Federal Reserve Bulletin, 1940-04

FEDERAL RESERVE BULLETIN Review of the Month—Recent Business Developments Investments and Liquidity of Member Banks United States Government Corporations and Credit Agencies in 1939 From the Board's Correspondence—The Authority to Issue Federal Reserve Notes; The Federal Reserve Banks Are Public Institutions Historical Review of Objectives of Federal Reserve Policy BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Contents PAGE Review of the Month—Recent Business Developments . 273-278 Historical Review of Objectives of Federal Reserve Policy, by Arthur Hersey . . 279-289 From a Legal Standpoint: Applicability of Social Security Act to Federal Reserve Banks, National Banks and State Member Banks 290-292 Investments and Liquidity of Member Banks, by Victor M. Longstreet 293-297 United States Government Corporations and Credit Agencies in 1939, by Henry Edmiston and Gunhild Anderson 298-305 From the Board's Correspondence: The Authority to Issue Federal Reserve Notes.... . 306-307 The Federal Reserve Banks are Public Institutions. . . 307 Current Events 308 Report of the Federal Deposit Insurance Corporation... 309-310 National Summary of Business Conditions 311-312 Financial, Industrial, Commercial Statistics, United States (See p. sis for list of tables.) 313-350 International Financial Statistics (See p. S51 for list of tables.) . 351-373 Federal Reserve Publications 374 Board of Governors and Staff; Open Market Committee and Staff; Federal Advisory Council 375 Senior Officers of Federal Reserve Banks; Managing Directors of Branches . . . 376 Subscription Price of Bulletin The FEDERAL RESERVE BULLETIN is issued monthly by the Board of Governors of the Federal Reserve System and is sent to member banks without charge. The subscription price in the United States, Canada, Mexico, and insular possessions is $2.00 per year or 20 cents per single copy; elsewhere, $2.60 per year or 25 cents per single copy. Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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FEDERAL RESERVE BULLETIN VOL. 26 APRIL 1940 No. 4 J2u5ine£3 t?eirelopntent5 During the first quarter of 1940 economic and mining. This is primarily because the inactivity in the United States declined consid- dex is composed largely of data reflecting erably from the high level operations in the early stages of the industrial Recent changes reached toward the end of process, where output increased faster last in national 1939. Changes in different autumn and decreased more rapidly during income lines of activity in this period the first quarter of this year than did activity of reaction were unusually complex, so that in the more advanced processes of production. measurements of the extent of the decline and In March the Board's adjusted index, at about interpretation of the position at the end of 105 per cent of the 1923-1925 average, was the quarter are exceptionally difficult. It down 23 points from the December peak and appears that total income payments in was only slightly above the average of 102 for March, while below those of December, were last July and August. Taking into account considerably above those of last summer, the sustained high level of activity in some the decrease being about one-third of the lines not adequately represented in the index, earlier advance. The decline after the end of last year reflected mainly reductions in SELECTED BUSINESS SERIES wage payments in manufacturing industries. In the building industry and in the trade and service industries changes in income payments were largely seasonal, and agricultural income was well maintained during the first three months of this year. Dividends were at an advanced level, following sharply increased corporate profits in the latter part of 1939. The decline in total income payments shown on the chart for the first quarter of this year did not reflect in full the actual decline in economic activity, as payments in many instances were made for activities and transactions that occurred earlier. The Board's index of industrial output, on the other hand, is dominated by items that fluctuate more widely than total Course of business activity and, therefore, 1937 1938 1939 1940 exaggerated both the preceding Sources: Income payments series, Department of Commerce; industrial production, Board of Governors of the Federal Reserve advance and the subsequent de- System; common stock prices, Standard Statistics Company; cline, even in the volume of manufacturing wholesale commodity prices, Bureau of Labor Statistics. Latest figures shown are estimates for March. 273 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month as, for example, the machinery industries, slightly over 90 per cent of capacity in the it appears that activity at factories and mines atter part of the year to about 64 per cent in in March was above the level of last summer March. In recent months exports of semiby between 5 and 10 per cent. finished and finished steel products have Important differences in the course of out- amounted to about 9 per cent of steel-making put since last summer as between production capacity as compared with around 4 per cent of steel and activity in most ast summer. About half of this increase has Steel and steel- leading domestic steel-consum- been to Latin American countries. Shipments consuming ing industries are shown on to Europe have also risen sharply, principally industries the chart, which is based on those to the United Kingdom; and Canada, data for man-hours worked. The fact that Japan, the Philippines, and the Dutch East activity at steel mills rose much further by Indies have taken substantially larger the end of the year than activity in domestic amounts. steel-consuming industries reflected in part Maintenance of activity in domestic steelan increase in exports of steel products. It consuming industries has reflected large outresulted in larger part, however, from the put in many lines. Automobile production in greater demand for steel for inventories and the first quarter amounted to about 1,260,000 from the greater speed with which produc- cars and trucks, which was one of the largest tion of steel could be stepped up. Large orders totals on record for such a period. In the mafor machinery placed last autumn and worked chinery industries output has been mainon only in part during 1939 provided a backtained near the levels reached earlier, and the log which together with a substantial volume shipbuilding and aircraft industries have of new orders sustained activity in these lines been operating at near-capacity levels. in the first quarter of this year. Meanwhile Activity in industries manufacturing other activity at steel mills declined sharply and durable goods, including lumber, cement, and output of ingots dropped from a level of plate glass, has fluctuated considerably since last summer but less than output in the steel STEEL AND STEEL-CONSUMING INDUSTRIES industry. MAN-HOURS WORKED ADJUSTED FOR 8EA8ONAL VARIATION, 1939 AVERAGE • 100 In the nondurable goods industries changes 140 140 have been less marked than in the durable lines. Output of nondur- 130 130 Nondurable goods relatively higher levels during the first half 120 120 of 1939, as indicated by the chart on the next page. In the third and fourth quarters there 110 no were increases, but recent declines have brought activity in this group of industries 100 100 V7 back to the level of last summer. Reductions 8TEEL-CONSUMING *-*• X have been particularly marked in the woolen 90 90 and silk textile industries, and recently output 80 _J I I L_ 80 in these lines has been considerably below last 1939 1940 summer. Production of cotton and rayon tex- "Steel" represents man-hours worked at blast furnaces, steel tiles, on the other hand, and also output of works, and rolling mills. "Steel-consuming" represents manhours worked in the machinery, transportation equipment, and manufactured meat products, have remained other steel-fabricating industries. Part of the work done at steel mills is on products, like rails and structural shapes, which are near the high levels reached early last autumn. used domestically without further manufacturing, and on products which are exported. Latest figures shown are estimates fo: In industries producing shoes, tobacco, paper, March. 274 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month tires, and petroleum products, current activ- ary and February and the level in March apity is about the same as last summer. pears to have been high, although up less than Mineral production has been maintained seasonally from February. In private resiat a high level this year. Coal production has dential building, contract awards showed declined, but output of crude pe- a decline in January but subsequently rose, Minerals troleum has been at record levels. and the level indicated for the quarter is Output of nonferrous metals, which had about the same, on a seasonally adjusted risen sharply in the latter part of 1939, basis, as that prevailing during most of 1939. has subsequently been largely maintained. In the field of producers' durable goods, a Exports of copper were unusually large in considerable part of the deliveries now being December and January, but in February there made in large volume are on orders placed was a sharp reduction. last autumn. Figures of the Department of Commerce for January show that new orders, INDUSTRIAL PRODUCTION reported chiefly for durable manufactures, were not so high as last autumn but were well POINTS IN TOTAL INDEX above the corresponding month of 1939. This higher level may reflect to some extent the influence of foreign buying, but is probably due in considerable part to increased domestic purchases of both producers' and consumers' durable goods. In the export field, shipments of many industrial products have been large this year, continuing substantially above last Exports hile shipments of a few, summer? w notably petroleum and products, have been reduced. Differences in the volume of foreign business in various lines—demand being concentrated on airplanes, iron and steel products, nonferrous metals, machinery, and the like—have accounted in part for the diversity in production rates in this country. 1935 1936 1937 1938 1939 1940 Much of the demand for these goods both Latest figures shown are estimates for March. by belligerents and other nations reflects directly war developments and is largely in- The situation with regard to final dispodependent of developments in this country. sition of various types of finished goods pro- Cotton exports have been in large volume, duced is also unusually mixed. while shipments of many agricultural prod- Domestic The dollar value of general consumption ucts, and particularly tobacco, have remained merchandise sold by departat a low level. ment stores, variety stores, and mail order In February exports of United States merhouses declined by more than the usual seachandise totaled $339,000,000, which is more sonal amount after Christmas, partly because of unusually severe weather. Sales in dollar than half again as large as a year ago and a amounts have continued somewhat larger less than seasonal decline from the Decemberthan a year ago, but this has reflected at least January level. Shipments of cotton, aircraft, in part an advance in prices. Retail sales and copper were somewhat below the high of automobiles were unusually large in Janu- levels of January, while changes in other 275 APRIL 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month industrial export items were on the whole must take into account the possibility that for small, with earlier advances maintained. a time production may be below consumption, Shipments of iron and steel rose somewhat with some liquidation of the inventories accufurther, and exports of metal-working ma- mulated earlier, when output was clearly in chinery and chemicals remained well above excess of consumption. At the same time due their levels of last summer. Exports of petro- consideration should be given to the fact that leum and its products, which had not risen inventory accumulation, while rapid from materially after the outbreak of war, de- September to the early part of this year, exclined, while those of automobiles showed tended over only a short period; that in lines little change from January at a figure slightly where activity is being sustained at high below that reached in December. Agricul- levels the volume of inventories required, intural commodities other than cotton showed cluding goods in process, is larger than last mixed movements, with little change in the summer; and that during a period like the total as compared with last year. present it may appear advantageous, in the Exports to Japan, which had risen sharply case of some commodities, to keep more infollowing notice by the United States last ventories than usual. July that the trade treaty with that country Department of Commerce data show that would cease to be effective on January 26, at the end of January the value of inventories fell abruptly in February. The decline re- at manufacturing establishments was 7V2 flected smaller purchases of cotton, petroleum,per cent larger than a year earlier and that iron and steel, copper, and metal-working there was a slightly greater percentage rise machinery. Exports to the United Kingdom, in wholesale stocks. How much of this rethe Netherlands, and Soviet Russia also de- flected price changes is not readily detercreased substantially. The decline in exports mined ; data available on the physical volume to the United Kingdom was principally in of stocks relate in many cases to industries cotton shipments, and the Netherlands took where inventories actually decreased last less cotton and petroleum. Copper exports to autumn through transfer of goods to more ad- Russia fell sharply. Declines in aircraft and vanced stages. In retail establishments there cotton shipments to France were offset by in- appears to have been relatively little increase creases in other products. Exports to Bel- in inventories; at department stores the rise gium increased sharply, reflecting mainly the apparently was no more than that indicated sale and transfer of eight merchant vessels for prices. Automobile dealers, on the other to that country. There were also larger ex- hand, are reported to be holding larger stocks ports to the Scandinavian countries, Italy, of new cars than is usual at this season. and Canada, while trade with Latin America Backlogs of orders, important for the most declined slightly. part in the durable goods industries, were In the aggregate the volume of industrial generally larger at the end of January than products delivered in March for export and a year earlier, except in public construction, for domestic use was prob- where a year ago a large volume of Public InventoHes, new ably substantially larger Works Administration contracts had just rnfiTledaordders than last summer. It is diffi-been awarded. For manufacturing establishcult to determine on the basis ments, excluding the transportation equipof available data precisely how the volume of ment industries, reports indicated a volume consumption has compared with the volume three-fifths larger; and in transportation of production, but it appears likely that con- equipment the increases for the airplane and sumption currently is at least as large as pro- shipbuilding industries were exceptionally duction. Any appraisal of the present position large. Reports indicate that during January, 276 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month and subsequently, backlogs were drawn down issue declined to 2.28 per cent at the close somewhat, as new orders were below the level of March, compared with 2.26 per cent at of shipments. the all-time peak on June 5, 1939. The The general level of wholesale commodity average yield on 3- to 5-year Treasury notes prices has shown some decline this year, re- declined to 0.40 per cent. flecting chiefly decreases in Treasury financing in March consisted of Commodity prices i the refunding of Treasury notes maturing in priceg Qf industria r aw and semi-finished materials. The index of the June 1940 into a new 5-year % per cent note. Bureau of Labor Statistics was 78 in the This coupon rate is as low as any ever offered third week of March as compared with 79.5 on a 5-year note, the other issue at that rate early in January and 75 last August. The being that of the June 1944 notes. Approxiprincipal decreases came during January, mately $720,000,000 of the maturing notes but in the middle of March, after a month of were exchanged for the new note issue, leavlittle change, there was some further weak- ing only $20,000,000 to be repaid at maturity. ness in prices of industrial materials. Prices The 3% per cent Treasury bonds of 1940of nonferrous metals showed some declines 1943 were called on February 14 for payment following small increases in the latter part of on June 15, but refunding of this issue was February, and there were continued declines not included in the March financing. in textile yarns and fabrics. Prices of certain The free rates in New York for the pound other industrial materials, such as cotton and sterling and the Canadian dollar declined rubber, however, showed little change. sharply during the month of Certain of the finished industrial products Decline in sterling March. From above $3.90 that had shown the largest price advances ^f in the first week of March, last autumn—including various textile, paper, sterling declined irregularly and petroleum products—have also declined in the course of the month to below $3.50 in this year. Prices of foodstuffs, on the other the last week, closing the month at a slightly hand, have shown little change, the prin- higher rate. The rates for official sterling in cipal fluctuations being in grain prices, influ- London were maintained at $4.02^-$4.03V2enced partly by prospective changes in the The French franc moved in close relation to domestic winter wheat crop. Livestock prices sterling, since the two currencies are linked have remained at earlier reduced levels, as in London at the fixed rate of 176i/ -176% 2 marketings have continued unusually large. francs to the pound. The Canadian dollar In retail markets prices of foods have dropped from around $0.86 as late as March shown some advances this year, and in the 4 to a momentary low of $0.80 on March 12. middle of February the index of the Bureau It fluctuated subsequently in the vicinity of of Labor Statistics was at 78 per cent of the $0.81-$0.82, with a weak tendency toward 1923-1925 average as compared with 77 in the end of the month; the official rates in December and a year ago. Canada were held at the fixed level of approx- After holding relatively steady during Feb- imately $0.90-$0.91. ruary, prices of long-term Treasury bonds in- The decline in sterling reflected a number creased sharply, following of influences, among them the announcement Government ^ announcement by the on March 9 of fresh restrictions on the use e security market of sterling in international trade. Up to Ireasury on March 5 that that time the countries forming the sterthe June 15, 1940, notes would be refunded ling exchange control area—Great Britain, into a new note issue. This raised prices of France, and their respective Empires exlong-term bonds to the highest levels since cluding Canada, Newfoundland, and Honglast summer. The yield on the 1960-1965 277 APRIL 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Review of the Month kong—had with certain exceptions permitted regulations. The exception of Argentina is their exporters to receive payment in sterling due to the fact that under the clearing agreeor in their domestic currencies. Since sterling ment recently concluded between that counis freely convertible in London into these cur- try and the countries of the sterling control rencies, American and other importers of area, Argentine importers from that area goods invoiced in these currencies as well as must obtain their sterling requirements from in sterling were able to cover their exchange the clearing authorities. Similar agreements requirements in the free sterling markets in exist with a number of European countries. New York and Continental financial centers, Exporters of these goods from the sterling where holders of sterling funds which could area were allowed to ship freely against not be liquidated in London at the official payment in free sterling up until March 25, selling rates ($4.0214 in the case of the while reports indicate that further shipments dollar) offered them at a discount. During against free sterling will be permitted until January and February this discount ranged June 8 if these were contracted for before between 2 and 3 per cent. The regular com- March 9. The British authorities are also mercial demand for sterling was instrumen- understood to have undertaken to consider tal in preventing the free sterling rate from applications from exporters desiring after going to a larger discount. June 8 to ship against free sterling goods The new regulations announced in London falling under the regulations which were the on March 9, reinforced by parallel action subjects of long-term contracts dated prior in the other sterling control countries, are to March 9. designed to force exporters of specified goods In the case of the Canadian dollar, the from the sterling control area to certain Canadian Exchange Control has from the destinations to require payment either in outset forbidden, with minor exceptions, the specified foreign currencies—United States use of Canadian funds acquired in the free dollars, Swiss francs, Belgian francs, Dutch market for making payments on Canadian guilders, or Dutch East Indies guilders—or exported goods. Since the first of the year in sterling purchased with these currencies the Control has been gradually tightening at the official rates. The goods covered by the the restrictions on the use of free Canadian order issued in London are rubber, tin, jute dollars for certain other purposes—for exand jute products, whisky, and furs, while an ample, for meeting advertising expenses in order of the Australian Exchange Control Canada—but no drastic move preceded the covers all types of goods exported from sharp decline early in March. This appears Australia. to have been due to speculative activity partly Importers of these goods in the United sympathetic to the movements in sterling States and territories under its jurisdiction, and partly induced by the possibility of in- Switzerland, Belgium, the Netherlands, and creased Canadian war expenditures after the the Dutch East Indies will be expected to elections, while there is at present a seamake payment in their own currencies, and sonal slack in the demand for free Canaimporters in all Central and South American dian dollars for tourist expenditures. In countries (excluding British and French pos- any case, the narrowness of the free market sessions, Argentina, and Uruguay) must for Canadian dollars makes it especially obtain supplies of one of the specified cur- sensitive to small changes in supply and rencies to finance imports covered by these demand. 278 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

rect eta by ARTHUR HERSEY Senior Economist Division of Research and Statistics I N public discussion of economic problems, objectives have been reinterpreted and reit is generally recognized that the Federal formulated on several occasions. These Reserve System has important responsibili- changes can be understood only against the ties with regard to banking and monetary background of the times. conditions. It is often overlooked that these Before the establishment of the Federal responsibilities are largely confined to in- Reserve System in 1914, some of the responsifluencing the availability and cost of money bilities which now fall upon the Federal Rethrough the exercise of limited powers con- serve authorities were borne by local clearing ferred upon the System by the Congress, and houses, by the larger banks in the financial that the Federal Reserve banks and the Board centers, and by the United States Treasury of Governors can only indirectly influence the and subtreasuries. There was, however, no use that is made of money. But many peo- adequate machinery to combat money panics, ple understand that the Federal Reserve Sys- and the first accomplishment of the Federal tem may exert its influence in certain definite Reserve Act was to provide this machinery. ways: through regulation and supervision of The Federal Reserve System had hardly banks, through regulation of security loans been established before it was obliged to conby brokers as well as by banks, through dis- cern itself with the financing of the war. We count rate policy affecting the cost to banks had inflation in the strict sense in the years of borrowing additional reserves, through from 1917 to 1919: prices rose because of changes in reserve requirements, and through the pressure of war-time demands upon the open-market operations directly affecting the country's productive capacity and because supply of bank reserves and consequently the money and credit were expanded to finance inclination of banks to increase, decrease, or those demands. Normal objectives were laid stabilize their loans or investments. aside in the emergency. Reserve bank credit From time to time attempts have been was expanded practically to the limits immade to express in concise form the objec- posed by the statutory gold reserve requiretives toward which the monetary (or credit) ments. In the adjustments that accompanied policies of the Federal Reserve System should the post-war collapse of prices, a large porbe directed. This article attempts to review tion of this credit was liquidated and the the history of these objectives in so far as pressure upon gold reserves was ended. they have been formulated by the Congress From 1922 to 1929 the Federal Reserve or by the Board of Governors of the System. System was hampered by no shortage of gold, It is based largely on material in the pub- it had neither panics nor inflation to cope lished reports of the Board. with, and public opinion was sympathetic to the fullest possible exercise of whatever A Sketch of Federal Reserve History powers the System had to stabilize prosperity. A bird's-eye glance at the span of years Objectives of policy became more fully forfrom pre-Federal Reserve days to the present mulated than before; those were years of time will indicate the varied nature of in- hopeful experimentation. They were followed fluences constantly playing upon the formula-by difficult times. Confusion in public opinion, tion of policy objectives. Federal Reserve delayed reforms in banking legislation, and Note.—Views expressed in signed articles published in the BULLETIN are those of the writers and not necessarily those of the Board of Governors of the Federal Reserve System. APRIL 1940 279 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Historical Review of Objectives of Federal Reserve Policy potential shortage of gold, all had a part in acted to unify the open-market operations limiting Federal Reserve policy directed to- of the several Reserve banks, open-market ward easy money conditions in the years from operations can be used to place additional 1930 to 1932. The scene was completely reserve funds in the hands of member banks, altered with the beginning of recovery. In or to contract the available supply of reserves, recent years the money supply has been and can give effective support to Federal Resteadily enlarged, primarily as a result of serve discount policy. For these reasons gold inflow. The Federal Reserve System has open-market operations have long been an had no occasion to add further to member important tool of monetary policy. More rebank reserves—and has acted in fact to re- cently they have been used to help maintain duce excess reserves—nor can it contribute orderly conditions in the market for highdirectly to the more active use of the money grade bonds. supply. In this recent period the principal The original Act and the subsequent problems facing the System have been the amendments laid down certain principles restoration and preservation of a soundly which the Federal Reserve authorities were functioning banking system, and the avoid- required to observe. (1) The original Act ance, if possible, of harmful repercussions in required that discount rates should be fixed the future from the continuing inflow of gold. "with a view of accommodating commerce and business." 2 (Other language in the Act Legislative Policy in the Federal Reserve Act indicated that industry and agriculture were covered by this phrase.) (2) A somewhat The record of the panic of 1907, of the similar formulation of the objectives of policy National Monetary Commission of 1908-1912, in connection with open-market operations and of the political and other public discus- was adopted by the Board in 1923 and emsions surrounding the establishment of the bodied in law in 1933 as follows: "with a Federal Reserve System, reveals that the ob- view to accommodating commerce and busijective of its founders was to provide "a ness and with regard to their bearing upon sound and elastic supply of currency and the general credit situation of the country." 3 credit." This meant mobilization of the gold (3) "Sound credit conditions" were also reserves of the nation in central reservoirs, named as an objective in a 1933 amendment provision for the banks to increase their re- dealing with the administration of Federal serves by borrowing from the Reserve banks, Reserve discounts for member banks. The and convertibility of bank deposits freely Federal Reserve banks and the Board were into currency at all times, so long as a bank directed to take cognizance of "undue use" possessed sufficient assets acceptable for dis- of bank credit for certain speculative purcounts or advances. These were the basic poses or "for any other purpose inconsistent aims and accomplishments of the original with the maintenance of sound credit condi- Federal Reserve Act, and in these ways the tions." 4 (4) Finally, the Banking Act of machinery was created which could make a 1935, in continuing the powers to change remoney panic like that of 1907 impossible. serve requirements conferred upon the Board Added to these was the establishment of what in 1933, specified that this might be done "in was considered a safeguard against excessive order to prevent injurious credit expansion credit expansion or contraction, in the form or contraction." 5 of Federal Reserve discount rates. One further indication of legislative intent The Federal Reserve Act provided a new in the original Act has attracted much attenframework of banking and monetary control and it created new bodies, the Federal Re- 1 See Annual Report of the Federal Reserve Board for 1923, pp. 11-13. serve banks and the Federal Reserve Board, 2 Federal Reserve Act as amended, Section 14, fifth paragraph. to administer both the supervisory features 3 Federal Reserve Act as amended, Section 12A, third paragraph. of the Act and—of prime importance—the 4 The eighth paragraph of Section 4 of the Act as amended promonetary features. Subsequent legislation vides for regulations by the Board of Governors covering discounts strengthened this framework. An important and advances and it sets up certain requirements under which the Federal Reserve banks are to exercise their discretion in making example was the enactment of Section 12A discounts and advances. The paragraph deals both with policy affecting the supervision and regulation of individual banks and in 1933, when Congress recognized the need with monetary policy. The 1933 amendment of Section 11 (m), for better coordination of the System's open- which empowered the Board to limit member bank loans on securities and which set up as an objective the prevention of market operations. As the Federal Reserve "undue use of bank loans for the speculative carrying of securi- Board pointed out in 1923,1 when it first ties," also falls on this borderline. 5 See next page for footnote. 280 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Historical Review of Objectives of Federal Reserve Policy tion. This was the limitation of Federal Re- Before the advent of the Federal Reserve serve discounts to short-term paper "issued System a commercial bank followed gold or drawn for agricultural, industrial, or standard rules for good and sufficient reacommercial purposes," specifically excluding sons. When it received gold which added to paper "covering merely investments or issued its reserves, it expanded credit in order to or drawn for the purpose of carrying or add to its earnings. When it lost gold, it had trading in . .. investment securities, except to contract credit in order to regain reserves bonds and notes of the Government . . ." 6 or else reduce its deposits in proportion to Unlike the guides to policy listed above, this its reserves. The earliest central banks acted was a mandatory provision which need not like commercial banks. As central banking have influenced the purely discretionary has developed, however, it has come to be policies of the Board regarding discount realized that central banks have very differrates and open-market operations. This pro- ent responsibilities from those of commercial banks and a greater freedom of choice in vision reflected the general acceptance at line of action. Central banks are not exthat time of the "commercial banking" theory pected to be profit-making institutions. It is of central banking—the theory that currency therefore unnecessary for them to expand and credit should be expanded only on the their assets and their deposits when their rebasis of "self-liquidating" discounts or adserves increase. Central bank reserves, unvances by central banks to their member like the reserves of member banks, are not banks. usually needed for protection against with- Finally, there was much that was left undrawal of deposits (except in case of a movesaid in the Federal Reserve Act except by imment of gold out of the country), nor do they plication. The implication of the traditional serve, like member bank reserves, as a merequirement that the Federal Reserve banks dium through which the monetary authorities should carry reserves in gold against their can express their policies based on domestic notes and in gold or lawful money against objectives. It is therefore not essential— their deposits was that they should nor- apart from arbitrary legal requirements— mally react to changes in their gold reserves that a central bank maintain a fixed miniin a traditional banking way: allowing credit mum ratio of reserves to liabilities. to expand when gold came in, contracting Under certain circumstances, however, a credit when gold went out. In other words, central bank may follow the gold standard it was implicitly assumed that the ordinary line of action for other reasons than those that rules of the pre-1914 international gold standmotivate commercial banks. These reasons ard, applying to the operations of commercial are found in the international trade aspect of banks in this country as well as to central the gold standard rather than in the domestic banks abroad, would apply to operations and banking aspect. The maintenance of stable policies of the Federal Reserve System. exchange rates is the prime justification for Since this particular feature of the Federal a central bank to pay attention to its gold Reserve Act received little attention at the reserves. time, and since its consequences might easily . In international trade, gold movements come in conflict with the legislative injunction serve to settle balances of payments among that policy be guided by "the accommodation countries whose citizens owe each other more of commerce and business," a survey of the or less for merchandise exports and imports, background of Federal Reserve policy objecfor interest and shipping charges, etc., or tives should be supplemented by a brief rewho wish to transfer long-term and shortview of the relation of the gold standard to term capital from one country to another. monetary policy. Under the comparatively stable conditions existing up to 1914, a central bank faced 5 Federal Reserve Act as amended, Section 19, sixth paragraph. with an outward flow of gold as the result This paragraph was originally added by the so-called "Thomas Amendment" in 1933, and at that time permitted reserve require- of an adverse balance of payments could ments to be changed after a declaration "that an emergency exists by reason of credit expansion." The Thomas Amendment, which reduce the flow of gold by taking action to authorized the President in his discretion to take certain actions tighten credit and raise money rates, even to brin«3T about an "expansion of credit," also contained a clause authorizing the Federal Reserve Board; with the approval of the without actually bringing about any sub- Secretary of the Treasury, to take certain other measures "to stantial reduction in the outstanding deposits prevent undue credit expansion" (Agricultural Adjustment Act of 1933, Title III. Section 43). of the commercial banks. The Bank of Eng- 6 Federal Reserve Act as amended, Section 13, second para- land, for example, could induce a net movegraph. APRIL 1940 281 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Historical Review of Objectives of Federal Reserve Policy ment of short-term capital, sensitive to in- banks and central banks abroad developed a terest rates, to the London market, thus re- technique of offsetting gold movements by ducing the net demands for foreign exchange open-market operations as an alternative to which had to be met by gold exports. More allowing a full and free response of credit far-reaching effects on the balance of inter- conditions to the large gold movements of national payments may have been exerted in the post-war era. But in 1914 it was taken some cases. For example, if a central bank for granted that central banks should ease permitted a general expansion of credit to and tighten money rates in direct response occur following a large inflow of gold, this to actual or potential inflows and outflows of would tend, other conditions being favorable, gold. to raise the level of prices and of wages To sum up, the Federal Reserve Act conand other money incomes within the country; tains three kinds of guides to Federal Reserve this development might lead to an expansion policy objectives: (1) certain formal prinof imports as compared with exports which ciples to be followed in determining policy, would redress the balance of payments origi- which refer to the needs of the American econally responsible for the gold inflow. In such nomic system, (2) an expression of legislaways as these, it made for stability of inter- tive intent that the American banking system national trade for central banks to follow the should be a "commercial banking" system, gold standard rules for responding to gold and finally (3) what amounted to an injuncmovements. The concrete objective was tion to the Federal Reserve System to follow stability of exchange rates. In a world in the gold standard rules of banking, at least which gold, the medium for settling balances in any situation in which the fixed minimum of payments* at fixed exchange rates, was relationship of gold reserves to Federal Rerelatively scarce, it was advantageous for serve currency and credit should appear to central banks to follow a course that would be endangered. tend to maintain stable exchange rates with the least possible movement of gold. • Administrative Policy in the Federal Reserve A further argument for the gold standard rules of banking was that they would make System central banking policy relatively automatic. We turn now to observe the Federal Re- One could predict the country's monetary serve System in operation. The earliest probpolicy merely by following the state of the lems of the System were practical ones of central bank's reserve ratio. organization and procedure. Only as the new Stability of international exchange and the Reserve banks began to function could it be semi-automatic nature of money managelearned what impact their day-to-day operament, then, were thought of as reasons for tions would have on the rest of the banking having central banks maintain more or less rigid relationships between their gold re- system or what meaning should be attached serves and their note and deposit liabilities. to the broad purpose of "accommodating But unlike commercial banks, central banks commerce and business." Policy and policy have not felt strong compulsions to maintain objectives have developed together out of the such rigid ratios. In fact, as central banking experience of the System. From the start, has developed, it has been observed that there however, the Federal Reserve Board exare often strong reasons not to follow the gold pressed an intention of performing its duties standard rules in their full and literal sim- in the interests of users of credit. plicity. To cite a single illustration: the de- A few months after the Federal Reserve posits of the usual type of central or reserve banks had been organized, the Board made bank are the reserves of the commercial or its first report to Congress. Discussing the member banks. If both the reserve banks proper place and function of the System, the and the member banks should maintain rigid Board rejected the thought that the System's deposit-reserve ratios, increases or decreases chief service should be merely one of protecin the reserve banks' gold reserves would re- tion in emergencies. "Its duty plainly is not sult in greatly magnified changes in the out- to await emergencies but by anticipation, to standing credit and deposits of the member do what it can to prevent them."7 The System banks. It was precisely to avoid the unsta- should "constantly carry the promise of being bilizing effects of such broad fluctuations in able to protect business against the harmful the money supply that the Federal Reserve 7 See next page for footnote. 282 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Historical Review of Objectives of Federal Reserve Policy stimulus and consequences of ill-advised ex- Traditional gold standard theory prepansions of credit on the one hand, or against scribed certain policies when gold was flowthe menace of unnatural restrictions and un- ing in as well as when it was flowing out. necessary contractions on the other, with ex- In its 1923 report, after three years of rapid orbitant rates of interest and artificial strin- increase in the gold stock, the Board looked gencies."7 The Reserve banks should always forward to a time when demands for gold be in a position to influence the market. "Pru- in connection with the reestablishment of a dence and a proper regard for the common gold standard in various European countries good" would sometimes call for the restric- might reverse the inflow to the United tion of credit, while at other times "the bor- States. "It is the part of prudence for the rowing community" should "be able to obtain United States and for the Federal Reserve accommodations at the lowest rates war- banks . . .," the Board said, "to pursue a ranted by existing conditions."7 "To provide course which will enable them to part with and maintain a fluid condition of credit, such such portion of this gold as Europe will need as will make of the Reserve Banks at all times . . ." The Reserve banks should not be inand under all conditions institutions of ac-fluenced by "the desire to make full use of commodation in the larger and public sense their earning power." 9 The report went on of the term is the first responsibility of a Re- to show that the Board was rejecting at that serve Bank." 7 time the suggestions of some economists that Two ideas expressed in this early report orthodox gold standard theory should be folare of paramount importance today. One is lowed by adopting an excessively easy money the System's duty to do what it can "by antici- policy in the hope of inflating credit and prices pation," to prevent such emergencies as gen- so as to halt the gold flow. The Board pointed eral inflation or deflation. The other is "the out that the gold movements "in part have larger and public" nature of the System's occasioned and in part have resulted from day-to-day responsibilities to its member the breakdown of the gold standard." 10 Bebanks and to the country at large. These cause part of the gold imports had been used responsibilities have recently been formulated to reduce member bank borrowings at the as a twofold objective in which the primary Reserve banks and later to meet an increased aim is to contribute so far as possible to eco- demand for circulating currency, these gold nomic stability and prosperity and in which inflows had not been fully reflected in inan important secondary aim, essential to the creases in member bank reserves.11 Overly success of the first and yet dependent upon it, strict adherence to the rules of the gold standis to preserve a sound banking system and ard, by causing member bank reserves to credit structure.8 mount rapidly, might have resulted in stimu- The "larger and public" nature of the Fed- lating speculative expansion at the time of eral Reserve System's responsibilities has the gold inflows and might have forced the never been questioned, but there have been System to follow a gold standard policy of different ways of interpreting those respon- tight money if gold then went out. Such sibilities. It is the purpose of the rest of fluctuations in policy would have been quite this article to indicate what some of the lines undesirable so far as domestic objectives of interpretation have been, and how chang- were concerned. ing interpretations have affected the formal Although gold was continuing to flow to objectives of the System. the United States, the recession in domestic Much of the history of the evolution of ob-business in 1924 caused the System to relax jectives deals with three traditional banking its stand of the previous year against the ideas, derived from earlier American experi- adoption of an easy money policy. One byence and recognized in the Federal Reserve product of the System's open-market opera- Act, which have formed a definite part of the tions and discount rate reductions in 1924 System's objectives at various times. was to help make dollar credits available to Gold Standard Tradition.—One of these European countries,12 and so to help check ideas was that the Federal Reserve System the gold inflow. In this instance the policy should shape its policies according to the adopted went somewhat beyond the ordinary state of its gold reserve. 9 Annual Report for 1923, p. 20. 7 Annual Report for 1914, pp. 17-18. 10 Annual Report for 1923, p. 30. 8 See, for example, Annual Report for 1937, p. 222, "Objectives 11 Annual Report for 1923, pp. 18-19. of Monetary Policy: Monetary contribution to economic stability." 12 Annual Report for 1924, pp. 9-12. APRIL 1940 283 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Historical Review of Objectives of Federal Reserve Policy dictates of gold standard tradition, since cen- A few months later, after the passage of the tral banks would ordinarily not have engaged Glass-Steagall Act, the System undertook in open-market operations to supply the banks substantial open-market operations to ea,se with more funds on top of a gold inflow. In credit conditions in the United States again. the latter part of 1927, on the other hand, the In 1933, on the other hand, when panic adoption of a similar policy of open-market hoarding of currency and some signs of gold purchases and discount rate reductions was withdrawals led first to a raising of discount directly contrary to strict gold standard rules. rates but immediately thereafter to the clos- Influenced by hopes for a world-wide restora- ing of the banks and the imposition of a gold tion of the gold standard, the System adopted embargo by the President, the Federal Refor a while a definitely easy money policy in- serve System was enabled to direct its efforts tended in part to facilitate rather than check without delay toward a restoration of easy an outward movement, already under way, money conditions. of capital and gold to countries undertaking There have been tremendous increases in monetary reforms.13 the United States gold stock since 1933. It In these three instances, and especially in now appears unlikely that the formal requirethe latter two, the Federal Reserve authori- ment of minimum gold reserves against Fedties were apparently more concerned with eral Reserve notes and deposits will have any helping in the reestablishment of a world effect upon credit policy for many years to gold standard than in seeing that the System come. In this connection, it is of interest itself should follow gold standard rules as that England—in time of war at least—has they applied to the United States. An ex- abandoned traditional gold standard restricplanation is that the ratio of the Reserve tions, so far as concerns its banking system, banks' gold reserves to their liabilities was in both form and practice. The Bank of Enghigh enough to be ignored as a guide to land's entire gold stock was sold to the Expolicy at that time. If this ratio was well change Equalization Account in September above its legal minimum there was no reason 1939 and thus became freely available for to worry about maintaining the gold standard sale abroad if need should arise. This event in the United States. Indeed, the very free- highlights the separation of domestic credit policy from foreign trade problems which has dom of the United States from the danger of been developing in England for several years. excessive loss of gold at this time was causing Thus, by different routes, the result has come the Federal Reserve authorities, as will be about in both England and the United States shown below, to develop policy objectives that that the pre-1914 gold standard tradition of could be substituted for the traditional gold banking has become irrelevant. The problems standard rules of thumb. that gold creates for the United States now There was, however, one important inare those of overabundance and not of potenstance in which the System's policy was tial shortage. chiefly influenced by a desire to protect the United States gold stock.14 Upon the depar- Self-Liquidity of Reserve Bank Assets.— ture of England from the gold standard in The second idea that has formed a part September 1931, there was a sudden outflow of Federal Reserve objectives—though it is of gold from the United States. Currency was hard to find an instance of policy being based also being hoarded in this country, and the upon it—is indicated in the Board's earlier combined effect of these developments was a reports by the emphasis placed upon liquidity sharp stiffening of interest rates in American of the Federal Reserve banks as a factor in money markets and the prospect of a serious maintaining a stable and flexible structure.16 decline in the ratio of gold reserves to out- 15 Annual Report for 1931, p. 6. While it was the gold reserve standing Federal Reserve liabilities, which, requirements which were basically responsible for the raising of however, was very high at the time. At this discount rates, the collateral requirements for Federal Reserve notes—with permissible collateral confined at the time to distime the System acted in the orthodox gold counted paper and gold—also placed an obstacle in the way of easing money rates through open-market operations since memstandard manner, which it considered appro- ber banks would then have paid off their discounts ; eligible paper priate in view of the outflow of gold,15 and would not have been available as collateral, making it necessary to pledge gold instead and thus reduce the amount of gold availraised its rates on discounts and acceptances. able as reserves against Federal Reserve deposits. With the gold outflow under way this combination of events might have reduced gold reserves to below the legal limits. It should be remembered, 13 Annual Report for 1927, pp. 10 and 14-17. however, that the Board has always had the power to suspend the 14 On two other occasions, in 1919-1920 and in 1933, the fear of legal limits temporarily. possible losses of gold influenced policy in some degree. 16 See next page for footnote. 284 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Historical Review of Objectives of Federal Reserve Policy Like the framers of the Act, the early admin- in 1932, eliminated the requirement that the istrators of the System were influenced by a Federal Reserve banks restrict their advances definite body of economic thought and bank- (other than on Government securities) to ing theory which had been responsible, for "self-liquidating paper." The Reserve banks instance, for the original limitation of redis- are now permitted to make advances to memcounts to short-term paper "issued or drawn ber banks upon any assets if necessary, profor agricultural, industrial, or commercial viding only that the assets furnish the Repurposes/'17 and also for the nominal limita- serve banks with satisfactory security.19 tion of collateral behind Federal Reserve Self-Liquidity of Member Bank Assets.— notes to the same class of paper.18 It has often The belief that the banking system would been stated that the combination of these two be weakened and economic stability endanlimitations was intended to insure that the gered if the member banks themselves held assets both of the member banks and of the an undue volume of securities or loans on Reserve banks should consist largely of short- securities, was the third traditional idea term loans of a "self-liquidating" nature. which influenced Federal Reserve objectives Whether or not these limitations were effec- for a time. There was practical justification tive, the belief did exist that commercial for this belief during the war years, when banks and the banks that held their reserves the member banks were participating heavily should limit their assets so far as possible to in the financing of export trade and war "self-liquidating" paper. expenditures. From 1915 to 1920 the assets Those who held this belief argued that and deposits of the member banks and the monetary and banking disturbances were the amount of currency in circulation increased chief causes of booms and depressions, that rapidly and not only absorbed all the extra by and large the production and marketing gold reserves released by the formation of of agricultural and industrial products of all the System and received from abroad in 1915 kinds would proceed smoothly and without and 1916, but required in addition a great interruption so long as bank credit was exexpansion of Federal Reserve discounts and tended and repaid with equal smoothness. advances. The Board recognized that this According to this view, long-term investment increase in the money supply was an imporand dealings in securities and real estate tant influence in pushing prices up, observing, ought to be financed outside the banking syshowever, that ". . . an absolute or relative tem. In order that the amount of bank credit shortage of many primary materials and outstanding should always bear a close relanecessaries must have advanced values and tion to the rate of productive business acprices to a very appreciable extent, even had tivity, bank credit—and Reserve bank credit there been no considerable change in the in particular—ought to be used only to finance volume of credit and currency." 20 Although dealings that would be quickly "self-liquithe Board strongly urged that "the banks dating." should exert their influence . .. to a more The war-time expansion of Federal Reserve general absorption of Government loans by loans on Government securities and the sub- savings," 21 there was little that could be done sequent growth of open-market investments to keep the banks from adding Government in Government securities were, of course, inand industrial securities and loans on securiconsistent with a strict application of the ties to their portfolios, so long as war financ- "self-liquidity" concept to Federal Reserve ing had prior claims over normal policy. assets. A 1935 amendment to the Federal When it finally approved the raising of dis- Reserve Act, replacing a somewhat similar count rates at the end of 1919 and in 1920, amendment adopted as an emergency measure the Board did so with this growth of mem- 115 See, for instance, Annual Report for 1914, p. 17, Annual Re- ber bank security holdings and loans on port for 1917, p. 19, and Annual Report for 1920, p. 12. securities in mind.22 17 Federal Reserve Act as amended, Section 13, second paragraph. Discounts of paper secured by Government securities were From 1921 on, after the collapse of the also permitted but this was originally considered a very minor exception. post-war boom, the Board's pronouncements 18 Federal Reserve Act as amended, Section 16, second paragraph. Until 1917 even gold was nominally excluded from the 19 See Federal Reserve Act as amended, Sec. 10 (b), and Board note collateral, though this was a fiction that was actually nullified of Governors, Regulation A. by the fifth paragraph of Section 16, which allowed a Reserve 20 Annual Report for 1917, p. 17. b go a l n d k i t t o m red ig u h c t e i d t e s p l o ia si b t i li w ty i th fo r t h o e u ts F t e a d n e d r i a n l g R n e o s te e s rv b e y a th g e e n a t m f o o u r n t t h o e f 21 Annual Report for 1917, p. 9. purpose. 22 See next page for footnote. APRIL 1940 285 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Historical Review of Objectives of Federal Reserve Policy on credit policy displayed somewhat less con- mercial banking" principle for member banks cern over the growing volume of securities, was nowhere set forth in the law in unmissecurity loans and real estate loans among takable terms. In a lengthy discussion of the member banks' assets—as such, and apart monetary and credit policy in its tenth annual from the loses to which bank customers mightreport, in 1923, the Board recognized that put their borrowed funds. During the 1920's Congress had forbidden the Reserve banks the Board indicated that problems raised by to lend upon paper "covering merely investthe types of assets that banks obtained would ments or issued or drawn for the purpose of have to be handled through regulatory and carrying or trading in . .. investment sesupervisory contacts with individual banks curities, except bonds and notes of the Govand were not to be regarded as a direct con- ernment . . .," (a prohibition which was cern of general monetary policy.23 During the first relaxed under emergency conditions in early 1930's the situation facing the System 1932). Such loans and investments, howwas a drastic liquidation of all forms of bank ever, were not forbidden by law to the memassets, and from 1933 on the financing of re-ber banks, and, as the Board pointed out,24 the covery by the banks was welcomed in what- real occasion for a rediscount for a member ever form it might come. bank might be quite different from the pur- The earlier insistence on self-liquidity has pose of the particular loan rediscounted. been modified. In its place has come a real- Thus a Reserve bank was neither required ization of the importance of adequate earn- to prevent nor did it have in its discount ings for a sound banking system and a belief policy an effective instrument to discourage that the use made of deposits is a more impor- its member banks from buying or lending tant consideration than the mere form of the on securities. If a purpose of restricting disassets that the banking system acquires when counts to eligible paper was to cause the memit creates deposits. But there is also a keen ber banks in any degree to restrict their own realization that the effectiveness of monetary extensions of credit to "self-liquidating" policy depends upon the continuing existence loans, there was evidently a real contradicof a healthy banking system with sound astion between legislative expectation and the sets, backed up by a Federal Reserve System actual situation. prepared to prevent destructive deflation. In this 1923 report the Board gave recog- During the 1920's, several elements ennition to the emphasis which the Federal Retered into the Board's views on long-term asserve Act had placed upon the credit needs of sets. Most important, the nation's industry productive industry, both in the eligibility and commerce appeared to be enjoying full clauses and in the discount policy objective of prosperity with only minor and temporary "accommodating commerce and business."25 disturbances. It was seen that whenever The Board's interpretation of the System's individual banks gained additional reserves responsibilities may be roughly paraphrased through gold imports or otherwise they would as follows: (a) The Act clearly indicated that desire to keep the additional funds employed; "the Federal Reserve System is a system of since commercial loans were not available in productive credit";25 (b) productiveness of sufficient volume, the tendency was to invest credit extended by the Federal Reserve Sysin other assets. This tendency appeared at tem must be measured by the productiveness the time to be largely justified by the steady of credit extended by the member banks;26 increase in the time deposits of the banks. After 1920, the Board saw no occasion to (c) credit extended by the member banks is impose a tight money policy merely in order productive when the quantity of credit is apto restrain the growth of the banks' security propriate and when the purposes for which assets. credit and money are used by the public are productive.27 In the last analysis, it was held, While the language of the Federal Reserve Act clearly reflected the "commercial bank- Federal Reserve credit policy should be based ing" philosophy of reserve banking, a "com- 24 Annual Report for 1923, p. 35. 25 Annual Report for 1923, p. 33. 22 Annual Report for 1919, pp. 1-4; Annual Report for 1920, pp. 28 Annual Report for 1923, pp. 35-36. 11-15. A related consideration was the low level of the Federal 27 Annual Report for 1923, pp. 34-36. To give consistent mean- Reserve banks' gold reserve ratio as the result of the previous ing to this passage in the 1923 report, it is necessary to interpret expansion of credit and of currency in circulation. Still another the terms "credit" or "bank credit" as referring to member bank purpose was to check, if possible, the speculative boom in com- credit wherever "Federal Reserve credit" was not specified. See modity inventories which had begun about the middle of 1919. pp. 287-288 below for discussion of the term "productive" as used 23 See, for example, Annual Report for 1928, pp. 9-10. in the 1923 report. 286 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Historical Review of Objectives of Federal Reserve Policy upon "the operating requirements of agricul- central objectives have been recognized: (1) ture, industry, and trade."24 to contribute, so far as credit policy can do so, The Board's report for 1928 included a to the maintenance of stable prosperity further discussion of the System's respon- through and along with "sound credit condisibilities for the growth of security holdings tions," and (2) to avoid, "by anticipation," and loans on securities. The conclusion was excessive credit expansion or contraction. reached that "the Federal Reserve System Little progress in the development and inmust steer its course with reference to terpretation of normal objectives could be broader developments and longer time ob- made in the first eight years of the System, jectives than . . . month-to-month changes dominated as they were by war-time condiin any particular line of credit." Credit tions and the problems of post-war readjustpolicy, as expressed through discount rates ment. In the 1920's the aims of policy began and open-market operations, was powerless to crystallize in a definite way. As has been to exert influence on the makeup of loans and previously noted, the Board was transferring investments of an individual bank. However, its attention from the forms in which bank "banking policy," as expressed through credit is extended to the purposes for which supervision and examination, especially of money is used. Reinterpreting the general banks that were borrowers from the Reserve expression of legislative intent that was imbanks, might exert that influence, and was plied in the eligibility clauses of the Federal important chiefly "in promoting the sound- Reserve Act, the Board wished to encourage ness of member banks." 28 the "productive" use of money and to discourage its "speculative" use. When the The Board thus arrived in the 1920's at the Board decided in 1923 that open-market operposition that it was not one of the System's ations should be conducted "with regard to primary objectives to see that the member their bearing upon the general credit situabanks' assets should consist largely of shorttion of the country," it was apparently emterm "self-liquidating" loans. Emphasis was ploying that phrase to cover not only the abilshifted from the form of bank assets to the ity and willingness of banks to extend credit use made of money. but also the use that was being made of money This conclusion cleared the way for a new by producers and consumers. approach to the whole question of member bank assets. "Sound credit conditions," re- Towards the end of the decade of the 1920's, interpreted in a broader manner, have in the System became particularly concerned recent years once more been recognized as over the use of credit and money for speculaan essential objective, for "even an adequate tion in the stock markets. Member banks supply of money will not perform its func- could not borrow from the Federal Reserve banks on stock exchange collateral, tions adequately if the banking structure but the System recognized unhealthy elethrough which it must operate is in an unsound condition . . ."29 New attention has ments in the stock market boom no matter how it was financed. The System was faced, been given also to methods of using superhowever, with the real dilemma of how to visory and regulatory procedures to further the broader purpo-ses of credit policy.30 Al- check the stock market boom through monetary action without also restricting the availmost the entire Report of the Board of Govability of credit for normal uses. ernors for 1938 was devoted to the banking The System was also concerned in the problems of the day. 1920's to minimize the effect upon the busi- Evolution of the Central Objectives ness situation of the "speculative" or "nonproductive" use of credit or money by busi- 1922 to 1929.—While ideas of gold standness borrowers. In its reports, the Board ard policy, of self-liquidity of Reserve bank showed repeatedly that this meant, for one assets, and of self-liquidity of member bank thing, the use of money or credit to finance assets have influenced the formulation of investment in inventories out of line with the Federal Reserve policy objectives from time current needs of production and consumption. to time, other ways of interpreting the Sys-A significant passage may be quoted from tem's responsibilities have developed. Two the 1923 report: 28 Annual Report for 1928, pp. 9-10. ". . . The withholding of goods from sale when 29 Annual Report for 1937, p. 222. there is a market or the accumulation of goods for an anticipated rise of price is not a productive use so See Annual Report for 1938, pp. 16-18. APRIL 1940 287 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Historical Review of Objectives of Federal Reserve Policy [of credit]. It is the nonproductive use of credit that by basing its credit policy upon ample that breeds unwarranted increase in the volume of statistical data relating to the general state of credit; it also gives rise to unnecessary maladjustbusiness conditions it could move much sooner ment between the volume of production and the volume of consumption, and is followed by price and more surely than if it waited for definite and other economic disturbances."31 indications of excessive movements either in This quotation indicates that the Board the sphere of bank credit or in the sphere was giving a very broad interpretation to of prices. For example, a statement made the term "speculative." "Speculative" de- by the Board in August 1937 expressed this velopments were those that involved "malad- view in commenting on proposals to make the justments between the volume of production achievement and maintenance of a specified and the volume of consumption." Alterna- price level a primary objective of monetary tions between more intensive and less intenpolicy.32 sive business activity, or between prosperity 1930 to 1933.—After 1929 the dislocation and recession, are invariably associated either of normal economic processes and the dewith the building up and later running off of pressed level of business activity and namanufacturers' and distributors' stocks of tional income made it necessary to reintergoods or with similar "maladjustments" such pret the twofold objective of maintaining as the concentration and uneven spacing of prosperity and of maintaining sound credit industrial capital expenditures, of produc- conditions. It was no longer a question tion for export, of public expenditures or ofmerely of smoothing out fluctuations in a consumers' purchases of durable goods. All generally stable economy. During the years of these "maladjustments" may be regarded, 1930-1933 the immediate need was to restore in a broad sense, as "speculative." the stability and adaptability of the banking In essence, therefore, the objective of Fed- system, since recovery could have no firm eral Reserve policy in the prosperous 1920's basis until deflation of bank assets and liawas to even out and so to maintain the rate bilities through liquidation and hoarding had of productive industrial progress by discour- stopped. "Soundness" of "credit conditions" aging—through discount policy and open- was more than a matter of the productive use market operations influencing the cost and of money or credit; it now involved the ultiavailability of money in central money mar- mate issue of public confidence in the banks kets—excessive spurts of activity which and the basic ability of the banks to function would lead inevitably to relapses, and by effectively. The banking crisis of those similarly encouraging a sound recovery from years, unlike the money panic of 1907, was each relapse that could not be prevented. The not to be cured simply by providing the banks spurts and relapses of the 1920's, however, with facilities for borrowing.33 An active were no more than wavelets on a tidal wave, easy money policy "at first helped the banks and there must be real doubt whether the to meet extraordinary demands upon them Board—like public opinion generally—was and later to build up excess reserves to an unnot overoptimistic in those halcyon days precedented level," thereby "encouraging the about its ability to stabilize prosperity. banks to adopt more liberal lending and in- The question of proper timing of Federal vesting policies and so to facilitate the re- Reserve policy decisions has always been a covery of business." 34 The opinion has been difficult one. For example, restrictive action expressed that this policy might have been to curb an inventory boom is useless if it is more consistent and far more vigorous if enadelayed until the boom has nearly run its bling legislation had been adopted sooner.35 course. But proposals have frequently been made that the Federal Reserve System should 82 Annual Report for 1937, pp. 221-222. See also Annual Report base its policy upon changes in wholesale for 1923, pp. 31-32 and 35-37. 83 The facilities of the Federal Reserve banks were, however, not prices. An important objection to such proentirely adequate because of the narrow statutory definition of posals is that wholesale prices may or may paper eligible for discounts or advances. This situation was ameliorated by the Glass-Steagall Act in 1932. The establishment not change in unison with changes in the rate that year of the Reconstruction Finance Corporation provided at which money is being used for inventory still other facilities for borrowing by banks. 84 Annual Report for 1933, pp. 20-21. expansion, for capital expenditures, or for 85 The Glass-Steagall Act also allowed United States securities purchases of consumers' durable goods. The to be included temporarily in the collateral behind Federal Reserve notes. This provision enabled the System to resume the large Board has made it clear on several occasions open-market operations which had been initiated in 1929 but had been greatly restricted by 1931. Under existing law, the power to count United States securities as note collateral is still a tem- 31 Annual Report for 1923, p. 34. porary one, and will expire on June 30, 1941. 288 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Historical Review of Objectives of Federal Reserve Policy As it turned out, it required the combination tinually growing excess reserves of member of other Government action with Federal Re- banks. The Board has been concerned to find serve policy to restore confidence in the banks means of placing the System "in a better and in the business outlook. position to make its credit policies effective 1934 to 1939.—From 1934 to the present on the member banks and upon the credit time the Federal Reserve System has con- situation generally." 38 The Board has emtinued to orient its monetary policy toward phasized that this problem is quite distinct the goal of a lasting recovery. Because of the from policy in relation to current conditions.39 inflow of gold, the supply of bank reserves has In seeking to find a way "to prevent injurious become redundant. Since the System has nocredit expansion" the System is thus turning substantial powers to increase the activity back to another of the basic objectives of and rate of turnover of money or of money monetary policy, to safeguard the country— incomes, its policy has perforce been largely so far as monetary authorities can do so— passive. The tremendous volume of excess against inflation in the future. reserves has given the member banks ample Above all, a quarter century of experience funds to meet demands for productive loans has emphasized the truth that monetary and and investments. Open-market operations credit policy can not by itself achieve the obhave been used chiefly to help maintain jectives which monetary authorities must orderly conditions in the market for highformulate for their own guidance and as an grade bonds. "The increased importance of aid to intelligent public understanding of bonds as a medium of investment for idle their actions. Federal Reserve policy objecbank funds" has made "the maintenance of tives are but one phase of "the general objecstable conditions in the bond market an important concern of banking administration."36 tive of public policy," "to maintain economic stability." 40 As the Board said in 1937, "it In short, the primary concern of the Federal should be the recognized duty of the Board Reserve System in these last few years has been that a healthily functioning banking of Governors of the Federal Reserve System system should continue to contribute to re- to use all its powers to contribute to a concovery. The preservation of "sound credit certed effort by all agencies of the Governconditions," broadly interpreted, has been ment toward the attainment of this objecemphasized as an objective of policy.37 tive."40 Since 1935 the Board has also given much attention to problems raised by the con- 38 Annual Report for 1936, p. 4. See also Annual Report for 1937, p. 5, and Annual Report for 1938, pp. 4-6. 86 Annual Report for 1937, p. 7. 39 Annual Report for 1938, p. 21. 37 See references in footnotes 29 and 30, p. 287. 40 Annual Report for 1937, p. 223. Monetary Action as a Part of a Constructive Government Program * * * the Board has pointed out that there are many phases of economic life that are not susceptible of control through monetary means alone; it has taken the position that stability in production and employment is a more satisfactory objective of public policy than price stability alone, and that concerted action by many agencies within and outside the Government, which have an influence on economic activity, is essential for the achievement of recovery and an adequate national income. Notwithstanding the inherent limitations upon the influence of monetary and credit action on economic conditions, the Board is convinced of the importance of such action at certain times, and feels strongly the necessity of having the mechanism of monetary and banking control and supervision at all times in condition to function effectively in the public interest. . . . Recognition by Congress of the limits within which monetary and credit action can be effective and determination of the mechanism and policies that would contribute most to its effectiveness will clear the way for consideration of broader aspects of a constructive program for further economic recovery and stability.—From a statement sent by the Board of Governors to the Chairmen of the Committees on Banking and Currency of the Senate and House, on April 8, 1939 (published in the Federal Reserve BULLETIN, May 1939, pp. 363-364). APRIL 1940 289 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ttom a Jieaal Standpoint Administrative interpretations of banking laws, new regulations issued by the Board of Governors and other similar material of interest to bankers. Applicability of Social Security Act to Federal Reserve Banks, "The term 'employment' means any service * * * National Banks and State Member Banks except— * * * * * In the Federal Reserve BULLETIN for No- "Service performed in the employ of the United vember 1936, at page 857, there were pub- States Government or of an instrumentality of the lished the texts of rulings of the Bureau United States; * * *." of Internal Revenue holding that national 2. Various rulings have been published in Internal banks and State member banks were instru- Revenue Bulletins with respect to the applicability mentalities of the United States within the of the above-quoted provisions to services performed meaning of Titles VIII and IX of the Social in the employ of all the banks and related organizations, except Federal reserve banks,* which are Security Act and that accordingly neither hereinafter considered. Such banks and other orsuch banks nor their employees were subject ganizations were held instrumentalities of the United to the taxes imposed by that Act. States for purposes of such provisions. 3. Effective with respect to services performed on The Act of August 10, 1939 (Pub. No. or after January 1, 1940, Section 1426 (b) (6) of 379, 76th Cong.), referred to in the Federal the Federal Insurance Contributions Act, as amended Reserve BULLETIN for September 1939, at by Section 606 of the Social Security Act Amendpage 723, amended the Social Security Act, ments of 1939, provides in part as follows: and, among other things, provided that after "The term 'employment* means any service * * * January 1, 1940, service performed in the except— employ of an instrumentality of the United * * * ** "Service performed in the employ of the United States would be exempt only if such instru- States Government, or of an instrumentality of the mentality were wholly owned by the United United States which is (A) wholly owned by the States or exempt by virtue of any other pro- United States, or (B) exempt from the tax imposed vision of law. by section 1410 by virtue of any other provision of law; * * *." The Office of Commissioner of Internal Section 1607 (c) (6) of the Federal Unemployment Revenue issued on January 27, 1940, rulings Tax Act, as amended by Section 614 of the Social concerning the applicability of the employ- Security Act Amendments of 1939, contains similar ment taxes with respect to services per- provisions with respect to services performed on or formed on or after January 1, 1940, in the after January 1, 194-0. employ of certain banks and related organ- 4. The rulings stated hereinafter with respect to the status of banks and related organizations under izations. Excerpts from these rulings which the provisions of Sections 1426(b) (6) and 1607(c) relate to Federal Reserve banks, national (6), as amended (paragraph 3, supra), are apbanks and State member banks are set forth plicable with respect to services performed on or below: after January 1> 1940. Inasmuch as such banks and organizations are instrumentalities of the United 1. The employment taxes imposed by the Federal States for employment tax purposes, consideration Insurance Contributions Act and the Federal Un- will be given principally to the question whether such employment Tax Act (formerly Titles VIII and IX, organizations are wholly owned by the United States respectively, of the Social Security Act) are not or are exempt from employment taxes "by virtue of applicable with respect to services performed prior any other provision of law." In deciding whether to January 1, 1940, which were excepted from "em- an instrumentality is wholly owned by the United ployment" as that term is defined with respect to States, primary consideration is given to statutory services performed prior to January 1,194-0. Section provisions regarding the capital shares of such 1426 (b) (6) of the Federal Insurance Contributions instrumentality, for the proposition is axiomatic that Act and Section 1607(c) (5) of the Federal Unemployment Tax Act provide as follows with respect to * Federal Reserve banks are instrumentalities of the United States for employment tax purposes. See paragraphs 9 to 12, services performed prior to January 1, 1940: inclusive. 290 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint the stockholders are the owners of a corporation. authorizing the United States to acquire a proprie- The determination that an instrumentality is ex- tary interest in such banks, although there is a empt from employment taxes "by virtue of any other provision for the Reconstruction Finance Corporation provision of law" depends upon specific language to to acquire preferred shares in certain instances. See that effect. Section 401 of an Act approved March 9, 1933, 48 Stat. 1 (U. S. C, Title 12, Section 51d), amending National Banks the Federal Reserve Act, 38 Stat. 251. 5. In S. S. T. 16, Cumulative Internal Revenue 8. There is no specific provision of law which Bulletin XV-2, 386 (1936), the Bureau of Internal would serve to exempt national banks from the em- Revenue ruled that national banks are instrumen- ployment taxes. It is evident from the hearings talities of the United States for social security before the Committee on Ways and Means, House tax purposes, and that neither the banks nor their of Representatives, and the Committee on Finance, employees are subject to such taxes. This ruling, United States Senate, that Congress, in enacting the which is applicable with respect to services performed Social Security Act Amendments of 1939, intended prior to January 1, 1940, is based primarily on the that employment taxes should be applicable with fact that such banks are required for the fiscal respect to services performed on or after January operations of the Government. It is necessary, for 1,1940, in the employ of national banks. Accordingly, purposes of a ruling with respect to services per- the taxes imposed by the Federal Insurance Conformed on or after January 1, 1940, to determine tributions Act and the Federal Unemployment Tax whether such banks either are wholly owned by the Act are applicable with respect to such services. United States or are exempt "by virtue of any other provision of law." 6. Section 5 of an Act approved June 3, 1864, 13 Federal Reserve Banks Stat. 100 (U. S. C, Title 12, Section 21), reads in 9. Section 15 of the Federal Reserve Act, 38 Stat. part as follows: 251 (U. S. C, Title 12, Section 391), provides as "Associations for carrying on the business of bank- follows: ing under this chapter may be formed by any number "The moneys held in the general fund of the of natural persons, not less in any case than five." Treasury, except the 5 per centum fund for the re- Section 6 of the Act approved June 3, 1864, 13 Stat. demption of outstanding national-bank notes and the 101 (U. S. C, Title 12, Section 22), provides in part funds provided in this chapter for the redemption as follows: of Federal reserve notes may, upon the direction of the Secretary of the Treasury, be deposited in "The persons uniting to form such an association Federal reserve banks, which banks, when required shall, under their hands, make an organization by the Secretary of the Treasury, shall act as fiscal certificate, which shall specifically state: * * * agents of the United States; and the revenues of Third. The amount of capital stock and the number the Government or any part thereof may be deof shares into which the same is to be divided." posited in such banks, and disbursements may be made by checks drawn against such deposits." Section 12 of the Act approved June 3, 1864, 13 Stat. 102 (U. S. C, Title 12, Section 52), provides in part Section 406 of the Agricultural Credit Act of 1923, as follows: 42 Stat. 1454 (U. S. C, Title 12, Section 393), pro- "The capital stock of each association shall be vides as follows: divided into shares of $100 each, or into shares of "The Federal reserve banks are hereby authorized such less amount as may be provided in the articles to act as depositories for and fiscal agents of any of association, and be deemed personal property, and national agricultural credit corporation or Federal transferable on the books of the association in such intermediate credit bank." manner as may be prescribed in the by-laws or articles of association. Every person becoming a Section 8 of an Act approved April 27, 1934, 48 Stat. shareholder by such transfer shall, in proportion to 643 (U. S. C, Title 12, Section 394), amending the his shares, succeed to all rights and liabilities of the Home Owners' Loan Act of 1933, 48 Stat. 128, proprior holder of such shares; and no change shall be vides as follows: made in the articles of association by which the "The Federal reserve banks are authorized, with rights, remedies, or security of the existing creditors the approval of the Secretary of the Treasury, to of the association shall be impaired." act as depositaries, custodians, and fiscal agents for the Home Owners' Loan Corporation." Section 40 of the Act approved June 3, 1864, 13 Stat. Ill (U. S. C, Title 12, Section 62), provides in part 10. In view of the foregoing provisions of law, it as follows: is held that Federal reserve banks are instrumen- "The president and cashier of every national bank- talities of the United States for employment tax purposes. ing association shall cause to be kept at all times a 11. Section 7 of the Federal Reserve Act, 38 Stat. full and correct list of the names and residences of 251 (U. S. C, Title 12, Section 531), provides as all the shareholders in the association, and the numfollows: ber of shares held by each, in the office where its business is transacted." "Federal reserve banks, including the capital stock and surplus therein, and the income derived there- 7. The above-quoted provisions of law and other from shall be exempt from Federal, State, and local provisions relating to the same subject matter intaxation, except taxes upon real estate." dicate that Congress, in legislating with respect to national banks, did not contemplate that such banks 12. Accordingly, the taxes imposed by Titles VIII would be owned by the United States. Furthermore, and IX of the Social Security Act, the Federal Inthere is no specific provision of law providing for or surance Contributions Act, and the Federal Un- APRIL 1940 291 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

From a Legal Standpoint employment Tax Act are not applicable with respect provides that such banks, when designated for that to servies performed either before or after January purpose by the Secretary of the Treasury, shall be 1, 1940, in the employ of Federal Reserve banks. depositaries of public money and may be employed as fiscal agents of the Government. State Banks Members of the Federal Reserve System 14. State banks which are members of the Federal 13. In S. S. T. 44, C. B. XV-2, 388 (1936), the reserve system are not wholly or partly owned by the Bureau ruled that State banks which are members United States, and there is no statutory authority of the Federal reserve system are instrumentalities for such ownership. There is no specific provision of the United States for social security tax purposes. of law which would serve to exempt such banks from Neither such banks nor their employees are subject the employment taxes. Accordingly, the taxes imto such taxes with respect to services performed prior posed by the Federal Insurance Contributions Act to January 1, 1940. This ruling is based upon the and the Federal Unemployment Tax Act are ap- Act of December 23, 1913 (38 Stat. 259), as amended plicable with respect to services performed on or after by the Act of May 7, 1928 (45 Stat. 492), which January 1, 1940, in the employ of such banks. The Role of Money "The role of money is to serve as lubrication to the economic mechanism. The essential condition of efficient performance of its service is that it shall flow freely and reach every part of the mechanism. An efficient monetary system is thus an essential prerequisite of a properly functioning economy, and any stoppage of the flow of lubricant will immediately impede the movement of the machine. But even a perfect lubricating system will not of itself start the machine when it has stopped, or ensure its even running. The smooth running of the economic machine depends upon an infinite number of interdependent economic processes being kept in adjustment. Many of the maladjustments were not caused by money and cannot be cured by money; and unemployment is a reflection of the net result of all the existing maladjustments. If a piston does not accurately fit its cylinder the machine will not function properly, nor will there be a normal flow of lubricant. But it would be futile to blame the defect on the lubricant. Similarly, the impoverishment of the export trades of a country may prevent the normal flow of money within that country. But the cause of the trouble is to a large extent non-monetary, and money cannot be expected to put it right. Monetary policy, then, takes its place as one of the elements of a complete economic policy—an essential element, but not the only essential element."—(From "The Next Five Years", An Essay in Political Agreement, published by Macmillan and Co., Limited, London, 1935.) 292 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Unveitmenti and Jli&uiditu ojj embet Hanki Vutlny 1939 bbyy VICTOR M. LONGSTREET Senior Economist Division of Research and Statistics I NVESTMENT holdings of member banks form of short-term obligations declined increased by about $1,140,000,000 in 1939. somewhat at New York City banks but All of the increase was at banks in central showed little change at other reserve city reserve and reserve cities and reflected chiefly banks and at country banks. At the end of a growth in holdings of United States Gov- 1939 member bank investments maturing in ernment long-term bonds and Government five years or less were about 53 per cent of guaranteed short-term securities offset in total investments at New York City banks, MEMBER BANK INVESTMENTS CALL REP0R1• DATES BILLIONS OF DOLLARS BILLIONS Ofr DOL 25 25 20 20 n J \ 15 15 / /- ~f TCTAL -/ 1 / U.S. 60VERNME:NT i n yr )IRECT AND CUARANTEED"^ 10 —^-« / y 5 / ^-' — + — OTHER IT nTS"— ^ f — - 0 1920 1922 1924 1926 1928 1930 1932 1934 1936 1938 part by a reduction in Treasury notes. These 38 per cent at other reserve city banks (indevelopments were mostly the result of cluding Chicago), and 32 per cent at country changes in the amounts of various types andbanks. maturities of Government obligations out- Although member banks' holdings of shortstanding. term Government securities, which form the As a result of changes in the composition bulk of their secondary reserves, did not of the investment portfolio of member banks, change greatly during the year, the liquidity the proportion of the portfolio held in the of member banks outside New York City and Note.—Views expressed in signed articles published in the BULLETIN are those of the writers and not necessarily those of the Board of Governors of the Federal Reserve System. APRIL 1940 293 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Investments and Liquidity of Member Banks During 1939 Chicago increased considerably, reflecting Table 1 mainly the growth of reserve balances and of MEMBER BANK INVESTMENTS, ]L939 balances with correspondents. The "liquidity" [In millions of dollars] of individual banks for this purpose is measured by the ratio of the total of reserve Change during 1939 balances, cash in vault, correspondent bal- Held ances, collection items, open-market loans, on and short term securities to total deposits. 30 D ,1 e 9 c. 39 m A em ll - Y N o e r w k r O es t e h r e v r e C t o r u y n- This ratio on December 30, 1939, as shown in ber City city banks banks banks* banks2 Table 5, averaged 73 per cent at New York City banks, 65 per cent at Chicago banks, 54 Total 19,540 +1,137 +983 +358 -205 per cent at reserve city banks, and 49 per U. S. Government direct cent at country member banks. Differences and guaranteed—total 14,328 +1,106 +914 +265 -74 in liquidity among banks are related partly to Direct obligations: differences in their deposit structure, since T T r r e e a a s s u u r r y y b n i o l t ls es 3.__ _ 2,2 5 2 6 3 3 -1 + ,1 2 6 7 6 7 + -3 1 4 5 5 7 + -5 1 1 0 9 0 - + 30 2 1 0 banks with the higher liquidity ratios gener- Bonds maturing in 5 years or less. _ ___ 773 +47 -30 +48 +29 ally have the higher proportions of demand Bonds maturing in 5 to total deposits. to 10 years _ 3,018 +565 +340 +184 +41 Bonds maturing in 10 to 20 years.. 3,657 +769 +383 +310 +76 Bonds maturing after Changes in investments by types and 20 years _ 949 -190 +30 -153 -67 Fully guaranteed obligamaturities tions: Maturing in 5 years or Changes during 1939 in holdings of in- less. _ _ _ _ 2,082 +1,119 +512 +394 +213 After 5 years 1,062 -315 -132 -97 -86 vestments of various types and maturities at U. S. Government agencies the different classes of member banks are not guaranteed—total 377 +46 +7 +28 +11 shown in Table 1. At New York City banks Maturing in 5 years or total investments rose by nearly $1,000,000,- less 281 +59 -3 +41 +21 000 and at banks in 61 other reserve cities Maturing after 5 years.. 96 -13 +10 -13 -10 (including Chicago) by about $350,000,000, State and local government securities—total 2,692 +244 +62 +103 +79 while at country banks they declined by In default4 7 -2 -1 $200,000,000. Without specific ma- The largest increases in holdings of invest- turity _ 172 +23 +20 +3 Maturing in 5 years or ments were in direct obligations of the Fed- less 1,645 +167 +51 +61 +55 eral Government maturing within 5 to 20 Maturing after 5 years._ 867 +57 +11 +24 +22 years and in obligations guaranteed by the Other securities5—total 2,143 -259 -38 -221 Federal Government maturing within five In default * 77 -12 -1 -6 -5 Maturing in 5 years or years, mostly issues of the Reconstruction less 451 +20 +27 +9' -16 Finance Corporation, Commodity Credit Cor- Maturing after 5 years._ 1,614 -267 -26 -41 -200 poration, and United States Housing Authori Central reserve city banks only. ity. These increases occurred at all classes of 2 Include central reserve city banks in Chicago, also branches of reserve city banks. member banks. There were also general but 3 All Treasury notes mature within 5 years. smaller increases in holdings of Treasury bills 4 Exclude securities in default to the extent they have been written off the books. and in holdings of both short- and long-term 6 Exclude holdings of corporate stocks, which showed little change in year. obligations issued by State and local governcurities were closely related to changes in the ments. structure of the Government's outstanding Increases in these various classes of sedebt. The total amount of securities publiclycurities were partly offset by general deoffered by the Government and by agencies clines in Treasury notes, aggregating about whose issues are guaranteed by the Govern- $1,170,000,000, and by declines in long-term ment inqreased by $1,320,000,000 during domestic corporate bonds, notes, and deben- 1939, exclusive of savings or "Baby" bonds tures at country banks. which could be bought by banks only in small amounts. Total Government securities held Bank holdings compared with Government by member banks increased by $1,110,000,securities outstanding 000. It is estimated that at nonmember Changes during 1939 in member bank banks, including mutual savings banks, holdholdings of United States Government se- ings of these securities increased by some- 294 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Investments and Liquidity of Member Banks During 1939 thing like $300,000,000 or $400,000,000. Thus holdings to run off during the year, thus addthe increase in holdings at all banks roughly ing about $570,000,000 to the market's supmatched the growth in Federal obligations ply. The decline in the volume of Treasury available in the market. notes held by member banks was consider- The extent to which changes in member ably smaller than the decline in the volume bank holdings of Government securities of outstanding. The increase in member bank various types and maturities were related to holdings of Treasury bonds of 10-20 years changes in amounts outstanding is brought maturity was far short of the increase in out by Table 2. Broadly speaking, member the volume outstanding, reflecting in part the fact that the Reserve banks increased their holdings of such bonds by nearly $300,000,- Table 2 000. The decline in the outstanding amount CHANGES IN AMOUNTS OF UNITED STATES GOVERN- of bonds maturing after 20 years, and to MENT OBLIGATIONS OUTSTANDING AND HELD BY some extent in member bank holdings of such FEDERAL RESERVE BANKS AND MEMBER BANKS bonds, reflected the shift of bonds maturing [In millions of dollars] in 1959 into the shorter category. Change during"1939 in amount- Maturity distribution of bank investments Held Held by Out- by Federal Shifts during 1939 in holdings of Governstanding member Reserve banks banks ment securities at member banks, while they have altered substantially the composition of Total.. +1,320 +1,106 -80 the security portfolio, have not materially Direct obligations: changed the distribution of maturities. Table T T r r e e a a s s u u r r y y n b o il t l e s s -2 + , 1 29 4 4 9 -1 + ,1 2 6 7 6 7 -5 -2 6 5 6 3 shows that the proportion of securities Bonds maturing in 5 years or less_ +47 +2 Bonds maturing in 5 to 10 years +819 +565 +113 Bonds maturing in 10 to 20 years___ +2,022 +769 +295 Table 3 Bonds maturing after 20 years -190 +90 Fully guaranteed obligations: MATURITY DISTRIBUTION OF MEMBER BANK INVEST- M M a a t t u u r r i i n n g g a in ft e 5 r y 5 e a y r e s a o rs r less. + -1 1 , , 0 7 3 4 7 9 +1 - , 3 1 1 1 5 9 + + 5 7 1 M 9 E 3 N 9 TS, BY CLASSES OF BANKS, END OF 1938 AND i Amounts publicly offered excluding savings bonds and $120,000,000 of Treasury bonds sold directly to Trrieasury trust and investment All New Other accounts. mem- York reserve Counber City city try banks Danks1 banks2 banks banks increased their holdings of bills and bonds, of which there were large offerings, December 30, 1939 and reduced holdings of Treasury notes, the Maturing in 5 years or less 41 53 38 32 Maturing after 5 years 58 46 61 66 outstanding amount of which declined. Banks Other3 1 1 1 2 purchased substantial amounts of the short- 100% 100% 100% 100% term guaranteed issues offered during the Total year, while the decline in their holdings of December 31, 1938 41 56 38 31 long-term guaranteed securities reflected in Maturing in 5 years or less 58 43 61 67 Maturing after 5 years 1 1 1 2 part the calling of several issues of bonds of Other3 Total 100% 100% 100% 100% the Home Owners' Loan Corporation and of the Federal Farm Mortgage Corporation. 1 Central reserve city banks only. The increase in the amount of guaranteed is- 2 Includes central reserve city banks in Chicago, also branches of sues of the shorter term and conversely the reserve city banks. 3 Securities in default and securities without specific maturity. decline in the amount of the longer term, both in total amounts outstanding and amounts maturing in five years or less to total investheld by member banks, are partly explained ments other than stocks remained during by the shift into the shorter category of an 1939 at 41 per cent for member banks in the issue of Home Owners' Loan Corporation aggregate, decreased from 56 to 53 per cent bonds maturing in 1944. for New York City banks, and remained at 38 Member bank holdings of Treasury bills per cent for other reserve city banks and at showed a larger increase than the amount about 32 per cent for country banks. These outstanding because the Federal Reserve figures make no allowance for the fact that banks permitted all of their Treasury bill many Government and corporate long-term APRIL 1940 295 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Investments and Liquidity of Member Banks During 1939 securities can be called much before maturity Other obligations held by member banks, under certain conditions. mostly corporate bonds, notes, and deben- New York City banks thus hold a larger tures, are chiefly of the longer term. About proportion of shorter-term obligations than 21 per cent had maturities of five years reserve city banks and reserve city banks or less at the end of 1939 compared with 18 hold a larger proportion than country banks. per cent a year ago. These low percentages As shown by Table 4 this practice is evident are probably due to the relatively small for holdings both of Federal Government amount of short-term corporate securities securities and of State and local government outstanding. As in the case of Government securities. State and local government se- obligations, the proportion of short-term curities held by banks are in general of much corporate securities is larger at city banks shorter term than their holdings of Federal than at country banks. securities. Of the total amount of State and local government securities held by all mem- Increase in Bank Liquidity ber banks, the proportion with maturities of five years or less is about 60 per cent. At In 1939 there was a substantial increase New York City banks it is 85 per cent, and in the liquidity of member banks outside at other classes of banks about 55 per cent. New York City, caused by further growth These proportions were about the same as a in city bank reserves and in country bank year earlier. balances with other domestic banks, rather than by an increase in secondary reserves. Table 4 Secondary reserves are those loans and in- MATURITY DISTRIBUTION OF MEMBER BANK INVEST- vestments that may be called or sold in the MENTS, DECEMBER 30, 1939 open market without involving the banks' relations with their customers or without [By kinds of securities and by classes of banks] risk of material loss of principal and are therefore readily usable to meet losses of All New Other mem- York reserve Coun- funds. They include brokers5 loans, bankers' ber City city try banks banks* banks2 banks acceptances, open-market commercial paper, and short-term high-grade securities. Table U. S. Government direct and guar- 5 shows by classes of banks the proportions anteed obligations—total 100% 100% 100% 100% of deposits represented by these and other Direct obligations: Treasury bills. 4 7 3 1 liquid assets. At the end of 1939 the total of Treasury notes 3 . 15 17 16 14 liquid assets for all member banks amounted Bonds maturing in 5 years or less. 5 7 5 5 Bonds maturing in 5 to 10 years. 21 19 22 21 to 59 per cent of gross deposits, compared B B o o n n d d s s m m a a t t u u r r i i n n g g a in ft e 1 r 0 2 to 0 y 2 e 0 a y r e s a ._ rs . 2 7 6 1 5 9 2 7 9 2 8 8 with 56 per cent at the end of 1938. Fully guaranteed obligations: City banks hold larger proportions of their Maturing in 5 years or less 15 21 11 11 deposits in the form of liquid assets than do Maturing after 5 years 7 5 7 12 country banks, with the largest proportions U. S. Government agencies, not guaranteed—total _ . 100% 100% 100% 100% in New York City and Chicago. The pro- Maturing in 5 years or less 75 91 75 52 portion of liquid assets to total deposits re- Maturing after 5 years __. 25 9 25 48 mained during 1939 at 73 for New York City State and local government secur- banks and at 65 for Chicago banks, but inities—total 100% 100% 100% 100% creased from 50 to 54 at reserve city banks In default4 Without specific maturity 7 10 and from 45 to 49 at country banks. M M a a t t u u r r i in n g g a in ft e 5 r y 5 e a y r e s a o rs r less 3 6 2 1 8 1 5 5 3 5 4 6 4 5 0 4 Changes in liquidity ratios of banks depend O ther securities6—total 100% 100% 100% 100% on changes in (1) the volume of their liquid assets and (2) the volume of their deposits. In default4 4 5 4 3 Maturing in 5 years or less 21 27 28 14 An increase in deposits will reduce liquidity Maturing after 5 years 75 68 68 83 ratios unless there is a corresponding increase in liquid assets. Deposits as well as 1 Central reserve city banks only. 2 Include central reserve city banks in Chicago, also branches of liquid assets increased sharply at all classes res 3 e A rv ll e T c r it e y a s b u a r n y k n s. otes mature within 5 years. of member banks in 1939. At banks in New 4 Exclude securities in default to the extent they have been written York City and Chicago these increases had off the books. 5 Less than 0.5 per cent. little net influence on the liquidity ratio be- 6 Exclude holdings of stocks. 296 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Investments and Liquidity of Member Banks During 1939 Table 5 are presented in Table 6 for the end of 1939. In general, banks with the higher liquidity DEPOSIT STRUCTURE AND LIQUID ASSETS OF MEMBER ratios, as measured in these tables, have rela- BANKS, DECEMBER 30, 1939 tively large amounts of demand deposits and [By classes of banks] small amounts of time deposits, as is the Central reserve All city banks Re- Table 6 mem- serve Counber city try banks New Chi- banks banks LIQUIDITY OF MEMBER BANKS, BY RESERVE DISTRICTS, York cago DECEMBER 30, 1939 Interbank D d e e p p o o si s t i s ts 19 29 27 21 4 Reserve city banks 1 Country banks Other demand deposits 57 66 58 53 53 Other time deposits 24 ' 5 15 26 43 Federal Reserve district Ratio of Ratio of Liquidity demands Liquidity demand3 Total deposits 100% 100% 100% 100% 100% ratio 2 to total ratio 2 to total deposits deposits Liquid assets Reserve balances 24 12 Required reserves 13 21 17 11 Total... 54% 74% 49% 57% Excess reserves 11 20 12 7 Boston 61 93 51 62 New York i... 47 62 44 51 Cash in vault 2 1 2 3 Philadelphia. 53 86 43 45 Balances with other domes- Cleveland 57 73 45 49 tic banks 11 1 14 19 Cash items in process of col- Richmond 64 80 50 62 lection 4 4 4 5 2 Atlanta 54 82 55 71 Open-market paper and Chicago l 63 70 54 56 loans 3 5 2 2 1 St. Louis 58 84 52 62 Securities maturing in 5 years or less 16 22 21 14 Minneapolis.. 53 83 51 55 Total liquid assets: D K a a l n l s a a s s City.. 6 6 9 0 87 6 5 1 6 8 7 5 5 December 30, 1939 59 73 65 54 49 San Francisco 35 41 57 December 31, 1938 56 73 65 50 45 1 Central reserve city banks in New York and Chicago not included, 2 Percentage of total deposits held in the form of reserves, cash in vaultcause their effects about offset each other. balances with correspondents, cash items in process of collection, open, market loans, and securities maturing in 5 years or less. At reserve city and country banks, however, 3 Includes all interbank deposits and other demand deposits. the gain in reserve funds, which at country banks was mostly redeposited with city cor- case with both reserve city and country banks respondents, was relatively larger than the in the reserve districts of Kansas City and gain in deposits, with the result that liquidity Dallas, while relatively lower liquidity ratios ratios increased. go with low proportions of demand deposits, Differences in liquidity among banks are as shown by both reserve city and country due partly to differences in the nature of the member banks in the New York and San banks' liabilities. As shown by Table 5, Francisco districts. The figures for the latter banks in New York and other leading cities, district are affected somewhat by the incluwhere liquidity is highest, have on the aver- sion of country branches in the figures for reage relatively large proportions of interbank serve city banks. As an exception to the genand other deposits payable on demand, while eral rule, in the Chicago district both reserve country banks, which have lower liquidity, city and country member banks show relashow on the average a small proportion of tively high liquidity ratios and at the same interbank deposits and relatively large sav- time low proportions of demand deposits. The ings and other time deposits. relationships appear sufficiently uniform, This broad relationship between liquidity however, to indicate that the deposit structure and deposit structure of banks is also shown is an important factor, though not always the by the figures for reserve city and country principal factor, accounting for variations in banks by Federal Reserve districts, which bank liquidity. APRIL 1940 297 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

United States (jovetnment (2ot potation5 and (2tadit -@gencie5 in 1939 by HENRY EDMISTON and GUNHILD ANDERSON Division of Research and Statistics T HE most significant developments in 1939 of capital funds of the Government corporain the operations of United States Govern- tions should be returned to the Treasury durment corporations and credit agencies are ing the fiscal year 1941. summarized below: In Table 1 are shown for December 31, 1. A larger proportion of their funds was 1938 and 1939, the principal assets and obtained through sale of their own obligations liabilities of Government corporations and in the market. Largely as a result of this credit agencies based upon the compilation financing, a substantial amount of funds published as part of the daily statement of which had been advanced by the Treasury the United States Treasury for the end of was repaid and the proprietary interest of the each month. Similar figures in greater de- United States Government in the corporations tail than those shown in Table 1 are published declined. regularly in the BULLETIN ; see pp. 337-338 of 2. Although their total loans and holdings this issue for latest figures. As shown in the of securities of financial institutions increased table, outstanding bonds, notes and debenby $210,000,000 during the year, there was tures of the agencies increased by $740,considerable variation in the trend of loans 000,000 during 1939. Most of this increase and investments of individual agencies. Out- resulted from the sales in the open market standing loans of the large emergency financ- of new guaranteed issues of the Reconstrucing corporations, such as the Reconstruction tion Finance Corporation, the Commodity Finance Corporation and the Home Owners' Credit Corporation, and the United States Loan Corporation, and the loans of the farm Housing Authority, partly offset by redempmortgage agencies continued to decline. Some tions of Federal Farm Mortgage Corporaof the newer agencies had increases in loans tion and Home Owners' Loan Corporation and Commodity Credit Corporation loans bonds. The total amount of guaranteed increased by nearly $300,000,000, largely due obligations outstanding at the end of the to the acquisition from banks and other lend- year was $5,700,000,000, a new high level. ing agencies of nonrecourse loans to farmers Owing largely to the repayment of Reconwhich had been made with a commitment struction Finance Corporation notes held by from the Corporation. the Treasury, the proprietary interest of the 3. In line with the general reduction in United States Government in the agencies interest rates, which has been occurring in decreased by $400,000,000 to $3,620,000,000, recent years, there were a number of rate the smallest total in more than five years. reductions, particularly by the home mort- Total outstanding loans and holdings of gage and agricultural credit agencies, to- securities of financial institutions increased gether with the extension of more favorable by $210,000,000 in 1939, following a small terms to the borrowers of certain agencies increase in 1938 and reductions of close to through reamortization of loans on longer $400,000,000 in each of the years 1936 and terms and liberalization of foreclosure prac- 1937. Increases occurred in loans of the tices. United States Housing Authority, Federal 4. Under the Reorganization Act of 1939 National Mortgage Association, Rural Elecchanges were made in the supervision of trification Administration, Farm Security activities of the various corporations and Administration, and the Commodity Credit lending agencies. Corporation. The largest element in these 5. The President's Budget Message of increases was the purchase by the Commodity January 4, 1940, proposed that $700,000,000 Credit Corporation from banks and other Note.—Views expressed in signed articles published in the BULLETIN are those of the writers and not necessarily those of the Board of Governors of the Federal Reserve System. 298 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

United States Government Corporations and Credit Agencies in 1939 TABLE 1.—ASSETS AND LIABILITIES OF GOVERNMENT and the Federal Farm Mortgage Corporation, CORPORATIONS AND CREDIT AGENCIES, DECEMBER 31, which held about one-third of the total, (2) 1938 AND 1939 the Home Owners' Loan Corporation, holding [In millions of dollars] about one-fourth, and (3) the Reconstruction Finance Corporation, together with the Pub- Dec. 31, Dec. 31, Change 1939 19381 in 1939 lic Works Administration, which held over one-sixth. Other agricultural loans made Assets by various agencies amounted to $1,520,- Loans and preferred stock 8,951 i 8, 739 +211 000,000, other home mortgage and housing Cash 460 370 +90 U. S. Government direct and guaranteed loans to $550,000,000, and miscellaneous obligations 855 +33 loans of various agencies to $400,000,000. Accounts and other receivables 379 328 +51 Property held for sale 661 -28 The mortgage agencies, particularly the Other assets 2 723 i 552 +171 Home Owners' Loan Corporation, held a sub- Total assets other than interagency3. 12,062 i 11, 533 +528 stantial amount of property for sale. The Government's proprietary interest in Liabilities agencies engaged primarily in lending was Bond G s u , a n r o a t n e t s e , e a d n b d y d U eb n e i n te t d u r S es ta : tes 5 1, , 3 7 4 0 8 4 4 1, , 3 9 1 9 7 2 + + 7 3 1 1 2 $2,900,000,000 at the end of 1939, or $510,- Other 2 995 1821 +175 Other liabilities (including reserves) To a t g a e l nc l y ia 3 bilities other than inter- 8,048 i 7,130 +918 TA C B O L R E P 2 O . R — A L T O IO A N N S S A A N N D D C I R N E V D E IT S T A M G E E N N T C S IE O S F A G N O D V E P R R N O M P E R N IE T - Privately owned interests 397 381 +16 TARY INTEREST OF UNITED STATES, DECEMBER 31, U. S. Government interests 3,617 4,022 -405 1939 [In millions of dollars] 1 Previously published figures for December 31, 1938, have been adjusted as follows in order to make them comparable with 1939: (1) loans of the Farm Credit Administration from Congressional appropriations Outstanding are now shown on a gross instead of a net basis and reserves set up against loans, investthese loans are included under "other liabilities," and (2) commitments ments in preof the Maritime Commission for ship construction and terminal repairs ferred stock, Proprietary are now excluded from "other assets" and "other liabilities." capital notes interest of 2 Excludes $761,000,000 of Federal land bank bonds held by Federal and debentures, United States Farm Mortgage Corporation. and shares of Government 3 Includes, however, investments in securities of agencies (other than financial mentioned in footnote 2) and deposits of agencies with Reconstruction institutions Finance Corporation. Dec. Change Dec. Change lending agencies of cotton and corn loans 31, in 31, in maturing in the summer of 1939 which, in 1939 1939 1939 1939 the underlying Treasury compilation, are Agencies engaged primarily in lending: shown as loans although the Corporation has Reconstruction Finance Corporation taken title to this cotton and to part of the and Public Works Administration 1,634 -163 580 -738 Home mortgage and housing agencies: corn. Emergency loans made largely during Home Owners' Loan Corporation 2,250 -134 52 Other mortgage agencies 1 425 +45 285 +7 the period 1932 to 1935 showed a further de- U. S. Housing Authority 123 +91 151 -17 cline in 1939. Outstanding farm mortgage Farm credit agencies: Farm mortgage agencies 2,596 -140 512 +16 and Home Owners' Loan Corporation home Commodity Credit Corporation 667 +299 100 Farm Security Administration 257 +78 257 "+78 m in o g r t tg h a e g y e e a lo r a a n n s d d e lo cl a i n ne s d t o b y a n $ d 2 7 in 0, v 0 e 0 s 0 t , m 00 e 0 n t d s u i r n - Ot R O h u e th r r e a l r l e n 2 E d le in c g tr i a f g ic e a n t c i i o e n s : Administration.. 6 1 0 8 0 3 3 + - 9 1 5 7 5 1 0 8 9 5 + -1 9 7 6 securities of financial institutions, consisting Other lending agencies . 158 +26 268 +78 largely of Reconstruction Finance Corpora- Total lending agencies.. +181 -506 tion emergency advances to and investments Other agencies: in preferred stock of commercial banks, were Insurance agencies 4 +31 325 +14 Tennessee Valley Authority _ 306 +85 reduced by $80,000,000. Other 87 +2 In Table 2, outstanding loans and invest- Total all agencies.. 8,951 +211 3,617 -405 ments of, and the Government's proprietary interest in, agencies engaged primarily in 1 Including Federal Home Loan banks, R.F.C. Mortgage Company, lending are shown separately from other Federal National Mortgage Association, and investments in shares of Federal savings and loan associations by the Treasury. agencies. Out of the total of outstanding 2 Including Federal intermediate credit banks, Banks for cooperatives, Production credit corporations, Regional agricultural credit loans and investments of $8,950,000,000 at corporations, and Congressional appropriations administered by the the end of 1939, $6,480,000,000, or 72 per Farm Credit Administration. 3 In computing this change, previously published figures for December cent, was held by three groups of lending 31, 1938, were adjusted as indicated in footnote 1 to Table 1. 4 Including Federal Deposit Insurance Corporation, Federal Savings agencies, namely (1) the farm mortgage and Loan Insurance Corporation, Federal Housing Administration, and agencies, including the Federal land banks Federal Crop Insurance Corporation. 6 Less than $500,000. APRIL 1940 299 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

United States Government Corporations and Credit Agencies in 1939 000,000 less than at the end of 1938. The declined by $160,000,000 during the year to equity of the United States in the assets of $1,630,000,000. This was the largest dethe four insurance agencies increased slightly crease of any year since 1936 when there were to $325,000,000 at the end of the year. The large retirements by banks of their preferred largest of these agencies is the Federal De- stock. posit Insurance Corporation. These agencies The largest decrease in outstanding Redo not make loans except as an incident to construction Finance Corporation loans in their insurance functions but hold assets, 1939 was for self-liquidating projects which primarily in the form of United States Gov- declined by $110,000,000 largely as a result ernment obligations, as reserves against pos- of sales of obligations to private investors, sible future claims. Certain other agencies including $73,000,000 of bonds of the Metroare primarily operating organizations. The politan Water District of Southern Calif ornia Government's proprietary interest in three and $71,000,000 San Francisco-Oakland Bay of these; the Tennessee Valley Authority, Toll Bridge bonds, both of which issues were the Panama Railroad Company, and the In-sold at substantial premiums. The combined land Waterways Corporation, amounted to holdings of securities acquired by the Public $380,000,000 at the end of 1939 and repre- Works Administration in connection with its sented principally business property held. works programs increased slightly; loans The increase of $90,000,000 in this equity held by the Public Works Administration during the year was almost wholly in the were $30,000,000 higher than in 1939 but the Tennessee Valley Authority. transfers of such securities to private in- Under the Reorganization Act of 1939, thevestors by the Reconstruction Finance Cor- Federal Loan Agency was established on poration were $20,000,000 larger than the July 1, 1939, to supervise and coordinate the amounts taken over from the Public Works activities of the Reconstruction Finance Cor- Administration. poration, Electric Home and Farm Authority, There were further net retirements of R. F. C. Mortgage Company, Disaster Loan $50,000,000 in 1939 of securities of banks Corporation, Federal National Mortgage As- held by the Reconstruction Finance Corporasociation, Federal Home Loan Bank Board, tion and outstanding loans to banks, which Home Owners' Loan Corporation, Federal are almost all closed banks, declined by $25,- Savings and Loan Insurance Corporation, 000,000. There were also decreases in loans Federal Housing Administration, and the for financing the sale of agricultural surpluses Export-Import Bank. Effective on the same date, the Farm Credit Administration, Commodity Credit Corporation, and the Rural TABLE 3.—LOANS AND INVESTMENTS OF THE RECON- Electrification Administration were trans- STRUCTION FINANCE CORPORATION AND THE PUBLIC WORKS ADMINISTRATION DURING 1939 ferred to the Department of Agriculture, and the Public Works Administration and the [In millions of dollars] United States Housing Authority were placed under the newly-created Federal Works Out- Dis- Re- Net stand- Agency. bursed paid change ing in in in Dec. In his message to Congress on January 4, 1939 1939 1939 31, 1940, transmitting the budget for the fiscal 1939 year 1941, the President estimated that, in Investment in preferred stock, etc., view of the lessening need for loans in some of banks * _ _ _ 24 72 -49 495 cases and the growing surpluses in other Loans to banks. __ _ _ 11 34 -24 120 Loans on commodities 7 27 -20 1 cases, it will prove feasible to reduce the Loans to railroads 40 27 +13 449 Loans to industrial and commercial capital funds of some of the Government businesses 54 31 +23 131 corporations by an aggregate figure of $700,- Loans to drainage, levee, and irrigation districts _ _ 5 2 +3 84 000,000, without in any way impeding their R. F. C. loans for self-liquidating operations. P. p W roj . e A ct . s a . d . v . ances (obliga . tions held 60 2 167 -107 79 by P. W. A. and R. F. C.) + 12 3 193 Reconstruction Finance Corporation and Miscellaneous loans 5 20 -14 82 Public Works Administration.—As shown in Total . ._ -163 1,634 Table 3, total outstanding loans and investments of the Reconstruction Finance Corpo- 1 Including loans secured by preferred stock, etc., of banks. 2 Includes obligations sold to others. ration and the Public Works Administration 3 Includes $72,000,000 obligations held by Public Works Administration. 300 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

United States Government Corporations and Credit Agencies in 1939 and in miscellaneous loans, due chiefly to a TABLE 4.—PRINCIPAL ASSETS AND LIABILITIES OF decrease in loans to mortgage loan companies. HOME MORTGAGE AND HOUSING AGENCIES, DECEM- Loans to railroads and industrial and com- BER 31, 1939 mercial business concerns were somewhat [In millions of dollars] larger at the end of the year than a year earlier. Home Federal Federal Owners' Home National The following summary gives a general Loan Loan Mort- Corpo- banks gage indication for the Reconstruction Finance ration Associa- Corporation of the sources and uses of funds tion in 1939. Funds from the sales of $590,000,- Asset* 000 of guaranteed notes and repayments of loans and investments were used largely to Loans . 2,038 181 147 Shares of savings and repay Reconstruction Finance Corporation loan associations 1 211 Cash and U. S. Govnotes held by the Treasury which were re- ernment obligations- 190 73 duced from $755,000,000 on December 31, Property held for sale._ 510 Other assets 14 1 1938, to $10,000,000 at the end of December Total assets» 2,963 255 1939. Liabilities Bonds and notes: Changes in assets and liabilities * other than funded debt: Guaranteed by U.S. _ 2,814 Loans and investments _ ,._ —$194,000,000 Other (a) 49 Other net assets less miscellaneous liabilities. __ +12,000,000 Other liabilities 97 31 Aggregate net change _ -$182,000,000 Total liabilities*. 2,911 79 Changes in funded debt and net worth: Notes fully guaranteed by United States +$587,000,000 United States Government proprietary interests: Earned surplus... +$54,000,000 Net liability to other agencies -823,000,000 Net change -769,000,000 -$182,000,000 i Exclusive of interagency items except as indicated in footnote 3 to Table 1. Home mortgage and housing agencies.— The principal items of assets and liabilities of the various home mortgage and housing agencies as of December 31,1939, are summarized in Table 4. The emergency Home Owners' Loan Corporation, established in 1933, made loans, to be amortized in 15 years, to home owners in a refinancing program which terminated in June 1936. The principal activities of the Corporation are now the servicing of its loans and the management and sale of properties acquired. During 1939 changes were made in certain provisions regarding loans. Under legislation enacted in August the Corporation may extend loans to a maximum of 25 years in cases where such extensions appear justified. By administrative action the interest rate which had been, in general, 5 per cent was reduced to 4*/2 per cent on all payments due on or after October 16, 1939. This lower rate was made applicable to all purchase money obligations created after October 1, 1939, in connection with sales of property acquired by the Corporation. Total outstanding loans of the Home Owners' Loan Corporation declined by $130,000,- I CO R.F.O. United Mort- States gage Housing Com- Authorpany ity 57 123 (3) 14 3 132 150 60 269 114 85 3 2 4 88 2 118 i In addition to these investments, the Treasury had $40,000,000 invested in shares of Federal savings and loan associations, a Less than $500,000. 3 Excluding interagency items except investments in securities of other agencies and deposits with Reconstruction Finance Corporation. 000 during 1939 compared with decreases of $230,000,000 in 1938 and $370,000,000 in 1937. The smaller reduction in 1939 does not reflect lower principal repayments but resulted largely from new loans created in connection with the sale of foreclosed property and from a smaller volume of loan balances transferred to property and other accounts as foreclosures were authorized. Repayments of principal on the original loans in 1939 were about $20,000,000 larger than in 1938, most of which resulted from increasing principal payments under the direct-reduction amortization plan on which these loans are based. Investments by the Home Owners' Loan Corporation in shares of Federal and other savings and loan associations declined slightly in 1939 to $210,000,000. The Corporation is authorized to invest up to $300,000,000 in shares of these associations. The Treasury's investment in shares of Federal savings and loan associations of $40,- 000,000 on December 31,1939, was $7,000,000 less than a year earlier. Major changes during 1939 in the condition statement of the Home Owners' Loan Corporation are shown in the following summary. Refunding operations were carried out for $1,230,000,000 of bonds maturing or callable during the year, of which $1,000,000,- APRIL 1940 301 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

United States Government Corporations and Credit Agencies in 1939 000 were exchanged for new bonds, $75,000,- under certain conditions. The R. F. C. Mort- 000 were retired from the proceeds from sales gage Company deals primarily in insured of the new bonds for cash, another $75,000,- mortgages on old homes and on income-pro- 000 were paid off in cash and $80,000,000 of ducing property. It was recently announced the matured bonds had not been presented for that the Company will also deal in mortgages redemption at the end of the year. on small homes under the plan recently inaugurated under Title I of the Housing Act Changes in assets and liabilities other than funded debt: Loans -$131,000,000 as amended in June 1939 to facilitate the Property held for sale -33,000,000 financing and construction of homes costing Cash and United States direct obligations +60,000,000 Shares of Federal and other savings and loans associa- $2,500 or less. At the end of 1939 the Fedtions _._ —3,000,000 Other net assets less miscellaneous liabilities +25,000,000 eral National Mortgage Association held $147,000,000 of insured mortgages, an in- Aggregate net change -$82,000,000 crease of $66,000,000 during the year. Funds Changes in funded debt and net worth: Bonds fully guaranteed by United States i -$74,000,000 for its operations during the year were ob- United States Government proprietary interests: tained through the sale of $55,000,000 of Paid-in capital less deficit -$18,000,000 Net liability to other agencies +10,000,000 its notes to the public, which increased the Net change -8,000,000 outstanding amount to $85,000,000, and from -$82,000,000 advances by the Reconstruction Finance Cori In computing this difference, $82,000,000 of matured bonds not pre- poration. Total loans and insured mortgages sented for retirement were included with the amount outstanding on December 31, 1939. of $57,000,000 held by the R. F. C. Mortgage Company on December 31,1939, were slightly Total resources of the Federal Home Loan lower than at the end of the preceding year. banks declined by $30,000,000 in 1939 due The United States Housing Authority, primarily to the retirement on July 1 of which was organized in 1937, is authorized $42,000,000 of consolidated debentures, which to make long-term loans up to $800,000,000, left a balance of $49,000,000 outstanding at under specified conditions, to local housing the end of the year. Although advances to authorities for slum clearance and low-rent member institutions in 1939 were larger than housing projects. Owing largely to the limiin the preceding year, repayments were at a tation of $28,000,000 provided by law for the record high level and the amount of outstandannual contribution which the Authority may ing loans declined from $200,000,000 at the contract to give to local authorities as an aid end of 1938 to $180,000,000 on December 31, in achieving low rents, it appears that not all 1939. Private investments in savings and of the $800,000,000 may be earmarked. At loan associations increased substantially and the end of the year, total commitments of the it is estimated that new loans made by all Authority amounted to about $670,000,000 member institutions increased from $620,and contracts had been made calling for 000,000 in 1938 to $800,000,000 in 1939. The maximum advances of $524,000,000. Net value of new loans made by all savings and loans actually made during the year increased loan associations in 1939 appears to have by $90,000,000 to a total of $123,000,000 on been the highest of any year since 1930. A December 31, 1939. Funds for the operation steadily increasing proportion of their home of the Authority during 1939 were obtained mortgage loans during the past few years has from the sale to the public of $114,000,000 of gone directly into the construction and purfully guaranteed notes. chase of homes; it is estimated that this pro- In November a new plan for financing conportion was 65 per cent in 1939 as compared struction costs of local authorities was put with 54 per cent in 1936. into effect. Under this plan local author- The Federal National Mortgage Associaities, after approval by the Federal Authortion and the R. P. C. Mortgage Company, ity, may sell to the lowest public bidders both of which are owned by the Reconstrucshort-term notes to finance construction costs. tion Finance Corporation, are engaged in The Authority makes an irrevocable commitmortgage lending primarily through the purment to deposit funds with the Federal Rechase and sale of mortgages insured by the serve banks for the retirement of the notes Federal Housing Administration. The Fedwhen they mature. The first short-term eral National Mortgage Association deals notes of six months maturity, aggregating chiefly in mortgages on new homes and rental $50,000,000, were sold to private investors housing projects, but it also is authorized to by a group of local authorities in November make loans on new large-scale rental projects 302 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

United States Government Corporations and Credit Agencies in 1939 at interest rates averaging slightly less than struction as compared with 70 per cent at the six-tenths of 1 per cent. About $26,000,000 end of 1938. During 1939 there was also an of the proceeds was used to repay advances increase from $62,000,000 to $114,000,000 in already made to the local bodies by the Au- insured mortgages on large-scale rental-housthority. In January 1940, other issues ing projects which became premium payamounting to $35,000,000 were sold and it ing. By administrative action the maximum is planned that in the future, issues of similar interest rate on new insured home mortgage short-term notes will be offered about every loans was reduced from 5 to 4% per cent two months. In February 1940, a further and on rental projects from 4^ to 4 per cent step was taken in financing the development applicable to all commitments for insurance costs of housing projects by the direct sale issued subsequent to July 31, 1939. of securities of local authorities to the pub- Insured loans for property improvement, lic. During that month a group of four local including new construction, increased by authorities sold about $1,700,000, of long- $230,000,000 during 1939 to a total of $970,term bonds, the proceeds from which will 000,000 at the end of the year. Authority finance from 10 to 25 per cent of the develop-for continuing insurance of such loans until ment costs of their projects. July 1, 1941, was granted by amendments The Federal Housing Administration, enacted in June 1939 to Title I of the National which is included in the BULLETIN tables Housing Act. In the fall of 1939 the Housing under "Insurance agencies", makes no mort- Administration under this Title announced gage loans but insures approved lending insti- a plan designed to encourage the construction tutions against losses on loans secured by of low-cost homes. Loans of up to $2,500 on mortgages on homes and rental housing proj- new home construction maturing in 15 years ects and on loans for property improvement and 5 months, may now be insured if the borwhich meet certain requirements. Total as- rower's equity is equal to at least 5 per cent sets of the Federal Housing Administration of the appraised value of the completed propincreased by $10,000,000 during 1939 reflect- erty. The maximum interest charge on these ing largely increases in insurance funds loans is 4^2 per cent with an annual service which it administers. At the end of the year charge of */2 of 1 per cent and an annual the Mutual Mortgage Insurance Fund had mortgage insurance premium of y% of 1 per total assets of $30,000,000, an increase of $6,cent on the original principal. 000,000 for the year; total assets of the Housing Insurance Fund which was set up in 1938 Farm credit agencies.—In table 5 are sumagainst insured mortgages on large-scale marized the principal items of assets and housing projects increased somewhat to $2,- liabilities of the farm credit agencies on 210,000 on December 31, 1939. Guaranteed December 31, 1939. debentures issued in settlement of insurance Outstanding loans of the permanent Fedclaims and outstanding at the end of the year eral land banks and the emergency Federal amounted to $3,550,000, as compared with Farm Mortgage Corporation, both of which $1,260,000 at the end of 1938, and property are under the direct supervision of the Farm held for sale increased to $2,840,000 at the Credit Administration, declined by $140,000,end of 1939. 000 during the year to a total of $2,600,000,- During 1939 there was a large increase in 000 on December 31, 1939, of which $1,900,the business transacted by the Federal Hous- 000,000 were first mortgage loans of the ing Administration. Home mortgages in- Federal land banks. New loans of $80,000,sured during the year, as indicated by those 000 made by these agencies during the year that became premium paying, aggregated were about the same as in 1938. $670,000,000, an increase of almost $200,000,- Principal repayments of loans to the Fed- 000, or 41 per cent, as compared with 1938. eral land banks in 1939 were about $23,000,- The cumulative total of these insured mort- 000 larger than in 1938. Part of this increase gages reached $1,970,000,000 at the end of is attributable to the fact that 1939 was the the year. Outstanding conditional and firm first full year during which principal installcommitments to insure home mortgages were ments on a large portion of these loans were about $50,000,000 larger at the end of 1939 required since the expiration on July 11,1938, than a year earlier. About 73 per cent of of the moratorium on principal payments on all mortgages being accepted for insurance loans in good standing on June 3, 1935. The at the close of the year involved new con- percentage of land bank loans in good stand- APRIL 1940 303 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

United States Government Corporations and Credit Agencies in 1939 TABLE 5.—PRINCIPAL ASSETS AND LIABILITIES OF largely in areas which have suffered from FARM CREDIT AGENCIES, DECEMBER 31, 1939 drought during the last few years. Under legislation enacted in February 1940, the [In millions of dollars] time during which these loans may be made Fed- Other Appro- was extended from February 1, 1940, to June eral Farm priations 1, 1942. b F l e a a e r n n a d k d l - s C r M F a g o a t a o r i r g p o r m e t o n - - p i a A o s C n b r t d d r a a r a m e t n i t c d k o i i o o i n s n t r n - s - 1 b i A a s i y C s t d d r t r m F e a m e r t a d i e i i n r o i n d m t - n - m C C r C a o r o t o e r i d m p o d i o n i t - t y - i t m S t F r y a e a i t c n A r i u i m o s d r n - - - l p a e n D r d c u b e ri a n n n t g k ( 4 1 a 9 n p 3 d e 9 r C th c o e e m n i m t n f i t o s e s r r i e o d s n t i e re r r a c l t t o e a l s o n a o s n n w s ) F e r e a e d n e 3 d r ^ a 4 2 l per cent, respectively, under the law which Assets continues these reduced rates until July 1, 1940. Payments by the Treasury to these Loans and stock.. 1,905 342 258 667 Cash and U. S. agencies to reimburse them for interest re- Gov't obligations __. 139 21 263 19 1 ductions amounted to $37,000,000. Accounts and The following table derived from a consoliother receivables 160 46 4 20 dation of Treasury statements for the Federal Property held for sale 94 2) land banks and the Federal Farm Mortgage Other assets 35 Corporation indicate the sources and uses of Total assets 3_ 2,311 772 645 282 257 funds of these agencies during 1939. Liabilities Changes in assets and liabilities 1 other than funded debt: Bonds, notes and Loans -$140,000,000 debentures: Property held for sale -6,000,000 Guaranteed 1,270 407 Cash and United States direct obligations +12,000,000 Other 207 Other assets less miscellaneous liabilities +12,000,000 Other liabilities.. 54 """66" 10 196 Aggregate net change -$122,000,000 Total liabilities 3 1,043 1,325 217 196 596 Changes in funded debt and net worth: Federal Farm Mortgage Corporation bonds fully guaranteed by United States _ • -$118,000,000 i Includes Federal intermediate credit banks, Banks for cooperatives, Federal land bank bonds -31,000,000 Production credit corporations, and Regional agricultural credit cor- Private capital stock -2,000,000 porations. Earned surplus of Federal land banks +13,000,000 »Less than $500,000. United States Government proprietary interest: 3 Excluding interagency items except investments in securities of other Paid-in capital and surplus +$5,000,000 agencies (other than mentioned in footnote 4) and deposits with Recon- Net liability to other agencies +11,000,000 struction Finance Corporation. Net change +16,000,000 < Excludes $761,000,000 of Federal land bank bonds held by Federal Farm Mortgage Corporation. -$122,000,000 i Exclusive of interagency items except as indicated in footnote 3, ing increased slightly from 77.1 per cent at Table 1. the end of December 1938 to 77.5 per cent As shown in this table, outstanding bonds on December 31, 1939. Foreclosures, which were reduced by $150,000,000 and cash and had increased early in 1939, showed a marked United States securities were increased by decrease during the last quarter of the year, $10,000,000. Funds for these purposes were reflecting largely the temporary suspension obtained largely from repayments of loans of all foreclosure action except in cases in- and from earnings of the Federal land banks volving bad faith, abandonment, and irrepa- whose earned surplus increased by $13,000,rable loss. 000 after setting aside valuation reserves. Principal payments on loans of the Federal Short-term agricultural loans, together Farm Mortgage Corporation, which are with investments in agricultural lending known as "Land Bank Commissioner loans," institutions, of agencies other than the Realso increased somewhat during 1939, while construction Finance Corporation and the the proportion of the number of these loans Export-Import Bank, amounted to $1,520,with all matured installments fully paid of 000,000 at the end of 1939, an increase of 70.3 per cent at the end of the year was about $360,000,000 over 1938. All of this increase the same as on December 31,1938. As in the resulted from a larger volume of loans held case of the Federal land banks, the number by the Commodity Credit Corporation and the of foreclosures declined sharply near the end Farm Security Administration. Outstandof the year following the temporary suspen- ing loans of banks and corporations under sion of most foreclosures in the autumn. the direct supervision of the Farm Credit During the year a considerable number of the Administration, including the Federal inter- 13-year Land Bank Commissioner loans were mediate credit banks, banks for cooperatives, reamortized for terms of 20 years or more and the regional agricultural credit corpora- 304 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

United States Government Corporations and Credit Agencies in 1939 tions, declined slightly to a total of about was carried as a reserve against further $265,000,000 at the end of the year; invest- losses on loans. Effective November 1, 1939, ments of $75,000,000 by production credit the interest rate to farmers on all Commodity corporations in Class "A" stock of production Credit Corporation loans was reduced from credit associations were about the same as 4 to 3 per cent and the rate guaranteed to a year earlier. Effective February 24, 1939, lending agencies making these loans under the interest rate on all loans and discounts purchase agreements after that date was reof the Federal intermediate credit banks was duced from 2*/2 per cent to 2 per cent. reduced from 2 to l1/^ per cent and conse- Loans by the Farm Security Administraquently the rates on operating capital and tion outstanding on December 31, 1939, commodity loans of the banks for cooperatives amounted to $260,000,000, or $80,000,000 were reduced to 2V2 and 1^2 per cent, re-more than a year earlier. The chief functions spectively. Emergency crop and drought of this agency are to continue the rural rerelief loans and loans to stabilization corpo- habilitation program of the Resettlement rations administered by the Farm Credit Administration and to administer the farm Administration declined slightly in 1939 to purchase program of the Farm Tenant Act a total of $260,000,000. approved in 1937 under which tenants, share- Outstanding loans of the Commodity Credit croppers, and farm laborers may receive Corporation, including commodities owned, long-term loans for the purchase of farms. increased by $300,000,000 to a total of $670,- Other lending agencies.—A major part of 000,000 at the end of 1939. About two-thirds loans not discussed above consist of rural of this increase resulted from purchases in electrification loans, ship loans, loans by the July and August by the Corporation of ma- Export-Import Bank, and war-time railroad turing 1937-1938 cotton loans and 1938-1939 loans. Outstanding loans of the Rural Eleccorn loans from banks and other lending trification Administration, whose function is agencies which had been made under definite to facilitate the use of electricity in rural purchase agreements with the Corporation. areas, amounted to $180,000,000 on Decem- The balance of the increase represented ber 31, 1939, an increase of $95,000,000 durlargely loans made directly by the Corpora- ing the year. Funds for these loans were tion on the 1939 tobacco crop and purchases available from Congressional appropriations of 1938-1939 cotton loans from lending and from allocations by the Reconstruction agencies. At the end of December 1939, Finance Corporation as authorized by Conabout $240,000,000 of loans, largely on 1938- gress. 1939 cotton and 1939 wheat, were held by Outstanding loans of the United States banks and other lending agencies under pur- Maritime Commission declined slightly durchase agreements with the Corporation, a ing the year to about $50,000,000. During decrease of about $130,000,000, as compared the year, however, advances for vessels under with December 1938. construction increased by about $85,000,000 Under legislation approved in March 1939 to a total of $90,000,000, and commitments the functions of the Commodity Credit Cor- for ship construction increased by $130,000,poration were extended to June 30, 1941, and 000 to a total of $225,000,000. the authorization to secure funds through the Outstanding loans of the Export-Import sale of fully guaranteed obligations was in- Bank of $40,000,000 at the end of 1939 were creased from $500,000,000 to $900,000,000. $15,000,000 larger than a year earlier. By In August 1939 an issue of $200,000,000 of legislation enacted during the year the funcguaranteed obligations was sold to the public tions of this agency were continued until which increased the total amount outstand- June 30, 1941, and a limit of $100,000,000 ing to about $410,000,000. Under the law was placed on the amount of its loans which which provides for an annual appraisal of may be outstanding at any one time. Under assets of the Corporation and for maintaining the Act of March 2, 1940, the lending authorits capital unimpaired at $100,000,000, the ity was increased to $200,000,000 with a pro- Treasury made payments to the Corporation vision that the aggregate amount of loans of $120,000,000 in August 1939 as compared which may thereafter be made to any one with similar payments of $94,000,000 in the foreign country and agencies or nationals preceding year. At the end of 1939, $30,000,-thereof, shall not exceed $20,000,000; this 000 of these payments had been used to offset amount is in addition to loans authorized losses on liquidated loans and $185,000,000 or made prior to March 2, 1940. APRIL 1940 305 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

the fioatd*5 (2ottQ5v2onc£enc<z i rTtHE character and volume of inquiries addressed to the Board in recent years reflect the public's growing interest in problems related to money and banking. The inquiries cover a wide range of subjects representing many points of view, and it is believed that some of the questions raised, together with the Board?* replies, may be of interest to the readers of the BULLETIN. Selections for publication are made on the basis of frequency of inquiry, timeliness, and importance of subject matter. I'lta -Qutkoiiiu to Dstue ^Tectctal A/ot e* "By what authority do the Federal Reserve banks issue Federal Reserve notes?" T HE Constitution vests in Congress the sole 23, 1913, known as the Federal Reserve Act, power to coin money and regulate the entitled: value thereof. The power to issue paper "An Act To provide for the establishment of Fedmoney is derived from this and other powers eral Reserve banks, to furnish an elastic currency, conferred upon Congress by the Constitu- to afford means of rediscounting commercial paper, to establish a more effective supervision of banking tion. Accordingly, Congress possesses and in the United States, and for other purposes." exercises complete control over the issuance of all forms of currency, including Federal The Federal Reserve banks were thus Reserve notes. For the carrying out of created for public purposes. They are operthis function, as of many of its other func- ated under the supervision of the Board of Governors of the Federal Reserve System, tions, Congress has set up executive mawhich was described in the Committee Report chinery. It has determined that the moneon the original Federal Reserve Act as "A tary functions be performed by the Treasury strictly Government organization created for Department and the Federal Reserve Systhe purpose of inspecting existing banking tem under the guidance of laws enacted by institutions and of regulating relationships Congress. between Federal Reserve banks and between The Treasury Department, established at them and the Government itself." This the beginning of our national existence, has Board consists of seven public officials apamong its many important functions the pointed by the President of the United States coinage of metal and the issuance of certain with the advice and consent of the Senate. kinds of paper money, particularly United They are required to devote their entire time States notes and silver certificates. The to the business of the Board and are for- Federal Reserve System, established about bidden by law to be officers, directors, or 25 years ago, has among its major functions stockholders of any bank, banking instituthe issuance of Federal Reserve notes. Prior tion, or trust company. to the establishment of the Federal Reserve Under the terms of the Federal Reserve banks the bulk of the paper currency in circu- Act, Federal Reserve notes are issued to the lation consisted of National bank notes, which Federal Reserve banks by the Board of Govwere issued by private commercial banks. The ernors through the Federal Reserve agents, volume of National bank notes did not readily who are appointed by the Board of Governors fluctuate with the country's need for cur- and act as its local representatives at the rency; for this reason currency shortages Federal Reserve banks. Before receiving were frequent, and occasionally banks had to such notes, each Federal Reserve bank must suspend specie payments. Congress sought to pledge with the Federal Reserve agent colremedy this situation by the Act of December lateral of specified kinds, and in addition, the 306 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Front the Board's Correspondence notes are secured by a first and paramount least 40 per cent of Federal Reserve notes in statutory lien on all of the assets of the circulation. issuing Federal Reserve banks. They are As of March 27, 1940, Federal Reserve also obligations of the United States Govern- notes outstanding amounted to $5,237,827,ment. Collateral back of Federal Reserve 000. Against these Federal Reserve notes the notes has at different times consisted of dif- Federal Reserve banks had deposited $5,343,ferent assets, including a larger or smaller 500,000 of gold certificates with the Federal volume of gold or gold certificates, commer- Reserve agents. The Federal Reserve banks cial paper, or United States Government se- are not dependent for their earnings upon curities. As required by law, this collateral the note-issue privilege. On the contrary, the has been equal at all times to at least 100 per Federal Reserve banks incur an expense of cent of Federal Reserve notes outstanding, more than $4,000,000 annually in having Fedand the Reserve banks have maintained re- eral Reserve notes printed and in supplying serves of gold or gold certificates equal to at currency for circulation. ~Th £ank* ate Public UnStliution* e "Are the Federal Reserve banks private institutions operated for profit?" The Federal Reserve banks were created operating matters of purely regional signifiby Act of Congress and are operated for pub- cance are concerned, the Boards of Directors lic purposes and not for private profit. Each of the Federal Reserve banks perform the of the twelve Federal Reserve banks serves a usual functions of boards of directors, subject definite geographical area known as a Federal to supervision and in certain important mat- Reserve district. Every national bank is re- ters to approval by the Board of Governors. quired by law to be a member of the Federal National credit policies are determined by the Reserve System and to subscribe to the capi- Board of Governors and by the Federal Open tal stock of the Federal Reserve bank of its Market Committee, which is made up of the district, and State banks are permitted to be- seven members of the Board and five reprecome members by subscribing to the capital sentatives of the Federal Reserve banks. stock and meeting the other conditions of The Federal Reserve banks are authorized membership. This stock is as much a re- to make loans to member banks and to purquired contribution to the capital of the chase certain specified obligations, including Federal Reserve banks as an investment. The those of the United States. The governing maximum amount that must be subscribed purpose with respect to the loans and investby each member bank is prescribed by law— ments of the Federal Reserve banks is to ini.e., 6 per cent of the member bank's capital fluence conditions in the money markets with and surplus. Only half of the amount sub- a view to counteracting unsound developscribed has been called for, so that each mem- ments and contributing to stable economic ber bank owns stock in its Federal Reserve progress. bank in an amount equal to 3 per cent of its The income of the Federal Reserve banks capital and surplus. This stock cannot be is incidental to the performance of these transferred or hypothecated. functions. Ordinarily the current income is The member banks of each district elect sufficient to cover their expenses and that of six of the nine directors of each Federal Re- the Board of Governors in Washington and serve bank and the Board of Governors of to pay the statutory dividend of 6 per cent the Federal Reserve System appoints three, per annum. Earnings above expenses and one of whom is designated as Chairman of dividends are added to surplus, which, in the the Board of Directors and official represen- event of liquidation of the Federal Reserve tative at the bank of the Board of Governors, banks, would become the property of the and one as Deputy Chairman. In so far as United States. APRIL 1940 307 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

(luttent Messrs. Eccles and Davis Under New Appointments as Members Federal Reserve System submitted to the of the Board Attorney General by a Committee on Ad- On March 5, 1940, Messrs. Eccles and ministrative Procedure appointed by the At- Davis received their commissions as mem- torney General of the United States, and the bers of the Board of Governors of the Fed- statement was made that the Committee exeral Reserve System for the remainder of the pected to release at an early date reports on term of eight years from February 1, 1936, administrative procedure of the Comptroller and the term of fourteen years from Februof the Currency and of the Federal Deposit ary 1,1940, respectively, and on March 8 they Insurance Corporation. The Committee has assumed their duties under the new appointnow released for publication a monograph ments. prepared by the staff of the Committee on administrative procedure of these two agen- Designation of Marriner S. Eccles as Chairman of the Board of cies. Governors of the Federal Reserve System The President of the United States issued Meeting of Presidents' Conference an Executive Order on March 5, 1940, desig- The Presidents of all of the Federal Renating Marriner S. Eccles as Chairman of serve banks met in Washington on March the Board of Governors of the Federal Re- 19 for their first conference. serve System, to serve as such for a term of four years, effective February 1, 1940. Meeting of the Federal Open Market Committee The first meeting of the Federal Open Appointments at Federal Reserve Banks Market Committee this year was held in The Board of Governors on March 8, 1940, Washington on March 20, at which time Marannounced the appointment of R. C. Rich, riner S. Eccles was re-elected as Chairman President, R. C. Rich Sheep Company, Burley, of the Committee and George L. Harrison as Idaho, as a director of the Salt Lake City Vice Chairman. Branch of the Federal Reserve Bank of San The following representatives of the Fed- Francisco for the unexpired portion of the eral Reserve banks had previously been two-year term ending December 31, 1940. elected to serve as members of the Committee On the same date the Board announced the for a period of one year beginning March 1, appointment of Raymond C. Force, Chairman 1940: George L. Harrison, John S. Sinclair, of the Executive Committee, Caterpillar Trac- Robert S. Parker, George J. Schaller, and Wiltor Company, Oakland, California, as a Class liam A. Day, Presidents of the Federal Re- C director of the Federal Reserve Bank of serve Banks of New York, Philadelphia, At- San Francisco for the unexpired portion of lanta, Chicago, and San Francisco, respecthe three-year term ending December 31, tively. 1941; and on March 13 announced that Mr. The other officers of the Committee are Force had been designated Chairman and Chester Morrill, Secretary; S. R. Carpenter, Federal Reserve Agent at the Bank for the Assistant Secretary; E. A. Goldenweiser, remainder of the current year. Economist; John H. Williams, Associate On March 12 the Board announced that Economist; Walter Wyatt, General Counsel, Roger B. Shepard, President, Finch, Van and J. P. Dreibelbis, Assistant General Coun- Slyck & McConville, St. Paul, Minnesota, had sel. The Federal Reserve Bank of New York been appointed Deputy Chairman of the Fedwas selected to execute transactions for the eral Reserve Bank of Minneapolis for the re- System open market account and the Bank mainder of the current year. has appointed R. G. Rouse, Vice President of Report on Comptroller of the Currency and Federal Deposit the Bank, as manager of the System account. Insurance Corporation Administrative Procedure The members of the executive committee of On page 204 of the Federal Reserve BUL- the Federal Open Market Committee are LETIN for March 1940, announcement was Marriner S. Eccles, Chairman; George L. made of the release for publication of a mono- Harrison, Vice Chairman; M. S. Szymczak, graph on administrative procedure of the Chester C. Davis, and John S. Sinclair. 308 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

REPORT OF THE FEDERAL DEPOSIT INSURANCE CORPORATION AS OF DECEMBER 31, 1939 To Banks Insured by the Federal Deposit Insurance Corporation There follows a report by the Board of the difference between total disbursements of Directors of the Federal Deposit Insurance $148,623,482.99 actually made or pending to Corporation relating to the activities of the depositors of closed insured banks in settle- Corporation for the six months ended Decem- ment of their claims and to merging banks ber 31, 1939, with additional information or receivers of closed banks for loans and pertaining to operations during the twelve purchase of assets, including expenses incimonths ended on that date and during the dent thereto, and estimated recoveries of entire period of operation of the Corporation. $111,900,011.57. Administrative expenses The report also includes a statement of assets and other charges have amounted to $18,and liabilities of the Corporation as of De- 468,541.78. cember 31, 1939, and an analysis of surplus for the six months ended on that date.1 Closed Insured Banks During the six months ended December 31, 1939, 12 insured banks closed or received aid Operations from the Corporation. The 33,941 depositors The income of the Corporation amounted in these banks, having total deposits of to $25,439,457.98 for the six months ended $11,751,000, were protected to the extent of December 31, 1939, including assessments of $11,640,000, or about 99.1 per cent of their $20,856,274.29 paid by insured banks and claims, by insurance or otherwise. Only 25 interest earned of $4,583,183.69, after dedepositors in the suspended banks were not ducting provision for amortization of prefully protected. miums. Expenses and losses during this During the year ended December 31, 1939. period amounted to $2,398,321.76, of which $650,362.49 represented deposit insurance 60 insured banks, having 393,160 depositors, losses and expenses and $1,747,959.27 repre- all but 832 of whom were fully protected, sented administrative expenses and other closed or received aid from the Corporation. charges. Total deposits in these 60 banks amounted to Income for the year ended December 31, $157,775,000, of which $154,455,000, or 97.9 1939, amounted to $51,185,634.09 of which per cent, were protected against loss. $40,725,480.46 represented assessments paid From the beginning of deposit insurance by insured banks and $10,460,153.63 repre- to December 31,1939, 315 insured banks were sented interest earned, less provision for closed because of financial difficulties. Of amortization of premiums, and profits on these, three subsequently were reopened or securities sold. Total losses and expenses for taken over by other insured banks and 312, the year amounted to $20,748,296.41, includ- having 877,223 depositors, with total deposits ing deposit insurance losses and expenses of of $294,658,000, were liquidated or were $17,358,971.14, and administrative expenses merged with the aid of loans from the Corand other charges of $3,389,325.27. poration. Deposits amounting to $286,257,- The surplus of the Corporation, resulting 000, or 97.4 per cent of the total deposits in from an excess of income over expenses and the 312 banks, were made available promptly losses during the entire period of operations without loss to depositors. Only 1,569 of the was $163,411,165.03, as of December 31,1939. 877,223 depositors, or less than one-quarter Total income from the beginning of deposit of 1 per cent, held accounts in excess of insurance has amounted to $218,603,178.23, $5,000 which were not fully protected by inincluding assessments of $164,897,721.07 surance, offset, preferment, pledge of securpaid by insured banks and $53,705,457.16 deity, or terms of the merger agreements. rived from interest earned and profits from sales of securities, after making provision for amortization of premiums. Charges to Membership surplus have amounted to $55,192,013.20. On December 31, 1939, there were 13,589 Net deposit insurance losses and expenses operating banks insured by the Federal Deamounted to $36,723,471.42, resulting from posit Insurance Corporation. For the year ended on that date there was a decrease of 1 Not reprinted herewith. APRIL 1940 309 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Report of The Federal Deposit Insurance Corporation 120 in the number of insured banks, resulting holiday. The Corporation has been able, durfrom the continued elimination of banks in ing the past six years, not only to keep up unsatisfactory condition, from the chartering with current developments that claimed its of few new banks, and from the conversion attention and its resources, but also to reof banks into branches of other banks. vitalize stagnant and hazardous banking situ- There were 169 banks eliminated during ations in various sections of the country the year: 32 by suspension; 21 by merger where rehabilitation without financial aid with the aid of loans from the Corporation; and without a definite program was a demonand 116 by merger, consolidation, or volun- strated impossibility. The greatest number tary liquidation. There were 49 banks ad- of such cases occurred in agricultural sections mitted to insurance, of which 21 banks were of the country, while the dollar outlay was in operation or were successors to noninsured greatest in industrial areas of the Middle banks in operation at the beginning of the Atlantic region. year and 28 banks first opened for business Disbursement during 1939 of some $72,in 1939. 000,000 to protect the 393,000 depositors of As evidence of the continued cooperation 60 insured banks brought the program for of supervisory officials in chartering only rehabilitation of known problem banks near banks that would be admitted to insurance, completion. The few such cases remaining all but 3 banks of the 31 banks chartered and on the Corporation's agenda should be corfirst opened for business in 1939 were insured rected during the early months of 1940. on December 31; one of these three banks was It should not be deduced, however, that admitted to insurance early in 1940 and ap- provision for these cases will end the Corplications from the other two are being con- poration's responsibility for constructive acsidered by the Corporation. tion. Only by preventing an accumulation Almost complete agreement has been in insured banks of unduly risky assets that reached by supervisory authorities on the would endanger the Corporation's resources desirability of chartering only banks for can this agency or the banks that support it which there appear substantial justification hope to assure the solvent and successful and reasonable prospect for profitable opera- operation of Federal deposit insurance. The tion. This accord materially lessens the Corporation will continue to utilize all existchance for loss as a result of the failure of ing facilities to determine weaknesses in the unwarranted banks. banking system as they develop and to remedy hazardous situations. With bankers lies re- Progress of Rehabilitation Program sponsibility for operation of their institutions and management of their assets in such a During the past year the Corporation made way that deterioration of banks into the probmaterial progress on its program for weeding lem class can be kept at a minimum. out the deadwood from the banking system. This is a continuing program, framed in the By order of the Board of Directors, light of conditions in various sections of the country and designed both to care for occa- LEO T. CROWLEY, Chairman. sional emergencies that result from local or regional developments and to- rehabilitate or WASHINGTON, D. C. eliminate insured banks that have been operating under difficulties since the banking February 5, 19^0. 310 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

A/ational Summ&tif ofi f2u.5ln.Q55 &ondition5 Compiled March 16 and released for publication March 19. Later developments are discussed on pages 273-278 of this BULLETIN I NDUSTRIAL activity showed a further cars were in large volume for this time of sharp decline in February and a less the year. In the first half of March output marked reduction in the first half of March. of automobiles showed less than the cus- Wholesale commodity prices generally were tomary sharp increase. In some industries steady, following some decline in January and not included directly in the Board's producearly February. tion index, particularly the machinery, aircraft, and rayon industries, activity con- Production tinued at high levels. In February the Board's seasonally ad- Changes in output of nondurable goods justed index of industrial production was were largely seasonal in February except at 109 per cent of the 1923-1925 average as com- textile mills and sugar refineries. At cotton pared with 119 in January and 128 in De-textile mills activity declined somewhat from cember. A further decline at a slower rate the high levels prevailing since early last is indicated for March on the basis of data autumn. Activity at woolen mills, which had now available. In August 1939, the month decreased considerably in December and Janprior to the outbreak of war, the index was uary, declined further in February and out- 103. put of silk products was reduced to an exceptionally low level. Sugar refining showed INDUSTRIAL PRODUCTION less than the sharp rise usual at this season. POINTS IN TOTAL INDEX POINTS IN TOTAL INDEX 140 140 Mineral production declined in February, owing chiefly to a considerable reduction in output of anthracite. Bituminous coal production declined somewhat, following a rise in January, while output of crude petroleum increased to new high levels. Value of construction contract awards in February showed little change from the 40 January total, reflecting a further decrease in contracts for public construction and a 20 contraseasonal increase in private contracts, according to figures of the F. W. Dodge Cort934 1935 1936 1937 1938 1939 1940 poration. The increase in private residential Index of physical volume of production, adjusted for seasonal awards nearly equalled the decline that ocvariation, 1923-1925 average = 100. curred in the previous month when severe Steel production, which had risen sharply storms curtailed building operations in many in the latter part of 1939 and then decreased areas. considerably in January, showed a further Distribution marked reduction in February to 69 per cent of capacity. In the first half of March out- Retail distribution of general merchandise put was steady at a rate of about 65 per cent. showed little change from January to Feb- Plate glass production declined further in ruary and remained somewhat below the high February and output of lumber, which had level of the latter part of last year, with due dropped sharply in January, showed less than allowance for seasonal changes. Sales at the usual seasonal rise. Automobile produc- variety stores and mail-order houses showed tion in February was maintained at the high about the usual seasonal rise in February, level prevailing in January. Dealers' stocks while at department stores, where some inof new cars rose to high levels in this period, crease is also usual at this time of year, sales notwithstanding the fact that retail sales of remained at about the January level. APRIL 1940 311 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

National Summary of Business Conditions FREIGHT CAR LOADINGS WHOLESALE PRICES P 1 O 0 I 0 N T | S W TOTAL I 1 N DEX 1 1 1 1 POINTS 1 I N TOTAL IN M D O EX O 1 PE 10 R CENT PER C 1 E 1 N 0 T 100 100 80 90 90 60 60 80 V 80 40 40 70 70 60 20 50 1934 1935 1937 1938 1940 1934 1935 1936 1937 1938 1939 1940 Index of total loadings of revenue freight, adjusted for seasonal Index compiled by the United States Bureau of Labor Statistics, variation, 1923-1925 average = 100. 1926 = 100. By weeks, 1934 to week ending March 20, 1940. Freight-car loadings declined considerably bonds increased sharply after the announcefrom January to February, reflecting for the ment by the Treasury early in March that its most part a sharp reduction in coal ship- operations during that month would be limments and some further decrease in loadings ited to the issuance of a five-year note to of miscellaneous freight. refund a note maturing next June. Foreign Trade Bank Credit Exports of United States merchandise in February declined less than seasonally from Total loans and investments at reporting the high levels reached in December and Jan- member banks in 101 leading cities rose duruary. The principal decreases were in ship- ing the six weeks ending March 13, largely ments of cotton, copper, and aircraft, which had been exceptionally large in previous MONEY RATES IN NEW YORK CITY PER BENT PER CENT months. Exports to Japan fell sharply and 4 4 there were declines also in shipments to the United Kingdom, the Netherlands, and Russia, while exports to Belgium and the Scandi- 3 AJVs, TREASlJRY BONDS 3 navian countries increased. ,u •^ k K There has been little change in the rate of gold inflow. The monetary gold stock in- 2 IV RESERVE BANK Z c $ r 1 e 0 a 9 s , e 0 d 0 0 b ,0 y 0 0 $2 i 4 n 6 t ,0 h 0 e 0 f ,0 ir 0 s 0 t t i w n o F w e e b e r k u s a r o y f a M nd ar c b h y . V V jM L D IS 1 C . O UN . T ^ . R . AT J J "\ 1 TREASl/RY NOTES k 1 (3-! YEAR8) K Commodity Prices TREASURY BILLS f\A (NEW ISSUES) f \ Prices of nonferrous metals advanced from o 0 the middle of February to the middle of 1934 1935 1936 1937 1938 1939 1940 March, while steel scrap and textile materials Minimum rate on rediscounts for and advances to member declined somewhat further. Most other com- banks by Federal Reserve bank; weekly averages of daily yields of 3- to 5-year Treasury notes and Treasury bonds callable after modities showed little change and in the week 12 years, and average discount on new issues of 91-day Treasury ending March 9 the general index of the bills offered within week. For weeks ending January 6, 1934, to March 16, 1940. Bureau of Labor Statistics was at 78.3 per cent of the 1926 average as compared with as a result of increases in investments at New 78.5 a month earlier. York City banks. Following a reduction during January, commercial loans increased, Government Security Market mostly at banks in cities outside New York. Following a relatively steady market dur- Bank reserves and deposits continued to ining February, prices of long-term Treasury crease during the period. 312 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FINANCIAL, INDUSTRIAL, AND COMMERCIAL STATISTICS UNITED STATES PAGE Member bank reserves, Reserve bank credit, and related items 315 Federal Reserve bank discount rates; rates on time deposits, reserve requirements. 316 Federal Reserve bank statistics 317-321 Reserve position of member banks; deposits in larger and smaller centers 322 Money in circulation 323 Gold stock and gold movements; bank suspensions; bank debits 324 All banks in the United States, number, deposits, loans and investments 325 Condition of all member banks 326-327 Weekly reporting member banks 328-331 Commercial paper, bankers' acceptances, and brokers' balances 332 Money rates and bond yields 333 Security markets 334 Treasury finance 335-336 Governmental corporations and credit agencies; Postal Savings System 337-338 Production, employment, and trade 339-347 Wholesale prices . . 348 Statistics for Federal Reserve chart book . 349-350 Number of banks and branches in United States, 1933-1939 350 Tables on the following pages include the principal available statistics of current significance relating to financial and business developments in the United States. The data relating to the Federal Reserve banks and the member banks of the Federal Reserve System are derived from regular reports made to the Board; index numbers of production are compiled by the Board on the basis of material collected by other agencies; figures for gold stock, money in circulation, Treasury finance, and operations of Government credit agencies are obtained principally from statements of the Treasury or of the agencies concerned; data on money and security markets and commodity prices and other series on business activity are obtained largely from other sources. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Current figures compiled by the Board are generally released prior to publication in the BULLETIN and .press statements will be sent without charge to those wishing them. For a list of current releases see FEDERAL RESERVE PUBLICATIONS at the back of this BULLETIN. APRIL 1940 313 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES AND RELATED ITEMS WEDNESDAY FIGURES BILLIONS OF DOLLARS BILLIONS OF DOLLARS TREASURY DEPOSITS ATF.R. BANKS MEMBER BANK RESERVE BALANCES 1934 1935 1936 1937 1938 1939 1940 Latest figures for March 20. See page 315. 314 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MEMBER BANK RESERVES, RESERVE BANK CREDIT, AND RELATED ITEMS [In millions of dollars] Reserve bank credit outstanding Member bank Date co B d u i i n s l - l t s ed bo B u il g ls ht s m U G e e c r e o . u n S n v r - . i t - - R c O b e re s a t e d h n r i e k v t r e 1 Total s G to o c ld k s T r t o e c u r i a n u n u e r n r y g a c t d - - s y - - M i c n t u i o o l c n a n i e r - - j T h c i u r o n a e r l g s y a d h s s - - T d R F b e r e w e e a p d s a n i o e e t s k s r h r u v i s a t r e l s y b p m N e o r e o s m n i d t - e s - - F c O e o a d t u c h e n - e r t a r s l r T es o e t r a v l e ba E l x a c n e c s e s s * ties Monthly averages of daily figures: 1938—Dec 2,564 2,618 14,416 2,783 2,673 723 526 8,745 3,226 1939—Jan 2,568 2,598 14, 599 2,807 6,712 2,726 827 454 257 9,029 3,484 Feb 2,567 2,594 14, 778 2,820 6,697 2,758 1,055 502 255 8,925 3,373 Dec 2,510 2,612 17, 518 2,956 7,609 2,402 616 739 248 11,473 5,011 1940—Jan 2,479 2,542 17,804 2,966 7,443 2,361 584 689 250 11,985 5,464 Feb 2,477 2,546 18,061 2,976 7,426 2,361 600 732 249 12, 215 5,626 End of month figures 1938—Dec. 31.... 2,564 2,601 14, 512 2,798 6,856 2,706 923 441 260 8,724 3,205 1939—Jan. 31.... 2,574 28 2,607 14,682 2,816 6,653 2,776 747 458 255 9,215 3,644 Feb. 28____ 2,564 30 2,598 14,874 2,824 6,731 2,740 1,148 254 5,387 Dec. 30.... 2,484 102 2,593 17,644 2,963 7,598 2,409 634 251 11, 653 5,209 1940—Jan. 31. _„ 2,477 18 2,503 17,931 2,971 7,376 2,359 549 723 248 12,150 5,559 Feb. 29..... 2,477 63 2,547 18,177 2,981 7,455 2,372 562 740 247 12,328 5,692 Wednesday figures: 1939—May 3 2,564 2,572 15,801 2,851 6,915 2,691 936 554 255 9,872 4,084 May 10.... 2,564 2,575 15,856 2,854 6,904 2, 678 959 521 255 9,967 4,186 May 17.... 2,564 2,576 15,892 2,857 6,913 927 543 255 10,005 4,244 May 24.... 2,564 2,576 15,927 2,859 2,646 915 558 254 10,097 4,304 May 31.... 2,564 2,573 15, 957 2,862 6,967 2,636 920 253 10,029 4,218 June 7 2,564 2,576 15,987 2,864 2,571 935 630 253 10,053 4,279 June 14 2,564 2,605 16,027 2,868 6,936 2,570 928 714 253 10,101 4,264 June 21 2,564 2,584 16,060 2,873 6,934 2,566 941 714 263 10,099 4,227 June 28 2,551 2,567 16,093 2,879 6,962 2,559 962 677 263 10,116 4,243 July 5. 2,551 2,569 16,136 2,880 7,100 2,577 820 678 257 10,151 4,292 July 12 2,535 2,569 16,174 2,885 7,041 2,552 791 638 257 10,350 4,447 July 19 2,515 2,537 16,191 2,890 7,022 2,530 764 634 257 10,412 4,485 July 26 2,488 2,512 16, 227 7,002 2,506 742 257 10,436 4,485 Aug. 2..... 2,453 2,476 16, 248 2,895 7,054 2,370 863 257 10,413 4,462 Aug. 9 2,443 2,462 16,270 2,897 7,070 2,354 844 597 256 10, 509 4,533 Aug. 16.... 2,423 2,453 16,335 2,900 7,091 2,366 776 565 256 10,633 4,590 Aug. 23.... 2,423 2,441 16, 501 2,903 7,098 2,334 724 604 256 10.829 4,741 Aug. 30.... 2,426 2,448 16,638 2,905 7,141 2,327 709 255 10,951 4,799 Sept. 6 2,594 2,643 16, 726 2,908 7,261 2,264 676 247 11,141 4,969 Sept. 13 2,824 2,873 16,808 2,911 7,235 2,227 615 755 234 11,526 5,271 Sept. 20___. 2,826 2,883 16,902 2,915 7,236 2,272 619 781 242 11, 549 5,275 Sept. 27.... 2,804 2,846 16,925 2,914 7,238 2,260 552 771 242 11,621 5,332 Oct. 4 2,785 2,837 16,958 2,920 7,309 2,250 469 776 239 11,672 5,359 Oct. 11 2,765 2,810 16,973 2,924 7,346 2,238 404 742 238 11, 739 5,399 Oct. 18 2,748 2,817 16.997 2,927 7, 330 2,216 349 698 241 11,907 5,509 Oct. 25 2,736 2,771 17,039 2,929 7,302 2,230 326 692 240 11,950 5,534 Nov. 1 2,721 38 2,765 17,099 2,932 7,352 2,250 349 790 241 11,814 5,376 Nov. 8 2,687 28 2,721 17,132 2,935 7,409 2,263 348 779 241 11,749 5,354 Nov. 15 2,649 60 2,715 17,235 2,939 7,384 2,341 564 772 241 11,587 5,166 Nov. 22.... 2,593 44 2,645 17, 257 2,942 7,434 2,357 466 727 241 11, 619 5,171 Nov. 29 2,552 45 2,605 17, 347 2,947 7,462 2,359 441 776 241 11, 620 5,135 Dec. 6 2,512 47 2,568 17,408 2,949 7,545 2,391 346 785 241 11,617 5,154 Dec. 13 2,512 23 2,543 17, 464 2,954 7,564 2,398 753 719 240 11,288 4,849 Dec. 20 2,496 140 2,645 17, 576 2,959 7,679 2,411 694 765 253 11,378 4,900 Dec. 27 2,489 71 2,568 17, 620 2,963 7,663 2,417 646 678 255 11,493 5,046 1940—Jan. 3 2,484 73 2,564 17,697 2,963 7,581 2,367 651 653 251 11,721 5,271 Jan.10 2,477 20 2,504 17, 747 2,965 7,463 2,341 655 677 250 11.830 5,377 Jan. 17 2,477 31 2,515 17,805 2,968 7,405 2,361 575 678 250 12,020 5,502 Jan. 24 2,477 30 2,514 17, 879 2,969 7,365 2,381 507 713 249 12,148 5,592 Jan. 31 2,477 18 2,503 17, 931 2,971 7,376 2,358 549 723 248 12,150 5,559 Feb. 7 2,477 33 2,518 17.998 2,973 7,403 2,365 632 743 249 12,097 5,523 Feb. 14 2,477 46 2,530 18,063 2,977 7,411 2,385 642 733 249 12,151 5,580 Feb. 21 2,477 40 2,523 18,108 2,977 7,450 2,358 716 248 12, 241 5,629 Feb. 28 2,477 54 2,537 18,166 7,439 2,374 744 248 12, 318 5,689 Mar. 6 2,477 35 2,515 18, 220 2,984 7,481 2,358 536 731 246 12,367 5,733 Mar. 13.... 2,477 44 2,524 18, 282 2, 985 7,463 2,362 526 754 247 12, 439 5,777 Mar. 20.... 2,475 42 2,520 18,360 2,989 7,484 2,374 707 791 256 12,256 5,594 1 Includes industrial advances. * End of month and Wednesday figures estimated. NOTE.—For description of figures in this table and discussion of their significance, see BULLETIN for July 1935, pp. 419-429. Reprints of article together with available back figures, may be obtained upon request from Division of Research and Statistics. Back figures are also shown in Annual Report for 1937 (tables 3 and 4) and for excess reserves in BULLETIN for August 1935, pp. 499-500. APRIL 1940 315 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FEDERAL RESERVE BANK DISCOUNT RATES [Per cent per annum] Rediscounts and advances under sections Advances secured by direct obligations 13 and 13a of the Federal Reserve Act of the United States (last paragraph of except last paragraph of Section 13 Advances under Sec- Section 13 of the Federal Reserve Act) tion 10 (b) of the Federal Reserve Act Secured by direct and Federal Reserve bank eligible guaranteed ob- All other To banks To others ligations of the U. S. Rate In Rate In Rate In Rate In Rate In March effect March effect March effect March effect March effect beginning- 29 beginning- 29 beginning- 29 beginning- 29 beginning- Boston _. Sept. 1, 1939 Sept.1, 1939 Sept.2,1937 Sept. 1, 1939 Apr. 29, 1938 New York..... Aug. 27, 1937 Aug.27, 1937 Oct.10, 1935 Aug. 25, 1939 Feb. 8, 1934 Philadelphia.. Sept. 4, 1937 Sept.4, 1937 Sept.4, 1937 Sept. 1, 1939 Sept. 1, 1939 Cleveland May 11, 1935 May 11, 1935 Oct.19, 1935 Sept. 1, 1939 May 11, 1935 Richmond Aug. 27, 1937 Aug.27, 1937 Sept.10, 1937 Sept. 1, 1939 Feb. 19,1934 Atlanta Sept. 16, 1939 Aug.21, 1937 Aug.21, 1937 Sept.16, 1939 Apr. 23, 1938 Chicago Sept. 1, 1939 Aug.21, 1937 Aug.21, 1937 Sept. 1, 1939 Oct. 16, 1933 8t. Louis Sept. 21, 1939 Sept.2, 1937 Sept.2, 1937 Sept.16, 1939 4 Feb. 23, 1935 Minneapolis.. Aug. 24, 1937 Aug.24, 1937 Aug.24, 1937 Sept. 1, 1939 3 Oct. 8, 1938 Kansas City.. Sept. 16, 1939 Sept.3, 1937 Sept.3, 1937 Sept.16, 1939 2M Apr. 16, 1938 Dallas... Sept. 16, 1939 Aug.31, 1937 Aug.31, 1937 Sept.16, 1939 2H Apr. 16, 1938 San Francisco Sept. 3, 1937 Sept.3, 1937 Sept.17, 1937 Sept. 1, 1939 Oct. 19, 1933 * 2J4 per cent to lenders other than banks. NOTE.—Rates applicable to United States Government securities' repurchase agreements are as follows: New York, 1 per cent; Cleveland, Kansas City, and Dallas, \% per cent. Back figures.—See Annual Report for 1937 (table 40). FEDERAL RESERVE BANK BUYING RATES ON ACCEPTANCES FEDERAL RESERVE BANK RATES ON INDUSTRIAL ADVANCES [Per cent per annum] Rates in effect March 29, 1940, on advances and commitments under Sec. 13b of the Federal Reserve Act. [Per cent per annum except as indicated by footnotefl Rate in Maturity M eff a e r c c t h o 2 n 9 In g i e n f n fe in ct g — be- Pre ra v t i e ous A in d g v a i n n c s e t s it u to t io fi n n s a — nc- Advances direct to Commit- 1-15 days 1.- Oct. 20, 1933 Federal Reserve bank industrial On por- ments 16-30 days... ...do or com- tion for to make 31-45 days... ...do mercial or- which On re- advances 46-60 days... —do ganizations institu- maining 61-90 days... ...do tion is portion 91-120 days.. ...do obligated 121-180 days ...do Boston i This rate also applies to acceptances bought under repurchase, agree- New York.... 4-6 4-5 ments, which agreements are always for a period of 15 days or less. Philadelphia.. 4-6 NOTE.—Minimum buying rates at the Federal Reserve Bank of Cleveland 4 New York on prime bankers' acceptances payable in dollars; higher rates may be charged for other classes of bills. The same minimum Richmond 6 4-6 4-6 1-2 rates apply to purchases, if any, made by other Federal Reserve banks. Atlanta 5-6 5 5 x-1 Chicago 5-6 0) 5-6 Back figures.—See Annual Report for 1937 (table 41). St. Louis 4 Minneapolis.. 6 Kansas City.. 4-6 K3) Dallas 5-6 4 5-6 San Francisco 5-6 3-4 4r-5 1 Authorized rate 1 per cent above prevailing discount rate. 2 Same as to borrower but not less than 4 per cent. MAXIMUM RATES ON TIME DEPOSITS 3 Minimum charge one-half of one per cent. Back figures.—See Annual Report for 1937 (table 40). 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] MEMBER BANK RESERVE REQUIREMENTS Nov. 1, 1933 Feb. 1,1935 In effect [Per cent of deposits] to to beginning Jan. 31, 1935 Dec. 31,1935 Jan. 1, 1936 June 21, Aug. 16, Mar. 1, May 1, Apr. 16, Classes of deposits 1917- 1936- 1937- 1937- 1938- Savings deposits and banks Aug. 15, Feb. 28, Apr. 30, Apr. 15, and Postal Savings deposits 1936 1937 1937 1938 after Other time deposits payable in: 6 months or more On net demand 90 days to 6 months deposits: i Less than 90 days R C e e s n e t r r v al e r c e i s t e y rve city.. 1 1 0 3 15 17Vs* 2 2 6 0 Country 7 12K 14 NOTE.—Maximum rates that may be paid by insured nonmember banks as established by the Federal Deposit Insurance Corporation, On time deposits: effective February 1, 1936, are the same as those in effect for member All member banks... 3 6 6 banks. In some States the maximum rates established by the Board and the Federal Deposit Insurance Corporation are superseded by 1 See footnote to table on p. 322 for explanation of method of comlower maximum rates established by State authority. puting net demand deposits. 316 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRINCIPAL ASSETS AND LIABILITIES OF ALL FEDERAL RESERVE BANKS [In thousands of dollars] Wednesday figures End of month 1940 1940 1939 Mar. 20 Mar. 13 Mar. 6 Feb. 28 Feb. 21 Feb. 14 Feb. 7 Feb. Jan. Feb. Assets Gold certificates on hand and due from U. S. Treasury 15, 997,622 15,932, 62115,868,62115,793,62115,739,122 15,674,618 15, 619,619 15,803,620 15, 552,120 12,114:,,722 Redemption fund—F. R. notes 8,334 9,; 9,572 9,574 10,118 10,118 9,753 9,335 10, 260 Other cash 361,786 356,186 367,455 384,791 387, 624 367,646 413,222 Total reserves.. 16,367,742 16,304,519 16,234,379 16,170,650 16,118,050 16,069,527 16,017,36116,180,839 15,974,677 12,561,245 Bills discounted: For member banks 956 979 967 1,169 1,- 1,593 1,754 1,385 1,916 4,201 For nonmember banks, etc... 1,010 2,010 2,010 5,510 4,510 5,030 5,030 5,510 5,030 Total bills discounted 2,977 6,679 6,079 6,623 6,784 6,895 4,201 Bills bought: Payable in foreign currencies 553 Industrial advances.. 10,498 10,423 10,404 10, 704 10,427 10,434 10,485 10,701 10,373 14,606 U. S. Government securities, direct and guaranteed: Bonds 1,342,045 1, 344,045 1,344,045 1,344,045 1,344,045 1,344,045 1,344,045 1, 344,045 1,344,045 840,893 Notes 1,133, 225 1,133,225 1,133,225 1,133,225 1,133,225 1,133, 225 1,133,225 1,133, 225 1,133, 225 1,215,466 Bills 507,656 Total U. S. Government securities, direct and guaranteed 2,475, 270 2,477, 270 2,477,270 2,477, 270 2,477,270 2,477,270 2,477,270 2,477,270 2,477,270 2, 564,015 Other Reserve bank credit 32,446 33,769 24,689 42, 692 29, 636 36,122 23,183 51, 781 8,414 14, 513 Total Reserve bank credit outstanding 2, 520,180 2, 524,451 2, 515, 340 2, 537, 345 2, 523,412 2, 530,449 2, 517, 722 2, 546,647 2, 503,003 2, 597,888 Liabilities F. R. notes in actual circulation.. 4,895,048 4,881,754 4,889, 287 4,858,677 4,860, 778 4,846,468 4,836, 768 4,872,238 4,832,101 4,353, 291 Deposits: Member bank—reserve account._. 12,256, 250 12,438, 58012, 367,086 12\,, 317, 794 12,2401,,68312,150, 709 12,096, 727 12, 328,164 12,149, 576 8,935, 923 U. S. Treasurer—general account.. 707, 493 526, 387 535,988 561,406 595,990 642,138 631,565 562,475 549,441 1,147, 566 Foreign bank 390, 780 364,406 353, 533 380,844 361,381 392,526 388,173 365,686 407,313 245,647 Other deposits 1 399, 786 389,876 377,032 363,381 354,865 340,677 354,408 373,980 315,284 241,976 Total deposits.. 13, 754,309 13, 719, 249 13,633, 639 13,623,425 13, 552,919 13, 526,050 13,470,873 13,630,305 13,421,614 10, 571,112 Ratio of total reserves to deposit and F. R. note liabilities combined (per cent; 87.8 87.7 87.6 87.5 87.5 87.5 87.5 87.5 87.5 84.2 MATURITY DISTRIBUTION OF BILLS AND U. S. GOVERNMENT SECURITIES HELD BY FEDERAL RESERVE BANKS [In thousands of dollars] Total W 15 i d th a i y n s 16 d a to y s 30 31 d a to y s 60 61 d a to y s 90 m 91 t o o d n a t 6 h ys s 6 1 m y t o o e n a t r hs 2 1 y y t e o e a a r r s 2 5 y y t e e o a a r r s s 5 O y v ea er rs Bills discounted: Feb. 28 6,679 3,995 1,191 226 1,119 86 62 Mar. 6 _ 2,977 1,468 45 181 1,126 91 66 Mar. 13 2,989 1,349 176 155 1,116 129 64 Mar. 20 1,966 412 125 161 1,108 106 54 Industrial advances: Feb. 28 10,704 1,587 59 491 283 1,730 2,240 2,142 2,172 Mar. 6 10,404 1,493 415 339 157 1,728 1,983 2,125 2,164 Mar. 13 10,423 1,453 381 353 181 1,730 1,955 1,969 2,401 Mar. 20 10,498 1,592 130 249 299 1,743 1,864 2,109 2,512 U. S. Government securities, direct and guaranteed: Feb. 28 ____ 2,477,270 136,783 105,974 281,368 684,796 1,268,349 Mar. 6 . . _ 2,477,270 136,783 105,974 281,368 684, 796 1,268,349 Mar. 13 _ _ 2,477,270 136,783 105,974 281,368 684,796 1, 268,349 Mar. 20 2,475, 270 224,796 248,417 735,708 1,266,349 APRIL 1940 317 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATEMENT OF CONDITION OF THE FEDERAL RESERVE BANKS, BY WEEKS [In thousands of dollars] Total Boston Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Assets Gold certificates on hand and due from U. S. Treasury: Feb. 14 15, 674,618 899, 6217, 690, 962 834,449 977,541412,115 305,990 , 445,359 430, 762042, 671351,234233,168 850, 748 Feb. 21 15, 739,122 880; 002 7,826, 513 831,852 984,944 408, 777 ; 400,682 426, 73294 244,40,60565 35,1 ,172226,929 858, 748 M Feb a . r . 2 6 8 _._ 1 15 5 , , 8 7 6 9 8 3 , , 6 6 2 2 1 1 8 87 6 8 4 , , 9 5 9 3 0 2 7 77 7, ,, ,9 9 2 5 2 6 , , 8 00 5 5 9 8 8 3 3 1 2 , , 1 6 2 1 7 4 9 9 9 7 1 5 , , 6 9 9 3 8 4 4 4 0 1 7 2 7 2, ,, ,7 8 72 9 23 3 3 2 3 9 0 5 6 , , 2 4 5 8 4 2 4 3 0 9 7 5 , , 2 1 7 2 8 2 4 4 0 2 8 7 , , 2 3 2 1 3 6 2 2 2 4 44 8 88 , ,, 00 7 22 0 99 3 3 3 5 4 3 2 , , 6 9 0 7 1 7 222304,, 726267 851,100 Mar. 13 15,932, 621 9001,,816 77,,914, 531 852,693 992,308 420,834314, 5822,407, 559 3T93",. 6-3 4 267,, 699 365,880 235,987 Mar. 20 15, 997,622 9091,,456 77,,932,407 875, 221 999; 168 425, 762 309,9952,414,095 388, 326 269,408 359,179 236, 541 878,064 Redemption fund — Federal Reserve notes: Feb. 14 10,118 721 1,798 743 541 1,350 867 1,277 697 177 411 320 1,216 Feb. 21 9,430 667 1,591 650 471 775 833 1,199 678 668 396 309 1,193 Feb. 28 — 9,574 648 1,540 631 934 768 783 1,149 664 661 377 302 1,117 Mar. 6 9,572 647 1,540 631 768 782 1,149 664 661 377 302 1,117 Mar. 13 9,360 584 1,346 527 1,177 752 1,076 648 650 361 290 1,089 Mar. 20 8,334 536 1,155 527 800 604 722 1,007 634 642 348 290 1,069 Other cash: Feb. 14 384,791 33, 746 91,509 31,077 27,401 23,322 21,619 52,806 16, 668 9,568 18,955 16,243 41,877 Feb. 21 369,498 30, 692 27,916 29, 233 23, 608 21,152 49,099 16, 633 20,545 15,000 37, 903 Feb. 28 367,455 30,420 90,691 28,619 26,819 21, 639 20, 593 50,899 16, 377 19, 220 14, 723 38,087 Mar. 6 356,186 29, 768 89,821 28, 751 25,806 22,632 20,386 45,984 14,839 9,528 18, 546 13, 771 36,354 Mar. 13 362, 538 31,339 93,366 29, 582 25,434 20,335 49, 226 15,037 9,360 17, 798 15,72£ 36, 934 Mar. 20 361,786 31,184 90,341 28,110 25,344 22, 263 19,883 47,301 16,287 9,866 20,156 14, 610 36,441 Total reserves: Bills F F F M M M e e e d b b b a a a i . . . s r r r c . . . 2 2 1 o 6 2 1 8 1 4 u 0 . . 3 . n . . - . t - . e d: _ - 1 1 1 1 1 16 6 6 6 6 6 , , , , , , 0 1 2 3 1 3 6 1 3 0 7 6 9 8 4 4 0 7 , , , , , , 5 0 3 5 6 7 5 7 1 2 5 4 0 9 9 7 0 2 9 9 8 9 9 9 9 3 3 0 1 4 5 2 4 9 1 1 , , , , , , 0 1 4 3 6 7 8 7 0 6 3 0 8 6 5 1 9 0 7 8 8 7 8 , ' ' \8 , , , , , , , 0 0 0 0 4 2 0 1 9 7 3 7 9 1 5 >, , 8 6 , , 3 9 4 , 0 6 0 2 , 9 5 6 2 3 4 0 9 6 3 3 98 8 8 8 8 9 6 6 6 8 6 0 6 0 1 2 0 3 , , , , , , 8 8 5 8 4 2 6 0 0 5 1 6 4 2 9 8 8 9 1 1 1 1 1 1, , , , , , ,0 0 0 0 0 0 0 1 1 0 1 2 8 5 4 3 8 5 , , , , , , , ,4 4 6 6 3 6 8 5 4 0 1 7 3 1 8 2 2 4 4 4 4 4 4 3 4 3 4 3 2 6 3 8 , 6 , , , , , 7 1 6 3 1 8 6 2 4 2 7 0 9 6 3 3 3 3 , 3 2 3 3 2 3 2 8 0 3 01 i 7, , , , , 6 , 4 , 6 6 5 6 7 8 70 0 3 6 4 30 0 2 2 2 2 " ! 1 , , , , 2 , 4 4 4 , , 4 6 5 4 4 5 2 0 7 4 9 4 , , , 5 9 , 4 9 1 7 4 , 0 8 7 , 1 4 3 0 0 8 1 4 6 2 4 4 4 4 4 1 0 0 2 4 4 4 5 9 3 4 4 4 : , , , , , 8 , 3 , 0 3 2 7 5 5 1 1 2 4 7 0 2 9 6 7 5 2 2 2 2 2 2 7 7 5 5 5 5 7 9 8 2 3 8 , , , , , , 4 9 9 0 8 7 " 1 6 1 5 9 0 6 1 6 8 2 6 3 3 3 3 3 3 "7 7 6 7 8 7 9 2 2 2 4 0 , ; , , , , 1 0 6 6 5 5 1 3 0 8 2 7 3 9 0 3 4 4 2 2 2 2 2 2 4 5 4 4 3 5 9 2 2 5 8 1 , , , , , , 0 8 2 2 4 7 0 3 3 5 3 4 6 9 8 2 1 1 8 8 8 8 9 9 8 9 1 9 0 9 6 5 3 0 4 7 , , , , , , 8 1 3 8 2 5 4 2 0 4 6 7 1 1 4 4 0 4 Secured by U. S. Government obligations, direct and guaranteed: Feb. 14... 455 130 85 13 31 10 45 43 Feb. 21 741 475 70 13 22 10 25 24 43 Feb. 28 512 45 190 60 13 21 35 25 24 23 Mar. 6 470 70 145 60 13 41 10 25 4 43 Mar. 13 369 25 105 55 13 35 10 25 4 43 Mar. 20 334 55 35 45 13 15 50 25 14 28 Other bills discounted: Feb. 14 6,168 125 2,226 558 538 301 281 188 147 579 180 415 Feb. 21 5,338 526 484 278 250 567 172 111 439 164 378 Feb. 28 6,167 2,406 604 575 267 235 687 200 133 418 193 449 Mar. 6... 2,507 854 252 238 86 112 263 79 56 263 106 198 Mar. 13 2,620 879 250 233 163 122 263 79 44 199 177 211 Mar. 20 1,632 477 141 135 121 87 141 89 22 136 146 137 Total bills discounted: Feb. 14 . 6,623 125 2,356 643 551 332 291 689 188 192 579 219 458 Feb. 21 6,079 2,444 596 497 300 260 626 172 136 439 188 421 Feb. 28 6,679 45 2,596 664 588 288 270 763 200 158 418 217 472 Mar. 6 2,977 70 999 312 251 127 122 322 79 81 263 110 241 Mar. 13 2,989 25 984 305 246 198 132 317 79 69 199 181 254 Mar. 20 1,""" 55 512 186 148 136 137 195 47 136 160 165 Industrial advances: Feb. 14 10,434 1,424 2,050 3,107 299 933 329 10 189 120 483 Feb. 21 10,427 1,420 2,050 3,102 300 931 332 189 119 483 Feb. 28 10,704 1,408 2,050 3,401 301 925 802 331 189 119 483 Mar. 6 10,404 1,406 2,049 3,097 318 925 801 330 186 119 482 Mar. 13 10,423 1,412 2,048 3,107 326 919 800 338 183 118 481 691 Mar. 20 10,498 1,411 2,048 3,211 316 800 336 183 118 480 U. S. Government securities, direct and guaranteed: Bonds: Feb. 14 .._. 1,344,045 96,123 408,181 110, 221 137,084 68,135 54,495 144,872 60, 273 39, 771 62, 897 51,196 110, 797 Feb. 21 1,344,045 96,123 408,181 110,221 137,084 68,135 54, 495 144,872 60,273 39, 771 62,897 51,196 110, 797 Feb. 28.. 1,344,045 96,123 408,181 110,221 137,084 68,135 54,495 144,872 60,273 39, 771 62, 897 51,196 110,797 Mar. 6 1,344,045 96,123 408,181 110, 221 137,084 68,135 54,495 144,872 60,273 39, 771 62,897 51,196 110, 797 Mar. 13 1,344,045 96,123 408,181 110,221 137,084 68,135 54,495 144,872 60,273 39,771 62,897 51,196 110, 797 Mar. 20 1,342,045 95, 983 407,496 110,049 136,881 68,047 54,420 144,666 60,199 39, 720 62,820 51,129 110,635 Notes: Feb. 14 1,133,225 81,047 344,156 92,934 115, 58157,447 45,945 122,148 50,818 33, 533 53,031 43,167 93,418 Feb. 21 1,133,225 81,047 344,156 92, 934 115, 581 57, 44745, 945 122,148 50, 818 33, 533 53,031 43,167 93,418 Feb. 28 1,133,225 81,047 344,156 92,934 115, 581 57,447 45,945 122,148 50,818 33, 533 53,031 43,167 93,418 Mar. 6 1,133, 225 81,047 344,156 92, 934 115, 58157,447 45, 945 122,148 50,818 33, 533 53,031 43,167 93,418 Mar. 13 1,133,225 81,047 344,156 92, 934 115, 581 57,447 45, 945 122,148 50,818 33, 533 53,031 43,167 93,418 Mar. 20... 1,133, 225 81,049 344,089 92,927 115, 581 57,459 45,952 122,156 50,832 33, 541 53,044 43,173 93,422 Total U. S. Government securities, direct and guaranteed: Feb. 14 2,477,270 177,170 752,337 203,155 252,665125, 582 100,440 267,020111,091 73, 304115,928 94,363 204,215 Feb. 21 2,477,270 177,170 752,337 203,155 252,665125, 582 100,440 267,020111,091 73,304115, 928 94,363 204,215 Feb. 28 2,477,270 177,170 752,337 203,155 252,665125, 582 100,440 267,020111,091 73,304115,928 94,363 204,215 Mar. 6 2,477,270 177,170 752,337 203,155 252,665125,582100,440 267,020111,091 73, 304115,928 94,363 204, 215 Mar. 13 2,477,270 177,170 752, 337 203,155 252,665125, 582100,440 267,020111,091 73, 304115,928 94,363 204,215 Mar. 20 2,475, 270 177,032 751, 585 202,976 252,462 125, 506100, 372 266,822 1'1 1,03173, 261115,864 94,302 204,057 318 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e il i l a - a- C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S r is a a c n n o - Assets—Continued Total bills and securities: Feb. 14 2,494, 327 178,719 756,743 206,905 253, 515126,847 101, 526 111, 28973,685 116,627 95,065 205, 368 Feb. 21 _ _.. 2,493, 776 178, 590 756,831 206, 853 253,462126,813 101, 506 267,978 111, 26373,629 116,486 95,034 205,331 Feb. 28 _.- 2,494,653 178,623 756,983 207,220 253,554126,795 101,512 268,114 111, 29173,651 1"1"6 ,4•6"5 95,063 205,382 Mar. 6 2,490,651 178,646 755,385 206, 564 253,234 126,634101,363 2"6 7,,6672 111,170 73, 571116,310 94,955 205,147 Mar. 13 .. 2,490,682 178,607 755,369 206, 567 253,237:126,699 101,372 267,,6675 111, 17073, 556 116, 24595,025 205,160 Mar. 20 2,487,734 178,498 754,145 206,373 252,926 126, 551101,309 267,,3 353 111, 12073,491116,118 94,942 204,908 Due from foreign banks: Feb. 14 47 18 5 1 1 1 ', 4 Feb. 21.. 47 18 5 1 1 1 4 Feb. 28 4 18 5 1 1 1 4 Mar. 6 47 18 5 1 1 1 4 Mar. 13 47 18 5 1 1 1 4 Mar. 20 41 18 5 1 1 1 4 Federal Reserve notes of other banks: Feb. 14 21, 273 587 3,026 583 1,417 3,664 2,448 2,496 1,767 1,049 1,203 671 2,362 Feb. 21. 20,003 596 1,749 853 1,393 2,874 2,658 2,607 1,671 1,397 1,282 574 2,349 Feb. 28 21, 582 540 3,299 988 1,222 2,839 3,376 2,767 1,081 1,571 1,079 519 2,301 Mar. 6 19,935 558 1,981 828 1,405 2,766 1,829 2,882 1,920 1,379 1,578 741 2,068 Mar. 13 18,484 54' 1,102 950 1,549 2,063 2,557 2,104 2,194 1,720 1,280 696 1,722 Mar. 20 17,604 545 1,325 887 1,408 1,865 3,030 2,422 2,091 710 1,581 450 1,290 Uncollected items: Feb. 14 792,040 63,679 187,701 65,687 113,203 51,210 28,320 125,476 31,979 18,084 31,656 33,087 41,958 Feb. 21 636,295 61,407 159,923 50,698 73,233 51,674 25,722 88,270 25,325 14,923 27,173 24,038 33,909 Feb. 28 638, 754 59, 740 159,076 44,849 77,387 51,466 24,792 88,709 25,447 16, 33829, 73622,814 38,400 Mar. 6 619,180 68,24" 147, 223 49,561 68,744 50,510 26,601 88,050 27,652 15,642 29,025 29,328 28,597 Mar. 13 712,167 67,540 178,692 52,193 79,329 58,276 30,519 100,139 30, 585 16, 54032,067 27,052 39, 235 Mar. 20 _ 721, 035 68,476 168, 57" 55,719 81,988 64,542 34,607 99,002 30,853 17,045 30,642 28, 547 41,037 Bank premises: Feb. 14 41, 792 2,885 9,876 4,562 5,535 2,538 2,030 3,384 2,244 1,393 3,229 1,169 2,947 Feb. 21 __ 41,771 2,885 9,876 4,56r 5,523 2,538 2,027 3,384 2,244 3,229 1,172 2,938 Feb. 28 41, 741 2,880 9,876 4,551 5,523 2,532 2,027 3,379 2,241 1, 3,229 1,172 2,938 Mar. 6 41,703 2,880 9,858 4,551 5,523 2,532 2,027 3,379 2,246 1,391 3,213 1,165 2,938 Mar. 13 41,703 2,880 9,858 4,551 5,523 2,532 2,027 3,379 2,246 1,391 3,213 1,165 2,938 Mar. 20 41, 689 2,880 9,858 4,551 5,510 2,532 2,024 3,379 2,248 1,391 3,213 1,165 2,938 Other assets: Feb. 14 62,895 4,165 18,472 5,259 6,958 3,722 2,489 6,432 2,673 1, 2,844 2,459 5,528 Feb. 21 63,931 4,255 18, 71" 5,373 7,064 3,736 2,542 6,560 2,719 1,935 2,870 2,520 5,640 Feb. 28 64,759 4,310 19,014 5,343 7,140 3,813 2,589 2,755 1,""" 2,932 2,554 5,670 Mar. 6 _ 65,695 4,393 19,211 5,476 7,265 3,831 2,615 6,716 2,808 1,978 2,967 2,653 5,792 Mar. 13 ____ ... 69, 540 4,453 19,603 8,409 7,348 3,913 2,628 6,819 2,845 2,001 2,997 2,668 5,856 Mar. 20 57,081 3,781 16,611 4,719 6,375 3,397 2,259 5,812 2,430 1,724 2,556 2,328 5,089 Total assets: Feb. 14 __ 19,481,901 1,184,126 8,760,105 1,, 149,2701,386,115 624,770 465,2912,905,274 598,078 348, 521526,160 382,183 1,152,008 Feb. 21 19,373,873 1,159,097 8,, 863,707 1,128, 762 1,355,327 620; 797 455,1412,819, 785 587,273 347, 238 523,154 365, 5771,148,015 M M F M e a a a b r r r . . . . 2 6 2 1 8 0 3 _. _ — ._ 1 1 1 1 9 9 9 9 , , , , 4 4 6 6 7 3 3 9 1 2 7 2 , , , , 1 1 9 5 8 9 4 3 6 0 2 2 1 1 1 1 , , , , 1 1 1 1 8 9 5 4 6 5 1 4 , , , , 6 1 3 7 9 3 5 6 6 2 9 9 8 8 8 , , , , , 9 9 " 9 6 7 9 3 7 3 3 8 44 ,, , 1 ,, 3 8 " , 4 " 5 8 - 0 3 6 ~5 4 1 7 2 1 1 1 1 , , , , 1 1 1 1 2 5 2 7 4 5 6 7 , , ,, , , , , 8 4 4 4 1 4 2 99 7 1 9 0 4 7 4 1 1 1 1 1 ,, ! , , , 3 _ 3 3 7 _ 4 6 3 8 . 5 , , ,2 8 ' 5 8 3 2 5 1 9 9 3 6 6 6 6 2 4 2 3 1 7 5 2_ 7 , , , , 7 8 3„ 5 4 3 .9 1 7 1 8 8 4 4 4 4 Z 6 5 7 ? 2 0 3 » , , , 9 0 § 8 2 8 3 3 8 7 7 1 2 2 2 2 , , , ,8 8 8 8 1 2 4 3 3 6 0 7 , , , , 8 1 3 9 2 1 7 8 5 6 7 3 5 5 5 5 5 5 6 8 3 8 9 7 , , 5, , 1 2 9 3 3 7 9 6 3 3 0 0 5 3 3 3 2 7 5 7 > 4 2 2 8 , , , 5 9 2 3 7 9 7 1 0 5 7 7 2 5 5 5 5 1 3 , 3 3 6 6 9 , 1 , , 0 8 7 1 8 9 6 3 4 4 6 2 3 7 3 6 3 , 7 7 7 8 , 8 , 3 6 , 8 ? 8 6 5 7 2 1 4 3 1 1 1 1 , , , 1 1 1 1 , 3 7 4 1 0 0 4 5 , , , 9 8 8 9 ^ 0 4 9 0 6 0 9 36 Liabilities Federal Reserve notes in actual circulation: Feb. 14 4,846,468 399, 5151,233,126 346,022 453, 516219, 362158,2281,067,661189,967139,917 1801,,286 80,367 378, 501 Feb. 21 4,860, 778 401, 5571,242,057 345,374 454,924218,968157,8081,069,290190,276139,807180,816 80,435 379,466 Feb. 28 4,858,677 402, 6711,243,073 345,134 453,017218,425157, 912 1,,006677,,399 190; 882 139; 578 180; 95980,159 379,468 Mar. 6... 4,889,287 403,4801, 254,079 345,288 454,329 218,391159,269 1,072,0071"9•1 , —6 73•1 4•1-,053 1831,,680 81,074 384, 964 Mar. 13 4,881,754 403,1721, 253,452 345,781 453,4052"20,518 158, 6711,069,798 191; 922 1401',4,96182,875 80,227 381,437 Mar. 20 4,895,048 403,1201, 265,109 346,071 452,729 219,959 158,8501,074,142 192,11, 141,177182, 273 379,414 Deposits: Member bank-reserve account: Feb. 14 12,150,709 604,356 6,685,499 597,716 681,859 296, 560 220, 1,473, 767 318, 140,050 270,836 220,895 639,445 Feb. 21.. 12,240,683 586,254 6,836,495 595,466 684,746 293,452 213, 1,460, 583 313,607 143, 9012 6216,14,3413 12 1221,25,92 638,298 Feb. 28 12,317, 794 581,4316, 921, 582 599,308 694,587 285, 549 210, 1,465,928 311,167148, 255260,107 210,428 628,753 Mar. 6 12,367,086 593,3216,945,742 595,646 703,654 295,474 221, 5211,465,367 286,307151,0 "80 271, 202 213,859 623,914 Mar. 13 12,438, 580 614, i, 890, 517619,762 708, 334 299,9*90 224,4841,488,450 272, 386171,184 277,470 219,730 651, 687 Mar. 20 12, 256,250 616,124 6»,, 827,831613,327 695, 575287,626 220,792 1,452,288 261,431159,927 263, 580 207, 625650,124 U. S. Treasurer-general account: Feb. 14 642,138 62,012 159, 556 42,380 67, 773 23,438 24,389 140,933 26, 41527, 716 22,810 22,860 21.856 Feb. 21 595,990 55,914 135,050 44, 263 68,889 23,890 24,844 108,840 26, 55127,046 32,458 25,143 23,102 Feb. 28 561,406 43,16' 137,109 40,302 48,277 27,808 24,82i~ 97, 962 27,103 27,032 26,098 29,434 32,289 Mar. 6 535,988 43,348 118,303 43,294 53,919 23,942 21,991 105,057 33,312 23,600 22,026 22,056 25,140 Mar. 13 526, 387 45, 665 119, 613 42,134 44,340 24, 711 26, 203 87,198 33, 93724,260 29,071 28,201 21,054 Mar. 20 707,493 49, 559 150,811 66, 555 66,195 42,414 27, 315 120, 79540/279 36, 67035, 699 39,329 31,872 Foreign bank: Feb. 14 392, 526 28,409 137, 944 38, 672 36, 699 16,968 13,812 47,354 11,838 8,682 11,444 11,838 28,866 Feb. 21 361,381 25,828 129,872 35,167 33,373 15,430 12, 560 43,062 10,766 7,895 10,407 10, 766 26,255 Feb. 28 380,844 27, 531 133,509 37,583 35,666 16,491 13,422 46,020 11,505 8,437 11,121 11,505 28,054 Mar. 6 353, 533 25,350 125,649 34, 629 32,862 15,194 12,367 42,402 10,601 7,774 10,247 10,601 25.857 Mar. 13 364,406 26,408 127,046 36,069 34, 228 15,826 12,882 44,166 11,041 8,097 10,673 11,041 26,929 Mar. 20 390, 780 27,621 143,127 37,622 35, 702 16, 507 13, 436 46,067 11, 517 8,445 11,133 11, 517 * Less than $500. APRIL 1940 319 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Federal Reserve Banks—Continued [In thousands of dollars] Total Boston Y N o e r w k P p d h h e il i l a a - - C la le n v d e- m Ri o c n h d - la A n t t - a Chicago L S ou t. is n M o e l a i i n p s - - K C s a a it n s y - Dallas F c S i r s a a c n n o - Liabilities— Continued Deposits—Continued: Other deposits: Feb. 14 340,677 4,620 244,989 26,470 10,430 5,380 7,781 3,189 8,978 6,512 348 2,528 19,452 Feb. 21... 354,865 6,115 253,267 26,284 10,555 4,566 7,773 3,132 9,741 6,616 354 2,404 24,058 Feb. 28 363,381 5,193 25,346 11,041 3,942 7,610 3,208 9,760 6,413 399 2,485 22,615 Mar. 6-.._ 377,032 6,389 280,897 26,092 10,507 4,151 8,410 3,424 9,255 6,291 394 2,299 18,923 Mar. 13 _ 389,876 5,823 299,774 24,634 11,456 2,586 7,192 3,972 7,699 5,169 323 2,497 18,751 Mar. 20 399,786 7,011 310,123 24,179 11,248 2,325 7,003 3,673 7,145 5,164 314 2,347 19,254 Total deposits: Feb. 14 13,526,050 6991,,397 7\, 227,988 705,237 796,761 342,346 266,8231,6665,243 366,117182,960 305,438 258,121 709,619 Feb. 21__._ 13,552,919 674,, 111 r7, 354,684 701,180 797,563 337,338 259,035 l) 615,617 360,665185,458 304,650 250,905 711,713 Feb. 28... 13, 623,425 657',, 322' ,74,57,569 702, 539 789, 571 333,790 256, 5561,613; 118 359; 535 190,137 297,725 253,852 711, 711 Mar. 6 13, 633, 639 668,408 7,', 470,591699,660 800,942 338,7612644,, 2"8'9 1,616,250 339,475 188,745 303,869 248,815 693,834 Mar. 13 _ 13,719,249 692,482 7',, 436,950722, 599 798,358 343,113 270,761 623,7786 325,063 208,710 317,,537 261,469 718,421 Mar. 20 13,754,309 700,315"7,431,892 741, 683 88008'8,7 27200 3 34488'8,7 827 22 626885;4 5646 '6'22; 823 320,372 210,206 310, 726 260,818 729,336 Deferred availability items: Feb. 14 755, 965 176,821 65,123 102,542 47,791 27,356 127,336 31,063 16,379 29,831 32,418 38,639 Feb. 21 _ 606,706 58,863 144,739 49,272 69, 573 49,203 25,462 89,840 25,452 12,715 27,098 22,958 31,531 Feb. 28 __. 596,109 57,102 140,346 44,160 72,341 50,217 23,611 91,201 25,843 13,973 26, 715 22,059 28,541 Mar. 6___ 594,538 57,633 134,027 49,455 66, 216 49,925 25,665 89, 774 27,460 13, 782 27,458 26,499 26,644 Mar. 13 _. 678,445 66,473 160,912 51,110 80,395 56,830 30, 511 99,215 30,435 14,419 28, 792 25, 598 33, 755 Mar. 20../. 67,244 154, 758 55,272 78,651 63,316 33,543 98,211 30, 561 13,613 30,171 26, 641 36,655 Other liabilities, including accrued dividends: Feb. 14 2,867 258 682 279 346 83 115 387 113 141 247 114 102 Feb. 21 _.„ 2,733 259 668 317 299 70 103 365 55 131 224 99 143 Feb. 28 _ 3,140 291 758 355 370 105 111 421 75 152 253 121 128 Mar. 6 _._ 3,098 297 725 435 342 85 119 378 72 138 230 110 167 Mar. 13 6,452 311 887 3,315 402 117 134 452 86 154 252 130 212 Mar. 20 3,334 315 873 386 349 93 125 430 73 139 238 120 193 Total liabilities: Feb. 14 __.19,131,350 1,159,836 8,638,617 11,,111166,,666611 1, 353,165 609,582 452,522 2,860,627 587,2603 3393,93,93797 515,802 371,0210,126,861 Feb. 21_ 19,023,136 1,134,790 8,742,148 1,096,143 1,322,359 605, 579 442,408 2, 775,112 576,448 338, 11151 2, 788 354,39~7~ ~1,122,853 Feb. 28. 19,081,351 1,117,386 8,841,746 1,092,188 1,315,299 602, 537 438,190 2, 772,139 576,335 343,840 505,652 356,1911,119,848 Mar. 6 19,120,5621,129,818 8,859,422 1,094,838 1,321,829 607,162 449,342 2,778,409 558,680 343, 718 515,237 356,498 1,105,609 Mar. 13 _ 19,285,900 1,162,438 8,852, 2011,122,8051,332,560 620,578 460,077 2,793,251547, 506 363, 779 529,456 367,4241,133,825 Mar. 20 __..19,341,3271,170,994 8,852,632 1,143,412 1,340,449 632,240 461,064 2, 795, 606543,121365,135 523,408 367,668 1,145, 598 Capital Accounts Capital paid in: Feb. 14 136,093 9,349 51,149 11,912 13,996 5,231 4,668 13,573 4,099 2,959 4,371 4,083 10,703 Feb. 21 _. 136,075 9,346 51,149 11,906 13.992 5,245 4,622 13, 581 4,102 2,958 4,374 4,094 10,706 Feb. 28 136,081 9,343 51,148 11,907 13.993 5,246 4,622 13, 583 4,104 2,958 4,374 4,094 10, 709 Mar. 6 136,074 9,340 51.105 11,909 14,004 5,265 4,622 13,585 4,106 2,958 4,377 4,094 10, 709 Mar. 13 136,102 9,341 51.106 11,909 14,010 5,271 4,630 13,587 4,110 2,958 4,375 4,095 10, 710 Mar. 20.._ 136,107 9,341 51,106 11,905 14,010 5,271 4,631 13,589 4,114 2,953 4,376 4,101 10,710 Surplus (section 7): Feb. 14 151,720 10,405 53,326 14,198 14,323 5,247 5,725 22,824 4,709 3,152 3,613 3,974 10,224 Feb. 21 151, 720 10,405 53,326 14,198 14,323 5,247 5,725 22, 824 4,709 3,152 3,613 3,974 10,224 Feb. 28 151, 720 10,405 53,326 14,198 14,323 5,247 5,725 22,824 4,709 3,152 3,613 3,974 10,224 Mar. 6 _ _. 151, 720 10,405 53,326 14,198 14,323 5,247 5,725 22,824 4,709 3,152 3,613 3,974 10,224 Mar. 13 _ 151,720 10,405 53,326 14,198 14,323 5,247 5,725 22,824 4,709 3,152 3,613 3,974 10,224 Mar. 20 151,720 10,405 53, 326 14,198 14,323 5,247 5,725 22,824 4,709 3,152 3,613 3,974 10, 224 Surplus (section 13b): Feb. 14.. 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,: 2,121 Feb. 21_ 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Feb. 28 26,839 2,784 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Mar. 6 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Mar. 13 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 538 1,001 1,142 1,266 2,121 Mar. 20 26,839 2,874 7,109 4,393 1,007 3,246 713 1,429 1,001 1,142 1T~" 2,121 Other capital accounts: Feb. 14 35,899 l, 9,904 2,106 3,624 1,464 1,663 6,821 1,472 2,012 1,232 1,840 2,099 Feb. 21 36,103 1,682 9,975 2,122 3,646 1,480 1,673 6,839 1,476 2,016 1,237 1,846 2,111 Feb. 28 36,195 1,688 10,027 2,134 3,659 1,471 1,678 6,850 1,487 2,019 1,235 1,850 2,097 Mar. 6 36,395 1,695 10,080 2,156 3,676 1,478 1,685 6,869 1,490 2,024 1,249 1,850 2,143 Mar. 13 ___. 36, 581 1,711 10,143 2,172 3,692 V" 1,692 6,892 1,497 2,027 1,256 1,854 2,156 Mar. 20 1,745 10,264 2,204 3,734 1,514 lf" 6,929 1,508 2,036 1,255 1,865 2,187 Total liabilities and capital aci counts: t Feb. 14 19,481,901 1,184,126 8,760,105 1,149,270 1,386,115 624,770 465,2912,905,274,5 98,,078 348,521526,160 382,183 1,152,008 Feb. 21. 19,373,873 1,159^ 0978,863,707 1,128,762 1,355,327 620,797 455, 2,819,785 587,273 347,238 ~52"3 ,1"54 365,577 1,148,015 Feb. 28 19,432,186 1,141, '"8,963,356 1.124,820 1,, 348,281617,747 4"5"0,928 2,816,825 587,173 352,970 516,016 367,375 1,144,999 Mar. 6 19,471, 5901,154, 132 8.,9 8.1,042"127,494 1,3 5345'4,, 883399 622,398 462,087 2,823,116 569,523 352,853 525,618 367,682 1,130,806 Mar. 13 19,637,1421,186,769 8,973,885 155,477 1, 36.5, 592 635; 831472,837 2,837,983 555588,,336600 337722,,991177 553399,,884422 337788,,661133 11,159,036 Mar. 20 19,692,932 176,112 1,373, 523 647,518 473,8312,840,377 553,990 374,277 533,794 3r7 8,874' '1,170,840 Commitments to make indus- 1,195,359 8,974,437 trial advances: Feb. 14. 8,361 359 1,767 426 1,033 768 151 512 3,189 Feb. 21 __ ~ 638 356 1,753 426 1,028 767 151 492 3,508 Feb. 28 966 356 1,752 425 1,015 763 151 492 3,857 Mar. 6 126 356 1,684 711 1,119 760 151 492 3,754 Mar. 13 342 1,683 701 1,111 756 151 492 3,747 Mar. 20 342 1,674 711 1,115 755 151 485 3,750 320 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL ADVANCES BY FEDERAL RESERVE BANKS [Amounts in thousands of dollars] Repaid, Applications Applications under Applications Commit- Approved expired, Particireceived consideration approved • A A . r U f t V 7C c I L T I I X f k v £ o k o C ments but not or with- pations Date ( e la a s c t h W m e o d n n th e ) sday of sta o n u d t i " ng^ sta o n u d t i - ng p c l o e m te - d a dr a a p w p n l i- by sta o n u d t i - ng* (amount) (amount) (amount) cant, etc. (amount) Number Amount Number Amount Number Amount (amount) 1934— Dec. 26... 4,386 146,972 71 2,955 984 49,634 13,589 8,225 20,966 5,558 1,296 1935—June 26.._. 6,325 237,581 68 11,349 1,646 88,778 27,518 20,579 11,248 24,900 4,533 Dec. 31 *._ 7,437 293,084 28 2,823 1,993 124,493 32,493 27,649 11,548 44,025 8,778 1936—June 24... 8,006 314,471 12 1,880 2,183 133,343 30,484 24,454 9,381 61,425 7,599 Dec. 30.-. 8,247 328,998 5 1,245 2,280 139,829 25,526 20,959 8,226 77,910 7,208 1937—Mar. 31... 8,344 333,300 9 1,322 2,323 141,545 23,059 18,611 7,898 85,210 6,767 June 30... 8,430 339,509 10 1,263 2,361 145,758 23,019 16,331 1,470 97,663 7,275 Sept. 29..., 8,474 341,842 1 800 2,381 146,724 21,415 14,880 537 102,588 7,304 Dec. 29... 8,534 350,551 7 550 2,406 150,987 20,216 12,780 3,369 107,384 7,238 1938—Mar. 30... 8,708 358,936 19 1,299 2,464 154,918 19,371 13,110 3,419 111, 193 7,825 June 29... 8,976 369,583 8 476 2,566 161,158 18,444 13,649 3,084 117,555 8,426 Sept. 28... 9,102 378,974 8 146 2,617 168,380 17,567 13,597 5,737 122,447 9,032 Dec. 28... 9,188 387,490 5 247 2,653 175,013 17,345 14,161 1,946 128,839 12,722 1939—Jan. 25. 9,203 389,176 8 999 2,660 175,651 16,811 13,004 1,293 132,009 12,534 Feb. 21 <._ 9,221 389,554 7 964 2,671 175,902 16,474 12,907 1,105 133,001 12,415 Mar. 29... 9,249 392,230 14 344 2,683 177,895 15,798 12,647 1,975 135,004 12,471 Apr. 26... 9,270 394,055 7 495 2,697 178,639 15,817 11,749 2,134 136,696 12,243 May 31... 9,296 394,970 6 400 2,713 179,332 15,305 11,530 2,496 137,922 12,079 June 28 9,308 395,499 5 255 2,721 179,778 15,255 11,175 2,067 139,281 12,000 July 26—. 9,330 399,780 6 760 2,730 183,354 15,384 11,476 733 142,943 12,818 Aug. 30... 9,355 401,228 7 532 2,743 184,152 14,667 11,009 1,220 144,812 12,444 Sept. 27... 9,366 402, 305 2 370 2,752 185,234 14,454 10,517 1,938 146,156 12,169 Oct. 25—. 9,388 402,944 1 70 2,763 186,034 14,545 10,156 1,764 148,037 11,532 Nov. 29... 9,401 404,226 3 92 2,772 187,257 14,051 9,643 2,548 149,911 11,104 Dec. 27... 9,418 405,225 2 41 2,781 188,222 13,683 9,220 2,659 151,679 10,981 1940—Jan. 31 9,433 406,097 2 76 2,793 188,879 12,860 8,376 2,504 154,629 10,505 Feb. 28.... 9,456 407,392 4 32 2,805 180,055 12,997 8,966 1,454 155,574 11,064 Mar. 20*. 9,471 410,106 7 180 2,814 192, 660 12,764 9,080 2,526 157,074 11,216 * Includes industrial advances past due 3 months or more which are not included in industrial advances outstanding in weekly statement of condition of the Federal Reserve banks. * Includes applications approved conditionally by the Federal Reserve banks and under consideration by applicant. * Does not include financing institution guaranties of advances and commitments made by Federal Reserve banks, which amounted to $1,209,460 March 20, 1940. *Tuesday. 1 Latest date for which figures are available. FEDERAL RESERVE NOTES—FEDERAL RESERVE AGENTS' ACCOUNTS, BY WEEKS [In thousands of dollars] Total B t o o s n - Y N o e r w k P p d h h e i l i l - a a- C la le n v d e- m Ri o c n h d - la A n t t - a c C a h g i- o L S ou t. is n M o e l a i i n p s - - K C s a i a t n s y - Dallas F c S i r s a a c n n o - Federal Reserve notes: Issued to F. R. bank by F. R. agent: Feb. 28 5,180, 520421,1071,336,700 364,772 479, 202 232,415 170,6641,113,977 201,627 144,312 190,69287,889 437,163 Mar. 6. 5,210,592422,1841,349,118 366,330 480, 525 233,091172,270 1,118,041 202,207 144,856 192, 72189,990 439,259 Mar. 13 5,216,078420,0991,351, 277 366,230 480, 227 236,031172,8911,118,855 203,364 145,465 192,84089,144 439,655 Mar. 20 5,227,268421,151 1,358i 600 364J 029 480^ 563 234^ 078 173^ 075 1,125J187 203,619 145,524 192,2899,1699 439,452 Held by Federal Reserve bank: Feb. 28 321,843 18,436 93,627 19,638 26,185 13,990 12,752 46, 57810, 745 4,734 9,733 7,730 57,695 Mar. 6 321,305 18, 704 95,039 21,042 26,196 14, 70013,001 46,034 10,534 9,041 8,916 54,295 Mar. 13__._ 334,324 16, 927 97,825 20,449 26,822 15, 51314, 220 49,057 11,442 4, 9,965 8,917 58,218 Mar. 20 332,220 18,031 93,491 17,958 27,834 14,119 14,235 51,045 11, 504 4,347 10,018 9,610 60,038 In actual circulation:* Feb. 28._ _. 4,858, 677402,6711,243,073 345,134 453,017 218,425 157,912 1,067,399 190,882 139, 578 180,95980,159 379,,468 Mar. 6_._ 4,889,287403,480 1,254,079 345, 288 454,329 218,391159, 269 1,072,007 191,673141,053 183, 68081,074 384,964 Mar. 13 4,881, 754403,172 1,253,452 345,781 453,405 220, 518 158; 6711,069,798 191,922140,496 182,875 80,227 381,,437 Mar. 20.. 4,895,048403,120 1, 265,109 346,071 452, 729 219, 959 158,850 1,074,142 192,115 141,177 182,27830,089 379,,414 Collateral held by agent as security for notes issued to bank: Gold certificates on hand and due from U. S. Treasury: Feb. 28 5,313,500440,000 1,355,000 375,000 482,000 250,000 175,000 1,130,000 209,000147, 500 195,00091,000 464,000 Mar. 6._ 5,323, 500440,000 1,365,000 375,000 482,000 250,000 175,000 1,130,000 209,000147, 500 195,00091,000 464,000 Mar. 13 5,328, 500440,000 1,370,000 375,000 482,000 2501,,000 175,000 1,130,000 209,000 147, 500 195,00091,000 464,000 Mar. 20 5,333,500440^ 000 1, B75,000 375^ 000 482^ 000 250,000 175,000 1,130,000 209,000 147, 500 195,9010,0000 464,000 Eligible paper: Feb. 28 723 237 95 52 258 Mar. 6_. 615 145 116 42 205 Mar. 13 543 130 109 113 141 Mar. 20 493 85 93 40 107 Total collateral: Feb. 28 5,314,223440,045 1,355,237 375,095 482,000 250,052 175,000 1,130,000 209,000147,536 195,258 91,000 464,000 Mar. 6 5,324,115440,070 1,365,145 375,116 482,0002 25f50y, 004422 117755,,000000 11,,130^ 000 209^ 000 147, 537 195,92015,000 464,000 Mar. 13 5, 329,043440,025 1,370,130 375,109 482,000 250,113 175,000: 1, 130,000 209,000 147, 525 195,14191,000 464,000 Mar. 20 5,333,993440,055 1,375,085 375,088 482,000 250,093 175,000 1,130,000 209,040147,525195,107 91,000 464,000 i Includes Federal Reserve notes held by the United States Treasury or by a Federal Reserve bank other than the issuing bank. APRIL 1940 321 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

RESERVE POSITION OF MEMBER BANKS, FEBRUARY, 1940 MEMBER BANK RESERVE BALANCES BY CLASSES OF BANKS [Averages of daily figures. In millions of dollars] [Averages of daily figures. In millions of dollars] Reserves with Central reserve Gross Net Federal Reserve All city banks Re- Classes of banks de- de- Time banks mem- serve Counand districts mand mand de- ber city try de- de- posits banksi New Chi- banks banksi posits posits i Re- Ex- York cago quired Held cess Total reserves held: All member banks..37,856 31,011 11,869 6,589 12,215 5,626 1939—February 8,925 4,482 673 2,405 1,364 March 9,021 4,472 681 2,475 1,393 Central reserve city banks: April 9,624 4,889 794 2,544 1,397 New York 14,206 13, 568 730 3,123 6,323 3,199 May 9,997 5,094 878 2,630 1,395 Chicago __. - 2,834 2,530 497 600 901 301 June 10,085 5,049 893 2,728 1,415 July 10,321 5,195 848 2,827 1,451 Reserve city banks: August 10,659 5,366 923 2,883 1,486 Boston district 1,202 1,087 87 194 411 216 September 11,443 5,866 1,009 3,009 1,559 New York district 223 175 161 39 63 24 October 11,862 5,958 1,112 3,203 1,588 Philadelphia district.. 1,381 1,140 230 211 425 214 November 11,688 5, 759 1,115 3,229 1,585 Cleveland district •. 1,781 1,397 734 281 536 255 December 11,473 5,623 1,141 3,141 1,568 Richmond district 806 632 213 121 198 77 1940—January 11,985 6,099 940 3,319 1,628 Atlanta district 787 532 178 102 131 29 February 12,215 6,323 901 3,344 1,646 Chicago district 1,383 953 594 197 351 154 Week ending (Friday): St. Louis district 909 677 179 127 245 117 1940—Feb. 2 12,170 6,261 929 3,354 1,626 Minneapolis district 404 310 89 59 81 22 Feb. 9 12,135 6,251 902 3,347 1,635 Kansas City district- . 1,064 681 158 127 197 70 Feb. 16 12,168 6,275 897 3,350 1,648 Dallas district 785 478 129 90 133 42 Feb 23 12, 259 6,357 904 3,340 1,657 San Francisco district 2,265 1,825 1,967 418 574 157 Mar. 1 12, 314 6,429 897 3,339 1,649 Mar 8 12, 365 6,447 896 3,346 1,676 Total 12,990 9,888 4,720 1,966 3,344 1,378 Mar. 15 12,450 6,434 902 3,430 1,684 Excess reserves: Country banks: 1939—February 3,373 2,047 164 669 494 Boston district 909 641 557 105 187 82 March _ . 3,432 1,986 179 741 626 New York district 1,415 1,015 1 387 191 399 208 April 3,926 2,302 299 794 531 Philadelphia district._ 678 436 876 96 176 80 May 4,212 2,465 360 858 529 Cleveland district J 634 409 694 84 160 66 June 4,246 2, 394 362 944 546 Richmond district 586 336 361 58 96 38 July. 4,402 2,504 305 1,013 581 Atlanta district 562 338 234 52 85 32 August 4,607 2,587 363 ,046 611 Chicago district 924 569 744 106 210 105 September 5,198 2,943 430 1,147 678 St. Louis district 392 240 245 41 70 29 October 5,490 2,974 518 ,295 704 Minneapolis district... 334 205 279 39 65 26 November 5,259 2, 753 516 1,294 696 Kansas City district— 471 282 158 42 69 27 December 5,011 2,611 540 1,188 671 Dallas district 570 328 105 45 84 39 1940—January 5,464 3,045 342 1,350 727 San Francisco district. 353 228 282 41 56 15 February 5,626 3,199 301 L, 378 747 Week ending (Friday): Total 7,827 5,026 5,921 899 1,646 747 1940—Feb. 2 5,589 3,156 322 1,383 728 Feb. 9 5,560 3,140 300 1,384 737 Feb. 16 5,590 3,165 295 ,380 748 * Gross demand depositsminus demand balances with domestic banks Feb. 23 5,665 3,229 305 1,374 757 (except private banks and American branches of foreign banks) and Mar. 1 5,699 3,277 301 1,372 749 cash items in process of cEclection. Mar. 8 5,737 3,275 300 L, 387 775 NOTE.—See table at foot of p. 316 for percentages of deposit required Mar. 15 5,786 3,246 299 1,456 784 to be held as reserves. p Preliminary. « Weekly figures of excess reserves of all member banks and of country banks are estimates. DEPOSITS OF MEMBER BANKS IN LARGER AND SMALLER CENTERS [Averages of daily figures. In millions of dollars] Member banks in larger centers Member banks in smaller centers All member banks (places over 15,000) (places under 15,000) Federal Reserve district Gross demand Time Gross demand Time Gross demand Time Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Feb. Jan. Boston , 2,111 2,125 644 641 1 981 1 993 514 512 131 132 130 129 New York 15,844 15,561 2,279 2,284 11,334 i 1,322 11,049 i 1,044 304 300 499 499 Philadelphia 2,058 2,075 1,106 1,108 1,818 1,833 652 656 241 242 454 452 Cleveland 2 414 2,424 1 428 1 415 2 174 2 185 1,121 1,110 240 239 308 305 Richmond _ 1,392 1,383 574 566 1,196 1,186 373 367 196 198 200 199 Atlanta— 1 349 1 331 412 408 1 167 1 157 322 320 182 174 89 87 Chicago 5,141 5,148 1 836 1 820 ll 957 i 1 954 11,036 i 1,028 350 342 303 300 St. Louis 1,301 1,304 424 422 1 062 1 063 304 304 239 241 119 118 Minneapolis 738 743 368 367 539 546 179 179 199 198 189 187 Kansas City _. 1,534 1,530 317 317 1 186 1 182 201 202 348 348 115 115 Dallas... 1,355 1,340 234 233 1 040 1 030 187 188 316 311 47 46 San Francisco ___ _. 2,617 2,619 2,248 2,253 2,495 2,494 2,147 2,152 123 125 102 101 Total . 37,856 37, 585 11,869 11,835 117, 949 117, 943 i 8,086 i 8,062 2,868 2,850 2,556 2,539 ' Excluding central reserve city banks, for whicb[.figures for latest month are shown in table above. 322 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

KINDS OF MONEY IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollarsj Treas- Subsid- Federal Na- Gold Silver Silver ury iary Minor United Federal Reserve tional End of month Total certifi- dollars certifi- notes silver coin States Reserve bank bank cates cates of 1890 coin notes notes notes notes 1939—January 6,653 75 41 1,269 1 348 149 244 4,301 27 198 February 6,731 74 41 1,327 -1 350 150 246 4,320 27 195 March . .......... . > 6,817 74 41 1,378 1 352 151 251 4,350 27 193 April 6,905 73 42 1,385 1 354 152 255 4,426 26 191 May 6,967 72 42 1,417 1 358 154 259 4,449 26 189 June 7 047 72 42 1,454 j 361 155 266 4,484 26 186 July 7,049 71 43 1,446 362 156 264 4,496 25 184 August 7,171 71 43 1,465 365 157 267 4,595 25 182 September 7,293 71 43 1,488 369 159 269 4,688 25 180 October 7 342 70 44 1,485 373 161 267 4,739 24 178 November _ _ 7,483 70 44 1,530 379 163 269 4,826 24 177 December 7,598 69 45 1,554 381 164 272 4,912 24 175 1940—January 7,376 69 44 1,469 372 163 265 4,796 23 173 February 7,455 68 45 1,500 373 163 271 4,839 23 171 Back figures.See Annual Report for 1937 (table 35). PAPER CURRENCY, BY DENOMINATIONS, AND COIN IN CIRCULATION [Outside Treasury and Federal Reserve banks. In millions of dollars] Total Coin and small denomination currencyJ Large denomination currency * in cir- Un- End of month cula- assorttion ' Total Coin $1» $2 $5 $10 $20 Total $50 $100 $500 $1,000 $5,000 $10,000 ed' 1039—January 6,653 4,953 492 604 1,546 1,705 403 768 160 329 February 6,731 5,011 541 498 919 "., 674 1,721 406 774 161 335 March 6,817 5,049 544 503 928 ,594 1,770 411 799 165 349 April _ 6,605 5,069 548 505 929 ,602 1,838 418 829 170 370 May 6,667 5,109 554 613 937 ,614 1,861 422 836 172 June 7,047 5,164 558 614 947 ,638 1,887 428 848 176 July _ 7,049 5,169 561 514 947 ,644 1,885 426 847 175 391 August 7,171 5,253 566 521 ,681 1,922 433 857 180 405 September 7,293 5,329 571 532 ,706 1,665 440 876 185 413 October ___ 7,342 5,363 577 535 682 ,710 1,981 445 884 186 415 November 7,483 5,478 586 546 1,004 ,752 2,007 452 896 188 420 December 7,598 5,553 590 559 1,019 ,772 2,048 460 919 191 425 1940—January 7,376 5,332 579 526 970 2,047 457 920 191 426 February __ 7,455 5,397 £81 530 ,723 2,061 459 191 427 1 Total of amounts of coin and paper currency shown by denominations less unassorted currency in Treasury and Federal Reserve banks. * Includes unassorted currency held in Treasury and Federal Reserve bants and currency of unknown denominations reported by the Treasury as destroyed. 1 Paper currency only; $1 silver coins reported under coin. Back figures.—See Annual Report for 1937 (table 36). TREASURY CURRENCY OUTSTANDING SHIPMENTS AND RECEIPTS OF UNITED STATES PAPER CURRENCY (Held by Treasury and Federal Reserve banks and in circulation. In [By selected banks and financial institutions In New York City. millions of dollars] In millions of dollars] Silver Fed- Ship- Receipts Net dollars Sub- eral Na- Year or month ments to from ship- Net and sid- Minor United Re- tional Europe Europe ments receipts End of month Total silver iary coin States serve bank bul- silver notes bank notes lion i coin notes 1937.— 21.5 47.6 26.1 1938. 33.1 34.4 1.3 1939 110.2 9.8 100.4 1939—January...-. 2,816 1,705 376 159 347 201 February.. 2,824 1,717 376 160 347 198 1939—February.. 3.0 1.0 2.0 March 2,839 1,733 377 160 347 196 March 27.3 .9 26.4 April 2,849 1,746 376 160 347 193 April 46.1 .3 45.8 May 2,862 1,759 377 161 347 191 May 3.8 .7 3.1 June 2,881 1,778 380 161 347 189 June 2.9 1.1 1.8 July 2,895 1,794 381 162 347 186 July 2.2 1.0 1.2 August 2,907 1,804 162 347 185 August 4.7 .9 3.8 September. 2,919 1,814 164 347 183 September .8 .1 .7 October.... 2,932 1,825 390 166 347 181 October... 1.8 .2 1.6 November. 2,947 1,835 394 167 347 179 November. 4.5 1.3 3.2 December.. 2,963 1,845 347 178 December. 6.6 .3 6.3 1940—January 2,971 1,855 400 169 347 175 1940—January... 5.3 (0 5.3 February... 2,981 1,866 401 170 347 173 February.. 4.7 0) 4.7 i Includes silver held against silver certificates amounting to $1,765- i Less than $50,000. 000,000 on Feb. 29, 1940 and $1,632,000,000 on Feb. 28, 1939. Back figures.—See Annual Report for 1937 (table 38). Description.—See BULLETIN for January 1932, pp. 7-8. APRIL 1940 323 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ANALYSIS OF CHANGES IN GOLD STOCK OF UNITED STATES MOVEMENT OF GOLD TO AND FROM UNITED STATES1 [In millions of dollars] [In thousands of dollars] Net Gold stock at In- gain or Do- 1940 Period end of period c t g r o e i o n t a l a d s l e im g N o p e l o d t rt m l t o h s a r e s o r a k u r i ( - g n - h g ) m g p t o r e i o c l s d - - From or to— February January Jan.-Feb. Total I a n c a c c o t u iv n e t stock ac tr t a io n n s s - 1 d ti u o c n - p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s p I o m rt - s p E o x rt - s 1934 2. 4,202.5 1,, 133. 9 82.6 96.0 1935.__ 10,125 1,887. 2 1.,, 739.0 .2 110.7 Belgium 974 974 1936... 11,258 26.5 1,132. 5 1, ,116. 6 -85.9 131.6 France 40 59 99 1937— 12,760 1,227.9 1, 502. 51, 585. 5 -200.4 143.9 Italy 5,566 2,253 7,818 1938.__ 14,512 1, 751. 51, 973. 6 -333. 5 148.6 Netherlands 16,181 30,415 46, 596 17,644 3,132. 0 \3 ;574.2 -534.4 159.8 Norway 13,878 19, 527 33,405 Sweden 32,448 16,601 49,049 Switzerland 13,932 1,208 15,140 1938—March 12, 795 1,183.0 18.5 52.9 -.6 10.7 United Kingdom 21, 321 23,906 45,227 April 12,869 74.3 71.1 -1.2 10.6 U. S. S. R 5,570 5,570 May 12,919 49.8 52.8 -53.9 11.5 Canada 46, 913 48 52, 737 21 99,650 June 12,963 44.2 55.3 -15.5 9.6 Mexico.. 2,006 2,550 4,557 July 13,017 54.5 63.8 -20.9 14.2 Central America 561 692 1,253 August 13,136 118.3 166.0 -28.8 14.7 Argentina _ 9 September 13, 760 623.8 520.9 -13.3 14.1 Chile 671 1,251 1,923 October 14,065 305.0 562.4 -110. 2 13.5 Colombia 3 3 7 November 14,312 247.5 177.8 -7.4 15.5 Ecuador. _ 589 589 December 14,512 199.6 240.5 -62.4 13.3 Peru 1,488 411 1,899 Venezuela 433 526 1939—January 14,682 170.0 156.3 14.1 12.2 Australia... 4,241 6,155 10,395 February 14,874 192.7 223.3 -48.6 10.5 British India 6,722 9,743 16,465 March _ 15, 258 383.8 365.4 10.7 11.1 China and Hong April.._ 15, 791 532.3 605.8 -114.8 13.1 Kong.... 1,008 5,452 6,460 May 15,957 166.2 429.4 -251. 6 12.6 Japan.. 4,919 37, 680 42, 598 June 16,110 153.3 240.4 -104.8 10.7 Philippine Islands.. 1,896 3,360 5,257 July 16, 238 128.0 278.6 -164.0 13.1 South Africa _. 18,872 20,297 39,169 August 16, 646 407.6 259.9 152.1 14.1 All other countries2. _ 1,241 1,579 2,821 4 September 16, 932 285.9 326.1 2.8 15.7 October _ 17,091 159.9 69.7 79.5 18.5 Total.. 201,475 53 236,413 437,889 75 November 17,358 267.1 168.0 90.9 14.8 December 17,644 285.1 451.2 -200.8 13,2 1 Figures represent customs valuations which, with some exceptions, 1940—January _ 17,931 287.5 236.4 40.0 13.7 are at rate of $35 a fine ounce. February 18,177 246.0 201.4 37.0 P15.2 * Includes all movements of unreported origin or destination. Mar. 1-27 18,413 235.5 418.7 —200.3 Back figures—See table, p. 353, and Annual Report for 1937 (tables 31 and 32). r Preliminary. 1 Gold held under earmark at Federal Reserve banks for foreign account on February 29, 1940, in millions of dollars: 1,086.0. » Figures based on rate of $20.67 a fine ounce in January 1934 and $35 a fine ounce thereafter. NOTE.—Figures for domestic production of gold are those published in table, p. 353, adjusted to exclude Philippine Islands production received in United States. Adjustment based on annual figures reported by Director of Mint and monthly imports of gold to U. S. from Philip- BANK DEBITS pines. For back figures see Annual Report for 1937 (table 29). [Debits to individual deposit accounts, at banks in principal cities.] BANK SUSPENSIONS1 [In millions of dollars] Member Nonmember Total, 140 133 banks banks all New other other Total, Year and month report- York lead- reportall ing City ing ing banks ti N on a a - l State su I r n e - d* in N su o r t ed centers cities 1 centers * 1929- 982, 531 603,089 331,938 47,504 Number of banks suspended: 1935. 402,718 184,006 190,165 28,547 1934 - - 57 1 8 48 1936 461,889 208,936 219,670 33, 283 1935 34 4 22 8 1937. 469,463 197,836 235, 206 36,421 1936 44 1 40 3 1938 405,929 168, 778 204,745 32,406 1937 59 4 2 47 6 1939 _ 423,932 171,382 218,298 34, 252 1938 _ 55 1 1 47 6 1939 42 4 3 25 10 1939—January.— 35,180 14, 533 17,860 2,786 1940—jan -Feb 2 2 F M e a b r r c u h ary.. 2 3 9 7 , , 3 9 2 7 2 3 1 1 2 6 , , 2 3 7 8 4 0 1 1 5 8 , ,2 2 1 0 1 1 2 2 , , 3 8 9 3 2 7 Deposits of suspended banks April 32, 822 13, 311 16,832 2,679 (in thousands of dollars):3 May 34, 656 14,165 17,763 2,728 1934 — 36,937 40 1,912 34,985 June 36,883 15, 312 18, 676 2,895 1935 10,015 5,313 3,763 939 July 33,245 12, 794 17,683 2,768 1936 . 11,306 507 10,207 592 August 33,314 13,118 17,496 2, 701 1937 — 19,723 7,379 1,708 10,156 480 September 36, 594 15,138 18, 526 2,930 1938 13,012 36 211 11,721 1,044 October... 35,830 13, 683 19,029 3,119 1939 '34,998 1,341 24,629 6,589 '2,439 November 34, 666 13,041 18, 636 2,990 1940—Jan -Feb 238 238 December. 43,447 17,633 22,386 3,428 1940—January.. _ 37, 786 14, 739 19, 978 3,069 * Revised. February.. 32,197 12,138 17,344 2,715 * 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 1 Comprises centers for which bank debit figures are available beginthe time of closing (in some instances with the aid of Federal Deposit ning with 1919, except that one substitution was made in 1920 and one Insurance Corporation loans). in 1928. > Federal deposit insurance became operative January 1,1934. 2 Centers (other than the 141 centers) for which bank debits are current- 1 Deposits of member banks and insured nonmember banks suspended ly reported. The number has changed very little since 1934 and has are as of dates of suspension, and deposits of noninsured nonmember numbered 133 since 1936. banks are based on the latest data available at the time the suspensions Back figures.—See Annual Report for 1937 (Table 71), which also gives were reported. a definition of bank debits. Figures for individual reporting cities and Back figures—See Annual Report for 1937 (table 76). totals by Federal Reserve districts are available in mimeographed form. 324 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

ALL BANKS IN THE UNITED STATES Comprises all national banks in the continental United States and all State commercial banks, trust companies, mutual and stock savings banks and such private and industrial banks as are included in abstracts issued by State banking departments. Also includes, during the period June 1934-June 1935, private banks which, pursuant to the provisions of sec. 21 (a) of the Banking Act of 1933, submitted condition reports to the Comptroller of the Currency. Under the amended provisions of sec. 21 (a) private banks no longer report to the Comptroller of the Currency. For comparative figures of private banks included in the figures from June 1934 to December 1935, see Federal Reserve BULLETIN for December 1935, p. 883, and July 1936, p. 635. Figures for nonmember banks are for dates indicated or nearest thereto for which figures are available. NUMBER OF BANKS DEPOSITS, EXCLUSIVE OF INTERBANK DEPOSITS1 [In millions of dollars] Member banks Non b m an e k m s ber Member banks Nonmeniber banks Call date Total Other Total ti N on a- al State M s b a a u v n t in u k g s al s b m n a b o e n e m n r k - s - Call date ba A n l k l s Total ti N on a- al State M s b a a v u n i t n u k g a s s l b n e o r O n t b m h a e e n r m ks - 1929—June 29 25,110 8,707 7,530 1,177 611 15,792 1929—June 29... 53,852 32,284 19,411 12,873 8,983 12,684 Dec. 31 24,630 8,522 7,403 1,119 609 15,499 Dec. 31... 55,289 33,865 20,290 13,575 8,916 12,508 1933—June 30 14,519 5,606 4,897 709 576 8,337 1933—June 30— 37,998 23,338 14,772 8,566 9,713 4,940 Dec. 30 15,011 6,011 5,154 857 579 8,421 Dec. 30 38,505 23,771 15,386 8,385 9,708 5,026 1934—June 30 15,835 6,375 5,417 958 578 8,882 1934—June 30... 41,870 26,615 17,097 9,518 9,780 5,475 Dec. 31 16,039 6,442 5,462 980 579 9,018 Dec. 31 44,770 28,943 18,519 10,424 9,828 6,000 1935—June 29 15,994 6,410 5,425 985 571 9,013 1935—June 29... 45,766 29,496 19,031 10,465 9,920 6,360 Dec. 31 15,837 6,387 5,386 1,001 570 8,880 Dec. 31— 48,964 32,159 20,886 11,273 9,963 6,842 1036—June 30 15,752 6,400 5,368 1,032 666 8,786 1936—June 30... 51,335 34,098 21,986 12,112 10,060 7,178 Dec. 31 15,628 6,376 5,325 1,051 565 8,687 Dec. 31— 53,701 35,893 23,107 12,786 10,143 7,666 1937—June 30 15,527 6,357 6,293 1,064 664 8,606 1937—June 30... 53,287 35,440 22,926 12,514 10,213 7,636 Dec. 31 15,393 6,341 5,260 1,081 563 8,489 Dec. 31... 52,440 34,810 22,655 12,155 10,257 7,373 1938—June 30 15,287 6,338 5,242 1,096 563 8,386 1938—June 30— 52,195 34,746 22,553 12,193 10,296 7,153 Dec. 31 15,206 6,338 5,224 1,114 556 8,312 Dec. 31 64,054 36,211 23,497 12, 714 10,365 7,478 1939-June30 15,082 6,330 5,203 1,127 553 8,199 1939—June 30 55,992 38,027 24,534 13,493 10,521 7,444 Oct. 2 15,061 6,339 5,196 1,143 552 8,170 Oct. 2 . 57,437 39,287 25, 248 14,039 10,520 7,630 Dec. 30» 15,035 6,362 5,187 1,175 552 8,121 Dec. 30'.. 58,344 39,930 25,661 14,269 10,613 7,801 For footnotes see table below. For footnotes see table below. LOANS AND INVESTMENTS [In millions of dollars] All banks Member banks Nonmember banks Mutual savings banks Other nonmember banks Call date Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- Total Loans I m nv e e n s ts t- 1929—June 29.. 58,474 41, 531 16,943 35,711 25,658 10,052 9,556 5,892 13,207 9,981 3,227 Dec. 31.. 58,417 41,918 16,499 35,934 26,150 9,784 9,463 5,945 3,518 13,020 9,823 3,197 1933—June 30.. 40,076 22,203 17,872 24,786 12,858 11,928 10,044 5,941 4,103 5,246 3,404 1,841 Dec. 30.. 40,319 21, 977 18,342 25,220 12,833 12,386 9,985 5,906 4,079 5,115 3,238 1,877 1934—June 30.. 42,502 21,278 21,224 27,175 12,523 14,652 9,904 5,648 4,256 5,423 3,108 2,315 Dec. 31.. 43,458 20,473 22,984 28,150 12,028 16,122 9,782 5,491 4,291 5,526 2,955 2,571 1935—June 29_. 44,416 20,272 24,145 28, 785 11,928 16,857 9,852 5,341 4,511 5,779 3,003 2,777 Dec. 31.. 45,717 20,329 25,388 29,985 12,175 17,810 9,804 5,210 4,594 5,927 2,944 2,983 1936—June 30.. 48,458 20, 679 27,778 32,259 12, 542 19,717 9,961 5,105 4,856 6,238 3,032 3,206 Dec. 31.. 49,524 21,449 28,075 33,000 13,360 19,640 10,060 5,027 5,034 6,464 3,062 3,402 1937—June 30.. 49,696 22, 514 27,182 32,739 14,285 18,454 10,180 5,002 5,178 6,778 3,227 3,550 Dec. 31_- 48,566 22,198 26,368 31,752 13,958 17,794 10,187 4,996 5,191 6,627 3,244 3,383 1938—June 30.. 47,381 21,130 26,252 30,721 12,938 17,783 10,196 4,961 5,235 6,465 3,231 3,234 Dec. 31 *. 48,929 21,354 27, 575 32,070 13,208 18,863 10,255 4,930 5,325 6,604 3,217 3,387 1939—June 30.. 49,616 21,318 28,299 32,603 13,141 19,462 10,342 4,931 5,411 6,671 3,245 3,425 Oct. 2... 49, 954 21, 634 28,320 33,075 13,470 19,605 10,333 4,936 5,397 6,546 3,228 3,318 Dec. 303. 50,882 22,167 28, 714 33, 941 13,962 19,979 10,332 4,961 5,371 6,610 3,244 3,365 i Prior to Dec. 30,1933, member-bank figures include interbank deposits not subject to immediate withdrawal, which aggregated $103,000,000 on that date. The nonmember bank figures include interbank deposits to the extent that they are not shown separately in a few State bank abstracts. » Beginning December 1938 figures of loans and investments exclude approximately $50,000,000 and $100,000,000, heretofore reported as loans and investments, respectively, which indirectly represent bank premises or other real estate and are now classified in condition reports among "Other assets." 3 Figures for "All banks" are preliminary. Back figures.—See Annual Report for 1937 (tables 48-49). APRIL 1940 325 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—LOANS AND INVESTMENTS [In millions of dollars] Loans * Investments * Call date m T l v o a i o e e n a n s t n n d - a t t s - l s Total C t m d c a r i o i u i n n e a a m s d - r l - l , - , - p O m k a p p a e e r t e n - r b o p r T L s o r u e o k o r c c c a - a u h n r r a r s i y t s i f i i e o n n s r g g e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r *Total U. S. Go D v i e re rn c m t ent obligatio G n a s u n a - r- g S p O a t a i o a t c o b n i t l a o f l d e i l i t n s - - s s O i e t t i c h e u s e r r - i a c g u r l- i- a e n rs d ot T he o rs' Total Bills6 Notes Bonds teed d su iv b i - tural » deal- sions ers Total—All MemberBanks 1929—Dec. 31. _35,934 26,150 583 2,463 7,685 3,191 714 11,515 9,784 3,863 249 520 3,094 1,393 4,528 1933—June SO-24,786 12,858 595 953 3,752 2,372 330 4,857 11,928 6,887 1,113 2,049 3,725 1,744 3,297 WS?—Dec. 31..31,752 13,958 643 950 2,752 2,547 70 6,996 L7,794 [0, 574 662 4,277 5,635 1,797 2,047 3,376 1938—Mar. 7— 31, 521 13,546 607 878 2,665 2,556 96 6, 745 .7,975 0, 625 797 4,297 5,531 1,827 2,209 3,314 June 30—30,721 492 701 2,614 2,613 120 6,397 L7, 783 i0, 215 316 3,653 6,246 2,128 2,143 3,296 Sept. 28 _31,627 12,937 484 713 2,590 2,661 126 6,364 L0, 713 313 3,707 2,298 2,317 3,361 Dec. 31. . 32,070 13,208 5,448 442 973 775 2,716 125 2,728 8,863 10,882 286 3,389 7,208 2,340 2,448 3,192 1939—Mar. 29..32,095 13,047 5,531 427 838 733 2,749 99 2,671 .9,048 10, 691 303 2,604 7,783 2,660 2,555 3,142 June 30—32,603 13,141 5,571 420 731 736 2,828 58 2,796 .9,462 L0, 946 441 2,720 7,786 2,831 2,554 3,131 Oct. 2«__ 33,075 13,470 .9,605 L0,891 2.920 2,764 3,030 Dec. 30__33,941 13,962 6,115 455 790 700 2,957 56 2,888 19,979 LI, 184 563 2,223 8,398 3,144 2,692 2,959 New York, City» 1929-Dec.31.. 8,774 6,683 195 1,257 2,145 322 2,595 2,091 1,112 58 166 222 758 1933—June 30. _ 7,133 3,424 364 758 1,044 157 162 937 3,709 2,551 638 987 926 478 680 1937—Dec. 31.- 8,313 3,673 198 761 733 141 29 1,811 4,640 3,207 495 1,536 1,175 342 704 1938—Mar.7 — 8,317 3,532 168 696 727 140 60 1,741 4,785 3,180 505 1,529 1,145 432 485 688 June 30— 8,013 3,172 141 556 717 132 85 1,541 4,840 3,031 222 1,358 1,451 709 394 707 Sept. 28. 8,355 3,146 153 564 702 132 95 1,499 5,209 3,153 251 1,342 1,560 834 495 727 Dec.31_. 8,335 3,262 1,461 138 787 220 121 99 436 5,072 2,963 158 1,142 1,663 894 517 698 1939—Mar. 29.. 8,408 1,456 126 668 209 124 77 427 5,322 2,939 68 831 2,040 1,086 582 714 June 30— 8,688 1,479 128 555 215 130 41 440 5,700 3,360 168 908 2,284 1,123 480 736 Oct. 2 •_, 9,044 3,116 5,928 3,401 1,157 662 708 Dec. 30__ 9,339 3,296 1,776 120 611 188 133 44 425 6,043 3,497 315 797 2,385 1,275 579 City of ChicagoT 1929—Dec. 31.. 1,757 1,448 251 533 535 116 19 94 1933—June 30_. 1,287 677 61 251 237 610 384 206 82 97 87 138 1937—Dec. 31.. 1,901 635 41 129 426 1,266 916 32 366 518 94 135 121 1938—Mar. 7— 1,997 614 39 113 423 1,382 1,008 153 371 484 100 136 139 June 30.. 1,806 525 29 109 361 1,281 859 12 313 535 122 140 159 Sept. 28. 1,889 522 31 111 351 1,367 921 1 310 611 126 144 175 Dec.31.. 1,969 539 336 43 70 62 1,430 1,005 59 291 655 109 141 176 1939—Mar.29.. 1,965 545 361 32 70 57 1,420 992 121 212 660 108 149 171 June 30.. 2,052 544 348 39 71 1,507 1,040 185 234 621 135 154 179 Oct. 2*_. 2,050 563 1,487 1,017 155 147 168 Dec. 30.. 2,105 372 17 41 66 60 1,536 1,031 153 176 701 172 162 170 Reserve City Banks 1929—Dec. 31..12,029 9,084 168 664 2,775 1,538 258 3,679 2,944 1,368 91 165 1,112 448 1,128 1933—June SO- 8,492 4,482 126 108 1,340 1,131 99 1,678 4,011 2,483 205 681 1,597 930 WS?—Dec. 31. . 11,414 5,203 201 123 1,066 1,176 27 2,610 6,211 3,961 106 1,589 2,267 637 921 1938—Mar. 7— 11,250 5,031 197 118 1,020 1,173 25 2,498 6,219 3,962 115 1,610 2,236 648 708 901 June 30 . 11,150 4,853 163 95 998 1,201 26 2,369 3,940 69 1,268 718 732 908 Sept. 28. 11,426 4,870 156 96 992 1,217 22 2,387 6,556 4,088 47 1,290 2,752 743 775 950 Dec. 31.. 11,654 4,963 2,121 149 119 242 1,230 20 1,081 6,691 4,278 57 1,224 2,997 740 808 866 1939—Mar.29_. 11, 624 4,936 2,116 145 115 228 1,249 17 1,066 4,181 100 977 3,105 823 823 860 June 30.. 11,756 5,004 2,118 138 115 221 1,284 12 1,116 6,751 4,102 78 1,014 3,010 889 895 866 Oct. 2«_. 11,880 5,127 6,752 4.089 909 897 856 Dec. 30.. 12,272 5,329 2,322 155 119 222 1,335 1,168 6,943 4,222 63 819 3,339 972 860 Country Banks 1929-Dec. 31. 13,375 8,936 201 291 2,231 1,462 4,705 4,439 1,267 171 999 627 2,546 1933—June 30.. 7,873 4,275 35 25 1,117 1,055 2,005 3,598 1,469 299 1,106 581 1,549 1937-Dec. 31.. 10,124 4,446 216 25 824 1,219 2,149 5,677 2,490 786 1,675 678 879 1,630 1938—Mar. 7... 9,958 215 24 804 1,233 2,083 5,589 2,477 787 1,665 647 880 1,585 June 30.. 9,752 173 21 790 1,269 2,126 5,364 2,385 715 1,657 579 878 1,522 Sept. 28. 9,958 4,399 156 21 784 1,303 2,127 5,558 2,550 766 1,770 596 1,509 Dec. 31.. 10,113 4,444 1,531 138 25 243 1,353 1,149 5,669 2,636 732 1,893 597 1,453 1939—Mar. 29.. 10,098 4,480 1,597 142 24 226 1,363 1,121 5,618 2,578 585 1,978 643 1,001 1,397 June30_. 10,109 4,605 1,626 140 22 229 1,402 1,180 5,504 2,444 563 1,870 683 1,025 1,351 Oct. 2«__ 10,102 4,665 5,437 2,383 699 1,058 1,297 Dec. 30.. 10, 224 4,768 1,646 163 20 224 1,477 4 1,234 5,456 2,434 31 431 1,972 725 1,061 1,236 1 Classifications indicated were revised as of Dec. 31,1938; for explanation see BULLETIN for January 1939, pp. 22-23, and the BULLETIN for April, 1939, pp. 259-264, 332. Beginning June 30,1939, detailed classifications available on June and December dates only. 2 Not reported separately prior to December 1938 except for weekly reporting banks in leading cities. > Figures in this column prior to Dec. 31,1938, represent all loans on securities, regardless of purpose, excepting only loans on securities to banks and to brokers and dealers. * This is a residual item and, because of the revised loan classifications, figures beginning Dec. 31,1938, are not comparable with earlier figures, s Includes Treasury certificates of indebtedness through 1934. 6 Breakdown of loans and investments not reported separately. 1 Central reserve city banks. Back figures.—See Annual Report for 1937 (tables 52-58). 326 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONDITION OF ALL MEMBER BANKS—RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits> Reserves Bal- De- Indi- Indi- Domestic with ances mand vid- States Certi- vid- States banks Cap- Fed- Cash with de- uals, and fied uals, and Bor- ital Call date eral in do- posits part- polit- and U. S. part- polit- Postal row- ac- Re- vault mestic ad- ner- ical offi- Gov- ner- ical sav- For- ings counts serve banks» justed* ships, sub- cers' ern- ships, sub- ings* eign banks and divi- checks ment4 and divi- De- Tfrno banks cor- sions etc.3 cor- sions mand i line pora- porations tions Total—All Member Banks 2,374 558 2,168 16,647 17,526 1,335 1,681 143 12,267 595 122 3,517 95 698 879 6,7091929—Dec. 31 2,235 405 2,008 12,089 11,830 1,087 657 806 7,803 300 788 3,057 89 146 191 4,837 1933—June 30 7,005 589 3,414 20,387 19,747 2,132 767 781 10,806 482 95 5,436 129 464 12 5,3711937—Dec. 31 7,249 604 3,561 20, 513 19,116 2,237 566 752 10,845 512 90 5,615 137 377 28 5,3521938—Mar. 7 8,004 712 4,084 20,893 19,816 2,314 662 543 10,874 454 83 6,096 135 331 11 5,368 June 30 8,193 775 3,937 21, 596 20,439 2,080 538 707 10, 789 464 70 6,088 130 466 12 5,410 Sept. 28 8,694 746 4,240 22,293 21,119 2,386 547 790 10,846 462 61 6,510 132 511 6 5,424 Dec. 31 9,112 777 4,403 22,364 20,845 2,467 533 775 10,940 461 68 6,816 133 629 7 5,4671939—Mar. 29 10, Oil 712 4,674 23,587 22,448 2,532 790 694 11,063 441 59 7,097 142 607 5 5,496 June 30 11,617 774 8 5.304 25,118 23,983 2,390 666 675 11,104 418 51 8 8. 243 «142 •757 5 5,530 Oct. 2 11,604 841 5,506 25,681 24,604 2,321 563 743 11,215 432 51 8,507 144 759 3 5,522 Dec. 30 New York City» 827 68 179 4,750 5,847 128 1,180 20 1,112 33 18 1,198 40 597 179 2,1051929—Dec. 31 846 46 101 4,358 4,676 96 461 332 671 4 110 1,255 22 128 8 1,5821933—June 30 2,738 56 120 6,111 6,507 189 404 382 696 49 2,108 423 1,6061937—Dec. 31 2,941 59 95 6,336 6,429 185 327 360 694 67 2,173 334 12 1,5961938—Mar 7 3,517 65 119 6,698 6,900 273 367 123 694 32 2,514 291 1,587 June 30 3,743 70 91 7,026 7,128 196 280 181 653 64 2,498 411 2 1, 589 Sept. 28 4,104 68 109 7,168 7,273 280 195 139 652 36 2,687 442 1,593 Dec. 31 4,582 63 156 7,605 7,677 260 272 135 655 53 2,731 553 1,5921939—Mar 29 4,975 61 112 8,012 8,281 288 472 84 653 46 2,992 524 1,586 June 30 5,929 85 •109 8,676 8,812 321 349 72 683 52 •3,568 •670 1 1,587 Oct. 2 5,915 89 125 8,899 9,030 251 178 74 693 43 3,542 1 695 1,592 Dec. 30 City of Chicago * 169 13 133 957 1,041 42 32 8 332 58 2 310 19 33 41 3161929—Dec. 31 232 34 203 912 870 87 16 46 358 1 6 259 2 2041933—June 30 596 27 179 1,438 1,354 207 23 64 445 8 528 6 2551937—Dec. 31 566 22 135 1,372 1,270 170 17 92 445 16 576 7 2451938—Mar. 7 936 31 208 1,523 1,386 221 23 86 443 16 688 6 249 June 30 856 32 198 1,585 1,455 204 24 62 439 21 636 10 256 Sept. 28 884 35 235 1,688 1,597 181 29 83 452 9 658 9 257 Dec. 31 705 22 178 1,250 1,182 141 26 83 452 12 834 10 2611939—Mar. 29 897 26 235 1,666 1,565 197 22 60 471 17 746 12 270 June 30 1,080 37 •237 1,747 1,632 195 27 60 469 21 3 •853 •14 270 Oct. 2 993 42 283 1,739 1,676 167 24 80 483 10 3 879 9 250 Dec. 30 Reserve City Banks 751 156 947 5,229 5,547 423 300 76 4,433 371 41 1,604 30 64 292 2,0291929—Dec. 31 705 122 1,002 3,764 3,708 349 108 312 2,941 208 388 1,315 59 15 16 1,5331933—June 30 2,310 200 1,470 6,870 6,743 777 192 256 4,161 266 34 2,389 107 34 1,7351937—Dec. 31 2,376 213 1,632 6,848 6,455 809 121 234 4,198 269 33 2,461 116 34 5 1,7361938—Mar. 7 2,289 300 1,951 6,934 6,668 812 146 266 4,238 262 31 2, 514 113 32 1,753 June 30 2,311 322 1,862 7,078 6,843 711 120 356 4,209 233 23 2,557 107 43 1,764 Sept. 28 2,354 321 1,940 7,214 7,034 796 170 424 4,233 269 17 2,719 108 57 1,777 Dec. 31 2,459 342 2,106 7,326 6,899 889 123 420 4,276 243 22 2,813 108 64 2 1,7951939—Mar. 29 2,735 318 2,210 7,654 7,331 917 160 415 4,320 233 19 2,920 115 69 1,812 June 30 3,053 323 6 2,485 8,017 7,803 801 158 410 4.319 198 14 •3,307 •116 •71 1,821 Oct. 2 3,118 348 2,485 8,176 8,002 813 190 435 4,362 240 14 3,516 117 53 1,828 Dec. 30 Country Banks 627 321 908 5,711 5,091 742 169 39 6,390 133 61 405 6 3 367 2,258L929—Dec. 31 452 203 702 3,054 2,576 555 72 116 3,833 86 285 228 7 1 167 1,5171933—June 30 1,361 307 1,645 5,968 5,143 959 149 78 5,504 158 61 412 21 1 12 1,7751937—Dec. 31 1,366 310 1,700 5,957 4,963 1,073 101 66 5,508 159 56 403 20 1 11 1,7741938—Mar. 7 1,263 316 1,806 5,738 4,863 1,008 126 68 5,499 144 52 380 22 2 11 1,778 June 30 1,282 351 1,786 5,908 5,013 969 114 108 5,488 147 46 398 23 2 11 1,801 Sept. 28 1,353 322 1,956 6,224 5,215 1,128 154 143 5,509 147 44 446 23 2 6 1,798 Dec. 31 1,367 350 1,963 6,183 5,087 1,176 114 137 5,557 153 46 438 25 2 5 1,8181939—Mar. 29 1,403 307 2,117 6,255 5,272 1,130 135 136 5,619 145 40 439 26 2 5 1,828 June 30 1, 555 329 «2,473 6,677 5,736 1,073 131 133 5,632 148 35 •515 «26 •2 4 1,852 Oct. 2 1,578 363 2,614 6,866 5,896 1,090 172 154 5,677 140 35 571 26 2 3 1,851 Dec. 30 i Prior to Dec. 31,1935, excludes balances with private banks to the extent that they were then reported in "Other assets." Since Oct. 25,1933, includes time balances with domestic banks which on that date amounted to $69,000,000 and which prior to that time were reported in "Other assets". « Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection and, prior to Dec. 31,1935, less cash items reported on hand but not in process of collection. * Includes "Due to Federal Reserve banks (transit account)," known as "Due to Federal Reserve banks (deferred credits)" prior to Dec. 31,1935. * U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. * Central reserve city banks 6 Partly estimated. Back figures—See Annual Report for 1937 (tables 52-58). APRIL 1940 327 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS-NEW YORK CITY AND OUTSIDE LOANS AND INVESTMENTS [Monthly data are averages of Wednesday figures. In millions of dollars.] Loans Investments Loans for U. S. Government obligations Com- purchasing Total mer- or carrying loans cial, securities Direct Date or month m v a i e e n n s n d - t t - s Total t d a r i u i n n a s d - l - , p O m k a p a p e e r t e n - r br T o o k- e l R o st a e a n a t l s e L ba o t n o a k n s s O lo t a h n e s r Total G a u n a - r- O r se i t t c h i u e e s - r a c g ul r - i- a e n r d s ot T h o ers Total Bills i Notes Bonds1 teed tural dealers Total—101 Cities 1939—February... 21, 527 8,197 3,760 323 795 533 1,145 102 1,539 L3,330 8,178 1,891 3,261 October 22,571 8,421 4,279 317 552 505 1,181 35 1,552 [4,150 8,566 561 2,132 5,873 2,232 3,352 November. 22,966 8,573 4,354 314 613 501 1,187 37 1,567 14,393 8,714 706 2,167 5,841 2,338 3,341 December.. 23,353 8,802 4,400 319 759 506 1,189 46 1,583 L4,551 8,774 672 2,039 6,063 2,412 3,365 1940—January. 23,157 8,587 4,331 320 651 496 1,184 49 1,556 L4,570 8,833 658 1,757 6,418 2,410 3,327 February... 23,220 8,520 4,317 328 611 481 1,184 54 1,545 L4,700 642 1,746 6,474 2,419 3,419 1940—Jan. 3.. 23,087 8,674 4,353 315 700 504 1,188 50 1,564 .4,413 8,703 595 1,755 6,353 2,412 3,298 Jan. 10 _ 23,131 8,646 4,363 314 669 501 1,187 51 1,561 .4,485 8,777 649 1,767 6,361 2,400 3,308 Jan. 17. 23,212 8,579 4,330 323 644 500 1,180 45 1,557 .4,633 8,913 711 1,761 6,441 2,411 3,309 Jan. 21_. 23,183 8,536 4,316 325 630 489 1,182 43 1,551 4,647 8,896 687 1,757 6,452 2,412 3,339 Jan. 31.. 23,174 8,499 4,295 321 614 485 1,183 54 1,547 .4,675 8,877 1,747 6,482 2,414 3,384 Feb. 7... 23,199 8,507 4,314 321 483 1,183 54 1,544 .4,692 8,910 659 1,755 6,496 2,411 3,371 Feb. 14.. 23,202 8,516 4,313 327 611 483 1,183 54 1,545 .4, 686 8,855 638 1,752 6,465 2,420 3,411 Feb. 21.. 23,211 8,531 4,316 333 617 482 1,185 55 1,543 .4, 680 623 1,743 6,464 2,425 3,425 Feb. 28.. 23, 268 8,528 4,324 332 609 478 1,185 52 1,548 4,740 8,851 647 1,735 6,469 2,421 3,468 Mar. 6... 23,355 8,591 4,355 477 1,184 56 1,546 ,764 8,900 672 1,725 6,503 2,400 3,464 Mar. 13.. 23,437 8,616 4,367 333 476 1,183 48 1,550 .4,821 8,943 673 1,780 6,490 2,387 3,491 Mar. 20.. 23,398 8,606 4,379 628 473 1,185 50 1,553 .4, 792 8,941 645 1,796 6,500 2,369 3,482 New York City 1939—February 7,676 2,901 1,357 125 644 187 110 396 4,775 2,634 974 1,167 October 8,538 2,895 1,661 115 430 173 116 375 5,643 3,314 358 788 2,168 1,123 1,206 November 8,847 2,972 1,688 114 483 171 114 376 5,875 3,512 528 841 2,143 1,177 1,186 December. 9,057 3,108 1,700 114 590 176 113 378 5,949 3,525 499 806 2,220 1,227 1,197 1940—January 8,752 2,980 1,671 110 503 171 112 372 5,772 3,365 274 710 2,381 1,228 1,179 February 8,810 2,918 1,650 112 465 161 112 370 5,892 3,368 187 722 2,459 1,268 1,256 1940—Jan. 3.. 8,703 3,025 1,672 111 538 176 112 374 5,678 3,285 300 706 2,279 1,233 1,160 Jan.10. 8,709 3,028 1,693 111 519 176 112 373 5,681 3,299 288 704 2,307 1,215 1,167 Jan.17. 8,789 2,977 1,672 109 498 177 111 372 5,812 3,415 280 705 2,430 1,226 1,171 Jan. 24.. 8,762 2,946 1,666 109 487 166 112 371 5,816 3,408 260 717 2,431 1,228 1,180 Jan. 31.. 8,798 2,926 1,653 108 475 162 112 370 5,872 3,418 240 717 2,461 1,240 1,214 Feb. 7-_. 8,790 2,921 1,654 109 467 161 112 370 3,394 192 723 2,479 1,259 1,216 Feb. 14_. 8,785 2,918 1,650 111 465 161 112 370 5,867 3,349 177 722 2,450 1,273 1,245 Feb. 21.. 8,812 2,923 1,645 114 472 160 113 369 5,889 3,358 179 722 2,457 1,272 1,259 Feb. 28.. 8,853 2,909 1,651 113 457 160 112 370 5,944 3,369 201 719 2,449 1,270 1,305 Mar. 6... 8,894 2,953 1,664 117 482 159 112 5,941 3,373 190 710 2,473 1,263 1,305 Mar. 13.. 9,013 1,675 116 504 159 113 370 6,033 3,465 180 785 2,500 1,247 1,321 Mar. 20.. 9,036 2,970 1,684 115 485 159 113 3,520 185 830 2,505 1,236 1,310 Outside New York City 1939—February 13,851 5,296 2,403 198 151 346 1,035 1,143 8,555 5,544 917 2,094 October ___14,033 5,526 2,618 202 122 332 1,065 1,177 8,507 5,252 1,344 3,705 1,109 2,146 November 14,119 5,601 2,666 200 130 330 1,073 1,191 8,518 5,202 178 1,326 1,161 2,155 December 14,296 5,694 2,700 205 169 330 1,076 1,205 8,602 5,249 173 1,233 3,843 1,185 2,168 1940—January 14,405 5,607 2,660 210 148 325 1,072 1,184 8,798 5,468 384 1,047 4,037 1,182 2,148 February 14,410 5,602 2,667 216 146 320 1,072 1,175 5,494 455 1,024 4,015 1,151 2,163 1940—Jan. 3 14,384 5,649 2,681 204 162 328 1,076 1,190 8,735 5,418 295 1,049 4,074 1,179 2,138 Jan. 10 __ 14,422 5,618 2,670 203 150 325 1,075 1,188 8,804 5,478 361 1,063 4,054 1,185 2,141 Jan. 17 14.423 5,602 2,658 214 146 323 1,069 1,185 8,821 5,498 431 1,056 4,011 1,185 2,138 Jan. 24........ 14,421 5,590 2,650 216 143 323 1,070 1,180 8,831 5,488 427 1,040 4,021 1,184 2,159 Jan. 31. ._.. 14,376 5,573 2,642 213 139 323 1,071 1,177 5,459 408 1,030 4,021 1,174 2,170 Feb. 7— 14, 409 5,586 2,660 212 141 322 1,071 1,174 8,823 5,516 467 1,032 4,017 1,152 2,155 Feb. 14.. 14,417 5,598 2,663 216 146 322 1,071 1,175 8,819 5,506 461 1,030 4,015 1,147 2,166 Feb. 21.. 14,399 5,608 2,671 219 145 322 1,072 1,174 8,791 5,472 444 1,021 4,007 1,153 2,166 Feb. 28.. 14,415 5,619 2,673 219 152 318 1,073 1,178 8,796 5,482 446 1,016 4,020 1,151 2,163 Mar. 6... 14,461 5,638 2,691 218 156 318 1,072 1,177 8,823 5,527 482 1,015 4,030 1,137 2,159 Mar. 13.. 14.424 5,636 2,692 217 155 317 1,070 1,180 8,788 5,478 493 995 3,990 1,140 2,170 Mar. 20-. 14, 362 5,636 2,695 223 143 314 1,072 1,184 8,726 5,421 460 966 3,995 1,133 2,172 1 Not reported separately prior to February 8,1939. NOTE.—For description of figures see BULLETIN for November 1935 (pp. 711-738) or reprint, which may be obtained from the Division of Research and Statistics, 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 66-67) and corresponding tables in previous Annual Reports. 328 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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, Time deposits, Interbank except interbank except interbank deposits Reserves Bal- De- Indi- Indi- Domestic b s w F e R a e e r i n r e a t d v k h - l - e s v C a i a n u s l h t b m a w a n d e n i o c s t k e - h ti s s c j m p u o s a d a t d s e e n i - - d t d s ^s p p u v n h a c o a a o n i e i r d l p r r r d s a t - - s - - , - , S p d s a i t o u i c a n v b l a t d i - i e l t - - s c C h c o e f a e e e i t f n e c c f r r i d . d s t k - i ' s - , m U G e e r . o n S n v - t . - 3 s p p u h v n a c o a a o n e i i r r l d p r r d a s t - - - s - , - , S p s d s a i i t o u i c o a n v b l a n t d i - i e l t s - - s P i n s o a g v s s t - 2 al m D a e n b - d ank T s ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a t u a c a p n - l ts Date or month tions tions Total 101 Cities 7,358 410 2,543 16,042 16,997 461 631 5,170 6,175 113 563 3,682 1939—February 9,957 482 3,062 18,511 18,277 1,302 411 526 5,040 197 7,722 123 793 3,719 October 9,803 484 3,103 18, 74218,392 1,465 448 523 5,062 181 7,847 122 720 3,721 November 9,630 532 3,063 18,862 18,673 1,316 501 558 5,043 207 7,838 122 740 3,713 December 10,065 484 3,087 18,946 18,690 1,247 465 566 5,057 202 7,955 124 740 3,713 1940—January 10, 273 473 3,104 19, 210 1,336 458 561 5,067 199 7,997 124 745 3,719 February 9,831 604 3,140 18, 56618,474 1,227 496 574 5,072 199 8,066 124 740 3,7141940—Jan. 3 9,923 509 18,823 18, 520 1,223 439 571 5,069 200 7,862 124 731 3,715 Jan. 10 10,070 474 3,116 18,979 18,825 1,209 467 560 5,050 204 7,998 125 751 3,706 Jan. 17 10,245 477 3,074 19,163 18,790 1,244 420 564 5,046 203 7,942 124 743 3,711 Jan. 24 10,258 458 3,067 19,199 18,843 1,332 503 561 5,047 205 7,906 123 738 3,717 Jan. 31 10,181 3,075 19,108 18, 596 1,317 563 5,054 198 7,995 124 741 3,719 Feb. 7 10,214 485 3,107 19,062 18,918 1,295 430 561 5,059 196 8,064 124 760 3,719 Feb. 14 10,306 462 3,128 19,256 18,902 1,300 591 561 5,071 201 7,967 124 745 3,720 Feb. 21 10,390 480 3,104 19, 414 18, 929 1,432 416 559 5,085 201 7,960 125 732 3,719 Feb. 28 10,411 457 3,111 19, 34118,895 1,344 448 560 5,099 201 8,094 125 728 3,725 Mar. 6 10,477 476 3,181 19, 50719,158 1,345 416 560 5,142 198 8,142 126 730 3,719 Mar. 13 10,318 461 3,191 19,251 18,829 1,362 419 559 5,146 185 8,158 126 751 3,722 Mar. 20 New York City 4,288 6,844 7,209 299 116 621 495 1,4841939—February 5,701 8,259 8,394 240 240 49 615 3,381 702 ., 475 October 5,504 8,330 8,406 328 265 49 626 3,438 650 ,479 November 5,361 8,391 8,555 240 50 620 3,406 674 ,482 December 5,853 8,515 8,663 200 47 617 3,471 675 487 1940—January 6,055 8,796 230 44 613 3,473 ,490 February 5,735 8,301 8,485 269 51 625 3,500 672 485 1940—Jan. 3 5,735 8,407 8,639 191 262 50 618 3,408 ,485 Jan.10 5,820 8,483 8,678 179 295 45 617 3,500 1,486 Jan.17 5,972 8,657 8,754 193 253 45 614 3,463 679 1,487 Jan. 24 6,004 8,727 8,858 237 321 45 611 3,485 673 1,490 Jan. 31 5,989 8,719 8,763 223 239 44 610 3,497 678 1,491 Feb. 7 5,963 8,659 8,827 222 276 44 609 3,478 1,491 Feb. 14 6,088 8,821 201 432 44 615 682 1,490 Feb. 21 6,181 9,020 272 246 44 617 3,450 671 1, •"" Feb. 28 6,198 8,977 9,061 215 285 44 619 3,502 665 1,492 Mar. 6 6,156 8,992 9,111 205 252 44 670 3,525 1,489 Mar. 13 6,124 8,908 9,027 194 252 44 672 3, 567 Mar. 20 Outside New York City 3,070 358 2,469 9,198 9,788 162 515 4,549 3,536 113 2,1981939—February 4,256 402 2,989 10,252 9,883 1,062 171 477 4,425 156 4,341 122 2,244 October 4,299 403 3,027 10,412 9,986 1,137 183 474 4,436 143 4,409 121 2,242 November 4,269 441 2,979 10,471 10,118 1,076 197 508 4,423 171 4,432 121 2,231 December 4,212 406 3,007 10,431 10,027 1,047 185 519 4,440 166 4,484 123 2,226 1940—January 4,218 394 3,023 10,414 9,949 1,106 160 517 4,454 166 4,524 123 2,229 February 4,096 424 3,058 10,265 1,024 227 623 4,447 165 4,566 123 2,229 1940—Jan. 3 4,188 428 2,957 10,416 9,981 1,032 177 521 4,451 164 4,454 123 2,230 Jan. 10 4,250 397 3,035 10,496 10,147 1,030 172 515 4,433 164 4,498 124 2,220 Jan.17 4,273 401 2,995 10, 50610,036 1,051 167 519 4,432 167 4,479 123 2,224 Jan. 24 4,254 383 2,985 10,472 9,985 1,095 182 516 4,436 169 4,421 122 2,227 Jan. 31 4,192 390 2,998 10,389 1,094 157 519 4,444 168 4,498 123 2,228 Feb. 7 4,251 404 3,024 10,403 13,091 1,073 154 517 4,450 165 4,586 123 2,228 Feb. 14 4,218 384 3,045 10,435 9,964 1,099 159 517 4,456 165 4,498 123 2,230 Feb. 21 4,209 399 3,024 10,428 9,909 1,160 170 515 4,468 165 4,510 124 2,231 Feb. 28 4,213 3,031 10, 364 9,834 1,129 163 516 4,480 170 4,592 124 2,233 Mar. 6 4,321 397 3,099 10,515 10,047 1,140 164 516 4,472 167 4,617 125 2,230 Mar. 13 4,194 386 3,106 10, 343 9,802 1,168 167 515 4,474 157 4,591 125 2,233 Mar. 20 i Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. » U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. APRIL 1940 329 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS LOANS AND INVESTMENTS [In millions of dollars] Loans Investments Loans for U. S5. Governmentobligations Com- purchasing loans mer- or carrying Federal Reserve and cial, securities Direct distric ( t 1 9 a 4 n 0 d ) date m v i e e n s n - t t - s Total t a d a c r i g u i n u n a r s l d - i - l - - , p O m k a p p a e e r t e - n r b a r T e n o r o d s k- ot T he o rs e l R o st a e a n a t l s e b L a o t n o a k n s s O lo t a h n e s r Total Total Bills Notes Bonds G t a e u n e a - d r- O r s i e t t c h ie u e s - r tural dealers Boston (6 cities) February 28 1,169 609 292 67 21 19 81 1 128 560 385 11 41 333 54 121 March 6 ._ __ >_ 1,179 618 300 66 23 19 81 1 128 561 386 13 41 332 55 120 March 13 1,171 617 299 66 22 20 81 129 554 379 13 38 328 54 121 March 20 1,176 617 299 67 22 19 81 129 559 390 14 38 338 49 120 New York (8 cities)* February 28 9,665 3,263 1,765 119 462 215 198 46 458 6,402 3,596 207 752 2,637 1,347 1,459 March 6 9,703 3,306 1,777 123 487 214 198 50 457 6,397 3,600 192 745 2,663 1,339 1,458 March 13 9,824 3,334 1,789 122 509 214 198 43 459 6,490 3,694 186 822 2,686 1,324 1,472 March 20 _ 9,846 3,326 1,799 122 490 214 198 45 458 6,520 3,747 191 867 2,689 1,313 1,460 Philadelphia (4 cities) February 28 1,164 421 197 25 24 31 50 1 93 743 370 31 339 99 274 March 6 1,166 425 200 25 24 31 50 1 94 741 370 31 339 99 272 March 13 1,148 427 202 25 25 31 49 1 94 721 348 31 317 99 274 March 20 1,150 429 202 27 25 31 50 1 93 721 348 31 317 99 274 Cleveland (10 cities) February 28 1,931 684 259 9 22 25 174 2 193 1,247 834 6 176 652 124 289 March 6 ._ _ 1,935 693 268 9 22 25 173 2 194 1,242 831 6 169 656 125 286 March 13 1,931 697 273 8 21 25 173 2 195 1,234 822 6 158 658 126 286 March 20 1,932 701 273 9 21 25 172 2 199 1,231 820 6 157 657 126 285 Richmond (12 cities) February 28 _ _ 714 263 115 17 2 15 41 73 451 333 177 156 53 65 March 6 715 264 115 16 3 15 41 74 451 333 180 153 52 66 March 13 - _ 710 265 116 16 3 15 41 74 445 328 177 151 51 66 March 20 691 266 117 16 3 15 41 74 425 307 153 154 52 66 Atlanta (8 cities) February 28 ._ 627 309 167 4 6 11 31 1 89 318 144 2 28 114 71 103 March 6 628 307 164 4 6 11 31 1 90 321 148 1 32 115 70 103 March 13 634 308 164 4 6 11 31 1 91 326 152 1 34 117 70 104 March 20 638 307 163 4 6 11 31 1 91 331 152 1 38 113 74 105 Chicago (12 cities)* February 28 3,401 911 537 37 39 72 114 112 2,490 1,705 342 287 1,076 283 502 March 6 _. - ._ _ 3,411 912 537 37 38 73 115 112 2,499 1,727 362 285 1,080 271 501 March 13 3,442 912 534 37 43 72 115 111 2,530 1,755 389 290 1,076 268 507 March 20 _ _ 3,379 908 538 37 35 72 115 111 2,471 1,702 354 282 1,066 262 507 St. Louis (5 cities) February 28 _ . 690 331 193 11 5 12 52 1 57 359 185 14 34 137 71 103 March 6 723 332 193 11 6 12 52 1 57 391 216 38 34 144 71 104 March 13 721 330 193 11 5 12 52 1 56 391 215 43 33 139 72 104 March 20 727 ono 191 11 5 12 52 1 56 399 222 44 33 145 72 105 Minneapolis (8 cities) February 28 433 189 99 4 1 7 10 68 244 181 30 • 35 116 19 44 March 6 437 192 102 4 1 7 10 68 245 181 30 35 116 19 45 March 13 402 190 100 4 1 7 10 68 212 147 1 30 116 21 44 March 20 406 191 101 4 1 7 10 68 215 150 1 33 116 21 44 Kansas City (12 cities) February 28 686 296 177 20 4 10 28 57 390 180 10 68 102 68 142 March 6 683 298 179 20 4 10 28 57 385 176 11 68 97 67 142 March 13 _._ 684 299 179 20 4 10 28 58 385 177 13 67 97 66 142 March 20 685 301 179 21 4 10 29 58 384 175 12 66 97 66 143 Dallas (9 cities) February 28 535 271 180 2 3 14 22 50 264 155 19 44 92 51 58 March 6 534 270 180 2 3 13 22 50 264 155 19 43 93 51 58 March 13 532 270 179 2 4 13 22 50 262 153 19 43 91 51 58 March 20 531 269 178 2 4 13 22 50 262 153 19 41 93 51 58 San Francisco (7 cities) February 28 2,253 981 343 17 20 47 384 170 1,272 783 6 62 715 181 308 March 6 2,241 974 340 18 21 47 383 165 1,267 777 62 715 181 309 March 13 2,238 967 339 18 16 46 383 165 1,271 773 2 57 714 185 313 March 20 2,237 963 339 18 12 44 384 166 1,274 775 3 57 715 184 315 City of Chicago* February 28 2,304 567 389 18 33 63 14 50 1,737 1,243 342 163 738 153 341 March 6 _ 2,318 564 387 18 33 63 14 49 1,754 1,264 362 162 740 150 340 March 13 2,335 561 379 18 38 63 14 49 1,774 1,283 389 164 730 146 345 March 20 2,273 554 380 18 30 63 14 49 1,719 1,235 354 156 725 139 345 * Separate figures for New York City are shown in the immediately preceding table, and for the city of Chicago in this table. The figures for the New York and Chicago districts, as shown in this table, include New York City and Chicago, respectively. 330 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WEEKLY REPORTING MEMBER BANKS—BY FEDERAL RESERVE DISTRICTS RESERVES AND LIABILITIES [In millions of dollars] Demand deposits, Time deposits, Interbank except interbank except interbank deposits s b s w F e e R a R e r e r i n r e v e a t d v - k - h e l - e s s v C a i a n u s l h t m b a w B a n d e a n i c o s t l e - k h - t s i s c j m p u D o s a d a t s d e e n e i - - - t d d s 1 s I p u v n h a c n a a i o e n i d d l r p r r d s t i - - - s - - , , S p d s a i t o u i c a n v l b a t d i i e - l t - - s c C h c o f a e e e i f n e f c r r i d d t s k - i ' s - m U G e e . r o n n v S - t - . 2 s I p u v h n a c n a a o i e i n d d l r p r r d s t i - - - s - - , , S p d s a i t o u i c a n v l b a t d i i e - l t - - s P i s n o a g s v s t - a 2 l m D D a e b o n - a d m n e k s s T tic ime b F e a i o n g r k n - s r B i o n o w g r s - - c C o i a t a u c a p n - l - ts d F i e s d tr e ic r ( a 1 t l 9 a 4 R n 0 d ) e s d er a v te e pora- sions etc. pora- sions tions tions Boston (6 cities) 479 142 175 1,188 1,138 96 17 13 233 2 1 323 20 245 February 28 490 141 172 1,191 1,138 97 15 13 233 3 2 330 23 246 March 6 513 142 174 1,204 1,152 101 15 13 234 3 1 335 23 1 246 March 13 510 142 176 1 204 1 152 100 17 13 234 3 1 338 22 1 246 March 20 New York (8 cities)* 6,360 100 217 9,644 9,507 506 261 64 983 49 3,526 17 673 1,610 February 28 6,392 94 220 9,656 9,548 424 300 64 986 45 3,580 17 666 1,614 March 6 6,339 98 224 9,679 9,606 418 269 64 1,037 44 3,605 17 667 1,612 March 13 6,292 94 223 9,589 9,512 406 268 64 1,040 36 3 3,646 17 687 1,612 March 20 Philadelphia (4 cities) 443 21 223 954 969 35 9 54 258 3 1 419 14 5 215 February 28 435 20 226 939 952 36 10 53 259 3 1 427 15 5 216 March 6 454 21 224 • 940 962 40 9 53 259 3 1 426 15 5 216 March 13 448 21 226 939 952 47 9 54 259 3 1 422 15 5 215 March 20 . Cleveland (10 cities) 561 45 334 1,329 1,298 101 19 47 722 22 2 417 39 1 377 February 28 568 43 341 1,324 1,290 94 17 47 723 25 435 39 1 377 March 6 574 46 342 1 338 1,320 92 17 47 722 25 427 39 1 377 March 13 560 44 330 1,313 1,289 96 17 47 722 25 422 39 2 377 March 20 Richmond (12 cities) 184 23 210 498 484 48 10 32 197 3 302 6 97 February 28 188 21 213 498 483 48 10 33 198 3 307 6 95 March 6 195 22 214 502 491 48 11 33 197 3 309 6 95 March 13 185 22 241 495 482 47 14 32 197 3 1 308 6 97 March 20 Atlanta (8 cities) 123 14 220 404 377 72 4 43 183 6 2 286 4 93 February 28 129 13 226 404 378 72 4 43 183 6 2 298 3 93 March 6 131 14 230 407 390 73 4 43 183 6 2 306 4 93 March 13 131 14 226 407 381 75 5 43 183 6 2 305 4 93 March 20 Chicago (12 cities)* 1,212 64 553 2,614 2,471 280 35 128 944 12 6 1,183 10 9 386 February 28 1,204 59 558 2,599 2,462 279 35 128 946 12 6 1,198 10 8 387 March 6 1,228 62 546 2,616 2,490 278 36 128 946 12 7 1,224 10 9 388 March 13 1,195 59 542 2,508 2,368 277 32 128 947 12 7 1,221 10 9 390 March 20 St. Louis (5 cities) 241 12 198 488 484 44 7 15 187 3 2 362 6 95 February 28 211 12 186 477 475 44 6 15 188 3 2 363 6 95 March 6 198 13 195 480 486 45 5 15 187 3 2 355 6 95 March 13 188 12 192 475 477 43 6 15 187 3 2 352 6 95 March 20 Minneapolis (8 cities) 95 7 93 294 266 51 7 1 119 1 160 2 1 59 February 28 94 6 89 289 257 53 6 2 119 1 161 2 1 59 March 6 114 7 110 295 262 51 6 2 119 1 164 2 1 58 March 13 102 7 106 289 255 52 6 1 119 1 158 2 2 58 March 20 Kansas City (12 cities) 186 16 318 523 494 78 11 23 144 3 1 422 7 103 February 28 198 15 321 526 496 79 10 23 145 2 1 429 7 104 March 6 204 16 325 547 519 78 10 23 143 2 1 423 7 104 March 13 190 15 325 534 506 79 10 23 143 2 1 422 7 104 March 20 Dallas (9 cities) 131 12 292 472 451 50 9 31 127 8 269 1 87 February 28 136 11 290 464 450 49 10 31 127 9 277 1 87 March 6 141 12 301 483 467 49 9 31 127 9 1 272 1 87 March 13 130 11 300 475 455 48 14 31 -127 8 268 1 87 March 20 San Francisco (7 cities) 375 24 271 1,006 990 71 27 108 988 90 291 20 20 352 February 28 366 22 269 974 966 69 25 108 992 90 289 20 21 352 March 6 386 23 296 1,016 1,013 72 25 108 988 88 296 20 21 348 March 13 387 20 304 1,023 1,000 92 21 108 988 84 296 20 21 348 March 20 City of Chicago* 894 28 239 1,759 1,707 140 19 80 491 11 3 900 8 247 February 28 898 26 234 1,759 1,710 141 20 80 491 11 3 911 7 247 March 6 902 27 232 1,745 1,709 135 18 80 491 11 5 941 248 March 13. 884 26 222 1,655 1,611 131 17 80 491 11 5 936 249 March 20 * See note on preceding page. 1 Demand deposits other than interbank and U. S. Government, less cash items reported as in process of collection. 8 U. S. Treasurer's time deposits, open account, are combined with postal savings (time) deposits. APRIL 1940 331 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

COMMERCIAL PAPER AND BANKERS' ACCEPTANCES OUTSTANDING [In millions of dollars] Dollar acceptances outstanding Held by Com- End of month p m c a e i p a r- e l r Total Accepting banks Feder b a a l n R ks eserve out- outstand- stand- For acing i ing Total O bi w l n ls bo B u il g ls ht o c w F o n o u r n a t c- c fo o c r o u e r n i r t g e o n - f spondents 1938—December . 187 270 212 121 91 logo Januarv 195 255 204 122 82 February 195 248 198 122 76 Mi arch 191 245 191 117 74 April 192 238 189 118 72 May 189 247 192 124 68 June 181 245 191 122 69 July 194 236 188 119 69 August _ „«... 201 235 191 128 63 209 216 177 115 62 October _ _ _ _ 205 221 179 111 67 November 214 223 172 103 69 D ecember 210 233 175 105 70 1940—January 219 229 179 111 68 February 226 233 188 123 65 333 Based on Goods stored in or shipped between Im- points in ports Exports Dollar Others into from ex- U.S. U. S. change Foreign U. 8. countries 68 95 60 3 57 56 62 89 57 2 62 55 50 87 57 2 48 54 54 87 68 2 42 56 49 86 56 1 38 57 55 82 51 19 36 59 53 81 45 20 39 60 48 75 41 19 39 61 44 79 40 18 40 59 39 78 40 18 43 36 42 85 40 18 46 32 51 96 37 16 50 24 57 103 39 16 54 22 50 101 38 16 51 23 45 95 44 15 51 27 1 As reported by dealers; includes some finance company paper sold in open market. a Less than $500,000. Back figures.—See Annual Report for 1937 (table 70). CUSTOMERS' DEBIT BALANCES, MONEY BORROWED, AND PRINCIPAL RELATED ITEMS OF STOCK EXCHANGE FIRMS CARRYING MARGIN ACCOUNTS [Member firms of New York Stock Exchange. Ledger balances in millions of dollars] Debit balances Credit balances Customers' credit balances l Other credit balances Debit Debit End of month C b u a ( d s n l t e e a o t b n ) m i c t e e i s rs' a b i n n p a a d v l a c a e r c n t t s o r n c t u a m e e d n s r e t i s s n i n ' n g t a i b n n a a d v l c a e f c n i t s o r r c t m u a m e d n s e t i s i n n n g t C a b h a n a d s a n h n k d i o s n n r M o b w o o n r e - d ey « Free O (n t e h t) er m p t i a e r n r a n v t I d t n n e i a e s n t n r g - s d ' m t i e r n f a n v i I d r n t e m i s a n t n g - d a c c ( a c n p I o e n i t u ) t n al ts accounts accounts 1937—March 1,549 61 175 223 1,172 346 115 29 18 419 June 1,489 55 161 214 1,217 266 92 25 13 397 September 1,363 48 128 239 1,088 256 96 26 12 385 985 34 108 232 688 278 85 26 10 355 1938—March 831 29 95 215 576 239 81 25 9 315 June 774 27 88 215 495 258 89 22 11 298 September 823 29 76 213 559 257 68 20 7 300 December 991 32 106 190 754 247 60 22 5 305 1939—February 967 29 83 168 709 222 62 20 5 294 March. . _> _ 953 27 84 174 699 226 59 20 9 294 April 831 26 83 190 679 236 60 20 7 290 May 828 26 76 183 561 230 69 21 6 284 June 834 25 73 178 570 230 70 21 6 280 July 839 24 84 183 589 238 67 20 6 278 August _ _ > _ . 792 22 71 202 556 235 58 20 6 275 September 856 20 64 217 520 305 87 22 11 283 October 894 21 72 200 577 289 76 21 9 284 November 914 20 77 195 623 272 67 21 8 282 December 906 16 78 207 637 266 69 23 7 277 1940—January _ 886 15 70 198 602 262 71 22 6 272 February 893 16 72 195 616 253 74 23 7 271 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. * Includes both money borrowed from banks and trust companies in New York City and elsewhere in the United States and also money borrowed from other lenders (not including member firms of national securities exchanges). NOTE.—For explanation of these figures see "Statistics on Margin Accounts" in BULLETIN for September 1936. The article describes the method by which the figures are derived and reported, distinguishes the table from a "statement of financial condition," and explains that the last column is not to be taken as representing the actual net capital of the reporting firms. Back figures.See BULLETIN for March 1938, p. 196, and (for data in detail) Annual Report for 1937 (table 69) 332 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

OPEN-MARKET RATES IN NEW YORK CITY COMMERCIAL LOAN RATES [Per cent per annum] AVERAGES OF RATES CHARGED CUSTOMERS BY BANKS IN PRINCIPAL CITIES Prevailing rate l on- Average rate on— [Per cent per annum] Aver- 7 other U. S. Treas- age New North- 11 Southmo Y w n e e t a e h r k , , or m m P p 4 c a r o e o t i p r o n m m c e t i 6 - h r e a , s la P a b c d n e r a c a 9 i r c n e m s y 0 e k p ' s s e - t , - c l S h t d o i t e a a a 9 o m x n n y 0 c - e g s s k , e c S n h l c t o e r a e a o a e x a l w n - c l s - n l g k - e w i f N s e i s o t r e u u f h e w - r e d i y n s bi d l q d e l 9 e u s r a 1 a o s y - ' l - - y T i 3 U n y e u r - o l e t . e r d o t S a a y e - . r s o s 5 - n 1 1 1 9 9 9 3 3 3 4 5 6 a a a v v v e e e r r r a a a g g g e e e 19 T c o 3 2 2 i t t . . . a i 4 6 9 e l 5 8 3 s Y C o i 2 1 1 t r y . . . k 7 7 4 6 2 5 E er c a n i s t t i 3 3 3 a e e . . . n s 0 3 r 7 d n 4 9 1 W er c e n i s t t i a e e 3 3 4 n s r . . . 4 7 3 d n 0 6 2 period2 tation 1937 average 2.59 1.73 2.88 3.25 1938 average 2.53 1.69 2.75 3.26 1939 average1 2.78 2.07 2.87 3.51 1937 average.. .43 1.00 .447 1.40 1938 average.. .44 1.00 .053 .83 Monthly figures 1939 average.. .44 1.00 .022 .59 1938—January 2.60 1.70 2.92 3.28 February 2.49 1.70 2.65 3.21 1939— Feb .44 1.00 .004 .63 March 2.48 1.65 2.64 3.28 Mar.... .44 1.00 .005 .51 April 2.48 1.70 2.60 3.25 April... .44 1.00 .019 .50 May 2.48 1.70 2.64 3.20 May... .44 1.00 .006 .42 June 2.56 1.70 2.78 3.31 June.... .44 1.00 .006 .39 July 2.57 1.70 2.78 3.35 July.... .44 1.00 .017 .45 August 2.52 1.67 2.71 3.28 Aug .44 1.00 .046 .48 September 2.53 1.70 2.74 3.26 Sept .44 1.00 .102 1.07 October 2.57 1.70 2.90 3.21 Oct .44 1.00 .028 .77 November... 2.49 1.70 2.68 3.20 Nov .44 1.00 .018 .64 December.... 2.60 1.70 2.95 3.23 Dec .44 1.00 .012 .51 1940—Jan .44 1.00 .004 .47 1939—January 2.64 1.73 2.97 3.32 Feb..__. .44 1.00 .004 .46 February 2.52 1.70 2.69 3.26 Week ending: Quarterly figures Feb. 17... 7/16 1.00 .006 1938—September 2.65 2.00 2.75 3.25 Feb. 24___ 7/16 1.00 .005 .46 Mar. 2.... 7/16 1.00 .000 .43 1939—March 2.95 2.13 3.05 3.77 Mar. 9 7/16 1.00 .42 June 2.91 2.15 3.05 3.62 Mar. 16.. 7/16 1.00 .42 September... 2.68 2.04 2 78 3.31 Mar. 23__. 7/16 1.00 .43 December.,. 2.59 1.96 2.59 3.32 i Monthly figures are averages of weekly prevailing rates. i Averages for 1939 and quarterly figures are on revised basis and are 3 Series comprises 273-day bills to October 15, 1937, bills maturing therefore not strictly comparable with the earlier series of annual and about March 16,1938, from October 22, to December 10,1937, and 91-day monthly figures. bills thereafter. 3 Kate negative. Back figures—See November 1939 BULLETIN, pp. 963-969 for descrip- Back figures.—See Annual Report for 1937 (tables 43 and 44). Figures tion and for back figures. for Treasury bills and Treasury notes available on request. BOND YIELDS1 [Per cent per annum] Corporate4 Year, month, or week T U u r r . e y a S s * . - M ip u a n l i 3 c- By ratings By groups Total Indus- Rail- Public Aaa Aa A Baa trial road utility Number of issues 2-6 15 120 30 30 30 30 40 40 40 1937 average . . .. . . .. 2.68 3.10 3.94 3.26 3.46 4.01 5.03 3.55 4.34 3.93 1938 average ._ 2.56 2.91 4.19 3.19 3.56 4.22 5.80 3.50 5.21 3.87 1939 average 2.36 2.76 3.77 3.01 3.22 3.89 4.96 3.30 4.53 3.48 1939—February 2.44 2.70 3.81 3.00 3.26 3.94 5.05 3.29 4.63 3.52 March 2.34 2.67 3.74 2.99 3.22 3.87 4.89 3.29 4.46 3.48 April. 2.30 2.75 3.84 3.02 3.22 3.97 5.15 3.35 4.66 3.51 May 2.17 2.66 3.78 2.97 3.16 3.92 5.07 3.30 4.60 3.45 June . ... 2.13 2.63 3.71 2.92 3.13 3.86 4.91 3.23 4.47 3.42 July . 2.16 2.65 3.66 2.89 3.08 3.83 4.84 3.18 4.42 3.39 August 2.21 2.75 3.67 2.93 3.11 3.80 4.85 3.21 4.41 3.40 September 2.65 3.29 3.95 3.25 3.49 4.05 5.00 3.57 4.58 3.70 October 2.60 3.08 3.83 3.15 3.35 3.94 4.88 3.43 4.51 3.57 November 2.46 2.69 3.70 3.00 3.16 3.78 4.85 3.25 4.44 3.41 December . 2.35 2.56 3.69 2.94 3.14 3.74 4.92 3.21 4.47 3.38 1940—January 2.30 2.54 3.63 2.88 3.08 3.69 4.86 3.14 4.39 3.35 February 2.32 2.60 3.60 2.86 3.05 3.68 4.83 3.12 4.37 3.33 Week ending: Feb. 24 2.32 2.61 3.60 2.85 3.05 3.67 4.82 3.11 4.37 3.33 Mar. 2 2.33 2.65 3.61 2.86 3.06 3.68 4.84 3.12 4.38 3.33 Mar. 9 2.28 2.63 3.60 2.85 3.06 3.67 4.83 3.11 4.39 3.32 Mar. 16 2.24 2.57 3.59 2.85 3.05 3.66 4.80 3.11 4.37 3.30 Mar. 23 2.24 2.56 3.58 2.84 3.04 3.65 4.80 3.09 4.37 3.28 1 Monthly and weekly data are averages of daily figures, except for municipal bonds, which are based on Wednesday figures. 2 Average of yields of all outstanding bonds due or callable after 12 years; see BULLETIN for December 1938, pp. 1045-1046 for description. * Standard Statistics Co. 4 Moody's Investors Service, week ending Friday. Because of limited number of suitable issues, the industrial Aaa and Aa groups have each been reduced from 10 to 4, and the railroad Aaa group from 10 to 5. Back figures—See Annual Report for 1937 (table 80). Figures for U. S. Treasury bonds available on request. APRIL 1940 333 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOND PRICES1 STOCK MARKET Corporate3 Stock prices * Vol- Year, month, or date T U u r r . e y a S s 2 . - M ip u a n l ic- Total In tr d ia u l s- R ro a a i d l- Utility Year, d m a o te nth, or Pre- Common (index, 1926=100) u t m i r ( n a i e g n d * o - f ferred * thou- Indus- Rail- sands of Number of issues. 2-6 15 20 20 20 Total trial road Utility 1937 average 101.7 110.3 93.4 90.1 100.4 193S average 103.4 113.7 78.9 82.9 58.6 95.3 Number of issues. _ 20 420 348 32 40 1939 average 106.0 116.3 81.6 86.0 58.0 100.9 1937 average 136.2 112 131 1,619 1939—February.. 104.8 117.3 82.1 86.4 59.0 100.7 1938 average 135.6 83 99 1,100 March 106.0 117.9 83.1 87.1 60.9 101.3 1939 average 141.2 105 973 April 106.6 116.4 79.4 83.8 54.5 99.7 May 108.3 118.1 80.2 84.8 54.8 101.0 1939—February 141.8 106 708 June 109.1 118.6 81.4 86.2 56.2 101.6 March 142.3 108 999 July __ 108.9 118.3 81.6 86.3 56.4 102.1 April 140.4 96 964 August 108.2 116.5 81.0 85.8 55.5 101.7 May 141.8 97 548 September. 101.9 107.1 80.9 85.0 59.0 98.6 June 143.9 101 507 October..,. 102.6 110.7 82.9 86.4 61.6 100.5 July 143.7 101 821 November. 104.6 117.5 83.0 87.0 60.2 101.8 August. 142.3 101 706 December.. 106.1 119.9 82.1 86.8 58.0 101.6 September... 136.2 109 2,595 1940—January.... 106.8 120.2 82.4 87.3 58.2 101.8 October 137.7 113 1,050 February.. 106.6 119.1 82.2 87.3 57.8 101.6 November 140.7 111 907 December... 141.4 108 808 Feb. 21 106.5 118.9 82.2 87.2 57.8 101.6 1940—January 143.0 109 678 Feb. 28 106.4 118.2 81.9 87.1 57.1 101.6 February 142.9 107 654 Mar. 6 107.2 118.6 82.1 87.3 57.3 101.7 Mar. 13—_ 107.6 119.8 82.3 87.5 57.4 101.9 Feb. 28 .142.2 107 Mar. 20__._ 107.4 119.9 82.0 87.2 56.9 101.8 Mar. 6 142.1 108 676 Mar. 13 142.1 108 763 Mar. 20 141.4 107 1 Monthly data are averages of daily figures except for municipal bonds, which are averages of Wednesday figures. 2 Average prices of all outstanding bonds due or callable after 12 years, i Standard Statistics Co. Monthly data are averages of Wednesday based on quotations from Treasury Department. Prices expressed in figures. decimals. * Average prices of industrial high-grade preferred stocks, adjusted to a 1 Prices derived from average yields, as computed by Standard Sta- $7 annual dividend basis. tistics Co. * Average daily volume of trading in stocks on the New York Stock Back figures.—See Annual Report for 1937 (table 79). Figures for U. S. Exchange. Weekly figures are averages for the week ending Saturday. Treasury bonds available on request. Back figures.—For stock prices, see Annual Report for 1937 (table 79). CAPITAL ISSUES [In millions of dollars] ]For new capital For refunding Total Domestic Domestic (new Year or and Total month f i u r n n e g d - ) - m e / a f i e o g n s r j_ n d - t ) ic Total S n m a p t i n a c a u d t i l - e - a c F e g ie e r e a s d n l - - » Total Co B n r a p o o n t o n d e r d s a s te Stocks e F ig o n r- * m e a ( f i d o e g n o s r n d - t - ) ic Total S n m a p t i n a a c u d l t i - - e a c F e i g e e r e a s d n l - - i Total Co B n r a o p o n t o n d e r d s a s te Stocks e F i o g r n - 2 1930 7,619 6,912 6,004 1,434 87 4,483 2,980 1,503 908 706 527 53 0 474 451 23 179 1931 4,038 3,095 2,860 1,235 75 1,551 1,239 311 235 944 893 21 51 821 789 32 51 1932 1,751 1,197 1,165 762 77 325 305 20 32 554 498 87 93 319 315 4 56 1933 1,063 720 708 483 64 161 40 120 12 343 283 37 26 219 187 32 60 1934 >_ 2,160 1,386 1,386 803 405 178 144 35 0 774 765 136 317 312 312 0 9 1935 4,699 1,457 1,409 855 150 404 334 69 48 3,242 3,216 365 987 1,864 1,782 81 26 1936 6,214 1,972 1,949 735 22 1,192 839 352 23 4,242 4,123 382 353 3,387 3,187 200 119 1937 3,937 2,138 2,094 712 157 1,225 817 408 44 1,799 1,680 191 281 1,209 856 352 119 1938 4,448 2.359 2,323 971 481 872 807 65 35 2,089 2,061 129 665 1 267 1 236 31 28 1939 5,825 2,276 2,227 931 924 371 280 92 50 3,548 3,460 195 1,537 1,728 1,591 137 88 1939—Feb 561 397 377 44 310 24 17 7 20 163 163 10 17 136 1«1 35 0 Mar 241 162 162 105 4 53 43 10 0 79 76 15 15 47 46 (») 3 Apr 358 144 144 64 2 78 48 31 (») 214 161 11 21 129 166 23 53 May 1.313 117 117 94 2 22 18 3 0 1,196 1,180 8 1,021 151 131 20 16 June 586 274 264 234 0 30 22 9 10 312 312 39 21 252 249 2 G July 590 318 318 65 203 50 40 10 0 272 272 18 74 180 143 38 0 Aug 449 102 82 56 0 26 23 3 20 347 332 13 18 301 292 9 15 Sept 180 42 42 16 10 16 14 2 0 138 138 8 51 79 79 0 0 Oct 740 336 336 42 276 18 14 4 0 404 403 10 235 157 157 (3) 2 Nov 218 89 89 67 0 21 15 6 0 129 129 13 26 91 88 3 0 Dec 330 95 95 68 0 27 21 6 0 235 235 22 19 194 188 7 C 1940—Jan 279 91 91 59 0 32 18 14 0 189 189 26 29 133 98 36 0 Feb 451 104 104 58 1 45 43 3 0 347 347 114 22 211 196 14 0 i Includes publicly-offered issues of Federal credit agencies, but excludes direct obligations of U. S. Treasury. * Includes issues of noncontiguous U. S. Territories and Possessions. »Less than $500,000. Source.—For domestic issues, Commercial and Financial Chronicle; for foreign issues, U. S. Department of Commerce. Monthly figures subject to revision. Back figures —See Annual Report for 1937 (table 78). 334 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

UNITED STATES GOVERNMENT DEBT—VOLUME AND KIND OF DIRECT OBLIGATIONS [On basis of daily statements of United States Treasury. In millions of dollars] Interest-bearing Noninterestbearing Publicly-offered» Total End of month g d r e o b s t s in T t o e t r a e l st Total Bonds Notes Bills s j is u e A s r s u v t d e e i - c s d * e c S u o s r e c i - i t a y i l 4 ot A he ll r« t d M u e r b e a d - t Other bearing Pre- Treas- U.S. ury* savings 1932—June 19,487 19,161 •18,816 753 13,460 1,261 616 105 240 1933—June 22,539 22,158 •21,782 753 13,417 4,548 954 92 284 315 1934—June 27,053 26,480 •26,006 753 15,679 6,653 1,404 118 356 54 518 1935—June 28,701 27,645 26,910 753 14,019 62 10,023 2,053 156 580 231 825 1936—June 33,779 31,297 79 17,168 316 11,381 2,354 1,071 19 601 169 620 1937-June 36,425 35,800 33,734 79 19,936 800 10,617 2,303 926 579 560 119 506 1938—June 37,165 36,576 33,463 79 21,846 1,238 9,147 1,154 1,601 644 141 447 1939—January... 39,631 39,097 35,469 79 24,005 1,580 8,496 1,309 826 2,046 756 109 425 February.. 39,859 39,326 35,533 79 24,005 1,643 8,496 1,310 825 2,207 761 112 421 March 39,985 39,442 35,579 79 25,218 1,701 7,270 1,311 827 2,257 779 125 419 April 40,063 39, 525 35,627 79 25,218 1,751 7,270 1,309 826 2,294 780 122 416 May 40,282 39,751 35,680 79 25,218 1,806 7,270 1,308 825 2,442 805 117 414 June 40,440 35, 715 79 25,218 1,868 7,243 1,308 839 2,511 820 142 411 July 40, 661 40,114 35,798 79 25,218 1,949 7,243 1,309 833 2,542 941 140 408 August 40,891 40,351 35,862 79 25,218 2,015 7,243 1,307 829 2,722 938 133 406 September. 40,858 40,342 79 25,218 2,051 7,232 1,306 795 2,746 915 112 404 October. __ 41,036 40, 526 36,026 79 25,218 2,092 7,232 1,405 791 2,796 912 109 401 November. 41, 305 40,807 36,123 79 25,218 2,140 7,232 1,454 791 2,981 911 400 December. 41,942 41,445 36,826 79 26,881 2,209 6,203 1,455 789 3,021 809 398 1940—January ___ 42,110 41,601 36,957 79 26.896 2,473 6,203 1,307 787 3,049 807 114 395 February— 42, 365 41,839 37,097 79 26.897 2,610 6,203 1,308 785 3,152 805 132 394 1 Excludes postal savings bonds, formerly sold to depositors in the Postal Savings System. 2 Includes Liberty bonds. 8 Includes adjusted service bonds of 1945 and special issues of adjusted service bonds and of notes to Government Life Insurance Fund series and of certificates to the adjusted service fund. 4 Includes special issues to old-age reserve account, unemployment trust fund, and railroad retirement account. 5 Includes postal savings bonds and special issues to retirement funds, to Postal Savings System and to Federal Deposit Insurance Corporation. • Includes certificates of indebtedness not shown separately: 1932—$2,726,000,000; 1933—$2,108,000,000; 1934—$1,517,000,000. MATURITIES OF PUBLICLY-OFFERED DIRECT OBLIGATIONS FULLY GUARANTEED OBLIGATIONS, BY AGENCIES x FEBRUARY 29, 1940 [In millions of dollars] [In millions of dollars] u. s. Federal Home Recon- Com- Maturing Bonds M En o d n o th f Total M C F o o r a r p t r g o m a ra g - e C O o L w r o p n a o e n r r a s - ' s C F tr o i u n rp c a t o n i r c o a e n - C m C o o r r p e d d o it r i y t a- A H u i o n th u g o s r - - Date maturing Bonds call- tion tion2 tion tion ity or callable able i Total Bills Notes U. S. 1934—June.. 681 312 134 235 Sav- Other Dec... 3,063 980 1,834 249 ings 1935—June.. 4,123 1,226 2,647 250 Dec— 4,494 1,387 2,855 252 1936—June.. 4,718 1,422 3,044 252 1940—Before Apr. 1 _ 480 402 77. Dec... 4,662 1,422 2,988 252 J A u p ly r. 1 1 - - S Ju ep n t e 3 3 0 0 1,997 906 738 353 353 1937— D J e u c n . e . . . . 4 4 , , 6 6 6 4 5 5 1 1 , , 4 4 1 2 0 2 2 2, , 9 9 3 8 7 7 2 29 5 7 5 Oct. 1-Dec. 31 737 737 1938—June.. 4,853 1,410 2,937 299 206 1941—Jan. 1-Mar. 31 677 677 545 Apr. 1-June 30 504 504 1938—Nov... 4,993 1,388 2,888 511 206 July 1-Dec. 31 1,039 204 834 834 Dec._. 4,992 1,388 2,888 509 206 1942 1,001 1,001 1939—Jan. _. 4,987 1,383 2,888 509 206 1943. 1,595 1,050 545 1,855 Feb... 5,410 1,381 2,888 819 206 114 1944 1,214 1,214 2,555 Mar.. 5,410 1,381 2,888 819 206 114 1945 . 2,117 175 1,941 1,755 Apr... 5,410 1,380 2,888 819 206 114 1946 1,840 321 1,519 2,372 May.. 5,409 1,379 2,888 820 206 114 1947 2,818 419 2,399 1,460 June.. 5,450 1,379 2,928 820 206 114 1948 1,993 506 1,487 2,246 July.. 5,480 1,379 2,958 820 206 114 1949 1,658 839 819 2,278 Aug... 5,583 1,379 2,858 820 409 114 1950 . - 921 2 350 571 1,186 Sept.. 5,455 1,279 2,830 820 409 114 1951 1,223 1,223 3,489 Oct... 5,448 1,279 2,823 820 409 114 1952 2,436 2,436 Nov... 5,707 1,269 2,817 1,096 407 114 1953 2,893 2,893 Dec... 5,703 1,269 2,813 1,096 407 114 1 1 9 9 5 5 4 5 2,6 7 6 5 3 5 2,6 7 6 5 3 5 "~2,"6ll 1940— F J e a b n . . . _ 5 5 , , 6 6 7 9 4 9 1 1 , , 2 2 6 6 9 9 2 2 , , 8 7 0 8 9 4 1 1, , 0 0 9 9 6 6 4 4 0 0 7 7 1 1 1 1 4 4 1956 489 489 982 1958 919 1959 982 982 i Principal amount of obligations guaranteed as to interest and princi- 1960 . . .. 2,611 2,611 "l~485 pal. Excludes obligations held by U. S. Treasury and reflected in the 1961 50 50 50 public debt. The total includes guaranteed debentures of the Federal 1963 919 919 Housing Administrator, amounting to $3,606,000 on February 29, 1940. 1965 1,485 1,485 » Excludes obligations guaranteed as to interest only. For August 1939 Total . . 37,097 1,308 6,203 2,610 26,976 26,976 and subsequent months includes matured bonds not presented for retirement amounting to $53,000,000 on February 29, 1940. * Excludes U. S. savings bonds. Other bonds in the amount of $2,577,- 000,000 not callable prior to maturity are shown as of date of maturity. Bonds that have been called are shown as maturing on date of call. 3 Includes unclassified U. S. savings bonds. 335 APRIL 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

SUMMARY OF TREASURY OPERATIONS [On basis of daily statements of United States Treasury. In millions of dollars] General and special accounts Increase or de- Receipts Expenditures i T a r c u - st crea p s e e r i d o u d ring counts, etc6 General Excess excess of re- of re- Period Total c ta o I x n m e - e s' t s S a e o i x c t c e y u i s a r - l * M l i a r n n e n n i t v s e u a e c o e e l r e u - - l s - ot Al h l er Total e I d n s e t t e b r t o - n t f i a N e d o e n n n - a s d a - e l o A th l e l r r c a e R e o n r e l v d y - i - ef f ( v u n R i o n e n l e t g d v ) - s - 4 a f T e t c e r t r c r a c u t s . n s s t s . t 5 o - , p ( c t + e u e ) e n x o i r - p r e d ) t s i s - p ( c t + e u e ) e n o x i r - p r e d t s i s - b G a f e l u a n n n e d c ra e l 6 G de ro b s t s Veterans' Adm.' Fiscal year ending: June 1937 5,294 2,163 253 2,181 697 8,442 863 1,436 1,994 3,073 204 -3,149 +374 -128 +2,646 June 1938 6,242 2,640 755 2,279 567 7,626 926 1,556 2,178 2,238 121 607 -1,384 +306 -338 +740 June 1939 5,668 2,189 740 2,232 507 9,210 941 1,627 2,761 3,105 92 685 -3,542 +890 +622 +3,275 8 months ending: Feb. 1938 3,860 1,275 581 1,581 4,738 1,022 1,339 1,320 526 -878 +91 +421 +1, 208 Feb. 1939 3,653 1,243 557 1,514 339 5,859 472 1,082 1,758 2,028 456 -2, 207 +460 +1,128 +2, 694 Feb. 1940 3,503 599 1,598 397 6,128 511 1,260 2,252 1,615 452 -2, 626 +211 +1,926 1939—February 417 56 182 142 37 662 17 122 209 254 50 -245 +428 +410 +227 March 737 606 4 183 45 870 120 136 243 297 68 -132 +52 +46 +127 April 268 40 30 155 42 785 66 133 258 266 55 -517 +93 -346 +78 May 397 43 124 187 42 744 10 136 279 262 50 +9 -119 +219 June 613 356 25 192 39 951 272 140 223 252 56 +95 -86 +158 July 308 42 187 43 807 15 145 259 220 167 -499 -113 -391 +222 August 420 38 119 217 46 822 18 152 254 321 66 -402 -44 -216 +230 September... 719 329 27 311 52 784 151 147 261 170 50 -65 +46 -53 -34 October 322 38 36 198 50 764 68 154 305 175 53 -442 —1 -264 +178 November... 407 34 130 191 52 691 12 157 282 182 53 -284 +267 +252 +269 December.... 569 319 29 171 50 880 190 164 275 194 58 -311 -16 +311 +637 1940—January 315 45 45 167 57 712 38 173 317 185 85 -398 +37 -194 +167 February 444 63 178 154 49 19 299 168 10 -224 +36 +67 +256 Details of trust accounts, etc. Details of general fund balance (end of period) Period tr r u O e s t t l i d r f e - u a m n g d e e n a i t n n s d a u c r r c a a o i n l u r c n o e t ad Un t e r m us p t lo fu y n m d ent . G c N h o e e v t c e k e r i n x n m p g e e a n n c d t c i t o a u g u r e n e n t s s c i i o e n f s e o o x A t f c h e r l e l e s r - s , In- Workce R i e- pts m v I e e n s n - t t - s m B p e e f a i n n y t e t - s - ce Re i - pts m v I e e n s n - t t - s d W S ra t b a w i y t t h e a s - ls s C F t R r o i t u n e r i c c p o a o t o n n i n r c o a - e n - C m C o C t o r r i o p e o d m d o n it r i - y t a- o A th l e l r d ( e c + i x ( e ) _ t p ) u i 9 p e r o t n e s s - r Total a g c I o t n i l - v d e m g c o r o e e - n l n d t i S o e r i a g g n e - a b i n a n l- c g e Fiscal year ending: June 1937. 267 267 (7) 294 293 1 8 329 8 112 127 +60 2,553 1,087 141 356 970 June 1938. 550 461 85 763 560 191 89 8 184 8 11 +87 2,216 142 446 1,628 June 1939 639 516 120 838 395 442 8 658 136 8 246 +116 2,838 142 536 2,160 8 months ending: Feb. 1938. _. 453 398 46 471 422 41 8 37 24 86 +54 2,975 1,201 142 421 1,212 Feb. 1939 381 293 77 601 313 284 8 510 134 8 191 +58 3,343 142 508 2,693 Feb. 1940 365 268 82 686 373 311 8 244 8 26 146 +70 2,350 143 573 1,634 1939—February 50 50 10 148 111 36 8 326 8 112 -1 3,343 142 508 2,693 A M p a r r i c l h 6 5 8 5 5 5 0 0 1 1 1 0 3 3 4 4 8 13 4 4 1 4 8 8 6 6 0 (7) 2 5 8 8 3 2 7 7 + +1 1 4 1 3 3, , 0 3 4 8 4 9 1 1 4 4 2 2 5 52 1 2 5 2 2 , , 3 7 8 3 0 2 May 50 40 11 137 108 32 3 84 12 +23 2,924 142 528 2,254 June 85 83 11 32 8 13 41 8 86 (8)(7) 82 +11 2,838 142 536 2,160 July 65 45 10 58 8 14 42 16 6 144 +13 2,447 142 644 1,761 August. 66 51 10 154 129 41 29 8 86 96 +5 2,231 142 649 1,539 September 50 43 10 13 8 19 40 22 5 8 74 +10 2,178 142 554 1,481 1940— F N D O J e o e a c b n c v to r e u e u b m a m a e r b y r r b y e e r r _ 6 5 5 1 1 3 3 8 0 0 4 4 4 3 3 3 1 1 1 1 1 0 0 0 0 0 1 1 4 5 2 7 5 4 4 9 9 5 1 1 8 2 4 0 3 7 8 2 3 2 2 3 4 5 4 9 2 5 8 82 8 9 8 8 2 1 7 5 5 0 5 8 8 2 1 1 6 3 7 9 1 8 8 8 1 1 1 4 4 0 9 1 + + + + 1 1 6 7 5 8 2 2 2 1 2 , , , , , 9 1 3 4 2 1 6 5 7 8 3 6 0 6 2 1 1 1 1 1 4 4 4 4 4 3 3 3 3 3 5 5 5 5 5 6 5 6 6 7 5 8 8 1 3 1 1 1 1 1 , , , , , 4 5 6 7 2 6 7 3 6 1 2 1 4 8 3 r Revised to include unjust enrichment tax formerly shown under "other internal revenue." 1 Excludes debt retirements. 2 Includes taxes under Social Security Act and on carriers and their employees. 3 Excludes expenditures for adjusted service which are included under "Transfers to trust accounts, etc." 4 Includes revolving funds of Public Works Administration and Farm Credit Administration. 5 Includes expenditures for retirement funds, adjusted service certificate fund, old-age insurance trust fund and railroad retirement account; except for the adjusted service certificate fund, these appear as receipts under "Trust accounts, etc." 6 Details given in lower section of table. 7 Less than $500,000. * Excess of credits. 9 Includes other trust accounts, increment resulting from reduction in weight of the gold dollar, expenditures chargeable against increment on gold (other than retirement of national bank notes) and receipts from seigniorage. 336 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES, JANUARY 31, 1940 [Based on compilation by U. S. Treasury Department from reports rec<iived from organizations concerned. In millions of dollars Recon- Home mortgage and Farm credit agencies Total struction housing agencies Ten- Finance nes- In- A i C P W r s a t d a u o r t o m n r b a i r p d o t l i k i o i n n c o s - - n O C H r L a w o o o t r n i m a p o e n o e n r - s' O m a g c g t o a i h e e g r n e s t e - r - U t H S h A n t i o o a n i r u u t t g i - e e s t s d - y m F a g c g a o a i e e r g r n m s e t - - p a C o n b A O F d r a r a d t a e n h r t m c d m k i e o o i s . r t r n - s m C C r C a o r o t o e r i d m p o d i o i n t - t y - Other t V A h l i s e t e o a u y y e l r - - - a a s c g n u ie e c r s n - e - Other J 1 3 a 9 1 4 n , 0 . D 1 3 9 e 1 3 c , . 9 J 1 3 a 9 1 3 n , 9 . ASSETS Loans and preferred stock: Loans to financial institutions. 199 157 (l) 69 425 444 445 Preferred stock, etc. 484 207 40 75 1 807 816 869 Loans to railroads 474 30 504 500 512 Home and housing mortgage loans 2,031 210 134 2,376 2,365 2,329 Farm mortgage loans 2.588 2,588 2,596 2,719 Other agricultural loans 1 262 663 191 4 1,121 1,130 750 All other loans 2 460 0) 3 325 1,100 1,100 902 Total loans and preferred stock 1,619 2,238 406 134 2,588 338 663 516 69 350 8,920 8,951 8,527 Cash _ . 20 177 45 4 61 82 1 19 11 40 14 474 460 421 U. S. Govt. direct obligations 48 4 38 3 93 172 409 4 770 758 728 Obligations of Government credit agencies: Fully guaranteed by U S 13 11 105 130 130 140 Other 6 8 (*) 0) 32 40 41 39 Accounts and other receivables 25 8 5 2 204 4 25 0) 6 64 41 384 379 343 Business property (0 3 0) 131 6 0) 8 307 1 96 553 549 460 Property held for sale 39 501 106 0) 4 1 652 661 698 Other assets 2 2 0) 8 2 0) 5 C1) 10 111 140 133 158 Total assets other than interagency 8 1,761 2,934 509 274 3,065 641 696 540 325 702 617 12,06412,06211,515 LIABILITIES Bonds, notes, and debentures: Guaranteed by United States... 1,096 2,810 114 1,270 407 3 5,700 5,704 4,987 Other 6 (0 134 6 982 204 8 3 1,340 1,348 1,372 Other liabilities (including reserves). 96 91 34 5 102 10 189 197 7 232 58 1,019 995 757 Total liabilities other than interagency 6._. 1,192 2,901 167 119 2,353 214 596 197 15 238 67 8,059 8,048 7,117 Excess of assets over liabilities, excluding interagency transactions. 569 33 342 155 711 427 100 344 310 464 550 4,005 4,014 4,398 Privately owned interests 51 204 4 139 388 397 383 U. S. Government interests 569 33 291 155 507 423 100 344 310 325 tm 3,607 3,617 4,015 1 Less than $500,000. 2 Includes $79,000,000 loans of Public Works Administration. 3 Includes $259,000,000 loans of Farm Security Administration. 4 Includes $191,000,000 loans of Rural Electrification Administration. 5 Excludes Federal land bank bonds held by Federal Farm Mortgage Corporation. 6 Includes, however, investments in securities of agencies (other than mentioned in footnote 5) and deposits of agencies with Reconstruction Finance Corporation. NOTE—For explanation of table, see BULLETIN for October 1938, p. 882. RECONSTRUCTION FINANCE CORPORATION LOANS AND INVESTMENTS [Amounts outstanding. In thousands of dollars] Feb. 28, Aug. 31, Sept. 30, Oct. 31, Nov. 30, Dec. 31, Jan. 31, Feb. 29, 1939 1939 1939 1939 1939 1939 1940 1940 Loans to financial institutions 199,183 178,833 177,011 175, 795 173,363 172,154 166,799 162,852 Loans on preferred Stock of banks and insurance companies. 33, 779 33,181 33,162 33,127 33,094 33,029 32, 319 29,994 Preferred stock, capital notes, and debentures 526,153 517,125 515,157 513, 200 490,099 488, 673 484,21] 476,395 Loans to railroads (including receivers) 436,139 436,650 444,314 448, 792 454,194 458,841 Loans for self-liquidating projects _ _ 187,301 73,844 85,264 89,872 93,068 79,440 65,873 66, 501 Loans to industrial and commercial businesses 110,664 123,042 125,753 126,863 130,026 130,625 130,378 131, 919 Loans to drainage, levee, and irrigation districts 82,494 83,462 83,502 83,482 83,750 83,998 83,814 83,874 Other loans 26,988 23,812 23,847 23,274 4,046 4,081 4,093 4,180 Securities purchased from Public Works Administration... 136, 725 122,986 124,476 126,649 127,290 120,808 117,876 117, 603 Total loans and investments, other than interagency. 1, 739,4271, 595,1211,607,006 1,608,911 1,579,050 1, 561,5991,539,557 1, 532,160 Preferred stock of Export-Import bank 45,000 45,000 45,000 45,000 45,000 45,000 45,000 74,000 Loans to Rural Electrification Administration 49,848 146,498 146,498 146,498 146,498 146,498 146,498 146,498 Capital stock of, and loans to R. F. C. Mortgage Co 51,691 54,903 54,629 55,102 56,047 57,081 58,045 58,124 Capital stock of, and loans to Fed. Natl. Mtge. Assn 17, 234 44,438 46,500 50,323 54,538 58,729 63,233 65,806 Loans to Tennessee Valley Authority 3,000 8,300 8,300 8,300 8,300 8,300 8,300 8,300 Total loans and investments _ 1,906,200 1,894,260 1,907,932 1, 914,133 1,877,207 1,860,632 1,884,888 NOTE.—For explanation of table and back figures, see BULLETIN for April 1936, p. 220. APRIL 1940 337 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FARM CREDIT ADMINISTRATION LOANS AND DISCOUNTS OUTSTANDING, BY INSTITUTIONS [In thousands of dollars] Farm mo b r y tg - age loans F c a e r n e d d d e i r t d a i l b s c a i o n n u k te n r l t o m s a e f n o d s r i — a to te Loans to cooperatives by- Regional End of month la F nd e d b e a ra n l ks C s o B L i m o a a n n n m e d k r is- p a s c p c r o n r c o r o e c d u e r d d a i a l d a g i u t t b i t t u r i c t i a o i r o t - c n a a n i n o o s l k s s r - n , s , - f c i i n e o n O t t x a i o s i o t n c v p t h n i e c e e t e p i s s r u n r , a t - g - ti P a o s r t n s i o o o d c c n u r i s e a c d - - it t R i u a t r r e g a a c g t r l o i i i o c o r c u p n n r l o s a e - - l d- c d r E g r l o o o e m p a n u e n c g a r s y h n - t d m F b c i e e n r a d d e t n e e d i k a r r i - s a t te l B in C c a a c B o t e n l i o a u n k v p n d t s e e r k i s a r n f , - l o g r i A M i n r n e g g t g a u v r r o r i f k c A a u l u e v l n c t l - d - - t for cooperatives i 1934—December. 1,915,792 616,825 99,675 55,672 60,852 87,102 111, 238 27,851 54,863 1935—December. 2,071,925 794,726 104,706 47,162 94,096 43,400 172,863 2,731 50,013 44,433 1936—December. 2,064,158 836,779 129,872 41,017 105, 212 25,288 165,369 1,641 69,647 53,754 1937—December. 2,035,307 812,749 165,194 40,464 138,169 15, 592 172, 701 1,813 87,633 1938—December. 1,982,224 752,851 168,392 33,545 148,037 11,081 171,489 920 87,496 23,723 1939—February- 1,968,790 740,870 166, 996 34,115 155,409 10,689 171,000 1,152 73,692 23,631 March 1,960,357 733, 647 175,362 35,318 167,867 10,399 176,110 1,528 65,783 23,305 April 1,954, 677 728,489 182, 643 36,483 177,792 10,298 179,756 1,256 61,363 23,190 May 1,947,944 723,187 186,588 38,124 183,351 10,286 180,434 596 60,465 23,061 June 1,940, 586 717,622 190, 359 39,794 187,712 10,235 180,166 59,677 22, 592 July 1,934,013 712,823 189,044 40,657 187,844 10,003 179, 356 62,124 22,189 August 1,928,166 708,426 187, 968 41,661 185,215 9,599 178,271 127 61,404 22,422 September. 1,922, 577 703,840 179,674 37,645 174,032 9,127 175,667 778 65,160 21,663 October ___ 1,916,431 699,274 169, 731 33,996 162, 703 8,351 171,819 1,493 70,422 21,582 November. 1,910,336 695,101 165, 368 33,417 156, 526 8,042 169,460 1,696 73,120 20,589 December. 1,904,655 690,880 165,236 33,354 154,496 8,005 168, 330 1,835 76,252 20,547 1940—January 1,900,408 687,191 161,753 33, 620 153,949 7,904 167,957 1,756 73, 238 20,427 February _. 1,896, 507 683, 694 165,106 34,738 160,003 7,926 170,020 2,002 71,772 20,038 i Some of the loans made by the regional agricultural credit corporations (prior to October 1935) and by the banks for cooperatives and most of the loans made by the production credit associations are discounted with the Federal intermediate credit banks. The amounts in this column are thus included in the three columns under those headings. Such loans are not always discounted in the same month in which the original credit is extended. FEDERAL HOME LOAN BANK BOARD POSTAL SAVINGS SYSTEM LOANS OUTSTANDING, BY INSTITUTIONS [In millions of dollars] [Loans in thousands of dollars] Home mortgage loans by— Federal U. S. Government home Depos- securities Federal savings and loan End of month itors Cash Cash End of month L p O o H o a w r n o a n m t C e io r e o s n r ' - N c o l i u f o a m a t a i n s o b s n o e a s r - ssoc L ia o ti a o n n s s * m l i o t n b i e a s o a m n t n n i s s b t k u t e » o - r an b c a e l- s1 Total i b p n t a o o n r s d y k i e - s - Total t o r i D g e o b a i c l n - - i t s - G t o t i a g e u b o n a e a l n - - d i r s - - f s e u e r t n e r c - v d 8 e s, 1934—December. 2,379,491 639 81,300 86,651 1935—June. . 1,205 1,236 385 777 630 147 74 1935—December. 2,897,162 1,023 348,000 102,791 1936—June.. 1,232 1,265 203 967 800 167 95 1936—December. 2,765,098 1,212 586,700 145,394 1937—June.. 1,268 1,307 136 1,100 933 167 71 1937—December. 2,397,647 1,328 853,500 200,092 1938—June.. 1,252 1,290 115 1,103 167 72 1938—December. 2,168,920 1,368 1,034,162 198,840 1939—January.... 1,259 1,299 1,137 971 166 79 1939—January 2,149,038 1,370 1,040,770 178,852 February 1,263 1,304 1,144 978 166 79 February... 2,134,261 1,375 1,051,109 170,614 March 1,266 1,309 1,153 167 76 March 2,117, 598 1,375 1,067,887 161,614 April 1,264 1,306 1,154 166 76 April 2,105,824 1,381 1,089,879 157,176 May 1,261 1,305 1,157 1,011 146 75 May 2,091,324 1,383 1,117,228 157,911 June 1,262 1,304 1,157 1,011 146 79 June. 2,080, 512 1,386 1,136,289 168,962 July 1,268 1,310 1,172 1,026 146 80 July 2,067,844 1,385 1,157,536 161,537 August 1,271 1,314 1,174 1,028 146 84 August 2,059,792 1,392 1,186, 784 159,470 September 1,267 1,307 1,182 1,036 146 70 September.. 2,054,865 1,394 1,206,887 163,687 October. 1,270 1,311 1,182 1,036 146 75 October 2,049,421 1,394 1, 231, 685 168,654 November 1,274 1,317 1,182 1,036 146 80 November.. 2,043, 288 1,401 1,252,559 168,822 December 1,279 1,319 1,192 1,046 146 74 December,.. 2,038,186 1,410 1, 271,161 181,313 1940—January l 290 1940—January 2,031, 341 1,403 1,280, 200 156, 788 February... l, 297 February... 2,026, 614 1,407 1,296,464 144, 515 p Preliminary. i Federal Home Loan Bank Board estimates for all Federal savings 1 Outstanding principal, represented by certificates of deposit. Does and loan associations. not include accrued interest nor outstanding savings stamps. »Excludes loans to other than member institutions which are negli- 2 Includes working cash with postmasters, 5-per cent reserve fund and gible in amount. miscellaneous working funds with the Treasurer of the United States, accrued interest on bond investments, and accounts due from.late postmasters. Back figures.—See BULLETIN for August 1935, p. 502 338 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRODUCTION, EMPLOYMENT, AND TRADE [Index numbers; 1923-25 average=100. The terms "adjusted" and "unadjusted" refer to adjustment for seasonal variation] Industrial production i * Construction contracts awarded (value) > Fac- Factory em- tory Freight-car Department Year Total Manufac- Minerals Total Residential All other ployment 3 pay- loadings * * store sales mile 3 (value) month Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Ad- Unad- Unad- Ad- Unad- Ad- Unadjustedjusted justed justedjustedjustedjustedjusted justedjustedjustedjustedjustedjusted justedjustedjusted justedjusted 1919 83 84 77 63 44 79 107 98 84 78 1920 87 87 89 63 30 90 107 117 91 94 1921 67 67 70 56 44 65 82 76 78 87 1922 85 86 74 79 68 88 91 81 85 88 1923 101 101 105 84 81 86 104 103 100 08 1924 95 94 96 94 95 94 96 96 98 99 1925 104 105 99 122 124 120 100 101 103 103 1926 108 108 108 129 121 135 102 104 107 106 1927 106 106 107 129 117 139 100 102 104 107 1928 111 112 106 135 126 142 100 104 104 108 1929 „ 119 119 115 117 87 142 106 110 107 111 1930 96 95 99 92 50 125 92 89 92 102 1931 81 80 84 63 37 84 78 68 74 92 1932 64 63 71 28 13 40 66 47 55 69 1933 76 75 82 25 11 37 73 50 58 67 1934 79 78 86 32 12 48 86 65 62 76 1935 90 90 91 37 21 50 91 74 64 79 1936 105 105 105 55 37 70 99 86 75 88 1937 110 109 116 59 41 74 109 103 78 92 1938 86 84 98 64 45 80 90 78 62 85 1939 105 105 108 72 60 81 97 91 70 90 1937 Jan. 114 112 115 113 111 107 63 51 45 37 77 63 107 105 95 80 73 93 72 Feb 116 117 116 118 116 112 62 64 47 42 75 64 108 108 100 82 76 95 76 Mar 118 122 117 122 128 119 56 56 45 47 64 63 110 110 106 83 80 93 90 April... 118 122 118 125 115 105 53 61 44 51 61 68 111 111 110 84 79 93 89 May 118 122 118 123 117 118 56 68 44 52 66 81 112 112 110 80 80 93 95 June 114 115 114 114 115 118 61 72 42 47 77 92 111 110 108 78 79 93 90 July.... 114 111 114 110 112 116 67 75 44 45 86 99 112 111 105 80 82 92 65 Aug 117 115 117 114 113 121 62 66 40 40 81 87 112 112 109 79 81 93 72 Sept 111 109 110 106 116 125 56 56 37 37 71 72 110 112 105 78 87 94 100 Oct 102 102 100 99 113 123 52 49 36 35 65 61 108 110 105 76 84 93 103 Nov 88 90 85 86 109 113 56 60 32 31 76 65 104 104 93 71 72 91 101 Dec 84 80 79 75 115 109 61 49 30 25 87 68 98 97 85 67 62 89 166 -1QOQ Jan 81 79 76 75 108 104 52 42 26 22 73 59 93 91 75 65 59 90 70 Feb 79 79 75 76 103 99 51 44 32 28 66 66 92 91 78 62 57 88 70 Mar 79 80 75 77 104 96 46 46 33 35 56 55 90 91 78 60 67 86 77 April... 77 78 73 76 100 91 52 59 37 43 65 73 88 89 76 67 55 83 80 May 76 77 73 75 92 90 51 61 37 44 62 76 86 86 73 58 57 78 80 June 77 77 74 75 93 92 54 63 42 46 64 76 85 84 71 68 58 82 79 July.... 83 81 82 79 93 93 59 65 49 49 68 78 86 85 71 61 62 83 58 Aug 88 87 87 85 95 97 66 69 53 52 77 84 88 89 77 62 63 83 65 Sept..._ 90 91 89 89 97 102 78 79 56 56 96 97 89 92 82 64 71 86 01 Oct 96 97 95 95 98 106 82 78 57 56 102 96 90 92 84 68 75 84 02 Nov 103 104 103 103 102 105 96 85 56 54 128 111 93 93 84 69 70 89 09 Dec 104 98 104 98 110 103 96 77 67 48 128 100 94 94 87 69 64 89 156 1QOQ Jan. 101 100 100 99 110 105 86 70 65 45 111 90 95 92 84 69 63 88 69 Feb 99 99 97 98 110 105 73 63 58 51 85 72 94 94 86 67 62 87 69 Mar 98 100 96 100 110 102 69 69 55 58 80 79 94 94 88 66 63 88 82 April... 92 95 92 96 95 88 67 76 68 68 74 83 94 94 86 60 58 88 88 May 92 94 91 94 98 97 63 75 55 65 68 84 93 93 85 62 62 85 87 June 98 98 97 97 104 105 63 73 58 64 67 80 94 93 87 67 67 86 83 July.... 101 97 100 95 106 107 67 73 62 63 71 81 95 94 84 69 70 86 60 Aug 103 99 104 99 91 96 73 76 67 66 78 84 96 96 90 70 71 89 69 Sept.... 111 112 111 110 114 123 73 73 68 68 76 77 98 100 94 77 85 91 07 Oct.'.... 121 124 121 122 121 132 76 72 68 66 82 77 101 104 102 80 89 90 00 Nov.... 124 124 124 123 124 127 83 74 61 59 101 87 103 104 102 82 83 95 106 Dec 128 120 129 121 120 113 86 69 60 51 107 84 105 104 104 78 73 96 168 1940 Jan 119 117 118 116 125 120 75 61 53 44 93 75 104 102 98 78 72 92 72 Feb *>109 PllO P108 P109 *121 ni6 ?62 ?54 P55 P49 P68 P58 P102 *101 J>98 73 68 89 71 p Preliminary. • Average per working day. i For indexes of groups and separate industries see pp. 340-341; for description see BULLETIN for February and March, 1927. * 3-month moving average of F. W. Dodge Corporation data ,centered at second month; for description see p. 358 of BULLETIN for July 1931. 1 The indexes for factory employment and payrolls unadjusted for seasonal variation are compiled by the Bureau of Labor Statistics. For description of the seasonally adjusted index of factory employment compiled by F. R. Board of Governors see BULLETIN for October 1938, pp. 836- 837, and for October 1939, p. 878. For current indexes of groups and separate industries see pp. 342-345. Underlying figures are for payroll period ending nearest middle of month. * For indexes of groups see p. 347. Back figures.—See Annual Report for 1937 (table 81). For department store sales see BULLETIN for October 1938, p. 918; for factory employment and payrolls see BULLETIN for October 1938, pp. 838-866, and for October 1939, pp. 879-887. APRIL 1940 339 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors 1923-25 average=100] 1939 1940 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactures—Total . 100 97 96 92 91 97 100 104 Ill 121 124 129 118 P108 Durable 88 84 80 76 71 82 88 92 103 123 130 141 122 P103 Nondurable 110 109 110 106 108 110 110 115 117 119 118 120 114 Pill Iron and Steel 93 88 83 79 73 89 100 105 121 157 167 173 143 111 Pig iron 72 73 75 66 55 73 81 91 101 119 125 126 119 102 Steel ingots. 95 89 84 80 75 90 102 107 123 160 171 178 145 112 Transportation Equipment: Automobiles 105 100 91 87 73 81 87 89 85 78 90 127 128 127 Locomotives 12 12 14 14 15 15 15 19 23 24 20 18 19 Nonferrous Metals: Tin deliveries 1 66 72 76 92 102 93 87 99 97 95 119 165 181 140 Zinc 89 87 90 91 89 90 91 93 98 110 117 121 114 116 Lead 70 73 69 71 82 70 68 71 71 70 83 78 •87 78 Cement and Glass: Cement 69 80 90 81 75 79 82 76 78 87 91 96 80 71 Glass, plate _- _ _ _ 147 133 130 83 89 124 87 121 165 222 191 232 200 165 Coke: Byproduct 106 105 106 94 77 103 110 120 130 143 147 148 148 132 Beehive _ 6 5 5 2 2 5 5 5 7 23 29 26 17 11 Textiles . 109 109 110 97 104 111 111 120 121 125 126 123 114 108 Cotton consumption. 111 111 114 105 110 115 117 128 129 129 135 145 130 125 Wool 107 111 106 85 105 116 114 123 118 125 128 116 108 99 Consumption. __ 114 117 119 91 120 138 136 150 138 138 140 124 114 103 Machinery activity ! ._ 113 113 91 80 98 105 105 103 103 120 129 120 109 99 Carpet and rug loom activity'. 77 87 84 78 73 70 64 79 84 94 92 85 86 Silk deliveries 107 97 108 88 76 84 84 87 107 120 96 72 74 JLeather and Products 126 125 123 116 115 110 115 118 105 109 115 121 120 Tanning _ 103 105 95 97 94 91 88 98 87 93 97 95 99 Cattle hide leathers LOO 104 93 91 91 87 89 106 93 98 103 102 98 Calf and kip leathers 119 118 103 101 89 91 69 73 71 73 82 r 85 95 Goat and kid leathers 97 97 95 106 104 102 106 103 87 103 98 87 107 Boots and shoes . 140 139 140 128 128 121 133 131 117 119 126 138 133 Food Products: Slaughtering and meat packing 87 83 89 90 94 87 89 92 100 99 100 99 100 Hogs 74 67 73 81 84 73 77 84 95 99 100 99 95 Cattle 97 100 106 99 104 103 102 100 102 95 94 95 102 Calves 111 108 110 105 108 104 107 104 111 110 110 100 108 Sheep 150 157 156 135 142 143 145 139 146 144 154 147 158 Wheat flour 92 94 97 100 95 100 96 88 103 91 82 91 90 Sugar meltings . 106 70 78 94 72 66 81 77 96 91 85 128 105 Tobacco Products 165 162 164 164 170 170 158 168 164 166 172 186 167 Cigars. 79 77 78 77 75 75 73 76 76 75 74 79 83 Cigarettes 237 231 236 236 246 247 227 241 235 240 250 273 239 Manufactured tobacco _ 78 78 80 81 85 84 80 89 85 83 87 89 • 74 Paper and Printing: Newsprint production 61 61 62 63 65 63 63 63 65 63 64 65 64 Newsprint consumption 125 127 126 130 127 132 126 130 142 137 131 140 129 Petroleum Refining 205 201 202 209 211 215 212 218 221 232 228 221 214 Gasoline * 262 256 256 265 269 276 273 280 284 296 293 280 265 Kerosene 112 113 122 122 124 122 117 123 118 118 109 108 106 Fuel oil» _ 145 138 140 143 143 144 139 140 148 155 150 150 162 Lubricating oil' 106 117 111 115 119 121 115 128 123 149 141 145 138 Rubber Tires and Tubes 1 108 106 114 104 102 112 111 122 123 126 118 110 115 Tires, pneumatic 1 _ 112 111 119 108 106 117 116 127 128 131 122 115 120 Inner tubes l 76 >72 76 73 68 77 77 84 86 90 84 73 76 Minerals—Total _._ 110 110 110 95 98 104 106 91 114 121 124 120 125 Bituminous coal _ 75 79 77 31 46 71 75 77 84 94 91 83 91 Anthracite 69 61 61 80 73 59 53 53 71 58 60 59 75 Petroleum, crude 171 169 173 174 175 170 174 127 174 181 187 189 189 Iron ore 55 67 74 78 97 128 155 Zinc. 89 87 90 91 89 90 91 93 98 110 117 121 114 Lead 70 73 69 71 82 70 68 71 71 70 83 78 87 Silver 86 100 86 101 71 107 70 79 104 91 91 105 89 OO CO COCO P119 131 100 95 105 102 145 92 79 170 77 247 79 68 132 118 123 78 P121 P87 P51 P193 116 78 i Without seasonal adjustment. * Preliminary. r Revised. NOTE.—Descriptive material and tables giving back figures may be obtained upon request from the Division of Research and Statistics. Series on shipbuilding, silk-loom activity, and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, included in the total index, are withheld from publication pending revision. 340 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INDUSTRIAL PRODUCTION, BY INDUSTRIES (Without Seasonal Adjustment) [Index numbers of the Board of Governors 1923-25 average=100] 1939 1940 Industry Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Manufactures—Total 99 98 100 96 94 97 95 99 110 122 123 121 116 P109 Durable 84 84 86 84 78 85 83 85 99 123 125 129 117 Nondurable 111 111 111 106 107 108 106 111 119 122 122 114 116 P114 Iron and Steel 90 92 93 87 79 89 93 103 120 152 155 152 138 116 Pig iron _ 71 75 79 70 56 72 77 87 98 119 126 124 118 104 Steel ingots 92 93 96 89 81 90 95 105 122 156 158 155 139 117 Transportation Equipment: Automobiles 105 100 105 106 88 91 66 28 59 93 108 142 128 127 Locomotives 11 12 14 13 15 14 15 20 24 24 22 19 17 Nonferrous Metals: Tin deliveries _ _ __ _ 66 72 76 92 102 93 87 99 97 95 119 165 181 140 Zinc 94 93 96 94 90 87 84 87 93 106 117 123 121 124 Lead _ 71 75 70 70 80 71 65 68 67 72 86 79 88 81 Cement and Glass: Cement 42 48 65 79 88 98 100 98 98 99 90 75 49 43 Glass, plate . 147 133 137 91 93 112 78 121 165 222 191 232 200 165 Coke: Byproduct 107 108 109 95 76 101 107 116 128 143 150 150 149 136 Beehive _ 7 7 6 2 2 5 4 4 7 22 30 29 20 14 Textiles _ 114 115 112 100 104 105 103 112 121 129 131 117 119 114 Cotton consumption 117 119 119 113 114 111 106 115 125 133 140 133 137 134 Wool 109 116 106 84 100 109 106 118 122 132 135 116 110 104 Consumption 118 128 122 88 111 124 121 139 145 151 153 125 118 112 Machinery activity 113 113 91 80 98 105 105 103 103 120 129 120 109 99 Carpet and rug loom activity 77 87 84 78 73 70 64 79 84 94 92 85 86 86 Silk deliveries 122 104 104 87 75 75 80 91 113 120 98 64 84 67 Leather and Products— 116 126 113 106 105 114 131 121 120 110 103 111 Tanning 98 108 94 94 88 90 88 100 92 99 96 92 95 Cattle hide leathers __ 101 111 94 91 87 86 86 104 97 101 102 r 99 99 Calf and kip leathers 98 108 91 91 85 88 81 88 82 86 77 73 79 Goat and kid leathers 92 101 97 105 96 102 98 101 91 107 97 94 101 Boots and shoes 127 140 147 126 115 130 151 140 133 120 109 121 132 Food Products: Slaughtering and meat packing... 101 83 84 81 92 86 84 80 91 97 111 118 119 102 Hogs 100 74 74 72 81 76 69 64 71 84 110 129 127 106 Cattle . _ 98 88 92 87 101 96 101 98 114 111 108 100 103 92 Calves __ _ 104 100 111 114 122 108 104 96 107 116 112 95 100 94 Sheep 161 147 142 127 139 140 145 140 170 158 152 144 160 136 Wheat flour 90 91 91 91 90 88 94 94 122 102 89 87 89 89 Sugar meltings . 70 69 92 109 81 78 98 86 102 87 66 73 69 77 Tobacco Products. 157 147 156 161 172 186 171 180 181 179 175 151 158 155 Cigars 61 67 71 72 78 81 76 80 87 92 88 59 64 66 Cigarettes ..... 232 211 224 215 248 272 249 261 259 252 247 224 234 225 Manufactured tobacco 79 79 81 78 85 86 80 91 93 86 85 73 75 80 Paper and Printing: Newsprint production .... 62 61 61 64 66 64 62 61 64 63 63 65 65 68 Newsprint nonsmnption 120 125 131 139 131 131 112 116 139 146 140 144 124 131 Petroleum Refining _ 205 202 201 208 211 215 211 217 221 233 229 222 214 Gasoline _ 262 256 256 265 269 276 273 280 284 296 293 280 265 Kerosene 115 115 119 121 119 113 108 116 121 124 117 117 108 Fuel oil 145 138 140 143 143 144 139 140 148 155 150 150 162 Lubricating oil 106 117 111 115 119 121 115 128 123 149 141 145 138 Rubber Tires and Tubes . 108 106 114 104 102 112 111 122 123 126 118 110 115 118 112 '•111 119 108 106 117 116 127 128 131 122 115 120 123 Inner tubes 76 '72 76 73 68 77 77 84 86 90 84 73 76 78 Minerals—Total .. 105 105 102 88 97 105 107 96 123 132 127 113 120 Bituminous coal 84 '84 77 26 40 63 68 75 90 104 102 88 101 *>93 Anthracite 74 66 50 83 73 51 44 53 72 74 62 58 81 pf-A Petroleum, crude _ 164 166 171 174 177 173 178 129 179 183 185 184 181 P1S9 Iron ore 82 132 150 159 187 218 130 Zinc 94 93 96 94 90 87 84 87 93 106 117 123 121 124 Lead 71 75 70 70 80 71 65 68 67 72 86 79 88 81 Silver 86 108 94 102 69 105 59 78 98 90 98 106 90 p Preliminary. r Revised. i Revised figures, 1939: leather and products, 115; boots and shoes, 129; rubber tires and tubes, 112. NOTE.—Descriptive material and tables giving back figures may be obtained upon request from the Division of Research and Statistics. Series on shipbuilding, silk-loom activity, and on production of book paper, wrapping paper, fine paper, boxboard, mechanical wood pulp, chemical wood pulp, paper boxes, and lumber, included in the total index, are withheld from publication pending revision. APRIL 1940 341 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FACTORY EMPLOYMENT, BY INDUSTRIES (Adjusted for Seasonal Variation) [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100] 1939 1940 Industry and group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Total 94.6 94.3 94.0 93.8 93.3 94.3 95.3 95.9 97.5 101.2 103.4 104.5 103.9 102.2 Durable goods 84.4 84.2 83.7 83.9 82.9 83.9 84.7 85.3 88.9 94.6 97.3 100.0 99.7 97.5 Nondurable goods 104.4 103.9 103.8 103.3 103.3 104.2 105.3 105.9 105.7 107.6 109.2 108.9 108.0 106.6 Iron Steel Products 90.7 90.4 90.7 90.5 89.6 90.3 90.6 92.5 96.4 105.9 110.8 112.1 110.4 107.1 Blast furnaces, steel works 95 94 94 95 94 96 96 97 101 115 122 124 122 117 Bolts, nuts, washers, rivets 96 96 97 94 93 93 94 98 102 113 118 120 117 113 Cast-iron pipe 72 73 73 73 73 71 72 73 74 77 79 79 75 78 Cutlery, edge tools 90 89 90 90 86 91 91 94 97 102 107 109 107 103 Forgings 64 65 54 55 55 54 56 56 59 66 70 72 72 71 Hardware 89 87 87 84 80 72 70 78 95 99 106 106 103 100 Plumbers' supplies 74 74 74 74 75 76 77 78 80 81 83 85 83 81 Stamped, enameled ware 144 143 147 144 142 147 147 157 159 162 166 166 160 162 Steam, hot-water heating 74 74 75 75 74 75 78 79 80 84 86 87 86 85 Stoves _ 82 84 85 84 85 86 89 88 86 90 91 93 93 91 Structural, ornamental 63 66 67 67 67 66 67 69 71 75 76 76 75 75 Tin cans, tinware 94 95 95 96 95 95 95 98 97 103 ••103 '100 101 100 Tools 83 84 84 84 84 84 81 85 87 91 94 96 96 96 Wirework 154 152 151 148 142 135 128 121 149 164 171 176 172 162 Machinery 92.3 94.0 94.8 94.9 94.4 95.4 96.1 97.3 99.8 105.7 110.6 112.9 113.4 113.4 Agricultural implements 114 123 124 122 119 118 115 121 123 125 128 131 133 137 Cash registers, etc. 132 131 131 127 126 128 127 125 127 126 127 129 127 128 Electrical machinery 84 85 86 87 86 87 87 88 92 97 100 103 103 102 Engines, turbines, etc 92 91 91 91 93 95 95 97 99 108 116 124 133 134 Foundry, machine-shop products. 80 81 82 82 81 83 83 85 86 91 95 97 98 97 Machine tools 128 132 134 138 140 144 149 146 155 170 183 191 197 204 Radios, phonographs 126 129 130 124 121 122 131 126 129 145 160 153 143 142 Textile machinery 69 71 72 73 75 75 77 78 78 81 85 86 86 85 Typewriters 127 128 129 129 126 126 122 119 122 123 125 125 123 119 Transportation Equipment 94.1 92.9 91.2 91.1 87.2 88 9 90.0 88.3 99.5 105.6 101.3 rll2. 6 113.1 111.4 Aircraft 900 966 968 1,075 1,169 1,267 1,385 1 414 1,512 1,605 1,767 1,905 2,050 2,055 Automobiles 102 98 97 96 89 89 90 88 102 108 100 112 111 108 Cars, electric-, steam-railroad 35 38 36 34 34 33 32 31 34 42 48 53 57 61 Locomotives _ 19 17 16 18 21 25 28 29 28 25 26 28 30 30 Shipbuilding __ 106 113 111 112 118 127 128 125 128 132 133 139 140 145 Nonferrous Metals, Products 93.3 93.4 93.4 93.2 92.8 92.8 94.6 96.2 99.2 107.0 110.1 111.3 111.6 107.4 Aluminum 131 135 140 143 142 145 153 157 152 166 172 170 172 170 Brass, bronze, copper... _. 105 104 104 103 104 105 106 109 115 130 137 138 137 128 Clocks, watches 84 84 84 85 84 82 84 85 85 87 88 89 92 92 Jewelry _ . _ __ . _ 90 91 92 93 90 91 94 95 91 92 95 96 95 94 Lighting equipment 86 84 80 77 76 73 75 77 88 95 89 95 95 88 Silverware, plated ware._ 68 68 69 68 68 68 70 70 71 70 72 74 74 71 Smelting, refining _. 78 78 77 78 77 77 76 75 77 83 85 86 87 87 Lumber, Products 65.7 65.1 63.2 64.2 64.8 65.3 66.0 66.4 67.4 69.4 72.2 72.4 72.0 70.0 Furniture. . _ ._ 84 85 85 85 84 85 86 86 87 89 93 93 94 91 Lumber, millwork 58 57 66 57 56 59 59 60 61 63 64 64 65 63 Lumber, sawmills. 60 69 66 57 59 59 60 60 61 63 66 66 65 63 Stone, Clay, Glass Products 79.6 77.4 77.4 77.9 75.4 77.5 78.4 78.1 79.0 81.9 85.0 85.4 85.8 80.8 Brick, tile, terra cotta 61 59 58 68 65 57 58 57 59 61 64 65 66 61 Cement 64 66 66 67 63 66 67 67 66 68 70 71 68 66 Glass 100 95 95 97 96 98 98 99 100 106 109 109 111 102 Marble, granite, slate 49 48 53 53 52 50 51 50 48 49 49 50 46 48 Pottery 87 86 85 84 84 87 88 87 86 90 93 94 95 93 Textiles, Products 101.9 101.8 101.0 99.6 99.8 101.2 104.1 104.9 103.6 106.2 rlO7. 8 106.1 104.7 102.8 Fabrics 91.9 91.7 91.0 90.2 91.0 92.0 94.5 95.4 94.1 97.8 99.9 97.1 95.3 93.4 Carpets, rugs 78 77 77 77 74 73 74 76 78 83 85 84 85 83 Cotton goods 85 86 85 85 85 86 80 91 91 94 96 95 94 93 Cotton small wares 82 82 80 78 80 79 83 84 86 91 92 91 88 83 Dyeing, finishing textiles 122 122 122 121 124 120 128 129 129 133 132 131 127 124 Hats, fur-felt . 90 90 87 86 84 89 93 90 87 86 90 92 91 90 Hosiery _ 153 153 154 154 153 152 164 155 149 151 151 146 145 145 Knitted outerwear 64 68 70 67 68 72 75 80 75 76 75 68 62 68 Knitted underwear 72 71 70 70 73 74 77 79 78 79 80 79 80 77 Knitted cloth... 134 134 134 133 128 138 138 140 140 148 155 146 144 136 Silk, rayon goods 64 64 65 65 66 63 63 62 61 65 67 64 62 58 Woolen, worsted goods __ „ 88 84 81 77 81 86 89 85 83 90 95 89 85 81 Wearing apparel._ _ 119.5 120.2 119.2 116.4 116.2 117.5 121.1 121.4 120.4 120.4 '120.4 121.6 121.2 119.3 Clothing, men's... 103 104 104 103 102 104 107 107 106 107 108 112 110 106 Clothing, women's 171 173 171 165 161 169 174 174 172 171 171 171 167 169 Corsets, allied garments 107 107 107 109 111 114 115 117 116 117 117 117 117 114 Men's furnishings 132 136 132 128 125 129 135 140 136 138 127 122 120 121 Millinery.. 79 84 84 81 80 74 73 77 80 80 74 75 79 83 Shirts, collars . 130 123 121 119 120 120 123 121 121 121 123 ••123 132 124 342 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Factory Employment (Adjusted)—Continued [Index numbers of the Board of Governors; adjusted to Census of Manufactures through 1937. 1923-25 average=100] 1939 1940 Industry and group Jan. Feb. Mar. Apr. May June July Aug. Sept. Oct. Nov. Dec. Jan. Feb. Leather, Manufactures > 98.9 99.0 99.2 97.7 93.7 97.1 98.7 97.4 96.8 97.4 99.1 96.9 97.3 95.3 Boots, shoes 98 98 98 97 92 96 98 96 95 96 98 96 96 94 Leather 87 87 86 85 84 86 87 87 87 88 88 86 87 85 Food, Products 128.8 125.7 127.3 127.0 128.4 129.4 127.9 129.7 128.1 126.9 '129. 6 '131.4 130.7 130.4 Baking 144 144 144 144 146 147 147 146 146 146 145 145 144 144 Beverages 276 275 270 270 272 275 269 269 269 271 279 285 280 278 Butter 96 94 94 95 96 95 95 96 95 95 97 97 96 97 Canning, preserving __ 150 143 158 157 159 162 150 160 147 137 '150 '154 149 154 C onf ectionery 84 83 82 81 81 80 82 86 82 82 86 86 85 86' Flour 79 77 78 77 80 81 81 79 82 80 77 79 80 80 Ice cream 79 78 78 78 77 77 75 75 76 78 79 79 78 79 Slaughtering, meat packing 98 96 96 96 98 100 101 101 102 103 106 108 108 107 Sugar, beet 212 120 107 103 107 104 99 105 131 107 105 118 158 120 Sugar refining, cane - 96 93 96 102 87 89 94 96 90 100 95 98 94 93 Tobacco Manufactures 65.9 64.8 61.4 64.5 65.1 65.5 65.7 65.2 64 4 63 5 63.1 64.7 64 2 62.7 Tobacco, snuff 61 61 62 63 62 62 61 62 62 62 60 60 62 60 Cigars, cigarettes 67 65 62 65 65 66 66 66 65 64 63 65 65 63 Paper, Printing 111.0 111.1 111.4 111.5 111.5 111.1 111.8 112.0 112 8 115 0 115.7 116 4 115 4 114.8 Boxes, paper 111 111 112 111 111 111 113 115 116 121 122 121 120 117 Paper, pulp 106 106 106 106 107 106 106 107 109 114 115 115 114 113 Book, job printing.- 100 99 100 100 99 99 101 99 98 99 100 101 102 100 Newspaper, periodical printing.— 113 114 114 114 115 114 114 115 116 116 115 116 114 116 Chemicals, Petroleum, and Coal Products 113 6 112 9 113 4 114 2 114 4 113 1 113 7 111 9 116 4 119.9 '121. 3 '121.9 121.4 120.6 Petroleum refining 119 119 119 118 119 120 121 122 122 122 123 122 122 122 Other than petroleum 112.3 111.4 112.2 113.3 113.4 111.4 111.9 109.4 115.2 119.4 '120.8 '121. 8 121.3 120.3 Chemicals 119 120 120 118 117 117 115 119 122 132 137 138 138 137 Cottonseed oil, cake, meal 97 88 96 103 110 88 85 81 92 98 91 91 92 91 Druggists' preparations ._ 109 107 108 109 111 112 114 112 112 113 114 116 119 118 Explosives 86 86 86 86 87 90 92 93 98 102 104 106 104 108 Fertilizers ._ 103 97 98 110 115 107 105 103 111 109 106 111 105 99 Paints, varnishes 119 118 120 121 119 120 122 125 123 125 126 126 127 125 Rayon, allied products ... 297 301 299 309 302 295 298 254 297 309 310 311 310 309 Soap _ 81 80 79 78 79 80 84 87 87 87 86 87 86 84 Rubber Products 81 4 81 4 82 2 81 3 81 1 80.8 79 7 83.6 86.1 91.2 '93.0 92.4 90.2 88.1 Rubber boots, shoes . 58 60 60 60 61 59 47 58 58 60 61 61 59 57 Rubber tires, inner tubes 67 66 67 67 67 66 67 68 70 74 75 75 74 73 Rubber goods, other.. 133 133 134 131 129 131 134 138 144 154 159 157 152 145 ' Revised NOTE.—Figures for February 1940 are preliminary. For description and back data see the BULLETIN for October 1938, pages 835-866, and for October 1939, pages 878-887. Underlying figures are for payroll period ending nearest middle of month. APRIL 1940 343 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 Factory payrolls Industry and group 1939 1940 1939 1940 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec. Jan. Feb. Total 92.2 93.6 103.6 103.8 104.1 101.5 101.4 83.7 86.0 101.6 101.6 103. 7 98.3 97.8 Durable goods 82.3 83.3 96.1 98.2 100.0 97.4 96.6 76.0 77.7 99.6 100.9 104. 6 98.2 96.7 Nondurable goods 101.7 103.5 110.8 109.2 108.0 105.3 106.0 92.4 95.3 103.9 102.4 102.8 98.5 99.0 Iron, Steel, Products 88.8 90.0 106.8 111.1 111.4 108.3 106.7 79.5 81.7 112.1 114.7 115. 3 106.3 101.0 Blast furnaces, steel works 94 95 115 122 123 121 117 85 86 124 127" 129 119 110 Bolts, nuts, washers, rivets 96 97 113 118 120 117 114 99 105 138 142 144 124 127 Cast-iron pipe 71 71 77 77 78 74 76 56 59 71 74 72 65 68 Cutlery, edge tools 88 90 104 109 109 105 104 78 79 94 102 102 93 91 Forgings 55 55 65 70 73 72 72 56 57 75 84 88 86 84 Hardware 89 88 100 106 106 104 101 85 82 110 119 117 109 100 Plumbers' supplies . 73 75 82 83 84 82 82 61 65 80 78 78 71 71 Stamped, enameled ware 142 144 164 166 166 158 163 141 144 173 171 174 160 165 Steam, hot-water heating 71 74 86 87 86 83 85 58 61 83 80 80 74 76 Stoves 69 79 97 96 89 78 86 55 68 94 88 79 65 74 Structural, ornamental 61 63 76 76 75 73 72 50 53 68 67 '67 63 61 Tin cans, tinware 87 88 106 101 '95 94 93 88 87 111 105 100 97 93 Tools 83 84 91 95 97 96 96 78 82 92 97 102 98 97 Wirework 154 152 166 173 176 172 162 147 149 183 200 204 189 175 Machinery 91.5 93.5 106.6 111.0 113.1 112.4 112.8 86.5 90.8 111.0 117.1 122.1 119.1 119.2 Agricultural implements 116 127 118 125 131 135 141 121 141 131 141 152 156 164 Cash registers, etc 131 131 126 127 128 126 128 118 121 126 129 132 129 133 Electrical machinery 83 84 97 100 103 102 101 84 87 106 110 114 112 111 Engines, turbines, etc 87 90 105 110 120 125 133 96 104 129 139 157 161 172 Foundry, machine-shop products 79 81 91 95 97 97 97 70 73 90 94 99 95 94 Machine tools 128 132 171 184 192 197 205 130 142 208 238 256 259 271 Radio, phonographs 120 113 177 180 162 136 125 106 96 170 170 149 122 113 Textile machinery 70 72 80 84 86 86 86 63 66 76 82 86 84 81 Typewriters 127 126 124 128 127 123 118 117 121 126 126 122 111 110 Transportation Equipment 96.6 96.8 105.3 102.9 116. 5 115.5 115.5 93.2 91.6 109.9 105. 6 124.1 118.3 119.3 Aircraft 891 957 1,556 1,750 1,886 2,030 2,035 900 953 1,512 1,718 1,778 1,901 1,884 Automobiles 106 104 108 102 118 116 114 101 97 113 106 128 120 120 Cars, electric-, steam-railroad 32 37 41 47 52 53 60 26 31 38 40 47 47 55 Locomotives 18 17 26 26 28 28 29 15 13 25 25 28 27 27 Shipbuilding 105 110 134 133 139 138 143 110 116 144 141 153 148 149 Nonferrous Metals, Products 91.7 93.1 110.4 113.5 112.9 109.7 107.0 81.7 85.3 113.6 115.4 116. 5 108.7 103.2 Aluminum 130 136 168 174 170 170 171 139 148 191 196 197 192 194 Brass, bronze, copper 104 104 131 137 138 136 128 97 100 154 157 159 150 136 Clocks, watches 83 84 90 93 93 91 92 77 84 99 100 97 93 95 Jewelry 84 89 107 107 99 89 91 69 73 93 91 87 73 69 Lighting equipment 84 83 98 93 98 93 87 65 69 82 78 85 74 70 Silverware, plated ware 66 68 73 76 77 72 71 56 60 71 75 76 61 59 Smelting, refining 78 77 84 86 87 87 87 74 73 81 85 88 87 86 Lumber, Products 61.4 62.0 72.4 73.0 71.1 67.3 66.7 51.7 52.7 68.7 68.8 65.2 58.8 59.8 Furniture 81 83 95 97 95 90 89 64 70 85 86 86 75 77 Lumber, millwork 55 56 64 64 64 62 61 42 43 52 53 52 47 47 Lumber, sawmills 55 55 66 66 63 60 59 46 44 62 61 55 51 52 Stone, Clay, Glass Products 71.9 72.1 84.8 85.5 '83.6 77.7 75.4 60.4 61.6 80.3 78.9 76.4 66.9 65.4 Brick, tile, terra cotta 53 52 65 65 63 57 53 40 39 57 54 52 43 39 Cement 54 55 72 70 66 58 55 46 48 71 67 63 51 48 Glass 95 95 107 109 109 106 102 97 98 121 121 119 113 108 Marble, granite, slate 41 43 51 50 49 39 42 28 29 39 39 35 24 29 Pottery 85 86 92 95 95 92 93 73 79 87 89 90 81 86 Textiles, Products 100.9 104.6 108.3 107.9 105.8 103.7 105.6 83.2 90.3 93.7 92.9 91.8 87.6 91.1 Fabrics 92.8 94.1 98.8 100.9 98.7 96.1 95.8 80.1 82.5 88.0 91.7 89.5 84.8 84.2 Carpets, rugs 75 77 83 85 84 82 82 61 64 75 76 76 72 71 Cotton goods 87 88 94 97 97 96 96 75 76 84 91 92 89 88 Cotton small wares 82 84 92 93 91 88 85 77 80 89 90 87 81 76 Dyeing, finishing textiles 124 128 133 134 133 130 130 106 112 116 115 116 110 108 Hats, fur-felt 90 92 86 88 91 91 91 79 81 61 73 89 85 84 Hosiery 151 154 154 155 148 144 146 161 169 174 170 159 146 151 Knitted outerwear 61 68 82 78 65 59 68 48 56 70 64 50 47 57 Knitted underwear 68 71 80 81 79 75 77 58 63 74 75 72 66 69 Knitted cloth 130 135 152 154 144 140 137 107 109 132 131 116 112 107 Silk, rayon goods 66 67 67 68 65 63 60 53 56 57 60 57 53 51 Woolen, worsted goods 89 88 91 95 91 87 85 75 74 77 82 78 73 71 Wearing apparel 114.4 123.9 124.7 118.7 116.9 116.1 123.0 83.9 99.6 98.7 89.2 '90.2 87.4 98.8 Clothing, men's 99 107 109 105 105 106 109 71 83 83 76 80 80 85 Clothing, women's 166 180 178 168 165 162 176 115 139 133 116 117 113 132 Corsets, allied garments'. 106 108 118 117 116 115 115 106 114 127 122 119 110 117 Men's furnishings 122 137 144 137 129 112 121 99 122 143 139 126 95 113 Millinery _- 79 91 82 67 66 79 89 62 79 62 49 47 59 78 Shirts, collars.. 117 123 127 128 123 120 124 90 100 116 118 111 98 108 344 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

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 employment Factory payrolls Industry and group 1939 1940 1940 Jan. Feb. Oct. Nov. Dec. Jan. Feb. Jan. Feb. Oct. Nov. Dec, Jan. Feb Leather, Manufactures 103.0 16.2 91.9 97.4 83.0 76.5 71.1 75.4 82.3 82.3 Boots, shoes 102 94 91 96 71 65 70 79 80 Leather 87 87 87 87 87 87 87 84 Food, Products 116.' 114.2 137.7 129. 8 126.0 119.5 118.4 113.1 110.0 130.0 125. 3 124.4 117.1 115.4 Baking 141 142 148 147 145 141 142 130 130 137 137 134 131 132 Beverages 251 252 271 261 261 255 255 273 274 309 294 299 279 284 Butter 90 87 95 94 93 90 89 76 75 82 79 78 75 76 Canning, preserving 92 84 182 121 101 91 91 76 76 156 101 89 81 78 Confectionery 82 81 97 98 96 83 84 77 77 96 96 100 81 81 Flour 78 77 82 78 79 79 79 72 69 83 71 72 73 74 Ice cream 66 73 69 68 66 67 56 56 62 58 57 56 57 Slaughtering, meat packing 101 103 108 112 112 107 108 99 108 113 122 119 109 Sugar, beet 91 44 287 287 192 68 45 79 51 245 ••283 174 63 53 Sugar refining, cane 92 92 101 94 95 90 93 77 74 87 77 76 73 78 Tobacco Manufactures 60.5 66.7 66.4 65.! 59.0 61.7 51.3 52.7 63.4 62.9 62.3 52.9 54.0 Tobacco, snuff 63 62 61 61 64 62 66 63 71 68 67 68 70 Cigars, cigarettes 64 67 67 58 62 49 51 62 62 62 51 52 Paper, Printing.... 110.6 111.0 116.5 117.5 118.5 115.1 114.7 103.2 103.6 113.8 114.2 116.8 110.0 108.8 Boxes, paper 107 108 128 129 125 116 114 111 115 151 145 137 121 119 Paper, pulp 106 106 114 115 115 114 113 103 105 126 125 123 118 117 Book, job printing 102 100 99 101 104 103 101 88 85 84 89 94 92 87 Newspaper, periodical printing.__ 113 114 117 117 119 114 116 104 105 110 109 115 106 108 Chemicals, Petroleum, and Coal* Products 113.2 113. 4 122.3 122. 6 122.3 121.0 121.0 118.8 118. 133.3 133.1 133.4 131.0 131.3 Petroleum refining 118 118 123 124 122 122 121 135 133 140 138 138 134 135 Other than petroleum 112.0 112.4 122.2 122. 3 122. 3 120.9 121.1 113.9 114.8 131.2 131. 6 132.0 130.3 130.2 Chemicals 118 118 134 138 138 136 135 130 132 158 162 162 160 158. Cottonseed oil, cake, meal 109 98 139 120 115 103 101 88 77 120 115 110 99 93 Druggists' preparations 109 109 117 118 119 119 120 118 118 133 131 132 129 131 Explosives 86 84 104 106 108 104 106 95 97 125 128 129 121 128 Fertilizers 103 107 99 92 102 105 109 75 75 80 76 82 83 83 Paints, varnishes 117 117 125 125 124 124 123 115 118 135 132 131 129 129 Rayon, allied products 300 306 310 313 312 314 313 283 .288 303 310 314 320 321 Soap 79 90 85 84 84 95 95 109 104 102 100 100 Rubber Products 81.3 81.5 92.4 93.9 93.0 90.0 88.2 82.2 81.0 101. 9 100.5 94.1 88.3 Rubber boots, shoes 58 59 62 62 63 59 57 57 58 64 67 66 56 53 Rubber tires, inner tubes 67 74 75 75 74 73 74 71 91 86 90 86 80 Rubber goods, other 132 134 158 161 157 150 146 123 125 161 163 155 145 136 r Revised. NOTE.—Figures for February 1940 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 hours worked per week Average hourly earnings (cents per hour) Industry group 1938 1939 1940 1938 1939 1940 Dec. Jan. Sept. Oct. Nov. Dec. Jan. Dec. Jan. Sept. Oct. Nov. Dec. Jan. Total 37.3 36.6 38.0 39.1 38.5 38.6 37.4 64.2 64.4 63.8 64.6 65.3 66.2 66.3 Durable goods _ 37.1 36.1 38.2 40.2 39.6 39.6 38.1 70.9 71.0 70.9 71.3 71.5 72.7 72.7 Iron, Steel, Products 35.6 34.8 37.0 40.3 39.6 39.4 37.6 75.7 75.5 76.1 76.4 76.7 77.2 76.6 Machinery 37.4 36.6 39.1 40.6 40.9 41.3 40.4 72.1 72.4 72.2 72.1 72.3 73.2 73.5 Transportation Equipment._ _ 36.4 35.0 37.3 38.1 37.6 38.5 37.4 90.1 89.8 89.5 89.1 88.6 90.1 89.4 Nonferrous Metals, Products 38.6 37.3 39.9 41.4 41.0 40.9 39.2 67.0 66.7 67.4 69.1 69.0 70.3 70.1 Lumber, Products. _ _ 38.9 37.9 39.3 40.9 39.7 38.6 36.9 49.2 49.0 50.1 50.2 51.4 51.3 51.2 Stone, Clay, Glass Products 36.9 35.1 37.0 39.2 37.9 37.5 35.1 64.9 65.1 64.7 65.4 65.7 66.0 66.4 Nondurable goods •__ ._ 37.5 37.0 37.8 38.2 37.6 37.7 36.9 58.9 59.2 58.3 59.0 59,9 60.5 60.7 Textiles, Products.. _ _ __ _ 35.8 35.0 35.5 36.7 36.1 35.9 34.8 48.0 48.4 48.2 48.6 49.3 49.7 49.9 Fabrics 37.2 36.5 37.0 37.8 37.4 37.2 36.0 46.0 46.1 46.1 46.4 47.7 47.9 48.1 Wearing apparel 33.2 32.3 32.8 34.5 33.7 33.5 32.4 52.0 52.7 51.9 52.7 52.5 53. 3 53.3 Leather, Manufactures 36.3 38.1 34.8 35.3 33. .8 35.7 37.2 52.6 52.5 53.2 53.2 53.9 53.7 53.4 Food, Products 40.5 40.0 41.6 40.5 40.1 40.5 39.7 61.7 62.8 58.5 60.8 62.5 63.3 64.1 Tobacco Manufactures 36.0 32.1 36.9 37.0 36.6 35.8 33.3 46.9 48.1 47.5 47.4 47.9 48.9 49.6 Paper. Printing 38.7 37.8 39.0 39.7 39.5 39.4 38.1 77.0 76.8 77.4 77.3 77.4 78.3 78.4 Chemicals, Petroleum, and Coal Products 38.2 38.2 38.8 39.8 38.9 39.0 38.4 73.9 74.1 74.1 73.8 75.1 75.1 75.6 Petroleum refining 36.4 36.6 35.6 36.9 36.0 36.4 35.5 97.4 98.0 96.9 97.4 97.2 97.2 97.4 Other than petroleum refining. 38.8 38.8 39.9 40.8 39.8 39.8 39.4 65.4 65.3 65.8 65.7 67.4 67.5 68.0 Rubber Products 37.4 36.0 37.6 39.2 38.0 38.1 36.6 76.5 77.0 76.8 76.9 76.8 77.6 77.6 APRIL 1940 345 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF CONSTRUCTION [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.] Nonresidential building Public works Total R b es u i i d ld e i n n ti g al a u n t d il i p ti u e b s l i i c Month Factories Commercial Educational» Other * 1939 1940 1939 1940 1939 1940 1939 1940 1939 1940 1939 1940 1939 1940 January. _ _ _ _ 251.7 196.2 80.2 77.4 7.1 12.9 17.3 15.9 31.7 6.1 28.9 17.7 86.5 66.3 February 220.2 200.6 79.0 74.9 9.5 15.4 13.5 20.2 21.8 8.1 24.7 26.9 71.6 55.2 March 300.7 125.2 13.0 17.4 27.6 39.8 77.7 April 330.0 114.4 17.5 21.3 21.1 34.8 121.0 May 308.5 133.8 13.0 19.5 16.4 27.8 97.9 June 288.3 111 9 15.8 26.8 12.5 37.8 83.6 July 299.9 109.3 17.4 22.9 19.4 28.7 102.1 August 312.3 127.2 10.4 21.1 13.8 24.6 115.3 September 323.2 129.7 20.7 26.6 10.1 24.9 111.1 October 261.8 118.3 16.8 22.6 9.5 23.8 70.8 November 299.8 116.6 18.5 20.4 9.7 29.2 105.5 December 354.1 88.7 15.3 17.4 7.7 17.4 207.7 Year 3, 550. 5 1, 334. 3 174.8 246.9 201.4 342.5 1, 250. 6 » Not strictly comparable with data for earlier years due to changes in classification. CONSTRUCTION CONTRACTS AWARDED, BY TYPES OF FINANCING [Figures for 37 States east of the Rocky Mountains, as reported by the F. W. Dodge Corporation. Value of contracts in millions of dollars.} Total Publicly-financed * Privately-financed * Month 1935 1936 1937 1938 1939 1940 1935 1936 1937 1938 1939 1940 1935 1936 1937 1938 1939 1940 January . 100 215 243 192 252 196 55 149 112 118 148 93 45 66 130 75 104 104 February 75 140 188 lid 220 38 79 69 51 111 37 62 119 68 109 March _ _ _ 123 199 231 227 301 68 96 66 95 128 65 103 165 132 173 April 124 235 270 222 330 53 105 74 99 160 71 130 195 123 170 May _ _ _ 127 216 244 283 308 47 94 93 144 135 80 122 151 139 174 June 148 233 318 251 288 64 116 137 108 128 84 116 180 143 161 July. 159 295 322 240 300 67 153 131 98 137 93 141 191 142 163 August 169 275 281 313 312 92 153 104 171 158 76 122 178 142 154 September 167 234 207 301 323 97 116 80 160 144 70 119 127 141 179 October 201 226 202 358 262 114 101 78 203 92 87 125 124 154 170 November ._ 188 208 198 302 300 118 89 93 179 144 70 119 106 123 156 December 264 200 209 389 354 196 82 115 279 225 68 117 94 110 129 Year _. _ _ 1,845 2,675 2,913 3,197 3,551 1,007 1,334 1,152 1,705 1,708 837 1,341 1,761 1,492 1,842 i Back figures —See BULLETIN for February 1938, p. 159. Data for years prior to 1932 not available. CONSTRUCTION CONTRACTS AWARDED, BY DISTRICTS COMMERCIAL FAILURES, BY DISTRICTS [Figures for 37 States east of the Rocky Mountains, as reported by the[Figures reported by Dun & Bradstreet. Amounts in thousands of F. W. Dodge Corporation. Value of contracts in thousands of dollars.] dollars.] 1940 1939 Number Liabilities Federal Reserve district Feb. Jan. Feb. Federal Reserve 1940 1939 1940 1939 district Boston. __ 9,553 15, 776 Feb. Jan. Feb. Feb. Jan. Feb. New York ____ 30,936 35, 662 47,049 Philadelphia 12, 739 12,138 8, 564 Cleveland.. 18, 590 24, 843 22, 734 Boston 71 78 85 1,418 1,008 1,467 New York 380 492 435 5,425 5,119 4,455 Richmond _ 29, 605 22,016 19, 053 Philadelphia 67 81 80 541 1,219 1,103 Atlanta 23,036 29, 086 19, 665 Cleveland. 53 65 65 940 830 779 Chicago 32, 405 24, 378 38,138 Richmond 46 58 65 584 579 469 St. Louis 15,411 12, 923 17, 324 Atlanta 55 67 73 622 484 679 Chicago— 160 165 160 1,446 2,360 1,943 Minneapolis 3,353 3,634 4,838 St. Louis 26 39 37 288 500 615 Kansas City 9,012 6,614 12, 034 Minneapolis 23 15 18 342 243 172 Dallas 16, 603 15, 344 15, 022 Kansas City 40 52 45 288 335 235 Dallas 23 23 34 200 286 333 Total (11 districts) 200, 574 196,191 220,197 San Francisco 102 105 1,378 2,316 1,332 Total 1,042 1, 237 1,202 13, 472 15, 279 13, 582 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. 346 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

MERCHANDISE EXPORTS AND IMPORTS [In millions of dollars] Merchandise exports l Merchandise imports * Excess of exports Month 1936 1937 1938 1939 1940 1936 1937 1938 1939 1940 1936 1937 1938 1939 1940 January 199 223 289 213 369 187 240 171 178 242 11 —18 118 35 127 February 182 233 262 219 P347 193 278 163 158 -11 —45 99 61 March 195 257 275 268 199 307 173 190 —4 —51 102 77 April 193 269 274 231 203 287 160 186 -10 -18 115 45 May 201 290 257 249 192 285 148 202 9 5 109 47 June 186 265 233 236 191 286 146 179 -5 -21 87 57 July 180 268 228 230 195 265 141 169 -15 3 87 61 August 179 277 231 250 193 246 166 176 14 31 65 75 September . 221 297 246 288 216 233 168 182 5 63 79 107 October 265 333 278 332 213 224 178 215 52 108 100 117 November. . 226 315 252 293 196 223 176 236 30 92 76 57 December 230 323 269 368 245 209 171 247 -15 115 98 121 Year 2,456 3,349 3,094 3,177 2,423 3,084 1,960 2,318 33 265 1,134 859 * Preliminary. 1 Including both domestic and foreign merchandise. 1 General imports, including merchandise entered for immediate consumption and that entered for storage in bonded warehouses. Source.—Bureau of Foreign and Domestic Commerce. Back figures.—Bee BULLETIN for January 1931, p. 18; July 1933, p. 431; and February 1937, p. 152. FREIGHT-CAR LOADINGS, BY CLASSES DEPARTMENT STORE SALES AND STOCKS [Index numbers; 1923-25 average=100] [Index numbers based on value figures; 1923-25 average=100] 1939 1940 Sales i Stocks (end of month) Feb. Oct. Nov. Dec. Jan. Feb. Adjusted Without Adjusted Without Month for seasonal seasonal for seasonal seasonal variation adjustment variation adjustment Adjusted for seasonal variation 1939 1940 1939 1940 1939 1940 1939 1940 Total _ 67 80 82 78 78 73 Coal 65 87 80 71 83 68 Coke _ 46 95 100 92 90 65 January 88 92 69 72 67 69 60 61 Grain and grain products... 70 87 88 87 73 75 February 87 89 69 71 68 71 65 68 Livestock. _ _ 38 44 41 40 39 40 March 88 82 68 69 Forest products 36 50 51 51 47 44 Ore 93 108 191 116 114 107 April 88 88 67 69 Miscellaneous _ _ _ 75 86 89 89 86 83 May 85 87 66 68 Merchandisel 62 62 63 62 62 61 June 86 83 67 64 July 86 60 67 60 Without seasonal adjustment August 89 69 67 65 September 91 97 68 71 Total . 62 89 83 73 72 68 October 90 99 69 77 Coal 76 96 87 79 95 80 November. 95 106 71 82 Coke 62 95 100 101 106 88 96 168 68 64 Grain and grain products 64 87 83 75 66 69 Livestock 31 62 50 39 38 33 Year 90 68 Forest products 35 52 50 44 41 43 Ore 22 160 105 29 25 26 Miscellaneous 64 97 91 81 74 71 Merchandisel _ - 60 65 64 60 58 59 1 Based on daily average sales—with allowance for changes from month to month in number of Saturdays and in number of Sundays and holidays. Adjustment for seasonal variation makes allowance in March i In less-than-carload lots. and April for the effects upon sales of changes in the date of Easter. NOTE.—For description and back data see pp. 622-529 of BULLETIN Tor June 1937. Based on daily average loadings. Basic data compiled Back figures.—Department store sales, see BULLETIN for August by Association of American Railroads. Total index compiled by com- 1936, p. 631, and for October 1938, p. 918; department store stocks, see bining indexes for classes with weights derived from revenue data of BULLETIN for March 1938, p. 232. the Interstate Commerce Commission. APRIL 1940 347 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

WHOLESALE PRICES, BY GROUPS OF COMMODITIES [Index numbers of the Bureau of Labor Statistics. 1926-100] Other commodities All Farm Year, month, or week m c t o i o e m d s i - - p u r c o t d s - Foods Total H p l i r e d o a e d t s h u a e c n r ts d p T ro e d x u ti c le ts F m li u g a e h t l e t i r a n i n a g d ls a p n M r d o e d m t u a e c l t s t a s l B m u a i t l e d r i i n a g ls c C a d l h r s e u m a g n s i d - i f n H u g r o n g u i o s s h o e- d - s l M an is e c o e u l s - 1929 95.3 104.9 00.0 01.6 109.1 90.4 83.0 100.5 95.4 94 2 94.3 82.6 1930 86.4 88.3 00.5 85.2 100.0 80.3 78.5 92.1 89.9 89.1 92.7 77.7 1931 -_ 73.0 64.8 74.6 76.0 86.1 66.3 67.5 84.5 79.2 79 3 84.9 69.8 1932 64.8 48.2 61.0 70.2 72.0 54.0 70.3 80.2 71.4 73.5 75.1 64.4 1933 65.9 51.4 60.5 71.2 80.0 64.8 66.3 79.8 77.0 72 6 75.8 62.5 1934 74.9 65.3 70.5 78.4 86.6 72.0 T3.3 86.9 86.2 75.9 81.5 69.7 1035 80.0 78.8 83.7 77.0 89.6 70.9 73.5 86.4 85.3 80 5 80.6 68.3 1936 80.8 80.0 82.1 70.6 05.4 71.5 76.2 87.0 86.7 80.4 81.7 70.6 1937 - - - 86.3 86.4 85.5 85.3 104.6 76.3 77.6 95.7 95.2 83 9 89.7 77.8 1938 78.6 68.5 73.6 81.7 02.8 86.7 76.5 95.7 90.3 77.6 86.8 73.3 1939 - - - 77.1 65.3- 70.4 81.3 95.6 69.7 73.1 94.4 90.5 76.5 86.3 74.8 1939—January _ 76.9 67.2 71.5 80.2 03.1 65.0 72.8 94.4 89.5 76.7 85.4 73.2 February 76.9 67.2 71.6 80.2 01.0 66.1 73.0 94.3 89.6 76.3 85.2 73.5 March.. _ 76.7 65.8 70.2 80.4 01.8 66.6 73.1 94.3 89.8 76.5 85.2 74.1 April 76.2 63.7 68.6 80.5 00.0 66.0 73.4 94.0 89.6 76.0 85.4 74.4 May 76.2 63.7 68.2 80.6 01.6 67.5 73.9 93.5 89.5 75 9 85.5 74.2 June 75.6 62.4 67.6 80.2 02.3 67.3 73.0 93.2 89.5 75.7 85.6 73 8 July 75.4 62.6 67.5 80.2 02.5 67.6 72.8 93.2 89.7 75.0 85.6 73.4 August 75.0 61 0 67.2 80.1 92.7 67.8 72.6 93.2 89.6 74.6 85.6 73.3 September 79.1 68.7 75.1 82.1 98.5 71.7 72.8 94.8 90.9 77.3 86.6 76.6 October 79.4 67.1 73.3 83.8 104.6 75.5 73.9 95.8 92.8 78.1 87.8 77.6 November 79.2 67.3 72.3 84.0 104.0 76.4 74.1 96.0 93.0 78.0 88.4 77.0 December 79.2 67.6 71.9 83.9 103.7 78.0 72.8 96.0 93.0 78.1 88.5 77.4 1940—January 79 4 69 1 71.7 83 9 103.6 77.9 72.7 95.8 93.4 78.1 87.9 77.7 February 78.7 68.7 71.1 83.2 102.4 75.4 72.4 95.3 93.2 78.1 88.2 77.3 Week ending— 1939—December 2 78.8 67.1 71.1 84.4 103.9 76.0 74.4 96.2 93.0 77.5 90.0 78.4 December 9 79.0 67.4 71.3 84.4 104.0 76.6 74.1 96.1 '92.7 77.6 90.0 78.4 December 16 . 78.7 66.8 71.1 84.1 104.2 76.7 73.7 96.1 93.4 77.6 90.0 76 9 December 23 79.3 67.8 72.1 84.3 104.4 77.8 73.5 96.1 93.6 78.0 90.0 77.4 December 30 79.4 68.5 71.9 84.4 104.1 78.6 73.4 96.1 93.1 78.1 90.1 77.7 January 6 79 5 69.6 71.8 84.2 104.0 78.3 73.3 96.0 92.9 78.0 90.1 77.5 January 13 79.5 69.5 71.8 84.3 104.1 78.1 73.3 96.0 93.2 77.8 90.1 77.7 January 20 79 3 69.5 71.4 84.1 103 7 77.0 73.4 96.0 93.1 77.7 90.2 77.5 January 27 79.1 69.2 71.4 84.0 103.9 76.7 73.4 95.7 93.7 77.6 90.2 77.4 February 3 78.8 69.6 71.7 83.6 103.0 75.3 73.3 95.6 93.1 77.5 89.5 77.1 February 10 78.5 68.9 70.9 83.5 103.2 75.3 73.0 95.5 93.1 77.3 89.5 77.1 February 17 78 3 68 6 70.5 83 3 103 1 74.4 73.0 95.3 93.2 77.5 89.6 77.2 February 24 78.6 69.4 71.0 83.3 102.7 74.2 73.0 95.3 93.0 77.7 89.5 77.2 March 2 78.4 68.8 70.5 83.2 102.8 73.6 72.8 95.5 93.3 77 8 89.5 76.9 March 9 78.3 68.5 69.9 83.1 102.4 73.3 72.8 95.5 93.3 77.5 89.6 76.8 March 16 78.2 68.0 70.4 83.0 102.5 73.0 72.6 95.5 93.2 77.4 89.6 76.9 March 23 77.9 67.5 69.9 82.9 102.1 72.7 72.6 95.4 93.3 77.3 89.5 76.5 1939 1940 1939 1940 Subgroups Subgroups Feb. Nov. Dec. Jan. Feb. Feb. Nov. Dec. Jan. Feb. Farm Products: Metals and Metal Products: Grains 54.7 64.1 71.6 73.5 72.8 Agricultural implements 93.2 93.3 93.3 93.4 93.4 Livestock and poultry 79.2 66.1 63.8 67.2 65.6 Farm machinery 94.5 94.6 94.6 94.6 94.6 Other farm products 62.9 68.3 68.4 68.6 68.9 Iron and steel 96.1 96.0 96.1 96.3 96.3 Foods: Motor vehicles l 93.4 94.7 94.7 94.7 94.7 Dairy products 71.6 80.1 81.3 81.9 80.0 Nonferrous metals 76.5 85.1 84.6 82.6 79.2 Cereal products 72.7' 78.0 80.5 80.4 82.4 Plumbing and heating 79.2 79.3 79.3 79.3 79.1 Fruits and vegetables 62.1 61.2 63.0 60.3 58.7 Building Materials: Meats . 83.2 71.2 69.1 69.9 68.4 Brick and tile 92.4 91.6 91.6 91.6 91.2 Other foods 61.7 69.2 66.5 65.8 66.3 Cement 2 91.2 91.3 91.3 91.4 91.4 Hides and Leather Products: Lumber . 92.6 98.3 97.8 97.6 97.6 Shoes 101.1 107.2 107.5 107.8 108.2 Paint and paint materials 80.5 84.9 85.5 87.2 86.8 Hides and skins 72.8 104.3 105.2 102.6 97.0 Plumbing and heating 79.2 79.3 79.3 79.3 79.1 Leather 84.2 97.8 95.2 96.0 94.2 Structural steel . 107.3 107 3 107.3 107.3 107.3 Other leather products „ 95.3 99.9 100.0 100.0 100.0 Other building materials 89.3 92.9 92.7 93.2 92.9 Textile Products: Chemicals and Drugs: Clothing . 81.5 83.8 84.2 84.5 84 9 Chemicals __ 79.4 81 4 81.1 80.9 81.0 Cotton goods 63.7 74.8 75.2 75.4 73.6 Drugs and pharmaceutic;als 72.7 75.0 75.6 76.5 76.8 Hosiery and underwear 58.8 64.8 66.0 68.4 64.5 Fertilizer materials 69.3 73.0 74.5 74.0 72.9 Silk 3 __. „ 36.8 56.5 66.0 61.8 51.6 Mixed fertilizers 73.7 72.6 73.7 73.5 73.7 Rayon 3 28.5 29.5 29.5 29.5 29.5 Housefurnishing Goods: Woolen and worsted goods 74.7 90.5 90.3 90.4 87.2 Furnishings 89. 8 94.2 94.4 94.0 94.2 Other textile products 64.5 83.4 84.2 81.3 76.8 Furniture 80.5 82.3 82.4 81.4 81.9 Fuel and Lighting Material: Miscellaneous: Anthracite 79.9 76.1 76.1 78.7 79.2 Auto tires and tubes 59.7 55.6 55.6 55.6 55.6 Bituminous coal. _ 98.1 98.1 97.8 98.0 98.2 Cattle feed . . 78.2 91 5 91.7 93.0 93.7 Coke 104.2 111.2 109.9 109.8 109.7 Paper and pulp 81.1 88.0 89.0 89.8 89.5 Electricity „ 82.8 76.5 Rubber, crude 33.7 42.5 42.4 39.6 38.7 Gas 81.8 82.2 80.4 Other miscellaneous 81.2 86.0 86.6 87.4 86.6 Petroleum products. 50.7 53.9 52.5 51.7 50.9 1 Preliminary revision. 2 Revised series. 3 New series. 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). 348 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS FOR FEDERAL RESERVE CHART BOOK—CURRENT SERIES Chart 1940 Chart 1939 1940 book book page F 2 e 1 b. F 2 e 8 b. Mar. M 1 a 3 r . M 2 a 0 r. Dec. Jan. Feb. WEEKLY FIGURES Wednesday figures; in billions of MONTHLY FIGURES Index numbers RESERVES, GOLD, AND dollars BUSINESS CONDITIONS 1923-25=100 CURRENCY Wholesale commodity prices:4 United States: Reserve bank credit—total.. 3, 5 2.52 2.54 2.52 2.52 2.52 All commodities 31, 32 79.2 79.4 78.7- Bills discounted 5 .01 .01 .0) 0) (0 Farm products 31 67.6 69.1 68.7 U. S. Gov't securities— 5 2.48 2.48 2.48 2.48 2.48 Foods 31 71.9 71.7 71.1 Gold stock _ 3 18.11 18.17 18.22 18.28 18.36 Other commodities— 31 83.9 83.9 83.2 Money in circulation 3, 9 7.45 7.44 7.48 7.46 7.48 England 32 *>103. 8 Treasury cash 3 2.36 2.37 2.36 2.36 2.37 France 32 Treasury deposits 3 .60 .56 .54 .53 .71 Germany 32 M Re e q m u b ir e e r d b r a e n s k er v b e a s l a e n ._ c _ e s 3,6 6 1 6 2. . 2 6 4 1 1 6 2. . 3 6 2 3 1 6 2 . . 6 3 3 7 1 6 2 . . 6 4 6 4 1 6 2. . 2 6 6 6 I M nd an u u st f r a i c a t l u p ri r n o g d u p c r t o i d o u n c 5 tion:E 35 128 119 P109 Exce N ss e w re s Y er o v r e k s — Ci t t o y t a * l «• 7 7 3 5. . 6 2 6 3 5 3 . . 7 2 0 8 3 5 . . 2 7 7 4 3 5 . .7 2 9 5 P 3 5 . . 2 6 1 9 T D o u t r a a l ble6 ,.- 3 3 7 7 1 6 2 5 9 1 5 1 7 8 P ? 1 4 08 8 R C C e h o s i u c e n a rv t g r e o y * c b it a y n k b s a n * k • s J 7 7 7 1 . . . 3 7 3 0 6 7 1 . . . 3 7 3 0 5 7 1 . . .3 3 7 9 0 8 1. . . 4 7 3 6 8 0 P 1 . . . 3 4 7 0 2 6 F F a a c c t t N o o r r o y y n d p em a u y r p a r l o b o l l l y e s m 6 ent 4 4 3 3 3 7 1 1 6 0 0 4 3 4 . . 7 1 1 6 9 0 1 8 1 . . 3 5 P1 * 0 > 6 1 9 0 . 7 . 4 8 Freight-car loadings 5 45 78 78 73 WEEKLY Department store sales 5 47 92 89 REPORTING MEMBER BANKS Department store stocks 5 47 71 Total, 101 cities: Loans and investments. 14 23.21 23.27 23.36 23.44 23.40 In millions of dollars Investments 14 14.68 14.74 14.76 14.82 14.79 Construction contracts awarded:7 Loans. _ 14 8.53 8.53 8.62 8.61 Total 41 353 307 P256 A Ti d d m j e u e p s o t d e s e d i p t s o d .. s _ e it m s and 1 1 5 5 1 5 9. . 2 2 6 8 1 5 9. . 4 2 1 9 1 5 9 . . 3 3 0 4 19 5 . . 5 3 1 4 1 5 9. . 2 3 5 3 Expo R O r e t t s s h i e d a r e n . n d . t i i a m l ports: 4 4 1 1 2 1 4 1 3 1 2 9 1 7 0 P101 U. S. Gov't deposits 15 .57 .57 .57 .57 .58 Exports (incl. re-exports). 49 368 369 D Fo o r m ei e g s n t ic b a b n a k n k b a b la al n a c n e c s e . s . 1 1 5 5 8 . . 7 0 5 9 8 . . 7 0 3 9 8 . .2 7 2 3 8 . . 7 2 3 7 8 . . 7 2 5 8 G Ex e c n e e s r s a l o f im ex p p o o rt r s t s 4 4 9 9 2 1 4 2 7 1 2 1 4 2 2 7 P200 New B U O C Y r o . t o h m S o k e r . m r e k G r s e s o e C r ' c c v l i i u o t ' a t y r a l o i : n t l b s i o e l a i s g n .. s a tions _ .. _ 1 1 1 1 6 6 6 6 4 1 1 . . . . 6 4 2 6 3 7 6 5 4 1 1 . . . 6 6 3 4 5 1 4 1 1 . . . . 6 3 4 6 6 1 8 4 4 1 1 . . . . 7 5 6 3 1 0 8 2 4 1 1 . . . . 7 4 6 3 6 9 8 1 Inco T T S O m a o o t e l h t t a a a e p r l i l r a e 5 s u y s n m a a n d e d n ju t w s s : t a e g d e s 5 5 5 5 5 0 0 0 0 ' r ' ' 2 3 6 6 , , , , 2 8 0 8 2 6 9 8 6 4 0 8 6 3 2 6 , , , , 2 0 8 0 8 0 6 9 5 5 5 0 * P P P 5 3 2 6 , , , , 7 5 0 2 5 5 1 6 2 4 5 3 100 c U O it . t i h e S e s . r o G s u e o t c v s u i 't d r i e o t i b N e l s i e g w a ti Y o o n r s k .. : 1 1 7 7 6 2. . 1 6 7 3 6 2. . 1 6 6 3 2.16 6 2. . 1 6 7 2 2 6 . . 1 5 7 5 Cash T C o f r a o t r a p m l s income: 5 5 1 1 8 3 0 3 1 0 •• 2 7 3 4 8 3 6 21 3 9 5 Commercial loans 17 2.67 2.67 2.69 2.69 2.70 Livestock and products. _ 51 380 r379 318 MONEY RATES AND SECURITY Averages of daily figures5; per cent Government payments... 51 91 126 MARKETS per annum F.R.bankdiscountrate,N.Y. 19 1.00 1.00 1.00 1.00 1.00 OTHER In billions of dollars B U C U U C C . . . a o o o n m r r S S S p p k . . . m o o e T T T r r r e a a s r r r r ' t e t e e c e e a a a a i a s s s c A B l u u u c a a p e r r r a a y y y p a b b t p n b b a o e o o i o n l r n n t n l c e s d d d e s s s s s __ _ _ _ 21, 2 2 1 1 2 2 2 5 1 9 9 1 5 5 4 2 2 . . . . . . . 4 5 4 0 8 3 8 4 6 6 2 2 2 5 4 2 2 . . . . . . . 4 5 8 0 4 8 3 4 6 4 2 3 6 3 4 2 2 . . . . . . . 4 5 0 4 8 2 8 4 6 2 2 3 8 5 4 2 2 . . . . . . . 5 4 0 8 4 2 8 6 4 2 0 2 4 5 2 2 4 . . . . . . . 4 5 0 4 2 8 8 4 6 2 3 4 4 0 C U. e d n e S N U E t F b r . r n t a e n — a l g t i G n h t l g e t c o a e o o d e n r v l t l d d a ' S a t l n t r a e i d n t s s e e t s e r v re e s s t : -bearing 2 8 8 8 8 0 4 1 0 2 1 7 . . ) . 4 7 6 5 1 4 4 1 0 2 1 7 . . . ) 6 9 7 0 3 1 0 4 1 2 1 ) 8 . . . 7 8 1 1 4 8 Bonds • 20 29.17 29.45 29.59 Wednesday figures; in unit indicated Notes 20 6.20 6.20 6.20 Stock prices, total * 27, 29 92 91 92 92 91 B Sp il e l c s ial issues 2 2 0 0 4 1 . . 6 4 2 5 4 1 . . 6 3 4 1 4 1 . . 7 3 4 1 Industrial 27 108 107 108 108 1.07 Railroads. __ 27 29 29 29 29 29 Public utilities _. 27 88 88 87 88 87 QUARTERLY FIGURES * Apr.- July- Oct.- Volume of trading* (mill, June Sept. Dec. shares).. 29 .74 .56 .68 .76 .63 1939 1939 1939 Brokers' loans (mill, dollars) 29 617 609 638 659 628 BUSINESS CONDITIONS Figures for week*; in unit indicated In millions oj dollars Domestic corporation security Wholesale commodity prices: * issues, total 28 662 653 509 All commodities._ 33 78.6 78.4 78.3 78.2 77.9 New 28 130 92 67 Farm products 33 69.4 68.8 68.5 68.0 67.5 Refunding 28 532 560 442 Foods 33 71.0 70.5 69.9 70.4 69.9 Other commodities. 33 83.3 83.2 83.1 83.0 82.9 Steel plant operations Per cent per annum (% of capacity) 38 67.1 65.9 64.6 64.7 62.4 Automobile production Customers' rates: (thous. cars) 38 102.7 100.9 103,6 105.7 103.4 New York City 23 2.15 2.04 1.96 Electric power production 7 other Northern and (mill. kw. hrs.) 39 2,455 2,479 2,464 2,460 2,424 Eastern cities 23 3.05 2.78 2.59 Total freight-car loadings 11 Southern and Western (thous. cars) 39 595.0 634.4 621.0 619.0 619.9 cities 23 3.62 3.31 3.32 p Preliminary. »• Revised. e Estimated. 5 Adjusted for seasonal variation. 1 2 A Le v s e s r a t g h e a s n o $ f 5 d ,0 a 0 i 0 ly ,0 0 f 0 ig . ures, see footnote 3. 6 7 T P h o r i e n e ts - m in o n to th ta s l m in o d v e i x n g o f a v m e a r n ag u e f a a c d tu ju r s in te g d p fo ro r d s u ea c s ti o o n n a . l variation. 4 3 I F n i d g e u x r e n s u a m re b e s r h s o , w 1 n 9 2 u 6 n = d 1 e 0 r 0 . the Wednesday date included in the weekly period. on 8 f B o a ll n o k w i i n n g g s p t a a g ti e s . tics for call report dates are shown in table NOTE.—Copies of this chart book can be obtained from the Board at a price of 50 cents each. APRIL 1940 349 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

STATISTICS FOR FEDERAL RESERVE CHART BOOK—QUARTERLY BANKING SERIES [In billions of dollars] Chart 1§38 b p o a o g k e Ju 3 n 0 e D 3 e 1 c. Mar. Ju 3 n 0 e Se 28 pt. D 3 e 1 c. M 2 a 9 r . Ju 3 n 0 e Oc 2 t . D 3 e 0 c. All banks in the United States: Total deposits and currency.. 10 57.42 56.83 56.78 56.74 7. 65 U2 P59.15 P61. 00 P63. 03 . 40 Time deposits 10 25.96 26.26 26.34 26.27 P26. 38 P26. 58 . 83 P26. 91 P27.00 Demand deposits adjusted. __ 10 25.26 24.05 24.13 24.39 P25. 10 26. 01 P26.01 P27. 32 P29. 10 P30.05 Currency outside banks 10 5.53 5.69 5.50 5.47 P5.50 P5.68 P6.05 P6.23 P6.50 Member banks: Demand deposits adjusted... 11 21.40 20.39 20.51 20.89 21.60 22.29 22.36 23.59 25.12 25.68 Time deposits 11 11.35 11.52 11.59 11.56 11.46 11.51 11.60 11.72 11.73 11.85 Interbank balances 11 5.30 5.44 5.62 6.10 6.09 6.51 6.82 7.10 4 8.24 8.51 Loans and investments 11 32.74 31.75 31.52 30.72 31.63 32.07 32.10 32.60 33.08 33.94 Investments, total 11 18.45 17.79 17.98 17.78 18.69 18.86 19.05 19.46 19.61 19.98 U. S. Government obligations, total 12 12.69 12.37 12.45 12.34 13.01 13.22 13.35 13.78 13.81 14.33 Direct obligations 13 10.87 10.57 10.63 10.22 10.71 10.88 10.69 10.95 10.89 11.18 Guaranteed obligations 13 1.82 1.80 1.83 2.13 2.30 2.34 2.66 2.83 2.92 3.14 Other securities, total 12 5.77 5.42 5.52 5.44 5.68 5.64 5.70 5.69 5.79 5.65 State and local government securities 13 2.13 2.03 2.19 2.13 2.30 2.45 2.55 2.55 2.76 2.69 Other domestic 13 3.40 3.21 3.15 3.13 3.19 3.01 2.96 2.94 2.77 Foreign securities 13 .23 .18 .18 .18 .18 .18 .18 .19 .19 Loans, total 11 14.29 13.96 13.55 12.94 12.94 13.21 13.05 13.14 13.47 13.96 Security loans, total *2 12 4.37 3.70 3.54 3.32 3.30 2 1.75 1.57 1.47 1.49 Brokers' loans 13 1.54 .95 .88 .70 .71 .97 .84 .73 ( .79 Loans on securities (excluding brokers' loans) 2__ 13 2.83 2.75 2.67 2.61 2.59 2.78 .73 .74 (5 .70 Real estate loans 12, 13 2.51 2.55 2.56 2.61 2.66 2.72 2.75 2.83 (5 2.96 Other loans, total 12 12 7.41 7.71 7.45 7.01 6.97 2 8.74 8.73 8.85 (5 9.51 Commercial loans 2 13 6.66 7.00 6.75 6.40 6.36 2 5.45 5.53 5.57 (5 6.12 Open-market paper 13 .64 .64 .61 .49 .48 .44 .42 .42 (5 .45 Loans to banks 13 .12 .07 .10 .12 .13 .12 .10 .06 8 .06 All other loans 3 3 2. 73 2.67 2.80 2.89 p Preliminary. 1 In chart 12 loans to banks on securities are included in the total of "security loans" prior to June 30, 1937 and in the total of "other loans" since that date. 2 Figures are reported on somewhat different basis beginning December 31, 1938. For detailed explanation of the changes and for estimates on old basis as of December 31, 1938, see BULLETIN for April 1939, page 332. 3 Not originally plotted in chart book. 4 Partly estimated. • Detailed breakdown of loans and investments now available on June and December dates only. NUMBER OF BANKS AND BRANCHES IN UNITED STATES, 1933-1939 [Figures for 1939 are preliminary] Member banks Nonmember banks Branches Other than mutual End of year figures savings and Total National State private banks Mutual Private2 In Outside savings head- head- Insured * Not oflice office insured * cities cities Number of Banking Offices 1933 6,275 1,817 9,">41 704 103 17,940 1934 _ _ 6,705 1,961 3 9, 579 705 246 19,196 1935 6,715 1,953 8,556 1,088 698 143 19,153 1936 6,723 2,032 8,436 1,043 693 139 19,066 1937 . - 6,745 2,075 8,340 997 691 79 18,927 1938 6,723 2,106 8,224 958 690 73 18, 774 1939 _ _ 6,705 2,177 8,098 929 4 683 6 69 18, 661 Number of Banks (Head Offices) 1933 5,154 857 8,?41 579 98 15,029 1934 5,462 980 7,693 1,108 579 241 16,063 1935 5,386 1,001 7,728 1,046 570 138 15, 869 1936 5,325 1,051 7,588 1,004 565 134 15, 667 1937 5,260 1,081 7,449 960 563 74 15, 387 1938 - - . _ 5,224 1,114 7,316 917 555 68 15,194 1939 5,187 1,175 7,172 885 551 63 15,033 Number of Branches 1933 . 1,121 960 71)0 125 5 2,911 1,784 1,127 1934 1,243 981 778 126 5 3,133 1, 776 1,357 1935 . • 1,329 952 828 42 128 5 3,284 1,754 1,530 1936 1,398 981 848 39 128 5 3,399 1,749 1,650 1937 1,485 994 891 37 128 5 3,540 1,757 1,783 1938 1,499 992 908 41 135 5 3,580 1,743 1,837 1939 _ 1,518 1,002 926 44 132 6 3,628 1,738 1,890 1 Federal deposit insurance did not become operative until January 1,1934. a The figures for December 1934 include 140 private banks which reported to the Comptroller of the Currency under the provisions of Section 21 (a) of the Banking Act of 1933. Under the provisions of the Banking Act of 1935, private banks no longer report to the Comptroller of the Currency and, accordingly, only such private banks as report to State banking departments are in the figures shown for subsequent years. 3 Separate figures not available for branches of insured and not insured banks. 4 Comprises 51 insured banks with 24 branches and 500 uninsured banks with 108 branches. The figures for 1939 exclude one bank with 4 branches which heretofore was classified as an insured mutual savings bank but is now included with "Nonmember banks other than mutual savings and private banks." 6 Comprises 1 insured bank with no branches and 62 uninsured banks with 6 branches. 350 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL FINANCIAL STATISTICS PAGE Gold reserves of central banks and governments.... 352 Gold production > 353 Gold movements . 353-354 International capital transactions of the United States... . 355-363 Central banks . . 364-367 Bank for International Settlements 368 Money rates 368 Discount rates of central banks... 369 Commercial banks . 369-370 Foreign exchange rates . 371 Price movements: Wholesale prices 372 Retail food prices and cost of living. . . 373 Security prices 373 Tables on the following pages include the principal available statistics of current significance relating to gold, international capital transactions of the United States, and financial developments abroad. The data are compiled for the most part from regularly published sources such as central and commercial bank statements and official statistical bulletins; some data are reported to the Board directly. Figures on international capital transactions of the United States are collected by the Federal Reserve banks from banks, bankers, brokers, and dealers in the United States in accordance with the Treasury Regulation of November 12, 1934. Back figures may in most cases be obtained from earlier BULLETINS and from Annual Reports of the Board of Governors for 1937 and earlier years. Daily and monthly press releases giving daily and monthly average foreign exchange rates will be sent without charge to those wishing them. Other data on the following pages are not regularly released prior to publication. APRIL 1940 351 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD RESERVES OF CENTRAL BANKS AND GOVERNMENTS [In millions of dollars] Countries in Tripartite Accord Other countries Total i Switzerland End of month c tr o ( i 5 u e 2 s n ) - U S n ta i t te e d s U K d n i o i n m t g ed - France g B iu e m l- 2 N la e e n r t d - h s - ti N on a- al B.I.S. g t A i e n r n a - - Brazil I B n is r d h i i t a - g B a u r l i - a C a a d n a - Chile Bank 1934—December. 21,051 8,238 1,584 5,445 590 573 624 403 275 19 134 29 1935—December. 21,604 10,125 1,648 4,395 611 438 454 444 275 19 189 29 1936—December. 22, 630 11, 258 2,584 2,995 632 490 655 501 275 20 188 29 1937—December. 23, 964 12, 760 2,689 2,564 597 930 648 469 274 24 184 30 1938—December. 25,468 14, 512 2,690 2,435 581 995 699 431 274 24 192 1939—March 24,387 15,258 1,066 2,436 518 909 640 428 274 24 210 April '24,944 15, 791 1,066 2,574 520 834 428 274 24 212 30 May '25,119 15,957 1,067 2,574 524 823 428 274 24 214 30 June '25,270 16,110 1,067 2,574 540 800 428 274 24 213 30 July '25,492 16, 238 1,162 2,574 573 769 595 427 274 24 212 30 August '26,097 16,646 1,162 2,714 614 769 585 431 274 24 218 30 September. '25, 234 16, 932 1 2,714 615 752 585 449 274 24 218 30 October.... '25, 303 17,091 1 2,714 611 754 579 449 274 24 212 30 November. '25, 513 17,358 1 2,714 700 559 453 274 24 213 30 December 25, 701 17, 644 1 2,714 547 466 274 24 214 1940—January.... P25, 906 17, 931 1 2,714 609 535 466 P274 »24 211 February.. P26,141 18,177 1 2,714 P690 525 P466 P274 213 Other countries—Continued E m n o d n t o h f lo C m o b - ia C v z s a e l k c o h i - a o- m D a e r n k - Egypt m G a e n r- y3 Greece H ga u r n y - Italy* Japan Java M ic e o x- N l Z a e e n a w d - N w o ay r- Peru l P an o- d 1934—Dec... 19 112 55 40 518 394 61 19 96 1935—Dec... . 16 112 55 34 270 425 84 20 84 1936—Dec. _. 19 91 55 26 208 463 98 20 75 1937—Dec. . 16 92 55 24 210 261 82 20 83 1938—Dec... 24 83 65 27 193 164 94 20 86 1939-Mar.... 21 67 55 29 193 164 96 19 86 April- 21 66 55 29 193 164 107 19 84 May... 20 65 55 31 193 164 107 19 84 June 20 62 55 31 193 164 107 19 84 July.... 21 55 30 193 164 107 19 84 Aug 20 55 28 193 164 107 20 84 Sept.__. 21 55 28 193 164 107 20 84 Oct..,.. 21 55 28 193 164 103 19 Nov.... 21 55 28 193 164 103 19 Dec.... 21 55 28 144 164 90 94 19 1940—Jan..... 23 P55 28 144 164 P90 84 P19 Feb.... P23 P55 P28 144 P164 P90 P84 P19 Government gold reserves1 not included Other countries—Continued in previous figures for 53 countries End of month Po g r a t l u- Ru n m ia a- A So fr u ic th a Spain« S d w en e- T k u ey r- g U u r a u y - Y sl u av g i o a - c o o t 1 h u 7 e n r - E m n o d n t o h f U S n ta i t t e e s d U K d n i o i n m t g e - d France g B iu el m tries* 1 1 9 9 3 3 4 5 — — D D e e c c _ 1 10 0 9 4 2 1 1 8 2 4 7 7 4 3 0 5 1 1 8 5 5 9 2 2 2 4 1 '1 6 6 1 8 1 1 1 9 9 9 3 3 3 4 5 6 — — — D D D e e e c c c . . . _ «934 3 5 1 3 1 1 1 9 9 9 3 3 3 6 8 7 — — — D D D e e e c c c 1 1 13 1 2 3 4 0 2 2 1 2 0 8 0 3 9 7 7 5 1 1 2 8 8 5 2 2 32 4 4 1 0 4 2 2 2 9 6 9 ' ' ' 1 1 1 8 4 8 5 3 3 1 1 9 9 3 3 7 8 — — Ju D M n e a e c r . . - . _ 444 81 1 , , 3 4 9 8 5 9 81 1939— D J A M J N S O A M u u e e p c o u a l n p a c t y r g v y e r t i . l _ 1 1 1 1 1 1 1 1 1 1 3 3 5 3 4 5 3 4 3 5 5 4 1 6 9 0 7 8 7 2 2 2 2 2 2 2 2 2 2 2 2 1 1 1 4 1 3 2 5 4 1 8 8 9 3 9 4 2 4 9 5 5 5 5 5 5 5 5 5 5 2 2 2 2 2 2 2 2 2 2 5 5 5 5 5 5 5 5 5 5 3 3 3 3 3 3 3 3 3 3 3 3 5 5 3 4 4 4 3 0 2 3 5 7 9 6 8 4 2 8 3 3 3 3 2 2 2 3 3 2 0 0 0 0 9 9 9 0 0 9 59 « " ' ' 1 1 1 1 1 1 1 1 1 1 5 4 3 5 2 3 3 5 3 2 6 4 4 6 6 6 1 1 5 6 1939— A N D M M J J S F O u J u e e o p e c a a n a p v l c b t r n . y . . y t e . r — . . — - . - . - . . . . _ . . . . . . . . "l5 8 8 4 0 5 " 1 ( , ) 7 7 3 5 2 9 •1 4 3 3 4 4 1 5 0 7 3 8 6 3 5 5 3 7 1 1 5 0 5 9 44 1940— F J e a b n P1 1 5 5 2 2 P2 2 5 53 3 5 52 2 5 5 P 2 2 5 5 8 8 P2 2 9 9 P60 P P1 1 4 4 0 0 D Se e p c. t . — . "l64" p Preliminary. r Revised. c Corrected. 1 Reported at infrequent intervals or on de- 1 Data reported monthly incomplete. For additional data see section at end of table. layed basis: U. S.—Exchange Stabilization Fund 2 Figure for Dec. 1939 officially reported and carried forward. (Special A/c No. 1); U. K.—Exchange Equaliza- * Figure for May 1939 officially reported and carried forward. tion Account; France—Exchange Stabilization 4 Figure for Dec. 1938 officially reported and carried forward through Nov. 1939; Dec. 1939Fund and Rentes Fund; Belgium—Treasury. figure officially reported and carried forward. Gold in Swiss and Dutch Funds and in some » Figure for Aug. 1, 1936, carried forward through Mar. 1938; Apr. 1938 figure officially re- other central reserves not reported. ported and carried forward. » Figure for Mar. 1937, first date reported. « These 17 countries are: Albania, Algeria, Australia, Austria through Mar. 7,1938, Belgian » Figure for Sept. 1937. Congo, Bolivia, China, Danzig through Aug. 31, 1939, Ecuador, El Salvador, Estonia, 4 First date reported. Guatemala, Finland, Latvia, Lithuania, Morocco, and Thailand (Siam). « Transferred: from Bank to Account, $1,648, NOTE.—For back figures and description of table see BULLETIN for June 1933, pp. 368-372, 000,000 on Jan. 6, and $1,162,000,000 on Sept. 6, and July 1936, pp. 544-547; also see footnotes to table in BULLETIN for Aug. 1936, p. 667, and Dec. 1939; from Account to Bank, $26,000,000 on Mar. 1937, p. 1262. 1 and $94,000,000 on July 12, 1939. 352 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

GOLD PRODUCTION Outside U. S. S. R. [In thousands of dollarsl Estimated Production reported monthly world Year or month pr t o io d n uc- Africa North and South America Far East U o .S ut . s S i . d R e . Total A So fr u ic th a d R e h s o i - a A W fr e ic st a B C e o l n g g ia o n U St n a i t t e e s d i Canada Mexico Co b l i o a m- Chile Au li s a tra- B In ri d ti i s a h $1=25-8/10 grains of gold 9/10 fine; i. e., an ounce of fine gold=$20.67 1929.. 382, 532 352,237 215,242 11,607 4,297 2,390 45, 651 39,862 13,463 2,823 683 8,712 7,508 1930_. 401,088 365,258 221, 526 11,476 4,995 2,699 47,248 43,454 13,813 3,281 428 9,553 6,785 426,424 386,293 224,863 11,193 5,524 3,224 49, 527 55,687 12,866 4,016 442 12,134 6,815 1932.. 458,102 413, 459 238,931 12,000 5,992 3,642 50,626 62,933 12,070 5,132 788 14, 563 6,782 1933_. 469,257 411,208 227,673 13,335 6,623 3,631 52,842 60,968 13,169 6,165 3,009 16,873 6,919 $1=15-5/21 grains of gold 9/10 fine; i. e., an ounce of fine gold=$S5 1933.. 794,498 696,218 385,474 22, 578 11,214 66,,114488 89,467 103,224 22,297 10,438 5,094 28,568 11,715 1934.. 823,003 707,288 366, 795 24, 264 12,153 66,,554499 108,191 104,023 23,135 12,045 •8,350 30, 559 11,223 1935.. 751, 979 377,090 25, 477 13, 625 77,,115959 126,325 114,971 23,858 11, 515 9,251 31,240 11,468 1936.. 971,514 833,088 396, 768 28,053 16,295 7,386 152, 509 131,181 26,465 13,632 9,018 40,118 11,663 1937._ I, 041, 576 892, 535 410, 710 28,296 20,784 8,018 168,159 143,367 29, 591 15,478 9,544 46,982 11,607 1938._ 1,132,856 957, 212 425, 649 28, 532 24, 670 8,470 178,143 165,379 32,306 18, 225 10,290 54,264 11, 284 1939_. I, 205, 602PI, 018,034 448,753 P28,084 '28, 507 8,759 195, 298 178, 225P32, 423 19, 951Pll, 267 55, 761 11,008 1938—December.. 100,043 84, 237 36,007 2,318 2,240 751 15,231 2,700 1,499 1,033 1939—January '94,790 80,220 36,188 2,287 2,230 754 14,980 14,396 1,762 1,953 655 4,076 940 February- '90,919 76,810 34, 505 2,069 2,221 688 13, 214 13,684 3,421 1,562 568 4,016 863 March 97,687 82, 717 37, 558 2,202 2,346 767 14,424 14,498 2,542 1,752 1,198 4,492 938 April 94,600 79,789 35,613 2,252 2,349 729 15,320 14,238 1,733 1,513 830 4,301 912 May 98, 545 83,476 37,970 2,355 2,323 779 15,227 15,133 1,794 1,614 696 4,649 936 June 99, 511 83,602 37,065 2,369 2,277 756 14,520 15,287 3,216 1,551 968 4,684 910 July 102,822 87,150 37,952 2,395 2,395 739 16,159 15,402 3,638 1,551 1,583 4,399 936 August 107, 257 91,415 38,494 2,431 2,379 731 16,856 15,722 6,519 1,735 777 4,849 923 September- P106, 866 P89, 929 37,817 P2, 441 2,432 705 19, 637 14, 752 1,803 1,012 6,140 888 October P107, 489 P90,890 38,459 P2, 453 2,479 715 21, 693 15,144 1,832 1,677 1,111 4,392 934 November. P103, 191 *>86,826 38, 600 P2, 380 2,497 686 17,421 14,818 Pl, 832 1,873 934 4,881 903 December.. PIOI, 924 P85, 209 38, 534 P2,450 P2, 581 709 15,845 15,151 Pl, 832 1,367 P934 P4,881 925 1940—January P 103,773 P86, 843 39, 777 P2,450 P2, 581 739 17,047 P15, 151 Pl, 832 Pl, 367 H, 076 890 Gold production in JJ. S. 8. 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, in millions of dollars, as follows—at $20.67 per fine ounce: 1929, $15; 1930, $31; 1931, $34; 1932, $40; 1933, $56; at $35 per fine ounce: 1933, $95; 1934, $135; 1935, $158; 1936, $185; 1937, $180; 1938 (preliminary), $184. p Preliminary. r Revised. 1 Includes Philippine Islands production received in United States. NOTE.—For monthly figures back to January 1929 and for explanation of table see BULLETIN for March 1939, p. 227; February 1939, p. 151; June 1938, pp. 539-540; and April 1933, pp. 233-35. For annual figures of world production back to 1873 (including Russia-U. S. S. R.), see Annual Report of Director of Mint for 1936, pp. 108-109 and 1939, p. 106. Figures for Canada beginning January 1939 are subject to official revision. GOLD MOVEMENTS [In thousands of dollars at approximately $35 a fine ounce] United States Total Net imports from or net exports (—) to: net Y m e o a n r th or i e m o x r p p o n o r e r t t t s s U K d n i o i n m t g ed - France g B iu e m l- N la e e n r t d - h s - S d w en e- S l z a w e n r i d - t- C a a d n a - M ic e o x- Co b l i o a m- P Is p h l i i a n l n i e p d - s A tr u a s l - ia A So fr u ic th a Japan B I r n i d ti i s a h c o t o A r t i h u e l e n l s r - 1934 i 1,131,994 499,870 260,223 8,902 94,348 12,402 86,829 30,270 16,944 12,038 1,029 12 76,820 32,304 1935 1,739,019 315, 727 934,243 3 227,185 968 95,171 13,667 10,899 15,335 3,498 65 75,268 46, 989 1936 1,116, 584 174,093 573, 671 3,351 71,006 7,511 72,648 39,966 11,911 21, 513 23; 280 8 77,892 39, 735 1937 1, 585, 503 891, 531-13,710 90,859 6,461 54,452 111, 480 18,397 25,427 34,713 181 246,464 50,762 29, 998 1938 1,973, 5691, 208,728 81,135 15,488 163,049 60,146 1,36$ 76,315 36,472 10, 557 ,9,162 401 168,740 16,159 2 67,975 1939 3, 574,151 3,798165,122 341,618 28,715 86,987 612, 949 33, 610 23, 239 35,636 74,250 22,862 165, 605 50,956 102,404 Dec 240, 526 101, 707 37,395 1,979 46,185 731 2,550 2,107 2,655 6,788 27 14,425 1,797 « 22,181 Jan 156,345 52,050 1,438 33,678 2 -67 10,842 2,342 2,089 2,754 6,585 33 37,819 1 5,092 Feb.... 223,281 165, 377 1,400 29, 256 3,840 4,220 2,496 2,719 3,953 38 5,446 175 4,360 Mar.... 250,042 816 37,179 27,098 8,227 6,852 3,822 4,234 3,326 4,303 10 11,410 3,685 4,381 Apr 605, 797 384,925 21 84,603 44, 564 55,680 7,665 1,649 2,114 2,179 4,844 100 5,528 4,944 5 6,972 May.... 429,404 302,667 3 41, 651 40,449 2,284 12.066 2,050 2,117 2,594 5,295 41 10,931 3,390 June 240,430 128,196 2 55,081 5,644 17,191 3,280 2,107 3,843 5,677 50 14,093 2,244 3,023 July..... 278, 636 177,805 1 45,554 5,628 15,196 4,150 2,123 3,022 5,034 50 10,938 2,760 6,365 Aug 259, 921 163, 738 2 22,640 34,299 3,956 2,120 2,775 5,689 52 10,931 9, 259 4,460 Sept 326,074 162,450 86 1 1,482 120,837 653 2,102 3,947 5,474 11 16,425 4,065 6 8,541 Oct 69, 726 10,182 2,990 9,940 1,794 3,188 8,420 2,142 12,497 2,703 715,870 Nov.."... 167,980 18, 556 28 8,781 5,113 2,990 65.067 3,445 2,117 2,64312, 505 10,449 9,487 10,138 16, 662 Dec 451,172 10,417 31, 52619, 743 5,119 308, 773 3,972 2,116 2,646 6,472 9,885 20,101 7,592 s 22,812 1940 Jan 236, 391 23, 906 30,415 16,601 1,208 52, 716 2,550 3 3,360 6,155 20, 297 37, 680 9,743 9 31,698 Feb..... 201,422 21, 321 974 16,18132,448 13,931 46,866 2,006 3 li" 4,241 18,872 4,919 6,7221031,001 c Corrected. 1 Differs from official customhouse figures in which imports and exports for January 1934 are valued at approximately $20.67 a fine ounce. 2 Includes $31,822,000 from Argentina. 3 Includes $28,097,000 from China and Hong Kong; $15,719,000 from Italy; $10,953,000 from Norway; $10,077,000 from Chile. 4 Includes $17,710,000 from Argentina. 6 Includes $4,503,000 from Argentina. 6 Includes $5,157,000 from Hong-Kong. 7 Includes $6,363,000 from Italy; $4,087,000 from Hong-Kong, s Includes $5,586,000 from Italy; $6,414,000 from Norway. 9 Includes $19,527,000 from Norway; $5,452,000 from Hong-Kong. 10 Includes $5,566,000 from Italy; $13,878,000 from Norway; $5,570,000 from U. S. S. R. NOTE.—For gross import and export figures and for additional countries see table on p. 324. APRIL 1940 353 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Gold Movements—Continued [In thousands of dollars at approximately $35 a fine ounce] United Kingdom Net imports from or net exports (—) to: Total Y m e o a n r t o h r net im- South ports Africa, Other All or net United Ger- Bel- Nether- Austra- Rho- British British Swe- Switz- other exports States France many* gium lands U.S.S.R. lia desia, India coun- den erland coun- () West tries tries Africa 1934 716, 269 -497,166 348,190 121,017-13, 585 32, 575 41,790 335, 253 206, 693 62,397 -9,123 2 88,228 1935..... 369, 722 -435, 502 142,137 -4,726 -17,476 10,796 931 37,981 404, 295 181, 602 32, 754 -50, 661 53,465 14,126 1936..... 1,169,931 -276,830 756,215 23,292-15,133 -21,215 26, 723 488,814 128, 421 28,067 -10,129 3,998 37, 708 1937..... 420,427 -834,009 541,187 46,147-21,993 -16,572 199,965 24,165 464,837 66, 330 22,079 -81 -16,596 -55,032 1938..... -285, 638 -1,050,395 33,173 348,000 -46,463 115, 540 27,831 333,750 55, 744 20, 761 -89,371 -78,029 4,922 1938—June.. 89,580 -20, 811 -6,137 57 56,764 -12,037 28,104 2,024 40,623 3,725 9,929 -7, 673 -5,407 421 July.. 24,119 -10,529 -997 47 23, 212 -5, 750 2,490 31, 516 6,418 6,581 -11,429 -16,521 -920 Aug... -73,132 -93, 660 -5,726 6,164 258 -10,041 5,665 2,102 31,192 10,356 3,035 -11,151 -10,498 -312 Sept.. -261,143 -360,016 685 14, 358 120,075 -7,498 8 2,839 16,831 3,023 -4, 750 -22,763 -21,980 -1,955 Oct... -210,171 -308, 528 69, 604 4,077 33, 982 535 705 6,530 4,204 -20, 792 -4, 671 2,831 1,353 Nov.. -96, 508 -105, 220 -66 6,005 -2, 328 -5, 245 155 2,695 4,260 618 1,017 1,603 Dec... -66, 726 -97,371 758 2,057 -898 9,990 5,649 528 7,358 1,815 531 1,511 1,347 1939—Jan.... —36, 514 -50,814 -3 -33 211 -253 5,672 681 5,671 304 1,374 -3,790 704 3,762 Feb.... -148,005 -160,218 -68 11 396 779 5,613 736 3,451 151 -1,101 -1 399 1,847 Mar... -259,984 —306, 839 -183 88 23, 477 1,039 16,866 5,559 1,417 -1,148 -32 -3,845 3,618 Apr.... -121,188 -357, 518 -1,431 29 176, 451 19,164 12, 656 4,805 *-47,875 -437 73, 394 -425 May... -294,077 -287,762 -262 4,018 2,008 49,004 5,631 143 45, 394 2,975' -145,856 -3,793 32,921 1,504 June... -51,591 -127,293 -412 -38 415 22,968 52, 636 2,388 911 -2 153 -3,318 July... -147,332 -182,145 -330 -1 196 8,856 38, 423 3,078 697 -1,138 -575 -14,393 Aug.6. -318, 511 -223,370 2,691 1 -7,491 -11,275 55 49,120 4,606 114, 284 —4, 966 -4,618 Germany Switzerland British India Net imports from or net exports (—) to: Increase in India: Y m e o a n r t o h r e n o x T p e r p ( t o o ) o n r t i r t a m e t s s l t * - i e m o T x r ( n p p o ) e o n o t t a r e r l t t t s s U S n ta i t t e e s d U K d n i o i n m t g e - d France g B iu el m - Italy l N a e e n r t d - h s - m G a e n r y - * c o t o A r th i u e l e n l s r - i e m o T x r ( n p p o ) e n o o ta t r e r l t t t s s p t I i G r n o o o d n d l i u d i a n c- s d e I r I r i n e n a v - - n e s i s f a e o r g d r m I o e n l i f a g d o r n r k- p i r h n o i I g l v n s d a 8 t - e account 1934.. -90,920 -46,065 -12,784-45, 955 -29, 235 18, 397 19,431 2,580 -43 1,543 -230,720 11,223 173 -219, 670 1935.. 42,969 -230, 788 647-54, 858-181,725 -13,940 25, 542 342 -9,607 9 2, 812-161,872 11, 468 -150,398 1936.. -1,868 122, 278 -9,127 -1,714 39, 305 14, 531 51, 299 4,600 -2,990«> 26, 368-121,066 11,663 -109,403 1937.. -3,718 -56,946 -51, 608 11,940 -45,061 27, 739 -657 6,553-16,461 10,609 -61, 723 11, 607 -41 -50,075 1938.. -35,224 -1, 245 —1,128 76, 620 -74, 375 -1,067 11,314 25,125 -32, 745 •-54,696 11, 284 12,078 -55,490 -220,229 -88, 524-105,104 -13,431 -2,953 31, 466-18,039-25,191 1*546 1938—July.. -8,837 -2 16,128 -14,071 -6,041 -142 3,962 222 -10,988 '954 -10,034 Aug... -1,338 -2 10,464 -8, 382 -1,283 -37 3,824 -6, 267 342 -7,082 '961 '-6,121 Sept.. 9,024 -7 15,940 418 117 -2 924 -10,251 -957 '949 '-8 Oct... 1,454 -1,140 907 -616 -158 -38 2,551 -56 3 -7, 661 '959 1,909 '-8,611 Nov... 913 228 13 33 -117 -4 994 -265 31 '-2, 279 5,690 '-7,036 Dec— -5,690 -1,854 -139 -166 -438 -209 211 4,479 '-3,270 1939—Jan... -3, 786 549 -149 1-2,294 -1,274 -7 -125 940 11, 423 -10,608 Feb... -2,112 -21 -763 24 -213 556-1,581 -97 -15 -3, 288 863 7,749 -10,174 Mar... -37,332 -10, 786 1,547 -1,990 -1,509 -576 -8, 327 -14,830 -860 -5,113 938 -3 4,812 -8, 984 Apr.__ -162, 645 -54, 266-104, 650 -4,805 -864 10,819-3,876 -2,431 -2, 573 -3,394 912 5,197 -7, 679 May.. 8,059 -2, 329 -5,419 -73 19, 585 -718 -1,138 -239 -4,202 937 1,839 -5,104 June._ -10, -8, 589 93 6 -8 725 -3,116 -76 -2,049 910 5,749 July.. 7,765 -2, 856 1,033 1,153 2 10,800 355 -171 -244 -10,264 936 942 -10,270 Aug... 5,275 2 4,334 1, 929 —91 2,815 1,234 -887 -204 -5,274 923 2,512 -6,863 Sept. _ -2, 730 -1,506 -1,030 -1 -25 89 -243 -11 -5,213 888 6,096 -10,421 Oct.... -2, 855 44 -541 -5 -4, 583-1,463 1,617 2,965 -12,365 934 4,563 -15,994 Nov.. -15,187 85 -907 -9 -6, 255-1,473 -2, 743 -2 -7,691 903 31 -6, 819 Dec... -3, -3, 473 -1,338 -44-1,662 -709 121 2,812 r Revised. 1 Beginning April 1938 figures refer to Greater Germany. 2 Includes $17,465,000 exported to Rumania and unspecified net imports of $95,937,000. 8 Includes $67,655,000 exported to Central and South America. * Figures for April and May include exports to Canada of $45,972,000 and $144,910,000 respectively. * No figures published since August 1939. 6 Includes net exports to Canada of $115,515,000. 7 Through March 1935 gold held by government; subsequently, gold held by Reserve Bank of India to which government gold was transferred. 8 Figures derived from preceding columns; gold movement plus production minus increases in Indian reserves and gold earmarked for foreign account in India. »Includes net import of $19,926,000 from Czecho-Slovakia and net export of $15,374,000 to Austria, w Includes net import of $26,555,000 from Czecho-Slovakia. NOTE.—Switzerland.—In some cases annual aggregates of oflBcial monthly figures differ somewhat from revised official totals published for year as a whole. 354 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO UNITED STATES SINCE JANUARY 2, 1935 [In millions of dollars. Minus sign indicates net movement from United States] TABLE 1.—TOTAL CAPITAL MOVEMENT Increase in foreign banking funds in U. S. Decrease Foreign Domestic in U. S. securities: securities: Inflow in From Jan. 2,1935, through— Total Central banking Return Inflow of brokerage Total f b u a n n d k s Other a f b u r n o d a s d o f f u U nd . s S. f f o u r n ei d g s n balances in N. Y. 1935—Dec. 31_. 1,412.5 603.3 9.8 593.5 361.4 125.2 316.7 6.0 1936—Dec. 30.. 2,608.4 930.5 81.1 849.4 431.5 316.2 917.4 12.9 1937—Dec. 29.. 3,410.3 1,168.5 243.9 924.6 449.1 583.2 1,162.0 47.5 1938—Aug. 31_. 3,067.3 803.2 111.6 691.6 460.6 617.6 1,125.3 60.6 Sept. 28. 3,452.9 1,161.2 168.0 993.2 477.2 625.0 1,125.4 64.1 Oct. 26._ 3, 672. 2 1,298.9 205.3 1,093. 6 496.3 638.4 1,182.4 56.2 Nov. 30. 3,709. 2 1, 392.1 220.1 1,172.1 472.7 598.4 1,194.4 51.5 Dec. 7_._. 3, 720.4 1,409. 5 238.9 1,170. 6 453.5 604.6 1,201.0 51.7 Dec. 14... 3,687. 6 1,395.4 188.1 1, 207. 2 442.7 605.3 1,192. 5 51.7 Dec. 21... 3, 750.1 1,409. 2 204.2 1,205.1 482.1 608.7 1,202.2 48.0 Dec. 28... 3, 779. 2 1, 432. 7 216.3 1,216. 5 478.1 610.0 1,210.9 47.6 1939—Jan. 4.. 3, 798. 7 1,387.9 201.0 1,186.9 510.1 641.8 1,211.4 47.6 Jan. 11. 3, 788. 6 1,386.5 193.6 1,192.9 494.3 645.1 1,213.3 49.4 Jan.18. 3,813. 5 1,411.1 180.5 1, 230. 6 503.3 641.8 1,204.8 52.5 Jan. 25. 3,812. 6 1,421. 4 187.3 1,234.2 500.9 644.7 1,188.4 57.2 Feb. 1.... 3,852.6 1,478. 2 197.5 1,280.7 496.5 634.6 1,181.4 61.9 Feb. 8___. 3,876.0 1, 507.8 243.3 1,264. 5 484.3 635.3 1,187.0 61.7 Feb. 15... 3,912. 9 1, 512. 9 278.1 1,234.8 514.7 634.8 1,189.0 61.4 Feb. 22.. 3,940.7 1,517.8 239.6 1,278. 2 535.0 637.5 1,190.6 59.8 Mar. 1... 3,986.0 1,544.9 265.1 1,279. 7 548.5 641.3 1,192.6 58.8 Mar. 8... 3,997.4 1, 560. 5 281.1 1,279. 3 543.3 644.5 1,190.0 59.2 Mar. 15. 4,015.6 1, 568.1 287.3 1,280.8 553.4 643.6 1,180. 5 61.1 Mar. 22.. 4,083.1 1,648.3 247.2 1,401.1 549.5 644.3 1,174. 5 66.5 Mar. 29.. 4,134.7 1,693.0 256.8 1,436.2 550.5 646.7 1,180.6 63.9 Apr. 5.__ 4,241.8 1,759.6 251.3 1,508.3 572.0 652.6 1,191.7 65.9 Apr. 12.. 4,317. 6 1,819.8 278.6 1,541. 2 582.2 652.9 1,193.8 68.9 Apr. 19.. 4,402.9 1,892.9 243.8 1,649.0 587.5 655.3 1,194.3 72.9 Apr. 26.. 4,479. 6 1,934.4 240.9 1,693. 5 611.8 657.5 1,202. 9 73.0 May 3__. 4,523. 7 2,019.6 245.9 1,773. 6 596.1 621.8 1,211.9 74.4 May 10.. 4, 544.5 2,030.7 264.5 1,766.2 591.3 637.1 1,210.2 75.3 May 17.. 4, 567. 6 2,042.8 292.8 1,750.0 597.3 642.3 1,211.8 73.4 May 24.. 4, 570. 0 2,046. 3 299.1 1,747.3 596.0 644.1 1,209. 3 74.2 May 31.. 4, 570.8 2,041. 5 302.1 1, 739. 5 599.8 647.6 1,209.2 72.7 June 7... 4, 550.0 2,008. 2 327.8 1,680.4 601.3 658.4 1,210.6 71.6 June 14.. 4, 555.9 2,019.8 364.4 1, 655. 5 593.7 661.5 1,208.3 72.6 June 21.. '4, 584. 2 2,031. 7 364.5 1, 667.3 '608. 7 664.3 1,205.6 73.8 June 28.. '4, 593. 6 2,048.3 361.8 1, 686. 5 ••607. 5 664.5 1,199. 3 74.0 July 5.__ '4,611.6 2,049.7 306.9 1, 742. 9 •"608. 0 678.5 1,199.3 76.1 July 12.. '4, 588. 9 2,031.2 293.6 1, 737. 5 '607. 9 677.1 1,194.4 78.4 July 19.. '4, 591.0 2,042.5 288.6 1, 753. 9 '604.5 677.0 1,185.0 81.9 July 26.. '4,613.4 2,066.2 301.2 1, 765.0 '606. 9 678.0 1,180.0 82.3 Aug. 2... r4, 635.1 2,093.9 327.1 1, 766.8 >"596. 8 680.2 1,182. 2 82.1 Aug. 9... '4,662. 7 2,139.1 323.2 1,815.8 '609. 9 652.8 1,176. 5 84.5 Aug. 16.. '4, 709. 8 2,182.2 305.5 1,876. 7 '622.8 654.5 1,164.9 85.4 Aug. 23.. »-4, 827. 9 2,287.3 352.5 1,934.9 '633.0 656.9 1,165.1 85.5 Aug. 30_. '4, 863. 3 2,334.2 371.6 1,962. 6 '620. 6 657.8 1,165. 7 85.0 Sept. 6.. >% 882. 3 2,341. 5 409.0 1,932. 5 '623.5 661.7 1,171. 3 84.2 Sept. 13. r4, 940. 3 2,389.3 464.7 1,924.6 '•621. 7 668.9 1,181. 3 79.2 Sept. 20. '4, 976. 0 2,434.6 510.7 1,923.9 '612. 5 674.4 1,173.4 81.1 Sept. 27. r4, 955. 4 2, 412.4 485.1 1,927. 3 '618.4 676.9 1,164.4 83.1 Oct. 4... '4,896. 8 2,386. 5 483.6 1,902. 9 '594.6 684.6 1,150.2 80.9 Oct. 11.. ^4,872. 8 2,370. 6 462.8 1,907. 7 r598.1 685.2 1,144.4 74.6 Oct. 18.. '4,871. 2 r2, 360. 6 441.6 '1,919.0 '601. 7 686.7 1,141.7 80.5 Oct. 25. _ "•4,882.0 '2, 384. 7 442.9 '1,941. 9 '601. 0 687.3 1,130.6 78.5 Nov. 1.. '4,858. 6 '2, 366. 9 494.8 n, 872. 0 '599. 6 688.7 1,123. 7 79.8 Nov. 8__ r4,825.0 »-2, 341. 6 490.3 1, 851. 3 '597. 3 690.4 1,115.9 79.9 Nov. 15. '4,862. 7 r2, 362.4 481.6 '1, 880. 8 '618. 8 693.2 1,109. 2 79.2 Nov. 22. 4, 822. 9 r2, 329. 3 433.9 '1,895. 3 '615. 3 694.3 1,107.1 76.9 Nov. 29. 4,875. 6 '2, 377. 4 435.9 ••1, 941. 5 '622. 0 695.4 1,103.7 77.1 Dec. 6__. 4,867.6 2, 366. 9 430.9 1,936.1 626.8 699.0 1,098.9 75.9 Dec. 13.. 4,860.0 2, 366. 6 413.3 1,953. 3 619.7 700.7 1,096. 5 76.5 Dec. 20.. 4,904. 8 2,398. 5 441.0 1,957. 5 619.6 711.8 1,096. 8 78.1 Dec. 27.. 4,893.0 2, 383. 5 430.0 1,953. 5 612.8 720.1 1,098. 5 78.1 ' Revised in part to exclude unreal movement (previously recorded in week ending October 18) which was the result of a correction in the reporting practice of one bank; see notes to Tables 4, 8 and 9. * NOTE .—Statistics reported by banks, bankers, brokers, and dealers. For back figures and description of the statistics, see BULLETIN for April 1939, pp. 284-296; April 1938, pp. 267-277; and May 1937, pp. 394-431. 355 APRIL 1940 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 2.—TOTAL CAPITAL MOVEMENT, BY COUNTRIES From th J r a o n u . g 2 h , - 1935, Total U K d n o in i m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th l e l r 1935—Dec. 31. 1,412. 5 554.9 210.2 114.5 130.4 36.6 24.0 130.0 1,200.6 0) 70.9 128.3 12.7 1 1 9 9 3 3 6 7 — — D D e ec c . . 2 30 9 _ . 2 3, , 4 6 1 0 0 8 . . 4 3 8 99 2 3 9 . . 7 3 2 2 9 81 9 . . 7 5 2 31 2 1 9 . . 9 7 3 6 3 0 5 7 . . 5 5 1 8 2 3 3 . . 1 9 4 2 5 2 . . 6 1 2 31 2 2 8 . . 2 5 2 2, . 0 6 5 5 1 3 . . 3 0 150.5 2 41 0 0 1 . . 6 2 2 1 2 8 4 4 . . 6 0 2 1 1 5 . . 4 9 106.3 1938—Aug. 31. 3,067.3 896.7 264.6 255.2 484.8 136.2 23.9 306.3 2, 367. 5 126.2 409.8 135.4 28.3 Sept. 28. 3,452. 9 983.2 308.7 298.2 504.3 131.5 20.6 434.5 2,681.1 124.8 442.9 167.1 37.1 Oct. 26.. 3, 672. 2 1,081. 8 335.2 311.2 546.1 132.7 27.4 445.4 2,879. 8 165.5 422.3 168.1 36.4 Nov. 30. 3, 709. 2 1,114. 6 346.7 325.4 545.7 136.4 26.2 444.6 2,939. 5 189.9 389.6 152.8 37.3 Dec. 7- 3, 720.4 1,156.1 324.0 326.8 546.2 135.2 28.8 449.4 2,966. 5 177.7 387.6 151.7 36.9 Dec. 14. 3, 687. 6 1,133. 2 330.3 313.4 547.1 136.2 29.6 455.4 2,945.1 174.5 388.0 143.1 36.8 Dec. 21. 3, 750.1 1,172. 0 333.9 322.5 554.9 139.9 32.8 454.2 3,010. 2 166.5 389.2 148.8 35.4 Dec. 28. 3, 779. 2 1,186.1 339.5 324.6 554.0 140.7 33.0 3.041. 7 157.2 389.5 156.8 34.1 1939—Jan. 4... 3, 798. 7 1,183.8 339. 6 328.6 557.5 140.5 32.2 472.0 3,054. 2 155.3 384.6 168.4 36.2 Jan. 11_. 3, 788. 6 1,160. 7 348.8 327.3 552.6 139.8 30.3 479.5 3,039.0 161.1 389.2 159.2 40.0 Jan. 18.. 3, 813. 5 1,162. 5 349.7 330.1 542.1 141.3 30.4 486.1 3.042. 3 167.8 389.0 174.8 39.6 Jan. 25.. 3,812.6 1,142.1 352.9 330.5 566.7 140.4 29.7 488.3 3,050. 6 164.0 390.5 168.0 39.5 Feb. 1__ 3.852.6 1,152. 9 343.3 342.0 573.0 140.6 28.1 484.7 3,064. 5 171.3 182.1 39.8 Feb.8- 3.876.0 1,158. 5 353.8 348.6 577.5 144.5 25.0 483.5 3,091. 4 170.6 396.4 177.3 40.4 Feb. 15- 3,912. 9 1.179. 8 356.2 349.7 574.8 146.1 23.5 478.6 3,108.8 171.0 395.5 199.1 38.6 Feb. 22. 3,940. 7 1.180. 5 366.3 350.5 579.0 145.3 25.5 476.9 3,124.0 171.7 403.6 202.3 39.2 Mar. 1- 3, 986. 0 1,197. 5 363.5 363.1 577.2 146.8 24.2 490.0 3,162. 3 164.7 404.4 212.0 42.6 Mar. 8- 3, 997. 4 1,199. 7 368.5 360.7 575.2 146.4 24.8 496.4 3,171. 7 165.9 409.8 207.0 43.2 Mar. 15. 4,015.6 1, 209.0 366.1 365.5 578.3 150.4 24.3 495.7 3,189. 3 173.0 413.5 198.5 41.4 Mar. 22. 4.083.1 1, 203. 4 367.8 384.8 567.6 149.2 23.8 515.4 3, 212. 2 188.0 436.0 202.3 44.6 Mar. 29. 4.134.7 1, 203.1 366.8 383.6 587.6 150.2 24.7 536.8 3, 252. 9 185.1 443.5 206.4 46.8 Apr. 5... 4, 241. 8 1, 252. 9 381.9 394.6 592.5 146.8 24.3 545.0 3, 381.1 199.6 452.1 201.1 50.9 Apr. 12.. 4,317.6 1,296. 5 387.8 394.6 590.2 147.6 23.6 561.4 3, 401. 7 200.2 460.5 204.6 50.6 Apr. 19.. 4,402. 9 1, 280. 6 409.4 407.7 596.0 148.8 23.6 588.1 3, 454. 3 209.6 473.2 213.2 52.5 Apr. 26.. 4,479. 6 1, 303. 3 421.6 405.4 595.6 146.9 26.0 595.9 3,494. 7 216.8 231.4 56.2 May 3— 4, 523. 7 1,316. 2 430.1 405.1 598.1 149.0 26.0 605.7 3, 530. 2 226.3 491.5 222.1 53.6 May 10. 4, 544. 5 1,313. 7 430.0 406.2 599.8 148.0 26.1 604.3 3, 528. 0 237.8 499.7 226.0 53.1 May 17. 4, 567. 6 1,331.0 428.1 402.3 602.1 148.6 27.2 605.3 3, 544. 7 239.8 499.1 230.2 53.8 May 24. 4, 570.0 1, 334. 6 426.9 393.7 598.3 148.2 28.6 608.7 3, 539. 0 242.0 505.8 226.7 56.5 May 31. 4, 570.8 1, 337. 6 431.1 391.1 595.3 148.7 29.1 606.5 3, 539. 4 241.0 507.4 226.4 56.6 June 7... 4, 550.0 1, 345. 7 424.7 391.1 595.4 148.3 28.3 3, 531.8 234.7 499. 8 228.1 55.6 June 14.. 4, 555.9 1, 354. 7 429.5 400.8 596.4 148.0 28.8 592.3 3, 550.5 234.6 495.2 217.0 58.7 June 21 _. 4, 586. 2 1, 355. 4 439.1 397.6 606.5 148.8 28.6 596.2 3, 572. 2 239.8 495.5 220.5 58.3 June 28.. 4, 595. 6 1, 360. 2 439.7 401.0 599.2 149.5 29.5 604.2 3, 583. 3 230.5 500.2 223.8 57.9 July 5... 4, 613. 7 1, 330. 5 455.3 400.9 603.2 150.3 30.5 615.5 3, 586. 2 248.9 498.4 221.4 58.8 July 12.. 4, 590. 9 1, 307.1 451.8 409.1 603.2 149.6 30.8 617.8 3, 569. 5 237.7 496.7 223.5 63.6 July 19- 4, 593.1 1, 309.1 451.5 408.4 600.4 151.5 30.4 617.7 3, 569.1 235.5 500.1 224.5 63.9 July 26.. 4, 615. 4 1, 312. 9 441.9 407.6 607.0 150.1 30.9 616.9 3, 567.1 248.8 512.3 224.1 63.2 Aug. 2... 4, 637. 2 1, 337. 7 441.9 405.7 606.8 151.5 31.2 617.3 3, 592. 0 259.1 516.1 207.2 62.7 Aug. 9... 4, 664.8 1, 326. 5 444.3 409.7 607.5 152.4 31.4 619.8 3, 591. 6 267.1 521.7 220.3 64.0 Aug. 16. 4,711.8 1, 341. 6 451.0 407.7 600.6 151.7 32.2 635.4 3, 620. 3 270.7 523.2 236.1 61.4 Aug. 23. 4,830. 0 1, 386. 4 449.9 408.8 618. 7 149.8 30.9 664.3 3, 708. 7 275.8 530.2 248.8 66.4 Aug. 30. 4, 865. 3 1, 326. 3 473.4 412.1 647.2 148.8 26.1 665.1 3, 699.1 291.8 536.1 259. 4 78.9 Sept. 6__. 4.884. 4 1,351.8 486.3 413.6 651.7 149.9 24.7 665.3 3, 743. 3 261.2 547.0 250.0 82.9 Sept. 13.. 4,943. 7 1,369. 7 488.0 426.4 658.2 151.6 24.8 676.0 3, 794. 6 271.6 540.6 262.8 74.0 Sept. 20.. 4,979. 3 1,413.4 478.5 442.3 665.0 151.4 31.3 676.6 3, 858. 5 253.6 530.7 261.6 74.9 Sept. 27_. 4,958. 7 1, 368.1 459.6 448.4 671.1 151.1 32.9 686.0 3, 817. 2 260.9 528.0 276.4 76.2 Oct. 4... 4,900.1 1, 337. 8 461.2 447.8 666.1 153.5 33.7 683.3 3.783.4 249.1 525.4 263.9 78.4 Oct. 11.. 4,876.1 1, 331. 2 445.8 438.5 665.7 155.6 35.4 689.1 3, 761. 3 249.1 528.0 259.7 78.0 Oct. 18.. 4, 874.5 1, 326. 5 431.1 442.6 674.9 157.2 47.4 685.8 3, 765. 6 246.2 522.8 258.5 81.5 Oct. 25.. 4.885. 3 1, 301. 4 430.9 446.8 686.5 159.1 48.0 710.3 3, 783.1 239.0 522.2 260.2 Nov. 1__. 4,861.9 1, 277. 3 429.5 449.0 684.2 159.8 47.6 707.6 3, 754. 9 254.0 515.1 253.4 84.4 Nov. 8... 4, 828. 3 1, 258.1 431.7 447.0 699.8 158.3 48.0 704.5 3, 747. 4 250.0 492.9 257.2 Nov. 15_. 4, 866.1 1, 203. 7 447.9 454.8 720.3 160.4 52.7 708.6 3,748. 4 259.0 497.5 271.3 Nov. 22.. 4,827. 7 1,165. 8 452.6 453.9 714.1 160.9 50.9 719.3 3, 717. 6 255.6 493.7 270.4 90.5 Nov. 29.. 4,880. 4 1,157. 2 453.1 457.8 719.1 162.9 55.8 725.3 3, 731. 2 263.2 504.0 287.3 94.8 Dec. 6—. 4,872. 5 1,136. 5 446. 3 457.1 724.8 164.5 51.1 741.2 3, 721. 5 257.8 503.3 294.8 95.1 Dec. 13— 4,865.0 1,109. 9 445.4 464.7 744.9 164.2 54.6 736.9 3, 720. 6 250.5 503.3 293.3 97.3 Dec. 20.. 4,909. 8 1,136. 0 445.0 472.9 741.1 163.7 55.7 761.9 3, 776. 3 235.5 506.2 294.7 97.2 Dec. 27.. 4,898. 0 1,117.3 442.3 469.9 759.1 163.3 55.9 753.8 3, 761. 5 229.2 505.9 299.4 101.9 Inflow less than $50,000. 356 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2,1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 3.—FOREIGN BANKING FUNDS IN UNITED STATES, BY COUNTRIES From th J r a o n u . g 2 h , - 1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - - Italy E O u t r h o e p r e E T u o ro ta p l e Canada Am La e t r i i n ca E F a a s r t o A th l e l r 1935—Dec. 31 603. 3 128.6 129.6 55.7 72.4 7.3 60.7 453.5 46.0 33.5 58.8 11.5 1936—Dec. 30 930.5 163.5 144.2 65.9 109.8 2.7 23.0 79.7 588.9 86.8 149.3 90.4 15.2 1937—Dec. 29 1,168. 5 189.3 111.8 76.3 288.4 6.9 109.4 791.7 76.3 166.3 126.2 8.0 1938—Aug. 31 803.2 166.0 94.5 30.7 162.5 -8.0 -1.0 62.5 507.3 84.5 133.3 64.0 14.2 Sept. 28 1,161. 2 236.3 133.5 68.3 177.3 -12.0 -1.5 185.9 787.8 90.7 164.1 96.9 21.7 Oct. 26..._ 1,298.9 295.3 158.2 66.6 205.9 -11.6 3.9 191.8 910.1 126.4 138.9 101.7 21.8 Nov. 30 1,392.1 307.3 166.2 81.0 201.9 -10.8 2.1 187.6 935.2 183.1 134.7 115.4 23.7 Dec. 7_ — 1,409. 5 341.7 155.6 81.6 201.2 -12.8 191.5 959.6 170.6 134.5 121.7 23.0 Dec. 14 1,395. 4 328.6 154.4 76.4 202.2 -12.1 .9 196.6 947.1 169.1 134.4 120.9 23.8 Dec. 21 1,409. 2 351.1 154.9 82.5 206.4 -10.3 3.8 194.4 982.8 143.0 135.3 126.4 21.8 Dec. 28". 1,432. 7 366.7 158.8 84.4 203.7 -9.8 3.8 203.0 1,010. 6 135.1 134.0 132.7 20.4 1939—Jan. 4 1,387. 9 364.0 155.3 87.9 205.1 -11.8 1.7 208.6 1,010. 7 101.6 127.6 125.8 22.2 Jan. 11 1, 386. 5 340.4 165.0 85.4 198.8 -12.4 .8 214.1 992.0 105.3 130.7 133.2 25.1 Jan. 18—_ 1,411.1 347.9 165.5 87.9 189.2 -11.8 .5 221.0 1,000. 2 115.2 129.5 141.3 24.9 Jan. 25_-_ 1,421.4 347.0 167.8 89.5 213.1 -12.9 -.4 222.2 1,026.4 105.2 129.1 136.2 24.5 Feb. 1- — 1,478. 2 358.0 162.8 100.5 220.2 -13.8 -.9 221A 1,048. 2 125.5 133.6 145.8 25.1 Feb. 8.— 1, 507. 8 370.7 169.1 106.8 224.6 -13.0 -3.1 219.4 1.074. 4 128.8 138.2 141.0 25.4 Feb. 15 1, 512. 9 377.5 177.3 105.6 222.0 -13.7 -5.3 212.2 1.075. 7 129.7 138.0 145.6 23.8 Feb. 22. 1, 517. 8 373.0 184.4 105.4 224.7 -13.0 -5.8 210.8 1,079. 6 123.1 143.7 147.5 23.9 Mar. 1—- 1, 544.9 395.8 182.4 116.4 222.5 -12.0 -6.9 224.4 1,122. 7 112.4 143.0 139.7 27.1 Mar. 8—. 1, 560. 5 396.6 189.9 112.4 221.2 -12.8 -6.7 231.0 1,131. 7 114.9 148.9 137.4 27.7 Mar. 15 1, 568.1 395.7 184.1 117.3 226.0 -9.8 -5.6 231.1 1,138. 8 121.6 150.7 130.7 26.2 Mar. 22 1, 648.3 396.0 186.8 134.6 218.1 -11.1 -4.6 249.2 1,169. 0 139.4 171.4 139.4 29.1 Mar. 29 1, 693.0 401.8 187.4 129.9 233.4 -10.9 -3.9 267.8 1, 205. 5 136.5 179.8 139.9 31.3 Apr. 5 1, 759. 6 431.5 198.9 137.0 234.0 -14.9 -5.4 271.8 1,252. 7 152.1 184.6 135.6 34.6 Apr. 12 1, 819. 8 473.3 203.7 135.0 230.3 -14.5 -6.2 285.8 1, 307. 4 151.1 191.3 136.6 33.4 Apr. 19 1,892. 9 459.2 223.9 145.4 233.5 -14.2 -6.0 311.4 1, 353. 0 159.6 202.4 143.2 34.7 Apr. 26 1,934.4 476.7 236.8 141.0 230.6 -15.7 -5.7 318.4 1, 382.1 166.9 209.6 140.4 35.3 May 3 2,019. 6 484.9 244.3 139.4 230.8 -15.1 -6.4 324.3 1,402. 2 216.8 221.0 145.2 34.3 May 10...^__ 2.030. 7 489.2 243.6 141.0 232.2 -15.9 -6.7 322.6 1,405. 9 215.2 228.0 147.9 33.6 May 17 2,042.8 503.0 239.6 136.2 233.4 -15.1 -6.5 323.2 1, 413. 8 213.5 236.4 145.1 34.1 May 24 2,046. 3 507.9 239.5 126.7 228.2 -15.6 -5.1 326.7 1,408. 3 212.6 247.8 140.7 37.1 May 31 2,041. 5 505.8 243.2 123.2 224.7 -14.0 -4.4 323.6 1,402.1 209.3 250.7 142.8 June 7 2,008. 2 518.0 234.5 122.8 223.9 -14.9 -6.2 315.4 1, 393. 5 193.2 245.8 140.1 35.6 June 14 2,019. 8 533.0 240.5 131.7 223.6 -14.6 -6.3 309.7 1,417. 6 192.9 240.5 131.2 37.6 June 21 2.031. 7 527.6 247.6 127.0 233.7 -15.0 -6.2 312.7 1,427. 5 194.9 238.5 132.8 38.0 June 28 2.048.3 535.2 252.3 132.0 227.1 -14.5 -6.6 320.0 1,445. 5 191.5 242.0 131.5 37.8 July 5 2,049. 7 506.1 264.3 133.4 229. 8 -15.1 -6.2 330.5 1.442.8 192.1 239.8 136.9 38.1 July 12 2,031. 2 484.1 261.5 140.1 232. 3 -15.9 -5.4 332.9 1,429. 7 182.8 238.5 137.5 42.7 July 19 2, 042. 5 492.1 260.7 141.0 230.1 -14.5 -6.2 332.5 1,435. 6 181.6 243.2 138.8 43.3 July 26 2,066. 2 495.3 252.1 139.9 235.1 -15.9 -6.0 332.7 1,433. 2 193.5 254. 5 142.6 42.4 Aug. 2 2,093. 9 517.0 252.1 138.9 234.9 -15.3 -5.5 332.8 1.454.9 205.4 258.6 133.8 41.2 Aug. 9 2,139.1 511.7 253.9 144.6 234.6 -15.5 -5.2 335.6 1,459. 7 232 A 261.4 142.7 42.9 Aug. 16 2,182. 2 529.5 262.6 143.0 226.2 -15.7 -4.1 350.1 1,491. 6 235.6 260.7 154.5 39.8 Aug. 23 2, 287. 3 570.1 263.6 140.9 243.0 -17.5 -5.2 379.2 1, 574.1 240.2 265.5 162.9 44.7 Aug. 30 2, 334.2 522.3 283.7 144.8 270.0 -18.5 -7.4 384.1 1, 579. 0 256.1 268.9 172.8 57.5 Sept. 6 2, 341. 5 547.4 290.2 144.8 273.7 -21.6 -8.5 378.2 1, 604. 2 230.2 279.2 167.1 60.9 Sept. 13 2, 389. 3 575.7 292.0 152.2 276.7 -21.4 -8.3 388.9 1, 655. 9 236.4 270.4 174.9 51.8 Sept. 20 2,434. 6 624.8 283.0 166.1 281.2 -21.7 -2.4 389.6 1, 720. 7 219.5 263.8 177.2 53.4 Sept. 27 2.412.4 584.5 263.8 172.0 286.2 -21.9 -1.6 399.5 1, 682. 5 225.2 262.0 188.5 54.3 Oct. 4 2, 386. 5 564.4 259.3 172.1 281.1 -20.1 .2 398.5 1, 655. 5 226.0 261.8 187.4 55.8 Oct. 11 2, 370.6 572.4 244.8 163.6 282.7 -21.5 1.3 408.1 1, 651. 3 222.1 262.3 179.6 55.3 Oct. 18 r2, 360. 6 576.2 229.2 167.9 283.0 -20.2 12.2 403.0 1, 651. 3 211.2 258.1 182. 2 57.7 Oct. 25 2, 384.7 558.5 227.8 172.0 293.8 -20.0 12.8 428.7 1, 673. 5 209.0 258.1 186. 4 57.6 Nov. 1 •2, 366. 9 541.5 223.9 174.6 290.4 -20.5 12.2 425.6 1, 647. 7 225.3 250.9 182. 3 60.6 Nov. 8 •2, 341.6 528.2 224.5 171.6 305.2 -20.3 12.3 423.2 1, 644. 7 220.7 231.4 187. 7 57.1 Nov. 15 2, 362.4 471.0 241.4 178.6 324.0 -19.7 13.5 427.9 1, 636. 8 225.2 231.3 ••203. 5 65.6 Nov. 22 '2, 329. 3 435.9 244.7 176.4 315.9 -20.4 12.5 440.8 1, 605. 9 218.9 231.9 '206. 2 66.4 Nov. 29 •2, 377.4 429.4 244.1 180.7 320.4 -18.4 16.7 446.9 1, 620. 0 227.4 240.0 '218.5 71.4 Dec. 6 2, 366. 9 410.0 237.5 180.2 324.5 -18.9 10.9 467.7 1, 612. 0 220.8 239.0 224.3 70.8 Dec. 13 2, 366. 6 386.2 236.1 187.0 342.5 -20.0 14.4 457.4 1, 603. 6 215.8 241.0 232.3 73.8 Dec. 20 2, 398. 5 412.8 234.4 194.8 335.4 -21.0 16.3 481.5 1, 653. 9 193.9 240.7 236.6 73.3 Dec. 27 2, 383. 5 396.2 231.6 190.8 352.0 -22.2 16.7 473.1 1, 638. 2 185.0 243.6 238.9 77.8 r Revised to exclude unreal movement (previously recorded in week ending October 18) which was the result of a correction in the reporting practice of one bank; see note to Table 8. APRIL 1940 357 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 4.—UNITED STATES BANKING FUNDS ABROAD, BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d , h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th l e l r 1935—Dec. 31 361.4 208.8 48.1 -.4 1.6 29.7 13.7 310.2 -4.6 20.1 37.3 -1.6 1936—Dec. 30 431.5 178.0 62.0 -3.3 2.7 66.0 16.3 22.0 343.7 36.9 24.9 30.4 -4.4 1937—Dec. 29 449.1 207.4 65.3 -4.4 2.6 105.1 6.5 26.9 409.3 —21.7 51.6 18.7 -8.7 1938—Aug. 31 460.6 154.8 63.6 -7.1 3.3 132.6 13.1 32.5 392.8 16.3 71.1 — 15.3 -4.3 Sept. 28 477.2 170.3 67.4 -4.0 3.7 132.1 10.2 33.4 413.1 12.3 71.8 -16.0 -3.9 Oct. 26 496.3 192.2 64.9 -1.9 4.2 134.5 11.5 32.4 437.7 10.5 73.1 -19.8 -5.2 Nov. 30 472.7 201.2 65.9 -8.0 2.6 137.4 12.1 32.0 443.2 18.2 68.1 -50.1 Dec. 7 453.5 204.0 54.1 -8.6 2.1 138.2 13.0 32.1 435.0 17.0 66.4 -58.4 -6.5 Dec. 14 442.7 195.5 60.4 -8.5 2.3 138.4 13.5 32.5 434.2 15.9 66.3 -66.3 -7.4 Dec. 21 482.1 210.6 64.2 -7.6 3.3 140.2 13.8 32.7 457.2 32.6 65.5 -66.3 -7.0 Dec. 28 478.1 204.5 65.5 2.6 140.3 13.9 33.0 453.0 30.6 66.8 -65.0 -7.2 1939—Jan. 4 510.1 206.2 68.4 -5.6 2.6 141.7 13.7 33.8 35.9 -46.5 -7.0 Jan. 11 494.3 205.0 68.2 -6.1 2.9 141.5 12.5 35.5 459.6 37.9 67.7 -64.6 -6.3 Jan. 18 503.3 201.8 69.7 -5.5 3.6 142.5 12.8 34.8 459.6 39.9 68.5 -58.1 -6.6 Jan. 25 500.9 193.6 70.0 -5.2 3.6 142.6 12.9 35.9 453.3 43.9 70.2 —60.3 -6.3 Feb. 1 496.5 200.5 64.8 -4.8 3.6 143.5 11.7 31.7 451.0 42.1 69.7 -59.8 -6.5 Feb. 8 484.3 189.6 67.7 -5.2 3.5 146.5 10.7 31.8 444.6 40.2 66.4 -60.6 -6.3 Feb. 15 514.7 203. 3 63.1 -4.4 3.6 148.8 11.5 32.1 458.1 41.0 65.7 -43.4 -6.6 Feb. 22 535.0 210.2 66.4 -3.7 3.8 147.2 13.9 31.7 469.4 47.3 67.6 -42.8 -6.5 Mar. 1 548.5 201.5 66.0 -3.7 4.0 147.7 13.5 31.2 460.1 51.3 67.9 -24.9 -6.0 Mar. 8 543.3 203.6 63.4 -3.4 4.2 148.1 13.8 31.1 460.7 49.3 66.2 -26.6 -6.2 Mar. 15 553.4 211.6 67.1 -4.2 4.0 149.0 12.0 30.3 469.8 50.5 68.3 -28.6 -6.6 Mar. 22 549.5 214.5 65.7 -1.8 3.1 149.0 10.6 30.3 471.5 49.6 67.9 -33.3 -6.3 Mar. 29 550.5 209.2 64.9 -1.5 4.5 149.8 10.8 30.9 468.6 49.9 66.5 -28.1 -6.4 Apr. 5 572.0 226.0 67.9 -.5 5.0 150.8 11.9 33.0 494.1 44.6 69.5 -30.3 -5.9 Apr. 12 582.2 228.7 68.0 .1 4.5 151.2 12.0 33.8 498.3 46.4 70.6 -27.8 -5.3 Apr. 19.. 587. 5 226.5 67.9 .8 4.5 152.2 11.8 35.0 498.7 47.9 71.7 -25.4 -5.4 Apr. 26 611.8 227.9 67.1 .7 4.5 151.7 13.7 35.1 500.8 48.3 71.1 -6.0 -2.4 May 3 596.1 229.9 67.3 .7 3.9 153.1 14.1 38.3 507.2 44.0 69.5 -20.1 -4.6 May 10 591.3 225.8 67.2 -1.1 4.0 153.0 14.6 38.3 501.8 44.0 70.4 -20.1 -4.8 May 17 597.3 231.1 70.2 -1.2 3.7 152.8 15.3 38.0 509.9 45.2 61.1 -14.4 -4.6 May 24 596.0 231.1 68.9 -.7 4.2 153.0 15.4 37.8 509.7 47.6 56.3 -12.7 -4.8 May 31 599.8 236.8 68.1 i 4.7 152.0 15.3 38.7 515.4 46.9 54.8 —13.0 -4.3 June 7 601.3 233.0 71.0 -.7 4.7 152.7 16.2 38.3 515.2 46.5 51.9 -8.0 -4.3 June 14 . 593.7 230.1 69.8 -.4 4.6 152.0 16.7 38.2 510.9 44.1 52.5 -10.5 -3.3 June 21 ••608. 7 237.6 71.1 .5 4.5 153.3 16.5 38.8 522.1 46.5 54.7 -8.6 -6.0 June 28 ••607. 5 236.7 68.1 -1.0 3.6 153.8 17.7 39.9 518.8 42.2 55.7 -2.9 -6.3 July 5 •__ ••608. 0 236.0 71.4 -3.0 4.7 155.2 18.2 40.3 523.0 44.6 55.9 -5.9 July 12 '607. 9 236.0 70.9 -3.0 4.9 155.7 17.5 40.4 522.4 44.1 54.9 -8.2 -5.3 July 19 "604. 5 233.8 71.4 -4.1 4.5 156.3 17.9 41.5 521.3 42.7 53.5 -7.6 -5.4 July 26 '606-. 9 237.0 71.5 -3.0 4.9 156.5 17.9 40.7 525.4 43.6 54.1 -11.1 -5.1 Aug. 2 ••596. 8 239.3 70.3 -4.4 4.9 157.5 17.9 40.6 526.1 39.6 54.1 -18.7 -4.4 Aug. 9 '609. 9 237.8 71.1 -6.0 5.0 158.3 17.7 40.6 524.5 48.3 56.2 -14.3 -4.7 Aug. 16 ••622. 8 234.2 69.8 4.7 5.4 158.2 17.4 40.8 530.6 48.8 58.7 -10.8 -4.4 Aug. 23 '633.0 236.5 67.9 '8.4 5.7 158.1 17.2 40.8 534.6 49.5 59.9 -6.5 -4.5 Aug. 30 '620. 6 225.2 70.0 8.4 5.6 158.2 14.6 35.1 517.2 52.3 61.9 -5.7 -5.0 Sept. 6 '623. 5 228.1 71.0 8.4 5.2 162.5 14.1 40.5 529.9 47.2 61.1 -9.9 -4.8 Sept. 13 '621. 7 223.0 70.8 8.8 5.6 164.0 14.0 40.3 526.5 46.1 60.9 -5.9 -6.0 Sept. 20 '612. 5 224.5 69.6 9.5 5.3 164.3 14.4 39.7 527.3 43.6 57.8 -9.6 -6.6 Sept. 27 r618.4 226.1 70.0 9.1 5.2 164.1 15.1 38.2 527.7 46.6 57.4 -6.4 Oct. 4 '594.6 229.8 69.5 9.4 4.5 164.9 13.9 35.6 527.5 36.2 54.9 -17.4 -6.7 Oct. 11 '598.1 223.6 70.1 9.1 4.1 168.4 14.6 32.4 522.3 40.4 56.5 -14.2 -6.9 Oct. 18 '601. 7 221.0 69.4 9.0 3.9 168.7 15.5 33.8 521.4 48.9 55.3 -17.9 -6.1 Oct. 25 '601. 0 227.7 70.2 9.3 4.2 170.5 15.4 31.3 528.6 45.2 54.0 -20.0 -6.7 Nov. 1 '599.6 229.1 71.4 9.5 4.2 171.7 15.2 30.2 531.3 43.2 54.2 -23.0 -6.2 Nov. 8 '597. 3 230.2 71.6 10.3 4.5 170.0 15.1 29.8 531.7 45.5 51.2 -24.9 -6.3 Nov. 15 '618. 8 238.7 71.3 11.8 4.2 171.5 18.3 30.4 546.2 50.0 55.8 -27.1 -6.1 Nov. 22 '615. 3 243.7 73.0 11.9 3.6 172.8 17.1 28.0 550.1 52.4 51.8 -31.3 -7.7 Nov. 29 '622.0 245.6 73.3 12.0 3.4 172.7 17.8 27.8 552.6 52.7 52.0 -26.7 -8.5 Dec. 6 247.2 73.4 12.0 3.0 175.1 17.8 22.8 551.4 54.6 52.0 -23.6 -7.6 Dec. 13 619.7 247.1 72.8 12.3 3.0 175.9 17.6 27.3 556.0 54.9 48.9 -31.4 -8.7 Dec. 20 619.6 249.3 73.8 12.0 3.2 176.6 16.7 27.2 558.8 54.3 51.3 -36.2 -8.5 Dec. 27 612.8 247.8 73.8 12.0 3.1 177.2 16.3 26.8 557.0 50.0 48.5 -34.3 -8.4 ' Revised—in the case of figures for the Far East, revised to exclude unreal movement (previously recorded in week ending October 18) which was the result of a correction in the reporting practice of one bank; see note to Table 9. 358 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 5.—FOREIGN SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n t m g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th l e l r 1935—Dec. 31. _ 125.2 67.8 6.8 7.4 -1.2 13.3 2.9 46.1 143.1 -39.7 12.7 7.9 1.1 1936—Dec. 30._ 316.2 116.1 18.2 10.4 13.7 22.5 9.4 87.9 278.3 1.7 15.7 17.0 3.5 1937—Dec. 29._ 583.2 136.8 22.8 21.2 30.4 26.6 13.5 115.2 366.4 10.5 175.0 24.5 6.8 1938—Aug. 31.. 617.6 130.8 23.8 23.7 29.9 31.5 16.8 150.7 407.2 -11.8 183.7 30.2 8.3 Sept. 28- 625.0 129.3 24.2 23.8 30.5 31.9 17.0 155.2 411.9 -11.2 184.7 30.9 8.7 Oct. 26... 638.4 126.3 24.9 24.9 31.8 31.9 17.1 160.0 416.9 -6.5 187.8 31.4 8.8 Nov. 30- 598.4 130.1 25.7 26.6 36.5 32.4 17.2 164.1 432.5 -40.6 164.6 32.6 Dec. 7__ 604.6 130.2 25.8 26.7 36.7 32.5 20.2 164.6 436.7 -39.7 165.2 33.3 9.2 Dec. 14. 605.3 129.4 25.8 26.8 36.9 32.6 20.4 165.1 437.0 -40.3 165.8 33.5 9.3 Dec. 21. 608.7 129.1 25.9 27.1 37.0 32.9 20.4 165.5 437.7 -38.3 166.1 33.6 9.5 Dec. 28. 610.0 129.1 26.2 27.3 37.1 33.1 20.5 165.9 439.1 -38.9 166.3 33.8 9.7 1939—Jan. 4__ 641.8 127.7 26.1 27.3 36.1 33.5 22.0 167.8 440.6 -9.7 167.4 33.8 9.7 Jan. 11. 645.1 127.9 26.0 27.6 36.6 33.6 22.3 168.0 442.0 -8.1 167.6 33.9 9.7 Jan. 18_ 641.8 127.9 26.0 27.6 36.9 33.7 22.4 168.6 443.1 -13.1 168.1 34.1 9.7 Jan. 25. 644.7 126.2 26.0 27.6 37.1 33,8 22.5 169.0 442.2 168.3 34.3 9.7 Feb. 1. 126.2 26.0 27.7 37.2 34.0 22.5 170.4 444.0 -22.3 168.8 34.4 Feb. 8. 635.3 126.6 26.1 27.7 37.4 34.2 22.6 170.7 445.2 -23.4 34.8 9.6 Feb. 15. 634.8 126.7 26.2 27.8 38.0 34.3 22.6 171.6 447.3 -26.3 169.2 35.0 9.6 Feb. 22. 637.5 126.7 26.3 27.9 38.5 34.4 22.6 172.0 448.4 -25.2 169.3 35.3 9.7 Mar. 1_ 641.3 128.5 25.8 28.1 38.5 34.4 22.8 172.1 450.2 -24.7 171.0 35.0 Mar. 8. 644.5 128.7 26.0 28.4 38.2 34.6 22.9 172.3 451.0 -23.8 171.8 35.4 10.0 Mar. 15 643.6 128.7 25.8 28.4 37.7 34.7 23.0 172.5 450.8 -25.2 172.1 35.9 10.0 Mar. 22 644.3 127.7 26.1 28.5 37.7 34.8 23.1 173.7 451.6 -25.6 172.4 36.0 9.9 Mar. 29 646.7 127.6 26.3 28.7 38.4 34.9 23.1 174.9 453.8 -25.8 172.6 36.2 9.9 Apr. 5__ 652.6 127.8 26.4 38.9 35.0 23.1 175.8 455.8 -22.0 172.7 36.1 10.0 Apr. 12. 652.9 127.9 26.5 28.9 39.3 35.0 23.1 176.4 457.1 -23.5 173.1 36.2 10.1 Apr. 19. 655.3 128.6 27.0 29.0 39.6 35.1 23.1 177.4 459.9 -24.0 173,2 35.8 10.3 Apr. 26. 657.5 128.7 27.5 29.3 40.1 35.2 23.2 178.2 462.0 -24.3 173.5 35.9 10.3 May3_. 621.8 129.1 27.6 29.4 40.4 35.2 23.6 178.7 464.0 -63.3 174.5 36.2 10.4 May 10. 637.1 128.9 27.8 29.5 40.4 35.3 23.6 179.0 464.4 -48.9 174,7 36.4 10.4 May 17. 642.3 128.5 27.9 29.6 40.9 35.4 23.6 179.3 465.1 -44.7 174.9 36.5 10.4 May24. 644.1 128.4 28.0 29.6 40.9 35.4 23.6 179.5 465.6 -43.5 175.2 36.6 10.4 May 31 . 647.6 128.1 27.9 29.6 41.3 35.4 23.6 179.8 465.7 -40.3 175.2 36.6 10.4 June 1 ... 658.4 127.8 27.9 29.6 41.2 35.5 23.6 180.1 465.9 175.6 36.7 10.5 June 14 _ 661.5 128.2 28.0 29.3 41.3 35.6 23.7 180.2 466.2 -27.8 175.7 36.9 10.4 June 21. 664.3 128.6 28.3 29.4 41.6 35.7 23.7 180.3 467.5 -26.4 175.8 37.0 10.4 June 28. 664.5 128.2 28.2 29.4 41.7 35.8 180.4 467.4 -26.5 176.0 37.1 10.4 July S.- 678.5 127.8 28.2 29.5 41.8 35.9 23.8 180.8 467.9 -13.4 176.3 37.2 10.4 July 12- 677.1 127.1 28.3 29.6 41.7 35.9 24.0 180.8 467.3 -14.5 176.6 37.6 10.2 July 19- 677.0 126.5 28.2 29.6 42.2 35.9 24.1 179.9 466.5 -14.1 176.9 37.7 9.9 July 26- 678.0 126.4 28.3 29.5 42.3 35.9 24.3 179.9 466.5 -13.7 177.2 38.1 10.0 Aug. 2.. 680.2 126.7 28.3 29.7 42.3 36.0 24.3 180.6 468.0 -13.5 177.5 38.2 10.0 Aug. 9__ 652.8 126.4 28.4 29.7 42.3 36.1 24.3 180.7 468.0 -41.6 177.8 38.5 10.1 Aug. 16. 654.5 126.6 28.3 29.8 42.5 36.2 24.3 181.2 468.8 -41.3 178.0 38.7 10.3 Aug. 23. 656.9 127.2 28.3 29.8 43.0 36.3 24.3 181.5 470.3 -41.2 178.6 38.8 10.4 Aug. 30. 657.8 127.4 29.7 43.2 36.4 24.4 181.8 471.2 -41.5 178.8 10.5 Sept. 6- 661.7 125.6 33.2 29.7 42.6 36.3 24.6 182.1 474.0 -40.7 179.0 38.8 10.6 Sept. 13_ 668.9 125.1 33.4 29.9 43.0 36.4 24.6 181.8 474.1 -34.6 179.7 39.0 10.7 Sept. 20. 674.4 124.9 33.7 29.8 43.3 36.4 24.8 182.5 475.2 -30.8 180.0 39.3 10.7 Sept. 27. 676.9 124.9 33.8 29.7 43.4 36.4 24.8 183.1 476.0 -29.5 180.4 39.3 10.7 Oct. 4— 684.6 124.8 40.7 29.5 43.3 36.4 24.8 183.9 483.3 -29.5 180.6 39.4 10.8 Oct. 11- 685.2 124.6 40.6 29.5 43.2 36.4 24.9 184.2 483.4 -29.5 180.9 39.6 10.8 Oct. 18- 686.7 124.9 41.0 29.4 43.2 36.4 24.9 184.4 484.1 -29.2 181.1 39.6 11.0 Oct. 25- 687.3 124.8 41.1 29.4 43.3 36.4 24.9 185.0 485.0 -29.7 181.1 39.8 11.1 Nov. 1__. 688.7 124.7 41.2 29.5 42.8 36.4 25.4 185.3 485.3 -29.0 181.3 39.8 11.2 Nov. 8__. 690.4 124.7 41.3 29.4 42.8 36.4 25.8 185.5 486.0 -28.5 181.6 40.1 11.2 Nov. 15.. 693.2 124.6 41.4 29.3 42.9 36.4 26.1 186.0 486.8 -27.3 181.9 40.4 11.4 Nov. 22.. 694.3 124.6 41.6 29.3 43.0 36.5 26.1 186.2 487.3 -27.2 182. 2 40.6 11.4 Nov. 29_. 695.4 124.3 41.7 29.2 43.3 36.5 26.1 186.5 487.6 -26.7 182.3 40.8 11.4 Dec. 6___ 699.0 124.6 41.8 29.2 43.8 36.5 27.1 187.0 490.0 -25.9 182.6 41.1 11.2 Dec. 13 _ _ 700.7 125.2 41.8 29.3 44.1 36.5 27.3 187.8 492.0 -26.7 182.8 41.3 11.3 Dec. 20. _ 711.8 125.3 41.9 29.4 44.5 36.6 27.4 188.3 493.4 -18.5 183.0 42.6 11.3 Dec. 27.. 720.1 125.6 42.1 29.4 44.8 36.6 27.6 188.6 494.6 -11.5 183.0 42.8 11.3 APRIL 1940 359 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935— Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 6.—DOMESTIC SECURITIES, BY COUNTRIES Net Purchases by Foreigners From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g ed - France N la e e n r t d - h s - S l w a e n r it - d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th l e l r 1935— Dec. 3U_ 316.7 149.8 23.4 50.5 55.1 -5.4 12.9 286.2 2.8 3.7 21.4 2.6 1936—Dec. 30. _ 917.4 367.7 64.7 157.6 200.2 -7.5 -3^3 38.5 818. 0 32.6 15.5 44.1 7.1 1937—Dec. 29.. 1,162. 0 448.7 70.3 213.8 275.3 -17.4 -4.9 55.7 1,041. 6 37.6 18.2 54.7 1938—Aug. 31.. 1,125. 3 430.2 67.8 202.8 278.5 -19.9 -5.2 51.8 1,006. 2 33.5 21.7 54.2 Sept. 28.. 1,125. 4 430.5 67.8 203.3 282.2 -20.4 -5.3 53.0 1,011.2 27.7 21.9 54.5 10.1 Oct. 26___ 1,182. 4 454.0 72.5 215.2 293.5 -21.9 -5.3 55.3 1, 063. 2 32.3 22.7 53.5 10.7 Nov. 30-_ 1,194.4 462.0 75.4 218.5 295.6 -22.5 -5.4 55.0 1,078. 7 27.4 22.6 55.0 10.8 Dec. 7... 1,201.0 465.8 76.0 219.3 296.6 -22.5 -5.4 55.5 1, 085. 2 26.8 23.0 55.2 10.8 Dec. 14. _ 1,192. 5 465. 5 76.7 211.4 295.8 -22.6 -5.4 55.5 1, 076. 8 26.5 23.1 55.3 10.9 Dec. 21 __ 1, 202. 2 467.7 76.6 213.3 298.5 -22.6 -5.4 56.1 1.084. 2 27.8 23.3 56.0 10.8 Dec. 28.. 1, 210. 9 472.6 76.5 212.9 301.7 -22.7 -5.4 56.6 1,092. 3 27.8 23.4 56.4 11.0 1939—Jan. 4 1,211.4 472.6 76.9 212.1 304.1 -22.8 -5.5 56.6 1,094.1 25.7 23.7 56.9 11.1 Jan. 11— 1,213.3 473.0 75.6 213.6 304.2 -22.8 -5.5 56.8 1,094. 9 25.8 24.0 57.5 11.1 Jan. 18— 1,204. 8 470.0 74.6 212.8 301.7 -22.9 -5.5 56.2 1.086. 8 24.5 23.8 58.4 11.3 Jan. 25— 1.188. 4 459.5 73.8 210.8 302.2 -22.9 -5.5 54.9 1,072. 8 22.7 23.5 58.3 11.1 Feb. 1... 1,181.4 451.0 72.9 210.6 301.0 -23.0 -5.5 54.9 1, 061. 9 23.5 23.4 61.3 11.2 Feb. 8_-_ 1.187. 0 455.5 74.0 210.9 300.8 -23.0 -5.5 55.3 1.068. 0 22.3 23.5 61.9 11.3 Feb. 15_ _ 1.189. 0 456.3 72.6 211.8 300.8 -23.0 -5.5 56.0 1, 069. 0 23.5 23.3 61.8 11.3 Feb. 22. _ 1.190. 6 456.1 72.6 212.6 301.5 -23.1 -5.5 56.0 1,070. 2 23.8 23.4 61.9 11.4 Mar. 1___ 1.192. 6 458.4 72.3 214.0 301.5 -23.1 -5.4 55.6 1, 073.1 23.1 23.3 61.8 11.3 Mar. 8— 1,190. 0 456.2 72.8 215.6 300.6 -23.3 -5.4 55.7 1,072. 2 22.6 23.4 60.5 11.3 Mar. 15- 1,189. 5 457.8 73.1 215.2 298.9 -23.3 -5.5 55.8 1,071.9 22.4 23.7 60.1 11.4 Mar. 22- 1,174. 5 448.6 72.6 214.2 298.0 -23.3 -5.4 54.8 1,059. 5 20.2 24.1 59.2 11.5 Mar. 29- 1,180. 6 448.3 72.3 217.7 301.7 -23.4 -5.5 56.5 1,067. 6 18.8 24.6 57.9 11.7 Apr. 5-__ 1,191.7 451.3 72.4 221.0 304.8 -5.4 57.8 1,078. 0 17.9 25.0 59.0 11.9 Apr. 12.. 1.193. 8 449.1 72.5 221.6 306.4 -24.0 -5.5 58.1 1,078. 2 19.0 25.0 59.3 12.2 Apr. 19. _ 1.194. 3 448.3 73.7 222.6 308.7 -24.1 -5.5 56.8 1,080. 4 17.2 25.3 58.9 12.5 Apr. 26... 1, 202. 9 452.6 73.9 224.1 310.0 -24.2 -5.5 56.7 1.087. 6 16.7 25.6 60.4 12.5 May3... 1,211.9 454.6 73.9 225.4 311.8 -24.2 -5.5 56.7 1,092. 7 19.4 25.8 60.9 13.0 May 10.- 1,210.2 452.1 74.4 226.8 312.1 -24.2 -5.5 57.0 1.092. 6 16.9 25.8 61.6 13.4 May 17.. 1,211.8 450.7 74.4 227.7 313.5 -24.3 -5.5 57.3 1.093. 7 16.4 26.1 62.2 13.5 May 24 __ 1, 209. 3 449.2 74.3 228.4 314.1 -24.4 -5.5 57.2 1.093. 3 15.9 25.7 61.0 13.5 May 31.. 1, 209. 2 448.9 75.6 228.9 313.9 -24.6 -5.6 57.2 1.094. 4 16.6 25.8 59.0 13.5 June 7 1, 210. 6 449.0 76.0 230.1 314.4 -24.8 -5.5 57.6 1,096. 8 15.9 25.7 58.6 13.6 June 14 __ 1.208.3 444.8 75.8 231.0 315.2 -24.8 -5.5 57.3 1,093. 7 16.3 25.7 58.9 13.7 June 21.. 1, 205.6 US. 2 75.4 231.3 315.1 -25.0 -5.6 57.1 1,091.5 16.2 25.7 58.6 13.7 June 28 __ 1,199. 3 442.0 74.4 231.0 315.0 -25.2 -5.5 56.9 1, 088. 4 13.9 25.7 57.6 13.7 July 5... _ 1,199. 3 442.1 74.2 231.2 315.1 -25.5 -5.5 57.1 1.088. 6 16.3 25.4 55.4 13.5 July 12— 1.194.4 441.7 74.3 231.1 312.6 -25.9 -5.5 56.6 1.085. 0 15.1 25.7 55.2 13.6 July 19— 1.185.0 437.3 73.3 230.2 311.2 -26.1 -5.5 56.4 1,076. 7 15.3 25.5 53.9 13.6 July 26.... 1.180. 0 434.2 72.6 229.0 312.0 -26.3 -5.5 56.0 1,072. 0 16.5 25.3 52.6 13.4 Aug. 2... 1,182. 2 434.7 73.5 229.5 311.3 -26.5 -5.6 56.0 1,072. 9 18.9 25.2 51.9 13.3 Aug. 9... 1,176. 5 431.5 72.4 231.1 311.0 -26.6 -5.6 55.6 1.069. 4 18.1 24.6 51.1 13.2 Aug. 16.. 1.164. 9 431.7 71.7 220.7 311.0 -26.8 -5.6 55.4 1.058. 2 17.4 24.6 51.3 13.3 Aug. 23.. 1.165.1 432.5 72.3 220.0 312.2 -26.9 -5.6 55.4 1.059. 8 16.9 24.6 50.5 13.3 Aug. 30.. 1.165. 7 433.5 72.2 220.6 313.4 -27.1 -5.7 56.7 1,063. 6 13.0 24.7 50.6 13.7 Sept. 6... 1,171. 3 433.1 73.0 222.0 314.5 -27.2 -5.6 57.4 1,067.1 12.0 25.6 52.7 13.9 Sept. 13.. 1.181. 3 426.0 73.4 228.4 318.5 -27.3 -5.6 58.4 1,071.8 11.9 27.3 56.3 14.1 Sept. 20- 1,173. 4 417.1 73.7 227.6 320.3 -27.4 -5.6 58.2 1,063. 8 10.9 27.1 57.4 14.1 Sept. 27.. 1,164. 4 408.4 73.7 228.2 320.9 -27.4 -5.5 58.3 1,056. 7 26.1 58.5 14.1 Oct. 4— 1,150. 2 396.9 73.4 227.1 321.4 -27.5 -5.4 58.5 1,044. 4 7.8 26.2 57.8 14.0 Oct. 11... 1,144.4 389.3 72.9 228.1 322.4 -27.6 -5.5 59.0 1,038. 5 7.2 26.2 58.4 14.0 Oct. 18... 1,141. 7 382.6 72.6 226.9 329.1 -27.6 -5.4 58.5 1,036. 8 6.1 26.5 58.3 14.0 Oct. 25... 1,130.6 72.9 227.0 329.1 -27.6 -5.4 59.4 1,025.1 5.3 27.9 59.2 13.9 Nov. 1... 1,123. 7 360.4 73.2 226.6 330.7 -27.7 -5.4 59.7 1,017.6 4.9 27.2 60.2 13.9 Nov. 8... 1,115. 9 353.6 74.5 227.2 330.8 -27.7 -5.4 59.6 1,012. 5 2.4 27.3 59.8 13.8 Nov. 15__ 1,109. 2 348.0 74.5 225.7 332.9 -27.7 -5.4 59.1 1,007.1 2.0 27.5 58.7 13.8 Nov. 22.. 1,107.1 342.0 74.5 226.3 335.3 -27.9 -5.0 59.0 1,004. 2 2.1 28.2 58.8 13.8 Nov. 29. _ 1,103. 7 338.2 74.9 226.2 336.3 -28.0 -4.9 59.1 1,001.8 .7 28.6 58.7 13.8 Dec. 6___ 1,098. 9 335.3 75.1 225.8 337.8 -28.1 -4.9 59.0 999.9 -.5 28.9 56.6 14.0 Dec. 13.. 1,096.5 332.7 76.0 226.2 340.2 -28.1 -4.9 59.1 1,001. 2 -2.6 29.3 54.4 14.2 Dec. 20.. 1,096. 8 329.6 76.4 226.0 341.9 -28.2 -4.9 59.6 1,000. 4 -3.2 29.6 55.8 14.2 Dec. 27.. 1,098. 5 328. 2 76.3 227.1 342.8 -28.2 -4.9 60.1 1,001.4 -3.1 29.8 56.1 14.3 360 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES NET CAPITAL MOVEMENT TO THE UNITED STATES SINCE JANUARY 2, 1935—Continued [In millions of dollars. Minus sign indicates net movement from United States] TABLE 7.—BROKERAGE BALANCES,! BY COUNTRIES From th r J o a u n g . h 2 — , 1935, Total U K d n i o i n m t g e - d France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th l e l r 1935—Dec. 31 6.0 () 2.4 1.3 2.5 1.4 7.6 -4.5 1.0 2.9 1936—Dec. 30 12.9 4.0 10.4 -.9 9.1 .4 22.6 -7.6 -4.2 2.1 1937—Dec. 29 47.5 11.5 11.5 5.0 10.8 5.0 44.0 3.5 -.5 .5 1938—Aug. 31 60.6 14.9 14.8 5.1 10.5 8.7 54.1 3.7 .1 2.3 .3 Sept. 28 64.1 16.8 15.9 6.8 10.7 6.9 57.2 5.3 .4 .8 .5 Oct. 26 56.2 14.1 14.7 6.4 10.7 5.9 51.9 2.8 -.1 1.3 .4 Nov. 30 51.5 13.9 13.6 7.4 9.2 5.9 50.0 1.7 -.3 2 .3 Dec. 7 51.7 14.3 12.6 7.8 5.7 50.1 2.9 -1.5 -.1 .3 Dec. 14 51.7 14.2 12.9 7.4 5.6 50.0 3.3 -1.6 -.3 .3 Dec. 21 48.0 13.6 12.2 7.2 9.7 5.5 48.3 1.3 -1.0 -.9 .3 Dec. 28 47.6 13.2 12.6 5.3 46.7 2.6 -1.0 .2 1939—Jan. 4 47.6 13.4 12.9 9.6 5.2 47.9 1.8 -.9 -1.5 .3 Jan. 11 49.4 14.4 14.0 6.9 10.1 5.1 50.5 .3 .4 Jan. 18 52.5 14.9 13.9 7.4 10.8 5.5 52.5 1.4 .4 Jan. 25 57.2 15.7 15.2 7.8 10.7 55.9 2.1 Feb. 1..... 61.9 17.2 16.7 8.1 11.0 6.3 59.4 2.5 -.7 .4 Feb. 8____. 61.7 16.2 16.9 8.4 11.2 6.4 59.1 2.6 -.8 .4 Feb. 15— 61.4 15.8 17.0 8.7 10.4 6.6 58.7 3.1 .4 Feb. 22 59.8 14.5 16.6 8.3 10.5 6.4 56.4 2.7 .6 Mar. 1___. 58.8 13.3 17.1 8.3 10.7 6.7 56.1 2.6 .4 Mar. 8___. 59.2 14.7 16.2 7.8 10.9 6.3 56.0 2.9 -.5 .5 Mar. 15 61.1 15.3 16.0 8.7 11.9 6.1 57.9 3.7 -1.3 .4 Mar. 22 66.5 16.6 16.6 9.3 10.7 7.3 60.5 4.5 .2 .4 Mar. 29 63.9 16.3 16.0 9.6 6.6 57.4 5.6 .1 .3 Apr. 5... 65.9 16.4 16.3 8.4 9.9 6.6 57.5 7.1 .3 Apr. 12_. 68.9 17.5 17.0 9.0 9.7 7.4 60.6 7.2 .3 Apr. 19.. 72.9 18.0 16.9 9.9 9.8 7.5 62.2 9.0 .4 Apr. 26.. 73.0 17.4 16.3 10.3 10.5 7.5 62.2 9.1 .4 May 3 74.4 17.8 17.0 10.2 11.2 () 7.7 64.0 9.3 .4 M M M M a a a a y y y y 3 2 1 1 1 4 0 7 7 7 7 7 4 2 5 3 . . . . 7 2 3 4 1 1 1 1 8 8 7 7 . . . . 0 0 7 7 1 1 1 1 6 7 6 6 . . . . 0 0 3 3 1 1 9 9 0 0 . . . . 7 5 0 1 1 1 1 1 1 0 0 0 . . . . 9 6 8 1 - - - - . . . . 2 2 2 2 7 7 7 7 . . . . 3 6 5 5 6 6 6 6 1 2 2 3 . . . . 9 2 3 2 1 9 9 8 0 . . . . 7 3 5 5 1 1. . 0 1 . . . . 5 4 4 5 June 7 71.6 17.9 15.2 9.2 11.3 -.2 6.8 60.4 9.3 .2 June 14 72.6 18.7 15.6 9.3 11.7 -.2 6.9 62.1 9.0 .5 .2 June 21.... 73.8 18.5 16.7 9.5 11.7 ^ 7.2 63.5 8.6 .7 .2 June 28 74.0 18.1 16.8 11.9 -.3 7.0 63.2 9.3 .4 .3 July 5... 76.1 18.4 17.2 9.7 11.8 -.2 64.0 9.2 1.0 1.4 .5 July 12.. 78.4 18.3 16.8 11.2 11.8 -.2 7.1 65.2 10.3 1.0 1.4 .4 July 19.. 81.9 19.4 17.9 11.6 12.6 -.2 7.4 68.9 9.9 1.0 1.6 .5 July 26.. 82.3 20.0 17.5 12.2 12.7 -.2 7.6 70.0 1.1 1.9 .5 Aug. 2 82.1 19.9 17.7 12.0 13.4 -.2 7.3 70.2 .7 1.9 .5 Aug. 9 84.5 19.2 18.5 10.3 14.5 (2) 7.3 70.1 10.0 . 1.7 2.3 .4 Aug. 16 85.4 19.6 18.6 9.6 15.5 -.2 7.9 71.2 10.2 1.3 2.3 .4 Aug. 23 85.5 20.1 17.7 9.8 14.7 -.2 7.5 69.8 10.4 1.7 3.2 .4 Aug. 30 85.0 17.8 19.1 15.0 -.2 7.4 68.0 11.9 1.9 3.0 .3 Sept. 6__._ 84.2 17.7 19.0 8.7 15.7 -.1 7.1 68.2 12.4 2.1 1.2 .3 Sept. 13 79.2 19.8 18.4 7.1 14.5 -.1 6.5 66.3 11.7 2.4 -1.4 .1 S S e e p p t t . . 2 2 0 7 8 8 3 1 . . 1 1 2 2 2 4. . 2 1 1 18 8 . . 4 5 9 9. . 4 3 1 15 4 . . 3 9 - - . . 2 1 6 7. . 0 5 7 7 4 1 . . 3 4 1 9 0 . . 7 4 2 1 . . 1 9 - -3 2 . . 6 6 (2) Oct. 4 21.9 18.3 9.7 15.9 -.1 6.7 72.6 1.8 -3.3 1.2 Oct. 11 74.6 21.4 17.5 8.2 13.4 i 5.4 65.8 2.1 -3.6 1.4 Oct. 18 80.5 21.9 18.8 9.4 15.7 -.1 6.1 71.9 9.1 1.7 -3.8 1.6 Oct. 25 78.5 20.7 19.0 9.0 16.1 -.1 6.0 70.9 9.2 2.0 -5.2 1.5 Nov. 1 79.8 21.5 19.7 16.2 -.1 6.8 73.0 9.5 1.6 -5.8 1.5 Nov. 8 79.9 21.5 19.9 8.4 16.5 -.1 6.4 72.6 9.9 1.4 -5.6 1.6 Nov. 15 79.2 21.5 19.2 9.4 16.3 -.1 5.2 71.5 9.0 1.1 -4.2 1.8 Nov. 22 76.9 19.7 18.9 10.0 16.2 -.2 5.3 70.0 9.5 -.4 -4.0 1.8 Nov. 29 77.1 19.6 19.0 15.7 5.0 69.1 9.0 1.1 -4.0 1.8 Dec. 6 75.9 19.3 18.5 15.8 4.8 68.2 -3.7 1.8 Dec. 13 76.5 18.8 18.7 15.2 5.3 67.9 9.0 1.3 -3.3 1.7 Dec. 20 78.1 19.0 18.6 10.8 16.1 5.3 69.7 9.1 1.6 -4.1 1.8 Dec. 27 78.1 19.5 18.5 10.7 16.4 5.2 70.2 8.9 1.1 -4.0 2.0 1 For explanation see BULLETIN for May 1937, pp. 395-396. 2 Inflow less than $50,000. 3 Outflow less than $50,000. APRIL 1940 361 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 8.—SHORT-TERM LIABILITIES TO FOREIGNERS, BY COUNTRIES Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r y - Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th l e l r Reported by Banks in New York City 1929—Dec. 31 2,672.7 301.5 923.7 99.1 105.2 204.5 157.4 371.3 2,162.8 241.8 188.2 49.0 31.0 1930—Dec. 31 2, 335.0 214.5 799.4 122.2 222.2 161.0 111.2 281.3 1,911. 7 216.8 130.8 38.2 37.5 1931—Dec. 30 1,303. 5 104.9 549.2 44.6 66.0 41.1 33.2 122.2 961.2 148.3 103.3 69.0 21.6 1932—Dec. 28 745.6 169.7 71.1 11.9 78.0 32.9 39.8 66.2 469.6 98.2 121.7 43.5 12.6 1933—Dec. 27 392.0 48.9 27.0 8.0 11.5 17.5 11.7 31.1 155.7 86.1 96.7 42.7 10.9 1934—Nov. 28 L^___ 466.7 59.1 32.7 12.7 9.7 25.8 14.3 41.7 196.0 91.9 106.6 60.3 11.9 Reported by Banks in United States 1934—Dec. 5 2 584.8 79.6 36.1 13.5 12.1 28.4 16.8 40.6 227.1 103.3 117.4 125.1 12.0 1935—Jan. 2 597.0 76.9 33.9 12.9 13.7 29.9 18.8 46.8 232.9 99.3 122.8 130.1 12.0 Dec. 31 1, 200. 2 205.5 163.5 68.6 86.1 29.0 26.1 107.5 686.3 145.3 156.3 188.9 23.4 1936—Dec. 30 1,491.6 235.7 176.3 78.8 123.5 32.0 41.7 126.3 814.3 186.1 263.9 200.2 27.1 1937—Dec. 29 1, 729. 6 261.5 143.9 89.1 302.1 39.0 25.7 156.0 1,017.1 175.6 280.9 236.0 20.0 1938—Dec. 28 2,003. 9 438.8 190.9 98.4 217.4 19.9 22.6 249.9 1,237.8 235.2 254.9 243.7 32.4 1939—Jan. 4 1,959.1 436.1 187.4 101.8 ' 218.8 17.8 20.4 255.5 1, 237.8 201.8 248.5 236.8 34.1 Jan. 11 1,957. 7 412.5 197.1 99.3 212.5 17.2 19.6 261.0 1, 219. 2 205.5 251.7 244.2 37.1 Jan. 18_.__ 1,982.3 420.1 197.6 101.8 202.9 17.8 19.3 267.9 1, 227. 4 215.3 250.5 252.3 36.9 Jan. 25-__ 1,992. 6 419.2 199.9 103.4 226.8 16.8 18.4 269.1 1, 253. 6 205.3 250.0 247.2 36.4 Feb. l.___ 2,049.4 430.2 195.0 114.5 233.9 15.8 17.9 268.3 1, 275.4 225.6 254.5 256.8 37.1 Feb. 8____ 2,079. 0 442.8 201.2 120.7 238.3 16.6 15.7 266.3 1, 301. 6 229.0 259.1 252.0 37.3 Feb. 15 2,084.1 449.7 209.4 119.6 235.7 15.9 13.4 259.1 1, 302. 9 229.9 259.0 256.6 35.8 Feb. 22 2,089.0 445.2 216.5 119.4 238.4 16.7 13.0 257.7 1, 306. 8 223.2 264.6 258.5 35.9 Mar. l.___ 2,116.1 467.9 214.6 130.4 236.2 17.7 11.8 271.3 1,349.9 212.6 263.9 250.7 39.0 Mar. 8____ 2,131. 7 468.7 222.0 126.3 234.9 16.9 12.1 277.9 1, 358.8 215.0 269.8 248.4 39.6 Mar. 15 2,139.3 467.9 216.3 131.3 239.6 19.8 13.2 278.0 1, 366. 0 221.7 271.7 241.7 38.2 Mar. 22 2,219. 5 468.1 218.9 148.5 231.8 18.5 14.2 296.1 1, 396. 2 239.5 292.3 250.4 41.1 Mar. 29 2,264. 2 473.9 219.5 143.9 247.1 18.7 14.8 314.7 1,432. 7 236.6 300.7 250.9 43.3 Apr. 5 2, 330.8 503.6 231.0 150.9 247.6 14.7 13.4 318.7 1,479. 9 252.2 305.6 246.6 46.5 Apr. 12 2,391.0 545.4 235.9 149.0 243.9 15.1 12.6 332.7 1, 534. 6 251.2 312.2 247.6 45.4 Apr. 19 2,464.1 531.3 256.0 159.4 247.1 15.4 12.7 358.3 1, 580.2 259.7 323.3 254.2 46.7 Apr. 26 2, 505. 6 548.9 269.0 154.9 244.2 13.9 13.1 365.3 1, 609. 3 267.0 330.6 251.4 47.3 May3..__ 2, 590.8 557.0 276.4 153.4 244.5 14.6 12 A 371.2 1,629. 4 316.9 342.0 256.2 46.3 May 10 2,601.9 561.4 275.7 155.0 245.9 13.7 12.1 269.5 1, 633.1 315.4 348.9 258.9 45.5 May 17 2,614.0 575.1 271.7 150.1 247.1 14.5 12.3 370.1 1,641.0 313.6 357.3 256.1 46.1 May 24 2,617. 6 580.0 271.6 140.6 241.9 14.0 13.7 373.6 1, 635.4 312.7 368.7 251.7 49.1 May 31 2,612.7 578.0 275.3 137.1 238.4 15.7 14.3 370.5 1,629. 3 309.4 371.7 253.8 48.6 June 7 2, 579.4 590.1 266.6 136.8 237.6 14.7 12.6 362.3 1,620. 6 293.3 366.8 251.1 47.6 June 14 2, 591.0 605.2 272.6 145.6 237.3 15.0 12.5 356.6 1,644.8 293.0 361.4 242.2 49.6 June 21 2, 602. 9 599.7 279.7 140.9 247.4 14.7 12.6 359.6 1, 654. 7 295.0 359.5 243.8 50.0 June 28 2,619. 5 607.4 284.4 146.0 240.8 15.1 12.2 366.9 1, 672. 7 291.7 363.0 242.5 49.7 July 5 2,620.9 578.3 296.4 147.3 243.5 14.6 12.6 377.4 1, 670. 0 292.2 360.7 247.9 50.1 July 12.... 2,602. 4 556.2 293.6 154.0 246.0 13.8 13.4 379.8 1,656.9 282.9 359.4 248.5 54.7 July 19___. 2, 613. 7 564.2 292.8 154.9 243.7 15.1 12.5 379.4 1, 662. 8 281.8 364.1 249.8 55.2 July 26.... 2,637.4 567.5 284.2 153.8 248.8 13.8 12.8 379.6 1, 660. 4 293.6 375.5 253.6 54.4 Aug. 2 2,6*65.1 589.1 284.2 152.9 248.5 14.3 13.3 379.7 1, 682.1 305.5 379.5 244.8 53.2 Aug. 9 2, 710.3 583.8 286.0 158.5 248.3 14.2 13.6 382.5 1,686.9 332.5 382.3 253.7 54.9 Aug. 16 2, 753.4 601.7 294.7 157.0 239.8 13.9 14.6 397.0 1, 718. 8 335.8 381.6 265.5 51.8 Aug. 23 2,858.6 642.3 295.7 154.8 256.7 12.1 13.6 426.1 1,801. 3 340.4 386.4 273.8 56.7 Aug. 30 2, 905. 4 594.5 315.9 158.7 283.6 11.1 11.4 431.0 1,806. 2 356.2 389.8 283.7 69.4 Sept. 6 2,912. 7 619.5 322.3 158.8 287.3 8.1 10.3 425.1 1,831.4 330.4 400.1 278.1 72.9 Sept. 13 2,960. 5 647.8 324.1 166.2 290.4 8.3 10.5 435.8 1,883.1 336.5 391.3 285.9 63.8 Sept. 20 3,005.8 697.0 315.1 180.0 294.9 7.9 16.4 436.5 1,947. 9 319.6 384.7 288.2 65.4 Sept. 27 2,983. 6 656.7 295.9 186.0 299.9 7.8 17.1 446.4 1,909. 7 325.3 383.0 299.5 66.2 Oct. 4 2,957. 7 636.5 291.4 186.0 294.8 9.5 19.0 445.4 1,882. 7 326.1 382.8 298.4 67.7 Oct. 11_.._ 2,941.8 644.5 276.9 177.5 296.3 8.1 20.0 455.0 1,878. 5 322.2 383.3 290.5 67.3 Oct. 18.— 3 2,931.8 648.4 261.3 181.8 296.7 9.4 31.0 449.9 1, 878. 5 311.4 379.0 3 293. 2 Oct. 18 2,986.8 648.4 261.3 181.8 296.7 9.4 31.0 449.9 1,878. 5 311.4 379.0 348.2 Oct. 25_.__ 3,010.9 630.6 259.9 186.0 307.4 9.6 31.6 475.6 1,900. 7 309.2 379.0 352.4 69.6 Nov. 1 2,993.1 613.7 256.1 188.5 304.1 9.1 31.0 472.5 1,874. 9 325.4 371.8 348.3 72.6 Nov. 8—. 2,967. 8 600.3 256.6 185.6 318.8 9.3 31.1 470.1 1,871.8 320.8 352.3 353.7 69.1 Nov. 15 2,988. 6 543.1 273.5 192. 6 337.7 10.0 32.3 474.8 1,864.0 325.3 352.2 369.5 77.6 Nov. 22 2,955. 5 508.0 276.8 190.3 329.6 9.3 31.3 487.7 1,833.1 319.0 352.9 372.2 78.3 Nov. 29 3,003. 6 501.6 276.3 194.7 334.1 11.3 35.5 493.8 1,847. 2 327.6 361.0 384.5 83.4 Dec. 6 2,993.1 482.2 269.7 194.2 338.1 10.8 29.7 514.6 1,839. 2 320.9 359.9 390.3 82.8 Dec. 13 2, 992.8 458.3 268.2 200.9 356.2 9.6 33.2 504.3 1,830. 8 316.0 361.9 398.3 85.8 Dec. 20.__ 3,024.7 484.9 266.5 208.7 349.0 8.6 35.1 528.4 1,881.1 294.1 361.6 402.6 85.3 Dec. 27 3,009. 7 468.4 263.7 204.7 365.6 7.5 35.5 520.0 1,865.4 285.1 364.5 404.9 89.7 i Last report date on old basis. 2 First report date on new basis. 3 Figures adjusted to the basis employed in previous weeks. The reported figures for the Far East on October 18 and succeeding weeks are not strictly comparable to the corresponding figures for preceding weeks, owing to a correction in reporting practice by one of the reporting banks. For similar reasons adjustments were made with respect to the figuresf or certain areas on August 12, 1936, and January 5, 1938 (see BULLETIN for May 1937, p. 425, and April 1939, p. 295). The cumulative figuresi n Tables 1 and 3 have been adjusted to exclude the unreal movements introduced into the data by these changes in reporting practice. 362 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

INTERNATIONAL CAPITAL TRANSACTIONS OF THE UNITED STATES OUTSTANDING SHORT-TERM ACCOUNTS, BY COUNTRIES [Outstanding amounts in millions of dollars] TABLE 9.—SHORT-TERM FOREIGN ASSETS, BY COUNTRIES Date Total U K d n o i i n m t g ed - France N la e e n r t d - h s - S l w a e n r i - t d z- m G a e n r- y Italy E O u t r h o e p r e E T u o ro ta p l e Canada A L m a e t r i i n ca E F a a s r t o A th l e l r Reported by Banks in New York City 1931—Dec. 30 1,103. 3 166.2 29.5 20.9 12.6 467.2 18.7 149.2 864.3 58.1 136.5 41.8 2.6 1932—Dec. 28 937.9 87.3 62.9 13.0 6.2 434.9 11.8 97.0 713.1 42.2 155.2 24.0 3.5 1933—Dec. 27 898.8 192.5 66.9 18.4 12.3 260.9 16.7 83.2 651.0 32.3 159.7 49.7 6.2 1934—Nov. 28 i 827.1 201.3 94.1 15.9 8.5 178.8 10.7 60.2 569.5 84.4 124.4 46.2 2.6 Reported by Banks in United States 1934—Dec. 5 2 1,137.8 266.4 108.2 19.2 8.3 239.6 26.5 81.3 749. 5 91.2 170.7 118.1 8.3 1935—Jan. 2 1,139.9 296.9 80.5 18.6 8.2 231.7 27.2 80.0 743.2 96.3 174.6 117.4 8.5 Dec. 31 778.6 88.1 32.5 19.0 6.6 202.0 13.5 71.2 433.0 100.9 154.5 80.1 10.1 1936—Dec. 30_..._._ 672.6 114.1 16.8 21.9 5.4 165.1 10.9 57.8 392.1 59.4 141.1 67.2 12.9 1937—Dec. 29 655.0 84.8 13.5 23.0 5.5 126.1 20.8 52.9 326.5 118.0 114.4 78.9 17.2 1938—Dec. 28 626.0 87.7 13.3 25.5 5.4 90.9 13.3 46.7 282.8 65.7 99.2 162.6 15.7 1939—Jan. 4 594.0 86.0 10.3 24.2 5.5 89.4 13.5 45.9 274.9 60.4 99.1 144.1 15.5 Jan. 11 609.8 87.1 10.5 24.7 5.2 89.7 14.7 44.3 276.2 58.4 98.2 162.2 14.8 Jan. 18 600.8 90.3 9.0 24.1 4.5 88.7 14.4 45.0 276.2 56.4 97.5 155.7 15.1 Jan. 25 603.2 98.5 8.7 23.8 4.5 88.6 14.4 43.9 282.4 52.4 95.7 157.9 14.8 Feb. 1 607.6 91.6 14.0 23.4 4.5 87.7 15.5 48.1 284.8 54.2 96.2 157.4 14.9 Feb. 8 619.8 102.6 11.1 23.9 4.5 84.7 16.5 47.9 291.2 56.1 99.6 158.3 14.8 Feb. 15 589.4 88.8 15.7 23.0 4.5 82.4 15.7 47.7 277.7 55.3 100.3 141.0 15.1 Feb. 22 569.1 82.0 12.4 22.4 4.2 84.0 13.3 48.0 266.3 49.0 98.3 140.4 15.0 Mar. 1 555.6 90.6 12.8 22.4 4.1 83.5 13.7 48.6 275.6 45.0 98.0 122.5 14.5 Mar. 8 560.8 88.6 15.3 22.1 3.9 83.1 13.4 48.7 275.1 47.0 99.8 124.2 14.7 Mar. 15 550.7 80.6 11.6 22.8 4.1 82.2 15.2 49.5 266.0 45.8 97.7 126.2 15.1 Mar. 22 554.6 77.6 13.0 20.4 5.0 82.1 16.6 49.5 264.2 46.7 98.0 130.9 14.8 Mar. 29 553. 6 83.0 13.8 20.1 3.6 81.4 16.4 48.8 267.1 46.3 99.5 125.7 14.9 Apr. 5 532.1 66.2 10.8 19.1 3.1 80.4 15.3 46.8 241.7 51.7 96.4 127.9 14.4 Apr. 12_... 521.8 63.4 10.8 18.6 3.5 79.9 15.3 45.9 237.4 49.9 95.4 125.4 13.8 Apr. 19_... 516.5 65.7 10.9 17.8 3.6 79.0 15.4 44.8 237.0 48.4 94.3 123.0 13.9 Apr. 26__._ 492.3 64.2 11.7 17.9 3.6 79.4 13.5 44.7 235.0 48.0 94.9 103.6 10.9 May 3 508.0 62.3 11.5 17.9 4.2 78.1 13.1 41.5 228.5 52.2 96.5 117.7 13.1 May 10 512.8 66.4 11.5 19.8 4.0 78.2 12.6 41.5 233.9 52.3 95.6 117.7 13.2 May 17 506.8 61.1 8.5 19.9 4.4 78.3 11.9 41.8 225.8 51.1 104.9 112.0 13.1 May 24 508.1 61.1 9.8 19.3 3.8 78.2 11.8 42.0 226.1 48.7 109.7 110.3 13.3 May 31 504.3 55.4 10.7 18.7 3.4 79.2 11.9 41.1 220.4 49.4 111.1 110.6 12.8 June 7 502.8 59.1 7.8 19.3 3.4 78.5 11.0 41.4 220.6 49.7 114.0 105.6 12.8 June 14 510.3 62.1 9.0 19.1 3.5 79.2 10.5 41.6 224.9 52.2 113.4 108.1 11.8 June 21 '495. 4 54.6 7.6 18.2 3.6 77.9 10.7 41.0 213.6 49.8 111.3 106.2 '14.5 June 28 '496. 6 55.4 10.7 19.7 4.5 77.4 9.5 39.9 217.0 54.0 110.3 100.5 14.8 July 5 '496.1 56.1 7.4 21.6 3.3 75.9 9.0 39.4 212.8 51.6 110.1 107.2 '14.3 July 12 '496. 2 56.1 7.9 21.6 3.2 75.5 9.7 39.4 213.4 52.2 111.0 105.8 '13.8 July 19 '499. 6 58.3 7.4 22.7 3.6 74.9 9.3 38.3 214.5 53.6 112.5 105.2 '13.9 July 26 r497. 2 55.2 7.3 21.7 3.2 74.7 9.3 39.1 210.3 52.7 111.8 108.7 '13.6 Aug. 2 '507. 3 52.8 8.5 23.1 3.1 73.7 9 3 39.2 209.7 56.7 111.8 116.3 '12.8 Aug. 9 '494. 2 54.4 7.6 24.7 3.1 72.8 9^5 39.2 211.3 48.0 109.8 111.9 '13.2 Aug. 16 '481. 3 58.0 9.0 13.9 2.7 73.0 9.8 38.9 205.2 47.5 107.3 108.4 '12.9 Aug. 23 '471.1 55.7 10.8 10.2 2.3 73.1 10.0 39.0 201.1 46.7 106.1 104.1 '13.0 Aug. 30 '483. 5 66.9 8.7 10.3 2.5 73.0 12.6 44.7 218.6 44.0 104.1 103.3 '13.5 Sept. 6 '480. 6 64.1 7.7 10.2 2.8 68.7 13.1 39.3 205.9 49.0 104.9 107.5 '13.3 Sept. 13 '482. 4 69.1 8.0 9.8 2.5 67.2 13.2 39.5 209.2 50.2 105.0 103.5 '14.5 Sept. 20 '491. 6 67.7 9.1 9.1 2.8 66.9 12.8 40.1 208.4 52.7 108.1 107.2 '15.1 Sept. 27 '485. 7 66.0 8.7 9.6 2.9 67.1 12.2 41.6 208.1 49.7 108.5 104.0 '15.4 Oct. 4 '509. 5 62.3 9.2 9.3 3.6 66.3 13.3 44.1 208.2 60.1 111.0 115.0 '15.2 Oct. 11 '506.0 68.6 8.7 9.5 4.0 62.7 12.6 47.4 213.5 55.9 109.5 111.8 '15.4 Oct. 18 '502. 4 71.1 9.3 9.6 4.2 62.5 11.7 46.0 214.3 47.3 110.6 3115.5 '14.6 Oct. 18 '557.4 71.1 9.3 9.6 4.2 62.5 11.7 46.0 214.3 47.3 110.6 170.5 '14.6 Oct. 25 '558.1 64.5 8.6 9.3 3.9 60.7 11.8 48.5 207.2 51.1 112.0 172. 6 '15.2 Nov. 1 '559. 5 63.0 7.3 9.1 3.9 59.5 12.0 49.6 204.4 53.0 111.8 175.6 '14.7 Nov. 8 '561. 8 61.9 7.1 8.3 3.6 61.2 12.1 50.0 204.1 50.8 114.7 177.5 '14.8 Nov. 15 '540.3 53.5 7.4 6.8 3.9 59.7 8.9 49.4 189.6 46.3 110.2 179.7 '14.6 Nov. 22 '543. 8 48.4 5.8 6.7 4.5 58.4 10.1 51.8 185.6 43.9 114.2 183.9 '16.2 Nov. 29 '537.1 46.5 5.4 6.6 4.7 58.5 9.4 52.0 183.1 43.6 114.0 179.3 '17.0 Dec. 6_. 532.3 44.9 5.4 6.6 5.1 56.1 9.4 57.0 184.4 41.7 114.0 176.2 16.1 Dec. 13. 539.4 45.1 5.9 6.3 5.1 55.3 9.6 52.5 179.8 41.4 117.0 184.0 17.2 Dec. 20. 539.5 42.8 4.9 6.6 4.9 54.6 10.5 52.6 176.9 42.0 114.7 188.8 17.0 Dec. 27. 546.3 44.4 5.0 6.6 4.9 53.9 10.9 53.0 178.7 46.3 117.5 186.9 16.9 ' Revised. i Last report date on old basis. 2 First report date on new basis. 3 Figures adjusted to the basis employed in previous weeks. The reported figures for the Far East on October 18 and succeeding weeks are not strictly comparable to the corresponding figures for preceding weeks, owing to a correction in reporting practice by one of the reporting banks. For similar reasons adjustments were made with respect to the figures for certain areas on August 12, 1936, and January 5, 1938 (see BULLETIN for May 1937, p. 431, and April 1939, p. 296). The cumulative figures in Tables 1 and 4 have been adjusted to exclude the unreal movements introduced into the data by these changes in reporting practice. APRIL 1940 363 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CENTRAL BANKS Assets of Assets of banking department Liabilities of banking department Bank of England issue dept. Note (Figures in millions of Cash reserves Dis- circula- Deposits Other pounds sterling) Gold a O ss t e h t e s r i Coin Notes a c v n o a d n u c n a e t d s s - Se ti c e u s ri- tion Bankers' Public Other lia ti b e i s li- 1929— Dec. 25 145.8 260.0 .2 26.3 22.3 84.9 379.6 71.0 8.8 35.8 17.9 1930—Dec. 31 147.6 260.0 .6 38.8 49.0 104.7 368.8 132.4 6.6 36 2 18.0 1931—Dec. 30 120.7 275.0 .6 31.6 27.3 133.0 364.2 126.4 7.7 40'.3 18.0 1932—Dec. 28 119.8 275.0 .8 23.6 18.5 120.1 371.2 102.4 8.9 33.8 18.0 1933—Dec. 27 190.7 260.0 1.0 58.7 16.8 101. 4 392.0 101.2 22.2 36.5 18.0 1934—Dec. 26 192.3 260.0 .5 47.1 7.6 98.2 405.2 89.1 9.9 36.4 18.0 1935—Dec. 25._ 200.1 260.0 .6 35.5 8.5 94.7 424.5 72.1 12.1 37.1 18.0 1936—Dec. 30 313.7 200.0 .6 46.3 17.5 155.6 467.4 150.6 12.1 39.2 18.0 1937—Dec. 29— 326.4 220.0 .8 41.1 9.2 135.5 505.3 120.6 11.4 36.6 18.0 1938—Oct. 26 ._ _._ 326.4 200.0 1.4 43.9 4.2 129.2 482.5 100.4 25.0 35.5 17.7 Nov. 30 326.4 200 0 1.2 45.6 17.6 110.8 480.8 97.1 23.1 37.2 17.8 Dec. 28 . _. 326.4 230.0 .8 51.7 28.5 90.7 504.7 101.0 15.9 36.8 18.0 1939—Jan. 25 2 126. 4 400.0 .7 62.6 18.8 103.9 463.8 118.2 12.9 36.7 18.1 Feb. 22 126.4 400.0 1.0 53.7 17.5 100.6 472.7 103.1 16.3 35.1 18.2 Mar. 29 3 226. 2 300.0 1.1 44.2 4.8 124.8 482.0 98.5 21.8 36.3 18.2 April 26 _ 226.2 300.0 .9 37.1 6.2 129.5 489.1 91.4 27.0 37.6 17.7 May 31 226.2 300. 0 .6 26.4 8.0 140.7 499.8 82.4 38.3 37.1 17.8 June 28 226.4 300.0 .7 27.4 6.8 136.7 499.0 101.4 15.4 37.0 17.9 July 26 4 246. 4 300.0 .6 35.5 8.0 128.0 510.9 91.4 26.0 36.7 18.1 Aug. 30_ 263.0 300.0 .7 33.5 6.4 137.8 529.5 90.1 31.1 39.0 18.2 Sept. 27 5 1 580 0 .7 38.3 2.5 144 2 541.8 107.1 19.8 40.5 18.3 Oct. 25_ .2 580.0 .9 53.0 4.6 127. 7 527.1 116.8 12.6 39.2 17.7 Nov. 29 .2 580.0 1.1 51.6 4.5 132.1 528.7 103.5 27.8 40.2 17.8 Dec. 27 .2 580.0 1.0 25.6 4.3 176.1 554.6 117.3 29.7 42.0 17.9 1940—Jan. 31 .2 580.0 .8 52.5 3.1 143.9 527.7 98.1 39.7 44.3 18.0 Feb. 28 2 580.0 1.0 49.0 2.8 149.4 531.2 99.4 45.7 38.9 18.1 Liabilities Domestic bills Loans on- Deposits Bank of France Ad- For- vances Note Other (Figures in millions of francs) Gold8 eign to Short- Other circula- liabilich e a x n - ge Open , c S i p a e l* - Other G er o n v - - G t o e v r e m rn- s O ec t u h r e i r - tion G m ov e e n r t n- Other ties ment9 ment se- ties curities 1929—Dec. 27 41,668 25,942 5,612 8,624 2,521 5,603 68, 571 11,737 7,850 1,812 1930—Dec. 26 53,578 26,179 5,304 8,429 2,901 6,609 76,436 12,624 11,698 2,241 1931—Dec. 30 68,863 21, 111 7,157 7," 2,730 8,545 85,725 22,183 1,989 1932—Dec. 30 83,017 4,484 6,802 3,438 2,515 9,196 85,028 2,311 20,072 2,041 1933-Dec. 29 77,098 1,158 6,122 4,739 2,921 8,251 82,613 2,322 13,414 1,940 1934—Dec. 28 82,124 963 5,837 3,971 3,211 8,288 83,412 3,718 15, 359 1,907 1935—Dec. 27 66, 296 1,328 5,800 9,712 573 3,253 7,879 81,150 2,862 8,716 2,113 1936—Dec. 30 60,359 1,460 5,640 1,379 8,465 17,698 715 3,583 8,344 89, 342 2,089 13,655 2,557 1937—Dec. 30 58,933 911 5,580 652 10,066 31,909 675 3,781 7,277 93,837 3,461 19, 326 3,160 1938—Oct. 27 55,808 763 6,802 1,550 14,694 48,134 1,600 3,865 7,427 110,446 3,642 23,827 2,727 Nov. 24 87, 264 888 7,032 1,611 11,021 20, 627 1,559 3,739 14,185 6,169 31, 955 3,004 Dec 29 87, 265 821 7,422 1,797 7,880 20,627 443 3,612 14,442 110,935 5,061 25, 595 2, 718 1939—Jan. 26 87, 266 761 8,004 1,996 6,193 20, 627 136 14.099 109, 378 5,445 24,935 2,713 Feb. 23 87, 266 759 7,801 2,014 5,462 20,627 73 3,317 14,308 111, 162 5,079 22, 556 2,830 Mar. 30 87, 266 758 8,631 2,054 5,733 20,627 172 3,332 14,558 119,748 3,955 16, 702 2,726 April 27 *°92, 266 756 8,609 2,165 6,012 20,577 127 3,362 14,452 124,666 3,755 17, 255 2,649 May 25 92, 266 754 8,164 2,276 4,774 20,577 78 3,401 14,264 121, 391 4,573 17, 570 3,020 June 29 92, 266 722 8,074 2,279 5,009 20,577 374 3,471 14,753 122,611 5,188 16,909 2,816 July 27 92, 266 722 8,316 2,275 5,000 20,577 472 3,461 14,458 123,239 5,468 16,058 2,781 Aug. 31 °97,266 218 9,396 1,708 15,009 20, 577 2,412 3,805 16,016 142, 359 3,304 18,038 2,708 Sept. 28 97, 266 212 9,734 1,958 14,830 22,777 930 3,661 16,482 144, 562 2,342 18,022 2,926 Oct. 26 97, 266 85 10,038 2,007 25, 473 336 3,576 17.100 144,379 2,004 14, 790 3,006 Nov. 30.. 97, 266 120 10, 565 1,626 5,206 30, 473 454 3,581 17,769 149,370 1,953 12, 392 3,346 Dec. 28 97, 267 112 11,273 2,345 5,149 34, 673 174 3,482 16,438 151, 322 1,914 14, 751 2,925 1940—Jan. 25 97, 268 111 11,861 2,235 5,011 35, 673 229 3,444 15, 963 151, 738 1,834 14,965 3,259 Feb. 29 97, 275 109 12,505 1,810 4,630 40, 523 465 3,403 16,917 156,150 1, 203 17,128 3,156 1 Securities and silver coin held as cover for fiduciary issue, which has been fixed at £580,000,000 since Sept. 6,1939; for information concerning previous status of fiduciary issue see BULLETINS for December 1939, p. 1140, and April 1939, p. 339. 2 On Jan. 6, 1939, £200,000,000 of gold transferred to British Exchange Equalization Account. 3 Effective Mar. 1,1939, gold valued at current prices instead of legal parity and about £5,500,000 transferred from Exchange Account to Bank. See note 1. 4 On July 12, 1939, £20,000,000 of gold transferred from Exchange Account to Bank of England. 6 On Sept. 6, 1939, £279,000,000 transferred from Bank of England to Exchange Account. 8 By decree of Nov. 12,1938 (see BULLETIN for January 1939, p. 29), gold revalued on basis of 27.50 milligrams gold 0.900 fine per franc; gold also revalued in October 1936 and July 1937. For further details see BULLETINS for December 1939, p. 1140, and December 1938, p. 1091. 7 Negotiable bills of Caisse Autonome and bills bought under authority of decree of June 17, 1938 (see BULLETIN for Aug. 1938, p. 650). » Bills and warrants endorsed by National Wheat Board (law of Aug. 15, 1936—see BULLETIN for Oct. 1936, pp. 785-786), and bills rediscounted for account of Banques Populaires (law of Aug. 19, 1936—see BULLETIN for Oct. 1936, p. 788). 9 Includes advances granted under authority of Conventions between Bank of France and Treasury of June 18, 1936, June 30, 1937, March 22, 1938, and April 14, 1938, as modified by Convention of Nov. 12, 1938; and under authority of Convention of Sept. 29, 1938, approved by decree of Sept. 1, 1939 (see BULLETINS for July 1936, p. 536; Aug. 1937, p. 720; June 1938, p. 452; Aug. 1938, p. 650; Jan. 1939, p. 30; and Nov. 1939, p. 976). i» On April 20, and again on Aug. 3, 1939, 5,000,000,000 francs of gold transferred from Stabilization Fund to Bank of France. NOTE.—For further explanation of table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. 364 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued Assets Liabilities Reichsbank Reserves of gold and Bills (and Securities (Figu re re ic s h i s n m m ar il k l s io ) ns of re f T o se o re r t v i a g e l n s exc G ha o n l g d e i i T c n h r c b e e l i c u a l k l s d s u s in ) r , y g Se lo c a u n ri s ty E a c l s i o g n v i o e b r t l e e Other a O s t s h e e ts r ci N t r i c o o u t n l e a- Deposits l O ia t t i b h e i s e li r - 1929—Dec 31 2,687 2,283 2,848 251 92 656 5,044 755 736 1930—Dec 31 2,685 2,216 2,572 256 102 638 4,778 652 822 1931—Dec 31 1,156 984 4,242 245 161 1,065 4,776 755 1,338 1932—Dec. 31 - - 920 806 2,806 176 398 1,114 3,560 540 1,313 1933—Dec. 30 396 386 3,226 183 259 322 735 3,645 640 836 1934—Dec. 31 84 79 4,066 146 445 319 827 3,901 984 1,001 1935—Dec. 31 88 82 4,552 84 349 315 853 4,285 1,032 923 1936—Dec. 31 72 66 5,510 74 221 303 765 4, 980. 1,012 953 1937—Dec. 31 76 71 6,131 60 106 286 861 5,493 1,059 970 1938—Dec. 31 76 71 8,244 45 557 298 1,621 8,223 1,527 1,091 1939—Mar 31 77 71 8,180 58 677 292 1,489 8,311 1,249 1,212 Apr. 29 77 71 7,726 55 668 476 1,928 8,519 1,122 1,289 May 31 77 71 7,547 40 922 285 2,182 8,525 1,292 1,234 June 30 77 8,159 48 930 274 1,658 8,731 1,281 1,132 July 31 77 8,461 36 925 289 1,652 8,989 1,294 1, ir.7 Aug 31 77 10,272 60 1,013 296 1,964 10,907 1,480 1,294 Sept 30 77 10,105 24 1,324 393 1,963 10,995 1,602 1,287 Oct 31 77 9,358 35 1,440 366 2, 375 10,820 1,520 1,312 Nov 30 77 10,148 36 997 365 2,257 10,974 1,574 1,332 Dec. 30 78 11, 392 30 804 393 2,498 11, 798 2,018 1,378 1940—Jan. 31 77 11,143 33 374 401 2,487 11,505 1,628 1,382 Feb 28? 77 10, 867 (2) 11,110 1,553 p Preliminary. 1 Not shown separately on Reichsbank statement after June 15, 1939. 2 Not available. NOTE.—For explanation of above table see BULLETIN for February 1931, pp. 81-83, and July 1935, p. 463. Central bank 1940 1939 Central bank 1940 1939 [Figures as of last report [Figures as of last report date of month] Feb. Jan. Dec. Feb. date of month] Feb. Jan. Dec. Feb. National Bank of Albania (thou- National Bank of Belgium (millions sands of francs): of belgas): Gold 7,567 7,574 Gold and foreign exchange 4,218 4,228 4,391 Foreign assets 64, 939 17, 996 Discounts 1,079 977 175 Loans and discounts __ _ __ 5,311 5,198 Loans 152 228 33 Other assets 8,814 4,216 Other assets 497 '494 467 Note circulation 26, 316 11, 039 Note circulation 5,658 5,599 4,409 Other sight liabilities 44, 513 11, 478 Demand deposits—Treasury _ 2 30 15 Other liabilities 15,802 12, 467 Other 163 ••174 520 Central Bank of the Argentine Other liabilities 124 124 122 Republic (millions of pesos): Central Bank of Bolivia (thousand Gold reported separately 1,224 1,224 of bolivianos): Other gold and foreign exchange. 171 69 Gold at home and abroad 93, 308 60,127 Negotiable Government bonds 281 237 Foreign exchange 63, 889 42,197 Other assets 192 257 Loans and discounts 110,316 27, 900 Note circulation 1,191 1,146 Securities—Government 414, 704 402, 669 Deposits—Member bank 428 436 Other . 8,520 4,558 Government _ _ _ 175 138 Other assets 69, 691 45, 333 Other 7 1 Note circulation 368, 760 286, 583 Foreign exchange sold forward 14 19 Deposits 310, 773 231, 795 Other liabilities ____ __ .. 53 48 Other liabilities _. _ 80, 894 64, 406 Commonwealth Bank of Australia National Bank of Bulgaria (mil- (thousands of pounds): lions of leva): Issue department: Gold 2,006 Gold and English sterling. 16,082 16, 030 16, 030 Net foreign exchange in reserve_ Securities.. ___ _ _ 44,784 50,023 40, 506 Foreign exchange. _ __ 1,036 Banking department: Loans and discounts 712 Coin, bullion, and cash 4,553 4,979 1,479 Government debt. _ 3,441 London balances _ _ . _ _ 28,467 28, 923 18, 626 Other assets 1,269 Loans and discounts 26,041 19,163 15, 655 Note circulation. _ _ 2, 577 Securities 52,476 50, 863 54,138 Deposits __ . 3,827 Deposits 103,613 95, 322 84,049 Other liabilities 2,061 Note circulation 52,025 57, 275 47, 530 Bank of Canada (thousands of Ca- Bank of Belgian Congo (millions of nadian dollars): Belgian francs): Gold . 225,772 225, 772 225, 677 200,175 Gold_ _ _ 166 Sterling and United States ex- Foreign (gold) exchange 5 change 57,467 61, 205 64, 325 29, 668 Loans and discounts 427 Canadian Gov't securities: Other assets 514 2 years or less 159,096 178, 946 81, 897 128, 475 Note circulation. _ _ _ 401 Over 2 years 53,031 47, 265 49, 876 33, 821 Deposits 571 Other assets 5,748 6,133 5,453 8,672 Other liabilities 139 Note circulation 208,817 213,070 232, 779 158,488 Deposits—Chartered banks 210,526 220, 304 216, 996 210,536 Dominion Government 63, 787 57,154 46, 270 19, 845 Other 4,728 15, 445 17,852 3,088 Other liabilities 13, 255 13, 348 13, 330 8,854 r Revised. APRIL 1940 365 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued [Figur C es e n a t s r a o l f b la a s n t k report 1940 1939 Central bank 1940 date of month] [Figures as of last report Feb. Jan Dec. Feb date of month] Feb. Jan. Dec. Feb. Central Bank of Chile (millions of Central Reserve Bank of El Salvapesos): dor—Cont. Gold 146 146 145 Deposits 5,929 6,647 Discounts for member banks 98 123 81 Other liabilities 3,643 3,616 Loans to government 750 750 758 Bank of Estonia (thousands of Other loans and discounts 312 289 204 krooni): Other assets 32 17 53 Golds 40, 931 40, 923 34, 311 Note circulation 917 950 818 Foreign exchange (net) 4,672 4,210 16, 300 Deposits— Loans and discounts 49,608 54, 498 25, 516 Bank 179 128 208 Other assets 35, 220 34, 856 38, 766 Other 88 96 68 Note circulation 62, 462 64, 445 52,470 Other liabilities 154 151 147 Demand deposits 35,114 36, 441 33, 922 Bank of the Republic of Colombia Other liabilities 32, 855 33, 603 28,502 (thousands of pesos): Bank of Finland (millions of mark- Gold 40,175 36, 758 41, 776 kaa): Foreign exchange 7,963 5,628 Gold 1,128 Loans and discounts 18,786 25,723 19,124 Foreign assets 2,507 Government loans and securities- 37, 243 37,053 37, 955 Loans and discounts 1,167 Other assets 32, 663 32,153 31, 560 Domestic securities 327 Note circulation 53, 034 60,411 54, 968 Other assets 173 Deposits 53, 697 46, 232 44, 992 Note circulation 2,159 Other liabilities 30,100 30, 674 34, 545 Deposits—Treasury 341 National Bank of Czecho-Slovakia 1 Other 620 (millions of koruny): Other liabilities 2,183 Gold 1,602 1,602 2,362 Bank of Greece (millions of drach- Foreign exchange 803 799 1,106 Discounts 333 900 2,084 Gold and foreign exchange (net) _. 3,828 3,685 3,655 Loans 825 995 704 Loans and discounts 12,863 13,079 8,422 Other assets 6,562 5,749 2,485 Government obligations 4,207 4,207 4,297 Note circulation 5,912 6,345 6,989 Other assets 2,040 1,896 1,788 Demand deposits 1,676 1,054 367 Note circulation 8,914 9,453 6,592 Other liabilities 2,538 2,648 1,384 Deposits 11,948 11, 545 9,762 National Bank of Denmark (mil- Other liabilities 2,076 1,870 1,808 lions of kroner): National Bank of Hungary (mil- Gold 117 117 118 lions of pengo): Foreign exchange 8 7 121 Gold 124 124 124 Discounts 31 26 20 Foreign exchange reserve 75 77 77 8 Loans—To Government agencies 92 162 65 Discounts 599 607 585 467 Other 327 334 111 Loans—To Treasury 314 314 312 269 Securities 206 166 Other 23 22 43 12 Other assets 89 109 Other assets 309 340 344 374 Note circulation 586 600 414 Note circulation 968 954 975 816 Deposits 126 191 110 Demand deposits 155 187 186 191 Other liabilities 156 162 186 Certificates of indebtedness 94 94 94 99 Central Bank of Ecuador (thou- Other liabilities 228 248 232 228 sands of sucres): Reserve Bank of India (millions of Gold 36,046 rupees): Foreign exchange (net) 2,517 Issue department: Loans and discounts 53, 222 Gold at home and abroad._. 444 444 Other assets 15, 080 Sterling securities 1,075 595 Note circulation 64,017 Indian Gov't securities 383 323 Demand deposits 28, 908 Rupee coin 642 697 Other liabilities 13, 941 Note circulation 2,359 1,912 National Bank of Egypt2 (thou- Banking department: sands of pounds): Notes of issue department._. 186 147 Gold 6,545 Balances abroad 55 99 Foreign exchange 2,695 Treasury bills discounted.__. 92 36 Loans and discounts 6,902 Loans to Government 12 17 British, Egyptian, and other Investments 63 69 Government securities 25, 340 Other assets 34 7 Other assets 8,109 Deposits 313 269 Note circulation 19, 567 Other liabilities 130 106 Deposits—Government 4,446 Bank of Japan (millions of yen): Other 17,110 Gold 501 501 501 Other liabilities Special foreign exchange fund 300 300 300 Central Reserve Bank of El Salva- Discounts 468 825 424 dor (thousands of colones): Loans—Government 3 3 3 Gold 13, 211 13, 207 Other 284 285 61 Foreign exchange 3,039 6,260 Government bonds 2,415 2,593 1,694 Loans and discounts 2,688 531 Other assets 391 382 368 Government debt and securities _ 5,011 5,386 Note circulation 3,153 3,818 2,292 Other assets 941 958 Deposits—Government 775 557 591 Note circulation 15, 317 16,079 Other 115 176 127 Other liabilities 319 338 341 1 Name changed to National Bank of Bohemia and Moravia, Prague, by decree of March 31, ] 2 Items for issue and banking departments consolidated. ' Gold revalued in part on March 6, 1939, at 0.2802 gram fine gold per kroon. 366 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Central Banks—Continued 1940 1939 1940 1939 Central bank Central bank [Figures as of last report [Figures as of last report date of month] Feb. Jan. Dec. Feb. date of month] Feb. Jan. Dec. Feb. Bank of Java (millions of guilders): Bank of Portugal—Cont. Gold _ _ _ 132 117 Note circulation 2 065 Foreign bills ... 19 8 Other sight liabilities 1 242 Loans and discounts. 78 65 Other liabilities 1 086 Other assets 87 107 National Bank of Rumania (mil- Note circulation. _ _ 194 185 lions of lei): Deposits 96 85 Gold 20,846 20,768 18,309 Other liabilities 27 27 Special exchange accounts 4,977 5,177 4,098 Bank of Latvia (millions of lats): Loans and discounts 21, 709 23,813 12,176 Gold ._ 71 71 93 Special loans 2 1 223 1 229 1 695 Foreign exchange reserve _ _ 33 37 42 Government debt 10,066 10,059 10,320 Loans and discounts 210 211 151 Other assets 14,465 13, 252 11, 672 Other assets 54 51 63 Note circulation 47, 749 48 800 33 963 Note circulation __ 105 110 79 Demand deposits _ 10, 872 10, 366 13,814 Deposits 204 204 219 Other liabilities 14, 666 15,132 10,493 Other liabilities.. 58 57 51 South African Reserve Bank (thou- Bank of Lithuania (millions of litu): sands of pounds): Gold 53 53 63 Gold 30,678 30, 204 26, 568 Foreign exchange 8 7 8 Foreign bills __ 7,995 7,995 6,830 Loans and discounts 160 163 116 Other bills and loans 24 134 1 548 Other assets. _ . _ 61 61 33 Other assets _ _. .. 20,114 20, 716 15,499 Note circulation. _ .. 166 166 142 Note circulation. __.. ___ _ 18, 305 20, 747 17, 270 Deposits.., 80 82 54 Deposits 36,465 33,905 29 699 Other liabilities _ __ _ 36 35 23 Other liabilities 4,041 4,397 3,476 Netherlands Bank (millions of guil- Bank of Sweden (millions of ders) : kronor) : Gold 1,014 1,014 1,431 Gold 569 679 731 Silver (including subsidiary coin) 12 11 27 Foreign assets (net) . _ _ _ 406 301 675 Foreign bills 2 2 3 Domestic loans and investments 600 645 176 Discounts._ _ _ _ 21 77 8 Other assets ... _ _. __ 561 509 488 Loans _ _ 274 243 261 Note circulation 1,351 1,422 991 Other assets . 85 85 69 Demand deposits. 340 r424 r912 Note circulation 1 109 1,152 992 Other liabilities 445 288 167 Deposits—Government 140 Swiss National Bank (millions of Other 245 229 619 francs): Other liabilities 51 49 49 Gold _ 2,172 2,211 2,262 2,813 Reserve Bank of New Zealand Foreign exchange 328 361 362 259 (thousands of pounds): Discounts 274 168 105 126 Gold __. 2,802 2,802 2,802 Loans . __ _ _ 51 62 90 25 Sterling exchange reserve 8,726 8,718 4,840 Other assets 649 651 663 701 Advances to State or State un- Note circulation._ ._ 1,991 1,967 2,050 1,662 dertakings- 24, 752 22, 656 19, 671 Other sight liabilities _. 843 845 789 1,619 Investments 3 414 3,358 3,651 Other liabilities 641 641 642 643 Other assets _ 357 490 321 Central Bank of the Republic of Note circulation _ 18, 314 19, 292 14, 906 Turkey (thousands of pounds) : Demand deposits 19,446 16,434 14, 567 Gold __ _ _ 36,840 36,840 36,875 Other liabilities 2,290 2,297 1,812 Foreign Exchange—Free . . 11 58 9 Bank of Norway (millions of In clearing accounts 10,877 11, 359 10, 257 kroner): Loans and discounts . . 229, 784 24,489 94, 851 Gold 186 207 210 Securities 200,079 98,898 90, 946 Foreign assets 103 100 190 Other assets. ... ... 36, 519 35,314 24, 566 Total domestic credits and Note circulation 297, 761 96,761 96, 351 securities 457 435 219 Deposits __ _ 81, 333 77, 235 45, 432 Discounts 0) 0) 76 Other liabilities 35,015 32,963 15, 720 L Se o c a u n r s ities.._ ( 0 i) ) ( 0 i) ) 1 3 0 5 8 Ba ( n th k o u o s f a n th ds e o R f e p p e u so b s l ) ic : of Uruguay Other assets (1) (1) 49 Issue department: Note circulation 564 575 439 Gold and silver 03, 585 Demand deposits—Government. 32 7 33 Note circulation _ _ _ 92, 904 Other 79 87 117 Banking department: Other liabilities (i) (l) 79 Gold . - 2,712 Central Reserve Bank of Peru Notes and coin 66, 505 (thousands of soles) : Loans and discounts 05,813 Gold and foreign exchange 44,169 Other assets _ _ 69, 702 Discounts __ _ 27, 562 Deposits _ 86,089 Government loans 87, 757 Other liabilities 58,642 Other assets. 5,674 National Bank of the Kingdom of Note circulation. __ _ 04,846 Yugoslavia (millions of dinars) : Deposits . 44, 435 Gold 2,010 1,988 1,913 Other liabilities 15, 880 Foreign exchange 772 731 438 Bank of Portugal (millions of Loans and discounts 1,955 2,223 1,650 escudos): Government debt. 3,073 3,067 2,229 Gold 919 National defense bills _ __ 1,316 558 Other reserves (net) 501 Other assets 3,712 3,755 3,079 Non-reserve exchange 172 Note circulation. _ 9,798 9,698 6,540 Loans and discounts 472 Other sight liabilities 2,120 1,718 2,062 Governmp/nt debt 1,036 Other liabilities 920 907 709 Other assets _ . __ 1,293 r Revised. 1 Figures not yet available. 2 Agricultural and urban loans in process of liquidation. APRIL 1940 367 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BANK FOR INTERNATIONAL SETTLEMENTS [In thousands of Swiss gold francsl] 1940 1939 1940 1939 Assets Liabilities Feb. 29 Jan. 31 Feb. 28 Feb. 29 Jan. 31 Feb. 28 Gold in bars 29, 276 29, 482 51,060 Demand deposits (gold) 12,192 12,164 9,807 Cash on hand and on current account with banks 22,190 33,102 11,938 Short-term deposits (various curren- Sight funds at interest 10, 397 10,877 12,462 cies): Central banks for own account 18,497 34,233 130,957 Re ( d a i t s c c o o s u t n ) table bills and acceptances 160,015 159,709 218,288 Other 2,950 2,628 6; 332 Time funds at interest 8,598 9,171 29, 261 Long-term deposits: Special accounts.. 229,644 229,644 255,137 Sundry bills and investments 222, 326 224, 908 271, 525 Other liabilities 191,622 190,738 193,944 Other assets 2,102 2,159 1,644 Total liabilities 454,905 469,407 596,177 Total assets 454, 905 469, 407 596,177 » See BULLETIN for December 1936, p. 1025. MONEY RATES IN FOREIGN COUNTRIES [Per cent per annum] Netherlands (Amster- United Kingdom (London) Germany (Berlin) dam) Month a 3 c B c m a e n p o k t n a e n t r h c s s es T m b re i o l a l n s s t , u h 3 r s y Da m y o -t n o e - y day o a B n ll a o d n w e k p a e o n r s c s i e t ' s d P is r r c i a v o t a u e t ' n e t M 1 o m ne o y n t f h or D m ay o - n to ey -day d P is r r c i a v o t a e u t n e t M 1 o m ne o y n t f h or 1929—February.. 5.05 4.96 4.33 5.80 7.07 6.33 4.39 4.78 1930—February.. 3.82 3.72 3.76 3-23^ 5.53 6.72 6.01 2.80 2.94 1931—February,. 2.56 2.37 2.29 1 4.88 6.31 5.49 1.12 1.05 1932—February.. 4.63 4.08 3.84 4-3 6.67 7.98 7.81 1.87 1.69 1933—February.. .78 .73 3.87 5.00 4.86 .37 1.00 1934—February. _ .86 .88 3.87 4.91 4.78 .78 1.00 1935—February.. .38 .28 .63 3.41 3.77 3.83 .58 1.00 1936—February.. .55 .53 .75 3.00 2.97 2.77 1.19 1.63 1937—February.. .55 .53 .75 3.00 2.86 2.47 .28 1.00 1938—February.. .53 .50 .75 2.88 2.88 2.73 .13 .50 1939—February _. .53 .51 .75 2.88 2.53 .13 .50 1939—July .79 .77 .75 2.75 2.50 2.65 .51 0.75 August 1.58 1.92 1.35 2.75 2.50 2.50 1.03 1.53 September. 3.51 3.23 2.72 1-2 2.75 0) 2.51 2.94 3.66 October 1.88 1.77 1.71 2.75 0) 2.23 1.90 2.24 November. 1.96 1.18 1.00 c 2. 65 0) 2.19 1.75 2.41 December. 1.23 1.24 1.03 2.63 (0 2.39 2.25 2.75 1940—January.. _ 1.10 c1.09 1.02 2.50 0) 2.03 1.85 2.64 February.. 1.04 1.02 1.00 0) 1.58 2.50 Sweden Switzer- Belgium France Italy Hungary (Stock- Japan (Tokyo) land (Brussels) (Paris) (Milan) holm) Month d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r i c a v o t a e u t n e t d P is r r c i a v o t a e u t n e t c c i o a P m l r i p m m a e p e r e - r Da m y o -t n o e - y day L m oa t o o n n s t 3 h u s p Dis b c i o l u ls nted ov m e C o rn a n l i e l g y ht 1929—January... 3.28 3.97 3.50 5.83 5. 84-6.21 1930—January... 2.97 3.40 3.38 7.00 5.48 1931—January... 1.17 2.38 i9 5.50 5.48-5. 66 1932—January.. _ 1.68 2.91 5 7.50 5.84-6. 57 1933—January.... 1.50 2.88 .12 4.42 5.48-5. 84 1934—January... 1.50 2.14 !.12 3.00 5.29 1935—January... 1.50 2.38 .79 4.00 5.11 1936—January.. _ 2.48 1.52 .26 5.00 5.11 1937—January... 1.25 1.00 2.22 4.50 4.75 1938—January... 1.00 1.57 3.00 5.00 4.75 1939—January... 1.00 2.00 1.88 5.00 4.47 1939—June 1.00 2.79 1.88 5.00 4.47 July 1.00 2.30 1.88 5.00 (3 August 1.00 2.24 1.95 8 September. 1.25 3.22 2.70 October. _. 1.25 3.19 2.34 November. 1.25 3.11 2.12 December. 1.25 3.11 2.12 1940—January... 1.25 2.12 c Corrected. * No figures available since August 1939. * No figures available since July 1939. 3 No figures available since June 1939. NOTE.—For explanation of table see BULLETIN for November 1926, pp. 794-796; April 1927, p. 289; July 1929, p. 503; November 1929, p. 736; May 1930, p. 318; September 1938, p. 757; and December 1939, p. 1144. 368 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

DISCOUNT RATES OF CENTRAL BANKS [Per cent per annum] Central bank of— Date effective United King- France dom In effect June 30, 1936 __ 2 4 July 7.. July 10 3 Sept. 9. Sept. 25 5 Oct. 2.. 3 Oct. 9 Oct. 16. . Oct. 20 Nov. 26 Dec. 3 Jan. 28,1937 4 June 15 . .. 6 July 7 5 Aug. 4. 4 8ept. 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 4 Aug. 29... Sept. 28 3 Oct. 26 2 Jan. 25, 1940 In effect Mar. 28, 1940 _. 2 coco m G a e n r y - g B iu e m l- N la e e n r t d - h s - S l w a e n i r t d z- Japan b C an e k n tr of a — l M R 2 a a 8 t r e . ef D fe a ct t i e ve b C an e k n tr of a — l M R 2 a a 8 t r e . ef D fe a ct t i e ve Albania 6 April 1, 1937 Japan 3.29 Apr. 7, 1936 4 2 3H 3.29 A Be r l g g e i n um tina-. J M a a n r . . 2 1 5, , 1 1 9 9 4 3 0 6 J L a a v t a via. 3 5 J F a e n b. . 1 1 4 7 , , 1 1 9 9 3 4 7 0 Bolivia 6 July 5, 1932 Lithuania... 6 July 15, 1939 2 Britishlndia 3 Nov. 28. 1935 Mexico 3 Mar. 1, 1937 Bulgaria 6 Aug. 15, 1935 Netherlands 3 Aug. 29, 1939 2H Canada Mar. 11, 1935 New Zea- 2 IH C C o h l i o le mbia—. 4 J D u e l c y . 1 1 6 8 , , 1 1 9 9 3 3 6 3 No la r n w d a y _. C f 3 * S S e ep p t t . . 2 6, 2 , 1 9 1 3 93 9 9 Czecho- Peru May 20, 1932 slovakia. _ 3 Jan. 1,1936 Portugal.... 4-4H Aug.. 11, 1937 Denmark... Oct. 10, 1939 Rumania 3M May 5, 1938 4 Ecuador 4 Nov. 30, 1932 South Africa May 15, 1933 El Salvador 3 Mar. 30, 1939 Spain 4 *Mar. 29, 1939 3 Estonia Oct. 1, 1935 Sweden 3 Dec. 15,1939 3 Finland Dec. 3, 1934 Switzerland Nov. 26, 1936 2 4 France 2 Jan. 4, 1939 Turkey 4 July 1, 1938 3 Germany... 4 Sept. 22, 1932 United King- Greece. 6 Jan. 4, 1937 dom 2 Oct. 26, 1939 Hungary 4 Aug. 29, 1935 U. S. S. R.- 4 July 1,1936 3 Italy ._. May 18,1936 Yugoslavia.. 5 Feb. 1, 1935 2 2 4 2 3 3.29 c Corrected. i Not officially confirmed. Changes since Feb. 28: None. COMMERCIAL BANKS Liabilities (Figures in U m n i i l t l e io d n s K o i f n p g o d u o n m d s i sterling) Cash M ca o s l h n l o e a r y n t d at B co il u ls n d te i d s- Se t c ie u s ri- L cu oa s e t n r o s s m t - o Other Total D D e e m po a s n it d s 2 Time 2 lia O b t i h li e t r ies notice 10 London clearing banks 1930—December.. 208 144 322 286 933 240 1,876 992 847 254 1931—December— 184 119 246 297 905 222 1,737 868 846 237 1932—December.. 207 127 408 472 778 208 1,983 991 903 216 1933—December.. 213 119 311 565 740 237 1,941 1,010 900 244 1934—December.. 216 151 255 594 759 247 1,971 1,044 910 251 1935—December- 221 159 322 605 784 231 2,091 1,140 924 231 1936—December- 187 316 630 864 238 2,238 232 1937—December.. 155 295 605 954 242 2,250 237 1938—December.. 235 150 244 606 940 250 2,172 254 11 London clearing banks 3 1 1 9 9 3 3 7 6 — — D D e e c c e e m m b b e e r r . . . . 2 2 4 4 4 4 1 1 9 6 5 3 3 3 2 0 2 0 6 6 3 6 5 0 9 8 8 9 4 0 2 2 5 4 6 9 2 2 , ,3 3 1 3 5 0 l 1 t , 2 2 8 8 8 4 1 1, , 0 0 2 1 6 2 2 2 5 4 2 5 1938—December. 243 160 250 635 971 263 2,254 1,256 997 1939—January- 248 143 256 625 972 252 2,230 1,260 970 267 February.. 243 138 212 617 982 253 2,176 1,213 964 268 March 232 141 190 611 992 249 2,152 1,186 966 264 April 229 145 184 611 997 256 2,155 1,185 970 267 May 236 144 201 605 992 258 2,167 1,194 973 268 June— 235 150 249 600 993 257 2,219 1,232 987 C265 July 235 155 278 597 986 251 2,240 1,241 999 263 August 233 152 279 599 985 269 2,245 1,239 1,007 *273 September 268 146 236 603 1,016 276 2,278 1,272 1,006 266 October __ 256 159 289 605 1,020 271 2,327 1,299 1,028 272 November. 245 142 353 611 1,000 242 2,345 1,303 1,042 248 December. 274 174 334 609 1,015 290 2,441 1,398 1,043 256 1940—January. _. 242 154 o388 610 1,010 267 2,410 261 February.. 247 149 353 609 1,007 259 2,366 258 c Corrected. 1 Averages of weekly figures through August 1939; beginning September 1939 figures refer to one week near end of month. 2 Through December 1937 excludes deposits in offices outside England and Wales, which are included in total. Figures for 10 banks not available beginning 1936. 3 District Bank included beginning in 1936. NOTE.—For other back figures and explanation of tables see BULLETIN for October 1933, pp. 639-640. APRIL 1940 369 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Commercial Banks—Continued Liabilities France (4 large b i a n n m ks i . l lio E ns n d o f o f f r m an o c n s t ) h figures Cash D b u a e n f k r s om B co il u ls n t d e i d s- Loans Other Total D D e e p m o a si n t d s Time ac O c w ep n t- lia O b t i h l e it r ies 1930—December... 2,419 4,675 20,448 10,743 2,361 36,681 35,284 1,397 921 4,357 1931—December... 11,311 2,168 18,441 9,274 2,130 38,245 37,023 1,222 676 4,503 1932—December.. 9,007 1,766 22,014 7,850 1,749 37,759 36,491 1,268 295 4,331 1933—December.. 5,870 1,416 19,848 8,309 1,827 32,635 31,773 862 273 4,362 1934—December.. 5,836 1,421 18,304 8,159 1,717 30,943 904 193 4,301 1935—December.. 3,739 2,484 16,141 8,025 1,900 27,553 26,859 694 337 4,399 1936—December.. 3,100 2,975 17,582 7,631 1,957 28,484 27,955 529 473 4,289 1937—December— 3,403 4,116 18,249 7,624 2,134 30,348 29,748 600 661 4,517 1938—December.. 3,756 4.060 21,435 7,592 1,940 33,578 33,042 637 721 4,484 1939—January 3,329 3,985 22,100 7,079 1,339 33,444 581 3,745 February.._ 3,433 3,824 23,024 6,927 1,250 34,243 33,619 624 638 3,677 March 3,604 3,519 23,945 6,654 1,310 34,793 34,127 667 541 3,697 April 3,522 3,745 25,667 6,414 1,353 35,700 667 558 3,775 May 5,148 3,769 25,102 7,061 1,409 38,120 37,444 676 519 3,849 June 3,538 3,857 25,263 6,538 1,472 36,231 35,547 684 486 3,951 July 3,464 3,580 25,717 6,850 1,532 36,650 35,991 659 430 4,063 August 6,357 3,718 18,784 7,353 1,674 33,293 32,668 626 455 4,138 September.. 5,062 3,862 20,888 7,710 1,735 34,642 34,048 594 427 4,190 October v __. 4,532 3,745 22,853 7,784 1,931 35, 989 35,385 604 529 4,326 November.. 4,171 3,714 25, 649 7,907 2,068 38,423 37,835 631| 4,455 Liabilities Germany' (5 i l n a r m ge il l b i a o n ns k s o . f r E ei n c d h s o m f m ar o k n s) th figures Cash b f D a ro n u m k e s B c i o l u ls n d te is d - Loans Se t c ie u s ri- Other Total D D e e p m o a si n t d s Time o C b b f r t a r a e o n d i m k n i s t e s d l O ia t t i b h e i s e li r - 1930—November.. 191 1,483 2,453 7,416 482 9,091 3,857 5,233 1,986 1,828 1931—November.. 173 817 1,431 6,377 807 1,127 6,062 3,252 2,810 1,328 2,341 1932—November.. 143 583 1,631 4,570 991 6,161 2,958 3,203 1,146 1,550 1933—November.. 131 471 1,702 3,731 1,003 5,754 2,624 3,130 661 1,481 1934—November.. 115 393 2,037 3,331 874 5,816 2,731 3,085 485 1,432 1935—November.. 139 316 2,162 2,884 1,027 5,376 2,435 2,941 686 1,449 1936—November.. 137 269 2,567 2,729 1,112 851 6,751 2,661 3,090 679 1,334 1937—November.. 148 299 3,205 2,628 1,020 812 6,264 2,912 3,352 613 1,336 1938—August 199 255 2,731 1,098 844 6,933 3,219 3,714 416 1,368 September.. 270 295 3,384 2,817 1,097 876 6,915 3,311 424 1,400 October __ 179 261 3,620 2,743 1,183 7,031 3,373 3,668 422 1,427 November.. 195 270 3,643 2,685 1,406 7,234 3,531 3,703 420 1,438 1939—January 184 285 3,934 2,708 1,178 895 7,334 3,619 3,716 414 1,436 February 175 307 2,798 1,145 902 7,377 3,576 3,801 410 1,427 March 219 308 3,904 2,833 1,112 901 7,458 3,693 3,765 401 1,418 April 189 271 4,364 2,761 1,082 891 7,745 3,870 3,875 398 1,414 May 237 292 4,537 2,772 1,073 852 7,981 3,996 3,985 396 1,385 June* 214 4,108 2,988 1,080 829 7,793 3,793 3,999 1,342 Assets Liabilities Deposits payable in Can- Canada Entirely in Canada S l e o c a u n r s ity ada exclu d d ep in o g s its interbank f ( i 1 g 0 u re c s h a i r n t e m re il d l io b n a s n o k f s . C a E na n d d i a o n f d m o o ll n ar th s) Other a a n b d d r u o e n a e d t Se t c ie u s ri- Other ci N r ti c o o u t n e la- l O ia t t i b h e i s e li r - Cash Security loans from Total Demand Time reserves loans and dis- foreign counts banks 1930—December.. 207 205 1,275 171 604 133 2,115 1,426 816 1931—December.. 201 135 1,253 146 694 510 129 2,058 1,360 752 1932—December.. 211 103 1,104 165 778 439 115 1,916 1,378 760 1933—December.. 197 106 1,036 134 861 432 121 1,920 563 1,357 725 1934—December.. 228 103 977 155 967 449 124 2,035 628 1,407 718 1936—December.. 228 83 945 141 1,155 485 111 2,180 694 1,486 745 1936—December.. 240 114 791 161 1,384 607 103 2,303 755 1,548 790 1937—December. 255 76 862 102 1,411 510 96 2,335 752 1,583 786 1938—December.. 263 65 940 166 1,463 474 88 2,500 840 1,660 782 1939—January _ 276 63 919 167 1,454 459 85 2,457 789 1,667 796 February __ 267 60 921 171 ,490 450 88 2,471 780 1,691 800 March _ _ 259 56 943 192 :1,499 458 93 2,492 791 1,700 821 April ._ 260 54 956 203 L, 509 449 90 2,509 812 1,697 833 May 266 55 963 217 L, 605 452 85 2,524 846 1,678 850 June 255 53 957 226 1,525 494 92 2,542 862 1,680 875 July 266 51 947 202 L,520 468 86 2,520 822 1,697 849 August. 265 49 957 245 1,507 461 88 2,524 822 1,702 873 September 279 51 1,020 214 :L,502 475 95 2,583 891 1,692 862 October 304 53 1,083 209 L, 662 474 90 2,837 1,128 1,709 858 November. _ 295 56 1,102 157 1,665 475 89 2,809 1,074 1,735 851 December 292 53 1,088 132 1,646 490 85 2,774 1,033 1,741 842 1940—January.. 290 48 1,073 134 1,654 466 82 2,755 1,005 1,751 827 p Preliminary. 1 Combined monthly balance sheets not published for December. Prior to merger of two of the banks in February 1932 figures refer to six large Berlin banks. Beginning in 1935 figures are not entirely comparable with those shown for previous years due to changes in reporting practice (See BULLETIN for June 1935, p. 389). 2 No figures available since June 1939. NOTE.—For other back figures and explanation of table see BULLETIN for October 1933, pp. 641-646; June 1935, pp. 388-390; and August 1939 p. 699. 370 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

FOREIGN EXCHANGE RATES [Averages of certified noon buying rates in New York for cable transfers. In cents per unit of foreign currency] Brazil (milreis) Chile (peso) Year or month A (p t r i e g n s e a o n ) - (p t A r o a u u s li - n a d) ( g b B i e u e lg m l- a) Official m F a r r e k e et ( B r I r n u i p d ti e i s a e h ) C (d a o n ll a a d r a ) Official Export S ( C y h h h u a a i a n i n ) n g a - - C ( o p b l e i o s a o m ) - 1933. 72.801 337.07 17.900 7.9630 31.816 1.0039 91.959 7. 6787 28.598 81. 697 1934. 33.579 400.95 23.287 8.4268 37.879 1.2852 101.006 10.1452 34.094 61. 780 1935. 32.659 388.86 18.424 8. 2947 36.964 1.2951 99.493 36.571 56.011 1936. 33.137 395.94 16.917 8. 5681 5.8788 37.523 99. 913 5.1240 29.751 57.083 1937. 32.959 393.94 16.876 8.7190 6.1806 37.326 12846 100.004 5.1697 4.0000 29.606 56.726 1938. 32. 597 389. 55 16.894 5.8438 36. 592 .. 2424 99.419 5.1716 4.0000 21.360 55.953 1939.. 30.850 353.38 16.852 6.0027 5.1248 33.279 .. 2111 96.018 5.1727 4.0000 11.879 57.061 1939—February... 31.236 373.33 16.860 5.8602 35.014 . 2130 99.502 5.1736 4.0000 15.885 56.990 March 31. 234 373.27 16.823 5.8647 35.057 . 2103 99.583 5.1733 4.0000 16.016 56.983 April 31.207 372.86 16.838 5.9941 5.3759 34.962 .2089 99.483 5.1735 4.0000 16.015 56.982 May 31.210 372.89 17.016 6.0586 5.3931 34.916 . 2101 99.620 5.1733 4.0000 15.987 57.009 June. 31. 217 373.12 17.008 6.0586 5.1737 34.924 .2077 99.773 5.1737 4.0000 13.434 57.169 July... 31.211 373.03 16.991 6.0571 5.0555 34.905 . 2126 99.835 5.1703 4.0000 10.637 57.036 August 31.116 367.32 16.968 6.0579 5.0236 34.407 .. 2111 99.494 5.1691 4.0000 7.163 57.061 September 318.38 17.028 6.0594 5.0162 29.928 91.255 5.1776 4.0000 0.696 57.068 October. __: 29.770 319.51 16.729 6.0575 5.0503 30.296 89.331 5.1713 4.0000 7.638 57.151 November.. 29. 772 312. 66 16.490 6.0580 5.0322 30.127 87. 755 5.1714 4.0000 8.353 57.206 December.. 29. 773 313.13 16. 577 6.0576 5.0263 30.032 87.615 5.1705 4.0000 7.487 57.022 1940—January... 29. 772 315.82 16. 834 6.0562 5.0132 30.140 88.018 5.1670 4.0000 7.833 57.205 February.. 29. 773 315. 79 16.859 6.0569 5.0237 30.163 86. 654 5.1655 4.0000 7.012 57. 264 Year or month ( C s k lo o ze r v c u a h n k o a ia - ) ( m D kr e a o r n n k - e) (p E o g u y n p d t ) ( k l F m a k i n n a a - d r ) - F (f r r a a n n c c e ) ( m m r G e a a e i r c n r k h - y ) s- G (d m r r e a a e c ) c h e - (d H K o o o ll n n a g g r) (p H g e a u n r n g y 6 - ) ( I l t i a r l a y ) J ( a y p e a n n ) M (p e e x s i o c ) o ( N g l u e a i t n l h d d e e s r r - ) Z (p e N o a e u la w n n d d ) 1933.. 3.8232 19.071 434. 39 1.8708 5.0313 30.518 .7233 29. 452 22.360 6.7094 25. 646 28.103 51.721 340.00 1934.. 4. 2424 22.500 516. 85 2.2277 6.5688 39.375 .9402 38. 716 29. 575 8. 5617 29.715 27. 742 67.383 402.46 1935.. 4.1642 21.883 502.60 2.1627 6.6013 40.258 48. 217 29.602 8. 2471 28.707 27.778 67.715 391.26 4.0078 22.189 509.68 2.1903 6.1141 40.297 31.711 29.558 7.2916 29.022 27.760 64.481 398.92 1937., 3.4930 22.069 506. 92 2.1811 4.0460 40.204 .9055 30.694 19. 779 5.2607 28.791 27.750 55.045 396.91 1938.. 3. 4674 21.825 501.30 2.1567 2.8781 40.164 .8958 30.457 19. 727 5.2605 28.451 22.122 55.009 392.35 1939.. 3. 4252 20.346 478.83 1.9948 2.5103 40.061 .8153 27.454 19. 238 5.1959 25.963 19.303 53.335 354.82 1939—February. _ 3.4248 20.912 480.43 2.0604 2.6471 40.117 .8583 29. 078 19. 627 5.2602 27.297 19.973 53.626 374.84 March 3. 4245 20.912 480.40 2.0597 2.6488 40.098 .8586 29.049 19.613 5.2601 27.300 20.026 53.092 374.78 April 20.891 479.90 2.0542 2.6478 40.081 .8579 28.659 19.602 5.2601 27.274 20.023 53.132 374.41 May 20.895 479.97 2.0548 2.6487 40.115 .8570 28.884 19.588 5.2603 27.277 20.025 53.601 374.42 20.900 480.10 2.0559 2.6493 40.105 .8565 28.916 19.577 5.2604 27.284 19.753 53.167 374.60 July. 20.896 480.00 2.0547 2.6488 40.113 .8576 28.703 19.576 5.2605 27.279 17.133 53.278 374.49 August 20.834 472.41 2.0456 2.6137 39.859 .8520 28.213 19.576 5. 2515 26.870 16.800 53.484 368.82 September- 19. 317 432.04 1.9000 2. 2651 39.864 .7575 24.863 5.1445 23.459 19.023 53.182 319.75 October 19. 291 1.8943 2.2736 40.092 .7345 25.030 5.0465 23.510 20.151 53.115 320.81 November. 19. 294 1.8964 2.2246 40.127 .7244 24.491 17.602 5.0444 23.440 20.497 53.080 313.96 December _ 19. 297 1.8136 2.2269 40.097 .7157 24.482 17.600 5.0452 23.441 18.185 53.107 315.03 1940—January 19.304 1.8156 2. 2461 40.118 .7155 24. 629 17. 586 5.0470 23.438 16.663 53.208 317.09 February __ 19. 310 1. 7078 2. 2459 40.117 .7176 24.572 17. 605 5.0467 23.438 16. 654 53.137 317.06 Uruguay (peso) Year or month N (k o r r o w n a e y ) P (z o l l o a t n y d ) ( P es o g c r a u t l d u o - ) R ( u n le m i u a ) a- (p S A o o f u r u i n t c h d a ) (p S e p s a e i t n a) ( S S m d e t o r e t l a t n l l a i t e t r s s - ) (k S r d w o e n n e a - ) ( e S f r r w l a a i n t n z c d - ) ( T po u u rk n e d y ) ( U p K d o n i o u i n m t n g e d d - ) Con- Non-con- ( Y s d l i a u n v g a i o r a - ) trolled trolled 1933.. 21.429 14.414 3.9165 .7795 414.98 10.719 49. 232 22.032 24.836 60.440 423.68 60.336 1.7607 1934.. 25.316 18.846 4.6089 1.0006 498.29 13.615 59.005 25.982 32.366 79.047 503.93 79.956 2.2719 1935.. 24.627 18.882 4. 4575 .9277 484.66 13.678 57.173 25.271 32.497 80.312 490.18 80.251 2.2837 1936.. 24.974 18.875 4. 5130 .7382 491.65 12.314 58.258 25.626 30.189 80.357 497.09 79.874 2. 2965 1937.. 24.840 18.923 4. 4792 .7294 489.62 6.053 57.973 25.487 22.938 80.130 494.40 79.072 2.3060 1938.. 24. 566 18.860 4.4267 .7325 484.16 5.600 56.917 25.197 22.871 80.109 488.94 64.370 2.3115 23. 226 18.835 4.0375 .7111 440.17 9.988 51. 736 23.991 22. 525 80.243 443.54 62.011 36. 789 2. 2716 1939—February. _. 23. 539 18.898 4.2508 .7272 463.83 54.416 24.133 22. 672 80.385 468.57 61.646 2.2820 March 23. 539 18.860 4.2502 .7140 463.74 54.394 24.130 22.614 80.361 468.54 61.650 2.2781 April 23.515 18.818 4.2448 .7056 462.80 54.273 24.111 22.431 80.279 468.05 61. 592 2. 2636 May.. 23.519 18.812 4.2460 .7056 463.11 11.023 54.373 24.110 22.480 80.290 468.13 61.598 2.2675 June 23.524 18.812 4.2484 .7042 463.32 11.023 54.509 24.107 22.546 80.101 468.24 61.609 35.620 2.2674 July 23.520 18.808 4.2506 .7035 463.28 11.023 54.785 24.114 22.550 80.021 468.15 61.600 35.818 2.2744 August 23.376 18.754 4.2234 .7043 456.10 11.000 53.996 24.002 22.573 80.022 461.07 60.659 2.2729 September- 22. 655 3.6564 394.57 10.492 46.712 23.763 22.576 79.600 399.51 38.180 October 22. 697 3. 6444 396.12 10.148 47.017 23.792 22.433 401.05 39.022 November.. 22. 703 3.6067 397.15 10.039 46.246 23.798 22.428 392.47 65.830 37.063 2.2649 December.. 22.701 3.6044 .7055 397.41 9.950 46.102 23.796 22.422 393.01 65.830 36.457 2.2657 1940—January 22.706 3.6259 397.86 9.950 46.484 23.806! 22.419 396.39 65.830 36.360 2.2595 February. _. 22. 709 3.6228 398.00 9.950 46.483 23.807 22.4181 396.34 65.830 37.466 2.2560 NOTE.—Developments affecting averages since July 1939 have been as follows: No rates certified for following days: Argentina—Aug. 26-Oct. 16; Brazil—Sept. 1; Bulgaria—beginning Aug. 30; Denmark—Aug. 26-31; Egypt—beginning Sept. 2; Finland—Aug. 26-Sept. 1 and Sept. 3-5; Hungary— Aug. 26-Nov. 8 and Jan. 27-Feb. 8; Norway—Aug. 26-29; Poland—beginning Aug. 26; Rumania—Aug. 26-Nov. 5 and Feb. 1-29; Yugoslavia—Aug. 26-Nov. 5; Turkey—Aug. 25-28 and beginning Sept. 2; Uruguay—controlled rate, Sept. 1-Nov. 28, and non-controlled rate, Oct. 17-Nov. 28. Averages based on nominal quotations for at least 5 days a month as follows: Aug.—Australia; Sept.—South Africa; Sept. and Oct.—British India, Hong Kong, Japan, and Straits Settlements; Nov., Dec, Jan., and Feb.—British India, Germany, and Yugoslavia; Dec, Jan., and Feb.—Finland. For further information concerning nominal status of exchange quotations, special factors affecting the averages, and changes in the basis of quotation, see BULLETIN for March 1938, p. 244; March 1939, p. 236; September 1939, p. 831. APRIL 1940 371 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

PRICE MOVEMENTS IN PRINCIPAL COUNTRIES WHOLESALE PRICES—ALL COMMODITIES [Index numbers] Nether, Switzer- Year or month (19 U S 2 n t 6 a i = t t e e 1 s d 00) (1 C 92 a 6 n = a 1 d 0 a 0) ( K 19 U i 3 n n 0 g i = t d e 1 o d 0 m 0) (1 F 91 ra 3 n = c 1 e 00) ( G 19 e 1 r 3 m = a 1 n 0 y 0) (19 I 2 t 8 a = ly 100) 1 ( 9 O J 0 a c 0 p t = o a 1 b n 0 e 0 r ) (19 la 1 2 0 n 6 0 d - ) 3 s 0= (J = u l l 1 a y 0 n 0 1 d 9 ) 14 1926 100 100 i 124 695 134 237 106 144 1929 95 96 627 137 95 220 100 141 1930 86 87 100 554 125 85 181 90 126 1931 73 72 88 500 111 75 153 76 110 1932 65 67 86 427 97 70 161 65 96 1933 66 67 86 398 93 63 180 63 91 1934 75 72 88 376 98 62 178 63 90 1935 80 72 89 338 102 68 186 62 90 1936 . __ . _. 81 75 94 411 104 76 198 64 96 1937 86 85 109 581 106 89 238 76 111 1938 -. _ — _ 79 79 101 653 106 95 251 72 107 1939 77 75 103 107 278 74 111 1939—January 77 73 97 689 107 97 259 70 106 February.. ._ _ _ _ 77 73 97 685 107 97 264 70 105 March 77 73 97 683 107 98 265 70 105 April 76 73 97 675 106 98 266 70 106 May 76 74 98 684 107 97 270 70 107 June 76 73 98 683 107 98 270 70 106 July 75 73 98 678 107 96 270 70 107 August 75 72 98 674 107 272 71 107 September __ 79 78 106 107 288 75 117 October 79 79 111 (2) 107 (3) 293 81 120 November. . .. 79 80 117 107 300 84 123 December.. __ 79 82 121 108 314 85 125 1940—January 79 83 124 (») 108 320 86 128 February 79 317 88 (2) p Preliminary. 1 Approximate figure, derived from old index (1913=100). 2 No figures available since August 1939. 3 No figures available since July 1939. WHOLESALE PRICES—GROUPS OF COMMODITIES [Indexes for groups included in total index above] • United States (1926=100) United Kingdom France (1913=100) Germany (1913=100) (1930=100) Year or month pr F o a d r u m cts Foods co O i m t t i h m e e s o r d- Foods p I r n o tr d d i u a u l s c - ts p an r F o d a d r f u m o c o t d s p I r n o tr d d i u a u l s c - ts p A r t g o u r d r i u c a u c l l t - s P s r io o n v s i- a p t f r n I i r i n n o d a i d d l s s u h u r e e s a c m - d w ts i- p tr I r i i n o s a d d h l u e u f d s c in - ts - 1926 100 100 100 581 793 129 132 130 150 1929 105 100 92 579 669 130 125 132 157 1930 _ ._ ._ . 88 91 85 166 100 526 579 113 113 120 150 1931 65 75 75 89 87 542 464 104 96 103 136 1932 48 61 70 88 85 482 380 91 86 89 118 1933 51 61 71 83 87 420 380 87 75 88 113 1934 65 71 78 85 90 393 361 96 76 91 116 1935 79 84 78 87 90 327 348 102 84 92 119 1936 81 82 80 92 96 426 397 105 86 94 121 1937 .. 86 86 85 102 112 562 598 105 96 96 125 1938 69 74 82 97 104 641 663 106 91 94 126 1939 65 70 81 98 105 108 95 126 1939—January 67 72 80 93 100 688 690 108 94 94 126 February 67 72 80 91 100 673 694 108 94 94 126 March 66 70 80 90 100 671 694 108 94 95 126 April 64 69 81 91 100 650 697 107 92 95 126 May -_ 64 68 81 92 101 652 712 108 94 94 126 June 62 68 80 92 101 643 718 109 91 94 126 July 63 68 80 91 102 629 721 109 92 95 126 August _ _ __ 61 67 80 90 102 616 726 109 92 95 126 September... 69 75 82 101 108 0) 8 108 0) 95 126 October 67 73 84 109 111 0) 108 0) 96 126 November. 67 72 84 115 118 (0 8 108 (0 97 126 December 68 72 84 120 121 (0 108 (0 97 127 1940—January 69 72 84 124 124 (0 0) 108 0) 98 127 February 69 71 83 P126 0) 0) (0 p Preliminary. i No figures available since August 1939. Sources.—See BULLETIN for March 1931, p. 159; March 1935, p. 180; October 1935, p. 678; March 1937, p. 276; and April 1937, p. 372. 372 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Price Movements—Continued RETAIL FOOD PRICES COST OF LIVING [Index numbers] [Index numbers] United Eng- Ger- Nether- Switz- United Eng- Ger- Nether- Switz- Year or States land France many lands erland Year or States land France many lands erland month 1923- July July 1913- 1911- June month 1923- July 1913- 1911- June 1925=1001914=1001914=1001914=1001913=1001914=100 1925=1001914=1001930=1001914=1001913=1001914=100 1926 109 161 554 146 161 160 1926 103 170 142 168 162 1929 105 154 611 156 162 156 1929 100 164 154 168 161 1930 100 145 614 146 150 152 1930 97 158 100 148 161 158 1931 82 131 611 131 136 141 1931 89 148 97 136 151 150 1932 68 126 536 116 119 125 1932 80 144 91 121 141 138 1933 66 120 491 113 120 117 1933 76 140 87 118 139 131 1934 74 122 481 118 124 115 1934 79 141 83 121 140 129 1935 81 125 423 120 118 114 1935 81 143 78 123 136 128 1936 82 130 470 122 120 120 1936 82 147 86 125 U32 130 1937 85 139 601 122 127 130 1937 84 154 102 125 137 137 1938 79 141 702 122 130 130 1938 83 156 117 126 139 137 1939 77 141 123 132 1939 82 158 126 138 1939-January... 78 138 748 122 129 1939-January 155 126 137 February.. 77 138 744 122 129 February 155 122 126 136 March 76 135 742 123 130 128 March 82 153 126 138 136 April 77 135 734 122 129 April . 153 126 136 May— 77 134 738 123 130 May 153 123 126 137 • June 76 134 739 124 124 132 June 82 153 127 136 137 July 77 139 741 125 132 July 156 127 138 August 75 137 749 125 124 131 August 155 (2) 127 137 137 September 79 138 (3) 122 128 133 September 83 155 126 139 138 October.. 78 154 (3) 122 133 136 October 165 126 143 140 November 78 157 (3) 122 136 138 November 169 (2) 126 144 142 December. 77 157 (3) 123 137 138 December. 82 173 (2) 126 146 142 1940-January.... 77 157 (3) 124 139 1940-January 174 127 144 February. 78 161 (3) February. 177 i Revised index from March 1936 (see BULLETIN for April 1937, p. 373). ' No figures available since May 1939. 3 No figures available since August 1939. Sources— See BULLETIN for April 1937, p. 373, and October 1939, p. 943. SECURITY PRICES [Index numbers except as otherwise specified] Bonds Common stocks Year or month United (1926=100) States England France Germany Nether- Nether- ( p av ri e c r e a ) g 1 e ( 1 D 9 e 2 c 1 e = m 10 b 0 e ) r (1913=100) (a p v r e ic r e ag ) e lands * U S n ta i t t e ed s England France Germany (19 l 3 a 0 n = d 1 s 00) Number of issues.. 60 87 36 139 8 420 278 300 329 100 1926 97.6 110.0 57.4 100.0 100.0 100.0 100.0 1929 98.1 110.2 85.1 81.4 100.0 190.3 119.5 217.6 122.8 1930. 99.3 111.8 95.8 83.3 104.3 149.8 102.6 187.6 100.2 100 1931 90.9 108.4 96.9 »83.4 104.1 94.7 78.9 132.2 3 78.0 70 1932. 69.5 113.2 88.6 '67.1 94.8 48.6 67.9 105.2 3 50.3 46 1933 73.4 119.7 81.3 82.5 105.3 63.0 78.6 99.6 61.7 52 1934 84.5 127.5 82.1 90.7 113.4 72.4 85.7 83.3 71.1 55 1935. 88.6 129.9 83.5 95.3 107.8 78.3 86.3 79.7 82.9 55 1936 97.5 131.2 76.3 95.8 109.1 111.0 97.0 77.2 91.6 66 1937 93.4 124.6 75.1 98.7 * 101.8 111.8 96.3 97.4 102.6 104 1938 78.9 121.3 77.3 99.9 105.9 83.3 80.8 89.7 100.1 96 1939 81.6 112.3 99.0 90.9 89.2 75.9 94.1 90 1939—January 81.9 115.9 83.4 99.0 104.3 91.8 78.0 94.0 95.3 94.3 February 82.1 115.8 86.5 99.0 102.1 90.1 77.5 100.0 96.1 92.4 March 83.1 113.6 86.0 99.0 100.9 91.7 77.1 97.9 94.4 94.0 April 79.4 110.8 86.6 99.0 95.2 81.9 75.1 97.9 94.9 87.2 May . 80.2 113.5 85.1 99,0 98.0 83.1 77.0 103.0 94.1 89.3 June 81.4 113.5 84.0 99.0 96.3 86.0 76.6 98.3 92.5 91.6 July- 81.6 112.5 84.3 99.0 94.4 86.1 75.8 100.4 91.7 89.3 August 81.0 110.9 82.9 99.0 92.6 86.3 75.3 94.0 93.2 88.6 S O e c p to te b m er b .._ e _ r. _ . 8 8 0 2 . . 9 9 1 1 0 0 6 9 . . 9 5 i(6) 9 98 8 . . 9 9 8 7 0 9 . . 3 6 9 9 2 5 . . 4 3 7 7 2 4 . . 0 9 8 (6) 9 9 2 2 . . 8 3 9 87 2 . . 7 1 November... 83.0 112.3 6 99.0 80.9 94.2 76.0 6 94.5 85.8 December 82.1 112.4 (5) 99.0 77.2 91.8 75.7 (5) 97.8 84.3 () () 1940—January 82.4 117.6 99.1 77.9 92.7 75.7 101.0 85.4 February 82.2 119.9 91.5 77.1 1 Prices derived from average yields for 60 corporate bonds as published by Standard Statistics Co. 2 Indexes of reciprocals of average yields. For old index, 1929-1936, 1929=100; average yield in base year was 4.57 per cent. For new index beginning January 1937, January-March 1937=100; average yield in base period was 3.39 per cent. 8 Exchange closed from July 13 to Sept. 2,1931, and from Sept. 19,1931, to Apr. 11,1932. Index for 1931 represents average of months January- June; index for 1932 represents average of months May-December. 4 New index. See note 2. * No figures available since August 1939. Sources.—See BULLETIN for February 1932, p. 121; June 1935, p. 394; April 1937, p. 373; July 1937, p. 698; and November 1937, p. 1172. APRIL 1940 373 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

redetal ?<e5etve Publication* Copies of the publications and releases listed below may be obtained from Board of Governors of the Federal Reserve System, Washington, D. C. CURRENT RELEASES BOOKS AND PAMPHLETS DAILY A set of FEDERAL RESERVE CHARTS ON BANK CREDIT, Foreign Exchange Rates (for previous day) MONEY RATES, AND BUSINESS has been published by the Board and is for sale to the public at 50 cents WEEKLY a copy. Latest issue is November 9, 1939. Monday: The FEDERAL RESERVE ACT AS AMENDED to October Condition of Reporting Member Banks in 101 1, 1935, with mimeographed supplements showing Leading Cities amendments to date, has been printed by the Board Bank Debits and will be supplied without charge. Tuesday: DIGEST OF RULINGS—from 1914 to October 1, 1937. Money Rates—Open-Market Rates in New York Digests of rulings of Board; compilation showing City textual changes made in the Federal Reserve Act; Wednesday: digests of court decisions and opinions of the At- Weekly Review of Periodicals Thursday: torney General involving a construction of the Fed- Condition of Federal Reserve Banks eral Reserve Act; and digests of court decisions in- Condition of Reporting Member Banks in New volving Federal Reserve Banks. Price $1.25 per York City and Chicago (Also a part of state- copy. 683 pages. ment of Condition of Reporting Member Banks THE FEDERAL RESERVE SYSTEM—ITS PURPOSES AND in 101 Leading Cities released on following FUNCTIONS. Obtainable in cloth binding at 50 cents Monday) a copy and in paper cover without charge. 128 pages. Friday: Department Store Sales PROBLEMS OF BANKING AND BANK SUPERVISION. Excerpts from the 1938 Annual Report of the Board MONTHLY of Governors of the Federal Reserve System. 33 pages. Federal Reserve Bulletin—released about the 4th MONETARY MEASURES AND OBJECTIVES. Three stateof the month (subscription price $2.00 per ments by the Board on objectives of monetary policy, annum, single copies 20 cents; outside of the on proposals to maintain prices at fixed levels through United States, Canada, Mexico, and the insular monetary action, and on legislative proposals relatpossessions, annual subscription $2.60, single ing to monetary measures and objectives. 8 pages. copies 25 cents) July 1937, April 1939, and May 1939. Federal Reserve Inter-District Collection System (Par List)—including list of State bank mem- THE HISTORY OF RESERVE REQUIREMENTS FOR bers. Semi-annual issues, January-July, and BANKS IN THE UNITED STATES. Legislation, designamonthly supplements—released about 7th of the tion of reserve cities, and changes in the reserve posimonth tion of banks. 20 pages. November 1938. National Summary of Business Conditions—re- SUPPLY AND USE OF MEMBER BANK RESERVE leased about the 16th of the month FUNDS. Explanation of analysis of sources of mem- Business Indexes—released about the 16th of the ber bank reserve funds and uses to which such funds month are put as indicated by Federal Reserve and Treas- Bank Debits—released between the 6th and 12th of the month ury statements. 31 pages. July 1935. Foreign Exchange Rates—released about the 1st MEMBER BANK STATISTICS. A discussion of the of the month statistics compiled and published by the Board cov- Money Rates—released about the 3rd of the month ering the operations and condition of member banks. 28 pages. November 1935. QUARTERLY REVISED INDEXES OF FACTORY EMPLOYMENT. Bu- Member Bank Call Report (3 or 4 times a year reau of Labor Statistics indexes adjusted for seadepending upon number of calls for condition sonal variation by Board of Governors. 32 pages, reports) October 1938; 10 pages, October 1939. List of Stocks Registered on National Securities Exchanges. Issued annually in February with ANALYSES OF THE BANKING STRUCTURE—As of quarterly supplements (subscription price 25 December 31, 1935. Number, deposits, and loans and cents for the List and three supplements; five or investments of banks classified by size of bank and more copies on one order, 20 cents per copy; fifty town and by other factors. 33 pages. or more copies on one order, 15 cents per copy). THE GOLD PROBLEM TODAY, by E. A. Goldenweiser— reprint of article, 4 pages, January 1940. ANNUALLY THE PAR COLLECTION SYSTEM OF THE FEDERAL Bank Debits—released ordinarily in February RESERVE BANKS—by George B. Vest—8 pages, Feb- Annual Report (covers calendar year) ruary 1940. 374 FEDERAL RESERVE BULLETIN Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM MARRINER S. ECCLES, Chairman RONALD RANSOM, Vice Chairman M. S. SZYMCZAK CHESTER C. DAVIS JOHN K. MCKBE ERNEST G. DRAPER LAWRENCE CLAYTON, Assistant to the Chairman ELLIOTT THTJRSTON, Special Assistant to the Chairman CHESTER MORRILL, Secretary LISTON P. BETHEA, Assistant Secretary S. R. CARPENTER, Assistant Secretary J. C. NOELL, Assistant Secretary WALTER WYATT, General Counsel J. P. DREIBELBIS, Assistant General Counsel GEORGE B. VEST, Assistant General Counsel B. MAGRTJDER WINGFIELD, Assistant General Counsel E. A. GOLDENWEISER, Director, Division of Research and Statistics WOODLIEF THOMAS, Assistant Directory Division of Research and Statistics LEO H. PAULGER, Chief, Division of Examinations R. F. LEONARD, Assistant Chief, Division of Examinations C. E. CAGLE, Assistant Chief, Division of Examinations EDWARD L. SMEAD, Chief, Division of Bank Operations J. R. VAN FOSSEN, Assistant Chief, Division of Bank Operations J. E. HORBETT, Assistant Chief, Division of Bank Operations CARL E. PARRY, Chief, Division of Security Loans PHILIP E. BRADLEY, Assistant Chief, Division of Security Loans . O. E. FOTJLK, Fiscal Agent JOSEPHINE E. LALLY, Deputy Fiscal Agent FEDERAL OPEN MARKET COMMITTEE FEDERAL ADVISORYCOUNCIL MARRINER S. ECCLES, Chairman Boston District THOMAS M. STEELE GEORGE L. HARRISON, Vice Chairman New York District LEON FRASER CHESTER C. DAVIS Philadelphia District HOWARD A. LOEB WILLIAM A. DAY Vice President ERNEST G. DRAPER Cleveland District B. G. HUNTINGTON JOHN K. MCKEE Richmond District ROBERT M. HANES ROBERT S. PARKER RONALD RANSOM Atlanta District RYBURN G. CLAY GEORGE J. SCHALLER Chicago District EDWARD E. BROWN President JOHN S. SINCLAIR M. S. SZYMCZAK St. Louis District S. E. RAGLAND Minneapolis District JOHN CROSBY CHESTER MORRILL, Secretary Kansas City District JOHN EVANS S. R. CARPENTER, Assistant Secretary WALTER WYATT, General Counsel Dallas District R. E. HARDING J. P. DREIBELBIS, Assistant General Counsel San Francisco District PAUL S. DICK E. A. GOLDENWEISER, Economist JOHN H. WILLIAMS, Associate Economist R. G. ROUSE, Manager of System Open Market Account WALTER LICHTENSTEIN, Secretary APRIL 1940 375 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

CHAIRMEN, DEPUTY CHAIRMEN, AND SENIOR OFFICERS OF FEDERAL RESERVE BANKS Federal Chairman and Reserve Federal Reserve Deputy Chairman President First Vice President Vice Presidents Bank of— Agent Boston Frederic H. Curtiss... Henry S. Dennison Roy A. Young William W. Paddock..... William Willett 1 New York Owen D. Young Beardsley Ruml _. George L. Harrison Allan Sproul Ray M. Gidney Walter S. Logan Leslie R. Rounds Robert G. Rouse John H. Williams Philadelphia... Thomas B. McCabe._ Alfred H. Williams.... John S. Sinclair Frank J. Drinnen W. John Davis Clarence A. Mcllhenny 2 Cleveland George C. Brainard... Reynold E. Klages Matthew J. Fleming .. Frank J. Zurlinden William H. Fletcher William F. Taylor 2 George H. Wagner Richmond- Robert Lassiter William G.Wysor.... Hugh Leach John S. Walden, Jr John G. Fry George H. Keesee 1 Atlanta Frank H. Neely Joe Frank Porter Robert S. Parker. William S. McLarin, Jr.. Malcolm H. Bryan Harry F. Conniff Chicago Robert E. Wood Frank J. Lewis George J. Schaller Howard P. Preston James H. Dillard William H. Snyder 2 Clifford S. Young St. Louis __ William T. Nardin.... Oscar G. Johnston William McC. Martin.. F. Guy Hitt Olin M. Attebery Clarence M. Stewart 1 Minneapolis... Walter C. Coffey Roger B. Shepard John N. Peyton Oliver S. Powell Ernest W. Swanson Harry I. Ziemer 2 Kansas City_-. Robert B. Caldwell... John J. Thomas George H. Hamilton Carroll A. Worthington.. James W. Helm 2 Harold G. Leedy Dallas James H. Merritt Jay Taylor Robert R. Gilbert Ethan B. Stroud Robert B. Coleman Walter 0. Ford 1 San Francisco.. Raymond C. Force. _. St. George Holden.. William A. Dav__ Ira Clerk Cecil E. Earhart 1 " R W ic i h lli a a r m d B T»/r . W TT eQs I t _ 1 Cashier. 2 Also cashier. MANAGING DIRECTORS OF BRANCHES OF FEDERAL RESERVE BANKS Federal Reserve Bank of— Managing director Federal Reserve Bank of— Managing director New York: Minneapolis: Buffalo Branch Robert M. O'Hara Helena Branch Robert E. Towle Cleveland: Kansas City: Cincinnati Branch Benedict J. Lazar Denver Branch Joseph E. Olson Pittsburgh Branch. Percy A. Brown Oklahoma City Branch... Cyrus E. Daniel Richmond: Lloyd H. Earhart Baltimore Branch W. Robert Milford Dall O as m : aha Branch . Charlotte Branch William T. Clements El Paso Branch Joseph L. Hermann Atlanta: Houston Branch William D. Gentry Birmingham Branch Paul L. T. Beavers San Antonio Branch Miers Crump Jacksonville Branch - George S. Vardeman, Jr. San Francisco: Nashville Branch Joel B. Fort, Jr. Los Angeles Branch W. Norman Ambrose New Orleans Branch Lewis M. Clark Portland Branch David L. Davis Chicago: Salt Lake City Branch Winnie L. Partner St. L D o e u t i r s o : it Branch Ralph H. Buss Seattle Branch Clarence R. Shaw Little Rock Branch _ _. Arthur F. Bailey Louisville Branch Charles A. Schacht Memphis Branch _ _. William H. Glasgow 376 Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Ir<>m a r<untint: on Wall of Hoard ]\oont. ICthral I\<s<rrr luiildinn. Udshin ^t Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis