Full text of Federal Reserve Bulletin : September 1942
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FEDERAL RESERVE
BULLETIN
SEPTEMBER 194:
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
PAGE
Review of the Month—Bank Credit, War Finance, and Savings
869-877
Law Department
Supplement to Regulation D
878
Consumer Credit:
Amendment to Regulation W
878-879
Interpretation of Regulation W
Foreign Funds Control
879
879-880
Terms of Directors of Federal Reserve Banks and Branches
881
Regional Distribution of Commercial Loans
881-891
Annual Report of the Central Bank of the Argentine Republic
891-910
Current Events
911
National Summary of Business Conditions
911-913
Financial, Industrial, Commercial Statistics, U. S. (See p. 915 for list of tables) . . . . 915-964
International Financial Statistics (See p. 965 for list of tables)
965-977
Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory
Council
978
Senior Officers of Federal Reserve Banks; Managing Directors of Branches
979
Map of Federal Reserve Districts
980
Federal Reserve Publications (see inside of back cover)
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FEDERAL RESERVE BULLETIN
September 1942
VOLUME 2.8
NUMBER 9
BANK CREDIT, WAR FINANCE, AND SAVINGS
Increasing Government expenditures for
war purposes are being financed in part from
tax receipts, in part by borrowing from
savings, in part by borrowing from banks.
The growth of Government expenditures
has been accompanied by a further increase
in national income, notwithstanding some
decline during recent months in production
and supplying of goods and services for
civilian use. Purchases of Government securities by banks have resulted in an expansion of bank deposits and the amount of
currency in circulation has also increased at
a rapid rate. The major part of this
growth in the money supply has come into
the possession of the general public; funds
saved by individuals and set aside in less
liquid forms have likewise increased, as
evidenced by large purchases of War Bonds
and repayment of consumer debt.
The Government has borrowed only a
portion of its needed funds from the savings
of the people. Substantial purchases of
Government securities by banks have been
essential. Banks have been able to buy
these securities because of the large volume
of reserve funds that they have held in excess of legal requirements. The Federal
Reserve authorities, moreover, have the
power to increase the supply of lendable
funds at banks, and within recent months
have exercised this power by purchasing
Government securities and by lowering
reserve requirements for central reserve
city banks.
SEPTEMBER
1941
REDUCTION IN RESERVE REQUIREMENTS
On August 18 the Board of Governors
announced a reduction in reserve requirements against net demand deposits for
central reserve city member banks in New
York and Chicago. The reduction, which
became effective as of the opening of
business on August zo, 1942., was from z6
per cent to Z4 per cent. This action is in
accordance with the Act of July 7, 1942.,
which gave to the Board the power to
change reserve requirements of member
banks in central reserve cities without
changing requirements for member banks
in other reserve cities.
Other member bank reserve requirements
were not changed by the Board; requirements against demand deposits are zo per
cent at reserve city banks and 14 per cent
at country banks, and those against time
deposits are 6 per cent at all classes of
member banks. Under the present law
requirements against demand deposits may
be reduced to 13 per cent at central reserve
city banks, to 10 per cent at reserve city
banks, and to 7 per cent at country banks,
and those against time deposits may be
reduced to 3 per cent. Requirements may
not be raised above existing levels, except
that those against demand deposits at
central reserve city banks may be restored
to z6 per cent.
Action to reduce reserve requirements at
central reserve city banks came at a time
when these banks had relatively small
869
REVIEW OF THE MONTH
EXCESS RESERVES OF MEMBER BANKS
WEDNESDAY FIGURES
BILLIONS OF DOLLARS
BILLIONS OF DOLL
8
7
^
A L L MEMBER
BANKS
lAfc
6
ssf
\
I
serves at New York banks, however, was
offset by further withdrawals of funds in
the following week, and on August 2.6, the
next report date, excess reserves amounted
to 370 million dollars in New York, to 85
million in Chicago, and to 1,885 billion
at other banks.
5
CAUSES OF DECREASE IN EXCESS RESERVES
4
NEW YORK
1/1
3
^ ' ^
"^OTHER
2
1
^^^^^^CHICAGO
,
<^~~
^v/"^^ 7 ^^
^
0
1941
1940
1942
Figures for all member banks and for "other" banks outside New
York City and Chicago are partly estimated. Latest figures shown
are for August 26.
amounts of excess reserves. As shown in
the chart, banks in New York and Chicago
have lost reserves in recent months, while
the volume of reserves of other banks has
shown little change. On August 19, 1942.,
the reserve positions of central reserve city
banks and of other member banks were as
follows:
[In millions of dollars]
Total
reserves
held
Central reserve city banks:
New York
Chicago
. .
Other banks
All member banks
Required
reserves
Excess
reserves
4,700
1,015
6,940
4,520
1,000
*5,030
180
15
*l,910
12,655
*1O,55O
*2,105
* Estimated.
Excess reserves of New York and Chicago
banks shown in the table were the lowest
since 1937. Reduction of two points in
reserve requirements lowered required reserves and increased excess reserves by
about 350 million dollars at New York
City banks and 75 million at Chicago.
Some of the resulting increase in excess re870
Excess reserves of member banks as a
whole have declined in the past year and a
half primarily because of a rapid growth in
the supply of money held by the public.
This has taken two forms: (1) an increase
in the amount of money in circulation,
which banks must provide by drawing upon
their reserve balances, and (V) a growth in
bank deposits, which has added to the
amount of required reserves and thus reduced excess reserves. The chart on the
next page shows the movement since the
beginning of 1940 of the principal factors
accounting for changes in bank reserves.
The sustained growth in bank reserves,
which had resulted from heavy gold
imports since early 1934, came to an end at
the beginning of 1941, at which time member banks had nearly 7 billion dollars of
reserves in excess of requirements. Currency in circulation, which has been expanded for several years, has since late 1940
shown an exceptionally rapid increase,
which has exerted a constant drain on
reserves. Fluctuations in the volume of
Treasury deposits at Federal Reserve Banks
have caused wide short-time variations in
reserves, but these have been of only a
temporary nature.
Excess reserves have been further reduced
by an increase in required reserves, amounting to about 3 billion dollars from the
beginning of 1941 to the middle of August
i94x. Of this amount a substantial portion
was due to an increase of approximately
FEDERAL RESERVE BULLETIN
REVIE^W OF THE MONTH
one-seventh in the reserve requirement percentages imposed by action of the Board of
Governors of the Federal Reserve System
effective last November. The remainder
reflected the growth in deposits at member
banks. In July and the first three weeks of
August, as shown on the chart, the increase
in required reserves was at a rapid rate,
amounting to about 600 million dollars.
The various factors tending to reduce
excess reserves have been offset to some
extent since April by Federal Reserve
operations. Between April 8 and August
19 holdings of United States Government
securities by Federal Reserve Banks increased by 1.2. billion dollars, compared
with increases of 1.3 billion in currency in
circulation and of about a billion in
required reserves. Excess reserves declined
by about 1.1 billion dollars in this period.
The decrease in reserve requirements on
August xo added excess reserves, but they
declined again in the following ten days,
and at the end of August excess reserves of
all member banks amounted to about z.i
billion dollars, or about the same as on
August 19.
That the decline in excess reserves occurred principally at banks in New York
City and Chicago requires special explanation, because the growth in currency and
in bank deposits has been nation-wide in
MEMBER BANK RESERVES AND RELATED ITEMS
WEDNESDAY
FIGURES
IONS
1940
1941
1942
1940
1941
OF OOLLARS
1942
Figures for required and excess reserves partly estimated. Latest figures shown are for August 26, 1942.
SEPTEMBER 1942.
871
REVIEW OF THE MONTH
scope and in fact has been less in those cities
than elsewhere, as is shown in a later section of this review. New York City and
to some extent Chicago banks have lost
reserves to the rest of the country, particularly since April. These shifts, which
were discussed more fully in the August
BULLETIN, have been largely due to the
fact that a substantial portion of the proceeds of Government security purchases by
central reserve city banks and of tax receipts
in those centers have been expended elsewhere by the Treasury.
Banks outside New York have purchased
even larger amounts of Government securities, but they have also gained deposits
at a greater rate, so that their reserves have
increased slightly. At these banks the loss
of reserves resulting from currency withdrawals and the increase in required reserves
stemming from the growth in deposits have
both been offset by the shift of reserve funds
from New York.
Purchases of Government securities for
Federal Reserve account have been made
largely in New York City and have supplied
New York banks with additional reserves.
This has enabled these banks to continue
to buy securities, notwithstanding their
loss of reserves to the rest of the country.
The additions to their excess reserves provided by the reduction in reserve requirements on August xo serve the same purpose.
OPEN-MARKET OPERATIONS
Federal Reserve open-market purchases,
which have resulted in an increase of
about 1.2. billion dollars in System holdings
since early in April, have been largely
Treasury bills and certificates of indebtedness, which mature within a year. Last
year and to some extent in the early months
of this year, when member banks had
87z
large amounts of excess reserves, openmarket operations were primarily for the
purpose of maintaining an orderly market
for Government securities and covered a
variety of issues of both long-term and
short-term securities. Recently, while there
have been from time to time purchases and
sales of bonds and notes for maintaining
market stability, the bulk of the purchases
of bills and certificates has been to supply additional reserves to banks needing
them.
On April 30 the Federal Open Market
Committee established a buying rate of %
of one per cent on all Treasury bills offered
for sale to Federal Reserve Banks. On
August 7 the Committee announced a
further direction to the Reserve Banks that
any such purchases of bills shall, if desired
by the seller, be made upon the condition
that the Federal Reserve Bank, upon the
request of the seller before the maturity of
the bills, will sell to him Treasury bills of
like amount and maturity at the same rate
of discount.
These arrangements have the effect of
making Treasury bills held by member
banks almost as liquid as excess reserves,
and have been a factor in encouraging banks
to purchase increased amounts of such bills.
The amount of Treasury bills outstanding
has increased from about 2. billion dollars in April to 4.x billion at the end
of August. The Federal Reserve Banks
added about 700 million dollars to their
holdings of bills in this period; New York
City member banks took an additional
400 million, reporting member banks in
other leading cities 700 million, and other
holders 400 million. In addition to purchases of Treasury bills, the Reserve Banks
have purchased about 340 million dollars of
certificates of indebtedness, and reporting
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
member banks in leading cities hold about
x.3 billion dollars of the 4.7 billion of
certificates issued since April.
WAR FINANCE
In July and August the United States
Government spent a total of about 9.4
billion dollars for war purposes. Tax
receipts, which are seasonally low in those
two months, exceeded other expenditures
somewhat. The public debt increased by
4.7 billion dollars in July and by only a
slightly smaller amount in August. With
the present schedule of expenditures and receipts the Treasury will need to borrow an
average of at least 4 billion dollars a month
during the remainder of this fiscal year.
In recent months the Treasury has sold a
variety of issues of securities in the market
—some especially suited for the investment
of funds by banks and other investors
desiring liquid assets and others designed
for those willing to invest for longer
periods in order to obtain higher yields.
In addition, sales of War Savings Bonds to
individuals have increased. As indicated,
1.2. billion dollars of additional bills have
been sold since the beginning of May and
4.7 billion of certificates since April. In
addition, the Treasury sold two issues of 2.
per cent bonds of 1949-51—1.3 billion in
May and x.i billion in July. Commercial
banks purchased more than half of each
issue.
In May and August the Treasury offered
to investors other than banks 2J/2 per cent
bonds of 1961-67, leaving the offerings
open for subscription for about two weeks
with full and immediate allotments of all
amounts subscribed. Sales amounted to
880 million dollars in May and to 1,2.40
million in August. Insurance companies
were the heaviest purchasers of these bonds;
SEPTEMBER
1941
mutual savings banks also took relatively
large amounts. Sales of War Savings Bonds
and of tax notes during July and August
totaled about 1.3 billion dollars. About
400 million dollars of special issues were
sold to Government trust accounts.
UNITED STATES GOVERNMENT DIRECT AND FULLY
GUARANTEED DEBT
[In millions of dollars]
Change during
OutstandEight
ing
August
months,
31, 1942 August July JanuaryAugust
11,751
Savings bonds
3,739
Tax notes
Special issues to trust accounts.. 8,262
Total non-marketable issues1. 24,068
Treasury bills
4,168
Certificates of indebtedness
4,705
Treasury notes
6,689
Treasury bonds
41,418
Guaranteed issues
4,567
+890
+342
+240
+5,611
+1,268
+1,281
+1,200 +1,473
+505 +1,155
+1,609
+8,179
+2,167
+4,705
+692
+8,051
+673
+383
+138
+1,236 +2,098
+16
+3
-1,749
Total marketable issues2
61,743
+3,366 +3,255 +13,865
Total interest-bearing direct
and guaranteed debt
85,811
+4,566 +4,728 +22,044
1
Includes depositary bonds and adjusted service bonds not shown
separately.
2
Includes postal savings and pre-war bonds n/>t shown separately.
Of the increase of 9.3 billion dollars in
the total interest-bearing debt of the
United States Government during July and
August, x.j billion was in nonmarketable
issues. Reporting member banks in leading cities in these months added about
x.4 billion dollars to their holdings of
Government securities, and it is likely that
other commercial banks purchased more
than half a billion. Federal Reserve Bank
holdings increased by 800 million dollars
in these two months.
It may be estimated, therefore, that purchases of Government securities by commercial banks and Federal Reserve Banks
in this period amounted to about threefifths of the increase in marketable securities outstanding and two-fifths of the
increase in the total debt of the United
States Government. In the first half of
this year, the increase in commercial bank
873
REVIEW OF THE MONTH
and Federal Reserve Bank holdings from one owner to another—some go to
amounted to a little less than two-fifths of swell the cash holdings of business, while
the increase in the total debt. Thus it some are held by individuals. An increase
would appear that investors other than in individual deposits may be considered
banks are continuing to take a large as one form of savings. This process has
proportion of the increased offerings of the brought about not only an increase in total
Treasury, but that banks are the principal bank deposits but also a wide distribution
source of demand for marketable securities. of deposits throughout the country.
As shown in the accompanying charts,
GROWTH IN BANK DEPOSITS
bank deposits rose sharply from 1933 to the
Large purchases of Government securities end of 1936 and again from early 1939 to
by banks and the expenditure by the Treas- date. Until 1941 the growth was due in
ury of the funds obtained have resulted in a part to the largeflowof gold to this country
rapid growth in bank deposits. Treasury as well as to an expansion in bank loans
expenditures in payment for goods and serv- and investments. During this period a conices directly or indirectly result in an siderable portion of the increase in deposits
increase in individual incomes, some part of was at New York City banks, reflecting in
which is in turn spent and becomes more part the accumulation of large idle balances
widely distributed. The bank deposits —both foreign and domestic—in that center.
originally obtained by the Treasury pass By the end of 1940 demand deposits in New
York City banks were nearly two and a half
BANK DEPOSITS AND CURRENCY
ALL I3ANKS
CAL . REP< )RT DATES
BILLIONS OF DOLLARS
ILLION 5
I
OF
ADJUSTED DEMAND DEPOSITS
OOL
MEMBER BANKS
CALL REPORT DATES
BILLIONS OF DOLLAR s
100
B
LLIONS OF DOL
y
/
14
/
12
/
80
/
y
TOTA L DEP OSITS
AND CURR ENCY
60
10
/
OTHER RESERVE CITIES
/
/
/
^
• • ^
Q
/ i i i /
y
6
\
y
TIME DEPO SITS
• — •
Si
A/
/
^y
K
4,
YORK/
/T5A
/
40
—
NEW
/
s*^/i
r
1
/COUNTRY BANKS
L ' ^ T ^ D E M A N D DEPOSITS
ADJ JSTED
20
\
c JRRENCY
-*-
1
0UTSID
— "
y
A
-
E BANKS
0
1930
1932
1934
1936
1940
1942
0
Figures are partly estimated; figures for June 30, 1942 are preliminary. Deposit figures cover all commercial and savings banks in
United States and Postal Savings System. Demand deposits are adjusted to exclude 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".
874
1942
Demand deposits adjusted to exclude from gross demand deposits
all deposits of United States Government, deposits of other banks, and
cash items in process of collection. Figures for New York City include
only central reserve city banks and that for June 30, 1942, excludes deposits of J. P. Morgan and Co., which became a member in April.
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
times as large as they were in 192.9, while at
the other cities the growth was less than
100 per cent, and at country banks it was a
little more than a third. Time deposits,
which are almost negligible in amount at
New York City banks and relatively more
important at country banks than at reserve
city banks, have increased more slowly
since 1933 and have generally been at a
lower level than they were in 1919.
Since December 1940, when the growth in
deposits has been due primarily to Treasury
borrowing from banks rather than to a
gold inflow, New York City banks have
shown little increase in deposits. Demand
deposits at other reserve cities and at
country banks have increased by nearly
30 per cent. Comparison of changes in
demand deposits by districts and by different groups of cities in the ix months from
June 1941 to June 1942., is shown in the
following table. The year covered has
been the period of largest Government expenditures. The comparisons are made
with June of last year in order to eliminate
the influence of seasonal factors, which are
of some importance in rural districts. The
reserve city banks are mostly in cities with
population of over 100,000 and the figures
are dominated by the very large cities;
country banks are mostly in cities of under
100,000 population, except that in the four
Northeastern Federal Reserve districts a
number of larger cities are included.
These figures indicate that the largest
increases in deposits during the past year
have been at banks in small- and mediumsized cities. Those in the St. Louis, Richmond, and San Francisco Federal Reserve
districts lead the list, with the Cleveland,
Atlanta, and Kansas City districts also
showing large increases. In dollar amounts
the largest increases were at reserve city
SEPTEMBER
1941
banks in the San Francisco district, which
include figures for a number of State-wide
branch systems, and for reserve city banks
in the Chicago and Cleveland districts.
Figures for the increase in Federal Reserve notes in circulation by Federal Reserve Banks also show a wide distribution
throughout the country. Proportionate
increases in the year ending July 1 varied
from 30 per cent or less in the Boston and
INCREASE IN DEMAND DEPOSITS AND CURRENCY BY
FEDERAL RESERVE DISTRICTS
[Percentage increases, June 30, 1941 to June 30, 1942]
Demand deposits other than
interbank—member banks
Country banks
Districts
Reserve Cities
city
of over
banks
15,000
population
Smaller
places
All
member
banks
Federal
Reserve
notes in
circulation
Boston
New York*
Philadelphia
9
18
20
20
21
9
19
17
23
14
5
17
25
30
43
Cleveland
Richmond
Atlanta
16
23
18
29
33
27
27
29
27
20
27
22
43
60
63
Chicago*
St. Louis
Minneapolis
24
22
13
24
23
16
27
35
22
18
25
16
34
47
35
Kansas City
Dallas.. .._
San Francisco
20
18
24
31
29
32
25
21
28
23
21
25
38
52
57
20
23
25
14
39
Total*
* Central reserve city banks not shown separately in table but included in district and U. S. totals for all member banks showed increases of 3 per cent in New York and 12 per cent in Chicago.
New York districts to 60 per cent or more in
the Richmond and Atlanta districts. The
San Francisco and Dallas districts also
showed large increases.
It is clear from these data that the growth
during the past year in the supply of money
held by the public has been well distributed
throughout the country. Increases in the
large money centers have not been as great
as those in other cities and smaller places.
Agricultural regions, which have had the
benefit of an exceptionally high level of
farm income, have on the whole fared as
well as or better in this respect than urban
875
REVIEW OF THE MONTH
with a yearly total of 11 billion in 1941.
These savings for the second quarter include
the purchase of securities of -L.J billion
dollars, mostly Federal Government issues,
a growth in bank deposits and currency
held by individuals of z.i billion, accumulation of 1.1 billion in insurance and pension
GROWTH IN SAVINGS
reserves, and net debt repayments of 0.6 bilExpansion in bank deposits is but a part lion. In the entire year 1941 security
of the general growth of savings that has purchases amounted to 2.7 billion, the inoccurred in the country during the past crease in deposits and currency to 5.6 billion,
year. Estimates of the Department of
NATIONAL INCOME AND ITS USES
Commerce, shown in the following table,
Seasonally Adjusted Annual Rates
[Billions of dollars!
indicate that the national income increased
DisposNet
from 95 billion dollars in the year 1941 to
ConTotal
able
Adjustsumers'
national ments*
income expendi- savings
of indian annual rate, seasonally adjusted, of 112.
income (deduct) of individuals
tures
viduals
billion in the second quarter of 1942.. For
6.3
70.8
62.0
68.3
2.5
the same periods and on the same basis the 1939 .
1940.
77.3
66.2
3.4
73.9
7.7
1941
94.7
6.2
75.8
88.5
12.7
disposable income of consumers (national 1941
1st
8.2
86.0
81.0
5.0
72.8
income less direct personal taxes and cer- 2ndquarter. .. 92.4
quarter...
10.4
86.0
75.6
6.4
3rd quarter...
13.1
97.6
78.1
91.2
6.4
tain other adjustments) increased by almost 4th quarter... . 103.0
19.5
76.6
96.1
6.9
as much, while consumer expenditures for 1942
1st quarter. .. . 108.8
19.3
99.9
80.6
8.9
103.0
78.8
9.2
goods and services increased by 3 billion 2nd quarter... . 112.2
24.2
* Sum of corporate savings and personal taxes
transfer
dollars on an annual basis. Net savings of payments of Government. Personal and employmentminus were at
taxes
individuals rose from VL.-J billion in 1941 annual rate of 5.8 billion dollars in 1941 and 8.7 in second quarter
1942.
Source: Estimates of
to X4-2- billion, on an annual basis, in the Business, August 1942. Department of Commerce. Survey of Current
second quarter of this year. In other
words, consumer expenditures and taxes and that in insurance and pension reserves to
have not increased as much as their in- nearly 4 billion. Savings in these forms
comes, resulting in a volume of savings last year were partly offset by increases in
debt against dwellings of a billion dollars
much larger than in any previous year.
Estimates of "liquid savings" made in a and in other consumer debt of 0.7 billion.
These various estimates, while not presomewhat different manner by the Securities
cise, are generally indicative of trends and
and Exchange Commission give similar
results and show the distribution of these make it evident that individuals are acsavings by uses of funds. These estimates cumulating savings and that a large portion
indicate that such savings, which exclude of these savings is held in cash—currency
changes in value of residences and other or bank deposits. Probable continued indurable goods owned, amounted to 6.5 creases in national income, accompanied by
billion dollars in the second quarter of 1942. further decline in the volume of consumer
(an annual rate of i£ billion), compared goods, particularly durable goods, available
industrial areas. Although there are no
accurate current figures as to amount of
deposits owned by individuals or by business, available indirect evidence indicates
that a large portion of the increase in
deposits has gone to individuals.
876
FEDERAL RESERVE BULLETIN
REVIEW OF THE MONTH
for purchase and a decrease in consumer
debt within a few months to a small
volume, will leave an even larger amount
than at present available for savings in cash
and securities. In July and August there
was a more rapid increase in bank deposits
and currency than has occurred in any
previous period.
This growing volume of bank deposits
SEPTEMBER 1942.
and currency holdings is available for such
use as the owners may wish to put them,
To the extent that these funds are made
currently available to~ the Government for
financing the war instead of being used for
consumer expenditures, the amount of
Government securities that would need to
be purchased by banks would be diminished
and the pressure on prices may be reduced.
877
LAW DEPARTMENT
Administrative interpretations of banking laws, new regulations issued hy
the Board of Governors, and other similar material.
Reserves
maintain 14 per cent reserves against its net
demand deposits;
Central Reserve City Banks
2.4 per cent of its net demand deposits if located
The Board of Governors on August 18, 1941,
in a central reserve city, except as to any bank
amended the Supplement to Regulation D,
relating to reserves required to be maintained located in an outlying district of a central reby member banks with Federal Reserve Banks, serve city or in territory added to such city by
so as to reduce from 2.6 to Z4 per cent the reserves the extension of the city's corporate limits,
required to be maintained against net demand which, by the affirmative vote of five members
deposits by member banks in central reserve of the Board of Governors of the Federal Reserve
cities. The reduction became effective as of System, is permitted to maintain 14 per cent or
the opening of business on August 2.0, 1942.. 2.0 per cent reserves against its net demand
There is set forth below the text of the Supple- deposits.
The supplements to Regulation D which have
ment to Regulation D as thus amended:
previously been issued are hereby revoked and
SUPPLEMENT TO REGULATION D
superseded.
Effective as to each member bank at the opening
Consumer Credit
of business on August 2.0, 1942.
Amendment to Regulation W
RESERVES REQUIRED TO BE MAINThe Board of Governors, effective August 12.,
TAINED BY MEMBER BANKS WITH
1941, issued Amendment No. 8 to Regulation
FEDERAL RESERVE BANKS
W, relating to consumer credit. The text of
Pursuant to the provisions of section 19 of the the amendment is as follows:
Federal Reserve Act and section z(a) of its
Amendment No. 8 to Regulation W
Regulation D, the Board of Governors of the
Regulation W is hereby amended in the folFederal Reserve System hereby prescribes the
following reserve balances which each member lowing respects, effective August iz, 1942.:
1. By striking out the word "instalment" in
bank of the Federal Reserve System is required
to maintain on deposit with the Federal Reserve the first line of section 8(c) entitled "Educational, Hospital, Medical, Dental, and Funeral
Bank of its district:
Expenses."
6 per cent of its time deposits plus—
z. By striking out the phrase "in any listed
14 per cent of its net demand deposits if not
article" and the word "such" in section 8(f)
in a reserve or central reserve city;
2.O per cent of its net demand deposits if in a entitled "Credit to Dealers."
3. By adding the following new subsection
reserve city, except as to any bank located in an
outlying district of a reserve city or in territory at the end of section 8:
(n) Railroad Watches—Any extension of
added to such city by the extension of the city's
corporate limits, which, by the affirmative vote credit to finance the purchase of a railroad standof five members of the Board of Governors of ard watch (whether new or used) by a railroad
the Federal Reserve System, is permitted to time service employee, provided the Registrant
878
FEDERAL RESERVE BULLETIN
LAW DEPARTMENT
obtains a certification with respect to such employee in the form prescribed by General Limitation Order of the War Production Board limiting the transfer of railroad standard watches.
4. By adding the following new subsection
at the end of section 8:
(V) Commodity Credit Corporation.—Any
extension of credit made by the Commodity
Credit Corporation or made by a Registrant in
accordance with a loan program formulated and
administered by the Commodity Credit Corporation .
5. By amending Item 1 in Group B in section
13 (a) to read as follows:
1. Furniture, household (including ice refrigerators, bed springs, mattresses, and materials
and services employed in reupholstering).
Interpretation of Regulation W
Since the publication of the August Federal
Reserve BULLETIN, the Board of Governors has
issued the following interpretation of Regulation W:
EXCHANGING UNSATISFACTORY ARTICLE
The Board has received a number of inquiries
regarding a type of transaction in which the
seller takes back an article which is not defective but which for some reason is unsatisfactory
to the customer, and allows the full original
purchase price as a credit against the purchase
price of a new article of the same type. The
price of the new article is often higher than
the price of the first article. The exchange
usually occurs within a very short time after
the original sale, and is made in good faith
pursuant to an express or implied guarantee of
satisfaction given in connection with the
original sale. This type of transaction is not
specifically covered either by W-71 or by W-101.
The Board is of the opinion that, under these
circumstances, if the seller allows the full
original purchase price as a credit against the
price of the new article, the transaction need
not be treated as a trade-in (as described in
W-71) and any payments made on account of
the original sale may be credited against the
down payment required on the new article.
SEPTEMBER 1942.
Of course, if the price of the new article were
in any manner inflated to take care of depreciation in the original article, the transaction
would be an attempt to evade the down payment requirement and would not be permissible.
Any long delay between the original sale and
the date of the exchange might likewise lay
the transaction open to suspicion as an attempt
to evade.
Foreign Funds Control
General Rulings and Public Interpretation
Since the publication of the June Federal Reserve BULLETIN the following General Rulings
and Public Interpretation relating to transactions in foreign exchange, etc., have been issued
by the Office of the Secretary of the Treasury
under the authority of the Executive Order of
April 10, 1940, as amended, and the Regulations
issued pursuant thereto:
Treasury Department, Office of the Secretary
August 12., 1942
GENERAL RULING N O . IO-A
Under Executive Order No. 8389, as Amended, Executive Order No.
9193, Sections $(a) and jQf) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control
(1) Unless authorized by a license expressly referring to
this general ruling:
(a) No Philippine company shall make any payment,
or perform any covenant, duty, condition or service within the United States on, or with respect to, any direct or
indirect obligation or security of, or claim against, such
company.
(b) No person shall exercise within the United States
any right, remedy, power or privilege with respect to, or
directly or indirectly arising out of or in connection with,
any obligation or security of, or claim against, any
Philippine company, including any right, remedy,
power or privilege with respect to any guaranty, covenant
or agreement that such Philippine company will perform any covenant, duty, condition, or service.
(2.) Unless otherwise provided, an appropriate license or
other authorization issued by the Secretary of the Treasury
shall remove all the restrictions, disabilities and other limitations imposed by this general ruling to the same extent as
such restrictions, disabilities and other limitations have been
imposed by this general ruling.
(3) This general ruling shall not be deemed to prohibit or
otherwise restrict the ordinary purchase, sale, transfer,
879
LAW
DEPARTMENT
pledge, or hypothecation of, or similar dealing in, securities
which are issued by, or the obligation of, any Philippine company or to prohibit or restrict transactions incidental thereto.
(4) As used in this general ruling, the term "Philippine
company" shall mean:
(a) Any partnership, association, corporation or
other organization organized under the laws of the
Philippine Islands and which prior to January 1, 1942.,
derived its principal income from the Philippine Islands;
(b) Any sole proprietorship which prior to January
1, 1941, derived its principal income from, and was primarily engaged in business in, the Philippine Islands;
and
(c) Any agent, trustee, transfer or paying agent, or
other representative of or for any Philippine company
to the extent that it acts as such.
RANDOLPH PAUL,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary
August 14, 1941
GENERAL RULING N O . 14
Under Executive Order No. 8589, as Amended, Executive Order
No. 9193, Sections 3(0) and $Q)) of the Trading with the Enemy
Act, as Amended by the First War Powers Act, 1941, Relating
to Foreign Funds Control
The sending, mailing, exporting, or otherwise transmitting of any United States currency out of the United States
directly or indirectly to Mexico on and after August 14,1942.,
880
is hereby prohibited, except as specifically licensed or otherwise authorized by the Secretary of the Treasury.
RANDOLPH PAUL,
Acting Secretary of the Treasury.
Treasury Department, Office of the Secretary
Foreign Funds Control
July 31, 1942.
PUBLIC INTERPRETATION N O . 5
Under Executive Order No. 8389, April 10, 1940, as Amended, and
Regulations Issued Pursuant Thereto, Relating to
Foreign Funds Control
Subject: Application of General Ruling No. 11 to imports or
exports insured with companies which are enemy nationals
or through agents who are enemy nationals.
Inquiry has been made whether General Ruling No. 11
applies to imports or exports insured by insurance companies
which are enemy nationals or through agents who are enemy
nationals.
No Treasury license or other authorization, unless expressly referring to General Ruling No. 11 in respect to such
insurance, is deemed to authorize any import (including any
c.i.f. import) or export which is insured by an insurance
company which is an enemy national or through an agent
who is an enemy national, as defined in General Ruling No.
11.
J. W. PEHLE,
Assistant to the Secretary.
FEDERAL RESERVE
BULLETIN
TERMS OF DIRECTORS OF THE FEDERAL RESERVE BANKS
Directors of a Federal Reserve Bank are
elected or appointed for terms of three
years. The Board of Directors of each
Federal Reserve Bank consists of nine directors, three of whom are designated as Class
A directors, three as Class B directors, and
three as Class C directors. The six Class A
and Class B directors are elected by the
member banks of the district, while the
three Class C directors are appointed by the
Board of Governors of the Federal Reserve
System. The Class A directors are chosen
as representatives of the member banks and,
as a matter of practice, are active officers of
member banks. The Class B directors may
not, under the law, be officers, directors, or
employees of banks. At the time of their
election they must be actively engaged in
their district in commerce, agriculture, or
some other industrial pursuit. The Class C
directors may not, under the law, be either
officers, directors, employees, or stockholders of banks. They are appointed by
the Board of Governors as representatives
not of any particular group or interest, but
of the public interest as a whole.
Since the Federal Reserve Banks are
public institutions operated in the public
interest and not for private profit, the Board
has felt that a certain degree of rotation in
the membership of the directorates of the
Reserve Banks is desirable in order to gain
the advantages of broader representation
over a period of time and insure against a
possible crystallization of the influence of
individuals, groups, or interests which
might not be in the public interest. Ac-
SEPTEMBER
1942.
cordingly, in 1935 the Board announced
that, as a matter of broad policy, it would
not reappoint directors who had completed
six years of continuous service, except
Chairmen of the Federal Reserve Banks.
It was hoped that the same policy would
be followed in the elections by member
banks of Class A and Class B directors.
This has been true only to a limited extent.
Thus, in most instances the effect of the
general rule laid down in 1935 has been to
place a limitation upon the length of service
of directors appointed by the Board without a corresponding limitation upon the
terms of the elected directors. The Board
has accordingly concluded to dispense at
this time with any fixed rule as to the length
of service of Class C directors and will be
governed by the situation at the particular
Reserve Bank. The Board, however, will
adhere generally to the policy of rotation
in the service of Class C directors.
The situation at the branches of the
Federal Reserve Banks is somewhat different. Pursuant to statutory authority, the
Board of Governors has issued regulations
governing the operation of the branches,
under which a branch director (except the
managing director who is also the chief
operating officer of the branch) is not
eligible for reappointment immediately
following six or more years of continuous
service. This policy will be continued
since it applies to all directors of a branch
(other than the managing director), and
not merely to one group.
881
REGIONAL DISTRIBUTION OF COMMERCIAL LOANS
In the August BULLETIN, pages 768-773, results of the System's recent nationwide survey
of commercial and industrial loans at member
banks from April 16 to May 15, inclusive, were
presented. The present article presents comparable regional data, showing the similarities
and differences in commercial loans and borrowers in the various Federal Reserve Districts. 1
Other results and further analysis of the data
will be included in a later BULLETIN.
RELATIVE IMPORTANCE OF DISTRICTS
Table 1 shows the commercial and industrial
loans and renewals reported in each district
during the survey, and the percentage each district's loans are of the total. The New York
district accounted for nearly one-third of the
2.x billions of loans and renewals reported.
Chicago reported 13 per cent of the total, and
San Francisco 12 per cent, while no other district
accounted for more than 7 per cent. The relative position of these districts is in accordance
with recent figures on commercial and industrial loans outstanding. The relatively small
volume of commercial loans in predominantly
1
The data presented in this article were collected and compiled into
district totals by the Reserve Banks, and national totals were compiled
at the Board's office. This article was prepared by G. L. Bach of the
Board's Division of Research and Statistics.
rural districts reflects the nature of the economic activity in these areas.
TABLE 1
COMMERCIAL AND INDUSTRIAL ADVANCES AT MEMBER
BANKS, BY DISTRICT, APRIL 1 6 - M A Y 15, 1942
In millions of
dollars
District
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Per cent of
total
153.8
683.4
131.6
133.8
103.6
107.0
294.7
95.8
61.3
86.6
106.0
257.0
2,214.5
Total
7.0
30.9
5.9
6.0
4.7
4.8
13.3
4.3
2.8
3.9
4.8
11.6
100.0
WAR AND NON-WAR LOANS
The amount of war and non-war loans reported in each district is shown in Table 2., and
the corresponding percentage breakdowns of
war and non-war loans are presented in the latter
half of the table and in Chart I. In both war
and non-war advances, the New York district
predominates, followed by Chicago and San
Francisco. The relative position of the various
districts is essentially the same for both war and
non-war loans.
TABLE 2
COMMERCIAL LOANS AND RENEWALS AT MEMBER BANKS, BY DISTRICT AND PURPOSE OF LOAN
APRIL 1 6 - M A Y 15, 1942
Amounts in millions of dollars
District
Total 1
2,214.5
Total
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
1
. .
War
706.2
1,419.9
153.8
683.4
131.6
133.8
103.6
107.0
294.7
95.8
61.3
86.6
106.0
257.0
52.3
190.0
34.4
52.2
33.3
32.7
134.8
21.6
10.8
18.9
28.7
96.5
96.0
460.4
91.7
79.1
68.8
69.2
145.9
70.2
46.2
65.7
75.9
150.8
Non-war
Per cent of district total
Mixed
war and
non-war
Total 1
War
Non-war
Mixed war
and
non-war
82.4
100.0
31.9
64.1
3.7
5.6
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
34.0
27.8
26.2
39.0
32.2
30.6
45.8
22.5
17.6
21.8
27.1
37.5
62.4
67.4
69.7
59.1
66.4
64.7
49.5
73.3
75.4
75.9
71.6
58.7
3.6
32.7
5.4
1.8
1.4
2.5
13.9
3.0
4.2
1.6
1.4
8.8
4.8
4.1
1.3
1.4
2.3
4.7
3.1
6.9
1.8
1.3
3.4
Includes a small amount of loans not classified as to purpose.
88x
FEDERAL RESERVE BULLETIN
REGIONAL DISTRIBUTION OF COMMERCIAL LOANS
The proportion of loans for war and non-war
purposes, however, varies substantially from
district to district. As indicated by the table
and chart, nearly half of all loans and renewals
in the Chicago area were for war purposes, reflecting widespread conversion to war production in this part of the country, and the Cleveland and San Francisco districts showed nearly
40 per cent of all advances for direct war uses.
In each of these districts over 50 per cent of all
manufacturing and mining advances fell in the
war category. By contrast, such predominantly
rural districts as Minneapolis, Kansas City, and
Figures indicating the shift to war loans in
any part of the country attain added significance
when considered in relation to the geographical
distribution of war contracts. This comparison
is made in Table 3, which shows the percentage
distribution of war loans by districts and the
corresponding percentage distribution of war
contracts awarded from June 1940 through
April 1941. In view of the relatively long
period covered by the war contract data and
since certain types of armed-force expenditures
(especially those on foodstuffs) are excluded,
the war contracts figures are not directly comparable to the war loan figures over the April
16-May 15 reporting period. In particular,
WAR, NON-WAR, AND MIXED PURPOSE LOANS AND RENEWALS
AT MEMBER BANKS
APRIL 16 - MAY 15, 1942
TABLE 3
DISTRIBUTION OF WAR LOANS AND WAR CONTRACTS, BY
DISTRICT
Ter cent of national total]
Districi
War loans
War contracts1
BOSTON
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
PHILADELPHIA
CLEVELAND
RICHMOND
ATLANTA
CHICAGO
ST. LOUIS
MINNEAPOLIS
7.4
26.9
4.9
7.4
4.7
4.6
19.1
3.0
1.5
2.7
4.1
13.7
8.7
15.0
6.9
9.5
7.6
5.3
16.9
3.6
1.1
5.2
3.8
16.4
Total
NEW YORK
100.0
100.0
KANSAS CITY
1
War contracts data from War Supply and Facility Contracts, War
Production Board, Division of Statistics, May 29, 1942. Figures
include all war supply and facility contracts of the Army, Navy, and
Maritime Commission, plus project orders, except awards under $50,000
and all foodstuff awards.
DALLAS
SAN FRANCISCO
St. Louis reported about three-fourths of all
loans for non-war purposes.2 In all cases, however, the proportion of new loans going to war
borrowers exceeded the proportion of renewals
to such borrowers, indicating a nationwide
shift toward financing of war production. For
the nation as a whole, 32. per cent of all loans
and renewals were directly to finance war activities, while for new loans only this figure was
39 per cent.
2
As indicated in the August BULLETIN article, many "non-war"
loans, though not directly to finance war production, are of vital significance to national welfare. While some non-war loans, such as those for
unusual inventory accumulation, are clearly undesirable, in a war
economy, it by no means follows that all non-war loans are unessential
to a successful war effort.
SEPTEMBER '1941 ' \
\ J
the agricultural areas would have a somewhat
larger share of the war contracts if foodstuffs
were included. However, the figures provide
a basis for a rough comparison of the two series,
in view of the unavailability for public use of
more comparable war expenditures.
The primary fact indicated by the table is
that many war contractors outside New York"
have obtained their financing in the New York
district. While the New York district received
only 15 per cent of all war contracts included
in the table, 2.7 per cent of all war loans were
made by New York banks. Chicago district
bank loans also were a larger portion of the
national total than were seventh district war
883
REGIONAL DISTRIBUTION OF COMMERCIAL LOANS
contracts; 19 per cent of all war loans were made
by banks in this district while only 17 per cent
of war contracts were to firms in the area. In
most other districts, the per cent of war contracts obtained slightly exceeded the per cent
of war loans made.
LOANS BY BUSINESS OF BORROWER
Table 4 shows the loans and renewals made
to each industry group in the various Federal
Reserve districts, and the per cent that loans to
As indicated by the bottom half of Table 4,
in every district except Cleveland wholesale
and retail trade borrowers were the largest
single industrial group. In five districts loans
to such borrowers surpassed the totals for manufacturing and mining. St. Louis and Minneapolis reported that 41 per cent of all loans
were to trade borrowers; Cleveland was at the
other extreme in percentage terms, with only
xi per cent of its loans in this group. Metal
mining and manufacturing firms were relatively
TABLE 4
COMMERCIAL LOANS AND RENEWALS AT MEMBER BANKS, BY DISTRICT AND BUSINESS OF BORROWER
APRIL 1 6 - M A Y 15,1942
Business of Borrower
Total
Boston
New Phila- Cleve- RichYork delphia land mond
Atlanta
Chicago
San
St. Minne- Kansas
Louis apolis City Dallas Francisco
AMOUNTS IN MILLIONS OF DOLLARS
2,214.5
153.8
683.4
131.6
133.8
103.6
107.0
294.7
95.8
61.3
86.6
106.0
257.0
Wholesale and retail trade
Total manufacturing and mining
Metal mining and metal products.
Petroleum and products
Chemicals, drugs, rubber
Textiles, apparel, leather
Food, liquor, tobacco
Other
Building and construction
Finance companies
Utilities, transportation, communication
Services
All other
641.4
883.7
249.2
52.9
27.6
189.6
240.6
123.8
263.4
176.4
49.7
41.6
158.3
49.9
66.3
12.3
162.8
328.8
74.8
35.3
55.1
13.5
28.6
61.6
29.8
32.5
25.5
36.4
25.7
87.1
124.2
56.2
40.7
29.0
25.8
18.2
24.9
26.6
29.9
39.5
35.9
82.0
127.4
31.8
70.7
59.1
10.0
15.9
4.5
0.5
1.1
3.7
0.6
0.8
7.7
3.6
0.5
0.5
2.4
8.5
2.5
5.3
6.8
1.2
0.7
3.3
Total
100.0
29.0
39.9
11.2
Total
0.6
3.4
5.5
8.6
13.7
9.4
4.7
3.4
6.5
4.3
8.5
4.4
1.6
7.7
12.1
14.2
2.4
2.1
5.5
9.8
12.0
15.2
12.0
2.4
1.2
8.6
10.9
5.6
11.9
8.0
2.2
1.9
7.1
26.9
5.8
0.9
0.3
8.3
4.3
6.1
19.2
4.9
6.5
14.9
24.0
17.7
24.5
27.7
12.4
6.7
6.3
12.0
15.1
11.1
11.5
87.5
83.3
37.4
2.5
1.6
7.4
22.0
12.3
40.1
12.8
6.2
5.3
21.8
4.7
9.8
0.4
1.2
7.3
3.2
3.9
20.8
0.6
4.9
7.0
2.2
42.9
8.0
7.4
3.7
7.8
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
32.4
43.1
23.8
48.1
10.9
26.8
41.9
10.3
21.4
46.0
22.3
31.4
24.6
34.0
24.0
29.6
42.2
19.1
42.5
30.1
42.1
29.7
28.8
30.7
28.2
37.3
11.3
19.6
23.3
12.0
18.7
12.1
13.9
11.2
14.2
1.2
1.4
7.0
0.8
1.6
12.8
10.9
34.0
32.4
14.6
1.0
0.6
2.9
8.5
4.8
15.6
5.0
2.4
2.1
8.5
9.1
5.5
2.9
8.0
PER
Wholesale and retail trade
Total manufacturing and mining
Metal mining and metal products...
Petroleum and products
Chemicals, drugs, rubber
Textiles, apparel, leather
Food, liquor, tobacco
Other
Building and construction
Finance companies
Utilities, transportation, communication
Services
All other
2.5
1.2
1.3
7.4
4.6
8.5
8.0
0.4
2.2
3.6
5.6
8.9
6.1
3.1
2.2
4.2
3.0
2.0
3.4
10.3
4.7
5.8
9.2
1.8
1.6
4.1
7.3
8.9
10.3
10.8
11.4
26.0
8.7
1.5
1.3
6.3
3.3
1.2
6.1
5.7
2.8
5.9
9.0
%.l
2.1
6.0
2.5
10.1
10.9
6.8
6.9
17.4
9.7
1.1
1.2
7.4
0.9
1.7
CENT OP DISTRICT TOTAL
2.4
1.2
1.3
7.1
4.4
8.2
0.6
1.2
9.7
3.3
2.9
1.9
3.3
9.9
5.4
0.8
0.3
7.8
4.0
5.7
18.0
9.1
3.1
2.3
9.5
1.7
2.2
5.1
8.1
6.0
8.3
9.4
2.3
2.3
5.9
4.7
0.5
1.1
3.9
5.9
0.9
0.9
4.0
12.9
13.9
11.4
11.1
7.0
6.6
0.6
0.8
8.0
4.1
8.6
2.0
1.1
5.4
5.4
0.5
1.4
8.4
3.7
3.7
0.6
4.6
6.6
2.2
each industry are of total loans for each dis- most important in the Cleveland and Chicago
trict. As might be expected, in dollar amount districts; petroleum firms bulked largest in the
New York district loans are largest in each in- Dallas and Kansas City producing areas; textile,
"dustry group, with the exception of petroleum apparel and shoe firms were relatively far more
mining and manufacturing for which industry important in New England than elsewhere;
the largest volume of loans was made in the and food, liquor, and tobacco borrowers bulked
Dallas district. Except for the predominance relatively largest in New York, Minneapolis,
of New York, a somewhat mixed picture is and St. Louis, by a considerable margin. Heavy
presented, conforming generally to the distribu- war construction in the Richmond and Atlanta
tion of economic activities throughout the districts was reflected in the unusually large
country.
per cent of loans for construction purposes in
884
FEDERAL RESERVE BULLETIN
REGIONAL DISTRIBUTION OF COMMERCIAL LOANS
those areas; and loans to finance companies,
though small in dollar volume, bulked relatively
largest in the St. Louis, Kansas City, and Minneapolis districts. Previous to the recent contraction of consumer credit, the large finance
companies were heavy borrowers at central
reserve city banks, so that the results of the
survey are probably not typical of past years
for this group.
LOANS BY SIZE OF BORROWER
Table 5 shows the loans made to borrowers
in four different asset size groups in the various
Federal Reserve districts. It also shows the
per cent that loans to borrowers in each size
group constitute of total loans in each district.
As indicated by the national totals, about 10
per cent of all advances were to small firms
having less than $50,000 assets, while about 30
per cent each were to firms having from $50,000
to $500,000 assets, to those having from $500,000 to $5,000,000 assets, and to those having
over $5,000,000 assets. This distribution varied
greatly among districts, however, as is shown
by the lower portion of the table and by
Chart II.
As would be expected, loans to very large
borrowers are most important in New York,
where nearly half the funds advanced went to
firms having over $5,000,000 assets and threefourths went to firms having over $500,000
assets. Large borrowers also predominated in
the Chicago district, where firms having over
$500,000 assets obtained two-thirds of all funds.
Philadelphia showed the largest proportion of
all loans to small firms, those having under
$50,000 assets, with 16 per cent of all loans going
to this group. In other districts the proportion
obtained by these firms ranged down to only 6
per cent in New York.
Borrowers in the smallest size group accounted
for over 40 per cent of all loans and renewals
when number instead of amount of loans is
considered. Another 40 per cent of all advances
by number went to borrowers in the $50,000
to $500,000 asset group on the average. In
most districts, therefore, only between 10 and
TABLE 5
COMMERCIAL LOANS AND RENEWALS AT MEMBER BANKS,
BY DISTRICT AND ASSET SIZE OF BORROWER
APRIL 16-MAY 15, L942
To borrowers with total assets of:
District
Total
1
Over
$5,000,000
2,214.5
201.9
676.3
689.6
636.4
Boston
New York
Philadelphia...
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis.. .
Kansas City...
Dallas
San Francisco.
153.8
683.4
131.6
133.8
103.6
107.0
294.7
95.8
61.3
86.6
106.0
257.0
17.2
38.7
20.5
14.4
15.5
12.9
20.4
8.3
6.1
11.0
14.4
22.6
52.8
136.5
41.5
40.1
48.0
46.4
83.2
35.1
20.4
36.8
49.3
86.2
39.5
185.5
40.7
44.5
33.3
34.7
97.7
36.5
21.9
29.6
34.6
91.0
43.6
319.7
28.7
33.1
6.7
Total
100.0
9.1
30.5
31.2
28.7
Boston
New Y o r k . . . . . . .
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco. ..
APRIL 16- MAY 15, 1942
10 20 30 40 50 60 70
BOSTON
NEW YORK
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
11.2
5.7
15.6
10.8
15.0
12.1
6.9
8.7
9.9
12.7
13.6
8.8
34.3
20.0
31.5
30.0
46.3
43.4
28.2
36.6
33.2
42.5
46.5
33.5
25.7
27.1
30.9
33.3
32.1
32.4
33.2
38.1
35.7
34.2
32.6
35.4
28.3
46.8
21.8
24.7
6.5
11.7
31.7
16.3
21.2
10.6
7.2
20.8
PHILADELPHIA
12.5
93.3
15.6
13.0
9.2
7.6
53.5
PER CENT or DISTRICT TOTAL
CLEVELAND
RICHMOND
ATLANTA
CHICAGO
ST. LOUIS
MINNEAPOLIS
KANSAS CITY
DALLAS
SAN FRANCISCO
X//A
|50,000 TO f 500,000
f.-. .1 OVER #5,000,000
SEPTEMBER
$500,000
to
$5,000,000
AMOUNTS IN MILLIONS OF DOLLARS
Total
DISTRIBUTION OF COMMERCIAL LOANS AT MEMBER BANKS
BY ASSET SIZE OF BORROWER
] UNDER $50,000
Under $50,000
to
$50,000 $500,000
1942.
•
•
I
I §500,000 TO $5,000,000
UNCLASSIFIED
i Includes a small amount of loans not classified as to size of
borrower.
885
REGIONAL DISTRIBUTION OF COMMERCIAL LOANS
15 per cent of all loans by number went to firms
with assets of over $500,000, in spite of the dollar importance of loans to these borrowers.
Only in the New York district did borrowers
having over $5,000,000 assets receive more than
xj per cent of the number of advances made,
and the New York figure was less than 4 per
cent. The pattern of distribution by number
of loans among borrower size groups was remarkably constant throughout the twelve districts .
AVERAGE SIZE OF LOANS
The figures obtained on number of loans and
renewals made during the reporting period are
limited in usefulness for two major reasons.
First, credit may be extended during any period
to a single borrower all in one loan or in several
instalments, each of which may be counted as
a separate loan. For example, separate advances are sometimes made on individual shipments or purchases by commodity dealers or
brokers as contrasted to a single large advance
borrowed in other cases to cover needs for an
extended future period. Similarly, the same
advance may have been made and renewed, or
renewed more than once, in the reporting period,
thus counting as more than one loan. Banks
were requested to combine series loans to the
same borrower at least into one loan each day,
and into one loan each month where this seemed
to be the most meaningful method of reporting.
The method of handling such cases, however,
was optional with the reporting banks, so the
exact meaning of figures on number of loans
is not definite. Second, it must be remembered
that the number-of-loans figures do not necessarily indicate a like number of individual
borrowers. In many cases, as indicated, the
same borrower obtains several advances or
renewals during a month, and only in cases
where it is clear that regularly recurring loans
go to the same borrower would the total amount
be reasonably sure to be reported as only one
advance.
Bearing in mind these reservations, it is interesting to compute the average size of loans
886
made to different sized borrowers in different
districts. Table 6 presents this information
for each size group in each Reserve district.
The average size of loan in each case is obtained
simply by dividing the total amount advanced
to the group by the number of advances to it.
In making this calculation, it must be remembered, in addition to the reservations advanced
in the preceding paragraph, that very small
loans were not reported in the survey, the minimum reporting limit being $5,000 for banks
having over $10,000,000 of commercial loans
outstanding, $1,500 for other banks in cities
of over 100,000 population, and $1,000 for
TABLE 6
AVERAGE SIZE OF COMMERCIAL LOANS AND RENEWALS AT
MEMBER BANKS, BY DISTRICT AND ASSET SIZE OF
BORROWER, APRIL 1 6 - M A Y 15, 1942
[In thousands of dollars]
To borrowers with total assets of:
District
Total 1
Under $50,000
to
$50,000 $500,000
$500,000
to
$5,000,000
Over
$5,000,000
Total
16.5
3.2
12.6
47.2
227.3
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco. ..
14.8
25.7
10.6
12.5
10.9
14.5
18.3
15.7
13.0
11.5
13.4
17.5
3.4
3.5
3.0
2.7
3.4
4.3
3.0
3.2
2.4
3.1
3.6
3.3
13.2
12.0
9.2
10.6
12.0
13.6
12.6
14.0
12.8
12.7
15.9
14.9
35.9
64.0
40.7
40.5
41.6
38.6
44.4
40.5
4^.8
32.9
49.4
56.9
218.0
319.7
287.0
165.5
67.0
125.0
233.3
156.0
130.0
92.0
76.0
178.3
1
Includes a small amount of loans not classified as to size of
borrower.
banks in other cities. While only about 8 per
cent of all commercial loans made during the
reporting period were below these reporting
limits, it must be recognized that their inclusion would have lowered the average loan
size in the small firm group, and would have
lowered it probably somewhat more in the
New York and Chicago districts than elsewhere,
since many banks in these districts were in the
over $10,000,000 commercial loan class. Except for the under $50,000 asset group, however,
it is believed that this exclusion of very small
loans does not appreciably affect the results.
For borrowers in the under $50,000 asset
group the average loan was around $3,000 or
FEDERAL RESERVE BULLETIN
REGIONAL DISTRIBUTION OF COMMERCIAL LOANS
$4,000 in all districts; in the $50,000 to $500,000
group, the averages varied from $9,000 to $16,000. Inter-district differences in the $500,000
to $5,000,000 group were also relatively*small.
The largest size group of borrowers, however,
showed wide differences among districts, reflecting the very large loans made to large firms
in the money market centers. Loans to very
large firms in the New York district averaged
over $300,000 each, and the averages in the
Philadelphia, Chicago, and Boston districts
exceeded $100,000. Since few loans are made
to firms in this asset size group in the predominately rural areas, the averages for some districts are apt to be substantially influenced by
a few special cases over such a short reporting
period.
Table 6 appears to indicate that small borrowers on the average obtain larger loans relative to their total assets than do large firms.
This conclusion is obtained if the mid-point of
each of the asset size groups is taken to indicate
the average size of firms in the group and the
average size of loans to firms in each group is
compared with this average asset size. Thus,
while firms averaging around $15,000 assets
in size obtained loans averaging slightly over
$3,000, firms averaging $2.75,000 in assets
obtained loans averaging only $13,000, firms
averaging $1,750,000 in assets obtained loans
averaging only $47,000, and firms having over
$5,000,000 assets obtained loans averaging only
$117,000. The relation of average loan size
to average assets is 3 to 15 for the smallest firms,
and only about 3 to 175 for the $500,000 to
$5,000,000 asset group. Inclusion of the very
small loans that were omitted from the survey
would decrease the average loan size for the
small firm group, and it is likely that the average
size of borrowers in the under $50,000 asset
group is as near $50,000 as $15,000. But even
when these adjustments are made, the conclusion
appears to remain that the smaller firms do obtain larger loans relative to their assets than
do large borrowers. A partial explanation of
this phenomenon may be that larger firms,
having better credit connections, borrow smaller
SEPTEMBER
1941
amounts relative to their total needs at any
one time, obtaining new loans as the funds are
required, than do smaller borrowers who must
make special arrangements for each loan. This
possibility reemphasizes the fact that these figures showing average loan sizes do not necessarily indicate the amounts going to each
borrower, since the same borrowers in many
cases undoubtedly obtained more than one
advance during the reporting period.
WAR AND NON-WAR LOANS TO LARGE AND SMALL
BORROWERS
Firms having from $500,000 to $5,000,000
assets obtained more war loans than any other
size group, accounting for 40 per cent of all
war funds. This compares with 19 per cent
for firms having $50,000 to $500,000 assets, and
17 per cent for firms having over $5,000,000
assets. On the other hand, firms having from
$50,000 to $500,000 assets were the largest nonwar borrowers, surpassing both groups of larger
firms. Less than 5 per cent of all war loans
went to firms having under $50,000 assets, while
11 per cent of non-war loans were to small
borrowers.
These facts are shown by Table 7, which gives
the distribution of war and of non-war loans
among different sized firms for the nation and
for each Federal Reserve district. As indicated
by the table, while the dollar volume of nonwar loans was greater than that of war loans
in nearly every case, the $50,000 to $500,000
and the over $5,000,000 asset size groups were
each of about equal relative importance in the
war and non-war fields; the predominance of
the $500,000 to $5,000,000 group in war loans
was offset by the markedly greater importance
of small firms among non-war than among war
borrowers.
In no district were the over $5,000,000 firms
the most important war borrowers, while in
several districts the $50,000 to $500,000 group
bulked largest. Furthermore, only in New
York were the largest firms of major importance among non-war borrowers; most districts
showed the largest volume of non-war loans to
887
REGIONAL DISTRIBUTION OF COMMERCIAL LOANS
TABLE 7
WAR AND NON-WAR LOANS ANH RENEWALS AT MEMBER BANKS, BY DISTRICT AND ASSET SIZE OF BORROWER
APRIL 1 6 - M A Y 15, 1942
Amounts in millions of dollars
Per cent of district total
To borrowers with total assets of:
District
Total
1
Under
$50,000
$50,000
to
$500,000
$500,000
Over
to
$5,000,000 $5,000,000
To borrowers with total assets of:
Total
1
Under
$50,000
$50,000 $500,000
Over
to
to
$500,000 $5,000,000 $5,000,000
WAR LOANS
Total
706.2
30.3
202.0
279.5
190.3
100.0
4.3
28.6
39.6
26.9
Boston
New York
Philadelphia..
Cleveland.. . .
Richmond.. ..
Atlanta
Chicago
St. Louis.
Minneapolis. .
Kansas City..
Dallas........
San Francisco.
52.3
190.0
34.4
52.2
33.3
32.7
134.8
21.6
10.8
18.9
28.7
96.5
1.9
' 4.7
2.1
2.3
2.0
2.8
3.0
1.3
0.8
1.8
2.4
5.3
17.5
32.3
10.1
14.0
14.7
14.5
31.5
7.5
5.2
8.6
15.7
30.4
18.9
77.1
15.0
18.4
14.4
11.8
52.3
10.2
3.7
8.1
8.3
41.3
13.6
74.6
7.1
16.7
2.1
3.5
48.0
2.6
1.1
0.5
2.3
18.1
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
3.6
2.5
6.1
4.4
6.0
8.6
2.2
6.0
7.4
9.5
8.4
5.5
33.5
17.0
29.4
26.8
44.1
44.3
23.4
34.7
48.1
45.5
54.7
31.5
36.1
40.6
43.6
35.2
43.2
36.1
38.8
47.2
34.3
42.9
28.9
42.8
26.0
39.3
20.6
32.0
6.3
10.7
35.6
12.0
10.2
2.1
8.0
18.8
NON-WAR LOANS
Total
Boston
New Y o r k . . . .
Philadelphia..
Cleveland.. . .
Richmond.. ..
Atlanta
Chicago
St. Louis.
Minneapolis. .
Kansas City..
Dallas
San Francisco.
1
1,419.9
168.4
455.0
379.8
411.2
100.0
11.9
32.0
26.7
29.0
96.0
460.4
91.7
79.1
68.8
69.2
145.9
70.2
46.2
65.7
75.9
150.8
15.1
33.7
18.2
11.8
13.4
9.6
17.2
6.8
5.1
9.1
11.8
16.8
32.6
102.3
30.0
25.2
32.8
29.4
49.7
26.4
14.6
27.3
32.9
51.9
20.1
100.7
22.5
25.2
18.0
21.9
38.0
24.9
16.5
21.2
25.8
44.9
27.9
222.4
20.9
16.2
4.5
8.0
40.9
12.0
10.0
8.2
5.3
34.8
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
15.7
7.3
19.8
14.9
19.5
13.9
11.8
9.7
11.0
13.8
15.5
11.1
34.0
22.2
32.7
31.9
47.7
42.5
34.1
37.6
31.6
41.6
43.3
34.4
20.9
21.9
24.5
31.9
26.2
31.6
26.0
35.5
35.7
32.2
34.0
29.8
29.1
48.3
22.8
20.5
6.5
11.6
28.0
17.1
21.6
12.5
7.0
23.1
Includes a small amount of loans not classified as to size of borrower.
borrowers in the $50,000 to $500,000 asset
group. Thus, the considerable portion of total
loans going to very large firms for the nation
as a whole is accounted for in considerable part
by the great volume of loans made by New York
banks to large firms for non-war purposes.
Table 8, based on the same data, shows the
per cent of loans to each size group of borrowers
for war and non-war purposes. Thus, for the
whole country, 31 per cent of all loans were for
war purposes and 64 per cent for non-war purposes; for firms having under $50,000 assets the
breakdown was 15 per cent for war and 83 per
cent for non-war purposes, and so on. Table 8
reemphasizes the differing importance of war
loans for different sized firms, and shows the
marked inter-district differences in the importance of war loans to different sized borrowers,
especially in the two largest size groups. It is
888
interesting to note that in only three cases do
war loans actually surpass those for non-war
purposes—in the two top asset size groups in
the Chicago district, and the top asset size group
in the Cleveland district. At the other extreme,
war loans to small borrowers are consistently
of minor importance, and the predominance of
non-war borrowers among the very large firms
in most districts other than Chicago and Cleveland is remarkably great.
MATURITY OF LOANS
By dividing the total commercial loans and
renewals made by all reporting banks over the
April 16-May 15 period into the total amount
of commercial loans outstanding at the same
banks on May 15, a rough estimate of the
average maturity of such loans, in months, may
be obtained. Table 9 shows the average maFEDERAL RESERVE BULLETIN
REGIONAL DISTRIBUTION OF COMMERCIAL LOANS
turity of commercial loans, so computed, in
each district and for the entire nation. An
average maturity of 3 J months is indicated for
the country as a whole.
TABLE 8
WAR AND NON-WAR LOANS AND RENEWALS OF MEMBER
BANKS EXPRESSED AS PERCENTAGES OF TOTAL LOANS
AND RENEWALS, BY DISTRICT AND ASSET SIZE OF
BORROWER, APRIL 1 6 - M A Y 15, 19421
made during the period, including loans under
the $5,000, $i,5oo, and $1,000 reporting minima
previously mentioned, no correction need be
made for small loans excluded from the other
tables presented in this article.
TABLE 9
ESTIMATED AVERAGE MATURITY OF COMMERCIAL
LOANS, IN MONTHS
United States
To borrowers with total assets of:
District
Total 2
Total:
War
Non-war . . . .
31.9
64.1
15.0
83.4
34.0
62.4
Boston:
War
Non-war . . . .
New York:
War
Non-war....
Philadelphia:
War
Non-war
Cleveland:
War
Non-war
Richmond:
War
Non-war
Atlanta:
War
Non-war
Chicago:
War
Non-war . . . .
St. Louis:
War . . ..
Non-war
Minneapolis:
War
Non-war
Kansas City:
War
Non-war . . . .
Dallas:
War
Non-war . . . .
San Francisco:
War
Non-war
$500,000
to
$5,000,000
Over
$5,000,000
29.9
67.3
40.5
55.1
29.9
64.6
11.0
87.8
33.1
61.7
47.8
50.9
31.2
64.0
27.8
67.4
12.1
87.1
23.7
74.9
23.3
69.6
26.1
69.7
10.2
88.8
24.3
72.3
41.6
54.3
36.9
55.3
39.0
59.1
16.0
81.9
34.9
62.8
41.3
56.6
50.5
48.9
32.1
66.4
12.9
86.5
30.6
68.3
43.2
54.1
31.3
67.2
30.6
64.7
21.7
74.4
31.3
63.4
34.0
63.1
28.0
64.0
45.7
49.5
14.7
84.3
37.9
59.7
53.5
38.9
51.4
43.8
22.5
73.3
15.7
81.9
21.4
75.2
27.9
68.2
16.7
76.9
17.6
75.4
13.1
83.6
25.5
71.6
8.5
76.9
21.8
75.9
16.4
82.7
23.4
74.2
16.9
75.3
27.4
71.6
27.1
71.6
16.7
81.9
31.8
66.8
24.0
74.6
30.3
69.7
37.5
58.7
23.5
74.3
35.3
60.2
45.4
49.3 .
33.8
65.0
Under $50,000
to
$50,000 $500,000
24.7
72.8
5.4
89.1
1
Percentages will not add to 100 because mixed purpose and un
classified loans are not included in the table.
2
Includes a small amount of loans not classified as to size of borrower.
Since the reporting method followed on series
loans and on repeated renewals was left to the
discretion of reporting banks, as described in an
earlier section, the figures showing total volume
of loans and renewals made over the period can
be used only with reservations. These rough
average turnover figures, although of limited
significance as a measure of maturities, are somewhat more useful as a basis for inter-district
comparisons. Since the total loans and renewals figures used here include all advances
SEPTEMBER 1941
3.3
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
3.4
4.2
2.7
3.5
2.2
2.5
3.5
3.0
2.4
2.8
2.4
2.7
Banks in the New York district clearly make
relatively more long term commercial loans
than do banks in other districts, if the figures in
Table 9 are a reasonable basis for comparison.
Chicago, Cleveland, and Boston banks also show
average maturities above the national average,
while the other districts show average maturities ranging down to 2..2. months for Richmond.
The longer average maturities are generally
concentrated in the more highly industrialized
districts.
In view of the growing importance of business
loans with longer maturities (so-called "term
loans") and the increasing interest in this type
of lending, data were collected showing the
amount of loans made with maturities of a year
or more.3 This information, together with
the proportion of all commercial loans falling
into this category, is presented in Table 10 for
each industry in the country as a whole and in
each Federal Reserve district. It will be noted
that in many instances, especially in the less
important industry groups in the smaller districts, the total dollar amount of new loans is
so small that one or two large loans may have
radically influenced the percentage relationship
of term loans to the total during the one month
3
"Term loans" are usually defined as "business" loans having a
maturity of over one year; sometimes instalment repayment is specified
as part of the definition. Borrowing in the open market is not included.
Since "business" loans may be defined so as to include loans made for
business purposes on the basis of real estate, the phrase "term loans"
sometimes connotes a field broader than that included in "commercial
and industrial" loans as defined for call report purposes.
889
REGIONAL DISTRIBUTION OF COMMERCIAL LOANS
TABLE 10
LOANS WITH MATURITY OF O N E YEAR OR MORE MADE BY MEMBER BANKS, BY DISTRICT AND BUSINESS or BORROWER
APRIL 1 6 - M A Y 15, 1942
Business of Borrower
Total Boston
New Phila- Cleve- RichChiYork delphia land mond Atlanta cago
St.
Louis
San
Minneap- Kansas Dallas FranCity
cisco
olis
AMOUNTS IN THOUSANDS or DOLLARS
Total
45,449
1,259
19,687 5,302
2,800
811
Wholesale and retail trade
8,621
Total manufacturing and mining
22,387
Metal mining and metal products. . . 8,130
4,559
Petroleum and products
2,563
Textiles, apparel, leather
3,424
Food, 1liquor, tobacco
3,711
Other
2,073
Building and construction
2,922
Finance companies
Utilities, transportation, communication 8,047
1,060
Services
342
All other
78
312
40
199
2,345
2,219
12
27
550
225
"21
246
5
20
1,745 1,947
11,496 2,537
3,358 1,562
1,243
49
2,220
55
3,007
2
1,668
870
1,160
397
2,397
316
2,743
69
135
5
11
31
Total
3.5
1.5
4.6
8.1
4.0
1.7
1.6
5.3
1.1
1.3
0.8
2.3
4.5
4.9
17.5
2.5
2.8
4.7
1.1
2.8
25.2
5.0
0.4
0.3
0.9
0.5
1.5
6.4
7.1
45.0
4.7
5.1
7.2
2.1
5.8
43.4
2.9
13.5
9.2
18.4
1.7
0.8
0.1
17.9
4.1
5.3
1.3
0.6
1.8
1.9
6.9
12.8
1.1
0.2
5.3
15.5
0.9
1.0
3.3
6.8
4.1
0.7
62.7
0.4
2.2
1.1
0.2
0.2
1.9
0.7
7.8
1.8
2.1
0.1
770
18
1,000 10,020
568
548
398
3,748
3,241
275
2,299
93
309
191
25
31
233
24
203
6
915
201
714
" "49
619
2
24
18
9
644' 2,887
2
25
86
17
116
165
25
1
134
1
5
3
3
"7'
94
29
4
35
7
206
33
30
173
146
144
28
240
114
4
9
193
7
43
85
19
165"
8
42
1,232 1,824
25
30
50
229
16
7
383
275
82
11
2
1
180
341
126
622
29
47
As PER CENT OF ALL NEW LOANS
Wholesale and retail trade.. ;
Total manufacturing and mining
Metal mining and metal products....
Petroleum and products
Textiles, apparel, leather
Food, liquor, tobacco
Other1
Building and construction
Finance companies
Utilities, transportation, communication
Services
All other
1
2
0.1
8.5
0.2
0.2
3^9
44.0
0.7
(2)
(2)
0.1
4.1
0.6
1.7
8^8
0.1
0.1
"35.5'
1.0
0.3
1.2
0.3
0.3
7.2
0.1
0.1
47.0
0.5
0.7
"i'.6
2.3
4.9
0.5
(2)
39.4
(2)
0.1
14
"'o.i'
1.3
37.1
4.7
0.3
2.1
(2)
4.7
7.0
8.2
0.1
0.2
"6.2
17.2
4.6
0.1
"6.3
0.2
36.7
4.6
0.4
1.1
0.8
0.5
0.3
0.6
0.1
(2)
2.0
1.1
1.7
18.5
0.8
0.4
Includes chemicals, drugs, and rubber group whose borrowings were of negligible importance.
Less than .1 per cent.
reporting period. It must further be remembered that, in view of widespread renewal
practices, many of the large proportion of
loans having stated maturities of one year or
under in fact run for periods longer than one
year.
Table 10 shows that term loans were absolutely and relatively largest in the New York,
Chicago, Philadelphia, and Cleveland districts;
in other districts term lending was of minor
importance. Manufacturing and mining firms
were the dominant borrowers at long term, with
metal mining and manufacturing and petroleum
production the two dominant manufacturing
industry groups. However, term loans to borrowers engaged in wholesale and retail trade
and tofirmsin the public utility, transportation,
and communication group were each approximately equivalent to such loans to metal producers, the largest manufacturing and mining
group. In relation of term loans to total bor890
rowing, the public utilities group was outstanding, obtaining 2.5 per cent of its funds at
long term over the survey period, while petroleum producers borrowed 18 per cent of their
total funds in this fashion. Other manufacturing industries, trade firms, finance companies, and construction borrowers all relied
on term loans only to a small extent. For the
country as a whole, 3.5 per cent of all loans
reported fell into the term loan category during
the one month period. Term loans of course
comprise a much larger per cent of outstanding
commercial loans than they do of loans made
during any short reporting period because of
the relatively long maturity of term advances.
The dominance of very large banks in the
term lending field is striking The 12.6 reporting banks each having more than $10,000,000
of commercial loans outstanding made 88 per
cent of all the longer term loans reported.
Loans by banks in this group were distributed
FEDERAL RESERVE BULLETIN
REGIONAL DISTRIBUTION OF COMMERCIAL LOANS
over the country roughly in proportion to the
distribution of all term loans shown in Table 10;
in nine districts very large banks predominated.
In view of the considerable investigation and
servicing costs associated with most term loans
and the concentration of such loans at large
banks, it is reasonable to assume that most term
loans go to large borrowers.
Results of a survey of term loans at all institutions, including a sample of 99 large commercial
banks, have recently been published by the
National Bureau of Economic Research.4 This
study covered intensively the term loans held by
the 99 reporting banks on June 30, 1941, and
surveyed the growth of such loans at all banks
over the immediately preceding period. On the
basis of this sample, the authors estimate that
by the end of 1940 term loans comprised nearly
one-third of all commercial and industrial loans
held by commercial banks, and that the volume
of term loans made by commercial banks in 1940
was 1.4 billion dollars, having risen rapidly
over the preceding few years.
Data from the Federal Reserve survey indicate
an annual volume of longer term loans of about
550 million dollars—a considerably smaller
amount than the estimate of the National
Bureau. The National Bureau's survey included
some loans secured by real estate, a type of ad4
Neil H. Jacoby and R. J. Saulnier, Term Lending to Business
(National Bureau of Economic Research, 1942).
SEPTEMBER
1942.
vance excluded by definition from the Board's
study of commercial and industrial loans. It is
also not possible to know to what extent the
month covered by the Board's data may be typical of an average month for the year; it is likely
that term-lending was somewhat slack during
the period covered. The difference between
the Board's current figures and the. National
Bureau's estimates for the earlier period may
indicate a reduction in the importance of term
loans since 1940, during a period in which commercial and industrial loans as a whole have
risen rapidly, although it is doubtful that the
magnitude of the reduction is as great as that
indicated.5
Results of the Board's survey confirm the
findings of the National Bureau's study that
manufacturing and mining firms, public utilities,
and petroleum producers were the primary users
of term loans. The National Bureau found that
finance companies were also large term borrowers, but with the recent steady decline of
consumer credit, finance companies have generally decreased rather than increased their borrowings. Trade borrowers bulked larger in
the Board's figures than in those of the National
Bureau's study; this fact probably reflects a general increase in trade borrowing relative to that
of other industry groups since 1940.
5
In the light of the Board's findings as to the concentration of term
loans at very large banks, it seems likely that the National Bureau
estimating procedure overstated term loans at smaller banks. For a
detailed discussion of the procedure followed, see pp. 135-140 of Term
Lending to Business.
891
ANNUAL REPORT OF THE CENTRAL BANK OF
THE ARGENTINE REPUBLIC
The annual report of the Central Bank of the serious problems which should be studied in
Argentine Republic for its seventhfinancialperiod, time so as to discover adequate solutions for
covering the year ending December 31, 1941, was them, as they develop in some cases and in
submitted by the Board of Directors to the Meeting others for application when the end of the war
of Shareholding Banks in March 1942. Thefirsttwo forces a general readjustment of as yet incalcusections of the official English text, with a few dele- lable scope and proportions. In the meantime
tions in the text and changes in the subheadings, to foresee and to prepare must be the watchare given herewith:1
word.
When agricultural producers receive from the
I. INTRODUCTORY
State the value of grain which remains unexAnother year has passed without the pro- ported, the purchasing power thus obtained is
found changes which the war is causing in the distributed amongst the various branches of the
Argentine economy becoming clearly apparent economy just as if the crops had been purchased
on the surface. The volume of internal business for export in the ordinary way. The internal
is very large and industrial activity is reaching effects of the circulation of this purchasing
highly significant levels; building is again ex- power on productive and commercial activity
panding in noteworthy fashion, there is great and on imports are identical in either case. The
activity in stock exchange and real estate deal- money which the State hands over to the proings and the Government is able to carry out ducer is in no way different from that which the
with ease huge financial operations. It is not grain exporter pays. Nevertheless, the dissurprising, therefore, that public opinion does crepancies between the two procedures from the
not grasp the full significance and magnitude of points of view of Government finances and of
the phenomena which are taking place within the balance of payments and the monetary
the economy.
mechanism are easily perceptible. If grain is
To put it briefly, activity maintains its tempo exported normally, the country thereby receives
because the flow of the purchasing power of the the exchange needed to pay for the imports
community has remained at a high level, as if which are originated by the circulation of the
the country were still exporting its agricultural purchasing power put in motion by the exand pastoral production in normal fashion.
porters. But if the State purchases the crops
This is so because the Government has made
and cannot export them, the activity of those
intensive use of the resources of the banking
branches of the economy which are fundasystem to purchase surplus crops and finance
mentally dependent on agricultural and pastoral
expenditure which cannot be covered by the
production—that is, practically speaking, the
customary means at the command of the Treaswhole of the Argentine economy—is maintained
ury.
as in the former case and the flow of imports is
A drastic shrinkage in economic activity and
likewise sustained, but at no stage in this process
its grave social consequences have thus been
is the exchange required to pay for such imports
avoided. But the procedure adopted is creating
obtained. Herein lies the essential difference
1
The report, available in both English and Spanish, contains in
between the two processes.
addition sections on the security market including a description of an
important Government conversion operation, conversion of mortgage
In the same way, when the financing of Govsecurities, and the issue of new medium-term Treasury bonds; and
sections on the supervision of the banking system, issue of currency,
ernment expenditure, instead of entailing a mere
administration of the Bank, profits for the year, etc., together with
statistical tables and charts. For earlier reports, see BULLETIN for
transfer of purchasing power from the hands of
July 1940, December 1939, August 1938, September 1937, and July 1936.
891
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
the taxpayer or the bondholder to the vaults of
the National Treasury, is effected by the creation
of additional purchasing power through the
expansion of credit, the development of internal
activities is also encouraged but, at the same
time, imports tend to be similarly stimulated
in a manner identical with that described in
regard to the second process mentioned above.
Gold reserves have then to be used to pay
for imports to the extent that these are not
restricted by other means, or foreign loans must
be resorted to if it is not desired to weaken those
reserves.
That was the situation which led to the negotiation in Washington towards the end of 1940
of financial operations for a total of n o million
dollars. The exchange was to serve for the
payment of essential imports which it was not
advisable to restrict severely, and the equivalent
amount in pesos obtained from the sale of that
exchange was to be used chiefly to finance the
purchase of the crops without resorting to an
internal expansion of banking credit.
However, circumstances have changed to a
remarkable degree since then. Our exports to
the United States have shown a very marked
improvement rising from a total value of 164
million pesos in 1940 to 562. million pesos in
1941. In addition, the country has received an
appreciable quantity of exchange through the
inflow of foreign funds. The balance of payments, instead of becoming increasingly unfavourable as had seemed likely at that time,
now shows a credit balance. In the present
circumstances, therefore, there is no shortage
of exchange. But, unfortunately, another and
far more serious problem confronts us; we have
sufficient exchange available but there is a
shortage both of goods and of ships to carry
them.
THE SHORTAGE OF ESSENTIAL MATERIALS
As is well known, the exigencies of a war
economy have obliged the United States to
enforce a severely restrictive control of civilian
consumption and of exports of essential materials. Materials which are indispensable for
SEPTEMBER 1942.
the development of our industries and for the
consumption of our people figure amongst them.
The high level reached by internal economic
activities due to the purchasing power put in
motion by the State, might now be jeopardized
to an appreciable extent by insufficient supplies
of those essential materials which we are unable
to produce ourselves at the present time We
are, therefore, confronted with a grave problem
which can only be successfully faced if, to the
energy and decisiveness of the measures which
will have to be taken, is added a proper public
comprehension of the ends which are being
pursued and the fullest cooperation of the business and industrial interests which will inevitably be affected by these events.
All this also has great importance from the
monetary standpoint, not only because of the
close relationship existing between money and
economic forces, but also because if the pressure
of the additional purchasing power makes itself
felt on imports. which are being increasingly
restricted, the internal phenomenon of rising
prices will become accentuated bringing in its
train serious disruption.
It is therefore necessary first of all to ease that
pressure by measures insuring that those essential articles which are not imported in quantities
sufficient to meet all needs, shall only be used
for those purposes which are most urgent and
important from the point of view of the national
economy, thereby suppressing the demand originated by less important uses or by those in which
the imported article can be replaced by goods
produced here.
These are precisely the conditions under which
the competent United States Government authority grants export quotas: a definite undertaking by the government of the importing
country that it will follow a severely selective
policy in determining the uses to which the
allocated articles will be assigned, as can be seen
in the corresponding chapter of this Report
where the functions which the National Government has entrusted to the Central Bank are
explained.
In the typical case of iron, for example, its
893
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
use for building purposes will have to be limited
to those cases where it is strictly indispensable
and the available supply will have to be adequately distributed between the requirements of
public works and of private activities. The
replacement of iron by other locally produced
substitutes will make it possible to effect a desirable deviation of a part of the purchasing
power which is exerting pressure on imports.
On the extent to which this can be done, both in
this particular case and in others which will
have to be considered, as well as on the promptitude and firmness with which the task of rationing is carried out, the successful completion of
the programme will largely depend. But the
fundamental factor is, obviously, the size of the
quotas which the United States Government
allocates to us and the amount of shipping space
which can be obtained to carry them.
The problems of exchange and of loans have
now become secondary ones. Additional exchange would be of very little use in the present
circumstances—except for the building up of
reserves for the future—while it cannot be employed to obtain the essential imports which
the country needs. It is true that foreign funds
would render possible a simplification of the
financing of the crops. But, truth to tell, the
utilization of purely local resources, although
they represent a more complex process of mobilization, would have absolutely identical effects
under the present state of affairs, inasmuch as
funds of local origin act internally in the same
way as those coming from abroad when the
exchange backing of these latter cannot be used
for the purchase of goods, as has just been explained.
We are passing through an exceptional
moment and our reactions must of necessity be
different from those which were justified by the
conditions prevailing formerly. The entry into
this country of exchange or foreign funds which
cannot be used for the purchase of the foreign
goods which the country needs may give rise
to problems similar to those posed by the internal creation of additional quantities of purchasing power without the safety valve of imports.
894
LIMITATION OF, THE INCREASE OF PURCHASING
POWER
The tonic effect of the increase of purchasing
power may continue while a margin remains
for the expansion of industrial activity within
the potential capacity of the producing structure
or when the latter can be expanded easily, and
always provided that minimum requirements of
essential materials for industry are covered by
an adequate system of rationing and substitution, as already stated.
To continue creating demand beyond those
limits by the increase of purchasing power of
internal or foreign origin would entail very
serious and ever growing complications. The
trend of these factors will, therefore, have to be
carefully watched so that dangerous excesses
may be checked in time. In this respect we
have reached a point where it seems preferable
to do all that is necessary to insure the more
intensive employment of the ample media of
payment already in existence, rather than to
continue creating other new ones, more particularly if their creation is the result of financial
requirements rather than of the need for meeting
the demands of a genuine expansion of internal
economic activity.
The measure recently taken by the National
Treasury to facilitate the financing of the crops
during the year 1942. has been inspired by precisely this consideration. The medium-term
Treasury Bonds issued for that purpose will be
placed amongst members of the public to the
extent permitted by the absorptive capacity of
the market for the purpose of making use of the
purchasing power already in their hands.
It is to be hoped that the placing of such
medium-term Treasury Bonds with the public
will make feasible a reduction of the need for
new banking credit to a minimum. Not because there is not sufficient capacity for such
expansion—the potential means are indeed
considerable—but because the financing of crop
purchasing operations has very different consequences according to whether it is effected by
increasing the State's indebtedness to the banks
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
or by placing bonds with the public. In either
case there is a financial problem, that of the
burdening of the budget with the services of
that debt. But when the banks are resorted
to directly there is also a monetary problem
because this procedure involves the creation of
additional volumes of purchasing power which,
if certain limits are exceeded, begin to cause
serious disturbances. On the contrary, in the
case of the placing of bonds there is a mere
transfer of purchasing power which need not
give rise to any monetary difficulties.
Furthermore, if the improvement in exports
and the expansion of internal business continue,
the time will have come to consider whether it
would not be advisable for the State to take
further resources from those branches of the
economy which are in a position to provide
them, instead of resorting to further increases
of indebtedness, in either of its two forms, in
order to meet the requirements of the Treasury.
PRECAUTIONARY MEASURES IN THE CAPITAL
MARKET
During the course of these events the banking
system has been able to preserve its full strength
and to maintain a high degree of liquidity in its
commercial portfolios.
The possible disturbing elements are accumulating in other sections of the economy. There
are large volumes of funds of both internal and
foreign origin which have sought investment
in bonds, bills and other short-term investments
apart from those which have been placed in
mere banking accounts. The knowledge of this
fact is in itself a cause for uncertainty in the
market which is not reflected in current operations but causes concern as to what might happen if those investments were to be liquidated
when present conditions undergo a change.
The monetary mechanism has already demonstrated its efficiency in dealing satisfactorily
with movements of this nature. It is sufficient
to call to mind the large purchases of securities
which contributed to steady the stock market
and to restore confidence in banking circles at
the outbreak of war, at the time of the fall of
SEPTEMBER 1942.
France and, more recently, when the United
States entered the war. In all these cases the
movement was of a temporary nature and the
bonds acquired by the regulatory institution
were soon absorbed once again by the market.
The experience has been conclusive and has
demonstrated that the monetary mechanism
should be prepared at any moment to facilitate
the transformation of funds placed in long-term
investments into liquid funds. However, a
timely reflection should not be omitted. Those
interventions on the stock market coincided
with moments at which the National Treasury
had abundant funds deposited in the Central
Bank. Had not this been the case, the latter
would have found itself confronted with the
legal limitation which debars it from purchasing
national securities in excess of the total amount
of its capital and reserves and that part of the
Consolidated Bonds in its portfolio which shall
have been redeemed. The cooperation of the
banking institutions would have allowed of a
solution to this problem being sought. But
for the Central Bank to be in a position to face
any eventual liquidation of investments in exceptional circumstances, it appears necessary
that the powers with which it has been invested
to intervene in the stock market for regulatory
purposes in an emergency situation should be
extended.
This problem is not a new one for the Central
Bank. To prove this assertion it will suffice to
quote the pertinent paragraphs of a confidential
memorandum which was under consideration
at the Bank midway through 1940: "In the
recent interventions by the Central Bank on the
Stock Exchange concrete proof has been obtained of the fundamental importance of this
policy, not only in regard to stock market
operations but also to the banks and to the
whole of the national economy. The Stock
Exchange is one of the most important nerve
centres of the economic system; if confidence is
shattered there, psychological contagion rapidly
spreads to the rest of the community. But the
experience gathered both in this country and
elsewhere, principally in the United States,
895
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
shows something more than this. Purchases
of bonds made by central banks when serious
psychological disturbances occur, are the sole
means of giving liquidity to the financial
market, allowing long-term investments to be
converted instantly into liquid funds instead
of causing a disastrous fall which is not produced by the normal working of economic
factors. In other words, a simple means of
intercommunication is established between the
financial market and the money market which
helps the working of both markets, apart from
its soothing effect on the economy in general.
The knowledge that a central bank is ready to
lend to the banks at any time, thereby making
it easier for them to transform part of the paper
in their portfolios into liquid funds, is a powerful factor in assisting them to maintain their
stability; such a safety valve to give relief to
the financial market in moments of great stress
such as those which caused this experiment to
be undertaken was indeed lacking. The experiment was undertaken and with very instructive
results. But the Central Bank might not be in
a position to repeat it in difficult times for lack
of the necessary means. All the resources
used belonged to the National Treasury which
was in a very favourable position and could,
in case of need, have made use of the advances
which the law authorizes it to obtain from the
Central Bank But these favourable circumstances might not be repeated and the Central
Bank, notwithstanding the magnitude of its
potential resources, would be deprived of the
opportunity of carrying out these market regulating operations unless the Government should
borrow from the banks for that purpose, which
would doubtless prove inconvenient and perhaps
cause unfavourable reactions at a moment when
the market was in a state of tension.
Under the laws of other countries, central
banks are empowered to effect open market
operations. But in this country the desire to
eliminate from the banking laws, approved
five years ago, all provisions which might lend
themselves to providing the State with easy
resources and thereby causing a much-feared
896
inflation, prevented the practice of other countries being followed in this connection. The
Central Bank was, therefore, only authorized
to purchase bonds to the value of its capital,
its reserves and that part of its Consolidated
Bond holdings which shall have been redeemed.
All this has already been invested and can only
be utilized for the normal regulation of the
market by buying or selling securities according
to circumstances."
This matter is before the National Congress
for consideration being part of the proposals
submitted to it by the National Government in
August 1941.
BLOCKED EXCHANGE AND BARTER
Another of the problems of a monetary nature
which is also deserving of special examination,
although its solution does ncjt, unfortunately,
depend on the sole decision of our country, is
that of blocked exchange. It is not, of course,
a problem emerging from the war. The war
has accentuated its manifestations but its roots
are more deep-seated and may become even
more so in the post-war period unless adequate
solutions of an international character are
arrived at.
Blocked exchange is a logical, although not
always a necessary, consequence of the barter
or clearing agreements under which an appreciable portion of world trade was being conducted prior to the outbreak of the present
hostilities More than to the deliberate intention of placing international trade and payments under new principles, different to those
which had prevailed for so long, these agreements were due to force of circumstances or,
if this expression be preferred, were the concrete
demonstration of the fact that the economic
world of the period subsequent to the late war
had not proved capable of reconstructing itself
on lines which would have insured the healthy
development of foreign trade and the efficient
working of the gold standard.
This country could hardly escape the need to
adjust its trade to this system when the principal buyers of our products began to use clearFEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
ing agreements as a means of defending their
export trade from the disastrous consequences
of the great world-wide depression at the beginning of the previous decade. The necessity
for continuing to export enforced that decision.
The agreement with Great Britain and Germany
were among the first to be concluded. But the
clearing agreement with Great Britain differed
from the one negotiated with Germany in one
essential respect. In the case of our agreement
with Germany, the favourable balances resulting from our mutual trade remained blocked and
could only be used for the purchase of goods
and the making of payments in that country.
On the contrary, the clearing agreement with
Great Britain provided that a part of our credit
balance could be used for the payment of public
debt services in other countries. Moreover,
that balance was not blocked but could be transferred in gold or in dollars provided it was not
required for payments of goods or financial
services in Great Britain. Unhappily, circumstances arising out of the war caused Great Britain to block the balances and to abolish the
transfers for the payment of public debt services.
The fundamental differences between the two
payments agreements thereby disappeared.
Apart from these two principal ^agreements,
Argentina concluded others embodying similar
features as time went on, so much so that in the
last year of peace approximately 60 per cent of
our imports were effected through the medium
of barter or clearing agreements.2
Argentina has therefore had sufficient experience of this matter to justify it in forming a
definite opinion thereon. But new factors
have now appeared, while others already present have become more serious and threaten to
prove even more troublesome after the war unless an effort is made to solve them in time. It
is desirable for this reason to state clearly what
this system means for this country, thus con2
This figure is for the year 1938, 10.3 per cent corresponding to
Germany, 20.1 per cent to Great Britain and 29.6 per cent to other
countries.
In the case of Great Britain and of the Dther countries, as already
stated, there was no blocking of funds but there did exist an undertaking to place at the disposal of those countries, for payment of imports,
a volume of exchange equivalent to the value of our exports.
SEPTEMBER 1942.
tributing to the clarification of the issue so far
as we are concerned.
It should be remembered first of all that barter
and clearing arrangements make their appearance in trade negotiations when purchasing
countries lay down as a condition of their purchases that the selling country shall buy from
them, by way of reciprocity, goods which,
together with payments for financial services,
represent a sum equivalent to the value of their
purchases. In this way equilibrium in the
balance of trade or in the balance of payments
between one country and another is sought for.
The fact that it can be easily demonstrated that
this is as absurd from the point of view of sound
economic doctrine as it is complicated from the
practical standpoint has not prevented the progressive spreading of the system. The design
to protect their foreign sales in those markets
where they knew that their power as large
buyers could be taken advantage of proved
stronger in the countries that adopted the system
than the evidence of that fact. It is possible
that some individual problems of trade between
two particular countries may have been solved
by this means. But as the procedure became
general it has proved a further depressive factor
which has added itself to those which for a long
time past have been strangling world trade.
Thus it was that to a considerable extent the
origin of our imports ceased to be determined by
reasons of price, quality or the individual
preferences of the consumer and they were forcibly diverted towards those countries with
which we had an exchange balance which had
to be used up. Such exchange could not
any longer be used freely to effect payments or
purchases in other countries but had to be
utilized in the country which had originated
it by its purchases. The exchange permit, as
well as being a means of restriction of imports,
thus also became a selective instrument and,
in the light of experience, it can be affirmed
that this second function was often more important than the original one.
Consequently, as the exchange balances could
not be used in other countries, there was no other
897
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
logical solution but to restrict imports from those
countries which did not buy Argentine products
in quantities sufficient to pay for our imports
and financial services with the exchange derived
therefrom. This is the history of our economic
relations with the United States from the world
depression until recent times summed up in a
few words. Restrictions varied in intensity,
they were relaxed when improved exports or
an abundant inflow of capital relieved the situation and tightened in adverse circumstances,
either by means of direct restrictions or by
modifications of the exchange rates.
This problem tends to become more serious as
the war goes on. Great Britain has continued
buying considerable quantities of our goods but
it is becoming increasingly difficult for her to
supply us with the articles which we require
to import. Holdings of blocked pounds have
therefore increased steadily and thus it happened some time ago that, while on the one
hand there was a shortage of dollars to pay for
our purchases in the United States, there was,
on the other hand, a surplus of pounds in our
accounts with the Bank of England. Subsequently our dollar position improved, as will
be seen in the corresponding chapter, but at the
same time our sterling balances increased and
will continue to grow if the trend of our trade
with the countries of the sterling area remains
unchanged.
There is, of course, a means of reducing these
holdings of pounds and it has been resorted to as
far as possible. It will suffice to mention that
a start has been made in 1941 with the repatriation of national bonds. But these operations
necessarily have their limitations. When the
internal bond market is unable to cover the full
requirements of local finance and it is necessary
to expand credit in order tofinancethe crops is
not assuredly the most propitious moment for
negotiating here—duly transformed—the bonds
acquired in London. The solution must of
necessity be of another character inasmuch as it
is not a question of temporary difficulties arising
out of the war but of a much more deep-rooted
problem fraught with serious possibilities for
the future.
It is a matter for conjecture whether Great
Britain, after the enormous financial effort
entailed by the present war, will feel disposed
to abandon at once the system of blocked pounds
and to dispense with clearing agreements, the
technical aspects of which she is continually
perfecting. If such were not the case, there
would be no other way for this country to utilize
the pounds already accumulated and those
which will accumulate hereafter but by attempting to turn its imports towards Great Britain
as far as possible, to the detriment of competition from other countries and for all that it
obviously is to Argentina's advantage to buy
in the market which suits her best, always provided she has at her disposal the means wherewith to do so. The position of the principal
European countries with which we have maintained important trade relations would be
similar.
We would thus return, impelled
thereto by force of circumstances, to the system
of balancing our foreign trade in water-tight
compartments and of using the exchange permit
for restrictive and selective purposes.
That the United States is aware of this
problem and recognizes its full significance is
shown by the contents of one of the notes
appended to the trade agreement recently signed
with Argentina. The general principle underlying the agreement is the unconditional and
unlimited application of the most favoured
nation clause both as .regards tariffs and exchange treatment but nevertheless one exception
is accepted, namely more favourable treatment
as regards exchange for certain goods imported
from Great Britain as long as the problem of the
blocked pounds remains unsolved.
Perhaps the moment has arrived for studying
the possibility offindinga solution to this problem by linking it with a monetary agreement
with a continental or, if possible, an even
wider scope. It would be desirable to attempt
to achieve on a large scale that which this country has commenced to do on a small scale with
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
Bolivia and Paraguay; with both these coun- country and another is, of course, explicable,
tries our trade shows a favourable balance and but a permanent disequilibrium in the economic
to facilitate its liquidation we have bought relations between two groups of countries
blocked pounds from them against pesos, as is sufficiently big to facilitate multilateral settleexplained in the corresponding chapter. An ments between their various component units
arrangement of this nature between all the coun- can not be justified.
tries of this continent may be envisaged. WithThere is, consequently, a much more deepout the intention of proposing a formula, a few seated problem than the monetary one and its
comments are made hereunder for the sole pur- solution is of the first importance. It should
pose of pointing out wherein lies the funda- not be forgotten that the failure of the gold
mental difficulty which until it is removed will standard in the preceding decade was due, more
prevent any enduring monetary settlement. than to technical defects which the lessons of
Let us suppose that a common fund were to be experience were correcting, to the restrictions
established to acquire all the blocked pounds and high tariffs which after the war of 1914
held by countries of this continent, paying for seriously obstructed the free flow of world
them in dollars. These dollars could only be trade. Gold need only be used temporarily
used for payments within the continent. On to adjust international payments. But if it has
the other hand, the countries of the continent to be resorted to systematically due to the imwhich might need to purchase pounds would possibility of selling enough to pay for purhave to buy them from the common fund and chases and cover financial services, then the
pay for them either in ordinary dollars or in process ends with a breakdown of the gold
those special dollars. Obviously all this is standard because no reserves however strong
perfectly simple provided there is someone can withstand a persistent deficit in the balance
willing to supply the common fund with the of payments.3
dollars which it needs to purchase the pounds.
Expert opinion in the United States seems to
And this is precisely the fundamental point, hold clear views on this point. Because of its
namely whether there would not be a constant prominent role in the world economy, the
accumulation of blocked pounds in the fund attitude which that country may adopt in regard
without any possibility of recovering the dol- to these problems will be of decisive importance.
lars so employed. Let us see what this would On the United States, on their domestic and
ultimately signify; if the whole of the American foreign economic policy in the post-war period,
continent or, if it is preferred, the dollar area, depends to a great extent whether world trade
were to accumulate increasing volumes of and the international monetary system are to
pounds in its trade with the whole of the sterling be reconstructed on a sound basis or whether
area there would obviously be something which trade is to be subdivided and strangled in
was not working properly between those two innumerable water-tight compartments on a
extensive areas of the world economy. In barter basis. This latter would bring about an
other words, the continental dollar area would inevitable recrudescence of complicated exaccumulate pounds because it was selling more change control systems, from which we would
than it was buying from the sterling area (the unfortunately be unable to save ourselves,
other items of the balance of payments are not however clear it may be to us that it is to our
taken into account in order to simplify this * advantage to increase our foreign trade and
explanation). But if the truth be told no return to an adequate system of monetary
monetary or payments mechanism exists which freedom.
8
can survive such a disequilibrium. An unExperience has shown, furthermore, that the export of capital to
adjust the
a temporary palliative. The movement
balanced condition as between one particular of goods is balance is merelyfactor.
the fundamental
SEPTEMBER
1941
899
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
II. THE BALANCE OF PAYMENTS, EXCHANGE
CONTROL, ESSENTIAL SUPPLIES AND
CLEARING AGREEMENTS
The facts pointed out in the first chapter of
this Report in regard to the course of our
foreign accounts can be clearly seen by means of
an analysis of our balance of payments. Before
commenting on the movement noted in the
various items and on the factors which have
originated it, it is well to call to mind what has
already been said regarding the transformation
which has taken place in the structure of international payments. The consequences which a
surplus in the balance of payments may have
on the monetary mechanism should not be
measured by the experience of normal times,
inasmuch as the course of international trade is
not at present determined exclusively by the
tors preventing the full play of the forces bred
by present circumstances have disappeared, must
not be ignored. But, for the moment, and taking into account the present situation and the
favourable turn of the balance of payments the
abolition by the National Government of nearly
all exchange control restrictions appears a logical consequence.
THE BALANCE OF PAYMENTS
The balance of payments of the Argentine
Republic, which showed a deficit in 1940, has
been favourable in 1941, which fact, as can be
seen in the accompanying table, is due to the
following causes: an increase of nearly izo
million pesos in exports, a somewhat greater
shrinkage in imports and, above all, a considerable inflow of foreign funds.
BALANCE OF PAYMENTS OF THE ARGENTINE REPUBLIC.
[In millions of pesos at official buying rate] 1
Total
In currencies subject
In free currencies
t o clearing a g r e e m e n t s
Items
1939
(2)
Assets 4
Exports
Balance on capital movements
Government investments
Sundry
...
...
Imports
Public debt services
Government expenditure (including armaments)
Financial services
....
Balance
Net gold imports'*
Repatriation of public debt
Adjustment of commercial indebtedness
Transfer of blocked balances into free currencies
Net Balance
1941
(3)
1939
(2)
1,714
1,573
66
Liabilities
1940
(2)
2 003
1,558
325
1,490
1,349
66
75
1,610
1,439
79
16
76
120
1,704
1,223
142
50
289
1,669
1,272
153
22
222
1,506
1,086
138
15
267
+10
—59
-2
—32
+497
-6
+155
+159
1940
(2)
1941
(«)
1939
(2)
1,291
906
325
224
224
722
704
75
888
735
79
16
58
18
60
1,462
1,017
129
40
276
1,074
829
95
17
133
875
687
74
14
100
242
206
13
10
13
595
443
58
5
89
631
399
64
1
167
+28
-186
-2
+416
— 18
+127
+81
—32
-21
-6
+28
—21
-3
-65
+472
+125
+147
60
+3
+55
-6
-130
+409
+30
1940
(2)
+25
—55
+12
+65
1941
(3)
712
652
+3
+63
NOTE.—This table brings together the data for 1939-1941 given in the original report in three separate tables which show for the period 1937-1941
the 1total balance of payments, that in free currencies, and that in currencies subject to clearing agreements.
In 1939 through September 22,15 pesos to the pound. From that date through 1941, 13.50 pesos to the pound.
1
Adjusted figures.
3
Provisional figures subject to adjustments.
4
F.o.b. values, including shipping expenses not taken into consideration in Argentine statistics. Since 1939 the figures are adjusted taking
into6 account differences in prices for certain products (wool, canned meat, sugar, etc.).
Operations effected by private parties only.
working of economic forces; to a considerable
extent it is subject to the control of the governments which, owing to the war, prevent those
forces from exerting their full influence. The
additional media of payment that are now being
created do not affect imports. Nevertheless,
their possible effects in the future, once the fac900
The increase shown by our exports is due, in
the first place, to the larger purchases of the
United States. As already pointed out, that
country, which in 1940 had bought goods from
Argentina to the value of 2.64 million pesos, increased its purchases to 562. million pesos in
1941. Although to a lesser extent, our exports
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
to other countries of the Americas have also
increased, from 167 million to 2.16 million pesos.
These two developments have together more
than offset the decrease in our sales to countries
outside the hemisphere which fell from 997
million pesos in 1940 to 731 million pesos in
1941, due chiefly to the disappearance halfwaythrough the previous year, of European buyers
who formerly purchased approximately 50 per
cent of our exportable surplus of grain between
them. This state of affairs has not, of course,
come to pass without a change in the composition of our exports as the United States market
is absorbing certain quantities of products which
this country formerly did not export.
We have already referred in general terms to
the causes of the shrinkage in our imports. It
is not due to a decrease in our foreign purchasing
power which, on the contrary, has increased.
Neither have exchange control measures been
responsible, as nearly all of them were suppressed at the beginning of the year as will be
explained later. Its causes are the limitations
placed on exports by foreign governments—
particularly by that of the United States, which
is now our chief source of supply—and the
shortage of shipping. This matter also will be
dealt with more fully later.
More important than these circumstances,
in so far as concerns the favourable balance of
payments, is the considerable inflow of funds
from abroad. By far the greater part of these
funds have been placed in readily realizable
investments (time and sight deposits, Treasury
Bills and other securities).4 As already pointed
out in previous Reports, it would be risky,
judging by both local and world wide experience, to consider those funds as definitely
placed in this country. In this respect the experience of 1936 and 1937 may be called to mind;
4 Apart from these funds which were entering the country, local
banks received a considerable volume of deposits in foreign currencies.
In view of the harm which this latter might cause Argentine banking
institutions' in the event of foreign countries adopting blocking
measures, the Central Bank advised the banks, halfway through the
year, to abstain from accepting new accounts in foreign currencies and
recommended them to liquidate those already in existence. This has
been satisfactorily carried out, inasmuch as those accounts which
aggregated 117 million pesos in 1940 have fallen to 28 million pesos in
December 1941. Part of these deposits entered the country and were
converted into pesos and are, of course, included in the figure given for
capital movements.
SEPTEMBER 1942.
in those years the Central Bank after having accumulated a large volume of exchange derived
from the entry of this class of foreign funds,
had to dispose of it in a few months when the
trend changed and they flowed in the opposite
direction. It is therefore prudent to maintain
a reserve for the purpose of counteracting the
effect which the eventual withdrawal of those
funds might have on the exchange market,
thus confirming the monetary policy of the
National Government, which on more than one
occasion has expressed its firm intention of
maintaining the present free exchange market.
In short, as a result of the working of all
these factors, the total balance of payments for
1941 shows a surplus of 472. million pesos.
However, a considerable proportion of this
amount must be considered as a reserve to cover
the eventual withdrawal of the floating funds to
which reference has already been made.
The breaking down of the total balance of
payments into that in free currencies and that
in currencies subject to clearing agreements has
not the same significance in 1941 as in 1940
because on this occasion both balances reveal
the same tendency, whereas in 1940 they showed
opposite results. Nevertheless it is worthy of
mention that the favourable balance in free
currencies is much higher than that shown by
the clearing accounts. This is due above all to
the fact that the inflow of funds has naturally
taken place in the former compartment, and
this also explains why the balance of payments
in free currencies, which in 1940 showed a deficit
of 130 million pesos, becomes favourable to the
extent of 409 million pesos in 1941.
As regards the balance of payments in currencies subject to clearing agreements, it may be
mentioned that the surplus is similar to that of
the previous year. Turning to the analysis of
this balance of payments by countries and without prejudice to a more extensive examination
of this matter when dealing with the clearing
agreements in detail, the following interesting
facts may be noted. First of all, our trade with
Brazil is included in this group since the middle
of the year, by reason of the payments agree901
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
ment signed with that country. In regard to
Great Britain, which, of course, is still the most
important member of this group of countries,
the upward tendency of our balance in blocked
pounds continues, but it is worthy of mention
that the increase has been less considerable in
the year under review due to the expansion in
our remittances for financial services and to the
repatriation of peso bonds effected during the
conversion operation which is dealt with in the
corresponding chapter.
Lastly, our transactions with France and
Spain also form part of the accounts in currencies subject to clearing agreements. In the
case of the first named country a favourable
balance of 47 million pesos in 1940 has become
a deficit of 14 million pesos in 1941, due to the
fact that, while on the one hand France has
ceased to purchase goods here, on the other,
payment of certain financial services and outstanding imports was effected. This deficit has
been covered out of the francs held in the
blocked account. In regard to Spain, that
country's indebtedness to Argentina has increased by 41 million pesos as a consequence of
the purchase of products referred to hereafter.5
EXCHANGE RATES
The course of the balance of payments has
made it possible for the purchase and selling
rates of both the dollar and the pound in the
official market to remain stable. The fluctuations experienced by quotations of other currencies have, in general, been unimportant.
As a result of the blocking measures adopted
by the United States and the consequent impossibility of effecting arbitrage operations against
dollars, lire, Swedish crowns, Swiss francs and
Czech crowns ceased to be quoted in June and a
similar course was adopted in regard to yen in
July. Later on it was found possible to solve
this difficulty satisfactorily and the quotation
of Swiss francs,6 Swedish crowns and yen was
6
No mention is made of Germany as dealings with that countryhave, for obvious reasons, been insignificant.
6
In view of the shortage of Swiss francs to pay for imports from that
country, gold to the value of 5.8 million Swiss francs was sold to an
institution domiciled in that country. Part of the gold has been dispatched to Switzerland by air and the remainder has been left on deposit
at the Central Bank earmarked in the name of the purchasing
institution.
902.
resumed. Business in escudos, which had not
been quoted on the official market since August
1939, was also resumed.
It is interesting to note that the abolition of
the prior exchange permit for imports made it
necessary to adopt measures to replace the exchange guarantee which was an essential feature
of those permits. For that purpose, it was
decided to sell forward exchange to importers
with a time limit of up to eight months, which
may be extended for a further four months subject to the payment of interest.
In the free market the considerable inflow of
funds, which took place principally during the
first nine months of the year, gave rise to active
intervention by the Central Bank for the purpose of absorbing the surpluses. The peso thus
rose and the rate for ioo dollars which was
436.83 pesos in 1940 fell to 42.3.58 pesos in 1941.
The peak was reached in the middle of December when the rate touched 418.90 pesos per
100 dollars.
EXCHANGE CONTROL
As a result of international events and of
measures adopted by other countries in 1941, it
became necessary to modify the regulations issued in 1940 regarding movements in cash or
security accounts, in national or foreign currency, already in existence or which may be
opened in the future in Argentina in the name of
residents in invaded countries or in those countries which have concluded payments agreements with Argentina, and also to extend the
scope of those measures to include other countries.
In all cases the new regulations had as their
purpose to insure that transfers are due to
legitimate needs arising from direct relations
between Argentina and the countries concerned,
that remittances abroad do not exceed the available exchange derived from the interchange of
goods and other transactions with the respective
country, and that, in the case of countries having a clearing account, remittances are made
solely within that account.
One of the measures adopted for this purpose
was the National Government decree of SepFEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
tember 9 last which limits arbitrage operations
to those which are justified by the direct requirements of business done between Argentina
and the corresponding countries. To that end,
all arbitrage operations in which this market
participates are placed under the prior control
of the Central Bank. In order to achieve an
efficient application of this decree, the Bank
advised all institutions authorized to deal in
exchange that it had been decided to consider
their accounts with their correspondents in
Continental Europe, China and Japan -as payments clearing accounts.
Another important measure was that which
provided that transfers of funds abroad—except
those due to payments for imports which have
to be made in the currency in which the customs
clearing certificate is made out—must be made
in the currency of the country of destination,
through the accounts which the banks may have
with their correspondents or the peso accounts
opened in Argentina in the name of persons
resident in the country to which the funds are
remitted.
Finally, it was decided that not only debits
but also credits to the accounts of residents in
invaded countries or in countries with which we
have clearing agreements, would require the
previous filing of an application stating the
reasons for the operation.
It has been stated that during the course of
1941, the Ministry of Finance, having adopted
the policy of gradually freeing the market from
the existing restraints on imports, had raised
nearly all the restrictions previously in force.
These measures were taken mainly in February
and were completed in April and May as it became evident that Great Britain was ceasing
wholly or in part to supply us with articles
which up to then she had shipped to us with a
fair degree of regularity.
A point was thus soon reached at which approximately 80 per cent of the total imports
could be effected without restrictions. This
moved the Ministry of Finance to suppress the
prior exchange permit for those imports and
this was done by National Government Decree
No. 93,058 issued on June 6, 1941.
SEPTEMBER
1941
Subsequently, and in view of the favourable
trend of our balance of payments, it was possible to eliminate a further part of the restrictions which were still in force. The quantitative limitations imposed on certain important
articles were abolished and exchange was
granted for several other articles of minor importance, imports of which had been temporarily suspended, this measure marking a
further step in the gradual suppression of the
exchange control system. In this way only 5
per cent approximately of the total imports are
subject to any form of restriction at the present
time.
The abolition of the prior permit considerably
simplified the control system, and the Ministry
of Finance resolved, by the above mentioned
decree, to suppress the Exchange Control Office
transferring its inspection and investigation
duties to the Income Tax Department, its duties
in regard to the supervision of customs formalities to the Customs Department and the remainder of its functions to the Central Bank, the
provisions of Law IZ,I6O 7 in regard to the
gradual transfer to the Central Bank of all
duties relative to exchange control being thereby
complied with.
The suppression of the Exchange Control
Office has not altered the system adopted for the
issue of resolutions regarding that control.
The Ministry of Finance, advised by the above
mentioned entities and, in the cases where such
a procedure is required, by the Exchange Commission or the Tariff Commission, continues to
be the authority issuing the pertinent regulations or adjudicating upon cases not provided
for therein.
As from July 1, on which date it took over its
new duties, the Central Bank supervises the
delivery of exchange by exporters. It also
grants, in accordance with the decisions adopted
by the Ministry on the advice of the Exchange
Commission, the exchange authorizations for
the payment of imports of articles not provided
for in the regulations or which are subject to
' See BULLETIN for July 1935, pp. 456-458.
903
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
quantitative restrictions or to a special examination in each case.
So that there should be the least possible interference with business and industry and to
enable all applications to be dealt with
promptly, the Ministry of Finance, after the
matter had been favourably reported on by the
Exchange Commission, empowered the Central
Bank to take decisions in those cases which,
because of their special nature, require a prompt
decision; decisions taken must be reported by
the Bank to that Commission so that it may
make any comments which it thinks should be
taken into*account in the future.
Both the resolutions which the Ministry of
Finance adopts after hearing the views of the
Exchange Commission and those which the
Bank issues in accordance with the authorization mentioned above, are communicated to
interested parties by means of informative circulars.
From the end of 1939 and until early in 1941
imports were subject, generally speaking, to the
following rules: goods required for general
consumption and for industrial purposes enjoyed a preferential exchange rate, equivalent to
that of 15 pesos to the pound; other less essential
articles were paid for at the rate of 17 pesos to
the pound but many items were subject to a system of quantitative restrictions, while no permits were granted for the importation of goods
considered unessential.
As already explained in the previous Report,
the National Government issued a decree at
the end of November 1940 which introduced
important changes in the system of restrictions
applied to articles included in the second group.
Instead of a reduction in purchases being sought
through the establishment of quantitative restrictions on a great number of articles and for
fixed periods, which would have caused great
administrative complications, it was considered
preferable to allow increased exchange rates to
act as a moderating factor. To that end, the
decree provided that the Central Bank should
periodically call for tenders for the purchase of
exchange and should encourage the formation
904
of special organizations charged with the task
of fostering, by means of the exchange rates
paid by importers of restricted articles, the export of products which until then had either
not been exported at all or had been exported on
a small scale.
The provisions of that decree came into force
in 1941 when the tender market and the Trade
Promotion Corporation were established.
By a circular dated February zz, 1941, the
Central Bank gave notice of the regulations
which would govern tender market operations.
The articles for which exchange was to be
allotted by tender were grouped in two lists;
tenders had to be made in dollars and the importer was required to apply for the corresponding exchange permit within five days of his
tender having been accepted. The first tender
took place on March 7.
Experience soon showed the desirability of
introducing certain changes: the two lists of
articles were merged into one, tenders in other
currencies were accepted, and, instead of two
tenders a week, only one was held.
Since the list of articles was unified, the
minimum rates accepted have varied between
491 and 494 pesos per 100 dollars and the average between 493.zo and 496.75 pesos.
THE TRADE PROMOTION CORPORATION
In April 1941 a representative group of businessmen interested in trade between Argentina
and the United States approached this Bank
requesting its support for the formation of a
Corporation on the lines laid down in Decree
No. 78,466 referred to above.
The Bank, taking into account the object
pursued, addressed itself to the Ministry of
Finance supporting the proposal and suggesting the conditions under which it was advisable
that the new organization should function.
By a Decree dated May 9, 1941, the National
Government authorized the establishment of the
"Trade Promotion Corporation". The fundamental object of this entity is to foster trade
with the United States and the other countries
of the Americas by promoting the export of
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
products which are either not exported at
present or are only shipped abroad in reduced
quantities.
To achieve this aim, it proposes to study the
possibilities of foreign markets and to carry on
active publicity campaigns in them, to engage
the necessary technical experts to advise local
manufacturers regarding the tastes of foreign
consumers, to put local producers in touch with
the consuming markets and to keep a check on
the quality of products exported under its auspices cooperating with the national authorities
to that end.
The exchange produced by the sale of articles
which are considered as not being of regular
export is purchased by the Corporation which is
authorized to sell it for the payment of certain
imports. The rates which it applies both for
purchases and sales of exchange must first be
approved by the Central Bank and the profits
which it may obtain from differences between
the rates must be devoted to the promotion of
trade as dividends on its shares may not exceed
4 per cent.
All the operations of the Corporation are
under the supervision of the Central Bank,
harmonious relations having been established
through the representative appointed by the
Bank, who at the same time serves as the connecting link between the Ministry of Finance
and the Corporation.
The Corporation began operations publicly on
September 10, 1941, and is still, of course, in the
preliminary stages of its work. The results
achieved so far give promise of satisfactory development in the future. In spite of the difficulties which are inevitable in the work of organizing an entity of this nature, the Corporation has already established contacts with
various branches of local industry with a view
to guiding them by means of technical advice
and to putting them in touch with foreign
buyers.
Up to now the manufacture of woollen hats
and boots and shoes and the tanning industry
have received special attention and ways and
means of assisting the mining, dairy, yerba mate
SEPTEMBER
1942.
and hog-raising industries are under consideration. One of the Corporation's chief cares is to
adapt Argentine production to the tastes of the
United States consumer both from the point of
view of quality and from that of display. This
is assuredly the first step which our manufacturers must take if they wish to obtain a
lasting footing in new markets. To facilitate
its work the Corporation has opened an office
in New York which enables it to keep in close
touch with that consuming market.
Up to December 31 the Corporation had purchased exchange to the value of 145 million
pesos at the buying rate.
THE PROBLEM OF ESSENTIAL SUPPLIES
We have seen that the shrinkage in our imports has been due to factors beyond our control and that, despite this country being favourably disposed towards the purchase of foreign
goods, it has not been possible to meet the
demand entirely because of the restrictions established by the countries from which we draw
our supplies. This problem is deserving of
special consideration because of the importance
to our economy of obtaining abroad a certain
quantity of raw materials and machinery which
are indispensable for the continuance of industrial activities. Iron, steel, tinplate, zinc, copper, coal, fuel oil, chemicals, industrial
machinery, equipment for oil mining and refining and many other items are deemed to be
indispensable either to cover domestic consumption or to process export products.
In normal times, supplies of these articles
could be obtained from any one of several countries. But at the present time with the spreading of the war and the hostilities at sea, there is
practically only one purveyor for many of those
articles: the United States. And even that
source of supply finds difficulty in meeting at
one and the same time, apart from the needs of
its own population, a foreign demand which is
greatly above the normal and also the requirements of its armaments industry which is carrying out an unprecedented programme of expansion.
905
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
When the war began, the price of those products commenced to increase rapidly. To
counteract this rise and avoid its repercussions
on consumption, industries and stocks, the
National Government decided to establish a
preferential exchange rate of 15 pesos to the
pound.8 The rules governing the granting of
prior permits were also modified to increase the
number of countries from which essential articles could be imported.
As it was noted during the first months of
1941 that Great Britain was not sending to this
country the goods with which it had supplied
us in normal times, practically all the restrictions on the import of United States products
were abolished. Nevertheless, our purchases
from this latter country did not increase appreciably, partly due to the restrictions which
were coming into force in that country and also
due to a certain tendency towards extreme caution in the matter of accumulating stocks, so as
to run the least possible risks in view of the
rapid decline in prices which followed the end
of the war of 1914, which was apparent in
business and manufacturing circles.
The difficulties which arose in obtaining supplies in the United States are connected with the
decision of that country to give increasing aid to
Great Britain, which led to an enormous increase
in the requirements of the industries manufacturing war materials. It was not long before
demand exceeded productive capacity. Thenceforward the manufacture of armaments could
only increase at the expense of civilian consumption and of the export trade. As the requirements of war production continued to increase, the Government of the United States
considered it indispensable to restrict other uses
severely and to take care that Great Britain's
enemies should not receive supplies.
For that purpose it established the system of
export licences which was afterwards replaced
by that of priorities and more recently, when
experience revealed the difficulties caused by this
8
It will be remembered that after the war began, the pound depreciated 14 per cent in terms of dollars. This explains why the special
rate of 15 pesos to the pound, did not, in the case of the dollar, signify
anything more than the continuance of the previous rate.
906
latter system, by that of export quotas for each
country. It also took measures to establish
direct limitations of the production of certain
important articles (automobiles, refrigerators,
radio sets, electric appliances and many others)
and also to hamper their sale, as well as introducing rationing of consumption.
Midway through 1941 the United States had
already placed its economy on a war footing.
The war with Japan gave a further impetus to
this regime which will assuredly become accentuated in the future.
For these reasons, the volume of imports of
essential articles into Argentina has, for some
months past, fallen below the level of the normal
requirements of the country. To maintain the
tempo of production, stocks accumulated in
previous years must be consumed and the prospects are that present difficulties will continue
and perhaps increase. In fact, representatives
of the United States Government have recently
stated that it is probable that in future supplies
for Latin American countries will receive the
same treatment as civilian consumption in the
United States, which is being constantly subjected to greater and greater restrictions.
The United States Government seems to
favour whenever possible the system of assigning to each country quotas for specified periods.
For a considerable number of raw materials and
essential manufactured goods these quotas have
already been fixed or will be fixed shortly. On
the other hand, for other goods, which because
of their nature cannot be placed under a quota
system, such as industrial machinery for instance, the export permit and the priority must
be obtained separately for each order, with the
support of the diplomatic representatives of the
corresponding country.
With the object of having a basis to work on
in determining the quantities which will be
assigned to the countries of the Americas, the
United States Government some time ago asked
the Government of each one of those countries
to furnish it with an estimate of their requirements. In Argentina this task has been carried
out by the Central Bank in compliance with the
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
request made by H. E. the Minister of Finance
in his note dated August 2.8 last.
Towards the end of 1941 the United States
Government commenced to allocate export
quotas to the countries of the Americas. As
in the majority of cases those quotas proved
insufficient to cover all the requirements of this
country, it was found necessary to set up a
procedure whereby use of the available quantities would be limited to the most essential
purposes, taking due account of the characteristics of our economy. Secondary uses or those
which can be met with locally produced substitutes must therefore be excluded.
By Decree No. 111,598 issued by the National
Government on January 19, 1942., it was laid
down that the Ministry of Finance will issue
the regulations according to which the Central
Bank is to distribute the quotas among the
various firms. The Ministry of Finance will
have the assistance in an advisory capacity of
the Exchange Commission, in which other
ministries and the most important business and
industrial associations are represented and which
has given very valuable cooperation in drawing
up the rules governing imports.
In practice, the following procedure is being
followed: with the advice of representatives of
each branch of activity the most urgent and important uses to which the allocated quotas must
be assigned are determined, and within these
limits the distribution among the various importers operating in the market is effected and
they are granted the "certificates of necessity"
which the United States Government has established for that purpose.
CLEARING AGREEMENTS
At the end of 1940, as in previous years, the
problem of our economic relations with Brazil
lay in the balance in our favour shown by
Argentine-Brazilian trade. This disequilibrium not only caused anxiety in that country,
which found itself obliged to pay us considerable sums in foreign exchange, but also here
inasmuch as Brazil had taken measures to restrict her purchases in Argentina, especially in
SEPTEMBER
1941
regard to wheat, which commodity constitutes
the greater part of our exports to that country.
The negotiations opened between the two
Governments at that time had as their chief
object to find means of correcting that disequilibrium as far as possible without restricting
trade between the two countries.
To achieve this end, the National Government proposed to encourage purchases of textiles, timber, iron, rubber and manufactured
goods of Brazilian origin, and at the same time
wished the Brazilian Government to suppress
the flour mixtures which had caused our wheat
exports to Brazil to diminish by some xoo,ooo
tons a year. In addition, the Government considered the possibility of increasing interchange
by means of a free trading regime for products of
new industries or of those which, for the time
being, exist in only one of the two countries.
To these basic lines was added a payments arrangement, proposed for the purpose of enabling
Brazil to continue buying from us without having to cover the deficit by the payment of
exchange.
As a result of the conversations which took
place between the delegates of the two countries,
the following agreements were concluded:
(1) On the suppression of substitutes in foodstuffs, mutual facilities for the importation and sale of manufactured goods, and
exchange regulations;
(2.) on reciprocal credits for the purchase of
surpluses;
(3) on free trading.
A clause which reveals the spirit in which
those agreements were drawn up is that which
provides that annual trade balances exceeding
a certain fixed amount may only be collected by
means of an increase in the purchases of the
creditor nation. Henceforth, instead of the
debtor nation being the one chiefly concerned by
adverse balances, it will be the creditor nation
that will have to find a solution to the problem
by promoting its imports. The natural and
customary tendency of debtor nations to seek
to restore the balance by reducing their purchases is thereby eliminated. In the particular
907
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
case of Argentine-Brazilian trade, this formula
gave to this latter country an assurance that
Argentina would try to find the means of increasing her purchases from Brazil, so that there
would be no reason to restrict purchases of
Argentine products.
In accordance with a provision of the agreement regarding exchange regulations, an arrangement was arrived at soon after between
the Banco do Brazil and this Bank in regard to
the technical aspect of the accounts in which
payments arising from the interchange of goods
were to be centralized. As from July 15 last
all such remittances have been paid through
those accounts.
Up to now, the new agreement has worked
very satisfactorily for both countries. Unforeseen circumstances, apart from the measures
taken by the Argentine Government,9 have
brought about a reversal in trade during 1941 as
a consequence of the noteworthy increase in
our purchases of Brazilian products. For the
first time in several years, the trade balance is
in favour of Brazil.
The disturbances caused by the world war
have favoured this reversal. Many orders for
iron, timber, textiles and other manufactured
articles were deflected towards that country
and, moreover, the international prices of Brazilian products rose appreciably. In so far as
our exports are concerned, the most important
result has been that our wheat sales to Brazil
have again approached 950,000 tons due to the
gradual suppression of the use of mixtures in
the making of bread in that country. Even so,
the total value of our exports did not increase
greatly, partly because prices of our products
remained stable.
As a consequence of the change which has
taken place, Brazil finds herself today in the
same position as Argentina when the negotiations commenced, that is, with a considerable
balance in her favour. The anxiety of that
country, in accordance with the spirit of the
9
In 1941 the Ministry of Finance allotted a quota of 18 million pesos
for the importation of Brazilian textiles, and since 1940 efforts tfere
being made to induce importers to purchase Brazilian iron and rubber
908
agreement, to increase its purchases of Argentine products so as to utilize that balance is
already manifest.
The continued increase in our holdings of
blocked pounds in the United Kingdom remains
a cause for concern to the Argentine Government and efforts to obtain the unblocking of
those pounds have continued. Meanwhile,
hopes are entertained of arriving at satisfactory
arrangements to reduce our sterling balances to
reasonable limits. As already pointed out in
the first chapter of this Report, one of the means
by which those pounds can be utilized is the
repatriation of national securities. Operations
of this kind were already begun at the end of
last year. But this can only provide a partial
solution of the problem.
Another point which has been satisfactorily
solved is that relating to the guarantee of the
pounds. In this way, a new formula for the
gold guarantee of the balances was agreed upon
as from September 15 last. By the terms thereof
the guarantee now covers the whole spot and
forward sterling position in special pounds in
Argentina's favour.
Halfway through February, the Bolivian
Government through the Argentine Legation at
La Paz proposed to the Argentine Government
to sell to the latter pounds from its special account against pesos which it would devote to
the payment of imports of Argentine products.
For the purpose of preventing this operation
from causing an increase in our balance in
blocked pounds the Ministry of Finance subordinated the conclusion of the arrangement to
the Bank of England permitting that the amount
which Bolivia would transfer to us should be
used for the purchase of Argentine bonds held
by British investors.
Once the agreement of the Bank of England
on this point was obtained, and after various
conversations had taken place, an arrangement
was concluded with the Central Bank of Bolivia
on October 18 whereby the Argentine Government, through the medium of the Central Bank,
would purchase from the first named Bank
400,000 special account pounds against pesos at
FEDERAL RESERVE BULLETIN
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
On the other hand, the amounts due for
the rate of 17 pesos to the pound, less bank commission and also 800,000 dollars at the free operations of the second category amounted
market rate then prevailing; the funds derived originally to 60.9 million pesos, of which only
from this operation must be used exclusively 18.x millions were paid off during the three
for Bolivian payments in Argentina. For its years, so that the debit balance at the end of
part, Bolivia undertook to buy Argentine prod- 1941 amounted to 41.7 million pesos. The
ucts (wheat, sugar and cattle on the hoof) to slowness with which payments are being made
the value of not less than 17 million pesos in is due to the difficulty which Spain finds in
1941. It is worthy of note that in 1939 and exporting goods to Argentina, so much so that
1940 Bolivian purchases from Argentina Spanish ships reach our ports half empty.
In regard to the iron and steel products which
amounted to 9.7 million and 14.8 million pesos
Spain has undertaken to deliver under the barter
respectively.
In regard to the arrangement with the Bank of agreement for maize, the National Government
the Republic of Paraguay which was mentioned is taking the necessary steps to speed up dein last year's Report and by virtue of which liveries and it is hoped that, certain details
the Central Bank buys special pounds derived having been settled, they will soon commence
from the sale of Paraguayan products to Great to arrive.
Due to the situation in which France finds
Britain, it should be placed on record that it
herself as a consequence of the war, no Argenhas worked satisfactorily in 1941.
In that same year two new operations were tine products were exported to that country
arranged between the Argentine and Spanish during the second half of 1940. According to
Governments, namely the sale of 350,000 tons the agreement, France was therefore obliged to
of maize to be paid for with Spanish iron and convert the entire balance of our special account
steel products, and the sale of approximately at the Bank of France into dollars. On De380,000 tons of wheat and a small quantity of cember 31 the said balance amounted to z.55
meat the value of which will be offset by the million francs.
financial services which were to have been paid
While the National Government was taking
to Spain. The commodities sold to Spain have the necessary steps to obtain from the United
already been practically all delivered.
States authorities the unblocking of the reTaking into account all the dealings effected quired dollars, the balance in our special acbetween Spain and Argentina from 1939 to count underwent substantial modifications, so
1941 with the intervention of the Central Bank much so that it will be insufficient to cover
as Financial Agent of the National Govern- outstanding liabilities in francs. This was due
ment, they can be divided into two categories to the fact that the blocked francs were used to
according to the procedure adopted for their meet pending payments for imports and to pay
settlement: one, in which settlement is effected financial services in France.
During the first half of 1941, operations with
by offsetting the value of the products bought
from Argentina with the payments due to Spain Japan continued normally in the manner laid
for public and private financial services or with down in the agreement signed by both Governthe repatriation of public debt bonds in pesetas ments on March 15, 1940.
Owing to the measures for the blocking of
outstanding in Spain, and the other in which
the amounts due will be collected by means of Japanese funds adopted by the United States and
to the impossibility of continuing to purchase
imports of Spanish products.
The total amount due for operations in- yen against dollars, this Bank suspended the
cluded in the first category was originally 76.1 quotation of the yen on the official market on
million pesos, and on December 31 last it had July 16. With the object of making it possible
to continue liquidating collections in yen in
been reduced to 34.6 million pesos.
SEPTEMBER
1941
909
ANNUAL REPORT OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
payment of outstanding imports of Japanese broke out between Japan and the United States
products and of financing exports to that the balance outstanding as the outcome of curcountry, two operations were arranged with rent operations was a small one, which in its
the Yokohama Specie Bank which made it turn lessened the effect of the measure adopted
possible to resume quotation of the yen as from by the Ministry of Finance on December 10,
August 18.
1941, regarding the suspension of transfers to
The uncertainty of the international situation Japan.
pointed soon afterwards to the desirability of
In all, the agreements concluded with the
exports to Japan, in so far as they exceeded Yokohama Specie Bank made possible the purimports from that source, being effected for chase from market exporters, of 14.9 million
cash and paid for in gold. On this basis two yen of which 13.2.* millions were sold to the
new arrangements were concluded, by one of Yokohama Specie Bank (8.6 millions against
which the Yokohama Specie Bank delivered gold and 4.6 millions against deposits which
gold bars in Buenos Aires to the value of 10 that institution held in this country) and 1.7
million pesos.
millions were sold to importers for payment of
Thanks to these measures, when hostilities collections in yen.
BALANCE SHEET OF THE CENTRAL BANK OF THE ARGENTINE REPUBLIC
DECEMBER 31, 1941 AND 1940
[In thousands of pesos]
Assets
Dec. 31,
1941
Dec. 31,
1940
Dec. 31,
1941
Liabilities
1,075,106 1,071,446 Notes in circulation
Gold at home
466,768
257,703 Bank deposits
Gold and foreign exchange abroad
6,628
5,611 National Government deposits
Foreign exchange bought forward
22,622 Other deposits
8,)6,7
Subsidiary currency
10,570 Foreign exchange sold forward
Rediscounted paper
118,884
118,884 Capital
Non-interest bearing Government Bond
393,532
394,691 General reserve fund
Consolidated National Treasury Bonds
National securities (Art. 34, Law 12,155)2
58,840
52,079 Special reserve for Consolidated Bonds
Temporary advances to National Government
for
164 Special reserveand contingencies of premises
(Art. 44, Law 12,155)2
Contingency
enlargement
••fryBank premises
.,
reserve
All other assets
Certificates of participation in Consolidated
13,062
2,486
Treasury Bonds
Total assets.
2,141,436 1,962,256 Profit and loss account
All other liabilities
[Per cent] [Per centl
Ratio of total goldand foreign exchange to:
Total liabilities..
Notes in circulation
111.73
108.61
Notes in circulation and demand liabilities
2
(Art. 39, Law 12,155)
75.85
75.05
ft
Dec. 31,
1940
1,379,970
560,574
55,729
27,372
6,628
20,000
7,301
22,641
2,500
1,223,774
437,126
106,283
2,490
5,611
20,000
6,355
17,274
2,500
1,500
1,500
30,000
7,905
19,316
126,800
5,505
7,038
2,141,436
1,962,256
1
Rediscounting suspended in June 1941.
2For Law 12,155, see BULLETIN for July 1935, pp. 449-454.
3
Entered at the nominal figure of 1 peso.
9IO
FEDERAL RESERVE BULLETIN
CURRENT EVENTS
Appointment of Class C Director
The Board of Governors on August 8, 19421,
announced the appointment of A. Z. Baker,
President, Cleveland Union Stock Yards Company, Cleveland, Ohio, as a Class C director of
the Federal Reserve Bank of Cleveland for the
unexpired portion of the three-year term ending
December 31, 1944.
Mr. Baker succeeds Mr. Walter H. Lloyd, Jr.,
who resigned as director because of wartime
duties for the Government.
Resignation of Class C Director
The Board of Governors accepted, effective
as of August 13, 1942., the resignation of Randolph Paul as Class C director of the Federal
Reserve Bank of New York. Mr. Paul had
served the Federal Reserve Bank as director
since June 1941, and his resignation was tendered
because of his appointment as General Counsel
of the United States Treasury Department.
Resignation of Class B Director
The Federal Reserve Bank of Chicago has
accepted, effective September 1, 1942., the resignation tendered by Charles B. Van Dusen, Director, S. S. Kresge Company, Detroit, Michigan, as a Class B director of the Bank. Mr.
Van Dusen had served as a Class B director
since January 1, 1939.
Federal Reserve Meeting in Washington
The Federal Open Market Committee held
its fourth meeting of the year on August 3,
Changes in the Board's Staff
Effective August 10, 1942L, Mr. J. P. Dreibelbis, formerly Assistant General Counsel, was
SEPTEMBER
1941
designated General Attorney, and Messrs.
George B. Vest and B. Magruder Wingfield,
formerly Assistant General Counsels, were designated Assistant General Attorneys.
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, 1942L, to August 15,
1942., inclusive.
Illinois
Chillicothe—Truitt-Matthews Banking Co.
Quincy—State Street Bank and Trust Company
Indiana
DeMotte—DeMotte State Bank
Hardinsburg—State Bank of Hardinsburg
Loogootee—The Union Bank
Veedersburg—The Veedersburg State Bank
Winamac—First Union Bank and Trust Company
Kansas
Clay Center—Union State Bank
Montana
Hamilton—Ravalli County Bank
New York
Spencer—The Farmers & Merchants Bank of
Spencer, N. Y.
Ohio
Cardington—The Citizen's Bank
Pickerington—The Pickerington Bank
West Virginia
Follansbee—Citizens' Bank of Follansbee
911
NATIONAL SUMMARY OF BUSINESS CONDITIONS
Corn-piled August 21 and released for publication August 24. Figures shown on
charts may -differ from preliminary figures used in text.
Industrial activity increased further in July shipments of 90 million tons or more this year.
and thefirsthalf of August, reflecting continued Last season 80 million tons were shipped.
growth in output of military products. Retail
In most other lines of manufacturing and
sales increased during this period, following a mining, activity in July was maintained at about
decline, on a seasonally adjusted basis, during the levels prevailing in June. There were rethe first half of the year.
ports that some plants were forced to curtail
operations owing to lack of certain materials,
PRODUCTION
and further investigations were undertaken to
Industrial output rose further in July and the determine present and prospective availability
Board's seasonally adjusted index advanced from of material supplies.
176 to 180 per cent of the 1935-39 average.
Value of construction contracts awarded in
Activity continued to increase in the ma- July showed a reduction of about 2.0 per cent
chinery and transportation equipment industries from the record level reached in June, according
and in other lines producing war products. to figures of the F. W. Dodge Corporation.
Shipbuilding expanded further and 71 merchant Declines were reported for most types of convessels were delivered in July. These had an struction; awards for manufacturing buildings,
aggregate deadweight tonnage of 790,300 tons— however, increased further and constituted about
an all-time record for a single month's deliveries. one-third of total contracts let. As in June,
In the automobile industry armament production publicly-financed work amounted to over 90 per
increased in July to an annual rate of about 5 cent of the total. In the first seven months of
billion dollars as compared with a peak year's this year, awards were about 50 per cent larger
civilian output of 4 billion dollars. Iron ore than in the corresponding period last year.
shipments down the Great Lakes reached a
DISTRIBUTION
new record of 13.4 million gross tons in July
and plans were announced for improving rail
Distribution of commodities to consumers deand harbor facilities so that shipments next clined less than seasonally in July. The Board's
season could exceed considerably prospective adjusted index of department store sales, which
INDUSTRIAL
PRODUCTION
DEPARTMENT
TOTAL INDEX
200
TOTAL
INDUSTRIAL
PRODUCTION
180
40
140
130
0
120
20
IRON ANO STEEL
140
20
r\
160
STORE SALES AND STOCKS
60
MANUFACTURES
110
•
/
J
120
/
00
/
J
80
\
J
OTHER
DURABLE
0
\
/
-
TEXTILES
AND
I /
V,
140
130
120
110
SALES
20
LEATHER
/
1
20
0
MINERALS
'00.
LIQUOR, AND TOBACCO
^—„
I
u—;—<~r^~
0
20
STOCKS
70
60
0
1936
1938
1940
1942
1936
1938
1940
1942
1936
Federal Reserve monthly index of physical volume of production,
adjusted for seasonal variation, 1935-39 average = 100. Subgroups
shown are expressed in terms of points in the total index. Latest
figures shown are for July 1942.
9IZ
1
1939
.v.
1940
1941
1942
Federal Reserve monthly indexes of value of sales and stocks, adjusted for seasonal variation, 1923-25 average = 100. Latest figures
shown are for July 1942.
FEDERAL RESERVE BULLETIN
NATIONAL SUMMARY OF BUSINESS CONDITIONS
had dropped from a peak of 138 per cent of the
1913-15 average in January to 104 in June, rose
to 117 and sales by variety stores and mail-order
houses also advanced, after allowance for usual
seasonal changes. In the first half of August
department store sales increased by more than
the usual seasonal amount.
Railroad freight-car loadings increased more
than seasonally in July and rose somewhat
further in the first half of August. Shipments
of miscellaneous merchandise, which include
most manufactured products, and of forest products continued to rise. Grain shipments also increased but the rise was less than is usual at this
time of year. Loadings of coal declined somewhat from the high level of other recent months.
COMMODITY PRICES
Wholesale and retail food prices advanced
further in July and the early part of August,
while prices of petroleum products on the East
Coast were reduced, and those for most other
consumer goods continued to show little change.
In raw material markets price declines occurred
for cotton, inedible fats and oils, and some scrap
items, particularly nonferrous metals and paper.
Demand for materials used more exclusively for
war products continued strong and prices of
these materials were sustained at ceiling levels.
Federal subsidies were arranged for additional
commodities and Government war risk rates on
shipments of imported commodities were reduced. These actions were taken to bring about
price reductions, as in the case of petroleum
products on the East Coast, and to prevent
further price increases, particularly for imported
commodities. About 30 new maximum price
schedules were announced, chiefly for miscellaneous civilian products, and in some instances
these schedules permitted substantial increases
over ceilings set by the General Maximum Price
Regulation.
from a growth in deposits at member banks.
Excess reserves in New York and Chicago
reached the lowest levels since the third quarter
of 1937. Effective August 2.0 reserve requirements on demand deposits at central reserve
city banks were reduced from 1.6 per cent to
24 per cent by action of the Board of Governors
of the Federal Reserve System. This had the
effect of converting over 400 million dollars
from required to excess reserves.
Member banks in leading cities continued to
increase their holdings of United States Government securities, particularly in the week ended
August 19, in which delivery of the new 113^
months' % per cent certificates of indebtedness
was made. Loans, which had declined during
the second quarter of the year, have recently
shown little change.
MEMBER BANK RESERVES
.IONS OF DOLLARS
BILLIONS OF DOLLARS
16
16
1938
1940
Wednesday figures. Required and excess reserves, but not the
total, are partly estimated. Latest figures shown are for August 26,
%
1942.
Adjusted demand deposits continued to increase at reporting banks, although purchases of
Government securities, particularly the 2.3^ P e r
cent Treasury bonds of 1962.-67, by investors
other than banks temporarily reduced demand
deposits of individuals and added to United
States Government deposits.
BANK CREDIT
Excess reserves of member banks declined by
about zoo million dollars in the four weeks
ended August 19. An increase of about 400
million dollars of currency in circulation during
this period was paralleled by a corresponding
amount of Reserve Bank purchases of Government securities. There was an increase of 300
million dollars in required reserves resulting
SEPTEMBER
1941
UNITED STATES GOVERNMENT SECURITY PRICES
Prices of United States taxable bonds have
shown little change during the past month.
Taxable notes of 3- to 5-year maturity are currently yielding i.x6 per cent on the average as
compared with i.xo per cent in July. The rate
of discount on new issues of Treasury bills has
averaged o.yji- per cent for the past three weeks.
913
FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS
UNITED STATES
PAGE
Member bank reserves, Reserve Bank credit, and related items
917
Federal Reserve Bank discount rates; rates on time deposits, reserve
requirements, margin requirements
918
Federal Reserve Bank statistics
919-92.3
Reserve position of member banks; deposits in larger and smaller
centers
9x4
Money in circulation
9x5
Gold stock and gold movements; bank suspensions; bank debits
916
All banks in the United States, number, deposits, loans and investments
92.7
Condition of all member banks
918-919
Weekly reporting member banks
93°~933
Commercial paper, bankers' acceptances, and brokers' balances
934
Money rates and bond yields
935
Security markets
936
Corporate profits
937—938
Treasury
finance
,
939-941
Governmental corporations and credit agencies; Postal Savings
System
941-944
Business indexes
945—955
Department store statistics
95 6-957
Wholesale prices
958
Current statistics for Federal Reserve chart book
959~96i
August crop report, by Federal Reserve districts
961
Changes in number of banks and branches in the United States.. .
961
All member banks—Condition on June 30, 1941 by classes of banks. . 963-964
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;figuresfor 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 scries on business activity arc obtained largely from other sources. Backfiguresmay in most cases be obtained from earlier BULLETINS
and from Annual Reports of the Board of Governors for 1937 and earlier years.
SEPTEMBER 1941
9I5
MEMBER BANK RESERVES AND RELATED ITEMS
BILLIONS OF DOLLARS
WEDNESOAY
BILLIONS OF DOLLARS
FIGURES
24
24
22
MEMBER BANK
RESERVE BALANCES
TREASURY CASH AND DEPOSITS
1936
1937
1938
1939
[940
1941
1942
10
10
JL
8
-
-
REQU RED RESERVE
6
8
6
4
4
\
> y / E X C E S S RESERVES
2
1936
1937
1938
1939
1940
1941
2
1942
Latest figures for August 19. See page 917.
9l6
FEDERAL RESERVE BULLETIN
MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS
[In millions of dollars]
Reserve Bank credit outstanding
U. S. Government
securities
Bills
discounted
Date
Gold
stock
Treasury
currency
outstanding
Money
in circulation
Treasury deTreas- posits
Nonury
with
memcash
ber
Feddeholderal
posits
ings
Reserve
Banks
Member
bank reserve
balances
Other
Federal
Reserve
accounts
Total
Total
Treasury
All
bills
and
other
certificates
Monthly averages of
daily figures:
1941—May
J y
June
July
y
1942—May
June
July
2,184
2,184
2,184
2,457
2,580
2,984
161
258
624
2,184
2,184
2,184
2,296
2,322
2,360
75
94
111
150
176
180
2,262
2,280
2,298
2,614
2,761
3,168
22,547
22,602
22,651
22,706
22,725
22,742
3,129
3,141
3,156
3,296
3,310
3,319
9,193
9,442
9,670
11,898
12,213
12,532
2,264
2,249
2,303
2,191
2,192
2,204
618
987
949
317
136
425
1,926
1,856
1,774
1,407
1,334
1,363
287
290
289
294
297
296
13.650
13,201
13,120
12,510
12,624
12,409
5,831
5,351
5,193
2,667
2,704
2,237
End of month figures:
1941—May 31
June 30
July 31
1942—May 31
June 30
July 31
2,184
2,184
2.184
2,489
2,645
3,153
183
310
783
2,184
2,184
2,184
2,306
2,336
2,370
92
81
104
138
126
188
2,280
2,267
2,293
2,634
2,775
3,345
22,575
22,624
22,675
22,714
22,737
22,744
3,134
3,149
3,166
3,305
3,313
3,326
9,357
9,612
9,732
12,074
12,383
12,739
2,215
2,275
2,334
2,192
2,187
2,223
443
980
877
261
290
266
1,965
1,831
1,752
1,429
1,362
1,401
285
290
287
293
297
294
13,724
13,051
13,151
12,405
12,305
12,492
5,801
5,210
5,215
2,486
2,362
2,130
Wednesday figures:
1941—Oct. 1
Oct. 8
Oct. 15
Oct. 22
Oct. 29
All
other1
Total
11
11
8
4
5
2,184
2,184
2,184
2,184
2,184
2,184
2,184
2,184
2,184
2,184
49
70
121
103
61
2,244
2,265
2,313
2,291
2,250
22,761
22,772
22,778
22,786
22,796
3,196
3,203
3,207
3,214
3,219
10,183
10,237
10,283
10,278
10,307
2,259
2,241
2,222
2,195
2,209
309
304
259
977
915
1,918
1,877
1,920
1,800
1,910
292
291
292
292
292
13,240
13,290
13,321
12,749
12,632
5,193
5,209
5,234
4,655
4,602
6
6
5
6
2,184
2,184
2,184
2,184
2,184
2,184
2,184
2,184
57
72
118
94
2,247
2,263
2,307
2,284
22,788
22,793
22,778
22,781
3,221
3,222
3,228
3,230
10,421
10,472
10,535
10,567
2,195
2,213
2,184
2,195
933
807
598
440
1,821
1,790
1,764
1,678
291
290
•290
288
12,594
12,707
12,942
13,126
3,409
3,540
3,692
3,799
2,184
2,196
2,240
2,243
2,254
2,184
2,184
2,229
2,233
2,244
100
85
188
249
104
2,289
2,286
2,433
2,499
2,361
22,770
22,774
22,747
22,750
22,737
3,233
3,236
3,238
3,244
3,247
10,717
10,834
11,023
11,224
11,160
2,180
2,185
2,193
2,195
2,215
321
157
925
908
867
1,609
1,614
1,483
1,422
1,360
288
287
297
297
291
13,178
13,219
12,497
12,447
12,450
3,860
3,842
3,085
3,056
3,085
2,254
2,254
2,250
2,243
2,244
2,244
2,244
2,243
128
133
130
92
2,386
2,390
2,383
2,339
22,742
22,740
22,750
22,744
3,248
3,252
3,255
3,256
11,109
11,062
11,077
11,097
2,220
2,224
2,204
2,196
663
419
284
302
1,376
1,395
1,387
1,379
291
291
291
290
12,717
12,992
13,145
13,075
3,385
3,561
3,584
3,479
2,243
2,243
2,250
2,262
2,243
2,243
2,250
2,262
70
86
151
125
2,316
2,331
2,404
2,392
22,738
22,741
22,712
22,715
3,259
3,263
3,264
3,266
11,231
11,319
11,339
11,422
2,201
2,194
2,181
2,189
376
319
264
798
1,367
1,310
1,251
1,154
289
288
288
288
12,849
12,905
13,058
12,521
3,326
3,357
3,460
2,878
2,262
2,253
2,249
2,244
2,262
2,253
2,249
2,244
134
88
96
76
2,402
2,347
2,351
2,326
22,705
22,709
22,686
22,684
3,269
3,271
3,273
3,274
11,518
11,520
11,474
11,462
2,180
2,176
2,168
2,175
287
60
59
472
1,270
1,317
1,373
1,352
286
286
297
296
12,835
12,968
12,939
12,527
3,208
3,266
3,161
2,847
Apr.
Apr.
Apr.
Apr.
Apr.
1...
8...
15..
22..
29..
2,244
2,243
2,254
2,296
2,350
10
48
89
2,244
2,243
2,244
2,247
2,261
86
134
152
100
86
2,339
2,384
2,415
2,400
2,443
22,672
22,675
22,678
22,686
22,689
3,277
3,279
3,280
3,284
3,286
11,593
11,610
11,624
11,642
11,723
2,187
2,177
2,166
2,189
2,186
362
190
301
243
128
1,354
1,350
1,485
1,531
1,421
295
295
295
296
297
12,496
12,715
12,502
12,470
12,662
2,999
3,169
2,886
2,752
2,815
May
May
May
May
6...
13..
20..
27..
2,436
2,484
2,445
2,489
137
185
145
183
2,299
2,299
2,299
2,306
128
119
128
89
2,572
2,612
2,578
2,584
22,703
22,706
22,709
22,712
3,291
3,294
3,299
3,302
11,845
11,861
11,888
11,971
2,193
2,191
2,188
2,197
376
158
304
239
1,413
1,440
1,427
1,430
295
295
293
293
12,444
12,667
12,486
12,467
2,691
2,925
2,565
2,535
2,532
2,568
2,579
2,583
226
252.
257
254
2,306
2,316
2,322
2,329
185
135
220
110
2,723
2,708
2,803
2,698
22,715
22,717
22,729
22,735
3,306
3,310
3,311
3,313
12,141
12,176
12,208
12,231
2,188
2,213
2,189
2,191
110
92
160
139
1,358
1,333
1,277
1,358
293
293
304
303
12,653
12,629
12,706
12,523
2,783
2,782
2,791
2,648
1...
8...
15..
22..
29..
2,728
2,909
3,038
3,047
3,110
391
553
673
679
743
2,337
2,356
2,365
2,367
2,367
142
157
185
144
122
2,873
3,069
3,227
3,196
3,237
22,739
22,740
22,742
22,745
22,746
3,314
3,315
3,319
3,321
3,322
12,416
12,489
12,502
12,546
12,647
2,195
2,190
2,201
2,223
2,224
485
548
946
298
183
1,341
1,353
1,302
1,347
1,411
297
297
295
295
296
12,192
12,246
12,042
12,551
12,545
2,259
2,322
2,065
2,296
2,196
Aug. 5...
Aug. 12..
Aug. 19..
3,303
3,387
3,448
928
1,012
1,073
2,374
2,375
2,375
137
120
163
3,446
3,512
3,615
22,739
22,742
22,744
3,328
3,332
3,333
12,794
12,870
12,956
2,204
2,206
2,206
285
174
240
1,333
1,331
1,344
295
296
294
12,602
12,709
12,653
2,246
2,381
2,103
July
July
July
July
July
1
2
Includes industrial advances shown separately in subsequent tables.
End of month and Wednesday figures estimated.
NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together
with available back figures, may be obtained upon request. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves
in BULLETIN for August 1935, pp. 499-500.
SEPTEMBER 1941
917
FEDERAL RESERVE B A N K D I S C O U N T RATES
[In effect August 31, 1942. Per cent per annum]
Discounts for and advances to member banks
Advances secured by
direct obligations of
the U. S. (maturities
not exceeding 90 days
—last par. Sec. 13)1
Federal Reserve Bank
Effective
Rate
Boston
New York
Philadelphia....
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas C i t y . . . .
Dallas
San Francisco...
Discounts of and advances secured by eli- Other secured advances
gible paper (maturities [maturities not exceednot exceeding 90 days ing 4 mos.—Sec. 10(b)]
—Sec. 13 and 13a)2
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept.
Apr.
Effective
Rate
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
16, 1939
1, 1939
16, 1939
28, 1942
16, 1939
16, 1939
4, 1942
Sept. 1,
Aug. 27,
Mar. 21,
Apr. 11,
Mar. 14,
Mar. 21,
Feb. 28,
Mar. 14,
Mar. 28,
Apr. 11,
Mar. 21,
Apr. 4,
Rate
Effective
Sept.
Oct.
Sept.
Oct.
Sept.
Aug.
Aug.
Mar.
Aug.
Sept.
Aug.
Sept.
1939
1937
1942
1942
1942
1942
1942
1942
1942
1942
1942
1942
Advances to individuals, partnerships, or corporations other than member banks secured
by direct obligations of the U . S . (maturities
not exceeding 90 days—last par. Sec. 13;
To nonmember banks
Rate
Effective
Sept.
Aug.
Mar.
Apr.
Mar.
Sept.
Sept.
Sept.
Mar.
Sept.
Sept.
Apr.
2, 1937
10, 1935
4, 1937
19, 1935
10, 1937
21, 1937
29, 1942
14, 1942
24, 1937
3, 1937
31, 1937
17, 1937
To others
Rate
1, 1939
25, 1939
21, 1942
11, 1942
14, 1942
16, 1939
1, 1939
16, 1939
28, 1942
16, 1939
16, 1939
4, 1942
Effective
Apr. 29,
Feb. 8,
Sept. 1,
M a y 11,
Feb. 19,
Apr. 23,
Oct. 16,
Mar. 14,
Oct. 8,
Apr. 16,
Apr. 16,
Oct. 19,
VA
1938
1934
1939
1935
1934
1938
1933
1942
1938
1938
1938
1933
1
Rates shown also apply to advances with maturities not exceeding 15 days secured by fully guaranteed obligations of the F.F.M.C. or the H.O.L.C.
Discounts of certain bankers' acceptances and of agricultural paper may have maturities not exceeding six months and nine months, respectively.
Rates shown also apply to advances with maturities not exceeding 15 days secured by obligations of Federal Intermediate Credit Banks maturing within
six months.
FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADFEDERAL RESERVE B A N K BUYING RATES ON BILLS
VANCES AND COMMITMENTS UNDER SECTION 13b
[Per cent per annum]
OF THE FEDERAL RESERVE ACT
Maturities not exceeding five years
Previous
Rate on
In effect beMaturity
[In effect August 31. Per cent per annum]
rate
August 31
ginningZ
A
Oct. 20, 1933
do
do
To industrial or
commercial
businesses
Apr. 30, 1942
A
%
Treasury billsl
Bankers' acceptances :2
1- 90 days
91-120 days
121-180 days
1
1
Federal Reserve
Bank
l Established rate a t which Federal Reserve Banks stand ready to buy
all Treasury bills offered.
2Minimum buying rates on prime bankers' acceptances.
MEMBER B A N K RESERVE REQUIREMENTS
[Per cent of deposits]
Aug. 16, Mar. 1, M a y l , Apr. 16, Nov. 1, EffecClasses of deposits
19361937193719381941tive
and banks
Feb. 28, Apr. 30, Apr. 15, Oct. 31, Aug. 19, Aug. 20
1937
1937
19382
1941
19422
1942
On net demand
deposits: 1
Central
reserve
city
Reserve city
Country
On time deposits:
All member banks.
19H
15
ioy2
VA
22^
17^
nx
26
20
14
22%
12
26
20
14
24
20
14
6
5
6
6
17J^
To financing institutions
Discounts or
purchases
On,
On
On comOn
advances1 commit- portion On re- mitments
ments for which
maining
institu- portion
tion is
obligated
Boston
New York....
Philadelphia.,
Cleveland
(3)
(3)
8
Richmond
Atlanta
Chicago
St. Louis
Minneapolis..
Kansas City..
Dallas
San Francisco
O
(2)
2^-5
8
K5
23^-5
2H5
8
1
See footnote to table on p. 924 for explanation of method of computing
net demand deposits.
2
Percentages in this column are double the basic statutory requirements,
which were in effect June 21, 1917-Aug. 15,1936.
Including loans made in participation with financing institutions.
J Rate charged borrower less commitment rate.
* Rate charged borrower.
4
May charge same rate as charged borrower by financing institution, if
lower.
6
Financing institution is charged \i per cent on undisbursed portion of
loan under commitment.
M A R G I N REQUIREMENTS*
[Per cent of market value]
MAXIMUM RATES ON TIME DEPOSITS
Maximum rates that may be paid by member banks as established by
the Board of Governors under provisions of Regulation Q
[Per cent per annum]
1
Prescribed by Board of Governors of the Federal
Reserve System in accordance with Securities
Exchange Act of 1934
For extensions of credit by brokers and dealers on
listed securities, under Regulation T
For short sales, under Regulation T
For loans by banks on stocks, under Regulation U . . . .
1
Apr. 1,
1936Oct. 31,
1937
55
3
55
Nov. 1,
1937
and
after
40
50
40
Reg. T and U limit the amount of credit that may be extended on a
security by prescribing a maximum loan value, which is a specified
percentage of its market value at the time of the extension; the "margin
requirements" shown in this table are the difference between the market
value (100%) and the maximum loan value.
2
Requirement under Reg. T was the margin "customarily required"
by the broker. 3 Reg. U became effective May 1, 1936.
NOTE.—Regulations T and U also provide special margin requirements on
"omnibus" accounts and loans to brokers and dealers.
918
Nov. 1,1933Jan.31,1935
Savings deposits
Postal savings deposits...
Other deposits payable:
In 6 months or more....
In 90 days to 6 months.
In less than 90 days
Feb. 1,1935Dec.31,1935
Effective
Jan.1,1936
A
VA
2H
NOTE.—Maximum rates that may be paid by insured nonmember banks
as established by the F . D . I. C , effective February 1, 1936, are the^
same as those in effect for member banks. Under Regulation Q the rate
payable by a member bank may not in any event exceed the maximum
rate payable by State banks or trust companies on like deposits under
the laws of the State in which the member bank is located.
FEDERAL RESERVE BULLETIN
PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS
[In thousands of dollars]
End of month
Wednesday figures
1941
1942
Aug. 19
Aug. 12
Aug. 5
July 29
July 22
July 15
July 8
July 1
July
June
July
Assets
Gold certificates on hand and
0,550,626 1,550,627 20,531,628 20,550,625 20,302,532
20,547,619 20,546,641 20,547,628 20, 548,625 20, 549,626 20, 549,i
due from U. S. Treasury
14,916
15,222
14,232
13,102
14,158
12,942
14,602
14,017
15,042
13,189
13,992
Redemption fund—F. R. notes..
285,154
270,162
263,756
255,792
251,714
269,365
264,706
260,907
259,247
248,914
251,491
Other cash
20,810,525 20,811,297 20,812,308 20,827,933 20,832,093 20,834,021 20,825,550 20,824,916 20,801,578 20,829,603 20,602,602
Total reserves
Bills discounted:
For member banks
For nonmember banks, etc.
3,766
1,500
2,841
1,500
3,683
1,500
3,210
1,500
3,387
1,500
2,921
1,500
1,824
1,500
1,843
1,500
2,614
1,500
1,792
1,500
4,682
Total bills discounted
4,341
5,266
5,183
4,710
4,887
3,343
4,114
3,292
4,682
Industrial advances
U.S. Government securities:
Direct
Bonds
Notes
Certificates
Bills
Guaranteed
13,547
12,928
13,497
11,946
10,985
10,550
11,984
10,473
9,620
1,645,286 1,645,286 1,645,286 1,641,236 1,641,236 1,638,696 1,637,220 1,618,081 1,642,966 1,616,631 1,359,200
721,300
724,400
714,100
724,930
721,300
714,100
722,150
714,100
724,930
721,300
820,300
178,231
292,358
102,252
322,858
215,731
72,752
66,252
340,973
195,731
217,731
494,549
636,045
450,327
689,040
527,341
318,730
243,475
732,135
483,647
565,541
4,775
4,775
4,775
4,775
4,775
4,775
4,775
4,775
4,775
4,775
4,600
Total U.S. Government
securities, direct and
guaranteed
3,302,864 3,110,383 3,046,689 3,037,551 2,908,674 2,728,438 3,153,163 2,645,233 2,184,100
3,448,099 3,386,
Other Reserve Bank credit outstanding
110,122
94,130
124,048
174,065
146,414
115,654
106,883
148,968
133,303
130,944
75,855
Total Reserve Bank
credit outstanding... 3,614,955 3,511,966 3,445,592 3,237,161 3,195,864 3,226,921 3,069,010
3,245,116 2,774,652 2,292,532
Liabilities ^
F.R. notes in actual circulation. 9,923,080 9,840,752 9,768,481 9,655,487 9,563,231 9,507,771 9,479,922
9,720,823 9,376,313 6,857,075
Deposits:
Member
bank —reserve
account
12,652,843 12,708,645 12,602,052 12,544,589 12,551,313 12,041,702 12,246,368 12,191,553 12,491,579 12,305,385 13,151,455
U. S. Treasurer—general
account
239,778
173,977
285,388
182,536
945,965
298,331
547,783
266,124
289,960
877,019
Foreign
914,334
888,618
891,117
887,989
870,645
886,555
900,342
872,227
901,639 1,145,009
Other deposits
429,224 442,841
442,127
523,244 460,139 430,868 481,156
500,883
460,345
607,410
Total deposits
14,236,179 14,214,081 14,220,684 14,138,358 14,196,338 14,289,180 14,147,534 14,018,347 14,158,928 13,957,329 15,780,893
Ratio of total reserves to deposit
and F.R. note liabilities combined (per cent)
86.1
86.5
86.8
87.5
87.7
88.9
87.5
87.1
91.0
MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES
HELD BY FEDERAL RESERVE BANKS
[In thousands of dollars]
6 months
to
lyear
1 year
to
2 years
2 years
to
5 years
1,068
1,444
595
1,126
845
667
767
745
768
1,082
1,518
1,520
1,537
1,048
810
830
879
842
836
836
256,250
432,332
489,756
483,046
191,969
204,283
149,965
171,655
236,310
134,700
134,700
134,700
277,175
276,175
268,175
268,175
370,700
376,800
385,330
385,330
16 to 30
days
31 to 60
days
4,710
5,183
5,266
4,341
Bills discounted:
July 29
Aug. 5
Aug. 12
Aug. 19
Industrial advances:
July 29
Aug. 5
Aug. 12
Aug. 19
U. S. Government securities, direct
and guaranteed:
July 29
Aug. 5
Aug. 12.
Aug. 19
SEPTEMBER
91 days
to 6
months
Within
15 days
2,380
3,511
4,025
3,028
1,187
537
67
109
958
1,033
1,054
1,052
182
63
82
125
11,946
13,497
12,928
13,547
6,301
7,811
7,845
7,949
371
410
401
371
177
193
156
170
3,110,383
3,302,864
3,386,889
3,448,099
48,499
37,811
60,516
83,440
58,476
81,940
70,338
177,017
185,268
269,037
338,323
254,950
Total
1942.
61 to 90
days
Over
5 years
1,485,736
1,489,786
1,489,786
1,489,786
919
STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS
[In thousands of dollars]
Total
Assets
Gold certificates on hand
and due from U. S.
Treasury
July 29
Aug. 5
Aug. 12
Aug. 19
New
York
20,548,625
20,547,628
20,546,641
20,547,619
,126,526
,102,820
,123,238
,119,417
14,602
13,189
12,942
13,992
2,595
2,467
2,409
2,365
1,735
1,250
1,017
1,817
264,706
251,491
251,714
248,914
20,874
19,885
19,750
19,034
66,201
61,475
63,880
60,320
Redemption Fund-Federal
Reserve Notes:
July 29
Aug. 5
Aug. 12
Aug. 19
Other cash:
July 29
Aug. 5
Aug. 12
Aug. 19
Total reserves:
July 29
Aug. 5
Aug. 12
Aug. 19
Boston
20,827,933
20,812,308
20,811,297
20,810,525
Philadelphia
Cleveland
7,558,704 1,243,937 1,693,672
7,607,960 1,217,970 1,676,217
7,423,627 1,224,805 1,689,517
7,536,697 1,188,080 1,700,324
Richmond
848,719
853,351
872,940
872,002
Atlanta Chicago
622, 780 3,627,797
637,611 3,607,544
655,925 3,623,335
647,728 3,586,010
St.
Louis
Minne- Kansas Dallas
apolis
City
625,468
624,543
643,070
627,827
383,773
385,496
383,103
388,874
608,537
616,097
629,652
625,567
414,137 1,794,575
434,290 1,783,729
427,388 1,850,041
421,423 1,833,670
1,543
605
541
480
442
811
677
556
1,493
687
651
623
607
143
125
99
92
772
734
712
700
718
684
664
653
3,018
3,273
3,227
3,197
21,087
17,913
18,640
16,563
11,942
14,171
12,445
14,343
15,913
16,374
15,127
17,071
44,196
41,333
41,195
40,356
13,375
13,433
13,273
13,740
7,380
7,256
6,666
6,689
12,393
10,624
10,909
10,298
12,175
10,645
11,282
10,261
25,466
24,457
24,930
26,609
,715,513
,149,995 7,626,640 1,258,
S.462 1
,125,172 7,670,685 1,232,629 1,694,799
,145,397 7,488,524 1,239,047 1,708,742
,717,416
,140,816 7,598,834 1,202,264 1
862,604
868,906
887,330
887,888
639, 298 3,672,804
654, 526 3,649,554
671,532 3,665,086
665,241 3,627,859
639,530
638,627
656,966
642,174
391,296
392,877
389,868
395,655
621,702
627,455
641,273
636,565
821
734
625
554
754
669
585
529
13,704
13,925
13,617
13,630
1,943
1,384
1,945
Bills discounted:
Secured by U. S. Government obligations, direct and guaranteed:
July 29
Aug. 5
Aug. 12
Aug. 19
3,126
3,596
3,670
2,745
1,745
2,160
2,265
1,615
280
205
50
100
100
100
Other bills discounted:
July 29
Aug. 5
Aug. 12
Aug. 19
1,584
1,587
1,596
1,596
638
638
638
638
144
144
144
144
208
158
158
158
4,710
5,183
5,266
4,341
600
2,383
2,798
2,903
2,253
434
429
424
349
258
258
258
258
183
183
183
183
11,946
13,497
12,928
13,547
1,164
1,163
1,163
1,159
1,043
623
623
623
5,404
5,204
5,212
5,281
409
418
472
472
820
820
820
840
1,130
1,188
1,183
1,193
278
227
227
216
1,642,836
1,646,886
1,646,886
1,646,886
116,558
117,042
117,125
117,183
455,796
457,972
458,413
458,713
120,611
121,779
122,143
122,393
152,144
153,197
153,480
153,674
100,660
100,159
99,845
99,632
71,205
71,280
71,240
71,211
212,644
211,627
210,981
210,538
82,441
82,224
82,048
81,926
43,469
43,977
44,144
44,260
Notes:
July 29...
Aug.5....
Aug. 12...
Aug. 19...
724,475
727,575
728,105
728,105
51,402
51,709
51,784
51,807
201,001
202,326
202,667
202,804
53,189
53,801
54,002
54,111
67,094
67,681
67,855
67,941
44,389
44,250
44,144
44,047
31,400
31,492
31,494
31,481
93,773
93,492
93,276
93,083
36,356
36,324
36,273
36,222
Certificates:
July 29...
Aug.5....
Aug. 12...
Aug. 19...
215,731
292,358
322,858
340,973
15,306
20,778
22,961
24,262
59,854
81,300
89,868
94,972
15,838
21,618
23,945
25,340
19,979
27,196
30,089
31,817
13,218
17,780
19,574
20,628
9,350
12,654
13,966
14,744
27,924
37,568
41,361
43,590
Bills:
July 29...
Aug.5....
Aug. 12...
Aug. 19...
527,341
636,045
689,040
732,135
37,397
44,990
48,956
52,094
146,242
176,040
191,607
203,924
38,698
46,811
51,053
54,411
48,815
58,887
64,151
68,317
32,297
38,500
41,733
44,292
22,846
27,399
29,777
31,658
68,226
81,347
88,186
93,596
427,030 1,823,059
445,619 1,811,459
439,334 1,878,198
432,337 1,863,476
183
183
183
183
Total bills discounted:
July 29
Aug.5
Aug. 12
Aug. 19
Industrial advances:
July 29
Aug. 5
Aug. 12
Aug. 19
U. S. Government securities, direct and guaranteed:
Bonds:
July 29
Aug. 5
Aug. 12
Aug. 19
San
Francisco
290
245
24.
245
145
746
746
780
80
50
60
57
110
120
119
114
114
114
114
803
856
900
199
164
174
114
114
173
141
141
140
46
2,046
2,046
2,043
71,900
72,495
72,669
72,788
63,603
63,738
63,728
63,721
151,805
151,396
151,070
150,847
19,172
19,429
19,518
19,566
31,707
32,027
32,127
32,181
28,047
28,157
28,175
28,172
66,945
66,887
66,790
66,690
10,826
14,597
16,085
16,962
5,708
7,807
8,654
9,164
9,442
12,869
14,246
15,070
8,352
11,315
12,493
13,193
19,934
26,876
29,616
31,231
26,451
33,606
34,294
36,421
13,947
16,904
18,452
19,676
23,069
27,866
30,374
32,358
20,647
24,500
27,313
28,328
48,706
59,195
63,144
67,060
290
290
290
190
504
517
520
497
, 961
1,136
507
1,069
FEDERAL RESERVE BULLETIN
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Boston
NewYork
Philadelphia
Cleveland
Richmond
Atlanta Chicago
St.
Louis
Minne- Kansas Dallas
apolis
City
San
Francisco
U. S. Government securities, direct and guaranteed:
July 29
Aug. 5
Aug. 12
Aug. 19
3,110,383
3,302,864
3,386,889
3,448,099
220,663
234,519
240.826
245,346
862,893
917,638
942,555
960,413
228,336
244,009
251,143
256,255
288,032
306,961
315,575
321,749
190,564
200,689
205,296
208,599
134,801
142,825
146,477
149,094
402,567
424,034
433,804
440,807
156,074
166,751
168,700
171,531
82,296
88,117
90,768
92,666
136,118
145,257
149,416
152,397
120,649
127,710
131,709
133,414
287,390
304,354
310,620
315,828
Total bills and securities:
July 29
Aug. 5
Aug. 12
Aug. 19
3,127,039
3,321,544
3,405,083
3,465,987
221,827
235,682
241,989
247,105
866,319
921,059
946,081
963,289
234,174
249,642
256,779
261,885
288,699
307,637
316,305
322,479
191,450
201,575
206,182
209,505
135,984
144,066
147,712
150,340
403,028
424,444
434,214
441,206
156,378
167,055
169,004
171,735
82,833
88,667
91,321
93,196
137,122
146,436
149,966
153,509
121,625
128,707
132,750
133,753
287,600
306,574
312,780
317,985
24,105
26,362
26,709
28,162
776
1,000
1,046
2,159
2,626
3,326
3,056
1,954
2,227
2,407
2,508
3,155
3,316
2,874
3,299
3,762
3,033
2,770
3,433
1,744
2,183
2,626
2,132
1,508
1,278
1,389
936
2,299
3,147
2,699
3,337
711
1,048
942
1,140
2,891
3,138
3,478
3,851
1,028,011
1,002,578
1,123,436
1,172,399
105,169
112,731
118,650
125,334
235,181
218,300
264,318
249,834
65,574
67,404
78,035
79,329
141,441
106,884
135,434
134,731
82,155
88,552
91,844
95,040
39,868
49,958
45,747
45,175
137,644
139,646
146,912
164,021
44,188
40,300
50,911
54,133
22,841
26,968
25,833
26,506
43,566 .45,199
44,698 *38,658
51,020 39,294
56,004 45,712
65,185
68,479
75,438
96,580
Bank premises:
July 29
Aug. 5
Aug. 12
Aug. 19
40,455
40,39'
40,401
40,401
2,745
2,745
2,745
2,745
10,397
10,379
10,379
10,379
4,827
4,827
4,827
4,827
4,373
4,373
4,373
4,373
3,073
3,071
3,074
3,074
1,954
1,954
1,954
1,954
2,972
2,956
2,956
2,956
2,132
2,127
2,128
2,128
1,324
1,321
1,321
1,321
2,837
2,831
2,831
2,831
1,090
1,090
1,090
2,723
2,723
2,723
2,723
Other assets:
July 29
Aug. 5
Aug. 12
Aug. 19
46,436
47,066
48,066
48,718
3,049
3,132
3,270
3,255
12,573
12,422
12,730
12,841
3,391
3,528
3,667
3,638
4,787
4,908
5,035
5,158
3,040
2,964
3,050
3,069
1,938
1,960
2,010
2,056
5,660
5,814
5,966
6,079
2,117
2,215
2,212
2,262
1,237
1,312
1,349
1,370
2,004
2,085
2,127
2,181
1,785
1,813
1,823
1,882
4,855
4,913
4,827
4,927
Due from foreign banks:
July 29
Aug. 5
Aug. 12
Aug. 19
Federal Reserve notes of
other banks:
July 29
Aug. 5
Aug. 12
Aug. 19
Uncollected items:
July 29
Aug. 5
Aug. 12
Aug. 19
Total assets:
July 29..
Aug. 5
Aug. 12
Aug. 19
Federal
actual
July
Aug.
Aug.
Aug.
1,670
1,624
1,637
1,576
1,476
1,742
1,515
1,796
25,094,026 1,483,564 8,753,287 1,568, 103 2 ,156,293 1,144,278
25,250,302 1,480,465 8,835,489 1,559,
,120,347 1,167,297
25,455,039 1,513,100 8,725,376 1,583,997 2,171,408 1,193,889
25,566,239 1,520,356 8,838,251 1,553,524 2,185,957 1,201,086
Liabilities
Reserve notes in
circulation:
29
5
12
19
Deposits:
Member bank—reserve
account:
July 29
Aug. 5
Aug. 12
Aug. 19
822, 199 4 225,876 846,090 501,039 809,531 597,449 2,186,317
855, 782 4 225,453 852,508 512,423 826,653 616,936 2,197,290
511,081 849,917 615,234 2,277,448
871,
257,910
868,067 4,245,560 874,565 518,984 854,428 615,915 2,289,546
938,211
938,056
958,380
965,779
9,655,487
9,768,48
9,840,752
9,923,08C
725,575 2,378,222
725,379 2 ,398,014
730,868 2 ,400,971
736,918 2,418,751
685,073
691,895
700,785
707,166
920,924
930,071
939,131
947,916
539,084
550,974
562,288
570,453
377, 068 1,983,407
393, 738 2,005,656
390, 277 2,018,554
391, 173 2 ,035,593
378,371
387,089
389,730
392,991
237,024
239,468
241,004
242,629
321,703
331,672
332,205
335,915
170,825
176,469
176,559
177,796
12,544,589
12,602,052
12,708,645
12,652,84,
600, 969 5 ,227,073
592,364 5,284,217
625,41. 5,171,637
621,788 5,256,161
692,019
672,081
671,083
639,546
925,980
908,132
932,856
939,802
468,512
472,291
489,406
471,342
363,266 1,898,193
376, 149 1,884,730
398, 836 1,921,830
386,416 1,874,200
369,286
360,846
388,434
371,780
198,363
203,949
208,506
208,392
401,329
404 ,'947
424,398
417,048
346,
i,599 1 ,053,000
361,792 1 ,080,554
361,602 1,114,644
356,»,700 1 ,109,668
* Less than $500.
SEPTEMBER
1942.
9zi
Federal Reserve Banks—Continued
[In thousands of dollars]
Total
Boston
New
York
Phila
delphi
Cleveland
Richmond
Atlanta Chicag,
St.
Louis
Minne- Kansas
apolis
City
Dallai
San
Francisco
U. S. Treasurer—general
account:
July 29
Aug. 5
Aug. 12
Aug. 19
182,53i
285,381
173,9
239,77
13,248
21,183
4,918
8,71
32,72^
79,94'
33,90:
64,68;
13,204
22,437
24,49:
19,49'
13, Hi
21,05'
9,Hi
14,17
5,1.
12, oo:
6,33!
14,8.
7,02:
6,55'
4,
10,50.
31,78
67,86
21,96
37,78.
9,50'
10,91
11,13
10,45
11,28;
14,39:
5,98(
12,96
9,17
6,56
12,53i
131
7.44C
12,608
7,66:
6,823
28,893
9,861
31,079
26,126
Foreign:
July 29
Aug. 5
Aug. 12
Aug. 19
887,98'
891,11
888,61;
914,33'
24,29!
22,90=
22,998
23,77.
474,99.
474,93S
473,008
475,698
64,871
65,6*
65,51
69,228
62.17
62,783
66,34
29,73.
30,071
30,02/
31,725
23,65:
23,92.
23,88i
25,23<
82,44<
83,39^
83,25(
87,97^
20,27
20,50
20,473
21,634
14,86
15,03'
15,01.
15,86.
19,591
19,8219,791
20,91.
19,59!
19,
19.79C
20,913
51,484
52,165
52,082
55,021
Other deposits:
July 29
Aug. 5
Aug. 12
Aug. 19
523,244
442,127
442,84:
429,22<
11,413
10,84'
5,565
5,89
308,90C
283,34:
288,334
280,27
14,914
11,311
12,62.
9,57:
78,71i
62,698
62,67
60,57:
8,69?
7,843
7,44i
7,92'
2,76:
2,38S
2,20(
2,11
37,522
4,168
4,925
2,76;
14,44
14,07.
13,85.
12,54:
9,51(
7,52'
8,827,94<
3,99;
4,67;
1,91
6,69i
1,78.
3,40.
2,37:
2,53;
30,575
29,856
32,089
30,396
Total deposits:
July 29
Aug. 5
Aug. 12
Aug. 19
4,138,358
.4,220,684
.4,214,08:
4,236,17?
649,925 6,043,697
647,301 6,122,444
658,898 ",966,884
660,172 ,076,813
785,012
771,452
773,712
737,842
,079,978
,054,779
,067,432
,080,887
512,078
522,214
533,218
525,854
396,70:
409,02C
429,77=
424.27C
,049.95C
,040,15
,031,978
,002,724
413,51,
406,34,
433,894
416,41,
234,03:
240,90'
238,32'
245,16
434,09:
436,00:
458,64.
457,85'
375,42:
397,62'
391,42:
386,96<
,163,952
,172,436
,229,894
,221,211
Deferred
July
Aug.
Aug.
Aug.
availability items
29
5
12
19
*
917,93'
878,577
1,016,600
1,023,478
81,715
81,418
96,884
96,803
199,700
183,231
225,376
210,508
63,210
61,458
74,501
73,592
120,041
100,112
129,396
121,684
76,43:
77,423
81,624
88,021
34,222
38,817
37,531
38,373
143,196
130,27.
157,912
157,815
42,11
46,93<
48,04
52,99;
20,034
22,083
21,754
21,19)
41,84'
47,112
47,208
48,841
39,353
31,015
35,39
39,254
56,074
58,691
60,982
74,396
Other liabilities, including
accrued dividends:
July 29
Aug. 5
Aug. 12
Aug. 19
3,409
3,304
3,831
3,550
371
468
529
530
65:
628
805
766
189
200
306
227
364
309
323
326
32
310
344
320
21:
184
195
194
425
384
407
351
98
114
135
111
113
130
125
332
285
259
226
204
152
172
202
124
157
226
176
!4,715,190 ,457,586 ;,622,271 ,533,484 ,121,307
!4,871,046 ,454,566 s704,317 ,525,005 ,085,271
!5,075,264 ,487,179 ,594,036 549,304 ,136,282
!5,186,287 494,423 ,706,838 518,827 ,150,813
127,920
150,921
177,474
184,648
808,204
841,759
857,778
854,010
176,978
176,470
208,851
196,483
834,095
840,485
871,800
862,504
491,201
502,571
501,217
509,119
797,979
815,074
838,314
842,839
585,804
605,267
603,547
604,221
158,361
169,340
249,482
261,562
Total liabilities:
July 29
Aug. 5
Aug. 12
Aug. 19
Capital accounts
Capital paid in:
July 29
Aug. 5
Aug. 12
....'
Aug. 19
145,104
145,100
145,136
145,146
9,441
9,441
9,439
9,439
53,467
53,468
53,470
53,472
11,784
11,784
11,784
11,776
14,825
14,825
14,825
14,825
5,830
5,830
5,832
5,833
5,131
5,131
5,132
5,133
15,968
15,969
15,994
15,996
4,496
4,496
4,499
4-, 507
3,064
3,064
3,065
3,065
4,685
4,685
4,689
4,692
4,445
4,445
4,445
4,446
11,968
11,962
11,962
11,962
Surplus (section 7)
July 29
Aug. 5
Aug. 12
Aug. 19
157,502
157,502
157,502
157,502
10,949
10,949
10,949
10,949
56,651
56,651
56,651
56,651
15,171
15,171
15,171
15,171
14,346
14,346
14,346
14,346
5,236
5,236
5,236
5,236
5,725
5,725
5,725
5,725
22,925
22,925
22,925
22,925
4,966
4,966
4,966
4,966
3,152
3,152
3,152
3,152
3,613
3,613
3,613
3,613
3,976
3,976
3,976
3,976
10,792
10,792
10,792
10,792
Surplus (section 13b)
July 29
Aug. 5
Aug. 12
Aug. 19
26,781
26,781
26,781
26,781
2,874
2,874
2,874
2,874
7,070
7,070
7,070
7,070
4,393
4,393
4,393
4,393
1,007
1,007
1,007
1,007
3,244
3,244
3,244
3,244
713
713
713
713
1,429
1,429
1,429
1,429
530
530
530
530
1,000
1,000
1,000
1,000
1,137
1,137
1,137
1,137
1,263
1,263
1,263
1,263
2,121
2,121
2,121
2,121
Other capital accounts:
July 29
Aug. 5
Aug. 12
Aug. 19
49,449
49,873
50,356
50,523
2,714
2,635
2,659
2,671
13,828
13,983
14,149
14,220
3,271
3,306
3,345
3,357
4,808
4,898
4,948
4,966
2,048
2,066
2,103
2,125
2,426
2,454
2,483
2,486
8,576
8,660
8,711
8,727
2,003
2,031
2,053
2,058
2,622
2,636
2,647
2,648
2,117
2,144
2,164
2,147
1,961
1,985
2,003
2,009
3,075
3,075
3,091
3,109
Total liabilities and capital
accounts:
July 29
Aug. 5
Aug. 12
Aug. 19
5,094,026
!5,250,302
!5,455,039
!5,566,239
,483,564
,480,465
,513,100
,520,356
753,287
835,489
725,376
838,251
568,103
559,659
583,997
553,524
156,293
120,347
171,408
185,957
144,278
167,297
193,889
201,086
822,199
855,782
871,831
868,067
225,876
225,453
257,910
245,560
846,090 501,039 809,531 597,449
852,508 ~12,423 826,653 •16,936
883,848 11,081 849,917 .15,234
874,565 18,984 854,428 .15,915
186,317
197,290
277,448
289,546
Commitments to make industrial advances:
July 29
Aug. 5
Aug. 12
Aug. 19
15,989
14,848
17,109
18,726
754
753
753
753
440
438
438
433
1,625
1,753
1,724
1,732
658
623
596
603
1,255
1,254
1,255
1,249
704
704
659
646
2,099
2,096
1,846
1,842
2,122
1,134
1,047
1,047
2,440
2,265
2,894
2,332
3,892
3,828
5,897
8,089
FEDERAL RESERVE BULLETIN
INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS
[Amounts in thousands of dollars]
Applications
received
Applications under
consideration
Applications
approved
Date (last Wednesday of
each month)
Number
Amount
Number
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
9,476
9,512
9,556
9,609
9,633
9,659
9,682
9,719
9,793
9,817
9,855
9,891
9,912
9,950
9,974
10,007
10,035
10,056
10,081
10,129
10,171
10,191
10,220
10,236
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
410,192
413,646
417,260
431,236
435,474
442,712
448,506
444,985
455,868
458,092
471,035
481,255
498, 017
504,144
506,320
510,443
512,449
525,432
530,556
546,600
558,821
572,411
578,805
587,448
71
68
28
12
5
9
10
1
7
19
8
8
5
14
5
2
2
1934—Dec. 26
1935—June 26
Dec. 313
1936—June 24.
Dec. 30
1937—Mar. 31
June 30
Sept. 29
Dec. 29
1938—Mar. 30
June 2 9 . . .
Sept. 28
Dec. 28
1939—Mar. 29
June 28
Sept. 27..
Dec. 27
1940—Mar. 27
June 26
Sept. 25
Dec. 313
1941—Jan. 29
Feb. 26
Mar. 26
Apr. 30
May 28
June 25
July 3C
Aug. 27
Sept. 24
Oct. 29
Nov. 26
Dec. 31
1942—Jan. 28
Feb. 25
Mar. 25
Apr. 29
May 27
June 24
July 29
Aug. 26
Amount
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
199
33
10
222
1,929
600
823
35
1,725
35
145
70
2,220
5
375
150
135
600
300
424
400
600
350
356
7
i
1
2
1
2
4
1
3
2
5
2
3
2
3
1
3
4
4
1
1
4
2
3
1
2
Number
Amount
984
1,646
1,993
2,183
2,280
2,323
2,361
2,381
2,406
2,464
2,566
2,617
2,653
2,683
2,721
2,752
2,781
2,814
2,838
2,865
2,908
2,923
2,945
2,959
2,987
3,046
3,067
3,096
3,120
3,132
3,161
3,179
3,202
3,224
3,241
3,261
3,300
3,337
3,352
3,376
3,388
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
192,665
195,739
198,966
212,510
214,800
223,226
228,732
225,849
234,714
238,505
248,867
258,154
267,606
274,739
276,499
279,860
281,617
292,905
297,945
313,660
325,507
338,822
344,770
352,675
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,v723
10,988
10,778
9,152
9,483
9,451
9,526
9,157
9,639
10,549
10,761
10,359
9,808
10,612
10,836
10,337
9,752
9,227
9,312
10,699
11,464
11,265
12,619
14,833
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
8,224
8,762
8,078
5,226
5,207
5,066
7,315
8,464
12,342
13,072
11,697
12,928
13,551
13,238
14,735
14,597
14,272
14,921
14,364
11,673
14,378
16,832
15,989
16,720
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
2,471
2,195
2,315
13,954
12,325
20,424
19,986
13,035
14,134
8,090
11,626
11,520
10,251
12,317
9,774
8,294
7,612
15,751
17,698
18,473
22,480
26,346
22,323
12,024
Repaid,
expired,
or withdrawn by
applicant,
etc.
(amount)
Participations
outstanding
(amount)
5,558
24,900
44,025
61,425
77,910
85,210
97,663
102,588
107,384
111,193
117,555
122,447
128,839
135,004
139,281
146,156
151,679
158.110
162,612
167,046
177,792
179,021
179,5C9
180,989
183,646
186,062
192,783
202,287
208,279
216,258
219,598
221,421
227,032
230,593
233,082
237,485
250,105
253,801
257,949
268,555
283,803
Approved
CommitAdvances
but not
ments outoutcompleted 2
standing
standing
(amount)
(amount)
(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
11,137
11,182
10,749
6,386
8,764
8,716
10,916
11,547
12,537
14,011
12,496
15,068
17,738
18,974
19,733
19,600
19,388
19,924
19,086
22,710
23,384
26,430
25,284
25,295
1 Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition
of Federal Reserve Banks.
2 Includes applications approved conditionally by the Federal Reserve Banks and under consideration by applicant.
3 Tuesday.
FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS
[In thousands of dollars]
Total
Federal Reserve Notes:
Issued to F.R. Banks by
F.R. agents:
July 29
Aug. 5
Aug. 12
Aug. 19
Held by Federal Reserve
Bank:
July 29
Aug. 5
Aug. 12
Aug. 19
In actual circulation:1
July 29
Aug. 5
Aug. 12
Aug. 19
Collateral held by agent as security for notes issued to
bank:
Gold certificates on hand
and due from U. S.
Treasury:
July 29
Aug. 5
Aug. 12
Aug. 19
Eligible paper:
July 29
Aug. 5
Aug. 12
Aug. 19
Total collateral:
July 29
Aug. 5
Aug. 12
Aug. 19
1
Boston
New
York
Phila- Clevedelphia land
Richmond Atlanta Chicago Louis
242,135
244,171
245,730
246,993
335,334
342,546
344,036
349,030
42,056
40,941
43,234
46,355
30,801
25,680
27,949
28,768
5,111
4,703
4,726
4,364
13,631
10,874
11,831
13,115
18,551
15,071
16,121
14,802
71,625
67,564
72,923
76,001
539,084
550,974
562,288
570,453
377,068 1,983,407
393, 738 2 ,005,656
390, 277 2 ,018,554
391,173 2,035,593
378,371
387,089
389,730
392,991
237,024
239,468
241,004
242,629
321,703
331,672
332,205
335,915
170,825
176,469
176,559
177,796
938,211
938,056
958,380
965,779
600,000
600,000
625,000
625,000
415,000 2,040,000
425,000 2,060,000
425,000 2,080,000
425,000 2,100,000
420,000
430,000
430,000
430,000
245,000
245,000
250,000
250,000
340,000
350,000
350,000
350,000
194,500 1,029,000
196,500 1,029,000
198,500 1,049,000
198,500 1,069,000
245,000
245,000
250,000
250,000
340,000
350,000
350,000
350,000
194,500 1 ,029,000
196,500 1,029,000
198,500 1,049,000
198,500 1,069,000
724,425
725,215
730,761
734,038
955,691
960,869
970,997
979,773
580,819
584,878,
599,541'
604,988
105,274
108,538
111,899
108,889
39,352
33,320
29,976
26,872
34,767
30,798
31,866
31,857
41,735
33,904
37,253
34,535
9,655,487
9,768,481
9,840,752
9,923,080
725,575 2! 378,222 685,073
,
725,379 2 , 398,014 691,895
!
730,
! 400,971 700,785
,
736,918 2
',418,751 707,166
920,924
930,071
939,131
947,916
10,248,500
10,330,500
10,447,500
10,497,500
!
770,000 2 , 495,000 740,000
!,515,000 740,000
775,000 2
785,000 2 , 540,000 740,000
!
785,000 2 540,000740,000
\,
960,000
965,000
975,000
985,000
466,212
437,704
462,076
451,609
2,280
2,690
2,510
2,565
10,250,780
10,333,190
10,450,010
10,500,06;
31,881
41,100
42,846
35,643
1,745
2,160
2,265
1,615
740,290
740,285
740,000
740,205
408,496 2 ,025,463
418,949 2 ,046,597
421, 729 2 ,061,788
421,581 2,081,948
31,428
25,211
31,452
30,408
600
189,376 1,009,836
191,540 1,005,620
192,680 1,031,303
192,598 1,041,780
245
245
245
145
205
770,000 2 ,496,745
,517,160
775,
785,000 2 ,542,265
785,600 2,541,615
San
Francisco
409,172
412,769
417,679
421,759
757,456 2 ,483,496
766,479 2 ,506,552
773,714 2 ,512,870
772,561 2,527,640
10,121,699
10,206,185
10,302,828
10,374,689
Minne- Kansas Dallas
City
apolis
290
285
960,000
965,000
975,000
985,000
600,000
600,000
625,000
625,000
415,000 2,040,000
425,000 2,060,000
425,000 2,080,000
425,000 2,100,000
420,245
430,245
430,245
430,145
Includes Federal Reserve notes held by U. S. Treasury or by a Federal Reserve Bank other than the issuing bank.
SEPTEMBER 1942.
913
MEMBER BANK RESERVE BALANCES BY CLASSES OF BANK.
[Averages of daily figures. In millions of dollars]
RESERVE POSITION OF MEMBER BANKS, JULY, 1942
[Averages of daily figures. In millions of dollars]
Classes of banks
and districts
Gross
demand
deposits
Net
demand
deposits
Reserves with
Federal Reserve
Banks
Time
deposits
Required
All
member 1
banks
Excess
Held
All member banks
51,790 43,712 12,233 10,172 12,409
Central reserve city banks:
New York
17,274 16,521
737 4,340 4,609
458
Chicago
3,855 3,495
936 1,000
Total reserves held:
1941—July
.. 13,120
August
13,004
September
13,184
October
13,097
November
12,900
December
12,812
1942—January
12,936
February
12,908
March
12,827
April
12,649
May
12,510
June
12,624
July
12,409
Week ending (Friday):
1942—July 3
12,262
July 10
12,261
July 17
12,346
July 24
12,528
July 31
12,596
Aug. 7
12,618
Aug. 14
12,777
Excess reserves:
1941—July
5,193
August
5,017
September
5,116
October
5,001
November
3,611
December
3,390
1942—January
3,446
February
3,309
March
3,147
April
2,951
May
2,667
June
2,704
July
2,237
Week ending (Friday):
1942—July 3
2,255
July 10
2,289
July 17
2,264
July 24
2,207
July 31
2,211
p
Aug. 7
2,231
P
Aug. 14
2,364
2,237
269
64
Reserve city banks:
Boston district
New York district
Philadelphia district
1,481
311
1,762
1,351
269
1,550
80
141
134
275
62
318
331
71
471
55
9
153
Cleveland district
Richmond district
Atlanta district
2,606
1,185
1,128
2,188
970
858
678
235
171
478
208
182
660
318
223
182
110
41
Chicago district
St. Louis district
Minneapolis district
2,322
1,255
568
1,829
1,024
451
713
168
79
409
215
95
548
263
106
140
48
11
Kansas City district
Dallas district......
San Francisco district ...
1,510
1,096
3,503
1,046
767
2,968
151
128
2,106
218
161
720
292
217
946
74
56
226
18,727 15,272
4,784
3,341
4,447
1,105
Total
Country banks:
Boston district
New York district
Philadelphia district
1,359
2,028
941
1,072
1,633
714
552
1,492
840
183
318
150
274
473
217
91
155
67
Cleveland district
Richmond district
Atlanta district
1,049
980
885
748
637
584
738
400
260
149
113
97
240
168
143
91
54
46
Chicago district
St. Louis district
Minneapolis district
1,485
650
466
1,010
425
313
863
254
281
193
75
61
305
108
89
111
33
28
39
44
39
799
Kansas City district
Dallas district
San Francisco district...
Total
688
819
584
409
515
365
157
99
316
67
78
70
106
122
109
11,935
8,424
6,254
1,555
2,353
1
Gross demand deposits minus demand balances with domestic banks
(except private banks and American branches of foreign banks) and cash
items in process of collection.
NOTE.—See tables on p. 918 for percentages of deposits required to be held
as reserves.
Central reserve
city bank s
Reserve
city
banks
Country
banks 1
New
York
Chicago
5,
5,
5,
5,
5,
5,
5,
5,
5,
875
600
554
314
053
142
248
266
188
5, 028
4, 870
4, 859
4, 609
1, 120
1, 140
1, 218
1, 243
1, 210
1, 143
1, 085
1, 086
1, 157
1, 140
1, 049
979
1, 000
4, 198
4, 287
4, 335
4, 391
4, 424
4, 317
4, 365
4, 356
4 279
4, 293
4, 325
4, 448
4 447
1 927
1 978
2 076
2 149
2 ,213
2 210
2 238
2 199
2 ,204
2 188
2 265
2 ,338
2 ,353
4, 717
4, 568
4, 513
4, 648
4, 696
4 719
4 663
973
980
988
1, 021
1, 026
1, 013
1, 036
4
4
4
4
4
4
4
272
363
465
505
527
505
623
2 ,299
2 ,349
2 ,379
2 ,354
2 ,347
2 ,381
2 ,454
150
898
834
626
945
989
1 083
1 071
962
795
546
556
269
388
403
478
512
367
295
225
204
255
262
178
89
64
1
1
1
1
1
1
789
824
836
845
456
303
330
279
190
175
171
232
866
892
968
394
307
227
254
264
281
242
58
66
61
66
67
56
73
2
1
1
1
1
1
1
1
1
1 ,105
1 021
1 ,096
1 ,139
1 ,112
1 ,112
1 ,092
1 ,174
1 ,017
844
804
809
755
740
718
772
827
799
782
821
836
775
768
p
802
^875
p
1
Preliminary.
Weekly figures of excess reserves of all member banks and of country
banks are estimates.
DEPOSITS OF MEMBER BANKS I N LARGER A N D SMALLER CENTERS
[Averages of daily figures. In millions of dollars]
Member banks in larger centers
(places over 15,000)
All member banks
Federal Reserve district
Gross demand
Time
Gross demand
July
June
Boston
New York
Philadelphia..,
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis...
Kansas City...
Dallas........
San Francisco.
2,840
19,613
2,703
3,655
2,164
2,013
7,662
1,905
1,034
2,198
1,915
4,087
2,797
19,539
2,690
3,643
2,154
2,020
7,439
1,873
1,011
2,091
1,857
3,988
632
2,371
974
1,416
636
430
2,035
422
361
308
227
2,422
626
2,354
976
1,406
630
427
2,011
423
358
304
227
2,404
Total
51,790
51,102
12,233
12,147
1
July
July
June
June
2,665
^,920
2,345
3,263
1,872
1,800
^,250
1,519
811
1,738
1,480
3,911
X
26,574
2,632
1,942
2,347
3,263
1,873
1,811
x
3,150
1,499
793
1,656
1,431
3,821
1
1
26,219
Member banks in smaller centers
(places under 15,000)
Time
512
H,m
527
1,067
430
344
^,227
300
191
200
184
2,315
^,414
Time
Gross demand
July
June
July
508
l,103
531
1,060
426
342
x
h^ll
299
190
197
184
2,299
^,350
175
420
358
392
292
213
557
386
223
461
435
176
June
July
June
165
401
344
380
281
209
540
374
218
435
425
167
120
515
447
350
206
87
349
122
169
108
43
107
118
510
445
346
204
85
344
123
168
107
43
105
3,940
2,623
2,599
Excluding central reserve city banks, for which figures for latest month are shown in table above.
FEDERAL RESERVE BULLETIN
K I N D S OF MONEY I N CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars!
Total
Gold
certificates
Silver
dollars
Silver
certificates
1941—June
July
August
September.
October....
November..
December..
9,612
9,732
9,995
10,163
10,364
10,640
11,160
63
63
62
62
62
61
61
53
54
55
56
57
59
60
1942—January....
February...
March
April
May
June
July
11,175
11,485
11,566
11,767
12,074
12,383
12,739
61
61
60
60
60
59
59
61
61
62
64
65
66
67
Treasury
notes
of 1890
Subsidiary
silver
coin
Minor
coin
United
States
notes
Federal
Reserve
notes
Federal
Reserve
Bank
notes
National
bank
notes
1
434
438
445
455
463
474
481
194
196
199
202
205
208
209
300
307
313
314
317
321
313
6,684
6,813
7,027
7,181
7,378
7,615
8,138
20
20
20
20
20
20
19
150
149
148
147
146
145
144
471
475
482
488
496
504
510
206
206
208
209
211
213
215
302
309
307
309
316
317
315
8,253
8,514
8,587
8,769
9,022
9,310
9,650
19
19
19
19
19
19
19
143
143
142
141
140
139
138
1,714
1,691
1,723
L.724
1,715
1,737
1,733
1,657
1,695
,697
1,707
,745
,754
1,764
End of month
Back figures.—See Annual Report for 1937 (table 35).
PAPER CURRENCY, BY DENOMINATIONS, A N D COIN I N CIRCULATION
[Outside Treasury and Federal Reserve Banks. In millions of dollars]
Total
in circulation 1
Total
Coin
1941—June
July
August
September
October
November
December
9,612
9,732
9,995
10,163
10,364
10,640
11,160
6,890
6,992
7,237
7,378
7,537
7,769
8,120
681
688
700
713
725
738
751
1942—January...!...
February
March
April
May
June
July
11,175
11,485
11,566
11,767
12,074
12,383
12,739
8,053
8,326
8,396
8,560
8,841
9,083
9,398
738
743
752
757
771
783
793
End of month
Coin and small denomination currency 2
$1
3
Large denomination currency 2
Unassorted 2
$2
$5
$10
$20
Total
$50
$100
$500
625
626
641
658
663
675
695
41
40
42
42
41
43
44
1,207
1,215
1,257
1,270
1,287
1,318
1,355
2,289
2,334
2,430
2,469
2,527
2,610
2,731
2,047
2,090
2,169
2,227
2,293
2,383
2,545
2,725
2,742
2,760
2,787
2,830
2,874
3,044
607
615
630
645
658
674
724
1,244
1,257
1,274
1,293
1,316
1,343
1,433
244
244
244
243
245
248
261
548
544
543
537
539
538
556
24
24
24
24
25
24
24
57
58
46
46
47
47
46
2
3
3
3
3
4
4
656
668
673
680
696
704
712
42
42
42
43
44
45
45
1,309
1,344
1,351
1,362
1,402
1,427
1,464
2,713
2,825
2,834
2,898
3,004
3,099
3,234
2,595
2,704
2,744
2,820
2,924
3,024
3,149
3,126
3,163
3,174
3,204
3,235
3,301
3,343
745
767
779
792
801
824
840
1,481
1,511
1,528
1,549
1,566
1,602
1,628
265
266
268
268
260
262
263
566
565
561
558
570
576
574
24
21
9
9
9
8
8
46
33
29
29
28
29
30
4
4
5
1
1
2
2
$1,000 $5,000 $10,000
1
Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve Banks.
Includes unassorted currency held,1 in Treasury and Federal Reserve Banks and currency of unknown denominations reported by the Treasury as
destroyed.
:>ye<
Paper currency only; $1 silver coins reported under coin.
Back figures.—See Annual Report for 1937 (table 36).
2
TREASURY CURRENCY O U T S T A N D I N G
[Held by Treasury and Federal Reserve Banks and in circulation,
millions of dollars]
Federal
Reserve
Bank
notes
In
End of month
Total
Silver
dollars
and
silver
bullion 1
1941—June
July
August
September.
October....
November
December ..
3,149
3,166
3,181
3,198
3,219
3,231
3,247
1,983
1,991
1,998
2,006
2,013
2,017
2,023
447
455
462
469
482
489
497
199
202
204
207
210
212
215
347
347
347
347
347
347
347
21
20
20
20
20
20
20
152
151
150
149
148
146
146
1942—January
February...
March
April
May
June
July
3,259
3,268
3,277
3,289
3,305
3,313
3,326
2,029
2,033
2,038
2,044
2,050
2,053
2,057
501
505
509
514
524
530
539
218
220
221
222
224
225
225
347
347
347
347
347
347
347
20
20
19
19
19
19
19
144
144
143
142
141
140
139
Subsidiary
silver
coin
Minor United
States
coin
notes
SHIPMENTS AND RECEIPTS OF U N I T E D STATES PAPER
CURRENCY
[By selected banks and financial institutions in New York City.
In millions of dollars]
National
bank
notes
1 Includes silver held ag unst silver certificates amounting to $1,971,000,000 on July 31, 1942 and $1,920,000,000 on July 31, 1941.
Year or month
1937
1938
1939
19*0
1941
Shipments to
Europe
Receipts
from
Europe
21.5
33.1
110.2
17.7
.3
47.6
34.4
9.8
.7
.5
Net
shipments
26.1
1.3
100.3
17.0
.2
1941—August
September
October
November
ft
2
.2
1942—January
February
March
April
May
June
July
Net
receipts
.2
.1
.1
.1
ft""
..........
i Less than $50,000.
Back figures.—See Annual Report for 1937 (table 38).
Description.—See BULLETIN for January 1932, pp. 7-8.
SEPTEMBER
1942.
9x5
MOVEMENT OF GOLD T O A N D FROM UNITED STATESi
[In thousands of dollars]
ANALYSIS OF CHANGES IN GOLD STOCK OF
UNITED STATES
[In millions of dollars]
1941
Earmarked DomesNet gold gold: de- tic gold
crease
producimport
or intion1
crease (—)
Gold
stock
at end
of period
Increase
in gold
stock
8,238
10,125
12,760
14,512
17,644
21,995
22,737
4,202.5
1,887.2
1,132.5
1,502.5
1,751.5
3,132.0
4,351.2
741.8
1,133.9
1,739.0
1,116.6
1,585.5
1,973.6
3,574.2
4,744.5
4982.4
82.6
.2
-85.9
-200.4
-333.5
-534.4
-644.7
-407.7
92.9
110.7
131.6
143.9
148.6
161.7
170.2
167.8
22,624
22,675
22,719
22,761
22,800
22,785
22,737
49.2
50.5
44.7
41.5
38.8
-14.4
—48.8
30.7
37.0
37.0
65.7
40.4
50.4
4
52.9
4.0
-27.7
-31.2
—46.8
-32.2
-60.9
-99.7
14.5
13.7
12.5
17.9
15.8
18.1
11.4
1942—January
February
March
April
May
Tune
July
22,747
22,705
22,687
22,691
22,714
22,737
22,744
10.6
-42.4
-17.3
3.3
23.6
22.3
7.6
-38.5
-109.3
-65.5
-20.1
-38.2
-14.8
5
-24.4
14.7
10.0
11.0
11.1
10.8
10.1
m.i
Jan-July
22,744
7.8
—310.7
P78.8
Period
1934
1935
1936
1937
1938
1939
1940
1941
2
3
11,258
3
1941—Tune
July
«...
August
September...
October
November
December....
5
p
Preliminary.
1 Annual figures are estimates of the United States Mint. Monthly
figures are those published in table on page 967, adjusted to exclude Philippine Islands production received in United States.
2 Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a
fine ounce thereafter.
3 Includes gold in the Inactive Account amounting to 27 million dollars
on4 Dec. 31, 1936, and 1,228 million on Dec. 31, 1937.
The net gold import figures for December 1941 and for the year 1941 are
published herewith for the first time by special permission of the Department of Commerce. Comparable figures for subsequent months have not
been released for publication.
5
Gold held under earmark at Federal Reserve Banks for foreign account
amounted to 2,526.1 million dollars on July 31, 1942.
NOTE.—For back figures through 1937, see Annual Report for 1937
(table 29).
F r o m o r
t o —
Total
Number of banks suspended:
1934
1935
1936
1937
1938
1939
1940 .
1941
1942—Jan .-July
57
34
44
59
55
42
22
8
5
1
4
1
4
1
4
1
4
Deposits of suspended banks
( i n t h o u s a n d s o f d o l l a r s ) :3
1934
1935
1936
1937
1 9 3 8 ..
1939
1940
1941
1942—Jan .-July
36,937
10,015
11,306
19,723
13,012
34,998
5,943
3,726
814
40
313
507
379
36
341
256
144
5,
7,
1,
3,
4
1
77
18
8
5
441
2,110
218
436
227
91
5,980
156
314
867
184
95
1
25
8,510
24,448
3,057
9
119
4 581
1,039
67 492
2,658
3,894
9,665
855
4,362
9,444
1 42,684
292 893
4,972
1,832
40
473
2 50,382
52,897
37
8
3
10
6
8 982,442
64
Insured
State
2
[In millions of dollars]
Total,
all
reporting
centers
N e w
Y o r k
City
1929
1936
1937
1938
1939
1940
1941
982,531
461,889
469,463
405,929
423,932
445,863
537,343
603,08
208,93
197,83
168,77
171,38
171,58
197,72
1941—June
July
August....
September
October...
November,
December.
1942—January...
February..
March
April
May
June
July
45,937
44,804
42,853
43,866
50,869
45,076
56,582
48,605
41,545
49,161
46,613
r
48,342
r
50,107
^ 50,087
N o t
insured
2
1
3
8
22
40
47
47
25
18
3
4
48
8
3
6
6
10
3
1
1
"i,'7O8'
211
24,629
1,912
3,763
10,207
10,156
11,721
6,589
5,341
503
632
34,985
939
592
480
1,044
2,439
346
79
182
Federal deposit insurance became operative January 1, 1934.
Deposits of member banks and insured nonmember banks suspended are
as of dates of suspension, and deposits of noninsured nonmember banks
are based on the latest data available at the time the suspensions were
reported.
Back figures.—Set Annual Report for 1937 (table 76).
121
5,615
24,921
6,336
939
1 Figures represent customs valuations which, with some exceptions,
are at rate of $35 a fine ounce.
NOTE.—The figures for December 1941 and for the year 1941, and the
figures for exports by countries in November 1941, are published herewith
for the first time by special permission of the Department of Commerce.
Comparable figures for subsequent months have not been released for
publication. For back figures for selected countries beginning in 1934,
also see table on page 967.
N o n m e m b e r
b a n k s
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
92.6
1
402
1,747
899
3,779
44,920
412 093
16,800
10,963
24
2
E x ports
Debits to deposit accounts except interbank accounts
1
1
3
I m ports
E x ports
BANK DEBITS
M e m b e r
b a n k s
N a tional
Jan.-Dec.
N o v .
I m ports
E x ports
France
24
Portugal
Sweden
Switzerland
...
United Kingdom
163
U. S. S. R
13,460
Canada...
20 379
Mexico
1,273
976
Central America
West Indies and Bermuda
53
6
Argentina
1
Bolivia
2
Brazil
Chile
883
2,238
Colombia
Ecuador
234
678
Peru...
369
Venezuela. . . .
53
British Guiana
3,713
Australia
293
New Zealand
311
British Oceania
711
British India
Netherlands Indies
664
China and Hong Kong..
Japan
5,506
Philippine Islands
190
South Africa
716
All other countries
BANK SUSPENSIONS 1
Total,
all
b a n k s
D e c .
I m ports
Year and month
140
other
centers
9
6
6
8
2
2
4
17,282
16,288
15,079
15,654
19,148
16,077
20,598
17,247
14,242
17,056
16,023
16,985
17,394
17,110
3
2
2
2
2
2
2
r
r
3
1
3
0
1
3
9
1
9
5
4
8
6
3
,
,
,
,
,
,
,
9
6
2
7
2
9
9
3
7
0
4
9
5
2
1
8
0
6
5
8
2
5
24,866
24,673
24,045
24,322
27,329
25,087
31,133
27,028
23,543
27,764
26,451
27,241
28,292
28,505
133
other
reporting
centers2
47,504
33,283
36,421
32,406
34,252
37,329
45,694
3,789
3,843
3,729
3,890
4,392
3,912
4,850
4,330
3,760
4,341
4,138
4,116
4,421
4,472
r
Revised.
1 National series, for which bank debit figures are available beginning
with 1919.
2
Except that 1929 figure is for 128 centers only.
Back figures.—Annual report for 1937, page 157. Annual totals, beginning with 1919, by Federal Reserve districts and for individual centers, are
available for distribution and will be furnished upon request.
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 provision of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of
private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p . 883, and July 1936, p . 535.
Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available.
DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS 1
[In millions of dollars]
N U M B E R OF B A N K S
Nonmember
banks
Member banks 2
National
State
Mutual
savings
banks
Other
nonmember
banks
All
banks
Call date
Total
Call date
Total
Nonmember
banks
Member banks 2
Total
National
State
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
Dec. 31
53,852
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 30
Dec. 30
37,998
38,505
23,338 14,772
23,771. 15,386
8,566
8,385
9,713
9,708
4,946
5,026
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 30
Dec. 31
52,195
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 30
Dec. 30
55,992
58,344
38,027
39,930
24,534
25,661
13,493
14,269
10,521
10,613
7,444
7,801
1940—June 29
Dec. 31
14,953
14,895
6,398
6,486
5,164
5,144
1,234
1,342
551
551
8,004
7,858
1940—June 29
Dec. 31
60,582
65,021
42,039
46,007
26,931
29,214
15,108 310,631
16,793 10,658
37,912
8,356
1941—Apr. 4
June 30
Sept. 24
Dec. 31
14,871
14,855
14,852
14,825
6,528
6,556
6,596
6,619
5,138
5,130
5,125
5.117
1,390
1,426
1,471
1,502
550
547
546
545
7,793
7,752
7,710
7,661
1941—Apr. 4
June 30
Sept. 24
Dec. 31
65,211
67,172
68,449
70,792
46,179
48,076
49,160
51,192
29,467
30,684
31,500
32,672
16,712
17,392
17,660
18,520
8,347
8,456
8,646
9,075
6,647
5,101
1,546
53,434
34,036
19,397
1942—June 30 5
1942—June 30 5
For footnotes see table below.
10,684
10,641
10,643
10,525
For footnotes see table below.
LOANS AND INVESTMENTS
[In millions of dollars]
Nonmember banks
Member banks2
All banks
Mutual savings banks
Call date
Total
Loans
Investments
Total
Loans
Investments
Total
Other nonmember banks
Loans
Investments
Total
Loans
Investments
1929—June 29
Dec. 31
58,474
58,417
41,531
41,918
16,943
16,499
35,711
35,934
25,658
26,150
10,052
9,784
9,556
9,463
5,892
5,945
3,664
3,518
13,207
13,020
9,981
9,823
3,227
3,197
1933—June 30.
Dec. 30..
40,076
40,319
22,203
21,977
17,872
18,342
24,786
25,220
12,858
12,833
11,928
12,386
10,044
9,985
5,941
5,906
4,103
4,079
5,246
5,115
3,404
3,238
1,841
1,877
1938—June 30
Dec. 314
47,381
48,929
21,130
21,354
26,252
27,575
30,721
32,070
12,938
13,208
17,783
18,863
10,196
10,255
4,961
4,930
5,235
5,325
6,465
6,604
3,231
3,217
3,234
3,387
1939—June 30
Dec. 30
49,616
50,885
21,318
22,169
28,299
28,716
32,603
33,941
13,141
13,962
19,462
19,979
10,342
10,314
4,931
4,961
5,411
5,353
6,671
6,630
3,245
3,246
3,425
3,384
1940—June 2 9 . . . . . . . .
Dec. 31
51,335
54,188
22,341
23,741
28,995
30,448
34,451
37,126
13,969
15,321
20,482
21,805
310,188
10,248
4,926
4,959
5,262
5,289
36,696
6,815
3,445
3,461
3,251
3,353
1941—Apr. 4
June 30
Sept. 24
Dec. 31
56,147
57,945
59,296
61,098
24,322
25,312
26,187
26,616
31,825
32,633
33,109
34,483
38,983
40,659
41,943
43,521
15,878
16,729
17,546
18,021
23,104
23,930
24,397
25,500
10,276
10,314
10,348
10,372
4,954
4,955
4,949
4.903
5,322
5,360
5,399
5,470
6,889
6,972
7,005
7,205
3,490
3,628
3,692
3,692
3,399
3,344
3,313
3,513
46,800
16,928
29,872
1942—June 30 5
1 Prior to December 1933, member bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that
date. Prior to June 1940, the nonmember bank figures on some call dates included some interbank deposits not shown separately in a few State bank
abstracts.
2 Includes, subsequent to April 4, 1941, two mutual savings banks in Wisconsin and one in Indiana.
3 One bank (with deposits, excluding interbank deposits, of $90,000,000 and total loans and investments of $96,000,000 on Dec. 30, 1939) which, prior
to March 1940, was classified as a mutual savings bank, is now included in figures in the "Other nonmember b a n k s " column.
4 Prior to December 1938 the figures include loans and investments indirectly representing bank premises or other real estate, now reported separately in condition reports. The amounts of such loans and investments in December 1938, were approximately $50,000,000 and $100,000,000, respectively.
5 Figures for "All b a n k s " not available.
NOTE.—Beginning with the April 4, 1942 call, spring and fall figures are not being compiled for "All banks." April 4, 1942 figures for member banks
are shown on the following pages.
Back figures.—See Annual Report for 1937 (tables 48-49).
SEPTEMBER
1942.
CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS
[In millions of dollars]
Loans
Call date
Total
loans
and
investments
1
Investments 1
Loans for
purchasing
or carrying
Total 1
U. S. Government obligations
Commer- Agri- Open
Real Other
cial
cul- marestate loans 4 Total
To
and
ket
tur2
loans
indus- al
paper brok- T o
ers
trial 2
othand ers 3
deal-
Total
ers
Total—All
Member Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30 . . . .
New York
CityS
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
City of
Chicago^
1929—Dec. 31
1933—june 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Reserve City
Banks
1929—Dec. 31
1933__j une 30.
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Country
Banks
1929—Dec. 31 .
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
35,934
24,786
33,941
34,451
37,126
40,659
43,521
44,287
46,800
730
736
865
738
972
6,683
3,424
3,296
3,014
3,384
3,778
4,072
4,173
4,066
1,757
1,287
2,105
2,205
2,377
2,707
2,760
2,806
3,116
9,084
4,482
5,329
5,365
5,931
6,498
7,105
6,989
6,564
13,375
7,873
10,224
10,257
10,826
11,446
12,518
12,753
13,130
8,936
4,275
4,768
4,987
5,309
5,607
5,890
5,749
5,393
495
1,448
12,029
8,492
12,272
12,160
13,013
14,013
15,347
15,605
16,535
583 2,463 7,685 3,191 12,229 9,784 3,863
97
595
953 3,752 2,372 5,187 11,928 6,887
554
563
455
700 2,957 2,944 9,979 14,328
790
450
668 3,069 3,062 20,482 14,722
797
447
456
642
652 3,228 3,273 21,805 15,823
652
635 3,365 3,609 23,930 18,078 1,127
537
575
607
594
598 3,494 3,692 25,500 19,539
971
726
26,150
12,858
13,962 "s',3S6
13,969 5,538
15,321 6,204
16,720 7,270
18,021 8,064
17,834
16,928 7,888
8,774
7,133
9,339
9,829
10,910
12,493
12,896
13,123
14,019
677
569
603
696
846
954
923
906
554
562 3,501
195 1,257 2,145
364
759 1,044
120
188
611
103
320
188
100
190
465
97
186
422
91
169
412
3,094
3,725
2,223 8,398 3J44'
2,543 8,261 3,121
2,594 9,091 3,486
2,631 10,481 3,839
3,007 11,729 3,832
26,453 20,449
3,471
3,203 29,872 24,098 1,509 1,872 3,546 14,485 2,685
169
157
133
137
130
129
123
2,917
1,099
i i 768
1,801
2,025
2,405
2,716
7
6
6
3
8
2,775
9
66
430
167
121
499
6
8
5
6
19
69
17
16
17
21
21
251
61
41
23
42
36
48
533
251
66
61
54
55
52
21
30
13
16
19
20
22
623
267
60
62
84
101
96
697
3
15
29
50
22
90
2,100
2,134
2,436
2,879
3,206
221
176
263
175
300
168
126
155
156
153
202
250
664 2,775 1,538
108 1,340 1,131
222 1,335
119
210 1,372
87
115
207 1,436
100
198 1,477
114
194 1,527
3,937
1,777
1,177
1,230
1,322
1,466
1,512
3,103
152
215
177 1,524
i, iis
1,151
1,187
1,267
1,377
1,431
495
546
590
555
659
201
35
163
174
187
216
245
291 2,231 1,462
25 1,117 1,055
224 1,477
20
208 1,544
17
201 1,644
21
195 1,739
17
20
183 1,823
4,750
2,043
1,238
1,311
1,400
1,507
1,530
1,314
562
198
169 1,834
1,299
365
417
476
609
711
Obligations
of
States Other
Certiand
Guar- politi- secuficates
rities
ancal
of
Bills in- Notes Bonds teed subdividebtsions
edness
Direct
•
5
78
16
469
458
468
536
554
2,091 1,112
3,709 2,551
6,043 4,772
6,815 '5,486
7,527 6,044
8,715 7,268
8,823 7,265
8,950 7,381
9,953 8,550
309
610
116
384
1,393
1,744
2,692
2,888
3,013
2,984
3,090
3,173
2,934
4,528
3,297
2,959
2,873
2,970
2,867
2,871
2,831
2,840
2,385
2,650
2,977
3,415
3,652
1^275
1,324
1,615
1,751
1,679
1,515
4,572 1,166
222
478
579
634
695
651
729
773
623
758
680
693
695
788
796
830
796
781
94
97
701 "172'
710
134
752
112
803
138
119
903
108
90
1,068
96
87
162
177
188
190
182
207
164
96
138
170
167
186
188
193
187
188
1,112
1,597
3,339
972
969
3,052
3,281 1,049
3,858 1,162
4,248 1,173
1,051
*98i' 5449
806
448
598
890
981
984
979
956
941
925
1,128
627
581
2.546
,549
,236
,144
L,102
,047
,028
L.005
1^013
520
152
559 2,049
34
330
315
421
207
577
311
23
309
402
663 1,746
166
987
797
1,092
1,245
1,526
1,623
1
149
153
254
297
417
256
2
57
19
82
176
161
145
125
153
357
181
162
1,536
1,602
1.681
1,861
1,806
1,883
2,210
1,203
1,258
1,307
1,483
1,430
1,490
1,858
2,944
4,011
6,943
6,795
7,081
7,515
8,243
8,616
9,971
1,368
25
66
2,483
73
131
5,194
63
87
4,947
103
5,204
73
5,700
6,467
295
6,832
8,188 ' 5 7 9 ' "674'
4,439
3,598
5,456
5,270
5,517
5,839
6,628
7,004
7,737
1,267
1,469
3,159
3,030
3,269
3,627
4,377
4,746
5,502
889
926
165
681
819
839
771
606
751
37
2
31
36
45
60
110
59
63
171
299
431
451
433
374
481
1,106
1,972 "725'
695
1,849
710
2,081
788
2,404
861
2,926
171
355
657
3,696
999
797
624
1,061
1,097
1,146
1,165
1,222
1,253
1,222
930
860
868
893
836
820
844
858
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. 2
259-264, 332. Beginning June 30, 1939, detailed classifications available on June and December dates only.
Not shown in call reports prior to December 1938.
3
Figures in this column prior to Dec. 31, 1938, represent all loans';on securities, regardless of purpose, excepting only loans on securities to banks and
to brokers and dealers.
4
This is a residual item and includes loans to banks. Because of the revised loan classifications, figures beginning Dec. 31, 1938, are not comparable
with5 earlier figures.
Central reserve city banks.
NOTE.—Changes in assets and liabilities of member banks are affected from time to time by admissions of banks to membership and of banks liquidating or withdrawing from membership. Of the increase of 896 million dollars in total loans and investments in New York City during the period April 4 to
June 30, 472 million is due to the admission to membership of one large bank, which on June 30 had total loans of 67 million dollars and total investments
of 405 million.
Back figures—See Annual Report for 1937 (tables 52-58).
918
FEDERAL RESERVE
BULLETIN
CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES
[In millions of dollars
Time deposits,
except interbank
Demand deposits,
except interbank
Call date
Total—All
Member Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
New York
City*
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
Reserves
with
Federal
Reserve
Banks
2,374
2,235
11,604
13,751
13,992
12.959
12,396
12,725
12,295
Cash
in
vault
City of
Chicago*
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—j une 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
1,187
1,051
1,062
1,021
1,088
*973
Reserve City
Banks 1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
3,118
3,759
4,027
4,125
4,060
4,221
4,254
Country
Banks
1929—Dec. 31
1933—June 30
1939—Dec. 30
1940—June 29
Dec. 31
1941—June 30
Dec. 31
1942—Apr. 4
June 30
1,578
1,733
1,857
1,914
2,210
2,180
2,306
169
232
993
751
705
627
452
122
788
51
59
56
55
50
49
49
3,517
3,057
8,507
8,852
9,581
9,610
9,714
"9,650
9,110
20
332
74
67
48
32
866
967
863
1,112
33
4
43
29
51
27
29
25
17
18
110
32
16
24
17
27
33
34
31
24
8
46
80
79
90
95
127
296
201
332
358
483
489
496
480
476
455
460
58
1
10
15
8
17
2
6
3
5
5
5
300
108
190
147
228
209
286
202
218
76
312
435
422
327
341
491
633
422
4,433
2,941
4,362
4,422
4,506
4,590
4,542
4,366
4,454
371
208
240
219
226
211
243
224
239
169
72
172
164
187
190
239
202
196
39
116
154
143
151
151
225
269
237
6,390
3,833
5,677
5,816
5,917
6,049
6,082
5.948
6,042
133
86
140
147
150
143
146
145
143
1,335
1,087
2,321
2,529
2,724
2,940
3,066
3,285
3,230
68
46
89
88
102
136
93
81
88
179
101
125
119
122
131
141
e
4,750
4,358
8,899
10,235
11,062
11,619
10,761
11,335
11,711
5,847
4,676
9,030
10,283
11,357
11,895
11,282
11,235
12,014
128
96
251
258
370
319
319
296
271
1,180
461
178
147
471
306
450
154
273
13
34
42
39
42
41
43
27
43
133
203
283
242
319
262
298
42
87
167
199
174
213
233
203
226
423
349
813
956
995
884
192
103
«285
220
156
122
348
334
396
385
425
348
357
1,002
2,485
2,679
2,741
2,793
2,590
e
2,7O5
2,279
321
203
363
328
452
437
526
429
533
2,614
2,711
3,002
3,106
3,216
e
3,093
3,168
947
908
702
957
912
1,041
1,739
1,898
1,941
2,205
2,215
1,919
2,379
1,676
1,782
1,905
2,109
2,152
1,886
2,292
5,229
3,764
8,176
8,774
9,581
10,480
11,117
11,689
12,515
5,547
3,708
8,002
8,372
9,468
10,142
11,127
11,105
12,199
1,139
1,144
1,313
1,304
5,711
3,054
6,866
6,969
7,845
8,374
9,661
9,726
10,360
5,091
2,576
5,896
5,960
6,846
7,282
8,500
8,376
9,141
1,090
1,115
1,184
1,269
1,370
1,473
1,429
870
742
555
Demand 3
595
300
432
410
435
397
418
395
400
17,526
11,830
24,604
26,397
29,576
31,429
33,061
32,602
35,646
1,087
Domestic
banks
12,267
7,803
11,215
11,459
11,687
11,898
11,878
11,520
11,673
16,647
12,089
25,681
27,877
30,429
32,678
33,754
34,670
36,966
1,022
827
846
mestic1
banks
Demand
U.S.
deCertiIndiIndiposits viduals, States fied
viduals, States GovU.S. partner- and
ernad- partner- and
and
Gov- ships, polit- ment
justed 2 ships, political offiical
and
and cor- subdi- cers' ern- and cor- subdi- postal
pora- visions checks ment pora- visions savetc.
tions
tions
ings
2,168
2,008
5,506
5,751
6,185
6,293
6,246
e
6,276
5,770
558
405
841
789
991
999
5,915
7,072
7,057
5,857
5,105
5,236
4,762
Balances
with
Interbank
<
deposits
1,681
657
563
475
913
738
143
806
743
711
616
619
1,009 1,709
589 2,164
711 1,724
671
693
732
768
778
778
751
717
Foreign
banks
698
146
759
703
706
688
678
"118
"641
1,198
1,255
3,542
3,840
4,032
3,948
3,595
"3,383
3,284
40
22
1
597
128
695
650
646
623
612
e
310
259
879
949
997
19
41
388
14
18
19
19
20
18
18
1,604
1,315
3,516
3,526
3,919
4,000
4,302
"4,235
4,052
30
59
117
105
106
108
103
e
90
82
61
285
35
37
33
31
31
30
31
405
228
571
538
633
652
790
6
109
747
752
576
683
879
191
3
3
3
3
4
14
6
6,709
4,837
5,522
5,608
5,698
5,800
5,886
5,930
5,991
179
8
2.105
1,582
1,592
,599
L,615
1,625
,648
33
2
9
4
3
316
204
250
260
270
279
288
289
293
64
15
53
44
51
55
55
e
54
57
292
16
2,029
1,533
1,828
1,873
1,904
1,940
1,967
1,981
1,985
3
1
2
2
2
2
2
e
2
3
367
167
3
3
3
3
4
4
3
7
7
26
29
29
30
30
e
28
27
1,698
41
8
8
8
eg
10
1,010
1,027
"1,253
1,028
779
Capital
accounts
Time
95
89
144
134
135
138
133
e
Borrowings
6
2,258
1,517
1,851
1,876
1,909
1,956
1,982
2,005
2,014
1
Beginning June 30, 1942, excludes reciprocal bank balances which on that date aggregated $629,000,000. Prior to Dec. 31, 1935, excludes balances
with private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933, includes time balances with domestic banks which
on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets."
2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31, 1935, less
cash items reported on hand but not in process of collection.
*
3 Beginning June 30, 1942, excludes reciprocal bank balances.
4 Central reserve city banks. e Partly estimated.
Back figures.—See Annual Report for 1937 (tables 52-58).
SEPTEMBER
1942.
92-9
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
LOANS AND INVESTMENTS
[Monthly data are averages of Wednesday figures. In millions of dollars]
Loans
Date or month
Total
loans
and
invest- Total
ments
Commercial,
industrial,
and
agricultural
Open
market
paper
Investments
U. S. Government obligations
Loans for
purchasing
or carrying
securities
Real Loans Other
estate
to
Total
To
loans banks loans
brokers
To
and others
dealers
Total—101 Cities
1941—July
28,560
10,501
5,975
381
496
1942—March
April
May
June
July
30,941
31,095
31,493
31,670
32,998
11,408
11,288
10,996
10,811
10,741
6,976
6,905
6,622
6,537
6,454
426
418
403
366
342
435
434
481
471
561
1,249
1,915
409
402
402
402
401
1,246
1,244
1,245
1,240
1,233
28
28
27
29
32
1,857
1,816
1,766
1,718
Total
Certificate
GuarBills ofin- Notes Bonds andebtteed
edness
18,055 14,490 1,079
15,803 1,107
16,090 1,000 365
16,859 ,170 678
,360 672
17,32
18,852 ,656 1,465
19,533
19,807
20,497
20,859
22,257
Other
securities
7,946
3,216
3,569
9,637
9,684
2,344 9,998
2,753 10,336
2,886 10,809
2,711
2,681
2,669
2,203
2,036
3,730
3,717
3,638
3,535
3,405
2,249
2,348
2,360
31,726
10,962
6,557
393
405
1,246
34
1,794
20,764
17,180
,226
674
2,327
10,283
2,670
3,584
31,679
31,736
31,677
31,587
10,905
10,8410,776
10,718
6,542
6,552
6,546
6,505
382
372
360
350
528
475
433
448
403
404
405
396
1,243
1,242
1,238
1,238
28
29
27
32
1,779
1,770
1,767
1,749
20,774
20,892
20,901
20,869
17,226
17,346
17,364
17,361
,281
,388
,390
,384
672
670
2,297
2,912
2,909
2,893
10,309
10,318
10,347
10,369
2,667
2,053
2,046
2,045
3,548
3,546
3,537
3,508
1
8
15
22
29...
32,382
32,366
33,338
33,396
33,512
10, 740
10,66:
10,846
10,764
10,696
6,469
6,456
6,481
6,430
6,432
341
344
346
342
336
519
485
609
623
569
393
382
414
411
407
1,236
1,234
1,232
,231
,230
36
24
47
27
29
1,746
1,736
1,717
1,700
1,693
21,642
21,705
22,492
22,632
22,816
18,232
18,313
19,110
19,218
19,387
,447
,526
,633
,751
,921
,471
,482
,461
,454
,455
2,899
2,908
2,888
2,876
2,858
10,383 2,032
10,364 2,033
11,086 2,042
11,097 2,040
11,118 2,035
3,410
3,392
3,382
3,414
3,429
Aug. 5
Aug. 12....
Aug. 1 9 . . .
33,509
33,603
34,517
10,649
10,642
10,634
6,408
6,425
6,390
327
329
322
551
537
584
406
402
389
,230
,230
,229
39
37
38
1,688
1,682
1,682
22,860 19,441 2,009 ,414
22,961 19,509 2,065 ,406
23,883 20,425 2,107 2,251
2,045
2,045
2,051
3,419
3,452
3,458
103
103
103
103
103
26
26
24
26
30
454
447
436
424
415
1942—May 27
July
July
July
July
July
New York City
1941-July
11,926
3,496
2,291
90
357
1942—March
April
May
June
July
12,471
12,592
12,696
12,625
13,097
3,893
3,851
3,756
3,718
3,784
2,775
2,733
2,604
2,594
2,584
79
79
78
65
57
308
316
363
355
444
148
147
148
151
151
1942—May 27..
2,851 11,122
2,821 11,172
2,795 11,221
8,430
112
7,0
605
1,442
3,232
1,801
1,350
8,578
8,741
8,940
8,907
9,313
7,097
7,273
7,559
7,584
8,060
334
347
358
391
1,457
1,461
1,431
1,605
1,639
3,821
3,846
3,996
4,090
4,242
1,485
1,457
1,445
1,201
1,094
1,481
1,468
1,381
1,323
1,253
1,415
4,085
1,450
1,363
1,397
1,695
,672
,657
4,088
4,079
4,0894,105
1,453
1,118
1,120
1,114
1,333
1,331
1,326
1,303
162
329
297
12,782
3,786
2,581
103
32
433
8,996
7,633
368
12,734
12,668
12,560
12,538
3,771
3,737
3,684
3,678
2,588
2,600
2,598
2,587
70
67
63
60
407
359
319
335
150
155
154
145
103
103
103
103
25
27
24
28
428
426
423
420
8,963
8,931
8,876
8,860
7,630
7,600
7,550
7,557
392
408
375
389
1
8
15
22
29
12,864
12,807
13,246
13;251
13,319
3,738
3,686
3,848
3,833
3,815
2,576
2,580
2,585
2,573
2,604
58
56
59
58
56
405
374
483
504
455
144
136
159
159
156
102
102
103
103
103
34
22
45
25
26
419
416
414
411
415
9,126
9,121
9,398
9,418
9,504
7,877
7,877
8,164
8,153
8,228
414
434
475
534
636
590
556
,646
,639
,650
,644
,618
4,100
4,094
4,350
4,324
4,340
1,101
1,095
1,099
1,095
1,080
1,249
1,244
1,234
1,265
1,276
Aug. 5
Aug. 1 2 . . . .
Aug. 1 9 . . . .
13,266
13,313
13,619
3,793
3,773
3,808
2,595
2,595
2,591
55
58
56
434
418
461
157
151
149
103
104
104
36
413
413
412
9,540
9,811
8,212
8,255
8,526
680
725
717
500
519
835
,610
,577
1,544
4,337
4,345
4,344
1,085
1,089
1,086
1,261
1,285
1,285
9,629
7,410
July
July
July
July
July
34
35
300
292
Outside
New York City
1941- July
16,634
7,005
3,684
291
139
281
1,137
1,464
474
807
4,714
1,415
2,219
1942—March
April
May
June
July
18,470
18,503
18,797
19,045
19,901
7,515
7,437
7,240
7,093
6,957
4,201
4,172
4,018
3,943
3,870
347
339
325
301
285
127
118
118
116
117
261'
255
254
251
250
1,143
1,141
1,142
1,137
1,130
,434
,410
,380
,342
,303
10,955 8,706
773
11,066 8,817
653
11,557 9,300
812
11,952 9,740
969
12,944 10,792 1,157
203
349
375
879
891
899
913
1,148
1,247
5,816
5,838
6,002
6,246
6,567
1,226
1,224
1,224
1,002
942
2,249
2,249
2.257
2,212
2,152
1942-May 27
18,944
7,176
3,976
320'
120
254
1,143
,361
11,768
9,547
858
359
912
6,198
1,220
2,221
18,945
19,068
19,117
19,049
7,134
7,107
7,092
7,040
3,954
3,952
3,948
3,918
312
305
297
290
121
116
114
113
253
249
251
251
1,140
1,139
1,135
1,135
,351
,344
,344
,329
11,811
11,961
12,025
12,009
9,596
9,746 980
9,814 1,015
9,804 995
372
375
378
378
900
1,217
1,237
1,236
6,221
6,239
6,258
6,264
1,214
935
926
931
2,215
2,215
2,211
2,205
July 1....
July 8 . . .
July 15...
July 22...
July 29...
19,518
19,559
20,092
20,145
20,193
7,002
6,975
6,998
6,931
6,881
3,893
3,876
3,896
3,857
3,828
283
288
287
284
280
114
111
126
119
114
249
246
255
252
251
,134
,132
,129
,128
,127
,327
,320
,303
,289
,278
12,516
12,584
13,094
13,214
13,312
1,033
1,092
1,158
1,217
1,285
855
867
871
898
901
1,253
1,269
1,238
1,232
1,240
6,283
6,270
6,736
6,773
6,778
931
938
943
945
955
2,161
2,148
2,148
2,149
2,153
Aug. 5 . . .
Aug. 12..
Aug. 19..
20,243
20,290
20,898
6,856
6,869
6,826
3,813
3,830
3,799
272
271
266
117
119
123
249
251
240
,127
,126
,125
1,275
1,269
1,270
13,387 11,229 1,329 914
13,421 11,254 1,340 887
14,072 11,899 1,390 1,416
1,241
1,244
1,251
6,785
6,827
6,877
960
956
965
2,158
2,167
2,173
10,355
10,436
10,946
11,065
11,159
NOTE. -For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, and BULLETIN for June 1937 (pp. 530-531). For back figures
see BULLETIN for November 1935 (pp. 711-738) or reprint, BULLETIN for December 1935 (p. 876), Annual Report for 1937 (tables 65-67) and corresponding
tables in previous Annual Reports.
93°
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—NEW YORK CITY AND OUTSIDE
RESERVES AND LIABILITIES
[Monthly data are averages of Wednesday figures. In millions of dollars]
Demand deposits,
except interbank
Reservi
with
Fed
eral
Reserve
Bank
Date or month
Cas]
in
vau
Balances
with
domestic
banks
Demand
deposits
ad- 1
justed
Time deposits,
except interbank
Indi
viduals,
partnerships
and
corporations
States Certi
fied U. S
and
and
poli
Gov
offiical
erncers'
sub
divi- checks
sions
etc.
Total 101 Cities
1941—July
10,82,
564
3,498
24,21
23,884
1,61.
526
1942—March
April
May
June
July
10,19
9,93
9,71
9,75!
9,42
530
514
514
510
494
3,283
3,277
3,335
3,398
2,820
24,882
24,845
25,250
25,878
25,992
24,400 1,813
24,304 1,963
24,582 2,068
25,393 1,905
25,756 1,767
538
533
521
485
561
1942—May 27
Individuals,
partnerships
and
corpora
tions
Interbank
deposits
Domestic
banks
States u.s
and Gov
poli
ernical meni
sub
and
Dedivi- postal mand1 Tim
sions savings
Foreign
banks
Cap- Bank
Boi
ital debrowacings couni
its 3
5,25
1,815
1,810
1,510
846
1,657
163
9,07?
659
3,873
8,869
4,97(
4,942
4,92
4,924
.4,962
170
173
189
166
125
8,846
8,73
635
639
660
667
679
3,932
3,935
3,947
3,949
3,951
9,679
9,166
9,688
9,348
9,437
9,364
8,806
9,080
8,538
9,69,
514
3,428
25,511
24,825
2,030
543
1,521
4,918
174
8,826
664
3,946
9,81
9,75'
9,821
9,65(
488
524
510
517
3,415
3,357
3,481
3,339
25,483
26,02:
26,058
25,948
24,922
25,433
25,755
25,462
1,971
1,902
1,879
1,865
485
492
486
478
1,301
824
608
652
4,914
4,916
4,927
4,939
175
175
177
138
9,088
8,993
9,227
9,012
667
663
671
665
3,953 9,066
3,95:
8,668
3,949 L0,161
3,943 9,497
1
8
15
22
29
9,351
9,308
9,207
9,63?
9,60:
475
503
491
493
509
3,290
2,675
2,740
2,687
2,709
25,502 25,343
25,654 25,321
25,822 25,936
26,313 25,942
26,670 26,236
1,
1,718
1,730
1,772
1,811
657
487
699
465
497
1,442
1,094
1,914
2,053
1,782
4,955
4,956
4,957
4,969
4,975
137
129
121
119
120
9,005
8,541
8,470
8,313
8,364
673
679
684
679
678
3,950
3,954
3,948
3,953
3,951
Aug. 5
Aug. 12
Aug. 19
9,61,
9,66!
9,64!
475
495
480
2,713
2,775
2,678
26,138
26,526
26,718
25,651
26,379
26,424
1,824
1,753
1,735
505
459
451
2,120
1,872
2,614
4,981
4,995
5,006
116
114
115
8,477
8,523
8,418
692
689
673
3,961 [0,213
3,964 9,004
3,961 9,916
1,510
3,698
573
573
592
599
610
1,539
1,541
1,546
1,548
1,541
3,863
3,557
3,898
3,618
3,694
July
July
July
July
July
New York City
1941—July
5,58(
11,022
11,183
247
297
18
722
3,846
1942—March
April
May
June
July
4,879
4,682
4,482
4,438
4,203
109
111
84
77
41
10,559
10,519
10,347
10,621
10,552
10,727
10,687
10,459
10,797
10,801
241
282
296
238
216
276
281
288
256
322
872
940
998
506
877
690
680
656
647
651
3,338
3,2'50
3,224
3,280
3,151
1942—May 27 ..
.1,174
8,213
9,766
9,386
8,648
July
July
July
July
July
4,461
10,562
288
322
953
649
3,232
596
[,544
3,740
10,489
[0,691
:0,685
.0,620
10,626
10,835
L0,896
10,830
268
245
234
204
256
283
230
255
800
498
354
374
647
646
647
648
,284
,235
,330
,273
597
595
602
599
,550
,548
,549
,543
3,442
3,459
3,991
3,581
81
34
31
27
29
L0,391
L0.484
,0,357
0,665
L0.862
L0,727
L0.640
L0,753
[0,820
[1,064
234
189
197
234
229
388
254
445
244
278
790
592
987
,083
934
654
650
649
651
653
,281
,137
188
,065
,086
603
610
612
612
611
,541
,542
,541
,543
,539
4,719
3,123
1,963
3,444
3,221
4,312
4,187
4,280
Aug. 5
Aug. 12
Aug. 19
10,456
79
74
78
78
4,276
4,130
4,048
4,29'
4,266
1
8
15..
22
29
98
4,482
4,401
4,485
4,382
23
28
34
[0,422
[0,507
.0,625
L0.574
0,756
.0,808
215
209
198
280
240
231
,294
,161
,534
647
647
648
,116
078
024
622
619
603
,548
,548
,548
4,334
473
819
4,286
4,262
4,265
4,277
4,311
Outside
New York City
1941—July
5,237
3,410
:3,189
.2,701
1,368
229
1942—March
April
May
June
July
5,316
5,254
5,229
5,321
5,218
3,174
3,166
3,251
3,321
2,779
L4,323
, 326
L4.903
5,257
.5,440
L3,673
.3,617
.4,123
4,596
[4,955
[,572
,681
.,772
,667
,551
262
252
233
229
239
943
870
512
340
780
1942—May 27
4,532
,363
149
153
169
148
113
!,393
,394
,401
,401
,410
609
,790
730
,743
5,234
3,330
[5,055
.4,263
,742
221
568
4,269
153
1,402
,624
3
10
17
24
5,330
5,353
5,336
5,268
3,336
3,283
3,403
3,261
.4,994
.5,331
.5,373
.5,328
.4,296
.4,598
4,859
4,632
,703
,657
,645
,661
229
209
256
223
501
326
254
278
4,267
4,270
4,280
4,291
154
154
157
126
403
404
,624
,209
,170
,916
July 1
JulyS
July 15
July 22
July 29
5,075
5,178
5,159
5,341
5,336
3,209
2,641
2,709
2,660
2,680
5,111
5,170
5,465
5,648
5,808
[4,616
.4,681
.5,183
5,122
.5,172
,569
,529
,533
,538
,582
269
233
254
221
219
652
502
927
970
4,301
4,306
4,308
4,318
4,322
125
117
110
108
108
409
412
407
410
412
»,455
,090
;,803
,942
,427
Aug. 5
Aug. 2
Aug. 19....
5,301
5,480
5,362
2,690
2,747
2,644
5,716
.6,019
.6,093
.5,077
5,623
5,616
,609
,544
,537
225
219
220
826
711
,080
4,334
4,348
4,358
103
102
101
413
416
413
,879
,531
,097
June
June
June
June
,400
,400
1 Reciprocal bank balances reported gross before July 8, 1942, now reported net. The July 1 figures include $46,000,000 of such balances in New York
City and $528,000,000 at all reporting member banks.
.
2 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection.
3 Debits to demand deposit accounts except interbank and U. S. Government accounts.
SEPTEMBER
1942.
93
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
LOANS A N D INVESTMENTS
[In millions of dollars]
Loans
Federal Reserve
district and date
(1942)
Boston (6 cities)
July 29
Aug.5
Aug. 12
Aug. 19
New York (8 cities)*
July 29
Aug.5
Aug. 12
Aug. 19
Philadelphia (4 cities)
July 29
Aug.5
Aug. 12
Aug. 19
Cleveland
(10
Total
loans
and
investments
Total
Commercial,
industrial,
and
agricultural
Open
market
paper
Investments
Loans for
purchasing
or carrying
securities
U. S. Government obligations
Real Loans Other
estate
to
To
loans banks loans
brokers
To
and others
dealers
Total
Total
Certificate
of
Guar
Bills
in- Notes Bonds anteed
debtedness
Other
securities
1,776
1,787
1,782
1,819
766
777
776
772
437
448
448
442
96
96
95
93
10
11
12
14
14
13
13
13
74
74
74
74
1
1
1
1
134
134
133
135
1,010
1,010
1,006
1,047
874
875
871
912
121
121
112
111
92
91
86
125
61
62
65
66
549
550
557
558
51
51
51
52
136
135
135
135
14,452
14,397
14,452
14,781
4,191
4,169
4,151
4,182
2,749
2,739
2,739
2,735
151
59
61
59
461
440
424
467
196
199
196
187
190
191
192
192
26
36
34
35
508
505
505
507
10,261
10,228
10,301
10,599
8,859
8,842
8,891
9,189
675
718
766
759
578
524
540
876
1,716
1,708
1,677
1,644
4,747
4,745
4,757
4,762
1,143
1,147
1,151
1,148
1,402
1,386
1,410
1,410
1,511
1,510
1,518
1,565
513
508
512
513
279
277
279
279
31
30
30
30
26
26
28
28
32
31
31
31
47
47
47
48
97
97
97
998
1,002
1,006
1,052
747
750
753
78
82
85
96
33
32
27
55
48
48
52
54
525
525
526
533
63
63
63
64
251
252
253
250
2,658
2,657
2,655
2,713
838
834
846
843
422
420
431
428
23
22
23
23
14
15
16
16
15
15
15
15
183
183
183
183
181
179
178
178
1,820
1,823
1,809
1,870
1,548
1,550
1,533
1,594
83
78
78
131
131
120
178
241
240
234
234
959
959
971
974
137
137
130
130
272
273
276
276
1,009
1,014
1,026
1,051
296
296
299
299
139
139
142
142
16
16
16
15
3
3
3
4
11
11
11
11
52
52
52
52
75
75
74
74
713
718
727
752
647
651
659
684
48
51
52
58
33
33
33
50
69
69
69
69
435
436
443
445
62
62
^ 62
62
66
67
68
68
904
903
901
944
351
347
342
340
196
193
190
189
7
6
7
6
4
4
4
4
29
29
29
29
105
105
101
103
553
556
559
604
444
448
451
495
54
55
55
58
46
48
48
79
72
73
74
77
227
227
229
235
45
45
45
46
109
108
108
109
5,024
5,039
5,060
5,259
1,366
1,352
1,352
1,341
938
926
928
919
35
34
35
34
32
34
32
32
58
57
57
57
147
147
146
146
156
154
154
153
3,658
3,687
3,708
3,918
3,088
3,113
3,132
3,342
503
519
533
555
285
294
294
477
289
289
292
292
1,762
1,758
1,759
1,759
249
253
254
259
570
574
576
576
1,059
1,057
1,054
1,076
390
385
385
379
228
226
225
221
17
16
16
15
4
3
3
3
10
10
10
10
61
61
62
62
70
69
69
68
669
672
669
697
551
553
550
576
72
71
72
70
83
84
84
110
64
65
61
63
297
298
297
298
35
35
36
35
118
119
119
121
576
581
578
590
223
222
221
219
120
117
117
116
2
3
2
2
1
1
1
1
5
5
5
5
16
16
16
16
79
80
353
359
357
371
314
320
318
332
62
66
62
61
24
24
24
39
25
25
25
24
183
185
187
188
20
20
20
20
39
39
39
39
970
974
983
1,013
379
377
382
379
226
224
229
226
31
30
29
30
3
3
3
35
35
35
35
76
76
77
76
591
597
601
634
468
475
479
512
66
73
72
76
36
38
38
63
101
99
99
09
201
201
206
210
64
64
64
64
123
122
122
122
758
759
756
786
321
317
315
310
229
226
226
224
2
2
2
2
17
15
14
13
21
21
21
21
49
50
49
47
437
442
441
476
379
383
382
418
63
64
65
68
42
42
41
70
43
44
43
43
194
196
196
199
37
37
37
38
58
59
59
58
2,815
2,831
2,838
2,920
1,062
1,065
1,061
1,057
469
473
471
. 469
15
13
13
13
33
33
31
31
375
374
373
371
162
164
165
165
1,753
1,766
1,777
1,863
1,468
1,481
1,490
1,569
99
106
113
117
72
73
71
129
129
129
130
130
1,039
1,042
1,044
1,060
129
131
132
133
285
285
287
294
3,263
3,273
3,282
3,409
909
904
903
897
714
707
707
702
17
17
17
17
51
51
51
51
24
24
24
24
77
77
78
77
2,354
2,369
2,379
2,512
1,999
2,008
2,017
2,151
392
401
413
414
189
190
189
325
1,165
156 1,161
158 1,160
158 1,156
97
97
97
98
355
361
362
361
cities)....
July 29
Aug.5
Aug. 12
Aug. 19
Richmond (12 cities)
July 29
Aug. 5
Aug. 12
Aug. 19
Atlanta (8 cities)
July 29
Aug. 5
* Aug. 12
Aug. 19
Chicago (12 cities)*
July 29
Aug. 5
Aug. 12
Aug. 19
St. JLouis (5 cities)
July 29
Aug.5
Aug. 12
Aug. 19..
Minneapolis (8 cities)
July 29
Aug. 5
Aug. 12
Aug. 19.
Kansas City (12 cities)
July 29
Aug. 5
Aug. 12..
Aug. 19
Dallas (9 cities)
July 29
Aug.5
Aug. 12
Aug. 19..
San Francisco (7 cities)
July 29
Aug. 5
Aug. 12
Aug. 19..
City of Chicago*
July 29..
Jui: ~
Aug.5
Aug. 12
Aug. 19
26
28
26
26
* Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table.
New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively.
932-
The figures for the
FEDERAL RESERVE BULLETIN
WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS
RESERVES A N D LIABILITIES
[In millions of dollarsl
Time deposits,
except interbank
Demand deposits,
except interbank
Federal Reserve
district and date
(1942)
ReBalDeIndiserves
vidwith Cash ances mand
with
deuals,
Fedin
posits
partdoeral
vault mestic adnerRebanks justed1 ships,
serve
and
Banks
corporations
Boston (6 cities)
July 29
Aug. 5
Aug. 12
Aug. 19
New York (8 cities)*
July 29
Aug. 5
Aug. 12
Aug. 19
Philadelphia (4 cities)
July 29
Aug. 5
Aug. 12
Aug. 19
Cleveland (10 cities)
July 29
Aug. 5
Aug. 12
Aug. 19
Richmond (12 cities)
July 29
Aug. 5
Aug. 12
Aug. 19
•
Atlanta (8 cities)
July 29
. Aug.5
1
Aug. 12
Aug. 19
Chicago (12 cities)*
July 29
Aug. 5
Aug. 12
Aug. 19
St. Louis (5 cities)
July 29
Aug. 5
Aug. 12
Aug. 19...
Minneapolis (8 cities)
July 29
Aug. 5
Aug. 12
Aug. 19
Kansas City (12 cities)
July 29
Aug. 5
Aug. 12
Aug. 19
Dallas (9 cities)
July 29
Aug. 5
Aug. 12
Aug. 19
San Francisco (7 cities)
July 29
Aug. 5
Aug. 12
Aug. 19
City of Chicago*
July 29
Aug.5
Aug. 12
. .
Aug. 19
States Certified
and
and
politoffiical
cers'
subdivi- checks
etc.
sions
U.S.
Government
Individuals,
partnerships,
and
corporations
Interbank
deposits
Domestic
banks
States U.S.
Govand
ernForpolit- ment
eign
ical
and
sub- postal
banks
DeTime
divisav- mand
sions
ings
441
429
460
456
74
63
65
63
135
137
138
132
1,601
1,591
1,625
1,623
1,568
1,553
1,611
1,601
103
108
100
99
24
25
23
25
44
43
36
69
219
220
221
221
1
1
1
1
327
327
329
323
4,461
4,520
4,385
4,482
105
100
105
99
129
135
140
137
11,754
11,336
11,422
11,535
11,831
11,334
11,546
11,592
387
392
378
364
297
305
264
251
982
1,341
1,202
1,591
1,009
1,004
1,005
1,007
19
20
19
21
3,157
3,187
3,148
3,095
489
468
463
432
26
25
26
27
125
124
128
109
1,407
1,388
1,396
1,392
1,351
1,326
1,354
1,354
134
136
136
127
14
13
13
14
37
36
33
45
165
163
164
163
2
2
2
2
707
691
712
722
59
59
59
59
301
290
300
300
2,134
2,109
2,129
2,181
2,139
2,097
2,162
2,175
110
119
115
122
29
27
29
30
50
47
39
54
681
682
683
685
287
291
300
287
34
31
31
30
206
216
217
200
836
83'
851
840
792
796
818
812
94
97
97
92
15
15
14
13
42
44
38
43
228
234
252
242
21
20
21
19
202
204
209
203
665
665
68'
691
631
632
666
670
97
102
98
100
6
7
1,497
1,483
1,525
1,472
93
89
93
92
522
505
495
460
4,012
3,983
4,064
4,053
3,761
3,729
3,891
3,844
454
445
423
435
255
249
273
260
16
15
16
15
155
150
151
151
719
708
729
744
723
722
743
749
123
128
130
132
94
95
93
86
421
419
421
417
289
289
302
296
337
332
344
341
225
231
234
227
Borrowings
Capital Bank
debacits 2
counts
21
21
21
22
1
1
1
1
253
253
254
254
486
553
510
562
7
7
7
7
612
624
620
605
15
20
23
1,665
1,673
1,674
1,674
3,482
4,635
3,761
4,144
368
364
366
357
2
2
2
2
6
7
7
6
218
219
219
219
391
447
441
448
18
18
18
18
478
477
492
493
25
25
25
24
2
1
2
2
401
401
401
401
681
695
650
717
201
202
203
203
2
2
2
2
341
353
364
366
6
6
6
6
103
103
104
100
281
312
290
328
58
54
45
66
189
189
190
191
3
3
3
3
363
371
378
378
2
1
1
1
2
3
3
3
100
100
100
100
253
272
263
279
46
50
43
47
334
323
270
423
949
953
955
957
2
2
2
2
1,420
1,439
1,466
1,434
8
8
8
8
13
13
13
13
438
440
440
440
1,456
1,593
1,457
1,591
61
63
64
63
7
7
46
43
36
50
182
182
183
183
3
2
2
2
447
447
455
435
101
101
101
101
252
269
256
296
368
369
381
378
87
83
76
75
5
5
6
5
10
14
15
23
106
106
106
107
66
66
66
66
159
175
165
171
763
738
774
776
734
738
766
771
107
105
104
104
10
10
11
10
35
33
30
44
135
136
136
137
114
114
114
114
319
314
325
359
261
276
282
289
694
697
715
713
679
687
711
717
63
60
55
49
11
10
10
12
54
53
50
68
1
1
1
1
94
94
94
94
222
236
231
269
600
600
631
634
242
249
278
270
1,664
1,667
1,713
1,753
1,659
1,668
1,730
1,761
114
114
107
105
32
30
31
29
20
21
21
20
398
397
397
398
666
712
655
752
1,033
1,022
1,044
1,018
229
226
203
200
2,529
2,526
2,561
2,555
2,425
2,416
2,494
2,470
225
228
218
220
22
25
21
24
11
11
12
12
286
287
287
287
818
952
909
961
1
203
209
205
206
3
3
3
3
1
1
1
1
575
600
600
604
6
6
6
6
119
120
120
120
10
10
9
10
316
333
327
339
90
89
78
138
1,020
1,024
1,029
1,032
59
55
55
53
369
370
393
388
261
254
207
341
461
462
462
462
1
1
1
1
1,040
1,048
1,068
1,038
21
21
21
21
* 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
Debits to demand deposit accounts except interbank and U. S. Government accounts.
SEPTEMBER
1941
933
COMMERCIAL PAPER A N D BANKERS' ACCEPTANCES OUTSTANDING
[In millions of dollars 1
Dollar acceptances outstanding
paper
outstanding 1
End of month
Based on
Held by
Cornmer-
Accepting banks
Total
outstanding
Total
Own
bills
Bills
bought
Others
2
Exports
from
United
States
Imports
into
United
States
Dollar
exchange
Goods stored in or
shipped between
points in
United
States
Foreign
countries
1941—April
May . .
June
July
August
September
October
November
December
275
295
299
330
354
371
378
387
375
220
215
213
210
197
177
185
194
194
170
164
161
161
148
131
138
144
146
105
105
101
106
100
85
90
93
92
66
60
59
55
47
46
47
51
54
49
51
52
49
50
46
47
50
49
126
125
123
121
114
105
109
116
116
25
24
24
22
21
13
12
14
15
7
3
3
3
3
4
4
5
4
38
41
43
47
49
45
48
48
48
23
22
20
16
11
9
11
12
11
1942—January
February
March
April
May
June
July
381
388
384
373
354
315
305
197
190
183
177
174
163
156
154
144
146
139
133
122
119
103
92
8£
86
82
78
77
52
53
57
53
51
44
42
43
46
37
38
41
41
38
116
112
103
97
101
94
92
17
18
17
17
16
13
8
3
2
2
1
51
44
45
48
43
52
45
11
13
16
14
13
4
11
(3)
(3)
1
As reported by dealers; includes some finance company paper sold in open market.
None held by Federal Reserve Banks.
Less than $500,000.
Back figures.—See Annual Report for 1937 (table 70).
2
3
CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, A N D PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE
FIRMS CARRYING MARGIN ACCOUNTS
[Member firms of New York Stock Exchange.
Ledger balances in millions of dollarsl
Credit balances
Debit balances
End of month
Customers'
debitbalances
(net) 1
Debit
Debit
balances in balances in
firm
partners'
investment investment
and trading and trading
accounts
accounts
Customers'
credit balances 1
Cash on
hand
and in
banks
Money
borrowed 2
Other credit balances
Free
Other
(net)
In partners'
In firm
investment investment
and trading and trading
accounts
accounts
In capital
accounts
(net)
1936—June
December
1,267
1,395
67
64
164
164
219
249
985
1,048
276
342
86
103
24
30
14
12
420
424
1937—June
December
1,489
985
55
34
161
108
214
232
1,217
688
266
278
92
85
25
26
13
10
397
355
1938—June
December
774
991
27
32
88
106
215
190
495
754
258
247
89
60
22
22
11
5
298
305
1939—June
December
834
906
25
16
73
78
178
207
570
637
230
266
70
69
21
23
6
7
280
277
1940—June
December
653
677
12
12
58
99
223
204
376
427
267
281
62
54
22
22
5
5
269
247
1941—June
July
August
September
October
November
December
616
628
628
633
628
625
600
11
10
10
10
9
9
8
89
87
160
83
102
100
86
186
189
189
196
186
195
211
395
388
460
396
• 414
409
368
255
266
262
260
255
264
289
65
70
72
78
74
72
63
17
17
16
16
16
15
17
7
8
7
8
7
8
5
222
221
221
219
217
217
213
547
534
531
515
502
496
491
8
8
8
8
8
9
7
74
74
70
68
79
86
95
219
203
195
195
177
180
172
308
307
306
300
300
309
307
274
262
249
247
238
240
238
72
66
67
61
59
56
57
18
18
16
16
16
16
16
6
5
4
5
3
4
4
209
206
201
196
194
189
185
1942—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 these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by
which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not
to be taken as representing the actual net capital of the reporting firms.
Back figures.—Set BULLETIN for March 1938, p . 196, and (for data in detail) Annual Report for 1937 (table 69).
934
FEDERAL RESERVE BULLETIN
O P E N - M A R K E T M O N E Y RATES I N N E W Y O R K CITY
[Per cent per annum]
Prime Stock
Prime bankexcomchange
ers'
call
mercial acceptloan
paper,
4 to 6
re90
newmonthsl daysl
al
Year
month, or
1939 average
1940 average
1941 average
1941—July .
Aug
Sept.
Oct
Nov
Dec
1942—Jan.
Feb.
Mar
Apr.
May
44
44
44
.44
.44
.44
44
44
.44
44
.44
.44
.44
Vs-H
5
A-U
Week ending:
Aug. 1
Aug. 8
Aug. 15
Aug. 22
.50
.50
.50
.50
.50
.56
1.00
1.00
1.00
1.00
1.00
1 00
1.00
1.00
1.00
1 00
1 00
1.00
1 00
1.00
1.00
1.00
.44
.44
.44
56
.63
.63
.63
.63
.69
.69
June
July
Certificates
of in- 3-to-5
debted- year
month
ness
taxable
bills3
(due
notes
Feb. 1,
1943)
%
%
.023
.014
.103
.364
.363
.368
.61
1.03
1.15
1.20
1.00
1.00
1.00
1.00
.59
.56
.54
...
Yields on U S.
Government securities
.372
.372
.372
.369
.60
.59
.59
.57
1.22
1.24
1.25
1.26
.76
097
67
.62
62
.72
.90
.108
055
.049
.242
.298
1.02
96
.93
/93
98
214
250
.212
299
1 Monthly figures are averages of weekly prevailing rates.
2
The average rate on 90-day stock exchange time loans was 1.25 per
cent during the entire period.
3
Rate on new issues offered within period. Tax-exempt bills prior to
March 1941; taxable bills thereafter.
Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures
for Treasury bills and Treasury notes available on request.
COMMERCIAL LOAN RATES
AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS
IN PRINCIPAL CITIES
[Per cent per annum]
Total
19 cities
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
2.54
2.45
1.76
1.72
1.73
1.69
2.07
2.04
1.97
3.71
3.39
3.04
2.88
2.75
2.87
2.56
2.55
4.32
3.76
3.40
3.25
3.26
3.51
3.38
3.19
2.57
2.49
2.60
2.64
2.52
1.70
1.70
1.70
1.73
1.70
2.90
2.68
2.95
2.97
2.69
3.21
3.20
3.23
3.32
3.26
2.95
2.91
2.68
2.59
2.65
2.59
2.68
2.59
2.58
2.55
2.60
2.41
2.48
2.62
1934 average 1
1935 average 1
1936 average 1
1937 average 1
1938 average 1
1939 average
1940 average
1941 average
Monthly figures1
1938—October
November
December
1939—January
February
Quarterly figures
1939—March
June
September
December
1940—March
June
September
December
1941—March
June
September
December
1942—March
June
New
York
City
2.13
2.15
2.04
1.96
2.03
2.00
2.14
2.00
2.06
1.95
1.98
1.88
1.85
2.07
3.05
3.05
2.78
2.59
2.67
2.49
2.56
2.53
2.53
2.58
2.62
2.45
2.48
2.56
3.77
3.62
3.31
3.32
3.35
3.38
3.43
3.36
3.25
3.23
3.29
2.99
3.20
3.34
1 Prior to March 1939 figures were reported monthly on a basis not strictly
comparable with the current quarterly series.
Back figures.—See November 1939 BULLETIN, pp. 963-969 for description
and for back figures.
B O N D YIELDS 1
[Per cent per annum]
Corporate (Moody's) 5
U. S.
Government2
Year, month, or week
Partially
Taxable
taxexempt
Number of issues
Municipal
Highgrade
rate 4
By groups
By ratings
Total
Aaa
Aa
A
Baa
Industrial
Railroad
Public
utility
15
5
120
30
30
30
30
40
40
40
1939 average
1940 average
1941 average
2.36
2.21
1.95
2.76
2.50
2.10
2.92
2.77
2.67
3.77
3.55
3.34
3.01
2.84
2.77
3.22
3.02
2.94
3.89
3.57
3.30
4.96
•4.75
4.33
3.30
3.10
2.95
4.53
4.30
3.95
3.48
3.25
3.11
1941—July
Augu st
Sept ember
October
November
December
1.90
1.94
1.94
1.88
1.85
1.97
"2!22*
2.37
2.03
2.00
1.99
1.91
1.90
2.25
2.66
2.65
2.64
2.61
2.57
2.68
3.30
3.29
3.30
3.27
3.26
3.35
2.74
2.74
2.75
2.73
2.72
2.80
2.90
2.90
2.91
2.87
2.86
2.95
3.26
3.24
3.24
3.21
3.19
3.27
4.28
4.27
4.30
4.28
4.28
4.38
2.90
2.90
2.88
2.85
2.85
2.94
3.92
3.92
3.95
3.93
3.91
3.99
3.07
3.06
3.07
3.05
3.04
3.12
2.01
2.09
2.00
1.98
1.97
1.97
2.00
2.37
2.39
2.35
2.34
2.35
2.33
2.34
2.33
2.55
2.58
2.44
2.45
2.38
2.32
2.76
2.80
2.80
2.77
2.76
2.75
2.74
3.35
3.35
3.37
3.34
3.36
3.37
3.35
2.83
2.85
2.86
2.83
2.85
2.85
2.83
2.96
2.98
3.00
2.98
3.00
3.01
2.99
3.30
3.29
3.32
3.30
3.31
3.31
3.28
4.29
4.29
4.30
4.26
4.27
4.33
4.30
2.97
2.98
3.00
2.96
2.97
2.97
2.94
3.93
3.94
3.94
3.95
3.97
4.03
4.02
3.13
3.15
3.17
3.13
3.13
3.12
3.09
2.00
2.02
2.02
2.02
2.34
2.35
2.35
2.34
2.29
2.28
2.28
2.28
2.74
2.74
2.73
2.73
3.34
3.34
3.34
3.34
2.82
2.82
2.81
2.81
2.99
2.99
2.99
2.99
3.27
3.27
3.26
3.27
4.29
4.29
4.28
4.28
2.94
2.94
2.94
2.95
4.01
4.00
3.99
3.98
3.09
3.09
3.09
3.09
1942—January
February
March
April
2-6
.. .
May
June
July
Week ending:
Aug. 1
Aug. 8
Aug. 15
Aug. 22
2
' 2 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures.
*
Average of yields on all outstanding issues due or callable in more than 12 years.
3
Standard and Poor's Corporation.
5
MoodyVlnvestors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have been reduced
from 10 to 4 and 10 to 3 issues respectively, and the railroad Aaa and Aa groups from 10 to 5 and 10 to 9 issues respectively.
Back figures.—See Annual Report for 1937 (table 80) and for high-grade corporate bonds, Bulletin of the Treasury Department for July 1941, pages
21-24. Figures for U. S. Government bonds available on request.
SEPTEMBER
1941
935
SECURITY MARKETSi
Stock prices 6
Bond prices
Corporate4
Year, month, or week
U. S.
Gov- Municernipal3
ment*
Number of issues
Medium and lower-grade
Highgrade
Total
Industrial
Volume
of trading1?
(in thousands of
shares)
Common (index 1935-39 = 100)
Defaulted
Public
utility
Railroad
Preferred5
Total
Industrial
Railroad
Public
utility
2-6
15
15
50
10
20
20
15
15
402
354
20
28
1939 average
1940 average
1941 average
105.2
107.2
111.0
116.3
121.2
129.0
113.8
115.9
117.8
89.5
94.8
98.9
91.2
97.3
103.9
78.1
83.8
86.9
99.3
103.5
106.1
13.8
14.0
21.9
167.5
169.2
171.9
94
88
80
95
88
80
75
71
71
99
96
81
977
767
629
1941-July
August
September.
October
November.
December..
111.7
111.1
111.1
112.0
112.4
110.7
130.4
131.0
131.2
133.0
133.4
125.9
118.7
118.5
118.1
118.8
119.2
117.5
99.9
99.6
98.0
99.2
99.4
97.4
104.8
104.9
105.1
105.3
105.9
105.0
87.8
86.8
84.5
85.0
84.9
82.4
107.1
107.3
107.2
107.2
107.4
104.7
23.9
24.9
24.4
25.1
24.8
21.9
173.1
174.3
173.4
172.1
170.5
168.7
83
83
84
80
84
84
85
82
79
82
81
81
79
75
66
757
473
599
557
792
74
74
74
73
70
68
61
1,542
1942—January....
February..
March ...
April
May
June
,
July
110 1
108 9
110.2
110.5
110.7
110.7
110.2
124.4
120.1
119.7
122.1
122.1
123.3
124.4
117.5
117.1
116.7
117.8
117.7
118.0
118.9
99.2
99.6
98.8
99.3
98.9
98.1
98.9
106.7
106.9
106.1
107.1
107.4
107.7
108.4
86.9
87.7
88.6
88.4
87.1
83.0
83.9
104.1
104.4
101.8
102.3
102.2
103.5
104.5
24.1
25.6
27.6
26.7
26.4
24.0
25.5
166.3
165.1
159.8
154.8
156.3
159.2
162.0
73
70
66
63
63
66
68
74
71
67
65
65
68
71
69
68
65
61
60
59
63
66
65
61
57
57
59
58
565
404
363
336
323
316
346
Week ending:
Aug. 1
Aug. 8 . . . .
Aug. 15...
Aug. 22...
110.2
109.9
109.9
109.9
125.1
125.3
125.3
125.3
118.8
118.8
118.8
118.7
99.1
99.1
99.0
99.5
108.4
108.5
108.5
108.6
84.4
84.7
84.7
85.7
104.3
104.1
103.7
104.2
26.2
26.5
26.6
27.4
163.2
164.3
163.6
164.0
68
68
68
69
70
70
70
72
64
64
58
58
58
59
276
269
292
410
77
72
64 *
68
1
2
Monthly and weekly data are averages of daily figures, except for municipal bonds and for stocks, which are based on Wednesday figures.
Prices derived from average of yields on all outstanding partially tax-exempt U. S. Government bonds due or callable in more than 12 years on- basis
of a 32% per cent, 16 year bond. For description see November 1940 BULLETIN, pp. 1179-1180. Prices expressed in decimals.
Prices derived from average yields, as computed by Standard and Poor's Corporation.
4
Prices derived from averages of median yields, as computed by Standard and Poor's Corporation.
5
Prices derived from averages of median yields on noncallable high-grade stocks on basis of a $7 annual dividend.
6
Standard and Poor's Corporation.
7
Average daily volume of trading in stocks on the New York Stock Exchange.
Back figures.—For United States Government bonds, see November 1940 BULLETIN; for municipal bonds, see Annual Report for 1937 (table 79).
NEW SECURITY ISSUES
[In millions of dollars]
For refunding
For new capital
Total
Year or month
(new
and
refunding)
Total
(do-,
mestic
and
for- Total
eign)
1,751
1,063
2,160
4,699
6,214
3,937
4,449
5,842
4,803
5,539
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
616
471
300
238
241
132
111
138
1942—January
February...
March ..
April
May
333
182
180
197
262
180
123
109
158
128
201
142
96
41
273
300
360
65
State
and
municipal
Federal
agencies 1
Domestic
Total
Corporate
eign 2
Bonds
Total and Stocks
notes
762
483
803
855
735
712
971
931
751
516
77
64
405
150
22
157
481
924
461
1,272
325
161
178
404
1,192
1,225
873
383
736
1,059
305
40
144
334
839
817
807
287
601
889
20
120
35
69
352
408
67
97
135
170
299
360
65
132
110
138
40
33
31
29
21
42
212
47
327
34
324
182
123
109
158
128
96
41
83
30
22
51
22
18
11
1,197 1,165
720
708
1,386 1,386
1,457 1,409
1,972 1,949
2,138 2,094
2,360 •2,325
2,289 2,239
1,951 1,948
2,848 2,847
1941—July
August
September ..
October
November .
December...
June
July.......
Domestic
20
104
89
77
50
83
62
13
4
12
54
6
15
34
22
32
12
48
23
44
35
50
2
1
(domestic
and
Total
foreign)
State Fedand
mu- eral
1
nici- agenpal cies
Corporate
Bonds
Total and Stocks
notes
554
343
774
3,242
4,242
1,799
2,089
3,553
2,852
2,691
498
283
765
3,216
4,123
1,680
2,061
3,465
2,852
2,687
87
37
136
365
382
191
129
195
482
433
93
26
317
987
353
281
665
1,537
•344
698
319
219
312
1,864
3,387
1,209
1,267
1,733
2,026
1,557
315
187
312
1,782
3,187
856
1,236
1,596
1,834
1,430
316
110
316
110
14
11
216
25
76
73
209
209
20
87
74
167
127
102
167
127
102
35
53
18
161
156
6
35
32
25
97
42
59
96
29
57
Foreign2
1
13
2
1
27
11
87
32
55
151
151
35
56
79
97
103
34
82
37
61
91
94
19
18
83
37
9
10
3
57
88
104
52
27
5
2
3
57
88
104
52
8
77
28
105
101
19
39
19
6
15
36
28
32
62
33
55
33
"si"
200
352
31
137
193
126
56
60
9
26
119
119
28
88
4
11
2
19
39
19
6
69
27
105
101
27
21
81
39
4
32
6
9
8
11
7
1 Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury.
2 Includes issues of noncontiguous U. S. Territories and Possessions.
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).
93 6
FEDERAL RESERVE BULLETIN
NEW CORPORATE SECURITY ISSUESi
PROPOSED USES OF PROCEEDS, ALL ISSUERS
[In millions of dollars]
Proposed uses of net proceeds
Estimated
net
proceeds 3
Estimated
gross
proceeds l
Year or month
New money
P l a n t and
equipment
Total
Retirement of securities
Working
capital
Total
Bonds and
notes
Repayment
of
other debt
Preferred
stock
Other
purposes
530
2 698
4,781
2 374
2,324
2", 177
2,786
2,524
515
2,629
4,637
2,303
2,279
2,128
2,723
2,480
57
243
858
1,046
779
325
604
797
32
111
380
574
504
170
424
639
26
131
478
472
275
155
180
158
362
2,193
3,575
1,106
1,254
1,708
1,927
1,528
362
2,121
3,349
916
1,167
1,650
1,798
1,448
71
226
190
87
59
128
80
84
170
154
111
239
69
174
102
11
23
49
39
7
26
19
53
1940—September
October
November
December
108
373
148
578
106
366
145
567
43
45
65
193
35
39
25
158
9
6
41
35
57
316
73
367
55
312
59
318
2
5
15
50
5
2
6
6
1
2
1
1
1941—January
February
March
April
May
June
July
August
September
October
November
December
270
151
268
145
265
234
117
408
172
227
140
128
265
148
263
142
259
229
114
404
170
224
137
125
48
29
67
27
66
80
40
185
31
91
80
51
44
25
55
18
51
69
31
168
20
64
60
34
4
5
12
9
15
11
10
17
11
26
20
17
210
103
179
111
188
132
60
200
137
118
38
54
184
101
171
90
188
127
58
198
135
117
37
44
26
2
8
21
6
1
15
2
2
1942—January
February .
March
April
May
June
July
164
78
102
121
126
142
53
161
71
40
39
70
59
72
14
38
34
35
15
27
57
11
33
5
4
55
33
15
3
80
23
46
U
11
60
29
80
12
41
12
11
55
29
a
5
1934
1935
1936
1937..
1938
1939
1940
1941
76
100
118
124
139
52
15
2
4
16
10
14
2
11
19
3
5
2
2
2
1
1
10
1
4
5
5
17
9
2
15
36
53
5
8
5
11
1
2
PROPOSED USES OF PROCEEDS, BY MAJOR GROUPS OF ISSUERS
[In millions of dollars}
Railroad
Other
Total
Retire- All
Total
Retire- All Total
Total
Retire- All
Retire- All
net
New ment of other
net
net
New ment of other
New ment of other
New ment of other
net
promoney securi- purpro- money securipro- money securi- purpro- money securi- purpurposes* ceeds
ties
ties poses* ceeds
ceeds
ties poses* ceeds
ties
poses*
Year or month
172
120
774
338
54
182
319
361
.
1942—Tanuary
February
March
April
May
...
June
July
10
16
22
12
2
31
1
32
71
8
2
45
58
•23
24
42
25
1
28
27
21
3
5
50
5
2
45
51
23
24
7
21
1
28
10
4
6
9
2
October
November
December
120
54
558
110
30
97
186
108
10
4
6
1940—September
21
57
139
228
24
85
115
253
11
46
27
12
1934
1935
1936
1937
1938
1939
1940
1941
1941—January
February
March. ..
April
May
June
July
August
September
October
November
December
Industrial
Public utility
3
2
7
35
4
6
31
10
77
1
18
4
77
130
1,250
1,987
751
1,208
1,246
1,180
1,306
11
30
63
89
180
43
245
309
1,190
1,897
611
943
1,157
922
972
42
30
27
50
86
47
13
25
62
774
1,280
1,079
831
584
961
715
25
74
439
616
469
188
167
211
34
550
761
373
226
353
738
402
2
150
80
90
136
43
56
103
151
485
597
135
185
115
263
98
81
218
112
106
9
78
24
131
399
359
13
56
101
81
47
58
213
18
365
11
9
1
144
47
202
16
219
1
2
1
2
35
105
37
171
22
19
4
26
8
84
32
141
5
2
1
4
1
2
64
19
1
1
39
12
24
7
122
37
184
71
144
110
33
316
102
80
56
51
15
1
46
17
6
9
7
142
6
11
45
3
105
36
136
53
138
97
26
173
96
67
10
36
2
108
20
71
66
69
61
54
59
24
74
71
38
6
7
17
5
2
20
1
4
1
1
3
15
20
9
18
17
48
29
17
98
13
37
56
50
28
35
27
6
12
24
15
5
6
1
44
8
9
1
1
1
10
4
3
107
34
48
11
21
69
3
18
25
8
11
10
17
2
80
10
40
9
1
6
3
43
11
25
59
49
51
9
1
5
49
1
43
38
46
107
102
61
46
2
1
4
1
2
1
12
7
14
6
12
6
6
29
i6
3
3
13
10
14
1
14
18
6
13
15
36
48
4
8
1
1
1
4
194
20
10
24
5
104
27
1
15
1
4
5
""'34"
4'
3
""2"
"i"
1
2
3
4
Estimates of new issues sold for cash in the United States. Current figures subject to revision.
Gross proceeds are derived by multiplying principal amounts or number of units by offering price.
Estimated net proceeds are equal to estimated gross proceeds less cost of flotation, i.e., compensation to underwriters, agents, etc., and expenses.
Includes repayment of other debt and other purposes.
Source: Securities and Exchange Commission. Fof description of data and back figures, see pp. 217-219 of the March 1942 BULLETIN.
SEPTEMBER
1942.
937
QUARTERLY EARNINGS AND DIVIDENDS OF LARGE C O R P O R A T I O N S
INDUSTRIAL CORPORATIONS
[In millions of dollars]
Profits and
dividends
Net profits, 1 by industrial groups
Year or quarter
Total
Iron
and
steel
Machinery
Other
transportation
equipment
Automobiles
Nonferrous
metals
and
products
Other
durable
goods
Foods,
beverages
and
tobacco
Oil
prod,
and
refining
Other
nondurable
goods
Industrial
chemicals
Miscellaneous
services
Dividends
Net
profits 1
Preferred
Common
629
47
69
15
68
77
75
49
45
30
80
74
152
152
152
1,465
1,818
2,169
146
278
325
115
158
193
223
242
274
102
173
227
119
133
153
70
88
113
151
148
159
98
112
174
186
194
207
134
160
187
122
132
159
847
1,028
1,144
90
90
92
564
669
705
284
311
320
550
13
14
35
85
20
25
26
44
64
61
12
86
23
21
20
39
25
22
30
42
8
16
23
23
31
36
44
41
14
21
26
37
36
40
45
66
28
29
32
45
24
27
29
42
173
185
167
321
21
22
21
26
114
119
125
207
422
412
396
588
47
51
79
101
33
39
34
52
69
53
17
103
41
36
33
63
33
29
30
40
14
21
25
28
34
38
33
43
34
30
25
24
46
45
52
51
41
41
39
39
29
30
29
44
246
230
211
342
21
21
22
25
136
158
158
217
510
549
560
550
86
84
81
72
44
48
46
55
79
73
60
61
53
56
56
62
39
36
38
40
23
28
30
32
36
43
44
37
29
42
56
46
49
53
52
52
44
48
49
46
29
36
46
48
286
297
284
276
22
23
23
24
150
165
170
221
52
53
38
35
19
18
32
36
35
28
39
34
204
175
21
23
134
136
Number of companies....
1939
1940
1941.
Quarterly
1939—1
2
3
4
1940—1
2
3
4
.
1941—1
2..
3 .
4
r
1942—1
2
425
381
r
r
r
46
24
r
856
860
r
36
32
r
r
39
29
r
32
31
PUBLIC UTILITY CORPORATIONS
[In millions of dollars]
Railroad2
Year or quarter
Operating
revenue
Income
before
income
tax 4
Telephone1
Electric power
Net income1
All roads Insolvent
roadsS
Dividends
Operating
revenue
Income
before
income
Net
income 1
Dividends5
Operating
revenue
.Net
income 1
Dividends 6
28
28
28
28
33
33
33
3,995
4,297
5,347
126
249
672
93
189
502
-102
-73
24
126
159
186
692
735
799
159
177
202
137
142
133
116
118
115
1,179
1,250
1,382
198
202
196
178
167
172
898
906
1,058
1 133
—38
—43
68
139
—43
-47
58
126
—4
21
23
21
61
175
166
167
184
46
37
34
43
39
32
30
36
19
19
19
22
287
295
295
303
46
50
50
52
21
20
16
15
1940—1 . . .
2
3
4 .
986
1 010
1,130
1,171
—3
15
92
145
—12
3
71
127
8
(7)
—29
—33
-14
3
25
29
29
78
187
176
177
194
48
42
41
47
41
34
31
37
19
19
19
20
304
310
310
326
52
52
46
53
16
16
15
10
1941—1
2
3
4
1,152
1,272
1,468
1,454
94
144
267
167
69
101
190
142
—4
2
25
1
22
36
31
97
201
191
196
211
59
48
46
50
43
33
25
34
18
24
18
19
330
345
347
359
48
50
46
51
16
15
16
20
1942—1
2
1,483
1,798
178
390
95
194
12
37
24
40
216
202
63
52
33
24
19
19
369
385
52
54
r19
21
Number of companies
1939
1940
1941
1939—1
2
3
4
Quarterly
.
r
r
r
Revised.
" N e t profits" and "net income" refer to income after all charges and taxes, and before dividends.
Class I line-haul railroads.
3
N e t income and dividend figures exclude dividends received by the American Telephone and Telegraph Company.
4
After all charges and taxes except Federal income and excess profits taxes.
5
Quarterly dividend data are not available for all companies in the group and, therefore, do not add to the yearly totals shown.
6 Includes roads in receivership or trusteeship a t beginning of the year.
7 N o t available.
8
Partly estimated.
Sources: Interstate Commerce Commission for railroads; Federal Communications Commission for telephone companies; published reports for industrial and electric power companies. Figures for the current and preceding year subject to revision. For description of d a t a and back figures, see pages
1
2
214 to 217 of the March 1942 BULLETIN.
938
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]
Marketable public issues1
Total
gross
debt
Total
interestbearing
debt
Total2
1938—June
Dec
1939—June
Dec
1940—June
Dec
37,165
39,427
40,440
41,942
42,968
45,025
36,576
38,899
39,886
41,445
42,376
44,458
32,344
34,004
33,965
34,735
34,436
35,645
1,154
1,306
1,308
1,455
1,302"
1,310
9,147
8,496
7,243
6,203
6,383
6,178
1941—June
July
Aug
Sept
Oct
Nov
Dec
48,961
49,513
50,921
51,346
53,584
55,040
57,938
48,387
48,965
50,371
50,791
53,040
54,536
57,451
37,713
37,713
37,667
37,368
38,869
39,677
41,562
1,603
1,603
1,604
1,305
1,404
1,703
2,002
942—Jan
Feb
Mar
60,012
62,381
62,419
64,961
68,571
72,422
77,136
59,531
61,895
61,940
64,496
68,108
71,968
76,694
42,271
43,700
43,329
45,137
47,615
50,573
53,826
2,101
2,002
1,652
1,953
2,257
2,508
3,663
End of month
May
June
July
Nonmarketable public issues
CertifiTreasury cates of Treasury Treasury
indebtednotes
bonds
bills
ness
Special
issues
Noninterest
bearing
2,676
3,156
3,770
4,231
4,775
5,370
589
528
554
497
591
566
21,846
24,005
25,218
26,881
26,555
27,960
1,556
1,739
2,151
2,480
3,166
3,444
1,238
1,442
1,868
2,209
2,905
3,195
5,698
5,698
5,698
5,698
5,509
6,012
5,997
1,507
1,507
3,096
3,096
Total 2
U.S.
savings
bonds
30,215
30,215
30,169
30,169
31,759
31,765
33,367
4,555
4,929
6,234
6,765
7,507
8,052
8,907
4,314
4,649
4,908
5,132
5,394
5,620
6,140
"i',037"
1,343
1,818
2,136
2,471
6,120
6,324
6,470
6,658
6,664
6,806
6,982
574
548
550
556
544
504
487
5,591
5,591
5,571
5,571
5,571
6,689
6,689
34,383
35,912
35,910
35,910
38,085
38,085
40,182
10,196
11,004
11,278
12,002
12,976
13,510
14,743
7,198
7,893
8,436
8,951
9,569
10,188
11,078
2,697
2,807
2,536
2,744
3,100
3,015
3,357
7,063
7,190
7,333
7,358
7,518
7,885
8,125
481
486
480
465
462
454
442
Treasury
tax notes
debt
1
Including amounts held by Government agencies and trust funds, which aggregated $2,445,000,000 on June 30, and $2,446,000,000 (preliminary) on
July2 31, 1942.
Total marketable public issues includes Postal savings and pre-war bonds, and total nonmarketable public issues includes adjusted service arid
depositary bonds not shown separately.
SECURITIES FULLY GUARANTEED BY UNITED STATES
GOVERNMENT, BY ISSUING AGENQES1
[In millions of dollars]
SALES OF UNITED STATES SAVINGS BONDS
(In millions of dollars]
Interest-bearing
Month
End of month
ReconFedTotal
eral Own- struc- Comamount
tion modity
Farm
outCredit
Fistand- Total Mort- ers
Loan nance Cor- Other
ing2
CorCor- porapora- tion pora- tion
tion
tion
S£
1,410
1,388
1,379
1,269
1,269
1,269
2,937
2,888
2,928
2,731
2,603
2,600
299
509
206
206
1
1
1,096
1,096
1,097
820
206
407
407
696
117
118
122
239
1939—June
Dec
1940—June
Dec.
5,704
5,529
-5,917
4,853
4,992
5,450
5,621
5,498
5,901
1941—June
July
Aug.
Sept
Oct.
Nov
Dec.
6,370
6,939
6,937
6,937
6,338
6,324
6,324
6,360
6,930
6,928
6,929
6,930
6,316
6,317
1,269
1,269
1,269
1,269
1,269
1,269
1,269
2,409
2,409
2,409
2,409
2,409
2,409
2,409
1,741
2,101
2,101
2,101
2.101
1,802
1,802
696
907
905
905
905
701
701
244
243
243
244
244
135
136
1942—Jan
5,703
5,696
5,690
5,688
5,687
4,568
4,581
5,673
5,673
5,666
5,666
5,667
4,549
4,551
937
937
930
930
930
930
930
2,409
2,409
2,409
2,409
2,409
1,563
1,533
1,492
1,492
1,492
1,492
1,492
1,219
1,216
701
701
701
701
701
701
738
134
135
135
135
136
136
134
1938—June
Feb
Mar
Apr
May
June
July
Amount Funds received from sales during
month
outstanding
at end of
All
Series Series Series
month 1
E
F
G
1941—May
June
July
August
September
October...
November.
December.
4,008
4,314
4,649
4,908
5,132
5,394
5,620
6,140
370
315
342
266
232
271
234
529
101
103
145
118
105
123
110
341
38
29
27
20
18
23
19
33
211
183
170
128
109
125
105
154
1942—January...
February..
March
April
,
May
June
,
July
7,198
7,893
8,436
8,951
9,569
10,188
11,078
1,061
703
558
531
634
634
901
667
398
338
327
422
433
508
78
52
41
40
42
41
74
316
253
179
164
170
160
319
1
At current redemption values except Series G, which is stated at par.
Difference between "Funds received" and month to month changes in
"Amounts outstanding" represents the difference between accrued increases
in redemption values and redemptions of bonds during the month.
2
Includes figures for series A-D not shown separately; these series have
not been issued since Aprii 1941,
1
Excluding obligations held by U. S. Treasury and reflected in the public
debt.
2
Figures on matured debt were not published prior to September 1939.
SEPTEMBER
1942.
939
MATURITIES OF PUBLIC MARKETABLE SECURITIES OF U. S. GOVERNMENT, DIRECT AND FULLY
GUARANTEED, JULY 31, 1942
[In millions of dollars]
Direct securities maturing
CertifiTreas- cates Treasof Inury
ury
bills debted- notes
ness
Maturing or callable
Total
8,029
9,365
11,566
18,864
6,002
3,663
53,826
3,663
1942—Before Oct. 1
Oct. 1-Dec. 31
2,702
3,043
2,260
1,303
1943—Jan.
Apr.
July
Oct.
1,654
629
279
421
Within lyear
1 to 5 years
5 to 10 years
10 to 20 years
Over 20 years
Total
1944
1945
1946
1947
1948
1949
1950
1951
1952
1953
1954
1955
1956
1958
1959
1960
1961
1962
1963.
1964
1965
1967
1972
1
2
l-Mar. 31
1-June 30
1-Sept. 30....
1-Dec. 31
3,096
6,689
i,5O7
1,588
....
Total 2
Federal
Farm
Mortgage
Corporation
3,914 • " • 3 1 "
31
11,535
134
18,730
6,002
454
8,055
19,224
9,733
2,716
646
2,176
1,614
95
40,182
4,531
Home
Owners'
Loan
Corporation
930
Reconstruction
Finance
Corporation
Total
fully
guaranteed
securities
due or 1
callable
Commodity
Credit
Corporation
Federal
Public
Housing
Authority
320
896
326
412
114
646
3,885
1,216
738
114
4,531
95
40,182
342
232
1,849
3,191
3,156
2,384
1,489
821
1,689
5,634
2,454
2,932
3,709
3,526
1,170
1,449
982
2,611
50
....
1,270
5,419
3,096
Fully guaranteed securities maturing
Treasury
Bonds
bonds
due or
Pre-war call-1
able
Treasand
ury
Postal
Savings
196
835
'"'755'
779
1,533
37
320
66
629
279
421
454
1,401
1,849
1,249
1,621
1,941
1,519
2,370
1,487
819
1,687
5,628
2,436
2,904
3,687
3,491
1,170
1,449
982
2,611
"i6"
14
2
2
2
7
18
27
22
35
320
289
324
324
686
2,555
412
1,755
2,344
1,460
755
3,361
6,682 " " 8 3 5 '
1,186
4,011
2,524
779
725
681
2,611
2 431
37
289
571
37
320
289
324
"412"
114
2,394
1,167
755
"835"
779
919
1,485
50
882
919
919
1,485
882
2,716
1,485
882
2,716
95
95
2,716
Securities not callable prior to maturity are shown as of date of maturity.
Excluding debentures of Federal Housing Administration, which amounted to $20,000,000 on July 31.
OWNERSHIP OF UNITED STATES GOVERNMENT SECURITIES, DIRECT AND FULLY GUARANTEED
[In millions of dollars]
Held by Federal
agencies and
trust funds
End of month
Total
interestbearing
securities
Special
issues
1932—June
1933 Tune
1934—June
1935—June
19 161
22 158
27,161
31,768
309
323
396
1936—June
December
1937—June
December
1938—June
December
I939—June
December
1940—June
December
1941—June
December
1942—June
37,707
38,362
40,465
41,353
41,428
43,891
45,336
47,067
47,874
50,360
54,747
63,768
76,517
626
633
632
1,558
2,227
2,676
3,156
3,770
4,231
4,775
5,370
6,120
6,982
7,885
Privately held 1
Other investors2
Held
Other
commercial
banks
Mutual
savings
banks
590
590
890
680
720
970
Federal
Reserve
Banks
Totalr
Member
banks
1,042
1,358
1,784
1,998
2,432
2,433
16,776
19,470
23,291
27,344
5,628
6,887
9,413
11,429
1,290
1,694
1,800
2,026
2,028
2,101
2,177
2,116
2,300
2,295
2,250
2.362
2,547
2,716
2,430
2,430
2,526
2,564
2,564
2,564
2,551
2,484
2,466
2,184
2,184
2,254
2,646
32,957
33,500
34,355
34,534
34,087
35,994
36,899
38,052
38,338
40,556
44,081
51,985
63,270
13,671
13,545
12,689
12,371
12,343
13,222
13,777
14,328
14,722
15,823
18,078
19,539
P324.086
1.600
1,710
1,870
1,790
L,700
1,850
1,920
L,970
1,830
1.940
2,020
2,250
P32.000
Public
issues'"
292
367
Insurance
companies2
Marketable
issues2
1,540
1,000
1,500
2,600
9,100
10,300
10,500
10,400
2,050
2,330
2,390
2,450
2,690
2,880
3,040
3,100
3,110
3,220
3,430
3,700
p
3,900
3,900
4,500
5,000
5,300
5,500
5,700
5,900
6,300
6,500
6,800
6,900
7,900
P8.900
10,500
10,500
11,300
11,400
r
10,500
10,700
r
10,400
r
10,200
9,300
9,600
9,400
10,000
P11.300
800
Nonmarketable
issues
100
1,200
900
1,100
1,200
1,400
1,600
1,900
2,200
2,900
3,200
4,300
8,600
13,100
r
p
Revised.
Preliminary.
1 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.
2 Holdings of insurance companies included with "Other investors" prior to 1932.
.„• ^
, -, *r
J^
i_-t_
#
3 Figures for member banks include and other commercial banks exclude holdings, amounting to 356 million dollars, of J. P. Morgan and Co., which
was admitted to Federal Reserve membership in April, 1942.
NOTE.—For end of June figures 1916-1931, see BULLETIN for July 1941, p. 664.
940
FEDERAL RESERVE BULLETIN
SUMMARY OF TREASURY O P E R A T I O N S
[On basis of daily statements of United States Treasury. In millions of dollars]
General and special accounts
Receipts
Expenditures (excl. debt retirements)
Miscella- Social
neous secur- All
Income interother
ity
nal
taxes
reve- taxes
nue
Fiscal year ending:
June 1939...
June 1940. ..
June 1941...
June 1942....
1941—July
Aug
Sept
Oct
Nov
Dec
1942—Jan.
Feb
Mar
Apr
May
June
July
NaTotal Net Inter- tional
est
rereon
deceipts ceipts debt fense
2,189
2,125
3,470
7,960
Period
5,668 5,165
5,925 5,387
8,269 7,607
13,668 12,799
2,232
740
838
2,345
932
2,967
3,847 1,194
84
59
780
68
66
507
617
900
666
268
269
261
314
436
353
3,083
335
216
2,086
273
48
173
37
49
181
41
53
257
49
43
222
42
53
59
58
52
49
56
67
52
456
554
56
54
58
57
47
53
369
340
364
305
270
298
416
767
133
283
413
397
1,136
1,135
489
730
445
564
1,214
1,212
614
937
578
758
3,548
3,547
2,494
2,492
732
764
695
563
794
747
941
1,041
1,111
1,260
Agricultural
Adjustment
Program
Un- Transem- fers to All
ploy- trust other
acment counts
relief etc.
1,206
787
1,657 1,002
877
6,301
r
790
25,987
2,595
1,919
1,694
1,193
1,129
1,327
1,534
1,446
1,847
44
27
32
58
72
113
132
106
108
109
95
115
2,101
2,201
2,797
3,231
3,553
3,823
4,494
106
97
81
66
62
31
47
94
92
96
91
82
72
70
25
9
169
75
15
232
966
32
12
205
77
19
390
35
Details of trust accounts, etc.
r
r
r
232
r
331
r
Gen(+)or (+)or eral
expenex- Fund
Total ditures pendi- baltures ance1
r
3,147
r
2,397
r
187
381
r
174
r
15
6
45
10
9
42
9
22
48
.......
249
2,991
8,707 —3,542 +890
8,998 -3,611 +136
12,711 -5,103 -148
2,785 32,397 -19,598 -3,506
r
257
r
- Increase or decrease during
period
Gross
debt 2
+622 +3,275
- 9 4 7 +2,528
+742 +5,994
+358 +23,461
1,598
1,529
1,874
2,083
1,858
2,542
-1,185
-1,133
-739
—1,637
-1,294
-1,329
+599
230
262
220
226
+551
+1,408
+425
+2,238
+1,456
+2,898
254
217
220
241
237
212
264
2,628
2,629
3,421
3,753
3,953
4,530
5,160
—2,050 —633
-1,871 +114
+126 -234
—3,058 -126
-3,391 -257
-2,037 -1,635
-4
-4,413
—610 +2,073
+612 +2,369
-69
+39
- 6 4 2 +2,542
- 3 9 +3,609
+179 +3,852
+296 +4,714
244
—34
—2 +274
-293
-607
—225 +376
-484
-322
- 3 2 8 +1,241
General Fund of the Treasury (end of period)
Social Security
accounts
All other
Net expenditures
in checking acExNet Invest Ex- counts of
Rependi- Govern- ceipts Invest- pendirements tures
ment
ceipts ments tures
agencies
Period
Trust
accounts
etc., 1
Excess excess
of re- of receipts ceipts
Balance in General Fund
Assets
Total
DeDeliabili
posits posits
IncreWorkties
in
in
Other
Total Federa special assets
Total ment Seign- ed
on
iorage
Reserve deposigold
ance
Banks taries
Fiscal year ending
June
June
June
June
1939....
1940
1941
1942
1941—July
Aug
Sept
Oct
Nov
Dec
1942—Jan
Feb. .. .
Mar
Apr
May
June
July
*768
1,477
1,662
1,958
2,327
1,016
1,200
1,705
561
643
741
614
171
334
25
149
359
63
84
130
185
70
148
215
46
44
43
39
40
49
*534
144
383
31
112
422
136
212
50
177
139
15
196
297
117
64
59
67
59
54
51
53
681
35
75
189
430
911
*33
218
3,625
169
93
272
659
140
1,417
78
r 445
r
214
3,087
2,038
2,812
3,443
1,022
248
147
179
452
2,838
1,891
2,633
2,991
142
143
143
143
536
585
605
619
2,160
1,163
1,885
2,229
680
833
797
784
947
1,756
1,193
1,229
1,138
1,069
1,054
1,094
208
185
195
210
225
256
2,599
2,873
2,266
2,641
2,319
3,560
143
143
143
143
143
143
607
610
611
613
614
615
1,848
2,120
1,511
1,885
1,562
2,802
1,750
2,054
2,231
1,579
1,666
1,679
2,014
1,090
,064
,101
,115
,150
.162
l',215
282
305
365
365
386
452
494
2,950
3,562
3,493
2,851
2,812
2,991
3,288
143
143
143
143
143
143
143
616
617
618
618
619
619
619
2,191
2,802
2,732
2,089
2,050
2,229
2,525
464
115
98
138
221
603
1,679
r 167
r
55
53
63
45
54
105
1
4
3
1
**5
38
r
46
47
53
41
47
2,807
3,057
2,461
2,852
2,544
3,816
934
995
526
998
543
966
57
50
84
73
53
110
192
9
5
9
9
13
69
124
30
44
59
39
40
48
36
3,232
3,867
3,857
3,216
3,198
3,443
3,782
391
748
525
522
382
603
553
r
r
266
r
490
r
533
r
254
1,024
1,288
1,127
1,162
r 680
r 863
776
805
661
979
r
1
Revised.
Details given in lower section of table.
2 For details, see page 939.
* Excess of receipts.
•* Excess of redemptions.
SEPTEMBER
1942.
941
GOVERNMENTAL CORPORATIONS A N D CREDIT AGENCIES
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
1941 (End of month)
June
1942 (End of month)
July
Aug.
Sept.
Oct.
Nov. Dec.
408
693
497
2,413
2,437
754
1,553
8,756
771
824
407
669
497
2,413
2,426
726
1,690
8,826
594
844
409
666
497
2,427
2,411
717
1,738
8,864
523
846
409
665
484
2,413
2,396
709
1,957
9,033
489
895
408
664
483
2,401
2,380
732
1,933
9,001
502
906
Jan.
Feb.
404
675
497
2,430
2,343
780
1,934
9,063
560
915
396
663
498
2,380
2,332
785
2,004
9,059
582
947
Mar.
Apr.
May
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 securities
Securities of Government corporations and credit
agencies:
Fully guaranteed by U. S
Other 1
Accounts and other receivables
Business property
Property held for sale
Other assets
Total assets other than interagency2
Liabilities
Bonds, notes, and debentures:
Fully guaranteed by U. S
Other 1
Other liabilities
Total liabilities other than interagency2....
Excess of assets over liabilities, excluding interagency transactions
U. S. Govt. interests
Privately owned interests
417
698
505
2,445
2,448
779
1,511
8,804
376
802
434
680
498
2,424
2,361
773
1,996
9,167
496
884
123
112
123
123
122
120
115
112
115
18
18
53
17
17
20
46
52
26
598
600
651
600
672
574
604
641
725
636
782
653
664
714
751
698
671
689
1,497
1,891
1,964 2,017
1,567
1,625
1,710
1,805 1,879
423
773
435
517
1,073
563
592
701
13,277 13,797 13,810 13,989 14,368 14,470 14,660 14,908 15,224
6,370 6,939 6,937 6,937 6,938
1,443 1,442
1,445 1,434
1,416
1,604 1,761
1,741 1,859
1,952
9,417 10,142 10,123 10,231 10,306
6,324
1,393
1,974
9,690
6,324
1,392
2,049
9,765
5,705
1,402
2,111
9,219
3,860
3,436
424
4,779
4,349
430
4,895
4,464
431
5,689 5,806
5,256 5,372
434
432
3,655
3,230
425
3,687
3,261
426
3,758
3,331
427
4,062
3,633
428
5,697
1,396
2,325
9,418
388
658
500
2,392
2,311
789
2,026
9,065
621
950
380
650
502
2,372
2,296
976
2,041
9,218
645
966
371
649
498
2,352
2,282
811
2,042
9,005
732
981
106
107
55
57
733
774
833
859
3,067 3,512
1,829 2,235
110
110
54
54
632
621
792
815
2,262 2,717
1,265 1,510
15,750 16,656
5,690
1,433
2,497
9,620
382
648
498
2,357
2,268
808
2,067
9,026
403
990
17,343 17,962
5,688
1,431
2,656
9,776
5,687
1,440
2,950
10,078
6,130 6,880
5,694 6,444
435
436
4,568
1,442
3,265
9,275
7,265 8,687
6,828 8,249
438
437
1
2
Excluding Federal land bank bonds held by Federal Farm Mortgage Corporation.
Including, however, investments in securities of agencies (other than mentioned in footnote 1) and deposits of agencies with Reconstruction Finance
Corporation.
PRINCIPAL ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JUNE 30,1942
[Based on compilation by U. S. Treasury Department from reports received from organizations concerned. In millions of dollars]
Assets
Liabilities
Bonds, notes, and
Total
loans
and
preferred
stock
Cash
U.S.
Govt.
direct
securities
debentures
Guaran- Accounts
and
Business Property
teed
other
Guarproperty held for
securreceivsale
anteed by
ities
Other
ables
United
States
.
Insurance agencies:
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation
Federal Savings and Loan Insurance Corporation.
Federal Housing Administration
Export-Import Bank of Washington
Tennessee Vallev Authoritv
U. S. Maritime Commission
Rural Electrification Administration
Public ^Vorks Administration
Other
Total
27
7
1,843
193
82
216
384
Federal Public 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
55
1,852
72
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
69
47
14
7
562
1,706
289
101
82
4
231
258
460
18
45
35
44
1
18
4
5
2
209
44
34
12
45
113
65
41
109
5
1
i"
56
169
2
2
1,220
3
262
1,568
7
2
1
92
127
6
12
45
490
23
44
ioo*
17
403
6
990
106
8
1,068
31
4
18
4
16
2
Hi"
944
85
""igij"
299
96
7
25
342
92
76
9,026
5
1
2
5
5
46
2,041
1
1
20
35
8
40
78
7
28
8
1
22
774
701
27
6
21
70 '
859
2
8
527
109
2
3,512
4,568
9
1,442
1 Excludes Federal land bank bonds in the amount of $732,000,000 held by Federal Farm Mortgage Corporation.
FEDERAL RESERVE
BULLETIN
RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS
[Amounts outstanding at end of month. In millions of dollars]
1941
1942
July
Sept.
Oct.
Nov.
139
134
131
127
124
48
425
462
81
48
410
461
81
48
407
461
81
48
405
448
81
70
109
71
108
100
77
5
82
106
125
77
5
120
Loans to financial institutions
Loans on preferred stock of banks and insurance
companies
Preferred stock, capital notes, and debentures...
Loans to railroads (including receivers)
Loans for self-liquidating projects
Loans to industrial and commercial businesses:
For national defense
Other
Loan to Great Britain
Loans to drainage, levee, and irrigation districts.,
Other loans
,
Securities purchased from Public Works Administration
Aug.
117
Total loans and investments, other than
1,538
interagency
Preferred stock of, and loans to Export-Import
Bank
174
190
Loans to Rural Electrification Administration
Capital stock of, and loans to RFC Mortgage
Company
75
Capital stock of, and loans to Federal National
Mortgage Association
103
Loans to Tennessee Valley Authority
Capital stock of, and loans to national defense
companies1
,
327
Loans to Farm Security Administration
89
125
Capital stock of Federal Home Loan Banks
2,630
Total loans and investments.
Dec.
Jan.
Feb.
Apr.
107
106
Mar.
May
105
105
44
388
465
55
44
381
466
56
44
379
462
56
44
378
462
58
44
377
•462
58
146
97
378
70
5
158
92
376
70
5
170
90
375
69
5
June
July
100
404
448
51
48
401
462
51
44
398
462
53
93
100
299
74
5
101
103
299
74
5
106
110
345
73
5
111
106
345
72
5
119
104
385
72
5
127
102
385
72
5
134
98
381
71
5
117
117
116
114
114
111
110
109
1,613
1,640
1,798
1,772
1,833
1,815
1,857
1,859
1,850
1,847
1,852
1,856
174
195
174
202
174
174
211
174
214
174
211
174
215
174
218
174
221
174
225
174
228
174
227
76
77
105
107
380
96
125
527
101
125
2,772
2,962
207
44
393
462
54
108
79
79
81
82
82
85
87
89
90
111
112
114
115
119
120
120
119
118
643
110
125
727
117
125
721
133
125
785
114
125
916
145
125
1,105
179
125
1,303
199
125
1,567
205
125
1,827
213
125
2,009
169
125
3,254
3,325
3,400
3,428
3,638
3,869
4,085
4,358
4,635
4,776
80
109
1
Including Metals Reserve Company, Rubber Reserve Company, Defense Plant Corporation, Defense Supplies Corporation, and U. S. Commercial
Company.
FARM CREDIT ADMINISTRATION
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In millions of dollars]
Farm mortgage loans
Total
End of year or month
Federal
land
banks
Land
Bank
Commissioner
Total 1
Federal
intermediate
credit2
banks
Total
Loans to cooperatives
Short-term credit
Production
credit
associations
Emergency
crop and
drought
relief
loans
Total 3
Banks
for
cooperatives
Agricultural
Marketing Act
revolving fund
1934
1935
1936
1937
1938
1939
1940
2,964
3,321
3,363
3,335
3,211
3,058
2,973
2,533
2,867
2,901
2,848
2,735
2,596
2,500
1,916
2,072
2,064
2.035
1,982
1,905
1,851
617
795
837
813
753
691
648
315
358
337
367
364
364
381
56
47
41
40
34
33
34
61
94
105
138
148
154
172
111
173
165
173
171
168
168
117
97
125
120
112
99
93
28
50
70
88
87
76
75
55
44
54
31
24
21
16
1941_j u ly
August
September
2,986
2,975
2,954
2,924
2,906
2,891
2,437
2,426
2,411
2,395
2,380
2,361
1,811
1,804
L,795
1,786
L,776
1,764
626
622
616
610
604
597
453
450
431
410
398
397
44
45
43
39
38
39
224
221
208
194
187
188
179
177
174
170
167
165
96
99
111
119
128
133
80
83
94
101
109
113
16
16
16
16
17
17
2,873
2,878
2 876
2,887
2,869
r
2,865
2,868
2,343
2,332
2,311
2,296
2,288
2,274
2,274
1,753
L,746
1,731
1,721
.715
1,706
1,706
590
586
580
575
572
568
568
400
417
440
470
468
r
476
40
41
43
44
45
47
47
191
203
219
245
241
248
249
165
169
174
130
129
125
121
114
115
111
110
106
102
99
101
104
16
17
16
16
13
13
12
October
November
December
1942—January
February
March
April
May
June
July
477
r
177
177
l77
176
117
3 Including loans of Federal intermedi
in 1935, and a negligible amount since 1935.
SEPTEMBER
1941
943
POSTAL SAVINGS SYSTEM
[In millions of dollars]
FEDERAL HOME MORTGAGE AND HOUSING AGENCIES
LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS
[In millions of dollars]
Home
Owners'
Loan
Corporation
End of month
1933—June
Dec
1934—June
Dec
1935—June
Dec
1936—June
Dec
1937—June
Dec
1938—June..
Dec
1939—June
Dec
1940—June
Dec
Federal
Home
Loan
Banks 1
Federal
savings
and
oan
associations 2
RFC
Mortgage
Company
2,556
2,398
2,265
2,169
2,081
2,038
2,013
,956
47
85
85
87
79
,103
119
145
167
200
196
199
169
181
157
201
81
186
348
475
587
742
854
948
1,034
1,136
1,271
1,405
1,546
6
18
36
49
68
41
54
57
57
60
67
1 ,870
,855
,841
1,825
,809
,794
1,777
170
168
173
178
184
187
219
r 1,687
1,717
1,751
1,775
r 1,801
L.816
L,825
65
67
69
70
73
72
72
194
196
198
200
203
205
207
316
296
306
332
328
329
367
1,758
1,742
1,724
,709
1,692
L676
1,657
206
197
192
185
181
193
174
r 1,824
r 1,829
r 1,832
r 1,842
r L.847
,849
1,853
74
75
75
77
79
82
83
210
211
214
215
216
216
215
388
352
379
371
365
384
388
132
1,217
2,379
2,658
2,897
2,945
1941—June
July
Aug
Sept
Oct
Nov
Dec
1942—Jan
Feb
Mar
Apr
May
June
July
Assets
FedFederal
eral
Public
NaHoustional
ing
MortAugage
Associ- thority
ation
"
"38"
80
125
147
163
181
'" io"
13
32
68
123
87
186
End of month
Depositors
balTotal
U. S. Government
securities
Cash
in depository
banks
Total
Direct
Cash
reserve
Guar- funds
anetc. 2
teed
1934—June
Dec
1935—June
Dec
1936—June
Dec
1937—June
Dec
1938—June
Dec
1939—June
Dec
1940—June
Dec
1,198
1,207
1,205
1,201
1,232
1,260
1,268
1,270
1,252
1,252
1,262
1,279
1,293
1,304
1,225
1,237
1,236
1,237
1,265
1,296
1,307
1,308
1,290
1,291
1,304
1,319
1,337
1,348
695
540
385
287
203
145
136
130
115
86
68
53
43
36
453
597
777
853
967
1,058
1,100
1,097
103
132
,157
,192
,224
,224
418
467
630
706
800
891
933
930
936
965
1,011
,046
,078
,078
35
130
147
147
167
167
167
167
167
167
146
146
146
146
76
100
74
98
95
93
71
80
73
73
78
74
69
1941—June
July
Aug
Sept
Oct
Nov
Dec
1,304
1,307
1,309
1,311
1,317
1,323
1,314
1,356
1,359
1,365
1,366
1,377
1,388
1,396
30
29
28
28
27
27
26
,251
,251
,250
,250
,250
,250
,274
,104
,104
,104
,104
,104
,104
,128
146
146
146
146
146
146
146
75
80
86
89
100
111
95
1942—Jan
Feb
Mar
Apr
May
June
July
1,310
1,307
1,305
1,306
1,307
1,316
p
l,329
1,421
1,444
1,463
1,483
1,504
1,525
25
25
25
25
24
24
, 274
,274
,272
,272
,272
1,272
,128
,128
,126
,126
,126
,146
146
146
146
146
146
126
122
145
166
186
208
229
p
Preliminary.
Outstanding principal, represented by certificates of deposit. Does not
include accrued interest nor outstanding savings stamps.
2
Includes working cash with postmasters, 5-per cent reserve fund and
miscellaneous working funds with the Treasurer of the United States,
accrued interest on bond investments, and accounts due from late
postmasters.
Back figures.—Set BULLETIN for August 1935, pp. 501-502.
1
*" Revised.
1
Loans and discounts to member institutions of the Federal Home Loan
Bank System.
2
Federal Home Loan Bank Board estimates for all Federal savings and
loan associations which are private institutions chartered and supervised
by the Federal Home Loan Bank Board.
LOANS INSURED BY FEDERAL HOUSING ADMINI STRATI ONI
[In millions of dollars]
Year or month
1934
1935
1936
1937
1938
1939
1940
1941
New
small
home
construction
(Title
I)
MortHome gages on
rental
mortand
gages
group
(Title housing
II)
(Title
ID
. .
.„.
30
320
557
495
694
954
1,026
1,186
30
224
246
60
160
208
251
262
105
91
107
125
107
112
..„..
1941—July
Aug
Sept
Oct
Nov
Dec
1942—Jan
Feb
Mar
Apr
May
June
July
Total
Property
improvement
(Title
I)
20
18
31
34
24
18
3
2
2
1
2
82
70
73
85
77
88
111
93
93
83
92
96
97
16
12
10
13
15
13
11
2
1
2
2
2
2
1
87
71
68
55
60
66
63
13
25
26
21
"•'94" " " 2 "
2
309
11
424
48
473
669
51
736
13
877
13
" " 2 "
2
""['"
1
1
INSURED FHA HOME MORTGAGES (TITLE II) HELD I N
PORTFOLIO BY CLASSES OF I N S T I T U T I O N S 1
[In millions of dollars]
Defense
housing
(Title
VI)
End of month
1936—Dec..
1937—Dec..
1938—Mar..
June.
13
1
1
2
4
5
7
8
12
11
14
16
21
SeptDec.
1939—Mar..
June.
Sept..
Dec.
1940—Mar..
June.
Sept..
Dec.
1941—Mar..
June.
Sept..
Dec...
1942—Mar..,
Total
Commercial
banks
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
2,942
3,107
3,307
228
430
472
509
565
634
699
759
824
902
971
1,026
1,093
1,162
1,246
1,318
1,400
1,465
1,549
SavMuings Insur- Fedtual
and
ance
eral
3
savloan
com- agen- Other
ings
2
banks associ- panies cies
ations
8
27
26
28
32
38
44
50
57
71
90
100
111
130
146
157
171
186
201
56
110
119
127
137
149
159
167
178
192
201
208
216
224
230
237
246
254
264
41
118
146
165
187
212
241
271
302
342
392
432
480
542
606
668
722
789
856
5
32
42
44
56
77
114
137
148
153
171
182
190
201
210
220
225
234
237
27
53
51
60
72
90
92
94
113
133
124
127
141
150
160
154
178
179
200
1
Gross amount of mortgages held, excluding terminated mortgages and
cases in transit to or being audited at the Federal Housing Administration.
* The RFC Mortgage Company, the Federal National Mortgage Association, the Federal Deposit Insurance Corporation, and the United States
1 Figures represent gross insurance written during the period and do not Housing Corporation.
8
Including mortgage companies, finance companies, industrial banks,
take account of principal repayments on previously insured loans.
endowed institutions, private and State benefit funds, etc.
944
""2"
FEDERAL RESERVE BULLETIN
BUSINESS INDEXES
[The terms "adjusted" and "unadjusted" refer to adjustment of monthly figures for seasonal variation]
Year and
month
Construction
contracts
awarded (value)3
1923-25 = 100
Industrial production
(physical volume)2 *
1935-39 = 100
Income
payments
(value)1
1935-39
= 100
Manufactures
Total
Durable
Nondurable
Minerals
Total
Residential
All
other
Employment4
Nonagricultural 6
1935-39
100
DepartFac- Freight- ment
tory
store
car
sales
load(valings*
6
1923-25 1935-39 ue)*
Factory
= 100 = 100 1923-25
1923-25 = 100
100
AdAd- Unad- Unad- AdAdAdAdAdAdAd- Unad- AdAdjusted justed justed justed justed justed justed justed justed justed justed justed justed justed
1919
1920
1921
1922
1923
1924
1925
1926
1927
1928
1929
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
72
75
58
73
88
82
90
96
95
99
110
91
75
58
69
75
87
103
113
89
108
123
156
84
93
53
81
103
95
107
114
107
117
132
98
67
41
54
65
83
108
122
78
109
138
193
62
60
57
67
72
69
76
79
83
85
93
84
79
70
79
81
90
100
106
95
108
113
135
71
83
66
71
98
89
92
100
100
99
107
93
80
67
76
80
86
99
112
97
106
117
125
81
122
89
102
106
119
126
126
122
102
108
118
130
134
138
106
108
111
115
117
117
107
92
114
119
120
114
67
73
73
76
83
86
62
67
68
68
61
60
117
114
112
112
117
r
122
120
124
132
136
136
136
134
123
118
116
124
133
136
143
151
155
157
164
113
110
107
107
110
114
113
112
112
117
120
124
r
119
r
115
r
7
5
53
56
57
62
64
69
93
68
66
66
65
77
91
98
101
103
130
136
122.9
109.1
92.3
70.6
68.9
78.7
87.1
101.3
107.7
98.5
105.5
113.8
137.0
63
63
56
79
84
94
122
129
129
135
117
92
63
28
25
32
37
55
59
64
72
44
30
44
68
81
95
124
121
117
126
87
50
37
13
11
12
21
37
41
45
60
72
79
90
65
88
86
94
120
135
139
142
142
125
84
40
37
48
50
70
74
80
81
89
149
Whole' sale Cost of
com4
modity living
prices4 1935-39
= 100
1926
= 100
Adjusted
Unadjusted
Unadjusted
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
127.7
107.1
100.3
91.6
82.2
82.9
90.1
93.8
99.8
105.0
98.6
102.8
106.4
115.6
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
148.8
120
129
110
121
142
139
146
152
147
148
152
131
105
78
82
89
92
107
111
89
101
109
130
78
94
87
88
98
99
103
106
107
108
111
102
92
69
67
75
79
88
92
85
90
94
110
138.6
154.4
97.6
96.7
100.6
98.1
103.5
100.0
95.4
96.7
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
. 78.6
87.3
124.5
143.2
127.7
119.7
121.9
122.2
125.4
126.4
124.0
122.6
122.5
119.4
108.7
97.6
92.4
95.7
98.1
99.1
102.7
100.8
99.4
100.2
105.2
100.6
1939
July
August....
September.
October....
November..
December..
5 1940
January....
February..
March
April
May
June
July
August....
September.
October....
November..
December..
1941
January
February. .
March
April
May
June
July
August
September.
October
November..
December..
1942
January....
February...
March
April
May
June
July
:
August
104.8
106.1
107.3
109.3
109.9
111.3
105
106
114
121
124
125
110.7
110.7
110.3
110.6
112.0
112.1
112.8
113.9
115.5
117.2
117.7
121.3
122
116
113
r
ll3
116
122
122
124
127
131
134
139
123.4
125.4
127.2
129.4
133.6
137.0
138.9
141.1
143.1
145.4
146.5
154.7
r
141
144
147
144
r
155
159
160
161
161
r
164
166
168
135
140
144
144
155
160
159
r
163
167
168
167
164
171
176
180
180
190
195
199
199
203
r
208
r
209
215
123
126
128
131
135
139
138
139
137
139
144
141
156.0
r
157.1
158.4
r
161.7
r
163.0
166.8
P169.2
r
165
167
168
r
172
175
177
P181
e
186
r
223
r
227
r
230
r
233
r
143
142
139
139
138
136
?137
e
138
172
172
172
173
175
176
PI 80
e
183
r
r
238
243
P
251
e
256
118
119
r
118
119
r
120
r
115
117
r
114
118
r
119
119
r
119
r
126
r
96
r
126
133
131
133
131
r
131
131
r
132
r
131
129
127
130
129
133
63
62
64
64
74
85
90
93
95
111
115
82
82
85
87
90
103
99
94
103
101
117
139
152
161
145
138
123
84
76
74
80
88
101
115
112
105
87
118
128
125
128
158
193
^208
82
100
95
82
76
76
74
69
P 77
102.6
103.0
103.7
105.0
105.7
106.3
98.4
99.0
100.8
104.8
107.0
108.2
96.6
99.5
103.7
107.3
107.5
107.8
85.8
91.2
95.4
103.2
103.2
105.4
99
101
111
114
114
110
87
88
90
92
93
95
75.4
75.0
79.1
79.4
79.2
79.2
105.6
104.9
104.7
104.0
104.5
105.0
105.4
106.3
106.9
108.1
109.7
111.5
107.6
105.8
104.0
102.8
102.8
103.9
105.1
107.4
108.9
111.4
114.2
116.6
105.0
105.0
104.4
103.2
102.5
103.1
103.2
107.4
111.4
113.8
114.7
116.2
99.8
99.3
99.8
97.9
97.8
99.5
98.2
105.5
111.6
116.2
116.4
122.4
111
105
100
103
106
111
110
112
112
110
116
119
92
90
89
89
89
91
92
98
97
94
100
101
79.4
78.7
78.4
78.6
78.4
77.5
77.7
77.4
78.0
78.7
79.6
80.0
100.4
100.2
100.1
100.7
111.8
112.5
112.3
112.5
114.0
115.4
117.1
117.7
117.5
118.0
119.2
120.1
118.3
118.6
119.4
122.0
124.9
128.7
133.3
133.3
132.3
132.8
134.4
134.9
115.5
117.8
119.9
122.6
124.9
127.9
130.6
133.1
135.2
135.4
134.8
134.2
120.7
126.8
131.2
134.7
144.1
152.2
152.7
158.1
162.6
167.0
165.4
169.9
122
124
126
112
135
139
138
139
130
127
135
137
101
103
103
104
105
104
115
134
116
105
116
111
80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
92.4
92.5
93.6
100.8
100.8
101.2
102.2
102.9
104.6
105.3
106.2
108.1
109.3
110.2
110.5
147 120.1 135.7 132.5 173.5
151 120.1 135.1 133.8 178.3
149 120.2 134.7 r 135.1 182.9
165 120.3 136.0 136.6 "188.0
226 120.8 137.5 137.7 193.2
288 P120.9 139.9 139.1 197.7
P202.4
P144.1
P315
140
139
136
143
143
141
142
e
142
138
126
124
117
108
104
117
96.0
96.7
97.6
98.7
98.8
P98.6
P98.7
* 1
112.0
112.9
114.3
115.1
116.0
116.4
116.9
7
1
78
76
82
101
107
77
17
1
118
109
121
111
129
158
184
206
192
189
167
99.6
99.8
100.5
J Preliminary. • Average per working day. r Revised. e Estimated. 1 Department of Commerce series on value of payments to individuals.
2
For indexes by groups or industries, see pp. 946-949, for description, see BULLETIN for September 1941, pp. 878-881, and for August 1940, pp. 753-771.
* Based on F. W. Dodge Corporation data; for description, see p. 358 of BULLETIN for July 1931; by groups, see p. 954.
4
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 BULLETI N
for October 1938, pp. 835-837, and for October 1939, p. 878. For indexes by groups or industries see pp. 950-953 for employment and payrolls and p. 958
for prices.
5
6
Excludes military and naval forces.
For sales comparisons by cities and by departments see pp. 956-957 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
1942.
945
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Adjustedfor Seasonal Variation)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1942
1941
Industry
June July
Aug.
Sept.
Oct.
Nov.
Dec.
168
159
160
161
161
r
166
164
165
166
167
r
173
Durable
195
139
199
138
199
139
203
137
r
Iron and Steel
184
185
185
192
179
195
173
355
181
196
173
358
182
197
172
375
185
206
179
399
2l5
216
243
255
241
161
148
233
280
168
154
233
307
428
Industrial Production—Total
"
Atanufacturcs—Total
Nondurable1.
Steel
Open hearth and Bessemer
Electric
...
r
164
170
r
r
175
Jan.
Feb. Mar.
Apr.
May
June July
172
172
r
172
173
r
176
PJ80
179
180
r
180
181
r
183
184
PI 88
227
142
r
r
238
138
243
136
PM
218
180
484
215
177
485
277
T
r
r
209
144
215
141
191
191
196
191
193
184
206
178
407
184
206
176
417
190
211
181
422
189
208
174
445
189
210
176
444
r
175
208
139
223
143
230
139
233
139
216
180
473
217
179
483
221
179
519
r
258
r
267
r
272
r
285
p
r
3l5
r
330
r
350
r
375
397
p
107
113
7?
182
188
P192
232
r
r
245
269
r
r
141
93
236
306
134
74
249
319
146
110
278
335
142
123
264
338
467
485
560
634
645
186
192
189
192
185
190
193
144
136
170
117
229
210
144
141
145
142
135
131
175
173
116
114
244* , 231
199
200
143
142
155
161
145
135
175
120
233
209
145
166
147
137
177
119
217
150
139
179
127
226
151
141
182
122
230
153
140
184
131
235
157
141
189
140
224
157
147
184
134
208
161
155
185
132
195
163
161
184
*
205
143
153
147
155
145
171
152
151
148
145
146
*
135
141
140
136
135
135
138
143
144
134
133
134
133
P136
125
155
131
161.
134
152
129
149
129
146
128
148
132
149
138
153
143
147
128
145
127
146
124
152
127
^130
p
147
149
151
154
157
158
162
167
199
189
169
152
138
133
155
152
143
136
154
146
148
146
159
133
154
144
165
120
159
145
167
102
164
153
169
105
191
152
165
67
249
160
184
65
236
152
178
49
188
133
187
41
161
119
176
43
146
104
178
35
156
155
154
151
150
156
154
158
156
153
157
156
152
152
151
160
173
73
163
149
190
151
178
165
Machinery*
151
162
173
77
157
126
177
153
174
160
149
160
170
56
166
148
181
162
179
166
145
156
168
34
169
142
205
163
185
169
143
161
172
10
164
133
199
157
185
164
148
167
179
15
166
133
200
156
184
170
146
155
179
148
169
180
147
174
174
143
169
175
148
177
170
146
175
169
143
169
169
143
166
168
178
164
209
159
195
182
161
78
202
163
173
183
153
79
191
165
148
172
148
70
196
161
143
167
153
34
203
173
164
177
150
5
201
172
168
179
151
46
194
165
165
172
154
41
208
175
166
172
r
225
r
228
r
230
243
r
250
292
Government Arsenals and Quartermaster Depots
Transportation
Equipment
Aircraft
Automobile bodies parts and assembly
Automobile factory sales
Railroad cars
Locomotives
Shipbuilding
Private yards
Government yards
Nonferrous Mentals and Products
Nonferrous metal smelting
Copper smelting
Zinc smelting
Lead production
Copper deliveries
Lead shipments
Zinc shipments
Tin consumption
.
Lumber and Products
Lumber
Furniture
*
Stone Clay, and Glass Products
Cement
Unglazed brick
Glass containers
Textiles and Products
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries
Wool textiles
Carpet wool consumption
Apparel wool consumption
Woolen yarn
Worsted yarn
Woolen and worsted cloth
Leather and Products
. .
276
279
r
305
120
118
r
191
1
r
187
104
105
(2)
2° 5
r
180
r
177
r
423
*
*
*
*
144
r
144
138
145
"l63
37
r
r
r
*
P135
150
145
49
132
130
122
120
125
134
128
127
121
121
127
126
125
P119
Leather tanning
Cattle hide leathers
Calf and kip leathers
Goat and kid leathers
Shoes
122
133
98
112
138
125
137
93
116
134
124
141
103
97
121
125
136
101
115
118
129
138
107
121
123
134
145
108
123
134
123
135
89
117
131
130
148
86
119
125
127
139
93
120
117
127
139
96
120
116
130
147
91
115
124
128
147
r
95
104
r
125
120
142
87
90
128
P118
Manufactured Food Products*
127
126
132
130
134
141
137
140
140
136
136
P135
P139
P142
107
129
r
122
r
126
r
108
r
125
132
103
102
126
129
98
129
r
128
r
126
109
134
165
99
111
139
r
143
109
145
183
101
112
r
148
r
158
108
148
197
103
139
r
147
r
146
105
163
224
109
108
110
101
105
102
106
155
r
154
104
176
240
154
155
106
172
234
150
150
107
182
220
146
147
108
192
198
151 P149
160
110 " i l l
195
183
178
187
P144
P145
Wheat flour
Cane sugar meltings
Manufactured 3dairy products3
Ice cream
Butter 33
Cheese
Canned and dried milk3
r
131
141
98'
r
105'
157
168
108
159
164
r
Revised. p Preliminary.
* Included in total and group indexes but not available for publication sepan
jparately.
I Beginning in January 1942 includes industrial alcohol produced in the alcoholi beverage industry. Figures not available for publication separately.
—oinning
alcoholic
* Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automobile bodies, parts,
and 3assembly series, which is more representative of production by the automobile industry.
Scattered revisions in this series, owing to revisions in basic data reported for recent years, may be obtained upon request.
946
FEDERAL RESERVE
BULLETIN
Industrial Production, by Industries {Adjustedfor Seasonal Variation)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 100]
1941
1942
Industry
June
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
Other manufactured foods
July
124
134
120
91
101
129
Aug.
125
132
123
96
110
128
Sept.
Oct.
Nov.
Dec.
134
149
124
94
105
135
126
139
118
101
99
132
133
148
123
108
103
135
135
148
124
114
111
144
142
161
127
98
117
137
Jan.
May June July
Feb.
Mar.
Apr.
148
165
138
96
113
140
141
151
139
96
113
142
144
161
132
98
128
138
142
156
134
96
119
137
140
163
121
94
105
r
136
153
177
137
103
104
141
146
168
130
103
116
130
128
131
129
109
116
139
133
116
109
111
104
116
108
206
190
110
93
206
219
118
94
262
170
127
107
178
138
110
81
139
120
123
91
121
102
120
77
250
243
128
74
75
241
117
62
44
201
114
63
53
153
115
55
80
158
104
63
61
163
118
114
118
121
128
132
129
132
130
125
122
121
106
131
97
106
123
97
109
129
96
104
137
99
112
144
104
115
149
106
139
136
95
129
144
99
126
144
93
121
137
94
120
140
97
108
140
89
112
136
94
109
136
89
145
146
147
144
153
155
154
149
150
148
145
134
149
175
121
151
r
222
170
145
154
134
114
149
144
140
150
167
122
149
203
163
148
162
140
112
149
142
138
152
172
128
151
215
164
149
161
147
113
150
143
139
149
170
129
140
210
163
145
158
152
107
146
130
136
150
172
130
145
210
166
147
158
147
110
149
140
138
160
185
141
167
225
178
156
167
160
110
161
153
14(3
162
179
129
153
225
171
160
186
157
106
145
152
147
161
181
135
153
221
177
158
175
151
107
151
166
147
155
180
131
154
224
173
151
163
144
110
146
168
142
156
189
138
155
239
181
151
162
150
106
140
164
148
153
183
129
148
236
174
148
154
146
109
135
169
151
149
184
120
147
245
173
143
144
147
104
124
175
153
136
177
116
129
228
173
129
120
138
103
110
179
142
128
127
129
125
127
136
130
128
125
121
117
112
103
106
106
109
105
105
115
104
103
103
98
100
97
Petroleum and Coal Products
127
128
130
132
133
135
139
135
131
126
119
117
114
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
123
123
122
134
104
155
146
459
124
123
124
133
108
'155
146
r
452
126
126
127
132
116
154
146
453
128
130
124
130
119
152
144
425
129
131
129
129
121
153
145
437
133
134
129
137
123
153
145
410
135
139
130
132
126
160
151
474
131
134
123
133
120
161
152
472
126
125
128
131
128
161
152
493
120
117
124
131
113
160
151
476
112
106
126
126
106
162
152
494
109
103
122
122
101
164
154
511
107
99
125
123
99
r
164
r
154
509
Chemicals
144
146
145
146
148
149
152
156
161
161
165
167
171
p
Rubber Products
192
153
130
131
134
196
152
151
155
156
126
126
125
132
117
118
110
134
108
108
103
137
103
104
94
103
104
102
67
67
64
33
32
33
28
28
27
26
26
27
. 25
25
27
133
131
Alcoholic Beverages
123
Malt liquor
Whiskey....
Other distilled spirits
Rectified spirits
Tobacco Products
Cigars
Cigarettes
Manufactured tobacco and snuff
Paper and Paper Products1
Paper and pulp.
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
.
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
Printing and Publishing*
Newsprint consumption
Rubber consumption
Tires and tubes._
Pneumatic tires
Inner tubes
Minerals—Total3
z
Fuels
108
95
153
207
Bituminous coal
Anthracite 3
.'
Crude petroleum
Metals
Iron ore shipments
Copper
Lead
Zinc
Gold
Silver
r
115
ioi*
p
107
103
103
164
155
483
170
133
131
r
131
131
r
132
131
129
127
130
129
133
H33
r
r
r
r
r
r
128
125
122
126
125
128
P
155
131
120
148
r
142
119
r
150
r
r
141
r
r
131
r
129
89
132
120
110
128
146
113
114
178
114
107
173
105
108
168
127
p
101
132
130
r
92
132
151
151
148
145
146
147
153
151
152
151
151
154
159
p
198
155
117
136
126
128
205
156
114
125
121
124
202
155
116
131
114
129
192
154
120
135
114
116
182
151
119
134
130
204
152
127
131
116
106
209
157
122
138
125
105
211
161
131
138
113
105
212
158
140
146
118
101
215
162
134
217
164
132
225
174
235
106
109
106
130
3
r
128
r
130
168
119
129
132
124
128
120
128
129
r
m
r
129
r
r
129
160
*>156
p
ll3
158
240
r
p
Revised
Preliminary.
* Included in total and group indexes but not available for publication separately.
1
Includes also paperboard container production held constant, on a seasonally adjusted basis, at 128 since July 1940 when figures were last reported.
2
Includes also printing paper production shown under "Paper."
3
Scattered revisions in this series, owing to revisions in basic data reported for recent years, may be obtained upon request.
NOTE—For description and back figures see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882.
SEPTEMBER 1942.
947
INDUSTRIAL PRODUCTION, BY INDUSTRIES
{Without Seasonal Adjustment)
[Index numbers of the Board of Governors. 1935-39 average = 100]
1941
1942
Industry
June
July
160
159'
Manufactures—Total
165
Durable
Nondurable1.
198
138
r
Aug.
164
Industrial
Production—Total.
Iron and Steel...
Oct.
Nov.
Dec.
Jan.
Feb.
Mar.
167
168
167
164
165
167
168
167
172
173
173
171
r
173
r
175
177
199
142
206
145
210
143
209
144
212
138
r
r
197
138
216
137
220
138
r
227
137
Apr.
May June July
r
172
175
177
p
180
183
185
p
240
138
245
136
^253
218
180
484
215
177
485
221
179
519
r
233
138
r
181
190
184
185
185
192
191
191
196
191
193
179
195
173
355
181
196
173
358
182
197
172
375
185
206
179
399
184
206
178
407
184
206
176
417
190
211
181
422
189
208
174
445
189
210
176
444
215
216
244
229
930
161
164
233
280
997
135
134
233
307
1,113
120
47
236
306
1,204
134
74
249
319
1,290
146
110
278
335
1,340
142
123
264
338
428
467
485
560
634
645
187
191
189
191
185
190
192
144
136
141
131
173
110
244
200
142
154
145
135
175
116
231
199
143
159
145
135
175
120
233
209
145
159
147
137
177
119
217
151
139
179
128
226
152
141
182
124
230
153
140
184
131
235
157
141
189
140
224
156
147
184
131
208
162
155
185
135
195
143
151
147
155
145
165
152
151
148
145
144
151
148
145
134
128
122
128
129
132
135
139
142
149
148
157
144
156
138
159
124
154
113
155
112
142
118
147
120
147
127
142
131
143
138 P140
140 p137
Pig iron
Steel
Open hearth and Bessemer.
Electric
Machinery^
Sept.
163
r
r
r
225
r
228
r
232
r
230
r
243
r
r
279
r
250
r
258
216
180
473
r
267
217
179
483
r
285
272
Government Arsenals and Quartermaster Depots
Transportation Equipment
Aircraft
Automobile bodies, parts, and assembly.
Automobile factory sales
Railroad cars
Locomotives
Shipbuilding
Private yards
Government yards
Nonferrous Metals and Products
Nonferrous metal smelting..
Copper smelting
Zinc smelting
Lead production
Copper deliveries
Lead shipments.
Zinc shipments
Tin consumption
Lumber and Products.
Lumber...
Furniture.
Stone, Clay, and Glass Products.
Cement
Unglazed brick
Glass containers
Polished plate glass.
Textiles and Products.
Textile fabrics
Cotton consumption
Rayon deliveries
Silk deliveries
Wool textiles
Carpet wool consumption...
Apparel wool consumption..
Woolen yarn
Worsted yarn
Woolen and worsted cloth..
Leather and Products..
Leather tanning
Cattle hide leathers
Calf and kip leathers...
Goat and kid leathers..
Shoes
Manufactured Food Products..
Wheat flour
Cane sugar meltings
Manufactured 3dairy products 3 ..
Ice cream
Butter 33
Cheese
Canned and dried milk3
na
116
229
210
144
148
140
135
150
221
245
269
r
276
120
305
r
315
118
r
330
105
r
187
r
350
105
r
397 p423
107
113 PUS
182
187
104
(2)
180
375
r
r
177
r
164
161
184
171
165
174
175
175
169
147
138
132
140
151
r
163
160 P153
174
165
163
149
177
168
161
96
181
175
174
109
184
177
168
120
185
170
172
117
171
166
170
120
153
137
153
137
97
165
68
132
83
164
47
141
90
176
43
161
116
176
43
.178
118
.190
35
'in
183
186
151
32
37
155
155
154
151
150
156
154
158
156
153
157
156
150
160
173
66
163
149
190
151
178
165
150
162
173
69
157
126
177
153
174
160
148
160
170
50
166
148
181
162
179
166
145
156
168
32
169
142
205
163
185
169
143
161
172
10
164
133
199
157
185
164
148
167
179
15
166
133
200
156
184
170
146
155
179
148
169
180
147
174
174
143
169
175
148
177
170
146
175
169
152
143
169
169
143
166
168
178
164
209
159
195
182
161
78
202
163
173
183
153
79
191
165
148
172
148
70
196
161
143
167
153
34
203
173
164
177
150
5
201
r
172
168
r
179
151
46
194
165
165
172
154
41
208
175
166
172
120
126
130
129
127
123
116
124
131
128
131
r
124
114
118
126
100
112
122
120
128
102
115
130
120
134
108
95
137
124
135
99
116
132
129
140
103
120
125
135
151
102
119
116
125
137
91
119
110
131
149
84
119
120
138
155
98
125
126
127
140
91
119
129
130
147
90
119
131
125
144
r90
102
r
122
116
134
89
90
112
128
137
152
159
143
139
130
124
121
121
123
101
132
r
185
r
202
r
152
192
195
102
117
r
182
r
217
r
136
r
168
172
99
136
r
169
r
204
120
151
169
114
132
142
r
155
108
150
168
110
109
r
117
r
114
95
139
158
107
114
r
100
r
88
83
124
156
104
109
109
98
80
82
123
166
99
78
85
124
178
109
88
92
142
187
r
152
r
r
V
155
95
92
124
113
96
157
194
152
154
109
189
211
P203
242
257
105
P221
r
i47
241
249
205
200
r
p
Revised.
Preliminary.
* Included in total and group indexes but not ayailable for publication separately.
J Beginning in January 1942 includes industrial alcohol produced in the alcoholic beverage industry. Figures not available for publication separately.
1
Beginning in December 1941 this series dropped from the index of industrial production and its weight transferred to the automobile bodies, parts,
and assembly series, which is more representative of production by the automobile industry.
3
Scattered revisions in this series, owing to revisions in basic data reported for recent years, may be obtained upon request.
948
FEDERAL RESERVE BULLETIN
Industrial Production, by Industries {Without Seasonal Adjustment)—Continued
[Index numbers of the Board of Governors. 1935-39 average = 1001
1941
1942
Industry
Dec. Jan.
Feb. Mar.
Apr.
May June July
June July
Aug.
Sept.
Oct.
Nov.
121
130
118
92
96
123
119
119
125
95
104
137
116
112
126
95
104
159
119
111
132
111
111
170
134
139
134
119
109
151
152
178
130
116
108
146
165
208
127
93
111
131
173
214
138
93
118
123
135
151
125
84
113
124
131
145
120
93
124
121
134
148
125
95
115
121
140
163
121
98
108
123
149
172
134
104
99
134
131
131
122
137
137
118
106
112
117
113
113
120
116
143
59
97
160
128
51
99
171
120
75
359
180
104
102
472
180
90
101
292
190
96
104
150
135
96
102
163
177
109
96
45
207
112
77
29
191
124
69
32
136
136
54
48
139
134
50
36
130
148
128
123
122
132
133
134
110
126
121
117
119
123
132
131
113
144
99
111
138
99
113
136
96
120
146
107
135
141
106
137
143
105
107
121
83
104
146
96
109
136
92
111
127
96
114
130
96
107
142
89
120
150
96
113
153
91
143
139
146
149
151
152
146
151
153
155
151
144
133
147
173
124
150
r
220
167
143
154
131
115
146
143
137
143
159
109
141
199
155
140
154
128
109
140
135
133
150
170
109
151
215
164
147
163
139
110
145
143
138
151
168
112
142
210
163
148
167
144
107
145
136
138
155
173
121
145
214
169
152
167
147
110
151
145
143
159
186
144
167
225
179
155
167
155
113
160
151
140
154
174
134
148
214
166
151
166
154
107
144
146
143
159
183
140
153
223
177
155
168
152
107
151
161
147
160
186
137
158
230
179
156
167
155
108
151
175
147
161
194
148
160
243
185
156
168
160
106
145
166
151
157
187
144
152
236
178
152
157
159
109
140
172
152
149
186
133
147
245
173
143
141
151
105
127
173
150
134
174
118
127
226
169
128
120
135
104
107
177
139
127
116
121
125
131
138
131
125
126
126
123
115
103
P96
107
92
96
106
112
117
117
99
102
107
105
104
98
90
128
129
131
134
135
136
138
132
129
122
118
117
115
128
130
124
131
111
154
146
453
131
134
125
130
117
152
144
425
132
134
130
129
121
153
145
437
134
135
130
137
126
153
145
410
134
136
132
131
127
160
151
474
128
129
127
129
126
161
152
472
124
121
129
129
129
161
152
493
116
112
122
130
115
160
151
476
111
104
123
131
108
162
152
494
110
103
122
127
101
164
154
511
108
101 "106
123
123
97
r
164 "164
r
154
155
r
509
483
151
153
155
161
166
168
166
165 *164
103
104
102
67
67
64
33
32
33
28
28
27
26
26
27
125
125
118
Manufactured Food Products—Continued
Meat packing
Pork and lard
Beef
Veal
Lamb and mutton
Other manufactured foods
Alcoholic Beverages
Malt liquor
Whiskey
Other distilled spirits
Rectified spirits
Tobacco Products
Cigars
Cigarettes
Manufactured tobacco and snuff
Paper and Paper Products1
Paper and pulp
Pulp
Groundwood pulp
Soda pulp
Sulphate pulp
Sulphite pulp
Paper
Paperboard
Fine paper
;
Newsprint production
Printing paper
Tissue and absorbent paper
Wrapping paper
Printing and Publishing2
Newsprint consumption
Petroleum and Coal Products
Petroleum refining
Gasoline
Fuel oil
Lubricating oil
Kerosene
Coke
Byproduct coke
Beehive coke
'...
r
138
76
90
165
r
124 125
126 127
121 122
134 131
102 103
155 155,
146 146
459 r452
Chemicals
138
139
142
148
153
Rubber Products
192
153
130
131
156
126
126
125
132
117
118
110
134
108
108
103
137
103
104
94
nss
"109
ii
o
134
196
152
151
155
r
138
151
131
102
110
Rubber consumption
Tires and tubes
Pneumatic tires
Inner tubes
Minerals—Totals
Fuels*
123
Bituminous coal3
Anthracites
Crude petroleum
Metals
132 r131
"
133
120
120
r
135
r
126
135
r
r
131
r
r
130
r
r
138
r
r
146
r
r
146
r
r
145
r
r
lll
119
124
122
130
127
124
132
127
127
131
125 r130
r
132 p132
131
130
122
121 121
121 P121
103
128
144
r
98
129
144
104
129
141
121
127
140
116
115
150
122
109
98
91
92
96
144 ^141
117 P122
113 2*113
195 vm
181
Iron ore shipments
Copper
Lead
Zinc
Gold
Silver
r
139
r
121 126
138
r
r
25
25
27
184
187
182
181
161
326
152
116
136 .
116
123
344
147
110
125
116
122
335
152
116
131
126
126
311
152
120
135
131
117
281
156
119
134
152
107
231
157
128
131
132
106
"l59"
124
138
130
105
158'
131
138
107
106
160
140
146
106
103
r
147
115
111
153
189
23
165
131
236
169
135
371
174
128
381
*
404
*
*
*
110
*
110
•
*
*
105
r
Revised. m v Preliminary.
* Included in total and group indexes but not available for publication separately.
Includes also paperboard container production which has been carried forward on the basis of seasonal changes since July 1940 when figures were last
reported.
2
Includes also printing paper production shown under "Paper."
3 Scattered revisions in this series, owing to revisions in basic data reported for recent years, may be obtained upon request.
NOTE.—For description and back figures, see BULLETIN for September 1941, pages 878-881 and 933-937, and August 1940, pages 753-771 and 825-882
1
SEPTEMBER
1941
949
FACTORY EMPLOYMENT, BY INDUSTRIES
{Adjusted for Seasonal Variation)
[Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average = 100}
1942
Industry and group
June
Totali
Durable goodsi
Nondurable goodsi .
Iron and Steel and Products
Blast furnaces, steel works, etc
Bolts, nuts, washers, and rivets
Cast-iron pipe
Cutlery and edge tools
Forgings
Hardware
Plumbers' supplies
Stamped and enameled ware
Steam and hot-water heating
Stoves
Structural and ornamental metal work
Tin cans and tinware
Tools
Wirework
Machinery
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry and machine-shop products.
Machine tools
Radios and phonographs
Textile machinery
Typewriters
Transportation Equipment
Aircraft
Automobiles
Cars, electric- and steam-railroad.
Locomotives
Shipbuilding
July
Aug.
Sept.
Oct.
Nov
128.7 133.3 133.3 132.3 132.8 134.4
134.0 140.7 141.5 141.3 142.3 143.7
123.7 126.3 125.5 123.8 123.8 125.6
136.0
145
166
95
122
105
118
102
220
114
114
104
129
139
214
r
167.5
170
163
159
r
280
139
337
184
104
150
139.1
149
169
95
130
112
105
102
228
123
121
105
131
142
218
r
173.3
175
168
164
r
302
143
349
191
107
155
140.2
150
173
94
130
112
116
103
231
126
115
107
132
146
198
r
178.1
182
170
168
r
327
146
366
187
108
157
139.7
149
172
97
128
113
117
100
231
125
109
106
132
147
214
r
178.4
181
173
168
r
340
147
355
183
110
158
138.2
148
170
98
129
115
115
98
225
125
105
107
127
145
203
r
180.2
180
175
168
r
37O
148
360
179
110
160
138.3
148
169
101
130
115
113
98
225
123
104
107
138
146
201
r
182.3
172
177
168
r
399
149
365
194
109
159
174., 196.1 193.1 r195.4 r204.7 r209.6
6,522 M 6 0 7,897 r8,817 r9,505 r9,861
139
129
132
127
149
128
87
100
81
100
89
98
70
74
61
77
67
73
398
341
490
533
387
440
June
July
737.5 139.9
134.9 135.7 135.1 134.7
144.3 146.7 146.8 146.9 149.2 151.4 155.9
126.0 125.2 123.8 123.1 ,123.3 124.2 124.6
144.1
163.0
126.1
Dec.
Jan.
Feb.
Mar.
Apr.
May
r
136.0
r
138.9
149
170
100
134
117
106
98
220
125
108
107
141
148
199
r
185.0
167
178
139.0
150
171
98
136
119
99
96
217
127
r
110
108
147
152
184
r
136.5
149
169
100
133
122
94
92
208
124
r
10l
112
141
153
169
134.7 r134.2
149
148
170
170
98
99
129
134
128
123
91
94
81
88
200
207
122
123
r
r
90
95
116
113
115
122
154
153
152
160
'134.0
151
172
98
127
129
89
78
200
119
r
86
116
110
154
147
189.1 r192.8 r196.5 '199.4 r201.5
162
161
157
161
160
174
177
176
178
177
150
*
206
109
159
r
205.9
*
111
153
*
220
109
157
r
211.1
*
96
160
*
249
110
126
r
216.3 r220.6 1'231.1
*
*
*
79
84
81
235
110
152
250
109
147
161
•
223
109
114
1
'246.0
83
Nonferrous Metals and Products .
Aluminumi
Brass, bronze, and copper...
Clocks and watches
Jewelry
Lighting equipment
Silverware and plated ware.
Smelting and refining
144.1
230
190
121
115
115
84
102
147.8
240
193
125
120
118
94
103
147.9
246
195
121
119
118
87
105
144. i
247
194
110
110
119
85
103
143.1
240
191
114
105
119
84
100
142.2
244
192
110
106
114
82
99
143.4
146.1
146.5 146.4 '145.7 r146.5
108
112
106
83
100
112
114
102
82
102
110
110
100
78
102
111
109
97
77
101
113
106
r
88
66
102
117
104
87
65
101
Lumber and Products ...
Furniture..
"...
Lumber, millwork...
Lumber, sawmills...
75.9
106
71
65
78.9
108
75
68
78.4
107
76
68
77.3
103
75
68
76.4
101
76
67
76.9
104
75
67
78.1
105
75
68
79.2
106
75
70
77.9
104
73
68
75.4
103
72
66
73.8
101
70
64
73.2
100
Stone, Clay, and Glass Products..
Brick, tile, and terra cotta..
Cement
Glass
Marble, granite, and slate...
Pottery
Textiles and Products
Fabrics
Carpets and rugs
Cotton goods
Cotton small wares
Dyeing and finishing textiles .
Hats, fur-felt
Hosiery
Knitted outerwear
Knitted underwear
Knitted cloth
Silk and rayon goods
Woolen and worsted goods
Wearing apparel
Clothing, .men's
Clothing, women's
Corsets a n d allied garments ..
Men's furnishings
Millinery
Shirts and collars
93.:
69
74
124
44
116
116.1
109.0
90
111
107
144
86
146
81
79
163
75
110
127.0
124
170
119
124
68
133
98.6
73
77
131
43
126
120.0
111.1
89
113
110
149
86
149
85
90
162
72
112
135.0
124
193
119
137
75
135
98.4
74
78
130
42
123
117.1
109.6
91
115
110
143
79
144
83
88
161
67
108
128.8
120
176
122
137
79
135
98.7
74
79
130
43
122
114.7
107.2
91
112
110
140
77
135
78
88
158
61
112
126.6
119
171
123
134
98.9
73
79
131
45
121
112.9
105.4
90
112
108
135
78
133
77
87
147
60
109
124.7
120
165
112
127
75
131
100.9
76
82
133
45
121
113.3
105.1
90
111
109
130
78
132
78
87
147
61
110
126.9
125
167
122
121
68
132
101.6 105.0 100.1
81
78
77
87
88
85
126
135
132
43
48
45
121
125
121
113.2 112.0 110.0
104.4 104.1 102.2
85
90
81
110
110
110
r
107
109
107
r
131
133
130
73
76
71
132
133
130
78
81
79
86
90
86
147
149
150
60
59
59
107
106
99
128.2 125.1 122.8
128
123
118
169
161
162
115
112
116
113
115
113
72
68
78
145
135
133
Leather and Manufactures
Boots and shoes
Leather
101.0
98
95
100.2
97
97
97.9
94
96
98.0
94
98
99.6
96
97
104.2
101
98
103.1
100
97
77
134
98.8
95
96
96.3
92
95
70
64
r
96.9
94.7 90.8
67
75
71
77
83
80
122
124
124
r
32
41
39
114
116
115
109.4 110.9 112.3
102.6 104.8 105.5
67
75
70
114
110
112
110
106
'107
133
132
'133
60
70
68
123
127
125
81
82
79
85
87
86
155
155
151
63
68
61
109
108
102
120.0 119.7 122.6
119
126
118
154
156
156
112
111
113
111
111
111
.64
74
70
130
129
129
97.4
93
96
95
95
100.0
97
94
135.4
153
94
129
131
92
74
204
120
85
117
105
155
153
136.3
154
177
93
132
137
92
66
205
124
91
118
101
153
157
205.4
166
186
210.4
170
186
165
*
195
109
103
268.6
*
89
168
*
198
108
101
176
304.9
112
147.8
150.2
116
98
116
96
89
71
101
72.5
95
71
64
86
65
100
72.3
97
69
63
90.7
91.0
65
64
78
119
37
118
79
118 /
35
124
112.2
107.2
70
117
115
132
68
122
81
88
156
69
108
118.5
122
150
110
112
55
129
114.4
107.9
71
119
118
138
65
122
81
92
152
66
108
124.0
116
172
97
122
71
134
100.1
98
94
95.5
92
92
r
Revised.
* Included in total and group indexes b u t not available for publication separately.
1 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 1942 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.
95°
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]
1942
Industry and group
June
Food and Kindred Products
Baking
Beverages
Butter
Canning and preserving
Confectionery
Flour
Ice cream
Slaughtering and meat packing
Sugar, beet
Sugar refining, cane
Tobacco Manufactures
Tobacco and snuff
Cigars and cigarettes
Oct.
Nov.
Dec.
Jan.
138.4
140.9
138.8 140.7
147.0
147.5
148.4
147.6 144.4
142.3 r143.5
151
286
105
156
90
80
78
121
93
101
149
289
102
161
97
79
78
123
89
94
152
298
104
169
100
151
295
102
157
91
79
78
125
98
103
152
311
106
201
96
78
83
127
98
98
152
316
106
188
95
79
83
133
141
101
153
310
105
183
94
80
82
139
168
97
152
310
105
189
93
80
82
138
115
90
151
304
115
150
94
79
82
138
102
94
Aug.
77
79
124
76
93
Sept.
152
303
102
164
90
78
83
126
91
103
Feb.
Mar.
Apr.
152
304
109
168
94
79
81
137
107
93
May
r
151
310
116
156
91
79
79
141
104
93
June
July
143.8 147.9
159
294
115
154
98
80
78
151
117
87-
153
288
117
154
89
81
79
146
100
85
65.8
Chemicals, Petroleum, and Coal Products.
Petroleum refining
Other than petroleum refining
Chemicals
Cottonseed oil, cake, and meal
Druggists' preparations
Explosives
Fertilizers
Paints and varnishes
Rayon and allied products
Soap
65.7
64.4
62.0
64.1
65.0
66.5
69.2
66.7
66.1
65.8
63.6
64.1
64.5
53
68
Paper and Printing
Boxes, paper
Paper and pulp
Book and job printing
Newspaper and periodical printing .
53
67
53
66
54
63
54
65
54
66
56
68
54
71
53
69
52
68
52
68
52
65
52
66
53
66
r
122.9
124.8
125.1
124.4 124.9
124.8
125.9
125.2
142
126
108
117
143
128
106
118
141
128
105
117
139
129
107
116
140
129
107
120
142
130
107
116
139
130
103
115
141.5
143.9
146.3
145.7 147.1
148.2
r
123.4 122.0
139
125
104
117
138
128
108
117
r
121.3 119.5
118.5 117.0
133
130
100
114
126
126
99
112
136
130
101
115
129
128
98
113
123
121
100
113
149.2
151.8
154.7 155.9
157.3 159.0
128
129
130
131
132
152.9
154.1
157.1
160.5 161.6
163.4 165.4
167.4 166.7
181
95
141
184
93
144
187
93
146
190
93
152
192
94
152
194
90
153
194
97
157
194
99
162
196
91
164
191
104
170
115
144
323
94
118
144
320
94
116
144
320
95
120
145
313
94
139
142
308
92
111
141
309
91
97
137
317
91
116
131
318
88
138
127
324
84
134
125
309
85
109.4
r
r
r
r
r
78
85
189
73
75
175
76
r
73
173
75
r
73
170
75
r
73
156
76
75
154
125
127
127
127
145.6
148.0
150.9
150.3 151.7
172
107
132
173
109
136
179
101
138
180
88
141
124
140
337
94
129
145
326
98
124
148
328
99
124
145
324
96
111.7
113.0
113.3
111.6 110.1
82
86
192
Rubber Products
Rubber boots and shoes
Rubber tires and inner tubes
Rubber goods, other
r
July
137.3
82
87
194
79
87
200
75
87
196
129
110.1
80
86
187
78
86
189
r
99.6
98.3
132
97.5
93.7
133
94.5
r
160.7 160.2
133
134
97.5 101.8
72
78
161
75
84
163
Revised. • Included in total and group indexes but not available separately.
TOTAL NONAGRICULTURAL EMPLOYMENT
[Thousands of persons]
Year and month
Total
nonagricultural
employment 1 2
Employees in nonagricultural establishments
Total
2
Manufacturing*
Mining
914
923
908
892
TransporConstruc- tation and
public
tion
utilities
e
Trade*
Financial,
service,
and miscellaneous
Government 2
Military
and naval
forces
SEASONALLY ADJUSTED
39,903
40,101
40,016
40,192
40,603
40,905
33,760
33,958
33,873
34,049
34,460
34,762
12,605
12,615
12,548
12,599
12,735
12,789
40,906
40,910.
40,*942
40,977
41,137
41,174
34,763
34,767
34,799
34,834
34,994
35,031
12.863
12,826
12,823
12,900
13,035
13,207
873
852
851
1941—July
August
September
October
November
December
39,908
40,292
40,710
40,783
40,756
41,080
33,765
34,149
34,567
34,640
34,613
34,937
12,391
12,595
12,777
12,805
12,763
12,734
888
900
906
915
911
908
1942—January
February
March
April
May .
June
39 877
39,994
40,396
40,880
41 263
41,415
33 734
33,851
34,253
34,737
35 120
35,272
12,606
12,724
12,849
12,951
13,046
13,146
876
860
1941—July
August
September
October
November
December
. .
. .
1942—January
February
March
April
May
June
892
892
879
870
865
1.668
1,666
1,683
1,776
.924
2,156
3,264
3,302
3,303
3,292
3,310
3,322
6,944
7,027
6,968
6,989
7,043
7,017
4,242
4,246
4,241
4,251
4,266
4,274
4,123
4,179
4,222
4,250
4,290
4,312
2,064
2,091
2,057
2,003
1,961
1,850
3,322
3,313
3,325
3,358
3.391
3,396
6,907
6,862
6,812
6,690
6,695
6,586
4,273
4,265
4,262
4,259
4,257
4,256
4,461
4,558
4,669
4,745
4,785
4,871
1,895
1,921
1,936
1.960
L,961
1,874
1,660
L,645
L,738
L.928
2,077
2,073
3,290
3,326
3,367
3,365
3,322
3,296
6,837
6,897
7,008
7,070
7,146
7,511
4,300'
4,300
4,325
4,256
4,229
4,227
4,164
4,210
4,248
4,269
4,281
4,387
1,857
1,944
1,992
2,014
3,252
3,249
3,277
3,343
3,385
3,417
6,756
6,686
6,711
6,679
6,667
6,582
4,179
4,181
4,195
4,266
4,309
4,314
4,405
4,506
4,623
4,709
4,776
4,889
t
1,857
1,944
1,992
2,014
1
•j+
t
UNADJUSTED
860
861
860
851
t
•}•
•j-
* Adjusted to Census of Manufactures through 1939. r Revised,
t1 Not available for publication.
Includes self-employed persons, casual workers, and domestic servants not included in total of employees m nonagncultural establishments.
2
Excludes military and naval forces.
NOTE.— Most of these basic unadjusted series have been discontinued by the Bureau of Labor Statistics and have been replaced by new series.
July figures are not available on the old basis. New series will be published in the next BULLETIN.
»
SEPTEMBER 1941
951
FACTORY EMPLOYMENT AND PAYROLLS, BY INDUSTRIES
(Without Seasonal Adjustment)
[Index numbers of the Bureau of Labor Statistics; adjusted to Census of Manufactures through 1937. 1923-25 average = 100]
Factory employment
Industry and group
Totafi
Durable goods1
1
Nondurable goods
July
Mar.
Apr.
May
July
r
136.6 r137.7
r
r
139.1 141.6
130.6 135./
137.6 147.5 150.9 153.7 157.1 160.2
123.9 123.2 123.0 122.4 122.0 123.9
136.1
144
166
97
120
105
118
102
220
114
116
106
132
139
216
137.7
147
167
98
124
108
104
102
222
119
117
107
139
140
213
r
168.0 172.7
172
171
168
163
164
159
r
r
3O7
291
143
139
339
346
189
181
104
106
148
153
r
r
134.9
152
174
98
128
129
89
78
204
120
r
89
116
108
154
152
135.4
152
176
96
128
131
92
74
204
120
87
118
107
155
155
196.1 r200.0 r203.1
169
167 167
177
175 179
206.4
167
186
209.8
167
186
June
135.4
151
172
98
132
128
92
81
206
122
r
92
114
111
155
155
r
157
160
163
165
167
210
209
111
126
196
109
115
191
109
102
196
107
99
HI
147
r
r
Transportation Equipment
177.8 179.0 226.8 239.9 r255.0 272.1
Aircraft
*
3,718 7,231
Automobiles
127
m
135
86
84
88
91
Cars, electric- and steam-railroad....
89
85
Locomotives
68
62
Shipbuilding
375
338
r
Nonferrous Metals and Products
141.9 143.1 147.4 145.6 r145.9 145.8
1
Aluminum
229
236
*
*
*
Brass, bronze, and copner
190
189
112 115
Clocks and watches.
111
112
118
117
Jewelry
107
112
106
100
96
90
f
Lighting equipment
113
111
99
89
87
85
Silverware and plated ware
84
83
78
66
66
65
Smelting and refining
102
103
101
102 101
100
r
Lumber and Products
73.4 73.3
76.8 79.5 74.0
73.3
Furniture
104
106
101
97
96
95
Lumber, millwork
73
76
71
70
70
70
Lumber, sawmills
67
70
64
65
65
65
Stone, Clay, and Glass Products
95.4 94.3
97.1 99.6 94.3
93.9
Brick, tile, and terra cotta
75
78
68
70
71
70
Cement
80
83
78
80
82
84
Glass
126
128
126
126 124
121
Marble, granite, and slate
46
45
39
40
34
38
Pottery
114
117
120
120 118
117
r
Textiles and Products
112.6 113.2 113.5 113.1 111.7 108.8
Fabrics
106.2 107.0 105.0 r105.2 r104.7 104.5
Carpets and rugs
90
89
77
71
67
70
Cotton goods
109
109
113
114 r 114
115
Cotton small wares
104
105
111
112 r110
112
Dyeing and finishing textiles
139
139
138
138 l33
128
Hats, fur-felt
83
84
72
68
58
65
Hosiery
143
143
129
125 122
120
Knitted outerwear
79
81
80
82
81
79
Knitted underwear
79
86
88
89
89
89
Knitted cloth
160
159
154
156 155
152
Silk and rayon goods
69
69
62
63
64
64
Woolen and worsted goods
108
109
103
104 106
106
Wearing apparel
121.9 122.2 127.6 126.0 122.7 113.8
Clothing, men's
120
122
123
123 122
118
Clothing, women's
159
160
170
166 161
140
Corsets and allied garments
118
115
117
116 113
109
Men's furnishings
122
125
115
114 112
111
Millinery
63
58
86
79
66
51
Shirts and collars
132
129
133
133 131
128
July
Apr.
Mar.
May
June
July
r
r
188.0 r 193.2
r
226.6 r235.1
r
197.7 202.4
152.2 152.7 182.9
243.3 249.4
173.9 172.2 217.3
127.9 130.7 144.3 144.8 146.3 146.6 149.9
134.9
152
175
95
126
133
91
66
200
120
88
121
107
152
153
135.7
150
170
98
136
125
95
89
212
123
r
93
110
116
155
161
1942
1941
June
127.9
135.1
121.1
Iron and Steel and Products
Blast furnaces, steel works, etc
Bolts, nuts, washers, and rivets
Cast-iron pipe
,
Cutlery and edge tools
Forgings
Hardware
;
Plumbers' supplies
Stamped and ameled ware
Steam and hot-water heating
Stoves
Structural and ornamental metal work
Tin cans and tinware
Tools
Wirework
Machinery
Agricultural implements
Cash registers, etc
Electrical machinery
Engines, turbines, etc
Foundry and machine-shop products.
Machine tools
Radios and phonographs
Textile machinery
Typewriters
1942
1941
June
Factory payrolls
168.6
180
248
115
139
165
150
106
279
138
125
120
163
182
285
166 6 181.1 r181.6 r 184.0
194 193
197
182
239
276 285
292
126 130
133
112
181 179 183
135
158
221 238
241
137 136
135
124
102
93
102
91
309 305
310
272
138 r 173 r 174 r 174
107
110
105
122
140 146
149
113
150 145
141
171
235 238
241
174
235 235
241
272
186.2
198
291
136
182
241
141
92
317
173
107
155
143
245
249
183.1
195
280
135
179
243
137
80
307
171
112
158
143
232
247
230.3 r233.7 r313.3 r321.7 r332.4
233
228
250 250
259
216
261 262
214
293
232
224
342.5 348.6
256
263
298
294
178
529
200
131
208
r
177
535
219
133
217
227
235
243
250
252
291
157
213
292
158
171
283
158
161
284
160
157
293
159
144
240.0 228.8 r354.6 r382.2 r408.1
8,194 9,046
188
95
158
132 131
136
93
91
84
93
504
582
145.8
174.6 173.7 208.2 r210.5 r214.2
•
*
322
323
*
*.
262
264
r
109
160 r167
176
148
138
89
101
105
114 r 109
108
r
84
116
113
109 104
103
63
94
87
95
80
81
100
117
117
128 127
130
r
r
73.2
83.9
85.5 86.4 87.3 r90.4
93
110
110 r115 r113
115
71
67
68
68
70
71
66
71
74
73
75
79
91.8
100.2 98.9 103.7 104.9 r105.5
69
72
13
69
71
72
85
90
91
89
91
95
116
154
147
165 165
167
r
37
35
35
31
33
28
115
118
115
137 134
134
r
r
108.2
111.4 113.6 " 129.2 l28.9 128.3
104.0
111.6 113.3 124.8 126.8 r128.7
71
90
90
81
76
77
114
120
123
146 r 149
153
r
113
116
121
148 l55
158
128
133
134
152 157 r148
63
86
92
73
66
59
118
158
160
154 149
149
78
75
75
83
86
86
88
83
91
107 HI
110
149
154
154
164 171
171
63
(4
)
64
68
71
71
105
- 117 117
123 127
132
112.6
104.1 107.1 129.9 125.2 119.5
114
107
109
123 121
122
142
119
127
163 153
141
94
139
132
161 159
151
112
131
138
141 139
140
54
43
40
83
66
45
128
136
131
152 159
158
289.9
434.9 466.5
142
145
218.5
t
222.2
*
178
103
104
82
134
173
98
105
81
134
93.7
112
75
85
94.1
109
77
86
104.2
73
101
156
33
132
100.2
71
102
146
32
126
123.2
129.0
81
153
163
143
67
148
82
111
166
71
134
104.3
112
110
143
140
37
151
124.2
129.6
82
152
166
144
65
144
82
109
163
70
142
106.0
107
122
119
140
43
150
r
Revised.
* Included in total and group indexes but not available for publication separately.
Indexes adjusted to Census of Manufactures through 1939. For back figures see BULLETIN for February 1941, p. 166.
1
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
1941
June
Leather and
Manufactures...
Boots and shoes
Leather
Food and Kindred Products
Baking
Beverages
Butter
Canning and preserving
Confectionery
Flour
Ice cream
Slaughtering and meat packing
Sugar, beet
Sugar refining, cane
Tobacco Manufactures
Tobacco and snuff
Cigars and cigarettes
July
98.1 101.0
98
95
96
94
135.2
152
310
114
136
80
78
93
120
48
103
145.8
150
324
112
211
83
80
96
123
52
98
65.
52
67
Paper and Printing
Boxes, paper
Paper and pulp
Book and job printing
Newspaper and periodical printing...
121.6
135
125
102
117
123.0
139
126
105
115
Chemicals, Petroleum, and Coal Products.
Petroleum refining
Other than petroleum refining
Chemicals
Cottonseed oil, cake, and meal
Druggists' preparations
Explosives
Fertilizers
Paints and varnishes
,
Rayon and allied products
Soap
137.5
125
140.5
172
66
127
*
92
145
327
93
110.
78
86
190
140.0
127
143.0
176
63
130
Mar.
131.7
150
289
103
97
93
79
72
134
42
92
June
96.4
94
91
132.8 '135.6 141.8
154
151
150
313
317
298
126
119
111
134
106
104
79
83
88
79
77
78
94
87
78
146
138
134
52
50
46
87
93
94
155.0
159
329
126
202
84
81
96
151
68
91
63.8
51
65
64.2
51
66
98.7
96
94
62.7
51
64
121.6 r120.8 '119.1 117.2
123
134
131
127
126
130
128
130
97
101 r 100
98
r
r
112
114 114
113
r
91
146
324
96
111.4
79
87
189
75
73
172
158.8
132
165.4
193
80
157
*
156
139
310
92
r
r
July
97.1
94
93
65.4 64.4
52
52
67
66
158.5
131
165.2
193
95
156
*
166
141
313
93
•
Apr. M a y
101.9 100.5
99
97
96
65.4
52
67
Rubber Products
Rubber boots and shoes
Rubber tires and inner tubes
Rubber goods, other
1942
1942
94.6
74
73
159
r
June
July
Apr. M a y
June
July
97.2 103.2
92
99
107
109
117.2 115.7 112.6
112
107
110
124
124
123
111.2
105
122
110.9
105
120
144.4
154
391
105
134
86
79
83
138
57
102
152.8
153
421
104
216
85
82
85
139
57
91
150.5
161
378
103
109
109
87
69
160
56
86
160.3
166
445
119
120
97
88
82
170
67
90
170.0
175
424
129
157
99
92
91
184
71
184.8
181
467
133
256
101
98
95
188
86
92
70.2
69.8
68
70
70.6
70
71
73.6
73.3
73
71
74
. 73
77.5
78.2
75
79
133.2 r131.9
169
173
171
172
95
96
114
114
130.4
164
168
93
114
127.5
159
161
95
112
227.5
182
241.5
308
61
203
230.4
187
244.0
312
65
211
*
119
161
391
124
67
70
Mar.
152.9
160
396
109
117
103
86
74
162
61
91
r
115.3
120
121
98
110
128.6
170
158
95
114
128.6
174
157
98
110
134.1
176
176
98
114
157.1 156.7 156.2
134
132
134
163.2 162.3 161.6
194
194
196
68
60
57
157
162
158
*
*
*
126
94
102
136
126
132
308
312
315
83
87
83
r
96.6 100.5
94.6
69
72
n
78
84
r
75
159
159
156
173.6
157
178.8
233
62
150
*
93
178
362
129
141.1
98
122
225
177.7
157
184.0
240
60
163
*
90
173
369
139
219.4 222.8
180 r 178
231.6 236.6
293
288
r
86
99
203
200
*
*
181
176
177
179 r
394 390
137
137
132.4 r 126.1
99
93
106
106
229 r 206
135.6
94
118
214
225.7
179
240.0
303
70
206
*
148
r
176
r
393
130
r
132.4
102
113
r
210
76
78
122
170
398
129
137.0 144.8
94
97
131
119
220
217
r
Revised.
* Included in total and group indexes but not available separately.
NOTE.—Figures for July 1942 are preliminary. Back data may be obtained from the Bureau of Labor Statistics. Underlying figures are for payroll period ending nearest middle of month.
HOURS AND EARNINGS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES
[Compiled by the Bureau of Labor Statistics]
Average hourly earnings (cents per hour)
Average hours worked per week
Industry and group
1941
1941
1942
1942
Apr.
May
June
80.9 81.9
83.1
84 0
89.9
91.0
92.3
93.3
91.6
r
91.8
r
105.2
88.4
62.0
76.2
92.6
r
93.0
r
105.7
89.7
r
63.2
76.7
93.3
r
94.2
r
106.9
91.1
r
64.4
77.1
93.7
95 2
107.1
92.3
65 9
78.0
June
Feb.
Mar.
Apr.
May
June
May
June
Total
40.8
41.3
42.2
42.5
42.4
42.6
42.6
72.6
Durable goods
42.5
43.1
44.4
44.7
44.7
45.0
45.1
80.6
73.8 80.3
82.2
89.3
41.5
45.4
42.4
42.8
40.1
38.5
42.0
45 6
43.8
43.1
40 9
38.6
42.1
47.3
46.2
43.8
40.5
38.8
42.6
47.8
46.6
44.1
40.5
39.0
42.2
47.5
47.0
44.2
40.4
38.8
42.6
r
47.8
46.9
r
44.2
41.2
39.0
42.6
48.1
46.7
44.6
41.4
38.6
85.8
81.8
94.5
77.0
55.6
71.0
86.3
83.2
97.6
79.4
57.0
71.7
38.9
39.4
39.7
39.8
39.7
39.7
39.6
64.1
65.0
70.2
70.7
71.4
72.2
72.7
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
38.9
40.1
36.6
39.9
40.5
37.0
40.0
39.1
40.1
37.2
40.0
40.7
36.6
40.1
39.0
39.1
40.3
40.1
36.4
37.0
38.6
39.3
40.4 • 40.9
37.7
37.6
39.5
39.6
38.6
40.2
35.1
38.1
41.5
38.5
39.0
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
59.2
57T4
62.9
65.8
71.8
54.4
85.4
59.6
57.6
63.5
66.3
72.3
53.7
86.2
59.9
58.3
63.2
67.8
73.2
55.4
86.8
60.4
59.2
62.7
68.2
74.1
56.5
87.6
60.3
59.5
61.8
68.5
74.3
57.5
88.6
39.8
37.0
40.7
40.3
40.5
38.2
41.2
41.4
40.6
38.8
41.1
39.7
40.7
38.7
41.3
40.6
40.9
38.2
41.6
40.0
41.0
38.5
41.8
r
41.4
41.0
38.4
41.7
41.5
80.6
100.8
74.4
81.6
82.4
102.0
76.1
83.6
88.1
110.4
81.9
88.2
88.9
110.4
83.0
90.1
90.0
110.3
84.4
91.7
109.8
86.7
r
91.6
93.0
110.2
88.1
92.6
May
Iron and Steel and Products
Machinery
Transportation Equipment
Nonferrous Metals and Products
Lumber and Products.
Stone, Clay, and Glass Products
Nondurable goods
Textiles and Products
Fabrics
. ...
Wearing apparel
Leather and Manufactures
Food and Kindred Products
Tobacco Manufactures
Paper and Printing
Chemicals, Petroleum, and Coal
Products
Petroleum refining
Other than petroleum refining
Rubber Products
r
Feb.
90.9
r
91.0
106.1
87.2
61.3
75.9
Mar.
Revised.
SEPTEMBER
1942.
953
CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF C O N S T R U C T I O N
[Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.1
Month
January
February
March
April
.
July
August
September
October
November
December
Year
1
1942
1941
102.8
168.0
219.3
162.1
148.0
185.5
55.9
37.8
121.8
66.2
81.1
102.3
109.8
135.7
113.5
118.6
122.7
116.1
75.4
84.5
112.7
145.1
178.0
271.8
1942
1941
1942
11.6
7.9
10.4
11.2
17.1
13.5
19.1
11.7
8.2
13.9
7.3
8.8
17.7
21.8
36.8
30.9
23.8
46.2
471.2
1,181.5
1,953.8
6,007.5
26.9
20.9
"33.1
36.2
50.8
35.7
37.2
69.8
51.9
48.6
29.3
30.7
1942
111.3
116.5
147.9
166.5
201.3
205.6
205.0
231.5
175.7
171.8
116.5
104.3
305.2
316.8
270.4
433 6
479.9
610.8
406.7
498.7
673.5
548.7
539.1 1,190.3
577.4
760.2
623.3
606.3
458.6
431.6
...
1941
1941
1942
Educational*
Commercial
Factories
1941
May
Tune.
Nonresidential building
Residential
building
Total
9.1
9.2
10.7
12.4
10.1
15.4
140.9
Public works
and public
utilities!
Otherl
1941
24.2
23.5
36.1
29.7
53.5
49.0
54.5
69.4
44.7
88.5
33.6
15.3
1941
1942
75.1
"63.9
130.6
96.9
144.9
133.0
151.7
242.0
229.3
165.0
149.2
156.3
21.0
54.2
71.6
46.5
86.0
234.9
1942
90.9
95.9
159.7
101.7
227.7
436.4
1,738.0
522.1
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.]
Public ownership 1
Total
Private ownershipl
Month
1937
January
February
March
April
M ay
~ ay
June
Tulv
August
September
October
November
December
..
Year
1938
1939
1940
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
1942
1937
1938
1939
1940
305
317
434
270
480
611
499
407
674
549
539 1,190
944
577
760
623
606
459
432
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
1941
2,913 3,197 3,551 4,004 6,007
1941
1942
1937
1938
1939
1940
1941
1942
124
198
310
105
269
473
184
355
267
569
314 1,105
348
876
520
403
371
298
288
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
181
166
211
223
281
225
229
240
220
235
161
144
119
123
138
144
105
85
68
1,152 1,705 1,708 1,802 3,492
1,761 1,492 1,842 2,202 2,515
l Back figures.—See BULLETIN for February 1938, p . 159. D a t a for years prior to 1932 not available.
CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS
COMMERCIAL FAILURES, BY DISTRICTS
[Figures reported by Dun & Bradstreet. Amounts in thousands of dollars.]
igures for 37 States east of the Rocky Mountains, as reported by the F.
,Fig,
. Dodge Corporation. Value of contracts in thousands of dollars.]
1942
1941
Number
Federal Reserve
district
Federal Reserve district
June
37,986
76,997
23,200
74,247
131,414
39,461
33,252
52 988
50,901
Cleveland
Richmond
Atlanta
83,939
90,017
161,581
114,284
160,738
174,588
65,373
66,214
33,473
Chicago
St. Louis
Minneapolis
121,296
96 754
41,850
130,547
101 615
121,575
95,796
112 971
14,514
Kansas City
Dallas
111,826
98,350
54,918
86,877
28,772
23,138
943,796
1,190,264
577,392
Boston
New York
Philadelohia
Total (11 districts)
954
|
1941
1942
1941
July
July
July
1942
Liabilities
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Total
June
July
July
June
July
53
297
51
30
22
29
117
19
9
34
8
95
69
310
46
38
19
32
119
20
11
40
10
90
72
329
61
47
16
39
129
25
15
50
14
111
623
3,214
741
295
582
309
984
176
89
366
33
1,136
861
3,450
428
536
882
393
1,147
166
176
487
210
1,170
1,240
6,657
483
761
198
551
1,361
184
204
495
69
1,219
764
804
908
8,548
9,906
13,422
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.
FEDERAL RESERVE BULLETIN
MERCHANDISE EXPORTS AND IMPORTS
[In millions of dollars]
Merchandise imports2
Merchandise exports1
Excess of exports
Month
1938
1939
1940
1941
1942
1938
1939
1940
1941
1942
1938
1939
1940
1941
289
262
275
213
219
268
370
347
351
325
303
357
479
479
609
171
163
173
178
158
190
242
200
217
229
234
268
254
254
272
118
99
102
35
61
77
128
147
134
96
69
89
April
May
June
274
257
233
231
249
236
323
324
350
387
385
330
682
160
148
146
186
202
179
212
211
211
287
297
280
234
115
109
87
45
47
57
111
112
138
100
88
50
July
August
September
228
231
246
230
250
289
317
351
295
365
460
425
141
166
168
169
176
182
232
221
195
278
283
262
87
65
79
61
74
107
84
130
101
87
178
162
October
November
December
278
252
269
332
292
368
344
328
322
3666
492
652
178
176
171
207
224
253
304
281
344
100
76
98
117
57
121
137
104
69
Jan.-Apr.
1,101
. 930
1,391
1,372
215
235
247
713
871
1,018
434
217
520
3362
211
308
354
January
February
March
'
2,249
667
1,014
1942
226
224
336
C
448
1,234
c
1
2
3
Corrected.
Including both domestic and foreign merchandise.
General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses.
Figure overstated due to inclusion in October export statistics of an unusually large volume of shipments actually exported in earlier months.
Source.—Department of Commerce.
Backfigures.—SeeBULLETIN for February 1937, p. 152; July 1933, p. 431; and January 1931, p. 18.
REVENUES, EXPENSES, AND INCOME OF CLASS I
RAILROADS
[In millions of dollars]
FREIGHT-CAR LOADINGS, BY CLASSES
[Index numbers; 1935-39 average=100]
Total
Forest
Coal Coke Grain Live- prodstock
ucts
MiscelOre laneous
Merchandise
l.c.1.
SEASONALLY
ADJUSTED
Total
Net
railway
operating
revenues
Total
railway
expenses
439
474
471
485
464
453
476
486
346
363
370
377
379
403
403
410
92
110
100
108
85
49
73
76
50
68
57
65
42
10
33
37
495
519
542
584
618
627
413
420
446
471
487
500
82
99
96
113
131
128
40
58
52
70
442
455
485
494
489
518
457
480
354
362
379
382
385
424
388
399
93
106
111
104
94
69
81
481
462
540
573
601
624
412
396
448
470
491
505
69
66
92
102
110
119
railway
operating
income
Net
income
1
SEASONALLY ADJUSTED"
1941—May
June
July
August
September
October
November
December
83
84
84
95
93
101
136
r
148
152
138
140
146
145
152
156
155
149
204
204
246
139
140
141
135
133
144
149
102
100
99
97
97
99
100
142
131
119
117
115
113
95
99
95
97
101
98
103
90
156
159
149
159
155
159
172
186
187
282
289
289
183
180
152
151
143
141
142
144
149
97 1942—January
100
February
92
March
80
April
62
May
60
June
57
170
172
167
172
165
168
182
123
163
125
122
104
115
113
69
70
80
111
146
117
97
141
149
1.60
149
147
143
129
265
283
271
261
232
199
69
141
139
141
150
151
150
138*
101
99
99
102
101
101
96
184
184
175
176
181
179
177
125
110
102
100
99
111
138
95
76
77
90
89
81
76
140
153
149
159
161
165
173
46
47
73
218
303
318
325
134
135
139
142
144
145
148
93
96
92
81
1941—June
July
August
September..
October....
November..
December..
139
138
139
130
127
135
137
156
150
158
133
121
121
111
189
200
199
176
165
159
167
126
112
103
111
97
118
124
1942—January ..
February.
March
April
May
June
July
140
139
136
143
143
141
142
119
116
122
160
164
160
155
153
150
168
200
197
199
205
1941—June
July
August
September....
October
November
December
136
138
140
145
144
141
128
131
127
139
140
138
135
125
1942—January
February
March
April
May
June
July
129
129
129
136
138
139
142
136
132
125
135
139
135
132
i
UNADJUSTED
UNADJUSTED
1941—May
62
60
57
June
July
August
September
October
November
December
1942—
-January
February
March.
April..
May...
June..
,
43
53
64
66
59
54
29
55
26
24
47
58
64
P9Q
p
Preliminary.
• Derived from Interstate Commerce Commission data.
Revised.
NOTE.—For description and back data, see pp. 529-533 of the BULLETIN for
NOTE.—Descriptive material and back figures may be obtained
June 1941. Based on daily average loadings. Basic data compiled by Associa- from the Division of Research and Statistics.
tion of American Railroads. Total index compiled by combining indexes for classes
with weights derived from revenue data of the Interstate Commerce Commission.
r
SEPTEMBER 1942
955
DEPARTMENT STORE STATISTICS
MONTHLY INDEXES OF SALES AND STOCKS
[Index numbers based on value figures; 1923-25 average = 100]
WEEKLY INDEX OF SALES
[Weeks ending on dates shown. 1935-39 average = 100]
Unadjusted
Seasonally adjusted
1939
1940
1941
1942
1939
1940
1941
1942
92
90
89
89
89
91
92
98
97
94
100
101
101
103
103
104
105
104
115
134
116
105
116
HI
138
126
124
117
108
104
121
69
69
82
88
87
83
60
69
97
99
106
168
71
71
86
86
89
87
64
108
99
118
115
108
100
83
105
101
114
179
79
82
93
106
105
100
79
106
125
112
133
197
90
94
110
60
65
69
69
68
64
60
65
71
77
82
64
61
68
71
71
70
64
61
66
73
79
83
66
64
70
75
76
76
73
73
84
95
108
110
86
68
1939
69
83
Feb.
4....
11
18. . . .
25....
Mar. 4
11
18... .
25....
Apr. 1
8
15
22 . . .
29 . . . .
May 6. . . .
13....
20
27
June 3
SALES
January
February
March
April
May
June
July
August
September
October
November
December....
88
88
88
88
87
86
87
88
90
92
93
95
Year . . .
77
STOCKS
68
71
70
69
68
67
68
69
70
71
72
71
67
68
68
67
66
67
67
67
68
69
71
68
January
February
March
April . .
May
J une
.. .
July
August
.
September
October
November..
December
Year
71
73
74
74
74
77
82
87
92
97
95
92
93
102
108
117
126
134
83
97
111
122
129
128
P124
p
Preliminary.
Back figures.—Department store sales, see BULLETIN for August 1936,
p. 631, for October 1938, p. 918, and for January 1941, p. 65; department
store stocks, see BULLETIN for March 1938, p. 232.
79
80
. 80
78
. 90
89
. 93
.102
110
118
92
. 93
. 98
.104
.106
94
. 97
. 99
105
10
1 7 . . . . . 98
2 4 . . . . . 84
85
July 1
8
62
15
73
22
. . 67
29
. . 66
Aug. 5
. . 77
1 2 . . . . . 73
1 9 . . . . . . 76
2 6 . . . . . . 82
Sept. 2 . . . . ..108
9 . . . . . . 98
1 6 . . . . ..112
23 . . . ..107
3 0 . . . . ..120
3
10
17
24
Mar. 2
9
16
23
30
Apr. 6
13
20
27
May 4
11
18
25
June 1
8
15
22
29
July 6
13
20
27
Aug. 3
10
17
24
31....
Sept 7 . . .
14
21'.'..
28...
Feb.
1942
1941
1940
86
. 80
. 82
82
. 95
. 98
. 99
113
. 88
.112
. 97
. 99
. 98
.108
.114
. 99
. 97
. 90
.120
.107
. 92
89
. 67
78
. 72
. 69
. 81
. 79
. 81
. 92
.118
.109
.123
.117
.120
1
8
15
22
Mar. 1
8
15
22
29 .
Apr. 5
12
19
26
May 3
10
17 . .
24
31.....
June 7
14
21
28
July 5
12
19
26
Aug. 2
9
16
23
30
Sept . 6 . . .
13...
20...
27...
Feb.
94
95
97
88
.101
. 97
.105
.111
117
.131
.136
.117
.114
.124
.128
110
117
.109
.127
.120
.107
109
. 86
93
. 89
. 87
.102
.116
.113
.119
.152
.122
.123
.131
.148
121
Jan. 31
Feb. 7 . . . . ..114
1 4 . . . . ..116
21 . . .110
28.... .119
125
Mar. 7
1 4 . . . . ..131
21.. . . . .140
2 8 . . . . .147
Apr. 4 . . . . . .160
11. . . . ..120
1 8 . . . . ..135
25.... .129
May 2 . . . . ..134
9 . . . .136
16 .
115
2 3 . . . . . 114
30. . . . . . 95
June 6 . . . . 135
13. . . ..117
20.... .116
27
100
July 4 . . . . . . 84
11
. .102
1 8 . . . . . . 93
2 5 . . . . . . 92
Aug. 1 . . . .. 96
8.... .110
15.... .113
2 2 . . . . ..116
2 9 . . . . ..132
Sept . 5 . . .
12.
19
26
SALES BY FEDERAL RESERVE DISTRICTS AND BY CITIES
[Percentage change from corresponding period of preceding year]
July June
1942 1942
+4 +13
+6 +4 +14 Cleveland (cont'd)
Youngstown
+5 +7 +15
+20 +17 +24
Erie
+8 +5 +13
Pittsburgh
+13 +12 +21
Wheeling
+8 +4 +14
Richmond
Washington
+1 —3 +10
+5 +17 Baltimore
+6 - 5 +10 Winston-Salem...
Charleston, S. C,
-4
-21 -19
-1
-13
+8 Lynchburg
Norfolk
+10 +4 +18
+6 +10 +17 Richmond
+34 +24 +36 Charleston.W.Va
+1 - 4 +9 Huntington
+2 +3 +9
+8
+11 Atlanta
-1
Birmingham
+9
Montgomery
+5
+15 Jacksonville
Miami
+10
Tampa
+9
+20
+9 •+14 +17 Atlanta
+4 +5 +16 Macon
Baton Rouge....
"+10 +15
+1 +6 +18 New Orleans....
Jackson
•+12
Chattanooga....
+13
Knoxville
+20
Nashville
+12
+9
+6 +17
+10 +13 Chicago
+15
Chicago..
Peoria
NewYork
Bridgeport
Newark
Albany
Binghamton
Buffalo
Elmira
Niagara Falls...
New York City.
Poughkeepsie...
Rochester
Syracuse
Philadelphia
Trenton
Lancaster
Philadelphia....
Reading
Wilkes-Barre....
York
t
+
m
Cincinnati
Cleveland
Columbus
Toledo
r
Revised.
Seven
July June mos.
1942 1942 1942
July June Seven
July June
1942 1942 1942
1942 1942
mos.
1942
+5
United States..
Boston
New Haven
Portland
Boston
Springfield
Providence
Cleveland
Akron
1942
N
-8
+3
+17 +22
-9
+10
-2
-14
+7
+3
-13
+13 +12 +20
+19 +16 +26
+13 +13 +21
-1
0
Chicago (cont'd)
Fort Wayne....
Indianapolis
Des Motnes
Sioux City
Detroit
Flint
Grand Rapids..
Lansing
Milwaukee
+56 +30 +34
-4
+9 St. Louis
Fort Smith
+17 +22 +29
Little Rock
+14 +11 +15
-21
Quincy
+8 Evansville
Louisville
St. Louis
+8 + +10
Springfield....
+9 +n +24
Memphis
+11 +9 +13
+16 +12 +12
0 - 6 Minneapolis
+11 +13
+3 Kansas City
+1
Denver
+23
Hutchinson
+7
Topeka
+1 +17
+1
Wichita
+4 +13
+13 +12 +17
Joplin
+12
+15
Kansas City...
+6 +6 +8
St. Joseph
+4
Omaha
+3 +2 +11 Oklahoma City
Tulsa
+8
+1 - +5
IS
+20 +13 +23
+11 +14 +17
0 +5
+2 +2
+11 +9 +18
-16
-6
-1
+11
+3
-18
-10
-11
+4 San Francisco
+4 +5 Phoenix
+5 +17 Bakersfield
Fresno
+8 +13 Long Beach
+34 +42 +40
+25 +27 +21
—4 —2 +6
+16 +11 +10
-11
—2 +2
+1 +10 +15
-9
- 1 8 -22
+13 +11 +17
+2
+8
+9
+5
Dallas
Shreveport
Dallas
Fort Worth
Houston
San Antonio
+2 +9
+9 +11
+7 +11
-1
*
- 1 +2
+25 +24" +29
+4 +17
+ +12 +14
<
U
+l! +l: +14
+7 +8 +5
Los Angeles
Oakland and
Berkeley
Sacramento
San Diego.
San Francisco
San Jose...
Santa Rosa
Stockton...
Vallejo and_Napa
Boise and
Nampa
Portland
Salt Lake City..
Bellingham
Everett
Seattle
Spokane
Tacoma
Walla Walla
Yakima
+6 +7 +8
+5 +14 +16
0 +3
+8 +8
+3 +9
+5
+19 +19 +18
-2
+4
+14 +14 +19
+27 +19 +26
-2
- 5 +2
-6
+5
-3
+31 +27 +35
0
+3 +9
+30 +31 +32
+12 +U +19
+30 +24 +31
+9 +10 +14
+7 +9 +15
+7 +9 +17
+36 +27 +33
+24 +47 +49
+17 +20 +23
+29 +22 +29
+31 +31 +28
+5 +17 +18
0 +9 +10
+30 +30 +34
+19 + 9
*
+33
+24 +17 +18
+1
0
-6
+16 +22 +23
Not available.
956
FEDERAL RESERVE BULLETIN:
DEPARTMENT STORE STATISTICS
SALES AND STOCKS, BY MAJOR DEPARTMENTS
Sales during month (value)
Stocks at end of mont h (value)
June 1941
Department
Number
of stores
reporting
GRAND TOTAL—entire store
344
MAIN STORE-total
344
Women's apparel and accessories
Women's and misses' coats and suits
Women's and misses' dresses
Blouses, skirts, sportswear, sweaters, knit apparel
Juniors' and girls' wear
Infants' wear
Aprons, housedresses, uniforms
Women's underwear, slips, negligees
Corsets, brassieres.
Hosiery (women's and children's)
Gloves (women's and children's)
Shoes (women's and children's)
Furs
341
319
323
Men's and boys' wear
Men's clothing
Men's furnishings, hats, caps
Boys' clothing and furnishings
Men's and boys' shoes and slippers
310
214
292
262
153
Home furnishings
Furniture, beds, mattresses, springs
Domestic floor coverings
Draperies, curtains, upholstery
Major appliances (refrigerators, washers, stoves,
etc.)
Domestics, blankets, linens, etc
China and glassware
Housewares
308
224
230
284
Piece goods (dress and coat yard goods, all m a
terials)
303
279
295
264
309
322
330
312
229
227
1942
1941
Percentage
change
June 30,
1942 from
June 30,
1941
+6
+5
+13
+25
+8
+3
-14
-12
+73
-13
-10
-21
-73
-7
-25
-75
-12
+71
+68
+1
+17
+19
+31
+13
+8
-19
-18
-32
-31
+17
+7
+12
+11
Percentage
change
June 1942
Percentage change
April to June
-38
-4
-4
-59
-17
-74
+3
+12
+7
+16
+1
+17
+5
+29
-4
+17
-9
-6
-.11
-3
+15
-3
+41
-21
-1
-11
-62
-25
-59
+10
+7
+40
-38
+20
-21
-3
-18
-37
-12
-25
-14
+4
Percentage change
April 30 to June 30
-28
+5
+84
+81
+82
+52
+81
+87
+150
+37
+32
+19
-9
+10
+2
+5
-23
+23
+20
-12
+45
+80
+30
+96
4.6
2.8
-3
4.8
3.0
-7
-32
-23
3.5
5.4
1.0
2.3
2.4
1.0
-4
-14
-4
-10
-6
1.5
1.6
3.3
1.2
2.7
2.7
2.3
8.0
3.8
17.3
-6
-14
+33
+38
+7
+11
+6
+5
+8
+8
+7
+5
+76
+65
+102
+55
-56
-4
2.7
2.5
4.6
1.6
4.5
4.8
4.4
11.4
4.3
33.2
-3
-6
0
-6
0
5.4
6.0
4.8
6.2
6.4
3.4
3.4
3.0
4.1
4.5
-2
7.0
3.8
6.2
9.4
5.2
3.4
4.5
3.9
+6
+4
5.0
7.6
8.6
6.2
1.8
4.2
6.1
3.5
0
+6
-16
+9
+17
+6
+15
+67
+58
+74
+75
+44
-47
-1
-8
1941
1941
+6
+6
+3
+17
+7
June
1941
1942
+180
196
276
206
211
Ratio of stocks to
sales
(months' supply)
0
-8
'
+9
+14
+11
+1
0
+6
•
- 2
-5
-8
0
0
279
+32
-16
-18
+62
-6
-11
4.7
3.8
Small wares
Notions
Toilet articles, drug sundries (including prescriptions)
Jewelry and silverware
317
218
+19
+13
+17
+35
+40
+64
+75
+73
+57
+85
+21
+22
+20
+20
+27
5.4
+19
4.4
3.5
2.9
+13
5.1
5.7
3.1
3.8
271
+19
+14
+16
+31
+32
+12
Miscellaneous
+8
+16
+6
+5
+2
5.3
2.9
BASEMENT STORE—total.
Women's apparel and accessories
Men's and boys' clothing and furnishings
Home furnishings
Piece goods
Shoes
222
+13
+15
+13
+8
+32
+8
-11
-7
-16
-14
+89
+4
+2
-8
-85
-4
-88
-5
3.4
2.5
4.6
5.2
4.2
3.5
2.0
1.5
2.6
2.8
3.2
2.6
309
277
198
170
134
61
125
+33
+3
+22
+100
+103
+98
+70
+44
+36
+14
-75
+11
+9
+18
2
-5
+25
+7
-72
+3
NOTE.—Group totals include sales in departments not shown separately. Figures for basement store are not strictly comparable with those for main
ore owing' chiefly to inclusion in basement of fewer departments and somewha t different types of merchandise.
SEPTEMBER 1942.
957
WHOLESALE PRICES, BY GROUPS OF COMMODITIES
[Index numbers of the Bureau of Labor Statistics. 1926 =100]
Other commodities
All
commodities
Farm
products
Foods
1941
95.3
86.4
73.0
64.8
65.9
74.9
80.0
80.8
86.3
78.6
77.1
78.6
87.3
104.9
88.3
64.8
48.2
51.4
65.3
78.8
80.9
86.4
68.5
65.3
67.7
82.4
99.9
90.5
74.6
61.0
60.5
70.5
83.7
82.1
85.5
73.6
70.4
71.3
82.7
91.6
85.2
75.0
70.2
71.2
78.4
77.9
79.6
85.3
81.7
81.3
83.0
89.0
1941—January
February
March
April
May
June
July
August
September
October
November
December
80.8
80.6
81.5
83.2
84.9
87.1
88.8
90.3
91.8
92.4
92.5
93.6
71.6
70.3
71.6
74.4
76.4
82.1
85.8
87.4
91.0
90.0
90.6
94.7
73.7
73.5
75.2
77.9
79.5
83.1
84.7
87.2
89.5
88.9
89.3
90.5
84.3
84.4
84.9
85.9
87.4
88.6
89.7
90.8
91.6
93.4
93.5
93.7
1942—January
February
March
April
May
June
July
.....
96.0
96.7
97.6
98.7
98.8
100.8
101.3
102.8
104.5
104.4
104.4
105.3
93.7
94.6
96.1
98.7
98.9
99.3
99.2
94.6
105.2
104.8
104.8
104.0
104.3
104.8
106.0
105.6
104.3
104.5
104.6
104.9
105.5
104.9
105.4
105.6
105.4
106.0
106.4
98.6
99.6
99.9
99.3
98.2
99.1
99.4
99.7
99.5
98.4
99.3
99.3
98.7
98.3
98.9
100.1
99.7
100.5
"100.8
Year, m o n t h , or week
1929
1930
1931
1932
1933
1934
1935
1936
19^7
1938
1939
1940
. . .
.
Week ending
1942—April 18
April 25
May 2
May 9
May 16
May 23
May 30
June f\
fune 13
Fune 20
p
98 7
98.3
98.6
98.7
98.6
98.5
98 7
98.8
^98.7
P98.4
P98 1
P98.4
^98.5
^98.5
P
98.3
P98.4
P
98.6
P
98.6
Fune 27
Fury 4
Fuly 11
Fury 18
Fniv 25
August 1
August 8
August 15
August 22
P98!9
Total
ChemiHides and Textile Fuel and Metals Building cals and Houseleather products lighting and metal materials
furnishallied
products
materials products
products ing goods
94.9
95.2
95.6
95.7
p
95.6
P
95.7
95.5
95.6
95.6
95.8
95.9
95.9
95.9
p
95.9
*95.9
P95.9
P96.0
P96.1
P95.9
P95.9
P95.8
p
95.7
P
95.8
p
95.7
90.4
80.3
66.3
54.9
64.8
72.9
70.9
71.5
76.3
66.7
69.7
73.8
84.8
83.0
78.5
67.5
70.3
66.3
73.3
73.5
76.2
77.6
76.5
73.1
71.7
76.2
100.5
92.1
84.5
80.2
79.8
86.9
86.4
87.0
95.7
95.7
94.4
95.8
99.4
95.4
89.9
79.2
71.4
77.0
86.2
85.3
86.7
95.2
90.3
90.5
94.8
103.2
94.0
88.7
79.3
73.9
72.1
75.3
79.0
78.7
82.6
77.0
76.0
77.0
84.6
94.3
92.7
84.9
75.1
75.8
81.5
80.6
81.7
89.7
86.8
86.3
88.5
94.3
82.6
77.7
69.8
64.4
62.5
69.7
68.3
70.5
77.8
73.3
74.8
77.3
82.0
114.8
75.2
76.4
78.4
81.0
83.0
84.5
86.2
88.3
89.7
90.9
91.1
91.8
72.1
72.1
72.0
72.9
75.6
77.9
78.5
79.0
79.2
79.6
78.8
78.4
97.7
97.6
97.7
97.9
98.1
98.3
98.5
98.6
98.6
103.1
103.3
103.3
99.6
99.3
99.5
100.1
100.4
101.0
103.1
105.5
106.4
107.3
107.5
107.8
78.6
78.5
79.8
81.8
83.6
83.8
85.2
86.0
87.4
89.7
89.8
91.3
89.0
89.1
89.5
90.4
91.4
93.1
94.4
95.4
97.2
99.5
100.6
101.1
77.1
76.9
77.6
78.6
79.6
80.6
82.0
83.7
85.1
86.4
87.3
87.6
114.9
115.3
116.7
119.2
118.8
118.2
118.2
93.6
95.2
96.6
97.7
98.0
97.6
97.1
77.7
77.7
78.0
78.4
79.0
78.2
78.0
103.5
103.6
103.8
103.8
103.9
p
103.9
p
103.8
109.3
110.1
110.5
110.2
110.1
110.1
110.3
96.0
97.0
97.1
97.1
97.3
97.2
96.7
102.4
102.5
102.6
102.8
102.9
102.9
102.8
89.3
89.3
89.7
90.3
90.5
90.2
89.8
119.8
119.8
120.0
120.2
119.8
1 19.2
119.0
118.8
118.9
118.9
118.9
118.9
118.9
118.8
1 18.8
118.8
118.8
18.8
118.9
97.0
97.0
97.2
97.3
97.3
97.2
97.2
97.2
97.2
97.3
97.3
97.3
96.8
96.8
96.8
96.5
96.5
96.5
96.5
78.1
78.5
78.6
78.7
78.8
78.9
78.9
78.9
78.9
79.0
79.2
79.5
79.5
79.6
79.5
79.6
79.6
79.7
79.6
103.9
103.9
103.9
103 ..9
104.0
104.0
104.0
108.8
108.8
108.7
110.0
110.1
110.0
109.9
109.9
109.9
109.9
110.0
110.6
110.3
110.2
110.1
110.0
110.2
110.2
110.3
97.1
97.1
97.1
97.3
97.3
97.3
97.3
97.2
97.2
97.2
97.2
97.2
97.2
97.2
96.4
96.4
96.3
96.3
96.2
104.4
104.4
104.6
104.6
104.6
104.6
104.5
104.5
104.5
104.5
104.5
104.5
104.5
104.4
104.4
104.4
104.4
104.1
104.1
89.6
90.0
89.6
89.9
90.2
90.2
90.1
90.0
89.9
90.0
90.0
90.1
90.0
89.6
89.6
89.1
88.9
89.0
88.6
09.1
1
LOO.O
86.1
72.9
80.9
86.6
89.6
95.4
04.6
92.8
95.6
LOO.8
108.3
1
102.4
L01.6
L02.6
103.9
06.4
07.8
109.4
10.2
111.3
112.6
) 14.1
1942
1941
July
Apr.
May
June
91.5
118.3
99 0
Q" 2
11/ 6
990
116.9
100. <;
88. 8
89.1
117.8
101.5
87 7
80 3
69.4
93.8
81.6
94.1
90.2
97.7
112.8
90.4
92.0
89.0
96.7
114.8
90.6
87 r\
10S 4
96.0
87.2
98.5
113.4
91.9
114.7
112.5
98.1
102.7
126.7
123.5
101.3
115.2
126.6
121.4
126.4
118.5
10
101
Foods:
Dairy products
Cereal products
Fruits and vegetables
Meats
Other foods
Hides and Leather Products:
Shoes
Hides and skins
. . .
9:
115.2
Ot her leather products
Textik Products:
Clo thing
93.9 107.8 109.6
Cc tton goods
96.1 113.8 112.9
H(>siery and underwear
71.9
62.9
70.6
Si k..
:::::::.:
"29.5' "30.3 "36'S
iyon
96.5 111.0 111.0
w oolen and worsted goods
98.0
98.5
98.3
Ot her textile products
Fuel a nd Lighting Materials: .
85.3
82.2
83.7
ithracite
Ar
104.9 108.2 108.5
Bi tiiminmis roa.l
122 2 122 1 122 1
Coke
63.8
64.4
Electricity
66.8
78 1
79 9
80 8
Gas
59.1
58.4
Petroleum products
60.9
Metals and Metal Products:
113. 9
91. 0
115. 2
126.4
118.5
101.3
115.2
109 1
112 7
70 0
107.2
112.7
69.7
"30 3 "30^3
111 0 111.0
98 2 98.2
85 7
109
122 1
81 h'
59 8
85.7
109.8
122.1
60.6
June
July
96 9
98.0
97 2
P112.8
85.6
85^6
98 5
98.5
96.9
98.0
97.2
July
July
76.3
98 9
79 9
Farm Products:
Grains
Livestock and poultry
Other farm products
...
104.0
^104.0
p
104.0
P104.0
p
104.0
p
103.9
P103.9
^103.9
P103.9
p
103.9
p
103.9
Subgroups
Subgroups
Leather
p
1942
1941
Miscellaneous
Agricultural implements...
Farm machinery
Iron and steel..
Motor vehicles
Nonferrous metals
Plumbing and heating
Building Materials:
Brick and tile
Ceme it
Lumber
Paint and paint materials..
Plumbing and heatine:
Structural steel.
Other building n laterials...
Chemicals and Allied Products:
Chem icals
Drugs and pharrnaceuticals
Fertil zer materi als
Mixed fertilizers
Oils a nd fats . ..
Housefurr ishing Goo ds:
Furni shings
Furni ture
Miscellan zous:
Auto tires and tubes
Cattle f e e d . . . .
Paper and pulp.
Rubber, crude
Other miscellaneous
Apr.
92.5
93.5
96.8
100.4
84.7
83.2
96.9
98.0
p 97.1
112.8
85.6
98.5
94.2
92.1
122.3
91.6
83.2
107.3
98.4
98.0
94.1
131.8
100.6
98.5
107.3
103.8
131.5
100.6
98.5
107.3
103.8
98
94
131
100
98
107
103
1
2
7
3
5
8
98.0
94.2
132.9
100.7
94.1
107.3
103.8
87.3
100.0
74.0
77.0
83.7
96.4
126.7
79.2
82.8
108.8
96.5
129.1
79.0
82.8
108.6
96
129
78
82
108
5
1
4
8
5
96.5
129.1
78.5
82.8
104.2
99.7
88.9
108.0
97.5
108.1
97.5
108 1
97 4
108.0
97.5
58.8
104.2
98.8
46.0
88.9
72.5
140.4
102.9
46.3
93.4
73.0
140.4
102.8
46.3
93.5
73 0
140 0
101 6
46 3
93 .3
73.0
136.3
100.5
46.3
93.3
May
96.9
98.0
97.2
98.0
94.1
3
85^6
94.1
Back figures—-For monthly and annual indexes of groups, see Annual Report for 1937 (table 86); for indexes of subgroups, see Annual Report for 1937
(table 87).
p
Preliminary.
958
FEDERAL RESERVE BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK *
ON BANK CREDIT, MONEY RATES, AND BUSINESS
Chart
book
page
1942
July Aug. Aug. Aug
19
29
5
12
July
22
MONTHLY FIGURES
In billions of dollars
WEEKLY FIGURES i
3.20 3.24 3.45 3.51
3.05
.91
1.56
1.49
22.75
3.32
12.55
2.22
.30
1 35
12 55
2.21
25
07
1 11
78
3.11
.98
1.62
1.49
22 75
3 32
12 65
2 22
18
1 41
12 55
2 21
26
07
1 11
77
33 40
8 39
26 31
5 09
51
33.
8 44
26. 67
5.10
MEMBER BANKS
Total, 101 cities:
Loans and investments
Balances due to domestic banks....
Demand deposits adjusted
Time deposits
New York City:
Commercial loans
Brokers' loans
U. S. Gov't. obligations
100 cities outside New York:
Commercial loans
U. S. Gov't. obligations
16
16
16
16
17
17
17
2 57 2.60
50 .46
8.15 8.23
17
17
3 86 3.83
11.07 11. 16
In billions of dollars
3.30 3.39 3.39
1.16 1.24 1.30
1.81 1.90 1.9*
1.49 1.49 1.4'
22.74 22.74 22.75
3 33 3.33 3.34
12 79 12.87 13.06
2.20 2.21 2.22
29
17 .18
1 33 1 33 1.34
12 60 12 71 12.53
TREASURY FINANCE
23 P2 36 P2.13 U. S. Government debt:
28
24 .23
Direct obligations, total
.41
06
07
Bonds
1 09 1 17 1.04
Notes
p 80 p 89 P.S2
Bills
Special issues
Guaranteed obligations
33 51 33 60 34.52
8 56 8 60 8.50
HONEY BATES, ETC.
26 14 26 53 26.7:
5 10 5 11 5.12 F. R. Bank discount
rate, N. Y
2.60 2 60 2.59 Treasury bills (new issues)
43
42 .46 Treasury notes (taxable)
2
8!21 8!26 8.53 U. S. Gov't. bonds
Commercial paper
Corporate Aaa bonds
3.81 3.83
11.23 11. 25 11.90 Corporate Baa bonds
2, 7
7
7
2
2
2
,
2
2,8
8
8
10
10
10
2.61
2.46
.01
22.71
11.90
2.19
32
12 51
9 84
2 67
12 07
8 84
3 24
2.76
2.58
.01
22.73
12.21
2.19
.14
12 62
9.92
2 70
12 38
9 08
3 30
3.17
2.98
(6)
22.74
12.53
2.20
.42
12.41
10.17
2.24
12.74
9.40
3.34
19
19
19
19
19
19
68 11
48 16
8 67
76
n.
7.
52
5.67
71 97
48 78
9 70
?
5.60
7.88
4.55
76.69
51.76
10.05
76.76
8.12
4.55
Per cent per
23
23
23
29
25
25, 29
29
MONEY RATES, ETC.
Stock prices
(1935-39 = 100):
Total
_..........
Industrial
Railroad
Public utility
Volume of trading (mill, shares)
21
21
21,29
29
29
.369
1.21
2.00
2.83
4.30
Stock prices
(1935-39=100):
Total
.372 .372 .372 .369
Industrial
1.22 1.24 1.25 1.26
Railroad
.2
.00 2.02 2.02 2.02
Public utility.....
2.82 2.82 2.81 2.81
(mill, shares)...
4.29 4.29 4.28 4.28 Volume of trading (mill, dollars):
Brokers' balances
Credit extended customers....
Money borrowed
In unit indicated
Customers'
free
credit
balances
SEPTEMBER 1942.
1.00
.363
1.15
1.97
.69
2.85
4.33
1.00
.368
1.20
2.00
.69
2.83
4.30
31
31
31
31
31
63.2
64.7
60.3
57.2
.32
66.1
68.2
59.0
58.8
.32
68.2
70.6
62.9
58.4
33
33
502
300
496
309
491
307
33
238
240
238
104.4
95.7
98.6
104.4
95.6
105.3
37
37
37
121.8
17.1
131.1
121.4
117.1
130.3
39
39
39
39
,16.0
.09.9
.26.2
21.6
116.4
108.5
125.3
123.2
.35
BUSINESS CONDITIONS
67.7
69.9
63.9
58.2
.28
67.9
70.1
64.0
58.4
.29
69.3
71.5
67.5
59.2
.41
31
31
31
31
31
9.4
1.8
4.2
9.0
.30
35
35
35
p
36
36
36
166.3 166.5 166.9 167.2 166.9
183.9 184.3 186.3 187.9 186.7
154.1 154.1 153.7 153.1 153.3
67.7
69.8
64.1
58.4
.27
BUSINESS CONDITIONS
Wholesale prices:
All commodities (1926=100):
Total
Farm products
Other'...... ;
Basic commodities
(Aug. 1939 = 100), total
12 foodstuffs
16 industrial materials
Steel production4
(per cent of capacity)
Automobile production (thous. cars) 6 ..
Freight-car loadings (thous. cars):
Total
Miscellaneous
Electric power production (mill. kw.
hrs.)
Department store sales (1935-39 = 100)
F.H.A. home mortgages, new constr.
(thous.)
1.00
.364
1.03
1.97
.63
2.85
4.27
annum
In unit indicated
Per cent per annum
Treasury bills (new issues)
Treasury notes (taxable)
U. S. Gov't. bonds*
Corporate Aaa bonds
Corporate Baa bonds
July
RESERVES AND CURRENCY
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
RESERVES AND CURRENCY
Reserve Bank credit, total
3
U. S. Gov't. securities, by maturities, total
5
Within 1 yr
5
Within 5 yrs
5
After 5 yrs
5
Gold stock
3
Treasury currency
3
Money in circulation
3, 11
Treasury cash holdings
3
Treasury deposits
3
Nonmember deposits
3
Member bank reserves
3
Excess reserves—total*
9
New York City
9
Chicago
9
Reserve city banks
9
Country banks*
9
1942
Chart
book
page
44
44
P
P
p
P
98.4 98.6 98.6 98.9 98.9
105.4 P
105.6 105.4 106.0 106.4
P95.9 95.8 p95.7 P95.8 P 95.7
98.0
96.3
95.8
96.5
97.2
45
45
869.4
855.5 863.5 849.8
390.3 395.1 387.1 396.9 402.7
46
46
3,626 3,649 3,637 3,655 3,674
113 115
92
96
110
47
3.34
3.00
3.48
3.27
3.05
Wholesale prices:
All commodities (1926 = 100):
Total 8
Farm products..
Other3
Industrial commodities
(Aug. 1939 = 100):
Total
Finished
Raw and semifinished..
Cost of living (1935-39 = 100):
All items
Rent
Clothing
Food
35, 65
35
35
p
121.6
117.0
130.8
116.9
107.7
125.3
124.6
e
1
Estimated. p Preliminary. r Revised.
Figures for other than Wednesday dates are shown under the Wedlesday included in the weekly period.
2
Partially tax-exempt issues only.
3
Other than farm products and foods.
4
Revised figures based on capacity as of July 1, 1942.
5
Data no longer published.
6 Less than $5,000,000.
7
Including certificates of indebtedness.
8 Estimate for August is shown on page 958.
* Copies of this Chart Book may be obtained at a price of 50 cents
each.
959
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK—Continued
1942
Chart
book
May
MONTHLY FIGURES (cont.)
In unit indicated
BUSINESS CONDITIONS (cont.)
Industrial production:! 2 3
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:
New orders, total (Jan. 1939 =100).
43
Durable
43
Nondurable
43
Shipments, total (1939 = 100)
43
Durable
43
Nondurable
43
Inventories, total (1939 = 100) . . . .
43
Durable
43
Nondurable
43
Freight-car loadings:l 2
Total (1935-39 = 100)3
57
Coal
57
Miscellaneous
57
All other
57
r
176
92
22
55
15
64
20
11
19
14
20
"180
^95
22
P5S
P15
270
432
167
203
254
164
170
190
153
314
545
166
202
256
160
173
193
155
P253
P
391
143
34.8
77.7
30.2
141
34.1
78.9
27.
175
90
22
53 .
15
65
20
12
18
14
20
P19
P15
P20
51, 53
51, 53
51
51
59
59
MONTHLY FIGURES (cont.)
June
142
33.1
81.6
27.0
84.0
65
65
65
65
65
65
,
95.2
P85
148^6'
145.3
129.7
95.8
96O
47
47
47
47
47
96.1
Pi 49^ P153.3'
3
"129 .0
In cents per unit of
foreign currency
Foreign exchange rates:
Argentina (peso)
Canada (dollar)
United Kingdom (pound)
67
67
67
29.7
7
88. 56
403.50
29. 7 29.77
7
89.96 89.94
403.50 403.50
1942
Mar.
Apr.
May
In billions of dollars
Increase in U. S. gold stock*
Total
Net capital inflow:
Total
Inflow of foreign capital
Return of domestic capital
Merchandise export surplus
Other factors
Short-term foreign liabilities and
assets of banks:
Due to foreigners
Due from foreigners
Net due to foreigners
63
62, 63
62
62
63
63
,,
64
64
64
6 42.6
42.
121
108
104
126
134
P138
In millions of dollars
Residential contracts awarded:1
Total
Public
Private, total
1- and 2-family dwellings
Other
Construction contracts awarded :*
Total
Residential
Other
Nonagricultural employment!
(mill, persons):
Total
Manufacturing and mining
Trade
Government
Transportation and utilities
Construction
Income payments:!
Total
Salaries and wages
Other..
Cash farm income:
Total
Crops
Livestock and products
Gov't. payments
Exports and imports:
Exports
Imports
Excess of exports
July
1926 = 100
INTERNATIONAL FINANCE
Wholesale prices:
Canada
Germany
Japan
Sweden
Switzerland
United Kingdom
262
P163
P175
Pi 96
P156
137.7 139.1
193.2 197.7 P2Q2A
1
83.
1942
May
p
1923-25 = 100
Factory employment
Factory payrolls
-Average hourly earnings
(cents per hour)
Average hours worked
(hours per week)
Department store sales*
Department store stocks!
Chart
book
page
June | July
137
76
61
50
11
126
85
41
35
7
181
141
40
35
5
49
49
49
650
140
510
792
140
652
50
50
50
50
50
50
41.14
13.91
6.70
4.79
3.39
1.96
41.17
14.07
6.59
4.87
3.40
1.85
54
54
54
r
9,125
r
6,25O
r
55
55
55
55
1,030
259
734
37
p
9,337
6,470
2,875 2,867
855
June
QUARTERLY FIGURES
Cash income and outgo of U. S. Treas.:
Cash income
Cash outgo
Excess of cash outgo
Domestic corporation security issues:
Total
New
Refunding
In billions of dollars
18
18
18
2.86
7.19
4.33
5.55
9.04
3.49
4.42
13.18
8.76
32
32
32
.47
.27
.20
.36
.22
.14
.36
Per cent per annum
P9.472
p
6,609
P2.863
Bank rates on customers' loans:
Total, 19 cities
New York City
7 other Northern and Eastern
cities
11 Southern and Western cities
25
27
2.41
1.88
2.48
1.85
2.62
2.07
27
27
2.45
2.99
2.48
3.20
2.56
3.34
p
61
61
61
1,070
286
784
PI,219
P490
P729
Preliminary. r Revised.
1 Adjusted for seasonal variation.
In points in total index.
3 Estimate for August is shown on page 945.
4 Three-month moving average, adjusted for seasonal variation.
5 Cumulated from Jan. 31, 1934.
2
FEDERAL RESERVE
BULLETIN
CURRENT STATISTICS FOR FEDERAL RESERVE CHART BOOK-Contfnued
[In billions of dollars]
Chart
book
page
1940
1939
Oct.
2
1941
Dec.
30
Mar.
26
64.88 66.96
30.54 .31.96
27.28 27.47
6.23
6.70
51.14 51.34
22.19 22.34
28.95 29.00
June
29
Dec.
31
Apr.
4
June
30
Apr.
4
June
30
Sept.
24
Dec.
31
72.43
36.10
27.90
7.78
56.15
24.32
31.83
74.15
37.32
27.88
8.20
57.95
25.31
32.63
76.09
38.68
27.90
8.56
59.30
26.19
33.11
78.25 '80.00^82.62
.59
39.00
27.73 '27.20^27.26
9.62 ! 10.40 p 10.91
61.10 !62.00 *>64.00
26.62 «26.30 ^25.10
34.48 :35.7O *>38.90
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
70.75
34.94
27.74
7.32
54.19
23.74
30.45
12
12
12
12
13
13
13
62.87
29.09
26.81
6.19
49.95
21.63
28.32
64.10
29.79
27.06
6.40
50.89
22.17
28.72
C1)
19.61
19.98 20.22
20.48
21.81 23.10
23.93
24.40
25.50
26.45 29.87
14
14
14
1
4
14
1
10.89
2.92
2.76
11.18 11.31
3.14 3.11
2.69 2.90
2.77
.19
)
13.96 13.94
6.57
?
.61
.88
2.96
2.94
11.60
^12
2.89
2.70
.17
13.97
12.34 13.50
3.49 3.49
3.01 3.21
2.80
2
.17
15.32 15.88
7.52
2
.47
.83
3.23
3.27
14.24
3.84
2.98
2.72
.15
16.73
8.55
.42
.79
3.37
3.61
14.09
4.24
3.16
15.71
3.83
3.09
•2.73
.14
18.02
9.64
.41
.78
3.49
3.69
16.98 21.41
3.47 2.69
3.17 2.93
(2) 2.31
.53
()
17.83 16.93
9.11
(2)
.43
(2)
.69
(2)
3.50
3.20
<>
*
47.07
47.87
50.36
54.75
63.77
76.52
20
20
20
20
20
20
20
r
r
2.25
5.37
2.18
17.76
3.22
6.80
12.80
2.36
6.12
2.18
20.10
3.43
6.90
13.70
2.55
2.72
7.89
2.25
21.79
3.70
7.90
18.60
P26.09
2*3.90
p
8.90
P24.40
MEMBER BANKS
Investments, total
U. S. Government obligations:
Direct
Guaranteed
State and local government obligations
Other domestic securities
Foreign securities
Loans, total
Commercial loans (incl. open-market paper)
Street loans (brokers' loans)
Other security loans 3
Real estate loans
All other loans
C)
15
15
15
15
1
0
8
C)
8
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
r
p
e
3
02)
(
13.47
6.72
.32
.80
3.07
3.06
2.30
4.77
2.47
16.55
3.11
6.50
12.20
2.30
4.23
2.48
16.30
3.10
6.30
r
12.40
0
()
a
17.55
(2)
(2)
2.65
Revised.
Preliminary. 1
Estimated.
Series not shown in Chart Book. 2 Figures available for June and December dates only.
Includes only loans made for the purpose of purchasing or carrying securities.
AUGUST CROP REPORT, BY FEDERAL RESERVE DISTRICTS
[Based on estimates of the Department of Agriculture, by States, as of August 1, 1942]
[In thousands of unitsl
Winter wheat
Corn
Cotton
Federal Reserve district
Spring wheat
Production
1941
Estimate
Aug. 1, 1942
Production
1941
Estimate
Aug. 1, 1942
Production
1941
Estimate
Aug. 1, 1942
Production
1941
Estimate
Aug. 1, 1942
Bales
Bales
Bushels
7,994
30,919
51,850
208,611
130,193
162,049
1,106,997
336,793
288,993
325,266
95,122
8,909
Bushels
Bushels
Bushels
36
72
150
Bushels
44
80
166
63
64
1,465
22
238,357
7,093
1,437
21
231,545
5,403
2,753,696
3,139
4,000
567
647
Bushels
7,659
31,008
47,602
201,445
133,964
182,345
1,045,410
348,402
289,981
287,441
87,759
9,525
10,744
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
Minneapolis
Kansas City
Dallas
San Francisco
13,085
2,672,541
1,580
2,557
986
1,947
2
*3,509
687
596
Total
3,614
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St Louis
MinneaDolis
Kansas Citv
Dallas
San Francisco
Production
1941
.
Total
....
Production
1941
Bushels
6,106
26 949
18,974
63,867
23 470
21,866
471,752
71,149
264 344
136,518
41 748
29,364
Bushels
6,410
33,384
18,463
64,875
25,180
22,870
528,357
79,391
356,245
143,115
15,672
37,549
Tons
2,782
4,465
2,096
4,994
4,008
4,056
18,116
8,232
11,388
7,894
1,907
12,420
1,176,107
. ..
Estimate
Aug. 1,1942
1,331,511
82,358
8,279
14,187
41,088
26,054
7,267
36,837
25,396
41,418
356,241
48,576
92,365
671,293
697,708
Tobacco
Tame hay
Oats
Federal Reserve district
7,381
15,268
54,212
26,631
7,106
58,373
51,228
32,433
285,960
28,066
104,635
102
18,602
274,644
257,464
White potatoes *
Production
1941
Estimate
Aug. 1, 1942
Pounds
31,516
1.521
55,132
104,279
744,855
148,429
29,575
239,360
2,443
4,045
Bushels
53,238
32,986
21,710
17,418
21,435
15,547
40,711
11,838
40.006
29,697
6,760
66,437
Bushels
53,578
33,489
21,504
17,026
25.023
16,172
41,615
13,020
47,223
30,186
6,317
73,022
1,361,155
357,783
378,175
Production
1941
Estimate
Aug. 1, 1942
Tons
3,383
6,186
2,425
5,480
4,411
3,888
20,373
8,650
11,980
8,211
2,164
12,409
Pounds
33,273
1,944
52,518
107,933
650,557
136,328
32,051
240,239
2,603
3,918
89,560
1,261,364
Estimate
Aug. 1, 1942
108
27,278
1
2
Includes 25,000 bales grown in miscellaneous territory.
Includes 20,000 bales grown in miscellaneous territory.
NOTE.—1941 figures for cotton are as revised in August 1942.
SEPTEMBER
1942.
961
CHANGES IN NUMBER OF BANKS AND BRANCHES IN THE UNITED STATES
[Figures for 1942 are preliminary]
Member banks
Total
National
State
Nonmember banks
Other than mutual
savings and
private banks
Insured
December 31,
December 31,
December 31,
December 31,
June 30, 1942
NUMBER OF BANKS (HEAD OFFICES)
1933
1934
1940
1941
Privatel
579
579
551
545
4544
98
241
56
52
651
5,154
5,462
5,144
5,117
5,101
857
980
1,342
31,502
31,546
2,911
3,133
3,666
3,699
3,712
1,121
1,243
1,539
1,565
1,572
960
981
1,002
1,015
1,019
940
932
933
44
46
46
125
126
135
135
4136
5
5
6
6
66
1,727
1,985
s
15,029
16,063
14,895
14,825
14,775
685
887
782
237
134
799
11
35
114
22
1
5
+2
+8
+5
+1
NUMBER OF BRANCHES
December 31, 1933
December 31, 1934
December 31, 1940
December 31, 1941
J u n e 30, 1942, total
In head-office cities
Outside head-office cities.
ANALYSIS OF BANK CHANGES, JAN. 1-JUNE 30, 1942
Increases in number of b a n k s :
P r i m a r y organizations (new banks)?
Reopenings of suspended banks
Unclassified
Decreases in number of banks:
Suspensions
m
Consolidations and absorptions
Voluntary liquidations
+15
28,341
1,108
7,693
851
6,951
800
6,809
778
6,755
2700
6778
+2
-4
-36
-28
Inter-class bank changes:
Conversions—m
National into State
State into national
Private into State
Federal Reserve membership^
Admissions of State banks
Withdrawals of State banks
Federal deposit insurance^
Admissions of State banks
Withdrawals of State banks
-11
-3
-2
-3
-18
-13
-1
-4
-12
+3
+1
-3
+1
+45
—1
—42
+1
4
-1
-3
+8
+44
-54
+20
+15
+1
+2
+10
+8
-22
-6
-10
+7
+4
-7
+13
Net increase or decrease i n number of banks
-50
ANALYSIS OF BRANCH CHANGES, JAN. 1-JUNE 30,1942
Increases in number of branches:
De novo branches
Banks converted into branches
Decreases in number of branches:
Branches discontinued
Inter-class branch changes:
From nonmember to State member
Mutual
savings
Not
insured
,......
*
Net increase or decrease i n number of branches.
-.... - . _ . . . . . .
-16
,
+7
-22
-1
+1
1 T h e figures for December 1934 include 140 private banks which reported t o t h e Comptroller of t h e Currency under t h e provisions of Section 21 (a)
of t h e Banking Act of 1933. Under t h e provisions of t h e Banking Act of 1935, private banks no longer report to t h e Comptroller of t h e Currency a n d ,
accordingly, only such private banks as report to State banking d e p a r t m e n t s a r e in t h e figures shown for subsequent y e a r s .
2 Federal deposit insurance did n o t become operative until J a n u a r y 1, 1934.
3 Includes three m u t u a l savings banks.
4 N u m b e r of banks comprises 50 insured and 494 uninsured; number of branches comprises 33 insured a n d 103 uninsured. T h e figures beginning with
1940 exclude one b a n k with 4 branches which prior t o 1939 was classified a s a n insured m u t u a l savings b a n k | b u t is now included w i t h " N o n m e m b e r banks
other than m u t u a l savings and private b a n k s . "
6
Number of banks comprises 1 insured and 50 uninsured; all branches were uninsured.
6 Separate figures n o t available for branches of insured and n o t insured b a n k s .
7 Exclusive of new banks organized t o succeed operating banks.
8 Exclusive of liquidations incident t o t h e succession, conversion, and absorption of banks.
9 Exclusive of conversions of national banks into State bank members, or vice versa, a s such conversions d o n o t affect Federal R e s e r v e m e m b e r s h i p .
10 Exclusive of conversions of member banks into insured nonmember banks, or vice versa, as such conversions do n o t affect Federal D e p o s i t Insurance
Corporation membership.
Back figures— See Annual Report for 1941 (tables 16 and 17).
962.
FEDERAL RESERVE BULLETIN
ALL MEMBER BANKS-CONDITION O N JUNE 30, 1942 BY CLASSES OF BANKS
[Amounts in thousands of dollars]
All member All national
member
banks
banks
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) 2
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
Central reserve city
member banks*
New York
Chicago
Reserve
city
member
banksl
Country
member
banks 1
Total liabilities
CAPITAL ACCOUNTS
Capital
Surplus
Undivided profits
Reserves for contingencies
Other capital accounts —
16,928,316
21,412,952
2,685,132
2,933,835
585,067
10,880,073
13,254,011
1,623,726
1,955,746
353,101
6,048,243
8,158,941
1,061,406
978,089
231,966
4,065,980
7,383,354
1,166,483
623,011
186,498
905,844
1,768,498
89,545
163,838
47,565
6,563,862
7,382,904
805,572
924,594
224,281
5,392,630
4,878,196
623,532
1,222,392
126,723
1,870,638
384,285
46,800,225
12,295,224
1,021,745
1,202,159
194,949
29,463,765
7,464,826
715,044
668,479
189,336
17,336,460
4,830,398
306,701
452,282
141,862
14,019,470
4,761,501
87,918
118,485
22,357
3,116,132
973,427
42,898
497,741
135,894
16,534,848
4,253,927
357,456
802,130
84,172
13,129,775
2,306,369
533,473
5,684,531
85,569
12,425
275
2,621,528
912,669
157,897
4,346,319
67,345
9,068
1,338,212
18,224
3,357
216,356
3,762
244
2,250,779
27,938
2,593
3,115,248
52,619
1,535
586,934
72,490
949,985
325,735
85,407
102,148
1,250
8,053
275
846,887
201,760
19,627
163,077
18,625
1,326
1,205,385
324,305
60,658
406,179
367,979
76,286
97,206
58,830
109,348
88,383
52,526
32,306
63,349
38,820
44,680
26,524
' 45,999
49,563
10,081
32,055
39,610
11,871
658
1,499
9,018
5,510
65,257
21,835
41,043
30,958
21,210
3,441
19,677
40,044
69,945,855
44,584,335
25,361,520
20,142,506
4,552,532
25,176,982
20,073,835
51,168,041
35,646,301
1,724,343
3,230,227
9,110,454
746,180
32,278,438
21,899,019
1,123,813
2,397,259
6,047,866
369,843
18,889,603
13,747,282
600,530
832,968
3,062,588
376,337
17,383,702
12,013,545
863,492
271,406
3,283,799
678,810
3,781,032
2,292,475
201,006
226,365
1,027,701
9,805
18,250,268
12,198,937
422,469
1,303,678
4,052,370
54,977
11,753,039
9,141,344
237,376
1,428,778
746,584
2,588
710,536
12,236,412
440,638
8,255,229
269,898
3,981,183
272,650
738,011
23,680
460,236
217,837
4,795,669
196,369
6,242,496
10,357,105
566,472
129,771
619,738
49,033
400,020
108,782
5,491
63,404,453
195,812
7,060,271
428,296
87,373
230,158
35,576
333,992
74,851
4,712
40,533,667
. 168,452
3,296,834
138,176
42,398
389,580
13,457
66,028
33,931
779
22,870,786
27,360
400,871
6,894
6,476
302,583
17,286
160
3,741
18,121,713
193,767
4,091,299
117,389
42,284
203,145
18,493
239,499
200
81,810
1,750
4,241,268 23,045,937
2,045
5,456,397
416,440
80,012
89,260
30,540
143,035
26,812
6,007
68,323
40,257
62,325
121,830
56,281
2,014
37,222
25,865
42,035
73,375
31,100
3,993
31,101
14,392
20,290
48,455
25,181
3,000
37,334
19,629
9,891
36,179
22,649
1,554
990
2,463
9,948
3,438
25,865
12,848
31,327
52,294
21,800
3,007
3,570
6,790
18,644
23,409
8,394
63,955,288 40,913,730
_..-._.-..«..
LIABILITIES
Demand deposits—Total 2
_
Individuals, partnerships, and corporations
United States Government
States and political subdivisions
Banks in United States 2
Banks in foreign countries
Certified and officers' checks, cash letters of credit and
travelers' checks, etc
Time deposits—Total
Individuals, partnerships, and corporations:
Savings deposits
Certificates of deposit
Christmas savings and similar accounts
Open accounts
United States Government and Postal savings
,
States and political subdivisions
Banks in United States
Banks in foreign countries
Total deposits 2
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
23,041,558
18,444,162
4,259,661
23,192,116
18,059,349
1,503,870
1,408,751
515,619
210,703
31,662
875,341
1,037,425
289,993
107,518
9,685
567,734
860,678
222,279
47,532
121
101,400
120,890
32,497
37,802
282
784,309
781,094
264,848
139,385
15,230
925,768
683,514
285,988
93,502
25,714
2,379,211
2,446,176
805,612
318,221
41,347
Total capital accounts
275
408,538
25,749
999
24,750
17,995,535
5,990,567
,
3,670,605
2,319,962
1,698,344
292,871
1,984,866
2,014,486
69,945,855
Total liabilities and capital accounts
Net demand deposits subject to reserve
Demand deposits-adjusted3
Reciprocal bank balances
Number of banks
All State
member
banks
44,584,335
25,361,520
20,142,506
4,552,532
25,176,982
20,073,835
42,867,697
36,965,536
628,860
6,647
26,263,006
23,065,373
16,604,691
13,900,163
190,175
1,546
16,434,667
11,710,714
56,383
37
3,402,550
2,379,443
43,708
13
14,795,811
12,515.067
457,512
353
8,234,669
10,360,312
71,257
6,244
438,685
5,101
1 Banks are classed according to the reserves which they are required to carry. Some banks classed as "country banks" are in outlying sections of
reserve cities or central reserve cities, and some banks classed as "reserve city banks" are in outlying sections of central reserve cities. Figures for each
class2 of banks include assets and liabilities of their domestic branches, whether located within or outside the cities in which the parent banks are located.
Excludes reciprocal bank balances, shown as a memorandum item below liabilities.
3
Demand deposits other than interbank and United States Government, less cash items reported as in process of collection.
NOTE.—Changes in assets and liabilities of member banks are affected from time to time by admissions of banks to membership and of banks liquidating or withdrawing from membership. Of the increase of 896 million dollars in total loans and investments in New York City during the period April
4 to June 30, 472 million is due to the admission to membership of one large bank, which on June 30 had total loans of 67 million dollars and total investments of 405 million.
SEPTEMBER 1941
963
ALL MEMBER BANKS-CLASSIFICATION OF LOANS, INVESTMENTS, REAL ESTATE, AND CAPITAL ON JUNE 30, 1942
BY CLASSES OF BANKS
[In thousands of dollars]
All
member
banks
All
national
member
banks
All State
member
banks
Central reserve city
member banks 1
Reserve
city
member
banks 1
Country
member
banksi
54,369
23,411
472,935
2,289
905,844
696,930
2,780
10,161
2,723
10
2,259
29,066
50,114
286
13,721
8,014
3
89,277
500
6,563,862
3,102,603
151,794
173,838
1,673
3,499
36,188
78,493
176,723
79,563
1,102,342
341,831
3,132
1,307,798
4,385
5,392,630
1,313,765
562,362
193,084
492
2,487
2,185
16,014
168,806
212,188
1,259,010
363,276
2,327
1,294,041
2,593
4,878,196
170,678
355,069
656,736
135,795
278,804
1,188,627
1,673,935
418,552
New York
4,065,980
2,774,514
Chicago
,928,316
887,812
725,589
383.800
4,935
37,755
68,333
554,047
562,415
292,063
441,386
767,490
28,873
164,051
9,767
10,880,073
5,085,055
600,112
267,381
4,283
19,589
45,373
186,986
307,361
220,039
1,557,486
459,609
10,156
2,109,711
6,932
6,048,243
2,802,757
United States Government direct obligations—Total 21,412,952
1,508,974
Treasury bills
1,872,130
Treasury certificates of indebtedness
3,546,373
Treasury notes
143,862
United States Savings Bonds
1,651,464
Other bonds maturing in 5 years or less
4,947,976
Other bonds maturing in 5 to 10 years
6,621,102
Bonds maturing in 10 to 20 years
1,121,071
Bonds maturing after 20 years
13,254,011
1,136,715
1,172,571
2,170,409
111,509
854,432
2,823,304
4,217,732
767,339
8,158,941
372,259
699,559
1,375,964
32,353
797,032
2,124,672
2,403,370
353,732
7,383,354
402,007
662,705
1,746,463
265
897,184
1,722,113
1,821,882
130,735
1,768,498
357,125
180,738
162,413
220
57,553
248,182
581,221
181,046
7,382,904
579,164
673,618
980,761
7,582
417,923
1,789,054
2,544,064
390,738
Obligations guaranteed by United States Government2,685,132
1,623,726
Total
2,048,684 1,221,744
Total amount maturing™ 5 years or less
878,374
420,382
Reconstruction Finance Corporation
843,911
650,195
Home Owners' Loan Corporation
377,976
218,892
Federal Farm Mortgage Corporation
584,871
334,257
Other Government corporations and agencies
1,061,406
826,940
457,992
193,716
159,084
250,614
1,166,483
853,892
408,358
368,686
196,957
192,482
89,545
89,499
51,467
1,937
240
35,901
805,572
640,593
232,597
280,913
93,478
198,584
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
585,067
441,190
162,837
232,826
189,404
353,101
257,757
106,945
138,880
107,276
231,966
183,433
55,892
93,946
82,128
186,498
137,651
49,755
86,280
50,463
47,565
32,379
16,350
17,163
14,052
224,281
186,190
46,447
102,777
75,057
126,723
84,970
50,285
26,606
49,832
Obligations of States and political subdivisions—Total..
In default.
Without specific maturity
Maturing in 5 years or less.
Maturing after 5 years
2,933,835
2,704
124,671
1,734,227
1,072,233
1,955,746
2,314
106,241
1,033,759
813,432
978,089
390
18,430
700,468
258,801
623,011
299
5,322
466,891
150,499
163,838
924,594
826
"'56'303'
75,092
32,443
15,083
536,985
371,700
1,222,392
1,579
47,963
655,259
517,591
Other bonds, notes, and debentures—Total
Total amount in default
Total amount maturing in 5 years or less
Railroads
Public utilities
Industrials
Other domestic corporations
Foreign-public and private
1.870,638
30,564
617,549
686,083
384,798
523,057
127,313
149,387
1,202,159
668,479
12,262
283,455
242,461
131,655
180,440
64,047
49,876
452,282
9,128
223,739
164,856
50,683
150,279
53,276
33,188
118,485
642
58,838
32,547
29,608
42,583
2,462
11,285
497,741
9,797
181,256
194,150
93,560
128,121
37,430
44,480
802,130
10,997
153,716
294,530
210,947
202,074
34,145
60,434
384,285
144,761
96,668
14,732
123,213
4,911
194,949
87,459
44,624
4,423
141,862
42,855
40,280
1,799
52,485
4,443
22,357
6,663
57,958
485
189,336
57,302
52,044
10,309
65,255
4,426
Til
9
15,408
135,894
46,988
50,954
6,127
31,598
227
84,172
48,255
5,157
6,797
23,722
241
Bank premises, furniture and fixtures, and other real
estate—Total
Bank premises
Furniture and fixtures
Farm land (including improvements)
Residential properties
Other real properties
1,070,566
840,502
72,167
11,282
51,947
94,668
659,424
411,142
52,297
221,387
201,015
745
5
6,275
13,347
19,951
18,436
189
10
673
643
384,963
295,418
28,887
4,995
15,022
40,641
444,265
325,633
42,346
6,272
29,977
40,037
Assets indirectly representing bank premises or other
real estate—Total
Investments
Other assets
97,206
71,568
25,638
52,526
45,770
6,756
44,680
25,798
18,882
10,081
8,452
1,629
658
559
99
65,257
46,901
18,356
21,210
15,656
5,554
2,381,083
37,841
202,721
17,171
2,123,350
1,505,100
875,983
37,841
62,911
4,720
770,511
567,734
197
8,718
101,400
784,309
" 139^810
12,451
1,352,839
' " 1,400
558,819
100,000
76,997
2,150
682,895
927,640
15,377
115,606
15,021
781,636
290,921
23,046
184,225
14,399
106,696
8,647
21,617
1,400
107,403
2,150
160,501
20,896
Loans—Total
Commercial and industrial loans
Agricultural loans
Commercial paper bought in open market
Bills, acceptances, etc. payable in foreign countries
Acceptances of other banks, payable in United States....
Reporting banks' own acceptances
Loans to brokers and dealers in securities
Other loans for purchasing or carrying securities
Real estate loans: On farm land
On residential property
On other properties
Loans to banks
All other loans
Overdrafts
Corporate stocks—Total
Federal Reserve Banks
Affiliates of reporting banks
Other domestic banks
Other domestic corporations
Foreign corporations
Capital:
Par or face value—Total
Capital notes and debentures
First preferred stock
Second preferred stock
Common stock
Retirable value of: First preferred stock
Second preferred stock
1
18,302
334,094
443,622
253,143
342,617
63,266
99,511
531,865
55,069
8,645
21,474
42,371
125,477
116,419
652
18,166
22,960
367,061
255,054
72,024
883,900
307,881
18,717
1,054,340
2,835
308,637
17,098
2,637
30,473
8,653
6,717
47
31,759
27,701
430,474
166,772
26
66,313
22,267
623,532
464,700
185,952
192,375
87,301
157,904
For footnote see preceding page.
964
FEDERAL RESERVE BULLETIN
INTERNATIONAL FINANCIAL STATISTICS
PAGE
Gold reserves of central banks and governments
966
Gold production
967
Gold movements
967
Net capital movements to United States since January x, 1935. • •
9^8
Central banks
969-972-
Money rates in foreign countries
973
Commercial banks
974
Foreign exchange rates
975
Price movements:
Wholesale prices
976
Retail food prices and cost of living
977
Security prices
977
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 aata 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. Backfiguresmay in most cases be obtained from earlier BULLETINS and from
Annual Reports of the Board of Governors for 1937 and earlier years.
SEPTEMBER
1941
GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS
[In millions of dollars]
Co- Czechoslolombia vakia
United
States
Argentina
Belgium
Brazil
1936—Dec.
1937—Dec.
1938—Dec.
1939—Dec.
1940—Dec.
11,258
12,760
14,512
17,644
21,995
501
469
431
466
1353
632
597
581
609
2 734
25
32
32
40
51
275
274
274
274
274
20
24
24
24
24
188
184
192
214
37
29
30
30
30
30
19
16
24
21
17
1941—Aug...
Sept..
Oct...
Nov. .
22,719
22,761
22,800
22,785
22,737
22,747
22, 705
22,687
22,691
22,714
22.737
22,744
352
352
354
354
354
354
354
354
355
355
734
734
734
734
734
734
734
734
734
65
66
68
69
70
71
72
74
74
76
78
274
274
274
274
274
274
274
274
274
274
274
24
24
24
24
24
24
24
24
11
6
6
8
5
7
5
5
6
7
5
30
30
30
30
30
30
30
30
30
30
31
17
17
17
17
16
18
17
15
16
16
16
18
Hungary
Iran
Persia
Italy
Japan
1936—Dec .
1937—Dec...
1938-Dec .
1939—Dec.
1940—Dec .
.
25
25
37
24
24
25
25
26
26
26
208
210
193
144
P120
463
261
164
164
164
60
79
80
90
140
46
24
29
32
47
491
933
998
692
617
23
23
23
23
23
1941—Aug. .
Sept..
Oct.
Nov. .
Dec...
1942—Jan...
Feb.
Mar...
Apr. .
May .
June..
24
24
24
24
24
24
24
24
26
26
26
26
26
26
26
26
8164
193
201
200
228
235
216
59
57
54
52
47
42
28
30
31
30
32
33
573
573
573
574
575
575
575
575
537
23
23
23
23
23
23
23
23
23
23
23
United
Kingdom
Uruguay
Venezuela
Yugoslavia
51
57
59
82
End of month
Dec.
1942-Jan...
Feb...
Mar..
Apr...
May..
June..
July..
End of month
British
India
Java
July. •
End of month
Sweden
Switzer- Turkey
land
Bulgaria
Chile
New
Mexico Nether- Zealand
lands
1936—Dec
1937—Dec
1938—Dec
1939—Dec
1940—Dec
240
244
321
308
160
657
650
701
549
502
26
29
29
29
2,584
2,689
2,690
81
1
77
74
69
68
90
59
52
52
52
929
1941—Aug
Sept
191
191
192
196
223
225
251
277
280
308
309
525
543
560
602
665
702
764
784
796
795
795
801
93
92
91
92
92
89
100
100
107
1
1
1
1
1
1
108
106
102
101
100
97
97
97
97
97
41
41
41
41
41
49
52
52
56
56
56
56
Oct
Nov
Dec
1942—Jan
Feb
Mar
Apr
May
June
July
Canada
483
B.I.S.
Norway
82
94
94
*84
Other
countries'
11
5
14
7
12
183
185
142
153
145
9
9
10
10
12
12
13
14
15
15
144
137
137
138
138
138
138
138
139
139
139
139
1 Beginning Apr. 1940, reports on certain Argentine gold reserves no longer available.
2 Change from previous December due largely to inclusion of gold formerly not reported.
3 On May 1, 1940, gold belonging to Bank of Canada transferred to Foreign Exchange Control Board. Gold reported since that time is gold held by Minister of Finance.
4 Figures relate to last official report dates for the respective countries, as follows: GreeceMar.5 31, 1941; Norway—Mar. 30, 1940; Poland—July 31, 1939; Yugoslavia—Feb. 28,1941.
Figures for D e c 1936 and Dec 1937 are those officially reported on Aug. 1, 1936, and Apr.30,
1938,6 respectively.
Figure for Feb. 1941; beginning Mar. 29, 1941, gold reserves no longer reported separately.
7 These countries are: Albania, Algeria, Australia, Austria through Mar. 7, 1938, Belgian
Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, Finland,
Guatemala, Iceland, Latvia, Lithuania, Morocco, and Thailand (Siam). Figures for certain
of these countries have been carried forward from last previous official report.
8 Gold holdings of Bank of England reduced to nominal amount by gold transfers to British
Exchange Equalization Account during 1939.
9 Beginning Dec. 1940, figures refer to gold reserves of new Central Bank only.
NOTE.—For description of table and back figures see BULLETIN for September 1940, pp.
925-934 and pp. 1000-1007; details regarding special internal gold transfers affecting the reported
figures through April 1940 appear on p. 926 in that issue.
Egypt
France
Germany
Greece
91
92
83
56
58
54
53
53
53
52
55
55
55
55
52
2,995
2,564
2,430
2,709
2,000
27
28
29
29
29
26
24
27
28
28
61
61
61
61
61
61
61
61
61
61
45
44
44
44
44
44
44
44
44
52
52
52
52
52
52
52
52
2,000
2,000
2.000
2.000
2,000
2.000
2,000
2.000
2,000
2.000
Peru
Poland
Portu
gal
Rumania
South
Africa
20
21
20
20
20
75
83
85
4 84
68
69
69
69
59
114
120
133
152
158
203
189
220
249
367
59
59
59
59
59
59
59
178
179
180
181
182
182
198
200
436
450
422
400
366
363
380
397
429
447
468
20
21
21
21
21
21
21
21
21
21
P Preliminary.
966
Denmark
428
29
Spain
5 718
525
6
Government gold reserves1 not included
in previous figures
United
End of month United King- France2 BelStates
gium
dom
1936—Dec
1937—June ...
Dec
1938—Mar....
June.. .
D e c ...
1939—Mar. ...
May....
June...
Sept....
Dec
1940—Mar. ...
June...
Sept....
Dec. . . .
1941—Mar. . . .
June...
Sept....
Dec
1942—Mar.....
169
44
80
154
93
115
81
3 934
4 1,395
1,489
4 759
1,732
331
559
477
85
164
156
145
86
105
48
88
89
24
25
12
62
44
17
17
17
292
17
6151
1 Reported at infrequent intervals or on delayed basis: U. S.—Exchange Stabilization Fund
(Special A/c No. 1); U. K.—Exchange Equalization Account; France—Exchange Stabilization
Fund and Rentes Fund; Belgium—Treasury.
2 For complete monthly series from Oct. 1938May
1939,
see
BULLETIN for
February 1941,
p. 170.
3 Figure for end of Mar. 1937, first date reported.
4 Figure for end of September.
6
Figure for September 1.
NOTE.—For details regarding special gold
transfers in 1939-40 between the British E. E. A.
and the Bank of England, and between the French
E. S. F. and the Bank of France, see BULLETIN
for September 1940, p. 926.
FEDERAL RESERVE BULLETIN
GOLD PRODUCTION
Year or month
Estimated
world
production
outside.
U.S.S.R.1
Total
1934....
1935....
1936...
1937....
1938....
1939....
1940....
1941....
823,003
708,453
882,533
752,847
971,514
833,895
,041,576
893,384
,136,360
958,770
208,705 1,020,297
279,455 1,094,264
,287,720 "I,088,150
1941—July
Aug
Sept
Oct
Nov
Dec
1942-Jan
Feb
Mar
Apr
May
June
109,970
108,535
109,935
111,265
107.940
105.035
104,510
90,440
*>100,590
^98.140
,.
93,597
92,443
93,863
94,890
91,596
^88,823
*>88,599
P
75,654
P85.066
^82,625
p
83,232
P81.775
OUTSIDE U. S. S. R.
[In thousands of dollars]
Production reported monthly
Africa
North and South America
Other
RhoWest Belgian United I
mr AV ; M
|\ Mexico |I Colom- Chile I Nicara- Austra-1I British
bia
Africa2 Congo3 States4
desia
lia
India 7
South
Africa
366,795
377,090
396,768
410,710
425,649
448,753
491,628
504,268
$1 = 15
24,264
25,477
28,053
28,296
28,532
28,009
29,155
27,765
grains of gold ft$ fine; i.e., an ounce of fine gold = $35
12,153
13,625
16,295
20,784
24,670
28,564
32,163
32,414
2,800
2,800
2,765
2,590
2,590
2,590
2.695
2,625
2.625
2,555
2,520
'2,520
43,093
42,458
42,135
43,061
41,807'
2,319
2,329
2,312
2,319
2,240
2,302
42,436
2,283
42,556
39,651 , 2,187
P2.310
42,618
P2.345
41,491
'*>2,345
42,539
42,005 '*2345
6,549 108,191 104,023
7,159 126,325 114,971
7,386 152,509 131,181
8,018 168,159 143,367
8,470 178,143 165,379
8,759 196,391 178,303
3 8,862 210,109 185,890
208,443 186,568
18,463
17,413
20,807
18,781
19,740
16,700
14,982
10,034
10,959
11,058
10,807
10,147
23,135 12,045
23,858 11,515
26,465 13,632
29,591 15,478
32,306 18,225
29,426 19,951
30,878 22,117
27,969 22,961
8,350
9,251
9,018
9,544
10,290
11,376
11,999
9,259
1,166 30,559
868 31,240
807 40,118
848 46,982
1,557 54,264
3,506 56,182
5,429 55,878
7,525 P51,039
15,983
2,485
2,072
16,353
1,739
2,579
15,578
1,984
1,984
16.141 2,300 2.098
15,499
1,726
1,688
14,746
1,749
1,832
14,198 3,790
2,075
13,147
1,573
563
15,372 3,457
1,916
14.728 P2.617
1,865
14,881 PP2.617
1,719
14,877 'P2.617 '1,719
628
860
504
703
701
622
558
537
596
'596
'596
'596
693 4,185
4,376
661
4,271
717
5,357
699
4,047
718
770 '4,200
772 '3,850
647 '3,430
663 '3,675
644 '3,815
694 , P3.675
„— ~,675
609 '^3,675
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 million dollars; 1935, 158 million; 1936, 187 million; 1937, 185 million; 1938, 180 million.
p
Preliminary.
'1 Figure carried forward.
Annual figures through 1940 are estimates of U. S. Mint. Monthly figures are based on estimates of American Bureau of Metal Statistics given
in thousands of fine ounces.
2 Beginning April 1941, figures are those reported by American Bureau of Metal Statistics.
3 Beginning May 1940, monthly figures no longer reported. Annual figure for 1940 estimated at three times production for first four months of the year.
4 Includes Philippine Islands production received in United States. Monthly figures for 1941 represent estimates of American Bureau of Metal
Statistics revised by deducting from each monthly figure $73,585 so that aggregate for 1941 is equal to preliminary annual estimate compiled by Bureau
of Mint in cooperation with Bureau of Mines.
•
6 Figures for Canada beginning January 1941 are subject to official revision.
6
Gold exports, reported by the Banco Nacional de Nicaragua, which states that they represent approximately 90 per cent of total production.
'Beginning May 1940, figures are those reported by American Bureau of Metal Statistics.
NOTE.—For explanation of table and sources see BULLETIN for February 1939, p. 151; June 1938, p. 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 1941, pp. 103-104, and 1936, pp. 108-109.
GOLD MOVEMENTS
UNITED STATES
[ID thousands of dollars at approximately $35 a fine ounce]
Net imports from or net exports (—) to:
Year or
month
19341
1935
1936
1937
1938
1939
1940
1941
1940
Nov
Dec
1941
Jan
Feb
Mar
Apr
May
June
July
Aug
Sept
Oct
Nov
Dec
Total
net
imports
United
Kingdom
Belgium
France
Netherlands
Colom- Philip- AusSwitzpine
erland Canada Mexico bia
Islands tralia
Sweden
1,131,994 499,870 260,223
8,902 94,348
1,739,019 315,727 934,243
3 227,185
1,116,584 174,093 573,671
3,351 71,006
2
1,585,503 891,531 -13,710 90,859
6,461
6
1,973,569 1,208,728 81,135 15,488 163,049 60,146
3,574,151 1,826,403
3,798 165,122 341,618 28,715
4,744,472 633,083 241,778
977 63,260 161,489
982,378
3,779
1
1
1,747
330,107
137,176
936
99
234,242
108,609
118,567
171,992
34,830
30,712
37,041
36,973
65,702
40,440
50,374
52,896
37
1,218
817
21
474
542
79
250
55
121
163
12,038
1,029
12
15,335
3,498
65
21,513 23,280
25,427 34,713
18?
27,880 39,162
401
35,636 74,250 22,862
38,627 103,777 184.756
42,678 67,492 292,893
12,402
86,829
968
95,171
7,511
72,648
54,452 111,480
1,363
76,315
86,987 612,949
90,320 2,622,330
899 412,056
30,270
13,667
39,966
38,482
36,472
33,610
29,880
16,791
16,944
10,899
11,911
18,397
10,557
23,239
23,999
£24,448
262,718
80,389
545
347
2,814
3,283
3,268
14,441
14,994
46,876
81,529
95,619
20,216
16,306
17,514
19,224
10,842
42,562
16,072
24,917
20,377
1,147
814
866
1,147
969
800
1,080
843
495
1,020
6,336
1,273
3,168
11
2,232
2,934
2,794
7
2,128
2,230
2,488
2,107
2,110
2,238
3,185
2,772
3,984
3,587
3,384
2,114
4,970
5,098
3,107
3,141
1,830
5,506
11,136 149,735
6,738
96
6,262
2,788
4,720 132,261
4,194
3,594
4,593
69
5,199
88
6,742
137
2,064
3,694
6,151
200
5,980
40
3,713
190
7
1
South
Africa
1,746
1
563
337
6,240
1,751
Japan
British
India
All
other
countries
4 76,820
75,268
77,892
246,464 50,762
168,740 16,159
165,605 50,956
111,739 49,989
9,444 9,665
32,304
46,989
39,735
29,998
2
67,975
3
102,404
4
388,468
5
100,485
12,186
13,262
2,170
7,446
27,580
12,805
6,085
4,501
3,046
313
131
1,995
2,327
711
6,062
15,093
2,951
6,793
3,589
5,009
3,811
6
9,008
6
11,041
?9,36S
6
R 9,039
6
18,726
6
1
Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine
2 Includes $31,830,000 from Argentina.
3 Includes $28,097,000 from China and Hong Kong, $15,719,000 from Italy, $10,953,000 from Norway, $10,077,000 from Chile, and $37,555,000 from other
countries.
4 Includes $75,087,000 from Portugal, $59,072,000 from Argentina, $43,935,000 from Italy, $33,405,000 from Norway, $30,851,000 from U. S. S. R.,
$26,178,000 from Hong Kong, $20,583,000 from Netherlands Indies, $16,310,000 from Yugoslavia, $11,873,000 from Hungary, $10,802,000 from Chile, $10,775,000
from 5 Brazil, $10,416,000 from Spain, $10,247,000 from Peru, and $28,935,000 from other countries.
Includes $44,920,000 from U.S.S.R., $10,963,000 from Central America and $44,603,000 from other countries.
6 Includes imports from U. S. S. R. as follows: Feb.—$11,236,000, Aug.—$3,407,000, Sept.—$5,652,000, Oct.—$5,550,000, Nov.-$5,615,000, Dec.
$13,460,000.
NOTE.—The net gold import figures by countries for the months May-December 1941 are published herewith for the first time by special permission
of the Department of Commerce. Comparable figures for subsequent months have not been released fo^publication. For gross import and export figures
and for additional countries see table on p. 926.
SEPTEMBER 1942.
967
NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935
[In millions of dollars]
Increase in foreign banking
funds in U. S.
From Jan. 2, 1935, t h r o u g h -
Total
Total
Central
bank funds
in N. Y. 1
Other
Decrease
in U. S.
banking
funds
abroad
Foreign
securities:
Return
of U. S.
funds
Domestic
securities:
Inflow of
foreign
funds
Inflow in
brokerage
balances
1935—Dec. (Jan. 1, 1936) ....
1936—Dec. 30
1937—Dec. 29
1,412.5
2,608.4
3,410.3
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
1938—Mar. 30
June 29
Sept. 28
Dec. (Jan. 4, 1939)..
1939—Mar. 29
June 28
Sept. 27
Dec. (Jan. 3, 1940)..
1940—Mar. (Apr. 3)
June (July 3)
Sept. (Oct. 2)
Dec. (Jan. 1,1941)..
1941—Mar. (Apr. 2)
June (July 2),
3,207.2
3,045.8
3,472.0
3,844.5
4,197.6
4,659.2
5,035.3
5,021.2
5,115.9
5,440.7
5,748.1
5,727.6
5,526.5
5,575.4
949.8
786.2
1,180.2
1,425.4
1,747.6
2,111.8
2,479.5
2,430.8
2,539.0
2,830.1
3,092.8
3,159.0
3,148.8
3,193.3
149.9
125.9
187.0
238.5
311.4
425.3
552.1
542.5
539.1
922.3
1,112.3
1,200.8
1,307.7
1,375.1
799.9
660.4
993.2
1,186.9
1,436.2
1,686.5
1,927.3
1,888.3
1,999.9
1,907.8
1,980.5
1,958.3
1.841.0
1,818.2
434.4
403.3
477.2
510.1
550.5
607.5
618.4
650.4
631.6
684.1
773.6
775.1
767.4
818.6
618.5
643.1
625.0
641.8
646.7
664.5
676.9
725.7
761.6
785.6
793.1
803.8
812.7
834.1
1,150.4
1,155.3
1,125.4
1,219.7
1,188.9
1,201.4
1,177.3
1,133.7
1,095.0
1,042.1
987.0
888.7
701.8
631.2
54.2
57.8
64.1
47.6
63.9
74.0
83.1
80.6
88.7
98.9
101.6
100.9
95.9
98.2
1941—July 9
uly
Tub 16..
July 23..
July 30..
5,584.6
5,561.8
5,534.0
5,506.9
3,194.6
3,171.5
3,153.6
3,141.4
1,366.2
1,362.8
1,342.7
1,320.3
1,828.4
1,808.7
1,810.9
1,821.1
826.2
826.2
819.4
803.5
835.5
837.8
838.3
838.9
630.0
628.2
624.8
623.6
98.3
98.2
97.9
99.5
Aug. 6....
Aug. 13...
Aug. 20...
Aug. 27...
Sept. 3 . . . .
5,556.1
5,535.8
5,521.2
5,467.2
5,478.3
3,185.5
3,166.9
3,156.2
3,105.5
3,113.2
1,378.9
1,369.7
1,374.2
1,318.1
1,313.3
1,806.6
1,797.3
1,782.0
1,787.4
1,799.9
807.3
805.7
803.7
801.8
805.6
839.7
841.0
842.0
841.4
841.7
624.8
623.1
619.7
617.3
616.5
98.8
99.1
99.6
101.0
101.2
Sept. 10...
Sept. 17...
Sept. 24...
Oct. 1
5,448.3
5,397.3
5,422.7
5,510.3
3,073.2
3,022.1
3,050.9
3,139.5
1,292.0
1,262.4
1,255.2
1,321.7
1,781.1
1,759.7
1,795.6
1,817.7
814.9
814.8
810.1
805.3
842.0
. 841.8
839.8
841.1
617.0
618.2
622.1
623.5
101.2
100.5
99.9
100.9
5,494.3
5,478.1
5,460.2
5,503.2
3,123.0
3,108.0
3,091.1
3,138.3
1,309.3
1,337.2
1,291.6
1,334.1
1,813.7
1,770.8
1,799.5
1,804.2
804.6
802.1
803.4
797.7
841.7
843.3
843.2
845.2
623.9
623.2
621.2
621.3
101.1
101.5
101.3
100.6
5,429.2
5,429.7
5,383.3
5,384.0
5,379.3
3,074.3
3,063.2
3,021.7
3,018.5
3,011.6
1,266.7
1,262.8
1,208.4
1,195.2
1,192.2
1,807.5
1,800.4
1,813.3
1,823.3
1,819.4
785.5
796.1
792.4
795.8
795.2
846.9
847.6
846.7
847.7
851.0
621.6
622.1
621.7
621.3
620.5
100.9
100.8
100.8
100.7
101.0
5,358.4
5,290.9
5,266.8
5,230.7
2,989.1
2,919.4
2,894.9
2,856.2
1,154.1
1,102.2
1,075.5
1,053.7
1,835.0
1,817.3
1,819.4
1,802.6
796.6
795.4
792.6
791.3
852.7
853.6
854.5
855.5
620.4
622.5
624.6
626.7
99.6
100.1
100.1
100.9
5,225.3
5,199.1
5,178.5
5,163.7
2,841.7
2,816.9
2,787.7
2,771.6
1,052.6
1,012.3
980.3
977.6
1,789.1
1,804.6
1,807.4
1,793.9
798.5
796.5
803.0
801.6
856.2
856.7
857.8
857.5
627.6
627.0
627.9
631.0
101.4
102.0
102.0
102.0
5,098.2
5,081.6
5,035.7
5,069.0
2,703.5
2,687.5
2,646.2
2,675.5
936.7
926.4
866.1
879.4
1,766.8
1,761.1
1,780.2
1,796.0
803.5
802.9
806.8
809.2
858.8
859.1
855.9
856.2
630.2
630.0
624.5
626.2
102.1
102.2
102.4
102.0
5,105.8
5,112.1
5,070.3
5,051.7
5,082.4
2,706.1
2,714.6
2,672.5
2,654.4
2,684.0
941.0
955.6
917.8
908.1
932.0
1,765.1
1,759.0
1,754.7
1,746.3
1,752.0
814.6
815.8
817.5
817.2
819.7
855.4
852.7
851.6
851.4
849.6
627.0
626.6
625.6
625.0
624.9
102.6
102.4
103.1
103.7
104.3
Apr. 8...
Apr. 15..
Apr. 22..
Apr. 29..
5,079.5
5,300.8
5,317.1
5,309.6
2,675.1
2,893.6
2,912.9
2,906.1
918.2
1,132.1
1,129.7
1,106.7
1,756.9
1,761.6
1,783.2
1,799.4
827.3
830.1
829.1
829.8
847.2
845.3
844.4
843.2
625.2
627.1
626.6
626.6
104.7
104.6
104.1
103.9
May
May
May
May
5,375.2
5,358.6
5,358.4
5,384.8
5,413.4
2,971.0
2,951.4
2,948.5
2,974.7
2,996.8
' 1,160.1
1,140.1
1,153.3
1,153.5
2
1,144.0
1,811.0
1,811.3
1,795.2
1,821.2
2
1,852.8
831.2
834.3
836.4
836.5
2
839.8
841.9
841.4
841.7
840.9
843.2
627.2
626.5
626.9
627.3
629.0
104.0
105.0
104.8
105.4
2
104.6
1942
6
13
20
27
June 3
1
603.3
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
Outstanding amounts on June 3, 1942, in millions of dollars: Foreign central bank funds in New York, 1,209.2; other foreign banking funds in U. S.,
2,427.8; U. S. banking funds abroad, 319.3; brokerage balances (net due "foreigners"), 27.4.
NOTE.—Statistics reported by banks, bankers, brokers, and dealers. Data by countries and geographic areas through December 31, 1941, have been
published in earlier BULLETINS for all types of capital movement in the above table (except columns 3 and 4), and for outstanding short-term liabilities to
and claims on "foreigners" as reported by banks and brokers. For description of the statistics, see BULLETIN for April 1939, pp. 284-296, and May 1937,
pp. 394-431.
968
FEDERAL RESERVE BULLETIN
CENTRAL BANKS
Assets of issue
department
Bank of England
(Figures in millions of
pounds sterling)
1929—Dec. 25
1930—Dec. 31
1931—Dec. 30
1932—Dec. 28
1933—Dec. 27
1934—Dec. 26
1935—Dec. 25
1936—Dec. 30
1937—Dec. 29
1938—Dec. 28
1939—Dec. 27
1940—Dec. 25
Gold1
145.8
147.6
120.7
119.8
190.7
192.3
200.1
313.7
326.4
326.4
4
.2
.2
. . .
1941—July 30
Aug. 27
Sept. 24
Oct. 29
Nov 26
Dec. 31
.2
.2
.2
.2
.2
.2
1942—Jan.
Feb.
Mar
Apr
May
.2
28
25
25
29
27
June 24
July 29
.2
.
.
.2
.2
.2
.2
.2
Assets of banking department
Liabilities of banking department
Coin
Notes
Discounts
and advances
. 260.0
260.0
275 0
275.0
260.0
260.0
260.0
200.0
220.0
230.0
580.0
5
630.0
.2
.6
6
.8
1.0
.5
.6
.6
.8
.8
1.0
.9
26.3
38.8
31.6
23.6
58.7
47.1
35.5
46.3
41.1
51.7
25.6
13.3
22.3
49.0
27.3
18.5
16.8
7.6
8.5
17.5
9.2
28.5
4.3
4.0
84.9
104.7
133.0
120.1
101.4
98.2
94.7
155.6
135.5
90.7
176.1
199.1
680.0
680.0
730.0
730.0
730.0
5 780.0
1.7
1.8
1.6
1.3
.6
.3
21.8
15.5
58.8
36.9
20.2
28.5
6.5
6.4
4.6
4.5
4.0
6.4
780.0
780.0
780.0
830 0
830.0
830.0
5
880.0
.4
37.8
30.7
25.2
59.1
41.6
34.2
56.1
8.2
Other
assets2
5
6
Cash reserves
.3
.4
.7
1.2
1.3
1.2
Note
circulation3
Deposits
Bankers'
Public
Other
Other
liabilities
379.6
368.8
364 2
371.2
392.0
405.2
424.5
467.4
505.3
504.7
554.6
616.9
71.0
132.4
126.4
102.4
101.2
89.1
72.1
150.6
120.6
101.0
117.3
135.7
8.8
6.6
7.7
8.9
22.2
9.9
12.1
12.1
11.4
15.9
29.7
12.5
35.8
36.2
40.3
33.8
36.5
36.4
37.1
39.2
36.6
36.8
42.0
51.2
17.9
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
18.0
17.9
17.9
181.7
183.9
149.8
163.3
192.3
267.8
658.4
664.7
671.4
693.3
710.0
751.7
132.1
125.7
133.9
117.0
136.4
219.9
11.3
14.9
10.6
13.7
9.8
11.2
50.5
49.1
52.2
57.7
53.1
54.1
17.9
18.0
18.1
17.7
17.8
17.9
184.5
182.8
204.8
138.4
170.5
165.8
146.9
742.4
749.6
755.1
771.2
788.6
796.0
824.1
145.5
136.8
156.8
122.6
146.6
133.6
136.9
10.2
11.5
9.3
14.0
7.6
8.0
8.7
57.4
51.7
51.4
51.4
47.8
47.3
47.8
17.9
18.0
18.1
17.7
17.8
17.8
17.9
Securities
4.2
5.1
7.5
6.6
5.5
7.1
Liabilities
Assets
Bank of Canada
(Figures in millions of
Canadian dollars)
Gold
Sterling
and United
States
dollars
Dominion and provincial government
securities
Deposits
Other
assets
Note
circulation?
Dominion
government
5.5
12.4
99.7
135.7
165.3
175.3
232.8
359.9
181.6
187.0
196.0
200.6
217.0
217.7
17.9
18.8
11.1
16.7
46.3
10.9
17.9
9.5
13.3
28.5
138.0
141.4
146.3
234.7
228.5
216.7
14.9
21.3
19.9
29.6
20.3
33.5
404.7
422.2
435.3
448.9
463.0
496.0
216.3
212.9
207.5
231.8
247.2
232.0
33.3
60.7
124.6
60.3
•S3.2
73.8
4.7
10.0
6.4
2.4
7.2
6.0
16.7
17.2
18.2
25.7
20.7
35.1
203.8
204.6
209.4
223.5
223.8
322.1
338.8
14.9
17.6
19.7
19.1
12.9
26.2
36.7
479.1
493.2
508.9
516.7
528.6
541.2
563.8
200.6
236.8
241.9
214.7
186.0
221.3
271.6
46.6
49.4
118.8
104.5
96.7
31.3
26.0
18.7
11.1
6.1
7.3
23.4
26.7
15.7
18.7
18.2
16.3
22.0
20.1
22.4
33.0
Other
9.1
14.9
28.4
64.3
38.4
30.9
61.3
82.3
144.6
181.9
448.4
83.4
99.0
91.6
40.9
49.9
127.3
1941—July 31
Aug. 30
Sept 30
Oct. 31
Nov 29
Dec. 31
.5
40.6
109.3
42.5
113.8
200.9
522.3
519.7
516.4
462.2
428.7
391.8
1942—Jan. 31
Feb. 28
Mar. 31
Apr. 30 ..
May 30
June 30
July 31
299.1
377.0
276.3
209.5
187.4
.9
33.7
245.7
209.5
386.6
413.1
430.8
493.7
501.0
1935—Dec. 31
1936—Dec. 31
1937—Dec. 31
1938—Dec. 31
1939—Dec 30
1940—Dec. 31 . . .
180.5
179.4
179.8
185.9
225.7
(8)
4.2
Other
liabilities
Chartered
banks
Shortterm6
8.6
8.2
21.7
5.2
Other
.8
2.1
3.5
3.1
7.7
13.4
14.4
9.3
1
Through February 1939, valued at legal parity of 85 shillings a fine ounce; thereafter at market price, which fluctuated until Sept. 6, 1939, when
it was officially set at 168 shillings per fine ounce.
2
Securities and silver coin held as cover for fiduciary issue, the amount of which is also shown by this figure.
3
Notes issued less amounts held in banking department.
4
On Jan. 6,1939, 200 million pounds sterling of gold (at legal parity) transferred from Bank to Exchange Equalization Account; on Mar. 1, 1939, about
5.5 million pounds (at current price) transferred from Exchange Account to Bank; on July 12, 1939, 20 million pounds transferred from Exchange Account
to Bank; on Sept. 6,1939, 279 million pounds transferred from Bank to Exchange Account.
5
Fiduciary issue increased by 50 million pounds on June 12,1940, Apr. 30, Aug. 30, and Dec. 3, 1941, and Apr. 22 and July 28, 1942.
6 Securities maturing in two years or less.
7 Includes notes held by the chartered banks, which constitute an important part of their reserves.
8 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).
NOTE.—For further explanation of table for Bank of England see BULLETIN for February 1931, pp. 81-83. The headings in the table for the Bank of
Canada correspond to the items in that Bank's statements, except that the headings "Other assets" and "Other liabilities" include certain small asset
and liability items shown separately in the statements.
SEPTEMBER
969
Central Banks—Continued
Liabilities
Assets
Bank of France
(Figures in millions
of francs)
Advances to
Government
Domestic bills
Gold
1
Foreign
exchange
For occupation
costs 3
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..
1939—Dec. 28..
41,668
53,578
68,863
83,017
77,098
82,124
66,296
60,359
58,933
87,265
5
97,267
25,942
26,179
21,111
4,484
1,158
963
1,328
1,460
911
821
112
5,612
5,304
7,157
6,802
6,122
5,837
5,800
5,640
5,580
7,422
11,273
1,379
652
1,797
2,345
8,624
8,429
7,389
3,438
4,739
3,971
9,712
8,465
10,066
7,880
5,149
1940—June 10..
Aug. 296
Sept. 266
Oct. 31 6
Nov. 286
Dec. 266 ,
84,616
84,616
84,616
84,616
84,616
84,616
108
(7)
44,173
1,518
11,885
1941—July 31..
Aug. 28..
Sept. 25^.
Oct. 30..
Nov. 27..
Dec. 31..
84,598
84,598
84,598
84,598
84,598
84,598
1942—Jan. 29...
Feb. 26..
Mar. 26..
Apr. 30..
84,598
84,598
84,598
84,598
o7
(!)
( 42
)
37
37
37
37
38
38
38
38
38
38
?
Deposits
Other
assets
Other*
17,698
31,909
20,627
34,673
36,250
64,195
69,340
65,250
61,200
63,900
661
3,646
27,200
39,200
56,806
64,397
72,317
40,776
40,720
41,014
41,138
41,654
42,115
1
5
12
6,419
6,139
(7)
7,849
5,348
4,517
117,715
117,555
123,578
129,518
129,568
142,507
69,500
67,700
64,700
60,500
68,900
69.500
42,071
42,043
42,314
42,651
16
18
16
13
4,855
5,588
4,433
4,581
149,562
149,754
156,386
162,898
64,700
67,400
67,000
68,300
43,194
Note
circulation
Government
8,124
9,510
11,275
11,712
11,173
11,500
11,705
12,642
11,733
18,498
20,094
68,571
76,436
85,725
85,028
82,613
83,412
81,150
89,342
93,837
110,935
151,322
11,737
12,624
5,898
2,311
2,322
3,718
2,862
2,089
3,461
5,061
1,914
25,221
174,469
198,578
205,439
213,131
214,176
218,383
1,049
995
990
1,097
748
984
242,000
244,099
248,993
255,684
260,772
270,144
1,318
C.A.R.
i
8
23,179
22,605
21,826
20,846
23,555
21,016
22,121
20,138
20,086
20,056
21,365
273,281
278,392
282,848
291,654
Relchsbank
Reserves of gold and
foreign exchange
Total
reserves
Gold
1,812
2,241
1,989
2,041
1,940
1,907
2,113
2,557
3,160
2,718
2,925
25,405
28,226
25,700
25,075
24,941
27,202
2,848
27,200
34,930
38,932
39,107
41,400
1,517
60,612
60,193
59,714
60,932
61,073
64,580
33,978
29,179
(7)
25,999
24,431
25,272
3,741
3,763
4,402
3,309
3,479
3,894
1,350
1,173
852
775
59,649
59,203
56,396
59,668
27,797
27,287
30,251
28,955
3,900
3,469
4,493
3,391
1,272
1,371
Security
loans
2,848
2,572
4,242
2,806
3,226
4,066
4,552
5,510
6,131
8,244
11,392
15,419
251
256
245
176
183
146
84
74
60
45
30
38
259
445
349
221
106
557
804
32
Eligible
as note
cover
1941—Apr. 30..
May 31..
June 30..
July 3 1 . .
Aug. 30..
Sept. 30..
Oct. 31^.
Nov. 29 p .
Dec. 3 1 . .
78
78
78
78
77
77
77
77
77
15,644
15,918
16,258
16,754
17,306
18,016
18,456
18,899
21,656
32
23
20
27
25
25
26
24
32
22
18
45
12
16
24
20
58
107
1942—Jan. 3 l p .
Feb. 28P.
Mar. 31..
Apr. 3QP.
77
77
77
77
20,884
21,458
21,673
21,529
28
23
23
19
151
144
72
17
76
76
78
78
806
386
79
82
66
71
71
3,586
Securities
Bills (and
checks),
including
Treasury
bills
2,687
2,685
1,136
920
396
84
88
72
984
S7)
(
Liabilities
1929—Dec. 3 1 . .
1930—Dec. 3 1 . .
1931—Dec. 3 1 . .
1932—Dec. 3 1 . .
1933—Dec. 30..
1934—Dec. 3 1 . .
1935—Dec. 3 1 . .
1936—Dec. .31..
1937—Dec. 3 1 . .
1938—Dec. 3 1 . .
1939—Dec. 30..
1940—Dec. 3 1 . .
2,283
2,216
Other
Other
liabilities
7,850
11,698
22,183
20,072
13,414
15,359
8,716
13,655
19,326
25,595
14,751
Assets
(Figures in millions of
reichsmarks)
4
Other
Other
assets
Note
circulation
92
102
161
398
322
319
315
303
286
298
393
357
656
638
1,065
1,114
735
827
853
765
861
1,621
2,498
2,066
488
438
416
359
384
383
1,548
1,922
2,336
2,302
2,343
2,260
(7)
(7)
2,311
()
283
Deposits
Other
liabilities
5,044
4,778
4,776
3,560
3,645
3,901
4,285
4,980
5,493
8,223
11,798
14,033
755
652
755
540
640
984
1,032
1,012
1,059
1,527
2,018
2,561
736
822
1,338
1,313
836
1,001
923
953
970
1,091
1,378
1,396
14,689
15,210
15,565
16,031
16,502
16,918
17,432
17,793
19,325
2,006
2,012
2,373
2,243
2,326
2,511
2,470
2,493
3,649
1,117
1,174
1,215
1,259
1,323
1,357
(7)
(7)
1,492
18,987
19,443
19,774
20,047
2,417
2,426
2,762
2,701
v
1
Preliminary.
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;
SeQtember 1937, p. 853; and November 1936, pp. 878-880.
2
For explanation of this item, see BULLETIN for July 1940, p. 732.
3
By a series of Conventions between the Bank of France and the Treasury, dated from Aug. 25,1940, through Apr. 30, 1942, advances of 169,000 million
francs were authorized to meet the costs of the German army of occupation.
4
Central Administration of the Reichskreditkassen.
5
In each of the weeks ending Apr. 20 and Aug. 3, 1939, 5,000 million francs of gold transferred from Exchange Stabilization Fund to Bank of France;
In week ending Mar. 7,1940,30,000 million francs of gold transferred from Bank of France to Stabilization Fund.
6
Figures taken from annual report of Bank for 1940.
7
Figure not available.
* Gold not shown separately on Reichsbank statement after June 15,1939.
NOTE.—For further explanation of tables see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463.
970
FEDERAL RESERVE BULLETIN
Central Banks—Continued
Central Bank
(Figures as of last report
date of month)
1942
July
Central Bank of the Argentine Republic (millions of pesos):
Gold reported separately
Other gold and foreign exchange...
Negotiable Government bonds
Rediscounted paper
Other assets
Note circulation
Deposits—Member bank
Go v er nmen t
Other
Foreign exchange sold forward
Other liabilities
Commonwealth Bank of Australia
(thousands of pounds):
Issue department:
Gold and English sterling
Securities
Banking department:
Coin, bullion, and cash
London balances
Loans and discounts
Securities
Deposits
Note circulation
June
May
1,077
570
371
1
236
1,483
603
31
39
7
92
26,611
85,179
25,954
80,939
July
1,071
415
357
9
228
1,263
669
64
13
4
68
17,705
52,614
Central Bank
(Figures as of last report
date of month)
July
June
lions of belga) ;i
Gold
Foreign exchange
Credits to State and public bodies
Credits to private economy . . . .
Reichskreditkasse
Other assets
Note circulation
Demand deposits
Postal Checking Office
Other liabilities
National Bank of Bohemia and Moravia (millions of koruny):
Gold
Foreign exchange
Discounts
Loans
Other assets
Note circulation
Demand deposits
Other liabilities
Central Bank of Bolivia (thousands
of bolivianos):
Gold at home and abroad
Foreign exchange
Loans and discounts
Securities—Government
Other
Other assets
Note circulation
Deposits
Other liabilities
4,332
2,669
4,285
88
759
10,919
712
773
2
t)
(Mar.) 3
1,514
777
840
13,231
9,755
2,943
3,664
380,252
341,315
338,219
486,364
11,222
57,158
686,885
769,998
157,646
National Bank of Bulgaria^
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
228,234
445,828
9,156
48,777
550,911
515,159
88,146
149
334
729
913
59
1,625
216
142
202
30,676
52,336
15,384
59,493
32,119
83,150
148
320
733
854
104
1,547
227
169
217
147
183
738
522
99
1,199
189
70
231
27,160
39,474
24,056
59,463
31,919
28,339
31,636
25,338
59,126
32,280
77,268
31,452
13,587
26,200
55,141
30,231
67,169
Foreign exchange reserve
Discounts
Loans—To Treasury
To foreign countries
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
Other assets
Deposits
Other liabilities
July
49,975
39,467
98
17
966
54
35
of k r o n e r ) :
Gold
Foreign exchange
Clearing accounts (net)
. . . .
L o a n s a n d discounts
Securities. .
Government
compensation
accounts
Other assets
N o t e circulation
Deposits
Other liabilities
May
56,336
43,116
Bank of the Republic of Colombia— Cont.
Deposits
64,465
Other liabilities
42,393
National Bank of Denmark (millions
Central Bank of Ecuador (thousands of sucres):
Gold
Foreign exchange (net)
Loans and discounts
Other assets
Note circulation
Demand deposits
Other liabilities
National Bank of Egypt7 (thousands of pounds):
4,331
Gold
740
Foreign exchange
3,091
Loans and discounts
115
British, Egyptian, and other Gov769
ernment securities
Other assets
8,297
Note circulation
383
Deposits—Government
706
Other
Other liabilities.
Central Reserve Bank of El Salvador (thousands of colones):
1,505
Gold8
793
Foreign exchange
840
Loans and discounts
. .
Government debt and securities
10,672
Other assets
7,151
Note circulation
3,319
Deposits
3,339
Other liabilities
Bank of Finland &
Bank of GreeceS
106,611 National Bank of Hungary (millions
315,611
of pengo):
1941
1942
100
30
634
54
142
125
830
1,268
764
736
789
198.
(Apr.) 2
71,205
68,305
86,960
34,761
126,862
101,547
32,823
6,241
1,308:
2,353-
107,357
6,557
52,035
18,604
43,678
12,388
19,185
12,549
527
7,204
553
22,904
11,350
5,765
68,453
12,175
73,117
27,585
95,556
42,260
43,514
(Mar.) 3
6,251
4,273
2,268
6,704
5,107
4,108
34,786
32,883
42,489
28,291
29,647
22,176
52,111
100 905 106,130
125 261 127,592 110,484
69,114
98,364
102,614
National Bank of Belgium and
Bank of Issue of Brussels (mil-
(thousands of pesos):
Gold
Foreign exchange
Loans and discounts
Government loans and securities...
Other assets
N o t e circulation
1941
80,514
6,126
40,388.
5,967
36,807
13,379
15,244
12,250
468
7,211
2,257
22 886
10,554
3 991
13,238
1,421
1,359
6,317
1,606
15,783
3,572
4,587
100
15
1,210
760
343
35
2,129
383
(2)
124
20
887
803
41
467
1,773
251
32
286
(Apr.) 3
444
2,419
1,382
295
4,426
444
1,216
885
376
2,730
114
416
10
117
145
586
215
192
432:
3
1
93
606
115
1
Separate figures for National Bank of Belgium not available. The Bank of Issue of Brussels was founded by the German Military Administration
on June 27,1940; it has no note issue, drawing its resources principally from advances from the National Bank and deposits by the Postal Checking Office.
2
Figure not available.
3
Latest month for which report is available for this institution.
4
Less than 500,000.
5
For last available reports from the central banks of Bulgaria (May 1941), Finland (May 1941), and Greece (March 1941), see BULLETIN for March 1942,
pp..280-281.
6
Represents Bank's claim on the Government for the Bank's foreign exchange losses resulting from the revaluation of the krone on Jan. 23, 1942.
7
Items for issue and banking departments consolidated; after March 1942, statements published only irregularly.
8
Gold revalued June 30, 1942, at 0.3555 gram fine gold per colon, 20 per cent reduction in the gold value of the colon.
9 Gold revalued in week ending Sept. 30,1941, at 0.2175 gram fine gold per pengo, an increase in gold value of the pengo of approximately 24 per cent.
SEPTEMBER
1941
971
Central Banks—Continued
Central Bank
(Figures as of last report
date of month)
B a n k of J a p a n i
Bank of Java (millions of guilders):
Gold
Foreign bills
Loans and discounts
Other assets
Note circulation
Deposits
Other liabilities
Bank of Mexico (thousands of pesos):
Metallic reserve3
"Authorized" holdings of securities, etc
Bills and discounts
Other assets
Note circulation
Demand liabilities
Other liabilities
Netherlands Bank (millions of guilders) :
Gold
Silver (including subsidiary coin).
Foreign bills
Discounts
Loans
Other assets
Note circulation
Deposits—Government
Other
Other liabilities
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 Norwayi
Central Reserve Bank of Peru (thousands of soles):
Gold and foreign exchange
Discounts
Government loans
Other assets
Note circulation
Deposits
Other liabilities
Bank of Portugal (millions of
escudos):
Gold&
Other reserves (net)
Non-reserve exchange
Loans and discounts
Government debt
Other assets
Note circulation
Other sight liabilities
Other liabilities
National Bank of R u m a n i a (millions
of lei):
Gold
Special exchange accounts
Loans and discounts
Special loans (in liquidation)
Government debt
Other assets.
Note circulation
Demand deposits
Other liabilities
S o u t h African Reserve Bank (thousands of pounds):
Gold
Foreign bills
Other bills and loans
Other assets
1942
July
June
1941
May
July
(Jan.)2
407
24
171
140
339
366
37
327
19
78
129
237
280
35
224,883 219,442 213,631 176,508
620,196
107,402
58,118
612,920
286,610
111,069
576,562
118,844
49,625
584,815
269,680
104,167
521,167
39,638
69,003
462,846
243,188
100,281
951
8
1,036
184
150
(4)
2,311
190
1,023
12
397
45
185
274
1,705
2,802
24,723
2,802
22,775
2,802
15,583
34,260
4,147
1,203
25,529
38,954
2,652
33,753
4,146
1,058
24,652
36,895
2,985
24,408
3,773
1,614
21,776
23,902
2,501
599,075
108,112
57,754
607,209
270,559
106,616
173
56
69,661 55,418
23,223 24,693
227,461 166,620
8,447
6,956
232,968 171,696
73,506 62,356
20,828 21,127
(Feb.)2
1,360
1,720
3,993
308
1,028
4,372
4,225
(Mar.) 2
1,291
1,262
1,552
367
1,031
805
3,313
2,355
638
37,701
13,295
33,737
478
9,421
45,992
95,978
33,464
11,183
56,748
1,118
1,176
54,652
33,605
12,699
30,102
579
9,608
31,164
81,861
23,574
12,323
54,255
871
35
55,758
52,255
836
13
44,478
Central Bank
(Figures as of last report
date of month)
1942
July
June
1941
May
July
South African Reserve Bank—Cont.
Note circulation
32,106 33,235 23,807
Deposits
76,998 72,764 69,357
4,590
Other liabilities
4,920 4,417
Bank of Sweden (millions of kronor):
Gold
681
417
678
Foreign assets (net)
543
858
54:
Domestic loans and investments..
877
707
876
Other assets
1,060
898
1,126
Note circulation
1,705
1,440
1,629
Demand deposits.
924
737
1,094
Other liabilities...
531
702
500
Swiss National Bank (millions of
francs):
3,442
Gold
3,464 3,442
2,305
143
136
Foreign exchange
107
1,262
154
62
287
Loans and discounts
109
278
285
Other assets
227
Note circulation
2,237
2,114
2,245 2,246
Other sight liabilities
1,622
1,514
1,378
1,477
Other liabilities
291
294
275
Central Bank of t h e Republic of
2
(Apr.)
Turkey (thousands of pounds):
134,176 119,258
Gold
Foreign clearing accounts
67,867 44,986
Loans and discounts
544,856 444,128
Securities
191,824 190,853
Other assets
18,815 36,302
Note circulation
590,704 517,066
Deposits—Gold
79,358 79,358
Other
116,098 101,230
Other liabilities
171,377 137,872
Bank of t h e Republic of Uruguay
(thousands of pesos):
Issue department:
Gold and silver
86,235 86,235
Note circulation
112,156 109,857
Banking department:
Gold...
66,839 82,841
Notes and coin
40,195 24,974
Advances to State and to
government bodies
31,289 40,402
105,646 87,015
Other loans and discounts.
Other assets
119,104 107,697
Deposits
134,538 124,215
Other liabilities
228,536 218,713
Central Bank of Venezuela (thousands of bolivares):
Gold
171,377 170,677 170,677 123,805
Foreign exchange (net)
30,148 26,234 19,936 31,148
Credits to national banks
35,230 35,230 35,230 38,000
Other assets
8,003
11,137 10,228
7,567
Note circulation—
Central Bank
156,551 147,030 144,161 79,385
National banks
45,205 46,600 47,581 85,978
Deposits
39,781 42,782 35,813 27,720
7,437
Other liabilities
6,291
6,355 5,957
National Bank of t h e Kingdom of
Yugoslaviai
Bank for International Settlements
(thousands of Swiss gold francs6):
45,477 28,281
Gold in bars
Cash on hand and on current account with banks
42, 085 36, 862
Sight funds at interest
15, 680 16, 310
Rediscoun table bills and accept149, 392 142 113
ances (at cost)
Time funds at interest
21, 026 22 307
202, 267 220 643
Sundry bills and investments....
Other assets
174
52
29, 007 22 981
Demand deposits (gold)
Short-term deposits (various currencies):
16 018 17,963
Central banks for own account.
Other
.m
5 180 4,780
;
Long-term deposits: Special accounts
229,001 229,001
Other liabilities
196,894 191,841
1 For last available reports from the central banks of Japan (September 1941), Norway (March 1940), and Yugoslavia (February 1941). see BULLETIN for March 1942, p. 282.
2 Latest month for which report is available for this institution.
3 Includes gold, silver, and foreign exchange forming required reserve (25 per cent) against notes and other demand liabilities.
4 Figure not available.
5 Valued at average cost beginning October 1941.
6 See BULLETIN for December 1936, p. 1025.
FEDERAL RESERVE BULLETIN
M O N E Y RATES I N FOREIGN COUNTRIES
DISCOUNT RATES OF CENTRAL BANKS
[Per cent per annum]
Central bank of—
Date effective
United
GerKing- France many
dom
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
J a n . 25, 1940
Apr. 9
May 17
....
M a r . 17, 1941
May 29
June 27
In effect August 31,
1942
. .
3
2
Belgium
2
4
P
Netherlands
3
Swe- Switzerden
land
2y2
2y2
2
iy2
2
Central
bank of—
Albania
Argentina
Belgium
Bohemia and
Moravia....
2
Date
effective
Central
bank of—
Rate
August
31
Mar. 21, 1940
Mar. 1, 1936
Jan. 25, 1940
Japan
Java
Latvia
Lithuania. ..
Mexico
3.29
3
5
6
Rate
August
31
2
Oct.
1, 1940
Nov.
Nov.
Dec.
Mar.
Dec.
July
8, 1940
28, 1935
1,1940
11, 1935
16, 1936
18, 1933
Netherlands
New Zealand
Norway
3
Peru
5
Portugal.... 4
Oct.
May
Mar.
Oct.
4 * Dec.
16, 1940
26, 1938
30, 1939
1, 1935
3, 1934
Rumania....
South Africa
Spain
Sweden
Switzerland.
3
3
4
3
Mar.
Apr.
Mar.
Oct.
May
17, 1941
9, 1940
1, 1942
22, 1940
18, 1936
Turkey
United Kingdom
U. S. S. R . . .
Yugoslavia..
Date
effective
Apr.
Jan.
•Feb.
July
June
7, 1936
14, 1937
17, 1940
15, 1939
4, 1942
4
6
5
4
Bolivia
British India..
Bulgaria
Canada
Chile
Colombia
3
4
2y2
6
3
5
4
3
June 27, 1941
July
May
Aug.
Mar.
26, 1941
13, 1940
1, 1940
31, 1941
Sept.
June
IMar.
May
Nov.
12, 1940
2, 1941
29, 1939
29, 1941
26, 1936
4
July
1, 1938
2
4
5
Oct. 26, 1939
July 1, 1936
Feb. 1, 1935
3
2y2
Denmark
Ecuador
El Salvador...
Estonia
Finland
4
3
4
7
3
4
3
3
2
3
2
2y%
2
1%
3K
2
2H
France
Germany
Greece
Hungary
Italy
6
3
3
3
1 Not officially confirmed.
NOTE.—Changes since July 31: none.
OPEN MARKET RATES
[Per cent per annum ]
United Kingdom
Month
Bankers'
acceptances
3 months
Treasury
bills
3 months
5.32
2.31
2.09
1.05
.50
.91
.71
.78
5.35
2.30
2.10
.85
.40
.85
Bankers'
Day-to-day allowance
money
on deposits
.59
.75
1.03
1.03
1.02
1.00
4.23
1.93
1.64
.99
.62
.92
.75 '
.75
.79
.75
.77
1.00
1.00
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1.03
1929—
1930—
1931—
1932—
1933—
1934— une.
1935—; une.
1936—June
1937—June
1938—June
1939—June
1940—June
1941—Jun
une.
1941—July....
Aug
Sept....
Oct
Nov
Dec
1942—Jan
Feb
Mar
Apr
May....
June...
1.00
1.00
1.01
1.00
1.00
1.01
1.01
1.00
1.00
1.01
1.00
1.00
1.00
1.00
1.00
1.00
1.00
1.03
1.04
1.04
1.03
1.00
1.03
1.00
.68
.64
.78
.68
.59
.76
Germany
Netherlands
Private
discount
rate
Day-to-day
money
Private
discount
rate
Money
for
1 month
7.50
3.58
6.05
4.75
C
3.88
3.76
3.00
2.88
2.88
2.88
2.79
2.38
2.13
7.90
3.74
6.74
5.70
4.93
4.57
3.16
2.67
2.78
3.06
2.71
1.98
1.93
5.30
1.89
1.05
.39
2.18
.78
4.42
3.92
.15
.13
.49
C1)
1.88
5.30
1.93
1.07
1.00
2.06
1.00
3.83
3.95
1.00
.50
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
2.13
1.63
1.73
1.94
1.76
1.75
1.98
1.92
1.75
1.95
1.96
1.88
1.88
1.88
1.88
2.25
2.25
2.25
2.25
Sweden
Switzerland
Loans
up to 3
months
Private
discount
rate
3.26
2.06
.12
.50
.50
.50
.60
.25
.00
.00
.00
.50
2.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
.25
c
1
Corrected.
Figure not available.
NOTE.—For figures for other countries and references to explanation of tables see BULLETIN for September 1940, p. 1018.
SEPTEMBER
1941
973
COMMERCIAL BANKS
Assets
United Kingdom 1
(11 London clearing banks.
Figures in millions of
pounds sterling)
Liabilities
Money at
Cash
call and Bills dis- Treasury Securities Loans to
deposit
reserves
short
counted receipts2
customers
notice
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
244
244
243
274
324
195
163
160
174
159
322
300
250
334
265
314
771
1941—July.. . ? . .
August
September
October...
November.
December.
1942—January...
February.
March
April
May
June
306
316
330
328
332
366
330
318
347
319
326
355
139
140
134
132
127
141
118
122
137
136
133
147
275
266
315
270
246
171
157
112
163
258
291
292
476
469
531
596
651
758
739
646
476
450
471
543
902
935
939
986
999
999
Other
assets
Deposits
(10 chartered banks. End of
month figures in millions
of Canadian dollars)
Entirely in Canada
Cash
reserves
Security
loans
Other
loans
and discounts
Time 3
Other
liabilities
890
984
971
1,015
924
1,008
1,017
1,050
1,048
1,049
1,058
249
256
263
290
293
2,315
2,330
2,254
2,441
2,800
,288
,284
,256
,398
,770
1,012
1,026
997
1,043
1,030
245
252
269
256
250
866
850
839
837
825
823
832
840
853
832
822
814
660
635
635
609
267
264
269
273
280
324
288
275
291
278
277
289
2,991
2,997
3,115
3,176
3,208
3,329
3,222
3,085
3,072
3,082
3,131
3,263
,909
,991
2,023
2,054
2,168
2,088
2,003
2,012
2,001
2,036
2,141
1,093
1,088
1,123
1,153
1,154
1,161
1,134
1,082
1,060
1,081
1,095
1,122
240
242
243
246
250
253
249
243
244
240
238
234
Assets
Canada
I Demand 3
Total
Liabilities
Security
loans
abroad
and net Securities
due from
foreign
banks
Note
circulation
Other
assets
Deposits payable in Canada
excluding interbank deposits*
Total
Demand
Other^
liabilitie
Time
1936—December.
1937—December.
1938—December.
1939—December.
1940—December.
240
255
263
292
323
114
76
65
53
40
791
862
940
088
108
161
102
166
132
159
384
411
463
646
531
554
575
535
612
570
103
96
88
85
80
2,303
2,335
2,500
2,774
2,805
755
752
840
033
163
1,548
1,583
1,660
1,741
1,641
837
850
843
963
846
1941—July
August. . .
September
October...
November.
December
1942—January...
February.,
March
April
May
June
314
299
308
325
342
356
296
324
348
322
285
327
34
35
36
37
36
32
31
30
34
32
29
28
279
255
237
233
218
169
128
135
300
252
215
137
188
190
197
199
182
168
158
164
166
178
175
181
681
698
696
643
,690
759
916
,960
881
899
878
883
559
553
579
594
593
653
585
595
624
637
601
639
80
81
79
80
76
71
71
72
71
72
71
72
3,068
3,031
3,037
3,012
3,041
3,105
3,096
3,181
3,305
3,262
3,118
3,121
579
509
482
420
,402
436
376
517
755
725
562
523
1,489
1,522
1,555
1,592
1,639
1,669
1,720
1,664
1,550
1,537
1,556
1,598
907
919
938
939
944
962
945
955
976
986
993
1,002
Assets
France
(End of month figures in
millions of francs)
Cash
reserves
Due from
banks
Liabilities
Bills discounted
Loans
Other
assets
Deposits
Total
Demand
Time
Own
acceptances
Other
liabilities
4 large banks
1936—December.
1937—December.
1938—December.
1939—December.
3,100
3,403
3,756
4,599
2,975
4,116
4,060
3,765 •
17,582
18,249
21,435
29,546
7,631
7,624
7,592
7,546
1,957
2,134
1,940
2,440
28,484
30,348
33,578
42,443
27,955
29,748
33,042
41,872
529
600
537
571
473
661
721
844
4,289
4,517
4,484
4,609
1940—March..,,
4,U0
3,920
34,123
7,499
1,961
46,608
46,064
544
1,105
3,901
1940—March
September*..
October
November...
December...
1941—February*...
March
April
May
June
July.........
September*.
December 4 ..
4,021
5,817
5,453
5,111
6,258
5,628
5,661
5,407
5,549
5,641
5,837
5,790
6,424
3,691
3,615
3,526
3,562
3,546
3,197
3,191
3,190
3,279
3,359
3,239
3,241
3,281
32,003
37,051
40,757
43,251
44,243
48,596
50,401
51,158
52,961
54,826
53,951
56,788
57,727
7,113
9,121
8,533
8,060
7,984
8,155
7,784
7,768
7,720
8,035
7,511
7,640
7,852
,690
,690
,760
,823
,999
,357
,403
,429
,351
,371
,526
,464
,051
1,044
551
511
502
515
599
534
467
454
474
460
388
393
3,718
4,143
4,325
4,564
4,604
3,805
3,909
4,044
4,176
4,383
4,456
4,772
4,108
3 large banks
43,755
52,599
55,194
56,741
58,890
62,528
63,998
64,441
66,229
68,376
67,148
69,763
71,833
43,410
52,287
54,868
56,306
58,413
62,003
63,465
63,910
65,712
67,867
66,640
69,269
71,400
345
312
326
436
477
525
533
531
516
509
508
495
433
1 Through August 1939, averages of weekly figures; beginning September 1939, end-of-month figures, representing aggregates of figures reported by
individual banks for days, varying from bank to bank, toward the end of the month.
2
Represent six-month loans to the Treasury at 1 | per cent, callable by the banks in emergency at a discount equal to the Bank of England rate.
*Through December 1937, excludes deposits in offices outside England and Wales which are included in total.
* No data available April through August 1940, and January, August, October, and November 1941.
NOTE.—For other back figures and explanation of tables, and for figures for German commercial banks, see BULLETIN for August 1939, p. 699; June 1935,
pp. 388-390; and October 1933, pp. 641-646.
974
FEDERAL RESERVE BULLETIN
FOREIGN EXCHANGE RATES
[Averages of certified noon buying rate;s in New York for cable t ransfers. In cents per unit of foreign currency]
Argentina
(peso)
Year or month
Australia
(pound)
Belgium
(belga)
Official
Special
Export
1934
1935
1936
1937
1938
1939
1940
1941
33.579
32.659
33.137
32.959
32.597
30.850
29.773
29.773
400.95 23.287
388.86 18.424
395.94 16.917
393.94 16.876
389.55 16.894
353.38 16.852
"i322i 80" 305.16 116.880
123.704 # 322.80 321.27
1941—Aug
Sept
Oct
Nov..
Dec
1942—Jan
Feb
Mar
Apr. . . .
May
June
July
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
29.773
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
23.704
Year or month
Official
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
322.80
Colom- Czecho- Denbia slovakia mark
(peso) (koruna) (krone)
1934
1935
1936
1937
1938
1939
1940
1941
61.780
56.011
57.083
56.726
55.953
57.061
57.085
57.004
1941—Aug
Sept.
Oct
Nov
Dec
1942—Jan
Feb
Mar.
Apr.
May
June
July
Free
Brazil (milreis)
Official
Free
37.879
36.964
37.523
37.326
36.592
33.279
30.155
30.137
6.0575
6.0575
6.0575
6.0575
6.0576
6.0580
6.0580
6.0580
6.0580
6.0580
6.0580
6.0580
321.28
321.33
321.37
321.43
321.50
321.50
321.50
321.50
321.50
321.50
321.50
321.50
8.4268
8.2947
8.5681 15.8788
8.6437 6.1983
5.8438
6.0027 5!l248
6.0562 5.0214
6.0575 5.0705
Year or month
1934 .
1935
1936
1937
1938
1939
1940
1941
GerFinland France many Greece Hong
Kong
(mark- (franc) (reichs- (drach- (dollar)
ma)
ka)
mark)
2.2277 6.5688 39.375
2.1627 6.6013 40.258
2.1903 6.1141 40.297
2.1811 4.0460 40.204
2.1567 2.8781 40.164
1.9948 2.5103 40.061
1.8710 12.0827 40.021
139.968
12.0101
July
Official
Hungary
(pengo)
38.716
29.575
48.217
29.602
31.711
29.558
30.694
19.779
30.457
19.727
27.454
19.238
22.958
18.475
124.5921 U9.770
Free
101.006
99.493
99.913
100.004
99.419
96.018
85.141
"*96! 909"
87.345
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
90.909
18.846
18.882
18.875
18.923
18.860
U8.835
4.6089
4.4575
4.5130
4.4792
4.4267
4.0375
3.7110
1
4.0023
1.0006
.9277
.7382
.7294
.7325
.71*11
1.6896
498.29
484.66
491.65
489.62
484.16
440.17
397.99
398.00
13.615
13.678
12.314
6.053
5.600
10.630
9.322
19.130
59.005
57.173
58.258
57.973
56.917
51.736
46.979
47.133
47.160
47.160
47.160
47.160
47.160
47.007
46.710
25.982
25.271
25.626
25.487
25.197
23.991
23.802
123.829
Chile (peso)
Official
China
(yuan
ShangExport hai)
10.1452
5.0833
5.1240
5.1697 14.0000
5.1716 4.0000
5.1727 4.0000
5.1668 4.0000
15.1664 14.0000
34.094
36.571
29.751
29.606
21.360
11.879
6.000
15.313
88.961
89.134
88.781
88.604
87.395
87.833
88.418
87.666
87.173
88.557
89.958
89.943
Italy
(lira)
Japan
(yen)
8.5617
8.2471
7.2916
5.2607
5.2605
5.1959
5.0407
15.0703
29.715
28.707
29.022
28.791
28.451
25.963
23.436
123.439
N e t h - New
Mexico erlands Zea(peso) (guild- land
er)
(pound)
32.366
32.497
30.189
22.938
22.871
22.525
22.676
123.210
United Kingdom
(pound)
27.742 67.383
27.778 67.715
27.760 64.481
27.750 55.045
22.122 55.009
19.303 53.335
18.546 153.128
20.538
402.46
391.26
398.92
396.91
392.35
354.82
306.38
322.54
20 538
20 542
20.567
20.544
20.560
20.564
20.562
20 571
20.574
20.567
20.568
20.567
Portu- Ruma- South Spain Straits Sweden SwitzSettlegal
nia
Africa
erland
(escudo) (leu) (pound) (peseta) ments (krona) (franc)
(dollar)
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
398.00
1941—Aug.
Sept
Oct.
Nov
Dec
1942—Jan.
Feb
Mar.
.9402
.9386
.9289
.9055
.8958
.8153
1.6715
1.2852
1.2951
1.2958
1.2846
1.2424
n.2111
Canada (dollar)
25.110
25 099
25.088
25.088
25.043
Norway Poland
(krone) (zloty)
25.316
24.627
24.974
24.840
24.566
23.226
122.709
22.500
21.883
22.189
22.069
21.825
20.346
U9.308
Bui.
garia
(lev)
30.130
30.137
30.151
30.151
30.130
30.123
30.122
30.122
30.122
30.122
30.122
30.122
5.0646
5.0616
5.0803
5.0896
5.1331
5.1331
5.1369
5.1369
5.1384
5.1387
5.1435 (
5.1450
56.982
56.982
56.980
56.993
56.987
56.987
56.997
57.001
57.049
57.005
57.037
57.059
4.2424
4.1642
4.0078
3.4930
3.4674
13.4252
British
India
(rupee)
322.54
322.60
322.63
322.71
322.78
322.78
322.78
322.78
322.79
322.78
322.78
322.78
Uruguay
(peso)
Yugoslavia
Non- (dinar)
controlled
Official
Free
Controlled
1403.50
403.50
503.93
490.18
497.09
494.40
488.94
443.54
383.00
403.18
79.956
2.2719
80.251
2.2837
79.874
2.2965
79.072
2.3060
64.370
2.3115
62.011 1361789' 2.2716
65.830 37.601 2.2463
65.830 43.380 12.2397
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.50
403.18
403.27
403.29
403.42
403.50
403.50
403.50
403.48
403.50
403.50
403.50
403.50
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
65.830
43.745
43.836
45.796
48.125
52.783S
52.571
52.785
52.717
52.735
52.740
52.744
52.740
1
Average of daily rates for that part of the year during which quotations were available.
NOTE.—Developments affecting averages during 1942:
No rates certified: Straits Settlements—since February 14.
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 1942,,
see BULLETIN for March 1942, p. 285; February 1941, p. 183; February 1940, p. 178; September 1939, p. 831; March 1939, p. 236; and March 1938, p. 244.
SEPTEMBER
1941
975
PRICE MOVEMENTS IN PRINCIPAL
COUNTRIES
WHOLESALE PRICES-ALL COMMODITIES
[Index numbers]
United
States
Year or month
United
Kingdom
Canada
(1926=100)
100
100
1926
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
.
..
.
(1913=100)
695
72
75
85
79
75
83
90
100
88
86
86
88
89
94
109
101
103
137
153
91
92
93
94
94
94
94
95
95
95
95
96
96
72
Italy
Japan
Netherlands
Sweden
Switzerland
(1928=100)
(October
1900=100)
(1926-30
=100)
(1935=100 )
(July 1914
=100)
237
106
1
90
76
65
63
63
62
64
76
72
74
88
1
134
153
153
154
155
155
156
156
159
159
160
161
160
^160
87
72
67
67
Germany
(1913=100)
124
89
90
92
92
93
94
96
97
98
99
99
99
99
. .
1941—July
August
September
October
November
December
1942—January
February
March
April
May
June
July....
1
86
73
65
66
75
80
81
86
79
77
79
87
...
.
(1930=100)
(1926=100)
France
2
554
500
427
398
376
338
411
581
653
681
125
111
97
93
98
102
104
106
106
107
110
P112
112
113
113
3
329
330
330
337
340
347
^351
^352
P113
126
144
103
1 94
1
92
1
90
1
96
100
102
114
111
115
146
172
126
110
96
91
90
90
96
111
107
111
143
184
173
174
175
176
178
179
181
183
184
186
187
2*188
P193
181
153
161
180
178
186*
198
238
251
278
311
329
85
75
70
63
62
68
76
89
95
99
188
189
191
193
198
199
202
205
207
208
P209
p
Preliminary.
1 Approximate figure, derived from old index (1913=100).
2 Average based on figures for 8 months; no data available since August 1939, when figure was 674.
3 Average based on figures for 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
Year or m o n t h
Other
Farm
commod- products
ities
Germany
:i913=100)
United Kingdom
Canada
1926=100)
(1926=100)
(1930=100)
Raw and Fully and
chiefly
partly
manumanufactured factured
goods
goods
IndusIndusIndus- Agricul- trial raw trial fintrial
tural
and semi- ished
products products finished products
products
Farm
products
Foods
1926
100
100
100
100
100
100
129
130
150
1930
1931
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
88
65
48
51
65
79
81
86
69
65
68
82
91
75
61
61
71
84
82
86
74
70
71
83
85
75
70
71
78
78
80
85
82
81
83
89
82
56
48
51
59
64
69
87
74
64
67
71
82
62
55
57
64
66
71
84
73
67
75
82
87
75
70
70
73
73
74
81
78
75
82
89
100
89
88
83
85
87
92
102
97
97
133
146
100
87
85
87
90
90
96
112
104
106
138
156
113
104
91
87
96
102
105
105.
106
108
111
120
103
89
88
91
92
94
96
94
95
99
150
136
118
113
116
119
121
125
126
126
129
86
87
91
90
91
95
101
101
103
105
104
104
105
85
87
90
89
89
91
94
95
96
99
99
99
99
90
91
92
93
94
94
95
95
95
96
96
96
96
72
72
73
74
82
83
85
85
90
91
92
93
157
157
158
158
114
114
113
100
100
101
132
132
132
79
80
80
82
81
85
86
87
88
88
89
89
91
90
93
92
92
92
92
92
92
92
92
146
146
147
148
149
151
152
157
158
160
163
160
....
1941—July
August
.
September
October
November
December
1942—January
February
March
April
May
June
July
Sources.—See
74
75
77
78
Foods
158
158
159
159
159
159
159
159
B U L L E T I N for M a y 1942,p. 451; M a r c h 1935, p. 180; a n d M a r c h 1931, p . 159
976
FEDERAL RESERVE BULLETIN
Price Movements—Continued
RETAIL FOOD PRICES
[Index numbersl
Canada
(1935-39 (1935-39
=100)
=100)
United
States
Year or month
COST OF LIVING
[Index numbers]
United
King- Ger- Nether Switzdom many lands erland
(June
(July
1914
=100
(1913-14 (1911-13 1914
=100) =100) =100)
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
87
84
94
100
101
105
98
95
97
106
86
85
93
95
98
103
104
101
106
116
126
120
122
125
130
139
141
141
164
168
116
113
118
120
122
122
122
123
128
P129
1941—July
August...
September
October..
November
December,
1942—January ..
February.
March
April
May
June
July
107
108
111
112
113
113
116
117
119
120
122
123
125
117
121
123
123
125
124
122
123
124
124
124
126
130
167
167
166
165
165
165
163
163
162
160
160
159
160
134
133
128
P128
Year or month
United
Ger- NetherKingmany lands
dom
(1935-39 (1935-39 (July (1913-14 (1911-13
=100)
=100)
=100) =100)
1914
=100)
United
States
Canada
125
117
115
114
120
130
130
132
146
175
P126
PI 28
PI 29
P132
P134
1932
1933
1934
1935
1936
1937
1938
1939
1940
1941
98
92
96
98
99
103
101
99
100
105
99
94
96
96
98
101
102
102
106
112
144
140
141
143
147
154
156
158
184
199
121
118
121
123
125
125
126
126
130
P133
179
180
181
185
188
189
191
194
195
197
199..
119
120
124
118
120
127
130
130
2140
1941-July
August....
September..
October....
November..
December. .
1942-January
February...
March
April
May
June
July
105
106
108
109
110
111
112
113
114
115
116
116
117
112
114
115
116
116
116
115
116
116
116
116
117
118
199
199
199
199
200
201
200
200
200
199
200
199
200
Switzerland
(June
1914
=100)
136
136
133
141
139
140
136
1132
137
139
140
3148
138
131
129
128
130
137
137
138
151
174
177
178
178
182
184
184
186
188
189
191
192
P132.
P132
P134
P137
P137
P Preliminary.
1 Revised index from March 1936 (see BULLETIN for April 1937, p. 373).
2 Average based on figures for 3 months; no data available since March 1940, when figure was 141.
3
Average based on figures for 5 months; no data available since May 1940, when figure was 149.
Sources— See BULLETIN for May 1942, p. 451; October 1939, p. 943; and April 1937, p. 373.
SECURITY PRICES
[Index numbers except as otherwise specified]
Bonds
United
States
Year or month
(derived
price)1
United
Kingdom
(December
1921=100)
Common stocks
Germany
France
(average
(1913=100)
price) 2
Number of issues
15
1926
90.1
110.0
113.2
119.7
127.5
129.9
131.2
124.6
121.3
112.3
118.3
123.8
88.6
81.3
82.1
83.5
76.3
75.1
77.3
83.9
84.7
118.7
118 5
118.1
118.8
119.2
117.5
117.5
117 1
116.7
117 8
117 7
118.0
118.9
124.7
124.5
125.9
125.5
125.7
125.5
126.8
126.5
127.1
127 5
126.8
126.7
1932 ..
1933
1934
1935
1936
1937
1938
1939
1940
1941
. .
. ..
1941—July
September
October
November
December
1942—January
March
May
June
July
1
87
36
(1935-39
=100)
(1926=100)
United
Kingdom
France
Germany
5
67.1
82.5
90.7
6
95.1
95.8
98.7
99.9
99.0
100.7
103.1
103.1
103.1
8
94.8
105.3
113.4
107.8
109.1
3
101.8
105.9
90.9
7
77.9
278
300
(4)
105.6
139
57.4
84.4
91.2
98.2
105.5
109.5
110.2
111.1
113.8
115.9
117.8
2
Netherlands 3
United
States
100.0
100.0
67.9
78.6
85.7
86.3
97.0
96.3
80.8
75.9
70.8
72.5
105.2
99.6
83.3
79.7
77.2
97.4
89.7
98.3
83.2
83.2
83.6
80.4
77.4
71.8
72.6
69 9
66.0
63.3
63.2
66.1
68.2
72.5
73.8
75.1
74.8
76.0
74.8
76.0
73.0
72.6
72.5
73.0
73.7
(1930=100)
100.0
51.2
67.0
76.6
82.9
117.5
117.5
88.2
94.2
88.1
80.0
Netherlands
402
P27O
P292
P305
P311
P329
P348
P387
P409
P437
P454
P470
5
50.3
61.7
71.1
82.9
91.6
102.6
100.1
94.1
114.6
100
46
52
55
55
66
104.2
95.8
89.7
8
95.0
142.6
144.0
146.4
P Preliminary.
1 Figures represent calculated prices of a 4 per cent, 20-year bond offering a yield equal to the monthly average yield for 15 high-grade corporate bonds
for the series beginning 1937 and for a varying number of high-grade bonds for the series prior to that date. The yearly average for 1937 is the same for
both2 series. Source: Standard and Poor's Corporation.
Since April 1, 1935, the 139 bonds included in the calculation of the average price have all borne interest at 4 ^ per cent. The series prior to that
date3is 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.
6
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 7 months; no data available May-September.
8
Average based onfiguresfor 9 months; no data available May-July.
Sources.—See BULLETIN for November 1937, p. 1172; July 1937, p. 698; April 1937, p. 373; June 1935, p. 394; and February 1932, p. 121.
SEPTEMBER 1941
977
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
MARRINER S. ECCLES, Chairman
RONALD RANSOM, Vice Chairman
M. S. SZYMCZAK
JOHN K. M C K E E
ERNEST G. DRAPER
R. M. EVANS
LAWRENCE CLAYTON, Assistant to the Chairman
ELLIOTT THURSTON, Special Assistant to the Chairman
OFFICE OF THE SECRETARY
DIVISION OF BANK OPERATIONS
CHESTER MORRILL, Secretary
EDWARD L. SMEAD, Chief
LISTON P. BETHEA, Assistant Secretary
J. R. VAN FOSSEN, Assistant Chief
J. E. HORBETT, Assistant Chief
S. R. CARPENTER, Assistant Secretary
FRED A. NELSON, Assistant Secretary
DIVISION OF SECURITY LOANS
LEGAL DIVISION
CARL E. PARRY, Chief
WALTER WYATT, General Counsel
J. P. DREIBELBIS, General Attorney
GEORGE B. VEST, Assistant General Attorney
B. MAGRUDER WINGFIELD, Assistant General Attorney
DIVISION OF RESEARCH AND STATISTICS
E. A. GOLDENWEISER, Director
WOODLIEF THOMAS, Assistant Director
WALTER R. STARK, Assistant Director
DIVISION OF EXAMINATIONS
LEO H. PAULGER, Chief
C. E. CAGLE, Assistant Chief
WILLIAM B. POLLARD, Assistant Chief
FEDERAL
OPEN MARKET COMMITTEE
MARRINER S. ECCLES, Chairman
ALLAN SPROUL, Vice Chairman
ERNEST G. DRAPER
R. M . EVANS
R. R. GILBERT
H. G. LEEDY
JOHN K. M C K E E
RONALD RANSOM
M. S. SZYMCZAK
ALFRED H. WILLIAMS
C. S. YOUNG
DIVISION OF PERSONNEL ADMINISTRATION
ROBERT F. LEONARD, Director
OFFICE OF ADMINISTRATOR FOR WAR
LOANS COMMITTEE
KENTON R. CRAVENS, Administrator
GARDNER L.BOOTHE, II, Assistant Admin-
istrator
FISCAL AGENT
O. E. FOULK, Fiscal Agent
JOSEPHINE E. LALLY, Deputy Fiscal Agent
FEDERAL
ADVISORY COUNCIL
CHAS. E. SPENCER, J R . , BOSTON DISTRICT
GEORGE L. HARRISON,
N E W YORK DISTRICT
Vice President
WILLIAM F. KURTZ,
PHILADELPHIA DISTRICT
B. G. HUNTINGTON,
CLEVELAND DISTRICT
ROBERT V. FLEMING,
RICHMOND DISTRICT
H. L A N E YOUNG,
ATLANTA DISTRICT
EDWARD E. BROWN,
CHICAGO DISTRICT
President
CHESTER MORRILL, Secretary
S. E. RAGLAND,
S. R. CARPENTER, Assistant Secretary
LYMAN E. WAKEFIELD, MINNEAPOLIS DISTRICT
WALTER WYATT, General Counsel
ST. LOUIS DISTRICT
J. P. DREIBELBIS, General Attorney
W. D A L E .CLARK,
KANSAS CITY DISTRICT
E. A. GOLDENWEISER, Economist
JOHN H. WILLIAMS, Associate Economist
NATHAN ADAMS,
DALLAS DISTRICT
ROBERT G. ROUSE, Manager of System Open Market
Account
978
GEORGE M. WALLACE, SAN FRANCISCO DISTRICT
WALTER LICHTENSTEIN,
Secretary
FEDERAL RESERVE BULLETIN
CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS
Federal
Reserve
Bank of
Boston
Chairman and
Federal Reserve
Agent
Deputy Chairman
President
Henry S. Dcnnison... W. W. Paddock
A. M. Crcighton
First Vice President
William Willctt
Vice Presidents
K. K. Carrick
Carl B. Pitman*
New York . . .
Beardsley Ruml
Edmund E. Day
Allan Sproul
R. M. Gidney
L. R. Rounds
Walter S. Logan
J. M. Rice
Robert G. Rouse
John H. Williams
Philadelphia.. Thomas B, McCabc.. Warren F. Whitticr.. Alfred H. Williams.. Frank J. Drinncn... W. J. Davis
P? C Will
C. A. Mcllhcnny1
C. A. Sicnkicwicfc
Cleveland . . . . Geo. C. Brainard.... R. E. Klages
M. J. Fleming
F. J. Zurlindcn
C. W. Arnold
R. B. Hays
W. F. Taylor8
G. H. Wagner
Richmond.... Robt. Lassiter
W. G. Wysor
Hugh Leach
J. G. Fry
J.S. Waldenjr
R. W. Mercer
Atlanta
J. F. Porter
Frank H. Ncely
W.S. McLarin,Jr... Malcolm H. Bryan
H. F. Conniff
L. M. Clark
Simeon E. Leland.... C. S. Young
Chicago
H. P. Preston
Allan M. Black1
J. H. Dillard
Charles B. Duno
A. J. Mulroney
Alfred T. Sihlcr
F. Guy Hitt
O. M. Attcbery
C. M. Stewart
0 . S. Powell
A. W. Mills*
St. Louis
Wm. T. Nardin
Oscar Johnston
Minneapolis..
W. C. Coffcy
Roger B. Shepard.... J. N. Peyton
Chester C. Davis
Harry I. Zicmer
Robert L. Mchornay.. H. G. Lccdy
Dallas
Jay Taylor
San Francisco. Henry F. Grady....
Henry 0 . Koppang. J. W. Helm2
D. W. Woollcy
J. B.Cozzo
Kansas City... R. B. Caldwcll.
E. B. Stroud
R. B. Coleman
Ira Clerk
C. E. Earhart1
W M Hale
R. B. West
R. R. Gilbert
St. George Holden... Wm. A. Day
1
Cashier.
1
W. J. Evans
W. O. Ford1
Also Cashier.
M A N A G I N G 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
1942.
Managing Director
R. B. Wiltsc
B. J. Lasar
P. A. Brown
W. R. Milford
W. T. Clements
P. L. T. Beavers
Gco. S. Vardcman, Jr.
Joel B. Fort, Jr.
E. P. Paris
. . . H. J. Chalfont
A. F. Bailey
C. A. Schacht
W. H. Glasgow
Federal Reserve Bank of—
Managing Director
Minneapolis:
Helena Branch
R. E. Towle
Kansas City:
Denver Branch
Oklahoma City Branch
Omaha Branch
Jos. E. Olson
G. H. Pipkin
L. H. Earhart
Dallas:
El Paso Branch
Houston Branch
San Antonio Branch
J. L. Hermann
San Francisco:
Los Angeles Branch
Portland Branch
Salt Lake City Branch
Seattle Branch
W. N. Ambrose
D. L. Davis
W. L. Partner
C. R. Shaw
W. D. Gentry
M. Crump
979
oo
o
FEDERAL RESERVE SYSTEM
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
AND THEIR BRANCH TERRITORIES
F
==g
BOUNDARIES OF FEDERAL RESERVE DISTRICTS
—
BOUNDARIES OF FEDERAL RESERVE BRANCH TERRITORIES
^
BOARD OF GOVERNORS OF THE FEDERAL RESERVE. SYSTEM
()
•
FEDERAL RESERVE BANK CITIES
•
F
5
FEDERAL RESERVE BRANCH CITIES
O
FEDERAL RESERVE BANK AGENCY
JUNE. I, 1942
BOARD OF GOVERNORS OF THE. FEDERAL RESERVE SYSTEM
@FedFRASER