
112
110
105
100
49.5
48.8
49.9
50.7
51.7
53.1
53.8
53.2
51.3
49.7
45.9
41.9
42.2
42.3
42.6
43.0
43.8
44.2
44.1
44.1
44.2
44.3
43.1
42.0
16.3
16.6
15.7
16.5
16.3
16.1
16.7
16.5
16.7
16.3
15.7
16.0
100
100
98
98
96
93
89
86
85
83
81
79
42.9
43.0
42.4
41.7
40.6
38.8
36.0
34.6
33.7
31.9
30.2
29.1
41.8
41.4
40.8
41.2
40.4
39.8
38.7
37.9
37.8
37.6
37.3
36.9
1931—January
February
March
April
May
June
July
August
September
October
November
December
78
79
80
80
80
77
76
73
70
68
67
66
28.9
29.2
29.8
29.3
28.3
26.4
25.3
23.7
21.9
20.8
20.5
20.4
1932—January
February
March
April
May
June.
July
August
September
October
November
December
64
63
62
58
56
54
53
54
58
60
59
58
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
...
...
...
_
1929—January
1930—January
February .March
April
May.
June
July
August . . .
September
October
November
December
.
__
.
1933—January
February
March
April
May
June
July
August
September
October
November
December
1934—January
February
March
April
May
June
July
.
August
September
October
November
December
_
.
...
..
.
1188
._
Industrial
production
DurNonable
durable
manu- manufactures factures
Minerals
83
85
84
82
83
84
84
87
89
92
94
95
28.9
30 3
29 8
29 6
29 1
28 6
29.7
32.3
33 5
34 7
35 7
36.3
41 3
41 5
41 2
40 8
40 8
41 4
41 9
42.1
43 1
43 9
44 5
44.9
12 8
12 9
13 3
12 1
12 7
13 8
12 5
12.6
12 9
13 7
13 8
14.2
1936—January
February
March
April
May..
June
July.
August
September.
October
November
December
94
92
93
98
100
103
104
106
108
110
113
116
35.4
34.0
34.9
38 5
40.3
41.8
42 5
42.8
43.8
44 8
45.8
47.5
44.6
43 2
44.0
45 2
45 6
46.2
46 9
48 2
48.6
49 4
50.8
52.2
14.4
14 8
13.9
14 8
14 6
14.7
15 0
15 0
15.2
15 5
16.2
16.3
15.6
15.2
14.3
14.6
14.6
14.4
14.2
13.8
13.5
13.5
13.3
12.9
1937—January
February
March
April
May..
June
July. .
August
September
October
November.
December
116
118
120
120
121
119
120
119
115
107
96
87
47.5
48.5
49.1
50 0
50.5
49 0
50.9
51.2
48.9
43.2
36.2
30.4
52.3
52 5
52.7
53 5
53 5
53 0
51 8
50.3
48.7
46.4
43.1
40 8
16.0
16 5
18.2
16 7
16 9
17 4
17 2
17.5
17.6
17.2
16.7
16 3
36.9
37.6
38.1
38.4
38.9
38.5
38.5
38.2
37.0
35.3
34.5
34.3
12.5
12.1
12.6
12.7
12.4
12.6
12.5
11.6
11.3
11.9
12.0
11.8
1938—January
February
March
April..
May
June..
July
August
September
October..
November.
December
85
84
84
82
81
81
86
90
93
96
100
101
28.3
27.6
27 2
26.4
25 7
25.1
26.9
29 5
31.6
33.6
36.2
36.6
41.3
42.0
42 1
41.0
41 3
42 0
44.6
46 2
46.7
47.0
48.1
48 7
15.7
14.8
14 8
14 4
13 6
14 0
14.3
14 7
14.8
15.0
15 5
15 5
19.4
18.2
17.0
16.2
15.8
15.1
13.7
13.1
14.0
14.5
14.9
14.8
34.4
34.2
33.6
31.4
30.7
30.0
29.6
31.5
33.7
34.6
34.1
33.4
10.6
10.5
11.2
10.5
9.6
9.1
9.3
9.6
10.2
10.5
10.5
9.9
1939—January...
February
March
April _
May
June.. .
July
August
September
October. . .
November
December. . . .
101
101
101
97
98
103
105
106
114
121
124
125
36.8
36.8
36.3
35.3
35.1
37.5
38.8
41.0
44.8
49.1
50 9
53.4
48.8
48 6
48.7
48 3
48.6
49 6
49.6
50 5
52.0
54 0
55 0
55.0
15.7
15 4
15.8
13 9
14.7
15 8
16.3
14 0
17.3
18.0
18 3
17.4
58
57
54
58
68
78
85
82
77
73
69
70
14.5
14.0
12.3
14.6
18.3
23 5
28.4
27.5
25.6
24.1
20.6
21.5
33.2
32.9
31.1
33.5
38. 2
42.6
44.1
41.0
39.4
37.3
36.7
36.4
10.0
10.5
10.8
9.9
11.5
12.1
12.7
13.2
12.4
11.6
11.6
11.6
1940—January
February
March
April.. _.
May
June
July
August
September
October
November
December
122
116
113
112
116
122
122
124
127
130
134
139
51.0
46.9
44 8
44.1
46.8
50 4
51.5
54.3
57.1
58.7
59.7
62.4
52.9
51.6
50 0
50.2
51.7
53 4
52.7
52.6
52.4
54 6
56.3
58.2
18.0
17.4
17 8
18.1
17.8
18 0
18.1
17.4
17.7
17 2
17.9
18.0
72
75
79
79
80
79
73
73
70
22.4
24.8
26.8
27.7
28.8
28.7
23.6
22.7
21.9
21.6
21.6
24.5
37.4
38.0
39.0
39.1
38.8
37 6
37.5
37.9
35.7
38.0
38.6
40.1
11.9 1941—January
12.1
February
13 0
March
12.2
April
12.3
May
12 2
June
12.1
July
11.9
August
11.9
September
11.8
October
11.8
November
12.2
December
140
144
147
144
154
159
160
160
160
64.9
66.8
68.2
68.4
72.0
74 0
75.6
75.3
76.6
57.4
58.8
59 7
61.2
63.2
65 1
64.7
65.0
64.2
18.0
17.9
19 0
14.5
19.1
20 1
19.9
19.9
19.7
71
72
77
..
.
.
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION—SELECTED GROUPINGS EXPRESSED AS POINTS IN TOTAL INDEX
[Adjusted for seasonal variation, 1935-39 average for total index = 100]
Year and month
Iron and
Total
Machinery
and transportation
equipment
1935—Jan....
Feb.Mar.—
ApriL.
May—
June_July_Aug.—
Sept—
Oct.—
Nov.
Dec—
9.0
8.3
7.9
7.9
7.5
7.8
9.3
9.4
9.9
10.5
10.5
13.0
13.7
13.9
13.9
13.8
13.5
13.8
14.5
15.2
15.5
15.8
16.0
1936—Jan.__.
Feb.-_
Mar.April..
M ayJune-.
JulyAug...
Sept._.
Oct.-.
Nov.-.
Dec—
100
103
104
106
108
110
113
116
9.8
9.6
9.7
11.7
12.2
13.1
13.2
13.5
13.9
14.3
14.5
14.9
1937—Jan.—
Feb.-_
Mar.-.
ApriL
MayJune-_
July-.
Aug.—
Sept._.
Oct.-..
Nov...
Dec...
116
118
120
120
121
119
120
119
115
107
96
87
1938—Jan—
Feb.MarApr._.
May..
June..
JulyAug...
Sept..
Oct.__
Nov._
Dec.-.
85
Other
durable
Textiles
Paper and
and leather printing
Foods,
liquors,
and
tobacco
Other
nondurable
Minerals
9.3
9.4
9.7
12.7
12.5
12.2
11.9
12.0
12.2
12.4
12.6
13.0
13.4
13.8
13.7
8.1
8.3
8.3
8.2
8.2
8.3
8.3
8.3
8.6
8.7
8.8
9.0
12.1
12.2
12.1
12.3
12.3
12.4
12.6
12.5
12.6
12.8
12.8
12.9
16.2
15.3
15.9
16.9
17.7
18.1
18.6
18.3
18.5
18.9
19.6
20.7
9.5
9.1
9.4
9.9
10.4
10.6
10.7
11.1
11.4
11.6
11.7
11.9
13.5
12.9
12.7
13.3
13.1
13.3
13.9
14.4
14.4
14.7
15.2
16.2
8.7
8.6
8.8
9.2
9.3
9.3
9.4
9.6
9.7
9.9
10.5
10.7
13.2
12.9
13.4
13.4
13.6
13.8
13.7
14.3
14.4
14.7
14.7
14.7
8.8
9.1
9.3
9.6
9.8
9.9
10.0
10.1
10.2
10.4
10.6
14.4
14.8
13.9
14.8
14.6
14.7
15.0
15.0
15.2
15.5
16.2
16 3
15.3
15.2
15.3
15.6
15.9
14.1
15.8
16.0
15.1
11.2
7.4
5.3
20.2
20.9
21.3
21.5
21.7
22.2
22.4
22.8
22.0
21.1
18.9
16.4
12.0
12.5
12.6
12.9
12.9
12.8
12.7
12.4
11.9
10.9
9.9
8.7
16.3
16.1
16.4
16.5
16.6
16.3
14.9
14.1
12.9
11.5
9.9
8.9
10.7
10.7
10.6
11.0
11.1
11.0
10.9
10.7
10.4
9.8
9.0
8.7
14.5
14.8
14.8
14.9
14.6
14.4
14.9
14.7
14.3
14.4
14.1
13.7
10.7
11.0
11.0
11.1
11.2
11.2
11.1
10.9
11.0
10.7
10.1
9.5
16.0
16.5
18.2
16.7
16.9
17.4
17.2
17.5
17.6
17.2
16.7
16.3
82
81
81
86
90
93
96
100
101
5.8
6.0
6.0
6.0
5.6
5.4
6.6
8.1
9.0
9.9
11.4
10.6
14.3
13.5
12.8
12.3
12.0
11.7
11.7
12.2
12.9
13.6
14.6
15.5
8.1
8.1
8.4
8.0
8.1
8.1
8.5
9.2
9.7
10.1
10.2
10.6
9.2
9.8
10.1
9.7
10.1
10.7
12.2
13.4
13.4
13.3
13.9
14.3
8.9
9.0
9.0
8.8
8.6
8.6
9.3
9.5
9.5
9.8
9.9
9.7
14.0
14.1
13.9
13.8
13.7
14.0
14.1
14.0
14.2
14.2
14.5
14.6
9.2
9.1
9.2
8.8
8.9
8.7
8.9
9.3
9.6
9.7
9.8
10.0
15.7
14.8
14.8
14.4
13.6
14.0
14.3
14.7
14.8
15.0
15.5
15.5
1939—Jan.__.
Feb..Mar...
April.
May—
June_July—
Aug._Sept._.
Oct.-.
Nov._.
Dec—
101
101
101
97
98
103
105
106
114
121
124
125
10.4
10.4
10.2
9.3
9.0
10.5
11.1
12.5
14.7
17.4
17.9
17.8
15.7
15.8
15.7
15.7
15.9
16.5
16.9
17.4
18.2
18.9
19.7
21.2
10.6
10.6
10.4
10.3
10.2
10.5
10.9
11.2
11.3
12.8
13.3
13.5
14.4
14.4
14.1
13.8
14.0
14.5
15.0
14.8
15.1
15.7
16.8
16.4
9.8
9.8
10.3
11.0
11.7
11.7
11.9
14.6
14.4
14.7
14.6
14.9
15.0
14.5
15.2
15.2
15.3
15.2
15.4
10.0
10.0
10.1
10.1
10.0
10.2
10.3
10.2
10.8
11.3
11.3
11.3
15.7
15.4
15.8
13.9
14.7
15.8
16.3
14.0
17.3
18.0
18.3
17.4
1940—Jan.—
Feb.Mar...
ApriL.
May__
June—
July...
Aug.__
Sept._.
Oct.--.
Nov.Dec.-_
122
116
113
112
116
122
122
124
127
130
134
139
16.6
13.6
11.7
11.6
13.9
16.7
17.4
17.9
18.6
18.9
18.8
19.1
21.6
21.1
21.2
20.9
21.2
22.0
22.2
24.0
25.4
26.3
27.1
28.7
12.8
12.1
11.9
11.6
11.7
11.8
11.9
12.4
13.1
13.4
13.8
14.5
15.5
14.4
13.3
13.1
13.7
14.2
14.8
14.9
15.1
16.0
17.6
18.2
10.8
10.5
10.3
10.6
11.4
11.9
11.4
11.0
10.7
10.9
11.0
11.3
15.2
15.5
15.3
15.4
15.4
16.1
15.3
15.5
15.2
16.2
16.0
16.5
11.3
11.2
11.0
11.1
11.3
11.3
11.2
11.2
11.3
11.5
11.7
12.2
18.0
17.4
17.8
18.1
17.8
18.0
18.1
17.4
17.7
17.2
17.9
18.0
1941—Jan....
Feb.Mar._.
ApriL.
May—
June_.
July—
Aug.—
Sept...
Oct.—
Nov.Dec._-
140
144
147
144
154
159
160
160
*>160
19.7
19.7
20.2
19.9
20.2
20.2
20.4
20.3
21.1
29.9
31.6
32.8
33.2
36.5
38.1
39.2
38.9
*>39. 6
15.3
15.5
15.1
15.2
15.4
15.6
16.0
16.0
P16.0
17.9
18.6
19.0
19.5
20.4
20.4
20.4
20.0
P19.8
11.2
11.3
11.6
11.8
12.3
12.7
12.8
12.9
P12.7
16.1
16.5
16.6
16.9
17.1
17.6
17.6
18.3
P18.1
12.2
12.5
12.5
13.0
13.4
14.3
14.0
13.7
P13. 7
18.0
17.9
19.0
14.5
19.1
20.1
19.9
19.9
NOVEMBER
1941
7.0
7.6
7.5
7. 7
7.4
7.6
8.1
9.7
8.5
8.5
8.5
8.3
8.4
8.5
8.9
9.0
9.1
12.8
12.9
13.3
12.1
12.7
13.8
12.5
12.6
12.9
13.7
13.8
14.2
1189
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 exchanges rates. .
Price movements:
Wholesale prices .
Retail food prices and cost of living. .
Security prices. .
1191
1192
1192
1193-1197
1198-1201
1202
1203
1204
1205
1206
1206
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.
1190
FEDERAL RESERVE BULLETIN
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
End of month
Argentina
United
States
1936—Dec....
1937—Dec...
1938—Dec...
1939—Dec...
11, 258
12,760
14,512
17,644
501
469
431
466
1940—Sept...
Oct....
Nov...
Dec...
1941—Jan....
Feb...
Mar...
Apr...
May..
June..
July...
Aug...
Sept._.
21,244
21,506
21,801
21,995
22,116
22, 232
22, 367
22, 506
22, 575
22, 624
22, 675
22, 719
22, 761
2 385
369
353
353
353
353
353
353
353
353
353
352
End of month
Hungary
Iran
(Persia)
1936—Dec...
1937—Dec...
1938—Dec...
1939—Dec...
Italy
Switzerland
Turkey
Bulgaria
Canada
Chile
Coombia
Czechoslovakia
Japan
463
261
164
164
164
164
164
164
164
164
United
Kingdom
240
244
321
657
650
701
549
2,584
2,689
2,690
91
1940—Sept...
Oct....
Nov...
Dec...
1941—Jan....
Feb...
Mar...
Apr...
May..
June..
July...
Aug. _.
Sept. .
152
150
157
160
165
171
172
174
180
192
189
191
490
500
501
502
520
524
527
528
530
528
533
525
1
1
1
1
1
1
1
1
1
1
1
1
1
Java
NethNew
Mexico erlands Zealand
491
933
998
692
109
109
129
140
152
171
178
174
174
173
173
193
634
629
621
617
616
614
614
572
572
573
573
573
Venezuela7
Yugoslavia
Norway
90
95
97
100
105
108
108
108
Peru
Poland
Portugal
82
94
94
184
B.I.S.
Other
countries 8
183
185
142
149
87
Germany
Greece
27
26
24
27
28
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
79
80
90
Uruguay
France
2,995
2,564
2,430
2,709
145
145
145
145
145
145
145
145
145
144
144
144
146
1 Figures relate to last official report dates for t h e respective countries, as follows: G e r m a n y
—June 15, 1939; Italy—late in M a r . 1940; Norway—Mar. 30, 1940; Poland—July 31, 1939.
2 Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available.
* On M a y 1,1940, gold belonging to B a n k of Canada transferred to Foreign Excrange Control Board. Gold reported since that time is gold held b y Minister of Finance.
* Change from previous December due largely to inclusion of gold formerly not reported.
* Figures for D e c 1936 and D e c 1937 are those officially reported on Aug. 1,1936, and Apr.
1938, respectively.
8
Beginning M a r . 29,1941, gold reserves no longer reported separately.
7
Beginning Dec. 1940, figures comprise largely reserves of new Central B a n k b u t also
include remaining holdings of four former b a n k s of issue amounting since March 1941 to about
$12,000,000.
8
These countries are: Albania, Algeria, Australia, Austria through M a r . 7, 1938, Belgian
Congo, Bolivia, China, Danzig through Aug. 31,1939, Ecuador, E l Salvador, Estonia, Finland,
Guatemala, Iceland, Latvia, L i t h u a n i a , Morocco, a n d Thailand (Siam). Figures for certain
of these countries have been carried forward from last previous official report.
» Gold holdings of Bank of England reduced to nominal amount b y gold transfers to British Exchange Equalization Account during 1939.
N O T E . — F o r description of table a n d back figures see BULLETIN for September 1940, p p .
925-934 and p p . 1000-1007; details regarding special internal gold transfers affecting the reported
figures through April 1940 appear on p . 926 in t h a t issue.
1941
Egypt
274
274
274
274
274
274
274
274
274
274
1936—Dec...
1937—Dec...
1938—Dec—.
1939— Dec...
NOVEMBER
Denmark
188
184
192
214
275
274
274
274
4734
734
734
734
i 137
Sweden
Brazil
632
597
581
210
193
144
1940—Sept...
Oct....
Nov...
Dec...
1941—Jan....
Feb...
Mar...
Apr...
May..
June..
July._.
Aug...
Sept...
End of month
Belgium
British
India
28
28
28
28
28
28
Rumania
South
Africa
114
120
133
152
203
189
220
249
156
157
157
158
158
158
158
171
172
175
178
178
314
328
351
367
376
388
401
413
418
427
431
436
Spain
»718
5 525
Government gold reserves * not included
in previous figures
End of
month
United
States
1937—June...
Dec...
1938—Mar.._
169
JuneSept
Oct.
Dec...
44
1939—Mar..
May.
June—
Sept...
Dec...
1940—Mar...
June—
Sept.
Dec...
1941—Mar...
June _-
United
Kingdom
France
Belgium
115
81
2 934
3 1, 395
1,489
62
759
80
154
85
164
156
145
86
105
48
88
89
1,732
* 103
331
559
477
44
17
17
17
17
1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization F u n d
(Special A / c N o . 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
F u n d and Rentes F u n d ; Belgium—Treasury.
2 Figure for end of M a r . 1937, first date reported.
3 Figure for end of Sept. 1937.
4
First date reported
For complete monthly
series from Oct. 1938-May 1939, see BULLETIN
for February 1941, p . 170.
N O T E . — F o r details regarding special gold
transfers in 1939-40 between t h e British E . E . A .
and t h e Bank of England, and between t h e
French E . S. F . and t h e Bank of France, see
BULLETIN for September 1940, p . 926.
1191
GOLD PRODUCTION
Outside U. S. S. R.
[In thousands of dollars]
Year or month
Estimated
world
production
outside
U.
Production reported monthly
Africa
Total
South
Africa
Rhodesia
North and South America
West Belgian
Africa s Congo3
$1=15-6/'SI grains of gold 9/10 fine; i.
366, 795 24,264 12,153 6,549
377,090 25,477 13, 625 7,159
396, 768 28,053 16, 295 7.386
410, 710 28, 296 20, 784 8; 018
425, 649 28,532 24, 670 8,470
448, 753 28,009 28,564 3 8,759
491, 628 29,155 32,163 8, 862
823,003
882, 533
971, 514
1,041, 576
1,136, 360
1, 212, 796
1, 275, 505
707, 288
751,979
833,088
892, 535
957, 212
1, 016, 791
1,088, 835
1940—July.._
August
September..
October
November..
December..
109, 760
109, 305
106, 505
113,330
108, 080
107, 800
92, 665
92, 557
89, 672
97, 803
92, 522
91, 852
41, 936
41,989
40, 958
42,362
41, 620
41,188
1941—January. _.
February..
March
April
May
June
July
August
106,015
100,450
106, 365
105, 525
105,105
105, 980
90, 373
84, 090
89, 526
42, 335 2,326 2,618
39, 608 2,237 2,566
42, 075 2,318 2,696
41, 357 2,355 2 2, 580
42, 716 2,355 2,615
41,186 /2, 355 f2, 615
43, 093 /2, 355 n, 6i5
42, 458 /2, 355 /2,615
1934..
1935.
1936.
1937.
1938..
1939..
1940.
88,114
938
P8S,
P93,189
P91,171
2,459
2,498
2,450
2,477
2,404
2,433
4
Canada 5 Mexico
e., an ounce of fine
108,191 104,023
126, 325 114,971
152, 509 131,181
168,159 143, 367
178,143 165, 379
196,391 178,303
210,109 185,890
2,590
2,725
2,652
2,709
2,687
2,668
gold=$85
23,135
23,858
26,465
29, 591
32, 306
29, 426
30,878
j ^
Other
Chile
12,045 8,350
11,515 9,251
13, 632 9,018
15,478 9,544
18, 225 10, 290
19,951 11,376
22,117 11,999
Austra- British6
lia
India
30, 559
31, 240
40,118
46,982
54, 264
56,182
55, 878
11, 223
11,468
11, 663
11,607
11, 284
11,078
10,157
3,010
4,027
2,596
2,337
1,905
2,221
1,952
2,184
2,016
1,789
1,713
1,675
850
1,243
673
1,121
4,263
4,693
4,616
5,638
4,592
4,333
490
560
945
980
945
980
16, 646 15,199
2,945
15, 408 14,446 2,670
16,023
15,629 2,702
16,413
15, 384 2,491
16,022 15, 721 1,448
16, 468 15, 890 2,845
18, 537 15, 983 /2, 845
17, 487 /15, 983 /2, 845
2,137
1,844
1,891
2,071
1,872
1,777
2,072
1,739
784
695
1,313
896
528
1,023
628
/628
4,544
3, 812
4,040
4,133
4,136
3,939
4,185
/4,185
840
805
840
805
700
840
875
/875
19,109
16, 294
17, 324
22,004
19, 952
19, 694
16,007
16, 343
15, 440
16,386
15, 775
15, 780
Oold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows: 1934, $135,000,000; 1935, $158,000,000; 1936, $187,000,000; 1937, $185,000,000; 1938, $180,000,000.
p Preliminary.
/ Figure carried forward from last previous figure without footnote /.
1 Annual figures through 1939 are estimates of U. S. Mint. Annual figure for 1940 and monthly figures are based on estimates of American
Bureau of Metal Statistics given in thousands of fine ounces.
2 Beginning April 1941, figures are for Gold Coast only.
3
Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months
of the
year.
4
Includes Philippine Islands production received in United States. Monthly figures for U. S. for 1940 represent estimates of American Bureau
of Metal Statistics revised by adding to each monthly figure $242,602 so that aggregate for 1940 is equal to annual estimate compiled by Bureau of
Mint6 in cooperation with Bureau of Mines.
Figures for Canada beginning January 1941 are subject to official revision.
6
Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For monthly figures back to January 1929 and for explanation of table and sources see BULLETIN for March 1939, p. 227; February 1939,
p. 151; June 1938, pp. 539-540; and April 1933, pp. 233-235. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see
Annual Report of Director of Mint for 1940, p. 101, and 1936, pp. 108-109.
GOLD MOVEMENTS
UNITED STATES
[In thousands of dollars at approximately $35 a fine ounce]
Year or
month
1934 i
1935
1936
1937
1938
1939
1940
Total
net
imports
United
Kingdom
BelFrance gium
Swe- Switzerden
land
Netherlands
Canada
Mex- Colom- PhilipAuspine
ico
bia
Islands tralia
South
Africa
British
India
Japan
All
other
countries
Net imports from or net exports (—) to:
1,131, 994 499,870
1, 739,019 315, 727
L, 116, 584 174,093
1, 585, 503 891, 531
1,973, 569 I, 208, 728
3, 574,151 1, 826, 403
4, 744,472 633, 083
1940
Sept
Oct
Nov...
Dec
334,100
325, 964
330,107
137,176
3,650
1,738
936
99
1941
Jan
Feb
Mar
Apr
234, 242
108, 609
118, 567
171, 992
37
1,218
817
21
12
1,029
65
3,498
8
23,280
181
34, 713
401
39,162
74,250 22, 862
103, 777 184, 756
246,464
168, 740
165, 605
111, 739
7,854
6,704
6,240
1,751
13, 228
11,815
12,186
13, 262
523
784
2,170
7,446
69,946
64, 208
27, 580
12,805
3,185 11,136 149, 735
2,772 6,738
96
3,984 6,262
2,788
3.587 4,720 132, 261
6,085
4,501
6,062
& 15,093
2,951
6,793
12, 402 86, 829 30, 270
260, 223 8,902 94, 348
968
95,171 13, 667
3 227,185
934, 243
72, 648 39, 966
573, 671 3,351 71,006
2 7,511
6,461
-13,710 90, 859
6 54, 452 111, 480 38, 482
76, 315 36,472
81,135 15,488 163,049 60,146 1,363
3,798 165,122 341, 618 28,715 86, 987 612, 949 33, 610
241, 778
977 63,260 161, 489 90, 320 2, 622, 330 29,880
16, 944
10, 899
11,911
18, 397
10, 557
23, 239
23, 999
12,038
15, 335
21, 513
25,427
27, 880
35, 636
38, 627
545
538
545
347
2,330
7
2,814
3,764
2,673
3,283
3,268
46,876 1,147
81, 529
814
95, 619
866
20, 216 1,147
3,168
11
2,232
2,934
27
7
1
1,746
563
337
217, 627
222,726
262, 718
80, 389
14,605
14, 770
14, 441
14, 994
4
76,820 32, 304
75, 268 46,989
77, 892 39, 735
50, 762 29, 998
16,159 32 67,975
50,956 102, 404
49,989 4 388,468
3,046
313
Gross imports from:6
Mav
June...
July
Aug.
Sept
34, 830
30, 712
37,041
36, 973
65, 702
2
474
542
79
250
1
16, 309
969
17, 521
800
19, 228 1,088
10, 845
843
42, 563
495
2,794
2,128
2,230
2,488
3,384
2,114
4,972
5,098
3,107
4,194
4,593
5,199
6,742
2,064
3,594
69
88
137
3,694
3,589
5,009
3,811
1,995 7 9,011
11, 045
131
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, and $37,555,000 from
other countries.
* Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.,
$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile,
$10,775,000
from Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.
6
Includes $11,236,000 from U. S. S. R.
6
Beginning
M a y 1941, the Department of Commerce suspended publication of export statistics by country of destination.
7
Includes $5,652,000 fron
" S.
~ S.
~ R.
~
om U.
NOTE.—For gross import and export figures and for additional countries see table on p. 1153.
1192
FEDERAL RESERVE
BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars.
Minus sign indicates net movement from United States]
TABLE 1.—TOTAL CAPITAL MOVEMENT
Increase in foreign banking
funds in U. S.
From Jan. 2, 1935, through—
Total
Central
bank
funds
in N . Y. i
Total
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1,412. 5
2, 608. 4
3,410.3
603.3
930.5
1,168. 5
9.8
81.1
243.9
593.5
849.4
924.6
361.4
431.5
449.1
125.2
316.2
583.2
316.7
917.4
1,162.0
6.0
12.9
47.5
3,207. 2
3,045. 8
3,472.0
3,844. 5
4,197. 6
4,659. 2
5,035. 3
5,021. 2
5,115. 9
5, 440. 7
949.8
786.2
1,180. 2
1,425. 4
1, 747. 6
2, 111. 8
2,479. 5
2, 430. 8
2. 539. 0
2, 830.1
149.9
125. 9
187.0
238. 5
311.4
425.3
552.1
542. 5
539.1
922. 3
799.9
660.4
993.2
1,186. 9
1, 436. 2
1, 686. 5
1,927. 3
1,888. 3
1,999.9
1, 907.8
434.4
403.3
477. 2
510.1
550 5
607.5
618.4
650.4
631. 6
684.1
618 5
643.1
625 0
641.8
646 7
664 5
676.9
725.7
761 6
785.6
1,150 4
1,155. 3
1,125 4
1, 219. 7
1,188 9
1,201 4
1,177. 3
1,133. 7
1,095 0
1,042.1
54 2
57.8
64 1
47.6
63 9
74 0
83.1
80.6
88 7
98.9
5,
5,
5,
5,
5,
614.1
647. 4
687. 5
699. 3
699. 8
2,941. 2
2,984. 9
3,022. 5
3,034. 2
3,040. 7
a 945.0
996.3
1,018. 5
1,047. 9
1,054. 7
» 1,996. 2
1,988. 6
2,004.0
1,986. 3
1,986.0
764.8
769.2
774.0
778.3
773.1
789.5
790 2
790 4
790.5
790.4
1,019.0
1 004 0
1,001 4
996.5
995.1
99.6
99 1
99 1
99.9
100.5
5,
5,
5,
5,
668.4
751.9
731. 9
748.1
3,014.1
3,087. 2
3,062. 6
3,092. 8
1,012. 8
1,107. 7
1,087. 0
1,112. 3
2,001. 3
1,979. 5
1, 975. 5
1,980. 5
768.4
773.2
782.0
773.6
790
791
791
793
8
2
6
1
995 2
999 8
995.0
987 0
99 9
100 6
100.8
101.6
5, 767. 0
5, 736. 6
5, 744. 0
5, 731.0
3,108. 5
3,086. 3
3,118. 7
3,112. 5
1,133. 6
1,129. 9
1,140.1
1,158. 9
1, 975.0
1,956.4
1, 978. 6
1,953. 6
781.8
780.9
765.6
765.7
793 5
793 9
793 9
794.4
981 9
974.5
964 7
957.6
101.3
100.9
101.2
100.7
5,
5,
5,
5,
0
7
9
7
3,137.0
3,141.9
3,199. 3
3,194.0
1,190. 7
1,195. 5
1,248. 7
1,231. 6
1,946. 3
1,946. 4
1,950. 6
1,962. 5
762.3
751.5
752.3
764.0
795 4
795.9
797 9
798.2
950 3
946.0
936 0
924.5
100.0
99.4
101.4
100.0
Dec. 4
Dec. 11
Dec. 18
Dec 25
1941—Jan. 1
5, 758.0
5, 718. 2
5, 763. 7
5,733 0
5,727 6
3,177. 8
3,146. 5
3,182.1
3,160. 9
3,159.0
1, 209.1
1,186. 3
1, 209. 7
1,182. 4
1, 200. 8
1,968. 7
1, 960. 2
1, 972. 4
1, 978. 5
1, 958. 3
763.0
757.6
771.1
771.6
775.1
800 2
801 3
802.9
802 8
803 8
917.4
913 5
907.5
896 3
888.7
99.6
99.3
100.2
101.3
100.9
Jan 8
Jan.15
Jan 22
Jan. 29
5, 704 0
5, 781. 3
5,747 5
5, 694. 5
3,152. 9
3, 257. 6
3, 255. 2
3, 215.9
1,198.
1, 301.
1, 303.
1, 288.
1, 954.1
1, 956. 4
1,951.9
1,927. 7
775.8
772.2
757.1
759.9
804 6
806 4
807 6
808.1
869 4
843.3
827 8
811.9
101.3
101.7
99.8
98.8
Feb.5
Feb. 12
Feb. 19
Feb. 26
5, 644.
5, 609.
5, 563.
5, 564.
3,175. 9
3,156. 9
3,108.1
3,102. 6
1, 269. 0
1, 255. 0
1, 228. 8
1, 243. 4
1,906.
1, 901.
1, 879.
1, 859.
9
8
4
2
763.1
754.6
764.6
776.1
809 0
810.5
811 5
812.7
799.3
792.1
783.1
775.8
97.0
95.9
96.5
97.2
Mar 5
Mar 12
Mar. 19
Mar 26
Apr. 2
5
5
5,
5,
5,
560 8
592 9
598 8
567 0
526. 5
3,128 1
3,188. 0
3, 202. 4
3,185. 2
3,148. 8
1,
1,
1,
1,
1,
1,878 5
1, 887. 9
1, 856. 2
1, 859. 6
1,841.0
764.9
752.1
756.2
755.4
767.4
814 0
814.1
814 8
815 8
812.7
757 3
741.9
726.9
714.7
701.8
96.6
96.9
98.4
95.8
95.9
Apr
Apr.
Apr.
Apr.
9
16
23
30
5
5,
5,
5,
647
678.
666.
652.
5
3
3
5
3, 273.
3, 299.
3, 279.
3, 257.
6
2
2
3
1, 416.
1, 434.
1, 424.
1, 406.
1,857. 0
1, 864. 5
1, 855. 2
1,850. 9
766.4
772.4
785.0
798.9
815 6
816.2
816. 7
815.7
694.7
691.9
686.8
682.4
97.1
98.7
98.5
98.2
May
May
May
May
7
14
21
28
5, 639.1
5,602. 2
5,627 8
5, 635. 8
3, 243.
3, 224.
3, 252.
3, 266.
5
2
0
4
1, 400.4
1, 414.8
1, 421. 2
1, 417. 5
1,
1,
1,
1,
843.1
809. 4
830. 9
848. 9
791.6
792.4
794.6
794.9
832.9
833.5
834.5
835.4
673.8
655. 2
649.6
641.6
97.2
96.8
97.0
97.5
5,
5,
5,
5
5,
608. 9
602 7
627. 8
620 7
575. 4
3, 235. 2
3, 226. 9
3, 249. 3
3 240 9
3,193. 3
1, 418. 6
1,401.3
1, 407. 9
1,410 3
1, 375.1
1, 816. 6
1. 825. 6
1,841.4
1,830 7
1, 818. 2
803.6
811.6
815.7
817 8
818.6
836.3
832 6
831.6
833 1
834.1
637.1
634.4
634. 4
632.4
631.2
96.8
97.2
96.7
96.5
98.2
5
5,
5,
5
584 6
561. 8
534. 0
506 9
3,194. 6
3,171.5
3,153. 6
3,141.4
1, 366 2
1, 362. 8
1, 342. 7
1, 320. 3
1, 828. 4
1, 808. 7
1,810.9
1,821.1
826.2
826.2
819.4
803.5
835 5
837.8
838. 3
838.9
630.0
628.2
624.8
623.6
98.3
98.2
97.9
99.5
1935—Dec. (Jan. 1, 1936)
1936—Dec 30
1937—Dec. 29
,.
1938—Mar. 30
June 29
Sept 28 •
Dec. (Jan. 4, 1939).. _ .
1939—Mar 29
June 28 .
Sept. 27
Dec (Jan. 3, 1940)
1940—Mar (Apr. 3)
June (July 3).._
1940—Aug. 7
Aug 14
Aug. 21
Aug. 28
Sept 4
—
Sept 11
Sept. 18
Sept. 25
Oct. 2
Oct. 9
Oct. 16
Oct 23
Oct. 30
Nov.
Nov
Nov
Nov.
.
,
6
13
20
27
June 4
June 11
June 18
June 25
July2
July
July
July
Julv
.
. ___
9
16
23
30
.
_ _
745.
734.
786
780.
3
9
8
5
8
3
3
2
249. 6
300.1
346. 2
325. 6
307. 7
6
7
0
4
* 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.
a In the week ending August 7, a foreign central bank account amounting to $55,000,000 was changed to a foreign private account.
NOTE.—Statistics reported 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.
NOVEMBER
1941
1193
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
From Jan. 2,1935,
through-
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
(Jan. 1, 1936)..
30
29_
(Jan. 4, 1939) _
(Jan. 3, 1940).
1940—Oct. 30
N o v . 27
Dec. (Jan. 1, 1941)_
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
M a y 28
June (July 2)
July 9 . . .
July 16..
July 23..
July 30..
Canada
Latin
America
Asiai
1,200. 6
2,051. 3
2,653.0
3,054. 2
3, 790.1
()
150.5
106.3
155.3
229.4
70.9
201.2
410.6
384.6
483.4
128.3
184.0
224.6
214.2
431.0
12.7
21.4
15.9
36.2
87.4
899.2
884.7
883.6
4,141. 6
4,119. 9
4, 056. 6
4, 007. 3
3, 898. 5
3, 859. 3
3, 917. 7
3, 879.1
3, 818. 2
384.4
415.5
411.7
416.5
410. 5
394.9
410.7
403.8
400.4
601.0
606.5
606.8
611.2
597. 5"
623.7
639.1
650.4
659.5
515.4
557.9
562.3
563.4
558.7
547.0
568.0
583. 6
579.7
85.6
80.9
90.2
96.1
99.3
101.7
117.0
119.0
117.6
880.7
881.4
880.8
882.3
3, 804. 4
3,791.6
3, 774. 7
3, 758. 6
404.4
403.0
402.8
406.9
656.5
656.5
649.2
640.9
602.2
589.5
588.3
579.4
117.1
121.2
119.0
121.0
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
1,412. 5
2,608.4
3,410. 3
3,844. 5
5,021. 2
554.9
829.3
993.7
1,183. 8
1,101.3
210.2
299.5
281.7
339.6
468.7
114.5
229.7
311.9
328.6
470.3
130.4
335.5
607.5
557.5
773.0
36.6
83.1
123.9
140.5
165.9
24.0
45.6
22.1
32.2
58.0
130.0
228.5
312.2
472.0
752.9
930.0
925.5
922.7
906.9
905.0
5, 731.
5, 780.
5, 727.
5, 694.
5, 564.
5, 526.
5, 652.
5, 635.
5, 575.
0
7
6
5
5
5
5
8
4
931.3
927.9
865.2
866.4
771.7
716.7
789.4
760.6
696.1
679.9
675.9
670.3
667.4
667.7
665.4
668.6
670.2
670.5
456.9
450. 8
455.6
451.5
451.0
471.0
463.3
457.5
456.7
896.7
895.8
911.5
890.5
879.2
883.6
872.4
881.2
173.9
173.8
175.9
175.3
176.4
177.1
177.8
177.6
177. 6
75.9
70.3
55.4
49.3
47.5
47.4
47.0
47.3
47.0
5, 584.
5, 561.
5, 534.
5, 506.
6
8
0
9
682.0
668.7
650.1
671. 2
671.3
670.1
669.5
455.9
455. 9
455.8
457.0
886.3
876.1
874.0
874.7
177.5
177.9
178.1
178.5
47.2
47.0
47.1
Other
Total
Europe Europe
All
other i
TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES
From Jan. 2, 1935,
through-
1935—Dec.
1936—Dec.
1037—Dec.
1938—Dec.
1939—Dec.
(Jan. 1, 1936).
30
29
(Jan. 4, 1939)
(Jan. 3, 1940)
1940—Oct. 30
N o v . 27
Dec. (Jan. 1, 1941)
1941—Jan. 2 9 . . . .
___.
Feb. 26
Mar. (Apr. 2)
Apr. 30
M a y 28
June (July 2)
July
July
July
July
9
16
23
30
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
ada
Latin
America
Asia'
603.3
930.5
1,168. 5
1,425. 4
2, 430.8
128.6
163.5
189.3
364.0
376.1
129.6
144.2
111.8
155.3
256.1
55.7
65.9
76.3
87.9
190.9
72.4
109.8
288.4
205.1
362.7
2.7
9.6
-11.8
-20.1
7.3
23.0
6.9
1.7
19.7
60.7
79.7
109.4
208.6
470.0
453.5
588.9
791.7
1,010. 7
1,655. 4
46.0
86.8
76.3
101.6
174.5
33.5
149.3
166.3
127.6
215.1
58.8
90.4
126.2
163.3
325.4
11.5
15.2
8.0
22.2
60.5
3,112. 5
3,194.0
3,159. 0
3, 215. 9
3,102. 6
3,148. 8
3. 257. 3
3, 266. 4
3.193. 3
306.6
325. 0
293.3
349.7
279.2
297.3
382.8
389.9
334.4
468.7
465.5
458.0
455.1
455.0
452.8
455.6
456.1
451.0
165.1
158.9
160.3
156.1
155.4
173.4
165.8
159.8
157.3
476.3
479.9
494.7
482.3
475.8
484.2
475.4
493.5
500.5
-20.6
-21.6
-22.9
-24.2
-22.7
-24.0
-239
-24.2
-24.0
.6
.1
-.9
-2.8
-3.3
-3.5
-3.8
-4.1
-4.4
615.6
609.4
603.7
587.5
584.6
576.9
576.7
560.6
559.6
2,012.4
2,017.1
1,986. 3
2, 003. 7
1,924.1
1,957.1
2,028. 7
2,031. 7
1, 974. 4
307.9
335.0
334.1
343.4
334.6
321.4
333.9
312.0
317.8
325.1
332.7
326.4
336.1
314.2
349.3
358.0
367.2
371.9
410.3
456.0
450.9
465.0
458.4
446.9
446.9
462.5
433.7
56.8
53.2
61.3
67.7
71.3
74.1
89.9
93.0
95.5
3.194. 6
3,171.5
3,153. 6
3,141.4
324.8
322.7
311.9
297.7
450.4
449.8
448.7
447.6
156.6
156. 6
156.4
157.5
500.4
490.2
488.4
488.5
-24.0
-23.7
-23.4
-23.4
-4.3
-4.4
-4.3
-4.3
556.7
556.7
556.0
557.3
1,960. 7
1, 948.1
1, 933. 6
1, 920. 8
323.4
320.8
320.6
324.5
366.9
365.8
358.8
353.7
448.8
438.4
443.9
442.3
94.9
98.5
96.7
100.0
Canada
Latin
America
Asia*
All
other i
37.3
30.4
18.7
-46.5
-21.5
—1.6
-4.4
-8.7
-7.0
-.8
2.2
1.2
2.1
2.0
1.9
1.3
Total
All
other i
TABLE 4—UNITED STATES BANKING FUNDS ABROAD. BY COUNTRIES
From Jan. 2, 1935,
through-
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Other
Total
Europe Europe
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30.
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940).
361.4
431.5
449.1
510.1
650.4
208.8
178.0
207.4
206.2
252.2
48.1
62.0
65.3
68.4
73.8
-.4
-3.3
-4.4
-5.6
12.9
1.6
2.7
2.6
2.6
2.9
29.7
66.0
105.1
141.7
177.8
13.7
16.3
6.5
13.7
15.5
8.8
22.0
26.9
33.8
28.4
310.2
343.7
409.3
460.9
563.5
-21.7
35.9
56.5
20.1
24.9
51.6
66.8
52.6
1940—Oct. 30
_
Nov. 27
Dec. (Jan. 1, 1941) . . . .
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
May 28
June (July 2)
765.7
764.0
775.1
759.9
776.1
767.4
798.9
794.9
818.6
272.5
270.7
269.2
269.2
271.4
268.2
269.6
267.4
268.6
75.0
74.4
74.6
75.4
75.6
76.0
75.9
76.4
76.6
17.6
17.5
17.7
17.8
17.8
17.8
17.7
17.8
17.8
6.1
6.2
6.5
5.9
4.2
5.0
5.3
5.2
5.2
187.2
188.2
191.6
192.4
193.0
195.0
195.7
195.9
195. 7
24.0
25.0
25.3
25.5
25.5
25.6
25.5
25.5
25.6
46.5
47.8
49.8
48.7
48.8
49.7
50.7
51.4
51.2
628.9
629.8
634.7
634.8
636.3
637.2
640.4
639.5
640.8
63.9
66.5
60.3
62.6
65.4
65.3
71.3
68.3
68.5
42.9
40.1
43.2
40.1
50.9
44.4
47.7
49.8
52.1
27.7
26.4
34.8
20.2
21.6
19.2
38.7
37.6
57.7
-.4
826.2
826.2
819.4
803.5
268.3
268.7
267. 9
265.3
76.7
76.8
76.8
76.8
17.8
17.8
17.8
17.9
5.2
5.3
5.3
5.2
195.6
195.7
195.6
196.0
25.6
25.6
25.6
25.1
51.2
51.6
51.6
51.7
640.4
641.4
640.6
638.0
68.6
69.5
70.6
71.3
53.6
53.7
53.5
49.2
64.1
61.7
55.2
46.7
-.5
-.1
-.5
-1.7
July9
July 16
July 23
July 30
i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other"
* Inflow less than $50,000.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April
1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431.
1194
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 5.—FOREIGN SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2, 1935,
through-
Total
NethUnited
King- France
erdom
lands
Switzerland
Germany
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia*
All
other *
-39.7
1.7
10.5
-9.7
-7.6
12.7
15.7
175.0
167.4
184.0
7.9
17.0
24.5
33.8
42.8
1.1
3.5
6.8
9.7
11.3
1935—Dec. (Jan. 1, 1936).
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940).
125.2
316.2
583.2
641.8
725.7
67.8
116.1
136.8
127.7
125.5
6.8
18.2
22.8
26.1
42.1
7.4
10.4
21.2
27.3
29.4
-1.2
13.7
30.4
36.1
45.0
13.3
22.5
26.6
33.5
36.6
2.9
9.4
13.5
22.0
27.6
46.1
87.9
115.2
167.8
189.0
143.1
278.3
366.4
440.6
495.2
1940—Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
May 28
June (July 2)
794.4
798.2
803.8
808.1
812.7
812.7
815.7
835.4
834.1
130.0
129.7
128.6
128.7
129.0
128.3
127.8
127.7
127.2
42.9
42.9
43.4
43.5
43.6
43.7
43.8
43.8
49.1
31.0
31.0
31.0
31.0
31.0
31.0
31.0
31.0
31.0
46.3
46.0
46.0
46.1
45.8
45.2
45.2
44.8
44.7
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
36.5
28.1
28.1
28.1
28.1
28.1
28.1
28.1
28.1
28.1
196.0
196.1
196.4
197.2
198.1
198.9
199.1
199.5
199.6
510.9
510.4
510.0
511.2
512.1
511.8
511.5
511.4
516.2
21.3
23.5
25.0
25.8
26.4
26.5
25.9
42.7
37.0
198.6
199.8
202.3
203.5
204.5
203.0
206.0
208.1
210.5
50.5
51.2
53.0
54.2
55.9
57.6
58.2
59.0
60.1
13.1
13.3
13.5
13.5
13.8
13.9
14.2
14.2
10.4
835.5
837.8
838.3
838.9
127.5
127.5
127.5
127.7
50.3
50.5
50.6
50.8
31.0
31.0
31.2
31.2
44.6
44.6
44.5
44.5
36.5
36.5
36.5
36.5
28.1
28.1
28.1
28.1
199.6
199.7
199.7
199.8
517.6
517.8
518.1
518.5
36.3
37.2
37.2
36.8
210.7
211.6
211.8
212.3
60.4
60.5
60.7
60.8
10.5
10.5
10.5
10.5
Other
Total
Europe Europe
Canada
Latin
America
Asia 1
July
July
July
July
9
16
23
30
TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2, 1935,
through—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
All
other i
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
316.7
917.4
1,162. 0
1, 219. 7
1,133. 7
149.8
367.7
448.7
472.6
328.1
23.4
64.7
70.3
76.9
76.6
50.5
157.6
213.8
212.1
227.7
55.1
200.2
275.3
304.1
344.7
-5.4
-7. 5
-17.4
-22.8
-28.2
-. 1
-3.3
-4.9
-5.5
-4.9
12.9
38.5
55.7
56.6
60.4
286.2
818.0
1,041. 6
1,094.1
1,004.4
2.8
32.6
37.6
25.7
-2.6
3.7
15.5
18.2
23.7
30.1
21.4
44.1
54.7
65.2
87.6
2.8
7.1
9.8
11.1
14.3
1940—Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
May 28
June (July 2)
957.6
924.5
888.7
811.9
775.8
701.8
682. 4
641.6
631.2
205.0
185.2
157.1
101.7
75.1
6.2
-7.5
-41.0
-50. 5
74.1
74.1
74.4
74.2
74.2
74.2
74.3
74.5
74.6
230.6
230.9
233.2
233.3
233.2
234.9
234.8
234.7
236.1
349.6
346.8
348.1
340.2
338.9
334.7
332.1
324.1
321.7
-29.1
-29.1
-29.1
-29.2
-30.2
-30. 3
-30. 3
-30.4
-30. 4
23.1
17.0
2.7
-1.6
-3.0
-3.0
-3.0
-2.5
-2.5
64.5
64.6
64.9
64.6
64.5
64.8
64.9
64.8
64.8
917.9
889.6
851.3
783.2
752.6
681. 5
665. 3
624.2
613.8
-19.0
-20.3
-18.4
-25.7
-26.9
-28.9
-31.8
-31.3
-34.4
26.2
25.1
25.6
24.7
21.8
20.9
20.6
19.5
19.3
20.0
17.5
17.6
17.7
16.8
16.9
17.0
17.9
21.1
12.6
12.6
12.6
12.0
11.4
11.3
11.3
11.3
11.4
630.0
628.2
624.8
623.6
-51.2
-52.9
-54. 6
-56.6
74.5
74.6
74.6
74.8
235. 9
235.9
235.8
235.8
321.7
321.8
321.7
322.2
-30.
-30.
-30.
-30.
-2.4
-2.4
-2.5
-2.4
64.7
64.6
64.6
64.5
612.9
611.3
609.3
607.9
-35.6
-36.3
-36.9
-37.8
19.5
19.6
19.3
19.2
21.7
22.1
21.7
22.9
11.4
11.4
11.5
11.4
Total
Other
Europe Europe
Canada
Latin
America
Asiai
July9
July 16
July 23
July 30
__
4
4
4
4
TABLE 7.—BROKERAGE BALANCES,' BY COUNTRIES
United
Kingdom
France
Netherlands
Switzerland
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30....
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
()
4.0
11.5
13.4
19.4
2.4
10.4
11.5
12.9
20.1
1.3
-.9
5.0
6.8
9.3
2.5
9.1
10.8
9.6
17.8
1.4
.4
5.0
5.2
5.0
7.6
22.6
44.0
47.9
71.6
-4.5
-7.6
3.5
1.8
8.7
1.0
-4.2
-.5
-.9
1.6
2.9
2.1
.5
-1.5
-3.4
-.9
)
()
1940—Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)___
Apr. 30
May 28
June (July 2)
17.1
17.2
17.0
17.1
17.0
16.7
16.7
16.6
16.4
19.1
18.9
19.9
19.2
19.3
18.7
19.0
19.4
19.2
12.5
12.5
13.4
13.3
13.5
13.9
14.0
14.3
14.5
18.3
16.9
16.2
15.9
14.4
14.5
14.3
13.6
14.5
7.3
7.6
7.9
8.9
9.1
7.9
7.8
8.4
8.4
74.4
73.1
74.3
74.4
73.3
71.7
71.8
72.3
73.1
10.2
10.7
10.7
10.4
10.9
10.6
11.4
12.0
11.6
8.3
8.8
9.2
6.8
6.1
6.1
7.0
5.8
5.7
6.8
6.7
6.0
6.3
6.1
6.4
7.2
6.7
7.1
1.0
.7
.7
.9
.9
1.1
16.1
16.0
16.1
16.0
19.4
19.5
19.3
19.6
14.5
14.5
14.6
14.7
14.3
14.2
14.1
14.2
8.5
8.8
8.9
9.0
72.8
72.9
73.1
73.4
11.6
11.7
11.4
12.1
5.7
5.8
5.8
6.5
7.3
6.9
6.8
6.7
From Jan. 2, 1935,
through—
July9
July 16
July 23
July 30
Total
Germany
Italy
All
other i
2.1
i Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
> For explanation see BULLETIN for May 1937, pp. 395-396.
* Inflow less than $50,000.
< Outflow less than $50,000.
NOVEMBER
1941
1195
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[Outstanding amounts in millions of dollars]
TABLF 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES
Date
Total
United
Kingdom
France
301.5
214.5
104.9
171.0
48.3
59.1
923.7
799.4
549.2
72.2
24.9
32.7
Netherlands
Switzerland
99.1
122.2
44.6
13.8
105. 2
222.2
66.0
82.2
11.9
Germany
Italy
Other
Total
Europe Europe
Canada
Latin
America
Asia*
241.8
216.8
148.3
89.3
88.7
91.9
188.2
130.8
103.3
117.8
96.4
106.6
49.0
38.2
69.0
44.4
43.1
60.3
31.0
37.5
21.6
13.1
10.4
11.9
All
other i
Reported by Banks in New York City
1929—Dec. 31
1930—Dec. 31_
1931—Dec. 30
1932—Dec. (Jan. 4, 1933)
1933—Dec. (Jan. 3, 1934)
1934—Nov. 28 2
2,672. 7
2, 335.0
1,303.5
733.8
388.2
466.7
8.3
12.7
9.7
204.5
161.0
41.1
30.2
16.3
25.8
157.4
111.2
33.2
36.6
9.9
14.3
371.3
281.3
122.2
63.1
30.1
41.7
2,162.8
1,911.7
961.2
469.1
149.7
196.0
Reported by Banks in United States
1934—Dec. 5 3
Dec. (Jan. 2, 1935).
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
584.8
597.0
1, 200. 2
1, 491. 6
1, 729. 6
1, 996. 6
79.6
76.9
205.5
235.7
261.5
436.1
36.1
33.9
163.5
176.3
143.9
187.4
13.5
12.9
68.6
78.8
89.1
101. 8
12.1
13.7
86.1
123.5
302.1
218.8
28.4
29.9
29.0
32.0
39.0
17.8
16.8
18.8
26.1
41.7
25.7
20.4
40.6
46.8
107.5
126.3
156.0
255.5
227.1
232.9
686.3
814.3
1,017.1
1, 237. 8
103.3
99.3
145.3
186.1
175.6
201.8
117.4
122.8
156.3
263.9
280.9
248.5
125.1
130.1
188.9
200.2
236.0
274.3
12.0
12.0
23.4
27.1
20.0
34.1
1939—Mar. 29
_
June 28
Sept. 27
Dec. (Jan. 3, 1940)
2, 318. 8
2, 683.0
3,050. 7
3,057.0
473.9
607.4
656.7
448.2
219.5
284.4
295.9
288.2
143.9
146.0
186.0
204.9
247.1
240.8
299.9
376.3
18.7
15.1
14.8
12.2
17.1
38.5
314.7
366.9
446.4
516.9
1,432. 7
1,672. 7
1,909. 7
1,882. 6
236.6
291.7
325.3
274.6
300.7
363.0
383.0
336.0
305.5
306.0
366.5
491.4
43.3
49.7
66.2
72.5
1940—Mar. (Apr. 3)
Apr. ( M a y 1)
M a y 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
M a y 28
June (July 2)
3,165. 2
3,188. 3
3,178. 7
3,456. 3
3,526.2
3, 666. 9
3, 719.0
3, 738. 7
3,820. 3
3, 785. 2
3,842.1
3, 728. 8
3, 775.0
3, 883. 5
3,892. 6
3, 819. 5
361.3
326.6
354.5
397.9
343.0
385.7
386.4
378.8
397.2
365.5
421.9
351.4
369.4
454.9
462.0
406.6
290.7
286.7
319.1
504.8
497.3
515.2
503.5
500.8
497.6
490.1
487.2
487.1
484.9
487.7
488.2
483.1
199.7
213.1
198.3
184.7
178.3
182.7
180.3
179.1
172.8
174.3
170.0
169.4
187.3
179.7
173.7
171.2
432.2
447.6
413.6
441.0
449.2
476.4
459.6
490.0
493.5
508.4
496.0
489.5
497.8
489.1
507.2
514.2
8.4
8.5
9.9
9.8
9.1
8.0
6.7
5.5
7.0
5.6
5.7
5.5
5.7
69.3
71.3
65.0
29.8
25.8
26.1
24.6
19.4
18.9
17.9
16.0
15.5
15.3
15.0
14.7
14.4
618.7
616.1
619.3
625.7
634.7
651.7
667.5
662.5
656.3
650.6
634.4
631.5
623.8
623.6
607.5
606.5
1,980. 3
1, 969. 9
1,979.8
2,193.8
2,141.9
2,248. 4
2,235.0
2, 239. 6
2,244. 3
2, 213. 5
2, 230. 9
2,151. 3
2,184. 3
2, 255. 9
2, 258. 9
2, 201. 6
250.1
255.3
236.0
259.2
353.9
395.9
410.7
408.1
435.2
434.3
443.6
434.8
421.5
434.0
412.2
417.9
365.5
389.9
402.4
421.4
420.8
432.3
438.4
446.0
453.6
447.3
457.0
435.1
470.2
478.9
488.1
492.8
515.2
517.6
501.9
521.7
542.8
527.6
567.7
576.3
622.0
616.9
631.0
624.4
612.9
612.9
628.5
599.7
54.1
55.6
58.6
60.3
66.7
62.7
67.1
68.7
65.1
73.3
79.6
83.3
86.1
101.8
104.9
107.5
3,
3,
3,
3,
397.0
394.9
384.0
369.8
482.5
481.9
480.8
479.7
170.5
170.6
170.3
171.5
514.1
503.9
502.1
5C2.2
5.7
6.0
6.2
6.2
14.5
14.4
14.4
14.4
603.6
603.6
602.9
604.2
2,187. 8
2,175. 2
2,160.8
2,148. 0
423.6
420.9
420.7
424.7
487.9
486.7
4.79. 7
474.6
614.8
604.3
609.9
608.3
106.8
110.5
108.7
112.0
July
July
July
July
9
16
23
30
820.
797.
779.
767.
9
7
8
6
7.8
9.5
13.6
10.5
13.2
Additional Detail Available from January 3,1940 4
5 European countries
4 Asiatic countries
Pan-
Date
Ar- BraPhilipama
Hong
Bel- Den- Fin- Nor- Swe- Total genChile Cuba MexTotal gium
pine
mark land way den
ico and Total China Kong Japan Islands
tina zil
C. Z.
475.1
460.2
443.3
457.0
457.7
466.7
470.3
469.0
466.2
462.7
450.5
437.9
429.6
433.1
426.3
425.7
184.3
183.7
172.0
161.3
154.9
150.9
147.9
145.7
145.7
144.8
143.2
140.7
135.4
134.1
125.1
125.5
28.7
23.0
21.1
19.5
18.4
17.2
16.8
16.2
16.1
17.3
17.1
17.0
16.4
16.1
15.2
15.9
25.0
27.2
29.5
29.6
29 1
26. 3
29.1
24.3
22.0
16.5
14.1
12 3
10.6
12.5
10.3
5.4
68.4
67.5
64.1
59.0
57.8
54.3
51.2
51.3
50.1
48.7
48.3
46.2
45.0
44.8
44.2
43.7
168.6
158.9
156.7
187.6
197.5
218.0
225.3
231.5
232.4
235.4
227.7
221.6
222.2
225.6
231.5
235.2
275.4
297.1
311.8
326.5
321.3
332.2
338.8
348.2
353.3
341.7
342.5
319.6
348.6
349.1
355.8
364.2
63.5
80.6
83 3
88.7
93.1
103.9
110.1
112.7
115.1
115.4
118 ?,
103,3
104.5
103.4
107 1
119.4
35.3
35.0
34.8
39.0
38 0
31.4
33.4
39.7
44.1
36.2
45.4
35 1
44.0
50.6
52 4
53.4
24.7
23.4
24.8
30.2
29.2
27.8
26.1
25.0
26.9
28.5
26.1
25.3
30.5
28.8
29.4
29.4
43.2
46.4
49.6
49.7
48.1
51.1
48.7
48.4
46.4
47.9
48.6
47.3
51.5
55.6
60.6
60.1
68.4
67.2
68.6
65.3
60.3
58.5
63.2
64.4
62.6
55.0
49.3
52.6
53.5
48.6
48.8
42.6
40.2
44.5
50.6
53.5
52.7
59.6
57.3
57.9
58.6
58.7
54.8
55.9
64.5
62.1
57.5
59.4
455.1
461.3
446.2
448.4
446.6
408.3
431.6
432.5
475.2
454.5
464.3
464.4
447.9
420.5
418.8
393.4
178.5
184.1
178.8
181.8
181.6
184.7
192.7
195.1
218.6
207.5
210.5
217.5
216.7
187.0
176.5
164.4
75.2
81.1
79.4
78.4
84.3
87.6
87.0
89.4
92.2
91.1
93.4
97.5
94.5
92.8
95.9
101.3
169.4
164.1
151.8
152.6
142.6
97.4
106.8
102.8
119.3
110.3
114.1
103.4
90.8
92.5
94.9
79.2
32.0
32.0
36.2
35.6
38. 2
38.7
45.2
45.2
45.1
45.6
46.3
46.0
45.9
48.2
51.5
48.5
425.2
423.8
__ ._ _ 423.6
425.5
124.4
124.0
123.3
123.4
16.8
16.7
16.7
17.8
5.4
5.4
56
43.7
43.5
43.3
43.2
235.0
234.2
234.8
235. 5
362.2
362.6
358.6
353.6
119.3
123.3
117 7
118.6
52.4
49.0
49 9
46.6
29.9
29.8
28.9
28.0
60.0
60.8
63.2
66.4
43.3
43.8
42.9
42.3
57.4
55.9
55.9
51.7
393.8
387.9
386.9
381.1
163.6
163.3
162.3
159.9
102.3
102.1
103.7
102.3
81.3
76.3
77.5
76.3
46.6
46.2
43.4
42.6
1940—Mar. (Apr. 3)
Apr. (May 1)
M a y 29 _ __ __
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov 27
Dec. (Jan. 1, 1941).
1941—Jan. 29
_
Feb. 26
Mar. (Apr. 2)
April 30 __ . M a y 28
June (July 2)
July 9
July 16
July 23
July 30
6 Latin American countries
5.5
1
2
3
4
Prior to J a n . 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
Last report date on old basis.
First report date on new basis.
T h e figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin
America, and Asia.
NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice
of reporting banks which occurred on Aug. 12, 1936, Jan. 5, 1938, Oct. 18, 1939, and M a y 7, 1941. (See BULLETIN for M a y 1937, p . 425; April 1939,
p. 295; April 1940, p . 362; and September 1941, p . 917.)
1196
FEDERAL RESERVE BULLETIN
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
Total
Date
United
Kingdom
France
Netherlands
Switzerland
Germany
Total
Other
Europe Europe
Italy
Latin
America
Canada
Asia'
All
other
Reported by Banks in New York City
1931—Dec. 30
1932—Dec. (Jan. 4, 1933)
1933—Dec. (Jan. 3, 1934)
1934—Nov. 282.—
_
1,103. 3
949.4
907.1
827.1
166.2
89.4
197.9
201.3
29.5
67.6
65.0
94.1
20.9
14.2
18.1
15.9
1934—Dec. 5 3
Dec. (Jan. 2, 1935)
1935—Dec. (Jan. 1,1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1,137. 8
1,139. 9
778.6
672.6
655.0
594.0
266.4
296.9
88.1
114.1
84.8
86.0
108.2
80.5
32.5
16.8
13.5
10.3
19.2
18.6
19.0
21.9
23.0
24.2
8.3
8.2
6.6
5.4
5.5
5.5
239.6
231.7
202.0
165.1
126.1
89.4
26.5
27.2
13.5
10.9
20.8
13.5
1939—Mar. 29.
_
June 28
Sept. 27
Dec. (Jan. 3, 1940)
553.6
496.6
485.7
508.7
83.0
55.4
66.0
39.9
13.8
10.7
8.7
4.9
20.1
19.7
9.6
5.7
3.6
4.5
2.9
5.2
81.4
77 A
67.1
53.4
1940—Mar. (Apr. 3)
__
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1,1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
May2S
June (July 2)
527.5
515.7
475.0
475.0
444.9
386.0
385.5
393.4
395.1
384.0
399.2
383.0
391.7
360.2
364.2
340.5
39.7
36.8
30.1
32.0
28.2
22.6
20.2
19.6
21.4
23.0
23.0
20.7
24.0
22.6
24.7
23.5
4.9
8.4
7.9
6.2
4.5
4.2
3.5
3.7
4.3
4.2
3.4
3.1
2.8
2.8
2.4
2.1
6.7
8.0
3.2
2.6
1.9
1.2
1.1
1.0
1.1
.9
.8
.8
.8
.9
.9
.8
6.2
6.4
6.0
3.8
2.5
1.9
1.5
1.9
1.9
1.5
2.1
3.8
3.1
2.7
2.9
2.9
332.9
332.9
339.7
355.6
23.9
23.5
24.3
26.9
2.1
2.0
2.0
2.0
.8
.8
.8
.7
2.8
2.8
2.8
2.9
12.6
6.4
12.5
8.5
3
0
3
5
58 1
43. 9
34. 7
84. 4
81.3
80.0
71.2
57.8
52.9
45.9
749.5
743.2
433.0
392.1
326.5
274.9
16.4
9.5
12.2
11.8
48.8
39.9
41.6
51.4
50.1
49.4
47.3
47.3
46.6
46.0
45.6
44.0
43.0
39.6
38.8
38.2
36.1
35.5
35.3
35.5
16.9
17.2
18.3
14.2
9.6
4.1
2.8
3.3
2.2
2.0
1.7
1.7
1.7
1.7
1.7
1.6
35.6
35.5
35.6
35.2
1.6
1.6
1.6
2.1
467.2
433.7
258.1
178.8
18.7
11.5
16.8
10.7
5
2
2
4
41 8
24 8
54. 6
46. 2
2.6
3.5
6.3
2.6
91.2
96.3
100.9
59.4
118.0
60.4
170.7
174.6
154.5
141.1
114.4
99.1
118.1
117.4
80.1
67.2
78.9
144.1
8.3
8.5
10.1
12.9
17.2
15.5
267.1
217.0
208.1
172.2
46.3
54.0
49.7
39.7
99.5
110.3
108.5
113.3
125.7
100.5
104.0
174.1
14.9
14.8
15.4
9.3
48.6
48.6
44.6
41.0
36.6
34.9
34.8
33.3
32.0
29.9
31.1
31.0
30.1
29.1
28.4
28.6
173.2
174.7
156.5
147.2
130.0
115.0
109.4
106.8
106.0
101.0
100.9
99.4
98.6
95.3
96.3
95.0
42.2
37.1
26.7
35.3
31.3
31.2
30.8
32.4
29.7
36.0
33.6
30.8
30.9
25.0
27.9
27.8
110.7
114.3
113.3
117.0
116.3
112.3
113.1
123.1
125.9
122.7
125.8
115.1
121.6
118.3
116.2
113.9
192.6
181.0
169.5
167.9
159.8
118.6
125.7
124.9
126.2
117.8
132.4
131.0
133.4
113.9
115.0
94.9
8.9
8.6
9.0
7.7
7.5
8.9
6.4
6.3
7.3
6.4
6.5
6.6
7.2
7.7
28.6
28.2
28.2
28.1
95.3
94.3
95.2
97.8
27.6
26.7
25.7
24.9
112.4
112.3
112.4
116.8
88.5
90.9
97.4
105.9
9.0
8.6
149.2
96.1
83.9
60.2
864.
719.
652.
569.
136.
158.
159.
124.
Reported by Banks in United States
July 9__.
July 16July 23_.
July 30..
10.2
Additional Detail Available from January 3,1940 *
5 European countries
Date
ArBel- Den- Fin- Nor- SweBra- Chile
Total gium
mark land way den Total gentina
1940—Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
M a y 28
June (July 2)
July
July
July
July
6 Latin American countries
19.4
17.6
14.1
10.6
9.1
7.7
7.5
7.6
6.1
5.5
5.6
5.6
4.8
4.4
4.2
4.4
4
4.4
4.4
4.4
9.-.
1623..
30..
2.2
1.4
1.1
.7
.4
.3
.3
.3
.3
.3
.3
.3
.1
.1
.8
1.0
1.5
1.5
1.6
1.7
1.7
1.9
1.
1.8
1.
1.
1.9
1.9
1.9
2.0
2.0
2.0
2.0
2.0
4.0
3.4
2.4
1.5
1.3
1.2
1.2
1.1
1.0
4.5
3.7
4.2
3.4
2.8
2.9
2.7
2.1
.8
1.0
1.2
1.2
.9
.6
.6
.6
)uba Mex
ico
4 Asiatic countries
Panama Total
and
C.Z
)hina
Hong Japan Philippine
Kong
Islands
71.4 12.5 33.0
73.9 12.4 34.4
73.9 16.4 32.1
77.5 16.
33.7
75.6 16.4 32.8
72.1 15.1 31.3
72.5 14.8 30.
81.4 13.2 40.2
82.9 13.5 39.0
78.4 11.
33.1
80.0 11.1 34.0
68.3 10.0 24.4
71.1 10.4 30.0
69.0 10.8 28.1
67.4 12.7 24.1
12.6 25.4
9.4
9.7
9.5
9.
10.3
9.6
10.0
10.
11.7
13.4
14.9
14.3
12.2
12.0
12.2
13.2
10.
11.2
9.8
11.4
9.9
9.9
10.6
10.9
11.5
11.7
11.8
11.3
10.7
10.3
9.7
9.8
4.7
5.0
5.0
4.8
4.7
4.5
4.5
4.6
5.3
6.1
6.1
5.9
5.4
5.4
6.0
5.9
1.1
1.2
1.1
1.3
1.5
1.7
1.9
1.7
1.9
2.1
2.1
2.4
2.5
2.5
2.
2.7
182.6
169.8
160.1
155.2
145.3
102.3
109.8
110.7
113.9
103.8
117.9
114.
115.2
97.(1
98.(1
78.2
26.1
23.9
24.5
30.2
30.5
24.0
24.2
24.2
24.0
23.7
24.2
23.5
26.5
26.1
29.2
31.1
1.7 125.9
1.8 115.6
103.2
1.
90.6
1.6
78.6
2.
45.0
3.
4.3 53.2
58.0
3.0
62.8
1.5
55.8
1.7
71.8
1.1
68.3
67.3
46.9
1.0
2.7 41.1
2.7 17.3
28.9
28.5
30.5
32.7
33.6
29.5
28.2
25.4
25.6
22.6
20.7
21.5
20.4
23.0
25.0
27.1
12.
12.1
12.4
13.8
12.9
12.8
12.9
13.5
9.8
9.9
9.8
10.0
5.1
5.2
5.3
5.6
2.5
2.5
2.4
2.3
73.0
76.2
83.0
90.6
31.
34.1
2.8
2.9
3.1
3.0
16.3
19.0
22.9
27.1
24.7
24.6
25.3
26.4
68.6
68.
72.4
25.
26.2
25.9
27.3
1
2
3
4
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
Last report date on old basis.
First report date on new basis.
The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings Other Europe, Latin
America, and Asia.
a Less than $50,000.
NOTE.—The figures given in this table are not fully comparable throughout as a result of certain changes or corrections in the reporting practice of reporting banks which occurred on Aug. 12, 1936, and Oct. 18, 1939 (see BULLETIN for May 1937, p. 431, and April 1940, p. 363).
NOVEMBER
1941
1197
CENTRAL BANKS
Assets of
issue dept.
Bank of England
(Figures in millions of
pounds sterling)
Assets of banking department
Cash reserves
Other
assets 2
Gold*
Coin
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
325.4
326.4
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
1940—Sept. 25.
Oct. 30.
Nov. 27.
Dec. 25.
5 630.0
630.0
630.0
630.0
1041—Jan. 29..
Feb. 26.
Mar. 26.
Apr. 30_
May 28.
June 25
July 30_
Aug. 27.
Sept. 24.
630.0
630.0
630.0
5 680.0
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1985— Dec.
1936—Dec.
1937—Dec.
1988— Dec.
1039—Dec.
25.
31.
30.
28.
27.
26_
25.
30_
29.
28.
27.
Notes
.2
.6
.6
.8
1.0
.5
680.0
680.0
680.0
5
730. 0
Discounts
and advances
Liabilities of banking department
Securities
Note
circulation 3
Deposits
Bankers'
Public
8.8
6.6
7.7
8.9
.8
.8
1.0
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
.5
1.0
.9
25.5
38.7
36.9
13.3
3.5
3.0
6.9
4.0
169.7
153.3
161.2
199.1
604.8
591.6
593.3
616.9
1.0
1.4
1.1
1.5
1.6
1.7
1.7
1.8
1.6
31.0
27.0
18.8
56.9
50.7
41.3
21.8
15.5
58.8
3.8
3.7
45.3
28.3
11.4
6.9
6.5
6.4
4.6
175.4
175.4
145.8
133.7
149.4
156.2
181.7
183. 9
149.8
599.2
603.2
611.5
623.4
629.5
639.0
658.4
664.7
671.4
379.6
12.1
12.1
11.4
15.9
29.7
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
116.0
108.0
110.8
135.7
13.5
18.3
27.1
12.5
51.9
51.5
50.3
51.2
18.1
17.7
17.8
17.9
107.9
121.7
118.6
131.8
110.9
112.5
132.1
125.7
133.9
32.4
14.6
22.0
13.6
32.3
25.3
11.3
14.9
10.6
53.0
53.0
52.3
57.2
52.1
50.4
50.5
49.1
52.2
18.0
18.1
18.1
17.7
17.8
17.8
17.9
18.0
18.1
22.2
9.9
Liabilities
Assets
Bank of France
(Figures in millions
of francs)
1929—Dec.
1930—Dec.
1931—Dec.
1932—Dec.
1933—Dec.
1934—Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
27..
26_.
30..
30_.
29..
28..
27._
30..
30..
29..
28..
Gold
6
Foreign
exchange
41,668 25,942
53, 578 26,179
68,863 21,111
83,017 4,484
77,098 1,158
82,124
963
66,296 1,328
60,359 1,460
58,933
911
87, 265
821
i°97,267
112
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5, 580
7,422
11,273
111
109
111
112
102
108
11,861
12, 505
42, 645
42, 694
44,083
44,173
1940—Jan. 25...
Feb. 29..
Mar. 28_.
Apr. 25_.
M a y 30_.
Junel0__
Aug. 29ii
Sept. 26H
Oct. 31ii_
Nov. 28H
Dec. 26H.
97, 268
97, 275
i«84, 614
84, 615
84, 616
84, 616
84, 616
84, 616
84,616
84, 616
84, 616
1941—July 3 1 -
84,598
(12)
(12)
(12)
(12)
Advances to
Government
Domestic bills
Open
market 7
(12)
(12)
(12)
(12)
42
43,194
37
40,776
Special 7
occupa7
Other For
tion costs 8 Other
1,379
652
1,797
2,345
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
2,235
1,810
1,870
1,781
1,889
1,518
(12)
(12)
(12)
(12)
661
Other
Other
liabilities
17,698
31,909
20, 627
34, 673
5,011
4,630
5,005
5,769
14, 473
11, 885
(12)
(12)
(12)
(12)
3,646
6,418
27, 200
39,200
56, 806
64, 397
72, 317
117,715
35,673
40, 523
20, 550
20,900
32, 600
36, 250
64,195
69,340
65, 250
61, 200
63,900
69, 500
Other
assets
Deposits
Note
Other
circulaliabilition
Govern- C.A.R.9 Other ties
ment
8,124 68,571
9,510 76,436
11, 275 85,725
11,712 85,028
11,173 82, 613
11, 500 83, 412
11, 705 81,150
12,642 89,342
11,733 93, 837
18,498 110,935
20,094 151, 322
11,737
12, 624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
7,850
11, 698
22,183
20, 072
13, 414
15, 359
8,716
13, 655
19, 326
25, 595
14, 751
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
151,738
156,150
156,032
156, 285
170,853
174, 469
198, 578
205,439
213,131
214,176
218, 383
1,834
1,203
1,154
1,171
1,046
1,049
995
990
1,097
748
14,965
17,128
14, 262
14, 681
25, 782
25, 405
27, 200 28, 226
34,930 25,700
38, 932 25, 075
39,107 24,941
41, 400 27, 202
3,259
3,156
3,014
3,038
2,811
2,848
242,000
3,
795 P60, 600 P31, 513
3,741
19,636
20, 785
19,666
19, 305
22, 729
25, 221
(12)
(12)
(12)
(12)
23,179
22, 605
(12)
(12)
(12)
(12)
3,586
p Preliminary.
iJ Through February 1939, valued at legal parity of 85 shillings a fine ounce.
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
* Notes issued less amounts held in banking department.
< 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,£00,000 (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.
5
Fiduciary issue increased by £50,000,000 on June 12, 1940, and Apr. 30 and Aug. 30, 1941.
6
Gold revalued in Mar. 1940, Nov. 1938, July 1937, and Oct. 1936. For further details see BULLETIN for May 1940, pp. 406-407; January 1939,
p . 29;
September 1937, p. 853; and November 1936, pp. 878-880.
7
For explanation of this item, see BULLETIN for July 1940, p. 732.
8
By a series of Conventions between the Bank of France and the Treasury, dated Aug. 25, Oct. 29, Dec. 12, and Dec. 30, 1940, and Feb. 20,
Apr. 30, May 10, June 11, and Sept. 23,1941, advances of 130,000,000,000 francs have been authorized to meet the costs of the German army of occupation.
(Dates of Conventions revised on basis of information in Bank's statement for July 31, 1941.)
9
Central Administration of the Reichskreditkassen.
i° In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Exchange Stabilization Fund to Bank of
France; in week ending Mar. 7, 1940, 30,000,000,000 francs of gold transferred from Bank of France to Stabilization Fund,
ii Figures taken from annual report of Bank for 1940.
" Figure not available.
NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83.
1198
FEDERAL RESERVE BULLETIN
Central Banks—Continued
Liabilities
Assets
Reichsbank
(Figures in millions of
reichsmarks)
Reserves of gold and Bills (and
checks),
foreign exchange
including Security
loans
Treasury
Total
Gold*
bills
reserves
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11, 392
251
256
245
176
183
146
84
74
60
45
30
78
78
78
78
13,206
13,069
13, 532
15, 419
16
31
26
77
77
78
78
78
78
78
77
77
14,503
15, 284
15,367
15, 644
15,918
16, 258
16,754
17, 306
18, 016
1929—Dec. 31 ..
1930—Dec. 31..
1931—Dec. 3 1 1932—Dec. 31._
1933—Dec. 3 0 —
1934—Dec. 3 1 1935—Dec. 31 _.
1936—Dec. 31..
1937—Dec. 31 __
1938—Dec. 31. _
1939—Dec. 30__
2,687
2,685
1,156
920
396
84
88
72
76
76
78
1940—Sept. 30..
Oct. 31...
N o v . 30..
Dec. 31..
1041—Jan. 3 1 . . .
Feb. 2 8 . .
M a r . 31..
Apr. 30_ _
May 31..
J u n e 30. _
July 3 1 Aug. 3 0 Sept. 30?
2,283
2,216
386
79
82
66
71
71
Securities
Eligible
as note
cover
Other
Other
assets
Note
circulation
Deposits
Other
liabilities
259
445
349
221
106
557
804
92
102
161
398
322
319
315
303
286
298
393
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
50
56
51
32
422
425
427
357
2,184
2,240
2,223
2,066
12,847
12,937
13,198
14,033
1,795
1,610
1,706
2,561
1,314
1,352
1,433
1,396
28
24
32
22
18
45
12
16
24
351
352
488
438
416
359
384
1,834
1,445
1,672
1,548
1,922
2,336
2,302
2,343
(2)
13, 694
13,976
14,188
14,689
15, 210
15,565
16,031
16, 502
16, 918
1,728
1,935
2,127
2,006
2,012
2,373
2,243
2,326
2,511
1,399
1,305
1,210
1,117
1,174
1,215
1,259
1,323
(2)
p Preliminary.
i Not shown separately on Reichsbank statement after June 15,1939.
* Figure not yet available.
NOTE.—For explanation of above table see BULLETIN for July 1935, p. 463, and February 1931, pp. 81-83
Central Bank
(Figures as of last report
date of month)
Centra! Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange
Negotiable Government bonds.
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
__.
Government
Other
Foreign exchange sold forward..
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling....
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
_
National Bank of Belgium (millions
of belgas):
Gold
Foreign exchange.
Credits to State and public bodies
Credits to private economy
Due from Bank of Issue, Brussels
Other assets __
Note circulation
Demand deposits
Other liabilities
National Bank of Bohemia and Moravia (miHions of koruny):
Gold
Foreign exchange
Discounts
Loans
1940
1941
Sept.
Aug.
July
Sept.
1,069
446
365
2
210
1,248
545
211
13
7
1,071
415
357
9
228
1,263
669
64
13
4
1,170
183
218
16
220
1,175
365
190
2
12
65
18, 955
53, 859
3,636
33, 645
22, 307
56, 676
106, 202
70, 364
17, 705 16, 082
52, 614 54, 305
4,108
42,489
22,176
52, 111
110, 484
69,114
5,566
45, 680
31, 259
44,137
119, 075
61, 619
(Mar.) 1
4,331
543
2,186
125
373
491
7,596
296
157
(June)'
1,503
788
660
1,602
892
302
407
Central Bank
(Figures as of last report
date of month)
1940
1941
Sept.
National Bank of Bohemia and Moravia—Cont.
Other assets
Note circulation
Demand deposits
Other liabilities
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Bulgaria (millions of leva):
Gold
Net foreign exchange in reserve. _
Foreign exchange
Loans and discounts
Government debt
Other assets
Note circulation
Deposits
Other liabilities
Bank of Canada (thousands of Canadian dollars):
Gold *
Sterling and United States exchange
109, 295
Canadian Gov't. securities:
516,422
2 years or less
146, 282
Over 2 years
Other assets
___ 19, 942
435, 288
Note circulation
Deposits—Chartered banks
207, 460
124,610
Dominion Gov't
6,362
Other.
Other liabilities
_
18, 219
Aug.
July
(June)'
(3)
7,101
2,091
(3)
(Apr.)i
104, 959
42, 607
224,182
440, 344
(,513
202, 454
508, 348
422,463
92, 248
(May):
2,006
40
5,807
905
2,593
3,684
8,610
3,522
2,902
Sept.
()
5,976
969
(
99, 445
72, 596
229, 345
430, 388
13, 640
20, 671
441, 316
340, 594
84,176
2,006
4
1,328
2,319
3,373
2,459
5,429
3,077
2,984
40, 617
472
20, 336
519, 716
141, 365
21, 284
422, 230
212,902
60, 657
9,965
17,227
522, 302
138,006
14, 879
404, 674
216, 268
33, 310
4,721
412, 359
120, 742
43, 356
331,957
231,336
4,441
9,961
19, 098
1 Latest month for which report is available for this institution.
2 Less than 500,000 koruny.
Figure not available.
* On May 1,1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULIETJN for July
1940, pp. 677-678).
3
NOVEMBER
1941
1199
Central Banks—Continued
1941
Central Bank
(Figures as of last report
date of month)
Sept.
Central Bank of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets
Note circulation
DepositsBank
Other
Other liabilities
1940
Aug.
July
147
209
738
530
97
1,222
147
183
738
522
99
1,199
146
168
746
375
31
1,022
192
70
237
189
70
231
168
112
165
30,584
7,209
33, 501
55, 025
29, 515
65, 085
49, 805
40, 944
31, 452
13, 587
26, 200
55,141
30, 231
67,169
49, 975
39, 467
26,386
12, 594
26, 258
42, 959
31, 532
54, 923
54,151
30, 656
100
29
676
9
16
27
136
787
740
843
198
100
30
634
8
17
29
142
764
736
789
198
117
9
326
14
68
110
159
344
695
269
183
(Apr.)1
65, 674
15, 805
59, 678
23, 976
76,988
55, 668
32, 476
56,960
14, 840
62, 781
26,185
73,328
46, 617
40, 821
(May)'
6,241
1,272
3,086
6,241
329
8,237
Sept.
Central
Bank of
Ecuador
sands of sucres) :
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National
Bank
of
Egypt-
(thou-
Bank
of
Finland
(millions
markkaa):
Gold
Foreign assets
Loans and discounts
Domestic securities
Other assets
29,713
9,823
38,158
56, 405
30, 728
64, 682
53, 547
46, 597
(thou-
sands of pounds):
Gold.__Foreign exchange
Loans and discounts
British, Egyptian, and other
Government securities
Other assets
Note circulation
D eposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchange
Loans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities
75, 817 43, 851
6,537
(3)
41, 573
()
6,453
1,686
35, 012 18,919
9,913
8,855
13, 233 13, 238 13,191
1,421
1,110
692
1,359
2,523
1,298
5,726
6,308 6,317
1,606
1,396
1,697
15, 587 15, 783 13, 551
3,947
3, 572 4,585
4,111
4,587 5,392
of
__
Sept.
Aug.
Bank of Finland—Cont.
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities.
Other assets
Note circulation
Deposits
T
Other liabilities
National Bank of Denmark (millions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Discounts
Loans—To Government agencies
Other
Securities
Other assets
Note circulation
Deposits
Other liabilities
1941
Central Bank
(Figures as of last report
date of month)
(May)'
556
1,182
5,610
414
2,212
July
Sept.
(May)
5,659
796
3,520
Note circulation _
Deposits
Other liabilities
Bank of Greece (millions of drachmas) :
Gold and foreign exchange (net).
Loans and discounts
Government obligations
Other assets
Note circulation
Deposits
Other liabilities
National Bank of Hungary (millions of pengo):
Gold
Foreign exchange reserve
Discounts
Loans—To Treasury
Other
Other assets
Note circulation
Demand deposits
Consolidated foreign credits of 1931
Other liabilities
Reserve Bank of India (millions of
rupees):
Issue department:
Gold at home and abroad....
Sterling securities
Indian Gov't. securities
Rupee coin
Note circulation
Banking department:
Notes of issue department.
Balances abroad
Treasury bills discounted.
Loans to Government
Investments
Other assets
Deposits
Other liabilities
Bank of Japan (millions of yen):
C ash, bullion, andf oreign accounts
Special foreign exchange funds...
Advances—To Government
Others
Government bonds.
Other assets -_
Note circulation
Deposits—Government
Other,.
Other liabilities
Bank of Java (millions of guilders):
Gold
Foreign bills
Loans and discounts
Other assets
Note circulation
Deposits
Other liabilities
Netherlands Bank (millions of guilders) :
Gold
Silver (including subsidiary coin)
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
1940
(Mar.)
18,465
16, 585
3,947
3,589
19, 371
20, 908
2,306
4,959
15,190
4, 049
3, 086
11,326
13, 666
2, 292
124
20
887
803
41
467
1,773
251
32
286
124
43
815
506
39
318
1,357
172
(4)
31&
(June)
444
1,188
913
366
2,769
444
1,315
496
326
2, 292
142
371
290344
9
14
82
12
632
118-
15
457
156
573
300
2
561
4.249
487
4,566
801
323
483
582
300
2
554
3,786
578
4,072
833
406
491
364
19
97
124
249
320
35
327
19
78
129
237
280
35
205
1,023
8
452
97
187
257
1,779
1, 023
12
397
45
185
274
1,705
1,132
14
231
107
1,359
188
57
173
56
172
53
()
3003
922
2,551
5
()
3,556714
127
350
m
106«
124
204
212
38
1 Latest m o n t h for which report is available for this institution.
2 Items for issue and banking departments consolidated.
Figure not available.
4
Included in ''Other liabilities".
5
No comparable figure available; gold alone was reported at 501 million yen.
e Includes bills discounted, no longer shown separately beginning Mar. 29, 1941.
3
1200
FEDERAL RESERVE BULLETIN
Central Banks—Continued
Central bank
(Figures as of last report
date of month)
1941
Sept.
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve...
Advances to State or State undertakings _
_
Investments
Other assets
Note circulation
Demand deposits..
Other liabilities
Bank of Norway (millions of
kroner):
Gold
_
—
Foreign assets
Total domestic credits and
securities
Discounts
Loans._ _ _ _ _ _ _ _ _
Securities
Other assets
Note circulation
_.
Demand deposits—Government.
Other
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Discounts
__ __ .
Government loans
Other assets
_ __ _
Note circulation
Deposits .
Other liabilities
Bank of Portugal (millions of
escudos):
Gold 3
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 4lei):
Gold
Special exchange accounts._ __ _
Loans and discounts
Special loans 5
Government debt
Other assets._
Note circulation
Demand deposits
Other liabilities
South African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Sweden (millions of
kronor):
Gold
Foreign assets (net) .__ _
Domestic loans and investments.
Other assets
_ _ _ _ _ _ ._
Note circulation
Demand deposits..
Other liabilities
__ __
1940
Aug.
July
Sept.
2,802
15,091
2,802
15, 583
2,802
9,988
24, 307
3,773
1,661
22,119
23, 005
2,511
24, 408
3,773
1,614
21, 776
23, 902
2,501
28, 015
2,553
379
20,109
21, 289
2,339
(Mar.)'
186
102
435
(2)
(2)
599
9
112
(2)
55,418
24, 693
166, 620
8,447
171 696
62, 356
21,127
56, 700
15, 018
129, 651
11,316
134 928
53,644
24,114
1 291
1 262
1,552
367
1,031
805
3,313
2,355
638
923
448
151
472
1,033
1 643
2 684
1,009
978
33, 673
14, 769
30, 846
571
9,609
36, 713
87,163
26, 395
12, 624
33, 605
12, 699
30,102
579
9,608
31,164
81, 861
23, 574
12, 323
31, 930
5,083
25, 270
798
8,971
14,102
62, 342
13,093
10, 719
52, 926
925
2
43 231
27,179
65 699
4,206
52, 255
836
13
44, 478
23, 807
69, 357
4,417
38, 081
745
4
35, 367
22, 771
46,663
4,764
422
861
765
878
1,495
731
699
417
858
707
898
1,440
737
702
335
753
709
929
1,470
361
895
Central bank
(Figures as of last report
date of month)
Swiss National Bank (millions of
francs):
Gold._ .
Foreign exchange
Loans and Discounts
Other assets
Note circulation
Other sight liabilities
Other liabilities
Central Bank of the Republic of
Turkey (thousands of pounds):
Gold
Foreign 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
Advances to State and to
government bodies
Other loans and discounts
Other assets
Deposits
Other liabilities.... _ _
Central Bank of Venezuela (thousands of bolivares):
Gold
Foreign exchange (net)._
Credits to national banks
Other assets.
Note circulation—
Central Bank
National banks .
Deposits
Other liabilities
National Bank of the Kingdom of
Yugoslavia (millions of dinars):
Gold
Foreign exchange
Loans and discountsGovernment 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
Undiscountable 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 _ __
1941
Sept.
1940
Aug.
July
Sept.
2,273
1,268
132
216
2,106
1,510
274
2 305
1,262
109
227
2,114
1,514
275
2 119
627
320
270
2 110
956
270
119 258
108 538
39
44 986
18 538
444 128 321 257
190,853 195, 076
36 302
35 172
517 066 368 438
79, 358
78, 250
101 230
97 016
137 872 134? 916
86 235
109, 857
86 235
93, 604
82, 841
24 974
50, 683
46 069
40 402
87 015
107,697
124 215
218,713
41 225
93 305
65?, 022
99 412
196 892
124 304 124 304 123 805
31,163 35, 789 31,148
38, 997 38, 997 38, 000
7 567
9 546
8 160
84 892
77,107
33 194
8,816
83 289
81, 464
34 509
7,988
79 385
85, 978
27 720
7,437
(Feb.)i
2,790
909
1,686
3,061
7,128
3,465
13 973
3, 510
1 555
2 380
518
1 632
3,073
5 155
2,913
12 403
2, 464
805
28 281
28 281
26 604
39, 072
16 411
36, 862
16 310
31, 674
14 943
140, 891 142,113
21,008 22, 307
220, 543 220, 643
54
52
22, 951 22, 981
145,318
21,415
216,215
2 381
14, 724
17, 855
4,114
17, 963
4,780
20, 929
2,804
229, 001 229, 001
192,336 191, 841
229, 001
191,092
1 Latest month for which report is available for this institution.
2 Figure not available.
3 On Oct. 16, 1940, gold revalued on basis of average cost.
*5 Gold revalued Apr. 1, 1941, at 0.0047 gram fine gold per leu.
Agricultural and urban loans in process of liquidation.
6
See BULLETIN for December 1936, p. 1025.
NOVEMBER
1941
1201
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date effective
In effect Oct. 2,
1936...
Oct 9
Oct 16
Oct 20
Nov. 26
Dec 3
Jan 28 1937
June 15
July 7
Aug 4
Sept. 3
Nov 13
May 10, 1938
May 13
May 30
Sept 28
Oct. 27
Nov 25
Jan 4, 1939
Apr. 17
May 11
July 6
Aug 24
Aug. 29
Sept. 28
Oct. 26
Dec 15
Jan. 25, 1940
Apr. 9
May 17
Mar. 17, 1941
May 29
June 27
In effect Oct. 31,
1941....
United
GerKing- France many
dom
Belgium
Netherlands
3
2
3
2
4
2
Swe- Switzerden
land
2
2y2
Central
bank of—
Albania
Argentina
Belgium
Bohemia and
Moravia
Rate
Oct.
31
2
2
Date
effective
Rate
Oct.
31
Central
bank of—
Mar. 21,1940 Japan
Mar. 1,1936 Java
Jan. 25,1940 Latvia
Lithuania..
Oct. 1, 1940 Mexico
3.29
3
5
6
4
Apr.
Jan.
Feb.
July
Jan.
M
July
May
Aug.
Mar.
7,1936
14,1937
17,1940
15,1939
2,1941
2
4
6
5
4
3H
3
Bolivia
6 Nov. 8,1940
British India.
3 Nov. 28,1935
Bulgaria
5 Dec. 1, 1940
Canada
Mar. 11,1935
Chile
.
. 3-4>| Dec. 16, 1936
July 18,1933
Colombia
Netherlands
New Zealand
Norway
Peru
Portugal
i
Denmark
Ecuador
El Salvador..
Estonia
Finland.
June 27, 1941
5
4
4
2M
3
3
2H
2
4
3
2H
4
3
3
2
3
2
3H
vy2
1H
2
Date
effective
3
2
IK
2H
France
Germany.. __
Greece
Hungary
Italy
4
7
3
4
2
5
3
2
26, 1941
13, 1940
1, 1940
31, 1941
Oct.
May
Mar.
Oct.
Dec.
16,1940
26,1938
30,1939
1,1935
3,1934
Rumania
South Africa
Spain
Sweden
Switzerland.
3
3
4
3
Mar.
Apr.
July
Oct.
May
17, 1941
9,1940
14,1941
22,1940
18,1936
Turkey
United Kingdom
U. S. S. R . . .
Yugoslavia .
4
July
2
4
5
Oct. 26,1939
July 1,1936
Feb. 1,1935
Sept. 12,1940
June 2,1941
i Mar. 29,1939
May 29,1941
Nov. 26,1936
1,1938
i Not officially confirmed.
NOTE.—Changes since Sept. 30: none.
3
OPEN MARKET RATES
[Per cent per annum]
United Kingdom
Month
Bankers'
Treasury
acceptances 1 bills
3 months 3 months
Bankers'
Day-to-day allowance
money
on deposits
Germany
Private
discount
rate
Netherlands
Day-to-day
money
Private
discount
rate
Money
for
1 month
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
1929—Aug..
1930—Aug..
1931—Aug..
1932—Aug..
1933—Aug..
1934—Aug..
1935—Aug.
1936—Aug..
1937—Aug.
1938—Aug..
1939—Aug..
1940—Aug..
5.47
2.21
4.28
.74
.41
.79
.60
.55
.55
.53
1.58
1.03
5.48
2.17
4.21
.60
.30
.74
.58
.53
.52
.51
1.92
1.02
4.35
1.85
3.59
.73
.62
.81
.75
.75
.75
.75
1.35
1.00
7.18
3.24
i 8.92
4.50
3.87
3.75
3.00
2.88
2.88
2.88
2.75
2.31
7.42
3.73
i 9.15
5.82
4.94
4.72
3.06
3.01
2.85
2.51
2.50
1.77
5.06
1.83
1.30
.37
1.11
.75
4.78
1.29
.13
.13
1.03
4.68
1.63
1.22
1.00
1.08
1.00
4.72
1.20
.53
.50
1.53
3.00
1940—Sept.
Oct..
Nov.
Dec.
1.03
1.03
1.03
1.03
1.03
.02
.02
.01
1.00
1.00
1.00
1.00
2.25
2.25
2.25
2.25
2.03
1.87
1.93
1.95
2.25
2.25
2.25
2.25
2.68
2.75
2.75
2.75
1.50
1.31
1.25
1.25
1941—Jan..
Feb..
Mar.
Apr..
May
June.
July.
Aug.
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
.01
.02
.01
.01
.00
.00
.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
2.25
2.25
2.25
2.25
2.25
2.13
2.13
1.73
1.68
1.83
1.67
2.25
2.25
2.07
2.06
1.93
1.88
1.88
2.75
2.75
2.75
2.75
2.36
2.25
2.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
1.25
4-6
4-6
3-53
Yry
23-1-5
2H-5
2H-5
2^-5
3-5^
3-5H
3-5H
3-534
3.33
1.75
1.98
1.50
1.50
1.50
2.47
2.25
1.00
1.00
1.00
1.50
1 Based on data for part of month only
2 No figures available. '
NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for Septembar 1940, p. 1018.
1202
FEDERAL RESERVE BULLETIN
COMMERCIAL BANKS
United Kingdom *
(Figures In millions of
pounds sterling)
Cash
reserves
Assets
Money at
call and Bills dis- Treasury
deposit J
short
counted receipts
notice
Liabilities
Securities
Loans to
customers
Other
assets
Deposits
Total
Demand » Time »
Other
liabilities
10 London clearing banks
207
213
216
221
236
1932—December.
1933—December.
1934—December.
1935—December.
1936—December.
127
119
151
159
187
472
565
594
605
630
408
311
255
322
316
778
740
759
784
208
237
247
231
1,983
1,941
1,971
2,091
2,238
991
1,015
1,044
1,140
(4)
963
900
910
924
216
244
251
231
232
11 L o n d o n clearing banks 5
1936—December.
1937—December..
1938—December..
1939—December.
1940—September.
October
November.
Deeember.
1941—January _._.
February..
March
April
May
June
July
August .__
244
244
243
274
195
163
160
174
322
300
250
334
270
285
324
144
137
140
159
401
373
339
265
131
128
132
137
128
143
139
140
269
210
194
188
173
193
275
266
279
284
293
311
306
316
660
635
635
609
890
984
971
1,015
249
256
263
290
2,315
2,330
2,254
2,441
1,288
1,284
1,256
,398
1,012
1,026
997
1,043
245
252
269
256
92
180
236
314
697
723
743
771
948
948
941
924
287
284
274
293
2,597
2,661
2,702
2,800
,570
L, 635
,671
L, 770
1,027
1,026
1,031
1,030
260
254
256
250
341
330
374
461
469
482
476
469
789
814
821
820
848
880
902
935
926
915
922
897
889
874
866
850
269
272
276
274
273
311
267
264
2,757
2,709
2,764
2,829
2,824
2,946
2,991
2,997
L, 729
L, 696
L, 728
L, 769
,789
,870
L, 898
:,909
1,027
1,013
1,036
1,060
1,035
1,075
1,093
1,088
247
243
242
247
249
248
240
242
Liabilities
Assets
Security
Entirely in Canada
loans
Canada
abroad
(10 chartered banks. End of month
and net SecuriOther
ties
figures in millions of Canadian dollars)
due
Cash Security loans
from
reserves loans and dis- foreign
counts banks
Note
circulation
Other
assets
Total
821
775
761
789
837
850
843
963
529
526
514
570
2,800
2,778
2,758
2,805
1,145
1,178
1,132
1,163
841
845
837
846
522
531
621
544
537
575
559
553
2,873
1,205
1,302
1,270
1,356
1,350
1,608
1,579
1,509
851
850
858
877
889
913
907
919
103
106
103
83
114
76
65
53
1,104
1,036
977
945
791
862
940
1,088
155
134
155
141
161
102
166
132
778
861
967
1,155
1,384
1,411
1,463
1,646
500
482
491
529
554
575
535
612
1940—September..
October
November..
December..
319
310
313
323
37
41
41
40
1,102
1,138
1,128
1,108
178
177
174
159
1,563
1,520
1,513
1,531
1941—January...
February..
March
April
May
June
July
August
312
293
296
325
321
288
314
299
36
34
35
31
29
33
34
35
1,092
1,104
1,115
1,109
1,132
1,292
1,279
1,255
164
170
178
189
183
191
188
190
1,677
1,788
1,766
1,820
1,812
1,688
1,681
1,698
115
121
124
111
103
85
2,972
3,064
3,045
3,075
3,068
3,031
Liabilities
Assets
Due from Bills disCash
banks
counted
reserves
1932—December.
1933—December.
1934—December.
1935—December
1936—December.
1937—December.
1938—December.
1939—December
9,007
5,870
5,836
3,739
3,100
3,403
3,756
4,599
1,766
1,416
1,421
2,484
2,975
4,116
4,060
3,765
22,014
19, 848
18, 304
1940—January...
February.
March«...
4,066
4,293
4,110
4,080
3,993
3,920
Loans
Deposits
Other
Total
Demand
Time
1,749
1,827
1,717
1,900
1,957
2,134
1,940
2,440
37,759
32, 635
30,943
27, 553
28,484
30,348
33, 578
42,443
36, 491
31,773
30,039
18, 249
21, 435
29, 546
7,850
8,309
8,159
8,025
7,631
7,624
7,592
7,546
27,955
29, 748
33,042
41,872
862
904
694
529
600
537
571
29, 808
30,810
34,123
7,756
7,579
7,499
1,745
1,849
1,961
42,850
43, 737
46, 608
42,302
43,195
46,064
548
542
544
16,141
17,582
Time
538
563
628
694
755
752
• 840
1,033
211
197
228
228
240
255
263
292
France
Demand
Other
liabilities
1,916
1,920
2,035
2,180
2,303
2,335
2,500
2,774
1932— December...
1933—December..
1934—December...
1935—December...
1936—December..
1937—December...
1938—December...
1939—December...
(4 large banks. End of month figures
in millions of francs)
Deposits payable in Canada excluding interbank
deposits
Own
acceptances
Other
liabilities
295
273
193
337
473
661
721
844
4,331
4,362
4,301
4,399
4,289
4,517
4,484
4,609
938
1,034
1,105
3,667
3,753
3,901
1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported
by individual banks for days, varying from bank to bank, toward the end of the month.
2 Represents six-month loans to the Treasury at 1% per cent, callable by the banks in emergency under discount at the bank rate.
3
Through December 1937, excludes deposits in offices outside England and Wales which are included in total.
4
Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5.
&
District Bank included beginning in 1936.
6
No figures available since March 1940.
NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699;
June 1935, pp. 388-390; and October 1933, pp. 641-646.
NOVEMBER 1941
1203
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Australia
(pound)
Argentina
(peso)
Year or month
Official
Special
Export
Official
Free
Free
8. 4268
8.2947
8.5681
8.6437
5.8438
6.0027
6. 0562
5. 8788
6.1983
5.1248
5. 0214
37.879
36 964
37. 523
37. 326
36. 592
33. 279
30.155
579
659
137
959
597
850
773
322.80
400. 95
388 86
395. 94
393.91
389. 55
353. 38
305.16
1940—Oct
Nov
Dec
29 773
29,773
29 773
322. 80
322. 80
322. 80
321. 29
321. 57
321. 50
6. 0575
6.0575
6. 0575
5. 0153
5. 0156
5. 0169
1941—Jan
Feb
Mar
29 773
29 773
29. 773
29. 773
29 773
29.773
29 773
29 773
29. 773
322 80
322.80
322. 80
322. 80
322. 80
322. 80
322 80
322. 80
322. 80
321 50
321.11
321. 30
320. 70
321.19
321. 25
321 31
321. 28
321. 33
6. 0575
6.0575
6.0575
6.0575
6. 0575
6. 0575
6.0575
6. 0575
6. 0575
5 0560
5.0604
5. 0599
5.0600
5. 0600
5. 0598
5 0616
5. 0646
5. 0616
Apr.
May
June
July
Aug
Sept
Year or month
1934
1935
1936
1937
1938..
1939
1940
_
.
Colom- Czecho- Denslovakia mark
bia
(peso) (koruna) (krone)
61. 780
56.011
57. 083
56. 726
55. 953
57.061
57. 085
4. 2424
4.1642
4. 0078
3. 4930
3. 4674
3. 4252
22. 500
21. 883
22.189
22.069
21. 825
20. 346
19. 308
Finland
23. 287
18 424
16.917
16. 876
16. 894
16. 852
16. 880
1934
1935..
1936
1937
1938
1939
1940
_
Norway Poland
(krone) (zloty)
25
24.
24
24.
24
23.
22.
316
627
974
840
566
226
709
18.
18.
18.
18.
18.
18.
846
882
875
923
860
835
101. 006 10.1452
99. 493 5.0833
99. 913 5.1240
100.004 5.1697
99. 419 5.1716
96.018 5.1727
90. 909 85.141 5.1668
4.0000
4. 0000
4.0000
4. 0000
34.094
36. 571
29.751
29. 606
21. 360
11. 879
6.000
30.170
30.166
30.178
90. 909
90. 909
90. 909
86. 318
86. 922
86. 563
5.1680
5.1663
5.1665
4. 0000
4.0000
4. 0000
5 682
5845
5.690
30 148
30.140
30.139
30.129
30. 129
30.129
30 128
30.130
30.137
90. 909
90. 909
90. 909
90. 909
90.909
90. 909
90 909
90. 909
90. 909
84.801
83. 687
84. 981
87. 651
87. 421
88.183
88. 271
88.961
89.134
5.1674
5.1663
5.1660
5.1660
5.1660
4. 0000
4. 0000
4. 0000
4.0000
4. 0000
5.391
5.424
5.358
5.190
5.255
5.336
5.243
39. 375
40. 258
40. 297
40. 204
40.164
40. 061
40. 021
.9402
.9386
.9289
.9055
.8958
.8153
.6715
38. 716
48. 217
31.711
30. 694
30. 457
27. 454
22. 958
29.
29.
29.
19.
19.
19.
18.
575
602
558
779
727
238
475
8. 5617
8.2471
7. 2916
5. 2607
5. 2605
5.1959
5. 0407
29.
28.
29.
28.
28.
25.
23.
715
707
022
791
451
963
436
27. 742
27. 778
27. 760
27. 750
22.122
19. 303
18. 546
.6602
23. 077
23. 396
23. 585
19. 364
19. 505
19.770
5. 0389
5. 0396
5. 0439
23.439
23. 439
23. 439
20. 331
20. 400
20. 448
322. 55
322.82
322. 75
23 648
24.142
24. 421
24. 393
24 285
24 372
24 524
25.110
25.099
19 770
19.770
19. 770
5
5.
5.
5.
5
5
23 439
23. 439
23. 439
23. 439
23. 439
23 439
23.439
20
20.
20.
20.
20
20
20
20.
20.
322.75
322. 36
322. 55
321. 96
322.45
322. 51
322. 57
322. 54
322. 60
39 979
39.969
39. 960
39. 962
39. 968
39 970
Year or month
Export
6. 5688
6.6013
6.1141
4.0460
2. 8781
2. 5103
2. 0827
2
2
2.
2.
2
2
Sept
Official
2. 2277
2.1627
2.1903
2.1811
2. 1567
1.9948
1. 8710
57
56
56.
57.
57
56
56
56
56.
Aug
1.2852
1. 2951
1. 2958
1. 2846
1. 2424
1.2111
Free
Nether,
New
Mexico lands
Zealand
(peso) (guilder) (pound)
1941—j a n
Feb
May
Official
Japan
(yen)
39.975
39.983
39. 982
June
July
(yuan
(lev)
Italy
(lira)
1.9652
1 9482
1. 9472
146
987
985
011
022
982
981
982
982
China
Shanghai)
Ger- Greece Hong
HunFrance many
(drach- Eong
gary
(reichs(franc)
(dollar)
ma)
(pengo)
mark)
56. 985
57 000
57.132
Mar.
Apr.
Chile (peso)
Bulgaria
(markka)
1940—Oct.
Nov
Dec.
British
India
(rupee)
Official
33.
32
33
32.
32
30.
29
704
704
704
704
704
704
704
Canada (dollar)
Brazil (milreis)
Belgium
(belga)
1934
1935
1936
1937
1938
1939
1940
23.
23.
23
23.
23
23
23.
In cents per unit of foreign currency]
0104
0101
0100
0100
0100
0098
Portugal
(escudo)
Straits
SwitzRuma- South
Spain Settle- SweAfrica
den
nia
erland
ments
(
peseta)
(leu) (pound)
(dollar) (krona) (franc)
4. 6089
4. 4575
4. 5130
4. 4792
4. 4267
4. 0375
3.7110
1.0006
.9277
.7382
.7294
.7325
.7111
.6896
498. 29
484. 66
491. 65
489. 62
484.16
440.17
397. 99
13.615
13. 678
12.314
6.053
5.600
10:630
9.322
59. 005
57.173
58. 258
57. 973
56. 917
51.736
46. 979
25. 982
25. 271
25. 626
25. 487
25.197
23. 991
23. 802
32. 366
32. 497
30.189
22. 938
22. 871
22. 525
22. 676
0432
0422
0452
0475
0805
2621
United Kingdom
(pound)
Official
Free
67.383
67. 715
64. 481
55. 045
55.009
53.335
53.128
504
524
529
538
537
533
542
538
542
Uruguay
(peso)
Con- Non-controlled trolled
402. 46
391. 26
398. 92
396. 91
392. 35
354.82
306. 38
Yugeslavia
(dinar)
403.50
503. 93
490.18
497. 09
494. 40
488.94
443. 54
383.00
79 956
80. 251
79.874
79. 072
64 370
62. 011
65. 830
36. 789
37.601
2.2719
2. 2837
2 2965
2. 3060
2 3115
2. 2716
2. 2463
1940_Oct.
Nov
Dec
3.9841
3 9849
3. 9915
398.00
398. 00
398.00
9.130
9.131
9.132
47.101
47.100
47.100
23.814
23. 818
23.824
23.148
23. 202
23 201
403. 50
403. 50
403 50
403. 26
403. 56
403 50
65. 830
65. 830
65 830
37.629
38. 994
39 480
2. 2436
2. 2409
2 2407
1941—Jan
Feb.
Mar.
Apr.
May
June
July
Aug
3.
4.
4.
4.
4
4.
398. 00
398.00
398. 00
398.00
398. 00
398. 00
398 00
398. 00
398. 00
9.130
9.130
9.130
9.130
9.130
9.130
47.089
47. 094
47.106
47.107
47.107
47.138
47 160
47.160
47.160
23.826
23.829
23. 824
23. 825
23.839
23.836
23
23.
23.
23.
23.
23.
403 50
403. 50
403. 50
403. 50
403. 50
403. 50
403. 50
403.50
403. 50
403 42
402. 97
403.19
402. 48
403.10
403 16
403. 23
403.18
403. 27
65 830
65 830
65.830
65. 830
65. 830
65 830
65. 830
65. 830
65. 830
39 491
39 649
39. 566
40. 065
41.161
42 706
43. 789
43. 745
43. 836
2 2397
Sept.
9986
0069
0039
0009
0017
0026
220
217
210
201
203
206
NOTE.—Developments affecting averages during 1941:
Special export rate for Argentina first reported in addition to official rate on Mar. 27; nominal.
No rates certified: Yugoslavia—since Jan. 28; Hungary—since Mar. 12; Chile—since May 21; Finland, Germany, Italy, Portugal,
Spain, Sweden, and Switzerland—since June 14; China and Japan—since July 25.
Changes in nominal status (noted only if affecting quotations for at least five days a month): none.
For further information concerning the bases and nominal status of exchange quotations, and concerning suspensions of quotations prior to
1941, see BULLETIN for February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244.
1204
FEDERAL RESERVE
BULLETIN
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
United
States
Canada
United
Kingdom
France
(1926=100)
(1926=100)
(1930=100)
(1913=100)
1326
100
100
1124
695
134
1930
1931
1932
1933.
1934
1935
1936
1937
1938
19391940
86
73
65
66
75
80
77
79
87
72
67
67
72
72
75
85
79
75
83
100
88
86
86
88
89
94
109
101
103
137
554
500
427
398
376
338
411
581
653
2 681
125
111
97
93
98
102
104
106
106
107
110
1940—SeptemberOctober.,
November
December..
78
79
80
80
83
83
84
84
141
143
147
149
111
111
111
111
1341—January
February
March
April
May
.
June
July
August
September. _
81
81
82
83
85
87
89
90
92
85
85
86
87
89
90
91
92
150
150
151
151
151
152
153
153
154
111
112
112
112
112
Germany
Italy
Year or month
„
.
(1913=100)
(1928=100)
Japan
(October
1900=100)
i-H
CO O"
oooot^
85
75
70
63
62
68
76
89
95
3 97
P112
P112
Netherlands
(1926-30
=100)
Sweden
(1935=100)
Switzerland
(July 1914
=100)
237
106
i 126
144
181
153
161
180
178
186
198
238
251
278
311
90
76
65
63
63
62
64
76
72
74
<88
i 103
i 94
192
190
196
100
102
114
111
115
146
126
110
96
91
90
90
96
111
107
111
143
308
310
310
312
148
154
158
159
152
156
161
164
313
317
322
324
326
331
329
330
330
162
165
169
170
171
173
173
174
167
168
170
175
181
184
188
P189
p Preliminary.
1
Approximate figure, derived from old index (1913=100).
2
Average based on figures for 8 months; no data available since August 1939, when figure was 674.
3
Average based on figures for 7 months; no data available since July 1939, when figure was 96.
4
Average based on figures for 5 months; no data available since M a y 1940, when figure was 89.
Sources.—See BULLETIN for J a n u a r y 1941, p . 84; April 1937, p . 372; March 1937, p . 276; and October 1935, p . 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United Kingdom
(1930=100)
United States
(1926=100)
France
(1913=100)
Germany
(1913=100)
Year or month
Farm
products
1926
Foods
Other
commodities
Foods
Farm
IndusIndusAgricultrial
and food
trial
tural
products products products products
100
100
100
88
65
48
51
65
79
81
86
69
65
68
91
75
61
61
71
84
82
86
74
70
71
85
75
70
71
78
78
80
85
82
81
83
100
89
88
83
85
87
92
102
97
97
133
100
87
85
87
90
90
96
112
104
106
138
1940—September
October
November
December
66
66
68
70
72
71
73
74
82
84
84
84
140
143
143
145
142
142
149
150
1941
72
70
72
74
76
82
86
87
91
74
74
75
78
80
83
85
87
90
84
84
85
86
87
89
90
91
92
145
144
144
144
144
145
146
146
147
152
153
154
154
155
156
157
157
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940...
_
.
_
Januarv
February
March
April
May
June
July
August
September
Provisions
IndusIndustrial raw
and semi- trial finished
finished
products products
581
793
129
132
130
l£0
526
542
482
420
393
327
426
562
641
i 653
579
464
380
380
361
348
397
598
663
i 707
113
104
91
87
96
102
105
105
106
108
111
113
96
86
75
76
84
86
96
91
193
120
103
89
88
91
92
94
96
94
95
99
150
136
118
113
116
119
121
125
126
126
129
111
110
111
111
99
99
99
100
131
131
131
131
111
111
111
112
113
114
P114
P114
100
100
100
100
100
100
P100
132
133
133
133
132
132
P132
P132
PIOO
p Preliminary.
1
Average based on figures for 8 months.
2
No data available since August 1939, when figures were 616 and 726 respectively for France, and 92 for Germany.
Sources.—See BULLETIN for March 1935, p. 180, and March 1931, p. 159.
NOVEMBER
1941
1205
Price Movements—Continued
RETAIL FOOD PRICES
COST OF LIVING
[Index numbers]
[Index numbers]
United United
Ger- Nether- SwitzKing- France many
States
lands
erland
dom (Julyl914 (1913-14 (1911-13
(1935-39 (Julyl914
(Junel914
=100)
=100)
=100)
=100)
=100)
=100)
Year or
month
1932
1933 __
1934
1935
1936
1937
1938
1939
1940
87
84
94
100
101
105
126
120
122
125
130
139
536
491
481
423
470
601
116
113
118
120
122
122
119
120
124
118
120
127
125
117
115
114
120
130
98
141
702
141
164
a 742
122
130
130
95
97
1940-September
October
November
December
1941-January...
February _
March
April
May
J u n e . . . ._
July
August
September
97
96
96
166
169
172
123
128
130
127
126
4
132
146
130
140
149
152
157
97
173
127
158
98
98
98
101
172
171
169
170
127
127
128
129
160
160
161
167
102
106
107
108
171
170
167
172
178
179
166
167
166
United United
King- France
States
dom
(1930
(1935-39 (Julyl914
=100)
=100)
= 100)
Year or
month
1932
1933
1934
1935
1936
1937
1938
1939
1940
._
.
.
Ger- Nether- Switzmany
lands
erland
(1913-14 (1911-13 (Junel914
=100)
=100)
=100)
98
92
96
98
99
103
144
140
141
143
147
154
91
87
83
78
86
102
121
118
121
123
125
125
141
139
140
136
U32
137
101
156
117
126
139
3 122
126
130
129
128
130
137
137
138
151
99
100
158
184
1940-September
October _
November
December
100
100
100
187
189
192
101
195
131
160
1941-January __
February
March
April
May
June
July
August
September
101
101
101
102
196
197
197
198
132
132
132
132
163
163
164
169
103
105
105
106
200
200
199
6
140
148
138
131
132
130
130
153
157
159
171
175
177
199
199
1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
Average based on figures for 8 months; no data available since August 1939, when figure was 749.
*4 Average based on two quarterly quotations; no data available since May 1939, when figure was 123.
Average
based on figures for 3 months; no data available since March 1940, when figure was 141.
6
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources.—See BULLETIN for October 1939, p. 943, and April 1937, p. 373.
2
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
Year or month
United
States
(derived
price) i
United
Kingdom
France
(December (1913=100)
1921=100)
Number of issues. _
10
1926
90.1
110.0
57.4
1932
1933
1934
1935
1936.
1937
1938
1939
1940
84.4
91.2
98.2
105.5
109.5
i 110.2
111.1
113.8
115.9
113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3
88.6
81.3
82.1
83.5
76.3
75.1
77.3
83.9
84.7
1940—September. _
October
November...
December...
116.5
117.2
118.0
117.7
1941—January
February
March
April
May
June
July...
August
September _.
117.7
116.7
116.9
116.8
117.0
117.7
118.7
118.5
118.1
..
87
36
Common stocks
Germany
(average2
price)
2 139
Netherlands 3
8
United
States
(1935-39
= 100)
(1926=100)
United
Kingdom
4
Netherlands
(1930=100)
402
278
300
105.6
100.0
100.0
100.0
105.2
99.6
83.3
79.7
77.2
97.4
89.7
98.3
550.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
46
52
55
55
60
104.2
95.8
89.7
8 95.0
120.8
125.1
127.7
128.0
94.3
104.1
112.7
116.1
131.5
133.0
131.1
131.0
133.2
120.0
113.4
115.1
126.5
121.6
5 67.1
82.5
90.7
6 95.1
95.8
98.7
99.9
99.0
100.7
94.8
105.3
113.4
107.8
109.1
3 101. 8
105.9
90.9
7 77.9
51.2
67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
117.9
119.2
119.9
121.0
101.0
101.7
101.9
101.4
80.7
80.0
79.8
85.5
86.0
86.7
84.9
66.2
68.1
70.2
70.2
122.2
121.9
122.5
121. 7
122.7
122.9
124.7
124.5
102.2
102.8
102.8
103.0
103.2
80.1
74.3
73.2
78.5
82.1
85.0
80.1
80.3
77.9
77.1
79.5
83.2
83.2
83.6
71.8
70.5
69.9
69.7
70.4
70.7
72.5
73.8
100.5
98.4
France
Germany
228.3
269.5
274.6
100
1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 10 high-grade corporate
bonds for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937
is the
same for both series. Source: Standard and Poor's Corporation.
2
Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at ±y2 per cent. The series prior to
that3 date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index
beginning
Jan. 1937, Jan.-Mar. 1937=100; average yield in base period was 3.39 per cent.
4
This number, originally 329, has declined as the number of securities eligible for inclusion in the index has diminished. In May 1941, it was
down
to
287.
5
Average May-Dec, only; exchange closed Jan. 1-Apr. 11.
6
Average Apr.-Dec. only—see note 2. Average Jan.-Mar. on old basis was 95.9.
7
Average based onfigures for 7 months; no data available May-September.
8
Average based on figures for 9 months; no data available May-July.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
1206
FEDERAL RESERVE B U L L E T I N
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM,
M. S. SZYMCZAK
Vice Chairman
JOHN K. MCKEE
ERNEST G. DRAPER
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
CHESTER MORRILL, Secretary
LISTON P. BETHEA, Assistant Secretary
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
GEORGE B. VEST, Assistant General Counsel
B. MAGRUDER WINGFIELD, Assistant General Counsel
E. A. GOLDENWEISER, Director, Division of Research and Statistics
WOODLIEF THOMAS, Assistant Director, Division of Research and
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
Statistics
C. E. CAGLE, Assistant Chief, Division of Examinations
L. SMEAD, Chief, Division of Bank Operations
J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations
J. E. HORBETT, Assistant Chief, Division of Bank Operations
CARL E. PARRY, Chief, Division of Security Loans
PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans
0. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
EDWARD
FEDERAL ADVISORY COUNCIL
FEDERAL OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
Boston District
CHAS.
ALLAN SPROUL, Vice
CHESTER C. DAVIS
ERNEST G. DRAPER
M. J. FLEMING
HUGH LEACH
JOHN K. MCKEE
JOHN N. PEYTON
RONALD RANSOM
M. S. SZYMCZAK
New York District
GEORGE L. HARRISON
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
WILLIAM F. KURTZ
St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District
S. E. RAGLAND
Chairman
Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
Account
NOVEMBER 1941
SPENCER, JR.
Vice President
B. G. HUNTINGTON
ROBERT M. HANES
RYBURN G. CLAY
EDWARD E. BROWN
President
CHESTER MORRILL,
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open
E.
LYMAN E. WAKEFIELD
W. DALE CLARK
R. E. HARDING
PAUL S. DICK
Market
WALTER LICHTENSTEIN, Secretary
1207
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal
Reserve
Bank of
Chairman and
Federal Reserve
Agent
Deputy Chairman
President
First Vice President
Vice Presidents
Boston
Frederic H. Curtiss. Henry S. Dennison. R. A. Young
W. W. Paddock... William Willett *
New York
Beardsley R u m l . . . . Edmund E. Day
L. R. Rounds
Allan Sproul
R. M. Gidney
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
Philadelphia.. Thomas B. McCabe
Warren F. Whittier. Alfred H. Williams Frank J. Drinnen.. W. J. Davis
E. C. Hill
C. A. Mcllhenny 2
C. A. Sienkiewicz
Cleveland.... Geo. C. Brainard. . . R. E. Klages
W. G. Wysor
Richmond.... Robt. Lassiter
Wm. H. Fletcher
R. B. Hays
W. F. Taylor 2
G. H. Wagner
M. J. Fleming
F. J. Zurlinden
Hugh Leach
J. S. Walden, Jr.. . J. G. Fry
R. W. Mercer
W. S. McLarin, Jr.. Malcolm H. Bryan H. F. Conniff
L. M. Clark
Atlanta
Frank H. Neely.... J. F. Porter
Chicago
F.J.Lewis
Clifford V. Gregory. C. S. Young
St. Louis
Wm. T. Nardin
Oscar Johnston
H. P. Preston
Chester C. Davis.. F. GuyHitt
J. H. Dillard
A. J. Mulroney
0. M. Attebery1
C. M. Stewart
E. W. Swanson 2
Harry I. Ziemer
Minneapolis. . W. C. Coffey
Roger B. Shepard. . J. N. Peyton
0. S. Powell
Kansas City.. R. B. Caldwell
J. J. Thomas
H. G. Leedy
Henry 0. Koppang J. W. Helm 2
D. W. Woolley
Dallas
Jay Taylor
R. R. Gilbert
E. B. Stroud
J. H. Merritt
R. B. Coleman
WT
T
TP-f7-o-no
W. 0. Ford l
San Francisco R. C. Force
St. George Holden.. Wm. A. Day
Ira Clerk
C. E. Earhart 1
WT 1\/T
TTolo
R. B. West
1
Cashier.
2
Also cashier.
MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS
Federal Reserve Bank of—
New York:
Buffalo Branch
Cleveland:
Cincinnati Branch
Pittsburgh Branch
Richmond:
Baltimore Branch
Charlotte Branch
Atlanta:
Birmingham Branch
Jacksonville Branch
Nashville Branch
New Orleans Branch
Chicago:
Detroit Branch
St. Louis:
Little Rock Branch
Louisville Branch
Memphis Branch
1208
Managing Director
R. M. O'Hara
B. J. Lazar
P. A. Brown
W. R. Milford
W. T. Clements
P. L. T. Beavers
Geo. S. Vardeman, Jr.
Joel B. Fort, Jr.
E. P. Paris
H. J. Chalfont
A. F. Bailey
C. A. Schacht
W. H. Glasgow
Federal Reserve Bank of—
Managing Director
Minneapolis:
Helena Branch...
R. E. Towle
Kansas City:
Denver Branch
Oklahoma City Branch
Omaha Branch
Jos. E. Olson
G. H. Pipkin
L. H. Earhart
Dallas:
El Paso Branch
Houston Branch
San Antonio Branch
J. L. Hermann
W. D. Gentry
M. Crump
San Francisco:
Los Angeles Branch
Portland Branch
Salt Lake City Branch
Seattle Branch
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
FEDERAL RESERVE BULLETIN
Publication*
Copies of the publications and releases listed below may be obtained from the Board of Governors of the
Federal Reserve System, Washington, D. C.
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Department Store Sales—Percentage Changes by
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Released about the end of the
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Monday:
Condition of Reporting Member Banks in Leading Cities.
Bank Debits—Debits to Deposit Accounts, except
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Tuesday:
Money Rates—Open-Market Rates in New York
City. (Also monthly.)
Thursday:
Condition of the Federal Reserve Banks.
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of Condition of Reporting Member Banks in
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Department Store Sales—Index for United States QUARTERLY
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Released about two
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The Federal Reserve System—Its Purposes and ting through 1942. 50 cents per single copy; in
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Chart Book II, Federal Reserve Charts on InDigest of Rulings—to October 1, 1937. Digests
dustrial Production.
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NOVEMBER
1941
1209
Federal Reserve Publications
REPRINTS
(From Federal Reserve
BULLETIN
except as stated otherwise. Partial list.)
The Gold Stock. 2 pages. September 1940.
Constitutionality of Legislation Providing a Unified
Commercial Banking System for the United States.
Measurement of Production, by Woodlief Thomas
Opinion of the Board's General Counsel. 21 pages.
and Maxwell R. Conklin. 16 pages. September
March 1933.
1940.
Supply and Use of Member Bank Reserve Funds.
Gold Reserves of Central Banks and Governments.
Explanation of analysis of sources of member bank
reserve funds and uses to which such funds are put. 18 pages. September 1940.
31 pages. July 1935.
Development of Federal Reserve Banking, by
Member Bank Statistics. A discussion of the sta- M. S. Szymczak. 8 pages. December 1940.
tistics compiled and published by the Board covering
Economic Preparedness for Defense and Post Dethe operations and conditions of member banks. 28
fense Problems, by Marriner S. Eccles. 8 pages.
pages. November 1935.
January 1941.
Summary of Provisions of State Laws Relating to
Bank Reserves. 33 pages. March 1937.
Special Report to the Congress, submitted DeAnalyses of the Banking Structure—As of Decem- cember 31, 1940. 2 pages. January 1941.
ber 31, 1935. Number, deposits, and loans and inEconomic and Monetary Aspects of the Defense
vestments of banks classified by size of bank and
Program, by John H. Williams. 4 pages. February
town and by other factors. 33 pages. August 1937.
1941.
Problems of Banking and Bank Supervision. ExFederal Reserve Bank Lending Power not Dependcerpts from the 1938 Annual Report. 33 pages.
ent on Member Bank Reserve Balances. 2 pages.
The History of Reserve Requirements for Banks in
February 1941.
the United States. 20 pages. November 1938.
Commodity Prices, by Frank Garfield and Clayton
Monetary Measures and Objectives. Three statements by the Board on objectives of monetary policy, Gehman. 16 pages. March 1941.
on proposals to maintain prices at fixed levels through
Inflation, by E. A. Goldenweiser. 3 pages. April
monetary action, and on legislative proposals relat1941.
ing to monetary measures and objectives. 8 pages.
July 1937, April 1939, and May 1939.
Financial Problems of Defense, by Marriner S.
Revised Indexes of Factory Employment. Bureau Eccles. 11 pages. Mimeographed release, May 1,
of Labor Statistics indexes adjusted for seasonal 1941.
variation by Board of Governors. 32 pages, October
Gold, Capital Flow and Foreign Trade. A review
1938; 10 pages, October 1939.
of international trade and financial developments
The Gold Problem Today, by E. A. Goldenweiser. from the outbreak of war in Europe to May 1941,
4 pages. January 1940.
statements of the gold and dollar resources and exThe Par Collection System of the Federal Reserve penditures of the United Kingdom, and the text of
Banks, by George B. Vest. 8 pages. February 1940. the Lend-Lease Act and Appropriation Act pursuant thereto. 28 pages. January, February, and
The Banks and Idle Money, by Woodlief Thomas. May 1941.
9 pages. March 1940.
Revised Indexes of Freight-Car Loadings. 5 pages.
Historical Review of Objectives of Federal Reserve
June
1941.
Policy, by A. B. Hersey. 11 pages. April 1940.
Seasonally Adjusted Estimates of Nonagricultural
Cheap Money and The Federal Reserve System, by
Employment. 2 pages. June 1941.
E. A. Goldenweiser. 5 pages. May 1940.
Ownership and Utilization of the Monetary Gold
Adjustment for Seasonal Variation, by H. C. Barton,
Stock. 3 pages. May and June 1940.
Jr. Description of method used at the Board in
General Indexes of Business Activity, by Frank adjusting economic data for seasonal variation. 12
pages. June 1941.
Garfield. 8 pages. June 1940.
New Federal Reserve Index of Industrial Produc-
Economic Aspects of Federal, State and Local
tion. August 1940. (This reprint in process of re- Taxation, by Marriner S. Eccles. 17 pages. Mimeovision, will be available about December 1, 194.1.) graphed release, October 14, 1941.
1210
FEDERAL RESERVE BULLETIN
@FedFRASER