Full text of Federal Reserve Bulletin : September 1941
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FEDERAL
RESERVE
BULLETIN
SEPTEMBER 1941
Review of the Month—Consumer Credit Regulation and
Banking Conditions
Regulation W—Consumer Credit
Questions and Answers on Consumer Credit
Bank Lending for Defense
United States Savings Bonds and Tax Anticipation Notes
Revision in the Index of Industrial Production
Assets and Liabilities of Branches of Member Banks
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
Contents
PAGE
Review of the Month—Consumer Credit Regulation and Banking Conditions.
825-836
From a Legal Standpoint:
Executive Order with Respect to Regulation of Consumer Credit. .
837-839
Regulation W—Consumer Credit.
839-845
Interpretations of Regulation W
846-848
Broker Borrowing from Nonmember Bank Under Section 8 (a) of the Securities Act of 1934.
849
Use of Obligations of the United States as Collateral for Federal Reserve
Notes
850
Extension of Powers Relating to the Stabilization Fund and the Weight of
the Dollar
851
Executive Order Establishing the Economic Defense Board.
851
Executive Order and Regulations on Transfers of Property of Foreign Countries and their Nationals.
..
852
General Licenses and Public Circulars Issued by the Secretary of the Treasury 853-861
From the Board's Correspondence—Questions and Answers on Consumer Credit. 862-863
Announcement of New Publications. .
864
Current Events
865
Bank Lending for Defense, by Victor M. Longstreet. .
866-874
United States Savings Bonds and Tax Anticipation Notes, by Gunhild Anderson. 875-877
Revision in the Index of Industrial Production. (See pp. 933-937 for tables) .
878-881
Assets and Liabilities of Branches of Member Banks. .
882-885
National Summary of Business Conditions .
. . 886-887
Financial, Industrial, Commercial Statistics, United States6Stee p. 889 for list of tables) 889-937
Changes in Number of Banks and Branches in the United States. .
938
All Member Banks—Condition on June 30, 1941. .
939-940
International Financial Statistics (See p. ui for list of tables) .
941-957
Board of Governors and Staff; Open Market Committee and Staff; Federal
Advisory Council
958
Senior Officers of Federal Reserve Banks; Managing Directors of Branches. .
959
Federal Reserve Publications.
960-961
Map of Federal Reserve Districts. .
962
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Federal Reserve Bank of Chicago
230 South LaSalle Street, Chicago, Illinois
FEDERAL RESERVE BULLETIN
VOL.
SEPTEMBER 1 9 4 1
27
No. 9
@on5umet (ztedlt /Regulation and Hanking Condition!
The President issued an Executive Order,
dated August 9, authorizing the Board of
Governors of the Federal ReRegulation of
s e r v e System to regulate the
consumer credit
. .
credit institutions and dealers in goods to be
regulated. This draft was released for publication, and all comments and suggestions received, both from those called in for consultation and from others, were given careful
consideration in preparing the final draft of
the regulation as adopted and issued by the
Board.
The reasons for regulating consumer credit
and for assigning this task to the Board of
Governors of the Federal Reserve
Purpose of System were set forth in the Ex-
terms and conditions under
which credit repayable in instalments may be
extended for purchasing or carrying consumers' durable goods, other than a residential building in its entirety. Various other
types of credit were also made subject to
regulation, particularly where necessary to
prevent evasion or prevent defeat of the pur- regulation
J
J. J. J poses of the Order. The initial regulation
ecutive Order and are restated m
issued by the Board under the authority of the Foreword to the Board's regulation. In
the Order was adopted on August 21 to be- further explanation of the regulation, Chaircome effective as of September 1, 1941, ex- man Eccles issued the following statement,
cept for certain sections which become effec- made public on August 25:
tive on October 1, November 1, or at the It is important that the public know why they are
beginning of 1942. This regulation, known asked to accept and to cooperate in making effective
as Regulation W of the Board of Governors the President's Executive Order calling for regulaof the Federal Reserve System, and the Ex- tion of instalment credit. Employment and national
are rapidly rising to new high levels priecutive Order are printed elsewhere in this income
marily because of the huge defense expenditures.
BULLETIN. Separate copies of the regulation This means that by and large people have more
may be obtained from any of the Federal money to spend than ever before. This is happening
at a time when more and more of our industrial
Reserve Banks or their branches.
plant
must be used to produce defense materials. To
In preparing its regulation the Board of
the extent that plants can be expanded, or can work
Governors had the advice and assistance of a longer hours, or that shortages of strategic materials
consultative committee, created by the Ex- or of skilled help, can be overcome, we can produce
ecutive Order and consisting of the Secre- both for defense and for civilian consumption. And
tary of the Treasury, the Federal Loan Ad- the aim of all policy should be to increase production
the fullest possible extent. But we know that
ministrator, and the Administrator of the to
there are acute shortages of certain metals and
Office of Price Administration and Civilian other strategic materials. We know that beyond a
Supply, or their alternates. A tentative pre- point our plants cannot turn out more and more goods
liminary draft of the regulation was discussed for the public and at the same time produce more
at a meeting on August 14 with representa- and more for defense. The imperative demands of
must have the right of way over civilian
tives of the Federal Reserve Banks, through defense
needs.
which the regulation will be administered, If there are no restraints upon the public's spendand at a meeting on the next day with repre- ing of increasing income for articles that cannot be
sentatives of organizations of banking and produced in sufficient quantity to meet the increas-
825
Review of the Month
ing demand, the inevitable result is that the prices of
these articles will be rapidly bid up. The consequence
is what is commonly termed inflation. Inflation is
as destructive as deflation. It shatters all of the
adjustments of our economic machine. It hits hardest
of all those of small means. It would not only vastly
increase the costs of defense, but it would imperil
our entire economy and make increasingly difficult
the adjustments of the post-war period.
The Government is striving in various ways to
combat inflation. Taxation is a means not only of
helping to pay for defense but of drawing off buying
power that would otherwise inundate our markets.
Similarly, the Treasury has appealed to the public
to invest in savings bonds and stamps, and in tax
anticipation notes, to aid in meeting the costs of
defense and to divert money from the marketplace
until such time as we can turn again to peace time
production.
These broad measures have to be backed up by
others. Thus, in the case of acute shortages, the
Government has had to fix prices, to invoke rationing and priorities. Beyond all this, however, it is
evident that if we, in effect, draw off buying power
with one hand and extend credit with the other, we
have accomplished nothing in reducing the aggregate
demand in the markets. If you pay $50 in taxes and
invest $50 in savings bonds, and then turn around
and borrow $100 to spend, you have not curtailed
your purchases by a penny.
Accordingly, it is of primary importance that restraints be placed upon the wholesale extension of
credit, including instalment buying. The volume of
instalment credit has been expanding very rapidly,
as it always does in times of rising national income.
Yet 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. Instead of an
ever-expanding volume of consumer credit, we need
to bring about a substantial reduction in the total
outstanding. Civilian demand for goods must be
adjusted as closely as possible to supplies available
for consumption. Regulation of instalment credit is
a necessary measure to this end. 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 postdefense slump.
The impression held by some that regulation of
instalment buying tends to restrict production or to
curtail the business of dealers in merchandise is based
on misunderstanding. It is because of defense needs,
not because of regulation of instalment credit, that
civilian supply is reduced in various lines, such as
826
automobiles. The purpose of instalment credit regulation is to help dampen demand for goods the civilian
supply of which has already been reduced and must
be further reduced because of defense needs. In a
word, the purpose is to dampen demand, not to diminish production. If production could keep pace with
both civilian and defense demands, we would have no
price inflation troubles. We would need none of the
measures of control and regulation which are being
invoked with the objective of protecting the public.
The regulation issued by the Board of Governors
of the Federal Reserve System covers a list of consumers' durable goods. Demand for these goods tends
to cause inflationary price rises as well as to absorb
materials increasingly needed for defense. The regulation prescribes instalment terms that are by no
means stringent or onerous. It does not prohibit
buying on instalments, whether it be automobiles or
ice boxes. It is a supplemental instrument to be
used in conjunction with the broader, more basic
fiscal and other governmental powers in combating
price inflation. It is not being used as an instrument
of reform or alteration of the fundamentals of our
economic system. In effect, it recognizes what in
many lines are standard practices. The intent is not
to disrupt but to protect the economy.
The public should be fully aware, however, that the
regulation is subject to change from time to time as
experience with its administration develops, and as
economic conditions require a further dampening of
buying power in order to safeguard the interests of
consumers and the public generally.
In issuing its initial regulation on consumer credit the aim of the Board was to act
promptly in adopting a
r
^ ^ t i o n which would
apply moderate restrictions in a manner consistent where possible
with prevailing trade standards. The initial
regulation lays a basis for such subsequent
changes in coverage and adjustment of terms
as experience in this field and economic developments may indicate to be necessary in
order to carry out the purposes of the Executive Order and, at the same time, not impose
unnecessary burdens on consumers, dealers,
or credit institutions.
The regulation1 covers primarily extensions
1
The regulation, in order to be unequivocal and in order to prevent evasions and at the same time not impose undue restrictions
on activities not intended to be regulated, is necessarily stated in
precise legal language with appropriate qualifications and exceptions. This broad summary of its provisions is not intended to
be a precise guide to be followed in applying the regulation to
specific cases. The regulation itself and also a set of questions
and answers explaining in some detail specific provisions, are
printed in this BULLETIN.
FEDERAL RESERVE BULLETIN
Review of the Month
of instalment credit for the purpose of purchasing or carrying certain designated types
of consumers' durable goods. The list of articles covered is given in a supplement to the
regulation and is subject to change from time
to time. Used articles, as well as new ones,
are covered in all cases except household furniture. In order to cover more broadly the
field of consumers' instalment credit and to
prevent evasion of the main purposes of the
order and regulation, maturity restrictions
are imposed on cash loans repayable in instalments, whether or not secured by listed articles, provided the loan does not exceed
$1,000. The regulation does not apply to
open book accounts, nor to any loan payable
in full on a fixed date. Instalment contracts
and loan agreements made prior to the effective date of the regulation are not covered by
regulation, except in certain cases where they
are renewed, revised, or consolidated after the
effective dates of applicable provisions.
Some types of instalment loans are exempted from the regulation, including loans
of over $1,000 not secured by a listed article
recently or about to be purchased, first mortgage loans on real estate, some building repair
loans, loans made for educational purposes,
loans for medical and similar expenses where
needed to prevent undue hardship, loans to
dealers, and certain other special types.
While the regulation in general is effective
as of September 1, 1941, the effective dates
of certain provisions have been postponed—
some to October 1, some to November 1, and
others to January 1. These postponed provisions apply to records to be kept; renewals,
revisions, additions, and consolidations of outstanding credit; and in the last case to minimum monthly payments.
For all types of loans covered by the regulation a maximum maturity of 18 months is
prescribed and, with some exceptions, loans
must be repayable in approximately equal instalments at regular intervals, not exceeding
one month. Minimum down payments are
required in the case of instalment sales and
SEPTEMBER
1941
of loans secured by listed goods. The downpayment requirements amount to 33^3 per
cent for automobiles, which may include the
trade-in value of a used car, to 20 per cent for
refrigerators and other household appliances,
to 15 per cent for major items of housing
equipment such as furnaces and plumbing,
and to 10 per cent for household furniture.
For all listed goods, except automobiles,
the down payment required is figured as a
percentage of the full purchase price minus
the value of the trade-in, if any. For this
reason, the instalment buyer of such articles,
regardless of the trade-in allowance, must
always make a down payment in cash. No
down payment is required on real estate
modernization loans of less than $1,000 for
services and materials other than listed articles, but such loans must be repaid in 18
months.
Persons and agencies subject to this regulation include all who are engaged in the
business of making extensions of instalment
credit, or discounting or purchasing instalment paper, including instalment sellers of
the listed articles, whether dealers, stores,
mail order houses, or others; sales finance
companies; banks, including Morris Plan and
other industrial banks; and personal finance
or "small loan" companies and credit unions.
Persons engaged in the business of extending
the types of credit regulated are required to
register not later than the end of the year
with the Federal Reserve Bank of their district and must be licensed in order to engage
in the business of extending such credits. To
all persons engaged in that business, however,
a general license is granted by the regulation
itself until December 31, 1941.
Thus the institutional coverage of this regulation will be broad, including not only member banks of the Federal Reserve System,
which are already under the supervision of
the Board in various respects, but also many
other types of business establishments. A
large part of consumer credit is extended directly by the dealers in the various durable
82?
Review of the Month
consumers' goods. A somewhat smaller proportion is extended to consumers directly by
cash lending agencies, including commercial
banks, industrial banks, personal finance companies, credit unions, and a few others. The
paper created by vendors of durable consumers' goods is commonly discounted with
or sold to finance companies or banks. Some
dealers, however, particularly department or
furniture stores,financetheir instalment sales
by borrowing from banks on regular lines of
credit or from the open market and hold the
instalment paper they create. Sales finance
companies also go to banks or to the open
market for funds.
Administration of the regulation will be
decentralized so far as possible through the
12 Federal Reserve Banks and their 24
branches, to which inquiries relative to the
regulation may be addressed. Suggestions
from anyone interested in or affected by the
regulation are invited. When the registration
forms required by the regulation have been
prepared, they will be available to registrants
at Federal Reserve Banks and branches.
For a year or more the sales of consumers'
durable goods such as automobiles, refrigerators and furniture, have been
Growing demand increasing rapidly. As shown
in the
durablTSf
accompanying chart
automobile sales in the second
quarter of 1941 increased by about 40 per
cent over the same period of 1940. On the
same basis refrigerator sales increased by
over 20 per cent and furniture production by
30 per cent. Sales in house furnishings departments of department stores have increased more than in most other departments. In the aggregate, sales of consumers'
durable goods appear to have expanded two
or three times as much as income payments
to individuals.
A more-than-proportionate increase of expenditures for consumers' durable goods
usually appears in a period of expanding consumer income but the recent increase has
been relatively greater than usual.
828
INCOME PAYMENTS AND SELECTED DURABLES
INDEXES ADJUSTED FOR SEASONAL VARIATION, 1935 - 1939 e 100
PER CEN1
80
Source.—Income payments to individuals estimated by the
United States Department of Commerce. Retail sales of passenger cars reported by the Automobile Manufacturers Association. Manufacturers' shipments of refrigerators supplied by
United States Department of Commerce. Furniture production
is one of the constituent series in the Board's index of the
physical volume of production. Passenger car sales, refrigerator
shipments, and furniture production are three-month moving
averages, centered on the second month.
It has become increasingly evident that
the expanded output of many consumers' durable goods was interfering with the defense
effort and that scarce materials and skilled
labor, needed in armament production, were
being used. As a result programs have been
undertaken for restricting the production of
several of the more important of these goods.
The Office of Production Management and the
Office of Price Administration and Civilian
Supply announced late in August that in the
four months August to November, 1941, output of passenger cars would be curtailed 2 6 ^
per cent below the corresponding period last
year and that in following months further
decreases could be anticipated with the expectation that passenger car production would
be 50 per cent smaller in the model year beginning August 1, 1941, than in the previous
year. Similar plans for curtailing the output of mechanical refrigerators and home
laundry equipment are being formulated, and
it has been indicated that restriction might be
FEDERAL RESERVE BULLETIN
Review of the Month
expected in the production of other consumers' durable goods. Many producers are
faced with the prospect of being unable to
get the materials they need to maintain current levels of production.
It appears, therefore, that expected supplies of important consumers' durable goods
may not be large enough to meet the growing
demand at existing prices, particularly if
such demand should be supplemented by a
growing volume of instalment credit. Some
price advances have already occurred in automobiles, refrigerators, and furniture. The
pressure for further price advances may be
forestalled only by the prompt adoption of
appropriate measures.
Instalment credit has been facilitating a
large part of the recent growth in demand
for consumers' durable
Expansion of
goods. The present volume
stantially. The accompanying chart shows
the total expansion of consumer instalment
debt and of instalment debt arising from
automobile sales.
In the past year the country has experienced the most rapid increase in the volume
of bank credit during its
Expansion in bank history. Loans of commercredit and deposits
cial banks have expanded
by nearly $3 billion and their holdings of
United States Government obligations by
about $3.6 billion, as shown by the chart. As
a result of this expansion and of the further
increase in monetary gold stock, the country's
abundant supply of bank deposits and currency in circulation has increased further.
The volume of money payments, as reflected
in the figures of debits to checking accounts
in banks, has risen sharply since the inauguration of the defense program last summer,
instalment credit
.
of consumer instalment and the turnover of bank deposits, which repdebt, amounting to about $6 billion, is at an resents the rate at which deposits are being
all-time peak and is nearly double the recent used, has also increased. Although the exlow in 1938. During the past year the pansion of bank credit, the growth of curamount of credit outstanding on automobiles rency in circulation, and the building up of
increased over 40 per cent and other forms Treasury deposits at the Reserve Banks have
of instalment credit also have increased sub- caused some reduction in the volume of bank
CONSUMER INSTALLMENT DEBT
reserves in excess of legal requirements, excess reserves are still very large, amounting
to about $5 billion for all member banks.
These reserves are available to banks as a
basis for a further very large expansion
in their loans and investments and correspondingly in the volume of deposits.
One of the outstanding banking developments since the start of the defense program
has been the rapid growth of
increase in
bank loans
bank loans. By far the largest
increase has occurred in the
broad category of commercial and industrial
loans, which have been expanding sharply
for both defense and nondefense purposes,
especially at city banks. Bank holdings of
open-market paper have also shown a modSource.—Estimates of total consumer instalment debt and of
instalment debt for the purchase of automobiles prepared by erate increase, reflecting in part a larger
National Bureau of Economic Research and brought up to date
by the Department of Commerce. Estimates for the first six volume of commercial paper available in the
months of 1941 based on incomplete data.
market. Latest member bank call report figBILLIONS OF
1937
1938
SEPTEMBER 1941
1939
1940
DOLLARS
1941
829
Review of the Month
LOANS AND INVESTMENTS
ALL COMMERCIAL BANKS IN THE UNITED STATES
JUNE 30,1928-1935, JUNE AND DECEMBER THEREAFTER
BILLIONS OF DPI
During March, April, and the first half of
May, farmers redeemed substantial quantities of the 1940 cotton and wheat crops
pledged to secure loans at banks, guaranteed
by the Commodity Credit Corporation. These
redemptions resulted principally from the
fact that market prices for these commodities rose above loan values, partly as a result
of the prospect for higher loan rates on
1941 crops.
Since the end of June commercial loans at
reporting banks in leading cities have risen
further. The total increase in these loans
since August 1940, when the current rise
began, has been about $1,700 million. As
CHANGES IN LOANS AT MEMBER BANKS
JUNE 29, 1940—JUNE 30, 1941
[In millions of dollars]
Loans
outstanding
June 30,
1941,
all
member
banks
Figures are partly estimated; those for June 30, 1941, are
preliminary.
Total loans,
. . .
Change since June 29, 1940
All
member
banks
16, 729 +2,761
New
York Other
central reserve Country
reserve city l
city banks banks
banks
+764 +1,376
+620
ures for June 30, 1941, are given in the ac- Commercial and industrial loans
7,270 +1,732
+605
+190
+937
companying table. This table shows that Agricultural
loans
738
+9
+2
-4
Open-market paper
537
+42
-7
+52
+87
real estate loans also increased further dur- Real estate loans. _
+196
3,365
8
+109
+297
for purchasing or
ing the past year, principally at country Loans
carrying securities:
brokers and dealers.
575
+128
+102
+26
()
banks. Loans to brokers and dealers in se- To
To others
635
-33
-18
-2
-13
Other loans.
+196
+274
3,609
+77
+548
curities increased somewhat at city banks,
while loans to others for purchasing and Includes Chicago central reserve city banks.
carrying securities showed a further slow 2 Less than $500,000.
decline.
shown by the chart, the expansion at New
So-called "other loans", not separately York City banks and banks in other Northern
classified in bank reports, increased at all and Eastern cities (in the Boston, New York,
classes of member banks. This increase Philadelphia, Cleveland, and Chicago Federal
aggregated about $550 million and was due Reserve districts), was more marked this
in large part to an expansion in retail instal- year than in 1939 and 1940. Commercial loans
ment paper and personal loans. These loans at city banks in the Minneapolis, Kansas City,
include the types of credit that come within and San Francisco Reserve districts have
the scope of the consumer credit regulation shown as large a percentage rise as those in
just issued by the Board.
the Northern and Eastern districts, but they
Agricultural loans of country banks, after account for a relatively small part of the
increasing somewhat in the latter half of total increase. Southern city banks have
1940, declined during the first half of this shown little further increase in commercial
year, a season when they ordinarily increase. loans since the beginning of the year.
Q
2
1
830
FEDERAL RESERVE BULLETIN
Review of the Month
From a survey of loans made for defense
purposes, undertaken by the Board of Governors in cooperation with the
Defense loans Qffice o f Production Manageby banks
.
ment and discussed in a special
article on pages 878-881 of this BULLETIN, it
appears that as of April 30 the volume of defense loans outstanding at banks in leading
cities aggregated $460 million. Defense
loans amounted to nearly half of the total
increase in commercial loans at these banks
from August 21, 1940 to April 30, 1941. De-
The table pictures the distribution of defense loans by Federal Reserve districts.
While the Boston, New York, Cleveland, Chicago, and San Francisco districts rendered
the largest dollar contributions, the Boston,
Richmond, and Philadelphia districts had
the largest share of their new commercial
loans directed to defense purposes.
DEFENSE LOANS AND TOTAL COMMERCIAL LOANS OF
CITY BANKS B Y FEDERAL RESERVE DISTRICTS
APRIL 30, 1941
[Amounts in millions of dollarsl
Defense lo
COMMERCIAL LOANS OF BANKS IN LEADING CITIES
Federal Reserve
District
Boston
New York
Philadelphia...
Cleveland
2,245
267
382
55
156
24
38
15
7
9
10
87
36
69
38
Richmond
Atlanta
Chicago
St. Louis
148
196
770
224
19
12
82
15
13
6
11
7
79
26
44
36
Minneapolis..
Kansas City_.
Dallas
San Francisco.
103
211
214
406
5
6
14
34
5
3
7
8
42
19
38
51
5,532
460
8
Total
2 7 WESTERN
earner
uaira
nguics
ctrt; t:»niiia,bt:u
un
LIHS uasis
UJL cnangcs
and San Francisco districts.
fense loans accounted for about 8 per cent of
total commercial loans outstanding at city
banks on April 30, and the figure has probably since increased to about 12 per cent.
The contribution of commercial banks to the
financing of the defense effort has been substantial and is of growing importance. Likewise, lending for defense purposes is becoming an increasingly significant part of the
banks' lending business.
1941
366
CITIES
so-called "other" loans. Cities grouped as follows: Northeastern—cities in the Boston, New York (outside New York
SEPTEMBER
Total
comPer cent Per cent of
increase in
mercial
of total
commercial
loans Amount
comloans since
mercial
Aug. 21, 1940
loans
About one-third of defense loans outstanding on April 30 had been granted for the
financing of new plant facilities, the other
two-thirds for the financing of current production. The plant facility loans had been
obtained largely by the aircraft and shipbuilding industries and there was also a large
amount of loans to provide housing and to
build military bases. The more established
industries manufacturing such products as
machinery, textiles, and iron and steel products had borrowed from banks primarily for
working capital purposes.
About two-fifths of the number of defense
loans, representing a quarter of the total
amount lent for defense purposes, had been
obtained by subcontractors, mostly small and
medium-size firms. The assignment of contract claims against the Government as a
831
Review of the Month
means of obtaining bank credit has been used
widely in the granting of plant facility loans,
thus making it easier for small firms and producers engaging in new lines of production
to obtain credit.
Along with expansion of loans, banks have
continued to increase their holdings of United
States Government secu-
funds added about $1,400 million to their
holdings, mostly special issues, while the Federal Reserve Banks reduced theirs by about
$300 million. Another $1,400 million of nonmarketable issues, mostly Savings Bonds,
were sold to the general public other than
banks. The net increase in marketable issues
held by the public was $4,300 million, and
Continued increase
l
was entirely at banks and insurance comin bank investments
the increase during the panies.
year ended June 1941 was at New York City
Since the end of June, the Treasury has
banks, which added $1,800 million to their sold about $2,300 million of new securities,
holdings of Government securities. Other including $600 million of guaranteed obligamember banks showed a growth of $1,600 tions of the Reconstruction Finance Corporamillion. Increases in the second quarter of tion and the Commodity Credit Corporation,
this year amounted to $600 million at New $600 million of Defense Savings Bonds,
York City banks, $300 million at reserve city $1,000 million of tax anticipation notes,
banks, and $200 million at country banks.
which were placed on sale on August 1, and a
Expansion of commercial bank holdings of small amount of depositary bonds. In this
Government securities in the year ending period weekly reporting member banks inJune 30, 1941, represented about two-thirds creased their holdings of guaranteed obligaof the increase in the volume of Government tions by nearly $300 million, equivalent to
securities outstanding, excluding special issues to Government agencies and trust funds about one-half of the additional guaranteed
but including Savings Bonds which cannot be securities issued by the Treasury, and their
purchased by banks. As shown by the ac- holdings of other Government securities
companying table, total outstanding Govern- showed little change. Thus, in accordance
ment securities increased by $6,900 million with its program, the Treasury was able in
during the year. Federal agencies and trust this period to raise a substantial amount of
funds from investors other than banks.
Expanding loans and investments of banks,
DISTRIBUTION OF DIRECT AND GUARANTEED SECURITIES
OF THE FEDERAL GOVERNMENT, BY
together with continued, although reduced,
CLASSES OF HOLDERS
gold inflow, have had the effect
[In millions of dollars]
High level of o f increasing to new high levbank deposits
°
, , , , ,
June 29, June 30, Change
els the supply of funds held by
1940
1941
the public in the form of bank deposits and
47,874
54, 747 +6,873 currency. These funds are ready money that
Total outstanding
Holdings by—
can be used by their holders in increasing
Federal agencies and trust funds:
2,293
Public issues
2,360
+67
4, 775
6,120
+ 1 , 345 demands for commodities. As of the end of
Special issues
2,466
2, 184
-282
Federal Reserve Banks
June this year, total bank deposits and cur16, 550 20,130
Commercial banks *
+3, 580
3,110
Mutual savings banks 1 _ _ _
+250 rency held by the public amounted to over
3, 360
6,100
6, 600
Insurance companies ' .
+500
$74 billion. This volume exceeds all previous
Other investors:
9,700
Marketable issues 1
9, 700
2,900
Nonmarketable issues *
4,300
+ 1 , 400 records, as shown by the chart. It was about
$19 billion above the predepression peak of
Estimated figures for commercial banks and mutual savings banks
have been rounded to nearest 10 millions and estimated figures for in- 1928 and $17 billion above the levels of 1937
surance companies and other investors have been rounded to nearest
100 millions.
and the first half of 1938.
r i t i e s
A
arge
p a r t
o f
1
832
FEDERAL RESERVE BULLETIN
Review of the Month
TOTAL DEPOSITS AND CURRENCY
ALL BANKS IN THE UNITED STATES
CAL
. REPORT DATES
BILLIONS OF DOLLARS
80
70
70
/
/
60
60
>
""•""•So
50
TOTAL DEPOSITS
AMD CU RRENCY
sj
/
/
/
LA
s
50
\*»
40
30
40
——»
TIME DEP )SITS
20
b^DE
~*?
MAND DEPO SITS
ADJ USTED
y
30
—
20
10
10
0
z? */-
CURR iNCY OUTSI )E BA
MKS
L_1934
1936
1
0
Figures are partly estimated; figures for June 30, 1941, are preliminary. Deposit figures cover all commercial and savings banks
in United States and Postal Savings System. Demand deposits
are adjusted for cash items in process of collection. Interbank
deposits are excluded throughout and U. S. Government deposits
are excluded from "demand deposits adjusted" but included in
"total deposits and currency". Deposits in Postal Savings System
and in mutual savings banks are included in time deposits.
The significance of the present high level
of bank deposits and their current rapid
increase must be appraised in the light of
the changed business situation. Expansion
in the volume of bank deposits, which proceeded at a rapid rate from 1933 to 1937,
accompanied and helped to facilitate business
recovery during that period. Bank deposits
showed little net change in 1937 and the first
half of 1938, but thereafter their rapid
growth was resumed and it has continued up
to the present time at an accelerated rate.
With development of the defense program
during the past year, the general business
situation has radically changed and has required a shift in general economic policy from
one of stimulating the demand for goods to
one of checking demand in the case of a growing number of commodities. Under these
conditions the creation of new bank deposits
and the enormous volume of bank deposits
SEPTEMBER
1941
and currency held by the public assume new
significance.
In recent months the volume of checks
drawn against deposit accounts in banks has
increased sharply. After
little n e t chan e in 1939
^
and the opening months
of 1940, the volume of debits to checking
accounts at banks in 101 leading cities began
to rise substantially in the closing months of
last year, following the launching of the defense program. The chart shows that this
increase was much sharper than the seasonal
increase that occurred in 1939. In recent
months the rise has been resumed following
a brief interruption after the turn of the
year; debits are currently about 25 per cent
higher than in both 1939 and 1940.
These figures of bank debits represent
charges to demand deposit accounts at banks
in leading cities held for individuals and
corporations and for State and local governments, but they exclude debits to demand
deposits held for other banks, demand deposits of the Federal Government, and time
deposits. In order to eliminate the usual
sharp weekly and monthly movements that
obscure the general trend, data shown on the
chart are 3-month moving averages. Debits
include check payments made by the general
public for a variety of purposes. Because of
recent inactivity in the security markets,
which have at times accounted for a large
part of the movement in bank debits at city
banks, it appears that the rise in bank debits
since last Summer mainly records increased
spending by business concerns for wages,
materials, and plant and by the public for
consumer goods.
In addition to the increase in check payments, the amount of small denomination
currency in circulation has increased substantially in recent years, indicating an expansion in cash payments of various sorts.
833
Review of the Month
DEBITS AND TURNOVER OF DEMAND DEPOSITS IN 101 CITIES
EXCLUDES INTERBANK AND U. S. GOVERNMENT DEPOSITS
S
OF DOLLARS
42
DEBITS
1
40
*-—
194
38
—
36
r
34
/
32
.......
* * ~ 193 9
30
28
ANNU
L TURN
-
'
AH NUAL
VER RATE
24
22
T
URNOVER
TURNOVER
**•
1 n-59
20
.....
***
18
1941
940
16
y
14
CHANGE IN RESERVE POSITION OF MEMBER
JANUARY 15—AUGUST 20, 1941
12
10
BANKS
~ -
Figures are three-month moving averages plotted on middle
month.
Owing to the sharp upturn in the volume
of bank debits and notwithstanding the continued expansion of bank deRise in deposit posits, the rate of deposit
turnover
clines during the same period of 1939 and
1940.
Banks have had a large volume of idle
funds with which to expand their loans and
investments because of the
Recent
changes
in
increase
in their excess reexcess reserves
serves and balances held
with correspondent banks. Excess reserves
of member banks, which reached an unprecedented maximum of $7 billion last October,
have decreased this year, while balances due
from correspondent banks have shown little
further change, continuing in excess of $6
billion. The present volume of these balances
is nearly three times as large as that generally maintained for the two decades prior
to 1934.
f
turnover at city banks has
risen somewhat in the past year. Larger
money expenditures, therefore, reflect in part
a more active use of existing deposits. The
rate of deposit turnover is computed by dividing the volume of debits during a period
by the average volume of deposits over the
same period and hence represents the average number of times a deposit is spent.
When an increasing volume of deposits is
being held idle, the rate of turnover declines,
as during most of 1939 and 1940. Toward
the closing months of each year the seasonal
rise in bank debits usually produces a corresponding rise in turnover, but the chart
shows that the increase in the late months
of 1940 was appreciably greater than in the
corresponding period of 1939. Moreover,
there has been a slight but steady increase
in turnover since early Spring as against de834
Billions
of dollars
Decrease in excess reserves
New reserve funds from gold inflow
Main factors using reserve funds:
Increase in currency circulation
Increase in Treasury cash and deposits with Reserve
Banks
Increase in required reserves
1.8
.6
1.3
.7
.4
Since last January, excess reserves have
decreased by $1,800 million, even though
monetary gold stock, which adds to reserve
funds, rose by about $600 million during the
period. Foremost among the uses of these
$2,400 million of reserve funds, as shown
in the table, was a flow of $1,300 million of
currency into circulation. Increased required reserves arising from the expansion
of bank deposits accounted for $400 million
of reserve funds, and a growth in Treasury
holdings of cash and deposits with the Federal
Reserve Banks for an additional $700 million.
Analysis of the uses of reserve funds indicates that the recent decrease in excess reserves has resulted in large part from an
expansion in bank credit and in the demand
for currency. To the extent that the excess
reserves were reduced by an increase in
required reserves they were used as a basis
FEDERAL RESERVE BULLETIN
Review of the Month
for deposit expansion, and the increase in
money in circulation also represents an addition to the supply of immediately available
liquid funds in the hands of the public. Some
of the factors which contributed to the reduction in excess reserves, moreover, may be
only temporary in nature because reserves
may again increase through a return of currency from circulation and through a reduction of Treasury balances with the Reserve
Banks.
The $1,800 million decline in the volume
of excess reserves of member banks since
last January has been al-
effect on the reserves of New York City
banks.
This year, as in the past two years, there
has been a rather steady drain of funds out
of the New York district on account of the
wide variety of commercial and financial
transactions other than transactions with
FACTORS OF GAINS AND LOSSES OF RESERVE
BY
SEPTEMBER
1941
IN
NEW
YORK
FUNDS
F. R. DISTRICT
GAIN OF FUNDS
Decline of reserves
in New York City
City banks. Around the
middle of last January, New York City banks
held $3,500 million of excess reserves, or
about 50 per cent of the total held by all
member banks. By the middle of August
excess reserves of New York City banks had
declined to about $1,900 million, which now
represent about 40 per cent of total excess
reserves.
Developments responsible for the recent
loss in excess reserves at banks in the New
York Federal Reserve district are illustrated
in the chart. These figures reflect principally
changes in the condition of money market
banks in New York City. Operations of the
United States Treasury were the principal
factor reducing excess reserves in the New
York market since the middle of last January.
Treasury withdrawals of funds from the
New York district, arising from new security
sales and tax receipts, were about $800 million
larger than its expenditures in the district,
principally repayments of maturing obligations and general disbursements. In this
period New York banks have purchased substantial amounts of United States Government obligations; some of these were new
issues bought directly from the Treasury,
while some were purchased from other holders. During 1939 and 1940, Treasury transactions in the New York district were approximately in balance and had almost no net
BANKS
GOLD
/
IMPORTS
A
INTERBANK i
TREASURY
TRANSACTIONS
V
1
OT HER
^ ^
TRANS ACTIONS
CURRENCY
'~-~-
- V - v - ^
^ V v
LOSS OF FUNDS
Weekly gains and losses cumulative from December 28, 1938, to
August 20, 1941. Curves above zero line represent funds gained,
below zero line, funds lost. Figures of interbank balances represent balances of out-of-town banks with banks in New York City.
the Treasury and with correspondent banks.
This loss of funds is shown by the residual
item of "other" transactions. Payments for
goods and services obtained from outside the
New York district, use of loans from New
York banks by borrowers in other parts of
the country, and purchases of securities from
holders outside the district, to name some of
the principal items, have exceeded the amount
of payments which have been made in the
New York district with funds originating
elsewhere. The net loss of funds on this
account has amounted to about $800 million
since last January.
As in other parts of the country, there has
been a steady increase in the amount of money
in circulation in the New York Federal Re835
Review of the Month
serve district. Withdrawal of funds from RESERVE POSITION OF MEMBER BANKS, BY CLASSES OF
E E K ENDING AUGUST 15,
New York banks due to increased demands BANKS, AVERAGE FOR W
1941.
[Amounts in millions of dollars]
for currency has amounted to about $300
million since last January, as compared with
Per cent
Reserve balances
of excess
about $1,000 million in the other 11 districts.
above
requireReExcess
Total
Losses of reserve funds by New York City
ments
quired
banks as a result of Treasury transactions,
Reserve city banks
currency withdrawals, and general commer- Central
3,676
1,863
51
New York City
5,539
407
55
Chicago
738
1,145
cial transactions, have been partly offset by Reserve city banks
75
2,458
1,841
4,300
85
905
1,971
1,066
Country banks 1
additions to reserves arising from a further
Total
5,017
63
12, 954
7,937
import of gold. Since last January gold
imports in the New York district have Figures for required and excess reserves estimated.
amounted to about $400 million. This is only
a fraction of the volume of gold imports in requirements than others. A survey of the
1939 and 1940, which were responsible for reserve position of individual member banks,
the rise in excess reserves at New York City made by the Board of Governors and the
Federal Reserve Banks, for the week endbanks in those years.
ing June 25, 1941, indicates that the large
Excess reserves are well distributed majority of banks hold excess reserves
throughout the banking system. As shown amounting to considerably more than onein the table, member banks as seventh of their present required reserves.
Distribution of
a w h o i e have excess reserves
Under the law the Board of Governors can
amounting to 63 per cent of increase the reserve requirements of member
their required reserves. This proportion banks by approximately one-seventh above
varies from 85 per cent for so-called country existing requirements. About three-fourths
banks to a little over 50 per cent for New of the banks, or 5,065, were in this category.
York City banks. In addition to excess re- Nearly all of the remaining 1,484 member
serves, country banks as a group have large banks held balances with correspondents far
balances with city correspondents.
in excess of amounts needed to increase their
The table indicates the reserve position of excess reserves to one-seventh of required
member banks by groups; for individual reserves. Only 19 banks had excess reserves
banks there is more variation, some having and correspondent balances aggregating less
considerably more reserves relative to their than one-seventh of their required reserves.
1
836
FEDERAL RESERVE BULLETIN
T tom
a
andpoint
Administrative interpretations of banking laws, new regulations issued by
the Board of Governors, and other similar material.
be available for regulating the use of other instalment
credit and other forms of credit usually extended to
There is set forth below the text of the consumers or on consumers' durable goods; and
Executive Order issued by the President on WHEREAS it is appropriate that such credit be conand regulated through an existing governAugust 9, 1941, with respect to regulation of trolled
mental agency which has primary responsibilities
consumer credit.
with respect to the determination and administration
of national credit policies:
EXECUTIVE ORDER N O . 8843
Now, THEREFORE, by virtue of the authority vested
in me by section 5(b) of the act of October 6, 1917,
REGULATION OF CONSUMER CREDIT
as amended, and by virtue of all other authority
vested in me, and in order, in the national emergency
Declaration of Necessity and Purpose
declared by me on May 27, 1941, to promote the naWHEREAS a large volume of credit is being devoted tional defense and protect the national economy, it is
to financing and refinancing purchases of consumers' hereby ordered as follows:
goods and services through extensions of credit that
usually are made to individuals and to a large exA dministration
tent are on an instalment payment basis; and
SECTION 1. (a) The Board of Governors of the
WHEREAS the conditions under which such credit Federal Reserve System (hereinafter called the
is available have an important influence upon the vol- Board)
is hereby designated as the agency through
ume and timing of demand, not only for the particutransfers of credit between and payments by
lar goods and services purchased on credit but also which
or to banking institutions (as defined herein purfor goods and services in general; and
suant to section 5(b) of the aforesaid Act) which
WHEREAS liberal terms for such credit tend to stim- constitute,
or arise directly or indirectly out of, any
ulate demand for consumers' durable goods the pro- extension of
credit of a type set out in section 2(a)
duction of which requires materials, skills, and equip- of this order shall
be investigated, regulated and proment needed for national defense; and
hibited.
WHEREAS the extension of such credit in excessive
(b) The Board shall, whenever it deems such
volume tends to generate inflationary developments action
to be necessary or appropriate, take any lawof increasing consequence as the limits of productive ful steps
herein authorized and such other lawful
capacity are approached in more and more fields steps as are
its power to carry out the purand to hinder the accumulation of savings available poses of this within
order, and may, in administering this
for financing the defense program; and
utilize the services of the Federal Reserve
WHEREAS the public interest requires control of order,
Banks
and any other agencies, Federal or State,
the use of instalment credit for financing and re- which are
available and appropriate.
financing purchases of consumers' durable goods
(c) In order to facilitate the coordination of the
the production of which absorbs resources needed Board's
functions under this order with other phases
for national defense, in order (a) to facilitate of the program
national defense and for protectthe transfer of productive resources to defense ing the national for
there shall be a committee
industries, (b) to assist in curbing unwarranted consisting of the economy,
Secretary of the Treasury, the Fedprice advances and profiteering which tend to re- eral Loan Administrator,
and the Administrator of
sult when the supply of such goods is curtailed
Office of Price Administration and Civilian Supwithout corresponding curtailment of demand, (c) the
or such alternate as each shall designate, and
to assist in restraining general inflationary tenden- ply,
other members as the President shall subsecies, to support or supplement taxation imposed to such
quently appoint. The Board shall maintain liaison
restrain such tendencies, and to promote the accumu- with
the committee, and in formulating policies with
lation of savings available for financing the defense respect
down-payments, maturities, terms of reprogram, (d) to aid in creating a backlog of demand payment,toand
other such questions of general policy
for consumers' durable goods, and (e) to restrain shall consult with
the committee and take into conthe development of a consumer debt structure that sideration any suggestions
or recommendations it
would repress effective demand for goods and serv- may make.
ices in the post-defense period; and
Regulations
WHEREAS in order to prevent evasion or avoidance
of this order and such regulations as may be pre- SECTION 2. (a) Whenever the Board shall deterscribed to effectuate its purposes, means should also mine that such action is necessary or appropriate
Executive Order with Respect to Regulation of Consumer Credit
SEPTEMBER 1941
837
From a Legal Standpoint
for carrying out the purposes of this order, the
Board shall prescribe regulations with respect to
transfers and payments which constitute, or arise
directly or indirectly out of, any extension of instalment credit for the purpose of purchasing or carrying any consumers' durable good except a residential
building in its entirety; and the Board may in addition, to the extent deemed by it to be desirable and
feasible in order to prevent evasion of such regulations as may be so prescribed or in order to control
forms of credit the use of which might defeat the
purposes of this order and such regulations, prescribe regulations with respect to transfers and payments which constitute, or arise directly or indirectly
out of, (1) any other extension of instalment credit,
or (2) any other extension of credit for the purpose
of purchasing or carrying any consumers' durable
good, or (3) any other extension of credit in the
form of a loan other than a loan made for business
purposes to a business enterprise or for agricultural
purposes to a person engaged in agriculture. Such
regulations may be prescribed by the Board at such
times and with such effective dates as the Board shall
deem to be in accordance with the purposes of this
order.
(b) Such regulations may from time to time, originally or by amendment, regulate or prohibit such
transfers and payments or exempt them from regulation or prohibition and may classify them according
to the nature of the transactions or goods or persons
involved or upon such other basis as may reasonably
differentiate such transfers and payments for the
purposes of regulations under this order, and may be
made applicable to one or more of the classes so established ; and, without limiting the generality of the
foregoing, such regulations may require transactions
or persons or classes thereof to be registered or
licensed; may prescribe appropriate limitations,
terms, and conditions for such registrations or
licenses; may provide for suspension of any such
registration or license for violation of any provision
thereof or of any regulation, rule, or order prescribed
hereunder, may prescribe appropriate requirements
as to the keeping of records and as to the form, contents, or substantive provisions of contracts, liens, or
any relevant documents; may prohibit solicitations
by banking institutions which would encourage evasion or avoidance of the requirements of any regulation, license, or registration under this order; and
may from time to time make appropriate provisions
with respect to—
(1) The maximum amount of credit which may
be extended on, or in connection with any purchase
of, any consumers' durable good;
(2) The maximum maturity, minimum periodic
payments, and maximum periods between payments, which may be stipulated in connection with
extensions of credit;
(3) The methods of determining purchase prices
or market values or other bases for computing
permissible extensions of credit or required downpayments; and
(4) Special or different terms, conditions, or exemptions with respect to new or used goods, minimum original cash payments, temporary credits
which are merely incidental to cash purchases,
payment or deposits usable to liquidate credits, and
other adjustments or special situations.
838
(c) On and after the effective date of any regulation prescribed by the Board with respect to any extension of credit of a type set out in section 2 (a), and
notwithstanding the provisions of any other proclamation, order, regulation, or license under the aforesaid Act, all transfers and payments which are in violation of such regulation shall be and hereby are prohibited to the extent specified in such regulation.
(d) Neither this order nor any regulation issued
thereunder shall affect the right of any person to enforce any contract, except that after the effective
date of any such regulation every contract which is
made in connection with any extension of credit and
which violates, or the performance of which would
violate, any provision of such regulation (other than
a provision designated therein as being for administrative purposes), and every lien, pledge, seller's interest in a conditional sale, or other property interest,
subject to the provisions of such contract or created
in connection therewith, shall be unenforceable by the
person who extends such credit or by any person who
acquires any right of such person in such contract;
provided that such disability shall not apply to any
person who extends such credit, or acquires such right
for value, in good faith and without knowing or having reason to know the facts by reason of which the
making or performance of such contract was or would
be such a violation.
Reports
SECTION 3. Reports concerning the kinds, amounts,
and characteristics of any extensions of credit subject to this order, concerning transfers and payments
which arise out of any such extensions of credit, or
concerning circumstances related to such extensions
of credit or such transfers or payments or to the regulation thereof, shall be filed on such forms, under
oath or otherwise, at such times and from time to
time, and by such persons, as the Board may prescribe by rule, regulation, or order as necessary or
appropriate for enabling the Board to perform its
functions under this order. The Board may require
any person to furnish, under oath or otherwise, complete information relative to any transaction within
the scope of this order, including the production of
any books of account, contracts, letters, or other papers, in connection therewith in the custody or control
of such person.
Definitions
SECTION 4. For the purposes of this order, unless
the context otherwise requires, the following terms
shall have the following meanings, provided that the
Board may in its regulations give such terms more
restricted meanings:
(a) "Person" has the meaning set forth in section
5(b) of the act of October 6, 1917, as amended.
(b) "Transfers and payments" means "transfers
of credit between and payments by or to banking institutions".
(c) "Banking institution" means any person engaged as principal, agent, broker, or otherwise, in
the business of making or holding extensions of credit
and includes, without limitation, any bank, any loan
company, and finance company, or any other person
engaged in the business of making or holding extensions of credit whether as a vendor of consumers'
durable goods or otherwise.
(d) "Consumers' durable good" includes any good,
whether new or used, which is durable or semi-durable and is used or usable for personal, family or
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
household purposes, and any service connected with
the acquisition of any such good or of any interest
therein.
(e) "Extension of credit" means any loan or mortgage; any instalment purchase contract, any conditional sales contract, or any sale or contract of sale
under which part or all of the price is payable subsequent to the making of such sale or contract; any
rental-purchase contract, or any contract for the bailment or leasing of property under which the bailee
or lessee either has the option of becoming the owner
thereof or obligates himself to pay as compensation
a sum substantially equivalent to or in excess of the
value thereof; any contract creating any lien or similar claim or property to be discharged by the payment
of money; any purchase, discount, or other acquisition
of, or any extension of credit upon the security of,
any obligation or claim arising out of any of the
foregoing; and any transaction or series of transactions having a similar purpose or effect.
(f) An extension of credit is an extension of "instalment credit" if the obligor undertakes to repay
the credit in two or more scheduled payments or undertakes to make two or more scheduled payments or
deposits usable to liquidate the credit, or if the extension of credit has a similar purpose or effect, or if it
is for the purpose of financing a business enterprise
which makes such extensions of credit.
(g) An extension of credit is "for the purpose of
purchasing or carrying any consumers' durable good"
if it is directly or indirectly for the purpose of financing or refinancing the purchase of any consumers'
durable good or is directly or indirectly secured by
any consumers' durable good, or if the extension of
credit has a similar purpose or effect, or if it is for
the purpose of financing a business enterprise which
makes such extensions of credit.
Penalties
SECTION 5. Whoever willfully violates or knowingly
participates in the violation of this order or of any
regulation prescribed hereunder, shall be subject to
the penalties applicable with respect to violations of
section 5(b) of the said act of October 6, 1917, as
amended.*
(Signed) FRANKLIN D. ROOSEVELT.
The White House,
August 9, 1941.
Regulation of Board of Governors Relating to
Consumer Credit
There is set forth below the text of the
Board's Regulation W, relating to consumer
credit, as adopted August 21, 1941, to become
effective September 1, 1941, except as to certain designated sections.
* The section reads in part: "Whoever willfully violates any of
the provisions of this subdivision or of any license, order, rule
or regulation issued thereunder, shall, upon conviction, be fined
not more than $10,000, or, if a natural person, may be imprisoned
for not more than ten years, or both; and any officer, director,
or agent of any corporation who knowingly participates in such
violation may be punished by a like fine, imprisonment, or both."
SEPTEMBER
1941
REGULATION W
CONSUMER CREDIT
As Adopted August 21, 1941
FOREWORD
(Not a part of the regulation)
Regulation W has been adopted by the Board of
Governors in order to carry out the President's
Executive Order of August 9, 1941, which sets forth
the necessity for and purpose of regulation of consumer credit, as follows:
1. A large volume of credit is being devoted to
financing and refinancing purchases of consumers'
goods and services through extensions of credit that
usually are made to individuals and to a large extent
are on an instalment payment basis.
2. The conditions under which such credit is available have an important influence upon the volume
and timing of demand, not only for the particular
goods and services purchased on credit but also for
goods and services in general.
3. Liberal terms for such credit tend to stimulate
demand for consumers' durable goods the production
of which requires materials, skills, and equipment
needed for national defense.
4. The extension of such credit in excessive volume
tends to generate inflationary developments of increasing consequence as the limits of productive capacity are approached in more and more fields and
to hinder the accumulation of savings available for
financing the defense program.
5. The public interest requires control of the use
of instalment credit for financing and refinancing
purchases of consumers' durable goods the production of which absorbs resources needed for national
defense, in order (a) to facilitate the transfer of
productive resources to defense industries, (b) to
assist in curbing unwarranted price advances and
profiteering which tend to result when the supply
of such goods is curtailed without corresponding curtailment of demand, (c) to assist in restraining
general inflationary tendencies, to support or supplement taxation imposed to restrain such tendencies,
and to promote the accumulation of savings available
for financing the defense program, (d) to aid in
creating a backlog of demand for consumers' durable goods, and (e) to restrain the development of a
consumer debt structure that would repress effective
demand for goods and services in the post-defense
period.
6. In order to prevent evasion or avoidance of this
order and such regulations as may be prescribed to
effectuate its purposes, means should also be available for regulating the use of other instalment credit
and other forms of credit usually extended to consumers or on consumers' durable goods.
7. It is appropriate that such credit be controlled
and regulated through an existing governmental
agency which has primary responsibilities with respect to the determination and administration of
national credit policies.
Regulation W is issued in the light of the foregoing considerations and as a step supplementing
more fundamental governmental measures designed
to combat inflationary developments.
There, will be changes from time to time in this
regulation, particularly in the list of consumers' dur839
From a Legal Standpoint
able goods covered by the regulation, in the size of
the minimum down payments required, and in the
maximum length permitted for instalment contracts.
Any inquiry relating to this regulation should be
addressed to the Federal Reserve Bank or the Federal
Reserve branch bank of the district in which the
inquiry arises.
CONTENTS
SEC. 1. SCOPE OF REGULATION
Person
Extension
Extension
Extension
Extension
Part 1. Listed articles, maximum maturities, and
maximum credit values
Part 2. Basis price of listed articles other than
automobiles
Part 3. Maximum credit value of automobiles
Part 4. Instalment loan credit subject to section
5(6) of the regulation
APPENDIX
Executive Order
SEC. 2. DEFINITIONS
(a)
(b)
(c)
(d)
(e)
()
SEC. 10. EFFECTIVE DATE OF REGULATION
SUPPLEMENT
of
of
of
of
credit
instalment credit
instalment sale credit
instalment loan credit
REGULATION W
CONSUMER CREDIT
SECTION 1. SCOPE OF REGULATION
SEC. 3. REGISTRATION AND GENERAL REQUIREMENT
SEC. 4.
SEC. 5.
SEC. 6.
SEC. 7.
SEC. 8.
SEC. 9.
This regulation is issued by the Board of Gover(a) General requirements
nors of the Federal Reserve System (hereinafter
(b) General license
called the "Board") under authority of section 5(b)
(c) Registration
of the Act of October 6, 1917, as amended, and Ex(d) Suspension of license
ecutive Order No. 8843, dated Augustx 9, 1941 (hereINSTALMENT SALE CREDIT
inafter called the "Executive Order") .
The regulation applies, in general, to any person
(a) Maximum amount of credit
who is engaged in the business of making extensions
(b) Maximum maturity
of instalment credit, or of discounting or purchasing
(c) Amounts of payments
obligations arising out of extensions of instalment
(d) Intervals of payments
credit. It applies whether the person so engaged is
(e) Minimum monthly payment
acting as principal, agent, broker or otherwise, and
(/) Statement of transaction
(g) Credit of which a part arises out of whether the person is a bank, loan company, or
finance company, or a person who is so engaged in
sale of a listed article
connection with any other business, such as by makINSTALMENT LOAN CREDIT
ing such extensions of credit as a dealer, retailer, or
(a) Loans secured by listed articles
other person in connection with the selling of con(b) Miscellaneous loans of $1,000 or less sumers' durable goods.2
(c) General requirements
SECTION 2. DEFINITIONS
(d) Determining when listed article purchased
For the purposes of this regulation, unless the
context otherwise requires:
CERTAIN EXCEPTIONS
{a\ "Person" means an individual, partnership,
ENFORCEABILITY OF CONTRACTS
association, or corporation.
RENEWALS, REVISIONS, AND ADDITIONS
(b\ "Extension of Credit" means any loan or
mortgage; any instalment purchase contract, any
(a) Renewals or revisions
conditional sales contract, or any sale or contract
(b) Additions to outstanding credit
(c) Credit to retire obligations held else- of sale under which part or all of the price is payable
subsequent to the making of such sale or contract;
where
(d) Statement of necessity to prevent un- any rental-purchase contract, or any contract for
the bailment or leasing of property under which the
due hardship
(e) Obligations outstanding on September bailee or lessee either has the option of becoming the
owner thereof or obligates himself to pay as compen1, 1941
(/) Side loan to make down-payment on sation a sum substantially equivalent to or in excess
of the value thereof; any contract creating any lien
listed article
or similar claim on property to be discharged by
(g) Evasive side agreements
the payment of money; any purchase, discount, or
MISCELLANEOUS PROVISIONS
other acquisition of, or any extension of credit upon
(a) Clerical errors
the security of, any obligation or claim arising out of
(6) Calculating maximum maturity of con- any of the foregoing; and any transaction or series
tract
of transactions having a similar purpose or effect.
(c) "Lay-away" plans
(c) "Extension of Instalment Credit" means an
(d) Outstanding contracts
extension of credit which the obligor undertakes to
(e) Payments arising out of loans on in- repay in two or more scheduled payments or as to
stalment obligations
which the obligor undertakes to make two or more
(/) Determining security for instalment scheduled payments or deposits usable to liquidate
loan credit
the credit, or which has a similar purpose or effect.
(g) Records and reports
1
The Executive Order is printed in the Appendix. However, it
(h) Production of records
has been the purpose to couch this regulation in such terms as
(i) Transactions outside United States
will
eliminate the need of cross reference to the Order.
(j) Right of registrant to impose stricter 2 The
Supplement to this regulation lists the consumers' durable
requirements
goods within the scope of the regulation.
840
FEDERAL RESERVE BULLETIN
Front a Legal Standpoint
(d) "Extension of Instalment Sale Credit" means
an extension of instalment credit which is made, as
principal, agent or broker, by any seller of any consumers' durable good specified in the Supplement
to this regulation (hereinafter called a "listed article") and arises out of the sale of such listed article.
For the purposes of this section 2(d) a lease or bailment which is similar in purpose or effect to a sale
shall be deemed to be a sale.
(e\ "Extension of Instalment Loan Credit" means
an extension of instalment credit, other than instalment sale credit, which is a loan (as distinguished
from other types of extensions of credit) and which
(1) is in a principal amount of $1,000 or less, or (2)
regardless of amount, is wholly or partly secured, or
according to any oral or written agreement of the
parties is to become so 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 credit; but the definition does not include any loan upon the security of any obligation or
claim which arises out of any extension (A) of instalment sale credit or (B) of instalment loan credit
as defined above in this section 2(e).
SECTION 3 . REGISTRATION AND GENERAL
REQUIREMENTS
(a) General Requirements.—No person engaged
in the business of making extensions of instalment
sale credit 3 or instalment loan credit, or engaged in
the business of lending on the security of or discounting or purchasing obligations or claims arising out
of such extensions of credit, shall make any payment
or receive any payment which constitutes or arises
directly or indirectly out of any such extension of
credit made by such person or out of any such obligation or claim lent on or discounted or purchased by
such person, except on the following conditions:
(1) Such person shall be licensed pursuant to
this section (any person so licensed being hereinafter called a "Registrant") ; and
(2) The Registrant shall not make any such
payment or receive any such payment (A) if,
when the Registrant made the extension of instalment credit, the Registrant knew or had reason to know any fact by reason of which such
extension of instalment credit failed to comply
with any of the requirements of this regulation
applicable thereto, or (B) if, when the Registrant
purchased or discounted the obligation or claim
or accepted the obligation or claim as collateral,
the obligation or claim showed on its face some
failure to comply with such requirements, or the
Registrant knew any fact by reason of which the
extension of instalment credit giving rise to the
obligation or claim failed to comply with such
requirements, or (C) if, when the Registrant renewed, revised, or consolidated the obligation or
claim arising out of an extension of instalment
credit, the Registrant knew or had reason to
know any fact by reason of which such renewal,
revision or consolidation resulted in a failure
to comply with such requirements.
(6) General License.—A general license is hereby
granted to all persons engaged on or before December 31, 1941 in the type of business described in sec8
It is to be noted that the term "instalment sale credit" includes only credit connected with the sale of listed articles.
SEPTEMBER 1941
tion 3 ( a ) ; Provided, however, That such general
license terminates a t the close of December 31, 1941
for every person who has not registered on or before
that date in the manner provided in section 3(c).
After December 31, 1941, any person, whose license
is not suspended, may become licensed by registering
in the manner provided in section 3(c).
(c) Registration.—Registration as required by this
section 3 may be accomplished by filing, with the
Federal Reserve Bank of the district in which the
main office of the Registrant is located, a .registration statement on forms obtainable from any Federal
Reserve Bank or branch.
(d) Suspension of License.—The license of any
Registrant may, after reasonable notice and opportunity for hearing, be suspended by the Board, either
in its entirety or as to particular activities or particular offices or for specified periods, on any of the
following grounds:
(1) Any material misstatement or omission
willfully or negligently made in the registration
statement;
(2) Any willful or negligent failure to comply with any provision of this regulation or any
requirement of the Board pursuant thereto.
A license which is suspended for a specified period
will again become effective upon the expiration of
such period. A license which is suspended indefinitely may be restored by the Board, in its discretion,
if the Board is satisfied that its restoration would
not lead to further violations of this regulation and
would not be otherwise incompatible with the public
interest.
SECTION 4. INSTALMENT
SALE CREDIT
Except as otherwise permitted by section 6, any
extension of instalment sale credit shall comply with
the following requirements:
(a) Maximum Amount of Credit.—The deferred
balance shall not exceed the maximum credit value
of the listed article specified in the Supplement to
this regulation (hereinafter called the "Supplement") ;
(b) Maximum Maturity.—The maturity shall not
exceed that specified for the listed article in the
Supplement;
(c) Amounts of Payments.—Except as permitted
by section 4(d), the instalments in which the time
balance is repayable shall be substantially equal in
amount or be so arranged that no instalment is substantially greater in amount than any preceding instalment;
(d\ Intervals of Payments.—The instalments shall
be payable at approximately equal intervals not exceeding one month, except that, when appropriate
for the purpose of facilitating 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 instalment sale credit if the schedule increases the schedule payments in such manner
as to meet all the other requirements of this section 4;
* (e) Minimum Monthly Payment.—Except as
permitted by section 4(d), the schedule of payments
* Effective January 1, 1942.
841
From a Legal Standpoint
shall call for instalments aggregating not less than
$5.00 per month;
*(/) Statement of Transaction. — The extension
of instalment sale 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 (in any order) the following information:
(1) A brief description identifying the article
purchased;
(2) The bona fide cash purchase price of the
article and accessories purchased (including anv
sales taxes thereon) and of any services (excluding any interest or finance charge and the
cost of any insurance) rendered in connection
with the acquisition thereof, itemized;
(3) The amount of the purchaser's down payment (A) in cash and (B) in goods accepted in
trade, together with a brief description identifying such goods and stating the monetary value
assigned thereto in good faith;
(4) The deferred balance, which is the difference between items (2) and (3) ;
(5) The amount of any insurance premium for
which credit is extended and of any finance
charges or interest by way of discount included
in the principal amount of the obligation, or the
sum of these amounts;
(6) The time balance owed by the purchaser,
which is the sum total of items (4) and (5) ; and
(7) The terms of payment.
(g) Credit of Which a Part Arises Out of Sale of
a Listed Article.—In case an extension of instalment
sale credit arises partly out of a sale of an article
listed in the Supplement and partly out of another
sale, the amount and the terms of such extension of
credit shall be such as would result if the credit were
divided into two parts, the part relating to the listed
article being treated in accordance with the provisions of this regulation relating to such article and
the remainder being treated in the manner in which
the Registrant would in good faith treat a similar
extension of credit if standing alone.
SECTION 5. INSTALMENT LOAN CREDIT
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 $1,000 or Less.—If
the extension of instalment loan credit is not subject
to section 5 (a) but is in a principal amount of
^',000 or less, the maximum maturity shall not exceed that specified in the Supplement for extensions
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:
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 ijian any preceding instalment;
(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; and
**(4) Except as permitted by section 5(c)
(3), the schedule of payments shall call for instalments aggregating not less than $5.00 per
month.
(d) Determining When Listed Article Purchased.—
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.
Except as otherwise permitted by section 6, any
extension of instalment loan credit shall comply with
the following requirements:
(a\ Loans Secured by Listed Article.—If the extension of instalment loan credit is wholly or partly
secured, or according to any oral or written agreement of the parties is to become so 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:
(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 speciSECTION 6. CERTAIN EXCEPTIONS
fied in the Supplement; and, in determining such
maximum credit value, the Registrant may acNotwithstanding the provisions of sections 4 and
cept in good faith a written statement signed 5, the requirements of such sections shall not apply
by the obligor setting forth the bona fide cash to any of the following:
purchase price of the article and of any acces(a) Any extension of credit which is secured by
sories and of any services, except insurance,
* Effective October 1, 1941.
842
* Effective October 1, 1941.
** Effective January 1, 1942.
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
a bona fide first lien on improved real estate duly
recorded.
(b) Any extension of credit over $1,000 which is
made for materials and services in connection with
repairs, alterations, or improvements upon urban,
suburban, or rural real property in connection with
existing- structures, even though such materials include articles listed in Group C or D in the Supplement, provided the bona fide cash purchase price of
such articles so listed does not exceed 50 per cent of
the total over-all deferred balance.
(c) Any extension of instalment loan credit which
is made to or for a student for bona fide educational
purposes.
(d) Any extension of instalment loan credit if (1)
the proceeds are to be used for bona fide medical,
hospital, dental, or funeral expenses and (2) the income of the obligor available for the purpose is
such that he could not reasonably meet the requirements of this regulation otherwise applicable, and
failure to obtain the extension of credit would cause
undue hardship to him; Provided, That if the Registrant accepts in good faith a written statement
signed by the obligor and setting forth the facts
relied upon to bring the loan within the exception of
this section 6(d) the facts set forth in such statement
shall, for the purposes of this regulation, be deemed
to be correct.
(e) Any extension of credit (1) to finance the purchase of aircraft in order to facilitate participation
in the Civilian Pilot Training Program of the Civil
Aeronautics Authority; or (2) to remodel or rehabilitate any dwelling or residence which the Defense
Housing Coordinator, or his authorized agent, shall
designate as being for "defense housing" as defined
by the Coordinator. Information regarding the procedure for obtaining such a designation may be obtained through any Federal Reserve Bank or branch.
(/) Any extension of instalment sale credit which
is to be repaid at approximately equal intervals and
in approximately equal instalments, the last of which
matures within three months after the first day
of the calendar month next following such extension.
(g) Any extension of credit to a dealer in any listed
article, whether a wholesaler or retailer, to finance
the purchase of any such article for resale.
(h) Any extension of credit which is to be repaid
within not more than twelve months and is made to
a bona fide salesman of automobiles in order to
finance the purchase of a new automobile to be used
by him principally as a demonstrator.
(i) Any extension of credit which is for the purpose of financing a premium in excess of one year on
a fire or casualty insurance policy if the proceeds are
paid directly to the insurance agent, broker, or company issuing or underwriting the insurance and the
extension of credit is fully secured by the unearned
portion of the premium so financed.
(j) Any extension of instalment sale credit made
on or before December 31, 1941, which (1) does not
bring above $50 the total of the obligor's outstanding
indebtedness to the Registrant arising out of extensions of instalment sale credit made on or after September 1, 1941, and (2) is to be repaid at approximately equal intervals and in approximately equal
instalments the last of which matures within 9 months
after the first day of the calendar month next following such extension.
(k) Any extension of instalment loan credit which
is made to a person engaged in agriculture, or to a
cooperative association of such persons, provided that
SEPTEMBER
1941
the extension of instalment loan credit (1) is approved by the Farm Security Administrator, or his
authorized agent, as being necessary for the rehabilitation of a needy farm family, or (2) is for general
agricultural purposes and is not for the purpose of
purchasing any listed article and not secured by any
listed article purchased within 45 days before the
extension of 'credit. In determining whether a loan
meets the description of clause (2) above, a Registrant may accept in good faith a written statement
signed by the obligor setting forth the facts relied
upon to bring the loan within the description, and
the facts set forth in such statement shall, for the
purposes of this regulation, be deemed to be correct.
SECTION 7. ENFORCEABILITY OF CONTRACTS
Pending an opportunity for the Board to observe
this regulation in operation and except as may subsequently be otherwise provided, all of the provisions
of this regulation are designated, pursuant to section
2(d) of the Executive Order, as being for administrative purposes within the meaning of said section
2(d) which provides that noncompliance with provisions of the regulation so designated shall not affect
the right to enforce contracts.
SECTION 8. RENEWALS, REVISIONS, AND ADDITIONS
*(«-) 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, however, That
this shall not prevent the Registrant from taking any
such action if the Registrant accepts in good faith a
statement of necessity as provided in section 8(d)
and the extension of instalment credit provides for a
schedule of repayment in conformity with this regulation as though it were a new extension of instalment credit; and Provided further, 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 bonafidecollection effort by the Registrant.
* (b) Additions to Outstanding Credit.—If any
Registrant makes any extension of instalment sale
credit or instalment loan credit and such extension
of instalment credit is consolidated with any obligation held by the Registrant evidencing any prior extension of instalment sale credit or instalment loan
credit to the same obligor, neither extension of instalment credit complies with the requirements of
this regulation unless the terms of the consolidated
obligation are such as would have been necessary to
meet the requirements of this regulation if the two
extensions had not been so consolidated; Provided,
however, That if the Registrant accepts in good faith
a statement of necessity as provided in section 8(d),
the combined obligation may provide for a schedule
of repayment in conformity with this regulation as
* Effective November 1, 1941.
843
From a Legal Standpoint
though it were a new extension of instalment credit.
*(c) Credit to Retire Obligations Held Elsewhere.
—Any extension of instalment credit, the proceeds
of which a Registrant knows or has reason to know
will be used in whole or in part to reduce or retire
any extension of instalment sale credit or instalment
loan credit not held by such Registrant, shall be subject to the requirements of section 8(a) or 8(b), including the provisos thereof, to the same extent as
if the obligation being reduced or retired were held
by the Registrant. In determining whether the proceeds of any extension of instalment credit will be
so used, if the Registrant accepts in good faith a written statement with respect thereto signed by the
obligor, such statement shall, for the purposes of this
regulation, be deemed to be correct.
*(d) Statement of Necessity to Prevent Undue
Hardship.—The requirements of a statement of necessity, as provided for in sections 8(a), 8(b), and 8(c),
will be complied with only if the Registrant accepts
in good faith a written statement on a form 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 resulting from contingencies which were
unforeseen by the obligor at the time of obtaining
the original extension of instalment credit or which
were beyond the control of the obligor, 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 any preconceived plan, arrangement, or intention to evade or circumvent any
requirement of this regulation.
(e) Obligations Outstanding on September 1, 1941.
—The requirements of sections 8(a), 8(b), and 8(c),
do not apply to any renewal or revision of any obligation arising out of any extension of instalment sale
credit or instalment loan credit made prior to September 1, 1941; but when any such outstanding obligation has been combined with any extension of instalment sale credit or instalment loan credit made on
or after September 1, 1941, or has been the subject
of any renewal or revision made on or after such
date, such extension of instalment credit shall thereafter be treated for the purposes of this regulation
as having been made on or after such date.
(/) Side Loan to Make Down-Payment on Listed
Article.—An extension of instalment credit which is
limited in amount by this regulation to the maximum
credit value of any listed article, does not comply
with the requirements of this regulation if the Registrant making such extension of instalment credit
knows or has reason to know that there is, or that
there is to be, any other extension of credit in connection with the purchase of the listed article which
would bring the total amount of credit extended in
connection with such purchase beyond the maximum
credit value of such article as specified in the Supplement; Provided, That, if the Registrant accepts in
good faith a written statement signed by the obligor
that no such other extension exists or is to be made,
such statement shall, for the purposes of this regulation, be deemed to be correct.
(g) Evasive Side Agreements.—No extension of
instalment credit complies with the requirements of
this regulation if at the time it is made there is any
agreement, arrangement, or understanding by which
the obligor is to be enabled to make repayment on
* Effective November 1, 1941.
844
conditions inconsistent with those required by this
regulation, or which would otherwise evade or circumvent, or conceal any evasion or circumvention of,
any requirement of this regulation.
SECTION 9. MISCELLANEOUS PROVISIONS
(a\ Clerical Errors.—Any failure to comply with
this regulation resulting from a mistake in determining, calculating, or recording any price, credit
value, or extension of credit, or pther similar matter,
shall not be construed to be a violation of this regulation if the Registrant establishes that such failure
to comply was the result of excusable error and was
not occasioned by a regular course of dealing.
(6) Calculating Maximum Maturity of Contract.—
In calculating the maximum maturity of a contract
from the date on which any listed article was purchased or any loan was made, depending upon which
such date is required by this regulation to be used for
such calculation, a Registrant may, at his option, use
as such date of purchase or loan any date not more
than 15 days subsequent to the actual date thereof.
(c) "Lay-away" Plans.—With respect to any extension of instalment sale credit involving a bona fide
"lay-away" plan, or other similar plan by which a
purchaser makes one or more payments on an article
before receiving delivery thereof, the Registrant may,
for the purposes of this regulation, treat the extension of instalment sale credit as not having been
made until the date of the delivery of the article to
the purchaser.
(d) Outstanding Contracts.—Except as provided
in section 8(e) with respect to contracts made prior
to September 1, 1941, which have been renewed,
revised, or consolidated on or after such date, nothing
in this regulation shall apply with respect to any
valid contract made prior to such date.
(e) Payments Arising out of Loans on Instalment
Obligations.—With respect to any loan on the security of an obligation or claim which arises out of
an extension of instalment credit, the prohibitions of
this regulation shall be deemed to apply only to payments arising out of the obligation or claim rather
than to payments arising out of the loan.
(/) Determining Security for Instalment Loan
Credit.—In determining whether an extension of instalment loan credit is secured by any recently acquired listed article, as described in section 5(a), the
Registrant acting in good faith may disregard any
such listed article which specifically secures some
other extension of credit and secures the loan in question merely by reason of an "overlap agreement,"
"spreader clause," or other form of general over-all
lien.
(g) Records and Reports.—Every Registrant shall
keep such records and make such reports as the Board
may from time to time require as necessary or appropriate for enabling it to perform its functions
under the Executive Order.
(h) Production of Records.—Every Registrant, as
and when required by the Board, shall furnish complete information relative to any transaction within
the scope of the Executive Order, including the production of any books of account, contracts, letters,
or other papers in connection therewith.
(i) Transactions Outside United States.—Nothing
in this regulation shall apply with respect to any extension of credit made in Alaska, the Panama Canal
Zone, or any territory or possession outside the continental United States.
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
Maximum
(j) Right of Registrant to Impose Stricter ReCredit
quirements.—Nothing in this regulation shall be conMaximum Value in per
strued to modify the right of any Registrant to re- Articles of Consumers' Durable Goods
Maturity
cent of
(Whether new or used)
in Months Basis Price
fuse to extend credit, or to extend less credit than the
E
amount permitted by this regulation, or to require roup
1. Materials and services (other than
that repayment be made within a shorter period than
materials listed in Group C or D)
in connection with repairs, alterthe maximum permitted by this regulation.
SECTION 10. EFFECTIVE DATE OF REGULATION
ations, or improvements upon
urban, suburban, or rural real
property in connection with existing structures, provided the deferred balance does not exceed
$1,000
This regulation shall become effective September
1, 1941, except that sections 4(f) and 5(c) (1) shall
18
No limitation
not become effective until October 1, 1941, sections
8(a), 8(b), 8(c), and 8(d) shall not become effecPart 2. Basis Price of Listed Articles Other Than
tive until November 1, 1941, and sections 4(e) and Automobiles*—The
basis price of any listed article
5(c) (4) shall not become effective until January 1, other than an automobile
shall be the bona fide cash
1942.
purchase price of the article and accessories purchased, including any sales taxes thereon and any
SUPPLEMENT TO REGULATION W
bona fide delivery and installation charges, minus
Part 1. Listed Articles, Maximum Maturities, and the
amount of any allowance made by the seller for
Maximum Credit Values.—For the purposes of the any article traded-in by the purchaser (including as
regulation the following maximum maturities and such a trade-in anything which the seller buys or
maximum credit values shall apply to the following arranges to have bought from the purchaser at or
list of articles:
about the time of the purchase of the listed article).
Maximum
Part 3. Maximum Credit Value of Automobiles.—
Credit
Maximum Value in per For the purposes of section 4 and section 5 (a) of
Maturity
cent of
Articles of Consumers' Durable Goods
in Months Basis Price the regulation:
(Whether new or used)
(a) The maximum credit value of a new automoGroup A
bile shall be 66% per cent of the bona fide cash pur1. Automobiles (passenger cars de(See Part 3
signed for the purpose of transchase price of the automobile and accessories (inof this
porting less than 10 passengers,
Supplement.) cluding any sales taxes thereon and any bona fide
18
including taxicabs)
delivery charges) but in no event to exceed 66% per
Group B
66-2/3
18
1. Aircraft (including gliders)
cent of the sum of the following items:
2. Power driven boats, and motors designed for use therein, other than
(1) The advertised delivered price of the
boats or motors designed specifi66-2/3
automobile (with standard equipment) at the
18
cally for commercial use
18
66-2/3
factory;
3. Outboard boat motors
4. Motorcycles (two or three-wheel
(2) Transportation charges established by the
motor vehicles, including motor
18
66-2/3
manufacturer from factory to point of delivery;
bicycles)
Group C
(3) Any Federal, State, or local taxes not
1. Mechanical refrigerators of less than
18
80
included in the foregoing; and
12 cubic feet rated capacity
2. Washing machines designed for
(4) Any bona fide charges for delivery or
18
80
household use
18
80
accessories not included in the foregoing items.
3. Ironers designed for household use.
4. Suction cleaners designed for houseIn case the automobile is sold for delivery at
18
80
hold use
the factory, by a dealer in a given place to a
5. Cooking stoves and ranges with less
18
80
than seven heating surfaces
resident of such place or its vicinity who actually
6. Heating stoves and space heaters
intends to bring the automobile to such place or
18
80
designed for household use
vicinity and use it there, an amount equal to
7. Electric dishwashers designed for
18
80
household use
the freight from the factory to such place may
18
80
8. Room-unit air conditioners . . . . . . .
be included.
9. Sewing machines designed for house-
1
18
80
18
80
18
80
18
85
18
85
18
85
18
18
18
85
85
85
00 00
hold use
10. Radio receiving sets, phonographs,
or combinations
11. Musical instruments composed principally of metals
Group D
1. Household furnaces and heating
units for furnaces (including oil
burners, gas conversion burners,
and stokers)
2. Water heaters designed for household use
3. Water pumps designed for household use
4. Plumbing and sanitary fixtures designed for household use
5. Home air conditioning systems....
6. Attic ventilating fans#
7. New household furniture (including ice refrigerators, bed springs,
and mattresses but excluding floor
coverings, wall coverings, 1 draperies, and bed coverings) ... .
8. Pianos and household electric organs
90
90
An article is not new if it has been used by a consumer.
SEPTEMBER
1941
(b) For any used automobile the maximum credit
value, until otherwise provided, shall be 66% per
cent of the bona fide cash purchase price (including
any sales taxes thereon).
Part 4. Instalment Loan Credit Subject to Section
5(b) of the Regulation.—The maximum maturity of
any extension of instalment loan credit of $1,000 or
less subject to section 5(b) of the regulation shall
be 18 months.
APPENDIX TO REGULATION W
[The Appendix to Regulation W consists of
the text of the Executive Order of the President with respect to regulation of consumer
credit. The text of this Executive Order is
set forth above at p. 837.]
845
From a Legal Standpoint
Interpretations of Regulation W
The Board of Governors of the Federal
Reserve System has issued the following
interpretations of Regulation W relating to
Consumer Credit.
Pre-September Commitment to Make Loan
Interpretation No. 1 of Regulation W
An inquiry which may be stated as follows
has been received under Regulation W:
"Work is in progress on a home modernization job which cannot be completed by
August 31. Prior to the issuance of Regulation W or the signing of Executive Order
8843 under which Regulation W was issued,
a lender made a written commitment to
finance the modernization upon its completion. When the work is completed in
due course after September 1, may it be
financed pursuant to the pre-September
commitment, or must the financing comply
with the 18-months limitation stated in the
Supplement to the regulation? Would it
make any difference whether the credit
was instalment sale credit instead of instalment loan credit?"
It is the opinion of the Board that in such
a case of a bona fide written pre-September
commitment, which is in effect a contract to
make a contract and which involves no effort
to evade the regulation, section 9(d) permits
the modernization to be financed pursuant to
such commitment even though the loan is not
made until after September 1. The same
result would follow in such a case whether the
credit was instalment sale credit or instalment loan credit.
Commitment to Make Loan—Calculating Maturity of Loan
Interpretation No. 2 of Regulation W
An inquiry which may be stated as follows
has been received under Regulation W:
"In connection with a contract for the
modernization of a building, a written commitment is made on September 2, 1941, for
a loan which will be subject to Regulation
W and is to be made when the work is completed. The construction and installations
involved in the modernization are expedited
as much as circumstances will permit, and
are completed on October 10, when the loan
846
is made on the certificate of completion.
In calculating the 18-months maximum
maturity permitted for the credit, should
September 2 or October 10 be taken as the
base? Would it make any difference if the
credit was instalment sale credit instead of
instalment loan credit?"
The Board is of the opinion that in the specified case the date to be used as the base for
calculating the 18-months maximum maturity
is October 10. This would hold true whether
the credit is instalment sale credit or instalment loan credit.
"Designed for Household Use"
Interpretation No. 3 of Regulation W
Re Regulation W inquiry on furniture, if
furniture is of the type used in households it
is subject to the regulation and it does not
matter that the particular piece may be sold
for use in an office, hospital, store, or other
commercial building.
Cooking Stoves and Ranges—Heating Surfaces
Interpretation No. 4 of Regulation W
Re Regulation W inquiry on cooking stoves
and ranges, an oven or a broiler is considered
a heating surface if it has a separate source
of heat, as, for example, a separate burner or
electric element, but if oven and broiler have
a separate source of heat in common it is considered that there is but one heating surface.
Neither is considered a heating surface if
its source of heat is a central firebox.
Collateral Trust Notes Secured by Instalment Sales Paper
Interpretation No. 5 of Regulation W
An inquiry which may be stated as follows
has been received under Regulation W:
"Pursuant to an established bona fide
business practice a finance company issues
and sells notes which are secured by instalment sales obligations trusteed under a
collateral trust agreement. It is not feasible for a purchaser of the collateral trust
notes to examine the underlying obligations
held by the trustee. Suppose one of the
underlying instalment obligations failed to
comply with the requirements of Regulation W and such noncompliance, although
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
Mail Order Business—Orders Postmarked Before
unknown to the purchaser of the collateral
September 1 Received Thereafter
trust notes, showed on the face of the underlying instalment obligation. Would the
Interpretation No. 8 of Regulation W
purchase of the collateral trust note in such
In connection with section 9(d) of Regulaa case, or the receipt of payments on the tion
W exempting contracts made before
note, constitute a violation of Regulation September
1, questions have been received as
W?"
to whether orders received through the mail
The regulation does not apply to the pur- by a mail order company come within the
chaser unless he is a person required by sec- exemption if the orders are postmarked prior
tion 3 (a) (1) to be licensed. If he is such a to September 1 but in the usual course of
person, the payments received, according to business are not filled until after that date.
the question as stated, arise out of the col- The standing practice of the company has
lateral trust note rather than the underlying been to fill all such mail orders according to
obligation and under section 9(e) the regula- the terms of the catalog, subject only to the
right of the company to refuse tofillthe order
tion does not apply to such payments.
Even if the transaction were such that the for certain specified reasons such as unsatispayments arose out of the underlying obliga- factory credit standing of the customer. If
tion rather than the collateral trust note the such orders are received in good faith purreceipt of payments by the registrant pur- suant to an outstanding catalog and without
chasing the note secured by such underlying personal solicitation, it is the view of the
obligation would not be contrary to the regu- Board that those postmarked before Septemlation if when he made the purchase the ber 1 may be deemed to be exempted under
underlying obligation did not on its face show section 9(d) even though in the usual course
some noncompliance or if he did not at that of business they are not filled until after that
time know some fact by reason of which the date.
extension of credit on which the underlying
Lamps Included in "Household Furniture"
obligation was based failed to comply with
Interpretation No. 9 of Regulation W
the regulation. In this connection it will be
noted that while 4 (f) requires that exten- The classification household furniture insion of instalment sale credit be evidenced in cludes lamps designed for household use.
the prescribed manner, this does not require
that the obligation or claim referred to in
Coupons Sold by Department Store—Calculation of
section 3 (a) (2) (B) shall contain all the preDown Payment
scribed information, since under section 4 (f)
Interpretation No. 10 of Regulation W
the evidence of the underlying transaction
which must contain the necessary informa- An inquiry which may be stated as follows
tion, or have such information attached, may has been received under Regulation W:
be a separate instrument or record and need
"Coupons serve as money within a denot be the same as the obligation or claim re- partment store and are sold by store on inferred to in section 3 (a) (2) (B).
stalment basis with maturity shorter than
prescribed in Regulation but down payRefrigerators—Frozen Food Cabinets—Milk Coolers
ments are smaller than required by Regulation. May coupons purchased for 10 per
Interpretation No. 6 of Regulation W
cent down and 8 months to pay be used for
The classification mechanical refrigerators purchase of vacuum cleaner requiring 20
includes frozen food cabinets of the specified
per cent down payment?"
capacity but does not include milk coolers,
assuming that they are not designed for Board is of opinion that for purposes of
household use.
applying Regulation W face value of coupon
is not material but that consideration should
Clothes Driers
be given only to amount of money actually
Interpretation No. 7 of Regulation W
paid by purchaser.
Tumbler clothes driers are not included in Accordingly sale of vacuum cleaner would
not comply with Regulation if sufficient money
any of the classifications of listed articles.
SEPTEMBER
1941
847
From a Legal Standpoint
to constitute required down payment had not whether the contract included credit arrangebeen paid before sale, whether money was ments, relatively little proof would be needed
in the case of a contract for a unique or "cuspaid for coupons or otherwise.
tom built" item, as for example a home modernization job, to show that the contract did
Effective Date of Regulation Not Changed by Holiday
include credit arrangements; but in the case
Interpretation No. 11 of Regulation W
of a standard article the presumption would
Question has been raised as to effect of be strongly the other way. (b) There must
September 1 holiday upon the effective date in any case be considerably more than genof Regulation W. Fact that this is holiday eral negotiations or indefinite "understanddoes not alter effective date of regulation, ings" that the credit would be extended.
which becomes effective at beginning of busi- There must have been an agreement to extend
the credit and a reasonably exact agreement
ness on September 1.
as to terms and amount, (c) While not alPre-September Commitment to Make Loan—General Principles ways essential, the case is much clearer if
there is written evidence of the commitment.
Interpretation No. 12 of Regulation W
The time as of which the extension of credit
Certain questions have been received re- is itself dated is not important, the significant
garding the status under Regulation W of date being that of the prior commitment.
commitments made prior to September 1 to 3. Substance and good faith rather than
extend credit after September 1. Section 9 (d) technicalities and formalities control in deof the regulation exempts "any valid contract
whether there is a valid pre-Sepmade prior" to September 1. An earlier termining
contract. The most elaborate written
ruling of the Board has indicated that this tember
do not constitute such a contract
exemption applies to a written commitment documents
unless they represent a bona fide commitment
made prior to September 1 with respect to a made
a part of a regular business transmodernization job that is in process on August action asand
31. In order to clarify further the application regulation. not as a means of evading the
of this provision to outstanding commitments,
certain general principles applicable to such
"Household Furniture"—Articles Included
commitments are set out below.
Interpretation No. 13 of Regulation W
1. The underlying principle is that the exemption in section 9(d) for "any valid con- The classification household furniture intract" made before September 1 applies not cludes mirrors, unpainted furniture, stools,
only to an extension of credit actually made kitchen or breakfast room sets, porch tables,
before that date, but also to a valid contract chairs, and swings, and kitchen cabinets but
to make a contract. The exemption, there- does not include pictures or clothes hampers.
fore, includes a valid commitment made in
Certain Articles Which Are Not "Listed Articles"
good faith before September 1 to extend
credit after September 1, and includes also
Interpretation No. 14 of Regulation W
the credit extended pursuant to such a comThe following articles are not included in
mitment.
any of the classifications of listed articles:
2. In order for the exemption to apply toasters, food mixers, roasters, air circulating
there must have been a valid contract. The or ventilating fans other than attic fans or
general test is that the borrower should, in air conditioners, waffle irons, clocks, carpet
the absence of the regulation, have been able sweepers not electrically operated.
to maintain a suit for damages if the credit
had not been granted pursuant to the conIntervals Between Instalments
tract. Some of the requirements for such a
Interpretation No. 15 of Regulation W
contract may be briefly summarized: (a)
Even an exact agreement on the sale of a
4 (d) of Regulation W does not perparticular article is not necessarily an agree- mitSection
sale of listed article for payment in five
ment to extend credit therefor. There must equal instalments spaced at three month
have been a valid contract relating to the intervals.
credit. Where there is ambiguity as to
848
FEDERAL RESERVE BULLETIN
From a Legal
Standpoint
thorization, however, would not alter the fact
that ordinary day-to-day borrowings from
The Board recently considered a question nonmember banks are covered by clause (2).
under section 8 (a) of the Securities Ex- Similarly, the Board feels that the provichange Act of 1934, which is incorporated in sion in clause (1) for borrowings "from or
section 5 of the Board's Regulation T and through a member bank of the Federal Reserve System" should not be construed to auwhich reads in part as follows:
thorize a broker to do indirectly what the law
"SEC. 8. It shall be unlawful for any clearly forbids him to do directly. Such a
member of a national securities exchange, construction of the provision would, in the
or any broker or dealer who transacts a opinion of the Board, extend the meaning of
business in securities through the medium the word "through" considerably beyond that
of any such member, directly or indi- which it might reasonably be expected to have
rectly—
in the context.
"(a) To borrow in the ordinary course
It is perhaps not entirely clear why the
of business as a broker or dealer on any word "through" was included in clause (1),
security (other than an exempted security) or why it was omitted in clause (2). Howregistered on a national securities exchange ever, it may have been included to authorize,
except (1) from or through a member bank or to clarify, borrowings by a broker from a
of the Federal Reserve System, (2) from member bank when the member bank is actany nonmember bank which shall have filed ing as agent for another member bank or for
with the Federal Reserve Board an agree- a nonmember bank that has signed the agreement, which is still in force and which is in ment. Such a construction would seem to be
the form prescribed by the Board, under- more in conformity with the general purpose
taking to comply with all provisions of this and tenor of the section than would the sugAct, the Federal Reserve Act, as amended, gested extension of the term.
and the Banking Act of 1933, which are
The Committee reports on the legislation
applicable to member banks and which re- and the drafts of the provision in the bills
late to the use of credit to finance trans- that preceded the final statute were carefully
actions in securities, and with such rules examined for any light they might throw on
and regulations as may be prescribed pur- the question, and the Board is unable to see
suant to such provisions of law or for the how these conflict with the views expressed
purpose of preventing evasions thereof, or above. In fact, they seem to reinforce the
(3) in accordance with such rules and regu- conclusion.
lations as the Federal Reserve Board may
As originally introduced by Senator
prescribe to permit loans between such Fletcher on February 9, 1934 (S. 2693) and
members and/or brokers and/or dealers, Congressman Rayburn on February 10, 1934
or to permit loans to meet emergency (H. R. 7852) the provision on the point in
needs. . . ."
both bills entirely excluded borrowings from
The question was, in effect, whether a bro- nonmember banks and did it in a form someker subject to the provision may borrow from what different from that of later drafts. The
a nonmember bank that has not signed the identical provision in both these bills prospecified agreement if the loan is not obtained vided that it would be unlawful for the specidirectly from the nonmember bank but is fied persons:
made by a member bank acting as agent for
"(a) To borrow on any security registhe nonmember bank.
tered on a national securities exchange
It is the view of the Board that Section
from any person other than a member bank
8 (a) (2) of the Act states the general rule of the Federal Reserve System;"
for borrowings, of the specified type, from
The word "through" first appeared in
nonmember banks. It is true that under
H.
R. 8720, introduced by Congressman Rayclause (3) the Board is authorized "to permit
loans to meet emergency needs", and that un- burn on March 19, 1934. Section 7 (a) of
der this authority the Board might conceiv- that bill prohibited the specified borrowing:
ably authorize such emergency loans even by
". . . except (1) from or through a
nonmember banks that have not filed the member bank of the Federal Reserve Sysspecified agreement. Such emergency au- tem, or (2) in accordance with such rules
Broker Borrowing From Nonmember Bank Under Section 8(a)
of the Securities Exchange Act of 1934
SEPTEMBER 1941
849
From a Legal Standpoint
and regulations as the Federal Reserve
or through member banks of the Federal
Board may prescribe to permit limited
Reserve System or those nonmember banks
loans between members and/or brokers or
which apply for a license from the Board."
dealers who transact a business in securifrom giving the suggested broad meanties through the medium of a member, or ingFar
to
word "through", the Committee
to permit loans from or through others did notthe
even
draw any distinction between
than member banks in localities where clause (1), where
the word "through" is
there are no member banks, or to meet used in authorizing borrowings
from member
emergency needs."
banks, and clause (2), where the word is
Section 8 (a) of S. 3420, introduced by entirely omitted in authorizing borrowings
Senator Fletcher on April 20, 1934 and re- from nonmember banks. The same is true
ported out by the Senate Banking and Cur- when the provision is described in more
rency Committee on the same day, contained detail on pages 19-20, as follows:
substantially the same provision. The Com"By subsection (a), borrowing on regismittee report on the bill strongly negatives
tered securities (other than exempted seany thought that the word "through" was
curities) by members, brokers, and dealers
intended to have the meaning suggested by
who do a business through members is
the inquiry. Instead, it rather indicates that
confined to loans from, member banks of
the word was used more or less as a synonym
the Federal Reserve System or from nonfor "from" and was intended to add very
member banks tvhich agree to comply with
little to that term. The report at page 7 says the provisions of this act, the Federal Rethat the provision:
serve Act, and the Banking Act of 1933,
insofar as they relate to the use of credit
". . . prohibits brokers and dealers
to finance transactions in securities. This,
from borrowing except through a member
however, is subject to certain exceptions in
bank of the Federal Reserve System or in
accordance with regulations of the Com- case of transactions between members,
brokers, and dealers and in emergency
mission".
cases." (Italics added.)
And on page 16 the report states that the
In view of these considerations, which have
provision confines the specified borrowings
been set forth at some length because of the
to:
novelty of the question, the Board expressed
". . . loans from member banks of the the
opinion that section 8 (a) does not
Federal Reserve System and loans from authorize
ordinary borrowings by a broker
other sources made in accordance with
a nonmember bank which has not filed
such rules as the Commission may pre- from
specified agreement and that this is not
scribe, either in general or under particu- the
altered by the fact that the loan is made by
lar conditions."
a member bank acting as agent for the nonIt seems clear that the terms "from" and member bank.
"through" were considered to be more or
Use of Obligations of the United States as Collateral for Federal
less synonymous and interchangeable.
Reserve Notes
Section 7 (a) of H. R. 9323, introduced by
Congressman Rayburn on April 25, 1934 and There is set forth below the text of an Act
reported out on April 27, 1934 by the House of Congress approved June 30, 1941, extendCommittee on Interstate and Foreign Com- ing until June 30, 1943, the period during
merce, contained a provision identical with which direct obligations of the United States
section 8 (a) of the final Act. The Commit- may be used as collateral security for Federal
tee report on this bill, like that on the Senate Reserve notes.
bill, gives every indication that "from or
[PUBLIC LAW 141—77TH CONGRESS]
through" was intended to refer only to the
[CHAPTER 264—1ST SESSION]
usual direct banking relations and that the
[S. 1471]
word "through" was not intended to have the
AN ACT
extended meaning suggested by the inquiry. To extend the period during which direct obligations
On page 7 the report states that:
of the United States may be used as collateral
"Borrowings by brokers to finance their security for Federal Reserve notes.
Be it enacted by the Senate and House of Reprecustomers are confined to borrowings from sentatives
of the United States of America in Cong850
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
ress assembled, That the second paragraph of section 16 of the Federal Reserve Act, as amended, is
hereby amended by striking therefrom the words
"until June 30, 1941" and by inserting in lieu thereof
the words "until June 30, 1943."
Approved, June 30, 1941.
Extension of Powers Relating to the Stabilization Fund and the
Weight of the Dollar
There is set forth below the text of an Act
of Congress approved June 30, 1941, extending the time within which the President may
exercise the powers relating to the stabilization fund and the alteration of the weight of
the dollar.
[PUBLIC LAW 142—77TH CONGRESS]
[CHAPTER 285—1ST SESSION]
[H. R. 4646]
AN ACT
To extend the time within which the powers relating
to the stabilization fund and alteration of the
weight of the dollar may be exercised.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled. That subsection (c) of section 10
of the Gold Reserve Act of 1934, approved January
30, 1934, as amended, is further amended to read as
follows:
"(c) All the powers conferred by this section shall
expire June 30, 1943, unless the President shall
sooner declare the existing emergency ended and the
operation of the stabilization fund terminated."
SEC. 2. The second sentence added to paragraph
(b) (2) of section 43, title III, of the Act approved
May 12, 1933, by section 12 of said Gold Reserve Act
of 1934, as amended, is further amended to read as
follows: "The powers of the President specified in
this paragraph shall be deemed to be separate, distinct, and continuing powers, and may be exercised
by him, from time to time, severally or together,
whenever and as the expressed objects of this section
in his judgment may require; except that such powers
shall expire June 30, 1943, unless the President shall
sooner declare the existing emergency ended."
Approved, June 30, 1941.
Executive Order Establishing the Economic Defense Board
There is set forth below the text of an Executive Order issued by the President on July
30, 1941, providing for the establishment of
the Economic Defense Board.
EXECUTIVE ORDER NO. 8839
ESTABLISHING THE ECONOMIC DEFENSE BOARD
By virtue of the authority vested in me by the
Constitution and statutes of the United States, by
virtue of the existence of an unlimited national
emergency, and for the purpose of developing and
coordinating policies, plans, and programs designed
to protect and strengthen the international economic
relations of the United States in the interest of national defense, it is hereby ordered as follows:
1. The term "economic defense," whenever used in
this Order, means the conduct, in the interest of naSEPTEMBER
1941
:ional defense, of international economic activities
including those relating to exports, imports, the
acquisition and disposition of materials and commodities from foreign countries including preclusive
buying, transactions in foreign exchange and foreign-owned or foreign-controlled property, international investments and extensions of credit, shipping
and transportation of goods among countries, the
international aspects of patents, international communications pertaining to commerce, and other foreign economic matters.
2. There is hereby established an Economic Defense Board (hereinafter referred to as the "Board").
The Board shall consist of the Vice President of the
United States, who shall serve as Chairman, the Secretary of State, the Secretary of the Treasury, the
Secretary of War, the Attorney General, the Secretary of the Navy, the Secretary of Agriculture, and
the Secretary of Commerce. The Chairman may,
with the approval of the President, appoint additional members to the Board. Each member of the
Board, other than the Chairman, may designate an
alternate from among the officials of his Department,
subject to the continuing approval of the Chairman,
and such alternate may act for such member in all
matters relating to the Board.
3. In furtherance of such policies and objectives
as the President may from time to time determine,
the Board shall perform the following functions and
duties:
a. Advise the President as to economic defense
measures to be taken or functions to be performed
which are essential to the effective defense of the
Nation.
b. Coordinate the policies and actions of the several departments and agencies carrying on activities relating to economic defense in order to assure
unity and balance in the application of such measures.
c. Develop integrated economic defense plans
and programs for coordinated action by the departments and agencies concerned and use all appropriate means to assure that such plans and
programs are carried into effect by such departments and agencies.
d. Make investigations and advise the President
on the relationship of economic defense (as defined
in paragraph 1) measures to post-war economic
reconstruction and on the steps to be taken to protect the trade position of the United States and
to expedite the establishment of sound, peace-time
international economic relationships.
e. Review proposed or existing legislation relating to or affecting economic defense and, with
the approval of the President, recommend such
additional legislation as may be necessary or desirable.
4. The administration of the various activities relating to economic defense shall remain with the several departments and agencies now charged with
such duties but such administration shall conform
to the policies formulated or approved by the Board.
5. In the study of problems and in the formulation
of programs, it shall be the policy of the Board to
collaborate with existing departments and agencies
which perform functions and activities pertaining to
economic defense and to utilize their services and
facilities to the maximum. Such departments and
agencies shall cooperate with the Board in clearing
851
From a Legal Standpoint
proposed policies and measures involving economic
defense considerations and shall supply such information and data as the Board may require in performing its functions. The Board may arrange for
the establishment of committees or groups of advisers, representing two or more departments and
agencies as the case may require, to study and develop economic defense plans and programs in respect
to particular commodities or services, geographical
areas, types of measures that might be exercised,
and other related matters.
6. To facilitate unity of action and the maximum
use of existing services and facilities, each of the following departments and agencies, in addition to the
departments and agencies represented on the Board,
shall designate a responsible officer or officers, subject to the approval of the Chairman, to represent
the department or agency in its continuing relationships with the Board: The Departments of the Post
Office, the Interior, and Labor, the Federal Loan
Agency, the United States Maritime Commission, the
United States Tariff Commission, the Federal Trade
Commission, the Board of Governors of the Federal
Reserve System, the Securities and Exchange Commission, the National Resources Planning Board, the
Defense Communications Board, the Office of Production Management, the Office of Price Administration and Civilian Supply, the Office for Coordination of Commercial and Cultural Relations Between the American Republics, the Permanent Joint
Board on Defense, the Administrator of Export Control, the Division of Defense Aid Reports, the Coordinator of Information, and such additional departments and agencies as the Chairman may from
time to time determine. The Chairman shall provide for the systematic conduct of business with the
foregoing departments and agencies.
7. The Chairman is authorized to make all necessary arrangements, with the advice and assistance
of the Board, for discharging and performing the
responsibilities and duties required to carry out the
functions and authorities set forth in this Order,
and to make final decisions when necessary to expedite the work of the Board. He is further authorized, within the limits of such funds as may be allocated to. the Board by the President, to employ necessary personnel and make provision for the necessary
supplies, facilities, and services. The Chairman may,
with the approval of the President, appoint an executive officer.
FRANKLIN D. ROOSEVELT.
The White House,
July 30, 1941.
Executive Order and Regulations on Transfers of Property of
Foreign Countries and Their Nationals
ury, were amended on July 26, 1941, so as to
extend to China and Japan.
The texts of the Executive Order and accompanying Regulations and amendments
thereto have been printed in previous issues
of the Federal Reserve BULLETIN. There is
published below a statement issued by the
Treasury Department in explanation of the
recent amendments together with the full
texts of the July 26 amendments.
Treasury Department, Washington,
July 26, 1941
In view of the unlimited national emergency declared by the President, he has today issued an
Executive Order freezing Japanese assets in the
United States in the same manner in which assets
of various European countries were frozen on June
14, 1941. This measure, in effect, brings all financial and import and export trade transactions in
which Japanese interests are involved under the
control of the Government and imposes criminal
penalties for violation of the Order. This Executive
Order, just as the Order of June 14, 1941, is designed
among other things to prevent the use of the financial
facilities of the United States and trade between
Japan and the United States, in ways harmful to
national defense and American interests, to prevent
the liquidation in the United States of assets obtained by duress or conquest, and to curb subversive
activities in the United States.
At the specific request of Generalissimo Chiang
Kai-shek and for the purpose of helping the Chinese Government, the President has, at the same
time, extended the freezing control to Chinese assets
in the United States. The administration of the licensing system with respect to Chinese assets will
be conducted with a view to strengthening the foreign trade and exchange position of the Chinese Government. The inclusion of China in the Executive
Order, in accordance with the wishes of the Chinese
Government, is a continuation of this Government's
policy of assisting China.
8832
Amendment of Executive Order No. 8389 of April
10, 19UO, As Amended
By virtue of the authority vested in me by Section
5(b) of the Act of October 6, 1917 (40 Stat. 415),
as amended, and by virtue of all other authority
vested in me, I, Franklin D. Roosevelt, President of
the United States of America, do hereby amend
Executive Order No. 8389 of April 10, 1940, as
amended, by changing the period at the end of subdivision (j) of Section 3 of such Order to a semicolon and adding the following new subdivision thereafter :
(k) June 14, 1941—
China, and
Japan.
EXECUTIVE ORDER NO.
The Executive Order of April 10, 1940, as
amended, and the Treasury Regulations issued thereunder providing that transfers of
credit, foreign exchange transactions, the export or earmarkings of coin, bullion or currency, or other similar operations, by persons
or institutions in the United States which involve property of all countries of Continental
Europe or any nationals thereof, shall be sub- The White House,
ject to license by the Secretary of the Treas- July 26, 1941.
852
FRANKLIN D. ROOSEVELT.
FEDERAL RESERVE BULLETIN
Front a Legal Standpoint
Treasury Department, Office of the Secretary,
July 26, 1941
Treasury Department, Office of the Secretary,
July 26, 1941
General License No. 54, Under Executive Order No.
8389, April 10, 1940, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
The Regulations of April 10, 1940, as amended
in Foreign Exchange, Etc.*
(Sections 130.1 to 130.7), are hereby amended so that
reports on Form TFR-300 shall be filed with respect
A general license is hereby granted licensing any
to all property subject to the jurisdiction of the
transaction which is prohibited by the Order solely
United States on the opening of business on July by reason of the fact that it involves property in
26, 1941, as well as with respect to all property sub- which China or Japan, or any national thereof, has at
ject to the jurisdiction of the United States on the any time prior to July 26, 1941, but not on or since
opening of business on June 1, 1940, and with respect July 26, 1941, had any interest.
to all property subject to the jurisdiction of the
This general license shall not be deemed to authorUnited States on the opening of business on June ize any transaction, if (i) such transaction is by, or
14, 1941, in which on the respective dates China or on behalf of, or pursuant to the direction of China or
Japan or any national thereof had any interest of any Japan, or any national thereof, or (ii) such transacnature whatsoever, direct or indirect. Such reports tion involves property in which China or Japan, or
shall be filed by the persons specified in Section 130.4 any national thereof, has at any time on or since July
of the Regulations and in the manner prescribed in 26, 1941, had any interest.
the Regulations.
E. H. FOLEY, JR.,
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Acting Secretary of the Treasury.
AMENDMENT TO REGULATIONS *
Approved: July 26, 1941.
FRANKLIN D. ROOSEVELT.
General Licenses and Public Circulars Issued by the Secretary
of the Treasury
Treasury Department, Office of the Secretary,
July 26, 1941
General License No. 55, Under Executive Order No.
8389, April 10, 1940, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, Etc.*
Since the publication of certain General
Licenses, Public Circulars, and General Rulings on pages 740 through 744 of the August
1941 Federal Reserve BULLETIN, the following General Licenses and Public Circulars
have been issued by the Office of the Secretary
of the Treasury under authority of the Executive Order of April 10, 1941, as amended, and
Regulations issued pursuant thereto relating
to transactions in foreign exchange, etc.
(1) A general license is hereby granted authorizing any banking institution within the United States
to make payments from blocked accounts of China
or Japan, or any national thereof:
a. Of checks and drafts drawn or issued prior
to July 26, 1941, and to accept and pay and debit
to such accounts drafts drawn prior to July 26,
1941, under letters of credit provided:
(1) The amount involved in any one payment,
acceptance, or debit does not exceed $500; or
(2) The amount involved in any one payment,
acceptance, or debit does not exceed $10,000 and
the check or draft was within the United States
Treasury Department, Office of the Secretary,
in process of collection on or prior to July 26,
1941; and
July 26, 1941
b. Of documentary drafts drawn under irrevocGeneral License No. 13, as Amended, Under Execuable letters of credit issued or confirmed by a dotive Order No. 8389, April 10, 1940, as Amended,
mestic bank prior to July 26, 1941.
and Regulations Issued Pursuant Thereto, Relating
(2) This general license shall not be deemed to
to Transactions in Foreign Exchange, Etc.f
authorize any payment to a blocked country, or naGeneral License No. 13 is amended by deleting the tional thereof, except payments into a blocked account
in a domestic bank unless such foreign country or
following offices therefrom:
national is otherwise licensed to receive such pay(a) the Kobe, Shanghai and Amoy offices of the ments.
Nederlandsch Indische Handelsbank;
(3) Banking institutions making any payment or
(b) the Kobe and Shankhai offices of the Neder- debit authorized by this general license shall file
promptly with the appropriate Federal Reserve Bank
landsche Handel Maatschappij.
weekly reports showing the details of such transacE. H. FOLEY, JR.,
tions.
Acting Secretary of the Treasury.
(4) This license shall expire at the close of business on August 26, 1941.
•Sections 130.1 to 130.7:—Sec. 5 ( b ) , 40 Stat. 415 and 966;
Sec. 2, 48 Stat. 1 ; 54 Stat. 179 ; Ex. Order 8389, April 10, 1940,
E. H. FOLEY, JR.,
as amended by Ex. Order 8785, J u n e 14, 1941, and E x . Order
Acting Secretary of the Treasury.
8832, July 26, 1941.
t 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.
SEPTEMBER 1941
853
From a Legal Standpoint
Treasury Department, Office of the Secretary,
is hereby granted extending the privileges of all
July 26, 1941
general licenses to Hongkong to the same extent as
General License No. 56, Under Executive Order No. though Hongkong were a part of China.
8389, April 10, 191*0, as Amended, and Regulations
E. H. FOLEY, JR.,
Issued Pursuant Thereto, Relating to Transactions
Acting Secretary of the Treasury.
in Foreign Exchange, Etc.*
(1) A general license is hereby granted licensing
Treasury Department, Office of the Secretary,
any partnership, association, corporation or other orJuly 26, 1941
ganization engaged in commercial activities within
General
License
No.
58, Under Executive Order No.
the Territory of Hawaii and which is a national of
8389, April 10, 194-0, as Amended, and Regulations
China or Japan, to engage in all transactions ordinarIssued Pursuant Thereto, Relating to Transactions
ily incidental to the normal conduct of its business
in Foreign Exchange, Etc.*
activities within the Territory of Hawaii, provided,
however, that this general license shall not authorize:
(1) A general license is hereby granted licensing
(a) Any transaction which could not be effected all transactions ordinarily incident to the importing
without a license if such organization were not a and exporting of goods, wares and merchandise between the United States and any part of China
national of any blocked country; or
(b) Any payment, transfer or withdrawal from other than Manchuria, provided the following terms
any blocked account in any banking institution and conditions are complied with:
within any part of the United States other than the
(a) Such transaction is not by, or on behalf of,
Territory of Hawaii.
or pursuant to the direction of (i) any blocked
country other than China, or (ii) any person
(2) Any organization engaging in business purwithin Manchuria, or (iii) any national of any
suant to this general license shall not engage in any
blocked country other than China unless such
transaction, pursuant to this general license or any
national is within China;
other general license, which, directly or indirectly,
substantially diminishes or imperils the assets of such
(b) Such transaction does not involve proporganization within the Territory of Hawaii or othererty in which (i) any blocked country other than
wise prejudicially affects the financial position of
China, or (ii) any person within Manchuria, or
such organization within the Territory of Hawaii.
(iii) any national of any blocked country other
than China unless such national is within China,
(3) Any such organization shall file with the
has at any time on or since the effective date of
Governor of the Territory of Hawaii, within sixty
the Order had any interest; and
days after the date hereof, an affidavit on Form
TFBE-1 setting forth the data called for in such
(c) Any banking institution within the United
form. Any organization not complying with this
States, prior to issuing, confirming or advising
requirement is not authorized to engage in any
letters of credit, or accepting or paying drafts
transaction under this general license.
drawn, or reimbursing themselves for payments
made, under letters of credit, or making any other
(4) Any bank effecting any payment, transfer or
payment or transfer of credit, in connection with
withdrawal pursuant to this general license shall
any importation or exportation pursuant to this
satisfy itself that such payment, transfer or withgeneral license, or engaging in any other transdrawal is being made pursuant to the terms and
action herein authorized, shall satisfy itself (from
conditions of this general license.
the shipping documents or otherwise) that: (1)
(5) Any organization engaging in business purany such transaction is incident to a bona fide imsuant to this general license shall file monthly reportation or exportation and is customary in the
ports in triplicate with the Governor of the Terrinormal course of business, and that the value of
tory of Hawaii setting forth the details of the transsuch importation or exportation reasonably coractions engaged in by it during the reporting period.
responds with the sums of money involved in fiSuch report shall indicate receipts and expenditures
nancing such transaction; and (2) such importaclassified into general categories by source, payee
tion or exportation is or will be made pursuant to
and purpose.
all the terms and conditions of this license.
E. H. FOLEY, JR.,
(2) Banking institutions within the United States
Acting Secretary of the Treasury.
engaging in any transactions authorized by this
general license shall file promptly with the appropriate Federal Reserve Bank monthly reports setting
Treasury Department, Office of the Secretary,
forth the details of such transactions during such
July 26, 1941
including appropriate identification of the
General License No. 57, Under Executive Order No. period,
accounts which are debited or credited in connec8389, April 10, 194.0, as Amended, and Regulationstion
with any such transaction.
Issued Pursuant Thereto, Relating to Transactions
(3) As used in this general license a person shall
in Foreign Exchange, Etc.*
not be deemed to be "within China" unless such
The British Crown Colony of Hongkong is not a person was situated within and doin^ business within
part of China within the meaning of the Order.
China on and since Jun? 14, 1941.
By reason of the large number of nationals of
E. H. FOLEY, JR.,
blocked countries within Hongkong and its interActing Secretary of the Treasury.
relation with the Chinese economy, a general license
* 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.
854
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
Treasury Department, Office of the Secretary,
July 26, 1941
(4) Banking institutions within the United States
making any payment, transfer or withdrawal from
the accounts of any such office of the aforementioned
General License No. 59, Under Executive Order No. banking institutions shall file promptly with the ap8389, April 10, 19%0, as Amended, and Regulations propriate Federal Reserve Bank monthly reports
Issued Pursuant Thereto, Relating to Transactions setting forth the details of such transactions during
in Foreign Exchange, Etc.*
such period.
(1) A general license is hereby granted licensing
the offices within China of the following as generally
licensed nationals:
(a)
(b)
(c)
(d)
(e)
(f)
(g)
(h)
(i)
(j)
(k)
(1)
Ltd.
(m)
(n)
The Chase Bank
National City Bank of New York
Underwriters Savings Bank
American Express Company
Moscow Narodny Bank, Ltd.
Thos. Cook & Son (Bankers), Ltd.
Hongkong & Shanghai Banking Corporation
Mercantile Bank of India, Ltd.
David Sassoon & Co., Ltd.
E. D. Sassoon & Co., Ltd.
E. D. Sassoon Banking Co., Ltd.
Chartered Bank of India, Australia & China,
Nederlandsch Indische Handelsbank
Nederlandsche Handel Maatschappij
(2) This general license shall also authorize any
such office of any such banking institution to finance
imports and exports, and transactions ordinarily
incidental thereto, between any part of China except
Manchuria and any of the following:
(a) The United States
(b) The American Republics (as defined in
General License No. 53)
(c) The British Commonwealth of Nations
(d) The Union of Soviet Socialist Republics
(e) The Netherlands East Indies;
provided, however, that this authorization shall not
be deemed to permit any payment, transfer or withdrawal from any blocked account; and provided
further, that any such office of any such bank, prior
to issuing, confirming or advising letters of credit,
or accepting or paying drafts drawn, or reimbursing
themselves for payments made under letters of
credit, or making any other payment or transfer of
credit, in connection with any importation or exportation pursuant to this general license, or engaging in any other transaction herein authorized, shall
satisfy itself (from the shipping documents or otherwise) that: (i) any such transaction is incident to
a bona fide importation or exportation and is customary in the normal course of business, and that
the value of such importation or exportation reasonably corresponds with the sums of money involved
in financing such transaction; and (ii) such importation or exportation is or will be made pursuant
to all the terms and conditions of this license.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary,
July 26, 1941
General License No. 60, Under Executive Order No.
8389, April 10, 19UO, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, Etc.*
(1) A general license is hereby granted licensing
the National Government of the Republic of China
and the Central Bank of China as generally licensed
nationals.
(2) Any transaction engaged in by such government or such bank pursuant to the order of or for
the account of any person within China is also hereby
authorized to the same extent, and under the same
circumstances, as though such transaction were
solely for the account of such government or such
bank; provided, however, that this authorization
shall not be deemed to permit any payment, transfer
or withdrawal from any blocked account except as
provided in paragraph (3) of this general license.
(3) This general license shall also authorize any
payment or transfer of credit or transfer of securities
from any blocked account in which any national of
China has an interest to an account in a domestic
bank in the name of such government or such bank;
provided, no other blocked country or any national
thereof has an interest, or has had an interest in such
blocked account at any time on or since the effective
date of the Order.
(4) Banking institutions within the United States
making any payment, transfer or withdrawal from
the accounts of such government or such bank or
from any blocked account referred to in paragraph
(3) shall file promptly with the appropriate Federal
Reserve Bank monthly reports setting forth the
details of such transactions during such period.
(5) The term "generally licensed national" as applied to the National Government of the Republic
of China shall mean that such government may be
regarded as though China were not a blocked country, and all persons to the extent that they are acting
for or on behalf of such government may be regarded
as generally licensed nationals.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary,
July 26, 1941
General License No. 61, Under Executive Order No.
8389, April 10, 19UO, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, Etc.*
(3) This general license shall not be deemed to
authorize any transaction by, or on behalf of, or
pursuant to the direction of any person whose name
appears on "The Proclaimed List of Certain Blocked
Nationals" or involving property in which any such
(1) A general license is hereby granted licensing
person has at any time on or since the effective date
the offices outside the United States and not within
of the Order had any interest.
* 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 bv 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.
SEPTEMBER
1941
855
From a Legal Standpoint
any blocked country other than China of the following
Chinese banks as generally licensed nationals:
(a) the Bank of China;
(b) the Bank of Communications; and
(c) the Farmers Bank.
Treasury Department, Office of the Secretary,
July 26, 1941
General License No. 62, Under Executive Order No.
8389, April 10, 194-0, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, Etc.*
Any transaction engaged in by any such office of
(1) A general license is hereby granted licensing
any such bank pursuant to the order of or for the as generally licensed nationals:
account of any person not within any blocked coun(a) China Defense Supplies, Inc.,
try is also hereby authorized to the same extent, and
1601 V Street, N. W., Washington, D. C ;
under the same circumstances, as though such trans(b) the Universal Trading Corporation,
action were solely for the account of such office of
630 Fifth Avenue, New York, New York;
such bank; provided, however, that this authorizaand
tion shall not be deemed to permit any payment,
(c) the New York office of the Bank of China.
transfer or withdrawal from any blocked account.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
(2) This general license shall also authorize any
such office of any such banking institution to finance
imports and exports, and transactions ordinarily
Treasury Department, Office of the Secretary,
July 26, 1941
incidental thereto, between any part of China except
Manchuria and any of the following:
General License No. 63, Under Executive Order No.
8389, April 10, 19%0, as Amended, and Regulations
(a) the United States
Issued Pursuant Thereto, Relating to Transactions
(b) the American Republics (as defined in Genin Foreign Exchange, Etc.*
eral License No. 53)
A general license is hereby granted licensing as
(c) the British Commonwealth of Nations
generally licensed nationals the offices in the Philip(d) the Union of Soviet Socialist Republics
pine Islands of:
(e) the Netherlands East Indies;
(a) the China Banking Corporation;
(b) the Philippine Bank of Communications;
provided, however, that this authorization shall not
(c) the Yokohama Specie Bank, Ltd.; and
be deemed to permit any payment, transfer or with(d) the Bank of Taiwan.
drawal from any blocked account; and provided
E. H. FOLEY, JR.,
further, that any such office of any such bank, prior
Acting Secretary of the Treasury.
to issuing, confirming or advising letters of credit,
or accepting or paying drafts drawn, or reimbursing
themselves for payments made, under letters of credit,
Treasury Department, Office of the Secretary,
or making any other payment or transfer of credit,
July 26, 1941
in connection with any importation or exportation
pursuant to this general license, or engaging in any General License No. 6^, Under Executive Order No.
8389, April 10, 191+0, as Amended, and Regulations
other transaction herein authorized, shall satisfy
Issued Pursuant Thereto, Relating to Transactions
itself (from the shipping documents or otherwise)
in Foreign Exchange, Etc.*
that: (i) any such transaction is incident to a bona
fide importation or exportation and is customary in
(1) A general license is hereby granted licensing
the normal course of business, and that the value all transactions ordinarily incident to the importing
of such importation or exportation reasonably cor- and exporting of goods, wares and merchandise beresponds with the sums of money involved in financ- tween the Philippine Islands and China and between
ing such transaction; and (ii) such importation or the Philippine Islands and Japan, provided the folexportation is or will be made pursuant to all the lowing terms and conditions are complied with:
terms and conditions of this license.
(a) Such transaction is not by, or on behalf of,
or pursuant to the direction of (i) any blocked
(3) This general license shall not be deemed to
country other than China or Japan, or (ii) any
authorize any transaction by, or on behalf of, or
national of any blocked country other than China
pursuant to the direction of any person whose name
or Japan unless such national is within China
appears on "The Proclaimed List of Certain Blocked
or Japan;
Nationals" or involving property in which any such
(b) Such transaction does not involve property
person has at any time on or since the effective date
in which (i) any blocked country other than
of the Order had any interest.
China or Japan, or (ii) any national of any
blocked country other than China or Japan unless
(4) Banking institutions within the United States
such national is within China or Japan, has at
making any payment, transfer or withdrawal from
any time on or since the effective date of the
the accounts of any such office of the aforementioned
Order had any interest;
banks shall file promptly with the appropriate Fed(c) Such transaction does not involve any payeral Reserve Bank monthly reports setting forth the
ment, transfer or withdrawal from any blocked
details of such transactions during such period.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
856
* 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
8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941.
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
account in any banking institution within any
part of the United States other than the Philippine Islands; and
(d) Any banking institution within the Philippine Islands, prior to issuing, confirming or advising letters of credit, or accepting or paying
drafts drawn, or reimbursing themselves for payments made, under letters of credit, or making any
other payment or transfer of credit, in connection with any importation or exportation pursuant
to this general license, or engaging in any other
transaction herein authorized, shall satisfy itself
(from the shipping documents or otherwise) that:
(1) any such transaction is incident to a bona fide
importation or exportation and is customary in
the normal course of business, and that the value
of such importation or exportation reasonably
corresponds with the sums of money involved in
financing such transaction; and (ii) such importation or exportation is or will be made pursuant
to all the terms and conditions of this license.
(2) Banking institutions within the Philippine
Islands engaging in any transactions authorized by
this general license shall file promptly with the
High Commissioner of the Philippine Islands monthly
reports setting forth the details of such transaction
during such period, including appropriate identification of the accounts which are debited or credited
in connection with any such transaction.
(3) As used in this general license a person shall
not be deemed to be "within China" or "within
Japan", respectively, unless such person was situated within and doing business within China or
Japan, respectively, on and since June 14, 1941.
such organization within the Philippine Islands or
otherwise prejudicially affects the financial position
of such organization within the Philippine Islands.
(3) Any such organization shall file with the High
iommissioner of the Philippine Islands, within sixty
days after the date hereof, an affidavit on Form
TFBE-1 setting forth the data called for in such
form. Any organization not complying with this requirement is not authorized to engage in any transaction under this general license.
(4) Any bank effecting any payment, transfer or
withdrawal pursuant to this general license shall
satisfy itself that such payment, transfer or withdrawal is being made pursuant to the terms and
:onditions of this general license.
(5) Any organization engaging in business pursuant to this general license shall file monthly reports in triplicate with the High Commissioner of
the Philippine Islands setting forth the details of
the transactions engaged in by it during the reporting period. Such report shall indicate receipts and
expenditures classified into general categories by
source, payee and purpose.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary,
July 26, 1941
General License No. 66, Under Executive Order No.
8389, April 10, 19 UO, as Amended, and Regulations
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, Etc.*
A general license is hereby granted licensing as
generally licensed nationals the offices in the TerriE. H. FOLEY, JR.,
tory of Hawaii of:
Acting Secretary of the Treasury.
(a) the American Security Bank;
(b) the Honolulu Trust Company;
Treasury Department, Office of the Secretary,
(c) the Liberty Bank of Honolulu;
July 26, 1941
(d) the Pacific Bank;
General License No. 65, Under Executive Order N'o.
(e) the Sumitomo Bank of Hawaii; and
8389, April 10, 194-0, as Amended, and Regulations
(f) the Yokohama Specie Bank, Ltd.
Issued Pursuant Thereto, Relating to Transactions
E. H. FOLEY, JR.,
in Foreign Exchange, Etc.*
Acting Secretary of the Treasury.
(1) A general licence is hereby granted licensing
any partnership, association, corporation or other
Treasury Department, Office of the Secretary,
organization engaged in commercial activities within
July 26, 1941
the Philippine Islands and which is a national of General License No. 67, Under Executive Order No.
China or Japan, to engage in all transactions ordi8389, April 10, 19UO, as Amended, and Regulations
narily incidental to the normal conduct of its busiIssued Pursuant Thereto, Relating to Transactions
ness activities within the Philippine Islands, proin Foreign Exchange, Etc.*
vided, however, that this general license shall not
authorize:
(1) A general license is hereby granted authoriz(a) Any transaction which could not be effected ing payments, transfers or withdrawals from blocked
without a license if such organization were not a accounts, in domestic banks, of any partnership, association, corporation or other organization engaged
national of any blocked country; or
(b) Any payment, transfer or withdrawal frpm in commercial activities within the United States
any blocked account in any banking institution and which is a national of China or Japan for the
within any part of the United States other than purpose of paying current salaries, wages or other
compensation due employees of such organization,
the Philippine Islands.
(2) Any organization engaging in business pur- provided that:
(a) such employees are engaged in employment
suant to this general license shall not engage in any
in and residing in the United States; and
transaction, pursuant to this general license or any
other general license, which, directly or indirectly
(b) the total payments, transfers or withdrawals
substantially diminishes or imperils the assets of
from blocked accounts of any such organization
* 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.
SEPTEMBER 1941
857
From a Legal Standpoint
for such purposes does not exceed in any one
(b) the Sacramento office of the Sumitomo Bank
week the average weekly payroll, for such emof California;
ployees of such organization, during the six
(c) the Seattle office of the Sumitomo Bank of
months' period immediately preceding the date of
Seattle; and
this license.
(d) the offices in Los Angeles, San Francisco
(2) Any bank effecting any such payment, transand Seattle of the Yokohama Specie Bank, Ltd.
fer or withdrawal shall satisfy itself that such payE. H. FOLEY, JR.,
ment, transfer or withdrawal is being made pursuant
to the terms and conditions of this general license.
Acting Secretary of the Treasury.
(3) Each such organization shall promptly file
weekly reports in triplicate with the appropriate
Treasury Department, Office of the Secretary,
Federal Reserve Bank with respect to any such payAugust 1, 1941
ments, transfers or withdrawals made from its
blocked accounts during the reporting period. Such Revocation of General License No. 1+5, as Amended,
report shall include: (a) the total amount of such
Under Executive Order No. 8389, April 10, 191+0,
payments, transfers or withdrawals made during
as Amended, and Regulations Issued Pursuant
such period; (b) the names and addresses of the
Thereto, Relating to Transactions in Foreign Exdomestic banks holding the blocked accounts from
change, Etc.*
which such payments, transfers or withdrawals were
made, and the amount of such payments, transfers
General License No. 45, as amended, is hereby
or withdrawals made from the blocked accounts in revoked.
each bank; and the first weekly report filed by
E. H. FOLEY, JR.,
such organization shall include (c) comparable data
Acting Secretary of the Treasury.
for each of the six months preceding the date of this
license.
Treasury Department, Office of the Secretary,
(4) This license shall expire at the close of busiAugust 1, 1941
ness on August 26, 1941.
E. H. FOLEY, JR.,
General License No. 55, as Amended, Under ExecuActing Secretary of the Treasury.
tive Order No. 8389, April 10, 191+0, as Amended,
and Regulations Issued Pursuant Thereto, Relating
Treasury Department, Office of the Secretary,
to Transactions in Foreign Exchange, Etc.*
July 26, 1941
General License No. 55 is amended to read as
General License No. 68, Under Executive Order No. follows:
8389, April 10, 19%0, as Amended, and Regulations
(1) A general license is hereby granted authorizIssued Pursuant Thereto, Relating to Transactions
ing any banking institution within the United States
in Foreign Exchange, Etc.*
to make payments from blocked accounts of China
(1) A general license is hereby granted licensing or Japan, or any national thereof:
as generally licensed nationals individuals who are
A. Of checks and drafts drawn or issued prior
nationals of China and Japan and who have been
to July 28, 1941, and to accept and pay and debit
residing only in the United States at all times on
to such accounts drafts drawn prior to July 26,
and since June 17, 1940; provided, however, that this
1941, under letters of credit provided:
license shall not be deemed to license as a generally
(1) The amount involved in any one payment,
licensed national any individual who is a national of
acceptance, or debit does not exceed $500; or
China or Japan by reason of any fact other than
(2) The amount involved in any one payment,
that such individual has been a subject or citizen of
acceptance, or debit does not exceed $10,000 and
China or Japan at any time on or since such date.
the check or draft was within the United States
(2) Reports on Form TFR-300 are not required to
in process of collection on or prior to July 26,
be filed with respect to the property interests of any
1941; and
individuals licensed herein as generally licensed naB. Of documentary drafts drawn under revotionals.
cable or irrevocable letters of credit issued or adE. H. FOLEY, JR.,
vised by a domestic bank prior to July 26, 1941,
Acting Secretary of the Treasury.
provided:
(1) That such letters of credit were not issued
Treasury Department, Office of the Secretary,
in favor of Japan or China or any national
July 26, 1941
thereof; or
General License No. 69, Under Executive Order No.
(2) That such drafts have not, since July
8389, April 10, 19%0, as Amended, and Regulations
26, 1941, been held by or for the account of any
Issued Pursuant Thereto, Relating to Transactions
blocked country or national thereof.
in Foreign Exchange, Etc.*
(2) Banking institutions making any payment
A general license is hereby granted licensing the or debit authorized by this general license shall
following as generally licensed nationals:
file promptly with the appropriate Federal Reserve
(a) the San Francisco office of the Bank of Bank weekly reports showing the details of such
transactions.
Canton;
* 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, 2 940, as amended bv Ex. Order 179 ; Ex. Order 8389, April 10, 1940. as amended bv 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.
858
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
thereof not within the generally licensed trade
area, has at any time on or since the effective date
of the Order had any interest; and
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
(c) Any banking institution within the United
States, prior to issuing, confirming or advising
Treasury Department, Office of the Secretary,
letters of credit, or accepting or paying drafts
August 1, 1941
drawn, or reimbursing themselves for payments
under letters of credit, or making any other
Amendment of General License No. 59, Under Execu- made,
or transfer of credit, in connection with
tive Order No. 8389, April 10, 194-0, as Amended, payment
any importation or exportation pursuant to this
and Regulations^ Issued Pursuant Thereto, Relat- general
license, or engaging in any other transing to Transactions in Foreign Exchange, Etc.*
action herein authorized, shall satisfy itself (from
General License No. 59 is hereby amended by subthe shipping documents or otherwise) that: (i)
any such transaction is incident to a bona fide
stituting in paragraph (1) (c) thereof the term
importation or exportation and is customary in
"Underwriters Bank for the Far East Inc." for the
the normal course of business, and that the value
term "Underwriters Savings Bank".
of such importation or exportation reasonably corE. H. FOLEY, JR.,
responds with the sums of money involved in fiActing Secretary of the Treasury.
nancing such transaction; and (ii) such importation or exportation is or will be made pursuant
to all the terms and conditions of this license.
Treasury Department, Office of the Secretary,
August 1, 1941
(2) Subject to all other terms and conditions of
Amendment of General License No. 61, Under Execu- this general license any national of a blocked countive Order No. 8389, April 10, 194-0, as Amended,try doing business within the United States purand Regulations Issued Pursuant Thereto, Relat- suant to a license is also hereby authorized, while
ing to Transactions in Foreign Exchange, Etc.*
so licensed, to engage in any transaction referred
in paragraph (1) to the same extent that such
General License No. 61 is hereby amended by sub- to
national is licensed to engage in such transaction
stituting in paragraph (1) (c) thereof the term "the involving
persons within the generally licensed trade
Farmers Bank of China" for the term "the Farmers area who are
not nationals of a blocked country.
Bank".
(3) As used in this general license:
E. H. FOLEY, JR.,
(a) The term "generally licensed trade area"
Acting Secretary of the Treasury.
shall mean the following:
Treasury Department, Office of the Secretary,
(i) the American Republics, i.e., (1) ArgenAugust 5, 1941
tina, (2) Bolivia, (3) Brazil, (4) Chile, (5)
Colombia, (6) Costa Rica, (7) Cuba, (8) the
Amendment of General License No. 53, Under ExecuDominican Republic, (9) Ecuador, (10) El Saltive Order No. 8389, April 10, 1940, as Amended,
vador, (11) Guatemala, (12) Haiti, (13) Honand Regulations Issued Pursuant Thereto, Relatduras, (14) Mexico, (15) Nicaragua, (16)
ing to Transactions in Foreign Exchange, Etc.*
Panama, (17) Paraguay, (18) Peru, (19) UruGeneral License No. 53 is hereby amended to read
guay, and (20) Venezuela;
as follows:
(ii) the British Commonwealth of Nations,
(1) A general license is hereby granted licensing
i.e., (1) the United Kingdom (England, Wales,
all transactions ordinarily incident to the importing
Scotland and Northern Ireland), (2) The Britand exporting of goods, wares and merchandise
ish Dominions (Canada, Australia, New Zealand,
between the United States and any of the members
the Union of South Africa and Newfoundland),
of the generally licensed trade area or between the
(3) Eire, (4) The Isle of Man, (5) India, (6)
members of the generally licensed trade area if (i)
Egypt, (7) Anglo-Egyptian Soudan, (8) Iraq,
such transaction is by, or on behalf of, or pursuant
(9) all colonies and protectorates under the
to the direction of any national of a blocked counBritish Crown, and (10) all mandated territry within the generally licensed trade area, or (ii)
tories administered by the United Kingdom or
such transaction involves property in which any
by any British Dominion;
such national has at any time on or since the effective
(iii) the Union of Soviet Socialist Republics;
date of the Order had any interest, provided the
(iv) the Netherlands East Indies;
following terms and conditions are complied with:
(v) the Netherlands West Indies;
(a) Such transaction is not by, or on behalf of,
(vi) the Belgian Congo and Ruanda-Urundi;
or pursuant to the direction of (i) any person
whose name appears on "The Proclaimed List of
(vii) Greenland; and
Certain Blocked Nationals," or (ii) any blocked
(viii) Iceland.
country or national thereof not within the gen(b) The term "member" of the generally lierally licensed trade area;
censed trade area shall mean any of the foreign
(b) Such transaction does not involve property
countries or political subdivisions comprising the
in which (i) any person whose name appears on
generally licensed trade area.
"The Proclaimed List of Certain Blocked Na(c) The term "any national of a blocked country
tionals," or (ii) any blocked country or national
within the generally licensed trade area" shall
* Sec. 5(b), 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
mean any national of a blocked country who was
179; Ex. Order 8389, April 10, 1940, as amended by Ex. Order
situated within and doing business within such
8785. June 14, 1941, and Ex. Order 8832, July 26, 1941 ; Regulaarea on and since June 14, 1941.
tions, April 10, 1940, as amended June 14. 1941, and July 26, 1941.
(3) This license shall expire at the close of business on August 30, 1941.
SEPTEMBER
1941
859
From a Legal Standpoint
(d) The term "The Proclaimed List of Certain
Blocked Nationals" shall mean "The Proclaimed
List of Certain Blocked Nationals" as amended
and supplemented promulgated pursuant to the
Proclamation of July 17, 1941.
any transaction referred to in Section 1 of the Order,
if (i) such transaction is by, or on behalf of, or
pursuant to the direction of Portugal, or any national
thereof, or (ii) such transaction involves property
in which Portugal, or any national thereof, has at
E. H. FOLEY, JR.,
any time on or since the effective date of the Order
Acting Secretary of the Treasury.
had any interest, provided, that:
Treasury Department, Office of the Secretary,
(a) Such transaction is not by, or on behalf of,
August 11, 1941
or pursuant to the direction of any blocked counGeneral License No. 9, as Amended, Under Executive
try or any national thereof, other than Portugal
Order No. 8389, April 10, 194-0, as Amended, and or any national of Portugal;
Regulations Issued Pursuant Thereto, Relating to
(b) Such transaction does not involve property
Transactions in Foreign Exchange, Etc.*
in which any blocked country or any national
General License No. 9 is amended to read as follows:
thereof^ other than Portugal or any national of
A general license is hereby granted authorizing
Portugal, has at any time on or since the effective
the bona fide purchase and sale of commodities
date of the Order had any interest; and
futures contracts and of evidences of ownership of
actual commodities on an exchange or board of trade
(c) If such transaction is not by, or on behalf
within the United States by banking institutions
of, or pursuant to the direction of the Governwithin the United States, for the account of nament of Portugal or the Banco de Portugal, such
tionals of any blocked country, pursuant to the intransaction shall not be effected until the Banco
structions of such nationals, and necessary transfers
de Portugal has certified in writing that the Banco
or other dealings in evidences of ownership of comde Portugal has determined that such transaction
modities, transfers of credit and payments between
complies with the conditions of paragraphs (a)
accounts in banking institutions within the United
and (b) above.
States as required in connection with such purchases or sales or because of fluctuations in the
(2) This general license also authorizes any paymarket value of the commodities covered by such ment
or transfer from a blocked account in which any
contracts or evidences of ownership, provided that: national
of Portugal has an interest to a blocked
(a) In the case of such purchase, the futures account in a domestic bank in the name of the Banco
contracts and evidences of ownership of the com- de Portugal; provided, however, that this authormodities are held in a blocked account in the name ization shall not be deemed to authorize any payment
of the national for whom the purchase was made or transfer from a blocked account in which any
and in the banking institution within the United national of a blocked country, other than Portugal,
States which maintained the account for which has an interest, or has had an interest at any time
the purchase was made; and
on or since the effective date of the Order.
(b) In the case of such sales, the proceeds of
the sale are credited to a blocked account in the
(3) Except as provided in paragraph (2), this
name of the national for whose account the sale general license shall not be deemed to permit any
was made and in the banking institution within payment, transfer or withdrawal from any blocked
the United States which maintained the account account other than blocked accounts in the name of
for which the sale was made.
the Government of Portugal or the Banco de PortuEach banking institution engaging in any transuntil the Banco de Portugal has certified, with
action herein authorized is required to file promptly gal,
with the appropriate Federal Reserve Bank monthly respect to the transaction, as provided in paragraph
reports showing the details of each such transaction, (1) (c) above.
including a description of the commodities futures
(4) This general license shall not apply with
contracts or evidences of ownership of actual commodities purchased or sold, the dates of the pur- respect to any national of Portugal who is also a
chases or sales, the persons for whose account the national of any other blocked country.
purchases or sales were made, the price at which each
(5) Banking institutions within the United States
purchase or sale was made, and the name of the ex- engaging
in any transactions authorized by this genchange or board of trade on which each such transeral license shall file promptly with the appropriate
action was effected.
Federal Reserve Bank weekly reports setting forth
E. H. FOLEY, JR.,
the details of transactions effected by them under this
Acting Secretary of the Treasury.
license.
Treasury Department, Office of the Secretary,
(6) As used in this general license, the "GovernAugust 11, 1941
General License No. 70, Under Executive Order No. ment of Portugal" shall include the government of
8389, April 10, 1940, as Amended, and Regulations any political subdivision (territories, dependencies,
Issued Pursuant Thereto, Relating to Transactions possessions, states, departments, provinces, counties, municipalities, districts or other places subject
in Foreign Exchange, Etc.*
(1) A general license is hereby granted licensing to the jurisdiction thereof), or any political agency
or instrumentality of the government.
* 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
8785, June 14, 1941, and Ex. Order 8832, July 26, 1941; Regulations, April 10, 1940, as amended June 14, 1941, and July 26, 1941.
860
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
FEDERAL RESERVE BULLETIN
From a Legal Standpoint
thereof may not be presented, accepted or paid exTreasury Department, Office of the Secretary,
August 16, 1941
cept pursuant to license.
(2) Drafts or other orders for payment, in which
General License No. 71, Under Executive Order No.
8389, April 10, 19%0, as Amended, and Regulationsany blocked country or national thereof has on or
Issued Pwrsuant Thereto, Relating to Transactions since the effective date of the Order had any interest, drawn under any irrevocable letter of credit
in Foreign Exchange, Etc.*
not be presented, accepted or paid except pur(1) A general license is hereby granted authoriz- may
to license.
ing the payment from any blocked account to any suant
(3) Documentary drafts in which any blocked
publisher or agent thereof for an individual sub- country
or national thereof has on or since the effecscription to a periodical published within the United
tive date of the Order had any interest may not be
States, provided that:
presented, accepted or paid except pursuant to
(a) Such publisher (and the agent thereof, if
payment is made to an agent of such publisher) is license.
(4) General License No. 1 does not authorize any
located within the United States; and
such payment into blocked accounts.
(b) The total amount of any such payments
E. H. FOLEY, JR.,
from any blocked account does not exceed $25 in
Acting Secretary of the Treasury.
any one month and does not exceed $100 in any
one year.
Treasury Department, Office of the Secretary,
(2) This general license also authorizes the
August 11, 1941
mailing by any publisher or agent thereof of periodicals to any addresses, provided that the periodicals Public Circular No. 3, Under Executive Order No.
are separately mailed from the United States direct
8389, April 10, 194,0, as Amended, and Regulations
to each addressees.
Issued Pursuant Thereto, Relating to Transactions
(3) The term "periodical" as used in this general
in Foreign Exchange, Etc.*
license shall include, but not by way of limitation, any
The Treasury Department has made the follownewspaper whether published daily or less frequently.
reply to inquiries relative to General Licenses
(4) Banking institutions within the United States ing
engaging in any transactions authorized by this gen- Nos. 15, 53, and 58:
Transactions may be engaged in pursuant to the
eral license shall file with the appropriate Federal
Reserve Bank on or before the first day of January, terms and conditions of such general licenses, irApril, July and October reports indicating details respective of the ownership, control or documentation
of such transactions during each such quarterly of the vessel on which the goods, wares and merperiod, including appropriate identification of the chandise are shipped, and irrespective of whether
accounts which are debited, and the total amounts or not freight on such goods, wares and merchandise
has been prepaid.
debited to each such account.
E. H. FOLEY, JR.,
Acting Secretary of the Treasury,
E. H. FOLEY, JR.,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary,
August 16, 1941
Treasury Department, Office of the Secretary,
August 1, 1941
Amendment of Public Circular No. 1, Under Executive Order No. 8389, April 10, 1940, as Amended,
Public Circular No. 2, Under Executive Order No.
8389, April 10, 191*0, as Amended, and Regulations and Regulations^ Issiied Pursuant Thereto, Relating to Transactions in Foreign Exchange, Etc.*
Issued Pursuant Thereto, Relating to Transactions
in Foreign Exchange, Etc.-f
Public Circular No. 1 is amended to read as folThe following are replies which the Treasury De- lows:
partment has made to inquiries:
"Reference is made to Section 130.4 of the Regu(1) Drafts or other orders for payment drawn lations providing that reports on Form TFR-300
under irrevocable letters of credit issued in favor shall be filed on or before July 14, 1941.
"The time within which such reports on Form
or on behalf of any blocked country or national
TFR-300
shall be filed is hereby extended from July
• 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 14, 1941, to September 30, 1941."
8785, June 14, 1941, and Ex. Order 8832, July 26, 1941 ; RegulaE. H. FOLEY, JR.,
tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941.
Acting Secretary of the Treasury.
t This public circular affects Parts 130 and 131 and will be
included in appendices to those parts. Sec. 5 ( b ) , 40 Stat. 415
* Sec. 5 ( b ) , 40 Stat. 415 and 966; Sec. 2, 48 Stat. 1; 54 Stat.
and 966; Sec. 2, 48 Stat. 1 ; 54 Stat. 179 ; Ex. Order 8389, April
10, 1940, as amended by Ex. Order 8785, J u n e 14, 1941, and Ex. 179 ; Ex. Order 8389, April 10, 1940, as amended by Ex. Order
8785,
June 14, 1941, and Ex. Order 8832, July 26, 1941 ; RegulaOrder 8832, July 26, 1941; Regulations, April 10, 1940, as
tions, April 10, 1940, as amended June 14, 1941, and July 26, 1941.
amended June 14, 1941, and July 26, 1941.
SEPTEMBER
1941
861
rtom the Hoaid 5 (zottel&ondence
i
Questions of general interest, relating to money and banking, are answered in this section of the BULLETIN.
(zonlumet (?tedit
What transactions are subject to the regulation?
The Board has received a large number of
inquiries about Regulation W (printed on
The transactions subject to the regulation
pages 839-845) governing consumer instal- may be divided into the three following catement credit. The following series of ques- gories :
tions and answers covers some of the more
(1) Sales on the instalment plan of the conimportant of these inquiries:
sumers' durable goods listed in the regulaWhen does the regulation go into effect?
September 1, 1941, but the effective date
of some of the provisions has been deferred
until October 1, 1941, some until November
1, 1941, and others until January 1, 1942.
Where may interested persons obtain information
concerning the regulation and the forms required
by it?
tion, which are referred to therein as "listed
articles";
(2) Instalment loans which are in the amount
of $1,000 or less, or which, regardless of
their amounts, are secured by listed articles
which have just been purchased or are
about to be purchased;
(3) Discounts or purchases of (or loans on)
obligations or claims, such as notes or instalment sale contracts, arising out of the
extensions of credit described in (1) and
(2) above.
What are the ulisted articles"?
At the offices of the 12 Federal Reserve
Banks and their 24 branches, the locations
of which are indicated on the map on page
The regulation lists the articles
962 of this BULLETIN. It will be helpful if groups.
The list appears on page
interested trade associations will communi- this BULLETIN.
cate with the Federal Reserve Banks of the
districts in which their headquarters are Does the regulation apply to instalment
$1,000 or less, even though the purpose of
located.
is not to purchase any listed article?
What, in general, are the purposes of the regulation?
A summary of the purposes is given in
the preamble of Executive Order No. 8843,
dated August 9, 1941, which appears on
page 837.
Who is subject to the regulation?
The regulation applies, in general, to any
person who is engaged in the business of
making extensions of instalment credit, or
of discounting or purchasing obligations arising out of extensions of instalment credit.
It applies, among others, to banks, loan companies, finance companies and credit unions,
and to dealers, retailers, and other sellers of
consumers' durable goods on the instalment
plan. Subject to the regulation, for example,
are automobile dealers, radio and electric
appliance stores, furniture dealers, mail order
houses, lumber dealers, contractors, etc., if
they sell on the instalment plan any of the
articles listed in the regulation.
862
in five
845 of
loans of
the loan
Yes—but there are a number of qualified
exceptions to the rule, including, among
others, loans under certain circumstances to
meet medical, dental, hospital, or funeral expenses ; loans secured by first mortgages -on
improved real estate; loans made to students
for educational purposes; loans made under
certain conditions in connection with national
defense activities; and loans made to dealers
to finance the purchase of listed articles for
resale.
What is the maximum length of contract permitted by the regulation?
18 months. This is the limitation applicable to instalment sales of listed articles and
to those instalment loans which are subject
to the regulation.
What down payment does the regulation require
on sales of automobiles?
The down payment required on an automobile, whether new or used, is 33%% of
FEDERAL RESERVE BULLETIN
From the Board's Correspondence
the cash purchase price of the automobile
(including any freight, accessories, and delivery charges). This results from the fact
that the regulation assigns to automobiles a
"maximum credit value" of 66%% of the
cash purchase price; the deferred balance
of the cash purchase price (arrived at by deducting the down payment) may not exceed
this maximum credit value, but finance
charges and insurance may be added. While
in general the maximum credit value of an
automobile is 66%% of its cash purchase
price, it should be noted that in the case of a
new car the cash purchase price used for this
purpose may not exceed the advertised factory delivered price of the car plus certain
specified amounts that may be added.
What down payment does the regulation require
on electric appliances and household furniture?
The maximum credit values specified by
the regulation are 80% on refrigerators,
vacuum cleaners, washing machines, and
some other appliances; 85% on some other
articles such as oil burners and stokers;
and 90% on household furniture, pianos, and
organs. Hence the required down payments
on these classes of articles are 20%, 15%,
and 10%, respectively. It should be noted,
however, that the maximum credit values of
these articles are to be based on the purchase
price of the article minus any trade-in allowance which the purchaser may obtain on old
goods being traded in, so that in effect the
down payment required may be said to consist of the trade-in allowance on the article,
if any, traded in plus an amount in cash equal
to 20%, 15%, and 10% of the remainder of
the cost of the goods purchased. It may also
be noted that, until January 1, 1942, the
down payment may be waived in the case of
a sale on which full payment is due over a
period of nine months or less if the total
indebtedness of the purchaser to the seller,
arising out of sales of listed articles since
September 1, 1941, is not brought above $50.
would be $30. In case a used refrigerator is
traded in by the purchaser, for which the
seller allows $50, the basis price is $150
minus $50, or $100, and the down payment
required (in addition to the trade-in) would
be 20% of $100, or $20.
Does the regulation require that records be kept
and reports be made?
Yes, but certain requirements as to records
have been deferred to October 1 and requirements as to reports have not yet been determined by the Board.
Do criminal sanctions apply in case of violation
of the regulation?
Yes. Section 5(b) of the Act of October 6,
1917, as amended, provides, in case of conviction, for a fine of not to exceed $10,000,
or imprisonment for not more than ten years,
or both. It is under authority of this Act
that Executive Order No. 8843 of August 9
and Regulation W pursuant thereto were
issued. Certain other sanctions, administrative or civil, are also applicable, for which
the regulation itself should be consulted.
How is the required license to be obtained by sellers
and lenders who are subject to Regulation W?
A general license is granted by the regulation itself which is good until December 31,
1941. This license is extended beyond that
date for persons who file a specified registration statement with the Federal Reserve Bank
of the district.
May the regulation be amended from time to time
in a way which will require different down payments, different terms, or both?
Yes, the regulation may be so amended
whenever the Board determines that such
amendment is necessary or appropriate to
carry out the purposes of Executive Order
No. 8843, pursuant to which the regulation
was issued.
May the regulation be amended to add to, or subtract from, the "listed articles"?
Yes, whenever the Board determines that
such amendment is necessary or appropriate
The regulation prescribes that in the case to carry out the purposes of Executive Order
of a refrigerator, for instance, the down pay- No. 8843.
ment must be 20% of the basis price. In the
wearing apparel and jewelry included among
case of a refrigerator costing $150, for ex- theAre
listed articles now subject to regulation?
ample, if sold without a trade-in, the basis
price is $150 and the down payment required
No.
How is the down payment to be calculated in the
case of an article other than an automobile?
SEPTEMBER
1941
863
PUBLICATION OF BANKING STUDIES
The Board has just published a volume, entitled "Banking Studies", which comprises
seventeen papers on banking and monetary subjects written by members of the Board's
staff. These studies, which are listed below, should be of interest to bankers, to teachers of
money and banking, and to others concerned with contemporary problems of monetary
control, bank supervision and Government finance.
As stated in the Preface, the purpose of the studies is "to present in brief form and
simple language the substance of a large mass of information bearing on banking and
monetary problems that the Federal Reserve System has accumulated during its quarter
century of operation, and particularly during the past decade."
The authors of the studies have specialized in the particular subjects of which they
write, and in the preparation of their papers they have sought to present facts and not
opinions. The papers, while assembled in one volume, are not intended to be a series of
related chapters but separate studies of important aspects of this country's banking and
monetary system and of the role that it plays in the functioning of the economy.
The book is cloth bound, has 494 pages, 31 charts, and 32 appendix tables, and is indexed. The price is $1.50 for single copies and 75 cents in group purchases of ten or more.
The papers included in this volume are as follows:
PREFACE.
HISTORICAL INTRODUCTION
FEDERAL BANKING LEGISLATION
. Bray Hammond
Walter Wyatt
CURRENCY SYSTEM OF UNITED STATES. . .
BANKING STRUCTURE OF UNITED STATES. .
BRANCH, CHAIN, AND GROUP BANKING
CREDIT AND SAVINGS INSTITUTIONS OTHER THAN BANKS .
COMMERCIAL BANK OPERATIONS
.Victor M. Longstreet
. John E. Horbett
. . .
C. E. Cagle
. David M. Kennedy
...
.Roland I. Robinson
SUPERVISION OF THE COMMERCIAL BANKING SYSTEM. .
POLICY AND PROCEDURE IN BANK EXAMINATION. .
PUBLIC NATURE OF THE RESERVE BANKS. .
.Robert F. Leonard
. . . .Leo H. Paulger
E. A. Goldenweiser
OPERATIONS OF THE RESERVE BANKS
DETERRENTS TO MEMBERSHIP IN THE RESERVE SYSTEM . .
MONEY SYSTEM OF UNITED STATES. .
MONETARY CONTROLS
WORK OF THE BOARD OF GOVERNORS
. . .Edward L. Smead
B. Magruder Wing field
Woodlief Thomas
...
SYSTEM ORGANIZATION : DETERMINATION OF CREDIT POLICY .
INSTRUMENTS OF FEDERAL RESERVE POLICY. .
. Woodlief Thomas
. Carl E. Parry
Carl E. Parry
E. A. Goldenweiser
REVISED EDITION OF FEDERAL RESERVE CHART BOOK I
The Board will have available for distribution in the early part of October, a revised
edition of Federal Reserve Charts on Bank Credit, Money Rates, and Business. Several
of the charts will be substantially revised and all of them will be brought up to date with
the latest figures available as of September 3, 1941.
The Chart Book, as usual, will be of brief case size, will contain about fifty charts on
bank credit, money rates, security markets, business conditions and international finance.
There will be a list of sources for back figures and an index. Many of the charts will
cover the period from 1919 to date and some will cover the period from 1914 to date.
Space will be left blank, with lightly printed grids, for plotting data through 1942. Current data for keeping the charts up to date will be presented regularly in the Federal
Reserve BULLETIN in a table entitled, "Statistics for Federal Reserve Chart Book—Current
Series", which appears on pages 930-932 of this issue.
The price of this Chart Book is 50 cents per copy, postage free, and in quantities of
10 or more to book stores and groups of students, 45 cents per copy, postage free.
864
FEDERAL RESERVE BULLETIN
Appointments
Death of Class B Director
On August 28, 1941, announcement was
made of the appointment of H. G. Leedy as
President and H. 0. Koppang as First Vice
President of the Federal Reserve Bank of
Kansas City, each for the unexpired portion
of the five-year term ending February 28,
1946. The appointment of Mr. Leedy was to
fill the vacancy caused by the retirement of
George H. Hamilton and Mr. Koppang succeeded Mr. Leedy as First Vice President.
Mr. Leedy was Counsel for the Kansas City
Bank for a number of years prior to his appointment on February 1, 1938, as Vice
President and General Counsel. He was appointed First Vice President and General
Counsel of the Bank on March 1, 1941. Following a period of service at the Helena
Branch of the Federal Reserve Bank of Minneapolis, Mr. Koppang became a member of
the examining staff of the Board of Governors on September 1, 1926, and since May 24,
1939, has served as the examiner in charge
of the examinations of the Federal Reserve
Banks made by the Board.
In order to assist in the preparation of regulations relative to consumer credit, the Board
of Governors of the Federal Reserve System
has engaged the services of Mr. Kenton R.
Cravens, who is on leave of absence from The
Cleveland Trust Company, of which he is a
vice president.
Mr. Cravens has been Chairman of the
Consumer Credit Council of the American
Bankers Association since the organization
of the Council and was formerly president of
the Bankers Association for Consumer Credit.
J. M. West, Chairman of the West Production Company, Houston, Texas, who had
served as a Class B director of the Federal
Reserve Bank of Dallas since October 3, 1939,
died on August 24, 1941.
Election of Class B Director
The Federal Reserve Bank of Boston on
August 26, 1941, announced the election of
Ralph E. Flanders, President of the Jones &
Lamson Machine Company, Springfield, Vermont, as a Class B director of the Bank for
the unexpired portion of the term ending
December 31,1943.
SEPTEMBER
1941
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 July 16,1941, to August 15,
1941, inclusive.
Connecticut
Meriden—Puritan Bank and Trust Company
Illinois
Moline—Moline State Trust and Savings Bank
Indiana
Amboy—State Bank of Amboy
Iowa
Clarinda—Citizens State Bank
Michigan
Gwinn—The Gwinn State Savings Bank
Missouri
Polo—Farmer's Bank of Polo, Missouri
New Jersey
Long Branch—Long Branch Trust Company
Maplewood—The Maplewood Bank and Trust
Company
New York
Norwood—State Bank of Norwood
Rockville Centre—Bank of Rockville Centre
Trust Company
Solvay—Solvay Bank
Ohio
Bucyrus—The Farmers and Citizens Bank and
Savings Company
Texas
Seminole—Seminole State Bank
Virginia
South Boston—Citizens Bank of South Boston
West Virginia
White Sulphur Springs—Bank of White Sulphur
Springs
Wisconsin
Cudahy—Cudahy State Bank
865
Bank /Lending rot
by
VICTOR M. LONGSTREET
1
Division of Research and Statistics
F
INANCING of business concerns engaged therefore comprised a significant part of their
in supplying the Government with goods lending business.
and in building new plants under national
2. Defense loans and commitments at city
defense contracts has become an important banks as of April 30, 1941 represented about
activity of the banks of the country and has. 10 per cent of the $11 billion of defense conaccounted for a substantial increase in bank tracts awarded up to that time, only a part
loans during the past year. While a consider- of which would still require financing beable volume of financing fpr these purposes cause a considerable amount of the contracts
has been provided in various ways by the had already been fulfilled and liquidated.
Government and many businesses have had Thus, it appears that banks are playing a sublarge amounts of their own funds available stantial role in the financing of the defense
to meet all or a part of their needs, many program.
firms have found it necessary or desirable
3. Defense loans from banks were used
to borrow from banks.
principally to furnish working capital funds
For the purpose of supplying information for production of machinery, textiles and apas to the amount and character of the partici- parel, iron and steel products, ordnance and
pation of banks in the defense effort, the ammunition, and motor vehicles and equipBoard of Governors in cooperation with the ment and to furnish new plant facilities for
Office of Production Management made a aircraft and ship production and for housing
survey of defense loans and loan commit- and military bases.
ments at banks in 101 leading cities as of
4. Many bank borrowers are producing deApril 30, 1941. These city banks, which fense goods under subcontracts. Subcontracaccount for almost all of defense lending by tors accounted for about 40 per cent of the
the banking system, have shown a sharp and number of defense loans and for about 25 per
steady increase in total commercial loans cent of their volume. An important contribuamounting to about $1,700 million in the year tion of banks in financing the defense proending August 20, 1941. Coinciding with the gram appears to be in their traditional field
development of the national defense program, of meeting the credit requirements of large
this expansion reflects lending directly to de- numbers of small and medium-size firms,
fense producers and suppliers as well as to which the Government is attempting to musothers whose business has been improving ter to defense production, partly through the
under the stimulus of the defense program. extension of subcontracting.
The Board's survey of defense lending
5. Assignment of contractual claims
shows:
against the Government as a means of ob1. On April 30, 1941 city banks had out- taining bank credit, which has been possible
standing on their books 3,630 defense loans since new legislation of last October, has been
and 2,254 of additional defense commitments. of considerable importance in defense financLoans amounted to $460 million and commit- ing, especially in the construction of defense
ments to $633 million. Defense loans were plant facilities. About 35 per cent of the
responsible for about 40 per cent of the in- dollar volume of plant facilities loans and 7
crease in commercial loans at these banks per cent of the production loans were made
from August 1940 to the end of April. De- with assignment of claims.
fense loans accounted for about 8 per cent of
the total commercial loans at city banks, and
Uses of defense loans
1
The figures on defense loans reported by banks and used in
Vast expansion of plant facilities as well as
this article were compiled in the Board's Division of Bank Operations. Richard A. Musgrave and William H. Glazier of the heavy orders for current production under the
Division of Research and Statistics shared in the preparation
of the article. The report form used by banks in submitting this defense program have been reflected in sharp
information and the instructions issued for preparation of the
increases in loans at city banks in most parts
reports are given in the note at the end of this article.
Note:—Views expressed in signed articles published in the
BULLETIN are those of the writers and not necessarily those of of the country. Table 1 gives a breakdown
the Board of Governors of the Federal Reserve System.
of loans and commitments of city banks be866
FEDERAL RESERVE BULLETIN
Bank Lending for Defense
tween funds used (1) for the financing of fore did not require continued bank financnew plant facilities including machinery and ing. Such adjustment is necessary since
additions to existing plant, and (2) for pur- bank loans to, construction contractors used
for building plants to be owned by the GovTABLE 1—DEFENSE LOANS AND COMMITMENTS OF ernment and completed by April 30 were
CITY BANKS, BY INDUSTRY AND PURPOSE
already repaid and were consequently not
shown in the loan reports.x In making this
APRIL 30, 1941
comparison
commitments for future loans
[In millions of dollars]
have been added to the amount of loans outstanding, since the figure for plant expanLoans
Commitments
sion includes all scheduled projects that have
Product
Total
Plant Pro-, been announced, whether actually begun or
Plant ProTotal* facil- duc- Totals facil- duc- not, for which most of the financing arrangeities tion
ities tion
ments presumably had already been made.
Machinery
137
Industries producing textiles and textile
Textiles and apparel
96
goods (including apparel) and machinery
Iron and steel products 82
were the chief defense borrowers from banks.
Ordnance and ammunition
97
63
These industries are composed in large part
Aircraft
158
126
Shipbuilding
50
of established firms and were able to reach
a relatively high level of defense output at
Motor vehicles
and
equipment
45
a comparatively early stage. This may partly
Other industrial
162
Housing and military
explain why these industries have borrowed
bases
128
()
large amounts and why their loans outstandOther
20
107
ing were large as compared with commitTotal
1,092
283
266
308
460
633
ments for future loans. Another possible
Includes $35 million for combined purposes of plant facilities and explanation is that these industries include
production not shown separately in table.
Includes $59 million for combined purposes of plant facilities and many small firms which are more accustomed
production not shown separately in table.
to relying on bank borrowing. For indusLess t h a n $500,000.
Small amount of loans and commitments for housing and military tries in which production has had to be prebases reported b y banks as for production purposes are classified under
ceded by extensive plant expansion, on the
plant facilities.
other hand, as in the case of ordnance and
poses of production, frequently described as ammunition, aircraft, and shipbuilding, loan
loans for working capital to cover outlays for commitments were relatively large when comwages and materials on hand or in process of pared with loans already outstanding. Taking both loans and commitments, the aircraft,
manufacture.
Of total defense loans amounting to $460 machinery, and housing industries were the
million at city banks on April 30, about 67 most important customers of defense credit
per cent were to be used for production pur- by banks.
poses and the remainder for providing plant
Variations among industries in the
facilities. The fact that banks are making amounts of defense loans and commitments
most of their defense loans for production obtained from banks reflect differences in the
purposes is in line with customary practices; volume of defense business in these indusbanks have been the traditional source of tries, as well as varying degrees of reliance
working capital funds and ordinarily fur- upon bank credit. Table 2 compares for sevnish loans for plant expansion to a lesser eral important industries (1) the totals of
extent.
defense loans and commitments for the
It appears that roughly from 10 to 15 per financing
plant facilities with (2)
cent of the financing required for new de- the volumeofofnew
scheduled
expansion of facilifense plant facilities has so far been provided ties. Partly for the reason
that no adjustby banks. This figure is obtained by comments
are
made
for
Government
owned plants
paring the total of plant facility loans and
commitments for future loans at banks with
Banks were not specifically instructed as to what should be
as a "commitment." In order to provide a cushion
the total defense plant expansion announced classified
against contingencies, commitments have frequently been estabto April 30, 1941, after a rough adjustment to lished which are substantially in excess of the amount expected
to be actually utilized (see Financing Defense Orders by Lynn L.
exclude projects owned by the Government Bollinger,
McGraw-Hill, 1941). Partly for these reasons, only
which had been completed and which there- loans actually outstanding are presented elsewhere in this article.
1
2
3
4
1
SEPTEMBER
1941
867
Bank Lending for Defense
already completed, which no longer required
private financing, the comparisons are necessarily rough. They do afford, however, some
indication of the wide variation in the degree of reliance upon bank credit by various
industries.
TABLE 2—LOANS AND COMMITMENTS OF CITY BANKS
FOR DEFENSE PLANT FACILITIES COMPARED
WITH PLANT EXPANSION, BY INDUSTRIES
APRIL 30,
TABLE 3—PERCENTAGE DISTRIBUTION OF DEFENSE
LOANS AND COMMITMENTS OF CITY BANKS, BY
INDUSTRY AND PURPOSE
1941
[Amounts in millions of dollars]
P l a n t expansion 1
Product
Loans
and commitments
for plant
facilities
Machinery
Iron and steel products.
Ordnance and ammunition
Aircraft
Shipbuilding
Motor
vehicles
and
equipment
Total
Gov't
owned
169
294
558
631
506
Privately
owned
155
196
477
379
450
shown by Table 3. All bank credit used for
defense housing and military bases is of
course for the construction of facilities.
Other industries have borrowed primarily for
production purposes. In the machinery, textiles and apparel, iron and steel, and motor
vehicles and equipment industries, over 85
per cent of their defense credits were used for
production purposes. In part this reflects the
81
255
56
22
Percentage of
total
plant
expansion represented
by bank
credit
APRIL 30,
1941
Per cent of amount
for purpose of:
Product
Plant
facilities
Machinery
Textiles and apparel
Iron and steel products
__
...
Ordnance and ammunition
Aircraft
Shipbuilding
..
Motor vehicles and equipment
Other industrial
Housing and military bases,
Other
. .
Production
__
_
... .
13
4
12
87
96
88
__
. .. ..
29
61
66
71
39
34
2
23
100
63
98
77
_ _
. _
0)
i OPM data. "Government owned" includes plants built under (a) the
37
arsenal plan as shown by contracts and letters of intent and (b) Defense
Plant Corporation lease agreements as shown by formal agreements and
1
commitments. "Privately owned" includes plants built under (a) EmerSmall amount of loans and commitments for housing and military
gency Plant Facilities Contracts and (b) regular procurement method
reported by banks as for production purposes are classified under
as shown by applications for certificates of necessity filed through May bases
plant
facilities.
15, 1941, approved and pending.
level of production schedules reached by
Bank loans and commitments for new high
many
these industries in the early phases
plants represent a considerably larger part of theofdefense
possibly because of
of plant expansion in the aircraft, machinery, the existence ofprogram
unused
capacity,
but it may
and shipbuilding industries than in in- also indicate a tendency on the part
of some
dustries producing ordnance and ammuni- industries to use their own internal funds
tion, motor vehicles and iron and steel. These purposes of financing plant expansion andfor
to
differences cannot be assigned to any single rely upon bank credit chiefly for the financcause. One important factor is probably that
of current production.
the motor vehicle and iron and steel indus- ingLarge
firms with assets of $1,000,000 and
tries, being composed mainly of large and well
established firms, have been relying heavily on TABLE 4—DEFENSE LOANS AND COMMITMENTS OF
CITY BANKS, BY ASSET SIZE OF
their own internal funds for plant expansion.
BORROWER AND PURPOSE
The iron and steel industry also obtained more
funds for plant expansion from new security
APRIL 30, 1941
issues and from loans of the Reconstruction
Per cent of amount
Finance Corporation than from banks. Small
for purpose of:
Amount
in
reliance of the ordnance and ammunition inAsset size of borrower
millions
Plant
Producdustries on bank credit for plant facilities is
of dollars
facilities
tion
due partly to the fact that a large part of their
new plant facilities are Government owned Under $100,000
33
47
251
39
$100,000-$l,000,000 .
and have already been completed or are con- $1,000,000
67
801
and over.
siderably well along toward completion.
60
The aircraft and shipbuilding industries All sizes
used more than half of their bank credit NOTE: $8 million of loans and commitments not classified according to
for the financing of new plant facilities, as asset size of borrower are omitted.
868
FEDERAL RESERVE BULLETIN
Bank Lending for Defense
over obtained less than one-third of their nishing a part and occasionally the entire
loans and commitments for thefinancingof amount of the funds needed by subcontractors
plant facilities. This is brought out by Table in financing their defense orders.
4. The medium-size corporations, with assets The comparatively small size of subconbetween $100,000 and $1,000,000 obtained tracting firms and their relatively weak declose to two-thirds of their loans and commit- mand for funds to expand plant facilities are
ments for this purpose. Among the smallest brought out in Table 5. About four-fifths
group of borrowers with assets less than of the subcontractors that were borrowing
$100,000, banking funds were split evenly from city banks had assets of less than $1
between plant facilities and production. million, while only about two-thirds of the
These figures indicate a tendency on the part prime contractors were in this class. Subof the larger corporations to favor the use contractors used about one-fifth of their borof funds of their own for the financing of rowed funds to increase plant facilities while
new facilities and to rely upon bank credit to prime contractors used about two-fifths for
meet the financing needs of current produc- this purpose.
tion.
TABLE 5—DEFENSE LOANS TO PRIME AND SUBCONLoans to subcontractors
TRACTORS AT CITY B A N K S , BY SIZE OF
FIRM
AND BY
PURPOSE
The Board's survey throws some light on
APRIL 30, 1941
the extent to which producers holding defense contracts directly from the GovernSubcontractors
Prime contractors
ment have engaged in subcontracting with
Classified by:
Millions N u m b e r Millions N u m b e r
other firms for the production of defense maof dollars of loans of dollars of loans
terials. No direct information is available on
the amount of subcontracting for the country Asset size
568
Under $100,000
8
510
as a whole and the figures obtained from
63
778
$100,000-$l ,000,000
33
558
banks are of limited significance since they
220
210
$1,000,000 and over
612
56
1
1
32
Unclassified
_..
27
reflect subcontracting only to the extent that
1,368
Total
292
96
1,927
subcontractors borrow from banks. Subcontractors are, generally speaking, the smaller Purpose
21
496
For plant facilities
112
677
and medium-size businesses which rely more
For production
70
1, 209
819
157
41
5
22
53
For both
.
on bank financing than do the larger firms.
Over 40 per cent of the defense loans by
1,368
Total
292
96
1,927
city banks on April 30 were to subcontracT E : Excludes $72 million of loans to 335 firms acting as both prime
tors : subcontractor borrowers numbered andN Osubcontractor
or wnose status was unspecified.
1,368 and prime contractor borrowers numbered 1,927 (excluding 335 borrowers in both
There appear to be wide differences in the
categories or unclassified). Though nu- extent of borrowing by subcontractors in
merically large, loans made by city banks to various sections of the country, as shown in
defense subcontractors amounted to only Table 6. In the Cleveland, St. Louis, Kansas
about a quarter of total defense loans. Loans City, and San Francisco Federal Reserve disto subcontractors at the end of April tricts, the number of loans to subcontractors
amounted to $96 million and loans to prime exceeded, or were approximately as large as,
contractors were $292 million.
the number of loans to prime contractors. In
The relatively smaller volume of bank dollar volume the largest proportion of subloans to subcontractors, as compared with contractor loans, 45 per cent, was in the
loans to prime contractors, appears to be ex- Boston district and the largest amounts in
plained mostly by the fact that prime con- the New York and Boston districts.
tractors have been generally subcontracting One reason for the large amount of loans to
only a fraction of their Government orders; subcontractors in the Boston and New York
though the number of subcontractor borrow- districts is that a large part of the country's
ers was large, their contracts were relatively textile and apparel industry and, to a lesser
small. Another factor making for a low vol- extent, the machinery industry is in these
ume of borrowing by subcontractors, as com- districts. These are industries with many
pared with borrowing by prime contractors, firms whose production processes and organis the practice of prime contractors of fur- ization are readily adaptable to subcontractSEPTEMBER
1941
869
Bank Lending for Defense
ing. Moreover, in these industries many
firms arrange their contracting through dealers or agents who are thus the prime contractors. Another factor is the relatively
large size of subcontractors that are borrowing funds in these districts and hence the
relatively large size of their bank loans.
Nearly half of the 210 defense subcontractors
with assets of $1 million or over that were
borrowing from city banks in April were
located in these two districts.
the making of defense loans with assignment of contract claims. About two-thirds
of the volume of loans with assignments was
in the Northeastern Reserve districts of Boston, New York, and Philadelphia, as shown
in Table 7. The largest percentages of assignment loans to total volume of defense
loans were in the Atlanta, Philadelphia, and
New York districts. In the Minneapolis district loans made with assignment were only
2 per cent of total defense loans.
TABLE 6—DEFENSE LOANS TO PRIME AND SUBCON- TABLE
TRACTORS AT CITY BANKS, BY FEDERAL
RESERVE DISTRICTS
APRIL 30,
7—DEFENSE LOANS OF CITY BANKS
WITH ASSIGNMENTS, BY FEDERAL
RESERVE DISTRICTS
1941
APRIL 30,
To prime
contractors
To subcontractors
Millions
Millions
of dollars Number of dollars Number
28.5
110.6
15.5
17.2
174
443
115
107
23.6
26.4
2.5
9.7
146
205
52
136
187
86
233
63
2.7
2.2
12.0
4.6
113
64
149
87
Minneapolis
Kansas City
Dallas
San Francisco
15.2
9.7
43.4
8.9
4.5
3.9
10.5
24.1
39
99
135
246
0)
1.4
3.5
6.9
12
82
87
235
Total
291.8
1927
95.9
1368
Richmond
Atlanta ______
Chicago
St. Louis
1941
[Amounts in millions of dollars]
Federal Reserve district
Boston
New York _ __
Philadelphia
Cleveland
MADE
Federal Reserve district
Boston
New York
Philadelphia..
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco.
All districts...
N O T E : Excludes $72 million of loans to 335 firms acting as both prime
and subcontractor or whose status was unspecified,
i Under $500,000.
Amount
with
assigned
claims
Percentage of loans with
assigned claims
All
defense
loans
Plant
facilities
loans
8
31
7
3
13.9
19.6
30.2
8.3
46.2
49.3
60.8
15.7
9.9
6.6
18.7
5.0
3
5
6
1
15.2
40.8
7.9
8.4
18.4
44.6
24.8
16.6
7.5
18.8
2.6
1.9
14.5
8.0
17.9
6.7
4.0
38.0
.3
22.7
13.6
4.9
15.7
35.5
6.7
0)
1
1
6
Production
loans
i Less than $500,000.
Assignment of claims was more frequent
Assignment of Government claims
on plant facilities loans than on production
Since the Assignment of Claims Act of Oc- loans. Over 35 per cent of the volume of plant
tober 9, 1940, it has been possible for a holder facilities loans and about 7 per cent of the
of a Government contract to assign to banks production loans were made with assignand other financial institutions the Govern- ments. This spread was evident in each Rement payments due under the contract. This serve district outside Kansas City and Dallas,
measure, by furnishing an additional basis where the percentage of production loans
for the obtaining of bank credit, has facili- with assignments was considerably larger
tated the financing of defense contracts. The than in the case of plant facility loans.
Board's survey shows that oil April 30 city
There appear to be two important deterbanks had outstanding $72 million of defense minants of whether contract claims are asloans with assignment of claims and $96 mil- signed in making a loan: (1) the size of the
lion of additional commitments for future loan relative to the asset size of the borrower
loans of this type. Thus, about 16 per cent and (2) the availability of other collateral.
of the defense loans were granted on an as- When the ratio of the amount of the loan to
signment basis. The bulk of defense loans the amount of the borrowers assets is high,
were granted without assignment on the contract claims are more frequently assigned.
basis of already established customer rela- In such cases the size of the loans, owing to
the Government's extremely large defense
tionships.
There was wide diversity among banks in orders, may be in excess of what the bank
870
FEDERAL RESERVE BULLETIN
Bank Lending for Defense
had become accustomed to lend to the borrower under the usual credit arrangements
and therefore the bank wishes to obtain additional collateral. Frequently the borrower
has no collateral to offer other than his future
contract claims against the Government. It
is in instances of this sort that the Assignment of Claims Act has facilitated the granting of defense loans.
That the loan-asset ratio has been a factor
in assignment of claims is brought out in
Table 8. It gives, for the various size groups
of loans and commitments and for borrowers
in the three asset size groups, the percentage
of total loans and commitments made with
assignments. For borrowers in a given size
group the percentage of loans and commitments made with assignments increases with
able as loan collateral. Assignment of contract claims under such circumstances is the
simplest way of providing the bank with
collateral.
With production loans, the situation is
entirely different. A large part of production loans is used to purchase raw materials
and carry goods in process of manufacture.
Banks have customarily arranged, through
suph means as bills of lading, warehouse receipts, and trust certificates, to pledge these
commodities as security against production
loans. It has been more convenient, therefore, for banks to continue existing customer
arrangements in granting production loans
for defense purposes rather than to adopt the
new method of assigning Government claims.
TABLE 8—PERCENTAGE OF DEFENSE LOANS AND COMMITMENTS MADE WITH ASSIGNMENTS
Most defense loans at city banks were
made at short term. About 78 per cent of
the loans mature within less than a year,
6 per cent within 1 to 3 years, and 16 per cent
after 3 years. As shown by Table 9, there
was considerable variation in the distribution of maturities among the various Federal Reserve Districts. City banks in the
Atlanta, St. Louis, Dallas, Kansas City, and
Boston districts made relatively few defense
loans with maturities exceeding one year.
In the other districts 10 per cent or better
of the amount of defense loans were of the
longer maturities. The New York and Philadelphia districts showed the highest percentages of 28 and 23 per cent. City banks in the
New York district, mainly in New York City,
made $42 million of loans maturing after 3
years, nearly two-thirds of the total longterm defense loans reported by city banks.
The breakdown of total defense loans by
maturities and the district comparisons
might be considerably different if allowance
could be made for the likelihood that some
short-term loans were granted with an understanding of renewal, thus being of a longer
term character than the figures indicate.
Loans maturing beyond 3 years are not
only for plant facilities but also for production purposes. Ordinarily, it might be expected that loans made for plant facilities
purposes would generally have longer maturities than loans for production purposes.
That this is not the case with defense loans
can be explained by the fact that a large part
of the plant facilities loans are for the pur-
Maturity of defense loans
Classified by size of loan a ad size of borrower
APRIL
Size of loan or commitment
30,
1941
Percentage of assignments to
total defense loans and commitments for borrowers with
assets of
Under $100,000- $1,000,000
$100,000 $1,000,000 and over
Under $10,000
$10,000-$50,000
$50,000-$100,000 .
$100,000-$500,000
$500,000-$l,000,000
$1,000,000 and over
19%
24
27
29 1
C)
0)
1?%
13
17
9
(0
0)
4
7
15
19
15
NOTE: Excludes borrowers whose asset size was not specified. Commitments as well as loans are used in this table because the loan figures did
not1 afford a sufficiently broad sample for some of the groups.
Not shown because of inadequate sample.
the size of the loan or commitment, as shown
by reading down each column in the table.
Likewise, for loans and commitments within
a given size group, the proportion of assignments decreases as the size of the borrower
increases, as shown by following the table
from left to right.
That availability of other collateral is also
an important factor in determining whether
claims are to be assigned is indicated by the
fact that over two-thirds of the assignments
are for plant facility loans.
Frequently the new defense plant facilities
are not available as loan collateral because of
outstanding mortgages on old plant which
provide for prior liens on additions to plant.
In such cases the new facilities are automatically encumbered and hence unavailSEPTEMBER
1941
871
Bank Lending for Defense
TABLE 9—MATURITY DISTRIBUTION OF DEFENSE LOANS
AT CITY B A N K S , BY FEDERAL RESERVE DISTRICTS
Effects of defense lending on banks
The Board's survey shows that the demand
for new funds by producers of defense goods
has been felt by city banks throughout the
Percentage of amount with
maturity of:
country. As shown by Table 10, the strongFederal Reserve district
est demand has been in the Northeastern and
Over
Less than
1-3
Central industrial areas and on the West
3 years
1 year
years
Coast—the same districts which show the
2 largest volume of commercial loans by city
92
6
Boston
65
28 banks.
7
New York
Of $460 million of defense loans out71
6
23
Philadelphia
11 standing at city banks on April 30, $389 mil8
80
Cleveland
14 lion or 85 per cent were in the Federal Re83
3
Richmond
...
1
99
Atlanta
serve districts of Boston, New York, Phila11
82
Chicago
3 delphia, Cleveland, Chicago, and San Fran97
St. Louis
_
. . . ......
0)
14 cisco; of all commercial loans by reporting
81
5
Minneapolis
93
7
Kansas City
banks 80 per cent were in these six districts.
4
96
Dallas
.
0)
13 Some banks in these areas, particularly banks
82
5
San Francisco... . _. - . . - .
16 in New York City, supply funds for use by
6
78
Total
borrowers in other parts of the country.
By April 30, defense loans amounted to 8
1 Less than .5 per cent.
per cent of total commercial loans at city
pose of furnishing working capital funds to banks. In the Boston and Richmond districts
construction firms, particularly for the construction of defense housing and military TABLE 10—DEFENSE LOANS COMPARED WITH TOTAL
COMMERCIAL LOANS OF BANKS IN LEADING
bases.
CITIES, BY RESERVE DISTRICTS
It appears that a large proportion of the
[Amounts in millions of dollars]
loans with maturities beyond 3 years went
to prime contractors. Those Reserve districts
Defense loans
where the proportion of loans to prime conTotal
commertractors was large as compared with loans
cial loans
Federal Reserve district
Per cent
April 30,
to subcontractors generally had a large proApril 30,
of total
19411
1941
commerportion of long-term loans, with the exception
cial loans
of the Cleveland district. Conversely, where
Boston
15
55
366
loans to prime contractors were in relatively New
York
156
2,245
7
small volume when compared with subcon- Philadelphia.
_._ .__ . . .
24
267
9
Cleveland
38
382
10
tractor loans, the amount of funds loaned at
Richmond.
19
148
13
long term was also relatively small, except Atlanta
196
6
12
11
770
.
82
in the Atlanta district. This relationship ap- Chicago.
224
St. Louis
15
7
pears reasonable since prime contractors
...
.
5
5
103
might be expected generally to arrange for Minneapolis
Kansas City
3
6
211
Dallas
.
14
214
7
financing for a longer period than subcon- San Francisco
34
406
8
tractors, because more of them would be
Total
460
5,532
8
likely to hold contracts requiring several
years or more to fulfill.
It is estimated that less than 5 per cent of the total represents agriAbout $74 million of the $460 million of cultural loans.
defense loans at city banks had terms for
repayment on an instalment basis, in a few corresponding percentages amounted to 15
cases extending over a period exceeding 7 per cent and 13 per cent, and the percentages
years. About $43 million, or 57 per cent, in the Philadelphia, Cleveland, and Chicago
of the instalment loans had final payments districts were also above the average. In
falling due after 3 years. About 60 per cent the Kansas City district defense loans were
of these were in the New York Reserve Dis- only 3 per cent of total commercial loans.
trict. Instalment loans were also common
It is evident that lending for defense purin most other districts outside of Atlanta, poses in the first 10 months of the defense
Dallas, and Kansas City.
program had begun to assume a substantial
APRIL
, 1941
1
872
FEDERAL RESERVE BULLETIN
Bank Lending for Defense
part of the lending business of banks in many
parts of the country. With further increases
in lending since April, it is probable that the
volume of defense loans at city banks in
August amounted to about 12 per cent of their
total commercial loans and this proportion
will no doubt continue to increase.
The role of banks in aiding the Government in its attempt to mobilize production
facilities to the full extent possible is not
adequately brought out by figures on the volume of defense loans alone. This is due to
the fact that the special field of banks is in
the domain of small and medium-size business and, consequently, numerous defense
loans are made by banks though they
do not bulk large in dollar amounts when
compared with the total defense program.
For most small and medium-size firms,
banks are the principal and, frequently, the
only source of funds. Credit requirements
in their local communities are met by the
banks of the country with a foundation of
long standing customer relationships and intimate knowledge of the borrowers' business
abilities. In helping to finance defense contracts in this populous area of the business
community, the Board's survey shows that
the banking system is rendering a valuable
contribution to the Government's program of
utilizing as much of the Nation's productive
capacity as possible, and as rapidly as possible, for the output of vital defense materials.
NOTE
Instructions for Preparation of Reports on Form F. R. 550,
"Loans and Commitments for National Defense
as of April 30, 1941"
are to be made, of course, in columns 2, 3, and 12,
but all of the other columns should be filled out to
the extent that the information is available.
Column 3. The original period of the loan—from
the date the loan was made to maturity—should be
shown, in months, in column 3. If the loan is repayable in instalments, give the period of the first
and the last instalment; for example, 12 to 60
months.
Columns 4 and 5. A check mark should be shown
in column 4 if the bulk of the proceeds of the loan
are being used or are to be used to finance the construction of plant facilities (including machinery installed therein) or other construction or reconstruction, including cantonments. A check mark should
be shown in column 5 if the bulk of the proceeds
of the loan are to be used to produce or provide
defense supplies. This includes loans for inventories,
loans for goods in process of manufacture, etc.
Check marks should be shown in both columns 4
and 5 if the proceeds of the loan are to be used
to a large extent for both construction and production.
Column 6. Specify the principal type of product
or products to be produced or supplied with the aid
of the loan or by the plant being constructed or
reconstructed with the aid of the loan. For this
purpose make entries in column 6 such as:
armor plate, machine guns, maleable-iron castings, radios and parts, aircraft engines, aircraft
parts, aircraft instruments, machine tools, excavating machinery, copper smelting, cotton textile
fabrics, ferro-alloys, synthetic rubber, explosives,
ammunition, tungsten ore, etc.
The following report form F. R. 550 calls for a list
of loans and commitments for national defense purposes as of April 30, 1941. Each loan and commitment should be listed separately, but the name of the
borrower is not to be listed. Information for individual loans and for individual banks will be considered strictly confidential. If the reporting bank is
participating with other banks in a defense loan or
commitment, the bank should report only its own participation.
Include all commitments and loans made directly
or indirectly for national defense purposes, whether
or not secured by assigned Government contracts,
and whether made to prime contractors or to subcontractors. If the proceeds of a commitment or
loan are to be used only in part for defense purposes,
the reporting bank should, if practicable, make an
estimate of the amount to be so used and report only
this amount. In the absence of information to the
contrary, however, it may be assumed that if a borrower is engaged to a substantial extent directly or
indirectly in providing facilities, supplies, or equipment for national defense, all new loans and commitments to such a borrower since the defense program
was inaugurated, outstanding on April 30, 1941, may
be reported as being for the purpose of financing the
defense program.
Columns 1 and 2. The balance outstanding on
April 30, 1941, of each defense loan actually disbursed should be shown in column 2. The amount
of any definite commitment to make such a loan in
the future should be shown in column 1. If no loan If the proceeds of the loan are to be used to finance
has yet been made under a commitment, no entries the construction of non-industrial plants, the nature
SEPTEMBER
1941
873
Bank Lending for Defense
of the construction should be shown in column 6; for
Columns 10 and 11. The nature of the contract
example,
to be financed by the loan should be indicated by a
cantonments, housing facilities, aeronautical train- check mark in column 10 or 11, depending on whether
the loan is to finance the completion of (a) a coning schools, etc.
tract made directly with the Government, (b) a subIf the proceeds of the loan are to be used to provide contract made with a contractor who is dealing
services of a non-industrial nature, make entries in directly or indirectly with the Government. If the
column 6 such as:
proceeds are to be used to finance both kinds of conwarehousing and storage, mechanic instruction, tracts, check marks should be shown in both columns
10 and 11.
radio research, etc.
Column 12. If the loan was made with an assignColumns 7, 8 and 9. The approximate size of ment of a claim under a Government contract
the borrowing firm, as measured by total assets on (whether an emergency plant facilities contract or
some recent date, should be shown by a check mark any other Government contract), a check mark should
in column 7, 8 or 9.
be shown in column 12.
LOANS AND COMMITMENTS FOR NATIONAL DEFENSE AS OF APRIL 3 0 , 1 9 4 1
Please mail this report as
promptly as practicable to
the Federal Reserve Bank.
Name of Bank..
Location
2
3
Plant
facilities
and other
construction
4
Production of
defense
supplies
5
Type of products to be
produced or supplied
(See accompanying
instructions)
6
Approximate
total assets of borrower
(Check one)
Check one
or both
$1,000,000
and over
1
Proceeds of loan
used or to be used for
(Check one or both)
$100, 000
to
$1,000,030
List
each Amount of
Amount of
Period
each
loan
each
of
for commitment
loan
loan
for
future
comoutstanding
in
loans,
mitment April 30,1941 April 30, 1941 months
(F.R. Dist. No.)
(State)
Under
$100,000
(City)
Prime
contract
7
8
9
10
Subcontract
Check if
loan was
made with
assignment
of claim under
government
contract
11
12
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
874
FEDERAL RESERVE BULLETIN
United State5 ^Saving* Hond.5 and
I ax Anticipation Mote5
by
GUNHILD ANDERSON
Division of Research and Statistics
tofinancethe expenditures entailed by hases of securities by banks have the effect
HOW
the defense program is one of the major of increasing the supply of bank deposits,
problems of the Administration. Taxes were whereas purchases by other investors will abincreased last year and a further sharp in- sorb some of the increased income resulting
crease is now under consideration by Con- from the defense effort.
gress. Nevertheless, it will be necessary to As one of the several steps taken by the
raise a large amount of the needed funds by Government to reduce expansion in bank deborrowing.
posits and the stimulative effect of large deThe latest estimates of the Bureau of the fense expenditures on private spending for
Budget issued on June 1 placed total budget consumption, the Treasury has recently been
expenditures for the current fiscal year which selling two types of securities which are deends next June at $22,200,000,000, of which signed to reduce current excess purchasing
$15,500,000,000 will be for national defense. power and to tap savings. Defense Savings
Total budget receipts, excluding additional bonds and stamps have been on sale since
revenue from the pending tax bill, were esti- May 1 and have already been purchased by
mated at $9,400,000,000, leaving a deficit of hundreds of thousands of investors. Com$12,800,000,000 for the fiscal year. If a tax mercial banks are not permitted to purchase
program is enacted in the near future to yield these securities.
$3,500,000,000 on a full-year basis, somewhat
over $2,000,000,000 of additional revenue will Since August 1 tax anticipation notes have
be collected during the fiscal year, and the been on sale for the purpose of making it
deficit will be reduced to about $10,500,000,- easier for taxpayers, both large and small, to
000. About $1,500,000,000 of this amount prepare for increased Federal income taxes.
will be financed from net receipts in social Although these notes are designed primarily
security and other trust funds which are regu- for the purpose of providing a means for taxlarly invested in special Government securi- payers to set aside regularly the funds which
ties. The remainder, about $9,000,000,000, will be required to pay income taxes, their
must befinancedby borrowing from the pub- sale also tends to reduce somewhat more
lic—banks, insurance companies, and other promptly the amount of current income availinstitutional investors, as well as individuals. able for private spending. The notes are not
In order to restrict inflationary tendencies transferable and yield a return only when
that might result from the large expenditures used for payment of Federal income taxes.
for the defense program, it is essential that as They may be purchased by banks as well as
large a part as possible of the additional funds by other taxpayers. The Secretary of the
needed by the Treasury be borrowed from in- Treasury reserves the right to reject any
vestors other than commercial banks. Pur- application for notes in whole or in part if
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.
SEPTEMBER
1941
875
United States Savings Bonds and Tax Anticipation Notes
he deems such action to be in the public As shown in the following summary, about
65 per cent of the sales of Defense Savings
interest.
bonds during the period from May 1 through
Sales of Defense Savings bonds and stamps July 31 were Series F and G bonds. The fact
From the beginning of May to the end of that sales of the latter two series have deAugust about $1,300,000,000 of Defense Sav- clined since May indicates that many invesings bonds and stamps were sold. This tors have purchased the full amount, $50,000,
amount for the four-months' period contrasts which they are permitted to buy during the
with net receipts of $1,040,000,000 from the current calendar year. Sales of the Series
sale of the former savings bonds in the full E bonds during May and June were $100,fiscal year 1940, the year in which the sale of 000,000 each month but increased to about
these securities reached its peak. The new $150,000,000 in July. This rise may be due
Defense Savings securities which have been in large part to the adoption of payroll deducon sale since May 1 include three series of tion plans and the Treasury's advertising and
educational program, in which financial,
bonds and also savings stamps.
labor,
industrial, and other groups are parSeries E Savings bonds, which replaced the
ticipating.
Purchases of this issue will probformer savings bonds on sale since March 1,
ably
increase
further.
1935, are issued on a discount basis and
mature in 10 years. The yield on this series SALES OF DEFENSE SAVINGS BONDS, MAY-JULY 1941—
ISSUE PRICE
is about 2.90 per cent if held to maturity.
(In millions of dollars)
These bonds are issued only to individuals.
Total
May
June July
The amount which may be purchased by any
one person in any one calendar year is limited
Series E
101
103
348
145
Series F
94
38
29
27
to $5,000, maturity value. They may be re564
Series G
211
183
169
deemed prior to maturity after 60 days from
Total
350
315
342
1,006
the issue date, at the owner's option, at fixed
redemption values which provide a lower Every effort is being made to bring to the
investment yield.
attention of the public the desirability of inThe Series F bonds are issued on a discount vesting in Defense Savings securities and to
basis, mature in 12 years, and yield about make them readily available to the small
2.53 per cent if held to maturity. The Series investor. The Series E bonds may be purG bonds are issued at par and pay interest chased at most banks, post offices, and savings
semiannually. They mature in 12 years and and loan associations. Savings stamps may
yield 2.50 per cent if held to maturity. Both also be bought at a large number of retail
Series F and Series G bonds may be pur- stores. Voluntary pay-deduction plans are
chased by investors other than commercial now in operation in hundreds of factories and
banks in an amount of not more than $50,000, offices.1 There has been a steady expansion
issue price, in any one calendar year, for the in the advertising of these securities by radio
two issues combined. Series F and G bonds and in the press.
may be redeemed prior to maturity after six
Tax anticipation notes
months from the issue date and on one
Tax anticipation notes were put on sale on
month's notice, under terms which provide a
lower investment yield. Defense Savings August 1, and receipts from their sale
stamps are issued in denominations of from amounted to $1,040,000,000 for the month.
10 cents to 5 dollars, and when enough stamps
are accumulated they may be exchanged for
a Defense Savings bond.
876
FEDERAL RESERVE BULLETIN
United States Savings Bonds and Tax Anticipation Notes
These notes are of two types: Series A,
which are designed for the relatively small
taxpayer, and Series B, designed for the large
taxpayer. The Series A notes are issued in
denominations of $25, $50, and $100, yield
about 1.92 per cent a year, and their use for
tax purposes is limited to $1,200 principal
amount for any one taxpayer in any one
tax year. The Series B notes are issued in
denominations ranging from $100 to $1,000,000 and provide a return of about 0.48 per
cent a year. Both issues mature on August
1, 1943, and were sold at par during August
1941. During each subsequent month that
they remain on sale they will be sold at par
SEPTEMBER
1941
and accrued interest. The interest which accrues each month per $100 principal amount
is 16 cents for the Series A and 4 cents for
the Series B notes.
Tax anticipation notes will be acceptable
in payment of Federal income taxes at any
time beginning with the third month after
the month of purchase, but not before January 1, 1942. If not presented in payment of
income taxes, the Series A notes may be
redeemed without advance notice and the
Series B notes may be redeemed after 60 days
from the date of issue and on 30 days' advance notice. Such redemption will be at the
purchase price paid for the notes.
877
1<Qvl5lon In the SJneLax of} JjndulttiaL
Production
volume of output occa- for Government shipyards will be included
sioned by the national defense program also in the transportation equipment index.
EhasXCEPTIONAL
necessitated a number of changes in the The tabulation on the next page lists the
new Federal Reserve index of industrial pro- series for which revisions, other than simply
duction. Although the index, as published in seasonal revisions, have been made and sumAugust 1940, was so constructed that most marizes briefly the nature of the changes in
ordnance and other production originating each.
under the defense program was included, de- The revised indexes for industrial producvelopments in the past year have made desir- tion and for selected groups will be included
able and possible a slight further broadening in a new edition of the Federal Reserve Chart
of the coverage of the index. Now practically Book on Bank Credit, Money Rates, and Busiall defense work is believed to be represented. ness, to be published early in October. A
In this revision data have been added for revised edition of the industrial production
production carried on by the Government in chart book, including all published indexes
manufacturing arsenals, quartermaster de- for the various groups, industries, and propots, and shipyards, and for output of electric ducts, will be issued somewhat later. A resteel. A series on man hours worked in the print of the description of the index of inautomobile industry has been introduced and dustrial production containing tables showrevisions have been made in the aircraft se- ing up-to-date figures for all series will be
ries, and in three of the nonferrous metals available within the next month.
series. Finally the seasonal adjustment facINDEX OF INDUSTRIAL PRODUCTION
tors for a number of lines have been revised.
1935-39 aver age=100
The only significant result of the revision
prior to the early part of 1940 was some
Without
Adjusted for
smoothing of the index. Since that time the
seasonal adjustment
seasonal variation
revised index has shown a sharper increase
DifferDifferthan the index previously published; in recent
ReReence
Old
Old
ence
vised
vised
months the difference has averaged about 2
index
index
(in
(in
index
index
points)
points)
per cent or 3 points in the total index. In
addition the course of the seasonally adjusted
117
122
122
0
117
0
index has been greatly smoothed by alteration 1940—January
0
116
116
-1
113
114
February ._.
0
113
113
0
112
112
March . _.
of seasonal factors, particularly since last
112
112
112
111
0
+1
April
0
117
116
115
117
+
1
M
a
y
December. The extent of the changes in the
121
+1
122
121
121
0
J u n e -_-4-1
120
122
121
118
index since January 1940 is indicated in the
July
+2
124
124
121
120
August
+4
+
3
accompanying table.
132
129
127
125
September...
+2
+3
130
129
136
134
+1
October
+2
Tables showing preliminary figures for the
134
133
136
135
+1
November
+1
0
139
139
136
135
new and the revised series are published ori
December
+1
pages 933-937 of this BULLETIN. There is 1941—Januarv
140
135
134
140
0
+1
144
141
140
138
February
+3
+2
also a table showing the 1941 seasonal factors
147
143
144
143
March.
+4
+1
144
144
142
140
April
tentatively adopted. Current and back figures
+4
+2
154
155
150
153
May
+4
+2
on activity in arsenals, quartermaster depots,
159
160
157
157
+2
+3
June.. _ ..P159
0
P161
P161
July
*156
+4
and Government shipyards will not be published separately but will be included in the
p Preliminary.
total index and in the indexes for manufactures and for durable manufactures; the data
Inclusion of armament data
Note.—This revision of the Board's production index was preThe
Board's
index as revised in August
pared largely by Frank R. Garfield and Paul Simpson of the
Division of Research and Statistics. Maxwell R. Conklin, now 1940 included most activity involved in the
with the U. S. Bureau of the Census, contributed in large measure,
production of materials and finished prodparticularly in the earlier stages of the work.
878
FEDERAL RESERVE BULLETIN
Revision in the Index of Industrial
ucts for armament. The man-hours data
introduced at that time for the machinery
and transportation equipment industries
were particularly useful in this connection,
since much of the fabrication of armament
is done in these industries.
In this revision by far the most important
change with regard to materials for armament has been the introduction of a series on
electric steel production and the reweighting of the other series in the iron and steel
group. Although the tonnage of electric steel
produced is small relative to other types of
steel, the amount of value added by manufacture per ton of electric steel is several
times as large as for other types, and, inasmuch as output of electric steel has increased
much more rapidly, introduction of the electric steel series has raised the index for the
iron and steel group appreciably in the past
two years. The revision of the iron and
steel group was carried back to 1923, on the
basis of data newly available, but changes
before 1940 were of relatively minor importance.
In the nonferrous metals group, the series
on lead shipments has been revised to take
account of imports of pig lead for consumption; the series on zinc smelting has been
Production
revised to include production from foreign
concentrates shipped for export. For tin, a
series on consumption has been substituted
since January 1935 for the series on deliveries. The latter ceased to be an accurate
measure of the use of tin when reexports
became substantial in 1940 and there were
large imports for Government and industry
stock piles. The net effect of these changes
has been to lower the level of the nonferrous
metals group index since the beginning of
1940.
The introduction of additional series for
the automobile industry brings in data covering armament output other than automobiles
by establishments in this industry. Manhours worked figures as reported by the
Bureau of Labor Statistics have been used
beginning in January 1935, with a productivity adjustment based on the studies compiled by the National Research Project.
About nine-tenths of the weight formerly applied to the factory sales series has been
transferred to the new series, leaving the
weight for the entire automobile industry
unchanged. The new weights are shown in
the tabulation below. In addition to representing armament production, the series on
man-hours worked has the further advantage
SUMMARY OF RECENT CHANGES IN THE COMPOSITION OF THE INDEX OF INDUSTRIAL
Period covered
by revision
Series
Industrial production
PRODUCTION
Nature of changes
1923 to date
Manufacturing in Government arsenals and quartermaster depots included from 1939 to date and revisions
made in iron and steel, transportation equipment, and nonferrous metals.
Series on open hearth and Bessemer steel revised, series on electric steel added, and new weights assigned
as follows:
Pig iron
1. 70
Open hearth and Bessemer steel J 8. 70
Electric steel
. 60
Steel production. _ 1923 to date New series representing output at steel works and rolling mills. Obtained by weighting electric steel
Open hearth and
(.60) and open hearth and Bessemer steel (4.27).
Bessemer steel __
1923 to date Steel for castings made by ingot producers (estimated monthly for period 1923 through 1939) added to ingot
production. Daily average production computed on the basis of a 7-day week with full nonworking day
allowances for July 4 and December 25, and for Labor Day, a one-half day allowance for period 1931 thru
1936 and a full day allowance thereafter. Daily average base: 126,370 net tons. Source of current data:
American Iron & Steel Institute.
Electric steel
1923 to date New series including ingots and steel for castings made by ingot producers (estimated monthly for period
1923 through 1939). Working day allowances same as open hearth and Bessemer steel. Daily average
Transportation
base: 2,216 net tons. Source of current data: A.merican Iron & Steel Institute.
Shipbuilding
in Government yards introduced, aircraft series revised, and new automobile series based on
equipment
1935 to date
man-hours data introduced.
1935 to date Man-hours figures adjusted for changes in productivity.
Aircraft
1935 to date Weight for factory sales series reduced to .48 and remainder of weight (4.31) assigned to a new series based on
Automobiles
man-hours worked in the entire industry and on productivity adjustments as estimated by use of National
Research Project studies.
Nonferrous metals .
1935 to date Series on zinc smelting, tin deliveries, and lead shipments changed.
Zinc smelting
Jan. 1940 to date New series including production from foreign concentrates shipped for export.
Tin consumption
1935 to date Supersedes tin deliveries series. Daily average consumption computed on the basis of a 6-day working
week with a full nonworking day allowance for July 4. Daily average base: 213.9 gross tons. Source:
American Bureau of Metal Statistics.
Lead shipments
Oct. 1940 to date Imports of pig lead for consumption added to domestic shipments.
Durable manufactures
1923 to date
Iron and steel
1923 to date
i The difference between the 8.70 shown here and the 4.27 shown under steel production is the weight assigned to open hearth and Bessemer
steel to represent the industries, other than steel works and rolling mills, included in the Census classification of iron and steel and not assigned
to pig iron.
SEPTEMBER
1941
879
Revision in the Index of Industrial
of smoothing out many of the irregularities
in the period 1935 through 1939, when the
industry was not as yet engaged in armament production, by reflecting, directly,
changes in output of parts and supplies as
well as finished automobiles. This was particularly important at times of change-over
to new model output.
The new series measuring output at arsenals, quartermaster depots, and Government shipyards are estimates based on manhours and other unpublished data collected
by the Bureau of Labor Statistics. The series
for Government shipyards includes all activity in the construction of ships and one half
of the activity reported for service and repair
yards. It is assumed that only about this
proportion of the latter activity may be considered as manufacturing.
The inclusion of manufacturing activity of
the Government raises special problems of
weighting since previously this activity had
not been included either directly or indirectly
in the index of industrial production. For
convenience in use and computation, the original weights had been so calculated that the
weighted figures in the base period averaged
100. The addition of new series would upset
this relationship unless some special adjustment were made. Recalculation of all the
weights in the index to make room for the
additions is avoided by use of a special device which makes possible combination of
the data with series already in the index.
Only the differences between the man-hours
worked each month and the average number
of man-hours worked monthly during the
base period are used and the man-hour figures
so obtained are weighted the same as those of
comparable series. For Government arsenals
the weight for machinery is used and for
Government shipyards the weight for private
shipyards.1 Through this device, the full
effects of the growth in governmental industrial activity can be represented in the
index without having to recompute the index with a new base or without raising the
base period average above 100.
In last year's revision, no adjustment was
1
The results of this method are not greatly different from those
that would have been obtained if the usual procedure had been
followed. The percentage weight factor for Government shipyards would in the latter case be .36 and the difference between
the index of industrial production so computed and that obtained
from the method actually used would be .36 minus .0036 times
the index for a given month. Thus, for July 1941 the index of
industrial production as actually computed was .2 of a point
higher on this account than it would have been if the usual
method had been followed. Similarly, use of this method for
arsenals raised the index by another .1 of a point in July.
880
Production
made for changes in productivity of labor
in the manufacture of aircraft because sufficient data on output were not available.
Recent study of new Census data and other
material has left little doubt that substantial improvement in the productivity of labor
had been achieved beginning in 1939. From
this information and from studies of productivity in other lines, a probable minimum growth could be determined, and this
has been applied.
The aircraft series in the index of industrial production is based on man-hours
worked in plants of final assembly and of
parts manufacture. Aircraft engines are included among the machinery industries, and
this fact, together with the general increase
of subcontracting in the manufacture of various parts outside of the industry, prevents
the series from being a satisfactory measure
of the total output of aircraft. Nevertheless, it serves rather well its main purpose
of covering a certain area of productive activity.
Computation of separate indexes for defense production and for nondefense production has not been possible. In some lines,
such as the aircraft and shipbuilding industries, output is now practically all for
defense purposes, whereas in some others,
such as the food, liquor, tobacco, and printing
industries, output is mainly for nondefense
purposes. In the vast majority of industries,
however, no such clear separation is possible
on the basis of reported figures. Ordnance
and other defense products are in large part
made in the same industries and even in the
same plants as nondefense products and, in
most cases, separate data for each are not
available. Even where such data on finished
products are available, there is not a sufficient
basis for the construction of comprehensive
indexes of activity inasmuch as corresponding data for the earlier stages of production
are lacking; this is a problem of considerable
importance at a time when the use of subcontracting and the reorganization of productive
methods is proceeding so rapidly. The use
of man-hours worked data for measuring
production overcomes some of the difficulties
involved in including defense production in
the index, since the man-hours data are common to all types of production and since they
represent only the net productive contribution at each stage of production. However,
they are not at present susceptible to a breakdown as between defense and nondefense
FEDERAL .RESERVE BULLETIN
Revision in the Index of Industrial
Production
as September 1941 when curtailment of passenger car production first became effective.
Since the effects of the defense program appeared gradually in most lines, a further
aim in selecting the month of transition was
to preserve as far as possible the continuity
of monthly figures on a seasonally adjusted
Changes in Seasonal Adjustment Factors
basis. December generally seemed to be the
In many industries seasonal influences best month of change since the sharp decline
ordinarily affecting output have changed in activity, which is usual in this month, did
and in some cases they have completely dis- not occur in 1940.
appeared as a result of the recent industrial In the chemical industry, which is repredevelopments. The table below lists the sented in the index of industrial production
series for which revised seasonal adjustment by a single composite series, activity in some
factors have been computed. For those lines has been expanding much more rapidly
in which seasonal movements seem to have than in others and, inasmuch as there are
disappeared the seasonal factors have been wide differences in seasonal movements, this
fixed at 100 for each month; that is to say, has made the old seasonal factors unsatisno seasonal adjustment is made and the un- factory for current use. On the basis of
adjusted index is used as the seasonally ad- study of the behavior of the various comjusted index.
ponents, it appeared desirable to apply seaShifts in seasonal movements or their dis- sonal adjustment factors of absolute amounts
appearance have occurred for the most part to allow primarily for continued wide seain lines where the seasonal has in the past sonal fluctuations in production of fertilizers
been caused mainly by fluctuations in demand and of cottonseed oil. Both of these are being
rather than by fluctuations in supply con- produced in about the same volume as hereditions dependent upon the weather. Iron tofore whereas output of basic chemicals,
and steel, railway equipment, nonferrous explosives, and some other products which
metals, and textiles are examples of lines show little seasonal change, has been inso affected, in contrast with canning and creasing rapidly.
lumbering where weather is the dominant
seasonal influence. Pressure of demand on
CHANGES I N SEASONAL ADJUSTMENT FACTORS
available capacity or materials has leveled
Change to
Series
Initial change
out production, and in some instances orders
constant of 100
have been placed so as to maintain producOpen hearth and Bessemer steel __ January 1923
December 1940
tion during normally slack periods. Other Electric
steel
January 1923
December 1940
lines, notably the railroad equipment industry Machinery
October 1940
October
1940
January 1939
January
1939
and, more recently, the automobile industry, Aircraft
December 1940
December 1940
Railroad cars
have shifted to production of armaments, Locomotives
December 1940
December 1940
December 1940
December 1940
private yards
the demand for which has no seasonal varia- Shipbuilding,
February 1938
Automobile factory sales
September 1941
bodies, parts, and
tion. In these lines and some others there Automobile
January 1935
September 1941
assembly
will continue to be a shift in seasonal move- Copper smelting
January 1940
December 1940
November
1940
November 1940
smelting
ment as more facilities are used for arma- Zinc
December 1940
December 1940
Copper deliveries
ment production and as rationing of ma- Lead
December 1940
December 1940
shipments
Zinc
shipments
November
1940
November 1940
terials affects output for civilian use. In Tin consumption
January 1935
C)
such cases the seasonal factors selected for Cotton consumption
November 1940
November 1940
December
1940
Rayon
deliveries
December
1940
1941 are subject to further change.
August
1941
Silk deliveries
August
1941
December
1940
December
1940
Carpet wool consumption
In making the change to a constant sea- Apparel
December 1940
December 1940
wool consumption
sonal factor of 100 in the industries where Woolen yarn
December 1940
December 1940
December 1940
yarn
December 1940
this seemed desirable, the shift was made at Worsted
December 1940
Woolen and worsted cloth
December 1940
December 1940
the time when capacity or near capacity Byproduct coke
December 1940
December 1940
December 1940
Beehive
coke
operations were first reached or when de- Chemicals
January 1941
July
fense program needs became the dominant Rubber consumption
July
1941
1941
April
1937
ore shipments
influence in the industry. In most instances Iron
January
1940
Copper
May
this was in the latter part of 1940, although Lead
1938
November 1940
November 1940
Zinc
for aircraft the change was made as early
as January 1939 and for automobiles as late i Seasonal factors revised but not to constant of 100.
items. Similarly, the division of materials,
such as steel, nonferrous metals, chemicals,
and the like, between defense and nondefense
purposes would be particularly difficult except in a very broad sort of way.
1
.SEPTEMBER
1941
881
•04iet5 and /lialt'ditiai
atanckei. ofi Aiemlret Bank*
Statistics of branch banking heretofore branches amounted to $8,150 millions,3 or 16
presented have shown various distributions per cent of the deposits of all member banks.
of the number of branches and of the volume Total loans reported by branches amounted
of loans, investments, and deposits of theto $2,060 millions and comprised 15 per cent
branch-operating banks, but have not shown of the loans held by all member banks
the volume of assets and liabilities of the (Table 1).
branches themselves. An analysis was re- 2. Demand deposits (exclusive of intercently completed, however, of the assets and bank deposits of $168 millions) at head-office
liabilities—principally loans and deposits— city branches amounted to $3,670 millions
reported by branches of all member banks, (Table 1). Of this amount $2,700 millions,
both national and State. The analysis is or 73 per cent, was at branches of 10 New
based on condensed condition reports sub- York City banks; these 10 banks operated
mitted by member banks covering branches 347 of the 1,440 head-office city branches.
in operation on June1 30, 1940. Member 3. About 78 per cent of the branches in
banks operated 2,523 of the 3,641 domestic head-office cities and 56 per cent of those outbranches in existence on June 30, 1940; the side reported deposits of $1,000,000 or more
analysis, therefore, reflects the volume and (Table 2).
character of assets and liabilities reported by 4. Branch deposits accounted for 25 per
about two-thirds of the branches in the coun- cent or more of the total deposits (excludtry. It should be borne in mind, however, that ing interbank deposits) at 136 of the 367
the function of investing branch funds is gen- branch-operating member banks. On the
erally carried on at the head office, and that other hand 69 banks reported branch deposits
to some extent loans initiated at branches are representing less than 10 per cent of total
consummated at the head office; consequently, deposits (Table 3).
branch reports frequently show a large pro- 5. The number and deposits of out-of-town
portion of their assets as "due from head branches were distributed as follows:
office" rather than as loans and investments.
Number Deposits
The data are, moreover, heavily weighted by
233 $400,000,000
branches in two States—New York and Cali- In head-office county
contiguous to that
fornia. Nearly one-third of the head-office In ofcounties
head-office
...
248 450,000,000
city branches were located in New York City In noncontiguous
counties.
602 1,590,000,000
and over one-half of2 the out-of-town branches
Total
1,083 2,440,000,000
were in California.
6. Savings deposits were more predomiThe principal points disclosed by the data
compiled from the branch condition reports nant at branches outside of head-office cities
than at head-office city branches. Such demay be summarized as follows:
1. Total deposits reported by member bank posits represented at least one-half of total
deposits at 50 per cent of the out-of-town
Note.—This article was prepared by John R. Farrell, under branches.
The proportion of out-of-town
the supervision of J. E. Horbett, Assistant Chief of the Division
branches with relatively large amounts of
of Bank Operations.
Because of the fact that at some branches certain or all accounts are consolidated with those of the head office or another savings deposits seemed to be somewhat
branch, a considerable number of the branch reports were incom- lower in the smaller localities than in the
plete. For example, of the 2,523 branches, 204 did not report
larger cities (Table 4).
deposits.
A distribution of branches by States and classes, as of Decem7. Of the total of 2,523 branches, 439 reber 31, 1940, is shown on page 4G1 of the Federal Reserve Bulletin
for May 1941.
ported
some holdings of interbank deposits.
Exclusive of branches whose accounts are consolidated with
Such deposits amounted to 20 per cent or
those of the head office.
1
2
3
882
FEDERAL RESERVE BULLETIN
Assets and Liabilities of Branches of Member
more of total deposits at 50 branches, of
which 45 were located in New York City and
one each in Atlanta, Ga., Augusta, Ga., Baltimore, Md., Charlotte, N. C, and Columbia,
S. C. (Table 5).
8. About a third of the branches in headoffice cities and half of those outside reTABLE 1—CONSOLIDATED BALANCE S H E E T S 1 OF A L L
MEMBER BANKS AND BRANCHES OF MEMBER BANKS
J U N E 30, 1940
[Amounts in thousands of dollars]
Branches of member banks
All
member
banks 2
All
branches
Headoffice
city
branches
Out-oftown
branches
Assets
Real estate loans
Other loans and discounts
(including overdrafts)
United States Government
and other 3securities
Cash assets
Other assets
Total assets
652,092
210,810
441,282
10,900, 205 1, 407, 778
855, 584
552,194
3,068,565
73,112
20, 482, 237
69,789
3,323
21,829, 674 6,154, 864 4, 713, 317 1,441, 547
46, 824
1, 565, 665
22,882
23,942
Demand deposits—total
39, 659,398 5, 018,019
3,841, 962 1,176,057
Deposits of individuals, partnerships
and corporations
26, 396, 600 4, 412, 997 3, 551, 246
Deposits of U. S. Government, States and
political
subdivi306, 951
sions
3, 239,638
91,405
56,311
Certified checks, etc.. 475,041
31,519
241, 760
Deposits of banks
9, 548,119
167, 792
Time deposits—total
Savings deposits
Deposits of States and
political
subdivisions
Other time deposits
(including
postal
savings)
Total deposits
J U N E 30, 1940
Total
215, 546
24, 792
73, 968
12,069, 722 3,128, 759
1,864, 719 1, 264,040
10,098, 565 2,851, 652
1, 763, 587 1,088,065
410,049
1, 561,108
136, 270
140, 837
18,284
82,848
Total liabilities
509,474
131,317
56,575
52, 238, 594 8, 334,670
Capital accounts
81, 249
17,986
117,986
57, 989
50,068
38, 589
5, 805,916 2, 528, 754
5,607, 752
Total liabilities and
capital accounts.
banks
6,398
4
2, 285
1,250
1,035
1 Since the balance sheet of all member banks represents consolidated
figures in which "due from" and "due to" branch accounts are eliminated
and since investments and capital accounts are customarily not allocated
to individual branches, the figures are not in all respects comparable.
23 Includes amounts reported by branches.
Includes, in the case of branches, amounts due from head office or
from
other branches.
4
Excludes 238 branches from which balanced reports were not received
(48 of which were located outside of head-office cities) because their
accounts are consolidated with those of the head office or another branch.
SEPTEMBER
1941
d u m b e r of branches with deposits of—
Under $150,000
$150,000-250,000
$250,000-500,000
$500,000-1,000,000
$1,000,000-5,000,000
$5,000,000-10,000,000
$10,000,000 and over _ . . ___ _.
Branches not reporting i
Total
Per c e n t 2 of branches with deposits of—
Under $150,000
$150,000-250,000
$250,000-500,000
$500,000-1,000,000
$1,000,000-5,000,000
$5,000,000-10,000,000
$10,000,000 and over
57, 846, 346
or
branches
TABLE 2—CLASSIFICATION OF MEMBER BANK
BRANCHES BY SIZE OF DEPOSITS
861, 751
51, 729,120 8,146, 778 5, 706, 681 2,440,097
Due to head office (or to
other branches)
___
Other liabilities
of
ported loans aggregating $500,000 or more
(Table 6).
9. Loans reported by out-of-town branches
amounted to two-fifths of the deposits of such
branches, whereas loans of head-office city
branches were less than one-fifth of deposits.
The lower ratio in the case of head-office city
branches is due in part to the fact that local
branches more frequently than out-of-town
branches refer loans to the head office. Loans
at all member banks amounted to about onefourth of deposits and at country banks to
about one-third. On the basis of the classification made of out-of-town branches, there
seems to be little relation between ratio of
loans to deposits and size of place in which
the branch is located (Tables 1 and 7).
10. Real estate loans accounted for 44 per
cent of the loans of out-of-town branches,
whereas for all member banks real estate
loans comprise less than a fourth of all loans.
The proportion of real estate to total loans
was generally higher at branches located in
larger places (Tables 1 and 8).
57, 846, 346 8, 334, 670 5,805,916 2, 528, 754
Liabilities
Number
Banks
Total
In
head-office
city
Outside
head-office
city
18
37
205
479
6
8
63
210
1,266
182
132
204
758
137
3 97
161
2,523
1,440
1,083
.8
1.6
8.8
20.7
.5
.6
4.9
16.4
1.2
2.8
13.7
25.9
54.6
7.8
5.7
59.3
10.7
7.6
48.8
4.3
3.3
100.0
100.0
100.0
12
29
142
269
508
45
35
43
4
1
Branches whose accounts were consolidated with those of the head
office
or another branch.
2
The percentage distribution is based on the number of branches for
which
deposits were reported.
3
Sixty-eight of these branches were in New York City, and 10 of these
68 had deposits in excess of $50,000,000. Three other head-office city
branches (1 in San Francisco and 2 in Los Angeles) had deposits of more
than
$50,000,000.
4
Includes 3 branches with deposits in excess of $50,000,000, 1 each in
Los Angeles, Oakland and Atlanta.
883
Assets and Liabilities of Branches of Member Banks
4 — CLASSIFICATION
OF
MEMBER
BANK
3—CLASSIFICATION
OF BRANCH-OPERATING TABLE
BRANCHES OUTSIDE OF HEAD-OFFICE CITIES BY
BANKS BY RATIO OF BRANCH DEPOSITS
RATIO OF SAVINGS DEPOSITS TO TOTAL D E TO TOTAL DEPOSITS X
POSITS x AND BY POPULATION OF PLACES
J U N E 30, 1940
IN W H I C H LOCATED
[Deposits in thousands of dollars]
J U N E 30, 1940
Banks operating head-office city branches,
out-of-town branches, or both
Branches located in places with
Ratio of deposits of
population of—
all branches to total
Number
Deposits
of
Deposits
Number
deposits of bank 1
of 2
of
banks and
of
Total
000
branches
branches branches
banks
Under 500- 2, 500- 10,000- 50,and
500
2,500 10, 000 50, 000 over
200,043
160
4,084,
731
Under 10 % . .
654,034
275 4, 248, 541
10-25%.
2,884,994
533 7, 383, 610
25-50 %
Number of branches with
1,633,386
533 2,764,811
50-75%
ratio of savings deposits
879
2, 987, 860
2, 573,998
to total deposits of —
75 % and over
24
Under 10%
2
7
2,
764,
585
143
Unclassified 3 ..
10-25%
110
12
53
25-50%
376
45
2,523
367
107
24, 234,138
7, 946,455
Total
50-75%
411
124
100
105
75% and over
Banks operating one or more
108
22
19
46
Reports
incomplete
or
out-of-town
branches
Ratio of deposits of
no savings
deposits
2
out-of-town branches to
shown
its of
total deposits of bank i Number Number of Deposits of
of
out-of-town banks and out-of-town
Total
180
212
315
327
1,083
banks
branches
branches branches 2
3
Per
cent
of
branches
with
74 2,098, 242
81,659
Under 10 %-__
ratio of savings deposits
74
981, 677
158,321
10-25%
to total deposits of—
1, 585,192
283
573,875
25-50 %
Under 10%
2.4
2.3
5.0
1.9
1.0
4.1
590, 520
337,514
10-25%
147
50-75%
10.7
7.5
18.4
8.8
5.7
8.2
1, 556,150
25-50%
1, 218,170
36.6
45.0
21.4
37.0
44.5
37.4
75 % and over.
281, 508
17
Unclassified 3__.
50-75%
39.9
37.5
34.6
39.2
38.9
50.0
11.1
10.5
5.0
5.9
21.9
75% and over
7.6
145
Total.
1,083
7,093, 289
2, 369, 539
TABLE
1 Deposits of both banks and branches are exclusive of interbank
deposits;
deposits of banks include amounts held at branches.
2
Exclusive of deposits of branches whose accounts are consolidated
with
those of the head office.
3
Represents banks and their branches for which no branch deposits
were reported due to the fact that the accounts of all branches of the
respective banks are consolidated with those of the head office. There
were 61 other branches which did not report deposits, 26 of which were
out-of-town branches; these 61 branches were operated by 23 banks which
had 739 branches that did report deposits, and they are included in the
distribution of the number of branches by ratio of branch deposits to
total bank deposits.
884
Total
100.0
100.0
100.0
100.0
100.0
100.0
1 High ratios (50 per cent and over) of savings deposits to total deposits, loans to deposits, and real estate loans to total loans were more
prevalent at California branches—which constitute over half of all outof-town branches—than at branches elsewhere. Consequently the
percentage distributions of all branches taken as a whole are substantially
influenced by the California ratios.
2
Branches which had no savings deposits or which did not maintain
separate
accounts.
3
T h e percentages are based on the number of branches for which
savings deposits were reported.
FEDERAL RESERVE BULLETIN
Assets and Liabilities of Branches of Member
TABLE
5 — CLASSIFICATION
OF MEMBER
BANK
BRANCHES WITH INTERBANK DEPOSITS, BY
AMOUNT OF TOTAL DEPOSITS AND BY
RATIO OF INTERBANK DEPOSITS TO
TOTAL DEPOSITS
J U N E 30,
J U N E 30,
Total
40%
Under
10-20% 20-40%
10%
and
over
1
39
74
159
76
91
34
69
118
53
77
4
4
12
8
10
17
11
3
1
12
4
1
1439
351
38
32
U8
BANK
1940
In
head-office
city
Total
total deposits
Total...
6 — CLASSIFICATION
OF
MEMBER
BRANCHES BY SIZE OF TOTAL LOANS
1940
Ratio of interbank deposits to
Number of branches with
total deposits of—
Under $1,000,000
$1,000,000-2,000,000.
$2,000,000-5,000,000
$5,000,000-10,000,000
$10,000,000 and over
TABLE
Banks
N u m b e r of branches with loans of—
Under $50,000
$50,000-150,000
$150,000-250,000
$250,000-500,000
$500,000-1,000,000
$1,000,000-5,000,000
$5,000,000 and over
Branches not reporting 3
Total
Per cent 4 of branches with loans of—
Under $50,000
$50,000-150,000
$150,000-250,000
$250,000-500,000
$500,000-1,000,000
$1,000,000-5,000,000
$5,000,000 and over
Total
Outside
head-office
city
150
179
350
259
416
374
426
67
452
2,523
29
135
127
230
215
132
186
147
181
138
391
8.6
16.9
12.5
20.1
18.1
20.6
3.2
100.0
227
245
2 29
61
1,440
1,083
14.3
20.5
12.6
17.7
14.0
17.3
3.6
2.8
13.2
12.4
22.5
22.2
24.0
2.9
100.0
1
Branches which reported no interbank deposits either because none
100.0
were held or because accounts were consolidated with those of the head
office or another branch numbered 2,084.
T
2 Includes 2 branches with a ratio in excess of 60%—one with 61.1%
Twenty-five of these branches w ere in New York City, and 10 of
and one with 76.9%. Both of these branches were in New York City these 25 had loans in excess of $10,000,000. Five other head-office city
and both had total deposits of from $5,000,000-$10,000,000.
branches had loans of more than $10,000,000—2 in Los Angeles and 1
each in San Francisco, Buffalo and Philadelphia.
2 Includes 8 branches with loans in excess of $10,000,000—2 each in Oakland and Sacramento, and 1 each in Los Angeles, Fresno, Atlanta and
TABLE
7 — CLASSIFICATION
OF MEMBER
BANK Augusta (Ga.).
Branches which made no loans or which did not maintain separate
BRANCHES OUTSIDE OF HEAD-OFFICE CITIES
accounts.
BY RATIO OF LOANS TO DEPOSITS a AND
The percentage distribution is based on the number of branches for
which loans were reported.
BY POPULATION
OF PLACES
IN
W H I C H LOCATED
J U N E 30,
1940
Branches located in places with
population of—
Total
Number of branches with
ratio of loans to deposits
of—
Under 10%
10-25%
25-50%
50-75%
75-100%
100% and over
Reports incomplete or
no loans shown 2
Total
50-75%
75-100%
100% and over..
Total
J U N E 30,
67
156
378
17
43
110
258
93
70
68
30
18
18
56
112
49
180
6.6
15.3
37.0
2.5
12.8
41.0
5.9
15.0
38.5
5.6
17.6
35.1
8.2
15.6
30.8
25.2
9.1
6.8
23.1
10.3
10.3
23.8
10.5
6. 3
27.9
8.8
5.0
29.0
8.2
8.2
100.0
100.0
100.0
100.0
100.0
Number of branches with
ratio of real estate loans
to total loans of—
Under 10%
10-25%
25-50%
50-75%
75% and over
Reports incomplete or
no real2 estate loans
shown
Total
Per cent3 of branches with
ratio
of
real estate loans
12.1
to total loans of—
42.2
Under 10%
10-25%.
20.
25-50%
50-75%
75% and over
100. C
Total
1940
Branches located in places with
population of—
Total
1,083
Per cent3 of branches with
ratio of loans to deposits
of—
Under 10%
10-25%
25-50%
Under 500- 2, 500- L0, 000- 50, 000
500 2,500 10,000 50, 000 and
over
TABLE
8 — CLASSIFICATION
OF MEMBER
BANK
BRANCHES OUTSIDE OF HEAD-OFFICE CITIES BY
RATIO OF REAL ESTATE LOANS TO TOTAL LOANS 1
AND BY POPULATION OF PLACES IN W H I C H LOCATED
Under
500
5002,500
2, 500- 10, 00010,000 50,000
132
100.0
and
over
12
6
36
95
39
125
169
243
297
117
13.1
17.8
25.6
31.2
12.3
50,000
23.1
18.0
33.3
20.5
5.1
100.0
48
315
30
327
20
18.4
22.5
32.9
21.0
5.2
12.1
21.2
27.3
30.0
9.4
11.9
20.6
15.6
30.6
21.3
6.4
3.2
19.1
50.5
20.8
100.0
100.0
100.0
100.0
212
i See note 1, table 4. 2 Branches which made no loans or which did 1 See note 1, table 4. 2 Branches which made no real estate loans or
not3 maintain separate accounts.
which
did not maintain separate accounts.
3
The percentages are based on the number of branches for which
The percentages are based on the number of branches for which real
loans were reported.
estate loans were reported.
SEPTEMBER
1941
885
A/ational Summaiyy ofi £u5ine55 (Conditi
ion5
Compiled August 18 and released for publication August 20. Figures shown on charts may differ from
preliminary figures used in text.
activity in July and the first shift to new model production. Activity in
IlevelNDUSTRIAL
half of August was maintained at the high the nonferrous metals industries continued
reached in June. Wholesale commodity at a high rate. Early in August copper, pig
prices advanced further and distribution of iron, and all forms of steel were placed under
commodities to consumers was in exception- complete mandatory priority control as it became evident that actual demand for these
ally large volume.
metals could not be fully met.
Production
In the wool, cotton, and rayon textile industries
and at shoe factories activity in July
Volume of industrial output showed little was maintained
at or near the peak levels of
change from June to July. Reductions in other recent months
and production of chemactivity at automobile factories and steel icals rose further. Output of manufactured
mills were largely offset in the total by foods increased less than seasonally from the
further increases in the machinery, aircraft, high level reached in June.
shipbuilding, and lumber industries. The Coal production declined slightly in July
Board's adjusted index, which includes allow- but as in June was unusually large for this
ance for a considerable decline at this season, time of year. Crude petroleum production
advanced from 157 to 162 per cent of the was maintained at about the high rate that
1935-1939 average.
had prevailed in the previous two months.
Steel production, which in June had been
Value of construction contract awards in
at about 98 per cent of capacity, declined to July increased further to a level more than
96 per cent in July, owing in part to holiday two-fifths higher than a year ago, according
shutdowns at some mills. In the first half of to F. W. Dodge Corporation reports. The
August steel output was again at about 98 rise reflected chiefly a continued increase in
per cent of capacity. Automobile production contracts for public construction, mostly dein July declined less than usual but in the first fense projects. Private residential building
half of August there was a sharp reduction contracts increased somewhat, although there
as most plants were closed to prepare for the is usually some decline at this season, while
INDUSTRIAL PRODUCTION
DEPARTMENT STORE SALES AND STOCKS
PER CENT
1
160
J
150
140
/
130
\
\
\
120
/
no
100
90
/
si
/
/
J
V
\J
160
150
140
130
120
110
100
90
80
1936
1937
1938
1939
(»OO
I»OD
WO(
I»OO
I5O3
IVtV
IJ7tl
Federal Reserve indexes of value of sales and stocks, adjusted
Federal Reserve index of physical volume of production, adjusted for seasonal variation, 1935-39 average — 100. By months, for seasonal variation, 1923-25 average = 100. By months, January
1935 to July 1941.
January 1935 to July 1941.
886
FEDERAL RESERVE BULLETIN
National Summary of Business Conditions
awards for other private building declined
further from earlier high levels.
Distribution
Sales at department stores and in rural
areas declined by much less than the usual
seasonal amount in July and variety store
sales increased further. In the first half of
August department store sales rose sharply.
Total loadings of revenue freight in July
and early August showed little change from
the advanced level reached in June. Grain
shipments, which had been larger than usual
in May and June, increased less than seasonally and loadings of coal declined somewhat.
Commodity Prices
The general index of wholesale prices advanced about 2 per cent further from the
middle of July to the middle of August, reflecting sharp increases in prices of a number of agricultural and industrial commodities. Federal action to limit price increases
was extended to additional basic materials,
including burlap, silk, rayon fabrics, rubber,
and sugar, and in the early part of August
prices of these commodities in domestic markets showed little change or were reduced.
On the other hand, prices for paper-board,
automobile tires, and cotton yarns and gray
goods were advanced with Federal approval;
prices of textile products not under Federal
control continued to rise; and there were considerable increases in prices of lumber, other
building materials, and chemicals. On August
16 it was announced that for Southern pine
maximum prices somewhat below recent high
levels would become effective on September 5.
Agriculture
Agricultural production in 1941 may exceed that in any previous year, according to
indications on August 1, and carryovers of
major crops are unusually large. Crops of
wheat and other leading foodstuffs are expected to be exceptionally large, while substantial declines in production are indicated
for the major export crops—cotton and tobacco. Although the cotton crop is estimated
at 10,600,000 running bales, or 1,800,000
bales less than last season, total supplies of
cotton will be about the same owing to a
larger carryover on August 1. Marketings
of livestock and livestock products, except
hogs, will be substantially above last year.
Bank Credit
Total loans and investments at reporting
banks in 101 leading cities rose further during the five weeks ending August 13. Commercial loans continued to increase substantially, while holdings of United States Government obligations showed little change.
Bank deposits remained at a high level.
United States Government Security Prices
After advancing to the highest levels on
record, prices of both taxable and partially
tax-exempt Treasury bonds declined somewhat in the first part of August. On August
15 the partially tax-exempt 2% per cent
1960-65 bonds yielded 2.06 per cent, compared with the all-time low of 2.02 per cent
on July 29. Yields on Treasury notes showed
little change in the period.
MEMBER BANKS IN 101 LEADING CITIES
WHOLESALE
1935
1936
1937
1938
PRICES
1939
BILLIONS OF DOLLARS
1940
1941
1935
BILLIONf/oF DOLLARS
1936
1937
1938
1939
1940
Wednesday figures, January 2, 1935, to August 20, 1941. ComBureau of Labor statistics* indexes, 1926 = 100. "Other" in- mercial loans, which include industrial and agricultural loans,
cludes commodities other than farm products and foods. By represent prior to May 19, 1937, so-called "Other loans" as then
weeks, January 5, 1935 to week ending August 23, 1941.
reported.
SEPTEMBER
1941
887
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items. .
Federal Reserve Bank discount rates; rates on time deposits, reserve requirements, margin requirements
....
Federal Reserve Bank statistics
....
Reserve position of member banks; deposits in larger and smaller centers. .
Money in circulation. .
Gold stock and gold movements; bank suspensions; bank debits. .
All banks in the United States, number, deposits, loans and investments.
Condition of all member banks....
Weekly reporting member banks. .
..
.
Commercial paper, bankers' acceptances, and brokers' balances
Money rates and bond yields. .
Security markets. .
Treasury finance. .
Governmental corporations and credit agencies; Postal Savings System.
Business indexes
Department store statistics. .
Wholesale prices. .
.
...
...
Current statistics for Federal Reserve chart book.
August crop report, by Federal Reserve districts.
Industrial production: new and revised indexes.
Changes in number of banks and branches in the United States.
All member banks—condition on June 30, 1941.
891
892
893-897
898
899
900
901
902-903
904-907
908
909
910
911-913
914-916
917-927
928
929
930-932
932
933-937
938
939-940
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.
SEPTEMBER
1941
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESDAY
FIGURES
BILLIONS OF DOLLARS
24
24
22
20
18
16
14
12
10
TREASURY CASH AND DEPOSITS _.
RESERVE BANK CREDIT
NONMEMBER DEPOSITS
0
t
1935
1936
1937
1938
1939
1940
1941
10
2
0
1935
1936
1937
1938
Latest figures for August 20.
890
1939
1940
1941
See page 891.
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[Ir I millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Date
All
Bills
discounted
Total
Monthly averages of
daily figures:
1940—May
June
July
1941—April
Gold
stock
other
MaMa- Reserve
turing turing Bank
with- after credit *
5
in 5
years years
Total
Treasury
currency
outstanding
Mem ber
bank re,serve
Treasbalan ces
ury deOther
posits Non- FedMoney Treasury
with mem- eral
in cirber
cash
FedReculadeholderal
serve
tion
posits acings
ReExserve
counts Total cess'
Banks
3
2
3
2
2
2
3
2,472
2,474
2,450
2,184
2,184
2,184
2,184
1,205
1,206
1,202
983
1,008
952
951
1,267
1,269
1,247
1,201
1,177
1,232
1, 234
54
65
63
85
75
94
111
2,529
2,542
2,515
2,272
2,262
2,280
2, 298
18,974
19, 560
20, 260
22,441
22, 547
22, 602
22, 651
3,004
3,010
3,017
3,115
3,129
3,141
3,156
7,617
7,752
7,884
8,995
9,193
9.442
9,670
2,231
2,194
2,206
2,277
2,264
2,249
2,303
440
286
391
892
618
987
949
879
1,026
1,316
1,774
1,926
1, 856
1,774
255
259
261
288
287
290
289
13,086
13,596
13, 735
13,600
13,650
13. 201
13,120
6,288
6,696
6,752
5,883
5,831
5,351
5,193
3
2
4
2
4
2
5
2,477
2,466
2,448
2,184
2,184
2.184
2,184
1,206
1,204
1,202
1,008
1,008
951
951
1,271
1,262
1,246
1,177
1,177
1,234
1,234
39
63
32
48
92
81
104
2, 519
2,531
2,484
2,234
2,280
2,267
2,293
19, 209
19,963
20, 463
22, 506
22, 575
22. 624
22, 675
3,008
3,013
3,024
3,122
3,134
3,149
3,166
7,710
7,848
7,883
9,071
9,357
9,612
9,732
2,198
2,186
2,250
2,283
2,215
2. 275
2,334
365
234
694
865
443
9H0
877
973
1,198
1,382
1,830
1,965
1,831
1,752
253
261
262
288
285
290
287
13, 237
13,781
13, 498
13, 524
13, 724
13, 051
13,151
6,385
6,857
6,514
5,771
5,801
5,210
5,215
1940—Oct. 2
Oct. 9
Oct 16
Oct. 23
Oct. 30
6
8
4
4
4
2, 424
2,399
2,384
2,352
2,333
1,181
1,075
1,108
1,086
1,074
1, 243
1,325
1,276
1,266
1,259
53
38
94
32
44
2,482
2,445
2, 481
2,388
2,381
21,
21,
21,
21,
21,
271
349
373
428
499
3,046
3,048
3,052
3,055
3,056
8,172
8,199
8,229
8,236
8,265
2,294
2,294
2,268
2,232
2,187
678
579
463
383
376
1,587
1,574
1,660
1,600
1,569
268
270
271
272
272
13,800
13,927
14, 016
14,148
14,177
6,721
6,816
6,869
6,940
6,930
Nov. 6
Nov. 13
Nov. 20
Nov. 27
4
4
4
4
2,327
2,254
2,231
2,204
1,070
1,044
1,036
1,025
1,258
1,210
1,195
1,180
30
67
67
68
2,362
2,326
2,302
2,276
21, 581
21, 637
21, 716
21,755
3,060
3,062
3,066
3,069
8,385
8,395
8,436
8,465
2,221
2,211
2,188
2,182
465
404
310
199
1,681
1,688
1,749
1,685
271
275
276
278
13,979
14,052
14,127
14, 292
6,732
6,795
6,800
6,931
Dec.
Dec.
Dec.
Dec.
Dec.
4
11
18
24
31
4
5
4
4
3
2,195
2,184
2,184
2,184
2,184
1,020
1,020
1,048
1,048
1,048
1,176
1,165
1,136
1,136
1,136
67
51
117
149
88
2,266
2,241
2,306
2,336
2,274
21,827
21, 858
21, 898
21,930
21,995
3,074
3,077
3,081
3,082
3,087
8,569
8,625
8,716
8,817
8,732
2,204
2,197
2,204
2,213
2,213
255
235
570
481
368
1,708
1,687
1,702
1,711
1,732
278
279
289
289
284
14,154
14,152
13, 804
13,837
14,026
6,816
6,785
6,395
6,438
6,615
1941—Jan. 8
Jan 15
Jan. 22
Jan. 29
3
4
4
3
2,184
2,184
2,184
2,184
1,048
1,048
1,048
1,048
1,136
1,136
1,136
1,136
50
67
69
41
2,237
2,254
2,256
2,228
22,034
22, 066
22,089
22,110
3,034
3,092
3,095
3,097
8,628
8,542
8,541
8,548
2,203
2,195
2,196
2,200
220
237
261
258
1,740
1,742
1,750
1,799
284
283
283
283
14,
14,
14,
14,
284
414
410
347
6,835
6,896
6,864
6,799
2
3
2
3
2,184
2,184
2,184
2,184
1,048
1,048
1,048
1,048
1,136
1,136
1,136
1,136
31
74
49
36
2,217
2,260
2,235
2,223
22,122
22,130
22,140
22,179
3,099
3,100
3,102
3,101
8,627
8,665
8,668
8,725
2,212
2,212
2,222
2,204
692
622
479
368
1,784
1,837
1,785
1,752
283
283
282
281
13, 842
13, 871
14,021
14,175
6,306
6,331
6,440
6,542
Mar.5
Mar. 12....
Mar. 19
Mar. 2 6 . . . .
2
1
1
1
2,184
2,184
2,184
2,184
1,048
1,048
984
984
1,136
1,136
1,201
1,201
51
59
73
35
2,237
2,244
2,259
2,221
22,237
22, 318
22,335
23, 359
3,103
3,106
3,104
3,108
8,805
8,811
8,826
8,842
2,192
2,196
2,208
2,230
391
421
913
906
1,772
1,748
1,721
1,788
280
280
289
288
14,136
14, 211
13,741
13, 633
6,435
6,483
6,106
6,011
Apr.
Apr.
Apr.
Apr.
Apr.
1
5
1
2
2
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
59
46
100
53
48
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
8,989
8,992
9,071
2,251
2,272
2,269
2,299
2,283
1,045
813
534
947
865
1,704
1,740
1,763
1,808
1,830
288
288
289
289
288
13, 506
13, 656
13,979
13, 506
13, 524
5,941
6,027
6,264
5,760
5,771
May 7-. _,
May 14
May 21
May 28
1
2
2
4
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
2,292
2,283
2,280
2,221
804
762
477
462
1,905
1,961
1,972
1,926
288
287
286
286
13,440
13,458
13, 732
13,749
5,711
5,689
5,855
5,824
June
June
June
June
2
2
2
2
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
993
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 2
July 9
July 16
July 23
July 30
3
3
2
3
5
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
86
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
837
1,039
849
954
921
1,820
1,756
1,792
1,759
1,748
289
289
288
288
288
13,125
12, 971
13, 223
13,117
13,097
5,265
5,124
5,336
5,181
5,155
Aug. 6
Aug. 13
Aug. 20
5
10
8
2,184
2,184
2,184
951
951
951
1,234
1,234
1,234
41
53
80
2,231
2,247
2,272
22,682
22, 703
22, 710
3,169
3,172
3,178
9,795
9,792
9,840
2,345
2,361
2,377
839
919
785
1,865
1,816
1,835
287
287
285
12,951
12, 948
13,037
5,018
5,027
5,058
May
June
July
.
End of month figures:
1940- May 31
June 29.__ July 31
1941—Apr. 30
May 31
June 30...
July 31
Wednesday figures:
Feb.
Feb.
Feb.
Feb.
5
12..._
19
26
2
9
16
23
30
4_
11
18
25
1
Includes industrial advances and bills bought, shown separately in subsequent tables.
* End of month and Wednesdayfiguresestimated.
NOTE.—For description offiguresin this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article
together with available backfigures,may be obtained upon request. Backfiguresare also shown in Annual Report for 1937 (tables 3 and 4) and
for excess reserves in BULLETIN for August 1935, pp. 499-500. Backfiguresfor end of month and Wednesday dates since January 6, 1937 on maturity
distribution of security holdings will be supplied on request.
SEPTEMBER
1941
891
FEDERAL RESERVE BANK DISCOUNT RATES
[Per cent per annum]
Rediscounts and advances under sections
13 and 13a of the Federal Reserve Act
except last paragraph of Section 13
Federal Reserve Bank
Secured by direct and
eligible guaranteed obligations of the U. S.
Rate
Sept. 3
Boston.
New York
PhiladelphiaCleveland
Richmond
Atlanta
_.
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
In
effect
beginning-
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
All other
In
effect
jginning-
Rate
Sept. 3
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
Sept. 1, 1939
Aug. 27, 1937
Sept. 4, 1937
M a y 11, 1935
Aug. 27, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 3, 1937
To banks
Rate
Sept. 3
In
effect
beginning-
Rate
Sept. 3
Sept. 2, 1937
Oct. 10, 1935
Sept. 4, 1937
Oct. 19, 1935 (0
Sept. 10, 1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31, 1937
Sept. 17, 1937
To others
In
effect
beginningSept. 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
In
Rate
effect
Sept. 3 beginningApr. 29, 1938
Feb. 8, 1934
Sept. 1, 1939
4
3
2H
2*
May
Feb.
Apr.
Oct.
Feb.
Oct.
Apr.
Apr.
Oct.
11,
19,
23,
16,
23,
8,
16,
16,
19,
1935
1934
1938
1933
1935
1938
1938
1938
1933
i Two and one-half per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, one per cent; Cleveland, Kansas City, and Dallas, one and one-half per cent.
Back figures.—See Annual Report for 1937 (table 40).
FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES
[Per cent per annum]
Rate in
effect on
Sept. 3
Maturity
In effect beginning—
Previous
rate
Oct. 20, 1933
d
.do.,
.do.,
.do..
..do..
1-15 days L__.
16-30 days....
31-45 days
46-60 days....
61-90 days....
91-120 days...
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 other classes of bills. The same minimum
rates apply to purchases, if any, made by other Federal Reserve Banks.
Back figures—See Annual Report for 1937 (table 41).
MEMBER BANK RESERVE REQUIREMENTS
[Per cent of deposits]
Classes of deposits
and banks
June 21, Aug. 16, Mar. 1, M a y 1, Apr. 16,
19371938193719361917and
Aug. 15, Feb. 28, Apr. 30, Apr. 15,
1937
after
1938
1937
1936
On net demand
deposits:*
Central reserve city..
Reserve city
Country
On time deposits:
All member banks
13
10
7
3
i See footnote to table on p.
puting net demand deposits.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES
Rates in effect Sept. 3 on advances and commitments under
Section 13b of the Federal Reserve Act
[Per cent per annum except as indicated by footnote6]
Advances to or in participation with financAdvances
ing institutions
direct to
CommitOn porindustrial
Federal Reserve
ments
tion for
Bank
or comto make
On rewhich
mercial oradvances
maining
ganizations instituportion l
tion is
obligated *
Boston
New York.
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago..
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
4-6
3H-6
4^6
4-6
3-6
3-6
4-6
4-6
4-6
3
2-3
4
3-6
1M-2
3-6
4
4
3-4
2-5
(|)
4-6
3-6
3-6
4
4-6
4-5
1 2
1-2
H-a
1-2
1
The Federal Reserve Banks of New York, Philadelphia, Cleveland,
Richmond, Atlanta, Chicago, Minneapolis, Kansas City, and Dallas
may charge same rate as charged borrower by financing institution, if
lower than rate shown.
26
22M
*3 Same as rate charged borrower by financing institution.
20
15
2
One per cent less than rate charged borrower by financing institution.
14
12
4
One per cent less than rate charged borrower by financing institution
with minimum of three per cent (see note »).
5
6
5
!
One-half of one per cent less than rate charged borrower by financing
institution with minimum of four per cent (see note l).
898 for explanation of method of com• Minimum charge one-fourth of one per cent.
MAXIMUM RATES ON TIME DEPOSITS
MARGIN REQUIREMENTS1
Maximum rates that may be paid by member banks as established by
Prescribed by Board of Governors of the Federal Reserve System in
the Board of Governors under provisions of Regulation Q
accordance with Securities Exchange Act of 1934
[Per cent per annum]
[Per cent of market value]
Nov. 1, 1933 Feb. 1, 1935
In effect
Apr. 1, Nov. 1,
to
to
beginning
19361937
Jan. 31, 1935 Dec. 31, 1935 Jan. 1, 1936
Oct. 31,
and
1937
after
Savings deposits
For extensions of credit by brokers and dealers on
Postal savings deposits
40
listed securities, under Regulation T
55
Other time deposits pay(2)
50
For short sales, under Regulation T
able in:
40
For loans by banks on stocks, under Regulation U__.
3 55
6 months or more
90 days to 6 months
i Regulations T and U limit the amount of credit that may be exLess than 90 days
tended on a security by prescribing a maximum loan value, which is a
specified percentage of its market value at the time of the extension;
the "margin requirements" shown in this table are the difference beNOTE.—Maximum rates that may be paid by insured nonmember
tween
the market value (100%) and the maximum loan value.
banks as established by the Federal Deposit Insurance Corporation,
J
Requirement under Regulation T was the margin "customarily effective February 1, 1936, are the same as those in effect for member
required" by the broker.
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
* Regulation U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements trust companies on like deposits under the laws of the State in which
the member bank is located.
on "omnibus" accounts and loans to brokers and dealers.
892
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
Wednesday figures
E n d of month
1941
1941
Aug. 20
Aug. 13
July 23
J u l y 30
Aug. 6
J u l y 16
July 9
July 2
July
1940
June
July
Assets
Gold certificates on hand
and due from U. S. Treas20,299, 532 20, 300, 529 20, 300, 531 20, 302, 533 20, 302, 531 20, 307,532 20, 310, 531 20,312, 231 20, 302, 532 20, 312, 731 18,188, 977
ury
Redemption fund—F. R.
12, 852
8,878
16,229
12,:
16, 657
16, 657
16, 271
16, 271
10, 553
8,853
14,916
notes
_
261, 307
274, 639
252, 279
377,336
279, 984
293, 072
241, 080
268, 243
293, 232
Other cash
_
283, 282
285,154
Total reserves
Bills discounted:
For member banks
For nonmember banks,
etc...
Total bills discounted _
Industrial advances
U. S. Government securities;
Direct
Bonds
...
Notes
Guaranteed
20, 590,400 20, 597,170 20, 585, 431 20, 612,036 20,611,874 20, 603, 000 20, 573, 363 20, 562,164 20, 602, 602 20, 582, 916 18, 579,165
8,289
9,962
8,286
9, 586
2,728
3,357
4,682
3,667
1,772
5,389
4,560
9,962
5,389
4,560
2,728
2,296
3,357
2,508
4,682
1,772
3,672
9,270
9,448
9,930
9,853
9,807
9,352
9,273
9,620
9,227
8,884
2,296
2,508
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, 359, 200 1, 314, 596
820,300 1,126, 732
820, 300
820, 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. 2,184,10C 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,184,100 2,447,928
Other Reserve Bank credit
71, 590
23,065
outstanding
69,99E
44,148
32,176
97, 788
52, 274
94,130
46, 440
51,103
77,189
Total Reserve Bank
credit outstanding..
2, 271,97C 2, 247, 480 2, 231,113 2, 245, 030 2, 247, 784 2, 293,991 2, 249,083 2, 273,070 2, 292, 532 2, 266,689 2, 483, 549
Liabilities
F. R. notes in actual circulation.
_
6,952, 60E 6, 906, 411 6, 903, 785 6, 829,182 6, 771,077 6, 774,078 6, 797,124 6, 787,914 6, 857,075 6, 723, 567 5, 247, 601
Deposits:
Member bank—reserve
13,037, 47C 12, 947, 724 12,951, 427 13,096, 940 13,117, 089 13, 223,032 12,971,077 13,125, 376 13,151, 455 13,050, 968 13,
account
U. S.Treasurer—general
785, 344
919, 425
839,314
954, 398
849, 372 1, 038, 545
836, 852
980, 403
account
921, 055
877, 019
1, 202,872 1,194, 306 1, 201, 653 1,144, 031 1,165,141 1,185,116 1,191, 575 1,208, 225 1,145, 009 1, 233, 273
Foreign
_.
631, 83C
621, 665
Other deposits
663, 688
604, 411
593, 544
607,199
564, 481
611, 503
607, 410
598,028
Total deposits
498,134
694,083
787, 371
594,991
15, 657, 516 15, 683,120 15, 656, 082 15, 766,437 15, 830,172 15, 864, 719 15, 765, 678 15, 781, 956 15, 780, 893 15, 862, 672 15, 574, 579
Ratio of total reserves to deposit and F. R. note liabilities combined (per
cent)
91.2
91.2
91.2
91.2
91.2
91.0
91.1
91.0
91.1
89.2
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollarsl
Bills discounted:
July 30
Aug. 6
Aug. 13
Aug. 20
Industrial advances:
July 30
Aug. 6
Aug. 13
Aug. 20
U . ' S . Government securities, direct and guaranteed:
July 30
Aug. 6
Aug. 13
Aug. 20
SEPTEMBER
1941
91 days 6 month
to 6
to
Within
15 days
16 to 30
days
31 to 60
days
61 to 90
days
4,560
5,389
9,962
8,289
3,477
3,783
8,172
5,562
94
118
217
1,343
276
551
681
721
447
776
737
559
266
161
155
104
9,930
9,448
9,270
9,586
2,283
1,929
1,969
2,209
325
323
381
360
278
301
286
256
1,124
938
620
866
,127
,174
,265
,141
Total
2,184,100
2,184,100
2,184,100
2,184,100
months
1 year
1 year
to
2 years
2 years
to
5 years
1,082
1,567
1,533
1,550
1,431
1,435
1,441
1,673
2,280
1,781
1,775
1,531
84,800
84,800
84,800
84, 800
238,700
238,700
238,700
238, 700
584,000
584,000
584,000
584, 000
Over
5 years
1, 233, 600
1, 233, 600
1,233,600
1, 233, 600
893
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleve- Rich- Atland mond lanta
Chicago
San
St. Min- Kansas Dallas FranLouis neapolis City
cisco
Assets
Gold certificates on hand and
due from U. S. Treasury:
20, 307, 532
July 16
20, 302, 531
July 23
20,302, 533
July 30
20, 300, 531
Aug. 6
20, 300, 529
Aug. 13
20, 299, 532
Aug. 20
Redemption Fund—Federal
Reserve notes:
12,186
July 16
16, 271
July 23
16, 271
July 30
16,657
Aug. 6
16, 657
Aug. 13
16, 229
Aug. 20
Other cash:
283,282
July 16
293,072
July 23
293, 232
July 30
268, 243
Aug. 6
279, 984
Aug. 13
274,639
Aug. 20
Total reserves:
20, 603,000
July 16
20, 611, 874
July 23
20,612,036
July 30
20, 585,431
Aug. 6
20, 597,170
Aug. 13
20, 590, 400
Aug. 20
Bills discounted:
Secured by U. S. Government obligations,direct
and guaranteed:
July 16
90;
July 23
1,622
July 30
1,748
Aug. 6
5,462
Aug. 13
2,187
Aug. 20
Other bills discounted:
1,366
July 16
1,823
July 23
2,938
July 30
3,641
Aug. 6
4,500
Aug. 13
6,102
Aug. 20
Total bills discounted:
2,296
July 16
2,728
July 23
4,560
July 30
5,389
Aug. 6
9,962
Aug. 13
8,289
Aug. 20
Industrial advances:
9,807
July 16
9,853
July 23
9,930
July 30
9,448
Aug. 6
9,270
Aug. 13
9,586
Aug. 20
U. S. Government securities,
direct and guaranteed:
Bonds:
1,363, 800
July 16
1, 363,800
July 23
1, 363, 800
July 30
1, 363,800
Aug. 6
Aug. 13
- . - 1,363,800
1, 363,800
Aug. 20
Notes:
820, 300
July 16
820,300
July 23
820,300
July 30
820, 300
Aug. 6
820, 300
Aug. 13
820, 300
Aug. 20
Total TJ. S. Government securities, direct and guaranteed:
2,184,100
July 16
2,184,100
July 23
2,184,100
July 30
2,184,100
Aug. 6
2,184,100
Aug. 13
2,184,100
Aug. 20
894
214, 415 8, 779, 562
,213,897 8, 816, 271
, 196,195 8, 775, 382
184, 358 8, 606, 225
,189, 678 8, 503,174
, 169, 9388, 564, 933
, 201, 628 ,564,028 192, 026 474,115 3, 360,120 550, 410 339,1,855 463,044 324,178
, 188, 943 ,574, 362 .72, 053 471, 7843, 325, 273544, 558 340,I, 233 473,185321, 346
248 543, 369 352, 228 463, 796"1,025
323!
,243,217 , 572,133686, 281 470,106 3, 324,'
,269,140 ,593,691 694, 827 480, 357 3,351,111 548, 512 352, 438 485,092 348,601
- 344,837
" ~
310, 471 ,570, 557 711, 537 t91, 794 3,380,408 546,366 354,214 481 ,354
,299,629 , 603, 922'07,191 486, 914 3, 334,194 542, 754 350,402 484,822 330, 564
154
5,113
5,113
5,038
5,038
4,978
1,810
1,656
1,656
1,388
1,388
1,155
482
416
416
1,286
1,286
1,181
23, 644
22,478
22,461
20, 868
20, i "
20,725
66, 057
68,053
69,813
63, 855
68, 615
65,161
19, 033
20, 458
20,509
19,063
17, 421
17, 923
238, 213
. 241, 488
.223, 769
,210, 264
, 215, 385
195, 641
1, 847, 429
;, 885, 980
i, 846, 851
i, 671, 468
i, 573,177
;, 631, 249
47
37
87
37
10
10
1,009
1,106
1,302
1,300
1,300
1,297
862
799
799
586
1,761
1,324
1,324
1,577
1,577
1,898
21, 003 15, 431
17,191 18, 647
21,288 14, 431
15, 590 15, 334
20, 610 12, 225
17, 234 15, 594
687
656
656
600
600
548
1,655
1,593
1,593
1,478
1,478
1,378
1,013
999
999
973
973
603
594
594
583
583
571
560
548
548
526
526
508
786
786
770
770
754
1,805
1,787
1,787
1,752
1,752
1,723
22, 572
26, 613
24,189
23,551
22, 478
22, 029
35,105
38, 956
40, 570
37,746
40, 548
39, 237
17,979
18, 718
16,854
15,448
14, 397
17,052
5,574
5,972
6,683
5,891
6,349
4,965
12, 769
11,953
11,929
10,140
12,211
12, 234
13, 907
13,115
12, 751
10,659
12,915
11, 797
30, 208
30, 918
31, 754
30,098
31, 546
30, 688
221,143 1, 585,893 709,218 497, 374 396, 880 569, 402 346,032 476, 373 338, 879 , 376,164
209, 817 1, 592, 352692, 024 499,053 3 6 ,8822 564,
564 275 346,799 485,686 335,247 ,393, 331
,,951 3, 365, 561, 222 359, 505 476, 273 336, 562,386,094
264,142 1'., 594, 220702, 036 494;
289,
1, 609, 711, 738 504, 508 366, 411 564,933 358, 912 495, 758 360,030 , 418,029
3, 390, 335561, 736 361,146 494, 091 358, 522 ,449, 437
329,178 1, 591, 853725, 339 .14, 872 3,
434560,755 355,938 497, 564 343,115 , 456, 680
318, 733 1, 621, 742724,683 509,491 3, 422,
374, 809
515
420
940
1,170
4,870
1,420
80
50
201
180
159
195
100
100
100
110
110
100
40
40
101
61
75
75
790
1,285
2,271
2,971
3,806
5,415
46
36
74
63
21
16
22
22
22
22
22
22
169
169
172
162
154
1,305
1,705
3,211
4,141
8,676
6, 835
126
86
275
243
180
211
122
122
122
132
132
122
25
175
38
58
58
58
58
58
3,522
3,55'
3,562
3,583
3,586
3,676
323
340
338
342
339
337
818
800
820
795
788
819
175
168
168
167
166
166
1,533
1,533
1,533
1,184
1,184
1,184
,344,151
,360,626
, 352, 553
, 386,179
,416,139
,424, 269
99,286
99, 286
99, 286
99, 286
99,286
99,286
384,113
384,113
384,113
384,113
384,113
384,113
59,719
59,719
59,719
59,719
59, 719
59, 719
231,036
231,036
231,036
231,036
231,036
231, 036
64, 541
64, 541
64, 541
64, 541
64, 541
64, 541
159,005
159,005
159,005
159,005
159,005
159, 005
615,149
615,149
615,149
615,149
615,149
615,149
171,842
171,
171, 842
171,842
171, 842
171, 842
46
91
91
91
117
130
25
25
25
25
95
78
56
56
46
204
168
273
319
393
407
10
10
10
10
10
10
209
209
273
223
229
173
114
114
97
85
85
61
250
259
364
410
510
537
35
35
35
35
10
10
448
447
447
445
462
463
1,129
959
825
759
544
74'
274
353
34'
337
337
333
174
171
171
171
171
168
65, 886
65, 886
65,"""
65,;
65,
65, 886
38, 47'
38, 477
38,477
38,477
38,477
38,47
66, 280
66, 280
66, 280
66, 280
53, 594
53, 594
53, 594
53, 594
53,594
66, 280 53, 594
107, 765
107, 765
107,765
107, 765
107, 765
107, 765
39,630
39, 630
39, 630
39, 630
39,630
39, 630
23,144
23,144
23,144
23,144
23,144
23,144
39,864
39, 864
39,864
39, 864
39,864
39,864
32, 235
32, 235
32, 235
32, 235
32,235
32,235
64,817
64, 817
64, 817
64, 817
64, 817
64, 817
61,621 106,144
61, 621 106,144
61, 621 106,144
61, 621 106,144
61,621 106,144
61,621 106,144
85,829
85,829
85,829
85, 829
85,829
85, 829
172, 582
172, 582
172, 582
172, 582
172, 582
172, 582
50
402
419
41
365
393
396
107,301 141,895 74,720 57,484 166,999
107, 301 141,895 74, 720 57,484 166,999
166,999
107, 301 141, 895 74, 720 57, •
107, 301 141, 895 74, 720 57, 484 166, 999
107, 301 141, 895 74, 720 57, 484 166, 999
107,301 141, 895 74, 720 57,484 166,999
44, 943
44,943
44,943
44,943
44,943
44,943
34, 577
34, 577
34, 577
34, 577
34, 577
34, 577
100, 446
100, 446
100,446
100,446
100,446
100, 446
227, 243 119,663
227, 243 119, 663
227, 243 119, 663
227, 243 119,663
227,
119, 663
227, 2 i3 119,663
92,061
92,061
92,061
92,061
92,061
92,061
267,445 105, 516
267,445 105, 516
267, 445 105, 516
267, 445 105, 516
267,445 105, 516
267, 445 105,516
85, 348
85, 348
85,348
85, 348
85, 348
85, 348
FEDERAL RESERVE BULLETIN
Federal Reserve
Banks—Continued
[In thousands of dollars]
Total
Boston
Philadelphia
New
York
Cleveland
Richmond
Atlanta
Chicago
MinSt.
Louis neapolis
Kansas
City
Dallas
San
Francisco
Assets—Continued
Total bills and securities:
617,987 175,490 227, 688 120, 481 92, 274 267, 897 05, 516 62, 278 07, 387 86, 35S 172, 791
2,196, 203 160,061
July 16
2,196, 681
160,148
618, 387 175, 485 227, 705 20,471 92, 287 267, 914 05, 561 62, 277 07, 217 86, 441 172, 788
July 23
619,893 175, 679 227, 703 120,491 92, 287 267,862 05,546 62, 341 07,066 86, 540 172, 788
160, 394
2,198, 590
July 30
620,
474 175, 668 227, 717 20,458 92, 286 267,810 05, 541 62, 289 06,988 86, 576 172, 788
2,198,937
160, 342
Aug. 6
2,203, 332
160, 315
625,009 175, 608 227,714 20, 476 92, 285 267,838 05, 563 62, 312 06,773 86,676 172, 763
Aug. 13
623,168 175, 729 227,702 120,657 92, 285 267,841 05, 613 62, 257 06, 952 86,698 172, 760
2, 201,975
160, 312
Aug. 20
Due from foreign banks:
18
4
2
2
3
5
47
6
1
1
4
July 16
18
4
2
1
1
2
47
3
5
6
4
July 23
18
5
4
2
2
1
1
47
3
6
4
July 30
47
18
4
2
2
1
3
5
6
1
4
Aug. 6
18
4
2
1
1
2
47
3
5
6
4
Aug. 13 . .
18
4
2
2
1
1
47
3
5
6
4
Aug. 20
Federal Reserve notes of
other banks:
3,646
1,483 6,654 2,745
1,915
1,417
30,130
1,083
3,011 1,874
1,949
965
3,388
July 16
2,904
6,356 2,305
1,736
1,588
2,804 2,586 1,781 2,050
29,911
983
762
4,056
July 23
2,318
7,519 1,976
1,614
1,267
2,638 1,518
887 1,740
26, 338
915
947
2,999
July 30
2,481
1,838 8,463 2,258
1,075
1,599
2,329 2,552
817 2,364
991
30,090
3,323
Aug. 6
1,694
2,661
9,130 2,914
812
1,818
31, 467
2,368 2,156 1,689 2,247
911
3,067
Aug. 13 . . .
2,311
2,314 9. 813 2,534
789 3,079
2,665 2,000
3,992
33, 305
1,131
1,927
750
Aug. 20
...
Uncollected items:
265,
586
148,829
81,
640
120,224
76,
448
39,983
164,
893
64,
488
26,
603
43,
664
34,
230
1,120,
507
53,919
July 16
.
220,893
936, 334
87, 206
62, 656 116, 521 81,167 32, 586 131,36f 52,955 22, 510 37,877 31, 802
58, 793
July 23
219, 910
108, 883 68, 092 29, 987 124, 763 48,145 21, 531 36,096 29,985
881,425
83, 636
47, 662
62, 73f
July 30
208, 811
64,054 102,804 66,993 32,167 138, 294 42,895 19, 708 40,119 28,961
880,483
87, 512
48,165
Aug. 6
228,760
68,789
137,
843
77,551
24,675
1,002,
878
99,198
37,057
146,891
49, 381
55,001
43,
739
33,
993
Aug 13
234, 610
57,059
988, 793 102,876
73, 413 113, 504 79, 367 36,142 140, 426 49, 363 27,011 41,090 33,932
Aug. 20
Bank premises:
10,107
4,513 2,687 1,970
4,766
2,804
40,444
2,805
3,007 2,303 1,353 2,948 1,181
July 16
10,107
4,500 2,687 1,969
2,804
40,429
2,805
4,766
3,007 2,302 1,353 2,948 1,181
July 23.
10,107
4,500 2,687 1,966
4,756
3,001 2,299 1,353 2,948 1,181
40,396
2,801
2,797
July 30
10,088
4,500 2,687 1,966
4,823
3,001 2,298 1,350
2,932 1,174
2,797
40, 417
2,801
Aug. 6
4,500 2,719 1,966
10,095
40,456
2,801
4,823
3,001 2,298 1, 350 2,932 1,174
2,797
Aug. 13
..
10, 280
4,488 2,743 1,966
2,801
4,837
3,001 2,298 1,350 2,932 1,174
40,667
2,797
Aug. 20
Other assets:
12,090
5,207 2,789 1,925
3,866
4,015
3,102
5,251 2,103 1,357 2,166 2,025
45,896
July 16
12,415
3,942
5,263 2,824 1,960
5,374 2,126 1,378 2,189 1,994
4,023
46, 641
3,153
July 23
12, 668
5,328 2,910 1,990
4,144
3,192
4,043
5,498 2,177 1,366 2,254 2,031
47,601
July 30
12, 747
4,049
5,415 2,924 2,022
3,256
5,612 2,220 1,407 2,282 2,065
4,190
48,189
Aug. 6
13,149
4,141
5,500 2,964 2,011
4,214
3,308
48,898
5,647 2,263 1,412 2,288 2,001
Aug. 13
13,161
5,548 2,947 2,070
4,282
3,354
4,177
49,359
5,776 2,304 1,431 2,332 1,977
Aug. 20 . .
Total assets:
24,036, 227 1, 525,491 9, 756, 863 1, 483, 633 1,973,617 923, 471 636, 273 3, 840,945 745, 687 439,040 634,488 463,634 1,613,085
Julv 16
23,861, 917 1,495, 786 9, 750, 704 1, 458, 262 1,948,081 905, 531 630,162 3,776, 292 729, 806 436,098 637, 968 457,428 1, 635, 769
July 23
23, 806, 433 1, 474, 710 9, 711, 765 1, 512, 974 1, 941,905 903, 737 623,159 3, 770,179 720, 908 446,983 626, 378 457, 247 I, 616,488
July 30
23,783,594 1, 465, 253 9, 526,087 1, 539, 687 1,952, 245 913, 265 635, 209 3, 807, 387 720, 440 444, 483 650, 444 479, 798 1,649, 296
Aug. 6
23,924, 248 1, 481, 822 9, 452, 869 1, 584, 362 1, 969,108 938,181 651,107 3,848,185 729,018 452, 584 652,071 483, 278 1, 681, 663
Aug. 13 ._ _
23,904, 546 1, 466,118 9, 514, 797 1, 578, 821 1, 975, 302 940,212 644, 490 3,794, 524 722, 334 448, 776 653, 950 467, 648 I, 697, 574
Aug. 20
Liabilities
Federal Reserve notes in actual circulation:
July 16
July 23
July 30
.
Aug. 6
Aug. 13
Aug. 20
.
Deposits:
Member bank — reserve
account:
July 16
_
July 23—
July 30
Aug. 6
Aug. 13 ._
Aug. 20
U. S. Treasurer—general
account:
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 2 0 Foreign:
July 16 _
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Other deposits:
July 16
July 23..
.
July 30
Aug. 6
Aug. 13
.
Aug. 20
6, 774, 078
6,771,077
6, 829,182
6,903,785
6, 906, 411
6, 952, 605
561, 896
560,594
567, 789
574,122
574,884
578, 592
1,792, 458
1, 790, 887
1, 807, 570
1,820,012
1, 805,923
1, 820,200
469, 210
469,384
472, 665
477,163
481, 595
484, 632
636,548 320,454 222,157 1, 457,066 251, 798 172,586 224, 678 106, 802
639, 316 318, 744 220, 643 1, 457, 220 251, 692 172, 710 226,005 106, 655
642, 986 324, 294 223, 687 1, 464, 312 254, 234 172, 203 227, 760 108,108
652,013 326,988 229, 779 1, 476, 257 256, 504 174, 321 230,659 110, 474
658, 327 330,143 228, 469 1,479,113 257,103 174,447 231,09C 109, 068
660, 438 337,686 229, 554 1, 486, 813 258,705 175, 567 233,093 109,608
558, 425
557, 227
563, 574
575, 493
576, 249
577, 717
13,223,032
13,117, 089
13,096,940
12,951,427
12,947, 724
13,037,470
707, 688
683, 970
666, 324
668, 545
662,838
650, 391
6, 386,437
6, 416,098
6, 349,879
6,124,094
6,030, 673
6,113,003
699,048
688,859
742,134
762, 208
789, 672
787, 523
973, 361 411,599 284, 358
967,150 395,494 280, 243
961,166 408, 369 271, 744
950,139 421, 588 280,880
946,186 422, 789 288,114
968, 545 416, 263 284, 867
1, 901, 920 323, 357 165, 902 292, 365 242, 312
1,840, 713 319,439 167, 700 286,445 236,106
1,846, 865 322,995 176, 804 281, 375 234,138
1, 859, 214 327, 450 169,974 293, 850 247, 759
1,876, 760 326, 879 171,147 295,893 252, 813
1,892,612 327, 620 165, 902 296, 743 242,117
834, 685
834, 872
835,147
845, 726
883,960
891, 884
849, 372
954, 398
921, 055
839, 314
919, 425
785, 344
62, 694
79,136
71,018
56, 052
62,900
55, 236
282, 567
301,647
313,931
271,072
317, 754
269, 506
72, 691
69, 221
64, 947
62,885
72, 990
60, 979
69, 093
63,140
69, 588
78, 281
72, 656
67, 985
1,185,116
1,165,141
1,144, 031
1, 201, 653
1,194, 306
1, 202, 872
56, 227
54, 345
56, 720
55, 463
54, 604
54, 202
449, 497
443, 201
432, 769
460, 834
454, 319
470,073
114,998
113, 008
110,803
116,017
116,017
114, 872
607,199
593, 544
604, 411
663, 688
621, 665
631, 830
11, 371
9,194
10, 443
11, 607
9,652
11, 306
487,
474,
477,
545,
506,
509,
16,813
18, 426
21, 285
16, 226
17, 859
23, 070
046
601
505
344
726
995
217
496
432
022
645
351
30, 218
36,103
37,679
32, 252
38,132
33, 049
123, 061
154,015
138,910
111,694
132,977
78, 760
49, 376
49, 421
39, 223
35, 415
34,119
31, 337
34,148
34,309
38,990
39,516
43, 284
43, 334
28, 545
41,043
34, 635
37, 647
35, 268
36, 543
32,925
37,124
40, 441
44,851
40, 320
36, 497
26, 837
49, 743
37, 261
41,627
32, 380
34, 767
109, 071
107,183
105,091
110, 037
110, 037
108,950
50,979
50,096
49,119
51, 430
51, 430
50,922
41, 494
40, 776
39,980
41,862
41,862
41,448
142, 266
139, 804
137,075
143, 527
143, 527
142,109
35, 567
34, 951
34, 269
35, 882
35, 882
35, 527
26,082
25, 631
25,130
26, 313
26, 313
26,053
34, 381
33,786
33,127
34, 686
34, 686
34, 343
34, 381
33,786
33,127
34,686
34, 686
34,343
90,173
88, 574
86, 821
90,916
90, 943
90,030
19, 276
27, 731
27, 796
28,369
27, 071
27,108
6,647
5,754
5,761
5,269
5,049
4,832
6,372
7,329
6,793
7,173
6,836
8,046
8,452 10,116
4,446 9,264
7,998 9,787
4,598 8,599
4,865 8,036
5,001 7,622
7,449
5,860
6,218
6,557
6,106
5,889
2,901
2,582
2,808
3,187
2,448
2,311
1,788
1,515
1,630
2,246
1,779
1,664
28, 968
26, 842
26, 387
24, 513
25, 238
24,986
37,
39,
34,
28,
36,
37,
* Less than $500.
SEPTEMBER
1941
895
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Boston
New
York
Philadelphia
Cleveland
Richmond
Atlanta
St.
Chicago Louis
Minneapolis
Kansas
City
Dallas
San
Francisco
Liabilities— Continued
Total deposits:
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Deferred availability items:
July 16__
July 2 3 . . .
July 30
Aug. 6
Aug. 13
Aug. 20
Other liabilities, including
accrued dividends:
July 16
July 23
July 30
Aug. 6
: Aug. 1 3 —
Aug. 20
Total liabilities:
July 16
July 2 3 - . July 30
Aug. 6
Aug. 13
Aug. 2 0 . . . .
Capital Accounts
Capital paid in:
July 16
July 23
July 30
Aug. 6.
Aug. 13
Aug. 20
Surplus (section 7):
July 16—
July 23
July 30
Aug. 6
.
Aug. 13,.
Aug. 20
Surplus (section 13b):
July 16
July 23
July 30
Aug. 6.
Aug. 13
Aug. 20
Other capital accounts:
July 16
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
Total liabilities and capital
accounts:
July 16
July 2 3 - .
July 30
Aug. 6
Aug. 13.—
Aug. 20
Commitments to make industrial advances:
July 16.
July 23
July 30
Aug. 6
Aug. 13
Aug. 20
896
5,864, 719
15, 830,172
15,766,437
15, 656,08:
15, 683,120
15, 657, 516
1, 022, 766
885, 278
835,032
848, 354
958, 777
918,845
2,115
2,658
3,033
2,704
3,231
2,931
903, 550 1,170,801 506,442 362,442 2,175, 699 418, 416 233.
1,581 358,192 311,406 980, 663
889, 514 1,165, 204490,840 364,451 2,138, 978 413, 075 233, 500363,856 308. 531 000, 031
,163,641
169
1
497,681 356,196 2,130, 848 406, 274 247,142 351, 945 309, 336 985, 616
939, "
242, 360 369,370 329, 542 002, 782
957, 336 1.,166,826 506,309 362,167 2,119,
1,155,950
515,913 374, 944 2,158,129 404,916 246, 850368, 295 329, 598 032, 521
996, 538
"i, 940314,621 041,667
986, 444 1,172, 588509,368 367,410 2,118,482 402,106 241,178 369!
837, 980
826,645
804, 505
791, 667
789, 994
771,135
7, 605, 547
7, 635, 547
7, 574,084
7, 401, 344
7, 309, 472
7, 362, 577
99,679
82, 383
76, 303
73, 567
90,986
90,469
229,930
195,15"
200, 864
175, 560
208,095
202,649
76,177
64, 609
66, 378
70, 427
71, 429
72,954
131,627
108,884
100, 511
98, 666
120,063
107, 573
80, 322
79,631
65,422
63, 642
75, 786
76, 812
38,008
31,369
29, 547
29, 542
33,952
33,791
160,149
131,970
126, 822
163, 964
162, 721
141,152
63, 588
53,118
48,448
44, 635
55,027
49, 565
23,101
20, 095
17,831
17, 993
21, 466
22, 226
40, 238
36, 696
35, 234
38, 979
41, 225
39,485
33, 761
30,659
28, 206
28, 204
33,012
31,826
46,186
50,707
39,466
43,175
45, 015
50, 343
335
553
509
301
358
319
359
527
644
575
742
696
161
212
218
224
269
258
227
259
343
320
347
275
252
278
308
300
315
304
39
229
295
377
322
406
372
75
81
92
111
129
114
78
90
103
105
118
102
107
109
140
124
143
135
205
120
128
123
143
133
48
66
83
121
164
134
23, 663, 678 1, 499,890
23, 489,185 1,470,175
23,433, 684 1, 449,106
23,410,925 1,439,657
23, 551, 539 1,456, 222
23, 531, 8971,440,515
9,628, 2941, 449,0981,939, 203 907,
,470 622,646 3,793,143 733, 877 429,346 623, 215 452,174 ,585, 322
9, 622,1181,423, 719 1, 913, 663889,493 616, 531 3, 728,463 717,966 426, 395 626,666 445,965 ,608,031
9, 583,162:,1 478, 4301, 907,481 887, 705 609, 518 3, 722, 359 709; 048 iS7,
,279 615,079 445,778 ,588,739
9, 397, 4911, 505,150 1,917,825 897, 239 621,
,566 3, 759, 576 708,596 434, 779 639,132 468, 343 ,621, 571
9,324, 232 1, 549,831 1,934, 687922,157 637, 462 3, 800, 369 717
175 442, 881 640, 753 471, 821, 653, 949
9, 386,
i, 122 1,544, 288 1, 940, 874924,170 630,844 3, 746, 819 710;
490 439,073 642, 653 456,188 , 669, 861
140, 797
140,889
140, 894
140,911
140, 933
140, 868
9,352
9,352
9,344
9,351
9,351
9,351
51,637
51, 639
51, 646
51, 648
51, 670
51, 691
11,921
11, 925
11, 921
11,921
11,913
11,913
14,515
14, 515
14, 522
14, 526
14, 526
14,526
5,495
5,528
5,531
5,531
5,534
5,537
4,!
4,:
4,836
4,836
4,837
15,134
15,165
15,169
15,171
15,173
15,069
4,332
4,343
4,343
4,344
4,344
4,348
3,000
3,000
3,001
3,002
3,002
4,543
4,544
4,545
4,545
4,545
4,545
4,278
4,278
4,:
4,280
4,281
4,285
11, 761
11,766
11,757
11,757
11,757
11, 763
157, 065
157,065
157,065
157, 065
157, 065
157,065
10, 906
10,906
10,906
10,906
10, 906
10, 906
56, 447
56, 447
56,44'
56,447
56,44"
56, 44'
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 4,925
22, 824 4,925
22, 824 4,925
22, 824 4,925
22,824 4,925
22,824 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
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
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
47, 902
47, ""
48,005
47, 908
47, 926
47,931
2,469
2,479
2,480
2,465
2,469
2,472
13, 415
13, 430
13,440
13,431
13, 450
13, 46r
3,077
3,081
3,086
3,079
3,081
3,083
4,569
4,573
4,572
4,564
4,565
4,572
2,015
2,019
2,010
2,004
1,999
2,014
2,359
2, 359
2,367
2,
2,370
2,370
8,415
8,411
8,398
8,387
8,390
8,383
2,020
2,039
2,059
2,042
2,041
2,038
2,543
2,551
2,552
2,551
2,549
2,549
1,979
2,007
2,003
2,016
2,022
2,001
1,945
1,948
1,952
1,938
1,939
1,938
3,096
3,096
3,086
3,062
3,051
3,044
24,036, 227 1, 525, 491 9, 756, 8631, 483, 6331, 973, 61 923,471 636,
i, 273 S3,; 840,945745,687
, 439,040 634, 488 463, 6341, 613,085
23,861,917 1,495, 786 9, 750, 7041,458, 2621, 948,081 905, 531 630,162 13.
, 776, 292 729,806 436,098 637, 968 457. 1,635, 799
23, 806,433 1,474, 710 9, 711, 7651, 512, 9741,941, 905903, 737 623,159 !
3,
, 770,179 720, 908 446, 983 626, 378 457|
,247 1, 616, 488
23, 783, 5941, 465, 253 9, 526,08"1, 539,6871,952, 245913, 265 635, 209 1,807,
3,807,387 720,440
479, 798 1, 649, 296
23, 924, 248 1, 481, 822 9, 452, 86!1, 584, 3621, 969,108938,181 651,107 3,848,185 729,018 452, 584 652!
483, 278 1, 681, 663
467. 1,697, 574
23, 904, 546 1,466,118 9, 514, 79'1, 578, 8211, 975, 302940, 212 644,490 3, 794, 524 722,334 448,776 653,950•~^648
11,950
11,393
11, 697
12, 810
13,058
13,078
1,521
1,419
1,219
1,21
1,217
1,214
1,528
1,528
1,528
1,526
1,526
1,524
2,203
2,186
2,193
2,188
2,193
2,111
1,570
962
960
973
970
1,267
779
779
779
783
773
769
49
49
49
899
899
899
2
2
2
252
252
252
347
352
706
705
706
706
269
437
571
638
852
67:
39
39
39
49
105
105
3,612
3,609
3,620
3,551
3,536
3,530
FEDERAL RESERVE BULLETIN
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
D a t e (last Wednesday of
each month)
Applications
received
Number
1934—Dec. 26..
1 9 3 5 - J u n e 26_.
Dec. 3 1 4
1936—June 24..
D e c . 30..
1 9 3 7 - M a r . 31.
June 30..
Sept. 29.
Dec. 29..
1 9 3 8 - M a r . 30.
June 29..
Sept. 28.
Dec. 28..
1 9 3 9 - M a r . 29.
June 2 8 Sept. 27.
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
9,646
9,556
9,573
9,581
9,609
9,633
9,659
9,682
9,719
9,793
9,817
9,855
9,883
Dec. 27..
1940-Jan. 31..
Feb. 28..
Mar. 27.
Apr. 24May 29..
June 26..
July 31..
Aug. 28Sept. 25.
Oct. 30__
Nov. 27..
Dec. 31 *.
1941—Jan. 29...
Feb. 26_.
Mar. 26.
Apr. 30..
May 28..
June 25 .
July 30..5
Aug. 20
Applications under
consideration
Amount Number
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
146,972
237, 581
293,084
314,471
328,998
333,300
339, 509
341,842
350, 551
358,936
369,853
378,974
387,490
392,230
395,499
402, 305
405,225
406,097
407, 392
410,192
411,828
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
479, 614
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
3,115
Approved
Advances Commitbut not
out- 1 ments
com- 2
outstanding 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
248,867
256, 564
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, 381
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
13, 078
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
11,102
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
206, 864
Participations
outstanding1
(amount)
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
0,909
9,592
6,386
8,764
8,716
10,916
11,547
12, 537
14,011
12, 496
15,139
i 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.
»Includes
applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.
3
Does not include financing institution guaranties of advances and commitments made by Federal Reserve Banks, which amounted to $1,339,032, Aug. 20, 1941.
6
* Tuesday.
Latest date for which figures are available.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve Notes:
Issued to F. R. Bank by F. R. agent
July 30
Aug. 6
Aug. 13
Aug. 20
Held by Federal Reserve Bank:
July 30
Aug. 6
Aug. 13
Aug. 20
In actual circulation ;i
July 30
Aug. 6
Aug. 13
Aug. 20
Collateral held by agent as security for
notes issued to bank:
Gold certificates on hand and due
from IT. S. Treasury:
July 30
Aug. 6
Aug. 13
Aug. 20
Eligible paper:
July 30
Aug. 6
Aug. 13
A lie 20
Total collateral:
July 30
Aug. 6
Aug. 13
Aug. 20
Boston
New
York
Phila- Cleve- Rich- Atdelphia land mond lanta
Chicago
MinSt.
Louis neapolis
Kansas
City
San
Dallas Francisco
727 1,
7,179, 380 600,161 1, 885, 717 492, 320 667, 990 348, 3107,247,
306 269,648 177,751 238, 000 122,154 631,296
i,126
7, 247, 873602, 976 1, 911, 394 499, 683 674, 263 350, 9258,073!
248, 1, 510,076271, 367 180', 013 241,441 122. 536 635,
;,951
"•• 241
^ 8 2 121, 768
7, 264, 985 599, 792 1, 914, 563 497, 496 679, 739 353,112 248, 064
:,1514, 978 274, 995 179, 745
121,187 638,065
7, 300, 458605, 238 1, 905, 42' 501, 397 687,115 359, 270 257, 208 1, 523, 549 277, 273 180, 813 243, 916
350,198 32, 372 78,147 19,655 25,004 24, 016 24,040, 33, 994 15, 414 5,548 10, 240 14,046 67, 722
344, 088 28, 854^ 91, 382 22, 520 22, 250 23,937 18, 294j 33,819 14, 863 5,692 10, 782 12,062 59, 633
35, 865 17, 892 5,298 10,692 12, 700 62, 702
358,574 24, 908 108, 640 15, 901 21,412 22, 969 19,595
11,579 60, 348
347, 853 26, 646 85, 227 16, 765 26, 677 21, 584 27,654' 36,736 18, 568 5,246 10,!
1, 464, 312 254.
6, 829,182567,789 1, 807, 570 472, 665 642,986 324, 294 223, 687
I, 234172, 203 227, 760 108,108 563, 574
1, 476, 257 256,
504174, 321 230, 659 110, 474 575, 493
6, 903, 785574,122 1, 820,012 477,163 652, 013 326,988 229, 779
i, 504
1, 479,113 !57,103 174, 447 231, 090 109,068 576, 249
6, 906, 411 574, 884 1, 805, 923 481, 595 658, 327 330,143 228, 469
1,486, 813 258, 705 175, 567 233,093 109, 608 577, 717
6,952, 605 578, 592 1, 820, 200 484, 632 660, 438 337, 686 229, 554
7, 305, 500615, 000 1,910, 000 500,000 670,000 370,000 255,
5 000 1, 520,000 279,000 181,000 240,000126, 500 639,000
1 540,000279,000 181,000 245,000 128,000 649,000
', 372, 000615, "'" ' 920,000 510,000 680,000 370,000 255, 000 1,
1 540,000 289,000 181,000 245,000 128,000 649,000
', 382,000615,000 1 920,000 510,000 680,000 370,000 255,000 1,
7, 430,000
615, 000 1, 920, 000 510, 000 690, 000 385, 000 265,000 1, 540,000 289,000 184,000 245,000 128,000 659,000
3,937
4,711
9,253
7,513
87
37
10
10
3,211
4,141
8,677
6,836
235
204
180
211
25
175
269
219
229
173
61
', 309, 437615, 087 1,913,211 500, 235 670,000 370, 008 255,000 ,1 520,000J79,
279, 030 181,269240, 097 126, 500 639,000
7,376,711 615,037 1, 924,141510, 204 680,000 370,000 255, 000 ,1540, 000
- •279,
025
181, 219 245,085 128, 000 649, 000
J79,
7. 391, 253615,010 1, 928, 677510,180 630,000 370,025 255, 000 1, 540, 000 239,
000 649,000
),047 181, 229 245,085 123,0
7, 437, 513615,i, 010 1, 926, 836 510, 211 690,
1,
540,000
239,
?,047
000 385,175 265, 000
184,173 245, 061 128,0000 659, 000
i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve Bank other than the issuing bank.
SEPTEMBER
1941
897
MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS
RESERVE POSITION OF MEMBER BANKS, JULY, 1941
[Averages of daily figures. In millions of dollars]
Classes of banks
and districts
Gross Net
dedeTime
mand mand
dedede- ] posits
posits posits
All member banks _. 46,157 37, 901 12, 474
Central reserve city banks:
831
New York
16, 948 16,190
3,509 3,107
Chicago
497
Reserve city banks:
1,433
Boston district
New York district
271
Philadelphia district.. 1,580
[Averages of daily figures. In millions of dollars]
Reserves with
Federal Reserve
Banks
Required
Excess
Held
5,193
7,927 13,120
3,725
732
5,875
1,120
All
member 1
banks
2,150
1,286
212
1,332
81
149
232
229
45
245
58
220
14
496
251
2,326
1,042
983
1,851
764
685
734
236
180
361
146
129
285
183
140
54
1,877
Chicago district
1, 084
St. Louis district
483
Minneapolis district..-
1,354
829
353
175
83
272
154
66
251
101
216
97
35
Kansas City district..- 1,219
913
Dallas district
San Francisco district- 2,883
801
565
2,335
156
134
2,044
148
106
511
214
153
753
66
47
242
16, 096 12, 366
4,901
2,409
4,198
1,789
564
1,461
128
222
109
242
436
202
114
214
93
Cleveland district
Richmond district
Atlanta district
Total..
Country banks:
Boston district
New York district....
Philadelphia district.
449
1,152
1,694
830
1,244
542
821
757
533
425
413
738
390
253
101
71
62
191
126
103
55
41
1,171
Chicago district
490
St. Louis district
388
Minneapolis district...
732
300
238
257
130
49
43
245
81
69
115
33
27
Kansas City district...
Dallas district
San Francisco district.
532
642
439
321
390
271
161
106
303
47
52
48
9,606
6,237
6,245
1,061
Cleveland district....
Richmond district
Atlanta district
Total
27
38
20
1,927
866
Total reserves held:
1940—July
August
September
October
November
December
1941—January
February
March
April
May
June
July
Week ending (Friday)
1941—July 4
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Excess reserves:
1940—July...
August
September
October.._
November
December
1941—January
February
March
April
May
June
July
Week ending (Friday)
1941—July 4
July 11
July 18
July 25
Aug. 1
Aug. 8
Aug. 15
Central reserve
city banks
Reserve Country
city banks
*
banks
Ne*
York
Chicago
13,735
13,408
13, 643
14,043
14,131
14,049
14,339
13, 996
13,979
13, 600
13, 650
13, 201
13,120
6,979
6,709
6,705
6,889
6,975
6,997
7,135
6, 807
6,924
6,518
6,243
5,958
5,875
1,168
1,154
1,234
1,279
1,218
1,142
1,051
1,033
931
966
1,144
1,144
1,120
3,837
3,804
3,905
4,024
4,080
4,096
4,240
4,258
4,197
4,204
4,298
4,184
4,198
1,751
1,740
1,800
1,851
1,858
1,815
1,913
1,898
1,928
1,912
1,965
1,914
1,927
13, 032
12, 966
13, 222
13, 210
13,147
13, 017
12, 954
5,855
5,780
5,876
5, 943
5,917
5,702
5,539
1,086
1,108
1,144
1,134
1,109
1,125
1,145
4,152
4,151
4,243
4,217
4,214
4,245
4,300
1,939
1,928
1,959
1,916
1,907
1,946
1,971
6,752
6,407
6,582
6,864
6,830
6,646
6,832
6,422
6,304
5,883
5,831
5,351
5,193
3,588
3,344
3,324
3,465
3,493
3,443
3,505
3,166
3,203
2,812
2,514
2,238
2,150
522
499
570
610
546
476
381
347
252
295
434
424
388
1,803
1,748
1,821
1,888
1,895
1,887
2,016
2,004
1,923
1,885
1,949
1,820
1,789
816
866
902
897
840
930
906
927
891
£33
870
5,172
5,094
5,287
5,246
5,165
5,052
5,004
2,143
2,074
2,152
2,206
2,174
1,992
1,863
363
385
409
395
372
390
407
1,779
1,763
1,826
1,795
1,780
1,804
1,841
888
872
899
850
840
867
892
i Gross demand deposits minus demand balances with domestic banks
i Weekly figures of excess reserves of all member banks and of country
(except private banks and American branches of foreign banks) and banks are estimates.
cash items in process of collection.
NOTE.—See table on p. 892 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]
Member banks in larger centers Member banks in smaller centers
(places under 15,000)
(places over 15,000)
All member banks
Federal Reserve district
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
__ __
Total
1
Gross demand
Time
Gross demand
Time
Gross demand
June
July
June
2,384
11,632
2,100
2,775
1 542
1, 503
12,583
1 248
677
1,342
1,204
3,112
524
i 1,100
654
1,127
425
349
i 1, 207
306
197
207
193
2,247
524
11,098
655
1,128
422
348
11,204
306
197
208
195
2,259
• 357
298
309
224
162
430
286
181
361
348
134
139
343
280
299
218
165
424
278
178
349
351
130
12, 448 122,461 122,101
i 8, 535
i 8, 545
3,240
3,152
July
June
July
June
July
2,586
18,913
2,410
3,147
1,799
1,673
6,557
1,574
871
1,751
1,555
3,322
2,522
18,909
2,380
3,074
1,760
1,668
6,471
1,526
855
1,691
1, 554
3,242
645
2,441
1,117
1,471
626
434
2,041
432
363
317
239
2,348
644
2,414
1,116
1,471
622
433
2,033
430
364
319
242
2,359
i 1,609
2,112
2,838
1 574
1,511
i 2,618
1 289
690
1,390
1,207
3,188
46,157
45, 652
12, 474
2,435
July
150
June
Time
July
121
510
463
344
201
85
336
126
166
110
47
101
2,611
June
120
508
462
343
200
85
334
124
167
111
47
100
2,600
Excluding central reserve city banks, for which figures for latest month are shown in table above.
898
FEDERAL RESERVE BULLETIN
KINDS OF MONEY IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Gold
End of month
Total
1940—June
July
August
September.
October....
November.
December.
7,848
7,883
8,059
8,151
8,300
8,522
8,732
1 941—January...
February..
March
April
May
June
July
8,593
8,781
8,924
9,071
9,357
9,612
9,732
Silver
dollars
certificates
Treasury
notes
of 1890
Silver
certificates
67
Subsidiary
silver
coin
Minor
coin
United
States
notes
National
bank
notes
Federal Federal
Reserve Reserve
Bank
notes
notes
1,582
1,565
1,605
1,615
1,620
1,658
1,667
384
386
389
394
400
407
412
169
172
174
177
180
183
185
248
249
258
259
264
275
290
5,163
5,212
5,334
5,409
5,541
5,705
5,883
165
164
162
161
160
159
157
1,595
1,635
1,651
1,654
1,697
1,714
1,691
403
406
413
418
426
434
438
183
184
186
189
191
194
196
278
278
277
274
286
300
307
5,842
5,985
6,106
6,247
6,468
6,684
156
155
154
153
152
150
149
Back figures.—See Annual Report for 1937 (table 35).
PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in cir-
End of month
Coin and small (ienomination currency
tioni
Total
Coin
1940—June
July
August..
September
October
November
December .
7,848
7,883
8,059
8,151
8,300
8,522
8,732
5,584
5,599
5,748
5,814
5,911
6,098
6,247
599
604
611
618
627
639
648
546
544
556
566
575
591
610
1941—January . .
8,593
8,781
8,924
9,071
9,357
9,612
9,732
6,094
6,243
6,342
6,430
6,683
6,890
6,992
635
641
650
658
669
681
688
577
582
590
595
615
625
626
February
March
April
May
June .
July
$13
2
Large denomination currency 2
$5
$10
$20
Total
35
35
36
36
36
38
39
1,015
1,013
1,044
1,055
1,068
1,107
1,129
1,791
1,798
1,858
1,876
1,908
1,977
2,021
1,599
1,605
1,644
1,663
1,696
1,748
1,800
2,264
2,286
2,313
2,340
2,392
2,426
2,489
37
38
38
39
40
41
40
1,091
1,116
1', 132
1,135
1,176
1,207
1,215
1,973
2,041
2,074
2,112
2,211
2,289
2,334
1,781
1,826
1,858
1,892
1,972
2,047
2,090
2,502
2,541
2,583
2,642
2,675
2,725
2,742
$2
$50
Unassorted *
$100
$500
$1,000
485
489
495
503
512
523
538
1,013
1,025
1,035
1,048
1,071
1,089
1,112
210
211
213
216
223
225
227
481
486
493
496
508
512
523
26
26
26
25
25
26
30
50
49
51
52
52
51
60
2
2
2
3
3
3
4
540
551
560
573
587
607
615
1,126
1,144
1,163
1,197
1, 218
1,244
1,257
230
232
238
241
242
244
244
530
535
543
550
546
548
544
24
24
24
25
24
24
24
52
55
56
56
57
57
58
4
4
1
2
2
2
2
$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.
* Includes unassorted currency held in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury 3as destroyed.
Paper currency only; $1 silver coins reported under coin.
Back figures—See Annual Report for 1937 (table 36).
TREASURY CURRENCY OUTSTANDING
SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY
[Held by Treasury and Federal Reserve Banks and in jirculation.
(
In
millions of dollars]
[By selected banks and financial institutions in New York City.
In millions of dollars]
End of month
1940—June
July
August... _
September
October
November.
December
1941—January
February...
March
April
May
June .
July
Total
Silver
dollars
and
silver
bullion 1
FedSubNasid- Minor United eral
Retional
iary
States serve
bank
silver coin notes Bank
notes
coin
notes
3,014
3,024
3,036
3,044
3,059
3,072
3,087
1,900
1,909
1,915
1,920
1,931
1,937
1,945
402
404
409
411
415
419
425
174
175
178
181
183
187
189
347
347
347
347
347
347
347
23
23
23
22
22
22
22
3,097
3,102
3,109
3,122
3,134
3,149
3,166
1,953
1,959
1,965
1,971
1, 977
1,983
1,991
427
428
429
434
440
447
455
191
192
193
194
196
199
202
347
347
347
347
347
347
347
22
21
21
21
21
21
20
167
167
164
163
162
160
159
Year or month
1937
1938
1939
1940
21.5
33.1
110.2
17 7
1940—June
July
August..
>- _
September
October
November . . _
158
December
156
155
154
153
152
151
1 Includes silver held against silver certificates amounting to $1,920,000,000 on July 31, 1941 and $1,825,000,000 on July 31, 1940.
ShipReceipts
ments to
from
Europe Europe
1941—January
February
March
April
May
June
July
.5
6
.3
.1
.1
.1
47.6
34.4
9.8
.7
Net
shipments
26.1
1.8
«
100.3
17 0
.1
1
(i)
0)
.1
.2
1
.2
.1
.1
C1)
0)
(i)
(0
Net
receipts
(1)
0)
.3
5
.3
.1
1
1
1
(i)
1
.1
0)
0)
(l)
0)
1 Less than $50,000.
Back figures.—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, pp. 7-8.
SEPTEMBER 1941
899
MOVEMENT OF GOLD TO AND FROM UNITED STATES1
ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES
[In millions of dollars]
Period
Gold
stock
at end
of period
Increase
in
gold
stock
82.6
.2
-85.9
-200. 4
-333. 5
-534. 4
—644. 7
256.0
336.9
439.0
754.2
499.4
450.2
331.6
261.1
295.2
194.0
459.8
249.9
435.1
1,163.0
520.0
351.6
334.1
326.0
330.1
137.2
-213.4
67.2
-36.7
-437. 2
-55.1
67.0
36.6
-117.9
-39.5
7.4
12.2
13.2
14.2
11.1
16.2
12.5
13.5
19.2
16.6
16.3
121.7
115.4
135.4
138.5
69.1
49.2
50.5
41.5
234.2
108.6
118.6
172.0
34.8
30.7
37.0
34.4
-52.8
-46.2
.2
-10.5
-3.8
4.0
4 -27. 7
4-32.3
13.5
12.6
12.0
12.8
12.6
14.4
13.6
4,202. 5
1,887.2
1,132. 5
1, 502. 5
1, 751. 5
3,132. 0
4, 351. 2
1940—March
April
May.
June.
July
August
September.
October...
November.
December.
18, 433
18, 770
19, 209
19, 963
20,463
20, 913
21, 244
21, 506
21,801
21, 995
1941—January . . .
February..
March
April
May
June
July
Aug. 1-27 P.
22,116
' 22, 232
_
3
22, 367
22, 506
22, 575
22, 624
22,675
22, 716
Earmarked Domesgold: de- tic gold
produccrease
tion i
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
8,238
10,125
11, 258
3 12, 760
14, 512
17, 644
21, 995
1934*
1935
1936
1937
1938..
1939
1940..
[In thousands of dollars]
92.9
110.7
131.6
143.9
148.6
161.7
170.2
From or to—
July
Imports
France
Portugal
Sweden
Switzerland
United Kingdom
U. S. S. R._
Canada.__
Mexico
Central America
West Indies and Bermuda
Argentina
Bolivia
Brazil
Chile,..
_
Colombia
Ecuador.
Peru
Venezuela
British Guiana
Australia
New Zealand..
British Oceania
British India
Netherlands Indies
China and Hong
Kong
._.
Japan
Philippine Islands
South Africa
All other countries
Jan.-July
June
Exports2
Exports2
Imports
Imports
Exports'
1
182
542
19, 228
1,088
1,028
17, 521
800
652
78
23
22
5
708
2,128
97
501
340
108
5,199
187
345
1,11"
449
1,329
416
98
4,593
199
329
131
,114
69
229
3,112
. 11,236
297, 310
6,832
6,274
444
120
76
17
5,315
13, 275
1,647
5,469
2,537
682
42, 841
1,559
2,263
4,633
829
2,982
9,444
23, 998
288, 631
1,679
P Preliminary.
36S
1 Figures are those for United States published in table on p. 943.
adjusted to exclude Philippine Islands production received in United
30, 719
37,
055
736, 033
40
Total..
States.
2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35
a fine
ounce thereafter.
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 afineounce.
Dec.
31,
1936, and $1,228,000,000 on Dec. 31, 1937.
4
Beginning May 1941, the Department of Commerce temporarily
Gold held under earmark at Federal Reserve Banks for foreign ac- suspended
publication of export statistics by country of destination.
count, in millions of dollars: July 31—1,944.5; August 27—1,976.8.
Backfigures.—Seetable, p. 943, 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]
1
BANK SUSPENSIONS
Total,
all
banks
Number of banks suspended:
1934
1935 .
_ .
1936
1937
1938
1939
1940
1941—Jan.-July
•
Deposits of suspended banks3
(in thousands of dollars):
1934
1935
1936
1937
1938..
1939
1940
1941 Jan. July
_
Nonmember
banks
Member
banks
National
57
34
44
59
55
42
22
5
1
4
1
4
1
4
1
2
36, 937
10,015
11, 306
19, 723
13,012
34, 998
5,943
2,436
40
5,313
507
7,379
36
1,341
256
1,933
Insured 2
State
2
1
3
8
22
40
47
47
25
18
3
1,912
3,763
10,207
1,708 10,156
211 11,721
24,629 6,589
5,341
503
Not
insured
1929
1936
1937
1938
1939
1940
48
8
3
6 1940—June
6
July
10
August
3
September
October
November
December.
1941—January...
34,985
February..
939
March
592
April
480
May
1,044
June
2,439
July
346
i Represents banks which, during the periods shown, closed temporarily or permanently on account of financial difficulties; does not
include banks whose deposit liabilities were assumed by other banks at
the time of closing (in some instances with the aid of Federal Deposit
Insurance
Corporation loans).
1
Federal deposit insurance became operative January 1, 1934.
8
Deposits of member banks and insured nonmember banks suspended
are as of dates of suspension, and deposits of noninsured nonmember
banks are based on the latest data available at the time the suspensions
were reported.
Backfigures.—SeeAnnual Report for 1937 (table 76).
900
Year and month
Total,
all
reporting
centers
New
York
City
982, 531 603,089
461,889 208, 936
469,463 197,836
405,929 168, 778
423, 932 171,382
445,863 171, 582
35,005
35,959
32,844
33,812
39, 695
39,088
46, 673
41,133
35, 783
44, 558
42, 237
43,665
45, 942
44, 808
13,110
13,612
11,604
12, 594
14,952
14,952
18, 626
15,147
13,268
17, 402
15, 657
16,124
17,282
16, 288
140
133
other
other
leadreporting
ing
centers i centers«
331,938
219,670
235,206
204,745
218, 298
236,952
47, 504
33, 283
36, 421
32,406
34,252
37,329
18,850
19,244
18, 314
18, 267
21,365
20,819
24, 327
22, 498
19,457
23, 586
23, 074
23, 795
24, 853
24, 660
3,045
3,103
2,926
2,951
3,378
3,317
3,721
3,488
3,057
3,570
3,505
3,746
3,807
3,860
1 Comprises centers for which bank debit figures are available beginning with 1919, except that one substitution was made in 1920 and one
in21928.
Centers (other than the 141 centers) for which bank debits are currently reported. The number has changed very little since 1934 and has
been 133 since 1936.
Backfigures.—Forcorresponding monthly totals for 1928-1937 see
Annual Report for 1937 (Table 71), which also gives a definition of bank
debits. Monthlyfiguresfor individual reporting centers with totals by
Federal Reserve districts for recent years, and annual figures for individual reporting centers with totals by Federal Reserve districts for the
years 1919-1939, are available and will be furnished upon request.
FEDERAL RESERVE BULLETIN
ALL BANKS IN THE UNITED STATES
Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks
and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period
June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to
the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for
December 1935, p. 883, and July 1936, p. 535. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are
available.
NUMBER OF BANKS
DEPOSITS, EXCLUSIVE DF INTERBANK DEPOSITS
Total
Call date
Total
National
[I n millions of dollars]
Nonmember
banks
Member banks
Member banks
Other
Mutual nonState savings member
banks
banks
All
banks
Call date
Total
National
State
Nonmeniber banks
Mutual
savings
banks
Other
nonmember 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
15,499
1929—June 29 ... 53,852
Dec. 3 1 . . . 55,289
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
709
857
576
579
8,337
8,421
1933—June 3 0 . . . 37,998
Dec. 3 0 . . . 38, 505
23,338
23, 771
14, 772
15,386
8,566
8,385
9,713
9,708
4,946
5,026
15, 752
15, 628
6,400
6,376
5,368
5,325
1,032
1,051
566
565
8,786
8,687
1936—June 30. __ 51, 335
Dec. 3 1 . - 53, 701
34,098
35,893
21,986
23,107
12,112
12, 786
10,060
10,143
7,178
7,666
1937—June 30
Dec. 31
15, 527
15, 393
6,357
6,341
5,293
5,260
1,064
1,081
564
563
8,606
8,489
1937—June 3 0 . . . 53, 287
Dec. 3 1 . . . 52,440
35,440
34,810
22,926
22, 655
12, 514
12,155
10,213
10, 257
7,635
7,373
1938—June 30
Dec. 31
15, 287
15, 206
6,338
6,338
5,242
5,224
1,096
1,114
563
556
8,386
8,312
1938—June 3 0 . . . 52,195
Dec. 3 1 . . . 54,054
34,745
36, 211
22, 553
23,497
12,193
12, 714
10,296
10, 365
7,153
7,478
1939—June 30
Dec. 30
15,082
15,037
6,330
6,362
5,203
5,187
1,127
1,175
553
552
8,199
8,123
1939—June 3 0 . . . 55,992
Dec. 30 _ 58, 344
38,027
39,930
24, 534
25, 661
13,493
14,269
10, 521
10, 613
7,444
7,801
1940—Mar. 26
J u n e 29
Dec. 31
15,006
14,953
14,895
6,377
6,398
6,486
5,178
5,164
5,144
1,199
1,234
1,342
551
551
551
8,078
8,004
7,858
1940—Mar. 26... 59, 017
June 29 . . 60,582
Dec. 3 1 . . . 65,021
40, 579
42,039
46, 007
25,911
26,931
29, 214
14, 667
15,108
16, 793
3 10, 544
10,631
10, 658
3 7,895
7,912
8,356
1941—Apr. 4
J u n e 30
14, 871
6,528
6, 556
5,138
5,130
1,390
1, 426
550
7,793
1941—Apr. 4 .__ 65, 211 46,179
June 30
4 48,076
29, 467
30, 684
16, 712
17, 392
10, 684
8,347
1936—June 30
Dec. 31
_
4
4
4
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
Investments
Loans
Nonmember banks
Mutual savings banks
Total
Loans
Investments
Other nonmember banks
Total
Loans
Investments
58,474
58,417
41,531
41,918
16,943
16,499
35,711
35,934
25,658
26,150
10,052
9,784
9,556
9,463
5,892
5,945
3,664
3,518
13,207
13,020
9,981
9,823
3,227
3,197
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
Dec. 312
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
1 9 3 9 _ j u n e 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
2&, 995
30,448
34,163
34,451
37,126
13,939
13,969
15, 321
20, 224
20,482
21, 805
3 10,226
10,188
10, 248
4,922
4,926
4,959
5,304
5,262
5,289
3 6,746
6,696
6,815
3,329
3,445
3,461
3,417
3,251
3,353
56,147
24, 322
31, 825
38, 983
40, 659
15,878
16, 729
23,104
23, 930
10, 276
4,954
5,322
6,889
3,490
3,399
1929—June 29
Dec. 31
.
1940—Mar. 26
June 29
Dec. 31
..
1941—Apr. 4
June 30
4
4
1
Prior to Dec. 30, 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000
on that date. Prior to June, 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few
State bank abstracts.
* Prior to December 1938 thefiguresinclude loans and investments indirectly representing bank premises or other real estate, now classified in
condition reports among "Other assets." The amounts of such loans and investments in December, 1938, were approximately $50,000,000 and $100,000,000, respectively.
3 One bank (with deposits, excluding interbank deposits, of $90,000 000 and total loans and investments of $96,000,000 on December 30, 1939)
which, prior to March, 1940, was classified as a mutual savings bank, is now included infiguresin 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, April 4, 1941
Backfigures—SeeAnnual Report for 1937 (tables 48-49).
SEPTEMBER
1941
901
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Investn lents *
Loansi
Call date
Total
Comloans
merand
cial Agri- Open
inculvest- Total' and
in- tur- market
ments
dus-3
paper
trial
U. S. Government obligations
Loans for
purchasing
or carrying
securities
Real Loans Other
4 Total
estate to
To
loans
banks loans
brokers
To
and others 3
dealers
Total
Obligations
of
Direct
States Other
and secuGuar- polit- rities
ical
ansubBills 6 Notes Bonds teed divisions
Total—All
Member Banks
1929—Dec. 31_ _ 35, 934
1933—June 30 24 786
1938—June 30 30. 72]
Dec. 31__ 32,070
1939—June 30._ 32, 603
Dec. 30-_ 33.941
1940—Mar 26 6 34,163
June 29. 34, 451
Dec. 31 37,126
1941—Apr. 46... 38, 983
June 3 0 . . 40, 659
New York
City*
1929—Dec. 31__ 8,774
1933—June 30
7,133
1 9 3 8 _ j u n e 30
8,013
Dec. 31_. 8,335
1939—June 30__ 8,688
Dec. 30__ 9,339
1940—Mar. 26 6 9,594
June 2 9 - 9,829
Dec. 31 10,910
11,696
1941—Apr. 46
June 30 _. 12,493
City of 7
Chicago
1929—Dec. 31__ 1,757
1933-June 30
1,287
1938—June 30. 1,806
Dec. 31__ 1,969
1939—June 30.. 2,052
2,105
Dec. 30
1940—Mar. 268 2,222
June 29. 2,205
Dec. 31
2,377
1941—Apr. 46
2 649
June 3 0 . . 2,707
Reserve City
Banks
1929—Dec. 31 12,029
1933—June 3O._ 8,492
1933—June 30 11,150
Dec. 31__ 11, 654
1939—June 30 _ 11, 756
Dec. 30 6 12, 272
1940—Mar. 26 12,153
June 29. 12,160
Dec. 31 13,013
1941—Apr. 4«_ _ 13, 494
June 3 0 . . 14, 013
Country
Banks
1929—Dec. 31 13, 375
1933—June 30
7,873
1938—June 30. 9,752
Dec. 31_. 10,113
1939—June 30._ 10.109
Dec. 30 10,224
1940—Mar. 26 • 10,194
June 29_. 10, 257
Dec. 31 10,826
1941—Apr. 46... 11.144
June 30.. 11. 446
26,150
12 858
12, 938
13, 208
13,141
13,962
i3 939
13, 969
15,321
15, 878
16, 729
6,683
3 424
3 172
3,262
2,988
3,296
3 211
3.014
3,384
3 502
3,778
539
544
569
564
603
696
780
846
9 084
4,482
4,853
4,963
5.004
5,329
5,305
5,365
5, 931
6,165
6,498
2,463
953
701
7,685
3,752
2,614
775
736
700
3,191
2,372
2,613
2,716
2,828
2,957
714 11,515 9,784
330 4,857 11,928
6,397 17, 783
120
125 2,728 18.863
58 2,796 19,462
66 2,888 19, 979
20, 224
42 3,020 20,482
43 3,230 21,805
23 104
44 3, 565 23, 930
4,737
4,783
5,386
712
788
730
442
420
455
5,538
6,204
736
865
450
456
447
642
668 3,069
652 3,228
7,270
738
537
575
635 3,365
195
364
2,145
1,044
169
157
322
162
717
132
85
973
731
790
121
130
133
99
41
44
2,595
937
1,541
436
440
425
32
25
426
443
186
137
130
129
33
503
251
61
533
251
21
30
88
30
535
237
29
109
10
1,456
1,474
1,768
5
5
7
138
128
120
1,257
759
556
787
555
611
1,801
2,025
6
6
3
320
465
422
188
190
2,405
103
100
97
319
329
365
17
19
6
19
69
15
16
15
17
43
39
41
70
71
66
417
476
8
5
23
42
609
5
16
17
21
36
61
54
55
20
207
234
221
664
108
95
119
115
119
2,775
1,340
998
242
221
222
1,638
1,131
1,201
1,230
1,284
1,335
258
1,914
1,884
2,100
168
126
163
149
138
155
2,134
2,436
176
263
156
153
87
115
2,879
175
202
100
210 1,372
207 1,436
198 1,477
6
15
9
201
291
25
1,462
1,055
1,269
1,353
1,402
1,477
45
35
141
1,448
677
525
583
695
492
8,936
4,275
4,388
4,444 1,048
4.605 1,095
4,768 1,151
4,860
4,987 1,187
5,309 1,267
5.431
5,607 ~1~377~
483
531
495
173
138
140
163
21
25
22
20
546
590
174
187
17
21
-----
"555"
220
215
188
2,231
1,117
790
243
229
224
12
12
13
"""I95" 1,739"
1,112
2,551
3,740
3,857
4,483
4,772
4,972
5,486
6,044
6,625
7,268
58
638
116
384
3
206
12
59
185
153
309
610
1,281
1,430
1,507
1,536
1,658
1,602
1,681
1,869
1,861
1,114
1,175
1,203
1,319
1,258
1,307
1,466
1,483
2,944
4,011
6,298
6,691
6.751
6,943
6,848
6,795
7,081
7,328
7,515
1,368
2,483
4,658
5,018
4,991
5,194
5,070
4,947
5,204
5,440
5,700
4,439
3,598
5,364
5,669
5,504
5,456
5,334
3 1,308 5,270
3 1,397 5,517
5,713
"I,~504~ 5,839
1,267
1,469
2,964
3,233
3,127
3,159
3,060
3,030
3,269
3,456
3,627
361
1
16
19
208 1,544
201 1,644
2,091
3,709
4,840
5,072
5,700
6,043
6,383
6,815
7,527
8,194
8,715
520 3,094
3,863
249
6,887 1,113 2,049 3,725
316 3,653 6,246
12,343
13,222
286 3,389 7,208
13, 777
441 2,720 7,786
14,328
563 2,223 8,398
14.421
14, 722
797 2,543 8,261
15,823
652 2,594 9,091
16,988
18, 078 1,127 2,631 10, 481
62
59
60
62
84
101
99
26
20
12
9
38
9
5
5
4
3,679
1,678
2,369
1,081
1,116
1,168
1,224
1,307
1,457
4,705
2,005
2,126
1,149
1,180
1,234
981
166
987
1,358
158 1,142
908
168
797
315
222
421 1,092
207 1,245
577 1,526
2,128
2,340
2,831
3,144
3,107
3,121
3,486
3.487
3, 839
1,393
1,744
2,143
2,448
2,554
2,692
2,905
2,888
3.013
3.206
2,984
4,528
3,297
3,296
3,192
3,131
2,959
2,898
2,873
2,970
2,911
2,867
889
926
1,451
709
1,663
894
2,284 1,123
2,385 1,275
1,286
2,650 1,324
2,977 1,615
1,620
3, 415 1,751
222
478
394
517
480
579
726
634
695
771
651
758
680
94
97
19
82
291
234
176
655
621
701
254
297
161
145
710
752
417
125
134
112
125
803
138
165
91
681
205
69 1,268
57 1,224
78 1,014
63 819
1,112
1,597
2,603
2,997
3,010
3,339
718
313
87
103
839
771
73
606
97
171
64
299
535
109
135
172
139
740
889
972
963
969
3,052
3,281 1,049
1,047
3,858 1,162
13
11
11
31
715
732
563
431
999
1,106
1,657
1,893
1,870
1,972
36
45
451
433
1,849
2,081
"374"
122
2,404"
679
597
683
725
719
695
710
694
788
96
87
141
154
162
140
175
177
188
226
190
707
698
736
693
686
695
788
798
796
96
138
159
176
179
170
164
167
186
177
188
448
598
732
808
895
890
928
981
984
1,034
979
1,128
930
908
866
866
860
850
868
893
855
836
627
2,546
1,549
1,522
1,453
1.351
1,236
1,197
1,144
1,102
1,081
1,047
681
878
982
1,025
1,061
1,076
1,097
1,146
1,176
1,165
1
Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January, 1939, pp. 22-23, and BULLETIN for April,
1939, pp. 259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only.
2 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.
6
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).
902
FEDERAL RESERVE
BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposit 3,
except interbank
Reserves
with
Federal
Reserve
Banks
Cash
in
vault
Interban]
deposits
Time deposits,
except interbank
IndiBalDevidances m a n d
uals, States Certiwith
defied
and
posits partdoU. 8.
and
politnermestic adGovical
ernbanksi usted 2 ships, subcers'
and
ment 4
divichecks
cor3
etc
pora- sions
tions
IndiDomestic
vidbanks
uals, States
and
part- politPostal
ner'Forlcai
savships,
eign
subings 4
and
banks
Dedivicormand Time
pora- sions
tions
Borrowings
Call date
accounts
Total—All
Member Banks
2,374
2,235
8,004
8,694
10, Oil
11, 604
12, 279
13.751
13,992
13, 531
12,959
558
405
712
746
712
841
862
789
991
837
999
2,168
2,008
4,084
4,240
4,674
5,506
«5, 634
5,751
6,185
6 6, 340
6,293
16,647
12,089
20,893
22, 293
23,587
25, 681
26,461
27, 877
30, 429
31, 576
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
11,215
11,368
11,459
11,687
11,837
11,898
595
300
454
462
441
432
411
410
435
392
397
122
788
83
61
59
51
52
59
56
54
55
3,517
3,057
6,096
6,510
7,097
8,507
6
8,717
8,852
9, 581
6
9. 873
9r610
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
6 163
119
122
6
154
131
4,750
4,358
6,698
7,168
8,012
8,899
9,562
10,235
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
1,198
1. 255
2,514
2,687
2,992
3, 542
«3, 629
3, 840
4 032
6
4,021
3,948
169
232
936
884
897
993
909
1,187
1,051
815
1,062
13
34
31
35
26
42
25
39
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
486
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
122
300
321
318
348
364
334
396
361
385
947
5,229 5,547
1,002 3,764 3,708
1,951 6,934 6,668
1,940 7,214 7,034
2,210 7,654 7,331
8,176 8,002
2,485
6
2, 632 8,400 7,978
2,679 8,774 8,372
2,741 9,581 9,468
6
2,859 10,137 9,552
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
203
316
322
307
363
389
328
452
372
437
908
702
1,806
1,956
2,117
2,614
«2,645
2,711
3,002
6
3, 044
3,106
5,711
3,054
5,738
6,224
6,255
6,866
6,954
6,969
7,845
8,039
8,374
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
5,091
2,576
4,863
5,215
5,272
5,896
5,832
5,960
6,846
6,886
7,282
95
89
135
132
142
144
698
146
331
511
607
759
6 737
703
706
e 635
688
879
191
11
6
5
3
2
3
3
3
3
6,709
4,837
5,368
5,424
5,496
5,522
5,562
5,608
5, 698
5. 754
5,800
597
128
291
442
524
695
6
672
650
646
6
577
623
179
8
2,105
1,582
1,587
1,593
1,586
1,592
1,601
1,599
1,615
1,623
1,625
33
2
6
9
12
9
41
316
204
249
257
270
250
253
260
270
270
279
292
16
108
64
15
32
57
69
53
6 56
44
51
6
49
55
2,029
1,533
1, 753
1,777
1,812
1,828
1,833
1,873
1,904
1,917
1,940
6
7
22
23
26
26
3
1
2
2
2
2
6 29
6 2
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
6 145
134
135
« 137
138
40
22
1
6
1
19
3
5
5
5
4
5
310
259
688
658
746
879
6
997
949
997
6
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
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
67
6
« 116
105
106
6
108
29
29
6 29
30
7
8
7
8
2
2
62
2
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939-June 30
Dec. 30
1940—Mar. 26
J u n e 29
Dec. 31
1941—Apr. 4
June 30
New York
City*
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—Mar. 26
J u n e 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
J u n e 30
Reserve City
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—Mar. 26
J u n e 29
Dec. 31
1941—Apr. 4
J u n e 30
Country
Banks
1929—Dec. 31
1933—June 30
1938—June 30
Dec. 31
1939—June 30
Dec. 30
1940—Mar. 26
J u n e 29
Dec. 31
1941—Apr. 4
June 30
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."
a 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.
3 Includes "Due to Federal Reserve Banks (transit account)," known as "Due to Federal Reserve Banks (deferred credits)" prior to Dec. 31,1935.
4
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits,
s Central reserve city banks.
6
Partly estimated.
Back figures—See Annual Report for 1937 (tables 52-58).
SEPTEMBER
1941
903
WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars.]
Loans
Commercial,
industrial,
and
agricultural
Open
market
paper
Total—101 Cities
1940—July
1941—March
April
May
June
July
23, 787
4,451
26, 793
5,374
27, 270 9,849 5,506
27, 764 10,029 5,621
28,157 10, 252 5,772
28, 560 10, 501 5,975
295
335
351
360
370
381
1941—May 28___
Date or month
Total
loans
and
invest- Total
ments
Investments
U. S. Government obligations
Loans for
purchasing
or carrying
securities
Real Loans Other
estate to
Total
loans banks loans
Total
Bills
Notes Bonds
1,204
1,227
1,230
1,237
1,243
1,249
1,635
1,766
1,789
1,847
1,897
1,915
11,728
13,299
13, 628
14, 024
14, 253
14, 490
777
896
847
949
1,033
1,079
2,081
2,452
2,185
2,214
2,234
2,249
6,455
7,190
7,701
7,789
7,952
7,946
2,415
2,761
2,895
3,072
3,034
3,216
3,565
3,796
3,793
3,711
3,652
3,569
To
others
399
503
482
479
483
496
473
455
450
446
447
445
15, 293
17,095
17,421
17, 735
17,905
18, 059
Other
Guar- secuanrities
teed
27, 915 10, 226
5,673
367
1,239
1,883 17,689 13,996
929
2,212
7,833
3,022
3,693
June
June
June
June
4
11
18
25
28, 061
28,131
28,155
28, 279
10,183
10,238
10, 262
10, 324
5,706
5,764
5,792
5,825
366
373
370
372
496
478
471
487
444
447
444
452
1,240
1,241
1,246
1,246
1,892
1,895
1,897
1,904
17, 878
17,893
17,893
17, 955
14,186
14, 233
14, 287
14, 304
950
1,030
1,056
1,098
2,231
2,235
2,232
2,236
7,975
7,931
7,961
7,940
3,030
3,037
3,038
3,030
3,692
3,660
3,606
3,651
July
July
July
July
July
2
9
16
23
30
28, 325
28, 481
28, 577
28, 646
1,771
10,453
10, 453
10, 523
10, 504
10, 572
5,897
5,933
5,988
6,011
6,047
371
374
382
388
388
529
505
505
461
478
453
446
447
441
439
1,244
1,248
1,249
1, 252
1,253
1,919
1,906
1,913
1,914
1,924
17, 872
18, 028
18,054
18,142
18,199
14,
14,
14,
14,
14,
293
471
506
593
588
1,080
1,071
1,087
1,081
1,074
2,246
2,248
2,247
2,251
2,253
7,929
7,940
7,951
7, 959
7,952
3,038
3,212
3,221
3,302
3,309
3,579
3,557
3,548
3,549
3,611
Aug. 6
Aug. 13
Aug. 20
28, 761 10,597
28, 874 10, 663
29,025 10,688
6,087
6,146
6,180
397
399
404
462
457
444
439
440
437
1,254
1,254
1,252
1,919 18,164 14, 553
1,925 18, 211 14,559
1,930 18, 337 14, 593
1,075
1,059
1,064
2,253
2,256
2,276
7,920
7,932
7,939
3,305
3,312
3,314
3,611
3,652
3,744
New York City
1940—July
1941— March
April
May
June
July
9,400 2,778
10, 916 3,209
11, 263 3,229
11,635 3, 314
11, 794 3,412
11, 926 3,496
1,710
2,058
2,090
2,141
2,213
2,291
281
357
341
349
349
357
167
165
163
161
161
164
122
111
112
114
114
112
1941—May 28
11, 759
378
393
395
426
451
451
6,622
7,707
8,034
8,321
8,382
8,430
5,285
6,237
6,578
6,929
7,003
7,080
392
227
351
487
582
605
1,035
1,471
1,374
1,449
1,456
1,442
2,570
2,961
3,185
3,219
3,242
3,232
1,288
1,578
1,668
1, 774
1,723
1,801
1,337
1,470
1,456
1,392
1,379
1,350
3,442
2,166
427
163
448
8,317
6,942
503
1,455
3,247
1,737
1,375
June
June
June
June
4
11
18
25
11,832 3,387
11, 769 3,406
11, 761 3,420
11,812 3,433
2,182
2,210
2,227
2,231
359
347
340
349
159
160
159
164
113
114
114
114
450
451
454
451
8,445
8,363
8,341
8,379
7,060
6,987
6,986
6,977
575
589
587
579
1,456
1,453
1,454
1,460
3,293
3,223
3,229
3,222
1,736
1,722
1,716
1,716
1,385
1,376
1,355
1,402
July
July
July
July
July
2
9
16
23
30
11,865
11,930
11, 954
11, 896
11, 983
3,500
3,492
3,507
3,477
3,505
2,264
2,278
2,295
2,300
2,318
382
369
363
333
339
168
165
165
162
162
111
112
112
112
112
452
450
450
452
453
8,365
8,438
8,447
8,419
8,478
7,021
7,098
7,112
7,081
7,087
610
607
630
587
591
1,459
1,444
1,438
1,433
1,434
3,245
3,244
3,242
3, 214
3,216
1,707
1,803
1,802
1,847
1,846
1,344
1,340
1,335
1,338
1,391
Aug. 6
Aug. 13
Aug. 20
12, 001
12, 041
12,127
3,512
3,545
3,540
2,337
2,372
2,385
332
328
317
161
161
160
112
111
109
451
452
453
8,489
8,496
8,587
7,097
7,074
7,091
625
582
609
1,432
1,433
1,445
3,195
3,200
3,183
1,845
1,859
1,854
1,392
1,422
1,496
14, 387 5,716
15, 877 6,489
16, 007 6,620
16,129 6,715
16,363 6,840
16, 634 7,005
2,741
3,316
3,416
3,480
3,559
3,684
205
239
255
268
276
291
118
146
141
130
134
139
306
290
287
285
286
281
1,082
1,116
1,118
1,123
1,129
1,137
1,257
1,373
1,394
1,421
1,446
1,464
8,671
9,388
9,387
9,414
9,523
6,443
7,062
7,050
7,095
7,250
7,410
385
669
496
462
451
474
1,046
981
811
765
778
807
3,885
4,229
4,516
4,570
4,710
4,714
1,127
1,183
1,227
1,298
1,311
1,415
2,228
2,326
2,337
2,319
2,273
2,219
275
144
288
1,125
1, 435 9,372
7,054
426
757
4,586
1,285
2,318
4,682
4,708
4,732
4,718
1,294
1,315
1,322
1,314
2,307
2,284
2,251
2,249
Outside New York
City
1940—July
1941—March
April
May
June
July
1941—May 28
10
16,156
6,784
3,507
June
June
June
June
4
11
18
25
16, 229
16, 362
16, 394
16,467
6,796
6,832
6,842
6,891
3,524
3,554
3,565
3,594
273
279
277
278
137
131
131
138
285
287
285
1,127
1,127
1,132
1,132
1,442
1,444
1,443
1,453
9,433
9,530
9,552
9,576
7,126
7,246
7,301
7,327
375
441
469
519
775
782
778
776
July
July
July
July
July
2
9
16
23
30
16,460
16, 551
16, 623
16, 750
16, 788
6,953
6,961
7,016
7,027
7,067
3,633
3, 655
3,693
3,711
3,729
285
291
300
299
147
130
142
128
139
285
281
282
279
277
1,133
1,136
1,137
1,140
1,141
1,467
1,456
1,463
1,462
1,471
9,507
9,590
9,607
9,723
9,721
7,272
7,373
7,394
7,512
7,501
470
464
457
494
483
787
804
809
818
819
4,684
4,696
4,709
4,745
4,736
1,331
1,409
1,419
1,455
1,463
2,235
2,217
2,213
2,211
2,220
Aug. 6
Aug. 13
Aug. 20
16, 760
16, 833
16, 898
7,085
7,118
7,148
3,750
3,774
3,795
309
311
320
130
129
127
278
279
277
1,142
1,143
1,143
1,468
1,473
1,477
9,675
9,715
9,750
7,456
7,485
7,502
450
477
455
821
823
831
4, 725
4,732
4,756
1,460
1,453
1,460
2,219
2,230
2,248
NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-631). 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.
904
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures.
Time deposits,
except interbank
Demand deposits,
except interbank
Reserves
with
Federal
Reserve
Banks
Cash
in
vault
In millions of dollars.]
Interbank
deposits
Domestic
banks
States
and
polit- Postal
ical
savsub- ings 2
Dedivimand Time
sions
IndiBalDevidances mand uals, States Certified
with
and
departU. S.
and
dopolitposits nerGovoffimestic adical
ships,
erncers'
banks justed 1 and
sub2
ment
divi- checks
coretc.
sions
porations
Individuals,
partnerships,
and
corporations
3,214
3,468
3,472
3,495
3,479
3,498
475
328
390
394
456
467
5,141
5,282
5,275
5,246
5,233
5,254
178
173
172
183
175
163
Foreign
banks
Borrowings
Capital
accounts
Date or month
Total 101 Cities
3,774 1940—July
3,833 1941—March
3,847
April
3,862
May
3,873
June
3,873
July
11, 600
11,714
11,371
11, 294
10, 925
10,823
491
515
510
546
585
564
11, 493
563
3,532 24, 311
23, 612 1,870
514
390
5,240
183
10,982
11,046
10, 883
10, 788
565
596
581
596
3,511
3,465
3,500
3,439
23,888
24, 071
23, 872
24,046
23,337
23, 675
23, 517
23, 507
1,752
1,757
1,706
1,749
583
516
477
495
455
454
457
458
5,233
5,225
5,235
5,239
181
181
170
169
10,
10,
10,
10,
10,
863
665
899
855
835
570
597
546
548
561
3,516
3,412
3,583
3,496
3,481
23, 949
23, 920
24, 260
24,381
24, 544
23,667
23, 562
24,157
24, 004
24,029
1,604
1,569
1,560
1, 593
1,750
616
488
552
451
523
463
465
467
470
470
5,243
5,258
5,255
5.254
5,260
174
165
161
158
158
10, 662
10, 594
10, 696
537
556
536
3,410 24, 217
3,539 24, 245
3,495 24, 455
23, 546 1,735
23, 927 1,736
23,897 1,825
455
471
464
502
520
533
5,273
5,276
5,276
157
157
158
6,657
6,622
6,202
5,897
5,667
5,586
81
83
82
89
123
107
9,716
10, 982
10, 987
11, 055
10, 986
11, 022
9,770
11, 054
11, 064
11,108
11, 086
11,183
280
313
307
353
291
247
225
294
282
231
305
297
33
14
18
19
19
18
657
717
719
700
699
722
27
32
27
26
22
21
3,717
3,928
3,862
3,844
3,860
3,846
622
589
585
597
600
596
New York City
1,489 1940—July
1,507 1941—March
April
1,511
1,517
May
1,519
June
1,510
July
82
120
116
99
97
88
20, 847
23, 324
23, 515
24,010
23, 969
24, 211
20,380
22,826
22,947
23, 356
23, 509
23, 884
1,455
1,657
1,769
1,853
1,741
1,615
411
489
491
461
518
526
22
26
25
26
26
26
8,310
9,180
9,077
9,069
9,059
9,078
111
115
114
115
114
113
676
645
645
660
663
659
1
1
3
2
1
1
26
9,107
113
663
3
3,864 1941—May 28
26
26
26
26
9,122
9,055
9,123
8,934
114
114
113
114
649
667
666
671
1
1
1
1
3,877
3,873
3,873
3,868
June 4
June 11
June 18
June 25
26
26
24
26
26
9,158
9,071
9,195
9,002
8,965
114
113
114
113
113
666
662
654
654
659
1
2
1
1
1
3,872
3,876
3,871
3, 877
3,869
July
July
July
July
July
25
25
20
8,981
9,109
9,106
110
112
112
649
648
631
1
4
1
3,882
3,884
3,883
Aug. 6
Aug. 13
Aug. 20
2
9
16
23
30
6,042
97
116
11, 291
11,314
367
277
19
698
26
3,897
601
1, 515 1941—May 28
5,658
5,752
5,640
5,617
112
123
125
132
109
100
87
96
11,030
11,048
10,879
10, 986
11,065
11,180
11,020
11, 080
306
300
262
295
352
324
274
270
20
19
19
19
695
696
702
704
26
25
19
19
3,871
3,867
3,889
3 814
586
603
602
609
1,522
1,521
1,520
1,513
June
June
June
June
4
11
18
25
5,622
5,465
5,593
5,660
5,589
128
126
94
91
95
91
89
88
86
84
10,988
10, 925
11, 008
11, 088
11,100
11,166
11,052
11, 234
11,211
11, 251
250
236
226
244
277
359
285
313
229
298
20
20
19
17
16
708
721
724
724
735
20
22
22
21
22
3,877
3,838
3,881
3,807
3,827
603
599
588
591
597
1,509
1,511
1,511
1,512
1,508
July
July
July
July
July
2
9
16
23
30
5,360
5,263
5,339
88
90
85
82
85
88
10, 906
10, 788
10, 979
10, 958
10, 997
11, 047
252
247
338
242
265
248
39
54
66
740
740
740
23
23
24
3,778
3,821
3,799
587
586
568
1,518
1,519
1,518
Aug. 6
Aug. 13
Aug. 20
4,943
5,092
5,169
5,397
5,258
5,237
410
432
428
457
462
457
3,132 .1,131
3,348 12, 342
3,356 12, 528
3,396 [2, 955
3,382 L2,983
3,410 13,189
10,
11,
11,
12,
12,
12,
1,175
1,344
1,462
1,500
1,450
1,368
186
195
209
230
213
229
442
314
372
375
437
449
4,484
4,565
4,556
4,546
4,534
4,532
151
141
145
157
153
142
22
26
25
26
26
26
4,593
5,252
5,215
5,225
5,199
5,232
111
115
114
115
114
113
54
56
60
63
63
63
1
1
3
2
1
1
Outside
New York City
2,285 1940—July
2,326 1941—March
2,336
April
2,345
May
2,354
June
2,363
July
5,451
466
3,416 13, 020
12, 298 1,503
237
371
4,542
157
26
5,210
113
62
3
2,349 1941—May 28
5,324
5,294
5,243
5,171
453
473
456
464
3,402
3,365
3,413
3,343
12,858
13,023
12, 993
13, 060
12,
12,
12,
12,
272
495
497
427
1,446
1,457
1,444
1,454
231
192
203
225
435
435
438
439
4,538
4,529
4, 533
4,535
155
156
151
150
26
26
26
26
5,251
5,188
5,234
5,120
114
114
113
114
63
64
64
62
1
1
1
1
2,355
2,352
2,353
2,355
June
June
June
June
4
11
18
25
5,241
5,200
5,306
5,195
5,246
442
471
452
457
466
3,425
3,323
3,495
3,410
3,397
12,961
12, 995
13, 252
13, 293
13, 444
12,
12,
12,
12,
12,
501
510
923
793
778
1,354
1,333
1,334
1, 349
1,473
257
203
239
222
225
443
445
448
453
454
4,535
4,537
4,531
4,530
4,525
154
143
139
137
136
26
26
24
26
26
5,281
5,233
5,314
5,195
5,138
114
113
114
113
113
63
63
66
63
62
1
2
1
1
1
2,363
2,365
2,360
2, 365
2,361
July
July
July
July
July
2
9
16
23
30
5,302
5,331
5,357
449
466
451
3,328 13,311
3,454 L3, 457
3,407 13, 476
12, 588 1, 483
12, 930 1,489
12, 850 1,487
213
206
216
463
466
467
4,533
4,536
4,536
134
134
134
25
25
20
5,203
5, 288
5,307
110
112
112
62
62
63
1
4
1
2,364
2,365
2,365
Aug. 6
Aug. 13
Aug. 20
610
772
883
248
423
701
1 D emand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
SEPTEMBER
1941
905
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS AND INVESTMENTS
[In millions of dollars.]
Loans
Federal Reserve
district and date
(1941)
Boston"(6 cities)
July 30
Aug. 6
Aug. 13
Aug. 20
New York (8 cities) *
July 30
Aug. 6
Aug. 13
Aug. 20
Philadelphia (4 citiei
July 30
Aug. 6
Aug. 13
Aug. 20
Cleveland (10 cities)
July 30
Aug. 6
Aug. 13
Aug. 20
Richmond (12 cities)
July 30
Aug. 6
Aug. 13
Aug. 20
Atlanta (8 cities)
July 30
Aug. 6
Aug. 13
Aug. 20
Chicago (12 cities)*
July 30
Aug. 6
Aug. 13
Aug. 20
St. Louis (5 cities)
July 30
Aug. 6
Aug. 13
Aug. 20
Minneapolis (8 cities)
July 30
Aug. 6
Aug. 13
Aug. 20
Kansas City (12 cities)
J u l y 30
Aug. 6
Aug. 13
Aug. 20
Dallas (9 cities)
July 30
Aug. 6
Aug. 13
Aug. 20
San Francisco (7 cities
July 30
'.
Aug. 6
Aug. 13
Aug. 20
City of Chicago*
J u l y 30
Aug. 6
Aug. 13
Aug. 20
Investments
Loans for
purchasing
or carrying
securities
Total
loans
and
Total
investments
ommercial,
Open
Real Loans Other
inmarto
estate
dusTotal
ket
To
loans banks loans
trial,
and paper brokers
agriTo
and other;
culdealtural
ers
U. S. Government obligations
Total
O ther
Guar- secuNotes Bonds an- rities
teed
Bills
11
13
13
12
16
16
16
16
81
149
151
151
151
650
652
658
666
524
527
536
543
23
25
24
27
39
39
41
43
388
389
396
397
74
74
75
76
126
125
122
123
344
337
333
321
208
207
207
206
196
196
196
194
559
557
558
559
9,045
9,060
9,067
7,521
7,535
7,512
7,532
615
651
609
636
1,474
1,474
1,476
1,488
3,460
3,436
3,442
3,426
1,972
1,974
1,985
1,982
1,524
1,525
1,555
1,636
29
27
26
30
31
31
31
51
51
51
51
109
110
110
111
777
773
774
775
507
505
504
504
25
26
26
25
383
382
382
93
96
96
96
270
268
270
271
410
411
411
411
20
20
20
19
184
184
184
184
213
211
210
210
1,355
1,357
1,362
1,367
1,094
1,094
1,097
1,099
181
182
182
183
730
729
732
733
181
181
181
181
261
263
265
268
315
316
318
319
148
148
150
151
13
13
13
13
49
50
50
50
87
470
475
475
403
407
407
430
81
78
218
223
227
251
733
734
734
735
377
377
379
377
191
190
190
191
10
11
11
11
37
38
38
38
124
124
126
123
356
357
355
358
241
242
241
243
10
47
47
47
48
114
115
115
115
72
71
70
70
115
115
114
115
4,121
4,079
4,112
4,f~~
1,338
1,341
1,351
1,358
878
882
888
891
61
61
61
138
138
138
139
175
173
175
174
2,783 2,221
2,738 2,177
2,761 2,193
2,728 2,159
383
343
364
332
216
217
216
216
1,257
1,256
1,253
1,251
365
361
360
360
562
561
568
569
849
852
856
403
405
407
410
232
233
235
236
60
60
60
74
75
75
76
445
444
445
446
334
334
335
336
1
1
1
1
34
34
35
35
219
220
220
220
458
464
471
475
233
239
241
242
118
123
124
126
15
15
15
15
225
225
230
233
185
185
189
192
3
4
22
22
22
20
122
121
121
122
38
38
38
40
40
40
41
41
789
793
800
379
384
390
399
222
227
233
240
33
33
33
32
410
409
410
410
276
275
275
275
47
45
45
45
112
113
113
113
111
111
111
110
134
134
135
135
620
622
624
627
328
328
331
330
219
219
222
223
23
23
23
23
66
65
65
64
292
294
293
297
233
234
233
34
34
34
35
121
121
121
122
47
47
46
46
59
2,489
2,478
2,479
2,497
1,098
1,098
1,098
1,106
445
448
447
450
386
386
386
386
196
192
194
199
1,391
1,380
1,381
1,391
1,049
1,038
1,037
1,043
2
2
50
49
51
60
822
814
810
807
177
175
174
174
342
342
344
348
2,733
2,686
2,715
2,683
873
873
879
884
647
649
652
654
21
21
21
21
1,860
1,813
1,836
1,799
1,490
1,445
1,461
1,425
382
342
362
330
123
121
118
116
824
823
822
820
161
159
159
159
370
368
375
374
1,412
1,421
1,430
1,443
762
769
772
111
419
418
420
424
12,955
12, 978
13, 021
13,117
3,910
3,918
3,954
3,949
2,468
2,488
2,525
2,538
1,334
1,334
1,336
1,337
557
561
562
562
297
300
301
299
2,227
2,218
2,222
2,226
872
861
860
859
785
791
793
817
103
102
102
67
111
110
110
110
* 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.
906
FEDERAL RESERVE
BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES AND LIABILITIES
[In millions of dollars]
Demand deposits,
except interbank
Interbank
deposits
T i m e deposits,
except interbank
Reserves
with
Federal
Reserve
Banks
vault
533
533
525
513
151
150
151
150
205
197
207
197
1,448
1,445
1,452
1,451
1,414
1,399
1,422
1,418
91
97
95
93
22
23
22
25
13
13
13
11
229
230
230
230
382
386
392
383
21
21
20
21
249
249
249
249
5,756
5,525
5,423
5,513
120
112
115
109
242
239
251
245
11,864
11,672
11, 555
11, 766
11,886
11,583
11, 642
11, 694
437
416
409
519
322
263
282
267
37
60
76
88
1,099
1,105
1,105
1,105
3,909
3,861
3,903
3,882
599
588
588
570
1,634
1,644
1,645
1,644
553
575
597
593
25
24
25
25
237
216
219
219
1,241
1,231
1,253
1,252
1,186
1,159
1,164
1,173
140
145
170
153
13
10
11
12
17
17
17
17
258
258
258
256
455
464
471
472
6
6
218
219
219
219
778
768
760
785
54
51
55
52
388
387
411
407
1,808
1,767
1,779
1,794
1,796
1,741
1,784
1,776
106
115
118
116
25
29
29
42
48
48
47
724
727
728
729
493
501
513
521
393
393
393
393
280
291
291
285
27
26
26
277
275
280
262
658
665
669
663
630
634
649
647
72
74
73
70
31
31
32
32
206
206
207
207
361
369
374
378
103
104
102
102
178
181
187
183
17
16
17
16
256
255
258
267
533
531
537
539
504
500
519
519
82
84
83
83
47
47
48
48
186
187
187
187
346
351
350
356
98
98
98
98
1, £34
1,546
1,541
1,562
84
80
82
79
616
599
612
613
3,478
3,428
3,436
3,435
3,238
3,170
3,233
3,190
424
409
408
416
129
129
129
129
979
979
978
978
1,355
1,357
1,392
1,392
419
421
421
421
14
14
15
14
201
198
205
203
590
587
597
595
590
587
612
604
52
53
51
51
20
20
20
21
187
187
187
187
418
421
420
420
97
97
98
98
118
113
109
106
123
117
116
111
361
349
350
343
311
308
314
309
76
71
67
65
1
1
1
1
111
111
111
111
174
180
183
185
63
63'
63
63
203
213
213
215
320
316
336
323
618
615
641
638
598
598
631
619
88
88
89
93
13
14
14
14
139
139
140
140
460
471
472
473
109
109
109
109
146
158
162
152
304
298
311
316
575
579
593
587
545
550
578
570
63
64
59
56
37
38
38
39
124
124
124
124
271
275
280
281
91
91
91
91
516
516
544
549
312
313
333
332
1,370
1,348
1,383
1,392
1,331
1,317
1,379
1,378
119
119
114
110
83
84
84
86
1,018
1,020
1,021
1,022
341
345
359
363
395
394
396
396
1,128
1,143
1,136
1,161
267
264
266
274
2,303
2,276
2,269
2,274
2,190
2,152
2,178
2,169
224
217
218
217
95
95
95
95
478
477
476
476
1,015
1,010
1,041
1,042
272
274
274
274
240
243
242
240
Cash
in
BalDeIndiances mand
vidwith
deuals,
doposits partmestic adnerbanks usted1 ships,
and
corporations
States Certiand
fied
U. S.
politand
Govical
offiernsubcers' ment 2
divi- checks
sions
tc.
Individuals,
partnerships,
and
corporations
States
and
political
subdivisions
Domestic
banks
Postal
savings 2
Demand
Foreign
banks
Borrowings
Capital
accounts
Federal Reserve
district and date
(1941)
Time
Boston (6 cities)
July 30
Aug. 6
Aug. 13
Aug. 20
New York (8 cities)*
July 30
Aug. 6
Aug. 13
Aug. 20
Philadelphia (4 cities)
July 30
Aug. 6
Aug. 13
Aug. 20
Cleveland (10 cities)
July 30
Aug. 6
Aug. 13
Aug. 20
Richmond (12 cities)
J u l y 30
Aug. 6
Aug.13
Aug. 20
Atlanta (8 cities)
July 30
Aug. 6
Aug. 13
Aug. 20
Chicago (12 cities)*
July 30
Aug. 6
Aug. 13
Aug. 20
St. Louis (5 cities)
July 30
Aug. 6
Aug. 13
Aug. 20
Minneapolis (8 cities)
J u l y 30
Aug. 6
Aug. 13
Aug. 20
Kansas City (12 cities)
July 30
Aug. 6
Aug. 13
Aug. 20
Dallas (9 cities)
July 30
Aug. 6
Aug. 13
Aug. 20
?GW Francisco (7 cities)
July 30
Aug. 6
Aug. 13
Aug. 20
City of Chicago*
July 30
Aug. 6
Aug. 13
Aug. 20
* See note on preceding page.
1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
2
U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits.
SEPTEMBER
1941
907
COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars]
Dollar acceptances outstanding
End of month
1940—April
May
June
July
-
-- --
__
August
September
October
November
December
--
_
1941—January
February
March
April
_
May
June
_
_
HelcLby
Commercial
paper
outstanding i
_
______
July
Total
Based on
Accepting banks
standing
Total
Own
bills
Imports Exports
2
from Dollar
into
Others
exBills
United United
change
bought
States States
Goods stored in or
shipped between
points in
Foreign
countries
United
States
239
234
224
232
245
251
252
232
218
223
214
206
188
182
177
187
197
209
178
171
166
152
148
142
149
159
167
118
113
112
103
103
100
96
99
100
61
58
54
49
44
42
53
60
67
45
43
40
36
34
35
38
38
42
86
78
79
75
80
80
91
98
109
45
47
43
32
24
22
20
20
18
13
12
13
13
11
11
11
9
10
46
41
36
35
38
35
37
41
44
33
34
34
32
29
28
28
29
27
232
241
263
275
295
299
330
213
212
217
220
215
213
210
168
164
170
170
164
161
161
103
99
107
105
105
101
106
65
65
63
66
60
59
55
45
48
47
49
51
52
49
115
119
120
126
125
123
121
16
18
24
25
24
24
22
11
7
8
44
42
41
38
41
43
47
26
26
25
23
22
20
16
3
3
3
1 As 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).
2
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange. Ledger balances in millions of dollars]
Debit balances
End of month
Credit balances
Debit
Customers' balances in
partners'
debit
investment
balances
and trading
(net) i
accounts
Debit
balances in
firm
investment
and trading
accounts
Customers'
credit balances i
Cash on
hand
and in
banks
Money
borrowed 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
1,267
1,395
67
64
164
164
219
249
985
1,048
276
342
86
103
24
30
14
12
420
424
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
356
1938—June
774
991
27
32
88
106
215
190
495
754
258
247
89
60
22
22
11
6
298
305
1939—June
834
906
25
16
73
78
178
207
570
637
230
266
70
69
21
23
6
7
280
277
1940—June
July
653
642
631
635
653
666
677
12
12
12
12
12
12
12
58
64
56
57
70
64
99
223
213
215
218
203
214
204
376
376
368
370
381
383
427
267
261
256
268
269
280
281
62
62
57
56
58
59
54
22
22
21
20
20
20
22
5
6
5
5
5
4
5
269
264
260
255
253
253
247
661
634
633
606
622
616
628
11
11
9
10
10
11
10
73
78
81
86
102
89
87
207
199
199
199
185
186
189
399
375
387
368
403
395
388
275
267
268
265
262
255
266
54
53
56
60
61
65
70
22
22
21
20
17
17
17
6
6
6
8
7
7
8
238
237
231
227
223
222
221
__
December
__
__
1937—June
December
December
December
August
September.—
October
November
December
1941—January
February,
March
April
May _ _- -
June
July
_
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 thesefiguressee "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 for 1937 (table 69).
908
FEDERAL RESERVE BULLETIN
COMMERCIAL LOAN RATES
OPEN-MARKET RATES IN NEW YORK CITY
[Per cent per annum]
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN
PRINCIPAL CITIES
Average yield
on 3-to-5 year
U.S.
Treasury
U. S. Treasnotes
Prevailing
rate1 on—
Average
[Per cent per annum]
rate o n -
Total
19 cities
u r y 91-day
bills 3
Stock
exPrime
com- bank- change
call
New
Taxmercial ers'
paper, accept- loan issues Deal- exofre4 to 6 ances,
ers' empt
90
new- fered quomonths
als 2 within tation
days
Prime
Year,
month, or
week
Taxable
1938 average
1939 average
1940 average.
.81
.59
.56
.44
.44
.44
1.00
1.00
1.00
.053
.023
.014
.07
.05
.04
.83
.59
.50
1940—July --.
.56
.56
56
.56
.56
.56
.44
.44
44
.44
.44
.44
1.00
1.00
1 00
1.00
1.00
1.00
.009
.019
021
.05
.04
05
.02
.02
.02
.57
.58
48
.43
.34
.35
.65
.56
.56
.56
.56
.56
.56
.50
.44
.44
.44
.44
.44
.44
.44
1.00
1.00
1.00
1.00
1.00
1.00
1.00
.034
.089
.092
.082
.089
.097
.02
.04
.11
.10
.11
.12
.12
.43
.55
.50
.52
.44
.38
.37
.76
.81
.84
.81
.72
.68
.67
Vie
Vie
Vie
Vie
1.00
1.00
1.00
1.00
.106
.114
.116
.114
.12
.12
.13
.13
.33
.33
.34
.33
.63
.63
.64
.61
Sept
Oct
Nov.
Dec.
1941—Jan
Feb
Mar
April
May
June
July
Week ending:
Aug. 2____
Aug. 9___.
Aug. 16...
Aug. 23—
X
'X
X
.003
(4)
average 1 ..
average 1 ..
average 1 average 1 ..
average 1 ..
1940 average
Monthly figures1
1938—June
July
August
September
October
November
December
.
period
Aug
1934
1935
1936
1937
1938
New
York
City
7 other
Northern and
Eastern
cities
11 Southern and
Western
cities
3.45
2.93
2.68
2.59
2.53
2.78
2.63
2.45
1.76
1.72
1.73
1.69
2.07
2.04
3.71
3.39
3.04
2.88
2.75
2.87
2.56
4.32
3.76
3.40
3.25
3.26
3.51
3.38
2.56
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
February
2.64
2.52
1.73
1.70
2.97
2.69
3.32
3.26
Quarterly figures
1939—March
June
September
December
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..
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
2.58
2.55
2.06
1.95
2.53
2.58
3.25
3.23
1939—January
1
Prior to March 1939 figures were reported monthly on a basis not
strictly comparable with the current quarterly series.
1 Monthly figures are averages of weekly prevailing rates.
2 The average rate on 90-day stock exchange time loans was 1.25 per Back figures.—See November 1939 BULLETIN, pp. 963-969 for descripcent
during the entire period.
tion and for back figures.
3
Tax-exempt bills prior to March 1941; taxable bills thereafter.
4
Rate negative.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
for Treasury bills and Treasury notes available on request.
BOND YIELDS1
[Per cent per annum]
Corporate (Moody's)5
Year, month, or week
U.S.
Government 2
Municipal 3
Highcorporate*
By ratings
Aaa
Number of issues
2-6
By groups
Total
Aa
Industrial
Baa
Railroad
Public
utility
120
30
30
30
30
40
40
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—July
August
September.
October
NovemberDecember..
1941—January
February...
March
April
May
June
July
2.28
2.25
2.18
2.10
1.97
1.89
1.99
2.10
2.01
1.96
1.92
1.91
1.90
2.54
2.49
2.44
2.32
2.18
2.07
2.16
2.27
2.28
2.20
2.14
2.08
2.03
2.85
2.80
2.71
2.70
2.65
2.59
2.57
2.71
2.73
2.76
2.75
2.70
2.66
3.57
3.55
3.50
3.46
3.40
3.36
3.36
3.40
3.39
3.39
3.37
3.34
3.30
2.88
2.85
2.82
2.79
2.75
2.71
2.75
2.78
2.80
2.82
2.81
2.77
2.74
3.01
3.03
3.01
3.01
2.96
2.92
2.95
3.00
3.01
3.04
2.99
2.95
2.90
3.57
3.55
3.52
3.48
3.40
3.36
3.36
3.38
3.37
3.38
3.34
3.31
3.26
4.80
4.76
4.66
4.56
4.48
4.45
4.38
4.42
4.38
4.33
4.32
4.31
4.28
3.15
3.12
3.10
3.06
2.98
2.93
2.96
3.00
3.02
3.06
3.02
2.96
2.90
4.32
4.30
4.23
4.15
4.07
4.03
3.96
4.00
3.98
3.96
3.95
3.95
3.92
3.23
3.23
3.19
3.18
3.14
3.13
3.17
3.19
3.17
3.16
3.13
3.10
3.07
Week ending:
Aug. 2
Aug. 9
Aug. 16
Aug. 23
1.90
1.93
1.97
1.95
2.00
1.98
2.01
2.01
2.65
2.65
2.66
2.66
3.29
3.28
3.29
3.30
2.74
2.74
2.75
2.75
2.89
2.89
2.90
2.91
3.25
3.25
3.25
3.24
4.27
4.26
4.27
4.29
2.90
2.89
2.90
2.90
3.91
3.90
3.92
3.93
3.06
3.06
3.06
3.06
1
Monthly and weekly data are averages of daily figures, except for municipal
2
Average of yields on all outstanding partially tax-exempt U. S. Government
3
Standard
and Poor's Corporation.
4
U. S. Treasury Department.
5
bonds, which are based on Wednesday figures.
bonds due or callable in more than 12 years.
Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have
each been reduced from 10 to 3 issues, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively.
Back figures.—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941,
pages 21-24. Figures for U. S. Government bonds available on request.
SEPTEMBER
1941
909
BOND PRICES1
STOCK MARKET
Corporate 3
U. S.
MunicYear, month, or date Government 2 ipal 3
Indus- Rail- Public
trial road utility
Total
Number of issues.
20
20
20
86.0
87.5
58.6
58.0
57.9
95.3
100.9
100.6
2-6
102.5
105.2
107.2
1938 average
1939 average
1940 average
113.7
116.3
121.2
Stock prices»
78.9
81.6
82.0
1940— J u l y . .
August
September. _
October
November. .
December._
1941—January
February...
March
April
May__.:
June
101.0
July
101.0
136.9
137.3
139.1
140.4
141.9
143.9
145.4
143.0
142.1
141.8
140.9
141.0
142.8
November.
December..
1941—January
February...
March
April
May
June
July
81.2
81.5
82.7
83.6
83.9
84.0
85.3
84.5
85.3
85.8
86.0
85.8
86.3
86.3
86.8
87.8
89.2
90.3
90.2
90.5
89.9
90.2
90.2
90.1
90.4
91.1
57.1
57.5
59.7
61.0
60.9
61.1
64.3
62.7
64.3
65.9
66.7
65.8
66.6
100.2
100.2
100.6
100.6
100.5
100.7
101.2
100.9
101.3
101.1
101.2
101.1
101.0
July 30
Aug. 6
Aug. 13
Aug. 20 —
111.7
111.2
110.7
111.0
130.6
131.0
130.4
130.4
86.4
86.2
85.9
85.9
91.2
91.2
91.0
90.7
67.1
66.4
65.6
65.7
101.1
101.2
October
20
_.
120.4
121.2
122.3
124.6
127.3
129.3
127.7
125.6
125.4
126.8
128.1
129.2
130.0
August
September.
Number of issues.
Common (index, 1926=100)
Preferred
135.6
141.2
140.1
106.3
106.7
107.7
108.8
110.7
111.8
110.4
108.8
110.1
110.8
111.4
111.5
111.7
1940—July
Year, month, or
date
1938 average
1939 average
1940 average
July 30
Aug. 6
Aug. 13
Aug. 20
Volume of
trading 3
(in
Total
Industrial
420
348
Railroad
Public
utility
32
thousands of
shares)
40
1,104
977
767
105
97
87
310
317
553
599
1,044
814
564
444
440
495
420
463
757
143.7
144.0
143.9
144.1
841
598
411
404
1
Monthly data are averages of daily figures, except for municipal
bonds,
which are averages of Wednesday figures.
2
Prices derived from average of yields on all outstanding partially taxi Standard and Poor's Corporation. Monthly data are averages of
exempt U. S. Government bonds due or callable in more than 12 years
on basis of a 2K per cent, 16 year bond. For description see November Wednesday figures.
1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals. Weekly
2 Average prices of industrial high-grade preferred stocks, adjusted to a
data are averages of daily figures for week ending on Saturday following $73annual dividend basis.
date
shown.
Average daily volume of trading in stocks on the New York Stock
3
Prices derived from average yields, as computed by Standard and Exchange. Weekly figures are averages for the week ending Saturday.
Poor's Corporation.
Back figures.—For stock prices see Annual Report for 1937 (table 79).
Back figures.—See Annual Report for 1937 (table 79). For U. S. Government bonds see November, 1940 BULLETIN.
CAPITAL ISSUES
[In millions of dollars]
]For
Total
(new
and
refund-
Year or
month
ing)
new capital
For refunding
Domestic
Total
(domestic
and
foreign)
State
Total
and
Federal
municipal
agencies 1
Domestic
Total
Corporate
(doFor- mestic
eign »
Total
and
Bonds
forTotal
and Stocks
eign)
notes
State
and
municipal
Federal
agen-1
cies
Corporate
For
eign
Total
Bonds
and Stocks
notes
2
—
4,038
1,751
1,063
2,160
4,699
6,214
3,937
4,449
5,842
4, 804
3,095
1,197
720
1,386
1,457
1,972
2,138
2,360
2,289
1,956
2,860
1,165
708
1,386
1,409
1,949
2,094
2,325
2,239
1,954
1,235
762
483
803
855
735
712
971
931
757
75
77
64
405
150
22
157
481
924
461
1,551
325
161
178
404
1,192
1,225
873
383
736
1,239
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
944
554
343
774
3,242
4,242
1,799
2,089
3,553
2,848
893
498
283
765
3,216
4,123
1,680
2,061
3, 465
2,848
21
87
37
136
365
382
191
129
195
478
51
93
26
317
987
353
281
665
1,537
344
821
319
219
312
1,864
3,387
1,209
1,267
1,733
2,026
789
316
187
312
1,782
3,187
856
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
1940—July.-.
Aug
Sept.—
Oct
Nov
Dec..—
1941—Jan
Feb
Mar....
Apr
May
June...
July....
712
284
229
711
442
613
421
347
406
920
406
881
612
401
130
114
258
264
191
95
77
182
745
107
519
296
431
129
114
258
264
191
95
77
182
745
107
519
296
62
61
46
98
53
129
40
37
86
60
37
59
40
289
0
0
112
42
0
2
8
9
645
5
370
212
50
68
68
48
169
62
53
32
87
39
64
90
44
47
53
64
22
166
46
51
25
56
29
61
77
30
2
15
4
26
3
16
2
6
31
10
3
14
13
0
1
0
0
0
0
0
0
0
311
154
116
453
178
422
325
270
223
175
299
362
316
311
154
116
453
178
422
325
270
219
175
299
362
316
20
14
24
80
25
73
23
26
93
40
74
26
14
48
28
26
28
59
14
31
17
11
28
28
223
216
242
113
66
345
94
335
271
227
115
107
197
113
86
240
108
64
332
68
292
269
210
84
107
162
108
76
3
4
1
14
26
43
3
17
32
0
35
5
11
0
0
0
0
0
0
0
0
4
0
0
0
0
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
(3)
0
(3)
(3)
i Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
* Includes issues of noncontiguous U. S. Territories and Possessions.
» Less than $500,000.
Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject
to revision.
Back figures—See Annual Report for 1937 (table 78).
910
FEDERAL RESERVE BULLETIN
UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT SECURITIES
[On basis of daily statements of United States Treasury. In millions of dollars]
Noninterestbearing
Interest-bearing
Special issues
Public issues
End of month
Total
gross
debt
Nonmarketable
issues
Marketable issues i
Total
interest
bearing Total
Treasury
bills
Treasury
notes
Postal
AdTreas- Savings U. S. justed
ury
and Savings
bonds 2 prewar bonds service
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
22,158
26,480
27, 645
32,989
35,800
36,576
39,886
42, 376
618,852
621, 834
626,084
27,012
32, 363
34, 242
33,800
36,116
37, 602
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
7S0
806
831
855
200
198
197
196
196
62
316
800
1,238
1,868
2,905
1940— July
Aug
Sept
Oct.
Nov
Dec
43, 771
43, 905
44,073
44,137
44,273
45,025
45,877
46,090
47,173
47,231
47, 721
48,961
49, 513
43,186
43, 317
43, 480
43,560
43, 707
44, 458
45, 320
45, 535
46, 581
46,673
47,160
48, 387
48, 965
38, 333
38, 383
38,417
38,459
38,498
39, 089
39,895
40,002
40,898
40, 967
41,326
42, 267
42, 641
1,302
1,303
I, 303
1,307
1,308
t, 310
.307
l" 306
1,604
1,603
1, 603
1,603
1,603
6,384
6,384
6,384
5,660
5,660
6,178
6,813
6,813
5,722
5,721
P, 721
5,698
5,698
27, 226
27, 236
27, 235
27,960
27,960
27, 960
27, 960
27, 960
29, 532
29, 554
29, 554
30, 215
30, 215
196
196
196
196
196
196
196
196
196
196
196
196
196
2,966
3,008
3,044
3,084
3,123
3,195
3,371
3,480
3,599
3,647
4,008
4,314
4,649
1941—j an#
Feb
Mar
Apr
May
June
July....
7
Ma-
Total
945
389
319
283
261
3C9
323
396
633
6^6
1,558
2,676
3,770
4,775
258
256
254
252
251
249
248
247
245
244
243
241
279
4,853
4,934
5,063
5,102
5,209
5,370
5,426
5,534
5,683
5,707
5,834
6,120
6,324
Social
AdAH 6
sejusted other
3
curity service 4
tured
debt
Other
19
579
1,601
2,511
3,528
105
92
118
156
127
538
549
556
536
204
231
278
478
480
441
526
702
712
60
66
54
231
169
119
141
142
205
266
315
518
825
620
506
447
411
386
3,536
3,622
3.751
3,777
3,885
4,047
4,066
4,174
4,324
4,354
4,485
4,728
4,811
515
515
517
517
516
516
517
518
518
529
530
553
555
803
797
796
808
808
806
842
841
840
824
819
839
957
198
205
212
197
187
189
181
180
220
186
190
205
180
386
383
381
380
379
377
376
374
372
372
370
369
368
1 Including amounts held by Government agencies and trust funds which aggregated $2,092,000,000 on June 30, and $2,093,000,000 (preliminary) on July 31,1941. These amounts exclude holdings by production credit associations and joint stock land banks.
23 Including Liberty bonds.
Including special issues to Federal old-age and survivors insurance trust fund, unemployment trust fund, and railroad retirement account.
4
Including special issues of bonds and of notes to Government life insurance fund, certificates to adjusted service fund, and notes to National
Service
life insurance fund.
5
Including special issues to Government employees' retirement funds, to Postal Savings System, to Federal Deposit Insurance Corporation, and
to Federal
Savings and Loan Insurance Corporation.
fi
Including certificates of indebtedness not shown separately: 1932, $2,726,000,000; 1933, $2,108,000,000; 1934, $1,517,000,000.
7
Includes $40,000,000 of depositary bonds.
SECURITIES FULLY GUARANTEED BY UNITED STATES GOVERNMENT, BY ISSUING AGENCIES1
[In millions of dollars]
Interest-bearing
Total
amount
outstanding 2
End of month
3934—June
December
1935—June
December
3936—June
December
1937—june
December
^938—June
December
1939—June
December
1940—June
_
July
August
September
October
November
December
1941—January
February _ ._
March
April
May
June
July
. . .
.
-
________
......
.
_ _.
_ -.
_
_ _
...
5,704
5.529
5, 526
5,813
5,808
5,810
5,919
5 917
5,915
5,914
5,916
6,560
6,371
6,370
6,939
Total
681
3,063
4,123
4,494
4,718
4,662
4,665
4,645
4,853
4,992
5,450
5, 621
5,498
5,499
5,788
5,787
5, 790
5,901
5,901
5,901
5,901
5, 905
6, 550
6,359
6,360
6,930
Noninterest
ReconComFederal
Home
bearing
Federal
U.
S.
Owners' struction modity Housing Housing matured
Farm
Finance Credit
Mortgage Loan
debt 2
AdminCorpora- Corpora- Corpora- Corpora- Authority
istration
tion
tion
tion
tion
312
980
1,226
1,387
1,422
1,422
1,422
1, 410
1,410
1, 388
1,379
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
1,269
134
1,834
2,647
2,855
3,044
2,988
2,987
2,937
2,937
2,888
2,928
2,731
2,603
2,603
2,603
2,602
2,602
2,600
2,600
2,600
2,600
2,600
2,600
2,409
2,409
2,409
235
249
250
252
252
252
255
297
299
509
820
1.096
1,096
,096
1,096
1,097
1,097
1,097
1,097
1,097
1,097
1,097
1,741
1,741
1,741
2,101
(3)
206
206
206
407
407
407
696
696
696
696
696
696
696
696
696
696
696
907
1
1
114
114
114
114
114
114
114
226
226
226
226
226
226
226
226
226
3
4
8
8
9
9
12
13
13
12
13
16
17
17
17
17
83
31
28
24
21
19
18
15
14
13
11
10
12
11
10
i Principal amount of obligations guaranteed as to interest ana principal. Excludes obligations held by IL 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.
SEPTEMBER
1941
911
MATURITIES OF PUBLIC MARKETABLE SECURITIES OF UNITED STATES GOVERNMENT, DIRECT AND FULLY GUARANTEED, JULY 31,1941
[In millions of dollars]
Fully guaranteed securities maturing
Direct securities maturing
Maturing or
callable
Total
Treas- Treasury
ury
bills
notes
1941—Before Oct. 1.
Oct. 1-Dec. 31 _
1,148
706
1942—Jan. 1-Mar. 31
Apr 1 June 30
Julyl-Sept.30.._
Oct. 1-Dec. 31 _.-
426
426
342
232
342
232
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
1,102
501
W i t h i n 1 year
1 to 5 years
5 to 10 years
10 to 20 years
Over 20 years
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
Total
fully
guarFederal
ReconFarm
strucHome
Comu. s. anteed
securiMort- Owners' tion
modity Housing
ties
gage
Loan Finance Credit Author- due
or
Corpor- Corpor- Corpor- Corpority
callable*
ation
ation
ation
ation
2
616
300
(3)
310
310
650
(3)
276
320
276
320
1,151
320
47
47
204
(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
875
2
204
112
114
614
2,394
1,167
289
412
1,095
340
835
835
2
616
755
779
779
1,485
50
919
95
95
1,269
1,485
1,485
Total
Treasury
Bonds
bonds
due
or 1
Pre-war callable
Total 2
and
Treas- Postal
ury
Savings
37, 713
1,603
5,698
30, 215
196
30, 215
6,913
2,281
8,545
7,613
16, 870
2,404
1,603
631
5,068
47
3,460
7,585
16,719
2,404
3
47
8,509
9,911
11, 748
1,204
2,906
1,930
779
95
()
17
28
152
2,409
875
755
779
1,175
2,101
907
226
6,913
886
1,216
206
701 1
112
114
2,419
4,494
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 $17,000,000 on July 31.
s Less than $500,000.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Held by Federal
agencies and
trust funds
End of
Month
1930—June
1931—June
1932 June
Total
interestbearing
securities
Special
issues
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
1933_j une
Public
issues
P r ivately held i
Held
by
Federal
Reserve
Banks
Other investors 2
Total
Member
banks
Other
commercial
banks
Mutual
savings
banks
Insurance
companies 2
208
144
261
366
1,055
1,365
591
668
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
920
670
590
590
890
1,290
520
650
680
720
970
1,540
800
1,000
1,500
2,600
1,703
1,820
2,036
2,049
2,123
2,198
2,138
2,323
3 2, 293
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, 340
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, 087
1,600
1,710
1,870
1,790
1,700
1,850
1,920
1,970
1,830
1,940
2,040
2,050
2,330
2,390
2,450
2,690
2,880
3,040
3,100
3,110
3,220
3,360
3,900
'4, 500
5,000
5,200
5,200
'5,600
5,800
r
6,000
6,100
6,500
6,600
u. s.
Marketable
issues 2
8,900
8,800
9,100
10, 300
10, 500
10,400
10, 500
'10, 500
11,300
11, 500
10, 700
no, 800
10, 400
no, 400
9,700
9,900
9,700
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.
1
Holdings of insurance companies included with "Other investors" prior to 1932.
3
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.
912
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY OPERATIONS
[On basis of daily statements of United States Treasury. In millions of dollars]
Ge neral and special accounts
In- neous Social
come inter- secur- All
taxes
nal
ity
other
reve- taxes
nue
Net Inter- National
est
reon
deceipts ceipts1
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
5,855
5,165
5,387
7,607
40
1940—May464
June
50
July38
Aug.432
Sept._
44
Oct.__
49
Nov._
429
Dec._
63
1941—Jan.104
Feb..
1,208
Mar._
75
Apr._
63
May_
916
June
84
July._
179
201
237
346
213
237
252
231
210
204
273
244
254
265
268
137
32
39
139
29
38
138
34
47
193
34
43
165
32
48
43
88
41
43
37
47
46
46
52
172
52
240
58
64
56
400
784
367
566
711
365
485
741
372
674
1,567
602
541
1,277
456
400
649
331
447
711
333
362
740
340
541
1,566
565
394
1,276
413
Fiscal year
ending:
June 1938—
June 1939—
June 1940—
June 1941—
etc.,2
cultural
Adjustment
Program
Un- Transem- fers to
All
ploy- trust
Total1
ment
acother
re- counts
lief
etc.1
Excess excess
of re- of receipts ceipts
(+) or (+) or
exexpenditures penditures
(—)
(—)
- 3 , 542
-3,611
-5,103
Agri-
Miscella-
Period
Trust Increase or deaccrease during
counts
period
Expenditures (excl. debt retirements)
Receipts
Total
re-
debt
fense
926
941
1,041
1,111
1,028
1,163
1,559
6,048
362
787
1,020
968
1,914
2, 595
1,919
1, 741
220
182
208
235
2,789
3,039
3,251
2,609
154
153
177
200
219
287
376
473
572
593
746
761
837
808
940
62
43
54
76
75
103
108
110
103
96
102
71
39
32
60
169
151
151
142
139
145
138
155
146
138
159
148
145
135
132
4
248
235
302
243
168
261
164
215
247
209
232
244
108
215
288
10
305
20
20
148
73
11
219
25
21
150'
73
12
339
25
114
25
10
20
18
20
10
18
153
7,239
8,707
8,998
12, 711
-1,384
647
-247
887
-237
818
-487
706
-259
759
-48
869
-536
817
-455
1,172
-432
1,111
-771
1, 075
-534
1,399
+167
1, 315
-750
1,141
-747
-252
1,528
1,598 - 1 , 1 8 5
Period
Net expenditures in checking
accounts of Government agencies
Unemployment
trust fund
-148
-83
-61
+51
+320
-158
-24
-338
+740
+622 +3, 275
-947 +2, 528
+742 +5, 994
-181
-139
+367
+196
+216
-39
-495
-103
-209
+111
-3
-236
-324
+15
+403
-264
-259
+599
Gross
debt 3
+97
+1,014
-290
-521
+729
-34
+150
+160
+803
+135
+168
+64
+136
+752
+852
+213
+1, 083
+58
+490
+1, 241
+551
Details of general fund
balance (end of per iod)
Details of trust accounts, etc.
Old-age insurance
trust fund and railroad
retirement account
+306
+890
+136
General
fund
balance 2
ReconCom- United
In- Other struction modity States
Net
In- BeneAll
HousvestexFinance
Credit
revestfit
Receipts ments pay- ceipts ments pendi- Corpora- Corpora- ing Au- other
thority
tures
tion
tion
ments
All other
Ex- Total
Re- pendiceipts tures
Increment
on
Seigniorage
Working
balance
gold
Fiscal year ending:
June 1938—
June 1939—
June 1940—
June 1941__.
550
639
703
844
461
516
573
637
85
120
129
186
763
838
959
1,114
560
395
443
563
191
442
514
555
*9
*658
*234
80
*184
136
10
58
1
*60
17
121
*12
*186
166
*33
414
440
415
545
327
324
323
485
2,216
2,838
1,891
2,633
142
142
143
143
446
536
585
605
1,628
2,160
1,163
1,885
1940—May
June
July
Aug
Sept
Oct.
Nov
Dec.
1941—Jan
Feb.
Mar
Apr
May
June
July
4
179
56
145
11
32
143
1
42
152
11
46
148
58
89
12
12
13
13
14
15
15
15
15
16
17
17
17
17
18
145
46
59
143
67
107
145
51
78
149
28
69
167
51
82
81
58
54
57
53
81
84
31
33
41
43
37
35
30
31
29
*6
17
25
(*)
*13
*10
59
15
16
160
64
*406
82
87
*280
(4)
45
10
*144
*1
21
24
17
12
7
37
33
57
*16
*221
*17
*5
25
*6
15
51
*103
8
32
*8
25
24
31
27
*22
107
175
*5
1
148
*5
*5
151
*10
*5
160
*10
*6
224
24
20
62
120
18
24
29
18
35
38
33
46
57
43
86
147
17
72
103
15
17
17
6
25
50
42
49
48
32
83
122
2,030
1,891
2,258
2,454
2,415
1 920
1,817
1,928
2,025
1,701
2,715
2,425
1,904
2,633
2,599
143
143
143
143
143
143
143
143
143
143
143
143
143
143
143
584
585
588
590
592
595
596
597
599
601
602
603
604
605
607
1,303
1,163
1,527
1,720
1,680
1,183
1,078
1,188
1,283
957
1,970
1,679
1,157
1,885
1,848
_
13
85
*18
31
113
11
29
113
*10
40
137
19
60
*57
*32
16
*13
*50
21
*43
*30
*56
*12
241
*18
*11
* 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.
J
For details, see page 911.
* Less than $500,000.
* For social security investments, excess of redemptions; for net expenditures in checking accounts, excess of receipts.
NOTE.—For explanation of table seeBuLLETiN for October, 1940, pp.1052-1054.
SEPTEMBER
1941
913
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
June
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 obligations__.
Obligations of Government credit
agencies:
Fully guaranteed b y U. S
Other i
Other i
Other liabilities
Total liabilities2 other than
interagency
Excess of assets over liabilities,
excluding interagency transactions ._
U. S. Govt. interests
Privately owned interests._
Aug.
Oct.
Sept.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
429
783
524
430
772
552
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
2,323
2, 549
675
1,187
2,342
2,540
693
1,185
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
8,470
412
748
8,513
462
740
8,623
566
715
8,583
572
693
8,613
521
704
8,680
549
699
8,682
8,639
580
723
8,614
8,681
533
701
595
736
620
756
8,796
771
771
8,800
464
780
8,804
376
802
131
48
131
35
394
567
1,067
184
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
12, 092
12, 410
12, 371
12, 398
12, 518
12, 500
12, 645
12, 676
12, 909
13, 282
13,108
13, 277
5,529
1,343
1,105
5,526
1,351
1,103
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
7,977
7,980
8,400
8,403
8,406
8,579
8,526
8,599
8,592
8,696
9,377
9,297
9,417
4,044
4,112
4,010
4,046
3,629
417
4,084
4,213
3,792
421
3,906
3,484
422
3,811
3,603
407
3,939
3,526
413
3,974
3,706
406
3,968
3,558
410
3,992
3,639
405
3,860
3,436
424
Accounts and other receivables..
404
562
Business property
1,067
Property held for sale.
179
Other assets
Total assets2other than in12, 021
teragency
Liabilities
Bonds, notes, and debentures:
Guaranteed
July
3,580
412
3,559
415
3,666
418
3,388
423
1 Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation.
2 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, JUNE 30, 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 Admin ; stration
Export-Import Bank of Washington
Tennessee Valley Authority
XT S Maritime Commission
Rural Electrification Administration
Public Works Administration
Other
Total
__ . . .
.
1,511
0)
2,053
170
65
194
316
630
1,818
255
74
62
7
244
263
461
54
114
U. S.
Govt.
direct
obligations
Cash
2
51
ill
58
53
Guaran- Accounts
and
Guarteed
Business Property
other
for anteed
by
obliga- • receivproperty held
sale
United
tions
ables
States
27
41
0)
10
0)
0)
4
21
53
17
14
1
15
1
13
Liabilities
Bonds, notes, and
debentures
C1)
6
104
36
24
46
8
0)
0)
1
14
2
9
319
2
4
3
7
1
1
49
170
2
1
0)
0)
0)
226
127
0) 6
0)
79
25
32
0)
33
289
97
96
15
6
8,804
376
802
103
5
0)
2
28
69
8
20
6
0)
598
11
70
1,270
0)
76
85
46
2 977
235
0)
0)
753
696
1
36
14
123
2,419
3
0)
il9
1,741
6
29
8
19
44
257
Other
29
1
11
17
63
636
2
8
385
38
14
1
1,497
6,370
1,443
1 Less t h a n $500,000.
2
Excludes Federal land bank bonds in the amount of $761,000,000 held by Federal Farm Mortgage Corporation.
914
FEDERAL RESERVE
BULLETIN
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding at end of month. In millions of dollars]
1941
1940
July
Loans to financial institutions
Loans on preferred stock of banks and insurance companies
Preferred stock, capital notes, and debenturesLoans to railroads (including receivers)
Loans for self-liquidating projects
Loans to industrial and commercial businesses:
For national defense
Other
Loans to drainage, levee, and irrigation districts
Other loans
Securities purchased from Public Works Administration
Total loans and investments, other
than interagency
Aug.
507
39
Sept.
Oct.
Dec.
Nov.
145
142
57
459
508
42
57
460
470
38
57
460
470
47
56
455
473
36
53
452
474
36
0)
Jan.
Feb.
167
Mar.
May
Apr.
June
July
158
50
447
482
37
49
442
482
35
139
437
487
35
49
434
487
36
48
432
470
37
48
429
470
37
48
425
462
81
70
109
130
129
3
129
3
128
6
126
7
121
11
117
17
115
21
114
61
113
65
111
83
5
83
5
83
5
83
5
84
5
83
5
83
5
5
76
5
74
5
79
5
5
107
110
116
113
113
113
111
122
120
1,541
1,538
1,503
1,511
1, 522
1, 519
1,512
1,499
1,499
1,503
1,511
1,538
74
146
74
146
74
146
74
146
99
146
99
146
174
152
174
157
174
164
174
175
174
182
174
190
101
102
8
103
8
282
116
125
327
89
125
2,573
2,630
0)
Preferred stock of, and loans to Export-Import Bank
1
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 stock of, and loans to national defense
companies 2
Loans to Farm Security Administration
Capital stock of Federal Home Loan Banks __
Total loans and investments..
1,915
2,003
1,918
2,089
174
168
83
33
125
121
60
125
168
81
125
2,244
2,319
2,383
2,473
1 Less than $500,000.
2 Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, and Defense Supplies Corporation.
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
fin millions of dollars]
End of year or month
otal
Total
Federal
land
banks
Loans to cooperatives
Short-term credit
Farm mortgage loans
Land
Bank
Commissioner
Total 1
Federal
intermediate
credit2
banks
Production
credit
associations 3
Emergency
crop and
drought
relief
loans
Totali
Banks
for
cooper-3
atives
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
2,735
2,596
1,916
2,072
2,064
2,035
1,982
1,905
617
795
837
813
753
691
315
358
56
47
41
40
34
33
61
94
105
138
148
154
111
173
165
173
171
168
117
97
125
120
112
99
28
50
70
88
87
76
55
44
54
31
24
21
1940—July
August
September.
October
November.
December.
3,056
3,050
3,035
3,008
2,986
2,973
2,540
2,534
2.526
2,517
2,508
2,500
1,875
1,871
1,867
1,862
1,856
1,851
665
663
659
655
652
648
434
433
420
394
383
381
42
42
41
35
34
34
204
203,
195
180
173
172
181
180
178
173
170
168
82
83
89
96
96
93
65
67
73
79
77
75
15
15
16
17
17
16
1941—January
February _
March
April
May
June
July
2,964
2,970
2,976
2,982
2,988
2,988
2,986
2,489
2, 485
2,475
2,467
2,458
2,448
2,437
1,844
1,842
1,836
1,830
1,824
1,818
1,811
645
643
640
637
634
630
626
382
393
413
431
440
450
453
35
36
37
39
40
42
44
174
182
195
207
215
221
224
167
169
175
179
179
179
179
92
91
88
85
90
90
96
75
74
70
68
74
74
80
16
16
16
16
16
16
16
337
367
364
364
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 $227,000,000 in July 1941. These loans and discounts are included in the columns for the institutions concerned.
3
Some of the regional agricultural credit corporation loans (made prior to October 1935) and banks for cooperatives loans and most of the production
credit
association loans are discounted with the Federal intermediate credit banks.
4
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.
SEPTEMBER
1941
915
POSTAL SAVINGS SYSTEM
FEDERAL HOME MORTGAGE AND HOUSING AGENCIES
[In millions of dollars]
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In millions of dollars]
End of
month
Home
Owners'
Loan
Cor-
Federal
Home
Loan
poration
Banks i
1933—June
Dec
Federal
savings
and
loan
associations 2
Assets
Federal
National
Mortgage
Association
RFC
Mortgage
Company
Dec
1935—June...
Dec
1936—June__Dec
ig37—June
Dec.
1938—June —
Dec
1939—June.-Dec
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
47
85
85
87
79
103
119
145
167
200
196
199
169
181
81
186
348
474
587
742
854
948
1,034
1,136
1,271
6
18
36
49
68
41
54
57
57
38
80
125
147
1940—June. _July_.._
Aug
Sept.___
Oct.__..
Nov
Dec
2, 013
2,005
1,996
1,988
1,981
1,969
1,956
157
162
168
176
182
186
201
1,405
1,432
1,462
1,488
1,515
1,533
L, 546
60
60
60
61
63
65
67
1941—Jan
Feb.___
Mar
Apr.__.
May _._
June...
July____
1,942
1,929
1,914
1,900
1,885
1,870
1,855
171
157
146
142
145
170
168
1,564
1,579
1,600
1,628
1,658
1,688
1,718
68
68
69
70
70
65
67
1934
JL UU±-
v
June
Li^v
— — —
United
States
Housing
Authority
Depositors
balances1 Total
End of month
U. S. Government
securities
Cash
in depository
banks
Cash
reDi- Guar- serve
rect
an- funds,
Total obli- teed
etc 3
ga- oblitions
gations
10
13
32
68
123
1934—June___
December
1935—June.
December
1936—June
December
1937—June
December
1938—June
December
1939—June
December
1,198
1,207
1,205
1,201
1, 232
1,260
1,268
1,270
1, 252
1,252
1, 262
1,279
1,225
1,237
1,236
1,237
1,265
1,296
1,307
1,308
1,290
1,291
1,304
1,319
695
540
385
287
203
145
136
130
115
86
68
53
453
597
777
853
967
1,058
1,100
1,097
1,103
1,132
1,157
1,192
418
467
630
706
800
891
933
930
936
965
1,011
1,046
35
130
147
147
167
167
167
167
167
167
146
146
76
100
74
98
95
93
71
80
73
73
78
74
163
166
168
171
175
178
181
87
112
111
129
168
176
186
1940—June
July
August
September
October
November
December
1,293
1,297
1,297
1,295
1,296
1,298
1,304
1,337
1,339
1,340
1,339
1,338
1,341
1,348
43
42
41
40
38
37
36
1,224
1,224
1,224
1,224
1,224
1,224
1,224
1,078
1,078
1,078
1,078
1,078
1,078
1,078
146
146
146
146
146
146
146
69
73
75
74
75
80
88
185
187
190
190
192
194
196
228
211
233
266
288
316
296
1941—January _._
February
March__
April
May—
June
July
1,314
1,318
1,320
1,317
1,310
Pl, 304
P I , 307
1, 356
1,361
1,364
1,362
1,359
34
33
31
30
30
1,239
1,245
1,259
1,259
1,254
1,093
1,098
1,113
1,113
1,108
146
146
146
146
146
84
83
74
73
75
p1 Preliminary.
1 Loans and discounts to member institutions of the Federal Home
Outstanding principal, represented by certificates of deposit. Does
Loan Bank System.
2 Federal Home Loan Bank Board estimates for all Federal saving* not2 include accrued interest nor outstanding savings stamps.
Includes
working cash with postmasters, 5-per cent reserve fund and
and loan associations which are private institutions chartered and
miscellaneous working funds with the Treasurer of the United States,
supervised by the Federal Home Loan Bank Board.
accrued interest on bond investments, and accounts due from late postmasters.
Back figures—See BULLETIN for August 1935, p. 502.
FEDERAL HOUSING ADMINISTRATION
[In millions of dollars]
Loans insured b y Federal Housing
Administration (Gross) 1
End of month
Total
1936— Dec
1937—Dec
1938—Mar
June
.Sept
Dec
1939—Mar
June
__
Sept
Dec
1940—Mar
June
__.
Sept
Dec
1941—Mar
June__ __ _.-
907
1,403
1,494
1,646
1,852
2,097
2,313
2,547
2,783
3,051
3,265
3,482
3,761
4,076
4,345
4,613
Property
improvement
(Title
I)
500
561
566
609
662
721
759
814
867
929
972
1,023
1,098
1,179
1,236
1,297
New
small
home
construction
(Title
I)
3
8
13
18
26
32
38
44
50
57
64
69
73
Morton
Home gages
rental
mortand
gages
group
(Title housing
II)
(Title
II)
403
827
903
998
1,131
1,300
1,451
1,607
1,777
1,970
2,133
2,288
2,480
2,706
2, 908
3,108
Insured home mortgages (Title II) held in portfolio
b y classes of institutions 2
Defense
housing
(Title
VI)
4
15
25
36
51
63
86
100
108
114
117
121
126
127
132
135
*
Total
365
771
856
933
1,049
1,199
1,349
1,478
1,622
1,793
1,949
2,075
2,232
2,409
2,598
2,755
Commercial
banks
228
431
472
509
565
634
699
759
824
903
971
1,026
1,093
1,162
1,247
1,318
Mutual
savings
banks
8
27
26
28
32
38
44
50
57
71
90
100
112
130
146
157
Savings
and
loan
associations
56
110
119
127
137
149
159
167
178
192
201
208
216
224
230
237
Insurance
companies
41
118
146
165
187
212
241
271
302
341
393
432
480
542
606
668
Federal
agencies 3
5
32
42
44
56
77
114
137
148
153
171
182
190
201
210
221
Other «
27
53
51
60
72
89
92
94
113
133
123
127
141
150
159
154
1
These figures represent gross insurance written and do not take account of principal repayments. On the latest date for which figures of insured loans less repayments are available, the amounts were as follows: Property improvement (Title I) on May 1, 1941, $321,000,000; new small
home construction (Title I) on May 1, 1941, $52,000,000; home mortgages (Title II) on July 1, 1941, $2,600,000,000; and rental and group housing
(Title II) on July 1, 1941, $109,000,000.
2 Gross amount of mortgages held, does not include terminated mortgages and cases in transit to or being audited at the Federal Housing Administration.
s4 The RFC Mortgage Company, the Federal National Mortgage Association, and the United States Housing Corporation.
Including mortgage companies, finance companies, industrial banks, endowed institutions, private and State benefit funds, etc.
* Less than $500,000.
916
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Construction
contracts
awarded (value) 3
1923-25=100
Industrial production
(physical volume) 2 *
1935-39=100
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
._
_
_
_.
Employment 4
NonagriMin- Total ResiAll
cul- 5
den- other tural
erals
Nontial
Dur- dur1935-39
able able
=100
Manufactures
Total
Fac- Freight- Department
tory
store
payloadsales
rolls * ings
*
(value)
*e
1923-25 1935-39
1923-25
Factory
=100
=100
=100
1923-25=100
Ad- U n a d - Ad- Ad- Ad- Ad- Ad- AdAd- Unad- Unad- AdAdusted justed usted usted usted usted justed usted justed usted justed justed justed
122.3
110 9
94.3
73.2
69 5
80.2
87.2
101.2 - - - - 107.2
98 9
105.5
112.5
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
108
123
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
138
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
108
113
71
83
66
71
98
89
92
99
100
99
107
93
80
66
76
80
86
99
112
97
106
117
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
81
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
60
70
74
80
81
89
107.6
100.9
92.3
82.8
83.3
90.5
94.2
100.0
105.0
98.5
102.3
105.6
97.0
97.2
98.1
99.1
100.2
100.7
101.4
81
86
90
93
96
100
101
81
84
91
97
100
102
99
66
71
78
83
89
96
97
90
95
99
100
100
103
104
92
94
97
98
98
102
102
54
59
66
78
82
96
06
42
49
63
56
57
56
57
64
68
77
96
102
128
128
96.8
97.0
97.6
98.2
98.7
99.6
100.3
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
98
98
103
105
105
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
102
103
92
96
105
107
92
114
119
120
115
86
55
58
55
58
55
58
62
67
68
68
61
60
111
85
80
74
68
67
71
78
76
82
101
107
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
136
136
136
134
124
118
116
123
133
136
143
151
155
157
165
113
110
107
107
110
114
112
112
112
116
120
124
118
114
117
119
117
119
120
113
117
113
118
119
75
63
62
64
64
74
85
90
93
95
111
115
53
56
57
62
64
69
77
82
82
85
87
90
121 3 140
144
123.0
123 7 147
124.5
144
128.4
154
130 8 159
132.3 P161
135
140
144
144
155
160
171
176
180
180
190
195
P200
«201
123
126
127
130
135
139
P138
"137
118
118
125
96
125
133
103
99
94
103
101
117
84
76
74
80
88
101
P104
Adjusted
Wholesale
commodity
prices 4
1926
=100
Cost
of
living*
1936-39
=100
Unad- Unadjusted justed
106.7
107.1
82.0
90.7
103.8
96.4
99.8
101.7
99.5
99 7
106.0
92.4
78.1
66.3
73.4
85.7
91.3
99.0
108.6
90.9
99.9
107.5
98.0
117.2
75 6
81.2
102.9
96.0
101.1
104 2
102.4
103 5
110.4
89.4
67.8
46.7
50.1
64.5
74.1
85.8
102.5
78.5
92.2
105.4
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
154 4
Q7 fi
96 7
100 6
98 1
103 5
100 0
95 4
Qfi 7
95.3
86 4
73.0
64.8
65 9
74.9
80.0
80.8
86.3
78 6
77 1
78.6
86.3
87.2
89.3
91.0
92.0
94.8
96.7
85.4
85.9
90.2
93.6
94.2
95.3
96.2
71.6
71.7
77.9
82.3
85.0
85.3
88.1
85
88
90
92
95
95
96
82
83
83
85
86
87
88
78 3
78.8
78 1
78 3
77 6
77 5
77.0
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.fi
80.0
100.5
117
118
109
121
111
129
P120
111.0
111.6
111.4
111.5
112.9
114.0
118.3 115.5
118.6 117.8
119.4 119.9
122.0 122.6
124.9 124.9
128.7 127.8
*133. 2 P130. 5
120.7
126.8
131.2
134.7
144.1
152.1
P152. 5
122
124
126
112
135
139
138
"139
101
103
103
104
105
104
115
80.8
80.6
81.5
83.2
84.9
87.1
88.8
«90.3
100.8
100.8
101.2
102.2
102.9
104.6
105.2
10/1 K
1AO O
107 7
11Q 7
101 Q
1OO O
IOC
A
19R A
104. fl
122.5
110 A
108.7
97.6
GO A
95.7
98.1
99.1
102.7
100 8
99 4
••100. 2
1938
June
July...
August
September
October
November. _ _ _
December
1939
January
February
_
March _ _
April
May
June
July
August
September
October
November
December
1940
January
February. _
March
April
May
June
July
August
"
September
October
November
December
1941
January
February. .
March
April.
May
June
July e
August
"163
"133
73
69
67
63
63
67
73
73
76
83
86
100 9
100 7
r
100 2
99 1
08 6
100 6
00.6
09 8
100 4
100.2
100.1
100.7
r
p1 Preliminary.
* Average per working day.
Revised.
• Estimated.
Department of Commerce series on value of payments to individuals.
2
Revised series. For description see pp. 878-881 of this BULLETIN. For figures on old basis see pp. 918-921.
3 Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 926.
* 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. 922-925 for employment
and 5payrolls and p. 929 for prices.
Excludes military and naval forces.
6
For sales comparisons by cities and by departments see p. 928 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.
SEPTEMBER
1941
917
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors. 1 935-39 average = 100]
1940
1941
Industry
Industrial
Production—Total...
ManufactuT'es^—'Total
Durable
Nondurable
Iron and Steel
Pig iron
Steel ingots
. _
Machinery
June
July
Aug.
Sept.
Oct.
Nov.
121
121
121
125
129
133
139
122
131
114
121
132
112
122
135
112
127
132
151
116
135
154
120
142
165
124
166
173
165
181
182
181
153
163
146
112
154
148
154
156
157
156
158
162
157
164
167
164
165
169
165
128
133
138
145
146
Dec.
June
July
Feb.
Mar.
Apr.
140
141
143
140
150
157
P161
144
170
122
145
172
123
146
170
127
147
167
132
154
176
136
162
188
141
P166
?197
174
186
173
168
178
167
168
170
169
160
162
160
165
166
165
182
177
182
185
#183
173
176
181
191
202
213
P224
164
803
110
173
279
339
194
832
141
193
280
'361
210
878
152
210
296
409
P237
P998
Jan.
May
P141
P183
Transportation Equipment
Aircraft
Automobiles
Railroad cars
Locomotives
Shipbuilding
122
364
106
111
102
170
111
394
87
119
113
189
107
455
76
127
123
213
138
517
109
148
140
220
157
544
130
148
160
227
162
584
133
166
168
226
168
624
134
177
174
261
188
686
149
209
204
291
199
726
159
189
217
316
188
751
144
168
239
322
Nonferrous Metals and Products
Nonferrous metal smelting 1
Copper smelting
Zinc smelting
Copper deliveries
Lead shipments .
Zinc shipments
Tin deliveries
ISO
128
131
130
115
119
124
141
138
138
140
141
119
127
135
146
146
134
135
140
134
128
141
153
130
126
148
154
126
143
164
134
130
147
170
127
144
169
133
132
146
179
131
142
177
137
138
147
203
136
143
181
136
134
150
212
136
142
184
141
141
155
218
140
146
186
140
136
155
211
139
142
186
141
137
160
211
140
143
191
148
142
170
224
150
142
191
145
136
173
221
155
150
P200
P!54
111
110
113
107
104
115
ilk
113
115
121
121
121
123
124
122
127
128
125
132
133
128
137
139
132
135
139
129
128
125
132
132
128
139
132
122
151
135
125
154
vl41
130
#161
Stone, Clay and Glass Products
Cement
Common find face brick
Common brick
Face brick
Glass containers
Polished plate glass
112
113
118
120
112
111
80
115
110
117
117
118
117
100
119
115
129
130
125
114
114
124
125
131
124
146
116
118
126
133
126
126
127
115
111
ISO
140
135
136
132
114
113
140
155
147
147
148
119
117
154
181
158
183
150
156
142
139
HI
134
150
138
P151
123
137
131
138
139
135
135
142
148
142
155
152
154
146
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries
Wool textiles
Carpet wool consumptionApparel wool consumption
Woolen yarn
Worsted yarn...
Woolen and worsted cloth _
107
103
114
144
56
89
79
88
92
92
89
113
109
121
137
57
101
69
113
102
113
105
113
111
124
127
61
106
95
108
104
117
105
116
113
120
120
65
123
109
137
120
135
122
123
121
126
129
71
132
125
152
124
149
127
134
130
135
146
77
140
128
160
131
152
140
139
136
145
156
74
140
141
158
132
143
141
134
130
138
157
69
134
125
152
124
146
134
135
131
142
150
67
136
131
152
122
157
134
1U
140
147
158
71
152
131
177
139
170
154
155
149
156
171
74
165
148
182
149
177
173
162
156
164
190
71
168
154
196
153
178
174
163
157
168
190
73
164
152
190
150
178
166
P166
P162
180
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
96
90
90
88
91
101
94
85
88
75
84
101
97
92
98
83
83
101
95
90
95
82
83
99
97
93
100
85
81
100
107
100
110
92
82
112
108
102
113
86
86
113
107
102
115
88
79
110
108
103
112
92
87
112
114
113
119
112
97
115
114
109
118
97
96
117
123
118
129
99
105
126
130
121
131
98
112
136
P126
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
115
98
112
111
113
106
111
118
126
152
101
91
99
115
110
100
101
114
117
106
116
124
116
132
101
97
98
110
114
99
90
110
104
104
115
132
119
141
99
91
96
115
110
100
86
115
114
105
115
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
P126
P103
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
113
99
84
131
201
108
104
72
148
155
91
91
44
208
87
103
93
71
231
126
103
100
80
118
134
96
94
77
86
131
101
104
85
85
105
105
105
78
112
126
108
106
81
132
131
104
100
80
132
130
107
102
82
140
137
114
106
90
129
170
122
107
94
154
206
130
115
108
206
190
115
98
127
99
103
101
106
99
106
105
110
96
108
102
113
100
115
105
120
112
113
103
119
106
114
108
121
101
113
111
118
101
116
110
125
96
117
109
127
97
120
117
127
101
119
109
131
100
118
106
131
97
114
106
123
97
Lumber and Products
Lumber
Furniture
_
.
.
Alcoholic Beverages
Malt liquor
Whiskey _ ._ .
Other distilled spirits
Rectified spirits
Tobacco Products ._
Cigars
Cigarettes
Manufactured tobacco and snuff..
167
P235
P338
P505
147
184
237
154
155
143
P179
P7S
#163
P142
PUS
P165
P130
133
' Revised.
v Preliminary.
Includes also lead production shown under "Minerals."
1
918
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries (Adjusted for Seasonal Variation)—Continued
[Index numbers of the Board of Governors.
1935-39 average = 100]
1941
1940
Industry
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
July
Paper and Paper Products
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
_._
Paperboard containers
132
132
159
118
148
186
157
128
128
118
115
135
137
126
128
ISO
130
153
117
142
179
151
126
130
121
111
126
131
126
128
123
150
119
120
179
148
118
121
114
113
117
121
117
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
130
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
128
128
153
122
129
193
144
124
134
110
115
123
125
119
182
133
160
119
137
199
153
129
138
114
115
126
133
124
134
136
161
121
135
199
156
132
143
115
114
130
132
129
142
145
162
120
141
203
155
143
158
127
114
Printing and Publishing l
Newsprint consumption
120
106
114
102
110
104
108
104
109
104
110
106
112
107
111
103
U4
105
116
106
118
106
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
115
112
110
113
122
116
132
132
150
112
108
106
111
113
116
139
137
218
113
109
109
116
98
111
140
137
263
116
112
113
113
102
121
143
139
267
116
112
111
115
109
123
145
141
266
118
114
112
116
115
123
147
143
281
120
116
115
120
107
130
148
143
323
121
117
117
120
112
120
148
143
314
121
117
118
122
104
123
148
144
295
123
119
120
121
105
113
150
144
347
121
120
120
121
118
117
133
134
77
rl23
107
126
122
124
120
118
115
151
141
515
116
117
115
114
116
118
121
123
123
117
116
126
127
113
109
109
106
108
95
115
116
105
106
102
124
125
109
110
107
126
128
109
110
103
132
133
116
118
107
144
147
117
118
115
141
143
123
124
121
153
156
128
128
127
155
158
134
135
132
158
161
131
131
130
164
144
144
145
196
151
151
155
156
126
127
125
Chemicals
_
Rubber products
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
Minerals—Total
137
139
nsi
144
149
175
121
151
216
170
145
154
133
114
148
144
140
127
106
123
123
123
134
104
156
145
530
170
112
P127
106
159
149
144
P153
120
114
116
113
118
119
118
118
125
101
126
133
P129
Fuels
Bituminous coal
Anthracite
Crude petroleum
116
116
116
116
117
121
133
114
112
121
115
108
115
119
108
114
109
98
94
115
US
112
97
115
US
115
108
113
114
117
98
114
US
114
86
22
71
113
121
149
80
114
129
153
126
120
P127
102
113
1
149
102
112
Metals
Iron ore shipments
134
155
143
117
118
122
114
139
159
150
120
129
125
122
124
159
144
117
125
93
88
127
155
132
108
131
107
109
137
163
140
119
131
125
113
148
192
141
107
134
127
136
151
186
142
112
135
141
132
144
188
148
116
137
120
119
161
189
152
116
142
133
133
148
191
148
118
140
124
127
191
354
150
120
147
122
121
154
212
161
120
150
114
138
155
180
155
117
152
157
107
E
t"::::::::::::::::::::
Zinc
Gold
Silver
P146
P135
P119
HI
164
106
r
Revised.
*> Preliminary.
i Includes also printing paper production shown under " P a p e r . "
NOTE.—Revised figures are shown on pages 933 to 937 of this BULLETIN.
for August 1940 pages 753 to 771 and 825 to 882.
SEPTEMBER 1941
For description and back figures for series shown here see BULLETIN
919
INDUSTRIAL PRODUCTION, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1940
1941
Industry
June
Industrial Production—Total
__
manufactures—Total __
Durable
Nondurable
_- Iron and Steel
Pig iron
Steel ingots
___
-_
__
Aug.
Sept.
Oct.
Nov.
Dec.
Jan. Feb.
Mar. Apr.
May
r
June July
121
118
120
129
134
135
135
134
138
143
142
122
134
112
118
127
111
120
128
114
130
144
119
136
155
121
138
158
121
139
162
121
137
142
150
161
167
148
175
126
w
154
161
164
161
164
169
163
166
173
165
172
173
172
170
172
172
179
177
170
176
172
181
178
181
171
147
15S
161
152
170
171
175
172
179
179
P173
181
P172
151
150
151
__ -
July
118
122
153
157
P156
157
162
175
185
120
134
192
P161
P189
P138
138
Machinery
129
129
1S5
142
149
158
164
168
176
185
195
206
215
P217
Transportation Equipment
Aircraft
Automobiles
Railroad cars
Locomotives
Shipbuilding
1S1
371
114
124
106
176
96
394
70
117
116
185
68
455
23
130
124
202
120
501
89
135
137
213
167
544
142
141
152
229
184
590
186
672
199
726
215
849
223
895
151
178
204
161
182
222
307
139
196
266
164
218
280
282
202
751
160
178
234
335
190
803
161
153
163
219
183
624
152
172
186
263
352
'380
164
235
308
426
P209
P998
134
P230
J>348
P495
ISO
127
131
128
116
113
118
148
1S1
126
126
133
118
118
125
143
141
127
127
133
133
122
130
154
131
129
143
156
127
140
167
138
138
147
173
133
145
172
137
139
147
181
141
149
172
138
135
152
188
141
149
176
137
181
142
194
147
196
148
140
158
209
138
149
145
164
221
143
145
144
170
231
149
142
191
144
133
153
200
138
149
190
142
136
163
219
140
145
116
119
110
111
112
107
128
126
118
182
134
127
182
132
133
126
123
130
121
114
133
lie
119
115
129
123
118
133
130
128
135
184
113
123
Stone, Clay and Glass Products
Cement
Common and face brick
Common brick
Face brick
Glass containers
_____
Polished plate glass
129
143
146
153
129
117
79
127
136
147
149
140
121
66
188
141
150
153
142
124
93
189
150
161
162
161
118
118
142
154
154
160
140
119
127
186
145
147
149
141
115
129
125
124
125
120
133
111
141
110
100
112
102
125
117
142
110
120
144
131
130
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
101
98
108
131
51
88
77
88
92
92
88
105
101
109
134
51
98
67
108
102
107
102
111
108
114
137
57
109
101
113
108
120
107
118
115
120
138
65
120
111
137
119
130
116
126
124
129
144
77
129
124
145
121
149
122
187
134
139
151
87
139
126
162
129
152
139
140
136
142
154
79
145
131
163
132
157
149
188
143
140
152
148
68
149
143
165
134
163
153
88
88
86
90
91
89
91
83
82
83
83
98
104
89
93
87
81
114
102
89
94
81
84
111
98
93
101
82
80
102
98
101
114
87
79
96
99
104
115
88
87
95
104
120
99
116
165
196
130
150
151
109
119
102
96
93
117
181
100
95
144
169
115
130
136
102
106
100
92
95
136
188
115
102
117
124
104
119
123
112
117
107
101
107
140
126
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
112
128
40
70
130
89
106
24
100
68
108
94
56
317
134
108
82
76
314
174
112
105
119
101
110
108
116
97
118
117
121
108
120
127
118
115
_
.
Nonferrous Metals and Products1
Nonferrous metal smelting
Copper smelting
Zinc smelting
Copper deliveries
Lead shipments
Zirm shipments
Tin deliveries
.
Lumber and Products
Lumber
Furniture
_ __
Leather and Products
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
_
_. ___
Manufactured Food Products.
Wheat flour
Cane sugar meltings
Manufactured dairy products
Ice cream
Butter
.
Cheese
Canned and dried milk
Meat packing _
Pork and lard
Beef
VeaL__ ___.
__ _ _
Lamb and mutton
Other manufactured foods
lie
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified spirits
120
126
67
Tobacco Products
Cigars
_ ..
_ __ ___ _
Cigarettes
Manufactured tobacco and snuff
124
92
116
169
180
148
171
175
123
148
99
92
94
110
77
161
104
140
101
139
136
170
222
147
143
P192
P141
132
173
234
143
143
140
135
150
P144
P141
164
P166
163
172
174
130
142
PU9
177
160
96
159
163
142
142
149
147
143
156
150
74
152
146
179
135
163
154
150
157
155
146
160
158
73
152
139
171
140
166
156
152
164
169
'66
165
148
196
153
178
167
150
160
173
66
163
149
190
150
178
164
122
112
121
105
96
128
118
110
118
96
99
123
rl20
115
126
94
103
124
119
117
125
100
112
119
P122
103
116
87
79
106
117
112
125
97
91
121
115
100
98
79
68
87
82
95
159
212
107
92
104
115
104
104
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
P138
P102
151
177
200
132
147
120
101
111
111
155
186
195
121
130
118
92
96
123
137
165
172
119
119
125
95
104
104
77
96
181
207
98
81
98
105
140
87
84
108
111
120
124
129
137
98
86
91
84
90
77
75
91
115
123
114
105
98
83
108
89
133
144
154
72
136
119
149
125
150
142
99
103
84
69
95
89
103
133
157
110
83
118
103
104
105
92
78
101
96
110
122
145
98
83
112
103
135
104
73
94
90
106
79
100
96
92
113
124
122
149
165
108
108
110
118
121
128
96
118
95
100
119
99
111
118
100
108
133
100
113
144
99
90
119
98
P155
P150
162
P173
P70
P159
P139
P177
PU8
P179
*>160
P126
P193
P136
181
142
!59
>'97
160
123
111
138
99
r
Revised.
P Preliminary.
1 Includes also lead production shown under "Minerals."
920
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries (Without Seasonal Adjustment)—Continued
[Index numbers of the Board of Governors.
1935-39 average = 100]
1941
1940
Industry
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
Apr.
May
June
HI
145
165
133
141
203
155
142
155
130
115
'•141
136
136
143
147
173
124
150
214
167
143
154
130
115
145
143
137
July
Paper and Paper Products _
Paper and pulp
Pulp
G r o u n d w o o d pulp
Soda pulp ._
Sulphate pulp
Sulphite pulp
Paper...
Paperboard
Fine paper
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
Paperboard containers
130
131
157
120
147
184
154
127
128
116
116
132
135
123
127
124
123
147
104
133
175
144
120
123
110
108
118
124
122
125
123
121
148
101
120
179
148
117
123
107
110
113
121
116
124
120
147
102
115
185
145
116
125
102
111
110
131
108
127
124
150
110
124
188
143
120
130
110
112
115
129
113
124
124
151
126
113
186
144
120
132
110
112
113
119
114
123
124
154
124
138
190
144
120
127
112
110
116
126
116
126
128
154
124
128
192
144
124
132
111
113
119
128
120
131
133
159
127
133
199
148
129
138
118
113
126
130
124
136
137
164
128
141
203
156
133
144
122
115
132
134
126
137
140
165
136
139
199
159
136
146
126
114
135
135
130
Printing and Publishing *
Newsprint consumption
119
107
103
88
102
91
108
105
113
111
112
111
112
109
109
98
115
104
121
110
124
113
126
111
126
107
P116
Petroleum and Coal Products
Petroleum refining
Gasoline
_ __
Fuel oil
Lubricating oil
Kerosene .
Coke
Byproduct coke
.. _ _
Beehive coke
116
113
112
112
122
113
132
132
123
113
109
109
109
111
110
136
135
181
114
110
112
114
97
107
139
137
210
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
120
115
113
123
108
126
150
143
367
120
115
114
124
103
124
152
145
398
119
114
114
119
104
115
154
145
434
121
119
118
119
122
119
133
134
69
126
122
124
120
122
115
148
141
386
128
124
126
122
134
102
154
145
435
P128
Chemicals
110
110
112
116
120
120
122
121
123
128
137
P139
Rubber Products _ _
R u b b e r consumption
Tires and tubes
Pneumatic tires
Inner tubes
117
116
126
127
113
109
109
106
108
95
115
116
105
106
102
126
128
109
110
107
126
128
109
110
103
135
138
116
118
107
137
140
117
118
115
145
148
123
124
121
151
153
128
128
127
155
158
134
135
132
157
160
131
131
130
162
164
144
144
145
192
196
151
151
155
P153
118
121
117
124
122
119
114 ' 113
115
116
96
121
131
P129
111
100
107
116
111
106
504
114
109
111
85
111
116
124
103
114
112
110
99
114
115
128
98
111
116
127
115
111
118
134
112
112
121
143
105
114
87
19
76
116
118
126
88
118
123
132
116
120
P120
161
288
140
116
116
97
114
179
315
133
112
121
134
113
164
308
135
114
118
100
91
171
301
136
112
127
121
107
184
294
146
117
131
156
115
147
162
147
114
135
146
135
102
91
98
90
146
118
139
141
133
145
116
140
112
118
155
116
144
122
137
151
116
147
103
132
149
210
156
121
151
107
124
181
323
159
117
150
108
133
184
326
152
116
149
125
107
Pi 83
344
148
.
Minerals—Total _
Fuels
Bituminous coal
Anthracite
Crude petroleum
Metals .
Iron ore shipments
Copper
Lead.;::
Zinc
Gold
Silver
_.
117
130
114
111
r
lS6
161
109
92
154
146
429
156
126
127
125
P12S
p-i-in
154
113
r
Revised.
v Preliminary.
1 Includes also printing paper production shown under "Paper."
NOTE.—Revised figures are shown on pages 933 to 937 of this BULLETIN. For description and back figures for series shown here, see BULLETIN
for August 1940, pages 753 to 771 and 825 to 882.
SEPTEMBER
1941
921
FACTORY EMPLOYMENT, BY INDUSTRIES
(Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors; adj Listed to Census of Manufactures through 1937 . 1923-25 average=100]
1940
1941
Industry and group
June
July
103.9 105.1
Total*
Durable goods*
Nondurable goods*
Iron Steel, Products
Blast furnaces, steel works
Bolts, nuts, washers, rivets
Cast-iron pipe
Cutlery, edge tools
Forgings
Hardware
-_
Plumbers' supplies
Stamped, enameled ware
Steam, hot-water heating
Stoves
Structural, ornamental
Tin cans, tinware
Tools ._
Wirework
_.
Machinery
Agricultural implements
Cash registers, etc. .
Electrical machinery..
Engines, turbines, etc.
Foundry, machine-shop products.
Machine tools
Radios, phonographs..
Textile machinery
Typewriters
99.0
108.5
100.4
109.6
108.7
115
104
75
102
66
82
Aug.
Sept.
Oct.
107.4 108.9 111.4
104.3
110.2
107.4
110.3
111.2
111.5
107.3
111.1
112.9
116.1
120
110
76
104
70
84
123
116
78
104
74
98
123
119
81
107
77
102
125
121
84
109
81
105
83
153
84
157
85
91
73
100
92
87
95
75
100
95
87
169
89
179
91
96
78
98
98
92
95
81
96
101
90
188
97
98
84
99
106
151
139
152
170
189
114.9
116.6
120.0
122.5
126.6
136
130
103
152
133
130
104
165
139
129
107
176
97
228
98
237
101
247
144
79
145
77
145
76
112
116
119
141
132
111
182
143
132
116
197
103
247
107
257
138
79
134
81
123
126
Jan.
Mar.
114.2
114.6
113.8
116.6 118.3 118.6
117.6 121.1 122.1
115.7 115.6 115.2
119.4 122.0 '124.9 128.7 133.2
123 0 126.3 -129. 5 134.0 140.8
115.9 118.0 -120. 5 123.6 125.9
122.4
124.8
125.5
126.2
128. 3 '132. 0
136.1
139.9
130
135
89
110
88
113
133
139
88
110
90
113
133
145
92
108
94
114
133
151
92
110
96
116
136
153
93
114
100
115
140
160
94
117
102
116
145
166
95
122
104
118
180.9
140
134
120
211
110
265
142
83
128
108.2
Lumber, Products
Furniture
Lumber, millwork
Lumber, sawmills
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
116.7
199
140
98
99
118.6
102
214
103
220
109
107
101
113
133
111
110
103
125
136
114
114
104
132
138
207
206
208
208
203
205
136.0
141.2
148.1
143
137
126
218
147
137
131
237
144.2
155. 8 '161.5
114
275
118
286
140
140
137
239
158
151
147
245
120
296
126
146
142
243
150
86
155
89
130
131
165
92
110
124
304
129
315
134
324
140
335
144
349
178
95
189
98
197
101
184
104
134
138
143
150
191
107
155
220
179
111
107
229
181
115
111
112
79
100
110
79
101
112
81
71.8
91
68
64
78.6
93
71
66
76.3
97
74
68
75.5
98
72
67
84.7
61
72
112
46
96
88.4
65
74
117
45
100
94. 6
75
75
120
46
108
92.9
74
76
116
47
108
74.0
98
71
65
92.3
71
75
118
46
108
74.2
101
70
65
83.0
61
70
109
46
94
75.2
96
72
67
90.4
68
76
117
46
105
101.9
93.5
75
102.6
95.2
79
105.3
97.7
82
107.2
98.7
82
107.8
98.8
85
67.5
89
62
60
69.0
90
63
62
70.6
91
65
64
79.8
58
67
103
47
91
81.3
60
66
105
45
94
81.8
60
69
107
45
94
96.8
88.0
70
100.2
91.3
71
101.1
92.6
72
_
106
76
96
110
77
98
76
119
74
133
65
72
131
64
77
112.5
102
158
113
111
71
77
125
85
136
69
76
138
63
85
116.1
105
166
106
120
71
79
128
83
138
72
75
147
62
86
116.1
104
164
112
125
73
81
129
84
138
69
74
151
61
90
116.5
104
165
112
126
78
82
129
80
140
70
75
153
63
93
114.8
102
164
112
122
74
97
99
87
129
84
141
71
76
151
65
99
118.0
109
168
114
118
68
90
132
85
144
74
77
149
64
98
121.9
115
170
114
116
69
116
116
92
132
82
144
69
81
144
63
98
122.0
114
166
114
116
76
118
119
107.1
99.1
84
100
93
134
82
142
69
78
141
64
98
120.5
111
166
113
118
82
117
117
122
131
125
89
91
93
70
59
284
185 1 '186 2
67.4
90
61
60
..
158.8 '164.5 174.1 195.2
5,813 -6,107 6,515 7,142
131
-128
148
125
224
176
109
105
103
74
94
94
95
1741
168
163
292
101
204
107
106
100
113
128
229
173
107
102
100
72
92
170
163
159
275
100
202
106
106
100
112
126
188.3
81
71
89
173.1
166
150
153
259
98
201
106
113
96
109
121
218
168
102
101
207
153
101
96
167.5
99
194
129.4
86
68
87
92
70
92
122.3
212
149
168
94
130
110
114
102
229
123
120
106
135
141
216
98
196
126.3
214
162
101
98
105
75
94
202
147
100
94
. .
._
._
190
132
95
100
183
128
94
99
.
Stone, Clay, Glass Products
Brick, tile, terra cotta... _
Cement
Glass
Marble, granite, slate
Pottery _
110.7
...
May
103
108
91
104
116
111.8 110.7 120.9 130.2 140.2 143.9 145.6 150.4 152.9
Transportation Equipment
2,829 3,115 3,479 3,881 4,243 4,447 4,731 5,089 5, 398 5,509
Aircraft
116
97
107
125
127
124
123
Automobiles
__ 102
123
123
51
50
55
58
64
49
67
75
Cars, electric-, steam-railroad..
71
70
31
33
36
39
42
29
46
52
55
Locomotives
.
56
204
Shipbuilding
164
175
186
187
195
220
244
262
268
Nonferrous Metals, Products
Aluminum*
Brass, bronze, copper
Clocks, watches
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
Apr.
July
Dec.
118.9
127
128
89
110
83
109
94
190
100
100
86
103
111
201
Feb.
June
Nov.
99
74
64
82
67
90
75
-299
338
383
'140.7
144.1
230
191
121
115
147 8
236
193
124
118
234
183
118
113
112
82
-102
116
84
102
123
93
103
75.9
106
71
65
79.0
108
75
68
92.8
70
74
121
45
109
104
69
-64
92.1
69
73
122
45
109
93.7
69
74
124
44
116
98.7
73
76
131
43
126
107.6 '109. 8
100.4 103.3
83
86
112.9
105.9
89
116.1
109.0
90
120.2
111.1
90
106
111
94
136
83
142
68
78
143
66
102
119.3
110
164
114
118
78
103
141
82
144
76
81
155
74
109
123.8
122
160
116
121
73
107
144
86
146
82
79
164
75
110
126.8
124
169
119
124
68
113
97
138
80
141
71
79
141
69
109
119.8
114
159
114
119
78
124
127
130
133
101
103
110
150
85
148
86
91
163
72
112
135.4
124
194
117
137
77
136
r Revised.
* Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166, and for June 1941, p. 569.
NOTE.—Figures for July 1941 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and for October
1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month.
922
FEDERAL RESERVE BULLETIN
Factory Employment (Adjusted)—Continued
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
1941
1940
Industry and group
Leather, Manufactures
Boots, shoes
Leather
June
July
81
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
181.9
146
278
97
161
83
80
77
109
102
90. j
89
81
Sept.
87
82
146
268
146
272
75
111
79
76
108
106
97
65.
59
62.,
58
Paper, Printing
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing
115.7
118
116
100
116
Chemicals, Petroleum, and Coal
Products
Petroleum refining
Other than petroleum
Chemicals
Cottonseed oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes.
Rayon, allied products
Soap
Rubber Products
Rubber boots, shoes
Rubber tires, inner tubes
Rubber goods, other
' Revised.
Aug.
Oct.
Nov.
89.9
88
81
91.1
90
126.1
144
265
96
130
86
79
75
109
110
91
Dec.
Jan.
Feb. Mar. Apr.
92
84
94.3
93
85
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
68. 8
57
64
68.4
55
65
64.7
57
57
54
64.O
54
65
91
85
183.3
143
281
91
95.5
93
90
92
181.0 rlSl.3
148
145
146
279
277
278
105
102
140
139
92
91
77
79
78
81
'82
'79
111
114
113
144
97
111
103
97
78
80
112
240
92
65.0
54
May
June
July
101.0
98
95
99.6
96
97
135.0
149
287
107
147
89
78
'79
119
99
102
187.1
151
285
105
156
90
136.5
150
289
102
156
97
79
78
118
65.8
54
67
65. <
53
68
94
90
97
65.6
53
67
56
64
57
65
116.6
119
117
101
116
116..
119
117
100
117
116.7
117
117
100
116
116.1
117
115
102
116
116.,
120
116
101
118
117.8
122
116
102
117
117.1
123
116
103
116
117.2
122
117
101
116
118.5
125
119
103
117
122.4
123
122.3
138
83
120
127
120
122
315
82
121.7
122
121.5
138
78
119
133
114
124
122.2
122
122.2
141
75
117
139
113
126
306
85
121.7
121
121.8
141
62
116
145
107
127
309
122.9
121
123.5
143
92
114
141
107
125
310
124.1
120
124.9
147
101
113
144
107
127
311
82
125.8
120
126.4
151
102
113
147
103
128
314
87
126.5
120
128.1
154
102
116
151
104
130
310
127.4
120
129.1
157
100
118
162
103
130
306
90
128.1 '182. 5 rl85.7
121
121
123
129.9 '135. 2 '138.9
161
163
168
'110
'106
94
122
129
119
163
0)
0)
95
118
112
134
136
135
330
324
91
93
139. 8
125
143.4
172
107
132
125
140
337
94
126
145
329
84.2
57
69
140
817
56
69
141
87.0
54
71
149
91.6
57
74
157
93,6
60
75
160
100.4
69
79
174
103.9
74
82
176
111.8
82
86
192
113.0
64
77
167
99.0
67
78
171
102.0
54
73
155
80
177
119.8 '121.2 122.9
129
139
132
120
125
123
104
104
104
117
117
117
78
83
179
0)
124.9
142
126
108
117
141.7
126
145.4
173
109
135
0)
194
1 Data not available.
TOTAL NONAGRICULTURAL EMPLOYMENT
[Thousands of persons]
Year and month
Total
nonagricultural
employ- Total
ment * 1'
Employees in nonagricultural establishments
Manufacturing*
Mining
Construction
Transportation and
public
utilities
Trade
Financial, service, and
miscellaneous
Government 2
Military
and
naval
forces
SEASONALLY ADJUSTED
1940—July
August
September
October
November
December
1941—January
February
March
April
May
June
July
35, 448
35, 747
35, 936
36, 324
36, 827
37, 460
37, 571
37, 787
37, 724
37, 772
'38, 243
'38, 680
39, 234
29, 305
29, 604
29, 793
30,181
30, 684
31, 317
31, 428
31, 644
31, 581
31, 629
'32,100
'32, 537
33, 091
10,160
10, 280
10, 477
10, 698
10, 899
11, 021
11,045
11,108
11,316
'11, 545
'11.842
12,199
861
862
849
835
833
837
1,219
1,256
1,318
1,490
1,669
1,974
855
572
'877
'889
913
2,014
2,132
1,933
1,859
'1, 698
'1. 644
1,653
35, 454
35, 902
36, 528
36, 867
36, 986
37, 608
36, 621
36, 928
37, 227
37, 676
'38, 321
'38. 858
39, 241
29, 311
29, 759
30, 385
30, 724
30, 843
31, 465
30, 478
30, 785
31, 084
31, 533
'32,178
'32, 715
33, 098
9,832
10,163
10, 479
10, 668
10, 735
10, 856
10, 797
10, 982
11,152
11, 370
'11, 545
'11, 775
11, 985
837
839
846
856
853
855
852
854
864
564
'869
'876
887
3,036
3,058
3,059
3,053
3, 053
3,064
3,077
3,087
3,105
3,133
'3,192
'3, 220
3,267
6,256
6,282
6,285
6,289
6,341
6,437
6,298
6,333
6,351
6,474
r
6, 449
r
6, 536
6,605
4,161
4,175
4,174
4,181
4,204
4,226
4,233
4,250
4,254
4,258
4, 280
r
4,296
4,333
'4,110
4,121
506
546
634
737
822
884
958
1,139
1,343
1,554
1,679
1,758
1,821
3,059
3,081
3,120
3,121
3,065
3,039
3,012
3,028
3,056
3,113
3,185
'3. 239
3,293
6,159
4,218
4,226
4,255
4,187
4,167
4,180
4,142
4,164
4,187
4,265
4,327
r
4, 353
4,391
3,828
3,839
3,853
3,876
3,881
3,931
3,887
3,906
3,935
3,983
4,049
'4,126
4,162
516
549
634
733
822
884
958
1,145
1,343
1,546
1,662
1, 740
1,857
3,791
3,811
3,828
3,856
3,886
3,880
3,936
3, 951
3,975
4,017
4,059
UNADJUSTED
1940—July
August
September
October
November
December
1941—January
February
March
April
May
June
July
,378
,443
,511
,654
,709
,720
,623
,678
,631
,775
1,782
•1,816
1, 877
6,321
6,362
6,433
6,884
6,165
6,173
6,259
6,463
6,421
'6, 530
6,503
* Revised from January 1937 to date owing to adjustment of manufacturing employment 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.
' Revised
NOTE.—Unadjusted data compiled by Bureau of Labor Statistics. Figures for July 1941 are preliminary. For back figures, adjusted for
seasonal variation, see pp. 534-535 of the BULLETIN for June 1941.
1
J
SEPTEMBER
1941
923
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of L*ibor Statistics; adjustec 1 to Census of Manufactures through 1937. 1923-25 average=100]
Factory payrolls
Factory employment
1941
1940
Industry and group
June
Total*
Durable goods*
Nondurable goods*— _ _ _
July
Mar.
Apr.
May
1941
1940
June
July
June
July
Mar.
Apr.
May
June
July
103.1 103.2 119.9 122.6 '124. 9 127.8 130.5
99.8
98.4 123.7 127.7 131.3
135.1 137.8
106.2 107.8 116.3 117.8 118. 8 120.9 123.5
99.5
101.4
97.4
98.2 131.2 134.7 '144.1 152.1 152.5
97.4 144.6 149.9 163.1 173.8 172.4
99.1 116.3 117.7 122.8 127.8 130.3
104.4
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 _ _ _ _
103.7
106.2
127.2
129.4
183.0
136.1
138.6
102.9
114
104
77
101
66
82
83
153
85
93
74
103
92
152
119
109
78
99
68
83
84
152
84
92
76
106
94
136
135
151
91
113
97
117
101
207
107
103
97
107
130
210
137
155
93
117
100
117
101
210
109
109
99
110
133
207
141
161
94
119
102
117
102
218
112
113
102
123
136
211
144
166
97
120
104
118
103
220
114
116
106
135
138
214
148
166
97
123
107
113
102
223
119
116
108
143
140
212
114
111
70
92
74
86
75
163
77
83
65
114
89
161
Machinery
_ _ _.
Agricultural implements,
__
Cash registers, etc.
Electrical machinery _ _
Engines, turbines, etc.
Foundry, machine-shop productsMachine tools
_ __ _
Radios, phonographs
Textile machinery
Typewriters
115.1
137
130
116.1
131
130
147.7
133
146
156.2 '162. 4
169
171
151
151
103
104
142
168
98
235
143
77
114
248
124
307
149
96
134
147
158
97
229
141
79
111
257
130
317
159
99
138
154
272
135
326
174
101
144
167 9 172.5
171
172
168
163
159
286
140
337
181
104
148
163
297
143
345
189
106
153
141.2
116
112
75
91
78
86
76
167
78
81
68
113
92
141
149
199
99
123
138
138
101
241
112
103
97
122
161
256
125.1
158
138
125.7
149
136
186.2
162
179
118
118
186
211
96
303
134
74
112
223
96
308
139
73
117
'376
144
462
157
110
159
150.9 '161.0
173
234
110
134
152
142
105
265
129
119
114
152
172
273
164
212
104
125
140
136
98
243
117
111
103
127
166
243
'197. 4
230
191
'217. 5
229
196
192
215
'372
152
472
164
112
175
'452
166
505
192
124
190
168.7
167.2
180
248
115
139
164
150
108
279
138
125
120
169
181
281
182
225
111
133
155
136
101
270
143
121
112
178
177
269
230.2
233
216
224
480
179
527
200
131
208
232.5
227
215
232
483
178
534
217
133
217
Transportation Equipment.
_. 114-3 99.7 161.2 166.4 r r171.6 177.7 178.3 121.0 '98.9 197.2 191.4 r '216. 2 239.1 230.1
7,697 8,155 9,084
2,914 3,147 5,564 5,929 6, 290 6,711 7,214 2,968 3,125 6,678 7,134
Aircraft
170
Automobiles _
81
163
188
159
112
132
134
82
132
126
105
147
135
84
90
Cars, electric-, steam-railroad
66
92
45
43
80
74
90
73
51
51
71
86
80
Locomotives
.
64
91
103
29
31
65
76
31
56
60
72
29
68
r
365
430
500
Shipbuilding
581
186
193
308
372
170
272
294
393
163
335
Nonferrous Metals, Products
Aluminum *
Brass, bronze, copper
Clocks, watches _
Jewelry
Lighting equipment
Silverware, plated ware
Smelting, refining
106.6
107.0 rl37. 0 r138. 7
182
127
91
91
84
187
130
90
93
77
224
181
111
104
112
231
183
114
104
113
139.9
234
185
116
104
112
142 0 142.9
228
190
117
107
114
231
190
118
110
116
105.8
105.9
212
141
92
76
70
212
146
91
76
64
r
155. 5 '157. 2 '166. 8
258
290
'238
129
94
105
82
106
322
r
247
134
94
106
143
98
111
91
112
Lumber, Products
Furniture
Lumber, millwork
Lumber, sawmills _
68.3
63
89
68.2
72.6
73.8
63.6
51
87
60.7
72.8
75.7
88
62
88
63
97
70
98
70
100
70
104
73
106
76
76
49
74
49
94
58
95
59
103
62
62
62
64
65
66
67
70
58
54
63
66
66
Stone, Clay, Glass Products
Brick, tile, terra cotta
Cement
_
Glass
Marble, granite, slate
Pottery
82.9
82.4
89.7
93.0
95.6
97.1
99.7
73.4
71.1
85.2
91.1
97.8
68
87
63
72
105
49
90
_
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 _
__ „
82
100
83
102
84
102
76.9
83
103
79.7
65
69
120
43
111
69
74
122
45
113
73
78
124
46
113
75
79
125
46
114
78
82
129
45
116
70
87
74
116
71
130
63
73
128
60
76
94.5
88.0
71
88
74
116
83
131
66
72
136
61
83
111.6
102.7
112.1
103.7
112.4
105.1
112.5
106.2
113.4
107.1
107.9
104.9
127.0
126.2
124.0
121.7
122.6
99
148
112
110
66
115
103
137
103
110
55
111
116
178
118
123
91
128
118
172
118
122
88
130
119
165
118
122
76
131
120
158
118
122
63
131
93.7
85.7
___
64
72
103
48
87
80
101
86
104
98
142
85
144
68
80
146
67
103
87
105
101
143
81
142
71
83
142
69
104
89
106
103
141
80
143
77
82
155
69
107
90
109
104
139
82
143
80
79
160
69
108
89
109
105
140
83
143
82
87
161
69
109
122
160
114
125
59
130
56
86
51
70
111
36
76
75.4
72. 5
55
75
67
93
58
128
51
64
107
46
65
76.6
71
95
109
95
47
92
52
68
105
34
71
82
107
78.0
175.2
321 '
264
148
101
118
94
117
83.9
110
67
71
100.2
173.0
310
262
144
102
118
88
117
84.7
110
69
72
99.7
56
66
141
31
105
62
76
144
35
111
69
85
150
39
114
72
90
153
35
118
74
90
150
35
114
77.7
76.4
107.0
101.1
107.0
104.1
110.3
109.2
111.8
111.6
113.7
113.3
75.7
112.2
106.2
105.7
103.8
107.7
54
78
69
95
78
129
54
63
117
47
74
77
89
100
98
37
88
83
105
105
133
88
161
61
82
133
58
100
99
148
133
129
85
121
82
113
107
135
67
155
64
84
133
60
102
98
132
133
124
76
126
90
117
114
134
75
158
72
85
149
62
113
101
131
137
130
51
130
90
120
116
133
84
158
76
83
153
64
117
107
118
139
131
43
135
90
123
120
135
89
161
77
92
153
64
117
110
128
129
140
42
130
r Revised.
Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166.
924
FEDERAL RESERVE BULLETIN
Factory Employment and Payrolls—Continued
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average=100]
Factory payrolls
Factory employment
Industry and group
1940
June
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
July
Paper, Printing
Boxes, paper
Paper, pulp
Book, job printing
Newspaper, periodical printing.__
Chemicals, Petroleum, and Coal
Products
Petroleum refining
Other than petroleum
Chemicals
Cottonseed, oil, cake, meal
Druggists' preparations
Explosives
Fertilizers
Paints, varnishes
Rayon, allied products
Soap
Rubber Products
Apr.
May
June
July
June
July
Mar.
Apr.
96.1
94
94
May
91.6
91
80
98.7
97
89
98.0
96
90
95.5
93
90
95
94
100.5
98
95
67.0
63
76
76.
75
76
129.
147
302
105
141
75
78
92
108
53
98
135.4
147
300
105
179
74
80
92
111
58
101
120.3
145
264
96
80
89
77
-70
111
43
96
123. 6
147
272
102
97
86
77
-78
110
44
103
127.5
149
293
110
100
81
77
-87
117
47
103
135.0
152
310
114
136
80
78
92
120
48
99
143.8
151
324
112
205
83
80
97
118
52
91
129.0
141
376
91
117
72
72
78
115
54
89
131.3
142
353
90
146
69
76
78
118
56
91
140
313
85
76
94
73
-62
114
46
92
125.2
141
331
90
88
86
76
-69
115
48
93
62.4
56
63
63.3
54
64
63.5
54
65
53
66
65.5
52
67
65.3
52
67
67
67
62.3
67
62
64
62
58.9
62
59
'67.1
67
67
118.1
123
119
102
117
119.4
127
120
103
117
120.,
130
123
103
118
121.5
135
125
102
117
138
126
106
115
112.3
127
126
85
111
111.2
128
126
87
106
145
136
95
112
121.2
151
139
94
112
124.9
159
146
96
114
135. 8
125
138. 3
172
66
127
0)
93
145
327
93
110. 7
78
86
190
137 A
127
140.^
176
63
128
0)
89
146
327
96
111.,
80
88
189
133.2
137
132.0
165
46
126
154
78
136
314
100
133.0
137
131.9
167
43
125
167
70
132
315
100
148.1 157.0
133
142
152.7 -161. 5
202
208
93
-84
138
138
207
0)
117
177
147
158
333
342
115
116
86..
56
78
133
85.2
51
77
132
119.5
84'
80
-106
103
195
195
111 5
115
116
97
116
111
116
117
99
114
119.0
123
118.0
138
51
116
126
89
126
306
82
118.5
123
117.4
140
45
113
133
80
125
307
81
130.7 '181 7
122
121
120
133.4 -138.1 -137. 3
162
167
159
-91
-72
100
121
125
122
161
0)
0)
141
127
179
133
141
137
312
324
91
318
92
92
83.5 102.8 105.0 '106. 4
54
69
72
75
69
82
80
83
-181
138
179
182
83.4
55
69
138
Rubber boots, shoes
Rubber tires, inner tubes
Rubber goods, other
Mar.
86.
85
80
64.9
58
66
Tobacco, snuff
Cigars, cigarettes
1941
1941
92.3
89
95
r
Revised.
' Data not available.
NOTE.— Figures for July 1941 are preliminary. Back data may be obtained from the Bureau of Labor Statistics.
payroll period ending nearest middle of month.
91.0
87
98
148
362
97
91
84
-75
-75
133
54
90
'163. 6
146
-168. 9
222
66
143
(0
127
170
356
126
June
July
97.2
92
107
1413
154
391
105
134
86
79
83
138
57
98
70.1
67
70
170
158
95
114
171.1
157
175.5
233
62
150
0)
94
178
362
129
'128. 7 141.1
98
88
122
-111
224
207
Underlyingfiguresare for
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings 'cents per hour)
Average hours worked per week
Industry and group
1940
1941
1940
1941
May
June
Feb.
Mar.
Apr.
May
June
May
June
Feb.
Mar.
Apr.
May
June
Total
37.2
37.5
40.0
40.4
40.0
40.8
41.3
66.9
67.2
69.2
69.7
70.8
72.6
73.8
Durable goods..
38.2
38. 7
41.6
42.0
41.5
42.5
43.1
73.0
73.2
76.2
76.8
78. 5
80.6
82.2
36.6
40.5
36.7
38.8
38.7
37.1
37.6
40.8
38.1
39.0
38.5
36.3
40.7
44.2
42.1
41.8
39.4
37.2
41.0
44.9
42.3
42.1
39.7
37.2
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
76.7
74.1
90.2
70.1
52.1
66.4
11A
74.3
90.5
70.2
52.3
66.4
79.1
77.1
91.8
74.0
53.4
68.5
79.5
77.8
92.0
74.8
54.1
68.9
84.1
-78.9
92.3
74.9
54.7
69.5
85.9
81.8
94.5
77.0
55.6
71.0
86.3
83.2
97.6
79.4
57.0
71.7
36.3
36.4
38.3
38.8
38.4
38.9
39.4
61.5
61.7
62.1
62.4
62.9
64.I
65.0
33.7
34.3
32.7
30.9
40.1
36.4
38.8
33.5
34.1
32.5
33.2
40.1
38.1
38.5
37.4
38.3
35.7
39.1
39.5
35.4
39.1
37.8
38.6
36.3
39.7
40.0
36.1
39.7
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
49.6
48.4
51.8
55.5
64.7
49.7
79.4
49.6
48.4
51.8
55.3
64.1
50.5
79.7
51.4
49.2
55.5
56.4
65.1
49.5
80.3
51.7
49.4
56.1
57.2
65.5
49.7
80.7
52.4
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
38.8
36.2
39.7
36.4
38.5
35.7
39.6
36.4
38.8
35.6
39.8
39.3
39.1
36.0
40.1
39.7
39.9
37.0
40.7
39.4
39.8
37.0
40.7
40.3
40.5
38.3
41.2
41.3
76.0
97.5
68.6
77.8
77.7
98.3
70.2
78.0
77.0
97.0
70.7
79.2
76.6
96.7
70.5
79.9
77.3
99.5
70.7
80.4
80.6
100.8
74.4
-81.6
82.4
102.2
76.1
83.6
Iron, Steel, Products
Machinery
_
Transportation Equipment
Nonferrous Metals, Products
Lumber, Products _ _ _
Stone, Clay, Glass Products
Nondurable goods. _ _
Textiles, Products - _ __
Fabrics
.
Wearing apparel
Leather, Manufactures1
Food, Products
Tobacco Manufactures..
Paper, Printing.. _
Chemicals, Petroleum, and Coal
Products
Petroleum refining___ __ _ _
Other than petroleum refining.
Rubber Products
r
1
Revised.
Beginning with October 1940 figures are not comparable because of expansion in reporting sample.
SEPTEMBER
1941
925
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.]
Nonresidential building
Residential
building
Total
Month
January
February
March
April
May
June
July
August
September
October
November
December
Year
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
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
4,004. 0
Factories
1940
1941
12.9
15.4
21.8
23.5
23.2
15.2
49.5
39.6
38 0
47.1
79 0
77.3
55.9
37.8
121.8
66.2
81.1
102.3
Educational i
1940
1940
1941
26.9
20.9
33.1
36.2
50.8
35.7
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
1, 596. 9
Commercial
1941
1940
11.6
7.9
10.4
11.2
17.1
13.5
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 i
Other i
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
1941
1940
24.2
23.5
36.1
29.7
53.5
49.0
66.3
55.2
76.7
76.3
92.8
97.5
119.3
142.8
94.0
98 2
79 1
114.3
75.1
63.9
130.6
96.9
144.9
133.0
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
Public ownership i
P r i v a t e ownership i
Month
January
February
March
April
May
June
July
August
September
October __
November
December
Year _ _
_ __
.
1936
1937
1938
1939
1940
1941
1936
1837
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
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
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
1,334
1,152
1,705
1,708
1,802
1,341
1,761
1,492
1,842
2,202
2,675 2,913 3,197 3,551 4,004
1941
194
174
254
238
294
237
231
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.]
July
June
July
Boston
New York
Philadelphia
33, 252
52, 988
50, 901
52,027
112, 850
38,158
53, 489
58, 206
29,136
Cleveland
Richmond
Atlanta
73, 716
64, 333
33, 473
51, 477
92, 503
42, 323
36, 752
57, 234
40, 459
95, 796
106, 509
14, 514
73,113
26, 926
12, 651
58, 534
21, 016
10,075
28, 772
23,138
15, 247
21,831
14, 761
19, 011
577, 392
539,106
398, 673
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
Total (11 districts)
Number
1940
1941
Federal Reserve district
Federal Reserve
district
1941
July
Boston.
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis _
Minneapolis
Kansas City
Dallas .
San Francisco
Total
_.
Liabilities
1940
June
July
1940
1941
July
June
July
72
329
61
47
16
39
129
25
15
50
14
111
86
377
55
41
27
38
130
28
14
35
21
118
88
419
91
69
51
64
155
33
11
30
38
126
1,240
6,657
483
761
198
551
1,361
184
204
495
69
1,219
1,063
3,763
856
351
152
319
1,097
233
137
335
144
999
1,513
4,215
749
1,825
756
466
2,081
419
58
430
2,320
1,381
908
970
1,175
13, 422
9,449
16, 213
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.
926
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise exports l
Merchandise imports
2
Excess of exports
Month
1937
January
February
March..
1938
1939
1940
1941
1938
1937
1939
1940
1941
1937
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
269
290
265
274
257
233
231
249
236
323
324
350
'386
385
338
287
285
286
160
148
146
186
202
179
212
211
211
288
297
280
-18
268
277
297
228
231
246
230
250
289
317
351
295
265
246
233
141
166
168
169
176
182
333
315
323
278
252
269
332
292
368
344
328
322
224
223
209
178
176
171
215
235
247
Year
3,349
3,094
3,177
4,021
3,084
1,960
Jan.-June
1,537
1, 591
1,416
2,064
1,683
961
April
May
June
_
July
August
September.
_.
. . .
October
November
December _ _
2,093
1939
1938
1941
1940
118
99
102
35
61
77
128
147
134
97
70
89
5
115
109
87
45
47
57
111
112
138
98
88
58
232
221
195
3
31
63
87
65
79
61
74
107
84
130
101
207
224
253
108
92
115
100
76
98
117
57
121
137
104
69
265
1,134
859
1,396
630
322
770
2,318
2,625
1,094
1,294
I', 594
-21
-147
499
r
1
3
Revised.
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.
Back figures.—See BULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
FREIGHT-CAR LOADINGS, BY CLASSES
REVENUES, EXPENSES, AND INCOME OF CLASS
RAILROADS l
[Index numbers; 1935-39 average=100]
[Millions of dollars]
Grain
ForLive- est
stock prod- Ore
ucts
Mis- Mercel- chanlane- dise
ous l.c.l.
Total
Coal
Coke
1940—June
July.—
Aug
Sept
Oct
Nov
Dec
111
110
112
112
110
116
119
120
120
124
114
91
109
107
145
158
162
147
149
150
153
98
100
96
106
100
98
96
95
88
96
98
99
98
96
108
107
115
122
128
131
133
134
138
139
145
181
181
164
111
108
110
112
116
120
125
94
95
95
95
96
97
99
1941—Jan
Feb
122
124
126
112
135
139
138
109
113
128
45
138
156
150
145
149
168
137
182
189
200
102
102
113
113
124
126
112
88
93
93
93
91
88
83
138
133
127
130
130
136
149
180
181
192
266
266
152
156
130
131
128
130
136
139
140
99
101
100
102
102
102
100
1940—June
July..__
Aug
Sept
Oct
Nov
Dec
110
110
113
125
125
122
112
101
102
109
120
104
121
121
131
136
136
144
149
159
167
96
145
117
117
107
96
87
75
74
91
129
152
124
92
112
108
121
132
135
129
119
233
250
244
254
238
145
46
112
107
110
124
132
125
116
94
94
96
100
100
98
95
1941—Jan
Feb
Mar
Apr
May
June . . .
July
113
115
120
108
131
136
138
124
129
132
38
117
131
127
174
183
175
120
167
170
172
90
85
97
96
107
123
163
84
75
74
82
82
69
75
124
128
127
130
135
141
149
45
45
50
203
276
265
283
115
118
124
131
138
141
139
94
98
101
103
102
101
99
Total
railway
operating
revenues
Total
railway
expenses
Net
railway
operating
income
Net
income
SEASONALLY
ADJUSTED
Mar
Apr
May
June . . .
July___.
SEASONALLY
ADJUSTED*
1940—May. _-
389
402
417
382
439
474
316
319
334
323
346
363
73
84
83
59
93
110
32
43
41
17
50
1940—May. __
June
July....
Aug
Sept....
Oct
Nov
Dec
343
345
366
381
383
414
375
382
296
297
309
315
308
327
304
303
47
'48
57
66
74
87
71
79
4
7
16
22
31
43
31
51
1941—Jan
Feb...
377
358
416
375
442
455
315
300
336
322
354
362
62
58
81
53
89
93
20
15
35
7
43
June
UNADJUSTED
SEPTEMBER
1941
'299
r
19
13
16
25
8
25
43
UNADJUSTED
Mar
Apr. . . .
May___
June.
r
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.
11
52
61
54
57
67
52
67
85
1941—Jan
Feb....
Mar. . _
Apr. . . .
342
360
356
365
377
363
379
401
290
303
308
309
311
312
316
June
July.""
Aug....
Sept....
Oct
Nov
Dec
r
Revised.
*1 Derived from Interstate Commerce Commission data.
Excludes switching and terminal companies.
NOTE.—Descriptive material and back figures may be obtained from the Division oi Research and Statistics.
927
DEPARTMENT STORE STATISTICS
MONTHLY INDEXES OF SALES AND STOCKS
Index numbers based on value figures; 1923-25 average=100
Seasonally adjusted
1938
1939
SALES BY DEPARTMENTS
Percentage change from corresponding periods of preceding year
Unadjusted
1940 1941
1940
N E T SALES—entire store
Main Store
79
Basement Store
81
93 Women's, girls', and infants' apparel and ac106
cessories
105
Main store *
.
100
79
87
Women's and misses' coats and s u i t s . . .
79
58
64
Women's and misses' dresses
65
77
Blouses, skirts, sportswear, sweaters,
91
105
knit apparel
92
101
Juniors' and girls' wear
99
114
100
106
Aprons, housedresses, uniforms
156
179
101
Women's underwear, slips, negligees. _
168
Infants' wear
94
Year..
85
90
Women's and children's shoes
Furs
Basement 2
Jan....
M
e
n
'
s
and
boys' wear
Feb...
65
Main store 1
Mar._.
Men's
clothing
Apr._.
Men's furnishings, hats, caps
May..
Boys'
clothing
and furnishings..
JuneBasement2
July..
Homefurnishings
Aug...
Main store l
Sept...
Furniture, beds, mattresses, s p r i n g s Oct...
Domestic floor coverings
Nov...
Draperies, curtains, upholstery
Dec...
Major appliances (refrigerators, washers, stoves, etc.)
Year..
68
Domestics, blankets, comforters, linBack figures.—Department store sales, see BULLETIN for August 1936,
ens, towels
p. 631, for October 1938, p. 918, and for January 1941, p. 65; department
Basement (including
domestics, blankets,
store stocks, see BULLETIN for March 1938, p. 232.
linens, towels)2
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...
101
103
103
104
105
104
115
1938
July
9....
16....
23.___
30
Aug. 6____
13
20
27.._.
1940
61
69
62
67
70
72
79
July
8_.__
15
22
29____
Aug. 5 . . . 12....
19....
26....
62
73
68
66
77
73
76
82
July
6....
13
20.,._
27....
Aug. 3
10....
17.__.
24....
1941
67
78
72
69
81
79
81
92
July
5
12
19
26
Aug. 2
9
16
23
86
93
89
87
102
116
114
..119
Seven
months
1941
July
1941
Department
1941
+
+14*
+14
+11
+24
+17
+20
+42
+15
+15
+9
+12
+27
+16
+17
+25
+17
+66
+17
+18
+14
+10
+15
+11
+27
+54
+31
+22
+12
+11
+12
+17
+12
+16
+12
+17
+15
+24
+9
+13
+14
+18
+9
+21
+36
+22
+23
+37
+24
+34
+13
+26
+37
+18
+3
+16
+2
+16
+5
+16
Shoes (basement only)
+7
+10
* Based on reports from 241 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 July and 16 per cent for
the first seven months of 1941, as indicated in the table below.
1 Group totals for main store include sales in departments not shown
separately.
2
Group totals for basement are not strictly comparable with those
shown for main store owing chiefly to inclusion in basement of fewer
departments and somewhat different types of merchandise.
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
Percentage change from corresponding periods of preceding year
July June Seven
1941 1941 mos.
1941
July June Seven
1941 1941 mos.
1941
United S t a t e s . . .
Boston
New Haven.._
Portland
Boston
Springfield
Providence
+24
+23
+20
+22
+21
+26
+21
New York
Bridgeport
Newark
Albany
Binghamton..
Buffalo
Elmira
Niagara Falls _
New York and
Brooklyn
Poughkeepsie _
Rochester
Syracuse
+22
+33
+22
+23
+29
+31
+34
+21
+16 Cleveland (cont'd)
+15 Cleveland
+15 Columbus
+15 Toledo
+11 Youngstown...
+18 Erie
+17 Pittsburgh
+10
+23
+9
+8
+15
'+26
+21
+12
+13
+25 Richmond
+13 Washington
+14 Baltimore
+20 Winston-Salem
+24 Charleston^. C.
+30 Lynchburg
+9 Norfolk
Wheeling
Richmond
+22 +8 +11 Charleston
+18 +4 +14 Huntington
+18 +11 +13
+18 +18 +20 Atlanta
Philadelphia
Trenton
Lancaster
Philadelphia..
Reading.. _
Wilkes-Barre.
York
+21
+18
+26
+25
+24
+25
Cleveland
Akron
Cincinnati
+30
+39
+26
p
+13
+11
+14
+13
+7
+13
+13
+10
+5
+6
+11
•+16
+6
+13
+13
+24
+8
+16
+16
+12
+16
+19
+12
+18
+19
+28
+15
Birmingham __.
Montgomery.. _
Jacksonville
Tampa
Atlanta
Macon
Baton Rouge__.
New Orleans . . .
Jackson
Chattanooga...
Knoxville
Nashville
+20
+15
+16
+25
+22
+14
+20
+33
+25
+26
+35
+38
+23
+36
+14
+12
+12
+23
+21
+10
+17
+29
+33
+27
+22
+55
+21
+49
+22
+30
+22
+15 +20
+15 +21
+14 +20
2 +12
+31 +34
+13 +14
+39 +47
+8 +16
+18 +23
+14 +18
+27
+31
+35
+32
+29
+29
+24
+15
+27
+27
+34
+29
+24
+18
+19
+16
+35
+20
+17
+17
+16
+18
+19
+13
+12
+19
+17
+19
+13
+30
+23
+17
+20
+14
+15
+18
+19
+18
+21
July June mos.
1941
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
+24 +11 +15 Dallas
+14 +3 +8 Shreveport
+13 +10 +12 Dallas
+37 +16 +25 Fort W o r t h . . . .
+23 +10 +18 Houston
+8 +9 San Antonio...
+17
+37
+36
+27
+41
+28
+29
+27
+35
+16
+25
+47
+26
+44
+26
+15
+23
+26
+19
+11
+32
+39
+25
+13
+15
+20
+20
+11
+21
+22
+16
+19
+13
+15
+15
+19
+4
+7
+24
+10
+32
+22
+8
+12
+15
+14
+10
+22
+14
+10
+12
+9
+14
+8
+10
+23 San Francisco
+28 Phoenix
+14 Bakersfield
Fresno
+27 Long
Beach
+19 Los Angeles
+19 Oakland and
+14
Berkeley
+24 Sacramento
+12 San Diego
+14
Francisco..
+35 San
San Jose
+14 Santa
Rosa
+41 Stockton
+18 Vallejo-Napa _.
+9 Boise and
Nampa
+H
+13 Portland
+15 Salt Lake City.
+11 Bellingham
+17 Everett
+24 Seattle
+15 Spokane
+13 Tacoma
+9 Walla W a l l a . . .
+17 Yakima
+14
July June Seven
1941 1941 mos.
1941
+H
+23
+24
+22
+18
+32
+21
+36
+20
+13
+38
+20
+9
+17
+44
+19
+4
+10
0
+71
+13
+16
+17
+13
+48
+37
+21
+47
+4
-1
+19
+21
+28
+20
+32
+17
+-34
+10
+24
+17
+17
+14
+14
+17
+15
+25
+15
+25
+3
+6
+24
+14
+13 +7
+18 +9
+38 +37
+13 +13
+5 +2
+11 +7
+4 - 2
+33 +43
+8
+16
+13
+3
+17
+25
+12
+25
0
+4
+4
+15
+14
+7
+23
+26
+15
+36
-1
+1
Revised.
928
FEDERAL RESERVE
BULLETIN
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926=100]
Other commodities
All
commodities
Farm
products
Foods
1929_.
1930_.
1931..
1932..
1933..
1934..
1935..
1936..
1937..
1938..
1939. .
1940..
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
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—May
June
July
August
SeptemberOctober
November..
December. _
78.4
77.5
77.7
77.4
78.0
78.7
79.6
80.0
67.9
66.2
66.5
65.6
66.2
66.4
68.2
69.7
71.4
70.3
70.3
70.1
71.5
71.1
72.5
73.5
82.5
82.2
82.3
82.0
82.3
83.5
84.1
84.1
101.3
99.2
99.0
96.9
98.3
100.4
102.3
102.3
72.9
72.6
72.4
72.3
72.5
73.6
74.5
74.8
71.7
71.4
71.1
71.1
71.0
71.6
71.9
71.7
94.5
94.7
95.1
94.9
95.4
97.3
97.6
97.6
92.5
92.4
92.5
93.3
95.6
97.8
76.7
76.1
77.0
76.7
76.8
76.9
77.5
77.7
88.5
88.5
88.5
88.5
88.5
88.6
88.6
77.7
77.3
77.7
76.7
76.5
76.9
77.6
77.3
1941—January _._
February..
March
April
May
June
July
80.8
80.6
81.5
83.2
84.9
87.1
71.6
70.3
71.6
74.4
76.4
82.1
85.8
73.7
73.5
75.2
77.9
79.5
83.1
84.7
84.3
84.4
84.9
85.9
87.4
88.6
89.7
102.4
101.6
102.6
103.9
106.4
107.8
109.4
75.2
76.4
78.4
81.0
83.0
84.5
86.2
72.1
72.1
72.0
72.9
75.6
77.9
78.5
97.7
97.6
97.7
97.9
98.1
98.3
98.5
99.3
99.5
100.1
100.4
101.0
103.1
78.6
78.5
79.8
81.8
83.6
83.8
85.2
89.0
89.1
89.5
90.4
91.4
93.1
94.4
77.1
76.9
77.6
78.6
79.6
80.6
82.0
Weekending—
1941—May 3
M a y 10_._.
May 17—
M a y 24___.
M a y 31....
June 7
June 14
June 21
June 28___.
July 5
July 12....
July 19.._.
July 2 6 . . . .
83.2
84.0
84.6
85.0
85.2
85.9
86.7
87.2
87.7
87.7
88.1
88.3
88.8
74.4
75.1
76.3
77.3
77.3
79.6
81.1
83.0
84.2
84.1
85.0
85.4
86.7
78.0
79.0
79.7
79.5
79.2
81.5
82.6
83.7
84.3
84.1
84.1
83.8
84.6
86.4
86.9
87.3
87.7
88.2
88.4
88.8
89.0
89.1
89.2
89.5
89.7
90.0
105.0
105.3
106.1
106.9
107.8
107.6
108.4
108.2
•108.5
108.8
109.3
109. 6
109.7
80.9
81.4
82.4
82.9
83.2
83.2
83.8
84.5
84.7
84.1
84.3
85.0
86.4
74.2
74.9
75.6
76.2
77.7
78.3
78.7
79.0
78.7
79.0
79.1
79.3
79.4
97.9
97.9
98.1
98.2
98.2
98.3
98.4
98.3
98.4
98.4
100.3
100.3
100.2
100.5
100.5
100.5
100.9
101.1
101.1
101.7
102.4
102.6
102.7
82.8
83.1
83.7
84.2
83.9
83.6
83.7
83.8
84.3
84.6
85.1
85.0
85.0
91.9
92.3
92.3
92.5
92.7
93.3
93.7
93.7
93.8
94.3
95.3
95.4
95.5
78.5
79.0
79.4
79.7
79.7
79.7
80.2
80.3
80.9
81.2
81.3
81.7
81.8
85.5
86.2
86.7
87.0
90.2
90.6
90.7
90.9
109.7
109.9
110.2
110.8
87.1
87.4
87.3
79.4
79.6
79.5
79.8
103.3
104.2
104.8
105.2
85.5
85.7
85.9
85.9
95.8
95.9
96.4
90.0
87.2
87.8
86.4
86.7
82.3
83.0
83.1
83.6
Year, month, or week
August
August
August
August
2__.
9...
16_.
23 _.
ChemiHides and Textile Fuel and Metals Building cals and House- Miscelfurnish- laneous
leather products lighting and metal materials allied
products
materials products
products ing goods
Total
1941
1940
1940
Farm Products:
Grains
Livestock and poultry
Other farm products
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
Leather
Other leather products
Textile Products:
Clothing
Cotton goods
Hosiery and underwear
Silk
Rayon
Woolen and worsted goods.
Other textile products
Fuel and Lighting Materials:
Anthracite
Bituminous coal
Coke
Electricity
Gas...
Petroleum products
1941
Subgroups
Subgroups
July
Apr. M a y
60.8
69.8
65.6
70.9
86.2
67.8
74.5
88.0
69.5
75.9
93.0
76.6
76.3
98.9
79.9
73.7
76.2
69.0
72.9
61.3
81.0
76.8
63.8
85.6
73.9
81.6
78.2
64.0
87.2
76.9
84.3
79.8
73.0
90.8
79.5
87.7
80.3
69.4
93.8
81.6
June July
107.0 107.8 110.1 111.7 114.7
84.6 104.7 110.3 112.4 112.5
91.4 95.6 96.9 97.9 98.1
99.7 100.5 101.7 102.1 102.7
85.3
68.8
61.5
43.3
29.5
83.9
73.0
88.7
86.8
61.1
48.3
29.5
93.3
89.3
90.9
91.0
61.3
49.1
29.5
94.1
92.0
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
78.1 80.9 80.7 81.0 82.2
95.8 100.0 102.9 103.7 104.9
109.6 113.8 120.4 122.2 122.2
73.3 69.2 67.7
88.2 78.1 80.1 81.0
49.5 51.9 55.3 59.9 60.9
July
Metals and Metal Products:
Agricultural implements._ »
Farm machinery
Iron and steel
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Cement
Lumber *
Paint and paint materials
Plumbing and heating
Structural steel
Other building materials
Chemicals and Allied Products:
Chemicals
Drugs and Pharmaceuticals
Fertilizer materials
Mixed fertilizers
Oils and fats
Housefurnishing Goods:
Furnishings
Furniture
Miscellaneous:
Auto tires and tubes
Cattle feed
Paper and pulp
Rubber, crude
Other miscellaneous
Apr. M a y June
July
92.3 92.4 92.4 92.5
93.5 93.5 93.5 93.5
95.9 96.1 96.5 96.8
100.1 100.2 100.3 100.4
84.3 84.4 84.5 84.7
83.0 83.0 83.1 83.2
90.
90.
94.
84.
80.
107.
93.
91.7 91.9 92.5 94.2
91.0 91.5 91.9 92.1
116.7 116.8 117.6 122.3
88.7 89.3 90.3 91.6
83.0 83.0 83.1 83.2
107.3 107.3 107.3 107.3
98.4
95.9 96.3
84.
95.
67.
72.
43.
86.4
97.5
71.0
73.2
69.3
94.!
81.!
97.1
83.4
58.8
85.2
94.5
47.6
84.3
58.!
83.:
93.,
44.:
83.,
98.7
71.1
73.2
80.6
87.2 87.3
99.9 100.0
69.9 74.0
73.8 77.0
80.6 83.7
98.0
84.3
99.0
87.0
58.8
81.8
96.7
49.8
85.6
58.8
88.9
98.0
45.6
87.4
99.7
88.9
58.8
104.2
98.8
46.0
iRevised series.
Back figures.—Yen monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report
for 1937 (table 87).
SEPTEMBER
1941
929
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK*
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page
1941
July
23
WEEKLY FIGURES i
July
30
Aug.
6
Aug.
13
Aug.
20
In billions of dollars
3
5
5
5
3
3
3, 11
3
3
3
3
9
9
9
9
9
2.(25
2.23
2.25
2.27
2.18
2.18
2.18
2.18
.95
.95
.95
.95
1.23
22.66
3.16
9.63
2.32
1.23
22.67
3.16
9.70
2.33
1.23
22.68
3.17
9.80
2.34
1.23
22.70
3.17
9.79
2.36
1.76
13.12
5.25
2.21
1.75
13.10
5.16
2.17
1.87
12.95
5.05
1.99
1.82
12.95
5.00
1.86
1.79
1.78
1.80
1.84
2.18
.95
1.23
22.71
3.18
9.84
2.38
.79
1.83
13.04
?5.08
1.92
.41
1.84
P. 91
.40
.85
.92
.37
.84
.84
.39
.87
.92
.41
.89
MEMBER BANKS
Total, 101 cities:
Loans and investments
Balances due to
domestic banks
Adjusted demand
deposits ._
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
16
28.65
28.77
28.76
28.87
16
9.12
9.08
9.09
9.22
9.22
16
16
24.38
5.41
24.54
5.42
24.22
5.43
24.25
5.43
24.46
5.44
17
17
17
2.30
2.32
2.34
2.37
.33
.34
.33
.33
7.08
7.09
7.10
7.07
2.39
.32
7.09
17
17
3.71
7.51
3.73
7.50
3.75
7.46
3.77
7.49
3.80
7.50
MONEY RATES, ETC.
094
.35
.106
.114
.116
1.90
2.74
4.27
1.90
2.74
4.27
1.93
2.74
4.26
1.97
2.75
4.27
.33
.33
.34
In unit indicated
Stock prices (1926=100):
Total
Industrial
Railroad
Public utility
Volume of trading (mill,
shares)
BUSINESS CONDITIONS
31
31
31
31
"79.9
r94.6
28.4
70.5
80.1
94.9
28.5
70.1
79.7
94.6
28. 3
69.9
78.0
92.3
27.8
68.9
31
.87
.84
.60
.41
88.8
86.7
90.0
89.2
87.2
90.2
89.6
87.8
90.6
89.6
86.4
90.7
149.9
156.0
151.3
158.2
151.8
160.8
150.6
159.1
145.4
146.3
145.2
144.4
96.0
97.6
96.3
95.6
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 i
(per cent of capacity) . . .
44
Automobile production
(thous. cars)
44
Freight-car loadings (thous. cars):
Total
45
Miscellaneous
45
Electric power production
(mill. kw. hrs.)
46
Department store sales
(1935-39=100)
46
F.H.A. home mortgages,
new constr. (thous.)
47
930
29.03
Reserve Bank credit, total
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
g
10
10
10
June
July
2.26
2.18
2.28
2.18
22.55
9.19
2.26
22.60
9.44
2.25
13.65
7.82
5.83
9.36
6.68
2.68
13.20
7.85
5.35
9.61
6.89
2.73
2.30
2.18
(5)
22.65
9.67
2.30
.95
13.12
7.93
5.19
9.73
6.99
2.74
47.16
34.00
5.72
1.60
5.83
6.36
48.39
34.97
5.70
1.60
6.12
6.36
48.97
35.34
5.70
1.60
6.32
6.93
.62
.99
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. b o n d s 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
C orporate B aa bonds
29
May
RESERVES AND CURRENCY
2.25
.95
1941
In billions of dollars
MONTHLY FIGURES
RESERVES AND CURRENCY
Reserve Bank credit, total.
U. S. Gov't. securities,
by maturities, totaL.
Within 5 yrs
After 5 yrs
Gold stock
Treasury currency
Money in circulation
Treasury cash holdings
Treasury deposits
Nonmember deposits
Member bank reserves
E xcess reserves—total«
New York City
Chicago
Reserve city banks
Country banks e
Chart
book
page
1.00
0.082
0.44
1.92
1.00
0.089
0.38
1.91
2.81
4.32
2.77
4.31
.56
.56
1.00
0.097
0.37
1.90
.50
2.74
4.28
In unit indicated
Stock prices (1926=100):
Total..
31
.33
Industrial
_._
31
1.95
Railroad
_
31
2.75
Public utility
31
4.29 Volume of trading (mill. shares):
31
Brokers'balances(mill. dollars):
Credit extended customers
33
Money borrowed
33
Customers' free credit
balances
33
78.3
BUSINESS CONDITIONS
92.8
28.0 Wholesale prices-.
All commodities (1926=100):
Totals
35, 65
.40
Farm products
35
Other4...
35
Industrial commodities
(Aug. 1939=100):
Total....
37
90.0
Finished
37
86.7
Raw
and
semifinished
37
90.9 Cost of living (1935-39=100):
All items..
39
151.0
Rent
39
161.5
Clothing
39
Food
39
143.4
.114
96.2
105.6
62.1
41.8
45.6
45.5
897.4
368.0
883.1
364.3
878.5
360.7
890.4
368.4
899.8
376.9
3,184
3,226
3,196
3,201
3,193
87
102
116
114
119
5.15
3.97
5.48
5.03
4.55
73.0
85.6
26.7
67.5
.42
75.3
88.3
26.7
69.8
.46
78.8
93.2
27.8
70.0
.76
622
403
616
395
628
262
255
266
84.9
76.4
87.4
87.1
82.1
88.6
88.8
85.8
89.7
109.5
106.4
115.9
111.3
107.9
118.2
113.0
109.1
120.8
102.9
105.8
102.7
102.1
104.6
105.8
103.3
105.9
105.2
106.1
104.2
106.7
e
Estimated, P Preliminary. T Revised.
1 Figures for other than Wednesday dates are shown under the
Wednesday included in the weekly period.
2 Tax-exempt issues only.
s4 Partially tax-exempt issues only.
Other than farm products and foods.
5 Less than $5,000,000.
6
Estimate for August is shown on p. 917.
7
Revised figures based on capacity as of June 30, 1941.
* Copies of this chart book can be obtained at a price of 50 cents
each.
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEOERAL RESERVE CHART BOOK—Continued
Chart
book
page
M O N T H L Y FIGURES (cont.)
1941
May
In unit indicated
Industrial production ;i 2
Total (1935-39=100)
41,42
Durable manufactures
41
Iron and steel
42
Machinery, etc.
42
Other durable
42
Nondurable manufactures
41
Textiles and leather
42
Paper and printing
42
Foods, liquors, and tobacco__
42
Other nondurable
42
Minerals
*_
41, 42
New orders, shipments, and
inventories (Jan. 1939=100):
New orders, total
43
Durable, total
43
Iron and steel
43
Machinery
43
Shipments, total
43
Durable
43
Inventories, total
43
Durable
43
Nondurable
43
Freight-car loadings: 1 J 3
Total (1935-39 = 100)
57
Coal
57
Miscellaneous
57
All other
57
150
66.9
18.2
33.3
15.4
63.9
21.0
12.3
17.1
13.4
19.1
157
71. 2
20.0
35. 4
15. 8
66.0
21. 2
12. 7
17.6
14. 4
20. 2
207
290
307
287
180
219
126
137
114
229
330
289
304
191
233
129
139
117
135
29.4
74.4
31.5
139
33. 1
76.3
29. 2
P161
P74. 8
P20. 2
P38.3
P16.3
P66. 1
M O N T H L Y F I G U R E S (cont.)
51, 53
51, 53
124.9
144.1
127. 8
152 1
51
72.6
73 8
51
59
59
40.8
105
74
Wholesale prices:
Canada
Germany
Japan
Sweden
Switzerland
United Kingdom
65
65
65
65
65
65
P19.6
P336
P276
Foreign exchange rates:
Argentina (peso)
Canada (dollar)
Japan ( y e n ) 7
Switzerland (franc)«
United Kingdom (pound)
67
67
66
66
67
1941
July
138
31.9
76.8
29.1
P130. 5
P!52. 5
174
47
127
110
17
187
72
115
101
14
49
49
49
414
162
252
478
185
293
139. 8
137. 4
128 1
123. 0
29.77
87.42
23.44
23.20
403.10
29.77
88.18
23.44
23.21
403.16
^83.6
139.0
123.6
In cents per unit of
foreign currency
29. 77
88 27
23. 44
403 23
Apr. May
In billions of dollars
Increase in U. S. gold stock: 5
Total
63
Net capital inflow:
Total
62, 63
Inflow of foreign capital
62
Return of domestic capital..
62
Merchandise export surplus
63
Other factors
63
Short-term foreign assets and liabilities of banks:
Liabilities to foreigners
64
Foreign assets
64
Net foreign liabilities
64
115
81
191
53
139
124
15
50
50
50
50
38.32
12.41
6.42
4.05
38.86
12.65
6.53
4.13
50
50
3.19
1.78
3.24
1.82
Pl.88
'7, 339
r5, 002
r
2, 337
7,423
5,066
2,357
»7, 205
r
\, 896
r
2, 309
90. 0
P83. 6
137. 7
135. 8
125. 8
122. 1
15.35
15.48
15.55
••6.19
»-4.17
1.93
4.62
4.54
'6.33
4.27
1.96
4.72
4.44
6.32
4.25
1.98
4.81
4.43
3.77
.39
3.38
3.88
.36
3.52
3.89
.36
3.53
41 3
104
77
47
47
47
47
47
54
54
54
88. 5
P83. 6
Mar.
P131
P141
P121
55
55
55
55
771
212
535
24
798
237
536
25
61
61
61
385
297
338
280
58
P39.24
Oct.Dec.
Cash income and outgo of U.S.Treas.:
Cash income
Cash outgo
Excess of cash outgo
Domestic corporation security issues,
total
New
Refunding
Jan.Mar.
Apr.June
In billions of dollars
QUARTERLY F I G U R E S
18
18
18
1.90
3.17
1.27
2.84
3.89
1.05
2.62
4.46
1.84
32
32
32
1.05
.28
.78
.17
.77
.61
.61
.19
.42
P12. 87
P6. 50
Per cent per annum
P4.16
P335
P552
1941
1940
In millions of dollars
SEPTEMBER
June
1926=100
P21.5
P12.8
P17.6
PU.2
'3-25=100
Residential contracts awarded :i
Total
Public
_
Private, total
1- and 2-family dwellings
Other
Construction contracts awarded: 4
Total
Residential
Other
Nonagricultural employment
(mill, persons):
Total
Manufacturing and mining
_
Trade
Government
Transportation and public utilities
Construction
Income payments: 1 «
Total
Salaries and wages
Other
Cash farm income:
Total
Crops
Livestock and products
Gov't payments
Exports and imports:
Exports
__
Imports
Excess of exports
May
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
July
June
Bank rates on customers' loans:
Total, 19 cities
New York City
7 other Northern and Eastern
cities.
11 Southern and Western cities __
25
27
2.59
2.00
2.58
2.06
2.55
1.95
27
27
2.53
3.36
2.53
3.25
2.58
3.23
p Preliminary. r Revised
1 Adjusted for seasonal variation.
2 In points in total index.
3 Estimate for August is shown on p. 917.
* Three months moving average, adjusted for seasonal variation,
s Cumulated from January 31, 1934.
• Revised series. Table and chart of back figures may be obtained
upon request.
7 No rate certified since July 25, 1941.
No rate certified since June 14, 1941.
931
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
[In billions of dollars]
1938
Chart
book
Sept.
28
1939
Dec.
31
1940
Mar.
29
June
30
Oct.
2
Dec.
30
Mar.
26
June
29
Dec.
31
Apr.
4
June
30
P74.
P37.
P28.
CALL REPORT FIGURES
ALL BANKS IN THE U. S.
Total deposits and currency
Demand deposits adjusted
Time deposits
Currency outside banks
Loans and investments, total
Loans
Investments
35
39
00
P8.21
P57. 90
P25. 20
P32. 70
57.65
25.10
26.27
5.50
48.24
21.04
27.21
59.12
26.01
26.38
5.83
48.87
21.30
27.57
59.11
26.04
26.56
5.63
48.93
21.15
27.78
60.95
27.35
26.80
6.01
49.62
21.32
28.30
62.87
29.09
26.81
6.19
49.95
21.63
28.32
64.10
29.79
27.06
6.40
50.88
22.17
28.71
64.88
30.54
27.28
6.23
51.14
22.19
28.95
66.96
31.96
27.47
6.70
51.34
22.34
29.00
70.75
34.94
27.74
7.32
54.19
23.74
30.45
*72. 43
P36. 10
P27. 90
P 7.78
56.15
24.32
31.83
18.69
18.86 19.05
19.46
19.61
19.98 20.22
20.48
21.81
23.10
23.93
10.71
2.30
2.30
3.19
.18
12.94
6.97
.53
2.77
2.66
10.88
2.34
2.45
3.01
.18
13.21
3 5.89
3 .79
10.69
2.66
2.56
2.96
.18
13.05
5.96
.67
» .96
.90
2.72
2.75
2.85
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
11.18 11.31
3.14 3.11
2.69 2.91
2.77
0)
.19
13.96
6.57
.61
.88
2.96
2.94
11.60
3.12
2.89
2.70
.17
13.97
6.72
.32
.80
3.07
3.06
12.34
13.50
3.49
3.21
14.24
3.84
2.98
2.72
.15
16.73
8.55
.57
.63
3.37
3.61
43.89
45.34
47.07
47.87
50.36
2.20
2.14
3.77
2.55
15.70
3.04
5.80
12.30
2.3!
4.23
2.48
'2.29
4.78
2.47
16.55
3.11
6.10
12.60
'2.25
5.37
2.18
17.76
3.22
6 6.50
s
13.10
M E M B E R BANKS
Investments, t o t a l l
U. S. Government obligations:
Direct..
Guaranteed
State and local government obligations
Other domestic securities
Foreign securities
Loans, total i
Commercial loans (incl. open-market paper)
Street loans (Brokers' loans)
Other loans on securities*
Real estate loans5
All other loans i
<)
13.47
3.49
3.01
2.80
.17
15.32
7.52
.47
.83
3.23
3.27
()
15.88
SEMI-ANNUAL FIGURES
OWNERSHIP OF U. S. GOVERNMENT OBLIGATIONS
Total direct and guaranteed obligations outstanding
Amount held by:
U. S. Government agencies and trust funds:
Public issues
Special issues
Federal Reserve Banks
Commercial banks
Mutual savings banks
Insurance companies
Other investors
3.16
2.56
15.07
2.
5. 60
«12. 40
16.30
3.10
'• 6.00
«12.60
P2.36
6.12
2.18
P20. 13
P3.36
e 6. 60
p« 14. 00
p Preliminary, i Series not shown in Chart Book.
» Figures available for June and December dates only.
3 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.
< 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. 8 Partly estimated.
AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of August 1, 1941]
[In thousands of units]
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City_
Dallas
San Francisco..
Total
Estimate
Aug. 1,
1941
Production
1940
Estimate
Aug. 1,
1941
Production
1940
Estimate
Aug. 1,
1941
Production
1940
Estimate
Aug. l,
1941
Bales
Bales
Bushels
7,679
27,498
48,911
202, 261
135, 238
178, 783
1,045, 392
342, 540
258, 299
242, 724
90,020
8,229
Bushels
Bushels
Bushels
88
Bushels
2, 587, 574
666
446
3,869
720
3,132
706
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
10, 817
2, 449, 200
1,730
2,304
2,041
i 3, 277
2 3, 546
946
Total
.
.
Estimate
Aug. 1,
1941
Production
1940
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
589,151
684, 966
Tobacco
Tame hay
Oats
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Spring wheat
Production
1940
Production
1940
Federal Reserve district
Winter wheat
Corn
Cotton
Federal Reserve district
Estimate
Aug. 1,
1941
Production
1940
Estimate
Aug. 1,
1941
80
92
158
77
1,921
88
154
58
1,903
77
37
187, 516
6,522
231,379
7,124
105
158
30, 991
25,006
227, 547
265, 987
White potatoes
Production
1940
Estimate
Aug. 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
6,736
26,124
19,925
60,820
23,074
19, 584
464,052
60,258
262,961
132,197
39 292
33,139
Tons
3,485
5,858
2,359
5,978
4,099
3,259
21,291
8,210
10, 550
7,302
1 781
12,140
Tons
3,054
4,304
2,043
5,260
3,816
3,273
20,183
8,026
11,852
8,724
1,719
12,933
Pounds
32,923
1,983
49,590
123,150
743,939
178,516
36, 785
277, 570
3,034
4,476
Pounds
35,978
2,061
54, 030
104,022
675, 717
143,165
33,442
232,975
2,743
4,079
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
54,911
29,176
23,022
18,883
21,704
15, 273
40,793
12,610
45,048
31, 839
7,204
69, 230
1, 235, 628
1,148,162
86, 312
85,187
1, 451, 966
1, 288, 212
397, 722
369,693
1
Includes 18,000 bales grown in miscellaneous territory.
2
Includes 19,000 bales grown in miscellaneous territory.
NOTE.—1940 figures for cotton.are as revised in August 1941.
932
FEDERAL RESERVE BULLETIN
INDUSTRIAL PRODUCTION: NEW AND REVISED INDEXES
1935-39 average = 100
Without seasonal adjustment
Year and
month
1935
1936
1937
1938
1939
1940
1935—Jan... _
Feb
Mar
Apr
May
June
July....
Aug
Sept....
Oct
Nov
Dec
1936—Jan
Feb....
Mar
Apr
May
June
July....
Aug
Sept
Oct
Nov
Dec...
1937—Jan
Feb.
Mar
Apr
May
June
July
Aus?.._.
Sept
Oct
Nov....
Dec
1938—Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
1939—Jan
Feb. _ _
Mar
Apr
May
June
July
Aug
Sept....
Oct
Nov
Dec
1940—Jan
Feb. . . .
Mar
Apr
May
June
July
Aug
Sept
Oct
'_.
Nov
Dec
1941—Jan
Feb
Mar
Apr
May
June. ___
July
Aug
Sept
Oct
Nov
Dec
Transportation
equipment
93
Aircraft
Auto- Nonmobile ferrous
bodies, metals
parts
and
and
proassem- ducts
bly
Adjusted for seasonal variation
Tin
consumption
Transportation
equipment
Aircraft
Non- NonAutofermobile AutoferIron
Tin
rous
bodies, morous
ore
con- Minbile metals
parts
Metals shipmetal
sumpfacerals
and smelt- tion
and
ments
tory
proassem- sales
ducts ing
bly
48
76
105
97
174
419
104
114
121
67
94
116
80
104
122
80
115
137
93
111
117
76
103
111
84
104
108
111
100
86
'78
73
64
89
110
107
40
43
41
44
44
47
48
52
52
55
56
56
97
119
122
124
112
81
74
101
121
117
67
76
78
81
76
73
74
78
95
95
83
97
107
110
99
89
92
95
81
83
86
91
86
94
94
93
90
85
85
89
91
95
98
99
97
107
•106
104
102
95
96
100
103
104
106
108
68
75
76
78
75
74
77
80
82
88
92
96
104
105
97
88
93
94
81
84
86
93
100
91
103
119
121
115
109
93
85
109
132
139
57
61
65
70
78
80
80
77
79
83
87
98
108
95
106
122
124
119
110
92
86
115
139
147
94
91
93
98
100
101
98
100
112
118
124
123
91
92
93
108
111
121
115
110
120
120
123
122
101
89
96
104
110
114
118
114
115
114
118
128
108
92
99
107
113
120
123
116
116
117
120
134
96
92
91
94
98
102
103
103
111
116
120
125
98
93
90
103
109
119
116
109
120
121
123
125
117
126
135
137
143
134
121
115
102
130
122
95
97
105
113
115
114
115
96
105
93
101
101
98
119
128
135
134
140
132
117
110
101
132
121
88
124
127
136
141
139
135
125
124
124
112
100
81
119
125
134
135
132
129
120
124
127
97
91
73
119
124
127
125
129
133
136
140
131
127
109
88
105
113
115
112
113
96
105
96
101
100
98
119
125
127
123
128
133
138
139
130
126
105
80
127
129
133
136
137
136
131
128
123
110
97
81
128
128
130
129
128
126
121
124
127
98
91
75
110
112
115
113
116
115
113
110
107
71
69
68
68
63
60
53
50
65
87
102
105
97
101
101
99
98
94
93
90
90
94
98
106
62
61
60
61
55
53
45
45
63
90
103
104
74
72
74
72
69
65
67
69
81
79
81
85
98
105
101
73
76
73
70
76
78
78
72
68
65
62
62
61
62
63
70
80
90
96
99
101
101
99
96
92
93
90
93
94
97
106
62
59
57
56
56
56
57
59
67
80
89
94
74
72
72
69
68
65
71
80
85
96
102
101
74
81
76
77
74
72
77
74
72
76
78
79
99
102
94
96
83
82
105
119
117
138
110
120
125
137
153
171
180
190
189
212
241
266
98
94
94
96
85
85
70
72
99
111
104
123
96
96
98
97
95
96
97
108
132
152
160
152
74
84
89
95
100
101
96
100
115
134
133
122
98
96
93
94
94
99
101
104
109
109
107
127
110
120
125
137
153
171
180
190
189
212
241
266
132
132
138
135
130
132
110
122
154
179
185
188
282
283
300
307
331
374
398
460
508
552
600
635
116
115
118
116
106
106
77
91
119
142
143
138
143
131
127
124
124
126
126
133
143
153
158
162
116
105
100
107
110
120
115
115
108
108
112
112
130
130
131
126
129
135
129
149
159
165
171
177
282
283
300
307
331
374
398
194
207
214
206
230
243
685
741
768
823
872
922
, 030
138
148
150
136
153
161
P136
166
173
179
184
189
185
114
130
146
151
153
148
190
203
207
197
229
242
no
123
72
103
145
65
60
57
54
51
49
50
51
56
69
98
102
552
600
635
113
111
111
107
109
113
101
121
121
125
125
125
96
92
83
84
80
80
84
93
92
125
124
123
119
114
109
103
83
71
110
130
134
129
685
741
768
823
872
922
, 030
134
143
142
124
153
161
P171
144
152
143
122
151
148
154
86
91
93
96
101
97
91
112
83
71
66
77
81
95
107
111
80
84
88
90
Lead
production
126
137
138
140
147
127
120
119
111
173
174
174
175
176
159
131
131
125
97
95
90
92
94
97
98
98
102
102
79
78
82
84
85
86
92
95
107
88
70
55
34
47
49
50
50
54
51
53
87
82
80
85
87
102
103
97
100
96
106
98
106
102
105
121
128
131
125
60
68
77
79
85
98
102
108
119
133
155
122
114
106
98
95
100
102
102
106
109
109
113
115
97
96
96
94
94
97
102
112
131
149
156
154
95
98
98
104
118
123
130
136
97
101
118
135
133
126
103
102
103
92
96
105
107
92
114
119
120
115
145
133
124
120
122
126
131
137
144
150
156
162
136
131
131
130
131
128
132
132
132
133
135
137
121
105
98
104
106
114
116
117
113
109
112
115
118
114
117
119
117
119
120
113
117
113
118
119
127
130
133
134
134
134
137
123
128
137
148
152
132
142
151
149
152
155
159
159
155
163
192
186
114
116
117
116
119
117
115
114
112
117
113
116
167
173
179
183
188
184
137
142
142
147
148
144
119
130
143
147
147
141
118
118
125
96
125
133
144
152
148
150
149
161
187
189
191
200
197
200
207
116
116
118
119
115
117
108
105
P130
p Preliminary.
SEPTEMBER 1941
933
INDUSTRIAL PRODUCTION: NEW AND REVISED INDEXES—Continued
1935-39 average = 100
Monthly
Electric
steel
Steel
Year and
month
Adjusted
Unadj usted
Adjusted
Unadj usted
Adjusted
Cop- Nondur- Tex- Texper
tile
able tiles fabsmelt- manuing factures
rics
Lead
shipments
Zinc
smelting
Unadj usted
Adjusted
Annual
Unadjusted
Petrol- Copper
producucts
tion
eum &
Chem- coal
icals prod-
ElecYear Steel tric
steel
Adjusted for seasonal variation
1940—Jan....
Feb...
Mar.__
Apr...
May..
June _.
July...
Aug...
Sept...
Oct....
Nov.
Dec...
151
125
108
107
130
155
162
166
175
178
177
181
148
127
117
114
131
152
154
161
171
176
178
181
182
171
160
165
181
200
210
219
247
259
263
283
179
174
173
175
182
196
199
212
242
257
265
283
133
135
130
133
135
130
141
140
148
147
147
152
136
138
137
137
135
128
133
133
143
147
147
152
132
145
158
138
155
165
144
134
137
132
132
131
131
133
129
130
135
135
1941—Jan.
Feb...
Mar...
Apr...
May..
June
July...
Aug.
Sept
Oct.
Nov
Dec.
186
187
193
193
196
196
197
186
187
193
193
196
196
197
291
300
305
340
355
359
365
291
300
305
340
355
359
365
153
158
163
164
170
170
173
153
158
163
164
170
170
173
161
165
172
186
205
208
202
166
165
172
186
205
208
202
133
140
136
145
144
136
132
120
124
134
140
132
135
123
126
127
130
135
139
138
143
146
150
157
156
P138
P156
133
140
143
146
152
151
P151
120
122
123
123
132
135
142
P146
122
122
123
121
125
127
P127
147
141
141
144
141
143
142
139
137
141
143
145
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
98
83
101
107
100
115
127
91
59
31
54
61
43
34
50
50
55
67
79
46
35
21
43
51
148
153
148
152
159
155
158
1935
1936
1937
1938
1939
1940
81
114
121
68
115
151
76
108
118
71
128
212
^Preliminary.
INDUSTRIAL PRODUCTION
1935-39 average = 100
Jan.
Without seasonal adjustment
1923
1924 .
1925
1926
1927
1928
1929
1930
1931
1932
1933..
1934
1935
1936
1937.. .
1938
1939
1940
1941
Feb.
Mar.
Apr.
May
June
82
83
87
90
93
91
103
96
75
62
56
69
80
91
111
82
97
117
135
85
87
89
93
97
95
108
99
79
63
58
75
85
91
115
82
99
113
140
89
87
90
95
100
97
110
98
80
62
54
79
85
93
120
83
100
112
144
91
84
90
95
97
97
113
100
82
59
59
81
84
99
121
82
98
112
144
93
81
91
95
98
99
115
99
82
69
82
84
102
123
81
99
117
155
92
77
89
95
97
98
115
95
78
55
79
80
84
103
119
81
102
121
160
Adjusted for seasonal variation
1923
85
1924
86
1925
89
1926
93
1927
96
1928.. _
94
1929
108
1930
100
1931
78
1932
64
1933
58
1934..
72
1935.. .
83
1936
94
1937
116
1938
85
1939
101
1940
122
1941
140
86
88
89
93
97
95
108
100
79
63
57
75
85
92
118
84
101
116
144
89
86
89
95
99
96
108
98
80
62
54
79
84
93
120
84
101
113
147
91
83
90
94
96
95
110
98
80
58
58
79
82
98
120
82
98
112
144
92
80
90
94
97
97
112
96
80
56
68
80
83
100
121
81
98
116
154
91
76
89
95
96
98
113
93
77
54
78
79
84
103
119
81
103
122
159
July
89
74
89
93
93
97
112
88
75
52
84
73
83
103
118
84
102
120
Aug.
Sept.
Oct.
Nov.
Dec.
89
78
90
98
96
102
114
87
74
54
81
73
87
106
119
91
106
124
89
83
91
101
97
106
116
89
73
60
80
72
91
110
118
97
119
132
89
85
95
102
96
107
114
86
70
62
74
73
95
114
111
100
126
136
86
84
94
98
91
104
104
80
67
59
68
71
95
114
97
102
126
136
80
83
90
91
87
99
93
74
63
55
66
74
93
114
86
99
122
136
88
78
90
96
95
101
114
86
73
54
82
72
87
106
119
90
105
124
87
81
88
98
94
101
112
85
70
58
77
70
89
108
115
93
114
127
86
82
91
98
92
103
110
83
68
60
73
71
92
110
107
96
121
130
86
84
94
97
92
105
105
81
67
59
69
72
94
113
96
100
124
134
84
86
95
97
93
107
100
79
66
58
70
77
95
116
87
101
125
139
Year
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
108
123
P159
90
75
91
95
95
99
114
89
76
53
85
73
84
104
120
86
105
122
P161
p Preliminary.
934
FEDERAL RESERVE
BULLETIN
PRODUCTION OF MANUFACTURES
1935-39 average = 100
I
Feb.
Mar.
Apr.
May
June
July
A ug.
Year
Sept. I Oct.
Without seasonal adjustment
1923
1924 .
1925
1926 ..
1927
1928
1929
1930
1931 _.
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
81
82
86
91
91
90
103
95
74
._
_.
.
61
54
67
80
90
113
78
97
118
139
.
Adjusted for seasonal variation
1923'
1924
1925
.
. ..
1926
1927 _
1928
1929
1930
._._
1931
1932...
.
1933
1934 _
1935
1936
1937
1938
1939
.
1940
1941
83
84
88
94
94
108
100
78
63
56
70
83
94
118
82
101
123
144
85
86
90
95
96
96
\()R
100
79
02
56
74
85
90
117
80
98
114
144
89
87
91
97
99
98
113
100
81
60
51
79
85
94
121
82
100
112
149
91.
85
91
96
99
99
116
102
83
58
58
82
85
101
124
80
99
112
153
84
86
89
94
95
95
108
100
79
62
55
74
85
91
11Q
82
101
116
148
87
85
89
94
96
95
109
98
80
60
51
78
84
93
120
82
100
112
151
83
89
93
96
95
111
98
80
56
57
79
83
99
122
79
99
111
153
117
160
90
75
88
94
96
98
116
94
78
54
79
80
83
104
120
79
102
122
165
85
71
87
91
92
97
112
87
74
50
84
71
83
103
118
83
102
120
79
55
67
80
82
101
123
79
99
116
160
89
75
88
94
96
98
115
93
77
53
78
78
83
104
120
79
103
122
164
88
73
89
94
95
99
115
88
75
51
85
72
84
105
121
84
104
123
P166
117
99
82
56
68
82
84
103
124
88
96
95
"J02
114
86
73
52
80
72
88
107
119
90
108
125
86
76
88
95
95
101
114
86
73
53
81
71
88
107
120
89
108
126
59
78
70
92
111
117
96
119
133
86
83
95
99
94
106
114
84
68
60
73
71
95
114
109
99
126
138
84
83
95
95
90
103
103
78
64
57
67
70
95
115
95
101
127
139
85
79
89
97
93
102
113
84
69
56
77
68
90
109
115
92
114
129
84
81
93
96
91
104
111
82
66
58
72
70
93
111
106
95
122
134
84
83 |
95
95
91
106
105
80
65
58
68
71
95
114
93
100
125 I
137
87
81
91
100
96
105
116
88
^9
79
82
91
89
86
99
73
61
54
65
73
93
115
82
99
124
140
SO
£1
90
95
94
99
110
90
74
57
68
74
87
104
113
87
1C8
124
S3
86
97
95
92
108
99
78
64
68
76
101
142
p Preliminary.
PRODUCTION OF DURABLE MANUFACTURES
1*33-3) average = 100
ar.
Without
1923
1924
1925
1926
1927
1923
1929
1930
1931
1932
1933
1934
1935
1936
1937..
1938
1939
1940
1941
Adjusted
seasonal
Apr.
May
Sept.
Oct.
Year
I Nov.
adjustment
for seasonal
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
121
171
106
109
110
119
118
116
139
117
82
46
33
74
82
94
133
73
97
121
178
Ill
105
110
119
118
119
144
119
84
46
42
80
83
107
137
72
97
120
182
113
95
108
119
117
119
147
116
81
45
52
82
81
111
139
70
95
127
192
111
86
105
116
110
118
145
107
73
42
65
79
77
112
131
68
100
134
198
98
106
105
113
111
110
129
113
77
48
37
6"
80
90
128
73
97
124
176
103
104
105
113
112
110
132
112
78
45
32
71
79
92
130
72
96
118
180
106
100
104
113
111
111
134
110
108
91
104
113
111
112
136
107
108
85
104
114
108
114
140
102
77
75
70
43
39
42
48
76
40
62
76
75
110
129
66
99
133
195
93
97
100
107
102
100
120
105
71
48
35
55
73
89
98
106
105
114
112
1M)
13£
115
78
48
37
66
81
88
us
70
92
140
128
166
98
102
105
114
110
108
131
113
76
51
38
59
71
94
105
81
103
112
104
115
139
94
66
36
74
63
76
109
130
69
99
131
104
88
102
117
108
122
"J40
91
62
34
72
60
83
no
P197
131
76
105
139
107
83
105
114
106
117
141
95
67
36
75
62
78
112
134
71
102
136
304
88
101
"J15
106
120
140
91
62
34
73
60
85
113
135
78
108
143
104
91
105
117
105
123
137
89
58
37
66
57
85
112
125
83
118
150
103
94
114
116
103
125
132
83
54
38
61
55
92
120
117
92
134 !
159 |
104
91
105
116
103
121
135
89
58
37
68
58
88
115
129
83
118
151
102
93
113
115
101
124
131
84
55
38
63
57
91
118
114
89
129
155
100 I
92
113 I
109
96
118
115
75 |
37 I
52
54
96
122
98
98
137
161
94
93
109
100
94 .
114 i
99
69
49 :
36
53
60
91
124
79
95
130
104
103
P5
107
114
107
117
132
98
67
41
•C4
65
83
108
122
78
100
13$
variation
..
__
_
_,
76
93
125
74
97
134
171
73
78
101
132
69
93
116
180
77
106
133
68
93
123
190
102
94
116
113
100
126
121
SO
54
39
54
57
94
121
95
96
134
157
102
100
119
110
104
130
111
39
65 j
96 '
125
SO
97
138 .
165
P2')0
p Preliminary.
SEPTEMBER 1941
935
IRON AND STEEL PRODUCTION
1935-39 average = 100
Jan.
Feb.
Mar.
Apr.
May
June
July
Aug.
Sept.
Oct.
Nov.
Dec.
Year
Without seasonal adjustment
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
.
.
..__..
.
_ .
.
.
Adjusted for seasonal variation
1923
1924
1925
. ..
1926
1927
1928
1929__. _
1930
1931
1932
1933
1934
1935
1936
.
.
1937
1938
1939
1940
1941
111
105
120
118
110
113
129
108
70
42
28
56
79
87
135
52
92
147
179
111
117
120
119
121
122
137
126
79
44
33
108
102
117
116
110
115
131
110
72
42
29
57
81
89
139
53
95
151
179
126
179
118
121
121
127
130
128
145
121
86
40
25
78
81
94
149
58
100
115
184
120
102
109
122
124
127
146
122
81
37
38
85
77
115
150
58
90
112
181
124
79
100
115
118
121
151
115
73
32
53
95
75
115
148
52
83
128
184
116
63
95
112
106
112
145
103
63
27
72
89
67
117
126
48
94
149
184
109
57
92
109
97
113
144
88
56
24
90
45
67
115
137
58
96
151
185
109
72
98
114
102
119
142
89
49
23
81
40
82
119
142
72
110
158
102
82
103
116
99
122
135
85
46
29
68
38
84
124
134
80
131
166
104
89
111
117
97
132
131
78
45
30
59
42
89
129
101
89
157
171
95
92
115
111
94
127
108
67
46
30
45
46
93
128
68
105
164
172
88
105
117
104
95
120
90
59
38
25
52
55
91
131
47
93
156
174
104
109
113
112
114
115
127
115
72
40
30
64
82
87
138
54
95
124
179
110
109
109
114
117
115
131
111
79
37
23
73
76
88
139
54
93
107
184
114
97
103
115
115
117
135
112
75
34
35
79
72
107
142
54
85
106
181
122
117
65
99
116
109
116
147
104
64
27
73
90
68
119
128
49
95
152
184
115
61
99
117
104
120
152
94
59
25
95
47
70
120
144
60
101
159
185
112
74
100
116
104
123
146
91
50
24
83
41
84
122
146
74
113
163
107
85
106
119
101
125
138
86
47
29
69
39
85
127
137
82
134
169
105
90
111
118
97
132
131
78
46
30
59
42
90
130
102
90
158
172
96
119
116
98
132
112
69
48
30
46
48
95
132
68
104
163
171
93
111
125
112
104
134
103
68
44
28
58
60
96
136
48
96
162
174
Nov.
Dec.
140
55
113
115
116
145
110
70
30
51
91
72
111
145
51
82
126
184
109
90
108
115
108
121
133
97
61
32
54
61
81
114
123
68
114
147
OPEN HEARTH AND BESSEMER STEEL PRODUCTION
1935-39 average = 100
Jan.
Without
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932 __
1933
1934
1935
1936
1937. .
1938
1939
1940
1941
seasonal
Feb.
Mar.
Apr.
43
29
57
82
87
135
50
92
144
172
110
117
119
120
121
124
138
129
81
45
34
70
88
91
140
54
96
120
171
116
120
120
128
131
130
146
123
88
41
26
80
82
96
150
58
98
109
177
117
99
106
121
123
128
147
122
82
37
40
107
101
116
116
109
116
131
110
73
43
30
59
84
89
138
51
94
147
172
103
109
111
112
114
116
127
116
73
41
31
66
84
88
138
53
94
118
171
100
100
May
June
July
Oct.
Aug.
Sept.
102
89
111
117
96
134
131
78
46
31
60
43
90
130
97
89
156
165
93
92
115
110
93
127
105
66
47
31
45
48
94
128
64
106
163
166
85
106
117
103
95
120
86
59
39
26
53
58
91
131
44
93
154
166
Year
adjustment
110
104
120
118
109
115
130
109
._
.
.
.
„
Adjusted for seasonal variation
1923
1924_ .
. .
1925
1926
_ _ . .
1927
__
__.
1928
1929
1930
. ._
1931
1932 . . .
1933
1934
1935
_
.
1936
1937
1938
1939
1940
1941
Seasonal adjustment factors
^1
936
111
61
95
110
104
111
146
102
63
27
76
91
67
118
124
48
93
146
173
104
56
91
108
95
113
144
87
56
24
94
44
67
116
135
59
94
148
174
106
73
98
114
101
120
142
88
* 49
24
117
150
57
89
105
172
121
76
99
112
117
121
152
115
73
32
57
98
76
116
148
52
84
124
174
40
84
120
140
73
109
154
99
84
103
116
97
123
135
85
47
30
69
38
85
125
132
81
131
161
109
108
107
114
117
116
132
111
81
38
24
75
77
90
139
53
91
101
177
113
95
102
115
115
119
136
113
76
35
37
81
73
108
142
54
84
99
172
121
76
99
112
114
116
146
110
70
31
55
94
73
113
145
51
84
122
174
114
64
99
115
108
116
149
104
64
28
78
93
68
121
127
49
95
149
173
110
60
99
117
102
120
154
93
60
25
100
47
72
122
142
62
99
155
174
107
74
99
115
103
124
147
91
51
25
85
41
86
124
144
75
112
159
102
85
105
118
99
126
137
86
48
31
70
39
87
128
134
83
133
164
102
89
111
117
96
134
131
78
46
32
61
43
91
132
98
90
157
167
97
96
120
114
97
132
109
69
49
32
132
64
104
161
164
90
112
126
111
104
134
100
69
45
29
59
63
96
135
45
96
159
166
100
100
100
100
100
100
100
100
100
100
FEDERAL RESERVE
106
90
108
115
107
123
133
97
62
33
55
63
82
115
122
68
113
143
BULLETIN
INDUSTRIAL PRODUCTION: SEASONAL ADJUSTMENT FACTORS FOR 1941
Durable Manufactures
Pig iron*
..
Open hearth and Bessemer steel*
Electric steel*. . .
_
. . .
Machinery*
Aircraft*
Railroad cars* _
_
. . .
Locomotives*
Shipbuilding*.
.
.
Automobile bodies, parts, and assembly*
Automobile factory sales*
Copper smelting*.
_
Zinc smelting*
Copper deliveries*
Lead shipments*
. ._. . . .
Zinc shipments*
Tin consumption*
Lumber *
Furniture
Cement
Common brick
Face brick
Glass containers.. .
_ _ __
Polished plate glass
Nondurable Manufactures
Cotton consumption*
Rayon deliveries*
_
Silk deliveries*
Carpet wool consumption* ._
Apparel wool consumption*
Woolen yarn*
Worsted yarn*
Woolen and worsted cloth*
Cattle hide leathers
__ . . .
Calf and kip leathers
Goat and kid leathers
Shoes
Wheat flour
Cane sugar meltings.
Ice cream
Butter
Cheese
Canned and dried milk
Pork and lard
Beef
Veal
Lamb and mutton
Other manufactured foods
Malt liquor. .
Whiskey
Other distilled spirits...
Rectified spirits
Cigars
.
Cigarettes
Manufactured tobacco and snuff
Groundwood pulp
. .
Sulphate pulp
Sulphite pulp..
Soda pulp
Paperboard
Fine paper
Printing paper
Tissue and absorbent paper
Wrapping paper
Newsprint production
Paper board containers
Newsprint consumption
Gasoline
Fuel oil
Lubricating oil. _
Kerosene
Byproduct coke*.. _
Beehive coke*
Chemicals* 2
Rubber consumption*
Pneumatic tires
.
Inner tubes
Minerals
Bituminous coal
Anthracite __
Crude petroleum
__
Iron ore shipments* 3
Copper*...
Lead*
_ .
Zinc*
Gold
Silver
_.
.
.
__
Jan.
Feb.
100
100
100
100
100
100
100
100
103
105
100
100
100
100
100
96
81
93
55
54
70
90
105
100
100
100
100
100
100
100
100
103
106
100
100
108
100
100
100
100
100
101
98
100
96
101
83
50
80
72
76
130
100
96
105
88
80
132
65
73
81
101
97
104
101
100
100
96
101
100
97
100
100
95
95
96
103
97
105
100
100
—1 0
103
100
100
100
100
100
100
100
100
84
100
56
48
65
92
95
Mar. Apr. M a y
100
100
100
100
100
100
100
100
106
112
100
100
100
100
100
102
95
101
75
63
80
94
105
100
100
100
100
105
98
100
100
100
100
100
100
100
100
100
100
101
111
94
106
104
99
111
108
99
97
98
110
59
77
86
89
82
78
85
98
100
90
90
91
88
95
100
97
88
87
96
85
123
130
60
65
86
95
92
87
94
93
102
99
104
107
103
102
103
102
103
103
103
104
107
107
103
104
104
101
104
102
100
99
98
102
104
99
95
97
101
98
99
99
101
101
100
100
100
100
0 0 +4 5
98
100
100
100
100
100
100
100
100
100
100
100
100
100
109
114
100
100
100
100
100
103
100
97
100
95
100
100
100
100
100
100
100
100
100
100
100
100
108
100
100
100
100
100
104
107
94
122
120
120
107
100
June J u l y
100
100
100
100
100
100
100
100
100
111
100
100
100
100
100
105
108
97
126
127
116
105
98
100
100
100
100
100
100
100
100
80
87
100
100
100
100
100
99
109
93
124
127
118
104
66
Aug.
100
100
100
100
100
100
100
100
85
50
100
100
100
100
100
99
111
103
122
117
114
109
82
Sept. Oct. Nov. Dec.
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
96
111
105
120
130
110
102
100
100
100
100
100
100
100
100 . 100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
99
100
106
97
104
109
104
116
110
127
110
107
101
103
114
115
100
100
100
100
100
100
100
100
100
100
100
100
100
92
87
89
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
95
95
93
99
101
98
102
105
110
95
98
96
99
98
100
101
99
98
88
97
98
113
102
112
94
99
101
91
109
115
103
115
105
98
119
97
162
160
136
72
108
168
qg
140
122
110
129
88
154
129
132
113
94
103
144
148
122
103
92
80
97
90
100
94
75
80
98
101
100
101
112
109
99
101
101
104
110
110
95
95
102
99
106
112
95
107
118
91
112
129
124
128
117
118
82
101
80
55
55
100
95
80
59
48
47
265
60
137
80
84
78
88
106
130
107
104
103
99
121
115
110
112
105
102
107
98
102
102
101
101
102
108
102
89
85
111
93
87
99
98
100
100
102
100
98
95
100
100
102
100
99
94
100
100
100
101
100
95
101
98
106
106
94
98
91
103
95
100
102
98
97
94
101
99
100
99
95
99
104
104
98
97
99
98
103
101
101
101
98
97
100
100
99
101
99
98
108
110
104
101
107
101
88
87
102
100
103
103
103
103
100
99
98
98
101
101
104
99
100
99
100
100
100
96
95
98
100
98
100
100
100
100
100
100
100
100
100
100
100
100
+3 0 — 1 0 —5 5 —6 5 —3 0 +2 0 +4 5
99
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
95
100
100
100
100
100
100
99
103
105
94
110
96
99
97
113
95
93
99
97
88
109
110
60
89
95
93
99
112
100
102
103
102
109
104
102
101
100
100
107
99
98
104
102
100
100
100
100
100
100
100
100
100
100
104
95
97
86
104
82
60
79
76
70
120
105
102
97
101
82
125
210
158
119
96
99
102
100
101
100
100
97
99
99
100
103
98
105
101
101
100
103
100
100
+2100
0
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
97
86
104
80
82
90
93
120
100
100
100
100
100
100
100
100
102
102
102
84
96
80
52
79
70
69
129
100
95
95
96
78
115
124
133
77
89
88
104
95
97
97
89
98
99
96
97
101
92
102
98
102
99
101
100
100
+1.0
100
100
100
100
100
111
116
98
117
110
99
96
103
101
84
107
102
85
110
103
86
92
100
88
78
100
92
74
103
104
96
100
112
106
99
114
102
97
111
106
98
98
100
100
94
99
101
100
100
92
103
102
98
100
83
104
103
102
100
88
102
100
102
100
95
96
98
99
100
80
100
94
97
100
107
93
98
100
100
108
103
99
100
100
113
98
103
100
100
125
102
103
101
100
115
99
101
101
100
100
101
* New or revised.
1 These seasonal factors were derived by dividing the monthly indexes of total lumber production for 1940, without seasonal adjustment, by the
corresponding monthly seasonally adjusted indexes. The index of total lumber production is obtained by combining figures for the various lumber
producing
regions, for which separate seasonal factors are computed and used.
2
Absolute seasonal adjustment. Subtract algebraically from unadjusted index.
3
The method of seasonal adjustment for this series, and the factors used, may be obtained from the Division of Research and Statistics.
SEPTEMBER
1941
937
CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES
[Figures for 1941 are preliminary]
Nonmember banks
M e m b e r banks
Total
National
State
Other t h a n m u t u a l
savings and
private banks
Insured
Not
insured
Mutual
savings
Private i
Number of Banks (Head Offices)
December 31, 1933
December 31, 1934
December 31, 1935
December 31, 1936
December 31, 1937
December 31, 1938
December 31, 1939
December 31, 1940
June 30, 1941
.. _
15,029
16,063
15,869
15, 667
15, 387
15,194
15,034
14, 895
14, 854
5,154
5, 462
5, 386
5, 325
5, 250
5,224
5,187
5,144
5,130
857
980
1,001
1,051
1,081
1,114
1,175
1,342
* 1, 426
2,911
3,133
3,234
3,399
3,540
3,580
3,629
3,666
3,680
1,121
1,243
1,329
1,393
1,485
1, 499
1, 518
1, 539
1,562
960
981
952
981
994
992
1.002
1,002
1,008
1,719
1,981
685
877
Number of Branches
December 31, 1933
December 31, 1931
December 31, 1935
December 31, 1936
December 31, 1937
December 31, 193S
December 31, 1939
December 31, 1940
June 30, 1941, total
_..
..
..
In head-office cities
Outside head-office cities
_
2 8, 41
1,108
7,693
1,046
7,728
1,004
7,588
7,449
960
7,316
917
7,171
887
851
6,951
6,868
829
3
579
579
570
565
563
555
551
551
547
98
241
138
134
74
68
63
56
125
126
128
128
128
135
132
135
134
5
5
5
5
5
5
6
6
46
1
5
2 7( 0
5
778
828
848
891
908
927
940
929
42
39
37
41
44
44
43
775
231
140
789
6
37
112
22
1,342
6,951
851
551
+1
+12
+7
_2
- 1
-3
-9
-16
-10
-3
-1
-3
3
Analysis of Bank Changes, Jan. 1 - June 30, 1941
Number of banks on December 31, 1940
14, 895
5,144
Increases in number of banks:
Primary organizations (new banks) 6 ._.
+24
+4
Decreases in number of banks:
Suspensions
Voluntary liquidations 7
Consolidations, absorptions, etc.
-5
-24
-36
-2
-2
-14
Inter-class bank changes:
Conversions—
State into national
National into State
Federal Reserve membership—8
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance—9
Admissions of State banks
Withdrawals of State banks..
Net increase or decrease in number of banks
Number of banks on June 30, 1941
+5
—4
_
i
+5
-5
* +92
-88
-1
—2
+2
+16
-16
-1
+1
-41
-14
+84
-83
-22
14, 854
5,130
1,426
6,868
829
547
54
1,002
940
44
135
6
-1
-1
-2
-4
Analysis of Branch Changes, Jan. 1 - June 30, 1941
Number of branches on December 31, 1940
3,686
1,539
Increases in number of branches:
De novo branches
Banks converted into branches
+22
+9
+10
+1
+4
Decreases in number of branches:
Branches discontinued
-17
-6
-4
Inter-class branch changes:
From State to national
From nonmember to State member
Net increase or decrease in number of branches
Number of branches on June 30, 1941
+19
+11
+5
-19
+22
-22
+14
+23
+4
-11
3,680
1,582
1,006
929
-1
-1
43
134
6
1 The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section
21 (a) of the Banking Act of 1933. TJnder the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years.
23 Federal deposit insurance did not become operative until January 1, 1934.
Number of banks comprises 50 insured and 497 uninsured; number of branches comprises 31 insured and 103 uninsured. The figures beginning with 1939 exclude one bank with 4 branches which theretofore was classified as an insured mutual savings bank but is now included with
"Nonmember
banks other than mutual savings and private banks."
4
Number of banks comprises 1 insured and 53 uninsured; all branches were uninsured.
5
Separate
figures not available for branches of insured and not insured banks.
6
Exclusive of new banks organized to succeed operating banks.
7
Exclusive
of liquidations incident to the succession, conversion and absorption of banks.
8
Exclusive of conversions of national banks into State bank members, or vice versa, as such conversions do not affect Federal Reserve membership.
s
Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do not affect Federal Deposit
Insurance Corporation membership.
* Includes three mutual savings banks admitted during April (two in Wisconsin and one in Indiana), the first of such banks to become members of the Federal Reserve System.
Back figures—See Annual Report for 1939 (table 16) and BULLETIN for February 1939, p. 110.
938
FEDERAL RESERVE
BULLETIN
ALL MEMBER BANKS—CONDITION ON JUNE 30, 1941T BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All
member
banksl
All
national
member
banks
All State
member
banksi
Central reserve city
member banks 2
Chicago
j
New York
j
Reserve
city
member
banks 2
Country
member
b a n k s ->
ASSETS
Loans (including overdrafts)
United States Government direct obligations... _ __ _
Obligations guaranteed by United States Government. _.
Obligations of States and political subdivisions
Obligations of Government corporations and agencies,
not guaranteed by United States
Other bonds, notes, and debentures
Corporate stocks (including Federal Reserve Bank stock) _
Total loans and investments
Reserve with Federal Reserve Banks..
_
Cash in vault
Demand balances with banks in United States (except
private banks and American branches of foreign banks).
Other balances with banks in United States..
Balances with banks in foreign countries
Due from own foreign branches
Cash items in process of collection
Bank premises owned and furniture and fixtures
Other real estate owned
..____
__
_
Investments and other assets indirectly representing bank
premises or other real estate.
_
Customers' liability on acceptances
Income accrued but not yet collected._.
Other assets...
Total assets
985
695
085
912
5, 832, 396
5, 404, 758
1, 562, 211
968, 519
3. 778, 201
5, 516, 650
1, 751, 004
650,777
845, 921
1, 345, 656
137, 727
189, 663
6, 498, 034
4, 537, 583
1,162,196
978, 753
n. 607, 225
2. 838, 564' 788, 369
1,105, 23S
527, 591
1, 931, 443
408, 353
40, 658, 948
12, 959, 092
999,433
323, 722
1, 262, 703
208,386
25, 818, 488
7, 451, 783
702, 589
203, 869
668, 740
199, 967
14, 840, 460
5, 507, 309
296, 844
204,159
447,150
145,119
12. 493, 060
5, 857, 272
136,226
45, 588
116. 269
25, 970
2, 706, 794
1. 062, 316
41,121
171, 609
516, 325
148,196
14, 012, 696
4,125, 062
385, 448
106, 235
851, 099
89, 06S>
6,188,171
104, 487
9,640
121
2, 428, 800
913, 030
208, 477
4, 743, 349
79, 971
6, 456
129, 866
1, 352
5, 390
121
900, 400
202, 080
23, 732
258, 442
3,741
216
2, 758, 579
34, 480
2, 935
3, 041, 284
64, 905
1,099
1, 512, 266
591, 217
96, 562
1, 444, 822
24, 516
3,184
121
916,534
321,813
111,915
150,185
19, 391
2,736
1, 010, 738
319,682
76, 725
367, 477
371,877
105, 284
110,642
78,719
105, 402
92,107
61, 764
49, 905
61, 224
52, 370
48, 878
28, 814
44,178
39, 737
10, 307
50,039
38, 534
14, 841
736
2,626
8,271
7,497
77,
23,
39,
40,
327
443
678
703
22, 272
2,611
18, 919
29, 066
64, 857, 069
41, 227, 944
23, 629,125
19, 863, 220
4, 264, 072
22, 907, 505
17, 823, 273
46, 016,122
28,789,269
19,166, 544
490, 222
2,193, 730
6,149, 467
337, 609
17, 226, 853
12, 262,174
128, 415
746, 644
3, 460,190
343, 401
17,117, 763
11, 895, 260
31,713
318, 997
3, 948,080
618, 085
3, 468, 453
2,109, 218
95, 243
213, 237
1, 009, 982
7,711
15, 884, 419
10,142, 368
341,136
1,138, 750
3,999. 875
53,120
9, 545, 487
7,281,872
150, 545
1, 269, 390
651, 720
2, 094
451, 697
8,483,952
286, 029
4, 011, 435
305, 628
810, 987
33, 062
502, 013
209.170
4, 928, 772
189, 866
6, 253, 615
3, 224, 730
149,943
42, 576
468, 346
13, 567
69, 341
41,152
1,780
21, 238, 288
35, 517
398, 918
9,629
7, 304
362, 575
26, 919
290
5,352
17, 928, 750
173,151
428, 824
26, 067
1,175
24, 247
4, 500
17, 200
4,103, 242
150,141
43, 506
292. 991
18,973
210, 556
107, 613
1, 750
20, 813,191
1,978
5, 422, 679
462, 6.>0
81, 434
82, 59l>
31, 292
142, 747
30,187
58, 511, 509
175,129
7,128, 933
498, 574
90, 843
294, 063
41 198
328, 081
96, 938
5,322
37, 273, 221
139, 612
2,887
93, 660
37,152
79, 695
92, 428
64, 937
2,005
59, 307
23, 318
55, 623
56,138
28, 993
882
353
834
072
290
944
155
58, 736
17, 757
10, 679
23,125
26, 249
2,875
994
2,372
8,281
575
29,125
11,575
42, 297
40. 894
28, 332
59, 057, 397
37, 638,217
21, 419,180
18, 238, 602
3, 985, 563
20,967,392
16, 729,
14, 238,
3, 839,
2, 984,
381
453
296
431
10, 896,
8, 833,
2, 277,
2, 015,
1 1 , 446, 3<>8
1, 914, 442
436. 63S
LIABILITIES
Demand deposits—Total _
Individuals, partnerships, and
corporations..
_ 31, 428, 718
618, 637
United States Government 3
2, 940, 374
States and political subdivisions
_ _
9, 609, 657
Banks in United States .
681, 010
Banks in foreign countries . . .
_
Certified and officers' checks, cash letters of credit and
737, 726
travelers' checks, etc.
12, 495, 387
Time deposits—Total
Individuals, partnerships, and corporations:
10, 353, 663
Savings deposits
648, 517
Certificates of deposit
133, 419
Christmas savings and similar accounts
762, 409
Open accounts
__
54 765
Postal Savings 3
397, 422
States and political subdivisions
138, 090
Banks in United States
7,102
Banks in foreign countries
Total deposits.
Due to own foreign branches .
Bills payable, rediscounts, and other liabilities for borrowed money
Acceptances outstanding
Dividends declared but not yet payable
Income collected but not yet earned
. . .
Expenses accrued and unpaid
Other liabilities
Total liabilities
34,
13,
24,
36,
35,
3, 970, 466
__
_
Total capital accounts
Total liabilities and capital accounts
Net demand deposits subject4 to reserve
Demand deposits—adjusted _
Number of banks
2,732
2, 924
6, 826
24, 347
20,128
9,781
15, 865, 840
!
CAPITAL A C C O U N T S
Capital
Surplus
Undivided profits. _ _
Reserves for contingencies
Other capital accounts
15, 799,103
__
..
2, 358,948
2, 318, 745
768, 296
308,685
44, 998
1, 519, 583
1, 333, 520
498, 074
202, 906
35, 644
839, 365
985, 225
270, 222
105, 779
9,354
547, 841
828, 302
197, 946
47, 342
3,187
101,
104,
35,
36,
900
080
851
447
231
787, 323
737, 535
262, 840
134, 222
18,193
921, 884
648,828
271, 059
90, 674
23, 387
5, 799, 672
3, 589, 727
2, 209, 945
1, 624, 618
278, 509
1, 940,113
1, 956, 433
64, 857, 069
41, 227, 944
23, 629,125
19, 863, 220
4, 264, 072
22, 907, 505
17, 822, 272
37, 411, 078
32, 678, 018
6,556
22, 541, 870
20, 299, 705
5,130
14, 869, 208
12, 378, 313
1,426
16, 087, 497
11, 619, 485
36
3.061,063
2, 205, 332
14
12.116,656
10, 479, 550
348
6,145, 862
8, 373, 651
6,158
serve cities. Figures for each class of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in
which
the parent banks are located.
3
United States Treasurer's time deposits, open accounts, are combined with postal savings (time) deposits.
4
Demand deposits other than interbank and United States Government, less cash items reported as in process of collection.
SEPTEMBER
1941
939
ALL MEMBER BANKS—CLASSIFICATION OF LOANS, INVESTMENTS, REAL ESTATE AND CAPITAL ON JUNE 30,1941
BY CLASSES OF BANKS
[In thousands of dollars]
All
member
banksi
All
national
member
banks
Loans—Total
16, 729, 381 10, 896, 985
Commercial and industrial loans
7, 270,191 4, 691, 206
Agricultural loans
737, 818
620, 461
Commercial paper bought in open market
399,290
276, 850
Bills, acceptances, etc., payable in foreign countries..
6,189
5,222
Acceptances of other banks, payable in United States.
52, 444
29, 410
Reporting banks' own acceptances
49, 305
79, 316
Loans to brokers and dealers in securities
237, 873
574, 951
Other loans for purchasing or carrying securities
355, 967
634, 684
Real estate loans: On farm land
233, 543
304,527
On residential property
2, 253, 812 1, 447, 908
On other properties
489, 970
806, 832
Loans to banks
20, 426
44, 392
All other loans
3, 555, 922 2, 432, 467
Overdrafts
6,377
9,013
8, 833, 695
826, 085
1, 758,119
701, 221
1, 817, 498
3, 412, 925
317, 847
All State
member:
banks
Central reserve city
member banks 2
New York
Chicago
Reserve
city
member
banks 2
Country
member
banks 2
5, 832, 396
2, 578, 985
117, 357
122, 440
967
23,034
30, 011
337, 078
278, 717
70.984
805, 904
316, 862
23, 966
1,123, 455
3, 778,201
2, 405, 330
2,845
11, 497
50
44, 831
40, 910
421, 730
186, 331
28
65, 001
63, 744
32, 718
500,539
2,647
845, 921
608,898
4,562
17, 433
1,617
11
2,141
35, 786
54, 886
307
10, 977
8,307
4
100, 505
487
6, 498, 034
2,878, 949
175, 419
158, 678
3,378
5,946
34, 294
100, 253
198, 267
86, 933
1, 020, 094
370, 298
8,720
1, 453, 439
3,366
5,607,225
1,377,014
554,992
211,682
1,144
1,656
1,971
17,182
195, 200
217, 259
1,157, 740
364, 483
2,950
1, 501, 439
2,513
5, 404,
300,
872,
678,
1, 720,
1, 644,
187,
758
912
586
817
403
430
610
5, 516, 650
576, 581
1, 525, 533
795, 467
1, 422, 055
1,109, 536
87, 478
1, 345, 656
417, 486
125,173
68, 785
97, 962
534, 077
102,173
4, 537, 583
73, 220
605, 536
313,907
1, 222, 489
2,119, 579
202, 852
2, 838, 564
59, 710
374, 463
201, 879
795, 395
1, 294,163
112, 954
United States Government direct obligations -TotaL
Treasury bills
Treasury notes
Bonds maturing in 5 years or less
Bonds maturing in 5 to 10 years
Bonds maturing in 10 to 20 years
Bonds maturing after 20 years
14, 238, 453
1,126, 997
2, 630, 705
1, 380, 038
3, 537, 901
5, 057, 355
505, 457
Obligations guaranteed by United States Government—
Total
Total amount maturing in 5 years or less
Reconstruction Finance Corporation
Home Owner's Loan Corporation
Federal Farm Mortgage Corporation
Other Government corporations and agencies
3, 839, 296 2, 277, 085
2, 591. 094 /, 399, 687
548, 008
1, 292, 205
1, 398, 758 1, 044, 606
279, 849
480, 398
404, 622
667, 935
1, 562, 211
1,191, 407
744,197
354,152
200, 549
263, 313
1, 751, 004
1, 317, 360
723, 771
562, 763
178,151
286, 319
137, 727
129, 908
96, 852
4,310
3,784
32, 781
1,162,196
688, 484
285, 487
495, 538
163, 735
217, 436
788, 369
455, 342
186, 095
336,147
134, 728
131, 399
527, 591
404, 090
155, 683
193,083
178, 825
323, 722
222, 738
100, 984
110,866
111, 872
203, 869
181, 352
54, 699
82,217
66, 953
204,159
177, 936
57, 400
97, 299
49, 460
45, 588
29,151
16, 443
13,950
15,195
171, 609
136, 774
35, 354
66, 864
69, 391
106, 235
60,229
46, 486
14, 970
44, 779
Obligations of States and political subdivisions—Total
In default
Without specific maturity
Maturing in 5 years or less
Maturing after 5 years
2, 984, 431
3,737
213, 650
1, 731, 460
1, 035, 584
2, 015, 912
3,108
171, 489
1, 065, 777
775, 538
968, 519
629
42,161
665, 683
260, 046
650, 777
302
21, 229
492, 837
136, 409
189, 663
63,190
91,031
35, 442
978,753
1,122
66, 461
526, 297
384, 873
1,165, 238
2,313
62, 770
621, 295
478, 860
Other bonds, notes and debentures—Total.
Total amount in default
1, 931, 443
45, 829
579, 340
685. 623
454, 248
513, 474
130, 547
147, 551
1, 262, 703
28, 652
310, 430
448, 240
304, 717
344, 188
68, 505
97, 053
6S8, 740
17,177
268, 910
237, 383
149, 531
169, 286
62, 042
50, 498
447,150
12, 524
207, 278
135, 732
63, 321
157, 909
55,144
35, 044
116, 269
950
60, 079
33, 039
34, 484
36,189
2,994
9,563
516, 325
15,143
161, 493
192, 691
114, 481
126, 784
38, 926
43, 443
851, 699
17,212
150, 490
324,161
241, 962
192, 592
33, 483
59, 501
408, 353
140, 318
97, 414
18,141
150, 730
1,750
208, 386
85, 646
44, 510
6,342
70, 690
1,198
199, 967
54, 672
52, 904
11, 799
80, 040
552
145,119
41, 259
41, 545
2,149
59, 574
592
25, 970
6,173
277
37
19, 469
14
148,196
45, 754
50, 080
7,753
43, 774
835
89, 068
47, 132
5,512
8,202
27, 913
309
Bank premises, furniture and fixtures, and other real
estate—Total
Bank premises
Furniture and fixtures
Farm land (including improvements)
Residential properties
Other real properties
1,121, 507
841, 635
71, 395
15, 959
76, 563
115, 955
687, 779
536, 630
54, 587
11,497
31, 740
53, 325
433, 728
305, 005
16, 808
4,462
44, 823
62, 630
225, 812
201, 344
736
17
8,787
14, 928
22,127
19,187
204
125
816
1, 795
396, 407
290, 607
29, 075
5,781
21, 667
49, 277
477,161
330, 497
41, 380
10, 036
45, 293
49, 955
Assets indirectly representing bank premises or other real
estate—Total
Investments
Other assets
110, 642
78, 496
32,146
61, 764
51, 653
10,111
48, 878
26,843
22, 035
10, 307
8,591
1,716
736
637
77, 327
52,947
24, 380
22, 272
16, 321
5,951
2, 361,495
40. 008
237^ 349
17, 862
2, 066, 276
1, 521, 346
840,149
40, 008
66, 209
4, 681
729, 251
547, 841
311
8,711
101,900
171,140
13,181
1, 337, 025
""17766"
538, 819
100,200
787,323
23, 823
96, 638
2,150
664, 712
924, 431
15, 874
130, 300
15, 712
762, 545
329, 829
23, 692
219, 788
15,129
110, 041
8,563
21, 600
1,700
130, 732
2,150
175, 797
21, 542
Obligations of Government corporations and agencies not
guaranteed by United States—Total
Total amount maturing in 5 years or less
Federal Land banks
Federal Intermediate Credit banks
Other Government corporations and agencies
Railroads
Public utilities
Industrials
Other domestic corporations
Foreign-public and private
Corporate stocks—Total
Federal Reserve Banks
Affiliates of reporting banks
Other domestic banks
Other domestic corporations
Foreign corporations
Capital:
Par or face val ue—Total
Capital notes and debentures.
First preferred stock
Second preferred stock
Common stock
Retirable value of: First preferred s t o c k . . .
Second preferred stock.
For footnotes see preceding page.
940
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments.
Gold production
Gold movements
International capital transactions of the United States
Central banks
Money rates in foreign countries
Commercial banks
Foreign exchange rates.
Price movements:
Wholesale prices
Retail food prices and cost of living
Security prices
942
943
943
944-948
949-952
953
954
955
956
957
957
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.
SEPTEMBER 1941
941
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
United
States
E n d of month
a 933—Dec...
1937—Dec. . .
1938—Dec. .
1939—Dec.
11, 258
12,760
14,512
17, 644
1940—July..
Aug..
Sept...
Oct.-..
Xov...
I>ec1941—Jan.—
Feb. .
Mar...
Apr...
May.
June..
July..
1 20,463
j 20,913
i 21,244
! 21,506
I 21,801
i 21,995
I 22,116
22, 232
22, 367
22. 506
Hungary
1940—July
Aug
Sept
Oct
Nov
Dec
1941—Jan
Feb
Mar
Apr
May.
Brazil
632
597
581
609
501
469
431
466
H03
402
385
369
353
353
353
353
353
333
353 I
353
22, 624
22,. 675
End of month
1936—Dec
1937—Dec
1938—Dec
1939—Dec
I Belj gium
•744
734
734
734
Bulgaria
Canada
275
274
274
274
188
184
192
214
274
274
274
274
274
274
274
274
274
274
274
S
Chile
CzechoCoslolombia
vakia
Denmark
Iran |
Italy
(Persia) I
25
25
26
26
208
210
193
144
J apan
June July.-
Switzerland
Sweden
-I
j
Germany
Greece
2,995
2,564
2,430
2,709
26
24
27
28
28
28
2,000
Turkey
Java
NethNew
Mexico erlands
Zealand
United
Kingdom
103
103
109
109
129
140
152
371
178
174
174
173
Uruguay
Venezuela
Norway
28
240
244
321
308
657
650
701
549
2, 584
2,689
2, 690
8
1
19:
490
490
500
501
502
520
521
527
523
530
528
1
1
1
1
1
1
1
1
1
1
1
1
1
74
69
68
9 90
88
87
86
88
90
95
97
100
105
108
South
Africa
491
933
114
120
133
152
203
189
220
249
627
624
634
629
621
617
616
614
614
572
572
573
156
156
156
157
157
158
158
158
158
171
305
308
314
328
351
367
376
388
401
413
418
427
Yugoslavia
B.I.S.
Other
countries 7
183
185
142
149
144
145
145
145
145
145
145
145
145
145
145
144
144
"I
1 Figures relate to last official report dates for t h e respective countries, as follows: G e r m a n y
—June i s , 1939; Italy—late in M a r . 1940; N o r w a y — M a r . 30, 1940; Poland—July 31, 1939.
2 Be°-inninCT A p r . 1940, reports on certain Argentine gold reserves no longer available.
3 On M a y 1,1940, gold belonging to B a n k of C a n a d a transferred to Foreign Exchange Control Board. 'Gold reported since t h a t time is gold held b y Minister of Finance.
* Change from previous December due largely to inclusion of gold formerly not reported.
5 Figures for D e c 1936 a n d D e c 1937 are those officially reported on Aug. 1, 1936, a n d Apr.
1935, respectively.
« Beginning M a r . 29, 1941, gold reserves no longer reported separately.
7
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, F i n l a n d ,
Guatemala, Iceland, L a t v i a , L i t h u a n i a , Morocco, a n d T h a i l a n d (Siam). Figures for certain
of these countries h a v e been carried forward from last previous official report.
s Gold holdings of B a n k of E n g l a n d reduced to nominal a m o u n t b y gold transfers to British Exchange Equalization Account during 1939.
» Increase d u e to inclusion of additional foreign gold reserves not previously reported.
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.
942
Portu-
Rumania
Peru
Poland
Spain
5
6
718
525
Government gold reserves i not included
in previous figures
End of
month
1940—July
Aug.
Sept
Oct
Nov
Dec
1941—Jan
Feb
Mar
Apr
May
June
July
France
8
8
463
261
164
164
164
164
164
164
164
164
164
164
|
j
i
i
I
i
!
i
I
!
1936—Dec
1937—Dec
1938—Dec
1939—Dec
Egypt
!
|
|
E n d of m o n t h
British
India
1936—June. „
1937—J une
1937—Dec.._
1938—Mar.
June ._
Sept
Oct.
Dec...
1939—Mar.
May.
June...
Sept.
Dec...
1940—Mar.. _
June_—
Sept.—
Dec—
1941—Mar.
United
States
59
169
United
Kingdom
France
103
115
81
2 934
s 1,395
1,489
44
62
759
80
154
85
164
156
145
86
105
48
88
Belgium
1,732
4
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 a n d 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 m o n t h l y
series from Oct. 1938-May 1939, see B U L L E T I N
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 B a n k of E n g l a n d , and between t h e
French E . S. F . a n d t h e B a n k of F r a n c e , see
B U L L E T I N for September 1940, p . 926.
FEDERAL RESERVE BULLETIN
GOLD PRODUCTION
Outside U. S. S. R.
[In thousands of dollars]
Estimated
world
production
outside
U.S.S.R.i
Year or month
Production reported monthly
North and South America
Africa
Total
South
Africa
Rhodesia
West
Africa
Congo2
United
States s
Colombia
CaDada4
Other
Austra- British5
lia
India
Chile
$1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold~$35
1941—January...
February..
March
April
May
June
104,023
114,971
131,181
143,367
165, 379
178, 303
185, 890
23,135
23,858
26,465
29, 591
32, 306
32, 300
30, 878
2, 747
2, 643
2, 590
2, 725
2,652
2, 709
2,687
2,668
16, 743
15,105
19,109
16, 294
17, 324
22, 004
19, 952
19, 694
15, 512
15,819
16, 007
16, 343
15, 440
16, 386
15, 775
15, 780
1,356
2,562
3,010
4,027
2, 596
2,337
1,905
2,221
2,618
42, 335 2,326
2. 237 2,566
39,608
42, 075 2, 318 2,696
41,357 P2 345 P2, 696
42, 716 P / 2 , 3 4 5 P2, 731
41,188 pf'2, 345P/2, 731
16, 646
15, 408
16, 023
16, 413
16, 022
16, 468
15,199
2,945
14, 446 2,670
15, 629 2,702
15, 384 2,491
15, 721 P2, 631
15, 890 P/2, 631
366. 795
377,090
396, 768
410,710
425, 649
448, 753
491, 628
24, 264
25, 477
28,053
28, 296
28,532
28, 009
29,155
875
810
760
305
505
330
080
800
89, 298
87, 060
92, 665
92. 557
89', 672
97, 803
92, 522
91, 852
41, 742
40,437
41,936
41, 989
40, 958
42, 362
41, 620
41,188
2,442
2,437
2,459
106, 015
100, 450
106, 365
105, 420
106, 750
93, 373
84, 090
89, 526
*83, 592
105,
103,
109,
109,
106,
113,
108,
107,
1940—May
June
July
August
September..
October
November..
December..
108,191
126, 325
152, 509
168,159
178,143
196,391
210,109
707,288
751,979
833,088
892,535
957,212
1, 019, 665
1,088, 835
823,003
882, 533
971, 514
1,041, 576
1,136, 360
1, 212, 796
1, 275, 505
1934..
1935..
1936_.
1937..
1938..
1939..
1940..
P89,399
P83, 389
2, 498
2,450
2,477
2,404
2, 433
12, 153 6,549
13, 625 7,159
16, 295 7.386
20,784 8,018
24, 670 8,470
28, 564 8, 759
32,163 28, 862
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
30, 559
31, 240
40,118
46, 982
54, 264
56,182
55, 878
1,825
1,715
1,952
2,184
2,016
1,789
1,713
1,675
1,271
780
850
1,243
673
1,121
929
879
4,786
4, P88
4,263
4,693
4,616
5, 638
4,592
4, 333
2,137
1,844
1,891
2,071
784
695
1,313
896
528
/528
4, 544
3,812
4,040
4,133
H,133
/4,133
1,872
1, 777
11,223
11, 468
11, 663
11, 607
11,284
11,078
10,157
5
875
875
490
560
945
980
945
980
840
805
840
805
700
700
Gold production in U. S. S. R.: No regular Government statistics on gold production in U. S. S. R. are available, but data of percentage changes
irregularly given out by officials of the gold mining industry, together with certain direct figures for past years, afford a basis for estimating annual
production as follows:
1934, $135,000,000; 1935, $158,000,000; 1936, $187,000,000; 1937, $185,000,000; 1938, $180,000,000.
p Preliminary. r Revised.
f Figure carried forward from last previous figure without footnote /.
i 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.
* Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months
of the
year.
3
Includes Philippine Islands production received in United States. Monthly figures for U. S. for 1940 represent estimates of American Bureau
oi 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
Mint4 in cooperation with Bureau of Mines.
Figures for Canada beginning January 1941 are subject to official revision.
* 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
Total
net
N e t imports from or net exports (—) to:
imports
or net
exports
(-)
1934 2
1935
1936
1937
1938
1939
1940
United
Kingdom
499, 870
1,131, 994
315, 727
1, 739,019
174,093
1,116, 584
891, 531
1, 585, 503
1, 973, 569 1, 208, 728
3, 574, 151 1, 826, 403
633, 083
4, 744, 472
1940
July
Aug
Sept
Oct
Nov
Dec...
519, 974
351, 553
334, 100
325, 964
330, 107
137,176
301, 734
10, 819
3,650
1,738
936
99
1941
Jan.__
Feb
Mar
Apr
May i.._.
June 1L
July
234. 242
108, 609
118,567
171,992
34, 830
30,712
37, 041
37
1 218
817
21
474
542
BelFrance gium
Netherlands
Switzerland
Sweden
12,402
260, 223 8,902 94, 348
227,185
968
934,243
2 7,511
573,671 3,351 71, 006
6,461
6 54, 452
-13,710 90, 859
81, 135 15, 488 163, 049 60,146 1,363
3,798 165,122 341, 618 28, 715 86, 987
977 63, 260 161, 489 90, 320 2,
241, 778
3,158
3,637
32
6
27
7
1
1,746
1
563
337
l
Colom- PhilipAuspine
bia
tralia
Islands
Canada
Mexico
86, 829
95,171
72, 648
111, 480
76, 315
612, 949
622, 330
30, 270
13, 667
39, 966
38, 482
36, 472
33, 610
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
172, 268 1,891
264, 328 10, 335
217, 627
545
538
222, 726
545
262, 718
347
80, 389
5,856
4, 516
2,330
7
2,830
3,738
3,764
2,673
3,283
3,268
46,876 1,147
81, 529
814
95, 619
866
20, 216 1,147
16, 309
969
17, 521
800
19, 228 1,088
3,168
11
2,232
2,934
2,794
2,814
2,128
South
Africa
12
1,029
65
3,498
8
23, 280
181
34, 713
401
39,162
74, 250 22,862
103, 777 184, 756
5,262
6,746
14, 605
14, 770
14, 441
14,994
3,432
11, 687
7,854
6,704
6,240
1,751
3,185 11,136 149, 735
96
2,772 6,738
2,788
3,984 6, 262
3,587 4,720 132, 261
3,594
3,384 4,194
69
2,114 4,593
4,972 5,199
88
British
India
Japan
4
246, 464
168,740
165, 605
111, 739
76, 820 32, 304
75, 268 46, 989
77,892 39, 735
50, 762 29, 998
16,159 3 67, 975
50, 956 4102, 404
49, 989 5 388,468
13, 228
11,815
12,186
13, 262
954
523
784
2,170
7,446
6,085
4,501
3,046
313
All
other
countries
23, 463
34, 789
69, 946
64, 208
27, 580
12, 805
6,062
6 15,093
2,951
'6, 793
3,589
5,009
131
3,811
r
Revised.
1 Beginning M a y 1941, figures b y countries refer to gross imports since export data are no longer available.
2
Differs from official customhouse figures in which imports and exports for J a n u a r y 1934 are valued at approximately $20.67 a fine ounce.
3 Includes $31,830,000 from Argentina.
4
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.
5
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.,
.$126,178,000 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.
• Includes $11,236,000 from U. S. S. R.
N O T E . — F o r gross import and export figures and for additional countries see table on p . 900.
SEPTEMBER
1941
943
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.
Total r
From Jan. 2, 1935, through—
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
5,133. 5
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
149.9
125.9
187.0
238.5
311.4
425.3
552.1
542.5
539.1
799.9
660.4
993.2
1,186. 9
1, 436. 2
1,686. 5
1,927. 3
1, 888. 3
1, 999. 9
434.4
403.3
477.2
510.1
550.5
607.5
618.4
650.4
631. 6
618.5
643 1
625.0
641.8
646.7
664 5
676.9
725.7
761.6
1,150. 4
1 155 3
1,125. 4
1, 219. 7
1,188. 9
1 201 4
1,177. 3
1,133. 7
1,112. 5
54.2
57 8
64.1
47.6
63.9
74 0
83.1
80.6
88.7
5, 241. 8
5, 208. 4
5,415. 8
5,401. 7
5,490. 2
2, 573. 0
2, 540.0
2, 740. 0
2,729. 7
2,830.1
623.2
623.4
834.9
838.7
922.3
1,949. 8
1,916. 7
1, 905.1
1,891. 0
1, 907. 8
679.1
674.5
681.2
690.0
684.1
778 9
780.3
782 1
782.5
785.7
1 113 6
1,116. 6
1 114 0
1,101. 9
1,091. 4
97 2
96.9
98 5
97.6
98.9
5,511.0
5, 546. 7
5, 548. 6
5, 572. 8
2,849. 5
2,887. 5
2,887. 7
2,900.0
931.4
967.8
977.8
993.8
1,918. 1
1,919. 8
1, 909. 9
1,906.1
692.3
699.4
698.7
714.1
786 5
788.2
788 6
788.9
1,083 3
1,072. 5
1 073 5
1,069. 9
99 5
99.0
100 1
99.9
5, 665.
5, 698.
5, 738.
5, 751.
5, 752.
2
8
9
0
0
2, 941. 2
2, 984. 9
S, 022. 5
S, 034. 2
8,040. 7
2 945. 0
996.3
1,018.5
1,047. 9
1,054. 7
2 1,996. 2
1, 988. 6
2,004. 0
1,986. 3
1, 986.0
764.8
769.2
774.0
778.3
773.1
789.7
790 3
790.6
790.6
790.5
1,070.0
1 055 3
1,052. 7
1,048.1
1,047.1
99.6
99 1
99.1
99.9
100.5
5, 722. 7
5, 807.1
5, 788. 5
5,805. 5
3,014.1
3,087. 2
3,062. 6
3,092. 8
1,012. 8
1,107. 7
1.087. 0
1,112. 3
2, 001. 3
1, 979. 5
1, 975. 5
1,980. 5
768.4
773.2
782 0
773.6
791.0
791.3
791 7
793.2
1,049. 4
1,054. 8
1 051 4
1,044. 3
99.9
100.6
100 &
101.6
5, 825. 6
5, 796. 4
5,805.1
5, 794. 0
3,108. 5
3,086. 3
3,118. 7
3,112. 5
1,133. 6
1,129. 9
1,140.1
1,158. 9
1,975.0
1, 956. 4
1, 978. 6
1, 953. 6
781.8
780.9
765.6
765.7
793 6
794.0
794.0
794.6
1,040 3
1,034. 3
1,025 6
1,020. 6
101 3
100.9
101.2
100.7
6
13
20
27
5,813.0
5,806. 7
5,863. 8
5,860.0
3,137. 0
3,141. 9
3,199. 3
3,194. 0
1,190. 7
1,195. 5
1, 248. 7
1,231.6
1,946. 3
1, 946. 4
1, 950. 6
1,962. 5
762.3
751.5
752.3
764.0
795 5
796.0
798.1
798 4
1 018 2
1,017 8
1,012.6
1,003 6
100 G
99.4
101. 4
100 0
Dec.
Dec
Dec
Dec
1941 Jan
4
11
18
25
1
5, 839. 4
5, 802. 6
5, 853. 0
5, 830.1
5, 832 0
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
800.4
801.6
803 1
803 1
804.1
998.6
997 7
996 4
993 2
992.8
99.6
99 3
100 2
101 3
100.9
Jan
Jan
Jan.
Jan
8
15
22
29
5, 820. 5
5,917.9
5,894.1
5, 852. 7
3,152. 9
3, 257. 6
3, 255. 2
3, 215. 9
1,198. 8
1,301.3
1, 303. 3
1, 288. 2
1, 954.1
1,956.4
1,951.9
1, 927. 7
775. 8
772.2
757.1
759.9
804.9
806 8
808.0
808.5
985.6
979 6
974.0
969 7
101.3
101 7
99.8
98.8
Feb.
Feb.
Feb.
Feb.
5
12
19
26
5,811.0
5, 781. 7
5, 742. 2
5, 747. 5
3,175.9
3,156. 9
3,108.1
3,102. 6
1, 269.
1, 255.
1, 228.
1, 243.
0
0
8
4
1, 906. 9
1,901.8
1, 879. 4
1, 859. 2
763.1
754.6
764.6
776.1
809.4
810.9
811.9
813.2
965.7
963.5
961.1
958.4
97.0
95.9
96.5
97.2
5, 762.
5, 806.
5, 825.
5, 805.
5, 778.
2
2
9
5
2
3,128.1
3,188. 0
3, 202. 4
3,185. 2
3,148. 8
1, 249. 6
1, 300.1
1, 346. 2
1, 325. 6
1, 307. 7
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
814.4
814.6
815.4
816 5
813.5
958.2
954.7
953.4
952.5
952.7
96.6
96.9
98.4
95.8
95.9
5, 905.
5, 938.
5, 927.
5, 917.
6
2
3
7
3,
3,
3,
3,
6
2
2
3
1,416.6
1, 434. 7
1, 424. 0
1, 406. 4
1, 857.
1, 864.
1, 855.
1, 850.
0
5
2
9
766.4
772.4
785.0
798.9
816.4
817.0
817.7
816.6
952.1
950.9
946.8
946.7
97.1
98.7
98.5
98.2
3, 243. 5
3, 224. 2
3, 252. 0
3, 266. 4
1, 400. 4
1,414.8
1,421.2
1,417.5
1, 843.1
1, 809. 4
1,830. 9
1, 848. 9
791.6
792.4
794.6
794.9
833.9
834.5
835.4
836.4
945.4
929.0
923.5
915.4
97.2
96.8
97.0
97.5
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)
1940—June 5
June 12
June 19
June 26
July 3
__
_
-
July 10
July 17
July 24
July 31
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.
.
__
Mar. 5
Mar. 12
Mar. 19
Mar 26
Apr. 2
Apr. 9
Apr. 16
Apr. 23
Apr. 30
May
May
May
May
7
14
21
28
__
_ _
...
. _
_.
_
__.
-
5,911.6
5, 876. 9
5, 902. 5
5, 910. 6
273.
299.
279.
257.
r
Owing to a change in reporting practice, revisions have been effected in the figures for total capital movement and foreign banking funds in
the United States (total and other) beginning Dec. 4, 1940.
1 Including funds in accounts transferred from central bank to government names; for original explanation of funds included under this heading
see BULLETIN for April 1939, p. 285.
2 In the week ending August 7, a foreign central bank account amounting to $55,000,000 was changed to a foreign private account.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN (or April
1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431.
944
FEDERAL RESERVE BULLETIN.
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued
[In millions of dollars. Minus sign indicates net movement from United States]
TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
(Jan. 1, 1936)_
30
29
_
(Jan. 4, 1939).
(Jan. 3, 1940)
1, 412. 5
2,608. 4
3,410.3
3,844. 5
5,021. 2
554.9
829.3
993.7
1,183. 8
1,101. 3
210.2
299.5
281. 7
339.6
468.7
114.5
229.7
311. 9
328.6
470.3
130.4
335.5
607. 5
557. 5
773.0
36.6
83.1
123.9
140.5
165.9
24.0
45.6
22.1
32.2
58.0
1940—Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941).
1941—Jan. 29
Feb. 26
Mar. (Apr. 2).
Apr. 30
5, 752. 0
5, 805. 5
5, 794. 0
5,860.0
r
5, 832. 0
••5, 852. 7
r
5, 747. 5
r
5, 778. 2
'5,917. 7
1,005. 4
1,004. 2
994.4
1,007. 2
969.6
1, 024. 6
954.8
968.5
1, 054. 6
683.0
679.9
675.9
670. 3
667.4
667.7
665.4
668.6
459.7
457.9
456.9
450. 8
455.6
451. 5
451.0
471.0
463.3
908.4
884.4
896.7
895.8
911.5
890.5
879.2
883.6
872.4
173.1
176.3
173.9
173.8
175.9
175.3
176.4
177.1
177.8
5,911.6
5, 876. 9
5, 902. 5
5,910.6
1. 043. 5
1, 032. 5
1, 026. 4
1, 035. 4
673. 5
672.4
670.3
670.2
458. 3
457. 5
457.5
457.5
877.0
878.9
880.3
881.2
177.8
177.9
177.7
177.6
From Jan. 2, 1935,
through—
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
May
May
May
May
73
14
21
28
Total
Europe
Canada
Latin
America
Asiai
130.0
228.5
312.2
472.0
752.9
1,
2,
2,
3,
3,
200. 6
051. 3
653.0
054. 2
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
64.5
84.6
75.9
70.3
55.4
49.3
47.5
47.4
47.0
917.8
934.0
930.0
925.5
922.7
906.9
905.0
898.1
899.2
4, 222.8
4, 224. 4
4,207. 6
4,199. 2
4,161. 0
4,165. 5
4,081. 6
4,111.0
4,182. 9
369.4
387.3
384.4
415.5
411.7
416.5
410.5
394.9
410.7
597.9
603.8
601.0
606.5
606.8
611.2
597. 5
623.7
039.1
484.7
506.5
515.4
557.9
r
562. 3
r
563.4
'558.7
r
547. 0
'568.0
77.2
83.6
85.6
80.9
90.2
96.1
99.3
101.7
117.0
47.2
47.0
47.2
47.3
883.7
885.5
884.7
4,167.1
4,149. 9
4,144. 9
4,153. 9
420.2
416.0
419.5
403.8
639.9
637.6
641.9
650. 4
569.5
560.6
576.5
583.6
114.9
112.9
119.7
119.0
Other
Europe
All
other i
TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES
From Jan. 2, 1935,
through-
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
7.3
23.0
Other
Europe
Total
Europe
Canada
Latin
America
Asia1
60.7
79.7
109. 4
208. 6
470.0
453. 5
588.9
791. 7
1,010. 7
1, 655. 4
76.3
101. 6
174.5
33.5
149.3
166.3
127.6
215.1
58.8
90.4
126.2
163.3
325.4
11.5
15.2
8.0
22.2
60.5
2, 021. 2
2,007.8
2, 012. 4
2, 017.1
1,986. 3
2, 003. 7
1, 924.1
1, 957.1
2, 028. 7
295.8
310.6
307.9
335. 0
234.1
343.4
334. 6
321. 4
333.9
311.4
317.5
325.1
332.7
326. 4
336.1
314.2
349.3
358.0
361.7
401.8
410.3
456.0
r
450.9
'•465. 0
r458.4
r
446. 9
'446.9
50.7
55.1
56.8
53.2
61.3
67.7
71.3
74.1
89.9
2, 014. 6
2, 013. 9
2,015.4
2,031.7
329.6
324.8
326. 6
312.0
358.
356.
359.
367.
2
1
8
2
453. 0
443.4
457. 2
462. 5
88.1
86. 0
93.0
93.0
Canada
Latin
America
Asia!
All
other i
( J a n . 1, 1936).
30
29
(Jan. 4, 1939).
( J a n . 3, 1940).
603.3
930.5
1,168. 5
1, 425. 4
2,430. 8
128.6
163.5
189.3
364.0
376.1
129.6
144.2
111. 8
155.3
256.1
55.7
65.9
76.3
87.9
190.9
72.4
109.8
288.4
205.1
362.7
2.7
9.6
-11.8
-20.1
1940—Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
N o v . 27
Dec. (Jan. 1, 1941).
1941—Jan. 29
F e b . 26
M a r . (Apr. 2)
Apr. 30
3,040. 7
3,092. 8
3,112. 5
3,194.0
% 159. 0
"•3, 215. 9
% 102. 6
••3,148. 8
% 257. 3
313.6
314. 3
306.6
325.0
293. 3
349.7
279.2
297.3
382.8
483.1
471.4
468.7
465.5
458. 0
455.1
455. 0
452. 8
455.6
168. 8
166.3
165.1
158. 9
160.3
156.1
155.4
173.4
165.8
462. 7
445.9
476. 3
479.9
494. 7
482.3
475.8
484.2
475.4
-19.1
-16.5
-20.6
-21. 6
-22.9
-24.2
-22.7
-24.0
-23.9
-2.8
-3.3
-3.5
-3.8
604.8
620.6
615.6
609.4
603. 7
587. 5
584.6
576.9
576.7
374.0
376.1
376.2
389.9
460. 2
458. 9
456. 3
456.1
160.5
159. 7
159. 7
159. 8
480.9
486.4
489.7
493.5
-23.8
-23.7
-23.9
-24.2
—3. 8
-4.0
-4.3
-4.1
566.5
560. 6
561. 7
560. 6
1935—Dec.
1936—Dec.
1937—Dec.
1938— Dec.
1939—Dec.
May
May
May
May
73
14
21
28
3,
3,
3,
3,
243.
224.
252.
266.
5
2
0
4
1.7
19.7
7.3
5.8
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
Europe
Total
Europe
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
( j a n . 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
22.0
26.9
33.8
28.4
310.2
343.7
409.3
460.9
563.5
-4.6
36.9
-21.7
35.9
56.5
20.1
24.9
51.6
66.8
52.6
37.3
30.4
18.7
-46.5
-21.5
-1.6
-4.4
-8.7
-7.0
1940—Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
773.1
773.6
765.7
764.0
775.1
759.9
776.1
767.4
798.9
269. 5
271.9
272.5
270.7
269.2
269.2
271.4
268.2
269.6
74.6
75.3
75.0
74.4
74.6
75.4
75.6
76.0
75.9
17.4
17.6
17.6
17.5
17.7
17.8
17.8
17.8
17.7
6.1
6.5
6.1
6.2
6.5
5.9
4.2
5.0
5.3
185.2
185.6
187.2
188.2
191.6
192.4
193.0
195. 0
195.7
23.1
24.5
24.0
25.0
25.3
25.5
25.5
25.6
25.5
44.9
45.0
46.5
47.8
49.8
48.7
48.8
49.7
50.7
620.8
626.6
628.9
629.8
634.7
634.8
636.3
637.2
640.4
65.1
65.4
63.9
66.5
60.3
62.6
65.4
65.3
71.3
53.6
52.9
42.9
40.1
43.2
40.1
50.9
44.4
47.7
34.0
26.9
27.7
26.4
34.8
20.2
21.6
19.2
38.7
-.4
2.1
2.2
1.2
2.1
2.0
1.9
1.3
791.6
792.4
794.6
794.9
267. 6
267. 5
267. 6
267.4
76.1
76.1
76. 6
76.4
17.8
17.8
17.8
17.8
5.2
5.8
5.3
5.2
195. 7
195.7
195.7
195.9
25.5
25.4
25.6
25.5
50.9
50.7
51.1
51.4
638. 8
639.1
639. 7
639.5
67.8
68.6
69.2
68.3
50.4
49.8
49.7
49.8
34.2
34.5
35.7
37.6
.4
.4
.3
-. 3
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
May
May
May
May
7
14
21
28
r
Revised—see note to Table 1.
1 Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
2 Inflow less than $50,000.
3 The indicated capital movement for the week ending May 7 includes the following changes due to a change in reporting practice by one bank:
Total—nil, United Kingdom +5.7, France +4.6, Netherlands —6.3, Switzerland+4.0, Other Europe—11.2, Asia+3.2. No adjustment has been made
for this factor since roughly compensating changes have been incorporated in the reported figures for various dates beginning in April 1940.
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.
SEPTEMBER
1941
945
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—
1935—Dec
1936—Dec.
1937 Dec
1938—Dec.
1939_Dec.
(Jan 1, 1936)
30
29
(Jan. 4, 1939)
(Jan. 3, 1940)
1940—Aug (Sept. 4)
Sept. (Oct. 2)
Oct 30
Nov. 27 __
__ .Dec (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
May 7
May 14
May 21
May 28
Total
125.2
316.2
583 2
641.8
725.7
790.5
793.2
794.6
798.4
804.1
808.5
813.2
813.5
816.6
833.9
834.5
835.4
836.4
United
Kingdom
67.8
116.1
136 8
127.7
125.5
131.0
130.5
130.2
129.9
128.9
129.1
129.5
129.1
128.7
128.6
128.8
128.8
128.6
France
Netherlands
Switzerland
Germany
Italy
Total
Other
Europe Europe
Canada
Latin
America
Asiai
17.0
24.5
33.8
42.8
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
-39.7
10.5
-9.7
-7.6
12.7
15.7
175.0
167.4
184.0
43.0
43.0
42.9
42.9
43.4
43.5
43.6
43.7
43.8
31.0
31.0
31.0
31.0
31.0
31.0
31.0
31.0
31.0
47.8
47.4
46.3
46.0
46.0
46.1
45.8
45.2
45.2
36.0
36.1
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
195.4
195.9
196.0
196.1
196.4
197.2
198.1
198.9
199.1
512.3
512. 0
511.0
510.6
510.3
511.6
512.6
512.6
512.4
19.5
20.7
21.3
23.5
25.0
25.8
26.4
26.5
25.9
196.7
197.6
198.6
199.8
202.3
203.5
204.5
203.0
206.0
43.8
43.8
43.8
43.8
31.0
31.0
31.0
31.0
45.1
44.9
44.8
44.8
36.5
36.5
36.5
36.5
28.1
28.1
28.1
28.1
199.2
199.2
199.4
199.5
512.3
512.3
512.5
512.3
42.4
42.2
42.4
42.7
206.5
207.1
207.5
208.1
Other
Total
Europe Europe
Canada
Latin
America
6.8
1.7
All
other *
7.9
49.1
50.1
50.5
51.2
53.0
54.2
55.9
57.6
58.2
58.4
58.6
58.8
59.0
1.1
3.5
6 8
9.7
11.3
12.9
12.9
13.1
13.3
13.5
13.5
13.8
13.9
14.2
14.3
14.3
14.3
14.2
TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES
Net Purchases by Foreigners
From Jan. 2, 1935,
through—
Total
United
Kingdom
France
Netherlands
Switzerland
Germany
Italy
Asiai
All
other i
1935—Dec (Jan 1, 1936)
1936—Dec 30
1937_Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
316.7
917.4
1,162. 0
1, 219. 7
1,133. 7
149.8
367.7
448.7
472.6
328.1
23.4
64.7
70.3
76.9
76.6
50.5
157.6
213.8
212.1
227.7
55.1
200.2
275.3
304.1
344.7
-5.4
-7.5
-17.4
-22.8
-28.2
-3.3
-4.9
-5.5
-4.9
12.9
38.5
55.7
56.6
60.4
286.2
818.0
1,041. 6
1,094.1
1,004.4
32.6
37.6
25.7
—2.6
15.5
18.2
23.7
30.1
21.4
44.1
54.7
65.2
87.6
1940—Aug. (Sept. 4)
Sept (Oct. 2)
Oct. 30
Nov 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr 30
1,047.1
1,044. 3
1,020. 6
1,003. 6
992.8
969.7
958.4
952.7
946.7
275.0
271.1
268.0
264.4
261.2
259.5
257.7
257.1
256.8
74.7
74.5
74.1
74.1
74.4
74.2
74.2
74.2
74.3
230.6
230.7
230.6
230.9
233.2
233.3
233.2
234.9
234.8
372.9
365 4
349.6
346.8
348.1
340.2
338.9
334.7
332.1
-28.8
-28.8
-29.1
-29.1
-29.1
-29.2
-30.2
-30.3
-30.3
5.9
26.2
23.1
17.0
2.7
-1.6
-3.0
-3.0
-3.0
64.6
64.5
64.5
64.6
64.9
64.6
64.5
64.8
64.9
994.9
1,003. 5
980.9
968.7
955.4
941.0
935.3
932.5
929.5
-21.9
-20.7
-19.0
-20.3
-18.4
-25.7
-26.9
-28.9
-31.8
26.8
26.6
26.2
25.1
25.6
24.7
21.8
20.9
20.6
33.9
22.0
20.0
17.5
17.6
17.7
16.8
16.9
17.0
12. &
12.6
12 6
12.6
12.0
11.4
11.3
11.3
945.4
929.0
923.5
915.4
256.5
243.4
237.2
232.8
74.3
74.3
74.3
74.5
234.7
234.7
234.7
234.7
331.8
328.2
326.7
324.1
-30.4
-30.4
-30.4
-30.4
-2.8
-2.7
-2.4
-2.5
64.9
64.9
64.9
64.8
929.1
912.4
904.9
898.0
-31.8
-31.4
-30.4
-31.3
19.8
19.6
19.9
19.5
17.0
17.1
17.7
17.9
11.3
11.3
11.4
11.3
Other
Total
Europe Europe
Canada
Latin
America
Asiai
-4.5
-7.6
-4.2
-.5
-.9
1.6
.5
-1.5
-3.4
2.1
.7
1.0
.7
.7
.9
.9
1.1
.8
May
May
May
May
7
14
21
28
—.1
2.8
3.7
2.5
7.1
9.8
11.1
14.3
13.4
TABLE 7.—BROKERAGE BALANCES,* BY COUNTRIES
Netherlands
Switzerland
1.3
-.9
5.0
6.8
9.3
2.5
9.1
-.2
10.4
11.5
12.9
20.1
10.8
(3)
17.8
16.3
16.3
17.1
17.2
17.0
17.1
17.0
16.7
16.7
18.6
18.8
19.1
18.9
19.9
19.2
19.3
18.7
19.0
11.9
12.3
12.5
12.5
13.4
13.3
13.5
13.9
14.0
16.8
16.8
16.6
16.6
19.1
19.3
19.3
19.4
14.3
14.3
14.3
14.3
United
Kingdom
From Jan. 2, 1935,
through—
Total
1935—Dec. (Jan. 1, 1936)
1936—Dec. 30
1937—Dec. 29
1938—Dec. (Jan. 4, 1939)
1939—Dec. (Jan. 3, 1940)
12.9
47.5
47.6
80.6
11.5
13.4
19.4
1940—Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
Nov. 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
Feb. 26
Mar. (Apr. 2)
Apr. 30
100.5
101.6
100.7
100.0
100.9
98.8
97.2
95.9
98.2
97.2
96.8
97.0
97.5
May
May
May
May
7
14
21
28
6.0
(3)
4.0
France
2.4
Germany
Italy
-.2
-.1
.1
.3
.1
.2
.1
1.4
.4
5.0
5.2
5.0
22.6
44.0
47.9
71.6
18.8
19.2
18.3
16.9
16.2
15.9
14.4
14.5
14.3
-.1
-.2
-.2
-.2
-.2
-.2
-.2
-.2
-.2
.1
.1
.2
.1
.2
.2
.2
.2
.2
8.0
8.1
7.3
7.6
7.9
8.9
9.1
7.9
7.8
73.6
74.7
74.4
73.1
74.3
74.4
73.3
71.7
71.8
10.9
11.2
10.2
10.7
10.7
10.4
10.9
10.6
11.4
9.4
9.1
8.3
8.8
9.2
6.8
6.1
6.1
7.0
6.0
5.8
6.8
6.7
6.0
6.3
6.1
6.4
7.2
14.0
13.5
13.8
13.6
_ 2
.2
.2
.2
2
8.2
8.3
8.4
8.4
72.3
72.2
72. 5
72.3
12.1
11.8
11.8
12.0
5.0
4.9
4.9
5.8
6.9
7.0
7.2
6.7
9.6
fj
-.2
-.2
-.2
7.6
3.5
1.8
8.7
1.0
All
other i
2.9
2.1
.7
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.
946
FEDERAL RESERVE BULLETIN
INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES
OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES
[Outstanding amounts in millions of dollars]
TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES
Date
United
Kingdom
Total
France
Netherlands
Switzerland
Germany
Italy
Other
Europe
Total
Europe
Latin
America
Canada
Asiai
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, 672. 7
2, 335. 0
1,303. 5
733.8
388. 2
466.7
301.5
214.5
104.9
171.0
48.3
59.1
923. 7
799. 4
549 2
72 2
24 9
32.7
99. 1
122 2
44 6
13.8
8 3
12 7
1934—Dec.
Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
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
1939—Mar. 29
J u n e 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
7.8
9.5
14.8
12.2
17.1
38.5
1940—Mar. (Apr. 3)
Apr. ( M a y 1)_.__
M a y 29
J u n e (July 3)
J u l y 31
Aug. (Sept. 4 ) . . . . .
Sept. (Oct. 2)
Oct. 30
N o v . 27
Dec. (Jan. 1, 1941)
1941—Jan. 29
F e b . 26
M a r . (Apr. 2)
Apr. 30
May 74
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
3,869. 7
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
440.5
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
487.7
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
180.7
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
490.6
8.4
8.5
9.9
9.8
13.6
10.5
13.2
9.1
8.0
6.7
5.5
7.0
5.6
5.7
5.8
3,869. 7
3, 850. 4
3, 878. 2
3, 892. 6
446.2
448.2
448.3
462.0
492.3
491.0
488.4
488.2
174.4
173.6
173.6
173.7
494.6
500.0
503.4
507.2
5.8
5.9
5.7
5.5
105. 2
222.2
66.0
82.2
11.9
9.7
204.
161.
41.
30.
16.
25.
5
0
1
2
3
8
241. 8
216. 8
148. 3
89. 3
88. 7
91. 9
188
130
103
117
96
106
2
8
3
8
4
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
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
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
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
15.0
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
624.6
1, 9£0.3
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
2,244. 9
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
429.7
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
479.1
515.2
517.6
501.9
521.7
542.8
527.6
567.7
576.3
622.0
r
616. 9
'631.0
r
624.4
612.9
612.9
615.8
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
100 JL
15.0
14.8
14.5
14.7
613.4
607.5
608.6
607.5
2, 241. 7
2, 241.1
2, 242. 6
2, 258. 9
429.7
425.0
426.7
412.2
479.1
477.0
480.7
488.1
619.0
609.4
623.2
628.5
1(XU
97.9
105.0
104.9
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
May
May
May
May
53
(Jan. 2, 1935)
(Jan. 1, 1936)
30
29
(Jan. 4, 1939)
7
14
21
28
Additional Detail Available from January 3,1940 *
5 European countries
Date
Total
1940—Jan. 3
J a n . 31
Feb. 28
M a r . (Apr. 3)
Apr. ( M a y 1)
M a y 29
June (July 3)
J u l y 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct. 30
N o v . 27
Dec. (Jan. 1, 1941).
1941—Jan. 29
F e b . 26
Mar. (Apr. 2)
April 30
May 7 4
May
May
May
May
7
14
21
28
Belgium
Den- Fin- Normark land way
6 Latin American countries
Sweden Total
Argen- Bra- Chile C u b a
zil
tina
4 Asiatic countries
Mexico
Total! China
PhilipHong
Kong Japan pine
Islands
134.1
133.9
28.1
28.7
27.2
28.7
23.0
21.1
19.5
18.4
17.2
16.
16.2
16.1
17.3
17.1
17.0
16.4
16.1
15.8
21.4
23.8
23.7
25.0
27.2
29.5
29.6
29.1
26.3
29. 1
24.3
22.0
16.5
14.1
12.3
10.6
12.5
11.8
56.3
67.0
69.4
68.4
67.5
64.1
59.0
57.8
54. S
51.2
51.3
50.1
48.7
48.3
46.2
45.0
44.8
44.7
142.2
162.4
161.9
168.6
158. 9
156.7
187.6
197.5
218.0
225.3
231.5
232.
235.4
227.7
221.6
222.2
225.6
228.6
250.7
259.3
263.7
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
348.1
57.7
66.5
68.7
63.5
80.6
83.3
88.7
93.1
103.9
110.1
112.7
115.1
115.4
118.2
103.3
104.5
103.4
103.8
36.4
31.8
30.0
35.3
35.0
34.8
39.0
38.0
31.4
33.4
39.7
44.1
36.2
45.4
35.1
44.0
50.6
26.8
24.4
24.7
24.7
23.4
24.8
30.2
29.2
27.8
26.1
25.0
26.0
28.5
26.1
25.3
30.5
28.8
29.6
37.0
38.3
38.3
43.2
46.4
49.6
49.7
48.1
51.1
48.7
48.4
46.4
47.9
48.
47.3
51.5
55.
59.2
58.8
62.1
65.2
68.4
67.2
68.6
65.3
60.3
58.5
63.2
64.4
62.6
55.0
49.3
52.6
53.5
48.6
48.3
34.0
36.2
36.7
40.2
44.5
50.6
53.5
52.7
59.
57.3
57.9
58.
58.
54.
55.9
64.5
62.1
59.8
432.9
434.7
439.2
455.1
461.3
446.2
448.4
446.6
408.3
431
432.5
475.2
454.5
464.3
464.4
447.9
420.5
420.8
167.0
173.8
178.9
178.5
184.1
178. 8
181.8
181.6
184.7
192.7
195.1
218.6
207.5
210.5
217.5
216.7
187.0
183.6
71.4
72.2
68.5
75.2
81.1
79.4
78.4
84.3
87.6
87.0
89.4
92.2
91.1
93.4
97.5
94.5
92.8
95.
165.4
158.7
162.1
169.4
164.1
151.8
152.6
142.6
97.4
106.8
102.8
119.3
110.3
114. 1
103.4
90.8
92.5
92.5
29.1
30.0
29.7
32.0
32.0
36.2
35.6
38.2
38.7
45.2
45.2
45.1
46.6
46.2
46.0
45.9
48.2
49.0
125. 5
125.8
125. 7
125.1
15.8 11.8
15. 5 11. 6
15.3 9.9
15.2 10.3
44.7
44.4
44.3
44.2
228.6
228.7
231.1
231. 5
348.8
349.5
349.1
355.8
103.8
104.7
105.1
107.11
48.2
50.1
49.9
52.4
29.6
30.4
29.8
29.4
59.2
59.1
60.4
60.6
48.3
48.6
48.0
59.8
56.6
55.9
57.5
420. 8
416.3
418.6
418.8
183.6
179.4
178.6
176.5
95.
96.6
96.8
95.9
92. 5
92.8
93.1
94.9
49.0
47.5
50.1
51.5
407.1
448.1
458.8
475.1
460.
443.3
457. C
457.7
466.
470.3
469.0
466.2
462.7
450.5
437.9
429.6
433.1
434.8
159.2
166.2
176.6
184.3
183.
172. C
161.3
154. 9
150.9
147. 9
145.
145.7
144.8
143.2
140.7
426.4
426.0
426.2
426.2
135.
4
II
r
Revised—see note to Table 1. The figures for March and April 1941, when originally published, were calculated on the new basis—see BULLETIN for July 1941, p. 707, note 4.
1
Prior to Jan. 3, 1940, the figures under Asia represent Far East only, the remaining Asiatic countries being included under "All other".
2 Last report date on old basis.
3
First report date on new basis.
4
Figures adjusted to the basis employed in previous weeks. The reported figures for certain countries on May 7 and succeeding weeks are
not strictly comparable to the corresponding figures for preceding weeks, owing to a change in reporting practice (see page 945, note 3).
Other
changes or corrections in the reporting practice of reporting banks occurred on Aug. 12, 1936, Jan. 5, 1938, and Oct. 18, 1939 (see BULLETIN for May
1937, page 425; April 1939, page 295; and April 1940, page 362).
5
The figures in this supplementary table represent a partial analysis of the figures in the main table under the headings of Other Europe, Latin
America, and Asia.
SEPTEMBER
1941
947
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
NethUnited
erKing- France
dom
lands
Switz- Gererland many
Italy
Canada
Latin
America
864.3
719.0
652.3
569.5
58.1
43.9
34.7
84.4
136.5
158.2
159.2
124.4
41.8
24.8
54.6
46.2
2.6
3.5
6.3
2.6
Other
Total
Europe Europe
Asij
All
other i
Reported by Banks in New York City
1931—Dec. 30
1932—Dec. (Jan. 4, 1933)
1933—Dec. (Jan. 3, 1934)
1934—Nov. 282
1,103.3
949.4
907.1
827.1
166. 2
53
(Jan. 2, 1935)
(Jan. 1,1936).
30
29
(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
553.6
496.6
485.7
608.7
29.5
67.6
65.0
94.1
89. 4
197. 9
201. 3
20
14
18
15
9
2
1
9
12. 6
6. 4
12. 5
8. 5
467.2
433.7
258.1
178.8
18.7
11.5
16.8
10.7
149. 2
96. 1
83. 9
60. 2
Reported by Banks in United States
1934—Dec.
Dec.
1935—Dec.
1936—Dec.
1937—Dec.
1938—Dec.
1939—Mar. 29
June 28
Sept. 27..._
Dec. (Jan. 3, 1940)
_.
1940—Mar. (Apr. 3)
Apr. (May 1)
May 2 9 . . . .
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
May
May
May
May
7
14
21
28
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
81.3
80.0
71.2
57.8
52.9
45.9
749.5
743.2
433.0
392.1
326.5
274.9
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
83.0
55.4
66.0
39.9
13.8
10.7
20.1
19.7
3.6
4.5
2.9
5.2
81.4
77.4
67.1
53.4
16.4
9.6
5.7
48.8
39.9
41.6
51.4
267.1
217.0
208.1
172.2
46.3
54.0
49.7
39.7
99.5
110.3
108.5
113.3
125.7
100.5
104.0
174.1
14.9
14.8
15.4
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
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
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
6.7
8.0
3.2
2.6
1.9
1.2
1.1
1.0
1.1
.9
.8
.8
.8
.9
6.2
6.4
5.0
3.8
2.5
1.9
1.5
1.9
1.9
1.5
2.1
3.8
3.1
2.7
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
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
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
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
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
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
192.8
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
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
367.5
366. 7
364. 5
364.2
24.6
24.6
24.5
2-4. 7
2.6
2.6
2.1
2.4
.8
.8
.9
.9
2.8
2.3
2.8
2.9
35.5
35.5
35.5
35.3
1.7
1.8
1.6
1.7
28.9
29.0
28.7
28.4
96.9
96.7
96.1
96.3
28.4
27 7
27'. 1
27.9
115.6
116.2
116.2
116.2
118.4
118.1
116.9
115.0
8.1
8.1
8.2
8.8
8.7
4.9
9.5
12.2
11.8
Additional Detail Available from January 3 , 1 9 4 0 4
6 Latin American countries
5 European countries
Date
PanAr- Braama Total China
Bel- Den- Fin- Nor- Swe- Total genChile Cuba MexTotal gium
zil
and
mark land way den
ico
tina
C.Z.
1940—Jan. 3
Jan. 31
Feb 28
Mar. (Apr. 3)
Apr. (May 1)
May 29
June (July 3)
_
July 31
Aug. (Sept. 4)
Sept. (Oct. 2)
Oct 30
Nov. 2 7 Dec. (Jan. 1, 1941).
1941—Jan. 29
Feb 26
Mar. (Apr. 2)
Apr. 30
May
May
May
May
4 Asi atic countries
7
14
21
28
23.4
22.2
20.4
19.4
17.6
14.1
10.6
9.1
7.7
7.5
7.6
7.2
7.4
7.9
8.1
5.1
3.4
2.9
1.6
1.7
2.2
6.1
2.1
5.5
5.6
56
4.8
4.4
4.4
4.5
4.4
4.2
6.5
1.5
1.4
1.5
1.3
1.3
1.3
1.3
1.3
1.0
3.2
3.7
2.9
2.2
1.4
1. 1
.7
.4
.3
.3
.3
.3
.3
.3
.3
.1
.1
1.4
1.2
.8
.8
1.0
1 5
1.5
1.6
1.7
1.7
1.9
1.9
1.8
1.9
1 9
1.9
1.9
3.6
3.7
4 0
4.0
3.4
2 4
1.5
1.3
1.2
1.2
1.1
1.0
.9
.8
.8
.7
.7
.1
(5)
1.9
1.9
1.9
1.9
.6
.7
.6
.6
(5)
8.7
6.5
5.4
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
.'e
.6
76.1
71.5
69.9
71.4
73.9
73.9
77.5
75.6
72.1
72.5
81.4
82.9
78.4
80.0
68.3
71.1
69.0
16.8
12.9
12.0
12.5
12.4
16.4
16.7
16.4
15.1
14.8
13.2
13.5
11.9
11 1
10.0
10.4
10.8
32.2
31.2
31.8
33.0
34.4
32.1
33.7
32.8
31.3
30.8
40.2
39.0
33.1
34.0
24.4
30.0
28.1
9.6
9.7
9.4
9.7
9.5
9.7
10.3
9.6
10.0
10.8
11.7
13.4
14.9
14.3
12.2
12.0
10.5
10.4
11.1
10.7
11.2
9.8
11.4
9.9
9.9
10.6
10.9
11.5
11.7
11.8
11.3
10.7
10.3
66.6
67.0
67.6
67.4
11.4
12.1
12.4
12.7
25.4
24.3
25.0
24.1
11.7
11.9
12.0
12.2
10.0
10.0
9.9
9.7
9.7
5.9
6.5
4.4
4.7
5.0
5.0
4.8
4.7
4.5
4.5
4.6
5.3
6.1
6.1
5.9
5.4
5.4
5.7
6.4
6.2
6.0
1.0 152.5
.9
.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
161.9
168.0
182.6
169.8
160.1
155.2
145.3
102.3
109.8
110.7
113.9
103.8
117.9
114.2
115.2
97.0
2.5
2.5
2.3 99.7
2.3 100.6
2.2 98.4
2.7 98.0
22.0
22.5
25.4
26.1
23.9
24.5
30.2
30.5
24.0
24.2
24.2
24.0
23.7
24.2
23.5
26.5
26.1
27.8
28.9
28.7
29.2
Hong Japan Philippine
Kong
Islands
l.»
1.6
32
1.7
1.8
19
1.6
2.7
3.8
4.3
3.0
1.5
1.7
1.1
9
.9
1.0
2.1
2.8
27
2.'7
102.1
111.2
111.2
125.9
115.6
103 2
90.6
78.6
45.0
53.2
58 0
62.8
55.8
71.8
68 3
67.3
46.9
26.4
26.6
28 2
28.9
28.5
30 5
32.7
33 6
29.5
28.2
25 4
25.6
22.6
20.7
21 5
20.4
23.0
47.7
47.7
44.4
41.1
22 0
21 2
22^7
25.0
1 Prior to Jan. 3, 1940, thefiguresunder Asia represent Far East only, the remaining Asiatic countries being included under "All other".
23 Last report date on old basis.
First report date on new basis.
4 Thefiguresin this supplementary table represent a partial analysis of thefiguresin the main table under the headings Other Europe, Latin
America, and Asia.
s Less than $50,000.
NOTE.—Thefiguresgiven 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).
948
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Assets of
issue dept.
Bank of England
(Figures in millions of
pounds sterling)
Gold*
Assets of banking department
Cash reserves
Other
assets 2
Coin
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
1929—Dec. 25...
1930—Dec. 31—
1931—Dec. 30...
1932—Dec. 28...
1933—Dee. 27...
1934—Dec. 26...
1985—Dec. 25__
1936—Dec. 30__
1937—Dec. 29_.
1988—Dec. 28._
1939—Dec. 27..
260.0
260.0
275.0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
1940—July 31—
Aug. 28_.
Sept. 25_.
Oct. 80...
Nov. 27..
Dec. 25..
630.0
630.0
630. 0
630.0
630.0
630.0
1941—Jan. 29...
Feb. 26_.
Mar. 26..
Apr. 30..
May 28..
June 25 .
July 30..
630.0
630.0
630.0
6 680. 0
680.0
680.0
680.0
Notes
1.0
.5
1.0
.7
.5
1.0
1.0
1.4
1.1
1.5
1.6
1.7
1.7
Discounts
and advances
Liabilities of banking department
Securities
Note
circulation 3
Deposits
Bankers'
Public
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
379.6
368.8
364.2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
35.8
36.2
40.3
33.8
36.5
36.4
37.1
S9.2
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
20.7
20.2
25.5
38.7
36.9
13.3
3.3
3.9
3.5
3.0
6.9
4.0
174.4
172.6
169.7
153.3
161.2
199.1
609.5
610.0
604.8
591.6
593.3
616.9
106.3
118.7
116.0
108.0
110.8
135.7
22.7
8.8
13.5
18.3
27.1
12.5
52.3
51.8
51.9
51.5
50.3
51.2
18.0
18.1
18.1
17.7
17.8
17.9
31.0
27.0
18.8
56.9
50.7
41.3
21.8
3.8
3.7
45.3
28.3
11.4
6.9
6.5
175.4
175.4
145.8
133.7
149.4
156.2
181.7
599.2
603.2
611.5
623.4
629.5
639.0
658.4
107.9
121.7
118.6
131.8
110.9
112.5
132.1
32.4
14.6
22.0
13.6
32.3
25.3
11.3
53.0
53.0
52.3
57.2
52.1
50.4
50.5
18.0
18.1
18.1
17.7
17.8
17.8
17.9
Domestic bills
Bank of France
Gold 6
Liabilities
Special 7
Other
17,698
31,909
20, 627
Deposits
Loans on—
Other
Other
liabilities
11, 737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
7,850
11, 698
22,183
20, 072
13,414
15, 359
8,716
13, 655
19, 326
25, 595
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
ShortOther
term
Govern- securiment seties
curities
Other
assets
Note
circulation
Government
573
715
675
443
2,521
2,901
2,730
2,515
2,921
3,211
3,253
3,583
3,781
3,612
5,603
6,609
8,545
9,196
8,251
8,288
7,879
8,344
7,277
14,442
68, 571
76,436
85, 725
85,028
82, 613
83,412
81,150
89,342
93,837
110,935
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
1,379
652
1,797
8,624
8,429
,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
722
722
218
212
85
120
112
8,074
8,316
9,396
9,734
10,038
10, 565
11,273
2,279
2,275
1,708
1,958
2,007
1,626
2,345
5,009
5,000
15,009
14,830
8,298
5,206
5,149
20,577
20,577
20, 577
22, 777
25,473
30,473
34, 673
374
472
2,412
930
336
454
174
3,471
3,461
3,805
3,661
3,576
3,581
3,482
14,753
14,458
16,016
16,482
17,100
17, 769
16, 438
122, 611
123,239
142, 359
144, 562
144,379
149,370
151, 322
5,188
5,468
3,304
2,342
2,004
1,953
1,914
16,909
16,058
18,038
18,022
14, 790
12, 392
14, 751
2,816
2,781
2,708
2,928
3,006
3,346
2,925
111
109
111
112
102
108
42
11,861
12,505
42,645
42,694
44,083
44,173
43,194
2,235
1,810
1,870
1,781
1,889
1,518
661
35,673
5,011
4,630 40, 523
20, 550
5,005
5,769 20,900
14,473 32,600
11,885 36, 250
3,646 10136,217
229
465
320
228
2,320
2,534
721
3,444
3,403
3,376
3,411
3,716
3,822
3,967
15, 963
16,917
15,970
15, 666
16, 694
18,865
18,491
151,738
156,150
156,032
156, 285
170,853
174, 469
218,383
1,834
1,203
1,154
1,171
1,046
1,049
14, 965
17,128
14, 262
14, 681
25, 782
25, 405
» 68,602
3,259
3,156
3,014
3,038
2,811
2,848
3,586
41, 668
53, 578
1939—June 29..
July 27...
Aug. 31_.
Sept. 28..
Oct. 26...
Nov. 30..
Dec. 28..
892, 266
92, 266
8 97,266
97,266
97, 266
97, 266
97, 267
97, 268
8
Advances
to
Government
25,942
26,179
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
1929—Dec. 27..
1930—Dec. 26..
1931—Dec. 30,.
1932—Dec. 30..
1933—Dec. 29..
1934—Dec. 28..
1935—Dec. 27..
1936—Dec. 30..
1937—Dec. 30..
1938—Dec. 29..
1940—Jan. 25....
Feb. 29...
Mar. 28...
Apr. 2 5 . . .
May 30...
June 10...
Dec. 26 •_.
Foreign
exOpen
change market 7
Other
liabilities
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
Assets
(Figures in millions
of francs)
Other
97, 275
84,614
84,615
84, 616
84, 616
84, 616
1
2
3
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 £5,500,000 (at current price) transferred from Exchange Account to Bank; on July 12, 1939, £20,000,000 of gold transferred from Exchange Account
to Bank; on Sept. 6, 1939, £279,000,000 transferred from Bank to Exchange Account.
* Fiduciary issue increased by £50,000,000 on April 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 these items, see BULLETIN for July 1940, p. 732.
8
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Exchange Stabilization Fund to Bank of
France;
in
week ending Mar. 7, 1940, 30,000,000,000 francs of gold transferred from Bank of France to Stabilization Fund.
9
Figures taken from annual report of Bank for 1940, giving the only statement of the Bank's position which has been made public since June
10, 1940.
10
By a series of Conventions between the Bank of France and the Treasury (for further details see BULLETIN for May 1941, p. 481) advances
of 143,000,000,000 francs had been authorized through Dec. 26,1940, including 73,000,000,000 francs to meet the costs of the German army of occupation.
Of the amount actually advanced on this date, 72,317,000,000 francs had been utilized for the latter purpose. Conventions dated Jan. 20 and Mar.
22, 1941, increased the amount of authorized advances for occupation costs to 85,000,000,000 and 100,000,000,000 francs respectively, and subsequent
Conventions have raised the figure to 118,000,000,000 francs.
11
Includes 41,400,000,000 francs due to the Central Administration of the Reichskreditkassen.
NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83.
SEPTEMBER
1941
949
Central Banks—Continued
Liabilities
Assets
Reichsbank
(Figures in millions of
reichsmarks)
1929—Dec. 31.
1930—Dec. 31.
1931—Dec. 31.
1932—Dec. 31.
1933—Dec. 30.
1934—Dec. 31.
1935— Dec. 31.
1936— Dec. 31.
1937—Dec. 31.
1938—Dec. 31_
1939—Dec. 30.
Reserves of geld and Bills (and
foreign exchange
checks),
including Security
Total
Treasury loans
Goldi
reserves
bills
2,687
2,685
1,156
920
396
84
88
72
76
76
78
2,283
2,216
82
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11, 39,2
251
256
245
176
183
146
84
74
60
45
30
28
31
16
31
1940—July 3 1 .
Aug. 31.
Sept. 30.
Oct. 31..
Nov. 30.
Dec. 31.
78
77
78
78
78
78
12, 613
12, 891
13, 206
13,069
13, 532
15, 419
1941—Jan. 31..
Feb. 28.
Mar. 31.
Apr. 30.
May 31.
June 30.
July SIP
77
77
78
78
78
78
78
14, 503
15, 284
15, 367
15, 644
15,918
16, 258
16, 754
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 r 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
114
56
50
56
51
32
408
419
422
425
427
357
2,377
2,448
2,184
2,240
2,223
2,066
12, 750
13, 026
12,847
12, 937
13,198
14,033
1,620
1,608
1,795
1,610
1,706
2,561
1,248
1,287
1,314
1,352
1,433
1,396
28
24
32
22
18
45
12
349
351
352
488
438
416
1,834
1,445
1,672
1,548
1,922
2,336
13, 694
13, 976
14,188
14,689
15, 210
15, 565
16,031
1,726
1,935
2,127
2,006
2,012
2, 373
2,243
1,399
1,305
1,210
1,117
1,174
1,215
(2)
p Preliminary.
1 Not shown separately on Reichsbank statement after June 15, 1939.
2 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)
Central Bank of the Argentine
Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchangeNegotiable Government bonds..
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
Government
Other
Foreign exchange sold f o r w a r d 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 (millions of koruny):
Gold 2
Foreign exchange
Discounts
Loans
1941
July
1940
June
May
July
1,071
363
364
15
252
1,248
635
104
10
3
67
1,071
308
370
28
207
1,233
550
130
6
4
62
1,224
155
242
23
222
1,218
415
157
4
15
60
17, 705
51, 367
17, 705
49, 374
16, 082
54, 312
3,864
5,323
4,136
53, 995 56, 417 52, 052
21, 234 22,110 34,207
49,219 39, 543 35, 884
120, 883 112,777 119,388
61, 619
67, 864
(Mar.)i
4,331
543
2,186
125
373
491
7,596
296
157
(Mar.)i
1,465
769
250
1,597
735
Central Bank
(Figures as of last report
date of month)
1941
July
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 s
Sterling and United States exchange
472
Canadian Gov't. securities:
2 years or less
522, 302
Over 2 years
138, 006
Other assets
14,879
Note circulation
404, 674
Deposits—Chartered banks
216, 268
Dominion Gov't
33, 310
Other
4,721
Other liabilities
16,686
1940
June
May
(Mar.)
(4)
7,007
2, 051
)
(Apr.)i
104,959
42, 607
224,182
440, 344
513
202, 454
508, 348
422, 463
92, 248
(Oct.
1940)i
2,006
4
1,472
2,749
3,373
2,756
6,262
3,119
July
)
5, 443
1,343
97, 492
38, 510
230, 764
431, 806
13,483
18,361
431, 124
324, 520
74, 772
2,006
4
1,216
1, 575
3,373
2,444
4, 620
3, 369
2, 629
491 216, 280
501, 489
142,946
28, 901
393, 397
200,348
54, 545
10, 550
14, 988
5,700
375, 523 392, 235
126, 482 123, 598
9,911
9,318
379,426 291, 676
239,789 94,423
88, 579 24,140
5,382
8,222
15, 020 12, 389
1 Latest month for which report is available for this institution.
at 0.0358 gram fine gold per koruny.
2
Gold revalued Sept. 28, 1940,
3
Less than 500,000 koruny.
4
Figure
not available.
5
On May 1, 1940, gold transferred to Foreign Exchange Control Board in return for short-term government securities (see BULLETIN for July
1940, pp. 677-678).
950
FEDERAL RESERVE
BULLETIN
Central Banks—Continued
Central Bank
(Figures as of last report
date of month)
Central Bank of Chile (millions of
pesos):
Gold
Discounts for member banks
Loans to Government
Other loans and discounts
Other assets _ _
Note circulation
Deposits—
Bank
Other . . . _
Other liabilities
Bank of the Republic of Colombia
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities.
Other assets...
_ __
Note circulation _ _
Deposits
Other liabilities. ._
National Bank of Denmark (millions of kroner):
Gold
Foreign exchange
Clearing accounts (net)
Discounts
Loans—To Government agencies
Other
Securities
Other assets
__ _ _
Note circulation
Deposits
_____
Other liabilities
Central Bank of Ecuador (thousands of sucres):
Gold 2
Foreign exchange ^net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt 3 (thousands of pounds):
Gold
Foreign exchange
Loans and discounts...
British, Egyptian, and other
Government securities
Other assets. _
Note circulation
Deposits—Government
Other
Other liabilities
Central Reserve Bank of El Salvador (thousands of colones):
Gold
Foreign exchangeLoans and discounts
Government debt and securities.
Other assets
Note circulation
Deposits
Other liabilities
Bank of Estonia (thousands of
krooni):
Gold and net foreign exchange
Loans and discounts
Other assets
N o t e circulation
D e m a n d deposits
Other liabilities
1941
July
31, 452
13, 587
26, 200
55,141
30, 231
67,169
49, 975
39 467
June
1940
May
July
147
208
738
507
102
1,232
147
228
742
442
116
1,205
146
160
746
371
22
1,028
160
85
225
170
60
239
154
104
160
31, 508
20,919
21, 503
56, 582
30, 794
68, 688
52, 405
40 212
28, 405
29,140
16, 728
55, 487
34, 456
65, 477
58, 600
40 139
30, 945
8,566
22, 242
38, 379
31, 925
54, 957
51, 766
25 333
103
25
581
9
17
38
173
728
748
719
208
105
24
532
9
22
53
179
694
745
669
204
117
9
182
18
144
161
186
193
674
187
149
(Mar.)i
64,534
]2 278
63, 037
23, 242
76, 526
55, 728
30 837
51,943
16 300
60,113
25, 780
68,735
46,121
39 281
(Jan.) 1
6,241
1 252
5, 618
6,544
1 872
6,603
13 233
1,638
1 084
6,449
1 534
14 961
4 405
4 572
61, 284
6, 752
36, 250
4 306
29 877
lo' 714
37, 636
13,255
1, 690
935
7,072
1 539
14 931
4 992
4 568
13,219
2,660
2,435
5,298
1 311
14 187
5 587
5 149
(4)
2,420
18 229
8 628
47 846
57, 399
47, 437
88, 492
28, 285
35 905
Central Bank
(Figures as of last report
date of month)
1941
July
June
Bank of Finland (millions of
markkaa):
Gold
Foreign assets. .
Loans and discounts
Domestic securities
Other assets
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):
Cash, bullion, andforeignaccounts
Special foreien exchange funds..
Advances—To Government
Other?
Government bonds ._ _.
Other assets
Note circulation
Deposits—Go vernment
Other
Other liabilities
Bank of Java (millions of guilders):
Golds
Foreign bills
Loans and discounts
.
Other a s s e t s . - .
N o t e circulation __ __ _ _
Deposits
_ _ _
Other liabilities
Bank of Latvia (millions of lats):
Gold _
Foreign exchange r e s e r v e . .
_ .
Loans and d i s c o u n t s . . . _
Other a s s e t s . .
_
Note circulation. __ _
Deposits
__ _
Other liabilities
_ _ __
1940
May
July
556
1,182
5,610
414
2,212
5, 659
796
3,520
1
(Mar.)
18, 465
16, 585
3,947
3,589
19, 371
20, 908
2, 306
4, 790
14 580
4,049
3,087
10, 603
13, 556
2 346
124
27
826
805
35
374
1 734
202
35
220
124
57
693
337
47
382
1 158
114
444
1,138
913
362
2 730
444
1,315
496
383
2 379
128
403
259
208
21
2
89
12
479
111
55
79
18
532
150
574
300
2
534
3, 875
519
3 963
853
444
545
327
19
79
111
238
260
37
368
(6)
300
3
700
2, 495
3 326
651
93
352
328
18
99
113
232
151
22
> 87
129
205
37
27
°88
72
29
234
45
123
204
52
1
Latest month for which report is available for this institution.
23 Gold revalued June 4, 1940, at 0.0602 gram fine gold per sucre.
Items
for issue and banking departments consolidated.
4
Figure not available.
5
Included
in "Other liabilities".
6
No comparable figure available; gold alone was reported at 501 million yen.
7
Includes
bills
discounted, no longer shown separately beginning Mar. 29, 1941.
8
Gold revalued Sept. 21, 1940, at 0.4715 gram fine gold per guilder.
SEPTEMBER
1941
951
Central Banks—Continued
Central bank
(Figures as of last report
date of month)
1940
1941
July
June
(Aug.
1940)i
67
11
182
83
187
111
46
Bank of Lithuania (millions of litu):
Gold
Foreign exchange
Loans and discounts
Other assets
_ _
Note circulation
Deposits _
Other liabilities
Netherlands Bank (millions of guilders) :
Gold 2
Silver (including subsidiary coin)
Foreign bills
_ _ _ _ __ _
Discounts
'__
_
Loans
Other assets
Note circulation.
Deposits—Government
Other
Other liabilities
. .
Reserve Bank of New Zealand
(thousands of pounds):
Gold
Sterling exchange reserve
...
Advances to State or State undertakings _ _ _
_ __ _
Investments
_ _ ...
Other assets
_ __ _ _
Note circulation._ __
Demand deposits
Other liabilities
Bank of Norway (millions of
kroner) *
Gold
Foreign assets _
_ _
Total domestic credits and
May
1 023
14
308
95
194
275
1,686
12
154
55
1,022
17
202
147
206
265
1,628
2 802
19, 967
2 802
21, 240
18 766
3, 773
1,648
21 843
22 678
2 434
17 767
3,773
1, 680
21 782
22 713
2 767
169
62
securities
_
_
Discounts __
Loans
S e c u r i t i e s . . . __
______
Other assets.__
_
N o t e circulation _ _ _ _ _ _ . _ _ .
D e m a n d deposits—GovernmentOther
Other liabilities
Central Reserve Bank of Peru
(thousands of soles):
Gold and foreign exchange
Discounts
Government loans.
_
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of
54
29,
138,
10,
159
50,
23
1 273
1,060
1,228
364
1,031
878
3,093
2 041
700
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 of5lei):
Gold
Special exchange accounts
Loans and discounts
Special loans 6
Government debt
Other assets
Note circulation
_ _ ._ _
Demand deposits
Other liabilities
South African Reserve Bank (thou51, 788
780
518
July
South African Reserve Bank—Cont.
Other assets
Note circulation __ _ _
Deposits. .
Other liabilities
__
Bank of Sweden (millions of
kronor):
Gold
Foreign assets (net)
Domestic loans and investments.
Other assets
_
1,120
Note circulation
Demand deposits .
13
Other liabilities
Swiss National Bank (millions of
81
240
francs): 7
Gold
69
Foreign exchange
_ _
1,277
Discounts.
Loans.. _
. . .
197
Other assets
52
Note circulation. ._
Other sight liabilities
2 802
Other liabilities
Central Bank of the Republic of
13, 027
Turkey (thousands of pounds):
Gold
25 226
Foreign exchange—Free.
2,544
426
In clearing accounts _.
_ _
19,623
Loans and discounts
Securities
_ _
22 168
Other assets
._
2 233
Note circulation . . .
(Mar )i
Deposits—Gold
_
Other
186
Other liabilities .
102
Bank of the Republic of Uruguay
435
(thousands of pesos):
Issue department:
Gold and silver... __ . . .
(3)
3
Note circulation
()
3
Banking
department:
()
Gold
599
9
Notes and coin
_
112
Advances to State and to
government bodies
...
Other loans and discounts. __
Other assets
57, 791
Deposits...
Other liabilities
_
15, 833
121,413
National Bank of the Kingdom of
8,332
Yugoslavia (millions of dinars):
136.108
Gold
Foreign exchange,_ . . . . . . _ . .
46, 235
21 025
Loans and discounts. .
67
9
183
75
197
94
42
Government debt._
pscudos) •
Gold 4
sands of pounds):
Gold
Foreign bills
Other bills and loans
470
399
439
652
232
703
025
July
1941
Central bank
(Figures as of last report
date of month)
921
356
155
552
1,033
1,628
2,704
938
1,003
(Apr.)i
32, 279
3,061
29 167
619
9,703
24, 235
71, 448
16. 967
10, 648
31, 747
4,344
25 146
881
7,959
12, 824
58, 961
15, 000
8,939
50, 720
471
11
37, 032
1,435
3,958
___ __ __
National defense bills
Other assets.
. . .
Note circulation
Other sight liabilities
Other liabilities _ .
Bank for International Settlements8 (thousands of Swiss gold
francs ):
Gold in bars. .
Cash on hand and on current
account with banks
Sight funds at interest
Rediscountable bills and acceptances (at cost)
Time funds at interest
Sundry bills and investments __.
Other assets... _
Demand deposits (gold)... _
Short-term deposits (various
currencies):
Central banks for own account
Other
Long-term deposits: Special accounts
_ __ _
Other liabilities
June
40,
25
64,
3
1940
May
July
874
761
254
944
40, 927
26 181
61,651
4 297
424
803
678
947
1 449
603
800
396
818
686
858
1 398
593
767
380
578
727
839
1 430
295
800
2 283
1,311
76
27
9
20
2,115
1, 546
255
2 9 93
1 276
68
94
223
2,115
1 520
250
2 114
489
248
66
268
2,161
752
271
33.
21
50,
4
880
788
325
192
(Apr.)i
119 003 107 923
39
43 327 21 451
411 273 297 411
192 353 195 692
16 552 38 603
487 518 356 938
79 358 78 124
83' 231 90 661
I39 402 135 394
86 235
107 408
86 235
93 411
82 841
22, 361
54 854
44, 867
39.514 41, 467
88. 403 93, 394
104, 414 67, 957
124 545 101 944
212 988 200, 596
(Feb.)i
2 790
909
1 686
3, 061
7, 128
3 465
13. 973
3 510
1, 555
2 286
513
1,855
3,073
4. 091
3 117
12.179
1,941
815
27, 403
31,007
31, 544
16, 013
29, 480
16, 270
142,109 145, 876
22 406 21 228
223, 525 209,195
2.357
2 303
22,858
14, 092
14, 532
2,836
19, 820
2,456
229, 001 229, 001
196.130 189,990
1 Latest month for which report is available for this institution.
2 Gold revalued Mar. 31, 1940, at 0.4978 gram fine gold per guilder.
3
Figure not available.
* On Oct. 16, 1940, gold revalued on basis of average cost.
s Gold revalued May 19, 1940, at 0.0043 gram fine gold per leu, and again on Apr. 1, 1941, at 0.0047 gram per leu.
6 Agricultural and urban loans in process of liquidation.
7
Gold revalued May 31, 1940, at 0.2053 gram fine gold per franc.
8
See BULLETIN for December 1936, p. 1025.
952
FEDERAL RESERVE BULLETIN
MONEY RATES IN FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
United
King- France Germany
dom
Date effective
Belgium
Netherlands
2
3
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
M a y 17
Mar. 17. 1941
M a v 29
June 26
In effect Aug. 31,
1941
2
3
4
Sweden
Switzerland
2
2
Rate
Central
bank of—
Rate
Aug.
31
Date
effective
Central
bank of—
Albania
Argentina
Belgium
Bohemia and
Moravia
2
Mar. 21,1940
Mar. 1,1936
Jan. 25,1940
Oct. 1, 1940
Japan
_'_
Java
Latvia
Lithuania ___
Mexico
3.29
3
5
6
4
Bolivia
Nov. 8, 1940
6
British IndiaNov. 28,1935
3
Bulgaria
Dec. 1, 1940
5
Canada
Mar. 11,1935
Chile
3-4 y2 Dec. 16, 1936
July 18,1933
Colombia
4
Netherlands
New Zealand..
Norway __ _
Peru
Portugal. .
2
3
5
4
Denmark
Ecuador
El SalvadorEstonia
Finland
Rumania . .
South Africa
Spain
Sweden ___
Switzerland.
3
3
4
3
Turkey
LTnited Kingdom
U. S. S. R...
Yugoslavia.
4
July
2
4
5
Oct. 26,1939
July 1,1936
Feb. 1,1935
VA
2
2
4
2M>
Apr. 7,1936
Jan. 14,1937
Feb. 17,1940
July 15,1939
Jan. 2,1941
1H
4
6
5
4
3
Date
effective
Aug.
31
3
3
2iz
2
4
3
4
Oct. 16,1940
7
May 26,1938
3 ^ Mar. 30,1939
Oct. 1,1935
4 / 2 Dec. 3,1934
June 26, 1941
May
May
Aug.
Mar.
27,1940
13,1940
1,1940
31, 1941
Sept. 12,1940
June 2, 1941
i Mar. 29,1939
May 29,1941
Nov. 26, 1936
4
France
Germany
Greece
Hungary
Italy
3
3
2
3
2
3H
1M
3H
2
2H
2
.
Mar.
Apr.
Jan.
Oct.
May
17, 1941
9, 1940
4,1937
22,1940
18,1936
1,1938
i Not officially confirmed.
NOTE.—Changes since July 31: none.
3
°>\/
2
6
3
3
Hi
OPEN MARKET RATES
[Per cent per annum]
Germany
United Kingdom
Month
Bankers'
acceptances
3 months
1929—June
1930—June
1931—June
1932—June
1933—June
1934—June
1935—June .
1936—June
1937—June
1938—June
1939—June
1940—June
Julv
AUg.
:.
Sept
Oct
Nov..
Dec
1941—Jan
Feb
Mar
Apr
May
June
Treasury
bills
3 months
Bankers'
D a y - t o - d a y allowance
money
on deposits
5 32
2.31
2.09
1.05
.50
.91
. 71
.78
.68
.59
. 75
1.03
5. 35
2. 30
2.10
.85
.40
. 85
. 64
.78
.68
.59
. 76
1.02
4.23
1.93
1. 64
.99
62
.92
. 75
1.03
1.03
1.03
1.03
1.03
1.03
1.02
1.02
1.03
1.02
1.02
1.01
1.00
1.00
1.00
1.00
1.00
1.00
1.03
1.03
1.03
1.03
1.03
1.03
1.01
1.02
1.01
1.01
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1
3
1
1
i
.79
. 75
L00
k
i
i
:
;
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
7. 50
3.58
6. 05
4.75
3.87
3. 76
3 00
2.88
2.88
2.88
2 79
2.38
7.90
3.74
6.74
5. 70
4.93
4.57
3.16
2. 67
2^78
3. 06
2.71
1.98
5. 30
1.89
1.05
.39
2.18
.78
4/42
3.92
.15
.13
.49
C1)
5. 30
1.93
1.07
1.00
2. 06
1.00
3.83
3.95
1.00
.50
. 75
C1)
4V-i-6V->
3V0-5V2
3-5
4-6
3-53/2
2V2-0
2H-4H
2^2-5
2^-5
2V2-5
2V2-5
3. 20
2. 06
1.12
1.50
1.50
1.50
2. 60
2. 25
1. 00
1. 00
1.00
1.50
2. 38
2.31
2.25
2.25
2.25
2.25
1.73
1.77
2.03
1.87
1.93
1.95
C1)
2.83
3.00
2.68
2.75
2.75
2.75
VA-&A
VA-5H
VA-VA
33^-5H
3K-5K
1.50
1.50
1.50
1.31
1.25
1.25
2.25
2.25
2.25
2.25
2.25
2.13
1.73
1.68
1.83
1.67
2.75
2.75
3K-5K
3#-5#
2^75
2.36
2.25
31^-51^
3K-5^
3-51-5
3-512
2.25
2.25
2.25
2.25
2.25
2.25
2.07
2.06
1.93
1.88
3H-5H
1.25
1.25
1.25
1.25
1.25
1.25
1
No figures available.
NOTE.—For figures for other countries and references to explanation of table see BULLETIN for September 1940, p. 1018.
SEPTEMBER
1941
953
COMMERCIAL BANKS
United Kingdom
l
(Figures in millions of
pounds sterling)
Cash
reserves
Assets
Money at
call and Bills dis- Treasury
deposit2
short
counted receipts
notice
Liabilities
Securities
Loans to
customers
Deposits
Other
assets
Total
Demand
3
Time
3
Other
liabilities
10 London clearing banks
1932—December.
1933—December.
1934—December.
1935—December
1936—December.
207
213
216
221
236
127
119
151
159
187
408
311
255
322
316
472
565
594
605
630
208
237
247
231
238
778
740
759
784
864
1,983
1,941
1,971
2,091
2,238
991
1,015
1,044
1,140
(4)
963
900
910
924
(4)
216
244
251
231
232
11 London clearing banks 5
1936—December.
1937—December.
1938—December.
1939—December.
244
244
243
274
195
163
160
174
322
300
250
334
1940—July
August
September.
October
November.
December.
262
273
288
270
285
324
146
148
144
137
140
159
415
430
401
373
339
265
1941—January....
February. .
March
April
May..
June
279
284
288
298
293
311
131
128
132
137
128
143
269
210
194
188
173
193
660
635
635
609
890
984
971
1,015
249
256
263
290
2,315
2,330
2,254
2,441
1,288
1,284
1,256
1,398
1,012
1,026
997
1,043
245
252
269
256
26
26
92
180
236
314
658
682
697
723
743
771
940
927
948
948
941
924
271
255
287
284
274
293
2,454
2,481
2,597
2,661
2,702
2,800
1,465
1,486
1,570
1, 635
1,671
1,770
989
995
1,027
1,026
1,031
1,030
264
260
260
254
256
250
341
330
374
461
469
482
789
814
821
820
848
880
926
915
922
897
889
874
269
272
276
274
273
311
2,757
2,709
2,764
2,829
2,824
2,946
1,729
1,696
1,728
1,769
1,789
1,870
1,027
1,013
1,036
1,060
1,035
1,075
247
243
242
247
249
248
Liabilities
Assets
Security
loans
abroad
and net Securi(10 chartered banks. End of month
Other
ties
due
figures in millions of Canadian dollars)
Cash Security loans
from
reserves loans and dis- foreign
counts
banks
Canada
Entirely in Canada
Note
circulation
Other
ausets
1932—December.
1933 -December.
1934-December.
1935—December.
1936—December.
1937—December.
1938— December.
1939—December.
211
197
228
228
240
255
263
292
103
106
103
83
114
76
65
53
1,104
1,036
977
945
791
862
940
1,088
155
134
155
141
161
102
166
132
778
861
967
1,155
1,384
1,411
1,463
1,646
500
482
491
529
554
%
535'
612
1940—July
August
September.
October
November.
December.
277
291
319
310
313
323
39
38
37
41
41
40
1,053
1,062
1,102
1,138
1,128
1,108
166
162
178
177
174
159
1,576
1,569
1,563
1,520
1,513
1,531
506
489
529
526
514
570
1941—January
FebruaryMarch
April
May
June
312
293
296
325
321
288
36
34
35
31
29
33
1,092
1,104
1,115
1,109
1,132
1,292
164
170
178
189
183
191
1,677
1,788
1,766
1,820
1,812
1,688
522
531
52i
544
537
575
85
90
Total
Demand
Time
Other
liabilities
1,916
1,920
2,035
2,180
2,303
2,335
2,500
2,774
538
563
628
694
755
752
840
1,033
1,378
1,357
1,407
1,486
1,548
1,583
1,660
1,741
821
775
761
789
837
850
843
963
2,674
2,689
2,800
2,778
2,758
2,805
,062
,055
,145
,178
,132
,163
1,613
1,634
1,655
1,600
1,626
1,641
8U
831
841
845
837
846
2,873
2,989
2,972
3,064
3,045
3,075
,205
,302
,270
1,356
1, 350
1,608
1,668
1,687
1,703
1,708
1,695
1,467
851
850
858
877
889
913
Liabilities
France
(4 large banks. End of month figures
in millions of francs)
115
121
124
111
103
Deposits payable in Canada excluding interbank
deposits
Cash
reserves
Due from Bills disbanks
counted
Loans
Other
assets
Deposits
Total
Demand
Time
Own
acceptances
Other
liabilities
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
16,141
17, 582
18, 249
21, 435
29, 546
7,850
8,309
8,159
8,025
7,631
7,624
7,592
7,546
1,749
1,827
1,717
1,900
1,957
2,134
1,940
2,440
37, 759
32, 635
30, 943
27, 553
28, 484
30,348
33, 578
42, 443
36, 491
31, 773
30, 039
26, 859
27,955
29, 748
33,042
41, 872
862
904
694
529
600
537
571
295
273
193
337
473
661
721
844
4,331
4,362
4,301
4,399
4,289
4,517
4,484
4,609
1940—January...
February.
March 6__.
4,066
4,293
4,110
4,080
3,993
3,920
29, 808
30, 810
34,123
7,756
7,579
7,499
1,745
1,849
1,961
42,850
43, 737
46, 608
42,302
43,195
46, 064
548
542
544
938
1,034
1,105
3,667
3,753
3,901
1
1
Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month.
Represents six-month loans to the Treasury at \y% per cent, callable by the banks in emergency under discount at the bank rate.
* Through December 1937, excludes deposits in offices outside England and Wales which are included in total.
*8 Beginning 1936, figures on this basis available only for all 11 banks—see footnote 5.
District Bank included beginning in 1936.
* 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. (
June 1935, pp. 388-390; and October 1933, pp. 641-646.
954
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rates in New York for cable transfers.
Argentina
(peso)
Australia
(pound)
Brazil (milreis)
Belgium
(belga)
Year or month
Official
1934 _. .
1935
1936 _.
1937
1938 .
1939
1940
.
1940—Aug.
Sept.
Oct
Nov. _
Dec.
1941—Jan.
Feb.
Mar.
Apr.
May
June
July
Free
8. 4268
8. 2947
8. 5681
8.6437
5. 8438
6. 0027
6. 0562
5 8788
6.1983
5.1248
5. 0214
37
36.
37.
37.
36
33.
30.
02
47
29
57
50
6. 0575
6. 0574
6. 0575
6. 0575
6.0575
5.
5
5.
5
5.
0219
0107
0153
0156
0169
321. 50
321 11
321.30
320. 70
321 19
321. 25
321. 31
6. 0575
6.0575
6. 0575
6. 0575
6. 0575
6. 0575
6. 0575
5.
5.
5.
5.
5.
5.
5.
0560
0604
0599
0600
0600
0598
0616
Free
33.579
32. 659
33.137
32 959
32. 597
30.850
29 773
322. 80
400. 95
388. 86
395. 94
393. 91
389. 55
353. 38
305.16
29 773
29.773
29. 773
29, 773
29 773
322.
322
322.
322
322
80
80
80
80
80
317.
321.
321.
321.
321
322.
322
322.
322.
322
322.
322.
80
80
80
80
80
80
80
773
773
773
773
773
773
773
23.
23.
23
23.
23.
704
704
704
704
704
Canada ( dollar)
British
India
(rupee)
Official
Official
29
29.
29.
29.
29
. . . 29.
29.
23. 287
18. 424
16.917
16. 876
16. 894
16.852
16. 880
Bulgaria
(lev)
Official
879
964
523
326
592
279
155
1 2852
1. 2951
1. 2958
1. 2846
1 2424
1.2111
.
.
61. 780
56.011
57. 083
56. 726
55. 953
57. 061
57. 085
.
4.
4
4.
3
3.
3.
2424
1642
0078
4930
4674
4252
22. 500
21 883
22.189
22 069
21.825
20. 346
19. 308
2.2277
2 1627
2.1903
2 1811
2.1567
1.9948
1 8710
6.5688
6 6013
6.1141
4 0460
2. 8781
2. 5103
2. 0827
4.
4.
4
4.
0000
0000
0000
0000
34 094
36. 571
29 751
29. 606
21. 360
11 879
6.000
30. 132
30 162
30.170
30 166
30.178
90.
90.
90.
90.
90.
909
909
909
909
909
86.
85
86.
86
86.
865
469
318
922
563
5.1680
5 1680
5.1680
5 1663
5.1665
4.
4
4.
4
4.
0000
0000
0000
0000
0000
5.476
5 206
5.682
5 845
5.690
30.148
30.140
30.139
30.129
30 129
30.129 •
30.128
90.
90
90.
90.
90
90.
90.
909
909
909
909
909
909
909
84.801
83 687
84.981
87. 651
87 421
88.183
88.271
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
29. 715 27.742
28 707 27 778
29.022 27. 760
28 791 27 750
28. 451 22.122
25. 963 19.303
23 436 18 546
.6628
.6602
.6602
22.
22.
23.
23.
23.
510
623
077
396
585
19. 370
19.367
19. 364
19. 505
19.770
5. 0334
5. 0357
5.0389
5. 0396
5. 0439
23. 431
23. 435
23. 439
23.439
23. 439
19
19.
20.
20.
20.
23. 648
24.142
24 421
24.393
24 285
24. 372
24. 524
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
20 504
20. 524
20 529
20 538
20. 537
20.533
20. 542
57 146
56. 987
56 985
57. 011
57 022
56. 982
56.981
2
2.
2
2
2
2
39. 979
39. 969
39 960
39.962
39 968
39. 970
25. 316
24 627
24. 974
24 840
24.566
23. 226
22. 709
18. 846
18 882
18. 875
18. 923
18.860
18.835
NetherNew
Mexico lands
Zealand
(peso) (guilder) (pound)
8. 5617
8. 2471
7. 2916
5. 2607
5. 2605
5.1959
5. 0407
1941—Jan.
Feb.
Mar.
Apr.
May
June
July
1934 .
1935
1936...
1937
1938
1939
1940
Japan
(yen)
29. 575
29 602
29. 558
19 779
19. 727
19. 238
18.475
39.951
39. 926
39. 975
39. 983
39 982
Norway Poland
(krone) (zloty)
Italy
(lira)
38. 716
48.217
31.711
30 694
30. 457
27. 454
22. 958
1 9691
1.9619
1 9652
1 9482
1 9472
Export
China
(yuan
Shanghai)
0 1452
5. 0833
5 1240
5.1697
5.1716
5 1727
5.1668
.9402
.9386
.9289
.9055
.8958
.8153
.6715
56. 985
56. 985
56.985
57 000
57 132
Year or month
Official
39. 375
40. 258
40. 297
40 204
40.164
40. 061
40. 021
1940—Aug.
Sept
Oct.
Nov
Dec
0104
0101
0100
0100
0100
0098
Free
Chile (peso)
101 006
99.493
99 913
100. 004
99. 419
96. 018
90. 909 85.141
GerFinGreece Hong
HunColom- Czecho- D e n land
France many
(drach- Kong
bia
slovakia mark (markgary
(reichs(franc)
(dollar)
ma)
(peso) (koruna) (krone)
(pengo)
mark)
ka)
Year or month
1934
1935
1936
1937
1938..._
1939
1940
Special
Export
In cents per unit of foreign currency]
Portugal
(escudo)
Straits
SweSwitzRuma- South
Spain SettleAfrica
den
erland
nia
ments
(leu) (pound) (peseta) (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. 691
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
402. 46
391. 26
398.92
396. 91
392 35
354. 82
306. 38
318.
322
322.
322.
322.
988
941
331
400
448
25
74
55
82
75
322. 75
322.36
322. 55
321. 96
322. 45
322. 51
322. 57
Uruguay
(peso)
Yugoslavia
(dinar)
Con- Non-controlled trolled
503.
490
497.
494.
488.
443.
383.
93
18
09
40
94
54
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
88
42
26
56
50
65
65.
65.
65.
65.
830
830
830
830
830
34 939
36.366
37. 629
38. 994
39. 480
2.
2.
2.
2.
2.
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
2. 2397
1940—Aug.
Sept.
Oct.
Nov
Dec.
3.8311
3.9629
3. 9841
3 9849
3. 9915
398. 00
398. 00
398. 00
398. 00
398.00
9 130
9.130
9.130
9.131
9.132
47.116
47.102
47.101
47.100
47.100
23.813
23.810
23.814
23. 818
23. 824
22. 755
22.784
23.148
23. 202
23. 201
403.50
403. 50
403. 50
403. 50
403. 50
397
403.
403.
403.
403.
1941—Jan.
Feb.
Mar
Apr
May
June
July
3. 9986
4.0069
4. 0039
4 0009
4.0017
4 0026
398. CO
398.00
398. 00
398. 00
398.00
298. 00
S98. 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
23.
23.
23.
23.
23.
23.
23. 220
23.217
23.210
23. 201
23. 203
23. 206
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
826
829
824
825
839
£36
67.383
67.715
64. 481
55 045
55. 009
53. 335
53.128
2436
2436
2436
2409
2407
NOTE.—Developments affecting averages during 1941:
Special
export rate for Argentina first
Sp
" " 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.
SEPTEMBER
1941
955
PRICE MOVEMENTS IN PRINCIPAL COUNTRIES
WHOLESALE PRICES—ALL COMMODITIES
[Index numbers]
Year or month
1926
United
States
(1926=100)
—
United
Kingdom
Canada
(1926=100) (1930=100)
France
Germany
(1913=100)
(1913=100)
i 126
144
90
76
65
63
63
62
64
76
72
74
*88
i 103
194
192
190
i 96
100
102
114
111
115
146
126
306
306
308
310
310
146
146
148
154
158
141
146
111
312
159
161
164
150
111
313
162
167
151
151
112
112
100
88
86
86
88
89
94
109
101
103
137
1940—July
August
September. .
October
November
December
78
77
78
79
80
82
83
83
83
84
140
140
141
143
147
111
111
111
111
111
80
84
149
1941—January
81
85
February.. _
March
April
May
June
July
81
82
85
86
83
85
87
89
90
87
89
(1935=100)
106
87
72
67
67
72
72
75
85
79
75
83
- _ —
Switzerland
(July 1914
=100)
Sweden
181
153
161
180
178
186
198
238
251
278
311
100
86
73
65
66
75
80
81
86
79
77
79
_
Netherlands
(1926-30
=100)
237
U24
100
1930.
1931
1932.
1933
1934
1935
1936
1937
1938
1939
1940
Japan
(October
(1928=100) 1900=100)
Italy
695
134
554
500
427
398
376
338
411
581
653
2 681
125
111
97
93
98
102
104
106
106
107
110
85
75
70
63
62
68
76
89
95
3 97
112
112
150
151
152
153
317
322
165
169
324
326
170
171
173
331
329
P112
110
96
91
90
90
96
111
107
111
143
152'
156
168170
175
181
184
p Preliminary.
i Approximate figure, derived from old index (1913=100).
*3 Average based on figures for 8 months; no data available since August 1939, when figure was 674.
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 May 1940, when figure was 89.
Sources.—See BULLETIN for January 1941, p. 84; April 1937, p. 372; March 1937, p. 276; and October 1935, p. 678.
WHOLESALE PRICES—GROUPS OF COMMODITIES
[Indexes for groups included in total index above]
United States
(1926=100)
Year or month
Farm
products
1926
1930 .
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
_
1940—July
August
__
September
October
November
December
1941—January
February _ _
March
April _.
May
June
July
Foods
United Kingdom
(1930=100)
Other
commodities
Foods
Germany
(1913=100)
France
(1913=100)
AgriculIndusIndusFarm
tural
trial
trial
and food
products products products products
Provisions
Industrial raw Indusfinand semi- trial
ished
finished
products products
100
100
100
581
793
129
132
130
150
88
65
48
51
91
75
61
61
85
75
70
71
100
89
88
83
100
87
85
87
526
542
482
420
579
464
380
380
113
104
91
87
113
96
86
75
150
136
118
113
65
79
81
71
84
82
78
78
80
85
87
92
90
90
96
393
327
426
361
348
397
96
102
105
76
84
86
120
103
89
88
105
106
96
91
96
94
125
126
108
193
95
126
86
69
68
86
74
70
71
67
66
66
66
68
70
72
65
70
72
74
76
82
86
85
82
102
97
112
104
81
97
106
129
112
112
111
110
111
111
98
99
99
99
99
100
130
131
131
131
131
131
152
111
100
132
153
154
154
155
156
111
111
112
113
114
100
100
100
100
133
133
133
132
132
133
70
70
72
71
73
74
82
82
82
84
84
84
134
136
140
143
143
145
142
142
142
142
149
150
74
74
75
78
80
83
85
84
145
84
85
86
87
144
144
144
144
145
P146
598
663
i 707
138
111
116
119
121
99
83
89
90
662
641
i 653
91
92
94
100
P100
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.
956
FEDERAL RESERVE BULLETIN
Price Movements—Continued
COST OF LIVING
[Index numbers]
RETAIL FOOD PRICES
[Index numbers]
Year or
month
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)
1932
1933
1934
1935
1936
1937
1938
1939
1940
87
84
94
100
101
1940-July
August
September
October
November
December
1941-January
February _
I
March
April
May
June
Julv
126
120
122
125
536
491
481
423
116
113
118
120
119
120
124
118
125
117
115
114
130
470
122
120
120
105
98
95
97
139
141
141
164
97
96
168
164
601
702
J742
122
122
123
128
131
133
97
96
166
169
96
97
172
173
126
127
98
98
172
171
169
170
171
170
167
127
127
128
129
98
101
102
106
107
130
130
132
146
127
130
130
< 140
145
146
130
127
1932
1933
1934
1935
1936
1937
1938
1939
1940
August
September
October
November
December
157
158
r
172
98
92
96
98
99
103
101
99
100
1940-July
149
152
160
160
161
167
United United
King- France
States
dom
(1930
(1935-39 (Julyl914
=100)
=100)
= 100)
Year or
month
May
June
July
178
147
154
156
158
184
91
87
83
78
86
102 |
117
3 122
121
118
121
123
141
139
140
136
138
131
129
128
125
U32
130
125
126
12fl
137
139
140
s 148
137
137
138
151
130
187
185
132
133
187
189
132
130
100
101
192
195
130
101
101
101
102
103
105
105
196
197
197
198
200
200
199
100
100
1941-January
February
M^arch
April
144
140
141
143
Ger- Nether- Switzerland
many
lands
(1913-14 (1911-13 (Junel914
=100)
=100)
=100)
1
131
i
132
151
151
153
157
159
160
163
163
164
169
171
175
132
132
132
Sources.—See BULLETIN for October 1939, p . 943, and April 1937, p . 373,
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
United
States
Year or month
(average
price) *
United
Kingdom
France
(December (1913=100)
1921=100)
Common stocks
Germany
(average
price)2
Number of issues. _
60
1926
97.6
110.0
57.4
1932
1933
1934
1935
1936
1937
1938
1939
1940
69.5
73.4
84.5
88.6
97.5
93.4
78.9
81.6
82.0
113.2
119.7
127.5
129.9
131.2
124.6
121. 3
112.3
118.3
88.6
81.3
82.1
83.5
76.3
75.1
77.3
7
84.9
1940—Julv
August
September. _
October. __
November._.
December. .
81.2
81.5
82.7
83.6
83.9
84.0
116. 4
117.8
117.9
119.2
119.9
121. 0
100.8
100.9
101.0
101.7
101.9
101.4
1941—January
February . . .
March
April
May
June
July
85.3
84.5
85.3
85.8
86.0
85.8
86.3
122.2
121.9
122. 5
121.7
122.7
122.9
124.7
102.2
102.8
102.8
103.0
.
87
36
U39
5 67.1
82.5
90.7
6 95.1
95.8
98.7
99.9
99.0
100.7
Netherlands 3
8
(1926=100)
United
States
United
Kingdom
France
Germany
4
Netherlands
(1930=100)
420
278
300
100.0
100.0
100.0
100.0
94.8
105.3
113.4
107.8
109.1
3 101. 8
105.9
90.9
8 77.9
48.6
63.0
72.4
78.3
111.0
111.8
83.3
89.2
83.6
67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
105.2
99.6
83.3
79.7
77.2
97.4
89.7
7
98. 2
5 50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
46
52
55
55
66
104.2
95.8
89.7
9 95.0
80.7
80.0
79.8
76.1
77.5
80.9
81.4
82.1
80.4
63.5
65.6
66.2
68.1
70 2
70.2
112.8
115.9
120.8
125.1
127.7
128.0
87.7
94.3
104.1
112.7
116.1
80.5
75.9
76.0
73.8
73.0
75.3
78.8
71.8
70.5
69.9
69.7
70.4
70.7
72.5
131.5
133.0
131.1
131.0
120.0
113.4
115.1
80.1
74.3
73.2
100
1
Prices derived from average yields for 60 corporate bonds as published by 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 ^Yi per cent. The series prior to
that 3 date is not comparable to the present series, principally because the 169 bonds then included in the calculation bore interest at 6 per cent.
Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index
beginning
Jan. 1937, Jan.-Mar. 1937=100; average yield in base period was 3.39 per cent.
4
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 on figures for 8 months; no data available since August 1939, when figures were 82.9 and 94.0 for bonds and common stocks
respectively.
8
Average
based on figures for 7 months; no data available May-September.
9
Average based on figures for 9 months; no data available May-July.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 688; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
SEPTEMBER
1941
957
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
MARRIXER 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 Statistics
LEO H. PAULGER, Chief, Division of Examinations
R. F. LEONARD, Assistant Chief, Division of Examinations
C. E. CAGLE, Assistant Chief, Division of Examinations
EDWARD 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
FEDERAL ADVISORY COUNCIL
FEDERAL OPEN MARKET COMMITTEE
Boston District
New York District
MARRINER S. ECCLES, Chairman
ALLAN SPROUL,
Vice Chairman
Philadelphia District
Cleveland District
Richmond District
Atlanta District
Chicago District
Secretary
S. R. CARPENTER, Assistant Secretary
WALTER WYATT, General Counsel
J. P. DREIBELBIS, Assistant General Counsel
958
SPENCER, JR.
WILLIAM F. KURTZ
B. G. HUNTINGTON
ROBERT M. HANES
RYBURN G. CLAY
EDWARD E. BROWN
President
CHESTER MORRILL,
Account
E.
. Vice President
CHESTER C. DAVIS
ERNEST G. DRAPER
M. J. FLEMING
HUGH LEACH
JOHN K. MCKEE
JOHN N. PEYTON
RONALD RANSOM
M. S. SZYMCZAK
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
ROBERT G. ROUSE, Manager of System Open
CHAS.
GEORGE L. HARRISON
Market
St. Louis District
Minneapolis District
Kansas City District
Dallas District
San Francisco District
S. E. RAGLAND
LYMAN E. WAKEFIELD
W. DALE CLARK
R. E. HARDING
PAUL S. DICK
WALTER LIGHTEN STEIN,
Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Chairman and
Federal Reserve
Agent
Federal
Reserve
Bank of—
Deputy Chairman
Boston
New York_.
Frederic H. Curtiss
Beardsley Ruml
Philadelphia
Thomas B. MeCabe.... Warren F. Whittier
Cleveland..
Geo. C. Brainard..
Richmond.
President
First Vice President
Vice Presidents
William Willett!
R. M. Gidney
L. W. Knoke
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
Henry S. Dennison.
R. A. Young..
W. W. Paddock..
Edmund E. Day
Allan SprouL.
L. R. Rounds
Alfred H. Williams..
Frank J. Drinnen_
W. J. Davis
E. C. Hill
C. A. Mcllhenny i
C. A. Sienkiewicz
R. E. Klages
M. J. Fleming
F. J. Zurlinden.
Wm. H. Fletcher
R. B. Hays
W. F. Taylor*
G. H. Wagner
Robt. Lassiter..
W. G. Wysor.
Hugh Leach.
J. S. Walden, Jr..
J. G. Fry
Geo. H. Keesee'
R. W. Mercer
Atlanta
Frank H. Neely..
J. F. Porter
W. S. McLarin, Jr
Malcolm H. Bryan.
H. F. Conniff
L. M. Clark
Chicago
F. J. Lewh
Clifford V. Gregory.
C. S. Young
H. P. Preston
J. H. Dillard
St. Louis
Wm. T. Nardin..
Oscar Johnston
Chester C. Davis
F. Guy Hitt
O. M. Attebery
C M . Stewart i
Minneapolis...
W. C. Coffey.....
Roger B. Shepard___
J. N. Peyton
O. S. Powell..
E. W. Swanson
Harry I. Ziemer »
Kansas City...
R. B. Caldwell...
H. G. Leedy..
R. R. Gilbert
J. W. Helm 2
J. H. Merritt
J. J. Thomas
Jay Taylor
H. O. Koppang.
Dallas
E. B. Stroud
R. B. Coleman
W. J. Evans
W. O. Ford i
San Francisco
R. C. Force...
St. George Holden
Wm. A. Day
Ira Clerk
C. E. Earhart i
W. M. Hale
R. B. West
i 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
SEPTEMBER
1941
Managing Director
R. M. O'Hara
__ __ B. J. Lazar
P. A. Brown
_. _
_ __
W. R. Milford
W. T. Clements
. P. L. T. Beavers
Geo. S. Vardeman, Jr.
Joel B. Fort, Jr.
_ ___ _ E. P. Paris
H. J. Chalfont
A. F. Bailey
C.A. Schacht
W. H. Glasgow
Federal Reserve Bank of —
Minneapolis:
Helena Branch
R. E. Towle
_
Kansas City:
Denver Branch
Oklahoma City Branch
Omaha Branch
Dallas:
El Paso Branch
...
Houston Branch
San Antonio Branch
San Francisco:
Los Angeles Branch
Portland Branch
.. ..
Salt Lake City Branch
Seattle Branch
Managing Director
._
Jos. E. Olson
G. H. Pipkin
L. H. Earhart
J. L. Hermann
W. D. Gentry
M. Crump
W. N. Ambrose
. D. L. Davis
W. L. Partner
C. R. Shaw
959
Publication*
Copies of the publications and releases listed below may be obtained from the Board of Governors of the
Federal Reserve System, Washington, D. C.
CURRENT RELEASES
DAILY
Foreign Exchange Rates (for previous day).
WEEKLY
Monday:
Condition of Reporting Member Banks in Leading Cities.
Bank Debits—Debits to Deposit Accounts, except
Inter-Bank Accounts.
Tuesday:
Money Rates—Open-Market Rates in New York
City. (Also monthly).
Thursday:
Condition of the Federal Reserve Banks.
Condition of Reporting Member Banks in Central
Reserve Cities. (Also included in statement
of Condition of Reporting Member Banks in
Leading Cities, released on following Monday).
Department Store Sales—Index for United States
and Percentage Changes by Federal Reserve
Districts.
Brokers' Balances. Released about the 20th of the
month.
National Summary of Business Conditions. Released about the 18th of the month.
Business Indexes. Released about the 18th of the
month.
Bank Debits—Debits to Deposit Accounts, except
Inter-Bank Accounts. Released between the 6th
and 12th of the month.
Foreign Exchange Rates. Released about the 1st
of the month.
Department Store Sales—Percentage Changes by
Federal Reserve Districts and by Cities. Released about the 22nd of the month.
Department Store Sales—Percentage Changes by
Departments. Released about the end of the
month.
QUARTERLY
Member Bank Call Report.
months after call date.
Released about two
SEMI-ANNUALLY
MONTHLY
Federal Reserve Bulletin. Released about the 10th
of the month. The subscription price is $2.00 per
annum, or 20 cents per single copy, in the United
States (including insular possessions), Canada,
Chile, Colombia, Costa Rica, Cuba, Dominican
Republic, Ecuador, Guatemala, Haiti, Republic
of Honduras, Mexico, Newfoundland (including Labrador), Nicaragua, Panama, Paraguay,
Peru, El Salvador, Uruguay, and Venezuela.
In all other countries the subscription price is
$2.60 yearly, or 25 cents per single copy. Group
subscriptions for 10 or more copies, in the United
States, 15 cents per copy per month, or $1.50 for
12 months.
Federal Reserve "Par List" (Banks upon which
checks will be received by Federal Reserve Banks
for collection and credit). Released in January
and July, with monthly supplements about the
7th of the month.
ANNUALLY
List of Stocks Registered on National Securities
Exchanges. Supplements issued quarterly. 25
cents for list and supplements.
Bank Debits—Debits to Deposit Accounts, except
Inter-Bank Accounts. Released ordinarily in
February.
Annual Report, covering operations for the preceding calendar year.
BOOKS
The Federal Reserve System—Its Purposes and ting through 1942. 50 cents per copy; in quanFunctions. Obtainable in cloth cover at 50 cents tities of 10 or more, 45 cents per copy.
per copy; in paper cover without charge. 128 pages.
Chart Book II, Federal Reserve Charts on InDigest of Rulings—to October 1, 1937. Digests dustrial Production. October 1940. 224 pages.
of Board rulings, opinions of the Attorney General
and court decisions construing the Federal Reserve Space for plotting through 1946. $1 per copy; in
Act, with compilation showing textual changes in quantities of 10 or more, 85 cents per copy.
the Act. $1.25 per copy. 683 pages.
Banking Studies—Comprising 17 papers on bankChart Book I, Federal Reserve Charts on Bank ing and monetary subjects by members of the Board's
Credit, Money Rates, and Business. New edition, staff. August 1941. 512 pages. $1.50 per single
revised February 1941. 72 pages. Space for plot- copy; in quantities of 10 or more, 75 cents per copy.
960
FEDERAL RESERVE BULLETIN
Federal Reserve Publications
REPRINTS
(From Federal Reserve BULLETIN except as stated otherwise.
Partial
list.)
New Federal Reserve Index of Industrial ProducConstitutionality of Legislation Providing a Unified
Commercial Banking System for the United States. tion. 77 pages. August 1940.
Opinion of the Board's General Counsel. 21 pages.
The Gold Stock. 2 pages. September 1940.
March 1933.
Measurement of Production, by Woodlief Thomas
Supply and Use of Member Bank Reserve Funds.
and Maxwell R. Conklin. 16 pages. September
Explanation of analysis of sources of member bank
1940.
reserve funds and uses to which such funds are put.
31 pages. July 1935.
Gold Reserves of Central Banks and Governments.
18 pages. September 1940.
Member Bank Statistics. A discussion of the statistics compiled and published by the Board covering
Development of Federal Reserve Banking, by
the operations and conditions of member banks. 28 M. S. Szymczak. 8 pages. December 1940.
pages. November 1935.
Economic Preparedness for Defense and Post DeSummary of Provisions of State Laws Relating to fense Problems, by Marriner S. Eccles. 8 pages.
Bank Reserves. 33 pages. March 1937.
January 1941.
Analyses of the Banking Structure—As of DecemSpecial Report to the Congress, submitted Deber 31, 1935. Number, deposits, and loans and in- cember 31, 1940. 2 pages. January 1941.
vestments of banks classified by size of bank and
Economic and Monetary Aspects of the Defense
town and by other factors. 33 pages. August 1937.
Program, by John H. Williams. 4 pages. February
Problems of Banking and Bank Supervision. Ex- 1941.
cerpts from the 1938 Annual Report. 33 pages.
Federal Reserve Bank Lending Power not DependThe History of Reserve Requirements for Banks in ent on Member Bank Reserve Balances. 2 pages.
the United States. 20 pages. November 1938.
February 1941.
Monetary Measures and Objectives. Three stateMoney in Circulation. 1 page. February 1941.
ments by the Board on objectives of monetary policy,
Commodity Prices, by Frank Garfield and Clayton
on proposals to maintain prices at fixed levels through
monetary action, and on legislative proposals relat- Gehman. 16 pages. March 1941.
ing to monetary measures and objectives. 8 pages.
Inflation, by E. A. Goldenweiser. 3 pages. April
July 1937, April 1939, and May 1939.
1941.
Revised Indexes of Factory Employment. Bureau
Financial Problems of Defense, by Marriner S.
of Labor Statistics indexes adjusted for seasonal
variation by Board of Governors. 32 pages, October Eccles. 11 pages. Mimeographed release, May 1,
1941.
1938; 10 pages, October 1939.
Gold, Capital Flow and Foreign Trade. A review
The Gold Problem Today, by E. A. Goldenweiser.
of international trade and financial developments
4 pages. January 1940.
from the outbreak of war in Europe to May 1941,
The Par Collection System of the Federal Reserve statements of the gold and dollar resources and exBanks, by George B. Vest. 8 pages. February 1940. penditures of the United Kingdom, and the text of
the Lend-Lease Act and Appropriation Act purThe Banks and Idle Money, by Woodlief Thomas. suant thereto. 28 pages. January, February, and
9 pages. March 1940.
May 1941.
Historical Review of Objectives of Federal Reserve
Revised Indexes of Freight-Car Loadings. 5 pages.
Policy, by A. B. Hersey. 11 pages. April 1940.
June 1941.
Cheap Money and The Federal Reserve System, by
E. A. Goldenweiser. 5 pages. May 1940.
Seasonally Adjusted Estimates of Nonagricultural
Employment. 2 pages. June 1941.
Ownership and Utilization of the Monetary Gold
Stock. 3 pages. May and June 1940.
Adjustment for Seasonal Variation, by H. C. Barton,
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.
SEPTEMBER
1941
961
FEDERAL RESERVE DISTRICTS
BOUNDARIES O F FEDERAL RESERVE DISTRICTS
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
(APPROXIMATE I N THE ST. LOUIS DISTRICT)
FEDERAL RESERVE BANK QTIES
FEDERAL RESERVE BRANCH CITIES
o
FEDERAL RESERVE BANK A G E N C Y
@FedFRASER